# EDGAR Filing Document

**Accession Number:** 0001859808
**File Stem:** 0001398344-23-004614
**Filing Date:** 2023-2
**Character Count:** 273282
**Document Hash:** eac905fe2217b97db161424f56b2bf95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-004614.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001398344-23-004614

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23703
- **FILM NUMBER:** 23666983

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 0.6%** |  |  |
| **COMMON STOCK — 0.6%** |  |  |
| **Communications — 0.0%** |  |  |
| **Telecommunications — 0.0%** |  |  |
| Vantiva SA (a) | 88751 | $19655 |
| **Consumer, Cyclical — 0.1%** |  |  |
| **Entertainment — 0.0%** |  |  |
| Technicolor Creative Studios SA (a) | 88751 | 21277 |
| **Leisure Time — 0.1%** |  |  |
| Carlson Travel, Inc. (a) | 43227 | 263684 |
|  |  | 284961 |
| **Consumer, Non-cyclical — 0.3%** |  |  |
| **Food — 0.2%** |  |  |
| CTI Foods Holding Co., LLC (a) (b) (c) | 4657 | 446839 |
| **Health Care – Services — 0.1%** |  |  |
| Don Jersey Topco Ltd. (Acquired 8/03/20-1/11/22, Cost $233,833) (a) (b) (c) (d) | 333090 | 196110 |
|  |  | 642949 |
| **Energy — 0.2%** |  |  |
| **Oil & Gas Services — 0.2%** |  |  |
| KCA Deutag International Ltd. (a) | 7834 | 434004 |
| **Financial — 0.0%** |  |  |
| **Diversified Financial Services — 0.0%** |  |  |
| Travelex Topco Ltd. (a) (b) (c) | 2999 |  |
| **Industrial — 0.0%** |  |  |
| **Transportation — 0.0%** |  |  |
| Bahia De Las Isletas SL, Class A2 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 688 |  |
| Bahia De Las Isletas SL, Class A3 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 98 |  |
| Bahia De Las Isletas SL, Class B2 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 876 |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Bahia De Las Isletas SL, Class B3 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 125 | $— |
| **TOTAL COMMON STOCK <br>(Cost $1,848,800)** |  | **1381569** |
| **TOTAL EQUITIES <br>(Cost $1,848,800)** |  | **1381569** |
|  | **Principal<br>Amount** |  |
| **BONDS & NOTES — 92.0%** |  |  |
| **BANK LOANS — 87.8%** |  |  |
| **Advertising — 2.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.915% VRN 8/21/26 | $1672711 | 1520377 |
| Dotdash Meredith, Inc., Term Loan B, 1 mo. USD SOFR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.224% VRN 12/01/28 | 523806 | 450474 |
| Summer (BC) Holdco B SARL, USD Term Loan B1, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.765% VRN 12/04/26 | 3440480 | 3174703 |
|  |  | 5145554 |
| **Aerospace & Defense — 0.4%** |  |  |
| TransDigm, Inc., 2020 Term Loan F, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.980% VRN 12/09/25 | 1001800 | 988356 |
| **Airlines — 2.3%** |  |  |
| Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.130% VRN 8/11/28 | 1273545 | 1256034 |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2018 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.139% VRN 6/27/25 | 697082 | 668766 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.993% VRN 4/20/28 | 1013025 | 1007483 |
| Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.354% VRN 12/11/26 | 1561138 | 1416249 |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.108% VRN 4/21/28 | 1178073 | 1161061 |
|  |  | 5509593 |
| **Apparel — 0.4%** |  |  |
| Crocs, Inc., Term Loan B, 3 mo. USD SOFR + 7.800% |  |  |
| &nbsp;&nbsp;&nbsp;7.800% VRN 2/20/29 | 1011939 | 990435 |
| **Auto Parts & Equipment — 0.4%** |  |  |
| Clarios Global LP, 2021 EUR Term Loan B, 1 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.148% VRN 4/30/26 EUR (e) | 947090 | 971009 |
| **Banks — 0.1%** |  |  |
| AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;10.250% VRN 8/02/29 | 250358 | 217393 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Beverages — 0.3%** |  |  |
| Amphora Finance Ltd., 2018 GBP Term Loan B, 6 mo. GBP LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.641% VRN 5/23/25 GBP (e) | $500000 | $338506 |
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 3/31/28 | 370934 | 343670 |
|  |  | 682176 |
| **Biotechnology — 0.4%** |  |  |
| Advanz Pharma Corp., 2021 EUR Term Loan B, 1 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.398% VRN 6/01/28 EUR (e) | 1000000 | 1013105 |
| **Building Materials — 1.0%** |  |  |
| CP Atlas Buyer, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 11/23/27 | 734750 | 641584 |
| LSF10 XL Bidco S.C.A., 2021 EUR Term Loan B4, 3 mo. EURIBOR + 3.925% |  |  |
| &nbsp;&nbsp;&nbsp;6.127% VRN 4/12/28 EUR (e) | 853470 | 733573 |
| Vector WP Holdco, Inc., Term Loan B, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.375% VRN 10/12/28 | 1064417 | 1037807 |
|  |  | 2412964 |
| **Chemicals — 4.9%** |  |  |
| 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 (e) | 207191 | 154697 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B3, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 14980 | 11184 |
| Consolidated Energy Finance, SA, Term Loan B, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 5/07/25 | 978806 | 955559 |
| CPC Acquisition Corp., Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.480% VRN 12/29/27 | 1718037 | 1235269 |
| Flint Group GmbH |  |  |
| &nbsp;&nbsp;&nbsp;EUR Add on Term Loan B4, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 101054 | 75451 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B5, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 64065 | 47833 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B6, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 3703 | 2765 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B7, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 344963 | 257563 |
| &nbsp;&nbsp;&nbsp;USD Term Loan C, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.575% VRN 9/21/23 | 594415 | 429958 |
| Flint Group US LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.575% VRN 9/21/23 | 3715640 | 2687634 |
| GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.230% VRN 8/18/28 | 550943 | 534415 |
| Kraton Corp., 2022 USD Term Loan, 3 mo. SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.040% VRN 3/15/29 | 399140 | 395025 |
| LSF11 A5 Holdco LLC, Term Loan, 1 mo. USD SOFR + 8.050% |  |  |
| &nbsp;&nbsp;&nbsp;8.052% VRN 10/15/28 | 934867 | 901913 |
| New Arclin U.S. Holding Corp. |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 Delayed Draw Term Loan, 3 mo. USD LIBOR + 1.000% |  |  |
| &nbsp;&nbsp;&nbsp;1.000% VRN 10/02/28 (f) | $112911 | $98853 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 9/30/28 | 765703 | 670373 |
| Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.500% VRN 11/09/28 | 422700 | 404853 |
| PMHC II, Inc., 2022 Term Loan B, 3 mo. SOFR CME + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.494% VRN 4/23/29 | 1540770 | 1298253 |
| Polar US Borrower LLC, 2018 1st Lien Term Loan, 3 mo. Prime + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;11.250% VRN 10/15/25 | 1214853 | 975527 |
| Trinseo Materials Operating S.C.A., 2021 Term Loan B2, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 5/03/28 | 729399 | 677429 |
|  |  | 11814554 |
| **Commercial Services — 6.4%** |  |  |
| Albion Financing 3 SARL, EUR Term Loan, 3 mo. EURIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.752% VRN 8/17/26 EUR (e) | 640000 | 667227 |
| APX Group, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%, 3 mo. Prime + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.730% - 9.750% VRN 7/10/28 | 1214095 | 1196260 |
| AVSC Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B1, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.983% VRN 3/03/25 | 1437999 | 1315237 |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B2, 3 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.685% VRN 10/15/26 | 509282 | 468646 |
| BCP V Modular Services Holdings IV Ltd., EUR Term Loan B, 3 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.702% VRN 12/15/28 EUR (e) | 1000000 | 993516 |
| Cimpress Public Ltd. Co., USD Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 5/17/28 | 214145 | 191583 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.938% VRN 6/02/28 | 1313819 | 1092112 |
| &nbsp;&nbsp;&nbsp;2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;10.938% VRN 6/04/29 | 532670 | 373136 |
| EAB Global, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 8/16/28 | 495000 | 475200 |
| Eagle Bidco Ltd., 2021 GBP Term Loan B, 1 mo. GBP LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.210% VRN 3/20/28 GBP (e) | 500000 | 543272 |
| Ensono, LP, 2021 Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.901% VRN 5/26/28 | 891246 | 797888 |
| Fugue Finance B.V., EUR Term Loan, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.204% VRN 9/01/24 EUR (e) | 1000000 | 1032984 |
| Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.610% VRN 10/24/25 EUR (e) | 2000000 | 2004952 |
| Prometric Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.390% VRN 1/29/25 | 979644 | 857806 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B2, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 12/17/27 | 478962 | 434658 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B1, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 12/17/27 | 300467 | 272674 |
| Techem Verwaltungsgesellschaft 675 mbH, EUR Term Loan B4, 6 mo. EURIBOR + 2.375% |  |  |
| &nbsp;&nbsp;&nbsp;2.638% VRN 7/15/25 EUR (e) | 1000000 | 1021616 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.378% VRN 3/27/28 EUR (e) | $1375000 | $1362655 |
| Wand NewCo 3, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 2/05/26 | 487336 | 461054 |
|  |  | 15562476 |
| **Computers — 2.1%** |  |  |
| Ahead DB Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.480% VRN 10/18/27 | 937786 | 903791 |
| Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.170% VRN 7/27/28 | 676475 | 575849 |
| McAfee, LLC, 2022 USD Term Loan B, 1 mo. SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.974% VRN 3/01/29 | 422437 | 392187 |
| Panther Commercial Holdings LP, Term Loan, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.665% VRN 1/07/28 | 978766 | 876808 |
| Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.108% VRN 4/27/28 | 1545354 | 1063528 |
| Vision Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.358% VRN 4/24/28 | 922686 | 762138 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;11.608% VRN 4/23/29 | 770186 | 565286 |
|  |  | 5139587 |
| **Cosmetics & Personal Care — 0.9%** |  |  |
| Coty, Inc., 2018 USD Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.471% VRN 4/07/25 | 780426 | 765988 |
| Hoffmaster Group, Inc., 2018 1st Lien Term Loan (Acquired 3/18/21-11/09/21, Cost $1,356,787), 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 11/21/23 (d) | 1392055 | 1253964 |
| Journey Personal Care Corp., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.980% VRN 3/01/28 | 294425 | 213605 |
|  |  | 2233557 |
| **Distribution & Wholesale — 0.7%** |  |  |
| Ammeraal Beltech Holding B.V., 2018 EUR 1st Lien Term Loan, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.952% VRN 7/30/25 EUR (e) | 1000000 | 997895 |
| Fluid-Flow Products, Inc., Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.480% VRN 3/31/28 | 722936 | 685885 |
|  |  | 1683780 |
| **Diversified Financial Services — 1.9%** |  |  |
| AllSpring Buyer LLC, Term Loan B, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.750% VRN 11/01/28 | 804058 | 791796 |
| Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.634% VRN 10/25/28 | 610275 | 538061 |
| Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.519% VRN 10/22/26 | 1132378 | 1120851 |
| Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;11.134% VRN 4/07/28 | 1000000 | 947500 |
| Edelman Financial Center LLC |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 4/07/28 | $232522 | $216420 |
| &nbsp;&nbsp;&nbsp;2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;11.134% VRN 7/20/26 | 500000 | 448125 |
| VFH Parent LLC, 2022 Term Loan B, 1 mo. USD SOFR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.421% VRN 1/13/29 | 524050 | 509114 |
|  |  | 4571867 |
| **Electric — 1.0%** |  |  |
| Arvos BidCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;EUR 1st Lien Term Loan B1, 3 mo. EURIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.454% VRN 8/29/24 EUR (e) | 865302 | 509444 |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.915% VRN 8/29/24 | 123167 | 67536 |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.915% VRN 8/29/24 | 123167 | 67536 |
| Edgewater Generation LLC, Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 12/13/25 | 772532 | 730623 |
| Helix Gen Funding LLC, Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 6/03/24 | 1109444 | 1090550 |
|  |  | 2465689 |
| **Electrical Components & Equipment — 0.4%** |  |  |
| CEP IV Investment 16 SARL, EUR Term Loan B, 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.722% VRN 10/03/26 EUR (e) | 500000 | 409982 |
| SGB-SMIT Management GmbH, EUR Term Loan B (Acquired 4/02/19-12/30/22, Cost $554,007), 1 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.398% VRN 7/18/24 EUR (d) (e) | 514819 | 418276 |
|  |  | 828258 |
| **Engineering & Construction — 0.7%** |  |  |
| DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.073% VRN 3/31/28 | 720763 | 688329 |
| USIC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 5/12/28 | 937225 | 892875 |
|  |  | 1581204 |
| **Entertainment — 2.7%** |  |  |
| AMC Entertainment Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.274% VRN 4/22/26 | 1107226 | 596285 |
| International Park Holdings B.V., EUR Term Loan B, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.479% VRN 6/13/24 EUR (e) | 500000 | 528534 |
| Motion Finco SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.202% VRN 11/12/26 EUR (e) | 1000000 | 1000089 |
| Parques Reunidos SAU, 2019 EUR Term Loan B1, 6 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;3.984% VRN 9/16/26 EUR (e) | 500000 | 499477 |
| Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.097% VRN 4/04/29 | 640000 | 609299 |
| Technicolor Creative Studios, EUR Term Loan, 3 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.046% VRN 9/07/26 EUR (e) | 900000 | 541318 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Vacalians Group, EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.954% VRN 12/04/25 EUR (e) | $330783 | $340515 |
| Vue International Bidco PLC |  |  |
| &nbsp;&nbsp;&nbsp;2019 EUR Term Loan B, 1 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.264% VRN 7/03/26 EUR (e) | 923797 | 556244 |
| &nbsp;&nbsp;&nbsp;2022 EUR Term Loan, 3 mo. EURIBOR + 8.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.766% VRN 6/30/27 EUR (e) | 145796 | 141241 |
| William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.140% - 7.480% VRN 5/18/25 | 1226283 | 1197465 |
| WMG Acquisition Corp., 2021 Term Loan G, 1 mo. USD LIBOR + 2.125% |  |  |
| &nbsp;&nbsp;&nbsp;6.509% VRN 1/20/28 | 518991 | 512286 |
|  |  | 6522753 |
| **Environmental Controls — 0.6%** |  |  |
| Gopher Resource LLC, 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 3/06/25 | 1050822 | 698796 |
| Madison IAQ LLC, Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.988% VRN 6/21/28 | 813462 | 754998 |
|  |  | 1453794 |
| **Food — 1.3%** |  |  |
| BCPE North Star US HoldCo 2, Inc., Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 6/09/28 | 303821 | 277996 |
| Casino Guichard-Perrachon SA, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.340% VRN 8/31/25 EUR (e) | 850000 | 765438 |
| CHG PPC Parent LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.438% VRN 12/08/28 | 496250 | 478881 |
| CTI Foods Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Out Term Loan, 3 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.380% VRN 5/03/24 | 310657 | 309720 |
| &nbsp;&nbsp;&nbsp;Second Out Term Loan, 3 mo. USD LIBOR + 9.000% |  |  |
| &nbsp;&nbsp;&nbsp;13.460% VRN 5/03/24 | 206017 | 195095 |
| Deoleo, S.A., EUR Senior Term Loan, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.141% VRN 6/24/25 EUR (e) | 75107 | 76228 |
| Froneri International Ltd., 2020 EUR Term Loan B1, 6 mo. EURIBOR + 2.125% |  |  |
| &nbsp;&nbsp;&nbsp;2.756% VRN 1/29/27 EUR (e) | 1000000 | 994715 |
|  |  | 3098073 |
| **Health Care – Products — 3.0%** |  |  |
| Auris Luxembourg III SARL |  |  |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B1A, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.436% VRN 2/27/26 EUR (e) | 1500000 | 1434204 |
| &nbsp;&nbsp;&nbsp;2019 USD Term Loan B2, 3 mo. USD LIBOR + 3.750%, 6 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.501% - 8.678% VRN 2/27/26 | 2455364 | 2181174 |
| Iris BidCo GmbH, EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.605% VRN 6/29/28 EUR (e) | 650000 | 597637 |
| Lifescan Global Corp., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.743% VRN 10/01/24 | 1048895 | 751994 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 10/23/28 | $2481250 | $2354657 |
|  |  | 7319666 |
| **Health Care – Services — 4.2%** |  |  |
| AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.331% VRN 12/18/28 EUR (e) | 600000 | 602449 |
| Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;11.389% VRN 12/10/29 | 1497326 | 823529 |
| Envision Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Third Out Term Loan, 3 mo. SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.330% VRN 3/31/27 | 370372 | 92593 |
| &nbsp;&nbsp;&nbsp;2022 Second Out Term Loan, 3 mo. SOFR CME + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.830% VRN 3/31/27 | 845555 | 287489 |
| &nbsp;&nbsp;&nbsp;2022 First Out Term Loan, 3 mo. SOFR CME + 7.875% |  |  |
| &nbsp;&nbsp;&nbsp;12.605% VRN 3/31/27 | 145541 | 128986 |
| ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 7/03/28 | 669334 | 666744 |
| Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;11.384% VRN 11/01/29 | 294737 | 271158 |
| NAPA Management Services Corp., Term Loan B, 1 mo. USD SOFR + 9.670% |  |  |
| &nbsp;&nbsp;&nbsp;9.673% VRN 2/23/29 | 828614 | 669885 |
| Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.639% VRN 7/09/25 | 1750000 | 1463438 |
| RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.165% VRN 11/16/25 | 742455 | 698279 |
| Select Medical Corp., 2017 Term Loan B, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.890% VRN 3/06/25 | 1000000 | 978000 |
| Surgery Center Holdings, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.050% VRN 8/31/26 | 633144 | 624368 |
| Team Health Holdings, Inc., 2022 Term Loan B, 1 mo. SOFR CME + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.573% VRN 3/02/27 | 1354339 | 1012368 |
| Tunstall Group Holdings Ltd., 2020 EUR Term Loan B (Acquired 8/03/20, Cost $377,864), 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.654% VRN 6/30/25 EUR (d) (e) | 321190 | 311155 |
| U.S. Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.370% VRN 10/01/28 | 728169 | 692256 |
| US Radiology Specialists, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.980% VRN 12/15/27 | 1033604 | 931050 |
|  |  | 10253747 |
| **Holding Company – Diversified — 0.4%** |  |  |
| CEP IV Investment 16 SARL, USD 2nd Lien Term Loan , 3 mo. USD LIBOR + 9.250% |  |  |
| &nbsp;&nbsp;&nbsp;14.015% VRN 10/03/27 | 900000 | 684000 |
| Hilding Anders International AB |  |  |
| &nbsp;&nbsp;&nbsp;2022 EUR PIK Reorg Opco Term Loan (Acquired 10/04/22-10/31/22, Cost $250,098), 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.118% VRN 2/28/26 EUR (d) (e) | 380622 | 254648 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2022 EUR PIK Reorg Holdco, 1 mo. EURIBOR + 12.000% |  |  |
| &nbsp;&nbsp;&nbsp;12.000% VRN 2/28/27 EUR (b) (c) (e) | $345939 | $— |
|  |  | 938648 |
| **Home Furnishing — 0.5%** |  |  |
| Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.440% VRN 9/25/28 | 1462483 | 1241282 |
| **Household Products & Wares — 0.1%** |  |  |
| Illuminate Merger Sub Corp., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 7/21/28 | 280593 | 252183 |
| **Housewares — 0.4%** |  |  |
| Solis IV B.V., USD Term Loan B1, 3 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.859% VRN 2/26/29 | 1146456 | 1004170 |
| **Insurance — 1.6%** |  |  |
| Acrisure, LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 2/15/27 | 270803 | 253540 |
| Alliant Holdings Intermediate LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 5/09/25 | 708211 | 698119 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B8, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 12/23/26 | 1945070 | 1729906 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.634% VRN 1/20/29 | 1551724 | 1199265 |
|  |  | 3880830 |
| **Internet — 3.0%** |  |  |
| Endure Digital, Inc., Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.717% VRN 2/10/28 | 1193685 | 1069840 |
| Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.980% VRN 8/19/28 | 751360 | 735394 |
| ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.452% VRN 4/03/28 EUR (e) | 886500 | 888458 |
| MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 9/13/24 | 726832 | 705129 |
| &nbsp;&nbsp;&nbsp;2020 Incremental Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 9/13/24 | 281010 | 272681 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. SOFR CME + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;10.649% VRN 2/23/29 | 500000 | 445625 |
| Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.985% VRN 8/31/28 | 442442 | 424496 |
| PUG LLC |  |  |
| &nbsp;&nbsp;&nbsp;USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 2/12/27 | 426905 | 351484 |
| &nbsp;&nbsp;&nbsp;2021 Incremental Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.634% VRN 2/12/27 | 906795 | 748106 |
| Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.743% VRN 7/20/28 | 960000 | 909600 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| W3 Topco LLC, 2019 Term Loan B, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.699% -10.753% VRN 8/16/25 | $690053 | $653480 |
|  |  | 7204293 |
| **Investment Companies — 1.3%** |  |  |
| Energize HoldCo LLC, 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 12/08/28 | 717117 | 683771 |
| Median B V |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.202% VRN 10/14/27 EUR (e) | 800000 | 720053 |
| &nbsp;&nbsp;&nbsp;2021 GBP Term Loan B, 3 mo. GBP LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.427% VRN 10/14/27 GBP (e) | 650000 | 653211 |
| Triley Midco 2 Ltd, EUR Term Loan B, 1 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.648% VRN 4/09/29 EUR (e) | 1000000 | 998194 |
|  |  | 3055229 |
| **Leisure Time — 2.3%** |  |  |
| Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 10/18/28 | 992481 | 926481 |
| City Football Group Ltd., Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.361% VRN 7/21/28 | 918557 | 856554 |
| HNVR Holdco Ltd., EUR Term Loan B, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.706% VRN 9/12/25 EUR (e) | 2000000 | 1806919 |
| Richmond UK Bidco Ltd., 2017 GBP Term Loan B, 1 Day GBP SONIA + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.710% VRN 3/03/24 GBP (e) | 1482094 | 1593930 |
| Silk Bidco AS, EUR Term Loan B, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.908% VRN 2/24/25 EUR (e) | 500000 | 417143 |
|  |  | 5601027 |
| **Lodging — 2.2%** |  |  |
| Alpha Group SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.952% VRN 1/31/25 EUR (e) | 1000000 | 943548 |
| Casper BidCo SAS, 2020 EUR Term Loan B3A, 3 mo. EURIBOR + 3.375% |  |  |
| &nbsp;&nbsp;&nbsp;5.177% VRN 7/31/26 EUR (e) | 2000000 | 1987032 |
| Compass IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018 EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.005% VRN 5/09/25 EUR (e) | 500000 | 503379 |
| &nbsp;&nbsp;&nbsp;2018 EUR 2nd Lien Term Loan, 3 mo. EURIBOR + 8.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.005% VRN 5/08/26 EUR (e) | 500000 | 479026 |
| Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 8/02/28 | 531390 | 527405 |
| Motel 6, Term Loan B, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.318% VRN 9/09/26 | 962405 | 944764 |
|  |  | 5385154 |
| **Machinery – Diversified — 1.2%** |  |  |
| ASP Blade Holdings, Inc., Initial Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 10/13/28 | 990588 | 780088 |
| Pro Mach Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 8/31/28 | 778009 | 755447 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Titan Acquisition Ltd., 2018 Term Loan B, 6 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.151% VRN 3/28/25 | $1409761 | $1313939 |
|  |  | 2849474 |
| **Media — 5.9%** |  |  |
| A-L Parent LLC, 2016 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.640% VRN 12/01/23 | 1535407 | 1143326 |
| Altice Financing SA, EUR 2017 1st Lien Term Loan, 3 mo. EURIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.128% VRN 1/31/26 EUR (e) | 979381 | 1001201 |
| CSC Holdings LLC, 2017 Term Loan B1, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.568% VRN 7/17/25 | 626053 | 590055 |
| Cumulus Media New Holdings, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 3/31/26 | 1092779 | 1020655 |
| DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.384% VRN 8/02/27 | 1301104 | 1263971 |
| iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 5/01/26 | 1386237 | 1267977 |
| McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 6 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.316% VRN 7/28/28 | 1202629 | 1129341 |
| Radiate Holdco LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 9/25/26 | 518106 | 418967 |
| Springer Nature Deutschland GmbH, 2021 EUR Term Loan B17, 3 mo. EURIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;4.952% VRN 8/14/26 EUR (e) | 933125 | 949988 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 1/31/29 | 1178893 | 1141074 |
| &nbsp;&nbsp;&nbsp;2022 First Lien Term Loan B, 3 mo. SOFR CME + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.830% VRN 6/24/29 | 176106 | 173553 |
| Virgin Media SFA Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;GBP Term Loan L, 1 mo. GBP SONIA + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.211% VRN 1/15/27 GBP (e) | 1000000 | 1115256 |
| &nbsp;&nbsp;&nbsp;GBP Term Loan M, 1 mo. GBP SONIA + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.211% VRN 11/15/27 GBP (e) | 1850000 | 2041172 |
| Ziggo B.V., 2019 EUR Term Loan H, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.764% VRN 1/31/29 EUR (e) | 1000000 | 984150 |
|  |  | 14240686 |
| **Metal Fabricate & Hardware — 0.6%** |  |  |
| Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.702% - 8.765% VRN 10/12/28 | 1230888 | 1138572 |
| WireCo WorldGroup, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.938% VRN 11/13/28 | 200064 | 194312 |
|  |  | 1332884 |
| **Mining — 0.5%** |  |  |
| U.S. Silica Co., 2018 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.438% VRN 5/01/25 | 1160845 | 1147785 |
| **Miscellaneous - Manufacturing — 1.1%** |  |  |
| Gates Global LLC, 2021 Term Loan B3, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 3/31/27 | 733092 | 716348 |

