MassMutual Advantage Funds NPORT-P MassMutual Global Emerging Markets Equity Fund (Dec 2022 report)

MassMutual Global Floating Rate Fund —  Portfolio of Investments

December 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.6%
COMMON STOCK — 0.6%
Communications — 0.0%
Telecommunications — 0.0%
Vantiva SA (a)		88,751	$	19,655
Consumer, Cyclical — 0.1%
Entertainment — 0.0%
Technicolor Creative Studios SA (a)		88,751		21,277
Leisure Time — 0.1%
Carlson Travel, Inc. (a)		43,227		263,684
				284,961
Consumer, Non-cyclical — 0.3%
Food — 0.2%
CTI Foods Holding Co., LLC (a) (b) (c)		4,657		446,839
Health Care – Services — 0.1%
Don Jersey Topco Ltd. (Acquired 8/03/20-1/11/22, Cost $233,833) (a) (b) (c) (d)		333,090		196,110
				642,949
Energy — 0.2%
Oil & Gas Services — 0.2%
KCA Deutag International Ltd. (a)		7,834		434,004
Financial — 0.0%
Diversified Financial Services — 0.0%
Travelex Topco Ltd. (a) (b) (c)		2,999		—
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 Shares		Value
Bahia De Las Isletas SL, Class B3 (Acquired 1/12/22, Cost $0) (a) (b) (c) (d)		125	$	—
				—
TOTAL COMMON STOCK (Cost $1,848,800)				1,381,569
TOTAL EQUITIES (Cost $1,848,800)				1,381,569
	Principal 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%
7.915% VRN 8/21/26	$	1,672,711		1,520,377
Dotdash Meredith, Inc., Term Loan B, 1 mo. USD SOFR + 4.000%
8.224% VRN 12/01/28		523,806		450,474
Summer (BC) Holdco B SARL, USD Term Loan B1, 3 mo. USD LIBOR + 5.000%
9.765% VRN 12/04/26		3,440,480		3,174,703
				5,145,554
Aerospace & Defense — 0.4%
TransDigm, Inc., 2020 Term Loan F, 3 mo. USD LIBOR + 2.250%
6.980% VRN 12/09/25		1,001,800		988,356
Airlines — 2.3%
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
8.130% VRN 8/11/28		1,273,545		1,256,034
American Airlines, Inc.
2018 Term Loan B, 1 mo. USD LIBOR + 1.750%
6.139% VRN 6/27/25		697,082		668,766
2021 Term Loan, 3 mo. USD LIBOR + 4.750%
8.993% VRN 4/20/28		1,013,025		1,007,483
Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000%
7.354% VRN 12/11/26		1,561,138		1,416,249
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.108% VRN 4/21/28		1,178,073		1,161,061
				5,509,593
Apparel — 0.4%
Crocs, Inc., Term Loan B, 3 mo. USD SOFR + 7.800%
7.800% VRN 2/20/29		1,011,939		990,435
Auto Parts & Equipment — 0.4%
Clarios Global LP, 2021 EUR Term Loan B, 1 mo. EURIBOR + 3.250%
5.148% VRN 4/30/26 EUR (e)		947,090		971,009
Banks — 0.1%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500%
10.250% VRN 8/02/29		250,358		217,393

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

	Principal Amount		Value
Beverages — 0.3%
Amphora Finance Ltd., 2018 GBP Term Loan B, 6 mo. GBP LIBOR + 4.750%
6.641% VRN 5/23/25 GBP (e)	$	500,000	$	338,506
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%
8.230% VRN 3/31/28		370,934		343,670
				682,176
Biotechnology — 0.4%
Advanz Pharma Corp., 2021 EUR Term Loan B, 1 mo. EURIBOR + 4.500%
6.398% VRN 6/01/28 EUR (e)		1,000,000		1,013,105
Building Materials — 1.0%
CP Atlas Buyer, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 11/23/27		734,750		641,584
LSF10 XL Bidco S.C.A., 2021 EUR Term Loan B4, 3 mo. EURIBOR + 3.925%
6.127% VRN 4/12/28 EUR (e)		853,470		733,573
Vector WP Holdco, Inc., Term Loan B, 1 mo. USD LIBOR + 5.000%
9.375% VRN 10/12/28		1,064,417		1,037,807
				2,412,964
Chemicals — 4.9%
Colouroz Investment 1 GmbH
Initial EUR Term Loan, 3 mo. EURIBOR + 4.250%
5.000% VRN 9/21/23 EUR (e)		207,191		154,697
EUR Term Loan B3, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		14,980		11,184
Consolidated Energy Finance, SA, Term Loan B, 1 mo. USD LIBOR + 2.500%
6.884% VRN 5/07/25		978,806		955,559
CPC Acquisition Corp., Term Loan, 3 mo. USD LIBOR + 3.750%
8.480% VRN 12/29/27		1,718,037		1,235,269
Flint Group GmbH
EUR Add on Term Loan B4, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		101,054		75,451
EUR Term Loan B5, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		64,065		47,833
2017 EUR Incremental B6, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		3,703		2,765
2017 EUR Incremental B7, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		344,963		257,563
USD Term Loan C, 3 mo. USD LIBOR + 4.250%
8.575% VRN 9/21/23		594,415		429,958
Flint Group US LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250%
8.575% VRN 9/21/23		3,715,640		2,687,634
GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.500%
9.230% VRN 8/18/28		550,943		534,415
Kraton Corp., 2022 USD Term Loan, 3 mo. SOFR CME + 3.250%
8.040% VRN 3/15/29		399,140		395,025
LSF11 A5 Holdco LLC, Term Loan, 1 mo. USD SOFR + 8.050%
8.052% VRN 10/15/28		934,867		901,913
New Arclin U.S. Holding Corp.

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

	Principal Amount		Value
2021 Delayed Draw Term Loan, 3 mo. USD LIBOR + 1.000%
1.000% VRN 10/02/28 (f)	$	112,911	$	98,853
2021 Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 9/30/28		765,703		670,373
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750%
8.500% VRN 11/09/28		422,700		404,853
PMHC II, Inc., 2022 Term Loan B, 3 mo. SOFR CME + 4.250%
8.494% VRN 4/23/29		1,540,770		1,298,253
Polar US Borrower LLC, 2018 1st Lien Term Loan, 3 mo. Prime + 3.750%
11.250% VRN 10/15/25		1,214,853		975,527
Trinseo Materials Operating S.C.A., 2021 Term Loan B2, 1 mo. USD LIBOR + 2.500%
6.884% VRN 5/03/28		729,399		677,429
				11,814,554
Commercial Services — 6.4%
Albion Financing 3 SARL, EUR Term Loan, 3 mo. EURIBOR + 5.250%
6.752% VRN 8/17/26 EUR (e)		640,000		667,227
APX Group, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%, 3 mo. Prime + 2.250%
6.730% - 9.750% VRN 7/10/28		1,214,095		1,196,260
AVSC Holding Corp.
2020 Term Loan B1, 3 mo. USD LIBOR + 3.250%
7.983% VRN 3/03/25		1,437,999		1,315,237
2020 Term Loan B2, 3 mo. USD LIBOR + 4.500%
8.685% VRN 10/15/26		509,282		468,646
BCP V Modular Services Holdings IV Ltd., EUR Term Loan B, 3 mo. EURIBOR + 4.500%
6.702% VRN 12/15/28 EUR (e)		1,000,000		993,516
Cimpress Public Ltd. Co., USD Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 5/17/28		214,145		191,583
CoreLogic, Inc.
Term Loan, 1 mo. USD LIBOR + 3.500%
7.938% VRN 6/02/28		1,313,819		1,092,112
2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
10.938% VRN 6/04/29		532,670		373,136
EAB Global, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 8/16/28		495,000		475,200
Eagle Bidco Ltd., 2021 GBP Term Loan B, 1 mo. GBP LIBOR + 4.750%
8.210% VRN 3/20/28 GBP (e)		500,000		543,272
Ensono, LP, 2021 Term Loan, 3 mo. USD LIBOR + 3.750%
8.901% VRN 5/26/28		891,246		797,888
Fugue Finance B.V., EUR Term Loan, 3 mo. EURIBOR + 3.250%
5.204% VRN 9/01/24 EUR (e)		1,000,000		1,032,984
Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.250%
6.610% VRN 10/24/25 EUR (e)		2,000,000		2,004,952
Prometric Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%
7.390% VRN 1/29/25		979,644		857,806
Sabre GLBL, Inc.
2021 Term Loan B2, 1 mo. USD LIBOR + 3.500%
7.884% VRN 12/17/27		478,962		434,658
2021 Term Loan B1, 1 mo. USD LIBOR + 3.500%
7.884% VRN 12/17/27		300,467		272,674
Techem Verwaltungsgesellschaft 675 mbH, EUR Term Loan B4, 6 mo. EURIBOR + 2.375%
2.638% VRN 7/15/25 EUR (e)		1,000,000		1,021,616

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

	Principal Amount		Value
Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.250%
5.378% VRN 3/27/28 EUR (e)	$	1,375,000	$	1,362,655
Wand NewCo 3, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000%
7.384% VRN 2/05/26		487,336		461,054
				15,562,476
Computers — 2.1%
Ahead DB Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.480% VRN 10/18/27		937,786		903,791
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%
9.170% VRN 7/27/28		676,475		575,849
McAfee, LLC, 2022 USD Term Loan B, 1 mo. SOFR CME + 3.750%
7.974% VRN 3/01/29		422,437		392,187
Panther Commercial Holdings LP, Term Loan, 3 mo. USD LIBOR + 4.250%
8.665% VRN 1/07/28		978,766		876,808
Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
9.108% VRN 4/27/28		1,545,354		1,063,528
Vision Solutions, Inc.
2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.000%
8.358% VRN 4/24/28		922,686		762,138
2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250%
11.608% VRN 4/23/29		770,186		565,286
				5,139,587
Cosmetics & Personal Care — 0.9%
Coty, Inc., 2018 USD Term Loan B, 1 mo. USD LIBOR + 2.250%
6.471% VRN 4/07/25		780,426		765,988
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%
8.730% VRN 11/21/23 (d)		1,392,055		1,253,964
Journey Personal Care Corp., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
8.980% VRN 3/01/28		294,425		213,605
				2,233,557
Distribution & Wholesale — 0.7%
Ammeraal Beltech Holding B.V., 2018 EUR 1st Lien Term Loan, 3 mo. EURIBOR + 3.750%
5.952% VRN 7/30/25 EUR (e)		1,000,000		997,895
Fluid-Flow Products, Inc., Term Loan, 3 mo. USD LIBOR + 3.750%
8.480% VRN 3/31/28		722,936		685,885
				1,683,780
Diversified Financial Services — 1.9%
AllSpring Buyer LLC, Term Loan B, 3 mo. USD LIBOR + 3.000%
7.750% VRN 11/01/28		804,058		791,796
Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250%
9.634% VRN 10/25/28		610,275		538,061
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%
7.519% VRN 10/22/26		1,132,378		1,120,851
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750%
11.134% VRN 4/07/28		1,000,000		947,500
Edelman Financial Center LLC

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

	Principal Amount		Value
2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 4/07/28	$	232,522	$	216,420
2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750%
11.134% VRN 7/20/26		500,000		448,125
VFH Parent LLC, 2022 Term Loan B, 1 mo. USD SOFR + 3.000%
7.421% VRN 1/13/29		524,050		509,114
				4,571,867
Electric — 1.0%
Arvos BidCo SARL
EUR 1st Lien Term Loan B1, 3 mo. EURIBOR + 5.500%
7.454% VRN 8/29/24 EUR (e)		865,302		509,444
USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500%
9.915% VRN 8/29/24		123,167		67,536
USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500%
9.915% VRN 8/29/24		123,167		67,536
Edgewater Generation LLC, Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 12/13/25		772,532		730,623
Helix Gen Funding LLC, Term Loan B, 1 mo. USD LIBOR + 3.750%
8.134% VRN 6/03/24		1,109,444		1,090,550
				2,465,689
Electrical Components & Equipment — 0.4%
CEP IV Investment 16 SARL, EUR Term Loan B, 3 mo. EURIBOR + 4.750%
6.722% VRN 10/03/26 EUR (e)		500,000		409,982
SGB-SMIT Management GmbH, EUR Term Loan B (Acquired 4/02/19-12/30/22, Cost $554,007), 1 mo. EURIBOR + 4.500%
6.398% VRN 7/18/24 EUR (d) (e)		514,819		418,276
				828,258
Engineering & Construction — 0.7%
DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%
8.073% VRN 3/31/28		720,763		688,329
USIC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 5/12/28		937,225		892,875
				1,581,204
Entertainment — 2.7%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000%
7.274% VRN 4/22/26		1,107,226		596,285
International Park Holdings B.V., EUR Term Loan B, 6 mo. EURIBOR + 3.000%
5.479% VRN 6/13/24 EUR (e)		500,000		528,534
Motion Finco SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.000%
5.202% VRN 11/12/26 EUR (e)		1,000,000		1,000,089
Parques Reunidos SAU, 2019 EUR Term Loan B1, 6 mo. EURIBOR + 3.750%
3.984% VRN 9/16/26 EUR (e)		500,000		499,477
Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. SOFR CME + 3.500%
7.097% VRN 4/04/29		640,000		609,299
Technicolor Creative Studios, EUR Term Loan, 3 mo. EURIBOR + 6.000%
8.046% VRN 9/07/26 EUR (e)		900,000		541,318

