# EDGAR Filing Document

**Accession Number:** 0001859808
**File Stem:** 0001133228-25-006137
**Filing Date:** 2025-6
**Character Count:** 367658
**Document Hash:** 3011241c70e7b887fd2fb7210619dd32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006137.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006137

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MassMutual Advantage Funds
- **CENTRAL INDEX KEY:** 0001859808

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23703
- **FILM NUMBER:** 251029423

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** (860) 562-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

## Series and Classes Contracts Data

### MassMutual Global Credit Income Opportunities Fund (Series ID: S000072763)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229286 | Class I      | BXITX           |
| C000229287 | Class A      | BXIAX           |
| C000229288 | Class Y      | BXIYX           |
| C000229289 | Class C      | BXICX           |

### MassMutual Global Floating Rate Fund (Series ID: S000072765)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229294 | Class C      | BXFCX           |
| C000229295 | Class I      | BXFIX           |
| C000229296 | Class Y      | BXFYX           |
| C000229297 | Class A      | BXFAX           |

### MassMutual Clinton Municipal Credit Opportunities Fund (Series ID: S000083940)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248053 | Class A      | MMJAX           |
| C000248054 | Class I      | MMJBX           |
| C000248055 | Class Y      | MMJCX           |

### MassMutual Clinton Municipal Fund (Series ID: S000083941)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248056 | Class Y      | MMZWX           |
| C000248057 | Class I      | MMZVX           |
| C000248058 | Class A      | MMZUX           |

### MassMutual Clinton Limited Term Municipal Fund (Series ID: S000083942)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248059 | Class Y      | MMZQX           |
| C000248060 | Class A      | MMJDX           |
| C000248061 | Class I      | MMZPX           |

?xml version='1.0' encoding='ASCII'? 2025-03-24IT31_MassMutualClintonLimitedTermMunicipalFund_ClassI_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number | 811-23703 |
| MassMutual Advantage Funds | MassMutual Advantage Funds |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |

---

<u>1295 State Street, Springfield, MA</u> <u>01111</u> <br> (Address of principal executive offices) (Zip code) <br>

---

| | |
|:---|:---|
| Douglas Steele | Douglas Steele |
| 1295 State Street, Springfield, MA 01111 | 1295 State Street, Springfield, MA 01111 |
| (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | (413) 744-1000 |

---

Date of fiscal year end: <u>09/30/2025</u> <br>Date of reporting period: <u>03/31/2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Stockholders are attached herewith.

---

| | |
|:---|:---|
| **MassMutual Clinton Limited Term Municipal Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MMZPX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Limited Term Municipal Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $14 | 0.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 33 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.4% |
|  Repurchase Agreement  | 0.6% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  Pennsylvania  | 15.9% |
|  Texas  | 15.3% |
|  Illinois  | 12.0% |
|  Ohio  | 10.0% |
|  South Carolina  | 9.3% |
|  New York  | 8.3% |
|  Virginia  | 7.8% |
|  New Jersey  | 5.8% |
|  Florida  | 4.1% |
|  Nebraska  | 3.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT316

------

---

| | |
|:---|:---|
| **MassMutual Clinton Limited Term Municipal Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMZQX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Limited Term Municipal Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $19 | 0.39% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 33 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.4% |
|  Repurchase Agreement  | 0.6% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  Pennsylvania  | 15.9% |
|  Texas  | 15.3% |
|  Illinois  | 12.0% |
|  Ohio  | 10.0% |
|  South Carolina  | 9.3% |
|  New York  | 8.3% |
|  Virginia  | 7.8% |
|  New Jersey  | 5.8% |
|  Florida  | 4.1% |
|  Nebraska  | 3.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT31Y

------

---

| | |
|:---|:---|
| **MassMutual Clinton Limited Term Municipal Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MMJDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Limited Term Municipal Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 33 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.4% |
|  Repurchase Agreement  | 0.6% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  Pennsylvania  | 15.9% |
|  Texas  | 15.3% |
|  Illinois  | 12.0% |
|  Ohio  | 10.0% |
|  South Carolina  | 9.3% |
|  New York  | 8.3% |
|  Virginia  | 7.8% |
|  New Jersey  | 5.8% |
|  Florida  | 4.1% |
|  Nebraska  | 3.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT312

------

---

| | |
|:---|:---|
| **MassMutual Clinton Municipal Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MMZVX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Municipal Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $20 | 0.41% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $56.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 38 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.7% |
|  Repurchase Agreement  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  Texas  | 32.4% |
|  Illinois  | 12.4% |
|  New York  | 12.4% |
|  Pennsylvania  | 7.4% |
|  New Jersey  | 5.7% |
|  Virginia  | 4.9% |
|  Alabama  | 4.2% |
|  South Carolina  | 3.9% |
|  Florida  | 2.9% |
|  Nebraska  | 2.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT326

------

---

| | |
|:---|:---|
| **MassMutual Clinton Municipal Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMZWX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Municipal Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $25 | 0.51% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $56.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 38 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.7% |
|  Repurchase Agreement  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  Texas  | 32.4% |
|  Illinois  | 12.4% |
|  New York  | 12.4% |
|  Pennsylvania  | 7.4% |
|  New Jersey  | 5.7% |
|  Virginia  | 4.9% |
|  Alabama  | 4.2% |
|  South Carolina  | 3.9% |
|  Florida  | 2.9% |
|  Nebraska  | 2.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT32Y

------

---

| | |
|:---|:---|
| **MassMutual Clinton Municipal Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MMZUX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Municipal Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $38 | 0.76% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $56.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 38 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.7% |
|  Repurchase Agreement  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  Texas  | 32.4% |
|  Illinois  | 12.4% |
|  New York  | 12.4% |
|  Pennsylvania  | 7.4% |
|  New Jersey  | 5.7% |
|  Virginia  | 4.9% |
|  Alabama  | 4.2% |
|  South Carolina  | 3.9% |
|  Florida  | 2.9% |
|  Nebraska  | 2.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT322

------

---

| | |
|:---|:---|
| **MassMutual Clinton Municipal Credit Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MMJBX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Municipal Credit Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $27 | 0.54% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $48.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 30 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.6% |
|  Repurchase Agreement  | 0.4% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  New York  | 21.5% |
|  Illinois  | 16.1% |
|  Florida  | 11.6% |
|  Colorado  | 6.3% |
|  Pennsylvania  | 6.2% |
|  Alabama  | 4.9% |
|  Tennessee  | 4.4% |
|  Nebraska  | 4.4% |
|  North Carolina  | 4.2% |
|  South Carolina  | 4.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT336

------

---

| | |
|:---|:---|
| **MassMutual Clinton Municipal Credit Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMJCX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Municipal Credit Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $31 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $48.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 30 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.6% |
|  Repurchase Agreement  | 0.4% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  New York  | 21.5% |
|  Illinois  | 16.1% |
|  Florida  | 11.6% |
|  Colorado  | 6.3% |
|  Pennsylvania  | 6.2% |
|  Alabama  | 4.9% |
|  Tennessee  | 4.4% |
|  Nebraska  | 4.4% |
|  North Carolina  | 4.2% |
|  South Carolina  | 4.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT33Y

------

---

| | |
|:---|:---|
| **MassMutual Clinton Municipal Credit Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MMJAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Clinton Municipal Credit Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $48.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 30 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Municipal Obligations  | 99.6% |
|  Repurchase Agreement  | 0.4% |

---

---

| | |
|:---|:---|
| **Largest States**<br>**(% of Total Investments)** |  |
|  New York  | 21.5% |
|  Illinois  | 16.1% |
|  Florida  | 11.6% |
|  Colorado  | 6.3% |
|  Pennsylvania  | 6.2% |
|  Alabama  | 4.9% |
|  Tennessee  | 4.4% |
|  Nebraska  | 4.4% |
|  North Carolina  | 4.2% |
|  South Carolina  | 4.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT332

------

---

| | |
|:---|:---|
| **MassMutual Global Floating Rate Fund**  | ![image](i202407090944511.jpg) |
| Class I \| BXFIX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Floating Rate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $38 | 0.75% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $127.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 277 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 86.7% |
|  Corporate Debt  | 8.5% |
|  Repurchase Agreement  | 3.9% |
|  Common Stock  | 0.9% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 63.2% |
|  United Kingdom  | 8.0% |
|  Germany  | 5.1% |
|  Luxembourg  | 5.0% |
|  France  | 3.6% |
|  Netherlands  | 2.8% |
|  Belgium  | 1.7% |
|  Sweden  | 0.9% |
|  Denmark  | 0.9% |
|  Finland  | 0.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCA4

------

---

| | |
|:---|:---|
| **MassMutual Global Floating Rate Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| BXFYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Floating Rate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $38 | 0.75% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $127.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 277 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 86.7% |
|  Corporate Debt  | 8.5% |
|  Repurchase Agreement  | 3.9% |
|  Common Stock  | 0.9% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 63.2% |
|  United Kingdom  | 8.0% |
|  Germany  | 5.1% |
|  Luxembourg  | 5.0% |
|  France  | 3.6% |
|  Netherlands  | 2.8% |
|  Belgium  | 1.7% |
|  Sweden  | 0.9% |
|  Denmark  | 0.9% |
|  Finland  | 0.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCAY

------

---

| | |
|:---|:---|
| **MassMutual Global Floating Rate Fund**  | ![image](i202407090944511.jpg) |
| Class A \| BXFAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Floating Rate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $50 | 1.00% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $127.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 277 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 86.7% |
|  Corporate Debt  | 8.5% |
|  Repurchase Agreement  | 3.9% |
|  Common Stock  | 0.9% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 63.2% |
|  United Kingdom  | 8.0% |
|  Germany  | 5.1% |
|  Luxembourg  | 5.0% |
|  France  | 3.6% |
|  Netherlands  | 2.8% |
|  Belgium  | 1.7% |
|  Sweden  | 0.9% |
|  Denmark  | 0.9% |
|  Finland  | 0.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCA1

------

---

| | |
|:---|:---|
| **MassMutual Global Floating Rate Fund**  | ![image](i202407090944511.jpg) |
| Class C \| BXFCX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Floating Rate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $88 | 1.75% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $127.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 277 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 86.7% |
|  Corporate Debt  | 8.5% |
|  Repurchase Agreement  | 3.9% |
|  Common Stock  | 0.9% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 63.2% |
|  United Kingdom  | 8.0% |
|  Germany  | 5.1% |
|  Luxembourg  | 5.0% |
|  France  | 3.6% |
|  Netherlands  | 2.8% |
|  Belgium  | 1.7% |
|  Sweden  | 0.9% |
|  Denmark  | 0.9% |
|  Finland  | 0.8% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCA3

------

---

| | |
|:---|:---|
| **MassMutual Global Credit Income Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class I \| BXITX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Credit Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $43 | 0.85% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 43% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 51.6% |
|  Corporate Debt  | 35.9% |
|  Non-U.S. Government Agency Obligations  | 6.0% |
|  Repurchase Agreement  | 3.3% |
|  Investment of Cash Collateral from Securities Loaned  | 2.6% |
|  Common Stock  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |
|  Exchange-Traded Funds  | 0.0% |
|  Rights  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 53.6% |
|  United Kingdom  | 7.8% |
|  Cayman Islands  | 3.7% |
|  Germany  | 3.5% |
|  Luxembourg  | 3.3% |
|  France  | 2.9% |
|  Ireland  | 2.4% |
|  Netherlands  | 2.2% |
|  Spain  | 2.1% |
|  Belgium  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCB4

------

---

| | |
|:---|:---|
| **MassMutual Global Credit Income Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| BXIYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Credit Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $45 | 0.90% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 43% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 51.6% |
|  Corporate Debt  | 35.9% |
|  Non-U.S. Government Agency Obligations  | 6.0% |
|  Repurchase Agreement  | 3.3% |
|  Investment of Cash Collateral from Securities Loaned  | 2.6% |
|  Common Stock  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |
|  Exchange-Traded Funds  | 0.0% |
|  Rights  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 53.6% |
|  United Kingdom  | 7.8% |
|  Cayman Islands  | 3.7% |
|  Germany  | 3.5% |
|  Luxembourg  | 3.3% |
|  France  | 2.9% |
|  Ireland  | 2.4% |
|  Netherlands  | 2.2% |
|  Spain  | 2.1% |
|  Belgium  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCBY

------

---

| | |
|:---|:---|
| **MassMutual Global Credit Income Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class A \| BXIAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Credit Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $58 | 1.16% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 43% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 51.6% |
|  Corporate Debt  | 35.9% |
|  Non-U.S. Government Agency Obligations  | 6.0% |
|  Repurchase Agreement  | 3.3% |
|  Investment of Cash Collateral from Securities Loaned  | 2.6% |
|  Common Stock  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |
|  Exchange-Traded Funds  | 0.0% |
|  Rights  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 53.6% |
|  United Kingdom  | 7.8% |
|  Cayman Islands  | 3.7% |
|  Germany  | 3.5% |
|  Luxembourg  | 3.3% |
|  France  | 2.9% |
|  Ireland  | 2.4% |
|  Netherlands  | 2.2% |
|  Spain  | 2.1% |
|  Belgium  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCB1

------

---

| | |
|:---|:---|
| **MassMutual Global Credit Income Opportunities** **Fund**  | ![image](i202407090944511.jpg) |
| Class C \| BXICX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Credit Income Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $98 | 1.95% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 43% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Bank Loans  | 51.6% |
|  Corporate Debt  | 35.9% |
|  Non-U.S. Government Agency Obligations  | 6.0% |
|  Repurchase Agreement  | 3.3% |
|  Investment of Cash Collateral from Securities Loaned  | 2.6% |
|  Common Stock  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |
|  Preferred Stock  | 0.0% |
|  Warrants  | 0.0% |
|  Exchange-Traded Funds  | 0.0% |
|  Rights  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 53.6% |
|  United Kingdom  | 7.8% |
|  Cayman Islands  | 3.7% |
|  Germany  | 3.5% |
|  Luxembourg  | 3.3% |
|  France  | 2.9% |
|  Ireland  | 2.4% |
|  Netherlands  | 2.2% |
|  Spain  | 2.1% |
|  Belgium  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-2BCB3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments
 contained in the financial statements filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](mml0002302fcover_02.jpg)

------

**Table of Contents** 

Please note the Semi-annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments (Unaudited)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Clinton Limited Term Municipal Fund](#tmml2001) | &nbsp;&nbsp;&nbsp; [1](#tmml2001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Clinton Municipal Fund](#it32) | &nbsp;&nbsp;&nbsp; [3](#it32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Clinton Municipal Credit Opportunities Fund](#tmml2003) | &nbsp;&nbsp;&nbsp; [5](#tmml2003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Global Floating Rate Fund](#tmml2004) | &nbsp;&nbsp;&nbsp; [7](#tmml2004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Global Credit Income Opportunities Fund](#tmml2005) | &nbsp;&nbsp;&nbsp; [21](#tmml2005) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#tmml2007) | &nbsp;&nbsp;&nbsp; [40](#tmml2007) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#tmml2008) | &nbsp;&nbsp;&nbsp; [44](#tmml2008) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tmml2009) | &nbsp;&nbsp;&nbsp; [46](#tmml2009) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#tmml20010) | &nbsp;&nbsp;&nbsp; [50](#tmml20010) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#tmml20011) | &nbsp;&nbsp;&nbsp; [55](#tmml20011) |
| **[Item 8.](#tmml20014)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies. ](#tmml20014)**<br>| &nbsp;&nbsp;&nbsp; [76](#tmml20014) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#tmml20015)** | &nbsp;&nbsp;&nbsp; [77](#tmml20015) |
| **[Item 10.](#tmml20016)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. ](#tmml20016)**<br>| &nbsp;&nbsp;&nbsp; [78](#tmml20016) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#tmml20017)** | &nbsp;&nbsp;&nbsp; [79](#tmml20017) |

---

**This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the applicable MassMutual Funds. Investors should consider a Fund's investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.**

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

 **MassMutual Clinton Limited Term Municipal Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 98.4%**<br>|  |  |
| **Municipal Obligations — 98.4%** | **Municipal Obligations — 98.4%** | **Municipal Obligations — 98.4%** |
| **Arizona — 2.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, AZ, Revenue Bonds, Series D, <br>5.000% 12/01/34 | $1000000 | $1110359  |
| **California — 2.0%**<br>|  |  |
|  City of Los Angeles Department of Airports, CA, Revenue Bonds, Series A, 5.000% 5/15/36 | 1000000 | 1029431  |
| **Florida — 4.1%**<br>|  |  |
|  State of Florida, General Obligation, Series A, 5.000% 6/01/26 | 2000000 | 2052654  |
| **Georgia — 0.6%**<br>|  |  |
|  Fayette County Development Authority, GA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 10/01/26 | 150000 | 153418  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 10/01/27 | 150000 | 155563  |
|  |  | 308981  |
| **Illinois — 11.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Chicago, IL, General Obligation, Series A, <br>4.000% 1/01/35 | 2400000 | 2269409  |
|  City of Chicago, IL, Waterworks Revenue, Revenue Bonds, Series A1, 5.000% 11/01/28 | 1225000 | 1251960  |
|  State of Illinois, General Obligation, 5.000% 2/01/33 | 2250000 | 2434438  |
|  |  | 5955807  |
| **Nebraska — 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, NE, Revenue Bonds, Series A, <br>5.000% 9/01/32 | 1500000 | 1590867  |
| **New Jersey — 5.8%**<br>|  |  |
|  New Jersey Economic Development Authority, Revenue Bonds, Series MMM, 4.000% 6/15/35 | 1290000 | 1290973  |
| &nbsp;&nbsp;&nbsp; State of New Jersey, General Obligation, Series A, <br>5.000% 6/01/25 | 1600000 | 1605270  |
|  |  | 2896243  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **New York — 8.2%**<br>|  |  |
| Metropolitan Transportation Authority, NY<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series E, <br>5.000% 11/15/32 | $2000000 | $2154751  |
|  Dedicated Tax Fund, Revenue Bonds, Series A, 5.250% 11/15/27 | 1700000 | 1758369  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, Revenue Bonds, <br>3.550% VMIG1 2/01/45 | 200000 | 200000  |
|  |  | 4113120  |
| **Ohio — 9.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, <br>5.000% 12/01/25 | 2440000 | 2476471  |
|  State of Ohio, General Obligation, Series A, 5.000% 6/15/30 | 2270000 | 2505001  |
|  |  | 4981472  |
| **Pennsylvania — 15.7%**<br>|  |  |
|  Commonwealth of Pennsylvania, General Obligation, Series 2ND, 5.000% 9/15/29 | 2320000 | 2385117  |
|  Lehigh County General Purpose Authority, PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 2/01/34 | 500000 | 537434  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 2/01/37 | 525000 | 556483  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Revenue Bonds, Series 1ST, <br>5.000% 6/01/26 | 2270000 | 2327650  |
|  Philadelphia Authority for Industrial Development, PA, Revenue Bonds, 3.450% VMIG1 7/01/54 | 2100000 | 2100000  |
|  |  | 7906684  |
| **South Carolina — 9.2%**<br>|  |  |
|  South Carolina Jobs-Economic Development Authority, Revenue Bonds, Series A, 5.000% 11/01/31 | 2100000 | 2292781  |
|  South Carolina Public Service Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series B, <br>4.000% 12/01/38 | 1120000 | 1098539  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series A, <br>5.000% 12/01/33 | 1125000 | 1231110  |
|  |  | 4622430  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Clinton Limited Term Municipal Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Texas — 15.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Revenue Bonds, Series C, <br>5.000% 8/15/31 | $1800000 | $1978046  |
|  City of San Antonio, TX, General Obligation, 5.000% 2/01/26 | 2390000 | 2434891  |
|  Dallas Independent School District. TX, General Obligation, Series B, 5.000% 2/15/26 | 800000 | 815973  |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, Series A, <br>5.000% 7/01/32 | 2200000 | 2404969  |
|  |  | 7633879  |
| **Virginia — 7.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Arlington, VA, General Obligation, Series B, <br>5.000% 8/15/26 | 1800000 | 1855968  |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Revenue Bonds, <br>5.000% 3/15/26 | 2000000 | 2043822  |
|  |  | 3899790  |
| **Wisconsin — 2.8%**<br>|  |  |
|  University of Wisconsin Hospitals & Clinics<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, Series A, <br>5.000% 4/01/29 | 745000 | 800342  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, Series A, <br>5.000% 4/01/30 | 575000 | 625748  |
|  |  | 1426090  |
| **TOTAL MUNICIPAL OBLIGATIONS** <br>**(Cost $50,109,296)** |  | **49527807**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $50,109,296)** |  | **49527807**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $50,109,296)** |  | **49527807**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| **Repurchase Agreement — 0.6%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (a) | $295386 | $295386  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $295,386)** |  | **295386**  |
| **TOTAL INVESTMENTS — 99.0% (Cost $50,404,682) (b)** |  | **49823193**  |
| **Other Assets/(Liabilities) — 1.0%** |  | **506039**  |
| **NET ASSETS — 100.0%** |  | **$50329232** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maturity value of $295,409. Collateralized by
 U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26 , and an aggregate market value, including accrued
 interest, of $301,421.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Clinton Municipal Fund — Portfolio of Investments**<br>

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 98.7%**<br>|  |  |
| **Municipal Obligations — 98.7%** | **Municipal Obligations — 98.7%** |  |
| **Alabama — 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Jefferson, AL, Sewer Revenue, Revenue Bonds, <br>5.250% 10/01/43 | $2250000 | $2370821  |
| **Arizona — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, AZ, Revenue Bonds, Series D, <br>5.000% 12/01/34 | 1000000 | 1110359  |
| **Florida — 2.9%**<br>|  |  |
|  Orange County Health Facilities Authority, FL, Revenue Bonds, Series 2025A, 5.000% 10/01/41 | 575000 | 609589  |
|  State of Florida, General Obligation, Series A, 5.000% 6/01/26 | 1000000 | 1026327  |
|  |  | 1635916  |
| **Illinois — 12.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, IL, Revenue Bonds, Series B, <br>5.000% 1/01/39 | 2375000 | 2415771  |
| &nbsp;&nbsp;&nbsp; City of Chicago, IL, General Obligation, Series A, <br>4.000% 1/01/35 | 2400000 | 2269409  |
|  State of Illinois, General Obligation, Series C, 5.000% 12/01/45 | 2250000 | 2300143  |
|  |  | 6985323  |
| **Indiana — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Concord Community Schools Building Corp., IN, Revenue Bonds, <br>5.000% 7/15/42 | 1000000 | 1068103  |
| **Louisiana — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Lafayette, LA, Utilities Revenue, Revenue Bonds, <br>5.000% 11/01/36 | 1000000 | 1101180  |
| **Michigan — 2.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Grand Rapids Public Schools, MI, General Obligation, <br>5.000% 5/01/35 | 1125000 | 1256706  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Nebraska — 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, NE, Revenue Bonds, Series A, <br>5.000% 9/01/32 | $1500000 | $1590867  |
| **New Jersey — 5.6%**<br>|  |  |
|  New Jersey Economic Development Authority, Revenue Bonds, Series MMM, 4.000% 6/15/35 | 1290000 | 1290973  |
| &nbsp;&nbsp;&nbsp; State of New Jersey, General Obligation, Series A, <br>5.000% 6/01/25 | 1900000 | 1906258  |
|  |  | 3197231  |
| **New York — 12.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of New York, NY, General Obligation, Series C, <br>4.000% 8/01/40 | 2425000 | 2359631  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., NY, Revenue Bonds, Series A, <br>4.000% 3/15/43 | 2235000 | 2113620  |
|  Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Revenue Bonds, Series A, 5.250% 11/15/27 | 1405000 | 1453240  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, Revenue Bonds, Series C-1, <br>4.000% 2/01/39 | 1045000 | 1028069  |
|  |  | 6954560  |
| **Oklahoma — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Revenue Bonds, Series A, <br>4.000% 10/01/48 | 505000 | 470794  |
| **Pennsylvania — 7.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, General Obligation, Series 2ND, <br>5.000% 9/15/29 | 2300000 | 2364555  |
|  Lehigh County General Purpose Authority, PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 2/01/40 | 815000 | 850232  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 2/01/41 | 900000 | 933082  |
|  |  | 4147869  |
| **South Carolina — 3.8%**<br>|  |  |
|  South Carolina Public Service Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series B, <br>4.000% 12/01/38 | 1120000 | 1098539  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Clinton Municipal Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series A, <br>5.000% 12/01/40 | $1000000 | $1072482  |
|  |  | 2171021  |
| **Tennessee — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports Authority, TN, Revenue Bonds, Series A, <br>5.000% 7/01/41 | 1000000 | 1068630  |
| **Texas — 32.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bexar County Hospital District, TX, General Obligation, <br>5.000% 2/15/48 | 1500000 | 1551404  |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, TX, Revenue Bonds, Series C, <br>5.000% 8/15/32 | 1115000 | 1233046  |
|  City of San Antonio, TX, General Obligation, 5.000% 2/01/26 | 2390000 | 2434891  |
|  Clifton Higher Education Finance Corp., TX, Revenue Bonds, Series A, 5.000% 8/15/34 | 1160000 | 1276398  |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, TX, General Obligation, <br>5.000% 2/15/35 | 1000000 | 1135119  |
|  County of Parker, TX, General Obligation, 4.000% 2/15/40 | 1600000 | 1532072  |
| &nbsp;&nbsp;&nbsp; East Montgomery County Improvement District, TX, Sales Tax Revenue, Revenue Bonds, <br>5.000% 8/15/38 | 1000000 | 1077055  |
|  Hurst-Euless-Bedford Independent School District, TX, General Obligation, 4.000% 8/15/40 | 2000000 | 1965001  |
|  Montgomery Independent School District, TX, General Obligation, Series B, 5.000% 2/15/41 | 1110000 | 1195704  |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, Series A, <br>5.000% 7/01/32 | 2200000 | 2404969  |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, Revenue Bonds, Series A, <br>5.000% 10/15/39 | 2210000 | 2424121  |
|  |  | 18229780  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Virginia — 4.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Virginia, General Obligation, Series A, <br>4.000% 6/01/40 | $1715000 | $1729686  |
| &nbsp;&nbsp;&nbsp; County of Arlington, VA, General Obligation, Series B, <br>5.000% 8/15/26 | 1000000 | 1031093  |
|  |  | 2760779  |
| **TOTAL MUNICIPAL OBLIGATIONS** <br>**(Cost $57,782,213)** |  | **56119939**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $57,782,213)** |  | **56119939**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $57,782,213)** |  | **56119939**  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |  |
| **Repurchase Agreement — 0.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (a) | 170244 | 170244  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $170,244)** |  | **170244**  |
| **TOTAL INVESTMENTS — 99.0%** <br>**(Cost $57,952,457) (b)** |  | **56290183**  |
| **Other Assets/(Liabilities) — 1.0%** |  | **540698**  |
| **NET ASSETS — 100.0%** |  | **$56830881** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maturity value of $170,257. Collateralized by
 U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $173,787.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Clinton Municipal Credit Opportunities Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 98.5%**<br>|  |  |
| **Municipal Obligations — 98.5%** | **Municipal Obligations — 98.5%** | **Municipal Obligations — 98.5%** |
| **Alabama — 4.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Jefferson, AL, Sewer Revenue, Revenue Bonds, <br>5.250% 10/01/43 | $2250000 | $2370821  |
| **Arizona — 2.8%**<br>|  |  |
|  Maricopa County Industrial Development Authority, AZ<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series D, <br>5.000% 12/01/34 | 750000 | 832769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series D, <br>5.000% 12/01/44 | 500000 | 525393  |
|  |  | 1358162  |
| **Colorado — 6.3%**<br>|  |  |
|  Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Series A, 5.500% 4/01/44 (a) | 1000000 | 1021158  |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Revenue Bonds, Series A2, <br>5.000% 8/01/44 | 2000000 | 2018696  |
|  |  | 3039854  |
| **Florida — 11.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, FL, Revenue Bonds, Series A, <br>5.000% 6/01/54 (a) | 1000000 | 956028  |
| Florida Development Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 4.000% 11/15/38 | 2000000 | 1966314  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 7/01/41 | 1000000 | 972061  |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, FL, Revenue Bonds, <br>5.250% 10/01/43 | 1600000 | 1682692  |
|  |  | 5577095  |
| **Georgia — 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, GA, Revenue Bonds, <br>4.000% 4/01/44 | 1690000 | 1570540  |
| **Illinois — 15.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, IL, General Obligation, Series A, <br>5.000% 12/01/40 | 1750000 | 1738709  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, IL, Revenue Bonds, Series B, <br>5.000% 1/01/39 | 1375000 | 1398604  |
| &nbsp;&nbsp;&nbsp; City of Chicago, IL, General Obligation, Series A, <br>4.000% 1/01/35 | 2400000 | 2269409  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  State of Illinois, General Obligation, Series C, 5.000% 12/01/45 | $2250000 | $2300143  |
|  |  | 7706865  |
| **Indiana — 3.2%**<br>|  |  |
|  Indiana Finance Authority, Revenue Bonds, Series A, 5.500% 3/01/44 | 1500000 | 1566471  |
| **Missouri — 2.1%**<br>|  |  |
|  Lees Summit Industrial Development Authority, MO, Revenue Bonds, Series A, 5.000% 8/15/39 | 1000000 | 1034167  |
| **Nebraska — 4.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, NE, Revenue Bonds, Series A, <br>5.000% 9/01/32 | 2000000 | 2121156  |
| **New York — 21.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of New York, NY, General Obligation, Series C, <br>4.000% 8/01/40 | 2425000 | 2359631  |
|  Dutchess County Local Development Corp., NY, Revenue Bonds, Series A, 5.000% 7/01/51 | 2375000 | 2375287  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., NY, Revenue Bonds, Series A, <br>4.000% 3/15/43 | 2240000 | 2118348  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, NY, Revenue Bonds, Series A, <br>5.250% 11/15/49 | 1500000 | 1549546  |
|  New York State Dormitory Authority, Revenue Bonds, 5.000% 7/01/40 | 1850000 | 1938571  |
|  |  | 10341383  |
| **North Carolina — 4.2%**<br>|  |  |
|  North Carolina Medical Care Commission, Revenue Bonds, Series A, 5.125% 10/01/54 | 2000000 | 2019650  |
| **Pennsylvania — 6.2%**<br>|  |  |
|  Lehigh County General Purpose Authority, PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 2/01/41 | 480000 | 497644  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, 5.000% 2/01/42 | 1445000 | 1490328  |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, PA, Revenue Bonds, <br>5.000% 6/15/39 (a) | 1000000 | 1009347  |
|  |  | 2997319  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Clinton Municipal Credit Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **South Carolina — 4.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Revenue Bonds, Series A, <br>5.250% 12/01/50 | $1900000 | $1999151  |
| **Tennessee — 4.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational & Housing Facilities Board, TN, Revenue Bonds, Series A, <br>5.250% 9/01/39 | 2000000 | 2122194  |
| **Texas — 4.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Series A, <br>4.000% 12/31/35 | 2000000 | 1956642  |
| **TOTAL MUNICIPAL OBLIGATIONS** <br>**(Cost $49,311,156)** |  | **47781470**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $49,311,156)** |  | **47781470**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $49,311,156)** |  | **47781470**  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Repurchase Agreement — 0.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (b) | 207600 | 207600  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $207,600)** |  | **207600**  |
| **TOTAL INVESTMENTS — 98.9% (Cost $49,518,756) (c)** |  | **47989070**  |
| **Other Assets/(Liabilities) — 1.1%** |  | **545301**  |
| **NET ASSETS — 100.0%** |  | **$48534371** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $2,986,533 or 6.15% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maturity value of $207,615. Collateralized by
 U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $211,946.

