| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 93.2% | ||||||||
| Corporate Debt — 49.6% | ||||||||
| Agriculture — 0.2% | ||||||||
| KT&G Corp. | ||||||||
| 5.000% 5/02/28 (a) | $ | 300,000 | $ | 302,132 | ||||
| Auto Manufacturers — 1.7% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 430,000 | 428,406 | ||||||
| 5.875% 11/07/29 | 390,000 | 394,691 | ||||||
| Hyundai Capital America | ||||||||
| 6.100% 9/21/28 (a) | 356,000 | 365,401 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 1.850% 9/16/26 (a) | 605,000 | 599,407 | ||||||
| Volkswagen Group of America Finance LLC | ||||||||
| 4.550% 9/11/28 (a) | 345,000 | 342,839 | ||||||
| 2,130,744 | ||||||||
| Auto Parts & Equipment — 0.2% | ||||||||
| LG Energy Solution Ltd. | ||||||||
| 5.000% 4/02/29 (a) | 300,000 | 300,341 | ||||||
| Banks — 7.4% | ||||||||
| Barclays PLC 1 day USD SOFR + 1.740% | ||||||||
| 5.690% VRN 3/12/30 (b) | 445,000 | 454,246 | ||||||
| BNP Paribas SA 1 day USD SOFR + 0.942% | ||||||||
| 4.892% VRN 6/30/30 (a) (b) | 315,000 | 314,956 | ||||||
| BPCE SA 1 day USD SOFR + 1.581% | ||||||||
| 5.389% VRN 5/28/31 (a) (b) | 385,000 | 389,280 | ||||||
| CaixaBank SA 1 day USD SOFR + 1.210% | ||||||||
| 4.818% VRN 4/22/32 (a) (b) | 320,000 | 317,389 | ||||||
| Capital One NA 5 yr. USD SOFR ICE Swap + 1.730% | ||||||||
| 5.974% VRN 8/09/28 (b) | 375,000 | 382,290 | ||||||
| Credit Agricole SA 1 day USD SOFR + 1.860% | ||||||||
| 6.316% VRN 10/03/29 (a) (b) | 346,000 | 357,288 | ||||||
| Deutsche Bank AG 1 day USD SOFR + 1.410% | ||||||||
| 5.060% VRN 4/14/32 (b) | 320,000 | 319,212 | ||||||
| First Citizens BancShares, Inc. | ||||||||
| 1 day USD SOFR + 1.487% 4.869% VRN 3/03/32 (b) | 335,000 | 325,814 | ||||||
| 5 yr. CMT + 1.850% 5.600% VRN 9/05/35 (b) | 275,000 | 270,016 | ||||||
| First-Citizens Bank & Trust Co. | ||||||||
| 6.125% 3/09/28 | 275,000 | 280,142 | ||||||
| HSBC Holdings PLC 1 day USD SOFR + 1.190% | ||||||||
| 4.619% VRN 11/06/31 (b) | 300,000 | 295,738 | ||||||
| ING Groep NV 1 day USD SOFR Index + 1.260% | ||||||||
| 4.803% VRN 3/23/32 (b) | 310,000 | 307,923 | ||||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522% | ||||||||
| 4.203% VRN 7/23/29 (b) | 450,000 | 446,148 | ||||||
| Lloyds Banking Group PLC 1 yr. CMT + 0.820% | ||||||||
| 4.425% VRN 11/04/31 (b) | 305,000 | 299,475 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Morgan Stanley Private Bank NA 1 day USD SOFR + 1.080% | ||||||||
| 4.734% VRN 7/18/31 (b) | $ | 635,000 | $ | 632,136 | ||||
| National Australia Bank Ltd. | ||||||||
| 2.332% 8/21/30 (a) | 400,000 | 360,507 | ||||||
| NatWest Group PLC | ||||||||
| 1 yr. CMT + 1.050% 5.115% VRN5/23/31 (b) | 375,000 | 377,193 | ||||||
| 5 yr. CMT + 2.200% 6.475% VRN6/01/34 (b) | 250,000 | 259,181 | ||||||
| Pinnacle Bank/Nashville TN | ||||||||
| 5.625% 2/15/28 | 353,000 | 356,617 | ||||||
| Pinnacle Financial Partners, Inc. 1 day USD SOFR + 2.347% | ||||||||
| 6.168% VRN 11/01/30 (b) | 300,000 | 307,054 | ||||||
| Santander UK Group Holdings PLC 1 day USD SOFR Index + 1.554% | ||||||||
| 4.858% VRN 9/11/30 (b) | 500,000 | 499,607 | ||||||
| Societe Generale SA 1 day USD SOFR + 1.096% | ||||||||
| 4.450% VRN 4/12/30 (a) (b) | 315,000 | 310,889 | ||||||
| Texas Capital Bancshares, Inc. 1 day USD SOFR + 1.940% | ||||||||
| 5.301% VRN 2/27/32 (b) | 306,000 | 302,835 | ||||||
| Truist Financial Corp. 1 day USD SOFR + 1.087% | ||||||||
| 4.680% VRN 4/23/32 (b) | 335,000 | 330,666 | ||||||
| Woori Bank | ||||||||
| 5.125% 8/06/28 (a) | 800,000 | 805,210 | ||||||
| 9,301,812 | ||||||||
| Beverages — 0.2% | ||||||||
| Maple Parent Holdings Corp. | ||||||||
| 4.750% 3/26/29 (a) | 227,000 | 226,858 | ||||||
| Building Materials — 1.0% | ||||||||
| Cemex SAB de CV | ||||||||
| 5.450% 11/19/29 (a) | 600,000 | 603,733 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 5.875% 1/31/31 (a) | 626,000 | 628,945 | ||||||
| 1,232,678 | ||||||||
| Chemicals — 1.2% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 7.350% STEP 11/15/28 | 595,000 | 619,663 | ||||||
| FMC Corp. | ||||||||
| 3.450% 10/01/29 | 625,000 | 578,721 | ||||||
| Huntsman International LLC | ||||||||
| 4.500% 5/01/29 | 300,000 | 292,987 | ||||||
| 1,491,371 | ||||||||
| Commercial Services — 0.7% | ||||||||
| Element Fleet Management Corp. | ||||||||
| 5.037% 3/25/30 (a) | 385,000 | 387,143 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.150% 6/15/31 (a) | 425,000 | 384,797 | ||||||
| Verisk Analytics, Inc. | ||||||||
| 4.450% 3/15/31 | 139,000 | 136,108 | ||||||
| 908,048 | ||||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Computers — 1.2% | ||||||||
| Dell International LLC/EMC Corp. | ||||||||
| 4.500% 2/15/31 | $ | 305,000 | $ | 300,766 | ||||
| Genpact Luxembourg SARL/Genpact USA, Inc. | ||||||||
| 6.000% 6/04/29 | 157,000 | 160,529 | ||||||
| Genpact UK Finco PLC/Genpact USA, Inc. | ||||||||
| 4.950% 11/18/30 | 465,000 | 457,941 | ||||||
| Kyndryl Holdings, Inc. | ||||||||
| 3.150% 10/15/31 | 700,000 | 583,148 | ||||||
| 1,502,384 | ||||||||
| Diversified Financial Services — 4.3% | ||||||||
| Aircastle Ltd./Aircastle Ireland DAC | ||||||||
| 5.250% 3/15/30 (a) | 390,000 | 392,439 | ||||||
| 5.750% 10/01/31 (a) | 225,000 | 230,156 | ||||||
| Aviation Capital Group LLC | ||||||||
| 5.125% 4/10/30 (a) | 585,000 | 586,566 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 5.750% 11/15/29 (a) | 580,000 | 593,013 | ||||||
| BGC Group, Inc. | ||||||||
| 6.150% 4/02/30 | 750,000 | 765,308 | ||||||
| Brookfield Asset Management Ltd. | ||||||||
| 4.832% 4/15/31 | 320,000 | 316,994 | ||||||
| Capital One Financial Corp. 1 day USD SOFR + 1.150% | ||||||||
| 4.722% VRN 1/30/32 (b) | 340,000 | 335,421 | ||||||
| Citadel Finance LLC | ||||||||
| 4.750% 2/14/29 (a) | 629,000 | 619,142 | ||||||
| Gabx Leasing LLC | ||||||||
| 4.625% 4/15/31 (a) | 320,000 | 315,532 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 6.400% 3/26/29 (a) | 350,000 | 360,272 | ||||||
| Synchrony Financial 1 day USD SOFR + 1.680% | ||||||||
| 5.450% VRN 3/06/31(b) | 600,000 | 599,844 | ||||||
| TPG Operating Group II LP | ||||||||
| 4.875% 5/15/31 | 330,000 | 325,341 | ||||||
| 5,440,028 | ||||||||
| Electric — 2.3% | ||||||||
| AES Corp. | ||||||||
| 5.200% 7/15/29 | 330,000 | 331,878 | ||||||
| Dayton Power & Light Co. | ||||||||
| 4.550% 8/15/30 | 300,000 | 295,242 | ||||||
| ITC Holdings Corp. | ||||||||
| 2.950% 5/14/30 (a) | 350,000 | 326,461 | ||||||
| 4.875% 4/15/31 (a) | 333,000 | 331,777 | ||||||
| NRG Energy, Inc. | ||||||||
| 4.734% 10/15/30 (a) | 600,000 | 592,615 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 5.050% 11/15/31 | 330,000 | 329,688 | ||||||
| 6.100% 1/15/29 | 325,000 | 334,640 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Vistra Operations Co. LLC | ||||||||
| 5.000% 4/30/31 (a) | $ | 315,000 | $ | 312,619 | ||||
| 2,854,920 | ||||||||
| Engineering & Construction — 0.4% | ||||||||
| Sitios Latinoamerica SAB de CV | ||||||||
| 6.000% 11/25/29 (a) | 500,000 | 509,530 | ||||||
| Food — 0.5% | ||||||||
| Flowers Foods, Inc. | ||||||||
| 2.400% 3/15/31 | 375,000 | 325,367 | ||||||
| Pilgrim’s Pride Corp. | ||||||||
| 4.250% 4/15/31 | 350,000 | 335,641 | ||||||
| 661,008 | ||||||||
| Forest Products & Paper — 0.4% | ||||||||
| Suzano Austria GmbH | ||||||||
| 6.000% 1/15/29 | 450,000 | 457,122 | ||||||
| Health Care - Services — 1.1% | ||||||||
| Centene Corp. | ||||||||
| 2.450% 7/15/28 | 650,000 | 617,676 | ||||||
| 3.000% 10/15/30 | 450,000 | 407,271 | ||||||
| Humana, Inc. | ||||||||
| 5.375% 4/15/31 | 300,000 | 304,050 | ||||||
| 1,328,997 | ||||||||
| Home Furnishing — 0.2% | ||||||||
| LG Electronics, Inc. | ||||||||
| 5.625% 4/24/29 (a) | 288,000 | 295,268 | ||||||
| Household Products & Wares — 0.3% | ||||||||
| Avery Dennison Corp. | ||||||||
| 2.650% 4/30/30 | 350,000 | 323,824 | ||||||
| Insurance — 6.3% | ||||||||
| American National Global Funding | ||||||||
| 4.625% 12/15/28 (a) | 250,000 | 247,321 | ||||||
| 5.250% 6/03/30 (a) | 700,000 | 700,663 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.750% 7/01/30 | 347,000 | 355,875 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 2.000% 6/28/28 (a) | 425,000 | 399,095 | ||||||
| 5.650% 6/10/29 (a) | 575,000 | 577,552 | ||||||
| Brown & Brown, Inc. | ||||||||
| 2.375% 3/15/31 | 725,000 | 643,354 | ||||||
| CNO Global Funding | ||||||||
| 2.650% 1/06/29 (a) | 475,000 | 449,931 | ||||||
| 5.200% 6/11/31 (a) | 325,000 | 325,153 | ||||||
| Enstar Group Ltd. | ||||||||
| 3.100% 9/01/31 | 925,000 | 823,577 | ||||||
| Fortitude Global Funding | ||||||||
| 4.625% 10/06/28 (a) | 628,000 | 621,206 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30(a) | $ | 358,000 | $ | 365,678 | ||||
| GA Global Funding Trust | ||||||||
| 4.500% 9/18/30 (a) | 300,000 | 290,697 | ||||||
| 5.200% 12/09/31 (a) | 450,000 | 444,626 | ||||||
| 5.500% 1/08/29 (a) | 165,000 | 166,693 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 3.125% 6/15/31 (a) | 51,000 | 45,751 | ||||||
| Jackson National Life Global Funding | ||||||||
| 4.550% 9/09/30 (a) | 670,000 | 656,773 | ||||||
| Kemper Corp. | ||||||||
| 2.400% 9/30/30 | 325,000 | 283,805 | ||||||
| Protective Life Corp. | ||||||||
| 4.700% 1/15/31 (a) | 210,000 | 207,012 | ||||||
| Sammons Financial Group Global Funding | ||||||||
| 4.800% 12/12/30 (a) | 305,000 | 301,072 | ||||||
| 7,905,834 | ||||||||
| Internet — 0.5% | ||||||||
| AppLovin Corp. | ||||||||
| 5.125% 12/01/29 | 310,000 | 312,573 | ||||||
| Meta Platforms, Inc. | ||||||||
| 4.550% 5/15/31 | 325,000 | 323,251 | ||||||
| 635,824 | ||||||||
| Investment Companies — 6.2% | ||||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 485,000 | 478,002 | ||||||
| 3.950% 7/15/26 (a) | 545,000 | 544,756 | ||||||
| 6.500% 2/08/29 (a) | 250,000 | 250,447 | ||||||
| ARES Capital Corp. | ||||||||
| 5.100% 1/15/31 | 325,000 | 314,391 | ||||||
| 5.950% 7/15/29 | 430,000 | 434,321 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 | 610,000 | 615,575 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 318,000 | 314,545 | ||||||
| 6.250% 1/25/31 | 300,000 | 300,234 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 5.300% 6/30/30 | 355,000 | 345,225 | ||||||
| Blue Owl Capital Corp. | ||||||||
| 6.300% 8/15/31 | 178,000 | 176,920 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 501,000 | 498,506 | ||||||
| 5.800% 3/15/30 | 375,000 | 365,361 | ||||||
| Blue Owl Technology Finance Corp. | ||||||||
| 6.750% 4/04/29 (c) | 881,000 | 885,202 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 6.000% 7/15/29 (c) | 850,000 | 850,795 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 6.250% 9/30/29 | 235,000 | 236,593 | ||||||
| 6.750% 1/30/29 | 522,000 | 531,164 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 5.250% 5/15/27 | 400,000 | 395,341 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Morgan Stanley Direct Lending Fund | ||||||||
| 6.100% 7/15/31 (d) | $ | 310,000 | $ | 306,049 | ||||
| 7,843,427 | ||||||||
| Iron & Steel — 0.4% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.750% 7/08/30 | 550,000 | 523,839 | ||||||
| Machinery -Diversified — 0.1% | ||||||||
| Otis Worldwide Corp. | ||||||||
| 4.488% 5/07/29 | 188,000 | 187,325 | ||||||
| Media — 1.7% | ||||||||
| Cox Communications, Inc. | ||||||||
| 1.800% 10/01/30 (a) | 680,000 | 591,179 | ||||||
| News Corp. | ||||||||
| 3.875% 5/15/29 (a) | 655,000 | 635,256 | ||||||
| Paramount Global | ||||||||
| 7.875% 7/30/30 | 575,000 | 603,900 | ||||||
| Space Exploration Technologies Corp. | ||||||||
| 5.350% 7/15/31 (a) | 310,000 | 309,193 | ||||||
| 2,139,528 | ||||||||
| Mining — 0.4% | ||||||||
| AngloGold Ashanti Holdings PLC | ||||||||
| 3.375% 11/01/28 | 500,000 | 480,227 | ||||||
| Office & Business Equipment — 0.2% | ||||||||
| CDW LLC/CDW Finance Corp. | ||||||||
| 5.100% 3/01/30 | 300,000 | 299,356 | ||||||
| Oil & Gas — 2.8% | ||||||||
| Antero Resources Corp. | ||||||||
| 5.375% 3/01/30 (a) | 300,000 | 302,134 | ||||||
| Continental Resources, Inc. | ||||||||
| 5.750% 1/15/31 (a) | 575,000 | 585,485 | ||||||
| Helmerich & Payne, Inc. | ||||||||
| 4.850% 12/01/29 (c) | 385,000 | 384,701 | ||||||
| Ovintiv, Inc. | ||||||||
| 7.200% 11/01/31 | 350,000 | 383,530 | ||||||
| 8.125% 9/15/30 | 215,000 | 239,410 | ||||||
| Santos Finance Ltd. | ||||||||
| 3.649% 4/29/31 (a) | 825,000 | 771,064 | ||||||
| Sunoco LP | ||||||||
| 5.875% 7/15/27 (a) | 315,000 | 314,860 | ||||||
| Thaioil Treasury Center Co. Ltd. | ||||||||
| 4.625% 11/20/28 (a) | 600,000 | 594,541 | ||||||
| 3,575,725 | ||||||||
| Pharmaceuticals — 0.5% | ||||||||
| Mylan, Inc. | ||||||||
| 4.550% 4/15/28 | 570,000 | 566,420 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pipelines — 0.4% | ||||||||
| Targa Resources Corp. | ||||||||
| 4.350% 4/15/31 | $ | 216,000 | $ | 211,011 | ||||
| Western Midstream Operating LP | ||||||||
| 4.800% 3/01/31 | 305,000 | 301,636 | ||||||
| 512,647 | ||||||||
| Real Estate Investment Trusts (REITS) — 3.2% | ||||||||
| EPR Properties | ||||||||
| 3.750% 8/15/29 | 175,000 | 168,253 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 475,000 | 464,915 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 4.000% 1/15/31 | 675,000 | 637,442 | ||||||
| Highwoods Realty LP | ||||||||
| 4.200% 4/15/29 | 650,000 | 635,821 | ||||||
| Invitation Homes Operating Partnership LP | ||||||||
| 4.950% 2/01/32 (d) | 147,000 | 145,992 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 5.200% 7/01/30 | 320,000 | 321,560 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 9.250% 7/20/28 | 670,000 | 721,294 | ||||||
| Rexford Industrial Realty LP | ||||||||
| 2.125% 12/01/30 | 375,000 | 332,505 | ||||||
| Store Capital LLC | ||||||||
| 2.750% 11/18/30 | 300,000 | 271,020 | ||||||
| Trust 2401 | ||||||||
| 4.869% 1/15/30 (a) | 350,000 | 340,592 | ||||||
| 4,039,394 | ||||||||
| Retail — 0.9% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 1.750% 10/01/27 | 375,000 | 360,388 | ||||||
| Genuine Parts Co. | ||||||||
| 1.875% 11/01/30 | 350,000 | 305,374 | ||||||
| InRetail Consumer | ||||||||
| 3.250% 3/22/28 (a) | 550,000 | 529,897 | ||||||
| 1,195,659 | ||||||||
| Semiconductors — 0.9% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 5.500% 1/25/31 (a) | 545,000 | 557,163 | ||||||
| Intel Corp. | ||||||||
| 4.650% 6/01/31 | 325,000 | 321,843 | ||||||
| SK Hynix, Inc. | ||||||||
| 4.250% 9/11/28 (a) | 300,000 | 297,724 | ||||||
| 1,176,730 | ||||||||
| Software — 0.5% | ||||||||
| Oracle Corp. | ||||||||
| 4.450% 9/26/30 | 640,000 | 617,834 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Telecommunications — 0.2% | ||||||||
| Tower Bersama Infrastructure Tbk. PT | ||||||||
| 2.800% 5/02/27 (a) | $ | 250,000 | $ | 245,147 | ||||
| Transportation — 0.3% | ||||||||
| Fedex Freight Holding Co., Inc. | ||||||||
| 4.650% 3/15/31 (a) | 320,000 | 314,340 | ||||||
| Venture Capital — 0.8% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 516,000 | 513,390 | ||||||
| 5.350% 2/10/29 (c) | 188,000 | 186,165 | ||||||
| 6.000% 6/16/30 (c) | 275,000 | 274,530 | ||||||
| 974,085 | ||||||||
| TOTAL
CORPORATE DEBT (Cost $62,526,773) | 62,500,406 | |||||||
| Non-U.S. Government Agency Obligations — 43.4% | ||||||||
| Automobile Asset-Backed Securities — 20.3% | ||||||||
| Ally Auto Receivables Trust, Series 2023-A, Class C | ||||||||
| 6.080% 1/17/34 (a) | 257,140 | 258,412 | ||||||
| Ally Bank Auto Credit-Linked Notes | ||||||||
| Series 2024-B, Class A2, 4.970% 9/15/32 (a) | 839,943 | 843,625 | ||||||
| Series 2024-A, Class C, 6.022% 5/17/32 (a) | 284,954 | 288,403 | ||||||
| American Credit Acceptance Receivables Trust, Series 2026-2, Class A | ||||||||
| 4.320% 5/08/30 (a) | 471,907 | 471,642 | ||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| Series 2021-2A, Class A, 1.660% 2/20/28 (a) | 1,025,000 | 1,012,910 | ||||||
| Series 2022-1A, Class B, 4.300% 8/21/28 (a) | 400,000 | 398,362 | ||||||
| Bridgecrest Lending Auto Securitization Trust | ||||||||
| Series 2026-1, Class A2, 4.100% 7/17/28 | 232,628 | 232,578 | ||||||
| Series 2025-3, Class C, 4.810% 5/15/31 | 500,000 | 499,634 | ||||||
| Carvana Auto Receivables Trust | ||||||||
| Series 2025-P1, Class A3, 4.550% 5/10/30 | 947,118 | 948,104 | ||||||
| Series 2022-P2, Class D, 6.280% 5/10/29 | 400,000 | 405,419 | ||||||
| CPS Auto Receivables Trust, Series 2026-B, Class A | ||||||||
| 4.350% 2/15/30 (a) | 539,514 | 539,248 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2026-1A, Class A | ||||||||
| 4.650% 4/15/36 (a) | 400,000 | 397,715 | ||||||
| Drive Auto Receivables Trust | ||||||||
| Series 2025-1, Class A3, 4.730% 9/15/32 | 895,000 | 896,436 | ||||||
| Series 2025-1, Class B, 4.790% 9/15/32 | 420,000 | 421,035 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| Series 2026-1, Class A2, 4.000% 10/20/28 (a) | 1,300,000 | 1,294,938 | ||||||
| Series 2023-3, Class A3, 6.410% 6/20/30 (a) | 584,000 | 595,640 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2025-4A, Class A3, 4.390% 9/17/29 | 800,000 | 799,840 | ||||||
| Series 2024-3A, Class C, 5.700% 7/16/29 | 600,000 | 603,417 | ||||||
| FCCU Auto Receivables Trust, Series 2024-1A, Class A4 | ||||||||
| 5.460% 4/15/30 (a) | 500,000 | 505,880 | ||||||
| GLS Auto Receivables Issuer Trust | ||||||||
| Series 2021-4A, Class D, 2.480% 10/15/27 (a) | 72,544 | 72,387 | ||||||
| Series 2026-1A, Class A2, 4.040% 11/15/28 (a) | 670,000 | 669,369 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2026-2A, Class A2, 4.250% 4/16/29 (a) | $ | 1,000,000 | $ | 999,064 | ||||
| Series 2025-3A, Class A2, 4.520% 7/17/28 (a) | 174,048 | 174,163 | ||||||
| Series 2025-1A, Class B, 4.980% 7/16/29 (a) | 500,000 | 501,278 | ||||||
| GM Financial Automobile Leasing Trust | ||||||||
| Series 2026-2, Class A2A, 4.120% 7/20/28 | 800,000 | 798,445 | ||||||
| Series 2026-2, Class A3, 4.300% 3/20/29 | 500,000 | 499,118 | ||||||
| LAD Auto Receivables Trust, Series 2023-3A, Class C | ||||||||
| 6.430% 12/15/28 (a) | 1,000,000 | 1,008,491 | ||||||
| Octane Receivables Trust, Series 2024-3A, Class A2 | ||||||||
| 4.940% 5/20/30 (a) | 263,441 | 264,085 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2024-A, Class C | ||||||||
| 5.200% 9/16/30 (a) | 400,000 | 400,061 | ||||||
| Santander Drive Auto Receivables Trust | ||||||||
| Series 2026-1, Class A2, 4.040% 3/15/29 | 366,246 | 365,909 | ||||||
| Series 2025-3, Class A3, 4.380% 1/15/30 | 1,000,000 | 1,000,415 | ||||||
| SCCU Auto Receivables Trust | ||||||||
| Series 2026-1A, Class A2, 4.180% 8/15/29 (a) | 500,000 | 498,990 | ||||||
| Series 2024-1A, Class D, 6.250% 7/15/32 (a) | 600,000 | 609,956 | ||||||
| Toyota Lease Owner Trust, Series 2026-A, Class A2A | ||||||||
| 3.700% 2/22/28 (a) | 593,182 | 590,996 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2026-1A, Class A3, 4.010% 7/16/29 (a) | 400,000 | 398,272 | ||||||
| Series 2025-3A, Class A3, 4.220% 6/15/29 (a) | 800,000 | 798,634 | ||||||
| Series 2026-2A, Class A2A, 4.260% 6/15/29 (a) | 1,000,000 | 999,306 | ||||||
| Series 2026-2A, Class A3, 4.350% 4/15/30 (a) | 500,000 | 498,615 | ||||||
| Series 2025-2A, Class A3, 4.510% 5/15/29 (a) | 1,200,000 | 1,202,421 | ||||||
| Series 2025-2A, Class A2A, 4.660% 9/15/28 (a) | 360,954 | 361,393 | ||||||
| Series 2022-2A, Class D, 5.480% 9/15/27 (a) | 66,642 | 66,692 | ||||||
| Series 2024-2A, Class C, 5.680% 3/15/30 (a) | 1,000,000 | 1,007,318 | ||||||
| Wheels Fleet Lease Funding 1 LLC, Series 2023-2A, Class A | ||||||||
| 6.460% 8/18/38 (a) | 154,195 | 155,328 | ||||||
| World Omni Auto Receivables Trust, Series 2026-A, Class A3 | ||||||||
| 3.860% 5/15/31 | 300,000 | 296,490 | ||||||
| 25,650,434 | ||||||||
| Credit Card Asset-Backed Securities — 0.4% | ||||||||
| Mission Lane Credit Card Master Trust, Series 2025-A, Class A | ||||||||
| 5.800% 5/15/30 (a) | 500,000 | 502,860 | ||||||
| Home Equity Asset-Backed Securities — 0.3% | ||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||
| 3.812% FRN 10/25/34 (b) | 21,641 | 20,981 | ||||||
| Vista Point Securitization Trust, Series 2026-CES1, Class A1, | ||||||||
| 5.035% STEP 2/25/56 (a) | 375,753 | 370,720 | ||||||
| 391,701 | ||||||||
| Other Asset-Backed Securities — 17.5% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 3.940% FRN 9/15/41 (a) (b) | 12,809 | 12,769 | ||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 5.487% FRN 10/20/31 (a) (b) | 1,132,916 | 1,133,021 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 720 East CLO VII Ltd., Series 2025-7A, Class A1, 3 mo. USD Term SOFR + 1.060% | ||||||||
| 4.735% FRN 4/20/37 (a) (b) | $ | 750,000 | $ | 750,443 | ||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2026-X1, Class A, 4.270% 4/15/31 (a) | 759,211 | 758,920 | ||||||
| Series 2024-B, Class A, 4.620% 9/15/29 (a) | 1,000,000 | 1,000,942 | ||||||
| Series 2025-X1, Class B, 5.190% 4/15/30 (a) | 120,197 | 120,259 | ||||||
| Affirm Master Trust, Series 2025-1A, Class A | ||||||||
| 4.990% 2/15/33 (a) | 700,000 | 702,224 | ||||||
| AIMCO CLO, Series 2018-BA, Class AR3, 3 mo. USD Term SOFR + 1.200% | ||||||||
| 4.880% FRN 4/16/37 (a) (b) | 750,000 | 751,125 | ||||||
| Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.175% FRN 10/18/31 (a) (b) | 500,000 | 500,325 | ||||||
| BHG Owner Loan Trust, Series 2026-1CON, Class A | ||||||||
| 4.810% 6/17/37 (a) | 385,410 | 383,147 | ||||||
| BHG Securitization Trust, Series 2021-B, Class C | ||||||||
| 2.240% 10/17/34 (a) | 1,536,000 | 1,500,177 | ||||||
| CBAMR Ltd., Series 2019-9A, Class AR, 3 mo. USD Term SOFR + 1.630% | ||||||||
| 5.303% FRN 7/15/37 (a) (b) | 600,000 | 600,620 | ||||||
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||
| 2.280% 7/15/60 (a) | 577,448 | 347,441 | ||||||
| CIFC Funding Ltd., Series 2022-4A, Class AR, 3 mo. USD Term SOFR + 1.090% | ||||||||
| 4.770% FRN 7/16/35 (a) (b) | 750,000 | 750,363 | ||||||
| Elmwood CLO I Ltd., Series 2019-1A, Class A1R3, 3 mo. USD Term SOFR + 1.120% | ||||||||
| 4.795% FRN 4/20/37 (a) (b) | 1,250,000 | 1,247,821 | ||||||
| Equify ABS LLC, Series 2024-1A, Class A | ||||||||
| 5.430% 4/18/33 (a) | 203,600 | 203,981 | ||||||
| GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2 | ||||||||
| 5.120% 3/25/60 (a) | 60,402 | 60,510 | ||||||
| GreenSky Home Improvement Trust, Series 2024-1, Class A4 | ||||||||
| 5.670% 6/25/59 (a) | 261,621 | 264,771 | ||||||
| Hilton Grand Vacations Trust, Series 2024-3A, Class A | ||||||||
| 4.980% 8/27/40 (a) | 714,283 | 715,190 | ||||||
| HPS Loan Management Ltd., Series 2021-16A, Class A1R, 3 mo. USD Term SOFR + 1.110% | ||||||||
| 4.776% FRN 1/23/35 (a) (b) | 875,000 | 874,825 | ||||||
| Invesco U.S. CLO Ltd., Series 2023-1A, Class AR2, 3 mo. USD Term SOFR + 1.110% | ||||||||
| 4.774% FRN 4/22/37 (a) (b) | 500,000 | 498,811 | ||||||
| Marble Point CLO XXIII Ltd., Series 2021-4A, Class A1R, 3 mo. USD Term SOFR + 1.160% | ||||||||
| 4.824% FRN 1/22/35 (a) (b) | 500,000 | 499,785 | ||||||
| MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1R, 3 mo. USD Term SOFR + 1.220% | ||||||||
| 4.926% FRN 4/15/37 (a) (b) | 500,000 | 500,157 | ||||||
| Neuberger Berman Loan Advisers CLO 49 Ltd., Series 2022-49A, Class AR2, 3 mo. USD Term SOFR + 1.130% | ||||||||
| 4.797% FRN 12/25/37 (a) (b) | 500,000 | 500,013 | ||||||
| Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR2, 3 mo. USD Term SOFR + 1.040% | ||||||||
| 4.706% FRN 7/23/36 (a) (b) | 500,000 | 500,240 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1 | ||||||||
| 1.850% 11/20/50 (a) | $ | 816,502 | $ | 707,596 | ||||
| OneMain Financial Issuance Trust | ||||||||
| Series 2023-2A, Class A2, 30 day USD SOFR Average + 1.500% 5.093% FRN 9/15/36 (a) (b) | 410,000 | 412,488 | ||||||
