MassMutual Advantage Funds NPORT-P MassMutual Global Floating Rate Fund (Jun 2023 report)

MassMutual Global Floating Rate Fund —  Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.7%
COMMON STOCK — 0.7%
Communications — 0.0%
Telecommunications — 0.0%
Vantiva SA (a)		88,751	$	20,522
Consumer, Cyclical — 0.2%
Entertainment — 0.1%
Technicolor Creative Studios SA (a)		2,994,515		111,367
Leisure Time — 0.1%
Carlson Travel, Inc. (a)		43,227		178,311
				289,678
Consumer, Non-cyclical — 0.3%
Food — 0.2%
CTI Foods Holding Co. LLC (a) (b) (c)		4,657		504,027
Health Care – Services — 0.1%
Don Jersey Topco Ltd. (Acquired 8/03/20-6/23/23, Cost $234,326) (a) (b) (c) (d)		353,106		156,956
				660,983
Energy — 0.2%
Oil & Gas Services — 0.2%
KCA Deutag International Ltd. (a)		7,834		438,704
Financial — 0.0%
Diversified Financial Services — 0.0%
Travelex Topco Ltd. (a) (b) (c)		3,602		—
Industrial — 0.0%
Transportation — 0.0%
Bahia De Las Isletas SL, Class A2 (a) (b) (c)		688		—
Bahia De Las Isletas SL, Class A3 (a) (b) (c)		98		—
Bahia De Las Isletas SL, Class B2 (a) (b) (c)		876		—

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

	Number of Shares		Value
Bahia De Las Isletas SL, Class B3 (a) (b) (c)		125	$	—
				—
TOTAL COMMON STOCK (Cost $1,849,293)				1,409,887
TOTAL EQUITIES (Cost $1,849,293)				1,409,887
	Principal Amount
BONDS & NOTES — 92.0%
BANK LOANS — 88.0%
Advertising — 1.7%
Clear Channel Outdoor Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500%, 3 mo. USD LIBOR + 3.500%
8.584% 8/21/26	$	1,664,067		1,586,205
Summer (BC) Holdco B SARL, USD Term Loan B1, 3 mo. USD LIBOR + 5.000%
10.499% VRN 12/04/26		1,993,557		1,868,959
				3,455,164
Aerospace & Defense — 0.4%
TransDigm, Inc., 2023 Term Loan I, 3 mo. USD Term SOFR + 3.250%
8.492% VRN 8/24/28		856,775		855,952
Airlines — 2.1%
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
8.839% VRN 8/11/28		768,404		767,306
American Airlines, Inc.
2023 Term Loan B, 6 mo. USD Term SOFR + 2.750%
8.154% VRN 2/15/28		883,613		866,550
2021 Term Loan, 3 mo. USD LIBOR + 4.750%
10.000% VRN 4/20/28		1,013,025		1,033,285
Kestrel Bidco, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000%
8.251% VRN 12/11/26		558,230		540,400
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.292% VRN 4/21/28		932,878		931,068
				4,138,609
Apparel — 0.7%
Crocs, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.702% VRN 2/20/29		712,888		713,944
Hanesbrands, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.852% VRN 3/08/30		404,445		405,456
Samsonite International SA, 2023 Term Loan, 1 mo. USD Term SOFR + 2.750%
7.826% VRN 6/21/30		239,122		239,571
				1,358,971

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

	Principal Amount		Value
Banks — 0.1%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
11.688% VRN 8/02/29	$	250,358	$	222,818
Beverages — 0.3%
Amphora Finance Ltd., 2018 GBP Term Loan B, 6 mo. SONIA + 4.750%
9.378% VRN 5/23/25 GBP (e)		500,000		306,502
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR
5.242% VRN 3/31/28		368,297		355,465
				661,967
Biotechnology — 0.5%
Advanz Pharma Corp., 2021 EUR Term Loan B, 3 mo. EUR EURIBOR + 4.500%
8.098% VRN 6/01/28 EUR (e)		1,000,000		1,070,937
Building Materials — 0.5%
CP Atlas Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 11/23/27		232,352		218,179
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, 3 mo. EURIBOR + 3.925%
7.523% VRN 4/12/28 EUR (e)		853,470		792,775
				1,010,954
Chemicals — 6.3%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 4.750%
9.989% VRN 8/27/26		746,173		729,967
Colouroz Investment 1 GmbH
Initial EUR Term Loan, 3 mo. EUR EURIBOR + 4.250%
6.497% VRN 9/21/23 EUR (e)		204,986		150,146
EUR Term Loan B3, 3 mo. EUR EURIBOR + 4.250%
6.667% VRN 9/21/23 EUR (e)		14,974		10,968
Consolidated Energy Finance SA, Term Loan B, 3 mo. USD LIBOR + 2.500%
8.038% VRN 5/07/25		227,608		221,747
CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750%
9.253% VRN 12/29/27		1,520,192		1,146,985
Cyanco Intermediate Corp., 2018 Term Loan B, 1 mo. USD LIBOR + 3.250%
8.428% VRN 3/16/25		1,242,714		1,234,947
Flint Group GmbH
EUR Add on Term Loan B4, 3 mo. EUR EURIBOR + 4.250%
0.750% VRN 9/21/23 EUR (e)		100,448		73,575
EUR Term Loan B5, 3 mo. EUR EURIBOR + 4.250%
0.750% VRN 9/21/23 EUR (e)		63,688		46,649
2017 EUR Incremental B6, 3 mo. EUR EURIBOR + 4.250%
0.750% VRN 9/21/23 EUR (e)		3,690		2,703
2017 EUR Incremental B7, 3 mo. EUR EURIBOR + 4.250%
7.265% VRN 9/21/23 EUR (e)		345,349		252,957
USD Term Loan C, 3 mo. USD LIBOR + 4.250%
9.066% VRN 9/21/23		595,079		400,024
Flint Group U.S. LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250%
0.750% - 9.523% VRN 9/21/23		3,712,753		2,495,787
Kraton Corp., 2022 USD Term Loan, 3 mo. USD Term SOFR + 3.250%
8.766% VRN 3/15/29		396,132		395,142
LSF11 A5 Holdco LLC, Term Loan, 1 mo. USD Term SOFR + 3.500%
8.717% VRN 10/15/28		681,417		671,196

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

	Principal Amount		Value
New Arclin U.S. Holding Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 9/30/28	$	874,182	$	814,449
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%
9.253% VRN 11/09/28		918,040		880,171
PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.304% VRN 4/23/29		1,533,047		1,347,165
Polar US Borrower LLC, 2018 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750%
9.667% - 9.827% VRN 10/15/25		1,214,853		954,668
Starfruit Finco BV, 2023 Term Loan B, 3 mo. USD Term SOFR + 4.000%
8.990% VRN 4/03/28		218,659		216,380
Trinseo Materials Operating SCA, 2021 Term Loan B2, 1 mo. USD LIBOR + 2.500%
7.693% VRN 5/03/28		727,547		573,751
				12,619,377
Commercial Services — 7.7%
APX Group, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%, 3 mo. U.S. (Fed) Prime Rate + 2.250%
8.764% - 10.500% VRN 7/10/28		707,963		706,965
AVSC Holding Corp., 2020 Term Loan B1, 1 mo. USD LIBOR + 3.250%
8.760% VRN 3/03/25		647,017		630,441
BCP V Modular Services Holdings IV Ltd., EUR Term Loan B, 3 mo. EUR EURIBOR + 4.425%
8.023% VRN 12/15/28 EUR (e)		1,000,000		1,021,636
CoreLogic, Inc.
2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
7.000% VRN 6/04/29		532,670		427,468
Term Loan, 1 mo. USD LIBOR + 3.500%
8.750% VRN 6/02/28		560,964		505,709
Eagle Bidco Ltd., 2021 GBP Term Loan B, 1 mo. SONIA + 4.750%
9.460% VRN 3/20/28 GBP (e)		500,000		595,401
Emrld Borrower LP, Term Loan B
0.000% 5/31/30 (f)		424,939		424,540
Ensono LP, 2021 Term Loan, 3 mo. USD LIBOR + 3.750%
9.288% VRN 5/26/28		638,990		573,494
Fugue Finance BV, EUR Term Loan, 3 mo. EUR EURIBOR + 4.750%
8.212% VRN 1/31/28 EUR (e)		1,000,000		1,087,447
Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EUR EURIBOR + 4.250%
7.982% VRN 10/24/25 EUR (e)		2,000,000		2,160,577
Mavis Tire Express Services Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 4.000%
9.217% VRN 5/04/28		748,092		740,611
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000%
10.004% VRN 4/11/29		998,752		876,904
PECF USS Intermediate Holding III Corp., Term Loan B, 3 mo. USD LIBOR + 4.250%
9.523% VRN 12/15/28		498,734		406,468
Prometric Holdings, Inc., 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.000%
8.525% VRN 1/29/25		974,555		904,874
Sabre GLBL, Inc.
2021 Term Loan B2, 1 mo. USD Term SOFR + 3.500%
8.717% VRN 12/17/27		465,931		362,727

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

	Principal Amount		Value
2021 Term Loan B1, 1 mo. USD Term SOFR + 3.500%
8.717% VRN 12/17/27	$	298,938	$	232,723
Spin Holdco, Inc., 2021 Term Loan
0.000% VRN 3/04/28 (f)		650,000		554,821
Techem Verwaltungsgesellschaft 675 mbH, EUR Term Loan B4, 6 mo. EUR EURIBOR + 2.375%
5.107% VRN 7/15/25 EUR (e)		1,000,000		1,085,253
Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EUR EURIBOR + 3.250%
6.804% VRN 3/27/28 EUR (e)		1,375,000		1,446,161
Wand NewCo 3, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 2.750%
2.996% VRN 2/05/26		484,824		480,179
				15,224,399
Computers — 3.0%
Ahead DB Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.288% VRN 10/18/27		935,406		869,590
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%
10.030% VRN 7/27/28		673,059		504,511
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD Term SOFR + 3.750%
9.010% VRN 3/01/29		770,320		735,332
Panther Commercial Holdings LP, Term Loan, 1 mo. USD LIBOR + 4.250%
9.443% VRN 1/07/28		973,797		947,826
Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
10.005% VRN 4/27/28		480,805		398,770
SITEL Worldwide Corp., 2021 USD Term Loan, 1 mo. USD LIBOR + 3.750%
8.950% VRN 8/28/28 (f)		1,048,096		1,022,764
Vision Solutions, Inc.
2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.250%
9.505% VRN 4/24/28		918,014		868,478
2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250%
12.505% VRN 4/23/29		770,186		659,087
				6,006,358
Cosmetics & Personal Care — 0.8%
Coty, Inc., 2018 USD Term Loan B, 1 mo. USD Term SOFR + 2.250%
7.503% VRN 4/07/25		754,581		754,959
Journey Personal Care Corp., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%
9.981% VRN 3/01/28		1,039,123		885,852
				1,640,811
Distribution & Wholesale — 0.4%
Fluid-Flow Products, Inc., Term Loan, 3 mo. USD LIBOR + 3.750%
9.254% VRN 3/31/28		721,101		708,482
Diversified Financial Services — 1.7%
AllSpring Buyer LLC, Term Loan B, 3 mo. USD LIBOR + 3.000%
8.529% VRN 11/01/28		800,007		786,007
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%
8.302% VRN 10/22/26		1,126,645		1,120,111
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.750%
12.288% VRN 4/07/28		1,000,000		926,250
VFH Parent LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.189% VRN 1/13/29		518,809		516,054
				3,348,422

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

	Principal Amount		Value
Electric — 1.2%
Arvos BidCo SARL EUR 1st Lien Term Loan B1, 3 mo. EUR EURIBOR + 5.500%
8.983% VRN 8/29/24 EUR (e)	$	881,924	$	433,060
USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500%
10.773% VRN 8/29/24		125,657		57,802
USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500%
10.773% VRN 8/29/24		125,657		57,802
Edgewater Generation LLC, Term Loan, 1 mo. USD Term SOFR + 3.750%
8.967% VRN 12/13/25		772,532		714,230
Helix Gen Funding LLC, Term Loan B, 3 mo. USD LIBOR + 3.750%
9.288% VRN 6/03/24		1,101,548		1,093,628
				2,356,522
Electrical Components & Equipment — 0.5%
CEP IV Investment 16 SARL, EUR Term Loan B, 3 mo. EUR EURIBOR + 4.750%
8.212% VRN 10/03/26 EUR (e)		500,000		495,983
SGB-SMIT Management GmbH, EUR Term Loan B, 1 mo. EUR EURIBOR + 4.500%
7.918% VRN 7/18/24 EUR (e)		517,427		497,568
				993,551
Engineering & Construction — 0.6%
DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%
8.967% VRN 3/31/28		717,104		702,583
USIC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
8.693% VRN 5/12/28		436,118		412,131
				1,114,714
Entertainment — 3.0%
International Park Holdings BV, 2023 EUR Term Loan B, 6 mo. EUR EURIBOR + 5.000%
8.794% VRN 12/14/26 EUR (e)		500,000		542,534
Motion Finco SARL, EUR Term Loan B, 3 mo. EUR EURIBOR + 3.000%
6.598% VRN 11/12/26 EUR (e)		1,000,000		1,069,987
Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. USD Term SOFR + 3.500%
8.421% VRN 4/04/29		635,200		626,784
Technicolor Creative Studios
2023 EUR PIK Reinstated Term Loan B, 6 mo. EUR EURIBOR + 0.500%
0.153%VRN 9/01/27 EUR (e)		610,076		416,072
2023 EUR PIK Term Loan, 3 mo. EUR EURIBOR + 10.000%
0.500% VRN 6/08/33 EUR (b) (c) (e)		246,435		—
2023 EUR PIK New Money Tranche A2 Undrawn, 3 mo. EUR EURIBOR + 0.5000%
1.500% VRN 7/31/26 EUR (e)		105,348		112,657
2023 EUR PIK New Money Tranche, 6 mo. EUR EURIBOR + 6.000%
15.335% VRN 7/31/26 EUR (e)		115,320		123,321
Twin River Worldwide Holdings, Inc.
0.000% VRN 10/02/28 (f)		750,000		732,015

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

	Principal Amount		Value
Vue International Bidco PLC
2023 EUR PIK Term Loan, 6 mo. EUR EURIBOR + 2.000%
4.859% VRN 12/31/27 EUR (e)	$	698,672	$	382,469
2022 EUR Term Loan, 6 mo.EUR EURIBOR + 8.000%
11.086% VRN 6/30/27 EUR (e)		145,796		143,979
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%
7.950% VRN 5/18/25		1,214,304		1,209,944
WMG Acquisition Corp., 2021 Term Loan G, 1 mo. USD Term SOFR + 2.125%
7.327% VRN 1/20/28		518,991		517,138
				5,876,900
Environmental Controls — 0.8%
Gopher Resource LLC, 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250%
8.981% VRN 3/06/25		1,045,190		853,136
Madison IAQ LLC, Term Loan, 6 mo. USD LIBOR + 3.250%
8.302% VRN 6/21/28		807,283		789,725
				1,642,861
Food — 1.2%
BCPE North Star US HoldCo 2, Inc., Term Loan, 3 mo. USD LIBOR + 4.000%
9.503% VRN 6/09/28		302,287		276,593
CHG PPC Parent LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.000%
8.239% VRN 12/08/28		493,734		488,796
CTI Foods Holding Co. LLC
First Out Term Loan, 3 mo. USD LIBOR + 7.000%
12.090% VRN 5/03/24		309,103		308,705
Second Out Term Loan, 3 mo. USD LIBOR + 9.000%
14.090% VRN 5/03/24		205,029		194,513
Deoleo SA, EUR Senior Term Loan, 3 mo. EUR EURIBOR + 5.500%
9.077% VRN 6/24/25 EUR (e)		55,872		58,377
Froneri International Ltd., 2020 EUR Term Loan B1, 6 mo. EURIBOR + 2.125%
5.067% VRN 1/29/27 EUR (e)		1,000,000		1,060,243
				2,387,227
Health Care – Products — 3.3%
Auris Luxembourg III SARL, EUR Term Loan B1A, 6 mo. EUR EURIBOR + 4.000%
7.781% VRN 2/27/26 EUR (e)		1,500,000		1,542,685
Auris Luxembourg III SARL, 2019 USD Term Loan B2, 6. mo. USD LIBOR + 3.750%
9.122% VRN 2/27/26		856,518		808,553
Embecta Corp., Term Loan B, 6 mo. USD Term SOFR + 3.000%
8.337% VRN 3/30/29		363,098		360,981
Iris BidCo GmbH, EUR Term Loan B, 3 mo. EUR EURIBOR + 5.000%
8.242% VRN 6/29/28 EUR (e)		650,000		639,062
Lifescan Global Corp., 2018 1st Lien Term Loan, 6 mo. USD Term SOFR + 6.000%
11.247% VRN 12/31/26		985,358		800,603
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.352% VRN 10/23/28		2,468,750		2,438,656
				6,590,540

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

	Principal Amount		Value
Health Care – Services — 4.5%
Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.000%
12.476% VRN 12/10/29	$	1,497,326	$	917,112
Envision Healthcare Corp.
2018 Third Out Term Loan, 3 mo. USD Term SOFR + 3.750%
8.989% VRN 3/31/27		367,879		2,645
2022 Second Out Term Loan, 3 mo. USD Term SOFR + 4.250%
9.492% VRN 3/31/27		373,316		79,330
2022 First Out Term Loan, 3 mo. USD Term SOFR + 7.875%
13.114% VRN 3/31/27		145,176		158,242
ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD Term SOFR + 2.250%
7.753% VRN 7/03/28		605,606		605,261
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000%
12.364% VRN 11/01/29		294,737		260,474
Midwest Physician Administrative Services LLC, 2021 Term Loan, 3 mo. USD LIBOR + 3.250%
8.788% VRN 3/12/28		994,911		914,821
NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250%
10.300% VRN 2/23/29		824,439		565,359
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.250%
9.334% VRN 7/09/25		1,750,000		1,311,957
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.023% VRN 11/16/25		1,242,455		1,148,240
Select Medical Corp., 2017 Term Loan B, 1 mo. USD Term SOFR + 2.500%
7.702% VRN 3/06/25		1,000,000		996,750
Team Health Holdings, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 5.250%
10.352% VRN 3/02/27		523,325		357,954
Tunstall Group Holdings Limited
2023 EUR Reinstated Term Loan B (Acquired 6/23/23, Cost $314,153), 3 mo. EURIBOR + 0.100%
3.668% VRN 6/30/28 EUR (b) (c) (d) (e)		321,190		314,558
2023 EUR Super Senior Term Loan (Acquired 6/23/23, Cost $107,052), 3 mo. EUR EURIBOR + 3.000%
6.794% VRN 12/23/26 EUR (b) (c) (d) (e)		104,512		107,201
U.S. Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 4.250%
9.420% VRN 10/01/28		724,482		679,202
US Radiology Specialists, Inc., 2020 Term Loan, 1 mo. USD Term SOFR + 5.250%
10.452% VRN 12/15/27		527,059		512,565
				8,931,671
Holding Company – Diversified — 0.5%
CEP IV Investment 16 SARL, USD 2nd Lien Term Loan, 3 mo. USD Term SOFR + 9.250%
14.526% VRN 10/01/27		965,422		798,887
Hilding Anders International AB
2022 EUR PIK Reorg Holdco, 6 mo. EUR EURIBOR
0.000% VRN 2/28/27 EUR (b) (c) (e)		366,580		—

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

	Principal Amount		Value
2022 EUR PIK Reorg Opco Term Loan (Acquired 10/04/22-4/28/23, Cost $274,828), 6 mo. EUR EURIBOR + 5.000%
8.648% VRN 2/28/26 EUR (b) (d) (e)	$	382,987	$	183,185
2023 EUR New Money Facility (Acquired 5/05/23, Cost $34,923), 6 mo. EURIBOR + 10.000%
13.616% VRN 1/31/26 EUR (b) (d) (e)		32,892		34,097
				1,016,169
Home Furnishing — 0.2%
Mattress Firm, Inc., 2021 Term Loan B, 6. mo. USD LIBOR + 4.250%
9.950% VRN 9/25/28		464,366		453,532
Housewares — 0.3%
Solis IV BV, USD Term Loan B1, 3 mo. USD Term SOFR + 3.500%
8.666% VRN 2/26/29		643,208		608,436
Insurance — 2.3%
AmWINS Group, Inc., 2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.953% VRN 2/19/28		272,541		271,576
AssuredPartners, Inc., 2020 Term Loan B
0.000% VRN2/12/27 (f)		1,000,000		990,830
Asurion LLC
2020 Term Loan B8, 3 mo. USD LIBOR + 3.250%
8.788% VRN 12/23/26		1,935,146		1,860,643
2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%, 1 mo. USD Term SOFR + 5.200
10.452% VRN 1/20/29		1,551,724		1,297,629
Hub International Ltd., 2023 Term Loan B
0.000% VRN 6/20/30 (f)		224,719		225,126
				4,645,804
Internet — 2.9%
Endure Digital, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%
8.792% VRN 2/10/28		690,164		641,852
Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.592% VRN 8/19/28		751,360		743,223
ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EUR EURIBOR + 4.250%
7.848% VRN 4/03/28 EUR (e)		884,250		910,619
MH Sub I LLC
2023 Term Loan, 1 mo. USD Term SOFR + 4.250%
9.352% VRN 5/03/28		500,000		479,000
2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 6.250%
11.352% VRN 2/23/29		500,000		433,440
Proofpoint, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
8.442% VRN 8/31/28		439,098		429,219
PUG LLC, 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 4.250%
9.443% VRN 2/12/27		904,500		814,050
Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD Term SOFR + 3.500%
8.810% VRN 7/20/28		599,085		591,099
W3 Topco LLC, (Acquired 8/30/21, Cost $675,329), 1 mo. USD LIBOR + 6.000%
11.193% VRN 8/16/25 (d)		679,754		645,086
				5,687,588

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

	Principal Amount		Value
Investment Companies — 0.9%
Median BV, 2021 GBP Term Loan B, 3 mo. SONIA + 5.925%
10.972% VRN 10/14/27 GBP (e)	$	650,000	$	733,869
Triley Midco 2 Ltd., EUR Term Loan B, 1 mo. EUR EURIBOR + 4.750%
8.168% VRN 4/09/29 EUR (e)		1,000,000		1,069,835
				1,803,704
Leisure Time — 2.5%
Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.467% VRN 10/18/28		987,469		977,594
City Football Group Ltd., Term Loan, 3 mo. USD LIBOR + 3.000%
8.273% VRN 7/21/28		913,918		895,639
Richmond U.K. Bidco Ltd., 2017 GBP Term Loan B, 1 mo. GBP LIBOR + 4.250%
9.211% VRN 3/03/24 GBP (e)		1,482,094		1,860,613
Silk Bidco AS, EUR Term Loan B, 6 mo. EUR EURIBOR + 6.500%
9.697% VRN 2/28/27 EUR (e)		1,000,000		952,891
Topgolf Callaway Brands Corp., Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.702% VRN 3/15/30		310,506		309,987
				4,996,724
Lodging — 1.8%
Alpha Group SARL, EUR Term Loan B, 3 mo. EUR EURIBOR + 3.750%
7.348% VRN 1/31/25 EUR (e)		1,000,000		1,050,968
Casper BidCo SAS, 2020 EUR Term Loan B3A, 3 mo. EUR EURIBOR + 3.625%
7.008% VRN 7/31/26 EUR (e)		1,000,000		1,064,269
Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.239% VRN 8/02/28		528,700		526,717
Motel 6, Term Loan B, 1 mo. USD Term SOFR + 5.000%
10.205% VRN 9/09/26		867,714		863,376
				3,505,330
Machinery – Diversified — 0.9%
ASP Blade Holdings, Inc., Initial Term Loan, 3 mo. USD LIBOR + 4.000%
9.529% VRN 10/13/28		988,235		855,110
Titan Acquisition Ltd., 2018 Term Loan B, 6. mo. USD LIBOR + 3.000%
8.731% VRN 3/28/25		904,985		881,980
				1,737,090
Media — 5.0%
A-L Parent LLC, 2016 1st Lien Term Loan (Acquired 3/02/20-3/29/22, Cost $995,062), 3 mo. USD LIBOR + 3.250%
8.770% VRN 12/01/23 (d)		1,005,289		777,481
Altice Financing SA, 2022 EUR Term Loan, 3 mo. EUR EURIBOR + 5.000%
8.177% VRN 10/31/27 EUR (e)		976,933		1,021,523
CSC Holdings LLC, 2017 Term Loan B1, 1 mo. USD LIBOR + 2.250%
7.443% VRN 7/17/25		622,922		599,046
Cumulus Media New Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.750%
9.226% VRN 3/31/26		1,092,779		805,924
DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000%
10.217% VRN 8/02/27		1,235,133		1,206,144

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

	Principal Amount		Value
iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD Term SOFR + 3.000%
8.217% VRN 5/01/26	$	314,808	$	271,443
McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 1 mo. USD LIBOR + 4.750%, 3 mo. USD LIBOR + 4.750%, 6 mo. USD LIBOR + 4.750%
9.952% - 10.331% VRN 7/28/28		1,196,540		1,118,765
Radiate Holdco LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250%
8.477% VRN 9/25/26		266,752		221,850
Univision Communications, Inc., 2022 Term Loan B, 1 mo. USD LIBOR + 3.250%
8.443% VRN 1/31/29		465,897		455,763
Virgin Media SFA Finance Ltd.
GBP Term Loan L, 1 mo. GBP LIBOR + 3.250%
7.711% VRN 1/15/27 GBP (e)		1,000,000		1,211,427
GBP Term Loan M, 1 mo. SONIA + 3.250%
7.711% VRN 11/15/27 GBP (e)		1,850,000		2,231,789
				9,921,155
Metal Fabricate & Hardware — 0.6%
Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.199% VRN 10/12/28		1,224,656		1,188,688
Miscellaneous - Manufacturing — 0.7%
Gates Global LLC, 2021 Term Loan B3, 1 mo. USD Term SOFR + 2.500%
7.702% VRN 3/31/27		729,352		724,859
Gemini HDPE LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.000%
8.307% VRN 12/31/27		744,811		743,418
				1,468,277
Oil & Gas — 0.6%
Gulf Finance LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 6.750%
11.967% - 11.996% VRN 8/25/26		1,142,658		1,108,059
Packaging & Containers — 1.1%
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 4.175%
9.377% VRN 4/13/29		1,306,501		1,284,068
Mauser Packaging Solutions Holding Co., Term Loan B, 1 mo. USD Term SOFR + 4.000%, 3 mo. USD Term SOFR + 4.000%
9.160% VRN 8/14/26		424,260		422,550
Pretium PKG Holdings, Inc.
2021 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
9.219% VRN 10/02/28		340,046		252,794
2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 6.750%
11.969% VRN 10/01/29		254,237		131,092
				2,090,504
Pharmaceuticals — 5.3%
Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EUR EURIBOR + 4.500%
7.332% VRN 3/06/26 EUR (e)		500,000		526,504
Amneal Pharmaceuticals LLC, 2018 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.584% VRN 5/04/25		1,103,914		1,061,601
Bausch Health Cos., Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250%
10.441% VRN 2/01/27		599,848		451,116

