NPORT-EX 2 fp0052612_nportex.htm

MML Asset Momentum Fund —  Portfolio of Investments

  

March 31, 2020 (Unaudited)

 

  

Number of

Shares

   Value 
Equities — 24.4%          
           
Common Stock — 24.4%          
Communications — 2.2%          
Internet — 0.8%          
Rightmove PLC   35,000   $211,086 
Media — 0.7%          
Fox Corp. Class A   8,000    189,040 
Telecommunications — 0.7%          
NTT DOCOMO, Inc.   5,600    176,037 
         576,163 
Consumer, Cyclical — 3.8%          
Distribution & Wholesale — 3.8%          
Pool Corp.   5,100    1,003,527 
Consumer, Non-cyclical — 2.2%          
Health Care – Products — 0.7%          
Advanced Medical Solutions Group PLC   54,682    170,243 
Health Care – Services — 0.8%          
Fresenius SE & Co. KGaA   5,900    221,714 
Household Products & Wares — 0.7%          
Henkel AG & Co. KGaA   2,000    150,714 
Portmeirion Group PLC   5,600    23,645 
         174,359 
         566,316 
Energy — 0.9%          
Oil & Gas — 0.9%          
Marathon Petroleum Corp.   10,000    236,200 
Financial — 6.2%          
Diversified Financial Services — 6.2%          
Mastercard, Inc. Class A   5,300    1,280,268 
Visa, Inc. Class A   2,200    354,464 
         1,634,732 
         1,634,732 
Industrial — 4.7%        
Building Materials — 0.3%          
Breedon Group PLC (a)   88,437   74,176 
Electronics — 2.9%          
Halma PLC   17,600    418,152 
Roper Technologies, Inc.   1,100    342,991 
         761,143 
Hand & Machine Tools — 0.6%          
Schindler Holding AG   700    153,863 
Machinery – Diversified — 0.9%          
Keyence Corp.   800    258,172 
         1,247,354 
Technology — 4.4%          
Computers — 3.4%          
Fortinet, Inc. (a)   8,800    890,296 
Software — 1.0%          
EMIS Group PLC   11,800    153,274 
Nexus AG   3,400    104,538 
         257,812 
         1,148,108 
TOTAL COMMON STOCK                                                                                                           
(Cost $5,569,154)
        6,412,400 
           
TOTAL EQUITIES
(Cost $5,569,154)
        6,412,400 

 

 

MML Asset Momentum Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Bonds & Notes — 23.0%        
         
U.S. Treasury Obligations — 23.0%        
U.S. Treasury Bonds & Notes — 23.0%        
U.S. Treasury Note          
1.250% 3/31/21 (b)  $6,000,000   $6,066,359 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,966,406)
        6,066,359 
           
TOTAL BONDS & NOTES
(Cost $5,966,406)
        6,066,359 

  

  

Number of

Shares

    
Mutual Funds — 58.0%          
Diversified Financial Services — 58.0%          
iShares MSCI Brazil Capped Index Fund (c)   36,000    848,160 
iShares MSCI India ETF (c)   6,600    159,126 
iShares MSCI Mexico ETF (c)   17,000    481,950 
State Street Navigator Securities Lending Prime Portfolio (d)   6,234,013    6,234,013 
Vanguard Short-Term Bond ETF (c)   57,000    4,684,260 
Vanguard Total Stock Market ETF (c)   22,200    2,861,802 
         15,269,311 
           
TOTAL MUTUAL FUNDS
(Cost $16,016,987)
        15,269,311 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $27,552,547)
        27,748,070 

 

  

Principal

Amount

    
Short-Term Investments — 15.3%          
Repurchase Agreement — 15.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (e)  $4,027,681    4,027,681 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,027,681)
        4,027,681 
           
TOTAL INVESTMENTS — 120.7%
(Cost $31,580,228) (f)
        31,775,751 
           
Other Assets/(Liabilities) — (20.7)%        (5,455,321)
           
NET ASSETS — 100.0%       $26,320,430 

 

Abbreviation Legend
ETF Exchange-Traded Fund
   

Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a)  Non-income producing security.
(b)  A portion of this security is pledged/held as collateral for open derivatives.
(c)  Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $6,661,482 or 25.31% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $578,221 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)  Represents investment of security lending cash collateral. (Note 2).
(e)  Maturity value of $4,027,681. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $4,111,395.
(f) 

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   
Nasdaq 100 E Mini Index  6/19/20   32   $5,055,449   $(72,249)
S&P 500 E Mini Index  6/19/20   111    14,896,230    (634,395)
                $(706,644)

 

 

MML Blend Fund —  Portfolio of Investments

 

March 31, 2020 (Unaudited)
   Number of
Shares
   Value 
Equities — 61.6%        
         
Common Stock — 61.5%          
Basic Materials — 0.9%          
Chemicals — 0.6%          
Air Products & Chemicals, Inc.   2,475   $494,035 
Celanese Corp.   5,200    381,628 
CF Industries Holdings, Inc.   10,690    290,768 
Dow, Inc.   13,006    380,295 
DuPont de Nemours, Inc.   2,806    95,685 
Eastman Chemical Co.   6,070    282,740 
Ecolab, Inc.   2    312 
Linde PLC   346    59,858 
LyondellBasell Industries NV Class A   15,640    776,213 
PPG Industries, Inc.   2,818    235,585 
The Sherwin-Williams Co.   1,673    768,777 
         3,765,896 
Forest Products & Paper — 0.1%          
International Paper Co.   18,987    591,065 
Iron & Steel — 0.1%          
Nucor Corp.   11,656    419,849 
Mining — 0.1%          
Freeport-McMoRan, Inc.   64    432 
Newmont Corp.   16,870    763,874 
         764,306 
         5,541,116 
Communications — 10.0%          
Advertising — 0.1%          
The Interpublic Group of Cos., Inc.   22,122    358,155 
Omnicom Group, Inc.   8,147    447,271 
         805,426 
Internet — 6.3%          
Alphabet, Inc. Class A (a)   4,750    5,519,262 
Alphabet, Inc. Class C (a)   5,411    6,291,965 
Amazon.com, Inc. (a)   7,500    14,622,900 
Booking Holdings, Inc. (a)   1,511    2,032,779 
CDW Corp.   6,080    567,082 
eBay, Inc.   41,777    1,255,817 
Expedia Group, Inc.   1,877    105,619 
F5 Networks, Inc. (a)   1,400    149,282 
Facebook, Inc. Class A (a)   47,000    7,839,600 
Netflix, Inc. (a)   143    53,696 
NortonLifeLock, Inc.   55    1,029 
TripAdvisor, Inc.   37    643 
Twitter, Inc. (a)   300    7,368 
VeriSign, Inc. (a)   2,991    538,649 
         38,985,691 
Media — 1.1%          
Charter Communications, Inc. Class A (a)   2,031    886,146 
Comcast Corp. Class A   93,724    3,222,231 
Discovery, Inc. Class A (a) (b)   16,400    318,816 
Discovery, Inc. Class C (a)   9,043    158,614 
DISH Network Corp. Class A (a)   6,600    131,934 
Fox Corp. Class A   14,622    345,518 
Fox Corp. Class B   2,700    61,776 
News Corp. Class A   66    592 
ViacomCBS, Inc. Class B   20,143    282,203 
The Walt Disney Co.   11,166    1,078,636 
         6,486,466 
Telecommunications — 2.5%          
AT&T, Inc.   97,326    2,837,053 
CenturyLink, Inc.   27,928    264,199 
Cisco Systems, Inc.   144,142    5,666,222 
Corning, Inc.   8,167    167,750 
Juniper Networks, Inc.   7,289    139,512 
Motorola Solutions, Inc.   2,107    280,062 
Verizon Communications, Inc.   113,955    6,122,802 
         15,477,600 
         61,755,183 
Consumer, Cyclical — 4.9%          
Airlines — 0.3%          
Alaska Air Group, Inc.   300    8,541 
American Airlines Group, Inc.   2,200    26,818 
Delta Air Lines, Inc.   23,200    661,896 
Southwest Airlines Co.   27,183    967,987 
United Airlines Holdings, Inc. (a)   11,700    369,135 
         2,034,377 
Apparel — 0.4%          
Capri Holdings Ltd. (a)   2,800    30,212 
Hanesbrands, Inc. (b)   34,000    267,580 
NIKE, Inc. Class B   17,884    1,479,722 
PVH Corp.   1,620    60,977 
Ralph Lauren Corp.   2,960    197,817 
Tapestry, Inc.   6,220    80,549 
Under Armour, Inc. Class C (a)   1,900    15,314 
VF Corp.   2,200    118,976 
         2,251,147 
Auto Manufacturers — 0.5%          
Cummins, Inc.   5,555    751,702 
Ford Motor Co.   74,313    358,932 
General Motors Co.   53,400    1,109,652 
PACCAR, Inc.   12,722    777,696 
         2,997,982 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Auto Parts & Equipment — 0.0%          
BorgWarner, Inc.   4,800   $116,976 
Distribution & Wholesale — 0.1%          
Copart, Inc. (a)   4,400    301,488 
Fastenal Co.   164    5,125 
W.W. Grainger, Inc.   1,072    266,392 
         573,005 
Home Builders — 0.1%          
D.R. Horton, Inc.   4,747    161,398 
PulteGroup, Inc.   8,173    182,421 
         343,819 
Home Furnishings — 0.0%          
Leggett & Platt, Inc.   86    2,295 
Whirlpool Corp.   2,993    256,799 
         259,094 
Housewares — 0.0%          
Newell Brands, Inc.   4,600    61,088 
           
Leisure Time — 0.0%          
Harley-Davidson, Inc.   3,302    62,507 
Norwegian Cruise Line Holdings Ltd. (a)   1,300    14,248 
Royal Caribbean Cruises Ltd.   610    19,624 
         96,379 
Lodging — 0.3%          
Hilton Worldwide Holdings, Inc.   12,700    866,648 
Las Vegas Sands Corp.   9,000    382,230 
Marriott International, Inc. Class A   6,081    454,920 
Wynn Resorts Ltd.   8    481 
         1,704,279 
Retail — 3.2%          
Advance Auto Parts, Inc.   1,010    94,253 
AutoZone, Inc. (a)   464    392,544 
Best Buy Co., Inc.   13,192    751,944 
Costco Wholesale Corp.   530    151,119 
Darden Restaurants, Inc.   2,654    144,537 
Dollar General Corp.   3,780    570,818 
Dollar Tree, Inc. (a)   48    3,526 
The Gap, Inc. (b)   10,990    77,369 
Genuine Parts Co.   3,264    219,765 
The Home Depot, Inc.   23,487    4,385,258 
Kohl's Corp.   8,530    124,453 
L Brands, Inc.   2,200    25,432 
Lowe's Cos., Inc.   39,115    3,365,846 
Macy's, Inc. (b)   10,351    50,823 
McDonald's Corp.   3,300    545,655 
Nordstrom, Inc. (b)   10,308    158,125 
O'Reilly Automotive, Inc. (a)   3,743    1,126,830 
Ross Stores, Inc.   10,104    878,745 
Starbucks Corp.   11,254    739,838 
Target Corp.   17,286    1,607,079 
Tiffany & Co.   802    103,859 
The TJX Cos., Inc.   25,112    1,200,605 
Walgreens Boots Alliance, Inc.   10,857    496,708 
Walmart, Inc.   19,862    2,256,720 
Yum! Brands, Inc.   3,675    251,848 
         19,723,699 
Toys, Games & Hobbies — 0.0%          
Hasbro, Inc.   2,791    199,696 
         30,361,541 
Consumer, Non-cyclical — 14.3%          
Agriculture — 0.9%          
Altria Group, Inc.   74,259    2,871,595 
Archer-Daniels-Midland Co.   92    3,237 
Philip Morris International, Inc.   31,986    2,333,699 
         5,208,531 
Beverages — 1.1%          
Brown-Forman Corp. Class B (b)   15    833 
The Coca-Cola Co.   73,030    3,231,577 
Constellation Brands, Inc. Class A   542    77,701 
Molson Coors Beverage Co. Class B   1,500    58,515 
Monster Beverage Corp. (a)   8,400    472,584 
PepsiCo, Inc.   21,770    2,614,577 
         6,455,787 
Biotechnology — 2.2%          
Alexion Pharmaceuticals, Inc. (a)   8,440    757,828 
Amgen, Inc.   23,671    4,798,822 
Biogen, Inc. (a)   9,472    2,996,751 
Corteva, Inc.   6    141 
Gilead Sciences, Inc.   46,910    3,506,992 
Illumina, Inc. (a)   20    5,462 
Incyte Corp. (a)   2,900    212,367 
Regeneron Pharmaceuticals, Inc. (a)   2,090    1,020,526 
Vertex Pharmaceuticals, Inc. (a)   1,250    297,437 
         13,596,326 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Commercial Services — 0.8%          
Automatic Data Processing, Inc.   1,889   $258,189 
Cintas Corp.   2,378    411,917 
Equifax, Inc.   2    239 
Gartner, Inc. (a)   110    10,953 
Global Payments, Inc.   2    288 
H&R Block, Inc. (b)   26,163    368,375 
Moody's Corp.   5,040    1,065,960 
Nielsen Holdings PLC   23,400    293,436 
PayPal Holdings, Inc. (a)   7    670 
Quanta Services, Inc.   2,013    63,872 
Robert Half International, Inc.   10,626    401,131 
S&P Global, Inc.   6,358    1,558,028 
United Rentals, Inc. (a)   3,220    331,338 
Verisk Analytics, Inc.   2,720    379,114 
         5,143,510 
Cosmetics & Personal Care — 1.1%          
Colgate-Palmolive Co.   20,806    1,380,686 
The Estee Lauder Cos., Inc. Class A   1,570    250,164 
The Procter & Gamble Co.   44,419    4,886,090 
         6,516,940 
Foods — 0.7%          
Campbell Soup Co.   11,724    541,180 
Conagra Brands, Inc.   7,774    228,089 
General Mills, Inc.   19,062    1,005,902 
The Hershey Co.   4,287    568,028 
Hormel Foods Corp.   3,232    150,740 
The J.M. Smucker Co.   845    93,795 
Kellogg Co.   28    1,680 
The Kraft Heinz Co.   4,958    122,661 
The Kroger Co.   24,258    730,651 
McCormick & Co., Inc.   91    12,850 
Mondelez International, Inc. Class A   1,675    83,884 
Sysco Corp.   15,134    690,564 
Tyson Foods, Inc. Class A   5,401    312,556 
         4,542,580 
Health Care – Products — 0.6%          
Abbott Laboratories   1    79 
Align Technology, Inc. (a)   1,370    238,311 
Baxter International, Inc.   7,561    613,878 
The Cooper Cos., Inc.   1,240    341,831 
Danaher Corp.   86    11,903 
Dentsply Sirona, Inc.   56    2,174 
Edwards Lifesciences Corp. (a)   1,750    330,085 
Henry Schein, Inc. (a)   500    25,260 
IDEXX Laboratories, Inc. (a)   1,830    443,299 
Intuitive Surgical, Inc. (a)   8    3,962 
Medtronic PLC   1,520    137,074 
ResMed, Inc.   2,160    318,146 
Stryker Corp.   2,780    462,842 
Thermo Fisher Scientific, Inc.   2,281    646,892 
Varian Medical Systems, Inc. (a)   7    719 
Zimmer Biomet Holdings, Inc.   5    505 
         3,576,960 
Health Care – Services — 1.2%          
Anthem, Inc.   5,476    1,243,271 
Centene Corp. (a)   2,120    125,949 
DaVita, Inc. (a)   7,630    580,338 
HCA Healthcare, Inc.   9,790    879,631 
Humana, Inc.   2,144    673,259 
Laboratory Corp. of America Holdings (a)   2    253 
Quest Diagnostics, Inc.   3,309   265,713 
UnitedHealth Group, Inc.   13,984    3,487,330 
Universal Health Services, Inc. Class B   50    4,954 
         7,260,698 
Household Products & Wares — 0.5%          
Avery Dennison Corp.   1,915    195,081 
Church & Dwight Co., Inc.   3,400    218,212 
The Clorox Co.   4,243    735,100 
Kimberly-Clark Corp.   17,005    2,174,429 
         3,322,822 
Pharmaceuticals — 5.2%          
AbbVie, Inc.   58,722    4,474,029 
Allergan PLC   1,250    221,375 
AmerisourceBergen Corp.   6,507    575,870 
Becton Dickinson and Co.   2    460 
Bristol-Myers Squibb Co.   64,243    3,580,905 
Cardinal Health, Inc.   5,978    286,585 
Cigna Corp. (a)   2,803    496,636 
CVS Health Corp.   9,301    551,828 
Eli Lilly & Co.   39,264    5,446,702 
Johnson & Johnson   49,892    6,542,338 
McKesson Corp.   11,605    1,569,692 
Merck & Co., Inc.   49,383    3,799,528 
Mylan NV (a)   18,547    276,536 
Pfizer, Inc.   114,441    3,735,354 
Zoetis, Inc.   4,890    575,504 
         32,133,342 
         87,757,496 
Energy — 1.2%          
Oil & Gas — 1.2%          
Apache Corp.   21    88 
Cabot Oil & Gas Corp.   30,148    518,244 
Chevron Corp.   9,038    654,894 
Cimarex Energy Co.   1,900    31,977 
ConocoPhillips   12,539    386,201 
Devon Energy Corp.   6,447    44,549 
Diamondback Energy, Inc.   2,460    64,452 
EOG Resources, Inc.   5,478    196,770 
Exxon Mobil Corp.   36,397    1,381,994 
Helmerich & Payne, Inc.   60    939 
Hess Corp.   3,032    100,966 
HollyFrontier Corp.   13,000    318,630 
Marathon Oil Corp.   7,327    24,106 
Marathon Petroleum Corp.   38,100    899,922 
Noble Energy, Inc.   56    338 
Occidental Petroleum Corp.   629    7,284 
Phillips 66   25,579    1,372,313 
Pioneer Natural Resources Co.   1    70 
Valero Energy Corp.   23,240    1,054,166 
         7,057,903 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Oil & Gas Services — 0.0%          
Baker Hughes Co.   31   $325 
Halliburton Co.   16,867    115,539 
National Oilwell Varco, Inc.   1,094    10,754 
Schlumberger Ltd.   4,531    61,123 
TechnipFMC PLC   40    270 
         188,011 
Pipelines — 0.0%          
Kinder Morgan, Inc.   238    3,313 
The Williams Cos., Inc.   48    679 
         3,992 
         7,249,906 
Financial — 9.2%          
Banks — 3.4%          
Bank of America Corp.   135,398    2,874,500 
The Bank of New York Mellon Corp.   35,507    1,195,876 
Citigroup, Inc.   65,551    2,761,008 
Citizens Financial Group, Inc.   5,900    110,979 
Comerica, Inc.   5,821    170,788 
Fifth Third Bancorp   11,821    175,542 
The Goldman Sachs Group, Inc.   4,840    748,216 
Huntington Bancshares, Inc.   6,800    55,828 
JP Morgan Chase & Co.   65,732    5,917,852 
KeyCorp   32,764    339,763 
M&T Bank Corp.   2,545    263,229 
Morgan Stanley   56,497    1,920,898 
Northern Trust Corp.   3,459    261,016 
The PNC Financial Services Group, Inc.   7,688    735,895 
Regions Financial Corp.   26,715    239,634 
State Street Corp.   6,576    350,303 
SVB Financial Group (a)   2,100    317,268 
Truist Financial Corp.   14,044    433,117 
US Bancorp   21,902    754,524 
Wells Fargo & Co.   38,816    1,114,019 
Zions Bancorp NA   2,041    54,617 
         20,794,872 
Diversified Financial Services — 2.8%          
Alliance Data Systems Corp.   3,580    120,467 
American Express Co.   5,839    499,877 
Ameriprise Financial, Inc.   7,456    764,091 
BlackRock, Inc.   1,450    637,956 
Capital One Financial Corp.   9,452    476,570 
The Charles Schwab Corp.   21,112    709,785 
Discover Financial Services   17,183    612,918 
E*TRADE Financial Corp.   5,561    190,853 
Franklin Resources, Inc.   5,387    89,909 
Intercontinental Exchange, Inc.   1,115    90,036 
Invesco Ltd.   14,412    130,861 
Jefferies Financial Group, Inc.   37    506 
Mastercard, Inc. Class A   26,510    6,403,756 
Nasdaq, Inc.   45    4,273 
Raymond James Financial, Inc.   3,900    246,480 
Synchrony Financial   39,200    630,728 
T. Rowe Price Group, Inc.   4,706    459,541 
Visa, Inc. Class A   28,692    4,622,855 
The Western Union Co. (b)   21,188    384,138 
         17,075,600 
Insurance — 1.6%          
Aflac, Inc.   14,844    508,259 
The Allstate Corp.   4,235    388,477 
American International Group, Inc.   11,446    277,565 
Aon PLC   3,445    568,563 
Assurant, Inc.   96    9,993 
Berkshire Hathaway, Inc. Class B (a)   21,606    3,950,225 
Chubb Ltd.   4,088    456,589 
Cincinnati Financial Corp.   39    2,943 
Everest Re Group Ltd.   20    3,848 
Globe Life, Inc.   3,282    236,206 
The Hartford Financial Services Group, Inc.   5,152    181,556 
Lincoln National Corp.   6,951    182,950 
Loews Corp.   783    27,272 
Marsh & McLennan Cos., Inc.   1,103    95,365 
MetLife, Inc.   32,190    984,048 
Principal Financial Group, Inc.   8,129    254,763 
The Progressive Corp.   11,614    857,578 
Prudential Financial, Inc.   8,037    419,049 
The Travelers Cos., Inc.   4,097    407,037 
Unum Group   16,131    242,126 
         10,054,412 
Real Estate — 0.0%          
CBRE Group, Inc. Class A (a)   8,087    304,961 
           
Real Estate Investment Trusts (REITS) — 1.4%          
Alexandria Real Estate Equities, Inc.   120    16,447 
American Tower Corp.   13,019    2,834,887 
Apartment Investment & Management Co. Class A   82    2,882 
AvalonBay Communities, Inc.   2,081    306,261 
Boston Properties, Inc.   3,793    349,828 
Crown Castle International Corp.   1,450    209,380 
Digital Realty Trust, Inc. (b)   280    38,895 
Duke Realty Corp.   9,000    291,420 
Equinix, Inc.   300    187,371 
Equity Residential   756    46,653 
Essex Property Trust, Inc.   180    39,643 
Extra Space Storage, Inc.   4,090    391,658 
Healthpeak Properties, Inc.   935    22,300 
Host Hotels & Resorts, Inc.   43,337    478,441 
Iron Mountain, Inc. (b)   48    1,142 
Kimco Realty Corp.   15,067    145,698 
The Macerich Co. (b)   6,000    33,780 
Mid-America Apartment Communities, Inc.   2,190    225,636 
Prologis, Inc.   12,838    1,031,790 
Public Storage   3,103    616,287 
Realty Income Corp.   700    34,902 
Regency Centers Corp.   3,900    149,877 
Simon Property Group, Inc.   15,305    839,632 
SL Green Realty Corp.   2,790    120,249 
UDR, Inc.   200    7,308 
Ventas, Inc.   925    24,790 
Vornado Realty Trust   1,373    49,716 
Welltower, Inc.   1,500    68,670 
Weyerhaeuser Co.   26    441 
         8,565,984 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Savings & Loans — 0.0%          
People's United Financial, Inc.   1,751   $19,349 
         56,815,178 
Industrial — 4.3%          
Aerospace & Defense — 1.0%          
The Boeing Co.   72    10,738 
General Dynamics Corp.   602    79,651 
Howmet Aerospace, Inc.   5,408    86,852 
L3 Harris Technologies, Inc.   1,161    209,119 
Lockheed Martin Corp.   11,970    4,057,232 
Northrop Grumman Corp.   2,658    804,178 
Raytheon Co.   3,309    433,975 
edeRaytheon Technologies Corp.   2,493    235,165 
         5,916,910 
Building Materials — 0.1%          
Johnson Controls International PLC   2,565    69,153 
Masco Corp.   9,825    339,650 
Vulcan Materials Co.   5    540 
         409,343 
Electrical Components & Equipment — 0.1%          
AMETEK, Inc.   2,500    180,050 
Emerson Electric Co.   12,269    584,618 
         764,668 
Electronics — 0.8%          
Agilent Technologies, Inc.   63    4,512 
Allegion PLC   1,633    150,269 
Amphenol Corp. Class A   4,874    355,217 
FLIR Systems, Inc.   2,852    90,950 
Fortive Corp.   5,878    324,407 
Garmin Ltd.   2,100    157,416 
Honeywell International, Inc.   13,402    1,793,053 
Keysight Technologies, Inc. (a)   4,500    376,560 
Mettler-Toledo International, Inc. (a)   760    524,788 
PerkinElmer, Inc.   20    1,506 
Roper Technologies, Inc.   663    206,730 
TE Connectivity Ltd.   8,500    535,330 
Waters Corp. (a)   1,540    280,357 
         4,801,095 
Engineering & Construction — 0.0%          
Jacobs Engineering Group, Inc.   820    65,001 
Environmental Controls — 0.2%          
Pentair PLC   2,523    75,084 
Republic Services, Inc.   337    25,295 
Waste Management, Inc.   9,373    867,565 
         967,944 
Hand & Machine Tools — 0.0%          
Snap-on, Inc.   1,171    127,428 
Stanley Black & Decker, Inc.   9    900 
         128,328 
Machinery – Construction & Mining — 0.3%          
Caterpillar, Inc.   15,845    1,838,654 
           
Machinery – Diversified — 0.2%          
Dover Corp.   1,303    109,374 
Flowserve Corp.   1,870    44,675 
Ingersoll Rand, Inc. (a)   344    8,531 
Rockwell Automation, Inc.   6,753    1,019,095 
Xylem, Inc.   55    3,582 
         1,185,257 
Miscellaneous - Manufacturing — 0.8%          
3M Co.   14,052    1,918,238 
Eaton Corp. PLC   7,366    572,265 
General Electric Co.   2,586    20,533 
Illinois Tool Works, Inc.   15,815    2,247,628 
Parker-Hannifin Corp.   2,268    294,228 
Textron, Inc.   3,372    89,931 
Trane Technologies PLC   390    32,210 
         5,175,033 
Packaging & Containers — 0.1%          
Ball Corp.   4    259 
Packaging Corp. of America   5,550    481,906 
Sealed Air Corp.   53    1,310 
WestRock Co.   7,467    211,017 
         694,492 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.   1,110    202,253 
           
Transportation — 0.7%          
C.H. Robinson Worldwide, Inc.   2,520    166,824 
CSX Corp.   19,307    1,106,291 
Expeditors International of Washington, Inc.   126    8,407 
Norfolk Southern Corp.   3    438 
Union Pacific Corp.   11,252    1,586,982 
United Parcel Service, Inc. Class B   17,960    1,677,823 
         4,546,765 
         26,695,743 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Technology — 15.0%          
Computers — 5.2%          
Accenture PLC Class A   15,660   $2,556,652 
Apple, Inc.   83,287    21,179,051 
Cognizant Technology Solutions Corp. Class A   14,656    681,064 
DXC Technology Co.   7,579    98,906 
Fortinet, Inc. (a)   2,720    275,182 
Hewlett Packard Enterprise Co.   50,874    493,986 
HP, Inc.   44,074    765,125 
International Business Machines Corp.   38,390    4,258,603 
Leidos Holdings, Inc.   5,000    458,250 
NetApp, Inc.   8,998    375,127 
Seagate Technology PLC   8,800    429,440 
Western Digital Corp.   7,147    297,458 
         31,868,844 
Office & Business Equipment — 0.0%          
Xerox Holdings Corp.   5,736    108,640 
           
Semiconductors — 3.7%          
Analog Devices, Inc.   1,072    96,105 
Applied Materials, Inc.   35,339    1,619,233 
Broadcom, Inc.   7,049    1,671,318 
Intel Corp.   132,123    7,150,497 
KLA Corp.   5,439    781,802 
Lam Research Corp.   6,193    1,486,320 
Maxim Integrated Products, Inc.   6,600    320,826 
Microchip Technology, Inc. (b)   21    1,424 
Micron Technology, Inc. (a)   29,817    1,254,103 
NVIDIA Corp.   2,256    594,682 
QUALCOMM, Inc.   59,100    3,998,115 
Skyworks Solutions, Inc.   5,940    530,917 
Texas Instruments, Inc.   29,594    2,957,328 
Xilinx, Inc.   5,996    467,328 
         22,929,998 
Software — 6.1%          
Activision Blizzard, Inc.   200    11,896 
Adobe, Inc. (a)   3,600    1,145,664 
Akamai Technologies, Inc. (a)   2,026    185,359 
Autodesk, Inc. (a)   7    1,093 
Broadridge Financial Solutions, Inc.   720    68,277 
Cadence Design Systems, Inc. (a)   10,500    693,420 
Cerner Corp.   4,300    270,857 
Citrix Systems, Inc.   4,937    698,832 
Electronic Arts, Inc. (a)   14,107    1,413,098 
Fidelity National Information Services, Inc.   540    65,686 
Fiserv, Inc. (a)   502    47,685 
Intuit, Inc.   6,190    1,423,700 
Microsoft Corp.   158,395    24,980,475 
MSCI, Inc.   1,700    491,232 
Oracle Corp.   101,957    4,927,582 
Paychex, Inc.   5,864    368,963 
salesforce.com, Inc. (a)   4    576 
Synopsys, Inc. (a)   2,630    338,718 
         37,133,113 
         92,040,595 
Utilities — 1.7%          
Electric — 1.7%          
AES Corp.   48,287    656,703 
Alliant Energy Corp.   5,400    260,766 
Ameren Corp.   4,060    295,690 
American Electric Power Co., Inc.   2,485    198,750 
CenterPoint Energy, Inc.   4,131    63,824 
CMS Energy Corp.   1,103    64,801 
Consolidated Edison, Inc.   1,282    99,996 
Dominion Energy, Inc.   6,647    479,847 
DTE Energy Co.   3,020    286,809 
Duke Energy Corp.   6,190    500,647 
Edison International   826    45,257 
Entergy Corp.   648    60,893 
Evergy, Inc.   5,300    291,765 
Eversource Energy   812    63,507 
Exelon Corp.   22,140    814,973 
FirstEnergy Corp.   19,380    776,557 
NextEra Energy, Inc.   1,350    324,837 
NRG Energy, Inc.   28,600    779,636 
Pinnacle West Capital Corp.   1,396    105,803 
PPL Corp.   41,918    1,034,536 
Public Service Enterprise Group, Inc.   9,924    445,687 
Sempra Energy   1,781    201,235 
The Southern Co.   41,922    2,269,657 
WEC Energy Group, Inc.   4,542    400,286 
Xcel Energy, Inc.   2,172    130,972 
         10,653,434 
Gas — 0.0%          
NiSource, Inc.   713    17,803 
Water — 0.0%          
American Water Works Co., Inc.   380    45,433 
         10,716,670 
TOTAL COMMON STOCK
(Cost $323,817,045)
        378,933,428 
           
Preferred Stock — 0.1%          
Financial — 0.1%          
Insurance — 0.1%          
The Allstate Corp., 3 mo. USD LIBOR + 3.165%          
5.100% VRN   20,000    487,200 
           
TOTAL PREFERRED STOCK
(Cost $500,000)
        487,200 
           
TOTAL EQUITIES
(Cost $324,317,045)
        379,420,628 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Bonds & Notes — 37.8%        
         
Corporate Debt — 13.0%        
Aerospace & Defense — 0.0%        
United Technologies Corp.          
6.125% 7/15/38  $80,000   $114,963 
Agriculture — 0.3%          
BAT Capital Corp.          
4.758% 9/06/49   110,000    103,857 
Bunge Ltd. Finance Corp.          
3.250% 8/15/26   262,000    237,621 
4.350% 3/15/24   350,000    342,265 
Imperial Brands Finance PLC          
3.875% 7/26/29 (c)   631,000    590,081 
Reynolds American, Inc.          
4.450% 6/12/25   245,000    246,463 
5.850% 8/15/45   220,000    236,313 
         1,756,600 
Airlines — 0.1%          
American Airlines Group, Inc.          
5.000% 6/01/22 (c)   511,000    410,078 
American Airlines Pass-Through Trust, Series 2014-1, Class B,          
4.375% 4/01/24   25,096    23,494 
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,          
4.100% 10/01/29   260,153    253,075 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   82,760    71,695 
         758,342 
Auto Manufacturers — 0.6%          
Ford Motor Credit Co. LLC          
3.087% 1/09/23   320,000    294,400 
3.336% 3/18/21   400,000    383,920 
3.810% 1/09/24   450,000    407,250 
4.140% 2/15/23   465,000    430,962 
4.375% 8/06/23   475,000    431,822 
General Motors Co.          
4.200% 10/01/27   215,000    177,654 
5.150% 4/01/38   130,000    94,019 
General Motors Financial Co., Inc.          
3.500% 11/07/24   490,000    431,129 
4.150% 6/19/23   582,000    529,386 
4.200% 11/06/21   301,000    287,288 
Hyundai Capital America          
2.850% 11/01/22 (c)   385,000    375,963 
         3,843,793 
Banks — 1.7%          
Associated Banc-Corp.          
4.250% 1/15/25   494,000    508,747 
Bank of America Corp.          
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27   175,000    183,124 
4.183% 11/25/27   255,000    263,584 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   200,000    229,998 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   100,000    108,106 
4.750% 4/21/45   125,000    142,008 
6.110% 1/29/37   220,000    282,637 
7.750% 5/14/38   95,000    140,340 
The Bank of Nova Scotia          
4.500% 12/16/25   200,000    205,483 
3 mo. USD LIBOR + 2.648% 4.650% VRN   (d)   715,000    546,081 
Barclays Bank PLC          
10.179% 6/12/21 (c)   440,000    470,054 
Barclays PLC          
3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24   345,000    303,809 
4.337% 1/10/28   260,000    264,299 
Citigroup, Inc.          
3.875% 3/26/25   387,000    392,304 
8.125% 7/15/39   90,000    141,169 
Credit Suisse AG          
6.500% 8/08/23 (c)   350,000    355,103 
Deutsche Bank AG          
3.150% 1/22/21   428,000    418,134 
Discover Bank 5 year USD Swap + 1.730%          
  4.682% VRN 8/09/28   495,000    504,014 
First Republic Bank          
4.375% 8/01/46   935,000    994,497 
Fulton Financial Corp.          
3.600% 3/16/22   230,000    231,738 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   100,000    103,082 
5.950% 1/15/27   212,000    240,053 
6.250% 2/01/41   60,000    80,756 
6.750% 10/01/37   200,000    264,753 
HSBC Holdings PLC          
4.250% 3/14/24   200,000    205,232 
ING Groep NV          
3.550% 4/09/24   290,000    291,400 
JP Morgan Chase & Co.          
5.600% 7/15/41   195,000    259,168 
Morgan Stanley          
4.350% 9/08/26   775,000    820,935 
5.000% 11/24/25   275,000    301,052 
SVB Financial Group          
3.500% 1/29/25   400,000    402,884 
Truist Bank          
2.250% 3/11/30   320,000    292,593 
Valley National Bancorp          
5.125% 9/27/23   245,000    255,710 
Wells Fargo & Co.          
5.375% 11/02/43   159,000    186,391 
5.606% 1/15/44   110,000    131,687 
         10,520,925 
Beverages — 0.2%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900% 2/01/46   825,000    898,560 
Molson Coors Beverage Co.          
4.200% 7/15/46   285,000    254,763 
5.000% 5/01/42   60,000    58,168 
         1,211,491 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Building Materials — 0.1%          
Standard Industries, Inc.          
5.000% 2/15/27 (c)  $771,000   $701,610 
5.500% 2/15/23 (c)   78,000    75,270 
         776,880 
Chemicals — 0.4%          
DuPont de Nemours, Inc.          
5.319% 11/15/38   365,000    409,973 
Huntsman International LLC          
5.125% 11/15/22   197,000    201,925 
LYB International Finance BV          
5.250% 7/15/43   175,000    178,420 
Syngenta Finance NV          
3.698% 4/24/20 (c)   410,000    409,212 
4.441% 4/24/23 (c)   400,000    376,815 
Yara International ASA          
4.750% 6/01/28 (c)   745,000    751,331 
         2,327,676 
Commercial Services — 0.2%          
The ADT Security Corp.          
6.250% 10/15/21   1,122,000    1,096,755 
ERAC USA Finance LLC          
6.700% 6/01/34 (c)   78,000    101,072 
         1,197,827 
Computers — 0.3%          
Dell International LLC/EMC Corp.          
6.020% 6/15/26 (c)   616,000    635,762 
Genpact Luxembourg Sarl          
3.375% 12/01/24   770,000    773,162 
3.700% STEP 4/01/22   360,000    366,471 
         1,775,395 
Diversified Financial Services — 0.9%          
Aircastle Ltd.          
4.400% 9/25/23   190,000    181,700 
5.000% 4/01/23   525,000    512,559 
Ally Financial, Inc.          
4.125% 2/13/22   375,000    360,821 
Antares Holdings LP          
6.000% 8/15/23 (c)   495,000    509,851 
Ares Finance Co. LLC          
4.000% 10/08/24 (c)   355,000    350,735 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (c)   310,000    243,112 
Brookfield Finance, Inc.          
4.850% 3/29/29   433,000    459,381 
GE Capital International Funding Co. Unlimited Co.          
4.418% 11/15/35   200,000    213,416 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (c)  325,000   209,300 
Lazard Group LLC          
3.625% 3/01/27   184,000    184,434 
3.750% 2/13/25   160,000    157,797 
4.500% 9/19/28   285,000    285,739 
LeasePlan Corp. NV          
2.875% 10/24/24 (c)   345,000    337,954 
Legg Mason, Inc.          
5.625% 1/15/44   175,000    185,880 
Park Aerospace Holdings Ltd.          
4.500% 3/15/23 (c)   250,000    216,861 
5.250% 8/15/22 (c)   1,375,000    1,242,472 
         5,652,012 
Electric — 0.7%          
Avangrid, Inc.          
3.800% 6/01/29   367,000    375,263 
The Cleveland Electric Illuminating Co.          
3.500% 4/01/28 (c)   155,000    145,800 
CMS Energy Corp.          
4.700% 3/31/43   115,000    124,407 
4.875% 3/01/44   390,000    421,126 
Entergy Louisiana LLC          
4.950% 1/15/45   165,000    174,409 
IPALCO Enterprises, Inc.          
3.450% 7/15/20   615,000    614,907 
3.700% 9/01/24   170,000    176,185 
Metropolitan Edison Co.          
4.300% 1/15/29 (c)   328,000    342,303 
Nevada Power Co.          
6.650% 4/01/36   135,000    178,430 
Oncor Electric Delivery Co.          
7.500% 9/01/38   40,000    60,947 
Pennsylvania Electric Co.          
4.150% 4/15/25 (c)   295,000    292,279 
Potomac Electric Power Co.          
4.150% 3/15/43   350,000    382,555 
Puget Energy, Inc.          
3.650% 5/15/25   350,000    342,208 
Southwestern Electric Power Co.          
6.200% 3/15/40   180,000    237,687 
Xcel Energy, Inc.          
6.500% 7/01/36   390,000    508,944 
         4,377,450 
Electronics — 0.0%          
Ingram Micro, Inc.          
  5.450% STEP 12/15/24   203,000    165,738 
           