| Series 2023-2A, Class A1, 5.840% 9/15/36 (a) | 300,000 | 303,114 | ||||||
| Pagaya Ai Debt Trust, Series 2025-R1, Class A2 | ||||||||
| 5.338% 6/15/32 (a) | 325,826 | 326,322 | ||||||
| PVONE 2023-1 LLC, Series 2023-2A, Class A | ||||||||
| 7.670% 9/17/35 (a) | 70,808 | 71,073 | ||||||
| RCKT Trust, Series 2025-1A, Class A | ||||||||
| 4.900% 7/25/34 (a) | 120,300 | 120,437 | ||||||
| Reach ABS Trust | ||||||||
| Series 2026-1A, Class A, 4.320% 2/15/33 (a) | 312,493 | 312,301 | ||||||
| Series 2025-2A, Class A, 4.930% 8/18/32 (a) | 366,037 | 366,755 | ||||||
| RKTL Trust | ||||||||
| Series 2026-1A, Class A, 4.070% 2/26/35 (a) | 350,210 | 349,253 | ||||||
| Series 2026-2A, Class A, 4.330% 5/25/35 (a) | 465,928 | 465,286 | ||||||
| Silver Point CLO 42 Ltd., Series 2024-42A, Class A1R, 3 mo. USD Term SOFR + 1.240% | ||||||||
| 4.869% FRN 4/17/37 (a) (b) | 500,000 | 502,170 | ||||||
| SoFi Consumer Loan Program Trust | ||||||||
| Series 2026-1, Class A, 4.060% 12/26/35 (a) | 279,528 | 278,728 | ||||||
| Series 2026-2, Class A, 4.270% 3/25/36 (a) | 969,003 | 967,555 | ||||||
| Series 2025-3, Class A, 4.470% 8/15/34 (a) | 167,988 | 168,069 | ||||||
| Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680% | ||||||||
| 5.355% FRN 4/18/33 (a) (b) | 750,000 | 750,316 | ||||||
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | ||||||||
| 4.943% FRN 10/15/35 (a) (b) | 750,000 | 750,613 | ||||||
| 22,029,956 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.8% | ||||||||
| SBA Tower Trust | ||||||||
| 6.599% 11/15/52 (a) | 1,000,000 | 1,010,002 | ||||||
| Student Loans Asset-Backed Securities — 2.7% | ||||||||
| College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% | ||||||||
| 5.413% FRN 11/26/46 (a) (b) | 191,397 | 192,840 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2017-AGS, Class B, 3.470% 5/25/41 (a) | 219,039 | 199,260 | ||||||
| Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 98,680 | 78,451 | ||||||
| Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 80,965 | 67,409 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 37,950 | 30,890 | ||||||
| Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 149,221 | 139,861 | ||||||
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class BFX | ||||||||
| 3.000% 10/25/48 (a) | 460,908 | 455,531 | ||||||
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, 1 mo. USD Term SOFR + 0.854% | ||||||||
| 4.494% FRN 4/20/62 (a) (b) | 707,766 | 704,268 | ||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SMB Private Education Loan Trust, Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% | ||||||||
| 5.243% FRN 9/15/53 (a) (b) | $ | 621,209 | $ | 630,283 | ||||
| SoFi Professional Loan Program LLC, Series 2019-A, Class BFX | ||||||||
| 4.110% 6/15/48 (a) | 870,000 | 834,900 | ||||||
| 3,333,693 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.4% | ||||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 595,154 | 593,774 | ||||||
| Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 595,154 | 593,746 | ||||||
| Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, | ||||||||
| 5.653% VRN 2/25/34 (b) (e) | 19,496 | 18,777 | ||||||
| PRPM Trust, Series 2026-NQM1, Class A1FC, | ||||||||
| 5.093% STEP 2/25/71 (a) | 282,505 | 280,987 | ||||||
| Verus Securitization Trust, Series 2024-8, Class A1, | ||||||||
| 5.364% VRN 10/25/69 (a) (b) (e) | 322,661 | 322,932 | ||||||
| 1,810,216 | ||||||||
| TOTAL
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $55,236,520) | 54,728,862 | |||||||
| Sovereign Debt Obligations — 0.2% | ||||||||
| Mexico Government International Bond | ||||||||
| 2.659% 5/24/31 | 350,000 | 308,403 | ||||||
| TOTAL
SOVEREIGN DEBT OBLIGATIONS (Cost $314,484) | 308,403 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES(f) — 0.0% | ||||||||
| Pass-Through Securities — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. (b) | ||||||||
| Pool #1Q0239 1 yr. CMT + 2.061% 5.751% FRN 3/01/37 | 19,981 | 20,561 | ||||||
| TOTAL
BONDS & NOTES (Cost $118,098,139) | 117,558,232 | |||||||
| TOTAL
LONG-TERM INVESTMENTS (Cost $118,098,139) | 117,558,232 | |||||||
| Short-Term Investments — 6.4% | ||||||||
| Commercial Paper — 3.7% | ||||||||
| EIDP, Inc. | ||||||||
| 4.193% 8/10/26 (a) | 2,700,000 | 2,687,609 | ||||||
| Hubbell, Inc. | ||||||||
| 3.963% 7/21/26 (a) | 2,000,000 | 1,995,545 | ||||||
| 4,683,154 | ||||||||
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Investment of Cash Collateral from Securities Loaned — 0.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (g) | 602,183 | $ | 602,183 | |||||
| Principal Amount | ||||||||
| Repurchase Agreement — 2.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (h) | $ | 2,713,849 | 2,713,849 | |||||
| TOTAL
SHORT-TERM INVESTMENTS (Cost $7,999,398) | 7,999,186 | |||||||
| TOTAL INVESTMENTS
— 99.6% (Cost $126,097,537) (i) | 125,557,418 | |||||||
| Other Assets/(Liabilities) — 0.4% | 545,244 | |||||||
| NET ASSETS — 100.0% | $ | 126,102,662 | ||||||
| Abbreviation Legend | |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| 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) | 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 $77,993,841 or 61.85% of net assets. |
| (b) | 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. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $2,557,211 or 2.03% of net assets. The Fund received $2,037,444 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). |
| (d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (e) | 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. |
| (f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (g) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (h) | Maturity value of $2,713,999. 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 $2,768,277. |
| (i) | See Note 3 for aggregate cost for federal tax purposes. |
| MML Barings Short-Duration Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Futures contracts | |||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net
Unrealized Appreciation (Depreciation) |
||||||||||
| Long | |||||||||||||
| U.S. Treasury Note 2 Year | 9/30/26 | 341 | $ | 70,384,962 | $ | (93,673) | |||||||
| Short | |||||||||||||
| U.S. Treasury Long Bond | 9/21/26 | 4 | $ | (441,330) | $ | (12,670) | |||||||
| U.S. Treasury Note 10 Year | 9/21/26 | 8 | (873,036) | (6,089) | |||||||||
| U.S. Treasury Note 5 Year | 9/30/26 | 289 | (30,878,856) | (57,690) | |||||||||
| $ | (76,449) | ||||||||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 86.0% | ||||||||
| Corporate Debt — 4.8% | ||||||||
| Auto Manufacturers — 0.8% | ||||||||
| Daimler Truck Finance North America LLC | ||||||||
| 3.650% 4/07/27 (a) | $ | 550,000 | $ | 546,934 | ||||
| Hyundai Capital America | ||||||||
| 5.250% 1/08/27 (a) | 1,000,000 | 1,004,105 | ||||||
| 1,551,039 | ||||||||
| Biotechnology — 0.3% | ||||||||
| CSL Finance PLC | ||||||||
| 3.850% 4/27/27 (a) | 550,000 | 547,159 | ||||||
| Diversified Financial Services — 0.2% | ||||||||
| Equitable America Global Funding | ||||||||
| 4.650% 6/09/28 (a) | 500,000 | 498,941 | ||||||
| Insurance — 3.2% | ||||||||
| Brighthouse Financial Global Funding | ||||||||
| 2.000% 6/28/28 (a) | 1,050,000 | 986,000 | ||||||
| CNO Global Funding | ||||||||
| 5.875% 6/04/27 (a) | 500,000 | 505,612 | ||||||
| Corebridge Global Funding | ||||||||
| 4.250% 8/21/28 (a) | 500,000 | 495,041 | ||||||
| Equitable Financial Life Global Funding | ||||||||
| 4.600% 4/01/27 (a) | 550,000 | 550,989 | ||||||
| Fortitude Global Funding | ||||||||
| 4.625% 10/06/28 (a) | 1,000,000 | 989,181 | ||||||
| GA Global Funding Trust | ||||||||
| 1.950% 9/15/28 (a) | 555,000 | 519,945 | ||||||
| 2.250% 1/06/27 (a) | 550,000 | 543,447 | ||||||
| Jackson National Life Global Funding | ||||||||
| 4.900% 1/13/27 (a) | 525,000 | 525,939 | ||||||
| Lincoln Financial Global Funding | ||||||||
| 4.625% 5/28/28 (a) | 500,000 | 499,656 | ||||||
| Protective Life Global Funding | ||||||||
| 4.992% 1/12/27 (a) (b) | 515,000 | 517,027 | ||||||
| Western-Southern Global Funding | ||||||||
| 4.500% 7/16/28 (a) | 500,000 | 497,474 | ||||||
| 6,630,311 | ||||||||
| Oil & Gas Services — 0.3% | ||||||||
| Schlumberger Holdings Corp. | ||||||||
| 5.000% 5/29/27 (a) | 550,000 | 553,126 | ||||||
| TOTAL
CORPORATE DEBT (Cost $9,848,137) | 9,780,576 | |||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Non-U.S. Government Agency Obligations — 57.5% | ||||||||
| Automobile Asset-Backed Securities — 24.9% | ||||||||
| Alloya Auto Receivables Trust, Series 2025-1A, Class A2 | ||||||||
| 4.780% 10/25/27 (a) | $ | 304,416 | $ | 304,604 | ||||
| Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class C | ||||||||
| 5.215% 9/15/32 (a) | 1,115,355 | 1,119,600 | ||||||
| American Credit Acceptance Receivables Trust | ||||||||
| Series 2026-2, Class A, 4.320% 5/08/30 (a) | 1,132,577 | 1,131,942 | ||||||
| Series 2025-4, Class B, 4.550% 1/14/30 (a) | 1,000,000 | 1,000,786 | ||||||
| Series 2024-1, Class C, 5.630% 1/14/30 (a) | 546,886 | 547,966 | ||||||
| Series 2024-2, Class C, 6.240% 4/12/30 (a) | 1,347,877 | 1,353,381 | ||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| Series 2021-1A, Class B, 1.630% 8/20/27 (a) | 1,133,333 | 1,130,317 | ||||||
| Series 2022-1A, Class B, 4.300% 8/21/28 (a) | 1,640,000 | 1,633,282 | ||||||
| BofA Auto Trust, Series 2026-1A, Class A2A | ||||||||
| 4.100% 11/15/28 (a) | 1,100,000 | 1,097,797 | ||||||
| Bridgecrest Lending Auto Securitization Trust | ||||||||
| Series 2026-1, Class A2, 4.100% 7/17/28 | 310,171 | 310,104 | ||||||
| Series 2026-2, Class A2, 4.240% 9/15/28 | 500,000 | 499,923 | ||||||
| Series 2025-4, Class A2, 4.350% 6/15/28 | 525,997 | 526,190 | ||||||
| Carvana Auto Receivables Trust | ||||||||
| Series 2021-N3, Class B, 0.660% 6/12/28 | 292,744 | 285,618 | ||||||
| Series 2021-N3, Class A2, 1.110% 6/12/28 | 824,916 | 813,605 | ||||||
| Series 2022-N1, Class A2, 3.210% 12/11/28 (a) | 558,847 | 554,425 | ||||||
| Series 2025-P1, Class A3, 4.550% 5/10/30 | 947,118 | 948,104 | ||||||
| Consumer Portfolio Services Auto Trust, Series 2025-D, Class A | ||||||||
| 4.460% 7/16/29 (a) | 1,076,341 | 1,076,763 | ||||||
| CPS Auto Receivables Trust | ||||||||
| Series 2026-A, Class A, 4.190% 12/17/29 (a) | 798,103 | 796,032 | ||||||
| Series 2026-B, Class A, 4.350% 2/15/30 (a) | 899,190 | 898,747 | ||||||
| Drive Auto Receivables Trust, Series 2025-1, Class A2 | ||||||||
| 4.870% 8/15/28 | 10,013 | 10,017 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2026-3A, Class A2, 4.360% 12/15/28 | 1,200,000 | 1,198,960 | ||||||
| Series 2022-2A, Class D, 4.560% 7/17/28 | 1,892,218 | 1,893,376 | ||||||
| Series 2025-1A, Class B, 4.910% 8/15/29 | 1,000,000 | 1,001,976 | ||||||
| Exeter Select Automobile Receivables Trust | ||||||||
| Series 2025-3, Class A2, 4.240% 5/15/29 | 999,489 | 999,042 | ||||||
| Series 2025-1, Class A2, 4.830% 10/16/28 | 112,528 | 112,585 | ||||||
| FCCU Auto Receivables Trust, Series 2025-1A, Class A2 | ||||||||
| 4.870% 1/16/29 (a) | 430,650 | 431,266 | ||||||
| GLS Auto Receivables Issuer Trust | ||||||||
| Series 2021-4A, Class D, 2.480% 10/15/27 (a) | 362,722 | 361,933 | ||||||
| Series 2026-1A, Class A2, 4.040% 11/15/28 (a) | 1,434,000 | 1,432,649 | ||||||
| Series 2026-2A, Class A2, 4.250% 4/16/29 (a) | 1,000,000 | 999,064 | ||||||
| Series 2025-4A, Class A2, 4.370% 10/16/28 (a) | 710,948 | 711,185 | ||||||
| Series 2025-1A, Class B, 4.980% 7/16/29 (a) | 2,200,000 | 2,205,624 | ||||||
| Series 2022-3A, Class D, 6.420% 6/15/28 (a) | 664,882 | 669,001 | ||||||
| Series 2023-4A, Class C, 6.650% 8/15/29 (a) | 740,981 | 744,858 | ||||||
| GLS Auto Select Receivables Trust, Series 2024-3A, Class A2 | ||||||||
| 5.590% 10/15/29 (a) | 373,300 | 375,729 | ||||||
| GM Financial Automobile Leasing Trust | ||||||||
| Series 2026-2, Class A2A, 4.120% 7/20/28 | 800,000 | 798,445 | ||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2026-1, Class B, 4.120% 1/22/30 | $ | 1,250,000 | $ | 1,237,643 | ||||
| Series 2026-2, Class A3, 4.300% 3/20/29 | 500,000 | 499,118 | ||||||
| Honda Auto Receivables Owner Trust, Series 2026-2, Class A2A | ||||||||
| 4.110% 12/15/28 | 1,000,000 | 998,310 | ||||||
| Hyundai Auto Receivables Trust, Series 2026-B, Class A2A | ||||||||
| 4.190% 5/15/29 | 1,000,000 | 999,323 | ||||||
| Octane Receivables Trust | ||||||||
| Series 2025-1A, Class A2, 4.250% 2/20/31 (a) | 774,077 | 772,631 | ||||||
| Series 2024-3A, Class A2, 4.940% 5/20/30 (a) | 1,079,055 | 1,081,692 | ||||||
| Series 2022-2A, Class C, 6.290% 7/20/28 (a) | 739,491 | 740,721 | ||||||
| OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C | ||||||||
| 5.310% 6/14/29 (a) | 1,100,000 | 1,101,231 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2025-A, Class A2 | ||||||||
| 4.120% 9/15/28 (a) | 736,328 | 736,038 | ||||||
| Santander Drive Auto Receivables Trust, Series 2026-1, Class A2 | ||||||||
| 4.040% 3/15/29 | 915,614 | 914,773 | ||||||
| SCCU Auto Receivables Trust, Series 2026-1A, Class A2 | ||||||||
| 4.180% 8/15/29 (a) | 800,000 | 798,384 | ||||||
| Toyota Lease Owner Trust, Series 2025-B, Class A2A | ||||||||
| 3.910% 5/22/28 (a) | 961,309 | 959,482 | ||||||
| Tricolor Auto Securitization Trust | ||||||||
| Series 2025-1A, Class A, 4.940% 2/15/29 (a) (c) (d) (e) | 2,157,682 | 1,586,544 | ||||||
| Series 2025-2A, Class A, 5.120% 1/16/29 (a) (c) (d) (e) | 2,732,705 | 2,023,295 | ||||||
| VStrong Auto Receivables Trust, Series 2024-A, Class A3 | ||||||||
| 5.620% 12/15/28 (a) | 377,956 | 378,449 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2026-P1, Class A2, 3.840% 1/16/29 (a) | 1,000,000 | 997,129 | ||||||
| Series 2025-3A, Class A3, 4.220% 6/15/29 (a) | 1,500,000 | 1,497,439 | ||||||
| Series 2025-3A, Class A2, 4.310% 4/17/28 (a) | 1,479,205 | 1,479,748 | ||||||
| Series 2022-2A, Class D, 5.480% 9/15/27 (a) | 285,611 | 285,821 | ||||||
| Series 2024-2A, Class C, 5.680% 3/15/30 (a) | 1,000,000 | 1,007,318 | ||||||
| World Omni Auto Receivables Trust, Series 2026-A, Class A2A | ||||||||
| 3.710% 4/16/29 | 1,000,000 | 995,541 | ||||||
| 51,065,526 | ||||||||
| Commercial Mortgage-Backed Securities — 1.5% | ||||||||
| COMM Mortgage Trust, Series 2015-LC19, Class D | ||||||||
| 2.867% 2/10/48 (a) | 2,457,000 | 2,253,102 | ||||||
| KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | ||||||||
| 5.951% FRN 2/15/39 (a) (f) | 900,000 | 897,395 | ||||||
| 3,150,497 | ||||||||
| Home Equity Asset-Backed Securities — 0.2% | ||||||||
| Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | ||||||||
| 4.378% FRN 4/25/36 (f) | 336,609 | 334,742 | ||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal | Value | ||||||
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | ||||||||
| 4.023% FRN 3/25/37 (f) | $ | 105,036 | $ | 104,496 | ||||
| 439,238 | ||||||||
| Other Asset-Backed Securities — 21.5% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 3.940% FRN 9/15/41 (a) (f) | 13,770 | 13,727 | ||||||
| ACHV ABS Trust | ||||||||
| Series 2024-3AL, Class A, 5.010% 12/26/31 (a) | 635,656 | 637,684 | ||||||
| Series 2024-1PL, Class A, 5.900% 4/25/31 (a) | 88,737 | 88,945 | ||||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2026-X1, Class A, 4.270% 4/15/31 (a) | 1,395,050 | 1,394,515 | ||||||
| Series 2025-X2, Class A, 4.450% 10/15/30 (a) | 1,812,714 | 1,813,781 | ||||||
| Affirm Master Trust | ||||||||
| Series 2025-2A, Class A, 4.670% 7/15/33 (a) | 850,000 | 851,612 | ||||||
| Series 2025-1A, Class A, 4.990% 2/15/33 (a) | 1,000,000 | 1,003,177 | ||||||
| Alterna Funding III LLC | ||||||||
| Series 2024-1A, Class A, 6.260% 5/16/39 (a) | 1,485,684 | 1,486,966 | ||||||
| Series 2024-1A, Class B, 7.136% 5/16/39 (a) | 884,695 | 883,596 | ||||||
| BHG Securitization Trust, Series 2021-A, Class A | ||||||||
| 1.420% 11/17/33 (a) | 79,401 | 79,254 | ||||||
| Dell Equipment Finance Trust | ||||||||
| Series 2025-1, Class A2, 4.680% 7/22/27 (a) | 567,439 | 568,183 | ||||||
| Series 2024-1, Class A3, 5.390% 3/22/30 (a) | 210,984 | 211,719 | ||||||
| Dext ABS LLC | ||||||||
| Series 2025-2, Class A2, 4.100% 4/17/28 (a) | 1,062,270 | 1,060,939 | ||||||
| Series 2025-1, Class A2, 4.590% 8/16/27 (a) | 341,716 | 341,969 | ||||||
| FCI Funding LLC, Series 2024-1A, Class A | ||||||||
| 5.440% 8/15/36 (a) | 306,296 | 306,330 | ||||||
| FNA VI LLC, Series 2021-1A, Class A | ||||||||
| 1.350% 1/10/32 (a) | 878,694 | 836,958 | ||||||
| GoldenTree Loan Management US CLO 29 Ltd., Series 2026-29A, Class X, 3 mo. USD Term SOFR + 0.850% | ||||||||
| 4.489% FRN 4/20/39 (a) (f) | 1,700,000 | 1,699,626 | ||||||
| GreatAmerica Leasing Receivables Funding LLC, Series 2024-1, Class A3 | ||||||||
| 4.980% 1/18/28 (a) | 2,119,099 | 2,125,160 | ||||||
| GreenSky Home Improvement Issuer Trust | ||||||||
| Series 2025-3A, Class A1, 4.340% 12/27/60 (a) | 768,176 | 766,522 | ||||||
| Series 2025-1A, Class A2, 5.120% 3/25/60 (a) | 422,815 | 423,573 | ||||||
| GreenSky Home Improvement Trust, Series 2024-1, Class A2 | ||||||||
| 5.880% 6/25/59 (a) | 9,055 | 9,067 | ||||||
| Hilton Grand Vacations Trust, Series 2022-2A, Class C | ||||||||
| 5.570% 1/25/37 (a) | 402,150 | 402,849 | ||||||
| Marlette Funding Trust, Series 2025-1A, Class A | ||||||||
| 4.750% 7/16/35 (a) | 356,929 | 357,051 | ||||||
| NMEF Funding LLC, Series 2026-A, Class A2 | ||||||||
| 4.090% 2/15/34 (a) | 1,000,000 | 996,571 | ||||||
| NP SPE IX LP, Series 2019-1A, Class A1 | ||||||||
| 2.574% 9/20/49 (a) | 4,128 | 4,093 | ||||||
| Oak Street Investment Grade Net Lease Fund | ||||||||
| Series 2021-1A, Class A1, 1.480% 1/20/51 (a) | 3,345,225 | 2,902,810 | ||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2020-1A, Class A1, 1.850% 11/20/50 (a) | $ | 1,890,051 | $ | 1,637,955 | ||||
| Oaktree CLO Ltd., Series 2024-26A, Class XR, 3 mo. USD Term SOFR + 0.850% | ||||||||
| 4.525% FRN 4/20/39 (a) (f) | 1,700,000 | 1,699,963 | ||||||
| OneMain Financial Issuance Trust | ||||||||
| Series 2023-2A, Class A2, 30 day USD SOFR Average + 1.500% 5.093% FRN 9/15/36 (a) (f) | 1,080,000 | 1,086,554 | ||||||
| Series 2023-2A, Class A1, 5.840% 9/15/36 (a) | 720,000 | 727,473 | ||||||
| Pagaya AI Debt Grantor Trust | ||||||||
| Series 2024-10, Class A, 5.183% 6/15/32 (a) | 611,884 | 612,109 | ||||||
| Series 2024-8, Class A, 5.331% 1/15/32 (a) | 664,970 | 665,329 | ||||||
| Series 2024-5, Class A, 6.278% 10/15/31 (a) | 320,123 | 320,303 | ||||||
| PVONE 2023-1 LLC, Series 2023-2A, Class A | ||||||||
| 7.670% 9/17/35 (a) | 83,038 | 83,350 | ||||||
| RCKT Trust, Series 2025-2A, Class A | ||||||||
| 4.480% 11/27/34 (a) | 1,139,605 | 1,139,710 | ||||||
| Reach ABS Trust | ||||||||
| Series 2026-1A, Class A, 4.320% 2/15/33 (a) | 1,010,579 | 1,009,960 | ||||||
| Series 2026-2A, Class A, 4.340% 2/15/35 (a) | 932,009 | 931,136 | ||||||
| Regatta XXIII Funding Ltd., Series 2021-4A, Class XR, 3 mo. USD Term SOFR + 0.850% | ||||||||
| 4.523% FRN 10/15/38 (a) (f) | 1,530,000 | 1,529,660 | ||||||
| RKTL Trust | ||||||||
| Series 2026-1A, Class A, 4.070% 2/26/35 (a) | 455,273 | 454,029 | ||||||
| Series 2026-2A, Class A, 4.330% 5/25/35 (a) | 931,856 | 930,571 | ||||||
| SoFi Consumer Loan Program Trust | ||||||||
| Series 2026-1, Class A, 4.060% 12/26/35 (a) | 698,821 | 696,821 | ||||||
| Series 2025-4, Class A, 4.240% 8/25/35 (a) | 496,437 | 495,829 | ||||||
| Series 2026-2, Class A, 4.270% 3/25/36 (a) | 738,288 | 737,185 | ||||||
| Series 2026-3, Class A, 4.460% 6/25/35 (a) | 900,000 | 900,089 | ||||||
| Series 2025-1, Class A, 4.800% 2/27/34 (a) | 1,192,655 | 1,193,381 | ||||||
| Series 2025-2, Class A, 4.820% 6/25/34 (a) | 410,172 | 410,535 | ||||||
| Sycamore Tree CLO Ltd., Series 2024-5A, Class XR, 3 mo. USD Term SOFR + 0.950% | ||||||||
| 4.625% FRN 10/20/38 (a) (f) | 904,000 | 903,979 | ||||||
| Verdant Receivables LLC | ||||||||
| Series 2025-1A, Class A2, 4.850% 3/13/28 (a) | 836,562 | 837,623 | ||||||
| Series 2024-1A, Class A2, 5.680% 12/12/31 (a) | 1,230,502 | 1,245,286 | ||||||
| Warwick Capital CLO 2 Ltd., Series 2023-2A, Class X, 3 mo. USD Term SOFR + 0.900% | ||||||||
| 4.561% FRN 3/15/39 (a) (f) | 1,300,000 | 1,298,796 | ||||||
| Wellington Management CLO 2 Ltd., Series 2024-2A, Class XR, 3 mo. USD Term SOFR + 0.950% | ||||||||
| 4.619% FRN 4/20/39 (a) (f) | 1,275,000 | 1,274,509 | ||||||
| 44,088,812 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.5% | ||||||||
| SBA Tower Trust | ||||||||
| 6.599% 11/15/52 (a) | 1,000,000 | 1,010,002 | ||||||
| Student Loans Asset-Backed Securities — 3.6% | ||||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 91,270 | 71,246 | ||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | $ | 9,831 | $ | 8,002 | ||||
| Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 4.663% FRN 1/25/47 (a) (f) | 66,865 | 64,852 | ||||||
| Navient Private Education Refi Loan Trust | ||||||||
| Series 2021-A, Class A, 0.840% 5/15/69 (a) | 2,283,217 | 2,088,989 | ||||||
| Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 412,766 | 389,213 | ||||||
| Series 2018-A, Class B, 3.680% 2/18/42 (a) | 336,889 | 331,991 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2015-A, Class C, 4.500% 10/15/48 (a) | 2,212,377 | 2,203,762 | ||||||
| Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 4.610% FRN 7/15/36 (a) (f) | 162,280 | 161,777 | ||||||
| Series 2024-R1, Class M, 6.000% 9/15/54 (a) | 1,943,466 | 1,944,399 | ||||||
| SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX | ||||||||
| 3.600% 2/25/48 (a) | 97,863 | 97,350 | ||||||
| 7,361,581 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 5.3% | ||||||||
| Angel Oak Mortgage Trust, Series 2022-2, Class A1, | ||||||||
| 4.076% VRN 1/25/67 (a) (f) (g) | 1,585,824 | 1,509,796 | ||||||
| BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, | ||||||||
| 1.435% VRN 3/25/60 (a) (f) (g) | 50,857 | 50,419 | ||||||
| CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | ||||||||
| 4.692% FRN 8/25/49 (a) (f) | 481,432 | 462,506 | ||||||
| COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||||
| 2.284% VRN 12/27/66 (a) (f) (g) | 5,295,936 | 4,862,806 | ||||||
| Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
| 1.128% VRN 5/25/65 (a) (f) (g) | 100,905 | 98,693 | ||||||
| OBX Trust | ||||||||
| Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (f) (g) | 466,489 | 383,445 | ||||||
| Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 4.713% FRN 2/25/60 (a) (f) | 139,992 | 138,545 | ||||||
| PSMC Trust, Series 2020-2, Class A2, | ||||||||
| 3.000% VRN 5/25/50 (a) (f) (g) | 507,909 | 443,148 | ||||||
| STAR Trust, Series 2021-1, Class A3, | ||||||||
| 1.528% VRN 5/25/65 (a) (f) (g) | 1,580,597 | 1,505,031 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (f) (g) | 1,000,000 | 896,903 | ||||||
| Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (f) (g) | 11,945 | 11,906 | ||||||
| Verus Securitization Trust, Series 2021-3, Class A3, | ||||||||
| 1.437% VRN 6/25/66 (a) (f) (g) | 553,627 | 496,475 | ||||||
| 10,859,673 | ||||||||
| TOTAL
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $120,820,499) | 117,975,329 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 1.1% | ||||||||
| Whole Loans — 1.1% | ||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||||
| Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 4.478% FRN 11/25/41 (a) (f) | 19,664 | 19,658 | ||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 4.928% FRN 2/25/42 (a) (f) | $ | 246,202 | $ | 246,184 | ||||
| Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 6.578% FRN 6/25/42 (a) (f) | 864,533 | 874,343 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities | ||||||||
| Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 5.528% FRN 6/25/43 (a) (f) | 440,936 | 443,128 | ||||||
| Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 6.128% FRN 4/25/43 (a) (f) | 718,216 | 721,374 | ||||||
| 2,304,687 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,307,699) | 2,304,687 | |||||||
| U.S. Treasury Obligations — 22.6% | ||||||||
| U.S. Treasury Bonds & Notes — 22.6% | ||||||||
| U.S. Treasury Inflation-Indexed Bonds | ||||||||
| 0.125% 2/15/51 | 127,876 | 68,192 | ||||||
| 0.125% 2/15/52 | 837,172 | 437,197 | ||||||
| 0.250% 2/15/50 | 647,475 | 367,645 | ||||||
| 0.625% 2/15/43 | 868,842 | 637,259 | ||||||
| 0.750% 2/15/42 | 884,028 | 678,229 | ||||||
| 0.750% 2/15/45 | 565,524 | 404,222 | ||||||
| 0.875% 2/15/47 | 1,655,028 | 1,171,224 | ||||||
| 1.000% 2/15/46 | 140,508 | 103,823 | ||||||
| 1.000% 2/15/48 | 472,532 | 338,575 | ||||||
| 1.000% 2/15/49 | 403,530 | 285,356 | ||||||
| 1.375% 2/15/44 | 642,830 | 527,916 | ||||||
| 1.500% 2/15/53 | 784,007 | 600,186 | ||||||
| 2.125% 2/15/40 | 385,083 | 372,941 | ||||||
| 2.125% 2/15/41 | 608,108 | 583,681 | ||||||
| 2.125% 2/15/54 | 1,193,269 | 1,049,790 | ||||||
| 2.375% 2/15/55 | 738,549 | 684,879 | ||||||
| 2.375% 2/15/56 | 205,454 | 189,352 | ||||||
| 2.500% 1/15/29 | 155,066 | 157,082 | ||||||
| 3.375% 4/15/32 | 375,128 | 404,368 | ||||||
| 3.875% 4/15/29 | 202,518 | 212,745 | ||||||
| U.S. Treasury Inflation-Indexed Notes | ||||||||
| 0.125% 1/15/30 | 1,164,609 | 1,094,317 | ||||||
| 0.125% 1/15/31 | 2,046,288 | 1,891,624 | ||||||
| 0.125% 7/15/31 | 1,490,604 | 1,369,878 | ||||||
| 0.125% 1/15/32 | 1,681,428 | 1,524,019 | ||||||
| 0.250% 7/15/29 | 1,561,848 | 1,490,426 | ||||||
| 0.625% 7/15/32 | 2,291,720 | 2,126,656 | ||||||
| 0.750% 7/15/28 (i) | 1,458,941 | 1,426,950 | ||||||
| 0.875% 1/15/29 | 2,900,722 | 2,823,133 | ||||||
| 1.125% 10/15/30 | 2,367,252 | 2,300,511 | ||||||
| 1.125% 1/15/33 | 2,123,573 | 2,012,172 | ||||||
| 1.250% 4/15/28 | 1,664,910 | 1,638,420 | ||||||
| 1.375% 7/15/33 | 2,192,420 | 2,107,454 | ||||||
| 1.625% 10/15/29 | 1,587,105 | 1,576,903 | ||||||
| 1.625% 4/15/30 | 1,882,530 | 1,861,042 | ||||||
| 1.750% 1/15/34 (i) | 2,166,140 | 2,121,313 | ||||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 1.875% 7/15/34 | $ | 1,697,616 | $ | 1,673,136 | ||||
| 1.875% 7/15/35 | 1,710,786 | 1,677,401 | ||||||
| 1.875% 1/15/36 | 1,536,885 | 1,497,102 | ||||||
| 2.125% 4/15/29 | 1,506,904 | 1,511,821 | ||||||
| 2.125% 1/15/35 | 1,898,892 | 1,899,738 | ||||||
| 2.375% 10/15/28 | 1,413,035 | 1,428,713 | ||||||
| 46,327,391 | ||||||||
| TOTAL
U.S. TREASURY OBLIGATIONS (Cost $48,434,238) | 46,327,391 | |||||||
| TOTAL
BONDS & NOTES (Cost $181,410,573) | 176,387,983 | |||||||
| Number
of Shares | ||||||||
| Exchange-Traded Funds — 1.0% | ||||||||
| iShares Ultra Short Duration Bond Active ETF (b) | 43,200 | 2,185,056 | ||||||
| TOTAL
EXCHANGE-TRADED FUNDS (Cost $2,192,832) | 2,185,056 | |||||||
| TOTAL
LONG-TERM INVESTMENTS (Cost $183,603,405) | 178,573,039 | |||||||
| Short-Term Investments — 12.7% | ||||||||
| Principal Amount | ||||||||
| Commercial Paper — 12.6% | ||||||||
| American Honda Finance Corp. | ||||||||
| 4.201% 7/21/26 | $ | 4,000,000 | 3,990,809 | |||||
| Becton Dickinson & Co. | ||||||||
| 4.092% 7/09/26 (a) | 3,000,000 | 2,997,053 | ||||||
| EIDP, Inc. | ||||||||
| 4.217% 7/06/26 (a) | 4,000,000 | 3,997,351 | ||||||
| Equifax, Inc. | ||||||||
| 4.146% 7/22/26 (a) | 4,000,000 | 3,990,250 | ||||||
| Oracle Corp. | ||||||||
| 4.181% 8/17/26 (a) | 1,000,000 | 994,285 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 4.099% 7/27/26 | 3,000,000 | 2,990,748 | ||||||
| Spire, Inc. | ||||||||
| 4.105% 8/04/26 (a) | 3,000,000 | 2,988,314 | ||||||
| Tampa Electric Co. | ||||||||
| 4.137% 7/07/26 (a) | 4,000,000 | 3,996,936 | ||||||
| 25,945,746 | ||||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.1% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (j) | $ | 148,993 | 148,993 | |||||
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Value | ||||
| TOTAL
SHORT-TERM INVESTMENTS (Cost $26,097,248) | $ | 26,094,739 | ||
| TOTAL
INVESTMENTS — 99.7% (Cost $209,700,653) (k) | 204,667,778 | |||
| Other Assets/(Liabilities) — 0.3% | 597,818 | |||
| NET ASSETS — 100.0% | $ | 205,265,596 | ||
| Abbreviation Legend | |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange-Traded Fund |
| FRN | Floating Rate Note |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2026, the aggregate market value of these securities amounted to $133,542,890 or 65.06% of net assets. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $1,188,928 or 0.58% of net assets. The Fund received $1,213,059 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). |
| (c) | Investment is valued using significant unobservable inputs. |
| (d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2026, these securities amounted to a value of $3,609,839 or 1.76% of net assets. |
| (e) | 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 $3,609,839 or 1.76% of net assets. |
| (f) | 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. |
| (g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2026. |
| (h) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (i) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (j) | Maturity value of $149,001. 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 $152,144. |
| (k) | See Note 3 for aggregate cost for federal tax purposes. |
| MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net
Unrealized Appreciation (Depreciation) |
|||||||||||
| Long | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 9/21/26 | 3 | $ | 333,010 | $ | 4,396 | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Long Bond | 9/21/26 | 4 | $ | (441,330) | $ | (12,670 | ) | |||||||
| U.S. Treasury Note 10 Year | 9/21/26 | 2 | (218,259) | (1,522 | ) | |||||||||
| U.S. Treasury Ultra Bond | 9/21/26 | 2 | (224,478) | (7,835 | ) | |||||||||
| U.S. Treasury Note 2 Year | 9/30/26 | 223 | (46,030,609) | 62,992 | ||||||||||
| U.S. Treasury Note 5 Year | 9/30/26 | 57 | (6,090,807) | (10,865 | ) | |||||||||
| $ | 30,100 | |||||||||||||
| Centrally Cleared Interest Rate Swaps |
| Paid by the Fund | Received by the Fund | ||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||
| Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 1,500,000 | $ | 37,695 | $ | — | $ | 37,695 | |||||||||||
| Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3,000,000 | 60,718 | — | 60,718 | ||||||||||||||
| Fixed 2.164% | Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 7,000,000 | 145,966 | — | 145,966 | ||||||||||||||
| Fixed 2.599% | Maturity | U.S. Consumer Price Index | Maturity | 1/10/27 | USD | 9,100,000 | 89,123 | — | 89,123 | ||||||||||||||
| $ | 333,502 | $ | — | $ | 333,502 | ||||||||||||||||||
MML Barings Inflation-Protected and Income Fund (see Note 1) — Portfolio of Investments (Continued) |
| OTC Total Return Swaps |
|
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Counterparty | Termination Date | No. of Contracts/ Notional | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
| 1 Day-SOFR + 16.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 7/30/26 | USD | 43,189,285 | $ | 329,514 | $ | — | $ | 329,514 | |||||||||||||
| 1 Day-SOFR + 17.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 9/01/26 | USD | 14,991,735 | (30,176) | — | (30,176) | ||||||||||||||||
| Fed Funds + 17.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 11/02/26 | USD | 22,263,063 | (58,066) | — | (58,066) | ||||||||||||||||
1 Day-SOFR + 18.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 11/30/26 | USD | 67,029,717 | (309,205) | — | (309,205) | ||||||||||||||||
| $ | (67,933) | $ | — | $ | (67,933) | |||||||||||||||||||||
| Currency Legend | |
| USD | U.S. Dollar |
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments |
June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| Bonds & Notes — 97.4% | ||||||||
| Corporate Debt — 42.3% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 1,470,000 | $ | 1,446,004 | ||||
| Auto Manufacturers — 0.5% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 2,110,000 | 2,102,179 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 5.300% 9/13/27 (a) | 2,025,000 | 2,017,317 | ||||||
| 4,119,496 | ||||||||
| Banks — 9.1% | ||||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 (b) | 885,000 | 771,709 | ||||||
| 5 yr. CMT + 2.000% 3.846% VRN 3/08/37 (b) | 2,100,000 | 1,951,595 | ||||||
| 5 yr. CMT + 2.351% 6.250% VRN (b) (c) | 3,110,000 | 3,147,364 | ||||||
| Bank of Nova Scotia 5 yr. CMT + 2.903% | ||||||||
| 7.350% VRN 4/27/85 (b) | 1,856,000 | 1,923,029 | ||||||
| Barclays PLC | ||||||||
| 5 yr. CMT + 3.410% 4.375% VRN (b) (c) | 1,200,000 | 1,164,934 | ||||||
| 5 yr. CMT + 5.431% 8.000% VRN (b) (c) | 2,648,000 | 2,781,194 | ||||||
| BNP Paribas SA | ||||||||
| 5 yr. CMT + 3.196% 4.625% VRN (a) (b) (c) | 2,775,000 | 2,761,538 | ||||||
| 5 yr. CMT + 3.134% 7.450% VRN (a) (b) (c) | 1,155,000 | 1,191,694 | ||||||
| Citigroup, Inc. 5 yr. CMT + 2.572% | ||||||||
| 6.750% VRN (b) (c) | 2,110,000 | 2,139,454 | ||||||
| First Citizens BancShares, Inc. | ||||||||
| 1 day USD SOFR + 1.487% 4.869% VRN 3/03/32 (b) | 1,400,000 | 1,361,609 | ||||||
| 5 yr. CMT + 1.850% 5.600% VRN 9/05/35(b) | 2,900,000 | 2,847,443 | ||||||
| First-Citizens Bank & Trust Co. 1 day USD SOFR + 1.146% | ||||||||
| 5.097% VRN 7/13/29 (b) | 1,037,000 | 1,038,432 | ||||||
| Goldman Sachs Group, Inc. 5 yr. CMT + 2.461% | ||||||||
| 6.850% VRN (b) (c) | 1,976,000 | 2,031,721 | ||||||
| HSBC Holdings PLC 5 yr. CMT + 3.298% | ||||||||
| 6.875% VRN (b) (c) | 2,819,000 | 2,888,629 | ||||||
| Huntington Bancshares, Inc. | ||||||||
| 5 yr. CMT + 1.170% 2.487% VRN 8/15/36 (b) | 2,050,000 | 1,768,703 | ||||||
| 5 yr. CMT + 1.700% 6.141% VRN 11/18/39 (b) | 1,600,000 | 1,634,196 | ||||||
| ING Groep NV | ||||||||
| 5 yr. CMT + 2.862% 3.875% VRN (b) (c) (d) | 3,925,000 | 3,855,344 | ||||||
| 5 yr. CMT + 3.506% 4.875% VRN (a) (b) (c) | 542,000 | 524,524 | ||||||
| JP Morgan Chase & Co. 5 yr. CMT + 2.152% | ||||||||
| 6.500% VRN (b) (c) | 1,992,000 | 2,039,830 | ||||||
| Lloyds Banking Group PLC | ||||||||
| 5 yr. CMT + 3.150% 6.750% VRN (b) (c) (d) | 550,000 | 565,265 | ||||||
| 5 yr. CMT + 3.913% 8.000% VRN (b) (c) (d) | 2,050,000 | 2,182,041 | ||||||
| Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36(a) (b) | 2,900,000 | 2,619,095 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 (b) | $ | 1,075,000 | $ | 932,550 | ||||
| 1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 (b) | 2,435,000 | 2,425,018 | ||||||
| NatWest Group PLC | ||||||||
| 5 yr. CMT + 3.100% 4.600% VRN (b) (c) (d) | 1,800,000 | 1,661,224 | ||||||
| 5 yr. CMT + 2.937% 7.300% VRN (b) (c) | 3,350,000 | 3,488,013 | ||||||
| Nordea Bank Abp | ||||||||
| 5 yr. CMT + 2.660% 6.300% VRN (a) (b) (c) | 3,302,000 | 3,321,198 | ||||||
| 5 yr. CMT + 2.723% 6.750% VRN (a) (b) (c) | 900,000 | 909,211 | ||||||
| Old National Bancorp 3 mo. USD Term SOFR + 2.200% | ||||||||
| 5.768% VRN 2/15/36 (b) | 2,096,000 | 2,095,719 | ||||||
| Pinnacle Bank/Nashville TN 5 yr. CMT + 2.300% | ||||||||
| 5.957% VRN 1/15/36 (b) | 1,681,000 | 1,668,487 | ||||||
| Pinnacle Financial Partners, Inc. 1 day USD SOFR + 2.347% | ||||||||
| 6.168% VRN 11/01/30 (b) | 2,075,000 | 2,123,789 | ||||||
| Royal Bank of Canada 5 yr. CMT + 2.815% | ||||||||
| 6.750% VRN 8/24/85 (b) | 3,035,000 | 3,087,111 | ||||||
| Swedbank AB | ||||||||
| 5 yr. CMT + 2.864% 4.000% VRN (a) (b) (c) | 1,800,000 | 1,700,204 | ||||||
| 5 yr. CMT + 3.657% 7.750% VRN (a) (b) (c) | 800,000 | 844,930 | ||||||
| Texas Capital Bancshares, Inc. 1 day USD SOFR + 1.940% | ||||||||
| 5.301% VRN 2/27/32 (b) | 2,047,000 | 2,025,826 | ||||||
| Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 (b) | 1,972,000 | 2,038,697 | ||||||
| UBS Group AG | ||||||||
| 5 yr. USD SOFR ICE Swap + 3.122% 6.600% VRN (a) (b) (c) (d) | 1,145,000 | 1,155,022 | ||||||
| 5 yr. USD SOFR ICE Swap + 3.630% 6.850% VRN (a) (b) (c) | 1,275,000 | 1,298,860 | ||||||
| 5 yr. USD SOFR ICE Swap + 3.090% 6.875% VRN (a) (b) (c) | 1,516,000 | 1,520,324 | ||||||
| 5 yr. USD SOFR ICE Swap + 3.077% 7.000% VRN (a) (b) (c) | 873,000 | 888,172 | ||||||
| US Bancorp 5 yr. CMT + 2.541% | ||||||||
| 3.700% VRN (b) (c) (d) | 1,350,000 | 1,337,062 | ||||||
| 77,710,760 | ||||||||
| Beverages — 0.3% | ||||||||
| Molson Coors Beverage Co. | ||||||||
| 5.500% 7/08/36 | 2,125,000 | 2,135,832 | ||||||
| Biotechnology — 0.1% | ||||||||
| Amgen, Inc. | ||||||||
| 5.750% 3/02/63 | 850,000 | 824,245 | ||||||
| Building Materials — 0.8% | ||||||||
| Cemex SAB de CV | ||||||||
| 5.750% 6/05/36 | 1,406,000 | 1,401,079 | ||||||
| CRH America Finance, Inc. | ||||||||
| 5.500% 1/09/35 | 800,000 | 813,132 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 5.875%1/31/31 (a) | 3,300,000 | 3,315,526 | ||||||
| 6.125%7/31/32 (a) | 948,000 | 955,861 | ||||||
| 6,485,598 | ||||||||
| Chemicals — 0.7% | ||||||||
| Dow Chemical Co. | ||||||||
| 5.600% 2/15/54 | 1,121,000 | 993,351 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| FMC Corp. | ||||||||
| 3.450% 10/01/29 | $ | 1,375,000 | $ | 1,273,187 | ||||
| 5 yr. CMT + 4.366% 8.450% VRN 11/01/55 (b) | 2,805,000 | 2,042,911 | ||||||
| Huntsman International LLC | ||||||||
| 2.950% 6/15/31 | 1,553,000 | 1,395,894 | ||||||
| 5,705,343 | ||||||||
| Commercial Services — 0.1% | ||||||||
| Element Fleet Management Corp. | ||||||||
| 4.800% 5/29/29 (a) | 1,220,000 | 1,216,995 | ||||||
| Computers — 0.7% | ||||||||
| Dell International LLC/EMC Corp. | ||||||||
| 5.000% 2/15/34 | 2,130,000 | 2,102,454 | ||||||
| Kyndryl Holdings, Inc. | ||||||||
| 3.150% 10/15/31 | 2,325,000 | 1,936,886 | ||||||
| Leidos, Inc. | ||||||||
| 5.000% 3/15/36 | 2,186,000 | 2,105,460 | ||||||
| 6,144,800 | ||||||||
| Diversified Financial Services — 2.3% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5 yr. CMT + 2.441% | ||||||||
| 6.500% VRN 1/31/56 (b) | 1,100,000 | 1,114,190 | ||||||
| Aircastle Ltd./Aircastle Ireland DAC | ||||||||
| 5.000% 5/15/31 (a) | 1,268,000 | 1,256,397 | ||||||
| American Express Co. 5 yr. CMT + 2.854% | ||||||||
| 3.550% VRN (b) (c) | 1,350,000 | 1,344,116 | ||||||
| Apollo Global Management, Inc., (Acquired 5/16/24-9/23/24, Cost $1,998,976), | ||||||||
| 5.800% 5/21/54 (e) | 1,949,000 | 1,845,533 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) (b) | 2,335,000 | 2,330,335 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 4.950% 10/15/32 (a) | 3,475,000 | 3,391,070 | ||||||
| BGC Group, Inc. | ||||||||
| 6.150% 4/02/30 | 1,275,000 | 1,301,023 | ||||||
| 6.600% 6/10/29 | 2,645,000 | 2,727,061 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 | 2,400,000 | 2,109,956 | ||||||
| Citadel Finance LLC | ||||||||
| 5.150% 2/14/31 (a) | 2,168,000 | 2,116,918 | ||||||
| 19,536,599 | ||||||||
| Electric — 2.6% | ||||||||
| AES Corp. 5 yr. CMT + 3.201% | ||||||||
| 7.600% VRN 1/15/55 (b) | 2,598,000 | 2,660,032 | ||||||
| Dayton Power & Light Co. | ||||||||
| 4.550% 8/15/30 | 1,100,000 | 1,082,555 | ||||||
| Dominion Energy, Inc. | ||||||||
| 5 yr. CMT + 3.195% 4.350% VRN (b) (c) | 956,000 | 951,043 | ||||||
| 5 yr. CMT + 2.262% 6.000% VRN 2/15/56 (b) | 1,707,000 | 1,714,557 | ||||||
| 5 yr. CMT + 2.006% 6.200% VRN 2/15/56 (b) | 465,000 | 466,469 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal
Amount | Value | |||||||
| 5 yr. CMT + 1.702% 6.250% VRN 12/15/56 (b) (d) | $ | 1,083,000 | $ | 1,087,584 | ||||
| Entergy Arkansas LLC | ||||||||
| 5.750% 1/15/56 | 825,000 | 819,964 | ||||||
| Entergy Louisiana LLC | ||||||||
| 5.650% 4/15/56 | 2,100,000 | 2,058,932 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 (b) | 1,865,000 | 1,839,552 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 5.050% 11/15/31 | 2,135,000 | 2,132,985 | ||||||
| 5.200% 5/01/36 | 936,000 | 909,123 | ||||||
| PG&E Corp. 5 yr. CMT + 3.883% | ||||||||
| 7.375% VRN 3/15/55 (b) | 1,000,000 | 1,018,982 | ||||||
| Sempra | ||||||||
| 5 yr. CMT + 2.868% 4.125% VRN 4/01/52 (b) | 4,263,000 | 4,227,129 | ||||||
| 5 yr. CMT + 2.632% 6.400% VRN 10/01/54 (b) | 1,000,000 | 1,005,357 | ||||||
| 21,974,264 | ||||||||
| Engineering & Construction — 0.3% | ||||||||
| Sydney Airport Finance Co. Pty. Ltd. | ||||||||
| 5.248% 3/26/36 (a) | 2,215,000 | 2,189,857 | ||||||
| Gas — 0.1% | ||||||||
| NiSource, Inc. | ||||||||
| 5.300% 5/18/36 | 763,000 | 763,518 | ||||||
| Health Care - Services — 1.3% | ||||||||
| Centene Corp. | ||||||||
| 3.000% 10/15/30 | 2,445,000 | 2,212,839 | ||||||
| 4.625% 12/15/29 | 1,375,000 | 1,333,813 | ||||||
| HCA, Inc. | ||||||||
| 5.900% 6/01/53 | 1,615,000 | 1,574,495 | ||||||
| Horseshoe Funding Trust II | ||||||||
| 6.887% 11/15/55 (a) | 2,115,000 | 2,217,174 | ||||||
| Humana, Inc. 5 yr. CMT + 2.891% | ||||||||
| 6.625% VRN 9/15/56 (b) | 2,950,000 | 2,941,138 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.750% 7/15/64 | 1,021,000 | 997,306 | ||||||
| 11,276,765 | ||||||||
| Insurance — 9.3% | ||||||||
| Allianz SE 5 yr. CMT + 2.317% | ||||||||
| 6.550% VRN (a) (b) (c) (d) | 5,000,000 | 5,069,705 | ||||||
| Allstate Corp. 3 mo. USD Term SOFR + 3.200% | ||||||||
| 6.851% VRN 8/15/53 (b) | 2,945,000 | 2,952,195 | ||||||
| American National Global Funding | ||||||||
| 5.250% 6/03/30 (a) | 1,950,000 | 1,951,848 | ||||||
| American National Group, Inc. | ||||||||
| 6.000% 7/15/35 | 850,000 | 846,825 | ||||||
| 5 yr. CMT + 3.183% 7.000% VRN12/01/55 (b) | 2,925,000 | 2,856,176 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) (d) | 2,025,000 | 1,881,286 | ||||||
| 5 yr. CMT + 2.375% 6.349% VRN 6/15/35 (a) (b) | 893,000 | 896,142 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Athene Holding Ltd., (Acquired 10/07/24, Cost $2,270,000), 5 yr. CMT + 2.607% | ||||||||
| 6.625% VRN 10/15/54 (b) (e) | $ | 2,270,000 | $ | 2,181,203 | ||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 (b) | 2,450,000 | 2,394,891 | ||||||
| Belrose Funding Trust II | ||||||||
| 6.792% 5/15/55 (a) | 2,750,000 | 2,815,758 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.650% 6/10/29 (a) | 2,475,000 | 2,485,985 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 4.700% 6/22/47 (d) | 3,422,000 | 2,356,918 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 (b) | 5,134,000 | 5,208,391 | ||||||
| Enstar Finance LLC 5 yr. CMT + 4.006% | ||||||||
| 5.500% VRN 1/15/42 (b) | 5,095,000 | 5,063,107 | ||||||
| Enstar Group Ltd. | ||||||||
| 3.100% 9/01/31 | 1,175,000 | 1,046,165 | ||||||
| 1 day USD SOFR + 2.540% 6.693% VRN 7/15/37 (a) (b) (f) | 1,355,000 | 1,357,848 | ||||||
| Fairfax Financial Holdings Ltd. | ||||||||
| 6.200% 6/08/56 (a) | 1,725,000 | 1,720,902 | ||||||
| Fidus Re Ltd. 1 mo. U.S. T-Bill Rate + 2.500% | ||||||||
| 6.289% FRN 1/08/42 (a) (b) | 6,000,000 | 5,953,277 | ||||||
| Fortitude Global Funding | ||||||||
| 4.625% 10/06/28 (a) | 2,685,000 | 2,655,952 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30 (a) | 1,925,000 | 1,966,284 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 3.125% 6/15/31 (a) | 182,000 | 163,267 | ||||||
| 6.750% 3/15/54 (a) (d) | 1,479,000 | 1,408,903 | ||||||
| 5 yr. CMT + 3.550% 7.250% VRN 3/01/56 (a) (b) | 2,090,000 | 2,048,302 | ||||||
| 5 yr. CMT + 3.608% 7.950% VRN 10/15/54 (a) (b) | 1,671,000 | 1,682,799 | ||||||
| Grand River Funding Trust I | ||||||||
| 6.311% 2/15/36 (a) | 2,525,000 | 2,532,677 | ||||||
| Kemper Corp. | ||||||||
| 3.800% 2/23/32 | 3,225,000 | 2,910,890 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) (b) | 4,245,000 | 4,214,900 | ||||||
| Mercury General Corp. | ||||||||
| 6.250% 6/15/36 | 888,000 | 903,556 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 1,520,000 | 1,663,047 | ||||||
| Omnis Funding Trust | ||||||||
| 6.722% 5/15/55 (a) | 1,945,000 | 2,025,180 | ||||||
| Prudential Financial, Inc. 5 yr. CMT + 1.779% | ||||||||
| 6.250% VRN 6/15/56 (b) | 991,000 | 993,190 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 5 yr. CMT + 2.344% 6.375% VRN 9/15/56 (b) | 144,000 | 142,828 | ||||||
| 5 yr. CMT + 2.392% 6.650% VRN 9/15/55 (b) | 681,000 | 688,516 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 1,015,000 | 1,040,551 | ||||||
| Vitality Re XV Ltd. FHMMUSTF + 2.500% | ||||||||
| 6.020% FRN 1/08/29 (a) (b) | 3,276,000 | 3,298,932 | ||||||
| 79,378,396 | ||||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Internet — 0.5% | ||||||||
| Expedia Group, Inc. | ||||||||
| 5.500% 4/15/36 | $ | 1,285,000 | $ | 1,272,185 | ||||
| Meta Platforms, Inc. | ||||||||
| 5.250% 5/15/36 | 850,000 | 844,001 | ||||||
| 5.625% 11/15/55 | 2,605,000 | 2,360,538 | ||||||
| 4,476,724 | ||||||||
| Investment Companies — 3.5% | ||||||||
| Antares Holdings LP | ||||||||
| 3.950% 7/15/26 (a) | 2,425,000 | 2,423,912 | ||||||
| 6.500% 2/08/29 (a) | 4,250,000 | 4,257,595 | ||||||
| ARES Capital Corp. | ||||||||
| 5.100% 1/15/31 | 1,725,000 | 1,668,692 | ||||||
| ARES Strategic Income Fund | ||||||||
| 5.450% 9/09/28 | 2,092,000 | 2,071,546 | ||||||
| 6.350% 8/15/29 | 2,661,000 | 2,685,317 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 5.050% 9/10/30 | 638,000 | 610,526 | ||||||
| 6.250% 1/25/31 | 2,075,000 | 2,076,615 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 5.800% 3/15/30 | 2,720,000 | 2,650,087 | ||||||
| Blue Owl Technology Finance Corp. | ||||||||
| 6.750% 4/04/29 (d) | 2,677,000 | 2,689,767 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 6.000% 7/15/29 (d) | 3,886,000 | 3,889,636 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 5.450% 1/14/28 | 1,100,000 | 1,095,764 | ||||||
| 6.250% 9/30/29 | 1,815,000 | 1,827,306 | ||||||
| 6.300% 8/19/31 (a) | 1,595,000 | 1,591,021 | ||||||
| 29,537,784 | ||||||||
| Machinery - Diversified — 0.0% | ||||||||
| Oregon Tool Lux LP | ||||||||
| 7.875% 10/15/29 (a) | 99,450 | 29,835 | ||||||
| Media — 1.2% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 5.850% 12/01/35 | 850,000 | 822,713 | ||||||
| 6.484% 10/23/45 | 1,925,000 | 1,764,716 | ||||||
| News Corp. | ||||||||
| 5.125% 2/15/32 (a) | 1,150,000 | 1,126,685 | ||||||
| Paramount Global | ||||||||
| 6.875% 4/30/36 (d) | 2,010,000 | 1,885,426 | ||||||
| Space Exploration Technologies Corp. | ||||||||
| 5.650% 7/15/33 (a) | 2,145,000 | 2,132,221 | ||||||
| Time Warner Cable LLC | ||||||||
| 5.500% 9/01/41 | 490,000 | 419,261 | ||||||
| 5.875% 11/15/40 | 1,905,000 | 1,703,493 | ||||||
| 9,854,515 | ||||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oil & Gas — 2.2% | ||||||||
| BP Capital Markets PLC 5 yr. CMT + 1.924% | ||||||||
| 6.125% VRN (b) (c) | $ | 2,205,000 | $ | 2,244,253 | ||||
| Helmerich & Payne, Inc. | ||||||||
| 5.500% 12/01/34 | 2,110,000 | 2,069,760 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 6.050% 10/01/54 (d) | 2,121,000 | 2,154,039 | ||||||
| Ovintiv, Inc. | ||||||||
| 5.150% 11/15/41 | 550,000 | 481,539 | ||||||
| 6.500% 2/01/38 | 1,380,000 | 1,453,320 | ||||||
| 7.100% 7/15/53 (d) | 1,709,000 | 1,888,785 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 7.150% 10/01/33 | 1,825,000 | 1,960,891 | ||||||
| Permian Resources Operating LLC | ||||||||
| 7.000% 1/15/32 (a) | 1,613,000 | 1,668,327 | ||||||
| Petroleos Mexicanos | ||||||||
| 6.375% 1/23/45 | 585,000 | 498,655 | ||||||
| 6.625% 6/15/38 | 202,000 | 187,795 | ||||||
| Phillips 66 Co. 5 yr. CMT + 2.283% | ||||||||
| 5.875% VRN 3/15/56 (b) | 3,099,000 | 3,075,665 | ||||||
| Santos Finance Ltd. | ||||||||
| 5.750% 11/13/35 (a) | 976,000 | 983,195 | ||||||
| 18,666,224 | ||||||||
| Pharmaceuticals — 0.5% | ||||||||
| AbbVie, Inc. | ||||||||
| 5.550% 3/15/56 | 587,000 | 577,501 | ||||||
| CVS Health Corp. | ||||||||
| 5.125% 7/20/45 | 260,000 | 235,479 | ||||||
