| MML Clinton Limited Term Municipal Fund — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 102.7% | ||||||||
| Municipal Obligations — 102.7% | ||||||||
| Alabama — 3.4% | ||||||||
| Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, | ||||||||
| 5.000% 10/01/30 | $ | 2,000,000 | $ | 2,136,255 | ||||
| Arizona — 3.6% | ||||||||
| Maricopa County Industrial Development Authority, AZ | ||||||||
| Revenue Bonds, Series D, 5.000% 1/01/31 (a) | 1,000,000 | 1,075,133 | ||||||
| Revenue Bonds, Series D, 5.000% 12/01/34 | 1,000,000 | 1,123,853 | ||||||
| 2,198,986 | ||||||||
| California — 3.5% | ||||||||
| California Community Choice Financing Authority, Revenue Bonds, Series E, | ||||||||
| 5.000% 7/01/35 | 1,465,000 | 1,612,585 | ||||||
| California Enterprise Development Authority, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/33 | 500,000 | 557,283 | ||||||
| 2,169,868 | ||||||||
| Florida — 3.3% | ||||||||
| Capital Trust Authority, FL, Revenue Bonds, Series A, | ||||||||
| 5.000% 12/01/30 | 1,900,000 | 2,052,176 | ||||||
| Georgia — 5.1% | ||||||||
| Dalton Whitfield County Joint Development Authority, GA, Revenue Bonds, | ||||||||
| 5.000% 8/15/27 | 2,800,000 | 2,872,818 | ||||||
| Fayette County Development Authority, GA | ||||||||
| Revenue Bonds, 5.000% 10/01/26 | 150,000 | 150,551 | ||||||
| Revenue Bonds, 5.000% 10/01/27 | 150,000 | 153,198 | ||||||
| 3,176,567 | ||||||||
| Illinois — 9.8% | ||||||||
| City of Chicago, IL, General Obligation, Series A, | ||||||||
| 4.000% 1/01/35 | 2,400,000 | 2,330,843 | ||||||
| City of Chicago, IL, Waterworks Revenue, Revenue Bonds, Series A1, | ||||||||
| 5.000% 11/01/28 | 1,225,000 | 1,234,124 | ||||||
| State of Illinois, General Obligation, | ||||||||
| 5.000% 2/01/33 | 2,250,000 | 2,482,739 | ||||||
| 6,047,706 | ||||||||
| Indiana — 6.9% | ||||||||
| Franklin Community School Corp., IN, General Obligation, | ||||||||
| 5.000% 7/15/27 | 1,500,000 | 1,536,551 | ||||||
| Indiana Finance Authority, Revenue Bonds, Series D, | ||||||||
| 5.000% 10/01/63 | 1,500,000 | 1,633,113 | ||||||
| MML Clinton Limited Term Municipal Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Valparaiso 21st Century School Building Corp., IN, Revenue Bonds, | ||||||||
| 5.000% 1/15/32 | $ | 1,000,000 | $ | 1,104,645 | ||||
| 4,274,309 | ||||||||
| Louisiana — 0.4% | ||||||||
| Louisiana Public Facilities Authority, Revenue Bonds, Series 2025A, | ||||||||
| 5.000% 5/15/30 | 250,000 | 268,190 | ||||||
| Nebraska — 2.5% | ||||||||
| Central Plains Energy Project, NE, Revenue Bonds, Series A, | ||||||||
| 5.000% 9/01/32 | 1,500,000 | 1,571,302 | ||||||
| Nevada — 4.3% | ||||||||
| County of Clark, NV, Passenger Facility Charge Revenue, Revenue Bonds, Series E, | ||||||||
| 5.000% 7/01/26 | 2,680,000 | 2,680,000 | ||||||
| New Jersey — 2.1% | ||||||||
| New Jersey Economic Development Authority, Revenue Bonds, Series MMM, | ||||||||
| 4.000% 6/15/35 | 1,290,000 | 1,312,426 | ||||||
| New York — 13.9% | ||||||||
| Metropolitan Transportation Authority, NY | ||||||||
| Revenue Bonds, Series E, 5.000% 11/15/32 | 2,000,000 | 2,178,632 | ||||||
| Dedicated Tax Fund, Revenue Bonds, Series A, 5.250% 11/15/27 | 1,700,000 | 1,716,904 | ||||||
| New York City Municipal Water Finance Authority, NY | ||||||||
| Revenue Bonds, 2.900% VMIG1 6/15/43 | 200,000 | 200,000 | ||||||
| Revenue Bonds, Series AA1, 2.900% VMIG1 6/15/50 | 1,500,000 | 1,500,000 | ||||||
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, Revenue Bonds, Series A4, | ||||||||
| 2.900% VMIG1 8/01/39 | 3,025,000 | 3,025,000 | ||||||
| 8,620,536 | ||||||||
| Pennsylvania — 7.5% | ||||||||
| Commonwealth of Pennsylvania, General Obligation, Series 2ND, | ||||||||
| 5.000% 9/15/29 | 2,320,000 | 2,331,533 | ||||||
| Lehigh County General Purpose Authority, PA | ||||||||
| Revenue Bonds, 5.000% 2/01/34 | 500,000 | 522,834 | ||||||
| Revenue Bonds, 5.000% 2/01/37 | 525,000 | 541,073 | ||||||
| Philadelphia Gas Works Co., PA, Revenue Bonds, | ||||||||
| 5.000% 8/01/26 | 1,250,000 | 1,252,107 | ||||||
| 4,647,547 | ||||||||
| South Carolina — 7.6% | ||||||||
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, Series A, | ||||||||
| 5.000% 11/01/31 | 2,100,000 | 2,305,888 | ||||||
| South Carolina Public Service Authority | ||||||||
| Revenue Bonds, Series B, 4.000% 12/01/38 | 1,120,000 | 1,136,392 | ||||||
| Revenue Bonds, Series A, 5.000% 12/01/33 | 1,125,000 | 1,248,378 | ||||||
| 4,690,658 | ||||||||
| MML Clinton Limited Term Municipal Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Texas — 22.2% | ||||||||
| Canutillo Independent School District, TX, General Obligation, | ||||||||
| 5.000% 8/15/30 | $ | 1,415,000 | $ | 1,539,004 | ||||
| Central Texas Turnpike System, Revenue Bonds, Series C, | ||||||||
| 5.000% 8/15/31 | 1,800,000 | 1,979,618 | ||||||
| Clifton Higher Education Finance Corp., TX, Revenue Bonds, Series A, | ||||||||
| 5.000% 2/15/30 | 1,990,000 | 2,122,630 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/32 | 2,200,000 | 2,390,242 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds, | ||||||||
| 5.000% 4/01/36 | 2,815,000 | 2,977,365 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI, Revenue Bonds, | ||||||||
| 5.000% 1/01/36 | 2,350,000 | 2,488,614 | ||||||
| Texas State University System, Revenue Bonds, Series C, | ||||||||
| 5.000% 3/15/34 (a) | 250,000 | 277,469 | ||||||
| 13,774,942 | ||||||||
| Washington — 2.6% | ||||||||
| State of Washington, General Obligation, Series R, | ||||||||
| 4.000% 7/01/26 | 1,600,000 | 1,600,000 | ||||||
| Wisconsin — 4.0% | ||||||||
| State of Wisconsin, General Obligation, Series 1, | ||||||||
| 5.000% 5/01/31 (a) | 1,000,000 | 1,086,468 | ||||||
| University of Wisconsin Hospitals & Clinics | ||||||||
| Revenue Bonds, Series A, 5.000% 4/01/29 | 745,000 | 790,440 | ||||||
| Revenue Bonds, Series A, 5.000% 4/01/30 | 575,000 | 620,789 | ||||||
| 2,497,697 | ||||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $63,728,296) | 63,719,165 | |||||||
| TOTAL BONDS & NOTES (Cost $63,728,296) | 63,719,165 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $63,728,296) | 63,719,165 | |||||||
| TOTAL INVESTMENTS — 102.7% (Cost $63,728,296) (b) | 63,719,165 | |||||||
| Other Assets/(Liabilities) — (2.7)% | (1,648,057 | ) | ||||||
| NET ASSETS — 100.0% | $ | 62,071,108 | ||||||
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MML Clinton Municipal Fund — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 99.5% | ||||||||
| Municipal Obligations — 99.5% | ||||||||
| Alabama — 7.1% | ||||||||
| County of Jefferson, AL, Sewer Revenue, Revenue Bonds, | ||||||||
| 5.250% 10/01/42 | $ | 2,250,000 | $ | 2,446,843 | ||||
| Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, | ||||||||
| 5.000% 10/01/30 | 2,000,000 | 2,136,255 | ||||||
| 4,583,098 | ||||||||
| Arizona — 1.7% | ||||||||
| Maricopa County Industrial Development Authority, AZ, Revenue Bonds, Series D, | ||||||||
| 5.000% 12/01/34 | 1,000,000 | 1,123,853 | ||||||
| California — 0.9% | ||||||||
| California Enterprise Development Authority, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/33 | 500,000 | 557,283 | ||||||
| Florida — 7.1% | ||||||||
| North Sumter County Utility Dependent District, FL, Revenue Bonds, | ||||||||
| 5.000% 10/01/32 | 2,705,000 | 2,906,303 | ||||||
| Orange County Health Facilities Authority, FL, Revenue Bonds, Series 2025A, | ||||||||
| 5.000% 10/01/41 | 575,000 | 629,403 | ||||||
| Palm Beach County Health Facilities Authority, FL, Revenue Bonds, | ||||||||
| 5.000% 11/15/42 | 1,000,000 | 1,057,429 | ||||||
| 4,593,135 | ||||||||
| Illinois — 11.0% | ||||||||
| Chicago O’Hare International Airport, IL, Revenue Bonds, Series B, | ||||||||
| 5.000% 1/01/39 | 2,375,000 | 2,394,817 | ||||||
| City of Chicago, IL, General Obligation, Series A, | ||||||||
| 4.000% 1/01/35 | 2,400,000 | 2,330,843 | ||||||
| State of Illinois, General Obligation, Series B, | ||||||||
| 5.000% 5/01/41 | 2,250,000 | 2,405,496 | ||||||
| 7,131,156 | ||||||||
| Indiana — 3.5% | ||||||||
| Concord Community Schools Building Corp., IN, Revenue Bonds, | ||||||||
| 5.000% 7/15/42 | 1,000,000 | 1,083,239 | ||||||
| Indiana Finance Authority, Revenue Bonds, Series D, | ||||||||
| 5.000% 10/01/63 | 1,105,000 | 1,203,060 | ||||||
| 2,286,299 | ||||||||
| Louisiana — 1.7% | ||||||||
| City of Lafayette, LA, Utilities Revenue, Revenue Bonds, | ||||||||
| 5.000% 11/01/36 | 1,000,000 | 1,124,302 | ||||||
| MML Clinton Municipal Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Maryland — 1.0% | ||||||||
| County of Prince George’s, MD, General Obligation, Series A, | ||||||||
| 5.000% 8/01/35 | $ | 555,000 | $ | 635,388 | ||||
| Massachusetts — 1.1% | ||||||||
| Massachusetts Development Finance Agency, Revenue Bonds, Series R, | ||||||||
| 5.000% 12/01/39 (a) | 615,000 | 672,884 | ||||||
| Michigan — 2.0% | ||||||||
| Grand Rapids Public Schools, MI, General Obligation, | ||||||||
| 5.000% 5/01/35 | 1,125,000 | 1,261,758 | ||||||
| Nebraska — 2.4% | ||||||||
| Central Plains Energy Project, NE, Revenue Bonds, Series A, | ||||||||
| 5.000% 9/01/32 | 1,500,000 | 1,571,302 | ||||||
| New Jersey — 2.0% | ||||||||
| New Jersey Economic Development Authority, Revenue Bonds, Series MMM, | ||||||||
| 4.000% 6/15/35 | 1,290,000 | 1,312,426 | ||||||
| New York — 13.7% | ||||||||
| City of New York, NY, General Obligation, Series C, | ||||||||
| 4.000% 8/01/40 | 2,425,000 | 2,400,707 | ||||||
| Empire State Development Corp., NY, Revenue Bonds, Series A, | ||||||||
| 4.000% 3/15/43 | 2,235,000 | 2,222,942 | ||||||
| Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Revenue Bonds, Series A, | ||||||||
| 5.250% 11/15/27 | 1,405,000 | 1,418,971 | ||||||
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue | ||||||||
| Revenue Bonds, Series C-1, 4.000% 2/01/39 | 1,045,000 | 1,049,424 | ||||||
| Revenue Bonds, Series E, 5.000% 11/01/44 | 1,615,000 | 1,757,439 | ||||||
| 8,849,483 | ||||||||
| North Carolina — 1.7% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, NC, Revenue Bonds, Series B, | ||||||||
| 2.850% VMIG1 1/15/38 | 1,100,000 | 1,100,000 | ||||||
| Oklahoma — 0.7% | ||||||||
| Oklahoma Water Resources Board, Revenue Bonds, Series A, | ||||||||
| 4.000% 10/01/48 | 505,000 | 476,432 | ||||||
| Pennsylvania — 6.3% | ||||||||
| Commonwealth of Pennsylvania, General Obligation, Series 2ND, | ||||||||
| 5.000% 9/15/29 | 2,300,000 | 2,311,434 | ||||||
| Lehigh County General Purpose Authority, PA | ||||||||
| Revenue Bonds, 5.000% 2/01/40 | 815,000 | 830,149 | ||||||
| Revenue Bonds, 5.000% 2/01/41 | 900,000 | 912,154 | ||||||
| 4,053,737 | ||||||||
| South Carolina — 3.5% | ||||||||
| South Carolina Public Service Authority | ||||||||
| Revenue Bonds, Series B, 4.000% 12/01/38 | 1,120,000 | 1,136,393 | ||||||
| MML Clinton Municipal Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Revenue Bonds, Series A, 5.000% 12/01/40 | $ | 1,000,000 | $ | 1,106,886 | ||||
| 2,243,279 | ||||||||
| Tennessee — 1.7% | ||||||||
| Metropolitan Government Nashville & Davidson County Sports Authority, TN, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/41 | 1,000,000 | 1,080,779 | ||||||
| Texas — 28.5% | ||||||||
| Bexar County Hospital District, TX, General Obligation, | ||||||||
| 5.000% 2/15/48 | 1,500,000 | 1,563,563 | ||||||
| Central Texas Turnpike System, TX, Revenue Bonds, Series C, | ||||||||
| 5.000% 8/15/32 | 1,115,000 | 1,240,089 | ||||||
| Clifton Higher Education Finance Corp., TX | ||||||||
| Revenue Bonds, Series A, 5.000% 2/15/34 | 1,000,000 | 1,108,031 | ||||||
| Revenue Bonds, Series A, 5.000% 8/15/34 | 1,160,000 | 1,282,795 | ||||||
| Revenue Bonds, 5.000% 8/15/36 | 1,115,000 | 1,242,109 | ||||||
| Conroe Independent School District, TX, General Obligation, | ||||||||
| 5.000% 2/15/35 | 1,000,000 | 1,147,262 | ||||||
| County of Parker, TX, General Obligation, | ||||||||
| 4.000% 2/15/40 | 1,600,000 | 1,613,019 | ||||||
| East Montgomery County Improvement District, TX, Sales Tax Revenue, Revenue Bonds, | ||||||||
| 5.000% 8/15/38 | 1,000,000 | 1,091,108 | ||||||
| Hurst-Euless-Bedford Independent School District, TX, General Obligation, | ||||||||
| 4.000% 8/15/40 | 2,000,000 | 2,022,586 | ||||||
| Montgomery Independent School District, TX, General Obligation, Series B, | ||||||||
| 5.000% 2/15/41 | 1,110,000 | 1,210,171 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/32 | 2,200,000 | 2,390,241 | ||||||
| Texas Water Development Board, Revenue Bonds, Series A, | ||||||||
| 5.000% 10/15/39 | 2,210,000 | 2,465,131 | ||||||
| 18,376,105 | ||||||||
| Virginia — 1.9% | ||||||||
| Commonwealth of Virginia, General Obligation, Series A, | ||||||||
| 4.000% 6/01/40 | 1,215,000 | 1,250,462 | ||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $64,348,356) | 64,283,161 | |||||||
| TOTAL BONDS & NOTES (Cost $64,348,356) | 64,283,161 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $64,348,356) | 64,283,161 | |||||||
| Short-Term Investments — 0.4% | ||||||||
| Repurchase Agreement — 0.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (b) | 213,359 | 213,359 | ||||||
| MML Clinton Municipal Fund — Portfolio of Investments (Continued) |
| Value | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $213,359) | $ | 213,359 | ||
| TOTAL INVESTMENTS — 99.9% (Cost $64,561,715) (c) | 64,496,520 | |||
| Other Assets/(Liabilities) — 0.1% | 92,350 | |||
| NET ASSETS — 100.0% | $ | 64,588,870 | ||
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | A portion of this security is purchased on a when-issued, delayed delivery or forward commitment basis. |
| (b) | Maturity value of $213,371. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/31/28, and an aggregate market value, including accrued interest, of $217,744. |
| (c) | See Note 3 for aggregate cost for federal tax purposes. |
| MML Clinton Municipal Credit Opportunities Fund — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 101.4% | ||||||||
| Municipal Obligations — 101.4% | ||||||||
| Alabama — 6.1% | ||||||||
| County of Jefferson, AL, Sewer Revenue, Revenue Bonds, | ||||||||
| 5.250% 10/01/42 | $ | 2,250,000 | $ | 2,446,843 | ||||
| Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, | ||||||||
| 5.000% 10/01/30 | 1,000,000 | 1,068,128 | ||||||
| 3,514,971 | ||||||||
| Arizona — 2.0% | ||||||||
| Maricopa County Industrial Development Authority, AZ, Revenue Bonds, Series D, | ||||||||
| 5.000% 1/01/38 (a) | 1,000,000 | 1,123,081 | ||||||
| California — 1.0% | ||||||||
| California Enterprise Development Authority, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/33 | 500,000 | 557,283 | ||||||
| Colorado — 5.3% | ||||||||
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Series A, | ||||||||
| 5.500% 4/01/44 (b) | 1,000,000 | 1,010,945 | ||||||
| Colorado Health Facilities Authority, Revenue Bonds, Series A2, | ||||||||
| 5.000% 8/01/44 | 2,000,000 | 2,046,902 | ||||||
| 3,057,847 | ||||||||
| Florida — 8.4% | ||||||||
| Florida Development Finance Corp., Revenue Bonds, | ||||||||
| 4.000% 11/15/38 | 2,000,000 | 1,995,922 | ||||||
| Greater Orlando Aviation Authority, FL, Revenue Bonds, | ||||||||
| 5.250% 10/01/43 | 1,600,000 | 1,747,847 | ||||||
| Palm Beach County Health Facilities Authority, FL, Revenue Bonds, | ||||||||
| 5.000% 11/15/42 | 1,010,000 | 1,068,003 | ||||||
| 4,811,772 | ||||||||
| Georgia — 2.9% | ||||||||
| Private Colleges & Universities Authority, GA, Revenue Bonds, | ||||||||
| 4.000% 4/01/44 | 1,690,000 | 1,670,685 | ||||||
| Illinois — 11.3% | ||||||||
| Chicago Board of Education, IL, General Obligation, Series A, | ||||||||
| 5.000% 12/01/40 | 1,750,000 | 1,742,554 | ||||||
| City of Chicago, IL, General Obligation, Series A, | ||||||||
| 4.000% 1/01/35 | 2,400,000 | 2,330,843 | ||||||
| State of Illinois, General Obligation, Series B, | ||||||||
| 5.000% 5/01/41 | 2,250,000 | 2,405,496 | ||||||
| 6,478,893 | ||||||||
| MML Clinton Municipal Credit Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Indiana — 2.8% | ||||||||
| Indiana Finance Authority, Revenue Bonds, Series A, | ||||||||
| 5.500% 3/01/44 | $ | 1,500,000 | $ | 1,586,486 | ||||
| Massachusetts — 0.9% | ||||||||
| Massachusetts Development Finance Agency, Revenue Bonds, Series R, | ||||||||
| 5.000% 12/01/45 (a) | 500,000 | 527,292 | ||||||
| Missouri — 1.8% | ||||||||
| Lees Summit Industrial Development Authority, MO, Revenue Bonds, Series A, | ||||||||
| 5.000% 8/15/39 | 1,000,000 | 1,034,404 | ||||||
| Nebraska — 3.7% | ||||||||
| Central Plains Energy Project, NE, Revenue Bonds, Series A, | ||||||||
| 5.000% 9/01/32 | 2,000,000 | 2,095,069 | ||||||
| New Jersey — 1.2% | ||||||||
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series A, | ||||||||
| 0.000% 12/15/37 | 1,030,000 | 670,199 | ||||||
| New York — 23.3% | ||||||||
| Build NYC Resource Corp., NY, Revenue Bonds, Series A, | ||||||||
| 5.500% 6/01/56 (b) | 1,000,000 | 1,002,726 | ||||||
| City of New York, NY, General Obligation, Series C, | ||||||||
| 4.000% 8/01/40 | 2,425,000 | 2,400,707 | ||||||
| Dutchess County Local Development Corp., NY, Revenue Bonds, Series A, | ||||||||
| 5.000% 7/01/51 | 2,375,000 | 2,383,280 | ||||||
| Empire State Development Corp., NY, Revenue Bonds, Series A, | ||||||||
| 4.000% 3/15/43 | 2,240,000 | 2,227,915 | ||||||
| Metropolitan Transportation Authority, NY | ||||||||
| Revenue Bonds, Series B, 5.000% 11/15/43 | 800,000 | 871,842 | ||||||
| Revenue Bonds, Series A, 5.250% 11/15/49 | 1,500,000 | 1,576,406 | ||||||
| New York State Dormitory Authority | ||||||||
| Revenue Bonds, 5.000% 7/01/40 | 1,850,000 | 1,969,634 | ||||||
| Revenue Bonds, 5.000% 5/01/43 | 525,000 | 566,545 | ||||||
| New York Transportation Development Corp., Revenue Bonds, | ||||||||
| 6.000% 6/30/50 | 300,000 | 322,751 | ||||||
| 13,321,806 | ||||||||
