# EDGAR Filing Document

**Accession Number:** 0001859808
**File Stem:** 0001398344-23-002745
**Filing Date:** 2023-2
**Character Count:** 71657
**Document Hash:** b2439e7c9a63a962aba4f6fef1769b57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002745.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001398344-23-002745

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

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**PERIOD START**: 20220930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23703
- **FILM NUMBER:** 23613260

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SPRINGFIELD

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01111

  - **Telephone number:** 4137441000

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2022-09-30

**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:** $166419315.39

**Total Liabilities:** $108702902.39

**Net Assets:** $57716413.00

**Cash Not Reported:** $37678.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 69.06 | **5-Year:** 434.87 | **10-Year:** 809.58 | **30-Year:** 2096.06

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

- **3-Month:** 0.49 | **1-Year:** 1027.51 | **5-Year:** 5048.25 | **10-Year:** 7012.44 | **30-Year:** 5237.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229282 | -6.12%               | 0.52%                | 0.71%                |
| Class ID C000229283 | -6.02%               | 0.52%                | 0.69%                |
| Class ID C000229284 | -6.14%               | 0.51%                | 0.85%                |
| Class ID C000229285 | -6.08%               | 0.43%                | 0.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-654409.69              | $-3491059.79                               |
| Month 2  | $-1629208.42             | $1285210.22                                |
| Month 3  | $-3155725.04             | $2523360.77                                |