---

***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;7.420% VRN 12/31/27 | $762013 | $749158 |
| Groupe Solmax, Inc., Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.480% VRN 5/29/28 | 854752 | 705171 |
| LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 9/06/25 | 586425 | 560218 |
|  |  | 2730895 |
| **Oil & Gas — 0.7%** |  |  |
| Gulf Finance LLC, 2021 Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;10.970% - 11.140% VRN 8/25/26 | 1898468 | 1779814 |
| **Packaging & Containers — 1.5%** |  |  |
| Albea Beauty Holdings S.A., 2018 USD Term Loan B2, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.480% VRN 4/22/24 | 197566 | 189664 |
| BWAY Holding Co., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.370% VRN 4/03/24 | 1380084 | 1345775 |
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175% |  |  |
| &nbsp;&nbsp;&nbsp;8.598% VRN 4/13/29 | 663100 | 630223 |
| Graham Packaging Co., Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 8/04/27 | 508759 | 499006 |
| Kouti B.V., 2021 EUR Term Loan, 3 mo. EURIBOR + 3.175% |  |  |
| &nbsp;&nbsp;&nbsp;5.129% VRN 8/31/28 EUR (e) | 600000 | 596238 |
| Pretium PKG Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.743% VRN 10/02/28 | 341772 | 271466 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;11.485% VRN 10/01/29 | 254237 | 153338 |
|  |  | 3685710 |
| **Pharmaceuticals — 4.1%** |  |  |
| Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.034% VRN 3/06/26 EUR (e) | 500000 | 470104 |
| Amneal Pharmaceuticals LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.500%, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.952% - 8.250% VRN 5/04/25 | 1183297 | 1057145 |
| Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo. SOFR CME + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.667% VRN 2/01/27 | 1039684 | 786698 |
| Embecta Corp., Term Loan B, 6 mo. SOFR CME + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.791% VRN 3/30/29 | 364937 | 347146 |
| Financiere Verdi I S.A.S., 2021 GBP Term Loan B, 3 mo. GBP LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.927% VRN 4/17/28 GBP (e) | 1000000 | 977436 |
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 10/01/27 | 597058 | 558995 |
| Horizon Therapeutics USA, Inc., Term Loan B1, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.438% VRN 5/22/26 | 494267 | 493441 |
| IVC Acquisition Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B5, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.294% VRN 2/13/26 EUR (e) | 587000 | 581749 |
| &nbsp;&nbsp;&nbsp;2022 EUR Term Loan B6, 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.044% VRN 2/13/26 EUR (e) | 700000 | 716067 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 GBP Term Loan B3, 3 mo. GBP LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.703% VRN 2/13/26 GBP (e) | $500000 | $542704 |
| Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 5/05/28 | 532642 | 527231 |
| Nidda Healthcare Holding AG |  |  |
| &nbsp;&nbsp;&nbsp;2020 EUR Term Loan F, 1 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.394% VRN 8/21/26 EUR (e) | 925000 | 903526 |
| &nbsp;&nbsp;&nbsp;2020 GBP Term Loan F, 6 mo. GBP LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.448% VRN 8/21/26 GBP (e) | 500000 | 526395 |
| Organon & Co., USD Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.750% VRN 6/02/28 | 376522 | 372287 |
| Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.491% VRN 7/06/28 | 548387 | 483496 |
| Perrigo Investments LLC, Term Loan B, 1 mo. SOFR CME + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.923% VRN 4/20/29 | 482513 | 478894 |
| PRA Health Sciences, Inc., US Term Loan, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.000% VRN 7/03/28 | 166765 | 166120 |
|  |  | 9989434 |
| **Pipelines — 0.9%** |  |  |
| Buckeye Partners, L.P., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.634% VRN 11/01/26 | 386846 | 384297 |
| Freeport LNG Investments, LLLP, Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.743% VRN 12/21/28 | 1084943 | 1029339 |
| Oryx Midstream Services Permian Basin LLC, Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.924% VRN 10/05/28 | 770308 | 760079 |
|  |  | 2173715 |
| **Real Estate — 0.4%** |  |  |
| Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 8/21/25 | 981042 | 956869 |
| **Retail — 6.0%** |  |  |
| 1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.134% - 6.165% VRN 11/19/26 | 489899 | 480713 |
| Constellation Automotive Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;GBP Term Loan B, 1 Day GBP SONIA + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.941% VRN 7/28/28 GBP (e) | 500000 | 413394 |
| &nbsp;&nbsp;&nbsp;GBP 2nd Lien Term Loan B, 1 Day GBP SONIA + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.190% VRN 7/27/29 GBP (e) | 500000 | 237903 |
| Foundation Building Materials Holding Co. LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.665% VRN 1/31/28 | 1039238 | 981301 |
| Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 3/06/28 | 965219 | 925404 |
| Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 10/19/27 | 959626 | 912297 |
| LBM Acquisition LLC, Term Loan B, 6 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.121% VRN 12/17/27 | 1470518 | 1271542 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 11/01/28 | $10206 | $9540 |
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.980% VRN 4/15/28 | 1910151 | 1643800 |
| Park River Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.993% VRN 12/28/27 | 1047113 | 912297 |
| Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.976% VRN 3/03/28 | 1202728 | 1166021 |
| PetSmart, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.130% VRN 2/11/28 | 978769 | 955827 |
| Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan (Acquired 6/22/20, Cost $1,331,579), 3 mo. USD LIBOR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;12.269% VRN 8/10/23 (d) | 1331579 | 606015 |
| SRS Distribution, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 6/02/28 | 1329004 | 1268016 |
| Staples, Inc., 7 Year Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.440% VRN 4/16/26 | 1217535 | 1123517 |
| White Cap Buyer LLC, Term Loan B, 1 mo. SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.073% VRN 10/19/27 | 1029994 | 994315 |
| Winterfell Financing SARL, EUR Term Loan B, 3 mo. EURIBOR + 2.925% |  |  |
| &nbsp;&nbsp;&nbsp;4.651% VRN 5/04/28 EUR (e) | 500000 | 473674 |
|  |  | 14375576 |
| **Software — 8.7%** |  |  |
| AppLovin Corp., 2021 Term Loan B, 3 mo. Prime + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.500% VRN 10/25/28 | 683204 | 647336 |
| Ascend Learning LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 12/11/28 | 871698 | 822665 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;10.134% VRN 12/10/29 | 454545 | 388068 |
| Athenahealth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term Loan, 3 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 (f) | 107049 | 96382 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 | 628430 | 565813 |
| Banff Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 USD Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 10/02/25 | 1333602 | 1274656 |
| &nbsp;&nbsp;&nbsp;2021 USD 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.884% VRN 2/27/26 | 283962 | 260535 |
| CDK Global, Inc., 2022 USD Term Loan B, 3 mo. SOFR CME + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.080% VRN 7/06/29 | 1044712 | 1034024 |
| Cloudera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 10/08/28 | 1265142 | 1186867 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan, 1 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.384% VRN 10/08/29 | 566667 | 471280 |
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 10/16/28 | 991256 | 882218 |
| Finastra USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.871% VRN 6/13/24 | 1289522 | 1137462 |
| &nbsp;&nbsp;&nbsp;USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;10.621% VRN 6/13/25 | 6482 | 4799 |
| Hyland Software, Inc. |  |  |

---

***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 + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 7/01/24 | $970625 | $956308 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;10.634% VRN 7/07/25 | 501818 | 473465 |
| Iris Bidco Ltd., 2018 GBP Term Loan B, 1 mo. GBP LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.705% VRN 9/03/25 GBP (e) | 1000000 | 1132641 |
| Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.011% VRN 12/01/27 | 1477578 | 1164819 |
| Loyalty Ventures, Inc., Term Loan B (Acquired 10/08/21-1/06/22, Cost $1,547,835), 1 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.884% VRN 11/03/27 (d) | 1558593 | 619541 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 12/18/28 | 936366 | 788889 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;11.134% VRN 12/17/29 | 308219 | 232416 |
| Mitchell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.415% VRN 10/15/28 | 733155 | 673916 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;11.235% VRN 10/15/29 | 400000 | 330500 |
| Playtika Holding Corp., 2021 Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 3/13/28 | 484327 | 461375 |
| Polaris Newco LLC, USD Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 6/02/28 | 881347 | 802343 |
| Quest Software US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Term Loan, 3 mo. USD SOFR + 8.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.494% VRN 2/01/29 | 694839 | 533074 |
| &nbsp;&nbsp;&nbsp;2022 2nd Lien Term Loan, 3 mo. USD SOFR + 11.600% |  |  |
| &nbsp;&nbsp;&nbsp;11.594% VRN 2/01/30 | 1801662 | 1084006 |
| Renaissance Holding Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 5/30/25 | 402795 | 383259 |
| Skopima Merger Sub, Inc., Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 5/12/28 | 1190560 | 1123805 |
| SS&C Technologies, Inc., 2018 Term Loan B5, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.134% VRN 4/16/25 | 440821 | 432556 |
| The Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.998% VRN 5/03/27 | 195332 | 178827 |
| Veritas US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B, 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.952% VRN 9/01/25 EUR (e) | 733163 | 552422 |
| &nbsp;&nbsp;&nbsp;2021 USD Term Loan B, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.730% VRN 9/01/25 | 455539 | 319365 |
|  |  | 21015632 |
| **Telecommunications — 4.4%** |  |  |
| CCI Buyer, Inc., Term Loan, 3 mo. SOFR CME + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.580% VRN 12/17/27 | 1019881 | 971947 |
| Cincinnati Bell, Inc., 2021 Term Loan B2, 1 mo. SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.673% VRN 11/22/28 | 640323 | 627516 |
| Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.875% VRN 10/02/27 | 775793 | 682535 |
| Delta TopCo, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.154% VRN 12/01/27 | 486270 | 447976 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Digicel International Finance Ltd., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 5/28/24 | $148298 | $124274 |
| GoTo Group, Inc., Term Loan B, 1 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.139% VRN 8/31/27 | 993664 | 635200 |
| Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.445% VRN 2/01/29 | 969409 | 934093 |
| Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.134% VRN 3/01/27 | 774956 | 741052 |
| Lorca Holdco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/17/27 EUR (e) (g) | 1000000 | 1019935 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B1, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.819% VRN 9/17/27 EUR (e) | 500000 | 515229 |
| Numericable Group SA, EUR Term Loan B11, 3 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;4.605% VRN 7/31/25 EUR (e) | 1484252 | 1505610 |
| Nuuday A S, EUR Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 12/31/27 EUR (e) (g) | 1000000 | 986826 |
| Venga Finance SARL, 2021 USD Term Loan B, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.485% VRN 12/04/28 | 920769 | 841353 |
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 3/09/27 | 860786 | 694835 |
|  |  | 10728381 |
| **Transportation — 1.8%** |  |  |
| First Student Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan B, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.726% VRN 7/21/28 | 1166270 | 1050855 |
| &nbsp;&nbsp;&nbsp;Term Loan C, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.726% VRN 7/21/28 | 433755 | 390831 |
| Kenan Advantage Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 3/24/26 | 1263281 | 1228541 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;11.634% VRN 9/01/27 | 528634 | 485022 |
| Worldwide Express Operations LLC, 2021 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 7/26/28 | 1235000 | 1125740 |
|  |  | 4280989 |
| **TOTAL BANK LOANS <br>(Cost $243,303,187)** |  | **212310250** |
| **CORPORATE DEBT — 4.2%** |  |  |
| **Commercial Services — 1.0%** |  |  |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 10/15/26 EUR (e) (h) | 260000 | 241899 |
| APCOA Parking Holdings GmbH, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.378% FRN 1/15/27 EUR (e) (h) | 339000 | 338063 |
| BCP V Modular Services Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 11/30/28 GBP (e) (h) | 350000 | 353421 |
| Castor SpA |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 2/15/29 EUR (e) (h) | 196000 | 186729 |
| Travelex Issuerco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;12.500% 8/05/25 GBP (e) (h) | 484458 | 790676 |
| Verisure Holding AB |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.250% 2/15/27 EUR (e) (h) | $500000 | $462027 |
| &nbsp;&nbsp;&nbsp;3.875% 7/15/26 EUR (e) (h) | 200000 | 193220 |
|  |  | 2566035 |
| **Diversified Financial Services — 0.0%** |  |  |
| Travelex Topco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 5/15/22 EUR (b) (c) (e) (h) (i) | 250000 |  |
| **Electric — 0.2%** |  |  |
| Energia Group NI FinanceCo PLC/Energia Group ROI Holdings DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/15/24 GBP (e) (h) | 350000 | 392185 |
| **Entertainment — 0.3%** |  |  |
| CPUK Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/28/47 GBP (e) (h) | 600000 | 667166 |
| &nbsp;&nbsp;&nbsp;6.500% 8/28/26 GBP (e) (h) | 100000 | 110692 |
|  |  | 777858 |
| **Food — 0.3%** |  |  |
| Bellis Acquisition Co. PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/16/26 GBP (e) (h) | 750000 | 736251 |
| **Internet — 0.3%** |  |  |
| United Group BV |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/27 EUR (e) (h) | 500000 | 395435 |
| &nbsp;&nbsp;&nbsp;4.625% 8/15/28 EUR (e) (h) | 450000 | 353016 |
|  |  | 748451 |
| **Leisure Time — 0.1%** |  |  |
| CWT Travel Group, Inc., (Acquired 12/09/16-8/14/18, Cost $1,374,114), |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 11/19/26 (d) (h) | 217376 | 183704 |
| **Lodging — 0.3%** |  |  |
| TVL Finance PLC 3 mo. GBP SONIA + 5.395% |  |  |
| &nbsp;&nbsp;&nbsp;8.274% FRN 7/15/25 GBP (e) (h) | 725000 | 824452 |
| **Machinery – Diversified — 0.1%** |  |  |
| Galapagos SA 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.000% FRN 6/15/21 EUR (e) (h) (i) | 20000 | 107 |
| Mangrove Luxco III SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.775% 10/09/25 EUR (e) (h) | 277027 | 159021 |
|  |  | 159128 |
| **Media — 0.3%** |  |  |
| Tele Columbus AG |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 5/02/25 EUR (e) (h) | 1000000 | 801647 |
| **Oil & Gas — 0.1%** |  |  |
| KCA Deutag UK Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;15.000% 12/01/27 | 257559 | 242749 |
| **Oil & Gas Services — 0.2%** |  |  |
| KCA Deutag UK Finance PLC SOFR + 9.000% |  |  |
| &nbsp;&nbsp;&nbsp;12.896% VRN 12/01/25 | 411567 | 408480 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Packaging & Containers — 0.2%** |  |  |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 8/15/26 EUR (e) (h) | $500000 | $445752 |
| **Pharmaceuticals — 0.4%** |  |  |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 8/21/26 EUR (e) (h) | 1000000 | 1018265 |
| **Retail — 0.0%** |  |  |
| House of Fraser Funding PLC 3 mo. GBP LIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.000% FRN 9/15/20 GBP (e) (h) (i) | 300000 | 363 |
| **Telecommunications — 0.3%** |  |  |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 1/15/25 EUR (e) (h) | 350000 | 335319 |
| &nbsp;&nbsp;&nbsp;4.000% 7/15/29 EUR (e) (h) | 500000 | 403434 |
|  |  | 738753 |
| **Transportation — 0.1%** |  |  |
| Anarafe SL |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 11.750% 13.934% FRN 3/31/26 EUR (e) (h) | 170002 | 116466 |
| &nbsp;&nbsp;&nbsp;(Acquired 6/15/18, Cost $265,533), 3 mo. EURIBOR + 11.750%, 13.934% FRN 3/31/26 EUR (d) (e) (h) | 161484 | 110630 |
|  |  | 227096 |
| **TOTAL CORPORATE DEBT <br>(Cost $14,226,912)** |  | **10271169** |
| **TOTAL BONDS & NOTES <br>(Cost $257,530,099)** |  | **222581419** |
|  | **Number of<br>Shares** |  |
| **WARRANTS — 0.0%** |  |  |
| **Financial — 0.0%** |  |  |
| **Diversified Financial Services — 0.0%** |  |  |
| Travelex Topco Ltd. (a) | 285 | 15505 |
| **TOTAL WARRANTS <br>(Cost $0)** |  | **15505** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $259,378,899)** |  | **223978493** |
| **TOTAL INVESTMENTS — 92.6%<br>(Cost $259,378,899) (j)** |  | **223978493** |
| **Less Unfunded Loan Commitments — (0.1)%** |  | **(193080)** |
| **NET INVESTMENTS — 92.5%<br>(Cost $259,185,819)** |  | **223785413** |
| **Other Assets/(Liabilities) — 7.5%** |  | **18050501** |
| **NET ASSETS — 100.0%** |  | $**241835914** |

---

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

**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) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $642,949 or 0.27% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $3,954,043 or 1.64% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of the security represents unsettled loan commitments at December 31, 2022 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, 2022, the aggregate market value of these securities amounted to $9,619,940 or 3.98% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, 2022, these securities amounted to a value of $470 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 | 1/13/23 | EUR | 1233545 | USD | 1316804 | $4470 |
| Morgan Stanley & Co. LLC | 1/13/23 | USD | 60211183 | EUR | 57101184 | (951040) |
| Morgan Stanley & Co. LLC | 1/13/23 | GBP | 910747 | USD | 1099217 | 2092 |
| Morgan Stanley & Co. LLC | 1/13/23 | EUR | 8124865 | USD | 8653411 | 49294 |
| Morgan Stanley & Co. LLC | 1/13/23 | USD | 16788416 | GBP | 13723625 | 193298 |
|  |  |  |  |  |  | $(701886) |