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 0.9%**<br>|  |  |
| **Common Stock — 0.9%**<br>|  |  |
| **Communication Services — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Learfield Communications, <br>Inc. (a) | 5610 | $426360  |
| &nbsp;&nbsp;&nbsp; Technicolor Creative Studios, <br>Inc. (a) (b) (c) | 81756222 | —  |
|  |  | 426360  |
| **Consumer Discretionary — 0.4%**<br>|  |  |
| HRN Bidco AS (a) | 10600 | 243824  |
| HX Bidco AS (a) | 2135 | 25510  |
| Serta Simmons, Inc. (a) | 22009 | 182675  |
|  |  | 452009  |
| **Consumer Staples — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CTI Foods Holding Co. <br>LLC (a) (b) (c) | 8019 | 265028  |
| **Financials — 0.0%**<br>|  |  |
| Campfire Topco Ltd. (a) (b) (c) | 1484798 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., A1 <br>shares (a) (b) (c) | 689 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., A2 <br>shares (a) (b) (c) | 335454 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., A3 <br>shares (a) (b) (c) | 215760 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., A4 <br>shares (a) (b) (c) | 180109 | —  |
| **Health Care — 0.0%**<br>|  |  |
| Don Jersey Topco Ltd. (a) (b) (c) | 353106 | —  |
| **Information Technology — 0.0%**<br>|  |  |
| Travelex Topco Ltd. (a) (b) (c) | 3524 | —  |
| **TOTAL COMMON STOCK** <br>**(Cost $1,527,146)** |  | **1143397**  |
| **Preferred Stock — 0.0%**<br>|  |  |
| **Financials — 0.0%**<br>|  |  |
|  Veritas Kapital Assurance PLC, Series G (a) | 266 | 6118  |
|  Veritas Kapital Assurance PLC, Series G-1 (a) | 184 | 4232  |
|  |  | 10350  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $7,063)** |  | **10350**  |
| **TOTAL EQUITIES** <br>**(Cost $1,534,209)** |  | **1153747** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 95.3%**<br>|  |  |
| **Bank Loans — 86.8%**<br>|  |  |
| **Advertising — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.000% <br>8.439% VRN 8/23/28 (d) | $436761 | $433047  |
| &nbsp;&nbsp;&nbsp; Planet US Buyer LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.319% VRN 2/07/31 (d) | 224717 | 223922  |
|  |  | 656969  |
| **Aerospace & Defense — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.322% VRN 1/27/32 (d) | 290276 | 288099  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2023 Term Loan J, 3 mo. USD Term SOFR + 2.500%<br>6.799% VRN 2/28/31 (d) | 351083 | 348903  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan, 3 mo. USD Term SOFR + 2.500%<br>6.799% VRN 1/19/32 (d) | 376894 | 374666  |
|  |  | 1011668  |
| **Airlines — 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Air Canada, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.319% VRN 3/21/31 (d) | 126835 | 125131  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 2.250%<br>6.543% VRN 4/20/28 (d) | 658466 | 650031  |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.297% VRN 2/22/31 (d) | 463916 | 462093  |
|  |  | 1237255  |
| **Auto Parts & Equipment — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 1/28/32 (d) | 338411 | 332912  |
| **Banks — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AqGen Island Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 8/02/28 (d) | 822856 | 815911  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Biotechnology — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Advanz Pharma Corp., 2024 EUR Term Loan B, 3 mo. EURIBOR + 4.250%<br>6.749% VRN 10/17/31 <br>EUR (d) (e) | $300000 | $322700  |
| **Building Materials — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Emrld Borrower LP, Term Loan B, 6 mo. USD Term SOFR + 2.500%<br>6.933% VRN 5/31/30 (d) | 717726 | 710061  |
| &nbsp;&nbsp;&nbsp; LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, 3 mo. EURIBOR + 4.175%<br>6.530% VRN 4/12/28 <br>EUR (d) (e) | 1000000 | 1049001  |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250%<br>8.549% VRN 8/05/31 (d) | 720754 | 684039  |
|  |  | 2443101  |
| **Chemicals — 3.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AAP Buyer, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 9/09/31 (d) | 175410 | 174533  |
| &nbsp;&nbsp;&nbsp; CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750%<br>8.311% VRN 12/29/27 (d) | 858495 | 706825  |
|  Flint Group Packaging INKS North America Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; EUR PIK 2nd lien Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash,<br>2.781% VRN 12/30/27 <br>EUR (d) (e) (f) | 273622 | 34519  |
| &nbsp;&nbsp;&nbsp; EUR PIK Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash,<br>2.781% VRN 12/30/27 <br>EUR (d) (e) (f) | 205183 | 179018  |
| &nbsp;&nbsp;&nbsp; Fortis 333, Inc., USD Term Loan B,<br>0.000% 2/06/32 (g) | 130548 | 129406  |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Holdings UK Ltd., 2023 EUR 1st Lien Term Loan B, 1 mo. EURIBOR + 4.500%<br>6.863% VRN 4/02/29 <br>EUR (d) (e) | 500000 | 526841  |
| &nbsp;&nbsp;&nbsp; New Arclin US Holding Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500%<br>7.925% VRN 9/30/28 (d) | 321285 | 316668  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Nobian Finance BV, 2025 EUR Term Loan B,<br>0.000% 7/31/30 EUR (e) (g) | $650000 | $697398  |
| &nbsp;&nbsp;&nbsp; Nouryon Finance BV, 2024 USD Term Loan B2, 3 mo. USD Term SOFR + 3.250%<br>7.554% VRN 4/03/28 (d) | 215935 | 215801  |
| &nbsp;&nbsp;&nbsp; PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250%<br>8.689% VRN 4/23/29 (d) (g) | 1091694 | 956597  |
| &nbsp;&nbsp;&nbsp; Polar US Borrower LLC, 2024 Term Loan B1A, 3 mo. USD Term SOFR + 4.750%, PIK 0.750%, Cash,<br>9.150% VRN 10/16/28 (d) (f) (g) | 510601 | 279978  |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.291% VRN 1/31/29 (d) | 632312 | 626274  |
|  |  | 4843858  |
| **Commercial Services — 5.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750%<br>7.052% VRN 10/16/31 (d) | 298501 | 297569  |
| &nbsp;&nbsp;&nbsp; BIFM US Finance LLC, 2024 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750%<br>8.075% VRN 5/31/28 (d) | 220465 | 220282  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.299% VRN 1/31/31 (d) | 550308 | 546010  |
| &nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc., 2024 Term Loan B1, 3 mo. USD Term SOFR + 3.000%<br>7.299% - 7.313% VRN <br>9/29/28 (d) | 210994 | 210584  |
| &nbsp;&nbsp;&nbsp; Fleet Midco I Ltd., 2024 1st Lien Term Loan B, 6 mo. USD Term SOFR + 2.750%<br>7.055% VRN 2/21/31 (d) | 181014 | 180335  |
| &nbsp;&nbsp;&nbsp; Fugue Finance BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250%<br>5.949% VRN 1/09/32 <br>EUR (d) (e) | 1000000 | 1073439  |
| &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.000%<br>7.313% VRN 5/04/28 (d) | 736851 | 731420  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; OMNIA Partners LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750%<br>7.050% VRN 7/25/30 (d) | $274585 | $272528  |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 11/19/31 (d) | 308689 | 304701  |
| &nbsp;&nbsp;&nbsp; Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000%<br>8.562% VRN 3/04/28 (d) | 636735 | 536532  |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 GmbH, 2024 EUR Term Loan B5, 3 mo. EURIBOR + 3.500%<br>6.027% VRN 7/15/29 <br>EUR (d) (e) | 1000000 | 1080673  |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.000%<br>5.355% VRN 3/27/28 <br>EUR (d) (e) | 875000 | 941643  |
| Vortex Opco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 mo. USD Term SOFR + 4.250%<br>8.664% VRN 12/17/28 (d) | 384 | 181  |
| &nbsp;&nbsp;&nbsp; First Out Term Loan, 3 mo. USD Term SOFR + 6.250%<br>10.549% VRN 4/30/30 (d) | 89908 | 91931  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>6.825% VRN 1/30/31 (d) | 792395 | 779701  |
|  |  | 7267529  |
| **Computers — 3.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term Loan B, 3 mo. USD Term SOFR + 4.000%<br>8.295% VRN 12/09/31 (d) | 581786 | 574513  |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.750%<br>8.075% VRN 6/27/31 (d) | 304814 | 303863  |
| &nbsp;&nbsp;&nbsp; Foundever Worldwide Corp., 2021 USD Term Loan, 3 mo. USD Term SOFR + 3.750%<br>8.178% VRN 8/28/28 (d) | 784278 | 462151  |
| Kaseya, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 3/22/32 (d) | 564972 | 562503  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2025 2nd Lien Term Loan B, 1 mo. U.S. (Fed) Prime Rate + 5.000%<br>9.325% VRN 3/05/33 (d) | $191257 | $191257  |
| &nbsp;&nbsp;&nbsp; Magenta Security Holdings LLC, 2024 Third Out Term Loan, 3 mo. USD Term SOFR + 1.500%, PIK 0.000%, Cash,<br>5.791% VRN 7/27/28 (d) (f) | 603 | 164  |
| &nbsp;&nbsp;&nbsp; McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.323% VRN 3/01/29 (d) | 809755 | 771494  |
| Twitter, Inc., Term Loan,<br>|  |  |
| 0.000% 10/26/29 (g) | 499362 | 496087  |
| Vision Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000%<br>8.552% VRN 4/24/28 (d) | 652764 | 627235  |
| &nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.250%<br>11.802% VRN 4/23/29 (d) | 270186 | 259266  |
|  |  | 4248533  |
| **Distribution & Wholesale — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.000%<br>7.299% VRN 6/20/31 (d) | 838513 | 824099  |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| &nbsp;&nbsp;&nbsp; Advisor Group, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.500%<br>7.825% VRN 8/17/28 (d) | 292109 | 289693  |
| &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 5/19/31 (d) | 127632 | 126223  |
| Flint Group Topco Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; USD First Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash,<br>4.652% VRN 12/30/27 (d) (f) | 1250583 | 1005944  |
| &nbsp;&nbsp;&nbsp; USD Second Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.362%, PIK 6.900%, Cash,<br>4.652% VRN 12/30/27 (d) (f) | 1667719 | 183449  |
| &nbsp;&nbsp;&nbsp; Franklin Square Holdings LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 4/25/31 (d) | 470619 | 469442  |
|  |  | 2074751  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Electric — 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 9/30/31 (d) | $221974 | $221732  |
| &nbsp;&nbsp;&nbsp; Calpine Corp., 2024 Term Loan B10, 1 mo. USD Term SOFR + 1.750%<br>6.075% VRN 1/31/31 (d) | 248750 | 247753  |
| &nbsp;&nbsp;&nbsp; Constellation Renewables LLC, 2020 Term Loan, 3 mo. USD Term SOFR + 2.250%<br>6.563% VRN 12/15/27 (d) | 786302 | 784580  |
| &nbsp;&nbsp;&nbsp; EFS Cogen Holdings I LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>7.799% VRN 10/03/31 (d) | 121095 | 120811  |
| &nbsp;&nbsp;&nbsp; Thunder Generation Funding LLC, Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 2.000%, 3 mo. USD Term SOFR + 3.000%<br>7.299% - 9.500% VRN <br>10/03/31 (d) | 675633 | 674789  |
|  |  | 2049665  |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; SGB-SMIT Management GmbH, EUR Term Loan B, 3 mo. EURIBOR + 4.000%, PIK 1.000%, Cash<br>6.499% VRN 4/18/28 <br>EUR (d) (e) (f) | 431125 | 467807  |
| **Electronics — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, Term Loan B, 1 mo. USD Term SOFR + 4.250%<br>8.573% VRN 12/02/31 (d) | 573922 | 562203  |
| &nbsp;&nbsp;&nbsp; Minimax Viking GmbH, 2025 USD Term Loan B,<br>0.000% 2/20/32 (g) | 111508 | 111089  |
|  |  | 673292  |
| **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** |
| Brown Group Holding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, 1 mo. USD Term SOFR + 2.500%, 3 mo. USD Term SOFR + 2.500%,<br>6.791% - 6.825% VRN <br>7/01/31 (d) | 299803 | 297743  |
| &nbsp;&nbsp;&nbsp; Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>6.825% VRN 7/01/31 (d) | 189140 | 187905  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%<br>8.189% VRN 3/31/28 (d) | $249373 | $247503  |
| &nbsp;&nbsp;&nbsp; TRC Companies LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 12/08/28 (d) | 236239 | 233700  |
|  |  | 966851  |
| **Entertainment — 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bally's Corp., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>7.802% VRN 10/02/28 (d) | 361077 | 320456  |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, 2025 EUR Term Loan B (2032),<br>0.000% 1/23/32 EUR (e) (g) | 500000 | 537720  |
| CTI Foods Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 First Out Incremental Term Loan, 3 mo. USD Term SOFR + 10.000%<br>14.592% VRN 5/01/26 (b) (c) (d) | 90085 | 90085  |
| &nbsp;&nbsp;&nbsp; 2024 Last In First Out Term Loan, 3 mo. USD Term SOFR + 10.000%<br>14.592% VRN 3/15/27 (b) (c) (d) | 182758 | 182758  |
| &nbsp;&nbsp;&nbsp; Endeavor Group Holdings, Inc., Term Loan B (Acquired 1/27/25, Cost $260,572),<br>0.000% 1/27/32 (g) (h) | 261882 | 261392  |
| &nbsp;&nbsp;&nbsp; J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.500%<br>7.825% VRN 4/26/30 (d) | 605164 | 595330  |
| &nbsp;&nbsp;&nbsp; Motion Finco SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 3.750%<br>6.105% VRN 11/12/29 <br>EUR (d) (e) | 1000000 | 1064626  |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.296% VRN 4/04/29 (d) | 335835 | 333642  |
| Technicolor Creative Studios, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; EUR PIK Super Senior Term Loan, 3 mo. EURIBOR + 0.000%, PIK 17.366%, Cash,<br>0.000% VRN 3/31/26 <br>EUR (b) (c) (d) (e) (f) | 110963 | —  |
| &nbsp;&nbsp;&nbsp; 2023 EUR PIK Reinstated Term Loan B, 3 mo. EURIBOR + 2.000%<br>4.683% VRN 9/15/26 <br>EUR (d) (e) | 274157 | 741  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2023 EUR PIK Term Loan, 1 yr. EURIBOR + 5.000%<br>7.465% VRN 3/27/33 <br>EUR (b) (c) (d) (e) | $246435 | $—  |
| &nbsp;&nbsp;&nbsp; EUR Tranche 4 Term Loan, 1 yr. EURIBOR + 15.000%<br>17.565% VRN 3/31/26 <br>EUR (b) (c) (d) (e) | 38634 | —  |
| &nbsp;&nbsp;&nbsp; EUR PIK Tranche 3 Note Term Loan, 1 yr. EURIBOR + 15.000%<br>18.116% VRN 3/31/26 <br>EUR (b) (c) (d) (e) | 33289 | —  |
| &nbsp;&nbsp;&nbsp; EUR PIK Tranche 2 Note Term Loan, 1 yr. EURIBOR + 15.000%<br>18.684% VRN 3/31/26 <br>EUR (b) (c) (d) (e) | 66578 | —  |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.250%<br>6.580% VRN 11/21/31 (d) | 137624 | 137193  |
| Vue Entertainment International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2023 EUR Floating PIK Reinstated Term Loan B, 3 mo. EURIBOR + 0.000%, PIK 8.400%, Cash,<br>3.046% VRN 12/31/27 <br>EUR (d) (e) (f) | 250414 | 170586  |
| &nbsp;&nbsp;&nbsp; 2023 EUR Floating PIK Term Loan, 6 mo. EURIBOR+ 0.000%, PIK 8.400%, Cash,<br>3.046% VRN 12/31/27 <br>EUR (d) (e) (f) | 159810 | 167619  |
| &nbsp;&nbsp;&nbsp; 2023 EUR Floating PIK Super Senior Term Loan, 6 mo. EURIBOR + 8.000%, PIK 1.000%, Cash,<br>11.046% VRN 6/30/27 <br>EUR (d) (e) (f) | 91258 | 102378  |
| &nbsp;&nbsp;&nbsp; Vue International Bidco PLC, 2022 EUR Term Loan, 6 mo. EURIBOR + 8.000%<br>11.046% VRN 6/30/27 <br>EUR (d) (e) | 146160 | 156727  |
|  |  | 4121253  |
| **Environmental Controls — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Liberty Tire Recycling Holdco LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 4.500%<br>8.939% VRN 5/05/28 (d) | 647862 | 624915  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Food — 1.4%**<br>|  |  |
| CTI Foods Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; First Out Term Loan, 3 mo. USD Term SOFR + 7.000%<br>11.592% VRN 5/01/26 (d) | $349897 | $349802  |
| &nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 mo. USD Term SOFR + 9.000%<br>13.592% VRN 5/01/26 (d) | 236956 | 225044  |
| &nbsp;&nbsp;&nbsp; Froneri Lux Finco SARL, 2024 EUR Term Loan B3, 6 mo. EURIBOR + 2.500%<br>5.098% VRN 9/30/31 <br>EUR (d) (e) | 1000000 | 1075104  |
| &nbsp;&nbsp;&nbsp; Sauer Brands, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 2/04/32 (d) | 100294 | 100144  |
|  |  | 1750094  |
| **Hand & Machine Tools — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Madison Safety & Flow LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 9/26/31 (d) | 118040 | 117781  |
| **Health Care - Products — 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 10/23/28 (d) | 1131091 | 1128501  |
| **Health Care - Services — 8.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 3 mo. EURIBOR + 4.500%<br>6.978% VRN 12/18/28 <br>EUR (d) (e) | 1000000 | 879302  |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000%<br>11.463% VRN 12/10/29 (d) | 292998 | 278494  |
| &nbsp;&nbsp;&nbsp; Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 4.250%,<br>8.572% FRN 2/11/28 (d) | 494990 | 491545  |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 7/26/31 (d) | 172777 | 172345  |
| &nbsp;&nbsp;&nbsp; Electron BidCo, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 11/01/28 (d) | 419514 | 418440  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 4.500%<br>8.825% VRN 4/28/28 (d) | $492519 | $491342  |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>8.052% VRN 5/17/31 (d) | 936514 | 906855  |
| Medical Solutions Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2021 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.500%<br>7.891% VRN 11/01/28 (d) | 9975 | 6364  |
| &nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000%<br>11.391% VRN 11/01/29 (d) | 294737 | 147368  |
| Mehilainen Yhtiot OYJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 EUR Delayed Draw Term Loan B6, 1 mo. EURIBOR + 3.900%<br>6.263% VRN 8/05/31 <br>EUR (d) (e) | 151777 | 164410  |
| &nbsp;&nbsp;&nbsp; 2024 EUR New Money Term Loan B5B, 1 mo. EURIBOR + 3.900%<br>6.263% VRN 8/05/31 <br>EUR (d) (e) | 848223 | 918825  |
| &nbsp;&nbsp;&nbsp; Midwest Physician Administrative Services LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 3.000%<br>7.561% VRN 3/12/28 (d) | 730313 | 633546  |
| &nbsp;&nbsp;&nbsp; NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250%<br>9.675% VRN 2/23/29 (d) | 680991 | 625538  |
| &nbsp;&nbsp;&nbsp; Parexel International Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>6.825% VRN 11/15/28 (d) | 746206 | 744125  |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 3.500%, PIK 1.500%, Cash,<br>8.090% VRN 1/31/29 (d) (f) | 1569550 | 1509954  |
| &nbsp;&nbsp;&nbsp; Radnet Management, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.250%<br>6.568% VRN 4/18/31 (d) | 567473 | 565964  |
| &nbsp;&nbsp;&nbsp; Select Medical Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 12/03/31 (d) | 176914 | 176472  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250%<br>9.541% VRN 3/02/27 (d) | $649556 | $631473  |
| Tunstall Group Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2023 EUR Reinstated Term Loan B (Acquired 11/30/23-11/29/24, Cost $374,125), 6 mo. EURIBOR + 0.100%, PIK 4.900%, Cash,<br>2.794% VRN 12/20/27 <br>EUR (d) (e) (f) (h) | 364020 | 244041  |
| &nbsp;&nbsp;&nbsp; 2023 EUR Super Senior Term Loan (Acquired 11/30/23-11/29/24, Cost $134,517), 6 mo. EURIBOR + 12.000%<br>14.694% VRN 12/18/26 <br>EUR (b) (c) (d) (e) (h) | 126917 | 129001  |
| &nbsp;&nbsp;&nbsp; US Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 4.250%<br>8.687% VRN 10/01/28 (d) | 55230 | 54112  |
| &nbsp;&nbsp;&nbsp; Vivalto Sante SAS, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.600%<br>5.955% VRN 7/21/28 <br>EUR (d) (e) | 1000000 | 1076163  |
|  |  | 11265679  |
| **Holding Company - Diversified — 0.9%** | **Holding Company - Diversified — 0.9%** | **Holding Company - Diversified — 0.9%** |
| &nbsp;&nbsp;&nbsp; CEP IV Investment 16 SARL, USD 2nd Lien Term Loan, 3 mo. USD Term SOFR + 9.250%<br>13.569% VRN 10/01/27 (d) | 1240471 | 1197055  |
| Hilding Anders International AB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2022 EUR PIK Reorg Opco Term Loan (Acquired 10/29/24, Cost $0), 6 mo. EURIBOR + 5.000%, PIK 1.250%, Cash,<br>6.644% VRN 2/28/26 <br>EUR (d) (e) (f) (h) | 2609 | 813  |
| &nbsp;&nbsp;&nbsp; 2023 EUR New Money Facility (Acquired 9/29/23, Cost $1,721), 6 mo. EURIBOR + 10.000%<br>12.894% VRN 1/31/26 <br>EUR (d) (e) (h) | 2235 | 2417  |
|  |  | 1200285  |
| **Insurance — 5.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.750%<br>7.069% VRN 9/19/31 (d) | 947070 | 940621  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 1/30/32 (d) | $606269 | $600940  |
| &nbsp;&nbsp;&nbsp; Assured Partners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.500%<br>7.825% VRN 2/14/31 (d) | 1072500 | 1073186  |
| Asurion LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B12, 1 mo. USD Term SOFR + 4.250%<br>8.575% VRN 9/19/30 (d) | 435159 | 429041  |
| &nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250%<br>9.689% VRN 1/20/29 (d) | 1051724 | 971698  |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 6/13/31 (d) | 1197983 | 1186542  |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500%<br>6.787% VRN 6/20/30 (d) | 503094 | 500599  |
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.313% VRN 7/31/31 (d) | 1022062 | 1018230  |
| &nbsp;&nbsp;&nbsp; USI, Inc., 2024 Term Loan D, 3 mo. USD Term SOFR + 2.250%<br>6.549% VRN 11/21/29 (d) | 337239 | 333708  |
|  |  | 7054565  |
| **Internet — 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.250%<br>6.605% VRN 4/03/28 <br>EUR (d) (e) | 859254 | 910677  |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250%<br>8.575% VRN 5/03/28 (d) | 491752 | 465016  |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 8/31/28 (d) | 619208 | 616694  |
| &nbsp;&nbsp;&nbsp; team.blue Finco SARL, 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.700%<br>6.055% VRN 9/30/29 <br>EUR (d) (e) | 500000 | 538758  |
|  |  | 2531145  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Investment Companies — 0.9%**<br>|  |  |
| Hurtigruten ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan A, 3 mo. EURIBOR + 7.500%<br>10.053% VRN 2/12/30 <br>EUR (d) (e) | $532652 | $585794  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B, 3 mo. EURIBOR + 8.000%<br>10.468% VRN 8/12/30 <br>EUR (d) (e) | 123592 | 116601  |
| &nbsp;&nbsp;&nbsp; Nvent Electric Public Ltd. Co., Term Loan B, 1 mo. USD Term SOFR + 3.500%<br>7.825% VRN 1/30/32 (d) | 431034 | 430314  |
|  |  | 1132709  |
| **Leisure Time — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City Football Group Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 3.500%<br>7.939% VRN 7/22/30 (d) | 176034 | 173467  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.500%<br>7.939% VRN 12/17/27 (d) | 70451 | 67545  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan B1, 1 mo. USD Term SOFR + 3.500%<br>7.939% VRN 12/17/27 (d) | 294641 | 282487  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B1, 1 mo. USD Term SOFR + 6.000%<br>10.425% VRN 11/15/29 (d) | 394491 | 384629  |
|  |  | 908128  |
| **Lodging — 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Casper BidCo SAS, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.750%<br>6.670% VRN 3/21/31 <br>EUR (d) (e) | 1000000 | 1075471  |
| Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 8/02/28 (d) | 83330 | 82838  |
| &nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 1/17/31 (d) | 406295 | 402931  |
| &nbsp;&nbsp;&nbsp; Motel 6, Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 4.000%<br>11.500% VRN 9/09/26 (d) | 2 | 2  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; One Hotels GmbH, EUR Term Loan B, 3 mo. EURIBOR + 4.500%<br>7.178% VRN 4/02/31 <br>EUR (d) (e) | $500000 | $540942  |
| &nbsp;&nbsp;&nbsp; Sandy BidCo BV, EUR Term Loan B, 6 mo. EURIBOR + 3.850%<br>6.261% VRN 8/17/29 <br>EUR (d) (e) | 1000000 | 1063426  |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 3/14/31 (d) | 367704 | 365405  |
|  |  | 3531015  |
| **Media — 4.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cumulus Media New Holdings, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 5.000%<br>9.302% VRN 5/02/29 (d) | 512172 | 185022  |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 5.250%<br>9.802% VRN 8/02/29 (d) | 827607 | 814158  |
| &nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Publishing Co., 2022 Term Loan, 1 mo. USD Term SOFR + 5.250%<br>9.675% VRN 4/09/29 (d) | 322281 | 318052  |
| &nbsp;&nbsp;&nbsp; Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500%<br>8.825% VRN 6/30/28 (d) | 551387 | 551111  |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 8/06/31 (d) | 380902 | 379950  |
| &nbsp;&nbsp;&nbsp; Sunrise Financing Partnership, Term Loan AAA, 3 mo. USD Term SOFR + 2.500%<br>6.793% VRN 2/15/32 (d) | 608398 | 601663  |
| &nbsp;&nbsp;&nbsp; Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000%<br>6.434% VRN 4/30/28 (d) | 1000000 | 967290  |
| &nbsp;&nbsp;&nbsp; VMED O2 UK Holdco 4 Ltd., 2023 EUR Term Loan Z, 1 mo. EURIBOR + 3.425%<br>5.793% VRN 10/15/31 <br>EUR (d) (e) | 700000 | 747971  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Ziggo BV, 2019 EUR Term Loan H, 1 mo. EURIBOR + 3.000%<br>5.368% VRN 1/31/29 <br>EUR (d) (e) | $1000000 | $1039886  |
|  |  | 5605103  |
| **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** | **Metal Fabricate & Hardware — 0.2%** |
| &nbsp;&nbsp;&nbsp; Grinding Media, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>7.819% VRN 10/12/28 (d) | 266795 | 263794  |
| **Mining — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 8/18/30 (d) | 284340 | 281852  |
| **Miscellaneous - Manufacturing — 0.2%** | **Miscellaneous - Manufacturing — 0.2%** | **Miscellaneous - Manufacturing — 0.2%** |
| &nbsp;&nbsp;&nbsp; John Bean Technologies Corp., Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.675% VRN 1/02/32 (d) | 204638 | 204256  |
| **Packaging & Containers — 4.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.000%<br>7.314% VRN 11/29/30 (d) | 1184565 | 1182279  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.175%<br>7.500% VRN 4/13/29 (d) | 1073354 | 1067870  |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.323% VRN 4/15/27 (d) | 860350 | 856410  |
| &nbsp;&nbsp;&nbsp; Pretium Packaging LLC, Second Out Term Loan A1, 3 mo. USD Term SOFR + 4.600%<br>8.891% VRN 10/02/28 (d) | 401230 | 227365  |
| &nbsp;&nbsp;&nbsp; Pretium PKG Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.750%<br>11.309% VRN 10/01/29 (d) | 254237 | 54152  |
| &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.000%<br>8.302% - 8.323% VRN <br>9/15/28 (d) | 790197 | 784270  |
| &nbsp;&nbsp;&nbsp; Ring Container Technologies Group LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 8/12/28 (d) | 631591 | 630170  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 2024 Term Loan B7,<br>0.000% 9/15/28 (g) | $781425 | $753809  |
|  |  | 5556325  |
| **Pharmaceuticals — 5.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 5.500%<br>9.825% VRN 5/04/28 (d) | 647521 | 657843  |
| &nbsp;&nbsp;&nbsp; Bausch Health Companies, Inc., 2025 Term Loan B,<br>0.000% 9/25/30 (g) | 412844 | 396330  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%<br>8.399% VRN 10/01/27 (d) | 1306492 | 1222655  |
| &nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.463% VRN 11/15/27 (d) | 680838 | 673519  |
| &nbsp;&nbsp;&nbsp; IVC Acquisition Ltd., 2025 EUR Repriced Term Loan B, 3 mo. EURIBOR + 4.000%<br>6.426% VRN 12/12/28 <br>EUR (d) (e) | 737000 | 796838  |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 5/05/28 (d) | 559261 | 558842  |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding AG, 2024 EUR Term Loan B2, 3 mo. EURIBOR + 4.000%<br>6.540% VRN 2/21/30 <br>EUR (d) (e) | 1425000 | 1537971  |
| &nbsp;&nbsp;&nbsp; Organon & Co., 2024 USD Term Loan, 1 mo. USD Term SOFR + 2.250%<br>6.572% VRN 5/19/31 (d) | 289402 | 285061  |
| &nbsp;&nbsp;&nbsp; Vizient, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 1.750%<br>6.075% VRN 8/01/31 (d) | 308795 | 308344  |
|  |  | 6437403  |
| **Pipelines — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.302% VRN 10/04/30 (d) | 217359 | 216137  |
| **Real Estate — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.500%<br>7.939% VRN 6/02/28 (d) | 304799 | 298386  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Retail — 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 1/23/32 (d) | $748125 | $745320  |
| &nbsp;&nbsp;&nbsp; Gulfside Supply, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.299% VRN 6/17/31 (d) | 175591 | 173835  |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>6.825% VRN 6/11/31 (d) | 740664 | 721140  |
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>6.825% VRN 12/15/27 (d) | 608206 | 603997  |
| &nbsp;&nbsp;&nbsp; Kodiak Building Partners, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>8.046% VRN 12/04/31 (d) | 127899 | 122600  |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750%<br>8.175% VRN 6/06/31 (d) | 209304 | 192612  |
| &nbsp;&nbsp;&nbsp; MI Windows and Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 3/28/31 (d) | 166527 | 163266  |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 10/19/29 (d) | 323327 | 312935  |
|  |  | 3035705  |
| **Semiconductors — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc., 2025 USD Repriced Term Loan, 1 mo. USD Term SOFR + 2.000%<br>6.319% VRN 8/17/29 (d) | 608026 | 606890  |
| **Software — 9.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 12/11/28 (d) | 508541 | 501910  |
| &nbsp;&nbsp;&nbsp; Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 2/15/29 (d) | 1044096 | 1029416  |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., USD Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>7.791% VRN 11/25/31 (d) | 800493 | 797347  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Boxer Parent Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.291% VRN 7/30/31 (d) | $816894 | $801716  |
| &nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750%<br>10.041% VRN 7/30/32 (d) | 335155 | 321749  |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>7.549% VRN 7/06/29 (d) | 207199 | 177311  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>7.799% VRN 3/30/29 (d) | 492447 | 487409  |
| &nbsp;&nbsp;&nbsp; 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.750%<br>8.049% VRN 3/21/31 (d) | 201755 | 199594  |
| &nbsp;&nbsp;&nbsp; Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%<br>8.175% VRN 10/08/28 (d) | 763025 | 751579  |
| &nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%<br>8.189% VRN 10/16/28 (d) | 225081 | 194413  |
| &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750%<br>7.073% VRN 5/01/31 (d) | 741636 | 724949  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 10/09/29 (d) | 271577 | 270850  |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500%<br>6.825% VRN 1/30/32 (d) | 583658 | 576730  |
| &nbsp;&nbsp;&nbsp; Ivanti Software, Inc., 2021 Non <br>Co-op Term Loan B (Acquired 1/26/22-11/22/24, Cost $585,080), 3 mo. USD Term SOFR + 4.250%<br>8.817% VRN 12/01/27 (d) (h) | 617288 | 440589  |
| &nbsp;&nbsp;&nbsp; Loyalty Ventures, Inc., Term Loan B,<br>0.000% 11/03/27 | 1440555 | 100839  |
|  MedAssets Software Intermediate Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, 1 mo. USD Term SOFR + 4.000%<br>8.322% VRN 12/15/28 (d) | 259242 | 250601  |
| &nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.000%<br>8.437% VRN 12/15/28 (d) | 379540 | 324271  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan A, 1 mo. USD Term SOFR + 5.250%<br>9.572% VRN 12/15/28 (d) (g) | $78283 | $77793  |
| &nbsp;&nbsp;&nbsp; 2024 Third Out Term Loan, 1 mo. USD Term SOFR + 6.750%<br>11.187% VRN 12/17/29 (d) | 41610 | 31346  |
| Mitchell International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 6/17/31 (d) | 746250 | 736638  |
| &nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250%<br>9.575% VRN 6/17/32 (d) | 500000 | 485750  |
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B,<br>0.000% 10/28/30 (g) | 441831 | 440540  |
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.000%<br>7.299% VRN 7/16/31 (d) | 921434 | 915528  |
| &nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.439% VRN 3/10/28 (d) | 738558 | 735604  |
| &nbsp;&nbsp;&nbsp; Quest Software US Holdings, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.250%<br>8.691% VRN 2/01/29 (d) | 526232 | 305214  |
| &nbsp;&nbsp;&nbsp; Sovos Compliance LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 4.000%<br>8.325% VRN 8/12/29 (d) | 489908 | 487322  |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 2024 Term Loan B8, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 5/09/31 (d) | 495989 | 495409  |
| &nbsp;&nbsp;&nbsp; Veritas US, Inc., 2024 Priority Term Loan, 3 mo. USD Term SOFR + 12.500%<br>16.799% VRN 12/09/29 (d) | 51 | 51  |
|  |  | 12662468  |
| **Telecommunications — 7.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, 2022 EUR Term Loan, 3 mo. EURIBOR + 5.000%<br>7.785% VRN 10/31/27 <br>EUR (d) (e) | 989902 | 858980  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.500%<br>7.939% VRN 10/02/27 (d) | 578126 | 575328  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Delta TopCo, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.750%<br>7.069% VRN 11/30/29 (d) | $716902 | $708213  |
| &nbsp;&nbsp;&nbsp; Eircom Finco SARL, 2025 EUR Term Loan B5, 1 mo. EURIBOR + 2.750%<br>5.206% VRN 5/15/29 <br>EUR (d) (e) | 1000000 | 1075115  |
| &nbsp;&nbsp;&nbsp; Iridium Satellite LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 9/20/30 (d) | 204013 | 200346  |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 2025 Term Loan B,<br>0.000% 3/27/32 (g) | 750000 | 739920  |
| &nbsp;&nbsp;&nbsp; MasOrange Finco PLC, 2025 EUR Term Loan B, 3 mo. EURIBOR + 2.750%<br>5.217% VRN 3/25/31 <br>EUR (d) (e) (g) | 1390000 | 1486443  |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom Holding SA, EUR Term Loan B, 3 mo. EURIBOR + 2.750%<br>5.137% VRN 1/30/32 <br>EUR (d) (e) | 1000000 | 1080402  |
| &nbsp;&nbsp;&nbsp; Nuuday AS, EUR Term Loan B, 3 mo. EURIBOR + 6.500%<br>9.035% VRN 2/03/28 <br>EUR (d) (e) | 1000000 | 1086977  |
| &nbsp;&nbsp;&nbsp; Zegona Communications PLC, EUR Term Loan B, 6 mo. EURIBOR + 3.000%<br>5.657% VRN 7/17/29 <br>EUR (d) (e) | 1000000 | 1073363  |
|  |  | 8885087  |
| **Transportation — 0.9%**<br>|  |  |
| First Student Bidco, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.500%<br>6.799% VRN 7/21/28 (d) | 530415 | 529089  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan C, 3 mo. USD Term SOFR + 2.500%<br>6.799% VRN 7/21/28 (d) | 162179 | 161774  |
| &nbsp;&nbsp;&nbsp; Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.250%<br>7.575% VRN 1/25/29 (d) | 483427 | 480406  |
|  |  | 1171269  |
| **TOTAL BANK LOANS** <br>**(Cost $116,228,631)** |  | **110827646**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Corporate Debt — 8.5%**<br>|  |  |
| **Advertising — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL 3 mo. EURIBOR + 4.250%<br>6.789% FRN 2/15/30 <br>EUR (d) (e) (i) | $600000 | $649544  |
| **Building Materials — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; PCF GmbH<br>4.750% 4/15/29 EUR (e) (i) | 300000 | 276999  |
| **Chemicals — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA 3 mo. EURIBOR + 5.250%<br>7.751% FRN 5/01/28 <br>EUR (d) (e) (i) | 200000 | 216260  |
| **Commercial Services — 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ADT Security Corp.<br>4.125% 8/01/29 (i) | 1000000 | 938870  |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH/Germany 3 mo. EURIBOR + 4.125%<br>6.910% FRN 4/15/31 <br>EUR (d) (e) (i) | 250000 | 272339  |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II PLC<br>4.750% 11/30/28 EUR (e) (i) | 1000000 | 1046201  |
| &nbsp;&nbsp;&nbsp; Travelex Issuerco 2 PLC, (Acquired 5/07/24-2/05/25, Cost $961,349), PIK 7.500% , Cash<br>4.500% 8/05/25 <br>GBP (e) (f) (h) (i) | 742710 | 968989  |
|  |  | 3226399  |
| **Computers — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Atos SE<br>9.000% STEP 12/18/29 <br>EUR (e) (i) | 193803 | 224868  |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp; Coty, Inc.<br>5.000% 4/15/26 (i) | 278000 | 277050  |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Travelex Financing PLC, (Acquired 1/13/20, Cost $274,579),<br>8.000% 5/15/22 <br>EUR (e) (h) (i) (j) (k) | 250000 | 1014  |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| &nbsp;&nbsp;&nbsp; Assemblin Caverion Group AB 3 mo. EURIBOR + 3.500%<br>6.236% FRN 7/01/31 <br>EUR (d) (e) (i) | 250000 | 269446  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Forest Products & Paper — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fedrigoni SpA<br>6.125% 6/15/31 EUR (e) (i) | $250000 | $263725  |
| **Health Care - Services — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cerba Healthcare SACA<br>3.500% 5/31/28 EUR (e) (i) | 400000 | 348943  |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<br>4.250% 6/01/29 | 750000 | 706571  |
|  |  | 1055514  |
| **Holding Company - Diversified — 0.2%** | **Holding Company - Diversified — 0.2%** | **Holding Company - Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp; ProGroup AG<br>5.125% 4/15/29 EUR (e) (i) | 250000 | 266811  |
| **Internet — 0.9%**<br>|  |  |
|  Cerved Group SpA 3 mo. EURIBOR + 5.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.751% FRN 2/15/29 <br>EUR (d) (e) (i) | 300000 | 312225  |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria <br>Informatica - SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 5.750% 8.105% FRN 2/15/30 <br>EUR (d) (e) (i) | 100000 | 108607  |
| 11.125% 5/15/28 EUR (e) (i) | 200000 | 228154  |
| United Group BV<br>|  |  |
| 4.000% 11/15/27 EUR (e) (i) | 500000 | 537613  |
|  |  | 1186599  |
| **Leisure Time — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HX Holdings Co. Ltd.<br>7.000% STEP 2/12/30 EUR (e) | 39459 | 39365  |
| **Machinery - Diversified — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Galapagos SA<br>1.000% 6/15/21 <br>EUR (e) (i) (j) (k) | 20000 | 108  |
| **Media — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG PIK 10.000% , Cash<br>3.875% 1/01/29 EUR (e) (f) (i) | 782484 | 692808  |
| **Packaging & Containers — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.<br>4.375% 10/15/28 (i) | 750000 | 766410  |
| **Retail — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; House of Fraser Funding PLC<br>1.000% 9/15/20 GBP (e) (i) (j) (k) | 300000 | 194  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Telecommunications — 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Odido Holding BV<br>3.750% 1/15/29 EUR (e) (i) | $500000 | $524884  |
| &nbsp;&nbsp;&nbsp; PLT VII Finance SARL 3 mo. EURIBOR + 3.500%<br>6.001% FRN 6/15/31 <br>EUR (d) (e) (i) | 500000 | 540650  |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC<br>4.500% 7/15/31 GBP (e) (i) | 250000 | 275223  |
|  |  | 1340757  |
| **Transportation — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anarafe SL 3 mo. EURIBOR + 12.750%<br>15.362% 12/31/26 EUR (e) (i) | 90044 | 83148  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $11,314,770)** |  | **10837019**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $127,543,401)** |  | **121664665** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** |  |
| **Warrants — 0.0%**<br>|  |  |
| **Technology — 0.0%**<br>|  |  |
|  Travelex International Ltd., Expires 8/18/21 (a) | 285 | 736  |
| **TOTAL WARRANTS** <br>**(Cost $0)** |  | **736**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $129,077,610)** |  | **122819148** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Short-Term Investments — 3.9%**  | **Short-Term Investments — 3.9%**  | **Short-Term Investments — 3.9%**  |
| **Repurchase Agreement — 3.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (l) | $5030760 | 5030760  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,030,760)** |  | **5030760**  |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $134,108,370) (m)** |  | **127849908**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(180389)**  |
| **NET ASSETS — 100.0%** |  | **$127669519** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