Foods — 0.2%          
Ingredion, Inc.          
3.200% 10/01/26   155,000    166,137 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
5.500% 1/15/30 (c)   174,000    179,655 
Kraft Heinz Foods Co.          
3.950% 7/15/25   560,000    557,305 
Mars, Inc.          
3.950% 4/01/49 (c)   415,000    449,642 
         1,352,739 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Forest Products & Paper — 0.0%          
Fibria Overseas Finance Ltd.          
4.000% 1/14/25  $250,000   $230,877 
Gas — 0.1%          
NiSource, Inc.          
4.800% 2/15/44   385,000    388,528 
5.800% 2/01/42   175,000    194,597 
         583,125 
Health Care – Services — 0.1%          
Advocate Health & Hospitals Corp.          
3.829% 8/15/28   165,000    181,042 
Humana, Inc.          
4.800% 3/15/47   125,000    139,291 
         320,333 
Home Builders — 0.0%          
Lennar Corp.          
4.750% 5/30/25   200,000    191,000 
Housewares — 0.1%          
Newell Brands, Inc.          
  4.100% STEP 4/01/23   528,000    535,893 
Insurance — 1.6%          
Allstate Corp. 3 mo. USD LIBOR + 2.938%          
 5.750% VRN 8/15/53   990,000    881,100 
American International Group, Inc.          
4.200% 4/01/28   210,000    216,387 
4.500% 7/16/44   200,000    202,811 
4.750% 4/01/48   75,000    79,152 
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48   625,000    547,000 
AmTrust Financial Services, Inc.          
6.125% 8/15/23   775,000    765,461 
Arch Capital Group US, Inc.          
5.144% 11/01/43   170,000    209,350 
Athene Global Funding          
2.500% 1/14/25 (c)   630,000    593,433 
Athene Holding Ltd.          
4.125% 1/12/28   1,255,000    1,133,394 
AXIS Specialty Finance LLC          
3.900% 7/15/29   155,000    160,436 
5 year CMT + 3.186% 4.900% VRN 1/15/40   300,000    258,000 
AXIS Specialty Finance PLC          
4.000% 12/06/27   665,000    697,002 
Brown & Brown, Inc.          
4.200% 9/15/24   246,000    259,445 
CNO Financial Group, Inc.          
5.250% 5/30/25   590,000    613,969 
Enstar Group Ltd.          
4.500% 3/10/22   370,000    369,048 
Markel Corp.          
3.350% 9/17/29  130,000    122,597 
The Progressive Corp. 3 mo. USD LIBOR + 2.539%          
5.375% VRN   (d)   375,000    317,445 
Prudential Financial, Inc.          
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   225,000    211,433 
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48  (b)   480,000    444,000 
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42   125,000    121,250 
USF&G Capital I          
8.500% 12/15/45 (c)   150,000    222,633 
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%          
  4.700% VRN 1/23/48   180,000    147,600 
Willis North America, Inc.          
2.950% 9/15/29   180,000    170,908 
4.500% 9/15/28   480,000    527,363 
XLIT Ltd.          
4.450% 3/31/25   483,000    498,811 
         9,770,028 
Internet — 0.1%          
Amazon.com, Inc.          
4.050% 8/22/47   325,000    423,452 
Investment Companies — 0.5%          
Ares Capital Corp.          
3.500% 2/10/23   710,000    634,527 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   850,000    782,270 
4.125% 8/11/22   470,000    482,145 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.          
6.250% 2/01/22   550,000    551,375 
TPG Specialty Lending, Inc.          
3.875% 11/01/24   805,000    710,127 
         3,160,444 
Iron & Steel — 0.1%          
Vale Overseas Ltd.          
6.250% 8/10/26   275,000    297,006 
6.875% 11/21/36   230,000    255,417 
         552,423 
Machinery – Diversified — 0.1%          
CNH Industrial Capital LLC          
3.875% 10/15/21   700,000    696,344 
Media — 0.4%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.125% 5/01/27 (c)   200,000    200,520 
Charter Communications Operating LLC/Charter Communications Operating Capital          
6.484% 10/23/45   225,000    271,422 
Comcast Corp.          
3.400% 7/15/46   220,000    237,709 
3.450% 2/01/50   315,000    345,116 
3.969% 11/01/47   135,000    153,536 
4.750% 3/01/44   190,000    241,289 
Discovery Communications LLC          
3.950% 3/20/28  349,000   342,133 
5.000% 9/20/37   160,000    155,406 
Grupo Televisa SAB          
6.625% 3/18/25   495,000    544,828 
Time Warner Cable, Inc.          
6.750% 6/15/39   110,000    124,563 
         2,616,522 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Mining — 0.3%          
Glencore Finance Canada Ltd.          
5.550% STEP 10/25/42  (c)  $149,000   $119,657 
Glencore Funding LLC          
3.875% 10/27/27 (c)   160,000    142,694 
4.625% 4/29/24 (c)   600,000    548,700 
Kinross Gold Corp.          
4.500% 7/15/27   166,000    156,241 
5.125% 9/01/21   650,000    651,625 
Teck Resources Ltd.          
6.000% 8/15/40   200,000    171,456 
         1,790,373 
Miscellaneous - Manufacturing — 0.0%          
Carlisle Cos., Inc.          
2.750% 3/01/30   265,000    231,312 
General Electric Co.          
4.125% 10/09/42   42,000    39,650 
         270,962 
Oil & Gas — 0.6%          
Cenovus Energy, Inc.          
4.250% 4/15/27   275,000    134,664 
6.750% 11/15/39   100,000    48,432 
Diamondback Energy, Inc.          
3.250% 12/01/26   250,000    176,391 
EQT Corp.          
3.000% 10/01/22   340,000    283,900 
3.900% 10/01/27   1,090,000    751,773 
6.125% STEP 2/01/25   395,000    304,189 
Marathon Petroleum Corp.          
4.500% 4/01/48   85,000    61,277 
4.750% 9/15/44   100,000    76,029 
6.500% 3/01/41   170,000    157,628 
Newfield Exploration Co.          
5.625% 7/01/24   250,000    134,161 
5.750% 1/30/22   417,000    283,907 
Occidental Petroleum Corp.          
6.450% 9/15/36   250,000    119,748 
6.600% 3/15/46   257,000    119,940 
Ovintiv, Inc.          
6.500% 2/01/38   80,000    34,739 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   410,000    160,778 
Petroleos Mexicanos          
5.350% 2/12/28   190,000    132,527 
6.375% 1/23/45   80,000    50,592 
6.500% 3/13/27   60,000    44,261 
6.625% 6/15/38  37,000   24,235 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (c)   495,000    490,094 
         3,589,265 
Oil & Gas Services — 0.1%          
National Oilwell Varco, Inc.          
3.600% 12/01/29   285,000    212,757 
3.950% 12/01/42   366,000    229,259 
         442,016 
Packaging & Containers — 0.1%          
Amcor Finance USA, Inc.          
3.625% 4/28/26 (c)   715,000    743,006 
Pharmaceuticals — 0.7%          
AbbVie, Inc.          
4.050% 11/21/39 (c)   240,000    246,866 
4.700% 5/14/45   490,000    550,363 
Allergan Funding SCS          
3.800% 3/15/25   300,000    307,153 
Becton Dickinson and Co.          
4.685% 12/15/44   225,000    236,430 
Bristol-Myers Squibb Co.          
4.350% 11/15/47 (c)   200,000    251,854 
Cigna Corp.          
4.800% 7/15/46 (c)   195,000    230,627 
CVS Health Corp.          
4.300% 3/25/28   250,000    267,411 
5.050% 3/25/48   230,000    262,782 
6.125% 9/15/39   175,000    219,429 
CVS Pass-Through Trust          
5.926% 1/10/34 (c)   249,429    284,340 
McKesson Corp.          
4.883% 3/15/44   60,000    67,391 
6.000% 3/01/41   125,000    159,032 
Mylan NV          
3.950% 6/15/26   495,000    488,485 
5.250% 6/15/46   320,000    305,370 
Teva Pharmaceutical Finance Netherlands III BV          
2.200% 7/21/21   232,000    221,602 
         4,099,135 
Pipelines — 0.6%          
Cheniere Energy Partners LP          
4.500% 10/01/29 (c)   255,000    221,850 
Energy Transfer Operating LP          
4.200% 4/15/27   440,000    354,609 
5.875% 1/15/24   200,000    188,864 
6.125% 12/15/45   200,000    178,564 
3 mo. USD LIBOR + 4.028% 6.250% VRN   (d)   540,000    270,000 
5 year CMT + 5.134% 6.750% VRN   (d)   240,000    146,400 
EnLink Midstream Partners LP          
4.150% 6/01/25   621,000    300,999 
4.850% 7/15/26   149,000    73,263 
Enterprise Products Operating LLC          
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77  225,000   154,125 
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   195,000    136,500 
EQM Midstream Partners LP          
4.750% 7/15/23   500,000    361,850 
MPLX LP          
4.500% 4/15/38   195,000    152,265 
6.250% 10/15/22 (c)   97,000    87,321 
3 mo. USD LIBOR + 4.652% 6.875% VRN   (d)   300,000    183,000 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%          
6.125% VRN   (d)   585,000    292,500 
Plains All American Pipeline LP/PAA Finance Corp.          
4.500% 12/15/26   268,000    207,893 
4.700% 6/15/44   275,000    180,843 
Sunoco Logistics Partners Operations LP          
5.300% 4/01/44   75,000    58,978 
Western Midstream Operating LP          
4.500% 3/01/28   105,000    50,388 
         3,600,212 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Private Equity — 0.2%          
Apollo Management Holdings LP 5 year CMT + 3.266%          
4.950% VRN 1/14/50  (c)  $185,000   $166,656 
Carlyle Finance Subsidiary LLC          
3.500% 9/19/29 (c)   245,000    219,327 
Hercules Capital, Inc.          
4.625% 10/23/22   470,000    447,710 
KKR Group Finance Co. VI LLC          
3.750% 7/01/29 (c)   280,000    279,119 
         1,112,812 
Real Estate Investment Trusts (REITS) — 0.8%          
Alexandria Real Estate Equities, Inc.          
2.750% 12/15/29   185,000    162,091 
American Tower Trust #1          
3.652% 3/15/48 (c)   310,000    301,181 
Crown Castle International Corp.          
5.200% 2/15/49   146,000    161,770 
Healthcare Trust of America Holdings LP          
3.500% 8/01/26   495,000    489,425 
SBA Tower Trust          
2.836% 1/15/25 (c)   1,300,000    1,255,246 
Service Properties Trust          
4.500% 6/15/23   170,000    127,701 
4.950% 10/01/29   265,000    229,492 
Spirit Realty LP          
3.200% 1/15/27   325,000    295,293 
3.400% 1/15/30   120,000    103,108 
4.000% 7/15/29   185,000    180,779 
Store Capital Corp.          
4.625% 3/15/29   250,000    236,966 
Tanger Properties LP          
3.875% 12/01/23   322,000    335,493 
UDR, Inc.          
3.200% 1/15/30   180,000    177,127 
Vereit Operating Partnership LP          
3.100% 12/15/29   635,000    548,311 
4.625% 11/01/25  460,000   429,290 
         5,033,273 
Retail — 0.1%          
El Puerto de Liverpool SAB de CV          
3.950% 10/02/24 (c)   445,000    432,544 
Semiconductors — 0.1%          
KLA Corp.          
3.300% 3/01/50   285,000    267,010 
Microchip Technology, Inc.          
3.922% 6/01/21   165,000    160,774 
         427,784 
Software — 0.1%          
Broadridge Financial Solutions, Inc.          
2.900% 12/01/29   280,000    264,850 
Microsoft Corp.          
4.450% 11/03/45   530,000    696,941 
         961,791 
Telecommunications — 0.4%          
AT&T, Inc.          
4.750% 5/15/46   670,000    740,967 
5.250% 3/01/37   470,000    548,344 
6.250% 3/29/41   25,000    30,819 
Cisco Systems, Inc.          
5.500% 1/15/40   55,000    78,293 
Crown Castle Towers LLC          
4.241% 7/15/48 (c)   250,000    252,758 
Qwest Corp          
6.750% 12/01/21   162,000    167,881 
Telefonica Emisiones SAU          
4.665% 3/06/38   180,000    187,565 
Verizon Communications, Inc.          
4.000% 3/22/50   30,000    35,479 
6.550% 9/15/43   149,000    186,416 
         2,228,522 
Transportation — 0.1%          
Autoridad del Canal de Panama          
4.950% 7/29/35 (c)   210,000    240,450 
CSX Corp.          
4.750% 11/15/48   155,000    178,438 
Pacific National Finance Pty Ltd.          
4.625% 9/23/20 (c)   105,000    106,193 
         525,081 
Trucking & Leasing — 0.0%          
DAE Funding LLC          
4.000% 8/01/20 (c)   173,000    169,540 
TOTAL CORPORATE DEBT
(Cost $84,894,011)
        80,338,588 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Municipal Obligations — 0.3%          
JobsOhio Beverage System Series B, Revenue Bonds,          
4.532% 1/01/35  $325,000   $389,119 
Orange County Local Transportation Authority BAB, Revenue Bonds,          
6.908% 2/15/41   230,000    337,944 
State of California BAB          
General Obligation, 7.550% 4/01/39   475,000    770,782 
General Obligation, 7.600% 11/01/40   105,000    174,733 
         1,672,578 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $1,455,225)
        1,672,578 
           
Non-U.S. Government Agency Obligations — 12.1%          
Automobile ABS — 0.5%          
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (c)   305,000    300,635 
Carvana Auto Receivables Trust, Series 2019-4A, Class D          
3.070% 7/15/25 (c)   359,000    350,691 
Hertz Vehicle Financing LP          
Series 2019-3A, Class B, 3.030% 12/26/25  (c)   493,000    489,211 
Series 2019-3A, Class C, 3.430% 12/26/25  (c)   500,000    499,389 
Series 2018-1A, Class B, 3.600% 2/25/24  (c)   650,000    660,476 
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B          
3.950% 11/14/28 (c)   424,000    418,034 
Santander Revolving Auto Loan Trust          
Series 2019-A, Class B, 2.800% 1/26/32  (c)   204,000    200,449 
Series 2019-A, Class C, 3.000% 1/26/32  (c)   126,000    123,798 
Series 2019-A, Class D, 3.450% 1/26/32  (c)   263,000    258,375 
         3,301,058 
Commercial MBS — 1.9%          
Aventura Mall Trust, Series 2018-AVM, Class C,          
4.112% VRN 7/05/40  (c) (e)   710,000    825,445 
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%          
2.055% FRN 9/15/34  (c)   130,000    106,956 
BANK          
Series 2019-BN24, Class B, 3.455% VRN 11/15/62  (e)   409,000    355,571 
Series 2019-BN24, Class C, 3.635% VRN 11/15/62  (e)   397,000    309,255 
Series 2019-BN17, Class B, 4.128% VRN 4/15/52  (e)   150,000    139,123 
Series 2019-BN16, Class AS, 4.267% 2/15/52   176,250    183,726 
Series 2019-BN16, Class B, 4.438% VRN 2/15/52  (e)   136,855    130,086 
Series 2018-BN14, Class C, 4.602% VRN 9/15/60  (e)   210,000    185,984 
BBCMS Mortgage Trust          
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38  (c) (e)   350,000    310,838 
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38  (c) (e)   280,000    236,720 
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38  (c) (e)   210,000    165,529 
BHMS Mortgage Trust          
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35  (c)   970,000    809,866 
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35  (c)   850,000    679,908 
BX Commercial Mortgage Trust          
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35  (c)   294,000    268,274 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36  (c)   373,562   326,857 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36  (c)   452,860    389,446 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
2.455% FRN 12/15/37  (c)   224,629    194,447 
Century Plaza Towers          
Series 2019-CPT, Class E, 2.997% VRN 11/13/39  (c) (e)   338,000    283,894 
Series 2019-CPT, Class D, 2.997% VRN 11/13/39  (c) (e)   225,000    205,687 
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C          
3.502% 8/10/56   241,000    168,866 
Commercial Mortgage Pass-Through Certificates          
Series 2012-CR4, Class B, 3.703% 10/15/45  (c)   195,000    177,554 
Series 2015-CR23, Class C, 4.304% VRN 5/10/48  (e)   140,000    128,667 
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47  (e)   290,000    285,064 
DBUBS Mortgage Trust, Series 2011-LC1A, Class B,          
5.471% VRN 11/10/46  (c) (e)   110,000    110,258 
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,          
5.513% VRN 7/10/38  (e)   68,241    67,927 
GS Mortgage Securities Trust          
Series 2017-GS6, Class B, 3.869% 5/10/50   440,000    410,670 
Series 2012-GC6, Class AS, 4.948% 1/10/45  (c)   100,000    102,600 
Jackson Park Trust, Series 2019-LIC, Class C,          
3.131% VRN 10/14/39  (c) (e)   500,000    459,132 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class AS          
3.056% 8/15/49   490,000    474,383 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B          
3.898% 2/15/48   500,000    445,315 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
2.505% FRN 5/15/36  (c)   326,000    254,438 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/06/30  (c)   205,000    202,148 
Series 2020-ABC, Class B, 3.477% VRN 2/06/30  (c) (e)   227,000    210,311 
MKT Mortgage Trust          
Series 2020-525M, Class E, 2.941% VRN 2/12/40  (c) (e)   213,000    177,213 
Series 2020-525M, Class D, 2.941% VRN 2/12/40  (c) (e)   109,000    95,826 
Morgan Stanley Capital I Trust          
Series 2019-L2, Class AS, 4.272% 3/15/52   500,000    520,693 
Series 2018-H3, Class B, 4.620% VRN 7/15/51  (e)   120,000    115,980 
Series 2011-C2, Class B, 5.200% VRN 6/15/44  (c) (e)   250,000    248,755 
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX,          
2.997% VRN 10/25/46  (e)   5,390    5,383 
Wells Fargo Commercial Mortgage Trust          
Series 2019-C49, Class AS, 4.244% 3/15/52   291,000    308,709 
Series 2018-C45, Class AS, 4.405% VRN 6/15/51  (e)   240,000    251,053 
Series 2018-C45, Class B, 4.556% 6/15/51   60,000    57,927 
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B          
4.311% 8/15/45   190,000    189,552 
         11,576,036 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Other ABS — 5.8%          
321 Henderson Receivables I LLC, Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230%          
0.935% FRN 11/15/40 (c)  $44,808   $43,481 
321 Henderson Receivables LLC, Series 2015-1A, Class A          
3.260% 9/15/72 (c)   43,088    44,869 
AASET Trust          
Series 2020-1A, Class A, 3.351% 1/16/40  (c)   358,499    256,956 
Series 2019-1, Class A, 3.844% 5/15/39  (c)   467,895    352,514 
Series 2017-1A, Class A, 3.967% 5/16/42  (c)   290,401    228,164 
AASET US Ltd., Series 2018-2A, Class A          
4.454% 11/18/38 (c)   298,145    236,736 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (c)   381,165    380,098 
Arbys Funding LLC, Series 2015-1A, Class A2          
4.969% 10/30/45 (c)   306,400    294,582 
Ares CLO Ltd., Series 2019-54A, Class C, 3 mo. USD LIBOR + 2.850%          
4.696% FRN 10/15/32  (c)   500,000    418,205 
Ascentium Equipment Receivables Trust          
Series 2019-2A, Class E, 3.780% 5/10/27 (c)   827,000    820,462 
Series 2018-2A, Class D, 4.150% 7/10/24  (c)   488,000    489,750 
Series 2019-1A, Class E, 4.310% 4/12/27  (c)   295,000    297,447 
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%          
4.069% FRN 10/20/31  (c)   310,000    251,990 
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3 mo. USD LIBOR + 1.280%          
2.918% FRN 11/27/31  (c)   960,000    902,893 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%          
3.556% FRN 1/23/31  (c)   250,000    224,624 
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090%          
2.909% FRN 4/20/31  (c)   260,000    244,258 
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800%          
3.631% FRN 7/15/32  (c)   500,000    447,615 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
2.940% 5/25/29 (c)   88,135    88,305 
CAL Funding II Ltd., Series 2018-2A, Class A          
4.340% 9/25/43 (c)   246,500    242,322 
Capital Automotive REIT          
Series 2014-1A, Class A, 3.660% 10/15/44  (c)   152,514    149,566 
Series 2017-1A, Class A2, 4.180% 4/15/47  (c)   132,085    131,474 
Carlyle Global Market Strategies CLO Ltd., Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800%          
3.619% FRN 1/20/31  (c)   720,000    646,250 
CARS-DB4 LP, Series 2020-1A, Class A3          
3.250% 2/15/50 (c)   119,159    115,435 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A          
3.967% 4/15/39 (c)   347,184    242,901 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
4.125% 6/15/43 (c)   676,871    491,895 
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100%          
3.931% FRN 1/15/31  (c)   250,000    227,279 
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%          
3.016% FRN 11/16/30  (c)   340,000    321,890 
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%          
3.019% FRN 10/20/30  (c)   480,000    453,507 
CLI Funding LLC, Series 2019-1A, Class A          
3.710% 5/18/44 (c)   392,316    385,463 
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460%          
1.407% FRN 9/25/34   2,551   2,100 
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280%          
3.086% FRN 10/23/31  (c)   250,000    228,966 
Cronos Containers Program Ltd., Series 2014-2A, Class A          
3.270% 11/18/29 (c)   122,222    119,461 
DB Master Finance LLC          
Series 2019-1A, Class A2II, 4.021% 5/20/49  (c)   415,858    385,208 
Series 2019-1A, Class A23, 4.352% 5/20/49  (c)   376,158    335,342 
Diamond Resorts Owner Trust          
Series 2019-1A, Class A, 2.890% 2/20/32  (c)   609,483    611,421 
Series 2016-1, Class A, 3.080% 11/20/28  (c)   152,069    149,963 
Domino's Pizza Master Issuer LLC          
Series 2019-1A, Class A2, 3.668% 10/25/49  (c)   259,350    230,776 
Series 2018-1A, Class A2I, 4.116% 7/25/48  (c)   305,350    293,245 
Series 2017-1A, Class A23, 4.118% 7/25/47  (c)   107,525    97,598 
Series 2015-1A, Class A2II, 4.474% 10/25/45  (c)   521,100    484,344 
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750%          
3.581% FRN 10/15/30  (c)   700,000    620,089 
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%          
3.269% FRN 4/20/31  (c)   450,000    420,538 
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%          
3.807% FRN 10/15/32  (c)   250,000    215,144 
Falcon Aerospace Ltd., Series 2019-1, Class A          
3.597% 9/15/39 (c)   566,324    395,955 
FCI Funding  LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (c)   92,094    91,939 
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725%          
2.672% FRN 1/25/35   420,000    365,255 
Flatiron CLO Ltd., Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900%          
3.795% FRN 11/16/32  (c)   250,000    216,323 
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000%          
2.819% FRN 4/20/31  (c)   500,000    469,653 
Global SC Finance SRL, Series 2014-1A, Class A1          
3.190% 7/17/29 (c)   108,333    92,286 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 10/15/54  (c)   740,932    702,051 
Series 2016-1A, Class A, 3.230% 10/15/52  (c)   268,620    261,386 
Series 2017-2A, Class A, 3.260% 10/15/53  (c)   329,336    326,694 
Series 2017-1A, Class A, 3.740% 10/15/52  (c)   200,517    201,801 
Series 2018-1A, Class A, 3.930% VRN 10/15/53  (c) (e)   388,487    395,316 
Helios Issuer LLC, Series 2017-1A, Class A          
4.940% 9/20/49 (c)   215,121    201,887 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42  (c)   137,672    139,638 
Series 2017-3A, Class A1, 3.190% 9/20/48  (c)   167,911    164,914 
Series 2016-4A, Class A1, 3.570% 9/20/47  (c)   145,525    150,555 
Series 2018-1A, Class A2, 4.670% 9/20/48  (c)   319,157    331,553 
Highbridge Loan Management Ltd.          
Series 12A-18, Class B, 3 mo. USD LIBOR + 1.850% 3.669% FRN 7/18/31  (c)   250,000    207,652 
Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% 3.981% FRN 10/15/30  (c)   350,000   292,710 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Horizon Aircraft Finance Ltd.          
Series 2019-2, Class A, 3.425% 11/15/39  (c)  $533,976   $373,596 
Series 2019-1, Class A, 3.721% 7/15/39  (c)   315,923    220,999 
J.G. Wentworth LLC          
Series 2018-2A, Class A, 3.960% 10/15/75  (c)   279,240    291,825 
Series 2017-1A, Class B, 5.430% 8/15/62  (c)   1,100,000    1,259,724 
KDAC Aviation Finance Ltd., Series 2017-1A, Class A          
4.212% 12/15/42 (c)   340,486    260,823 
KKR Financial CLO Ltd.          
Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 3.179% FRN 4/20/32  (c)   300,000    280,854 
Series 26, Class B1, 3 mo. USD LIBOR + 2.050% 3.881% FRN 7/15/32  (c)   250,000    217,743 
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000%          
2.800% FRN 6/15/36  (c)   210,000    142,806 
Lunar Aircraft Ltd., Series 2020-1A, Class A          
3.376% 2/15/45 (c)   415,000    290,147 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (c)   478,887    334,785 
Madison Park Funding Ltd.          
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 3.431% FRN 7/15/30  (c)   430,000    387,165 
Series 2018-31A, Class B, 3 mo. USD LIBOR + 1.700% 3.506% FRN 1/23/31  (c)   250,000    225,186 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 4.019% FRN 10/18/30  (c)   550,000    465,272 
Mosaic Solar Loans LLC          
Series 2017-2A, Class A, 3.820% 6/22/43  (c)   107,778    106,841 
Series 2017-1A, Class A, 4.450% 6/20/42  (c)   48,709    47,614 
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%          
3.069% FRN 10/20/30  (c)   300,000    277,599 
NP SPE LLC, Series 2017-1A, Class A2          
4.219% 10/21/47 (c)   380,000    372,073 
OHA Credit Funding Ltd.          
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 3.266% FRN 10/22/32  (c)   250,000    235,046 
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 4.586% FRN 10/22/32  (c)   250,000    211,995 
OHA Credit Partners Ltd., Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150%          
3.969% FRN 1/20/32  (c)   300,000    253,216 
OneMain Financial Issuance Trust, Series 2019-2A, Class A          
3.140% 10/14/36 (c)   1,810,000    1,782,695 
Oxford Finance Funding Trust          
Series 2020-1A, Class A2, 3.101% 2/15/28  (c)   353,000    351,288 
Series 2016-1A, Class A, 3.968% 6/17/24  (c)   45,263    45,152 
Palmer Square CLO Ltd., Series 2015-1A, Class A2R2, 3 mo. USD LIBOR + 1.650%          
3.346% FRN 5/21/29  (c)   500,000    470,562 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A          
3.967% 6/15/44 (c)   339,768    237,528 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2          
3.858% 12/05/49 (c)   527,678    480,815 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
3.797% FRN 2/25/23  (c)   200,000    183,434 
Sierra Receivables Funding LLC          
Series 2015-3A, Class B, 3.080% 9/20/32  (c)   13,266    13,114 
Series 2018-2A, Class C, 3.940% 6/20/35  (c)   124,241   123,548 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%          
3.992% FRN 8/18/31  (c)   290,000    232,622 
Store Master Funding I-VII          
Series 2019-1, Class A2, 3.650% 11/20/49  (c)   662,424    594,972 
Series 2018-1A, Class A2, 4.290% 10/20/48  (c)   252,390    250,622 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (c)   58,308    57,874 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (c)   111,569    99,763 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (c)   335,838    342,123 
Taco Bell Funding LLC          
Series 2018-1A, Class A2II, 4.940% 11/25/48  (c)   237,000    237,051 
Series 2016-1A, Class A23, 4.970% 5/25/46  (c)   797,450    719,564 
TAL Advantage VI LLC, Series 2017-1A, Class A          
4.500% 4/20/42 (c)   288,439    291,567 
Textainer Marine Containers V Ltd., Series 2017-2A, Class A          
3.520% 6/20/42 (c)   427,230    428,955 
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A          
3.960% 4/20/44 (c)   113,053    108,112 
Trinity Rail Leasing LP          
Series 2019-2A, Class A2, 3.100% 10/18/49  (c)   731,000    650,287 
Series 2019-1A, Class A, 3.820% 4/17/49  (c)   851,242    792,167 
Series 2018-1A, Class A2, 4.620% 6/17/48  (c)   410,000    380,741 
Triton Container Finance LLC          
Series 2017-1A, Class A, 3.520% 6/20/42  (c)   123,672    123,970 
Series 2018-2A, Class A, 4.190% 6/22/43  (c)   387,750    384,972 
Voya CLO Ltd., Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700%          
3.519% FRN 10/20/31  (c)   300,000    256,630 
WAVE LLC, Series 2019-1A, Class A          
3.597% 9/15/44 (c)   916,085    600,450 
WAVE Trust, Series 2017-1A, Class A          
3.844% 11/15/42 (c)   556,595    421,635 
Welk Resorts LLC, Series 2015-AA, Class A          
2.790% 6/16/31 (c)   47,331    46,532 
Wendy's Funding LLC, Series 2015-1A, Class A23          
4.497% 6/15/45 (c)   405,875    380,544 
         35,977,292 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Student Loans ABS — 3.5%          
Access Group Inc.          
Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38  $7,452   $7,445 
Series 2004-A, Class A3, 28 day ARS,FRN 1.699% 7/01/39   150,000    147,605 
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210%          
0.951% FRN 6/15/43   640,597    568,281 
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48  (c)   531,000    506,793 
Series 2019-A, Class C, 4.460% 12/28/48  (c)   270,000    254,976 
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS          
 FRN 1/25/47   130,000    99,237 
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%          
2.847% FRN 10/25/44  (c)   222,569    219,838 
ECMC Group Student Loan Trust          
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 1.747% FRN 9/25/68  (c)   422,539   367,214 
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66  (c)   293,154    259,615 
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66  (c)   418,575    365,895 
EdLinc Student Loan Funding Trust          
Series 2017-A, Class A, PRIME - 1.150% 3.600% FRN 12/01/47  (c)   347,899    344,204 
Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 5.187% FRN 11/26/40  (c)   270,000    289,600 
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%          
2.129% FRN 8/25/42   123,585    107,298 
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950%          
2.629% FRN 2/25/42   102,317    95,208 
Laurel Road Prime Student Loan Trust          
Series 2017-B, Class BFX, 3.020% 8/25/42  (c)   95,891    91,862 
Series 2018-B, Class BFX, 3.720% 5/26/43  (c)   85,079    83,887 
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720%          
1.425% FRN 12/15/59  (c)   150,000    142,532 
Navient Private Education Refi Loan Trust          
Series 2019-A, Class A2A, 3.420% 1/15/43  (c)   253,000    253,195 
Series 2019-A, Class B, 3.900% 1/15/43  (c)   284,000    287,832 
Series 2018-CA, Class B, 4.220% 6/16/42  (c)   250,000    251,603 
Navient Student Loan Trust          
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 1.647% FRN 2/25/70  (c)   368,819    339,107 
Series 2018-2A, Class A3, 1 mo. USD LIBOR + .750% 1.697% FRN 3/25/67  (c)   550,000    514,387 
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67  (c)   750,000    734,964 
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67  (c)   850,000    790,964 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66  (c)   762,507    668,304 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65  (c)   350,020    320,125 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66  (c)   1,100,000    1,020,612 
Series 2018-4A, Class B, 1 mo. USD LIBOR + 1.300% 2.247% FRN 6/27/67  (c)   750,000    703,956 
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/48   220,000    201,507 
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 7/26/49   155,000    144,401 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/58   150,000    123,024 
Series 2019-BA, Class B, 4.040% 12/15/59  (c)   750,000    783,433 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B          
3.600% 12/26/40 (c)   73,678    73,692 
Nelnet Student Loan Trust          
Series 2006-3, Class B, 3 mo. USD LIBOR + 0.250% 1.466% FRN 6/25/41   138,901    120,918 
Series 2005-4, Class A4R2, 28 day ARS 1.612% FRN 3/22/32   200,000    189,145 
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .750% 1.697% FRN 9/27/66  (c)   600,000    583,984 
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/54  (c)   150,000    139,917 
Series 2019-5, Class A, 2.530% 10/25/67  (c)   1,546,899    1,483,103 
SLM Student Loan Trust          
Series 2006-2, Class R, 0.000% 1/25/41   1,799    899,500 
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28   10,000    10,000 
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 1.974% FRN 7/25/55   249,205    215,820 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40   318,225    284,176 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.084% FRN 1/25/44   344,696    305,179 
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 2.294% FRN 7/25/39   305,798    274,469 
Series 2003-14, Class A7, 3 mo. USD LIBOR + 0.600% 2.394% FRN 10/25/65  (c)   300,000    266,250 
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39   550,000    511,763 
SMB Private Education Loan Trust          
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36  (c)   126,000    110,930 
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.705% FRN 6/15/37  (c)   1,200,000    1,044,075 
Series 2017-A, Class B, 3.500% 6/17/41  (c)   300,000    297,608 
Series 2017-B, Class B, 3.500% 12/16/41  (c)   150,000    148,858 
SoFi Professional Loan Program LLC          
Series 2015-A, Class RC, 0.000% 3/25/33  (c)   100    82,500 
Series 2017-D, Class R1, 0.000% 9/25/40  (c)   1,000,000    467,370 
Series 2018-A, Class R1, 0.000% 2/25/42  (c)   1,000,000    702,500 
Series 2018-D, Class R1, 0.000% 2/25/48  (c)   968,900    334,270 
Series 2019-A, Class R1, 0.000% 6/15/48  (c)   1,661,200    507,103 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 6/25/33  (c)   67,572    64,659 
Series 2019-C, Class BFX, 3.050% 11/16/48  (c)   646,000    631,243 
Series 2017-D, Class BFX, 3.610% 9/25/40  (c)   500,000    465,395 
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050%          
2.844% FRN 10/27/36   170,000    169,111 
         21,472,442 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
WL Collateral CMO — 0.4%          
Countrywide Home Loans, Inc.          
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34  (e)  $18,860   $16,812 
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33  (e)   4,026    3,744 
Deephaven Residential Mortgage Trust          
Series 2018-1A, Class A1, 2.976% VRN 12/25/57  (c) (e)   189,542    182,207 
Series 2018-1A, Class A3, 3.202% VRN 12/25/57  (c) (e)   54,155    51,583 
Series 2019-1A, Class A3, 3.948% VRN 1/25/59  (c) (e)   192,699    183,283 
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,          
4.304% VRN 8/25/34  (e)   5,758    5,566 
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,          
3.885% VRN 8/25/34  (e)   36,122    31,047 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,          
3.500% VRN 1/25/47  (c) (e)   396,963    395,480 
Merrill Lynch Mortgage Investors, Inc.          
Series 2004-A1, Class IA, 3.250% VRN 2/25/34  (e)   1,980    1,772 
Series 2003-A4, Class IA, 4.678% VRN 7/25/33  (e)   2,038    1,808 
PSMC Trust, Series 2018-2, Class A1,          
3.500% VRN 6/25/48  (c) (e)   475,053    467,005 
Sequoia Mortgage Trust          
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48  (c) (e)   343,265    341,684 
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48  (c) (e)   175,404    178,146 
Series 2019-1, Class A1, 4.000% VRN 2/25/49  (c) (e)   64,251    62,792 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,          
3.854% VRN 3/25/34  (e)   20,811    18,705 
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%          
3.366% FRN 4/25/44   50,791   45,481 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,          
4.000% VRN 11/25/48  (c) (e)   257,786    258,571 
         2,245,686 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $80,896,437)
        74,572,514 
           
Sovereign Debt Obligations — 0.3%          
Colombia Government International Bond          
6.125% 1/18/41   620,000    712,615 
Mexico Government International Bond          
4.750% 3/08/44   824,000    829,364 
6.750% 9/27/34   160,000    210,402 
         1,752,381 
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $1,630,907)
        1,752,381 
           
U.S. Government Agency Obligations and Instrumentalities — 10.8%          
Collateralized Mortgage Obligations — 0.1%          
Federal Home Loan Mortgage Corp.          
Series 2617, Class Z, 5.500% 5/15/33   150,955    174,139 
Series 2693, Class Z, 5.500% 10/15/33   273,932    307,802 
         481,941 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pass-Through Securities — 10.6%          
Federal Home Loan Mortgage Corp.          
Pool #SB8013 2.500% 9/01/34  $1,489,599   $1,546,201 
Pool #SB8020 2.500% 12/01/34   1,284,990    1,333,818 
Pool #ZA5946 4.500% 11/01/48   1,216,272    1,307,756 
Pool #ZA6368 4.500% 2/01/49   795,036    854,910 
Pool #C55867 7.500% 2/01/30   28,665    32,130 
Pool #C01079 7.500% 10/01/30   3,952    4,606 
Pool #C01135 7.500% 2/01/31   16,758    19,454 
Pool #C00470 8.000% 8/01/26   9,937    11,162 
Pool #G00924 8.000% 3/01/28   9,410    10,570 
Federal National Mortgage Association          
Pool #MA3797 2.500% 10/01/34   2,855,118    2,963,608 
Pool #MA3029 3.000% 6/01/32   795,782    835,539 
Pool #MA3090 3.000% 8/01/32   337,806    354,683 
Pool #AS1304 3.500% 12/01/28   174,256    184,178 
Pool #AV1897 3.500% 12/01/28   28,442    30,097 
Pool #AV2325 3.500% 12/01/28   93,387    98,705 
Pool #BF0196 3.500% 2/01/41   225,621    242,391 
Pool #MA1356 3.500% 2/01/43   1,309,757    1,405,062 
Pool #CA1073 3.500% 1/01/48   2,702,071    2,860,690 
Pool #BJ0686 4.000% 4/01/48   625,348    668,103 
Pool #CA1951 4.000% 7/01/48   551,807    589,016 
Pool #CA2039 4.000% 7/01/48   639,940    682,992 
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34   51,108    53,598 
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33   24,667    25,869 
Pool #CA1952 4.500% 6/01/48   366,433    394,544 
Pool #CA1909 4.500% 6/01/48  1,455,227   1,568,230 
Pool #BK7877 4.500% 7/01/48   218,393    235,147 
Pool #MA3522 4.500% 11/01/48   930,328    999,955 
Pool #MA3537 4.500% 12/01/48   857,587    921,769 
Pool #MA3564 4.500% 1/01/49   787,746    846,702 
Pool #BN5241 4.500% 2/01/49   3,603,724    3,873,432 
Pool #AD6437 5.000% 6/01/40   63,347    70,094 
Pool #AD6996 5.000% 7/01/40   429,889    475,674 
Pool #AL8173 5.000% 2/01/44   171,211    188,215 
Pool #564594 7.000% 1/01/31   8,775    9,958 
Pool #572844 7.000% 4/01/31   19,941    22,992 
Pool #253795 7.000% 5/01/31   32,764    37,604 
Pool #499386 7.500% 9/01/29   1,054    1,219 
Pool #522769 7.500% 12/01/29   57    66 
Pool #521006 7.500% 12/01/29   408    476 
Pool #252981 7.500% 1/01/30   5,424    6,278 
Pool #530520 7.500% 3/01/30   9,485    10,872 
Pool #524317 7.500% 3/01/30   935    1,093 
Pool #253183 7.500% 4/01/30   1,834    2,124 
Pool #253265 7.500% 5/01/30   1,034    1,194 
Pool #536949 8.000% 5/01/30   1,295    1,514 
Pool #535351 8.000% 6/01/30   2,012    2,333 
Pool #253481 8.000% 10/01/30   1,406    1,639 
Pool #190317 8.000% 8/01/31   598    694 
Pool #602008 8.000% 8/01/31   2,034    2,360 
Government National Mortgage Association I          
Pool #337539 7.000% 7/15/23   194    205 
Pool #363066 7.000% 8/15/23   2,416    2,557 
Pool #354674 7.000% 10/15/23   2,056    2,182 
Pool #352021 7.000% 11/15/23    1,238    1,312 
Government National Mortgage Association II TBA          
Pool #304 3.500% 10/01/48  (f)   22,115,000    23,319,230 
Pool #1235 4.000% 10/01/48  (f)   9,375,000    9,959,473 
Uniform Mortgage Backed Securities TBA          
Pool #1058 3.500% 8/01/48  (f)   5,475,000    5,788,102 
Pool #20567 4.500% 9/01/48  (f)   575,000    618,215 
         65,482,592 
Whole Loans — 0.1%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050%          
2.997% FRN 7/25/49  (c)   377,105    316,268 
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450%          
3.397% FRN 7/25/31 (c)   530,470    437,865 
         754,133 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $65,285,069)
        66,718,666 
           
U.S. Treasury Obligations — 1.3%          
U.S. Treasury Bonds & Notes — 1.3%          
U.S. Treasury Bond          
2.250% 8/15/49 (g)   2,140,000    2,595,864 
3.500% 2/15/39 (g)   720,000    1,022,809 
U.S. Treasury Note          
1.500% 1/15/23   400,000    413,486 
1.625% 8/15/29   4,000,000    4,334,862 
         8,367,021 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,604,864)
        8,367,021 
           
TOTAL BONDS & NOTES
(Cost $241,766,513)
        233,421,748 
           
TOTAL PURCHASED OPTIONS (#) — 0.1%
(Cost $607,842)
        369,054 

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Rights — 0.0%        
         
Consumer, Non-cyclical — 0.0%          
Pharmaceuticals — 0.0%          
Bristol-Myers Squibb Co., Expires 03/31/21 (a)   25,576   $97,189 
TOTAL RIGHTS
(Cost $54,477)
        97,189 
           
Mutual Funds — 0.1%          
Diversified Financial Services — 0.1%          
State Street Navigator Securities Lending Prime Portfolio (h)   610,776    610,776 
           
TOTAL MUTUAL FUNDS
(Cost $610,776)
        610,776 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $567,356,653)
        613,919,395 

 

   Principal
Amount
    
Short-Term Investments — 7.0%        
Commercial Paper — 6.0%        
Avangrid, Inc.          
1.318% 4/03/20 (c)  $3,000,000    2,999,356 
Boeing Co.          
2.092% 6/10/20 (c)   3,000,000    2,976,629 
CenterPoint Energy, Inc.          
1.788% 4/06/20 (c)   1,000,000    999,518 
Daimler Finance North America LLC          
2.840% 4/07/20 (c)   2,000,000    1,998,911 
Ecolab, Inc.          
1.524% 4/20/20 (c)   2,000,000    1,996,436 
Entergy Corp.          
1.811% 5/04/20 (c)   2,000,000    1,996,897 
1.834% 5/01/20 (c)   1,000,000    998,594 
General Electric Co.          
1.844% 5/20/20   2,000,000    1,990,833 
1.854% 5/18/20   1,000,000    995,600 
Harley-Davidson Funding Corp.          
2.028% 4/02/20 (c)   2,000,000    1,999,819 
2.282% 4/02/20 (c)   1,000,000    999,910 
HP, Inc.          
1.830% 4/06/20 (c)   3,000,000    2,998,573 
NiSource, Inc.          
1.809% 4/08/20 (c)   1,000,000    999,365 
Parker-Hannifin Corp.          
4.482% 5/01/20 (c)   3,000,000    2,996,634 
Reckitt Benckiser Treasury Services PLC          
2.526% 4/01/20 (c)   1,000,000    999,997 
Sempra Energy Holdings          
1.788% 4/01/20 (c)   3,000,000    2,999,795 
Suncor Energy, Inc.          
1.813% 5/13/20 (c)   3,000,000    2,988,175 
ViacomCBS, Inc.          
1.523% 4/15/20 (c)   3,000,000    2,995,937 
         36,930,979 
Repurchase Agreement — 1.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (i)   6,003,093    6,003,093 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $42,955,841)
        42,934,072 
           
TOTAL INVESTMENTS — 106.6%
(Cost $610,312,494) (j)
        656,853,467 
           
Other Assets/(Liabilities) — (6.6)%        (40,911,865)
           
NET ASSETS — 100.0%       $615,941,602 

 

Abbreviation Legend

 

ABS Asset-Backed Security
ARS Auction Rate Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
MBS Mortgage-Backed Security
MTA Monthly Treasury Average Index
REIT Real Estate Investment Trust
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note
WL Whole Loan

 

 

MML Blend Fund —  Portfolio of Investments (Continued)

 

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 March 31, 2020, was $1,848,828 or 0.30% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,311,379 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 March 31, 2020, the aggregate market value of these securities amounted to $117,149,806 or 19.02% of net assets.
(d) Security is perpetual and has no stated maturity date.
(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 March 31, 2020.
(f) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(g) A portion of this security is pledged/held as collateral for open derivatives.
(h) Represents investment of security lending cash collateral. (Note 2).
(i) Maturity value of $6,003,093. Collateralized by U.S. Government Agency obligations with rates ranging from 1.750% - 1.875%, maturity dates ranging from 7/15/22 - 7/31/22, and an aggregate market value, including accrued interest, of $6,125,849.
(j) See Note 3 for aggregate cost for federal tax purposes.

 

(#) Interest Rate Swaptions Purchased
   Paid by Fund   Received by Fund        
Description  Counterparty  Expiration Date  Rate   Frequency   Rate   Frequency   Notional Amount  Value   Premium
Paid
(Received)
   Unrealized Appreciation/ (Depreciation) 
Call       
10Year
Interest
Rate Swap,
2/02/43
  Credit Suisse International  1/31/33   3-Month USD LIBOR BBA    Quarterly    2.61%     Semi-Annually   USD 748,250   $129,896   $35,916   $93,980 
                                                 
Put                                               
10Year
Interest
Rate Swap,
2/02/43
  Credit Suisse International  1/31/33   3.11%     Semi-Annually    3-Month
USD
LIBOR
BBA
    Quarterly   USD 11,940,000   $239,158   $571,926   $(332,768)
                                   $369,054   $607,842   $(238,788)

 

Futures contracts
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long   
U.S. Treasury Ultra 10 Year  6/19/20   6   $934,082   $2,106 
U.S. Treasury Ultra Bond  6/19/20   83    16,175,475    2,240,150 
U.S. Treasury Note 2 Year  6/30/20   175    37,998,421    568,571 
U.S. Treasury Note 5 Year  6/30/20   67    8,260,511    138,567 
                $2,949,394 
                   
Short                  
90 Day Eurodollar  6/15/20   3   $(731,072)  $(14,991)
U.S. Treasury Long Bond  6/19/20   26    (4,309,298)   (346,327)
90 Day Eurodollar  9/14/20   3    (731,391)   (15,947)
90 Day Eurodollar  12/14/20   2    (487,568)   (10,732)
90 Day Eurodollar  3/15/21   2    (487,743)   (10,832)
90 Day Eurodollar  9/13/21   4    (975,637)   (21,313)
90 Day Eurodollar  3/14/22   4    (975,337)   (21,213)
90 Day Eurodollar  9/19/22   3    (731,203)   (15,647)
90 Day Eurodollar  3/13/23   3    (730,753)   (15,497)
90 Day Eurodollar  12/18/23   4    (973,436)   (20,514)
90 Day Eurodollar  12/16/24   10    (2,430,591)   (50,409)
                $(543,422)

 

Centrally Cleared Credit Default Swaps- Buy Protection
Reference
Obligation/Index
  Rate Paid by Fund   Payment Frequency  Termination Date  Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.IG Series 34   1.000%   Quarterly  6/20/25  USD 1,100,000   $3,820   $4,784   $(964)
CDX.NA.IG Series 34   1.000%   Quarterly  6/20/25  USD 1,000,000    6,656    3,551    3,105 
                    $10,476   $8,335   $2,141 

 

Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

 

Currency Legend
USD U.S. Dollar

 

 

MML Dynamic Bond Fund — Portfolio of Investments 

 

March 31, 2020 (Unaudited)

 

   Principal
Amount
   Value 
Bonds & Notes — 95.8%          
           
Bank Loans — 3.0%          
Advertising — 0.0%          
Clear Channel Outdoor Holdings, Inc., Term Loan B, 1 mo. LIBOR + 3.500%
4.489% VRN 8/21/26
  $9,950   $8,358 
Terrier Media Buyer, Inc., Term Loan B,  
0.000% VRN 12/17/26 (a)
   59,850    52,818 
         61,176 
Aerospace & Defense — 0.1%          
TransDigm, Inc., 2020 Term Loan F, 1 mo. LIBOR + 2.250%
3.239% VRN 12/09/25
   171,309    155,462 
WP CPP Holdings LLC, 2018 Term Loan, 1 mo. LIBOR + 3.750%
5.530% VRN 4/30/25
   99,747    74,811 
         230,273 
Airlines — 0.1%          
American Airlines, Inc., 2017 Incremental Term Loan, 1 mo. LIBOR + 2.000%
2.705% VRN 12/14/23
   204,853    160,810 
Kestrel Bidco Inc., Term Loan B, 1 mo. LIBOR + 3.000%
4.000% VRN 12/11/26
   94,763    72,019 
         232,829 
Auto Parts & Equipment — 0.0%          
Panther BF Aggregator 2 LP, USD Term Loan B, 1 mo. LIBOR + 3.500%
4.441% VRN 4/30/26
   39,800    36,218 
Biotechnology — 0.0%          
Aldevron LLC, 2019 Term Loan B, 3 mo. LIBOR + 4.250%
5.700% VRN 10/12/26
   100,000    93,000 
Chemicals — 0.1%          
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, 3 mo. LIBOR + 1.750%
3.200% VRN 6/01/24
   276,572    258,595 
GrafTech Finance, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.500%
4.500% VRN 2/12/25
   44,562    38,323 
         296,918 
Commercial Services — 0.3%          
AlixPartners LLP, 2017 Term Loan B, 1 mo. LIBOR + 2.500%
3.500% VRN 4/04/24
   194,000    184,785 
Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.250%
5.239% VRN 7/10/26
   129,675    119,301 
Parexel International Corp., Term Loan B, 1 mo. LIBOR + 2.750%
3.739% VRN 9/27/24
   100,000    84,875 
Prime Security Services Borrower LLC, 2019 Term Loan B1,  
0.000% VRN 9/23/26 (a)
   64,837    57,900 
Refinitiv US Holding, Inc., 2018 USD Term Loan, 1 mo. LIBOR + 3.250%
4.239% VRN 10/01/25
   264,331    252,655 
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 2.750%
3.750% VRN 2/06/24
   24,936    15,585 
Trans Union LLC, 2019 Term Loan B5, 1 mo. LIBOR + 1.750%
2.739% VRN 11/16/26
   191,755    183,030 
         898,131 
Computers — 0.1%          
Flexential Intermediate Corp., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.500%
4.950% VRN 8/01/24
   29,923    20,946 
Surf Holdings, LLC, USD Term Loan, 3 mo. LIBOR + 3.500%
4.814% VRN 3/05/27
   130,000    115,050 
Tempo Acquisition LLC, Term Loan, 1 mo. LIBOR + 2.750%
3.739% VRN 5/01/24
   155,946    138,793 
         274,789 
Distribution & Wholesale — 0.1%          
American Tire Distributors Holdings, Inc.
2015 Term Loan, 1 mo. LIBOR + 7.500%,
8.500% VRN 4/30/20
   26,504    17,493 
2015 Term Loan, 3 mo. LIBOR + 7.500%
8.950% VRN 6/30/20
   3,346    2,208 
HD Supply, Inc., Term Loan B5, 1 mo. LIBOR + 1.750%
2.739% VRN 10/17/23
   321,734    298,408 
         318,109 
Diversified Financial Services — 0.1%          
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000%
3.989% VRN 6/15/25
   126,022    101,717 
Deerfield Dakota Holding LLC
2020 USD Term Loan B,
0.000% VRN 3/05/27 (a)
   100,000    84,000 
2018 Term Loan B, 1 mo. LIBOR + 3.250%
4.250% VRN 2/13/25
   39,797    39,001 
RPI Intermediate Finance Trust, 2020 Term Loan B1, 3 mo. LIBOR + 1.750%
2.739% VRN 2/11/27
   54,313    49,968 
         274,686 
Electric — 0.1%          
Calpine Corp., Term Loan B9, 1 mo. LIBOR + 2.250%
3.240% VRN 4/05/26
   313,881    297,403 
Electronics — 0.0%          
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.500%
4.500% VRN 12/20/24
   54,854    48,957 
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250%
4.239% VRN 7/02/25
   59,585    52,191 
         101,148 

 

 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Engineering & Construction — 0.0%          
Brand Energy & Infrastructure Services, Inc.
2017 Term Loan, 3 mo. LIBOR + 4.250%
5.700% VRN 6/30/20
  $192   $153 
2017 Term Loan, 1 mo. LIBOR + 4.250%
6.056% VRN 4/23/20
   13,251    10,532 
2017 Term Loan, 1 week LIBOR + 4.250%
6.124% VRN 4/07/20
   11,493    9,135 
         19,820 
Environmental Controls — 0.1%          
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000%
3.989% VRN 3/29/25
   202,459    174,874 
Foods — 0.0%          
Froneri International Ltd., 2020 USD Term Loan, 1 mo. LIBOR + 2.250%
3.239% VRN 1/29/27
   60,000    56,850 
Hearthside Food Solutions LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.688%
4.677% VRN 5/23/25
   49,810    41,342 
United Natural Foods, Inc., Term Loan B, 1 mo. LIBOR + 4.250%
5.239% VRN 10/22/25
   29,924    25,436 
         123,628 
Health Care – Products — 0.1%          
Athenahealth, Inc., 2019 Term Loan B, 3 mo. LIBOR + 4.500%
5.284% VRN 2/11/26
   159,597    148,425 
Sotera Health Holdings, LLC, 2019 Term Loan, 1 mo. LIBOR + 4.500%
5.500% VRN 12/11/26
   105,000    90,924 
         239,349 
Health Care – Services — 0.1%          
Air Methods Corp., 2017 Term Loan B, 3 mo. LIBOR + 3.500%
4.950% VRN 4/22/24
   54,859    38,158 
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.750%
4.739% VRN 10/10/25
   44,886    22,667 
Gentiva Health Services, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.250%
4.250% VRN 7/02/25
   199,590    186,617 
Global Medical Response, Inc., 2018 Term Loan B1, 2 mo. LIBOR + 3.250%
4.932% VRN 4/28/22
   59,847    55,209 
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.750%
4.739% VRN 11/17/25
   54,846    50,630 
         353,281 
Holding Company – Diversified — 0.0%          
Travelport Finance (Luxembourg) S.a.r.l., 2019 Term Loan, 3 mo. LIBOR + 5.000%
6.072% VRN 5/29/26
   34,825    22,305 
Household Products — 0.0%          
Diamond (BC) B.V., USD Term Loan, 3 mo. LIBOR + 3.000%
4.777% VRN 9/06/24
   74,720    55,293 
Kronos Acquisition Holdings, Inc., 2015 Term Loan B, 1 mo. LIBOR + 4.000%
5.000% VRN 5/15/23
   50,000    44,510 
         99,803 
Insurance — 0.1%          
Acrisure LLC, 2020 Term Loan B, 3 mo. LIBOR + 3.500%
5.207% VRN 2/15/27
   124,364    109,440 
AssuredPartners, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.500%
4.489% VRN 2/12/27
   178,680    155,005 
Asurion LLC, 2017 2nd Lien Term Loan, 1 mo. LIBOR + 6.500%
7.489% VRN 8/04/25
   50,000    45,563 
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. LIBOR + 4.000%
4.989% VRN 9/03/26
   34,738    31,133 
         341,141 
Internet — 0.0%          
Getty Images, Inc., 2019 USD Term Loan B, 1 mo. LIBOR + 4.500%
5.500% VRN 2/19/26
   34,538    27,285 
ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 3 mo. LIBOR + 4.000%
5.072% VRN 11/21/24
   19,898    16,250 
Uber Technologies, Inc.
2018 Term Loan, 1 mo. LIBOR + 4.000%
5.000% VRN 4/23/20
   74,741    68,762 
2018 Term Loan, 3 mo. LIBOR + 3.000%
6.250% VRN 6/30/20
   187    172 
Web.com Group, Inc., 2018 Term Loan B,
0.000% VRN 10/10/25 (a)
   40,000    32,600 
         145,069 
Investment Companies — 0.1%          
RPI 2019 Intermediate Finance Trust, 2020 Term Loan B1, 1 mo. LIBOR + 1.750%
2.739% VRN 2/11/27
   54,863    50,474 
Solenis Holdings LLC
2018 1st Lien Term Loan, 3 mo. LIBOR + 2.750%
5.186% VRN 10/04/23
   33,330    26,220 
2018 1st Lien Term Loan, 3 mo. LIBOR + 2.750%
5.277% VRN 10/04/23
   41,670    32,780 
UFC Holdings LLC, 2019 Term Loan, 1 mo. LIBOR + 3.250%
4.250% VRN 4/29/26
   198,777    172,936 
         282,410 
Leisure Time — 0.0%          
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. LIBOR + 2.750%
4.200% VRN 9/18/24
   34,910    21,732 
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 6 mo. LIBOR + 3.000%
4.072% VRN 3/08/24
   49,314    35,784 
         57,516 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Lodging — 0.1%        
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. LIBOR + 2.750%
3.739% VRN 12/23/24
  $159,186   $127,985 
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 1 mo. LIBOR + 1.750%
2.697% VRN 6/22/26
   100,000    94,500 
         222,485 
Machinery - Diversified — 0.0%          
Titan Acquisition Ltd., 2018 Term Loan B, 3 mo. LIBOR + 3.000%
4.450% VRN 3/28/25
   39,898    32,517 
Media — 0.2%          
Cengage Learning, Inc., 2016 Term Loan B, 1 mo. LIBOR + 4.250%
5.250% VRN 6/07/23
   74,690    60,187 
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. LIBOR + 2.500%
3.112% VRN 4/15/27
   204,230    194,698 
E.W. Scripps Co.(The), 2019 Term Loan B2, 1 mo. LIBOR + 2.500%
3.489% VRN 5/01/26
   308,602    291,629 
Radiate Holdco, LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.000%
3.989% VRN 2/01/24
   99,743    91,432 
         637,946 
Packaging & Containers — 0.0%          
Charter NEX US, Inc., Incremental Term Loan,
0.000% VRN 5/16/24 (a)
   49,290    42,636 
Flex Acquisition Co., Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.000%
4.898% VRN 12/29/23
   75,000    67,875 
Klockner-Pentaplast of America, Inc., USD 2017 Term Loan B2, 1 mo. LIBOR + 4.250%
5.250% VRN 6/30/22
   29,923    20,626 
         131,137 
Pipelines — 0.0%          
Blackstone CQP Holdco LP, Term Loan B, 3 mo. LIBOR + 3.500%
4.616% VRN 9/30/24
   79,799    62,084 
Buckeye Partners LP, 2019 Term Loan B, 1 mo. LIBOR + 2.750%
4.265% VRN 11/01/26
   70,000    63,840 
         125,924 
Retail — 0.1%          
EG America LLC, 2018 USD Term Loan, 6 mo. LIBOR + 4.000%
5.072% VRN 2/07/25
   24,750    17,944 
IRB Holding Corp
2020 Term Loan B, 1 mo. LIBOR + 4.000%
4.989% VRN 4/30/20
   272    209 
2020 Term Loan B, 2 mo. LIBOR + 4.000%
5.613% VRN 5/29/20
   108,716    83,508 
PetSmart, Inc., Consenting Term Loan, 2 mo. LIBOR + 4.000%
5.000% VRN 3/11/22
   197,577    188,958 
         290,619 
Software — 0.7%          
Almonde, Inc.
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500%
5.277% VRN 6/13/24
   149,596    127,157 
USD 2nd Lien Term Loan, 3 mo. LIBOR + 7.250%
9.027% VRN 6/13/25
   20,000    14,840 
Ascend Learning LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.000%
4.000% VRN 7/12/24
   159,058    140,965 
Camelot U.S. Acquisition 1 Co., Term Loan B,
0.000% VRN 10/31/26 (a)
   154,613    145,336 
Castle US Holding Corp., USD Term Loan B, 1 mo. LIBOR + 3.750%
5.200% VRN 1/29/27
   160,000    126,901 
Cvent, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 3.750%
4.739% VRN 11/29/24
   99,746    70,487 
Dun & Bradstreet Corp. (The), Term Loan,
0.000% VRN 2/06/26 (a)
   155,000    138,919 
Emerald TopCo, Inc., Term Loan, 1 mo. LIBOR + 3.500%
4.489% VRN 7/24/26
   104,737    95,310 
Greeneden U.S. Holdings II, LLC, 2018 USD Term Loan B,
0.000% VRN 12/01/23 (a)
   154,605    143,782 
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250%
4.239% VRN 7/01/24
   159,091    147,159 
Kronos, Inc., 2017 Term Loan B,
0.000% VRN 11/01/23 (a)
   129,669    117,702 
Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.250%
4.239% VRN 11/29/24
   149,618    123,685 
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, 1 mo. LIBOR + 3.500%
5.380% VRN 4/26/24
   99,489    89,540 
Solera LLC, USD Term Loan B,
0.000% VRN 3/03/23 (a)
   199,481    186,015 
Sophia, L.P., 2017 Term Loan B, 3 mo. LIBOR + 3.250%
4.700% VRN 9/30/22
   199,597    189,118 
Tibco Software, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.750%
4.740% VRN 6/30/26
   129,962    122,165 
VS Buyer, LLC, Term Loan B,
0.000% VRN 2/28/27 (a)
   130,000    124,150 
         2,103,231 
Telecommunications — 0.3%          
Altice France S.A., 2018 Term Loan B13, 1 mo. LIBOR + 4.000%
4.705% VRN 8/14/26
   100,000    94,750 
Avaya, Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.250%
4.955% VRN 12/15/24
   70,000    59,325 
Intelsat Jackson Holdings S.A., 2017 Term Loan B3, 1 mo. LIBOR + 3.750%
5.682% VRN 11/27/23
   155,000    141,244 
MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.500%
6.015% VRN 11/30/25
   19,899    13,645 
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. LIBOR + 2.750%
4.331% VRN 9/18/26
   196,160    181,841 
Sprint Communications, Inc., 1st Lien Term Loan B, 1 mo. LIBOR + 2.500%
3.500% VRN 2/02/24
   158,824    157,633 
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. LIBOR + 2.500%
3.205% VRN 1/31/28
   100,000    92,000 
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. LIBOR + 3.000%
3.989% VRN 4/30/20
   130,000    122,200 
         862,638 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Transportation — 0.1%        
Genesee & Wyoming, Inc., Term Loan, 3 mo. LIBOR + 2.000%
3.450% VRN 12/30/26
  $75,000   $71,485 
PODS LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 2.750%
3.750% VRN 12/06/24
   104,732    92,687 
         164,172 
TOTAL BANK LOANS
(Cost $10,658,235)
        9,544,545 
           
Corporate Debt — 24.2%          
Advertising — 0.1%          
The Interpublic Group of Cos., Inc.
5.400% 10/01/48
   300,000    322,619 
Aerospace & Defense — 0.1%          
Bombardier, Inc.
6.000% 10/15/22 (b)
   90,000    67,500 
TransDigm, Inc.
5.500% 11/15/27 (b)
   100,000    89,750 
6.250% 3/15/26 (b)   150,000    149,438 
6.375% 6/15/26   60,000    57,450 
Triumph Group, Inc.
7.750% 8/15/25 (c)
   65,000    47,125 
         411,263 
Agriculture — 0.4%          
Altria Group, Inc.
4.800% 2/14/29
   475,000    494,360 
BAT Capital Corp.
3.462% 9/06/29
   695,000    642,908 
Imperial Brands Finance PLC
3.500% 7/26/26 (b)
   265,000    244,587 
         1,381,855 
Airlines — 0.2%          
Delta Air Lines, Inc.
3.800% 4/19/23
   520,000    488,655 
Latam Finance Ltd.
6.875% 4/11/24 (b)
   200,000    88,910 
7.000% 3/01/26 (b)   300,000    136,656 
         714,221 
Auto Manufacturers — 0.5%          
General Motors Co. 3 mo. USD LIBOR + 0.800%
2.542% FRN 8/07/20
   110,000    108,109 
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 0.990%
2.890% FRN 1/05/23
   575,000    465,479 
Hyundai Capital America
2.650% 2/10/25 (b)
   460,000    438,251 
Volkswagen Group of America Finance LLC
4.250% 11/13/23 (b)
   500,000    494,740 
         1,506,579 
Auto Parts & Equipment — 0.0%          
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
6.250% 5/15/26 (b)
   115,000    108,675 
Banks — 4.6%          
Banco Bradesco SA/Cayman Islands
5.750% 3/01/22 (b)
   200,000    201,250 
Banco de Reservas de la Republica Dominicana
7.000% 2/01/23 (b)
   200,000    188,500 
Banco do Brasil SA 10 year CMT + 4.398%
6.250% VRN (b) (d)
   500,000    391,750 
Banco Internacional del Peru SAA Interbank 3 mo. USD LIBOR + 6.740%
8.500% VRN 4/23/70 (b)
   200,000    195,000 
Banco Macro SA 5 year USD Swap + 5.463%
6.750% VRN 11/04/26 (b)
   500,000    302,505 
Banco Mercantil del Norte SA/Grand Cayman
5 year CMT + 4.447% 5.750% VRN 10/04/31 (b)
   200,000    169,600 
5 year CMT + 5.035% 6.875% VRN (b) (d)   200,000    152,002 
10 year CMT + 5.353% 7.625% VRN (b) (d)   600,000    457,500 
Banco Santander SA 3 mo. USD LIBOR + 1.090%
2.773% FRN 2/23/23
   400,000    378,922 
Bancolombia SA
3.000% 1/29/25
   200,000    178,702 
 5 year CMT + 2.929% 4.875% VRN 10/18/27   400,000    362,004 
Bank of America Corp. 3 mo. USD LIBOR + 1.210%
3.974% VRN 2/07/30
   400,000    431,172 
Bank of Montreal 5 year USD Swap + 1.432%
3.803% VRN 12/15/32
   370,000    359,383 
Bank of New Zealand
3.500% 2/20/24 (b)
   530,000    555,944 
Barclays PLC 3 mo. USD LIBOR + 1.380%
3.072% FRN 5/16/24
   425,000    374,257 
BBVA Bancomer SA 5 year CMT + 2.650%
5.125% VRN 1/18/33 (b)
   1,000,000    828,000 
BDO Unibank, Inc.
2.950% 3/06/23 (b)
   300,000    297,022 
Citigroup, Inc. 3 mo. USD LIBOR + 1.100%
2.792% FRN 5/17/24
   750,000    716,351 
Commonwealth Bank of Australia
4.316% 1/10/48 (b)
   505,000    492,853 
Credit Agricole SA
3.750% 4/24/23 (b)
   535,000    546,696 
Credit Suisse Group AG 3 mo. USD LIBOR + 1.240%
2.024% FRN 6/12/24 (b)
   430,000    379,863 
DBS Group Holdings Ltd. 5 year USD Swap + 2.390%
3.600% VRN (b) (d)
   600,000    550,500 
Gilex Holding Sarl
8.500% 5/02/23 (b)
   150,000    127,575 
8.500% 5/02/23 (b)   150,000    127,575 
Grupo Aval Ltd.
4.375% 2/04/30 (b)
   200,000    160,500 
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380%
2.164% FRN 9/12/26
   835,000    794,934 
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%
3.574% VRN 11/07/28
   400,000    396,889 
Macquarie Group Ltd.
3 mo. USD LIBOR + 1.023% 3.189% VRN 11/28/23 (b)
   160,000    163,948 
3 mo. USD LIBOR + 1.330% 4.150% VRN 3/27/24 (b)   280,000    292,906 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Malayan Banking Bhd 5 year USD Swap + 2.542%
3.905% VRN 10/29/26 (b)
  $600,000   $608,022 
Mitsubishi UFJ Financial Group, Inc. 3 mo. USD LIBOR + 0.740%
2.320% FRN 3/02/23
   495,000    470,566 
Morgan Stanley 3 mo. USD LIBOR + 1.340%
3.591% VRN 7/22/28
   230,000    233,536 
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480%
3.498% VRN 5/15/23
   285,000    281,445 
Scotiabank Peru SAA 3 mo. USD LIBOR + 3.856%
4.500% VRN 12/13/27 (b)
   100,000    94,001 
Sumitomo Mitsui Financial Group, Inc. 3 mo. USD LIBOR + 0.740%
2.576% FRN 1/17/23
   715,000    641,605 
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 1.170%
2.862% FRN 5/15/26
   565,000    519,380 
Union Bank of the Philippines
3.369% 11/29/22 (b)
   400,000    395,396 
United Overseas Bank Ltd. 5 year USD Swap + 1.794%
3.875% VRN (b) (d)
   500,000    473,725 
Wells Fargo & Co.
3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30
   115,000    113,907 
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27   245,000    252,457 
         14,658,143 
Beverages — 0.1%          
Anheuser-Busch InBev Worldwide, Inc.
4.600% 4/15/48
   290,000    306,807 
Constellation Brands, Inc.
3.150% 8/01/29
   135,000    125,387 
         432,194 
Building Materials — 0.2%          
Builders FirstSource, Inc.
5.000% 3/01/30 (b)
   80,000    72,000 
Carrier Global Corp.
3.377% 4/05/40 (b)
   310,000    271,793 
Cemex SAB de CV
6.125% 5/05/25 (b)
   200,000    177,498 
Griffon Corp.
5.750% 3/01/28 (b)
   80,000    75,200 
Owens Corning
4.400% 1/30/48
   175,000    149,245 
         745,736 
Chemicals — 0.4%          
DuPont de Nemours, Inc.
5.419% 11/15/48
   205,000    225,555 
Nutrien Ltd.
4.200% 4/01/29
   265,000    276,497 
Sociedad Quimica y Minera de Chile SA
4.375% 1/28/25 (b)
   200,000    193,000 
Syngenta Finance NV
5.676% 4/24/48 (b)
   600,000    481,781 
UPL Corp. Ltd.
3.250% 10/13/21 (b)
   200,000    184,026 
         1,360,859 
Coal — 0.1%          
Peabody Energy Corp.
6.000% 3/31/22 (b)
   105,000    71,400 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.500% 6/15/25 (b)
   150,000    108,000 
         179,400 
Commercial Services — 0.3%          
Adani Ports & Special Economic Zone Ltd.
3.950% 1/19/22 (b)
   200,000    190,723 
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625% 7/15/26 (b)
   90,000    88,425 
9.750% 7/15/27 (b)   105,000    98,952 
Garda World Security Corp.
8.750% 5/15/25 (b)
   135,000    124,200 
MPH Acquisition Holdings LLC
7.125% 6/01/24 (b)
   160,000    139,210 
United Rentals North America, Inc.
6.500% 12/15/26
   75,000    76,125 
Verscend Escrow Corp.
9.750% 8/15/26 (b)
   237,000    236,554 
         954,189 
Computers — 0.1%          
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
6.750% 6/01/25 (b)
   190,000    173,861 
Distribution & Wholesale — 0.0%          
Performance Food Group, Inc.
5.500% 10/15/27 (b)
   115,000    106,663 
Diversified Financial Services — 2.0%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.500% 1/15/25
   450,000    364,880 
Air Lease Corp.
3.750% 2/01/22
   470,000    430,194 
American Express Co.
2.500% 8/01/22
   440,000    442,853 
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (b)
   390,000    305,851 
Banco BTG Pactual SA 5 year CMT + 5.257%
7.750% VRN 2/15/29 (b)
   400,000    340,000 
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125%
2.357% FRN 9/26/23 (b)
   565,000    562,418 
Capital One Financial Corp. 3 mo. USD LIBOR + 0.720%
2.490% FRN 1/30/23
   140,000    130,847 
Credito Real SAB de CV SOFOM ER 5 year CMT + 7.026%
9.125% VRN (b) (d)
   200,000    152,002 
Discover Financial Services
4.100% 2/09/27
   570,000    558,570 
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (b)
   155,000    99,820 
Interoceanica IV Finance Ltd.
0.000% 11/30/25 (b)
   799,880    739,889 
Mexarrend SAPI de CV
10.250% 7/24/24 (b)
   200,000    136,002 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Nationstar Mortgage Holdings, Inc.
8.125% 7/15/23 (b)
  $125,000   $122,225 
Navient Corp.
5.000% 3/15/27
   60,000    51,582 
NFP Corp.
6.875% 7/15/25 (b)
   155,000    152,675 
Operadora de Servicios Mega SA de CV Sofom ER
8.250% 2/11/25 (b)
   200,000    136,250 
SPARC EM SPC Panama Metro Line 2 SP
0.000% 12/05/22 (b)
   190,236    175,017 
Springleaf Finance Corp.
5.375% 11/15/29
   55,000    50,325 
6.625% 1/15/28   120,000    113,400 
SURA Asset Management SA
4.875% 4/17/24 (b)
   200,000    195,500 
Synchrony Financial
3.950% 12/01/27
   500,000    444,292 
The Charles Schwab Corp.
3.550% 2/01/24
   465,000    489,044 
Unifin Financiera SAB de CV 5 year CMT + 6.308%
8.875% VRN (b) (d)
   600,000    360,006 
         6,553,642 
Electric — 2.6%          
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It
7.950% 5/11/26 (b)
   500,000    463,250 
AES Argentina Generacion SA
7.750% 2/02/24 (b)
   150,000    84,375 
AES Gener SA
5 year CMT + 4.917% 6.350% VRN 10/07/79 (b)
   200,000    152,000 
5 year CMT + 4.917% 6.350% VRN 10/07/79 (b)   200,000    152,000 
5 year USD Swap + 4.644% 7.125% VRN 3/26/79 (b)   400,000    312,840 
American Electric Power Co., Inc.
2.950% 12/15/22
   313,000    303,715 
Calpine Corp.
5.125% 3/15/28 (b)
   100,000    92,000 
Cometa Energia SA de CV
6.375% 4/24/35 (b)
   387,600    350,778 
DTE Energy Co.
3.800% 3/15/27
   500,000    510,635 
Duke Energy Corp.
3.750% 9/01/46
   90,000    86,160 
3.950% 8/15/47   240,000    231,196 
Duke Energy Progress, Inc.
4.150% 12/01/44
   315,000    353,889 
Empresa Electrica Angamos SA
4.875% 5/25/29 (b)
   165,200    157,766 
Empresa Electrica Guacolda SA
4.560% 4/30/25 (b)
   400,000    281,685 
Georgia Power Co.
2.200% 9/15/24
   455,000    426,808 
LLPL Capital Pte Ltd.
6.875% 2/04/39 (b)
   288,390    280,820 
Minejesa Capital BV
4.625% 8/10/30 (b)
   600,000    535,749 
Monongahela Power Co.
5.400% 12/15/43 (b)
   210,000    234,254 
Pampa Energia SA
9.125% 4/15/29 (b)
   150,000    99,751 
PSEG Power LLC
3.850% 6/01/23
   340,000    345,900 
Sierra Pacific Power Co.
2.600% 5/01/26
   1,000,000    999,616 
Star Energy Geothermal Wayang Windu Ltd.
6.750% 4/24/33 (b)
   552,000    497,042 
Transelec SA
3.875% 1/12/29 (b)
   250,000    225,190 
4.625% 7/26/23 (b)   200,000    202,052 
Xcel Energy, Inc.
3.300% 6/01/25
   1,000,000    1,014,157 
         8,393,628 
Electronics — 0.1%          
Arrow Electronics, Inc.
3.875% 1/12/28
   290,000    270,834 
Engineering & Construction — 0.3%          
AECOM
5.125% 3/15/27
   160,000    144,000 
Aeropuerto Internacional de Tocumen SA
5.625% 5/18/36 (b)
   200,000    204,002 
Sydney Airport Finance Co. Pty Ltd.
3.375% 4/30/25 (b)
   300,000    297,167 
3.625% 4/28/26 (b)   300,000    321,490 
         966,659 
Entertainment — 0.2%          
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250% 10/15/25 (b)
   130,000    93,886 
Eldorado Resorts, Inc.
6.000% 4/01/25
   125,000    112,500 
Lions Gate Capital Holdings LLC
6.375% 2/01/24 (b)
   160,000    140,800 
Scientific Games International, Inc.
7.250% 11/15/29 (b)
   75,000    46,875 
Twin River Worldwide Holdings, Inc.
6.750% 6/01/27 (b)
   110,000    82,500 
         476,561 
Environmental Controls — 0.2%          
GFL Environmental, Inc.
5.125% 12/15/26 (b)
   125,000    121,875 
8.500% 5/01/27 (b)   51,000    51,240 
Tervita Corp.
7.625% 12/01/21 (b)
   220,000    154,000 
Waste Management, Inc.
4.000% 7/15/39
   355,000    385,826 
         712,941 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Foods — 1.1%        
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
4.625% 1/15/27 (b)
  $95,000   $94,525 
B&G Foods, Inc.
5.250% 9/15/27
   50,000    48,750 
Grupo Bimbo SAB de CV 5 year CMT + 3.280%
5.950% VRN (b) (d)
   400,000    373,760 
JBS USA LUX SA/JBS USA Finance, Inc.
5.750% 6/15/25 (b)
   20,000    20,200 
5.875% 7/15/24 (b)   30,000    30,375 
6.750% 2/15/28 (b)   126,000    134,505 
Kraft Heinz Foods Co.
3.950% 7/15/25
   55,000    54,735 
5.000% 7/15/35   40,000    39,768 
5.200% 7/15/45   115,000    110,560 
The Kroger Co.
3.400% 4/15/22
   490,000    504,256 
MARB BondCo PLC
6.875% 1/19/25 (b) (c)
   400,000    360,500 
7.000% 3/15/24 (b)   200,000    178,000 
Minerva Luxembourg SA
5.875% 1/19/28 (b)
   300,000    264,753 
6.500% 9/20/26 (b)   400,000    364,166 
NBM US Holdings, Inc.
7.000% 5/14/26 (b)
   200,000    181,500 
Pilgrim’s Pride Corp.
5.875% 9/30/27 (b)
   205,000    204,262 
Post Holdings, Inc.
4.625% 4/15/30 (b)
   110,000    105,325 
Smithfield Foods, Inc.
4.250% 2/01/27 (b)
   415,000    384,936 
Sysco Corp.
3.300% 2/15/50
   280,000    202,773 
         3,657,649 
Gas — 0.1%          
The Brooklyn Union Gas Co.
4.487% 3/04/49 (b)
   385,000    408,219 
Health Care – Products — 0.0%          
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA
7.250% 2/01/28 (b)
   80,000    68,792 
Health Care – Services — 0.2%          
Centene Corp.
3.375% 2/15/30 (b)
   75,000    69,750 
4.250% 12/15/27 (b)   50,000    49,000 
HCA, Inc.
5.375% 9/01/26
   125,000    128,750 
LifePoint Health, Inc.
4.375% 2/15/27 (b)
   90,000    84,780 
Radiology Partners, Inc.
9.250% 2/01/28 (b)
   95,000    82,246 
Select Medical Corp.
6.250% 8/15/26 (b)
   150,000    150,000 
Tenet Healthcare Corp.
5.125% 11/01/27 (b)
   155,000    147,638 
West Street Merger Sub, Inc.
6.375% 9/01/25 (b)
   80,000    69,736 
         781,900 
Home Builders — 0.0%          
Mattamy Group Corp.
4.625% 3/01/30 (b)
   120,000    103,200 
Home Furnishing — 0.1%          
Tempur Sealy International, Inc.
5.500% 6/15/26
   238,000    208,286 
Household Products & Wares — 0.0%          
Kronos Acquisition Holdings, Inc.
9.000% 8/15/23 (b)
   105,000    86,100 
Insurance — 0.8%          
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750% 10/15/27 (b)
   75,000    70,230 
Athene Global Funding
3.000% 7/01/22 (b)
   465,000    457,676 
Equitable Holdings, Inc.
3.900% 4/20/23
   490,000    485,620 
GTCR AP Finance, Inc.
8.000% 5/15/27 (b)
   95,000    87,400 
Liberty Mutual Group, Inc.
3.951% 10/15/50 (b)
   675,000    625,740 
Prudential Financial, Inc.
3.905% 12/07/47
   185,000    177,862 
Willis North America, Inc.
4.500% 9/15/28
   475,000    521,869 
         2,426,397 
Internet — 0.1%          
Expedia, Inc. Co.
3.800% 2/15/28
   275,000    237,708 
Uber Technologies, Inc.
7.500% 9/15/27 (b)
   90,000    88,848 
         326,556 
Iron & Steel — 0.1%          
CSN Islands XII Corp.
7.000% (b) (d)
   200,000    118,000 
CSN Resources SA
7.625% 4/17/26 (b)
   200,000    130,250 
         248,250 
Leisure Time — 0.1%          
Royal Caribbean Cruises Ltd.
3.700% 3/15/28
   90,000    56,634 
Viking Cruises Ltd.
5.875% 9/15/27 (b)
   160,000    93,617 
         150,251 
Lodging — 0.1%          
Gohl Capital Ltd.
4.250% 1/24/27 (b)
   200,000    163,887 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Machinery – Diversified — 0.1%        
John Deere Capital Corp.
3.450% 1/10/24
  $210,000   $219,540 
Media — 0.5%          
CCO Holdings LLC/CCO Holdings Capital Corp.
4.750% 3/01/30 (b)
   105,000    104,475 
Cengage Learning, Inc.
9.500% 6/15/24 (b)
   75,000    55,500 
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908% 7/23/25
   325,000    345,018 
CSC Holdings LLC
5.250% 6/01/24
   190,000    190,473 
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375% 8/15/26 (b)
   65,000    52,814 
DISH DBS Corp.
5.875% 11/15/24
   40,000    38,900 
Gray Escrow, Inc.
7.000% 5/15/27 (b)
   145,000    144,275 
iHeartCommunications, Inc.
8.375% 5/01/27
   25,000    21,766 
Nexstar Broadcasting, Inc.
5.625% 7/15/27 (b)
   65,000    63,537 
Scripps Escrow, Inc.
5.875% 7/15/27 (b)
   80,000    70,400 
VTR Finance BV
6.875% 1/15/24 (b)
   200,000    181,498 
6.875% 1/15/24 (b)   200,000    181,498 
         1,450,154 
Mining — 0.5%          
Anglo American Capital PLC
4.500% 3/15/28 (b)
   585,000    579,456 
Arconic Corp.
6.125% 2/15/28 (b)
   110,000    112,475 
Freeport-McMoRan, Inc.
5.400% 11/14/34
   300,000    277,500 
5.450% 3/15/43   450,000    402,750 
Novelis Corp.
4.750% 1/30/30 (b)
   50,000    44,500 
Vedanta Resources Finance II PLC
9.250% 4/23/26 (b)
   200,000    83,500 
Vedanta Resources Ltd.
6.125% 8/09/24 (b)
   600,000    233,879 
         1,734,060 
Miscellaneous - Manufacturing — 0.1%          
Gates Global LLC / Gates Corp.
6.250% 1/15/26 (b)
   75,000    66,375 
General Electric Co.
5.875% 1/14/38
   225,000    259,236 
         325,611 
Oil & Gas — 1.6%          
Canacol Energy Ltd.
7.250% 5/03/25 (b)
   400,000    344,004 
7.250% 5/03/25 (b)(c)   200,000    172,002 
CNOOC Finance 2015 USA LLC
3.750% 5/02/23
   570,000    595,832 
Cosan Overseas Ltd.
8.250% (b) (d)
   500,000    445,755 
Delek & Avner Tamar Bond Ltd.
5.082% 12/30/23 (b)
   100,000    97,898 
5.412% 12/30/25 (b)   100,000    95,541 
Diamondback Energy, Inc.
2.875% 12/01/24
   59,000    41,211 
Geopark Ltd.
6.500% 9/21/24 (b)
   600,000    340,500 
Gran Tierra Energy International Holdings Ltd.
6.250% 2/15/25 (b)
   400,000    99,000 
Gulfport Energy Corp.
6.375% 5/15/25
   105,000    25,462 
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250% 11/01/28 (b)
   100,000    44,000 
Indian Oil Corp. Ltd.
5.750% 8/01/23 (b)
   600,000    587,922 
Indigo Natural Resources LLC
6.875% 2/15/26 (b)
   50,000    33,000 
Marathon Petroleum Corp.
5.125% 12/15/26
   430,000    425,712 
Medco Bell Pte Ltd.
6.375% 1/30/27 (b)
   200,000    115,999 
MEG Energy Corp.
7.000% 3/31/24 (b)
   30,000    13,838 
7.125% 2/01/27 (b)   155,000    76,589 
Oasis Petroleum, Inc.
6.875% 3/15/22
   100,000    19,750 
ONGC Videsh Vankorneft Pte Ltd.
3.750% 7/27/26 (b)
   600,000    535,957 
Parkland Fuel Corp.
5.875% 7/15/27 (b)
   115,000    107,801 
Petrobras Global Finance BV
6.900% 3/19/49
   100,000    97,125 
7.250% 3/17/44   100,000    101,080 
QEP Resources, Inc.
5.625% 3/01/26
   165,000    60,225 
Sunoco LP / Sunoco Finance Corp.
5.500% 2/15/26
   130,000    112,486 
6.000% 4/15/27   90,000    77,400 
Transocean Guardian Ltd.
5.875% 1/15/24 (b)
   70,976    56,781 
Transocean Poseidon Ltd.
6.875% 2/01/27 (b)
   150,000    121,500 
Transocean, Inc.
8.000% 2/01/27 (b)
   80,000    38,000 
WPX Energy, Inc.
4.500% 1/15/30
   100,000    54,300 
YPF Sociedad Anonima
6.950% 7/21/27 (b)
   250,000    128,825 
         5,065,495 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Oil & Gas Services — 0.1%        
Halliburton Co.
2.920% 3/01/30
  $260,000   $200,893 
USA Compression Partners LP / USA Compression Finance Corp.
6.875% 9/01/27
   185,000    114,700 
         315,593 
Packaging & Containers — 0.3%          
Flex Acquisition Co., Inc.
6.875% 1/15/25 (b)
   125,000    116,875 
Packaging Corp. of America
3.400% 12/15/27
   215,000    214,145 
Silgan Holdings, Inc.
4.125% 2/01/28 (b)
   45,000    41,513 
WRKCo, Inc.
3.750% 3/15/25
   420,000    422,215 
         794,748 
Pharmaceuticals — 0.9%          
AbbVie, Inc.
4.700% 5/14/45
   215,000    241,486 
AstraZeneca PLC
6.450% 9/15/37
   265,000    375,808 
Bausch Health Cos., Inc.
5.000% 1/30/28 (b)
   80,000    75,736 
5.250% 1/30/30 (b)   80,000    75,645 
Becton Dickinson and Co.
2.894% 6/06/22
   760,000    758,582 
Bristol-Myers Squibb Co.
4.350% 11/15/47 (b)
   355,000    447,041 
Cigna Corp.
3 mo. USD LIBOR + 0.890% 2.721% FRN 7/15/23
   270,000    251,045 
4.900% 12/15/48   215,000    257,954 
Shire Acquisitions Investments Ireland DAC
2.875% 9/23/23
   530,000    533,851 
         3,017,148 
Pipelines — 1.1%          
AI Candelaria Spain SLU
7.500% 12/15/28 (b)
   250,000    185,729 
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.750% 3/01/27 (b)
   54,000    34,560 
Cheniere Energy Partners LP
5.250% 10/01/25
   105,000    96,600 
5.625% 10/01/26   95,000    87,400 
Enable Midstream Partners LP
4.400% 3/15/27
   295,000    180,196 
Energy Transfer Operating LP
4.750% 1/15/26
   470,000    428,436 
Fermaca Enterprises S de RL de CV
6.375% 3/30/38 (b)
   215,442    212,079 
GNL Quintero SA
4.634% 7/31/29 (b)
   550,000    522,500 
Hess Midstream Operations LP
5.125% 6/15/28 (b)
   125,000    87,850 
Kinder Morgan Energy Partners LP
6.950% 1/15/38
   400,000    416,039 
ONEOK, Inc.
3.400% 9/01/29
   140,000    104,507 
Sabine Pass Liquefaction LLC
5.000% 3/15/27
   470,000    399,356 
Sunoco Logistics Partners Operations LP
3.900% 7/15/26
   750,000    627,433 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.500% 3/01/30 (b)
   155,000    119,722 
         3,502,407 
Real Estate — 0.1%          
Radiant Access Ltd.
4.600% (b) (d)
   200,000    187,100 
Real Estate Investment Trusts (REITS) — 1.1%          
Alexandria Real Estate Equities, Inc.
4.000% 1/15/24
   320,000    326,889 
American Tower Corp.
3.600% 1/15/28
   470,000    467,144 
Boston Properties LP
3.400% 6/21/29
   435,000    418,244 
Crown Castle International Corp.
3.700% 6/15/26
   700,000    715,269 
4.000% 3/01/27   225,000    231,704 
ESH Hospitality, Inc.
5.250% 5/01/25 (b)
   105,000    88,200 
MPT Operating Partnership LP/MPT Finance Corp.
5.250% 8/01/26
   185,000    181,497 
National Retail Properties, Inc.
2.500% 4/15/30
   115,000    102,313 
Public Storage
3.385% 5/01/29
   445,000    446,082 
Simon Property Group LP
2.450% 9/13/29
   25,000    22,661 
VICI Properties LP / VICI Note Co., Inc.
3.750% 2/15/27 (b)
   15,000    14,137 
4.125% 8/15/30 (b)   15,000    14,044 
Welltower, Inc.
3.950% 9/01/23
   460,000    455,609 
         3,483,793 

 

 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Retail — 0.4%        
Asbury Automotive Group, Inc.
4.500% 3/01/28 (b)
  $16,000   $13,600 
4.750% 3/01/30 (b)   16,000    13,600 
Beacon Roofing Supply, Inc.
4.875% 11/01/25 (b)
   160,000    144,400 
Carvana Co.
8.875% 10/01/23 (b)
   40,000    37,800 
Golden Nugget, Inc.
6.750% 10/15/24 (b)
   175,000    110,231 
The Home Depot, Inc.
3.900% 6/15/47
   220,000    243,196 
IRB Holding Corp.
6.750% 2/15/26 (b)
   120,000    94,550 
McDonald’s Corp.
4.450% 3/01/47
   235,000    254,177 
PetSmart, Inc.
5.875% 6/01/25 (b)
   39,000    38,415 
7.125% 3/15/23 (b)   115,000    107,094 
Staples, Inc.
7.500% 4/15/26 (b)
   115,000    101,631 
Yum! Brands, Inc.
7.750% 4/01/25 (b) (e)
   35,000    36,750 
         1,195,444 
Semiconductors — 0.2%          
Marvell Technology Group Ltd.
4.200% 6/22/23
   485,000    495,849 
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.875% 6/18/26 (b)
   265,000    257,795 
         753,644 
Software — 0.1%          
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho
10.000% 11/30/24 (b)
   155,000    158,532 
Oracle Corp.
3.850% 4/01/60 (e)
   265,000    266,715 
         425,247 
Telecommunications — 1.2%          
AT&T, Inc.
5.250% 3/01/37
   600,000    700,014 
CenturyLink, Inc.
4.000% 2/15/27 (b)
   85,000    82,450 
5.125% 12/15/26 (b)   105,000    105,000 
Comunicaciones Celulares SA Via Comcel Trust
6.875% 2/06/24 (b)
   200,000    194,002 
Corning, Inc.
4.375% 11/15/57
   260,000    268,405 
Digicel Group Two Ltd.
9.125% 4/01/24 (b)
   507,159    63,395 
Empresa Nacional de Telecomunicaciones SA
4.750% 8/01/26 (b)
   300,000    282,646 
Front Range BidCo, Inc.
4.000% 3/01/27 (b)
   90,000    86,063 
6.125% 3/01/28 (b)   50,000    47,500 
Frontier Communications Corp.
8.000% 4/01/27 (b)
   105,000    103,559 
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.
9.875% 5/01/24 (b)
   75,000    59,250 
GTT Communications, Inc.
7.875% 12/31/24 (b)
   80,000    51,600 
Intelsat Jackson Holdings SA
8.500% 10/15/24 (b)
   85,000    53,525 
Millicom International Cellular SA
5.125% 1/15/28 (b)
   200,000    174,000 
6.250% 3/25/29 (b)   200,000    179,000 
6.625% 10/15/26 (b)   200,000    189,780 
Network i2i Ltd. 5 year CMT + 4.277%
5.650% VRN (b) (d)
   200,000    161,000 
Sprint Corp.
7.125% 6/15/24
   165,000    181,112 
Telesat Canada/telesat L
6.500% 10/15/27 (b)
   40,000    38,400 
Telfon Celuar Del Paragu SA
5.875% 4/15/27 (b)
   200,000    180,383 
Verizon Communications, Inc.
4.400% 11/01/34
   485,000    566,064 
         3,767,148 
Toys, Games & Hobbies — 0.1%          
Hasbro, Inc.
3.500% 9/15/27
   510,000    469,606 
Transportation — 0.5%          
CSX Corp.
3.800% 11/01/46
   400,000    401,437 
Empresa de Transporte de Pasajeros Metro SA
5.000% 1/25/47 (b)
   750,000    750,000 
FedEx Corp.
4.750% 11/15/45
   255,000    244,358 
Fideicomiso PA Pacifico Tres
8.250% 1/15/35 (b)
   200,000    192,000 
JSL Europe SA
7.750% 7/26/24 (b) (c)
   200,000    144,258 
         1,732,053 
Trucking & Leasing — 0.1%          
Penske Truck Leasing Co. LP/PTL Finance Corp.
4.200% 4/01/27 (b)
   225,000    231,037 
TOTAL CORPORATE DEBT
(Cost $84,573,858)
        77,729,837 
           
Municipal Obligations — 0.1%          
Missouri Highway & Transportation Commission, Revenue Bonds
5.063% 5/01/24
   135,000    153,072 
State of California BAB, General Obligation
7.550% 4/01/39
   190,000    308,313 
         461,385 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $428,519)
        461,385 

  

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Non-U.S. Government Agency Obligations — 21.8%        
         