| North Carolina — 7.0% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, NC, Revenue Bonds, Series B, | ||||||||
| 2.850% VMIG1 1/15/38 | 2,000,000 | 2,000,000 | ||||||
| North Carolina Medical Care Commission, Revenue Bonds, Series A, | ||||||||
| 5.125% 10/01/54 | 2,000,000 | 2,020,820 | ||||||
| 4,020,820 | ||||||||
| Pennsylvania — 5.2% | ||||||||
| Lehigh County General Purpose Authority, PA | ||||||||
| Revenue Bonds, 5.000% 2/01/41 | 480,000 | 486,482 | ||||||
| Revenue Bonds, 5.000% 2/01/42 | 1,445,000 | 1,460,576 | ||||||
| MML Clinton Municipal Credit Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Philadelphia Authority for Industrial Development, PA, Revenue Bonds, | ||||||||
| 5.000% 6/15/39 (b) | $ | 1,000,000 | $ | 1,018,622 | ||||
| 2,965,680 | ||||||||
| South Carolina — 5.5% | ||||||||
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, Series A, | ||||||||
| 5.250% 11/01/43 | 1,150,000 | 1,262,853 | ||||||
| South Carolina Public Service Authority, Revenue Bonds, Series A, | ||||||||
| 5.250% 12/01/50 | 1,750,000 | 1,856,701 | ||||||
| 3,119,554 | ||||||||
| Tennessee — 3.8% | ||||||||
| Shelby County Health Educational & Housing Facilities Board, TN, Revenue Bonds, Series A, | ||||||||
| 5.250% 9/01/39 | 2,000,000 | 2,144,489 | ||||||
| Texas — 9.2% | ||||||||
| Arlington Higher Education Finance Corp., TX, Revenue Bonds, | ||||||||
| 5.750% 6/15/55 (b) | 1,000,000 | 1,019,173 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI, Revenue Bonds, | ||||||||
| 5.000% 1/01/36 | 2,115,000 | 2,239,753 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Series A, | ||||||||
| 4.000% 12/31/35 | 2,000,000 | 2,007,521 | ||||||
| 5,266,447 | ||||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $58,038,899) | 57,966,778 | |||||||
| TOTAL BONDS & NOTES (Cost $58,038,899) | 57,966,778 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $58,038,899) | 57,966,778 | |||||||
| Short-Term Investments — 0.3% | ||||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (c) | 177,550 | 177,550 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $177,550) | 177,550 | |||||||
| TOTAL INVESTMENTS — 101.7% (Cost $58,216,449) (d) | 58,144,328 | |||||||
| Other Assets/(Liabilities) — (1.7)% | (973,514 | ) | ||||||
| NET ASSETS — 100.0% | $ | 57,170,814 | ||||||
| MML Clinton Municipal Credit Opportunities Fund — Portfolio of Investments (Continued) |
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2026, the aggregate market value of these securities amounted to $4,051,466 or 7.09% of net assets. |
| (c) | Maturity value of $177,559. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/31/28, and an aggregate market value, including accrued interest, of $181,105. |
| (d) | See Note 3 for aggregate cost for federal tax purposes. |
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 1.6% | ||||||||
| Common Stock — 1.6% | ||||||||
| Communication Services — 0.0% | ||||||||
| Learfield Communications, Inc. (a) | 2,805 | $ | 8,415 | |||||
| Technicolor Creative Studios, Inc. (a) (b) (c) | 81,756,222 | — | ||||||
| Technicolor Creative Studios, Inc. (TCHCS FP) (a) (b) (c) | 40,025 | — | ||||||
| 8,415 | ||||||||
| Consumer Discretionary — 0.7% | ||||||||
| HRN Bidco AS (a) | 10,600 | 396,222 | ||||||
| Hurtigruten (a) (c) | 4,198 | 156,919 | ||||||
| HX Bidco AS (a) | 2,135 | 28 | ||||||
| Serta Simmons, Inc. (a) | 22,009 | 172,396 | ||||||
| 725,565 | ||||||||
| Consumer Staples — 0.7% | ||||||||
| CTI Foods Holding Co. LLC (a) (b) (c) | 8,019 | 714,894 | ||||||
| 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 — 0.1% | ||||||||
| Travelex Topco Ltd. (a) (b) (c) | 3,524 | 156,312 | ||||||
| Materials — 0.1% | ||||||||
| Pretium PKG Holdings, Inc. (a) | 2,499 | 46,544 | ||||||
| SI Group, Inc. (a) | 3,433 | 25,748 | ||||||
| 72,292 | ||||||||
| TOTAL COMMON STOCK (Cost $1,678,543) | 1,677,478 | |||||||
| Preferred Stock — 0.0% | ||||||||
| Financials — 0.0% | ||||||||
| Veritas Kapital Assurance PLC, Series G (a) | 266 | 5,320 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Veritas Kapital Assurance PLC, Series G-1 (a) | 184 | $ | 3,588 | |||||
| 8,908 | ||||||||
| TOTAL PREFERRED STOCK (Cost $7,063) | 8,908 | |||||||
| TOTAL EQUITIES (Cost $1,685,606) | 1,686,386 | |||||||
| Principal Amount | ||||||||
| Bonds & Notes — 93.1% | ||||||||
| Bank Loans — 84.8% | ||||||||
| Advertising — 0.9% | ||||||||
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.758% VRN 8/23/28 (d) | $ | 436,761 | 436,372 | |||||
| Neptune Bidco US, Inc., 2026 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 8.769% VRN 2/03/33 (d) | 497,585 | 493,022 | ||||||
| 929,394 | ||||||||
| Aerospace & Defense — 0.9% | ||||||||
| Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/27/32 (d) | 262,055 | 261,771 | ||||||
| TransDigm, Inc. | ||||||||
| 2023 Term Loan J, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 2/28/31 (d) | 347,546 | 347,588 | ||||||
| 2024 Term Loan L, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/19/32 (d) | 373,106 | 373,125 | ||||||
| 982,484 | ||||||||
| Apparel — 0.3% | ||||||||
| Varsity Brands, Inc., 2025 1st Lien Term Loan, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.482% VRN 8/26/31 (d) | 303,737 | 304,007 | ||||||
| Auto Parts & Equipment — 0.3% | ||||||||
| Clarios Global LP, 2026 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/28/32 (d) | 336,719 | 336,719 | ||||||
| Banks — 0.8% | ||||||||
| Ascensus Group Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 11/25/32 (d) | 816,447 | 796,378 | ||||||
| Beverages — 0.8% | ||||||||
| Primo Brands Corp., 2026 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.482% VRN 3/31/31 (d) | 450,588 | 452,480 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sazerac Co., Inc., Repriced Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.630% VRN 7/09/32 (d) | $ | 383,090 | $ | 382,293 | ||||
| 834,773 | ||||||||
| Biotechnology — 1.2% | ||||||||
| Advanz Pharma Corp., 2024 EUR Term Loan B, 1 mo. EURIBOR + 4.250% | ||||||||
| 6.429% VRN 10/22/31 EUR (d) (e) | 300,000 | 326,615 | ||||||
| Genmab AS, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.732% VRN 12/13/32 (d) | 227,920 | 227,635 | ||||||
| Grifols Worldwide Operations USA, Inc., 2026 USD Term Loan B, 6 mo. USD Term SOFR + 2.500% | ||||||||
| 6.187% VRN 4/14/33 (d) | 679,135 | 680,494 | ||||||
| 1,234,744 | ||||||||
| Building Materials — 1.3% | ||||||||
| CP Atlas Buyer, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 8.894% VRN 7/08/30 (d) | 129,350 | 113,325 | ||||||
| Emrld Borrower LP, Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.916% VRN 5/31/30 (d) | 601,077 | 600,272 | ||||||
| Gibraltar Industries, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.869% - 5.875% VRN 2/02/33 (d) | 252,137 | 251,507 | ||||||
| Groundworks LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.652% VRN 3/14/31 (d) | 201,060 | 199,970 | ||||||
| MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 3/28/31 (d) | 88,467 | 87,199 | ||||||
| Wilsonart LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 7.982% VRN 8/05/31 (d) | 79,408 | 71,586 | ||||||
| 1,323,859 | ||||||||
| Chemicals — 3.4% | ||||||||
| AAP Buyer, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.413% VRN 9/09/31 (d) | 173,212 | 173,573 | ||||||
| AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 6 mo. EURIBOR + 4.500% | ||||||||
| 7.092% VRN 12/18/28 EUR (d) (e) | 1,000,000 | 398,767 | ||||||
| BASF Coatings, EUR Term Loan B, | ||||||||
| 0.000% 5/06/33 EUR (e) (f) | 500,000 | 571,620 | ||||||
| Flint Group Packaging INKS North America Holdings LLC | ||||||||
| EUR PIK 2nd Lien Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash | ||||||||
| 2.268% VRN 12/29/28 EUR (d) (e) | 306,498 | 13,423 | ||||||
| EUR PIK Holdco Term Loan, 3 mo. EURIBOR + 0.100%, PIK 6.900%, Cash | ||||||||
| 2.268% VRN 12/29/28 EUR (d) (e) | 229,835 | 188,640 | ||||||
| Flint Group Topco Ltd. | ||||||||
| USD First Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash | ||||||||
| 3.766% VRN 12/30/27 (d) | 1,438,732 | 1,034,088 | ||||||
| USD Second Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%, PIK 6.900%, Cash | ||||||||
| 3.766% VRN 12/31/27 (d) | 1,918,626 | 69,550 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| INEOS Styrolution Group GmbH, 2020 EUR Term Loan, | ||||||||
| 0.000% 1/29/27 EUR (e) (f) | $ | 441,917 | $ | 501,991 | ||||
| Nouryon Finance BV, 2024 USD Term Loan B2, 6 mo. USD Term SOFR + 3.250% | ||||||||
| 6.937% VRN 4/03/28 (d) | 213,229 | 212,897 | ||||||
| Paint Intermediate III LLC, 2024 Term Loan B, | ||||||||
| 0.000%10/09/31 (f) | 259,854 | 260,343 | ||||||
| PMHC II, Inc., 2026 3rd Out Term Loan C1, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.049% VRN 4/30/30 (d) | 73,658 | 10,251 | ||||||
| SCIH Salt Holdings, Inc., 2025 Repriced Term Loan B, 6 mo. USD Term SOFR + 2.750% | ||||||||
| 6.350% VRN 1/31/29 (d) | 118,551 | 118,620 | ||||||
| 3,553,763 | ||||||||
| Commercial Services — 8.3% | ||||||||
| Astro Acquisition LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 8/30/32 (d) | 153,935 | 153,935 | ||||||
| Belron Finance 2019 LLC, 2026 Repriced Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.657% VRN 10/16/31 (d) | 647,858 | 646,912 | ||||||
| BIFM US Finance LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 5/31/28 (d) | 217,702 | 218,247 | ||||||
| Boluda Towage SL, 2026 EUR Term Loan B, | ||||||||
| 0.000% 6/24/33 EUR (e) (f) | 500,000 | 574,156 | ||||||
| CompoSecure Holdings LLC, Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.918% VRN 1/14/33 (d) | 318,691 | 316,575 | ||||||
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 10/01/31 (d) | 151,066 | 150,929 | ||||||
| Ensemble RCM LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.663% VRN 2/09/33 (d) | 884,575 | 880,816 | ||||||
| Fleet Midco I Ltd., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 2/21/31 (d) | 178,754 | 178,754 | ||||||
| Fugue Finance BV, 2026 EUR Term Loan B, 3 mo. EURIBOR + 2.750% | ||||||||
| 4.979% VRN 1/09/32 EUR (d) (e) | 1,000,000 | 1,140,463 | ||||||
| ION Platform Finance US, Inc., USD Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.482% VRN 10/07/32 (d) | 145,276 | 103,073 | ||||||
| Jupiter Buyer, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.732% VRN 11/03/31 (d) | 401,404 | 401,906 | ||||||
| Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 6 mo. USD Term SOFR + 3.000% | ||||||||
| 6.669% VRN 5/04/28 (d) | 623,323 | 621,933 | ||||||
| Medical Solutions Holdings, Inc. | ||||||||
| 2026 Exchange FLSO Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.143% VRN 11/01/30 (d) | 89,225 | 18,291 | ||||||
| 2026 Exchange FLFO Term Loan B, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 8.946% VRN 11/01/30 (d) (f) | 5,599 | 877 | ||||||
| 2026 Exchange FLTO Term Loan, 1 mo. USD Term SOFR + 7.000% | ||||||||
| 10.796% VRN 11/03/31 (d) | 144,557 | 17,347 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Parexel International Corp., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 12/12/31 (d) | $ | 328,807 | $ | 328,807 | ||||
| Pye-Barker Fire & Safety LLC | ||||||||
| 2025 Delayed Draw Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 2.500% VRN 12/16/32 (d) (f) | 6,247 | 6,255 | ||||||
| 2025 Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 12/16/32 (d) (f) | 266,436 | 266,769 | ||||||
| Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 11/19/31 (d) | 630,758 | 621,909 | ||||||
| Shift4 Payments LLC, 2025 Repriced Term Loan B, | ||||||||
| 0.000% 7/03/32 (f) | 437,500 | 435,496 | ||||||
| Spin Holdco, Inc., 2026 First Lien Second Out Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.928% VRN 9/04/30 (d) | 272,697 | 204,234 | ||||||
| Tunstall Group Holdings Ltd., 2025 EUR Incremental Super Senior Term Loan (Acquired 5/27/25-6/19/26, Cost $52,679), 1 wk. EURIBOR + 12.000%, PIK 0.000%, Cash | ||||||||
| 14.104% - 14.104% VRN 12/18/26 EUR (b) (c) (d) (e) (g) | 48,224 | 49,976 | ||||||
| United Talent Agency LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.637% VRN 6/10/32 (d) | 151,165 | 151,449 | ||||||
| Upbound Group, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.425% VRN 8/13/32 (d) | 251,769 | 251,875 | ||||||
| Verisure Holding AB, 2025 EUR Term Loan B, 3 mo. EURIBOR + 2.250% | ||||||||
| 4.449% VRN 11/03/32 EUR (d) (e) | 500,000 | 574,025 | ||||||
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/30/31 (d) | 393,067 | 392,411 | ||||||
| 8,707,420 | ||||||||
| Computers — 2.3% | ||||||||
| Ahead DB Holdings LLC, 2024 Term Loan B4, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 2/03/31 (d) | 317,138 | 311,481 | ||||||
| Bingo Holdings I LLC, Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.482% VRN 6/30/32 (d) | 451,711 | 450,807 | ||||||
| Clover Holdings 2 LLC, Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.375% VRN 12/09/31 (d) | 191,723 | 182,775 | ||||||
| Fortress Intermediate 3, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.624% VRN 6/27/31 (d) | 153,613 | 152,461 | ||||||
| Foundever Worldwide Corp., 2021 USD Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.744% VRN 8/28/28 (d) | 680,756 | 327,614 | ||||||
| McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 3/01/29 (d) | 617,068 | 546,105 | ||||||
| Ping Identity Corp., 2025 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.375% VRN 11/15/32 (d) | 149,733 | 145,615 | ||||||
| Trio Bidco, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.732% VRN 10/29/32 (d) | 230,317 | 225,782 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.925% VRN 4/24/28 (d) | $ | 127,877 | $ | 97,293 | ||||
| 2,439,933 | ||||||||
| Cosmetics & Personal Care — 0.2% | ||||||||
| Journey Personal Care Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 3/01/28 (d) | 214,570 | 213,604 | ||||||
| Distribution & Wholesale — 0.4% | ||||||||
| BCPE Empire Holdings, Inc., 2026 10th Amendment Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.144% VRN 12/29/32 (d) | 312,716 | 308,547 | ||||||
| Fluid-Flow Products, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 3/04/33 (d) | 100,456 | 100,755 | ||||||
| 409,302 | ||||||||
| Diversified Financial Services — 1.8% | ||||||||
| CPI Holdco B LLC, 2025 Add-on Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 5/19/31 (d) | 247,373 | 246,265 | ||||||
| Focus Financial Partners LLC, 2025 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 9/15/31 (d) | 507,054 | 494,124 | ||||||
| GTCR Everest Borrower LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 9/05/31 (d) | 186,095 | 185,194 | ||||||
| IMC Financing LLC, 2026 Term Loan B, | ||||||||
| 0.000% 6/18/32 (f) | 192,610 | 192,369 | ||||||
| Jupiter Borrower, Inc., Fungible Add on Term Loan B, | ||||||||
| 0.000% 3/25/33 (f) | 419,355 | 418,483 | ||||||
| Orion US Finco, Inc., 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.169% VRN 10/08/32 (d) | 252,796 | 252,741 | ||||||
| Victory Capital Holdings, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 5.482% VRN 9/23/32 (d) | 119,433 | 118,855 | ||||||
| 1,908,031 | ||||||||
| Electric — 1.8% | ||||||||
| Alpha Generation LLC | ||||||||
| Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 5.394% VRN 9/30/31 (d) | 219,186 | 216,952 | ||||||
| 2026 Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 5.394% VRN 6/10/33 (d) | 250,000 | 246,798 | ||||||
| Constellation Renewables LLC, 2020 Term Loan, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.666% VRN 12/15/27 (d) | 700,101 | 697,328 | ||||||
| EFS Cogen Holdings I LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 10/03/31 (d) | 160,373 | 160,493 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Kohler Energy Co. LLC, 2026 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.732% VRN 5/01/31 (d) | $ | 180,974 | $ | 181,088 | ||||
| Pathfinder Power LLC, Term Loan B, | ||||||||
| 0.000% 6/22/33 (f) | 334,928 | 334,091 | ||||||
| 1,836,750 | ||||||||
| Electrical Components & Equipment — 0.7% | ||||||||
| Belden, Inc., Term Loan, | ||||||||
| 0.000% 6/10/33 (f) | 113,315 | 113,315 | ||||||
| Trench Group GmbH, 2026 EUR Term Loan B, | ||||||||
| 0.000% 6/10/33 EUR (e) (f) | 500,000 | 572,968 | ||||||
| 686,283 | ||||||||
| Electronics — 1.0% | ||||||||
| LSF12 Crown US Commercial Bidco LLC, 2026 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.620% VRN 12/02/31 (d) | 401,191 | 401,910 | ||||||
| MV Holding GmbH, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 3/17/32 (d) | 110,397 | 110,328 | ||||||
| Pinnacle Buyer LLC, Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.182% VRN 10/01/32 (d) | 280,931 | 281,282 | ||||||
| Resilience Parent LLC, 1st Lien Term Loan, 6 mo. USD Term SOFR + 2.500% | ||||||||
| 6.346% VRN 2/28/33 (d) | 255,527 | 254,913 | ||||||
| 1,048,433 | ||||||||
| Engineering & Construction — 1.9% | ||||||||
| Brown Group Holding LLC | ||||||||
| Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 7/01/31 (d) | 187,239 | 187,629 | ||||||
| 2022 Incremental Term Loan B2, 1 mo. USD Term SOFR + 2.500%, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 7/01/31 (d) | 296,800 | 297,366 | ||||||
| Construction Partners, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.637% VRN 11/03/31 (d) | 150,677 | 150,482 | ||||||
| DG Investment Intermediate Holdings 2, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 7/09/32 (d) (f) | 310,944 | 311,332 | ||||||
| Green Infrastructure Partners, Inc., USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.482% VRN 9/24/32 (d) | 455,494 | 454,925 | ||||||
| KKR Apple Bidco LLC, 2025 Term Loan, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 9/23/31 (d) | 352,371 | 352,526 | ||||||
| Newly Weds Foods, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.902% VRN 3/15/32 (d) | 232,562 | 232,464 | ||||||