---

**Currency Legend**

---

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

---

GBP British Pound

USD U.S. Dollar

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 0.4%** |  |  |
| **COMMON STOCK — 0.4%** |  |  |
| **France — 0.0%** |  |  |
| Technicolor Creative Studios SA (a) | 14662 | $3515 |
| Vantiva SA (a) | 14662 | 3247 |
|  |  | 6762 |
| **Spain — 0.0%** |  |  |
| Bahia De Las Isletas SL, Class A2 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 349 |  |
| Bahia De Las Isletas SL, Class A3 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 49 |  |
| Bahia De Las Isletas SL, Class B2 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 445 |  |
| Bahia De Las Isletas SL, Class B3 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d) | 62 |  |
| **United Kingdom — 0.4%** |  |  |
| Don Jersey Topco Ltd. (Acquired 8/03/20-1/11/22, Cost $205,530) (a) (b) (c) (d) | 292774 | 172373 |
| Innovation International Holdings Ltd. (a) (b) (c) | 142479 | 149858 |
| KCA Deutag International Ltd. (a) | 2731 | 151297 |
| Travelex Topco Ltd. (a) (b) (c) | 8856 |  |
|  |  | 473528 |
| **TOTAL COMMON STOCK <br>(Cost $349,744)** |  | **480290** |
| **TOTAL EQUITIES <br>(Cost $349,744)** |  | **480290** |
|  | **Principal<br>Amount** |  |
| **BONDS & NOTES — 94.0%** |  |  |
| **BANK LOANS — 40.6%** |  |  |
| **Australia — 0.3%** |  |  |
| Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.743% VRN 7/20/28 | $475152 | 450206 |
| **Canada — 1.5%** |  |  |
| Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.130% VRN 8/11/28 | 352830 | 347978 |
| Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.354% VRN 12/11/26 | 742345 | 673448 |
| Titan Acquisition Ltd., 2018 Term Loan B, 6 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.151% VRN 3/28/25 | 939725 | 875852 |
|  |  | 1897278 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **France — 1.2%** |  |  |
| Albea Beauty Holdings S.A., 2018 USD Term Loan B2, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.480% VRN 4/22/24 | $65699 | $63071 |
| Casino Guichard-Perrachon SA, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.340% VRN 8/31/25 EUR (e) | 500000 | 450258 |
| Casper BidCo SAS, 2020 EUR Term Loan B3A, 3 mo. EURIBOR + 3.375% |  |  |
| &nbsp;&nbsp;&nbsp;5.177% VRN 7/31/26 EUR (e) | 500000 | 496758 |
| Technicolor Creative Studios, EUR Term Loan, 3 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.046% VRN 9/07/26 EUR (e) | 300000 | 180439 |
| Vacalians Group, EUR Term Loan B, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.954% VRN 12/04/25 EUR (e) | 330783 | 340515 |
|  |  | 1531041 |
| **Germany — 1.3%** |  |  |
| Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EURIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.034% VRN 3/06/26 EUR (e) | 500000 | 470104 |
| Colouroz Investment 1 GmbH |  |  |
| &nbsp;&nbsp;&nbsp;Initial EUR Term Loan, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.000%-5.752% VRN 9/21/23 EUR (e) | 895152 | 668355 |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B3, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.523%-5.752% VRN 9/21/23 EUR (e) | 16259 | 12139 |
| Flint Group GmbH |  |  |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B5, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 69404 | 51820 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B6, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 3989 | 2978 |
| &nbsp;&nbsp;&nbsp;2017 EUR Incremental B7, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752% VRN 9/21/23 EUR (e) | 9795 | 7313 |
| &nbsp;&nbsp;&nbsp;EUR Add on Term Loan B4, 3 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.752%-7.009% VRN 9/21/23 EUR (e) | 109475 | 81738 |
| Iris BidCo GmbH, EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.605% VRN 6/29/28 EUR (e) | 500000 | 459721 |
|  |  | 1754168 |
| **Ireland — 0.7%** |  |  |
| ION Trading Finance Ltd., 2021 USD Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.480% VRN 4/03/28 | 984453 | 931007 |
| **Luxembourg — 2.8%** |  |  |
| Alpha Group SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.952% VRN 1/31/25 EUR (e) | 500000 | 471774 |
| Arvos BidCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.915% VRN 8/29/24 | 320548 | 175766 |
| &nbsp;&nbsp;&nbsp;USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.915% VRN 8/29/24 | 320548 | 175766 |
| Auris Luxembourg III SARL, EUR Term Loan B1A, 6 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.436% VRN 2/27/26 EUR (e) | 500000 | 478068 |
| CCP Lux Holding SARL, EUR 1st Lien Term Loan, 6 mo. EURIBOR + 4.000%, VR |  |  |
| &nbsp;&nbsp;&nbsp;4.238% VRN 1/10/25 EUR (e) | 500000 | 497224 |
| CEP IV Investment 16 SARL |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;EUR Term Loan B, 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.722% VRN 10/03/26 EUR (e) | $500000 | $409982 |
| &nbsp;&nbsp;&nbsp;USD 2nd Lien Term Loan , 3 mo. USD LIBOR + 9.250% |  |  |
| &nbsp;&nbsp;&nbsp;14.015% VRN 10/03/27 | 1050000 | 798000 |
| Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.445% VRN 2/01/29 | 646273 | 622729 |
|  |  | 3629309 |
| **Netherlands — 1.7%** |  |  |
| Fugue Finance B.V., EUR Term Loan, 3 mo. EURIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.204% VRN 9/01/24 EUR (e) | 750000 | 774738 |
| International Park Holdings B.V., EUR Term Loan B, 6 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.479% VRN 6/13/24 EUR (e) | 500000 | 528535 |
| Median B V, 2021 EUR Term Loan B, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.752% VRN 10/14/27 EUR (e) | 500000 | 450033 |
| TMF Group Holding B.V., 2018 EUR 2nd Lien Term Loan, 3 mo. EURIBOR + 6.625% |  |  |
| &nbsp;&nbsp;&nbsp;7.810% VRN 5/04/26 EUR (e) | 500000 | 504449 |
|  |  | 2257755 |
| **Panama — 0.6%** |  |  |
| Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 10/18/28 | 883929 | 825147 |
| **Spain — 0.1%** |  |  |
| Deoleo, S.A., EUR Senior Term Loan, 3 mo. EURIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.141% VRN 6/24/25 EUR (e) | 75107 | 76228 |
| **Sweden — 0.5%** |  |  |
| Hilding Anders International AB |  |  |
| &nbsp;&nbsp;&nbsp;2022 EUR PIK Reorg Opco Term Loan, (Acquired 10/04/22-10/31/22, Cost $180,927), 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.118% VRN 2/28/26 EUR (d) (e) | 275316 | 184195 |
| &nbsp;&nbsp;&nbsp;2022 EUR PIK Reorg Holdco, 1 mo. EURIBOR + 12.000% |  |  |
| &nbsp;&nbsp;&nbsp;12.000% VRN 2/28/27 EUR (b) (c) (e) | 250229 |  |
| IGT Holding IV AB, 2021 USD Term Loan B2, 3 mo. USD LIBOR + 3.400% |  |  |
| &nbsp;&nbsp;&nbsp;8.130% VRN 3/31/28 | 451724 | 441561 |
|  |  | 625756 |
| **United Kingdom — 5.4%** |  |  |
| Albion Financing 3 SARL, EUR Term Loan, 3 mo. EURIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.752% VRN 8/17/26 EUR (e) | 510000 | 531697 |
| City Football Group Ltd., Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.361% VRN 7/21/28 | 918557 | 856554 |
| Constellation Automotive Ltd., GBP Term Loan B, 1 Day GBP SONIA + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;5.941% VRN 7/28/28 GBP (e) | 500000 | 413394 |
| HNVR Holdco Ltd., EUR Term Loan B, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.706% VRN 9/12/25 EUR (e) | 1000000 | 903459 |
| Innovation Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 EUR Term Loan B2, 3 mo. EURIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.855% VRN 9/30/25 EUR (b) (c) (e) | 193643 | 207285 |
| &nbsp;&nbsp;&nbsp;2021 GBP Term Loan B, 1 Day GBP SONIA + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.427% VRN 9/30/25 GBP (b) (c) (e) | 73302 | 88619 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2021 GBP Super Priority Facility 1, 1 Day GBP SONIA + 10.000% |  |  |
| &nbsp;&nbsp;&nbsp;12.960% VRN 9/30/25 GBP (b) (c) (e) | $33983 | $41084 |
| &nbsp;&nbsp;&nbsp;2021 GBP Super Priority Facility 2, 6 mo. GBP SONIA + 10.000% |  |  |
| &nbsp;&nbsp;&nbsp;13.460% VRN 9/30/25 GBP (b) (c) (e) | 32038 | 38733 |
| IVC Acquisition Ltd., 2022 EUR Term Loan B6, 3 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.044% VRN 2/13/26 EUR (e) | 500000 | 511477 |
| Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.610% VRN 10/24/25 EUR (e) | 500000 | 501238 |
| Richmond UK Bidco Ltd., 2017 GBP Term Loan B, 1 Day GBP SONIA + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.710% VRN 3/03/24 GBP (e) | 700000 | 752821 |
| Tunstall Group Holdings Ltd., 2020 EUR Term Loan B, (Acquired 8/03/20, Cost $332,128), 6 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.654% VRN 6/30/25 EUR (d) (e) | 282314 | 273494 |
| Virgin Media SFA Finance Ltd., GBP Term Loan L, 1 mo. GBP SONIA + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.211% VRN 1/15/27 GBP (e) | 1000000 | 1115256 |
| Vue International Bidco PLC |  |  |
| &nbsp;&nbsp;&nbsp;2019 EUR Term Loan B, 1 mo. EURIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.264% VRN 7/03/26 EUR (e) | 1000000 | 602128 |
| &nbsp;&nbsp;&nbsp;2022 EUR Term Loan, 3 mo. EURIBOR + 8.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.766% VRN 6/30/27 EUR (e) | 157822 | 152891 |
|  |  | 6990130 |
| **United States — 24.5%** |  |  |
| A-L Parent LLC, 2016 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.640% VRN 12/01/23 | 494583 | 368286 |
| AMC Entertainment Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.274% VRN 4/22/26 | 482853 | 260035 |
| American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.993% VRN 4/20/28 | 506512 | 503742 |
| AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;10.250% VRN 8/02/29 | 250358 | 217393 |
| Archroma Finance SARL, EUR 2017 Term Loan B1, 1 mo. EURIBOR + 3.50% |  |  |
| &nbsp;&nbsp;&nbsp;5.394% VRN 8/12/24 EUR (e) | 750000 | 782766 |
| Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.634% VRN 10/25/28 | 573517 | 505652 |
| Asurion LLC, 2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.634% VRN 1/20/29 | 775862 | 599633 |
| Athenahealth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term Loan, 3 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 (f) | 181237 | 163179 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 | 1063952 | 957940 |
| Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;11.389% VRN 12/10/29 | 748663 | 411765 |
| AVSC Holding Corp., 2020 Term Loan B1, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.685% VRN 3/03/25 | 1455609 | 1331344 |
| Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo. SOFR CME + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.667% VRN 2/01/27 | 654070 | 494915 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| BCPE North Star US HoldCo 2, Inc., Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 6/09/28 | $243057 | $222397 |
| BVI Medical, Inc., 2020 EUR Term Loan B, 3 mo. EURIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.058% VRN 3/02/26 EUR (e) | 495881 | 429074 |
| BWAY Holding Co., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.370% VRN 4/03/24 | 1275337 | 1243632 |
| CDK Global, Inc., 2022 USD Term Loan B, 3 mo. SOFR CME + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.080% VRN 7/06/29 | 363141 | 359426 |
| Cincinnati Bell, Inc., 2021 Term Loan B2, 1 mo. SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.673% VRN 11/22/28 | 512258 | 502013 |
| Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.915% VRN 8/21/26 | 1514901 | 1376939 |
| Cloudera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 10/08/28 | 55074 | 51666 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan, 1 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.384% VRN 10/08/29 | 566667 | 471280 |
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175% |  |  |
| &nbsp;&nbsp;&nbsp;8.598% VRN 4/13/29 | 331550 | 315112 |
| CoreLogic, Inc., 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;10.938% VRN 6/04/29 | 355114 | 248757 |
| Dotdash Meredith, Inc., Term Loan B, 1 mo. USD SOFR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.224% VRN 12/01/28 | 419045 | 360379 |
| Ensono, LP, 2021 Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.901% VRN 5/26/28 | 1405 | 1258 |
| Finastra USA, Inc., USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.871% VRN 6/13/24 | 665020 | 586601 |
| Five Star Intermediate Holding LLC, Term Loan, 6 mo. SOFR CME + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.620% VRN 5/05/29 | 201721 | 195418 |
| Flint Group GmbH, USD Term Loan C, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.575% VRN 9/21/23 | 48640 | 35183 |
| Flint Group US LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.575% VRN 9/21/23 | 294231 | 212826 |
| GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.230% VRN 8/18/28 | 367295 | 356277 |
| Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 3/06/28 | 605239 | 580273 |
| Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.702% - 8.765% VRN 10/12/28 | 295277 | 273131 |
| Gulf Finance LLC, 2021 Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;10.970% - 11.140% VRN 8/25/26 | 1001091 | 938523 |
| Hyland Software, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250% |  |  |
| &nbsp;&nbsp;&nbsp;10.634% VRN 7/07/25 | 250909 | 236733 |
| Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.011% VRN 12/01/27 | 515928 | 406721 |
| Kenan Advantage Group, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.250% |  |  |
| &nbsp;&nbsp;&nbsp;11.634% VRN 9/01/27 | 528634 | 485022 |
| KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.750%, |  |  |
| &nbsp;&nbsp;&nbsp;10.134% VRN 9/21/29 | 139109 | 133743 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| LBM Acquisition LLC, Term Loan B, 6 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.121% VRN 12/17/27 | $495503 | $428457 |
| Lifescan Global Corp., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.743% VRN 10/01/24 | 136367 | 97767 |
| Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.170% VRN 7/27/28 | 708056 | 602732 |
| Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.440% VRN 9/25/28 | 736052 | 624724 |
| McAfee, LLC, 2022 USD Term Loan B, 1 mo. SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.974% VRN 3/01/29 | 636219 | 590659 |
| MedAssets Software Intermediate Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750% |  |  |
| &nbsp;&nbsp;&nbsp;11.134% VRN 12/17/29 | 205479 | 154944 |
| Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000% |  |  |
| &nbsp;&nbsp;&nbsp;11.384% VRN 11/01/29 | 147368 | 135579 |
| Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 10/23/28 | 910706 | 864242 |
| MH Sub I LLC, 2020 Incremental Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 9/13/24 | 994898 | 965409 |
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.980% VRN 4/15/28 | 596076 | 512960 |
| Motel 6, Term Loan B, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.318% VRN 9/09/26 | 163855 | 160852 |
| Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.491% VRN 7/06/28 | 607211 | 535359 |
| Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 2/01/28 | 658289 | 641693 |
| Perrigo Investments LLC, Term Loan B, 1 mo. SOFR CME + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.923% VRN 4/20/29 | 241256 | 239447 |
| Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.976% VRN 3/03/28 | 249365 | 241755 |
| PMHC II, Inc., 2022 Term Loan B, 3 mo. SOFR CME + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.494% VRN 4/23/29 | 543270 | 457760 |
| Proampac PG Borrower LLC, 2020 Term Loan, (Acquired 8/03/22, Cost $481,714), 1 mo. USD LIBOR + 2.750%, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.251% - 8.425% VRN 11/03/25 (d) | 498116 | 475491 |
| PUG LLC, USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 2/12/27 | 361678 | 297781 |
| Quest Software US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Term Loan, 3 mo. USD SOFR + 8.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.494% VRN 2/01/29 | 1218842 | 935083 |
| &nbsp;&nbsp;&nbsp;2022 2nd Lien Term Loan, 3 mo. USD SOFR + 11.600% |  |  |
| &nbsp;&nbsp;&nbsp;11.594% 2/01/30 | 900831 | 542003 |
| Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.639% VRN 7/09/25 | 1000000 | 836250 |
| Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.108% VRN 4/27/28 | 548205 | 377280 |
| RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.165% VRN 11/16/25 | 413275 | 388685 |
| Renaissance Holding Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 5/30/25 | 498695 | 474508 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.097% VRN 4/04/29 | $500000 | $476015 |
| Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. SOFR CME + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.417% VRN 4/14/29 | 167356 | 164666 |
| Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan, (Acquired 6/22/20, Cost $858,500), 3 mo. USD LIBOR + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;12.269% VRN 8/10/23 (d) | 858500 | 390712 |
| SRS Distribution, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 6/02/28 | 498737 | 475850 |
| Staples, Inc., 7 Year Term Loan, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.440% VRN 4/16/26 | 69069 | 63735 |
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 3/31/28 | 1734 | 1606 |
| The Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.998% VRN 5/03/27 | 130221 | 119218 |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.108% VRN 4/21/28 | 343411 | 338452 |
| USIC Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500% |  |  |
| &nbsp;&nbsp;&nbsp;10.884% VRN 5/14/29 | 147059 | 137010 |
| Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 8/27/25 | 748101 | 741825 |
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.358% VRN 4/24/28 | 892808 | 737460 |
|  |  | 31847003 |
| **TOTAL BANK LOANS <br>(Cost $60,770,306)** |  | **52815028** |
| **CORPORATE DEBT — 43.8%** |  |  |
| **Bermuda — 0.6%** |  |  |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.625% 4/30/30 (g) | 744000 | 714469 |
| **British Virgin Islands — 0.1%** |  |  |
| New Metro Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.800% 12/15/24 (g) | 204000 | 155075 |
| **Canada — 0.3%** |  |  |
| 1375209 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 1/30/28 (g) | 81000 | 78874 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000% 12/15/25 (g) | 165000 | 131064 |
| &nbsp;&nbsp;&nbsp;11.000% 9/30/28 (g) | 144000 | 112298 |
| &nbsp;&nbsp;&nbsp;14.000% 10/15/30 (g) | 27000 | 16028 |
|  |  | 338264 |
| **Cayman Islands — 4.3%** |  |  |
| DP World Salaam 5 year CMT + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.000% VRN (g) (h) | 1555000 | 1537195 |
| Global Aircraft Leasing Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 9/15/24 (g) | 2225479 | 1891657 |
| Kaisa Group Holdings Ltd. |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;11.950% 10/22/22 (g) (i) | $1000000 | $134193 |
| &nbsp;&nbsp;&nbsp;9.950% 7/23/25 (g) (i) | 1000000 | 135762 |
| Shimao Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/21/24 (g) | 721000 | 132583 |
| &nbsp;&nbsp;&nbsp;3.450% 1/11/31 (g) (i) | 857000 | 151699 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 9/20/25 (g) | 447000 | 449293 |
| Sunac China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.950% 10/11/23 (g) (i) | 352000 | 75477 |
| &nbsp;&nbsp;&nbsp;5.950% 4/26/24 (g) (i) | 556000 | 117616 |
| Transocean Guardian Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 1/15/24 (g) | 271397 | 265021 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 11/01/25 (g) | 600000 | 530532 |
| Yuzhou Group Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 2/04/23 (g) (i) | 1000000 | 110500 |
| &nbsp;&nbsp;&nbsp;6.000% 10/25/23 (g) (i) | 431000 | 36829 |
| &nbsp;&nbsp;&nbsp;7.700% 2/20/25 (g) (i) | 721000 | 63765 |
|  |  | 5632122 |
| **Denmark — 1.2%** |  |  |
| DKT Finance ApS |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 6/17/23 EUR (e) (g) | 1500000 | 1590533 |
| **France — 2.2%** |  |  |
| Accor SA |  |  |
| &nbsp;&nbsp;&nbsp;2.375% 11/29/28 EUR (e) (g) | 100000 | 91208 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 4.561% 4.375% VRN EUR (e) (g) (h) | 200000 | 200987 |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 1/15/25 EUR (e) (g) | 100000 | 95805 |
| &nbsp;&nbsp;&nbsp;2.125% 2/15/25 EUR (e) (g) | 300000 | 282666 |
| Banijay Group SAS |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 3/01/26 EUR (e) (g) | 750000 | 754603 |
| Chrome Holdco SASU |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 5/31/29 EUR (e) (g) | 910000 | 754128 |
| Electricite de France SA 5 year EUR Swap + 3.970% |  |  |
| &nbsp;&nbsp;&nbsp;3.375% VRN EUR (e) (g) (h) | 800000 | 616990 |
|  |  | 2796387 |
| **Germany — 0.7%** |  |  |
| APCOA Parking Holdings GmbH, 3 mo. EURIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.378% FRN 1/15/27 EUR (e) (g) | 169000 | 168533 |
| Bayer AG 5 year EUR Swap + 3.108% |  |  |
| &nbsp;&nbsp;&nbsp;3.125% VRN 11/12/79 EUR (e) (g) | 400000 | 362347 |
| Silknet JSC |  |  |
| &nbsp;&nbsp;&nbsp;8.375% 1/31/27 (g) | 426000 | 401505 |
|  |  | 932385 |
| **Greece — 1.2%** |  |  |
| Piraeus Financial Holdings SA |  |  |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.952% 9.750% VRN 6/26/29 EUR (e) (g) | 100000 | 104092 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 5.774% 5.500% VRN 2/19/30 EUR (e) (g) | 963000 | 860857 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.195% 8.750% VRN EUR (e) (g) (h) | 750000 | 634241 |
|  |  | 1599190 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Guatemala — 0.1%** |  |  |
| CT Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 2/03/32 (g) | $200000 | $175619 |
| **India — 0.0%** |  |  |
| Future Retail Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.600% 1/22/25 (g) | 950000 | 28500 |
| **Ireland — 0.5%** |  |  |
| Motion Bondco DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/15/27 EUR (e) (g) | 700000 | 607781 |
| Sovcombank Via SovCom Capital DAC 5 year CMT + 6.380% |  |  |
| &nbsp;&nbsp;&nbsp;7.750% VRN (g) (h) (i) | 500000 | 14063 |
|  |  | 621844 |
| **Italy — 0.4%** |  |  |
| Castor SpA 3 mo. EURIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.296% FRN 2/15/29 EUR (e) (g) | 199000 | 205768 |
| Marcolin SpA |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 11/15/26 EUR (e) (g) | 400000 | 368235 |
|  |  | 574003 |
| **Liberia — 0.1%** |  |  |
| Royal Caribbean Cruises Ltd., Convertible, |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 6/15/23 | 81000 | 80372 |
| **Luxembourg — 1.9%** |  |  |
| Acu Petroleo Luxembourg SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 1/13/32 (g) | 541000 | 493922 |
| Home Credit & Finance Bank OOO Via Eurasia Capital SA 5 year CMT + 7.362% |  |  |
| &nbsp;&nbsp;&nbsp;8.800% VRN (g) (h) (i) | 450000 | 36000 |
| Kenbourne Invest SA |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 1/22/28 (g) | 593000 | 462533 |
| Mangrove Luxco III SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.775% 10/09/25 EUR (e) (g) | 300000 | 172209 |
| Pentair Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.900% 7/15/32 | 750000 | 737457 |
| Summer BC Holdco A SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 10/31/27 EUR (e) (g) | 630737 | 508769 |
|  |  | 2410890 |
| **Mauritius — 0.1%** |  |  |
| UPL Corp. Ltd. 5 year CMT + 3.865% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN (g) (h) | 222000 | 152292 |
| **Mexico — 1.1%** |  |  |
| Alsea SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 12/14/26 (g) | 671000 | 665498 |
| Orbia Advance Corp. SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/48 (g) | 300000 | 244781 |
| Sixsigma Networks Mexico SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 5/02/25 (g) | 500000 | 455250 |
|  |  | 1365529 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Netherlands — 1.7%** |  |  |
| Elastic NV |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 7/15/29 (g) | $462000 | $373157 |
| Nobian Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 7/15/26 EUR (e) (g) | 500000 | 449589 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;3.832% 2/08/51 | 666000 | 405169 |
| Telefonica Europe BV 6 year EUR Swap + 2.866% |  |  |
| &nbsp;&nbsp;&nbsp;2.880% VRN EUR (e) (g) (h) | 100000 | 86612 |
| Titan Holdings II BV |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 7/15/29 EUR (e) (g) | 367000 | 306427 |
| Wp/ap Telecom Holdings III BV |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/30 EUR (e) (g) | 345000 | 301497 |
| ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 10/23/27 EUR (e) (g) | 300000 | 264262 |
| &nbsp;&nbsp;&nbsp;3.000% 10/23/29 EUR (e) (g) | 100000 | 81510 |
|  |  | 2268223 |
| **Panama — 0.1%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 3/01/27 (g) | 206000 | 147092 |
| **Spain — 0.6%** |  |  |
| Anarafe SL, (Acquired 10/03/18-10/15/18, Cost $263,693), 3 mo. EURIBOR + 11.750% |  |  |
| &nbsp;&nbsp;&nbsp;13.934% 3/31/26 EUR (d) (e) (g) | 161484 | 110631 |
| Kaixo Bondco Telecom SA |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 9/30/29 EUR (e) (g) | 705000 | 639580 |
|  |  | 750211 |
| **Sweden — 0.5%** |  |  |
| Verisure Midholding AB |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 2/15/29 EUR (e) (g) | 800000 | 680806 |
| **United Kingdom — 5.4%** |  |  |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 8/15/26 EUR (e) (g) | 100000 | 89279 |
| &nbsp;&nbsp;&nbsp;2.125% 8/15/26 EUR (e) (g) | 100000 | 89151 |
| &nbsp;&nbsp;&nbsp;4.750% 7/15/27 GBP (e) (g) | 125000 | 103720 |
| Bellis Finco PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 2/16/27 GBP (e) (g) | 100000 | 88194 |
| House of Fraser Funding PLC 3 mo. GBP LIBOR + 5.750% |  |  |
| &nbsp;&nbsp;&nbsp;1.000% FRN 9/15/20 GBP (e) (g) (i) | 150000 | 181 |
| INEOS Quattro Finance 1 PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 7/15/26 EUR (e) (g) | 400000 | 351108 |
| KCA Deutag UK Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;9.875% 12/01/25 (g) | 349977 | 329416 |
| &nbsp;&nbsp;&nbsp;SOFR + 9.000% 12.936% VRN 12/01/25 | 143476 | 142400 |
| &nbsp;&nbsp;&nbsp;15.000% 12/01/27 | 89787 | 84624 |
| Travelex Issuerco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;12.500% 8/05/25 GBP (e) (g) | 1426932 | 2328871 |
| Travelex Topco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 5/15/22 EUR (b) (c) (e) (g) (i) | 1050000 |  |
| Tullow Oil PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 3/01/25 (g) | 1350000 | 814748 |
| &nbsp;&nbsp;&nbsp;10.250% 5/15/26 (g) | 939000 | 753078 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| TVL Finance PLC 3 mo. GBP SONIA + 5.395% |  |  |
| &nbsp;&nbsp;&nbsp;8.274% FRN 7/15/25 GBP (e) (g) | $500000 | $568587 |
| Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 4/23/23 (g) | 750000 | 708115 |
| &nbsp;&nbsp;&nbsp;8.950% 3/11/25 (g) | 685000 | 464944 |
| Vodafone Group PLC 5 year EUR Swap + 3.227% |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 8/27/80 EUR (e) (g) | 125000 | 106542 |
|  |  | 7022958 |
| **United States — 20.7%** |  |  |
| American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 4/20/26 (g) | 595000 | 572020 |
| &nbsp;&nbsp;&nbsp;5.750% 4/20/29 (g) | 114000 | 103990 |
| American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 11/15/29 (g) | 700000 | 572215 |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 5/01/28 (g) | 1000000 | 914415 |
| &nbsp;&nbsp;&nbsp;5.500% 8/11/32 (g) | 750000 | 719741 |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 8/01/30 (g) | 140000 | 136851 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 3/15/28 | 998000 | 1025116 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/01/35 | 200000 | 177780 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 9/01/29 (g) | 625000 | 587337 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.379% 7/15/32 | 800000 | 763174 |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 2/15/31 (g) | 1000000 | 726020 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 4/15/29 (g) | 155000 | 147454 |
| &nbsp;&nbsp;&nbsp;8.750% 4/15/30 (g) | 519000 | 444373 |
| CMG Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.875% 12/15/27 (g) | 972000 | 731624 |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/01/29 (g) | 444000 | 357953 |
| Condor Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 2/15/30 (g) | 905000 | 727883 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 10/15/26 (g) | 750000 | 701430 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 2/15/25 (g) | 525000 | 483000 |
| &nbsp;&nbsp;&nbsp;5.750% 2/15/28 (g) | 379000 | 329919 |
| DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 8/15/27 (g) | 1256000 | 1123693 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 12/01/26 (g) | 110000 | 92657 |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 (g) | 142000 | 113334 |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 8/15/26 | 750000 | 469875 |
| EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.600% 4/01/44 | 206000 | 169902 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/15/29 (g) | 170000 | 142786 |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/31 (g) | 154000 | 125895 |
| ESC Briggs & Stratton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 12/15/49 (b) (c) (i) | 514000 |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350% 11/04/27 | $300000 | $307410 |
| Garden Spinco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.625% 7/20/30 (g) | 413000 | 437780 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 1/15/27 | 1000000 | 942720 |
| Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750% 3/01/27 (g) | 650000 | 641592 |
| Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 6/01/29 (g) | 218000 | 170328 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 9/01/28 | 1000000 | 995614 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/30 (g) | 586000 | 557591 |
| &nbsp;&nbsp;&nbsp;3.750% 12/01/31 (g) | 150000 | 122616 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 4/15/25 (g) | 611000 | 564959 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/20/27 (g) | 213300 | 212063 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 5/15/27 (g) | 473000 | 458193 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 2/01/26 (g) | 850000 | 755714 |
| NMG Holding Co., Inc. / Neiman Marcus Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 4/01/26 (g) | 176000 | 164959 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/15/44 | 1202000 | 730215 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/31 (g) | 700000 | 571475 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 9/01/28 | 157000 | 158526 |
| &nbsp;&nbsp;&nbsp;6.125% 1/01/31 | 452000 | 456154 |
| Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 10/01/27 (g) | 285000 | 271462 |
| &nbsp;&nbsp;&nbsp;4.250% 10/01/28 (g) | 210000 | 170487 |
| &nbsp;&nbsp;&nbsp;5.375% 10/01/29 EUR (e) (g) | 235000 | 181451 |
| PECF USS Intermediate Holding III Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 11/15/29 (g) | 120000 | 77963 |
| PROG Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 11/15/29 (g) | 717000 | 576955 |
| Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 2/15/29 (g) | 800000 | 647159 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/01/26 | 500000 | 393475 |
| Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/15/29 (g) | 573000 | 458806 |
| &nbsp;&nbsp;&nbsp;4.875% 11/15/31 (g) | 289000 | 227207 |
| Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.375% 11/30/29 (g) | 248000 | 261070 |
| Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.750% 4/15/27 (g) | 1000000 | 720100 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/29 | 750000 | 660496 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/01/31 | 251000 | 225288 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 8/01/24 (g) | 1125000 | 1069461 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 9/15/24 (g) | $161000 | $152142 |
| Veritas US, Inc./Veritas Bermuda Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 9/01/25 (g) | 225000 | 155296 |
|  |  | 26957164 |
| **TOTAL CORPORATE DEBT <br>(Cost $71,551,842)** |  | **56993928** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.6%** |  |  |
| **Cayman Islands — 6.9%** |  |  |
| Alinea CLO Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 6.000% |  |  |
| &nbsp;&nbsp;&nbsp;10.243% FRN 7/20/31 (g) | 1250000 | 1045442 |
| Ares XLVIII CLO Ltd., Series 2018-48A, Class E, 3 mo. USD LIBOR + 5.200% |  |  |
| &nbsp;&nbsp;&nbsp;9.443% FRN 7/20/30 (g) | 800000 | 642780 |
| Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.610% |  |  |
| &nbsp;&nbsp;&nbsp;10.935% FRN 7/23/34 (g) | 1000000 | 867545 |
| CIFC Funding 2017-V Ltd., Series 2017-5A, Class D, 3 mo. USD LIBOR + 6.100% |  |  |
| &nbsp;&nbsp;&nbsp;10.179% FRN 11/16/30 (g) | 500000 | 431961 |
| Galaxy XXIV Clo Ltd., Series 2017-24A, Class E, 3 mo. USD LIBOR + 5.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.579% FRN 1/15/31 (g) | 700000 | 599012 |
| Madison Park Funding XIII Ltd., Series 2014-13A, Class SUB, |  |  |
| &nbsp;&nbsp;&nbsp;VRN 4/19/30 (g) (j) | 500000 | 103707 |
| Madison Park Funding XXVII Ltd., Series 2018-27A, Class D, 3 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.243% FRN 4/20/30 (g) | 500000 | 428701 |
| Madison Park Funding XXVIII Ltd., Series 2018-28A, Class F, 3 mo. USD LIBOR + 7.600% |  |  |
| &nbsp;&nbsp;&nbsp;11.679% FRN 7/15/30 (g) | 500000 | 403048 |
| Magnetite VII Ltd., Series 2012-7A, Class SUB, |  |  |
| &nbsp;&nbsp;&nbsp;VRN 1/15/28 (g) (j) | 2000000 | 661464 |
| Neuberger Berman Loan Advisers CLO Ltd., Series 2017-26A, Class E, 3 mo. USD LIBOR + 5.900%, |  |  |
| &nbsp;&nbsp;&nbsp;10.094% FRN 10/18/30 (g) | 1000000 | 902494 |
| Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class SUB, |  |  |
| &nbsp;&nbsp;&nbsp;VRN 7/20/26 (g) (j) | 1400000 | 589422 |
| Steele Creek Clo 2018-2 Ltd., Series 2018-2A, Class E, 3 mo. USD LIBOR + 6.200% |  |  |
| &nbsp;&nbsp;&nbsp;10.874% FRN 8/18/31 (g) | 850000 | 636769 |
| THL Credit Wind River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class E, 3 mo. USD LIBOR + 5.750% 9.829% FRN 7/15/30 (g) | 1450000 | 1186030 |
| &nbsp;&nbsp;&nbsp;Series 2017-4A, Class E, 3 mo. USD LIBOR + 5.800% 10.475% FRN 11/20/30 (g) | 500000 | 401604 |
|  |  | 8899979 |
| **Ireland — 1.6%** |  |  |
| Bain Capital Euro CLO, Series 2021-2A, Class E, 3 mo. EURIBOR + 6.220% |  |  |
| &nbsp;&nbsp;&nbsp;7.598% FRN 7/17/34 EUR (e) (g) | 800000 | 655232 |
| Blackrock European CLO VII DAC, Series 7X, Class E, 3 mo. EURIBOR + 5.170% |  |  |
| &nbsp;&nbsp;&nbsp;6.548% FRN 10/15/31 EUR (e) (g) | 725000 | 605374 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. EURIBOR + 6.160% |  |  |
| &nbsp;&nbsp;&nbsp;7.622% FRN 7/21/34 EUR (e) (g) | $1000000 | $869300 |
|  |  | 2129906 |
| **United States — 1.1%** |  |  |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.500% 9.579% FRN 7/17/31 (g) | 1000000 | 733108 |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, Class D, 3 mo. USD LIBOR + 5.550% 9.629% FRN 1/17/31 (g) | 1000000 | 752558 |
|  |  | 1485666 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS <br>(Cost $17,059,688)** |  | **12515551** |
| **TOTAL BONDS & NOTES <br>(Cost $149,381,836)** |  | **122324507** |
|  | **Number of<br>Shares** |  |
| **WARRANTS — 0.1%** |  |  |
| **United Kingdom — 0.1%** |  |  |
| Travelex Topco Ltd. (a) | 837 | 45535 |
| **TOTAL WARRANTS <br>(Cost $0)** |  | **45535** |
| **TOTAL PURCHASED OPTIONS(#) — 0.3% <br>(Cost $381,492)** |  | **338040** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $150,113,072)** |  | **123188372** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 3.1%** |  |  |
| **Repurchase Agreement — 3.1%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (k) | $4048009 | 4048009 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $4,048,009)** |  | **4048009** |
| **TOTAL INVESTMENTS — 97.9%<br>(Cost $154,161,081) (l)** |  | **127236381** |
| **Less Unfunded Loan Commitments — (0.1)%** |  | **(128930)** |
| **NET INVESTMENTS — 97.8%<br>(Cost $154,032,151)** |  | **127107451** |
| **Other Assets/(Liabilities) — 2.2%** |  | **2917531** |
| **NET ASSETS — 100.0%** |  | $**130024982** |