Commercial MBS — 5.4%        
Barclays Commercial Mortgage Trust, Series 2019-C3, Class B
4.096% 5/15/52
  $335,000   $308,102 
BFLD 2019-DPLO, Series 2019-DPLO, Class E, 1 mo. USD LIBOR + 2.240%
2.945% FRN 10/15/34 (b)
   491,000    359,618 
BX Trust 2019-OC11, Series 2019-OC11, Class E,
4.076% VRN 12/09/41 (b) (f)
   391,000    281,552 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,
1.019% VRN 1/10/48 (f)
   5,628,204    267,189 
CHT Mortgage Trust
Series 2017-CSMO, Class E, 1 mo. USD LIBOR + 3.000% 3.705% FRN 11/15/36 (b)
   378,000    264,600 
Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.741% 4.446% FRN 11/15/36 (b)   668,000    434,200 
Citigroup Commercial Mortgage Trust
Series 2015-GC35, Class XA, 0.849% VRN 11/10/48 (f)
   5,200,500    155,892 
Series 2016-GC36, Class D, 2.850% 2/10/49 (b)   281,000    197,678 
Series 2015-GC31, Class C, 4.057% VRN 6/10/48 (f)   700,000    648,407 
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f)   340,000    316,479 
Series 2015-GC35, Class C, 4.497% VRN 11/10/48 (f)   413,000    373,802 
COMM Mortgage Trust
Series 2012-CR4, Class D, 4.593% VRN 10/15/45 (b) (f)
   738,000    329,431 
Series 2015-LC23, Class C, 4.645% VRN 10/10/48 (f)   470,000    432,072 
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class C,
4.646% VRN 2/10/49 (f)
   465,000    419,937 
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class XA, 0.837% VRN 4/15/50 (f)
   8,354,949    271,509 
Series 2019-C16, Class AS, 3.612% 6/15/52   334,000    329,456 
Series 2019-C16, Class B, 3.885% 6/15/52   334,000    315,926 
Series 2015-C4, Class C, 4.580% VRN 11/15/48 (f)   427,000    393,599 
Series 2018-C14, Class C, 4.892% VRN 11/15/51 (f)   405,000    354,297 
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.450%
3.155% FRN 6/15/33 (b)
   550,000    431,628 
Fontainebleau Miami Beach Trust
Series 2019-FBLU, Class E, 4.095% 12/10/36 (b)
   262,000    204,743 
Series 2019-FBLU, Class G, 4.095% VRN 12/10/36 (b) (f)   262,000    180,638 
GS Mortgage Securities Trust
Series 2015-GS1, Class XA, 0.780% VRN 11/10/48 (f)
   7,932,842    290,401 
Series 2013-GC10, Class XA, 1.499% VRN 2/10/46 (f)   4,502,689    154,640 
Series 2014-GC26, Class D, 4.515% VRN 11/10/47 (b) (f)   1,258,000    943,363 
GSCG Trust, Series 2019-600C, Class E,
4.118% VRN 9/06/34 (b) (f)
   497,000    430,114 
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%
3.855% FRN 11/15/36 (b)
   435,241    291,611 
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class XA, 1.078% VRN 1/15/49 (f)
   5,197,716    174,708 
Series 2016-JP2, Class B, 3.460% 8/15/49   174,000    158,392 
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class XA, 0.515% VRN 7/15/48 (f)
   9,547,092    213,933 
Series 2015-C29, Class XA, 0.741% VRN 5/15/48 (f)   8,830,476    220,163 
Series 2014-C25, Class XA, 0.852% VRN 11/15/47 (f)   4,329,799    139,091 
Series 2015-C28, Class XA, 1.057% VRN 10/15/48 (f)   7,541,172    254,368 
Series 2015-C27, Class D, 3.807% VRN 2/15/48 (b) (f)   704,000    544,024 
Series 2015-C29, Class C, 4.178% VRN 5/15/48 (f)   325,000    292,808 
Series 2015-C33, Class C, 4.622% VRN 12/15/48 (f)   527,000    480,715 
Series 2015-C32, Class C, 4.656% VRN 11/15/48 (f)   87,000    79,651 
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C27, Class D, 3.237% VRN 12/15/47 (b) (f)
   504,000    364,086 
Series 2015-C23, Class C, 4.155% VRN 7/15/50 (f)   650,000    578,130 
Series 2015-C27, Class C, 4.526% VRN 12/15/47 (f)   351,000    314,369 
           
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,
0.881% VRN 12/15/48 (f)
   6,303,074    256,945 
MSCG Trust, Series 2016-SNR, Class C
5.205% 11/15/34 (b)
   458,150    452,033 
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200%
3.859% FRN 6/15/35 (b)
   368,000    331,452 
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA,
1.975% VRN 10/10/48 (f)
   3,848,028    303,987 
UBS Commercial Mortgage Trust, Series 2017-C6, Class B,
4.154% VRN 12/15/50 (f)
   340,000    318,400 
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS2, Class XA, 0.709% VRN 7/15/58 (f)
   10,310,468    299,408 
Series 2015-P2, Class XA, 0.981% VRN 12/15/48 (f)   5,347,433    196,450 
Series 2015-C31, Class XA, 1.013% VRN 11/15/48 (f)   6,326,235    282,595 
Series 2019-C51, Class B, 3.836% VRN 6/15/52 (f)   500,000    445,294 
Series 2014-LC16, Class D, 3.938% 8/15/50 (b)   169,000    104,026 
Series 2019-C50, Class B, 4.192% 5/15/52   409,000    383,160 
Series 2019-C50, Class C, 4.345% 5/15/52   409,000    331,919 
Series 2015-NXS4, Class C, 4.670% VRN 12/15/48 (f)   421,000    387,630 
         17,288,621 
Home Equity ABS — 0.8%          
GSAA Home Equity Trust, Series 2007-10, Class A2A
6.500% 11/25/37
   4,153,329    2,773,670 
Other ABS — 8.1%          
AASET US Ltd., Series 2018-1A, Class A
3.844% 1/16/38 (b)
   584,234    484,883 
ALM R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040%
5.871% FRN 10/15/28 (b)
   1,000,000    840,156 
ANCHORAGE CAPITAL CLO 13 LLC, Series 2019-13A, Class B, 3 mo. USD LIBOR + 2.000%
3.831% FRN 4/15/32 (b)
   500,000    452,751 
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,
5.682% STEP 12/16/41 (b)
   802,083    545,963 
BlueMountain CLO Ltd.
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% 4.419% FRN 4/20/31 (b)
   1,000,000    697,682 
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 5.969% FRN 1/20/29 (b)   1,000,000    834,303 
CAL Funding Ltd., Series 2018-1A, Class A
3.960% 2/25/43 (b)
   395,833    398,132 
CLI Funding LLC
Series 2014-2A, Class A, 3.380% 10/18/29 (b)
   300,844    271,310 
Series 2019-1A, Class A, 3.710% 5/18/44 (b)   459,387    451,362 
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100%
4.792% FRN 8/15/31 (b)
   500,000    370,149 
Gilbert Park CLO Ltd.
Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 4.781% FRN 10/15/30 (b)
   500,000    382,995 
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 8.231% FRN 10/15/30 (b)   1,000,000    647,039 
Global SC Finance SRL
Series 2014-1A, Class A1, 3.190% 7/17/29 (b)
   307,667    262,093 
Series 2018-1A, Class A, 4.290% 5/17/38 (b)   489,480    488,869 
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300%
5.119% FRN 1/20/30 (b)
   1,000,000    792,076 
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (b)
   215,121    201,887 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Hero Funding Trust, Series 2016-4A, Class A2
4.290% 9/20/47 (b)
  $242,542   $255,538 
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000%
4.831% FRN 10/15/30 (b)
   500,000    359,330 
Invitation Homes Trust
Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250% 2.050% FRN 3/17/37 (b)
   1,145,000    933,463 
Series 2018-SFR1, Class D, 1 mo. USD LIBOR + 1.450% 2.250% FRN 3/17/37 (b)   750,000    580,947 
JOL Air Ltd., Series 2019-1, Class A
3.967% 4/15/44 (b)
   455,536    335,630 
LCM LP, Series 19A, Class D, 3 mo. USD LIBOR + 3.450%
5.281% FRN 7/15/27 (b)
   1,000,000    829,129 
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (b)
   483,724    338,166 
Madison Park Funding Ltd.
Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950% 4.752% FRN 10/22/30 (b)
   500,000    362,794 
Series 2014-15A, Class DR, 3 mo. USD LIBOR + 5.440% 7.234% FRN 1/27/26 (b)   1,000,000    775,511 
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + 0.150%
1.097% FRN 8/25/37
   2,042,852    1,873,041 
Mosaic Solar Loans LLC, Series 2017-1A, Class A
4.450% 6/20/42 (b)
   442,805    432,858 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650%
5.444% FRN 7/25/30 (b)
   500,000    401,912 
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050%
4.869% FRN 10/20/30 (b)
   500,000    366,373 
Octagon Investment Partners Ltd.
Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500% 5.319% FRN 3/17/30 (b)
   1,000,000    787,070 
Series 2017-1A, Class D, 3 mo. USD LIBOR + 6.200% 8.019% FRN 3/17/30 (b)   500,000    302,851 
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class ERR, 3 mo. USD LIBOR + 5.450%
7.252% FRN 1/22/30 (b)
   1,000,000    544,565 
Primose Funding LLC, Series 2019-1A, Class A2
4.475% 7/30/49 (b)
   997,500    906,139 
Sprite Ltd., Series 2017-1, Class A
4.250% 12/15/37 (b)
   334,089    251,135 
START Ireland, Series 2019-1, Class A
4.089% 3/15/44 (b)
   464,286    324,752 
Sunrun Atlas Issuer 2019-2 LLC, Series 2019-2, Class A
3.610% 2/01/55 (b)
   745,337    654,303 
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050%
4.881% FRN 10/15/31 (b)
   500,000    367,167 
TAL Advantage LLC
Series 2013-1A, Class A, 2.830% 2/22/38 (b)
   145,833    142,966 
Series 2014-1A, Class A, 3.510% 2/22/39 (b)   269,467    268,255 
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A
3.960% 4/20/44 (b)
   463,333    443,081 
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400%
5.219% FRN 10/20/26 (b)
   1,000,000    885,007 
Thunderbolt Aircraft Lease Ltd.
Series 2018-A, Class A, 4.147% STEP 9/15/38 (b)
   446,429    317,488 
Series 2017-A, Class A, 4.212% STEP 5/17/32 (b)   897,290    669,633 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1
2.709% 8/15/47 (b)
   221,185    218,749 
Triton Container Finance LLC, Series 2018-1A, Class A
3.950% 3/20/43 (b)
   400,000    402,191 
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2
4.072% 2/16/43 (b)
   734,375    717,956 
Westcott Park CLO Ltd., Series 2016-1A, Class DR, 3 mo. USD LIBOR + 3.250%
5.069% FRN 7/20/28 (b)
   500,000    403,936 
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (b)
   812,542    567,579 
Wind River CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750%
5.569% FRN 4/18/29 (b)
   1,000,000    824,721 
         25,965,886 
Student Loans ABS — 0.4%          
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%
2.147% FRN 12/26/47 (b)
   408,545    379,658 
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40 (b)
   350,000    325,777 
Series 2018-B, Class BFX, 3.830% 8/25/47 (b)   500,000    475,237 
         1,180,672 
WL Collateral CMO — 6.6%          
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,
4.056% VRN 4/25/37 (f)
   1,566,235    1,335,432 
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5
5.500% 4/25/36
   2,241,772    2,169,595 
Countrywide Alternative Loan Trust
Series 2006-13T1, Class A11, 6.000% 5/25/36
   2,087,910    1,420,452 
Series 2006-36T2, Class 2A1, 6.250% 12/25/36   3,659,766    2,372,431 
Countrywide Home Loans Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1, 3.419% VRN 2/25/47 (f)
   1,324,714    1,151,148 
Series 2007-14, Class A6, 6.000% 9/25/37   1,640,346    1,296,532 
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + 0.170%
0.920% FRN 12/19/36
   1,117,945    930,311 
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1,
3.610% VRN 5/25/37 (f)
   2,548,654    2,122,504 
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + 0.200%
1.147% FRN 7/25/47
   3,035,962    2,999,749 
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,
3.506% VRN 7/25/35 (f)
   461,781    410,713 
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1,
4.042% VRN 2/25/36 (f)
   2,419,605    1,991,858 
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,
6.500% VRN 10/26/37 (b) (f)
   1,021,854    751,253 
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + 0.600%
6.000% FRN 4/25/37
   337,288    298,811 
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,
3.692% VRN 10/25/37 (f)
   1,047,545    888,326 
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,
6.350% STEP 5/25/36
   1,100,275    986,311 
         21,125,426 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
WL Collateral PAC — 0.5%        
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15
6.000% 8/25/36
  $1,933,403   $1,510,258 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $82,722,830)
        69,844,533 
           
Sovereign Debt Obligations — 0.3%          
Mexico Government International Bond
3.750% 1/11/28
   535,000    531,795 
4.150% 3/28/27   343,000    347,974 
Perusahaan Penerbit SBSN Indonesia
4.150% 3/29/27 (b)
   200,000    199,958 
         1,079,727 
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $1,087,426)
        1,079,727 
           
U.S. Government Agency Obligations and Instrumentalities — 18.1%          
Collateralized Mortgage Obligations — 13.4%          
Federal Home Loan Mortgage Corp. REMICS
Series 4934, Class P, 2.500% 11/15/40
   2,817,223    2,937,727 
Series 4093, Class PA, 3.000% 8/15/42   4,214,924    4,398,117 
Series 4481, Class B, 3.000% 12/15/42   5,391,259    5,809,734 
Series 4483, Class CA, 3.000% 6/15/44   5,090,791    5,495,937 
Series 4750, Class PA, 3.000% 7/15/46   2,151,843    2,239,587 
Federal Home Loan Mortgage Corp. SCRT (f)
Series 2018-2, Class HV 3.000% 11/25/57
   2,830,596    2,860,175 
Federal Home Loan Mortgage Corp. STRIPS
Series 355, Class 300, 3.000% 8/15/47
   2,817,793    2,973,372 
Series 358, Class 300, 3.000% 10/15/47   2,501,936    2,640,726 
Federal National Mortgage Association REMICS
Series 2018-21, Class PO, 0.000% 4/25/48
   3,128,801    2,946,821 
Series 2015-9, Class HA, 3.000% 1/25/45   684,103    730,694 
Government National Mortgage Association
Series 2015-74, Class LZ, 3.500% 5/20/45
   3,391,337    3,828,462 
Series 2015-92, Class CZ, 3.500% 6/20/45   5,396,130    6,056,704 
         42,918,056 
Pass-Through Securities — 4.7%          
Federal Home Loan Mortgage Corp.
Pool #BL5484 2.260% 1/01/30
   3,000,000    3,196,347 
Pool #G08520 2.500% 1/01/43   1,123,018    1,170,395 
Pool #SB0048 3.000% 8/01/34   2,701,741    2,837,562 
Pool #G08632 3.500% 3/01/45   2,215,306    2,363,976 
Federal National Mortgage Association
Pool #MA2248 3.000% 4/01/45
   2,082,692    2,178,473 
Pool #AS7661 3.000% 8/01/46   1,413,420    1,477,539 
Pool #AX2501 4.000% 10/01/44   1,751,999    1,890,943 
         15,115,235 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $53,531,449)
        58,033,291 
           
U.S. Treasury Obligations — 28.3%          
U.S. Treasury Bonds & Notes — 28.3%          
U.S. Treasury Bond
2.000% 2/15/50
   260,000    301,136 
2.750% 11/15/42   280,000    361,381 
2.750% 11/15/47   6,430,000    8,496,173 
3.125% 2/15/43   2,890,000    3,947,824 
3.625% 8/15/43   2,150,000    3,167,879 
3.750% 11/15/43   2,410,000    3,620,703 
U.S. Treasury Inflation Index
0.125% 10/15/24
   4,152,096    4,202,700 
0.875% 1/15/29   1,031,745    1,120,717 
U.S. Treasury Note
0.375% 3/31/22
   10,000,000    10,029,288 
0.500% 3/15/23   14,000,000    14,086,696 
0.500% 3/31/25   4,000,000    4,024,181 
1.625% 10/31/26   4,910,000    5,250,300 
1.750% 11/30/21   515,000    527,966 
2.125% 9/30/24   1,320,000    1,423,132 
2.250% 10/31/24   3,500,000    3,795,962 
2.250% 8/15/27   5,080,000    5,692,870 
2.250% 11/15/27   5,020,000    5,637,600 
2.375% 5/15/29   4,510,000    5,178,819 
2.625% 1/31/26   620,000    695,936 
2.750% 2/28/25   3,070,000    3,419,951 
3.000% 9/30/25   4,910,000    5,584,663 
         90,565,877 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $83,080,705)
        90,565,877 
           
TOTAL BONDS & NOTES
(Cost $316,083,022)
        307,259,195

 

 

 

    Number of
Shares
     
Mutual Funds — 0.1%          
Diversified Financial Services — 0.1%          
State Street Navigator Securities Lending Prime Portfolio (g)   154,275    154,275 
           
TOTAL MUTUAL FUNDS
(Cost $154,275)
        154,275 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $316,237,297)
        307,413,470 

 

 

 

  

MML Dynamic Bond Fund — Portfolio of Investments (Continued) 

  

   Principal
Amount
   Value 
Short-Term Investments — 3.0%          
Repurchase Agreement — 3.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (h)  $9,546,107   $9,546,107 
U.S. Treasury Bill — 0.0%          
U.S. Treasury Bill          
1.535% 11/05/20   105,000    104,949 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,650,131)
        9,651,056 
           
TOTAL INVESTMENTS — 98.9%
(Cost $325,887,428) (i)
        317,064,526 
           
Other Assets/(Liabilities) — 1.1%        3,561,309 
           
NET ASSETS — 100.0%       $320,625,835 

 

Abbreviation Legend
ABS Asset-Backed Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
MBS Mortgage-Backed Security
PAC Planned Amortization Class
PO Principal Only
STEP Step Up Bond
VRN Variable Rate Note
WL Whole Loan

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at March 31, 2020 where the rate will be determined at time of settlement.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $72,233,980 or 22.53% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $573,901 or 0.18% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $426,824 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) Security is perpetual and has no stated maturity date.
(e) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(f) 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 March 31, 2020.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $9,546,107. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $9,738,607.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

Currency Legend

USDU.S. Dollar

 

 

 

MML Equity Fund —  Portfolio of Investments
 
March 31, 2020 (Unaudited)

 

   Number of
Shares
   Value  
Equities — 98.3%          
           
Common Stock — 97.7%          
Basic Materials — 2.5%          
Chemicals — 2.0%          
Albemarle Corp. (a)   6,600   $372,042 
Celanese Corp.   7,500    550,425 
DuPont de Nemours, Inc.   13,200    450,120 
Eastman Chemical Co.   8,400    391,272 
FMC Corp.   8,100    661,689 
Huntsman Corp.   12,100    174,603 
Linde PLC   31,832    5,506,936 
LyondellBasell Industries NV Class A   24,100    1,196,083 
PPG Industries, Inc.   30,700    2,566,520 
         11,869,690 
Forest Products & Paper — 0.2%          
International Paper Co.   42,621    1,326,792 
Iron & Steel — 0.2%          
Nucor Corp.   18,900    680,778 
Reliance Steel & Aluminum Co.   4,200    367,878 
Steel Dynamics, Inc.   13,300    299,782 
         1,348,438 
Mining — 0.1%          
Freeport-McMoRan, Inc.   82,500    556,875 
         15,101,795 
Communications — 8.1%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   20,200    327,038 
Omnicom Group, Inc.   13,500    741,150 
         1,068,188 
Internet — 1.1%          
Alphabet, Inc. Class C (b)   4,137    4,810,545 
eBay, Inc.   50,300    1,512,018 
Facebook, Inc. Class A (b)   2,900    483,720 
         6,806,283 
Media — 1.9%          
Charter Communications, Inc. Class A (b)   1,000    436,310 
Comcast Corp. Class A   280,400    9,640,152 
Discovery, Inc. Class A (b)   5,600    108,864 
The Walt Disney Co.   10,200    985,320 
         11,170,646 
Telecommunications — 4.9%          
AT&T, Inc.   411,200    11,986,480 
Corning, Inc.   27,000    554,580 
Juniper Networks, Inc.   20,700    396,198 
Motorola Solutions, Inc.   19,290    2,564,027 
Verizon Communications, Inc.   256,400    13,776,372 
         29,277,657 
         48,322,774 
Consumer, Cyclical — 4.8%          
Airlines — 0.4%          
Alaska Air Group, Inc.   7,600    216,372 
Delta Air Lines, Inc.   40,100    1,144,053 
JetBlue Airways Corp. (a) (b)   17,700    158,415 
Southwest Airlines Co.   32,600    1,160,886 
United Airlines Holdings, Inc. (b)   265    8,360 
         2,688,086 
Apparel — 0.1%          
Ralph Lauren Corp.   3,000    200,490 
Skechers U.S.A., Inc. Class A (b)   8,300    197,042 
VF Corp.   1,100    59,488 
         457,020 
Auto Manufacturers — 0.8%          
Cummins, Inc.   13,100    1,772,692 
General Motors Co.   75,000    1,558,500 
PACCAR, Inc.   21,500    1,314,295 
         4,645,487 
Auto Parts & Equipment — 0.2%          
Allison Transmission Holdings, Inc.   7,400    241,314 
Aptiv PLC   15,900    782,916 
BorgWarner, Inc.   12,800    311,936 
Lear Corp.   2,100    170,625 
         1,506,791 
Distribution & Wholesale — 0.2%          
HD Supply Holdings, Inc. (b)   9,200    261,556 
LKQ Corp. (b)   19,100    391,741 
W.W. Grainger, Inc.   3,400    844,900 
         1,498,197 
Home Builders — 0.3%          
D.R. Horton, Inc.   22,900    778,600 
Lennar Corp. Class A   17,400    664,680 
PulteGroup, Inc.   15,900    354,888 
         1,798,168 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Home Furnishings — 0.1%          
Whirlpool Corp. (a)   4,100   $351,780 
Housewares — 0.1%          
Newell Brands, Inc.   26,300    349,264 
Leisure Time — 0.0%          
Harley-Davidson, Inc. (a)   9,600    181,728 
Lodging — 0.2%          
Hilton Worldwide Holdings, Inc.   12,800    873,472 
Hyatt Hotels Corp. Class A   2,100    100,590 
Marriott International, Inc. Class A   7,538    563,918 
         1,537,980 
Retail — 2.3%          
Advance Auto Parts, Inc.   2,500    233,300 
AutoZone, Inc. (b)   1,500    1,269,000 
Best Buy Co., Inc.   16,100    917,700 
CarMax, Inc. (b)   10,200    549,066 
Dollar Tree, Inc. (b)   11,018    809,493 
Genuine Parts Co.   9,000    605,970 
McDonald's Corp.   11,700    1,934,595 
Nordstrom, Inc. (a)   9,700    148,798 
Ross Stores, Inc.   8,330    724,460 
Target Corp.   28,800    2,677,536 
Walgreens Boots Alliance, Inc.   55,000    2,516,250 
Williams-Sonoma, Inc.   4,700    199,844 
Yum! Brands, Inc.   12,557    860,531 
         13,446,543 
Textiles — 0.1%          
Mohawk Industries, Inc. (b)   4,400    335,456 
         28,796,500 
Consumer, Non-cyclical — 21.8%          
Agriculture — 1.7%          
Altria Group, Inc.   10,600    409,902 
Archer-Daniels-Midland Co.   34,500    1,213,710 
Philip Morris International, Inc.   113,267    8,263,960 
         9,887,572 
Beverages — 0.1%          
Molson Coors Beverage Co. Class B   8,400    327,684 
PepsiCo, Inc.   2,700    324,270 
         651,954 
Biotechnology — 3.0%          
Amgen, Inc.   36,900    7,480,737 
Bio-Rad Laboratories, Inc. Class A (b)   1,500    525,840 
Biogen, Inc. (b)   13,150    4,160,397 
Gilead Sciences, Inc.   78,600    5,876,136 
         18,043,110 
Commercial Services — 0.3%          
AMERCO   1,300    377,715 
ManpowerGroup, Inc.   3,800    201,362 
Quanta Services, Inc.   8,900    282,397 
Robert Half International, Inc.   6,500    245,375 
United Rentals, Inc. (b)   4,600    473,340 
         1,580,189 
Cosmetics & Personal Care — 0.1%          
The Procter & Gamble Co.   8,000    880,000 
Foods — 1.9%          
Conagra Brands, Inc.   30,100    883,134 
Ingredion, Inc.   4,300    324,650 
The J.M. Smucker Co.   6,100    677,100 
Kellogg Co.   21,200    1,271,788 
The Kraft Heinz Co.   43,200    1,068,768 
Mondelez International, Inc. Class A   7,700    385,616 
Pilgrim's Pride Corp. (b)   8,800    159,456 
Tyson Foods, Inc. Class A   111,013    6,424,322 
         11,194,834 
Health Care – Products — 3.1%          
Boston Scientific Corp. (b)   62,074    2,025,475 
Danaher Corp.   55,327    7,657,810 
Envista Holdings Corp. (b)   42,004    627,540 
Henry Schein, Inc. (b)   9,100    459,732 
Medtronic PLC   7,714    695,648 
Stryker Corp.   10,896    1,814,075 
Thermo Fisher Scientific, Inc.   15,253    4,325,751 
Zimmer Biomet Holdings, Inc.   7,764    784,785 
         18,390,816 
Health Care – Services — 2.5%          
Anthem, Inc.   22,867    5,191,724 
DaVita, Inc. (b)   8,600    654,116 
HCA Healthcare, Inc.   33,600    3,018,960 
Humana, Inc.   7,200    2,260,944 
Laboratory Corp. of America Holdings (b)   6,000    758,340 
Molina Healthcare, Inc. (b)   3,500    488,985 
Quest Diagnostics, Inc.   8,400    674,520 
UnitedHealth Group, Inc.   5,700    1,421,466 
Universal Health Services, Inc. Class B   4,900    485,492 
         14,954,547 
Household Products & Wares — 0.1%          
Avery Dennison Corp.   4,200    427,854 
Pharmaceuticals — 9.0%          
AbbVie, Inc.   61,334    4,673,038 
AmerisourceBergen Corp.   12,800    1,132,800 
Bausch Health Cos., Inc. (b)   13,378    207,359 
Becton Dickinson and Co.   9,188    2,111,127 
Cardinal Health, Inc.   18,200    872,508 
CVS Health Corp.   7,100    421,243 
Elanco Animal Health, Inc. (b)   66,842   1,496,592 
Jazz Pharmaceuticals PLC (b)   3,600    359,064 
Johnson & Johnson   163,400    21,426,642 
McKesson Corp.   11,300    1,528,438 
Merck & Co., Inc.   158,000    12,156,520 
Perrigo Co. PLC   8,400    403,956 
Pfizer, Inc.   196,300    6,407,232 
         53,196,519 
         129,207,395 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Energy — 4.0%          
Oil & Gas — 3.0%          
Cabot Oil & Gas Corp.   14,100   $242,379 
Chevron Corp.   132,100    9,571,966 
ConocoPhillips   108,404    3,338,843 
Continental Resources, Inc. (a)   37,327    285,178 
EOG Resources, Inc.   32,354    1,162,156 
Phillips 66   27,700    1,486,105 
Suncor Energy, Inc.   44,600    704,680 
Total SA Sponsored ADR   24,500    912,380 
         17,703,687 
Pipelines — 1.0%          
Enbridge, Inc.   27,500    799,975 
Kinder Morgan, Inc.   128,700    1,791,504 
TC Energy Corp.   77,005    3,411,321 
The Williams Cos., Inc.   12,710    179,847 
         6,182,647 
         23,886,334 
Financial — 25.2%          
Banks — 13.5%          
Bank of America Corp.   726,540    15,424,444 
The Bank of New York Mellon Corp.   57,000    1,919,760 
Citigroup, Inc.   185,949    7,832,172 
Citizens Financial Group, Inc.   27,000    507,870 
Commerce Bancshares, Inc.   6,945    349,681 
Cullen/Frost Bankers, Inc. (a)   3,600    200,844 
Fifth Third Bancorp   76,836    1,141,014 
The Goldman Sachs Group, Inc.   21,900    3,385,521 
Huntington Bancshares, Inc.   63,900    524,619 
JP Morgan Chase & Co.   222,959    20,072,999 
KeyCorp   61,000    632,570 
M&T Bank Corp.   8,100    837,783 
Morgan Stanley   207,100    7,041,400 
Northern Trust Corp.   13,000    980,980 
The PNC Financial Services Group, Inc.   33,500    3,206,620 
Regions Financial Corp.   59,900    537,303 
Signature Bank   3,100    249,209 
State Street Corp.   26,193    1,395,301 
SVB Financial Group (b)   3,300    498,564 
Truist Financial Corp.   6,200    191,208 
US Bancorp   96,600    3,327,870 
Wells Fargo & Co.   332,260   9,535,862 
Western Alliance Bancorp   6,300    192,843 
Zions Bancorp NA   10,600    283,656 
         80,270,093 
Diversified Financial Services — 3.6%          
Ally Financial, Inc.   23,500    339,105 
American Express Co.   50,800    4,348,988 
Ameriprise Financial, Inc.   8,700    891,576 
BlackRock, Inc.   9,700    4,267,709 
Capital One Financial Corp.   28,900    1,457,138 
The Charles Schwab Corp.   96,903    3,257,879 
CME Group, Inc.   7,542    1,304,087 
Credit Acceptance Corp. (a) (b)   1,200    306,828 
E*TRADE Financial Corp.   32,698    1,122,196 
Eaton Vance Corp.   6,900    222,525 
Intercontinental Exchange, Inc.   9,700    783,275 
LPL Financial Holdings, Inc.   4,900    266,707 
Raymond James Financial, Inc.   8,600    543,520 
SEI Investments Co.   7,600    352,184 
T. Rowe Price Group, Inc.   14,500    1,415,925 
The Western Union Co. (a)   24,600    445,998 
         21,325,640 
Insurance — 6.4%          
Aflac, Inc.   45,600    1,561,344 
Alleghany Corp.   1,000    552,350 
The Allstate Corp.   20,200    1,852,946 
American Financial Group, Inc.   9,100    637,728 
American International Group, Inc.   188,344    4,567,342 
Arch Capital Group Ltd. (b)   25,100    714,346 
Assurant, Inc.   3,900    405,951 
Chubb Ltd.   53,412    5,965,586 
Cincinnati Financial Corp.   8,700    656,415 
Equitable Holdings, Inc.   138,229    1,997,409 
Everest Re Group Ltd.   2,300    442,566 
Fidelity National Financial, Inc.   17,100    425,448 
Globe Life, Inc.   14,500    1,043,565 
The Hanover Insurance Group, Inc.   2,300    208,334 
The Hartford Financial Services Group, Inc.   35,400    1,247,496 
Loews Corp.   18,500    644,355 
Markel Corp. (b)   890    825,822 
Marsh & McLennan Cos., Inc.   21,090    1,823,442 
MetLife, Inc.   98,700    3,017,259 
Old Republic International Corp.   13,300    202,825 
Principal Financial Group, Inc.   17,300    542,182 
The Progressive Corp.   25,200    1,860,768 
Prudential Financial, Inc.   24,900    1,298,286 
The Travelers Cos., Inc.   32,800    3,258,680 
Voya Financial, Inc. (a)   9,400    381,170 
W.R. Berkley Corp.   9,800    511,266 
Willis Towers Watson PLC   6,238    1,059,524 
         37,704,405 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Real Estate — 0.1%          
CBRE Group, Inc. Class A (b)   20,900   $788,139 
Real Estate Investment Trusts (REITS) — 1.6%          
Digital Realty Trust, Inc. (a)   12,458   1,730,541 
Prologis, Inc.   90,001    7,233,380 
Weyerhaeuser Co.   18,256    309,439 
         9,273,360 
Savings & Loans — 0.0%          
New York Community Bancorp, Inc. (a)   28,900    271,371 
         149,633,008 
Industrial — 11.4%          
Aerospace & Defense — 2.4%          
The Boeing Co.   6,200    924,668 
General Dynamics Corp.   18,000    2,381,580 
Lockheed Martin Corp.   17,500    5,931,625 
Northrop Grumman Corp.   10,500    3,176,775 
Raytheon Co.   13,500    1,770,525 
         14,185,173 
Building Materials — 0.3%          
Fortune Brands Home & Security, Inc.   8,500    367,625 
Johnson Controls International PLC   27,000    727,920 
Masco Corp.   17,700    611,889 
Owens Corning   6,700    260,027 
         1,967,461 
Electrical Components & Equipment — 0.3%          
Emerson Electric Co.   32,900    1,567,685 
Electronics — 1.3%          
Agilent Technologies, Inc.   16,486    1,180,727 
Arrow Electronics, Inc. (b)   5,000    259,350 
Gentex Corp.   14,800    327,968 
Honeywell International, Inc.   9,919    1,327,063 
Hubbell, Inc.   3,500    401,590 
Jabil, Inc.   8,700    213,846 
Keysight Technologies, Inc. (b)   28,135    2,354,337 
Roper Technologies, Inc.   3,536    1,102,560 
Sensata Technologies Holding PLC (b)   9,900    286,407 
         7,453,848 
Engineering & Construction — 0.4%          
AECOM (b)   9,200    274,620 
Jacobs Engineering Group, Inc.   24,656    1,954,481 
         2,229,101 
Environmental Controls — 0.0%          
Pentair PLC   9,600    285,696 
Hand & Machine Tools — 0.3%          
Lincoln Electric Holdings, Inc.   3,400    234,600 
Snap-on, Inc.   3,500    380,870 
Stanley Black & Decker, Inc.   8,900   890,000 
         1,505,470 
Machinery – Construction & Mining — 0.7%          
Caterpillar, Inc.   35,200    4,084,608 
Oshkosh Corp.   4,300    276,619 
         4,361,227 
Machinery – Diversified — 1.2%          
AGCO Corp.   4,500    212,625 
Curtiss-Wright Corp.   1,500    138,615 
Deere & Co.   39,000    5,388,240 
Dover Corp.   7,800    654,732 
Rockwell Automation, Inc.   4,500    679,095 
         7,073,307 
Miscellaneous - Manufacturing — 1.9%          
Carlisle Cos., Inc.   3,200    400,896 
Eaton Corp. PLC   25,700    1,996,633 
General Electric Co.   993,552    7,888,803 
ITT, Inc.   5,000    226,800 
Parker-Hannifin Corp.   8,000    1,037,840 
         11,550,972 
Packaging & Containers — 0.7%          
Ball Corp.   400    25,864 
Crown Holdings, Inc. (b)   8,400    487,536 
Packaging Corp. of America   34,803    3,021,945 
Sonoco Products Co.   4,900    227,115 
WestRock Co.   11,400    322,164 
         4,084,624 
Shipbuilding — 0.1%          
Huntington Ingalls Industries, Inc.   2,600    473,746 
Transportation — 1.8%          
C.H. Robinson Worldwide, Inc. (a)   7,900    522,980 
CSX Corp.   48,200    2,761,860 
Knight-Swift Transportation Holdings, Inc.   10,700    350,960 
Norfolk Southern Corp.   9,998    1,459,708 
Union Pacific Corp.   10,000    1,410,400 
United Parcel Service, Inc. Class B   43,500    4,063,770 
XPO Logistics, Inc. (b)   3,300    160,875 
         10,730,553 
         67,468,863 
Technology — 14.2%          
Computers — 1.5%          
Cognizant Technology Solutions Corp. Class A   31,100    1,445,217 
Hewlett Packard Enterprise Co.   80,000    776,800 
International Business Machines Corp.   55,000    6,101,150 
NetApp, Inc.   7,800   325,182 
         8,648,349 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Office & Business Equipment — 0.0%          
Xerox Holdings Corp. (b)   12,000   $227,280 
Semiconductors — 8.5%          
Applied Materials, Inc.   128,830    5,902,991 
ASML Holding NV   2,062    539,502 
Broadcom, Inc.   29,163    6,914,547 
Intel Corp.   289,900    15,689,388 
Lam Research Corp.   7,400    1,776,000 
Micron Technology, Inc. (b)   118,005    4,963,290 
NVIDIA Corp.   5,000    1,318,000 
NXP Semiconductor NV   35,003    2,902,799 
ON Semiconductor Corp. (a) (b)   25,200    313,488 
Qorvo, Inc. (b)   6,800    548,284 
QUALCOMM, Inc.   81,637    5,522,743 
Texas Instruments, Inc.   25,285    2,526,730 
Xilinx, Inc.   19,200    1,496,448 
         50,414,210 
Software — 4.2%          
CDK Global, Inc.   6,900    226,665 
Electronic Arts, Inc. (b)   18,200    1,823,094 
Fidelity National Information Services, Inc.   4,271    519,524 
Microsoft Corp.   68,846    10,857,703 
Oracle Corp.   202,000    9,762,660 
Synopsys, Inc. (b)   13,393    1,724,884 
         24,914,530 
         84,204,369 
Utilities — 5.7%          
Electric — 5.6%          
AES Corp.   37,700    512,720 
Ameren Corp.   24,544    1,787,540 
American Electric Power Co., Inc.   40,250    3,219,195 
CenterPoint Energy, Inc.   67,200    1,038,240 
Dominion Energy, Inc.   2,300    166,037 
Edison International   51,533    2,823,493 
Entergy Corp.   20,890    1,963,033 
Evergy, Inc.   14,000    770,700 
NextEra Energy, Inc.   42,593    10,248,728 
NRG Energy, Inc.   15,600    425,256 
OGE Energy Corp.   8,400    258,132 
Pinnacle West Capital Corp.   6,400    485,056 
Public Service Enterprise Group, Inc.   31,300    1,405,683 
Sempra Energy   40,844    4,614,964 
The Southern Co.   52,024    2,816,579 
Vistra Energy Corp.   29,800    475,608 
         33,010,964 
Gas — 0.1%          
NiSource, Inc.   31,158    778,015 
         33,788,979 
TOTAL COMMON STOCK                                                                                                    
(Cost $656,805,835)
    580,410,017 
           
Preferred Stock — 0.6%          
Consumer, Non-cyclical — 0.1%          
Pharmaceuticals — 0.1%          
Becton Dickinson and Co. Convertible 6.125%   9,400   491,432 
Elanco Animal Health, Inc. Convertible 5.000% (a)   1,842    75,780 
         567,212 
         567,212 
Industrial — 0.1%          
Electronics — 0.1%          
Fortive Corp. Convertible 5.000%   400    287,892 
Technology — 0.1%          
Semiconductors — 0.1%          
Broadcom, Inc. Convertible 8.000% (a)   661    617,612 
Utilities — 0.3%          
Electric — 0.3%          
Sempra Energy Convertible 6.000%   5,200    481,104 
Sempra Energy Convertible 6.750%   2,700    253,611 
The Southern Co. Convertible 6.750%   22,730    1,009,212 
         1,743,927 
         1,743,927 
TOTAL PREFERRED STOCK                                                                                                    
(Cost $3,710,140)
    3,216,643 
           
TOTAL EQUITIES
(Cost $660,515,975)
        583,626,660 

 

  

Principal

Amount

   
 
Bonds & Notes — 0.0%      
       
Corporate Debt — 0.0%      
Oil & Gas — 0.0%      
Occidental Petroleum Corp.          
2.600% 8/13/21  $105,000    82,561 
TOTAL CORPORATE DEBT
(Cost $69,300)
        82,561 
TOTAL BONDS & NOTES
(Cost $69,300)
        82,561 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Mutual Funds — 1.0%          
Diversified Financial Services — 1.0%          
iShares Russell 1000 Value ETF (a)   38,139   $3,782,626 
State Street Navigator Securities Lending Prime Portfolio (c)   1,961,954    1,961,954 
         5,744,580 
TOTAL MUTUAL FUNDS          
(Cost $6,698,675)        5,744,580 
           
TOTAL LONG-TERM INVESTMENTS           
(Cost $667,283,950)        589,453,801 
           

    

Principal

Amount

      
Short-Term Investments — 0.6%          
           
Repurchase Agreement — 0.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated  3/31/20, 0.000%, due 4/01/20 (d)  $3,582,538    3,582,538 
           
TOTAL SHORT-TERM INVESTMENTS  
(Cost $3,582,538)
        3,582,538 
           
TOTAL INVESTMENTS — 99.9%
(Cost $670,866,488) (e)
        593,036,339 
           
Other Assets/(Liabilities) — 0.1%        801,712 
           
NET ASSETS — 100.0%       $593,838,051 

 

Abbreviation Legend
ADR American Depositary Receipt
ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $5,199,675 or 0.88% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,416,625 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).
(b) Non-income producing security.
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $3,582,538. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $3,659,764.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

MML Equity Rotation Fund — Portfolio of Investments

 

March 31, 2020 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 97.6%          
           
Common Stock — 97.6%          
Basic Materials — 2.2%          
Chemicals — 1.2%          
Celanese Corp.  1,840   $135,038 
Eastman Chemical Co.   300    13,974 
Ecolab, Inc.   565    88,044 
LyondellBasell Industries NV Class A   153    7,593 
The Mosaic Co.   728    7,877 
Nutrien Ltd.   1,091    37,028 
Olin Corp.   2,900    33,843 
         323,397 
Forest Products & Paper — 0.2%          
Domtar Corp.   1,500    32,460 
International Paper Co.   751    23,379 
         55,839 
Iron & Steel — 0.8%          
Nucor Corp.   566    20,387 
Reliance Steel & Aluminum Co.   2,226    194,976 
         215,363 
         594,599 
Communications — 13.6%          
Internet — 10.8%          
Alphabet, Inc. Class A (a)   1,114    1,294,412 
Alphabet, Inc. Class C (a)   124    144,188 
Amazon.com, Inc. (a)   539    1,050,899 
eBay, Inc.   7,616    228,937 
Facebook, Inc. Class A (a)   520    86,736 
Netflix, Inc. (a)   87    32,669 
Palo Alto Networks, Inc. (a)   242    39,678 
         2,877,519 
Media — 1.2%          
Comcast Corp. Class A   8,656    297,593 
Discovery, Inc. Class A (a)   560    10,887 
         308,480 
Telecommunications — 1.6%          
AT&T, Inc.   3,655    106,543 
CenturyLink, Inc.   1,874    17,728 
Cisco Systems, Inc.   3,696    145,290 
Juniper Networks, Inc.   805   15,408 
Verizon Communications, Inc.   2,818    151,411 
         436,380 
         3,622,379 
Consumer, Cyclical — 8.0%          
Airlines — 0.0%          
American Airlines Group, Inc.   932    11,361 
Apparel — 0.2%          
Ralph Lauren Corp.   690    46,113 
Auto Manufacturers — 2.8%          
Cummins, Inc.   2,482    335,864 
Ford Motor Co.   2,980    14,394 
PACCAR, Inc.   5,908    361,156 
Wabash National Corp.   3,800    27,436 
         738,850 
Auto Parts & Equipment — 0.6%          
Magna International, Inc.   5,300    169,176 
Distribution & Wholesale — 0.4%          
Pool Corp.   600    118,062 
Home Builders — 0.6%          
Thor Industries, Inc. (b)   800    33,744 
Toll Brothers, Inc.   5,926    114,075 
         147,819 
Leisure Time — 0.0%          
Carnival Corp.   527    6,941 
Lodging — 0.1%          
Hilton Worldwide Holdings, Inc.   243    16,582 
Retail — 3.3%          
Costco Wholesale Corp.   110    31,364 
Dollar Tree, Inc. (a)   471    34,604 
Genuine Parts Co.   1,028    69,215 
The Home Depot, Inc.   930    173,640 
Lowe’s Cos., Inc.   326    28,052 
McDonald’s Corp.   1,586    262,245 
The Michaels Cos., Inc. (a) (b)   5,800    9,396 
Target Corp.   999    92,877 
Tractor Supply Co.   656    55,465 
Walgreens Boots Alliance, Inc.   1,782    81,527 
Yum! Brands, Inc.   388    26,590 
         864,975 
         2,119,879 
Consumer, Non-cyclical — 16.8%          
Beverages — 0.2%          
Coca-Cola European Partners PLC   899    33,740 
Molson Coors Beverage Co. Class B   427   16,657 
         50,397 

 

 