| 1,986,724 | ||||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Entertainment — 4.6% | ||||||||
| Banijay Entertainment SAS, 2026 EUR Term Loan B, | ||||||||
| 0.000% 6/24/33 EUR (e) (f) | $ | 1,000,000 | $ | 1,143,320 | ||||
| CTI Foods Holding Co. LLC | ||||||||
| 2024 2nd Lien 1st Out Term Loan, 3 mo. USD Term SOFR + 0.000%, PIK 10.000%, Cash | ||||||||
| 3.898% VRN 4/04/29 (b) (c) (d) | 218,704 | 218,704 | ||||||
| 2024 2nd Lien 1st Out Incremental TL, 3 mo. USD Term SOFR + 0.000%, PIK 10.000%, Cash | ||||||||
| 3.898% VRN 4/04/29 (b) (c) (d) | 107,803 | 107,803 | ||||||
| EOC Borrower LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 3/24/32 (d) | 259,263 | 259,133 | ||||||
| Flutter Financing BV, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.732% VRN 6/04/32 (d) | 519,093 | 516,337 | ||||||
| J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.144% VRN 4/26/30 (d) | 597,600 | 594,396 | ||||||
| Light & Wonder International, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.639% VRN 4/16/29 (d) | 151,108 | 151,108 | ||||||
| Pioneer Opco LLC, Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 5/16/33 (d) | 165,955 | 166,460 | ||||||
| Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.674% VRN 4/04/29 (d) | 656,573 | 646,725 | ||||||
| Technicolor Creative Studios, Inc. | ||||||||
| 2023 EUR PIK Reinstated Term Loan B, | ||||||||
| 0.000% 9/15/26 EUR (b) (c) (d) (e) (h) | 272,528 | — | ||||||
| EUR Tranche 4 Term Loan, | ||||||||
| 0.000% 3/31/27 EUR (b) (c) (d) (e) (h) | 45,514 | — | ||||||
| EUR PIK Super Senior Term Loan, | ||||||||
| 0.000% 3/31/27 EUR (b) (c) (d) (e) (h) | 110,963 | — | ||||||
| EUR PIK Tranche 2 Note Term Loan, | ||||||||
| 0.000% 3/31/27 EUR (b) (c) (d) (e) (h) | 79,190 | — | ||||||
| 2023 EUR PIK Term Loan, | ||||||||
| 0.000% 3/28/33 EUR (b) (c) (d) (e) (h) | 246,435 | — | ||||||
| EUR PIK Tranche 3 Note Term Loan, | ||||||||
| 0.000% 3/31/27 EUR (b) (c) (d) (e) (h) | 39,403 | — | ||||||
| TKO Worldwide Holdings LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 5.412% VRN 11/21/31 (d) | 135,909 | 135,399 | ||||||
| Voyager Parent LLC, Repriced Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 7.982% VRN 7/01/32 (d) (f) | 311,413 | 311,322 | ||||||
| Vue Entertainment International Ltd. | ||||||||
| 2023 EUR Floating PIK Super Senior Term Loan, 6 mo. EURIBOR + 8.000%, PIK 0.000%, Cash | ||||||||
| 10.458% VRN 6/29/29 EUR (d) (e) | 98,368 | 123,636 | ||||||
| 2023 EUR Floating PIK Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.458% VRN 12/31/29 EUR (d) (e) | 185,237 | 232,817 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Vue International Bidco PLC, 2022 EUR Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.458% VRN 6/30/27 EUR (d) (e) | $ | 146,160 | $ | 168,673 | ||||
| 4,775,833 | ||||||||
| Environmental Controls — 0.6% | ||||||||
| GFL Environmental, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.156% VRN 3/03/32 (d) (f) | 352,141 | 351,965 | ||||||
| Madison IAQ LLC, 2026 Term Loan B, | ||||||||
| 0.000% 5/06/32 (f) | 260,260 | 259,583 | ||||||
| 611,548 | ||||||||
| Food — 1.2% | ||||||||
| Chobani LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 10/28/32 (d) | 597,000 | 597,854 | ||||||
| CTI Foods Holding Co. LLC | ||||||||
| 2nd Lien 2nd Out Term Loan, 3 mo. USD Term SOFR + 0.000%, PIK 7.000%, Cash | ||||||||
| 3.898% VRN 4/04/29 (d) | 403,492 | 403,625 | ||||||
| 2nd Lien 3rd Out Term Loan, 3 mo. USD Term SOFR + 0.000%, PIK 9.000%, Cash | ||||||||
| 3.898% VRN 4/04/29 (d) | 280,091 | 266,179 | ||||||
| 1,267,658 | ||||||||
| Gas — 0.1% | ||||||||
| Meade Pipeline Co. LLC, Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.677% VRN 9/22/32 (d) | 109,522 | 109,467 | ||||||
| Hand & Machine Tools — 0.2% | ||||||||
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 1.500% | ||||||||
| 8.250% VRN 9/26/31 (d) (f) | 259,932 | 259,974 | ||||||
| Health Care - Products — 0.6% | ||||||||
| Bausch & Lomb Corp., 2025 Repriced Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 1/15/31 (d) | 184,778 | 185,009 | ||||||
| McKesson Medical-Surgical Top Holdings, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.982% VRN 6/09/32 (d) | 104,762 | 104,675 | ||||||
| QuidelOrtho Corp., Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.644% VRN 8/20/32 (d) | 342,317 | 336,326 | ||||||
| 626,010 | ||||||||
| Health Care - Services — 5.1% | ||||||||
| Amedes Holding AG, 2021 EUR Term Loan B, 3 mo. EURIBOR + 3.750% | ||||||||
| 5.900% VRN 11/20/28 EUR (d) (e) | 500,000 | 503,521 | ||||||
| Aveanna Healthcare LLC, 2026 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 9/17/32 (d) | 372,416 | 373,600 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Examworks Bidco, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 2/06/33 (d) | $ | 416,367 | $ | 416,542 | ||||
| Global Medical Response, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.889% VRN 10/01/32 (d) | 224,691 | 225,192 | ||||||
| Hologic, Inc., 2026 USD Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.995% VRN 4/07/33 (d) | 618,656 | 604,866 | ||||||
| Midwest Physician Administrative Services LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.758% VRN 3/12/28 (d) | 733,455 | 727,404 | ||||||
| NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 8.994% VRN 2/23/29 (d) | 701,558 | 484,075 | ||||||
| Radiology Partners, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.232% VRN 6/30/32 (d) | 955,245 | 953,985 | ||||||
| Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.732% VRN 9/27/30 (d) | 254,065 | 254,269 | ||||||
| Summit Behavioral Healthcare LLC, 2025 FLSO Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 7.982% VRN 12/31/29 (d) | 739,143 | 401,355 | ||||||
| Team Health Holdings, Inc., 2026 Repriced Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.663% VRN 6/30/28 (d) | 165,833 | 165,834 | ||||||
| Tunstall Group Holdings Ltd. | ||||||||
| 2023 EUR Reinstated Term Loan B (Acquired 11/30/23-6/26/26, Cost $434,673), 1 wk. EURIBOR + 5.000%, PIK 0.000%, Cash | ||||||||
| 7.104% VRN 12/20/27 EUR (b) (c) (d) (e) (g) | 407,302 | 66,084 | ||||||
| 2023 EUR Super Senior Term Loan (Acquired 11/30/23-6/26/26, Cost $173,168), 1 wk. EURIBOR + 12.000% | ||||||||
| 14.104% VRN 12/18/26 EUR (b) (c) (d) (e) (g) | 158,147 | 163,894 | ||||||
| 5,340,621 | ||||||||
| Home Furnishing — 0.7% | ||||||||
| AI Aqua Merger Sub, Inc. | ||||||||
| 2026 USD Term Loan B, | ||||||||
| 0.000% 6/24/33 (f) | 363,999 | 363,592 | ||||||
| 2026 Term Loan B, 1 mo. USD Term SOFR + 2.500%, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.119% VRN 7/31/28 (d) | 359,100 | 358,619 | ||||||
| 722,211 | ||||||||
| Insurance — 3.9% | ||||||||
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 9/19/31 (d) | 618,815 | 609,960 | ||||||
| AmWINS Group, Inc., 2026 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.732% VRN 1/30/32 (d) | 313,613 | 306,384 | ||||||
| Asurion LLC | ||||||||
| 2024 Term Loan B12, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 7.913% VRN 9/19/30 (d) | 430,786 | 425,185 | ||||||
| 2021 Second Lien Term Loan B4, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.028% VRN 1/20/29 (d) | 412,826 | 407,460 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 6/13/31 (d) | $ | 783,238 | $ | 754,689 | ||||
| HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.922% VRN 6/20/30 (d) | 424,324 | 423,628 | ||||||
| Ryan Specialty Group LLC, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 9/15/31 (d) | 252,247 | 251,538 | ||||||
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 7/31/31 (d) | 746,811 | 737,103 | ||||||
| USI, Inc., 2024 Term Loan D, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.982% VRN 11/21/29 (d) | 189,971 | 189,211 | ||||||
| 4,105,158 | ||||||||
| Internet — 0.7% | ||||||||
| Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.082% VRN 8/19/28 (d) | 133,871 | 127,764 | ||||||
| MH Sub I LLC | ||||||||
| 2023 Term Loan, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 7.894% VRN 5/03/28 (d) | 109,321 | 106,131 | ||||||
| 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 7.894% VRN 12/31/31 (d) | 89,495 | 77,324 | ||||||
| Proofpoint, Inc., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.732% VRN 8/31/28 (d) | 435,918 | 420,116 | ||||||
| 731,335 | ||||||||
| Investment Companies — 0.6% | ||||||||
| AAL Delaware Holdco, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 7/30/31 (d) | 251,733 | 251,680 | ||||||
| Emerald Expositions Holding, Inc., 2026 Term Loan, | ||||||||
| 0.000% 6/17/33 (f) | 221,359 | 220,529 | ||||||
| Hurtigruten ASA, 2025 EUR Term Loan B, 3 mo. EURIBOR + 8.000% | ||||||||
| 10.234% VRN 8/12/30 EUR (d) (e) | 5 | 5 | ||||||
| Nvent Electric Public Ltd. Co., Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.620% VRN 1/30/32 (d) | 108,996 | 109,211 | ||||||
| 581,425 | ||||||||
| Leisure Time — 0.6% | ||||||||
| ECG Bidco SAS, 2026 EUR Term Loan B, 6 mo. EURIBOR + 4.000% | ||||||||
| 6.529% VRN 4/01/33 EUR (d) (e) | 458,791 | 525,525 | ||||||
| Hayward Industries, Inc., 2026 Term Loan B, | ||||||||
| 0.000% 6/23/33 (f) | 155,280 | 155,328 | ||||||
| 680,853 | ||||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Lodging — 2.2% | ||||||||
| Hilton Grand Vacations Borrower LLC | ||||||||
| 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 8/02/28 (d) | $ | 82,602 | $ | 82,498 | ||||
| 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 1/17/31 (d) | 402,229 | 401,079 | ||||||
| Sandy BidCo BV, EUR Term Loan B, 6 mo. EURIBOR + 3.850% | ||||||||
| 6.256% VRN 8/17/29 EUR (d) (e) | 1,000,000 | 1,041,834 | ||||||
| Station Casinos LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 3/14/31 (d) | 363,061 | 362,796 | ||||||
| Travel & Leisure Co., 2025 Repriced Term Loan, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 12/14/29 (d) | 302,207 | 301,621 | ||||||
| Turquoise Topco Ltd., Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.982% VRN 12/30/32 (d) | 165,017 | 161,716 | ||||||
| 2,351,544 | ||||||||
| Machinery - Diversified — 1.3% | ||||||||
| Pro Mach Group, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 10/15/32 (d) | 437,602 | 437,711 | ||||||
| TK Elevator Midco GmbH, 2025 EUR Term Loan B1, 3 mo. EURIBOR + 3.000% | ||||||||
| 5.149% VRN 4/30/30 EUR (d) (e) | 800,000 | 917,325 | ||||||
| 1,355,036 | ||||||||
| Media — 3.5% | ||||||||
| Cumulus Media New Holdings, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 8.658% VRN 5/02/29 (d) | 512,172 | 80,513 | ||||||
| DirecTV Financing LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.175% VRN 8/02/29 (d) | 402,680 | 404,444 | ||||||
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 6/03/33 (d) | 455,854 | 455,813 | ||||||
| Sunrise Financing Partnership, Term Loan AAA, 6 mo. USD Term SOFR + 2.470% | ||||||||
| 6.099% VRN 2/15/32 (d) | 608,398 | 599,600 | ||||||
| Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.740% VRN 4/28/28 (d) | 1,000,000 | 991,500 | ||||||
| Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD Term SOFR + 3.175% | ||||||||
| 6.967% VRN 3/31/31 (d) | 700,000 | 618,429 | ||||||
| Ziggo BV, 2019 EUR Term Loan H, 1 mo. EURIBOR + 3.000% | ||||||||
| 5.129% VRN 1/31/29 EUR (d) (e) | 500,000 | 565,644 | ||||||
| 3,715,943 | ||||||||
| Metal Fabricate & Hardware — 0.2% | ||||||||
| Tega MC Australia Holdings Pty. Ltd., Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.157% VRN 6/01/33 (d) | 209,330 | 210,247 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Mining — 0.2% | ||||||||
| Arsenal AIC Parent LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 8/19/30 (d) | $ | 165,773 | $ | 166,187 | ||||
| Oil & Gas Services — 0.1% | ||||||||
| Deep Blue Operating I LLC, Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.902% VRN 10/01/32 (d) | 144,147 | 144,418 | ||||||
| Packaging & Containers — 4.3% | ||||||||
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.175% | ||||||||
| 6.819% VRN 4/13/29 (d) | 875,393 | 858,875 | ||||||
| Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 7.911% VRN 5/05/29 (d) | 669,794 | 657,517 | ||||||
| Mauser Packaging Solutions Holding Co., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.120% VRN 4/15/30 (d) | 853,783 | 840,976 | ||||||
| Pretium PKG Holdings, Inc. | ||||||||
| 2026 1st Out Exit Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 8.870% VRN 3/02/31 (d) | 164,847 | 162,786 | ||||||
| 2026 2nd Out Takeback Exit Term Loan, 1 mo. USD Term SOFR + 5.750% | ||||||||
| 9.370% VRN 3/01/32 (d) | 162,646 | 134,861 | ||||||
| Proampac PG Borrower LLC, 2026 USD Term Loan B, 1 mo. USD Term SOFR + 4.000%, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.652% - 7.666% VRN 3/07/33 (d) | 784,210 | 769,789 | ||||||
| TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 3/03/31 (d) | 248,695 | 232,141 | ||||||
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.482% VRN 9/15/28 (d) | 937,464 | 897,228 | ||||||
| 4,554,173 | ||||||||
| Pharmaceuticals — 4.2% | ||||||||
| AI Sirona (Luxembourg) Acquisition SARL, 2026 EUR 1st Lien Term Loan B, 3 mo. EURIBOR + 3.250% | ||||||||
| 5.541% VRN 1/20/33 EUR (d) (e) | 500,000 | 572,174 | ||||||
| Amneal Pharmaceuticals LLC, 2026 Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 8/01/32 (d) | 589,282 | 591,127 | ||||||
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250% | ||||||||
| 9.894% VRN 10/08/30 (d) | 651,819 | 631,345 | ||||||
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.832% VRN 10/01/27 (d) | 977,556 | 962,081 | ||||||
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 5/05/28 (d) | 361,090 | 361,842 | ||||||
| Nidda Healthcare Holding AG, 2026 EUR Term Loan B, 3 mo. EURIBOR + 3.000% | ||||||||
| 5.196% VRN 12/09/32 EUR (d) (e) | 1,000,000 | 1,142,931 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Paradigm Parent LLC, 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.232% VRN 4/16/32 (d) | $ | 147,946 | $ | 126,624 | ||||
| 4,388,124 | ||||||||
| Pipelines — 0.4% | ||||||||
| Colossus Acquireco LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 5.370% VRN 1/31/33 (d) | 471,698 | 468,359 | ||||||
| Retail — 4.0% | ||||||||
| CD&R Firefly Bidco Ltd., 2025 GBP Term Loan, 3 mo. GBP Term SONIA + 4.750% | ||||||||
| 8.481% VRN 4/29/29 GBP (d) (e) | 1,000,000 | 1,327,856 | ||||||
| Flynn Restaurant Group LP, 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 1/28/32 (d) | 354,498 | 350,495 | ||||||
| Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 1/23/32 (d) | 371,875 | 372,805 | ||||||
| Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 6/11/31 (d) | 705,240 | 702,321 | ||||||
| IRB Holding Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 12/16/30 (d) | 217,623 | 217,602 | ||||||
| LBM Acquisition LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.502% VRN 6/06/31 (d) | 131,864 | 110,178 | ||||||
| QXO, Inc., 2026 Term Loan B, | ||||||||
| 0.000%6/03/33 (f) | 297,767 | 296,939 | ||||||
| Raising Cane’s Restaurants LLC, 2026 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.621% VRN 6/06/33 (d) | 498,155 | 495,041 | ||||||
| White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 10/19/29 (d) | 319,275 | 318,531 | ||||||
| 4,191,768 | ||||||||
| Software — 9.8% | ||||||||
| Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 12/11/28 (d) | 246,439 | 240,005 | ||||||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 2/15/29 (d) (f) | 521,936 | 520,522 | ||||||
| Avalara, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 3/26/32 (d) | 198,550 | 189,764 | ||||||
| BCPE Pequod Buyer, Inc., USD Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 11/25/31 (d) | 280,412 | 271,708 | ||||||
| Boxer Parent Co., Inc. | ||||||||
| 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.416% VRN 7/30/31 (d) | 806,683 | 724,336 | ||||||
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 9.413% VRN 7/30/32 (d) | 335,155 | 285,998 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Cloud Software Group, Inc. | ||||||||
| 2025 Term Loan B (2031), 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.982% VRN 3/21/31 (d) | $ | 199,740 | $ | 174,523 | ||||
| 2025 Term Loan B (2032), 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.982% VRN 8/13/32 (d) | 437,488 | 377,176 | ||||||
| Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.494% VRN 10/08/28 (d) | 136,918 | 105,573 | ||||||
| CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.258% VRN 6/02/28 (d) | 300,851 | 297,090 | ||||||
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.508% VRN 10/16/28 (d) | 181,333 | 114,693 | ||||||
| Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.370% VRN 5/01/31 (d) | 659,241 | 601,973 | ||||||
| Dayforce, Inc., 2026 Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.663% VRN 2/04/33 (d) | 627,376 | 570,040 | ||||||
| Electronic Arts, Inc., USD Term Loan B, | ||||||||
| 0.000% 3/24/33 (f) | 252,649 | 253,192 | ||||||
| Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 10/09/29 (d) | 268,183 | 258,244 | ||||||
| Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/30/32 (d) | 576,362 | 550,985 | ||||||
| Ivanti Software, Inc. | ||||||||
| 2025 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.414% VRN 6/01/29 (d) (e) | 176,593 | 76,376 | ||||||
| 2025 Newco Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 9.414% VRN 6/01/29 (d) | 93,035 | 89,895 | ||||||
| Kaseya, Inc. | ||||||||
| 2025 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.913% VRN 3/22/32 (d) | 160,476 | 123,477 | ||||||
| 2025 2nd Lien Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 8.663% VRN 3/21/33 (d) | 127,241 | 76,504 | ||||||
| Loyalty Ventures, Inc., Term Loan B, | ||||||||
| 0.000% 11/03/27 (d) (h) | 1,440,555 | 129,650 | ||||||
| MedAssets Software Intermediate Holdings, Inc. | ||||||||