---

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

**Abbreviation Legend**

CLO Collateralized Loan Obligation

FRN Floating Rate Note

PIK Payment in Kind

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $697,952 or 0.54% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $1,606,896 or 1.24% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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, 2022, the aggregate market value of these securities amounted to $60,583,712 or 46.59% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, 2022, these securities amounted to a value of $876,085 or 0.67% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Maturity value of $4,048,585. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28 , and an aggregate market value, including accrued interest, of $4,129,002.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** |
| **Description** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Put** | | | | | | | | |
| S&P 500 Index | 4/21/23 | 3600.00 | 36 | USD | 12960000 | $338040 | $381492 | $(43452) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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. | 1/13/23 | USD | 7009141 | GBP | 5727872 | $82785 |
| Bank of America N.A. | 1/13/23 | USD | 98074 | CAD | 133770 | (727) |
| Bank of America N.A. | 1/13/23 | EUR | 725602 | USD | 772902 | 4305 |
| Bank of America N.A. | 1/13/23 | GBP | 754789 | USD | 917568 | (4849) |
| Morgan Stanley & Co. LLC | 1/13/23 | USD | 28818893 | EUR | 27328532 | (453245) |
|  |  |  |  |  |  | $(371731) |

---

**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, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 97.3%** |  |  |
| **CORPORATE DEBT — 44.1%** |  |  |
| **Azerbaijan — 1.2%** |  |  |
| Southern Gas Corridor CJSC |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 3/24/26 (a) | $600000 | $614292 |
| **Brazil — 0.5%** |  |  |
| Prumo Participacoes e Investimentos S/A |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 12/31/31 (a) | 256922 | 242601 |
| **British Virgin Islands — 1.7%** |  |  |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 4/27/29 (a) | 945000 | 880948 |
| **Cayman Islands — 1.0%** |  |  |
| Rutas 2 and 7 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/30/36 (a) | 793333 | 498495 |
| **Chile — 0.7%** |  |  |
| Alfa Desarrollo SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.550% 9/27/51 (a) | 445371 | 341140 |
| **Greece — 2.5%** |  |  |
| Piraeus Financial Holdings SA |  |  |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 5.774% 5.500% VRN 2/19/30 EUR (a) (b) | 500000 | 446966 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 9.195% 8.750% VRN EUR (a) (b) (c) | 1000000 | 845655 |
|  |  | 1292621 |
| **India — 0.6%** |  |  |
| Future Retail Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.600% 1/22/25 (a) | 794000 | 23820 |
| JSW Steel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.050% 4/05/32 (a) | 375000 | 296823 |
|  |  | 320643 |
| **Indonesia — 2.2%** |  |  |
| Indonesia Asahan Aluminium Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 5/15/25 (a) | 500000 | 491905 |
| Saka Energi Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 5/05/24 (a) | 680000 | 648878 |
|  |  | 1140783 |
| **Ireland — 0.2%** |  |  |
| Sovcombank Via SovCom Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;5 year CMT + 6.380% 7.750% VRN (a) (c) (d) | 1450000 | 40781 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 6.427% 8.000% VRN 4/07/30 (a) (d) | 1165000 | 68662 |
|  |  | 109443 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Luxembourg — 3.6%** |  |  |
| Acu Petroleo Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 7/13/35 (a) | $541000 | $493922 |
| FEL Energy VI Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/40 (a) | 646765 | 563342 |
| Kenbourne Invest SA |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 1/22/28 (a) | 510000 | 397794 |
| Tupy Overseas SA |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 2/16/31 (a) | 443000 | 369245 |
|  |  | 1824303 |
| **Mauritius — 5.5%** |  |  |
| Axian Telecom |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 2/16/27 (a) | 408000 | 354960 |
| India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 8/10/26 (a) | 780328 | 664449 |
| India Toll Roads |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 8/19/24 (a) | 999000 | 960239 |
| UPL Corp. Ltd. 5 year CMT + 3.865% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN (a) (c) | 1250000 | 857500 |
|  |  | 2837148 |
| **Mexico — 7.9%** |  |  |
| Banco Mercantil del Norte SA/Grand Cayman 10 year CMT + 5.034% |  |  |
| &nbsp;&nbsp;&nbsp;6.625% VRN (a) (c) | 984000 | 814040 |
| Electricidad Firme de Mexico Holdings SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 11/20/26 (a) | 263000 | 231111 |
| Fomento Economico Mexicano SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 1/16/50 | 466000 | 326810 |
| Infraestructura Energetica Nova SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/51 (a) | 312000 | 235589 |
| Orbia Advance Corp. SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/48 (a) | 300000 | 244782 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;5.950% 1/28/31 | 1000000 | 756768 |
| &nbsp;&nbsp;&nbsp;6.625% 6/15/38 | 266000 | 181760 |
| &nbsp;&nbsp;&nbsp;6.950% 1/28/60 | 1304000 | 823997 |
| Sixsigma Networks Mexico SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 5/02/25 (a) | 500000 | 455250 |
|  |  | 4070107 |
| **Morocco — 1.3%** |  |  |
| OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 6/23/51 (a) | 912000 | 689808 |
| **Netherlands — 0.8%** |  |  |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;3.832% 2/08/51 (a) | 706000 | 429503 |
| **Oman — 0.8%** |  |  |
| Oman Arab Bank SAOG 5 year CMT + 6.807% |  |  |
| &nbsp;&nbsp;&nbsp;7.625% VRN (a) (c) | 443000 | 425705 |
| **Peru — 0.5%** |  |  |
| SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 8/02/28 (a) | 265000 | 227105 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Saudi Arabia — 0.7%** |  |  |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 11/24/70 (a) | $529000 | $358563 |
| **Singapore — 0.6%** |  |  |
| Medco Laurel Tree Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.950% 11/12/28 (a) | 350000 | 310452 |
| **South Africa — 1.6%** |  |  |
| Absa Group Ltd. 5 year CMT + 5.411% |  |  |
| &nbsp;&nbsp;&nbsp;6.375% VRN (a) (c) | 925000 | 839919 |
| **United Kingdom — 6.1%** |  |  |
| Silknet JSC |  |  |
| &nbsp;&nbsp;&nbsp;8.375% 1/31/27 (a) | 597000 | 562673 |
| TBC Bank JSC 5 year USD ICE Swap + 8.995% |  |  |
| &nbsp;&nbsp;&nbsp;10.775% VRN (a) (c) | 645000 | 598237 |
| Tullow Oil PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 3/01/25 (a) | 340000 | 205196 |
| &nbsp;&nbsp;&nbsp;10.250% 5/15/26 (a) | 618000 | 495636 |
| Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;8.950% 3/11/25 (a) | 1370000 | 929887 |
| &nbsp;&nbsp;&nbsp;9.250% 4/23/26 (a) | 550000 | 354624 |
|  |  | 3146253 |
| **United States — 2.5%** |  |  |
| ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par |  |  |
| &nbsp;&nbsp;&nbsp;4.050% 4/27/26 (a) | 228000 | 201039 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 3/18/31 | 500000 | 407072 |
| Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/16/29 (a) | 850000 | 680000 |
|  |  | 1288111 |
| **Uzbekistan — 1.6%** |  |  |
| Uzauto Motors AJ |  |  |
| &nbsp;&nbsp;&nbsp;4.850% 5/04/26 (a) | 991000 | 816307 |
| **TOTAL CORPORATE DEBT <br>(Cost $29,575,854)** |  | **22704250** |
| **SOVEREIGN DEBT OBLIGATIONS — 53.2%** |  |  |
| **Angola — 2.9%** |  |  |
| Angolan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.250% 5/09/28 (a) | 850000 | 772480 |
| &nbsp;&nbsp;&nbsp;9.375% 5/08/48 (a) | 900000 | 711000 |
|  |  | 1483480 |
| **Armenia — 1.1%** |  |  |
| Republic of Armenia International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.600% 2/02/31 (a) | 740000 | 586875 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Bahamas — 1.6%** |  |  |
| Bahamas Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.950% 10/15/32 (a) | $800000 | $641415 |
| &nbsp;&nbsp;&nbsp;9.000% 6/16/29 (a) | 230000 | 196609 |
|  |  | 838024 |
| **Brazil — 2.3%** |  |  |
| Brazil Notas do Tesouro Nacional, Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/50 BRL (b) | 1000000 | 752421 |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/14/50 | 200000 | 139942 |
| &nbsp;&nbsp;&nbsp;5.625% 2/21/47 | 370000 | 292832 |
|  |  | 1185195 |
| **Costa Rica — 1.0%** |  |  |
| Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/19/31 (a) | 550000 | 533058 |
| **Czech Republic — 2.6%** |  |  |
| Czech Republic Government Interntional Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.950% 5/15/30 CZK (a) (b) | 20000000 | 659213 |
| &nbsp;&nbsp;&nbsp;1.500% 4/24/40 CZK (b) | 25710000 | 679186 |
|  |  | 1338399 |
| **Dominican Republic — 2.1%** |  |  |
| Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 2/22/29 (a) | 610000 | 559368 |
| &nbsp;&nbsp;&nbsp;6.000% 2/22/33 (a) | 590000 | 532053 |
|  |  | 1091421 |
| **Ecuador — 1.4%** |  |  |
| Ecuador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.500% STEP 7/31/35 (a) | 550000 | 252856 |
| &nbsp;&nbsp;&nbsp;5.500% STEP 7/31/30 (a) | 750000 | 481926 |
|  |  | 734782 |
| **Guatemala — 1.1%** |  |  |
| Guatemala Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.650% 10/07/41 (a) | 710000 | 570089 |
| **Hungary — 3.0%** |  |  |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 4/25/41 HUF (b) | 710000000 | 930240 |
| &nbsp;&nbsp;&nbsp;4.500% 3/23/28 HUF (b) | 300000000 | 622229 |
|  |  | 1552469 |
| **Ivory Coast — 2.6%** |  |  |
| Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.750% STEP 12/31/32 (a) | 1125366 | 1061558 |
| &nbsp;&nbsp;&nbsp;5.875% 10/17/31 EUR (a) (b) | 300000 | 268443 |
|  |  | 1330001 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Jamaica — 0.4%** |  |  |
| Jamaica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 7/28/45 | $200000 | $224683 |
| **Malaysia — 2.3%** |  |  |
| Malaysia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.955% 9/15/25 MYR (b) | 5222000 | 1191300 |
| **Mexico — 4.2%** |  |  |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 3/05/26 MXN (b) | 5210000 | 241831 |
| Mexican Udibonos |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 11/27/31 MXN (b) | 18268575 | 837449 |
| &nbsp;&nbsp;&nbsp;4.500% 12/04/25 MXN (b) | 21411051 | 1092292 |
|  |  | 2171572 |
| **Morocco — 1.0%** |  |  |
| Morocco Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 12/11/42 (a) | 570000 | 488561 |
| **Oman — 1.6%** |  |  |
| Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 1/25/31 (a) | 350000 | 351928 |
| &nbsp;&nbsp;&nbsp;6.750% 1/17/48 (a) | 200000 | 187111 |
| &nbsp;&nbsp;&nbsp;7.375% 10/28/32 (a) | 270000 | 292746 |
|  |  | 831785 |
| **Paraguay — 0.6%** |  |  |
| Paraguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.400% 3/30/50 (a) | 330000 | 284359 |
| **Peru — 1.8%** |  |  |
| Peru Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.850% 2/12/42 PEN (b) | 3909000 | 905407 |
| **Romania — 3.8%** |  |  |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.624% 5/26/30 EUR (a) (b) | 640000 | 558777 |
| &nbsp;&nbsp;&nbsp;4.625% 4/03/49 EUR (a) (b) | 1030000 | 795421 |
| &nbsp;&nbsp;&nbsp;5.250% 11/25/27 (a) | 640000 | 613924 |
|  |  | 1968122 |
| **Serbia — 3.6%** |  |  |
| Serbia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.050% 9/23/36 EUR (a) (b) | 2549000 | 1528908 |
| &nbsp;&nbsp;&nbsp;3.125% 5/15/27 EUR (a) (b) | 340000 | 312546 |
|  |  | 1841454 |
| **South Africa — 5.0%** |  |  |
| Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 3/08/41 | 590000 | 501618 |
| &nbsp;&nbsp;&nbsp;8.750% 1/31/44 ZAR (b) | 20850000 | 955667 |
| &nbsp;&nbsp;&nbsp;10.500% 12/21/26 ZAR (b) | 17690000 | 1095367 |
|  |  | 2552652 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Sri Lanka — 1.1%** |  |  |
| Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.200% 5/11/27 (a) | $400000 | $123632 |
| &nbsp;&nbsp;&nbsp;6.750% 4/18/28 (a) (d) | 200000 | 62050 |
| &nbsp;&nbsp;&nbsp;6.825% 7/18/26 (a) | 400000 | 124603 |
| &nbsp;&nbsp;&nbsp;6.850% 11/03/25 (a) (d) | 610000 | 192207 |
| &nbsp;&nbsp;&nbsp;7.850% 3/14/29 (a) | 200000 | 62050 |
|  |  | 564542 |
| **Tajikistan — 1.4%** |  |  |
| Republic of Tajikistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 9/14/27 (a) | 1015000 | 720752 |
| **Uruguay — 3.1%** |  |  |
| Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 7/02/40 UYU (b) | 48594383 | 1245402 |
| &nbsp;&nbsp;&nbsp;5.750% 10/28/34 | 300000 | 323716 |
|  |  | 1569118 |
| **Yugoslavia — 1.6%** |  |  |
| North Macedonia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 3/10/28 EUR (a) (b) | 350000 | 291764 |
| &nbsp;&nbsp;&nbsp;3.675% 6/03/26 EUR (a) (b) | 550000 | 541383 |
|  |  | 833147 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS <br>(Cost $31,454,595)** |  | **27391247** |
| **TOTAL BONDS & NOTES <br>(Cost $61,030,449)** |  | **50095497** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $61,030,449)** |  | **50095497** |
| **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| **Repurchase Agreement — 0.7%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | 355909 | 355909 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $355,909)** |  | **355909** |
| **TOTAL INVESTMENTS — 98.0%<br>(Cost $61,386,358) (f)** |  | **50451406** |
| **Other Assets/(Liabilities) — 2.0%** |  | **1042323** |
| **NET ASSETS — 100.0%** |  | $**51493729** |