MML Equity Rotation Fund — Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Biotechnology — 1.0%        
Amgen, Inc.   174   $35,275 
Biogen, Inc. (a)   320    101,242 
Vertex Pharmaceuticals, Inc. (a)   520    123,734 
         260,251 
Commercial Services — 3.7%          
Automatic Data Processing, Inc.   225    30,753 
Global Payments, Inc.   1,279    184,470 
IHS Markit Ltd.   204    12,240 
ManpowerGroup, Inc.   2,155    114,194 
PayPal Holdings, Inc. (a)   980    93,825 
RELX PLC   4,717    100,944 
Robert Half International, Inc.   1,083    40,883 
S&P Global, Inc.   1,244    304,842 
TrueBlue, Inc. (a)   2,400    30,624 
Verisk Analytics, Inc.   588    81,955 
         994,730 
Cosmetics & Personal Care — 0.1%          
Colgate-Palmolive Co.   248    16,457 
Foods — 0.2%          
The J.M. Smucker Co.   500    55,500 
Pilgrim’s Pride Corp. (a)   496    8,988 
         64,488 
Health Care – Products — 1.2%          
Abbott Laboratories   1,352    106,686 
Danaher Corp.   967    133,842 
Henry Schein, Inc. (a)   184    9,296 
Medtronic PLC   132    11,904 
Thermo Fisher Scientific, Inc.   191    54,168 
         315,896 
Health Care – Services — 1.2%          
Anthem, Inc.   328    74,469 
Centene Corp. (a)   314    18,655 
HCA Healthcare, Inc.   107    9,614 
Laboratory Corp. of America Holdings (a)   243    30,713 
Quest Diagnostics, Inc.   595    47,778 
UnitedHealth Group, Inc.   561    139,902 
         321,131 
Household Products & Wares — 0.1%          
Quanex Building Products Corp.   2,900    29,232 
Pharmaceuticals — 9.1%          
AbbVie, Inc.   2,361    179,885 
Allergan PLC   400    70,840 
AmerisourceBergen Corp.   265    23,452 
Bristol-Myers Squibb Co.   10,621   592,014 
Cardinal Health, Inc.   374    17,930 
Cigna Corp. (a)   300    53,154 
CVS Health Corp.   884    52,448 
Horizon Therapeutics PLC (a)   237    7,020 
Jazz Pharmaceuticals PLC (a)   71    7,082 
Johnson & Johnson   5,606    735,115 
McKesson Corp.   3,077    416,195 
Merck & Co., Inc.   1,927    148,263 
Mylan NV (a)   1,618    24,124 
Pfizer, Inc.   2,745    89,597 
         2,417,119 
         4,469,701 
Energy — 1.5%          
Oil & Gas — 1.1%          
Chevron Corp.   1,929    139,775 
Cimarex Energy Co.   490    8,247 
Concho Resources, Inc.   385    16,497 
Exxon Mobil Corp.   1,878    71,308 
Occidental Petroleum Corp.   514    5,952 
Phillips 66   948    50,860 
         292,639 
Oil & Gas Services — 0.3%          
Schlumberger Ltd.   6,671    89,992 
Pipelines — 0.1%          
Kinder Morgan, Inc.   1,993    27,743 
         410,374 
Financial — 15.9%          
Banks — 8.7%          
Bank of America Corp.   25,300    537,119 
CIT Group, Inc.   600    10,356 
Citigroup, Inc.   14,700    619,164 
The Goldman Sachs Group, Inc.   2,060    318,456 
JP Morgan Chase & Co.   7,200    648,216 
KeyCorp   17,863    185,239 
         2,318,550 
Diversified Financial Services — 5.4%          
AerCap Holdings NV (a)   2,000    45,580 
Capital One Financial Corp.   504    25,411 
Discover Financial Services   400    14,268 
Mastercard, Inc. Class A   1,155    279,002 
SEI Investments Co.   2,300    106,582 
Synchrony Financial   5,400    86,886 
Visa, Inc. Class A   5,460    879,715 
         1,437,444 

 

 

MML Equity Rotation Fund — Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Insurance — 1.8%         
Aflac, Inc.   3,600   $123,264 
Berkshire Hathaway, Inc. Class B (a)   1,900   347,377 
         470,641 
         4,226,635 
Industrial — 7.4%        
Aerospace & Defense — 0.6%          
Barnes Group, Inc.   900    37,647 
Lockheed Martin Corp.   147    49,826 
Raytheon Technologies Corp.   635    59,899 
Spirit AeroSystems Holdings, Inc. Class A   172    4,116 
         151,488 
Building Materials — 0.1%          
Patrick Industries, Inc.   1,100    30,976 
Electrical Components & Equipment — 0.1%          
AMETEK, Inc.   140    10,083 
Electronics — 2.8%          
Allegion PLC   3,295    303,206 
Amphenol Corp. Class A   237    17,273 
Garmin Ltd.   212    15,891 
Honeywell International, Inc.   1,320    176,603 
Keysight Technologies, Inc. (a)   1,270    106,274 
Sensata Technologies Holding PLC (a)   954    27,599 
TE Connectivity Ltd.   838    52,777 
TTM Technologies, Inc. (a)   4,400    45,496 
         745,119 
Engineering & Construction — 0.4%          
AECOM (a)   957    28,567 
Arcosa, Inc.   2,083    82,778 
         111,345 
Environmental Controls — 0.5%          
Republic Services, Inc.   754    56,595 
Waste Management, Inc.   895    82,841 
         139,436 
Machinery – Diversified — 0.9%          
AGCO Corp.   4,400    207,900 
Dover Corp.   307    25,770 
Ingersoll Rand, Inc. (a)   420    10,416 
         244,086 
Miscellaneous - Manufacturing — 0.7%          
3M Co.   158    21,569 
Eaton Corp. PLC   1,193    92,684 
General Electric Co.   2,143    17,015 
Parker-Hannifin Corp.   73    9,470 
Trane Technologies PLC   476    39,313 
         180,051 
Shipbuilding — 0.2%          
Huntington Ingalls Industries, Inc.   246   44,824 
Transportation — 1.1%          
Kansas City Southern   280    35,610 
Norfolk Southern Corp.   1,800    262,800 
         298,410 
         1,955,818 
Technology — 32.2%          
Computers — 11.7%          
Accenture PLC Class A   158    25,795 
Apple, Inc.   9,220    2,344,554 
Cognizant Technology Solutions Corp. Class A   2,025    94,102 
Fortinet, Inc. (a)   960    97,123 
HP, Inc.   803    13,940 
International Business Machines Corp.   1,246    138,219 
Leidos Holdings, Inc.   1,560    142,974 
Seagate Technology PLC   5,006    244,293 
         3,101,000 
Semiconductors — 10.1%          
Advanced Micro Devices, Inc. (a)   751    34,156 
Applied Materials, Inc.   2,244    102,820 
ASML Holding NV   810    211,928 
Broadcom, Inc.   2,798    663,406 
Intel Corp.   9,662    522,907 
KLA Corp.   680    97,743 
Lam Research Corp.   1,145    274,800 
Micron Technology, Inc. (a)   9,400    395,364 
NVIDIA Corp.   670    176,612 
Skyworks Solutions, Inc.   900    80,442 
Texas Instruments, Inc.   176    17,588 
Xilinx, Inc.   1,510    117,689 
         2,695,455 

 

 

MML Equity Rotation Fund — Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Software — 10.4%        
ANSYS, Inc. (a)   281   $65,324 
Citrix Systems, Inc.   259    36,661 
Fair Isaac Corp. (a)   330    101,538 
j2 Global, Inc.   500    37,425 
Microsoft Corp.   12,722    2,006,387 
MSCI, Inc.   760    219,609 
Oracle Corp.   421    20,347 
Paychex, Inc.   641    40,332 
Veeva Systems, Inc. Class A (a)   706    110,397 
VMware, Inc. Class A (a)   1,038   125,702 
         2,763,722 
         8,560,177 
           
TOTAL COMMON STOCK
(Cost $27,874,754)
        25,959,562 
           
TOTAL EQUITIES
(Cost $27,874,754)
        25,959,562 
           
Rights — 0.0%          
Consumer, Non-cyclical — 0.0%          
Pharmaceuticals — 0.0%          
Bristol-Myers Squibb Co., Expires 03/31/21 (a)   993    3,773 
           
TOTAL RIGHTS
(Cost $2,115)
        3,773 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $27,876,869)
        25,963,335 

 

   Principal
Amount
    
Short-Term Investments — 2.1%          
Repurchase Agreement — 2.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (c)  $546,787   546,787 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $546,787)
        546,787 
           
TOTAL INVESTMENTS — 99.7%
(Cost $28,423,656) (d)
        26,510,122 
           
Other Assets/(Liabilities) — 0.3%        77,071 
           
NET ASSETS — 100.0%       $26,587,193 

 

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 March 31, 2020, was $42,709 or 0.16% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $43,887 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) Maturity value of $546,787. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $560,645.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

MML High Yield Fund — Portfolio of Investments

 

March 31, 2020 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 0.5%          
           
Common Stock — 0.5%          
Basic Materials — 0.0%          
Forest Products & Paper — 0.0%          
Appvion Inc. (Escrow Shares) (a) (b) (c)   2,157,000   $ 
Consumer, Non-cyclical — 0.3%          
Agriculture — 0.3%          
Pinnacle Operating Corp. (b) (c)   378,620    340,758 
Pinnacle Operating Corp. (b) (c)   178,174     
         340,758 
         340,758 
Energy — 0.2%          
Oil & Gas — 0.2%          
Fieldwood Energy LLC (c)   3,193    3,193 
Fieldwood Energy LLC (c)   13,011    13,011 
Jupiter Resources, Inc. (c)   191,606    191,606 
         207,810 
           
TOTAL COMMON STOCK
(Cost $3,815,845)
        548,568 
           
Preferred Stock — 0.0%          
           
Consumer, Non-cyclical — 0.0%          
Agriculture — 0.0%          
Pinnacle Agriculture Holdings LLC (b) (c)   1     
           
TOTAL PREFERRED STOCK
(Cost $1)
         
           
TOTAL EQUITIES
(Cost $3,815,846)
        548,568 

 

    

Principal

Amount

      
Bonds & Notes — 97.3%          
           
Bank Loans — 5.2%          
Aerospace & Defense — 0.6%          
Veritas Bermuda Ltd., USD Repriced Term Loan B, 3 mo. LIBOR + 4.500% 
5.950% VRN 1/27/23
   $740,458    629,388 
Electronics — 0.7%          
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 
4.239% VRN 7/02/25
  938,125   821,713 
Oil & Gas — 0.3%          
Fieldwood Energy LLC          
Exit 1st Lien Term Loan, 3 mo. LIBOR + 5.250% 
7.027% VRN 4/11/22
   1,074,554    335,798 
Exit 2nd Lien Term Loan, 3 mo. LIBOR + 7.250% 
9.027% VRN 4/11/23
   387,384    24,793 
         360,591 
Packaging & Containers — 2.0%          
BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.250% 
5.084% VRN 4/03/24
   1,190,617    965,150 
Consolidated Energy Finance, SA, Term Loan B, 3 mo. LIBOR + 2.500% 
3.205% VRN 5/07/25
   888,004    621,603 
Flex Acquisition Co., Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.000% 
4.909% VRN 12/29/23
   550,385    498,099 
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. LIBOR + 3.250% 
4.323% VRN 10/17/24
   162,553    133,293 
         2,218,145 
Software — 1.6%          
Almonde, Inc.          
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500% 
5.277% VRN 6/13/24
   745,972    634,076 
USD 2nd Lien Term Loan, 3 mo. LIBOR + 7.250% 
9.027% VRN 6/13/25
   700,000    519,400 
Banff Merger Sub, Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 4.250% 
5.239% VRN 10/02/25
   674,556    556,678 
         1,710,154 
TOTAL BANK LOANS
(Cost $7,597,563)
        5,739,991 
           
Corporate Debt — 92.1%          
Advertising — 0.3%          
Terrier Media Buyer, Inc.
8.875% 12/15/27 (d)
   371,000    313,495 
Aerospace & Defense — 3.2%          
Signature Aviation US Holdings, Inc.
4.000% 3/01/28 (d)
   651,000    587,723 
TransDigm, Inc.
5.500% 11/15/27 (d)
   963,000    864,292 
6.375% 6/15/26   654,000    626,205 
Triumph Group, Inc.
5.250% 6/01/22
   305,000    251,625 
6.250% 9/15/24 (d)   306,000    272,741 
7.750% 8/15/25 (e)   1,243,000    901,175 
         3,503,761 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

  

  

Principal

Amount

   Value 
Agriculture — 0.4%        
JBS Investments II GmbH 
7.000% 1/15/26 (d)
  $390,000   $388,666 
Airlines — 1.3%          
American Airlines Group, Inc. 
5.000% 6/01/22 (d)
   547,000    438,967 
3.750% 3/01/25 (d)   1,437,000    1,005,900 
         1,444,867 
Apparel — 0.1%          
Hanesbrands, Inc. 
4.875% 5/15/26 (d)
   126,000    123,494 
Auto Manufacturers — 2.7%          
Allison Transmission, Inc. 
4.750% 10/01/27 (d)
   589,000    541,880 
Ford Motor Credit Co. LLC 
3.087% 1/09/23
   200,000    184,000 
3.664% 9/08/24   200,000    180,000 
4.134% 8/04/25   200,000    177,400 
4.389% 1/08/26   600,000    525,000 
4.542% 8/01/26   1,039,000    909,125 
5.596% 1/07/22   200,000    193,500 
5.875% 8/02/21   281,000    275,380 
         2,986,285 
Auto Parts & Equipment — 0.3%          
Panther BF Aggregator 2 LP / Panther Finance Co., Inc. 
8.500% 5/15/27 (d)
   396,000    345,470 
Building Materials — 2.4%          
Griffon Corp. 
5.750% 3/01/28 (d)
   417,000    391,980 
James Hardie International Finance DAC 
4.750% 1/15/25 (d)
   126,000    118,756 
5.000% 1/15/28 (d)   485,000    458,325 
PGT Innovations, Inc. 
6.750% 8/01/26 (d)
   368,000    352,360 
Standard Industries, Inc. 
4.750% 1/15/28 (d)
   1,471,000    1,354,718 
         2,676,139 
Chemicals — 1.7%          
CF Industries, Inc. 
4.950% 6/01/43
   63,000    59,831 
5.375% 3/15/44   240,000    228,607 
Consolidated Energy Finance SA 
6.875% 6/15/25 (d)
   915,000    791,475 
CVR Partners LP/CVR Nitrogen Finance Corp. 
9.250% 6/15/23 (d)
   650,000    521,105 
Valvoline, Inc. 
4.250% 2/15/30 (d)
   304,000    284,970 
         1,885,988 
Coal — 2.2%          
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 
7.500% 5/01/25 (d) (e)
  451,000   270,600 
Peabody Energy Corp. 
6.000% 3/31/22 (d)
   1,383,000    940,440 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 
7.500% 6/15/25 (d)
   1,013,000    729,360 
Warrior Met Coal, Inc. 
8.000% 11/01/24 (d)
   534,000    443,220 
         2,383,620 
Commercial Services — 1.8%          
Allied Universal Holdco LLC / Allied Universal Finance Corp. 
6.625% 7/15/26 (d)
   241,000    236,782 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 
5.750% 7/15/27 (d)
   126,000    100,183 
Korn Ferry 
4.625% 12/15/27 (d)
   162,000    140,738 
Prime Security Services Borrower LLC / Prime Finance, Inc. 
6.250% 1/15/28 (d)
   802,000    691,725 
Service Corp. International 
5.125% 6/01/29
   360,000    367,200 
The Hertz Corp. 
6.000% 1/15/28 (d)
   692,000    363,300 
United Rentals North America, Inc. 
4.000% 7/15/30
   126,000    112,770 
         2,012,698 
Computers — 1.5%          
Banff Merger Sub, Inc. 
9.750% 9/01/26 (d)
   466,000    410,080 
Dell International LLC/EMC Corp. 
7.125% 6/15/24 (d)
   904,000    933,380 
Science Applications International Corp. 
4.875% 4/01/28 (d)
   189,000    181,440 
Western Digital Corp. 
4.750% 2/15/26
   104,000    105,560 
         1,630,460 
Distribution & Wholesale — 0.8%          
Resideo Funding, Inc. 
6.125% 11/01/26 (d)
   800,000    698,000 
Univar Solutions USA, Inc. 
5.125% 12/01/27 (d)
   254,000    231,140 
         929,140 
Diversified Financial Services — 2.4%          
Alliance Data Systems Corp. 
4.750% 12/15/24 (d)
   767,000    582,920 
Global Aircraft Leasing Co. Ltd. 
6.500% 9/15/24 (d)
   1,829,000    1,177,876 
LPL Holdings, Inc. 
4.625% 11/15/27 (d)
   433,000    396,030 
Springleaf Finance Corp. 
5.375% 11/15/29
  552,000   505,080 
         2,661,906 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

  

  

Principal

Amount

   Value 
Electric — 2.4%        
Calpine Corp.
4.500% 2/15/28 (d)
  $631,000   $611,597 
NRG Energy, Inc.
5.250% 6/15/29 (d)
   374,000    385,220 
6.625% 1/15/27   702,000    730,080 
Vistra Operations Co. LLC 
3.550% 7/15/24 (d)
   470,000    441,723 
4.300% 7/15/29 (d)   568,000    503,595 
         2,672,215 
Electrical Components & Equipment — 0.4%          
Energizer Holdings, Inc. 
7.750% 1/15/27 (d)
   387,000    400,042 
Entertainment — 0.5%          
Banijay Entertainment SASU 
5.375% 3/01/25 (d)
   241,000    220,515 
Live Nation Entertainment, Inc. 
4.750% 10/15/27 (d)
   407,000    362,230 
         582,745 
Environmental Controls — 0.1%          
Clean Harbors, Inc. 
4.875% 7/15/27 (d)
   136,000    133,130 
Foods — 6.1%          
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC 
4.875% 2/15/30 (d)
   165,000    164,588 
5.875% 2/15/28 (d)   255,000    259,539 
7.500% 3/15/26 (d)   362,000    390,164 
JBS USA LUX SA/JBS USA Finance, Inc. 
5.875% 7/15/24 (d)
   646,000    654,075 
6.500% 4/15/29 (d)   1,094,000    1,173,534 
6.750% 2/15/28 (d)   824,000    879,620 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 
5.500% 1/15/30 (d)
   826,000    852,845 
Kraft Heinz Foods Co. 
3.750% 4/01/30 (d)
   126,000    119,762 
3.950% 7/15/25   306,000    304,527 
5.200% 7/15/45   178,000    171,128 
6.500% 2/09/40   94,000    102,570 
6.875% 1/26/39   206,000    235,628 
Pilgrim’s Pride Corp. 
5.750% 3/15/25 (d)
   247,000    248,852 
5.875% 9/30/27 (d)   398,000    396,567 
Post Holdings, Inc. 
4.625% 4/15/30 (d)
   381,000    364,807 
Simmons Foods, Inc. 
7.750% 1/15/24 (d)
   189,000    189,000 
Smithfield Foods, Inc. 
5.200% 4/01/29 (d)
  264,000   265,506 
         6,772,712 
Hand & Machine Tools — 0.7%          
Apex Tool Group LLC/BC Mountain Finance, Inc. 
9.000% 2/15/23 (d)
   1,138,000    739,700 
Health Care – Products — 2.4%          
Avanos Medical, Inc. 
6.250% 10/15/22
   1,300,000    1,277,250 
Avantor, Inc. 
6.000% 10/01/24 (d)
   58,000    60,766 
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 
7.250% 2/01/28 (d)
   872,000    749,833 
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 
6.625% 5/15/22 (d)
   643,000    607,635 
         2,695,484 
Health Care – Services — 5.7%          
Centene Corp. 
4.250% 12/15/27 (d)
   402,000    393,960 
4.625% 12/15/29 (d)   918,000    922,590 
5.250% 4/01/25 (d)   71,000    71,355 
5.375% 6/01/26 (d)   52,000    53,566 
Envision Healthcare Corp. 
8.750% 10/15/26 (d)
   1,158,000    283,710 
HCA, Inc. 
3.500% 9/01/30
   1,478,000    1,340,859 
5.875% 2/15/26   568,000    597,820 
LifePoint Health, Inc. 
4.375% 2/15/27 (d)
   224,000    211,008 
Radiology Partners, Inc. 
9.250% 2/01/28 (d)
   300,000    259,725 
Tenet Healthcare Corp. 
4.625% 7/15/24
   400,000    382,000 
4.625% 9/01/24 (d)   323,000    309,369 
4.875% 1/01/26 (d)   750,000    714,375 
5.125% 11/01/27 (d)   500,000    476,250 
8.125% 4/01/22   340,000    323,850 
         6,340,437 
Home Builders — 1.3%          
Brookfield Residential Properties, Inc. 
6.375% 5/15/25 (d)
   491,000    441,900 
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 
4.875% 2/15/30 (d)
   261,000    198,282 
M/I Homes, Inc. 
4.950% 2/01/28 (d)
   368,000    312,340 
Mattamy Group Corp. 
4.625% 3/01/30 (d)
   518,000    445,480 
         1,398,002 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

  

  

Principal

Amount

   Value 
Housewares — 0.4%        
Newell Brands, Inc. 
4.200% 4/01/26
  $337,000   $330,866 
5.625% 4/01/36  126,000   124,909 
         455,775 
Insurance — 1.0%          
Acrisure LLC/Acrisure Finance, Inc. 
7.000% 11/15/25 (d)
   691,000    594,260 
8.125% 2/15/24 (d)   509,000    495,791 
         1,090,051 
Internet — 1.4%          
Netflix, Inc. 
4.875% 6/15/30 (d)
   321,000    325,863 
5.375% 11/15/29 (d)   523,000    542,691 
5.875% 11/15/28   595,000    635,758 
         1,504,312 
Investment Companies — 0.6%          
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 
6.375% 12/15/25
   761,000    719,145 
Leisure Time — 1.7%          
Brunswick Corp. 
7.375% 9/01/23
   285,000    342,282 
7.125% 8/01/27   569,000    713,739 
Carlson Travel, Inc. 
6.750% 12/15/23 (d)
   296,000    201,280 
9.500% 12/15/24 (d) (e)   988,000    652,080 
         1,909,381 
Lodging — 1.1%          
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 
5.250% 5/15/27 (d)
   385,000    348,425 
5.500% 3/01/25 (d)   740,000    688,200 
Wynn Macau Ltd. 
5.125% 12/15/29 (d)
   268,000    225,120 
         1,261,745 
Media — 10.9%          
Altice Financing SA 
5.000% 1/15/28 (d)
   316,000    279,660 
Block Communications, Inc. 
4.875% 3/01/28 (d)
   340,000    316,200 
CCO Holdings LLC/CCO Holdings Capital Corp. 
4.500% 8/15/30 (d)
   702,000    687,960 
4.500% 5/01/32 (d)   647,000    630,954 
4.750% 3/01/30 (d)   236,000    234,820 
5.125% 5/01/27 (d)   423,000    424,100 
5.750% 2/15/26 (d)   550,000    556,957 
5.875% 5/01/27 (d)   822,000    846,660 
Clear Channel Worldwide Holdings, Inc. 
5.125% 8/15/27 (d)
   391,000    369,984 
9.250% 2/15/24 (d)   213,000    182,648 
CSC Holdings LLC 
5.750% 1/15/30 (d)
   767,000    773,489 
6.625% 10/15/25 (d)   50,000    52,566 
7.500% 4/01/28 (d)  565,000   601,962 
Diamond Sports Group LLC/Diamond Sports Finance Co. 
5.375% 8/15/26 (d)
   178,000    144,629 
DISH DBS Corp. 
5.000% 3/15/23
   207,000    198,058 
7.750% 7/01/26   681,000    699,727 
DISH Network Corp. 
3.375% 8/15/26
   368,000    298,761 
LCPR Senior Secured Financing DAC 
6.750% 10/15/27 (d)
   314,000    309,290 
Midcontinent Communications / Midcontinent Finance Corp. 
5.375% 8/15/27 (d)
   205,000    198,484 
Sirius XM Radio, Inc. 
4.625% 7/15/24 (d)
   671,000    681,018 
5.375% 4/15/25 (d)   522,000    527,215 
5.375% 7/15/26 (d)   167,000    170,323 
5.500% 7/01/29 (d)   636,000    648,720 
TEGNA, Inc. 
4.625% 3/15/28 (d)
   447,000    392,801 
Virgin Media Secured Finance PLC 
5.500% 5/15/29 (d)
   1,308,000    1,303,291 
Ziggo BV 
4.875% 1/15/30 (d)
   153,000    149,012 
5.500% 1/15/27 (d)   440,000    440,000 
         12,119,289 
Mining — 4.3%          
Compass Minerals International, Inc. 
4.875% 7/15/24 (d)
   294,000    276,360 
6.750% 12/01/27 (d)   350,000    315,962 
First Quantum Minerals Ltd. 
7.250% 4/01/23 (d)
   659,000    554,796 
7.500% 4/01/25 (d)   647,000    538,427 
Freeport-McMoRan, Inc. 
4.125% 3/01/28
   151,000    131,748 
Kinross Gold Corp. 
4.500% 7/15/27
   640,000    602,374 
5.950% 3/15/24   441,000    445,410 
6.875% 9/01/41   476,000    476,000 
New Gold, Inc. 
6.250% 11/15/22 (d)
   657,000    638,111 
Northwest Acquisitions ULC/Dominion Finco, Inc. 
7.125% 11/01/22 (d)
   884,000    433,160 
Novelis Corp. 
4.750% 1/30/30 (d)
   417,000    371,130 
         4,783,478 
Miscellaneous - Manufacturing — 1.1%          
Amsted Industries, Inc. 
5.625% 7/01/27 (d)
   617,000    600,289 
Gates Global LLC / Gates Corp. 
6.250% 1/15/26 (d)
   700,000    619,500 
         1,219,789 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Office Equipment/Supplies — 0.6%        
Xerox Corp. 
4.125% 3/15/23
  $662,000   $658,028 
Oil & Gas — 4.3%          
Antero Resources Corp. 
5.375% 11/01/21
   410,000    298,275 
Calumet Specialty Products Partners LP/Calumet Finance Corp. 
7.625% 1/15/22
   578,000    447,950 
CVR Energy, Inc. 
5.750% 2/15/28 (d)
   1,323,000    988,943 
Hilcorp Energy I LP / Hilcorp Finance Co. 
6.250% 11/01/28 (d)
   163,000    71,720 
Hilcorp Energy I LP/Hilcorp Finance Co. 
5.000% 12/01/24 (d)
   39,000    17,940 
Jonah Energy LLC/Jonah Energy Finance Corp. 
7.250% 10/15/25 (d)
   745,000    33,525 
Jupiter Resources Inc. 
10.000% 1/31/24 (a) (b)
   231,906    231,906 
Laredo Petroleum, Inc. 
9.500% 1/15/25
   268,000    107,200 
10.125% 1/15/28   330,000    125,400 
MEG Energy Corp. 
7.125% 2/01/27 (d)
   379,000    187,271 
Nabors Industries Ltd. 
7.250% 1/15/26 (d)
   184,000    62,560 
7.500% 1/15/28 (d)   119,000    38,080 
Neptune Energy Bondco PLC 
6.625% 5/15/25 (d)
   594,000    332,640 
Occidental Petroleum Corp. 
2.600% 4/15/22
   76,000    54,712 
2.700% 8/15/22   178,000    126,922 
2.700% 2/15/23   71,000    42,047 
2.900% 8/15/24   93,000    50,901 
3 mo. USD LIBOR + 1.450% 3.142% FRN 8/15/22   93,000    62,325 
4.100% 2/01/21   397,000    337,444 
6.950% 7/01/24   88,000    49,480 
Parkland Fuel Corp. 
5.875% 7/15/27 (d)
   247,000    231,538 
PBF Holding Co. LLC / PBF Finance Corp. 
6.000% 2/15/28 (d)
   1,043,000    688,380 
Tullow Oil PLC 
6.250% 4/15/22 (d)
   639,000    158,153 
         4,745,312 
Oil & Gas Services — 0.6%          
Welltec A/S 
9.500% 12/01/22 (d)
   696,000    654,240 
Packaging & Containers — 1.6%          
Graphic Packaging International LLC 
3.500% 3/15/28 (d)
   470,000    422,859 
Mauser Packaging Solutions Holding Co. 
7.250% 4/15/25 (d)
   781,000    620,895 
Silgan Holdings, Inc. 
4.125% 2/01/28 (d)
   422,000    389,295 
Trident TPI Holdings, Inc. 
9.250% 8/01/24 (d)
  386,000   320,380 
         1,753,429 
Pharmaceuticals — 2.0%          
Bausch Health Americas, Inc. 
8.500% 1/31/27 (d)
   250,000    261,250 
9.250% 4/01/26 (d)   600,000    634,080 
Bausch Health Cos., Inc. 
5.000% 1/30/28 (d)
   193,000    182,713 
5.250% 1/30/30 (d)   320,000    302,579 
5.500% 3/01/23 (d)   140,000    137,200 
5.875% 5/15/23 (d)   11,000    10,945 
6.125% 4/15/25 (d)   75,000    73,875 
Par Pharmaceutical, Inc. 
7.500% 4/01/27 (d)
   629,000    625,855 
         2,228,497 
Pipelines — 1.5%          
Cheniere Energy Partners LP 
4.500% 10/01/29 (d)
   271,000    235,770 
5.625% 10/01/26   725,000    667,000 
Genesis Energy LP/Genesis Energy Finance Corp. 
6.000% 5/15/23
   765,000    554,893 
6.500% 10/01/25   356,000    257,317 
         1,714,980 
Real Estate Investment Trusts (REITS) — 1.6%          
ESH Hospitality, Inc. 
4.625% 10/01/27 (d)
   388,000    302,640 
MPT Operating Partnership LP/MPT Finance Corp. 
5.000% 10/15/27
   539,000    522,830 
RHP Hotel Properties LP/RHP Finance Corp. 
5.000% 4/15/23
   789,000    615,420 
Ryman Hospitality Properties, Inc. 
4.750% 10/15/27 (d)
   425,000    318,750 
         1,759,640 
Retail — 1.3%          
Asbury Automotive Group, Inc. 
4.500% 3/01/28 (d)
   152,000    129,200 
Golden Nugget, Inc. 
8.750% 10/01/25 (d)
   151,000    77,010 
KGA Escrow LLC 
7.500% 8/15/23 (d)
   403,000    366,730 
Penske Automotive Group, Inc. 
5.500% 5/15/26
   1,000,000    912,200 
         1,485,140 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Software — 3.3%        
Open Text Corp. 
3.875% 2/15/28 (d)
  $302,000   $283,880 
Open Text Holdings, Inc. 
4.125% 2/15/30 (d)
   313,000    294,298 
RP Crown Parent LLC 
7.375% 10/15/24 (d)
  191,000  

 

181,985 
Solera LLC/ Solera Finance, Inc. 
10.500% 3/01/24 (d)
   115,000    112,700 
SS&C Technologies, Inc. 
5.500% 9/30/27 (d)
   960,000    1,000,522 
Veritas US, Inc./Veritas Bermuda Ltd. 
10.500% 2/01/24 (d) (e)
   2,167,000    1,825,697 
         3,699,082 
Storage & Warehousing — 0.9%          
LBC Tank Terminals Holding Netherlands BV 
6.875% 5/15/23 (d)
   1,111,000    1,041,563 
Telecommunications — 7.4%          
CenturyLink, Inc. 
5.125% 12/15/26 (d)
   526,000    526,000 
6.750% 12/01/23   500,000    531,400 
CommScope Technologies Finance LLC 
6.000% 6/15/25 (d)
   129,000    118,061 
CommScope Technologies LLC 
5.000% 3/15/27 (d)
   271,000    235,093 
CommScope, Inc. 
6.000% 3/01/26 (d)
   162,000    161,757 
8.250% 3/01/27 (d)   565,000    544,603 
Hughes Satellite Systems Corp. 
6.625% 8/01/26
   687,000    695,873 
Intelsat Jackson Holdings SA 
8.500% 10/15/24 (d)
   564,000    355,151 
Sprint Capital Corp. 
8.750% 3/15/32
   126,000    166,635 
Sprint Corp. 
7.250% 9/15/21
   745,000    767,871 
7.625% 3/01/26   386,000    436,875 
7.875% 9/15/23   1,386,000    1,521,246 
T-Mobile USA, Inc. 
6.000% 4/15/24
   453,000    461,833 
6.500% 1/15/26   679,000    712,950 
Telecom Italia Capital 
6.000% 9/30/34
   150,000    148,500 
Telecom Italia SpA 
5.303% 5/30/24 (d)
   586,000    588,965 
ViaSat, Inc. 
5.625% 4/15/27 (d)
   197,000    194,538 
         8,167,351 
Toys, Games & Hobbies — 0.7%          
Mattel, Inc. 
6.750% 12/31/25 (d)
   516,000    524,721 
5.875% 12/15/27 (d)   224,000    230,227 
         754,948 
Transportation — 3.1%          
Kenan Advantage Group, Inc. 
7.875% 7/31/23 (d) (e)
   3,200,000    2,686,000 
XPO Logistics, Inc. 
6.750% 8/15/24 (d)
  716,000   700,105 
         3,386,105 
TOTAL CORPORATE DEBT
(Cost $115,317,994)
        102,131,736 
           
TOTAL BONDS & NOTES
(Cost $122,915,557)
        107,871,727 

 

    Number of
Shares
      
Warrants — 0.0%          
Basic Materials — 0.0%          
Forest Products & Paper — 0.0%          
Appvion Holding Corp. Tranche A (a) (b)   2,106    263 
Appvion Holding Corp. Tranche B (a) (b)   2,106     
         263 
TOTAL WARRANTS
(Cost $0)
        263 
           
Mutual Funds — 4.1%          
Diversified Financial Services — 4.1%          
State Street Navigator Securities Lending Prime Portfolio (f)   4,597,363    4,597,363 
           
TOTAL MUTUAL FUNDS
(Cost $4,597,363)
        4,597,363 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $131,328,766)
        113,017,921 
           
TOTAL INVESTMENTS — 101.9%
(Cost $131,328,766) (g)
        113,017,921 
           
Other Assets/(Liabilities) — (1.9)%        (2,098,709)
NET ASSETS — 100.0%       $110,919,212 

 

Abbreviation Legend
FRN Floating Rate Note
VRN Variable Rate Note
   
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) Investment was valued using significant unobservable inputs.
(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $572,927 or 0.52% of net assets.
(c) Non-income producing security.
(d) 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 March 31, 2020, the aggregate market value of these securities amounted to $73,779,356 or 66.52% of net assets.
(e) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $5,622,924 or 5.07% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,106,107 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).
(f) Represents investment of security lending cash collateral. (Note 2).
(g) See Note 3 for aggregate cost for federal tax purposes.

 

Currency Legend

USDU.S. Dollar

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments

  

March 31, 2020 (Unaudited)

 

 

Principal

Amount

  Value  
Bonds & Notes — 83.0%       
        
Corporate Debt — 1.1%       
Pharmaceuticals — 0.5%       
Becton Dickinson and Co. 3 mo. USD LIBOR + 0.875%          
2.250% FRN 12/29/20  $1,545,000   $1,492,856 
Real Estate Investment Trusts (REITS) — 0.6%          
SBA Tower Trust          
3.156% 10/10/45 (a)   2,000,000    1,997,058 
           
TOTAL CORPORATE DEBT
(Cost $3,094,709)
        3,489,914 
           
Municipal Obligations — 0.0%          
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.000%          
2.694% FRN 4/26/27   41,983    41,972 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $41,984)
        41,972 
           
Non-U.S. Government Agency Obligations — 59.9%          
Auto Floor Plan ABS — 1.1%          
Navistar Financial Dealer Note Master Owner Trust II, Series 2019-1, Class B, 1 mo. USD LIBOR + 0.750%          
1.697% FRN 5/25/24  (a)   1,400,000    1,372,680 
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1 mo. USD LIBOR + 0.680%          
1.385% FRN 10/17/22  (a)   2,000,000    1,895,515 
         3,268,195 
Automobile ABS — 11.8%          
American Credit Acceptance Receivables Trust          
Series 2017-4, Class C, 2.940% 1/10/24  (a)   321,883    321,880 
Series 2019-1, Class C, 3.500% 4/14/25  (a)   1,300,000    1,282,431 
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (a)   388,000    382,447 
Chesapeake Funding II LLC, Series 2018-1A, Class A2, 1 mo. USD LIBOR + 0.450%          
1.155% FRN 4/15/30  (a)   605,124    587,833 
CPS Auto Trust          
Series 2019-A, Class A, 3.180% 6/15/22  (a)   123,132    120,376 
Series 2018-C, Class B, 3.430% 7/15/22  (a)   240,561    235,225 
Drive Auto Receivables Trust, Series 2019-1, Class C          
3.780% 4/15/25   963,000    947,347 
Exeter Automobile Receivables Trust          
Series 2019-3A, Class A, 2.590% 9/15/22  (a)   484,509    481,587 
Series 2019-1A, Class B, 3.450% 2/15/23  (a)   435,000    427,057 
Flagship Credit Auto Trust          
Series 2017-4, Class A, 2.070% 4/15/22  (a)   170,557   167,877 
Series 2018-1, Class A, 2.590% 6/15/22  (a)   310,911    306,056 
Series 2016-4, Class C, 2.710% 11/15/22  (a)   561,745    553,546 
Series 2017-1, Class B, 2.830% 3/15/23  (a)   40,116    40,116 
Series 2018-2, Class A, 2.970% 10/17/22  (a)   860,753    849,818 
Hertz Fleet Lease Funding LP, Series 2018-1, Class A1, 1 mo. USD LIBOR + 0.500%          
1.363% FRN 5/10/32  (a)   1,758,670    1,727,744 
Hertz Vehicle Financing II LP          
Series 2017-1A, Class B, 3.560% 10/25/21  (a)   2,530,000    2,452,854 
Series 2016-2A, Class D, 5.970% 3/25/22  (a)   3,300,000    3,324,158 
OneMain Direct Auto Receivables Trust          
Series 2017-2A, Class C, 2.820% 7/15/24  (a)   8,490,000    8,347,625 
Series 2017-2A, Class E, 4.740% 11/14/25  (a)   968,000    956,645 
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A2B, 1 mo. USD LIBOR + 0.470%          
1.333% FRN 8/10/21  (a)   242,445    242,412 
Oscar US Funding Trust VI, Series 2017-1A, Class A3          
2.820% 6/10/21 (a)   30,265    30,304 
Tesla Auto Lease Trust, Series 2018-B, Class A          
3.710% 8/20/21 (a)   6,105,133    6,124,925 
Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.120%          
0.825% FRN 8/16/21   522,428    513,557 
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + 0.230%          
0.935% FRN 2/15/23   6,000,000    5,846,377 
         36,270,197 
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

 

Principal

Amount

  Value  
Commercial MBS — 2.7%       
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
2.205% FRN 7/15/35  (a)  $1,700,000   $1,359,815 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36  (a)   1,300,000    1,143,967 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35  (a)   1,582,000    1,443,567 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36  (a)   1,671,951    1,437,829 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
2.455% FRN 12/15/37  (a)   308,865    267,365 
DBJPM 17-C6 Mortgage Trust, Series 2017-C6, Class A1          
1.907% 6/10/50   661,925    657,486 
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,          
5.513% VRN 7/10/38  (b)   153,352    152,644 
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%          
1.705% FRN 6/15/32  (a)   1,531,704    1,380,344 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
2.505% FRN 5/15/36  (a)   476,000    371,511 
         8,214,528 
Credit Card ABS — 0.3%          
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + 0.770%          
1.475% FRN 5/14/29   1,100,000   942,845 
Home Equity ABS — 0.1%          
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A4, 1 mo. USD LIBOR + 0.170%          
1.117% FRN 3/25/36   319,808    293,860 
Municipal — 0.3%          
Brazos Higher Education Authority, Inc., Series 2006-2, Class B2          
2.363% 6/25/42   1,200,000    1,107,469 
Other ABS — 15.5%          
321 Henderson Receivables I LLC          
Series 2006-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/41  (a)   285,511    274,952 
Series 2006-2A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 6/15/41  (a)   1,179,474    1,101,371 
Series 2006-4A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 12/15/41  (a)   176,025    171,035 
Series 2007-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/42  (a)   585,474    564,885 
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + 0.200%          
0.905% FRN 9/15/41  (a)   133,682    131,020 
AASET Trust, Series 2017-1A, Class A          
3.967% 5/16/42 (a)   159,931    125,656 
AASET US Ltd., Series 2018-2A, Class A          
4.454% 11/18/38 (a)   1,604,723    1,274,198 
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + 0.850%          
2.681% FRN 1/15/28  (a)   2,450,000    2,320,148 
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%          
1.855% FRN 6/15/28  (a)   780,000    714,243 
Avant Loans Funding Trust          
Series 2019-B, Class A, 2.720% 10/15/26  (a)   1,796,301    1,748,290 
Series 2018-B, Class A, 3.420% 1/18/22  (a)   84,871    84,871 
Series 2019-A, Class A, 3.480% 7/15/22  (a)   300,908    295,976 
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100%          
2.894% FRN 4/25/26  (a)   799,721    792,114 
BCC Funding XIV LLC, Series 2018-1A, Class A2          
2.960% 6/20/23 (a)   317,343    310,631 
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + 0.890%          
2.709% FRN 1/18/29  (a)   2,000,000    1,932,480 
CCG Receivables Trust, Series 2018-2, Class A2          
3.090% 12/15/25 (a)   590,263    587,991 
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460%          
1.407% FRN 9/25/34   5,039    4,148 
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

 

Principal

Amount

  Value  
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B,          
3.020% VRN 2/25/27  (a) (b)  $148,195   $145,715 
FCI Funding  LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   237,283    236,885 
First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + 0.360%          
1.307% FRN 10/25/35   1,426,710    1,307,328 
Hilton Grand Vacations Trust, Series 2014-AA, Class A          
1.770% 11/25/26 (a)   53,788    52,772 
KREF Ltd.          
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 2.150% FRN 6/15/36  (a)   2,000,000    1,736,817 
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 3.350% FRN 6/15/36  (a)   2,450,000    1,592,552 
LCM Ltd., 3 mo. USD LIBOR + 1.240%          
3.071% FRN 7/15/27  (a)   1,300,000    1,273,069 
Lendmark Funding Trust, Series 2018-1A, Class A          
3.810% 12/21/26 (a)   630,000    617,588 
Marlette Funding Trust          
Series 2019-3A, Class A, 2.690% 9/17/29  (a)   2,242,389    2,117,791 
Series 2019-2A, Class A, 3.130% 7/16/29  (a)   301,493    289,427 
Series 2018-3A, Class A, 3.200% 9/15/28  (a)   130,353    130,233 
Series 2019-1A, Class A, 3.440% 4/16/29  (a)   195,712    192,943 
Series 2019-2A, Class B, 3.530% 7/16/29  (a)   385,000    354,300 
MVW Owner Trust, Series 2017-1A, Class A          
2.420% 12/20/34 (a)   88,403    84,107 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 0.800%          
2.631% FRN 1/15/28  (a)   2,450,000    2,348,465 
NP SPE II LLC, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)   378,558    361,228 
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + 0.820%          
2.614% FRN 10/26/27  (a)   2,013,807    1,920,525 
Orange Lake Timeshare Trust, Series 2016-A, Class A          
2.610% 3/08/29 (a)   216,055    207,920 
Oxford Finance Funding Trust, Series 2016-1A, Class A          
3.968% 6/17/24 (a)   102,869    102,619 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
3.797% FRN 2/25/23  (a)   440,000    403,555 
Saxon Asset Securities Trust, Series 2006-2, Class A3C, 1 mo. USD LIBOR + 0.150%          
1.097% FRN 9/25/36   1,763,490    1,640,158 
Sierra Receivables Funding LLC          
Series 2019-3A, Class C, 3.000% 8/20/36  (a)   2,831,582    2,769,150 
Series 2015-3A, Class B, 3.080% 9/20/32  (a)   24,121    23,844 
Series 2019-1A, Class C, 3.770% 1/20/36  (a)   603,504    596,900 
Series 2019-3A, Class D, 4.180% 8/20/36  (a)   725,045    712,155 
Series 2019-1A, Class D, 4.750% 1/20/36  (a)   546,027    542,667 
SoFi Consumer Loan Program LLC          
Series 2016-3, Class A, 3.050% 12/26/25  (a)   53,176    52,187 
Series 2016-5, Class A, 3.060% 9/25/28  (a)   341,055    334,716 
SoFi Consumer Loan Program Trust          
Series 2017-4, Class A, 2.500% 5/26/26  (a)   485,296    450,805 
Series 2017-6, Class A2, 2.820% 11/25/26  (a)   556,034    530,012 
Series 2016-2A, Class A, 3.090% 10/27/25  (a)   73,990    74,241 
Series 2016-1A, Class A, 3.260% 8/25/25  (a)   354,221    352,348 
Series 2017-2, Class A, 3.280% 2/25/26  (a)   206,364    205,488 
Springleaf Funding Trust, Series 2016-AA, Class A          
2.900% 11/15/29 (a)   185,333    183,762 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800%          
1.747% FRN 11/25/35  (a)   1,369,940   1,284,004 
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A          
4.110% 7/20/43 (a)   1,188,000    1,206,463 
TLF National Tax Lien Trust, Series 2017-1A, Class A          
3.090% 12/15/29 (a)   570,639    568,722 
Trafigura Securitisation Finance PLC          
Series 2017-1A, Class A1, 1 mo. USD LIBOR + 0.850% 1.555% FRN 12/15/20  (a)   2,950,000    2,941,244 
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 2.405% FRN 12/15/20  (a)   2,330,000    2,315,740 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1          
2.709% 8/15/47 (a)   141,558    139,999 
Upstart Securitization Trust, Series 2019-1, Class A          
3.450% 4/20/26 (a)   42,194    42,194 
Verizon Owner Trust., Series 2018-1A, Class A1A          
2.820% 9/20/22 (a)   1,835,000    1,812,700 
Westgate Resorts LLC          
Series 2017-1A, Class A, 3.050% 12/20/30  (a)   309,543    300,617 
Series 2018-1A, Class A, 3.380% 12/20/31  (a)   430,346    420,767 
         47,410,731 
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