| 5.875% 6/01/53 | 675,000 | 659,782 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 1,190,558 | 1,208,263 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 2,115,000 | 1,789,424 | ||||||
| 4,470,449 | ||||||||
| Pipelines — 1.2% | ||||||||
| Enbridge, Inc. 5 yr. CMT + 3.708% | ||||||||
| 7.375% VRN 1/15/83 (b) | 1,099,000 | 1,125,228 | ||||||
| Energy Transfer LP | ||||||||
| 5.950% 5/15/54 | 1,041,000 | 996,388 | ||||||
| 5 yr. CMT + 2.676% 6.500% VRN 2/15/56 (b) | 2,040,000 | 2,057,058 | ||||||
| 5 yr. CMT + 5.306% 7.125% VRN (b) (c) | 1,585,000 | 1,635,427 | ||||||
| Enterprise Products Operating LLC 3 mo. USD Term SOFR + 2.832% | ||||||||
| 5.375% VRN 2/15/78 (b) (d) | 1,206,000 | 1,201,692 | ||||||
| Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 8.023% VRN (b) (c) | 2,590,000 | 2,589,955 | ||||||
| TransCanada PipeLines Ltd. 5 yr. CMT + 2.250% | ||||||||
| 6.125% VRN 10/17/56 (b) | 500,000 | 505,543 | ||||||
| 10,111,291 | ||||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Private Equity — 0.2% | ||||||||
| Brookfield Finance, Inc. | ||||||||
| 5.968% 3/04/54 | $ | 1,386,000 | $ | 1,368,651 | ||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 1,142,000 | 722,481 | ||||||
| 2,091,132 | ||||||||
| Real Estate Investment Trusts (REITS) — 1.7% | ||||||||
| EPR Properties | ||||||||
| 3.600% 11/15/31 | 880,000 | 805,994 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 3,580,000 | 3,503,994 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 4.000% 1/15/31 | 2,280,000 | 2,153,137 | ||||||
| Invitation Homes Operating Partnership LP | ||||||||
| 4.950% 2/01/32 (f) | 1,022,000 | 1,014,993 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 5.625% 1/15/33 | 1,100,000 | 1,095,268 | ||||||
| 6.875% 7/15/29 | 1,325,000 | 1,382,997 | ||||||
| 9.250% 7/20/28 | 2,272,000 | 2,445,939 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 (d) | 1,320,000 | 1,243,493 | ||||||
| Store Capital LLC | ||||||||
| 4.950% 2/11/31 | 1,045,000 | 1,031,733 | ||||||
| 14,677,548 | ||||||||
| Semiconductors — 0.5% | ||||||||
| Broadcom, Inc. | ||||||||
| 3.187% 11/15/36 (a) | 1,025,000 | 858,802 | ||||||
| Foundry JV Holdco LLC | ||||||||
| 6.100% 1/25/36 (a) | 1,997,000 | 2,105,272 | ||||||
| Intel Corp. | ||||||||
| 5.300% 5/15/36 | 1,533,000 | 1,525,331 | ||||||
| 4,489,405 | ||||||||
| Software — 0.8% | ||||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 2,307,000 | 1,464,522 | ||||||
| Oracle Corp. | ||||||||
| 5.200% 9/26/35 (d) | 2,208,000 | 2,067,144 | ||||||
| 5.350% 5/04/33 | 1,443,000 | 1,401,691 | ||||||
| 5.375% 9/27/54 | 1,075,000 | 843,088 | ||||||
| 5.950% 9/26/55 | 1,100,000 | 934,800 | ||||||
| 6,711,245 | ||||||||
| Telecommunications — 0.8% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 2,343,000 | 1,508,761 | ||||||
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | ||||||||
| 5.152% 9/20/29 (a) | 705,250 | 707,142 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | $ | 1,477,000 | $ | 1,460,246 | ||||
| Verizon Communications, Inc. 5 yr. CMT + 1.813% | ||||||||
| 6.050% VRN 5/14/58 (b) | 904,000 | 912,350 | ||||||
| Vodafone Group PLC | ||||||||
| 6.100% 6/18/56 | 2,190,000 | 2,151,146 | ||||||
| 6,739,645 | ||||||||
| Transportation — 0.2% | ||||||||
| Fedex Freight Holding Co., Inc. | ||||||||
| 5.250% 3/15/36 (a) | 2,175,000 | 2,118,482 | ||||||
| Venture Capital — 0.6% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 3.375% 1/20/27 (d) | 3,080,000 | 3,046,368 | ||||||
| 5.350% 2/10/29 (d) | 1,269,000 | 1,256,617 | ||||||
| 6.000% 6/16/30 (d) | 1,175,000 | 1,172,993 | ||||||
| 5,475,978 | ||||||||
| TOTAL CORPORATE DEBT (Cost $363,670,502) | 360,358,729 | |||||||
| Non-U.S. Government Agency Obligations — 24.7% | ||||||||
| Automobile Asset-Backed Securities — 1.5% | ||||||||
| Exeter Automobile Receivables Trust, Series 2024-5A, Class C | ||||||||
| 4.640% 1/15/30 | 2,000,000 | 2,002,731 | ||||||
| Hyundai Auto Receivables Trust, Series 2024-C, Class C | ||||||||
| 4.860% 2/17/32 | 3,000,000 | 3,001,291 | ||||||
| LAD Auto Receivables Trust, Series 2024-3A, Class C | ||||||||
| 4.930% 3/15/30 (a) | 3,000,000 | 3,015,658 | ||||||
| Securitized Term Auto Receivables Trust, Series 2025-A, Class D | ||||||||
| 6.746% 7/25/31 (a) | 796,946 | 807,920 | ||||||
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class C | ||||||||
| 4.980% 10/20/32 (a) | 3,700,000 | 3,706,171 | ||||||
| 12,533,771 | ||||||||
| Commercial Mortgage-Backed Securities — 6.9% | ||||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A, | ||||||||
| 4.227% VRN 8/10/38 (a) (b) (g) | 1,280,000 | 1,252,199 | ||||||
| Bank, Series 2020-BN30, Class MCDF, | ||||||||
| 3.016% VRN 12/15/53 (a) (b) (g) | 3,165,000 | 2,394,403 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (b) (g) | 3,150,000 | 2,573,905 | ||||||
| Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (b) (g) | 4,800,000 | 3,714,029 | ||||||
| Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (b) (g) | 3,100,000 | 2,199,279 | ||||||
| BGME Trust | ||||||||
| Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (b) (g) | 11,548,000 | 8,883,893 | ||||||
| Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (b) (g) | 3,290,000 | 2,444,959 | ||||||
| BX Trust | ||||||||
| Series 2019-OC11, Class B, 3.605% 12/09/41 (a) | 1,110,000 | 1,052,224 | ||||||
| Series 2019-OC11, Class E, 4.076% VRN 12/09/41 (a) (b) (g) | 700,000 | 646,122 | ||||||
| Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% 5.205% FRN 1/15/39 (a) (b) | 739,900 | 739,669 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2023-LIFE, Class C, 5.884% 2/15/28 (a) | $ | 600,000 | $ | 579,871 | ||||
| Century Plaza Towers | ||||||||
| Series 2019-CPT, Class A, 2.865% 11/13/39 (a) | 805,000 | 744,272 | ||||||
| Series 2019-CPT, Class B, 3.097% VRN 11/13/39 (a) (b) (g) | 1,000,000 | 918,327 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| Series 2020-420K, Class D, 3.422% VRN 11/10/42 (a) (b) (g) | 700,000 | 628,298 | ||||||
| Series 2019-GC41, Class C, 3.502% 8/10/56 | 1,259,000 | 1,093,507 | ||||||
| GS Mortgage Securities Trust, Series 2019-GC39, Class C, | ||||||||
| 4.005% VRN 5/10/52 (b) (g) | 1,357,000 | 1,157,276 | ||||||
| GWT Trust, Series 2024-WLF2, Class B, 1 mo. USD Term SOFR + 2.141% | ||||||||
| 5.766% FRN 5/15/41 (a) (b) | 1,532,000 | 1,537,744 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class A | ||||||||
| 3.228% 7/10/39 (a) | 880,000 | 835,477 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A | ||||||||
| 3.397% 6/05/39 (a) | 900,000 | 848,050 | ||||||
| KREF Ltd. | ||||||||
| Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 5.401% FRN 2/15/39 (a) (b) | 3,500,000 | 3,491,412 | ||||||
| Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 5.751% FRN 2/15/39 (a) (b) | 5,800,000 | 5,793,623 | ||||||
| Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 5.951% FRN 2/15/39 (a) (b) | 3,200,000 | 3,190,739 | ||||||
| LEX Mortgage Trust, Series 2024-BBG, Class A, | ||||||||
| 5.036% VRN 10/13/33 (a) (b) (g) | 3,300,000 | 3,288,738 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 5.490% FRN 3/15/38 (a) (b) | 1,784,300 | 1,701,759 | ||||||
| MFT Mortgage Trust, Series 2020-ABC, Class A | ||||||||
| 3.358% 2/10/42 (a) | 1,185,000 | 985,278 | ||||||
| One Bryant Park Trust, Series 2019-OBP, Class A | ||||||||
| 2.516% 9/15/54 (a) | 1,085,000 | 1,002,217 | ||||||
| US Bank NA, Series 2025-SUP1, Class B | ||||||||
| 5.582% 2/25/32 (a) | 448,095 | 447,205 | ||||||
| Velocity Commercial Capital Loan Trust | ||||||||
| Series 2025-4, Class A, 5.190% VRN 9/25/55 (a) (b) (g) | 1,967,853 | 1,939,763 | ||||||
| Series 2025-5, Class M1, 5.940% VRN 12/25/55 (a) (b) (g) | 1,986,892 | 1,987,337 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | ||||||||
| 4.556% 6/16/51 | 390,000 | 374,638 | ||||||
| 58,446,213 | ||||||||
| Home Equity Asset-Backed Securities — 0.6% | ||||||||
| Unlock HEA Trust, Series 2024-1, Class A | ||||||||
| 7.000% 4/25/39 (a) | 1,196,083 | 1,192,738 | ||||||
| Vista Point Securitization Trust | ||||||||
| Series 2026-CES1, Class A1, 5.035% STEP 2/25/56 (a) | 2,254,520 | 2,224,320 | ||||||
| Series 2025-CES3, Class A1, 5.297% STEP 11/25/55 (a) | 1,881,529 | 1,872,250 | ||||||
| 5,289,308 | ||||||||
| Other Asset-Backed Securities — 11.1% | ||||||||
| Allegro CLO X Ltd., Series 2019-1A, Class ARR, 3 mo. USD Term SOFR + 1.130% | ||||||||
| 4.805% FRN 4/20/32 (a) (b) | 394,653 | 394,693 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Apidos CLO LV Ltd., Series 2025-55A, Class A1, 3 mo. USD Term SOFR + 1.210% | ||||||||
| 4.885% FRN 1/20/39 (a) (b) | $ | 3,000,000 | $ | 3,001,830 | ||||
| Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440% | ||||||||
| 5.107% FRN 7/25/37 (a) (b) | 2,000,000 | 2,002,438 | ||||||
| Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.175% FRN 1/20/33 (a) (b) | 1,750,000 | 1,751,671 | ||||||
| Aqua Finance Issuer Trust, Series 2026-A, Class A | ||||||||
| 4.760% 4/17/51 (a) | 1,051,804 | 1,041,161 | ||||||
| ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, 3 mo. USD Term SOFR + 1.470% | ||||||||
| 5.149% FRN 7/10/37 (a) (b) | 1,000,000 | 1,000,000 | ||||||
| Ballyrock CLO 26 Ltd., Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510% | ||||||||
| 5.177% FRN 7/25/37 (a) (b) | 1,700,000 | 1,703,330 | ||||||
| Benefit Street Partners CLO 42 Ltd., Series 2025-42A, Class A, 3 mo. USD Term SOFR + 1.300% | ||||||||
| 4.967% FRN 10/25/38 (a) (b) | 1,750,000 | 1,752,863 | ||||||
| Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class AR5, 3 mo. USD Term SOFR + 1.250% | ||||||||
| 4.925% FRN 10/20/38 (a) (b) | 3,000,000 | 3,005,112 | ||||||
| Canon Music Issuer Trust, Series 2026-1A, Class A | ||||||||
| 5.521% 5/01/76 (a) | 1,700,000 | 1,695,267 | ||||||
| Capital Automotive REIT, Series 2024-3A, Class A1 | ||||||||
| 4.400% 10/15/54 (a) | 2,346,875 | 2,252,128 | ||||||
| CIFC Funding Ltd. | ||||||||
| Series 2018-2A, Class A1R, 3 mo. USD Term SOFR + 1.370% 5.045% FRN 10/20/37 (a) (b) | 3,350,000 | 3,358,486 | ||||||
| Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% 5.130% FRN 7/16/37 (a) (b) | 2,650,000 | 2,651,746 | ||||||
| Series 2021-2A, Class BR, 3 mo. USD Term SOFR + 1.550% 5.223% FRN 1/15/39 (a) (b) | 750,000 | 751,214 | ||||||
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2 | ||||||||
| 6.000% 5/20/55 (a) | 400,000 | 405,584 | ||||||
| CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2 | ||||||||
| 4.760% 3/22/49 (a) | 2,270,000 | 2,223,266 | ||||||
| DataBank Issuer LLC | ||||||||
| Series 2021-2A, Class A2, 2.400% 10/25/51 (a) | 1,100,000 | 1,088,180 | ||||||
| Series 2026-1A, Class A2, 5.811% 2/25/56 (a) | 1,400,000 | 1,393,358 | ||||||
| Elmwood CLO I Ltd., Series 2019-1A, Class A1R3, 3 mo. USD Term SOFR + 1.120% | ||||||||
| 4.795% FRN 4/20/37 (a) (b) | 3,000,000 | 2,994,771 | ||||||
| GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550% | ||||||||
| 5.225% FRN 10/20/34 (a) (b) | 3,000,000 | 3,000,465 | ||||||
| GT Loan Financing I Ltd., Series 2013-1A, Class AR2, 3 mo. USD Term SOFR + 1.220% | ||||||||
| 4.890% FRN 4/28/39 (a) (b) | 2,500,000 | 2,501,810 | ||||||
| Kennedy Lewis CLO 19 Ltd., Series 2025-19A, Class A, 3 mo. USD Term SOFR + 1.250% | ||||||||
| 4.914% FRN 4/22/36 (a) (b) | 2,000,000 | 2,000,894 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | $ | 565,062 | $ | 603,941 | ||||
| LCM 37 Ltd., Series 37A, Class A1R, 3 mo. USD Term SOFR + 1.060% | ||||||||
| 4.733% FRN 4/15/34 (a) (b) | 1,201,688 | 1,201,087 | ||||||
| LMDV Issuer Co. LLC, Series 2025-1A, Class A2 | ||||||||
| 5.310% 12/15/55 (a) | 1,300,000 | 1,298,070 | ||||||
| Magnetite XXXV Ltd., Series 2022-35A, Class A1RR, 3 mo. USD Term SOFR + 1.200% | ||||||||
| 4.867% FRN 1/25/39 (a) (b) | 3,000,000 | 3,004,116 | ||||||
| Mariner Finance Issuance Trust | ||||||||
| Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,771,000 | 1,721,865 | ||||||
| Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835,000 | 811,517 | ||||||
| MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2 | ||||||||
| 5.163% 12/20/55 (a) | 1,300,000 | 1,293,990 | ||||||
| MidOcean Credit CLO XII Ltd., Series 2023-12A, Class A1RR, 3 mo. USD Term SOFR + 1.340% | ||||||||
| 5.015% FRN 7/18/38 (a) (b) | 3,000,000 | 3,003,330 | ||||||
| MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1R, 3 mo. USD Term SOFR + 1.220% | ||||||||
| 4.926% FRN 4/15/37 (a) (b) | 2,000,000 | 2,000,628 | ||||||
| Neuberger Berman CLO XX Ltd., Series 2015-20A, Class A1R3, 3 mo. USD Term SOFR + 1.150% | ||||||||
| 4.823% FRN 4/15/39 (a) (b) | 2,000,000 | 1,996,500 | ||||||
| OCP CLO Ltd., Series 2023-27A, Class BR2, 3 mo. USD Term SOFR + 1.650% | ||||||||
| 5.323% FRN 7/15/38 (a) (b) | 2,500,000 | 2,504,655 | ||||||
| OHA Credit Funding 21 Ltd., Series 2025-21A, Class A1, 3 mo. USD Term SOFR + 1.250% | ||||||||
| 4.925% FRN 10/20/38 (a) (b) | 2,500,000 | 2,502,458 | ||||||
| OHA Credit Funding 5 Ltd., Series 2020-5A, Class AR, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 5.025% FRN 10/18/37 (a) (b) | 5,000,000 | 5,012,695 | ||||||
| Park Blue CLO Ltd., Series 2025-9A, Class A1, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 5.025% FRN 10/20/38 (a) (b) | 2,000,000 | 2,001,756 | ||||||
| Rad CLO 6 Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 5.065% FRN 10/20/37 (a) (b) | 4,000,000 | 4,006,340 | ||||||
| Rockford Tower CLO Ltd., Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130% | ||||||||
| 4.772% FRN 8/20/32 (a) (b) | 1,733,130 | 1,733,723 | ||||||
| RR 29 Ltd., Series 2024-29RA, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 5.063% FRN 7/15/39 (a) (b) | 2,000,000 | 2,001,308 | ||||||
| RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | ||||||||
| 5.523% FRN 1/15/37 (a) (b) | 750,000 | 751,899 | ||||||
| Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1R2, 3 mo. USD Term SOFR + 1.170% | ||||||||
| 4.842% FRN 1/21/39 (a) (b) | 2,000,000 | 1,996,000 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 494,208 | 474,559 | ||||||
| Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A | ||||||||
| 5.630% 7/20/51 (a) | 1,058,162 | 1,023,697 | ||||||
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A3 | ||||||||
| 5.290% 6/20/50 (a) | 4,790,000 | 4,716,848 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | $ | 1,376,545 | $ | 1,367,363 | ||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 203,024 | 201,265 | ||||||
| Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||||
| 7.370% 4/30/48 (a) | 495,758 | 486,367 | ||||||
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | ||||||||
| 4.943% FRN 10/15/35 (a) (b) | 4,750,000 | 4,753,881 | ||||||
| 94,440,125 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.4% | ||||||||
| SBA Tower Trust | ||||||||
| 4.831% 10/15/54 (a) | 3,250,000 | 3,249,654 | ||||||
| Student Loans Asset-Backed Securities — 2.1% | ||||||||
| Bayview Opportunity Master Fund VII LLC, Series 2025-EDU1, Class B, 30 day USD SOFR Average + 1.700% | ||||||||
| 5.328% FRN 7/27/48 (a) (b) | 1,697,241 | 1,695,360 | ||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2019-A, Class B, 3.810% 12/28/48 (a) | 813,028 | 781,507 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 500,797 | 486,345 | ||||||
| Education Loan Asset-Backed Trust I | ||||||||
| Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 4.742% FRN 11/25/33 (a) (b) | 237,543 | 236,407 | ||||||
| Series 2003-1, Class A2, 4.780% FRN 2/01/43 (a) (b) (g) | 1,300,000 | 1,233,924 | ||||||
| Series 2003-2, Class 2A1, 5.089% FRN 8/01/43 (a) (b) (g) | 1,950,000 | 1,843,852 | ||||||
| Navient Student Loan Trust, Series 2018-EA, Class B | ||||||||
| 4.440% 12/15/59 (a) | 675,508 | 657,014 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2025-CA, Class C, 5.150% 6/22/65 (a) | 1,500,000 | 1,464,579 | ||||||
| Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 5.242% FRN 10/25/50 (a) (b) | 975,000 | 952,296 | ||||||
| Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 5.242% FRN 5/26/54 (a) (b) | 1,130,000 | 1,103,729 | ||||||
| SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462% | ||||||||
| 4.124% FRN 2/15/45 (b) | 606,349 | 573,780 | ||||||
| SLM Student Loan Trust, Series 2008-5, Class B, 90 day USD SOFR Average + 2.112% | ||||||||
| 5.780% FRN 7/25/73 (b) | 3,735,000 | 4,135,453 | ||||||
| SMB Private Education Loan Trust, Series 2024-E, Class B | ||||||||
| 5.710% 10/16/56 (a) | 2,500,000 | 2,453,237 | ||||||
| 17,617,483 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 2.1% | ||||||||
| A&D Mortgage Trust, Series 2026-NQM1, Class A1, | ||||||||
| 4.912% VRN 2/25/71 (a) (b) (g) | 1,935,185 | 1,912,911 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 1,587,076 | 1,583,398 | ||||||
| Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 1,587,076 | 1,583,322 | ||||||
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
| 2.500% VRN 8/25/51 (a) (b) (g) | 3,729,861 | 3,051,784 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||||
| 2.500% VRN 6/25/51 (a) (b) (g) | 2,245,260 | 1,837,079 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| OBX Trust | ||||||||
| Series 2021-NQM4, Class A1, 1.957% VRN 10/25/61 (a) (b) (g) | $ | 2,892,995 | $ | 2,457,163 | ||||
| Series 2025-NQM22, Class A2, 5.162% STEP 10/25/65 (a) | 1,692,975 | 1,679,301 | ||||||
| PRPM Trust, Series 2025-NQM4, Class A2, | ||||||||
| 5.285% STEP 7/25/70 (a) | 1,730,816 | 1,715,193 | ||||||
| Verus Securitization Trust, Series 2026-1, Class A1, | ||||||||
| 4.863% VRN 1/25/71 (a) (b) (g) | 860,991 | 851,955 | ||||||
| Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-7, Class 4CB | ||||||||
| 7.000% 8/25/35 | 1,826,824 | 1,540,382 | ||||||
| 18,212,488 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $217,274,005) | 209,789,042 | |||||||
| Sovereign Debt Obligations — 0.3% | ||||||||
| Mexico Government International Bond | ||||||||
| 2.659% 5/24/31 | 1,488,000 | 1,311,151 | ||||||
| 4.750% 3/08/44 | 1,778,000 | 1,429,512 | ||||||
| 4.875% 5/19/33 | 200,000 | 189,500 | ||||||
| 2,930,163 | ||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $3,345,779) | 2,930,163 | |||||||
| U.S. Government Agency Obligations and Instrumentalities (h) — 22.6% | ||||||||
| Pass-Through Securities — 22.6% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 3,546,404 | 2,884,112 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 7,224,380 | 5,886,514 | ||||||
| Pool #SD8199 2.000% 3/01/52 | 1,858,556 | 1,493,465 | ||||||
| Pool #SD8147 2.500% 5/01/51 | 2,602,897 | 2,199,187 | ||||||
| Pool #RA5576 2.500% 7/01/51 | 5,732,486 | 4,884,577 | ||||||
| Pool #SD8189 2.500% 1/01/52 | 1,838,527 | 1,548,774 | ||||||
| Pool #SD7226 2.500% 5/01/52 | 19,983,708 | 16,952,921 | ||||||
| Pool #G08715 3.000% 8/01/46 | 903,952 | 809,976 | ||||||
| Pool #G08726 3.000% 10/01/46 | 1,640,361 | 1,469,828 | ||||||
| Pool #G08732 3.000% 11/01/46 | 1,161,360 | 1,040,624 | ||||||
| Pool #G08741 3.000% 1/01/47 | 786,800 | 704,757 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 2,765,427 | 2,443,697 | ||||||
| Pool #SD3016 3.000% 6/01/52 | 1,655,605 | 1,452,127 | ||||||
| Pool #SD5202 4.000% 10/01/52 | 3,211,905 | 3,008,332 | ||||||
| Pool #SD4364 5.500% 10/01/53 | 4,152,913 | 4,206,748 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #MA4158 2.000% 10/01/50 | 2,357,456 | 1,905,413 | ||||||
| Pool #BT9728 2.000% 10/01/51 | 4,087,366 | 3,293,394 | ||||||
| Pool #MA4577 2.000% 4/01/52 | 5,652,606 | 4,542,221 | ||||||
| Pool #CB0414 2.500% 5/01/51 | 5,173,984 | 4,389,282 | ||||||
| Pool #FM8596 2.500% 9/01/51 | 1,746,635 | 1,488,285 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 6,422,377 | 5,474,431 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 809,917 | 783,626 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 285,111 | 275,536 | ||||||
| Pool #MA1607 3.000% 10/01/33 | 1,004,178 | 961,631 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #BN7755 3.000% 9/01/49 | $ | 1,251,160 | $ | 1,113,029 | ||||
| Pool #BO2259 3.000% 10/01/49 | 2,231,894 | 1,984,790 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 2,797,329 | 2,476,258 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 4,365,680 | 3,864,598 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 5,205,182 | 4,599,610 | ||||||
| Pool #BW9897 4.500% 10/01/52 | 1,616,230 | 1,558,898 | ||||||
| Pool #MA5734 5.000% 6/01/55 | 5,495,369 | 5,407,927 | ||||||
| Pool #MA5107 5.500% 8/01/53 | 1,552,007 | 1,565,821 | ||||||
| Pool #FA0095 6.000% 12/01/54 | 7,876,235 | 8,100,665 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 1,979,304 | 1,770,146 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 3,611,873 | 3,217,781 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 3,756,165 | 3,352,199 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 2,240,827 | 2,070,065 | ||||||
| Pool #MA8647 5.000% 2/20/53 | 2,933,964 | 2,911,253 | ||||||
| Pool #MA8725 5.000% 3/20/53 | 2,986,800 | 2,962,747 | ||||||
| Pool #MA8947 5.000% 6/20/53 | 1,705,227 | 1,691,495 | ||||||
| Pool #MB0025 5.000% 11/20/54 | 1,767,417 | 1,746,004 | ||||||
| Pool #MA8429 5.500% 11/20/52 | 4,316,015 | 4,388,069 | ||||||
| Pool #MA8648 5.500% 2/20/53 | 1,033,245 | 1,048,799 | ||||||
| Pool #MA8801 5.500% 4/20/53 | 3,332,067 | 3,381,187 | ||||||
| Pool #MA8879 5.500% 5/20/53 | 3,006,587 | 3,049,969 | ||||||
| Pool #MA8948 5.500% 6/20/53 | 961,140 | 975,009 | ||||||
| Pool #MA9171 5.500% 9/20/53 | 2,738,339 | 2,773,572 | ||||||
| Pool #MA9241 5.500% 10/20/53 | 2,484,798 | 2,515,992 | ||||||
| Government National Mortgage Association II, TBA 3.500% 7/20/56 (f) | 7,000,000 | |||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.000% 7/01/56 (f) | 38,500,000 | 30,724,806 | ||||||
| 5.000% 7/01/56 (f) | 12,500,000 | 12,281,739 | ||||||
| 191,915,206 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $198,214,567) | 191,915,206 | |||||||
| U.S. Treasury Obligations — 7.5% | ||||||||
| U.S. Treasury Bonds & Notes — 7.5% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (i) | 26,950,000 | 16,763,743 | ||||||
| 4.250% 11/15/40 | 16,000,000 | 15,175,856 | ||||||
| 4.625% 11/15/44 | 2,000,000 | 1,927,500 | ||||||
| 4.875% 8/15/45 | 9,935,000 | 9,858,936 | ||||||
| U.S. Treasury Notes | ||||||||
| 3.500% 2/15/33 | 15,000,000 | 14,310,937 | ||||||
| 3.750% 10/31/32 | 6,000,000 | 5,822,344 | ||||||
| 63,859,316 | ||||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $65,878,826) | $ | 63,859,316 | ||||||
| TOTAL BONDS & NOTES (Cost $848,383,679) | 828,852,456 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $848,383,679) | 828,852,456 | |||||||
| Short-Term Investments — 9.1% | ||||||||
| Commercial Paper — 7.5% | ||||||||
| Becton Dickinson & Co. | ||||||||
| 4.092% 7/09/26 (a) | $ | 10,000,000 | 9,990,176 | |||||
| EIDP, Inc. | ||||||||
| 4.217% 7/06/26 (a) | 10,000,000 | 9,993,379 | ||||||
| Equifax, Inc. | ||||||||
| 4.146% 7/22/26 (a) | 8,000,000 | 7,980,501 | ||||||
| 4.237% 8/17/26 (a) | 4,000,000 | 3,978,528 | ||||||
| Evergy Kansas Central, Inc. | ||||||||
| 3.884% 7/01/26 (a) | 5,000,000 | 4,999,462 | ||||||
| Hubbell, Inc. | ||||||||
| 4.135% 8/18/26 (a) | 4,000,000 | 3,978,926 | ||||||
| Oracle Corp. | ||||||||
| 4.406% 7/22/26 (a) | 4,000,000 | 3,990,032 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 4.099% 7/27/26 | 6,000,000 | 5,981,495 | ||||||
| 4.211% 7/20/26 | 4,000,000 | 3,990,947 | ||||||
| 4.211% 9/01/26 | 5,000,000 | 4,962,795 | ||||||
| Spire, Inc. | ||||||||
| 4.105% 8/04/26 (a) | 4,000,000 | 3,984,418 | ||||||