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

	Principal Amount		Value
Vacalians Group, EUR Term Loan B, 3 mo. EURIBOR + 4.000%
5.954% VRN 12/04/25 EUR (e)	$	330,783	$	340,515
Vue International Bidco PLC
2019 EUR Term Loan B, 1 mo. EURIBOR + 4.750%
6.264% VRN 7/03/26 EUR (e)		923,797		556,244
2022 EUR Term Loan, 3 mo. EURIBOR + 8.000%
9.766% VRN 6/30/27 EUR (e)		145,796		141,241
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%, 3 mo. USD LIBOR + 2.750%
7.140% - 7.480% VRN 5/18/25		1,226,283		1,197,465
WMG Acquisition Corp., 2021 Term Loan G, 1 mo. USD LIBOR + 2.125%
6.509% VRN 1/20/28		518,991		512,286
				6,522,753
Environmental Controls — 0.6%
Gopher Resource LLC, 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
7.634% VRN 3/06/25		1,050,822		698,796
Madison IAQ LLC, Term Loan, 3 mo. USD LIBOR + 3.250%
7.988% VRN 6/21/28		813,462		754,998
				1,453,794
Food — 1.3%
BCPE North Star US HoldCo 2, Inc., Term Loan, 3 mo. USD LIBOR + 4.000%
8.730% VRN 6/09/28		303,821		277,996
Casino Guichard-Perrachon SA, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.000%
5.340% VRN 8/31/25 EUR (e)		850,000		765,438
CHG PPC Parent LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000%
7.438% VRN 12/08/28		496,250		478,881
CTI Foods Holding Co. LLC
First Out Term Loan, 3 mo. USD LIBOR + 7.000%
10.380% VRN 5/03/24		310,657		309,720
Second Out Term Loan, 3 mo. USD LIBOR + 9.000%
13.460% VRN 5/03/24		206,017		195,095
Deoleo, S.A., EUR Senior Term Loan, 3 mo. EURIBOR + 4.000%
6.141% VRN 6/24/25 EUR (e)		75,107		76,228
Froneri International Ltd., 2020 EUR Term Loan B1, 6 mo. EURIBOR + 2.125%
2.756% VRN 1/29/27 EUR (e)		1,000,000		994,715
				3,098,073
Health Care – Products — 3.0%
Auris Luxembourg III SARL
EUR Term Loan B1A, 6 mo. EURIBOR + 4.000%
6.436% VRN 2/27/26 EUR (e)		1,500,000		1,434,204
2019 USD Term Loan B2, 3 mo. USD LIBOR + 3.750%, 6 mo. USD LIBOR + 3.750%
8.501% - 8.678% VRN 2/27/26		2,455,364		2,181,174
Iris BidCo GmbH, EUR Term Loan B, 3 mo. EURIBOR + 5.000%
6.605% VRN 6/29/28 EUR (e)		650,000		597,637
Lifescan Global Corp., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 6.000%
9.743% VRN 10/01/24		1,048,895		751,994

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

	Principal Amount		Value
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 10/23/28	$	2,481,250	$	2,354,657
				7,319,666
Health Care – Services — 4.2%
AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 3 mo. EURIBOR + 4.250%
6.331% VRN 12/18/28 EUR (e)		600,000		602,449
Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%
11.389% VRN 12/10/29		1,497,326		823,529
Envision Healthcare Corp.
2022 Third Out Term Loan, 3 mo. SOFR CME + 3.750%
8.330% VRN 3/31/27		370,372		92,593
2022 Second Out Term Loan, 3 mo. SOFR CME + 4.250%
8.830% VRN 3/31/27		845,555		287,489
2022 First Out Term Loan, 3 mo. SOFR CME + 7.875%
12.605% VRN 3/31/27		145,541		128,986
ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD LIBOR + 2.250%
7.000% VRN 7/03/28		669,334		666,744
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%
11.384% VRN 11/01/29		294,737		271,158
NAPA Management Services Corp., Term Loan B, 1 mo. USD SOFR + 9.670%
9.673% VRN 2/23/29		828,614		669,885
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
8.639% VRN 7/09/25		1,750,000		1,463,438
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.165% VRN 11/16/25		742,455		698,279
Select Medical Corp., 2017 Term Loan B, 1 mo. USD LIBOR + 2.500%
6.890% VRN 3/06/25		1,000,000		978,000
Surgery Center Holdings, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.750%
8.050% VRN 8/31/26		633,144		624,368
Team Health Holdings, Inc., 2022 Term Loan B, 1 mo. SOFR CME + 5.250%
9.573% VRN 3/02/27		1,354,339		1,012,368
Tunstall Group Holdings Ltd., 2020 EUR Term Loan B (Acquired 8/03/20, Cost $377,864), 6 mo. EURIBOR + 5.000%
5.654% VRN 6/30/25 EUR (d) (e)		321,190		311,155
U.S. Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 4.250%
8.370% VRN 10/01/28		728,169		692,256
US Radiology Specialists, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 5.250%
9.980% VRN 12/15/27		1,033,604		931,050
				10,253,747
Holding Company – Diversified — 0.4%
CEP IV Investment 16 SARL, USD 2nd Lien Term Loan , 3 mo. USD LIBOR + 9.250%
14.015% VRN 10/03/27		900,000		684,000
Hilding Anders International AB
2022 EUR PIK Reorg Opco Term Loan (Acquired 10/04/22-10/31/22, Cost $250,098), 6 mo. EURIBOR + 5.000%
7.118% VRN 2/28/26 EUR (d) (e)		380,622		254,648

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

	Principal Amount		Value
2022 EUR PIK Reorg Holdco, 1 mo. EURIBOR + 12.000%
12.000% VRN 2/28/27 EUR (b) (c) (e)	$	345,939	$	—
				938,648
Home Furnishing — 0.5%
Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
8.440% VRN 9/25/28		1,462,483		1,241,282
Household Products & Wares — 0.1%
Illuminate Merger Sub Corp., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%
7.884% VRN 7/21/28		280,593		252,183
Housewares — 0.4%
Solis IV B.V., USD Term Loan B1, 3 mo. SOFR CME + 3.500%
7.859% VRN 2/26/29		1,146,456		1,004,170
Insurance — 1.6%
Acrisure, LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 2/15/27		270,803		253,540
Alliant Holdings Intermediate LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 5/09/25		708,211		698,119
Asurion LLC
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%
7.634% VRN 12/23/26		1,945,070		1,729,906
2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%
9.634% VRN 1/20/29		1,551,724		1,199,265
				3,880,830
Internet — 3.0%
Endure Digital, Inc., Term Loan, 1 mo. USD LIBOR + 3.500%
7.717% VRN 2/10/28		1,193,685		1,069,840
Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD LIBOR + 4.250%
8.980% VRN 8/19/28		751,360		735,394
ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.250%
6.452% VRN 4/03/28 EUR (e)		886,500		888,458
MH Sub I LLC
2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 9/13/24		726,832		705,129
2020 Incremental Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 9/13/24		281,010		272,681
2021 2nd Lien Term Loan, 3 mo. SOFR CME + 6.250%
10.649% VRN 2/23/29		500,000		445,625
Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250%
7.985% VRN 8/31/28		442,442		424,496
PUG LLC
USD Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 2/12/27		426,905		351,484
2021 Incremental Term Loan B, 1 mo. USD LIBOR + 4.250%
8.634% VRN 2/12/27		906,795		748,106
Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD LIBOR + 3.500%
7.743% VRN 7/20/28		960,000		909,600

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

	Principal Amount		Value
W3 Topco LLC, 2019 Term Loan B, 3 mo. USD LIBOR + 6.000%
10.699% -10.753% VRN 8/16/25	$	690,053	$	653,480
				7,204,293
Investment Companies — 1.3%
Energize HoldCo LLC, 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 12/08/28		717,117		683,771
Median B V
2021 EUR Term Loan B, 3 mo. EURIBOR + 5.000%
7.202% VRN 10/14/27 EUR (e)		800,000		720,053
2021 GBP Term Loan B, 3 mo. GBP LIBOR + 6.000%
9.427% VRN 10/14/27 GBP (e)		650,000		653,211
Triley Midco 2 Ltd, EUR Term Loan B, 1 mo. EURIBOR + 4.750%
6.648% VRN 4/09/29 EUR (e)		1,000,000		998,194
				3,055,229
Leisure Time — 2.3%
Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 10/18/28		992,481		926,481
City Football Group Ltd., Term Loan, 1 mo. USD LIBOR + 3.000%
7.361% VRN 7/21/28		918,557		856,554
HNVR Holdco Ltd., EUR Term Loan B, 6 mo. EURIBOR + 4.250%
6.706% VRN 9/12/25 EUR (e)		2,000,000		1,806,919
Richmond UK Bidco Ltd., 2017 GBP Term Loan B, 1 Day GBP SONIA + 4.250%
7.710% VRN 3/03/24 GBP (e)		1,482,094		1,593,930
Silk Bidco AS, EUR Term Loan B, 6 mo. EURIBOR + 4.000%
4.908% VRN 2/24/25 EUR (e)		500,000		417,143
				5,601,027
Lodging — 2.2%
Alpha Group SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.750%
5.952% VRN 1/31/25 EUR (e)		1,000,000		943,548
Casper BidCo SAS, 2020 EUR Term Loan B3A, 3 mo. EURIBOR + 3.375%
5.177% VRN 7/31/26 EUR (e)		2,000,000		1,987,032
Compass IV Ltd.
2018 EUR Term Loan B, 3 mo. EURIBOR + 4.000%
6.005% VRN 5/09/25 EUR (e)		500,000		503,379
2018 EUR 2nd Lien Term Loan, 3 mo. EURIBOR + 8.000%
10.005% VRN 5/08/26 EUR (e)		500,000		479,026
Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.000%
7.384% VRN 8/02/28		531,390		527,405
Motel 6, Term Loan B, 1 mo. USD LIBOR + 5.000%
9.318% VRN 9/09/26		962,405		944,764
				5,385,154
Machinery – Diversified — 1.2%
ASP Blade Holdings, Inc., Initial Term Loan, 3 mo. USD LIBOR + 4.000%
8.730% VRN 10/13/28		990,588		780,088
Pro Mach Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%
8.384% VRN 8/31/28		778,009		755,447

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

	Principal Amount		Value
Titan Acquisition Ltd., 2018 Term Loan B, 6 mo. USD LIBOR + 3.000%
8.151% VRN 3/28/25	$	1,409,761	$	1,313,939
				2,849,474
Media — 5.9%
A-L Parent LLC, 2016 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
7.640% VRN 12/01/23		1,535,407		1,143,326
Altice Financing SA, EUR 2017 1st Lien Term Loan, 3 mo. EURIBOR + 2.750%
4.128% VRN 1/31/26 EUR (e)		979,381		1,001,201
CSC Holdings LLC, 2017 Term Loan B1, 1 mo. USD LIBOR + 2.250%
6.568% VRN 7/17/25		626,053		590,055
Cumulus Media New Holdings, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750%
8.134% VRN 3/31/26		1,092,779		1,020,655
DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000%
9.384% VRN 8/02/27		1,301,104		1,263,971
iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000%
7.384% VRN 5/01/26		1,386,237		1,267,977
McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 6 mo. USD LIBOR + 4.750%
8.316% VRN 7/28/28		1,202,629		1,129,341
Radiate Holdco LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 9/25/26		518,106		418,967
Springer Nature Deutschland GmbH, 2021 EUR Term Loan B17, 3 mo. EURIBOR + 2.750%
4.952% VRN 8/14/26 EUR (e)		933,125		949,988
Univision Communications, Inc.
2022 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 1/31/29		1,178,893		1,141,074
2022 First Lien Term Loan B, 3 mo. SOFR CME + 4.250%
8.830% VRN 6/24/29		176,106		173,553
Virgin Media SFA Finance Ltd.
GBP Term Loan L, 1 mo. GBP SONIA + 3.250%
6.211% VRN 1/15/27 GBP (e)		1,000,000		1,115,256
GBP Term Loan M, 1 mo. GBP SONIA + 3.250%
6.211% VRN 11/15/27 GBP (e)		1,850,000		2,041,172
Ziggo B.V., 2019 EUR Term Loan H, 6 mo. EURIBOR + 3.000%
3.764% VRN 1/31/29 EUR (e)		1,000,000		984,150
				14,240,686
Metal Fabricate & Hardware — 0.6%
Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000%
7.702% - 8.765% VRN 10/12/28		1,230,888		1,138,572
WireCo WorldGroup, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.250%
8.938% VRN 11/13/28		200,064		194,312
				1,332,884
Mining — 0.5%
U.S. Silica Co., 2018 Term Loan B, 1 mo. USD LIBOR + 4.000%
8.438% VRN 5/01/25		1,160,845		1,147,785
Miscellaneous - Manufacturing — 1.1%
Gates Global LLC, 2021 Term Loan B3, 1 mo. USD LIBOR + 2.500%
6.884% VRN 3/31/27		733,092		716,348

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

	Principal Amount		Value
Gemini HDPE LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.000%
7.420% VRN 12/31/27	$	762,013	$	749,158
Groupe Solmax, Inc., Term Loan, 3 mo. USD LIBOR + 4.750%
9.480% VRN 5/29/28		854,752		705,171
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 9/06/25		586,425		560,218
				2,730,895
Oil & Gas — 0.7%
Gulf Finance LLC, 2021 Term Loan, 1 mo. USD LIBOR + 6.750%
10.970% - 11.140% VRN 8/25/26		1,898,468		1,779,814
Packaging & Containers — 1.5%
Albea Beauty Holdings S.A., 2018 USD Term Loan B2, 3 mo. USD LIBOR + 2.750%
7.480% VRN 4/22/24		197,566		189,664
BWAY Holding Co., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.370% VRN 4/03/24		1,380,084		1,345,775
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175%
8.598% VRN 4/13/29		663,100		630,223
Graham Packaging Co., Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.000%
7.384% VRN 8/04/27		508,759		499,006
Kouti B.V., 2021 EUR Term Loan, 3 mo. EURIBOR + 3.175%
5.129% VRN 8/31/28 EUR (e)		600,000		596,238
Pretium PKG Holdings, Inc.
2021 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
7.743% VRN 10/02/28		341,772		271,466
2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.750%
11.485% VRN 10/01/29		254,237		153,338
				3,685,710
Pharmaceuticals — 4.1%
Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EURIBOR + 4.500%
5.034% VRN 3/06/26 EUR (e)		500,000		470,104
Amneal Pharmaceuticals LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.500%, 3 mo. USD LIBOR + 3.500%
5.952% - 8.250% VRN 5/04/25		1,183,297		1,057,145
Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo. SOFR CME + 5.250%
9.667% VRN 2/01/27		1,039,684		786,698
Embecta Corp., Term Loan B, 6 mo. SOFR CME + 3.000%
7.791% VRN 3/30/29		364,937		347,146
Financiere Verdi I S.A.S., 2021 GBP Term Loan B, 3 mo. GBP LIBOR + 4.500%
7.927% VRN 4/17/28 GBP (e)		1,000,000		977,436
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%
8.730% VRN 10/01/27		597,058		558,995
Horizon Therapeutics USA, Inc., Term Loan B1, 1 mo. USD LIBOR + 2.000%
6.438% VRN 5/22/26		494,267		493,441
IVC Acquisition Ltd.
2021 EUR Term Loan B5, 6 mo. EURIBOR + 4.000%
6.294% VRN 2/13/26 EUR (e)		587,000		581,749
2022 EUR Term Loan B6, 3 mo. EURIBOR + 4.750%
7.044% VRN 2/13/26 EUR (e)		700,000		716,067

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

	Principal Amount		Value
2021 GBP Term Loan B3, 3 mo. GBP LIBOR + 4.500%
7.703% VRN 2/13/26 GBP (e)	$	500,000	$	542,704
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 5/05/28		532,642		527,231
Nidda Healthcare Holding AG
2020 EUR Term Loan F, 1 mo. EURIBOR + 3.500%
5.394% VRN 8/21/26 EUR (e)		925,000		903,526
2020 GBP Term Loan F, 6 mo. GBP LIBOR + 4.500%
7.448% VRN 8/21/26 GBP (e)		500,000		526,395
Organon & Co., USD Term Loan, 3 mo. USD LIBOR + 3.000%
7.750% VRN 6/02/28		376,522		372,287
Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750%
8.491% VRN 7/06/28		548,387		483,496
Perrigo Investments LLC, Term Loan B, 1 mo. SOFR CME + 2.500%
6.923% VRN 4/20/29		482,513		478,894
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD LIBOR + 2.250%
7.000% VRN 7/03/28		166,765		166,120
				9,989,434
Pipelines — 0.9%
Buckeye Partners, L.P., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
6.634% VRN 11/01/26		386,846		384,297
Freeport LNG Investments, LLLP, Term Loan B, 3 mo. USD LIBOR + 3.500%
7.743% VRN 12/21/28		1,084,943		1,029,339
Oryx Midstream Services Permian Basin LLC, Term Loan B, 3 mo. USD LIBOR + 3.250%
7.924% VRN 10/05/28		770,308		760,079
				2,173,715
Real Estate — 0.4%
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.750%
7.134% VRN 8/21/25		981,042		956,869
Retail — 6.0%
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750%
6.134% - 6.165% VRN 11/19/26		489,899		480,713
Constellation Automotive Ltd.
GBP Term Loan B, 1 Day GBP SONIA + 4.750%
5.941% VRN 7/28/28 GBP (e)		500,000		413,394
GBP 2nd Lien Term Loan B, 1 Day GBP SONIA + 7.500%
9.190% VRN 7/27/29 GBP (e)		500,000		237,903
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.250%
7.665% VRN 1/31/28		1,039,238		981,301
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.134% VRN 3/06/28		965,219		925,404
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750%
7.134% VRN 10/19/27		959,626		912,297
LBM Acquisition LLC, Term Loan B, 6 mo. USD LIBOR + 3.750%
7.121% VRN 12/17/27		1,470,518		1,271,542

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

	Principal Amount		Value
Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 11/01/28	$	10,206	$	9,540
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
8.980% VRN 4/15/28		1,910,151		1,643,800
Park River Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.250%
6.993% VRN 12/28/27		1,047,113		912,297
Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%
7.976% VRN 3/03/28		1,202,728		1,166,021
PetSmart, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%
8.130% VRN 2/11/28		978,769		955,827
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%
12.269% VRN 8/10/23 (d)		1,331,579		606,015
SRS Distribution, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 6/02/28		1,329,004		1,268,016
Staples, Inc., 7 Year Term Loan, 3 mo. USD LIBOR + 5.000%
9.440% VRN 4/16/26		1,217,535		1,123,517
White Cap Buyer LLC, Term Loan B, 1 mo. SOFR CME + 3.750%
8.073% VRN 10/19/27		1,029,994		994,315
Winterfell Financing SARL, EUR Term Loan B, 3 mo. EURIBOR + 2.925%
4.651% VRN 5/04/28 EUR (e)		500,000		473,674
				14,375,576
Software — 8.7%
AppLovin Corp., 2021 Term Loan B, 3 mo. Prime + 2.000%
9.500% VRN 10/25/28		683,204		647,336
Ascend Learning LLC
2021 Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 12/11/28		871,698		822,665
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.750%
10.134% VRN 12/10/29		454,545		388,068
Athenahealth, Inc.
2022 Delayed Draw Term Loan, 3 mo. SOFR CME + 3.500%
7.821% VRN 2/15/29 (f)		107,049		96,382
2022 Term Loan B, 1 mo. SOFR CME + 3.500%
7.821% VRN 2/15/29		628,430		565,813
Banff Merger Sub, Inc.
2021 USD Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 10/02/25		1,333,602		1,274,656
2021 USD 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.500%
9.884% VRN 2/27/26		283,962		260,535
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. SOFR CME + 4.500%
9.080% VRN 7/06/29		1,044,712		1,034,024
Cloudera, Inc.
2021 Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 10/08/28		1,265,142		1,186,867
2021 Second Lien Term Loan, 1 mo. USD LIBOR + 6.000%
10.384% VRN 10/08/29		566,667		471,280
Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 10/16/28		991,256		882,218
Finastra USA, Inc.
USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%
6.871% VRN 6/13/24		1,289,522		1,137,462
USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250%
10.621% VRN 6/13/25		6,482		4,799
Hyland Software, Inc.

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

	Principal Amount		Value
2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 7/01/24	$	970,625	$	956,308
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250%
10.634% VRN 7/07/25		501,818		473,465
Iris Bidco Ltd., 2018 GBP Term Loan B, 1 mo. GBP LIBOR + 4.250%
7.705% VRN 9/03/25 GBP (e)		1,000,000		1,132,641
Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
9.011% VRN 12/01/27		1,477,578		1,164,819
Loyalty Ventures, Inc., Term Loan B (Acquired 10/08/21-1/06/22, Cost $1,547,835), 1 mo. USD LIBOR + 4.500%
8.884% VRN 11/03/27 (d)		1,558,593		619,541
MedAssets Software Intermediate Holdings, Inc.
2021 Term Loan, 1 mo. USD LIBOR + 4.000%
8.384% VRN 12/18/28		936,366		788,889
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750%
11.134% VRN 12/17/29		308,219		232,416
Mitchell International, Inc.
2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.415% VRN 10/15/28		733,155		673,916
2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500%
11.235% VRN 10/15/29		400,000		330,500
Playtika Holding Corp., 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
7.134% VRN 3/13/28		484,327		461,375
Polaris Newco LLC, USD Term Loan B, 3 mo. USD LIBOR + 4.000%
8.730% VRN 6/02/28		881,347		802,343
Quest Software US Holdings, Inc.
2022 Term Loan, 3 mo. USD SOFR + 8.500%
8.494% VRN 2/01/29		694,839		533,074
2022 2nd Lien Term Loan, 3 mo. USD SOFR + 11.600%
11.594% VRN 2/01/30		1,801,662		1,084,006
Renaissance Holding Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
7.634% VRN 5/30/25		402,795		383,259
Skopima Merger Sub, Inc., Term Loan B, 1 mo. USD LIBOR + 4.000%
8.384% VRN 5/12/28		1,190,560		1,123,805
SS&C Technologies, Inc., 2018 Term Loan B5, 1 mo. USD LIBOR + 1.750%
6.134% VRN 4/16/25		440,821		432,556
The Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250%
8.998% VRN 5/03/27		195,332		178,827
Veritas US, Inc.
2021 EUR Term Loan B, 3 mo. EURIBOR + 4.750%
6.952% VRN 9/01/25 EUR (e)		733,163		552,422
2021 USD Term Loan B, 3 mo. USD LIBOR + 5.000%
9.730% VRN 9/01/25		455,539		319,365
				21,015,632
Telecommunications — 4.4%
CCI Buyer, Inc., Term Loan, 3 mo. SOFR CME + 4.000%
8.580% VRN 12/17/27		1,019,881		971,947
Cincinnati Bell, Inc., 2021 Term Loan B2, 1 mo. SOFR CME + 3.250%
7.673% VRN 11/22/28		640,323		627,516
Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.875% VRN 10/02/27		775,793		682,535
Delta TopCo, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.154% VRN 12/01/27		486,270		447,976

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

	Principal Amount		Value
Digicel International Finance Ltd., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 5/28/24	$	148,298	$	124,274
GoTo Group, Inc., Term Loan B, 1 mo. USD LIBOR + 4.750%
9.139% VRN 8/31/27		993,664		635,200
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFR + 7.500%
7.445% VRN 2/01/29		969,409		934,093
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%
6.134% VRN 3/01/27		774,956		741,052
Lorca Holdco Ltd.
2021 EUR Term Loan B2,
0.000% 9/17/27 EUR (e) (g)		1,000,000		1,019,935
EUR Term Loan B1, 6 mo. EURIBOR + 4.250%
6.819% VRN 9/17/27 EUR (e)		500,000		515,229
Numericable Group SA, EUR Term Loan B11, 3 mo. EURIBOR + 3.000%
4.605% VRN 7/31/25 EUR (e)		1,484,252		1,505,610
Nuuday A S, EUR Term Loan B,
0.000% 12/31/27 EUR (e) (g)		1,000,000		986,826
Venga Finance SARL, 2021 USD Term Loan B, 3 mo. USD LIBOR + 4.750%
9.485% VRN 12/04/28		920,769		841,353
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%
7.384% VRN 3/09/27		860,786		694,835
				10,728,381
Transportation — 1.8%
First Student Bidco, Inc.
Term Loan B, 3 mo. USD LIBOR + 3.000%
7.726% VRN 7/21/28		1,166,270		1,050,855
Term Loan C, 3 mo. USD LIBOR + 3.000%
7.726% VRN 7/21/28		433,755		390,831
Kenan Advantage Group, Inc.
2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.134% VRN 3/24/26		1,263,281		1,228,541
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.250%
11.634% VRN 9/01/27		528,634		485,022
Worldwide Express Operations LLC, 2021 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
8.730% VRN 7/26/28		1,235,000		1,125,740
				4,280,989
TOTAL BANK LOANS (Cost $243,303,187)				212,310,250
CORPORATE DEBT — 4.2%
Commercial Services — 1.0%
Albion Financing 1 SARL / Aggreko Holdings, Inc.
5.250% 10/15/26 EUR (e) (h)		260,000		241,899
APCOA Parking Holdings GmbH, 3 mo. EURIBOR + 5.000%
6.378% FRN 1/15/27 EUR (e) (h)		339,000		338,063
BCP V Modular Services Finance II PLC
6.125% 11/30/28 GBP (e) (h)		350,000		353,421
Castor SpA
6.000% 2/15/29 EUR (e) (h)		196,000		186,729
Travelex Issuerco Ltd.
12.500% 8/05/25 GBP (e) (h)		484,458		790,676
Verisure Holding AB

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

	Principal Amount		Value
3.250% 2/15/27 EUR (e) (h)	$	500,000	$	462,027
3.875% 7/15/26 EUR (e) (h)		200,000		193,220
				2,566,035
Diversified Financial Services — 0.0%
Travelex Topco Ltd.
8.000% 5/15/22 EUR (b) (c) (e) (h) (i)		250,000		—
Electric — 0.2%
Energia Group NI FinanceCo PLC/Energia Group ROI Holdings DAC
4.750% 9/15/24 GBP (e) (h)		350,000		392,185
Entertainment — 0.3%
CPUK Finance Ltd.
4.875% 2/28/47 GBP (e) (h)		600,000		667,166
6.500% 8/28/26 GBP (e) (h)		100,000		110,692
				777,858
Food — 0.3%
Bellis Acquisition Co. PLC
3.250% 2/16/26 GBP (e) (h)		750,000		736,251
Internet — 0.3%
United Group BV
4.000% 11/15/27 EUR (e) (h)		500,000		395,435
4.625% 8/15/28 EUR (e) (h)		450,000		353,016
				748,451
Leisure Time — 0.1%
CWT Travel Group, Inc., (Acquired 12/09/16-8/14/18, Cost $1,374,114),
8.500% 11/19/26 (d) (h)		217,376		183,704
Lodging — 0.3%
TVL Finance PLC 3 mo. GBP SONIA + 5.395%
8.274% FRN 7/15/25 GBP (e) (h)		725,000		824,452
Machinery – Diversified — 0.1%
Galapagos SA 3 mo. EURIBOR + 4.750%
1.000% FRN 6/15/21 EUR (e) (h) (i)		20,000		107
Mangrove Luxco III SARL
7.775% 10/09/25 EUR (e) (h)		277,027		159,021
				159,128
Media — 0.3%
Tele Columbus AG
3.875% 5/02/25 EUR (e) (h)		1,000,000		801,647
Oil & Gas — 0.1%
KCA Deutag UK Finance PLC
15.000% 12/01/27		257,559		242,749
Oil & Gas Services — 0.2%
KCA Deutag UK Finance PLC SOFR + 9.000%
12.896% VRN 12/01/25		411,567		408,480

