| MassMutual Clinton Limited Term Municipal Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Principal Amount |
Value | |||||||
| Bonds & Notes — 99.0% | ||||||||
| Municipal Obligations — 99.0% | ||||||||
| Arizona — 2.2% | ||||||||
| Maricopa County Industrial Development Authority, AZ, Revenue Bonds, Series D, | ||||||||
| 5.000% 12/01/34 | $ | 1,000,000 | $ | 1,109,380 | ||||
| California — 2.0% | ||||||||
| City of Los Angeles Department of Airports, CA, Revenue Bonds, Series A, | ||||||||
| 5.000% 5/15/36 | 1,000,000 | 1,026,570 | ||||||
| Florida — 4.0% | ||||||||
| State of Florida, General Obligation, Series A, | ||||||||
| 5.000% 6/01/26 | 2,000,000 | 2,042,548 | ||||||
| Georgia — 0.6% | ||||||||
| Fayette County Development Authority, GA | ||||||||
| Revenue Bonds, 5.000% 10/01/26 | 150,000 | 153,073 | ||||||
| Revenue Bonds, 5.000% 10/01/27 | 150,000 | 155,665 | ||||||
| 308,738 | ||||||||
| Illinois — 11.7% | ||||||||
| City of Chicago, IL, General Obligation, Series A, | ||||||||
| 4.000% 1/01/35 | 2,400,000 | 2,296,841 | ||||||
| City of Chicago, IL, Waterworks Revenue, Revenue Bonds, Series A1, | ||||||||
| 5.000% 11/01/28 | 1,225,000 | 1,252,037 | ||||||
| State of Illinois, General Obligation, | ||||||||
| 5.000% 2/01/33 | 2,250,000 | 2,445,133 | ||||||
| 5,994,011 | ||||||||
| Indiana — 2.6% | ||||||||
| Indiana Finance Authority, Revenue Bonds, Series D, | ||||||||
| 5.000% 10/01/63 | 1,250,000 | 1,360,882 | ||||||
| Louisiana — 0.5% | ||||||||
| Louisiana Public Facilities Authority, Revenue Bonds, Series 2025A, | ||||||||
| 5.000% 5/15/30 | 250,000 | 268,467 | ||||||
| Nebraska — 3.1% | ||||||||
| Central Plains Energy Project, NE, Revenue Bonds, Series A, | ||||||||
| 5.000% 9/01/32 | 1,500,000 | 1,606,390 | ||||||
| New Jersey — 2.5% | ||||||||
| New Jersey Economic Development Authority, Revenue Bonds, Series MMM, | ||||||||
| 4.000% 6/15/35 | 1,290,000 | 1,280,603 | ||||||
| New York — 8.0% | ||||||||
| Metropolitan Transportation Authority, NY | ||||||||
| Revenue Bonds, Series E, 5.000% 11/15/32 | 2,000,000 | 2,166,966 | ||||||
| Dedicated Tax Fund, Revenue Bonds, Series A, 5.250% 11/15/27 | 1,700,000 | 1,753,803 | ||||||
| MassMutual Clinton Limited Term Municipal Fund — Portfolio of Investments (Continued) |
| Principal Amount |
Value | |||||||
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, Revenue Bonds, Series E3, | ||||||||
| 4.000% VMIG1 2/01/45 | $ | 200,000 | $ | 200,000 | ||||
| 4,120,769 | ||||||||
| North Carolina — 0.4% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, NC, Revenue Bonds, Series H, | ||||||||
| 4.000% VMIG1 1/15/48 | 200,000 | 200,000 | ||||||
| Ohio — 9.7% | ||||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, | ||||||||
| 5.000% 12/01/25 | 2,440,000 | 2,462,239 | ||||||
| State of Ohio, General Obligation, Series A, | ||||||||
| 5.000% 6/15/30 | 2,270,000 | 2,508,096 | ||||||
| 4,970,335 | ||||||||
| Pennsylvania — 13.4% | ||||||||
| Commonwealth of Pennsylvania, General Obligation, Series 2ND, | ||||||||
| 5.000% 9/15/29 | 2,320,000 | 2,375,850 | ||||||
| Lehigh County General Purpose Authority, PA | ||||||||
| Revenue Bonds, 5.000% 2/01/34 | 500,000 | 538,982 | ||||||
| Revenue Bonds, 5.000% 2/01/37 | 525,000 | 550,632 | ||||||
| Pennsylvania Turnpike Commission, Revenue Bonds, Series 1ST, | ||||||||
| 5.000% 6/01/26 | 2,270,000 | 2,316,007 | ||||||
| Philadelphia Authority for Industrial Development, PA, Revenue Bonds, Series B1, | ||||||||
| 4.000% VMIG1 7/01/54 | 1,100,000 | 1,100,000 | ||||||
| 6,881,471 | ||||||||
| South Carolina — 9.0% | ||||||||
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, Series A, | ||||||||
| 5.000% 11/01/31 | 2,100,000 | 2,312,264 | ||||||
| South Carolina Public Service Authority | ||||||||
| Revenue Bonds, Series B, 4.000% 12/01/38 | 1,120,000 | 1,091,448 | ||||||
| Revenue Bonds, Series A, 5.000% 12/01/33 | 1,125,000 | 1,227,754 | ||||||
| 4,631,466 | ||||||||
| Texas — 19.0% | ||||||||
| Central Texas Turnpike System, Revenue Bonds, Series C, | ||||||||
| 5.000% 8/15/31 | 1,800,000 | 1,981,198 | ||||||
| City of San Antonio, TX, General Obligation, | ||||||||
| 5.000% 2/01/26 | 2,390,000 | 2,420,516 | ||||||
| Clifton Higher Education Finance Corp., TX, Revenue Bonds, Series A, | ||||||||
| 5.000% 2/15/30 | 1,990,000 | 2,145,239 | ||||||
| Dallas Independent School District. TX, General Obligation, Series B, | ||||||||
| 5.000% 2/15/26 | 800,000 | 810,360 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/32 | 2,200,000 | 2,377,314 | ||||||
| 9,734,627 | ||||||||
| MassMutual Clinton Limited Term Municipal Fund — Portfolio of Investments (Continued) |
| Principal Amount |
Value | |||||||
| Virginia — 7.5% | ||||||||
| County of Arlington, VA, General Obligation, Series B, | ||||||||
| 5.000% 8/15/26 | $ | 1,800,000 | $ | 1,848,015 | ||||
| Virginia Commonwealth Transportation Board, Revenue Bonds, | ||||||||
| 5.000% 3/15/26 | 2,000,000 | 2,029,720 | ||||||
| 3,877,735 | ||||||||
| Wisconsin — 2.8% | ||||||||
| University of Wisconsin Hospitals & Clinics | ||||||||
| Revenue Bonds, Series A, 5.000% 4/01/29 | 745,000 | 801,624 | ||||||
| Revenue Bonds, Series A, 5.000% 4/01/30 | 575,000 | 627,024 | ||||||
| 1,428,648 | ||||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $51,269,364) | 50,842,640 | |||||||
| TOTAL BONDS & NOTES (Cost $51,269,364) | 50,842,640 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $51,269,364) | 50,842,640 | |||||||
| Short-Term Investments — 2.8% | ||||||||
| Repurchase Agreement — 2.8% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (a) | 1,422,366 | 1,422,366 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,422,366) | 1,422,366 | |||||||
| TOTAL INVESTMENTS — 101.8% (Cost $52,691,730) (b) | 52,265,006 | |||||||
| Other Assets/(Liabilities) — (1.8)% | (911,936 | ) | ||||||
| NET ASSETS — 100.0% | $ | 51,353,070 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Maturity value of $1,422,475. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $1,451,013. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Clinton Municipal Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
Principal Amount | Value | |||||||
| Bonds & Notes — 98.4% | ||||||||
| Municipal Obligations — 98.4% | ||||||||
| Alabama — 4.0% | ||||||||
| County of Jefferson, AL, Sewer Revenue, Revenue Bonds, | ||||||||
| 5.250% 10/01/42 | $ | 2,250,000 | $ | 2,345,028 | ||||
| Arizona — 1.9% | ||||||||
| Maricopa County Industrial Development Authority, AZ, Revenue Bonds, Series D, | ||||||||
| 5.000% 12/01/34 | 1,000,000 | 1,109,381 | ||||||
| Florida — 2.8% | ||||||||
| Orange County Health Facilities Authority, FL, Revenue Bonds, Series 2025A, | ||||||||
| 5.000% 10/01/41 | 575,000 | 601,098 | ||||||
| State of Florida, General Obligation, Series A, | ||||||||
| 5.000% 6/01/26 | 1,000,000 | 1,021,274 | ||||||
| 1,622,372 | ||||||||
| Illinois — 12.0% | ||||||||
| Chicago O’Hare International Airport, IL, Revenue Bonds, Series B, | ||||||||
| 5.000% 1/01/39 | 2,375,000 | 2,394,025 | ||||||
| City of Chicago, IL, General Obligation, Series A, | ||||||||
| 4.000% 1/01/35 | 2,400,000 | 2,296,841 | ||||||
| State of Illinois, General Obligation, Series B, | ||||||||
| 5.000% 5/01/41 | 2,250,000 | 2,294,480 | ||||||
| 6,985,346 | ||||||||
| Indiana — 3.4% | ||||||||
| Concord Community Schools Building Corp., IN, Revenue Bonds, | ||||||||
| 5.000% 7/15/42 | 1,000,000 | 1,051,613 | ||||||
| Indiana Finance Authority, Revenue Bonds, Series D, | ||||||||
| 5.000% 10/01/63 | 855,000 | 930,843 | ||||||
| 1,982,456 | ||||||||
| Louisiana — 1.9% | ||||||||
| City of Lafayette, LA, Utilities Revenue, Revenue Bonds, | ||||||||
| 5.000% 11/01/36 | 1,000,000 | 1,102,316 | ||||||
| Michigan — 2.1% | ||||||||
| Grand Rapids Public Schools, MI, General Obligation, | ||||||||
| 5.000% 5/01/35 | 1,125,000 | 1,252,842 | ||||||
| Nebraska — 2.8% | ||||||||
| Central Plains Energy Project, NE, Revenue Bonds, Series A, | ||||||||
| 5.000% 9/01/32 | 1,500,000 | 1,606,390 | ||||||
| MassMutual Clinton Municipal Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| New Jersey — 2.2% | ||||||||
| New Jersey Economic Development Authority, Revenue Bonds, Series MMM, | ||||||||
| 4.000% 6/15/35 | $ | 1,290,000 | $ | 1,280,603 | ||||
| New York — 11.7% | ||||||||
| City of New York, NY, General Obligation, Series C, | ||||||||
| 4.000% 8/01/40 | 2,425,000 | 2,300,356 | ||||||
| Empire State Development Corp., NY, Revenue Bonds, Series A, | ||||||||
| 4.000% 3/15/43 | 2,235,000 | 2,046,560 | ||||||
| Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Revenue Bonds, Series A, | ||||||||
| 5.250% 11/15/27 | 1,405,000 | 1,449,467 | ||||||
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, Revenue Bonds, Series C-1, | ||||||||
| 4.000% 2/01/39 | 1,045,000 | 1,019,352 | ||||||
| 6,815,735 | ||||||||
| North Carolina — 0.7% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, NC, Revenue Bonds, Series H, | ||||||||
| 4.000% VMIG1 1/15/48 | 400,000 | 400,000 | ||||||
| Oklahoma — 0.8% | ||||||||
| Oklahoma Water Resources Board, Revenue Bonds, Series A, | ||||||||
| 4.000% 10/01/48 | 505,000 | 452,462 | ||||||
| Pennsylvania — 7.0% | ||||||||
| Commonwealth of Pennsylvania, General Obligation, Series 2ND, | ||||||||
| 5.000% 9/15/29 | 2,300,000 | 2,355,368 | ||||||
| Lehigh County General Purpose Authority, PA | ||||||||
| Revenue Bonds, 5.000% 2/01/40 | 815,000 | 834,486 | ||||||
| Revenue Bonds, 5.000% 2/01/41 | 900,000 | 914,683 | ||||||
| 4,104,537 | ||||||||
| South Carolina — 3.7% | ||||||||
| South Carolina Public Service Authority | ||||||||
| Revenue Bonds, Series B, 4.000% 12/01/38 | 1,120,000 | 1,091,448 | ||||||
| Revenue Bonds, Series A, 5.000% 12/01/40 | 1,000,000 | 1,048,940 | ||||||
| 2,140,388 | ||||||||
| Tennessee — 1.8% | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority, TN, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/41 | 1,000,000 | 1,044,755 | ||||||
| Texas — 34.9% | ||||||||
| Bexar County Hospital District, TX, General Obligation, | ||||||||
| 5.000% 2/15/48 | 1,500,000 | 1,511,139 | ||||||
| Central Texas Turnpike System, TX, Revenue Bonds, Series C, | ||||||||
| 5.000% 8/15/32 | 1,115,000 | 1,236,209 | ||||||
| City of San Antonio, TX, General Obligation, | ||||||||
| 5.000% 2/01/26 | 2,390,000 | 2,420,514 | ||||||
| Clifton Higher Education Finance Corp., TX | ||||||||
| Revenue Bonds, Series A, 5.000% 2/15/34 | 1,000,000 | 1,101,542 | ||||||
| Revenue Bonds, Series A, 5.000% 8/15/34 | 1,160,000 | 1,265,191 | ||||||
| Revenue Bonds, 5.000% 8/15/36 | 1,115,000 | 1,211,060 | ||||||
| Conroe Independent School District, TX, General Obligation, | ||||||||
| 5.000% 2/15/35 | 1,000,000 | 1,132,099 | ||||||
| MassMutual Clinton Municipal Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| County of Parker, TX, General Obligation, | ||||||||
| 4.000% 2/15/40 | $ | 1,600,000 | $ | 1,501,172 | ||||
| East Montgomery County Improvement District, TX, Sales Tax Revenue, Revenue Bonds, | ||||||||
| 5.000% 8/15/38 | 1,000,000 | 1,070,134 | ||||||
| Hurst-Euless-Bedford Independent School District, TX, General Obligation, | ||||||||
| 4.000% 8/15/40 | 2,000,000 | 1,943,581 | ||||||
| Montgomery Independent School District, TX, General Obligation, Series B, | ||||||||
| 5.000% 2/15/41 | 1,110,000 | 1,172,165 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/32 | 2,200,000 | 2,377,314 | ||||||
| Texas Water Development Board, Revenue Bonds, Series A, | ||||||||
| 5.000% 10/15/39 | 2,210,000 | 2,397,618 | ||||||
| 20,339,738 | ||||||||
| Virginia — 4.7% | ||||||||
| Commonwealth of Virginia, General Obligation, Series A, | ||||||||
| 4.000% 6/01/40 | 1,715,000 | 1,705,668 | ||||||
| County of Arlington, VA, General Obligation, Series B, | ||||||||
| 5.000% 8/15/26 | 1,000,000 | 1,026,675 | ||||||
| 2,732,343 | ||||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $59,132,340) | 57,316,692 | |||||||
TOTAL BONDS & NOTES (Cost $59,132,340) | 57,316,692 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $59,132,340) | 57,316,692 | |||||||
| Short-Term Investments — 2.0% | ||||||||
| Repurchase Agreement — 2.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (a) | 1,160,137 | 1,160,137 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,160,137) | 1,160,137 | |||||||
TOTAL INVESTMENTS — 100.4% (Cost $60,292,477) (b) | 58,476,829 | |||||||
| Other Assets/(Liabilities) — (0.4)% | (247,827 | ) | ||||||
| NET ASSETS — 100.0% | $ | 58,229,002 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Maturity value of $1,160,226. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $1,183,445. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Clinton Municipal Credit Opportunities Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
Principal Amount | Value | |||||||
| Bonds & Notes — 98.1% | ||||||||
| Municipal Obligations — 98.1% | ||||||||
| Alabama — 4.9% | ||||||||
| County of Jefferson, AL, Sewer Revenue, Revenue Bonds, | ||||||||
| 5.250% 10/01/42 | $ | 2,250,000 | $ | 2,345,028 | ||||
| Arizona — 2.8% | ||||||||
| Maricopa County Industrial Development Authority, AZ | ||||||||
| Revenue Bonds, Series D, 5.000% 12/01/34 | 750,000 | 832,036 | ||||||
| Revenue Bonds, Series D, 5.000% 12/01/44 | 500,000 | 503,038 | ||||||
| 1,335,074 | ||||||||
| Colorado — 6.2% | ||||||||
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Series A, | ||||||||
| 5.500% 4/01/44 (a) | 1,000,000 | 991,773 | ||||||
| Colorado Health Facilities Authority, Revenue Bonds, Series A2, | ||||||||
| 5.000% 8/01/44 | 2,000,000 | 1,969,718 | ||||||
| 2,961,491 | ||||||||
| Florida — 11.1% | ||||||||
| Capital Trust Authority, FL, Revenue Bonds, Series A, | ||||||||
| 5.000% 6/01/54 (a) | 1,000,000 | 884,845 | ||||||
| Florida Development Finance Corp. | ||||||||
| Revenue Bonds, 4.000% 11/15/38 | 2,000,000 | 1,907,267 | ||||||
| Revenue Bonds, 5.000% 7/01/41 | 1,000,000 | 910,463 | ||||||
| Greater Orlando Aviation Authority, FL, Revenue Bonds, | ||||||||
| 5.250% 10/01/43 | 1,600,000 | 1,656,268 | ||||||
| 5,358,843 | ||||||||
| Georgia — 3.2% | ||||||||
| Private Colleges & Universities Authority, GA, Revenue Bonds, | ||||||||
| 4.000% 4/01/44 | 1,690,000 | 1,519,773 | ||||||
| Illinois — 16.0% | ||||||||
| Chicago Board of Education, IL, General Obligation, Series A, | ||||||||
| 5.000% 12/01/40 | 1,750,000 | 1,714,123 | ||||||
| Chicago O’Hare International Airport, IL, Revenue Bonds, Series B, | ||||||||
| 5.000% 1/01/39 | 1,375,000 | 1,386,014 | ||||||
| City of Chicago, IL, General Obligation, Series A, | ||||||||
| 4.000% 1/01/35 | 2,400,000 | 2,296,841 | ||||||
| State of Illinois, General Obligation, Series B, | ||||||||
| 5.000% 5/01/41 | 2,250,000 | 2,294,481 | ||||||
| 7,691,459 | ||||||||
| MassMutual Clinton Municipal Credit Opportunities Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Indiana — 3.2% | ||||||||
| Indiana Finance Authority, Revenue Bonds, Series A, | ||||||||
| 5.500% 3/01/44 | $ | 1,500,000 | $ | 1,541,991 | ||||
| Missouri — 2.1% | ||||||||
| Lees Summit Industrial Development Authority, MO, Revenue Bonds, Series A, | ||||||||
| 5.000% 8/15/39 | 1,000,000 | 1,014,726 | ||||||
| Nebraska — 4.4% | ||||||||
| Central Plains Energy Project, NE, Revenue Bonds, Series A, | ||||||||
| 5.000% 9/01/32 | 2,000,000 | 2,141,853 | ||||||
| New York — 21.0% | ||||||||
| City of New York, NY, General Obligation, Series C, | ||||||||
| 4.000% 8/01/40 | 2,425,000 | 2,300,356 | ||||||
| Dutchess County Local Development Corp., NY, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/51 | 2,375,000 | 2,298,426 | ||||||
| Empire State Development Corp., NY, Revenue Bonds, Series A, | ||||||||
| 4.000% 3/15/43 | 2,240,000 | 2,051,139 | ||||||
| Metropolitan Transportation Authority, NY, Revenue Bonds, Series A, | ||||||||
| 5.250% 11/15/49 | 1,500,000 | 1,532,230 | ||||||