| 63,830,659 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 1.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (j) | 11,362,870 | 11,362,870 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (k) | $ | 2,306,771 | 2,306,771 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $77,506,058) | 77,500,300 | |||||||
| TOTAL INVESTMENTS — 106.5% (Cost $925,889,737) (l) | 906,352,756 | |||||||
| Other Assets/(Liabilities) — (6.5)% | (55,141,543 | ) | ||||||
| NET ASSETS — 100.0% | $ | 851,211,213 | ||||||
| MML Barings Core Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
|
Abbreviation Legend | |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FHMMUSTF | Federated Hermes Money Market U.S. Treasury Fund Index |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
| Notes to Portfolio of Investments |
| Percentages are stated as a percent of net assets. |
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2026, the aggregate market value of these securities amounted to $358,818,400 or 42.15% of net assets. |
| (b) | 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. |
| (c) | Security is perpetual and has no stated maturity date. |
| (d) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $31,346,658 or 3.68% of net assets. The Fund received $20,743,934 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). |
| (e) | Restricted security. Certain securities are restricted to resale. At June 30, 2026, these securities amounted to a value of $4,026,736 or 0.47% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2026. |
| (h) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (i) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (j) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (k) | Maturity value of $2,306,899. 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 $2,352,955. |
| (l) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
Long | ||||||||||||||
| U.S. Treasury Long Bond | 9/21/26 | 201 | $ | 22,238,203 | $ | 575,297 | ||||||||
| U.S. Treasury Note 10 Year | 9/21/26 | 252 | 27,504,262 | 188,176 | ||||||||||
| U.S. Treasury Ultra 10 Year | 9/21/26 | 20 | 2,245,222 | 4,153 | ||||||||||
| U.S. Treasury Ultra Bond | 9/21/26 | 240 | 27,081,055 | 796,445 | ||||||||||
| U.S. Treasury Note 2 Year | 9/30/26 | 270 | 55,736,857 | (80,998 | ) | |||||||||
| U.S. Treasury Note 5 Year | 9/30/26 | 1 | 106,984 | 63 | ||||||||||
| $ | 1,483,136 | |||||||||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments |
June 30, 2026 (Unaudited)
| Principal Amount | Value | |||||||
| Bonds & Notes — 99.2% | ||||||||
| Corporate Debt — 60.5% | ||||||||
| Advertising — 0.5% | ||||||||
| Neptune Bidco US, Inc. | ||||||||
| 9.500% 2/15/33 (a) | $ | 350,000 | $ | 353,870 | ||||
| Apparel — 0.4% | ||||||||
| Beach Acquisition Bidco LLC PIK 10.750%, Cash | ||||||||
| 10.000% 7/15/33 (a) | 250,000 | 283,886 | ||||||
| Auto Manufacturers — 1.1% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 115,000 | 114,574 | ||||||
| 5.730% 9/05/30 | 200,000 | 201,096 | ||||||
| General Motors Co. | ||||||||
| 5.200% 4/01/45 | 100,000 | 88,745 | ||||||
| Stellantis Finance US, Inc. | ||||||||
| 6.375% 9/12/32 (a) | 350,000 | 351,813 | ||||||
| 756,228 | ||||||||
| Banks — 9.1% | ||||||||
| Bank of America Corp. 5 yr. CMT + 2.351% | ||||||||
| 6.250% VRN (b) (c) | 160,000 | 161,922 | ||||||
| Bank of Nova Scotia 5 yr. CMT + 2.903% | ||||||||
| 7.350% VRN 4/27/85 (c) | 320,000 | 331,557 | ||||||
| Barclays PLC 5 yr. CMT + 3.410% | ||||||||
| 4.375% VRN (b) (c) | 375,000 | 364,042 | ||||||
| BNP Paribas SA 5 yr. CMT + 3.340% | ||||||||
| 4.625% VRN (a) (b) (c) | 375,000 | 345,236 | ||||||
| Citigroup, Inc. 5 yr. CMT + 2.572% | ||||||||
| 6.750% VRN (b) (c) | 140,000 | 141,954 | ||||||
| First Citizens BancShares, Inc. | ||||||||
| 5 yr. CMT + 1.850% 5.600% VRN 9/05/35 (c) | 235,000 | 230,741 | ||||||
| 5 yr. CMT + 3.301% 7.000% VRN (b) (c) | 250,000 | 252,562 | ||||||
| Goldman Sachs Group, Inc. 5 yr. CMT + 2.461% | ||||||||
| 6.850% VRN (b) (c) | 185,000 | 190,217 | ||||||
| HSBC Holdings PLC | ||||||||
| 6.500% 9/15/37 | 125,000 | 133,293 | ||||||
| 5 yr. CMT + 2.635% 6.950% VRN (b) (c) | 300,000 | 305,305 | ||||||
| Huntington Bancshares, Inc. | ||||||||
| 5 yr. CMT + 1.170% 2.487% VRN 8/15/36 (c) | 200,000 | 172,557 | ||||||
| 5 yr. CMT + 1.700% 6.141% VRN 11/18/39 (c) | 140,000 | 142,992 | ||||||
| ING Groep NV 5 yr. CMT + 2.862% | ||||||||
| 3.875% VRN (b) (c) (d) | 400,000 | 392,901 | ||||||
| JP Morgan Chase & Co. 5 yr. CMT + 2.152% | ||||||||
| 6.500% VRN (b) (c) | 200,000 | 204,802 | ||||||
| Lloyds Banking Group PLC 5 yr. CMT + 3.913% | ||||||||
| 8.000% VRN (b) (c) | 205,000 | 218,204 | ||||||
| NatWest Group PLC 5 yr. CMT + 2.937% | ||||||||
| 7.300% VRN (b) (c) | 375,000 | 390,449 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Nordea Bank Abp | ||||||||
| 5 yr. CMT + 2.602% 3.750% VRN (a) (b) (c) | $ | 200,000 | $ | 187,830 | ||||
| 5 yr. CMT + 2.660% 6.300% VRN (a) (b) (c) | 300,000 | 301,744 | ||||||
| Old National Bancorp 3 mo. USD Term SOFR + 2.200% | ||||||||
| 5.768% VRN 2/15/36 (c) | 73,000 | 72,990 | ||||||
| Pinnacle Financial Partners, Inc. 1 day USD SOFR + 2.347% | ||||||||
| 6.168% VRN 11/01/30 (c) | 405,000 | 414,523 | ||||||
| Royal Bank of Canada 5 yr. CMT + 2.815% | ||||||||
| 6.750% VRN 8/24/85 (c) | 200,000 | 203,434 | ||||||
| Swedbank AB 5 yr. CMT + 2.864% | ||||||||
| 4.000% VRN (a) (b) (c) | 400,000 | 377,823 | ||||||
| Texas Capital Bancshares, Inc. 1 day USD SOFR + 1.940% | ||||||||
| 5.301% VRN 2/27/32 (c) | 325,000 | 321,638 | ||||||
| UBS Group AG | ||||||||
| 5 yr. USD SOFR ICE Swap + 3.630% 6.850% VRN (a) (b) (c) | 250,000 | 254,679 | ||||||
| 5 yr. USD SOFR ICE Swap + 3.077% 7.000% VRN (a) (b) (c) | 254,000 | 258,414 | ||||||
| US Bancorp 5 yr. CMT + 2.541% | ||||||||
| 3.700% VRN (b) (c) (d) | 125,000 | 123,802 | ||||||
| 6,495,611 | ||||||||
| Beverages — 0.1% | ||||||||
| Bacardi Ltd. | ||||||||
| 5.150% 5/15/38 (a) | 100,000 | 93,320 | ||||||
| Building Materials — 0.6% | ||||||||
| Cemex SAB de CV | ||||||||
| 5.750% 6/05/36 | 109,000 | 108,619 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 6.125% 7/31/32 (a) | 306,000 | 308,537 | ||||||
| 417,156 | ||||||||
| Chemicals — 0.9% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 7.350% STEP 11/15/28 | 160,000 | 166,632 | ||||||
| FMC Corp. 5 yr. CMT + 4.366% | ||||||||
| 8.450% VRN 11/01/55 (c) | 275,000 | 200,285 | ||||||
| Huntsman International LLC | ||||||||
| 2.950% 6/15/31 | 288,000 | 258,865 | ||||||
| 625,782 | ||||||||
| Commercial Services — 0.5% | ||||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | ||||||||
| 6.750% 8/15/32 (a) | 350,000 | 350,669 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.150% 6/15/31 (a) | 46,000 | 41,649 | ||||||
| 392,318 | ||||||||
| Computers — 0.6% | ||||||||
| Genpact UK Finco PLC/Genpact USA, Inc. | ||||||||
| 4.950% 11/18/30 | 175,000 | 172,343 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Parsons Corp. | ||||||||
| 2.625% 3/01/29 | $ | 250,000 | $ | 245,950 | ||||
| 418,293 | ||||||||
| Cosmetics & Personal Care — 0.9% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 6.125% 9/30/32 | 705,000 | 673,350 | ||||||
| Diversified Financial Services — 4.7% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5 yr. CMT + 2.441% | ||||||||
| 6.500% VRN 1/31/56 (c) | 150,000 | 151,935 | ||||||
| Ally Financial, Inc. 7 yr. CMT + 3.481% | ||||||||
| 4.700% VRN (b) (c) | 120,000 | 116,242 | ||||||
| American Express Co. 5 yr. CMT + 2.854% | ||||||||
| 3.550% VRN (b) (c) | 150,000 | 149,346 | ||||||
| Apollo Global Management, Inc., (Acquired 5/16/24, Cost $106,000), | ||||||||
| 5.800% 5/21/54 (e) | 106,000 | 100,373 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) (c) | 370,000 | 369,261 | ||||||
| Azorra Finance Ltd. | ||||||||
| 6.250% 2/15/34 (a) | 179,000 | 172,992 | ||||||
| BGC Group, Inc. | ||||||||
| 6.600% 6/10/29 | 425,000 | 438,185 | ||||||
| Citadel Finance LLC | ||||||||
| 4.750% 2/14/29 (a) | 250,000 | 246,082 | ||||||
| GGAM Finance Ltd. | ||||||||
| 6.875% 4/15/29 (a) | 500,000 | 510,901 | ||||||
| OneMain Finance Corp. | ||||||||
| 6.750% 9/15/33 | 331,000 | 327,669 | ||||||
| Stonebriar ABF Issuer LLC | ||||||||
| 7.000% 8/15/31 (a) (f) | 269,000 | 268,960 | ||||||
| Synchrony Financial 1 day USD SOFR Index + 2.130% | ||||||||
| 5.935% VRN 8/02/30 (c) | 150,000 | 152,986 | ||||||
| Voya Financial, Inc. | ||||||||
| 4.700% VRN 1/23/48 (c) | 325,000 | 319,338 | ||||||
| 3,324,270 | ||||||||
| Electric — 3.7% | ||||||||
| AES Corp. | ||||||||
| 5 yr. CMT + 2.890% 6.950% VRN 7/15/55 (c) | 67,000 | 66,147 | ||||||
| 5 yr. CMT + 3.201% 7.600% VRN 1/15/55 (c) | 250,000 | 255,969 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 6.375% 2/15/32 (a) | 417,000 | 418,030 | ||||||
| Dominion Energy, Inc. | ||||||||
| 5 yr. CMT + 2.262% 6.000% VRN 2/15/56 (c) | 150,000 | 150,664 | ||||||
| 5 yr. CMT + 1.702% 6.250% VRN 12/15/56 (c) (d) | 82,000 | 82,347 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 (c) | 335,000 | 330,429 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 5.200% 5/01/36 | 144,000 | 139,865 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| PG&E Corp. 5 yr. CMT + 3.883% | ||||||||
| 7.375% VRN 3/15/55 (c) | $ | 150,000 | $ | 152,847 | ||||
| Sempra | ||||||||
| 5 yr. CMT + 2.632% 6.400% VRN 10/01/54 (c) | 150,000 | 150,804 | ||||||
| 5 yr. CMT + 2.789% 6.875% VRN 10/01/54 (c) | 147,000 | 149,964 | ||||||
| Talen Energy Supply LLC | ||||||||
| 6.375% 5/01/33 (a) | 376,000 | 375,525 | ||||||
| XPLR Infrastructure Operating Partners LP | ||||||||
| 7.750% 4/15/34 (a) | 350,000 | 368,400 | ||||||
| 2,640,991 | ||||||||
| Electrical Components & Equipment — 0.3% | ||||||||
| WESCO Distribution, Inc. | ||||||||
| 5.250% 4/15/31 (a) | 237,000 | 234,568 | ||||||
| Entertainment — 0.7% | ||||||||
| Brightstar Lottery PLC/Brightstar Global Solutions Corp. | ||||||||
| 5.750% 1/15/33 (a) | 486,000 | 476,392 | ||||||
| Health Care - Services — 1.5% | ||||||||
| Centene Corp. | ||||||||
| 3.000% 10/15/30 | 175,000 | 158,383 | ||||||
| 4.625% 12/15/29 | 175,000 | 169,758 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (a) | 281,000 | 258,510 | ||||||
| Horseshoe Funding Trust II | ||||||||
| 6.887% 11/15/55 (a) | 160,000 | 167,729 | ||||||
| Humana, Inc. 5 yr. CMT + 2.891% | ||||||||
| 6.625% VRN 9/15/56 (c) | 335,000 | 333,994 | ||||||
| 1,088,374 | ||||||||
| Insurance — 12.6% | ||||||||
| Allianz SE 5 yr. CMT + 2.317% | ||||||||
| 6.550% VRN (a) (b) (c) (d) | 400,000 | 405,576 | ||||||
| Allstate Corp. 3 mo. USD Term SOFR + 3.200% | ||||||||
| 6.851% VRN 8/15/53 (c) | 330,000 | 330,806 | ||||||
| American National Group, Inc. | ||||||||
| 6.000% 7/15/35 | 165,000 | 164,384 | ||||||
| 5 yr. CMT + 3.183% 7.000% VRN 12/01/55 (c) | 535,000 | 522,412 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) (d) | 200,000 | 185,806 | ||||||
| 5 yr. CMT + 2.375% 6.349% VRN 6/15/35 (a) (c) | 66,000 | 66,232 | ||||||
| Asurion LLC/Asurion Co-Issuer, Inc. | ||||||||
| 8.375% 2/01/34 (a) | 271,000 | 250,859 | ||||||
| Athene Holding Ltd., (Acquired 10/07/24, Cost $145,000), 5 yr. CMT + 2.607% | ||||||||
| 6.625% VRN 10/15/54 (c) (e) | 145,000 | 139,328 | ||||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 (c) | 350,000 | 342,127 | ||||||
| Belrose Funding Trust II | ||||||||
| 6.792% 5/15/55 (a) | 175,000 | 179,185 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 2.000% 6/28/28 (a) | 125,000 | 117,381 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | $ | 380,000 | $ | 217,699 | ||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 (c) | 390,000 | 395,651 | ||||||
| Enstar Finance LLC 5 yr. CMT + 4.006% | ||||||||
| 5.500% VRN 1/15/42 (c) | 393,000 | 390,540 | ||||||
| Enstar Group Ltd. | ||||||||
| 3.100% 9/01/31 | 200,000 | 178,071 | ||||||
| 1 day USD SOFR + 2.540% 6.693% VRN 7/15/37 (a) (c) (f) | 177,000 | 177,372 | ||||||
| Fidus Re Ltd. 1 mo. U.S. T-Bill Rate + 2.500% | ||||||||
| 6.289% FRN 1/08/42 (a) (c) | 900,000 | 892,992 | ||||||
| Fortitude Global Funding | ||||||||
| 4.625% 10/06/28 (a) | 71,000 | 70,232 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30 (a) | 319,000 | 325,841 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 6.750% 3/15/54 (a) (d) | 136,000 | 129,554 | ||||||
| 5 yr. CMT + 3.550% 7.250% VRN 3/01/56 (a) (c) | 153,000 | 149,947 | ||||||
| 5 yr. CMT + 3.608% 7.950% VRN 10/15/54 (a) (c) | 200,000 | 201,412 | ||||||
| Grand River Funding Trust I | ||||||||
| 6.311% 2/15/36 (a) | 250,000 | 250,760 | ||||||
| Kemper Corp. | ||||||||
| 3.800% 2/23/32 | 475,000 | 428,736 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) (c) | 365,000 | 362,412 | ||||||
| Lincoln National Corp. | ||||||||
| 5 yr. CMT + 2.400% 6.800% VRN 7/15/56 (c) | 196,000 | 195,769 | ||||||
| 5 yr. CMT + 5.318% 9.250% VRN (b) (c) (d) | 169,000 | 177,984 | ||||||
| Mercury General Corp. | ||||||||
| 6.250% 6/15/36 | 137,000 | 139,400 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 350,000 | 382,938 | ||||||
| Omnis Funding Trust | ||||||||
| 6.722% 5/15/55 (a) | 165,000 | 171,802 | ||||||
| Reinsurance Group of America, Inc. 5 yr. CMT + 2.344% | ||||||||
| 6.375% VRN 9/15/56 (c) | 333,000 | 330,291 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 4.750% 4/08/32 (a) | 350,000 | 337,441 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 95,000 | 97,391 | ||||||
| Vitality Re XVI Ltd. MSMMUSTF + 1.750% | ||||||||
| 5.260% FRN 1/08/30 (a) (c) | 302,000 | 300,158 | ||||||
| 9,008,489 | ||||||||
| Internet — 0.5% | ||||||||
| Expedia Group, Inc. | ||||||||
| 5.500% 4/15/36 | 194,000 | 192,065 | ||||||
| Meta Platforms, Inc. | ||||||||
| 5.625% 11/15/55 | 195,000 | 176,701 | ||||||
| 368,766 | ||||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Investment Companies — 3.9% | ||||||||
| Antares Holdings LP | ||||||||
| 6.500% 2/08/29 (a) | $ | 325,000 | $ | 325,581 | ||||
| Apollo Debt Solutions BDC | ||||||||
| 6.550% 3/15/32 | 98,000 | 98,839 | ||||||
| ARES Capital Corp. | ||||||||
| 5.875% 3/01/29 | 92,000 | 92,729 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 | 250,000 | 252,285 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 5.050% 9/10/30 | 160,000 | 153,110 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 5.300% 6/30/30 | 300,000 | 291,740 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 5.800% 3/15/30 | 310,000 | 302,032 | ||||||
| Blue Owl Technology Finance Corp. | ||||||||
| 6.750% 4/04/29 (d) | 312,000 | 313,488 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 6.000% 7/15/29 (d) | 258,000 | 258,241 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 5.450% 1/14/28 | 290,000 | 288,883 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 10.000% 11/15/29 (a) | 350,000 | 345,175 | ||||||
| Sixth Street Specialty Lending, Inc. | ||||||||
| 6.125% 3/01/29 | 79,000 | 79,902 | ||||||
| 2,802,005 | ||||||||
| Leisure Time — 1.7% | ||||||||
| NCL Corp. Ltd. | ||||||||
| 6.250% 9/15/33 (a) | 680,000 | 660,394 | ||||||
| Sabre Financial Borrower LLC | ||||||||
| 11.125% 6/15/29 (a) | 348,000 | 367,298 | ||||||
| Sabre GLBL, Inc. | ||||||||
| 10.750% 11/15/29 (a) | 72,000 | 69,179 | ||||||
| 10.750% 3/15/30 (a) | 91,000 | 86,814 | ||||||
| 1,183,685 | ||||||||
| Lodging — 0.3% | ||||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 5.625% 3/01/33 (a) | 188,000 | 185,549 | ||||||
| Media — 2.0% | ||||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | ||||||||
| 9.250% 6/01/32 (a) | 218,000 | 221,498 | ||||||
| Nexstar Media, Inc. | ||||||||
| 6.500% 9/15/33 (a) | 453,000 | 452,874 | ||||||
| Paramount Global 5 yr. CMT + 3.999% | ||||||||
| 6.375% VRN 3/30/62 (c) (d) | 179,000 | 152,951 | ||||||
| Space Exploration Technologies Corp. | ||||||||
| 5.350% 7/15/31 (a) | 165,000 | 164,570 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.500% 9/15/42 | 80,000 | 60,295 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.875% 11/15/40 | $ | 150,000 | $ | 134,133 | ||||
| 6.550% 5/01/37 | 275,000 | 272,602 | ||||||
| 1,458,923 | ||||||||
| Mining — 0.5% | ||||||||
| Novelis Corp. | ||||||||
| 3.875% 8/15/31 (a) | 360,000 | 327,907 | ||||||
| Oil & Gas — 2.9% | ||||||||
| Helmerich & Payne, Inc. | ||||||||
| 5.500% 12/01/34 | 155,000 | 152,044 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 7.250% 2/15/35 (a) | 593,000 | 583,875 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 2/01/38 | 120,000 | 126,376 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 7.150% 10/01/33 | 135,000 | 145,052 | ||||||
| Petroleos Mexicanos | ||||||||
| 6.375% 1/23/45 | 35,000 | 29,834 | ||||||
| Phillips 66 Co. | ||||||||
| 5 yr. CMT + 2.283% 5.875% VRN 3/15/56 (c) | 125,000 | 124,059 | ||||||
| 5 yr. CMT + 2.166% 6.200% VRN 3/15/56 (c) | 105,000 | 105,459 | ||||||
| Santos Finance Ltd. | ||||||||
| 6.875% 9/19/33 (a) | 225,000 | 244,287 | ||||||
| Sunoco LP | ||||||||
| 5.375% 7/15/31 (a) | 264,000 | 260,405 | ||||||
| 6.625% 8/15/32 (a) | 315,000 | 320,376 | ||||||
| 2,091,767 | ||||||||
| Packaging & Containers — 0.5% | ||||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 8.750% 4/15/30 (a) | 350,000 | 345,243 | ||||||
| Pharmaceuticals — 1.7% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000% 4/15/32 (a) | 300,000 | 303,851 | ||||||
| CVS Health Corp. 5 yr. CMT + 2.516% | ||||||||
| 6.750% VRN 12/10/54 (c) | 300,000 | 312,552 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 124,016 | 125,861 | ||||||
| 7.507% 1/10/32 (a) | 8,105 | 8,468 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 7.750% 5/01/33 (a) | 323,000 | 327,375 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 180,000 | 152,291 | ||||||
| 1,230,398 | ||||||||
| Pipelines — 1.7% | ||||||||
| Enbridge, Inc. 5 yr. CMT + 3.708% | ||||||||
| 7.375% VRN 1/15/83 (c) | 160,000 | 163,818 | ||||||
| Energy Transfer LP | ||||||||
| 5.950% 5/15/54 | 63,000 | 60,300 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5 yr. CMT + 2.676% 6.500% VRN 2/15/56 (c) | $ | 165,000 | $ | 166,380 | ||||
| 3 mo. USD Term SOFR + 4.417% 6.625% VRN (b) (c) | 200,000 | 201,604 | ||||||
| Enterprise Products Operating LLC 3 mo. USD Term SOFR + 2.832% | ||||||||
| 5.375% VRN 2/15/78 (c) (d) | 102,000 | 101,636 | ||||||
| Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 8.023% VRN (b) (c) | 320,000 | 319,994 | ||||||
| TransCanada PipeLines Ltd. 5 yr. CMT + 2.250% | ||||||||
| 6.125% VRN 10/17/56 (c) | 76,000 | 76,843 | ||||||
| Venture Global LNG, Inc. 5 yr. CMT + 5.440% | ||||||||
| 9.000% VRN (a) (b) (c) | 150,000 | 146,447 | ||||||
| 1,237,022 | ||||||||
| Real Estate Investment Trusts (REITS) — 1.5% | ||||||||
| EPR Properties | ||||||||
| 3.600% 11/15/31 | 215,000 | 196,919 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 5.625% 1/15/33 | 265,000 | 263,860 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 (d) | 590,000 | 555,803 | ||||||
| Store Capital LLC | ||||||||
| 4.950% 2/11/31 | 85,000 | 83,921 | ||||||
| 1,100,503 | ||||||||
| Retail — 0.5% | ||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
| 6.500% 12/15/35 (a) | 400,000 | 386,543 | ||||||
| Semiconductors — 0.6% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 6.100% 1/25/36 (a) | 225,000 | 237,199 | ||||||
| Intel Corp. | ||||||||
| 5.300% 5/15/36 | 165,000 | 164,175 | ||||||
| 401,374 | ||||||||
| Software — 1.3% | ||||||||
| Cloud Software Group, Inc. | ||||||||
| 8.250% 6/30/32 (a) | 400,000 | 374,898 | ||||||
| Oracle Corp. | ||||||||
| 4.450% 9/26/30 | 175,000 | 168,939 | ||||||
| 4.900% 2/06/33 | 75,000 | 71,109 | ||||||
| 6.100% 9/26/65 | 160,000 | 133,863 | ||||||
| 6.550% 2/04/46 | 170,000 | 160,257 | ||||||
| 909,066 | ||||||||
| Telecommunications — 2.2% | ||||||||
| Digicel International Finance Ltd./Difl US LLC | ||||||||
| 8.625% 8/01/32 (a) | 309,000 | 318,131 | ||||||
| Sable International Finance Ltd. | ||||||||
| 7.125% 10/15/32 (a) | 322,000 | 319,607 | ||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | ||||||||
| 8.625% 6/15/32 (a) | 600,000 | 625,930 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Verizon Communications, Inc. 5 yr. CMT + 1.813% | ||||||||
| 6.050% VRN 5/14/58 (c) | $ | 111,000 | $ | 112,025 | ||||
| Vmed O2 UK Financing I PLC | ||||||||
| 4.750% 7/15/31 (a) | 200,000 | 164,331 | ||||||
| 1,540,024 | ||||||||
| Transportation — 0.1% | ||||||||
| Fedex Freight Holding Co., Inc. | ||||||||
| 4.950% 3/15/33 (a) | 100,000 | 97,983 | ||||||
| Venture Capital — 0.4% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 168,000 | 167,150 | ||||||
| 6.000% 6/16/30 (d) | 125,000 | 124,787 | ||||||
| 291,937 | ||||||||
| TOTAL CORPORATE DEBT (Cost $43,368,253) | 43,241,593 | |||||||
| Non-U.S. Government Agency Obligations — 32.6% | ||||||||
| Automobile Asset-Backed Securities — 1.4% | ||||||||
| Exeter Automobile Receivables Trust, Series 2026-2A, Class D | ||||||||
| 5.510% 8/16/32 | 300,000 | 301,174 | ||||||
| OneMain Direct Auto Receivables Trust, Series 2026-1A, Class B | ||||||||
| 4.700% 1/17/34 (a) | 750,000 | 740,393 | ||||||
| 1,041,567 | ||||||||
| Commercial Mortgage-Backed Securities — 4.4% | ||||||||
| Bank | ||||||||
| Series 2020-BN30, Class MCDF, 3.016% VRN 12/15/53 (a) (c) (h) | 500,000 | 378,263 | ||||||
| Series 2019-BN17, Class C, 4.660% VRN 4/15/52 (c) (h) | 331,000 | 311,925 | ||||||
| Benchmark Mortgage Trust, Series 2021-B25, Class 300C, | ||||||||
| 3.094% VRN 4/15/54 (a) (c) (h) | 500,000 | 354,722 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 222,000 | 192,819 | ||||||
| Harvest Commercial Capital Loan Trust | ||||||||
| Series 2025-1, Class M2, 6.735% VRN 6/25/57 (c) (h) | 194,995 | 194,768 | ||||||
| Series 2025-1, Class M3, 7.129% VRN 6/25/57 (c) (h) | 189,006 | 188,777 | ||||||
| Series 2025-1, Class M4, 9.044% VRN 6/25/57 (c) (h) | 380,090 | 385,481 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 5.490% FRN 3/15/38 (a) (c) | 302,400 | 288,411 | ||||||
| RFR Trust, Series 2025-SGRM, Class C, | ||||||||
| 6.013% VRN 3/11/41 (a) (c) (h) | 300,000 | 298,743 | ||||||
| TORY Commercial Mortgage Trust, Series 2026-HGTS, Class B, | ||||||||
| 5.327% VRN 1/13/46 (a) (c) (h) | 200,000 | 195,094 | ||||||
| US Bank NA, Series 2025-SUP1, Class C, 30 day USD SOFR Average + 1.900% | ||||||||
| 5.528% FRN 2/25/32 (a) (c) | 134,429 | 134,493 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Velocity Commercial Capital Loan Trust, Series 2026-1, Class M2, | ||||||||
| 5.890% VRN 2/25/56 (a) (c) (h) | $ | 198,979 | $ | 195,555 | ||||
| 3,119,051 | ||||||||
| Home Equity Asset-Backed Securities — 0.9% | ||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||
| 3.812% FRN 10/25/34 (c) | 28,566 | 27,695 | ||||||
| FIGRE Trust, Series 2026-HE1, Class C, | ||||||||
| 5.434% VRN 1/25/56 (a) (c) (h) | 270,899 | 267,396 | ||||||
| Vista Point Securitization Trust | ||||||||
| Series 2025-CES3, Class A1, 5.297% STEP 11/25/55 (a) | 171,048 | 170,204 | ||||||
| Series 2026-CES1, Class A3, 5.376% STEP 2/25/56 (a) | 200,000 | 196,153 | ||||||
| 661,448 | ||||||||
| Other Asset-Backed Securities — 11.4% | ||||||||
| AIMCO CLO 15 Ltd., Series 2021-15A, Class AR, 3 mo. USD Term SOFR + 1.200% | ||||||||
| 4.880% FRN 4/17/38 (a) (c) | 500,000 | 500,195 | ||||||
| Arini US CLO V Ltd., Series 5A, Class A, 3 mo. USD Term SOFR + 1.230% | ||||||||
| 4.903% FRN 4/15/39 (a) (c) | 250,000 | 250,211 | ||||||
| Canon Music Issuer Trust, Series 2026-1A, Class A | ||||||||
| 5.521% 5/01/76 (a) | 200,000 | 199,443 | ||||||
| Capital Automotive REIT, Series 2026-1A, Class A2 | ||||||||
| 5.070% 2/15/56 (a) | 199,167 | 193,974 | ||||||
| CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% | ||||||||