| 2024 First Out Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.696% VRN 12/15/28 (d) | 255,993 | 126,973 | ||||||
| 2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.767% VRN 12/15/28 (d) | 706,971 | 178,510 | ||||||
| 2024 Term Loan A, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 8.946% VRN 12/15/28 (d) | 77,302 | 37,988 | ||||||
| Mermaid Bidco, Inc., 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.908% VRN 7/03/31 (d) | 323,708 | 312,918 | ||||||
| Mitchell International, Inc. | ||||||||
| 2026 Add-on Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 6/17/31 (d) | 736,922 | 699,877 | ||||||
| 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 8.894% VRN 6/17/32 (d) | 500,000 | 455,750 | ||||||
| Polaris Newco LLC, USD Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.925% VRN 6/02/28 (d) | 137,029 | 118,543 | ||||||
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.482% VRN 7/16/31 (d) | 792,866 | 770,793 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Red Planet Borrower LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 9/08/32 (d) | $ | 387,214 | $ | 386,784 | ||||
| Renaissance Holding Corp., 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.663% VRN 4/05/30 (d) | 104,249 | 82,245 | ||||||
| Skopima Merger Sub, Inc., 2024 Repriced Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 5/12/28 (d) | 160,672 | 132,119 | ||||||
| SolarWinds Holdings, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.670% VRN 4/16/32 (d) | 194,250 | 161,956 | ||||||
| Sovos Compliance LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 8/13/29 (d) | 124,836 | 116,742 | ||||||
| SS&C Technologies, Inc., 2024 Term Loan B8, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 5/09/31 (d) | 274,688 | 274,059 | ||||||
| VS Buyer LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.913% VRN 4/12/31 (d) | 454,916 | 436,151 | ||||||
| 10,323,132 | ||||||||
| Telecommunications — 5.6% | ||||||||
| Coral-US Co-Borrower LLC, 2025 Term Loan B7, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.923% VRN 1/31/32 (d) | 101,622 | 98,227 | ||||||
| Delta TopCo, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.402% VRN 11/30/29 (d) | 435,961 | 411,713 | ||||||
| Eircom Finco SARL, 2025 EUR Term Loan B6, 1 mo. EURIBOR + 2.750% | ||||||||
| 4.813% VRN 5/15/32 EUR (d) (e) | 1,000,000 | 1,141,526 | ||||||
| Ensono LP, 2021 Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.758% VRN 5/26/28 (d) | 324,699 | 317,799 | ||||||
| Iridium Satellite LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 9/20/30 (d) | 108,644 | 108,585 | ||||||
| Level 3 Financing, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 3/29/32 (d) | 750,000 | 749,767 | ||||||
| Matterhorn Telecom Holding SA, EUR Term Loan B, 3 mo. EURIBOR + 2.500% | ||||||||
| 4.813% VRN 1/30/32 EUR (d) (e) | 1,000,000 | 1,146,222 | ||||||
| Windstream Services LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.644% VRN 10/06/32 (d) | 508,769 | 511,313 | ||||||
| Zayo Group Holdings, Inc., 2025 USD Term Loan, 1 mo. USD Term SOFR + 3.000%, PIK 0.500%, Cash | ||||||||
| 6.758% - 6.758% VRN 3/11/30 (d) (f) | 277,496 | 277,374 | ||||||
| Zegona Communications PLC, 2026 EUR Repriced Term Loan B, 6 mo. EURIBOR + 2.250% | ||||||||
| 4.391% VRN 7/17/29 EUR (d) (e) | 1,000,000 | 1,143,194 | ||||||
| 5,905,720 | ||||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Transportation — 1.8% | ||||||||
| AGI-CFI Acquisition Corp., 2026 Term Loan B, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.144% VRN 3/25/33 (d) | $ | 323,363 | $ | 320,669 | ||||
| First Student Bidco, Inc., 2026 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.982% VRN 8/15/30 (d) | 584,348 | 584,348 | ||||||
| Genesee & Wyoming, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 5.482% VRN 4/10/31 (d) | 302,115 | 300,680 | ||||||
| Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 1/25/29 (d) | 275,350 | 275,579 | ||||||
| Stonepeak Nile Parent LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.657% VRN 4/09/32 (d) | 423,729 | 422,407 | ||||||
| 1,903,683 | ||||||||
| TOTAL BANK LOANS (Cost $96,831,524) | 89,023,028 | |||||||
| Corporate Debt — 8.3% | ||||||||
| Advertising — 0.6% | ||||||||
| Summer BC Holdco B SARL 3 mo. EURIBOR + 4.250% | ||||||||
| 6.533% FRN 2/15/30 EUR (d) (e) (i) | 600,000 | 599,750 | ||||||
| Building Materials — 0.1% | ||||||||
| PCF GmbH | ||||||||
| 4.750% 4/15/29 EUR (e) (i) | 100,000 | 51,682 | ||||||
| Commercial Services — 0.7% | ||||||||
| BCP V Modular Services Finance II PLC | ||||||||
| 4.750% 11/30/28 EUR (e) (i) | 100,000 | 107,989 | ||||||
| Techem Verwaltungsgesellschaft 675 GmbH 3 mo. EURIBOR + 3.000% | ||||||||
| 5.150% FRN 7/15/32 EUR (d) (e) (i) | 250,000 | 287,260 | ||||||
| Travelex Issuerco 2 PLC, (Acquired 5/07/24-5/05/26, Cost $296,590), PIK 3.000%, Cash | ||||||||
| 3.010% 3/31/29 GBP (b) (c) (e) (g) (i) | 235,158 | 311,925 | ||||||
| 707,174 | ||||||||
| Computers — 0.9% | ||||||||
| Atos Group | ||||||||
| 5.200% STEP 12/18/30 EUR (e) (i) | 194,420 | 223,500 | ||||||
| 8.125% 5/21/31 EUR (e) (i) | 380,000 | 429,226 | ||||||
| 9.360% STEP 12/18/29 EUR (e) (i) | 243,803 | 319,410 | ||||||
| 972,136 | ||||||||
| Cosmetics & Personal Care — 0.1% | ||||||||
| Opal Bidco SAS | ||||||||
| 5.500% 3/31/32 EUR (e) (i) | 100,000 | 117,799 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Diversified Financial Services — 0.4% | ||||||||
| Intrum Investments & Financing AB | ||||||||
| 7.750% 9/11/27 EUR (e) | $ | 250,000 | $ | 288,234 | ||||
| 8.000% 9/11/27 EUR (e) (i) | 100,000 | 114,327 | ||||||
| TFP Realisations PLC, (Acquired 1/13/20, Cost $274,579), | ||||||||
| 8.000% 5/15/22 EUR (e) (g) (h) (i) (j) | 250,000 | 1,071 | ||||||
| 403,632 | ||||||||
| Electric — 0.2% | ||||||||
| Energia Group Roi Financeco DAC | ||||||||
| 6.875% 7/31/28 EUR (e) (i) | 200,000 | 233,284 | ||||||
| Engineering & Construction — 0.2% | ||||||||
| Gatwick Airport Finance PLC | ||||||||
| 6.000% 11/21/30 GBP (e) (i) | 100,000 | 131,642 | ||||||
| Heathrow Finance PLC | ||||||||
| 4.125% STEP 9/01/29 GBP (e) (i) | 100,000 | 124,569 | ||||||
| 256,211 | ||||||||
| Environmental Controls — 0.1% | ||||||||
| Luna 2 5 SARL | ||||||||
| 5.500% 7/01/32 EUR (e) (i) | 100,000 | 115,871 | ||||||
| Food — 0.9% | ||||||||
| Froneri Lux FinCo SARL | ||||||||
| 4.750% 8/01/32 EUR (e) (i) | 800,000 | 892,084 | ||||||
| Forest Products & Paper — 0.3% | ||||||||
| Fedrigoni SpA | ||||||||
| 6.125% 6/15/31 EUR (e) (i) | 250,000 | 289,797 | ||||||
| Health Care - Services — 0.2% | ||||||||
| Mehilainen Yhtiot OYJ 3 mo. EURIBOR + 3.375% | ||||||||
| 5.666% FRN 6/30/32 EUR (d) (e) (i) | 190,000 | 218,599 | ||||||
| Internet — 0.3% | ||||||||
| Cerved Group SpA 3 mo. EURIBOR + 5.250% | ||||||||
| 7.651% FRN 2/15/29 EUR (d) (e) (i) | 300,000 | 207,286 | ||||||
| United Group BV 3 mo. EURIBOR + 3.250% | ||||||||
| 5.533% FRN 1/31/33 EUR (d) (e) (i) | 100,000 | 114,668 | ||||||
| 321,954 | ||||||||
| Leisure Time — 0.0% | ||||||||
| HX Holdings Co. Ltd. | ||||||||
| 7.000% STEP 2/12/30 EUR (e) | 21,464 | 16,677 | ||||||
| Lodging — 0.2% | ||||||||
| TVL Finance PLC | ||||||||
| 10.250% 4/28/28 GBP (e) (i) | 150,000 | 190,168 | ||||||
| Machinery - Diversified — 0.0% | ||||||||
| Galapagos SA | ||||||||
| 1.000% 6/15/21 EUR (e) (h) (i) (j) | 20,000 | 114 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pharmaceuticals — 0.9% | ||||||||
| Grifols SA | ||||||||
| 7.125% 5/01/30 EUR (e) (i) | $ | 829,000 | $ | 985,141 | ||||
| Retail — 0.1% | ||||||||
| Boots Group Finco LP | ||||||||
| 7.375% 8/31/32 GBP (e) (i) | 100,000 | 136,962 | ||||||
| House of Fraser Funding | ||||||||
| 1.000% 9/15/20 GBP (c) (e) (h) (i) (j) | 300,000 | 199 | ||||||
| 137,161 | ||||||||
| Telecommunications — 2.1% | ||||||||
| Altice France SA | ||||||||
| 7.250% 11/01/29 EUR (e) (i) | 494,868 | 570,292 | ||||||
| Fibercop SpA | ||||||||
| 5.125% 6/30/32 EUR (e) (i) | 400,000 | 469,567 | ||||||
| Odido Holding BV | ||||||||
| 3.750% 1/15/29 EUR (e) (i) | 250,000 | 285,386 | ||||||
| PLT VII Finance SARL | ||||||||
| 3 mo. EURIBOR + 2.750% 5.074% FRN 6/15/31 EUR (d) (e) (i) (k) | 230,000 | 262,929 | ||||||
| 3 mo. EURIBOR + 3.500% 5.901% FRN 6/15/31 EUR (d) (e) (i) | 211,538 | 241,704 | ||||||
| TDC Net AS | ||||||||
| 4.625% 10/22/33 EUR (e) (i) | 100,000 | 115,905 | ||||||
| Vmed O2 UK Financing I PLC | ||||||||
| 4.500% 7/15/31 GBP (e) (i) | 250,000 | 272,056 | ||||||
| 2,217,839 | ||||||||
| TOTAL CORPORATE DEBT (Cost $9,380,606) | 8,727,073 | |||||||
| TOTAL BONDS & NOTES (Cost $106,212,130) | 97,750,101 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $107,897,736) | 99,436,487 | |||||||
| Short-Term Investments — 9.5% | ||||||||
| Repurchase Agreement — 9.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (l) | 9,923,739 | 9,923,739 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,923,739) | 9,923,739 | |||||||
| TOTAL INVESTMENTS — 104.2% (Cost $117,821,475) (m) | 109,360,226 | |||||||
| Other Assets/(Liabilities) — (4.2)% | (4,450,578 | ) | ||||||
| NET ASSETS — 100.0% | $ | 104,909,648 | ||||||
| MML Barings Global Floating Rate Fund (see Note 1) — Portfolio of Investments (Continued) |
| Abbreviation Legend | |
| EURIBOR | Euro Inter-Bank Offered Rate |
| FRN | Floating Rate Note |
| PIK | 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. |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| 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) | Investment is valued using significant unobservable inputs. |
| (c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2026, these securities amounted to a value of $1,946,710 or 1.86% of net assets. |
| (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) | All or a portion of the security represents unsettled bank loan commitments at June 30, 2026, where the rate may not be determined until the time of settlement. |
| (g) | Restricted security. Certain securities are restricted to resale. At June 30, 2026, these securities amounted to a value of $592,950 or 0.57% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (h) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At June 30, 2026, these securities amounted to a value of $131,034 or 0.12% of net assets. |
| (i) | 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, 2026, the aggregate market value of these securities amounted to $8,422,162 or 8.03% of net assets. |
| (j) | The maturity date of the security has been extended past the date disclosed. The new maturity date is not available as of June 30, 2026. |
| (k) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (l) | Maturity value of $9,924,290. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/31/28, and an aggregate market value, including accrued interest, of $10,122,317. |
| (m) | 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 | 7/20/26 | USD | 2,868,193 | GBP | 2,135,660 | $ | 35,386 | |||||||||||
| BNP Paribas SA | 7/20/26 | USD | 296,985 | NOK | 2,909,188 | 3,156 | ||||||||||||
| Morgan Stanley & Co. LLC | 7/20/26 | EUR | 1,910,206 | USD | 2,200,505 | (16,312 | ) | |||||||||||
| Morgan Stanley & Co. LLC | 7/20/26 | USD | 272,755 | NOK | 2,597,000 | 10,457 | ||||||||||||
| Morgan Stanley & Co. LLC | 7/20/26 | USD | 25,760,726 | EUR | 22,183,974 | 394,841 | ||||||||||||
| $ | 427,528 | |||||||||||||||||
| Currency Legend | |
| EUR | Euro |
| GBP | British Pound |
| NOK | Norwegian Krone |
| USD | U.S. Dollar |
| MML Barings Unconstrained Income Fund — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 0.6% | ||||||||
| Common Stock — 0.6% | ||||||||
| France — 0.0% | ||||||||
| Technicolor Creative Studios, Inc. (TCHCS FP) (a) (b) (c) | 146 | $ | — | |||||
| Germany — 0.0% | ||||||||
| Campfire Topco Ltd. (a) (b) (c) | 448,154 | — | ||||||
| Luxembourg — 0.0% | ||||||||
| SI Group, Inc. (b) | 4,941 | 37,058 | ||||||
| Norway — 0.2% | ||||||||
| HRN Bidco AS (b) | 5,296 | 197,961 | ||||||
| Hurtigruten (b) (c) | 2,099 | 78,460 | ||||||
| HX Bidco AS (b) | 1,067 | 14 | ||||||
| 276,435 | ||||||||
| Spain — 0.0% | ||||||||
| Bahia De Las Isletas SL Class A (a) (b) (c) | 5,454,162 | — | ||||||
| United Kingdom — 0.3% | ||||||||
| 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 | 415,398 | ||||||
| 415,398 | ||||||||
| United States — 0.1% | ||||||||
| Pretium PKG Holdings, Inc. (b) | 331 | 6,165 | ||||||
| Serta Simmons, Inc. (b) | 14,736 | 115,427 | ||||||
| Technicolor Creative Studios, Inc. (a) (b) (c) | 17,217,094 | — | ||||||
| 121,592 | ||||||||
| TOTAL COMMON STOCK (Cost $692,183) | 850,483 | |||||||
| Preferred Stock — 0.0% | ||||||||
| United States — 0.0% | ||||||||
| Veritas Kapital Assurance PLC, Series G (b) | 1,017 | 20,340 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | ||||||||
| Veritas Kapital Assurance PLC, Series G-1 (b) | 702 | $ | 13,689 | ||||||
| 34,029 | |||||||||
| TOTAL PREFERRED STOCK (Cost $26,980) | 34,029 | ||||||||
| TOTAL EQUITIES (Cost $719,163) | 884,512 | ||||||||
Prinipal Amount | |||||||||
| Bonds & Notes — 93.1% | |||||||||
| Bank Loans — 32.7% | |||||||||
| Belgium — 0.2% | |||||||||
| Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000% | |||||||||
| 5.740% VRN 4/28/28 (d) (e) | $ | 309,472 | 306,841 | ||||||
| Canada — 0.6% | |||||||||
| Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750% | |||||||||
| 8.413% VRN 10/20/31 (d) | 462,608 | 371,243 | |||||||
| Green Infrastructure Partners, Inc., USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | |||||||||
| 6.482% VRN 9/24/32 (d) | 152,647 | 152,456 | |||||||
| NorthRiver Midstream Finance LP, 2023 USD Term Loan B, 3 mo. USD Term SOFR + 2.250% | |||||||||
| 5.942% VRN 8/16/30 (d) | 314,950 | 314,912 | |||||||
| 838,611 | |||||||||
| Denmark — 0.4% | |||||||||
| Auris Luxembourg III SARL, 2025 EUR Term Loan B, 6 mo. EURIBOR + 3.750% | |||||||||
| 6.193% VRN 2/28/29 EUR (d) (f) | 500,000 | 569,929 | |||||||
| France — 1.7% | |||||||||
| AI Sirona (Luxembourg) Acquisition SARL, 2021 EUR 1st Lien Term Loan B, 6 mo. EURIBOR + 4.500% | |||||||||
| 7.092% VRN 12/18/28 EUR (d) (f) | 500,000 | 199,384 | |||||||
| Banijay Entertainment SAS, 2026 EUR Term Loan B, | |||||||||
| 0.000% 6/24/33 EUR (e) (f) | 1,500,000 | 1,714,979 | |||||||
| ECG Bidco SAS, 2026 EUR Term Loan B, 6 mo. EURIBOR + 4.000% | |||||||||
| 6.529% VRN 4/01/33 EUR (d) (f) | 462,493 | 529,765 | |||||||
| Foundever Worldwide Corp., 2021 USD Term Loan, 3 mo. USD Term SOFR + 3.750% | |||||||||
| 7.744% VRN 8/28/28 (d) | 149,255 | 71,829 | |||||||
| Technicolor Creative Studios | |||||||||
| EUR PIK Super Senior Term Loan, | |||||||||
| 0.000% 3/31/27 EUR (a) (c) (d) (f) (g) | 7,820 | — | |||||||
| EUR PIK Tranche 2 Note Term Loan, | |||||||||
| 0.000% 3/31/27 EUR (a) (c) (f) (g) | 5,581 | — | |||||||
| EUR PIK Tranche 3 Note Term Loan, | |||||||||
| 18.116% 3/31/27 EUR (a) (c) (f) (g) | 2,777 | — | |||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Technicolor Creative Studios | ||||||||
| 2023 EUR PIK Reinstated Term Loan B, | ||||||||
| 0.000% 9/15/26 EUR (a) (c) (f) (g) | $ | 90,843 | $ | — | ||||
| 2023 EUR PIK Term Loan, | ||||||||
| 0.000% 3/28/33 EUR (a) (c) (d) (f) (g) | 82,145 | — | ||||||
| Technicolor Creative Studios, Inc., EUR Tranche 4 Term Loan, | ||||||||
| 0.000% 3/31/27 EUR (a) (c) (f) (g) | 3,208 | — | ||||||
| 2,515,957 | ||||||||
| Germany — 2.8% | ||||||||
| Amedes Holding AG, 2021 EUR Term Loan B, 3 mo. EURIBOR + 3.750% | ||||||||
| 5.900% VRN 11/20/28 EUR (d) (f) | 500,000 | 503,521 | ||||||
| Arvos HoldCo SARL, 2024 USD HoldCo Term Loan B2, | ||||||||
| 0.500%8/29/27 | 48,317 | 8,697 | ||||||
| Arvos Holding GmbH, 2024 USD Opco Term Loan B4, 3 mo. USD Term SOFR + 5.762% | ||||||||
| 9.425% VRN 8/29/27 (d) | 270,749 | 199,678 | ||||||
| CeramTec AcquiCo GmbH, 2026 EUR Term Loan B, 3 mo. EURIBOR + 3.750% | ||||||||
| 5.979% VRN 3/16/32 EUR (d) (f) | 500,000 | 573,802 | ||||||
| Nidda Healthcare Holding AG, 2026 EUR Term Loan B, 3 mo. EURIBOR + 3.000% | ||||||||
| 5.196% VRN 12/09/32 EUR (d) (f) | 500,000 | 571,466 | ||||||
| Node AcquiCo GmbH, EUR Term Loan, 3 mo. EURIBOR + 3.500% | ||||||||
| 5.670% VRN 12/08/32 EUR (d) (f) | 500,000 | 571,911 | ||||||
| SGB-SMIT Midco GmbH, EUR Term Loan B, 1 mo. EURIBOR + 3.750% | ||||||||
| 5.929% VRN 3/10/33 EUR (d) (f) | 1,000,000 | 1,150,815 | ||||||
| Techem Verwaltungsgesellschaft 675 GmbH, 2025 EUR Term Loan B, 3 mo. EURIBOR + 3.250% | ||||||||
| 5.484% VRN 7/15/32 EUR (d) (f) | 500,000 | 571,774 | ||||||
| 4,151,664 | ||||||||
| Ireland — 0.1% | ||||||||
| Flutter Financing BV, 2025 Term Loan B, | ||||||||
| 0.000% 6/04/32 (e) | 149,622 | 148,828 | ||||||
| Luxembourg — 1.6% | ||||||||
| Albion Financing 3 SARL, 2025 EUR Term Loan, 3 mo. EURIBOR + 3.000% | ||||||||
| 5.204% VRN 5/21/31 EUR (d) (f) | 510,000 | 586,246 | ||||||
| CCP Lux Holding SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 4.750% | ||||||||
| 6.920% VRN 1/05/28 EUR (d) (f) | 500,000 | 556,063 | ||||||
| Flint Group Midco Ltd., USD Opco Term Loan, 3 mo. USD Term SOFR + 4.250%,PIK 0.750%, Cash | ||||||||
| 7.916% VRN 9/30/28 (d) | 178,127 | 166,816 | ||||||
| Summer (BC) Holdco B SARL | ||||||||
| 2024 EUR Term Loan B, 3 mo. EURIBOR + 4.500% | ||||||||
| 6.776% VRN 1/31/29 EUR (d) (f) | 432,997 | 432,622 | ||||||
| 2024 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 8.992% VRN 2/15/29 (d) | 377,449 | 321,722 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Venga Finance SARL, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.677% VRN 6/28/29 (d) | $ | 291,030 | $ | 291,030 | ||||
| 2,354,499 | ||||||||
| Netherlands — 1.7% | ||||||||
| Nouryon Finance BV, 2024 USD Term Loan B1, | ||||||||
| 0.000% 4/03/28 (e) | 99,744 | 99,662 | ||||||
| Peer Holding III BV, 2025 EUR Term Loan B6B, | ||||||||
| 0.000% 7/01/31 EUR (e) (f) | 1,000,000 | 1,144,028 | ||||||