---

| | |
|:---|:---|
| EURIBOR  | &nbsp;&nbsp;&nbsp; Euro Inter-Bank Offered Rate |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| PIK  | &nbsp;&nbsp;&nbsp; Payment in kind |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $666,872
 or 0.52% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The principal amount of the security is in foreign
 currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of the security represents
 unsettled bank loan commitments at March 31, 2025, where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $2,048,256 or 1.60% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $10,091,083 or 7.90% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Security is currently in default due to bankruptcy
 or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2025, these securities
 amounted to a value of $1,316 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The maturity date of the security has been extended
 past the date disclosed. The new maturity date is not available as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Maturity value of $5,031,144. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $5,131,597.

&nbsp;&nbsp;&nbsp;&nbsp;(m) See Note 6 for aggregate cost for federal
 tax purposes.

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 63.2%  |
| United Kingdom | 8.0%  |
| Germany | 5.1%  |
| Luxembourg | 5.0%  |
| France | 3.6%  |
| Netherlands | 2.8%  |
| Belgium | 1.7%  |
| Sweden | 1.0%  |
| Denmark | 0.9%  |
| Finland | 0.8%  |
| Hong Kong | 0.8%  |
| Norway | 0.8%  |
| Italy | 0.7%  |
| Ireland | 0.7%  |
| Spain | 0.6%  |
| Slovenia | 0.4%  |
| Canada | 0.1%  |
| Jersey, Channel Islands | 0.0%  |
| Total Long-Term Investments | 96.2%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 3.8%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued)**<br>

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| BNP Paribas SA\* | 4/22/25 | NOK | 300330 | USD | 28575 | $(28)  |
| Canadian Imperial Bank of Commerce\* | 4/22/25 | USD | 270969 | NOK | 2865530 | (1404)  |
| Morgan Stanley & Co. LLC\* | 4/22/25 | USD | 36322513 | EUR | 33236890 | 344905  |
| Morgan Stanley & Co. LLC\* | 4/22/25 | USD | 2286786 | GBP | 1762500 | 10182  |
|  |  |  |  |  |  | $353655 |

---

\*

Contracts are subject to a master netting agreement or similar agreement.