**Designated Index Information**

- **Index Name:** JPM GBI EM Global Diversified Index

- **Index Identifier:** JP98T

### Schedule of Portfolio Investments

| Name                           | Title                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ABSA GROUP LTD                 | JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1XXZ06<br>LEI: 2138006IPPRD4N6XLT30 | Long             | DBT              | CORP              | ZA        |     925000 | PA      | $787763.30    | 1.36%             | 2099-12-31      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| ACU PETROLEO LUXEMBOURG        | SR SECURED 144A 07/35 7.5     | CUSIP: 00110RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     541000 | PA      | $430508.43    | 0.75%             | 2035-07-13      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| ALFA DESARROLLO SPA            | SR SECURED 144A 09/51 4.55    | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |     909672 | PA      | $600383.39    | 1.04%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           | 2                  | On Loan: No      |
| ATENTO LUXCO 1 SA              | SR SECURED 144A 02/26 8       | CUSIP: 04684LAC2<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |     633000 | PA      | $267341.22    | 0.46%             | 2026-02-10      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| ATP TOW / AND TELECOM          | SR SECURED 144A 04/26 4.05    | CUSIP: 00216DAA9<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | NA        |     228000 | PA      | $181001.22    | 0.31%             | 2026-04-27      | Fixed         | 4.05%                 | Yes           | 2                  | On Loan: No      |
| AXIAN TELECOM                  | COMPANY GUAR 144A 02/27 7.375 | CUSIP: 05466AAA1<br>LEI: 984500C6FIA50FZSE337 | Long             | DBT              | CORP              | MU        |     408000 | PA      | $370260.00    | 0.64%             | 2027-02-16      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| B2W DIGITAL LUX SARL           | COMPANY GUAR 144A 12/30 4.375 | CUSIP: 05609AAA9<br>LEI: 222100KMO43GQ28M6N31 | Long             | DBT              | CORP              | LU        |     706000 | PA      | $476910.06    | 0.83%             | 2030-12-20      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| BANCO MERCANTIL DE NORTE       | JR SUBORDINA 144A 12/99 VAR   | CUSIP: 05973KAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     984000 | PA      | $789168.00    | 1.37%             | 2099-12-31      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| BM112790  IRS BRL R F  6.38000 | 6.38%   02 Jan 2023           | CUSIP: 99S1DVNR4<br>LEI: N/A                  | N/A              | DIR              |  | US        |   15433847 | PA      | $5427.25      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| BM115532  CYS USD R F  8.46000 | 8.46%   17 Oct 2031           | CUSIP: 99S1DRVL7<br>LEI: N/A                  | N/A              | DIR              |  | US        |     330000 | PA      | $80574.90     | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| BM117157  CYS USD R F  4.32000 | 4.32%   15 May 2027           | CUSIP: 99S1HQ5L4<br>LEI: N/A                  | N/A              | DIR              |  | US        |     367540 | PA      | $31223.97     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| BM117253  CYS USD R F  4.79300 | 4.793%   03 Jun 2026          | CUSIP: 99S1HQ5I1<br>LEI: N/A                  | N/A              | DIR              |  | US        |     604450 | PA      | $57692.19     | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| BM118194  CYS USD R F  6.70500 | 6.705%   19 Feb 2025          | CUSIP: 99S1KI4X3<br>LEI: N/A                  | N/A              | DIR              |  | US        |     607250 | PA      | $115435.01    | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| BM120066  CYS USD R F 10.21900 | 10.219%   16 Jun 2026         | CUSIP: 99S1MHOL7<br>LEI: N/A                  | N/A              | DIR              |  | US        |    1218000 | PA      | $276102.97    | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| BM123016 BARINGS               | FXVAN CALL USD JPY 142.55     | CUSIP: OP001TKD5<br>LEI: N/A                  | N/A              | DFE              |  | US        |   -2450000 | NC      | $-48933.85    | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| BM123018 BARINGS               | FXVAN PUT USD JPY 132.05      | CUSIP: OP001TKB9<br>LEI: N/A                  | N/A              | DFE              |  | IE        |    2450000 | NC      | $1200.50      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| BM123406  CDS USD R F  1.00000 | 1%   20 Dec 2027              | CUSIP: 99S1TYFO7<br>LEI: N/A                  | N/A              | DCR              |  | GB        |    1800000 | PA      | $-51930.41    | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| BM123408  CDS USD R F  1.00000 | 1%   20 Dec 2027              | CUSIP: 99S1TYFR0<br>LEI: N/A                  | N/A              | DCR              |  | US        |    1600000 | PA      | $-47139.62    | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| BM123410  CDS USD R F  1.00000 | 1%   20 Dec 2027              | CUSIP: 99S1TYGR9<br>LEI: N/A                  | N/A              | DCR              |  | US        |    1945000 | PA      | $-79131.64    | -0.14%            |  |  |  | No            | 2                  | On Loan: No      |
| BM123423  CDS USD R F  1.00000 | 1%   20 Dec 2027              | CUSIP: 99S1TZZ61<br>LEI: N/A                  | N/A              | DCR              |  | US        |    1530000 | PA      | $-134417.86   | -0.23%            |  |  |  | No            | 2                  | On Loan: No      |
| BM123435  CDS USD R F  1.00000 | 1%   20 Dec 2027              | CUSIP: 99S1U1336<br>LEI: N/A                  | N/A              | DCR              |  | GB        |    1780000 | PA      | $-44312.78    | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| BONOS DE TESORERIA             | BONDS 02/42 6.85              | CUSIP: 989JEBII7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    5240000 | PA      | $1078729.75   | 1.87%             | 2042-02-12      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| BRASKEM IDESA SAPI             | SR SECURED 144A 11/29 7.45    | CUSIP: 10554NAA6<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |     300000 | PA      | $227242.50    | 0.39%             | 2029-11-15      | Fixed         | 7.45%                 | Yes           | 2                  | On Loan: No      |
| CNTL AMR BOTTLING CORP         | COMPANY GUAR 144A 04/29 5.25  | CUSIP: 15239XAA6<br>LEI: 549300DT8SH0CF6BTT37 | Long             | DBT              | CORP              | VG        |     945000 | PA      | $816574.50    | 1.41%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| COMMONWEALTH OF BAHAMAS        | SR UNSECURED 144A 10/32 8.95  | CUSIP: 056732AL4<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |     800000 | PA      | $464004.50    | 0.80%             | 2032-10-15      | Fixed         | 8.95%                 | Yes           | 2                  | On Loan: No      |
| COMMONWEALTH OF BAHAMAS        | SR UNSECURED 144A 06/29 9     | CUSIP: 056732AM2<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |     230000 | PA      | $159553.03    | 0.28%             | 2029-06-16      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| COSTA RICA GOVERNMENT          | SR UNSECURED 144A 02/31 6.125 | CUSIP: 221597CP0<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     550000 | PA      | $503712.67    | 0.87%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1146612 | PA      | $74256.89     | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     606747 | PA      | $19407.93     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     606747 | PA      | $39100.65     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     296849 | PA      | $13897.35     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     607483 | PA      | $10992.46     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1290556 | PA      | $52444.41     | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     432625 | PA      | $-23374.78    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3483656 | PA      | $86343.91     | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1227947 | PA      | $30180.53     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1179511 | PA      | $26361.28     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3482230 | PA      | $-157416.89   | -0.27%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     476642 | PA      | $12641.94     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2588764 | PA      | $-267236.32   | -0.46%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1415771 | PA      | $-101290.03   | -0.18%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1531055 | PA      | $-61851.77    | -0.11%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3234634 | PA      | $-269977.88   | -0.47%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    4866917 | PA      | $-386319.07   | -0.67%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3245662 | PA      | $-324128.09   | -0.56%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2013421 | PA      | $-128578.53   | -0.22%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1038795 | PA      | $-35204.68    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     249685 | PA      | $-6817.01     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     807935 | PA      | $-35896.33    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2696553 | PA      | $-131137.29   | -0.23%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     725506 | PA      | $-35891.68    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      41725 | PA      | $-1247.56     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1870381 | PA      | $-56638.01    | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1868376 | PA      | $408695.36    | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2129344 | PA      | $-97184.33    | -0.17%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1089482 | PA      | $-15905.83    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    4145474 | PA      | $-185384.92   | -0.32%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1224794 | PA      | $66244.64     | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2055777 | PA      | $-79136.02    | -0.14%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1011132 | PA      | $-28446.62    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     844790 | PA      | $-44209.70    | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     434599 | PA      | $-21400.88    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3845383 | PA      | $74616.80     | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     826663 | PA      | $176265.79    | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3747644 | PA      | $202761.25    | 0.35%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1821847 | PA      | $100153.44    | 0.17%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3989169 | PA      | $41473.48     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     326511 | PA      | $-14380.63    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2129344 | PA      | $27849.17     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3289439 | PA      | $195517.70    | 0.34%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1998306 | PA      | $118797.02    | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     660849 | PA      | $5915.19      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     762971 | PA      | $-34101.01    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      93810 | PA      | $6190.46      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     849660 | PA      | $20340.01     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     487156 | PA      | $18972.63     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     202277 | PA      | $9722.53      | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2055777 | PA      | $-83340.20    | -0.14%            |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3230493 | PA      | $328015.39    | 0.57%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     157893 | PA      | $7569.77      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2300246 | PA      | $95074.30     | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1742964 | PA      | $83006.99     | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2334253 | PA      | $122201.64    | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2909813 | PA      | $69204.03     | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    2595887 | PA      | $173458.68    | 0.30%             |  |  |  | No            | N/A                | On Loan: No      |