| New York State Dormitory Authority, Revenue Bonds, | ||||||||
| 5.000% 7/01/40 | 1,850,000 | 1,918,165 | ||||||
| 10,100,316 | ||||||||
| North Carolina — 4.7% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, NC, Revenue Bonds, Series H, | ||||||||
| 4.000% VMIG1 1/15/48 | 300,000 | 300,000 | ||||||
| North Carolina Medical Care Commission, Revenue Bonds, Series A, | ||||||||
| 5.125% 10/01/54 | 2,000,000 | 1,954,186 | ||||||
| 2,254,186 | ||||||||
| Pennsylvania — 6.1% | ||||||||
| Lehigh County General Purpose Authority, PA | ||||||||
| Revenue Bonds, 5.000% 2/01/41 | 480,000 | 487,831 | ||||||
| Revenue Bonds, 5.000% 2/01/42 | 1,445,000 | 1,459,794 | ||||||
| Philadelphia Authority for Industrial Development, PA, Revenue Bonds, | ||||||||
| 5.000% 6/15/39 (a) | 1,000,000 | 980,323 | ||||||
| 2,927,948 | ||||||||
| South Carolina — 4.0% | ||||||||
| South Carolina Public Service Authority, Revenue Bonds, Series A, | ||||||||
| 5.250% 12/01/50 | 1,900,000 | 1,942,802 | ||||||
| Tennessee — 4.3% | ||||||||
| Shelby County Health Educational & Housing Facilities Board, TN, Revenue Bonds, Series A, | ||||||||
| 5.250% 9/01/39 | 2,000,000 | 2,083,516 | ||||||
| MassMutual Clinton Municipal Credit Opportunities Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Texas — 4.1% | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Series A, | ||||||||
| 4.000% 12/31/35 | $ | 2,000,000 | $ | 1,949,982 | ||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $49,329,766) | 47,168,988 | |||||||
| TOTAL BONDS & NOTES (Cost $49,329,766) | 47,168,988 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $49,329,766) | 47,168,988 | |||||||
| Short-Term Investments — 0.7% | ||||||||
| Repurchase Agreement — 0.7% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (b) | 337,028 | 337,028 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $337,028) | 337,028 | |||||||
| TOTAL INVESTMENTS — 98.8% (Cost $49,666,794) (c) | 47,506,016 | |||||||
| Other Assets/(Liabilities) — 1.2% | 554,839 | |||||||
| NET ASSETS — 100.0% | $ | 48,060,855 | ||||||
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, 2025, the aggregate market value of these securities amounted to $2,856,941 or 5.94% of net assets. | |
| (b) | Maturity value of $337,053. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $343,886. | |
| (c) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Floating Rate Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 0.9% | ||||||||
| Common Stock — 0.9% | ||||||||
| Communication Services — 0.4% | ||||||||
| Learfield Communications, Inc. (a) | 5,610 | $ | 499,290 | |||||
| Technicolor Creative Studios, Inc. (a) (b) (c) | 81,756,222 | — | ||||||
| Technicolor Creative Studios, Inc. (a) (b) (c) | 39,285 | — | ||||||
| 499,290 | ||||||||
| Consumer Discretionary — 0.3% | ||||||||
| HRN Bidco AS (a) | 10,600 | 233,466 | ||||||
| HX Bidco AS (a) | 2,135 | 23,445 | ||||||
| Serta Simmons, Inc. (a) | 22,009 | 178,273 | ||||||
| 435,184 | ||||||||
| Consumer Staples — 0.2% | ||||||||
| CTI Foods Holding Co. LLC (a) (b) (c) | 8,019 | 305,043 | ||||||
| Financials — 0.0% | ||||||||
| Campfire Topco Ltd. (a) (b) (c) | 1,484,798 | — | ||||||
| Jubilee Topco Ltd., A1 shares (a) (b) (c) | 689 | — | ||||||
| Jubilee Topco Ltd., A2 shares (a) (b) (c) | 335,454 | — | ||||||
| Jubilee Topco Ltd., A3 shares (a) (b) (c) | 215,760 | — | ||||||
| Jubilee Topco Ltd., A4 shares (a) (b) (c) | 180,109 | — | ||||||
| — | ||||||||
| Health Care — 0.0% | ||||||||
| Don Jersey Topco Ltd. (a) (b) (c) | 353,106 | — | ||||||
| Information Technology — 0.0% | ||||||||
| Travelex Topco Ltd. (a) (b) (c) | 3,524 | — | ||||||
| TOTAL COMMON STOCK (Cost $1,527,146) | 1,239,517 | |||||||
| Preferred Stock — 0.0% | ||||||||
| Financials — 0.0% | ||||||||
| Veritas Kapital Assurance PLC, Series G (a) | 266 | 5,985 | ||||||
| Veritas Kapital Assurance PLC, Series G-1 (a) | 184 | 4,140 | ||||||
| 10,125 | ||||||||
| TOTAL PREFERRED STOCK (Cost $7,063) | 10,125 | |||||||
| TOTAL EQUITIES (Cost $1,534,209) | 1,249,642 | |||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 91.9% | ||||||||
| Bank Loans — 81.4% | ||||||||
| Advertising — 0.5% | ||||||||
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.441% VRN 8/23/28 (d) | $ | 436,761 | $ | 432,236 | ||||
| Planet US Buyer LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.330% VRN 2/07/31 (d) | 224,151 | 224,935 | ||||||
| 657,171 | ||||||||
| Aerospace & Defense — 0.8% | ||||||||
| Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 1/27/32 (d) | 289,550 | 289,840 | ||||||
| TransDigm, Inc. | ||||||||
| 2023 Term Loan J, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 2/28/31 (d) | 350,199 | 350,794 | ||||||
| 2024 Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 1/19/32 (d) | 375,947 | 376,451 | ||||||
| 1,017,085 | ||||||||
| Airlines — 1.0% | ||||||||
| Air Canada, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.322% VRN 3/21/31 (d) | 126,835 | 126,796 | ||||||
| American Airlines, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.522% VRN 4/20/28 (d) | 658,466 | 653,422 | ||||||
| United Airlines, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.275% VRN 2/22/31 (d) | 462,745 | 462,939 | ||||||
| 1,243,157 | ||||||||
| Auto Parts & Equipment — 0.3% | ||||||||
| Clarios Global LP, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 1/28/32 (d) | 338,411 | 338,624 | ||||||
| Banks — 0.6% | ||||||||
| AqGen Island Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 8/02/28 (d) | 820,675 | 821,528 | ||||||
| Beverages — 0.3% | ||||||||
| Sazerac Co., Inc., Term Loan B | ||||||||
| 0.000% 6/25/32 (e) | 327,544 | 327,134 | ||||||
| Biotechnology — 0.3% | ||||||||
| Advanz Pharma Corp., 2024 EUR Term Loan B, 1 mo. EURIBOR + 4.250% | ||||||||
| 6.179% VRN 10/22/31 EUR (d) (f) | 300,000 | 352,944 | ||||||
| Building Materials — 2.0% | ||||||||
| Emrld Borrower LP, Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.833% VRN 5/31/30 (d) | 715,909 | 714,914 | ||||||
| LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, 1 mo. EURIBOR + 4.175% | ||||||||
| 6.104% VRN 4/12/28 EUR (d) (f) | 1,000,000 | 1,172,980 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Wilsonart LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.546% VRN 8/05/31 (d) | $ | 718,943 | $ | 707,037 | ||||
| 2,594,931 | ||||||||
| Chemicals — 3.6% | ||||||||
| AAP Buyer, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 9/09/31 (d) | 174,971 | 174,533 | ||||||
| CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.307% VRN 12/29/27 (d) | 858,495 | 746,891 | ||||||
| Flint Group Packaging INKS North America Holdings LLC | ||||||||
| EUR PIK 2nd lien Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash, | ||||||||
| 2.283% VRN 12/30/27 EUR (d) (f) (g) | 280,176 | 21,865 | ||||||
| EUR PIK Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash, | ||||||||
| 2.283% VRN 12/30/27 EUR (d) (f) (g) | 210,097 | 186,108 | ||||||
| Fortis 333, Inc., USD Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% VRN 3/29/32 (d) | 130,548 | 130,344 | ||||||
| INEOS Quattro Holdings UK Ltd., 2023 EUR 1st Lien Term Loan B, 1 mo. EURIBOR + 4.500% | ||||||||
| 6.429% VRN 4/02/29 EUR (d) (f) | 500,000 | 558,219 | ||||||
| New Arclin US Holding Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.927% VRN 9/30/28 (d) | 320,456 | 321,219 | ||||||
| Nobian Finance BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.500% | ||||||||
| 5.765% VRN 7/31/30 EUR (d) (f) | 650,000 | 759,106 | ||||||
| Nouryon Finance BV, 2024 USD Term Loan B2, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.550% VRN 4/03/28 (d) | 215,394 | 216,230 | ||||||
| PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.642% VRN 4/23/29 (d) | 824,317 | 718,071 | ||||||
| Polar US Borrower LLC, 2024 Term Loan B1A, 3 mo. USD Term SOFR + 5.500% | ||||||||
| 9.883% VRN 10/16/28 (d) | 511,569 | 192,385 | ||||||
| SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.280% - 7.324% VRN 1/31/29 (d) | 632,312 | 632,047 | ||||||
| 4,657,018 | ||||||||
| Commercial Services — 4.7% | ||||||||
| Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.049% VRN 10/16/31 (d) | 297,751 | 298,787 | ||||||
| BIFM US Finance LLC, 2024 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.077% VRN 5/31/28 (d) | 219,912 | 220,779 | ||||||
| Boost Newco Borrower LLC, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.296% VRN 1/31/31 (d) | 548,932 | 550,074 | ||||||
| Fleet Midco I Ltd., 2024 1st Lien Term Loan B, 6 mo. USD Term SOFR + 2.750% | ||||||||
| 7.055% VRN 2/21/31 (d) | 180,559 | 180,785 | ||||||
| Fugue Finance BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250% | ||||||||
| 5.261% VRN 1/09/32 EUR (d) (f) | 1,000,000 | 1,174,417 | ||||||
| Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.333% VRN 5/04/28 (d) | 735,009 | 734,192 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| OMNIA Partners LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.033% VRN 7/25/30 (d) | $ | 274,585 | $ | 274,986 | ||||
| Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 11/19/31 (d) (e) | 383,046 | 382,567 | ||||||
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.577% VRN 3/04/28 (d) | 636,735 | 557,143 | ||||||
| Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.000% | ||||||||
| 4.980% VRN 3/27/28 EUR (d) (f) | 875,000 | 1,028,130 | ||||||
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 1/30/31 (d) | 790,342 | 786,295 | ||||||
| 6,188,155 | ||||||||
| Computers — 3.0% | ||||||||
| Bingo Holdings I LLC, Term Loan B | ||||||||
| 0.000% 6/11/32 (e) | 226,476 | 222,796 | ||||||
| Clover Holdings 2 LLC, Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.307% VRN 12/09/31 (d) | 581,786 | 581,966 | ||||||
| Fortress Intermediate 3, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 6/27/31 (d) | 304,048 | 304,428 | ||||||
| Foundever Worldwide Corp., 2021 USD Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.191% VRN 8/28/28 (d) | 780,225 | 422,461 | ||||||
| Kaseya, Inc. | ||||||||
| 2025 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 3/20/32 (d) | 563,559 | 565,498 | ||||||
| 2025 2nd Lien Term Loan B, 1 mo. USD Term SOFR + 5.000% | ||||||||
| 9.327% VRN 3/18/33 (d) | 191,257 | 191,316 | ||||||
| McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.316% VRN 3/01/29 (d) | 440,794 | 427,478 | ||||||
| Twitter, Inc., Term Loan, 1 mo. USD Term SOFR + 6.500% | ||||||||
| 10.927% VRN 10/26/29 (d) | 575,785 | 561,932 | ||||||
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.541% VRN 4/24/28 (d) | 651,078 | 616,082 | ||||||
| 3,893,956 | ||||||||
| Distribution & Wholesale — 0.4% | ||||||||
| Olympus Water US Holding Corp., 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.296% VRN 6/20/31 (d) | 560,190 | 552,997 | ||||||
| Diversified Financial Services — 1.9% | ||||||||
| Advisor Group, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 8/17/28 (d) | 291,377 | 291,825 | ||||||
| CPI Holdco B LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 5/19/31 (d) | 127,312 | 126,866 | ||||||
| Flint Group Topco Ltd. | ||||||||
| USD First Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash, | ||||||||
| 4.641% VRN 12/30/27 (d) (g) | 1,286,387 | 964,790 | ||||||
| USD Second Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash, | ||||||||
| 4.641% VRN 12/30/27 (d) (g) | 1,715,466 | 117,938 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Franklin Square Holdings LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 4/25/31 (d) | $ | 469,434 | $ | 468,260 | ||||
| OID-OL Intermediate I LLC | ||||||||
| Term Loan 2, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.733% VRN 2/01/29 (d) | 482,892 | 402,611 | ||||||
| Term Loan 1, 3 mo. USD Term SOFR + 6.000% | ||||||||
| 10.318% VRN 2/01/29 (d) | 104,763 | 107,644 | ||||||
| 2,479,934 | ||||||||
| Electric — 1.0% | ||||||||
| Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 9/30/31 (d) | 221,974 | 221,513 | ||||||
| Calpine Corp., 2024 Term Loan B10, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.077% VRN 1/31/31 (d) | 248,750 | 248,563 | ||||||
| Constellation Renewables LLC, 2020 Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.583% VRN 12/15/27 (d) | 744,561 | 746,422 | ||||||
| EFS Cogen Holdings I LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% VRN 10/03/31 (d) | 120,364 | 120,741 | ||||||
| 1,337,239 | ||||||||
| Electrical Components & Equipment — 0.4% | ||||||||
| SGB-SMIT Management GmbH, EUR Term Loan B, 1 mo. EURIBOR + 4.000%, PIK 1.000%, Cash | ||||||||
| 5.929% VRN 4/18/28 EUR (d) (f) (g) | 432,587 | 514,025 | ||||||
| Electronics — 0.5% | ||||||||
| LSF12 Crown US Commercial Bidco LLC, Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.574% VRN 12/02/31 (d) | 573,922 | 576,436 | ||||||
| Minimax Viking GmbH, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 3/17/32 (d) | 111,508 | 111,926 | ||||||
| 688,362 | ||||||||
| Engineering & Construction — 0.7% | ||||||||
| Brown Group Holding LLC | ||||||||
| 2022 Incremental Term Loan B2, 1 mo. USD Term SOFR + 2.500%, 3 mo. USD Term SOFR + 2.500%, | ||||||||
| 6.780% - 6.833% VRN 7/01/31 (d) | 299,803 | 300,109 | ||||||
| Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 7/01/31 (d) | 188,665 | 188,797 | ||||||
| Newly Weds Foods, Inc., Term Loan B | ||||||||
| 0.000% 3/15/32 (e) | 234,911 | 234,911 | ||||||
| TRC Companies LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 12/08/28 (d) | 235,647 | 234,881 | ||||||
| 958,698 | ||||||||
| Entertainment — 3.4% | ||||||||
| Bally's Corp., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.784% VRN 10/02/28 (d) | 361,077 | 318,199 | ||||||
| Banijay Entertainment SAS, 2025 EUR Term Loan B (2032), 3 mo. EURIBOR + 3.250% | ||||||||
| 5.586% VRN 2/10/32 EUR (d) (f) | 500,000 | 587,568 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| CTI Foods Holding Co. LLC | ||||||||
| 2024 First Out Incremental Term Loan, 3 mo. USD Term SOFR + 10.000% | ||||||||
| 14.583% VRN 5/01/26 (b) (c) (d) | $ | 93,334 | $ | 93,334 | ||||
| 2024 Last In First Out Term Loan, 3 mo. USD Term SOFR + 10.000% | ||||||||
| 14.583% VRN 3/15/27 (b) (c) (d) | 189,350 | 189,350 | ||||||
| EOC Borrower LLC, Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 3/24/32 (d) | 261,882 | 261,963 | ||||||
| Flutter Financing BV, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.296% VRN 6/04/32 (d) | 105,634 | 105,502 | ||||||
| J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 4/26/30 (d) | 603,651 | 595,967 | ||||||
| Motion Finco SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 3.750% | ||||||||
| 5.730% VRN 11/12/29 EUR (d) (f) | 1,000,000 | 1,110,230 | ||||||
| Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.285% VRN 4/04/29 (d) | 334,991 | 334,552 | ||||||
| Technicolor Creative Studios, Inc. | ||||||||
| EUR PIK Super Senior Term Loan | ||||||||
| 0.000% 3/31/26 EUR (b) (c) (f) (i) | 110,963 | — | ||||||
| EUR PIK Tranche 2 Note Term Loan | ||||||||
| 0.000% 3/31/26 EUR (b) (c) (f) (i) | 79,190 | — | ||||||
| EUR PIK Tranche 3 Note Term Loan | ||||||||
| 0.000% 3/31/26 EUR (b) (c) (f) (i) | 33,289 | — | ||||||
| EUR Tranche 4 Term Loan, | ||||||||
| 0.000% 3/31/26 EUR (b) (c) (f) (i) | 38,634 | — | ||||||
| 2023 EUR PIK Reinstated Term Loan B | ||||||||
| 0.000% 9/15/26 EUR (f) (i) | 261,906 | 771 | ||||||
| 2023 EUR PIK Term Loan | ||||||||
| 0.000% 3/27/33 EUR (b) (c) (f) (i) | 246,435 | — | ||||||
| UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.571% VRN 11/21/31 (d) | 137,279 | 137,730 | ||||||
| Vue Entertainment International Ltd. | ||||||||
| 2023 EUR Floating PIK Reinstated Term Loan B, 6 mo. EURIBOR + 0.100%, PIK 8.400%, Cash, | ||||||||
| 2.359% VRN 12/31/27 EUR (d) (f) (g) | 264,904 | 179,425 | ||||||
| 2023 EUR Floating PIK Term Loan, 6 mo. EURIBOR + 0.100%, PIK 8.400%, Cash, | ||||||||
| 2.359% VRN 12/31/27 EUR (d) (f) (g) | 169,058 | 188,189 | ||||||
| 2023 EUR Floating PIK Super Senior Term Loan, 6 mo. EURIBOR + 8.000%, PIK 1.000%, Cash, | ||||||||
| 10.259% VRN 6/30/27 EUR (d) (f) (g) | 93,565 | 114,073 | ||||||
| Vue International Bidco PLC, 2022 EUR Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.259% VRN 6/30/27 EUR (d) (f) | 146,160 | 169,300 | ||||||
| 4,386,153 | ||||||||
| Environmental Controls — 0.5% | ||||||||
| Liberty Tire Recycling Holdco LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.941% VRN 5/05/28 (d) | 646,184 | 623,031 | ||||||
| Food — 1.4% | ||||||||
| CTI Foods Holding Co. LLC | ||||||||
| First Out Term Loan, 3 mo. USD Term SOFR + 7.000% | ||||||||
| 11.583% VRN 5/01/26 (d) | 359,924 | 360,766 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Second Out Term Loan, 3 mo. USD Term SOFR + 9.000% | ||||||||
| 13.583% VRN 5/01/26 (d) | $ | 244,918 | $ | 233,245 | ||||
| Froneri Lux Finco SARL, 2024 EUR Term Loan B3, 6 mo. EURIBOR + 2.500% | ||||||||
| 5.098% VRN 9/30/31 EUR (d) (f) | 1,000,000 | 1,157,996 | ||||||
| Sauer Brands, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 2/19/32 (d) | 100,294 | 100,827 | ||||||
| 1,852,834 | ||||||||
| Hand & Machine Tools — 0.1% | ||||||||
| Madison Safety & Flow LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 9/26/31 (d) | 117,448 | 117,595 | ||||||
| Health Care - Products — 1.0% | ||||||||
| Bausch & Lomb Corp., 2025 Term Loan B | ||||||||
| 0.000% 12/18/30 (e) | 186,172 | 186,289 | ||||||
| Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 10/23/28 (d) | 1,131,091 | 1,131,645 | ||||||
| 1,317,934 | ||||||||
| Health Care - Services — 6.4% | ||||||||
| AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 6 mo. EURIBOR + 4.500% | ||||||||
| 6.554% VRN 12/18/28 EUR (d) (f) | 1,000,000 | 876,737 | ||||||
| Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000% | ||||||||
| 11.483% VRN 12/10/29 (d) | 292,998 | 285,966 | ||||||
| Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.564% VRN 2/11/28 (d) | 493,750 | 493,661 | ||||||
| Concentra Health Services, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 7/26/31 (d) | 172,345 | 172,776 | ||||||
| Electron BidCo, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 11/01/28 (d) | 418,465 | 419,377 | ||||||
| Heartland Dental LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.827% VRN 4/28/28 (d) | 491,275 | 491,339 | ||||||
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.006% VRN 5/19/31 (d) | 639,889 | 632,390 | ||||||
| Medical Solutions Holdings, Inc. | ||||||||
| 2021 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.880% VRN 11/01/28 (d) | 9,950 | 5,157 | ||||||
| 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000% | ||||||||
| 11.380% VRN 11/01/29 (d) | 294,737 | 124,282 | ||||||
| Mehilainen Yhtiot OYJ, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.500% | ||||||||
| 5.480% VRN 8/05/31 EUR (d) (f) | 1,000,000 | 1,178,222 | ||||||
| Midwest Physician Administrative Services LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.557% VRN 3/12/28 (d) | 230,068 | 213,579 | ||||||
| NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.677% VRN 2/23/29 (d) | 679,235 | 543,049 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Parexel International Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 11/15/28 (d) | $ | 744,336 | $ | 744,284 | ||||
| Radiology Partners, Inc., 2025 Term Loan | ||||||||
| 0.000% 6/25/32 (e) | 962,464 | 954,042 | ||||||
| Select Medical Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 12/03/31 (d) | 176,470 | 176,802 | ||||||
| Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.530% VRN 3/02/27 (d) | 647,677 | 643,526 | ||||||
| Tunstall Group Holdings Ltd. | ||||||||
| 2023 EUR Reinstated Term Loan B (Acquired 11/30/23-5/30/25, Cost $392,059), 6 mo. EURIBOR + 0.100%, PIK 4.900%, Cash, | ||||||||
| 2.142% VRN 12/20/27 EUR (d) (f) (g) (h) | 377,995 | 271,608 | ||||||
| 2023 EUR Super Senior Term Loan (Acquired 11/30/23-5/30/25, Cost $145,728), 6 mo. EURIBOR + 12.000% | ||||||||
| 14.042% VRN 12/18/26 EUR (b) (c) (d) (f) (h) | 136,345 | 150,972 | ||||||
| 8,377,769 | ||||||||
| Holding Company - Diversified — 0.0% | ||||||||
| Hilding Anders International AB, 2022 EUR PIK Reorg Holdco (Acquired 10/29/24-4/29/25, Cost $4,346), 6 mo. EURIBOR + 0.000%, PIK 12.000%, | ||||||||
| Cash 0.000% VRN 2/28/27 EUR (b) (c) (d) (f) (g) (h) | 51,924 | — | ||||||
| Insurance — 5.0% | ||||||||
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.072% VRN 9/19/31 (d) | 947,070 | 947,174 | ||||||
| AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 1/30/32 (d) | 316,797 | 316,854 | ||||||
| Assured Partners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 2/14/31 (d) | 1,072,500 | 1,074,988 | ||||||
| Asurion LLC | ||||||||
| 2024 Term Loan B12, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 9/19/30 (d) | 434,066 | 422,806 | ||||||
| 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.691% VRN 1/20/29 (d) | 1,051,724 | 973,665 | ||||||
| Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 6/13/31 (d) | 1,194,965 | 1,196,136 | ||||||
| HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.769% - 6.796% VRN 6/20/30 (d) | 430,629 | 431,822 | ||||||
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 7/31/31 (d) | 1,019,501 | 1,022,692 | ||||||
| USI, Inc., 2024 Term Loan D, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.546% VRN 11/21/29 (d) | 191,417 | 191,029 | ||||||
| 6,577,166 | ||||||||
| Internet — 2.0% | ||||||||
| ION Trading Technologies SARL, 2021 EUR Term Loan B, 3 mo. EURIBOR + 4.250% | ||||||||
| 6.230% VRN 4/03/28 EUR (d) (f) | 859,254 | 1,003,667 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| MH Sub I LLC | ||||||||
| 2023 Term Loan, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 5/03/28 (d) | $ | 292,528 | $ | 274,155 | ||||
| 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 12/31/31 (d) | 197,988 | 171,590 | ||||||
| Proofpoint, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 8/31/28 (d) | 617,644 | 617,712 | ||||||
| team.blue Finco SARL, 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.450% | ||||||||
| 5.430% VRN 9/30/29 EUR (d) (f) | 500,000 | 587,627 | ||||||
| 2,654,751 | ||||||||
| Investment Companies — 0.9% | ||||||||
| Hurtigruten ASA | ||||||||
| 2025 EUR Term Loan A, 6 mo. EURIBOR + 7.500% | ||||||||
| 9.968% VRN 2/12/30 EUR (d) (f) | 532,652 | 635,801 | ||||||
| 2025 EUR Term Loan B, 3 mo. EURIBOR + 8.000% | ||||||||
| 10.468% VRN 8/12/30 EUR (d) (f) | 123,592 | 130,481 | ||||||
| Nvent Electric Public Ltd. Co., Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 1/30/32 (d) | 431,034 | 433,388 | ||||||
| 1,199,670 | ||||||||
| Leisure Time — 0.7% | ||||||||
| City Football Group Ltd., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 8.041% VRN 7/22/30 (d) | 176,034 | 174,860 | ||||||
| Sabre GLBL, Inc. | ||||||||
| 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.941% VRN 12/17/27 (d) | 70,451 | 69,092 | ||||||
| 2021 Term Loan B1, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.941% VRN 12/17/27 (d) | 293,692 | 288,027 | ||||||
| 2024 Term Loan B1, 1 mo. USD Term SOFR + 6.000% | ||||||||
| 10.427% VRN 11/15/29 (d) | 394,489 | 392,714 | ||||||
| 924,693 | ||||||||
| Lodging — 3.2% | ||||||||
| Casper BidCo SAS, 2025 EUR Term Loan B, 1 mo. EURIBOR + 3.750% | ||||||||
| 5.679% VRN 3/21/31 EUR (d) (f) | 1,000,000 | 1,174,511 | ||||||
| Hilton Grand Vacations Borrower LLC | ||||||||
| 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 8/02/28 (d) | 83,330 | 83,240 | ||||||
| 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 1/17/31 (d) | 406,295 | 405,567 | ||||||
| Motel 6, Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 4.000% | ||||||||
| 11.500% VRN 9/09/26 (d) | 2 | 2 | ||||||
| Motel One GmbH, EUR Term Loan B | ||||||||
| 0.000% 5/03/32 EUR (e) (f) | 800,000 | 944,274 | ||||||
| Sandy BidCo BV, EUR Term Loan B, 6 mo. EURIBOR + 3.850% | ||||||||
| 6.261% VRN 8/17/29 EUR (d) (f) | 1,000,000 | 1,160,069 | ||||||
| Station Casinos LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 3/14/31 (d) | 366,775 | 367,219 | ||||||
| 4,134,882 | ||||||||
| Media — 4.4% | ||||||||
| Cumulus Media New Holdings, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.260% VRN 5/02/29 (d) | 512,172 | 124,970 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| DirecTV Financing LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.791% VRN 8/02/29 (d) | $ | 806,625 | $ | 798,922 | ||||
| Houghton Mifflin Harcourt Publishing Co., 2022 Term Loan, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.630% VRN 4/09/29 (d) | 321,454 | 313,578 | ||||||
| Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.827% VRN 6/30/28 (d) | 550,005 | 553,167 | ||||||
| McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 8/06/31 (d) | 379,821 | 380,851 | ||||||
| Sunrise Financing Partnership, Term Loan AAA, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.793% VRN 2/15/32 (d) | 608,398 | 606,621 | ||||||
| Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.426% VRN 4/30/28 (d) | 1,000,000 | 976,670 | ||||||
| VMED O2 UK Holdco 4 Ltd., 2023 EUR Term Loan Z, 1 mo. EURIBOR + 3.425% | ||||||||
| 5.317% VRN 10/15/31 EUR (d) (f) | 700,000 | 817,631 | ||||||
| Ziggo BV, 2019 EUR Term Loan H, 1 mo. EURIBOR + 3.000% | ||||||||
| 4.892% VRN 1/31/29 EUR (d) (f) | 1,000,000 | 1,124,260 | ||||||
| 5,696,670 | ||||||||
| Metal Fabricate & Hardware — 0.2% | ||||||||
| Grinding Media, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.830% VRN 10/12/28 (d) | 266,125 | 263,464 | ||||||
| Mining — 0.2% | ||||||||
| Arsenal AIC Parent LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 8/19/30 (d) | 283,628 | 282,990 | ||||||
| Miscellaneous - Manufacturing — 0.2% | ||||||||
| John Bean Technologies Corp., Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.427% VRN 1/02/32 (d) | 204,127 | 204,637 | ||||||
| Packaging & Containers — 4.2% | ||||||||
| Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.061% VRN 11/29/30 (d) | 1,184,565 | 1,188,273 | ||||||
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.175% | ||||||||
| 7.502% VRN 4/13/29 (d) | 1,073,354 | 1,070,767 | ||||||
| Mauser Packaging Solutions Holding Co., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.324% VRN 4/15/27 (d) | 858,161 | 857,629 | ||||||
| Pretium Packaging LLC, Second Out Term Loan A1, 3 mo. USD Term SOFR + 3.899%, PIK 0.702%, Cash | ||||||||
| 8.158% VRN 10/02/28 (d) (g) | 401,941 | 190,777 | ||||||
| Pretium PKG Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.750% | ||||||||
| 11.312% VRN 10/01/29 (d) | 254,237 | 39,534 | ||||||
| Proampac PG Borrower LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.256% - 8.324% VRN 9/15/28 (d) | 788,201 | 789,975 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Ring Container Technologies Group LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 8/14/28 (d) | $ | 630,000 | $ | 631,575 | ||||
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.046% VRN 9/15/28 (d) | 777,517 | 762,846 | ||||||
| 5,531,376 | ||||||||
| Pharmaceuticals — 5.0% | ||||||||
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 5.500% | ||||||||
| 9.827% VRN 5/04/28 (d) | 643,344 | 653,264 | ||||||
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250% | ||||||||
| 10.561% VRN 10/08/30 (d) | 412,844 | 397,297 | ||||||
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.396% VRN 10/01/27 (d) | 1,303,081 | 1,253,238 | ||||||
| Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.483% VRN 11/15/27 (d) | 680,838 | 678,380 | ||||||
| IVC Acquisition Ltd., 2025 EUR Repriced Term Loan B, 3 mo. EURIBOR + 4.000% | ||||||||
| 6.014% VRN 12/12/28 EUR (d) (f) | 737,000 | 871,405 | ||||||
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 5/05/28 (d) | 557,020 | 559,159 | ||||||
| Nidda Healthcare Holding AG, 2024 EUR Term Loan B2, 3 mo. EURIBOR + 4.000% | ||||||||
| 6.046% VRN 2/21/30 EUR (d) (f) | 1,425,000 | 1,677,824 | ||||||
| Organon & Co., 2024 USD Term Loan, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.571% VRN 5/19/31 (d) | 130,513 | 128,011 | ||||||
| Vizient, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.077% VRN 8/01/31 (d) | 308,795 | 309,181 | ||||||
| 6,527,759 | ||||||||
| Pipelines — 0.2% | ||||||||
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.277% VRN 10/04/30 (d) | 203,532 | 203,701 | ||||||
| Real Estate — 0.2% | ||||||||
| CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.941% VRN 6/02/28 (d) | 304,010 | 300,495 | ||||||
| Retail — 2.6% | ||||||||
| Flynn Restaurant Group LP, 2025 Incremental Term Loan | ||||||||
| 0.000% 1/28/32 (e) | 459,712 | 458,563 | ||||||
| Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 1/23/32 (d) | 688,426 | 686,492 | ||||||
| Gulfside Supply, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.296% VRN 6/17/31 (d) | 175,591 | 175,810 | ||||||
| Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 6/11/31 (d) | 738,803 | 722,180 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| IRB Holding Corp., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 12/15/27 (d) | $ | 606,682 | $ | 606,469 | ||||
| Kodiak Building Partners, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.035% VRN 12/04/31 (d) | 127,579 | 122,741 | ||||||
| LBM Acquisition LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.162% VRN 6/06/31 (d) | 208,777 | 194,424 | ||||||
| MI Windows and Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 3/28/31 (d) | 166,107 | 166,305 | ||||||
| White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 10/19/29 (d) | 322,516 | 320,259 | ||||||
| 3,453,243 | ||||||||
| Semiconductors — 0.4% | ||||||||
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.322% VRN 8/17/29 (d) | 583,887 | 584,471 | ||||||
| Software — 9.6% | ||||||||
| Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 12/11/28 (d) | 507,270 | 506,955 | ||||||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 2/15/29 (d) | 1,041,486 | 1,039,861 | ||||||
| BCPE Pequod Buyer, Inc., USD Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 11/25/31 (d) | 798,491 | 799,290 | ||||||
| Boxer Parent Co., Inc. | ||||||||
| 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.333% VRN 7/30/31 (d) | 814,852 | 809,196 | ||||||
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.083% VRN 7/30/32 (d) | 335,155 | 325,312 | ||||||
| Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 7/06/29 (d) | 206,679 | 172,081 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% VRN 3/29/29 (d) | 491,212 | 491,546 | ||||||
| 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.046% VRN 3/21/31 (d) | 201,249 | 201,547 | ||||||
| Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.177% VRN 10/08/28 (d) | 761,058 | 729,094 | ||||||
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.191% VRN 10/16/28 (d) | 161,408 | 151,068 | ||||||
| Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.074% VRN 5/01/31 (d) | 739,772 | 735,615 | ||||||
| Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 10/09/29 (d) | 270,899 | 271,408 | ||||||
| Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 1/30/32 (d) | 582,198 | 581,768 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Ivanti Software, Inc., | ||||||||
| 2025 1st Lien Term Loan (Acquired 5/02/25, Cost $527,623), 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.016% VRN 6/01/29 (d) (h) | $ | 634,263 | $ | 526,045 | ||||
| 2025 Newco Term Loan (Acquired 5/08/25-5/15/25, Cost $89,329), 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.079% VRN 6/01/29 (d) (h) | 93,975 | 96,637 | ||||||
| Loyalty Ventures, Inc., Term Loan B | ||||||||
| 0.000% 11/03/27 | 1,440,555 | 97,237 | ||||||
| MedAssets Software Intermediate Holdings, Inc. | ||||||||