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

	Principal Amount		Value
Packaging & Containers — 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125% 8/15/26 EUR (e) (h)	$	500,000	$	445,752
Pharmaceuticals — 0.4%
Nidda Healthcare Holding GmbH
7.500% 8/21/26 EUR (e) (h)		1,000,000		1,018,265
Retail — 0.0%
House of Fraser Funding PLC 3 mo. GBP LIBOR + 5.750%
1.000% FRN 9/15/20 GBP (e) (h) (i)		300,000		363
Telecommunications — 0.3%
Altice France SA
2.500% 1/15/25 EUR (e) (h)		350,000		335,319
4.000% 7/15/29 EUR (e) (h)		500,000		403,434
				738,753
Transportation — 0.1%
Anarafe SL
3 mo. EURIBOR + 11.750% 13.934% FRN 3/31/26 EUR (e) (h)		170,002		116,466
(Acquired 6/15/18, Cost $265,533), 3 mo. EURIBOR + 11.750%, 13.934% FRN 3/31/26 EUR (d) (e) (h)		161,484		110,630
				227,096
TOTAL CORPORATE DEBT (Cost $14,226,912)				10,271,169
TOTAL BONDS & NOTES (Cost $257,530,099)				222,581,419
	Number of Shares
WARRANTS — 0.0%
Financial — 0.0%
Diversified Financial Services — 0.0%
Travelex Topco Ltd. (a)		285		15,505
TOTAL WARRANTS (Cost $0)				15,505
TOTAL LONG-TERM INVESTMENTS (Cost $259,378,899)				223,978,493
TOTAL INVESTMENTS — 92.6% (Cost $259,378,899) (j)				223,978,493
Less Unfunded Loan Commitments — (0.1)%				(193,080)
NET INVESTMENTS — 92.5% (Cost $259,185,819)				223,785,413
Other Assets/(Liabilities) — 7.5%				18,050,501
NET ASSETS — 100.0%			$	241,835,914

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.

(a) Non-income producing security.

(b) Investment is valued using significant unobservable inputs.

(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.

(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.

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

(f) Unfunded or partially unfunded loan commitments.

(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.

(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.

(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.

(j) See Note 3 for aggregate cost for federal tax purposes.

Forward contracts
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation/ (Depreciation)
Canadian Imperial Bank of Commerce	1/13/23	EUR	1,233,545	USD	1,316,804	$	4,470
Morgan Stanley & Co. LLC	1/13/23	USD	60,211,183	EUR	57,101,184		(951,040)
Morgan Stanley & Co. LLC	1/13/23	GBP	910,747	USD	1,099,217		2,092
Morgan Stanley & Co. LLC	1/13/23	EUR	8,124,865	USD	8,653,411		49,294
Morgan Stanley & Co. LLC	1/13/23	USD	16,788,416	GBP	13,723,625		193,298
						$	(701,886)

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 Shares		Value
EQUITIES — 0.4%
COMMON STOCK — 0.4%
France — 0.0%
Technicolor Creative Studios SA (a)		14,662	$	3,515
Vantiva SA (a)		14,662		3,247
				6,762
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)		292,774		172,373
Innovation International Holdings Ltd. (a) (b) (c)		142,479		149,858
KCA Deutag International Ltd. (a)		2,731		151,297
Travelex Topco Ltd. (a) (b) (c)		8,856		—
				473,528
TOTAL COMMON STOCK (Cost $349,744)				480,290
TOTAL EQUITIES (Cost $349,744)				480,290
	Principal 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%
7.743% VRN 7/20/28	$	475,152		450,206
Canada — 1.5%
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
8.130% VRN 8/11/28		352,830		347,978
Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000%
7.354% VRN 12/11/26		742,345		673,448
Titan Acquisition Ltd., 2018 Term Loan B, 6 mo. USD LIBOR + 3.000%
8.151% VRN 3/28/25		939,725		875,852
				1,897,278

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

	Principal Amount		Value
France — 1.2%
Albea Beauty Holdings S.A., 2018 USD Term Loan B2, 3 mo. USD LIBOR + 2.750%
7.480% VRN 4/22/24	$	65,699	$	63,071
Casino Guichard-Perrachon SA, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.000%
5.340% VRN 8/31/25 EUR (e)		500,000		450,258
Casper BidCo SAS, 2020 EUR Term Loan B3A, 3 mo. EURIBOR + 3.375%
5.177% VRN 7/31/26 EUR (e)		500,000		496,758
Technicolor Creative Studios, EUR Term Loan, 3 mo. EURIBOR + 6.000%
8.046% VRN 9/07/26 EUR (e)		300,000		180,439
Vacalians Group, EUR Term Loan B, 3 mo. EURIBOR + 4.000%
5.954% VRN 12/04/25 EUR (e)		330,783		340,515
				1,531,041
Germany — 1.3%
Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EURIBOR + 4.500%
5.034% VRN 3/06/26 EUR (e)		500,000		470,104
Colouroz Investment 1 GmbH
Initial EUR Term Loan, 3 mo. EURIBOR + 4.250%
5.000%-5.752% VRN 9/21/23 EUR (e)		895,152		668,355
EUR Term Loan B3, 3 mo. EURIBOR + 4.250%
5.523%-5.752% VRN 9/21/23 EUR (e)		16,259		12,139
Flint Group GmbH
EUR Term Loan B5, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		69,404		51,820
2017 EUR Incremental B6, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		3,989		2,978
2017 EUR Incremental B7, 3 mo. EURIBOR + 4.250%
5.752% VRN 9/21/23 EUR (e)		9,795		7,313
EUR Add on Term Loan B4, 3 mo. EURIBOR + 4.250%
5.752%-7.009% VRN 9/21/23 EUR (e)		109,475		81,738
Iris BidCo GmbH, EUR Term Loan B, 3 mo. EURIBOR + 5.000%
6.605% VRN 6/29/28 EUR (e)		500,000		459,721
				1,754,168
Ireland — 0.7%
ION Trading Finance Ltd., 2021 USD Term Loan, 3 mo. USD LIBOR + 4.750%
9.480% VRN 4/03/28		984,453		931,007
Luxembourg — 2.8%
Alpha Group SARL, EUR Term Loan B, 3 mo. EURIBOR + 3.750%
5.952% VRN 1/31/25 EUR (e)		500,000		471,774
Arvos BidCo SARL
USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500%
9.915% VRN 8/29/24		320,548		175,766
USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500%
9.915% VRN 8/29/24		320,548		175,766
Auris Luxembourg III SARL, EUR Term Loan B1A, 6 mo. EURIBOR + 4.000%
6.436% VRN 2/27/26 EUR (e)		500,000		478,068
CCP Lux Holding SARL, EUR 1st Lien Term Loan, 6 mo. EURIBOR + 4.000%, VR
4.238% VRN 1/10/25 EUR (e)		500,000		497,224
CEP IV Investment 16 SARL

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

	Principal Amount		Value
EUR Term Loan B, 3 mo. EURIBOR + 4.750%
6.722% VRN 10/03/26 EUR (e)	$	500,000	$	409,982
USD 2nd Lien Term Loan , 3 mo. USD LIBOR + 9.250%
14.015% VRN 10/03/27		1,050,000		798,000
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFR + 7.500%
7.445% VRN 2/01/29		646,273		622,729
				3,629,309
Netherlands — 1.7%
Fugue Finance B.V., EUR Term Loan, 3 mo. EURIBOR + 3.250%
5.204% VRN 9/01/24 EUR (e)		750,000		774,738
International Park Holdings B.V., EUR Term Loan B, 6 mo. EURIBOR + 3.000%
5.479% VRN 6/13/24 EUR (e)		500,000		528,535
Median B V, 2021 EUR Term Loan B, 3 mo. EURIBOR + 5.000%
7.752% VRN 10/14/27 EUR (e)		500,000		450,033
TMF Group Holding B.V., 2018 EUR 2nd Lien Term Loan, 3 mo. EURIBOR + 6.625%
7.810% VRN 5/04/26 EUR (e)		500,000		504,449
				2,257,755
Panama — 0.6%
Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 10/18/28		883,929		825,147
Spain — 0.1%
Deoleo, S.A., EUR Senior Term Loan, 3 mo. EURIBOR + 4.000%
6.141% VRN 6/24/25 EUR (e)		75,107		76,228
Sweden — 0.5%
Hilding Anders International AB
2022 EUR PIK Reorg Opco Term Loan, (Acquired 10/04/22-10/31/22, Cost $180,927), 6 mo. EURIBOR + 5.000%
7.118% VRN 2/28/26 EUR (d) (e)		275,316		184,195
2022 EUR PIK Reorg Holdco, 1 mo. EURIBOR + 12.000%
12.000% VRN 2/28/27 EUR (b) (c) (e)		250,229		—
IGT Holding IV AB, 2021 USD Term Loan B2, 3 mo. USD LIBOR + 3.400%
8.130% VRN 3/31/28		451,724		441,561
				625,756
United Kingdom — 5.4%
Albion Financing 3 SARL, EUR Term Loan, 3 mo. EURIBOR + 5.250%
6.752% VRN 8/17/26 EUR (e)		510,000		531,697
City Football Group Ltd., Term Loan, 1 mo. USD LIBOR + 3.000%
7.361% VRN 7/21/28		918,557		856,554
Constellation Automotive Ltd., GBP Term Loan B, 1 Day GBP SONIA + 4.750%
5.941% VRN 7/28/28 GBP (e)		500,000		413,394
HNVR Holdco Ltd., EUR Term Loan B, 6 mo. EURIBOR + 4.250%
6.706% VRN 9/12/25 EUR (e)		1,000,000		903,459
Innovation Group PLC
2021 EUR Term Loan B2, 3 mo. EURIBOR + 6.000%
7.855% VRN 9/30/25 EUR (b) (c) (e)		193,643		207,285
2021 GBP Term Loan B, 1 Day GBP SONIA + 6.000%
9.427% VRN 9/30/25 GBP (b) (c) (e)		73,302		88,619

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

	Principal Amount		Value
2021 GBP Super Priority Facility 1, 1 Day GBP SONIA + 10.000%
12.960% VRN 9/30/25 GBP (b) (c) (e)	$	33,983	$	41,084
2021 GBP Super Priority Facility 2, 6 mo. GBP SONIA + 10.000%
13.460% VRN 9/30/25 GBP (b) (c) (e)		32,038		38,733
IVC Acquisition Ltd., 2022 EUR Term Loan B6, 3 mo. EURIBOR + 4.750%
7.044% VRN 2/13/26 EUR (e)		500,000		511,477
Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.250%
6.610% VRN 10/24/25 EUR (e)		500,000		501,238
Richmond UK Bidco Ltd., 2017 GBP Term Loan B, 1 Day GBP SONIA + 4.250%
7.710% VRN 3/03/24 GBP (e)		700,000		752,821
Tunstall Group Holdings Ltd., 2020 EUR Term Loan B, (Acquired 8/03/20, Cost $332,128), 6 mo. EURIBOR + 5.000%
5.654% VRN 6/30/25 EUR (d) (e)		282,314		273,494
Virgin Media SFA Finance Ltd., GBP Term Loan L, 1 mo. GBP SONIA + 3.250%
6.211% VRN 1/15/27 GBP (e)		1,000,000		1,115,256
Vue International Bidco PLC
2019 EUR Term Loan B, 1 mo. EURIBOR + 4.750%
6.264% VRN 7/03/26 EUR (e)		1,000,000		602,128
2022 EUR Term Loan, 3 mo. EURIBOR + 8.000%
9.766% VRN 6/30/27 EUR (e)		157,822		152,891
				6,990,130
United States — 24.5%
A-L Parent LLC, 2016 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
7.640% VRN 12/01/23		494,583		368,286
AMC Entertainment Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000%
7.274% VRN 4/22/26		482,853		260,035
American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
8.993% VRN 4/20/28		506,512		503,742
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.500%
10.250% VRN 8/02/29		250,358		217,393
Archroma Finance SARL, EUR 2017 Term Loan B1, 1 mo. EURIBOR + 3.50%
5.394% VRN 8/12/24 EUR (e)		750,000		782,766
Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250%
9.634% VRN 10/25/28		573,517		505,652
Asurion LLC, 2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%
9.634% VRN 1/20/29		775,862		599,633
Athenahealth, Inc.
2022 Delayed Draw Term Loan, 3 mo. SOFR CME + 3.500%
7.821% VRN 2/15/29 (f)		181,237		163,179
2022 Term Loan B, 1 mo. SOFR CME + 3.500%
7.821% VRN 2/15/29		1,063,952		957,940
Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%
11.389% VRN 12/10/29		748,663		411,765
AVSC Holding Corp., 2020 Term Loan B1, 3 mo. USD LIBOR + 3.250%
7.685% VRN 3/03/25		1,455,609		1,331,344
Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo. SOFR CME + 5.250%
9.667% VRN 2/01/27		654,070		494,915

