MML Barings Global Floating Rate Fund
As of 03/31/2026
Prior to 2/1/2026, the Fund's name was MassMutual Global Floating Rate Fund
Baring International Investment Limited
Investment Objective
Investment Overview
The Fund seeks to take advantage of a broader opportunity set by investing in non-U.S. based issuers of loans, including non-U.S. dollar holdings. The Fund also seeks to take find inefficiencies between geographies, primarily North American and European markets. It uses a bottom-up, fundamental approach to credit analysis with a targeted approach to high conviction ideas and active portfolio management style to manage risk while optimizing relative value.
Trailing Returns1
Average annual total return
| QTD | YTD | 1Y | 3Y | 5Y | 10Y 1 | Since Incep | |
|---|---|---|---|---|---|---|---|
| MML Barings Global Floating Rate Fund | -0.86 | -0.86 | 3.37 | 7.15 | 4.66 | 5.25 | 4.40 |
| S&P UBS Leveraged Loan Index | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | - |
| Category Average Return | - | - | 4.51 | 7.35 | 5.02 | 4.59 | - |
| Category Rank 3 | - | - | 83 | 61 | 72 | 8 | - |
| # Funds in Category | - | - | 205 | 203 | 192 | 165 | - |
Performance shown is for Class I shares. Current performance may be higher or lower. Max sales charge for the I shares is 0%.
Category Rank: The Morningstar Category Rank is based on the fund’s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges.
The S&P UBS Leveraged Loan Index tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest-rated issues included in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. The Index does not reflect any fees, expenses, or taxes and cannot be purchased directly by investors.
Calendar Year Returns1
Expense Ratios
| CLASS | TICKER | CUSIP | INCEPTION DATE | GROSS EXPENSE RATIO% | NET EXPENSE RATIO%6 |
|---|---|---|---|---|---|
| I | BXFIX | 576291108 | 09/16/2013 | 1.01% | 0.75% |
| Y | BXFYX | 576291207 | 09/16/2013 | 1.08% | 0.75% |
| C | BXFCX | 576291405 | 09/16/2013 | 2.04% | 1.75% |
| A | BXFAX | 576291306 | 09/16/2013 | 1.30% | 1.00% |
Fund Rankings1
| MORNINGSTAR RATING 3 | FUNDS IN CATEGORY | |
|---|---|---|
| Overall Rating | 203 | |
| 3 Year | 203 | |
| 5 Year | 192 | |
| 10 Year | 165 |
Morningstar Rating™ - For each investment with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how an investment ranks on a Morningstar Risk-Adjusted Return measure against other investments in the category. This measure takes into account variations in an investment’s monthly performance after adjusting for sales loads (except for load-waived A shares), redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of investments in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for an investment is derived from a weighted average of the ratings for the three-, five- and ten-year (if applicable) time periods.
Portfolio Characteristics7
| Average Maturity | 4.12 Years |
|---|---|
| Effective Duration | 0.28 Years |
| # of Bond Holdings | 292 |
| # of Issuers | 236 |
| Average Bond Price | $91.36 |
| Subsidized SEC 30-Day Yield | 7.53% |
| Unsubsidized SEC 30-Day Yield | 7.10% |
Investment Risk
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Fixed Income investing is subject to interest rate risks. Bond prices and other fixed income pro duct prices generally fall when interest rates rise. Duration measures the price sensitivity of a bond or a portfolio to changes in interest rates. The Fund invests in high yield loans and bonds, commonly referred to as “junk bonds,” including distressed securities, which are subject to greater credit risk (the risk that an issuer won’t make timely payments of principal and interest) and market risk (the risk that the value of the Fund’s investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); loans and derivative securities, which may carry market, credit and liquidity risk (the risk that the Fund’s investments may be difficult to sell at an advantageous time or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund may also invest in structured products which bear the risks of the underlying investments and are subject to counter party risk, credit risk, liquidity risk and market risk. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Fund’s share price will decline.
We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Past performance is no guarantee of future results. Diversification does not ensure profit, nor does it eliminate the risk of experiencing investment losses.
Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value, and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1-866-444-2601. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.