| Trivium Packaging BV, EUR Repriced Term Loan, 3 mo. EURIBOR + 3.750% | ||||||||
| 5.920% VRN 5/28/30 EUR (d) (f) | 700,000 | 802,619 | ||||||
| Ziggo BV, 2019 EUR Term Loan H, 1 mo. EURIBOR + 3.000% | ||||||||
| 5.129% VRN 1/31/29 EUR (d) (f) | 450,916 | 510,116 | ||||||
| 2,556,425 | ||||||||
| Norway — 0.0% | ||||||||
| Hurtigruten ASA, 2025 EUR Term Loan B, 3 mo. EURIBOR + 8.000% | ||||||||
| 10.234% VRN 8/12/30 EUR (d) (f) | 3 | 3 | ||||||
| Spain — 0.5% | ||||||||
| Grifols Worldwide Operations USA, Inc., 2026 EUR Term Loan B, 3 mo. EURIBOR + 3.000% | ||||||||
| 5.198% VRN 4/14/33 EUR (d) (f) | 700,000 | 805,043 | ||||||
| United Kingdom — 2.0% | ||||||||
| Flint Group Packaging INKS North America Holdings LLC | ||||||||
| EUR PIK 2nd Lien Holdco Term Loan, 3 mo. EURIBOR + 0.100%,PIK 6.900%,Cash | ||||||||
| 2.268% VRN 12/29/28 EUR (d) (f) | 458,196 | 20,067 | ||||||
| EUR Opco Term Loan, 3 mo. EURIBOR + 4.250%,PIK 0.750%,Cash | ||||||||
| 6.418% VRN 9/29/28 EUR (d) (f) | 563,627 | 605,765 | ||||||
| Flint Group Topco Ltd. | ||||||||
| USD First Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%,PIK 6.900%, Cash | ||||||||
| 3.766% VRN 12/30/27 (d) | 114,453 | 82,263 | ||||||
| USD Second Lien HoldCo Facility, 3 mo. USD Term SOFR + 0.100%,PIK 6.900%, Cash | ||||||||
| 3.766% VRN 12/31/27 (d) | 152,629 | 5,533 | ||||||
| Froneri Lux FinCo SARL, 2025 EUR Term Loan, 6 mo. EURIBOR + 3.000% | ||||||||
| 5.149% VRN 9/30/32 EUR (d) (f) | 500,000 | 567,421 | ||||||
| Lernen Bidco Ltd., 2025 EUR Term Loan B3, 6 mo. EURIBOR + 3.750% | ||||||||
| 6.297% VRN 4/25/29 EUR (d) (f) | 500,000 | 570,266 | ||||||
| Motion Finco SARL, 2023 EUR Term Loan B, 3 mo. EURIBOR + 3.750% | ||||||||
| 6.041% VRN 11/12/29 EUR (d) (f) | 500,000 | 488,867 | ||||||
| Tunstall Group Holdings Ltd. | ||||||||
| 2023 EUR Reinstated Term Loan B (Acquired 11/30/23-6/26/26, Cost $391,655), 1 wk. EURIBOR + 5.000% | ||||||||
| 7.104% VRN 12/20/27 EUR (a) (c) (d) (f) (h) | 358,004 | 58,086 | ||||||
| 2025 EUR Incremental Super Senior Term Loan (Acquired 5/27/25-6/19/26, Cost $46,302), 1 wk. EURIBOR + 12.000% | ||||||||
| 14.104% VRN 12/18/26 EUR (a) (c) (d) (f) (h) | 42,387 | 43,927 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Vue Entertainment International Ltd. | ||||||||
| 2023 EUR Floating PIK Super Senior Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.458% VRN 6/29/29 EUR (d) (f) | $ | 106,483 | $ | 133,834 | ||||
| 2023 EUR Floating PIK Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.458% VRN 12/31/29 EUR (d) (f) | 200,517 | 252,022 | ||||||
| Vue International Bidco PLC, 2022 EUR Term Loan, 6 mo. EURIBOR + 8.000% | ||||||||
| 10.458% VRN 6/30/27 EUR (d) (f) | 158,216 | 182,586 | ||||||
| 3,010,637 | ||||||||
| United States — 21.1% | ||||||||
| AAP Buyer, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.413% VRN 9/09/31 (d) | 251,677 | 252,201 | ||||||
| ACI Rover Parent LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.982% VRN 6/09/33 (d) | 302,115 | 301,284 | ||||||
| AGI-CFI Acquisition Corp., 2026 Term Loan B, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.144% VRN 3/25/33 (d) | 226,354 | 224,469 | ||||||
| Ahead DB Holdings LLC, 2024 Term Loan B4, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.232% VRN 2/03/31 (d) | 83,373 | 81,885 | ||||||
| AI Aqua Merger Sub, Inc. | ||||||||
| 2026 USD Term Loan B, | ||||||||
| 0.000% 6/24/33 (e) | 202,339 | 202,112 | ||||||
| 2026 Term Loan B, 1 mo. USD Term SOFR + 2.500%, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.119% VRN 7/31/28 (d) | 199,500 | 199,233 | ||||||
| Alliance Laundry Systems LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250%, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% - 5.913% VRN 8/19/31 (d) | 113,022 | 113,010 | ||||||
| Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 5.394% VRN 9/30/31 (d) | 229,761 | 227,420 | ||||||
| Altium Packaging LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 6/11/31 (d) | 294,000 | 285,180 | ||||||
| AMC Entertainment Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 7.000% | ||||||||
| 10.639% VRN 1/04/29 (d) | 296,512 | 297,055 | ||||||
| American Airlines, Inc. | ||||||||
| 2024 1st Lien Term Loan B, 6 mo. USD Term SOFR + 2.250% | ||||||||
| 5.935% VRN 2/15/28 (d) | 244,898 | 242,327 | ||||||
| 2026 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.666% VRN 5/29/33 (d) | 247,703 | 244,401 | ||||||
| Apro LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.374% VRN 7/09/31 (d) | 193,405 | 193,365 | ||||||
| Aretec Group, Inc., 2025 Repriced Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 8/09/30 (d) | 197,508 | 196,947 | ||||||
| Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 12/11/28 (d) | 136,858 | 133,284 | ||||||
| Ascensus Group Holdings, Inc., 2024 Term Loan B, | ||||||||
| 0.000% 11/25/32 (e) | 249,375 | 243,245 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Asurion LLC | ||||||||
| 2026 Term Loan B14, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.413% VRN 2/23/33 (d) | $ | 296,414 | $ | 279,740 | ||||
| 2022 Term Loan B10, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.763% VRN 8/19/28 (d) | 198,486 | 198,115 | ||||||
| 2021 Second Lien Term Loan B4, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.028% VRN 1/20/29 (d) | 88,656 | 87,504 | ||||||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 2/15/29 (d) | 138,955 | 138,579 | ||||||
| Barnes Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/27/32 (d) | 183,438 | 183,240 | ||||||
| Bausch & Lomb Corp., 2025 Repriced Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 1/15/31 (d) | 272,128 | 272,468 | ||||||
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250% | ||||||||
| 9.894% VRN 10/08/30 (d) | 271,353 | 262,830 | ||||||
| BCPE Empire Holdings, Inc., 2026 10th Amendment Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.144% VRN 12/29/32 (d) | 223,369 | 220,391 | ||||||
| Belron Finance 2019 LLC, 2026 Repriced Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.657% VRN 10/16/31 (d) | 197,508 | 197,219 | ||||||
| Bingo Holdings I LLC, Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.482% VRN 6/30/32 (d) | 144,500 | 144,211 | ||||||
| BioMarin Pharmaceutical, Inc., Term Loan B, 6 mo. USD Term SOFR + 1.750% | ||||||||
| 5.428% VRN 4/27/33 (d) | 153,453 | 153,376 | ||||||
| Boxer Parent Co., Inc. | ||||||||
| 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.416% VRN 7/30/31 (d) | 198,147 | 177,921 | ||||||
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 9.413% VRN 7/30/32 (d) | 200,000 | 170,666 | ||||||
| Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 6/13/31 (d) | 286,643 | 276,195 | ||||||
| Brown Group Holding LLC, 2022 Incremental Term Loan B2, | ||||||||
| 0.000% 7/01/31 (e) | 149,625 | 149,911 | ||||||
| Caesars Entertainment, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 2/06/30 (d) | 241,766 | 233,230 | ||||||
| Charter NEX US, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.114% VRN 11/29/30 (d) | 149,604 | 149,562 | ||||||
| Clarios Global LP, 2026 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/28/32 (d) | 278,244 | 278,244 | ||||||
| Cloud Software Group, Inc., 2025 Term Loan B (2031), 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.982% VRN 3/21/31 (d) | 198,003 | 173,005 | ||||||
| Cloudera, Inc., 2021 Second Lien Term Loan, 1 mo. USD Term SOFR + 6.000% | ||||||||
| 9.744% VRN 10/08/29 (d) | 266,667 | 179,067 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.175% | ||||||||
| 6.819% VRN 4/13/29 (d) | $ | 229,430 | $ | 225,101 | ||||
| CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.332% VRN 6/18/29 (d) | 98,735 | 88,971 | ||||||
| Coreweave Financing DDTL V LLC, Delayed Draw Term Loan, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 8.113% VRN 11/17/31 (d) | 71,032 | 72,438 | ||||||
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.508% VRN 10/16/28 (d) | 56,663 | 35,839 | ||||||
| Cotiviti Corp. | ||||||||
| 2024 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.370% VRN 5/01/31 (d) | 292,928 | 267,481 | ||||||
| 2025 2nd Amendment Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.370% VRN 3/26/32 (d) | 198,496 | 179,887 | ||||||
| CPC Acquisition Corp., Second Lien Term Loan, 3 mo. USD Term SOFR + 7.750% | ||||||||
| 11.744% VRN 12/29/28 (d) | 600,000 | 27,000 | ||||||
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 10/01/31 (d) | 149,623 | 149,487 | ||||||
| Crescent Midstream Operating LLC, Term Loan B, | ||||||||
| 0.000% 2/18/33 (e) | 150,000 | 150,797 | ||||||
| CSC Holdings LLC, 2019 Term Loan B5, 3 mo. U.S. (Fed) Prime Rate + 1.500% | ||||||||
| 8.250% VRN 4/15/27 (d) | 147,619 | 103,333 | ||||||
| DaVita, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 5.370% VRN 5/09/31 (d) | 318,182 | 317,536 | ||||||
| Dayforce, Inc., 2026 Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.663% VRN 2/04/33 (d) | 376,426 | 342,024 | ||||||
| Deep Blue Operating I LLC, Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.902% VRN 10/01/32 (d) | 100,903 | 101,093 | ||||||
| DG Investment Intermediate Holdings 2, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 7/09/32 (d) | 222,857 | 223,135 | ||||||
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 6/03/33 (d) | 455,854 | 455,813 | ||||||
| Electronic Arts, Inc., USD Term Loan B, | ||||||||
| 0.000% 3/24/33 (e) | 200,000 | 200,430 | ||||||
| Emerald Expositions Holding, Inc., 2026 Term Loan, | ||||||||
| 0.000% 6/17/33 (e) | 110,679 | 110,264 | ||||||
| Emrld Borrower LP, Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.916% VRN 5/31/30 (d) | 141,819 | 141,629 | ||||||
| Ensemble RCM LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.663% VRN 2/09/33 (d) | 577,486 | 575,032 | ||||||
| First Student Bidco, Inc., 2026 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.982% VRN 8/15/30 (d) | 237,127 | 237,127 | ||||||
| Flint Group Packaging INKS North America Holdings LLC, EUR PIK Holdco Term Loan, 3 mo. EURIBOR + 0.100%,PIK 6.900%,Cash | ||||||||
| 2.268% VRN 12/29/28 EUR (d) (f) | 343,590 | 282,006 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Fluid-Flow Products, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 3/04/33 (d) | $ | 199,500 | $ | 200,093 | ||||
| Flynn Restaurant Group LP, 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 1/28/32 (d) | 258,383 | 255,466 | ||||||
| Focus Financial Partners LLC, 2025 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 9/15/31 (d) | 107,712 | 104,965 | ||||||
| Franklin Square Holdings LP, 2024 Term Loan B (Acquired 4/18/24, Cost $127,454), 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 4/25/31 (d) (h) | 127,674 | 117,620 | ||||||
| Freeport LNG Investments LLLP, 2026 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.925% VRN 2/11/33 (d) | 438,915 | 439,306 | ||||||
| Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/30/32 (d) | 158,149 | 151,185 | ||||||
| GFL Environmental, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.156% VRN 3/03/32 (d) | 256,593 | 256,464 | ||||||
| Gibraltar Industries, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.869% - 5.875% VRN 2/02/33 (d) | 175,773 | 175,334 | ||||||
| Graham Packaging Co., Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 1/26/33 (d) | 273,090 | 273,175 | ||||||
| Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 1/23/32 (d) | 199,494 | 199,992 | ||||||
| Gryphon Acquire Newco LLC, Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.414% VRN 9/13/32 (d) | 136,377 | 136,426 | ||||||
| Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.894% VRN 6/11/31 (d) | 200,000 | 199,172 | ||||||
| Highline Aftermarket Acquisition LLC, 2025 Term Loan B, 6 mo. USD Term SOFR + 3.500% | ||||||||
| 7.230% VRN 2/19/30 (d) | 197,494 | 198,234 | ||||||
| Hologic, Inc., 2026 USD Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.995% VRN 4/07/33 (d) | 340,708 | 333,114 | ||||||
| HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.922% VRN 6/20/30 (d) | 405 | 404 | ||||||
| Hyperion Materials & Technologies, Inc., 2026 Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.677% VRN 8/29/31 (d) | 153,542 | 146,825 | ||||||
| International Entertainment JJCo 3 Ltd., USD 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.663% VRN 4/29/32 (d) | 199,001 | 198,752 | ||||||
| IRB Holding Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 12/16/30 (d) (e) | 307,862 | 307,831 | ||||||
| Ivanti Software, Inc., 2025 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.414% VRN 6/01/29 (d) | 205,909 | 89,055 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.144% VRN 4/26/30 (d) | $ | 148,496 | $ | 147,700 | ||||
| Jackson Generation LLC | ||||||||
| 0.000%7/08/33 (e) | 197,531 | 197,531 | ||||||
| Journey Personal Care Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 3/01/28 (d) | 148,864 | 148,194 | ||||||
| Jupiter Borrower, Inc., Term Loan B, | ||||||||
| 0.000% 3/25/33 (e) | 216,346 | 215,896 | ||||||
| Jupiter Buyer, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.732% VRN 11/03/31 (d) | 138,189 | 138,362 | ||||||
| Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 1/25/29 (d) | 149,618 | 149,743 | ||||||
| KKR Apple Bidco LLC, 2025 Term Loan, | ||||||||
| 0.000% 9/23/31 (e) | 199,494 | 199,581 | ||||||
| Kohler Energy Co. LLC, 2026 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.732% VRN 5/01/31 (d) | 100,000 | 100,063 | ||||||
| Level 3 Financing, Inc., 2026 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 6.394% VRN 3/29/32 (d) (e) | 300,000 | 299,907 | ||||||
| LifePoint Health, Inc., 2024 1st Lien Term Loan B (Acquired 10/15/24, Cost $575,679), 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.423% VRN 5/19/31 (d) (h) | 575,858 | 566,501 | ||||||
| Lightning Power LLC, Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 5.644% VRN 8/18/31 (d) | 285,073 | 285,110 | ||||||
| LSF12 Crown US Commercial Bidco LLC, 2026 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.620% VRN 12/02/31 (d) | 173,129 | 173,439 | ||||||
| LSF12 Helix Parent LLC, USD Term Loan B, 1 mo. USD Term SOFR + 0.000% | ||||||||
| 3.644% VRN 2/10/33 (d) | 181,969 | 178,395 | ||||||
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 1.500% | ||||||||
| 8.250% VRN 9/26/31 (d) | 193,263 | 193,294 | ||||||
| Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 6 mo. USD Term SOFR + 3.000% | ||||||||
| 6.669% VRN 5/04/28 (d) | 162,201 | 161,840 | ||||||
| McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 3/01/29 (d) | 148,865 | 131,745 | ||||||
| McKesson Medical-Surgical Top Holdings, Inc., Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.982% VRN 6/09/32 (d) | 349,206 | 348,916 | ||||||
| MedAssets Software Intermediate Holdings, Inc. | ||||||||
| 2024 First Out Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.696% VRN 12/15/28 (d) | 469,137 | 232,692 | ||||||
| 2024 Second Out Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.767% VRN 12/15/28 (d) | 702,998 | 177,507 | ||||||
| 2024 Term Loan A, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 8.946% VRN 12/15/28 (d) | 35,848 | 17,617 | ||||||
| 2024 Third Out Term Loan, 1 mo. USD Term SOFR + 6.750% | ||||||||
| 10.517% VRN 12/17/29 (d) | 27,740 | 5,201 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Medical Solutions Holdings, Inc. | ||||||||
| 2026 Exchange FLSO Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.143% VRN 11/01/30 (d) | $ | 42,737 | $ | 8,761 | ||||
| 2026 Exchange FLTO Term Loan, 1 mo. USD Term SOFR + 7.000% | ||||||||
| 10.796% VRN 11/03/31 (d) | 71,474 | 8,577 | ||||||
| Midwest Physician Administrative Services LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.758% VRN 3/12/28 (d) | 303,530 | 301,026 | ||||||
| Mitchell International, Inc., 2024 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 8.894% VRN 6/17/32 (d) | 197,802 | 180,297 | ||||||
| NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 8.994% VRN 2/23/29 (d) | 252,113 | 173,958 | ||||||
| Neptune Bidco US, Inc., 2026 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 8.769% VRN 2/03/33 (d) | 148,309 | 146,949 | ||||||
| Nvent Electric Public Ltd. Co., Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.620% VRN 1/30/32 (d) | 213,901 | 214,322 | ||||||
| Orion US Finco, Inc., 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.169% VRN 10/08/32 (d) | 187,404 | 187,363 | ||||||
| Padagis LLC, Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.689% VRN 7/06/28 (d) | 146,275 | 138,229 | ||||||
| Pathfinder Power LLC, Term Loan B, | ||||||||
| 0.000%6/22/33 (e) | 200,957 | 200,455 | ||||||
| Pinnacle Buyer LLC, Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.182% VRN 10/01/32 (d) | 125,756 | 125,913 | ||||||
| Pioneer Opco LLC, Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 5/16/33 (d) | 165,955 | 166,460 | ||||||
| Planet US Buyer LLC, 2024 Term Loan B, | ||||||||
| 0.000%2/07/31 (e) | 149,618 | 150,063 | ||||||
| PMHC II, Inc. | ||||||||
| 2026 3rd Out Term Loan C1, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.049% VRN 4/30/30 (d) | 117,063 | 16,292 | ||||||
| 2026 3rd Out Term Loan C2, 3 mo. USD Term SOFR + 5.500% | ||||||||
| 9.149% VRN 4/30/30 (d) | 167,314 | 22,587 | ||||||
| Pro Mach Group, Inc., 2026 Term Loan B, | ||||||||
| 0.000% 10/15/32 (e) | 149,625 | 149,662 | ||||||
| Proampac PG Borrower LLC, 2026 USD Term Loan B, 1 mo. USD Term SOFR + 4.000%, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.652% - 7.666% VRN 3/07/33 (d) | 341,158 | 334,884 | ||||||
| Proofpoint, Inc., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.732% VRN 8/31/28 (d) | 149,617 | 144,194 | ||||||
| QuidelOrtho Corp., Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.644% VRN 8/20/32 (d) | 146,707 | 144,140 | ||||||