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

	Principal Amount		Value
BCPE North Star US HoldCo 2, Inc., Term Loan, 3 mo. USD LIBOR + 4.000%
8.730% VRN 6/09/28	$	243,057	$	222,397
BVI Medical, Inc., 2020 EUR Term Loan B, 3 mo. EURIBOR + 3.500%
5.058% VRN 3/02/26 EUR (e)		495,881		429,074
BWAY Holding Co., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250%
7.370% VRN 4/03/24		1,275,337		1,243,632
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. SOFR CME + 4.500%
9.080% VRN 7/06/29		363,141		359,426
Cincinnati Bell, Inc., 2021 Term Loan B2, 1 mo. SOFR CME + 3.250%
7.673% VRN 11/22/28		512,258		502,013
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%
7.915% VRN 8/21/26		1,514,901		1,376,939
Cloudera, Inc.
2021 Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 10/08/28		55,074		51,666
2021 Second Lien Term Loan, 1 mo. USD LIBOR + 6.000%
10.384% VRN 10/08/29		566,667		471,280
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175%
8.598% VRN 4/13/29		331,550		315,112
CoreLogic, Inc., 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
10.938% VRN 6/04/29		355,114		248,757
Dotdash Meredith, Inc., Term Loan B, 1 mo. USD SOFR + 4.000%
8.224% VRN 12/01/28		419,045		360,379
Ensono, LP, 2021 Term Loan, 3 mo. USD LIBOR + 3.750%
8.901% VRN 5/26/28		1,405		1,258
Finastra USA, Inc., USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%
6.871% VRN 6/13/24		665,020		586,601
Five Star Intermediate Holding LLC, Term Loan, 6 mo. SOFR CME + 4.250%
7.620% VRN 5/05/29		201,721		195,418
Flint Group GmbH, USD Term Loan C, 3 mo. USD LIBOR + 4.250%
8.575% VRN 9/21/23		48,640		35,183
Flint Group US LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250%
8.575% VRN 9/21/23		294,231		212,826
GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.500%
9.230% VRN 8/18/28		367,295		356,277
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.134% VRN 3/06/28		605,239		580,273
Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000%
7.702% - 8.765% VRN 10/12/28		295,277		273,131
Gulf Finance LLC, 2021 Term Loan, 1 mo. USD LIBOR + 6.750%
10.970% - 11.140% VRN 8/25/26		1,001,091		938,523
Hyland Software, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250%
10.634% VRN 7/07/25		250,909		236,733
Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
9.011% VRN 12/01/27		515,928		406,721
Kenan Advantage Group, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.250%
11.634% VRN 9/01/27		528,634		485,022
KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.750%,
10.134% VRN 9/21/29		139,109		133,743

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

	Principal Amount		Value
LBM Acquisition LLC, Term Loan B, 6 mo. USD LIBOR + 3.750%
7.121% VRN 12/17/27	$	495,503	$	428,457
Lifescan Global Corp., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 6.000%
9.743% VRN 10/01/24		136,367		97,767
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%
9.170% VRN 7/27/28		708,056		602,732
Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
8.440% VRN 9/25/28		736,052		624,724
McAfee, LLC, 2022 USD Term Loan B, 1 mo. SOFR CME + 3.750%
7.974% VRN 3/01/29		636,219		590,659
MedAssets Software Intermediate Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750%
11.134% VRN 12/17/29		205,479		154,944
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%
11.384% VRN 11/01/29		147,368		135,579
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%
7.634% VRN 10/23/28		910,706		864,242
MH Sub I LLC, 2020 Incremental Term Loan, 1 mo. USD LIBOR + 3.750%
8.134% VRN 9/13/24		994,898		965,409
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
8.980% VRN 4/15/28		596,076		512,960
Motel 6, Term Loan B, 1 mo. USD LIBOR + 5.000%
9.318% VRN 9/09/26		163,855		160,852
Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750%
8.491% VRN 7/06/28		607,211		535,359
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%
8.134% VRN 2/01/28		658,289		641,693
Perrigo Investments LLC, Term Loan B, 1 mo. SOFR CME + 2.500%
6.923% VRN 4/20/29		241,256		239,447
Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%
7.976% VRN 3/03/28		249,365		241,755
PMHC II, Inc., 2022 Term Loan B, 3 mo. SOFR CME + 4.250%
8.494% VRN 4/23/29		543,270		457,760
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%
6.251% - 8.425% VRN 11/03/25 (d)		498,116		475,491
PUG LLC, USD Term Loan, 1 mo. USD LIBOR + 3.500%
7.884% VRN 2/12/27		361,678		297,781
Quest Software US Holdings, Inc.
2022 Term Loan, 3 mo. USD SOFR + 8.500%
8.494% VRN 2/01/29		1,218,842		935,083
2022 2nd Lien Term Loan, 3 mo. USD SOFR + 11.600%
11.594% 2/01/30		900,831		542,003
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
8.639% VRN 7/09/25		1,000,000		836,250
Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
9.108% VRN 4/27/28		548,205		377,280
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.165% VRN 11/16/25		413,275		388,685
Renaissance Holding Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
7.634% VRN 5/30/25		498,695		474,508

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

	Principal Amount		Value
Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. SOFR CME + 3.500%
7.097% VRN 4/04/29	$	500,000	$	476,015
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. SOFR CME + 3.000%
7.417% VRN 4/14/29		167,356		164,666
Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan, (Acquired 6/22/20, Cost $858,500), 3 mo. USD LIBOR + 7.500%
12.269% VRN 8/10/23 (d)		858,500		390,712
SRS Distribution, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
7.884% VRN 6/02/28		498,737		475,850
Staples, Inc., 7 Year Term Loan, 3 mo. USD LIBOR + 5.000%
9.440% VRN 4/16/26		69,069		63,735
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%
8.230% VRN 3/31/28		1,734		1,606
The Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250%
8.998% VRN 5/03/27		130,221		119,218
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
8.108% VRN 4/21/28		343,411		338,452
USIC Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
10.884% VRN 5/14/29		147,059		137,010
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%
8.384% VRN 8/27/25		748,101		741,825
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.000%
8.358% VRN 4/24/28		892,808		737,460
				31,847,003
TOTAL BANK LOANS (Cost $60,770,306)				52,815,028
CORPORATE DEBT — 43.8%
Bermuda — 0.6%
Weatherford International Ltd.
8.625% 4/30/30 (g)		744,000		714,469
British Virgin Islands — 0.1%
New Metro Global Ltd.
4.800% 12/15/24 (g)		204,000		155,075
Canada — 0.3%
1375209 BC Ltd.
9.000% 1/30/28 (g)		81,000		78,874
Bausch Health Cos., Inc.
9.000% 12/15/25 (g)		165,000		131,064
11.000% 9/30/28 (g)		144,000		112,298
14.000% 10/15/30 (g)		27,000		16,028
				338,264
Cayman Islands — 4.3%
DP World Salaam 5 year CMT + 5.750%
6.000% VRN (g) (h)		1,555,000		1,537,195
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (g)		2,225,479		1,891,657
Kaisa Group Holdings Ltd.

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

	Principal Amount		Value
11.950% 10/22/22 (g) (i)	$	1,000,000	$	134,193
9.950% 7/23/25 (g) (i)		1,000,000		135,762
Shimao Group Holdings Ltd.
6.125% 2/21/24 (g)		721,000		132,583
3.450% 1/11/31 (g) (i)		857,000		151,699
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000% 9/20/25 (g)		447,000		449,293
Sunac China Holdings Ltd.
7.950% 10/11/23 (g) (i)		352,000		75,477
5.950% 4/26/24 (g) (i)		556,000		117,616
Transocean Guardian Ltd.
5.875% 1/15/24 (g)		271,397		265,021
Transocean, Inc.
7.250% 11/01/25 (g)		600,000		530,532
Yuzhou Group Holdings Co. Ltd.
8.500% 2/04/23 (g) (i)		1,000,000		110,500
6.000% 10/25/23 (g) (i)		431,000		36,829
7.700% 2/20/25 (g) (i)		721,000		63,765
				5,632,122
Denmark — 1.2%
DKT Finance ApS
7.000% 6/17/23 EUR (e) (g)		1,500,000		1,590,533
France — 2.2%
Accor SA
2.375% 11/29/28 EUR (e) (g)		100,000		91,208
5 year EUR Swap + 4.561% 4.375% VRN EUR (e) (g) (h)		200,000		200,987
Altice France SA
2.500% 1/15/25 EUR (e) (g)		100,000		95,805
2.125% 2/15/25 EUR (e) (g)		300,000		282,666
Banijay Group SAS
6.500% 3/01/26 EUR (e) (g)		750,000		754,603
Chrome Holdco SASU
5.000% 5/31/29 EUR (e) (g)		910,000		754,128
Electricite de France SA 5 year EUR Swap + 3.970%
3.375% VRN EUR (e) (g) (h)		800,000		616,990
				2,796,387
Germany — 0.7%
APCOA Parking Holdings GmbH, 3 mo. EURIBOR + 5.000%
6.378% FRN 1/15/27 EUR (e) (g)		169,000		168,533
Bayer AG 5 year EUR Swap + 3.108%
3.125% VRN 11/12/79 EUR (e) (g)		400,000		362,347
Silknet JSC
8.375% 1/31/27 (g)		426,000		401,505
				932,385
Greece — 1.2%
Piraeus Financial Holdings SA
5 year EUR Swap + 9.952% 9.750% VRN 6/26/29 EUR (e) (g)		100,000		104,092
5 year EUR Swap + 5.774% 5.500% VRN 2/19/30 EUR (e) (g)		963,000		860,857
5 year EUR Swap + 9.195% 8.750% VRN EUR (e) (g) (h)		750,000		634,241
				1,599,190

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

	Principal Amount		Value
Guatemala — 0.1%
CT Trust
5.125% 2/03/32 (g)	$	200,000	$	175,619
India — 0.0%
Future Retail Ltd.
5.600% 1/22/25 (g)		950,000		28,500
Ireland — 0.5%
Motion Bondco DAC
4.500% 11/15/27 EUR (e) (g)		700,000		607,781
Sovcombank Via SovCom Capital DAC 5 year CMT + 6.380%
7.750% VRN (g) (h) (i)		500,000		14,063
				621,844
Italy — 0.4%
Castor SpA 3 mo. EURIBOR + 5.250%
7.296% FRN 2/15/29 EUR (e) (g)		199,000		205,768
Marcolin SpA
6.125% 11/15/26 EUR (e) (g)		400,000		368,235
				574,003
Liberia — 0.1%
Royal Caribbean Cruises Ltd., Convertible,
4.250% 6/15/23		81,000		80,372
Luxembourg — 1.9%
Acu Petroleo Luxembourg SARL
7.500% 1/13/32 (g)		541,000		493,922
Home Credit & Finance Bank OOO Via Eurasia Capital SA 5 year CMT + 7.362%
8.800% VRN (g) (h) (i)		450,000		36,000
Kenbourne Invest SA
4.700% 1/22/28 (g)		593,000		462,533
Mangrove Luxco III SARL
7.775% 10/09/25 EUR (e) (g)		300,000		172,209
Pentair Finance SARL
5.900% 7/15/32		750,000		737,457
Summer BC Holdco A SARL
9.250% 10/31/27 EUR (e) (g)		630,737		508,769
				2,410,890
Mauritius — 0.1%
UPL Corp. Ltd. 5 year CMT + 3.865%
5.250% VRN (g) (h)		222,000		152,292
Mexico — 1.1%
Alsea SAB de CV
7.750% 12/14/26 (g)		671,000		665,498
Orbia Advance Corp. SAB de CV
5.500% 1/15/48 (g)		300,000		244,781
Sixsigma Networks Mexico SA de CV
7.500% 5/02/25 (g)		500,000		455,250
				1,365,529

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

	Principal Amount		Value
Netherlands — 1.7%
Elastic NV
4.125% 7/15/29 (g)	$	462,000	$	373,157
Nobian Finance BV
3.625% 7/15/26 EUR (e) (g)		500,000		449,589
Prosus NV
3.832% 2/08/51		666,000		405,169
Telefonica Europe BV 6 year EUR Swap + 2.866%
2.880% VRN EUR (e) (g) (h)		100,000		86,612
Titan Holdings II BV
5.125% 7/15/29 EUR (e) (g)		367,000		306,427
Wp/ap Telecom Holdings III BV
5.500% 1/15/30 EUR (e) (g)		345,000		301,497
ZF Europe Finance BV
2.500% 10/23/27 EUR (e) (g)		300,000		264,262
3.000% 10/23/29 EUR (e) (g)		100,000		81,510
				2,268,223
Panama — 0.1%
Carnival Corp.
5.750% 3/01/27 (g)		206,000		147,092
Spain — 0.6%
Anarafe SL, (Acquired 10/03/18-10/15/18, Cost $263,693), 3 mo. EURIBOR + 11.750%
13.934% 3/31/26 EUR (d) (e) (g)		161,484		110,631
Kaixo Bondco Telecom SA
5.125% 9/30/29 EUR (e) (g)		705,000		639,580
				750,211
Sweden — 0.5%
Verisure Midholding AB
5.250% 2/15/29 EUR (e) (g)		800,000		680,806
United Kingdom — 5.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125% 8/15/26 EUR (e) (g)		100,000		89,279
2.125% 8/15/26 EUR (e) (g)		100,000		89,151
4.750% 7/15/27 GBP (e) (g)		125,000		103,720
Bellis Finco PLC
4.000% 2/16/27 GBP (e) (g)		100,000		88,194
House of Fraser Funding PLC 3 mo. GBP LIBOR + 5.750%
1.000% FRN 9/15/20 GBP (e) (g) (i)		150,000		181
INEOS Quattro Finance 1 PLC
3.750% 7/15/26 EUR (e) (g)		400,000		351,108
KCA Deutag UK Finance PLC
9.875% 12/01/25 (g)		349,977		329,416
SOFR + 9.000% 12.936% VRN 12/01/25		143,476		142,400
15.000% 12/01/27		89,787		84,624
Travelex Issuerco Ltd.
12.500% 8/05/25 GBP (e) (g)		1,426,932		2,328,871
Travelex Topco Ltd.
8.000% 5/15/22 EUR (b) (c) (e) (g) (i)		1,050,000		—
Tullow Oil PLC
7.000% 3/01/25 (g)		1,350,000		814,748
10.250% 5/15/26 (g)		939,000		753,078