 

Principal

Amount

  Value  
Student Loans ABS — 16.0%        
Access Group Inc., Series 2003-A, Class A3, 3 mo. CMT + 1.200%          
1.220% FRN 7/01/38  $7,452   $7,445 
AccessLex Institute, Series 2005-1, Class B, 3 mo. USD LIBOR + 0.570%          
1.765% FRN 9/22/37   595,398    531,447 
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + 0.120%          
1.336% FRN 6/25/26   972,331    946,039 
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + 0.100%          
2.061% FRN 6/28/39   3,460,749    2,983,788 
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + 0.490%          
2.321% FRN 1/15/37   441,504    382,609 
Commonbond Student Loan Trust, Series 2018-CGS, Class C          
4.350% 2/25/46 (a)   116,101    110,989 
DRB Prime Student Loan Trust          
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.847% FRN 10/25/44  (a)   1,471,431    1,453,376 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.947% FRN 4/25/40  (a)   212,871    200,318 
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%          
2.997% FRN 2/26/35  (a)   159,218    149,590 
ECMC Group Student Loan Trust          
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66  (a)   1,368,052    1,211,537 
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66  (a)   928,891    811,985 
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%          
3.600% FRN 12/01/47  (a)   753,781    745,775 
Edsouth Indenture          
No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + 0.800% 1.747% FRN 10/25/56  (a)   387,398    361,982 
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 12/25/58  (a)   1,000,000    948,672 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 0.750%          
1.697% FRN 8/25/42  (a)   507,694    471,783 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700%          
2.379% FRN 8/25/48  (a)   271,741    254,765 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + 0.350%          
2.145% FRN 6/28/39  (a)   492,122    434,131 
KeyCorp Student Loan Trust, Series 2000-A, Class A2, 3 mo. USD LIBOR + 0.320%          
1.999% FRN 5/25/29   113,253    113,253 
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX          
2.340% 10/25/48 (a)   1,525,410    1,420,312 
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200%          
1.905% FRN 12/15/28  (a)   399,263    371,692 
Navient Student Loan Trust          
Series 2018-1A, Class A3, 1 mo. USD LIBOR + 0.720% 1.667% FRN 3/25/67  (a)   1,120,000    1,047,337 
Series 2016-3A, Class A2, 1 mo. USD LIBOR + 0.850% 1.797% FRN 6/25/65  (a)   180,153    167,353 
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.947% FRN 2/27/68  (a)   3,387,000    3,187,802 
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 2.097% FRN 7/26/66  (a)   410,000    357,823 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65  (a)   2,041,784    1,867,396 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66  (a)   2,200,000    2,041,223 
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 2.497% FRN 7/25/68  (a)   2,900,000    2,214,050 
Series 2018-A, Class A1, 2.530% 2/18/42  (a)   292,365    279,890 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%          
2.697% FRN 12/26/40  (a)   331,510    313,485 
Nelnet Student Loan Trust          
Series 2005-2, Class B, 3 mo. USD LIBOR + 0.170% 1.365% FRN 3/23/37   854,830    820,636 
Series 2006-3, Class B, 3 mo. USD LIBOR + 0.250% 1.466% FRN 6/25/41   314,038    273,381 
Series 2006-2, Class B, 3 mo. USD LIBOR + 0.200% 1.994% FRN 1/25/38   694,352    599,763 
Series 2004-3, Class B, 3 mo. USD LIBOR + 0.350% 2.144% FRN 10/25/40   1,108,738    993,976 
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/41  (a)   375,000    354,496 
SLC Student Loan Trust          
Series 2006-2, Class B, 3 mo. USD LIBOR + 0.230% 0.971% FRN 12/15/39   1,202,289    1,062,612 
Series 2005-2, Class B, 3 mo. USD LIBOR + 0.280% 1.021% FRN 3/15/40   1,821,150    1,597,472 
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

 

Principal

Amount

  Value  
SLM Private Education Loan Trust, Series 2011-A, Class A3, 1 mo. USD LIBOR + 2.500%          
3.205% FRN 1/15/43  (a)  $55,459   $53,357 
SLM Student Loan Trust          
Series 2003-11, Class B, 3 mo. USD LIBOR + 0.650% 1.391% FRN 12/15/38   424,594    376,622 
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28   25,000    25,000 
Series 2007-4, Class B1, 3 mo. USD LIBOR + 0.140% 1.934% FRN 7/25/25   600,061    600,061 
Series 2005-5, Class A4, 3 mo. USD LIBOR + 0.140% 1.934% FRN 10/25/28   463,592    438,395 
Series 2006-4, Class B, 3 mo. USD LIBOR + 0.200% 1.994% FRN 1/25/70   355,286    316,583 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40   379,970    339,315 
Series 2006-2, Class B, 3 mo. USD LIBOR + 0.220% 2.014% FRN 1/25/41   416,489    373,040 
Series 2003-14, Class A6, 3 mo. USD LIBOR + 0.300% 2.094% FRN 7/25/25   271,948    257,917 
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55   379,473    337,177 
Series 2004-8, Class B, 3 mo. USD LIBOR + 0.460% 2.254% FRN 1/25/40   416,751    371,073 
Series 2004-3, Class B, 3 mo. USD LIBOR + 0.470% 2.264% FRN 10/25/64   290,122    257,255 
Series 2003-14, Class A7, 3 mo. USD LIBOR + 0.600% 2.394% FRN 10/25/65  (a)   2,100,000    1,863,752 
SMB Private Education Loan Trust          
Series 2018-C, Class A1, 1 mo. USD LIBOR + 0.300% 1.005% FRN 9/15/25  (a)   104,409    100,308 
Series 2019-A, Class A1, 1 mo. USD LIBOR + 0.350% 1.055% FRN 2/16/26  (a)   992,712    941,185 
Series 2019-B, Class A1, 1 mo. USD LIBOR + 0.350% 1.055% FRN 7/15/26  (a)   318,204    303,019 
Series 2018-B, Class A2B, 1 mo. USD LIBOR + 0.720% 1.425% FRN 1/15/37  (a)   1,468,031    1,312,151 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36  (a)   1,639,000    1,442,971 
Series 2014-A, Class A2A, 3.050% 5/15/26  (a)   222,205    215,039 
SoFi Alternative Trust, Series 2019-C, Class PT,          
6.163% VRN 1/25/45  (a) (b)   2,002,877    2,111,445 
SoFi Professional Loan Program LLC          
Series 2017-A, Class A1, 1 mo. USD LIBOR + 0.700% 1.647% FRN 3/26/40  (a)   285,427    271,659 
Series 2017-F, Class A1FX, 2.050% 1/25/41  (a)   78,957    75,186 
Series 2019-C, Class A1FX, 2.130% 11/16/48  (a)   1,918,466    1,806,430 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 2.697% FRN 8/25/36  (a)   236,789    229,554 
Series 2016-B, Class A2B, 2.740% 10/25/32  (a)   3,135,329    3,039,392 
South Carolina Student Loan Corp., Series 2010-1, Class A2, 3 mo. USD LIBOR + 1.000%          
2.794% FRN 7/25/25   513,495    513,495 
         49,061,564 
WL Collateral CMO — 12.1%          
Angel Oak Mortgage Trust, Series 2018-3, Class A3,          
3.238% VRN 5/25/59  (a) (b)   1,488,047    1,442,877 
Banc of America Funding, Series 2006-G, Class 2A1, 1 mo. USD LIBOR + 0.440%          
1.213% FRN 7/20/36   1,687,041    1,641,767 
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,          
2.666% VRN 7/25/59  (a) (b)   8,035,961    7,817,512 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
2.577% FRN 8/25/49  (a)   4,167,007    3,823,251 
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,          
3.030% VRN 7/25/49  (a) (b)   1,165,709    1,142,255 
Deephaven Residential Mortgage Trust          
Series 2018-1A, Class A1, 2.976% VRN 12/25/57  (a) (b)   330,345    317,560 
Series 2018-1A, Class A2, 3.027% VRN 12/25/57  (a) (b)   330,345    316,620 
Series 2018-2A, Class A1, 3.479% VRN 4/25/58  (a) (b)   1,116,947    1,072,683 
Series 2019-1A, Class A3, 3.948% VRN 1/25/59  (a) (b)   252,985    240,623 
Series 2018-4A, Class A3, 4.285% VRN 10/25/58  (a) (b)   1,636,060    1,563,994 
JP Morgan Mortgage Trust          
Series 2018-1, Class A5, 3.500% VRN 6/25/48  (a) (b)   480,237    485,905 
Series 2018-3, Class A5, 3.500% VRN 9/25/48  (a) (b)   743,254    752,111 
Series 2017-6, Class A5, 3.500% VRN 12/25/48  (a) (b)   659,123   667,198 
New Residential Mortgage Loan Trust, Series 2019-NQM1, Class A3,          
3.928% VRN 1/25/49  (a) (b)   1,070,027    1,018,215 
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + 0.950%          
1.897% FRN 2/25/60  (a)   1,995,040    1,928,866 
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + 0.310%          
1.257% FRN 11/25/35   1,375,717    1,252,036 
PSMC Trust, Series 2018-1, Class A3,          
3.500% VRN 2/25/48  (a) (b)   697,502    683,657 
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

 

Principal

Amount

  Value  
Sequoia Mortgage Trust          
Series 2018-3, Class A4, 3.500% VRN 3/25/48  (a) (b)  $616,974   $610,831 
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48  (a) (b)   368,624    366,496 
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48  (a) (b)   1,156,202    1,138,100 
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48  (a) (b)   306,176    303,231 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,          
  2.916% VRN 9/27/49  (a) (b)   949,467    900,322 
Verus Securitization Trust          
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59  (a) (b)   959,919    934,535 
Series 2019-1, Class A1, 3.836% VRN 2/25/59  (a) (b)   2,442,447    2,328,452 
Series 2019-1, Class A3, 4.040% VRN 2/25/59  (a) (b)   4,480,445    4,291,999 
         37,041,096 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $193,391,122)
        183,610,485 
           
U.S. Government Agency Obligations and Instrumentalities — 0.5%          
Pass-Through Securities — 0.1%          
Federal Home Loan Mortgage Corp.          
Pool #1Q0239, 1 year CMT + 2.217% 3.977% 3/01/37   199,264    208,974 
Whole Loans — 0.4%          
Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C07, Class 1M1, 1 mo. USD LIBOR + 0.650%          
1.597% FRN 5/25/30   268,368    266,850 
Federal National Mortgage Association Connecticut Avenue Securities Trust          
Series 2018-C03, Class 1M1, 1 mo. USD LIBOR + 0.680% 1.627% FRN 10/25/30   459,235    454,745 
Series 2018-C05, Class 1M1, 1 mo. USD LIBOR + 0.720% 1.667% FRN 1/25/31   607,407    603,358 
         1,324,953 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $1,538,414)
        1,533,927 
           
U.S. Treasury Obligations — 21.5%          
U.S. Treasury Bonds & Notes — 21.5%          
U.S. Treasury Inflation Index          
0.125% 4/15/22   21,212    20,921 
0.125% 1/15/23   189,972    187,682 
0.125% 10/15/24   11,360,455    11,498,913 
0.125% 7/15/26   3,228,240    3,256,878 
0.125% 1/15/30   2,406,120    2,477,344 
0.250% 1/15/25   7,187,532    7,252,062 
0.250% 7/15/29   7,008,311    7,276,639 
0.375% 7/15/25 (c)   3,556,746    3,627,784 
0.375% 7/15/27   52,723    54,214 
0.500% 1/15/28   2,509,680    2,613,770 
0.625% 4/15/23   5,633,537    5,674,569 
0.625% 1/15/26   2,415,349    2,494,761 
0.625% 2/15/43   2,019,438    2,216,995 
0.750% 7/15/28   2,234,987    2,390,060 
0.750% 2/15/45   1,807,361    2,066,344 
0.875% 2/15/47   1,709,680    2,035,276 
1.000% 2/15/48   1,830,500    2,253,357 
1.000% 2/15/49   1,178,808    1,464,540 
2.125% 2/15/41   1,060,065    1,475,966 
3.375% 4/15/32   363,295    512,777 
3.625% 4/15/28   1,674,509    2,154,098 
3.875% 4/15/29   2,039,739    2,747,563 
         65,752,513 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $62,985,712)
        65,752,513 
           
TOTAL BONDS & NOTES
(Cost $261,051,941)
        254,428,811 
           
TOTAL PURCHASED OPTIONS (#) — 0.3%
(Cost $1,845,236)
        1,072,161 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $262,897,177)
        255,500,972 
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Short-Term Investments — 22.7%        
Commercial Paper — 19.8%        
American Electric Power Co., Inc.          
1.830% 5/04/20 (a)  $3,000,000   $2,990,649 
Avangrid, Inc.          
1.318% 4/03/20 (a)   4,000,000    3,999,142 
Boeing Co.          
1.680% 6/03/20 (a)   7,000,000    6,950,845 
Carnival Corp.          
1.746% 11/25/20 (a)   4,000,000    3,819,688 
1.902% 11/25/20 (a)   2,000,000    1,909,844 
Daimler Finance North America LLC          
2.840% 4/07/20 (a)   4,000,000    3,997,822 
Dupont De Nemours, Inc.          
3.043% 4/07/20 (a)   4,000,000    3,996,967 
Entergy Corp.          
1.811% 5/04/20 (a)   3,000,000    2,995,345 
1.834% 5/01/20 (a)   3,000,000    2,995,781 
Fmc Tech, Inc.          
1.983% 4/08/20 (a)   3,000,000    2,998,096 
1.984% 4/06/20 (a)   3,000,000    2,998,628 
1.984% 4/08/20 (a)   1,000,000    999,365 
General Electric Co.          
1.905% 5/04/20   3,000,000    2,990,650 
Harley-Davidson, Inc.          
2.028% 4/02/20 (a)   4,000,000    3,999,639 
HP, Inc.          
1.830% 4/06/20 (a)   2,000,000    1,999,049 
National Grid PLC          
1.782% 5/27/20 (a)   4,000,000    3,979,100 
Public Sevice Enterprise Group, Inc.          
2.894% 4/20/20   3,000,000    2,994,653 
Reckitt Benckiser Treasury Services PLC          
2.152% 4/21/20 (a)   1,000,000    999,259 
Suncor Energy, Inc.          
1.915% 4/02/20 (a)   3,000,000    2,999,580 
         60,614,102 
Repurchase Agreement — 2.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d)  8,882,590   8,882,590 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $69,749,541)
        69,496,692 
           
TOTAL INVESTMENTS — 106.0%
(Cost $332,646,718) (e)
        324,997,664 
Other Assets/(Liabilities) — (6.0)%        (18,514,007)
           
NET ASSETS — 100.0%       $306,483,657 

 

Abbreviation Legend  
ABS Asset-Backed Security
ARS Auction Rate Security
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
MBS Mortgage-Backed Security
VRN Variable Rate Note
WL Whole Loan
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

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 March 31, 2020, the aggregate market value of these securities amounted to $209,410,966 or 68.33% of net assets.
(b)  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 March 31, 2020.
(c)  A portion of this security is pledged/held as collateral for open derivatives.
(d)  Maturity value of $8,882,590. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $9,063,757.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

(#) Interest Rate Swaptions Purchased    
   Paid by Fund   Received by Fund   
Description  Counterparty  Expiration Date  Rate   Frequency   Rate  Frequency   Notional Amount  Value   Premium
Paid
(Received)
   Unrealized Appreciation/ (Depreciation) 
Call       
10-Year
Interest
Rate Swap,
12/15/42
  Barclays Bank PLC  12/13/32   3-Month USD LIBOR BBA    Quarterly   2.44%   Semi-Annually   USD 1,967,000   $317,080   $98,335   $218,745 
Put                                             
10-Year
Interest
Rate Swap,
12/15/42
  Barclays Bank PLC  12/13/32   2.94%   Semi-Annually   3-Month USD LIBOR BBA   Quarterly   USD 22,880,000   $502,902   $1,143,840   $(640,938)
10-Year
Interest
Rate Swap,
2/02/43
  Credit Suisse International  1/31/33   3.11%   Semi-Annually   3-Month USD LIBOR BBA   Quarterly   USD 12,590,000    252,179    603,061    (350,882)
                                  755,081    1,746,901    (991,820)
                                              
                                 $1,072,161   $1,845,236   $(773,075)

 

Futures contracts
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long   
U.S. Treasury Long Bond  6/19/20   24   $4,116,954   $180,546 
U.S. Treasury Note 2 Year  6/30/20   50    10,995,737    23,404 
                $203,950 
Short                  
U.S. Treasury Ultra 10 Year  6/19/20   35   $(5,242,152)  $(218,942)
U.S. Treasury Ultra Bond  6/19/20   6    (1,332,480)   1,230 
U.S. Treasury Note 5 Year  6/30/20   38    (4,738,146)   (25,510)
                $(243,222)
 
 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

     

Centrally Cleared Credit Default Swaps- Buy Protection

Reference
Obligation/Index

 

Rate Paid by Fund

  

Payment Frequency

 

Termination Date

 

Notional Amount

 

Value

  

Upfront Premium Paid/ (Received)

  

Unrealized Appreciation (Depreciation) 

 
CDX.NA.IG Series 34   1.00%  Quarterly  6/20/25  USD 1,800,000   $11,980   $6,392   $5,588 

 

OTC Interest Rate Swaps 

Paid by the Fund

 

Received by the Fund

   

Rate/ Reference

 

Frequency

   Rate/
Reference

 

Frequency

 

Counterparty

Termination Date

 

Notional Amount

  

Value

  

Upfront Premium Paid/ (Received)

  

Unrealized Appreciation (Depreciation) 

 
1.643%  Maturity   U.S. Consumer Price Index  Maturity  Goldman Sachs International 12/09/21  USD  11,000,000   $(325,171)  $   $(325,171)
1.669%  Maturity   U.S. Consumer Price Index  Maturity  Goldman Sachs International 11/08/22  USD  1,920,000    (70,144)       (70,144)
                           $(395,315)  $   $(395,315)

 

OTC Total Return Swaps
Paid by the Fund    Received by the Fund                    

Rate/ Reference

 Frequency 

No. of Contracts/ Notional

    

Rate/ Reference 

  Frequency No. of Contracts/ Notional   

Counterparty 

 

Termination Date 

 

Value 

  

Upfront Premium Received (Paid)/ Received 

  

Unrealized
Appreciation
(Depreciation) 

 
1.77%  Maturity  USD   40,000,000     Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  123,929    BNP Paribas SA  7/31/20  $1,870   $   $1,870 
1.76%  Maturity  USD   60,000,000     Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  186,216    BNP Paribas SA  8/31/20   106,684        106,684 
1.79%  Maturity  USD   50,000,000     Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  157,026    Goldman Sachs International  5/29/20   684,726        684,726 
1.79%  Maturity  USD   50,000,000     Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  156,349    Goldman Sachs International  7/31/20   466,233        466,233 
1.76%  Maturity  USD   50,000,000     Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  155,180    Goldman Sachs International  8/31/20   88,905        88,905 
                               $1,348,418   $   $1,348,418 

 

Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

 

Currency Legend
USD U.S. Dollar

 

 

 

MML Managed Bond Fund —  Portfolio of Investments
 
March 31, 2020 (Unaudited)
 
   Number of
Shares
   Value
Equities — 0.3%      
       
Preferred Stock — 0.3%          
Financial — 0.3%          
Insurance — 0.3%          
Allstate Corp., 3 mo. USD LIBOR + 3.165%          
5.100% VRN 1/15/53   95,000   $2,314,200 
TOTAL PREFERRED STOCK
(Cost $2,375,000)
        2,314,200 
           
TOTAL EQUITIES
(Cost $2,375,000)
        2,314,200 

 

   Principal
Amount
      
Bonds & Notes — 99.5%          
           
Corporate Debt — 36.4%          
Aerospace & Defense — 0.1%          
United Technologies Corp.          
6.125% 7/15/38   $350,000    502,966 
Agriculture — 0.9%          
BAT Capital Corp.          
4.758% 9/06/49   540,000    509,841 
Bunge Ltd. Finance Corp.          
3.250% 8/15/26   1,179,000    1,069,295 
4.350% 3/15/24   1,810,000    1,770,000 
Imperial Brands Finance PLC          
3.875% 7/26/29 (a)   2,764,000    2,584,762 
Reynolds American, Inc.          
4.450% 6/12/25   1,095,000    1,101,540 
5.850% 8/15/45   985,000    1,058,037 
         8,093,475 
Airlines — 0.2%          
American Airlines Pass-Through Trust, Series 2014-1, Class B,          
4.375% 4/01/24   153,361    143,575 
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,          
4.100% 10/01/29   1,495,879    1,455,178 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   492,202    426,399 
         2,025,152 
Auto Manufacturers — 1.7%          
Ford Motor Credit Co. LLC          
3.087% 1/09/23   1,410,000    1,297,200 
3.336% 3/18/21   2,700,000    2,591,460 
4.140% 2/15/23  2,760,000   2,557,968 
4.375% 8/06/23   2,278,000    2,070,930 
General Motors Co.          
4.200% 10/01/27   565,000    466,860 
5.150% 4/01/38   800,000    578,578 
General Motors Financial Co., Inc.          
3.500% 11/07/24   2,100,000    1,847,696 
4.150% 6/19/23   2,193,000    1,994,747 
4.200% 11/06/21   1,216,000    1,160,604 
Hyundai Capital America          
2.850% 11/01/22 (a)   1,705,000    1,664,978 
         16,231,021 
Banks — 5.4%          
Associated Banc-Corp.          
4.250% 1/15/25   2,411,000    2,482,975 
Bank of America Corp.          
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27   725,000    758,659 
4.183% 11/25/27   1,090,000    1,126,693 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   1,150,000    1,322,485 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   475,000    513,505 
6.110% 1/29/37   1,550,000    1,991,302 
7.750% 5/14/38   400,000    590,905 
The Bank of Nova Scotia          
4.500% 12/16/25   795,000    816,793 
3 mo. USD LIBOR + 2.648% 4.650% VRN   (b) (c)   3,575,000    2,730,406 
Barclays Bank PLC          
10.179% 6/12/21 (a)   3,351,000    3,579,891 
Barclays PLC          
3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24   2,085,000    1,836,063 
4.337% 1/10/28   1,720,000    1,748,440 
Citigroup, Inc.          
4.125% 7/25/28   1,725,000    1,765,109 
Credit Suisse AG          
6.500% 8/08/23 (a)   3,069,000    3,113,746 
Deutsche Bank AG          
3.150% 1/22/21   1,998,000    1,951,944 
Discover Bank 5 year USD Swap + 1.730%          
4.682% VRN 8/09/28   2,905,000    2,957,900 
First Republic Bank          
4.375% 8/01/46   4,360,000    4,637,440 
Fulton Financial Corp.          
3.600% 3/16/22   1,565,000    1,576,827 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   550,000    566,951 
5.950% 1/15/27   1,410,000    1,596,579 
6.750% 10/01/37   1,145,000    1,515,710 
HSBC Holdings PLC          
4.250% 3/14/24   1,225,000    1,257,047 
ING Groep NV          
3.550% 4/09/24   1,205,000    1,210,816 
JP Morgan Chase & Co.          
5.600% 7/15/41   1,125,000    1,495,200 
Morgan Stanley          
4.350% 9/08/26   3,200,000    3,389,667 
5.000% 11/24/25   975,000    1,067,367 
Truist Bank          
2.250% 3/11/30   1,285,000    1,174,944 
Valley National Bancorp          
5.125% 9/27/23  1,530,000   1,596,882 
Wells Fargo & Co.          
5.375% 11/02/43   909,000    1,065,592 
         51,437,838 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Beverages — 0.5%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900% 2/01/46  $ 3,475,000   $ 3,784,844 
Molson Coors Beverage Co.          
4.200% 7/15/46   1,124,000    1,004,748 
5.000% 5/01/42   360,000    349,011 
         5,138,603 
Building Materials — 0.1%          
Standard Industries, Inc.          
5.500% 2/15/23 (a)   545,000    525,925 
Chemicals — 1.1%          
DuPont de Nemours, Inc.          
5.319% 11/15/38   1,750,000    1,965,626 
Huntsman International LLC          
5.125% 11/15/22   1,000,000    1,025,000 
Syngenta Finance NV          
3.698% 4/24/20 (a)   1,870,000    1,866,403 
4.441% 4/24/23 (a)   2,065,000    1,945,309 
Yara International ASA          
4.750% 6/01/28 (a)   3,328,000    3,356,281 
         10,158,619 
Commercial Services — 0.0%          
ERAC USA Finance LLC          
6.700% 6/01/34 (a)   125,000    161,974 
Computers — 0.8%          
Dell International LLC/EMC Corp.          
6.020% 6/15/26 (a)   2,702,000    2,788,685 
Genpact Luxembourg Sarl          
3.375% 12/01/24   2,660,000    2,670,924 
3.700% STEP 4/01/22   2,400,000    2,443,136 
         7,902,745 
Diversified Financial Services — 2.8%          
Aircastle Ltd.          
4.400% 9/25/23   3,095,000    2,959,794 
5.000% 4/01/23   1,750,000    1,708,529 
Ameriprise Financial, Inc.          
3.000% 4/02/25 (d)   875,000    871,299 
Antares Holdings LP          
6.000% 8/15/23 (a)   2,945,000    3,033,357 
Ares Finance Co. LLC          
4.000% 10/08/24 (a)   2,080,000    2,055,008 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (a)   1,365,000    1,070,478 
Brookfield Finance, Inc.          
4.850% 3/29/29   1,752,000    1,858,742 
GE Capital International Funding Co. Unlimited Co.          
4.418% 11/15/35  335,000   357,472 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (a)   1,350,000    869,400 
Lazard Group LLC          
3.625% 3/01/27   1,253,000    1,255,954 
3.750% 2/13/25   800,000    788,986 
4.500% 9/19/28   755,000    756,957 
LeasePlan Corp. NV          
2.875% 10/24/24 (a)   1,535,000    1,503,650 
Legg Mason, Inc.          
5.625% 1/15/44   1,195,000    1,269,295 
Park Aerospace Holdings Ltd.          
4.500% 3/15/23 (a)   1,550,000    1,344,540 
5.250% 8/15/22 (a)   5,055,000    4,567,779 
5.500% 2/15/24 (a)   545,000    468,973 
         26,740,213 
Electric — 1.8%          
Appalachian Power Co.          
4.500% 3/01/49   1,250,000    1,301,357 
Avangrid, Inc.          
3.800% 6/01/29   1,675,000    1,712,712 
CMS Energy Corp.          
4.875% 3/01/44   780,000    842,253 
Duke Energy Corp.          
3.750% 9/01/46   635,000    607,906 
Entergy Louisiana LLC          
4.950% 1/15/45   1,005,000    1,062,309 
Infraestructura Energetica Nova SAB de CV          
3.750% 1/14/28 (a)   820,000    713,400 
IPALCO Enterprises, Inc.          
3.450% 7/15/20   3,410,000    3,409,487 
3.700% 9/01/24   1,060,000    1,098,562 
Nevada Power Co.          
6.650% 4/01/36   550,000    726,935 
Oncor Electric Delivery Co.          
7.500% 9/01/38   495,000    754,223 
Pennsylvania Electric Co.          
4.150% 4/15/25 (a)   1,860,000    1,842,842 
Potomac Electric Power Co.          
4.150% 3/15/43   700,000    765,111 
Southwestern Electric Power Co.          
6.200% 3/15/40   300,000    396,145 
Xcel Energy, Inc.          
6.500% 7/01/36   1,250,000    1,631,231 
         16,864,473 
Foods — 0.4%          
Ingredion, Inc.          
3.200% 10/01/26   638,000    683,841 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
5.500% 1/15/30 (a)   776,000    801,220 
Kraft Heinz Foods Co.          
3.950% 7/15/25   984,000    979,264 
Mars, Inc.          
3.950% 4/01/49 (a)  1,510,000   1,636,047 
         4,100,372 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Forest Products & Paper — 0.1%          
Fibria Overseas Finance Ltd.          
4.000% 1/14/25  $ 1,250,000   $ 1,154,388 
Gas — 0.4%          
CenterPoint Energy Resources Corp.          
6.625% 11/01/37   1,250,000    1,737,944 
NiSource, Inc.          
4.800% 2/15/44   1,035,000    1,044,485 
5.800% 2/01/42   950,000    1,056,383 
         3,838,812 
Health Care – Services — 0.2%          
City of Hope          
4.378% 8/15/48   1,050,000    1,254,024 
Humana, Inc.          
4.800% 3/15/47   830,000    924,891 
         2,178,915 
Housewares — 0.3%          
Newell Brands, Inc.          
3.850% STEP 4/01/23   2,982,000    3,026,578 
           
Insurance — 4.8%          
Allstate Corp. 3 mo. USD LIBOR + 2.938%          
5.750% VRN 8/15/53   4,260,000    3,791,400 
American International Group, Inc.          
4.200% 4/01/28   1,025,000    1,056,174 
4.500% 7/16/44   725,000    735,191 
4.750% 4/01/48   505,000    532,955 
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48   2,860,000    2,503,072 
AmTrust Financial Services, Inc.          
6.125% 8/15/23   3,370,000    3,328,522 
Arch Capital Group US, Inc.          
5.144% 11/01/43   540,000    664,995 
Athene Global Funding          
2.500% 1/14/25 (a)   2,780,000    2,618,641 
Athene Holding Ltd.          
4.125% 1/12/28   6,228,000    5,624,526 
6.150% 4/03/30 (d)   200,000    199,616 
AXIS Specialty Finance LLC          
3.900% 7/15/29   885,000    916,035 
5 year CMT + 3.186% 4.900% VRN 1/15/40   1,315,000    1,130,900 
AXIS Specialty Finance PLC          
4.000% 12/06/27   2,500,000    2,620,307 
Brown & Brown, Inc.          
4.200% 9/15/24   1,132,000    1,193,871 
CNO Financial Group, Inc.          
5.250% 5/30/25   2,621,000    2,727,477 
Enstar Group Ltd.          
4.500% 3/10/22   920,000    917,633 
4.950% 6/01/29   1,600,000    1,506,913 
Markel Corp.          
3.350% 9/17/29  585,000   551,685 
The Progressive Corp.          
3.950% 3/26/50   180,000    210,202 
3 mo. USD LIBOR + 2.539% 5.375% VRN   (b)   1,625,000    1,375,595 
Prudential Financial, Inc.          
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   1,025,000    963,193 
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48  (c)   2,440,000    2,257,000 
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42   550,000    533,500 
USF&G Capital I          
8.500% 12/15/45 (a)   885,000    1,313,536 
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%          
4.700% VRN 1/23/48   1,080,000    885,600 
Willis North America, Inc.          
2.950% 9/15/29   905,000    859,289 
4.500% 9/15/28   1,965,000    2,158,891 
XLIT Ltd.          
4.450% 3/31/25   2,250,000    2,323,654 
         45,500,373 
Internet — 0.2%          
Amazon.com, Inc.          
4.050% 8/22/47   1,340,000    1,745,924 
Investment Companies — 1.2%          
Ares Capital Corp.          
3.500% 2/10/23   2,600,000    2,323,621 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   2,910,000    2,678,124 
4.125% 8/11/22   2,870,000    2,944,159 
TPG Specialty Lending, Inc.          
3.875% 11/01/24   3,575,000    3,153,672 
         11,099,576 
Iron & Steel — 0.2%          
Vale Overseas Ltd.          
6.250% 8/10/26   1,250,000    1,350,025 
6.875% 11/21/36   630,000    699,621 
         2,049,646 
Machinery – Diversified — 0.2%          
CNH Industrial Capital LLC          
3.875% 10/15/21   2,280,000    2,268,091 
Media — 1.1%          
Charter Communications Operating LLC/Charter Communications Operating Capital          
6.484% 10/23/45   735,000    886,645 
Comcast Corp.          
3.400% 7/15/46   645,000    696,921 
3.450% 2/01/50   1,340,000    1,468,110 
3.969% 11/01/47   630,000    716,501 
4.750% 3/01/44   880,000    1,117,549 
6.950% 8/15/37   265,000    412,080 
Discovery Communications LLC          
3.950% 3/20/28   1,052,000    1,031,301 
5.000% 9/20/37   995,000    966,432 
Grupo Televisa SAB          
6.625% 3/18/25  2,196,000   2,417,054 
Time Warner Cable, Inc.          
6.750% 6/15/39   985,000    1,115,406 
         10,827,999 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Mining — 1.1%          
Glencore Finance Canada Ltd.          
5.550% STEP 10/25/42  (a)  $ 894,000   $ 717,943 
Glencore Funding LLC          
3.875% 10/27/27 (a)   975,000    869,541 
4.000% 4/16/25 (a)   2,150,000    2,083,291 
4.625% 4/29/24 (a)   3,065,000    2,802,942 
Kinross Gold Corp.          
4.500% 7/15/27   470,000    442,369 
5.125% 9/01/21   2,495,000    2,501,238 
Teck Resources Ltd.          
6.000% 8/15/40   850,000    728,688 
         10,146,012 
Miscellaneous - Manufacturing — 0.2%          
Carlisle Cos., Inc.          
2.750% 3/01/30   1,155,000    1,008,170 
General Electric Co.          
6.875% 1/10/39   298,000    368,653 
4.125% 10/09/42   113,000    106,679 
         1,483,502 
Oil & Gas — 1.7%          
Cenovus Energy, Inc.          
4.250% 4/15/27   1,125,000    550,899 
6.750% 11/15/39   550,000    266,377 
Diamondback Energy, Inc.          
3.250% 12/01/26   1,105,000    779,646 
EQT Corp.          
3.000% 10/01/22   1,550,000    1,294,250 
3.900% 10/01/27   4,510,000    3,110,547 
6.125% STEP 2/01/25   1,725,000    1,328,422 
Marathon Petroleum Corp.          
4.500% 4/01/48   510,000    367,659 
6.500% 3/01/41   1,120,000    1,038,489 
Newfield Exploration Co.          
5.375% 1/01/26   1,650,000    861,779 
5.625% 7/01/24   975,000    523,226 
5.750% 1/30/22   1,904,000    1,296,304 
Occidental Petroleum Corp.          
6.600% 3/15/46   1,258,000    587,098 
Ovintiv, Inc.          
6.500% 2/01/38   545,000    236,661 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   1,680,000    658,800 
Petroleos Mexicanos          
5.350% 2/12/28   665,000    463,844 
6.375% 1/23/45   595,000    376,278 
6.500% 3/13/27   585,000    431,549 
6.625% 6/15/35   140,000    95,956 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (a)  2,075,000   2,054,435 
         16,322,219 
Oil & Gas Services — 0.2%          
National Oilwell Varco, Inc.          
3.600% 12/01/29   1,270,000    948,076 
3.950% 12/01/42   1,506,000    943,344 
         1,891,420 
Packaging & Containers — 0.3%          
Amcor Finance USA, Inc.          
3.625% 4/28/26 (a)   3,105,000    3,226,621 
Pharmaceuticals — 1.8%          
AbbVie, Inc.          
4.050% 11/21/39 (a)   1,045,000    1,074,896 
4.700% 5/14/45   1,260,000    1,415,220 
Allergan Funding SCS          
3.800% 3/15/25   1,375,000    1,407,786 
Becton Dickinson and Co.          
4.685% 12/15/44   825,000    866,910 
Bristol-Myers Squibb Co.          
4.350% 11/15/47 (a)   830,000    1,045,196 
Cigna Corp.          
4.800% 7/15/46 (a)   880,000    1,040,777 
CVS Health Corp.          
4.300% 3/25/28   425,000    454,598 
5.050% 3/25/48   1,255,000    1,433,873 
6.125% 9/15/39   560,000    702,173 
CVS Pass-Through Trust          
5.926% 1/10/34 (a)   1,074,464    1,224,850 
7.507% 1/10/32 (a)   921,179    1,196,971 
McKesson Corp.          
6.000% 3/01/41   550,000    699,741 
Mylan NV          
3.950% 6/15/26   2,230,000    2,200,650 
5.250% 6/15/46   1,375,000    1,312,138 
Teva Pharmaceutical Finance Netherlands III BV          
2.200% 7/21/21   724,000    691,550 
         16,767,329 
Pipelines — 1.7%          
Cheniere Energy Partners LP          
4.500% 10/01/29 (a)   1,120,000    974,400 
Energy Transfer Operating LP          
4.200% 4/15/27   1,085,000    874,433 
5.875% 1/15/24   1,150,000    1,085,970 
6.125% 12/15/45   1,000,000    892,820 
3 mo. USD LIBOR + 4.028% 6.250% VRN   (b)   2,370,000    1,185,000 
EnLink Midstream Partners LP          
4.150% 6/01/25   2,924,000    1,417,263 
4.850% 7/15/26   951,000    467,607 
Enterprise Products Operating LLC          
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77   575,000    393,875 
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   1,205,000    843,500 
EQM Midstream Partners LP          
4.750% 7/15/23  2,325,000   1,682,602 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
MPLX LP          
4.500% 4/15/38  $ 595,000   $ 464,602 
6.250% 10/15/22 (a)   652,000    586,945 
3 mo. USD LIBOR + 4.652% 6.875% VRN   (b)   1,775,000    1,082,750 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%          
6.125% VRN   (b)   2,345,000    1,172,500 
Plains All American Pipeline LP/PAA Finance Corp.          
4.500% 12/15/26   1,642,000    1,273,733 
4.700% 6/15/44   1,195,000    785,843 
Sunoco Logistics Partners Operations LP          
5.300% 4/01/44   525,000    412,844 
Western Midstream Operating LP          
4.500% 3/01/28   655,000    314,325 
         15,911,012 
Private Equity — 0.6%          
Apollo Management Holdings LP 5 year CMT + 3.266%          
4.950% VRN 1/14/50  (a)   805,000    725,177 
Carlyle Finance Subsidiary LLC          
3.500% 9/19/29 (a)   1,100,000    984,734 
Hercules Capital, Inc.          
4.625% 10/23/22   2,910,000    2,771,991 
KKR Group Finance Co. VI LLC          
3.750% 7/01/29 (a)   1,260,000    1,256,037 
         5,737,939 
Real Estate Investment Trusts (REITS) — 1.8%          
Alexandria Real Estate Equities, Inc.          
2.750% 12/15/29   845,000    740,360 
American Tower Trust #1          
3.652% 3/15/48 (a)   1,910,000    1,855,663 
Crown Castle International Corp.          
5.200% 2/15/49   589,000    652,619 
Healthcare Trust of America Holdings LP          
3.500% 8/01/26   1,515,000    1,497,936 
Service Properties Trust          
4.500% 6/15/23   760,000    570,898 
4.950% 10/01/29   1,155,000    1,000,238 
Spirit Realty LP          
3.200% 1/15/27   1,480,000    1,344,719 
3.400% 1/15/30   515,000    442,507 
4.000% 7/15/29   820,000    801,293 
Store Capital Corp.          
4.625% 3/15/29   1,480,000    1,402,838 
Tanger Properties LP          
3.875% 12/01/23   1,448,000    1,508,678 
UDR, Inc.          
3.200% 1/15/30   805,000    792,151 
Vereit Operating Partnership LP          
3.100% 12/15/29   2,790,000    2,409,113 
4.625% 11/01/25   2,260,000    2,109,120 
         17,128,133 
Retail — 0.3%          
El Puerto de Liverpool SAB de CV          
3.950% 10/02/24 (a)  2,620,000   2,546,666 
Semiconductors — 0.2%          
KLA Corp.          
3.300% 3/01/50   1,215,000    1,138,308 
Microchip Technology, Inc.          
3.922% 6/01/21   985,000    959,769 
         2,098,077 
Software — 0.4%          
Broadridge Financial Solutions, Inc.          
2.900% 12/01/29   1,210,000    1,144,531 
Microsoft Corp.          
4.450% 11/03/45   2,064,000    2,714,123 
         3,858,654 
Telecommunications — 1.3%          
AT&T, Inc.          
4.750% 5/15/46   2,830,000    3,129,755 
5.250% 3/01/37   1,273,000    1,485,197 
6.250% 3/29/41   210,000    258,877 
Crown Castle Towers LLC          
3.222% 5/15/42 (a)   1,700,000    1,700,628 
4.241% 7/15/48 (a)   2,750,000    2,780,339 
Embarq Corp.          
7.995% 6/01/36   145,000    143,550 
Qwest Corp          
6.750% 12/01/21   725,000    751,317 
Telefonica Emisiones SAU          
4.665% 3/06/38   1,105,000    1,151,438 
Verizon Communications, Inc.          
4.000% 3/22/50   65,000    76,871 
6.550% 9/15/43   885,000    1,107,236 
         12,585,208 
Transportation — 0.3%          
Autoridad del Canal de Panama          
4.950% 7/29/35 (a)   1,050,000    1,202,250 
CSX Corp.          
4.750% 11/15/48   650,000    748,291 
Pacific National Finance Pty Ltd.          
4.625% 9/23/20 (a)   610,000    616,930 
         2,567,471 
TOTAL CORPORATE DEBT
(Cost $367,260,638)
        345,843,941 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Municipal Obligations — 0.6%          
JobsOhio Beverage System Series B, Revenue Bonds          
4.532% 1/01/35  $ 1,950,000   $ 2,334,716 
New York City Water & Sewer System, Revenue Bonds          
5.882% 6/15/44   105,000    156,623 
Orange County Local Transportation Authority BAB, Revenue Bonds          
6.908% 2/15/41  1,350,000   1,983,582 
State of California BAB, General Obligation          
7.550% 4/01/39   920,000    1,492,884 
         5,967,805 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $5,405,636)
    5,967,805 
           