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

	Principal Amount		Value
Elanco Animal Health, Inc., Term Loan B
0.000% VRN 8/01/27 (f)	$	1,000,000	$	980,940
Financiere Verdi I SAS, 2021 GBP Term Loan B, 3 mo. SONIA + 4.500%
9.428% VRN 4/17/28 GBP (e)		1,000,000		1,096,962
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.239% VRN 10/01/27		1,094,259		1,076,477
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 3 mo. USD Term SOFR + 2.000%
7.414% VRN 11/15/27		1,000,000		982,920
Horizon Therapeutics USA, Inc., Term Loan B1, 1 mo. USD Term SOFR + 2.000%
7.089% VRN 5/22/26		494,267		493,382
IVC Acquisition Ltd.
2021 EUR Term Loan B5, 6 mo. EURIBOR + 4.000%
7.687% VRN 2/13/26 EUR (e)		587,000		624,829
2021 GBP Term Loan B3, 3 mo. SONIA + 4.500%
8.927% VRN 2/13/26 GBP (e)		500,000		612,699
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500%
8.864% VRN 5/05/28		529,644		528,791
Nidda Healthcare Holding AG
2020 EUR Term Loan F, 3 mo. EURIBOR + 3.500%
6.915% VRN 8/21/26 EUR (e)		925,000		970,460
2020 GBP Term Loan F, 3 mo. SONIA + 4.500%
8.948% VRN 8/21/26 GBP (e)		500,000		612,070
Organon & Co., USD Term Loan, 1 mo. USD LIBOR + 3.000%
8.250% VRN 6/02/28		342,814		342,279
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD Term SOFR + 2.250%
7.753% VRN 7/03/28		150,887		150,801
				10,511,831
Pipelines — 1.1%
Buckeye Partners LP, 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
7.452% VRN 11/01/26		384,872		381,785
Freeport LNG Investments LLLP, Term Loan B, 3 mo. USD LIBOR + 3.500%
8.750% VRN 12/21/28		1,079,436		1,055,829
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 3.250%
8.539% VRN 10/05/28		766,348		763,957
				2,201,571
Real Estate — 0.2%
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.750%
7.943% VRN 8/21/25		412,427		408,303
Retail — 5.6%
1011778 BC Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%
6.942% - 6.943% VRN 11/19/26		487,374		483,514
Constellation Automotive Ltd.
GBP Term Loan B, 1 Day GBP LIBOR + 4.750%
8.178% VRN 7/28/28 GBP (e)		500,000		553,936
GBP 2nd Lien Term Loan B, 1 Day SONIA + 7.500%
11.427% VRN 7/27/29 GBP (e)		500,000		342,106
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.250%, 3 mo. USD LIBOR + 3.250%
8.443% VRN 1/31/28		537,870		521,674

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

	Principal Amount		Value
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.943% VRN 3/06/28	$	960,332	$	951,929
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.967% VRN 10/19/27		954,730		940,543
IRB Holding Corp., 2022 Term Loan B,
8.202% VRN 12/15/27		615,913		611,103
LBM Acquisition LLC, Term Loan B, 1 mo. USD LIBOR + 3.750%
8.953% VRN 12/17/27		464,336		445,038
Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.250%
8.614% VRN 11/01/28		10,180		9,541
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
9.753% VRN 4/15/28		1,154,262		1,019,502
Park River Holdings, Inc., Term Loan, 6. mo. USD LIBOR + 3.250%
8.522% VRN 12/28/27		541,794		518,459
Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250%
8.753% VRN 3/03/28		677,484		671,861
PetSmart, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.834% VRN 2/11/28		225,717		224,965
Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan,
0.000% FRN 8/10/23		1,328,173		777,924
SRS Distribution, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
8.693% VRN 6/02/28		1,072,910		1,040,454
Staples, Inc., 7 Year Term Loan, 3 mo. USD LIBOR + 5.000%
10.299% VRN 4/16/26		1,211,226		1,032,764
White Cap Buyer LLC, Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.852% VRN 10/19/27		1,024,805		1,014,270
				11,159,583
Software — 9.0%
AppLovin Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.100%
8.202% VRN 10/25/28		679,762		677,458
Ascend Learning LLC
2021 Term Loan, 1 mo. USD Term SOFR + 3.500%
8.584% VRN 12/11/28		867,296		813,497
2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.750%
10.952% VRN 12/10/29		454,545		384,468
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.589% VRN 2/15/29		651,899		626,638
Banff Merger Sub, Inc.
2021 USD Term Loan, 1 mo. USD Term SOFR + 3.750%
8.967% VRN 10/02/25		828,736		821,245
2021 USD 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.500%
10.717% VRN 2/27/26		283,962		275,679
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.492% VRN 7/06/29		691,238		688,847
Cloud Software Group, Inc., 2022 USD Term Loan A, 3 mo. USD Term SOFR + 4.500%
9.498% VRN 9/29/28		162,763		151,980
Cloudera, Inc.
2021 Term Loan, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 10/08/28		1,258,768		1,225,725
2021 Second Lien Term Loan, 1 mo. USD Term SOFR + 6.000%
11.203% VRN 10/08/29		566,667		510,000

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

	Principal Amount		Value
Finastra USA, Inc., USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%, 6 mo. USD LIBOR + 3.500%
9.038% VRN 6/13/24	$	1,032,347	$	990,516
Hyland Software, Inc.
2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%
8.693% VRN 7/01/24		965,557		956,867
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250%
11.467% VRN 7/07/25		501,818		480,907
Iris Bidco Ltd., 2018 GBP Term Loan B, 1 mo. SONIA + 4.250%
9.205% VRN 9/03/25 GBP (e)		1,000,000		1,254,124
Ivanti Software, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.250%
9.420% VRN 12/01/27		618,039		520,407
Loyalty Ventures, Inc., Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 5.500%
13.500% VRN 11/03/27		1,527,627		154,290
MedAssets Software Intermediate Holdings, Inc.
2021 Term Loan, 1 mo. USD LIBOR + 4.000%
9.178% VRN 12/18/28		931,649		788,799
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750%
11.943% VRN 12/17/29		308,219		178,767
Mitchell International, Inc.
2021 Term Loan B, 1 mo. USD LIBOR + 3.750%
8.943% VRN 10/15/28		727,629		709,802
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
11.693% VRN 10/15/29		400,000		351,376
Playtika Holding Corp., 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
7.943% VRN 3/13/28		480,639		478,299
Polaris Newco LLC, USD Term Loan B, 3 mo. USD LIBOR + 4.000%
9.521% VRN 6/02/28		876,884		805,269
Quest Software U.S. Holdings, Inc.
2022 Term Loan, 3 mo. USD Term SOFR + 4.250%
9.445% VRN 2/01/29		535,677		413,810
2022 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500%
12.695% VRN 2/01/30		1,604,636		1,051,037
Skopima Merger Sub, Inc., Term Loan B, 1 mo. USD LIBOR + 4.000%
9.193% VRN 5/12/28		1,184,532		1,149,209
SS&C Technologies, Inc., 2018 Term Loan B5, 1 mo. USD Term SOFR + 1.750%
6.967% VRN 4/16/25		438,417		437,794
Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.250%
10.271% VRN 5/03/27		195,332		188,914
Veritas US, Inc.
2021 EUR Term Loan B, 3 mo. EUR EURIBOR + 4.750%
8.348% VRN 9/01/25 EUR (e)		729,422		649,491
2021 USD Term Loan B, 1 mo. USD LIBOR + 5.000%
10.217% VRN 9/01/25		326,457		265,501
				18,000,716
Telecommunications — 3.7%
Altice France SA, 2023 EUR Term Loan B14, 3 mo. EUR EURIBOR + 5.500%
8.677% VRN 8/15/28 EUR (e)		981,648		930,851
Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.717% VRN 10/02/27		275,793		242,797
Delta TopCo, Inc., 2020 Term Loan B, 6 mo. USD Term SOFR + 3.750%
9.069% VRN 12/01/27		483,801		467,386

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

	Principal Amount		Value
GoTo Group, Inc., Term Loan B, 1 mo. USD LIBOR + 4.750%
9.928% VRN 8/31/27	$	559,169	$	347,618
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.443% VRN 2/01/29		920,353		915,751
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD Term SOFR + 1.750%
6.967% VRN 3/01/27		774,956		720,229
Lorca Holdco Ltd., 2021 EUR Term Loan B2, 6 mo. EURIBOR + 3.700%
7.522% VRN 9/17/27 EUR (e)		1,000,000		1,052,703
Nuuday A S, EUR Term Loan B, 3 mo. EURIBOR + 6.500%
9.509% VRN 2/03/28 EUR (e)		1,000,000		1,070,740
Venga Finance SARL, 2021 USD Term Loan B, 3 mo. USD Term SOFR + 4.750%
10.275% VRN 6/28/29		916,154		877,602
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.217% VRN 3/09/27		870,123		681,019
				7,306,696
Transportation — 1.5%
Anarafe SLU
2023 EUR New Money Delayed Draw Term Loan, 3 mo. EUR EURIBOR + 10.000%
13.243% VRN 6/30/25 EUR (b) (c) (e)		63,561		60,133
2023 EUR New Money Facility C, 3 mo. EUR EURIBOR + 10.000%
13.243% VRN 6/30/25 EUR (b) (c) (e)		13,091		13,570
First Student Bidco, Inc.
Term Loan C, 3 mo. USD LIBOR + 3.000%
8.501% VRN 7/21/28		433,755		418,934
Term Loan B, 3 mo. USD LIBOR + 3.000%
8.501% VRN 7/21/28		1,157,208		1,117,666
Kenan Advantage Group, Inc., 2021 Term Loan B1, 3 mo. USD Term SOFR + 3.750%
9.477% VRN 3/24/26		259,393		258,374
Worldwide Express Operations LLC, 2021 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.000%
9.503% VRN 7/26/28		1,225,668		1,161,835
				3,030,512
TOTAL BANK LOANS (Cost $193,464,569)				175,067,479
CORPORATE DEBT — 4.0%
Building Materials — 0.1%
Emerald Debt Merger Sub LLC
6.375% 12/15/30 EUR (e) (g)		100,000		108,711
Commercial Services — 1.5%
ADT Security Corp.
4.125% 8/01/29 (g)		1,250,000		1,079,688
Albion Financing 1 SARL/Aggreko Holdings, Inc.
5.250% 10/15/26 EUR (e) (g)		260,000		266,695
Travelex Issuerco Ltd.
12.500% 8/05/25 GBP (e) (g)		616,641		965,212
Verisure Holding AB
3.250% 2/15/27 EUR (e) (g)		500,000		484,171
7.125% 2/01/28 EUR (e) (g)		200,000		218,567
				3,014,333

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

	Principal Amount		Value
Diversified Financial Services — 0.0%
Travelex Financing PLC
8.000% 5/15/22 EUR (e) (g) (h)	$	250,000	$	1,023
Entertainment — 0.4%
CPUK Finance Ltd.
4.875% 2/28/47 GBP (e) (g)		600,000		721,438
6.500% 8/28/26 GBP (e) (g)		100,000		120,345
				841,783
Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.750% 4/15/28 (g)		500,000		495,869
Internet — 0.2%
United Group BV
4.000% 11/15/27 EUR (e) (g)		500,000		446,131
Lodging — 0.1%
TVL Finance PLC
3 mo. EUR EURIBOR + 5.500% 8.742% FRN 4/28/28 EUR (e) (g)		100,000		106,668
10.250% 4/28/28 GBP (e) (g)		100,000		123,932
				230,600
Machinery – Diversified — 0.1%
Galapagos SA 3 mo. EUR EURIBOR + 4.750%
1.000% VRN 6/15/21 EUR (e) (g) (h)		20,000		109
Mangrove Luxco III SARL
7.775% 10/09/25 EUR (e) (g)		277,027		226,677
				226,786
Media — 0.3%
Tele Columbus AG
3.875% 5/02/25 EUR (e) (g)		700,000		511,773
Oil & Gas — 0.1%
KCA Deutag Pikco PLC
15.000% 12/01/27		281,023		277,510
Oil & Gas Services — 0.2%
KCA Deutag U.K. Finance PLC SOFR + 9.000%
14.124% FRN 12/01/25		411,567		412,390
Packaging & Containers — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125% 8/15/26 EUR (e) (g)		500,000		484,274
Mauser Packaging Solutions Holding Co.
7.875% 8/15/26 (g)		203,000		201,682
				685,956
Retail — 0.0%
House of Fraser Funding PLC 1 mo. GBP LIBOR + 4.250%
1.000% VRN 9/15/20 GBP (e) (g) (h)		300,000		381

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

	Principal Amount		Value
Software — 0.1%
CWT Travel Group, Inc., (Acquired 12/09/16-8/14/18, Cost $1,374,114),
8.500% 11/19/26 (d) (g)	$	217,376	$	118,715
Telecommunications — 0.2%
Altice France SA
4.000% 7/15/29 EUR (e) (g)		500,000		390,104
Transportation — 0.1%
Anarafe SL
3 mo. EUR EURIBOR + 11.750% 15.348% VRN 3/31/26 EUR (e) (g)		175,808		94,003
3 mo. EUR EURIBOR + 11.750% 15.348% VRN 3/31/26 EUR (e) (g)		175,634		93,909
				187,912
TOTAL CORPORATE DEBT (Cost $10,809,615)				7,949,977
TOTAL BONDS & NOTES (Cost $204,274,184)				183,017,456
	Number of Shares
WARRANTS — 0.0%
Technology — 0.0%
Software — 0.0%
TCS BSA, N.V. (a) (b) (c)		923,221		—
Travelex Topco Ltd. (a)		285		15,383
				15,383
TOTAL WARRANTS (Cost $0)				15,383
TOTAL LONG-TERM INVESTMENTS (Cost $206,123,477)				184,442,726
SHORT-TERM INVESTMENTS — 2.5%
	Principal Amount
Repurchase Agreement — 2.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (i)	$	4,894,763		4,894,763
TOTAL SHORT-TERM INVESTMENTS (Cost $4,894,763)				4,894,763
TOTAL INVESTMENTS — 95.2% (Cost $211,018,240) (j)				189,337,489
Other Assets/(Liabilities) — 4.8%				9,609,662
NET ASSETS — 100.0%			$	198,947,151

Abbreviation Legend

FRN Floating Rate Note

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 June 30, 2023, these securities amounted to a value of $1,156,445 or 0.58% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At June 30, 2023, these securities amounted to a value of $2,337,279 or 1.17% 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) All or a portion of the security represents unsettled bank loan commitments at June 30, 2023 where the rate will be determined at time of settlement.

(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 June 30, 2023, the aggregate market value of these securities amounted to $7,260,077 or 3.65% of net assets.

(h) 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 June 30, 2023, these securities amounted to a value of $1,513 or 0.00% of net assets.

(i) Maturity value of $4,895,383. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $4,992,691.

(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	7/17/23	USD	14,257,543	GBP	11,328,469	$	(130,732)
Canadian Imperial Bank Of Commerce	7/17/23	USD	42,620,941	EUR	39,575,918		(589,276)
Canadian Imperial Bank Of Commerce	7/17/23	EUR	2,859,218	USD	3,116,179		5,604
						$	(714,404)

Currency Legend

EUR Euro

GBP British Pound

USD U.S. Dollar

MassMutual Global Credit Income Opportunities Fund —  Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.3%
COMMON STOCK — 0.3%
France — 0.1%
Technicolor Creative Studios SA (a)		983,249	$	36,567
Vantiva SA (a)		14,662		3,391
				39,958
Spain — 0.0%
Bahia De Las Isletas SL, Class A2 (a) (b) (c)		349		—
Bahia De Las Isletas SL, Class A3 (a) (b) (c)		49		—
Bahia De Las Isletas SL, Class B2 (a) (b) (c)		445		—
Bahia De Las Isletas SL, Class B3 (a) (b) (c)		62		—
				—
United Kingdom — 0.2%
Don Jersey Topco Ltd. (Acquired 8/03/20-1/11/22, Cost $205,530) (a) (b) (c) (d)		292,774		130,138
Innovation Group PLC (a) (b) (c)		21,315		—
Innovation Group PLC (a) (b) (c)		83,667		—
KCA Deutag International Ltd. (a)		2,731		152,936
Travelex Topco Ltd. (a) (b) (c)		9,573		—
				283,074
TOTAL COMMON STOCK (Cost $349,744)				323,032
TOTAL EQUITIES (Cost $349,744)				323,032
	Principal Amount
BONDS & NOTES — 91.5%
BANK LOANS — 38.2%
Australia — 0.4%
Voyage Australia Pty Ltd., USD Term Loan B, 3 mo. USD Term SOFR + 3.500%
8.810% VRN 7/20/28	$	476,364		470,014
Belgium — 0.8%
CEP IV Investment 16 SARL, USD 2nd Lien Term Loan, 3 mo. USD Term LIBOR + 9.250%
14.526% VRN 10/01/27		1,126,326		932,034

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

	Principal Amount		Value
Canada — 0.9%
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
8.839% VRN 8/11/28	$	350,177	$	349,676
Kestrel Bidco, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000%
8.251% VRN 12/11/26		738,498		714,911
				1,064,587
Denmark — 0.4%
Auris Luxembourg III SARL, EUR Term Loan B1A, 6 mo. EUR EURIBOR + 4.000%
7.781% VRN 2/27/26 EUR (e)		500,000		514,228
France — 0.5%
Casper BidCo SAS, 2020 EUR Term Loan B3A, 3 mo. EUR EURIBOR + 3.625%
7.008% VRN 7/31/26 EUR (e)		500,000		532,135
Technicolor Creative Studios
2023 EUR PIK Term Loan, 3 mo. EUR EURIBOR + 10.000%
0.500% VRN 6/08/33 EUR (b) (c) (e)		82,145		—
2023 EUR PIK Reinstated Term Loan B, 6 mo. EUR EURIBOR + 0.500%
4.294% VRN 9/01/27 EUR (e)		203,359		138,690
				670,825
Germany — 1.5%
Aenova Holding GmbH, 2021 EUR Term Loan B, 6 mo. EUR EURIBOR + 4.500%
7.332% VRN 3/06/26 EUR (e)		500,000		526,504
Colouroz Investment 1 GmbH
Initial EUR Term Loan, 3 mo. EUR EURIBOR + 4.250%
6.497% VRN 9/21/23 EUR (e)		888,012		650,440
EUR Term Loan B3, 3 mo. EUR EURIBOR + 4.250%
6.667% VRN 9/21/23 EUR (e)		16,222		11,882
Flint Group GmbH
EUR Add on Term Loan B4, 3 mo. EUR EURIBOR + 4.250%
0.750% VRN 9/21/23 EUR (e)		108,892		79,760
EUR Term Loan B5, 3 mo. EUR EURIBOR + 4.250%
6.667% VRN 9/21/23 EUR (e)		68,995		50,537
2017 EUR Incremental B6, 3 mo. EUR EURIBOR + 4.250%
6.667% VRN 9/21/23 EUR (e)		4,005		2,934
2017 EUR Incremental B7, 3 mo. EUR EURIBOR + 4.250%
7.265% VRN 9/21/23 EUR (e)		9,806		7,183
Iris BidCo GmbH, EUR Term Loan B, 3 mo. EUR EURIBOR + 5.000%
8.242% VRN 6/29/28 EUR (e)		500,000		491,586
				1,820,826
Ireland — 0.8%
ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EUR EURIBOR + 4.250%
7.848% VRN 4/03/28 EUR (e)		994,874		1,024,541
Luxembourg — 2.5%
Alpha Group SARL, EUR Term Loan B, 3 mo. EUR EURIBOR + 3.750%
7.348% VRN 1/31/25 EUR (e)		500,000		525,484
Arvos BidCo SARL
USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 5.500%
10.773% VRN 8/29/24		327,029		150,434

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

	Principal Amount		Value
USD 1st Lien Term Loan B1, 3 mo. USD LIBOR + 5.500%
10.773% VRN 8/29/24	$	327,030	$	150,434
CCP Lux Holding SARL, EUR 1st Lien Term Loan, 3 mo. EUR EURIBOR + 3.750%
6.805% VRN 1/10/25 EUR (e)		500,000		534,006
CEP IV Investment 16 SARL, EUR Term Loan B, 3 mo. EUR EURIBOR + 4.750%
8.212% VRN 10/03/26 EUR (e)		500,000		495,983
Ineos Finance PLC, 2022 EUR Term Loan B, 1 mo. EUR EURIBOR + 4.000%
7.418% VRN 11/08/27 EUR (e)		500,000		536,581
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.443% VRN 2/01/29		613,569		610,501
				3,003,423
Netherlands — 0.8%
Median BV, 2021 EUR Term Loan B, 6 mo. EUR EURIBOR + 4.925%
8.855% VRN 10/14/27 EUR (e)		500,000		503,180
TMF Group Holding B.V., 2018 EUR 2nd Lien Term Loan, 3 mo. EUR EURIBOR + 6.625%
9.677% VRN 5/04/26 EUR (e)		500,000		538,780
				1,041,960
Norway — 0.4%
Silk Bidco AS, EUR Term Loan B, 6 mo. EUR EURIBOR + 6.500%
9.697% VRN 2/28/27 EUR (e)		500,000		476,445
Singapore — 0.7%
Fugue Finance BV, EUR Term Loan, 3 mo. EUR EURIBOR + 4.750%
8.212% VRN 1/31/28 EUR (e)		750,000		815,585
Spain — 1.4%
Anarafe SLU
2023 EUR New Money Delayed Draw Term Loan, 3 mo. EUR EURIBOR + 10.000%
13.243% VRN 6/30/25 EUR (b) (c) (e)		32,298		30,556
2023 EUR New Money Facility C, 3 mo. EUR EURIBOR + 10.000%
13.287% VRN 6/30/25 EUR (b) (c) (e)		6,652		6,896
Deoleo SA, EUR Senior Term Loan, 3 mo. EUR EURIBOR + 5.500%
9.077% VRN 6/24/25 EUR (e)		55,872		58,377
Grifols, SA, EUR 2019 Term Loan B, 3 mo. EUR EURIBOR + 2.250%
5.633% VRN 11/15/27 EUR (e)		1,000,000		1,058,377
International Park Holdings BV, 2023 EUR Term Loan B, 6 mo. EUR EURIBOR + 5.000%
8.794% VRN 12/14/26 EUR (e)		500,000		542,534
				1,696,740
Sweden — 0.1%
Hilding Anders International AB
2022 EUR PIK Reorg Holdco, 6 mo. EUR EURIBOR
0.000% VRN 2/28/27 EUR (b) (c) (e)		265,159		—
2022 EUR PIK Reorg Opco Term Loan (Acquired 10/04/22-4/28/23, Cost $198,811), 6 mo. EUR EURIBOR + 5.000%
8.648% VRN 2/28/26 EUR (b) (d) (e)		277,028		132,504

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

	Principal Amount		Value
2023 EUR New Money Facility (Acquired 5/05/23, Cost $25,261), 6 mo. EUR EURIBOR + 10.000%
13.616% VRN 1/31/26 EUR (b) (d) (e)	$	23,792	$	24,663
				157,167
United Kingdom — 4.5%
City Football Group Ltd., Term Loan, 3 mo. USD LIBOR + 3.000%
8.273% VRN 7/21/28		913,918		895,639
Constellation Automotive Ltd., GBP Term Loan B, 1 Day GBP LIBOR + 4.750%
8.178% VRN 7/28/28 GBP (e)		500,000		553,936
IVC Acquisition Ltd., 2022 EUR Term Loan B6, 6 mo. EUR EURIBOR + 4.750%
8.437% VRN 2/13/26 EUR (e)		500,000		539,746
Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EUR EURIBOR + 4.250%
7.982% VRN 10/24/25 EUR (e)		500,000		540,144
Richmond U.K. Bidco Ltd., 2017 GBP Term Loan B, 1 mo. GBP LIBOR + 4.250%
9.211% VRN 3/03/24 GBP (e)		700,000		878,776
Tunstall Group Holdings Limited, 2023 EUR Reinstated Term Loan B (Acquired 6/23/23, Cost $307,228), 3 mo. EUR EURIBOR + 10.000%
3.668% VRN 6/30/28 EUR (b) (c) (d) (e)		282,314		276,485
Virgin Media SFA Finance Ltd., GBP Term Loan L, 1 mo. GBP LIBOR + 3.250%
7.711% VRN 1/15/27 GBP (e)		1,000,000		1,211,427
Vue International Bidco PLC
2023 EUR PIK Term Loan, 6 mo. EUR EURIBOR + 2.000%
4.859% VRN 12/31/27 EUR (e)		756,305		414,018
2022 EUR Term Loan, 6 mo.EUR EURIBOR + 8.000%
11.086% VRN 6/30/27 EUR (e)		157,822		155,855
				5,466,026
United States — 22.5%
8th Avenue Food & Provisions, Inc.
2021 Incremental Term Loan, 1 mo. USD LIBOR
4.750% FRN 10/01/25 (f)		116,505		107,671
2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%
8.967% VRN 10/01/25 (f)		133,146		121,971
A-L Parent LLC, 2016 1st Lien Term Loan (Acquired 3/28/22-3/29/22, Cost $486,466), 3 mo. USD LIBOR + 3.250%
8.770% VRN 12/01/23 (d)		491,952		380,471
Albion Financing 3 SARL, 2023 EUR Term Loan, 3 mo. EUR EURIBOR + 5.250%
8.461% VRN 8/17/26 EUR (e)		510,000		553,830
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
11.688% VRN 8/02/29		250,358		222,818
ASP Blade Holdings, Inc., Initial Term Loan, 3 mo. USD LIBOR + 4.000%
4.500% VRN 10/13/28 (f)		500,000		432,645
Asurion LLC
2022 Term Loan B10, 1 mo. USD Term SOFR + 4.000%
9.202% VRN 8/19/28		497,494		470,286
2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%, 1 mo. USD Term SOFR + 5.200
10.452% VRN 1/20/29		775,862		648,815

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

	Principal Amount		Value
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.589% VRN 2/15/29	$	659,512	$	633,956
Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.000%
12.476% VRN 12/10/29		248,663		152,306
AVSC Holding Corp., 2020 Term Loan B1, 1 mo. USD LIBOR + 3.250%
8.432% VRN 3/03/25		308,428		300,526
Bausch Health Cos., Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250%
10.426% VRN 2/01/27		389,392		292,843
BCPE North Star US HoldCo 2, Inc., Term Loan, 3 mo. USD LIBOR + 4.000%
9.503% VRN 6/09/28		241,830		221,274
Broadstreet Partners, Inc., 2023 Term Loan B3, 1 mo. USD Term SOFR + 4.000%
9.160% VRN 1/27/29		144,033		142,989
BVI Medical, Inc., 2020 EUR Term Loan B, 3 mo. EUR EURIBOR + 3.500%
6.742% VRN 3/02/26 EUR (e)		495,881		456,152
Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.467% VRN 10/18/28		879,464		870,670
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.492% VRN 7/06/29		361,325		360,075
Clear Channel Outdoor Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500%, 3 mo. USD LIBOR + 3.500%
8.807% VRN 8/21/26		1,009,657		962,415
Cloud Software Group, Inc., 2022 USD Term Loan A, 3 mo. USD Term SOFR + 4.500%
9.498% VRN 9/29/28		162,763		151,980
Cloudera, Inc.
2021 Term Loan, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 10/08/28		54,796		53,358
2021 Second Lien Term Loan, 1 mo. USD Term SOFR + 6.000%
11.084% VRN 10/08/29		566,667		510,000
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 4.175%
9.377% VRN 4/13/29		329,884		324,220
CoreLogic, Inc.
2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
7.000% VRN 6/04/29		355,114		284,979
Term Loan, 1 mo. USD LIBOR + 3.500%
8.750% VRN 6/02/28		298,481		269,081
Finastra USA, Inc., USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%, 6 mo. USD LIBOR + 3.500%
9.231% VRN 6/13/24		661,324		634,528
Five Star Intermediate Holding LLC, Term Loan, 6 mo. USD Term SOFR + 4.250%
9.449% VRN 5/05/29		200,208		197,121
Flint Group GmbH, USD Term Loan C, 3 mo. USD LIBOR + 4.250%
9.523% - 9.523% VRN 9/21/23		48,694		32,733
Flint Group U.S. LLC, USD 1st Lien Term Loan B2, 3 mo. USD LIBOR + 4.250%
9.523% - 9.523% VRN 9/21/23		294,002		197,634
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.239% VRN 10/01/27		299,235		294,372