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

	Principal Amount		Value
TVL Finance PLC 3 mo. GBP SONIA + 5.395%
8.274% FRN 7/15/25 GBP (e) (g)	$	500,000	$	568,587
Vedanta Resources Finance II PLC
8.000% 4/23/23 (g)		750,000		708,115
8.950% 3/11/25 (g)		685,000		464,944
Vodafone Group PLC 5 year EUR Swap + 3.227%
3.000% VRN 8/27/80 EUR (e) (g)		125,000		106,542
				7,022,958
United States — 20.7%
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 (g)		595,000		572,020
5.750% 4/20/29 (g)		114,000		103,990
American Builders & Contractors Supply Co., Inc.
3.875% 11/15/29 (g)		700,000		572,215
Ashtead Capital, Inc.
4.000% 5/01/28 (g)		1,000,000		914,415
5.500% 8/11/32 (g)		750,000		719,741
Avient Corp.
7.125% 8/01/30 (g)		140,000		136,851
Ball Corp.
6.875% 3/15/28		998,000		1,025,116
Bath & Body Works, Inc.
6.875% 11/01/35		200,000		177,780
CCO Holdings LLC/CCO Holdings Capital Corp.
6.375% 9/01/29 (g)		625,000		587,337
Celanese US Holdings LLC
6.379% 7/15/32		800,000		763,174
CHS/Community Health Systems, Inc.
4.750% 2/15/31 (g)		1,000,000		726,020
Clydesdale Acquisition Holdings, Inc.
6.625% 4/15/29 (g)		155,000		147,454
8.750% 4/15/30 (g)		519,000		444,373
CMG Media Corp.
8.875% 12/15/27 (g)		972,000		731,624
CommScope, Inc.
4.750% 9/01/29 (g)		444,000		357,953
Condor Merger Sub, Inc.
7.375% 2/15/30 (g)		905,000		727,883
Consensus Cloud Solutions, Inc.
6.000% 10/15/26 (g)		750,000		701,430
CVR Energy, Inc.
5.250% 2/15/25 (g)		525,000		483,000
5.750% 2/15/28 (g)		379,000		329,919
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc.
5.875% 8/15/27 (g)		1,256,000		1,123,693
DISH DBS Corp.
5.250% 12/01/26 (g)		110,000		92,657
5.750% 12/01/28 (g)		142,000		113,334
DISH Network Corp.
3.375% 8/15/26		750,000		469,875
EnLink Midstream Partners LP
5.600% 4/01/44		206,000		169,902
EQM Midstream Partners LP
4.500% 1/15/29 (g)		170,000		142,786
4.750% 1/15/31 (g)		154,000		125,895
ESC Briggs & Stratton, Inc.
6.875% 12/15/49 (b) (c) (i)		514,000		—

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

	Principal Amount		Value
Ford Motor Credit Co. LLC
7.350% 11/04/27	$	300,000	$	307,410
Garden Spinco Corp.
8.625% 7/20/30 (g)		413,000		437,780
Genesis Energy LP/Genesis Energy Finance Corp.
8.000% 1/15/27		1,000,000		942,720
Getty Images, Inc.
9.750% 3/01/27 (g)		650,000		641,592
Global Infrastructure Solutions, Inc.
5.625% 6/01/29 (g)		218,000		170,328
HCA, Inc.
5.625% 9/01/28		1,000,000		995,614
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (g)		586,000		557,591
3.750% 12/01/31 (g)		150,000		122,616
Mauser Packaging Solutions Holding Co.
7.250% 4/15/25 (g)		611,000		564,959
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (g)		213,300		212,063
Nabors Industries, Inc.
7.375% 5/15/27 (g)		473,000		458,193
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.500% 2/01/26 (g)		850,000		755,714
NMG Holding Co., Inc. / Neiman Marcus Group LLC
7.125% 4/01/26 (g)		176,000		164,959
Nordstrom, Inc.
5.000% 1/15/44		1,202,000		730,215
Novelis Corp.
3.875% 8/15/31 (g)		700,000		571,475
Occidental Petroleum Corp.
6.375% 9/01/28		157,000		158,526
6.125% 1/01/31		452,000		456,154
Olympus Water US Holding Corp.
7.125% 10/01/27 (g)		285,000		271,462
4.250% 10/01/28 (g)		210,000		170,487
5.375% 10/01/29 EUR (e) (g)		235,000		181,451
PECF USS Intermediate Holding III Corp.
8.000% 11/15/29 (g)		120,000		77,963
PROG Holdings, Inc.
6.000% 11/15/29 (g)		717,000		576,955
Rent-A-Center, Inc.
6.375% 2/15/29 (g)		800,000		647,159
Service Properties Trust
4.750% 10/01/26		500,000		393,475
Sonic Automotive, Inc.
4.625% 11/15/29 (g)		573,000		458,806
4.875% 11/15/31 (g)		289,000		227,207
Spirit AeroSystems, Inc.
9.375% 11/30/29 (g)		248,000		261,070
Staples, Inc.
10.750% 4/15/27 (g)		1,000,000		720,100
T-Mobile USA, Inc.
3.375% 4/15/29		750,000		660,496
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		251,000		225,288
Trident TPI Holdings, Inc.
9.250% 8/01/24 (g)		1,125,000		1,069,461

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

	Principal Amount		Value
Triumph Group, Inc.
6.250% 9/15/24 (g)	$	161,000	$	152,142
Veritas US, Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 (g)		225,000		155,296
				26,957,164
TOTAL CORPORATE DEBT (Cost $71,551,842)				56,993,928
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%		��
10.243% FRN 7/20/31 (g)		1,250,000		1,045,442
Ares XLVIII CLO Ltd., Series 2018-48A, Class E, 3 mo. USD LIBOR + 5.200%
9.443% FRN 7/20/30 (g)		800,000		642,780
Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.610%
10.935% FRN 7/23/34 (g)		1,000,000		867,545
CIFC Funding 2017-V Ltd., Series 2017-5A, Class D, 3 mo. USD LIBOR + 6.100%
10.179% FRN 11/16/30 (g)		500,000		431,961
Galaxy XXIV Clo Ltd., Series 2017-24A, Class E, 3 mo. USD LIBOR + 5.500%
9.579% FRN 1/15/31 (g)		700,000		599,012
Madison Park Funding XIII Ltd., Series 2014-13A, Class SUB,
VRN 4/19/30 (g) (j)		500,000		103,707
Madison Park Funding XXVII Ltd., Series 2018-27A, Class D, 3 mo. USD LIBOR + 5.000%
9.243% FRN 4/20/30 (g)		500,000		428,701
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class F, 3 mo. USD LIBOR + 7.600%
11.679% FRN 7/15/30 (g)		500,000		403,048
Magnetite VII Ltd., Series 2012-7A, Class SUB,
VRN 1/15/28 (g) (j)		2,000,000		661,464
Neuberger Berman Loan Advisers CLO Ltd., Series 2017-26A, Class E, 3 mo. USD LIBOR + 5.900%,
10.094% FRN 10/18/30 (g)		1,000,000		902,494
Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class SUB,
VRN 7/20/26 (g) (j)		1,400,000		589,422
Steele Creek Clo 2018-2 Ltd., Series 2018-2A, Class E, 3 mo. USD LIBOR + 6.200%
10.874% FRN 8/18/31 (g)		850,000		636,769
THL Credit Wind River CLO Ltd.
Series 2018-2A, Class E, 3 mo. USD LIBOR + 5.750% 9.829% FRN 7/15/30 (g)		1,450,000		1,186,030
Series 2017-4A, Class E, 3 mo. USD LIBOR + 5.800% 10.475% FRN 11/20/30 (g)		500,000		401,604
				8,899,979
Ireland — 1.6%
Bain Capital Euro CLO, Series 2021-2A, Class E, 3 mo. EURIBOR + 6.220%
7.598% FRN 7/17/34 EUR (e) (g)		800,000		655,232
Blackrock European CLO VII DAC, Series 7X, Class E, 3 mo. EURIBOR + 5.170%
6.548% FRN 10/15/31 EUR (e) (g)		725,000		605,374

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

		Principal Amount		Value
Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. EURIBOR + 6.160%
7.622% FRN 7/21/34 EUR (e) (g)		$	1,000,000	$	869,300
					2,129,906
United States — 1.1%
Wellfleet CLO Ltd.
Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.500% 9.579% FRN 7/17/31 (g)			1,000,000		733,108
Series 2017-3A, Class D, 3 mo. USD LIBOR + 5.550% 9.629% FRN 1/17/31 (g)			1,000,000		752,558
					1,485,666
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $17,059,688)					12,515,551
TOTAL BONDS & NOTES (Cost $149,381,836)					122,324,507
		Number of Shares
WARRANTS — 0.1%
United Kingdom — 0.1%
Travelex Topco Ltd. (a)			837		45,535
TOTAL WARRANTS (Cost $0)					45,535
TOTAL PURCHASED OPTIONS(#) — 0.3% (Cost $381,492)					338,040
TOTAL LONG-TERM INVESTMENTS (Cost $150,113,072)					123,188,372
		Principal 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)		$	4,048,009		4,048,009
TOTAL SHORT-TERM INVESTMENTS (Cost $4,048,009)					4,048,009
TOTAL INVESTMENTS — 97.9% (Cost $154,161,081) (l)					127,236,381
Less Unfunded Loan Commitments — (0.1)%					(128,930)
NET INVESTMENTS — 97.8% (Cost $154,032,151)					127,107,451
Other Assets/(Liabilities) — 2.2%					2,917,531
NET ASSETS — 100.0%				$	130,024,982

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.

(a) Non-income producing security.

(b) Investment is valued using significant unobservable inputs.

(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.

(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.

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

(f) Unfunded or partially unfunded loan commitments.

(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.

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

(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.

(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.

(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.

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

(#) Exchange-Traded Options Purchased
Description	Expiration Date	Exercise Price		No. of Contracts		Notional Amount		Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
S&P 500 Index	4/21/23		3,600.00		36	USD	12,960,000	$	338,040	$	381,492	$	(43,452)

Forward contracts
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation/ (Depreciation)
Bank of America N.A.	1/13/23	USD	7,009,141	GBP	5,727,872	$	82,785
Bank of America N.A.	1/13/23	USD	98,074	CAD	133,770		(727)
Bank of America N.A.	1/13/23	EUR	725,602	USD	772,902		4,305
Bank of America N.A.	1/13/23	GBP	754,789	USD	917,568		(4,849)
Morgan Stanley & Co. LLC	1/13/23	USD	28,818,893	EUR	27,328,532		(453,245)
						$	(371,731)

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 Amount		Value
BONDS & NOTES — 97.3%
CORPORATE DEBT — 44.1%
Azerbaijan — 1.2%
Southern Gas Corridor CJSC
6.875% 3/24/26 (a)	$	600,000	$	614,292
Brazil — 0.5%
Prumo Participacoes e Investimentos S/A
7.500% 12/31/31 (a)		256,922		242,601
British Virgin Islands — 1.7%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL
5.250% 4/27/29 (a)		945,000		880,948
Cayman Islands — 1.0%
Rutas 2 and 7 Finance Ltd.
0.000% 9/30/36 (a)		793,333		498,495
Chile — 0.7%
Alfa Desarrollo SpA
4.550% 9/27/51 (a)		445,371		341,140
Greece — 2.5%
Piraeus Financial Holdings SA
5 year EUR Swap + 5.774% 5.500% VRN 2/19/30 EUR (a) (b)		500,000		446,966
5 year EUR Swap + 9.195% 8.750% VRN EUR (a) (b) (c)		1,000,000		845,655
				1,292,621
India — 0.6%
Future Retail Ltd.
5.600% 1/22/25 (a)		794,000		23,820
JSW Steel Ltd.
5.050% 4/05/32 (a)		375,000		296,823
				320,643
Indonesia — 2.2%
Indonesia Asahan Aluminium Persero PT
4.750% 5/15/25 (a)		500,000		491,905
Saka Energi Indonesia PT
4.450% 5/05/24 (a)		680,000		648,878
				1,140,783
Ireland — 0.2%
Sovcombank Via SovCom Capital DAC
5 year CMT + 6.380% 7.750% VRN (a) (c) (d)		1,450,000		40,781
5 year CMT + 6.427% 8.000% VRN 4/07/30 (a) (d)		1,165,000		68,662
				109,443