Non-U.S. Government Agency Obligations — 34.1%          
Automobile ABS — 1.4%          
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (a)   1,271,000    1,252,811 
Carmax Auto Owner Trust, Series 2019-3, Class D          
2.850% 1/15/26   1,974,000    1,860,218 
Carvana Auto Receivables Trust, Series 2019-4A, Class D          
3.070% 7/15/25 (a)   1,625,000    1,587,391 
Hertz Vehicle Financing LP          
Series 2019-3A, Class B, 3.030% 12/26/25  (a)   2,293,000    2,275,376 
Series 2018-1A, Class B, 3.600% 2/25/24  (a)   2,310,000    2,347,229 
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B          
3.950% 11/14/28 (a)   1,774,000    1,749,037 
Santander Revolving Auto Loan Trust          
Series 2019-A, Class B, 2.800% 1/26/32  (a)   856,000    841,098 
Series 2019-A, Class C, 3.000% 1/26/32  (a)   561,000    551,197 
Series 2019-A, Class D, 3.450% 1/26/32  (a)   1,087,000    1,067,885 
         13,532,242 
Commercial MBS — 5.3%          
Aventura Mall Trust, Series 2018-AVM, Class C,          
4.112% VRN 7/05/40  (a) (e)   4,270,000    4,964,298 
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%          
2.055% FRN 9/15/34  (a)   670,000    551,233 
BANK          
Series 2019-BN17, Class B, 4.128% VRN 4/15/52  (e)   441,000    409,021 
Series 2019-BN16, Class AS, 4.267% 2/15/52   665,833    694,076 
Series 2019-BN16, Class B, 4.438% VRN 2/15/52  (e)   547,420    520,345 
BBCMS Mortgage Trust          
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38  (a) (e)   2,250,000    1,998,242 
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38  (a) (e)   1,610,000    1,361,142 
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38  (a) (e)   1,370,000    1,079,879 
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, 5.438% VRN 1/12/45  (e)   366,073    358,139 
BHMS Mortgage Trust          
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35  (a)   4,450,000    3,715,364 
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35  (a)   4,950,000    3,959,461 
BX Commercial Mortgage Trust          
Series 2018-IND, Class B, 1 mo. USD LIBOR + .900% 1.605% FRN 11/15/35  (a)   735,000    683,546 
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36  (a)   4,117,000    3,622,857 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35  (a)   1,876,000    1,711,841 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36  (a)   1,651,888   1,445,362 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36  (a)   1,994,876    1,715,535 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
2.455% FRN 12/15/37  (a)   898,516    777,788 
Century Plaza Towers          
Series 2019-CPT, Class D, 2.997% VRN 11/13/39  (a) (e)   982,000    897,711 
Series 2019-CPT, Class E, 2.997% VRN 11/13/39  (a) (e)   1,556,000    1,306,920 
Commercial Mortgage Pass-Through Certificates          
Series 2012-CR4, Class B, 3.703% 10/15/45  (a)   1,060,000    965,166 
Series 2014-UBS2, Class AM, 4.199% 3/10/47   1,375,000    1,406,983 
Series 2015-CR23, Class C, 4.304% VRN 5/10/48  (e)   1,000,000    919,050 
Series 2014-LC17, Class C, 4.572% VRN 10/10/47  (e)   2,908,000    2,746,828 
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.513% VRN 7/10/38  (e)   475,390    473,196 
Jackson Park Trust, Series 2019-LIC, Class C,          
3.131% VRN 10/14/39  (a) (e)   2,300,000    2,112,008 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
2.505% FRN 5/15/36  (a)   1,505,000    1,174,631 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/06/30  (a)   919,000    906,215 
Series 2020-ABC, Class B, 3.477% VRN 2/06/30  (a) (e)   1,003,000    929,258 
MKT Mortgage Trust          
Series 2020-525M, Class D, 2.941% VRN 2/12/40  (a) (e)   475,000    417,592 
Series 2020-525M, Class E, 2.941% VRN 2/12/40  (a) (e)   976,000    812,020 
Morgan Stanley Capital I Trust          
Series 2019-L2, Class AS, 4.272% 3/15/52   1,950,000    2,030,702 
Series 2018-H3, Class B, 4.620% VRN 7/15/51  (e)   760,000    734,539 
Series 2011-C2, Class B, 5.200% VRN 6/15/44  (a) (e)   1,325,000    1,318,400 
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46  (e)   37,241    37,193 
Wells Fargo Commercial Mortgage Trust          
Series 2018-C45, Class AS, 4.405% VRN 6/15/51  (e)   1,450,000    1,516,777 
Series 2018-C45, Class B, 4.556% 6/15/51   400,000    386,179 
         50,659,497 
Other ABS — 15.1%          
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (a)   1,931,799    2,011,635 
AASET Trust          
Series 2020-1A, Class A, 3.351% 1/16/40  (a)   1,563,292    1,120,499 
Series 2019-1, Class A, 3.844% 5/15/39  (a)   1,698,020    1,279,297 
AASET US Ltd., Series 2018-2A, Class A          
4.454% 11/18/38 (a)   1,508,264    1,197,607 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   1,944,917    1,939,473 
AIMCO CLO, Series 2019-10A, Class C, 3 mo. USD LIBOR + 2.450%          
4.252% FRN 7/22/32  (a)   2,000,000    1,645,082 
Allegro CLO X Ltd., Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.750%          
4.569% FRN 4/20/32  (a)   2,200,000    1,825,496 
Arbys Funding LLC, Series 2015-1A, Class A2          
4.969% 10/30/45 (a)   1,819,250    1,749,080 
Ascentium Equipment Receivables Trust          
Series 2018-2A, Class D, 4.150% 7/10/24  (a)   2,473,000    2,481,869 
Series 2019-1A, Class E, 4.310% 4/12/27  (a)   1,251,000    1,261,378 
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%          
4.069% FRN 10/20/31  (a)   820,000   666,554 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%          
3.556% FRN 1/23/31  (a)   1,190,000    1,069,210 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%          
5.431% FRN 1/15/28  (a)  1,000,000   $ 828,325 
Ballyrock CLO 2019-2 Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.100%          
5.998% FRN 11/20/30  (a)   400,000    324,319 
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.500%          
5.331% FRN 1/15/29  (a)   500,000    404,247 
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%          
3.859% FRN 10/15/32  (a)   500,000    430,376 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
2.940% 5/25/29 (a)   574,979    576,084 
CAL Funding II Ltd., Series 2018-2A, Class A          
4.340% 9/25/43 (a)   1,292,000    1,270,102 
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750%          
4.838% FRN 10/15/32  (a)   250,000    207,182 
Capital Automotive REIT          
Series 2014-1A, Class A, 3.660% 10/15/44  (a)   857,891    841,307 
Series 2017-1A, Class A2, 4.180% 4/15/47  (a)   943,467    939,098 
Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850%          
4.645% FRN 7/28/28  (a)   330,000    265,030 
CARS-DB4 LP          
Series 2020-1A, Class A3, 3.250% 2/15/50  (a)   506,425    490,599 
Series 2020-1A, Class A6, 3.810% 2/15/50  (a)   398,000    370,140 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A          
3.967% 4/15/39 (a)   1,346,205    941,847 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
4.125% 6/15/43 (a)   1,411,525    1,025,781 
CBAM Ltd.          
Series 2019-10A, Class B, 3 mo. USD LIBOR + 2.050% 3.869% FRN 4/20/32  (a)   1,900,000    1,699,261 
Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% 3.931% FRN 1/15/31  (a)   900,000    818,204 
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%          
3.016% FRN 11/16/30  (a)   2,330,000    2,205,890 
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%          
3.019% FRN 10/20/30  (a)   2,040,000    1,927,404 
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460%          
1.407% FRN 9/25/34   10,860    8,940 
Cronos Containers Program Ltd., Series 2014-2A, Class A          
3.270% 11/18/29 (a)   244,444    238,921 
DB Master Finance LLC, Series 2019-1A, Class A23          
4.352% 5/20/49 (a)   1,546,315    1,378,529 
Domino's Pizza Master Issuer LLC          
Series 2019-1A, Class A2, 3.668% 10/25/49  (a)   1,097,250    976,359 
Series 2017-1A, Class A23, 4.118% 7/25/47  (a)   762,450    692,062 
Series 2015-1A, Class A2II, 4.474% 10/25/45  (a)   2,991,500    2,780,494 
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900%          
3.592% FRN 5/15/32  (a)   1,500,000   1,331,397 
Eaton Vance CLO Ltd.          
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 3.581% FRN 10/15/30  (a)   1,700,000    1,505,930 
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.950% 3.781% FRN 4/15/31  (a)   1,800,000    1,590,626 
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%          
3.269% FRN 4/20/31  (a)   2,900,000    2,710,131 
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%          
3.807% FRN 10/15/32  (a)   350,000    301,202 
FCI Funding  LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   382,471    381,830 
Flatiron CLO Ltd.          
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 3.795% FRN 11/16/32  (a)   350,000    302,853 
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 4.595% FRN 11/16/32  (a)   250,000    204,797 
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000%          
2.819% FRN 4/20/31  (a)   3,000,000    2,817,921 
Global SC Finance IV Ltd., Series 2017-1A, Class A          
3.850% 4/15/37 (a)   1,338,869    1,338,001 
Global SC Finance SRL, Series 2014-1A, Class A1          
3.190% 7/17/29 (a)   216,667    184,572 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 10/15/54  (a)   2,962,761    2,807,288 
Series 2016-1A, Class A, 3.230% 10/15/52  (a)   1,777,465    1,729,597 
Series 2017-1A, Class A, 3.740% 10/15/52  (a)   833,401    838,736 
Series 2019-1A, Class A, 3.860% 10/15/54  (a)   1,422,559    1,434,473 
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%          
3.519% FRN 1/20/31  (a)   1,290,000    1,161,921 
Helios Issuer LLC, Series 2017-1A, Class A          
4.940% 9/20/49 (a)   1,505,844    1,413,207 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42  (a)   1,002,425    1,016,739 
Series 2017-3A, Class A1, 3.190% 9/20/48  (a)   1,020,381    1,002,173 
Series 2017-2A, Class A1, 3.280% 9/20/48  (a)   299,906    308,850 
Series 2016-4A, Class A1, 3.570% 9/20/47  (a)   1,212,708    1,254,623 
Series 2017-2A, Class A2, 4.070% 9/20/48  (a)   241,186    251,836 
Series 2018-1A, Class A2, 4.670% 9/20/48  (a)   1,810,870    1,881,205 
Horizon Aircraft Finance I Ltd.          
Series 2019-2, Class A, 3.425% 11/15/39  (a)   2,356,524    1,648,740 
Series 2019-1, Class A, 3.721% 7/15/39  (a)   1,325,359    927,133 
Series 2018-1, Class A, 4.458% 12/15/38  (a)   942,381    689,918 
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%          
3.496% FRN 10/26/32  (a)   750,000    684,914 
J.G. Wentworth LLC, Series 2018-2A, Class A          
3.960% 10/15/75 (a)   1,433,430    1,498,034 
KKR Financial CLO Ltd., Series 24, Class C, 3 mo. USD LIBOR + 2.700%          
4.519% FRN 4/20/32  (a)   2,400,000    1,988,150 
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000%          
2.800% FRN 6/15/36  (a)   1,670,000    1,135,644 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1          
4.300% 1/15/42 (a)   2,261,875    1,731,564 
Lunar Aircraft Ltd., Series 2020-1A, Class A          
3.376% 2/15/45 (a)   1,843,000   1,288,535 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   2,143,865    1,498,753 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Madison Park Funding Ltd.          
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 3.431% FRN 7/15/30  (a)  $ 1,665,000   $ 1,499,139 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 4.019% FRN 10/18/30  (a)   620,000    524,488 
Mosaic Solar Loans LLC          
Series 2018-1A, Class A, 4.010% 6/22/43  (a)   316,080    303,384 
Series 2017-1A, Class A, 4.450% 6/20/42  (a)   336,531    328,972 
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%          
3.069% FRN 10/20/30  (a)   1,750,000    1,619,328 
MVW Owner Trust, Series 2017-1A, Class A          
2.420% 12/20/34 (a)   200,916    191,153 
NP SPE LLC, Series 2017-1A, Class A2          
4.219% 10/21/47 (a)   2,260,000    2,212,858 
OHA Credit Funding Ltd.          
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 3.266% FRN 10/22/32  (a)   1,000,000    940,183 
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 4.586% FRN 10/22/32  (a)   500,000    423,991 
OneMain Financial Issuance Trust, Series 2019-2A, Class A          
3.140% 10/14/36 (a)   8,400,000    8,273,278 
Oxford Finance Funding Trust          
Series 2020-1A, Class A2, 3.101% 2/15/28  (a)   1,536,000    1,528,549 
Series 2016-1A, Class A, 3.968% 6/17/24  (a)   288,034    287,333 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A          
3.967% 6/15/44 (a)   1,546,464    1,081,117 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2          
3.858% 12/05/49 (a)   2,316,195    2,110,497 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
3.797% FRN 2/25/23  (a)   1,270,000    1,164,805 
Rockford Tower CLO Ltd., Series 2019-1A, Class B1, 3 mo. USD LIBOR + 2.050%          
3.869% FRN 4/20/32  (a)   1,500,000    1,309,188 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%          
2.921% FRN 1/15/30  (a)   2,450,000    2,318,626 
Sierra Receivables Funding LLC          
Series 2015-3A, Class B, 3.080% 9/20/32  (a)   84,423    83,455 
Series 2018-3A, Class D, 5.200% 9/20/35  (a)   895,871    884,697 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%          
3.992% FRN 8/18/31  (a)   1,170,000    938,509 
Store Master Funding I-VII          
Series 2019-1, Class A2, 3.650% 11/20/49  (a)   2,896,987    2,601,997 
Series 2018-1A, Class A2, 4.290% 10/20/48  (a)   1,310,485    1,301,307 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800%          
1.747% FRN 11/25/35  (a)   3,873,623    3,630,633 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (a)   163,262    162,048 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (a)   446,276    399,050 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (a)   1,957,455    1,994,086 
Taco Bell Funding LLC, Series 2018-1A, Class A2II          
4.940% 11/25/48 (a)   1,125,750   1,125,993 
TAL Advantage VI LLC, Series 2017-1A, Class A          
4.500% 4/20/42 (a)   1,906,509    1,927,188 
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A          
3.960% 4/20/44 (a)   507,813    485,617 
Trinity Rail Leasing LP          
Series 2019-2A, Class A2, 3.100% 10/18/49  (a)   3,289,000    2,925,846 
Series 2018-1A, Class A2, 4.620% 6/17/48  (a)   2,420,000    2,247,302 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1          
2.709% 8/15/47 (a)   278,693    275,624 
Triton Container Finance LLC          
Series 2017-1A, Class A, 3.520% 6/20/42  (a)   786,406    788,306 
Series 2017-2A, Class A, 3.620% 8/20/42  (a)   2,609,453    2,619,263 
Series 2018-2A, Class A, 4.190% 6/22/43  (a)   1,353,000    1,343,308 
Vivint Solar Financing V LLC, Series 2018-1A, Class B          
7.370% 4/30/48 (a)   2,640,172    1,742,851 
WAVE LLC          
Series 2019-1A, Class A, 3.597% 9/15/44  (a)   3,934,344    2,578,773 
Series 2017-1A, Class C, 6.656% 11/15/42  (a)   1,783,209    1,252,207 
WAVE Trust, Series 2017-1A, Class A          
3.844% 11/15/42 (a)   3,228,251    2,445,480 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43  (a)   1,218,813    851,368 
Wind River CLO Ltd.          
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 3.563% FRN 11/01/31  (a)   900,000    779,940 
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 3.581% FRN 7/15/30  (a)   1,150,000    992,788 
         143,243,499 
Student Loans ABS — 11.4%          
Access Group Inc.          
Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38   24,592    24,567 
Series 2004-A, Class A3, 28 day ARS,FRN 1.699% 7/01/39   950,000    934,834 
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + 0.100%          
2.061% FRN 6/28/39   5,767,915    4,972,980 
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48  (a)   2,244,000    2,141,701 
Series 2019-A, Class C, 4.460% 12/28/48  (a)   1,281,000    1,209,718 
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS          
FRN 1/25/47   900,000    687,023 
ECMC Group Student Loan Trust          
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 1.747% FRN 9/25/68  (a)   2,112,697    1,836,068 
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66  (a)   2,214,941    1,961,537 
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%          
3.600% FRN 12/01/47  (a)   2,203,361    2,179,958 
Education Services of America          
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/48  (a)   1,200,000    1,063,304 
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/56  (a)   1,100,000    986,157 
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%          
5.494% FRN 4/25/46   625,000    595,482 
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A,          
3.580% VRN 11/25/38  (a) (e)   1,520,937   1,492,188 
Higher Education Funding I          
Series 2004-1, Class B2, 28 day ARS 0.000%FRN 1/01/44  (a)   450,000    383,736 
Series 2004-1, Class B1, 28 day ARS 2.271% FRN 1/01/44  (a)   450,000    392,431 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX          
3.020% 8/25/42 (a)  $ 610,676   $ 585,015 
Navient Private Education Refi Loan Trust          
Series 2019-CA, Class B, 3.670% 2/15/68  (a)   2,249,000    2,297,340 
Series 2019-A, Class B, 3.900% 1/15/43  (a)   1,190,000    1,206,058 
Series 2018-CA, Class B, 4.220% 6/16/42  (a)   1,530,000    1,539,807 
Navient Student Loan Trust          
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67  (a)   4,700,000    4,605,775 
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67  (a)   4,530,000    4,215,371 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66  (a)   1,793,548    1,571,966 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65  (a)   3,227,964    2,952,264 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66  (a)   7,050,000    6,541,192 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/58   940,000    770,951 
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/65  (a)   2,370,000    2,215,746 
Series 2019-BA, Class B, 4.040% 12/15/59  (a)   2,950,000    3,081,502 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B          
3.600% 12/26/40 (a)   478,904    479,001 
Nelnet Student Loan Trust          
Series 2006-3, Class B, 3 mo. USD LIBOR + 0.250% 1.466% FRN 6/25/41   583,789    508,208 
Series 2019-2A, Class A, 1 mo. USD LIBOR + .900% 1.847% FRN 6/27/67  (a)   1,883,335    1,746,869 
Series 2005-4, Class A4A, 7 day ARS 1.929% FRN 3/22/32   325,000    306,507 
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 2.347% FRN 4/25/67  (a)   3,250,000    3,063,076 
Series 2019-5, Class A, 2.530% 10/25/67  (a)   8,314,580    7,971,676 
Series 2019-5, Class B, 3.450% 10/25/67  (a)   2,150,000    2,037,129 
SLC Student Loan Trust, Series 2007-1, Class A5, 3 mo. USD LIBOR + .090%          
1.782% FRN 2/15/68   4,000,000    3,398,979 
SLM Student Loan Trust          
Series 2006-2, Class R, 0.000% 1/25/41   7,308    3,654,000 
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28   13,000    13,000 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40   1,961,593    1,751,714 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.084% FRN 1/25/44   2,046,632    1,812,001 
Series 2003-14, Class A7, 3 mo. USD LIBOR + 0.600% 2.394% FRN 10/25/65  (a)   4,300,000    3,816,254 
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39   3,950,000    3,675,389 
SoFi Alternative Trust, Series 2019-C, Class PT,          
6.163% VRN 1/25/45  (a) (e)   6,275,682    6,615,861 
SoFi Professional Loan Program LLC          
Series 2015-A, Class RC, 0.000% 3/25/33  (a)   1,200    990,000 
Series 2017-D, Class R1, 0.000% 9/25/40  (a)   4,688,500    2,191,264 
Series 2018-A, Class R1, 0.000% 2/25/42  (a)   3,759,800    2,641,259 
Series 2018-B, Class R1, 0.000% 8/26/47  (a)   3,324,300    1,734,169 
Series 2018-D, Class R1, 0.000% 2/25/48  (a)   4,961,600    1,711,752 
Series 2019-A, Class R1, 0.000% 6/15/48  (a)   6,724,700    2,052,803 
Series 2017-C, Class C, 4.210% VRN 7/25/40  (a) (e)   990,000    921,321 
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%          
3.081% FRN 8/01/35   3,050,000   2,921,294 
         108,458,197 
WL Collateral CMO — 0.9%          
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,          
4.615% VRN 8/25/34  (e)   19,725    17,689 
Countrywide Home Loans, Inc.          
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34  (e)   17,782    15,851 
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33  (e)   3,965    3,687 
Deephaven Residential Mortgage Trust, Series 2019-1A, Class A3,          
3.948% VRN 1/25/59  (a) (e)   747,112    710,606 
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,          
4.304% VRN 8/25/34  (e)   5,653    5,465 
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,          
3.885% VRN 8/25/34  (e)   35,255    30,302 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,          
3.500% VRN 1/25/47  (a) (e)   2,598,303    2,588,599 
Merrill Lynch Mortgage Investors, Inc.          
Series 2004-A1, Class IA, 3.250% VRN 2/25/34  (e)   1,905    1,705 
Series 2003-A4, Class IA, 4.678% VRN 7/25/33  (e)   1,921    1,704 
PSMC Trust, Series 2018-2, Class A1,          
3.500% VRN 6/25/48  (a) (e)   2,813,773    2,766,105 
Sequoia Mortgage Trust, Series 2019-1, Class A1,          
4.000% VRN 2/25/49  (a) (e)   361,053    352,855 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,          
3.854% VRN 3/25/34  (e)   20,354    18,294 
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%          
3.366% FRN 4/25/44   51,198    45,845 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,          
4.000% VRN 11/25/48  (a) (e)   1,403,501    1,407,777 
         7,966,484 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS                                                                                                            
(Cost $353,715,873)
        323,859,919 
           
Sovereign Debt Obligations — 0.7%          
Colombia Government International Bond          
6.125% 1/18/41   2,080,000    2,390,710 
Mexico Government International Bond          
4.750% 3/08/44   3,727,000    3,751,263 
6.750% 9/27/34   685,000    900,782 
         7,042,755 
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,705,365)
        7,042,755 
           
U.S. Government Agency Obligations and Instrumentalities — 26.1%     
Collateralized Mortgage Obligations — 0.3%          
Federal Home Loan Mortgage Corp.          
Series 2617, Class Z, 5.500% 5/15/33   955,132    1,101,827 
Series 2693, Class Z, 5.500% 10/15/33   1,714,711    1,926,721 
Series 2178, Class PB, 7.000% 8/15/29  36,937   41,824 
         3,070,372 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
Pass-Through Securities — 25.5%          
Federal Home Loan Mortgage Corp.          
Pool #SB8013 2.500% 9/01/34  $ 6,760,488   $ 7,017,375 
Pool #SB8020 2.500% 12/01/34   4,000,442    4,152,452 
Pool #J13972 3.500% 1/01/26   33,295    35,055 
Pool #C91344 3.500% 11/01/30   107,259    114,794 
Pool #C91424 3.500% 1/01/32   72,609    77,801 
Pool #C91239 4.500% 3/01/29   5,161    5,633 
Pool #C91251 4.500% 6/01/29   34,157    37,281 
Pool #ZA5946 4.500% 11/01/48   8,021,606    8,624,960 
Pool #G05253 5.000% 2/01/39   168,449    188,847 
Pool #C90939 5.500% 12/01/25   17,482    19,169 
Pool #C91026 5.500% 4/01/27   29,196    32,087 
Pool #D97258 5.500% 4/01/27   11,360    12,485 
Pool #C91074 5.500% 8/01/27   3,058    3,360 
Pool #D97417 5.500% 10/01/27   9,979    10,976 
Pool #C91128 5.500% 12/01/27   1,556    1,712 
Pool #C91148 5.500% 1/01/28   72,924    80,213 
Pool #C91176 5.500% 5/01/28   25,011    27,511 
Pool #C91217 5.500% 11/01/28   9,390    10,343 
Pool #C01079 7.500% 10/01/30   1,106    1,289 
Pool #C01135 7.500% 2/01/31   4,701    5,457 
Federal National Mortgage Association          
Pool #MA3797 2.500% 10/01/34   12,883,427    13,372,975 
Pool #MA3029 3.000% 6/01/32   3,573,219    3,751,735 
Pool #MA3090 3.000% 8/01/32   1,512,085    1,587,628 
Pool #AO8180 3.000% 9/01/42   29,421    31,142 
Pool #AP8668 3.000% 12/01/42   167,493    177,290 
Pool #AR1975 3.000% 12/01/42   39,482    41,791 
Pool #AB7401 3.000% 12/01/42   138,681    146,793 
Pool #AB7397 3.000% 12/01/42   153,597    162,581 
Pool #AR0306 3.000% 1/01/43   10,765    11,395 
Pool #AR5391 3.000% 1/01/43   86,402    91,455 
Pool #AL3215 3.000% 2/01/43   127,940    135,424 
Pool #AR4109 3.000% 2/01/43   139,240    147,384 
Pool #AR4432 3.000% 3/01/43   51,638    54,658 
Pool #AT0169 3.000% 3/01/43   214,844    227,410 
Pool #AB8809 3.000% 3/01/43   68,083    72,065 
Pool #MA1368 3.000% 3/01/43   234,553    248,272 
Pool #AR2174 3.000% 4/01/43   252,451    267,216 
Pool #AS1304 3.500% 12/01/28   1,118,141    1,181,809 
Pool #AV1897 3.500% 12/01/28   199,093    210,678 
Pool #AV2325 3.500% 12/01/28   574,692    607,416 
Pool #BF0196 3.500% 2/01/41   1,145,461    1,230,601 
Pool #MA1356 3.500% 2/01/43   8,603,544    9,229,582 
Pool #CA1073 3.500% 1/01/48   11,591,495    12,271,945 
Pool #BJ0686 4.000% 4/01/48   2,637,011    2,817,300 
Pool #CA1951 4.000% 7/01/48   3,292,448    3,514,462 
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34   82,532    86,553 
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33   66,498    69,738 
Pool #AA3980 4.500% 4/01/28   55,606    59,958 
Pool #CA1952 4.500% 6/01/48   2,218,585    2,388,786 
Pool #CA1909 4.500% 6/01/48   7,342,280    7,912,435 
Pool #BK7877 4.500% 7/01/48   1,522,132    1,638,904 
Pool #MA3537 4.500% 12/01/48   3,590,235    3,858,933 
Pool #MA3564 4.500% 1/01/49  3,231,094   3,472,913 
Pool #BN5241 4.500% 2/01/49   16,110,768    17,316,517 
Pool #MA3639 4.500% 4/01/49   2,808,633    3,018,834 
Pool #775539 12 mo. USD LIBOR + 1.636% 4.511% FRN 5/01/34   27,445    28,624 
Pool #AD6437 5.000% 6/01/40   403,118    446,052 
Pool #AD6996 5.000% 7/01/40   2,700,238    2,987,830 
Pool #AL8173 5.000% 2/01/44   1,112,871    1,223,400 
Pool #AD0836 5.500% 11/01/28   56,741    62,392 
Pool #575667 7.000% 3/01/31   11,319    13,142 
Pool #529453 7.500% 1/01/30   2,405    2,809 
Pool #535996 7.500% 6/01/31   4,349    5,073 
Pool #252926 8.000% 12/01/29   122    140 
Pool #532819 8.000% 3/01/30   116    135 
Pool #534703 8.000% 5/01/30   2,479    2,872 
Pool #253437 8.000% 9/01/30   115    133 
Pool #253481 8.000% 10/01/30   65    76 
Pool #602008 8.000% 8/01/31   3,517    4,080 
Pool #190317 8.000% 8/01/31   2,562    2,977 
Pool #597220 8.000% 9/01/31   2,929    3,424 
Government National Mortgage Association          
Pool #371146 7.000% 9/15/23   65    68 
Pool #352022 7.000% 11/15/23   2,780    2,955 
Pool #374440 7.000% 11/15/23   219    233 
Pool #491089 7.000% 12/15/28   7,019    7,656 
Pool #480539 7.000% 4/15/29   363    410 
Pool #488634 7.000% 5/15/29   2,021    2,284 
Pool #500928 7.000% 5/15/29   3,202    3,647 
Pool #499410 7.000% 7/15/29   1,147    1,310 
Pool #510083 7.000% 7/15/29   800    907 
Pool #493723 7.000% 8/15/29   2,332    2,665 
Government National Mortgage Association I
     Pool #581417  7.000% 7/15/32
   11,075    12,686 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25   3,067    3,144 
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27   682    702 
Government National Mortgage Association II TBA          
Pool #304 3.500% 10/01/48  (d)   79,550,000    83,881,744 
Pool #1235 4.000% 9/01/48  (d)   38,350,000    40,740,885 
         241,317,833 
Whole Loans — 0.3%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 2.297% FRN 3/25/29   361,595    357,478 
Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.997% FRN 7/25/49  (a)   828,856    695,140 
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450%          
3.397% FRN 7/25/31  (a)   2,127,776    1,756,323 
         2,808,941 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $241,485,510)
        247,197,146 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value
U.S. Treasury Obligations — 1.6%          
U.S. Treasury Bonds & Notes — 1.6%          
U.S. Treasury Bond          
2.250% 8/15/49 (f)  $7,000,000   $8,491,144 
3.500% 2/15/39 (f)   2,300,000    3,267,305 
U.S. Treasury Note          
1.625% 8/15/29   3,000,000    3,251,146 
         15,009,595 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $13,168,918)
        15,009,595 
           
TOTAL BONDS & NOTES
(Cost $987,741,940)
        944,921,161 
           
TOTAL PURCHASED OPTIONS (#) — 0.2%
(Cost $2,989,580)
        1,829,518 

 

   Number of
Shares
      
Mutual Funds — 0.2%          
Diversified Financial Services — 0.2%          
State Street Navigator Securities Lending Prime Portfolio (g)   2,288,213    2,288,213 
           
TOTAL MUTUAL FUNDS
(Cost $2,288,213)
        2,288,213 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $995,394,733)
        951,353,092 

 

   Principal
Amount
     
Short-Term Investments — 13.8%          
Commercial Paper — 13.8%          
Avangrid, Inc.          
1.318% 4/03/20 (a)  $10,000,000    9,997,854 
Boeing Co.          
1.983% 4/07/20 (a)   3,000,000    2,997,958 
2.059% 5/20/20 (a)   1,000,000    994,699 
2.092% 6/10/20 (a)   8,000,000    7,937,678 
CenterPoint Energy, Inc.          
1.770% 4/15/20 (a)   1,000,000    998,696 
1.788% 4/06/20 (a)   4,000,000    3,998,071 
Daimler Finance North America LLC          
2.942% 4/06/20 (a)   10,000,000    9,995,427 
DuPont de Nemours, Inc.          
1.821% 4/13/20 (a)   3,000,000    2,996,344 
El Dupont          
1.812% 5/22/20 (a)   4,000,000    3,981,112 
Entergy Corp.          
1.811% 5/04/20 (a)   4,000,000    3,993,793 
1.814% 5/21/20 (a)   4,000,000    3,990,367 
1.834% 5/01/20 (a)   4,000,000    3,994,375 
FMC Tech, Inc.          
1.983% 4/08/20 (a)   1,000,000    999,365 
1.984% 4/07/20 (a)   1,000,000    999,455 
General Electric Co.          
1.844% 5/20/20   2,000,000    1,990,833 
1.867% 6/17/20   5,000,000    4,964,250 
1.905% 5/04/20   2,000,000    1,993,767 
Harley-Davidson, Inc.          
2.282% 4/02/20 (a)  4,000,000   3,999,639 
HP, Inc.          
1.830% 4/06/20 (a)   4,000,000    3,998,097 
Nextera Energy Cap Hldgs, Inc.          
1.873% 4/13/20 (a)   4,000,000    3,995,467 
NiSource, Inc.          
1.809% 4/08/20 (a)   9,000,000    8,994,288 
Parker-Hannifin Corp.          
4.482% 5/01/20 (a)   10,000,000    9,988,780 
Suncor Energy, Inc.          
1.813% 5/13/20 (a)   6,000,000    5,976,350 
Transcanada Pipelines Ltd.          
1.813% 5/21/20 (a)   3,000,000    2,985,975 
ViacomCBS, Inc.          
1.523% 4/15/20 (a)   8,000,000    7,989,167 
VW Credit, Inc.          
1.826% 6/12/20 (a)   8,000,000    7,946,467 
Walgreens Boots Alliance, Inc.          
2.131% 4/30/20   8,000,000    7,978,000 
         130,676,274 
TOTAL SHORT-TERM INVESTMENTS
(Cost $130,784,987)
        130,676,274 
           
TOTAL INVESTMENTS — 114.0%
(Cost $1,126,179,720) (h)
        1,082,029,366 
           
Other Assets/(Liabilities) — (14.0)%        (132,909,705)
           
NET ASSETS — 100.0%       $949,119,661 

 

Abbreviation Legend
ABS Asset-Backed Security
ARS Auction Rate Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
MBS Mortgage-Backed Security
MTA Monthly Treasury Average Index
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note
WL Whole Loan

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

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 March 31, 2020, the aggregate market value of these securities amounted to $477,785,206 or 50.34% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $2,538,082 or 0.27% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $305,089 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 March 31, 2020.
(f) A portion of this security is pledged/held as collateral for open derivatives.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) See Note 3 for aggregate cost for federal tax purposes.

 


(#) Interest Rate Swaptions Purchased

   
   

Paid by Fund

 

Received by Fund

     

Description

 

Counterparty

 

Expiration Date

 

Rate

 

Frequency

 

Rate

 

Frequency

 

Notional Amount

 

Value

 

Premium
Paid
(Received)

 

Unrealized Appreciation/ (Depreciation)

 
Call    
10-Year
Interest
Rate Swap,
12/15/42
  Barclays Bank PLC   12/13/32   3-Month USD LIBOR BBA   Quarterly   2.44%   Semi-Annually   USD 3,700,000     $ 596,440   $ 184,971   $ 411,469  

Put

   
10-Year
Interest
Rate Swap,
12/15/42
  Barclays Bank PLC   12/13/32   2.94%   Semi-Annually   3-Month USD LIBOR BBA   Quarterly   USD 56,100,000     $ 1,233,078   $ 2,804,608   $ (1,571,530)  
                  $ 1,829,518   $ 2,989,579   $ (1,160,061)  
                                                   

 


Futures contracts

  

Expiration
Date

 

Number of
Contracts

 

Notional
Amount

 

Value/ Net Unrealized
Appreciation/
(Depreciation)

Long   
U.S. Treasury Ultra 10 Year  6/19/20   62   $9,596,450   $77,487 
U.S. Treasury Ultra Bond  6/19/20   344    66,933,050    9,391,950 
U.S. Treasury Note 2 Year  6/30/20   745    162,573,064    1,612,131 
U.S. Treasury Note 5 Year  6/30/20   344    42,349,438    774,187 
                $11,855,755 
Short                  
90 Day Eurodollar  6/15/20   11   $(2,680,595)  $(54,967)
U.S. Treasury Long Bond  6/19/20   118    (19,867,318)   (1,262,057)
90 Day Eurodollar  9/14/20   10    (2,437,967)   (53,158)
90 Day Eurodollar  12/14/20   10    (2,437,842)   (53,658)
90 Day Eurodollar  3/15/21   9    (2,194,845)   (48,742)
90 Day Eurodollar  9/13/21   17    (4,146,456)   (90,582)
90 Day Eurodollar  3/14/22   15    (3,657,513)   (79,550)
90 Day Eurodollar  9/19/22   14    (3,412,279)   (73,021)
90 Day Eurodollar  3/13/23   12    (2,923,010)   (61,990)
90 Day Eurodollar  12/18/23   15    (3,650,388)   (76,925)
90 Day Eurodollar  12/16/24   40    (9,722,367)   (201,633)
                $(2,056,283)

 

    

Centrally Cleared Credit Default Swaps- Buy Protection

Reference
Obligation/Index

 

Rate Paid by Fund

 

Payment Frequency

 

Termination Date

 

Notional Amount

 

Value

 

Upfront Premium Paid/ (Received)

 

Unrealized Appreciation (Depreciation)

CDX.NA.IG Series 34  1.000%  Quarterly  6/20/25  USD   4,000,000   $26,624   $14,206   $12,418 
CDX.NA.IG Series 34  1.000%  Quarterly  6/20/25  USD   5,000,000    17,365    21,743    (4,378)
                    $43,989   $35,949   $8,040 

 

Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

 

Currency Legend

USD U.S. Dollar

 

 

MML Short-Duration Bond Fund — Portfolio of Investments 

 

March 31, 2020 (Unaudited)

 

   Principal
Amount
   Value 
Bonds & Notes — 95.1%          
           
Corporate Debt — 38.8%          
Advertising — 0.1%          
The Interpublic Group of Cos., Inc.
 3.750% 10/01/21
  $200,000   $201,929 
Agriculture — 1.4%          
BAT Capital Corp.
 3.222% 8/15/24
   415,000    399,352 
Bunge Ltd. Finance Corp.
 3.500% 11/24/20
   930,000    937,701 
Imperial Brands Finance PLC
 3.125% 7/26/24 (a)
   400,000    376,912 
 3.500% 2/11/23 (a)   387,000    388,295 
Reynolds American, Inc.
 4.000% 6/12/22
   540,000    547,611 
         2,649,871 
Airlines — 0.0%          
American Airlines Pass-Through Trust, Series 2014-1, Class B,
 4.375% 4/01/24
   22,307    20,884 
Auto Manufacturers — 1.7%          
Ford Motor Credit Co. LLC
 3 mo. USD LIBOR + .810% 2.710% FRN 4/05/21
   405,000    374,625 
 3 mo. USD LIBOR + 1.235% 2.927% FRN 2/15/23   275,000    206,135 
 3.087% 1/09/23   260,000    239,200 
 3.350% 11/01/22   365,000    340,362 
General Motors Financial Co., Inc.
 3.250% 1/05/23
   970,000    880,018 
Hyundai Capital America
 2.375% 2/10/23 (a)
   600,000    565,675 
 2.850% 11/01/22 (a)   320,000    312,489 
Nissan Motor Acceptance Corp.
 1.900% 9/14/21 (a)
   200,000    188,983 
         3,107,487 
Banks — 7.8%          
Banco Santander SA
 3.500% 4/11/22
   600,000    593,610 
Bank of America Corp. 3 mo. USD LIBOR + .930%
 2.816% VRN 7/21/23
   1,910,000    1,917,852 
Barclays Bank PLC
 10.179% 6/12/21 (a)
   504,000    538,426 
Barclays PLC 3 mo. USD LIBOR + 1.380%
 3.072% FRN 5/16/24
   485,000    427,094 
Citigroup, Inc. 3 mo. USD LIBOR + .722%
 3.142% VRN 1/24/23
   895,000    905,544 
Credit Suisse AG
 6.500% 8/08/23 (a)
   930,000    943,559 
Discover Bank
 3.350% 2/06/23
   673,000    664,749 
 4.200% 8/08/23   310,000    326,383 
First Horizon National Corp.
 3.500% 12/15/20
   520,000    514,800 
The Goldman Sachs Group, Inc.
 3.200% 2/23/23
   1,925,000    1,960,838 
HSBC Holdings PLC
 4.250% 3/14/24
   495,000    507,949 
JP Morgan Chase & Co.
 4.500% 1/24/22
   915,000    955,736 
Mitsubishi UFJ Financial Group, Inc.
 2.665% 7/25/22
   820,000    817,258 
Morgan Stanley
 3.750% 2/25/23
   940,000    974,492 
Sumitomo Mitsui Financial Group, Inc.
 2.448% 9/27/24
   520,000    515,702 
3.748% 7/19/23   321,000    334,207 
Synchrony Bank
 3.000% 6/15/22
   470,000    466,754 
Truist Bank
 1.500% 3/10/25
   1,045,000    1,009,435 
         14,374,388 
Beverages — 1.1%          
Anheuser-Busch InBev Worldwide, Inc.
 3.500% 1/12/24
   875,000    914,534 
Bacardi Ltd.
 4.450% 5/15/25 (a)
   83,000    87,229 
Keurig Dr Pepper, Inc.
 4.057% 5/25/23
   625,000    650,142 
Molson Coors Beverage Co.
 2.100% 7/15/21
   230,000    225,287 
 3.500% 5/01/22   197,000    196,937 
         2,074,129 
Building Materials — 0.4%          
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650%
 2.333% FRN 5/22/20
   295,000    292,890 
Masco Corp.
 3.500% 4/01/21
   170,000    168,431 
Standard Industries, Inc.
 5.500% 2/15/23 (a)
   246,000    237,390 
         698,711 
Chemicals — 1.4%          
DuPont de Nemours, Inc.
 4.205% 11/15/23
   480,000    505,421 
Huntsman International LLC
 5.125% 11/15/22
   960,000    984,000 
RPM International, Inc.
 3.450% 11/15/22
   8,000    8,046 
The Sherwin-Williams Co.
 2.750% 6/01/22
   27,000    26,942 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Syngenta Finance NV
 3.698% 4/24/20 (a)
  $440,000   $439,154 
 4.441% 4/24/23 (a)   570,000    536,962 
         2,500,525 
Commercial Services — 0.3%          
The ADT Security Corp.
 6.250% 10/15/21
   490,000    478,975 
Computers — 1.1%          
Dell International LLC/EMC Corp.
 4.000% 7/15/24 (a)
   414,000    417,614 
Genpact Luxembourg Sarl
 3.375% 12/01/24
   335,000    336,376 
 3.700% STEP 4/01/22   635,000    646,413 
Leidos Holdings, Inc.
 4.450% 12/01/20
   635,000    631,825 
         2,032,228 
Diversified Financial Services — 2.9%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
 2.875% 8/14/24
   845,000    672,786 
Aircastle Ltd.
 5.000% 4/01/23
   1,010,000    986,065 
Ameriprise Financial, Inc.
 3.000% 3/22/22
   165,000    167,065 
 3.700% 10/15/24   115,000    119,324 
 4.000% 10/15/23   105,000    111,117 
Antares Holdings LP
 6.000% 8/15/23 (a)
   473,000    487,191 
Avolon Holdings Funding Ltd.
 2.875% 2/15/25 (a)
   335,000    259,650 
Brookfield Finance, Inc.
 4.000% 4/01/24
   580,000    577,243 
LeasePlan Corp. NV
 2.875% 10/24/24 (a)
   280,000    274,282 
Park Aerospace Holdings Ltd.
 5.250% 8/15/22 (a)
   1,250,000    1,129,520 
Synchrony Financial
 2.850% 7/25/22
   605,000    574,425 
         5,358,668 
Electric — 0.9%          
Ameren Corp.
 2.500% 9/15/24
   345,000    335,395 
 2.700% 11/15/20   455,000    453,642 
Enel Finance International NV
 2.875% 5/25/22 (a)
   285,000    275,731 
Entergy Texas, Inc.
 2.550% 6/01/21
   95,000    95,275 
Puget Energy, Inc.
 6.000% 9/01/21
   260,000    266,663 
 6.500% 12/15/20   255,000    260,370 
         1,687,076 
Electronics — 0.1%          
FLIR Systems, Inc.
 3.125% 6/15/21
   230,000    230,267 
Foods — 0.3%          
McCormick & Co., Inc.
 2.700% 8/15/22
   570,000    571,623 
Household Products & Wares — 0.4%          
Church & Dwight Co., Inc.
 2.875% 10/01/22
   701,000    689,943 
Housewares — 0.5%          
Newell Brands, Inc.
 3.850% STEP 4/01/23
   979,000    993,635 
Insurance — 2.8%          
American International Group, Inc.
 3.750% 7/10/25
   490,000    490,457 
AmTrust Financial Services, Inc.
 6.125% 8/15/23
   620,000    612,369 
Athene Global Funding
 2.750% 6/25/24 (a)
   1,020,000    1,020,850 
CNA Financial Corp.
 5.750% 8/15/21
   443,000    454,002 
Enstar Group Ltd.
 4.500% 3/10/22
   685,000    683,238 
Jackson National Life Global Funding
 2.500% 6/27/22 (a)
   495,000    486,021 
Lincoln National Corp.
 4.000% 9/01/23
   122,000    122,032 
Reinsurance Group of America, Inc.
 5.000% 6/01/21
   400,000    414,881 
Trinity Acquisition PLC
 3.500% 9/15/21
   600,000    578,365 
Willis Towers Watson PLC
 5.750% 3/15/21
   190,000    194,689 
         5,056,904 
Investment Companies — 1.3%          
Ares Capital Corp.
 4.200% 6/10/24
   953,000    844,789 
BlackRock TCP Capital Corp.
 3.900% 8/23/24
   360,000    331,314 
 4.125% 8/11/22   675,000    692,442 
TPG Specialty Lending, Inc.
 3.875% 11/01/24
   655,000    577,806 
         2,446,351 
Iron & Steel — 0.1%          
Steel Dynamics, Inc.
 2.800% 12/15/24
   250,000    232,781 
Lodging — 0.5%          
Las Vegas Sands Corp.
 3.200% 8/08/24
   1,025,000    925,141 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Machinery – Diversified — 0.4%          
CNH Industrial Capital LLC
 3.875% 10/15/21
  $635,000   $631,683 
Media — 0.8%          
Discovery Communications LLC
 2.950% 3/20/23
   435,000    437,522 
Sirius XM Radio, Inc.
 3.875% 8/01/22 (a)
   1,047,000    1,043,074 
         1,480,596 
Mining — 1.1%          
Glencore Finance Canada Ltd.
 4.250% STEP 10/25/22 (a)
   254,000    243,464 
Glencore Funding LLC
 4.125% 5/30/23 (a)
   360,000    331,690 
Kinross Gold Corp.
 5.125% 9/01/21
   370,000    370,925 
 5.950% 3/15/24   550,000    555,500 
Newcrest Finance Pty Ltd.
 4.200% 10/01/22 (a)
   565,000    593,233 
         2,094,812 
Oil & Gas — 0.7%          
Continental Resources, Inc.
 5.000% 9/15/22
   390,000    248,797 
EQT Corp.
 3.000% 10/01/22
   565,000    471,775 
 6.125% STEP 2/01/25   320,000    246,432 
Newfield Exploration Co.
 5.625% 7/01/24
   505,000    271,004 
         1,238,008 
Packaging & Containers — 0.4%          
Graphic Packaging International LLC
 4.750% 4/15/21
   759,000    749,740 
Pharmaceuticals — 2.3%          
AbbVie, Inc.
 2.300% 11/21/22 (a)
   515,000    515,404 
Allergan Funding SCS
 3.800% 3/15/25
   495,000    506,803 
Becton Dickinson and Co. 3 mo. USD LIBOR + 0.875%
 2.250% FRN 12/29/20
   489,000    472,496 
Cardinal Health, Inc. 3 mo. USD LIBOR + .770%
 1.511% FRN 6/15/22
   590,000    545,118 
CVS Health Corp.
 2.625% 8/15/24
   175,000    177,480 
 3.700% 3/09/23   770,000    799,774 
Mylan, Inc.
 3.125% 1/15/23 (a)
   525,000    509,160 
Shire Acquisitions Investments Ireland DAC
 2.875% 9/23/23
   360,000    362,616 
Teva Pharmaceutical Finance Netherlands III BV
 2.200% 7/21/21
   240,000    229,243 
         4,118,094 
Pipelines — 1.5%          
Energy Transfer Operating LP
 4.200% 9/15/23
   960,000    838,584 
EnLink Midstream Partners LP
 4.400% 4/01/24
   490,000    247,303 
EQM Midstream Partners LP
 4.750% 7/15/23
   505,000    365,468 
MPLX LP 3 mo. USD LIBOR + 1.100%
 2.099% FRN 9/09/22
   1,050,000    976,897 
Plains All American Pipeline LP/PAA Finance Corp.
 3.850% 10/15/23
   384,000    332,700 
         2,760,952 
Private Equity — 0.3%          
Hercules Capital, Inc.
 4.625% 10/23/22
   610,000    581,070 
Real Estate Investment Trusts (REITS) — 1.9%          
CubeSmart LP
 4.375% 12/15/23
   313,000    334,076 
Essex Portfolio LP
 3.500% 4/01/25
   130,000    130,444 
 3.875% 5/01/24   170,000    170,400 
SBA Tower Trust
 2.836% 1/15/25 (a)
   1,450,000    1,400,082 
Service Properties Trust
 4.350% 10/01/24
   510,000    374,364 
Tanger Properties LP
 3.875% 12/01/23
   510,000    531,371 
VEREIT Operating Partnership LP
 4.600% 2/06/24
   570,000    562,521 
         3,503,258 
Retail — 1.8%          
Advance Auto Parts, Inc.
 4.500% 12/01/23
   306,000    314,429 
Dollar Tree, Inc.
 3.700% 5/15/23
   940,000    955,036 
O’Reilly Automotive, Inc.
 3.800% 9/01/22
   123,000    123,735 
 3.850% 6/15/23   873,000    870,125 
QVC, Inc.
 4.375% 3/15/23
   1,060,000    1,002,458 
         3,265,783 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Semiconductors — 0.6%        
Broadcom Corp./Broadcom Cayman Finance Ltd.
 3.000% 1/15/22
  $390,000   $385,659 
Microchip Technology, Inc.
 3.922% 6/01/21
   390,000    380,010 
NXP BV/NXP Funding LLC
 4.125% 6/01/21 (a)
   370,000    373,326 
         1,138,995 
Telecommunications — 0.9%          
Qwest Corp
 6.750% 12/01/21
   485,000    502,606 
Sprint Communications, Inc.
 9.250% 4/15/22
   330,000    353,100 
Telefonaktiebolaget LM Ericsson
 4.125% 5/15/22
   828,000    819,752 
         1,675,458 
Transportation — 0.4%          
Ryder System, Inc.
 3.400% 3/01/23
   175,000    176,584 
 3.750% 6/09/23   482,000    483,821 
         660,405 
Trucking & Leasing — 0.6%          
DAE Funding LLC
 4.000% 8/01/20 (a)
   205,000    200,900 
Penske Truck Leasing Co. LP/PTL Finance Corp.
 4.875% 7/11/22 (a)
   816,000    848,603 
         1,049,503 
TOTAL CORPORATE DEBT
(Cost $74,218,109)
        71,279,873 
           