| 2024 First Out Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.321% VRN 12/15/28 (d) | 258,592 | 250,974 | ||||||
| 2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.436% VRN 12/15/28 (d) | 379,540 | 341,207 | ||||||
| 2024 Term Loan A, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.571% VRN 12/15/28 (d) | 78,283 | 78,283 | ||||||
| 2024 Third Out Term Loan, 1 mo. USD Term SOFR + 6.750% | ||||||||
| 11.186% VRN 12/17/29 (d) | 41,610 | 33,548 | ||||||
| Mitchell International, Inc. | ||||||||
| 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 6/17/31 (d) | 744,375 | 743,184 | ||||||
| 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.577% VRN 6/17/32 (d) | 500,000 | 489,875 | ||||||
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 10/26/30 (d) | 441,831 | 443,735 | ||||||
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.296% VRN 7/16/31 (d) | 919,125 | 920,274 | ||||||
| Project Ruby Ultimate Parent Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.441% VRN 3/10/28 (d) | 736,707 | 737,319 | ||||||
| Sovos Compliance LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.327% VRN 8/13/29 (d) | 488,681 | 490,850 | ||||||
| SS&C Technologies, Inc., 2024 Term Loan B8, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 5/09/31 (d) | 491,547 | 493,749 | ||||||
| 12,557,658 | ||||||||
| Telecommunications — 6.7% | ||||||||
| Altice Financing SA, 2022 EUR Term Loan, 3 mo. EURIBOR + 5.000% | ||||||||
| 7.279% VRN 10/31/27 EUR (d) (f) | 987,377 | 919,998 | ||||||
| Delta TopCo, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.074% VRN 11/30/29 (d) | 548,756 | 544,541 | ||||||
| Eircom Finco SARL, 2025 EUR Term Loan B5, 1 mo. EURIBOR + 2.750% | ||||||||
| 4.712% VRN 5/15/29 EUR (d) (f) | 1,000,000 | 1,173,039 | ||||||
| Iridium Satellite LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 9/20/30 (d) | 200,793 | 200,901 | ||||||
| Level 3 Financing, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 3/27/32 (d) | 750,000 | 757,657 | ||||||
| MasOrange Finco PLC, 2025 EUR Term Loan B, 6 mo. EURIBOR + 2.750% | ||||||||
| 4.811% VRN 3/25/31 EUR (d) (f) | 1,390,000 | 1,623,532 | ||||||
| Matterhorn Telecom Holding SA, EUR Term Loan B, 3 mo. EURIBOR + 2.500% | ||||||||
| 4.534% VRN 1/30/32 EUR (d) (f) | 1,000,000 | 1,173,168 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Nuuday AS, EUR Term Loan B, 3 mo. EURIBOR + 6.500% | ||||||||
| 8.454% VRN 2/03/28 EUR (d) (f) | $ | 1,000,000 | $ | 1,177,456 | ||||
| Zegona Communications PLC, EUR Term Loan B, 6 mo. EURIBOR + 3.000% | ||||||||
| 5.657% VRN 7/17/29 EUR (d) (f) | 1,000,000 | 1,173,039 | ||||||
| 8,743,331 | ||||||||
| Transportation — 0.9% | ||||||||
| First Student Bidco, Inc. | ||||||||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 7/21/28 (d) | 529,089 | 529,089 | ||||||
| 2024 Term Loan C, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 7/21/28 (d) | 162,179 | 162,179 | ||||||
| Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 1/25/29 (d) | 482,210 | 474,977 | ||||||
| 1,166,245 | ||||||||
| TOTAL BANK LOANS (Cost $109,280,819) | 106,305,477 | |||||||
| Corporate Debt — 10.5% | ||||||||
| Advertising — 0.5% | ||||||||
| Summer BC Holdco B SARL 3 mo. EURIBOR + 4.250% | ||||||||
| 6.393% FRN 2/15/30 EUR (d) (f) (j) | 600,000 | 699,695 | ||||||
| Building Materials — 0.2% | ||||||||
| PCF GmbH | ||||||||
| 4.750% 4/15/29 EUR (f) (j) | 300,000 | 291,453 | ||||||
| Chemicals — 0.2% | ||||||||
| Monitchem HoldCo 3 SA 3 mo. EURIBOR + 5.250% | ||||||||
| 7.225% FRN 5/01/28 EUR (d) (f) (j) | 200,000 | 232,336 | ||||||
| Commercial Services — 2.8% | ||||||||
| APCOA Group GmbH 3 mo. EURIBOR + 4.125% | ||||||||
| 6.404% FRN 4/15/31 EUR (d) (f) (j) | 250,000 | 296,696 | ||||||
| BCP V Modular Services Finance II PLC | ||||||||
| 4.750% 11/30/28 EUR (f) (j) | 1,000,000 | 1,156,398 | ||||||
| Techem Verwaltungsgesellschaft 675 GmbH 3 mo. EURIBOR + 3.000% | ||||||||
| 4.977% FRN 7/15/32 EUR (d) (f) (j) (k) | 1,000,000 | 1,166,733 | ||||||
| Travelex Issuerco 2 PLC, (Acquired 5/07/24-5/06/25, Cost $961,996), PIK 7.500%, Cash | ||||||||
| 3.010% 3/31/29 GBP (f) (g) (h) (j) | 760,779 | 1,040,377 | ||||||
| 3,660,204 | ||||||||
| Computers — 0.4% | ||||||||
| Atos SE | ||||||||
| 9.000% STEP 12/18/29 EUR (f) (j) | 243,803 | 320,282 | ||||||
| 5.000% STEP 12/18/30 EUR (f) (j) | 200,000 | 200,196 | ||||||
| 520,478 | ||||||||
| Cosmetics & Personal Care — 0.2% | ||||||||
| Coty, Inc. | ||||||||
| 5.000% 4/15/26 (j) | 278,000 | 277,631 | ||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Diversified Financial Services — 0.0% | ||||||||
| Travelex Financing PLC, (Acquired 1/13/20, Cost $274,579), | ||||||||
| 8.000% 5/15/22 EUR (f) (h) (i) (j) (l) | $ | 250,000 | $ | 1,104 | ||||
| Engineering & Construction — 0.2% | ||||||||
| Assemblin Caverion Group AB 3 mo. EURIBOR + 3.500% | ||||||||
| 5.849% FRN 7/01/31 EUR (d) (f) (j) | 250,000 | 294,457 | ||||||
| Environmental Controls — 0.1% | ||||||||
| Luna 2 5SARL | ||||||||
| 5.500% 7/01/32 EUR (f) (j) (k) | 107,000 | 128,425 | ||||||
| Food — 0.3% | ||||||||
| Market Bidco Finco PLC | ||||||||
| 4.750% 11/04/27 EUR (f) (j) | 250,000 | 292,970 | ||||||
| 5.500% 11/04/27 GBP (f) (j) | 100,000 | 134,524 | ||||||
| 427,494 | ||||||||
| Forest Products & Paper — 0.2% | ||||||||
| Fedrigoni SpA | ||||||||
| 6.125% 6/15/31 EUR (f) (j) | 250,000 | 281,669 | ||||||
| Health Care - Services — 0.6% | ||||||||
| Cerba Healthcare SACA | ||||||||
| 3.500% 5/31/28 EUR (f) (j) | 400,000 | 340,918 | ||||||
| Mehilainen Yhtiot OYJ | ||||||||
| 5.125% 6/30/32 EUR (f) (j) | 227,000 | 268,529 | ||||||
| 3 mo. EURIBOR + 3.375% 5.406% FRN 6/30/32 EUR (d) (f) (j) | 190,000 | 224,431 | ||||||
| 833,878 | ||||||||
| Holding Company - Diversified — 0.2% | ||||||||
| ProGroup AG | ||||||||
| 5.125% 4/15/29 EUR (f) (j) | 250,000 | 297,801 | ||||||
| Internet — 0.6% | ||||||||
| Cerved Group SpA 3 mo. EURIBOR + 5.250% | ||||||||
| 7.225% FRN 2/15/29 EUR (d) (f) (j) | 300,000 | 349,774 | ||||||
| Engineering - Ingegneria Informatica - SpA | ||||||||
| 3 mo. EURIBOR + 5.750% 7.730% FRN 2/15/30 EUR (d) (f) (j) | 100,000 | 119,973 | ||||||
| 11.125% 5/15/28 EUR (f) (j) | 200,000 | 248,877 | ||||||
| 718,624 | ||||||||
| Leisure Time — 0.0% | ||||||||
| HX Holdings Co. Ltd. | ||||||||
| 7.000% STEP 2/12/30 EUR (f) | 39,459 | 41,600 | ||||||
| Machinery - Diversified — 0.0% | ||||||||
| Galapagos SA | ||||||||
| 1.000% 6/15/21 EUR (f) (i) (j) (l) | 20,000 | 118 | ||||||
| Media — 0.9% | ||||||||
| Sunrise FinCo I BV | ||||||||
| 4.625% 5/15/32 EUR (f) (j) | 410,000 | 486,642 | ||||||
| Tele Columbus AG PIK 10.000%, Cash | ||||||||
| 10.000% 1/01/29 EUR (f) (j) | 782,484 | 632,305 | ||||||
| 1,118,947 | ||||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Packaging & Containers — 0.1% | ||||||||
| Trivium Packaging Finance BV | ||||||||
| 6.625% 7/15/30 EUR (f) (j) | $ | 110,000 | $ | 133,919 | ||||
| Pharmaceuticals — 1.2% | ||||||||
| Grifols SA | ||||||||
| 7.125% 5/01/30 EUR (f) (j) | 829,000 | 1,013,250 | ||||||
| Nidda Healthcare Holding GmbH 3 mo. EURIBOR + 3.750% | ||||||||
| 5.900% FRN 10/23/30 EUR (d) (f) (j) | 415,000 | 491,297 | ||||||
| 1,504,547 | ||||||||
| Retail — 0.0% | ||||||||
| House of Fraser Funding PLC | ||||||||
| 1.000% 9/15/20 GBP (f) (i) (j) (l) | 300,000 | 206 | ||||||
| Software — 0.1% | ||||||||
| TeamSystem SpA 3 mo. EURIBOR + 3.250% | ||||||||
| 5.194% FRN 7/01/32 EUR (d) (f) (j) (k) | 100,000 | 117,686 | ||||||
| Telecommunications — 1.6% | ||||||||
| Fibercop SpA | ||||||||
| 3 mo. EURIBOR + 3.000% 4.993% FRN 6/30/31 EUR (d) (f) (j) | 275,000 | 323,937 | ||||||
| 5.125% 6/30/32 EUR (f) (j) | 275,000 | 324,390 | ||||||
| Odido Holding BV | ||||||||
| 3.750% 1/15/29 EUR (f) (j) | 500,000 | 582,349 | ||||||
| PLT VII Finance SARL 3 mo. EURIBOR + 3.500% | ||||||||
| 5.475% FRN 6/15/31 EUR (d) (f) (j) | 500,000 | 588,975 | ||||||
| Vmed O2 UK Financing I PLC | ||||||||
| 4.500% 7/15/31 GBP (f) (j) | 250,000 | 307,130 | ||||||
| 2,126,781 | ||||||||
| Transportation — 0.1% | ||||||||
| Anarafe SL 3 mo. EURIBOR + 12.750% | ||||||||
| 14.694% FRN 12/31/26 EUR (d) (f) (j) | 93,585 | 69,451 | ||||||
| TOTAL CORPORATE DEBT (Cost $13,565,558) | 13,778,504 | |||||||
| TOTAL BONDS & NOTES (Cost $122,846,377) | 120,083,981 | |||||||
| Number of Shares | ||||||||
| Warrants — 0.0% | ||||||||
| Technology — 0.0% | ||||||||
| Travelex International Ltd., Expires 8/18/21 (a) | 285 | 391 | ||||||
| TOTAL WARRANTS (Cost $0) | 391 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $124,380,586) | 121,334,014 | |||||||
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Short-Term Investments — 7.9% | ||||||||
| Repurchase Agreement — 7.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (m) | $ | 10,295,340 | $ | 10,295,340 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $10,295,340) | 10,295,340 | |||||||
| TOTAL INVESTMENTS — 100.7% (Cost $134,675,926) (n) | 131,629,354 | |||||||
| Other Assets/(Liabilities) — (0.7)% | (956,673 | ) | ||||||
| NET ASSETS — 100.0% | $ | 130,672,681 | ||||||
Abbreviation Legend
| EURIBOR | Euro Inter-Bank Offered Rate |
| FRN | Floating Rate Note |
| PIK | Payment in kind |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $738,699 or 0.57% of net assets. |
| (c) | Investment is valued using significant unobservable inputs. |
| (d) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (e) | All or a portion of the security represents unsettled bank loan commitments at June 30, 2025, where the rate will be determined at time of settlement. |
| (f) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
| (g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (h) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $2,086,743 or 1.60% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (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, 2025, these securities amounted to a value of $2,199 or 0.00% of net assets. |
| (j) | 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, 2025, the aggregate market value of these securities amounted to $13,736,904 or 10.51% of net assets. |
| (k) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (l) | The maturity date of the security has been extended past the date disclosed. The new maturity date is not available as of June 30, 2025. |
| (m) | Maturity value of $10,296,127. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $10,501,393. |
| (n) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Floating Rate Fund — Portfolio of Investments (Continued) |
| Forward contracts | |||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | |||||||||
| Morgan Stanley & Co. LLC | 7/21/25 | EUR | 1,000,000 | USD | 1,163,328 | $ | 16,100 | ||||||
| Morgan Stanley & Co. LLC | 7/21/25 | USD | 1,620,142 | GBP | 1,193,088 | (17,688) | |||||||
| Morgan Stanley & Co. LLC | 7/21/25 | USD | 237,199 | NOK | 2,353,200 | 3,707 | |||||||
| Morgan Stanley & Co. LLC | 7/21/25 | USD | 40,843,407 | EUR | 35,314,966 | (808,046) | |||||||
| $ | (805,927) | ||||||||||||
Currency Legend
| EUR | Euro |
| GBP | British Pound |
| NOK | Norwegian Krone |
| USD | U.S. Dollar |
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 0.4% | ||||||||
| Common Stock — 0.4% | ||||||||
| France — 0.0% | ||||||||
| Technicolor Creative Studios, Inc. (a) (b) (c) | 146 | $ | — | |||||
| Germany — 0.0% | ||||||||
| Campfire Topco Ltd. (a) (b) (c) | 448,154 | — | ||||||
| Norway — 0.1% | ||||||||
| HRN Bidco AS (c) | 5,296 | 116,645 | ||||||
| HX Bidco AS (c) | 1,067 | 11,717 | ||||||
| 128,362 | ||||||||
| Spain — 0.0% | ||||||||
| Bahia De Las Isletas SL Class A (a) (b) (c) | 5,454,162 | — | ||||||
| United Kingdom — 0.0% | ||||||||
| Don Jersey Topco Ltd. (a) (b) (c) | 292,774 | — | ||||||
| Jubilee Topco Ltd., A1 shares (a) (b) (c) | 746 | — | ||||||
| Jubilee Topco Ltd., A2 shares (a) (b) (c) | 363,125 | — | ||||||
| Jubilee Topco Ltd., A3 shares (a) (b) (c) | 233,558 | — | ||||||
| Jubilee Topco Ltd., A4 shares (a) (b) (c) | 194,966 | — | ||||||
| Travelex Topco Ltd. (a) (b) (c) | 9,365 | — | ||||||
| — | ||||||||
| United States — 0.3% | ||||||||
| Learfield Communications, Inc. (c) | 2,746 | 244,394 | ||||||
| Serta Simmons, Inc. (c) | 14,736 | 119,362 | ||||||
| Technicolor Creative Studios, Inc. (a) (b) (c) | 17,217,094 | — | ||||||
| 363,756 | ||||||||
| TOTAL COMMON STOCK (Cost $657,899) | 492,118 | |||||||
| Preferred Stock — 0.0% | ||||||||
| United States — 0.0% | ||||||||
| Veritas Kapital Assurance PLC, Series G (c) | 1,017 | 22,883 | ||||||
| Veritas Kapital Assurance PLC, Series G-1 (c) | 702 | 15,795 | ||||||
| TOTAL PREFERRED STOCK (Cost $26,980) | 38,678 | |||||||
| TOTAL EQUITIES (Cost $684,879) | 530,796 | |||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 92.3% | ||||||||
| Bank Loans — 44.2% | ||||||||
| Belgium — 0.8% | ||||||||
| Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.426% VRN 4/30/28 (d) | $ | 500,000 | $ | 488,335 | ||||
| United Petfood Finance BV, 2025 EUR Term Loan B, 6 mo. EURIBOR + 2.750% | ||||||||
| 5.171% VRN 2/26/32 EUR (d) (e) | 500,000 | 586,767 | ||||||
| 1,075,102 | ||||||||
| Canada — 0.5% | ||||||||
| Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.030% VRN 10/18/31 (d) | 467,292 | 425,236 | ||||||
| WestJet Loyalty LP, Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 2/14/31 (d) | 215,319 | 215,211 | ||||||
| 640,447 | ||||||||
| Denmark — 0.4% | ||||||||
| Auris Luxembourg III SARL, 2024 EUR Term Loan B5, 6 mo. EURIBOR + 4.000% | ||||||||
| 6.042% VRN 2/28/29 EUR (d) (e) | 500,000 | 589,069 | ||||||
| France — 1.2% | ||||||||
| AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 6 mo. EURIBOR + 4.500% | ||||||||
| 6.554% VRN 12/18/28 EUR (d) (e) | 500,000 | 438,368 | ||||||
| Casper BidCo SAS, 2025 EUR Term Loan B, 1 mo. EURIBOR + 3.750% | ||||||||
| 5.679% VRN 3/21/31 EUR (d) (e) | 500,000 | 587,256 | ||||||
| Ceva Sante Animale, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.000% | ||||||||
| 4.980% VRN 11/08/30 EUR (d) (e) | 500,000 | 585,577 | ||||||
| Foundever Worldwide Corp., 2021 USD Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.191% VRN 8/28/28 (d) | 171,063 | 92,624 | ||||||
| Technicolor Creative Studios, Inc. | ||||||||
| EUR Tranche 4 Term Loan, | ||||||||
| 0.000% 3/31/26 EUR (a) (b) (e) (f) | 2,723 | — | ||||||
| EUR PIK Tranche 3 Note Term Loan, | ||||||||
| 0.000% 3/31/26 EUR (a) (b) (e) (f) | 2,346 | — | ||||||
| EUR PIK Super Senior Term Loan, | ||||||||
| 0.000% 3/31/26 EUR (a) (b) (e) (f) | 7,820 | — | ||||||
| EUR PIK Tranche 2 Note Term Loan, | ||||||||
| 0.000% 3/31/26 EUR (a) (b) (e) (f) | 5,581 | — | ||||||
| 2023 EUR PIK Reinstated Term Loan B, | ||||||||
| 0.000% 9/15/26 EUR (e) | 87,302 | 257 | ||||||
| 2023 EUR PIK Term Loan, | ||||||||
| 0.000% 3/27/33 EUR (a) (b) (e) | 82,145 | — | ||||||
| 1,704,082 | ||||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Germany — 2.0% | ||||||||
| Arvos HoldCo SARL, 2024 USD HoldCo Term Loan B2 (Acquired 4/09/24, Cost $17,499), | ||||||||
| 0.500% 8/29/27 (i) | $ | 48,317 | $ | 9,986 | ||||
| Arvos Holding GmbH, 2024 USD Opco Term Loan B4, 3 mo. USD Term SOFR + 5.762% | ||||||||
| 10.041% VRN 8/29/27 (d) | 272,177 | 213,659 | ||||||
| Flint Group Midco Ltd., USD Opco Term Loan, 3 mo. USD Term SOFR + 4.250%, PIK 0.750%, Cash, | ||||||||
| 8.791% VRN 12/31/26 (d) (g) | 176,779 | 166,835 | ||||||
| Flint Group Packaging INKS North America Holdings LLC, EUR PIK Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash | ||||||||
| 2.283% VRN 12/30/27 EUR (d) (e) (g) | 314,083 | 278,221 | ||||||
| Flint Group Topco Ltd. | ||||||||
| USD First Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash | ||||||||
| 4.641% VRN 12/30/27 (d) (g) | 102,334 | 76,750 | ||||||
| USD Second Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash | ||||||||
| 4.641% VRN 12/31/27 (d) (g) | 136,468 | 9,382 | ||||||