**Currency Legend** 

---

| | |
|:---|:---|
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound |
| NOK  | &nbsp;&nbsp;&nbsp; Norwegian Krone |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 0.3%**<br>|  |  |
| **Common Stock — 0.3%**<br>|  |  |
| **Germany — 0.0%**<br>|  |  |
| Campfire Topco Ltd. (a) (b) (c) | 448154 | $—  |
| **Norway — 0.1%**<br>|  |  |
| HRN Bidco AS (c) | 5296 | 121820  |
| HX Bidco AS (c) | 1067 | 12749  |
|  |  | 134569  |
| **Spain — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bahia De Las Isletas SL <br>Class A (a) (b) (c) | 5454162 | —  |
| **United Kingdom — 0.0%**<br>|  |  |
| Don Jersey Topco Ltd. (a) (b) (c) | 292774 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., <br>A1 shares (a) (b) (c) | 746 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., <br>A2 shares (a) (b) (c) | 363125 | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., <br>A3 shares (a) (b) (c)  | 233558  | —  |
| &nbsp;&nbsp;&nbsp; Jubilee Topco Ltd., <br>A4 shares (a) (b) (c) | 194966 | —  |
| Travelex Topco Ltd. (a) (b) (c) | 9365 | —  |
| **United States — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Learfield Communications, <br>Inc. (c) | 2746 | 208696  |
| Serta Simmons, Inc. (c) | 14736 | 122309  |
| &nbsp;&nbsp;&nbsp; Technicolor Creative Studios, <br>Inc. (a) (b) (c) | 17217094 | —  |
|  |  | 331005  |
| **TOTAL COMMON STOCK** <br>**(Cost $657,899)** |  | **465574**  |
| **Preferred Stock — 0.0%**<br>|  |  |
| **United States — 0.0%**<br>|  |  |
|  Veritas Kapital Assurance PLC, Series G (c) | 1017 | 23391  |
|  Veritas Kapital Assurance PLC, Series G-1 (c) | 702 | 16146  |
|  |  | 39537  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $26,980)** |  | **39537**  |
| **TOTAL EQUITIES** <br>**(Cost $684,879)** |  | **505111** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 97.0%**<br>|  |  |
| **Bank Loans — 53.4%**<br>|  |  |
| **Belgium — 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CEP IV Investment 16 SARL, USD 2nd Lien Term Loan, 3 mo. USD Term SOFR + 9.250% <br>13.569% VRN 10/01/27 (d) | $1447217 | $1396564  |
| &nbsp;&nbsp;&nbsp; Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000% <br>6.434% VRN 4/30/28 (d) | 500000 | 483645  |
| &nbsp;&nbsp;&nbsp; United Petfood Finance BV, 2025 EUR Term Loan B, 6 mo. EURIBOR + 2.750% <br>5.171% VRN 2/26/32 EUR (d) (e) | 1000000 | 1071449  |
|  |  | 2951658  |
| **Canada — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Balcan Innovations, Inc., Term Loan B, <br>3 mo. USD Term SOFR + 4.750% 9.043% VRN 10/10/31 (d) | 575027 | 572152  |
| &nbsp;&nbsp;&nbsp; WestJet Loyalty LP, Term Loan B, <br>3 mo. USD Term SOFR + 3.250% <br>7.549% VRN 2/14/31 (d) | 215319 | 206868  |
|  |  | 779020  |
| **Denmark — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Auris Luxembourg III SARL, 2024 EUR Term Loan B5, 6 mo. EURIBOR + 4.000% <br>6.694% VRN 2/28/29 EUR (d) (e) | 500000 | 539147  |
| **France — 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 3 mo. EURIBOR + 4.500% 6.978% VRN 12/18/28 <br>EUR (d) (e) | 500000 | 439651  |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, 2025 EUR Term Loan B (2032),<br>0.000% 1/23/32 EUR (e) (f) | 500000 | 537720  |
| &nbsp;&nbsp;&nbsp; Casper BidCo SAS, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.750%<br>6.670% VRN 3/21/31 EUR (d) (e) | 500000 | 537736  |
| &nbsp;&nbsp;&nbsp; Cerba Healthcare SAS, 2021 EUR Term Loan B, 1 mo. EURIBOR + 3.700%<br>6.063% VRN 6/30/28 EUR (d) (e) | 500000 | 444165  |
| &nbsp;&nbsp;&nbsp; Ceva Sante Animale, 2025 EUR Term Loan B, <br>0.000% 11/08/30 EUR (e) (f) | 500000 | 536957  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Foundever Worldwide Corp., 2021 USD Term Loan, 3 mo. USD Term SOFR + 3.750% <br>8.178% VRN 8/28/28 (d) | $195745 | $115347  |
| Technicolor Creative Studios, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; EUR PIK Super Senior Term Loan, 3 mo. EURIBOR + <br>0.000%, PIK 17.366%, Cash, 0.000% VRN 3/31/26 <br>EUR (a) (b) (d) (e) (g) | 7820 | —  |
|  2023 EUR PIK Reinstated Term Loan B, 3 mo. EURIBOR + 2.000% 4.683% VRN 9/15/26 EUR (d) (e) | 91386 | 247  |
|  2023 EUR PIK Term Loan, 1 yr. EURIBOR + 5.000% 7.465% VRN 3/27/33 EUR (a) (b) (d) (e) | 82145 | —  |
|  EUR Tranche 4 Term Loan, 1 yr. EURIBOR + 15.000% 17.565% VRN 3/31/26 EUR (a) (b) (d) (e) | 2723 | —  |
|  EUR PIK Tranche 3 Note Term Loan, 1 yr. EURIBOR + 15.000% 18.116% VRN 3/31/26 EUR (a) (b) (d) (e) | 2346 | —  |
|  EUR PIK Tranche 2 Note Term Loan, 1 yr. EURIBOR + 15.000% 18.684% VRN 3/31/26 EUR (a) (b) (d) (e) | 4692 | —  |
|  |  | 2611823  |
| **Germany — 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dynamo Newco II GmbH, EUR Term Loan B, 3 mo. <br>EURIBOR + 4.000% 6.355% VRN 10/01/31 EUR (d) (e) | 500000 | 540109  |
| &nbsp;&nbsp;&nbsp; Flint Group Midco Ltd., <br>USD Opco Term Loan, 3 mo. USD Term SOFR + 4.512%, PIK 0.750%, Cash, 8.802% VRN 12/31/26 (d) (g) | 176448 | 169685  |
|  Flint Group Packaging INKS North America Holdings LLC, EUR PIK Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash 2.781% VRN 12/30/27 EUR (d) (e) (g) | 306736 | 267621  |
| Flint Group Topco Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; USD First Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash<br>4.652% VRN 12/30/27 (d) (g) | 99486 | 80024  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  USD Second Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.362%, PIK 6.900%, Cash 4.652% VRN 12/30/27 (d) (g) | $132669 | $14594  |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding AG, 2024 EUR Term Loan B2, 3 mo. EURIBOR + 4.000%<br>6.540% VRN 2/21/30 EUR (d) (e) | 500000 | 539639  |
| &nbsp;&nbsp;&nbsp; One Hotels GmbH, EUR Term Loan B, 3 mo. EURIBOR + 4.500%<br>7.178% VRN 4/02/31 EUR (d) (e) | 500000 | 540942  |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 GmbH, 2024 EUR Term Loan B5, 3 mo. EURIBOR + 3.500%<br>6.027% VRN 7/15/29 EUR (d) (e) | 500000 | 540336  |
|  |  | 2692950  |
| **Hong Kong — 0.5%**<br>|  |  |
|  Fugue Finance BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250% 5.949% VRN 1/09/32 EUR (d) (e) | 750000 | 805079  |
| **Ireland — 0.3%**<br>|  |  |
|  Virgin Media Ireland Ltd., EUR Term Loan, 1 mo. EURIBOR + 3.575% 5.943% VRN 7/15/29 EUR (d) (e) | 500000 | 535584  |
| **Luxembourg — 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albion Financing 3 SARL, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.000% <br>5.605% VRN 8/16/29 <br>EUR (d) (e) | 510000 | 547266  |
|  Altice Financing SA, 2023 EUR Term Loan, 3 mo. EURIBOR + 5.000% 7.785% VRN 10/31/27 EUR (d) (e) | 493750 | 428448  |
| &nbsp;&nbsp;&nbsp; Arvos HoldCo SARL, 2024 USD HoldCo Term Loan B2 (Acquired 4/09/24, Cost $13,386), <br>0.500% 8/29/27 (h) | 46383 | 8813  |
| &nbsp;&nbsp;&nbsp; Arvos Holding GmbH, 2024 USD Opco Term Loan B4, 3 mo. USD Term SOFR + 5.762% <br>10.052% VRN 8/29/27 (d) | 276045 | 205653  |
| &nbsp;&nbsp;&nbsp; CCP Lux Holding SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 4.750% <br>7.539% VRN 1/05/28 <br>EUR (d) (e) | 500000 | 538239  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Ineos Finance PLC<br>|  |  |
|  2024 EUR Term Loan B1, 1 mo. EURIBOR + 3.250% 5.613% VRN 2/07/31 EUR (d) (e) | $500000 | $529502  |
| &nbsp;&nbsp;&nbsp; 2024 EUR 1st Lien Term Loan B, 1 mo. EURIBOR + 3.500% 5.863% VRN 6/23/31 <br>EUR (d) (e) | 500000 | 531572  |
|  Piolin Bidco SAU, 2024 EUR Term Loan B4, 6 mo. EURIBOR + 4.500% 7.054% VRN 9/16/29 EUR (d) (e) | 500000 | 541126  |
| Summer (BC) Holdco B SARL<br>|  |  |
|  2024 EUR Term Loan B, 3 mo. EURIBOR + 4.500% 6.964% VRN 1/31/29 EUR (d) (e) | 432997 | 466120  |
|  2025 Add-on Term Loan B, 3 mo. USD Term SOFR + 5.000% 9.559% VRN 2/15/29 (d) | 382263 | 380470  |
| &nbsp;&nbsp;&nbsp; Venga Finance SARL, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.325% VRN 6/28/29 (d) | 294723 | 294134  |
|  |  | 4471343  |
| **Netherlands — 1.8%**<br>|  |  |
|  Nobian Finance BV, 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.750% 6.535% VRN 7/01/29 EUR (d) (e) | 519423 | 558591  |
| Nouryon Finance BV<br>|  |  |
|  2024 USD Term Loan B1, 3 mo. USD Term SOFR + 3.250% 7.553% VRN 4/03/28 (d) | 486021 | 484198  |
|  2024 USD Term Loan B2, 3 mo. USD Term SOFR + 3.250% 7.554% VRN 4/03/28 (d) | 115165 | 115094  |
|  Pegasus BidCo BV, 2024 EUR Term Loan B2, 3 mo. EURIBOR + 3.500% 6.022% VRN 7/12/29 EUR (d) (e) | 469970 | 508575  |
|  TMF Group Holding BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250% 5.986% VRN 5/03/28 EUR (d) (e) | 500000 | 538217  |
| &nbsp;&nbsp;&nbsp; Ziggo BV, 2019 EUR Term Loan H, 1 mo. EURIBOR + 3.000% <br>5.368% VRN 1/31/29 <br>EUR (d) (e) | 500000 | 519943  |
|  |  | 2724618  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Norway — 0.2%**<br>|  |  |
| Hurtigruten ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan A, 3 mo. EURIBOR + 7.500% <br>10.053% VRN 2/12/30 <br>EUR (d) (e) | $266326 | $292897  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B, 3 mo. EURIBOR + 8.000% <br>10.468% VRN 8/12/30 <br>EUR (d) (e) | 61796 | 58300  |
|  |  | 351197  |
| **Spain — 1.6%**<br>|  |  |
|  Areas Worldwide SA, 2025 EUR Term Loan B, 3 mo. EURIBOR + 4.000% 6.517% VRN 12/31/29 EUR (d) (e) | 500000 | 538471  |
|  Boluda Towage SL, 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.500% 5.999% VRN 1/31/30 EUR (d) (e) | 500000 | 541450  |
| &nbsp;&nbsp;&nbsp; Dorna Sports SL, 2022 EUR Term Loan B, 0.000% 3/30/29 <br>EUR (e) (f) | 500000 | 539807  |
| &nbsp;&nbsp;&nbsp; Grifols SA, EUR 2019 Term Loan B, 3 mo. EURIBOR + 2.250% <br>4.749% VRN 11/15/27 <br>EUR (d) (e) | 680836 | 725991  |
|  |  | 2345719  |
| **Sweden — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hilding Anders International AB, 2022 EUR PIK Reorg Opco Term Loan (Acquired 10/29/24, Cost $0), <br>6 mo. EURIBOR + 5.000%, PIK 1.250%, Cash, 6.644% VRN 2/28/26 EUR (d) (e) (g) (h) | 1887 | 588  |
|  Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.000% 5.355% VRN 3/27/28 EUR (d) (e) | 1000000 | 1076164  |
|  |  | 1076752  |
| **United Kingdom — 4.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Holdings IV Ltd., 2024 EUR Term Loan B, 3 mo. EURIBOR + 4.175% <br>6.530% VRN 12/15/28 <br>EUR (d) (e) | 500000 | 539482  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Flint Group Packaging INKS North America Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; EUR PIK 2nd lien Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash 2.781% VRN 12/30/27 <br>EUR (d) (e) (g) | $409049 | $51604  |
|  EUR Opco Term Loan, 3 mo. EURIBOR + 4.250%, PIK 0.750%, Cash 6.931% VRN 12/31/26 EUR (d) (e) (g) | 558314 | 582956  |
| &nbsp;&nbsp;&nbsp; Froneri Lux Finco SARL, 2024 EUR Term Loan B3, 6 mo. EURIBOR + 2.500% <br>5.098% VRN 9/30/31 <br>EUR (d) (e) | 500000 | 537552  |
| &nbsp;&nbsp;&nbsp; IVC Acquisition Ltd., 2025 EUR Repriced Term Loan B, 3 mo. EURIBOR + 4.000% <br>6.426% VRN 12/12/28 <br>EUR (d) (e) | 500000 | 540596  |
| &nbsp;&nbsp;&nbsp; Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.000% <br>6.778% VRN 4/25/29 <br>EUR (d) (e) | 500000 | 540855  |
|  MasOrange Finco PLC, 2025 EUR Term Loan B, 3 mo. EURIBOR + 2.750% 5.217% VRN 3/25/31 EUR (d) (e) (f) | 660000 | 705793  |
|  Motion Finco SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 3.750% 6.105% VRN 11/12/29 EUR (d) (e) | 500000 | 532313  |
|  Tunstall Group Holdings Ltd., 2023 EUR Reinstated Term Loan B (Acquired 11/30/23-11/29/24, Cost $347,761), 6 mo. EURIBOR + 0.100%, PIK 4.900%, Cash 2.794% VRN 12/20/27 EUR (d) (e) (g) (h) | 319960 | 214503  |
| Vue Entertainment International Ltd.<br>|  |  |
|  2023 EUR Floating PIK Reinstated Term Loan B, 3 mo. EURIBOR + 0.000%, PIK 8.400%, Cash 3.046% VRN 12/31/27 EUR (d) (e) (g) | 271070 | 184658  |
| &nbsp;&nbsp;&nbsp; 2023 EUR Floating PIK Term Loan, 6 mo. EURIBOR + 0.000%, PIK 8.400%, Cash, 3.046% VRN 12/31/27 <br>EUR (d) (e) (g) | 172993 | 181445  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  2023 EUR Floating PIK Super Senior Term Loan, 6 mo. EURIBOR + 8.000%, PIK 1.000%, Cash, 11.046% VRN 6/30/27 EUR (d) (e) (g) | $98786 | $110823  |
| &nbsp;&nbsp;&nbsp; Vue International Bidco PLC, 2022 EUR Term Loan, 6 mo. EURIBOR + 8.000% <br>11.046% VRN 6/30/27 <br>EUR (d) (e) | 158216 | 169654  |
|  Zegona Communications PLC, EUR Term Loan B, 6 mo. EURIBOR + 3.000% 5.657% VRN 7/17/29 EUR (d) (e) | 1000000 | 1073363  |
|  |  | 5965597  |
| **United States — 34.9%**<br>|  |  |
| 8th Avenue Food & Provisions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750% <br>8.189% VRN 10/01/25 (d) | 649174 | 634652  |
| &nbsp;&nbsp;&nbsp; 2021 Incremental Term Loan, <br>1 mo. USD Term SOFR + 4.750% 9.189% VRN 10/01/25 (d) | 114140 | 111666  |
|  2018 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.750% 12.189% VRN 10/01/26 (d) (f) | 404925 | 370632  |
| &nbsp;&nbsp;&nbsp; AAP Buyer, Inc., Term Loan B, <br>1 mo. USD Term <br>SOFR + 2.750% <br>7.075% VRN 9/09/31 (d) | 254871 | 253597  |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 2024 Term Loan B3, 3 mo. USD Term SOFR + 3.000% <br>7.299% VRN 2/01/31 (d) | 250631 | 249887  |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP, 2021 USD Term Loan B, 1 mo. USD Term <br>SOFR + 2.500% <br>6.939% VRN 2/04/28 (d) | 393310 | 392873  |
| &nbsp;&nbsp;&nbsp; Alliance Laundry Systems LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750% <br>7.072% VRN 8/19/31 (d) | 187617 | 186831  |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Term Loan B, 1 mo. USD Term <br>SOFR + 2.750% <br>7.075% VRN 9/30/31 (d) | 232685 | 232431  |
| &nbsp;&nbsp;&nbsp; Altium Packaging LLC, 2024 Term Loan B, 1 mo. USD Term <br>SOFR + 2.500% <br>6.825% VRN 6/11/31 (d) | 297750 | 290306  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250% <br>6.569% VRN 2/15/28 (d) | $250000 | $245750  |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 5.500% <br>9.825% VRN 5/04/28 (d) | 742977 | 754820  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term <br>SOFR + 2.250% <br>6.575% VRN 1/30/32 (d) | 371094 | 367832  |
| &nbsp;&nbsp;&nbsp; Apro LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.049% VRN 7/09/31 (d) | 195866 | 195010  |
| &nbsp;&nbsp;&nbsp; AqGen Island Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.325% VRN 8/02/28 (d) | 240461 | 238431  |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.500% <br>7.825% VRN 8/09/30 (d) | 199500 | 197639  |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.325% VRN 12/11/28 (d) | 640102 | 631755  |
| &nbsp;&nbsp;&nbsp; Assured Partners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.500% <br>7.825% VRN 2/14/31 (d) | 321750 | 321956  |
| Asurion LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2022 Term Loan B10, 1 mo. <br>USD Term SOFR + 4.000% 8.425% VRN 8/19/28 (d) | 440488 | 435533  |
|  2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250% 9.689% VRN 1/20/29 (d) | 225862 | 208676  |
| &nbsp;&nbsp;&nbsp; Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.325% VRN 2/15/29 (d) | 649520 | 640387  |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.163% VRN 7/17/28 (d) | 199485 | 195072  |
| &nbsp;&nbsp;&nbsp; Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term <br>SOFR + 3.000% <br>7.322% VRN 1/27/32 (d) | 203193 | 201669  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Bausch Health Companies, Inc., 2025 Term Loan B, <br>0.000% 9/25/30 (f) | $275229 | $264220  |
| &nbsp;&nbsp;&nbsp; BCPE North Star US HoldCo 2, Inc., Term Loan, 1 mo. USD Term SOFR + 4.000% <br>8.439% VRN 6/09/28 (d) | 159553 | 155414  |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., <br>USD Term Loan B, 3 mo. <br>USD Term SOFR + 3.500% <br>7.791% VRN 11/25/31 (d) | 500246 | 498280  |
| &nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 2024 Term Loan B7, 1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500% <br>7.799% - 7.823% <br>VRN 6/07/31 (d) | 214220 | 213309  |
| Boxer Parent Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% <br>7.291% VRN 7/30/31 (d) | 553301 | 543020  |
|  2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% 10.041% VRN 7/30/32 (d) | 200000 | 192000  |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners, Inc., <br>2024 Term Loan B4, 1 mo. <br>USD Term SOFR + 3.000% <br>7.325% VRN 6/13/31 (d) | 289960 | 287191  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Term Loan B, 3 mo. USD Term <br>SOFR + 2.250% <br>6.563% VRN 2/06/30 (d) | 246257 | 244411  |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, 1 mo. USD Term <br>SOFR + 2.000% <br>6.325% VRN 7/31/30 (d) | 200000 | 199320  |
|  Carnival Corp., 2025 Term Loan 0.000% 10/18/28 (f) | 200000 | 199562  |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 3.250% <br>7.549% VRN 7/06/29 (d) | 61510 | 52638  |
| &nbsp;&nbsp;&nbsp; Charlotte Buyer, Inc., 2025 Repriced Term Loan B, <br>0.000% 2/11/28 (f) | 199001 | 197616  |
| &nbsp;&nbsp;&nbsp; Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.000% <br>7.314% VRN 11/29/30 (d) | 306029 | 305438  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Chobani, LLC, 2025 Repriced Term Loan B, 1 mo. USD Term <br>SOFR + 2.500% <br>6.825% VRN 10/25/27 (d) | $297762 | $297514  |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 USD Term Loan B, 1 mo. USD Term <br>SOFR + 2.750% <br>7.075% VRN 1/28/32 (d) | 279642 | 275098  |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 2024 1st Lien Term Loan B, 3 mo. <br>USD Term SOFR + 3.500% <br>7.799% VRN 3/30/29 (d) | 119291 | 118071  |
| Cloudera, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%<br>8.175% VRN 10/08/28 (d) | 53825 | 53018  |
| &nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, 1 mo. USD Term SOFR + 6.000% <br>10.425% VRN 10/08/29 (d) | 266667 | 253445  |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term <br>Loan B, 3 mo. USD Term <br>SOFR + 4.000% <br>8.295% VRN 12/09/31 (d) | 335646 | 331450  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.175% <br>7.500% VRN 4/13/29 (d) | 329430 | 327747  |
| &nbsp;&nbsp;&nbsp; CommScope, Inc., 2024 Term Loan, <br>0.000% 12/17/29 (f) | 300000 | 298500  |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.000% <br>6.325% VRN 7/26/31 (d) | 199500 | 199001  |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.500% <br>7.939% VRN 6/02/28 (d) | 293165 | 286996  |
| &nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% <br>8.189% VRN 10/16/28 (d) | 248718 | 214830  |
| &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750% <br>7.073% VRN 5/01/31 (d) | 296654 | 289980  |
| CPC Acquisition Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Second Lien Term Loan, <br>0.000% 12/29/28 (f) | 250000 | 127500  |
| &nbsp;&nbsp;&nbsp; Term Loan, 3 mo. USD Term SOFR + 3.750% <br>8.311% VRN 12/29/27 (d) | 179227 | 147563  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2022 Term Loan B6, 1 mo. USD Term <br>SOFR + 4.500% <br>8.819% VRN 1/18/28 (d) | $248731 | $240130  |
| &nbsp;&nbsp;&nbsp; Delta TopCo, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.750% <br>7.069% VRN 11/30/29 (d) | 576868 | 569876  |
| &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., 2021 Term <br>Loan, 1 mo. USD Term <br>SOFR + 3.750% <br>8.189% VRN 3/31/28 (d) | 512144 | 508303  |
| &nbsp;&nbsp;&nbsp; DXP Enterprises, Inc., 2024 Term Loan B, 1 mo. USD Term <br>SOFR + 3.750% <br>8.075% VRN 10/11/30 (d) | 231395 | 230599  |
| &nbsp;&nbsp;&nbsp; Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% <br>9.575% VRN 10/06/28 (d) | 300000 | 299550  |
| &nbsp;&nbsp;&nbsp; Electron BidCo, Inc., 2021 Term Loan, 1 mo. USD Term <br>SOFR + 2.750% <br>7.075% VRN 11/01/28 (d) | 248092 | 247456  |
| &nbsp;&nbsp;&nbsp; Emrld Borrower LP, Term Loan B, 6 mo. USD Term SOFR + 2.500% <br>6.933% VRN 5/31/30 (d) | 444373 | 439627  |
| First Student Bidco, Inc.<br>|  |  |
|  2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.500% 6.799% VRN 7/21/28 (d) | 215225 | 214687  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan C, 3 mo. USD Term SOFR + 2.500% <br>6.799% VRN 7/21/28 (d) | 65828 | 65664  |
| &nbsp;&nbsp;&nbsp; Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250% <br>8.545% VRN 5/05/29 (d) | 418711 | 409499  |
| &nbsp;&nbsp;&nbsp; Fleet Midco I Ltd., 2024 1st Lien Term Loan B, 6 mo. USD Term SOFR + 2.750% <br>7.055% VRN 2/21/31 (d) | 181014 | 180335  |
| &nbsp;&nbsp;&nbsp; Fluid-Flow Products, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 3.250% <br>7.549% VRN 3/31/28 (d) | 196429 | 194771  |
| &nbsp;&nbsp;&nbsp; Flynn Restaurant Group LP, 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750% <br>8.075% VRN 1/28/32 (d) | 261654 | 255984  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Franklin Square Holdings LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% <br>6.575% VRN 4/25/31 (d) | $226993 | $226426  |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLLP, 2025 Term Loan B, 3 mo. USD Term SOFR + 3.250% <br>7.543% VRN 12/21/28 (d) | 489662 | 482723  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term <br>SOFR + 4.000% <br>8.399% VRN 10/01/27 (d) | 293112 | 274303  |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 1.750% <br>6.049% VRN 4/10/31 (d) | 248750 | 246295  |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% <br>6.825% VRN 1/30/32 (d) | 311284 | 307589  |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500% <br>6.819% VRN 2/04/32 (d) | 258532 | 255688  |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500% <br>6.825% VRN 8/04/27 (d) | 219536 | 219115  |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% <br>7.575% VRN 1/23/32 (d) | 298736 | 297616  |
| &nbsp;&nbsp;&nbsp; Grinding Media, Inc., 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 3.500% <br>7.819% VRN 10/12/28 (d) | 190110 | 187971  |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500% <br>6.825% VRN 6/11/31 (d) | 398000 | 387509  |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC, 2024 Term Loan, 1 mo. USD Term <br>SOFR + 4.500% <br>8.825% VRN 4/28/28 (d) | 198995 | 198519  |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term <br>SOFR + 2.500% <br>6.787% VRN 6/20/30 (d) | 271347 | 270001  |
|  Hyperion Materials & Technologies, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 4.500%, 3 mo. USD Term SOFR + 4.500% 8.939% - 9.075%<br> VRN 8/30/28 (d) | 366911 | 354681  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Holdings UK Ltd., 2023 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.250% <br>8.675% VRN 4/02/29 (d) | $498741 | $477544  |
| &nbsp;&nbsp;&nbsp; IPS Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500%<br>7.825% VRN 10/02/28 (d) | 334922 | 329898  |
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.500% <br>6.825% VRN 12/15/27 (d) | 494123 | 490704  |
| &nbsp;&nbsp;&nbsp; Ivanti Software, Inc., 2021 Non Co-op Term Loan B (Acquired 11/22/24, Cost $555,450), 3 mo. USD Term SOFR + 4.250% <br>8.817% VRN 12/01/27 (d) (h) | 607768 | 433794  |
| &nbsp;&nbsp;&nbsp; Johnstone Supply LLC, Term Loan B, <br>1 mo. USD Term <br>SOFR + 2.500% <br>6.822% VRN 6/09/31 (d) | 277674 | 275159  |
| &nbsp;&nbsp;&nbsp; Journey Personal Care Corp., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.049% VRN 3/01/28 (d) | 555562 | 548617  |
| &nbsp;&nbsp;&nbsp; Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500% <br>8.825% VRN 6/30/28 (d) | 566086 | 565803  |
|  Level 3 Financing, Inc., 2025 Term Loan B, 0.000% 3/27/32 (f) | 500000 | 493280  |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.052% VRN 5/17/31 (d) | 583166 | 564697  |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Term Loan B, <br>3 mo. USD Term <br>SOFR + 2.250% <br>6.549% VRN 8/18/31 (d) | 186482 | 185212  |
| &nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, Term Loan B, 1 mo. USD Term SOFR + 4.250% <br>8.573% VRN 12/02/31 (d) | 641168 | 628076  |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 2024 Extended Term Loan B1, <br>0.000% 4/15/29 (f) | 149620 | 143659  |
| &nbsp;&nbsp;&nbsp; Magenta Security Holdings LLC, 2024 Third Out Term Loan, 3 mo. USD Term SOFR + 1.500%, <br>PIK 0.000%, Cash, <br>5.791% VRN 7/27/28 (d) (g) | 758 | 207  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.000% <br>7.313% VRN 5/04/28 (d) | $544998 | $540981  |
| &nbsp;&nbsp;&nbsp; McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.323% VRN 3/01/29 (d) | 228282 | 217496  |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% <br>7.575% VRN 8/06/31 (d) | 151770 | 151391  |
| &nbsp;&nbsp;&nbsp; MED ParentCo LP, 2024 <br>1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.500% <br>7.825% VRN 4/15/31 (d) | 199000 | 198554  |
|  MedAssets Software Intermediate Holdings, Inc.<br>|  |  |
|  2024 First Out Term Loan, 1 mo. USD Term SOFR + 4.000% 8.322% VRN 12/15/28 (d) | 124588 | 120435  |
|  2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.000% 8.437% VRN 12/15/28 (d) | 702998 | 600627  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan A, 1 mo. USD Term SOFR + 5.250% <br>9.572% VRN 12/15/28 (d) (f) | 36303 | 36076  |
|  2024 Third Out Term Loan, 1 mo. USD Term SOFR + 6.750% 11.187% VRN 12/17/29 (d) | 27740 | 20897  |
| &nbsp;&nbsp;&nbsp; Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000% <br>11.391% VRN 11/01/29 (d) | 147368 | 73684  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.250% <br>6.575% VRN 10/23/28 (d) | 810927 | 809070  |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC <br>2023 Term Loan, 1 mo. USD Term SOFR + 4.250% <br>8.575% VRN 5/03/28 (d) | 491752 | 465016  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.250% <br>8.575% VRN 12/31/31 (d) | 199500 | 182487  |
| &nbsp;&nbsp;&nbsp; Midwest Physician Administrative Services LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 3.000%<br>7.561% VRN 3/12/28 (d) (f) | 460685 | 399645  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Mitchell International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250% <br>7.575% VRN 6/17/31 (d) | $199000 | $196437  |
|  2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% 9.575% VRN 6/17/32 (d) | 197802 | 192165  |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc., 2025 USD Repriced Term Loan, 1 mo. USD Term SOFR + 2.000% <br>6.319% VRN 8/17/29 (d) | 161727 | 161424  |
| &nbsp;&nbsp;&nbsp; NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250% <br>9.675% VRN 2/23/29 (d) | 356450 | 327424  |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% <br>9.389% VRN 4/11/29 (d) | 144725 | 124328  |
| &nbsp;&nbsp;&nbsp; New Arclin US Holding Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500% <br>7.925% VRN 9/30/28 (d) | 192398 | 189634  |
|  Nielsen Consumer, Inc., 2025 USD Term Loan, 0.000% 3/06/28 (f) | 207812 | 206877  |
| &nbsp;&nbsp;&nbsp; Nvent Electric Public Ltd. Co., Term Loan B, 1 mo. USD Term SOFR + 3.500% <br>7.825% VRN 1/30/32 (d) | 215517 | 215157  |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.000% <br>7.299% VRN 6/20/31 (d) | 229508 | 225563  |
| &nbsp;&nbsp;&nbsp; OMNIA Partners LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 2.750% <br>7.050% VRN 7/25/30 (d) | 316250 | 313881  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, EUR Term Loan B, <br>0.000% 3/31/32 EUR (e) (f) | 1000000 | 1078596  |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, <br>1 mo. USD Term SOFR + 2.250% <br>6.569% VRN 10/05/28 (d) | 249370 | 248966  |
| &nbsp;&nbsp;&nbsp; Padagis LLC, Term Loan B, 3 mo. USD Term SOFR + 4.750% <br>9.300% VRN 7/06/28 (d) | 345260 | 322387  |
| &nbsp;&nbsp;&nbsp; Parexel International Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% <br>6.825% VRN 11/15/28 (d) | 284016 | 283223  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Planet US Buyer LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 3.000% <br>7.319% VRN 2/07/31 (d) | $224717 | $223921  |
| &nbsp;&nbsp;&nbsp; PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% <br>8.689% VRN 4/23/29 (d) | 235808 | 206627  |
| Polar US Borrower LLC<br>|  |  |
|  2024 Term Loan B1A, 3 mo. USD Term SOFR + 4.750%, PIK 0.750%, Cash 9.150% VRN 10/16/28 (d) (f) (g) | 435367 | 238725  |
|  2024 Term Loan B1B, 3 mo. USD Term SOFR + 5.500% 9.900% VRN 10/16/28 (d) | 299531 | 164242  |
| Pretium Packaging LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Second Out Term Loan A1, <br>3 mo. USD Term SOFR + 4.600% 8.891% VRN 10/02/28 (d) | 78417 | 44436  |
|  First Out Term Loan A, 3 mo. USD Term SOFR + 3.750% 9.291% VRN 10/02/28 (d) | 740706 | 744409  |
| &nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., 2025 Term Loan B, 1 mo. USD Term <br>SOFR + 2.750% <br>7.075% VRN 8/31/28 (d) | 314842 | 313803  |
|  Proampac PG Borrower LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.000% 8.302% - 8.323% VRN 9/15/28 (d) | 493762 | 490059  |
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, <br>0.000% 10/28/30 (f) | 200000 | 199416  |
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.000% <br>7.299% VRN 7/16/31 (d) | 249375 | 247777  |
| &nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.439% VRN 3/10/28 (d) | 393270 | 391697  |
| &nbsp;&nbsp;&nbsp; Prometric Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.750% <br>9.189% VRN 1/31/28 (d) | 296257 | 297442  |
| &nbsp;&nbsp;&nbsp; Quest Software US Holdings, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.250% <br>8.691% VRN 2/01/29 (d) | 701399 | 406812  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Quikrete Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan B1, 1 mo. USD Term SOFR + 2.250% <br>6.575% VRN 4/14/31 (d) | $173207 | $171115  |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% <br>6.575% VRN 2/10/32 (d) | 242095 | 239129  |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 3.500%, <br>3 mo. USD Term SOFR + 5.000%, PIK 1.500%, Cash, <br>8.090% - 9.590% <br>VRN 1/31/29 (d) (g) | 782285 | 752582  |
| &nbsp;&nbsp;&nbsp; Radnet Management, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.250% <br>6.568% VRN 4/18/31 (d) | 249373 | 248710  |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% <br>6.325% VRN 9/18/31 (d) | 239905 | 238856  |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.250% <br>7.575% VRN 11/19/31 (d) | 253165 | 249894  |
| &nbsp;&nbsp;&nbsp; Recess Holdings, Inc., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.750% <br>8.047% VRN 2/20/30 (d) | 258322 | 257999  |
| &nbsp;&nbsp;&nbsp; RelaDyne, Inc., 2022 Term Loan B, 1 mo. USD Term <br>SOFR + 4.000% <br>8.325% VRN 12/23/30 (d) | 146589 | 146224  |
| &nbsp;&nbsp;&nbsp; Renaissance Holding Corp., 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 4.000% <br>8.325% VRN 4/05/30 (d) | 496231 | 486247  |
| &nbsp;&nbsp;&nbsp; Ring Container Technologies Group LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750% <br>7.075% VRN 8/12/28 (d) | 198998 | 198550  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.500% <br>7.939% VRN 12/17/27 (d) | 183325 | 175763  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan B1, 1 mo. USD Term SOFR + 3.500% <br>7.939% VRN 12/17/27 (d) | 115929 | 111147  |
| &nbsp;&nbsp;&nbsp; 2022 1st Lien Term Loan B, 1 mo. USD Term SOFR + 5.000% <br>9.425% VRN 6/30/28 (d) | 150000 | 144063  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.296% VRN 4/04/29 (d) | $348250 | $345976  |
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 3 mo. USD Term <br>SOFR + 3.000% <br>7.313% VRN 7/31/31 (d) | 518934 | 516988  |
| &nbsp;&nbsp;&nbsp; Service Logic Acquisition, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.319% VRN 10/29/27 (d) | 152139 | 151568  |
| &nbsp;&nbsp;&nbsp; Sovos Compliance LLC, 2025 Term Loan B, 3 mo. USD Term <br>SOFR + 4.000% <br>8.325% VRN 8/12/29 (d) | 343812 | 341997  |
| &nbsp;&nbsp;&nbsp; Spa Holdings 3 OYJ, USD Term Loan B, 3 mo. USD Term <br>SOFR + 3.750% <br>8.311% VRN 2/04/28 (d) | 493781 | 493164  |
| &nbsp;&nbsp;&nbsp; Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term <br>SOFR + 4.000% <br>8.562% VRN 3/04/28 (d) | 146422 | 123380  |
| &nbsp;&nbsp;&nbsp; Summer (BC) Holdco B SARL, 2024 EUR Term Loan, 3 mo. EURIBOR + 4.500% <br>6.964% VRN 1/31/29 EUR (d) (e) | 67003 | 72129  |
| &nbsp;&nbsp;&nbsp; Tacala LLC, 2024 Term Loan B, <br>1 mo. USD Term SOFR + 3.500% <br>7.825% VRN 1/31/31 (d) | 177697 | 177420  |
| &nbsp;&nbsp;&nbsp; TCP Sunbelt Acquisition Co., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250% <br>8.572% VRN 10/24/31 (d) | 200000 | 198750  |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250% <br>9.541% VRN 3/02/27 (d) | 198850 | 193314  |
| &nbsp;&nbsp;&nbsp; Third Coast Infrastructure LLC, Term Loan B, 1 mo. USD Term SOFR + 4.250% <br>8.575% VRN 9/25/30 (d) | 365240 | 361588  |
| &nbsp;&nbsp;&nbsp; Thunder Generation Funding LLC, Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 2.000%, 3 mo. USD Term SOFR + 3.000% <br>7.299% - 9.500% VRN <br>10/03/31 (d) | 505129 | 504498  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Tiger Acquisition LLC, 2024 Term Loan B, 1 mo. USD Term <br>SOFR + 2.750% <br>7.072% VRN 6/01/28 (d) | $367988 | $366454  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. 2023 Term Loan J, 3 mo. USD Term SOFR + 2.500%<br>6.799% VRN 2/28/31 (d) | 198998 | 197762  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan I, 3 mo. USD Term SOFR + 2.750% <br>7.049% VRN 8/24/28 (d) | 198995 | 198850  |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750%<br>8.049% VRN 9/15/28 (d) (f) | 543591 | 524380  |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term <br>SOFR + 3.250% <br>7.549% VRN 3/31/28 (d) | 1699 | 1690  |
|  Twitter, Inc., 2025 Fixed Term Loan, 9.500% 10/26/29 | 685244 | 702499  |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 2.250% <br>6.580% VRN 11/21/31 (d) | 364649 | 363508  |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Term Loan B, <br>3 mo. USD Term SOFR + 3.000% <br>7.300% VRN 2/10/31 (d) | 281836 | 281089  |