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

	Principal Amount		Value
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%
8.943% VRN 3/06/28	$	602,174	$	596,905
Grinding Media, Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.199% VRN 10/12/28		293,782		285,154
Gulf Finance LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 6.750%
11.996% - 11.967% VRN 8/25/26		996,034		965,875
Hanesbrands, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.852% VRN 3/08/30		103,380		103,638
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.967% VRN 10/19/27		50,439		49,689
Hub International Ltd., 2023 Term Loan B
0.000% VRN 6/20/30 (f)		175,000		175,317
Hyland Software, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.250%
11.467% VRN 7/07/25		250,909		240,454
IRB Holding Corp., 2022 Term Loan B
0.000% VRN 12/15/27 (f)		300,000		297,657
Ivanti Software, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.250%
9.420% VRN 12/01/27		521,658		439,252
Journey Personal Care Corp., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%
9.981% VRN 3/01/28		369,853		315,300
LBM Acquisition LLC, Term Loan B, 1 mo. USD LIBOR + 3.750%
8.943% VRN 12/17/27		243,627		233,502
Lifescan Global Corp., 2018 1st Lien Term Loan, 6 mo. USD Term SOFR + 6.000%
11.247% VRN 12/31/26		128,106		104,086
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%
10.030% VRN 7/27/28		529,480		396,887
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD Term SOFR + 3.750%
9.010% VRN 3/01/29		633,030		604,277
MedAssets Software Intermediate Holdings, Inc.
2021 Term Loan, 1 mo. USD LIBOR + 4.000%
9.178% VRN 12/18/28		198,992		168,481
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.750%
11.943% VRN 12/17/29		205,479		119,178
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000%
12.364% VRN 11/01/29 (g)		147,368		130,237
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.352% VRN 10/23/28		906,118		895,073
MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250%
9.352% VRN 5/03/28		250,000		239,500
Motel 6, Term Loan B, 1 mo. USD Term SOFR + 5.000%
10.089% VRN 9/09/26		147,711		146,972
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000%
10.004% VRN 4/11/29		549,313		482,297
Nouryon Finance BV, 2023 USD Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.318% VRN 4/03/28		254,070		251,291
Padagis LLC, Term Loan B, 3 mo. USD LIBOR + 4.750%
9.969% VRN 7/06/28		607,211		572,296

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

	Principal Amount		Value
PECF USS Intermediate Holding III Corp., Term Loan B, 3 mo. USD LIBOR + 4.250%
9.523% VRN 12/15/28	$	647,095	$	527,382
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 2/01/28		654,877		642,133
Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250%
8.753% VRN 3/03/28		240,408		238,412
PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.304% VRN 4/23/29		540,547		475,006
Proampac PG Borrower LLC, 2020 Term Loan, 1 mo. USD LIBOR + 3.750%, 3 mo. USD Term SOFR + 3.750%
8.927% - 9.141% VRN 11/03/25		494,962		489,087
Project Ruby Ultimate Parent Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.250%
3.250% VRN 3/10/28 (f)		250,000		244,063
PUG LLC, USD Term Loan, 1 mo. USD LIBOR + 3.500%
8.525% VRN 2/12/27		129,090		114,406
Quest Software U.S. Holdings, Inc.
2022 Term Loan, 3 mo. USD Term SOFR + 4.250%
9.445% VRN 2/01/29		713,988		551,556
2022 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500%
12.695% VRN 2/01/30		900,831		590,044
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.250%
9.334% VRN 7/09/25		500,000		374,845
Redstone Holdco 2 LP, 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
10.005% VRN 4/27/28		296,064		245,549
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.023% VRN 11/16/25		413,275		381,936
RelaDyne, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 5.000%
10.102% VRN 12/22/28		148,810		146,763
Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. USD Term SOFR + 3.500%
8.421% VRN 4/04/29		496,250		489,675
Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan,
0.000% VRN 8/10/23		721,424		422,545
Skopima Merger Sub, Inc., Term Loan B, 1 mo. USD LIBOR + 4.000%
4.500% VRN 5/12/28 (f)		344,996		334,709
SRS Distribution, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%
8.693% VRN 6/02/28		496,212		481,202
Starfruit Finco BV, 2023 Term Loan B, 3 mo. USD Term SOFR + 4.000%
8.990% VRN 4/03/28		116,618		115,403
Trident TPI Holdings, Inc. ., 2023 USD Term Loan, 3 mo. USD Term SOFR + 4.500%
9.742% VRN 9/15/28		360,769		355,299
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR
5.242% VRN 3/31/28		1,725		1,665
Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.250%
10.271% VRN 5/03/27		130,221		125,942
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.292% VRN 4/21/28		271,936		271,409
USIC Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
11.693% VRN 5/14/29		147,059		133,088

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

	Principal Amount		Value
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%
9.217% VRN 8/27/25	$	744,304	$	743,217
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD LIBOR + 4.250%
9.505% VRN 4/24/28		888,288		840,356
				27,430,729
TOTAL BANK LOANS (Cost $50,627,324)				46,585,130
CORPORATE DEBT — 43.7%
Brazil — 0.4%
Acu Petroleo Luxembourg SARL
7.500% 7/13/35 (h)		537,689		463,558
Canada — 0.5%
1375209 BC Ltd.
9.000% 1/30/28 (h)		81,000		81,202
First Quantum Minerals Ltd.
8.625% 6/01/31 (h)		500,000		512,440
				593,642
Cayman Islands — 1.7%
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (h)		2,225,479		2,037,092
Chile — 0.3%
Kenbourne Invest SA
4.700% 1/22/28 (h)		593,000		397,837
China — 0.8%
New Metro Global Ltd.
4.800% 12/15/24 (h)		204,000		138,108
Prosus NV
3.832% 2/08/51 (h)		666,000		409,176
Shimao Group Holdings Ltd.
3.450% 1/11/31 (h) (i)		857,000		64,479
5.600% 7/15/26 (h) (i)		1,153,000		87,235
6.125% 2/21/24 (h) (i)		1,568,000		113,870
Sunac China Holdings Ltd.
5.950% 4/26/24 (h) (i)		556,000		79,290
7.950% 10/11/23 (h) (i)		352,000		51,257
Yuzhou Group Holdings Co. Ltd.
(Acquired 10/21/21, Cost $401,760), 6.000% 10/25/23 (d) (h) (i)		431,000		17,965
(Acquired 11/25/21, Cost $435,821), 7.700% 2/20/25 (d) (h) (i)		721,000		30,054
(Acquired 4/19/21, Cost $1,000,000), 8.500% 2/04/23 (d) (h) (i)		1,000,000		41,683
				1,033,117
France — 2.0%
Accor SA
2.375% 11/29/28 EUR (e) (h)		100,000		97,853
5 yr. EUR Swap + 3.252% 2.625% VRN EUR (e) (h) (j)		200,000		204,776
5 yr. EUR Swap + 4.561% 4.375% VRN EUR (e) (h) (j)		200,000		214,490
Altice France SA
2.125% 2/15/25 EUR (e) (h)		300,000		299,944
2.500% 1/15/25 EUR (e) (h)		100,000		100,877

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

	Principal Amount		Value
Banijay Group SAS
6.500% 3/01/26 EUR (e) (h)	$	750,000	$	812,262
Electricite de France SA 5 yr. EUR Swap + 3.970%
3.375% VRN EUR (e) (h) (j)		800,000		668,496
				2,398,698
Georgia — 0.3%
Silknet JSC
8.375% 1/31/27 (h)		426,000		418,545
Germany — 1.1%
APCOA Parking Holdings GmbH 3 mo. EURIBOR + 5.000%
8.177% FRN 1/15/27 EUR (e) (h)		169,000		179,381
Bayer AG 5 yr. EUR Swap + 3.108%
3.125% VRN 11/12/79 EUR (e) (h)		400,000		377,555
IHO Verwaltungs GmbH
8.750% 5/15/28 EUR (e) (h)		350,000		393,653
ZF Europe Finance BV
2.500% 10/23/27 EUR (e) (h)		300,000		285,392
3.000% 10/23/29 EUR (e) (h)		100,000		91,661
				1,327,642
Ghana — 1.2%
Tullow Oil PLC
7.000% 3/01/25 (h)		1,350,000		828,725
10.250% 5/15/26 (h)		882,000		670,311
				1,499,036
India — 1.2%
Adani Electricity Mumbai Ltd.
3.867% 7/22/31 (h)		500,000		352,002
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash
4.625% 10/15/39 (h)		178,000		129,985
Future Retail Ltd.
5.600% 1/22/25 (h) (i)		950,000		17,860
UPL Corp. Ltd. 5 yr. CMT + 3.865%
5.250% VRN (h) (j)		222,000		182,018
Vedanta Resources Finance II PLC
8.950% 3/11/25 (h)		685,000		517,175
13.875% 1/21/24 (h)		302,000		275,519
				1,474,559
Italy — 0.5%
Castor SpA 3 mo. EURIBOR + 5.250%
8.776% FRN 2/15/29 EUR (e) (h)		199,000		201,948
Marcolin SpA
6.125% 11/15/26 EUR (e) (h)		400,000		389,559
				591,507
Luxembourg — 0.9%
INEOS Finance PLC
6.625% 5/15/28 EUR (e) (h)		300,000		321,060
Mangrove Luxco III SARL
7.775% 10/09/25 EUR (e) (h)		313,125		256,214

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

	Principal Amount		Value
Summer BC Holdco A SARL
9.250% 10/31/27 EUR (e) (h)	$	630,737	$	562,653
				1,139,927
Mexico — 1.2%
Braskem Idesa SAPI, (Acquired 3/21/23-3/30/23, Cost $540,032),
6.990% 2/20/32 (d) (h)		740,000		479,363
Infraestructura Energetica Nova SAPI de CV
4.875% 1/14/48 (h)		797,000		600,818
Sixsigma Networks Mexico SA de CV
7.500% 5/02/25 (h)		500,000		449,250
				1,529,431
Netherlands — 0.9%
Nobian Finance BV
3.625% 7/15/26 EUR (e) (h)		500,000		458,466
Titan Holdings II BV
5.125% 7/15/29 EUR (e) (h)		367,000		317,773
Wp/ap Telecom Holdings III BV
5.500% 1/15/30 EUR (e) (h)		345,000		312,444
				1,088,683
Russia — 0.0%
Sovcombank Via SovCom Capital DAC 5 yr. CMT + 6.380%
7.750% VRN (h) (i) (j)		500,000		14,063
Spain — 1.0%
Anarafe SL 3 mo. EURIBOR + 11.750%,
15.348% FRN 3/31/26 EUR (e) (h)		175,633		93,909
Kaixo Bondco Telecom SA
5.125% 9/30/29 EUR (e) (h)		705,000		666,789
Telefonica Europe BV
6 yr. EUR Swap + 2.866% 2.880% VRN EUR (e) (h) (j)		100,000		91,661
7 yr. EUR Swap + 3.347% 6.135% VRN EUR (e) (h) (j)		300,000		315,493
				1,167,852
Sweden — 0.6%
Verisure Midholding AB
5.250% 2/15/29 EUR (e) (h)		800,000		755,111
United Arab Emirates — 1.3%
DP World Salaam 5 yr. CMT + 5.750%
6.000% VRN (h) (j)		1,555,000		1,539,263
United Kingdom — 5.4%
Ashtead Capital, Inc.
4.000% 5/01/28 (h)		1,000,000		926,351
5.500% 8/11/32 (h)		750,000		725,148
Connect Finco SARL/Connect U.S. Finco LLC
6.750% 10/01/26 (h)		521,000		506,056
House of Fraser Funding PLC 1 mo. GBP LIBOR + 4.250%
1.000% VRN 9/15/20 GBP (e) (h) (i)		150,000		190
INEOS Quattro Finance 1 PLC
3.750% 7/15/26 EUR (e) (h)		400,000		383,622
KCA Deutag Pikco PLC
15.000% 12/01/27		97,967		96,742