| Motel One GmbH, EUR Term Loan B, | ||||||||
| 0.000% 5/03/32 EUR (e) (h) | 800,000 | 944,274 | ||||||
| Nidda Healthcare Holding AG, 2024 EUR Term Loan B2, 3 mo. EURIBOR + 4.000% | ||||||||
| 6.046% VRN 2/21/30 EUR (d) (e) | 500,000 | 588,710 | ||||||
| Techem Verwaltungsgesellschaft 675 GmbH, 2024 EUR Term Loan B5, 3 mo. EURIBOR + 3.500% | ||||||||
| 5.638% VRN 7/15/29 EUR (d) (e) | 500,000 | 589,641 | ||||||
| 2,877,458 | ||||||||
| Hong Kong — 0.6% | ||||||||
| Fugue Finance BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250% | ||||||||
| 5.261% VRN 1/09/32 EUR (d) (e) | 750,000 | 880,813 | ||||||
| Luxembourg — 3.2% | ||||||||
| Albion Financing 3 SARL, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.000% | ||||||||
| 5.236% VRN 8/16/29 EUR (d) (e) | 510,000 | 597,901 | ||||||
| Altice Financing SA, 2023 EUR Term Loan, 3 mo. EURIBOR + 5.000% | ||||||||
| 7.279% VRN 11/01/27 EUR (d) (e) | 492,500 | 458,891 | ||||||
| CCP Lux Holding SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 4.750% | ||||||||
| 6.943% VRN 1/05/28 EUR (d) (e) | 500,000 | 584,964 | ||||||
| Ineos Finance PLC | ||||||||
| 2024 EUR Term Loan B1, 1 mo. EURIBOR + 3.250% | ||||||||
| 5.179% VRN 2/07/31 EUR (d) (e) | 500,000 | 572,360 | ||||||
| 2024 EUR 1st Lien Term Loan B, 1 mo. EURIBOR + 3.500% | ||||||||
| 5.429% VRN 6/23/31 EUR (d) (e) | 500,000 | 574,251 | ||||||
| Piolin Bidco SAU, 2024 EUR Term Loan B4, 6 mo. EURIBOR + 4.500% | ||||||||
| 7.054% VRN 9/16/29 EUR (d) (e) | 393,002 | 464,511 | ||||||
| Summer (BC) Holdco B SARL | ||||||||
| 2024 EUR Term Loan B, 3 mo. EURIBOR + 4.500% | ||||||||
| 6.479% VRN 1/31/29 EUR (d) (e) | 432,997 | 506,035 | ||||||
| 2024 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.556% VRN 2/15/29 (d) | 381,300 | 382,253 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Venga Finance SARL, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.344% VRN 6/28/29 (d) | $ | 293,985 | $ | 293,803 | ||||
| 4,434,969 | ||||||||
| Netherlands — 1.5% | ||||||||
| Nouryon Finance BV, 2024 USD Term Loan B1, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.510% VRN 4/03/28 (d) | 186,021 | 186,718 | ||||||
| TMF Group Holding BV, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250% | ||||||||
| 5.599% VRN 5/03/28 EUR (d) (e) | 500,000 | 589,441 | ||||||
| Trivium Packaging BV, EUR Term Loan B, | ||||||||
| 0.000% 5/28/30 EUR (e) (h) | 700,000 | 820,855 | ||||||
| Ziggo BV, 2019 EUR Term Loan H, 1 mo. EURIBOR + 3.000% | ||||||||
| 4.892% VRN 1/31/29 EUR (d) (e) | 500,000 | 562,130 | ||||||
| 2,159,144 | ||||||||
| Norway — 0.3% | ||||||||
| Hurtigruten ASA | ||||||||
| 2025 EUR Term Loan A, 6 mo. EURIBOR + 7.500% | ||||||||
| 9.968% VRN 2/12/30 EUR (d) (e) | 266,326 | 317,901 | ||||||
| 2025 EUR Term Loan B, 3 mo. EURIBOR + 8.000% | ||||||||
| 10.468% VRN 8/12/30 EUR (d) (e) | 61,796 | 65,240 | ||||||
| 383,141 | ||||||||
| Spain — 1.8% | ||||||||
| Areas Worldwide SA, 2025 EUR Term Loan B, 6 mo. EURIBOR + 4.000% | ||||||||
| 6.036% VRN 12/31/29 EUR (d) (e) | 500,000 | 587,874 | ||||||
| Boluda Towage SL, 2024 EUR Term Loan B, 3 mo. EURIBOR + 3.500% | ||||||||
| 5.539% VRN 1/31/30 EUR (d) (e) | 500,000 | 590,312 | ||||||
| Dorna Sports SL, 2022 EUR Term Loan B, 6 mo. EURIBOR + 3.250% | ||||||||
| 5.287% VRN 3/30/29 EUR (d) (e) | 500,000 | 587,909 | ||||||
| Grifols SA, EUR 2019 Term Loan B, 3 mo. EURIBOR + 2.250% | ||||||||
| 4.261% VRN 11/15/27 EUR (d) (e) | 680,836 | 795,479 | ||||||
| 2,561,574 | ||||||||
| Sweden — 0.8% | ||||||||
| Hilding Anders International AB, 2022 EUR PIK Reorg Holdco (Acquired 10/29/24-4/29/25, Cost $3,144), 6 mo. EURIBOR + 0.000%, PIK 12.000%, | ||||||||
| Cash, 0.000% VRN 2/28/27 EUR (a) (b) (d) (e) (g) (i) | 37,558 | — | ||||||
| Verisure Holding AB, 2021 EUR Term Loan, 3 mo. EURIBOR + 3.000% | ||||||||
| 4.980% VRN 3/27/28 EUR (d) (e) | 1,000,000 | 1,175,006 | ||||||
| 1,175,006 | ||||||||
| United Kingdom — 3.3% | ||||||||
| Flint Group Packaging INKS North America Holdings LLC | ||||||||
| EUR PIK 2nd lien Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash, | ||||||||
| 2.283% VRN 12/30/27 EUR (d) (e) (g) | 418,847 | 32,687 | ||||||
| EUR Opco Term Loan, 3 mo. EURIBOR + 4.250%, PIK 0.750%, Cash, | ||||||||
| 6.433% VRN 12/31/26 EUR (d) (e) (g) | 559,361 | 623,899 | ||||||
| Froneri Lux Finco SARL, 2024 EUR Term Loan B3, 6 mo. EURIBOR + 2.500% | ||||||||
| 5.098% VRN 9/30/31 EUR (d) (e) | 500,000 | 578,998 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| IVC Acquisition Ltd., 2025 EUR Repriced Term Loan B, 3 mo. EURIBOR + 4.000% | ||||||||
| 6.014% VRN 12/12/28 EUR (d) (e) | $ | 500,000 | $ | 591,184 | ||||
| Lernen Bidco Ltd., EUR Term Loan B1, 6 mo. EURIBOR + 4.000% | ||||||||
| 6.101% VRN 4/25/29 EUR (d) (e) | 500,000 | 589,311 | ||||||
| MasOrange Finco PLC, 2025 EUR Term Loan B, 6 mo. EURIBOR + 2.750% | ||||||||
| 4.811% VRN 3/25/31 EUR (d) (e) | 660,000 | 770,886 | ||||||
| Motion Finco SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 3.750% | ||||||||
| 5.730% VRN 11/12/29 EUR (d) (e) | 500,000 | 555,115 | ||||||
| Tunstall Group Holdings Ltd., 2023 EUR Reinstated Term Loan B (Acquired 11/30/23-5/30/25, Cost $361,707), 6 mo. EURIBOR + 0.100%, PIK 4.900%, Cash | ||||||||
| 2.142% VRN 12/20/27 EUR (d) (e) (g) (i) | 332,244 | 238,734 | ||||||
| Vue Entertainment International Ltd. | ||||||||
| 2023 EUR Floating PIK Reinstated Term Loan B, 6 mo. EURIBOR + 0.100%, PIK 8.400%, Cash | ||||||||
| 2.359% VRN 12/31/27 EUR (d) (e) (g) | 286,756 | 194,226 | ||||||
| 2023 EUR Floating PIK Term Loan, 6 mo. EURIBOR + 0.100%, PIK 8.400%, Cash, | ||||||||
| 2.359% VRN 12/31/27 EUR (d) (e) (g) | 183,003 | 203,712 | ||||||
| 2023 EUR Floating PIK Super Senior Term Loan, 6 mo. EURIBOR + 8.000%, PIK 1.000%, Cash, | ||||||||
| 10.259% VRN 6/30/27 EUR (d) (e) (g) | 101,283 | 123,482 | ||||||
| Vue International Bidco PLC, 2022 EUR Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.259% VRN 6/30/27 EUR (d) (e) | 158,216 | 183,264 | ||||||
| 4,685,498 | ||||||||
| United States — 27.8% | ||||||||
| 8th Avenue Food & Provisions, Inc. | ||||||||
| 2018 1st Lien Term Loan, 3 mo. U.S. (Fed) Prime Rate + 2.750% | ||||||||
| 10.250% VRN 10/01/25 (d) | 647,443 | 646,653 | ||||||
| 2021 Incremental Term Loan, 3 mo. U.S. (Fed) Prime Rate + 3.750% | ||||||||
| 11.250% VRN 10/01/25 (d) | 113,844 | 113,750 | ||||||
| 2018 2nd Lien Term Loan, 3 mo. U.S. (Fed) Prime Rate + 6.750% | ||||||||
| 14.250% VRN 10/01/26 (d) | 404,925 | 403,103 | ||||||
| AAP Buyer, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 9/09/31 (d) | 254,232 | 253,597 | ||||||
| Ahead DB Holdings LLC, 2024 Term Loan B3, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.310% VRN 2/03/31 (d) | 250,631 | 250,684 | ||||||
| AlixPartners LLP, 2021 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.941% VRN 2/04/28 (d) | 392,285 | 393,611 | ||||||
| Alliance Laundry Systems LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 8/19/31 (d) | 187,617 | 187,899 | ||||||
| Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 9/30/31 (d) | 232,685 | 232,201 | ||||||
| Altium Packaging LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 6/11/31 (d) | 297,000 | 295,640 | ||||||
| American Airlines, Inc., 2024 1st Lien Term Loan B, 6 mo. USD Term SOFR + 2.250% | ||||||||
| 6.502% VRN 2/15/28 (d) | 247,449 | 244,811 | ||||||
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 5.500% | ||||||||
| 9.827% VRN 5/04/28 (d) | 738,184 | 749,567 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 1/30/32 (d) | $ | 220,540 | $ | 220,579 | ||||
| Apro LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.061% VRN 7/09/31 (d) | 195,374 | 194,479 | ||||||
| Aretec Group, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 8/09/30 (d) | 199,000 | 199,269 | ||||||
| Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 12/11/28 (d) | 339,251 | 339,041 | ||||||
| Assured Partners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 2/14/31 (d) | 321,750 | 322,496 | ||||||
| Asurion LLC | ||||||||
| 2022 Term Loan B10, | ||||||||
| 0.000% 8/19/28 (h) | 550,000 | 541,827 | ||||||
| 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.691% VRN 1/20/29 (d) | 225,862 | 209,099 | ||||||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 2/15/29 (d) (h) | 298,771 | 298,305 | ||||||
| Aveanna Healthcare LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.183% VRN 7/17/28 (d) | 198,970 | 194,338 | ||||||
| Bally's Corp., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 0.000% VRN 10/02/28 (h) | 149,226 | 131,505 | ||||||
| Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 1/27/32 (d) | 202,685 | 202,888 | ||||||
| Bausch & Lomb Corp., 2025 Term Loan B, | ||||||||
| 0.000% 12/17/30 (h) | 111,703 | 111,773 | ||||||
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250% | ||||||||
| 10.561% VRN 10/08/30 (d) (h) | 375,229 | 361,098 | ||||||
| Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.049% VRN 10/16/31 (d) | 200,000 | 200,696 | ||||||
| Bingo Holdings I LLC, Term Loan B, | ||||||||
| 0.000% 6/11/32 (h) | 145,592 | 143,226 | ||||||
| Boxer Parent Co., Inc. | ||||||||
| 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.333% VRN 7/30/31 (d) | 551,917 | 548,087 | ||||||
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.083% VRN 7/30/32 (d) | 200,000 | 194,126 | ||||||
| Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 6/13/31 (d) | 289,229 | 289,513 | ||||||
| Caesars Entertainment, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 2/06/30 (d) | 244,760 | 244,271 | ||||||
| Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 7/31/30 (d) | 200,000 | 199,872 | ||||||
| Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 7/06/29 (d) | 61,356 | 51,085 | ||||||
| Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.564% VRN 2/11/28 (d) | 298,252 | 298,198 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.061% VRN 11/29/30 (d) | $ | 206,029 | $ | 206,674 | ||||
| Clarios Global LP, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 1/28/32 (d) | 279,642 | 279,818 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 0.000% VRN 3/21/31 (h) | 199,499 | 199,794 | ||||||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% VRN 3/29/29 (d) | 218,742 | 218,890 | ||||||
| Cloudera, Inc., 2021 Second Lien Term Loan, 1 mo. USD Term SOFR + 0.000% | ||||||||
| 4.427% VRN 10/08/29 (d) | 266,667 | 240,835 | ||||||
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.175% | ||||||||
| 7.502% VRN 4/13/29 (d) | 229,430 | 228,877 | ||||||
| CommScope, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.577% VRN 12/17/29 (d) | 300,000 | 303,282 | ||||||
| Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.074% VRN 5/01/31 (d) | 295,909 | 294,246 | ||||||
| CPC Acquisition Corp. | ||||||||
| Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.307% VRN 12/29/27 (d) | 179,227 | 155,928 | ||||||
| Second Lien Term Loan, 3 mo. USD Term SOFR + 7.750% | ||||||||
| 12.052% VRN 12/29/28 (d) | 250,000 | 118,125 | ||||||
| CSC Holdings LLC, 2022 Term Loan B6, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.812% VRN 1/18/28 (d) | 248,096 | 244,377 | ||||||
| DG Investment Intermediate Holdings 2, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.941% VRN 3/31/28 (d) | 223,977 | 223,751 | ||||||
| DXP Enterprises, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.077% VRN 10/11/30 (d) | 230,814 | 232,113 | ||||||
| Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.577% VRN 10/06/28 (d) | 300,000 | 300,375 | ||||||
| Electron BidCo, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 11/01/28 (d) | 247,471 | 248,011 | ||||||
| Emrld Borrower LP, Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.833% VRN 5/31/30 (d) | 243,754 | 243,416 | ||||||
| Ensemble RCM LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.280% VRN 8/01/29 (d) | 129,213 | 129,683 | ||||||
| First Student Bidco, Inc. | ||||||||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 7/21/28 (d) | 214,687 | 214,687 | ||||||
| 2024 Term Loan C, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 7/21/28 (d) | 65,828 | 65,828 | ||||||
| Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.557% VRN 5/05/29 (d) | 218,150 | 217,424 | ||||||
| Fleet Midco I Ltd., 2024 1st Lien Term Loan B, 6 mo. USD Term SOFR + 2.750% | ||||||||
| 7.055% VRN 2/21/31 (d) | 180,559 | 180,785 | ||||||
| Fluid-Flow Products, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 3/31/28 (d) | 195,918 | 195,901 | ||||||
| Flynn Restaurant Group LP, 2025 Incremental Term Loan, | ||||||||
| 8.077% 1/28/32 | 261,000 | 260,347 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Franklin Square Holdings LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 4/25/31 (d) | $ | 226,421 | $ | 225,855 | ||||
| Freeport LNG Investments LLLP, 2025 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.522% VRN 12/21/28 (d) | 229,383 | 229,241 | ||||||
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.396% VRN 10/01/27 (d) | 292,347 | 281,165 | ||||||
| Genesee & Wyoming, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.046% VRN 4/10/31 (d) | 248,125 | 246,651 | ||||||
| Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 1/30/32 (d) | 310,506 | 310,276 | ||||||
| GFL Environmental, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.824% VRN 3/03/32 (d) | 258,532 | 258,317 | ||||||
| Graham Packaging Co., Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 8/04/27 (d) | 215,952 | 216,252 | ||||||
| Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 1/23/32 (d) | 278,003 | 277,222 | ||||||
| Grinding Media, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.830% VRN 10/12/28 (d) | 189,632 | 187,736 | ||||||
| Gryphon Debt Merger Sub, Inc., Term Loan B, | ||||||||
| 0.000% 6/18/32 (h) | 136,719 | 136,605 | ||||||
| Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 6/11/31 (d) | 212,978 | 208,186 | ||||||
| Heartland Dental LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.827% VRN 4/28/28 (d) (h) | 298,240 | 298,279 | ||||||
| Highline Aftermarket Acquisition LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 2/19/30 (d) | 199,499 | 200,496 | ||||||
| Hyperion Materials & Technologies, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 4.500%, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.941% - 9.094% VRN 8/30/28 (d) | 365,019 | 350,418 | ||||||
| INEOS Quattro Holdings UK Ltd., 2023 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.677% VRN 4/02/29 (d) | 497,481 | 462,036 | ||||||
| Invenergy Thermal Operating I LLC | ||||||||
| 2025 Term Loan B, | ||||||||
| 0.000% 5/17/32 (h) | 187,500 | 188,625 | ||||||
| 2025 Term Loan C, | ||||||||
| 0.000% 5/17/32 (h) | 12,500 | 12,575 | ||||||
| IPS Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 10/02/28 (d) | 334,059 | 333,224 | ||||||
| IRB Holding Corp., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 12/15/27 (d) | 492,884 | 492,712 | ||||||
| Ivanti Software, Inc. | ||||||||
| 2025 1st Lien Term Loan (Acquired 5/02/25, Cost $519,486), 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.016% VRN 6/01/29 (d) (i) | 624,481 | 517,932 | ||||||
| 2025 Newco Term Loan (Acquired 5/08/25-5/15/25, Cost $87,951), 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.079% VRN 6/01/29 (d) (i) | 92,526 | 95,147 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Johnstone Supply LLC, Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.818% VRN 6/09/31 (d) | $ | 276,977 | $ | 277,367 | ||||
| Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 0.000% VRN 6/30/28 (h) | 144,465 | 145,296 | ||||||
| Level 3 Financing, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 3/27/32 (d) | 200,000 | 202,042 | ||||||
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.006% VRN 5/19/31 (d) | 581,705 | 574,887 | ||||||