| &nbsp;&nbsp;&nbsp; UPC Broadband Holding BV, 2020 USD Term Loan AT, 1 mo. USD Term SOFR + 2.250% <br>6.684% VRN 4/30/28 (d) (f) | 500000 | 495000  |
| &nbsp;&nbsp;&nbsp; USI, Inc., 2024 Term Loan D, 3 mo. USD Term SOFR + 2.250% <br>6.549% VRN 11/21/29 (d) | 246886 | 244301  |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 2025 Term Loan, 3 mo. USD Term <br>SOFR + 3.500% <br>7.819% VRN 8/26/31 (d) | 365827 | 357940  |
| &nbsp;&nbsp;&nbsp; Veritas US, Inc., 2024 Priority Term Loan, 3 mo. USD Term <br>SOFR + 12.500% <br>16.799% VRN 12/09/29 (d) | 194 | 194  |
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD Term SOFR + 3.175% <br>7.724% VRN 3/31/31 (d) | 700000 | 672560  |
| &nbsp;&nbsp;&nbsp; Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% <br>8.552% VRN 4/24/28 (d) | 287760 | 276505  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Vistra Zero Operating Co. LLC, Term Loan B, 1 mo. USD Term SOFR + 2.000% <br>6.325% VRN 4/30/31 (d) | $322876 | $311072  |
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, First Out Term Loan, 3 mo. USD Term <br>SOFR + 6.250% <br>10.549% VRN 4/30/30 (d) | 530053 | 541979  |
| &nbsp;&nbsp;&nbsp; VS Buyer LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term <br>SOFR + 2.750% <br>7.072% VRN 4/12/31 (d) | 238048 | 237750  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% <br>6.825% VRN 1/30/31 (d) | 541507 | 532832  |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term <br>SOFR + 3.250% <br>7.575% VRN 10/19/29 (d) | 241834 | 234062  |
| &nbsp;&nbsp;&nbsp; WireCo WorldGroup, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.040% VRN 11/13/28 (d) | 176025 | 156663  |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc. <br>USD Term Loan, <br>0.000% 3/09/27 (f) | 100000 | 92875  |
| &nbsp;&nbsp;&nbsp; 2022 USD Incremental Term Loan B, 1 mo. USD Term <br>SOFR + 4.250% <br>8.575% VRN 3/09/27 (d) (f) | 497184 | 465146  |
|  |  | 52660053  |
| **TOTAL BANK LOANS** <br>**(Cost $82,276,690)** |  | **80510540**  |
| **Corporate Debt — 37.2%**<br>|  |  |
| **Angola — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance PLC<br>8.125% 1/23/30 (i) | 200000 | 200275  |
| **Argentina — 0.1%**<br>|  |  |
| Transportadora de Gas del Sur SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 7/24/31 (i) | 128000 | 133398  |
| **Austria — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG<br>Convertible, 2.125% 11/03/27 <br>EUR (e) (i) | 500000 | 465537  |
| &nbsp;&nbsp;&nbsp; 10.500% 3/30/29 EUR (e) (i) | 100000 | 108949  |
|  |  | 574486  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Belgium — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Elia Group SA 5 yr. EURIBOR ICE Swap + 2.506%<br>5.850% VRN EUR (d) (e) (i) (j) | $100000 | $112479  |
| **Brazil — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV<br>7.000% 7/28/30 (i) | 200000 | 214259  |
| **Canada — 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc.<br>5.625% 9/15/29 (i) | 200000 | 197987  |
| &nbsp;&nbsp;&nbsp; 1375209 BC Ltd.<br>9.000% 1/30/28 (i) (k) | 259000 | 258799  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785%<br>8.250% VRN 1/15/84 (d) | 551000 | 580262  |
| &nbsp;&nbsp;&nbsp; Parkland Corp.<br>6.625% 8/15/32 (i) | 206000 | 205882  |
| &nbsp;&nbsp;&nbsp; Superior Plus LP/Superior General Partner, Inc.<br>4.500% 3/15/29 (i) | 200000 | 184682  |
|  |  | 1427612  |
| **Chile — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA 5 yr. CMT + 4.944%<br>8.750% VRN (d) (i) (j) | 200000 | 212417  |
| &nbsp;&nbsp;&nbsp; VTR Comunicaciones SpA<br>4.375% 4/15/29 (i) | 200000 | 178498  |
|  |  | 390915  |
| **Colombia — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Geopark Ltd.<br>8.750% 1/31/30 (i) | 200000 | 188966  |
| **France — 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Atos SE<br>5.000% STEP 12/18/30 <br>EUR (e) (i) | 250000 | 220209  |
| &nbsp;&nbsp;&nbsp; Cerba Healthcare SACA<br>3.500% 5/31/28 EUR (e) (i) | 100000 | 87236  |
| &nbsp;&nbsp;&nbsp; Electricite de France SA<br>5 yr. EUR Swap + 3.970% <br>3.375% VRN EUR (d) (e) (i) (j) | 200000 | 199082  |
| &nbsp;&nbsp;&nbsp; 5 yr. U.K. Government Bond + <br>3.775% 7.375% <br>VRN GBP (d) (e) (i) (j) | 100000 | 129885  |
| &nbsp;&nbsp;&nbsp; Eutelsat SA<br>9.750% 4/13/29 EUR (e) (i) (k) | 200000 | 212205  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Forvia SE<br>2.375% 6/15/29 EUR (e) (i) | $100000 | $96911  |
| &nbsp;&nbsp;&nbsp; 5.500% 6/15/31 EUR (e) (i) (k) | 150000 | 156568  |
| &nbsp;&nbsp;&nbsp; 5.625% 6/15/30 EUR (e) (i) | 100000 | 105697  |
| iliad SA<br>|  |  |
| 5.625% 2/15/30 EUR (e) (i) | 100000 | 113711  |
| &nbsp;&nbsp;&nbsp; Orange SA 5 yr. EUR Swap + 2.659%<br>5.375% VRN EUR (d) (e) (i) (j) | 100000 | 113310  |
| &nbsp;&nbsp;&nbsp; Viridien<br>10.000% 10/15/30 (i) | 200000 | 204950  |
| Worldline SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 11/27/29 EUR (e) (i) | 200000 | 220661  |
|  |  | 1860425  |
| **Germany — 1.9%**<br>|  |  |
| Bayer AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. EUR Swap + 3.108% 3.125% VRN 11/12/79 <br>EUR (d) (e) (i) | 400000 | 414584  |
| &nbsp;&nbsp;&nbsp; 5 yr. EUR Swap + 4.458% 5.375% VRN 3/25/82 <br>EUR (d) (e) (i) | 200000 | 212746  |
| &nbsp;&nbsp;&nbsp; 5 yr. EUR Swap + 3.896% 7.000% VRN 9/25/83 <br>EUR (d) (e) (i) | 200000 | 228453  |
| &nbsp;&nbsp;&nbsp; Grand City Properties Finance SARL 5 yr. EUR Swap + 3.508%<br>6.125% VRN EUR (d) (e) (j) | 100000 | 106616  |
| &nbsp;&nbsp;&nbsp; Grand City Properties SA 5 yr. EUR Swap + 2.184%<br>1.500% VRN EUR (d) (e) (i) (j) | 100000 | 102172  |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH<br>7.000% 11/15/31 EUR (e) (i) | 350000 | 387865  |
| &nbsp;&nbsp;&nbsp; Mahle GmbH<br>6.500% 5/02/31 EUR (e) (i) | 150000 | 160094  |
| &nbsp;&nbsp;&nbsp; PCF GmbH<br>4.750% 4/15/29 EUR (e) (i) | 250000 | 230833  |
| &nbsp;&nbsp;&nbsp; ProGroup AG<br>5.125% 4/15/29 EUR (e) (i) (k) | 100000 | 106724  |
| &nbsp;&nbsp;&nbsp; SGL Carbon SE, Convertible,<br>5.750% 6/28/28 EUR (e) (i) | 200000 | 212444  |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG PIK 10.000% , Cash 3.875% 1/01/29 <br>EUR (e) (g) (i) | 157500 | 139450  |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV 5 yr. EUR Swap + 2.924%<br>3.748% VRN EUR (d) (e) (i) (j) | 100000 | 105292  |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV <br>5 yr. EUR Swap + 3.319%<br>3.000% VRN EUR (d) (e) (i) (j) | 400000 | 402221  |
|  |  | 2809494  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **India — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adani Transmission Step-One Ltd.<br>4.000% 8/03/26 (i) | $200000 | $192176  |
| &nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt/Co-Issuers<br>7.500% 6/26/33 (i) | 195450 | 201659  |
| &nbsp;&nbsp;&nbsp; Vedanta Resources Finance II PLC<br>9.850% 4/24/33 (i) | 200000 | 199972  |
|  |  | 593807  |
| **Indonesia — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Medco Maple Tree Pte. Ltd.<br>8.960% 4/27/29 (i) | 400000 | 412660  |
| **Ireland — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd.<br>5.875% 3/15/30 (i) | 221000 | 218103  |
| &nbsp;&nbsp;&nbsp; 8.000% 2/15/27 (i) | 200000 | 204903  |
|  |  | 423006  |
| **Italy — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cerved Group SpA 3 mo. EURIBOR + 5.250%<br>7.751% FRN 2/15/29 <br>EUR (d) (e) (i) | 199000 | 207110  |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA<br>8.625% 2/15/30 EUR (e) (i) (k) | 100000 | 111374  |
| &nbsp;&nbsp;&nbsp; 11.125% 5/15/28 EUR (e) (i) (k) | 200000 | 228154  |
| &nbsp;&nbsp;&nbsp; Fedrigoni SpA<br>6.125% 6/15/31 EUR (e) (i) | 100000 | 105490  |
|  |  | 652128  |
| **Kazakhstan — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd.<br>4.000% 8/15/26 (i) | 200000 | 195496  |
| **Luxembourg — 0.4%**<br>|  |  |
| Cidron Aida Finco SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/28 GBP (e) (i) | 200000 | 259641  |
| &nbsp;&nbsp;&nbsp; PLT VII Finance SARL 3 mo. EURIBOR + 3.500%<br>6.001% FRN 6/15/31 <br>EUR (d) (e) (i) | 100000 | 108130  |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco A SARL<br>9.250% 10/31/27 EUR (e) (i) | 180211 | 195836  |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL<br>5.875% 2/15/30 EUR (e) (i) | 100000 | 106358  |
|  |  | 669965  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Macau — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MGM China Holdings Ltd.<br>7.125% 6/26/31 (i) | $300000 | $306169  |
| **Mexico — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA <br>5 yr. CMT + 4.072%<br>8.375% VRN (d) (i) (j) | 381000 | 378121  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 1/23/26 | 200000 | 195858  |
| &nbsp;&nbsp;&nbsp; 6.700% 2/16/32 | 250000 | 219670  |
| &nbsp;&nbsp;&nbsp; 7.690% 1/23/50 | 250000 | 187531  |
| &nbsp;&nbsp;&nbsp; Saavi Energia SARL<br>8.875% 2/10/35 (i) | 200000 | 202340  |
|  |  | 1183520  |
| **Morocco — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Vivo Energy Investments BV<br>5.125% 9/24/27 (i) | 200000 | 195189  |
| **Netherlands — 0.5%**<br>|  |  |
| Odido Group Holding BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/15/30 EUR (e) (i) | 250000 | 268298  |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV<br>8.500% 8/15/27 (i) (k) | 200000 | 198973  |
| &nbsp;&nbsp;&nbsp; VEON Holdings BV<br>3.375% 11/25/27 (i) | 200000 | 182728  |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV<br>6.125% 11/15/32 EUR (e) (i) | 100000 | 102372  |
|  |  | 752371  |
| **Norway — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HX Holdings Co. Ltd.<br>7.000% STEP 2/12/30 EUR (e) | 19729 | 19682  |
| &nbsp;&nbsp;&nbsp; TGS ASA<br>8.500% 1/15/30 (i) | 200000 | 206609  |
|  |  | 226291  |
| **Panama — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sable International Finance Ltd.<br>7.125% 10/15/32 (i) | 214000 | 205150  |
| **Peru — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Banco BBVA Peru SA 5 yr. CMT + 2.002%<br>6.200% VRN 6/07/34 (d) (i) | 300000 | 306494  |
| **Puerto Rico — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC<br>6.750% 10/15/27 (i) | 200000 | 167208  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Russia — 0.0%**<br>|  |  |
|  Sovcombank, 5 yr. CMT + 6.380%, 7.750% (a) (b) (i) (j) (l) | $500000 | $—  |
| **Serbia — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Telecommunications Co. Telekom Srbija AD Belgrade<br>7.000% 10/28/29 (i) | 225000 | 224348  |
| **Slovenia — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; United Group BV<br>6.500% 10/31/31 EUR (e) (i) | 150000 | 163178  |
| **South Africa — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bidvest Group UK PLC<br>3.625% 9/23/26 (i) | 400000 | 389850  |
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC<br>4.375% 9/18/26 | 200000 | 193144  |
|  |  | 582994  |
| **Spain — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anarafe SL<br>15.362% 12/31/26 EUR (e) (i) | 99716 | 92078  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA, <br>Convertible, 0.750% 11/20/31 EUR (e) (i) | 200000 | 189571  |
| &nbsp;&nbsp;&nbsp; Grifols SA<br>7.125% 5/01/30 EUR (e) (i) | 130000 | 145337  |
| &nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA<br>5.125% 9/30/29 EUR (e) (i) | 150000 | 162997  |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV 7 yr. EUR Swap + 3.347%<br>6.135% VRN EUR (d) (e) (i) (j) | 300000 | 343853  |
|  |  | 933836  |
| **Sweden — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB<br>5.250% 2/15/29 EUR (e) (i) | 200000 | 216381  |
| **Switzerland — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Consolidated Energy Finance SA<br>6.500% 5/15/26 (i) | 300000 | 290446  |
| **Tanzania, United Republic Of — 0.3%** | **Tanzania, United Republic Of — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; HTA Group Ltd.<br>7.500% 6/04/29 (i) | 367000 | 372358  |
| **Turkey — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Akbank TAS 5 yr. CMT + 5.270%<br>9.369% VRN (d) (i) (j) | 200000 | 201212  |
| &nbsp;&nbsp;&nbsp; Limak Yenilenebilir Enerji AS<br>9.625% 8/12/30 (i) | 252000 | 247779  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; QNB Bank AS<br>7.250% 5/21/29 (i) | $397000 | $406845  |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS<br>7.650% 1/24/32 (i) | 200000 | 202089  |
| &nbsp;&nbsp;&nbsp; Turkiye Garanti Bankasi AS <br>5 yr. CMT + 4.090%<br>8.375% VRN 2/28/34 (d) (i) | 220000 | 220770  |
| &nbsp;&nbsp;&nbsp; Ulker Biskuvi Sanayi AS<br>7.875% 7/08/31 (i) | 422000 | 424385  |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding PLC<br>9.500% 10/06/28 (i) | 306000 | 314775  |
|  |  | 2017855  |
| **United Arab Emirates — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; DP World Salaam 5 yr. CMT + 5.750%<br>6.000% VRN (d) (i) (j) | 355000 | 354980  |
| &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC <br>6 yr. CMT + 1.839%<br>6.250% VRN (d) (i) (j) | 200000 | 204800  |
|  |  | 559780  |
| **United Kingdom — 3.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<br>5.625% 2/15/32 EUR (e) (i) | 120000 | 131364  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/32 (i) | 200000 | 193931  |
| &nbsp;&nbsp;&nbsp; CPUK Finance Ltd.<br>7.875% 8/28/29 GBP (e) (i) | 100000 | 130728  |
| &nbsp;&nbsp;&nbsp; Heathrow Finance PLC<br>6.625% 3/01/31 GBP (e) (i) | 250000 | 319862  |
| &nbsp;&nbsp;&nbsp; House of Fraser Funding PLC<br>1.000% 9/15/20 GBP (e) (i) (l) (m) | 150000 | 97  |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd.<br>8.125% 3/30/29 (i) | 139000 | 145875  |
| &nbsp;&nbsp;&nbsp; 8.375% 5/01/28 (i) | 131000 | 136558  |
| Ocado Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 0.750% 1/18/27 <br>GBP (e) (i) | 300000 | 346661  |
| &nbsp;&nbsp;&nbsp; Convertible, 6.250% 8/06/29 <br>GBP (e) (i) | 200000 | 244696  |
| &nbsp;&nbsp;&nbsp; 10.500% 8/08/29 GBP (e) (i) | 270000 | 354004  |
| Pinewood Finco PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 3/27/30 GBP (e) (i) | 250000 | 318352  |
| &nbsp;&nbsp;&nbsp; Travelex Financing PLC, (Acquired 1/13/20, Cost $1,178,955),<br>8.000% 5/15/22 <br>EUR (e) (h) (i) (l) (m) | 1050000 | 4258  |
|  Travelex Issuerco 2 PLC, (Acquired 5/07/24-2/05/25, Cost $2,554,470), PIK 7.500% , Cash 5.000% 8/05/25 GBP (e) (g) (h) (i) | 1969966 | 2570149  |
| &nbsp;&nbsp;&nbsp; TVL Finance PLC<br>10.250% 4/28/28 GBP (e) (i) | 100000 | 130322  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC<br>5 yr. EUR Swap + 3.477% 3.000% VRN 8/27/80 <br>EUR (d) (e) (i) | $200000 | $201395  |
|  5 yr. EUR Swap + 3.489% 6.500% VRN 8/30/84 EUR (d) (e) (i) | 150000 | 175495  |
|  |  | 5403747  |
| **United States — 20.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd.<br>10.000% 4/15/32 (i) (n) | 300000 | 298159  |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC<br>4.625% 8/01/29 (i) (k) | 250000 | 227365  |
| &nbsp;&nbsp;&nbsp; 5.125% 3/01/30 (i) | 200000 | 182233  |
| &nbsp;&nbsp;&nbsp; ADT Security Corp.<br>4.875% 7/15/32 (i) | 350000 | 326720  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<br>6.750% 4/15/28 (i) | 150000 | 150587  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/31 (i) | 251000 | 251768  |
| Alpha Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/32 (i) | 190000 | 190123  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.500% 4/20/26 (i) | 136621 | 136248  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc.<br>6.375% 2/15/29 (i) | 183000 | 184395  |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC<br>8.000% 10/01/30 (i) | 200000 | 203922  |
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd.<br>5.021% 10/20/29 (i) | 150000 | 146892  |
| &nbsp;&nbsp;&nbsp; 5.308% 10/20/31 (i) | 150000 | 146647  |
| B&G Foods, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 9/15/28 (i) | 350000 | 351661  |
| Bausch Health Cos., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 11/01/25 (i) (k) | 300000 | 299700  |
| &nbsp;&nbsp;&nbsp; 11.000% 9/30/28 (i) (k) | 150000 | 142875  |
| &nbsp;&nbsp;&nbsp; 14.000% 10/15/30 (i) | 200000 | 188890  |
| Boost Newco Borrower LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 1/15/31 (i) | 200000 | 208187  |
| Carvana Co. PIK 14.000% , Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/31 (g) (i) | 200000 | 222202  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.250% 2/01/31 (i) | 325000 | 287992  |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC<br>6.500% 4/15/30 (k) | 63000 | 62545  |
| &nbsp;&nbsp;&nbsp; 6.629% STEP 7/15/32 | 350000 | 359440  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/33 | 110000 | 106782  |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<br>8.000% 6/15/29 (i) | 94000 | 82473  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.<br>5.625% 3/15/27 (i) | $350000 | $334222  |
| &nbsp;&nbsp;&nbsp; 10.875% 1/15/32 (i) | 300000 | 295551  |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co.<br>6.750% 2/15/30 (i) | 217000 | 219068  |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.<br>7.500% 6/01/29 (i) (k) | 150000 | 123879  |
| &nbsp;&nbsp;&nbsp; 7.875% 4/01/30 (i) | 156000 | 152949  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/31/29 (i) | 400000 | 388826  |
| &nbsp;&nbsp;&nbsp; 9.000% 9/30/29 (i) | 226000 | 225410  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.<br>6.625% 4/15/29 (i) | 305000 | 306684  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/32 (i) (n) | 137000 | 137948  |
| &nbsp;&nbsp;&nbsp; 6.875% 1/15/30 (i) | 101000 | 101766  |
| &nbsp;&nbsp;&nbsp; 8.750% 4/15/30 (i) | 180000 | 182546  |
| &nbsp;&nbsp;&nbsp; CommScope LLC<br>7.125% 7/01/28 (i) | 150000 | 132713  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc.<br>6.500% 10/01/28 (i) | 400000 | 385684  |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC<br>4.625% 12/01/30 (i) | 300000 | 145991  |
| &nbsp;&nbsp;&nbsp; 11.750% 1/31/29 (i) | 250000 | 242461  |
| CVR Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/15/28 (i) | 150000 | 139811  |
| &nbsp;&nbsp;&nbsp; 8.500% 1/15/29 (i) | 150000 | 144015  |
| DISH Network Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.750% 11/15/27 (i) | 250000 | 263269  |
| EchoStar Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 11/30/30 | 150000 | 136101  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/30/29 | 250000 | 262691  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.658% 7.875% VRN 6/15/54 (d) | 129000 | 124154  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.864% 8.125% VRN 6/15/53 (d) (k) | 488000 | 475898  |
| Ellucian Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 12/01/29 (i) | 300000 | 295029  |
| Embecta Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/15/30 (i) | 200000 | 178973  |
| Energizer Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 3/31/29 (i) | 400000 | 372440  |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 5 yr. CMT + 5.134%<br>6.750% VRN (d) (j) | 450000 | 449948  |
| ESC Briggs & Stratton, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 12/15/49 (a) (b) (l) | 514000 | —  |
| Focus Financial Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 9/15/31 (i) | 436000 | 429973  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Full House Resorts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 2/15/28 (i) | $200000 | $197646  |
| Genesee & Wyoming, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/15/32 (i) | 208000 | 207837  |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 5/15/33 | 200000 | 201556  |
| GFL Environmental, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/15/31 (i) (k) | 200000 | 206162  |
|  Global Partners LP/GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 1/15/32 (i) | 142000 | 145971  |
| Goat Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/01/32 (i) (k) | 318000 | 311239  |
| GrubHub Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 7/01/27 (i) (k) | 446000 | 409630  |
|  HAT Holdings I LLC/HAT Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 6/15/27 (i) | 200000 | 207046  |
| Herbalife Ltd., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 6/15/28 | 436000 | 373964  |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 4/15/30 (i) | 200000 | 190194  |
|  HLF Financing SARL LLC/Herbalife International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.250% 4/15/29 (i) | 200000 | 215036  |
| Iron Mountain, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/15/28 (i) | 300000 | 290855  |
| ITT Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/01/29 (i) | 400000 | 369013  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/01/31 | 150000 | 136910  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/15/30 | 586000 | 595301  |
| Jefferson Capital Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.500% 2/15/29 (i) | 150000 | 159204  |
|  JetBlue Airways Corp./JetBlue Loyalty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.875% 9/20/31 (i) | 200000 | 197418  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.000% 11/15/29 (i) | 412000 | 459191  |
| LifePoint Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 6/01/32 (i) | 250000 | 238477  |
| &nbsp;&nbsp;&nbsp; 11.000% 10/15/30 (i) | 301000 | 327220  |
| Lightning Power LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 8/15/32 (i) | 250000 | 257395  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Mauser Packaging Solutions Holding Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 4/15/27 (i) | $250000 | $245000  |
| &nbsp;&nbsp;&nbsp; 9.250% 4/15/27 (i) | 400000 | 377319  |
| McGraw-Hill Education, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 9/01/31 (i) | 215000 | 216187  |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/01/29 (i) | 200000 | 187704  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/01/30 (i) (k) | 219000 | 215002  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/01/32 (i) | 106000 | 104707  |
| Neogen Food Safety Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 7/20/30 (i) | 413000 | 434846  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% STEP 4/01/26 | 219000 | 218732  |
| &nbsp;&nbsp;&nbsp; 6.375% 5/15/30 | 40000 | 38913  |
| &nbsp;&nbsp;&nbsp; 6.625% 9/15/29 | 150000 | 150316  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/15/32 | 150000 | 145717  |
| &nbsp;&nbsp;&nbsp; 7.000% STEP 4/01/46 | 100000 | 87612  |
|  NGL Energy Operating LLC/NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 2/15/29 (i) | 83000 | 83580  |
| &nbsp;&nbsp;&nbsp; 8.375% 2/15/32 (i) | 247000 | 247530  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/15/26 (i) | 200000 | 193348  |
| Olympus Water US Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 10/01/28 (i) | 410000 | 378867  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 9/15/28 | 400000 | 369889  |
| OneSky Flight LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 12/15/29 (i) | 200000 | 202137  |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 4/30/31 (i) (k) | 400000 | 348762  |
| Parsons Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 3/01/29 | 97000 | 96661  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 9/15/32 (i) | 202000 | 200780  |
| Perrigo Finance Unlimited Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 9/30/32 | 150000 | 147579  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 10/15/32 (i) | 297000 | 291280  |
| Pike Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 1/31/31 (i) | 300000 | 316142  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 2/01/28 (i) | 140000 | 143079  |
| PROG Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/15/29 (i) | 250000 | 230772  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Radiology Partners, Inc. PIK 9.781%, Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.780% 2/15/30 (g) (i) | $419561 | $390192  |
| Raven Acquisition Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 11/15/31 (i) | 305000 | 296174  |
| Resideo Funding, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 7/15/32 (i) | 200000 | 199522  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 8/31/26 (i) | 300000 | 300004  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 7.320% 8/01/26 | 200000 | 212400  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/15/29 (i) | 54000 | 54393  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 2/15/27 | 325000 | 315869  |
| &nbsp;&nbsp;&nbsp; 8.875% 6/15/32 | 150000 | 148442  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/01/28 (i) | 200000 | 194053  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/01/33 (i) | 100000 | 100105  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/30 (i) | 350000 | 371246  |
|  Team Health Holdings, Inc. PIK 4.500% , Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/30/28 (g) (i) | 200000 | 215500  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 1/15/30 | 500000 | 468714  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 8/15/28 (i) | 350000 | 355111  |
| Transocean, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.800% 3/15/38 | 200000 | 153244  |
| Trident TPI Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.750% 12/31/28 (i) | 318000 | 341064  |
| Triumph Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 3/15/28 (i) | 200000 | 210256  |
| UGI International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 12/01/29 EUR (e) (i) | 250000 | 250080  |
| UKG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 2/01/31 (i) | 259000 | 262740  |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 6.500% 2/15/29 (i) (k) | 250000 | 224549  |
| &nbsp;&nbsp;&nbsp; 10.500% 2/15/28 (i) | 144000 | 152970  |
| Uniti Group, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 12/01/27 (i) | 120000 | 133440  |
| US Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/15/33 (i) | 300000 | 291845  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/30 (i) | 250000 | 246297  |
| &nbsp;&nbsp;&nbsp; 9.875% 2/01/32 (i) | 250000 | 265521  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Vibrantz Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 2/15/30 (i) | $250000 | $203754  |
| Viking Baked Goods Acquisition Corp. | Viking Baked Goods Acquisition Corp. |  |
| &nbsp;&nbsp;&nbsp; 8.625% 11/01/31 (i) | 334000 | 309510  |
| Wand NewCo 3, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.625% 1/30/32 (i) | 200000 | 204669  |
| Watco Cos. LLC/Watco Finance Corp. | Watco Cos. LLC/Watco Finance Corp. |  |
| &nbsp;&nbsp;&nbsp; 7.125% 8/01/32 (i) | 317000 | 318762  |
|  Windstream Services LLC/Windstream Escrow Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 10/01/31 (i) | 250000 | 254527  |
|  XPLR Infrastructure Operating Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 1/15/31 (i) (k) | 72000 | 70804  |
| &nbsp;&nbsp;&nbsp; 8.625% 3/15/33 (i) (k) | 129000 | 125504  |
| Zayo Group Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/01/27 (i) (k) | 62000 | 56472  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/01/28 (i) (k) | 120000 | 99810  |
|  |  | 30573075  |
| **Uzbekistan — 0.1%**<br>|  |  |
|  Uzbek Industrial & Construction Bank ATB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.950% 7/24/29 (i) | 200000 | 207710  |
| **Zambia — 0.2%**<br>|  |  |
| First Quantum Minerals Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.375% 3/01/29 (i) | 245000 | 257653  |
| **TOTAL CORPORATE DEBT (Cost $57,947,542)** |  | **56005124** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** |  |
| **Non-U.S. Government Agency Obligations — 6.2%** | **Non-U.S. Government Agency Obligations — 6.2%** |  |
| **Cayman Islands — 3.9%**<br>|  |  |
|  ARES XLVIII CLO Ltd., Series 2018-48A, Class E, 3 mo. USD Term SOFR + 5.462%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.755% FRN 7/20/30 (d) (i) | 800000 | 788923  |
|  Diameter Capital CLO 9 Ltd., Series 2025-9A, Class E, 3 mo. USD Term SOFR + 4.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.017% FRN 4/20/38 (d) (i) | 750000 | 734624  |
|  Elmwood CLO 39 Ltd., Series 2025-2A, Class E1, 3 mo. USD Term SOFR + 4.400%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.684% FRN 4/17/38 (d) (i) | 750000 | 746864 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**  | **Value**  |
|  Madison Park Funding XIII Ltd., Series 2014-13A, Class SUB,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.790% VRN 4/19/30 (d) (i) (o) | 500000 | $26438  |
| &nbsp;&nbsp;&nbsp; Magnetite VII Ltd., Series 2012-7A, Class SUB (Acquired 5/16/18, Cost $1,806,464) 5.000% VRN <br>1/15/28 (d) (h) (i) (o) | 2000000 | 93142  |
|  Octagon 74 Ltd., Series 2025-2A, Class E, 3 mo. USD Term SOFR + 4.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.384% FRN 4/22/38 (d) (i) | 1000000 | 995863  |
|  RR 20 Ltd., Series 2022-20A, Class DR, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.822% FRN 7/15/37 (d) (i) | 1500000 | 1458831  |
|  Texas Debt Capital CLO Ltd., Series 2025-1A, Class E, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.760% FRN 4/24/38 (d) (i) | 1000000 | 968658  |
|  |  | 5813343  |
| **Ireland — 1.8%**<br>|  |  |
|  Bain Capital Euro CLO DAC, Series 2021-2A, Class E, 3 mo. EURIBOR + 6.220%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.968% FRN 7/17/34 <br>EUR (d) (e) (i) | 800000 | 852717  |
|  BlackRock European CLO VII DAC, Series 7X, Class E, 3 mo. EURIBOR + 5.170%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.955% FRN 10/15/31 <br>EUR (d) (e) (i) | 725000 | 783334  |
| &nbsp;&nbsp;&nbsp; Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. <br>EURIBOR + 6.160%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.904% FRN 7/21/34 <br>EUR (d) (e) (i) | 1000000 | 1087302  |
|  |  | 2723353  |
| **United Kingdom — 0.5%**<br>|  |  |
|  Canyon Capital CLO Ltd., Series 2022-2A, Class ER, 3 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.060% FRN 4/15/38 (d) (i) | 825000 | 824981  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>**(Cost $11,782,014)** |  | **9361677** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** |  |
| **Uzbekistan — 0.2%**<br>|  |  |
| National Bank of Uzbekistan<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 7/05/29 (i) | $300000 | $309823  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $297,380)** |  | **309823**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $152,303,626)** |  | **146187164** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** |  |
| **Warrants — 0.0%**<br>|  |  |
| **United Kingdom — 0.0%**<br>|  |  |
|  Travelex International Ltd., Expires 8/18/21 (c) | 837 | 2163  |
| **United States — 0.0%**<br>|  |  |
| KCA Deutag International Ltd. (c) | 2731 | 12810  |
| **TOTAL WARRANTS** <br>**(Cost $18,855)** |  | **14973**  |
| **Rights — 0.0%**<br>|  |  |
| **United Kingdom — 0.0%**<br>|  |  |
| Innovation Group PLC (a) (b) (c) | 21315 | —  |
| Innovation Group PLC (a) (b) (c) | 83667 | —  |
| **TOTAL RIGHTS** <br>**(Cost $0)** |  | **—**  |
| **Exchange-Traded Funds — 0.0%** | **Exchange-Traded Funds — 0.0%** |  |
|  iShares iBoxx High Yield Corporate Bond ETF (k) | 100 | 7889  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $7,980)** |  | **7889**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $153,015,340)** |  | **146715137**  |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |  |
| **Investment of Cash Collateral from** <br>**Securities Loaned — 2.6%** | **Investment of Cash Collateral from** <br>**Securities Loaned — 2.6%** |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (p) | 3978310 | 3978310 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 3.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (q) | $5143961 | $5143961  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,122,271)** |  | **9122271**  |
| **TOTAL INVESTMENTS — 103.3%**<br>**(Cost $162,137,611) (r)** |  | **155837408**  |
| **Other Assets/**<br>(Liabilities) — (3.3)% |  | **(5043058)**  |
| **NET ASSETS — 100.0%** |  | **$150794350** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation<br>|
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index<br>|
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund<br>|
| EURIBOR  | &nbsp;&nbsp;&nbsp; Euro Inter-Bank Offered Rate<br>|
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note<br>|
| ICE  | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange<br>|
| PIK  | &nbsp;&nbsp;&nbsp; Payment in kind<br>|
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate<br>|
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond<br>|
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $0 or 0.00%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The principal amount of the security is in foreign
 currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security represents
 unsettled bank loan commitments at March 31, 2025, where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(h) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $3,325,247 or 2.21% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $58,334,483 or 38.68% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $4,465,973 or 2.96% of net assets. The Fund received $588,222 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Security is currently in default due to bankruptcy
 or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2025, these securities
 amounted to a value of $4,355 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(m) The maturity date of the security has been extended
 past the date disclosed. The new maturity date is not available as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(n) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Maturity value of $5,144,354. Collateralized
 by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 8/15/27, and an aggregate market value, including accrued
 interest, of $5,247,004.

&nbsp;&nbsp;&nbsp;&nbsp;(r) See Note 6 for aggregate cost for federal
 tax purposes.

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Barclays Bank PLC\* | 4/22/25 | USD | 93209 | CAD | 133156 | $583  |
| Canadian Imperial Bank of Commerce\* | 4/22/25 | NOK | 150052 | USD | 14288 | (25)  |
| Goldman Sachs International\* | 4/22/25 | USD | 135331 | NOK | 1431684 | (753)  |
| Morgan Stanley & Co. LLC\* | 4/22/25 | USD | 5137881 | GBP | 3957523 | 25987  |
| Morgan Stanley & Co. LLC\* | 4/22/25 | USD | 35135729 | EUR | 32124747 | 361971  |
|  |  |  |  |  |  | $387763 |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net** <br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long** |  |  |  |  |
| Euro-BOBL | 6/06/25 | 27 | $3455289 | $(16399)  |
| U.S. Treasury Note 5 Year | 6/30/25 | 114 | 12191176 | 138637  |
|  |  |  |  | $122238 |

---

\* Contracts are subject to a master netting agreement or similar agreement.

**Currency Legend** 

---

| | |
|:---|:---|
| CAD  | &nbsp;&nbsp;&nbsp; Canadian Dollar |
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound  |
| NOK  | &nbsp;&nbsp;&nbsp; Norwegian Krone |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Clinton** <br>**Limited Term** <br>**Municipal** <br>**Fund** | **MassMutual** <br>**Clinton** <br>**Municipal** <br>**Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $49527807 | $56119939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 295386 | 170244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 49823193 | 56290183  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser *(Note 3)* | 24521 | 24175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 554127 | 613336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 31328 | 32223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 50433169 | 56959917  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions *(Note 2)* | 1216 | 19180  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 217 | 239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 1536 | 2126  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 10244 | 17057  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 61 | 61  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral held for securities on loan *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 90663 | 90373  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 103937 | 129036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$50329232** | **$56830881**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $51232263 | $58722856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (903031) | (1891975)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$50329232** | **$56830881**  |
| (a) Cost of investments: | $50109296 | $57782213  |
| (b) Cost of repurchase agreements: | $295386 | $170244  |
| (c) Securities on loan with market value of: | $— | $—  |
| (d) Cost of foreign currency: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | |
|:---|:---|:---|
| **MassMutual** <br>**Clinton** <br>**Municipal Credit** <br>**Opportunities Fund** | **MassMutual** <br>**Global Floating** <br>**Rate Fund** | **MassMutual** <br>**Global Credit** <br>**Income** <br>**Opportunities Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $47781470 | &nbsp;&nbsp;&nbsp; $122819148 | &nbsp;&nbsp;&nbsp; $150693447  |
| &nbsp;&nbsp;&nbsp;&nbsp; 207600 | &nbsp;&nbsp;&nbsp; 5030760 | &nbsp;&nbsp;&nbsp; 5143961  |
| &nbsp;&nbsp;&nbsp;&nbsp; 47989070 | &nbsp;&nbsp;&nbsp; 127849908 | &nbsp;&nbsp;&nbsp; 155837408  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 673716 | &nbsp;&nbsp;&nbsp; 402161  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1894981 | &nbsp;&nbsp;&nbsp; 760802  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1312914 | &nbsp;&nbsp;&nbsp; 2462516  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18692 | &nbsp;&nbsp;&nbsp; 20193  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23976 | &nbsp;&nbsp;&nbsp; 29081 | &nbsp;&nbsp;&nbsp; 26903  |
| &nbsp;&nbsp;&nbsp;&nbsp; 602314 | &nbsp;&nbsp;&nbsp; 1421778 | &nbsp;&nbsp;&nbsp; 1898704  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87881  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31328 | &nbsp;&nbsp;&nbsp; 39980 | &nbsp;&nbsp;&nbsp; 38639  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 355087 | &nbsp;&nbsp;&nbsp; 388541  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 286000  |
| &nbsp;&nbsp;&nbsp;&nbsp; 48646688 | &nbsp;&nbsp;&nbsp; 133596137 | &nbsp;&nbsp;&nbsp; 162209748  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5442062 | &nbsp;&nbsp;&nbsp; 5875115  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 439250  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17254 | &nbsp;&nbsp;&nbsp; 157613  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157863 | &nbsp;&nbsp;&nbsp; 585681  |
| &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp; 782  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4408  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1522 | &nbsp;&nbsp;&nbsp; 33516 | &nbsp;&nbsp;&nbsp; 36974  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19989 | &nbsp;&nbsp;&nbsp; 70644 | &nbsp;&nbsp;&nbsp; 96331  |
| &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 17901 | &nbsp;&nbsp;&nbsp; 62728  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1432 | &nbsp;&nbsp;&nbsp; 778  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3978310  |
| &nbsp;&nbsp;&nbsp;&nbsp; 90469 | &nbsp;&nbsp;&nbsp; 184739 | &nbsp;&nbsp;&nbsp; 176542  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 886  |
| &nbsp;&nbsp;&nbsp;&nbsp; 112317 | &nbsp;&nbsp;&nbsp; 5926618 | &nbsp;&nbsp;&nbsp; 11415398  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$48534371** | &nbsp;&nbsp;&nbsp; **$127669519** | &nbsp;&nbsp;&nbsp; **$150794350**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $50788836 | &nbsp;&nbsp;&nbsp; $170122085 | &nbsp;&nbsp;&nbsp; $192870158  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2254465) | &nbsp;&nbsp;&nbsp; (42452566) | &nbsp;&nbsp;&nbsp; (42075808)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$48534371** | &nbsp;&nbsp;&nbsp; **$127669519** | &nbsp;&nbsp;&nbsp; **$150794350**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $49311156 | &nbsp;&nbsp;&nbsp; $129077610 | &nbsp;&nbsp;&nbsp; $156993650  |
| &nbsp;&nbsp;&nbsp;&nbsp; $207600 | &nbsp;&nbsp;&nbsp; $5030760 | &nbsp;&nbsp;&nbsp; $5143961  |
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4465973  |
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1892688 | &nbsp;&nbsp;&nbsp; $759699 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Clinton** <br>**Limited Term** <br>**Municipal** <br>**Fund** | **MassMutual** <br>**Clinton** <br>**Municipal** <br>**Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $49360160 | $48591358  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (a) | 5026126 | 5030643  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.82 | $9.66  |
| Class Y shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $870071 | $8142059  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (a) | 88606 | 842452  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.82 | $9.66  |
| Class A shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $99001 | $97464  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (a) | 10081 | 10090  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $9.82 | $9.66  |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (100/[100-maximum sales charge] of net asset value) | $10.07 | $9.91  |
| Class C shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | |
|:---|:---|:---|
| **MassMutual** <br>**Clinton** <br>**Municipal Credit** <br>**Opportunities Fund** | **MassMutual** <br>**Global Floating** <br>**Rate Fund** | **MassMutual** <br>**Global Credit** <br>**Income** <br>**Opportunities** <br>**Fund**  |
| &nbsp;&nbsp; $48145220 | &nbsp;&nbsp; $24274590 | &nbsp;&nbsp; $3313026  |
| &nbsp;&nbsp; 5040257 | &nbsp;&nbsp; 2818058 | &nbsp;&nbsp; 433036  |
| &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $7.65  |
| &nbsp;&nbsp; $196233 | &nbsp;&nbsp; $86859345 | &nbsp;&nbsp; $55207464  |
| &nbsp;&nbsp; 20538 | &nbsp;&nbsp; 10085080 | &nbsp;&nbsp; 7211788  |
| &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $7.66  |
| &nbsp;&nbsp; $192918 | &nbsp;&nbsp; $13252816 | &nbsp;&nbsp; $89402573  |
| &nbsp;&nbsp; 20197 | &nbsp;&nbsp; 1540935 | &nbsp;&nbsp; 11683774  |
| &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $7.65  |
| &nbsp;&nbsp; $9.79 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $7.99  |
|  | &nbsp;&nbsp; $3282768 | &nbsp;&nbsp; $2871287  |
|  | &nbsp;&nbsp; 382898 | &nbsp;&nbsp; 375390  |
|  | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $7.65 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Clinton** <br>**Limited Term** <br>**Municipal** <br>**Fund** | **MassMutual** <br>**Clinton** <br>**Municipal** <br>**Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (a) | 757322 | 956161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 757322 | 956161  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 59505 | 97716  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 15103 | 15792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail fund fees | 1049 | 1049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 33575 | 33575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment & Service Expenses |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 13000 | 12995  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 898 | 898  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 5386 | 5495  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 11693 | 11772  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2458 | 2662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 33933 | 34377  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15150 | 15174  |
|  | 191750 | 231505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 124 | 3372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 49 | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 124 | 123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 192047 | 235049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser | (119016) | (102565)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser | (595) | (14268)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser | (237) | (205)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 72199 | 118011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **685123** | **838150**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 820 | 113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **820** | **113**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (828931) | (1820479)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(828931)** | **(1820479)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **(828111)** | **(1820366)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$(142988)** | **$(982216)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding tax of: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | |
|:---|:---|:---|
| **MassMutual** <br>**Clinton Municipal Credit** <br>**Opportunities Fund**  | **MassMutual** <br>**Global Floating** <br>**Rate Fund**  | **MassMutual** <br>**Global Credit** <br>**Income** <br>**Opportunities Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5999181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010402  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543765  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4885  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61877  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18971  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35573  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15956  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794719  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954877  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4005)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65743)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105322)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2423)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **874499** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4459378** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5233018**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1047821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430258  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440989)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125433)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(98454)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(516087)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **998182**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2040891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1708809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3973289)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48945)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(2040891)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1340792)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3410431)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(2139345)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1856879)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(2412249)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$(1264846)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2602499** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2820769**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $488 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Clinton** <br>**Limited Term** <br>**Municipal Fund**  | **MassMutual Clinton** <br>**Limited Term** <br>**Municipal Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period** <br>**Ended** <br>**September 30,** <br>**2024+**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $685123 | $893321  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 820 | (320142)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (828931) | 247442  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(142988)** | **820621**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (680322) | (892575)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3347) | (1727)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1193) | (1562)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(684862)** | **(895864)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 455644 | 49800000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 775883 | 100000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 798 | 100000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **1232325** | **50000000**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **404475** | **49924757**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 49924757 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$50329232** | **$49924757** |