1The investment return and the principal value of an investment will fluctuate; so an investor’s shares, when redeemed, may be worth more or less than their original cost. The investment’s performance is generally compared with that of an index. You cannot invest directly in an index. The index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses nor can it be invested in directly. An investment’s portfolio may differ significantly from the securities in the index. The Index may not be the same as the comparative index noted in the investment’s prospectus (if applicable).
2Risk statistics are calculated over a five-year period, computed monthly. Risk Statistics-Information Ratio measures the performance of an investment compared to a benchmark index, after adjusting for its additional risk. Alpha is a measure of the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund’s underperformance, given the expectations established by the fund’s beta. Beta is a measure of sensitivity to market movements. The beta of the market is 1.00. A beta of 1.10 shows that the fund’s excess return is expected to be 10% better than the market’s excess return in an up market or 10% worse in a down market. A beta of .85 indicates that the fund’s excess return is expected to perform 15% less than the market’s excess return during up markets and 15% greater during down markets. Standard Deviation is a statistical measurement, which for a mutual fund depicts how widely the returns varied over a certain period of time. When a fund has a high standard deviation, performance is wide, implying greater volatility. R-squared (R2) measures the degree of relationship between the performance of the fund and that of the index. The higher the R-squared, the more related the fund’s performance is to its index. Tracking Error is also known as active risk and is the degree to which the strategy differed from its index or benchmark. The higher the Tracking Error, the more the fund deviated from its index. Sharpe Ratio measures risk adjusted performance; it is calculated as the real total return of the fund (total return-risk free rate) divided by the risk of the fund (standard deviation). Upside/downside capture shows whether a given fund has outperformed--gained more or lost less than--a broad market benchmark during periods of market strength and weakness, and if so, by how much. An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. A downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. Batting Average is a measure of a manager’s ability to consistently beat its benchmark over the trailing five-year period.
3The MassMutual Global Floating Rate Fund, and MassMutual Global Credit Income Opportunities Fund (the Funds) are the successors to the Barings Global Floating Rate Fund, and Barings Global Credit Income Opportunities Fund, respectively (each, a “Predecessor Fund”), as a result of the reorganizations of the Predecessor Funds into the Funds on 12/10/2021. Accordingly, all performance and other information shown for the Funds for periods prior to 12/10/2021 is that of the respective Predecessor Fund.
4When the fund is subadvised by Barings, please be advised that Barings LLC is a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company. References to the Fund’s subadviser may include a sub-subadviser, Baring International Investment Limited (together with Barings LLC, “Barings”) as applicable.
5Morningstar Category: identifies funds based on investment styles as measured by their underlying portfolio holdings/ statistics over 3 years. Investment options can move into other categories, or Morningstar may change their classification methodology. Morningstar calculates adjusted historical returns.
6The expenses in the table reflect a contractual agreement by MML Advisers to waive a percentage of the management fees or cap the fees and expenses of the Fund through January 31, 2026. Please refer to the Fund’s prospectus for more information.
7Average Effective Maturity is the dollar-weighted average of all the current maturities of the bonds in a portfolio, taking into account any prepayments, callable positions, and adjustable coupons which may shorten the maturity. The longer the average maturity, the more sensitive the portfolio will be to changes in interest rates. Average Effective Duration measures the sensitivity of the price of a fixed-income investment to a change in interest rates. The higher the duration number, the more sensitive a fixed-income investment will be to those changes. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. This measure is a more direct indication of price sensitivity, and hence value, than Average Effective Maturity.
All funds carry some level of risk. Before you invest, be sure to read the fund’s prospectus and shareholder reports to learn about its investment strategy and the potential risks. Funds with higher rates of return may take risks that are beyond your comfort level and are inconsistent with your financial goals.
Investors should consider funds’ objectives, risks, fees, and expenses carefully before investing. This and other information can be found in the funds’ prospectuses or summary prospectuses, which are available from MassMutual by calling 1-866-444-2601. Please read them carefully before investing.
MassMutual Investments is the marketing name for certain products and/or services of MassMutual and its subsidiaries, including MML Investment Advisers, LLC (MML Advisers). Investment advisory services of MassMutual Investments are provided exclusively by MML Advisers. Principal Underwriter: MML Distributors, LLC. (MMLD), 1295 State St., Springfield, MA 01111. Member FINRA and member SIPC. MMLD and MML Advisers are subsidiaries of MassMutual.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE