# EDGAR Filing Document

**Accession Number:** 0001859808
**File Stem:** 0001398344-23-002747
**Filing Date:** 2023-2
**Character Count:** 283716
**Document Hash:** 6a3a447523d2248f71d11065ce2478ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002747.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001398344-23-002747

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**PERIOD START**: 20220930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MassMutual Advantage Funds
- **CENTRAL INDEX KEY:** 0001859808
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23703
- **FILM NUMBER:** 23613393

**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 Emerging Markets Debt Blended Total Return Fund (Series ID: S000072762)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229282 | Class I      | BXEIX           |
| C000229283 | Class L      | BXEAX           |
| C000229284 | Class Y      | BXEYX           |
| C000229285 | Class C      | BXECX           |

## Nport-Ex

***MassMutual Global Floating Rate Fund — Portfolio of Investments***

**December 31, 2021 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 0.7%** |  |  |
| **COMMON STOCK — 0.7%** |  |  |
| **Basic Materials — 0.0%** |  |  |
| **Mining — 0.0%** |  |  |
| Boomerang Tube Holdings, Inc. (a) (b) (c) | 1769 | $— |
| **Communications — 0.1%** |  |  |
| **Telecommunications — 0.1%** |  |  |
| Technicolor SA (c) | 88751 | 285821 |
| **Consumer, Cyclical — 0.3%** |  |  |
| **Leisure Time — 0.3%** |  |  |
| Carlson Travel, Inc. (b) (c) | 43227 | 1415684 |
| **Consumer, Non-cyclical — 0.2%** |  |  |
| **Food — 0.1%** |  |  |
| CTI Foods Holding Co., LLC (a) (b) (c) | 4657 | 451776 |
| **Health Care – Services — 0.1%** |  |  |
| Don Jersey Topco Ltd., (a) (b) (c) | 292469 | 306800 |
|  |  | 758576 |
| **Energy — 0.1%** |  |  |
| **Oil & Gas — 0.0%** |  |  |
| Fieldwood Energy LLC (a) (b) (c) | 6469 |  |
| Fieldwood Energy LLC (a) (b) (c) | 26365 |  |
| Sabine Oil & Gas Holdings LLC (b) (c) | 394 | 5122 |
|  |  | 5122 |
| **Oil & Gas Services — 0.1%** |  |  |
| KCA Deutag International Ltd., (b) (c) | 7801 | 694289 |
|  |  | 699411 |
| **Technology — 0.0%** |  |  |
| **Software — 0.0%** |  |  |
| Travelex Topco Ltd. (Acquired 8/6/20 - 5/27/21, Cost $0) (a) (b) (c) (d) | 1622 |  |
| **TOTAL COMMON STOCK <br>(Cost $2,630,412)** |  | **3159492** |
| **TOTAL EQUITIES <br>(Cost $2,630,412)** |  | **3159492** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 90.7%** |  |  |
| **BANK LOANS — 86.8%** |  |  |
| **Advertising — 2.0%** |  |  |
| Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.629% VRN 8/21/26 | $2948363 | $2905376 |
| CMG Media Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 12/17/26 | 1462200 | 1454524 |
| Dotdash Meredith, Inc., Term Loan B, 3 mo. SOFR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/01/28 | 1154891 | 1153448 |
| Summer (BC) Holdco B SARL, USD Term Loan B1, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.180% VRN 12/04/26 | 3481025 | 3474933 |
|  |  | 8988281 |
| **Aerospace & Defense — 0.2%** |  |  |
| TransDigm, Inc., 2020 Term Loan F, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.354% VRN 12/09/25 | 1012128 | 997331 |
| **Airlines — 1.4%** |  |  |
| AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 4/20/28 | 1013025 | 1047933 |
| Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 8/11/28 | 1530571 | 1524280 |
| American Airlines, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.852% VRN 6/27/25 | 494898 | 468174 |
| Kestrel Bidco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 12/11/26 | 2090278 | 2023536 |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 4/21/28 | 1190063 | 1191682 |
|  |  | 6255605 |
| **Auto Parts & Equipment — 0.6%** |  |  |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B, 1 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 4/30/26 EUR | 1000000 | 1131384 |
| &nbsp;&nbsp;&nbsp;2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 4/30/26 | 1470424 | 1460499 |
|  |  | 2591883 |
| **Banks — 0.4%** |  |  |
| AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 8/02/29 | 250357 | 250357 |
| AqGen Island Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 8/02/28 | 1603044 | 1594628 |
|  |  | 1844985 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Beverages — 0.6%** |  |  |
| Amphora Finance Ltd., 2018 GBP Term Loan B, 2 mo. GBP LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.968% VRN 5/23/25 GBP | $500000 | $651680 |
| City Brewing Co. LLC, Closing Date Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 4/05/28 | 436097 | 411929 |
| Sunshine Investments B.V., USD Term Loan B3, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.908% VRN 3/28/25 | 154303 | 153338 |
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/31/28 | 1383822 | 1367465 |
|  |  | 2584412 |
| **Biotechnology — 0.3%** |  |  |
| Advanz Pharma Corp., 2021 EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/01/28 EUR | 1000000 | 1138739 |
| **Building Materials — 1.7%** |  |  |
| ACProducts, Inc., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 5/17/28 | 1483287 | 1461038 |
| CP Atlas Buyer, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 11/23/27 | 1245737 | 1238885 |
| LSF10 XL Bidco S.C.A., 2021 EUR Term Loan B4, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 4/12/28 EUR | 1000000 | 1138261 |
| Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.604% VRN 2/01/27 | 1470000 | 1452051 |
| Vector WP Holdco, Inc., Term Loan B, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 10/12/28 | 1578947 | 1563158 |
| Wilsonart LLC, 2021 Term Loan E, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/19/26 | 989908 | 989087 |
|  |  | 7842480 |
| **Chemicals — 4.4%** |  |  |
| Colouroz Investment 1 GmbH |  |  |
| &nbsp;&nbsp;&nbsp;Initial EUR Term Loan, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR | 299570 | 339283 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B3, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR | 21824 | 24717 |
| Consolidated Energy Finance, SA, Term Loan B, 6 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.657% VRN 5/07/25 | 1447295 | 1423777 |
| CPC Acquisition Corp., Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/29/27 | 992500 | 977612 |
| Flint Group GmbH |  |  |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B5, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR | 92969 | 105294 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B7, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR | 503175 | 569880 |
| &nbsp;&nbsp;&nbsp;EUR Add on Term Loan B4, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR | 146657 | 166099 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B6, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR | 5387 | 6101 |
| &nbsp;&nbsp;&nbsp;USD Term Loan C, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 9/21/23 | 867610 | 860920 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Flint Group US LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.250% - 5.250% VRN 9/21/23 | $5423183 | $5381370 |
| GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 8/18/28 | 556522 | 560524 |
| Ineos 226 Ltd., EUR Term Loan B, 1 mo. EURIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.750% VRN 1/29/26 EUR | 1000000 | 1128777 |
| Kraton Polymers LLC, 2021 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 11/18/28 (e) | 401146 | 400396 |
| LSF11 A5 Holdco LLC, Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/15/28 | 1944444 | 1941197 |
| New Arclin U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Delayed Draw Term Loan, 3 mo. UNFND + 1.000% |  |  |
| &nbsp;&nbsp;&nbsp;1.000% VRN 10/02/28 (f) | 179920 | 179508 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 9/30/28 | 1232451 | 1229629 |
| Nobian Finance B.V., EUR Term Loan B, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 7/01/26 EUR | 469519 | 532024 |
| Olympus Water US Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 11/09/28 | 564193 | 561840 |
| Polar US Borrower LLC, 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.874% VRN 10/15/25 | 1226572 | 1226572 |
| Sparta U.S. HoldCo LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 8/02/28 | 216802 | 216869 |
| Trinseo Materials Operating S.C.A., 2021 Term Loan B2, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.604% VRN 5/03/28 | 1492500 | 1481038 |
| W.R. Grace & Co., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 9/22/28 | 348837 | 349099 |
|  |  | 19662526 |
| **Commercial Services — 7.0%** |  |  |
| Albion Financing 3 SARL, EUR Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/31/26 EUR (e) | 640000 | 729325 |
| APX Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% - 5.750% VRN 7/10/28 | 1727612 | 1722809 |
| AVSC Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B1, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 3/03/25 | 1956099 | 1791786 |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B2, 3 mo. USD LIBOR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 10/15/26 | 510499 | 472758 |
| Cimpress Public Ltd. Co., USD Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 5/17/28 | 520261 | 519611 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 6/02/28 | 1327124 | 1324469 |
| &nbsp;&nbsp;&nbsp;2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 6/04/29 | 532670 | 536335 |
| EAB Global, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 8/16/28 | 500000 | 496770 |
| Eagle Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Project Montaigne EUR Term Loan B, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 3/31/22 EUR | 425455 | 480597 |
| &nbsp;&nbsp;&nbsp;2021 EUR First Lien Term Loan B, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 3/19/28 EUR | 474545 | 536050 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 GBP Term Loan B, 1 mo. GBP LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.475% VRN 3/10/28 GBP | $500000 | $672755 |
| Element Materials Technology Group US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2017 EUR Term Loan B, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 6/28/24 EUR | 1000000 | 1123699 |
| &nbsp;&nbsp;&nbsp;2017 GBP Term Loan B, 2 mo. GBP LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.499% VRN 6/28/24 GBP | 500000 | 666062 |
| Ensono, LP, 2021 Term Loan, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 5/19/28 | 901695 | 899441 |
| Fugue Finance B.V., EUR Term Loan, 1 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 9/01/24 EUR | 1000000 | 1122526 |
| Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/24/25 EUR | 2000000 | 2264339 |
| Median B V, 2021 EUR Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 10/14/27 EUR (e) | 800000 | 897138 |
| Prometric Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 1/29/25 | 989822 | 976519 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B2, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 12/17/27 | 483825 | 477172 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B1, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 12/17/27 | 303517 | 299344 |
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 3/04/28 | 693541 | 695178 |
| Syniverse Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2018 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 3/09/23 | 1101594 | 1093794 |
| &nbsp;&nbsp;&nbsp;2018 2nd Lien Term Loan, 3 mo. USD LIBOR + 9.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.000% VRN 3/11/24 | 1625482 | 1606431 |
| Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 2/06/24 | 2737197 | 2609233 |
| Techem Verwaltungsgesellschaft 675 mbH, EUR Term Loan B4, 6 mo. EURIBOR + 2.375% |  |  |
| &nbsp;&nbsp;&nbsp;2.375% VRN 7/15/25 EUR | 1000000 | 1117153 |
| TMF Group Holding B.V., 2018 EUR Term Loan B, 6 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 5/05/25 EUR | 1500000 | 1690518 |
| Verisure Holding AB, 2021 EUR Term Loan, 6 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 3/27/28 EUR | 1875000 | 2118911 |
| Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.104% VRN 8/27/25 | 1481107 | 1479256 |
| Wand NewCo 3, Inc., 2020 Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.175% VRN 2/05/26 | 997462 | 981882 |
|  |  | 31401861 |
| **Computers — 3.0%** |  |  |
| Ahead DB Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 10/18/27 | 1701734 | 1702159 |
| Diebold, Inc., 2017 EUR 1st Lien Term Loan, 1 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 11/06/23 EUR | 1486225 | 1669155 |
| Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 7/27/28 | 2141268 | 2133902 |
| Netsmart Technologies, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 10/01/27 | 992500 | 993741 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Panther Commercial Holdings LP, Term Loan, 3 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 1/07/28 | $1492500 | $1492873 |
| Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 2/01/28 | 702833 | 702580 |
| Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 4/27/28 | 2405144 | 2291646 |
| SITEL Worldwide Corp., 2021 USD Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 8/28/28 | 1028940 | 1027870 |
| Surf Holdings LLC, USD Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.690% VRN 3/05/27 | 493449 | 489062 |
| Tempo Acquisition LLC, Non-Extended Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.854% VRN 5/01/24 | 72952 | 72897 |
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 4/24/28 | 904110 | 901849 |
|  |  | 13477734 |
| **Cosmetics & Personal Care — 0.6%** |  |  |
| Coty, Inc., 2018 USD Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.353% VRN 4/07/25 | 851139 | 839436 |
| Hoffmaster Group, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 11/21/23 | 1407120 | 1305610 |
| Journey Personal Care Corp., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 3/01/28 | 324790 | 324384 |
|  |  | 2469430 |
| **Distribution & Wholesale — 0.4%** |  |  |
| Ammeraal Beltech Holding B.V., 2018 EUR 1st Lien Term Loan, 3 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 7/30/25 EUR | 1000000 | 1129448 |
| Fluid-Flow Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 3/31/28 | 614972 | 612925 |
| &nbsp;&nbsp;&nbsp;Delayed Draw Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 4/01/28 | 117138 | 116748 |
|  |  | 1859121 |
| **Diversified Financial Services — 2.0%** |  |  |
| AllSpring Buyer LLC, Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 11/01/28 | 810134 | 811819 |
| Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 10/25/28 | 1449042 | 1418858 |
| BCP Modular Services Holdings IV Ltd., EUR Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 12/13/28 EUR (e) | 1000000 | 1137076 |
| Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 10/22/26 | 1395105 | 1387697 |
| Deerfield Dakota Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020 USD Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 4/09/27 | 496218 | 496452 |
| &nbsp;&nbsp;&nbsp;2021 USD 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 4/07/28 | 1000000 | 1017500 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Edelman Financial Center LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 4/07/28 | $995000 | $993508 |
| &nbsp;&nbsp;&nbsp;2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.854% VRN 7/20/26 | 1000000 | 1001670 |
| Infinitas Learning Holding B.V., 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 9/29/28 EUR | 500000 | 570320 |
|  |  | 8834900 |
| **Electric — 0.9%** |  |  |
| Arvos BidCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 8/29/23 | 121534 | 96893 |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 8/29/23 | 121534 | 96893 |
| &nbsp;&nbsp;&nbsp;EUR 1st Lien Term Loan B1, 3 mo. EURIBOR + 5.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 8/29/23 EUR | 851397 | 778563 |
| Astoria Energy LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/10/27 | 703738 | 700839 |
| Edgewater Generation LLC, Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.854% VRN 12/13/25 | 1335139 | 1258969 |
| Helix Gen Funding LLC, Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 6/03/24 (e) | 1199463 | 1161980 |
|  |  | 4094137 |
| **Electrical Components & Equipment — 0.1%** |  |  |
| SGB-SMIT Management GmbH, EUR Term Loan B, 6 mo. EURIBOR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.500% - 4.500% VRN 7/18/24 EUR | 507480 | 538587 |
| **Electronics — 0.4%** |  |  |
| Ingram Micro, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 6/30/28 | 1969808 | 1968823 |
| **Engineering & Construction — 0.6%** |  |  |
| DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 3/31/28 | 1088218 | 1086858 |
| Energize HoldCo LLC, 2021 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 12/08/28 | 720721 | 716440 |
| USIC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 5/12/28 | 946716 | 944519 |
|  |  | 2747817 |
| **Entertainment — 3.9%** |  |  |
| AMC Entertainment Holdings, Inc. , 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.103% VRN 4/22/26 | 1696723 | 1524930 |
| Crown Finance US, Inc., 2018 USD Term Loan, 6 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 2/28/25 | 1556959 | 1201007 |
| Delta 2 (LUX) S.A.R.L., 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 2/01/24 | 1394967 | 1392638 |
| Dorna Sports, S.L., 2017 EUR Term Loan B2, 3 mo. EURIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.750% VRN 5/03/24 EUR | 2478282 | 2782981 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| International Park Holdings B.V., EUR Term Loan B, 6 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 6/13/24 EUR | $500000 | $549770 |
| Metro-Goldwyn-Mayer, Inc., 2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 7/03/26 | 3000000 | 2991570 |
| Motion Finco SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 11/12/26 EUR | 1500000 | 1660308 |
| Odeon Cinemas Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;GBP PIK Fixed Toggle TLB, 6 mo. Fixed |  |  |
| &nbsp;&nbsp;&nbsp;0.000% VRN 8/19/23 GBP | 92227 | 127330 |
| &nbsp;&nbsp;&nbsp;EUR PIK Toggle TLB2, 3 mo. EURIBOR |  |  |
| &nbsp;&nbsp;&nbsp;0.000% VRN 8/19/23 EUR | 195134 | 226603 |
| Parques Reunidos SAU, 2019 EUR Term Loan B1, 6 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 9/16/26 EUR | 500000 | 553453 |
| Piolin Bidco, S.A.U., 2020 EUR Incremental Term Loan B, 6 mo. EURIBOR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 9/16/26 EUR | 500000 | 569961 |
| Vacalians Group, EUR Term Loan B, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 11/28/25 EUR | 330783 | 365653 |
| Vue International Bidco PLC, 2019 EUR Term Loan B, 6 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 7/03/26 EUR | 923797 | 970895 |
| William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.860% VRN 5/18/25 | 2254433 | 2203145 |
| WMG Acquisition Corp., 2021 Term Loan G, 1 mo. USD LIBOR + 2.125% |  |  |
| &nbsp;&nbsp;&nbsp;2.229% VRN 1/20/28 | 518991 | 516656 |
|  |  | 17636900 |
| **Environmental Controls — 0.3%** |  |  |
| Gopher Resource LLC, 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 3/06/25 | 430469 | 401718 |
| Madison IAQ LLC, Term Loan, 6 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 6/21/28 | 1071538 | 1069899 |
|  |  | 1471617 |
| **Food — 1.1%** |  |  |
| Casino Guichard-Perrachon SA, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 8/31/25 EUR | 1850000 | 2093334 |
| CHG PPC Parent LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 12/08/28 | 500000 | 497500 |
| CTI Foods Holding Co., LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Out Term Loan, 6 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.000% VRN 5/03/24 (a) (b) | 314868 | 314868 |
| &nbsp;&nbsp;&nbsp;Second Out Term Loan, 6 mo. USD LIBOR + 9.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.000% VRN 5/03/24 (a) (b) | 207994 | 195514 |
| Deoleo, S.A., EUR Senior Term Loan, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/24/25 EUR | 92486 | 103479 |
| Froneri International Ltd., 2020 EUR Term Loan B1, 6 mo. EURIBOR + 2.375% |  |  |
| &nbsp;&nbsp;&nbsp;2.375% VRN 1/29/27 EUR | 1000000 | 1113430 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Kouti B.V., 2021 EUR Term Loan, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 8/31/28 EUR | $600000 | $683742 |
|  |  | 5001867 |
| **Forest Products & Paper — 0.2%** |  |  |
| Sylvamo Corp., Term Loan B, 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 8/18/28 | 914923 | 918354 |
| **Health Care – Products — 2.3%** |  |  |
| Auris Luxembourg III SARL |  |  |
| &nbsp;&nbsp;&nbsp;2019 USD Term Loan B2, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.854% VRN 2/27/26 | 2480870 | 2459163 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B1A, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 2/27/26 EUR | 2000000 | 2269531 |
| Iris BidCo GmbH, EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/29/28 EUR | 650000 | 741564 |
| Lifescan Global Corp., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.130% VRN 10/01/24 | 1150871 | 1122513 |
| Medline Borrower LP, USD Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 1/31/22 (e) | 2000000 | 1999120 |
| Ortho-Clinical Diagnostics SA, 2018 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.103% VRN 6/30/25 | 1897451 | 1895079 |
|  |  | 10486970 |
| **Health Care – Services — 3.8%** |  |  |
| ADMI Corp., 2021 Term Loan B2, 1 mo. USD LIBOR + 3.375% |  |  |
| &nbsp;&nbsp;&nbsp;3.875% VRN 12/23/27 | 63921 | 63469 |
| Aveanna Healthcare, LLC, 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 12/10/29 | 1497326 | 1486096 |
| Elysium Healthcare Holdings 3 Ltd., 2018 GBP Term Loan B1, 1 mo. GBP LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.445% VRN 4/11/25 GBP | 1000000 | 1312943 |
| Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.854% VRN 10/10/25 | 1577416 | 1264646 |
| ICON Luxembourg S.A.R.L. |  |  |
| &nbsp;&nbsp;&nbsp;US Term Loan, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.750% VRN 7/03/28 | 198521 | 198437 |
| &nbsp;&nbsp;&nbsp;LUX Term Loan, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.750% VRN 7/03/28 | 796790 | 796455 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan 2, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 6/30/22 (e) | 308219 | 306774 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/18/28 | 443442 | 443025 |
| Medical Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Delayed Draw Term Loan, 3 mo. UNFND + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.750% VRN 11/01/28 (f) | 261703 | 261143 |
| &nbsp;&nbsp;&nbsp;2021 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 11/01/28 | 1373943 | 1371003 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 11/01/29 | 294737 | 290808 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Radiology Partners, Inc., 2018 1st Lien Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.360% - 4.360% VRN 7/09/25 | $2000000 | $1968340 |
| RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.852% VRN 11/16/25 | 742455 | 741067 |
| Select Medical Corp., 2017 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.360% VRN 3/06/25 | 1000000 | 992500 |
| Surgery Center Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 8/31/26 | 1964680 | 1962224 |
| Tunstall Group Holdings Ltd., 2020 EUR Term Loan B, 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/30/25 EUR | 321190 | 355008 |
| U.S. Anesthesia Partners, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 10/01/28 | 2244375 | 2236250 |
| Unilabs Holding AB, EUR 2017 Term Loan B2, 6 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 4/19/24 EUR | 500000 | 567474 |
| US Radiology Specialists, Inc., 2020 Term Loan, 3 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 12/10/27 | 244898 | 244362 |
|  |  | 16862024 |
| **Holding Company – Diversified — 0.3%** |  |  |
| CEP IV Investment 16 SARL |  |  |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 10/03/24 EUR (e) | 500000 | 531696 |
| &nbsp;&nbsp;&nbsp;USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.750% VRN 10/03/25 | 900000 | 835497 |
|  |  | 1367193 |
| **Home Furnishing — 0.6%** |  |  |
| Hilding Anders International AB, EUR 2017 Term Loan B2, 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% - 5.000% VRN 11/29/24 EUR | 702654 | 667976 |
| Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/25/28 | 2046392 | 2027627 |
|  |  | 2695603 |
| **Household Products & Wares — 0.1%** |  |  |
| Illuminate Merger Sub Corp., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/21/28 | 540984 | 536082 |
| **Insurance — 2.9%** |  |  |
| Acrisure LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.724% VRN 2/15/27 | 1969943 | 1945319 |
| Alliant Holdings Intermediate LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 5/09/25 | 2224102 | 2200082 |
| AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 2/19/28 | 448635 | 444898 |
| AssuredPartners, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 2/12/27 | 1730613 | 1715227 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B8, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 12/23/26 | 2970000 | 2947725 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.354% VRN 1/20/29 | $2051724 | $2041897 |
| Broadstreet Partners, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 1/27/27 | 798000 | 792350 |
| Hub International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.875% VRN 4/25/25 | 166203 | 164164 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 4/25/25 | 435106 | 434697 |
| Ryan Specialty Group LLC, Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 9/01/27 | 431893 | 431245 |
|  |  | 13117604 |
| **Internet — 3.7%** |  |  |
| Eagle Broadband Investments LLC, Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 11/12/27 | 450000 | 449158 |
| Endure Digital, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 2/10/28 | 1958962 | 1940606 |
| Getty Images, Inc., 2019 USD Term Loan B, 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.625% VRN 2/19/26 | 917103 | 917296 |
| Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 8/19/28 | 1980392 | 1979164 |
| ION Trading Finance Ltd., 2021 USD Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.974% VRN 4/03/28 | 2090065 | 2092970 |
| ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 4/03/28 EUR | 895500 | 1020607 |
| MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 9/13/24 | 1490425 | 1481855 |
| &nbsp;&nbsp;&nbsp;2020 Incremental Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 9/13/24 | 206576 | 206791 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.352% VRN 2/12/29 | 500000 | 502290 |
| Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 8/31/28 | 697674 | 694242 |
| PUG LLC |  |  |
| &nbsp;&nbsp;&nbsp;USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 2/12/27 | 1456931 | 1422023 |
| &nbsp;&nbsp;&nbsp;2021 Incremental Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 2/12/27 | 915978 | 910253 |
| team.blue Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;EUR Delayed Draw Term Loan, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 3/25/28 EUR | 67568 | 76747 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 3/30/28 EUR | 1182432 | 1343076 |
| Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/20/28 | 969697 | 968786 |
| W3 Topco LLC, 2019 Term Loan B, 6 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 8/16/25 | 741550 | 730196 |
|  |  | 16736060 |
| **Iron & Steel — 0.0%** |  |  |
| Boomerang Tube LLC, 2018 Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.224% VRN 3/31/22 (a) (b) | 64538 |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Leisure Time — 1.8%** |  |  |
| Amer Sports Oyj, EUR Term Loan B, 6 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/30/26 EUR | $500000 | $568681 |
| Carnival Corp., 2021 Incremental Term Loan B, 6 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 10/18/28 | 2250000 | 2227500 |
| City Football Group Ltd., Term Loan, 6 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/21/28 | 927835 | 920876 |
| HNVR Holdco Ltd., EUR Term Loan B, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 9/12/25 EUR | 2000000 | 2020063 |
| Richmond UK Bidco Ltd., 2017 GBP Term Loan B, 1 mo. SONIA + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.479% VRN 3/03/24 GBP | 982094 | 1312697 |
| Rouge Beachhouse B.V., 2018 EUR Term Loan B, 3 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 9/04/25 EUR | 500000 | 569961 |
| Silk Bidco AS, EUR Term Loan B, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 2/24/25 EUR | 500000 | 528235 |
|  |  | 8148013 |
| **Lodging — 1.3%** |  |  |
| Casper BidCo SAS, 2020 EUR Term Loan B3A, 6 mo. EURIBOR + 3.875% |  |  |
| &nbsp;&nbsp;&nbsp;3.875% VRN 7/31/26 EUR | 1500000 | 1620022 |
| Compass IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018 EUR Term Loan B, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 4/30/25 EUR | 500000 | 567929 |
| &nbsp;&nbsp;&nbsp;2018 EUR 2nd Lien Term Loan, 6 mo. EURIBOR + 8.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.000% VRN 4/30/26 EUR | 500000 | 569250 |
| Golden Nugget, Inc., 2017 Incremental Term Loan B, 3 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 10/04/23 | 1792631 | 1779993 |
| Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 8/02/28 | 536771 | 537174 |
| Motel 6, Term Loan B, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 9/09/26 | 908696 | 912676 |
|  |  | 5987044 |
| **Machinery – Diversified — 1.3%** |  |  |
| ASP Blade Holdings, Inc., Initial Term Loan, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 10/13/28 | 1000000 | 999170 |
| Pro Mach Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Delayed Draw Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 8/31/28 (f) | 115918 | 116207 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 8/31/28 | 921546 | 923850 |
| Titan Acquisition Ltd., 2018 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 3/28/25 | 1925863 | 1891622 |
| Welbilt, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.604% VRN 10/23/25 | 2000000 | 1990840 |
|  |  | 5921689 |
| **Media — 5.9%** |  |  |
| A-L Parent LLC, 2016 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 12/01/23 | 1958763 | 1850012 |
| Altice Financing SA, EUR 2017 1st Lien Term Loan, 3 mo. EURIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.750% VRN 1/31/26 EUR | 989691 | 1095247 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Banijay Entertainment S.A.S, USD Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.844% VRN 3/01/25 | $1299186 | $1292690 |
| CSC Holdings LLC, 2017 Term Loan B1, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.360% VRN 7/17/25 | 1640600 | 1613941 |
| Cumulus Media New Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 3/31/26 | 1138361 | 1136699 |
| DirecTV Financing LLC, Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 8/02/27 | 1955000 | 1955567 |
| Gray Television, Inc., 2021 Term Loan D, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.099% VRN 12/01/28 | 689655 | 685690 |
| Houghton Mifflin Harcourt Publishing Co., 2019 Term Loan B, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.250% VRN 11/22/24 | 87695 | 87503 |
| iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.104% VRN 5/01/26 | 3136237 | 3113280 |
| McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 1 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 7/28/28 | 1218595 | 1211747 |
| Radiate Holdco LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 9/25/26 | 3000000 | 2987820 |
| Springer Nature Deutschland GmbH, 2021 EUR Term Loan B17, 1 mo. EURIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 8/14/26 EUR | 1511476 | 1710731 |
| Univision Communication, Inc., 2021 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 5/05/28 (e) | 1187802 | 1184832 |
| Virgin Media SFA Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;GBP Term Loan L, 1 mo. GBP LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.345% VRN 1/15/27 GBP | 1000000 | 1334451 |
| &nbsp;&nbsp;&nbsp;GBP Term Loan M, 1 mo. GBP LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.345% VRN 11/15/27 GBP | 2250000 | 2996942 |
| Ziggo BV, 2019 EUR Term Loan H, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 1/31/29 EUR | 2000000 | 2242412 |
|  |  | 26499564 |
| **Metal Fabricate & Hardware — 0.7%** |  |  |
| Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 10/12/28 | 1494612 | 1490876 |
| WireCo WorldGroup, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 11/13/28 | 1750000 | 1746727 |
|  |  | 3237603 |
| **Mining — 0.4%** |  |  |
| U.S. Silica Company, 2018 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 5/01/25 | 1843587 | 1799230 |
| **Miscellaneous - Manufacturing — 1.9%** |  |  |
| CeramTec AcquiCo GmbH |  |  |
| &nbsp;&nbsp;&nbsp;EUR 2017 Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 3/07/25 EUR (e) | 1965205 | 2228055 |
| &nbsp;&nbsp;&nbsp;USD 2017 Term Loan B2, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.925% VRN 3/07/25 | 1250000 | 1234375 |
| EXC Holdings III Corp., USD 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/02/24 | 1472102 | 1475782 |
| Gates Global LLC, 2021 Term Loan B3, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 3/31/27 | 992481 | 989732 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Gemini HDPE LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 12/31/27 | $795537 | $793795 |
| Groupe Solmax, Inc., Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 5/29/28 | 865599 | 862717 |
| Hyperion Materials & Technologies, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 8/30/28 | 551020 | 551252 |
| LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 9/06/25 | 592550 | 584734 |
|  |  | 8720442 |
| **Oil & Gas — 0.4%** |  |  |
| Gulf Finance, LLC, 2021 Term Loan, 3 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.250% VRN 8/25/26 | 1680872 | 1565312 |
| **Packaging & Containers — 1.5%** |  |  |
| Albea Beauty Holdings S.A, 2018 USD Term Loan B2, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 4/22/24 | 199640 | 193651 |
| BWAY Holding Co., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 4/03/24 | 1896000 | 1868907 |
| CCP Lux Holding SARL, EUR 1st Lien Term Loan, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 1/10/25 EUR | 1000000 | 1134868 |
| Flex Acquisition Company, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/02/28 | 1332757 | 1329145 |
| Graham Packaging Co., Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 8/04/27 | 513937 | 512061 |
| Pretium PKG Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 1st Lien Term Loan, 6 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 10/02/28 | 345224 | 344234 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 6 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.250% VRN 10/01/29 | 254237 | 252966 |
| Proampac PG Borrower LLC, 2020 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 11/03/25 | 997493 | 997493 |
| Ring Container Technologies Group LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 8/12/28 | 307797 | 308104 |
|  |  | 6941429 |
| **Pharmaceuticals — 3.0%** |  |  |
| Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/06/26 EUR | 500000 | 569608 |
| AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 10/20/28 EUR (e) | 600000 | 681392 |
| Amneal Pharmaceuticals LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.625% VRN 5/04/25 | 2451656 | 2424075 |
| Endo Luxembourg Finance Company I SARL, 2021 Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 3/27/28 | 1286902 | 1248938 |
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 10/01/27 | 602164 | 603067 |
| Horizon Therapeutics USA, Inc. |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Term Loan B1, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.375% VRN 5/22/26 | $494267 | $491642 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B2, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 3/15/28 | 891045 | 887222 |
| IVC Acquisition Ltd, 2021 EUR Term Loan B5, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 2/13/26 EUR | 587000 | 668393 |
| Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 5/05/28 | 1097931 | 1101433 |
| Nidda Healthcare Holding AG |  |  |
| &nbsp;&nbsp;&nbsp;2020 EUR Term Loan F, 3 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 8/21/26 EUR | 1925000 | 2169455 |
| &nbsp;&nbsp;&nbsp;2020 GBP Term Loan F, 3 mo. GBP LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.567% VRN 8/21/26 GBP | 500000 | 671557 |
| Organon & Co, USD Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 6/02/28 | 648958 | 649095 |
| Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 7/06/28 | 1548387 | 1538710 |
|  |  | 13704587 |
| **Pipelines — 0.8%** |  |  |
| Buckeye Partners, L.P., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.354% VRN 11/01/26 | 390793 | 389062 |
| DT Midstream, Inc., Term Loan B, 3 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 6/26/28 | 518229 | 518960 |
| Freeport LNG Investments, LLLP, Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 12/21/28 | 1102362 | 1090997 |
| Oryx Midstream Services Permian Basin LLC, Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 10/05/28 | 1788117 | 1774992 |
|  |  | 3774011 |
| **Real Estate — 0.3%** |  |  |
| Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.854% VRN 8/21/25 | 1492405 | 1480943 |
| **Retail — 6.8%** |  |  |
| 1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.854% VRN 11/19/26 | 494949 | 487525 |
| At Home Group, Inc., Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 7/24/28 | 458716 | 458486 |
| Constellation Automotive Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;GBP Term Loan B, 3 mo. SONIA + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.855% VRN 7/28/28 GBP | 500000 | 675929 |
| &nbsp;&nbsp;&nbsp;GBP 2nd Lien Term Loan B, 3 mo. SONIA + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.600% VRN 7/30/29 GBP | 500000 | 682907 |
| EG Group Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 3/31/26 | 653456 | 657540 |
| Eyemart Express LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 8/31/27 | 969792 | 967367 |
| Foundation Building Materials Holding Co. LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 2/03/28 | 1049789 | 1041538 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Great Outdoors Group LLC, 2021 Term Loan B1, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/06/28 | $1980038 | $1980453 |
| Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 10/19/27 | 969418 | 966529 |
| IRB Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B, 6 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 2/05/25 | 2026117 | 2021274 |
| &nbsp;&nbsp;&nbsp;2020 Fourth Amendment Incremental Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 12/15/27 | 994975 | 994040 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Incremental Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 3/31/22 (e) | 309524 | 306478 |
| &nbsp;&nbsp;&nbsp;Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/17/27 | 2112241 | 2091456 |
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 4/15/28 | 2217547 | 2195771 |
| Park River Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 12/28/27 | 1285432 | 1272372 |
| Peer Holding III B.V., 2019 EUR Term Loan B, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 1/16/27 EUR | 1000000 | 1135414 |
| Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/03/28 | 2214970 | 2210119 |
| PetSmart, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 2/11/28 | 1995000 | 1996257 |
| Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan, 3 mo. USD LIBOR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.500% VRN 8/10/23 | 1502402 | 1401411 |
| Specialty Building Products Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/15/28 | 1581717 | 1576783 |
| SRS Distribution, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 6/02/28 | 1342463 | 1338180 |
| Staples, Inc., 7 Year Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.132% VRN 4/16/26 | 1987271 | 1916822 |
| White Cap Buyer LLC, Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 10/19/27 | 1492462 | 1492627 |
| Winterfell Financing SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 5/04/28 EUR | 500000 | 562328 |
|  |  | 30429606 |
| **Software — 10.1%** |  |  |
| Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% - 5.250% VRN 9/19/24 | 1000000 | 999000 |
| AppLovin Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 10/25/28 | 686646 | 684785 |
| Ascend Learning LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 3/31/22 (e) | 880503 | 878487 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.250% VRN 12/10/29 | 454545 | 455305 |
| Banff Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 USD Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.974% VRN 10/02/25 | 2846743 | 2826816 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 2/27/26 | $283962 | $286327 |
| Cloudera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/08/28 | 934579 | 931075 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan, 1 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 10/08/29 | 566667 | 565250 |
| Cornerstone OnDemand, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/16/28 | 2000000 | 1992140 |
| Cvent, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.854% VRN 11/29/24 | 812333 | 810554 |
| Epicor Software Corp., 2020 Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/30/27 | 304146 | 303727 |
| Finastra USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 6/13/24 | 2397618 | 2385246 |
| &nbsp;&nbsp;&nbsp;USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.250% VRN 6/13/25 | 6482 | 6464 |
| Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 12/01/27 | 2962118 | 2970768 |
| Hyland Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 7/01/24 | 1983353 | 1989303 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 7/07/25 | 501818 | 504954 |
| IGT Holding IV AB, 2021 USD Term Loan B2, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/31/28 | 684483 | 682347 |
| Iris Bidco Ltd., 2018 GBP Term Loan B, 1 mo. SONIA + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.722% VRN 9/03/25 GBP | 1000000 | 1344752 |
| Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 12/01/27 | 1990000 | 1990617 |
| Loyalty Ventures, Inc., Term Loan B, 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 11/03/27 | 653310 | 648952 |
| Mitchell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/15/28 | 1500000 | 1489845 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 10/15/29 | 400000 | 401800 |
| Playtika Holding Corp., 2021 Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;2.854% VRN 3/13/28 | 488015 | 485370 |
| Polaris Newco LLC, USD Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 6/02/28 | 890272 | 889435 |
| Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.110% VRN 4/26/24 | 1338063 | 1338906 |
| Project Leopard Holdings, Inc., 2018 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 7/05/24 | 1446790 | 1445286 |
| Project Ruby Ultimate Parent Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/03/28 | 1318680 | 1316478 |
| Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 2/15/28 | 1585203 | 1572094 |
| Renaissance Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2018 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 5/29/26 (e) | 500000 | 500705 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 5/30/25 | $2215145 | $2192196 |
| Skopima Merger Sub, Inc., Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 5/12/28 | 1957660 | 1943800 |
| Sophia, L.P., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 10/07/27 | 838523 | 837894 |
| SS&C Technologies, Inc., 2018 Term Loan B5, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.854% VRN 4/16/25 | 459548 | 454282 |
| Tibco Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B3, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.860% VRN 6/30/26 | 1974950 | 1958380 |
| &nbsp;&nbsp;&nbsp;2020 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.360% VRN 3/03/28 | 385441 | 386242 |
| The Ultimate Software Group, Inc. (The), 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 5/03/27 | 195332 | 195699 |
| Veritas US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B, 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 9/01/25 EUR | 740644 | 845440 |
| &nbsp;&nbsp;&nbsp;2021 USD Term Loan B, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 9/01/25 | 2981222 | 2978419 |
| Weld North Education LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 12/21/27 | 846859 | 846156 |
|  |  | 45335296 |
| **Telecommunications — 3.4%** |  |  |
| CCI Buyer, Inc., Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/17/27 | 2287235 | 2287235 |
| CenturyLink, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;2.354% VRN 3/15/27 | 1523810 | 1505189 |
| Cincinnati Bell, Inc., 2021 Term Loan B2, 3 mo. SOFR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 11/22/28 | 645161 | 644355 |
| CommScope, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 4/06/26 | 1962296 | 1934902 |
| Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/02/27 | 775793 | 773978 |
| Delta TopCo, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/01/27 | 995000 | 995358 |
| Digicel International Finance Ltd., 2017 Term Loan B, 6 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 5/28/24 | 150254 | 145972 |
| Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.854% VRN 3/01/27 | 1000000 | 986250 |
| Lorca Finco PLC, EUR New Money Term Loan B2, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 9/17/27 EUR | 500000 | 569250 |
| Matterhorn Telecom SA, 2020 EUR Term Loan B, 3 mo. EURIBOR + 2.625% |  |  |
| &nbsp;&nbsp;&nbsp;2.625% VRN 9/15/26 EUR | 1000000 | 1122139 |
| TDC A/S, EUR Term Loan, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 6/04/25 EUR | 1000000 | 1130166 |
| Technicolor SA |  |  |
| &nbsp;&nbsp;&nbsp;2020 EUR Term Loan B1, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 12/31/24 EUR | 857935 | 949029 |
| &nbsp;&nbsp;&nbsp;2020 EUR Delayed Draw Term Loan B2, 6 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 6/30/24 EUR | 162533 | 195924 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2020 EUR Super Senior Term Loan, 3 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 6/30/24 EUR | $138610 | $167868 |
| &nbsp;&nbsp;&nbsp;2020 New Money Term Loan, 6 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.153% VRN 6/30/24 | 124903 | 132827 |
| Toruk AS, 2021 USD Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 11/02/28 (e) | 923077 | 902889 |
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.104% VRN 3/09/27 | 860786 | 848589 |
|  |  | 15291920 |
| **Transportation — 1.4%** |  |  |
| First Student Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan C, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 7/21/28 | 501529 | 499231 |
| &nbsp;&nbsp;&nbsp;Term Loan B, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 7/21/28 | 1358686 | 1352464 |
| Kenan Advantage Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/24/26 | 1779988 | 1771338 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.000% VRN 9/01/27 | 528634 | 525991 |
| Naviera Armas SA |  |  |
| &nbsp;&nbsp;&nbsp;EUR PIK Term Loan B, 1 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR | 11349 | 13826 |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan C, 1 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR | 88508 | 107820 |
| &nbsp;&nbsp;&nbsp;2021 EUR PIK Term Loan B2, 3 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR | 20512 | 24988 |
| &nbsp;&nbsp;&nbsp;EUR PIK Term Loan A, 1 mo. EURIBOR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR | 48417 | 58981 |
| Worldwide Express Operations LLC, 2021 1st Lien Term Loan, 6 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 7/26/28 | 2000000 | 2004160 |
|  |  | 6358799 |
| **TOTAL BANK LOANS <br>(Cost $395,098,016)** |  | **391324414** |
| **CORPORATE DEBT — 3.9%** |  |  |
| **Auto Manufacturers — 0.1%** |  |  |
| Aston Martin Capital Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;10.500% 11/30/25 (g) (h) | 500000 | 550000 |
| **Commercial Services — 0.5%** |  |  |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 10/15/26 EUR (g) (h) (i) | 260000 | 298274 |
| APCOA Parking Holdings GmbH, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% FRN 1/15/27 EUR (g) (i) | 339000 | 387495 |
| BCP V Modular Services Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 11/30/28 GBP (g) (h) (i) | 350000 | 471374 |
| Travelex Issuerco Ltd., (Acquired 8/6/20 - 12/30/21, Cost $285,969) |  |  |
| &nbsp;&nbsp;&nbsp;12.500% 8/05/25 GBP (b) (d) (g) (h) (i) (j) | 233372 | 442233 |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/15/27 EUR (g) (h) (i) | 450000 | 510441 |
|  |  | 2109817 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services — 0.0%** |  |  |
| Travelex Financing PLC, (Acquired 4/27/17 - 1/13/20, Cost $274,580) |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 5/15/22 EUR (a) (b) (d) (g) (h) (i) (k) | $250000 | $— |
| **Electric — 0.1%** |  |  |
| Energia Group NI FinanceCo PLC/Energia Group ROI Holdings DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/15/24 GBP (g) (h) (i) | 350000 | 473742 |
| **Entertainment — 0.3%** |  |  |
| Banijay Entertainment SASU |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 3/01/25 EUR (g) (h) (i) | 500000 | 571353 |
| CPUK Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/28/47 GBP (g) (h) (i) | 600000 | 812146 |
| &nbsp;&nbsp;&nbsp;6.500% 8/28/26 GBP (g) (h) (i) | 100000 | 140837 |
|  |  | 1524336 |
| **Food — 0.4%** |  |  |
| Bellis Acquisition Co. PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/16/26 GBP (g) (h) (i) | 750000 | 975951 |
| Boparan Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.625% 11/30/25 GBP (g) (h) (i) | 500000 | 560031 |
|  |  | 1535982 |
| **Hand & Machine Tools — 0.1%** |  |  |
| IMA Industria Macchine Automatiche SpA, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% FRN 1/15/28 EUR (g) (i) | 275000 | 313106 |
| **Health Care – Services — 0.0%** |  |  |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 7/15/24 (h) | 105000 | 106312 |
| **Home Furnishing — 0.0%** |  |  |
| International Design Group SPA, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% FRN 5/15/26 EUR (g) (i) | 100000 | 114225 |
| **Internet — 0.2%** |  |  |
| United Group BV |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/27 EUR (g) (h) (i) | 500000 | 563557 |
| &nbsp;&nbsp;&nbsp;4.625% 8/15/28 EUR (g) (h) (i) | 450000 | 511642 |
|  |  | 1075199 |
| **Leisure Time — 0.5%** |  |  |
| Carlson Travel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 6/15/25 EUR (a) (b) (g) (h) (i) (k) | 1200000 | 637332 |
| CWT Travel Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 11/19/26 (g) (h) | 1765508 | 1797958 |
|  |  | 2435290 |
| **Lodging — 0.2%** |  |  |
| TVL Finance PLC, 3 mo. GBP LIBOR + 5.375% |  |  |
| &nbsp;&nbsp;&nbsp;5.509% FRN 7/15/25 GBP (g) (i) | 600000 | 774569 |
| **Machinery – Diversified — 0.1%** |  |  |
| Galapagos SA |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 6/15/21 EUR (a) (b) (g) (h) (i) (k) | 20000 |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Mangrove Luxco III SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.775% 10/09/25 EUR (g) (h) (i) | $265415 | $277397 |
|  |  | 277397 |
| **Media — 0.4%** |  |  |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 12/01/26 (g) (h) | 441000 | 447791 |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 (g) (h) | 567000 | 572670 |
| Tele Columbus AG |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 5/02/25 EUR (g) (h) (i) | 800000 | 897138 |
|  |  | 1917599 |
| **Oil & Gas Services — 0.1%** |  |  |
| KCA Deutag UK Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;9.875% 12/01/25 (g) (h) | 390061 | 420478 |
| **Packaging & Containers — 0.2%** |  |  |
| Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 10/15/28 (g) (h) | 212000 | 210410 |
| Trivium Packaging Finance BV, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% FRN 8/15/26 EUR (g) (i) | 400000 | 453800 |
|  |  | 664210 |
| **Retail — 0.4%** |  |  |
| House of Fraser Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 9/15/20 GBP (g) (h) (i) (k) | 300000 | 6091 |
| NMG Holding Co., Inc. / Neiman Marcus Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 4/01/26 (g) (h) | 282000 | 299307 |
| Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 4/15/26 (g) (h) | 300000 | 308250 |
| Stonegate Pub Co. Financing 2019 PLC, 3 mo. EURIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% FRN 7/31/25 EUR (g) (i) | 1100000 | 1233564 |
|  |  | 1847212 |
| **Software — 0.1%** |  |  |
| Brunello Bidco SpA, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% FRN 2/15/28 EUR (g) (i) | 200000 | 227275 |
| **Telecommunications — 0.1%** |  |  |
| Altice France SA/France |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 7/15/29 EUR (g) (h) (i) | 500000 | 560798 |
| **Transportation — 0.1%** |  |  |
| Naviera Armas SA |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 4.250% 4.250% FRN 11/15/24 EUR (g) (i) | 250000 | 218592 |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 6.500% 6.500% FRN 7/31/23 EUR (g) (i) | 250000 | 221153 |
|  |  | 439745 |
| **TOTAL CORPORATE DEBT <br>(Cost $18,927,024)** |  | **17367292** |
| **TOTAL BONDS & NOTES <br>(Cost $414,025,040)** |  | **408691706** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **WARRANTS — 0.0%** |  |  |
| **Technology — 0.0%** |  |  |
| **Software — 0.0%** |  |  |
| Travelex Topco Ltd. (Acquired 8/21/20, Cost $0) (b) (c) (d) | 285 | $28932 |
| **TOTAL WARRANTS <br>(Cost $0)** |  | **28932** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $416,655,452)** |  | **411880130** |
| **TOTAL INVESTMENTS — 91.4%<br>(Cost $416,655,452) (l)** |  | **411880130** |
| **Less Unfunded Loan Commitments — (0.1)%** |  | **(556350)** |
| **NET INVESTMENTS — 91.3%<br>(Cost $416,099,102)** |  | **411323780** |
| **Other Assets/(Liabilities) — 8.7%** |  | **39317306** |
| **NET ASSETS — 100.0%** |  | $**450641086** |