| 5.130% FRN 7/16/37 (a) (c) | 500,000 | 500,329 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class B, 3.860% 4/15/55 (a) | 66,441 | 57,771 | ||||||
| Series 2021-1A, Class C, 5.740% 10/15/56 (a) | 296,047 | 244,313 | ||||||
| GT Loan Financing I Ltd., Series 2013-1A, Class AR2, 3 mo. USD Term SOFR + 1.220% | ||||||||
| 4.890% FRN 4/28/39 (a) (c) | 250,000 | 250,181 | ||||||
| HINNT LLC, Series 2025-A, Class D | ||||||||
| 8.220% 3/15/44 (a) | 386,485 | 389,832 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class B | ||||||||
| 5.270% 12/15/38 (a) | 225,200 | 219,910 | ||||||
| JG Wentworth XLIII LLC, Series 2019-1A, Class B | ||||||||
| 4.510% 8/15/73 (a) | 107,097 | 91,729 | ||||||
| Kennedy Lewis CLO 19 Ltd., Series 2025-19A, Class A, 3 mo. USD Term SOFR + 1.250% | ||||||||
| 4.914% FRN 4/22/36 (a) (c) | 250,000 | 250,112 | ||||||
| Magnetite XXVI Ltd., Series 2020-26A, Class AR2, 3 mo. USD Term SOFR + 1.150% | ||||||||
| 4.817% FRN 1/25/38 (a) (c) | 500,000 | 499,543 | ||||||
| MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2 | ||||||||
| 5.163% 12/20/55 (a) | 100,000 | 99,538 | ||||||
| Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class BR, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.180% FRN 10/16/35 (a) (c) | 500,000 | 500,047 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class AR2, 3 mo. USD Term SOFR + 1.130% | ||||||||
| 4.805% FRN 4/20/38 (a) (c) | $ | 500,000 | $ | 499,352 | ||||
| OCP CLO Ltd. | ||||||||
| Series 2015-9A, Class AR3, 3 mo. USD Term SOFR + 1.100% 4.773% FRN 1/15/37 (a) (c) | 500,000 | 499,018 | ||||||
| Series 2015-9A, Class BR3, 3 mo. USD Term SOFR + 1.450% 5.123% FRN 1/15/37 (a) (c) | 500,000 | 500,135 | ||||||
| Renew Financial, Series 2021-1, Class M | ||||||||
| 3.210% 11/20/56 (a) | 119,242 | 95,149 | ||||||
| Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982% | ||||||||
| 5.624% FRN 5/20/31 (a) (c) | 250,000 | 250,480 | ||||||
| RR 8 Ltd., Series 2020-8A, Class A1A2, 3 mo. USD Term SOFR + 1.230% | ||||||||
| 4.903% FRN 1/15/39 (a) (c) | 250,000 | 250,125 | ||||||
| Sixth Street CLO XIV Ltd., Series 2019-14A, Class A1R2, 3 mo. USD Term SOFR + 1.150% | ||||||||
| 4.822% FRN 1/20/38 (a) (c) | 500,000 | 499,326 | ||||||
| Slam Ltd., Series 2021-1A, Class B | ||||||||
| 3.422% 6/15/46 (a) | 200,207 | 191,686 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 90,863 | 87,251 | ||||||
| Thrust Engine Leasing DAC, Series 2021-1A, Class C | ||||||||
| 7.386% 7/15/40 (a) | 67,675 | 67,088 | ||||||
| USQ Rail IV LLC, Series 2025-1A, Class A | ||||||||
| 5.480% 3/29/55 (a) | 470,926 | 472,690 | ||||||
| Wise CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.330% | ||||||||
| 5.005% FRN 10/20/38 (a) (c) | 500,000 | 500,843 | ||||||
| 8,160,271 | ||||||||
| Student Loans Asset-Backed Securities — 3.6% | ||||||||
| Bayview Opportunity Master Fund VII LLC, Series 2025-EDU1, Class B, 30 day USD SOFR Average + 1.700% | ||||||||
| 5.328% FRN 7/27/48 (a) (c) | 188,582 | 188,374 | ||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2021-A, Class D, 4.120% 7/25/51 (a) | 107,869 | 99,959 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 74,870 | 72,709 | ||||||
| Series 2019-A, Class D, 5.500% 12/28/48 (a) | 59,335 | 54,400 | ||||||
| Commonbond Student Loan Trust, Series 2017-AGS, Class C | ||||||||
| 5.280% 5/25/41 (a) | 33,079 | 31,004 | ||||||
| Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450% | ||||||||
| 5.304% FRN 8/25/42 (c) (g) | 211,279 | 191,821 | ||||||
| Navient Refinance Loan Trust, Series 2026-B, Class C | ||||||||
| 6.030% 6/15/56 (a) | 350,000 | 350,567 | ||||||
| Navient Student Loan Trust | ||||||||
| Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 129,549 | 126,003 | ||||||
| Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% 4.942% FRN 3/25/67 (a) (c) | 250,000 | 238,719 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% 4.742% FRN 11/25/36 (a) (c) | 200,000 | 199,769 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% 4.742% FRN 7/26/49 (a) (c) | $ | 250,000 | $ | 231,468 | ||||
| SMB Private Education Loan Trust | ||||||||
| Series 2019-A, Class B, 4.000% 11/17/42 (a) | 185,000 | 176,815 | ||||||
| Series 2026-B, Class B, 5.360% 3/15/56 (a) | 300,000 | 297,138 | ||||||
| Series 2026-B, Class C, 5.460% 3/15/56 (a) | 300,000 | 292,784 | ||||||
| 2,551,530 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 10.9% | ||||||||
| A&D Mortgage Trust, Series 2025-NQM5, Class A1FC, | ||||||||
| 5.084% STEP 12/25/70 (a) | 560,222 | 559,676 | ||||||
| Aspire Mortgage Trust, Series 2026-3, Class A2, | ||||||||
| 5.560% STEP 5/25/66 (a) | 300,000 | 299,664 | ||||||
| COLT Mortgage Loan Trust | ||||||||
| Series 2026-3, Class A1, 5.119% VRN 5/25/71 (a) (c) (h) | 300,000 | 297,934 | ||||||
| Series 2026-5, Class A2, 5.561% STEP 7/27/71 (a) | 300,000 | 299,629 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2026-INV2, Class A2, 4.935% STEP 2/25/71 (a) | 569,706 | 561,176 | ||||||
| Series 2026-NQM4, Class A1, 5.466% VRN 4/25/71 (a) (c) (h) | 578,652 | 578,548 | ||||||
| Series 2026-NQM6, Class A1, 5.466% VRN 6/25/71 (a) (c) (h) | 350,000 | 349,983 | ||||||
| Series 2026-NQM4, Class A2, 5.669% STEP 4/25/71 (a) | 289,326 | 289,270 | ||||||
| Series 2026-NQM6, Class A2, 5.669% STEP 6/25/71 (a) | 375,000 | 374,982 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2026-NQX1, Class A1, 5.500% VRN 7/25/66 (a) (c) (h) | 282,513 | 281,835 | ||||||
| Series 2026-NQX1, Class A2, 5.805% STEP 7/25/66 (a) | 282,513 | 282,637 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust, Series 2026-NQM6, Class A2, | ||||||||
| 5.710% STEP 5/26/71 (a) | 375,000 | 375,328 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, | ||||||||
| 3.398% VRN 11/27/56 (a) (c) (h) | 1,600,000 | 1,301,029 | ||||||
| OBX Trust, Series 2026-R2, Class A2, | ||||||||
| 5.613% STEP 3/25/63 (a) | 400,000 | 398,828 | ||||||
| PRKCM Trust, Series 2026-AFC2, Class A1, | ||||||||
| 5.368% VRN 4/25/61 (a) (c) (h) | 320,049 | 318,433 | ||||||
| Santander Mortgage Asset Receivable Trust, Series 2026-NQM5, Class A2, | ||||||||
| 5.709% STEP 6/25/66 (a) | 300,000 | 299,909 | ||||||
| Verus Securitization Trust | ||||||||
| Series 2026-4, Class A2, 5.323% STEP 4/25/71 (a) | 297,722 | 296,309 | ||||||
| Series 2026-R2, Class A2, 5.426% STEP 10/25/67 (a) | 308,819 | 307,190 | ||||||
| Series 2026-R5, Class A1, 5.457% VRN 3/25/68 (a) (c) (h) | 300,000 | 300,230 | ||||||
| 7,772,590 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost $24,066,319) | 23,306,457 | |||||||
| Sovereign Debt Obligations — 5.0% | ||||||||
| Bahamas Government International Bond | ||||||||
| 8.250% 6/24/36 (a) | 225,000 | 251,998 | ||||||
| Brazilian Government International Bond | ||||||||
| 6.125% 3/15/34 | 250,000 | 250,913 | ||||||
| Colombia Government International Bond | ||||||||
| 7.500% 2/02/34 | 250,000 | 266,750 | ||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Hungary Government International Bond | ||||||||
| 6.250% 9/22/32 (a) | $ | 250,000 | $ | 264,108 | ||||
| Ivory Coast Government International Bond | ||||||||
| 6.750% 2/25/41 (a) | 275,000 | 266,389 | ||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 174,000 | 139,896 | ||||||
| 6.625% 1/29/38 | 250,000 | 255,875 | ||||||
| Nigeria Government International Bond | ||||||||
| 8.631% 1/13/36 (a) | 225,000 | 243,830 | ||||||
| Panama Government International Bond | ||||||||
| 5.227% 2/23/34 | 340,000 | 335,172 | ||||||
| Republic of Armenia International Bond | ||||||||
| 6.750% 3/12/35 (a) | 250,000 | 261,675 | ||||||
| Republic of South Africa Government International Bond | ||||||||
| 7.250% 12/11/55 (a) | 275,000 | 274,377 | ||||||
| Republic of Uzbekistan International Bond | ||||||||
| 6.947% 5/25/32 (a) | 250,000 | 267,757 | ||||||
| Romanian Government International Bond | ||||||||
| 6.625% 5/16/36 (a) | 250,000 | 255,147 | ||||||
| Turkiye Government International Bond | ||||||||
| 7.250% 5/29/32 | 250,000 | 257,302 | ||||||
| 3,591,189 | ||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $3,569,821) | 3,591,189 | |||||||
| U.S. Treasury Obligations — 1.1% | ||||||||
| U.S. Treasury Bonds & Notes — 1.1% | ||||||||
| U.S. Treasury Notes | ||||||||
| 3.375% 12/31/27 (d) | 500,000 | 494,279 | ||||||
| 4.125% 4/30/33 | 250,000 | 247,265 | ||||||
| 741,544 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS
(Cost $745,821) | 741,544 | |||||||
| TOTAL BONDS & NOTES (Cost $71,750,214) | 70,880,783 | |||||||
| Number
of Shares | ||||||||
| Equities — 0.2% | ||||||||
| Preferred Stock — 0.2% | ||||||||
| Financials — 0.2% | ||||||||
| KKR & Co., Inc. 6.875% Series T | 7,000 | 169,820 | ||||||
| TOTAL PREFERRED STOCK (Cost $175,000) | 169,820 | |||||||
| TOTAL EQUITIES (Cost $175,000) | 169,820 | |||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Warrants — 0.0% | ||||||||
| Materials — 0.0% | ||||||||
| Hercules LLC, Expires 3/31/29, Strike 0.09 (i) (j) (k) | $ | 150 | $ | 3,709 | ||||
| TOTAL WARRANTS (Cost $0) | 3,709 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $71,925,214) | 71,054,312 | |||||||
| Number
of Shares | ||||||||
| Short-Term Investments — 2.6% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 2.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (l) | 1,701,538 | 1,701,538 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (m) | $ | 134,512 | 134,512 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,836,050) | 1,836,050 | |||||||
| TOTAL INVESTMENTS — 102.0% (Cost $73,761,264) (n) | 72,890,362 | |||||||
| Other Assets/(Liabilities) — (2.0)% | (1,434,507 | ) | ||||||
| NET ASSETS — 100.0% | $ | 71,455,855 | ||||||
| Abbreviation Legend | |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| LIBOR | London InterBank Offered Rate |
| MSMMUSTF | Morgan Stanley Money Market U.S. Treasury Fund Index |
| 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) | 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 $44,427,038 or 62.17% of net assets. |
| (b) | Security is perpetual and has no stated maturity date. |
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Notes to Portfolio of Investments (Continued) | |
| (c) | 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. |
| (d) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $3,122,751 or 4.37% of net assets. The Fund received $1,491,747 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). |
| (e) | Restricted security. Certain securities are restricted to resale. At June 30, 2026, these securities amounted to a value of $239,701 or 0.34% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | LIBOR, the London Interbank Offered Rate, was a benchmark interest rate used in loans, notes, derivatives, and other instruments or investments. As a result of benchmark reforms, publication of LIBOR settings has ceased, effective with the last published synthetic rate on June 30, 2026. This security continues to earn interest according to the last published synthetic LIBOR rate (4.85372%) plus 0.450%. The issuer has not identified an alternate floating rate benchmark for this security. |
| (h) | 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. |
| (i) | Investment is valued using significant unobservable inputs. |
| (j) | Non-income producing security. |
| (k) | 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 $3,709 or 0.01% of net assets. |
| (l) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (m) | Maturity value of $134,519. 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 $137,367. |
| (n) | See Note 3 for aggregate cost for federal tax purposes. |
| OTC Options Written | ||||||||||||||||||
| Description | Counterparty | Expiration Date |
Exercise Price |
No.
of Contracts |
Notional Amount | Value | Premiums Paid/(Received) |
Unrealized Appreciation (Depreciation) | ||||||||||
| Call | ||||||||||||||||||
| USD Call BRL Put | Bank of America N.A. | 8/25/26 | 5.52 | 100,000 | USD | 100,000 | $ | (543) | $ | (842) | $ | 299 | ||||||
| USD Call KRW Put | Bank of America N.A. | 9/28/26 | 1,600.00 | 100,000 | USD | 100,000 | (805) | (668) | (137 | ) | ||||||||
| USD Call ILS Put | Bank of America N.A. | 11/18/26 | 3.04 | 100,000 | USD | 100,000 | (1,550) | (1,210) | (340 | ) | ||||||||
| USD Call BRL Put | Bank of America N.A. | 11/24/26 | 6.00 | 200,000 | USD | 200,000 | (1,631) | (2,334) | 703 | |||||||||
| NZD Call USD Put | Bank of America N.A. | 12/18/26 | 0.61 | 173,000 | NZD | 173,000 | (416) | (717) | 301 | |||||||||
| GBP Call JPY Put | Bank of America N.A. | 12/23/26 | 215.00 | 200,000 | GBP | 200,000 | (4,238) | (3,264) | (974 | ) | ||||||||
| USD Call KRW Put | Bank of America N.A. | 12/29/26 | 1,600.00 | 100,000 | USD | 100,000 | (1,403) | (1,191) | (212 | ) | ||||||||
| USD Call BRL Put | Bank of America N.A. | 2/24/27 | 6.00 | 100,000 | USD | 100,000 | (1,849) | (2,005) | 156 | |||||||||
| AUD Call JPY Put | Canadian Imperial Bank of Commerce | 9/28/26 | 112.50 | 150,000 | AUD | 150,000 | (1,414) | (1,024) | (390 | ) | ||||||||
| AUD Call JPY Put | Canadian Imperial Bank of Commerce | 12/28/26 | 112.50 | 150,000 | AUD | 150,000 | (1,866) | (1,489) | (377 | ) | ||||||||
| NZD Call JPY Put | Citibank N.A. | 11/19/26 | 94.00 | 100,000 | NZD | 100,000 | (697) | (952) | 255 | |||||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| AUD Call JPY Put | Citibank N.A. | 2/18/27 | 118.00 | 100,000 | AUD | 100,000 | (483 | ) | (698 | ) | 215 | |||||||
| $ | (16,895 | ) | $ | (16,394 | ) | $ | (501 | ) | ||||||||||
| Put | ||||||||||||||||||
| NZD Put USD Call | Bank of America N.A. | 12/18/26 | 0.56 | 173,000 | NZD | 173,000 | $ | (1,262 | ) | $ | (933 | ) | $ | (329 | ) | |||
| GBP Put USD Call | Bank of America N.A. | 2/18/27 | 1.28 | 90,000 | GBP | 90,000 | (1,105 | ) | (1,438 | ) | 333 | |||||||
| USD Put ILS Call | Citibank N.A. | 7/23/26 | 3.00 | 200,000 | USD | 200,000 | (3,105 | ) | (1,572 | ) | (1,533 | ) | ||||||
| AUD Put JPY Call | Citibank N.A. | 11/18/26 | 105.00 | 200,000 | AUD | 200,000 | (1,085 | ) | (1,447 | ) | 362 | |||||||
| $ | (6,557 | ) | $ | (5,390 | ) | $ | (1,167 | ) | ||||||||||
| Forward contracts | ||||||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Barclays Bank PLC | 7/27/26 | SGD | 269,100 | USD | 210,241 | $ | (1,880 | ) | ||||||||||
| Barclays Bank PLC | 7/27/26 | EUR | 133,800 | CAD | 217,367 | (395 | ) | |||||||||||
| BNP Paribas SA | 9/29/26 | ARS | 164,325,000 | USD | 105,000 | 63 | ||||||||||||
| Citibank N.A. | 7/10/26 | USD | 255,000 | IDR | 4,342,552,845 | 12,330 | ||||||||||||
| Citibank N.A. | 7/14/26 | EGP | 19,860,912 | USD | 360,000 | 41,950 | ||||||||||||
| Citibank N.A. | 7/23/26 | ZAR | 2,575,000 | USD | 156,250 | 680 | ||||||||||||
| Citibank N.A. | 7/23/26 | NGN | 262,711,100 | USD | 185,000 | 3,493 | ||||||||||||
| Citibank N.A. | 7/23/26 | CLP | 189,336,926 | USD | 210,000 | (4,565 | ) | |||||||||||
| Citibank N.A. | 7/23/26 | USD | 185,000 | NGN | 254,387,950 | 2,479 | ||||||||||||
| Citibank N.A. | 7/27/26 | MXN | 4,584,111 | CAD | 361,000 | 6,785 | ||||||||||||
| Citibank N.A. | 7/27/26 | USD | 212,536 | SGD | 269,100 | 4,174 | ||||||||||||
| Citibank N.A. | 7/27/26 | USD | 107,059 | THB | 3,500,000 | 1,489 | ||||||||||||
| Citibank N.A. | 9/29/26 | USD | 253,793 | EGP | 14,297,759 | (26,572 | ) | |||||||||||
| Citibank N.A. | 9/29/26 | EGP | 13,452,374 | USD | 253,793 | 9,995 | ||||||||||||
| Citibank N.A. | 9/29/26 | ARS | 245,150,161 | USD | 158,000 | (1,261 | ) | |||||||||||
| Citibank N.A. | 9/29/26 | KZT | 133,695,284 | USD | 263,600 | 7,415 | ||||||||||||
| Deutsche Bank AG | 7/10/26 | HUF | 46,663,871 | EUR | 126,000 | 5,808 | ||||||||||||
| Deutsche Bank AG | 7/16/26 | USD | 260,000 | INR | 24,627,590 | 116 | ||||||||||||
| Deutsche Bank AG | 7/16/26 | INR | 24,566,594 | USD | 260,000 | (759 | ) | |||||||||||
| Deutsche Bank AG | 7/23/26 | KRW | 308,000,000 | USD | 209,896 | (11,030 | ) | |||||||||||
| Deutsche Bank AG | 7/27/26 | CNH | 1,261,698 | SGD | 235,000 | 4,139 | ||||||||||||
| Deutsche Bank AG | 7/27/26 | CAD | 214,632 | EUR | 133,800 | (1,536 | ) | |||||||||||
| Deutsche Bank AG | 7/27/26 | USD | 107,381 | NZD | 186,000 | 1,651 | ||||||||||||
| Deutsche Bank AG | 8/28/26 | BRL | 546,490 | EUR | 91,000 | 210 | ||||||||||||
| Deutsche Bank AG | 9/29/26 | USD | 108,000 | TWD | 3,421,548 | 38 | ||||||||||||
| Goldman Sachs International | 7/10/26 | IDR | 4,521,660,000 | USD | 255,000 | (2,322 | ) | |||||||||||
| Goldman Sachs International | 8/28/26 | ZMW | 2,867,400 | USD | 159,300 | (1,409 | ) | |||||||||||
| Goldman Sachs International | 9/24/26 | NZD | 271,500 | CNH | 1,040,038 | 607 | ||||||||||||
| HSBC Bank PLC | 7/27/26 | NOK | 986,304 | CAD | 144,500 | (2,388 | ) | |||||||||||
| HSBC Bank PLC | 7/27/26 | TRY | 12,845,622 | EUR | 224,000 | 13,696 | ||||||||||||
| HSBC Bank PLC | 7/27/26 | USD | 217,260 | ILS | 648,600 | (833 | ) | |||||||||||
| HSBC Bank PLC | 7/27/26 | USD | 106,168 | SEK | 1,012,000 | 1,658 | ||||||||||||
| JP Morgan Chase Bank N.A. | 7/10/26 | HUF | 38,005,239 | EUR | 100,000 | 7,725 | ||||||||||||
| JP Morgan Chase Bank N.A. | 7/15/26 | SEK | 1,708,736 | EUR | 157,000 | (3,134 | ) | |||||||||||
| JP Morgan Chase Bank N.A. | 7/15/26 | PEN | 688,900 | USD | 200,000 | 1,453 | ||||||||||||
| Morgan Stanley & Co. LLC | 7/27/26 | USD | 206,758 | CHF | 161,700 | 6,087 | ||||||||||||
| Morgan Stanley & Co. LLC | 7/27/26 | EUR | 180,600 | NOK | 1,992,757 | 5,312 | ||||||||||||
| Standard Chartered Bank | 7/10/26 | KES | 34,380,000 | USD | 261,544 | 3,822 | ||||||||||||
| Standard Chartered Bank | 7/10/26 | COP | 972,566,190 | CAD | 364,500 | 26,888 | ||||||||||||
| Standard Chartered Bank | 7/10/26 | USD | 262,103 | KES | 34,380,000 | (3,263 | ) | |||||||||||
| Standard Chartered Bank | 7/27/26 | NOK | 1,966,201 | EUR | 180,600 | (7,993 | ) | |||||||||||
| Standard Chartered Bank | 7/27/26 | UGX | 854,764,000 | USD | 227,029 | 5,257 | ||||||||||||
| Standard Chartered Bank | 8/28/26 | USD | 159,300 | ZMW | 2,899,260 | (345 | ) | |||||||||||
| State Street Bank and Trust | 9/29/26 | USD | 108,000 | MYR | 443,772 | (1,074 | ) | |||||||||||
| $ | 104,561 | |||||||||||||||||
| MML Barings Diversified Bond Fund (see Note 1) — Portfolio of Investments (Continued) |
| Futures contracts | ||||||||||||||
| Expiration Date | Number
of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Note 10 Year | 9/21/26 | 8 | $ | 873,151 | $ | 5,974 | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Note 2 Year | 9/30/26 | 16 | $ | (3,296,778) | $ | (1,347 | ) | |||||||
| U.S. Treasury Note 5 Year | 9/30/26 | 59 | (6,308,090) | (7,676 | ) | |||||||||
| $ | (9,023 | ) | ||||||||||||
| Currency Legend | |
| ARS | Argentinean Peso |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Offshore Chinese Yuan |
| COP | Colombian Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KES | Kenyan Shilling |
| KRW | South Korean Won |
| KZT | Kazakhstan Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian New Sol |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | New Turkish Lira |
| TWD | Taiwan Dollar |
| UGX | Ugandan Shilling |
| USD | U.S. Dollar |
| ZAR | South African Rand |
| ZMW | Zambian Kwacha |
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 95.6% | ||||||||
| Bank Loans — 4.0% | ||||||||
| Advertising — 0.4% | ||||||||
| CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.332% VRN 6/18/29 (a) | $ | 2,601,562 | $ | 2,344,293 | ||||
| Chemicals — 0.0% | ||||||||
| PMHC II, Inc., 2026 3rd Out Term Loan C1, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.049% VRN 4/30/30 (a) | 287,736 | 40,044 | ||||||
| Computers — 0.1% | ||||||||
| McAfee LLC, 2024 USD 1st Lien Term Loan B, | ||||||||
| 0.000% 3/01/29 (b) | 623,418 | 551,725 | ||||||
| Media — 0.5% | ||||||||
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.144% VRN 6/03/33 (a) | 2,529,076 | 2,528,849 | ||||||
| Packaging & Containers — 0.8% | ||||||||
| Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 8.413% VRN 10/20/31 (a) | 752,381 | 603,786 | ||||||
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 7.482% VRN 9/15/28 (a) | 4,139,616 | 3,961,943 | ||||||
| 4,565,729 | ||||||||
| Pharmaceuticals — 0.9% | ||||||||
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250% | ||||||||
| 9.894% VRN 10/08/30 (a) | 5,288,178 | 5,122,076 | ||||||
| Pipelines — 0.5% | ||||||||
| Third Coast Infrastructure LLC, 2026 Term Loan B, | ||||||||
| 0.000% 9/25/30 (b) | 2,709,956 | 2,722,666 | ||||||
| Retail — 0.4% | ||||||||
| Splat Super Holdco LLC, 2025 Term Loan, 1 mo. USD Term SOFR + 5.000% | ||||||||
| 8.644% VRN 7/02/32 (a) | 2,120,696 | 1,973,308 | ||||||
| Software — 0.1% | ||||||||
| Electronic Arts, Inc., USD Term Loan B, | ||||||||
| 0.000% 3/24/33 (b) | 451,916 | 452,887 | ||||||
| Telecommunications — 0.3% | ||||||||
| Digicel International Finance Ltd., 2026 Term Loan B, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.232% VRN 8/06/32 (a) (b) | 1,869,903 | 1,879,253 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 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 (a) | $ | 748 | $ | 747 | ||||
| 1,880,000 | ||||||||
| TOTAL BANK LOANS (Cost $22,521,713) | 22,181,577 | |||||||
| Corporate Debt — 91.6% | ||||||||
| Advertising — 0.9% | ||||||||
| CMG Media Corp. | ||||||||
| 8.875% 6/18/29 (c) | 1,255,239 | 918,725 | ||||||
| Neptune Bidco US, Inc. | ||||||||
| 9.290% 4/15/29 (c) | 780,000 | 795,462 | ||||||
| 9.500% 2/15/33 (c) | 2,181,000 | 2,205,115 | ||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||
| 6.000% 6/15/34 (c) | 1,290,000 | 1,287,645 | ||||||
| 5,206,947 | ||||||||
| Airlines — 0.4% | ||||||||
| Allegiant Travel Co. | ||||||||
| 7.125% 7/01/31 (c) (d) | 986,000 | 998,043 | ||||||
| United Airlines Holdings, Inc. | ||||||||
| 4.875% 3/01/29 | 666,000 | 658,198 | ||||||
| WestJet Airlines Ltd. | ||||||||
| 8.000% 2/14/31 (c) | 645,000 | 647,444 | ||||||
| 2,303,685 | ||||||||
| Apparel — 0.2% | ||||||||
| Beach Acquisition Bidco LLC PIK 10.750%, Cash | ||||||||
| 10.000% 7/15/33 (c) | 847,000 | 961,807 | ||||||
| Auto Manufacturers — 0.7% | ||||||||
| JB Poindexter & Co., Inc. | ||||||||
| 8.750% 12/15/31 (c) | 3,732,000 | 3,836,962 | ||||||
| Auto Parts & Equipment — 0.9% | ||||||||
| Adient Global Holdings Ltd. | ||||||||
| 7.500% 2/15/33 (c) (d) | 1,318,000 | 1,359,612 | ||||||
| Cyprium Corp./Cyprium Holdings Luxembourg SARL | ||||||||
| 6.125% 4/15/31 (c) | 284,000 | 283,987 | ||||||
| 6.375% 4/15/34 (c) | 1,864,000 | 1,860,274 | ||||||
| Phinia, Inc. | ||||||||
| 6.750% 4/15/29 (c) | 164,000 | 167,954 | ||||||
| 6.625% 10/15/32 (c) | 1,266,000 | 1,293,177 | ||||||
| 4,965,004 | ||||||||
| Biotechnology — 0.2% | ||||||||
| BioMarin Pharmaceutical, Inc. | ||||||||
| 5.500% 2/15/34 (c) | 1,290,000 | 1,267,357 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Building Materials — 1.3% | ||||||||
| Knife River Corp. | ||||||||
| 7.750% 5/01/31 (c) | $ | 3,564,000 | $ | 3,698,135 | ||||
| Smyrna Ready Mix Concrete LLC | ||||||||
| 6.000% 11/01/28 (c) | 1,627,000 | 1,630,347 | ||||||
| 8.875% 11/15/31 (c) | 499,000 | 526,173 | ||||||
| Wilsonart LLC | ||||||||
| 11.000% 8/15/32 (c) (d) | 1,670,000 | 1,352,932 | ||||||
| 7,207,587 | ||||||||
| Chemicals — 1.1% | ||||||||
| Consolidated Energy Finance SA | ||||||||
| 5.625% 10/15/28 (c) (d) | 5,245,000 | 5,035,200 | ||||||
| 12.000% 2/15/31 (c) (d) | 1,045,000 | 1,081,408 | ||||||
| 6,116,608 | ||||||||
| Commercial Services — 4.6% | ||||||||
| ADT Security Corp. | ||||||||
| 4.125% 8/01/29 (c) | 481,000 | 461,177 | ||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. | ||||||||
| 7.000% 5/21/30 (c) | 1,043,000 | 1,079,947 | ||||||
| APi Group DE, Inc. | ||||||||