| Currency Forward Contract      | FX Forward                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3138546 | PA      | $129453.97    | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| CZECH REPUBLIC                 | BONDS 04/40 1.5               | CUSIP: ACI1LYXL3<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   24770000 | PA      | $551353.13    | 0.96%             | 2040-04-24      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| CZECH REPUBLIC                 | BONDS REGS 05/30 0.95         | CUSIP: BYN6FXII0<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   20000000 | PA      | $577681.88    | 1.00%             | 2030-05-15      | Fixed         | 0.95%                 | No            | 2                  | On Loan: No      |
| DOMINICAN REPUBLIC             | SR UNSECURED 144A 02/29 5.5   | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     760000 | PA      | $654442.23    | 1.13%             | 2029-02-22      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| DOMINICAN REPUBLIC             | SR UNSECURED 144A 02/33 6     | CUSIP: 25714PEN4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     590000 | PA      | $479426.29    | 0.83%             | 2033-02-22      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| ELECTRICIDAD FIRME DE ME       | SR SECURED 144A 11/26 4.9     | CUSIP: 28504MAA1<br>LEI: 549300B9KK10OSYRIY06 | Long             | DBT              | CORP              | MX        |     263000 | PA      | $214303.46    | 0.37%             | 2026-11-20      | Fixed         | 4.90%                 | Yes           | 2                  | On Loan: No      |
| EUROPEAN BK RECON + DEV        | UNSECURED 10/22 VAR           | CUSIP: ACI1GCCC0<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | NA        |    1200000 | PA      | $422259.82    | 0.73%             | 2022-10-29      | Fixed         | 9.68%                 | No            | 2                  | On Loan: No      |
| FED REPUBLIC OF BRAZIL         | SR UNSECURED 01/50 4.75       | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     200000 | PA      | $136240.88    | 0.24%             | 2050-01-14      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| FED REPUBLIC OF BRAZIL         | SR UNSECURED 02/47 5.625      | CUSIP: 105756BY5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     900000 | PA      | $694522.49    | 1.20%             | 2047-02-21      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| FEL ENERGY VI SARL             | SR SECURED 144A 12/40 5.75    | CUSIP: 30260LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     659322 | PA      | $451305.81    | 0.78%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| FUTURE RETAIL LTD              | SR SECURED REGS 01/25 5.6     | CUSIP: Y267BJGT5<br>LEI: 335800XO19WYIUZC9H61 | Long             | DBT              | CORP              | IN        |     794000 | PA      | $39700.00     | 0.07%             | 2025-01-22      | Fixed         | 5.60%                 | Yes           | 2                  | On Loan: No      |
| GOVERNMENT OF JAMAICA          | SR UNSECURED 07/45 7.875      | CUSIP: 470160CB6<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |     200000 | PA      | $215193.49    | 0.37%             | 2045-07-28      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| HUNGARY GOVERNMENT BOND        | BONDS 03/28 4.5               | CUSIP: ACI23DMF2<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  300000000 | PA      | $530838.19    | 0.92%             | 2028-03-23      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| HUNGARY GOVERNMENT BOND        | BONDS 04/41 3                 | CUSIP: ACI1L5Y43<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  710000000 | PA      | $726840.02    | 1.26%             | 2041-04-25      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| IHS HOLDING LTD                | COMPANY GUAR 144A 11/28 6.25  | CUSIP: 44963HAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     892000 | PA      | $680328.40    | 1.18%             | 2028-11-29      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| INDIA CLEANTECH ENERGY         | SECURED 144A 08/26 4.7        | CUSIP: 45410BAA2<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |     780328 | PA      | $593049.28    | 1.03%             | 2026-08-10      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| INDIA TOLL ROADS               | SR SECURED 144A 08/24 5.5     | CUSIP: ACI1VSHY5<br>LEI: 2549008B7KEAHCL64D19 | Long             | DBT              | CORP              | MU        |     999000 | PA      | $934065.00    | 1.62%             | 2024-08-19      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| INDONESIA ASAHAN ALUMINI       | SR UNSECURED 144A 05/25 4.75  | CUSIP: 74445PAE2<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | CORP              | ID        |     500000 | PA      | $484625.00    | 0.84%             | 2025-05-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| INFRAESTRUCTURA ENERGETI       | SR UNSECURED 144A 01/51 4.75  | CUSIP: 456829AC4<br>LEI: 715K4H1JYF3O6JOK1411 | Long             | DBT              | CORP              | MX        |     312000 | PA      | $210990.00    | 0.37%             | 2051-01-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| INVEST ENERGY RES LTD          | SR SECURED 144A 04/29 6.25    | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     492000 | PA      | $416533.47    | 0.72%             | 2029-04-26      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| IVORY COAST                    | SR UNSECURED 144A 12/32 VAR   | CUSIP: 221625AK2<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1514072 | PA      | $1290837.36   | 2.24%             | 2032-12-31      | Variable      | 5.75%                 | Yes           | 2                  | On Loan: No      |
| IVORY COAST                    | SR UNSECURED 144A 10/31 5.875 | CUSIP: ACI1G4C61<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     300000 | PA      | $211964.26    | 0.37%             | 2031-10-17      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| JSW STEEL LTD                  | SR UNSECURED 144A 04/32 5.05  | CUSIP: 46635UAD1<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |     375000 | PA      | $266897.04    | 0.46%             | 2032-04-05      | Fixed         | 5.05%                 | Yes           | 2                  | On Loan: No      |
| KAISA GROUP HOLDINGS LTD       | SR SECURED REGS 04/25 11.25   | CUSIP: ACI1NWXD3<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    1000000 | PA      | $106740.00    | 0.18%             | 2025-04-16      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| KAISA GROUP HOLDINGS LTD       | SR SECURED REGS 10/22 11.95   | CUSIP: G52132BW9<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    1250000 | PA      | $115625.00    | 0.20%             | 2022-10-22      | Fixed         | 11.95%                | Yes           | 2                  | On Loan: No      |
| KENBOURNE INVEST SA            | COMPANY GUAR 144A 01/28 4.7   | CUSIP: 48855KAC4<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $152033.71    | 0.26%             | 2028-01-22      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| KINGDOM OF JORDAN              | SR UNSECURED 144A 07/30 5.85  | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     810000 | PA      | $658125.00    | 1.14%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           | 2                  | On Loan: No      |
| KINGDOM OF MOROCCO             | SR UNSECURED 144A 12/42 5.5   | CUSIP: 617726AG9<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     570000 | PA      | $418950.00    | 0.73%             | 2042-12-11      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| MALAYSIA GOVERNMENT            | BONDS 09/25 3.955             | CUSIP: ACI0C1S66<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    5222000 | PA      | $1128159.07   | 1.95%             | 2025-09-15      | Fixed         | 3.96%                 | No            | 2                  | On Loan: No      |
| MEDCO LAUREL TREE              | COMPANY GUAR 144A 11/28 6.95  | CUSIP: 58406RAA6<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |     350000 | PA      | $271726.36    | 0.47%             | 2028-11-12      | Fixed         | 6.95%                 | Yes           | 2                  | On Loan: No      |
| MEX BONOS DESARR FIX RT        | BONDS 03/26 5.75              | CUSIP: ACI0HGZW3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   49330000 | PA      | $2149386.44   | 3.72%             | 2026-03-05      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| MEX BONOS DESARR FIX RT        | SR UNSECURED 05/29 8.5        | CUSIP: P9767G6N6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   22070000 | PA      | $1032198.10   | 1.79%             | 2029-05-31      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| MEXICAN UDIBONOS               | BONDS 11/31 2.75              | CUSIP: ACI1VZWM8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   18268575 | PA      | $783209.76    | 1.36%             | 2031-11-27      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| MHP LUX SA                     | COMPANY GUAR 144A 09/29 6.25  | CUSIP: 59318YAB4<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |     270000 | PA      | $130680.00    | 0.23%             | 2029-09-19      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| NEW METRO GLOBAL LTD           | COMPANY GUAR REGS 05/26 4.5   | CUSIP: ACI1VFS96<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $64000.00     | 0.11%             | 2026-05-02      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| NEW METRO GLOBAL LTD           | COMPANY GUAR REGS 12/24 4.8   | CUSIP: ACI1TDTC6<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $89200.00     | 0.15%             | 2024-12-15      | Fixed         | 4.80%                 | Yes           | 2                  | On Loan: No      |
| NORTH MACEDONIA                | SR UNSECURED 144A 06/26 3.675 | CUSIP: ACI1MQD56<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |     550000 | PA      | $470932.20    | 0.82%             | 2026-06-03      | Fixed         | 3.67%                 | Yes           | 2                  | On Loan: No      |
| NORTH MACEDONIA                | SR UNSECURED 144A 03/28 1.625 | CUSIP: ACI1W86S3<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |     350000 | PA      | $254621.92    | 0.44%             | 2028-03-10      | Fixed         | 1.62%                 | Yes           | 2                  | On Loan: No      |
| NOTA DO TESOURO NACIONAL       | NOTES 08/50 6                 | CUSIP: B4VFQNII7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1570000 | PA      | $1192505.01   | 2.07%             | 2050-08-15      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| OFFICE CHERIFIEN DES PHO       | SR UNSECURED 144A 06/51 5.125 | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     912000 | PA      | $579120.00    | 1.00%             | 2051-06-23      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| OMAN ARAB BANK SAOC            | JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1Y2MY3<br>LEI: 254900P5EQ20DLW75N30 | Long             | DBT              | CORP              | OM        |     443000 | PA      | $422855.90    | 0.73%             | 2099-12-31      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| OMAN GOV INTERNTL BOND         | SR UNSECURED 144A 01/31 6.25  | CUSIP: 68205LAS2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     550000 | PA      | $512184.20    | 0.89%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| OMAN GOV INTERNTL BOND         | SR UNSECURED 144A 01/48 6.75  | CUSIP: 682051AJ6<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     200000 | PA      | $160118.80    | 0.28%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| OMAN GOV INTERNTL BOND         | SR UNSECURED 144A 10/32 7.375 | CUSIP: 68205LAE3<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     470000 | PA      | $468938.74    | 0.81%             | 2032-10-28      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| ORIFLAME INVESTMENT HLDG       | SR SECURED 144A 05/26 5.125   | CUSIP: 68621CAA7<br>LEI: 549300LGP4VBCHWQTD80 | Long             | DBT              | CORP              | JE        |     521000 | PA      | $299575.00    | 0.52%             | 2026-05-04      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| PETROLEOS MEXICANOS            | COMPANY GUAR 01/31 5.95       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    1000000 | PA      | $675400.00    | 1.17%             | 2031-01-28      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| PETROLEOS MEXICANOS            | COMPANY GUAR 01/60 6.95       | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    1304000 | PA      | $722285.60    | 1.25%             | 2060-01-28      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| PETROLEOS MEXICANOS            | COMPANY GUAR 06/38 6.625      | CUSIP: 706451BR1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     266000 | PA      | $156110.88    | 0.27%             | 2038-06-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1YJHK2<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |    1000000 | PA      | $646833.07    | 1.12%             | 2099-12-31      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS        | SUBORDINATED REGS 02/30 VAR   | CUSIP: ACI1K2PC3<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |     500000 | PA      | $403991.35    | 0.70%             | 2030-02-19      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| PRUMO PARTICIPACOES E IN       | SR SECURED 144A 12/31 7.5     | CUSIP: 74444JAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |     256922 | PA      | $230409.87    | 0.40%             | 2031-12-31      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF ANGOLA             | SR UNSECURED 144A 05/28 8.25  | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     850000 | PA      | $668355.00    | 1.16%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF ANGOLA             | SR UNSECURED 144A 05/48 9.375 | CUSIP: 035198AC4<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     900000 | PA      | $607788.00    | 1.05%             | 2048-05-08      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF ARMENIA            | SR UNSECURED 144A 02/31 3.6   | CUSIP: 042207AD2<br>LEI: 2549008QLWTFS81EUF38 | Long             | DBT              | NUSS              | AM        |     740000 | PA      | $500314.00    | 0.87%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF COLOMBIA           | SR UNSECURED 02/24 4          | CUSIP: 195325BQ7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     460000 | PA      | $447657.45    | 0.78%             | 2024-02-26      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| REPUBLIC OF COLOMBIA           | SR UNSECURED 05/24 8.125      | CUSIP: 195325BD6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     310000 | PA      | $316184.47    | 0.55%             | 2024-05-21      | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| REPUBLIC OF ECUADOR            | SR UNSECURED 144A 07/30 VAR   | CUSIP: ACI1Q6J27<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     750000 | PA      | $353112.35    | 0.61%             | 2030-07-31      | Variable      | 5.50%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF ECUADOR            | SR UNSECURED 144A 07/35 VAR   | CUSIP: ACI1Q6JH4<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     550000 | PA      | $181006.28    | 0.31%             | 2035-07-31      | Variable      | 2.50%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF GUATEMALA          | SR UNSECURED 144A 10/41 4.65  | CUSIP: 401494AU3<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     910000 | PA      | $637251.27    | 1.10%             | 2041-10-07      | Fixed         | 4.65%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF PARAGUAY           | SR UNSECURED 144A 03/50 5.4   | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     330000 | PA      | $244106.48    | 0.42%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SERBIA             | SR UNSECURED 144A 09/36 2.05  | CUSIP: ACI20JFB9<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    2549000 | PA      | $1305282.18   | 2.26%             | 2036-09-23      | Fixed         | 2.05%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SERBIA             | SR UNSECURED 144A 05/27 3.125 | CUSIP: ACI1MBV00<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     340000 | PA      | $271139.37    | 0.47%             | 2027-05-15      | Fixed         | 3.12%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA       | SR UNSECURED 01/44 8.75       | CUSIP: BPXR8CII6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   20850000 | PA      | $873741.71    | 1.51%             | 2044-01-31      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA       | SR UNSECURED 03/41 6.25       | CUSIP: 836205AP9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     350000 | PA      | $261065.00    | 0.45%             | 2041-03-08      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA       | SR UNSECURED 12/26 10.5       | CUSIP: S69124FF7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   43690000 | PA      | $2486709.28   | 4.31%             | 2026-12-21      | Fixed         | 10.50%                | No            | 2                  | On Loan: No      |
| REPUBLIC OF SRI LANKA          | SR UNSECURED 144A 03/29 7.85  | CUSIP: 85227SAZ9<br>LEI: N/A                  | Long             | DBT              | NUSS              | LK        |     200000 | PA      | $48974.09     | 0.08%             | 2029-03-14      | Fixed         | 7.85%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SRI LANKA          | SR UNSECURED 144A 04/28 6.75  | CUSIP: 85227SAW6<br>LEI: N/A                  | Long             | DBT              | NUSS              | LK        |     200000 | PA      | $48978.21     | 0.08%             | 2028-04-18      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SRI LANKA          | SR UNSECURED 144A 05/27 6.2   | CUSIP: 85227SAT3<br>LEI: N/A                  | Long             | DBT              | NUSS              | LK        |     400000 | PA      | $98163.70     | 0.17%             | 2027-05-11      | Fixed         | 6.20%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SRI LANKA          | SR UNSECURED 144A 07/26 6.825 | CUSIP: 85227SAR7<br>LEI: N/A                  | Long             | DBT              | NUSS              | LK        |     400000 | PA      | $100325.88    | 0.17%             | 2026-07-18      | Fixed         | 6.83%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF SRI LANKA          | SR UNSECURED 144A 11/25 6.85  | CUSIP: 85227SAQ9<br>LEI: N/A                  | Long             | DBT              | NUSS              | LK        |     610000 | PA      | $156781.99    | 0.27%             | 2025-11-03      | Fixed         | 6.85%                 | Yes           | 2                  | On Loan: No      |
| REPUBLIC OF UZBEKISTAN         | SR UNSECURED 144A 11/30 3.7   | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     250000 | PA      | $178290.00    | 0.31%             | 2030-11-25      | Fixed         | 3.70%                 | Yes           | 2                  | On Loan: No      |
| REPUBLICA ORIENT URUGUAY       | SR UNSECURED 07/40 3.875      | CUSIP: 917288BL5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   48135528 | PA      | $1138652.62   | 1.97%             | 2040-07-02      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Repurchase Agreement           | FIXED INC CLEARING CORP.REPO  | CUSIP: 85748R009<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |     678314 | PA      | $678314.35    | 1.18%             |  |  |  | No            | 1                  | On Loan: No      |
| ROMANIA                        | BONDS 144A 05/30 3.624        | CUSIP: ACI1MJY42<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     640000 | PA      | $470908.27    | 0.82%             | 2030-05-26      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| ROMANIA                        | SR UNSECURED 144A 04/49 4.625 | CUSIP: ACI19YLB2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    1030000 | PA      | $663209.70    | 1.15%             | 2049-04-03      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| ROMANIA                        | SR UNSECURED 144A 11/27 5.25  | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     640000 | PA      | $578515.20    | 1.00%             | 2027-11-25      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| RUTAS 2 AND 7 FINANCE          | SR SECURED 144A 09/36 0.00000 | CUSIP: 78319MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     793333 | PA      | $475999.98    | 0.82%             | 2036-09-30      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| SAKA ENERGI INDONESIA PT       | SR UNSECURED 144A 05/24 4.45  | CUSIP: 69371EAA3<br>LEI: 25490049636XFM5KBR83 | Long             | DBT              | CORP              | ID        |     680000 | PA      | $625608.70    | 1.08%             | 2024-05-05      | Fixed         | 4.45%                 | Yes           | 2                  | On Loan: No      |
| SAN MIGUEL INDUSTRIAS          | COMPANY GUAR 144A 08/28 3.5   | CUSIP: 79911QAA2<br>LEI: 529900U7G8NTVARTF926 | Long             | DBT              | CORP              | PE        |     265000 | PA      | $213987.50    | 0.37%             | 2028-08-02      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| SASOL FINANCING USA LLC        | COMPANY GUAR 03/31 5.5        | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     500000 | PA      | $377500.00    | 0.65%             | 2031-03-18      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| SAUDI ARABIAN OIL CO           | SR UNSECURED 144A 11/70 3.5   | CUSIP: 80414L2M6<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     529000 | PA      | $341205.00    | 0.59%             | 2070-11-24      | Fixed         | 3.50%                 | Yes           | 2                  | On Loan: No      |
| SILKNET JSC                    | SR UNSECURED 144A 01/27 8.375 | CUSIP: 47972FAA9<br>LEI: 635400QGWS2BG73SGG55 | Long             | DBT              | CORP              | GE        |     597000 | PA      | $561180.00    | 0.97%             | 2027-01-31      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| SIXSIGMA NETWORKS MEXICO       | COMPANY GUAR 144A 05/25 7.5   | CUSIP: 83006LAB9<br>LEI: 5493000VGOF3UCTUXW26 | Long             | DBT              | CORP              | MX        |     500000 | PA      | $415485.95    | 0.72%             | 2025-05-02      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| SM118242  IRS BRL R F  5.85500 | 5.855%   02 Jan 2023          | CUSIP: 99S1KRH35<br>LEI: N/A                  | N/A              | DIR              |  | US        |   11441936 | PA      | $-123798.00   | -0.21%            |  |  |  | No            | 2                  | On Loan: No      |
| SM118426  IRS BRL R F  6.74000 | 6.74%   02 Jan 2023           | CUSIP: 99S1M7V31<br>LEI: N/A                  | N/A              | DIR              |  | US        |   13050205 | PA      | $-122894.04   | -0.21%            |  |  |  | No            | 2                  | On Loan: No      |
| SM123444  IRS KRW R F  3.78250 | 3.782%   15 Sep 2024          | CUSIP: 99S1U1RU0<br>LEI: N/A                  | N/A              | DIR              |  | US        | 4437000000 | PA      | $-19855.31    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| SM123557  IRS BRL R F 11.21500 | 11.215%   02 Jan 2029         | CUSIP: 99S1U8U07<br>LEI: N/A                  | N/A              | DIR              |  | US        |    7351584 | PA      | $-30314.52    | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| SM123561  IRS BRL R F 11.28000 | 11.28%   02 Jan 2029          | CUSIP: 99S1U8UF4<br>LEI: N/A                  | N/A              | DIR              |  | US        |    2672803 | PA      | $-9126.48     | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)       | JR SUBORDINA 144A 12/99 VAR   | CUSIP: 84605LAB2<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |    1450000 | PA      | $40781.25     | 0.07%             | 2099-12-31      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)       | SUBORDINATED 144A 04/30 VAR   | CUSIP: 84605LAA4<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |    1165000 | PA      | $44415.63     | 0.08%             | 2030-04-07      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| STATE AGE ROADS                | GOVT GUARANT 144A 06/30 6.25  | CUSIP: 857329AA4<br>LEI: 254900FGEO8P5USHG994 | Long             | DBT              | CORP              | UA        |    1528000 | PA      | $279957.10    | 0.49%             | 2030-06-24      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| STILLWATER MINING CO           | COMPANY GUAR 144A 11/29 4.5   | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     850000 | PA      | $627538.00    | 1.09%             | 2029-11-16      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | COMPANY GUAR REGS 10/24 6.8   | CUSIP: ACI1Z72S6<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $28126.00     | 0.05%             | 2024-10-20      | Fixed         | 6.80%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | SR SECURED REGS 02/24 7.5     | CUSIP: ACI1GJDN0<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     463000 | PA      | $64348.36     | 0.11%             | 2024-02-01      | Fixed         | 7.50%                 | 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        |     930000 | PA      | $130107.00    | 0.23%             | 2024-04-26      | Fixed         | 5.95%                 | Yes           | 2                  | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD       | SR SECURED REGS 08/22 7.95    | CUSIP: ACI0WNKR8<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $28500.00     | 0.05%             | 2022-08-08      | Fixed         | 7.95%                 | Yes           | 2                  | On Loan: No      |