| Radiology Partners, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.232% VRN 6/30/32 (d) | 191,049 | 190,797 | ||||||
| Radnet Management, Inc., 2026 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.661% VRN 4/18/31 (d) (e) | 433,073 | 432,263 | ||||||
| Raising Cane’s Restaurants LLC | ||||||||
| 2026 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.621% VRN 6/06/33 (d) | 166,052 | 165,014 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 9/18/31 (d) | $ | 236,891 | $ | 235,706 | ||||
| Recess Holdings, Inc., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.417% VRN 2/20/30 (d) (e) | 199,494 | 199,131 | ||||||
| Red Planet Borrower LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 9/08/32 (d) | 116,164 | 116,035 | ||||||
| Renaissance Holding Corp., 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.663% VRN 4/05/30 (d) | 194,219 | 153,225 | ||||||
| Resilience Parent LLC, 1st Lien Term Loan, 6 mo. USD Term SOFR + 2.500% | ||||||||
| 6.346% VRN 2/28/33 (d) | 161,421 | 161,033 | ||||||
| Ring Container Technologies Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 9/15/32 (d) | 197,008 | 197,114 | ||||||
| Sazerac Co., Inc., Repriced Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.630% VRN 7/09/32 (d) | 223,788 | 223,322 | ||||||
| Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 6.674% VRN 4/04/29 (d) | 245,131 | 241,454 | ||||||
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 7/31/31 (d) | 149,622 | 147,677 | ||||||
| Select Medical Corp., 2026 Term Loan B, | ||||||||
| 0.000%12/31/31(e) | 159,893 | 160,293 | ||||||
| Skopima Merger Sub, Inc., 2024 Repriced Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 7.394% VRN 5/12/28 (d) | 174,388 | 143,398 | ||||||
| Spin Holdco, Inc. | ||||||||
| 2026 First Lien Second Out Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.928% VRN 9/04/30 (d) | 224,198 | 167,911 | ||||||
| 2026 First Lien First Out Term Loan, 3 mo. USD Term SOFR + 5.430% | ||||||||
| 9.096% VRN 9/04/30 (d) | 110,627 | 113,375 | ||||||
| Stonepeak Bayou Holdings LP, Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.482% VRN 10/01/32 (d) | 174,243 | 173,590 | ||||||
| Stonepeak Nile Parent LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 5.657% VRN 4/09/32 (d) | 150,000 | 149,532 | ||||||
| Summer (BC) Holdco B SARL, 2024 EUR Term Loan, 3 mo. EURIBOR + 4.500% | ||||||||
| 6.776% VRN 1/31/29 EUR (d) (f) | 67,003 | 66,945 | ||||||
| Sunrise Financing Partnership, Term Loan AAA, 6 mo. USD Term SOFR + 2.470% | ||||||||
| 6.099% VRN 2/15/32 (d) | 500,000 | 492,770 | ||||||
| Tacala LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.644% VRN 1/31/31 (d) | 175,478 | 175,515 | ||||||
| Team Health Holdings, Inc., 2026 Repriced Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.663% VRN 6/30/28 (d) | 312,060 | 312,060 | ||||||
| Third Coast Infrastructure LLC, 2026 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 9/25/30 (d) | 319,185 | 320,682 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| TKO Worldwide Holdings LLC, 2026 Term Loan B, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 5.412% VRN 11/21/31 (d) | $ | 261,351 | $ | 260,371 | ||||
| TransDigm, Inc., 2023 Term Loan J, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 2/28/31 (d) (e) | 449,618 | 449,672 | ||||||
| TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 3/03/31 (d) | 149,217 | 139,285 | ||||||
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.482% VRN 9/15/28 (d) | 598,258 | 572,580 | ||||||
| Trio Bidco, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.732% VRN 10/29/32 (d) | 230,317 | 225,782 | ||||||
| United Talent Agency LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 6.637% VRN 6/10/32 (d) | 150,000 | 150,282 | ||||||
| US Fertility Enterprises LLC, 2025 Term Loan, 1 mo. USD Term SOFR + 3.250%, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% - 6.902% VRN 12/30/32 (d) | 139,103 | 139,306 | ||||||
| Varsity Brands, Inc., 2025 1st Lien Term Loan, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 6.482% VRN 8/26/31 (d) | 199,497 | 199,675 | ||||||
| Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD Term SOFR + 3.175% | ||||||||
| 6.967% VRN 3/31/31 (d) | 700,000 | 618,429 | ||||||
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 7.925% VRN 4/24/28 (d) | 227,231 | 172,884 | ||||||
| Vistra Zero Operating Co. LLC, Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 5.644% VRN 4/30/31 (d) | 322,876 | 321,530 | ||||||
| VS Buyer LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 5.913% VRN 4/12/31 (d) | 136,172 | 130,554 | ||||||
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 1/30/31 (d) | 190,676 | 190,358 | ||||||
| White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 6.894% VRN 10/19/29 (d) | 238,804 | 238,248 | ||||||
| Windstream Services LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 7.644% VRN 10/06/32 (d) | 258,586 | 259,879 | ||||||
| Zayo Group Holdings, Inc., 2025 USD Term Loan, 1 mo. USD Term SOFR + 3.000%, PIK 0.500%, Cash | ||||||||
| 6.758% VRN 3/11/30 (d) | 228,430 | 228,330 | ||||||
| 31,352,101 | ||||||||
| TOTAL BANK LOANS (Cost $52,093,752) | 48,610,538 | |||||||
| Corporate Debt — 52.3% | ||||||||
| Angola — 0.1% | ||||||||
| Azule Energy Finance PLC | ||||||||
| 8.125% 1/23/30 (i) | 200,000 | 201,282 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Argentina — 0.5% | ||||||||
| Pan American Energy LLC | ||||||||
| 7.750% 1/15/37 (i) | $ | 40,000 | $ | 41,250 | ||||
| Telecom Argentina SA | ||||||||
| 9.250% 5/28/33 (i) | 132,000 | 140,778 | ||||||
| Vista Energy Argentina SAU | ||||||||
| 8.500% 6/10/33 (i) | 142,000 | 151,400 | ||||||
| YPF SA | ||||||||
| 8.250% 1/17/34 (i) | 200,000 | 209,008 | ||||||
| 8.500% 6/27/29 (i) | 95,000 | 99,513 | ||||||
| 9.000% STEP 6/30/29 (i) | 18,567 | 19,295 | ||||||
| 661,244 | ||||||||
| Belgium — 0.1% | ||||||||
| Elia Group SA 5 yr. EURIBOR ICE Swap + 2.506% | ||||||||
| 5.850% VRN EUR (d) (f) (i) (j) | 100,000 | 118,131 | ||||||
| Brazil — 0.3% | ||||||||
| Petrobras Global Finance BV | ||||||||
| 6.250% 1/10/36 | 350,000 | 348,584 | ||||||
| Samarco Mineracao SA PIK 5.000%, Cash | ||||||||
| 9.500% 6/30/31 (i) | 91,038 | 91,517 | ||||||
| 440,101 | ||||||||
| Canada — 1.1% | ||||||||
| 1011778 BC ULC/New Red Finance, Inc. | ||||||||
| 5.625% 9/15/29 (i) | 200,000 | 201,044 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 4.875% 6/01/28 (i) | 150,000 | 138,696 | ||||||
| 5.000% 1/30/28 (i) | 112,000 | 99,400 | ||||||
| Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785% | ||||||||
| 8.250% VRN 1/15/84 (d) | 551,000 | 581,649 | ||||||
| Northriver Midstream Finance LP | ||||||||
| 6.750% 7/15/32 (i) | 200,000 | 202,539 | ||||||
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc. | ||||||||
| 8.000% 8/01/30 (i) | 195,000 | 193,214 | ||||||
| Superior Plus LP/Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (i) | 200,000 | 193,931 | ||||||
| WestJet Airlines Ltd. | ||||||||
| 8.000% 2/14/31 (i) | 69,000 | 69,262 | ||||||
| 1,679,735 | ||||||||
| Chile — 0.2% | ||||||||
| Banco de Credito e Inversiones SA 5 yr. CMT + 4.944% | ||||||||
| 8.750% VRN (d) (i) (j) | 200,000 | 215,272 | ||||||
| Colombia — 0.3% | ||||||||
| Ecopetrol SA | ||||||||
| 8.375% 1/19/36 | 200,000 | 216,605 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Parex Resources, Inc. | ||||||||
| 8.500% 5/11/31 (i) | $ | 200,000 | $ | 203,179 | ||||
| 419,784 | ||||||||
| Denmark — 0.6% | ||||||||
| Genmab AS/Genmab Finance LLC | ||||||||
| 6.250% 12/15/32 (i) | 300,000 | 305,722 | ||||||
| TDC Net AS | ||||||||
| 4.625% 10/22/33 EUR (f) (i) | 500,000 | 579,527 | ||||||
| 885,249 | ||||||||
| Finland — 0.1% | ||||||||
| Mehilainen Yhtiot OYJ 3 mo. EURIBOR + 3.375% | ||||||||
| 5.666% FRN 6/30/32 EUR (d) (f) (i) | 100,000 | 115,052 | ||||||
| France — 2.9% | ||||||||
| Accor SA 5 yr. EURIBOR ICE Swap + 2.668% | ||||||||
| 4.875% VRN EUR (d) (f) (i) (j) | 200,000 | 231,877 | ||||||
| Altice France SA | ||||||||
| 5.625% 7/15/32 EUR (f) (i) | 296,921 | 334,031 | ||||||
| 6.500% 4/15/32 (i) | 197,947 | 191,300 | ||||||
| 7.250% 11/01/29 EUR (f) (i) | 148,460 | 171,088 | ||||||
| Atos Group | ||||||||
| 5.200% STEP 12/18/30 EUR (f) (i) | 243,025 | 279,375 | ||||||
| 8.125% 5/21/31 EUR (f) (i) | 190,000 | 214,613 | ||||||
| 9.360% STEP 12/18/29 EUR (f) (i) | 250,000 | 327,529 | ||||||
| Banijay Entertainment SAS | ||||||||
| 7.000% 5/01/29 EUR (f) (i) | 100,000 | 117,700 | ||||||
| Banijay Gaming SAS | ||||||||
| 5.125% 12/10/31 EUR (f) (i) | 110,000 | 127,748 | ||||||
| Electricite de France SA | ||||||||
| 5 yr. U.K. Government Bond + 3.775% 7.375% VRN GBP (d) (f) (i) (j) | 100,000 | 138,997 | ||||||
| 5 yr. CMT + 5.411% 9.125% VRN (d) (i) (j) | 200,000 | 232,255 | ||||||
| Emeria SASU | ||||||||
| 3.375% 3/31/28 EUR (f) (i) | 150,000 | 140,975 | ||||||
| Eutelsat Communications SACA | ||||||||
| 5.750% 3/15/31 EUR (f) (i) | 100,000 | 116,858 | ||||||
| 6.250% 3/15/33 EUR (f) (i) | 100,000 | 117,564 | ||||||
| Forvia SE | ||||||||
| 5.500% 6/15/31 EUR (f) (i) | 119,000 | 139,222 | ||||||
| iliad SA | ||||||||
| 4.250% 1/09/32 EUR (f) (i) | 100,000 | 114,992 | ||||||
| La Poste SA 5 yr. EURIBOR ICE Swap + 2.679% | ||||||||
| 5.000% VRN EUR (d) (f) (i) (j) | 100,000 | 117,585 | ||||||
| Opal Bidco SAS | ||||||||
| 5.500% 3/31/32 EUR (f) (i) | 200,000 | 235,598 | ||||||
| Orange SA 5 yr. EUR Swap + 2.659% | ||||||||
| 5.375% VRN EUR (d) (f) (i) (j) | 100,000 | 119,908 | ||||||
| Veolia Environnement SA 5 yr. EURIBOR ICE Swap + 1.837% | ||||||||
| 4.322% VRN EUR (d) (f) (i) (j) | 300,000 | 339,866 | ||||||
| Viridien | ||||||||
| 10.000% 10/15/30 (i) | 324,000 | 344,160 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Worldline SA | ||||||||
| 5.250% 11/27/29 EUR (f) (i) (k) | $ | 200,000 | $ | 206,508 | ||||
| 4,359,749 | ||||||||
| Germany — 2.0% | ||||||||
| Bayer AG | ||||||||
| 5 yr. EUR Swap + 4.458% 5.375% VRN 3/25/82 EUR (d) (f) (i) | 200,000 | 235,359 | ||||||
| 5 yr. EUR Swap + 3.896% 7.000% VRN 9/25/83 EUR (d) (f) (i) | 400,000 | 505,491 | ||||||
| Dynamo Newco II GmbH | ||||||||
| 6.250% 10/15/31 EUR (f) (i) | 100,000 | 107,868 | ||||||
| IHO Verwaltungs GmbH | ||||||||
| 5.625% 5/15/31 EUR (f) (i) | 100,000 | 118,851 | ||||||
| PIK 7.75%, Cash 7.000% 11/15/31 EUR (f) (i) | 250,000 | 305,214 | ||||||
| Mahle GmbH | ||||||||
| 7.125% 7/15/32 EUR (f) (i) | 100,000 | 120,355 | ||||||
| Nidda Healthcare Holding GmbH | ||||||||
| 5.375% 10/23/30 EUR (f) (i) | 200,000 | 229,694 | ||||||
| PCF GmbH | ||||||||
| 4.750% 4/15/29 EUR (f) (i) | 150,000 | 77,523 | ||||||
| Progroup AG | ||||||||
| 5.375% 4/15/31 EUR (f) (i) (k) | 300,000 | 350,145 | ||||||
| Schaeffler AG | ||||||||
| 4.500% 5/12/32 EUR (f) (i) | 100,000 | 114,197 | ||||||
| Techem Verwaltungsgesellschaft 675 GmbH 3 mo. EURIBOR + 3.000% | ||||||||
| 5.150% FRN 7/15/32 EUR (d) (f) (i) | 150,000 | 172,356 | ||||||
| Volkswagen International Finance NV 8 yr. EURIBOR ICE Swap + 3.494% | ||||||||
| 5.994% VRN EUR (d) (f) (i) (j) | 400,000 | 470,090 | ||||||
| ZF Europe Finance BV | ||||||||
| 5.500% 2/17/32 EUR (f) (i) | 100,000 | 113,040 | ||||||
| 2,920,183 | ||||||||
| Greece — 0.5% | ||||||||
| Eurobank SA 5 yr. EURIBOR ICE Swap + 3.790% | ||||||||
| 6.250% VRN EUR (d) (f) (i) (j) | 200,000 | 232,849 | ||||||
| National Bank of Greece SA 5 yr. EURIBOR ICE Swap + 3.317% | ||||||||
| 5.800% VRN EUR (d) (f) (i) (j) | 400,000 | 457,575 | ||||||
| 690,424 | ||||||||
| Guatemala — 0.1% | ||||||||
| Energuate Trust 2 0 | ||||||||
| 6.350% 9/15/35 (i) | 200,000 | 199,179 | ||||||
| Hong Kong — 0.1% | ||||||||
| Seaspan Corp. Pte. Ltd. | ||||||||
| 5.500% 8/01/29 (i) | 200,000 | 196,224 | ||||||
| India — 0.5% | ||||||||
| Axis Bank Ltd. 5 yr. CMT + 2.596% | ||||||||
| 6.875% VRN (d) (i) (j) | 280,000 | 281,163 | ||||||
| Vedanta Resources Finance II PLC | ||||||||
| 7.750% 7/13/37 (i) (l) | 300,000 | 298,314 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| 9.850% 4/24/33 (i) | $ | 200,000 | $ | 216,426 | ||||
| 795,903 | ||||||||
| Indonesia — 0.4% | ||||||||
| Bank Negara Indonesia Persero Tbk. PT 5 yr. CMT + 3.260% | ||||||||
| 7.150% VRN (d) (i) (j) | 200,000 | 199,500 | ||||||
| Medco Maple Tree Pte. Ltd. | ||||||||
| 8.960% 4/27/29 (i) | 400,000 | 412,669 | ||||||
| 612,169 | ||||||||
| Ireland — 0.8% | ||||||||
| eircom Finance DAC | ||||||||
| 5.000% 4/30/31 EUR (f) (i) | 175,000 | 202,334 | ||||||
| Energia Group Roi Financeco DAC | ||||||||
| 6.875% 7/31/28 EUR (f) (i) | 500,000 | 583,211 | ||||||
| GGAM Finance Ltd. | ||||||||
| 5.875% 3/15/30 (i) | 221,000 | 221,232 | ||||||
| 8.000% 2/15/27 (i) | 200,000 | 200,458 | ||||||
| 1,207,235 | ||||||||
| Italy — 1.1% | ||||||||
| Cerved Group SpA 3 mo. EURIBOR + 5.250% | ||||||||
| 7.651% FRN 2/15/29 EUR (d) (f) (i) | 199,000 | 137,500 | ||||||
| Enel SpA 5 yr. EURIBOR ICE Swap + 2.196% | ||||||||
| 4.500% VRN EUR (d) (f) (i) (j) | 200,000 | 228,599 | ||||||
| Engineering - Ingegneria Informatica - SpA | ||||||||
| 8.625% 2/15/30 EUR (f) (i) (k) | 100,000 | 119,136 | ||||||
| 11.125% 5/15/28 EUR (f) (i) | 200,000 | 237,563 | ||||||
| Fedrigoni SpA | ||||||||
| 6.125% 6/15/31 EUR (f) (i) | 100,000 | 115,918 | ||||||
| Fibercop SpA | ||||||||
| 5.125% 6/30/32 EUR (f) (i) | 160,000 | 187,827 | ||||||
| 6.375% 11/15/33 (i) | 250,000 | 250,145 | ||||||
| Guala Closures SpA 3 mo. EURIBOR + 4.000% | ||||||||
| 6.401% FRN 6/29/29 EUR (d) (f) (i) (k) | 250,000 | 287,725 | ||||||
| 1,564,413 | ||||||||
| Jamaica — 0.1% | ||||||||
| Digicel International Finance Ltd./Difl US LLC | ||||||||
| 8.625% 8/01/32 (i) | 200,000 | 205,908 | ||||||
| Japan — 0.1% | ||||||||
| Kioxia Holdings Corp. | ||||||||
| 6.250% 7/24/30 (i) | 200,000 | 206,314 | ||||||
| Luxembourg — 0.6% | ||||||||
| Cidron Aida Finco SARL | ||||||||
| 9.125% 10/27/31 GBP (f) (i) | 270,000 | 346,068 | ||||||
| ION Platform Finance SARL | ||||||||
| 6.875% 9/30/32 EUR (f) (i) (k) | 100,000 | 84,661 | ||||||
| Luna 1.5 SARL | ||||||||
| 10.500% 7/01/32 EUR (f) (i) | 133,000 | 161,557 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Summer BC Holdco B SARL | ||||||||
| 5.875% 2/15/30 EUR (f) (i) | $ | 100,000 | $ | 100,152 | ||||
| Vivion Investments SARL | ||||||||
| 5.625% 6/08/30 EUR (f) (i) | 200,000 | 220,976 | ||||||
| 913,414 | ||||||||
| Macau — 0.1% | ||||||||
| Wynn Macau Ltd. | ||||||||
| 6.750% 2/15/34 (i) | 200,000 | 198,779 | ||||||
| Mexico — 1.0% | ||||||||
| Alpek SAB de CV | ||||||||
| 4.250% 9/18/29 (i) | 200,000 | 187,146 | ||||||
| Banco Mercantil del Norte SA 5 yr. CMT + 4.009% | ||||||||
| 8.450% VRN (d) (i) (j) | 400,000 | 400,569 | ||||||
| Grupo Televisa SAB | ||||||||
| 8.500% 3/11/32 | 106,000 | 113,776 | ||||||
| Petroleos Mexicanos | ||||||||
| 6.700% 2/16/32 | 300,000 | 302,655 | ||||||
| 7.690% 1/23/50 | 327,000 | 304,996 | ||||||
| Saavi Energia SARL | ||||||||
| 8.875% 2/10/35 (i) | 200,000 | 218,800 | ||||||
| 1,527,942 | ||||||||
| Morocco — 0.1% | ||||||||
| OCP SA 5 yr. CMT + 2.746% | ||||||||
| 6.741% VRN (d) (i) (j) | 200,000 | 198,937 | ||||||
| Netherlands — 0.5% | ||||||||
| Odido Group Holding BV | ||||||||
| 5.500% 1/15/30 EUR (f) (i) | 250,000 | 287,324 | ||||||
| Q-Park Holding I BV | ||||||||
| 3.875% 9/01/31 EUR (f) (i) | 200,000 | 226,074 | ||||||
| Sunrise FinCo I BV | ||||||||
| 4.625% 5/15/32 EUR (f) (i) | 100,000 | 114,362 | ||||||
| Trivium Packaging Finance BV | ||||||||
| 6.625% 7/15/30 EUR (f) (i) | 140,000 | 167,740 | ||||||
| 795,500 | ||||||||
| Norway — 0.1% | ||||||||
| Var Energi ASA 5 yr. EURIBOR ICE Swap + 2.308% | ||||||||
| 4.950% VRN 4/29/86 EUR (d) (f) (i) | 100,000 | 114,249 | ||||||
| Pakistan — 0.2% | ||||||||
| Veon Midco BV | ||||||||
| 7.450% 6/01/33 (i) | 213,000 | 212,686 | ||||||
| Peru — 0.4% | ||||||||
| Banco BBVA Peru SA 5 yr. CMT + 2.002% | ||||||||
| 6.200% VRN 6/07/34 (d) (i) | 500,000 | 511,550 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Portugal — 0.3% | ||||||||
| EDP SA | ||||||||
| 5 yr. EURIBOR ICE Swap + 1.923% 4.375% VRN 12/02/55 EUR (d) (f) (i) | $ | 100,000 | $ | 112,943 | ||||
| 5 yr. EURIBOR ICE Swap + 2.239% 4.500% VRN 5/27/55 EUR (d) (f) (i) | 300,000 | 344,512 | ||||||
| 457,455 | ||||||||
| Russia — 0.0% | ||||||||
| Sovcombank, 5 yr. CMT + 6.380%, VRN, | ||||||||
| 7.750% (a) (c) (d) (g) (i) (j) | 500,000 | — | ||||||
| Singapore — 0.1% | ||||||||
| JAPFA Pte. Ltd. | ||||||||
| 7.950% 5/12/31 (i) | 200,000 | 199,718 | ||||||
| Slovenia — 0.2% | ||||||||
| United Group BV | ||||||||
| 6.375% 5/14/33 EUR (f) (i) | 110,000 | 128,180 | ||||||
| 6.500% 10/31/31 EUR (f) (i) | 150,000 | 176,862 | ||||||
| 305,042 | ||||||||
| South Africa — 0.4% | ||||||||
| Absa Group Ltd. 1 day USD SOFR + 3.602% | ||||||||
| 7.375% VRN (d) (i) (j) | 200,000 | 202,469 | ||||||
| Bidvest Group UK PLC | ||||||||
| 6.200% 9/17/32 (i) | 200,000 | 201,737 | ||||||
| Sasol Financing USA LLC | ||||||||
| 8.750% 4/10/33 (i) | 200,000 | 207,000 | ||||||
| 611,206 | ||||||||
| Spain — 0.4% | ||||||||
| Anarafe SL | ||||||||
| 14.900% 12/31/26 EUR (f) (i) | 86,299 | 65,585 | ||||||
| Grifols SA | ||||||||
| 7.125% 5/01/30 EUR (f) (i) | 130,000 | 154,485 | ||||||
| Telefonica Europe BV | ||||||||
| 8 yr. EURIBOR ICE Swap + 3.121% 5.752% VRN EUR (d) (f) (i) (j) | 200,000 | 241,685 | ||||||
| 7 yr. EUR Swap + 3.347% 6.135% VRN EUR (d) (f) (i) (j) | 100,000 | 121,485 | ||||||
| 583,240 | ||||||||
| Sweden — 0.4% | ||||||||
| Intrum Investments & Financing AB | ||||||||
| 7.750% 9/11/27 EUR (f) | 339,861 | 391,837 | ||||||
| 8.000% 9/11/27 EUR (f) (i) | 150,000 | 171,491 | ||||||
| 563,328 | ||||||||
| Switzerland — 0.2% | ||||||||
| Consolidated Energy Finance SA | ||||||||
| 5.625% 10/15/28 (i) | 300,000 | 288,000 | ||||||
| Tanzania, United Republic Of — 0.4% | ||||||||
| HTA Group Ltd. | ||||||||