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

	Principal Amount		Value
Luxembourg — 3.6%
Acu Petroleo Luxembourg Sarl
7.500% 7/13/35 (a)	$	541,000	$	493,922
FEL Energy VI Sarl
5.750% 12/01/40 (a)		646,765		563,342
Kenbourne Invest SA
4.700% 1/22/28 (a)		510,000		397,794
Tupy Overseas SA
4.500% 2/16/31 (a)		443,000		369,245
				1,824,303
Mauritius — 5.5%
Axian Telecom
7.375% 2/16/27 (a)		408,000		354,960
India Cleantech Energy
4.700% 8/10/26 (a)		780,328		664,449
India Toll Roads
5.500% 8/19/24 (a)		999,000		960,239
UPL Corp. Ltd. 5 year CMT + 3.865%
5.250% VRN (a) (c)		1,250,000		857,500
				2,837,148
Mexico — 7.9%
Banco Mercantil del Norte SA/Grand Cayman 10 year CMT + 5.034%
6.625% VRN (a) (c)		984,000		814,040
Electricidad Firme de Mexico Holdings SA de CV
4.900% 11/20/26 (a)		263,000		231,111
Fomento Economico Mexicano SAB de CV
3.500% 1/16/50		466,000		326,810
Infraestructura Energetica Nova SAB de CV
4.750% 1/15/51 (a)		312,000		235,589
Orbia Advance Corp. SAB de CV
5.500% 1/15/48 (a)		300,000		244,782
Petroleos Mexicanos
5.950% 1/28/31		1,000,000		756,768
6.625% 6/15/38		266,000		181,760
6.950% 1/28/60		1,304,000		823,997
Sixsigma Networks Mexico SA de CV
7.500% 5/02/25 (a)		500,000		455,250
				4,070,107
Morocco — 1.3%
OCP SA
5.125% 6/23/51 (a)		912,000		689,808
Netherlands — 0.8%
Prosus NV
3.832% 2/08/51 (a)		706,000		429,503
Oman — 0.8%
Oman Arab Bank SAOG 5 year CMT + 6.807%
7.625% VRN (a) (c)		443,000		425,705
Peru — 0.5%
SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA
3.500% 8/02/28 (a)		265,000		227,105

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

	Principal Amount		Value
Saudi Arabia — 0.7%
Saudi Arabian Oil Co.
3.500% 11/24/70 (a)	$	529,000	$	358,563
Singapore — 0.6%
Medco Laurel Tree Pte Ltd.
6.950% 11/12/28 (a)		350,000		310,452
South Africa — 1.6%
Absa Group Ltd. 5 year CMT + 5.411%
6.375% VRN (a) (c)		925,000		839,919
United Kingdom — 6.1%
Silknet JSC
8.375% 1/31/27 (a)		597,000		562,673
TBC Bank JSC 5 year USD ICE Swap + 8.995%
10.775% VRN (a) (c)		645,000		598,237
Tullow Oil PLC
7.000% 3/01/25 (a)		340,000		205,196
10.250% 5/15/26 (a)		618,000		495,636
Vedanta Resources Finance II PLC
8.950% 3/11/25 (a)		1,370,000		929,887
9.250% 4/23/26 (a)		550,000		354,624
				3,146,253
United States — 2.5%
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par
4.050% 4/27/26 (a)		228,000		201,039
Sasol Financing USA LLC
5.500% 3/18/31		500,000		407,072
Stillwater Mining Co.
4.500% 11/16/29 (a)		850,000		680,000
				1,288,111
Uzbekistan — 1.6%
Uzauto Motors AJ
4.850% 5/04/26 (a)		991,000		816,307
TOTAL CORPORATE DEBT (Cost $29,575,854)				22,704,250
SOVEREIGN DEBT OBLIGATIONS — 53.2%
Angola — 2.9%
Angolan Government International Bond
8.250% 5/09/28 (a)		850,000		772,480
9.375% 5/08/48 (a)		900,000		711,000
				1,483,480
Armenia — 1.1%
Republic of Armenia International Bond
3.600% 2/02/31 (a)		740,000		586,875

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

	Principal Amount		Value
Bahamas — 1.6%
Bahamas Government International Bond
8.950% 10/15/32 (a)	$	800,000	$	641,415
9.000% 6/16/29 (a)		230,000		196,609
				838,024
Brazil — 2.3%
Brazil Notas do Tesouro Nacional, Series B
6.000% 8/15/50 BRL (b)		1,000,000		752,421
Brazilian Government International Bond
4.750% 1/14/50		200,000		139,942
5.625% 2/21/47		370,000		292,832
				1,185,195
Costa Rica — 1.0%
Costa Rica Government International Bond
6.125% 2/19/31 (a)		550,000		533,058
Czech Republic — 2.6%
Czech Republic Government Interntional Bond
0.950% 5/15/30 CZK (a) (b)		20,000,000		659,213
1.500% 4/24/40 CZK (b)		25,710,000		679,186
				1,338,399
Dominican Republic — 2.1%
Dominican Republic International Bond
5.500% 2/22/29 (a)		610,000		559,368
6.000% 2/22/33 (a)		590,000		532,053
				1,091,421
Ecuador — 1.4%
Ecuador Government International Bond
2.500% STEP 7/31/35 (a)		550,000		252,856
5.500% STEP 7/31/30 (a)		750,000		481,926
				734,782
Guatemala — 1.1%
Guatemala Government International Bond
4.650% 10/07/41 (a)		710,000		570,089
Hungary — 3.0%
Hungary Government International Bond
3.000% 4/25/41 HUF (b)		710,000,000		930,240
4.500% 3/23/28 HUF (b)		300,000,000		622,229
				1,552,469
Ivory Coast — 2.6%
Ivory Coast Government International Bond
5.750% STEP 12/31/32 (a)		1,125,366		1,061,558
5.875% 10/17/31 EUR (a) (b)		300,000		268,443
				1,330,001

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

	Principal Amount		Value
Jamaica — 0.4%
Jamaica Government International Bond
7.875% 7/28/45	$	200,000	$	224,683
Malaysia — 2.3%
Malaysia Government International Bond
3.955% 9/15/25 MYR (b)		5,222,000		1,191,300
Mexico — 4.2%
Mexican Bonos
5.750% 3/05/26 MXN (b)		5,210,000		241,831
Mexican Udibonos
2.750% 11/27/31 MXN (b)		18,268,575		837,449
4.500% 12/04/25 MXN (b)		21,411,051		1,092,292
				2,171,572
Morocco — 1.0%
Morocco Government International Bond
5.500% 12/11/42 (a)		570,000		488,561
Oman — 1.6%
Oman Government International Bond
6.250% 1/25/31 (a)		350,000		351,928
6.750% 1/17/48 (a)		200,000		187,111
7.375% 10/28/32 (a)		270,000		292,746
				831,785
Paraguay — 0.6%
Paraguay Government International Bond
5.400% 3/30/50 (a)		330,000		284,359
Peru — 1.8%
Peru Government International Bond
6.850% 2/12/42 PEN (b)		3,909,000		905,407
Romania — 3.8%
Romanian Government International Bond
3.624% 5/26/30 EUR (a) (b)		640,000		558,777
4.625% 4/03/49 EUR (a) (b)		1,030,000		795,421
5.250% 11/25/27 (a)		640,000		613,924
				1,968,122
Serbia — 3.6%
Serbia Government International Bond
2.050% 9/23/36 EUR (a) (b)		2,549,000		1,528,908
3.125% 5/15/27 EUR (a) (b)		340,000		312,546
				1,841,454
South Africa — 5.0%
Republic of South Africa Government International Bond
6.250% 3/08/41		590,000		501,618
8.750% 1/31/44 ZAR (b)		20,850,000		955,667
10.500% 12/21/26 ZAR (b)		17,690,000		1,095,367
				2,552,652

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

	Principal Amount			Value
Sri Lanka — 1.1%
Sri Lanka Government International Bond
6.200% 5/11/27 (a)	$	400,000		$	123,632
6.750% 4/18/28 (a) (d)		200,000			62,050
6.825% 7/18/26 (a)		400,000			124,603
6.850% 11/03/25 (a) (d)		610,000			192,207
7.850% 3/14/29 (a)		200,000			62,050
					564,542
Tajikistan — 1.4%
Republic of Tajikistan International Bond
7.125% 9/14/27 (a)		1,015,000			720,752
Uruguay — 3.1%
Uruguay Government International Bond
3.875% 7/02/40 UYU (b)		48,594,383			1,245,402
5.750% 10/28/34		300,000			323,716
					1,569,118
Yugoslavia — 1.6%
North Macedonia Government International Bond
1.625% 3/10/28 EUR (a) (b)		350,000			291,764
3.675% 6/03/26 EUR (a) (b)		550,000			541,383
					833,147
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $31,454,595)					27,391,247
TOTAL BONDS & NOTES (Cost $61,030,449)					50,095,497
TOTAL LONG-TERM INVESTMENTS (Cost $61,030,449)					50,095,497
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)		355,909			355,909
TOTAL SHORT-TERM INVESTMENTS (Cost $355,909)					355,909
TOTAL INVESTMENTS — 98.0% (Cost $61,386,358) (f)					50,451,406
Other Assets/(Liabilities) — 2.0%					1,042,323
NET ASSETS — 100.0%			��	$	51,493,729

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.

(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.

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

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

(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.

(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.

(f) See Note 3 for aggregate cost for federal tax purposes.

Forward contracts
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation/ (Depreciation)
Bank of America N.A.	1/17/23	NOK	49,742,309	USD	4,650,638	$	429,473
Bank of America N.A.	1/17/23	USD	3,977,947	CHF	3,931,289		(279,625)
Bank of America N.A.	1/17/23	USD	2,078,000	NOK	20,765,209		(42,721)
Bank of America N.A.	1/24/23	JPY	349,247,500	USD	2,374,749		293,047
Bank of America N.A.	2/14/23	PLN	10,047,265	USD	2,119,229		166,273
Bank of America N.A.	2/14/23	USD	5,630,152	EUR	5,549,135		(326,198)
Bank of America N.A.	2/21/23	PHP	102,820,432	USD	1,854,191		(8,968)
Bank of America N.A.	2/21/23	USD	1,791,141	PHP	102,820,432		(54,081)
Bank of America N.A.	2/21/23	USD	2,382,349	CNH	16,654,529		(33,033)
Barclays Bank PLC	2/14/23	USD	25,825	CZK	590,932		(263)
BNP Paribas SA	1/24/23	USD	3,779,983	INR	314,305,600		(15,382)
BNP Paribas SA	2/21/23	SGD	5,000,785	USD	3,701,557		34,917
BNP Paribas SA	2/21/23	USD	3,657,630	SGD	5,000,785		(78,844)
Canadian Imperial Bank of Commerce	1/10/23	MXN	39,341,394	USD	1,992,589		24,169
Citibank N.A.	1/10/23	COP	2,187,147,076	USD	452,670		(2,017)
Citibank N.A.	1/10/23	CLP	497,937,493	USD	576,050		10,618
Citibank N.A.	1/10/23	USD	478,326	COP	2,187,147,076		27,673
Citibank N.A.	1/10/23	USD	528,852	CLP	497,937,493		(57,816)
Citibank N.A.	1/17/23	USD	256,000	ZAR	4,449,394		(5,575)
Citibank N.A.	2/08/23	COP	2,751,943,905	USD	566,167		(2,131)
Citibank N.A.	2/08/23	USD	554,051	COP	2,751,943,905		(9,985)
Goldman Sachs International	1/10/23	MXN	24,339,957	USD	1,224,000		23,739
HSBC Bank USA	1/10/23	USD	1,990,000	BRL	10,556,174		(6,728)
HSBC Bank USA	1/17/23	ILS	5,099,633	USD	1,442,000		9,462
HSBC Bank USA	1/17/23	USD	3,295,470	ZAR	60,078,063		(236,459)
HSBC Bank USA	1/17/23	USD	1,345,000	EUR	1,369,802		(122,603)
HSBC Bank USA	1/30/23	USD	3,806,250	CNH	27,268,381		(141,689)
HSBC Bank USA	2/08/23	USD	655,770	PEN	2,644,918		(38,347)
HSBC Bank USA	2/14/23	CZK	49,460,860	USD	2,027,084		156,461
HSBC Bank USA	2/14/23	ILS	11,496,003	USD	3,273,955		2,593
HSBC Bank USA	2/14/23	USD	4,507,878	HUF	1,852,512,328		(401,051)
HSBC Bank USA	2/14/23	EUR	863,810	USD	918,000		9,200
HSBC Bank USA	2/21/23	KRW	4,675,354,030	USD	3,580,726		135,306
HSBC Bank USA	2/21/23	THB	20,077,200	USD	585,000		(2,621)
HSBC Bank USA	2/21/23	USD	3,257,827	INR	265,921,890		52,139
JP Morgan Chase Bank N.A.	1/10/23	BRL	2,246,591	USD	413,927		11,022
JP Morgan Chase Bank N.A.	1/10/23	PEN	1,129,401	USD	294,000		3,257
JP Morgan Chase Bank N.A.	1/10/23	USD	549,095	BRL	2,888,680		2,694
JP Morgan Chase Bank N.A.	1/10/23	USD	550,000	PEN	2,126,300		(9,640)
JP Morgan Chase Bank N.A.	1/17/23	EUR	1,586,863	USD	1,678,917		21,244
Morgan Stanley & Co. LLC	1/10/23	USD	4,112,477	MXN	83,594,310		(172,819)
Morgan Stanley & Co. LLC	1/17/23	ZAR	28,447,138	USD	1,596,679		75,700
Morgan Stanley & Co. LLC	1/17/23	USD	225,000	EUR	217,061		(7,558)
Morgan Stanley & Co. LLC	1/24/23	MYR	7,953,649	USD	1,684,382		134,842
Morgan Stanley & Co. LLC	1/24/23	USD	1,796,217	MYR	7,953,649		(23,007)
Morgan Stanley & Co. LLC	2/14/23	USD	2,315,780	CHF	2,260,959		(140,232)
Morgan Stanley & Co. LLC	2/21/23	JPY	700,965,552	USD	5,111,425		263,153
Morgan Stanley & Co. LLC	2/21/23	USD	1,334,619	MYR	5,905,687		(18,417)
						$	(350,828)