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

	Principal Amount		Value
KCA Deutag U.K. Finance PLC
9.875% 12/01/25 (h)	$	349,977	$	346,477
SOFR + 9.000% 14.124% FRN 12/01/25		143,476		143,763
Macquarie Airfinance Holdings Ltd.
8.375% 5/01/28 (h)		131,000		132,826
Motion Bondco DAC
4.500% 11/15/27 EUR (e) (h)		225,000		214,585
Ocado Group PLC
3.875% 10/08/26 GBP (e) (h)		100,000		99,854
Travelex Financing PLC
8.000% 5/15/22 EUR (e) (h) (i)		1,050,000		4,297
Travelex Issuerco Ltd.
12.500% 8/05/25 GBP (e) (h)		1,635,577		2,560,126
TVL Finance PLC
10.250% 4/28/28 GBP (e) (h)		100,000		123,932
Vodafone Group PLC 5 yr. EUR Swap + 3.477%
3.000% VRN 8/27/80 EUR (e) (h)		375,000		329,419
				6,593,388
United States — 22.4%
AdaptHealth LLC
4.625% 8/01/29 (h)		500,000		399,085
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 (h)		595,000		589,460
5.750% 4/20/29 (h)		114,000		110,692
American Builders & Contractors Supply Co., Inc.
3.875% 11/15/29 (h)		700,000		597,566
Arconic Corp.
6.125% 2/15/28 (h)		500,000		506,202
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125% 8/15/26 EUR (e) (h)		100,000		96,856
2.125% 8/15/26 EUR (e) (h)		100,000		96,855
4.750% 7/15/27 GBP (e) (h)		125,000		125,647
AthenaHealth Group, Inc.
6.500% 2/15/30 (h)		306,000		257,542
Avient Corp.
7.125% 8/01/30 (h)		140,000		141,599
Bath & Body Works, Inc.
6.875% 11/01/35		200,000		182,998
Bausch Health Cos., Inc.
9.000% 12/15/25 (h)		165,000		143,892
11.000% 9/30/28 (h) (k)		144,000		102,283
14.000% 10/15/30 (h)		27,000		16,065
Carnival Corp.
5.750% 3/01/27 (h)		406,000		373,760
CCO Holdings LLC/CCO Holdings Capital Corp.
6.375% 9/01/29 (h)		625,000		588,849
Celanese U.S. Holdings LLC
6.379% 7/15/32 (k)		800,000		806,939
CHS/Community Health Systems, Inc.
4.750% 2/15/31 (h)		1,000,000		755,784
Clydesdale Acquisition Holdings, Inc.
6.625% 4/15/29 (h)		155,000		147,823
8.750% 4/15/30 (h)		437,000		385,750
CMG Media Corp.
8.875% 12/15/27 (h)		56,000		39,247
CommScope, Inc.
4.750% 9/01/29 (h) (k)		444,000		350,050

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

	Principal Amount		Value
Consensus Cloud Solutions, Inc.
6.000% 10/15/26 (h) (k)	$	750,000	$	680,624
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
4.750% 1/15/29 (h)		183,000		168,726
CVR Energy, Inc.
5.250% 2/15/25 (h)		561,000		540,883
5.750% 2/15/28 (h)		379,000		333,520
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.
5.875% 8/15/27 (h)		1,256,000		1,137,478
DISH DBS Corp.
5.125% 6/01/29		136,000		63,151
DISH Network Corp.
3.375% 8/15/26		300,000		152,250
Emerald Debt Merger Sub LLC
6.375% 12/15/30 EUR (e) (h)		275,000		298,955
6.625% 12/15/30 (h)		417,000		413,351
EnLink Midstream Partners LP
5.600% 4/01/44		206,000		172,468
EQM Midstream Partners LP
4.500% 1/15/29 (h)		170,000		151,622
4.750% 1/15/31 (h)		154,000		134,902
ESC Briggs & Stratton, Inc.
6.875% 12/15/49 (b) (c) (i)		514,000		—
Ford Motor Credit Co. LLC
7.200% 6/10/30		250,000		252,303
7.350% 11/04/27		300,000		306,336
Frontier Communications Holdings LLC
5.000% 5/01/28 (h)		500,000		431,405
6.000% 1/15/30 (h) (k)		500,000		367,791
Garden Spinco Corp.
8.625% 7/20/30 (h)		413,000		443,872
Genesis Energy LP/Genesis Energy Finance Corp.
8.000% 1/15/27		1,000,000		975,101
Getty Images, Inc.
9.750% 3/01/27 (h)		650,000		641,914
Global Infrastructure Solutions, Inc.
5.625% 6/01/29 (h)		218,000		177,624
Graham Packaging Co., Inc.
7.125% 8/15/28 (h)		427,000		364,551
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.375% 12/15/25		88,000		81,805
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.750% 12/01/31 (h)		150,000		123,006
5.500% 1/15/30 (h)		586,000		562,150
Legacy LifePoint Health LLC
6.750% 4/15/25 (h)		150,000		139,323
Mauser Packaging Solutions Holding Co.
9.250% 4/15/27 (h) (k)		611,000		563,954
Michaels Cos., Inc.
7.875% 5/01/29 (h) (k)		200,000		134,758
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (h)		189,600		190,073
Nabors Industries, Inc.
7.375% 5/15/27 (h)		266,000		253,107
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.500% 2/01/26 (h)		850,000		837,141
Nordstrom, Inc.
5.000% 1/15/44		1,184,000		822,276

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

	Principal Amount		Value
Novelis Corp.
3.875% 8/15/31 (h)	$	700,000	$	575,828
Occidental Petroleum Corp.
6.125% 1/01/31		452,000		458,961
6.375% 9/01/28		657,000		667,878
OI European Group BV
6.250% 5/15/28 EUR (e) (h)		130,000		144,840
Olympus Water U.S. Holding Corp.
4.250% 10/01/28 (h)		210,000		166,015
5.375% 10/01/29 EUR (e) (h)		235,000		177,740
7.125% 10/01/27 (h) (k)		285,000		256,955
PECF USS Intermediate Holding III Corp.
8.000% 11/15/29 (h)		610,000		343,125
Pentair Finance SARL
5.900% 7/15/32		750,000		756,363
PRA Group, Inc.
7.375% 9/01/25 (h) (k)		250,000		237,653
PROG Holdings, Inc.
6.000% 11/15/29 (h)		317,000		279,124
Sonic Automotive, Inc.
4.625% 11/15/29 (h) (k)		573,000		479,855
4.875% 11/15/31 (h)		289,000		237,149
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000% 9/20/25 (h)		447,000		450,341
Staples, Inc.
10.750% 4/15/27 (h)		164,000		95,267
T-Mobile USA, Inc.
3.375% 4/15/29		750,000		677,286
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		251,000		231,959
TransDigm, Inc.
6.750% 8/15/28 (h)		258,000		258,978
Trident TPI Holdings, Inc.
12.750% 12/31/28 (h)		418,000		433,466
Triumph Group, Inc.
7.750% 8/15/25 (k)		217,000		210,967
9.000% 3/15/28 (h)		500,000		510,519
Upbound Group, Inc.
6.375% 2/15/29 (h) (k)		800,000		710,000
Veritas U.S., Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 (h)		225,000		182,569
				27,274,202
TOTAL CORPORATE DEBT (Cost $63,402,901)				53,337,153
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.6%
Cayman Islands — 7.6%
Alinea CLO Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 6.000%
11.250% FRN 7/20/31 (h)		1,250,000		1,077,116
Ares XLVIII CLO Ltd., Series 2018-48A, Class E, 3 mo. USD LIBOR + 5.200%
10.450% FRN 7/20/30 (h)		800,000		660,870
Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.610%
11.883% FRN 7/23/34 (h)		1,000,000		851,501

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

	Principal Amount		Value
CIFC Funding Ltd., Series 2017-5A, Class D, 3 mo. USD LIBOR + 6.100%
11.360% FRN 11/16/30 (h)	$	500,000	$	437,189
Galaxy XXIV CLO Ltd., Series 2017-24A, Class E, 3 mo. USD LIBOR + 5.500%
10.760% FRN 1/15/31 (h)		700,000		615,778
Madison Park Funding XIII Ltd., Series 2014-13A, Class SUB,
0.000% VRN 4/19/30 (g) (h)		500,000		116,579
Madison Park Funding XXVII Ltd., Series 2018-27A, Class D, 3 mo. USD LIBOR + 5.000%
10.250% FRN 4/20/30 (h)		500,000		449,006
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class F, 3 mo. USD LIBOR + 7.600%
12.860% FRN 7/15/30 (h)		500,000		411,823
Magnetite VII Ltd., Series 2012-7A, Class SUB,
0.000% VRN 1/15/28 (g) (h)		2,000,000		553,580
Oak Hill Credit Partners X Ltd., Series 2014-10RA, Class SUB,
0.000% VRN 7/20/26 (g) (h)		1,400,000		559,457
Steele Creek CLO Ltd., Series 2018-2A, Class E, 3 mo. USD LIBOR + 6.200%
11.545% FRN 8/18/31 (h)		850,000		611,295
THL Credit Wind River CLO Ltd.
Series 2018-2A, Class E, 3 mo. USD LIBOR + 5.750% 11.010% FRN 7/15/30 (h)		1,450,000		1,157,326
Series 2017-4A, Class E, 3 mo. USD LIBOR + 5.800% 11.179% FRN 11/20/30 (h)		500,000		420,739
Wellfleet CLO Ltd.
Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.500% 10.760% FRN 7/17/31 (h)		1,000,000		692,089
Series 2017-3A, Class D, 3 mo. USD LIBOR + 5.550% 10.810% FRN 1/17/31 (h)		1,000,000		660,077
				9,274,425
Ireland — 2.0%
Bain Capital Euro CLO DAC, Series 2021-2A, Class E, 3 mo. EUR EURIBOR + 6.220%
9.397% FRN 7/17/34 EUR (h)		800,000		727,860
Blackrock European CLO VII DAC, Series 7X, Class E, 3 mo. EUR EURIBOR + 5.500%
8.347% FRN 10/15/31 EUR (h)		725,000		686,818
Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. EUR EURIBOR + 6.160%
9.365% FRN 7/21/34 EUR (h)		1,000,000		976,527
				2,391,205
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $16,196,264)				11,665,630
TOTAL BONDS & NOTES (Cost $130,226,489)				111,587,913
	Number of Shares
WARRANTS — 0.0%
United Kingdom — 0.0%
Travelex Topco Ltd. (a)		837		45,177

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

	Number of Shares		Value
TOTAL WARRANTS (Cost $0)			$	45,177
TOTAL LONG-TERM INVESTMENTS (Cost $130,576,233)				111,956,122
SHORT-TERM INVESTMENTS — 9.2%
Investment of Cash Collateral from Securities Loaned — 2.6%
State Street Navigator Securities Lending Government Money Market Portfolio (l)		3,246,640		3,246,640
	Principal Amount
Repurchase Agreement — 6.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (m)	$	8,020,123		8,020,123
TOTAL SHORT-TERM INVESTMENTS (Cost $11,266,763)				11,266,763
TOTAL INVESTMENTS — 101.0% (Cost $141,842,996) (n)				123,222,885
Other Assets/(Liabilities) — (1.0)%				(1,214,004)
NET ASSETS — 100.0%			$	122,008,881

Abbreviation Legend

CLO	Collateralized Loan Obligation
FRN	Floating Rate Note

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 June 30, 2023, these securities amounted to a value of $444,075 or 0.36% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At June 30, 2023, these securities amounted to a value of $1,513,326 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) All or a portion of the security represents unsettled bank loan commitments at June 30, 2023 where the rate will be determined at time of settlement.

(g) 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 June 30, 2023.

(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 June 30, 2023, the aggregate market value of these securities amounted to $57,943,237 or 47.49% 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 June 30, 2023, these securities amounted to a value of $522,243 or 0.43% of net assets.

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

(k) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $3,180,996 or 2.61% of net assets. (Note 2).

(l)	Represents investment of security lending cash collateral. (Note 2).
(m)	Maturity value of $8,021,139. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $8,180,529.

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

Forward contracts
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	7/17/23	USD	72,752	EUR	66,751	$	(129)
Canadian Imperial Bank	7/17/23	USD	5,960,865	GBP	4,736,479		(54,931)
Citibank N.A.	7/17/23	USD	27,479,869	EUR	25,513,716		(376,798)
Goldman Sachs International	7/17/23	USD	100,316	CAD	133,770		(679)
						$	(432,537)

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

June 30, 2023 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 95.5%
CORPORATE DEBT — 34.6%
Azerbaijan — 1.2%
Southern Gas Corridor CJSC
6.875% 3/24/26 (a)	$	600,000	$	609,120
Brazil — 3.1%
Acu Petroleo Luxembourg Sarl
7.500% 7/13/35 (a)		537,689		463,558
Braskem Netherlands Finance BV
7.250% 2/13/33 (a)		444,000		436,237
Minerva Luxembourg SA
4.375% 3/18/31 (a)		850,000		665,075
				1,564,870
Chile — 1.7%
Alfa Desarrollo SpA
4.550% 9/27/51 (a)		444,796		326,369
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Partners
4.050% 4/27/26 (a)		228,000		195,957
Kenbourne Invest SA
4.700% 1/22/28 (a)		510,000		342,154
				864,480
China — 0.9%
Prosus NV
3.832% 2/08/51 (a)		706,000		433,751
Georgia — 2.0%
Silknet JSC
8.375% 1/31/27 (a)		597,000		586,552
TBC Bank JSC 5 Year. USD ICE Swap + 8.995%
10.775% VRN (a) (b)		445,000		428,869
				1,015,421
Ghana — 1.3%
Tullow Oil PLC
7.000% 3/01/25 (a)		340,000		208,716
10.250% 5/15/26 (a)		581,000		441,554
				650,270
Guatemala — 0.8%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL
5.250% 4/27/29 (a) (c)		445,000		410,966