| 4.125% 7/15/29 (c) | 3,232,000 | 3,099,477 | ||||||
| 4.750% 10/15/29 (c) | 3,498,000 | 3,428,150 | ||||||
| 5.750% 6/01/34 (c) | 1,631,000 | 1,612,470 | ||||||
| CompoSecure Holdings LLC | ||||||||
| 5.625% 2/01/33 (c) | 2,701,000 | 2,636,600 | ||||||
| Graham Holdings Co. | ||||||||
| 5.625% 12/01/33 (c) | 1,267,000 | 1,256,333 | ||||||
| Herc Holdings, Inc. | ||||||||
| 6.000% 3/15/34 (c) | 1,291,000 | 1,282,422 | ||||||
| 7.000% 6/15/30 (c) | 336,000 | 347,951 | ||||||
| 7.250% 6/15/33 (c) | 369,000 | 384,704 | ||||||
| ION Platform Finance US, Inc. | ||||||||
| 7.875% 9/30/32 (c) | 2,873,000 | 2,081,618 | ||||||
| NESCO Holdings II, Inc. | ||||||||
| 5.500% 4/15/29 (c) | 636,000 | 632,712 | ||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (c) | 4,777,100 | 4,644,106 | ||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | ||||||||
| 6.750% 8/15/32 (c) | 1,365,000 | 1,367,610 | ||||||
| Synergy Infrastructure Holdings LLC | ||||||||
| 7.000% 7/15/34 (c) | 243,000 | 246,484 | ||||||
| Upbound Group, Inc. | ||||||||
| 6.375% 2/15/29 (c) | 953,000 | 944,636 | ||||||
| 25,506,397 | ||||||||
| Computers — 0.9% | ||||||||
| McAfee Corp. | ||||||||
| 7.375% 2/15/30 (c) (d) | 3,120,000 | 2,651,195 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Parsons Corp. | ||||||||
| 2.625% 3/01/29 | $ | 2,134,000 | $ | 2,099,429 | ||||
| 4,750,624 | ||||||||
| Cosmetics & Personal Care — 0.7% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 5.150% STEP 6/15/30 | 1,409,000 | 1,354,875 | ||||||
| 6.125% 9/30/32 (d) | 2,762,000 | 2,638,003 | ||||||
| 3,992,878 | ||||||||
| Distribution & Wholesale — 1.0% | ||||||||
| Core & Main LP | ||||||||
| 6.000% 7/01/34 (c) (e) | 1,044,000 | 1,048,910 | ||||||
| Resideo Funding, Inc. | ||||||||
| 4.000% 9/01/29 (c) | 1,882,000 | 1,804,576 | ||||||
| 6.500% 7/15/32 (c) | 2,470,000 | 2,482,345 | ||||||
| 5,335,831 | ||||||||
| Diversified Financial Services — 9.4% | ||||||||
| Aretec Group, Inc. | ||||||||
| 10.000% 8/15/30 (c) | 1,276,000 | 1,344,053 | ||||||
| Azorra Finance Ltd. | ||||||||
| 6.250% 2/15/34 (c) | 2,082,000 | 2,012,119 | ||||||
| Burford Capital Global Finance LLC | ||||||||
| 7.500% 7/15/33 (c) (d) | 1,157,000 | 981,309 | ||||||
| Coinbase Global, Inc. | ||||||||
| 3.375% 10/01/28 (c) | 963,000 | 914,235 | ||||||
| 3.625% 10/01/31 (c) | 508,000 | 442,461 | ||||||
| Encore Capital Group, Inc. | ||||||||
| 6.625% 6/01/32 (c) | 2,860,000 | 2,863,981 | ||||||
| GGAM Finance Ltd. | ||||||||
| 6.875% 4/15/29 (c) | 3,682,000 | 3,762,279 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 6.000% 8/15/26 (c) | 2,194,000 | 2,188,515 | ||||||
| 8.250% 5/15/30 (c) | 6,844,000 | 7,195,987 | ||||||
| 9.500% 2/15/29 (c) | 2,630,000 | 2,749,986 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.500% 1/15/27 | 1,124,000 | 1,114,354 | ||||||
| 3.875% 9/15/28 | 2,828,000 | 2,738,898 | ||||||
| 6.750% 9/15/33 | 878,000 | 869,164 | ||||||
| 7.125% 9/15/32 | 1,225,000 | 1,245,623 | ||||||
| PRA Group, Inc. | ||||||||
| 5.000% 10/01/29 (c) | 9,144,000 | 8,639,903 | ||||||
| 8.375% 2/01/28 (c) | 445,000 | 451,269 | ||||||
| 8.875% 1/31/30 (c) | 1,811,000 | 1,868,878 | ||||||
| Rocket Cos., Inc. | ||||||||
| 6.125% 8/01/30 (c) | 1,371,000 | 1,394,543 | ||||||
| 6.125% 8/01/31 (c) | 865,000 | 883,443 | ||||||
| 6.375% 8/01/33 (c) | 1,205,000 | 1,225,442 | ||||||
| 6.500% 6/15/34 (c) | 577,000 | 591,817 | ||||||
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | ||||||||
| 3.625% 3/01/29 (c) | 1,404,000 | 1,350,510 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Stonebriar ABF Issuer LLC | ||||||||
| 8.125% 12/15/30 (c) | $ | 5,305,000 | $ | 5,546,330 | ||||
| 52,375,099 | ||||||||
| Electric — 8.0% | ||||||||
| Atlantica Sustainable Infrastructure PLC | ||||||||
| 4.125% 6/15/28 (c) | 5,550,000 | 5,452,005 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 6.375% 2/15/32 (c) | 7,854,000 | 7,873,399 | ||||||
| NRG Energy, Inc. | ||||||||
| 3.375% 2/15/29 (c) | 985,000 | 939,512 | ||||||
| 5.875% 5/15/34 (c) | 3,127,000 | 3,110,552 | ||||||
| PG&E Corp. 5 yr. CMT + 3.225% | ||||||||
| 6.850% VRN 9/15/56 (a) | 3,466,000 | 3,453,692 | ||||||
| Talen Energy Supply LLC | ||||||||
| 6.250% 2/01/34 (c) | 3,100,000 | 3,081,158 | ||||||
| 6.375% 5/01/33 (c) | 3,592,000 | 3,587,466 | ||||||
| XPLR Infrastructure Operating Partners LP | ||||||||
| 4.500% 9/15/27 (c) | 2,890,000 | 2,864,706 | ||||||
| 7.250% 1/15/29 (c) (d) | 5,102,000 | 5,279,228 | ||||||
| 7.750% 4/15/34 (c) | 3,578,000 | 3,766,095 | ||||||
| 8.375% 1/15/31 (c) | 1,303,000 | 1,389,650 | ||||||
| 8.625% 3/15/33 (c) | 3,498,000 | 3,751,126 | ||||||
| 44,548,589 | ||||||||
| Electrical Components & Equipment — 0.3% | ||||||||
| WESCO Distribution, Inc. | ||||||||
| 5.250% 4/15/31 (c) | 1,521,000 | 1,505,392 | ||||||
| Electronics — 0.6% | ||||||||
| Atkore, Inc. | ||||||||
| 4.250% 6/01/31 (c) (d) | 3,797,000 | 3,636,070 | ||||||
| Energy - Alternate Sources — 0.7% | ||||||||
| TerraForm Power Operating LLC | ||||||||
| 4.750% 1/15/30 (c) | 3,795,000 | 3,671,029 | ||||||
| Engineering & Construction — 1.3% | ||||||||
| Global Infrastructure Solutions, Inc. | ||||||||
| 5.625% 6/01/29 (c) | 1,098,000 | 1,097,260 | ||||||
| 7.500% 4/15/32 (c) | 1,751,000 | 1,831,824 | ||||||
| 6.375% 7/15/34 (c) (e) | 1,868,000 | 1,877,630 | ||||||
| Railworks Holdings LP/Railworks Rally, Inc. | ||||||||
| 8.250% 11/15/28 (c) | 1,673,000 | 1,675,327 | ||||||
| Weekley Homes LLC/Weekley Finance Corp. | ||||||||
| 4.875% 9/15/28 (c) | 827,000 | 815,595 | ||||||
| 7,297,636 | ||||||||
| Entertainment — 2.1% | ||||||||
| AMC Entertainment Holdings, Inc. | ||||||||
| 7.500% 2/15/29 (c) | 1,238,000 | 1,149,922 | ||||||
| Brightstar Lottery PLC/Brightstar Global Solutions Corp. | ||||||||
| 5.750% 1/15/33 (c) (d) | 2,153,000 | 2,110,435 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Flutter Treasury DAC | ||||||||
| 5.875% 6/04/31 (c) | $ | 2,701,000 | $ | 2,691,735 | ||||
| Jacobs Entertainment, Inc. | ||||||||
| 6.750% 2/15/29 (c) | 2,702,000 | 2,647,960 | ||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
| 4.875% 5/01/29 (c) | 797,000 | 775,841 | ||||||
| Pioneer Opco LLC | ||||||||
| 7.000% 5/15/33 (c) | 802,000 | 816,119 | ||||||
| Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC | ||||||||
| 8.625% 1/15/32 (c) (d) | 338,000 | 348,031 | ||||||
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. | ||||||||
| 6.625% 5/01/32 (c) (d) | 1,146,000 | 1,161,045 | ||||||
| 11,701,088 | ||||||||
| Health Care - Products — 0.1% | ||||||||
| Embecta Corp. | ||||||||
| 6.750% 2/15/30 (c) | 777,000 | 629,370 | ||||||
| Health Care - Services — 6.9% | ||||||||
| Centene Corp. | ||||||||
| 2.500% 3/01/31 | 3,782,000 | 3,304,184 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (c) | 363,000 | 333,946 | ||||||
| 5.250% 5/15/30 (c) | 1,061,000 | 1,001,192 | ||||||
| 6.125% 4/01/30 (c) (d) | 479,000 | 430,112 | ||||||
| 6.875% 4/15/29 (c) | 486,000 | 478,033 | ||||||
| 9.750% 1/15/34 (c) | 942,000 | 983,524 | ||||||
| Fortrea Holdings, Inc. | ||||||||
| 7.500% 7/01/30 (c) (d) | 980,000 | 993,473 | ||||||
| LifePoint Health, Inc. | ||||||||
| (Acquired 2/13/25-2/27/25, Cost $393,379), 5.375% 1/15/29 (c) (f) | 426,000 | 408,691 | ||||||
| (Acquired 4/17/26, Cost $3,727,685), 7.000% 5/01/34 (c) (f) | 3,731,000 | 3,576,021 | ||||||
| (Acquired 7/31/23-1/24/25, Cost $3,009,249), 9.875% 8/15/30 (c) (f) | 2,970,000 | 3,129,370 | ||||||
| (Acquired 5/09/24-12/15/25, Cost $3,425,560), 10.000% 6/01/32 (c) (f) | 3,396,000 | 3,390,265 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 4.375% 6/15/28 (c) | 4,448,000 | 4,370,337 | ||||||
| 6.250% 1/15/33 (c) | 1,540,000 | 1,542,583 | ||||||
| Radiology Partners, Inc. | ||||||||
| 8.500% 7/15/32 (c) | 3,334,000 | 3,479,360 | ||||||
| PIK 9.781%, Cash 9.781% 2/15/30 (c) | 4,361,112 | 4,328,404 | ||||||
| Team Health Holdings, Inc. PIK 4.500%, Cash | ||||||||
| 13.500% 6/30/28 (c) | 6,566,391 | 6,714,463 | ||||||
| 38,463,958 | ||||||||
| Home Builders — 1.1% | ||||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
| 4.625% 8/01/29 (c) | 1,433,000 | 1,379,884 | ||||||
| Century Communities, Inc. | ||||||||
| 3.875% 8/15/29 (c) | 1,484,000 | 1,418,174 | ||||||
| LGI Homes, Inc. | ||||||||
| 4.000% 7/15/29 (c) | 722,000 | 672,765 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (c) | $ | 1,262,000 | $ | 1,211,127 | ||||
| Risewell Homes, Inc. | ||||||||
| 8.500% 11/01/30 (c) | 759,000 | 774,894 | ||||||
| 9.250% 10/01/29 (c) | 480,000 | 496,476 | ||||||
| 5,953,320 | ||||||||
| Housewares — 0.9% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 5/15/30 (d) | 2,077,000 | 2,105,241 | ||||||
| 6.625% 9/15/29 (d) | 1,196,000 | 1,215,972 | ||||||
| 6.625% 5/15/32 (d) | 389,000 | 393,922 | ||||||
| 7.375% STEP 4/01/36 (d) | 563,000 | 570,981 | ||||||
| 8.500% 6/01/28 (c) | 597,000 | 623,726 | ||||||
| 4,909,842 | ||||||||
| Insurance — 0.6% | ||||||||
| Asurion LLC/Asurion Co-Issuer, Inc. | ||||||||
| 8.000% 12/31/32 (c) | 1,095,000 | 1,103,274 | ||||||
| 8.375% 2/01/34 (c) | 2,411,000 | 2,231,812 | ||||||
| 3,335,086 | ||||||||
| Internet — 0.2% | ||||||||
| Wayfair LLC | ||||||||
| 6.750% 11/15/32 (c) | 887,000 | 910,858 | ||||||
| Investment Companies — 1.8% | ||||||||
| Blackstone Secured Lending Fund | ||||||||
| 5.300% 6/30/30 (d) | 670,000 | 651,552 | ||||||
| FS KKR Capital Corp. | ||||||||
| 6.125% 1/15/30 | 604,000 | 588,600 | ||||||
| 7.500% 8/01/31 | 790,000 | 786,879 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 4.375% 2/01/29 | 1,517,000 | 1,295,659 | ||||||
| 5.250% 5/15/27 | 4,020,000 | 3,973,179 | ||||||
| 9.000% 6/15/30 | 1,952,000 | 1,820,307 | ||||||
| 10.000% 11/15/29 (c) | 835,000 | 823,490 | ||||||
| 9,939,666 | ||||||||
| Leisure Time — 2.4% | ||||||||
| A&K Travel Group Holdings Ltd. | ||||||||
| 7.500% 5/15/33 (c) | 3,204,000 | 3,234,471 | ||||||
| NCL Corp. Ltd. | ||||||||
| Convertible, 0.875% 4/15/30 (d) | 1,273,000 | 1,417,804 | ||||||
| 5.875% 1/15/31 (c) | 565,000 | 548,362 | ||||||
| 6.750% 2/01/32 (c) | 1,465,000 | 1,461,706 | ||||||
| 6.250% 9/15/33 (c) | 1,727,000 | 1,677,206 | ||||||
| Sabre GLBL, Inc. | ||||||||
| Convertible, 7.320% 8/01/26 | 589,000 | 591,062 | ||||||
| 10.750% 3/15/30 (c) | 365,000 | 348,210 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 11.125% 7/15/30 (c) | $ | 4,404,000 | $ | 4,224,493 | ||||
| 13,503,314 | ||||||||
| Lodging — 0.6% | ||||||||
| Full House Resorts, Inc. | ||||||||
| 8.250% 2/15/28 (c) (d) | 1,145,000 | 1,119,238 | ||||||
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | ||||||||
| 5.000% 6/01/29 (c) | 1,033,000 | 1,008,243 | ||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 5.625% 3/01/33 (c) | 1,209,000 | 1,193,235 | ||||||
| 3,320,716 | ||||||||
| Machinery - Construction & Mining — 0.1% | ||||||||
| Solaris Energy Infrastructure LLC | ||||||||
| 6.375% 5/15/31 (c) | 576,000 | 582,427 | ||||||
| Machinery - Diversified — 0.1% | ||||||||
| Lsf12 Helix Parent LLC | ||||||||
| 7.125% 2/01/33 (c) | 316,000 | 305,956 | ||||||
| Media — 6.7% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 2/01/31 (c) | 2,361,000 | 2,126,274 | ||||||
| 4.250% 1/15/34 (c) (d) | 1,588,000 | 1,344,289 | ||||||
| 4.500% 8/15/30 (c) | 1,138,000 | 1,057,820 | ||||||
| 5.000% 2/01/28 (c) | 4,029,000 | 3,978,524 | ||||||
| CSC Holdings LLC | ||||||||
| 4.500% 11/15/31 (c) | 896,000 | 529,419 | ||||||
| 5.750% 1/15/30 (c) | 1,139,000 | 264,106 | ||||||
| 11.750% 1/31/29 (c) | 2,186,000 | 1,344,658 | ||||||
| Cumulus Media New Holdings, Inc. | ||||||||
| 8.000% 7/01/29 (c) (g) | 847,000 | 127,050 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | ||||||||
| 9.250% 6/01/32 (c) | 1,686,000 | 1,713,054 | ||||||
| Discovery Communications LLC | ||||||||
| 3.625% 5/15/30 | 1,967,000 | 1,829,304 | ||||||
| Discovery Global Holdings, Inc. | ||||||||
| 4.054% 3/15/29 | 1,847,000 | 1,828,659 | ||||||
| 5.050% 3/15/42 | 1,107,000 | 810,955 | ||||||
| 5.141% 3/15/52 (d) | 518,000 | 347,060 | ||||||
| DISH DBS Corp. | ||||||||
| 5.125% 6/01/29 | 542,000 | 487,748 | ||||||
| 5.250% 12/01/26 (c) | 845,000 | 836,013 | ||||||
| 5.750% 12/01/28 (c) | 849,000 | 822,469 | ||||||
| 7.375% 7/01/28 | 312,000 | 299,553 | ||||||
| EchoStar Corp. | ||||||||
| Convertible, PIK 3.875%, Cash 3.875% 11/30/30 | 352,352 | 1,100,219 | ||||||
| PIK 6.750%, Cash 6.750% 11/30/30 | 774,997 | 787,863 | ||||||
| 10.750% 11/30/29 | 1,814,500 | 1,960,784 | ||||||
| EW Scripps Co. | ||||||||
| 9.875% 8/15/30 (c) | 250,000 | 218,818 | ||||||
| iHeartCommunications, Inc. | ||||||||
| 4.750% 1/15/28 (c) | 1,308,000 | 1,252,296 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 7.750% 8/15/30 (c) | $ | 304,000 | $ | 283,571 | ||||
| 9.125% 5/01/29 (c) | 656,000 | 636,517 | ||||||
| LCPR Senior Secured Financing DAC | ||||||||
| 6.750% 10/15/27 (c) | 619,000 | 352,754 | ||||||
| Nexstar Media, Inc. | ||||||||
| 4.750% 11/01/28 (c) | 530,000 | 519,200 | ||||||
| 6.500% 9/15/33 (c) | 4,020,000 | 4,018,884 | ||||||
| Scripps Escrow II, Inc. | ||||||||
| 3.875% 1/15/29 (c) | 520,000 | 474,387 | ||||||
| Sinclair Television Group, Inc. | ||||||||
| 8.125% 2/15/33 (c) | 1,232,000 | 1,265,469 | ||||||
| Sirius XM Radio LLC | ||||||||
| 4.125% 7/01/30 (c) | 1,412,000 | 1,329,016 | ||||||
| Time Warner Cable Enterprises LLC | ||||||||
| 8.375% 7/15/33 | 836,000 | 926,594 | ||||||
| Versant Media Group, Inc. | ||||||||
| 7.250% 1/30/31 (c) (d) | 1,247,000 | 1,290,103 | ||||||
| Virgin Media Finance PLC | ||||||||
| 5.000% 7/15/30 (c) | 510,000 | 387,792 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| 4.500% 8/15/30 (c) | 236,000 | 200,378 | ||||||
| 5.500% 5/15/29 (c) | 875,000 | 830,509 | ||||||
| 37,582,109 | ||||||||
| Mining — 4.3% | ||||||||
| Arcosa, Inc. | ||||||||
| 4.375% 4/15/29 (c) | 5,752,000 | 5,657,605 | ||||||
| 6.875% 8/15/32 (c) | 2,331,000 | 2,431,564 | ||||||
| Constellium SE | ||||||||
| 3.750% 4/15/29 (c) | 3,524,000 | 3,388,866 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.375% 2/15/36 (c) | 8,814,000 | 8,649,921 | ||||||
| 8.000% 3/01/33 (c) | 1,214,000 | 1,269,242 | ||||||
| Novelis Corp. | ||||||||
| 3.875% 8/15/31 (c) | 313,000 | 285,097 | ||||||
| 4.750% 1/30/30 (c) | 2,639,000 | 2,552,816 | ||||||
| 24,235,111 | ||||||||
| Oil & Gas — 4.3% | ||||||||
| CVR Energy, Inc. | ||||||||
| 5.750% 2/15/28 (c) | 833,000 | 831,101 | ||||||
| 7.500% 2/15/31 (c) | 203,000 | 202,034 | ||||||
| 7.875% 2/15/34 (c) | 590,000 | 583,697 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 5.750% 2/01/29 (c) | 1,330,000 | 1,324,833 | ||||||
| 6.000% 4/15/30 (c) | 1,223,000 | 1,201,582 | ||||||
| 6.000% 2/01/31 (c) | 1,792,000 | 1,735,805 | ||||||
| 6.875% 5/15/34 (c) | 1,966,000 | 1,912,865 | ||||||
| Sunoco LP | ||||||||
| 4.500% 10/01/29 (c) | 3,308,000 | 3,212,689 | ||||||
| 4.625% 5/01/30 (c) | 1,669,000 | 1,612,048 | ||||||
| 6.625% 8/15/32 (c) | 1,926,000 | 1,958,869 | ||||||
| 5 yr. CMT + 4.230% 7.875% VRN (a) (c) (h) | 8,891,000 | 9,246,081 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sunoco LP/Sunoco Finance Corp. | ||||||||
| 4.500% 5/15/29 | $ | 216,000 | $ | 211,201 | ||||
| 24,032,805 | ||||||||
| Oil & Gas Services — 0.7% | ||||||||
| WBI Operating LLC | ||||||||
| 6.250% 10/15/30 (c) | 1,525,000 | 1,533,479 | ||||||
| 6.500% 10/15/33 (c) | 893,000 | 898,599 | ||||||
| Weatherford International Ltd. | ||||||||
| 6.750% 10/15/33 (c) | 1,304,000 | 1,330,466 | ||||||
| 3,762,544 | ||||||||
| Packaging & Containers — 1.9% | ||||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 6.750% 4/15/32 (c) | 1,972,000 | 1,914,034 | ||||||
| 8.750% 4/15/30 (c) | 4,151,000 | 4,094,580 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 9.250% 4/15/30 (c) | 2,291,000 | 2,253,890 | ||||||
| Trident TPI Holdings, Inc. | ||||||||
| 12.750% 12/31/28 (c) | 2,209,000 | 2,211,841 | ||||||
| 10,474,345 | ||||||||
| Pharmaceuticals — 3.5% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000% 4/15/32 (c) | 4,288,000 | 4,343,041 | ||||||
| Bausch Health Americas, Inc. | ||||||||
| 8.500% 1/31/27 (c) (d) | 390,000 | 389,271 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 4.875% 6/01/28 (c) (d) | 1,469,000 | 1,358,296 | ||||||
| 5.000% 2/15/29 (c) (d) | 1,728,000 | 1,273,499 | ||||||
| 5.250% 1/30/30 (c) (d) | 1,866,000 | 1,194,068 | ||||||
| 11.000% 9/30/28 (c) | 760,000 | 773,923 | ||||||
| 14.000% 10/15/30 (c) (d) | 367,000 | 343,196 | ||||||
| Grifols SA | ||||||||
| 4.750% 10/15/28 (c) | 1,213,000 | 1,188,766 | ||||||
| Herbalife Ltd., Convertible, | ||||||||
| 4.250% 6/15/28 | 2,358,000 | 2,704,862 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 4.875% 6/01/29 (c) | 2,757,000 | 2,581,133 | ||||||
| 7.750% 5/01/33 (c) | 2,145,000 | 2,174,054 | ||||||
| Jazz Securities DAC | ||||||||
| 4.375% 1/15/29 (c) | 1,402,000 | 1,373,359 | ||||||
| 19,697,468 | ||||||||
| Pipelines — 3.5% | ||||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (c) | 9,302,000 | 9,192,984 | ||||||
| Northriver Midstream Finance LP | ||||||||
| 6.750% 7/15/32 (c) | 2,147,000 | 2,174,254 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.875% 8/15/29 (c) | 869,000 | 828,984 | ||||||
| 4.125% 8/15/31 (c) | 994,000 | 933,222 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.250% 1/15/30 (c) | $ | 374,000 | $ | 383,045 | ||||
| Venture Global LNG, Inc. | ||||||||
| 6.375% 12/15/34 (c) | 712,000 | 699,727 | ||||||
| 6.625% 6/15/36 (c) | 103,000 | 101,525 | ||||||
| 7.000% 1/15/30 (c) | 684,000 | 697,621 | ||||||
| 8.375% 6/01/31 (c) | 665,000 | 692,217 | ||||||
| 9.875% 2/01/32 (c) | 925,000 | 987,490 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.500% 6/15/34 (c) | 670,000 | 697,989 | ||||||
| 6.750% 1/15/36 (c) | 1,424,000 | 1,509,862 | ||||||
| 7.750% 5/01/35 (c) | 412,000 | 462,047 | ||||||
| 19,360,967 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.5% | ||||||||
| Global Net Lease, Inc. | ||||||||
| 4.500% 9/30/28 (c) | 763,000 | 743,554 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (c) | 993,000 | 971,918 | ||||||
| Iron Mountain, Inc. | ||||||||
| 6.250% 1/15/35 (c) | 1,987,000 | 1,994,745 | ||||||
| Millrose Properties, Inc. | ||||||||
| 6.375% 8/01/30 (c) | 1,201,000 | 1,217,274 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 4.000% 9/15/29 (c) | 1,353,000 | 1,288,733 | ||||||
| Service Properties Trust | ||||||||
| 0.000% 9/30/28 (c) | 968,000 | 897,540 | ||||||
| 4.375% 2/15/30 | 2,517,000 | 2,271,494 | ||||||
| 4.950% 10/01/29 (d) | 561,000 | 528,484 | ||||||
| 8.875% 6/15/32 | 1,793,000 | 1,846,001 | ||||||
| Starwood Property Trust, Inc. | ||||||||
| 5.875% 8/15/29 (c) (e) | 664,000 | 665,985 | ||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | ||||||||
| 6.000% 1/15/30 (c) | 1,762,000 | 1,721,159 | ||||||
| 14,146,887 | ||||||||
| Retail — 4.0% | ||||||||
| Carvana Co. | ||||||||
| 9.000% 6/01/31 (c) | 3,294,274 | 3,635,580 | ||||||
| LBM Acquisition LLC | ||||||||
| 6.250% 1/15/29 (c) | 694,000 | 501,547 | ||||||
| 9.500% 6/15/31 (c) | 242,000 | 214,584 | ||||||
| QXO Building Products, Inc. | ||||||||
| 6.500% 7/15/31 (c) | 625,000 | 636,982 | ||||||
| 6.750% 4/30/32 (c) | 2,158,000 | 2,228,305 | ||||||
| 6.875% 7/15/34 (c) | 625,000 | 641,610 | ||||||
| Staples, Inc. | ||||||||
| 10.750% 9/01/29 (c) | 1,819,000 | 1,735,232 | ||||||
| 12.750% 1/15/30 (c) | 301,473 | 230,898 | ||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
| 5.000% 6/01/31 (c) | 1,271,000 | 1,204,896 | ||||||
| 6.500% 12/15/35 (c) | 1,980,000 | 1,913,388 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Superior Plus LP/Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (c) | $ | 9,780,000 | $ | 9,483,208 | ||||
| 22,426,230 | ||||||||
| Software — 2.0% | ||||||||
| Cloud Software Group, Inc. | ||||||||
| 6.500% 3/31/29 (c) | 3,997,000 | 3,878,215 | ||||||
| 6.625% 8/15/33 (c) (d) | 519,000 | 449,969 | ||||||
| 9.000% 9/30/29 (c) | 1,673,000 | 1,623,867 | ||||||
| OAK-Eagle Acquireco, Inc. | ||||||||
| 7.250% 7/01/33 (c) | 613,000 | 641,266 | ||||||
| 8.750% 7/01/34 (c) | 1,221,000 | 1,295,874 | ||||||
| Open Text Corp. | ||||||||
| 3.875% 12/01/29 (c) | 1,190,000 | 1,094,139 | ||||||
| Oracle Corp. | ||||||||
| 4.375% 5/15/55 | 701,000 | 467,937 | ||||||
| 5.875% 9/26/45 | 701,000 | 613,636 | ||||||
| UKG, Inc. | ||||||||
| 6.875% 2/01/31 (c) | 954,000 | 926,791 | ||||||
| 10,991,694 | ||||||||
| Telecommunications — 6.0% | ||||||||
| Altice France SA | ||||||||
| 6.500% 4/15/32 (c) | 970,931 | 938,329 | ||||||
| 6.875% 7/15/32 (c) | 811,738 | 787,122 | ||||||
| 9.500% 11/01/29 (c) | 234,567 | 238,113 | ||||||
| APLD ComputeCo 2 LLC | ||||||||
| 6.750% 3/15/31 (c) | 1,336,000 | 1,340,800 | ||||||
| APLD ComputeCo 3 LLC | ||||||||
| 7.000% 6/15/31 (c) | 1,256,000 | 1,253,425 | ||||||
| C&W Senior Finance Ltd. | ||||||||
| 9.000% 1/15/33 (c) | 2,538,000 | 2,563,266 | ||||||
| Connect Finco SARL/Connect US Finco LLC | ||||||||
| 9.000% 9/15/29 (c) | 1,598,000 | 1,681,486 | ||||||
| Digicel International Finance Ltd./Difl US LLC | ||||||||
| 8.625% 8/01/32 (c) | 2,638,000 | 2,715,953 | ||||||
| ELK Grove Village Property LLC | ||||||||
| 7.500% 6/15/31 (c) | 824,000 | 829,567 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 3.750% 7/15/29 (c) | 149,000 | 143,785 | ||||||
| 6.875% 6/30/33 (c) | 678,636 | 697,231 | ||||||
| 7.000% 3/31/34 (c) | 2,700,000 | 2,784,073 | ||||||
| 7.500% 2/15/37 (c) | 764,462 | 784,628 | ||||||
| 8.500% 1/15/36 (c) | 839,968 | 901,986 | ||||||
| Lumen Technologies, Inc. | ||||||||
| 4.500% 1/15/29 (c) | 813,000 | 781,331 | ||||||
| PR RNO Property Owner 1 LLC | ||||||||
| 6.500% 5/01/31 (c) | 3,801,000 | 3,795,515 | ||||||
| Sable International Finance Ltd. | ||||||||
| 7.125% 10/15/32 (c) | 3,933,000 | 3,903,776 | ||||||
| Stingray Compute LLC | ||||||||
| 6.000% 6/15/31 (c) | 395,000 | 395,779 | ||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | ||||||||
| 6.500% 2/15/29 (c) | 1,356,000 | 1,345,297 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 8.625% 6/15/32 (c) (d) | $ | 2,678,000 | $ | 2,793,731 | ||||
| 8.625% 6/15/32 (c) | 482,000 | 502,830 | ||||||
| Yondr JK 1 LLC | ||||||||
| 6.875% 6/30/31 (c) | 1,386,000 | 1,389,480 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| PIK 0.500%, Cash 9.250% 3/09/30 (c) | 1,032,421 | 1,031,130 | ||||||
| PIK 1.875%, Cash 13.750% 9/09/30 (c) | 49,013 | 48,412 | ||||||
| 33,647,045 | ||||||||
| Transportation — 2.1% | ||||||||
| Carriage Purchaser, Inc. | ||||||||
| 7.875% 10/15/29 (c) | 1,473,000 | 1,466,126 | ||||||
| GB AIT Buyer, Inc. | ||||||||
| 8.750% 4/30/34 (c) | 1,337,000 | 1,340,555 | ||||||
| Seaspan Corp. Pte. Ltd. | ||||||||
| 5.500% 8/01/29 (c) | 9,136,320 | 8,963,824 | ||||||
| 11,770,505 | ||||||||
| TOTAL CORPORATE DEBT (Cost $511,212,585) | 510,168,813 | |||||||
| TOTAL BONDS & NOTES (Cost $533,734,298) | 532,350,390 | |||||||
| Number
of Shares | ||||||||
| Equities — 0.0% | ||||||||
| Preferred Stock — 0.0% | ||||||||
| Financials — 0.0% | ||||||||
| Veritas Kapital Assurance PLC, Series G (i) | 4,266 | 85,320 | ||||||
| Veritas Kapital Assurance PLC, Series G-1 (i) | 2,948 | 57,486 | ||||||
| 142,806 | ||||||||
| TOTAL PREFERRED STOCK (Cost $113,149) | 142,806 | |||||||
| TOTAL EQUITIES (Cost $113,149) | 142,806 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $533,847,447) | 532,493,196 | |||||||
| Short-Term Investments — 8.1% | ||||||||
| Principal Amount | ||||||||
| Commercial Paper — 2.9% | ||||||||
| Clorox Co. | ||||||||
| 4.187% 7/06/26 (c) | $ | 5,000,000 | 4,996,739 | |||||
| Hubbell, Inc. | ||||||||
| 4.135% 8/18/26 (c) | 6,000,000 | 5,968,390 | ||||||