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

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Short
U.S. Treasury Note 10 Year	3/22/23		89	$	(10,021,305)	$	26,883
U.S. Treasury Ultra Bond	3/22/23		8		(1,068,103)		(6,397)
						$	20,486

OTC Credit Default Swaps-Sell Protection†
Reference Obligation/Index	Rate Received by Fund	Payment Frequency		Counterparty		Credit Rating		Termination Date		Notional Amount		Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Republic of Indonesia	1.000%		Quarterly		Goldman Sachs International		BBB		12/20/27	USD	1,280,000	$	(768)	$	(7,133)	$	6,365
Republic of Peru	1.000%		Quarterly		Goldman Sachs International		BBB		12/20/27	USD	1,300,000		(9,842)		(11,903)		2,061
Malaysia Sovereign	1.000%		Quarterly		Morgan Stanley & Co. LLC		A		12/20/27	USD	1,000,000		8,765		(6,528)		15,293
Republic of Philippines	1.000%		Quarterly		Morgan Stanley & Co. LLC		BBB		12/20/27	USD	1,000,000		709		(15,956)		16,665
Republic of Chile	1.000%		Quarterly		Morgan Stanley & Co. LLC		A		12/20/27	USD	1,300,000		(3,576)		(18,402)		14,826
United Mexican States	1.000%		Quarterly		Morgan Stanley & Co. LLC		BBB		12/20/27	USD	1,345,000		(15,755)		(33,142)		17,387
												$	(20,467)	$	(93,064)	$	72,597

Centrally Cleared Interest Rate Swaps
Paid by the Fund		Received by the Fund
Rate/ Reference	Frequency	Rate/ Reference		Frequency		Termination Date		Notional Amount		Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
BRL CDI	Maturity		5.855%		Maturity		1/02/23	BRL	11,441,936	$	(130,013)	$	—	$	(130,013)
BRL CDI	Maturity		6.740%		Maturity		1/02/23	BRL	13,050,205		(129,030)		—		(129,030)
BRL CDI	Maturity		6.380%		Maturity		1/02/23	BRL	15,433,847		6,056		—		6,056
BRL CDI	Maturity		11.215%		Maturity		1/02/29	BRL	7,351,584		(108,068)		—		(108,068)
BRL CDI	Maturity		11.280%		Maturity		1/02/29	BRL	2,672,803		(37,394)		—		(37,394)
BRL CDI	Maturity		13.165%		Maturity		1/02/29	BRL	2,539,758		19,156		—		19,156
BRL CDI	Maturity		13.020%		Maturity		1/02/29	BRL	2,607,099		15,356		—		15,356
KW CDC	Quarterly		3.783%		Quarterly		9/15/24	KRW	4,437,000,000		1,663		—		1,663
8.065%	Quarterly		ZAR JIBAR		Quarterly		10/07/25	ZAR	68,000,000		(18,953)		—		(18,953)
										$	(381,227)	$	—	$	(381,227)

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

OTC Currency Swaps

Paid by the Fund

Received by the Fund

Rate/ Reference

No. of Contracts/ Notional

Frequency

Rate/ Reference

No. of Contracts/ Notional

Frequency

Counterparty

Termination Date

Value

Upfront Premium (Paid)/ Received

Unrealized Appreciation/ (Depreciation)

Fixed 5.500%

EUR 500,000

Annually

Fixed 6.705%

USD 607,250

Semi-Annually

Citibank N.A.

2/19/25

$

71,948

$

(350

)

$

72,298

Fixed 3.675%

EUR 550,000

Annually

Fixed 4.793%

USD 604,450

Semi-Annually

Citibank N.A.

6/03/26

14,803

(467

)

15,270

Fixed 3.125%

EUR 340,000

Annually

Fixed 4.320%

USD 367,540

Semi-Annually

Citibank N.A.

5/15/27

5,313

(170

)

5,483

Fixed 5.875%

EUR 300,000

Annually

Fixed 8.460%

USD 330,000

Semi-Annually

Citibank N.A.

10/17/31

49,166

(270

)

49,436

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

180,784

300

180,484

$

322,014

$

(957

)

$

322,971

† 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 Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 97.4%
Bermuda — 1.1%
Kunlun Energy Co. Ltd.		160,000	$	113,479
Brazil — 3.3%
Atacadao SA		13,700		38,357
Banco do Brasil SA		9,300		61,049
BB Seguridade Participacoes SA		25,500		161,918
Localiza Rent a Car SA		6,126		61,695
				323,019
Cayman Islands — 20.1%
Alibaba Group Holding Ltd. (a)		35,688		394,037
China Resources Land Ltd.		36,000		163,512
JD.com, Inc. Class A		7,162		201,326
Li Auto, Inc. ADR (a)		5,268		107,467
Meituan Class B (a) (b)		11,900		263,125
Sunny Optical Technology Group Co. Ltd.		5,400		64,262
Tencent Holdings Ltd.		14,500		616,282
Topsports International Holdings Ltd. (b)		219,000		171,840
				1,981,851
China — 11.3%
China Construction Bank Corp. Class H		301,000		188,594
China Longyuan Power Group Corp. Class H		110,000		134,569
ENN Natural Gas Co. Ltd. Class A		41,900		96,895
Luxshare Precision Industry Co. Ltd. Class A		21,900		100,095
NARI Technology Co. Ltd. Class A		36,840		128,841
Ping An Bank Co. Ltd. Class A		61,200		115,905
Ping An Insurance Group Co. of China Ltd. Class H		35,000		231,007
WuXi AppTec Co. Ltd. Class H (b)		10,600		112,007
				1,107,913
Czech Republic — 0.7%
Komercni banka AS		2,232		64,540
Hong Kong — 2.1%
AIA Group Ltd.		18,800		207,120
India — 12.6%
Axis Bank Ltd. GDR		4,245		241,116
HDFC Bank Ltd. ADR		5,780		395,410
Infosys Ltd. ADR		12,702		228,763

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

	Number of Shares		Value
Reliance Industries Ltd. GDR (b)		6,072	$	373,428
				1,238,717
Indonesia — 2.9%
Bank Negara Indonesia Persero Tbk PT		221,000		130,466
Telkom Indonesia Persero Tbk PT		654,500		157,675
				288,141
Luxembourg — 1.7%
Samsonite International SA (a) (b)		63,300		165,520
Mexico — 1.7%
Grupo Financiero Banorte SAB de CV Class O		23,027		165,720
Netherlands — 0.0%
X5 Retail Group N.V. GDR (c) (d)		4,250		—
Republic of Korea — 15.0%
Cheil Worldwide, Inc.		6,345		116,094
Hana Financial Group, Inc.		8,102		271,099
Hyundai Motor Co.		1,251		150,357
LG Chem Ltd.		511		244,448
Samsung Electronics Co. Ltd.		15,743		694,236
				1,476,234
Saudi Arabia — 3.0%
The Saudi National Bank		9,353		125,908
Saudi Tadawul Group Holding Co.		1,849		88,781
Saudi Telecom Co.		8,072		78,754
				293,443
South Africa — 3.0%
AngloGold Ashanti Ltd. Sponsored ADR		7,705		149,631
FirstRand Ltd.		41,232		150,598
				300,229
Taiwan — 13.1%
CTBC Financial Holding Co. Ltd.		153,000		109,965
Hon Hai Precision Industry Co. Ltd.		58,000		188,435
MediaTek, Inc.		6,000		121,872
Powertech Technology, Inc.		44,000		113,326
Taiwan Semiconductor Manufacturing Co. Ltd.		52,000		757,882
				1,291,480
Thailand — 1.8%
CP ALL PCL		89,200		175,834
United Arab Emirates — 1.2%
Emaar Properties PJSC		74,262		118,207
United Kingdom — 0.9%
Anglo American PLC		2,293		89,564
United States — 1.9%
Yum China Holdings, Inc.		3,398		185,701

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

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $9,870,869)			$	9,586,712
PREFERRED STOCK — 1.4%
Brazil — 1.4%
Gerdau SA
		24,100		133,197
TOTAL PREFERRED STOCK (Cost $124,643)				133,197
TOTAL EQUITIES (Cost $9,995,512)				9,719,909
MUTUAL FUNDS — 0.9%
United States — 0.9%
iShares MSCI Qatar ETF		5,087		93,324
TOTAL MUTUAL FUNDS (Cost $114,050)				93,324
RIGHTS — 0.0%
Brazil — 0.0%
Localiza Rent a Car SA (a)		26		53
TOTAL RIGHTS (Cost $0)				53
TOTAL LONG-TERM INVESTMENTS (Cost $10,109,562)				9,813,286
	Principal 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)	$	147,943		147,943
TOTAL SHORT-TERM INVESTMENTS (Cost $147,943)				147,943
TOTAL INVESTMENTS — 101.2% (Cost $10,257,505) (f)				9,961,229
Other Assets/(Liabilities) — (1.2)%				(116,573)
NET ASSETS — 100.0%			$	9,844,656

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.

(a) Non-income producing security.

(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.

(c) Investment is valued using significant unobservable inputs.

(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.

(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.

(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	$	—	$	738,620	*	$	642,949		$	1,381,569
Bank Loans (Less Unfunded Loan Commitments)		—		212,139,110			—	+		212,139,110
Corporate Debt		—		10,271,169			—	+		10,271,169
Warrants		—		15,505			—			15,505
Unfunded Loan Commitments**		—		(21,940	)		—			(21,940	)
Total Investments	$	—	$	223,142,464		$	642,949		$	223,785,413
Asset Derivatives
Forward Contracts	$	—	$	249,154		$	—		$	249,154
Liability Derivatives
Forward Contracts	$	—	$	(951,040	)	$	—		$	(951,040	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Global Credit Income Opportunities Fund

Asset Investments	Level 1		Level 2			Level 3			Total
Common Stock*
France	$	—	$	6,762		$	—		$	6,762
Spain		—		—			—	+		—
United Kingdom		—		151,297			322,231			473,528
Bank Loans (Less Unfunded Loan Commitments)		—		52,316,923			375,721			52,692,644
Corporate Debt		—		56,993,928			—	+		56,993,928
Non-U.S. Government Agency Obligations		—		12,515,551			—			12,515,551
Warrants		—		45,535			—			45,535
Purchased Options		338,040		—			—			338,040
Short-Term Investments		—		4,048,009			—			4,048,009
Unfunded Loan Commitments**		—		(6,546	)		—			(6,546	)
Total Investments	$	338,040	$	126,071,459		$	697,952		$	127,107,451
Asset Derivatives
Forward Contracts	$	—	$	87,090		$	—		$	87,090
Liability Derivatives
Forward Contracts	$	—	$	(458,821	)	$	—		$	(458,821	)

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	$	—		$	22,704,250		$	—	$	22,704,250
Sovereign Debt Obligations		—			27,391,247			—		27,391,247
Short-Term Investments		—			355,909			—		355,909
Total Investments	$	—		$	50,451,406		$	—	$	50,451,406
Asset Derivatives
Forward Contracts	$	—		$	1,886,982		$	—	$	1,886,982
Futures Contracts		26,883			—			—		26,883
Swap Agreements		—			373,719			—		373,719
Total	$	26,883		$	2,260,701		$	—	$	2,287,584
Liability Derivatives
Forward Contracts	$	—		$	(2,237,810	)	$	—	$	(2,237,810	)
Futures Contracts		(6,397	)		—			—		(6,397	)
Swap Agreements		—			(453,399	)		—		(453,399	)
Total	$	(6,397	)	$	(2,691,209	)	$	—	$	(2,697,606	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Global Emerging Markets Equity Fund

Asset Investments	Level 1		Level 2		Level 3			Total
Common Stock*
Bermuda	$	—	$	113,479	$	—		$	113,479
Brazil		—		323,019		—			323,019
Cayman Islands		107,467		1,874,384		—			1,981,851
China		—		1,107,913		—			1,107,913
Czech Republic		—		64,540		—			64,540
Hong Kong		—		207,120		—			207,120
India		1,238,717		—		—			1,238,717
Indonesia		—		288,141		—			288,141
Luxembourg		—		165,520		—			165,520
Mexico		165,720		—		—			165,720
Netherlands		—		—		—	+		—
Republic of Korea		—		1,476,234		—			1,476,234
Saudi Arabia		—		293,443		—			293,443
South Africa		149,631		150,598		—			300,229
Taiwan		—		1,291,480		—			1,291,480
Thailand		—		175,834		—			175,834
United Arab Emirates		—		118,207		—			118,207
United Kingdom		—		89,564		—			89,564
United States		185,701		—		—			185,701
Preferred Stock*
Brazil		—		133,197		—			133,197
Mutual Funds		93,324		—		—			93,324
Rights		53		—		—			53
Short-Term Investments		—		147,943		—			147,943
Total Investments	$	1,940,613	$	8,020,616	$	—		$	9,961,229

* 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 http://www.sec.gov 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 Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Global Floating Rate Fund	$	259,185,819	$	482,470	$	(35,882,876	)	$	(35,400,406	)
Global Credit Income Opportunities Fund		154,032,151		1,468,600		(28,393,301	)		(26,924,701	)
Emerging Markets Debt Blended Total Return Fund		61,386,358		571,593		(11,506,545	)		(10,934,952	)
Global Emerging Markets Equity Fund		10,257,505		1,309,582		(1,605,858	)		(296,276	)

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.