---

**Abbreviation Legend**

FRN Floating Rate Note

PIK Payment In-Kind

SONIA Sterling Overnight Index Average

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment was 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 December 31, 2021, these securities amounted to a value of $4,492,550 or 1.00% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2021, these securities amounted to a value of $471,165 or 0.10% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security represents unsettled loan commitments at December 31, 2021 where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Unfunded or partially unfunded loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 December 31, 2021, the aggregate market value of these securities amounted to $17,260,980 or 3.83% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 December 31, 2021.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) 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 December 31, 2021, these securities amounted to a value of $643,423 or 0.14% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(l) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Canadian Imperial Bank of Commerce | 1/13/22 | USD | 18121926 | GBP | 13677533 | $(390983) |
| Morgan Stanley & Co. LLC | 1/13/22 | USD | 73254272 | EUR | 65046664 | (814404) |
|  |  |  |  |  |  | $(1205387) |

---

**Currency Legend**

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

USD U.S. Dollar

***MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments***

**December 31, 2021 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 1.1%** |  |  |
| **COMMON STOCK — 1.1%** |  |  |
| **Basic Materials — 0.0%** |  |  |
| **Mining — 0.0%** |  |  |
| Boomerang Tube Holdings, Inc. (a) (b) (c) | 1769 | $— |
| **Communications — 0.0%** |  |  |
| **Telecommunications — 0.0%** |  |  |
| Technicolor SA (c) | 14662 | 47219 |
| **Consumer, Non-cyclical — 0.2%** |  |  |
| **Health Care – Services — 0.2%** |  |  |
| Don Jersey Topco Ltd. (a) (b) (c) | 257069 | 269666 |
| MModal, Inc. (Acquired 2/6/19, Cost $10,631) (a) (b) (c) (d) | 4725 | 3213 |
|  |  | 272879 |
|  |  | 272879 |
| **Energy — 0.9%** |  |  |
| **Oil & Gas — 0.5%** |  |  |
| Fieldwood Energy LLC (a) (b) (c) | 3698 |  |
| Fieldwood Energy LLC (a) (b) (c) (e) | 496 | 27543 |
| Fieldwood Energy LLC (a) (b) (c) | 15071 |  |
| Tourmaline Oil Corp. | 26150 | 844275 |
|  |  | 871818 |
| **Oil & Gas Services — 0.4%** |  |  |
| KCA Deutag International Ltd. (b) (c) | 6999 | 622911 |
|  |  | 1494729 |
| **Financial — 0.0%** |  |  |
| **Diversified Financial Services — 0.0%** |  |  |
| Innovation International Holdings Ltd. (a) (b) (c) | 142479 |  |
| **Technology — 0.0%** |  |  |
| **Software — 0.0%** |  |  |
| Travelex Topco Ltd. (Acquired 8/6/20 - 5/27/21, Cost $0) (a) (b) (c) (d) | 6266 |  |
| **TOTAL COMMON STOCK <br>(Cost $1,497,315)** |  | **1814827** |
| **TOTAL EQUITIES <br>(Cost $1,497,315)** |  | **1814827** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 93.1%** |  |  |
| **BANK LOANS — 40.4%** |  |  |
| **Advertising — 1.4%** |  |  |
| Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.629% VRN 8/21/26 | $1530559 | $1508244 |
| Dotdash Meredith, Inc., Term Loan B, 3 mo. SOFR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/01/28 | 923913 | 922758 |
|  |  | 2431002 |
| **Airlines — 0.7%** |  |  |
| AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 4/20/28 | 506512 | 523967 |
| Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 8/11/28 | 353714 | 352260 |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 4/21/28 | 346907 | 347378 |
|  |  | 1223605 |
| **Banks — 0.2%** |  |  |
| AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 8/02/29 | 250358 | 250358 |
| **Beverages — 0.4%** |  |  |
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/31/28 | 690329 | 682169 |
| **Biotechnology — 0.7%** |  |  |
| Advanz Pharma Corp., 2021 EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/01/28 EUR (f) | 1000000 | 1138739 |
| **Building Materials — 0.4%** |  |  |
| ACProducts, Inc., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 5/17/28 | 737037 | 725982 |
| **Chemicals — 2.1%** |  |  |
| Colouroz Investment 1 GmbH |  |  |
| &nbsp;&nbsp;&nbsp;Initial EUR Term Loan, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;0.750% VRN 9/21/23 EUR (f) | 1294265 | 1465844 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B3, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR (f) | 23597 | 26725 |
| Flint Group GmbH |  |  |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B5, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;0.750% VRN 9/21/23 EUR (f) | 100524 | 113850 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B6, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;0.750% VRN 9/21/23 EUR (f) | 5825 | 6597 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B7, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;0.750% VRN 9/21/23 EUR (f) | 14260 | 16151 |
| &nbsp;&nbsp;&nbsp;EUR Add on Term Loan B4, 3 mo. EURIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/21/23 EUR (f) | 158575 | 179597 |
| &nbsp;&nbsp;&nbsp;USD Term Loan C, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 9/21/23 | 70914 | 70367 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Flint Group US LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;0.750% - 5.250% VRN 9/21/23 | $428973 | $425666 |
| GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 8/18/28 | 371015 | 373682 |
| LSF11 A5 Holdco LLC, Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/15/28 | 462963 | 462190 |
| Olympus Water US Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 11/09/28 | 338516 | 337104 |
|  |  | 3477773 |
| **Commercial Services — 4.5%** |  |  |
| Albion Financing 3 SARL, EUR Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/31/26 EUR (g) | 510000 | 581181 |
| AVSC Holding Corp., 2020 Term Loan B1, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% - 4.250% VRN 3/03/25 | 1467074 | 1343840 |
| CoreLogic, Inc., 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 6/04/29 | 355114 | 357557 |
| Eagle Bidco Ltd., 2021 GBP Term Loan B, 1 mo. GBP LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.475% VRN 3/10/28 GBP (f) | 500000 | 672755 |
| Ensono, LP, 2021 Term Loan, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 5/19/28 | 563559 | 562150 |
| Fugue Finance B.V., EUR Term Loan, 1 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.250% VRN 9/01/24 EUR (f) | 750000 | 841895 |
| Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/24/25 EUR (f) | 1000000 | 1132169 |
| Median B V, 2021 EUR Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 10/14/27 EUR (f) (g) | 500000 | 560711 |
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 3/04/28 | 693541 | 695178 |
| Syniverse Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2018 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 3/09/23 | 193075 | 191708 |
| &nbsp;&nbsp;&nbsp;2018 2nd Lien Term Loan, 3 mo. USD LIBOR + 9.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.000% VRN 3/11/24 | 153729 | 151927 |
| TMF Group Holding B.V., 2018 EUR 2nd Lien Term Loan, 6 mo. EURIBOR + 6.875% |  |  |
| &nbsp;&nbsp;&nbsp;6.875% VRN 5/04/26 EUR (f) | 500000 | 567474 |
|  |  | 7658545 |
| **Computers — 1.8%** |  |  |
| Ahead DB Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 10/18/27 | 237303 | 237362 |
| Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 7/27/28 | 762512 | 759889 |
| Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 2/01/28 | 677320 | 677077 |
| Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 4/27/28 | 555144 | 528947 |
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 4/24/28 | 904110 | 901849 |
|  |  | 3105124 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Cosmetics & Personal Care — 0.1%** |  |  |
| Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 10/01/26 | $149811 | $150280 |
| **Diversified Financial Services — 0.8%** |  |  |
| Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 10/25/28 | 966028 | 945906 |
| Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 4/07/28 | 410077 | 417254 |
|  |  | 1363160 |
| **Electric — 0.3%** |  |  |
| Arvos BidCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500%, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 8/29/23 | 316298 | 252168 |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 8/29/23 | 316298 | 252169 |
|  |  | 504337 |
| **Engineering & Construction — 0.2%** |  |  |
| KKR Apple Bidco, LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.250% VRN 9/21/29 | 141176 | 142721 |
| USIC Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.250% VRN 5/14/29 | 147059 | 147794 |
|  |  | 290515 |
| **Entertainment — 3.4%** |  |  |
| AMC Entertainment Holdings, Inc. , 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.103% VRN 4/22/26 | 1065068 | 957230 |
| Crown Finance US, Inc., 2018 USD Term Loan, 6 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 2/28/25 | 945943 | 729681 |
| Dorna Sports, S.L., 2017 USD Term Loan B2, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.218% VRN 4/12/24 | 400000 | 393252 |
| International Park Holdings B.V., EUR Term Loan B, 6 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 6/13/24 EUR (f) | 500000 | 549770 |
| Metro-Goldwyn-Mayer, Inc., 2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.500% VRN 7/03/26 | 893847 | 891335 |
| Odeon Cinemas Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;EUR PIK Toggle TLB2, 3 mo. EURIBOR |  |  |
| &nbsp;&nbsp;&nbsp;0.000% VRN 8/19/23 EUR (f) | 117080 | 135962 |
| &nbsp;&nbsp;&nbsp;GBP PIK Fixed Toggle TLB, 6 mo. Fixed |  |  |
| &nbsp;&nbsp;&nbsp;0.000% VRN 8/19/23 GBP (f) | 55336 | 76398 |
| Parques Reunidos SAU, 2019 EUR Term Loan B1, 6 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 9/16/26 EUR (f) | 500000 | 553453 |
| Vacalians Group, EUR Term Loan B, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 11/28/25 EUR (f) | 330783 | 365653 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Vue International Bidco PLC, 2019 EUR Term Loan B, 6 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 7/03/26 EUR (f) | $1000000 | $1050983 |
|  |  | 5703717 |
| **Food — 0.4%** |  |  |
| Casino Guichard-Perrachon SA, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 8/31/25 EUR (f) | 500000 | 565766 |
| Deoleo, S.A., EUR Senior Term Loan, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/24/25 EUR (f) | 92486 | 103479 |
|  |  | 669245 |
| **Forest Products & Paper — 0.4%** |  |  |
| Sylvamo Corp., Term Loan B, 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 8/18/28 | 609949 | 612236 |
| **Health Care – Products — 1.1%** |  |  |
| Auris Luxembourg III SARL, EUR Term Loan B1A, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 2/27/26 EUR (f) | 1000000 | 1134765 |
| Iris BidCo GmbH, EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/29/28 EUR (f) | 500000 | 570434 |
| Lifescan Global Corp., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.130% VRN 10/01/24 | 149624 | 145938 |
|  |  | 1851137 |
| **Health Care – Services — 2.2%** |  |  |
| Aveanna Healthcare, LLC, 2021 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 12/10/29 (g) | 748663 | 743048 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan 2, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 11/18/29 (g) | 205479 | 204516 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 12/18/28 | 266065 | 265815 |
| Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 11/01/29 | 147368 | 145404 |
| Radiology Partners, Inc., 2018 1st Lien Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.360% VRN 7/09/25 | 1000000 | 984170 |
| RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.852% VRN 11/16/25 | 413275 | 412502 |
| Tunstall Group Holdings Ltd., 2020 EUR Term Loan B, 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 6/30/25 EUR (f) | 282314 | 312039 |
| U.S. Anesthesia Partners, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 10/01/28 | 568621 | 566562 |
|  |  | 3634056 |
| **Holding Company – Diversified — 0.9%** |  |  |
| CEP IV Investment 16 SARL |  |  |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 10/03/24 EUR (f) (g) | 500000 | 531696 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.750% VRN 10/03/25 | $1050000 | $974747 |
|  |  | 1506443 |
| **Home Furnishing — 0.7%** |  |  |
| Hilding Anders International AB, EUR 2017 Term Loan B2, 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 11/29/24 EUR (f) | 508252 | 483169 |
| Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 9/25/28 | 773196 | 766105 |
|  |  | 1249274 |
| **Household Products & Wares — 0.2%** |  |  |
| Illuminate Merger Sub Corp., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/21/28 | 360656 | 357388 |
| **Insurance — 0.9%** |  |  |
| Acrisure LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.724% VRN 2/15/27 | 492481 | 486325 |
| Asurion LLC, 2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.354% VRN 1/20/29 | 775862 | 772146 |
| Innovation Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B2 |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/30/25 EUR (a) (b) (f) (g) | 178951 | 92088 |
| &nbsp;&nbsp;&nbsp;2021 GBP Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/30/25 GBP (a) (b) (f) (g) | 66929 | 40948 |
| &nbsp;&nbsp;&nbsp;2021 GBP Super Priority Facility 2 |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/30/25 GBP (a) (b) (f) (g) | 28430 | 38481 |
| &nbsp;&nbsp;&nbsp;2021 GBP Super Priority Facility 1 |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/30/25 GBP (a) (b) (f) (g) | 29894 | 40463 |
|  |  | 1470451 |
| **Internet — 1.8%** |  |  |
| Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 8/19/28 | 653595 | 653189 |
| ION Trading Finance Ltd., 2021 USD Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.974% VRN 4/03/28 | 994448 | 995830 |
| ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 4/03/28 EUR (f) | 497500 | 567004 |
| PUG LLC, USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 2/12/27 | 365407 | 356652 |
| Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/20/28 | 484848 | 484393 |
|  |  | 3057068 |
| **Iron & Steel — 0.0%** |  |  |
| Boomerang Tube LLC, 2018 Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.224% VRN 6/30/22 (a) (b) | 129368 |  |
| **Leisure Time — 2.6%** |  |  |
| Amer Sports Oyj, EUR Term Loan B, 6 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/30/26 EUR (f) | 600000 | 682417 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Carnival Corp., 2021 Incremental Term Loan B, 6 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 10/18/28 | $892857 | $883929 |
| City Football Group Ltd., Term Loan, 6 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 7/21/28 | 927835 | 920876 |
| HNVR Holdco Ltd., EUR Term Loan B, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 9/12/25 EUR (f) | 1000000 | 1010031 |
| Richmond UK Bidco Ltd., 2017 GBP Term Loan B, 1 mo. SONIA + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.479% VRN 3/03/24 GBP (f) | 700000 | 935641 |
|  |  | 4432894 |
| **Lodging — 0.4%** |  |  |
| Casper BidCo SAS, 2020 EUR Term Loan B3A, 6 mo. EURIBOR + 3.875% |  |  |
| &nbsp;&nbsp;&nbsp;3.875% VRN 7/31/26 EUR (f) | 500000 | 540007 |
| Motel 6, Term Loan B, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 9/09/26 | 180723 | 181515 |
|  |  | 721522 |
| **Machinery – Diversified — 0.6%** |  |  |
| Titan Acquisition Ltd., 2018 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 3/28/25 | 949591 | 932707 |
| **Media — 0.8%** |  |  |
| Houghton Mifflin Harcourt Publishing Co., 2019 Term Loan B, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.250% VRN 11/22/24 | 32348 | 32277 |
| Virgin Media SFA Finance Ltd., GBP Term Loan L, 1 mo. GBP LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.345% VRN 1/15/27 GBP (f) | 1000000 | 1334451 |
|  |  | 1366728 |
| **Metal Fabricate & Hardware — 0.2%** |  |  |
| Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.750% VRN 10/12/28 | 299015 | 298267 |
| **Miscellaneous - Manufacturing — 0.4%** |  |  |
| LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.604% VRN 9/06/25 | 735188 | 725491 |
| **Oil & Gas — 0.6%** |  |  |
| Gulf Finance, LLC, 2021 Term Loan, 3 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.250% VRN 8/25/26 | 1003652 | 934651 |
| **Packaging & Containers — 0.8%** |  |  |
| Albea Beauty Holdings S.A, 2018 USD Term Loan B2, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 4/22/24 | 66388 | 64396 |
| BWAY Holding Co., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.354% VRN 4/03/24 | 1288832 | 1270415 |
|  |  | 1334811 |
| **Pharmaceuticals — 1.0%** |  |  |
| Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/06/26 EUR (f) | 500000 | 569608 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Endo Luxembourg Finance Company I SARL, 2021 Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 3/27/28 | $602341 | $584572 |
| Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 7/06/28 | 607211 | 603416 |
|  |  | 1757596 |
| **Retail — 1.7%** |  |  |
| Constellation Automotive Ltd., GBP Term Loan B, 3 mo. SONIA + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.855% VRN 7/28/28 GBP (f) | 500000 | 675929 |
| Great Outdoors Group LLC, 2021 Term Loan B1, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 3/06/28 | 611368 | 611497 |
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 4/15/28 | 602128 | 596215 |
| Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan, 3 mo. USD LIBOR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.500% VRN 8/10/23 | 1060322 | 989047 |
|  |  | 2872688 |
| **Software — 4.3%** |  |  |
| AppLovin Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 10/25/28 | 392369 | 391306 |
| Ascend Learning LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 12/11/28 (g) | 440252 | 439243 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.250% VRN 12/10/29 | 227273 | 227652 |
| Cloudera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/08/28 | 934579 | 931075 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan, 1 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.500% VRN 10/08/29 | 566667 | 565250 |
| Finastra USA, Inc., USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 6/13/24 | 804290 | 800140 |
| Hyland Software, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 7/07/25 | 250909 | 252477 |
| IGT Holding IV AB, 2021 USD Term Loan B2, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;4.000% VRN 3/31/28 | 456322 | 454898 |
| Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% VRN 12/01/27 | 528262 | 528425 |
| Mitchell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% VRN 10/15/28 | 1000000 | 993230 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 10/15/29 | 200000 | 200900 |
| Polaris Newco LLC, USD Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 6/02/28 | 593514 | 592957 |
| Skopima Merger Sub, Inc., Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.500% VRN 5/12/28 | 640107 | 635575 |
| Tibco Software, Inc., 2020 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.360% VRN 3/03/28 | 146642 | 146948 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| The Ultimate Software Group, Inc. (The), 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% VRN 5/03/27 | $130221 | $130466 |
|  |  | 7290542 |
| **Telecommunications — 1.0%** |  |  |
| Cincinnati Bell, Inc., 2021 Term Loan B2, 3 mo. SOFR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 11/22/28 | 516129 | 515484 |
| Technicolor SA |  |  |
| &nbsp;&nbsp;&nbsp;2020 EUR Term Loan B1, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 12/31/24 EUR (f) | 618250 | 683894 |
| &nbsp;&nbsp;&nbsp;2020 EUR Delayed Draw Term Loan B2, 6 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 6/30/24 EUR (f) | 162533 | 195924 |
| &nbsp;&nbsp;&nbsp;2020 EUR Super Senior Term Loan, 3 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN 6/30/24 EUR (f) | 138610 | 167867 |
| &nbsp;&nbsp;&nbsp;2020 New Money Term Loan, 6 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.153% VRN 6/30/24 | 124904 | 132828 |
|  |  | 1695997 |
| **Transportation — 0.4%** |  |  |
| Kenan Advantage Group, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.000% VRN 9/01/27 | 528634 | 525991 |
| Naviera Armas SA |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan C, 1 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR (f) | 44252 | 53908 |
| &nbsp;&nbsp;&nbsp;EUR PIK Term Loan B, 1 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR (f) | 5675 | 6913 |
| &nbsp;&nbsp;&nbsp;2021 EUR PIK Term Loan B2, 3 mo. EURIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/31/22 EUR (f) | 10256 | 12494 |
| &nbsp;&nbsp;&nbsp;EUR PIK Term Loan A, 1 mo. EURIBOR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.500% VRN 12/31/22 EUR (f) | 24208 | 29491 |
|  |  | 628797 |
| **TOTAL BANK LOANS <br>(Cost $68,658,954)** |  | **68105295** |
| **CORPORATE DEBT — 42.2%** |  |  |
| **Advertising — 0.8%** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 6/01/29 (h) | 55000 | 58712 |
| Summer BC Holdco A Sarl |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 10/31/27 EUR (f) (h) | 630737 | 773686 |
| Terrier Media Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.875% 12/15/27 (h) | 472000 | 510123 |
|  |  | 1342521 |
| **Aerospace & Defense — 0.6%** |  |  |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 9/15/24 (h) | 308000 | 309925 |
| &nbsp;&nbsp;&nbsp;7.750% 8/15/25 | 750000 | 744375 |
|  |  | 1054300 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Airlines — 0.6%** |  |  |
| American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 4/20/26 (h) | $595000 | $618726 |
| &nbsp;&nbsp;&nbsp;5.750% 4/20/29 (h) | 114000 | 121705 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/20/27 (h) | 237000 | 252997 |
|  |  | 993428 |
| **Auto Manufacturers — 0.4%** |  |  |
| Aston Martin Capital Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;10.500% 11/30/25 (h) | 400000 | 440000 |
| Mclaren Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 8/01/26 (h) | 250000 | 252187 |
|  |  | 692187 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 5/15/27 (h) | 162000 | 171720 |
| **Banks — 2.8%** |  |  |
| Absa Group Ltd. 5 year CMT + 5.411% |  |  |
| &nbsp;&nbsp;&nbsp;6.375% VRN (i) | 992000 | 1008527 |
| Ecobank Transnational, Inc. 5 year CMT + 8.211% |  |  |
| &nbsp;&nbsp;&nbsp;8.750% VRN 6/17/31 (h) | 797000 | 785842 |
| Home Credit & Finance Bank OOO Via Eurasia Capital SA 5 year CMT + 7.362% |  |  |
| &nbsp;&nbsp;&nbsp;8.800% VRN (i) | 450000 | 451125 |
| Piraeus Financial Holdings SA |  |  |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 5.774% 5.500% VRN 2/19/30 EUR (f) | 963000 | 1062343 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.195% 8.750% VRN EUR (f) (i) | 750000 | 847257 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.952% 9.750% VRN 6/26/29 EUR (f) | 100000 | 122761 |
| Sovcombank Via SovCom Capital DAC 5 year CMT + 6.380% |  |  |
| &nbsp;&nbsp;&nbsp;7.750% VRN (h) (i) | 500000 | 498350 |
|  |  | 4776205 |
| **Biotechnology — 0.6%** |  |  |
| Emergent BioSolutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/28 (h) | 1087000 | 1043270 |
| **Chemicals — 1.3%** |  |  |
| Braskem Idesa SAPI |  |  |
| &nbsp;&nbsp;&nbsp;6.990% 2/20/32 (h) | 888000 | 891330 |
| &nbsp;&nbsp;&nbsp;7.450% 11/15/29 (h) | 300000 | 310875 |
| Nobian Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 7/15/26 EUR (f) (h) | 500000 | 562846 |
| Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 10/01/28 (h) | 210000 | 208820 |
| &nbsp;&nbsp;&nbsp;5.375% 10/01/29 EUR (f) (h) | 235000 | 258183 |
|  |  | 2232054 |
| **Commercial Services — 2.8%** |  |  |
| APCOA Parking Holdings GmbH, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.000% FRN 1/15/27 EUR (f) (h) | 169000 | 193176 |
| PECF USS Intermediate Holding III Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 11/15/29 (h) | 120000 | 124260 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| PROG Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 11/15/29 (h) | $717000 | $737764 |
| Techem Verwaltungsgesellschaft 674 mbH |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 7/30/26 EUR (f) (h) | 879198 | 1028982 |
| Travelex Issuerco Ltd., (Acquired 11/4/20, Cost $1,087,674) |  |  |
| &nbsp;&nbsp;&nbsp;12.500% 8/05/25 GBP (b) (d) (f) (h) | 897192 | 1700152 |
| Verisure Midholding AB |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 2/15/29 EUR (f) (h) | 800000 | 922230 |
|  |  | 4706564 |
| **Computers — 0.4%** |  |  |
| CA Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 10/31/26 (h) | 255000 | 263606 |
| Diebold Nixdorf Dutch Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 7/15/25 EUR (f) (h) | 350000 | 424402 |
|  |  | 688008 |
| **Diversified Financial Services — 2.6%** |  |  |
| Credito Real Sab De Cv Sr Unsecured Regs 01/28 8 |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 1/21/28 | 500000 | 300005 |
| Global Aircraft Leasing Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 9/15/24 (h) | 2147628 | 2072461 |
| IIFL Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 4/20/23 | 1555000 | 1507672 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 11/15/29 | 438000 | 476235 |
| Travelex Financing PLC, (Acquired 4/27/17- 1/13/20, Cost $1,178,948) |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 5/15/22 EUR (a) (b) (d) (f) (h) (j) | 1050000 |  |
|  |  | 4356373 |
| **Electric — 0.3%** |  |  |
| Electricite de France SA 5 year EUR Swap + 3.995% |  |  |
| &nbsp;&nbsp;&nbsp;3.375% VRN EUR (f) (i) | 400000 | 470200 |
| **Energy – Alternate Sources — 0.2%** |  |  |
| Aydem Yenilenebilir Enerji AS |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 2/02/27 (h) | 500000 | 403570 |
| **Engineering & Construction — 0.6%** |  |  |
| Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 6/01/29 (h) | 218000 | 223450 |
| Heathrow Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 3/01/24 GBP (f) | 100000 | 138232 |
| &nbsp;&nbsp;&nbsp;4.375% STEP 3/01/27 GBP (f) | 100000 | 133474 |
| State Agency of Roads of Ukraine |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 6/24/28 (h) | 500000 | 432500 |
|  |  | 927656 |
| **Entertainment — 1.5%** |  |  |
| AMC Entertainment Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.000% 6/15/26 (h) | 3304 | 3266 |
| &nbsp;&nbsp;&nbsp;10.500% 4/24/26 (h) | 142000 | 150875 |
| Banijay Group SAS |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 3/01/26 EUR (f) (h) | 750000 | 886161 |
| CPUK Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/28/47 GBP (f) (h) | 100000 | 135358 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/15/27 (h) | $423000 | $434633 |
| Motion Bondco DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/15/27 EUR (f) (h) | 900000 | 978284 |
|  |  | 2588577 |
| **Food — 1.6%** |  |  |
| Aragvi Finance International DAC |  |  |
| &nbsp;&nbsp;&nbsp;8.450% 4/29/26 (h) | 514000 | 523252 |
| Bellis Finco PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 2/16/27 GBP (f) (h) | 100000 | 127741 |
| Boparan Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.625% 11/30/25 GBP (f) (h) | 650000 | 728041 |
| JBS USA LUX SA/JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 2/15/28 (h) | 500000 | 539380 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 12/01/31 (h) | 150000 | 152250 |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/30 (h) | 586000 | 637275 |
|  |  | 2707939 |
| **Health Care – Products — 0.3%** |  |  |
| Marcolin SpA |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 11/15/26 EUR (f) (h) | 400000 | 463805 |
| **Health Care – Services — 0.6%** |  |  |
| Chrome Holdco SASU |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 5/31/29 EUR (f) (h) | 910000 | 1036035 |
| **Home Furnishing — 0.1%** |  |  |
| International Design Group SPA, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;4.250% FRN 5/15/26 EUR (f) (h) | 100000 | 114225 |
| **Internet — 0.4%** |  |  |
| Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750% 3/01/27 (h) | 650000 | 688512 |
| **Iron & Steel — 0.3%** |  |  |
| Metinvest BV |  |  |
| &nbsp;&nbsp;&nbsp;7.650% 10/01/27 (h) | 286000 | 283935 |
| &nbsp;&nbsp;&nbsp;8.500% 4/23/26 (h) | 200000 | 208000 |
|  |  | 491935 |
| **Leisure Time — 0.4%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.625% 3/01/26 EUR (f) (h) | 150000 | 179314 |
| &nbsp;&nbsp;&nbsp;5.750% 3/01/27 (h) | 410000 | 410000 |
|  |  | 589314 |
| **Lodging — 0.6%** |  |  |
| NH Hotel Group SA |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 7/02/26 EUR (f) (h) | 350000 | 395885 |
| TVL Finance PLC, 3 mo. GBP LIBOR + 5.375% |  |  |
| &nbsp;&nbsp;&nbsp;5.509% FRN 7/15/25 GBP (f) (h) | 500000 | 645474 |
|  |  | 1041359 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Machinery – Diversified — 0.2%** |  |  |
| ESC Briggs & Stratton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 12/15/49 (a) (b) | $514000 | $41120 |
| Mangrove Luxco III SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.775% 10/09/25 EUR (f) (h) | 300000 | 313543 |
|  |  | 354663 |
| **Media — 1.3%** |  |  |
| DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 8/15/27 (h) | 1256000 | 1285302 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 12/01/26 (h) | 110000 | 111694 |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 (h) | 142000 | 143420 |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 8/15/26 | 750000 | 709915 |
|  |  | 2250331 |
| **Mining — 2.5%** |  |  |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 3/01/24 (h) | 1006000 | 1018575 |
| &nbsp;&nbsp;&nbsp;6.875% 10/15/27 (h) | 719000 | 773824 |
| Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 4/23/23 (h) | 750000 | 731250 |
| &nbsp;&nbsp;&nbsp;8.950% 3/11/25 (h) | 685000 | 667875 |
| Vedanta Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 7/30/22 (h) | 1075000 | 1062723 |
|  |  | 4254247 |
| **Oil & Gas — 3.6%** |  |  |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 2/15/25 (h) | 525000 | 511875 |
| &nbsp;&nbsp;&nbsp;5.750% 2/15/28 (h) | 379000 | 368767 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 11/01/28 (h) | 1000000 | 1051250 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 5/15/27 (h) | 473000 | 489465 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 9/01/25 | 153000 | 168683 |
| &nbsp;&nbsp;&nbsp;6.125% 1/01/31 | 452000 | 550807 |
| &nbsp;&nbsp;&nbsp;6.375% 9/01/28 | 157000 | 186412 |
| Transocean Guardian Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 1/15/24 (h) | 335000 | 317413 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 11/01/25 (h) | 600000 | 462000 |
| Tullow Oil PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 3/01/25 (h) | 1050000 | 857115 |
| &nbsp;&nbsp;&nbsp;10.250% 5/15/26 (h) | 1000000 | 1010390 |
|  |  | 5974177 |
| **Oil & Gas Services — 1.0%** |  |  |
| Borets Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 9/17/26 (h) | 531000 | 536735 |
| KCA Deutag UK Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;9.875% 12/01/25 (h) | 349977 | 377268 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.625% 4/30/30 (h) | $744000 | $772384 |
|  |  | 1686387 |
| **Packaging & Containers — 1.1%** |  |  |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 4/15/25 (h) | 182000 | 182461 |
| Titan Holdings II BV |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 7/15/29 EUR (f) (h) | 367000 | 414863 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 8/01/24 (h) | 1125000 | 1175625 |
|  |  | 1772949 |
| **Pharmaceuticals — 1.8%** |  |  |
| Bausch Health Americas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 1/31/27 (h) | 415000 | 435750 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 6/01/28 (h) | 238000 | 243355 |
| &nbsp;&nbsp;&nbsp;5.000% 1/30/28 (h) | 204000 | 187680 |
| &nbsp;&nbsp;&nbsp;5.000% 2/15/29 (h) | 281000 | 247983 |
| &nbsp;&nbsp;&nbsp;5.250% 1/30/30 (h) | 200000 | 176000 |
| &nbsp;&nbsp;&nbsp;5.250% 2/15/31 (h) | 208000 | 182780 |
| &nbsp;&nbsp;&nbsp;9.000% 12/15/25 (h) | 165000 | 173775 |
| Nidda BondCo GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 9/30/25 EUR (f) (h) | 500000 | 577866 |
| Par Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 4/01/27 (h) | 708000 | 723526 |
|  |  | 2948715 |
| **Pipelines — 1.6%** |  |  |
| EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.600% 4/01/44 | 206000 | 207766 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/15/29 (h) | 170000 | 176800 |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/31 (h) | 154000 | 162855 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 1/15/27 | 1000000 | 1030560 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 2/01/26 (h) | 750000 | 773475 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/01/31 | 251000 | 272574 |
|  |  | 2624030 |
| **Real Estate — 2.1%** |  |  |
| Country Garden Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 1/27/22 | 500000 | 499300 |
| Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.950% 7/23/25 | 1000000 | 257500 |
| &nbsp;&nbsp;&nbsp;11.950% 10/22/22 (h) | 1000000 | 266500 |
| New Metro Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.800% 12/15/24 | 204000 | 184977 |
| Powerlong Real Estate Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 5/13/26 | 204000 | 167363 |
| &nbsp;&nbsp;&nbsp;6.250% 8/10/24 | 704000 | 601357 |
| Times China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.550% 6/04/24 | 357000 | 253470 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Wanda Group Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 7/24/22 | $200000 | $186961 |
| Wanda Properties Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 4/28/22 | 500000 | 494550 |
| Yuzhou Group Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 10/25/23 | 431000 | 131455 |
| &nbsp;&nbsp;&nbsp;7.700% 2/20/25 | 721000 | 205485 |
| &nbsp;&nbsp;&nbsp;8.500% 2/04/23 | 1000000 | 325000 |
|  |  | 3573918 |
| **Real Estate Investment Trusts (REITS) — 0.3%** |  |  |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/01/26 | 500000 | 486250 |
| **Retail — 3.4%** |  |  |
| Alsea S.a. Co. Guar Regs 12/26 7.75 |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 12/14/26 (h) | 671000 | 695632 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/01/35 | 200000 | 248500 |
| Eurotorg LLC Via Bonitron DAC |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 10/22/25 (h) | 482000 | 484892 |
| Foodco Bondco SA |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 5/15/26 EUR (f) (h) | 350000 | 365401 |
| Future Retail Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.600% 1/22/25 (h) | 950000 | 590900 |
| House of Fraser Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 9/15/20 GBP (f) (h) (j) | 150000 | 3046 |
| NMG Holding Co., Inc. / Neiman Marcus Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 4/01/26 (h) | 263000 | 279140 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/15/44 | 1202000 | 1120865 |
| Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/15/29 (h) | 249000 | 251366 |
| &nbsp;&nbsp;&nbsp;4.875% 11/15/31 (h) | 141000 | 142368 |
| Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.750% 4/15/27 (h) | 1000000 | 942500 |
| Stonegate Pub Co. Financing 2019 PLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 7/13/25 GBP (f) | 310000 | 425895 |
| &nbsp;&nbsp;&nbsp;8.250% 7/31/25 GBP (f) (h) | 100000 | 137182 |
| Stonegate Pub Co. Financing 2019 PLC, 3 mo. EURIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.750% FRN 7/31/25 EUR (f) (h) | 100000 | 112142 |
|  |  | 5799829 |
| **Software — 0.4%** |  |  |
| Elastic NV |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 7/15/29 (h) | 462000 | 457094 |
| Veritas US, Inc./Veritas Bermuda Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 9/01/25 (h) | 225000 | 232875 |
|  |  | 689969 |
| **Telecommunications — 2.6%** |  |  |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/01/29 (h) | 444000 | 441252 |
| DKT Finance ApS |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 6/17/23 EUR (f) (h) | 1500000 | 1728174 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Kaixo Bondco Telecom SA |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 9/30/29 EUR (f) (h) | $555000 | $635143 |
| Oi Movel SA |  |  |
| &nbsp;&nbsp;&nbsp;8.750% 7/30/26 | 628000 | 646846 |
| Sixsigma Networks Mexico SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 5/02/25 (h) | 500000 | 480625 |
| Wp/ap Telecom Holdings Sr Unsecured Regs 01/30 5.5 |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/30 EUR (f) (h) | 345000 | 399185 |
|  |  | 4331225 |
| **Transportation — 0.4%** |  |  |
| Naviera Armas SA 3 mo. EURIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.500% FRN 7/31/23 EUR (f) (h) | 250000 | 221154 |
| Ukraine Railways Via Rail Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 7/15/26 | 500000 | 466020 |
|  |  | 687174 |
| **TOTAL CORPORATE DEBT <br>(Cost $75,113,077)** |  | **71013621** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.5%** |  |  |
| **Other Asset-Backed Securities — 10.5%** |  |  |
| Alinea CLO 2018-1 Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.132% FRN 7/20/31 (h) | 1250000 | 1208344 |
| Ares XLVIII CLO Ltd., Series 2018-48A, Class E, 3 mo. USD LIBOR + 5.200% |  |  |
| &nbsp;&nbsp;&nbsp;5.332% FRN 7/20/30 (h) | 800000 | 752038 |
| Bain Capital Euro CLO, Series 2021-2A, Class E, 3 mo. EURIBOR + 6.220% |  |  |
| &nbsp;&nbsp;&nbsp;6.220% FRN 7/17/34 EUR (h) | 800000 | 882386 |
| Blackrock European CLO VII DAC, Series 7X, Class E, 3 mo. EURIBOR + 5.170% |  |  |
| &nbsp;&nbsp;&nbsp;5.170% FRN 10/15/31 EUR | 725000 | 803612 |
| Canyon Capital CLO 2021-2 Ltd., Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.700% |  |  |
| &nbsp;&nbsp;&nbsp;6.824% FRN 4/15/34 (h) | 1500000 | 1491799 |
| Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.610% |  |  |
| &nbsp;&nbsp;&nbsp;6.734% FRN 7/23/34 (h) | 1000000 | 985590 |
| CIFC Funding 2017-V Ltd., Series 2017-5A, Class D, 3 mo. USD LIBOR + 6.100% |  |  |
| &nbsp;&nbsp;&nbsp;6.222% FRN 11/16/30 (h) | 500000 | 492544 |
| Galaxy XXIV Clo Ltd., Series 2017-24A, Class E, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.624% FRN 1/15/31 (h) | 700000 | 660645 |
| Madison Park Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-13A, Class SUB, 0.000% VRN 4/19/30 (h) (k) | 500000 | 235182 |
| &nbsp;&nbsp;&nbsp;Series 2018-27A, Class D, 3 mo. USD LIBOR + 5.000% 5.132% FRN 4/20/30 (h) | 500000 | 473996 |
| &nbsp;&nbsp;&nbsp;Series 2018-28A, Class F, 3 mo. USD LIBOR + 7.600% 7.724% FRN 7/15/30 (h) | 500000 | 471820 |
| Magnetite VII Ltd., Series 2012-7A, Class SUB, |  |  |
| &nbsp;&nbsp;&nbsp;VRN 1/15/28 (h) (k) | 2000000 | 880072 |
| Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class E, 3 mo. USD LIBOR + 6.020% |  |  |
| &nbsp;&nbsp;&nbsp;6.144% FRN 4/19/30 (h) | 1500000 | 1472002 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class SUB, |  |  |
| &nbsp;&nbsp;&nbsp;VRN 7/20/26 (h) (k) | $1400000 | $686169 |
| OHA Credit Funding 9 Ltd., Series 2021-9A, Class E, 3 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.434% FRN 7/19/35 (h) | 625000 | 620089 |
| Steele Creek Clo 2018-2 Ltd., Series 2018-2A, Class E, 3 mo. USD LIBOR + 6.200% |  |  |
| &nbsp;&nbsp;&nbsp;6.360% FRN 8/18/31 (h) | 850000 | 758204 |
| THL Credit Wind River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class E, 3 mo. USD LIBOR + 5.750% 5.874% FRN 7/15/30 (h) | 1450000 | 1381865 |
| &nbsp;&nbsp;&nbsp;Series 2017-4A, Class E, 3 mo. USD LIBOR + 5.800% 5.960% FRN 11/20/30 (h) | 500000 | 469858 |
| Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. EURIBOR + 6.160% |  |  |
| &nbsp;&nbsp;&nbsp;6.160% FRN 7/21/34 EUR (h) | 1000000 | 1104180 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.500% 5.622% FRN 7/17/31 (h) | 1000000 | 944585 |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, Class D, 3 mo. USD LIBOR + 5.550% 5.672% FRN 1/17/31 (h) | 1000000 | 931090 |
|  |  | 17706070 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS <br>(Cost $19,581,022)** |  | **17706070** |
| **TOTAL BONDS & NOTES <br>(Cost $163,353,053)** |  | **156824986** |
|  | **Number of<br>Shares** |  |
| **WARRANTS — 0.1%** |  |  |
| **Technology — 0.1%** |  |  |
| **Software — 0.1%** |  |  |
| Travelex Topco Ltd. (Acquired 8/21/20, Cost $0) (b) (c) (d) (f) | 837 | 84969 |
| **TOTAL WARRANTS <br>(Cost $0)** |  | **84969** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $164,850,368)** |  | **158724782** |
| **TOTAL INVESTMENTS — 94.3%<br>(Cost $164,850,368) (l)** |  | **158724782** |
| **Other Assets/(Liabilities) — 5.7%** |  | **9698065** |
| **NET ASSETS — 100.0%** |  | $**168422847** |