---

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

**Abbreviation Legend**

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, 2022, the aggregate market value of these securities amounted to $35,567,508 or 69.07% of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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, 2022, these securities amounted to a value of $363,700 or 0.71% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $355,960. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 05/15/28, and an aggregate market value, including accrued interest, of $363,122.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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. | 1/17/23 | NOK | 49742309 | USD | 4650638 | $429473 |
| Bank of America N.A. | 1/17/23 | USD | 3977947 | CHF | 3931289 | (279625) |
| Bank of America N.A. | 1/17/23 | USD | 2078000 | NOK | 20765209 | (42721) |
| Bank of America N.A. | 1/24/23 | JPY | 349247500 | USD | 2374749 | 293047 |
| Bank of America N.A. | 2/14/23 | PLN | 10047265 | USD | 2119229 | 166273 |
| Bank of America N.A. | 2/14/23 | USD | 5630152 | EUR | 5549135 | (326198) |
| Bank of America N.A. | 2/21/23 | PHP | 102820432 | USD | 1854191 | (8968) |
| Bank of America N.A. | 2/21/23 | USD | 1791141 | PHP | 102820432 | (54081) |
| Bank of America N.A. | 2/21/23 | USD | 2382349 | CNH | 16654529 | (33033) |
| Barclays Bank PLC | 2/14/23 | USD | 25825 | CZK | 590932 | (263) |
| BNP Paribas SA | 1/24/23 | USD | 3779983 | INR | 314305600 | (15382) |
| BNP Paribas SA | 2/21/23 | SGD | 5000785 | USD | 3701557 | 34917 |
| BNP Paribas SA | 2/21/23 | USD | 3657630 | SGD | 5000785 | (78844) |
| Canadian Imperial Bank of Commerce | 1/10/23 | MXN | 39341394 | USD | 1992589 | 24169 |
| Citibank N.A. | 1/10/23 | COP | 2187147076 | USD | 452670 | (2017) |
| Citibank N.A. | 1/10/23 | CLP | 497937493 | USD | 576050 | 10618 |
| Citibank N.A. | 1/10/23 | USD | 478326 | COP | 2187147076 | 27673 |
| Citibank N.A. | 1/10/23 | USD | 528852 | CLP | 497937493 | (57816) |
| Citibank N.A. | 1/17/23 | USD | 256000 | ZAR | 4449394 | (5575) |
| Citibank N.A. | 2/08/23 | COP | 2751943905 | USD | 566167 | (2131) |
| Citibank N.A. | 2/08/23 | USD | 554051 | COP | 2751943905 | (9985) |
| Goldman Sachs International | 1/10/23 | MXN | 24339957 | USD | 1224000 | 23739 |
| HSBC Bank USA | 1/10/23 | USD | 1990000 | BRL | 10556174 | (6728) |
| HSBC Bank USA | 1/17/23 | ILS | 5099633 | USD | 1442000 | 9462 |
| HSBC Bank USA | 1/17/23 | USD | 3295470 | ZAR | 60078063 | (236459) |
| HSBC Bank USA | 1/17/23 | USD | 1345000 | EUR | 1369802 | (122603) |
| HSBC Bank USA | 1/30/23 | USD | 3806250 | CNH | 27268381 | (141689) |
| HSBC Bank USA | 2/08/23 | USD | 655770 | PEN | 2644918 | (38347) |
| HSBC Bank USA | 2/14/23 | CZK | 49460860 | USD | 2027084 | 156461 |
| HSBC Bank USA | 2/14/23 | ILS | 11496003 | USD | 3273955 | 2593 |
| HSBC Bank USA | 2/14/23 | USD | 4507878 | HUF | 1852512328 | (401051) |
| HSBC Bank USA | 2/14/23 | EUR | 863810 | USD | 918000 | 9200 |
| HSBC Bank USA | 2/21/23 | KRW | 4675354030 | USD | 3580726 | 135306 |
| HSBC Bank USA | 2/21/23 | THB | 20077200 | USD | 585000 | (2621) |
| HSBC Bank USA | 2/21/23 | USD | 3257827 | INR | 265921890 | 52139 |
| JP Morgan Chase Bank N.A. | 1/10/23 | BRL | 2246591 | USD | 413927 | 11022 |
| JP Morgan Chase Bank N.A. | 1/10/23 | PEN | 1129401 | USD | 294000 | 3257 |
| JP Morgan Chase Bank N.A. | 1/10/23 | USD | 549095 | BRL | 2888680 | 2694 |
| JP Morgan Chase Bank N.A. | 1/10/23 | USD | 550000 | PEN | 2126300 | (9640) |
| JP Morgan Chase Bank N.A. | 1/17/23 | EUR | 1586863 | USD | 1678917 | 21244 |
| Morgan Stanley & Co. LLC | 1/10/23 | USD | 4112477 | MXN | 83594310 | (172819) |
| Morgan Stanley & Co. LLC | 1/17/23 | ZAR | 28447138 | USD | 1596679 | 75700 |
| Morgan Stanley & Co. LLC | 1/17/23 | USD | 225000 | EUR | 217061 | (7558) |
| Morgan Stanley & Co. LLC | 1/24/23 | MYR | 7953649 | USD | 1684382 | 134842 |
| Morgan Stanley & Co. LLC | 1/24/23 | USD | 1796217 | MYR | 7953649 | (23007) |
| Morgan Stanley & Co. LLC | 2/14/23 | USD | 2315780 | CHF | 2260959 | (140232) |
| Morgan Stanley & Co. LLC | 2/21/23 | JPY | 700965552 | USD | 5111425 | 263153 |
| Morgan Stanley & Co. LLC | 2/21/23 | USD | 1334619 | MYR | 5905687 | (18417) |
|  |  |  |  |  |  | $(350828) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Short** |  | | | |
| U.S. Treasury Note 10 Year | 3/22/23 | 89 | $(10021305) | $26883 |
| U.S. Treasury Ultra Bond | 3/22/23 | 8 | (1068103) | (6397) |
|  |  |  |  | $20486 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| Republic of Indonesia | 1.000% | Quarterly | Goldman Sachs International | BBB | 12/20/27 | USD | 1280000 | $(768) | $(7133) | $6365 |
| Republic of Peru | 1.000% | Quarterly | Goldman Sachs International | BBB | 12/20/27 | USD | 1300000 | (9842) | (11903) | 2061 |
| Malaysia Sovereign | 1.000% | Quarterly | Morgan Stanley & Co. LLC | A | 12/20/27 | USD | 1000000 | 8765 | (6528) | 15293 |
| Republic of Philippines | 1.000% | Quarterly | Morgan Stanley & Co. LLC | BBB | 12/20/27 | USD | 1000000 | 709 | (15956) | 16665 |
| Republic of Chile | 1.000% | Quarterly | Morgan Stanley & Co. LLC | A | 12/20/27 | USD | 1300000 | (3576) | (18402) | 14826 |
| United Mexican States | 1.000% | Quarterly | Morgan Stanley & Co. LLC | BBB | 12/20/27 | USD | 1345000 | (15755) | (33142) | 17387 |
|  |  |  |  |  |  |  |  | $(20467) | $(93064) | $72597 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br>Amount** | **Notional<br>Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation/ (Depreciation)** |
| BRL CDI | Maturity | 5.855% | Maturity | 1/02/23 | BRL | 11441936 | $(130013) | $— | $(130013) |
| BRL CDI | Maturity | 6.740% | Maturity | 1/02/23 | BRL | 13050205 | (129030) |  | (129030) |
| BRL CDI | Maturity | 6.380% | Maturity | 1/02/23 | BRL | 15433847 | 6056 |  | 6056 |
| BRL CDI | Maturity | 11.215% | Maturity | 1/02/29 | BRL | 7351584 | (108068) |  | (108068) |
| BRL CDI | Maturity | 11.280% | Maturity | 1/02/29 | BRL | 2672803 | (37394) |  | (37394) |
| BRL CDI | Maturity | 13.165% | Maturity | 1/02/29 | BRL | 2539758 | 19156 |  | 19156 |
| BRL CDI | Maturity | 13.020% | Maturity | 1/02/29 | BRL | 2607099 | 15356 |  | 15356 |
| KW CDC | Quarterly | 3.783% | Quarterly | 9/15/24 | KRW | 4437000000 | 1663 |  | 1663 |
| 8.065% | Quarterly | ZAR JIBAR | Quarterly | 10/07/25 | ZAR | 68000000 | (18953) |  | (18953) |
|  |  |  |  |  |  |  | $(381227) | $— | $(381227) |

---

***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/<br> Reference** | **No. of Contracts/<br> Notional** | **Frequency** | **Rate/<br> Reference** | **No. of Contracts/<br> Notional** | **Frequency** | <br>**Counterparty** | <br>**Termination Date** | <br>**Value** | <br>**Upfront<br> Premium (Paid)/<br> Received** |<br>**Unrealized<br> Appreciation/**<br> **(Depreciation)** |
| Fixed 5.500% | EUR 500,000 | Annually | Fixed 6.705% | USD 607,250 | Semi-Annually | Citibank N.A. | 2/19/25 | $71948 | $(350) | $72298 |
| Fixed 3.675% | EUR 550,000 | Annually | Fixed 4.793% | USD 604,450 | Semi-Annually | Citibank N.A. | 6/03/26 | 14803 | (467) | 15270 |
| Fixed 3.125% | EUR 340,000 | Annually | Fixed 4.320% | USD 367,540 | Semi-Annually | Citibank N.A. | 5/15/27 | 5313 | (170) | 5483 |
| Fixed 5.875% | EUR 300,000 | Annually | Fixed 8.460% | USD 330,000 | Semi-Annually | Citibank N.A. | 10/17/31 | 49166 | (270) | 49436 |
| Fixed 8.750% | EUR 1,000,000 | Semi-Annually | Fixed 10.219% | USD 1,218,000 | Semi-Annually | JP Morgan Chase Bank N.A. | 6/16/26 | 180784 | 300 | 180484 |
|  |  |  |  |  |  |  |  | $322014 | $(957) | $322971 |

---

&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 creditworthiness of the underlying issuer. As the credit rating declines, the likelihood of payment by the fund increases. 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**

BRL Brazilian Real

CHF Swiss Franc

CLP Chilean Peso

CNH Offshore Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

---

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

---

HUF Hungarian Forint

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

PEN Peruvian New Sol

PHP Philippine Peso

PLN Polish Zloty

SGD Singapore Dollar

THB Thai Baht

USD U.S. Dollar

UYU Uruguayan Peso

ZAR South African Rand

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 98.8%** |  |  |
| **COMMON STOCK — 97.4%** |  |  |
| **Bermuda — 1.1%** |  |  |
| Kunlun Energy Co. Ltd. | 160000 | $113479 |
| **Brazil — 3.3%** |  |  |
| Atacadao SA | 13700 | 38357 |
| Banco do Brasil SA | 9300 | 61049 |
| BB Seguridade Participacoes SA | 25500 | 161918 |
| Localiza Rent a Car SA | 6126 | 61695 |
|  |  | 323019 |
| **Cayman Islands — 20.1%** |  |  |
| Alibaba Group Holding Ltd. (a) | 35688 | 394037 |
| China Resources Land Ltd. | 36000 | 163512 |
| JD.com, Inc. Class A | 7162 | 201326 |
| Li Auto, Inc. ADR (a) | 5268 | 107467 |
| Meituan Class B (a) (b) | 11900 | 263125 |
| Sunny Optical Technology Group Co. Ltd. | 5400 | 64262 |
| Tencent Holdings Ltd. | 14500 | 616282 |
| Topsports International Holdings Ltd. (b) | 219000 | 171840 |
|  |  | 1981851 |
| **China — 11.3%** |  |  |
| China Construction Bank Corp. Class H | 301000 | 188594 |
| China Longyuan Power Group Corp. Class H | 110000 | 134569 |
| ENN Natural Gas Co. Ltd. Class A | 41900 | 96895 |
| Luxshare Precision Industry Co. Ltd. Class A | 21900 | 100095 |
| NARI Technology Co. Ltd. Class A | 36840 | 128841 |
| Ping An Bank Co. Ltd. Class A | 61200 | 115905 |
| Ping An Insurance Group Co. of China Ltd. Class H | 35000 | 231007 |
| WuXi AppTec Co. Ltd. Class H (b) | 10600 | 112007 |
|  |  | 1107913 |
| **Czech Republic — 0.7%** |  |  |
| Komercni banka AS | 2232 | 64540 |
| **Hong Kong — 2.1%** |  |  |
| AIA Group Ltd. | 18800 | 207120 |
| **India — 12.6%** |  |  |
| Axis Bank Ltd. GDR | 4245 | 241116 |
| HDFC Bank Ltd. ADR | 5780 | 395410 |
| Infosys Ltd. ADR | 12702 | 228763 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Reliance Industries Ltd. GDR (b) | 6072 | $373428 |
|  |  | 1238717 |
| **Indonesia — 2.9%** |  |  |
| Bank Negara Indonesia Persero Tbk PT | 221000 | 130466 |
| Telkom Indonesia Persero Tbk PT | 654500 | 157675 |
|  |  | 288141 |
| **Luxembourg — 1.7%** |  |  |
| Samsonite International SA (a) (b) | 63300 | 165520 |
| **Mexico — 1.7%** |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 23027 | 165720 |
| **Netherlands — 0.0%** |  |  |
| X5 Retail Group N.V. GDR (c) (d) | 4250 |  |
| **Republic of Korea — 15.0%** |  |  |
| Cheil Worldwide, Inc. | 6345 | 116094 |
| Hana Financial Group, Inc. | 8102 | 271099 |
| Hyundai Motor Co. | 1251 | 150357 |
| LG Chem Ltd. | 511 | 244448 |
| Samsung Electronics Co. Ltd. | 15743 | 694236 |
|  |  | 1476234 |
| **Saudi Arabia — 3.0%** |  |  |
| The Saudi National Bank | 9353 | 125908 |
| Saudi Tadawul Group Holding Co. | 1849 | 88781 |
| Saudi Telecom Co. | 8072 | 78754 |
|  |  | 293443 |
| **South Africa — 3.0%** |  |  |
| AngloGold Ashanti Ltd. Sponsored ADR | 7705 | 149631 |
| FirstRand Ltd. | 41232 | 150598 |
|  |  | 300229 |
| **Taiwan — 13.1%** |  |  |
| CTBC Financial Holding Co. Ltd. | 153000 | 109965 |
| Hon Hai Precision Industry Co. Ltd. | 58000 | 188435 |
| MediaTek, Inc. | 6000 | 121872 |
| Powertech Technology, Inc. | 44000 | 113326 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 52000 | 757882 |
|  |  | 1291480 |
| **Thailand — 1.8%** |  |  |
| CP ALL PCL | 89200 | 175834 |
| **United Arab Emirates — 1.2%** |  |  |
| Emaar Properties PJSC | 74262 | 118207 |
| **United Kingdom — 0.9%** |  |  |
| Anglo American PLC | 2293 | 89564 |
| **United States — 1.9%** |  |  |
| Yum China Holdings, Inc. | 3398 | 185701 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **TOTAL COMMON STOCK <br>(Cost $9,870,869)** |  | $**9586712** |
| **PREFERRED STOCK — 1.4%** |  |  |
| **Brazil — 1.4%** |  |  |
| Gerdau SA |  |  |
|  | 24100 | 133197 |
| **TOTAL PREFERRED STOCK <br>(Cost $124,643)** |  | **133197** |
| **TOTAL EQUITIES <br>(Cost $9,995,512)** |  | **9719909** |
| **MUTUAL FUNDS — 0.9%** |  |  |
| **United States — 0.9%** |  |  |
| iShares MSCI Qatar ETF | 5087 | 93324 |
| **TOTAL MUTUAL FUNDS <br>(Cost $114,050)** |  | **93324** |
| **RIGHTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Localiza Rent a Car SA (a) | 26 | 53 |
| **TOTAL RIGHTS <br>(Cost $0)** |  | **53** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $10,109,562)** |  | **9813286** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Repurchase Agreement — 1.5%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $147943 | 147943 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $147,943)** |  | **147943** |
| **TOTAL INVESTMENTS — 101.2%<br>(Cost $10,257,505) (f)** |  | **9961229** |
| **Other Assets/(Liabilities) — (1.2)%** |  | **(116573)** |
| **NET ASSETS — 100.0%** |  | $**9844656** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

ETF Exchange-Traded Fund

GDR Global Depositary Receipt

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

**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, 2022, the aggregate market value of these securities amounted to $1,085,920 or 11.03% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $147,964. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28 , and an aggregate market value, including accrued interest, of $150,913.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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. 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; instead, MML Investment Advisers, LLC ("MML Advisers") will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund's net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

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.

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

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

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

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

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

***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, 2022, for the Funds' investments:

**Global Floating Rate Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stock | $— | $738620 \* | $642949 |  | $1381569 |
| Bank Loans (Less Unfunded Loan Commitments) |  | 212139110 |  | <sup>+</sup> | 212139110 |
| Corporate Debt |  | 10271169 |  | <sup>+</sup> | 10271169 |
| Warrants |  | 15505 |  |  | 15505 |
| Unfunded Loan Commitments\*\* |  | (21940) |  |  | (21940) |
| Total Investments | $— | $223142464 | $642949 |  | $223785413 |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $249154 | $— |  | $249154 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(951040) | $— |  | $(951040) |

---

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

**Global Credit Income Opportunities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stock\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | $— | $6762 | $— |  | $6762 |
| &nbsp;&nbsp;&nbsp;Spain |  |  |  | <sup>+</sup> |  |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 151297 | 322231 |  | 473528 |
| Bank Loans (Less Unfunded Loan Commitments) |  | 52316923 | 375721 |  | 52692644 |
| Corporate Debt |  | 56993928 |  | <sup>+</sup> | 56993928 |
| Non-U.S. Government Agency Obligations |  | 12515551 |  |  | 12515551 |
| Warrants |  | 45535 |  |  | 45535 |
| Purchased Options | 338040 |  |  |  | 338040 |
| Short-Term Investments |  | 4048009 |  |  | 4048009 |
| Unfunded Loan Commitments\*\* |  | (6546) |  |  | (6546) |
| Total Investments | $338040 | $126071459 | $697952 |  | $127107451 |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $87090 | $— |  | $87090 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(458821) | $— |  | $(458821) |

---

***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 | $— | $22704250 | $— | $22704250 |
| Sovereign Debt Obligations |  | 27391247 |  | 27391247 |
| Short-Term Investments |  | 355909 |  | 355909 |
| Total Investments | $— | $50451406 | $— | $50451406 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $1886982 | $— | $1886982 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 26883 |  |  | 26883 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 373719 |  | 373719 |
| Total | $26883 | $2260701 | $— | $2287584 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(2237810) | $— | $(2237810) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (6397) |  |  | (6397) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (453399) |  | (453399) |
| Total | $(6397) | $(2691209) | $— | $(2697606) |

---

***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 | $— | $113479 | $— |  | $113479 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 323019 |  |  | 323019 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 107467 | 1874384 |  |  | 1981851 |
| &nbsp;&nbsp;&nbsp;China |  | 1107913 |  |  | 1107913 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 64540 |  |  | 64540 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 207120 |  |  | 207120 |
| &nbsp;&nbsp;&nbsp;India | 1238717 |  |  |  | 1238717 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 288141 |  |  | 288141 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 165520 |  |  | 165520 |
| &nbsp;&nbsp;&nbsp;Mexico | 165720 |  |  |  | 165720 |
| &nbsp;&nbsp;&nbsp;Netherlands |  |  |  | <sup>+</sup> |  |
| &nbsp;&nbsp;&nbsp;Republic of Korea |  | 1476234 |  |  | 1476234 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 293443 |  |  | 293443 |
| &nbsp;&nbsp;&nbsp;South Africa | 149631 | 150598 |  |  | 300229 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 1291480 |  |  | 1291480 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 175834 |  |  | 175834 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 118207 |  |  | 118207 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 89564 |  |  | 89564 |
| &nbsp;&nbsp;&nbsp;United States | 185701 |  |  |  | 185701 |
| Preferred Stock\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil |  | 133197 |  |  | 133197 |
| Mutual Funds | 93324 |  |  |  | 93324 |
| Rights | 53 |  |  |  | 53 |
| Short-Term Investments |  | 147943 |  |  | 147943 |
| Total Investments | $1940613 | $8020616 | $— |  | $9961229 |

---

\* 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.*

---

| | |
|:---|:---|
| + | Represents a security at $0 value as of December 31, 2022. |

---

Derivative Instruments

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

Please refer to the Funds' most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at <u>http://www.sec.gov</u> for more information regarding the derivatives and other investments held by the Fund(s).