| Lightning Power LLC, Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.546% VRN 8/18/31 (d) | 186,482 | 186,689 | ||||||
| LSF12 Crown US Commercial Bidco LLC, Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.574% VRN 12/02/31 (d) | 191,168 | 192,006 | ||||||
| Lumen Technologies, Inc., 2024 Extended Term Loan B1, 1 mo. USD Term SOFR + 2.350% | ||||||||
| 6.791% VRN 4/16/29 (d) | 149,620 | 147,619 | ||||||
| Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.333% VRN 5/04/28 (d) | 516,495 | 515,922 | ||||||
| McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 8/06/31 (d) | 151,340 | 151,750 | ||||||
| MedAssets Software Intermediate Holdings, Inc. | ||||||||
| 2024 First Out Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.321% VRN 12/15/28 (d) | 273,899 | 265,830 | ||||||
| 2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.436% VRN 12/15/28 (d) | 452,998 | 407,245 | ||||||
| 2024 Term Loan A, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.571% VRN 12/15/28 (d) | 36,212 | 36,212 | ||||||
| 2024 Third Out Term Loan, 1 mo. USD Term SOFR + 6.750% | ||||||||
| 11.186% VRN 12/17/29 (d) | 27,740 | 22,365 | ||||||
| Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.000% | ||||||||
| 11.380% VRN 11/01/29 (d) | 147,368 | 62,141 | ||||||
| MH Sub I LLC, 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 12/31/31 (d) | 147,615 | 127,933 | ||||||
| Midwest Physician Administrative Services LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.557% VRN 3/12/28 (d) | 357,130 | 331,534 | ||||||
| Mitchell International, Inc. | ||||||||
| 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 6/17/31 (d) | 198,500 | 198,182 | ||||||
| 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.577% VRN 6/17/32 (d) | 197,802 | 193,797 | ||||||
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.322% VRN 8/17/29 (d) | 155,306 | 155,461 | ||||||
| NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.677% VRN 2/23/29 (d) | 205,918 | 164,631 | ||||||
| Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.330% VRN 4/11/29 (d) | 144,357 | 136,185 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| New Arclin US Holding Corp., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.927% VRN 9/30/28 (d) | $ | 191,902 | $ | 192,359 | ||||
| Nielsen Consumer, Inc., 2025 USD Term Loan, | ||||||||
| 0.000% 3/06/28 (h) | 207,293 | 207,185 | ||||||
| Nvent Electric Public Ltd. Co., Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 1/30/32 (d) | 215,517 | 216,694 | ||||||
| OID-OL Intermediate I LLC | ||||||||
| Term Loan 2, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.733% VRN 2/01/29 (d) | 443,633 | 369,879 | ||||||
| Term Loan 1, 3 mo. USD Term SOFR + 6.000% | ||||||||
| 10.318% VRN 2/01/29 (d) | 139,635 | 143,475 | ||||||
| OMNIA Partners LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.033% VRN 7/25/30 (d) | 315,457 | 315,918 | ||||||
| Orion US Finco, Inc., 1st Lien Term Loan, | ||||||||
| 0.000% 5/20/32 (h) | 187,874 | 188,437 | ||||||
| Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.572% VRN 10/05/28 (d) | 248,123 | 247,908 | ||||||
| Padagis LLC, Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.271% VRN 7/06/28 (d) | 341,281 | 319,098 | ||||||
| Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.177% VRN 2/01/28 (d) | 775 | 683 | ||||||
| Planet US Buyer LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.330% VRN 2/07/31 (d) | 224,151 | 224,936 | ||||||
| PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.642% VRN 4/23/29 (d) | 235,808 | 205,415 | ||||||
| Polar US Borrower LLC | ||||||||
| 2024 Term Loan B1B, 3 mo. USD Term SOFR + 4.750%, PIK 0.750%, Cash, | ||||||||
| 9.133% VRN 10/16/28 (d) (g) | 300,099 | 112,858 | ||||||
| 2024 Term Loan B1A, 3 mo. USD Term SOFR + 5.500% | ||||||||
| 9.883% VRN 10/16/28 (d) | 436,193 | 164,039 | ||||||
| Pretium Packaging LLC | ||||||||
| First Out Term Loan A, 3 mo. USD Term SOFR + 3.750%, PIK 1.250%, Cash, | ||||||||
| 8.010% VRN 10/02/28 (d) (g) | 742,994 | 739,546 | ||||||
| Second Out Term Loan A1, 3 mo. USD Term SOFR + 3.899%, PIK 0.702%, Cash, | ||||||||
| 8.158% VRN 10/02/28 (d) (g) | 78,556 | 37,286 | ||||||
| Pro Mach Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 8/31/28 (d) | 214,305 | 214,672 | ||||||
| Proampac PG Borrower LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.256% VRN 9/15/28 (d) (h) | 342,894 | 343,666 | ||||||
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 0.000% VRN10/26/30 (h) | 200,000 | 200,862 | ||||||
| Project Ruby Ultimate Parent Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.441% VRN 3/10/28 (d) | 292,535 | 292,777 | ||||||
| Prometric Holdings, Inc., 2025 Term Loan B, | ||||||||
| 0.000% 6/18/32 (h) | 168,429 | 168,324 | ||||||
| Quikrete Holdings, Inc. | ||||||||
| 2025 Term Loan B1, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 4/14/31 (d) | 172,773 | 172,389 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 2/10/32 (d) | $ | 141,740 | $ | 141,492 | ||||
| Radiology Partners, Inc., 2025 Term Loan, | ||||||||
| 0.000% 1/31/29 (h) | 192,493 | 190,808 | ||||||
| Radnet Management, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.580% VRN 4/18/31 (d) | 248,120 | 248,277 | ||||||
| Raising Cane's Restaurants LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 9/18/31 (d) | 239,302 | 240,498 | ||||||
| Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 11/19/31 (d) | 252,532 | 252,216 | ||||||
| Recess Holdings, Inc., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.025% VRN 2/20/30 (d) | 357,424 | 358,185 | ||||||
| Renaissance Holding Corp., 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.280% VRN 4/05/30 (d) | 295,481 | 267,641 | ||||||
| Ring Container Technologies Group LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 8/14/28 (d) | 198,496 | 198,992 | ||||||
| Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. USD Term SOFR + 5.000% | ||||||||
| 9.427% VRN 6/30/28 (d) | 150,000 | 148,500 | ||||||
| Sazerac Co., Inc., Term Loan B, | ||||||||
| 0.000% 6/25/32 (h) | 124,349 | 124,193 | ||||||
| Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.285% VRN 4/04/29 (d) | 247,626 | 247,302 | ||||||
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 7/31/31 (d) | 217,633 | 218,314 | ||||||
| Service Logic Acquisition, Inc., 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.280% VRN 10/29/27 (d) | 151,758 | 151,758 | ||||||
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.577% VRN 3/04/28 (d) | 146,422 | 128,119 | ||||||
| Summer (BC) Holdco B SARL, 2024 EUR Term Loan, 3 mo. EURIBOR + 4.500% | ||||||||
| 6.479% VRN 1/31/29 EUR (d) (e) | 67,003 | 78,306 | ||||||
| Surgery Center Holdings, Inc., 2024 Term Loan B, | ||||||||
| 0.000% 12/19/30 (h) | 199,495 | 200,058 | ||||||
| Tacala LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 1/31/31 (d) | 177,314 | 177,965 | ||||||
| Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.530% VRN 3/02/27 (d) (h) | 347,840 | 345,611 | ||||||
| Third Coast Infrastructure LLC, Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 9/25/30 (d) | 213,887 | 214,823 | ||||||
| Tiger Acquisition LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 6/01/28 (d) | 212,748 | 213,154 | ||||||
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.046% VRN 9/15/28 (d) (h) | 704,331 | 691,041 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 3/31/28 (d) | $ | 1,699 | $ | 1,704 | ||||
| Twitter, Inc., 2025 Fixed Term Loan, | ||||||||
| 9.500% 10/26/29 | 926,803 | 900,546 | ||||||
| UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.571% VRN 11/21/31 (d) | 263,986 | 264,852 | ||||||
| United Talent Agency LLC, 2025 Term Loan B, | ||||||||
| 0.000% 6/10/32 (h) | 200,000 | 200,250 | ||||||
| UPC Broadband Holding BV, 2020 USD Term Loan AT, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.676% VRN 4/30/28 (d) | 500,000 | 499,065 | ||||||
| Varsity Brands, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.830% VRN 8/26/31 (d) | 364,913 | 364,570 | ||||||
| Veritas US, Inc., 2024 Priority Term Loan, 3 mo. USD Term SOFR + 12.500%, | ||||||||
| 16.796% VRN 12/09/29 (d) | 245 | 245 | ||||||
| Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD Term SOFR + 3.175% | ||||||||
| 7.373% VRN 3/31/31 (d) | 700,000 | 690,298 | ||||||
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.541% VRN 4/24/28 (d) | 287,016 | 271,589 | ||||||
| Vistra Zero Operating Co. LLC, Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 4/30/31 (d) | 322,876 | 318,033 | ||||||
| VS Buyer LLC, 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.019% VRN 4/12/31 (d) | 237,451 | 238,342 | ||||||
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 1/30/31 (d) | 299,223 | 297,691 | ||||||
| White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 10/19/29 (d) | 241,228 | 239,540 | ||||||
| WireCo WorldGroup, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.022% VRN 11/13/28 (d) | 175,580 | 165,923 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| USD Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.441% VRN 3/09/27 (d) | 100,000 | 94,920 | ||||||
| 2022 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 3/09/27 (d) (h) | 496,417 | 475,835 | ||||||
| 39,233,560 | ||||||||
| TOTAL BANK LOANS (Cost $62,099,957) | 62,399,863 | |||||||
| Corporate Debt — 41.0% | ||||||||
| Angola — 0.1% | ||||||||
| Azule Energy Finance PLC | ||||||||
| 8.125% 1/23/30 (j) | 200,000 | 197,600 | ||||||
| Argentina — 0.1% | ||||||||
| Transportadora de Gas del Sur SA | ||||||||
| 8.500% 7/24/31 (j) | 108,000 | 113,250 | ||||||
| Belgium — 0.1% | ||||||||
| Elia Group SA 5 yr. EURIBOR ICE Swap + 2.506% | ||||||||
| 5.850% VRN EUR (d) (e) (j) (k) | 100,000 | 123,554 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Brazil — 0.2% | ||||||||
| Embraer Netherlands Finance BV | ||||||||
| 7.000% 7/28/30 (j) | $ | 200,000 | $ | 215,942 | ||||
| Canada — 1.0% | ||||||||
| 1011778 BC ULC/New Red Finance, Inc. | ||||||||
| 5.625% 9/15/29 (j) | 200,000 | 202,824 | ||||||
| Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785% | ||||||||
| 8.250% VRN 1/15/84 (d) | 551,000 | 582,488 | ||||||
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc. | ||||||||
| 8.000% 8/01/30 (j) | 200,000 | 200,666 | ||||||
| Parkland Corp. | ||||||||
| 6.625% 8/15/32 (j) | 206,000 | 210,549 | ||||||
| Superior Plus LP/Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (j) | 200,000 | 192,355 | ||||||
| 1,388,882 | ||||||||
| Chile — 0.3% | ||||||||
| Banco de Credito e Inversiones SA 5 yr. CMT + 4.944% | ||||||||
| 8.750% VRN (d) (j) (k) | 200,000 | 211,006 | ||||||
| VTR Comunicaciones SpA | ||||||||
| 4.375% 4/15/29 (j) | 200,000 | 177,321 | ||||||
| 388,327 | ||||||||
| Colombia — 0.1% | ||||||||
| Geopark Ltd. | ||||||||
| 8.750% 1/31/30 (j) | 200,000 | 176,000 | ||||||
| Finland — 0.2% | ||||||||
| Mehilainen Yhtiot OYJ | ||||||||
| 5.125% 6/30/32 EUR (e) (j) | 100,000 | 118,294 | ||||||
| 3 mo. EURIBOR + 3.375% 5.406% FRN 6/30/32 EUR (d) (e) (j) | 100,000 | 118,122 | ||||||
| 236,416 | ||||||||
| France — 2.0% | ||||||||
| Atos SE | ||||||||
| 5.000% STEP 12/18/30 EUR (e) (j) | 250,000 | 250,245 | ||||||
| 9.000% STEP 12/18/29 EUR (e) (j) | 250,000 | 328,423 | ||||||
| Cerba Healthcare SACA | ||||||||
| 3.500% 5/31/28 EUR (e) (j) | 100,000 | 85,230 | ||||||
| Electricite de France SA | ||||||||
| 5 yr. EUR Swap + 3.970% 3.375% VRN EUR (d) (e) (j) (k) | 200,000 | 223,272 | ||||||
| 5 yr. U.K. Government Bond + 3.775% 7.375% VRN GBP (d) (e) (j) (k) | 100,000 | 138,616 | ||||||
| 5 yr. CMT + 5.411% 9.125% VRN (d) (j) (k) | 200,000 | 225,585 | ||||||
| Eutelsat SA | ||||||||
| 9.750% 4/13/29 EUR (e) (j) | 100,000 | 126,977 | ||||||
| Forvia SE | ||||||||
| 2.375% 6/15/29 EUR (e) (j) | 100,000 | 108,372 | ||||||
| 5.500% 6/15/31 EUR (e) (j) (l) | 150,000 | 174,303 | ||||||
| 5.625% 6/15/30 EUR (e) (j) | 100,000 | 117,943 | ||||||
| iliad SA | ||||||||
| 5.625% 2/15/30 EUR (e) (j) | 100,000 | 125,856 | ||||||
| La Poste SA 5 yr. EURIBOR ICE Swap + 2.679% | ||||||||
| 5.000% VRN EUR (d) (e) (j) (k) | 200,000 | 242,188 | ||||||
| Orange SA 5 yr. EUR Swap + 2.659% | ||||||||
| 5.375% VRN EUR (d) (e) (j) (k) | 100,000 | 125,661 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Viridien | ||||||||
| 10.000% 10/15/30 (j) (l) | $ | 200,000 | $ | 196,810 | ||||
| Worldline SA | ||||||||
| 5.250% 11/27/29 EUR (e) (j) (l) | 200,000 | 206,636 | ||||||
| 5.500% 6/10/30 EUR (e) (j) (l) | 100,000 | 102,267 | ||||||
| 2,778,384 | ||||||||
| Germany — 3.0% | ||||||||
| Bayer AG | ||||||||
| 5 yr. EUR Swap + 3.108% 3.125% VRN 11/12/79 EUR (d) (e) (j) | 200,000 | 230,000 | ||||||
| 5 yr. EUR Swap + 4.458% 5.375% VRN 3/25/82 EUR (d) (e) (j) | 200,000 | 236,832 | ||||||
| 5 yr. EUR Swap + 3.896% 7.000% VRN 9/25/83 EUR (d) (e) (j) | 200,000 | 253,319 | ||||||
| Ceconomy AG | ||||||||
| 6.250% 7/15/29 EUR (e) (j) | 125,000 | 153,662 | ||||||
| Dynamo Newco II GmbH | ||||||||
| 6.250% 10/15/31 EUR (e) (j) | 200,000 | 241,483 | ||||||
| Grand City Properties Finance SARL 5 yr. EUR Swap + 3.508% | ||||||||
| 6.125% VRN EUR (d) (e) (k) | 100,000 | 121,431 | ||||||
| Grand City Properties SA 5 yr. EUR Swap + 2.184% | ||||||||
| 1.500% VRN EUR (d) (e) (j) (k) | 200,000 | 228,267 | ||||||
| IHO Verwaltungs GmbH PIK 7.75%, Cash | ||||||||
| 7.000% 11/15/31 EUR (e) (g) (j) | 350,000 | 435,044 | ||||||
| Mahle GmbH | ||||||||
| 6.500% 5/02/31 EUR (e) (j) | 150,000 | 179,351 | ||||||
| Nidda Healthcare Holding GmbH | ||||||||
| 5.375% 10/23/30 EUR (e) (j) | 335,000 | 399,915 | ||||||
| PCF GmbH | ||||||||
| 4.750% 4/15/29 EUR (e) (j) | 250,000 | 242,877 | ||||||
| ProGroup AG | ||||||||
| 5.125% 4/15/29 EUR (e) (j) (l) | 100,000 | 119,120 | ||||||
| SGL Carbon SE, Convertible, | ||||||||
| 5.750% 6/28/28 EUR (e) (j) | 200,000 | 230,596 | ||||||
| Techem Verwaltungsgesellschaft 675 GmbH 3 mo. EURIBOR + 3.000% | ||||||||
| 4.977% FRN 7/15/32 EUR (d) (e) (j) (m) | 150,000 | 175,010 | ||||||
| Tele Columbus AG PIK 10.000%, Cash | ||||||||
| 10.000% 1/01/29 EUR (e) (g) (j) | 157,500 | 127,272 | ||||||
| Volkswagen International Finance NV 5 yr. EUR Swap + 2.924% | ||||||||
| 3.748% VRN EUR (d) (e) (j) (k) | 100,000 | 116,197 | ||||||
| Wintershall Dea Finance 2 BV | ||||||||
| 5 yr. EUR Swap + 3.319% 3.000% VRN EUR (d) (e) (j) (k) | 200,000 | 221,199 | ||||||
| 5 yr. EURIBOR ICE Swap + 3.940% 6.117% VRN EUR (d) (e) (j) (k) | 270,000 | 324,805 | ||||||
| ZF Europe Finance BV | ||||||||
| 7.000% 6/12/30 EUR (e) (j) | 200,000 | 236,099 | ||||||
| 4,272,479 | ||||||||
| India — 0.3% | ||||||||
| Vedanta Resources Finance II PLC | ||||||||
| 9.850% 4/24/33 (j) | 400,000 | 401,388 | ||||||
| Indonesia — 0.3% | ||||||||
| Medco Maple Tree Pte. Ltd. | ||||||||
| 8.960% 4/27/29 (j) | 400,000 | 416,360 | ||||||
| Ireland — 0.8% | ||||||||
| eircom Finance DAC | ||||||||
| 5.000% 4/30/31 EUR (e) (j) | 200,000 | 236,945 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Energia Group Roi Financeco DAC | ||||||||
| 6.875% 7/31/28 EUR (e) (j) | $ | 350,000 | $ | 426,919 | ||||
| GGAM Finance Ltd. | ||||||||
| 5.875% 3/15/30 (j) | 221,000 | 222,569 | ||||||
| 8.000% 2/15/27 (j) | 200,000 | 206,208 | ||||||
| 1,092,641 | ||||||||
| Italy — 0.9% | ||||||||
| Cerved Group SpA 3 mo. EURIBOR + 5.250% | ||||||||
| 7.225% FRN 2/15/29 EUR (d) (e) (j) | 199,000 | 232,016 | ||||||
| Engineering - Ingegneria Informatica - SpA | ||||||||
| 8.625% 2/15/30 EUR (e) (j) (l) | 100,000 | 126,021 | ||||||
| 11.125% 5/15/28 EUR (e) (j) | 200,000 | 248,877 | ||||||
| Fedrigoni SpA | ||||||||
| 6.125% 6/15/31 EUR (e) (j) | 100,000 | 112,668 | ||||||
| Fibercop SpA | ||||||||
| 5.125% 6/30/32 EUR (e) (j) | 160,000 | 188,736 | ||||||
| 6.375% 11/15/33 (j) | 250,000 | 242,773 | ||||||
| TeamSystem SpA | ||||||||
| 5.000% 7/01/31 EUR (e) (j) (m) | 110,000 | 129,484 | ||||||