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

	Principal Amount		Value
India — 8.0%
Future Retail Ltd.
5.600% 1/22/25 (a) (d)	$	794,000	$	14,927
India Cleantech Energy
4.700% 8/10/26 (a)		754,372		658,491
India Toll Roads
5.500% 8/19/24 (a)		999,000		960,289
JSW Steel Ltd.
5.050% 4/05/32 (a)		375,000		303,138
UPL Corp. Ltd. 5 year CMT + 3.865%
5.250% VRN (a) (b)		1,250,000		1,024,875
Vedanta Resources Finance II PLC
8.950% 3/11/25 (a)		1,370,000		1,034,350
				3,996,070
Indonesia — 2.9%
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT
4.750% 5/15/25 (a)		500,000		486,760
Medco Laurel Tree Pte Ltd.
6.950% 11/12/28 (a)		350,000		321,297
Saka Energi Indonesia PT
4.450% 5/05/24 (a)		680,000		663,000
				1,471,057
Mexico — 6.8%
Banco Mercantil del Norte SA 10 yr. CMT + 5.034%
6.625% VRN (a) (b)		984,000		760,140
Cemex SAB de CV 5 yr. CMT + 4.907%
9.125% VRN (a) (b)		209,000		211,664
Infraestructura Energetica Nova SAB de CV
4.750% 1/15/51 (a)		312,000		230,100
Orbia Advance Corp. SAB de CV
5.500% 1/15/48 (a)		300,000		241,500
Petroleos Mexicanos
6.625% 6/15/38		266,000		177,605
6.950% 1/28/60		1,304,000		813,205
Sixsigma Networks Mexico SA de CV
7.500% 5/02/25 (a)		500,000		449,250
Tierra Mojada Luxembourg II Sarl
5.750% 12/01/40 (a)		639,777		547,375
				3,430,839
Morocco — 1.3%
OCP SA
5.125% 6/23/51 (a)		912,000		661,674
Paraguay — 1.0%
Rutas 2 & 7 Finance Ltd.
0.000% 9/30/36 (a)		765,000		498,397
Russia — 0.2%
Sovcombank Via SovCom Capital DAC
5 year CMT + 6.380% 7.750% VRN (a) (b) (d)		1,450,000		40,781
5 year CMT + 6.427% 8.000% VRN 4/07/30 (a) (d)		1,165,000		58,250
				99,031

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

	Principal Amount		Value
Saudi Arabia — 1.8%
Greensaif Pipelines Bidco Sarl
6.510% 2/23/42 (a)	$	521,000	$	541,601
Saudi Arabian Oil Co.
3.500% 11/24/70 (a)		529,000		350,674
				892,275
South Africa — 0.8%
Sasol Financing USA LLC
5.500% 3/18/31		500,000		393,213
Zambia — 0.8%
First Quantum Minerals Ltd.
8.625% 6/01/31 (a) (c)		392,000		401,753
TOTAL CORPORATE DEBT (Cost $22,713,230)				17,393,187
SOVEREIGN DEBT OBLIGATIONS — 60.9%
Albania — 1.5%
Albania Government International Bonds
5.900% 6/09/28 EUR (a) (e)		720,000		767,594
Angola — 2.5%
Angolan Government International Bonds
8.250% 5/09/28 (a)		850,000		752,675
9.375% 5/08/48 (a)		660,000		521,400
				1,274,075
Armenia — 1.2%
Republic of Armenia International Bonds
3.600% 2/02/31 (a)		740,000		579,050
Bahamas — 1.8%
Bahamas Government International Bonds
8.950% 10/15/32 (a)		800,000		685,321
9.000% 6/16/29 (a)		230,000		203,498
				888,819
Brazil — 3.2%
Brazil Notas do Tesouro Nacional, Series F
10.000% 1/01/33 BRL (e)		6,000,000		1,151,544
Brazilian Government International Bonds
4.750% 1/14/50		200,000		146,866
5.625% 2/21/47 (c)		370,000		310,816
				1,609,226
Costa Rica — 1.1%
Costa Rica Government International Bonds
6.125% 2/19/31 (a)		550,000		545,306
Czech Republic — 2.9%
Czech Republic Government International Bonds
0.950% 5/15/30 CZK (a) (e)		20,000,000		730,866
1.500% 4/24/40 CZK (e)		25,250,000		753,363
				1,484,229

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

	Principal Amount		Value
Dominican Republic — 2.2%
Dominican Republic International Bonds
5.500% 2/22/29 (a)	$	610,000	$	569,998
6.000% 2/22/33 (a)		590,000		543,351
				1,113,349
Guatemala — 1.1%
Guatemala Government International Bonds
4.650% 10/07/41 (a)		710,000		566,313
Hungary — 5.4%
Hungary Government International Bonds
3.000% 4/25/41 HUF (e)		710,000,000		1,277,350
4.500% 3/23/28 HUF (e)		300,000,000		769,063
6.250% 9/22/32 (a)		480,000		491,578
Magyar Export-Import Bank Zrt
6.125% 12/04/27 (a)		200,000		198,001
				2,735,992
Ivory Coast — 2.5%
Ivory Coast Government International Bonds
5.750% STEP 12/31/32 (a)		1,071,516		997,024
5.875% 10/17/31 EUR (a) (e)		300,000		273,346
				1,270,370
Jamaica — 0.5%
Jamaica Government International Bonds
7.875% 7/28/45		200,000		230,301
Mexico — 6.6%
Mexican Bonos
5.750% 3/05/26 MXN (e)		5,210,000		278,169
8.000% 11/07/47 MXN (e)		20,000,000		1,067,243
Mexican Udibonos
4.500% 12/04/25 MXN (e)		10,096,798		574,610
Mexico Government International Bonds
6.338% 5/04/53		540,000		550,075
6.350% 2/09/35		200,000		210,258
7.750% 5/29/31 MXN (e)		12,000,000		662,773
				3,343,128
Morocco — 1.9%
Morocco Government International Bonds
5.500% 12/11/42 (a)		570,000		490,200
6.500% 9/08/33 (a)		430,000		441,825
				932,025
Oman — 1.7%
Oman Government International Bonds
6.250% 1/25/31 (a)		350,000		354,634
6.750% 1/17/48 (a)		200,000		191,829
7.375% 10/28/32 (a)		270,000		296,333
				842,796

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

	Principal Amount		Value
Paraguay — 1.4%
Pakistan Government International Bonds
5.400% 3/30/50 (a)	$	330,000	$	281,497
Paraguay Government International Bonds
5.600% 3/13/48 (a)		245,000		214,299
6.100% 8/11/44 (a)		245,000		231,366
				727,162
Peru — 2.1%
Peru Government International Bonds
6.850% 2/12/42 PEN (e)		3,909,000		1,048,756
Philippines — 0.5%
Philippines Government International Bonds
5.500% 1/17/48		240,000		245,661
Poland — 0.4%
Bank Gospodarstwa Krajowego
5.375% 5/22/33 (a)		200,000		198,810
Republic of Korea — 2.7%
Korea Treasury Bonds
2.375% 12/10/28 KRW (e)		163,000,000		115,551
3.250% 3/10/53 KRW (e)		1,760,000,000		1,223,224
				1,338,775
Romania — 3.7%
Romania Government International Bonds
3.624% 5/26/30 EUR (a) (e)		640,000		611,044
4.625% 4/03/49 EUR (a) (e)		1,030,000		866,870
6.625% 9/27/29 EUR (a) (e)		340,000		384,591
				1,862,505
Serbia — 2.5%
Senegal Government International Bonds
2.050% 9/23/36 EUR (a) (e)		1,899,000		1,267,558
South Africa — 3.6%
Republic of South Africa Government International Bonds
8.750% 1/31/44 ZAR (e)		20,850,000		812,177
10.500% 12/21/26 ZAR (e)		17,690,000		975,564
				1,787,741
Sri Lanka — 2.6%
Sri Lanka Government International Bonds
6.200% 5/11/27 (a) (d)		400,000		180,163
6.750% 4/18/28 (a) (d)		200,000		90,102
6.825% 7/18/26 (a) (d)		400,000		185,994
6.850% 3/14/24 (a)		320,000		144,179
6.850% 11/03/25 (a) (d)		610,000		286,105
7.550% 3/28/30 (a) (d)		200,000		90,080
7.850% 3/14/29 (a) (d)		750,000		337,797
				1,314,420

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

	Principal Amount		Value
Tajikistan — 1.7%
Republic of Tajikistan International Bonds
7.125% 9/14/27 (a)	$	1,015,000	$	832,604
Uruguay — 2.1%
Uruguay Government International Bonds
3.875% 7/02/40 UYU (e)		25,368,081		710,610
5.750% 10/28/34		300,000		323,893
				1,034,503
Yugoslavia — 1.5%
North Macedonia Government International Bonds
1.625% 3/10/28 EUR (a) (e)		350,000		308,400
3.675% 6/03/26 EUR (a) (e)		450,000		458,509
				766,909
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $32,322,450)				30,607,977
TOTAL BONDS & NOTES (Cost $55,035,680)				48,001,164
TOTAL PURCHASED OPTIONS(#) — 0.2% (Cost $127,877)				100,237
TOTAL LONG-TERM INVESTMENTS (Cost $55,163,557)				48,101,401
	Number of Shares
SHORT-TERM INVESTMENTS — 1.6%
Investment of Cash Collateral from Securities Loaned — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		418,400		418,400
	Principal Amount
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (g)	$	412,249		412,249
TOTAL SHORT-TERM INVESTMENTS (Cost $830,649)				830,649
TOTAL INVESTMENTS — 97.3% (Cost $55,994,206) (h)				48,932,050
Other Assets/(Liabilities) — 2.7%				1,366,018
NET ASSETS — 100.0%			$	50,298,068

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 June 30, 2023, the aggregate market value of these securities amounted to $33,179,274 or 65.97% of net assets.

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

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $409,797 or 0.81% of net assets. (Note 2).

(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 June 30, 2023, these securities amounted to a value of $1,194,119 or 2.37% of net assets.

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

(f) Represents investment of security lending cash collateral. (Note 2).

(g) Maturity value of $412,301. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $420,582.

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

(#) OTC Options Purchased
Description	Counterparty	Expiration Date	Exercise Price		No. of Contracts		Notional Amount		Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Call
AUD Call USD Put	Goldman Sachs International	12/29/23		0.68		3,925,822	AUD	3,925,822	$	44,976	$	25,339	$	19,637
Put
USD Put ILS Call	Goldman Sachs International	10/03/23		3.62		3,600,000	USD	3,600,000	$	44,619	$	43,283	$	1,336
USD Put NOK Call	Goldman Sachs International	10/17/23		9.89		2,550,000	USD	2,550,000		10,631		48,349		(37,718	)
EUR Put SEK Call	UBS AG	8/07/23		10.75		2,560,000	EUR	2,560,000		11		10,906		(10,895	)
									$	55,261	$	102,538	$	(47,277	)
									$	100,237	$	127,877	$	(27,640	)

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

OTC Options Written
Description	Counterparty	Expiration Date	Exercise Price		No. of Contracts		Notional Amount		Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call
USD Call ILS Put	Goldman Sachs International	10/03/23		3.79		3,600,000	USD	3,600,000	$	(45,166	)	$	(45,443	)	$	277
USD Call NOK Put	Goldman Sachs International	10/17/23		10.82		2,550,000	USD	2,550,000		(58,627	)		(50,893	)		(7,734	)
EUR Call SEK Put	JP Morgan Chase Bank N.A.	8/07/23		12.25		2,560,000	EUR	2,560,000		(2,754	)		(12,025	)		9,271
									$	(106,547	)	$	(108,361	)	$	1,814
Put
AUD Put USD Call	Goldman Sachs International	12/29/23		0.64		3,925,822	AUD	3,925,822	$	(31,134	)	$	(24,223	)	$	(6,911	)
									$	(137,681	)	$	(132,584	)	$	(5,097	)

Forward contracts
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
Bank of America N.A.	7/25/23	USD	3,992,075	CNH	27,268,381	$	235,388
Bank of America N.A.	8/15/23	USD	3,764,565	HUF	1,311,894,288		(37,052)
Bank of America N.A.	8/16/23	PLN	10,047,265	USD	2,401,010		64,814
Bank of America N.A.	8/22/23	JPY	352,916,060	USD	2,630,467		(166,691)
Bank of America N.A.	8/22/23	USD	620,655	CNH	4,304,538		26,301
Barclays Bank PLC	8/22/23	CNH	4,304,538	USD	605,500		(11,146)
BNP Paribas SA	7/18/23	USD	591,000	ILS	2,118,866		19,162
BNP Paribas SA	7/25/23	THB	34,178,095	USD	1,004,204		(38,322)
BNP Paribas SA	8/15/23	USD	671,828	EUR	621,025		(7,200)
Citibank N.A.	7/11/23	CLP	1,355,289,760	USD	1,655,821		33,499
Citibank N.A.	7/11/23	PEN	11,863,551	USD	3,163,614		104,756
Citibank N.A.	7/11/23	USD	1,680,146	CLP	1,355,289,760		(9,174)
Citibank N.A.	7/25/23	IDR	25,048,342,000	USD	1,676,259		(11,467)
Citibank N.A.	7/25/23	JPY	349,247,500	USD	2,640,032		(212,379)
Citibank N.A.	8/22/23	USD	2,714,220	SGD	3,619,444		33,252
Citibank N.A.	8/22/23	USD	1,061,540	PHP	59,796,548		(18,917)
Goldman Sachs International	7/11/23	MXN	9,956,480	USD	580,332		668
Goldman Sachs International	7/11/23	BRL	2,915,202	USD	598,588		9,556
Goldman Sachs International	7/25/23	CNH	27,268,381	USD	3,826,284		(69,597)
Goldman Sachs International	8/15/23	USD	2,726,360	EUR	2,474,073		21,209
Goldman Sachs International	10/10/23	USD	570,408	MXN	9,956,480		(751)
Goldman Sachs International	10/10/23	USD	588,951	BRL	2,915,202		(9,630)
HSBC Bank USA	7/18/23	USD	1,951,989	ZAR	36,080,318		37,415
HSBC Bank USA	7/18/23	NOK	28,977,100	USD	2,752,084		(51,201)
HSBC Bank USA	7/18/23	ILS	5,099,633	USD	1,401,691		(25,406)
HSBC Bank USA	7/18/23	USD	4,386,585	CHF	3,931,289		(11,399)
HSBC Bank USA	7/18/23	USD	2,784,921	NOK	28,977,100		84,038
HSBC Bank USA	8/09/23	USD	709,322	PEN	2,644,918		(17,450)
HSBC Bank USA	8/15/23	ILS	11,496,003	USD	3,153,651		(48,294)
HSBC Bank USA	8/15/23	USD	1,415,499	CZK	30,370,981		23,878
HSBC Bank USA	8/22/23	KRW	4,675,354,030	USD	3,510,632		45,904
HSBC Bank USA	8/22/23	THB	20,077,200	USD	597,892		(28,934)
HSBC Bank USA	8/22/23	USD	2,473,000	KRW	3,171,993,450		60,069
JP Morgan Chase Bank N.A.	7/11/23	BRL	8,283,062	USD	1,695,199		32,742
JP Morgan Chase Bank N.A.	7/11/23	USD	3,124,865	PEN	11,863,551		(143,505)
JP Morgan Chase Bank N.A.	7/11/23	USD	2,167,224	BRL	11,198,263		(168,862)
JP Morgan Chase Bank N.A.	8/09/23	USD	1,000,582	BRL	5,128,531		(63,914)
Morgan Stanley & Co. LLC	7/11/23	USD	1,084,990	MXN	19,912,959		(77,010)
Morgan Stanley & Co. LLC	7/18/23	USD	955,000	ZAR	17,580,804		22,088
Morgan Stanley & Co. LLC	8/15/23	USD	2,559,541	CHF	2,260,959		22,827
Morgan Stanley & Co. LLC	8/22/23	USD	1,191,662	MYR	5,322,082		42,779
Morgan Stanley & Co. LLC	8/22/23	MYR	5,339,103	USD	1,165,234		(12,676)
						$	(320,632)