*Securities Lending*

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2022, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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

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.

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

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 Global Credit Income Opportunities Fund invests a significant amount of its assets in foreign securities and each of the Emerging Markets Debt Blended Total Return Fund and Global Emerging Markets Equity Fund invests substantially all of its assets in foreign securities. The Global Floating Rate Fund may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

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.

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

3. Federal Income Tax Information

At December 31, 2022, 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<br> Income<br> Tax Cost | Tax Basis<br> Unrealized<br> Appreciation | Tax Basis<br> Unrealized<br> (Depreciation) | Net Unrealized<br> Appreciation/<br> (Depreciation) |
| Global Floating Rate Fund | $259185819 | $482470 | $(35882876) | $(35400406) |
| Global Credit Income Opportunities Fund | 154032151 | 1468600 | (28393301) | (26924701) |
| Emerging Markets Debt Blended Total Return Fund | 61386358 | 571593 | (11506545) | (10934952) |
| Global Emerging Markets Equity Fund | 10257505 | 1309582 | (1605858) | (296276) |

---

4. New Accounting Pronouncements

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

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.

6. *Russia-Ukraine War*

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund's investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

## 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 Global Credit Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000072763

- **c. LEI of Series:** 5493003NSCR9BZO1UC68

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $168675665.98

**Total Liabilities:** $38650683.98

**Net Assets:** $130024982.00

**Cash Not Reported:** $534355.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 24.61 | **5-Year:** 1423.32 | **10-Year:** 2020.62 | **30-Year:** 730.38