| 7.500% 6/04/29 (i) | 567,000 | 580,667 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Thailand — 0.1% | ||||||||
| GC Treasury Center Co. Ltd. 5 yr. CMT + 3.162% | ||||||||
| 7.125% VRN (d) (i) (j) | $ | 200,000 | $ | 197,890 | ||||
| Turkey — 0.9% | ||||||||
| Akbank TAS 5 yr. CMT + 4.221% | ||||||||
| 7.950% VRN (d) (i) (j) | 200,000 | 193,059 | ||||||
| Alternatifbank AS 5 yr. CMT + 5.641% | ||||||||
| 9.250% VRN (d) (i) (j) | 200,000 | 201,068 | ||||||
| Turkcell Iletisim Hizmetleri AS | ||||||||
| 7.650% 1/24/32 (i) | 200,000 | 206,668 | ||||||
| Turkiye Garanti Bankasi AS 5 yr. CMT + 4.090% | ||||||||
| 8.375% VRN 2/28/34 (d) (i) | 420,000 | 428,752 | ||||||
| Yapi ve Kredi Bankasi AS 5 yr. CMT + 5.093% | ||||||||
| 9.375% VRN (d) (i) (j) | 300,000 | 303,019 | ||||||
| 1,332,566 | ||||||||
| United Arab Emirates — 0.1% | ||||||||
| Mashreqbank PSC 5 yr. CMT + 2.516% | ||||||||
| 6.250% VRN (d) (i) (j) | 200,000 | 199,054 | ||||||
| United Kingdom — 4.9% | ||||||||
| BCP V Modular Services Finance PLC | ||||||||
| 6.750% 11/30/29 EUR (f) (i) | 150,000 | 110,195 | ||||||
| Boots Group Finco LP | ||||||||
| 7.375% 8/31/32 GBP (f) (i) | 200,000 | 273,924 | ||||||
| Brightstar Lottery PLC/Brightstar Global Solutions Corp. | ||||||||
| 5.750% 1/15/33 (i) | 300,000 | 294,069 | ||||||
| British Telecommunications Ltd. 5 yr. U.K. Government Bond + 2.282% | ||||||||
| 6.375% VRN 12/03/55 GBP (d) (f) (i) | 180,000 | 241,339 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 5.625% 2/15/32 EUR (f) (i) | 120,000 | 139,344 | ||||||
| 6.375% 2/15/32 (i) | 500,000 | 501,235 | ||||||
| CD&R Firefly Bidco PLC | ||||||||
| 8.625% 4/30/29 GBP (a) (c) (f) (i) (l) | 160,000 | 217,538 | ||||||
| Centrica PLC 5 yr. U.K. Government Bond + 2.512% | ||||||||
| 6.500% VRN 5/21/55 GBP (d) (f) (i) | 200,000 | 271,574 | ||||||
| Connect Finco SARL/Connect US Finco LLC | ||||||||
| 9.000% 9/15/29 (i) | 200,000 | 210,449 | ||||||
| CPUK Finance Ltd. | ||||||||
| 4.500% 8/28/27 GBP (f) (i) | 100,000 | 130,426 | ||||||
| Entain PLC | ||||||||
| 4.875% 11/30/31 EUR (f) (i) | 250,000 | 289,020 | ||||||
| Flutter Treasury DAC | ||||||||
| 5.875% 6/04/31 (i) | 200,000 | 199,314 | ||||||
| Gatwick Airport Finance PLC | ||||||||
| 6.000% 11/21/30 GBP (f) (i) | 250,000 | 329,104 | ||||||
| Heathrow Finance PLC | ||||||||
| 6.625% 3/01/31 GBP (f) (i) | 350,000 | 464,985 | ||||||
| House of Fraser Funding | ||||||||
| 1.000% 9/15/20 GBP (c) (f) (g) (i) (m) | 150,000 | 99 | ||||||
| INEOS Quattro Finance 2 PLC | ||||||||
| 6.750% 4/15/30 EUR (f) (i) (k) | 250,000 | 239,854 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Ocado Group PLC | ||||||||
| Convertible, 6.250% 8/06/29 GBP (f) (i) | $ | 200,000 | $ | 250,992 | ||||
| 10.500% 8/08/29 GBP (f) (i) | 270,000 | 370,087 | ||||||
| Pinewood Finco PLC | ||||||||
| 6.000% 3/27/30 GBP (f) (i) | 300,000 | 397,987 | ||||||
| Sherwood Financing PLC | ||||||||
| 7.625% 12/15/29 EUR (f) (i) (k) | 200,000 | 232,490 | ||||||
| TFP Realisations PLC, (Acquired 1/13/20, Cost $1,178,955), | ||||||||
| 8.000% 5/15/22 EUR (f) (g) (h) (i) (m) | 1,050,000 | 4,499 | ||||||
| Travelex Issuerco 2 PLC, (Acquired 5/07/24-5/05/26, Cost $783,855), PIK 3.000%, Cash | ||||||||
| 3.010% 3/31/29 GBP (a) (c) (f) (h) (i) | 623,734 | 827,352 | ||||||
| TVL Finance PLC | ||||||||
| 10.250% 4/28/28 GBP (f) (i) | 200,000 | 253,558 | ||||||
| Virgin Media Finance PLC | ||||||||
| 5.000% 7/15/30 (i) | 300,000 | 228,113 | ||||||
| Vmed O2 UK Financing I PLC | ||||||||
| 4.500% 7/15/31 GBP (f) (i) | 200,000 | 217,645 | ||||||
| Vodafone Group PLC | ||||||||
| 5 yr. EUR Swap + 3.477% 3.000% VRN 8/27/80 EUR (d) (f) (i) | 100,000 | 110,088 | ||||||
| 5 yr. EUR Swap + 3.489% 6.500% VRN 8/30/84 EUR (d) (f) (i) | 150,000 | 183,620 | ||||||
| Zegona Finance PLC | ||||||||
| 4.250% 1/15/32 EUR (f) (i) (l) | 190,000 | 217,925 | ||||||
| 7,206,825 | ||||||||
| United States — 28.5% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000% 4/15/32 (i) | 800,000 | 810,269 | ||||||
| Acadia Healthcare Co., Inc. | ||||||||
| 5.500% 7/01/28 (i) | 200,000 | 199,079 | ||||||
| Adapthealth LLC | ||||||||
| 5.125% 3/01/30 (i) | 350,000 | 339,584 | ||||||
| ADI Escrow Issuer LLC | ||||||||
| 7.125% 7/15/34 (i) | 105,000 | 106,921 | ||||||
| ADT Security Corp. | ||||||||
| 4.875% 7/15/32 (i) | 350,000 | 330,762 | ||||||
| Advanced Drainage Systems, Inc. | ||||||||
| 5.375% 3/01/34 (i) | 200,000 | 195,406 | ||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
| 5.625% 3/31/32 (i) | 643,000 | 621,657 | ||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
| 6.750% 4/15/28 (i) | 150,000 | 151,198 | ||||||
| 7.000% 1/15/31 (i) | 157,000 | 159,552 | ||||||
| Alpha Generation LLC | ||||||||
| 6.750% 10/15/32 (i) | 190,000 | 193,497 | ||||||
| Alta Equipment Group, Inc. | ||||||||
| 9.000% 6/01/29 (i) | 170,000 | 163,099 | ||||||
| Amentum Holdings, Inc. | ||||||||
| 7.250% 8/01/32 (i) | 150,000 | 154,496 | ||||||
| Amneal Pharmaceuticals LLC | ||||||||
| 6.875% 8/01/32 (i) | 150,000 | 155,701 | ||||||
| AmWINS Group, Inc. | ||||||||
| 6.375% 2/15/29 (i) | 183,000 | 183,895 | ||||||
| APi Group DE, Inc. | ||||||||
| 5.750% 6/01/34 (i) | 122,000 | 120,614 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| APLD ComputeCo 2 LLC | ||||||||
| 6.750% 3/15/31 (i) | $ | 150,000 | $ | 150,539 | ||||
| APLD ComputeCo 3 LLC | ||||||||
| 7.000% 6/15/31 (i) | 146,000 | 145,701 | ||||||
| AS Mileage Plan IP Ltd. | ||||||||
| 5.021% 10/20/29 (i) | 150,000 | 148,667 | ||||||
| 5.308% 10/20/31 (i) | 150,000 | 148,378 | ||||||
| Asurion LLC/Asurion Co-Issuer, Inc. | ||||||||
| 8.375% 2/01/34 (i) | 209,000 | 193,467 | ||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | ||||||||
| 9.500% 7/01/32 (i) | 350,000 | 330,980 | ||||||
| Beach Acquisition Bidco LLC PIK 10.750%, Cash | ||||||||
| 10.000% 7/15/33 (i) | 200,000 | 227,109 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 5.300% 6/30/30 | 150,000 | 145,870 | ||||||
| Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2 | ||||||||
| 6.500% 6/15/33 EUR (f) (i) | 170,000 | 195,673 | ||||||
| CACI International, Inc. | ||||||||
| 6.375% 6/15/33 (i) | 211,000 | 214,000 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.000% 10/15/32 (i) (k) | 200,000 | 181,232 | ||||||
| Carvana Co. | ||||||||
| 9.000% 6/01/31 (i) | 321,000 | 354,257 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 5.000% 2/01/28 (i) | 200,000 | 197,494 | ||||||
| Centene Corp. | ||||||||
| 4.250% 12/15/27 | 150,000 | 149,212 | ||||||
| 4.625% 12/15/29 | 300,000 | 291,014 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 10.875% 1/15/32 (i) | 173,000 | 186,311 | ||||||
| Clarios Global LP/Clarios US Finance Co. | ||||||||
| 6.750% 2/15/30 (i) | 217,000 | 223,603 | ||||||
| Clear Channel Outdoor Holdings, Inc. | ||||||||
| 7.125% 2/15/31 (i) | 162,000 | 167,750 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 6.500% 3/31/29 (i) | 200,000 | 194,056 | ||||||
| 9.000% 9/30/29 (i) | 150,000 | 145,595 | ||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 6.625% 4/15/29 (i) | 250,000 | 249,687 | ||||||
| 6.750% 4/15/32 (i) | 200,000 | 194,121 | ||||||
| 8.750% 4/15/30 (i) | 225,000 | 221,942 | ||||||
| CMG Media Corp. | ||||||||
| 8.875% 6/18/29 (i) | 100,000 | 73,191 | ||||||
| Coinbase Global, Inc. | ||||||||
| 3.375% 10/01/28 (i) | 200,000 | 189,872 | ||||||
| CompoSecure Holdings LLC | ||||||||
| 5.625% 2/01/33 (i) | 119,000 | 116,163 | ||||||
| Core & Main LP | ||||||||
| 6.000% 7/01/34 (i) (l) | 149,000 | 149,701 | ||||||
| CoreLogic, Inc. | ||||||||
| 4.500% 5/01/28 (i) | 200,000 | 195,363 | ||||||
| CSC Holdings LLC | ||||||||
| 4.625% 12/01/30 (i) | 300,000 | 69,750 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| CVR Energy, Inc. | ||||||||
| 5.750% 2/15/28 (i) | $ | 69,000 | $ | 68,843 | ||||
| 7.500% 2/15/31 (i) | 136,000 | 135,353 | ||||||
| DBR Land Holdings LLC | ||||||||
| 6.250% 12/01/30 (i) | 145,000 | 147,265 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | ||||||||
| 9.250% 6/01/32 (i) | 412,000 | 418,611 | ||||||
| DISH Network Corp. | ||||||||
| 11.750% 11/15/27 (i) | 250,000 | 256,888 | ||||||
| EchoStar Corp. | ||||||||
| PIK 6.750%, Cash 6.750% 11/30/30 | 155,568 | 158,151 | ||||||
| 10.750% 11/30/29 | 250,000 | 270,155 | ||||||
| Edison International 5 yr. CMT + 3.864% | ||||||||
| 8.125% VRN 6/15/53 (d) | 188,000 | 193,187 | ||||||
| ELK Grove Village Property LLC | ||||||||
| 7.500% 6/15/31 (i) | 135,000 | 135,912 | ||||||
| Embecta Corp. | ||||||||
| 5.000% 2/15/30 (i) (k) | 250,000 | 194,619 | ||||||
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. | ||||||||
| 6.750% 7/15/31 (i) | 200,000 | 207,010 | ||||||
| Encore Capital Group, Inc. | ||||||||
| 6.625% 4/15/31 (i) | 200,000 | 202,300 | ||||||
| 6.625% 6/01/32 (i) | 350,000 | 350,487 | ||||||
| Energizer Holdings, Inc. | ||||||||
| 4.375% 3/31/29 (i) | 400,000 | 387,235 | ||||||
| 6.000% 9/15/33 (i) (k) | 150,000 | 144,323 | ||||||
| Enpro, Inc. | ||||||||
| 6.125% 6/01/33 (i) | 200,000 | 202,620 | ||||||
| ESC Briggs & Stratton, Inc. | ||||||||
| 6.875% 12/15/49 (a) (c) (g) | 514,000 | — | ||||||
| Focus Financial Partners LLC | ||||||||
| 6.750% 9/15/31 (i) | 186,000 | 187,157 | ||||||
| FS KKR Capital Corp. | ||||||||
| 7.500% 8/01/31 | 333,000 | 331,685 | ||||||
| Full House Resorts, Inc. | ||||||||
| 8.250% 2/15/28 (i) (k) | 450,000 | 439,875 | ||||||
| Genesee & Wyoming, Inc. | ||||||||
| 6.250% 4/15/32 (i) | 350,000 | 355,016 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
| 8.000% 5/15/33 | 350,000 | 364,058 | ||||||
| GFL Environmental, Inc. | ||||||||
| 6.750% 1/15/31 (i) | 200,000 | 205,756 | ||||||
| Global Infrastructure Solutions, Inc. | ||||||||
| 5.625% 6/01/29 (i) | 200,000 | 199,865 | ||||||
| Global Net Lease, Inc. | ||||||||
| 4.500% 9/30/28 (i) | 200,000 | 194,903 | ||||||
| Global Partners LP/GLP Finance Corp. | ||||||||
| 7.125% 7/01/33 (i) | 35,000 | 35,415 | ||||||
| 8.250% 1/15/32 (i) | 142,000 | 148,722 | ||||||
| Goat Holdco LLC | ||||||||
| 6.750%2/01/32 (i) | 318,000 | 325,909 | ||||||
| Graham Holdings Co. | ||||||||
| 5.625% 12/01/33 (i) | 127,000 | 125,931 | ||||||
| Harvest Midstream I LP | ||||||||
| 6.750% 5/15/34 (i) | 129,000 | 130,839 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Herbalife Ltd., Convertible, | ||||||||
| 4.250% 6/15/28 | $ | 203,000 | $ | 232,861 | ||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 5.750% 2/01/29 (i) | 200,000 | 199,223 | ||||||
| Hilton Domestic Operating Co., Inc. | ||||||||
| 5.750% 9/15/33 (i) | 185,000 | 185,693 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 4.875% 6/01/29 (i) | 150,000 | 140,432 | ||||||
| 7.750% 5/01/33 (i) | 191,000 | 193,587 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 5.250% 5/15/27 | 250,000 | 247,088 | ||||||
| iHeartCommunications, Inc. | ||||||||
| 9.125% 5/01/29 (i) | 177,119 | 171,859 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.000% 7/15/28 (i) | 300,000 | 298,843 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (i) | 550,000 | 543,554 | ||||||
| J&F Luxembourg Finance SARL | ||||||||
| 8.000% 4/23/33 (i) | 200,000 | 191,438 | ||||||
| Jacobs Entertainment, Inc. | ||||||||
| 6.750% 2/15/29 (i) | 300,000 | 294,000 | ||||||
| JB Poindexter & Co., Inc. | ||||||||
| 8.750% 12/15/31 (i) | 103,000 | 105,897 | ||||||
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | ||||||||
| 3.750% 12/01/31 | 150,000 | 139,993 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 8.250% 5/15/30 (i) | 226,000 | 237,623 | ||||||
| 9.500% 2/15/29 (i) | 150,000 | 156,843 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 5.875% 1/31/31 (i) | 35,000 | 35,165 | ||||||
| 6.125% 7/31/32 (i) | 36,000 | 36,298 | ||||||
| K Hovnanian Enterprises, Inc. | ||||||||
| 8.000% 4/01/31 (i) | 50,000 | 51,583 | ||||||
| 8.375% 10/01/33 (i) | 50,000 | 51,374 | ||||||
| Kodiak Gas Services LLC | ||||||||
| 5.875% 4/01/31 (i) | 150,000 | 150,385 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 7.000% 3/31/34 (i) | 197,000 | 203,134 | ||||||
| LifePoint Health, Inc., (Acquired 1/15/25-6/24/25, Cost $346,886), | ||||||||
| 10.000% 6/01/32 (h) (i) | 350,000 | 349,409 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.875% 4/15/30 (i) | 200,000 | 204,464 | ||||||
| 9.250% 4/15/30 (i) | 450,000 | 442,711 | ||||||
| McAfee Corp. | ||||||||
| 7.375% 2/15/30 (i) | 100,000 | 84,974 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 7.375% 9/01/31 (i) | 215,000 | 218,506 | ||||||
| Meridian Arc Holdco LLC | ||||||||
| 6.250% 4/30/31 (i) | 140,000 | 140,314 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 6.250% 1/15/33 (i) | 200,000 | 200,335 | ||||||
| 6.500% 2/15/31 (i) | 297,000 | 302,137 | ||||||
| NCL Corp. Ltd. | ||||||||
| Convertible, 0.875% 4/15/30 (k) | 350,000 | 389,812 | ||||||
| 6.750% 2/01/32 (i) | 206,000 | 205,537 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Neptune Bidco US, Inc. | ||||||||
| 9.290% 4/15/29 (i) | $ | 300,000 | $ | 305,947 | ||||
| 9.500% 2/15/33 (i) | 187,000 | 189,068 | ||||||
| NESCO Holdings II, Inc. | ||||||||
| 5.500% 4/15/29 (i) | 500,000 | 497,415 | ||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 5/15/30 (k) | 190,000 | 192,583 | ||||||
| 6.625% 9/15/29 | 150,000 | 152,505 | ||||||
| 6.625% 5/15/32 (k) | 150,000 | 151,898 | ||||||
| 7.500% STEP 4/01/46 | 100,000 | 93,291 | ||||||
| 8.500% 6/01/28 (i) | 74,000 | 77,313 | ||||||
| Nexstar Media, Inc. | ||||||||
| 4.750% 11/01/28 (i) | 87,000 | 85,227 | ||||||
| 6.500% 9/15/33 (i) | 122,000 | 121,966 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||||
| 8.125% 2/15/29 (i) | 133,000 | 137,665 | ||||||
| 8.375% 2/15/32 (i) | 347,000 | 361,233 | ||||||
| NRG Energy, Inc. | ||||||||
| 5.875% 5/15/34 (i) | 150,000 | 149,211 | ||||||
| 6.000% 1/15/36 (i) | 250,000 | 249,219 | ||||||
| 6.250% 11/01/34 (i) | 150,000 | 151,878 | ||||||
| OAK-Eagle Acquireco, Inc. | ||||||||
| 7.250% 7/01/33 (i) | 68,000 | 71,136 | ||||||
| 8.750% 7/01/34 (i) | 108,000 | 114,623 | ||||||
| Olympus Water US Holding Corp. | ||||||||
| 4.250% 10/01/28 (i) | 210,000 | 203,689 | ||||||
| 6.750% 8/01/32 (i) | 300,000 | 293,124 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.875% 9/15/28 | 400,000 | 387,397 | ||||||
| Oracle Corp. | ||||||||
| 3.850% 7/15/36 | 150,000 | 124,519 | ||||||
| Osaic Holdings, Inc. | ||||||||
| 6.750% 8/01/32 (i) | 150,000 | 150,256 | ||||||
| 8.000% 8/01/33 (i) | 114,000 | 114,421 | ||||||
| Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | ||||||||
| 8.750% 4/17/32 (i) | 239,000 | 213,905 | ||||||
| Parsons Corp. | ||||||||
| 2.625% 3/01/29 | 447,000 | 439,759 | ||||||
| Penn Entertainment, Inc. | ||||||||
| 6.750% 4/01/31 (i) | 123,000 | 123,640 | ||||||
| Performance Food Group, Inc. | ||||||||
| 5.625% 3/01/34 (i) | 100,000 | 98,150 | ||||||
| 6.125% 9/15/32 (i) | 202,000 | 204,471 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 5.150% STEP 6/15/30 | 200,000 | 192,317 | ||||||
| 6.125% 9/30/32 | 250,000 | 238,777 | ||||||
| PG&E Corp. | ||||||||
| 5.000% 7/01/28 | 150,000 | 149,173 | ||||||
| 5.250% 7/01/30 | 150,000 | 147,711 | ||||||
| Phinia, Inc. | ||||||||
| 6.625% 10/15/32 (i) | 297,000 | 303,376 | ||||||
| Pioneer Opco LLC | ||||||||
| 7.000% 5/15/33 (i) | 163,000 | 165,870 | ||||||
| Post Holdings, Inc. | ||||||||
| 4.500% 9/15/31 (i) | 150,000 | 140,717 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| PR RNO Property Owner 1 LLC | ||||||||
| 6.500% 5/01/31 (i) | $ | 303,000 | $ | 302,563 | ||||
| PRA Group, Inc. | ||||||||
| 8.375% 2/01/28 (i) | 290,000 | 294,085 | ||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (i) | 250,000 | 243,040 | ||||||
| QXO Building Products, Inc. | ||||||||
| 6.750% 4/30/32 (i) | 379,000 | 391,347 | ||||||
| Radiology Partners, Inc. | ||||||||
| 8.500% 7/15/32 (i) | 277,000 | 289,077 | ||||||
| PIK 9.781%, Cash 9.781% 2/15/30 (i) | 461,601 | 458,139 | ||||||
| Raven Acquisition Holdings LLC | ||||||||
| 6.875% 11/15/31 (i) | 205,000 | 200,371 | ||||||
| Resideo Funding, Inc. | ||||||||
| 6.500% 7/15/32 (i) | 200,000 | 201,000 | ||||||
| RHP Hotel Properties LP/RHP Finance Corp. | ||||||||
| 6.500% 6/15/33 (i) | 101,000 | 103,621 | ||||||
| Rivers Enterprise Borrower LLC | ||||||||
| 6.250% 10/15/30 (i) | 134,000 | 135,674 | ||||||
| Rocket Cos., Inc. | ||||||||
| 6.125% 8/01/30 (i) | 115,000 | 116,975 | ||||||
| 6.375% 8/01/33 (i) | 115,000 | 116,951 | ||||||
| Sabre GLBL, Inc. | ||||||||
| Convertible, 7.320% 8/01/26 | 200,000 | 200,700 | ||||||
| 10.750% 11/15/29 (i) | 24,000 | 23,060 | ||||||
| 10.750% 3/15/30 (i) | 30,000 | 28,620 | ||||||
| 11.125% 7/15/30 (i) | 500,000 | 479,620 | ||||||
| Service Properties Trust | ||||||||
| 8.875% 6/15/32 | 250,000 | 257,390 | ||||||
| Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC | ||||||||
| 8.625% 1/15/32 (i) | 200,000 | 205,935 | ||||||
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co. | ||||||||
| 6.625% 5/01/32 (i) | 300,000 | 303,938 | ||||||
| Smyrna Ready Mix Concrete LLC | ||||||||
| 6.000% 11/01/28 (i) | 200,000 | 200,411 | ||||||
| Solaris Energy Infrastructure LLC | ||||||||
| 6.375% 5/15/31 (i) | 152,000 | 153,696 | ||||||
| Solstice Advanced Materials, Inc. | ||||||||
| 5.625% 9/30/33 (i) | 150,000 | 149,067 | ||||||
| Staples, Inc. | ||||||||
| 10.750% 9/01/29 (i) | 150,000 | 143,092 | ||||||
| Stonebriar ABF Issuer LLC | ||||||||
| 8.125% 12/15/30 (i) | 102,000 | 106,640 | ||||||
| Stonepeak Nile Parent LLC | ||||||||
| 7.250% 3/15/32 (i) | 150,000 | 155,330 | ||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
| 5.000% 6/01/31 (i) | 298,000 | 282,501 | ||||||
| Sunoco LP | ||||||||
| 5.625% 3/15/31 (i) | 135,000 | 134,015 | ||||||
| 5.875% 3/15/34 (i) | 53,000 | 52,273 | ||||||
| 6.625% 8/15/32 (i) | 206,000 | 209,516 | ||||||
| Surgery Center Holdings, Inc. | ||||||||