| 1,280,575 | ||||||||
| Luxembourg — 1.2% | ||||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. | ||||||||
| 5.375% 5/21/30 EUR (e) (j) | 300,000 | 361,479 | ||||||
| Cidron Aida Finco SARL | ||||||||
| 9.125% 10/27/31 GBP (e) (j) | 270,000 | 378,173 | ||||||
| INEOS Finance PLC | ||||||||
| 6.375% 4/15/29 EUR (e) (j) | 200,000 | 238,785 | ||||||
| Luna 2 5SARL | ||||||||
| 5.500% 7/01/32 EUR (e) (j) (m) | 100,000 | 120,024 | ||||||
| PLT VII Finance SARL | ||||||||
| 3 mo. EURIBOR + 3.500% 5.475% FRN 6/15/31 EUR (d) (e) (j) | 100,000 | 117,795 | ||||||
| 6.000% 6/15/31 EUR (e) (j) | 150,000 | 179,564 | ||||||
| Summer BC Holdco A SARL | ||||||||
| 9.250% 10/31/27 EUR (e) (j) | 180,211 | 212,322 | ||||||
| Summer BC Holdco B SARL | ||||||||
| 5.875% 2/15/30 EUR (e) (j) | 100,000 | 116,778 | ||||||
| 1,724,920 | ||||||||
| Macau — 0.2% | ||||||||
| MGM China Holdings Ltd. | ||||||||
| 7.125% 6/26/31 (j) | 300,000 | 311,827 | ||||||
| Mexico — 0.7% | ||||||||
| Banco Mercantil del Norte SA 5 yr. CMT + 4.072% | ||||||||
| 8.375% VRN (d) (j) (k) | 381,000 | 385,129 | ||||||
| Petroleos Mexicanos | ||||||||
| 6.700% 2/16/32 | 250,000 | 232,270 | ||||||
| 7.690% 1/23/50 | 250,000 | 196,646 | ||||||
| Saavi Energia SARL | ||||||||
| 8.875% 2/10/35 (j) | 200,000 | 208,700 | ||||||
| 1,022,745 | ||||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Netherlands — 0.8% | ||||||||
| Odido Group Holding BV | ||||||||
| 5.500% 1/15/30 EUR (e) (j) | $ | 250,000 | $ | 294,193 | ||||
| Sunrise FinCo I BV | ||||||||
| 4.625% 5/15/32 EUR (e) (j) | 450,000 | 534,120 | ||||||
| Trivium Packaging Finance BV | ||||||||
| 6.625% 7/15/30 EUR (e) (j) | 140,000 | 170,442 | ||||||
| VEON Holdings BV | ||||||||
| 3.375% 11/25/27 (j) | 200,000 | 184,186 | ||||||
| 1,182,941 | ||||||||
| Norway — 0.5% | ||||||||
| HX Holdings Co. Ltd. | ||||||||
| 7.000% STEP 2/12/30 EUR (e) | 19,729 | 20,799 | ||||||
| TGS ASA | ||||||||
| 8.500% 1/15/30 (j) | 400,000 | 412,829 | ||||||
| Var Energi ASA 5 yr. EURIBOR ICE Swap + 4.765% | ||||||||
| 7.862% VRN 11/15/83 EUR (d) (e) (j) | 200,000 | 258,560 | ||||||
| 692,188 | ||||||||
| Peru — 0.2% | ||||||||
| Banco BBVA Peru SA 5 yr. CMT + 2.002% | ||||||||
| 6.200% VRN 6/07/34 (d) (j) | 300,000 | 307,173 | ||||||
| Portugal — 0.3% | ||||||||
| EDP SA 5 yr. EURIBOR ICE Swap + 2.239% | ||||||||
| 4.500% VRN 5/27/55 EUR (d) (e) (j) | 400,000 | 469,767 | ||||||
| Puerto Rico — 0.1% | ||||||||
| LCPR Senior Secured Financing DAC | ||||||||
| 6.750% 10/15/27 (j) | 200,000 | 134,718 | ||||||
| Russia — 0.0% | ||||||||
| Sovcombank, 5 yr. CMT + 6.380%, | ||||||||
| 7.750% (a) (b) (f) (j) (k) | 500,000 | — | ||||||
| Slovenia — 0.1% | ||||||||
| United Group BV | ||||||||
| 6.500% 10/31/31 EUR (e) (j) | 150,000 | 178,526 | ||||||
| Spain — 0.8% | ||||||||
| Anarafe SL 3 mo. EURIBOR + 12.750% | ||||||||
| 14.694% FRN 12/31/26 EUR (d) (e) (j) | 103,257 | 76,628 | ||||||
| Cellnex Telecom SA, Convertible, | ||||||||
| 0.750% 11/20/31 EUR (e) (j) | 200,000 | 209,928 | ||||||
| Grifols SA | ||||||||
| 7.125% 5/01/30 EUR (e) (j) | 130,000 | 158,893 | ||||||
| Kaixo Bondco Telecom SA | ||||||||
| 5.125% 9/30/29 EUR (e) (j) | 150,000 | 179,126 | ||||||
| Telefonica Europe BV | ||||||||
| 8 yr. EURIBOR ICE Swap + 3.121% 5.752% VRN EUR (d) (e) (j) (k) | 200,000 | 244,347 | ||||||
| 7 yr. EUR Swap + 3.347% 6.135% VRN EUR (d) (e) (j) (k) | 200,000 | 252,317 | ||||||
| 1,121,239 | ||||||||
| Switzerland — 0.3% | ||||||||
| Consolidated Energy Finance SA | ||||||||
| 6.500% 5/15/26 (j) | 300,000 | 291,140 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Dufry One BV | ||||||||
| 4.500% 5/23/32 EUR (e) (j) | $ | 160,000 | $ | 189,158 | ||||
| 480,298 | ||||||||
| Tanzania, United Republic Of — 0.3% | ||||||||
| HTA Group Ltd. | ||||||||
| 7.500% 6/04/29 (j) | 367,000 | 376,248 | ||||||
| Turkey — 1.2% | ||||||||
| Limak Yenilenebilir Enerji AS | ||||||||
| 9.625% 8/12/30 (j) | 252,000 | 248,822 | ||||||
| QNB Bank AS | ||||||||
| 7.250% 5/21/29 (j) | 397,000 | 410,895 | ||||||
| Turkcell Iletisim Hizmetleri AS | ||||||||
| 7.650% 1/24/32 (j) | 200,000 | 203,401 | ||||||
| Turkiye Garanti Bankasi AS 5 yr. CMT + 4.090% | ||||||||
| 8.375% VRN 2/28/34 (d) (j) | 220,000 | 223,468 | ||||||
| Ulker Biskuvi Sanayi AS | ||||||||
| 7.875% 7/08/31 (j) | 222,000 | 227,046 | ||||||
| WE Soda Investments Holding PLC | ||||||||
| 9.500% 10/06/28 (j) | 306,000 | 319,219 | ||||||
| 1,632,851 | ||||||||
| United Kingdom — 4.8% | ||||||||
| British Telecommunications PLC 5 yr. U.K. Government Bond + 2.282% | ||||||||
| 6.375% VRN 12/03/55 GBP (d) (e) (j) | 180,000 | 247,249 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 5.625% 2/15/32 EUR (e) (j) | 120,000 | 145,390 | ||||||
| 6.375% 2/15/32 (j) | 200,000 | 200,326 | ||||||
| Centrica PLC 5 yr. U.K. Government Bond + 2.512% | ||||||||
| 6.500% VRN 5/21/55 GBP (d) (e) (j) | 200,000 | 277,618 | ||||||
| CPUK Finance Ltd. | ||||||||
| 7.875% 8/28/29 GBP (e) (j) | 100,000 | 142,732 | ||||||
| Heathrow Finance PLC | ||||||||
| 6.625% 3/01/31 GBP (e) (j) | 350,000 | 477,539 | ||||||
| House of Fraser Funding PLC | ||||||||
| 1.000% 9/15/20 GBP (e) (f) (j) (n) | 150,000 | 103 | ||||||
| INEOS Quattro Finance 2 PLC | ||||||||
| 6.750% 4/15/30 EUR (e) (j) | 200,000 | 217,220 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 8.125% 3/30/29 (j) | 139,000 | 145,391 | ||||||
| Market Bidco Finco PLC | ||||||||
| 5.500% 11/04/27 GBP (e) (j) | 250,000 | 336,309 | ||||||
| Ocado Group PLC | ||||||||
| Convertible, 0.750% 1/18/27 GBP (e) (j) | 200,000 | 247,077 | ||||||
| Convertible, 6.250% 8/06/29 GBP (e) (j) | 200,000 | 242,244 | ||||||
| 10.500% 8/08/29 GBP (e) (j) | 270,000 | 360,935 | ||||||
| Pinewood Finco PLC | ||||||||
| 6.000% 3/27/30 GBP (e) (j) | 150,000 | 203,325 | ||||||
| Travelex Financing PLC, (Acquired 1/13/20, Cost $1,178,955), | ||||||||
| 8.000% 5/15/22 EUR (e) (f) (i) (j) (n) | 1,050,000 | 4,638 | ||||||
| Travelex Issuerco 2 PLC, (Acquired 5/07/24-5/05/25, Cost $2,546,506), PIK 7.500%, Cash | ||||||||
| 3.010% 3/31/29 GBP (e) (g) (i) (j) | 2,017,893 | 2,759,499 | ||||||
| TVL Finance PLC | ||||||||
| 10.250% 4/28/28 GBP (e) (j) | 100,000 | 137,073 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Vmed O2 UK Financing I PLC | ||||||||
| 4.500% 7/15/31 GBP (e) (j) | $ | 200,000 | $ | 245,704 | ||||
| Vodafone Group PLC | ||||||||
| 5 yr. EUR Swap + 3.477% 3.000% VRN 8/27/80 EUR (d) (e) (j) | 200,000 | 223,481 | ||||||
| 5 yr. EUR Swap + 3.489% 6.500% VRN 8/30/84 EUR (d) (e) (j) | 150,000 | 192,945 | ||||||
| 6,806,798 | ||||||||
| United States — 19.8% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000% 4/15/32 (j) | 300,000 | 302,631 | ||||||
| AdaptHealth LLC | ||||||||
| 5.125% 3/01/30 (j) | 200,000 | 190,025 | ||||||
| ADT Security Corp. | ||||||||
| 4.875% 7/15/32 (j) | 350,000 | 335,749 | ||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
| 6.750% 4/15/28 (j) | 150,000 | 152,491 | ||||||
| 7.000% 1/15/31 (j) | 251,000 | 259,637 | ||||||
| Alpha Generation LLC | ||||||||
| 6.750% 10/15/32 (j) | 190,000 | 195,861 | ||||||
| AmWINS Group, Inc. | ||||||||
| 6.375% 2/15/29 (j) | 183,000 | 186,520 | ||||||
| AS Mileage Plan IP Ltd. | ||||||||
| 5.021% 10/20/29 (j) | 150,000 | 148,433 | ||||||
| 5.308% 10/20/31 (j) | 150,000 | 147,571 | ||||||
| Azorra Finance Ltd. | ||||||||
| 7.250% 1/15/31 (j) (m) | 122,000 | 124,553 | ||||||
| B&G Foods, Inc. | ||||||||
| 8.000% 9/15/28 (j) | 350,000 | 336,975 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 11.000% 9/30/28 (j) | 150,000 | 148,500 | ||||||
| 14.000% 10/15/30 (j) | 200,000 | 175,000 | ||||||
| Boost Newco Borrower LLC | ||||||||
| 7.500% 1/15/31 (j) | 200,000 | 212,303 | ||||||
| CACI International, Inc. | ||||||||
| 6.375% 6/15/33 (j) | 61,000 | 62,949 | ||||||
| Carvana Co. PIK 14.000%, Cash | ||||||||
| 9.000% 6/01/31 (g) (j) | 300,000 | 355,377 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 2/01/31 (j) | 325,000 | 303,606 | ||||||
| Celanese US Holdings LLC | ||||||||
| 6.629% STEP 7/15/32 | 350,000 | 366,930 | ||||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | ||||||||
| 8.000% 6/15/29 (j) | 94,000 | 77,728 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 10.875% 1/15/32 (j) | 300,000 | 317,960 | ||||||
| Clarios Global LP/Clarios US Finance Co. | ||||||||
| 6.750% 2/15/30 (j) | 217,000 | 225,634 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 6.500% 3/31/29 (j) | 200,000 | 201,863 | ||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 8.750% 4/15/30 (j) | 180,000 | 184,108 | ||||||
| CommScope LLC | ||||||||
| 7.125% 7/01/28 (j) | 150,000 | 147,429 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 6.500% 10/01/28 (j) | 400,000 | 407,113 | ||||||
| CSC Holdings LLC | ||||||||
| 4.625% 12/01/30 (j) (l) | 300,000 | 139,517 | ||||||
| 11.750% 1/31/29 (j) | 250,000 | 237,789 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| CVR Energy, Inc. | ||||||||
| 5.750% 2/15/28 (j) | $ | 150,000 | $ | 143,626 | ||||
| 8.500% 1/15/29 (j) | 150,000 | 150,059 | ||||||
| DISH Network Corp. | ||||||||
| 11.750% 11/15/27 (j) | 250,000 | 257,706 | ||||||
| EchoStar Corp. | ||||||||
| PIK 6.750%, Cash 6.750% 11/30/30 (g) | 155,568 | 141,976 | ||||||
| 10.750% 11/30/29 | 250,000 | 257,500 | ||||||
| Edison International | ||||||||
| 5 yr. CMT + 3.658% 7.875% VRN 6/15/54 (d) (l) | 129,000 | 122,210 | ||||||
| 5 yr. CMT + 3.864% 8.125% VRN 6/15/53 (d) (l) | 488,000 | 471,357 | ||||||
| Embecta Corp. | ||||||||
| 5.000% 2/15/30 (j) | 350,000 | 316,258 | ||||||
| Energizer Holdings, Inc. | ||||||||
| 4.375% 3/31/29 (j) | 400,000 | 378,326 | ||||||
| Enpro, Inc. | ||||||||
| 6.125% 6/01/33 (j) | 200,000 | 204,464 | ||||||
| ESC Briggs & Stratton, Inc. | ||||||||
| 6.875% 12/15/49 (a) (b) (f) | 514,000 | — | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.750% 9/15/31 (j) | 436,000 | 445,053 | ||||||
| Full House Resorts, Inc. | ||||||||
| 8.250% 2/15/28 (j) | 450,000 | 437,253 | ||||||
| Genesee & Wyoming, Inc. | ||||||||
| 6.250% 4/15/32 (j) | 208,000 | 212,238 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
| 8.000% 5/15/33 | 250,000 | 261,380 | ||||||
| GFL Environmental, Inc. | ||||||||
| 6.750% 1/15/31 (j) | 200,000 | 209,285 | ||||||
| Global Partners LP/GLP Finance Corp. | ||||||||
| 7.125% 7/01/33 (j) | 35,000 | 35,490 | ||||||
| 8.250% 1/15/32 (j) | 142,000 | 149,339 | ||||||
| Goat Holdco LLC | ||||||||
| 6.750% 2/01/32 (j) | 18,000 | 18,298 | ||||||
| GrubHub Holdings, Inc. | ||||||||
| 5.500% 7/01/27 (j) (l) | 446,000 | 432,802 | ||||||
| HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
| 8.000% 6/15/27 (j) | 200,000 | 208,366 | ||||||
| Herbalife Ltd., Convertible, | ||||||||
| 4.250% 6/15/28 | 536,000 | 485,080 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 6.000% 4/15/30 (j) | 200,000 | 194,429 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 12.250% 4/15/29 (j) | 200,000 | 217,616 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.000% 7/15/28 (j) | 300,000 | 297,623 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (j) | 400,000 | 380,380 | ||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 3.750% 12/01/31 | 150,000 | 139,574 | ||||||
| 5.500% 1/15/30 | 188,000 | 192,307 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 8.250% 5/15/30 (j) | 226,000 | 234,170 | ||||||
| 9.500% 2/15/29 (j) | 150,000 | 158,332 | ||||||
| JetBlue Airways Corp./JetBlue Loyalty LP | ||||||||
| 9.875% 9/20/31 (j) | 300,000 | 291,864 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 5.875% 1/31/31 (j) | 35,000 | 35,306 | ||||||
| 6.125% 7/31/32 (j) | 36,000 | 36,598 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| LifePoint Health, Inc. | ||||||||
| 10.000% 6/01/32 (j) (l) | $ | 350,000 | $ | 361,083 | ||||
| 11.000% 10/15/30 (j) | 250,000 | 275,799 | ||||||
| Lightning Power LLC | ||||||||
| 7.250% 8/15/32 (j) | 250,000 | 263,113 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 9.250% 4/15/27 (j) | 500,000 | 496,494 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 7.375% 9/01/31 (j) | 215,000 | 224,275 | ||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
| 4.875% 5/01/29 (j) | 200,000 | 192,653 | ||||||
| NCL Corp. Ltd. | ||||||||
| 6.250% 3/01/30 (j) | 219,000 | 220,869 | ||||||
| 6.750% 2/01/32 (j) | 106,000 | 108,293 | ||||||
| Neogen Food Safety Corp. | ||||||||
| 8.625% 7/20/30 (j) | 213,000 | 220,314 | ||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 5/15/30 | 190,000 | 184,837 | ||||||
| 6.625% 9/15/29 | 150,000 | 148,480 | ||||||
| 6.625% 5/15/32 | 150,000 | 143,094 | ||||||
| 7.000% STEP 4/01/46 | 100,000 | 85,434 | ||||||
| 8.500% 6/01/28 (j) | 74,000 | 77,716 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||||
| 8.125% 2/15/29 (j) | 83,000 | 83,855 | ||||||
| 8.375% 2/15/32 (j) | 247,000 | 247,742 | ||||||
| Novelis Corp. | ||||||||
| 3.250% 11/15/26 (j) | 200,000 | 196,795 | ||||||
| Olympus Water US Holding Corp. | ||||||||
| 4.250% 10/01/28 (j) | 210,000 | 199,702 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.875% 9/15/28 | 400,000 | 383,583 | ||||||
| OneSky Flight LLC | ||||||||
| 8.875% 12/15/29 (j) | 200,000 | 208,248 | ||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
| 5.125% 4/30/31 (j) (l) | 200,000 | 173,571 | ||||||
| Parsons Corp. | ||||||||
| 2.625% 3/01/29 | 97,000 | 103,111 | ||||||
| Performance Food Group, Inc. | ||||||||
| 6.125% 9/15/32 (j) | 202,000 | 206,633 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 6.125% 9/30/32 | 250,000 | 252,398 | ||||||
| PG&E Corp. | ||||||||
| 5.000% 7/01/28 | 150,000 | 146,108 | ||||||
| 5.250% 7/01/30 | 150,000 | 142,896 | ||||||
| Phinia, Inc. | ||||||||
| 6.625% 10/15/32 (j) | 297,000 | 301,628 | ||||||
| Pike Corp. | ||||||||
| 8.625% 1/31/31 (j) | 300,000 | 326,274 | ||||||
| PRA Group, Inc. | ||||||||
| 8.375% 2/01/28 (j) | 140,000 | 143,675 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. | ||||||||
| 6.250% 1/15/28 (j) | 200,000 | 200,313 | ||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (j) | 250,000 | 240,046 | ||||||
| QXO Building Products, Inc. | ||||||||
| 6.750% 4/30/32 (j) | 229,000 | 235,916 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Radiology Partners, Inc. | ||||||||
| 8.500% 7/15/32 (j) | $ | 277,000 | $ | 277,645 | ||||
| PIK 9.781%, Cash 9.781% 2/15/30 (g) (j) | 419,561 | 412,219 | ||||||
| Raven Acquisition Holdings LLC | ||||||||
| 6.875% 11/15/31 (j) | 305,000 | 305,013 | ||||||
| Resideo Funding, Inc. | ||||||||
| 6.500% 7/15/32 (j) | 200,000 | 204,898 | ||||||
| RHP Hotel Properties LP/RHP Finance Corp. | ||||||||
| 6.500% 6/15/33 (j) | 101,000 | 103,903 | ||||||
| Rocket Cos., Inc. | ||||||||
| 6.125% 8/01/30 (j) | 65,000 | 66,237 | ||||||
| 6.375% 8/01/33 (j) | 65,000 | 66,508 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 5.500% 8/31/26 (j) | 300,000 | 301,062 | ||||||
| Sabre GLBL, Inc. | ||||||||
| Convertible, 7.320% 8/01/26 | 200,000 | 220,100 | ||||||
| 10.750% 11/15/29 (j) | 54,000 | 55,487 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 2/15/27 | 225,000 | 222,087 | ||||||
| 8.875% 6/15/32 | 150,000 | 154,239 | ||||||
| Surgery Center Holdings, Inc. | ||||||||
| 7.250% 4/15/32 (j) (l) | 300,000 | 305,704 | ||||||
| Talen Energy Supply LLC | ||||||||
| 8.625% 6/01/30 (j) | 500,000 | 535,833 | ||||||
| Team Health Holdings, Inc. PIK 4.500%, Cash | ||||||||
| 13.500% 6/30/28 (g) (j) | 204,500 | 221,883 | ||||||
| TransDigm, Inc. | ||||||||
| 6.750% 8/15/28 (j) | 350,000 | 357,399 | ||||||
| Trident TPI Holdings, Inc. | ||||||||
| 12.750% 12/31/28 (j) | 201,000 | 213,217 | ||||||
| Triumph Group, Inc. | ||||||||
| 9.000% 3/15/28 (j) | 200,000 | 209,008 | ||||||
| UGI International LLC | ||||||||
| 2.500% 12/01/29 EUR (e) (j) | 250,000 | 274,638 | ||||||
| UKG, Inc. | ||||||||
| 6.875% 2/01/31 (j) | 259,000 | 268,732 | ||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | ||||||||
| 6.500% 2/15/29 (j) | 300,000 | 289,959 | ||||||
| 10.500% 2/15/28 (j) | 118,000 | 125,085 | ||||||
| Uniti Group, Inc., Convertible, | ||||||||
| 7.500% 12/01/27 (j) | 120,000 | 132,360 | ||||||
| US Foods, Inc. | ||||||||
| 5.750% 4/15/33 (j) | 300,000 | 299,685 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 7.000% 1/15/30 (j) | 250,000 | 252,728 | ||||||
| 9.875% 2/01/32 (j) | 250,000 | 269,991 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.500% 1/15/34 (m) | 98,000 | 98,000 | ||||||
| Vibrantz Technologies, Inc. | ||||||||
| 9.000% 2/15/30 (j) (l) | 238,000 | 160,340 | ||||||
| Viking Baked Goods Acquisition Corp. | ||||||||
| 8.625% 11/01/31 (j) | 187,000 | 183,217 | ||||||
| Voyager Parent LLC | ||||||||
| 9.250% 7/01/32 (j) | 150,000 | 156,064 | ||||||
| Watco Cos. LLC/Watco Finance Corp. | ||||||||
| 7.125% 8/01/32 (j) | 317,000 | 331,365 | ||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. | ||||||||
| 8.250% 10/01/31 (j) | 250,000 | 261,821 | ||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| XPLR Infrastructure Operating Partners LP | ||||||||
| 8.375% 1/15/31 (j) (l) | $ | 72,000 | $ | 76,903 | ||||
| 8.625% 3/15/33 (j) (l) | 129,000 | 138,259 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 4.000% 3/01/27 (j) | 62,000 | 58,142 | ||||||
| 27,865,196 | ||||||||
| Uzbekistan — 0.1% | ||||||||
| Uzbek Industrial & Construction Bank ATB | ||||||||
| 8.950% 7/24/29 (j) | 200,000 | 210,400 | ||||||
| Zambia — 0.2% | ||||||||
| First Quantum Minerals Ltd. | ||||||||
| 9.375% 3/01/29 (j) | 245,000 | 260,030 | ||||||
| TOTAL CORPORATE DEBT (Cost $58,086,273) | 57,859,663 | |||||||
| Non-U.S. Government Agency Obligations — 6.9% | ||||||||
| Cayman Islands — 4.2% | ||||||||
| ARES XLVIII CLO Ltd., Series 2018-48A, Class E, 3 mo. USD Term SOFR + 5.462% | ||||||||
| 9.731% FRN 7/20/30 (d) (j) | 800,000 | 796,454 | ||||||
| Diameter Capital CLO 9 Ltd., Series 2025-9A, Class E, 3 mo. USD Term SOFR + 4.700% | ||||||||
| 9.017% FRN 4/20/38 (d) (j) | 750,000 | 751,576 | ||||||
| Elmwood CLO 39 Ltd., Series 2025-2A, Class E1, 3 mo. USD Term SOFR + 4.400% | ||||||||
| 8.684% FRN 4/17/38 (d) (j) | 750,000 | 749,541 | ||||||
| Madison Park Funding XIII Ltd., Series 2014-13A, Class SUB, | ||||||||
| 7.790% VRN 4/19/30 (d) (j) (o) | 500,000 | 22,726 | ||||||
| Magnetite VII Ltd., (Acquired 5/16/18, Cost $1,821,828), | ||||||||
| 5.000% VRN 1/15/28 (d) (i) (j) (o) | 2,000,000 | 90,696 | ||||||
| Octagon 74 Ltd., Series 2025-2A, Class E, 3 mo. USD Term SOFR + 5.100% | ||||||||
| 9.384% FRN 4/22/38 (d) (j) | 1,000,000 | 994,479 | ||||||
| RR 20 Ltd., Series 2022-20A, Class DR, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.756% FRN 7/15/37 (d) (j) | 1,500,000 | 1,475,492 | ||||||
| Texas Debt Capital CLO Ltd., Series 2025-1A, Class E, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.760% FRN 4/24/38 (d) (j) | 1,000,000 | 1,003,882 | ||||||
| 5,884,846 | ||||||||
| Ireland — 2.1% | ||||||||
| Bain Capital Euro CLO DAC, Series 2021-2A, Class E, 3 mo. EURIBOR + 6.220% | ||||||||
| 8.483% FRN 7/17/34 EUR (d) (e) (j) | 800,000 | 918,989 | ||||||
| BlackRock European CLO VII DAC, Series 7X, Class E, 3 mo. EURIBOR + 5.170% | ||||||||
| 7.449% FRN 10/15/31 EUR (d) (e) (j) | 725,000 | 854,372 | ||||||
| Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. EURIBOR + 6.160% | ||||||||
| 8.396% FRN 7/21/34 EUR (d) (e) (j) | 1,000,000 | 1,194,932 | ||||||
| 2,968,293 | ||||||||
| MassMutual Global Credit Income Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| United Kingdom — 0.6% | ||||||||
| Canyon Capital CLO Ltd., Series 2022-2A, Class ER, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.006% FRN 4/15/38 (d) (j) | $ | 825,000 | $ | 816,523 | ||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $11,799,784) | 9,669,662 | |||||||
| Sovereign Debt Obligations — 0.2% | ||||||||
| Uzbekistan — 0.2% | ||||||||
| National Bank of Uzbekistan | ||||||||
| 8.500% 7/05/29 (j) | 300,000 | 314,939 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $297,509) | 314,939 | |||||||
| TOTAL BONDS & NOTES (Cost $132,283,523) | 130,244,127 | |||||||
| Warrants — 0.0% | ||||||||
| Number of Shares | ||||||||
| United Kingdom — 0.0% | ||||||||
| Travelex International Ltd., Expires 8/18/21 (c) | 837 | 1,149 | ||||||
| TOTAL WARRANTS (Cost $0) | 1,149 | |||||||
| Rights — 0.0% | ||||||||
| United Kingdom — 0.0% | ||||||||
| Innovation Group PLC (a) (b) (c) | 21,315 | — | ||||||
| Innovation Group PLC (a) (b) (c) | 83,667 | — | ||||||
| TOTAL RIGHTS (Cost $0) | — | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $132,968,402) | 130,776,072 | |||||||
| Short-Term Investments — 8.9% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 2.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (p) | 3,092,975 | 3,092,975 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 6.7% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (q) | $ | 9,517,700 | 9,517,700 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $12,610,675) | 12,610,675 | |||||||
| TOTAL INVESTMENTS — 101.6% (Cost $145,579,077) (r) | 143,386,747 | |||||||
| Other Assets/(Liabilities) — (1.6)% | (2,324,151 | ) | ||||||
| NET ASSETS — 100.0% | $ | 141,062,596 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| EURIBOR | Euro Inter-Bank Offered Rate |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| PIK | Payment in kind |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $0 or 0.00% of net assets. |
| (b) | Investment is valued using significant unobservable inputs. |
| (c) | Non-income producing security. |
| (d) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (e) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
| (f) | 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, 2025, these securities amounted to a value of $4,741 or 0.00% of net assets. |
| (g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (h) | All or a portion of the security represents unsettled bank loan commitments at June 30, 2025, where the rate will be determined at time of settlement. |
| (i) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $3,716,632 or 2.63% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (j) | 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, 2025, the aggregate market value of these securities amounted to $61,967,949 or 43.93% of net assets. |
| (k) | Security is perpetual and has no stated maturity date. |
| (l) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $3,030,528 or 2.15% of net assets. (Note 2). |
| (m) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (n) | The maturity date of the security has been extended past the date disclosed. The new maturity date is not available as of June 30, 2025. |
| (o) | 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, 2025. |
| (p) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (q) | Maturity value of $9,518,427. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $9,708,063. |
| (r) | See Note 3 for aggregate cost for federal tax purposes. |
| Forward contracts | |||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | |||||||||
| BNP Paribas SA | 7/21/25 | USD | 39,571,909 | EUR | 34,205,329 | $ | (770,806) | ||||||
| BNP Paribas SA | 7/21/25 | USD | 98,135 | CAD | 133,156 | 259 | |||||||
| Citibank N.A. | 7/21/25 | USD | 6,270,479 | GBP | 4,617,676 | (68,505) | |||||||
| Citibank N.A. | 7/21/25 | EUR | 400,000 | USD | 465,334 | 6,437 | |||||||
| Goldman Sachs International | 7/21/25 | USD | 118,480 | NOK | 1,175,712 | 1,823 | |||||||
| $ | (830,792) | ||||||||||||
| Futures contracts | |||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | ||||||
| Long | |||||||||
| Euro-BOBL | 9/08/25 | 26 | $ | 3,614,618 | $ | (10,466) | |||
| U.S. Treasury Note 5 Year | 9/30/25 | 44 | 4,736,668 | 59,332 | |||||
| $ | 48,866 | ||||||||
Currency Legend
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| NOK | Norwegian Krone |
| USD | U.S. Dollar |
| 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 Clinton Limited Term Municipal Fund (“MM Clinton Limited Term Municipal Fund”)
MassMutual Clinton Municipal Fund (“MM Clinton Municipal Fund”)
MassMutual Clinton Municipal Credit Opportunities Fund (“MM Clinton Municipal Credit Opportunities Fund”)
MassMutual Global Floating Rate Fund (“Global Floating Rate Fund”)
MassMutual Global Credit Income Opportunities Fund (“Global Credit Income Opportunities 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.
Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Investment Advisers, LLC (“MML Advisers”) acts as each Fund’s CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund’s portfolio managers as a team. The financial information in the form of each Fund’s portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmark(s) and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within each Fund’s financial statements.
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 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.
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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.
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 alternate valuation approaches including, but not limited to, the following:
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security’s underlying assets and liabilities.
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.
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 fair value factors, 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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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.
The MM Clinton Limited Term Municipal Fund, MM Clinton Municipal Fund, and MM Clinton Municipal Credit Opportunities Fund characterized all investments at Level 2, as of June 30, 2025. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
The following is the aggregate value by input level, as of June 30, 2025, for the remaining Funds’ investments:
Global Floating Rate Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 677,563 | $ | 256,911 | $ | 305,043 | $ | 1,239,517 | ||||||||
| Preferred Stock | 10,125 | — | — | 10,125 | ||||||||||||
| Bank Loans | — | 105,871,821 | 433,656 | 106,305,477 | ||||||||||||
| Corporate Debt | — | 13,778,504 | — | 13,778,504 | ||||||||||||
| Warrants | — | 391 | — | 391 | ||||||||||||
| Short-Term Investments | — | 10,295,340 | — | 10,295,340 | ||||||||||||
| Unfunded Loan Commitments* | — | 7,534 | — | 7,534 | ||||||||||||
| Total Investments | $ | 687,688 | $ | 130,210,501 | $ | 738,699 | $ | 131,636,888 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 19,807 | $ | — | $ | 19,807 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (825,734 | ) | $ | — | $ | (825,734 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Global Credit Income Opportunities Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | ||||||||||||||||
| France | $ | — | $ | — | $ | —+ | $ | — | ||||||||
| Germany | — | — | —+ | — | ||||||||||||
| Norway | — | 128,362 | — | 128,362 | ||||||||||||
| Spain | — | — | —+ | — | ||||||||||||
| United Kingdom | — | — | —+ | — | ||||||||||||
| United States | 363,756 | — | —+ | 363,756 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| United States | 38,678 | — | — | 38,678 | ||||||||||||
| Bank Loans | — | 62,399,863 | —+ | 62,399,863 | ||||||||||||
| Corporate Debt | — | 57,859,663 | —+ | 57,859,663 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 9,669,662 | — | 9,669,662 | ||||||||||||
| Sovereign Debt Obligations | — | 314,939 | — | 314,939 | ||||||||||||
| Warrants | — | 1,149 | — | 1,149 | ||||||||||||
| Rights | — | — | —+ | — | ||||||||||||
| Short-Term Investments | 3,092,975 | 9,517,700 | — | 12,610,675 | ||||||||||||
| Unfunded Loan Commitments* | — | 7,634 | — | 7,634 | ||||||||||||
| Total Investments | $ | 3,495,409 | $ | 139,898,972 | $ | — | $ | 143,394,381 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 8,519 | $ | — | $ | 8,519 | ||||||||
| Futures Contracts | 59,332 | — | — | 59,332 | ||||||||||||
| Total | $ | 59,332 | $ | 8,519 | $ | — | $ | 67,851 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (839,311 | ) | $ | — | $ | (839,311 | ) | ||||||
| Futures Contracts | (10,466 | ) | — | — | (10,466 | ) | ||||||||||
| Total | $ | (10,466 | ) | $ | (839,311 | ) | $ | — | $ | (849,777 | ) | |||||
| * | Unfunded bank loan commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
| + | Represents a security at $0 value as of June 30, 2025. |
| 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, other than the MM Clinton Limited Term Municipal Fund, MM Clinton Municipal Fund, and MM Clinton Municipal Credit Opportunities 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, 2025, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
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. 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.
Market Risk
The value of a Fund’s portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. 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 U.S. federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared daily and paid monthly. 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, 2025, 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 U.S. federal income tax basis, were as follows:
| Federal Income Tax Cost |
Tax Basis Unrealized Appreciation |
Tax Basis Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||
| MM Clinton Limited Term Municipal Fund | $ | 52,691,730 | $ | 74,128 | $ | (500,852) | $ | (426,724) | ||||
| MM Clinton Municipal Fund | 60,292,477 | 46,040 | (1,861,688) | (1,815,648) | ||||||||
| MM Clinton Municipal Credit Opportunities Fund | 49,666,794 | 17,045 | (2,177,823) | (2,160,778) | ||||||||
| Global Floating Rate Fund | 134,675,926 | 3,940,970 | (6,987,542) | (3,046,572) | ||||||||
| Global Credit Income Opportunities Fund | 145,579,077 | 4,680,075 | (6,872,405) | (2,192,330) | ||||||||
4. New Accounting Pronouncements
In December 2023, FASB issued Accounting Standards Update 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.
5. Legal Proceedings
On February 23, 2023, the MassMutual Global Credit Income Opportunities Fund and MassMutual Global Floating Rate Fund (the “Funds”) were named as third-party defendants in an adversary proceeding (the “Adversary Proceeding”) in the U.S. Bankruptcy Court for the Southern District of Texas, in connection with Serta Simmons Bedding, LLC’s (“Serta”) Chapter 11 bankruptcy proceeding (In re Serta Simmons Bedding). The adversary proceeding was brought by certain funds (“Excluded Lenders”) who did not participate in certain restructuring transactions entered into in 2020 (the “2020 Transaction”) against the funds (including the Funds) which did participate in the 2020 Transaction (the “Participating Lenders”).
After a trial on June 6, 2023 the Bankruptcy Court entered a final judgment in favor of the Participating Lenders in regards to the third-party claims in the Adversary Proceeding. The Excluded Lenders appealed to the Fifth Circuit and on December 31, 2024, a panel of the Fifth Circuit held that the 2020 Transaction was not a permissible open market purchase within the meaning of the Credit Agreement. The Fifth Circuit therefore reversed the Bankruptcy Court’s ruling and vacated the Bankruptcy Court’s denial of the Excluded Lenders’ breach of contract claims. The Fifth Circuit remanded the Adversary Proceeding back to the Bankruptcy Court for reconsideration of the Excluded Lenders’ breach of contract claims. The Bankruptcy Court has set a trial date on February 23, 2026 for the remanded counterclaims.
The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Excluded Lenders, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each Fund at the time of such judgment or settlement.