---

+ Commenced operations on February 1, 2024.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual Clinton** <br>**Municipal Fund** | **MassMutual Clinton** <br>**Municipal Fund** | **MassMutual Clinton** <br>**Municipal Credit** <br>**Opportunities Fund**  | **MassMutual Clinton** <br>**Municipal Credit** <br>**Opportunities Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period** <br>**Ended** <br>**September 30, 2024+** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period** <br>**Ended** <br>**September 30, 2024+**  |
| &nbsp;&nbsp; $838150 | &nbsp;&nbsp; $964681 | &nbsp;&nbsp; $874499 | $1082792  |
| &nbsp;&nbsp; 113 | &nbsp;&nbsp; (221016) | &nbsp;&nbsp; (98454) | (624706)  |
| &nbsp;&nbsp; (1820479) | &nbsp;&nbsp; 158205 | &nbsp;&nbsp; (2040891) | 511205  |
| &nbsp;&nbsp; **(982216)** | &nbsp;&nbsp; **901870** | &nbsp;&nbsp; **(1264846)** | **969291**  |
| &nbsp;&nbsp; (737297) | &nbsp;&nbsp; (969984) | &nbsp;&nbsp; (867911) | (1078623)  |
| &nbsp;&nbsp; (98703) | &nbsp;&nbsp; (2681) | &nbsp;&nbsp; (3437) | (3089)  |
| &nbsp;&nbsp; (1308) | &nbsp;&nbsp; (1718) | &nbsp;&nbsp; (3150) | (2761)  |
| &nbsp;&nbsp; **(837308)** | &nbsp;&nbsp; **(974383)** | &nbsp;&nbsp; **(874498)** | **(1084473)**  |
| &nbsp;&nbsp; 496316 | &nbsp;&nbsp; 49800000 | &nbsp;&nbsp; 584936 | 49800000  |
| &nbsp;&nbsp; 7450245 | &nbsp;&nbsp; 875471 | &nbsp;&nbsp; 2885 | 200986  |
| &nbsp;&nbsp; 886 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 1768 | 198322  |
| &nbsp;&nbsp; **7947447** | &nbsp;&nbsp; **50775471** | &nbsp;&nbsp; **589589** | **50199308**  |
| &nbsp;&nbsp; **6127923** | &nbsp;&nbsp; **50702958** | &nbsp;&nbsp; **(1549755)** | **50084126**  |
| &nbsp;&nbsp; 50702958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50084126 | —  |
| &nbsp;&nbsp; **$56830881** | &nbsp;&nbsp; **$50702958** | &nbsp;&nbsp; **$48534371** | **$50084126** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Global Floating Rate Fund\***  | **MassMutual** <br>**Global Floating Rate Fund\***  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30,** <br>**2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4459378 | $12241356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (516087) | (9460725)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1340792) | 9147310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **2602499** | **11927941**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (958906) | (1622913)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3235790) | (5327917)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (702774) | (1166988)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (115686) | (224169)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(5013156)** | **(8341987)**  |
| Tax return of capital:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (811350)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (2663611)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (583417)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (112070)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax return of capital** | **—** | **(4170448)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1164759 | (31206213)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 8533408 | (29998314)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (6764217) | 31634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (334161) | (636260)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **2599789** | **(61809153)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **189132** | **(62393647)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 127480387 | 189874034  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$127669519** | **$127480387** |

---

\* Class L shares were renamed Class A shares on February 1, 2024.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **MassMutual Global Credit Income** <br>**Opportunities Fund\*** | **MassMutual Global Credit Income** <br>**Opportunities Fund\*** |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30,** <br>**2024**  |
| $5233018 | $11487663  |
| 998182 | (8839477)  |
| (3410431) | 12117688  |
| **2820769** | **14765874**  |
| (127537) | (265735)  |
| (2063123) | (3404770)  |
| (3214414) | (6823922)  |
| (92016) | (212417)  |
| **(5497090)** | **(10706844)**  |
|  | (18254)  |
|  | (233882)  |
|  | (468753)  |
|  | (14592)  |
| **—** | **(735481)**  |
| 127537 | 83989  |
| 2927868 | 5015941  |
| 1876126 | 11131205  |
| 213726 | (294670)  |
| **5145257** | **15936465**  |
| **2468936** | **19260014**  |
| 148325414 | 129065400  |
| **$150794350** | **$148325414** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Clinton Limited Term Municipal Fund</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | |
|  | <br>**Net** <br>**asset** <br>**value,**<br>**beginning** <br>**of the** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net** <br>**investment** <br>**income**  | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup> | **$9.98** | $0.14 | $(0.16) | $(0.02) | $(0.14) | $(0.14) | **$9.82**<br> (0.24%)<sup>b</sup> | **$49360**<br> 0.77%<sup>a</sup><br> 0.29%<sup>a</sup><br> 2.76%<sup>a</sup> |
| 9/30/24<sup>g</sup>  | 10.00  | 0.18  | (0.02)  | 0.16  | (0.18)  | (0.18)  | 9.98 <br> 1.62%<sup>b</sup>  | **49725** <br> 0.94%<sup>a</sup> <br> 0.29%<sup>a</sup> <br> 2.72%<sup>a</sup>  |
| **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  |
| 3/31/25<sup>r</sup>  | **$9.98**  | $0.14  | $(0.17)  | $(0.03)  | $(0.13)  | $(0.13)  | **$9.82** <br> (0.29%)<sup>b</sup>  | **$870** <br> 0.87%<sup>a</sup> <br> 0.39%<sup>a</sup> <br> 2.75%<sup>a</sup>  |
| 9/30/24<sup>g</sup>  | 10.00  | 0.17  | (0.02)  | 0.15  | (0.17)  | (0.17)  | 9.98 <br> 1.56%<sup>b</sup>  | **100** <br> 1.04%<sup>a</sup> <br> 0.39%<sup>a</sup> <br> 2.62%<sup>a</sup> |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 3/31/25<sup>r</sup>  | **$9.98**  | $0.12  | $(0.16)  | $(0.04)  | $(0.12)  | $(0.12)  | **$9.82** <br> (0.41%)<sup>b</sup>  | **$99** <br> 1.12%<sup>a</sup> <br> 0.64%<sup>a</sup> <br> 2.41%<sup>a</sup>  |
| 9/30/24<sup>g</sup> | 10.00  | 0.16  | (0.02)  | 0.14  | (0.16)  | (0.16)  | 9.98 <br> 1.39%<sup>b</sup>  | **100** <br> 1.29%<sup>a</sup> <br> 0.64%<sup>a</sup> <br> 2.37%<sup>a</sup> |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31, 2025<sup>b,r</sup>** | **Period Ended** <br>**September 30, 2024<sup>b</sup>**  |
| **Portfolio turnover rate** | 33% | 70% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g Fund commenced operations on February 1, 2024.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Clinton Municipal Fund</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | |
|  | <br>**Net** <br>**asset** <br>**value,**<br>**beginning** <br>**of the** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net** <br>**investment** <br>**income**  | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup> | **$9.99** | $0.15 | $(0.33) | $(0.18) | $(0.15) | $(0.15) | **$9.66**<br> (1.84%)<sup>b</sup> | **$48591**<br> 0.83%<sup>a</sup><br> 0.41%<sup>a</sup><br> 3.01%<sup>a</sup> |
| 9/30/24<sup>g</sup> | 10.00  | 0.19  | (0.01)  | 0.18  | (0.19)  | (0.19)  | 9.99 <br> 1.89%<sup>b</sup>  | **49727** <br> 1.05%<sup>a</sup> <br> 0.41%<sup>a</sup> <br> 2.94%<sup>a</sup>  |
| **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  |
| 3/31/25<sup>r</sup> | **$9.99** | $0.14 | $(0.33) | $(0.19) | $(0.14) | $(0.14) | **$9.66**<br> (1.88%)<sup>b</sup> | **$8142**<br> 0.93%<sup>a</sup><br> 0.51%<sup>a</sup><br> 2.95%<sup>a</sup> |
| 9/30/24<sup>g</sup> | 10.00  | 0.19  | (0.01)  | 0.18  | (0.19)  | (0.19)  | 9.99 <br> 1.82%<sup>b</sup>  | **877** <br> 1.15%<sup>a</sup> <br> 0.51%<sup>a</sup> <br> 2.95%<sup>a</sup>  |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 3/31/25<sup>r</sup> | **$9.99** | $0.13 | $(0.33) | $(0.20) | $(0.13) | $(0.13) | **$9.66**<br> (2.01%)<sup>b</sup> | **$97**<br> 1.18%<sup>a</sup><br> 0.76%<sup>a</sup><br> 2.66%<sup>a</sup> |
| 9/30/24<sup>g</sup> | 10.00  | 0.17  | (0.01)  | 0.16  | (0.17)  | (0.17)  | 9.99 <br> 1.65%<sup>b</sup>  | **100** <br> 1.40%<sup>a</sup> <br> 0.76%<sup>a</sup> <br> 2.59%<sup>a</sup> |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31, 2025<sup>b,r</sup>** | **Period Ended**<br>**September 30, 2024<sup>b</sup>**  |
| **Portfolio turnover rate** | 21% | 76% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method.

g Fund commenced operations on February 1, 2024.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Clinton Municipal Credit Opportunities Fund</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | |
|  | <br>**Net** <br>**asset** <br>**value,**<br>**beginning** <br>**of the** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net** <br>**investment** <br>**income**  | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup> | **$9.98** | $0.17 | $(0.43) | $(0.26) | $(0.17) | $(0.17) | **$9.55**<br> (2.59%)<sup>b</sup> | **$48145**<br> 1.02%<sup>a</sup><br> 0.54%<sup>a</sup><br> 3.56%<sup>a</sup> |
| 9/30/24<sup>g</sup>  | 10.00  | 0.22  | (0.02)  | 0.20  | (0.22)  | (0.22)  | 9.98 <br> 2.02%<sup>b</sup>  | **49682** <br> 1.18%<sup>a</sup> <br> 0.54%<sup>a</sup> <br> 3.31%<sup>a</sup>  |
| **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  |
| 3/31/25<sup>r</sup> | **$9.98** | $0.17 | $(0.43) | $(0.26) | $(0.17) | $(0.17) | **$9.55**<br> (2.64%)<sup>b</sup> | **$196**<br> 1.12%<sup>a</sup><br> 0.64%<sup>a</sup><br> 3.47%<sup>a</sup> |
| 9/30/24<sup>g</sup> | 10.00  | 0.22  | (0.03)  | 0.19  | (0.21)  | (0.21)  | 9.98 <br> 1.95%<sup>b</sup>  | **202** <br> 1.28%<sup>a</sup> <br> 0.64%<sup>a</sup> <br> 3.30%<sup>a</sup>  |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 3/31/25<sup>r</sup> | **$9.98** | $0.16 | $(0.43) | $(0.27) | $(0.16) | $(0.16) | **$9.55**<br> (2.76%)<sup>b</sup> | **$193**<br> 1.37%<sup>a</sup><br> 0.89%<sup>a</sup><br> 3.21%<sup>a</sup> |
| 9/30/24<sup>g</sup> | 10.00  | 0.20  | (0.03)  | 0.17  | (0.19)  | (0.19)  | 9.98 <br> 1.78%<sup>b</sup>  | **200** <br> 1.53%<sup>a</sup> <br> 0.89%<sup>a</sup> <br> 3.03%<sup>a</sup> |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31, 2025<sup>b,r</sup>**  | **Period Ended**<br>**September 30, 2024<sup>b</sup>** |
| **Portfolio turnover rate** | 9% | 121% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

g Fund commenced operations on February 1, 2024.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Global Floating Rate Fund</u>**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations** | **Income (loss) from investment** <br>**operations** | **Income (loss) from investment** <br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net** <br>**investment** <br>**income** | **From net** <br>**realized** <br>**gains** | **Tax** <br>**return of** <br>**capital** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>p,q</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>j,p,q</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(excluding** <br>**interest** <br>**expense)<sup>j,q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets** <br>**(including** <br>**interest** <br>**expense)<sup>p</sup>**  |
| **Class I\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$8.78** | $0.31 | $(0.13) | $0.18 | $(0.35) | $— | $— | $(0.35) | **$8.61** | 2.04%<sup>b</sup> | **$24275** | 1.05%<sup>a</sup> | N/A | 0.75%<sup>a</sup> | 7.11%<sup>a</sup> |
| 9/30/24 | 8.82  | 0.81  | (0.05)  | 0.76  | (0.53) | —  | (0.27)  | (0.80)  | 8.78  | 9.00%  | **23567**  | 1.11%  | 0.75%  | 0.74%  | 9.18%  |
| 9/30/23 | 8.45 | 0.73 | 0.40 | 1.13 | (0.73) |  | (0.03) | (0.76) | 8.82 | 13.86% | **54920** | 0.92% | 0.75% | 0.73% | 8.46%  |
| 9/30/22 | 9.43 | 0.39 | (0.98) | (0.59) | (0.39) |  |  | (0.39) | 8.45 | (6.44%) | **69071** | 0.88% | 0.77% | 0.77% | 4.26%  |
| 9/30/21 | 9.43 | 0.08 |  | 0.08 | (0.08) |  |  | (0.08) | 9.43 | 0.90%<sup>b</sup> | **72615** | 0.90%<sup>a</sup> | N/A | 0.75%<sup>a</sup> | 3.39%<sup>a</sup>  |
| 6/30/21 | 8.58 | 0.38 | 0.83 | 1.21 | (0.36) |  |  | (0.36) | 9.43 | 14.19% | **64969** | 0.92% | N/A | 0.75% | 4.15%  |
| 6/30/20 | 9.28 | 0.43 | (0.66) | (0.23) | (0.36) | (0.03) | (0.08) | (0.47) | 8.58 | (2.47%) | **39483** | 0.92% | N/A | 0.75% | 4.87%  |
| **Class Y\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.78**  | $0.31  | $(0.13)  | $0.18  | $(0.35)  | $—  | $—  | $(0.35)  | **$8.61**  | 2.05%<sup>b</sup>  | **$86859**  | 1.11%<sup>a</sup>  | N/A  | 0.75%<sup>a</sup>  | 7.11%<sup>a</sup>  |
| 9/30/24  | 8.81  | 0.79  | (0.02)  | 0.77  | (0.53) | —  | (0.27)  | (0.80)  | 8.78  | 9.10%  | **79948**  | 1.18%  | 0.75%  | 0.73%  | 8.95%  |
| 9/30/23 | 8.44 | 0.72 | 0.40 | 1.12 | (0.72) |  | (0.03) | (0.75) | 8.81 | 13.86% | **110308** | 0.98% | 0.75% | 0.73% | 8.37%  |
| 9/30/22 | 9.42 | 0.38 | (0.97) | (0.59) | (0.39) |  |  | (0.39) | 8.44 | (6.45%) | **194665** | 0.94% | 0.77% | 0.77% | 4.12%  |
| 9/30/21 | 9.42 | 0.08 |  | 0.08 | (0.08) |  |  | (0.08) | 9.42 | 0.89%<sup>b</sup> | **293545** | 0.93%<sup>a</sup> | N/A | 0.75%<sup>a</sup> | 3.39%<sup>a</sup>  |
| 6/30/21 | 8.58 | 0.37 | 0.83 | 1.20 | (0.36) |  |  | (0.36) | 9.42 | 14.19% | **256020** | 0.95% | N/A | 0.75% | 4.08%  |
| 6/30/20 | 9.27 | 0.44 | (0.66) | (0.22) | (0.36) | (0.03) | (0.08) | (0.47) | 8.58 | (2.54%) | **131302** | 0.99% | N/A | 0.75% | 4.89%  |
| **Class A\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$8.76** | $0.30 | $(0.12) | $0.18 | $(0.34) | $— | $— | $(0.34) | **$8.60** | 2.03%<sup>b</sup> | **$13253** | 1.34%<sup>a</sup> | N/A | 1.00%<sup>a</sup> | 6.87%<sup>a</sup> |
| 9/30/24<sup>g</sup>  | 8.79  | 0.76  | (0.02)  | 0.74  | (0.51) | —  | (0.26)  | (0.77)  | 8.76  | 8.83%  | **20286**  | 1.40%  | 1.00%  | 0.98%  | 8.69%  |
| 9/30/23 | 8.42 | 0.69 | 0.41 | 1.10 | (0.71) |  | (0.02) | (0.73) | 8.79 | 13.61% | **20319** | 1.20% | 1.00% | 0.99% | 8.02%  |
| 9/30/22 | 9.41 | 0.36 | (0.98) | (0.62) | (0.37) |  |  | (0.37) | 8.42 | (6.76%) | **46797** | 1.17% | 1.02% | 1.02% | 3.99%  |
| 9/30/21 | 9.40 | 0.07 | 0.01 | 0.08 | (0.07) |  |  | (0.07) | 9.41 | 0.83%<sup>b</sup> | **53368** | 1.20%<sup>a</sup> | N/A | 1.00%<sup>a</sup> | 3.13%<sup>a</sup>  |
| 6/30/21 | 8.56 | 0.36 | 0.81 | 1.17 | (0.33) |  |  | (0.33) | 9.40 | 13.90% | **45630** | 1.25% | N/A | 1.00% | 3.93%  |
| 6/30/20 | 9.26 | 0.41 | (0.66) | (0.25) | (0.34) | (0.03) | (0.08) | (0.45) | 8.56 | (2.79%) | **37431** | 1.22% | N/A | 1.00% | 4.63%  |
| **Class C\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.74**  | $0.27  | $(0.14)  | $0.13  | $(0.30)  | $—  | $—  | $(0.30)  | **$8.57**  | 1.53%<sup>b</sup>  | **$3283**  | 2.08%<sup>a</sup>  | N/A  | 1.75%<sup>a</sup>  | 6.12%<sup>a</sup> |
| 9/30/24  | 8.76  | 0.69  | (0.00)<sup>d</sup>  | 0.69  | (0.47) | —  | (0.24)  | (0.71)  | 8.74  | 8.14%  | **3679**  | 2.14%  | 1.75%  | 1.73%  | 7.92% |
| 9/30/23 | 8.40 | 0.64 | 0.39 | 1.03 | (0.65) |  | (0.02) | (0.67) | 8.76 | 12.64% | **4327** | 1.95% | 1.75% | 1.73% | 7.45%  |
| 9/30/22 | 9.37 | 0.29 | (0.96) | (0.67) | (0.30) |  |  | (0.30) | 8.40 | (7.35%) | **5795** | 1.93% | 1.77% | 1.77% | 3.21%  |
| 9/30/21 | 9.37 | 0.06 | (0.01) | 0.05 | (0.05) |  |  | (0.05) | 9.37 | 0.64%<sup>b</sup> | **6766** | 1.99%<sup>a</sup> | N/A | 1.75%<sup>a</sup> | 2.39%<sup>a</sup>  |
| 6/30/21 | 8.53 | 0.29 | 0.81 | 1.10 | (0.26) |  |  | (0.26) | 9.37 | 13.08% | **6714** | 2.05% | N/A | 1.75% | 3.20%  |
| 6/30/20 | 9.22 | 0.35 | (0.66) | (0.31) | (0.29) | (0.03) | (0.06) | (0.38) | 8.53 | (3.52%) | **6494** | 2.04% | N/A | 1.75% | 3.88% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2025<sup>b,r</sup>** | **Year Ended** <br>**September 30**  | **Year Ended** <br>**September 30**  | **Year Ended** <br>**September 30**  | **Period Ended** <br>**September 30, 2021<sup>b,</sup>\***  | **Year Ended** <br>**June 30**  | **Year Ended** <br>**June 30**  |
|  | **Six Months Ended**<br>**March 31, 2025<sup>b,r</sup>** | **2024**  | **2023**  | **2022**  | **Period Ended** <br>**September 30, 2021<sup>b,</sup>\***  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 22% | 61% | 20%  | 40%  | 9%  | 43%  | 37% |

---

\* *On December 13, 2021, the Barings Global Floating Rate Fund (the "Predecessor Fund") was reorganized into the MassMutual Global Floating Rate Fund (the "Fund") and shareholders of the Predecessor Fund received a proportional distribution of the same class of shares, or Class L shares in the case of Class A shares, of the Fund. Information shown prior to December 13, 2021 is that of the Predecessor Fund, and is that of the Fund after December 13, 2021. The Predecessor Fund changed its fiscal year end to September 30<sup>th</sup> prior to the reorganization.* 

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share.

g Class L shares were renamed Class A shares on February 1, 2024.

j Computed after giving effect to agreements by MML Advisers and Barings LLC to waive certain fees and expenses of the Fund and the Predecessor Fund (Note 1), respectively.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

p Interest expense incurred as a result of entering into line of credit transactions is included in the Fund's net expenses in the Statements of Operations.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Global Credit Income Opportunities Fund</u>**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **Tax** <br>**return of** <br>**capital**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>p,q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>j,p,q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(excluding** <br>**interest** <br>**expense)<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets** <br>**(including** <br>**interest** <br>**expense)<sup>p</sup>**  |
| **Class I\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$7.79** | $0.29 | $(0.13) | $0.16 | $(0.30) | $— | $(0.30) | **$7.65** | 2.10%<sup>b</sup> | **$3313** | 1.10%<sup>a</sup> | N/A | 0.85%<sup>a</sup> | 7.58%<sup>a</sup> |
| 9/30/24  | 7.58  | 0.70  | 0.21  | 0.91  | (0.66)  | (0.04)  | (0.70)  | 7.79  | 12.45%  | **3245**  | 1.21%  | N/A  | 0.85%  | 9.10%  |
| 9/30/23 | 7.35 | 0.64 | 0.23 | 0.87 | (0.63) | (0.01) | (0.64) | 7.58 | 12.17% | **3075** | 1.00% | N/A | 0.85% | 8.48%  |
| 9/30/22 | 9.04 | 0.51 | (1.66) | (1.15) | (0.54) |  | (0.54) | 7.35 | (13.23%) | **5536** | 1.14% | 0.89% | 0.89% | 6.10%  |
| 9/30/21 | 9.08 | 0.11 | (0.04) | 0.07 | (0.11) |  | (0.11) | 9.04 | 0.81%<sup>b</sup> | **6405** | 1.15%<sup>a</sup> | N/A | 0.95%<sup>a</sup> | 4.96%<sup>a</sup>  |
| 6/30/21 | 8.14 | 0.48 | 0.92 | 1.40 | (0.46) |  | (0.46) | 9.08 | 17.51% | **21492** | 1.08% | N/A | 0.95% | 5.50%  |
| 6/30/20 | 8.93 | 0.48 | (0.79) | (0.31) | (0.41) | (0.07) | (0.48) | 8.14 | (3.45%) | **21606** | 1.07% | N/A | 0.95% | 5.60%  |
| **Class Y\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$7.79** | $0.29 | $(0.12) | $0.17 | $(0.30) | $— | $(0.30) | **$7.66** | 2.19%<sup>b</sup> | **$55207** | 1.15%<sup>a</sup> | N/A | 0.90%<sup>a</sup> | 7.53%<sup>a</sup> |
| 9/30/24  | 7.58  | 0.70  | 0.20  | 0.90  | (0.65)  | (0.04)  | (0.69)  | 7.79  | 12.40%  | **53253**  | 1.26%  | N/A  | 0.90%  | 9.03%  |
| 9/30/23 | 7.35 | 0.63 | 0.23 | 0.86 | (0.62) | (0.01) | (0.63) | 7.58 | 12.11% | **47254** | 1.04% | N/A | 0.90% | 8.36%  |
| 9/30/22 | 9.04 | 0.50 | (1.66) | (1.16) | (0.53) |  | (0.53) | 7.35 | (13.26%) | **62827** | 1.17% | 0.93% | 0.93% | 6.01%  |
| 9/30/21 | 9.08 | 0.11 | (0.04) | 0.07 | (0.11) |  | (0.11) | 9.04 | 0.80%<sup>b</sup> | **115478** | 1.20%<sup>a</sup> | N/A | 0.95%<sup>a</sup> | 5.01%<sup>a</sup>  |
| 6/30/21 | 8.14 | 0.47 | 0.93 | 1.40 | (0.46) |  | (0.46) | 9.08 | 17.52% | **173113** | 1.12% | N/A | 0.95% | 5.35%  |
| 6/30/20 | 8.93 | 0.48 | (0.79) | (0.31) | (0.41) | (0.07) | (0.48) | 8.14 | (3.44%) | **90254** | 1.10% | N/A | 0.95% | 5.60%  |
| **Class A\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$7.79** | $0.27 | $(0.12) | $0.15 | $(0.29) | $— | $(0.29) | **$7.65** | 1.95%<sup>b</sup> | **$89403** | 1.41%<sup>a</sup> | N/A | 1.16%<sup>a</sup> | 7.27%<sup>a</sup> |
| 9/30/24<sup>g</sup>  | 7.58  | 0.68  | 0.20  | 0.88  | (0.63)  | (0.04)  | (0.67)  | 7.79  | 12.12%  | **89120**  | 1.52%  | N/A  | 1.16%  | 8.79%  |
| 9/30/23 | 7.35 | 0.62 | 0.22 | 0.84 | (0.60) | (0.01) | (0.61) | 7.58 | 11.82% | **75808** | 1.30% | N/A | 1.16% | 8.21%  |
| 9/30/22 | 9.04 | 0.48 | (1.66) | (1.18) | (0.51) |  | (0.51) | 7.35 | (13.48%) | **58591** | 1.42% | 1.19% | 1.19% | 5.81%  |
| 9/30/21 | 9.08 | 0.10 | (0.03) | 0.07 | (0.11) |  | (0.11) | 9.04 | 0.79%<sup>b</sup> | **52875** | 1.37%<sup>a</sup> | N/A | 1.20%<sup>a</sup> | 4.56%<sup>a</sup>  |
| 6/30/21 | 8.14 | 0.48 | 0.90 | 1.38 | (0.44) |  | (0.44) | 9.08 | 17.18% | **9795** | 1.39% | N/A | 1.20% | 5.65%  |
| 6/30/20 | 8.93 | 0.46 | (0.79) | (0.33) | (0.40) | (0.06) | (0.46) | 8.14 | (3.69%) | **44860** | 1.32% | N/A | 1.20% | 5.35%  |
| **Class C\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$7.79** | $0.24 | $(0.12) | $0.12 | $(0.26) | $— | $(0.26) | **$7.65** | 1.55%<sup>b</sup> | **$2871** | 2.13%<sup>a</sup> | N/A | 1.95%<sup>a</sup> | 6.48%<sup>a</sup> |
| 9/30/24  | 7.58  | 0.62  | 0.21  | 0.83  | (0.58)  | (0.04)  | (0.62)  | 7.79  | 11.27%  | **2708**  | 2.24%  | N/A  | 1.95%  | 8.00%  |
| 9/30/23 | 7.34 | 0.55 | 0.24 | 0.79 | (0.54) | (0.01) | (0.55) | 7.58 | 11.10% | **2928** | 2.02% | N/A | 1.95% | 7.32%  |
| 9/30/22 | 9.04 | 0.42 | (1.67) | (1.25) | (0.45) |  | (0.45) | 7.34 | (14.25%) | **3983** | 2.18% | 1.97% | 1.97% | 5.00%  |
| 9/30/21 | 9.08 | 0.09 | (0.04) | 0.05 | (0.09) |  | (0.09) | 9.04 | 0.56%<sup>b</sup> | **5914** | 2.24%<sup>a</sup> | N/A | 1.95%<sup>a</sup> | 3.96%<sup>a</sup>  |
| 6/30/21 | 8.13 | 0.39 | 0.93 | 1.32 | (0.37) |  | (0.37) | 9.08 | 16.42% | **5846** | 2.19% | N/A | 1.95% | 4.49%  |
| 6/30/20 | 8.92 | 0.39 | (0.78) | (0.39) | (0.35) | (0.05) | (0.40) | 8.13 | (4.41%) | **7421** | 2.18% | N/A | 1.95% | 4.60% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2025<sup>b,r</sup>** | **Year Ended** <br>**September 30**  | **Year Ended** <br>**September 30**  | **Year Ended** <br>**September 30**  | **Period Ended** <br>**September 30, 2021<sup>b,</sup>\***  | **Year Ended** <br>**June 30**  | **Year Ended** <br>**June 30**  |
|  | **Six Months Ended**<br>**March 31, 2025<sup>b,r</sup>** | **2024**  | **2023**  | **2022**  | **Period Ended** <br>**September 30, 2021<sup>b,</sup>\***  | **2021**  | **2020** |
| **Portfolio turnover rate** <br>| 43% | 62% | 53% | 44% | 15% | 71% | 64% |

---

\* *On December 13, 2021, the Barings Global Credit Income Opportunities Fund (the "Predecessor Fund") was reorganized into the MassMutual Global Credit Income Opportunities Fund (the "Fund") and shareholders of the Predecessor Fund received a proportional distribution of the same class of shares, or Class L shares in the case of Class A shares, of the Fund. Information shown prior to December 13, 2021 is that of the Predecessor Fund, and is that of the Fund after December 13, 2021. The Predecessor Fund changed its fiscal year end to September 30<sup>th</sup> prior to the reorganization.* 

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

g Class L shares were renamed Class A shares on February 1, 2024.

j Computed after giving effect to agreements by MML Advisers and Barings LLC to waive certain fees and expenses of the Fund and the Predecessor Fund (Note 1), respectively.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

p Interest expense incurred as a result of entering into line of credit transactions is included in the Fund's net expenses in the Statements of Operations.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

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------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MassMutual Advantage Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated April 26, 2021. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MassMutual Clinton Limited Term Municipal Fund ("MM Clinton Limited Term Municipal Fund")

MassMutual Clinton Municipal Fund ("MM Clinton Municipal Fund")

MassMutual Clinton Municipal Credit Opportunities Fund ("MM Clinton Municipal Credit Opportunities Fund")

MassMutual Global Floating Rate Fund ("Global Floating Rate Fund")

MassMutual Global Credit Income Opportunities Fund ("Global Credit Income Opportunities Fund")

On December 13, 2021, the assets of each of the Barings Global Floating Rate Fund and Barings Global Credit Income Opportunities Fund (each, a "Predecessor Fund," and together the "Predecessor Funds") were transferred to the Global Floating Rate Fund and Global Credit Income Opportunities Fund, respectively, in exchange for shares of the corresponding Fund and the assumption by that Fund of all of the liabilities of the corresponding Predecessor Fund. Shareholders of the Predecessor Funds received a proportional distribution of the same class of shares, or Class L shares in the case of Class A shares, of the corresponding Fund. At the time of this reorganization, each of the Funds was a newly formed series of the Trust, which at the time, was itself a newly created Massachusetts business trust. Each of the Predecessor Funds was the accounting and performance survivor in its respective reorganization, and each corresponding Fund, as the corporate survivor in its respective reorganization, adopted the accounting and performance history of the corresponding Predecessor Fund.