| TAJIKISTAN INT BOND            | SR UNSECURED 144A 09/27 7.125 | CUSIP: 87406KAA0<br>LEI: 529900W1LSYUF3CYVU10 | Long             | DBT              | NUSS              | TJ        |    1015000 | PA      | $654394.86    | 1.13%             | 2027-09-14      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| TBC BANK JSC                   | JR SUBORDINA 144A 12/99 VAR   | CUSIP: 48128XAB9<br>LEI: 2138001MSA39Q44QTA18 | Long             | DBT              | CORP              | GE        |     645000 | PA      | $627443.10    | 1.09%             | 2099-12-31      | Fixed         | 10.78%                | Yes           | 2                  | On Loan: No      |
| TIMES CHINA HLDG LTD           | SR SECURED REGS 07/23 6.75    | CUSIP: ACI1D6KV5<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $41100.00     | 0.07%             | 2023-07-16      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| TIMES CHINA HLDG LTD           | SR SECURED REGS 07/25 6.75    | CUSIP: ACI1NKQD7<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $49120.00     | 0.09%             | 2025-07-08      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| TULLOW OIL PLC                 | COMPANY GUAR 144A 03/25 7     | CUSIP: 899415AE3<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |     340000 | PA      | $219680.80    | 0.38%             | 2025-03-01      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| TULLOW OIL PLC                 | SR SECURED 144A 05/26 10.25   | CUSIP: 899415AG8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |     618000 | PA      | $522210.00    | 0.90%             | 2026-05-15      | Fixed         | 10.25%                | Yes           | 2                  | On Loan: No      |
| TUPY OVERSEAS SA               | COMPANY GUAR 144A 02/31 4.5   | CUSIP: 89990BAB6<br>LEI: 222100ZREIYU6AS2OO19 | Long             | DBT              | CORP              | LU        |     443000 | PA      | $327902.25    | 0.57%             | 2031-02-16      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE GOVERNMENT             | SR UNSECURED 144A 03/35 7.253 | CUSIP: 903724BY7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     500000 | PA      | $91816.00     | 0.16%             | 2035-03-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE GOVERNMENT             | SR UNSECURED 144A 05/31 6.876 | CUSIP: 90372UAR5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    1380000 | PA      | $252181.20    | 0.44%             | 2031-05-21      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| UKRAINE RAIL (RAIL CAPL)       | SR UNSECURED REGS 07/26 7.875 | CUSIP: ACI1Z4JX4<br>LEI: 213800IW9C7PR3HKI783 | Long             | DBT              | CORP              | GB        |     600000 | PA      | $116400.00    | 0.20%             | 2026-07-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| UKREXIMBANK(BIZ FIN PLC)       | SUBORDINATED REGS 11/29 VAR   | CUSIP: ACI1GS764<br>LEI: 213800CQK26QNHYTY203 | Long             | DBT              | CORP              | GB        |     500000 | PA      | $155000.00    | 0.27%             | 2029-11-14      | Fixed         | 9.95%                 | Yes           | 2                  | On Loan: No      |
| UPL CORP LTD                   | SUBORDINATED REGS 12/99 VAR   | CUSIP: ACI1K7FX7<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |    1250000 | PA      | $906875.00    | 1.57%             | 2099-12-31      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| US 10YR NOTE (CBT)DEC22        | XCBT 20221220                 | CUSIP: ADI24L0Z1<br>LEI: N/A                  | N/A              | DIR              |  | US        |        -64 | NC      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| US ULTRA BOND CBT DEC22        | XCBT 20221220                 | CUSIP: ADI23W4H4<br>LEI: N/A                  | N/A              | DIR              |  | US        |         -8 | NC      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| UZAUTO MOTORS AJ               | COMPANY GUAR 144A 05/26 4.85  | CUSIP: 46653NAA0<br>LEI: 25490082QA3E2MKBZI88 | Long             | DBT              | CORP              | UZ        |     991000 | PA      | $782890.00    | 1.36%             | 2026-05-04      | Fixed         | 4.85%                 | Yes           | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR 144A 03/25 8.95  | CUSIP: 92243XAE1<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    1370000 | PA      | $930954.22    | 1.61%             | 2025-03-11      | Fixed         | 8.95%                 | Yes           | 2                  | On Loan: No      |
| VEDANTA RESOURCES              | COMPANY GUAR 144A 04/26 9.25  | CUSIP: 92243XAA9<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     550000 | PA      | $309195.17    | 0.54%             | 2026-04-23      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 01/27 6.35    | CUSIP: ACI1TWZ52<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    1802000 | PA      | $110985.18    | 0.19%             | 2027-01-13      | Fixed         | 6.35%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 02/23 8.5     | CUSIP: ACI17Y3K4<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    1050000 | PA      | $65576.94     | 0.11%             | 2023-02-04      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 02/25 7.7     | CUSIP: ACI1K25J0<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    1000000 | PA      | $61520.00     | 0.11%             | 2025-02-20      | Fixed         | 7.70%                 | Yes           | 2                  | On Loan: No      |
| YUZHOU GROUP                   | SR SECURED REGS 10/24 8.375   | CUSIP: ACI1GDPY6<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     630000 | PA      | $40143.60     | 0.07%             | 2024-10-30      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |

### Signature

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

**Name of Applicant:** MassMutual Advantage Funds

**Signature:** /s/ Renee Hitchcock

**Name of Signer:** Renee Hitchcock

**Title:** Treasurer and CFO