---

**Abbreviation Legend**

CLO Collateralized Loan Obligation

FRN Floating Rate Note

PIK Payment In-Kind

STEP Step Up Bond

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment was 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 December 31, 2021, these securities amounted to a value of $2,961,554 or 1.76% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2021, these securities amounted to a value of $1,788,334 or 1.06% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of the security represents unsettled loan commitments at December 31, 2021 where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 December 31, 2021, the aggregate market value of these securities amounted to $70,784,242 or 42.03% of net assets.

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

&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 December 31, 2021, these securities amounted to a value of $3,046 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(k) 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 December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(l) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Bank of America N.A. | 1/13/22 | CAD | 83573 | USD | 65302 | $766 |
| Bank of America N.A. | 1/13/22 | USD | 527641 | EUR | 466686 | (3775) |
| Bank of America N.A. | 1/13/22 | USD | 1031727 | CAD | 1304095 | 788 |
| Barclays Bank PLC | 1/13/22 | CAD | 40998 | USD | 32268 | 143 |
| Canadian Imperial Bank of Commerce | 1/13/22 | USD | 38717857 | EUR | 34374816 | (424766) |
| Canadian Imperial Bank of Commerce | 1/13/22 | CAD | 17064 | USD | 13306 | 184 |
| Canadian Imperial Bank of Commerce | 1/13/22 | EUR | 52691 | USD | 59417 | 582 |
| Canadian Imperial Bank of Commerce | 1/13/22 | USD | 228840 | GBP | 169556 | (659) |
| JP Morgan Chase Bank | 1/13/22 | USD | 8103014 | GBP | 6112196 | (170008) |
| JP Morgan Chase Bank | 1/13/22 | EUR | 500000 | USD | 566149 | 3201 |
| JP Morgan Chase Bank | 1/13/22 | USD | 33554 | CAD | 43100 | (518) |
| Morgan Stanley & Co. LLC | 1/13/22 | USD | 200650 | GBP | 151585 | (4524) |
| Morgan Stanley & Co. LLC | 1/13/22 | EUR | 1667319 | USD | 1881218 | 17359 |
|  |  |  |  |  |  | $(581227) |

---

**Currency Legend**

CAD Canadian Dollar

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

USD U.S. Dollar

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments***

**December 31, 2021 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 95.6%** |  |  |
| **CORPORATE DEBT — 45.5%** |  |  |
| **Agriculture — 1.2%** |  |  |
| Amaggi Luxembourg International Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 1/28/28 (a) | $1500000 | $1515015 |
| MHP Lux SA |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 9/19/29 (a) | 270000 | 253260 |
|  |  | 1768275 |
| **Auto Manufacturers — 0.7%** |  |  |
| Uzauto Motors AJ |  |  |
| &nbsp;&nbsp;&nbsp;4.850% 5/04/26 (a) | 991000 | 953600 |
| **Auto Parts & Equipment — 0.4%** |  |  |
| Tupy Overseas SA |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 2/16/31 (a) | 643000 | 618894 |
| **Banks — 9.7%** |  |  |
| Absa Group Ltd. 5 year CMT + 5.411% |  |  |
| &nbsp;&nbsp;&nbsp;6.375% VRN (a) (b) | 925000 | 940411 |
| Access Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 9/21/26 (a) | 308000 | 306460 |
| Banco Mercantil del Norte SA/Grand Cayman 10 year CMT + 5.034% |  |  |
| &nbsp;&nbsp;&nbsp;6.625% VRN (a) (b) | 984000 | 979572 |
| Fidelity Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.625% 10/28/26 (a) | 508000 | 498475 |
| Ipoteka-Bank ATIB |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 11/19/25 (a) | 544000 | 552497 |
| Itau Unibanco Holding SA/Cayman Island 5 year CMT + 3.222% |  |  |
| &nbsp;&nbsp;&nbsp;4.625% VRN (a) (b) | 500000 | 468505 |
| Kasikornbank PCL/Hong Kong 5 year CMT + 4.940% |  |  |
| &nbsp;&nbsp;&nbsp;5.275% VRN (a) (b) | 500000 | 523750 |
| National Bank of Greece SA 5 year EUR Swap + 8.464% |  |  |
| &nbsp;&nbsp;&nbsp;8.250% VRN 7/18/29 EUR (a) (c) | 750000 | 947801 |
| Oman Arab Bank SAOG 5 year CMT + 6.807% |  |  |
| &nbsp;&nbsp;&nbsp;7.625% VRN (a) (b) | 443000 | 460720 |
| Piraeus Financial Holdings SA |  |  |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 5.774% 5.500% VRN 2/19/30 EUR (a) (c) | 1000000 | 1103161 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.195% 8.750% VRN EUR (a) (b) (c) | 1000000 | 1129676 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.952% 9.750% VRN 6/26/29 EUR (a) (c) | 500000 | 613805 |
| Sovcombank Via SovCom Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;5 year CMT + 6.380% 7.750% VRN (a) (b) | 1450000 | 1445215 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 6.427% 8.000% VRN 4/07/30 (a) | 1165000 | 1201348 |
| TBC Bank JSC 5 year USD ICE Swap + 8.995% |  |  |
| &nbsp;&nbsp;&nbsp;10.775% VRN (a) (b) | 645000 | 701631 |
| Tinkoff Bank JSC Via TCS Finance Ltd. 5 year CMT + 5.150% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN (a) (b) | 1835000 | 1770775 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| TMBThanachart Bank PCL 5 year CMT + 3.256% |  |  |
| &nbsp;&nbsp;&nbsp;4.900% VRN (a) (b) | $500000 | $504195 |
|  |  | 14147997 |
| **Chemicals — 1.9%** |  |  |
| Braskem Idesa SAPI |  |  |
| &nbsp;&nbsp;&nbsp;7.450% 11/15/29 (a) | 300000 | 310875 |
| Grupo Idesa SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;10.125% 5/22/26 (a) | 1107790 | 724218 |
| UPL Corp. Ltd. 5 year CMT + 3.865% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN (b) | 1750000 | 1756650 |
|  |  | 2791743 |
| **Commercial Services — 1.2%** |  |  |
| Atento Luxco 1 SA |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 2/10/26 (a) | 633000 | 674550 |
| India Toll Roads |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 8/19/24 (a) | 999000 | 1010388 |
|  |  | 1684938 |
| **Cosmetics & Personal Care — 0.3%** |  |  |
| Oriflame Investment Holding PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 5/04/26 (a) | 521000 | 479841 |
| **Diversified Financial Services — 0.9%** |  |  |
| Credito Real SAB de CV SOFOM ER |  |  |
| &nbsp;&nbsp;&nbsp;9.500% 2/07/26 (a) | 500000 | 323130 |
| IIFL Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 4/20/23 (a) | 1055000 | 1022890 |
|  |  | 1346020 |
| **Electric — 4.8%** |  |  |
| Alfa Desarrollo SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.550% 9/27/51 (a) | 1913000 | 1888131 |
| Electricidad Firme de Mexico Holdings SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 11/20/26 (a) | 263000 | 260701 |
| FEL Energy VI Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/40 (a) | 675369 | 676720 |
| India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 8/10/26 (a) | 3083000 | 3129708 |
| Infraestructura Energetica Nova SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/51 (a) | 312000 | 309273 |
| &nbsp;&nbsp;&nbsp;4.875% 1/14/48 (a) | 328000 | 331280 |
| Interconexion Electrica SA |  |  |
| &nbsp;&nbsp;&nbsp;3.825% 11/26/33 (a) | 372000 | 381486 |
|  |  | 6977299 |
| **Energy – Alternate Sources — 0.6%** |  |  |
| Aydem Yenilenebilir Enerji AS |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 2/02/27 (a) | 500000 | 403570 |
| Investment Energy Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 4/26/29 (a) | 492000 | 528290 |
|  |  | 931860 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Engineering & Construction — 1.9%** |  |  |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 11/29/28 (a) | $892000 | $903150 |
| Rutas 2 and 7 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/30/36 (a) | 850000 | 624750 |
| State Agency of Roads of Ukraine |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 6/24/28 (a) | 1528000 | 1321720 |
|  |  | 2849620 |
| **Food — 1.3%** |  |  |
| Aragvi Finance International DAC |  |  |
| &nbsp;&nbsp;&nbsp;8.450% 4/29/26 (a) | 406000 | 413308 |
| &nbsp;&nbsp;&nbsp;8.450% 4/29/26 (a) | 964000 | 981352 |
| Ulker Biskuvi Sanayi AS |  |  |
| &nbsp;&nbsp;&nbsp;6.950% 10/30/25 (a) | 494000 | 464854 |
|  |  | 1859514 |
| **Housewares — 0.7%** |  |  |
| Turkiye Sise ve Cam Fabrikalari AS |  |  |
| &nbsp;&nbsp;&nbsp;6.950% 3/14/26 (a) | 1000000 | 1020000 |
| **Insurance — 0.6%** |  |  |
| Sagicor Financial Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.300% 5/13/28 (a) | 884000 | 906100 |
| **Internet — 0.8%** |  |  |
| B2W Digital Lux Sarl |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 12/20/30 (a) | 706000 | 636289 |
| Meituan |  |  |
| &nbsp;&nbsp;&nbsp;3.050% 10/28/30 (a) | 529000 | 490098 |
|  |  | 1126387 |
| **Iron & Steel — 1.3%** |  |  |
| JSW Steel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.050% 4/05/32 (a) | 1125000 | 1108671 |
| Metinvest BV |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 6/17/25 EUR (a) (c) | 750000 | 844158 |
|  |  | 1952829 |
| **Media — 0.7%** |  |  |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 7/15/29 (a) | 978000 | 982890 |
| **Mining — 2.5%** |  |  |
| Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/16/29 (a) | 850000 | 817275 |
| Vedanta Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;8.950% 3/11/25 (a) | 1370000 | 1335750 |
| &nbsp;&nbsp;&nbsp;9.250% 4/23/26 (a) | 550000 | 511500 |
| &nbsp;&nbsp;&nbsp;13.875% 1/21/24 (a) | 900000 | 954000 |
|  |  | 3618525 |
| **Multi-National — 0.3%** |  |  |
| European Bank for Reconstruction & Development GGRRC9MX - .500% |  |  |
| &nbsp;&nbsp;&nbsp;8.950% FRN 10/29/22 EUR (c) | 1200000 | 384960 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Oil & Gas — 4.3%** |  |  |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 6/03/50 | $300000 | $313875 |
| &nbsp;&nbsp;&nbsp;6.900% 3/19/49 | 900000 | 958500 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;5.950% 1/28/31 | 1700000 | 1651933 |
| &nbsp;&nbsp;&nbsp;6.950% 1/28/60 | 1304000 | 1163820 |
| Tullow Oil PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 3/01/25 (a) | 1840000 | 1501992 |
| &nbsp;&nbsp;&nbsp;10.250% 5/15/26 (a) | 655000 | 661805 |
|  |  | 6251925 |
| **Oil & Gas Services — 1.2%** |  |  |
| Borets Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 9/17/26 (a) | 531000 | 536735 |
| Guara Norte Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.198% 6/15/34 (a) | 1251240 | 1229356 |
|  |  | 1766091 |
| **Real Estate — 3.1%** |  |  |
| CIFI Holdings Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 8/17/26 | 330000 | 305250 |
| Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;H15T3Y + 15.718% 10.875% VRN (b) | 1000000 | 207500 |
| &nbsp;&nbsp;&nbsp;11.250% 4/16/25 | 1000000 | 257500 |
| &nbsp;&nbsp;&nbsp;11.950% 10/22/22 | 1250000 | 333125 |
| Logan Group Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 10/19/25 | 400000 | 369100 |
| New Metro Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 5/02/26 | 200000 | 169659 |
| &nbsp;&nbsp;&nbsp;4.800% 12/15/24 | 200000 | 181350 |
| Powerlong Real Estate Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 5/13/26 | 530000 | 434817 |
| &nbsp;&nbsp;&nbsp;5.950% 4/30/25 | 200000 | 166746 |
| &nbsp;&nbsp;&nbsp;6.250% 8/10/24 | 200000 | 170840 |
| Sunac China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.800% 10/20/24 | 200000 | 128000 |
| &nbsp;&nbsp;&nbsp;7.500% 2/01/24 | 463000 | 298635 |
| &nbsp;&nbsp;&nbsp;7.950% 8/08/22 | 200000 | 148500 |
| Times China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 7/16/23 | 200000 | 149000 |
| &nbsp;&nbsp;&nbsp;6.750% 7/08/25 | 400000 | 272400 |
| Yuzhou Group Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.350% 1/13/27 | 802000 | 216540 |
| &nbsp;&nbsp;&nbsp;7.700% 2/20/25 | 1000000 | 285000 |
| &nbsp;&nbsp;&nbsp;8.375% 10/30/24 | 630000 | 179550 |
| &nbsp;&nbsp;&nbsp;8.500% 2/04/23 | 1050000 | 341250 |
|  |  | 4614762 |
| **Retail — 2.2%** |  |  |
| Alsea SA |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 12/14/26 (a) | 1073000 | 1112390 |
| Eurotorg LLC Via Bonitron DAC |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 10/22/25 (a) | 723000 | 727338 |
| Future Retail Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.600% 1/22/25 | 794000 | 493868 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| InRetail Consumer |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 3/22/28 (a) | $937000 | $927639 |
|  |  | 3261235 |
| **Sovereign — 0.3%** |  |  |
| Ukreximbank Via Biz Finance PLC 5 year USD ICE Swap + 8.178% |  |  |
| &nbsp;&nbsp;&nbsp;9.950% VRN 11/14/29 | 500000 | 500000 |
| **Telecommunications — 1.2%** |  |  |
| Oi Movel SA |  |  |
| &nbsp;&nbsp;&nbsp;8.750% 7/30/26 | 1256000 | 1293692 |
| Sixsigma Networks Mexico SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 5/02/25 (a) | 500000 | 480625 |
|  |  | 1774317 |
| **Transportation — 1.4%** |  |  |
| MV24 Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;6.748% 6/01/34 (a) | 549067 | 566230 |
| Prumo Participacoes e Investimentos S/A |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 12/31/31 (a) | 258355 | 277089 |
| Rumo Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 1/18/32 (a) | 650000 | 613437 |
| Ukraine Railways Via Rail Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 7/15/26 | 600000 | 559224 |
|  |  | 2015980 |
| **TOTAL CORPORATE DEBT <br>(Cost $72,036,966)** |  | **66585602** |
| **SOVEREIGN DEBT OBLIGATIONS — 50.1%** |  |  |
| Albania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 6/16/27 EUR (a) (c) | 740000 | 874926 |
| Brazil Notas do Tesouro Nacional, Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/50 BRL (c) | 4000000 | 2991849 |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/14/50 | 200000 | 177702 |
| &nbsp;&nbsp;&nbsp;5.625% 2/21/47 | 900000 | 896859 |
| Colombian TES |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 6/30/32 COP (c) | 3650000000 | 818340 |
| &nbsp;&nbsp;&nbsp;7.250% 10/26/50 COP (c) | 13500000000 | 2855884 |
| &nbsp;&nbsp;&nbsp;7.500% 8/26/26 COP (c) | 11978000000 | 2924693 |
| Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/19/31 (a) | 900000 | 907875 |
| Czech Republic Government Interntional Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 4/24/40 CZK (c) | 44310000 | 1658075 |
| Guatemala Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.650% 10/07/41 (a) | 1710000 | 1707863 |
| Honduras Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 6/24/30 (a) | 1290000 | 1340000 |
| Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 3/31/47 ILS (c) | 3227000 | 1367734 |
| &nbsp;&nbsp;&nbsp;5.500% 1/31/42 ILS (c) | 1600000 | 844632 |
| Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.750% STEP 12/31/32 (a) | 1612800 | 1617284 |
| &nbsp;&nbsp;&nbsp;5.875% 10/17/31 EUR (a) (c) | 550000 | 642070 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;6.625% 3/22/48 EUR (a) (c) | $300000 | $338695 |
| Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.850% 7/07/30 (a) | 1230000 | 1242460 |
| Malaysia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.955% 9/15/25 MYR (c) | 6002000 | 1486895 |
| &nbsp;&nbsp;&nbsp;4.065% 6/15/50 MYR (c) | 14100000 | 3303549 |
| &nbsp;&nbsp;&nbsp;4.935% 9/30/43 MYR (c) | 6200000 | 1625177 |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 3/05/26 MXN (c) | 56800000 | 2614844 |
| &nbsp;&nbsp;&nbsp;7.750% 11/13/42 MXN (c) | 19200000 | 909969 |
| &nbsp;&nbsp;&nbsp;8.000% 11/07/47 MXN (c) | 39000000 | 1887554 |
| &nbsp;&nbsp;&nbsp;8.500% 5/31/29 MXN (c) | 25300000 | 1307079 |
| Morocco Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 9/30/30 EUR (a) (c) | 530000 | 586069 |
| &nbsp;&nbsp;&nbsp;5.500% 12/11/42 (a) | 200000 | 220540 |
| North Macedonia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 3/10/28 EUR (a) (c) | 350000 | 373570 |
| &nbsp;&nbsp;&nbsp;3.675% 6/03/26 EUR (a) (c) | 550000 | 662963 |
| Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 1/25/31 (a) | 550000 | 600782 |
| &nbsp;&nbsp;&nbsp;6.750% 1/17/48 (a) | 200000 | 203220 |
| &nbsp;&nbsp;&nbsp;7.375% 10/28/32 (a) | 930000 | 1083487 |
| Peru Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.850% 2/12/42 PEN (c) | 6000000 | 1510171 |
| Republic of Armenia International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.600% 2/02/31 (a) | 740000 | 689399 |
| Republic of Belarus International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.378% 2/24/31 (a) | 2030000 | 1609790 |
| &nbsp;&nbsp;&nbsp;7.625% 6/29/27 (a) | 1000000 | 914700 |
| Republic of Kenya Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 5/22/32 (a) | 500000 | 545300 |
| &nbsp;&nbsp;&nbsp;8.250% 2/28/48 (a) | 600000 | 608604 |
| Republic of South Africa Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.750% 1/31/44 ZAR (c) | 83800000 | 4369613 |
| &nbsp;&nbsp;&nbsp;10.500% 12/21/26 ZAR (c) | 68700000 | 4768317 |
| Republic of Tajikistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 9/14/27 (a) | 1015000 | 898275 |
| Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 11/25/30 (a) | 250000 | 239750 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 4/03/49 EUR (a) (c) | 1250000 | 1604431 |
| Serbia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.050% 9/23/36 EUR (a) (c) | 2549000 | 2650284 |
| &nbsp;&nbsp;&nbsp;3.125% 5/15/27 EUR (a) (c) | 680000 | 824656 |
| Thailand Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.600% 12/17/29 THB (c) | 36905000 | 1083061 |
| &nbsp;&nbsp;&nbsp;2.875% 12/17/28 THB (c) | 22913000 | 737891 |
| &nbsp;&nbsp;&nbsp;3.300% 6/17/38 THB (c) | 109500000 | 3606685 |
| Turkey Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 10/24/28 | 880000 | 817795 |
| &nbsp;&nbsp;&nbsp;17.200% 9/20/23 TRY (c) | 2091000 | 148262 |
| Ukraine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.876% 5/21/29 (a) | 1380000 | 1219161 |
| &nbsp;&nbsp;&nbsp;7.253% 3/15/33 (a) | 500000 | 440000 |
| &nbsp;&nbsp;&nbsp;7.375% 9/25/32 (a) | 1375000 | 1224108 |
| &nbsp;&nbsp;&nbsp;9.750% 11/01/28 (a) | 1460000 | 1473403 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 7/02/40 UYU (c) | $51442984 | $1338323 |
|  |  | 73394618 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS <br>(Cost $77,749,299)** |  | **73394618** |
| **TOTAL BONDS & NOTES <br>(Cost $149,786,265)** |  | **139980220** |
| **TOTAL PURCHASED OPTIONS (#) — 0.1%<br>(Cost $137,079)** |  | **200395** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $149,923,344)** |  | **140180615** |
| **TOTAL INVESTMENTS — 95.7%<br>(Cost $149,923,344) (d)** |  | **140180615** |
| **Other Assets/(Liabilities) — 4.3%** |  | **6317972** |
| **NET ASSETS — 100.0%** |  | $**146498587** |

---

**Abbreviation Legend**

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

**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 December 31, 2021, the aggregate market value of these securities amounted to $80,237,983 or 54.77% of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** |
| **Description** | **Counterparty** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional Amount** | **Notional Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Put** | | | | | | | | |  |
| USD Put TRY Call | Bank of America N.A. | 3/04/22 | 13.04 | 2740000 | USD | 2740000 | $200395 | $137079 | $63316 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** |
| **Description** | **Counterparty** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional Amount** | **Notional Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Call** | | | | | | | | |  |
| USD Call BRL Put | Bank of America N.A. | 1/10/22 | 5.97 | 6500000 | USD | 6500000 | $(1111) | $(133101) | $131990 |
| USD Call TRY Put | Bank of America N.A. | 3/04/22 | 17.39 | 1370000 | USD | 1370000 | (67425) | (52890) | (14535) |
| USD Call ZAR Put | Bank of America N.A. | 5/31/22 | 18.00 | 8170000 | USD | 8170000 | (102623) | (129086) | 26463 |
| EUR Call PLN Put | Bank of America N.A. | 6/01/22 | 4.85 | 5256000 | EUR | 5256000 | (28430) | (54414) | 25984 |
| EUR Call PLN Put | Bank of America N.A. | 6/02/22 | 4.85 | 6267000 | EUR | 6267000 | (34255) | (57435) | 23180 |
| EUR Call PLN Put | Barclays Bank PLC | 6/01/22 | 4.85 | 2906000 | EUR | 2906000 | (15719) | (30024) | 14305 |
|  |  |  |  |  |  |  | $(249563) | $(456950) | $207387 |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Bank of America N.A. | 1/18/22 | ILS | 4612095 | USD | 1457639 | $25915 |
| Bank of America N.A. | 1/18/22 | USD | 4743570 | PLN | 19823886 | (172238) |
| Bank of America N.A. | 1/18/22 | CZK | 23973661 | USD | 1081000 | 14793 |
| Bank of America N.A. | 1/18/22 | PLN | 14652320 | USD | 3697737 | (64343) |
| Bank of America N.A. | 1/25/22 | USD | 2519101 | AUD | 3480864 | (13550) |
| Bank of America N.A. | 1/25/22 | JPY | 380217841 | USD | 3357866 | (52006) |
| Bank of America N.A. | 2/15/22 | USD | 659000 | CHF | 602609 | (3046) |
| Bank of America N.A. | 2/15/22 | USD | 6829263 | PLN | 28459793 | (213279) |
| Bank of America N.A. | 2/15/22 | EUR | 1010796 | USD | 1140000 | 11760 |
| Bank of America N.A. | 2/15/22 | USD | 5607566 | EUR | 4859358 | 70532 |
| Bank of America N.A. | 2/15/22 | PLN | 28289107 | USD | 7105763 | (105458) |
| Bank of America N.A. | 2/22/22 | AUD | 598689 | USD | 450000 | (14372) |
| Bank of America N.A. | 3/16/22 | HUF | 846574814 | USD | 2711000 | (120647) |
| Barclays Bank PLC | 1/18/22 | USD | 5435743 | CHF | 5027004 | (83129) |
| Barclays Bank PLC | 1/18/22 | USD | 1209286 | EUR | 1042905 | 21609 |
| Barclays Bank PLC | 2/22/22 | USD | 434210 | AUD | 598689 | (1418) |
| BNP Paribas SA | 1/25/22 | USD | 9213733 | CNH | 59336351 | (108202) |
| BNP Paribas SA | 2/15/22 | USD | 5401611 | CHF | 4925180 | (9356) |
| Canadian Imperial Bank of Commerce | 1/18/22 | USD | 4442000 | ZAR | 64847770 | 380445 |
| Canadian Imperial Bank of Commerce | 1/25/22 | AUD | 3480864 | USD | 2610565 | (77914) |
| Citibank N.A. | 1/11/22 | USD | 10832041 | COP | 41078928450 | 736829 |
| Citibank N.A. | 1/11/22 | USD | 450893 | MXN | 9296644 | (2635) |
| Citibank N.A. | 1/11/22 | CLP | 6214960840 | USD | 7544978 | (256155) |
| Citibank N.A. | 1/11/22 | PEN | 3685928 | USD | 924000 | (775) |
| Citibank N.A. | 1/11/22 | COP | 24945721841 | USD | 6268000 | (137550) |
| Citibank N.A. | 1/11/22 | BRL | 2947854 | USD | 525000 | 3498 |
| Citibank N.A. | 1/14/22 | USD | 421500 | ARS | 44974050 | (9937) |
| Citibank N.A. | 1/18/22 | USD | 661292 | ZAR | 10151520 | 25481 |
| Citibank N.A. | 1/25/22 | USD | 11103980 | THB | 371311531 | (9954) |
| Citibank N.A. | 1/25/22 | THB | 388983807 | USD | 11559525 | 83368 |
| Citibank N.A. | 2/08/22 | USD | 6463749 | COP | 24536772756 | 454169 |
| Citibank N.A. | 2/15/22 | USD | 461000 | RON | 1974129 | 8543 |
| Citibank N.A. | 2/15/22 | USD | 3509000 | CZK | 79421759 | (111651) |
| Citibank N.A. | 2/15/22 | RUB | 630917836 | USD | 8737748 | (364482) |
| Citibank N.A. | 2/22/22 | USD | 9998597 | THB | 328249323 | 174731 |
| Citibank N.A. | 2/22/22 | THB | 32658557 | USD | 970306 | 7101 |
| Citibank N.A. | 3/15/22 | EGP | 52451801 | USD | 3280000 | 2425 |
| Citibank N.A. | 5/10/22 | USD | 1686000 | TND | 5130498 | (45057) |
| Citibank N.A. | 6/15/22 | EGP | 26978944 | USD | 1640000 | 7718 |
| Citibank N.A. | 9/15/22 | EGP | 27812159 | USD | 1640000 | 10191 |
| Citibank N.A. | 12/15/22 | USD | 3280000 | EGP | 57775434 | (49321) |
| Goldman Sachs International | 1/11/22 | USD | 401007 | MXN | 8204974 | 735 |
| Goldman Sachs International | 1/18/22 | USD | 3713449 | ILS | 11996632 | (145460) |
| Goldman Sachs International | 1/18/22 | ILS | 272315 | USD | 87106 | 488 |
| Goldman Sachs International | 1/18/22 | USD | 1160401 | TRY | 15151356 | 29045 |
| Goldman Sachs International | 1/18/22 | RUB | 151121154 | USD | 2008000 | 3399 |
| Goldman Sachs International | 1/18/22 | TRY | 41936610 | USD | 4484000 | (1352581) |
| Goldman Sachs International | 1/25/22 | USD | 3331002 | JPY | 380217841 | 25142 |
| Goldman Sachs International | 2/15/22 | USD | 3517566 | RUB | 264518742 | 6989 |
| Goldman Sachs International | 2/15/22 | CZK | 118011522 | USD | 5393136 | (13268) |
| HSBC Bank USA | 1/11/22 | USD | 6055848 | MXN | 127278790 | (153328) |
| HSBC Bank USA | 1/11/22 | USD | 1958000 | PEN | 7870181 | (13266) |
| HSBC Bank USA | 1/11/22 | PEN | 24988198 | USD | 6264000 | (5137) |
| HSBC Bank USA | 1/18/22 | USD | 1062436 | CZK | 23973661 | (33357) |
| HSBC Bank USA | 1/18/22 | PLN | 5171566 | USD | $1305000 | (22586) |
| HSBC Bank USA | 1/18/22 | ILS | 2189475 | USD | 695957 | 8323 |
| HSBC Bank USA | 2/22/22 | KRW | 4050940000 | USD | 3433000 | (30799) |
| HSBC Bank USA | 3/16/22 | HUF | 492397151 | USD | 1518000 | (11361) |
| JP Morgan Chase Bank N.A. | 1/11/22 | USD | 6602000 | BRL | 37060327 | (42255) |
| JP Morgan Chase Bank N.A. | 1/11/22 | BRL | 38907376 | USD | 6897639 | 77759 |
| JP Morgan Chase Bank N.A. | 1/18/22 | USD | 7521406 | RON | 32383414 | 79299 |
| JP Morgan Chase Bank N.A. | 1/18/22 | USD | 1804351 | ZAR | 27134734 | 104845 |
| JP Morgan Chase Bank N.A. | 1/18/22 | USD | 3293000 | EUR | 2813207 | 89276 |
| JP Morgan Chase Bank N.A. | 1/18/22 | USD | 1291000 | CHF | 1174325 | 1773 |
| JP Morgan Chase Bank N.A. | 1/18/22 | RON | 1390783 | USD | 315581 | 4038 |
| JP Morgan Chase Bank N.A. | 1/18/22 | EUR | 3442283 | USD | 3922543 | (2418) |
| JP Morgan Chase Bank N.A. | 1/18/22 | RUB | 458833441 | USD | 6260434 | (153433) |
| JP Morgan Chase Bank N.A. | 2/08/22 | USD | 6958000 | BRL | 39074041 | 832 |
| JP Morgan Chase Bank N.A. | 2/08/22 | BRL | 46138315 | USD | 7916664 | 298305 |
| JP Morgan Chase Bank N.A. | 2/15/22 | USD | 1096404 | EUR | 944012 | 20743 |
| JP Morgan Chase Bank N.A. | 2/15/22 | USD | 1036291 | UAH | 28864264 | (6016) |
| JP Morgan Chase Bank N.A. | 2/15/22 | UAH | 28864264 | USD | 1079038 | (36731) |
| JP Morgan Chase Bank N.A. | 2/15/22 | EUR | 4024931 | USD | 4585531 | 709 |
| JP Morgan Chase Bank N.A. | 2/22/22 | USD | 2582000 | CNH | 16654529 | (29691) |
| Morgan Stanley & Co. LLC | 1/11/22 | MXN | 1847521 | USD | 90000 | 130 |
| Morgan Stanley & Co. LLC | 1/18/22 | USD | 2798000 | TRY | 26785254 | 797937 |
| Morgan Stanley & Co. LLC | 1/18/22 | USD | 8171800 | RUB | 609954595 | 53400 |
| Morgan Stanley & Co. LLC | 2/08/22 | USD | 4636491 | CAD | 5747544 | 92982 |
| Morgan Stanley & Co. LLC | 2/15/22 | USD | 3054049 | ZAR | 46541265 | 150658 |
| Standard Chartered Bank | 1/18/22 | EUR | 413830 | USD | 469817 | 1459 |
| Standard Chartered Bank | 1/25/22 | USD | 528714 | THB | 17672276 | (245) |
| Standard Chartered Bank | 1/25/22 | PHP | 141193125 | USD | 2759025 | (11917) |
|  |  |  |  |  |  | $(202950) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Short** |  | | | |
| U.S. Treasury Ultra Bond | 3/22/22 | 13 | $(2526670) | $(35955) |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** | **OTC Credit Default Swaps-Sell Protection†** |
| **Reference<br>Obligation/Index** | **Rate Received by Fund** | **Payment Frequency** | **Counterparty** | **Credit Rating** | **Termination Date** | **Notional Amount** | **Notional Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| Republic of Chile | 1.000% | Quarterly | Bank of America N.A. | BBB | 12/20/26 | USD | 3400000 | $49739 | $23138 | $26601 |
| Republic of Italy | 1.000% | Quarterly | Bank of America N.A. | BBB | 12/20/26 | USD | 3000000 | 14765 | 18431 | (3666) |
| Republic of Peru | 1.000% | Quarterly | BNP Paribas SA | BB | 12/20/26 | USD | 2550000 | 31317 | 10168 | 21149 |
| Republic of Indonesia | 1.000% | Quarterly | Citibank N.A. | BBB | 12/20/26 | USD | 3080000 | 39076 | 31117 | 7959 |
| Republic of Peru | 1.000% | Quarterly | Goldman Sachs International | BBB | 12/20/26 | USD | 350000 | 4298 | 977 | 3321 |
| Petroleo Brasileiro SA | 1.000% | Quarterly | JP Morgan Chase Bank N.A. | AAA | 12/20/26 | USD | 1110000 | (76681) | (56219) | (20462) |
| Federative Republic of Brazil | 1.000% | Quarterly | Morgan Stanley & Co. LLC | BBB | 12/20/26 | USD | 1530000 | (71067) | (62320) | (8747) |
| Republic of Colombia | 1.000% | Quarterly | Morgan Stanley & Co. LLC | BB | 12/20/26 | USD | 2230000 | (102587) | (42642) | (59945) |
| United Mexican States | 1.000% | Quarterly | Morgan Stanley & Co. LLC | BBB | 12/20/26 | USD | 2445000 | 13905 | 13983 | (78) |
|  |  |  |  |  |  |  |  | $(97235) | $(63367) | $(33868) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** |
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | | | | | | |
| **Rate/ Reference** | **Frequency** | **Rate/ Reference** | **Frequency** | <br>**Termination Date** | **Notional Amount** | **Notional Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation (Depreciation)** |
| BRL CDI | Maturity | 5.855% | Maturity | 1/02/23 | BRL | 11441936 | $(98016) | $— | $(98016) |
| BRL CDI | Maturity | 6.380% | Maturity | 1/02/23 | BRL | 15433847 | 23232 |  | 23232 |
| BRL CDI | Maturity | 6.740% | Maturity | 1/02/23 | BRL | 13050205 | (95468) |  | (95468) |
| BRL CDI | Maturity | 10.177% | Maturity | 1/02/25 | BRL | 57034881 | (39723) |  | (39723) |
| BRL CDI | Maturity | 11.500% | Maturity | 1/02/25 | BRL | 16254109 | 99008 |  | 99008 |
| BRL CDI | Maturity | 11.630% | Maturity | 1/02/25 | BRL | 10030334 | 68204 |  | 68204 |
| BRL CDI | Maturity | 10.797% | Maturity | 1/02/29 | BRL | 6058265 | 25529 |  | 25529 |
| BRL CDI | Maturity | 7.400% | Maturity | 1/02/29 | BRL | 5424561 | (167692) |  | (167692) |
| BRL CDI | Maturity | 7.475% | Maturity | 1/02/29 | BRL | 989335 | (23212) |  | (23212) |
| BRL CDI | Maturity | 7.485% | Maturity | 1/02/29 | BRL | 9935952 | (231514) |  | (231514) |
| BRL CDI | Maturity | 8.705% | Maturity | 1/02/29 | BRL | 11158731 | (195150) |  | (195150) |
| KRW SDA | Quarterly | 1.480% | Quarterly | 6/24/23 | KRW | 13571000000 | (41029) |  | (41029) |
| THB SR | Semi-Annually | 1.500% | Semi-Annually | 9/08/30 | THB | 33191000 | (19614) |  | (19614) |
| THB SR | Semi-Annually | 1.505% | Semi-Annually | 9/10/30 | THB | 49455000 | (28931) |  | (28931) |
|  |  |  |  |  |  |  | $(724376.00) | $— | $(724376.00) |