| 7.250% 4/15/32 (i) | 200,000 | 202,468 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Talen Energy Supply LLC | ||||||||
| 6.375% 5/01/33 (i) | $ | 421,000 | $ | 420,469 | ||||
| Taylor Morrison Communities, Inc. | ||||||||
| 5.750% 11/15/32 (i) | 51,000 | 52,487 | ||||||
| Team Health Holdings, Inc. | ||||||||
| 8.375% 6/30/28 (i) | 141,000 | 141,379 | ||||||
| PIK 4.500%, Cash 13.500% 6/30/28 (i) | 318,356 | 325,535 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 5.125% 11/01/27 | 200,000 | 199,998 | ||||||
| 5.500% 11/15/32 (i) | 220,000 | 218,758 | ||||||
| 6.125% 6/15/30 | 150,000 | 151,099 | ||||||
| TransDigm, Inc. | ||||||||
| 6.750% 8/15/28 (i) | 350,000 | 353,486 | ||||||
| Trident TPI Holdings, Inc. | ||||||||
| 12.750% 12/31/28 (i) | 347,000 | 347,446 | ||||||
| UGI International LLC | ||||||||
| 2.500% 12/01/29 EUR (f) (i) | 100,000 | 107,788 | ||||||
| UKG, Inc. | ||||||||
| 6.875% 2/01/31 (i) | 259,000 | 251,613 | ||||||
| United Airlines Holdings, Inc. | ||||||||
| 5.375% 3/01/31 | 190,000 | 188,635 | ||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | ||||||||
| 6.500% 2/15/29 (i) | 300,000 | 297,632 | ||||||
| 8.625% 6/15/32 (i) | 300,000 | 312,965 | ||||||
| Upbound Group, Inc. | ||||||||
| 6.375% 2/15/29 (i) | 134,000 | 132,824 | ||||||
| US Foods, Inc. | ||||||||
| 5.750% 4/15/33 (i) | 300,000 | 300,409 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 6.250% 1/15/30 (i) | 350,000 | 358,464 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 7.000% 1/15/30 (i) | 400,000 | 407,966 | ||||||
| 9.875% 2/01/32 (i) | 200,000 | 213,511 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.125% 12/15/30(i) | 200,000 | 204,632 | ||||||
| 6.500% 1/15/34 (i) | 98,000 | 102,114 | ||||||
| Voyager Parent LLC | ||||||||
| 9.250% 7/01/32 (i) | 142,000 | 150,173 | ||||||
| Watco Cos. LLC/Watco Finance Corp. | ||||||||
| 7.125% 8/01/32 (i) | 317,000 | 325,493 | ||||||
| WBI Operating LLC | ||||||||
| 6.250% 10/15/30 (i) | 225,000 | 226,251 | ||||||
| 6.500% 10/15/33(i) | 175,000 | 176,097 | ||||||
| Weatherford International Ltd. | ||||||||
| 6.750% 10/15/33 (i) | 168,000 | 171,410 | ||||||
| WESCO Distribution, Inc. | ||||||||
| 5.250% 4/15/31 (i) | 51,000 | 50,477 | ||||||
| 5.500% 4/15/34 (i) | 77,000 | 76,171 | ||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. | ||||||||
| 8.250% 10/01/31 (i) | 250,000 | 263,639 | ||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 5.625% 3/01/33 (i) | 203,000 | 200,353 | ||||||
| XPLR Infrastructure Operating Partners LP | ||||||||
| 8.375% 1/15/31 (i) (k) | 122,000 | 130,113 | ||||||
| 8.625% 3/15/33 (i) | 129,000 | 138,335 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Yondr JK 1 LLC | ||||||||
| 6.875% 6/30/31 (i) | $ | 76,000 | $ | 76,191 | ||||
| Zayo Group Holdings, Inc. PIK 0.500%, Cash | ||||||||
| 9.250% 3/09/30 (i) | 319 | 319 | ||||||
| 42,268,387 | ||||||||
| Uzbekistan — 0.3% | ||||||||
| Uzbek Industrial & Construction Bank ATB | ||||||||
| 8.950% 7/24/29 (i) | 200,000 | 214,701 | ||||||
| 5 yr. CMT + 5.792% 9.450% VRN (d) (i) (j) | 200,000 | 208,299 | ||||||
| 423,000 | ||||||||
| Zambia — 0.2% | ||||||||
| First Quantum Minerals Ltd. | ||||||||
| 7.250% 2/15/34 (i) | 281,000 | 288,075 | ||||||
| TOTAL CORPORATE DEBT (Cost $79,391,610) | 77,671,061 | |||||||
| Non-U.S. Government Agency Obligations — 7.7% | ||||||||
| Cayman Islands — 3.3% | ||||||||
| Diameter Capital CLO 9 Ltd., Series 2025-9A, Class E, 3 mo. USD Term SOFR + 4.700% | ||||||||
| 8.375% FRN 4/20/38 (d) (i) | 750,000 | 737,464 | ||||||
| Elmwood CLO 39 Ltd., Series 2025-2A, Class E1, 3 mo. USD Term SOFR + 4.400% | ||||||||
| 8.080% FRN 4/17/38 (d) (i) | 750,000 | 735,863 | ||||||
| Magnetite VII Ltd., Series 2012-7A, Class SUB, | ||||||||
| 5.000% VRN 1/15/28 (d) (i) (n) | 2,000,000 | 94,876 | ||||||
| Octagon 74 Ltd., Series 2025-2A, Class E, 3 mo. USD Term SOFR + 5.100% | ||||||||
| 8.764% FRN 4/22/38 (d) (i) | 1,000,000 | 988,228 | ||||||
| RR 20 Ltd., Series 2022-20A, Class DR, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.173% FRN 7/15/37 (d) (i) | 1,500,000 | 1,451,555 | ||||||
| Texas Debt Capital CLO Ltd., Series 2025-1A, Class E, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.167% FRN 4/24/38 (d) (i) | 1,000,000 | 966,542 | ||||||
| 4,974,528 | ||||||||
| Ireland — 3.2% | ||||||||
| ARES European CLO XVIII DAC, Series 18A, Class ER, 3 mo. EURIBOR + 5.650% | ||||||||
| 7.854% FRN 10/15/38 EUR (d) (f) (i) | 1,000,000 | 1,144,050 | ||||||
| Bain Capital Euro CLO DAC, Series 2021-2A, Class E, 3 mo. EURIBOR + 6.220% | ||||||||
| 8.460% FRN 7/17/34 EUR (d) (f) (i) | 800,000 | 883,911 | ||||||
| Palmer Square European CLO DAC, Series 2026-1A, Class E, 3 mo. EURIBOR + 4.600% | ||||||||
| 6.769% FRN 4/15/39 EUR (d) (f) (i) | 525,000 | 597,097 | ||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Penta CLO 11 DAC, Series 2022-11A, Class ERR, 3 mo. EURIBOR + 4.650% | ||||||||
| 6.790% FRN 1/15/39 EUR (d) (f) (i) | $ | 825,000 | $ | 926,767 | ||||
| Tymon Park CLO DAC, Series 1A, Class DRR, 3 mo. EURIBOR + 6.160% | ||||||||
| 8.364% FRN 7/21/34 EUR (d) (f) (i) | 1,000,000 | 1,149,336 | ||||||
| 4,701,161 | ||||||||
| United Kingdom — 0.5% | ||||||||
| Canyon Capital CLO Ltd., Series 2022-2A, Class ER, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.423% FRN 4/15/38 (d) (i) | 825,000 | 770,941 | ||||||
| United States — 0.7% | ||||||||
| Bain Capital Credit CLO Ltd., Series 2026-3A, Class E, 3 mo. USD Term SOFR + 5.450% | ||||||||
| 9.086% FRN 7/24/39 (d) (i) | 1,000,000 | 1,000,000 | ||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $13,561,704) | 11,446,630 | |||||||
| Sovereign Debt Obligations — 0.4% | ||||||||
| Uzbekistan — 0.4% | ||||||||
| National Bank of Uzbekistan | ||||||||
| 8.500% 7/05/29 (i) | 500,000 | 532,274 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $513,454) | 532,274 | |||||||
| TOTAL BONDS & NOTES (Cost $145,560,520) | 138,260,503 | |||||||
Number of Shares | ||||||||
| Rights — 0.0% | ||||||||
| United Kingdom — 0.0% | ||||||||
| Innovation Group PLC (a) (b) (c) | 83,667 | — | ||||||
| TOTAL RIGHTS (Cost $0) | — | |||||||
| Exchange-Traded Funds — 2.1% | ||||||||
| Ireland — 0.5% | ||||||||
| iShares EUR High Yield Corp. Bond UCITS ETF EUR (f) | 6,800 | 708,906 | ||||||
| United States — 1.6% | ||||||||
| iShares Broad USD High Yield Corporate Bond ETF | 66,891 | 2,476,305 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $3,213,294) | 3,185,211 | |||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $149,492,977) | $ | 142,330,226 | ||||||
| Short-Term Investments — 9.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 1.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (o) | 2,451,111 | 2,451,111 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 7.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (p) | $ | 11,085,667 | 11,085,667 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,536,778) | 13,536,778 | |||||||
| TOTAL INVESTMENTS — 105.0% (Cost $163,029,755) (q) | 155,867,004 | |||||||
| Other Assets/(Liabilities) — (5.0)% | (7,367,571 | ) | ||||||
| NET ASSETS — 100.0% | $ | 148,499,433 | ||||||
| Abbreviation Legend | |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Inter-Bank Offered Rate |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| PIK | 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. |
| 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) | Investment is valued using significant unobservable inputs. |
| (b) | Non-income producing security. |
| (c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2026, these securities amounted to a value of $1,640,860 or 1.10% of net assets. |
| (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, 2026, where the rate may not be determined until the time of settlement. |
| (f) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
| (g) | 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, 2026, these securities amounted to a value of $4,598 or 0.00% of net assets. |
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| Notes to Portfolio of Investments (Continued) | |
| (h) | Restricted security. Certain securities are restricted to resale. At June 30, 2026, these securities amounted to a value of $1,967,394 or 1.32% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (i) | 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, 2026, the aggregate market value of these securities amounted to $81,209,025 or 54.69% of net assets. |
| (j) | Security is perpetual and has no stated maturity date. |
| (k) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $2,812,898 or 1.89% of net assets. The Fund received $428,637 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (l) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (m) | The maturity date of the security has been extended past the date disclosed. The new maturity date is not available as of June 30, 2026. |
| (n) | 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, 2026. |
| (o) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (p) | Maturity value of $11,086,283. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/31/28 , and an aggregate market value, including accrued interest, of $11,307,568. |
| (q) | 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 | 7/20/26 | USD | 148,441 | NOK | 1,454,086 | $ | 1,578 | ||||||
| Goldman Sachs International | 7/20/26 | USD | 58,364 | EUR | 51,038 | 5 | |||||||
| Goldman Sachs International | 7/20/26 | USD | 95,355 | CAD | 133,156 | 1,395 | |||||||
| Goldman Sachs International | 7/20/26 | USD | 218,950 | GBP | 165,188 | (161) | |||||||
| Morgan Stanley & Co. LLC | 7/20/26 | EUR | 386,400 | USD | 441,349 | 473 | |||||||
| Morgan Stanley & Co. LLC | 7/20/26 | USD | 34,460,712 | EUR | 29,647,153 | 561,182 | |||||||
| Morgan Stanley & Co. LLC | 7/20/26 | USD | 5,275,413 | GBP | 3,927,527 | 65,817 | |||||||
| Morgan Stanley & Co. LLC | 7/20/26 | USD | 136,381 | NOK | 1,297,520 | 5,331 | |||||||
| $ | 635,620 | ||||||||||||
| Futures contracts | |||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized |
||||||
| Long | |||||||||
| Euro-BOBL | 9/08/26 | 12 | $ | 1,578,182 | $ | 3,816 | |||
| Euro-BUND | 9/08/26 | 6 | 868,136 | 4,856 | |||||
| U.S. Treasury Note 2 Year | 9/30/26 | 15 | 3,092,390 | (398) | |||||
| $ | 8,274 | ||||||||
| MML Barings Unconstrained Income Fund — Portfolio of Investments (Continued) |
| 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”):
MML Clinton Limited Term Municipal Fund (formerly known as MassMutual Clinton Limited Term Municipal Fund) (“Limited Term Municipal Fund”)
MML Clinton Municipal Fund (formerly known as MassMutual Clinton Municipal Fund) (“Municipal Fund”)
MML Clinton Municipal Credit Opportunities Fund (formerly known as MassMutual Clinton Municipal Credit Opportunities Fund) (“Municipal Credit Opportunities Fund”)
MML Barings Global Floating Rate Fund (formerly known as MassMutual Global Floating Rate Fund) (“Global Floating Rate Fund”)
MML Barings Unconstrained Income Fund (formerly known as MassMutual Global Credit Income Opportunities Fund) (“Unconstrained Income 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.
Effective October 1, 2024, 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. A senior management team comprised of the Funds’ Principal Executive Officer and Principal Financial Officer 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 Investment Advisers, LLC (“MML Advisers”) will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.
The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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.
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.
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 Limited Term Municipal Fund, Municipal Fund, and Municipal Credit Opportunities Fund characterized all investments at Level 2, as of June 30, 2026. 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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The following is the aggregate value by input level, as of June 30, 2026, for the remaining Funds’ investments:
| Global Floating Rate Fund | ||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 72,292 | $ | 733,980 | $ | 871,206 | $ | 1,677,478 | ||||||||
| Preferred Stock | — | 8,908 | — | 8,908 | ||||||||||||
| Bank Loans | — | 88,416,567 | 606,461 | 89,023,028 | ||||||||||||
| Corporate Debt | — | 8,415,148 | 311,925 | 8,727,073 | ||||||||||||
| Short-Term Investments | — | 9,923,739 | — | 9,923,739 | ||||||||||||
| Unfunded Bank Loan Commitments** | — | 208 | — | 208 | ||||||||||||
| Total Investments | $ | 72,292 | $ | 107,498,550 | $ | 1,789,592 | $ | 109,360,434 | ||||||||
| Liability Investments | ||||||||||||||||
| Unfunded Bank Loan Commitments** | $ | — | $ | (2,391 | ) | $ | — | $ | (2,391 | ) | ||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 443,840 | $ | — | $ | 443,840 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (16,312 | ) | $ | — | $ | (16,312 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Unconstrained Income Fund | ||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| France | $ | — | $ | — | $ | —+ | $ | — | ||||||||
| Germany | — | — | —+ | — | ||||||||||||
| Luxembourg | 37,058 | — | — | 37,058 | ||||||||||||
| Norway | — | 276,435 | — | 276,435 | ||||||||||||
| Spain | — | — | —+ | — | ||||||||||||
| United Kingdom | — | — | 415,398 | 415,398 | ||||||||||||
| United States | 6,165 | 115,427 | —+ | 121,592 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| United States | — | 34,029 | — | 34,029 | ||||||||||||
| Bank Loans | — | 48,508,525 | 102,013 | 48,610,538 | ||||||||||||
| Corporate Debt | — | 76,626,171 | 1,044,890 | 77,671,061 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 11,446,630 | — | 11,446,630 | ||||||||||||
| Sovereign Debt Obligations | — | 532,274 | — | 532,274 | ||||||||||||
| Rights | — | — | —+ | — | ||||||||||||
| Exchange-Traded Funds | 2,476,305 | 708,906 | — | 3,185,211 | ||||||||||||
| Short-Term Investments | 2,451,111 | 11,085,667 | — | 13,536,778 | ||||||||||||
| Unfunded Bank Loan Commitments** | — | 98 | — | 98 | ||||||||||||
| Total Investments | $ | 4,970,639 | $ | 149,334,162 | $ | 1,562,301 | $ | 155,867,102 | ||||||||
| Liability Investments | ||||||||||||||||
| Unfunded Bank Loan Commitments** | $ | — | $ | (3,174 | ) | $ | — | $ | (3,174 | ) | ||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 635,781 | $ | — | $ | 635,781 | ||||||||
| Futures Contracts | 8,672 | — | — | 8,672 | ||||||||||||
| Total | $ | 8,672 | $ | 635,781 | $ | — | $ | 644,453 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (161 | ) | $ | — | $ | (161 | ) | ||||||
| Futures Contracts | (398 | ) | — | — | (398 | ) | ||||||||||
| Total | $ | (398 | ) | $ | (161 | ) | $ | — | $ | (559 | ) | |||||
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| ** | Unfunded bank loan commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
| + | Represents a security at $0 value as of June 30, 2026. |
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 Form N-CSR 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 https://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund, other than the Limited Term Municipal Fund, Municipal Fund, and 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.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
The Unconstrained Income 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.
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.
Because distributions are determined in accordance with income tax regulations, the character of distributions is subject to final determination based on the Fund’s year-end tax calculations. Accordingly, amounts distributed during the period may differ from the final characterization of such distributions, which may include reclassification as return of capital or other distribution components for financial reporting purposes.
Shareholders will be notified of the final tax character of distributions, including any return of capital, on Form 1099-DIV, where applicable. In addition, information regarding return of capital distribution recharacterizations is reported on Form 8937, which is made available in January at https://www.massmutual.com/product-performance/mutual-funds.
3. Federal Income Tax Information
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.
At June 30, 2026, 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 Appreciation |
Tax Basis (Depreciation) |
Net Unrealized (Depreciation) |
|||||||||
| Limited Term Municipal Fund | $ | 63,728,296 | $ | 239,904 | $ | (249,035) | $ | (9,131) | ||||
| Municipal Fund | 64,561,715 | 496,222 | (561,417) | (65,195) | ||||||||
| Municipal Credit Opportunities Fund | 58,216,449 | 470,508 | (542,629) | (72,121) | ||||||||
| Global Floating Rate Fund | 117,821,475 | 1,139,082 | (9,600,331) | (8,461,249) | ||||||||
| Unconstrained Income Fund | 163,029,755 | 2,332,074 | (9,494,825) | (7,162,751) | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
4. Legal Proceedings
On February 23, 2023, the MML Barings Unconstrained Income Fund and MML Barings 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 held a trial in March 2026 on the renamed counterclaims and issued a judgment on July 7, 2026, in favor of the Excluded Lenders finding that the 2020 debt exchange constituted a “payment” and therefore violated the pro rata sharing provisions of the Credit Agreement. The court awarded damages based on the pro rata amount that should have been shared with the Excluded Lenders in the 2020 Transaction as well as statutory interest from the date of the 2020 Transaction. The MML Barings Unconstrained Income Fund and MML Barings Global Floating Rate Fund were required to pay $324,656.74 and $452,592.89, respectively, in damages, including the pre-judgment statutory interest.