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Spire, Inc. | ||||||||
| 4.092% 7/07/26 (c) | $ | 5,000,000 | $ | 4,996,189 | ||||
| 15,961,318 | ||||||||
| Number
of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 4.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (j) | 24,719,010 | 24,719,010 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.8% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (k) | $ | 4,567,940 | 4,567,940 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $45,248,353) | 45,248,268 | |||||||
| TOTAL INVESTMENTS — 103.7% (Cost $579,095,800) (l) | 577,741,464 | |||||||
| Other Assets/(Liabilities) — (3.7)% | (20,734,182) | |||||||
| NET ASSETS — 100.0% | $ | 557,007,282 | ||||||
| Abbreviation Legend | ||
| CMT | Constant Maturity Treasury Index | |
| 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) | 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. |
| (b) | 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. |
| (c) | 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 $472,220,199 or 84.78% of net assets. |
| (d) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $27,082,884 or 4.86% of net assets. The Fund received $2,971,954 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). |
| (e) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (f) | Restricted security. Certain securities are restricted to resale. At June 30, 2026, these securities amounted to a value of $10,504,347 or 1.89% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| MML Barings High Yield Fund (see Note 1) — Portfolio of Investments (Continued) |
| Notes to Portfolio of Investments (Continued) | |
| (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 $127,050 or 0.02% of net assets. |
| (h) | Security is perpetual and has no stated maturity date. |
| (i) | Non-income producing security. |
| (j) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (k) | Maturity value of $4,568,194. Collateralized by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 3/15/28, and an aggregate market value, including accrued interest, of $4,659,392. |
| (l) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments |
| June 30, 2026 (Unaudited) | ||||||||
| Number of Shares | Value | |||||||
| Equities — 99.0% | ||||||||
| Common Stock — 99.0% | ||||||||
| Communication Services — 0.8% | ||||||||
| Snap, Inc. Class A (a) (b) | 1,115,301 | $ | 4,951,936 | |||||
| Consumer Discretionary — 13.8% | ||||||||
| AutoNation, Inc. (a) | 54,543 | 10,133,544 | ||||||
| Champion Homes, Inc. (a) | 79,279 | 6,986,066 | ||||||
| Cheesecake Factory, Inc. (b) | 94,428 | 7,510,803 | ||||||
| Dorman Products, Inc. (a) (b) | 58,044 | 7,920,104 | ||||||
| KB Home | 110,890 | 6,940,605 | ||||||
| Kontoor Brands, Inc. (b) | 89,450 | 7,454,763 | ||||||
| Life Time Group Holdings, Inc. (a) | 170,879 | 6,978,698 | ||||||
| Pool Corp. | 22,802 | 4,900,150 | ||||||
| Steven Madden Ltd. | 102,768 | 4,326,533 | ||||||
| Stride, Inc. (a) (b) | 57,064 | 4,921,199 | ||||||
| Visteon Corp. | 79,757 | 7,912,692 | ||||||
| Wyndham Hotels & Resorts, Inc. | 96,025 | 8,086,265 | ||||||
| 84,071,422 | ||||||||
| Consumer Staples — 1.6% | ||||||||
| Chefs’ Warehouse, Inc. (a) | 57,038 | 5,481,352 | ||||||
| Interparfums, Inc. (b) | 36,779 | 4,114,099 | ||||||
| 9,595,451 | ||||||||
| Energy — 5.3% | ||||||||
| Helmerich & Payne, Inc. | 284,393 | 9,311,027 | ||||||
| Kodiak Gas Services, Inc. | 151,811 | 11,405,560 | ||||||
| Northern Oil & Gas, Inc. (b) | 336,542 | 6,108,237 | ||||||
| Weatherford International PLC | 65,779 | 5,360,989 | ||||||
| 32,185,813 | ||||||||
| Financials — 18.4% | ||||||||
| Ameris Bancorp | 88,427 | 7,981,421 | ||||||
| Banc of California, Inc. | 384,657 | 7,858,543 | ||||||
| Bank of NT Butterfield & Son Ltd. | 76,421 | 4,547,049 | ||||||
| BGC Group, Inc. Class A | 491,083 | 5,249,677 | ||||||
| Cathay General Bancorp | 159,040 | 9,858,890 | ||||||
| Columbia Banking System, Inc. | 368,639 | 11,814,880 | ||||||
| Definity Financial Corp. | 82,369 | 4,369,782 | ||||||
| Federated Hermes, Inc. | 75,061 | 4,144,868 | ||||||
| Marqeta, Inc. Class A (a) | 856,023 | 3,475,453 | ||||||
| Miami International Holdings, Inc. (a) | 126,424 | 4,697,916 | ||||||
| OceanFirst Financial Corp. | 205,901 | 4,021,247 | ||||||
| Paymentus Holdings, Inc. Class A (a) | 109,097 | 2,635,784 | ||||||
| PennyMac Financial Services, Inc. | 90,546 | 7,886,557 | ||||||
| Piper Sandler Cos. | 50,511 | 3,653,966 | ||||||
| Skyward Specialty Insurance Group, Inc. (a) | 143,024 | 8,345,450 | ||||||
| Texas Capital Bancshares, Inc. | 30,770 | 3,177,310 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| United Community Banks, Inc. | 161,227 | $ | 5,657,455 | |||||
| Wintrust Financial Corp. | 46,466 | 7,468,016 | ||||||
| WSFS Financial Corp. | 75,029 | 5,756,975 | ||||||
| 112,601,239 | ||||||||
| Health Care — 14.3% | ||||||||
| Acadia Healthcare Co., Inc. (a) (b) | 124,173 | 3,666,829 | ||||||
| Adaptive Biotechnologies Corp. (a) | 257,340 | 5,519,943 | ||||||
| Addus HomeCare Corp. (a) | 25,036 | 2,515,367 | ||||||
| Alignment Healthcare, Inc. (a) (b) | 168,815 | 4,019,485 | ||||||
| Alumis, Inc. (a) | 96,331 | 2,710,754 | ||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 44,307 | 3,611,464 | ||||||
| Axsome Therapeutics, Inc. (a) | 19,314 | 4,727,488 | ||||||
| BioLife Solutions, Inc. (a) | 179,455 | 5,067,809 | ||||||
| BrightSpring Health Services, Inc. (a) | 138,627 | 9,667,847 | ||||||
| Collegium Pharmaceutical, Inc. (a) (b) | 96,012 | 3,475,634 | ||||||
| Guardant Health, Inc. (a) | 52,608 | 7,892,778 | ||||||
| Ligand Pharmaceuticals, Inc. (a) | 12,924 | 4,085,147 | ||||||
| Mineralys Therapeutics, Inc. (a) | 90,568 | 2,443,525 | ||||||
| Mirum Pharmaceuticals, Inc. (a) | 45,746 | 5,355,484 | ||||||
| Praxis Precision Medicines, Inc. (a) | 13,834 | 4,631,485 | ||||||
| Repligen Corp. (a) (b) | 42,986 | 5,865,010 | ||||||
| Tarsus Pharmaceuticals, Inc. (a) | 48,693 | 3,064,737 | ||||||
| Twist Bioscience Corp. (a) | 67,229 | 6,916,520 | ||||||
| uniQure NV (a) | 42,969 | 1,979,152 | ||||||
| 87,216,458 | ||||||||
| Industrials — 19.7% | ||||||||
| AAR Corp. (a) | 77,566 | 11,086,508 | ||||||
| AGCO Corp. (b) | 42,342 | 5,068,337 | ||||||
| Allison Transmission Holdings, Inc. | 27,554 | 3,106,438 | ||||||
| ArcBest Corp. | 24,792 | 3,558,644 | ||||||
| Argan, Inc. (b) | 2,523 | 2,014,742 | ||||||
| Atmus Filtration Technologies, Inc. | 146,671 | 7,478,754 | ||||||
| Casella Waste Systems, Inc. Class A (a) (b) | 90,309 | 8,757,264 | ||||||
| EnerSys | 19,957 | 4,666,346 | ||||||
| Enpro, Inc. | 31,813 | 11,991,274 | ||||||
| Esab Corp. | 75,172 | 7,414,214 | ||||||
| Federal Signal Corp. | 51,830 | 6,659,637 | ||||||
| Fluor Corp. (a) | 98,730 | 5,172,465 | ||||||
| Gates Industrial Corp. PLC (a) | 319,170 | 8,927,185 | ||||||
| GATX Corp. | 16,998 | 3,011,876 | ||||||
| Hayward Holdings, Inc. (a) (b) | 305,513 | 5,288,430 | ||||||
| Korn Ferry | 116,930 | 7,785,199 | ||||||
| Loar Holdings, Inc. (a) (b) | 41,627 | 3,355,552 | ||||||
| Terex Corp. | 63,163 | 4,572,370 | ||||||
| Zurn Elkay Water Solutions Corp. Class C | 202,428 | 10,228,687 | ||||||
| 120,143,922 | ||||||||
| Information Technology — 13.8% | ||||||||
| Allegro MicroSystems, Inc. (a) (b) | 125,082 | 8,708,209 | ||||||
| Axcelis Technologies, Inc. (a) | 26,337 | 4,989,545 | ||||||
| Belden, Inc. | 68,507 | 8,214,674 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Elastic NV (a) | 50,219 | $ | 2,863,487 | |||||
| Itron, Inc. (a) (b) | 68,180 | 5,899,615 | ||||||
| Manhattan Associates, Inc. (a) | 33,711 | 4,694,257 | ||||||
| MaxLinear, Inc. (a) | 84,919 | 10,872,180 | ||||||
| Procore Technologies, Inc. (a) | 76,083 | 3,090,491 | ||||||
| Ralliant Corp. | 118,101 | 8,695,777 | ||||||
| Sanmina Corp. (a) | 17,729 | 4,486,855 | ||||||
| ServiceTitan, Inc. Class A (a) | 59,986 | 4,241,610 | ||||||
| Silicon Laboratories, Inc. (a) | 38,259 | 8,361,887 | ||||||
| Ultra Clean Holdings, Inc. (a) | 40,312 | 5,748,088 | ||||||
| Unity Software, Inc. (a) | 114,420 | 3,270,124 | ||||||
| 84,136,799 | ||||||||
| Materials — 3.3% | ||||||||
| Commercial Metals Co. | 121,240 | 7,607,810 | ||||||
| Eagle Materials, Inc. | 22,542 | 5,071,950 | ||||||
| Silgan Holdings, Inc. | 159,640 | 7,405,700 | ||||||
| 20,085,460 | ||||||||
| Real Estate — 5.4% | ||||||||
| Cushman & Wakefield Ltd. (a) | 291,045 | 3,897,093 | ||||||
| Essential Properties Realty Trust, Inc. | 307,911 | 9,191,143 | ||||||
| Outfront Media, Inc. | 356,829 | 11,689,718 | ||||||
| Terreno Realty Corp. | 129,409 | 8,381,821 | ||||||
| 33,159,775 | ||||||||
| Utilities — 2.6% | ||||||||
| Chesapeake Utilities Corp. | 40,916 | 5,011,392 | ||||||
| IDACORP, Inc. | 26,472 | 4,005,213 | ||||||
| Portland General Electric Co. | 132,587 | 6,871,984 | ||||||
| 15,888,589 | ||||||||
| TOTAL COMMON STOCK (Cost $498,634,065) | 604,036,864 | |||||||
| TOTAL EQUITIES (Cost $498,634,065) | 604,036,864 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $498,634,065) | 604,036,864 | |||||||
| Short-Term Investments — 3.8% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (c) | 4,839,006 | 4,839,006 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 3.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (d) | $ | 18,272,215 | 18,272,215 | |||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Value | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $23,111,221) | $ | 23,111,221 | ||||||
| TOTAL INVESTMENTS — 102.8% (Cost $521,745,286) (e) | 627,148,085 | |||||||
| Other Assets/(Liabilities) — (2.8)% | (17,037,648 | ) | ||||||
| NET ASSETS — 100.0% | $ | 610,110,437 |
| Notes to Portfolio of Investments |
| Percentages are stated as a percent of net assets. |
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $60,031,151 or 9.84% of net assets. The Fund received $55,162,849 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). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (d) | Maturity value of $18,273,231. Collateralized by U.S. Government Agency obligations with a rate of 3.375%, maturity date of 11/30/27, and an aggregate market value, including accrued interest, of $18,637,707. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Fund — Portfolio of Investments |
| June 30, 2026 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 100.2% | ||||||||
| Common Stock — 100.2% | ||||||||
| Brazil — 0.4% | ||||||||
| MercadoLibre, Inc. (a) | 382 | $ | 648,403 | |||||
| Canada — 1.9% | ||||||||
| Shopify, Inc. Class A (a) | 24,118 | 2,753,793 | ||||||
| China — 1.2% | ||||||||
| JD.com, Inc. ADR (b) | 25,417 | 647,625 | ||||||
| Tencent Holdings Ltd. | 18,600 | 1,025,032 | ||||||
| 1,672,657 | ||||||||
| Czech Republic — 0.1% | ||||||||
| CSG NV (a) (b) | 13,313 | 194,360 | ||||||
| France — 2.4% | ||||||||
| Airbus SE | 8,196 | 1,824,241 | ||||||
| EssilorLuxottica SA | 2,765 | 518,749 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 2,028 | 1,123,043 | ||||||
| 3,466,033 | ||||||||
| Germany — 1.7% | ||||||||
| Allianz SE Registered | 2,820 | 1,334,545 | ||||||
| SAP SE | 7,251 | 1,110,437 | ||||||
| 2,444,982 | ||||||||
| India — 3.3% | ||||||||
| DLF Ltd. | 475,614 | 3,131,954 | ||||||
| HDFC Bank Ltd. | 80,928 | 686,703 | ||||||
| ICICI Bank Ltd. Sponsored ADR | 29,740 | 863,352 | ||||||
| 4,682,009 | ||||||||
| Italy — 1.0% | ||||||||
| Brunello Cucinelli SpA (b) | 12,112 | 1,144,097 | ||||||
| Moncler SpA | 4,907 | 284,711 | ||||||
| 1,428,808 | ||||||||
| Japan — 1.9% | ||||||||
| Capcom Co. Ltd. | 41,100 | 762,793 | ||||||
| Hoya Corp. | 5,400 | 870,849 | ||||||
| Keyence Corp. | 1,600 | 806,123 | ||||||
| Nintendo Co. Ltd. | 5,100 | 214,172 | ||||||
| 2,653,937 | ||||||||
| Netherlands — 3.1% | ||||||||
| Adyen NV (a) (c) | 1,179 | 1,101,066 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| ASML Holding NV | 946 | $ | 1,876,147 | |||||
| BE Semiconductor Industries NV | 4,488 | 1,473,695 | ||||||
| 4,450,908 | ||||||||
| Republic of Korea — 1.7% | ||||||||
| SK Hynix, Inc. | 1,372 | 2,420,641 | ||||||
| Sweden — 1.0% | ||||||||
| Assa Abloy AB Class B | 19,530 | 689,884 | ||||||
| Atlas Copco AB Class A | 36,319 | 737,233 | ||||||
| 1,427,117 | ||||||||
| Switzerland — 2.2% | ||||||||
| Galderma Group AG | 5,427 | 1,234,115 | ||||||
| Lonza Group AG Registered | 2,741 | 1,849,810 | ||||||
| 3,083,925 | ||||||||
| Taiwan — 7.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 139,000 | 10,673,622 | ||||||
| United States — 70.8% | ||||||||
| Alphabet, Inc. Class A | 37,356 | 13,349,914 | ||||||
| Amazon.com, Inc. (a) | 18,602 | 4,433,601 | ||||||
| Analog Devices, Inc. | 13,009 | 5,166,784 | ||||||
| Apple, Inc. | 2,608 | 754,651 | ||||||
| ARM Holdings PLC ADR (a) | 10,386 | 3,682,564 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 563 | 281,720 | ||||||
| Boston Scientific Corp. (a) | 21,165 | 903,322 | ||||||
| Broadcom, Inc. | 14,905 | 5,630,364 | ||||||
| Cadence Design Systems, Inc. (a) | 2,358 | 885,004 | ||||||
| Ecolab, Inc. | 3,209 | 894,059 | ||||||
| Eli Lilly & Co. | 4,100 | 4,917,663 | ||||||
| Equifax, Inc. | 4,532 | 719,319 | ||||||
| IDEXX Laboratories, Inc. (a) | 1,128 | 593,824 | ||||||
| Intuitive Surgical, Inc. (a) | 4,119 | 1,638,044 | ||||||
| IQVIA Holdings, Inc. (a) | 2,368 | 457,545 | ||||||
| Lam Research Corp. | 28,185 | 12,213,406 | ||||||
| Las Vegas Sands Corp. | 12,248 | 565,735 | ||||||
| Linde PLC (LIN US) | 1,005 | 521,535 | ||||||
| Marriott International, Inc. Class A | 5,335 | 1,977,098 | ||||||
| Marvell Technology, Inc. | 21,265 | 6,334,631 | ||||||
| Mastercard, Inc. Class A | 2,448 | 1,257,293 | ||||||
| Meta Platforms, Inc. Class A | 10,732 | 6,045,228 | ||||||
| Microsoft Corp. | 6,888 | 2,569,362 | ||||||
| Netflix, Inc. (a) | 9,447 | 674,516 | ||||||
| NVIDIA Corp. | 40,095 | 8,022,608 | ||||||
| Phathom Pharmaceuticals, Inc. (a) (b) | 35,460 | 384,741 | ||||||
| S&P Global, Inc. | 10,284 | 4,188,262 | ||||||
| Sandisk Corp. (a) | 1,221 | 2,776,224 | ||||||
| ServiceNow, Inc. (a) | 4,539 | 450,632 | ||||||
| Spotify Technology SA (a) | 2,002 | 919,178 | ||||||
| Stryker Corp. | 1,713 | 539,321 | ||||||
| Thermo Fisher Scientific, Inc. | 3,627 | 1,818,433 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TJX Cos., Inc. | 7,514 | $ | 1,138,371 | |||||
| Visa, Inc. Class A | 13,241 | 4,542,855 | ||||||
| 101,247,807 | ||||||||
| TOTAL COMMON STOCK (Cost $80,202,506) | 143,249,002 | |||||||
| TOTAL EQUITIES (Cost $80,202,506) | 143,249,002 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $80,202,506) | 143,249,002 | |||||||
| Short-Term Investments — 1.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.652% (d) | 1,067,383 | 1,067,383 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/26, 2.000%, due 7/01/26 (e) | $ | 604,119 | 604,119 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,671,502) | 1,671,502 | |||||||
| TOTAL INVESTMENTS — 101.4% (Cost $81,874,008) (f) | 144,920,504 | |||||||
| Other Assets/(Liabilities) — (1.4)% | (1,946,291 | ) | ||||||
| NET ASSETS — 100.0% | $ | 142,974,213 | ||||||
| Abbreviation Legend | |
| ADR | American Depositary Receipt |
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2026, was $2,049,671 or 1.43% of net assets. The Fund received $1,055,973 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). |
| (c) | 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 $1,101,066 or 0.77% of net assets. |
| (d) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2026. (Note 2). |
| (e) | Maturity value of $604,152. Collateralized by U.S. Government Agency obligations with a rate of 3.375%, maturity date of 11/30/27, and an aggregate market value, including accrued interest, of $616,272. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MassMutual Premier 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 August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):
MML Barings Short-Duration Bond Fund (formerly known as MassMutual Short-Duration Bond Fund) (“Short-Duration Bond Fund”)
MML Barings Inflation-Protected and Income Fund (formerly known as MassMutual Inflation-Protected and Income Fund ) (“Inflation-Protected and Income Fund”)
MML Barings Core Bond Fund (formerly known as MassMutual Core Bond Fund) (“Core Bond Fund”)
MML Barings Diversified Bond Fund (formerly known as MassMutual Diversified Bond Fund) (“Diversified Bond Fund”)
MML Barings High Yield Fund (formerly known as MassMutual High Yield Fund) (“High Yield Fund”)
MassMutual Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)
MassMutual Global Fund (“Global 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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
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 following is the aggregate value by input level, as of June 30, 2026, for the Funds’ investments:
Short-Duration Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 62,500,406 | $ | — | $ | 62,500,406 | ||||||||
| Non-U.S. Government Agency Obligations | — | 54,728,862 | — | 54,728,862 | ||||||||||||
| Sovereign Debt Obligations | — | 308,403 | — | 308,403 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 20,561 | — | 20,561 | ||||||||||||
| Short-Term Investments | 602,183 | 7,397,003 | — | 7,999,186 | ||||||||||||
| Total Investments | $ | 602,183 | $ | 124,955,235 | $ | — | $ | 125,557,418 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (170,122 | ) | $ | — | $ | — | $ | (170,122 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 9,780,576 | $ | — | $ | 9,780,576 | ||||||||
| Non-U.S. Government Agency Obligations | — | 114,365,490 | 3,609,839 | 117,975,329 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 2,304,687 | — | 2,304,687 | ||||||||||||
| U.S. Treasury Obligations | — | 46,327,391 | — | 46,327,391 | ||||||||||||
| Exchange-Traded Funds | 2,185,056 | — | — | 2,185,056 | ||||||||||||
| Short-Term Investments | — | 26,094,739 | — | 26,094,739 | ||||||||||||
| Total Investments | $ | 2,185,056 | $ | 198,872,883 | $ | 3,609,839 | $ | 204,667,778 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 67,388 | $ | — | $ | — | $ | 67,388 | ||||||||
| Swap Agreements | — | 663,016 | — | 663,016 | ||||||||||||
| Total | $ | 67,388 | $ | 663,016 | $ | — | $ | 730,404 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (32,892 | ) | $ | — | $ | — | $ | (32,892 | ) | ||||||
| Swap Agreements | — | (397,447 | ) | — | (397,447 | ) | ||||||||||
| Total | $ | (32,892 | ) | $ | (397,447 | ) | $ | — | $ | (430,339 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Core Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 360,358,729 | $ | — | $ | 360,358,729 | ||||||||
| Non-U.S. Government Agency Obligations | — | 209,789,042 | — | 209,789,042 | ||||||||||||
| Sovereign Debt Obligations | — | 2,930,163 | — | 2,930,163 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 191,915,206 | — | 191,915,206 | ||||||||||||
| U.S. Treasury Obligations | — | 63,859,316 | — | 63,859,316 | ||||||||||||
| Short-Term Investments | 11,362,870 | 66,137,430 | — | 77,500,300 | ||||||||||||
| Total Investments | $ | 11,362,870 | $ | 894,989,886 | $ | — | $ | 906,352,756 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 1,564,134 | $ | — | $ | — | $ | 1,564,134 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (80,998 | ) | $ | — | $ | — | $ | (80,998 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Diversified Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 43,241,593 | $ | — | $ | 43,241,593 | ||||||||
| Non-U.S. Government Agency Obligations | — | 23,306,457 | — | 23,306,457 | ||||||||||||
| Sovereign Debt Obligations | — | 3,591,189 | — | 3,591,189 | ||||||||||||
| U.S. Treasury Obligations | — | 741,544 | — | 741,544 | ||||||||||||
| Preferred Stock | 169,820 | — | — | 169,820 | ||||||||||||
| Warrants | — | — | 3,709 | 3,709 | ||||||||||||
| Short-Term Investments | 1,701,538 | 134,512 | — | 1,836,050 | ||||||||||||
| Total Investments | $ | 1,871,358 | $ | 71,015,295 | $ | 3,709 | $ | 72,890,362 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 175,320 | $ | — | $ | 175,320 | ||||||||
| Futures Contracts | 5,974 | — | — | 5,974 | ||||||||||||
| Total | $ | 5,974 | $ | 175,320 | $ | — | $ | 181,294 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (70,759 | ) | $ | — | $ | (70,759 | ) | ||||||
| Futures Contracts | (9,023 | ) | — | — | (9,023 | ) | ||||||||||
| Written Options | — | (23,452 | ) | — | (23,452 | ) | ||||||||||
| Total | $ | (9,023 | ) | $ | (94,211 | ) | $ | — | $ | (103,234 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Bank Loans | $ | — | $ | 22,181,577 | $ | — | $ | 22,181,577 | ||||||||
| Corporate Debt | — | 510,168,813 | — | 510,168,813 | ||||||||||||
| Preferred Stock | — | 142,806 | — | 142,806 | ||||||||||||
| Short-Term Investments | 24,719,010 | 20,529,258 | — | 45,248,268 | ||||||||||||
| Total Investments | $ | 24,719,010 | $ | 553,022,454 | $ | — | $ | 577,741,464 | ||||||||
| Liability Investments | ||||||||||||||||
| Unfunded Bank Loan Commitments** | $ | — | $ | (3,964 | ) | $ | — | $ | (3,964 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Small Cap Opportunities Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 604,036,864 | $ | — | $ | — | $ | 604,036,864 | ||||||||
| Short-Term Investments | 4,839,006 | 18,272,215 | — | 23,111,221 | ||||||||||||
| Total Investments | $ | 608,875,870 | $ | 18,272,215 | $ | — | $ | 627,148,085 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Global Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Brazil | $ | 648,403 | $ | — | $ | — | $ | 648,403 | ||||||||
| Canada | 2,753,793 | — | — | 2,753,793 | ||||||||||||
| China | 647,625 | 1,025,032 | — | 1,672,657 | ||||||||||||
| Czech Republic | — | 194,360 | — | 194,360 | ||||||||||||
| France | — | 3,466,033 | — | 3,466,033 | ||||||||||||
| Germany | — | 2,444,982 | — | 2,444,982 | ||||||||||||
| India | 863,352 | 3,818,657 | — | 4,682,009 | ||||||||||||
| Italy | — | 1,428,808 | — | 1,428,808 | ||||||||||||
| Japan | — | 2,653,937 | — | 2,653,937 | ||||||||||||
| Netherlands | — | 4,450,908 | — | 4,450,908 | ||||||||||||
| Republic of Korea | — | 2,420,641 | — | 2,420,641 | ||||||||||||
| Sweden | — | 1,427,117 | — | 1,427,117 | ||||||||||||
| Switzerland | — | 3,083,925 | — | 3,083,925 | ||||||||||||
| Taiwan | — | 10,673,622 | — | 10,673,622 | ||||||||||||
| United States | 101,247,807 | — | — | 101,247,807 | ||||||||||||
| Short-Term Investments | 1,067,383 | 604,119 | — | 1,671,502 | ||||||||||||
| Total Investments | $ | 107,228,363 | $ | 37,692,141 | $ | — | $ | 144,920,504 | ||||||||
| * | 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. |
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 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.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
The Funds may 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 either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
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) |
|||||||||
| Short-Duration Bond Fund | $ | 126,097,537 | $ | 432,049 | $ | (972,168 | ) | $ | (540,119 | ) | ||
| Inflation-Protected and Income Fund | 209,700,653 | 256,232 | (5,289,107 | ) | (5,032,875 | ) | ||||||
| Core Bond Fund | 925,889,737 | 6,904,182 | (26,441,163 | ) | (19,536,981 | ) | ||||||
| Diversified Bond Fund | 73,761,264 | 708,219 | (1,579,121 | ) | (870,902 | ) | ||||||
| High Yield Fund | 579,095,800 | 7,038,976 | (8,393,312 | ) | (1,354,336 | ) | ||||||
| Small Cap Opportunities Fund | 521,745,286 | 115,746,763 | (10,343,964 | ) | 105,402,799 | |||||||
| Global Fund | 81,874,008 | 68,231,077 | (5,184,581 | ) | 63,046,496 | |||||||