---

***MassMutual Emerging Markets Debt Blended Total Return Fund — Portfolio of Investments (Continued)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** | **OTC Currency Swaps** |
| **Paid by the Fund** | **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  | | | |
| **Rate/ Reference** | **No. of Contracts/ Notional** | **Frequency** | **Rate/ Reference** | **No. of Contracts/ Notional** | **Frequency** | **Counterparty** | **Termination<br> Date** | **Value** | **Upfront Premium (Paid)/ Received** | **Unrealized Appreciation (Depreciation)** |
| Fixed 9.750% | EUR 500,000 | Annually | Fixed 10.875% | USD 602,000 | Semi-Annually | Citibank N.A. | 6/26/24 | $34654 | $(100) | $34754 |
| Fixed 5.500% | EUR 1,000,000 | Annually | Fixed 6.705% | USD 1,214,500 | Semi-Annually | Citibank N.A. | 2/19/25 | 76957 | (700) | 77657 |
| Fixed 5.625% | EUR 750,000 | Semi-Annually | Fixed 8.120% | USD 819,150 | Semi-Annually | Citibank N.A. | 6/17/25 | (15703) | (1089) | (14614) |
| Fixed 3.675% | EUR 550,000 | Annually | Fixed 4.793% | USD 604,450 | Semi-Annually | Citibank N.A. | 6/03/26 | (38003) | (467) | (37536) |
| Fixed 3.125% | EUR 680,000 | Annually | Fixed 4.320% | USD 735,080 | Semi-Annually | Citibank N.A. | 5/15/27 | (62180) | (339) | (61841) |
| Fixed 3.500% | EUR 740,000 | Annually | Fixed 4.740% | USD 839,530 | Semi-Annually | Citibank N.A. | 6/16/27 | (20700) | 628 | (21328) |
| Fixed 8.250% | EUR 750,000 | Annually | Fixed 11.435% | USD 843,675 | Semi-Annually | Citibank N.A. | 7/18/29 | 58367 | (525) | 58892 |
| Fixed 2.000% | EUR 362,000 | Annually | Fixed 3.466% | USD 429,332 | Semi-Annually | Citibank N.A. | 9/30/30 | 16704 | (109) | 16813 |
| Fixed 2.000% | EUR 168,000 | Annually | Fixed 3.430% | USD 198,408 | Semi-Annually | Citibank N.A. | 9/30/30 | 6166 | 50 | 6116 |
| Fixed 5.875% | EUR 550,000 | Annually | Fixed 8.460% | USD 605,000 | Semi-Annually | Citibank N.A. | 10/17/31 | 7450 | (495) | 7945 |
| Fixed 8.750% | EUR 1,000,000 | Semi-Annually | Fixed 10.219% | USD 1,218,000 | Semi-Annually | JP Morgan <br>Chase Bank <br>N.A. | 6/16/26 | 96622 | 300 | 96322 |
|  |  |  |  |  |  |  |  | $160334 | $(2846) | $163180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

**Currency Legend**

ARS Argentinean Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Offshore Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

EGP Egyptian Pound

---

| | |
|:---|:---|
| EUR | Euro |

---

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

PEN Peruvian New Sol

PHP Philippine Peso

PLN Polish Zloty

RON New Romanian Leu

RUB Russian Ruble

THB Thai Baht

TND Tunisian Dinar

TRY New Turkish Lira

UAH Ukrainian Hryvnia

USD U.S. Dollar

UYU Uruguayan Peso

ZAR South African Rand

***MassMutual Global Emerging Markets Equity Fund — Portfolio of Investments***

**December 31, 2021 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.9%** |  |  |
| **COMMON STOCK — 96.9%** |  |  |
| **Bermuda — 1.2%** |  |  |
| Kunlun Energy Co. Ltd. | 160000 | $150074 |
| **Brazil — 2.0%** |  |  |
| Atacadao SA | 47100 | 128960 |
| BB Seguridade Participacoes SA | 29900 | 111319 |
|  |  | 240279 |
| **Cayman Islands — 21.5%** |  |  |
| Alibaba Group Holding Ltd. (a) | 20088 | 300757 |
| China Resources Cement Holdings Ltd. | 156000 | 118054 |
| China Resources Land Ltd. | 36000 | 151446 |
| JD.com, Inc. ADR (a) | 3262 | 228568 |
| Li Auto, Inc. ADR (a) | 5128 | 164609 |
| Meituan Class B (a) (b) | 10800 | 312227 |
| NetEase, Inc. ADR | 1859 | 189209 |
| Sunny Optical Technology Group Co. Ltd. | 5400 | 170795 |
| Tencent Holdings Ltd. | 13400 | 786087 |
| Topsports International Holdings Ltd. (b) | 189000 | 191255 |
|  |  | 2613007 |
| **China — 10.9%** |  |  |
| China Construction Bank Corp. Class H | 301000 | 208557 |
| China Longyuan Power Group Corp. Class H | 97000 | 226431 |
| ENN Natural Gas Co. Ltd. Class A | 41900 | 120673 |
| Luxshare Precision Industry Co. Ltd. Class A | 21900 | 169009 |
| NARI Technology Co. Ltd. Class A | 30700 | 192773 |
| Ping An Bank Co. Ltd. Class A | 61200 | 158246 |
| Ping An Insurance Group Co. of China Ltd. Class H | 35000 | 252276 |
|  |  | 1327965 |
| **Hong Kong — 1.7%** |  |  |
| AIA Group Ltd. | 21000 | 211710 |
| **India — 11.7%** |  |  |
| Axis Bank Ltd. GDR (a) | 4245 | 196119 |
| HDFC Bank Ltd. ADR | 6237 | 405841 |
| Infosys Ltd. ADR | 14099 | 356846 |
| Reliance Industries Ltd. GDR (b) | 7307 | 467283 |
|  |  | 1426089 |
| **Indonesia — 3.2%** |  |  |
| Bank Negara Indonesia Persero Tbk PT | 443700 | 209793 |

---

***MassMutual Global Emerging Markets Equity Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Telkom Indonesia Persero Tbk PT | 634000 | $181132 |
|  |  | 390925 |
| **Luxembourg — 1.1%** |  |  |
| Samsonite International SA (a) (b) | 63300 | 128610 |
| **Mexico — 1.8%** |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 33227 | 216104 |
| **Netherlands — 2.0%** |  |  |
| Prosus NV | 1548 | 129124 |
| X5 Retail Group NV GDR | 4467 | 118241 |
|  |  | 247365 |
| **Republic of Korea — 14.8%** |  |  |
| Hana Financial Group, Inc. | 8102 | 285314 |
| Hyundai Motor Co. | 1251 | 219806 |
| LG Chem Ltd. | 438 | 225985 |
| Samsung Electronics Co. Ltd. | 16301 | 1070163 |
|  |  | 1801268 |
| **Russia — 1.5%** |  |  |
| Sberbank of Russia PJSC Sponsored ADR | 11527 | 181550 |
| **South Africa — 1.3%** |  |  |
| AngloGold Ashanti Ltd. Sponsored ADR | 7426 | 155797 |
| **Taiwan — 16.5%** |  |  |
| Hon Hai Precision Industry Co. Ltd. | 58000 | 217440 |
| MediaTek, Inc. | 6000 | 256528 |
| Powertech Technology, Inc. | 44000 | 155001 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 54000 | 1195709 |
| United Microelectronics Corp. | 78000 | 182233 |
|  |  | 2006911 |
| **Thailand — 1.3%** |  |  |
| CP ALL PCL NVDR | 89200 | 157398 |
| **United Arab Emirates — 1.3%** |  |  |
| Emaar Properties PJSC | 119041 | 158162 |
| **United Kingdom — 1.6%** |  |  |
| Anglo American PLC | 4873 | 199522 |
| **United States — 1.5%** |  |  |
| Yum China Holdings, Inc. | 3628 | 180820 |
| **TOTAL COMMON STOCK <br>(Cost $9,698,408)** |  | **11793556** |
| **PREFERRED STOCK — 1.0%** |  |  |
| **Brazil — 1.0%** |  |  |
| Gerdau SA |  |  |
| &nbsp;&nbsp;&nbsp;BRL | 24100 | 119461 |

---

***MassMutual Global Emerging Markets Equity Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **TOTAL PREFERRED STOCK <br>(Cost $124,643)** |  | $**119461** |
| **TOTAL EQUITIES <br>(Cost $9,823,051)** |  | **11913017** |
| **MUTUAL FUNDS — 1.6%** |  |  |
| **United States — 1.6%** |  |  |
| iShares MSCI Saudi Arabia ETF | 4728 | $193328 |
| **TOTAL MUTUAL FUNDS <br>(Cost $189,858)** |  | **193328** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $10,012,909)** |  | **12106345** |
| **TOTAL INVESTMENTS — 99.5%<br>(Cost $10,012,909) (c)** |  | **12106345** |
| **Other Assets/(Liabilities) — 0.5%** |  | **65010** |
| **NET ASSETS — 100.0%** |  | $**12171355** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

GDR Global Depositary Receipt

**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) 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 December 31, 2021, the aggregate market value of these securities amounted to $1,099,375 or 9.03% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Note 3 for aggregate cost for federal tax purposes.

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

1. The Funds

MassMutual Advantage Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended 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, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

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

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

MassMutual Emerging Markets Debt Blended Total Return Fund ("Emerging Markets Debt Blended Total Return Fund ")

MassMutual Global Emerging Markets Equity Fund ("Global Emerging Markets Equity Fund")

*2. Significant Accounting Policies*

 

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 and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees ("Trustees"), and under the general oversight of the Trustees. 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.

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.

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

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.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or 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) are stated at fair valuations determined in good faith by the Funds' Valuation Committee<sup>1</sup> in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds' Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds' Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds' fair value procedures 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.

<sup>1</sup> *The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds' pricing procedures in general.*

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

For 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, as described below, the fair valuation approaches used by third party service providers and/or the Funds' subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing 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.

 

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

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 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.

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

The following is the aggregate value by input level, as of December 31, 2021, for the Funds' investments:

**Global Floating Rate Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $— | $2400916 \* | $758576 | $3159492 |
| Bank Loans (Less Unfunded Loan Commitments) |  | 390257173 | 510382 | 390767555 |
| Corporate Debt |  | 16729960 | 637332 | 17367292 |
| Warrants |  | 28932 |  | 28932 |
| Unfunded Loan Commitments\*\* |  | 509 |  | 509 |
| **Total Investments** | $**—** | $**409417490** | $**1906290** | $**411323780** |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(1205387) | $— | $(1205387) |

---

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

**Global Credit Income Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $844275 | $670130 \* | $300422 | $1814827 |
| Bank Loans |  | 67893315 | 211980 | 68105295 |
| Corporate Debt |  | 70972501 | 41120 | 71013621 |
| Non-U.S. Government Agency Obligations |  | 17706070 |  | 17706070 |
| Warrants |  | 84969 |  | 84969 |
| **Total Investments** | $**844275** | $**157326985** | $**553522** | $**158724782** |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $**—** | $**23023** | $**—** | $**23023** |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $**—** | $**(604250)** | $**—** | $**(604250)** |

---

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

**Emerging Markets Debt Blended Total Return Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Debt | $— | $66585602 | $— | $66585602 |
| Sovereign Debt Obligations |  | 73394618 |  | 73394618 |
| Purchased Options |  | 200395 |  | 200395 |
| Total Investments | $— | $140180615 | $— | $140180615 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $3887374 | $— | $3887374 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 665993 |  | 665993 |
| Total | $— | $4553367 | $— | $4553367 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(4090324) | $— | $(4090324) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (35955) |  |  | (35955) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (1327270) |  | (1327270) |
| &nbsp;&nbsp;&nbsp;Written Options |  | (249563) |  | (249563) |
| Total | $(35955) | $(5667157) | $— | $(5703112) |

---

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

**Global Emerging Markets Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bermuda | $— | $150074 | $— | $150074 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 240279 |  | 240279 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 582386 | 2030621 |  | 2613007 |
| &nbsp;&nbsp;&nbsp;China |  | 1327965 |  | 1327965 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 211710 |  | 211710 |
| &nbsp;&nbsp;&nbsp;India | 1426089 |  |  | 1426089 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 390925 |  | 390925 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 128610 |  | 128610 |
| &nbsp;&nbsp;&nbsp;Mexico | 216104 |  |  | 216104 |
| &nbsp;&nbsp;&nbsp;Netherlands | 118241 | 129124 |  | 247365 |
| &nbsp;&nbsp;&nbsp;Republic of Korea |  | 1801268 |  | 1801268 |
| &nbsp;&nbsp;&nbsp;Russia |  | 181550 |  | 181550 |
| &nbsp;&nbsp;&nbsp;South Africa | 155797 |  |  | 155797 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 2006911 |  | 2006911 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 157398 |  | 157398 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 158162 |  | 158162 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 199522 |  | 199522 |
| &nbsp;&nbsp;&nbsp;United States | 180820 |  |  | 180820 |
| Preferred Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil |  | 119461 |  | 119461 |
| Mutual Funds | 193328 |  |  | 193328 |
| **Total Investments** | $**2872765** | $**9233580** | $**—** | $**12106345** |

---

\* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

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

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

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more 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.

For more information regarding derivatives and other investments held by the Funds, please refer to the Funds' most recent prospectus(es) and Statement(s) of Additional Information and the most recent Annual/Semiannual reports for the Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Emerging Markets Debt Blended Total Return Fund, and Barings Global Emerging Markets Equity Fund which can be found on the Securities and Exchange Commission's ("SEC") EDGAR database on its website at <u>http://www.sec.gov</u>.

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

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.

*Foreign Securities*

 

The Emerging Markets Debt Blended Total Return Fund and Global Emerging Markets Equity Fund invest substantially all of their assets in foreign securities. The other Funds 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, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely 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, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

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

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, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to 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 federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. 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.

3. Federal Income Tax Information

At December 31, 2021, 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 federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) |
| Global Floating Rate Fund | $416099102 | $3402542 | $(8177864) | $(4775322) |
| Global Credit Income Opportunities Fund | 164850368 | 3770391 | (9895977) | (6125586) |
| Emerging Markets Debt Blended Total Return Fund | 149923344 | 1715832 | (11458561) | (9742729) |
| Global Emerging Markets Equity Fund | 10012909 | 2888862 | (795426) | 2093436 |

---

4. New Accounting Pronouncements

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope ("ASU 2021-01") as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.