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation (Depreciation)
Short
U.S. Treasury Note 10 Year	9/20/23		89	$	(10,166,620)	$	174,979
U.S. Treasury Ultra 10 Year	9/20/23		13		(1,555,901)		16,213
U.S. Treasury Ultra Bond	9/20/23		7		(942,792)		(10,739)
						$	180,453

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 Chile		1.000	%	Quarterly	Bank of America N.A.	A	6/20/28	USD	1,300,000	$	16,796	$	(13,473	)	$	30,269
Malaysia Sovereign		1.000	%	Quarterly	Barclays Bank PLC	A	6/20/28	USD	1,000,000		20,574		8,318			12,256
Republic of Philippines		1.000	%	Quarterly	Goldman Sachs International	BBB	6/20/28	USD	1,000,000		8,968		(3,732	)		12,700
United Mexican States		1.000	%	Quarterly	Goldman Sachs International	BBB	6/20/28	USD	1,345,000		255		(19,295	)		19,550
Republic of Indonesia		1.000	%	Quarterly	Morgan Stanley & Co. LLC	BBB	6/20/28	USD	1,280,000		8,762		(9,863	)		18,625
Republic of Peru		1.000	%	Quarterly	Morgan Stanley & Co. LLC	BBB	6/20/28	USD	1,300,000		14,525		(6,167	)		20,692
										$	69,880	$	(44,212	)	$	114,092

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

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		11.215%		Maturity		1/02/29	BRL	7,351,584	$	54,008	$	—	$	54,008
BRL CDI	Maturity		11.280%		Maturity		1/02/29	BRL	2,672,803		22,070		—		22,070
BRL CDI	Maturity		13.165%		Maturity		1/02/29	BRL	2,539,758		89,908		—		89,908
BRL CDI	Maturity		13.020%		Maturity		1/02/29	BRL	2,607,099		86,761		—		86,761
3-Month TELBOR	Quarterly		3.685%		Annually		6/19/33	ILS	11,390,000		3,202		—		3,202
										$	255,949	$	—	$	255,949

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 3.675%	EUR	550,000	Annually	Fixed 4.793%	USD	604,450	Semi- Annually	Citibank N.A.	6/03/26	$	1,387	$	(467	)	$	1,855
Fixed 5.875%	EUR	300,000	Annually	Fixed 8.460%	USD	330,000	Semi- Annually	Citibank N.A.	10/17/31		34,581		(270	)		34,851
										$	35,968	$	(737	)	$	36,706

† 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

AUD	Australian Dollar
BRL	Brazilian Real

CHF Swiss Franc

CLP Chilean Peso

CNH Offshore Chinese Yuan

CZK Czech Koruna

EUR Euro

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

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

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 97.1%
Australia — 0.8%
AngloGold Ashanti Ltd. Sponsored ADR		3,754	$	79,172
Brazil — 4.0%
Banco do Brasil SA		9,300		95,949
BB Seguridade Participacoes SA		21,700		139,449
Localiza Rent a Car SA		9,700		138,768
Rumo SA		10,500		48,682
				422,848
China — 32.2%
Alibaba Group Holding Ltd. (a)		38,488		400,278
Baidu, Inc. Class A (a)		3,250		55,552
China Construction Bank Corp. Class H		301,000		195,186
China Longyuan Power Group Corp. Class H		110,000		113,672
China Resources Land Ltd.		36,000		153,313
ENN Natural Gas Co. Ltd. Class A		41,900		109,717
JD.com, Inc. Class A		7,162		121,842
Kunlun Energy Co. Ltd.		134,000		105,675
Li Auto, Inc. ADR (a)		4,402		154,510
Luxshare Precision Industry Co. Ltd. Class A		21,900		98,223
Meituan Class B (a) (b)		13,350		209,836
NARI Technology Co. Ltd. Class A		44,208		140,878
Ping An Bank Co. Ltd. Class A		61,200		94,970
Ping An Insurance Group Co. of China Ltd. Class H		35,000		224,251
Sunny Optical Technology Group Co. Ltd.		5,400		54,268
Tencent Holdings Ltd.		14,500		617,157
Topsports International Holdings Ltd. (b)		219,000		190,732
Warom Technology, Inc. Co. Class A		13,500		49,527
WuXi AppTec Co. Ltd. Class H (b)		10,600		85,167
Yum China Holdings, Inc.		3,398		191,987
				3,366,741
Czech Republic — 0.7%
Komercni banka AS		2,232		68,090
Hong Kong — 1.8%
AIA Group Ltd.		18,800		191,820
India — 11.9%
Axis Bank Ltd. GDR		4,245		253,426
HDFC Bank Ltd. ADR		5,780		402,866
Infosys Ltd. ADR		9,197		147,796
Larsen & Toubro Ltd. GDR		1,982		59,658

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

	Number of Shares		Value
Reliance Industries Ltd. GDR (b)		6,072	$	378,286
				1,242,032
Indonesia — 3.0%
Bank Negara Indonesia Persero Tbk PT		221,000		135,425
Telkom Indonesia Persero Tbk PT		654,500		174,652
				310,077
Mexico — 2.1%
Grupo Financiero Banorte SAB de CV Class O		17,227		141,725
Wal-Mart de Mexico SAB de CV		20,000		79,325
				221,050
Republic of Korea — 15.6%
Cheil Worldwide, Inc.		6,345		87,550
Hana Financial Group, Inc.		8,102		242,499
Hyundai Motor Co.		1,450		228,149
LG Chem Ltd.		511		261,350
Samsung Electronics Co. Ltd.		14,738		812,306
				1,631,854
Russia — 0.0%
X5 Retail Group NV GDR (a) (b) (c) (d)		4,250		—
Saudi Arabia — 2.8%
Al Rajhi Bank		5,302		103,692
Saudi Tadawul Group Holding Co.		1,849		92,868
Saudi Telecom Co.		8,072		93,637
				290,197
South Africa — 2.6%
Anglo American PLC		4,181		119,448
FirstRand Ltd.		41,232		150,464
				269,912
Taiwan — 15.2%
CTBC Financial Holding Co. Ltd.		153,000		122,331
Hon Hai Precision Industry Co. Ltd.		58,000		211,106
MediaTek, Inc.		6,000		133,183
Powertech Technology, Inc.		44,000		148,824
Taiwan Semiconductor Manufacturing Co. Ltd.		52,000		969,037
				1,584,481
Thailand — 1.5%
CP ALL PCL		89,200		157,580
United Arab Emirates — 1.2%
Emaar Properties PJSC		74,262		130,353
United States — 1.7%
Samsonite International SA (a) (b)		63,300		179,959
TOTAL COMMON STOCK (Cost $9,991,523)				10,146,166

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

	Number of Shares		Value
PREFERRED STOCK — 1.0%
Brazil — 1.0%
Gerdau SA		20,895	$	109,402
TOTAL PREFERRED STOCK (Cost $102,677)				109,402
TOTAL EQUITIES (Cost $10,094,200)				10,255,568
TOTAL LONG-TERM INVESTMENTS (Cost $10,094,200)				10,255,568
	Principal Amount
SHORT-TERM INVESTMENTS — 2.6%
Repurchase Agreement — 2.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	267,019		267,019
TOTAL SHORT-TERM INVESTMENTS (Cost $267,019)				267,019
TOTAL INVESTMENTS — 100.7% (Cost $10,361,219) (f)				10,522,587
Other Assets/(Liabilities) — (0.7)%				(73,124)
NET ASSETS — 100.0%			$	10,449,463

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

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 June 30, 2023, the aggregate market value of these securities amounted to $1,043,980 or 9.99% of net assets.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2023, these securities amounted to a value of $0 or 0.00% of net assets.

(d) Investment is valued using significant unobservable inputs.

(e) Maturity value of $267,054. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $272,444.

(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 June 30, 2023, for the Funds' investments:

Global Floating Rate Fund

Asset Investments	Level 1		Level 2			Level 3		Total
Common Stock	$	617,015	$	131,889	*	$	660,983	$	1,409,887
Bank Loans		—		174,354,735			712,744		175,067,479
Corporate Debt		—		7,949,977			—		7,949,977
Warrants		—		15,383			—+		15,383
Short-Term Investments		—		4,894,763			—		4,894,763
Total Investments	$	617,015	$	187,346,747		$	1,373,727	$	189,337,489
Liability Investments
Unfunded Loan Commitments**	$	—	$	(2,788	)	$	—	$	(2,788	)
Asset Derivatives
Forward Contracts	$	—	$	5,604		$	—	$	5,604
Liability Derivatives
Forward Contracts	$	—	$	(720,008	)	$	—	$	(720,008	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Global Credit Income Opportunities Fund

Asset Investments	Level 1		Level 2			Level 3			Total
Common Stock*
France	$	—	$	39,958		$	—		$	39,958
Spain		—		—			—	+		—
United Kingdom		152,936		—			130,138			283,074
Bank Loans		—		46,114,026			471,104			46,585,130
Corporate Debt		—		53,337,153			—	+		53,337,153
Non-U.S. Government Agency Obligations		—		11,665,630			—			11,665,630
Warrants		—		45,177			—			45,177
Short-Term Investments		3,246,640		8,020,123			—			11,266,763
Unfunded Bank Loan Commitments**		—		1,540			—			1,540
Total Investments	$	3,399,576	$	119,223,607		$	601,242		$	123,224,425
Liability Derivatives
Forward Contracts	$	—	$	(432,537	)	$	—		$	(432,537	)

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	$	—		$	17,393,187		$	—	$	17,393,187
Sovereign Debt Obligations		—			30,607,977			—		30,607,977
Purchased Options		—			100,237			—		100,237
Short-Term Investments		418,400			412,249			—		830,649
Total Investments	$	418,400		$	48,513,650		$	—	$	48,932,050
Asset Derivatives
Forward Contracts	$	—		$	920,345		$	—	$	920,345
Futures Contracts		191,192			—			—		191,192
Swap Agreements		—			361,797			—		361,797
Total	$	191,192		$	1,282,142		$	—	$	1,473,334
Liability Derivatives
Forward Contracts	$	—		$	(1,240,977	)	$	—	$	(1,240,977	)
Futures Contracts		(10,739	)		—			—		(10,739	)
Written Options		—			(137,681	)		—		(137,681	)
Total	$	(10,739	)	$	(1,378,658	)	$	—	$	(1,389,397	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Global Emerging Markets Equity Fund

Asset Investments	Level 1			Level 2		Level 3			Total
Common Stock*
Australia	$	79,172		$	—	$	—		$	79,172
Brazil		422,848			—		—			422,848
China		346,497			3,020,244		—			3,366,741
Czech Republic		—			68,090		—			68,090
Hong Kong		—			191,820		—			191,820
India		1,242,032	��		—		—			1,242,032
Indonesia		—			310,077		—			310,077
Mexico		221,050			—		—			221,050
Republic of Korea		—			1,631,854		—			1,631,854
Russia		—			—		—	+		—
Saudi Arabia		—			290,197		—			290,197
South Africa		—			269,912		—			269,912
Taiwan		—			1,584,481		—			1,584,481
Thailand		—			157,580		—			157,580
United Arab Emirates		—			130,353		—			130,353
United States		—			179,959		—			179,959
Preferred Stock*
Brazil		109,402			—		—			109,402
Short-Term Investments		—			267,019		—			267,019
Total Investments	$	2,421,001		$	8,101,586	$	—		$	10,522,587

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

+ Represents a security at $0 value as of June 30, 2023.

Notes to Portfolio of Investments (Unaudited) (Continued)

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 June 30, 2023, 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.

Notes to Portfolio of Investments (Unaudited) (Continued)

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Foreign Securities

The 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.

Notes to Portfolio of Investments (Unaudited) (Continued)

Dividends and Distributions to Shareholders

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

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

3. Federal Income Tax Information

At June 30, 2023, 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	$	211,018,240	$	859,518	$	(22,540,269	)	$	(21,680,751	)
Global Credit Income Opportunities Fund		141,842,996		1,530,503		(20,150,614	)		(18,620,111	)
Emerging Markets Debt Blended Total Return Fund		55,994,206		1,779,330		(8,841,486	)		(7,062,156	)
Global Emerging Markets Equity Fund		10,361,219		1,786,742		(1,625,374	)		161,368

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.

Notes to Portfolio of Investments (Unaudited) (Continued)

5. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and may 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 factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, 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, other countries, and certain international organizations. 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. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) 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.