Effective February 1, 2024, Class L shares were renamed Class A shares for the Global Floating Rate Fund and the Global Credit Income Opportunities Fund.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Investment Valuation

The net asset value of each Fund's shares is determined once daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Investment Advisers, LLC ("MML Advisers") will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund's net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

**55**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board of Trustees ("Trustees") have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:

Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.

Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.

Cost approach: considers factors including the value of the security's underlying assets and liabilities.

**56**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method ("CVM"), an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company's capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The MM Clinton Limited Term Municipal Fund, MM Clinton Municipal Fund, and MM Clinton Municipal Credit Opportunities Fund characterized all investments at Level 2, as of March 31, 2025. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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The following is the aggregate value by input level, as of March 31, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Global Floating Rate Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| Common Stock | $609035 | $269334 | $265028 | $1143397  |
| Preferred Stock | 10350 |  |  | 10350  |
| Bank Loans |  | 110425802 | 401844 | 110827646  |
| Corporate Debt |  | 10837019 |  | 10837019  |
| Warrants | 736 |  |  | 736  |
| Short-Term Investments |  | 5030760 |  | 5030760  |
| Total Investments | $620121 | $126562915 | $666872 | $127849908  |
| **Liability Investments** |  |  |  |  |
| Unfunded Bank Loan Commitments\* | $— | $(413) | $— | $(413)  |
| **Asset Derivatives** |  |  |  |  |
| Forward Contracts | $— | $355087 | $— | $355087  |
| **Liability Derivatives** |  |  |  |  |
| Forward Contracts | $— | $(1432) | $— | $(1432)  |
| **Global Credit Income Opportunities Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | $— | $— | $—<sup>+</sup> | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 134569 |  | 134569  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 331005 |  | —<sup>+</sup> | 331005  |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 39537 |  |  | 39537  |
| Bank Loans |  | 80510540 | —<sup>+</sup> | 80510540  |
| Corporate Debt |  | 56005124 | —<sup>+</sup> | 56005124  |
| Non-U.S. Government Agency Obligations |  | 9361677 |  | 9361677  |
| Sovereign Debt Obligations |  | 309823 |  | 309823  |
| Warrants | 2163 | 12810 |  | 14973  |
| Rights |  |  | —<sup>+</sup> | —  |
| Exchange-Traded Funds | 7889 |  |  | 7889  |
| Short-Term Investments | 3978310 | 5143961 |  | 9122271  |
| Total Investments | $4358904 | $151478504 | $— | $155837408  |
| **Liability Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Bank Loan Commitments\* | $— | $(886) | $— | $(886)  |
| **Asset Derivatives** |  |  |  |  |
| Forward Contracts | $— | $388541 | $— | $388541  |
| Futures Contracts | 138637 |  |  | 138637  |
| Total | $138637 | $388541 | $— | $527178  |
| **Liability Derivatives** |  |  |  |  |
| Forward Contracts | $— | $(778) | $— | $(778)  |
| Futures Contracts | (16399) |  |  | (16399)  |
| Total | $(16399) | $(778) | $— | $(17177) |

---

\* Unfunded bank loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

---

| | |
|:---|:---|
| +<br>| Represents a security at $0 value as of March 31, 2025.  |

---

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For certain Funds the Statement of Assets and Liabilities shows liabilities for investments purchased on a delayed delivery basis. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2025.

The Funds, with the exception of the Global Credit Income Opportunities Fund, had no Level 3 transfers during the period ended March 31, 2025. The Global Credit Income Opportunities Fund had Level 3 transfers during the period ended March 31, 2025; however, none of the transfers individually or collectively had a material impact on the Global Credit Income Opportunities Fund.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At March 31, 2025, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Global Floating Rate Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> | $355087 | $— | $355087  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts ^ | $(1432) | $— | $(1432)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $536555 | $— | $536555  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $397633 | $— | $397633 |
| **Global Credit Income Opportunities Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> | $388541 | $— | $388541  |
| &nbsp;&nbsp;&nbsp; Futures Contracts^^ |  | 138637 | 138637  |
| &nbsp;&nbsp;&nbsp; Total Value | $388541 | $138637 | $527178  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $(778) | $— | $(778)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts^^ |  | (16399) | (16399)  |
| &nbsp;&nbsp;&nbsp; Total Value | $(778) | $(16399) | $(17177)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $1134346 | $— | $1134346  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | (440989) | (440989)  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $1134346 | $(440989) | $693357  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $464589 | $— | $464589  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | 148021 | 148021  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $464589 | $148021 | $612610 |

---

\* Statements of Assets and Liabilities location: open forward contracts, as applicable.

^ Statements of Assets and Liabilities location: open forward contracts, as applicable.

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^^ Cumulative appreciation (depreciation) on futures contracts is reported in "Futures Contracts" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.

# Statements of Operations location: Amounts are included in net realized gain (loss) on forward contracts or futures contracts, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on forward contracts or futures contracts, as applicable.  |

---

For the period ended March 31, 2025, the average balances for each derivative type were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Global Floating** <br>**Rate Fund** | **Global Credit** <br>**Income** <br>**Opportunities** <br>**Fund**  |
| **Futures Contracts:**  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long |  | 167  |
| **Forward Contracts:**  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD | $45660 | $2957475  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD | $34427732 | $40846024 |

---

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of March 31, 2025. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Assets Subject** <br>**to an MNA by** <br>**Counterparty†**  | **Financial Instruments Available for Offset**  | **Collateral Received\*\*\***  | **Net Amount\***  |
| **Global Floating Rate Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | $355087  | $—  | $—  | $355087  |
| **Global Credit Income Opportunities Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC  | $583  | $—  | $—  | $583  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | 387958  | —  | —  | 387958  |
|  | $388541  | $—  | $—  | $388541 |

---

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Liabilities Subject** <br>**to an MNA by** <br>**Counterparty†**  | **Financial Instruments Available for Offset**  | **Collateral Pledged\*\*\***  | **Net Amount\*\***  |
| **Global Floating Rate Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | $(28)  | $—  | $—  | $(28)  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce  | (1404)  | —  | —  | (1404)  |
|  | $(1432)  | $—  | $—  | $(1432)  |
| **Global Credit Income Opportunities Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce  | $(25)  | $—  | $—  | $(25)  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | (753)  | —  | —  | (753)  |
|  | $(778)  | $—  | $—  | $(778) |

---

\* *Represents the net amount receivable from the counterparty in the event of default.*

\*\* *Represents the net amount payable to the counterparty in the event of default.*

\*\*\* *The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.*

&nbsp;&nbsp;&nbsp;&nbsp;† *The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.* 

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2025, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund's exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other

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market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund's current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Rights and Warrants

A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

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Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund's Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

The Global Floating Rate Fund and Global Credit Income Opportunities Fund entered into certain bank loan agreements which are unfunded ("commitments"). The Global Floating Rate Fund and Global Credit Income Opportunities Fund are obligated to fund these commitments at the borrower's discretion. At March 31, 2025, the Global Floating Rate Fund and Global Credit Income Opportunities Fund had sufficient cash and/or securities to cover these commitments.

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Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities. Any change in the unrealized appreciation (depreciation) is shown in the Statement of Operations. At March 31, 2025, the Global Floating Rate Fund and Global Credit Income Opportunities Fund had the following commitments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Borrower** | **Par** | **Commitment** <br>**Amount** | **Value** | **Appreciation** <br>(Depreciation)  |
| Global Floating Rate Fund | Raven Acquisition Holdings LLC | $22050 | $22187 | $21765 | $(422)  |
|  | Sauer Brands, Inc. | 9462 | 9438 | 9447 | 9  |
|  |  | $31512 | $31625 | $31212 | $(413) |
| Global Credit Income Opportunities Fund | DG Investment Intermediate Holdings 2, Inc.  | $41382  | $41293  | $40554  | $(739)  |
|  | Raven Acquisition Holdings LLC  | 18083  | 17997  | 17850  | (147)  |
|  |  | $59465  | $59290  | $58404  | $(886) |

---

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Due to the short-term nature of the repurchase agreements, face value approximates fair value.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced ("TBA") transactions (collectively, the "Forward Transactions") in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

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Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of March 31, 2025.

Municipal Securities

A Fund may invest in municipal securities. Municipal securities are debt obligations or other instruments or participations therein issued by or on behalf of (or that are otherwise treated for U.S. federal tax purposes as issued by or an obligation of) states, territories (including Puerto Rico, Guam, and the U.S. Virgin Islands), and possessions of the United States and the District of Columbia and their political subdivisions, agencies, or instrumentalities. Generally, interest received on municipal securities is exempt from U.S. federal income tax, but it may be subject to state and local taxes.

Issuers in a state, territory, or possession in which a Fund invests may experience significant financial difficulties for various reasons, and municipal securities issued by such issuers (and the instrumentalities thereof) are subject to the risk of unfavorable developments in the relevant municipality. The amount of public information available about municipal securities is generally less than for corporate equities or bonds, meaning that the investment performance of municipal securities may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal securities also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal securities at attractive prices. Because many municipal securities are issued to finance similar projects, conditions in certain industries can significantly affect a Fund and the overall municipal market. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress or volatility. Less liquid securities can become more difficult to value and be subject to erratic price movements. The increased presence of non-traditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks, and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Income from tax-exempt municipal securities could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority, court decisions, or the non-compliant conduct of the issuer of a security. See a Fund's Portfolio of Investments, if applicable, for municipal securities as of March 31, 2025.

Securities Lending

Global Floating Rate Fund and Global Credit Income Opportunities Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share

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of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

Foreign Securities

The Global Credit Income Opportunities Fund invests a significant amount of its assets in foreign securities. The Global Floating Rate Fund may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable

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settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

Market Risk

The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

Federal Income Tax

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared daily and paid monthly. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| **Fund**  | **Investment Advisory Fee**  |
| MM Clinton Limited Term Municipal Fund  | 0.24% on the first $500 million; and <br>0.23% on any excess over $500 million  |
| MM Clinton Municipal Fund  | 0.35% on the first $500 million; and <br>0.34% on any excess over $500 million  |
| MM Clinton Municipal Credit Opportunities Fund  | 0.48% on the first $500 million; and <br>0.47% on any excess over $500 million  |
| Global Floating Rate Fund  | 0.65%  |
| Global Credit Income Opportunities Fund  | 0.75% |

---

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MML Advisers has entered into investment subadvisory agreements with Barings LLC ("Barings"), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund's average daily net assets, at the following annual rates:

---

| | |
|:---|:---|
| Global Floating Rate Fund\*  | 0.30%  |
| Global Credit Income Opportunities Fund\*  | 0.30% |

---

\* Baring International Investment Limited ("BIIL"), a wholly-owned subsidiary of Barings, serves as a sub-subadviser of the Fund. BIIL receives a sub-subadvisory fee from Barings, based upon a portion of the subadvisory fee Barings receives from MML Advisers, in an amount equal to the following percentage of the subadvisory fee received by Barings: 35% of the subadvisory fee for Global Floating Rate Fund and 35% of the subadvisory fee for Global Credit Income Opportunities Fund. 

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

<br> MM Clinton Limited Term Municipal Fund MM Clinton Municipal Fund MM Clinton Municipal Credit Opportunities Fund Clinton Investment Management, LLC Clinton Investment Management, LLC Clinton Investment Management, LLC <br>

The Funds' subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees previously disclosed above.

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class Y** | **Class A** | **Class C**  |
| MM Clinton Limited Term Municipal Fund |  | 0.10% | 0.10% | N/A  |
| MM Clinton Municipal Fund |  | 0.10% | 0.10% | N/A  |
| MM Clinton Municipal Credit Opportunities Fund |  | 0.10% | 0.10% | N/A  |
| Global Floating Rate Fund |  | 0.07% | 0.04% | 0.03%  |
| Global Credit Income Opportunities Fund |  | 0.05% | 0.06% | 0.03% |

---

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class C shares of each applicable Fund pay an annual fee of 1.00% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund's shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

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Sales Charges

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained the following amounts during the period ended March 31, 2025:

---

| | |
|:---|:---|
|  | **Front-End** <br>**Sales Charges** <br>**Retained by** <br>**Distributor**  |
| Global Floating Rate Fund  | $725  |
| Global Credit Income Opportunities Fund  | 127 |

---

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more (or $500,000 or more for holders of Class A shares of the Global Floating Rate Fund and Global Credit Income Opportunities Fund prior to February 1, 2024), or $250,000 or more for municipal bond funds, and redemptions of Class C shares made within 12 months of purchase are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges.

With respect to Class A and Class C shares, the Distributor may pay an up-front commission to financial intermediaries through which sales are made as described in the Funds' Prospectus.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings (with the exception of interest and

borrowing expenses related to the Fund's dedicated line of credit for the Global Floating Rate Fund and Global Credit Income

Opportunities Fund), securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-

recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through

January 31, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class Y** | **Class A** | **Class C**  |
| MM Clinton Limited Term Municipal Fund | 0.29% | 0.39% | 0.64% | N/A  |
| MM Clinton Municipal Fund | 0.41% | 0.51% | 0.76% | N/A  |
| MM Clinton Municipal Credit Opportunities Fund | 0.54% | 0.64% | 0.89% | N/A  |
| Global Floating Rate Fund | 0.75% | 0.75% | 1.00% | 1.75%  |
| Global Credit Income Opportunities Fund | 0.85% | 0.90% | 1.16% | 1.95% |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

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Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds' shares by related parties at March 31, 2025:

---

| | |
|:---|:---|
|  | **Total %** <br>**Ownership** <br>**by Related Party**  |
| MM Clinton Limited Term Municipal Fund | 98.5% |
| MM Clinton Municipal Fund | 100.0% |
| MM Clinton Municipal Credit Opportunities Fund | 99.6% |
| Global Floating Rate Fund | 89.9% |
| Global Credit Income Opportunities Fund | 88.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** | **Long-Term U.S. Government Securities** | **Other Long-**<br>**Term Securities**  |
| MM Clinton Limited Term Municipal Fund | $— | $15434452 | $— | $15574207  |
| MM Clinton Municipal Fund |  | 19760174 |  | 11652136  |
| MM Clinton Municipal Credit Opportunities Fund |  | 4903525 |  | 4581319  |
| Global Floating Rate Fund |  | 31328540 |  | 25992529  |
| Global Credit Income Opportunities Fund |  | 72775079 |  | 59013118 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The Funds did not have any cross trade activity during the period.

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&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Period Ended September 30, 2024**  | **Period Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **MM Clinton Limited Term Municipal Fund Class I<sup>+</sup>** | **MM Clinton Limited Term Municipal Fund Class I<sup>+</sup>** | **MM Clinton Limited Term Municipal Fund Class I<sup>+</sup>** | **MM Clinton Limited Term Municipal Fund Class I<sup>+</sup>** |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 4980000 | $49800000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 46126 | 455644 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 46126 | $455644 | 4980000 | $49800000  |
| **MM Clinton Limited Term Municipal Fund Class Y<sup>+</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 78516 | $775000 | 10000 | $100000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 90 | 883 |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 78606 | $775883 | 10000 | $100000  |
| **MM Clinton Limited Term Municipal Fund Class A<sup>+</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 10000 | $100000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 81 | 798 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 81 | $798 | 10000 | $100000  |
| **MM Clinton Municipal Fund Class I<sup>+</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 4980000 | $49800000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 50643 | 496316 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 50643 | $496316 | 4980000 | $49800000  |
| **MM Clinton Municipal Fund Class Y<sup>+</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 754247 | $7446000 | 87726 | $875000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 432 | 4245 | 47 | 471  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 754679 | $7450245 | 87773 | $875471  |
| **MM Clinton Municipal Fund Class A<sup>+</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $5 | 10000 | $100000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 90 | 881 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 90 | $886 | 10000 | $100000  |
| **MM Clinton Municipal Credit Opportunities Fund Class I<sup>+</sup>** | **MM Clinton Municipal Credit Opportunities Fund Class I<sup>+</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 4980000 | $49800000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 60257 | 584936 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 60257 | $584936 | 4980000 | $49800000  |
| **MM Clinton Municipal Credit Opportunities Fund Class Y<sup>+</sup>** | **MM Clinton Municipal Credit Opportunities Fund Class Y<sup>+</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 20142 | $200000  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 296 | 2885 | 100 | 986  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 296 | $2885 | 20242 | $200986  |
| **MM Clinton Municipal Credit Opportunities Fund Class A<sup>+</sup>** | **MM Clinton Municipal Credit Opportunities Fund Class A<sup>+</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 74 | $723 | 19933 | $197500  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 271 | 2638 | 83 | 822  |
| &nbsp;&nbsp;&nbsp; Redeemed | (164) | (1593) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 181 | $1768 | 20016 | $198322  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Period Ended September 30, 2024**  | **Period Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Global Floating Rate Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 41521 | $364558 | 1142967 | $10058099  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 109115 | 952761 | 258503 | 2268137  |
| &nbsp;&nbsp;&nbsp; Redeemed | (17376) | (152560) | (4946156) | (43532449)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 133260 | $1164759 | (3544686) | $(31206213)  |
| **Global Floating Rate Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2822215 | $24706756 | 1934948 | $16995203  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 362728 | 3165896 | 836488 | 7342378  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2208436) | (19339244) | (6188430) | (54335895)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 976507 | $8533408 | (3416994) | $(29998314)  |
| **Global Floating Rate Fund Class A<sup>++</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 108483 | $948729 | 392949 | $3457171  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 76323 | 665888 | 194276 | 1703071  |
| &nbsp;&nbsp;&nbsp; Redeemed | (958556) | (8378834) | (584304) | (5128608)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (773750) | $(6764217) | 2921 | $31634  |
| **Global Floating Rate Fund Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 22962 | $200000 | 3458 | $30123  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 12854 | 111742 | 38149 | 333351  |
| &nbsp;&nbsp;&nbsp; Redeemed | (74065) | (645903) | (114375) | (999734)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (38249) | $(334161) | (72768) | $(636260)  |
| **Global Credit Income Opportunities Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 16522 | 127537 | 36802 | 283989  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  | (25840) | (200000)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 16522 | $127537 | 10962 | $83989  |
| **Global Credit Income Opportunities Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1060731 | $8204264 | 2582510 | $20050548  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 148042 | 1143128 | 172756 | 1333058  |
| &nbsp;&nbsp;&nbsp; Redeemed | (829674) | (6419524) | (2152644) | (16367665)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 379099 | $2927868 | 602622 | $5015941  |
| **Global Credit Income Opportunities Fund Class A<sup>++</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 8796448 | $67910785 | 870082 | $6729332  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 412784 | 3186207 | 934556 | 7214111  |
| &nbsp;&nbsp;&nbsp; Redeemed | (8962783) | (69220866) | (362756) | (2812238)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 246449 | $1876126 | 1441882 | $11131205  |
| **Global Credit Income Opportunities Fund Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 55840 | $431787 | 73374 | $566185  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 11367 | 87740 | 28028 | 216207  |
| &nbsp;&nbsp;&nbsp; Redeemed | (39487) | (305801) | (139956) | (1077062)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 27720 | $213726 | (38554) | $(294670) |

---

+ *Commenced operations on February 1, 2024.*

++ *Class L shares were renamed Class A shares on February 1, 2024.*

**72**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At March 31, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Income Tax Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| MM Clinton Limited Term Municipal Fund | $50404682 | $11538 | $(593027) | $(581489)  |
| MM Clinton Municipal Fund | 57952457 | 1254 | (1663528) | (1662274)  |
| MM Clinton Municipal Credit Opportunities Fund | 49518756 | 45592 | (1575278) | (1529686)  |
| Global Floating Rate Fund | 134108370 | 1325239 | (7583701) | (6258462)  |
| Global Credit Income Opportunities Fund | 162137611 | 1675034 | (7975237) | (6300203) |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term**<br>**Capital Loss**<br>**Carryforward** | **Long Term**<br>**Capital Loss**<br>**Carryforward**  |
| MM Clinton Limited Term Municipal Fund | $(320142) | $— |
| MM Clinton Municipal Fund | (221016) |  |
| MM Clinton Municipal Credit Opportunities Fund | (624706) |  |
| Global Floating Rate Fund | (6834902) | (26734399) |
| Global Credit Income Opportunities Fund | (5958114) | (30289693) |

---

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2024, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount**  |
| Global Floating Rate Fund | $1478413 |
| Global Credit Income Opportunities Fund | 409320 |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt** <br>**Income** | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gain** | **Return of**<br>**Capital**  |
| MM Clinton Limited Term Municipal Fund | $872293 | $23571 | $— | $— |
| MM Clinton Municipal Fund | 964243  | 10140 |  |  |
| MM Clinton Municipal Credit Opportunities Fund | 1065680 | 18793 |  |  |
| Global Floating Rate Fund |  | 8341987 |  | 4170448 |
| Global Credit Income Opportunities Fund |  | 10706844 |  | 735481 |

---

**73**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2024, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Tax Exempt Income** | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed**<br>**Long Term**<br>**Capital Gain**<br>**(Capital Loss**<br>**Carryover)** | **Other**<br>**Temporary**<br>**Differences** | **Unrealized**<br>**Appreciation**<br>(Depreciation) | **Total** |
| MM Clinton Limited Term Municipal Fund | $201160 | $— | $(320142) | $(203641) | $247442 | $(75181) |
| MM Clinton Municipal Fund | 203812  |  | (221016) | (213452) | 158205 | (72451) |
|  MM Clinton Municipal Credit Opportunities Fund | 231332  |  | (624706) | (232952) | 511205 | (115121) |
| Global Floating Rate Fund |  |  | (35047714) | (25147) | (4969048) | (40041909) |
| Global Credit Income Opportunities Fund |  |  | (36657127)  | (180344)  | (2562016) | (39399487) |

---

The Funds did not have any unrecognized tax benefits at March 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, or the returns filed to date for Funds in existence less than three years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

&nbsp;&nbsp;&nbsp;&nbsp;7. Line of Credit

The Trust (the "Borrower") on behalf of the Global Floating Rate Fund and Global Credit Income Opportunities Fund has entered into a Credit Agreement (the "Credit Agreement") with State Street Bank and Trust Company (the "Bank"). The Credit Agreement provides for a revolving credit facility of $85,000,000 (the "Facility Amount") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. Per the Credit Agreement, outstanding principal on the loan shall bear interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on the day of the borrowing plus 1.25% and (b) the Overnight Bank Funding Rate as in effect on the day of the borrowing plus 1.25%. In addition, the Borrower shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Facility Amount.

For the period ended March 31, 2025, the Global Floating Rate Fund Fund and Global Credit Income Opportunities Fund did not utilize the Facility Amount. The commitment fees made by the Funds are recorded in the accompanying Statements of Operations as Commitment & Service Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;8. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

**74**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;9. New Accounting Pronouncements

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

MML Advisers acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

**75**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**76**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**77**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**78**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**79**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics (Item 2) – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) - Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](mmaf-efp15032_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.](mmaf-efp15032_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | MassMutual Advantage Funds |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/19/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/19/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>5/19/2025</u>

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Advantage Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Advantage Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Advantage Funds (the "Trust") on Form N-CSR for the period ending March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Advantage Funds (the "Trust") on Form N-CSR for the period ending March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.