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

5. *Coronavirus (COVID-19) Pandemic*

 

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund's performance and have the potential to impair the ability of a Fund's investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MassMutual Advantage Funds

- **b. Investment Company Act file number:** 811-23703

- **c. CIK number of Registrant:** 0001859808

- **d. LEI of Registrant:** 5493000RE63N3B1HWL58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1295 STATE STREET

  - **City:** SPRINGFIELD

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01111

  - **Telephone number:** 4137441000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MassMutual Emerging Markets Debt Blended Total Return Fund

- **b. EDGAR series identifier (if any):** S000072762

- **c. LEI of Series:** 5493004FKPYNW7148287

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-09-30

- **b. Date as of which information is reported:** 2021-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $444667259.74

**Total Liabilities:** $298168671.93

**Net Assets:** $146498587.81

**Cash Not Reported:** $5748586.42

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 852.49 | **10-Year:** 2575.88 | **30-Year:** 5293.09

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 277.54 | **1-Year:** 3158.39 | **5-Year:** 15118.7 | **10-Year:** 16628.09 | **30-Year:** 9989

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229282 | 1.14%                | -2.08%               | -4.29%               |
| Class ID C000229283 | 1.10%                | -2.12%               | -4.30%               |
| Class ID C000229284 | 1.13%                | -2.10%               | -4.29%               |
| Class ID C000229285 | 1.04%                | -2.18%               | -4.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-103368.27              | $-9819423.59                               |
| Month 2  | $-751932.07              | $-4383776.24                               |
| Month 3  | $-23041.48               | $1465943.86                                |

### Schedule of Portfolio Investments

| Name                           | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ABSA GROUP LTD                 | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1XXZ06<br>LEI: 2138006IPPRD4N6XLT30 | Long             | DBT              | CORP              | ZA        |      925000 | PA      | $940410.50    | 0.64%             | 2099-12-31      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| ACCESS BANK PLC INDUSTRY       | 09/26 6.125                    | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |      308000 | PA      | $306460.00    | 0.21%             | 2026-09-21      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| ALFA DESARROLLO SPA            | SR SECURED 144A 09/51 4.55     | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |     1913000 | PA      | $1888131.00   | 1.29%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           | 2                  | On Loan: No      |
| ALSEA S.A.                     | COMPANY GUAR 144A 12/26 7.75   | CUSIP: 021151AA3<br>LEI: 4469000001BJLPKNUN21 | Long             | DBT              | CORP              | MX        |     1073000 | PA      | $1112389.83   | 0.76%             | 2026-12-14      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| AMAGGI LUX INTL SARL           | COMPANY GUAR 144A 01/28 5.25   | CUSIP: 02265WAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1500000 | PA      | $1515015.00   | 1.03%             | 2028-01-28      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| ARAGVI FINANCE INTL            | SR SECURED 144A 04/26 8.45     | CUSIP: 03851RAB0<br>LEI: 635400VKAYT1VT6VBF50 | Long             | DBT              | CORP              | IE        |      964000 | PA      | $981352.00    | 0.67%             | 2026-04-29      | Fixed         | 8.45%                 | Yes           | 2                  | On Loan: No      |
| ARAGVI FINANCE INTL            | SR SECURED REGS 04/26 8.45     | CUSIP: ACI1X4QQ3<br>LEI: 635400VKAYT1VT6VBF50 | Long             | DBT              | CORP              | IE        |      406000 | PA      | $413308.00    | 0.28%             | 2026-04-29      | Fixed         | 8.45%                 | Yes           | 2                  | On Loan: No      |
| ATENTO LUXCO 1 SA              | SR SECURED 144A 02/26 8        | CUSIP: 04684LAC2<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |      633000 | PA      | $674549.68    | 0.46%             | 2026-02-10      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| AYDEM YENILENEBILIR ENER       | SR SECURED 144A 02/27 7.75     | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |      500000 | PA      | $403570.00    | 0.28%             | 2027-02-02      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| B2W DIGITAL LUX SARL           | COMPANY GUAR 144A 12/30 4.375  | CUSIP: 05609AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      706000 | PA      | $636289.56    | 0.43%             | 2030-12-20      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| BANCO MERCANTIL DE NORTE       | JR SUBORDINA 144A 12/99 VAR    | CUSIP: 05973KAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      984000 | PA      | $979572.00    | 0.67%             | 2099-12-31      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| BM112596  CYS USD R F 11.43500 | 11.435%   18 Jul 2029          | CUSIP: 99S1DRW69<br>LEI: N/A                  | N/A              | DIR              |  | US        |      843675 | PA      | $58366.52     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| BM112790  IRS BRL R F  6.38000 | 6.38%   02 Jan 2023            | CUSIP: 99S1DVNR4<br>LEI: N/A                  | N/A              | DIR              |  | US        |    15433847 | PA      | $23231.96     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| BM113265  CYS USD R F  8.12000 | 8.12%   17 Jun 2025            | CUSIP: 99S1DRVI4<br>LEI: N/A                  | N/A              | DIR              |  | US        |      819150 | PA      | $-15702.54    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| BM115532  CYS USD R F  8.46000 | 8.46%   17 Oct 2031            | CUSIP: 99S1DRVL7<br>LEI: N/A                  | N/A              | DIR              |  | US        |      605000 | PA      | $7449.68      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| BM117157  CYS USD R F  4.32000 | 4.32%   15 May 2027            | CUSIP: 99S1HQ5L4<br>LEI: N/A                  | N/A              | DIR              |  | US        |      735080 | PA      | $-62180.29    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| BM117253  CYS USD R F  4.79300 | 4.793%   03 Jun 2026           | CUSIP: 99S1HQ5I1<br>LEI: N/A                  | N/A              | DIR              |  | US        |      604450 | PA      | $-38002.57    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| BM117288  CYS USD R F  4.74000 | 4.74%   16 Jun 2027            | CUSIP: 99S1HQ5F7<br>LEI: N/A                  | N/A              | DIR              |  | US        |      839530 | PA      | $-20699.72    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| BM117742  CYS USD R F  3.46600 | 3.466%   30 Sep 2030           | CUSIP: 99S1IHPX5<br>LEI: N/A                  | N/A              | DIR              |  | US        |      429332 | PA      | $16703.98     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| BM117747  CYS USD R F  3.43000 | 3.43%   30 Sep 2030            | CUSIP: 99S1IHWX7<br>LEI: N/A                  | N/A              | DIR              |  | US        |      198408 | PA      | $6166.06      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| BM118163  CYS USD R F 10.87500 | 10.875%   26 Jun 2024          | CUSIP: 99S1KF5U4<br>LEI: N/A                  | N/A              | DIR              |  | US        |      602000 | PA      | $34654.41     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| BM118194  CYS USD R F  6.70500 | 6.705%   19 Feb 2025           | CUSIP: 99S1KI4X3<br>LEI: N/A                  | N/A              | DIR              |  | US        |     1214500 | PA      | $76956.89     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| BM120066  CYS USD R F 10.21900 | 10.219%   16 Jun 2026          | CUSIP: 99S1MHOL7<br>LEI: N/A                  | N/A              | DIR              |  | US        |     1218000 | PA      | $96622.04     | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| BM120337 BARINGS               | FXVAN CALL USD BRL 5.965       | CUSIP: OP0012CM3<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -6500000 | NC      | $-1111.50     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| BM120723  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1NWDL5<br>LEI: N/A                  | N/A              | DCR              |  | US        |     1110000 | PA      | $-76681.30    | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| BM120727  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1NWRX4<br>LEI: N/A                  | N/A              | DCR              |  | US        |     2445000 | PA      | $13904.98     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| BM120730  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1NY563<br>LEI: N/A                  | N/A              | DCR              |  | US        |     1530000 | PA      | $-71066.83    | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| BM120732  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1NZ1I8<br>LEI: N/A                  | N/A              | DCR              |  | US        |     2230000 | PA      | $-102586.51   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| BM120794  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1O37C5<br>LEI: N/A                  | N/A              | DCR              |  | US        |     3080000 | PA      | $39075.71     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| BM120917  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1OGYU6<br>LEI: N/A                  | N/A              | DCR              |  | US        |     2550000 | PA      | $31316.52     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| BM120918  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1OGYR3<br>LEI: N/A                  | N/A              | DCR              |  | GB        |      350000 | PA      | $4298.35      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| BM121033  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1OR2R4<br>LEI: N/A                  | N/A              | DCR              |  | US        |     3400000 | PA      | $49739.31     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| BM121238 BARINGS               | FXVAN CALL USD ZAR 18          | CUSIP: OP001BM91<br>LEI: N/A                  | N/A              | DFE              |  | IE        |    -8170000 | NC      | $-102623.37   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| BM121243 BARINGS               | FXVAN CALL EUR PLN 4.85        | CUSIP: OP001BQ55<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -2906000 | NC      | $-15718.59    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| BM121244 BARINGS               | FXVAN CALL EUR PLN 4.85        | CUSIP: OP001BQD8<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -5256000 | NC      | $-28429.77    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| BM121254 BARINGS               | FXVAN CALL EUR PLN 4.85        | CUSIP: OP001BRJ4<br>LEI: N/A                  | N/A              | DFE              |  | IL        |    -6267000 | NC      | $-34255.03    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| BM121267 BARINGS               | FXVAN CALL USD TRY 17.388      | CUSIP: OP001BSQ7<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -1370000 | NC      | $-67424.55    | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| BM121268 BARINGS               | FXVAN PUT USD TRY 13.041       | CUSIP: OP001BSR5<br>LEI: N/A                  | N/A              | DFE              |  | US        |     2740000 | NC      | $200395.38    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| BM121369  CDS USD R F  1.00000 | 1%   20 Dec 2026               | CUSIP: 99S1PHBR5<br>LEI: N/A                  | N/A              | DCR              |  | US        |     3000000 | PA      | $14764.74     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| BONOS DE TESORERIA             | BONDS 02/42 6.85               | CUSIP: 989JEBII7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     6000000 | PA      | $1510171.38   | 1.03%             | 2042-02-12      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| BORETS FINANCE DAC             | COMPANY GUAR 144A 09/26 6      | CUSIP: 09973BAB5<br>LEI: 635400LFT9PKEEFTKC04 | Long             | DBT              | CORP              | IE        |      531000 | PA      | $536734.80    | 0.37%             | 2026-09-17      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| BRASKEM IDESA SAPI             | SR SECURED 144A 11/29 7.45     | CUSIP: 10554NAA6<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |      300000 | PA      | $310875.00    | 0.21%             | 2029-11-15      | Fixed         | 7.45%                 | Yes           | 2                  | On Loan: No      |
| CIFI HOLDINGS GROUP            | COMPANY GUAR REGS 08/26 4.45   | CUSIP: ACI1XQPZ5<br>LEI: 549300WGKSV867C0JF48 | Long             | DBT              | CORP              | KY        |      330000 | PA      | $305250.00    | 0.21%             | 2026-08-17      | Fixed         | 4.45%                 | Yes           | 2                  | On Loan: No      |
| COSTA RICA GOVERNMENT          | SR UNSECURED 144A 02/31 6.125  | CUSIP: 221597CP0<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      900000 | PA      | $907875.00    | 0.62%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| CREDITO REAL SAB DE CV         | COMPANY GUAR 144A 02/26 9.5    | CUSIP: 22550GAA0<br>LEI: 549300W2IL7TPPCTKL39 | Long             | DBT              | CORP              | MX        |      500000 | PA      | $323130.00    | 0.22%             | 2026-02-07      | Fixed         | 9.50%                 | Yes           | 2                  | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     7042542 | PA      | $-213279.01   | -0.15%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1131356 | PA      | $29044.70     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3716827 | PA      | $-135450.42   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      431437 | PA      | $-9936.74     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1021219 | PA      | $-18290.78    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     6644255 | PA      | $-42255.26    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     8118400 | PA      | $53399.94     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3510577 | PA      | $6989.04      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2308102 | PA      | $-31030.47    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1996675 | PA      | $134915.41    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      157659 | PA      | $-575.22      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     6107001 | PA      | $-153432.42   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2275766 | PA      | $-1366.65     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3131419 | PA      | $-1352580.72  | -0.92%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      884426 | PA      | $-5219.28     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     5150917 | PA      | $5863.57      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1141790 | PA      | $3232.24      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1699506 | PA      | $104844.61    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1107946 | PA      | $-11000.42    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     6209176 | PA      | $-153327.57   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      188733 | PA      | $-1666.65     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3858909 | PA      | $-145459.34   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    11113934 | PA      | $-9954.16     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2532651 | PA      | $-77914.31    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     6938522 | PA      | $-238455.42   | -0.16%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      939951 | PA      | $-3688.08     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      662046 | PA      | $-3046.38     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     7442107 | PA      | $79298.86     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3305860 | PA      | $25141.81     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2747108 | PA      | $-11917.11    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      452457 | PA      | $8543.24      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     5518872 | PA      | $-83129.03    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1522890 | PA      | $30889.63     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      635811 | PA      | $25480.62     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     9321935 | PA      | $-108201.93   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     4512557 | PA      | $50557.28     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      528498 | PA      | $3497.62      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1289227 | PA      | $1773.42      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      528959 | PA      | $-244.50      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1282414 | PA      | $-22586.06    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3305860 | PA      | $-52005.86    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1731057 | PA      | $-45056.59    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      846576 | PA      | $61874.61     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1187677 | PA      | $21608.62     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      400272 | PA      | $735.39       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      923225 | PA      | $-775.31      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3203724 | PA      | $89275.55     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      435628 | PA      | $-14371.94    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1106949 | PA      | $-11949.02    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      453528 | PA      | $-2634.66     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     6957168 | PA      | $831.82       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2590353 | PA      | $-120647.42   | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3633394 | PA      | $-64342.70    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     4543509 | PA      | $92982.20     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2976710 | PA      | $230290.21    | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2364192 | PA      | $10807.97     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1095793 | PA      | $14792.70     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     8214969 | PA      | $298305.10    | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1971266 | PA      | $-13266.01    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1504742 | PA      | $-17742.37    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1833467 | PA      | $135532.97    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     4176113 | PA      | $318636.13    | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       90130 | PA      | $129.55       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3402201 | PA      | $-30798.98    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2000063 | PA      | $797937.03    | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3620651 | PA      | $-111651.24   | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    11642893 | PA      | $83367.41     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      350301 | PA      | $-17699.32    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     7459674 | PA      | $163922.40    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     7000305 | PA      | $-105457.79   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2207698 | PA      | $-35473.78    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1198981 | PA      | $-36787.66    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3922752 | PA      | $-102075.92   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1042085 | PA      | $-36952.98    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1075661 | PA      | $20742.23     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1095793 | PA      | $-33356.46    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      704280 | PA      | $8322.53      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      471276 | PA      | $1459.23      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     5379868 | PA      | $-13268.12    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     5410967 | PA      | $-9355.67     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1483554 | PA      | $25914.80     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     4061555 | PA      | $380445.33    | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2532651 | PA      | $-13549.22    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       87594 | PA      | $488.29       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     8373266 | PA      | $-364481.81   | -0.25%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2903391 | PA      | $150658.16    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      319619 | PA      | $4038.32      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1006658 | PA      | $3791.26      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      505928 | PA      | $4486.06      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      435628 | PA      | $-1418.13     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     5348301 | PA      | $72199.04     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      506830 | PA      | $5388.01      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     2011399 | PA      | $3398.88      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1151760 | PA      | $11759.87     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     4275251 | PA      | $309749.33    | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1143361 | PA      | $4802.83      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     3920125 | PA      | $-2417.99     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      977407 | PA      | $7101.42      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     4586240 | PA      | $708.63       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     1506639 | PA      | $-11361.47    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| CZECH REPUBLIC                 | BONDS 04/40 1.5                | CUSIP: ACI1LYXL3<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    44310000 | PA      | $1658074.77   | 1.13%             | 2040-04-24      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| ELECTRICIDAD FIRME DE ME       | SR SECURED 144A 11/26 4.9      | CUSIP: 28504MAA1<br>LEI: 549300B9KK10OSYRIY06 | Long             | DBT              | CORP              | MX        |      263000 | PA      | $260701.38    | 0.18%             | 2026-11-20      | Fixed         | 4.90%                 | Yes           | 2                  | On Loan: No      |
| EUROPEAN BK RECON + DEV        | UNSECURED 10/22 VAR            | CUSIP: ACI1GCCC0<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | NA        |     1200000 | PA      | $384959.84    | 0.26%             | 2022-10-29      | Fixed         | 8.95%                 | No            | 2                  | On Loan: No      |
| EUROTORG (BONITRON DAC)        | SR UNSECURED 144A 10/25 9      | CUSIP: 09821LAB7<br>LEI: 549300PXIOV742CFHL20 | Long             | DBT              | CORP              | IE        |      723000 | PA      | $727338.00    | 0.50%             | 2025-10-22      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| FED REPUBLIC OF BRAZIL         | SR UNSECURED 01/50 4.75        | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      200000 | PA      | $177702.00    | 0.12%             | 2050-01-14      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| FED REPUBLIC OF BRAZIL         | SR UNSECURED 02/47 5.625       | CUSIP: 105756BY5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      900000 | PA      | $896859.00    | 0.61%             | 2047-02-21      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| FEL ENERGY VI SARL             | SR SECURED 144A 12/40 5.75     | CUSIP: 30260LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      675369 | PA      | $676719.67    | 0.46%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| FIDELITY BANK PLC              | SR UNSECURED 144A 10/26 7.625  | CUSIP: 316044AC0<br>LEI: 029200298A5K5WI0F567 | Long             | DBT              | CORP              | NG        |      508000 | PA      | $498475.00    | 0.34%             | 2026-10-28      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| FUTURE RETAIL LTD              | SR SECURED REGS 01/25 5.6      | CUSIP: Y267BJGT5<br>LEI: 335800XO19WYIUZC9H61 | Long             | DBT              | CORP              | IN        |      794000 | PA      | $493868.00    | 0.34%             | 2025-01-22      | Fixed         | 5.60%                 | Yes           | 2                  | On Loan: No      |
| GRUPO IDESA SA DE CV           | SR SECURED 144A 05/26 10.125   | CUSIP: 40053LAB1<br>LEI: 549300SPX2Q01JRIC729 | Long             | DBT              | CORP              | MX        |     1107790 | PA      | $724217.71    | 0.49%             | 2026-05-22      | Fixed         | 10.12%                | Yes           | 2                  | On Loan: No      |
| GUARA NORTE SARL               | SR SECURED 144A 06/34 5.198    | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |     1251240 | PA      | $1229355.97   | 0.84%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| HONDURAS GOVERNMENT            | SR UNSECURED 144A 06/30 5.625  | CUSIP: 438180AJ0<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     1290000 | PA      | $1340000.40   | 0.91%             | 2030-06-24      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| IHS HOLDING LTD                | COMPANY GUAR 144A 11/28 6.25   | CUSIP: 44963HAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      892000 | PA      | $903150.00    | 0.62%             | 2028-11-29      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| IIFL FINANCE LTD               | SR SECURED REGS 04/23 5.875    | CUSIP: ACI1K2K20<br>LEI: 335800ISNC5UK9DYDI71 | Long             | DBT              | CORP              | IN        |     1055000 | PA      | $1022889.65   | 0.70%             | 2023-04-20      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| INDIA CLEANTECH ENERGY         | SECURED 144A 08/26 4.7         | CUSIP: 45410BAA2<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |     3083000 | PA      | $3129707.45   | 2.14%             | 2026-08-10      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| INDIA TOLL ROADS               | SR SECURED 144A 08/24 5.5      | CUSIP: ACI1VSHY5<br>LEI: 2549008B7KEAHCL64D19 | Long             | DBT              | CORP              | MU        |      999000 | PA      | $1010388.60   | 0.69%             | 2024-08-19      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| INFRAESTRUCTURA ENERGETI       | SR UNSECURED 144A 01/48 4.875  | CUSIP: 456829AB6<br>LEI: 715K4H1JYF3O6JOK1411 | Long             | DBT              | CORP              | MX        |      328000 | PA      | $331280.00    | 0.23%             | 2048-01-14      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| INFRAESTRUCTURA ENERGETI       | SR UNSECURED 144A 01/51 4.75   | CUSIP: 456829AC4<br>LEI: 715K4H1JYF3O6JOK1411 | Long             | DBT              | CORP              | MX        |      312000 | PA      | $309273.12    | 0.21%             | 2051-01-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| INRETAIL CONSUMER              | SR SECURED 144A 03/28 3.25     | CUSIP: 45790TAB1<br>LEI: 254900BI1YXHZ31NSP51 | Long             | DBT              | CORP              | PE        |      937000 | PA      | $927639.37    | 0.63%             | 2028-03-22      | Fixed         | 3.25%                 | Yes           | 2                  | On Loan: No      |
| INTERCONEXION ELECTRICA        | SR UNSECURED 144A 11/33 3.825  | CUSIP: 45853NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |      372000 | PA      | $381486.01    | 0.26%             | 2033-11-26      | Fixed         | 3.83%                 | Yes           | 2                  | On Loan: No      |
| INVEST ENERGY RES LTD          | SR SECURED 144A 04/29 6.25     | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |      492000 | PA      | $528289.93    | 0.36%             | 2029-04-26      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| IPOTEKA BANK ATIB              | SR UNSECURED REGS 11/25 5.5    | CUSIP: ACI1SV0S3<br>LEI: 213800UWVX5JSNXJS434 | Long             | DBT              | CORP              | UZ        |      544000 | PA      | $552497.28    | 0.38%             | 2025-11-19      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| ISRAEL FIXED BOND              | BONDS 01/42 5.5                | CUSIP: ACI01YYG7<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     1600000 | PA      | $844632.43    | 0.58%             | 2042-01-31      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| ISRAEL FIXED BOND              | BONDS 03/47 3.75               | CUSIP: ACI0VK0T3<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     3227000 | PA      | $1367734.41   | 0.93%             | 2047-03-31      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY       | JR SUBORDINA 144A 12/99 VAR    | CUSIP: 465562AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |      500000 | PA      | $468505.00    | 0.32%             | 2099-12-31      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| IVORY COAST                    | SR UNSECURED 144A 03/48 6.625  | CUSIP: ACI11JRN1<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      300000 | PA      | $338694.53    | 0.23%             | 2048-03-22      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| IVORY COAST                    | SR UNSECURED 144A 10/31 5.875  | CUSIP: ACI1G4C61<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      550000 | PA      | $642069.61    | 0.44%             | 2031-10-17      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| IVORY COAST                    | SR UNSECURED 144A 12/32 VAR    | CUSIP: 221625AK2<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1612800 | PA      | $1617283.54   | 1.10%             | 2032-12-31      | Variable      | 5.75%                 | Yes           | 2                  | On Loan: No      |
| JSW STEEL LTD                  | SR UNSECURED 144A 04/32 5.05   | CUSIP: 46635UAD1<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |     1125000 | PA      | $1108671.41   | 0.76%             | 2032-04-05      | Fixed         | 5.05%                 | Yes           | 2                  | On Loan: No      |