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

- **3-Month:** 76.85 | **1-Year:** 3432.31 | **5-Year:** 19513.66 | **10-Year:** 9193.47 | **30-Year:** 1978.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229286 | 0.55%                | 2.46%                | 0.33%                |
| Class ID C000229287 | 0.52%                | 2.44%                | 0.31%                |
| Class ID C000229288 | 0.54%                | 2.46%                | 0.33%                |
| Class ID C000229289 | 0.32%                | 2.37%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11682.96                | $572300.69                                 |
| Month 2  | $-588247.34              | $4574973.56                                |
| Month 3  | $-1362404.99             | $1597536.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1375209 BC LTD                 | SR SECURED 144A 01/28 9        | CUSIP: 68251PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     81000 | PA      | $78873.75     | 0.06%             | 2028-01-30      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| A L PARENT LLC                 | TERM LOAN B                    | CUSIP: 00165HAB9<br>LEI: 549300177GK4LMS8T214 | Long             | LON              | CORP              | US        |    494583 | PA      | $368286.11    | 0.28%             | 2023-12-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ABC SUPPLY CO INC              | SR UNSECURED 144A 11/29 3.875  | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |    700000 | PA      | $572215.00    | 0.44%             | 2029-11-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| ACCOR SA                       | JR SUBORDINA REGS VAR          | CUSIP: 933WPJII6<br>LEI: 969500QZC2Q0TK11NV07 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $200987.60    | 0.15%             | 2099-12-31      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| ACCOR SA                       | SR UNSECURED REGS 11/28 2.375  | CUSIP: ACI21X8H2<br>LEI: 969500QZC2Q0TK11NV07 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $91207.65     | 0.07%             | 2028-11-29      | Fixed         | 2.38%                 | Yes           | 2                  | On Loan: No      |
| ACU PETROLEO LUXEMBOURG        | SR SECURED REGS 01/32 7.5      | CUSIP: L0R80QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    541000 | PA      | $493922.28    | 0.38%             | 2032-01-13      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| AENOVA HOLDING GMBH            | 2021 EUR TERM LOAN B           | CUSIP: 942XQLII7<br>LEI: N/A                  | Long             | LON              |  | DE        |    500000 | PA      | $470103.95    | 0.36%             | 2026-03-06      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| AIR CANADA                     | 2021 TERM LOAN B               | CUSIP: C0102MAP0<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    352830 | PA      | $347978.29    | 0.27%             | 2028-08-11      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ALBEA BEAUTY HOLDINGS S.A      | 2018 USD TERM LOAN B2          | CUSIP: 963SBQII7<br>LEI: 2221000LVW3T1WSQUG17 | Long             | LON              | CORP              | FR        |     65699 | PA      | $63070.61     | 0.05%             | 2024-04-22      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ALBION FINANCING 3 SARL        | EUR TERM LOAN                  | CUSIP: 941VWKII7<br>LEI: N/A                  | Long             | LON              |  | LU        |    510000 | PA      | $531696.87    | 0.41%             | 2026-08-17      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ALINEA CLO LTD                 | ALINE 2018 1A E 144A           | CUSIP: 016268AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1045442.50   | 0.80%             | 2031-07-20      | Floating      | 10.24%                | Yes           | 2                  | On Loan: No      |
| ALPHA GROUP SARL               | EUR TERM LOAN B                | CUSIP: L0182KAB8<br>LEI: N/A                  | Long             | LON              |  | DE        |    500000 | PA      | $471773.85    | 0.36%             | 2025-01-31      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ALSEA S.A.                     | COMPANY GUAR REGS 12/26 7.75   | CUSIP: P0R38AAA5<br>LEI: 4469000001BJLPKNUN21 | Long             | DBT              | CORP              | MX        |    671000 | PA      | $665497.80    | 0.51%             | 2026-12-14      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| ALTICE FRANCE SA               | SR SECURED REGS 01/25 2.5      | CUSIP: ACI1FL174<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $95805.23     | 0.07%             | 2025-01-15      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |
| ALTICE FRANCE SA               | SR SECURED REGS 02/25 2.125    | CUSIP: ACI1JBFC6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $282666.10    | 0.22%             | 2025-02-15      | Fixed         | 2.12%                 | Yes           | 2                  | On Loan: No      |
| AMC ENTMT INC   SYNDICATED LNS | TERM LOAN B                    | CUSIP: 00164DAQ6<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |    482853 | PA      | $260035.48    | 0.20%             | 2026-04-22      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| AMERICAN AIRLINES, INC.        | 2021 TERM LOAN                 | CUSIP: 02376CBJ3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    506512 | PA      | $503741.68    | 0.39%             | 2028-04-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| AMERICAN AIRLINES/AADVAN       | SR SECURED 144A 04/26 5.5      | CUSIP: 00253XAA9<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | NA        |    595000 | PA      | $572020.07    | 0.44%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| AMERICAN AIRLINES/AADVAN       | SR SECURED 144A 04/29 5.75     | CUSIP: 00253XAB7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | NA        |    114000 | PA      | $103989.91    | 0.08%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| ANARAFE SLU                    | SR SECURED REGS 03/26 17.154   | CUSIP: BMX5ZCII1<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |    161484 | PA      | $110630.39    | 0.09%             | 2026-03-31      | Floating      | 13.93%                | Yes           | 2                  | On Loan: No      |
| APCOA PARKING HOLDINGS G       | SR SECURED REGS 01/27 VAR      | CUSIP: ACI1Z8CS3<br>LEI: 529900H8FIYAOV5FUW68 | Long             | DBT              | CORP              | DE        |    169000 | PA      | $168532.72    | 0.13%             | 2027-01-15      | Floating      | 6.38%                 | Yes           | 2                  | On Loan: No      |
| AQGEN ASCENSUS INC             | 2021 2ND LIEN TERM LOAN        | CUSIP: 03836BAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250358 | PA      | $217393.06    | 0.17%             | 2029-08-02      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA       | SR SECURED REGS 08/26 2.125    | CUSIP: ACI1MXCC7<br>LEI: 6354001JXMLKNZDZR978 | Long             | DBT              | CORP              | NA        |    100000 | PA      | $89150.46     | 0.07%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           | 2                  | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA       | SR SECURED REGS 08/26 2.125    | CUSIP: ACI1DMVK2<br>LEI: 6354001JXMLKNZDZR978 | Long             | DBT              | CORP              | NA        |    100000 | PA      | $89278.82     | 0.07%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           | 2                  | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA       | COMPANY GUAR REGS 07/27 4.75   | CUSIP: BF347CII3<br>LEI: 6354001JXMLKNZDZR978 | Long             | DBT              | CORP              | NA        |    125000 | PA      | $103720.01    | 0.08%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| ARES CLO LTD                   | ARES 2018 48A E 144A           | CUSIP: 03990AAA1<br>LEI: 5493005WFBSWHJ1WGQ35 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $642780.00    | 0.49%             | 2030-07-20      | Floating      | 9.44%                 | Yes           | 2                  | On Loan: No      |
| ARVOS BIDCO S.A.R.L.           | USD 1ST LIEN TERM LOAN B1      | CUSIP: 08274B9J8<br>LEI: N/A                  | Long             | LON              |  | LU        |    320548 | PA      | $175765.98    | 0.14%             | 2024-08-29      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ARVOS BIDCO S.A.R.L.           | USD 1ST LIEN TERM LOAN B2      | CUSIP: L0166MAB4<br>LEI: N/A                  | Long             | LON              |  | LU        |    320548 | PA      | $175765.96    | 0.14%             | 2024-08-29      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ASHTEAD CAPITAL INC            | COMPANY GUAR 144A 05/28 4      | CUSIP: 045054AJ2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $914415.17    | 0.70%             | 2028-05-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| ASHTEAD CAPITAL INC            | COMPANY GUAR 144A 08/32 5.5    | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    750000 | PA      | $719740.95    | 0.55%             | 2032-08-11      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| ASTRA ACQUISITION CORP         | 2021 1ST LIEN TERM LOAN        | CUSIP: 04629UAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    573517 | PA      | $505652.50    | 0.39%             | 2028-10-25      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ASURION LLC                    | 2021 SECOND LIEN TERM LOAN B4  | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    775862 | PA      | $599632.76    | 0.46%             | 2029-01-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ATHENAHEALTH INC               | 2022 TERM LOAN B               | CUSIP: 04686RAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1063952 | PA      | $957939.85    | 0.74%             | 2029-02-15      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ATHENAHEALTH INC               | 2022 DELAYED DRAW TERM LOAN    | CUSIP: 04686RAC7<br>LEI: N/A                  | Long             | LON              |  | US        |    181237 | PA      | $163178.58    | 0.13%             | 2029-02-15      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| AURIS LUXEMBOURG III SARL      | 2018 EUR TERM LOAN B           | CUSIP: 963YNXII6<br>LEI: N/A                  | Long             | LON              |  | LU        |    500000 | PA      | $478068.10    | 0.37%             | 2026-02-27      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| AVEANNA HEALTHCARE LLC         | 2021 2ND LIEN TERM LOAN        | CUSIP: 05355JAD0<br>LEI: 5493006D6JRLPIY8YV18 | Long             | LON              | CORP              | US        |    748663 | PA      | $411764.71    | 0.32%             | 2029-12-10      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| AVIENT CORP                    | SR UNSECURED 144A 08/30 7.125  | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136851.30    | 0.11%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| AVSC HOLDING CORP              | 2020 TERM LOAN B1              | CUSIP: 00241YAT1<br>LEI: 549300CLJBQ9YSR4U689 | Long             | LON              | CORP              | US        |   1455609 | PA      | $1331343.95   | 1.02%             | 2025-03-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| BAHIA DE LAS ISLETAS SL        | CLASS B2 SHARES STAPLED TO 1.5 | CUSIP: 936NUA905<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |       445 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| BAHIA DE LAS ISLETAS SL        | CLASS B3 SHARES STAPLED TO EUR | CUSIP: 936NUB903<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |        62 | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| BAHIA DE LAS ISLETAS SL        | CLASS A3 SHARES STAPLED TO EUR | CUSIP: 936NUC901<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |        49 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| BAHIA DE LAS ISLETAS SL        | CLASS A2 SHARES STAPLED TO 1.5 | CUSIP: 936NUD909<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |       349 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| BAIN CAPITAL EURO CLO          | BCCE 2021 2A E 144A            | CUSIP: ACI210FB9<br>LEI: 5493009FIQULGQV8VN86 | Long             | ABS-O            | CORP              | IE        |    800000 | PA      | $655231.55    | 0.50%             | 2034-07-17      | Floating      | 7.60%                 | Yes           | 2                  | On Loan: No      |
| BALL CORP                      | COMPANY GUAR 03/28 6.875       | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    998000 | PA      | $1025115.66   | 0.79%             | 2028-03-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| BANIJAY GROUP SAS              | SR UNSECURED REGS 03/26 6.5    | CUSIP: ACI1JWYB1<br>LEI: 969500TVFVKI682L1144 | Long             | DBT              | CORP              | FR        |    750000 | PA      | $754602.67    | 0.58%             | 2026-03-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| BATH + BODY WORKS INC          | COMPANY GUAR 11/35 6.875       | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177780.00    | 0.14%             | 2035-11-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| BAUSCH HEALTH COMPANIES, INC.  | 2022 TERM LOAN B               | CUSIP: C9413PBD4<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | LON              | CORP              | CA        |    654070 | PA      | $494914.97    | 0.38%             | 2027-02-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| BAUSCH HEALTH COS INC          | SR SECURED 144A 09/28 11       | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    144000 | PA      | $112297.63    | 0.09%             | 2028-09-30      | Fixed         | 11.00%                | Yes           | 2                  | On Loan: No      |
| BAUSCH HEALTH COS INC          | SECURED 144A 10/30 14          | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     27000 | PA      | $16028.46     | 0.01%             | 2030-10-15      | Fixed         | 14.00%                | Yes           | 2                  | On Loan: No      |
| BAUSCH HEALTH COS INC          | COMPANY GUAR 144A 12/25 9      | CUSIP: 91911KAP7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $131064.45    | 0.10%             | 2025-12-15      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| BAYER AG                       | JR SUBORDINA REGS 11/79 VAR    | CUSIP: ACI1GRLX1<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $362347.15    | 0.28%             | 2079-11-12      | Fixed         | 3.12%                 | Yes           | 2                  | On Loan: No      |
| BCPE NORTH STAR US HOLDCO 2    | TERM LOAN                      | CUSIP: 05552DAD4<br>LEI: 254900AGB0JDUDNIJC95 | Long             | LON              | CORP              | US        |    243057 | PA      | $222396.78    | 0.17%             | 2028-06-09      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| BEAVER VISITEC INT INC         | 2020 EUR TERM LOAN B           | CUSIP: 05603HAD4<br>LEI: N/A                  | Long             | LON              |  | US        |    495881 | PA      | $429074.48    | 0.33%             | 2026-03-02      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| BELLIS FINCO PLC               | COMPANY GUAR REGS 02/27 4      | CUSIP: ACI1VT948<br>LEI: 259400ELWH6Z4ICFTD70 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $88194.36     | 0.07%             | 2027-02-16      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| BLACKROCK EUROPEAN CLO DAC     | BECLO 7X E REGS                | CUSIP: ACI165KS2<br>LEI: 635400IDVZFM7YPKHY80 | Long             | ABS-O            | CORP              | IE        |    725000 | PA      | $605374.12    | 0.47%             | 2031-10-15      | Floating      | 6.55%                 | Yes           | 2                  | On Loan: No      |
| BWAY HLDG CO                   | TERM LOAN                      | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |   1275337 | PA      | $1243631.69   | 0.96%             | 2024-04-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CARNIVAL CORP                  | COMPANY GUAR 144A 03/27 5.75   | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    206000 | PA      | $147092.24    | 0.11%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| CARNIVAL CORPORATION           | 2021 INCREMENTAL TERM LOAN B   | CUSIP: P2121YAS7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |    883929 | PA      | $825147.33    | 0.63%             | 2028-10-18      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CASINO GUICHARD PERRACHON SA   | 2021 EUR TERM LOAN B           | CUSIP: 937JWBII0<br>LEI: N/A                  | Long             | LON              |  | FR        |    500000 | PA      | $450257.82    | 0.35%             | 2025-08-31      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CASPER BIDCO SAS               | 2020 EUR TERM LOAN B3A         | CUSIP: 938LHAII3<br>LEI: N/A                  | Long             | LON              |  | FR        |    500000 | PA      | $496758.14    | 0.38%             | 2026-07-31      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CASTOR SPA                     | SR SECURED REGS 02/29 VAR      | CUSIP: ACI23MG93<br>LEI: 213800OWLX4ZFFIAB390 | Long             | DBT              | CORP              | IT        |    199000 | PA      | $205767.84    | 0.16%             | 2029-02-15      | Floating      | 7.30%                 | Yes           | 2                  | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | SR UNSECURED 144A 09/29 6.375  | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $587337.50    | 0.45%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| CCP LUX HOLDING S.A. R.L.      | EUR 1ST LIEN TERM LOAN         | CUSIP: 963PGTII2<br>LEI: N/A                  | Long             | LON              |  | LU        |    500000 | PA      | $497223.79    | 0.38%             | 2025-01-10      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CDK GLOBAL, INC                | 2022 USD TERM LOAN B           | CUSIP: 943UMXII0<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    363141 | PA      | $359426.24    | 0.28%             | 2029-07-06      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CEDAR FUNDING LTD              | CEDF 2014 4A ERR 144A          | CUSIP: 150322AG0<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $867545.00    | 0.67%             | 2034-07-23      | Floating      | 10.93%                | Yes           | 2                  | On Loan: No      |
| CELANESE US HOLDINGS LLC       | COMPANY GUAR 07/32 6.379       | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    800000 | PA      | $763173.60    | 0.59%             | 2032-07-15      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| CELESTIAL SATURN PARENT INC    | 2ND LIEN TERM LOAN             | CUSIP: 937JXBII9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    355114 | PA      | $248757.10    | 0.19%             | 2029-06-04      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CEP IV INVESTMENT 16 S.A.R.L.  | EUR TERM LOAN B                | CUSIP: 963FRFII2<br>LEI: N/A                  | Long             | LON              |  | LU        |    500000 | PA      | $409982.16    | 0.32%             | 2026-10-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CEP IV INVESTMENT 16 S.A.R.L.  | USD 2ND LIEN TERM LOAN         | CUSIP: 937EDSII5<br>LEI: N/A                  | Long             | LON              |  | LU        |   1050000 | PA      | $798000.00    | 0.61%             | 2027-10-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CHROME HOLDCO                  | COMPANY GUAR REGS 05/29 5      | CUSIP: ACI1XS4K7<br>LEI: 9845000E49865VT3N679 | Long             | DBT              | CORP              | FR        |    910000 | PA      | $754127.94    | 0.58%             | 2029-05-31      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS       | SR SECURED 144A 02/31 4.75     | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $726020.00    | 0.56%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| CIFC FUNDING LTD               | CIFC 2017 5A D 144A            | CUSIP: 12551NAA5<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $431961.00    | 0.33%             | 2030-11-16      | Floating      | 10.18%                | Yes           | 2                  | On Loan: No      |
| CINCINNATI BELL, INC.          | 2021 TERM LOAN B2              | CUSIP: 17187MAS9<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |    512258 | PA      | $502012.91    | 0.39%             | 2028-11-22      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CITY FOOTBALL GROUP LIMITED    | TERM LOAN                      | CUSIP: 17781XAB2<br>LEI: 213800K6VVWALRH9UJ69 | Long             | LON              | CORP              | GB        |    918557 | PA      | $856554.11    | 0.66%             | 2028-07-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HLDNGS I | TERM LOAN B                    | CUSIP: 18452RAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1514901 | PA      | $1376939.40   | 1.06%             | 2026-08-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CLOUDERA, INC.                 | 2021 TERM LOAN                 | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     55074 | PA      | $51666.40     | 0.04%             | 2028-10-08      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CLOUDERA, INC.                 | 2021 2ND LIEN TERM LOAN        | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    566667 | PA      | $471279.67    | 0.36%             | 2029-10-08      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CLYDESDALE ACQ HOLDINGS INC.   | TERM LOAN B                    | CUSIP: 18972FAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    331550 | PA      | $315111.55    | 0.24%             | 2029-04-13      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CLYDESDALE ACQUISITION         | SR SECURED 144A 04/29 6.625    | CUSIP: 18972EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $147454.35    | 0.11%             | 2029-04-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| CLYDESDALE ACQUISITION         | COMPANY GUAR 144A 04/30 8.75   | CUSIP: 18972EAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    519000 | PA      | $444373.09    | 0.34%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| CMG MEDIA CORPORATION          | COMPANY GUAR 144A 12/27 8.875  | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    972000 | PA      | $731624.40    | 0.56%             | 2027-12-15      | Fixed         | 8.88%                 | Yes           | 2                  | On Loan: No      |
| COLOUROZ INVESTMENT 1 GMBH     | EUR TERM LOAN                  | CUSIP: 924AJLII7<br>LEI: N/A                  | Long             | LON              |  | DE        |    895152 | PA      | $668354.94    | 0.51%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| COLOUROZ INVESTMENT 1 GMBH     | EUR TERM LOAN B3               | CUSIP: 926RQXII4<br>LEI: N/A                  | Long             | LON              |  | DE        |     16259 | PA      | $12139.42     | 0.01%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| COMMSCOPE INC                  | SR SECURED 144A 09/29 4.75     | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    444000 | PA      | $357952.80    | 0.28%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| CONDOR MERGER SUB INC          | SR UNSECURED 144A 02/30 7.375  | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    905000 | PA      | $727883.08    | 0.56%             | 2030-02-15      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| CONSENSUS CLOUD SOLUTION       | COMPANY GUAR 144A 10/26 6      | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $701430.52    | 0.54%             | 2026-10-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| CONSTELLATION AUTOMOTIVE LTD   | GBP TERM LOAN B                | CUSIP: 942ZDYII8<br>LEI: N/A                  | Long             | LON              |  | GB        |    500000 | PA      | $413394.44    | 0.32%             | 2028-07-28      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CT TRUST                       | SR SECURED REGS 02/32 5.125    | CUSIP: G2588BAA2<br>LEI: 5493003LN2KNNGM2Q244 | Long             | DBT              | CORP              | GT        |    200000 | PA      | $175618.48    | 0.14%             | 2032-02-03      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |  29272138 | PA      | $-453244.98   | -0.35%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    777207 | PA      | $4305.18      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    912719 | PA      | $-4848.60     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |   6926356 | PA      | $82784.85     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     98801 | PA      | $-726.92      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| CVR ENERGY INC                 | COMPANY GUAR 144A 02/25 5.25   | CUSIP: 12662PAB4<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    525000 | PA      | $483000.00    | 0.37%             | 2025-02-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| CVR ENERGY INC                 | COMPANY GUAR 144A 02/28 5.75   | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    379000 | PA      | $329919.50    | 0.25%             | 2028-02-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| DEOLEO FINANCIAL LIMITED       | EUR TERM LOAN B                | CUSIP: 966RHCII1<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |     75107 | PA      | $76227.74     | 0.06%             | 2025-06-24      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| DIRECTV FIN LLC/COINC          | SR SECURED 144A 08/27 5.875    | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1256000 | PA      | $1123692.96   | 0.86%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| DISH DBS CORP                  | SR SECURED 144A 12/26 5.25     | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $92656.85     | 0.07%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| DISH DBS CORP                  | SR SECURED 144A 12/28 5.75     | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    142000 | PA      | $113333.75    | 0.09%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| DISH NETWORK CORP              | SR UNSECURED 08/26 3.375       | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    750000 | PA      | $469875.00    | 0.36%             | 2026-08-15      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| DKT FINANCE APS                | SR SECURED REGS 06/23 7        | CUSIP: BDFWXBII6<br>LEI: 529900CPZ2SMDPG5RV48 | Long             | DBT              | CORP              | DK        |   1500000 | PA      | $1590532.73   | 1.22%             | 2023-06-17      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| DON JERSEY TOPCO LIMITED       | ORDINARY A SHARES              | CUSIP: 936KWK907<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    292774 | NS      | $172373.24    | 0.13%             |  |  |  | No            | 3                  | On Loan: No      |
| DOTDASH MEREDITH INC           | TERM LOAN B                    | CUSIP: 944WEEII6<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |    419045 | PA      | $360378.79    | 0.28%             | 2028-12-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| DP WORLD SALAAM                | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1ND4Q8<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |   1555000 | PA      | $1537195.25   | 1.18%             | 2099-12-31      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| ELASTIC NV                     | SR UNSECURED 144A 07/29 4.125  | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    462000 | PA      | $373157.40    | 0.29%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| ELECTRICITE DE FRANCE SA       | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1R81X3<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $616989.96    | 0.47%             | 2099-12-31      | Fixed         | 3.38%                 | Yes           | 2                  | On Loan: No      |
| ENLINK MIDSTREAM PARTNER       | SR UNSECURED 04/44 5.6         | CUSIP: 29336UAC1<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    206000 | PA      | $169901.93    | 0.13%             | 2044-04-01      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| ENSONO LP                      | 2021 TERM LOAN                 | CUSIP: 29359DAB3<br>LEI: 5493008Y7ZSWJ6T2LW17 | Long             | LON              | CORP              | US        |      1405 | PA      | $1258.10      | 0.00%             | 2028-05-26      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| EQM MIDSTREAM PARTNERS L       | SR UNSECURED 144A 01/29 4.5    | CUSIP: 26885BAK6<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | DBT              | CORP              | US        |    170000 | PA      | $142786.26    | 0.11%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| EQM MIDSTREAM PARTNERS L       | SR UNSECURED 144A 01/31 4.75   | CUSIP: 26885BAL4<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | DBT              | CORP              | US        |    154000 | PA      | $125895.00    | 0.10%             | 2031-01-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| ESC GCB BRIGGS   STRAT         | 12/20 FIXED 6.875              | CUSIP: 109ESCAA1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    514000 | PA      | $0.00         | 0.00%             | 2049-12-15      | Floating      | 6.88%                 | No            | 3                  | On Loan: No      |
| FINASTRA USA, INC.             | TERM LOAN B                    | CUSIP: 02034DAC1<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |    665020 | PA      | $586600.75    | 0.45%             | 2024-06-13      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FIVE STAR INTERMEDATE HLDG LLC | TERM LOAN                      | CUSIP: 33835TAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    201721 | PA      | $195417.57    | 0.15%             | 2029-05-05      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FLINT GROUP GMBH               | 2017 EUR INCREMENTAL TERM LOAN | CUSIP: 962ULQII2<br>LEI: N/A                  | Long             | LON              |  | DE        |      3989 | PA      | $2978.20      | 0.00%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FLINT GROUP GMBH               | 2017 EUR TERM LOAN B7          | CUSIP: 962VDZII9<br>LEI: N/A                  | Long             | LON              |  | DE        |      9795 | PA      | $7313.38      | 0.01%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FLINT GROUP GMBH               | USD TERM LOAN C                | CUSIP: 923ZUTII3<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |     48640 | PA      | $35182.88     | 0.03%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FLINT GROUP GMBH               | EUR ADD ON TERM LOAN B4        | CUSIP: 976WEWII7<br>LEI: N/A                  | Long             | LON              |  | DE        |    109475 | PA      | $81738.29     | 0.06%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FLINT GROUP GMBH               | EUR REPRICED TERM LOAN B       | CUSIP: 962TCQII5<br>LEI: N/A                  | Long             | LON              |  | DE        |     69404 | PA      | $51819.42     | 0.04%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FLINT GROUP US LLC             | 1ST LIEN TERM LOAN B2          | CUSIP: 924AXQII0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    294231 | PA      | $212826.19    | 0.16%             | 2023-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | SR UNSECURED 11/27 7.35        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307410.00    | 0.24%             | 2027-11-04      | Fixed         | 7.35%                 | No            | 2                  | On Loan: No      |
| FUGUE FINANCE B.V.             | EUR TERM LOAN                  | CUSIP: 962ZJRII2<br>LEI: N/A                  | Long             | LON              |  | NL        |    750000 | PA      | $774737.82    | 0.60%             | 2024-09-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| FUTURE RETAIL LTD              | SR SECURED REGS 01/25 5.6      | CUSIP: Y267BJGT5<br>LEI: 335800XO19WYIUZC9H61 | Long             | DBT              | CORP              | IN        |    950000 | PA      | $28500.00     | 0.02%             | 2025-01-22      | Fixed         | 5.60%                 | Yes           | 2                  | On Loan: No      |
| GALAXY CLO LTD                 | GALXY 2017 24A E 144A          | CUSIP: 36321CAA7<br>LEI: 6354006LLTU5DRVJLQ86 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $599011.70    | 0.46%             | 2031-01-15      | Floating      | 9.58%                 | Yes           | 2                  | On Loan: No      |
| GARDEN SPINCO CORP             | COMPANY GUAR 144A 07/30 8.625  | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    413000 | PA      | $437780.00    | 0.34%             | 2030-07-20      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| GENESIS ENERGY LP/FIN          | COMPANY GUAR 01/27 8           | CUSIP: 37185LAM4<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942720.00    | 0.73%             | 2027-01-15      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| GEON PERFORMANCE SOLU LLC      | 2021 TERM LOAN                 | CUSIP: 37254YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    367295 | PA      | $356276.58    | 0.27%             | 2028-08-18      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| GETTY IMAGES INC               | SR UNSECURED 144A 03/27 9.75   | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    650000 | PA      | $641591.59    | 0.49%             | 2027-03-01      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| GLOBAL AIR LEASE CO LTD        | SR UNSECURED 144A 09/24 6.5    | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2225479 | PA      | $1891657.15   | 1.45%             | 2024-09-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | COMPANY GUAR 144A 06/29 5.625  | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    218000 | PA      | $170328.50    | 0.13%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| GREAT OUTDOORS GROUP LLC       | 2021 TERM LOAN B1              | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |    605239 | PA      | $580272.83    | 0.45%             | 2028-03-06      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| GRINDING MEDIA INC             | 2021 TERM LOAN B               | CUSIP: 39854KAB6<br>LEI: 254900IYFJ03EGFQ8C34 | Long             | LON              | CORP              | US        |    295277 | PA      | $273131.51    | 0.21%             | 2028-10-12      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| GULF FINANCE LLC               | TERM LOAN B EXTENDED           | CUSIP: 40227UAC0<br>LEI: 549300GL13V5C6ULWJ40 | Long             | LON              | CORP              | US        |   1001091 | PA      | $938522.84    | 0.72%             | 2026-08-25      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| HCA INC                        | COMPANY GUAR 09/28 5.625       | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995613.69    | 0.77%             | 2028-09-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| HCFB LLC(EURASIA CAP SA)       | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1GLRW0<br>LEI: 549300U2WY9PMF5EVU66 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $36000.00     | 0.03%             | 2099-12-31      | Fixed         | 8.80%                 | Yes           | 2                  | On Loan: No      |
| HILDING ANDERS INTER AB        | 2022 EUR PIK REORG OPCO TL     | CUSIP: 950BSAII6<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |    275316 | PA      | $184195.19    | 0.14%             | 2026-02-28      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| HILDING ANDERS INTER AB        | 2022 EUR PIK REORG HOLDCO      | CUSIP: 950BSBII4<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |    250229 | PA      | $0.00         | 0.00%             | 2027-02-28      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| HOTELBEDS GROUP                | EUR TERM LOAN B                | CUSIP: 930LKDII1<br>LEI: N/A                  | Long             | LON              |  | ES        |   1000000 | PA      | $903459.37    | 0.69%             | 2025-09-12      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| HOUSE OF FRASER FUNDING        | SR SECURED REGS 09/20 VAR      | CUSIP: ACI0FY5Z2<br>LEI: 213800P7RKFZN1OO5R52 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $181.34       | 0.00%             | 2020-09-15      | Floating      | 1.00%                 | Yes           | 2                  | On Loan: No      |
| HYLAND SOFTWARE INC            | 2021 SECOND LIEN TERM LOAN     | CUSIP: 44908XAV0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250909 | PA      | $236732.73    | 0.18%             | 2025-07-07      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| IGT HOLDING IV AB              | 2021 USD TERM LOAN             | CUSIP: W5000CAB3<br>LEI: 549300S0NZ6VQU5JU607 | Long             | LON              | CORP              | SE        |    451724 | PA      | $441560.32    | 0.34%             | 2028-03-31      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| INEOS QUATTRO FINANCE 1        | SR UNSECURED REGS 07/26 3.75   | CUSIP: BNBQ3KII4<br>LEI: 213800QO23X11QXPVT49 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $351107.43    | 0.27%             | 2026-07-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| INNOVATION GROUP PLC (THE)     | 2021 GBP SUPER PR FACILITY 1   | CUSIP: 936GXZII3<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     33983 | PA      | $41084.34     | 0.03%             | 2025-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| INNOVATION GROUP PLC (THE)     | 2021 GBP TERM LOAN B           | CUSIP: 936KZXII7<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     73302 | PA      | $88618.94     | 0.07%             | 2025-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| INNOVATION GROUP PLC (THE)     | 2021 GBP SUPER PR FACILITY 2   | CUSIP: 936HXZII1<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     32038 | PA      | $38732.79     | 0.03%             | 2025-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| INNOVATION GROUP PLC (THE)     | 2021 EUR TERM LOAN B2          | CUSIP: 936LZXII5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    193643 | PA      | $207285.31    | 0.16%             | 2025-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| INNOVATION INTERNATIONAL HOLDI | TOPCO EQUITY                   | CUSIP: 936HXT904<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    142479 | NS      | $149857.50    | 0.12%             |  |  |  | No            | 3                  | On Loan: No      |