| KAISA GROUP HOLDINGS LTD       | SR SECURED REGS 04/25 11.25    | CUSIP: ACI1NWXD3<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $257500.00    | 0.18%             | 2025-04-16      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| KAISA GROUP HOLDINGS LTD       | SR SECURED REGS 10/22 11.95    | CUSIP: G52132BW9<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     1250000 | PA      | $333125.00    | 0.23%             | 2022-10-22      | Fixed         | 11.95%                | Yes           | 2                  | On Loan: No      |
| KAISA GROUP HOLDINGS LTD       | SR UNSECURED REGS 12/99 VAR    | CUSIP: ACI1RS1R2<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $207500.00    | 0.14%             | 2099-12-31      | Fixed         | 10.88%                | Yes           | 2                  | On Loan: No      |
| KASIKORNBANK PCL HK            | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1S24P9<br>LEI: N/A                  | Long             | DBT              | CORP              | TH        |      500000 | PA      | $523750.00    | 0.36%             | 2099-12-31      | Fixed         | 5.28%                 | Yes           | 2                  | On Loan: No      |
| KINGDOM OF JORDAN              | SR UNSECURED 144A 07/30 5.85   | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     1230000 | PA      | $1242459.90   | 0.85%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           | 2                  | On Loan: No      |
| KINGDOM OF MOROCCO             | SR UNSECURED 144A 09/30 2      | CUSIP: ACI1RT3M9<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      530000 | PA      | $586068.98    | 0.40%             | 2030-09-30      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| KINGDOM OF MOROCCO             | SR UNSECURED 144A 12/42 5.5    | CUSIP: 617726AG9<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      200000 | PA      | $220540.00    | 0.15%             | 2042-12-11      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| LCPR SR SECURED FIN DAC        | SR SECURED 144A 07/29 5.125    | CUSIP: 50201DAD5<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |      978000 | PA      | $982890.00    | 0.67%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| LOGAN GROUP CO LTD             | COMPANY GUAR REGS 10/25 5.25   | CUSIP: ACI1S4855<br>LEI: 549300NJ0E6Q0S1VOG90 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $369100.00    | 0.25%             | 2025-10-19      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| MALAYSIA GOVERNMENT            | BONDS 06/50 4.065              | CUSIP: ACI1N27G1<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    14100000 | PA      | $3303549.45   | 2.26%             | 2050-06-15      | Fixed         | 4.07%                 | No            | 2                  | On Loan: No      |
| MALAYSIA GOVERNMENT            | BONDS 09/25 3.955              | CUSIP: ACI0C1S66<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6002000 | PA      | $1486895.31   | 1.01%             | 2025-09-15      | Fixed         | 3.96%                 | No            | 2                  | On Loan: No      |
| MALAYSIA GOVERNMENT            | BONDS 09/43 4.935              | CUSIP: ACI06WQ26<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6200000 | PA      | $1625177.28   | 1.11%             | 2043-09-30      | Fixed         | 4.93%                 | No            | 2                  | On Loan: No      |
| MEITUAN                        | SR UNSECURED 144A 10/30 3.05   | CUSIP: 58533EAC7<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |      529000 | PA      | $490097.91    | 0.33%             | 2030-10-28      | Fixed         | 3.05%                 | Yes           | 2                  | On Loan: No      |
| METINVEST BV                   | COMPANY GUAR 144A 06/25 5.625  | CUSIP: ACI1FYPF2<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |      750000 | PA      | $844157.62    | 0.58%             | 2025-06-17      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| MEX BONOS DESARR FIX RT        | BONDS 11/47 8                  | CUSIP: ACI0SZJH0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    39000000 | PA      | $1887553.91   | 1.29%             | 2047-11-07      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| MEX BONOS DESARR FIX RT        | SR UNSECURED 05/29 8.5         | CUSIP: P9767G6N6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    25300000 | PA      | $1307079.14   | 0.89%             | 2029-05-31      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| MEX BONOS DESARR FIX RT        | SR UNSECURED 11/42 7.75        | CUSIP: ACI01W4Q2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    19200000 | PA      | $909968.69    | 0.62%             | 2042-11-13      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| MEX BONOS DESARR FIX RT        | BONDS 03/26 5.75               | CUSIP: ACI0HGZW3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    56800000 | PA      | $2614844.47   | 1.78%             | 2026-03-05      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| MHP LUX SA                     | COMPANY GUAR 144A 09/29 6.25   | CUSIP: 59318YAB4<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |      270000 | PA      | $253260.00    | 0.17%             | 2029-09-19      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| MV24 CAPITAL BV                | SR SECURED 144A 06/34 6.748    | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      549067 | PA      | $566230.38    | 0.39%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| NATIONAL BANK GREECE SA        | SUBORDINATED REGS 07/29 VAR    | CUSIP: ACI1D7Z96<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |      750000 | PA      | $947800.93    | 0.65%             | 2029-07-18      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| NEW METRO GLOBAL LTD           | COMPANY GUAR REGS 05/26 4.5    | CUSIP: ACI1VFS96<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |      200000 | PA      | $169659.18    | 0.12%             | 2026-05-02      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| NEW METRO GLOBAL LTD           | COMPANY GUAR REGS 12/24 4.8    | CUSIP: ACI1TDTC6<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |      200000 | PA      | $181349.85    | 0.12%             | 2024-12-15      | Fixed         | 4.80%                 | Yes           | 2                  | On Loan: No      |
| NORTH MACEDONIA                | SR UNSECURED 144A 03/28 1.625  | CUSIP: ACI1W86S3<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |      350000 | PA      | $373570.19    | 0.25%             | 2028-03-10      | Fixed         | 1.62%                 | Yes           | 2                  | On Loan: No      |
| NORTH MACEDONIA                | SR UNSECURED 144A 06/26 3.675  | CUSIP: ACI1MQD56<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |      550000 | PA      | $662962.56    | 0.45%             | 2026-06-03      | Fixed         | 3.67%                 | Yes           | 2                  | On Loan: No      |
| NOTA DO TESOURO NACIONAL       | NOTES 08/50 6                  | CUSIP: B4VFQNII7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     4000000 | PA      | $2991848.95   | 2.04%             | 2050-08-15      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| OI MOVEL SA                    | SR SECURED REGS 07/26 8.75     | CUSIP: ACI1ZJ987<br>LEI: 254900M3NQMOCMEIGF93 | Long             | DBT              | CORP              | BR        |     1256000 | PA      | $1293692.56   | 0.88%             | 2026-07-30      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| OMAN ARAB BANK SAOC            | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1Y2MY3<br>LEI: 254900P5EQ20DLW75N30 | Long             | DBT              | CORP              | OM        |      443000 | PA      | $460720.00    | 0.31%             | 2099-12-31      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| OMAN GOV INTERNTL BOND         | SR UNSECURED 144A 01/31 6.25   | CUSIP: 68205LAS2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      550000 | PA      | $600781.50    | 0.41%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| OMAN GOV INTERNTL BOND         | SR UNSECURED 144A 01/48 6.75   | CUSIP: 682051AJ6<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      200000 | PA      | $203220.00    | 0.14%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| OMAN GOV INTERNTL BOND         | SR UNSECURED 144A 10/32 7.375  | CUSIP: 68205LAE3<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      930000 | PA      | $1083487.20   | 0.74%             | 2032-10-28      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| ORIFLAME INVESTMENT HLDG       | SR SECURED 144A 05/26 5.125    | CUSIP: 68621CAA7<br>LEI: 549300LGP4VBCHWQTD80 | Long             | DBT              | CORP              | JE        |      521000 | PA      | $479841.00    | 0.33%             | 2026-05-04      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| PETROBRAS GLOBAL FINANCE       | COMPANY GUAR 03/49 6.9         | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |      900000 | PA      | $958500.00    | 0.65%             | 2049-03-19      | Fixed         | 6.90%                 | No            | 2                  | On Loan: No      |
| PETROBRAS GLOBAL FINANCE       | COMPANY GUAR 06/50 6.75        | CUSIP: 71647NBG3<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |      300000 | PA      | $313875.00    | 0.21%             | 2050-06-03      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| PETROLEOS MEXICANOS            | COMPANY GUAR 01/31 5.95        | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     1700000 | PA      | $1651932.50   | 1.13%             | 2031-01-28      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| PETROLEOS MEXICANOS            | COMPANY GUAR 01/60 6.95        | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     1304000 | PA      | $1163820.00   | 0.79%             | 2060-01-28      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1YJHK2<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |     1000000 | PA      | $1129676.24   | 0.77%             | 2099-12-31      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | SUBORDINATED REGS 02/30 VAR    | CUSIP: ACI1K2PC3<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |     1000000 | PA      | $1103160.59   | 0.75%             | 2030-02-19      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | SUBORDINATED REGS 06/29 VAR    | CUSIP: ACI1CRYZ6<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |      500000 | PA      | $613804.99    | 0.42%             | 2029-06-26      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| POWERLONG REAL ESTATE          | COMPANY GUAR REGS 04/25 5.95   | CUSIP: ACI1SCR07<br>LEI: 549300R3K12EPXCGDP22 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $166746.61    | 0.11%             | 2025-04-30      | Fixed         | 5.95%                 | Yes           | 2                  | On Loan: No      |
| POWERLONG REAL ESTATE          | COMPANY GUAR REGS 05/26 4.9    | CUSIP: ACI1XNPH2<br>LEI: 549300R3K12EPXCGDP22 | Long             | DBT              | CORP              | KY        |      530000 | PA      | $434816.62    | 0.30%             | 2026-05-13      | Fixed         | 4.90%                 | Yes           | 2                  | On Loan: No      |
| POWERLONG REAL ESTATE          | SR SECURED REGS 08/24 6.25     | CUSIP: ACI1PXNL2<br>LEI: 549300R3K12EPXCGDP22 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $170839.96    | 0.12%             | 2024-08-10      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| PRUMO PARTICIPACOES E IN       | SR SECURED 144A 12/31 7.5      | CUSIP: 74444JAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |      258355 | PA      | $277088.63    | 0.19%             | 2031-12-31      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF ALBANIA            | SR UNSECURED 144A 06/27 3.5    | CUSIP: ACI1N02R6<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |      740000 | PA      | $874925.57    | 0.60%             | 2027-06-16      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF ARMENIA            | SR UNSECURED 144A 02/31 3.6    | CUSIP: 042207AD2<br>LEI: 2549008QLWTFS81EUF38 | Long             | DBT              | NUSS              | AM        |      740000 | PA      | $689398.80    | 0.47%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF BELARUS            | SR UNSECURED 144A 02/31 6.378  | CUSIP: 07737JAD5<br>LEI: 635400CVCOWYLHF4ZB08 | Long             | DBT              | NUSS              | BY        |     2030000 | PA      | $1609790.00   | 1.10%             | 2031-02-24      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF BELARUS            | SR UNSECURED 144A 06/27 7.625  | CUSIP: 07737JAA1<br>LEI: 635400CVCOWYLHF4ZB08 | Long             | DBT              | NUSS              | BY        |     1000000 | PA      | $914700.00    | 0.62%             | 2027-06-29      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF GUATEMALA          | SR UNSECURED 144A 10/41 4.65   | CUSIP: 401494AU3<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1710000 | PA      | $1707862.50   | 1.17%             | 2041-10-07      | Fixed         | 4.65%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF KENYA              | SR UNSECURED 144A 02/48 8.25   | CUSIP: 491798AH7<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      600000 | PA      | $608604.00    | 0.42%             | 2048-02-28      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF KENYA              | SR UNSECURED 144A 05/32 8      | CUSIP: 491798AK0<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      500000 | PA      | $545300.00    | 0.37%             | 2032-05-22      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SERBIA             | SR UNSECURED 144A 05/27 3.125  | CUSIP: ACI1MBV00<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      680000 | PA      | $824656.26    | 0.56%             | 2027-05-15      | Fixed         | 3.12%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SERBIA             | SR UNSECURED 144A 09/36 2.05   | CUSIP: ACI20JFB9<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     2549000 | PA      | $2650283.94   | 1.81%             | 2036-09-23      | Fixed         | 2.05%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA       | SR UNSECURED 01/44 8.75        | CUSIP: BPXR8CII6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    83800000 | PA      | $4369613.45   | 2.98%             | 2044-01-31      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA       | SR UNSECURED 12/26 10.5        | CUSIP: S69124FF7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    68700000 | PA      | $4768317.18   | 3.25%             | 2026-12-21      | Fixed         | 10.50%                | No            | 2                  | On Loan: No      |
| REPUBLIC OF TURKEY             | SR UNSECURED 10/28 6.125       | CUSIP: 900123CQ1<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      880000 | PA      | $817794.56    | 0.56%             | 2028-10-24      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| REPUBLIC OF UZBEKISTAN         | SR UNSECURED 144A 11/30 3.7    | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      250000 | PA      | $239750.00    | 0.16%             | 2030-11-25      | Fixed         | 3.70%                 | Yes           | 2                  | On Loan: No      |
| REPUBLICA ORIENT URUGUAY       | SR UNSECURED 07/40 3.875       | CUSIP: 917288BL5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    51442984 | PA      | $1338323.17   | 0.91%             | 2040-07-02      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| ROMANIA                        | SR UNSECURED 144A 04/49 4.625  | CUSIP: ACI19YLB2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1250000 | PA      | $1604430.59   | 1.10%             | 2049-04-03      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| RUMO LUXEMBOURG SARL           | COMPANY GUAR 144A 01/32 4.2    | CUSIP: 781467AE5<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |      650000 | PA      | $613437.50    | 0.42%             | 2032-01-18      | Fixed         | 4.20%                 | Yes           | 2                  | On Loan: No      |
| RUTAS 2 AND 7 FINANCE          | SR SECURED 144A 09/36 0.00000  | CUSIP: 78319MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      850000 | PA      | $624750.00    | 0.43%             | 2036-09-30      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| SAGICOR FINANCIAL CO           | COMPANY GUAR 144A 05/28 5.3    | CUSIP: 78669QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      884000 | PA      | $906100.00    | 0.62%             | 2028-05-13      | Fixed         | 5.30%                 | Yes           | 2                  | On Loan: No      |
| SIXSIGMA NETWORKS MEXICO       | COMPANY GUAR 144A 05/25 7.5    | CUSIP: 83006LAB9<br>LEI: 5493000VGOF3UCTUXW26 | Long             | DBT              | CORP              | MX        |      500000 | PA      | $480625.00    | 0.33%             | 2025-05-02      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| SM116901  IRS BRL R F  7.48500 | 7.485%   02 Jan 2029           | CUSIP: 99S1FAZR5<br>LEI: N/A                  | N/A              | DIR              |  | US        |     9935952 | PA      | $-231514.29   | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| SM116909  IRS BRL R F  7.47500 | 7.475%   02 Jan 2029           | CUSIP: 99S1FAJI3<br>LEI: N/A                  | N/A              | DIR              |  | US        |      989335 | PA      | $-23211.85    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| SM117529  IRS THB R F  1.50000 | 1.5%   08 Sep 2030             | CUSIP: 99S1IK5L6<br>LEI: N/A                  | N/A              | DIR              |  | US        |    33191000 | PA      | $-19614.33    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| SM117533  IRS THB R F  1.50500 | 1.505%   10 Sep 2030           | CUSIP: 99S1IK2F2<br>LEI: N/A                  | N/A              | DIR              |  | US        |    49455000 | PA      | $-28930.85    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| SM118165  IRS BRL R F  7.40000 | 7.4%   02 Jan 2029             | CUSIP: 99S1KFDO9<br>LEI: N/A                  | N/A              | DIR              |  | US        |     5424561 | PA      | $-167692.37   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| SM118242  IRS BRL R F  5.85500 | 5.855%   02 Jan 2023           | CUSIP: 99S1KRH35<br>LEI: N/A                  | N/A              | DIR              |  | US        |    11441936 | PA      | $-98015.70    | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| SM118426  IRS BRL R F  6.74000 | 6.74%   02 Jan 2023            | CUSIP: 99S1M7V31<br>LEI: N/A                  | N/A              | DIR              |  | US        |    13050205 | PA      | $-95467.52    | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| SM118448  IRS BRL R F  8.70500 | 8.705%   02 Jan 2029           | CUSIP: 99S1MB7O3<br>LEI: N/A                  | N/A              | DIR              |  | US        |    11158731 | PA      | $-195149.97   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| SM120226  IRS KRW R F  1.48000 | 1.48%   24 Jun 2023            | CUSIP: 99S1MRKC9<br>LEI: N/A                  | N/A              | DIR              |  | US        | 13571000000 | PA      | $-41028.66    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| SM120830  IRS BRL R F 10.17650 | 10.176%   02 Jan 2025          | CUSIP: 99S1OD402<br>LEI: N/A                  | N/A              | DIR              |  | US        |    57034881 | PA      | $-39722.69    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| SM121022  IRS BRL R F 11.50000 | 11.5%   02 Jan 2025            | CUSIP: 99S1ONUO9<br>LEI: N/A                  | N/A              | DIR              |  | US        |    16254109 | PA      | $99007.95     | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| SM121030  IRS BRL R F 11.63000 | 11.63%   02 Jan 2025           | CUSIP: 99S1ONVX8<br>LEI: N/A                  | N/A              | DIR              |  | US        |    10030334 | PA      | $68204.29     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| SM121270  IRS BRL R F 10.79710 | 10.797%   02 Jan 2029          | CUSIP: 99S1PBVU9<br>LEI: N/A                  | N/A              | DIR              |  | US        |     6058265 | PA      | $25529.12     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)       | SUBORDINATED 144A 04/30 VAR    | CUSIP: 84605LAA4<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |     1165000 | PA      | $1201348.00   | 0.82%             | 2030-04-07      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)       | JR SUBORDINA 144A 12/99 VAR    | CUSIP: 84605LAB2<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |     1450000 | PA      | $1445215.00   | 0.99%             | 2099-12-31      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| STATE AGE ROADS                | GOVT GUARANT 144A 06/28 6.25   | CUSIP: 857329AA4<br>LEI: 254900FGEO8P5USHG994 | Long             | DBT              | CORP              | UA        |     1528000 | PA      | $1321720.00   | 0.90%             | 2028-06-24      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| STILLWATER MINING CO           | COMPANY GUAR 144A 11/29 4.5    | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      850000 | PA      | $817275.00    | 0.56%             | 2029-11-16      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | COMPANY GUAR REGS 10/24 6.8    | CUSIP: ACI1Z72S6<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $128000.00    | 0.09%             | 2024-10-20      | Fixed         | 6.80%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | SR SECURED REGS 02/24 7.5      | CUSIP: ACI1GJDN0<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |      463000 | PA      | $298635.00    | 0.20%             | 2024-02-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | SR SECURED REGS 08/22 7.95     | CUSIP: ACI0WNKR8<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $148500.00    | 0.10%             | 2022-08-08      | Fixed         | 7.95%                 | Yes           | 2                  | On Loan: No      |
| TAJIKISTAN INT BOND            | SR UNSECURED 144A 09/27 7.125  | CUSIP: 87406KAA0<br>LEI: 529900W1LSYUF3CYVU10 | Long             | DBT              | NUSS              | TJ        |     1015000 | PA      | $898275.00    | 0.61%             | 2027-09-14      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| TBC BANK JSC                   | JR SUBORDINA 144A 12/99 VAR    | CUSIP: 48128XAB9<br>LEI: 2138001MSA39Q44QTA18 | Long             | DBT              | CORP              | GE        |      645000 | PA      | $701631.00    | 0.48%             | 2099-12-31      | Fixed         | 10.78%                | Yes           | 2                  | On Loan: No      |
| TCS FINANCE                    | 12/49 6                        | CUSIP: 87251LAA4<br>LEI: 2534000KL0PLD6KG7T76 | Long             | DBT              | CORP              | IE        |     1835000 | PA      | $1770775.04   | 1.21%             | 2049-12-31      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| THAILAND GOVERNMENT BOND       | BONDS 06/38 3.3                | CUSIP: ACI16S3F9<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   109500000 | PA      | $3606685.33   | 2.46%             | 2038-06-17      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| THAILAND GOVERNMENT BOND       | BONDS 12/28 2.875              | CUSIP: ACI13V4L1<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    22913000 | PA      | $737891.24    | 0.50%             | 2028-12-17      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| THAILAND GOVERNMENT BOND       | BONDS 12/29 1.6                | CUSIP: ACI1GZYS0<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    36905000 | PA      | $1083060.50   | 0.74%             | 2029-12-17      | Fixed         | 1.60%                 | No            | 2                  | On Loan: No      |
| TIMES CHINA HLDG LTD           | SR SECURED REGS 07/23 6.75     | CUSIP: ACI1D6KV5<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $149000.00    | 0.10%             | 2023-07-16      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| TIMES CHINA HLDG LTD           | SR SECURED REGS 07/25 6.75     | CUSIP: ACI1NKQD7<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $272400.00    | 0.19%             | 2025-07-08      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| TITULOS DE TESORERIA           | BONDS 10/50 7.25               | CUSIP: ACI1RC3R5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 13500000000 | PA      | $2855884.16   | 1.95%             | 2050-10-26      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| TITULOS DE TESORERIA           | BONDS 06/32 7                  | CUSIP: ACI0RXZM7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  3650000000 | PA      | $818340.45    | 0.56%             | 2032-06-30      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| TITULOS DE TESORERIA           | BONDS 08/26 7.5                | CUSIP: ACI01CGB6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 11978000000 | PA      | $2924693.45   | 2.00%             | 2026-08-26      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| TMBTHANACHART BANK PCL         | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1H3BP1<br>LEI: N/A                  | Long             | DBT              | CORP              | TH        |      500000 | PA      | $504195.35    | 0.34%             | 2099-12-31      | Fixed         | 4.90%                 | Yes           | 2                  | On Loan: No      |
| TULLOW OIL PLC                 | COMPANY GUAR 144A 03/25 7      | CUSIP: 899415AE3<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |     1840000 | PA      | $1501992.00   | 1.03%             | 2025-03-01      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| TULLOW OIL PLC                 | SR SECURED 144A 05/26 10.25    | CUSIP: 899415AG8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |      655000 | PA      | $661805.45    | 0.45%             | 2026-05-15      | Fixed         | 10.25%                | Yes           | 2                  | On Loan: No      |
| TUPY OVERSEAS SA               | COMPANY GUAR 144A 02/31 4.5    | CUSIP: 89990BAB6<br>LEI: 222100ZREIYU6AS2OO19 | Long             | DBT              | CORP              | LU        |      643000 | PA      | $618893.93    | 0.42%             | 2031-02-16      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| TURK SISE VE CAM FABRIKA       | SR UNSECURED 144A 03/26 6.95   | CUSIP: 90016AAB6<br>LEI: 789000KWOK751Q6R8875 | Long             | DBT              | CORP              | TR        |     1000000 | PA      | $1020000.00   | 0.70%             | 2026-03-14      | Fixed         | 6.95%                 | Yes           | 2                  | On Loan: No      |
| TURKEY GOVERNMENT BOND         | BONDS 09/23 17.2               | CUSIP: ACI20X6P7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2091000 | PA      | $148262.00    | 0.10%             | 2023-09-20      | Fixed         | 17.20%                | No            | 2                  | On Loan: No      |
| UKRAINE GOVERNMENT             | SR UNSECURED 144A 03/33 7.253  | CUSIP: 903724BY7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      500000 | PA      | $440000.00    | 0.30%             | 2033-03-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE GOVERNMENT             | SR UNSECURED 144A 05/29 6.876  | CUSIP: 90372UAR5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1380000 | PA      | $1219161.00   | 0.83%             | 2029-05-21      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE GOVERNMENT             | SR UNSECURED 144A 09/32 7.375  | CUSIP: 903724BM3<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1375000 | PA      | $1224107.50   | 0.84%             | 2032-09-25      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE GOVERNMENT             | SR UNSECURED 144A 11/28 9.75   | CUSIP: 903724BV3<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1460000 | PA      | $1473402.80   | 1.01%             | 2028-11-01      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE RAIL (RAIL CAPL)       | SR UNSECURED REGS 07/26 7.875  | CUSIP: ACI1Z4JX4<br>LEI: 213800IW9C7PR3HKI783 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $559224.00    | 0.38%             | 2026-07-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| UKREXIMBANK(BIZ FIN PLC)       | SUBORDINATED REGS 11/29 VAR    | CUSIP: ACI1GS764<br>LEI: 213800CQK26QNHYTY203 | Long             | DBT              | CORP              | GB        |      500000 | PA      | $500000.00    | 0.34%             | 2029-11-14      | Fixed         | 9.95%                 | Yes           | 2                  | On Loan: No      |
| ULKER BISKUVI SANAYI AS        | SR UNSECURED 144A 10/25 6.95   | CUSIP: 903742AA2<br>LEI: 7890009HEU9BS7J3DA93 | Long             | DBT              | CORP              | TR        |      494000 | PA      | $464854.00    | 0.32%             | 2025-10-30      | Fixed         | 6.95%                 | Yes           | 2                  | On Loan: No      |
| UPL CORP LTD                   | SUBORDINATED REGS 12/99 VAR    | CUSIP: ACI1K7FX7<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |     1750000 | PA      | $1756650.00   | 1.20%             | 2099-12-31      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| US ULTRA BOND CBT MAR22        | XCBT 20220322                  | CUSIP: ADI1Z7957<br>LEI: N/A                  | N/A              | DIR              |  | US        |         -13 | NC      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| UZAUTO MOTORS AJ               | SR UNSECURED 144A 05/26 4.85   | CUSIP: 46653NAA0<br>LEI: 25490082QA3E2MKBZI88 | Long             | DBT              | CORP              | UZ        |      991000 | PA      | $953599.66    | 0.65%             | 2026-05-04      | Fixed         | 4.85%                 | Yes           | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR 144A 01/24 13.875 | CUSIP: 92243XAD3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      900000 | PA      | $953999.92    | 0.65%             | 2024-01-21      | Fixed         | 13.88%                | Yes           | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR 144A 03/25 8.95   | CUSIP: 92243XAE1<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     1370000 | PA      | $1335750.00   | 0.91%             | 2025-03-11      | Fixed         | 8.95%                 | Yes           | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR 144A 04/26 9.25   | CUSIP: 92243XAA9<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      550000 | PA      | $511500.00    | 0.35%             | 2026-04-23      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 01/27 6.35     | CUSIP: ACI1TWZ52<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      802000 | PA      | $216540.00    | 0.15%             | 2027-01-13      | Fixed         | 6.35%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 02/23 8.5      | CUSIP: ACI17Y3K4<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     1050000 | PA      | $341250.00    | 0.23%             | 2023-02-04      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 02/25 7.7      | CUSIP: ACI1K25J0<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $285000.00    | 0.19%             | 2025-02-20      | Fixed         | 7.70%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 10/24 8.375    | CUSIP: ACI1GDPY6<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      630000 | PA      | $179550.00    | 0.12%             | 2024-10-30      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-08

**Name of Applicant:** MassMutual Advantage Funds

**Signature:** /s/ Renee Hitchcock

**Name of Signer:** Renee Hitchcock

**Title:** Treasurer and CFO