| INTELSAT JACKSON HOLDINGS S.A. | 2021 EXIT TERM LOAN B          | CUSIP: L5137LAQ8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | LON              | CORP              | LU        |    646273 | PA      | $622729.16    | 0.48%             | 2029-02-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| INTERNATIONAL PARK HOLDINGS B. | EUR TERM LOAN B                | CUSIP: 962ZMHII0<br>LEI: N/A                  | Long             | LON              |  | NL        |    500000 | PA      | $528534.44    | 0.41%             | 2024-06-13      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ION TRADING FINANCE LIMITED    | 2021 TERM LOAN                 | CUSIP: L5582BAV9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | LON              | CORP              | IE        |    984453 | PA      | $931007.31    | 0.72%             | 2028-04-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| IRIS BIDCO GMBH                | EUR TERM LOAN B                | CUSIP: 942TGGII8<br>LEI: N/A                  | Long             | LON              |  | DE        |    500000 | PA      | $459720.59    | 0.35%             | 2028-06-29      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| IVANTI SOFTWARE, INC.          | 2021 TERM LOAN B               | CUSIP: 46583DAG4<br>LEI: 254900GHAXAYKWDX9F60 | Long             | LON              | CORP              | US        |    515928 | PA      | $406721.23    | 0.31%             | 2027-12-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| IVC ACQUISITION LTD            | 2022 EUR TERM LOAN B6          | CUSIP: 943RJWII3<br>LEI: N/A                  | Long             | LON              |  | GB        |    500000 | PA      | $511476.82    | 0.39%             | 2026-02-13      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| JBS USA/FOOD/FINANCE           | SR UNSECURED 144A 01/30 5.5    | CUSIP: 46590XAB2<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | CORP              | NA        |    586000 | PA      | $557590.72    | 0.43%             | 2030-01-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| JBS USA/FOOD/FINANCE           | COMPANY GUAR 144A 12/31 3.75   | CUSIP: 46590XAC0<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | CORP              | NA        |    150000 | PA      | $122615.72    | 0.09%             | 2031-12-01      | Fixed         | 3.75%                 | 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        |   1000000 | PA      | $134193.34    | 0.10%             | 2022-10-22      | Fixed         | 11.95%                | Yes           | 2                  | On Loan: No      |
| KAISA GROUP HOLDINGS LTD       | SR SECURED REGS 07/25 9.95     | CUSIP: BL392CII4<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $135761.54    | 0.10%             | 2025-07-23      | Fixed         | 9.95%                 | Yes           | 2                  | On Loan: No      |
| KAIXO BONDCO TELECOM SA        | SR SECURED REGS 09/29 5.125    | CUSIP: ACI20Z706<br>LEI: 959800ULWB3MZHZ69055 | Long             | DBT              | CORP              | ES        |    705000 | PA      | $639580.19    | 0.49%             | 2029-09-30      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| KCA DEUTAG INTERNATIONAL LTD   | ORDINARY A SHARES              | CUSIP: 937FVD904<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      2731 | NS      | $151297.40    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| KCA DEUTAG PIKCO PLC           | COMPANY GUAR 12/27 15          | CUSIP: ACI29KK88<br>LEI: 213800MUYATZQRQL1Y20 | Long             | DBT              | CORP              | GB        |     89787 | PA      | $84624.25     | 0.07%             | 2027-12-01      | Floating      | 15.00%                | No            | 2                  | On Loan: No      |
| KCA DEUTAG UK FINANCE PL       | SR SECURED REGS 12/25 9.875    | CUSIP: ACI1TPRW7<br>LEI: 529900T5G3VI71LSI184 | Long             | DBT              | CORP              | GB        |    349977 | PA      | $329415.85    | 0.25%             | 2025-12-01      | Fixed         | 9.88%                 | Yes           | 2                  | On Loan: No      |
| KCA DEUTAG UK FINANCE PL       | SR SECURED 12/25 VAR           | CUSIP: ACI29KLC8<br>LEI: 529900T5G3VI71LSI184 | Long             | DBT              | CORP              | GB        |    143476 | PA      | $142399.93    | 0.11%             | 2025-12-01      | Floating      | 12.89%                | No            | 2                  | On Loan: No      |
| KENAN ADVANTAGE GROUP, INC.    | 2021 2ND LIEN TERM LOAN        | CUSIP: 48853UBH2<br>LEI: 549300GVUXCXDWYPIY65 | Long             | LON              | CORP              | US        |    528634 | PA      | $485022.03    | 0.37%             | 2027-09-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| KENBOURNE INVEST SA            | COMPANY GUAR REGS 01/28 4.7    | CUSIP: L5831KAC0<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |    593000 | PA      | $462533.20    | 0.36%             | 2028-01-22      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| KKR APPLE BIDCO, LLC           | 2021 2ND LIEN TERM LOAN        | CUSIP: 938PNZII2<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |    139109 | PA      | $133743.10    | 0.10%             | 2029-09-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| LBM ACQUISITION LLCV           | TERM LOAN B                    | CUSIP: 50179JAB4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    495503 | PA      | $428456.81    | 0.33%             | 2027-12-17      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| LERNEN BIDCO LIMITED           | EUR TERM LOAN B                | CUSIP: 964HJHII2<br>LEI: N/A                  | Long             | LON              |  | GB        |    500000 | PA      | $501237.97    | 0.39%             | 2025-10-24      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| LIFESCAN GLOBAL CORP           | TERM LOAN B                    | CUSIP: 53227PAC4<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |    136367 | PA      | $97766.68     | 0.08%             | 2024-10-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MADISON PARK FUNDING LTD       | MDPK 2014 13A SUB 144A         | CUSIP: 55818NAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $103706.50    | 0.08%             | 2030-04-19      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| MADISON PARK FUNDING LTD       | MDPK 2018 27A D 144A           | CUSIP: 55820XAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $428701.00    | 0.33%             | 2030-04-20      | Floating      | 9.24%                 | Yes           | 2                  | On Loan: No      |
| MADISON PARK FUNDING LTD       | MDPK 2018 28A F 144A           | CUSIP: 55821BAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $403047.50    | 0.31%             | 2030-07-15      | Floating      | 11.68%                | Yes           | 2                  | On Loan: No      |
| MAGNETITE CLO LTD              | MAGNE 2012 7A SUB 144A         | CUSIP: 55952XAC3<br>LEI: 549300B54XJTQC6DWJ15 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $661464.00    | 0.51%             | 2028-01-15      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| MANGROVE LUXCO III             | SR SECURED REGS 10/25 7.775    | CUSIP: ACI1G4F27<br>LEI: 549300GLJSZN1PU7T586 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $172208.56    | 0.13%             | 2025-10-09      | Fixed         | 7.78%                 | Yes           | 2                  | On Loan: No      |
| MARCOLIN SPA                   | SR SECURED REGS 11/26 6.125    | CUSIP: ACI1XX2Q5<br>LEI: 815600C8D55034EB5379 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $368234.63    | 0.28%             | 2026-11-15      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| MATTRESS FIRM INC              | 2021 TERM LOAN B               | CUSIP: 57723CAR0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    736052 | PA      | $624724.42    | 0.48%             | 2028-09-25      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MAUSER PACKAGING SOLUT         | SR UNSECURED 144A 04/25 7.25   | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    611000 | PA      | $564958.93    | 0.43%             | 2025-04-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| MCAFEE LLC                     | 2021 USD TERM LOAN B           | CUSIP: 55910RAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    708056 | PA      | $602732.41    | 0.46%             | 2028-07-27      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MCAFEE LLC                     | 2022 USD TERM LOAN B           | CUSIP: 57906HAD9<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |    636219 | PA      | $590659.06    | 0.45%             | 2029-03-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MEDASSETS SFWR INMT HLNG INC   | 2021 2ND LIEN TERM LOAN 2      | CUSIP: 944WDQII0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    205479 | PA      | $154943.83    | 0.12%             | 2029-12-17      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MEDIAN B V                     | 2021 EUR TERM LOAN B           | CUSIP: 936MLKII6<br>LEI: N/A                  | Long             | LON              |  | NL        |    500000 | PA      | $450033.02    | 0.35%             | 2027-10-14      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MEDICAL SOLUTIONS HOLDINGS INC | 2021 2ND LIEN TERM LOAN        | CUSIP: 58462QAM3<br>LEI: 549300JH2XHZ7TIKYR39 | Long             | LON              | CORP              | US        |    147368 | PA      | $135578.95    | 0.10%             | 2029-11-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MEDLINE BORROWER, LP           | USD TERM LOAN B                | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    910706 | PA      | $864241.81    | 0.66%             | 2028-10-23      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MH SUB I LLC                   | 2020 INCREMENTAL TERM LOAN     | CUSIP: 45567YAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    994898 | PA      | $965409.18    | 0.74%             | 2024-09-13      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MICHAELS COMPANIES, INC.       | 2021 TERM LOAN B               | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | LON              | CORP              | US        |    596076 | PA      | $512959.56    | 0.39%             | 2028-04-15      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC       | SR SECURED 144A 06/27 6.5      | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213300 | PA      | $212063.25    | 0.16%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| MOTEL 6                        | TERM LOAN B                    | CUSIP: 05601QAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    163855 | PA      | $160851.94    | 0.12%             | 2026-09-09      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| MOTION BONDCO DAC              | COMPANY GUAR REGS 11/27 4.5    | CUSIP: ACI1G77K9<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |    700000 | PA      | $607781.10    | 0.47%             | 2027-11-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| NABORS INDUSTRIES INC          | COMPANY GUAR 144A 05/27 7.375  | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    473000 | PA      | $458192.61    | 0.35%             | 2027-05-15      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| NEUBERGER BERMAN CLO LTD       | NEUB 2017 26A E 144A           | CUSIP: 64131PAA0<br>LEI: 549300P0MOXZPIM3AS61 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $902494.00    | 0.69%             | 2030-10-18      | Floating      | 10.09%                | 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        |    204000 | PA      | $155074.68    | 0.12%             | 2024-12-15      | Fixed         | 4.80%                 | Yes           | 2                  | On Loan: No      |
| NGL ENRGY OP/FIN CORP          | SR SECURED 144A 02/26 7.5      | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $755713.67    | 0.58%             | 2026-02-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS        | SR SECURED 144A 04/26 7.125    | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $164959.08    | 0.13%             | 2026-04-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| NOBIAN FINANCE B               | SR SECURED REGS 07/26 3.625    | CUSIP: ACI1YVQ74<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $449588.79    | 0.35%             | 2026-07-15      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| NORDSTROM INC                  | SR UNSECURED 01/44 5           | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   1202000 | PA      | $730215.00    | 0.56%             | 2044-01-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| NOVELIS CORP                   | COMPANY GUAR 144A 08/31 3.875  | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    700000 | PA      | $571474.70    | 0.44%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | SR UNSECURED 09/28 6.375       | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    157000 | PA      | $158526.31    | 0.12%             | 2028-09-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | SR UNSECURED 01/31 6.125       | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    452000 | PA      | $456153.71    | 0.35%             | 2031-01-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| OHA CREDIT PARTNERS LTD        | OAKC 2014 10A SUB 144A         | CUSIP: 67106KAE7<br>LEI: 549300R39C7C8ZT3OK12 | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $589422.40    | 0.45%             | 2026-07-20      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| OLYMPUS WTR US HLDG CORP       | SR SECURED 144A 10/27 7.125    | CUSIP: 16308NAA2<br>LEI: 254900JRWEYCJ9Z3ZP06 | Long             | DBT              | CORP              | US        |    285000 | PA      | $271462.50    | 0.21%             | 2027-10-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| OLYMPUS WTR US HLDG CORP       | SR SECURED 144A 10/28 4.25     | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    210000 | PA      | $170486.87    | 0.13%             | 2028-10-01      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| OLYMPUS WTR US HLDG CORP       | SR UNSECURED REGS 10/29 5.375  | CUSIP: ACI20N2N8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    235000 | PA      | $181450.84    | 0.14%             | 2029-10-01      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| ORBIA ADVANCE CORP SAB         | COMPANY GUAR REGS 01/48 5.5    | CUSIP: P57908AH1<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $244781.65    | 0.19%             | 2048-01-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| PADAGIS LLC                    | TERM LOAN B                    | CUSIP: 69526PAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    607211 | PA      | $535359.40    | 0.41%             | 2028-07-06      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| PECF USS INTERMEDIATE HO       | SR UNSECURED 144A 11/29 8      | CUSIP: 69291HAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $77962.80     | 0.06%             | 2029-11-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| PENTAIR FINANCE SARL           | COMPANY GUAR 07/32 5.9         | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    750000 | PA      | $737456.45    | 0.57%             | 2032-07-15      | Fixed         | 5.90%                 | No            | 2                  | On Loan: No      |
| PERATON CORP                   | TERM LOAN B                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    658289 | PA      | $641693.27    | 0.49%             | 2028-02-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| PERRIGO INVESTMENTS LLC        | TERM LOAN B                    | CUSIP: 71429TAC4<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | IE        |    241256 | PA      | $239447.01    | 0.18%             | 2029-04-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMP | 2021 TERM LOAN B               | CUSIP: 71601HAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    249365 | PA      | $241754.85    | 0.19%             | 2028-03-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | SUBORDINATED REGS 02/30 VAR    | CUSIP: ACI1K2PC3<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |    963000 | PA      | $860856.87    | 0.66%             | 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        |    100000 | PA      | $104092.22    | 0.08%             | 2029-06-26      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | JR SUBORDINA REGS 12/99 VAR    | CUSIP: ACI1YJHK2<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |    750000 | PA      | $634241.32    | 0.49%             | 2099-12-31      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| PMHC II INC                    | 2022 TERM LOAN B               | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |    543270 | PA      | $457759.56    | 0.35%             | 2029-04-23      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| PROAMPAC PG BORROWER LLC       | 2020 TERM LOAN                 | CUSIP: 74274NAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    498116 | PA      | $475491.18    | 0.37%             | 2025-11-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| PROG HOLDINGS INC              | COMPANY GUAR 144A 11/29 6      | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    717000 | PA      | $576955.56    | 0.44%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| PROSUS NV                      | SR UNSECURED REGS 02/51 3.832  | CUSIP: N7163RAQ6<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    666000 | PA      | $405168.63    | 0.31%             | 2051-02-08      | Fixed         | 3.83%                 | Yes           | 2                  | On Loan: No      |
| PUG LLC                        | USD TERM LOAN                  | CUSIP: 74530DAC9<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |    361678 | PA      | $297780.56    | 0.23%             | 2027-02-12      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| QUEST SOFTWARE US  HOLDINGS IN | 2022 2ND LIEN TERM LOAN        | CUSIP: G7314UAB8<br>LEI: 54930052G52L5K3UK623 | Long             | LON              | CORP              | US        |    900831 | PA      | $542002.95    | 0.42%             | 2030-02-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| QUEST SOFTWARE US HLDGS INC    | 2022 TERM LOAN                 | CUSIP: 74834YAN2<br>LEI: 54930052G52L5K3UK623 | Long             | LON              | CORP              | US        |   1218842 | PA      | $935083.12    | 0.72%             | 2029-02-01      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| RADIOLOGY PARTNERS INC         | TER LOAN B                     | CUSIP: 75041EAB8<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |   1000000 | PA      | $836250.00    | 0.64%             | 2025-07-09      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| REDSTONE HOLDCO 2 LP           | 2021 TERM LOAN                 | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    548205 | PA      | $377280.19    | 0.29%             | 2028-04-27      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| REGIONALCARE HOSPITAL PARTNERS | 2018 TERM LOAN B               | CUSIP: 75915TAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    413275 | PA      | $388685.19    | 0.30%             | 2025-11-16      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| RENAISSANCE HLDG CORP          | TERM LOAN                      | CUSIP: 75972JAB0<br>LEI: 549300UKKEC0Y6TXNF09 | Long             | LON              | CORP              | US        |    498695 | PA      | $474507.84    | 0.36%             | 2025-05-30      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| RENT A CENTER INC              | COMPANY GUAR 144A 02/29 6.375  | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    800000 | PA      | $647158.65    | 0.50%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Repurchase Agreement           | FIXED INC CLEARING CORP.REPO   | CUSIP: 85748R009<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   4048009 | PA      | $4048009.33   | 3.11%             |  |  |  | No            | 1                  | On Loan: No      |
| RICHMOND UK BIDCO LIMITED      | 2017 GBP TERM LOAN B           | CUSIP: 962TLYII8<br>LEI: N/A                  | Long             | LON              |  | GB        |    700000 | PA      | $752820.48    | 0.58%             | 2024-03-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | SR UNSECURED 06/23 4.25        | CUSIP: 780153BB7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     81000 | PA      | $80372.40     | 0.06%             | 2023-06-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| S+P 500 INDEX                  | APR23 3600 PUT                 | CUSIP: ADI2B7L65<br>LEI: N/A                  | N/A              | DE               |  | US        |        36 | NC      | $338040.00    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| SCIENTIFIC GAMES HLDGS LP      | 2022 USD TERM LOAN B           | CUSIP: 80875CAB3<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |    500000 | PA      | $476015.00    | 0.37%             | 2029-04-04      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| SCIENTIFIC GAMES INTL INC      | 2022 USD TERM LOAN             | CUSIP: 80875AAT8<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    167356 | PA      | $164666.24    | 0.13%             | 2029-04-14      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| SERTA SIMMONS BEDDING LLC      | 2020 SP SECOND OUT TERM LOAN   | CUSIP: 81753HAG6<br>LEI: 549300M4F4V4WFPNI116 | Long             | LON              | CORP              | US        |    858500 | PA      | $390712.08    | 0.30%             | 2023-08-10      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| SERVICE PROPERTIES TRUST       | SR UNSECURED 10/26 4.75        | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $393474.98    | 0.30%             | 2026-10-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| SHIMAO GROUP HLDGS LTD         | SR SECURED REGS 02/24 6.125    | CUSIP: ACI18G231<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    721000 | PA      | $132582.95    | 0.10%             | 2024-02-21      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT       | SR UNSECURED REGS 01/31 3.45   | CUSIP: ACI1TWT42<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    857000 | PA      | $151699.27    | 0.12%             | 2031-01-11      | Fixed         | 3.45%                 | Yes           | 2                  | On Loan: No      |
| SILKNET JSC                    | SR UNSECURED REGS 01/27 8.375  | CUSIP: ACI232052<br>LEI: 635400QGWS2BG73SGG55 | Long             | DBT              | CORP              | GE        |    426000 | PA      | $401505.00    | 0.31%             | 2027-01-31      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| SIXSIGMA NETWORKS MEXICO       | COMPANY GUAR REGS 05/25 7.5    | CUSIP: P8704LAB4<br>LEI: 5493000VGOF3UCTUXW26 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $455250.00    | 0.35%             | 2025-05-02      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| SK SPICE S.A.R.L.              | EUR 2017 TERM LOAN B1          | CUSIP: 930ZCXII5<br>LEI: N/A                  | Long             | LON              |  | LU        |    750000 | PA      | $782766.19    | 0.60%             | 2024-08-12      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| SONIC AUTOMOTIVE INC           | COMPANY GUAR 144A 11/29 4.625  | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    573000 | PA      | $458805.60    | 0.35%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| SONIC AUTOMOTIVE INC           | COMPANY GUAR 144A 11/31 4.875  | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    289000 | PA      | $227207.36    | 0.17%             | 2031-11-15      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)       | JR SUBORDINA REGS 12/49 VAR    | CUSIP: ACI1JHWH3<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $14062.50     | 0.01%             | 2049-12-31      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | SR SECURED 144A 11/29 9.375    | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    248000 | PA      | $261069.60    | 0.20%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP       | SR SECURED 144A 09/25 8        | CUSIP: 84859BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    447000 | PA      | $449293.11    | 0.35%             | 2025-09-20      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| SRS DISTRIBUTION INC.          | 2021 TERM LOAN B               | CUSIP: 78466YAN8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |    498737 | PA      | $475850.31    | 0.37%             | 2028-06-02      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| STAPLES INC                    | SR UNSECURED 144A 04/27 10.75  | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $720100.00    | 0.55%             | 2027-04-15      | Fixed         | 10.75%                | Yes           | 2                  | On Loan: No      |
| STAPLES INC                    | TERM LOAN                      | CUSIP: 855031AQ3<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |     69069 | PA      | $63735.51     | 0.05%             | 2026-04-16      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| STEELE CREEK CLO LTD           | STCR 2018 2A E 144A            | CUSIP: 85816MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $636769.00    | 0.49%             | 2031-08-18      | Floating      | 10.87%                | Yes           | 2                  | On Loan: No      |
| SUMMER BC HOLDCO A SARL        | COMPANY GUAR REGS 10/27 9.25   | CUSIP: ACI1GDQV1<br>LEI: 984500EFA0BRE0008996 | Long             | DBT              | CORP              | LU        |    630737 | PA      | $508769.05    | 0.39%             | 2027-10-31      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | SR SECURED REGS 10/23 7.95     | CUSIP: ACI1B73Y8<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    352000 | PA      | $75477.09     | 0.06%             | 2023-10-11      | Fixed         | 7.95%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | SR SECURED REGS 04/24 5.95     | CUSIP: ACI1VBBV4<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    556000 | PA      | $117615.37    | 0.09%             | 2024-04-26      | Fixed         | 5.95%                 | Yes           | 2                  | On Loan: No      |
| T MOBILE USA INC               | COMPANY GUAR 04/29 3.375       | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    750000 | PA      | $660495.75    | 0.51%             | 2029-04-15      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| TARGA RESOURCES PARTNERS       | COMPANY GUAR 02/31 4.875       | CUSIP: 87612BBS0<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |    251000 | PA      | $225288.31    | 0.17%             | 2031-02-01      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| TECHNICOLOR CREATIVE STUDIOS   | EUR TERM LOAN                  | CUSIP: 943YDHII7<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    300000 | PA      | $180439.25    | 0.14%             | 2026-09-07      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| TECHNICOLOR CREATIVE STUDIOS   | COMMON STOCK EUR.5             | CUSIP: BP6910908<br>LEI: 54930064SP2SSEVKFJ48 | Long             | EC               | CORP              | FR        |     14662 | NS      | $3515.00      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| TELEFONICA EUROPE BV           | COMPANY GUAR REGS 12/99 VAR    | CUSIP: ACI21TM77<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $86612.21     | 0.07%             | 2099-12-31      | Fixed         | 2.88%                 | Yes           | 2                  | On Loan: No      |
| THE ULTIMATE SW GRP INC        | 2021 2ND LIEN TERM LOAN        | CUSIP: 943ZWTII7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    130221 | PA      | $119217.75    | 0.09%             | 2027-05-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| TITAN ACQUISITION LIMITED      | TERM LOAN B                    | CUSIP: C8856UAB4<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    939725 | PA      | $875851.60    | 0.67%             | 2025-03-28      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| TITAN HOLDINGS II BV           | SR UNSECURED REGS 07/29 5.125  | CUSIP: ACI1YZXG7<br>LEI: 549300XU72VK2GL31495 | Long             | DBT              | CORP              | NL        |    367000 | PA      | $306426.87    | 0.24%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| TMF GROUP HOLDING B.V.         | 2018 EUR 2ND LIEN TERM LOAN    | CUSIP: 932QKMII8<br>LEI: N/A                  | Long             | LON              |  | NL        |    500000 | PA      | $504449.32    | 0.39%             | 2026-05-04      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| TOURMALINE OIL CORP            | COMMON STOCK                   | CUSIP: 936PWU904<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    122953 | NS      | $90807.19     | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| TRANSOCEAN GUARDIAN LTD        | SR SECURED 144A 01/24 5.875    | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    271397 | PA      | $265020.51    | 0.20%             | 2024-01-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| TRANSOCEAN INC                 | COMPANY GUAR 144A 11/25 7.25   | CUSIP: 893830BK4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $530532.33    | 0.41%             | 2025-11-01      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| TRAVELEX FINANCING PLC         | SR SECURED REGS 05/22 8        | CUSIP: ACI0TXSW1<br>LEI: 6354009XFWVZER7G5X35 | Long             | DBT              | CORP              | GB        |   1050000 | PA      | $0.00         | 0.00%             | 2022-05-15      | Fixed         | 8.00%                 | Yes           | 3                  | On Loan: No      |
| TRAVELEX ISSUERC LTD           | COMPANY GUAR REGS 08/25 12.5   | CUSIP: ACI1SL7M1<br>LEI: 213800X5CA5ZLTI55177 | Long             | DBT              | CORP              | GB        |   1426932 | PA      | $2328870.94   | 1.79%             | 2025-08-05      | Fixed         | 12.50%                | No            | 2                  | On Loan: No      |
| TRAVELEX TOPCO LIMITED         | COMMON STOCK                   | CUSIP: 935UHH900<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      8856 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| TRAVELEX TOPCO LIMITED         | WARRANTS                       | CUSIP: ACI1Q7ZV3<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |       837 | NS      | $45535.11     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| TRIDENT TPI HOLDINGS INC       | COMPANY GUAR 144A 08/24 9.25   | CUSIP: 89616RAB5<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1069460.97   | 0.82%             | 2024-08-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| TRITON WATER HOLDINGS, INC.    | TERM LOAN                      | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |      1734 | PA      | $1606.45      | 0.00%             | 2028-03-31      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| TRIUMPH GROUP INC              | SECURED 144A 09/24 6.25        | CUSIP: 896818AQ4<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    161000 | PA      | $152142.46    | 0.12%             | 2024-09-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| TULLOW OIL PLC                 | COMPANY GUAR REGS 03/25 7      | CUSIP: G91237AA8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |   1350000 | PA      | $814748.21    | 0.63%             | 2025-03-01      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| TULLOW OIL PLC                 | SR SECURED REGS 05/26 10.25    | CUSIP: G91237AB6<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |    939000 | PA      | $753078.00    | 0.58%             | 2026-05-15      | Fixed         | 10.25%                | Yes           | 2                  | On Loan: No      |
| TUNSTALL GROUP HOLDINGS LTD    | 2020 EUR TERM LOAN B           | CUSIP: 966QTWII6<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    282314 | PA      | $273493.60    | 0.21%             | 2025-06-30      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| TVL FINANCE PLC                | SR SECURED REGS 07/25 VAR      | CUSIP: ACI1D0C39<br>LEI: 549300DUQXE7VXG8YA50 | Long             | DBT              | CORP              | JE        |    500000 | PA      | $568587.37    | 0.44%             | 2025-07-15      | Floating      | 8.20%                 | Yes           | 2                  | On Loan: No      |
| TYMON PARK CLO LTD             | TYMPK 1A DRR 144A              | CUSIP: ACI1ZHJW7<br>LEI: 549300Y293DUMFBSH733 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $869300.26    | 0.67%             | 2034-07-21      | Floating      | 7.62%                 | Yes           | 2                  | On Loan: No      |
| UNITED AIRLINES, INC.          | 2021 TERM LOAN B               | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    343411 | PA      | $338452.54    | 0.26%             | 2028-04-21      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| UPL CORP LTD                   | COMPANY GUAR REGS 12/99 VAR    | CUSIP: ACI1K7FX7<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |    222000 | PA      | $152292.00    | 0.12%             | 2099-12-31      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| USIC HOLDINGS INC              | 2021 2ND LIEN TERM LOAN        | CUSIP: 90290HAR3<br>LEI: 5493009ZYUWB7X699U62 | Long             | LON              | CORP              | US        |    147059 | PA      | $137010.29    | 0.11%             | 2029-05-14      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VACALIANS GROUP                | EUR TERM LOAN B                | CUSIP: 964FLWII0<br>LEI: N/A                  | Long             | LON              |  | FR        |    330783 | PA      | $340514.69    | 0.26%             | 2025-12-04      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VANTIVA SA                     | COMMON STOCK EUR.01            | CUSIP: BLR97V900<br>LEI: 4N6SD705LP5XZKA2A097 | Long             | EC               | CORP              | FR        |     14662 | NS      | $3246.99      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR REGS 04/23 8      | CUSIP: G9T27HAB0<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $708115.10    | 0.54%             | 2023-04-23      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR REGS 03/25 8.95   | CUSIP: G9T27HAD6<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    685000 | PA      | $464943.75    | 0.36%             | 2025-03-11      | Fixed         | 8.95%                 | Yes           | 2                  | On Loan: No      |
| VERISURE MIDHOLDING AB         | COMPANY GUAR REGS 02/29 5.25   | CUSIP: ACI1V5DW3<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |    800000 | PA      | $680805.88    | 0.52%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| VERITAS US INC/BERMUDA L       | SR SECURED 144A 09/25 7.5      | CUSIP: 92346LAE3<br>LEI: 549300RFUWCPWS8FQ104 | Long             | DBT              | CORP              | US        |    225000 | PA      | $155295.97    | 0.12%             | 2025-09-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| VERSCEND HOLDING CORP          | 2021 TERM LOAN B               | CUSIP: 92531HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    748101 | PA      | $741824.69    | 0.57%             | 2025-08-27      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VIRGIN MEDIA INVT HLDGS LTD    | TERM LOAN L                    | CUSIP: G9368PAZ7<br>LEI: N/A                  | Long             | LON              |  | GB        |   1000000 | PA      | $1115256.47   | 0.86%             | 2027-01-15      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VISION SOLUTIONS, INC.         | 2021 INCREMENTAL TERM LOAN     | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    892808 | PA      | $737459.61    | 0.57%             | 2028-04-24      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VODAFONE GROUP PLC             | JR SUBORDINA REGS 08/80 VAR    | CUSIP: ACI1QP389<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $106541.84    | 0.08%             | 2080-08-27      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| VOYAGE AUSTRALIA PTY LIMITED   | USD TERM LOAN B                | CUSIP: Q9489TAB5<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |    475152 | PA      | $450206.07    | 0.35%             | 2028-07-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VUE INTERNATIONAL BIDCO P L C  | 2022 EUR TERM LOAN             | CUSIP: 951BEHII5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    157822 | PA      | $152891.00    | 0.12%             | 2027-06-30      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| VUE INTERNATIONAL BIDCO PLC    | 2019 EUR TERM LOAN B           | CUSIP: G9420PAC4<br>LEI: N/A                  | Long             | LON              |  | GB        |   1000000 | PA      | $602127.84    | 0.46%             | 2026-07-03      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| WEATHERFORD INTERNATIONA       | COMPANY GUAR 144A 04/30 8.625  | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    744000 | PA      | $714469.32    | 0.55%             | 2030-04-30      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| WELLFLEET CLO LTD              | WELF 2017 3A D 144A            | CUSIP: 94950KAA6<br>LEI: 254900TEETF3L54VTH19 | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $752558.00    | 0.58%             | 2031-01-17      | Floating      | 9.63%                 | Yes           | 2                  | On Loan: No      |
| WELLFLEET CLO LTD              | WELF 2018 1A E 144A            | CUSIP: 94950LAA4<br>LEI: 25490019KM1XIY7M0487 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $733108.00    | 0.56%             | 2031-07-17      | Floating      | 9.58%                 | Yes           | 2                  | On Loan: No      |
| WESTJET AIRLINES LTD           | TERM LOAN B                    | CUSIP: C4927UAB8<br>LEI: 5493004LHNGMD0JHE251 | Long             | LON              | CORP              | CA        |    742345 | PA      | $673447.91    | 0.52%             | 2026-12-11      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| WIND RIVER CLO LTD             | WINDR 2018 2A E 144A           | CUSIP: 88433LAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1186030.40   | 0.91%             | 2030-07-15      | Floating      | 9.83%                 | Yes           | 2                  | On Loan: No      |
| WIND RIVER CLO LTD             | WINDR 2017 4A E 144A           | CUSIP: 87249MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $401604.00    | 0.31%             | 2030-11-20      | Floating      | 10.48%                | Yes           | 2                  | On Loan: No      |
| WP/AP TELECOM HOLDINGS         | SR UNSECURED REGS 01/30 5.5    | CUSIP: ACI22C119<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |    345000 | PA      | $301496.97    | 0.23%             | 2030-01-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 10/23 6        | CUSIP: ACI0QGFM7<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    431000 | PA      | $36828.95     | 0.03%             | 2023-10-25      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 02/25 7.7      | CUSIP: ACI1K25J0<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    721000 | PA      | $63765.24     | 0.05%             | 2025-02-20      | Fixed         | 7.70%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 02/23 8.5      | CUSIP: ACI17Y3K4<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $110500.00    | 0.08%             | 2023-02-04      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| ZF EUROPE FINANCE BV           | COMPANY GUAR REGS 10/29 3      | CUSIP: ACI1G5QF3<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $81510.45     | 0.06%             | 2029-10-23      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| ZF EUROPE FINANCE BV           | COMPANY GUAR REGS 10/27 2.5    | CUSIP: ACI1G5SB0<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $264261.87    | 0.20%             | 2027-10-23      | Fixed         | 2.50%                 | Yes           | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** MassMutual Advantage Funds

**Signature:** /s/ Renee Hitchcock

**Name of Signer:** Renee Hitchcock

**Title:** Treasurer and CFO