Municipal Obligations — 0.3%          
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.000%
 2.694% FRN 4/26/27
   17,726    17,722 
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, 28 day ARS
 2.273% FRN 10/25/42
   450,000    444,442 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $461,539)
        462,164 
           
Non-U.S. Government Agency Obligations — 54.0%          
Auto Floor Plan ABS — 0.5%          
Navistar Financial Dealer Note Master Owner Trust II
Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.897% FRN 5/25/24 (a)
   236,000    231,530 
Series 2018-1, Class C, 1 mo. USD LIBOR + 1.050% 1.997% FRN 9/25/23 (a)   160,000    157,074 
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 2.397% FRN 5/25/24 (a)   214,000    209,824 
Series 2018-1, Class D, 1 mo. USD LIBOR + 1.550% 2.497% FRN 9/25/23 (a)   230,000    225,805 
         824,233 
Automobile ABS — 7.3%          
American Credit Acceptance Receivables Trust
Series 2017-4, Class C, 2.940% 1/10/24 (a)
   170,931   170,929 
Series 2019-1, Class C, 3.500% 4/14/25 (a)   675,000    665,877 
AmeriCredit Automobile Receivables Trust
Series 2020-1, Class D, 1.800% 12/18/25
   947,000    938,092 
Series 2019-3, Class D, 2.580% 9/18/25   588,000    547,120 
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class C, 3.020% 8/20/26 (a)
   1,259,000    1,188,505 
Series 2019-3A, Class C, 3.150% 3/20/26 (a)   1,083,000    1,076,342 
Series 2019-1A, Class C, 4.530% 3/20/23 (a)   233,000    229,666 
Series 2018-1A, Class C, 4.730% 9/20/24 (a)   500,000    478,941 
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B
3.630% 1/19/24 (a)
   180,000    182,705 

Carmax Auto Owner Trust, Series 2019-4, Class D

2.800% 4/15/26

   560,000    515,706 
Carvana Auto Receivables Trust, Series 2019-4A, Class D
3.070% 7/15/25 (a)
   719,000    702,359 
Drive Auto Receivables Trust
Series 2019-4, Class D, 2.700% 2/16/27
   550,000    515,427 
Series 2019-1, Class C, 3.780% 4/15/25   525,000    516,466 
DT Auto Owner Trust, Series 2019-1A, Class C
3.610% 11/15/24 (a)
   100,000    100,664 
Exeter Automobile Receivables Trust
Series 2019-3A, Class D, 3.110% 8/15/25 (a)
   400,000    393,312 
Series 2018-2A, Class B, 3.270% 5/16/22 (a)   36,024    36,024 
Series 2019-1A, Class B, 3.450% 2/15/23 (a)   165,000    161,987 
Flagship Credit Auto Trust, Series 2017-1, Class B
2.830% 3/15/23 (a)
   18,690    18,690 
Hertz Fleet Lease Funding LP, Series 2019-1, Class D
3.440% 1/10/33 (a)
   649,000    646,345 
Hertz Vehicle Financing II LP, Series 2017-1A, Class B
3.560% 10/25/21 (a)
   910,000    882,252 
Hertz Vehicle Financing LLC, Series 2018-3A, Class B
4.370% 7/25/24 (a)
   330,000    297,539 
Hertz Vehicle Financing LP
Series 2019-3A, Class B, 3.030% 12/26/25 (a)
   410,000    406,849 
Series 2016-2A, Class C, 4.990% 3/25/22 (a)   1,800,000    1,812,159 
Oscar US Funding X LLC, Series 2019-1A, Class A4
3.270% 5/11/26 (a)
   500,000    523,612 
Santander Revolving Auto Loan Trust
Series 2019-A, Class B, 2.800% 1/26/32 (a)
   170,000    167,040 
Series 2019-A, Class C, 3.000% 1/26/32 (a)   101,000    99,235 
Series 2019-A, Class D, 3.450% 1/26/32 (a)   215,000    211,219 
         13,485,062 
Commercial MBS — 4.1%          
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 2.055% FRN 9/15/34 (a)
   130,000    106,956 
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (b)   370,000    344,906 
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (b)   450,000    383,377 
BHMS Mortgage Trust
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (a)
   770,000    642,883 
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (a)   950,000    759,897 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36 (a)
  $767,000   $674,941 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a)   728,000    664,296 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (a)   301,907    264,161 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a)   846,485    727,952 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
2.855% FRN 12/15/37 (a)
   545,194    449,785 
Commercial Mortgage Trust
Series 2014-CR14, Class A2, 3.147% 2/10/47
   90,654    90,527 
Series 2015-DC1, Class AM, 3.724% 2/10/48   480,000    475,826 
Series 2015-DC1, Class B, 4.035% VRN 2/10/48 (b)   333,000    314,814 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
2.305% FRN 5/15/36 (a)
   200,000    177,996 
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.513% VRN 7/10/38 (b)
   61,341    61,058 
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,
3.443% VRN 7/10/39 (a) (b)
   700,000    530,577 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
2.505% FRN 5/15/36 (a)
   251,000    195,902 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B
3.769% 2/15/46
   250,000    245,189 
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D
4.057% 8/05/34 (a)
   400,000    380,804 
MSCG Trust, Series 2018-SELF, Class C, 1 mo. USD LIBOR + 1.180%
1.885% FRN 10/15/37 (a)
   90,000    78,260 
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX,
2.997% VRN 10/25/46 (b)
   7,677    7,667 
         7,577,774 
Home Equity ABS — 0.0%          
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%
1.187% FRN 10/25/34 (a)
   71,224    66,547 
Other ABS — 23.9%          
321 Henderson Receivables I LLC
Series 2006-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/41 (a)
   35,140    33,840 
Series 2010-3A, Class A, 3.820% 12/15/48 (a)   177,115    183,205 
AASET Trust, Series 2017-1A, Class A
3.967% 5/16/42 (a)
   143,096    112,429 
AASET US Ltd., Series 2018-2A, Class A
4.454% 11/18/38 (a)
   648,904    515,250 
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)
   390,938    389,844 
American Tower Trust #1, Series 13, Class 2A
3.070% 3/15/48 (a)
   500,000    492,226 
Arbys Funding LLC, Series 2015-1A, Class A2
4.969% 10/30/45 (a)
   287,250    276,171 
Ascentium Equipment Receivables Trust
Series 2019-1A, Class D, 3.470% 5/12/25 (a)
   164,000    162,111 
Series 2018-2A, Class B, 3.760% 5/10/24 (a)   709,000    715,601 
Series 2019-2A, Class E, 3.780% 5/10/27 (a)   669,000    663,711 
Series 2018-2A, Class E, 5.180% 7/10/26 (a)   940,000    922,397 
Avant Loans Funding Trust, Series 2019-A, Class A
3.480% 7/15/22 (a)
   166,291    163,566 
Bain Capital Credit CLO Ltd., Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800%
3.631% FRN 1/15/29 (a)
   750,000    699,834 
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class A2R, 3 mo. USD LIBOR + 1.750%
3.581% FRN 1/15/29 (a)
   500,000    458,276 
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (a)
   113,317    113,535 
Series 2019-A, Class B, 3.780% 9/26/33 (a)   316,315    325,339 

CAL Funding II Ltd., Series 2018-2A, Class A

4.340% 9/25/43 (a)

   246,500    242,322 
Capital Automotive REIT
Series 2017-1A, Class A1, 3.870% 4/15/47 (a)
   245,302    243,500 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)   613,254    610,414 
CARS-DB4 LP, Series 2020-1A, Class B1
4.170% 2/15/50 (a)
   484,000    440,440 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)
   305,418    221,953 
Cbam Clo Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%
3.101% FRN 1/15/31 (a)
   500,000    473,163 
CIFC Funding 2015-IV Ltd., Series 2015-4A, Class A2R,
3.669% FRN 10/20/27 (a) (b)
   300,000    283,320 
CIFC Funding Ltd., Series 2017-3A, Class A1, 3 mo. USD LIBOR + 1.220%
3.039% FRN 7/20/30 (a)
   500,000    474,836 
CLI Funding VI LLC, Series 2017-1A, Class A
3.620% 5/18/42 (a)
   419,422    344,891 
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460%
1.407% FRN 9/25/34
   2,077    1,710 
DB Master Finance LLC
Series 2019-1A, Class A2I, 3.787% 5/20/49 (a)
   273,930    259,117 
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a)   323,555    299,708 
Denali Capital CLO X LLC, Series 2013-1A, Class A1, 3 mo. USD LIBOR + 1.050%
2.844% FRN 10/26/27 (a)
   350,000    339,962 
Diamond Resorts Owner Trust
Series 2019-1A, Class A, 2.890% 2/20/32 (a)
   492,275    493,840 
Series 2016-1, Class A, 3.080% 11/20/28 (a)   216,098    213,105 
Series 2018-1, Class A, 3.700% 1/21/31 (a)   174,172    177,081 
Domino’s Pizza Master Issuer LLC
Series 2017-1A, Class A2II, 3.082% 7/25/47 (a)
   342,125    336,474 
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)   354,600    340,542 
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.690% 3/25/30 (a)
   122,958    123,749 
Series 2016-A, Class A, 2.730% 4/25/28 (a)   227,528    227,793 
Series 2017-A, Class B, 2.960% 3/25/30 (a)   364,321    361,988 
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)   34,511    33,934 
Series 2019-A, Class C, 3.450% 1/25/34 (a)   767,577    771,290 
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
3.269% FRN 4/20/31 (a)
   350,000    327,085 
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)
   129,213    128,997 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000%
2.819% FRN 4/20/31 (a)
  $600,000   $563,584 
Global SC Finance II SRL, Series 2013-1A, Class A
2.980% 4/17/28 (a)
   90,958    89,329 
Global SC Finance IV Ltd., Series 2017-1A, Class A
3.850% 4/15/37 (a)
   241,476    241,319 
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (a)
   611,486    579,398 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   325,773    317,000 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   306,756    309,325 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)   275,473    280,315 
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)
   200,201    196,629 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   201,310    208,267 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)   433,406    447,309 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   360,786    374,799 
Hilton Grand Vacations Trust, Series 2017-AA, Class B
2.960% 12/26/28 (a)
   144,131    144,614 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 (a)
   533,423    390,520 
Horizon Aircraft Finance III Ltd, Series 2019-2, Class B, ABS, 144A
4.458% 11/15/39 (a)
   687,500    421,313 
KDAC Aviation Finance Ltd., Series 2017-1A, Class A
4.212% 12/15/42 (a)
   193,458    148,195 
KREF Ltd., Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350%
2.150% FRN 6/15/36 (a)
   1,150,000    998,669 
Lendmark Funding Trust, Series 2018-1A, Class A
3.810% 12/21/26 (a)
   350,000    343,104 
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (a)
   337,000    235,614 
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)
   388,914    271,886 
Madison Park Funding XXIII Ltd., Series 2017-23A, Class B, 3 mo. USD LIBOR + 1.700%
3.494% FRN 7/27/30 (a)
   500,000    459,773 
Mariner Finance Issuance Trust, Series 2018-AA, Class A
4.200% 11/20/30 (a)
   903,000    884,546 
Marlette Funding Trust
Series 2019-2A, Class A, 3.130% 7/16/29 (a)
   104,276    100,103 
Series 2019-2A, Class B, 3.530% 7/16/29 (a)   146,000    134,358 
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)
   252,248    254,290 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)   66,421    64,929 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250%
3.081% FRN 1/15/28 (a)
   600,000    571,348 
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2019-T3, Class CT3, 2.710% 9/15/52 (a)
   344,000    343,966 
Series 2019-T4, Class DT4, 2.804% 10/15/51 (a)   714,000    713,989 
Series 2019-T3, Class DT3, 3.055% 9/15/52 (a)   600,000    601,818 
Series 2019-T2, Class DT2, 3.060% 8/15/53 (a)   220,000    206,009 
NP SPE II LLC
Series 2019-1A, Class A1, 2.574% 9/20/49 (a)
   223,062    212,851 
Series 2017-1A, Class A1, 3.372% 10/21/47 (a)   143,712    139,918 
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3 mo. USD LIBOR + 1.450%
3.286% FRN 4/17/27 (a)
   650,000    627,838 
OneMain Financial Issuance Trust
Series 2019-2A, Class A, 3.140% 10/14/36 (a)
   1,500,000    1,477,371 
Series 2019-2A, Class C, 3.660% 10/14/36 (a)   600,000    586,696 
Orange Lake Timeshare Trust
Series 2016-A, Class A, 2.610% 3/08/29 (a)
   422,982    407,054 
Series 2016-A, Class B, 2.910% 3/08/29 (a)   173,452    170,360 
Series 2019-A, Class D, 4.930% 4/09/38 (a)   568,742    369,749 
Oxford Finance Funding Trust
Series 2020-1A, Class A2, 3.101% 2/15/28 (a)
   281,000    279,637 
Series 2016-1A, Class A, 3.968% 6/17/24 (a)   41,148    41,047 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
3.797% FRN 2/25/23 (a)
   250,000    229,292 
Recette Clo Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 1.700%
3.519% FRN 10/20/27 (a)
   250,000    231,746 
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3 mo. USD LIBOR + 1.190%
3.009% FRN 10/20/30 (a)
   1,000,000    941,421 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
2.921% FRN 1/15/30 (a)
   400,000    378,551 
RR 6 Ltd., Series 2019-6A, Class A2,
3.751% FRN 4/15/30 (a) (b)
   250,000    233,147 
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 (a)
   430,000    435,176 
Sierra Receivables Funding LLC
Series 2016-2A, Class B, 2.780% 7/20/33 (a)
   109,787    108,941 
Series 2017-1A, Class A, 2.910% 3/20/34 (a)   186,401    184,404 
Series 2019-3A, Class C, 3.000% 8/20/36 (a)   438,696    429,023 
Series 2015-3A, Class B, 3.080% 9/20/32 (a)   12,060    11,922 
Series 2019-2A, Class C, 3.120% 5/20/36 (a)   76,342    74,026 
Series 2018-1A, Class B, 4.236% 4/20/35   400,968    396,579 
Series 2019-1A, Class D, 4.750% 1/20/36 (a)   344,859    342,737 
SoFi Consumer Loan Program Trust
Series 2016-2A, Class A, 3.090% 10/27/25 (a)
   28,720    28,817 
Series 2016-1A, Class A, 3.260% 8/25/25 (a)   209,392    208,284 
Series 2017-2, Class A, 3.280% 2/25/26 (a)   95,983    95,576 
Series 2019-3, Class D, 3.890% 5/25/28 (a)   772,000    771,658 
Store Master Funding I-VII, Series 2018-1A, Class A3
4.400% 10/20/48 (a)
   516,317    495,781 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800%
1.747% FRN 11/25/35 (a)
   283,436    265,656 
Taco Bell Funding LLC, Series 2018-1A, Class A2I
4.318% 11/25/48 (a)
   987,500    951,694 
TAL Advantage V LLC, Series 2014-2A, Class A2
3.330% 5/20/39 (a)
   238,333    233,266 
TAL Advantage VI LLC, Series 2017-1A, Class A
4.500% 4/20/42 (a)
   351,754    355,570 
TLF National Tax Lien Trust, Series 2017-1A, Class A
3.090% 12/15/29 (a)
   438,769    437,295 
Trafigura Securitisation Finance PLC
Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 1.435% FRN 3/15/22 (a)
   610,000    607,512 
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 2.405% FRN 12/15/20 (a)   260,000    258,409 
Series 2018-1A, Class B, 4.290% 3/15/22 (a)   920,000    915,339 
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%
2.889% FRN 10/20/28 (a)
   1,000,000    967,729 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Trinity Rail Leasing LP
Series 2018-1A, Class A1, 3.820% 6/17/48 (a)
  $494,544   $495,798 
Series 2019-1A, Class A, 3.820% 4/17/49 (a)   657,778    612,129 
Trip Rail Master Funding LLC
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)
   79,627    78,750 
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)   668,991    691,790 
Triton Container Finance LLC
Series 2017-2A, Class A, 3.620% 8/20/42 (a)
   791,204    794,179 
Series 2018-2A, Class A, 4.190% 6/22/43 (a)   453,750    450,500 
VSE VOI Mortgage LLC, Series 2018-A, Class C
4.020% 2/20/36 (a)
   188,357    195,023 
Welk Resorts LLC
Series 2015-AA, Class A, 2.790% 6/16/31 (a)
   41,157    40,462 
Series 2017-AA, Class B, 3.410% 6/15/33 (a)   137,757    135,144 
Westgate Resorts LLC
Series 2017-1A, Class A, 3.050% 12/20/30 (a)
   116,079    112,731 
Series 2018-1A, Class A, 3.380% 12/20/31 (a)   231,311    226,162 
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)
   234,734    163,967 
         43,793,574 
Student Loans ABS — 10.3%          
Access Group Inc.
Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38
   3,726    3,722 
Series 2004-A, Class A3, 28 day ARS,FRN 1.699% 7/01/39   400,000    393,614 
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
2.447% FRN 7/25/58 (a)
   140,000    121,985 
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%
2.147% FRN 12/26/47 (a)
   490,254    455,590 
College Avenue Student Loans LLC
Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 2.597% FRN 11/26/46 (a)
   404,699    379,980 
Series 2017-A, Class B, 4.500% 11/26/46 (a)   700,000    660,526 
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + 0.490%
2.321% FRN 1/15/37
   176,602    153,043 
Commonbond Student Loan Trust
Series 2019-AGS, Class B, 3.040% 1/25/47 (a)
   622,000    595,815 
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)   55,281    53,253 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)   59,513    57,789 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   73,060    69,843 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)   107,907    104,293 
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (a)
   61,691    60,397 
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%
2.847% FRN 10/25/44 (a)
   272,029    268,691 
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%
2.997% FRN 2/26/35 (a)
   64,867    60,944 
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800%
1.747% FRN 9/25/68 (a)
   422,539    367,214 
EdLinc Student Loan Funding, Series 2017-A, Class A, Update Replacements.xls: PRIME - 1.150%
3.600% FRN 12/01/47 (a)
   405,882    401,571 
Educational Funding of the South, Inc., Series 2011-1, Class A2, 3 mo. USD LIBOR + .650%
2.444% FRN 4/25/35
   374,960    352,462 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
4.000% 8/25/42 (a)
   250,000    246,260 
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS
2.271% FRN 1/01/44 (a)
   950,000    828,465 
Laurel Road Prime Student Loan Trust
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)
   319,000    318,340 
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)   191,853    183,790 
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)   212,697    209,718 
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720%
1.425% FRN 12/15/59 (a)
   170,000    161,536 
Navient Student Loan Trust
Series 2018-1A, Class A3, 1 mo. USD LIBOR + 0.720% 1.667% FRN 3/25/67 (a)
   850,000    794,854 
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67 (a)   400,000    372,218 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (a)   729,354    639,247 
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 2.097% FRN 7/26/66 (a)   1,300,000    1,134,561 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (a)   583,367    533,542 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (a)   560,000    519,584 
Series 2018-A, Class A1, 2.530% 2/18/42 (a)   50,689    48,526 
Nelnet Private Education Loan Trust
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 2.697% FRN 12/26/40 (a)
   131,551    124,399 
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)   94,728    94,747 
Nelnet Student Loan Trust
Series 2007-2A, Class A4A2, 28 day ARS 2.061% FRN 6/25/35 (a)
   600,000    521,099 
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/47 (a)   270,000    251,691 
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/54 (a)   130,000    121,262 
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%
1.892% FRN 2/15/45
   315,899    281,098 
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41
   1,396    698,000 
Series 2005-5, Class A4, 3 mo. USD LIBOR + 0.140% 1.934% FRN 10/25/28   185,437    175,358 
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 1.994% FRN 1/27/42   952,813    839,152 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40   379,970    339,315 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.084% FRN 1/25/44   517,044    457,769 
Series 2003-14, Class A6, 3 mo. USD LIBOR + 0.300% 2.094% FRN 7/25/25   101,981    96,719 
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 2.094% FRN 1/25/41   385,494    339,300 
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55   152,662    135,646 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
SMB Private Education Loan Trust
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 1.455% FRN 11/15/35 (a)
  $500,000   $440,219 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (a)   504,000    443,720 
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.705% FRN 6/15/37 (a)   500,000    435,031 
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.805% FRN 9/15/34 (a)   189,227    170,389 
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.855% FRN 5/15/26 (a)   198,004    178,416 
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 2.155% FRN 2/17/32 (a)   83,265    74,976 
SoFi Professional Loan Program LLC
Series 2015-A, Class RC, 0.000% 3/25/33 (a)
   200    165,000 
Series 2017-D, Class R1, 0.000% 9/25/40 (a)   1,000,000    467,370 
Series 2018-A, Class R1, 0.000% 2/25/42 (a)   1,000,000    702,500 
Series 2018-D, Class R1, 0.000% 2/25/48 (a)   956,000    329,820 
Series 2019-A, Class R1, 0.000% 6/15/48 (a)   1,314,800    401,360 
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.897% FRN 1/25/39 (a)   36,704    35,547 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 6/25/33 (a)   60,064    57,475 
         18,928,751 
WL Collateral CMO — 7.9%          
Angel Oak Mortgage Trust
Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (b)
   323,488    313,669 
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (b)   800,000    664,111 
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
4.615% VRN 8/25/34 (b)
   3,757    3,369 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
2.577% FRN 8/25/49 (a)
   1,562,627    1,433,719 
Citigroup Mortgage Loan Trust
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (b)
   525,832    515,252 
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (b)   391,000    315,007 
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (b)
   3,387    3,019 
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)   744    692 
Deephaven Residential Mortgage Trust
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)
   189,542    181,667 
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (b)   550,000    460,750 
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b)   428,935    407,188 
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b)   335,303    318,932 
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)   469,610    448,924 
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,
4.304% VRN 8/25/34 (b)
   1,078    1,043 
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,
3.885% VRN 8/25/34 (b)
   6,646    5,713 
JP Morgan Mortgage Trust
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)
   278,847    282,138 
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)   439,195    444,429 
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b)   325,732    321,430 
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)   367,476    371,978 
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (b)
   358    321 
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (b)   364    323 
New Residential Mortgage Loan Trust
Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b)
   251,022    257,313 
Series 2019-NQM2, Class A3, 3.752% VRN 4/25/49 (a) (b)   171,402    161,437 
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)   450,538    428,722 
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,
3.500% VRN 12/25/49 (a) (b)
   753,019    782,080 
PSMC Trust
Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)
   429,232    420,712 
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b)   410,325    402,346 
Sequoia Mortgage Trust
Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)
   238,696    232,072 
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)   475,070    470,340 
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b)   330,063    324,712 
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)   184,312    183,248 
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)   453,413    446,314 
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)   225,604    223,433 
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b)   73,895    73,633 
Series 2019-1, Class A4, 4.000% VRN 2/25/49 (a) (b)   62,114    60,785 
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3,
3.000% VRN 10/25/31 (a) (b)
   527,407    514,292 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (b)
   550,230    521,750 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,
3.854% VRN 3/25/34 (b)
   3,888    3,494 
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4,
3.500% VRN 7/25/48 (a) (b)
   197,292    192,420 
Verus Securitization Trust
Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (b)
   1,034,000    823,260 
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (b)   430,000    347,283 
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)   872,654    849,577 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (b)   265,000    210,157 
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%
3.366% FRN 4/25/44
   9,752    8,732 
         14,431,786 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $105,506,938)
        99,107,727 
           
U.S. Government Agency Obligations and Instrumentalities — 1.2%          
Collateralized Mortgage Obligations — 0.1%          
Government National Mortgage Association
 Series 2014-131, Class BW 4.047% 5/20/41 (b)
   94,155    97,611 
Pass-Through Securities — 0.0%          
Federal Home Loan Mortgage Corp.
Pool #C01079 7.500% 10/01/30
   211    246 
Pool #C01135 7.500% 2/01/31   886    1,029 
Federal National Mortgage Association
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34
   15,613    16,374 
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33   12,642    13,258 
Pool #775539 12 mo. USD LIBOR + 1.636% 4.511% FRN 5/01/34   5,228    5,452 
Pool #575667 7.000% 3/01/31   2,156    2,503 
Pool #529453 7.500% 1/01/30   459    535 
Pool #535996 7.500% 6/01/31   826    964 
Pool #252926 8.000% 12/01/29   19    22 
Pool #532819 8.000% 3/01/30   27    32 
Pool #534703 8.000% 5/01/30   461    534 
Pool #253437 8.000% 9/01/30   23    27 
Pool #253481 8.000% 10/01/30   10    12 
Pool #190317 8.000% 8/01/31   478    556 
Pool #602008 8.000% 8/01/31   669    776 
Pool #597220 8.000% 9/01/31   570    666 

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

   Principal
Amount
   Value 
Government National Mortgage Association
Pool #371146 7.000% 9/15/23
  $40   $41 
Pool #352022 7.000% 11/15/23   560    595 
Pool #491089 7.000% 12/15/28   1,353    1,476 
Pool #500928 7.000% 5/15/29   593    676 
Pool #499410 7.000% 7/15/29   219    250 
Pool #510083 7.000% 7/15/29   152    173 
Pool #493723 7.000% 8/15/29   438    500 
Government National Mortgage Association I
 Pool #581417 7.000% 7/15/32
   2,110    2,416 
Government National Mortgage Association II
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25
   586    601 
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27   125    129 
         49,843 
Whole Loans — 1.1%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050%
2.997% FRN 7/25/49 (a)
   289,857    243,096 
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 3.097% FRN 9/25/31 (a)
   585,062    499,011 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 3.247% FRN 8/25/31 (a)   1,350,681    1,158,135 
Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450% 3.397% FRN 7/25/31 (a)   294,706    243,258 
         2,143,500 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $2,682,691)
    2,290,954 
           
U.S. Treasury Obligations — 0.8%          
U.S. Treasury Bonds & Notes — 0.8%          
U.S. Treasury Note
 8.000% 11/15/21 (c)
   1,220,000    1,373,800 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,395,661)
        1,373,800 
           
TOTAL BONDS & NOTES
(Cost $184,264,938)
        174,514,518 
           
TOTAL PURCHASED OPTIONS (#) — 0.0%
(Cost $147,532)
        61,692 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $184,412,470)
        174,576,210 
           
Short-Term Investments — 1.1%        
Commercial Paper — 1.1%        
Avangrid, Inc.
1.318% 4/03/20 (a)
   2,000,000    1,999,571 
         1,999,571 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,999,856)
        1,999,571 
           
TOTAL INVESTMENTS — 96.2%
(Cost $186,412,326) (d)
        176,575,781 
           
Other Assets/(Liabilities) — 3.8%        6,934,204 
           
NET ASSETS — 100.0%       $183,509,985 

 

Abbreviation Legend
ABS Asset-Backed Security
ARS Auction Rate Security
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
MBS Mortgage-Backed Security
MTA Monthly Treasury Average Index
STEP Step Up Bond
VRN Variable Rate Note
WL Whole Loan

 

 

MML Short-Duration Bond Fund — Portfolio of Investments (Continued) 

 

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 March 31, 2020, the aggregate market value of these securities amounted to $109,357,582 or 59.59% of net assets.
(b) 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 March 31, 2020.
(c) A portion of this security is pledged/held as collateral for open derivatives.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

(#) Interest Rate Swaptions Purchased 

   Paid by Fund   Received by Fund                                   
Description  Counterparty  Expiration Date  Rate   Frequency   Rate  Frequency   Notional Amount  Value   Premium
Paid
(Received)
   Unrealized Appreciation/ (Depreciation) 
Put       
10-Year
Interest
Rate Swap,
2/02/43
  Credit Suisse International  1/31/33  3.11%  Semi-Annually   3-Month
USD
LIBOR
BBA
  Quarterly   USD   3,080,000   $61,692   $147,531   $(85,839)

 
Futures contracts  

   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long   
U.S. Treasury Note 10 Year  6/19/20   158   $20,819,474   $1,093,151 
                   
Short                  
90 Day Eurodollar  6/15/20   2   $(487,381)  $(9,994)
U.S. Treasury Ultra 10 Year  6/19/20   71    (10,364,110)   (714,109)
U.S. Treasury Note 2 Year  6/30/20   185    (40,060,072)   (710,748)
U.S. Treasury Note 5 Year  6/30/20   478    (57,643,677)   (2,278,104)
90 Day Eurodollar  9/14/20   2    (487,593)   (10,632)
90 Day Eurodollar  12/14/20   2    (487,568)   (10,732)
90 Day Eurodollar  3/15/21   2    (487,743)   (10,832)
90 Day Eurodollar  9/13/21   3    (731,728)   (15,985)
90 Day Eurodollar  3/14/22   3    (731,503)   (15,910)
90 Day Eurodollar  9/19/22   3    (731,203)   (15,647)
90 Day Eurodollar  3/13/23   2    (487,168)   (10,332)
90 Day Eurodollar  12/18/23   3    (730,078)   (15,385)
90 Day Eurodollar  12/16/24   7    (1,701,414)   (35,286)
                $(3,853,696)

 

Centrally Cleared Credit Default Swaps- Buy Protection
Reference
Obligation/Index
  Rate Paid
by Fund
   Payment
Frequency
  Termination
Date
  Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.IG Series 34†   1.000%  Quarterly  6/20/25  USD 900,000  $3,126   $3,914   $(788)
CDX.NA.IG Series 34†   1.000%  Quarterly  6/20/25  USD 800,000   5,325    2,841    2,484 
                   $8,451   $6,755   $1,696 

 

Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

 

Currency Legend

USD           U.S. Dollar 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments
 
March 31, 2020 (Unaudited)

 

 

 

  Number of
Shares
   Value  
Equities — 96.8%          
           
Common Stock — 96.8%          
Basic Materials — 2.5%          
Mining — 2.5%          
Compass Minerals International, Inc. (a)   20,715   $796,906 
Kaiser Aluminum Corp.   17,805    1,233,531 
         2,030,437 
Communications — 1.6%          
Internet — 1.2%          
Q2 Holdings, Inc. (a) (b)   15,736    929,368 
Media — 0.4%          
Houghton Mifflin Harcourt Co. (b)   173,084    325,398 
         1,254,766 
Consumer, Cyclical — 10.8%          
Auto Parts & Equipment — 2.5%          
Dorman Products, Inc. (b)   16,786    927,762 
Visteon Corp. (a) (b)   21,671    1,039,775 
         1,967,537 
Entertainment — 0.2%          
Cedar Fair LP (c)   10,595    194,312 
Retail — 8.1%          
AutoNation, Inc. (b)   36,953    1,036,901 
BJ's Wholesale Club Holdings, Inc. (a) (b)   55,440    1,412,057 
Jack in the Box, Inc.   18,280    640,714 
Suburban Propane Partners LP (c)   86,329    1,220,692 
Texas Roadhouse, Inc.   27,979    1,155,533 
The Wendy's Co.   68,180    1,014,518 
         6,480,415 
         8,642,264 
Consumer, Non-cyclical — 26.3%          
Biotechnology — 2.1%          
Emergent BioSolutions, Inc. (b)   21,786    1,260,538 
Twist Bioscience Corp. (a) (b)   12,413    379,589 
         1,640,127 
Commercial Services — 5.4%          
ASGN, Inc. (b)   30,021    1,060,342 
Korn Ferry   48,432    1,177,866 
Monro, Inc. (a)   23,456    1,027,607 
Paylocity Holding Corp. (b)   11,698    1,033,168 
         4,298,983 
Foods — 1.9%          
BellRing Brands, Inc. Class A (b)   42,226    719,953 
The Simply Good Foods Co. (b)   43,612    839,967 
         1,559,920 
Health Care – Products — 9.0%          
Adaptive Biotechnologies Corp. (a) (b)   13,348    370,807 
AtriCure, Inc. (b)   22,440    753,760 
Inspire Medical Systems, Inc. (b)   16,982    1,023,675 
Intersect ENT, Inc. (b)   26,510    314,143 
Quidel Corp. (b)   17,707    1,731,922 
Repligen Corp. (b)   15,622    1,508,148 
Tandem Diabetes Care, Inc. (a) (b)   22,913    1,474,452 
         7,176,907 
Health Care – Services — 5.0%          
Addus HomeCare Corp. (b)   14,948    1,010,485 
LHC Group, Inc. (b)   16,887    2,367,557 
Teladoc Health, Inc. (a) (b)   3,904    605,159 
         3,983,201 
Household Products & Wares — 1.2%          
Acco Brands Corp.   197,948    999,637 
           
Pharmaceuticals — 1.7%          
Axsome Therapeutics, Inc. (b)   5,013    294,915 
Collegium Pharmaceutical, Inc. (a) (b)   27,328    446,266 
G1 Therapeutics, Inc. (a) (b)   12,676    139,690 
uniQure NV (a) (b)   10,020    475,449 
         1,356,320 
         21,015,095 
Energy — 1.6%          
Energy – Alternate Sources — 1.4%          
Renewable Energy Group, Inc. (a) (b)   51,987    1,067,293 
Pipelines — 0.2%          
Noble Midstream Partners LP (c)   52,719    184,517 
         1,251,810 
Financial — 20.2%          
Banks — 4.5%          
The Bank of NT Butterfield & Son Ltd.   39,469    672,157 
BankUnited, Inc.   17,279    323,117 
Cathay General Bancorp   24,446    561,036 
CrossFirst Bankshares, Inc. (a) (b)   8,451    70,989 
Heritage Financial Corp.   42,872    857,440 
IBERIABANK Corp.   19,833    717,161 
Signature Bank   4,579    368,106 
         3,570,006 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

 

 

  Number of
Shares
   Value  
Diversified Financial Services — 2.4%          
Federated Hermes, Inc.   20,156   $ 383,972 
Focus Financial Partners, Inc. Class A (a) (b)   26,872    618,324 
Stifel Financial Corp.   21,942    905,766 
         1,908,062 
Insurance — 1.9%          
ProAssurance Corp.   44,902    1,122,550 
ProSight Global, Inc. (a) (b)   41,995    409,451 
         1,532,001 
Real Estate Investment Trusts (REITS) — 6.4%          
Brandywine Realty Trust   103,992    1,093,996 
DiamondRock Hospitality Co.   175,415    891,108 
EPR Properties   20,184    488,856 
Four Corners Property Trust, Inc.   67,350    1,260,118 
National Storage Affiliates Trust   31,348    927,901 
SL Green Realty Corp. (a)   11,695    504,055 
         5,166,034 
Savings & Loans — 5.0%          
Berkshire Hills Bancorp, Inc.   36,309    539,552 
OceanFirst Financial Corp.   42,600    677,766 
Pacific Premier Bancorp, Inc.   40,852    769,652 
Sterling Bancorp   55,944    584,615 
WSFS Financial Corp.   58,510    1,458,069 
         4,029,654 
         16,205,757 
Industrial — 14.9%          
Building Materials — 2.7%          
Masonite International Corp. (b)   19,521    926,272 
Summit Materials, Inc. Class A (b)   83,299    1,249,485 
         2,175,757 
Electrical Components & Equipment — 3.0%          
Energizer Holdings, Inc.   25,433    769,348 
EnerSys   12,621    624,992 
Generac Holdings, Inc. (b)   10,693    996,267 
         2,390,607 
Electronics — 0.8%          
Atkore International Group, Inc. (b)   30,789    648,724 
Engineering & Construction — 3.1%          
Comfort Systems USA, Inc.   10,864    397,079 
KBR, Inc.   64,579    1,335,494 
TopBuild Corp. (b)   10,074    721,701 
         2,454,274 
Environmental Controls — 1.2%          
Evoqua Water Technologies Corp. (b)   50,214    562,899 
US Ecology, Inc.   12,901    392,190 
         955,089 
Machinery – Diversified — 0.3%          
Chart Industries, Inc. (b)   9,643    279,454 
Metal Fabricate & Hardware — 1.9%          
Mayville Engineering Co., Inc. (b)   34,830    213,508 
Rexnord Corp.   56,931    1,290,626 
         1,504,134 
Miscellaneous - Manufacturing — 0.8%          
EnPro Industries, Inc.   15,860    627,739 
Transportation — 0.6%          
CryoPort, Inc. (a) (b)   27,490    469,254 
           
Trucking & Leasing — 0.5%          
The Greenbrier Cos., Inc. (a)   24,004    425,831 
         11,930,863 
Technology — 14.9%          
Computers — 3.4%          
CACI International, Inc. Class A (b)   8,116    1,713,694 
Perspecta, Inc.   55,160    1,006,118 
         2,719,812 
Semiconductors — 4.9%          
Brooks Automation, Inc.   39,467    1,203,743 
MKS Instruments, Inc.   19,399    1,580,049 
Semtech Corp. (b)   30,681    1,150,537 
         3,934,329 
Software — 6.6%          
Bottomline Technologies de, Inc. (b)   27,631    1,012,676 
Envestnet, Inc. (b)   10,166    546,727 
j2 Global, Inc. (a)   22,062    1,651,341 
Zynga, Inc. Class A (b)   302,903    2,074,886 
         5,285,630 
         11,939,771 
Utilities — 4.0%          
Electric — 1.4%          
Avista Corp.   26,029    1,105,972 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

 

 

  Number of
Shares
   Value  
Gas — 2.6%          
National Fuel Gas Co. (a)   17,717   $660,667 
South Jersey Industries, Inc. (a)   56,092    1,402,300 
         2,062,967 
         3,168,939 
           
TOTAL COMMON STOCK 
(Cost $86,986,653)
        77,439,702 
           
TOTAL EQUITIES
(Cost $86,986,653)
        77,439,702 
           
Mutual Funds — 1.9%          
Diversified Financial Services — 1.9%          
State Street Navigator Securities Lending Prime Portfolio (d)   1,557,070    1,557,070 
           
TOTAL MUTUAL FUNDS    
(Cost $1,557,070)
        1,557,070 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $88,543,723)
        78,996,772 

           
    Principal
Amount
     
Short-Term Investments — 3.0%          
Repurchase Agreement — 3.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (e)  $2,366,462   2,366,462 
           
TOTAL SHORT-TERM INVESTMENTS  
(Cost $2,366,462)
        2,366,462 
           
TOTAL INVESTMENTS — 101.7%
(Cost $90,910,185) (f)
        81,363,234 
           
Other Assets/(Liabilities) — (1.7)%        (1,347,862)
           
NET ASSETS — 100.0%       $80,015,372 

 

Notes to Portfolio of Investments  
Percentages are stated as a percent of net assets.
(a) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $13,393,329 or 16.74% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $12,318,808 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).
(b) Non-income producing security.
(c) Security is a Master Limited Partnership.
(d) Represents investment of security lending cash collateral. (Note 2).
(e)Maturity value of $2,366,462. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $2,413,887.
(f)See Note 3 for aggregate cost for federal tax purposes.

 

MML Special Situations Fund —  Portfolio of Investments
 
March 31, 2020 (Unaudited)

 

   Number of
Shares
   Value  
Equities — 98.5%          
           
Common Stock — 98.5%          
Basic Materials — 7.0%          
Chemicals — 7.0%          
The Chemours Co.   43,100   $382,297 
Dow, Inc. (a)   21,000    614,040 
DuPont de Nemours, Inc.   6,600    225,060 
Ingevity Corp. (a)   6,639    233,693 
Rayonier Advanced Materials, Inc.   4,600    4,876 
         1,459,966 
Communications — 11.1%          
Media — 11.1%          
Altice USA, Inc. Class A (a)   23,956    533,979 
Cable One, Inc.   500    822,005 
Liberty Broadband Corp. Class A (a)   3,500    374,500 
Liberty Latin America Ltd. Class A (a)   54,100    569,132 
         2,299,616 
Consumer, Cyclical — 4.7%          
Apparel — 1.7%          
Kontoor Brands, Inc. (a) (b)   18,900    362,313 
Distribution & Wholesale — 1.5%          
IAA, Inc. (a)   10,300    308,588 
Resideo Technologies, Inc. (a)   510    2,469 
         311,057 
Home Furnishing — 1.0%          
Hamilton Beach Brands Holding Co. Class A   21,200    201,612 
Leisure Time — 0.3%          
Brunswick Corp.   1,500    53,055 
Retail — 0.2%          
J Alexander's Holdings, Inc. (a)   11,500    44,045 
         972,082 
Consumer, Non-cyclical — 27.6%          
Biotechnology — 0.7%          
Corteva, Inc. (a)   6,600    155,100 
Commercial Services — 8.2%          
PayPal Holdings, Inc. (a)   17,774    1,701,683 
           
Foods — 1.7%          
Lamb Weston Holdings, Inc.   6,300   359,730 
Health Care – Products — 11.0%          
Danaher Corp.   5,400    747,414 
Varex Imaging Corp. (a)   7,500    170,325 
West Pharmaceutical Services, Inc.   8,920    1,358,070 
         2,275,809 
Pharmaceuticals — 6.0%          
Zoetis, Inc.   10,538    1,240,217 
         5,732,539 
Energy — 2.1%          
Oil & Gas — 2.1%          
Murphy USA, Inc. (a)   5,000    421,800 
Financial — 4.1%          
Banks — 0.6%          
City Holding Co.   1,809    120,353 
Diversified Financial Services — 0.7%          
Synchrony Financial   9,540    153,498 
Real Estate Investment Trusts (REITS) — 2.8%          
Four Corners Property Trust, Inc.   10,300    192,713 
Gaming and Leisure Properties, Inc.   13,900    385,169 
         577,882 
         851,733 
Industrial — 32.8%          
Electronics — 18.0%          
Allegion PLC   8,500    782,170 
Fortive Corp.   5,900    325,621 
Honeywell International, Inc.   3,060    409,397 
Keysight Technologies, Inc. (a)   25,949    2,171,412 
nVent Electric PLC   2,340    39,476 
         3,728,076 
Engineering & Construction — 11.4%          
Arcosa, Inc.   51,488    2,046,133 
Jacobs Engineering Group, Inc.   4,100    325,007 
         2,371,140 
Machinery – Construction & Mining — 2.8%          
Oshkosh Corp.   9,202    591,965 
Machinery – Diversified — 0.6%          
Welbilt, Inc. (a)   24,400    125,172 
         6,816,353 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Technology — 9.1%          
Computers — 9.1%          
Hewlett Packard Enterprise Co.   147,300   $1,430,283 
Perspecta, Inc.   25,437    463,971 
         1,894,254 
           
TOTAL COMMON STOCK     
(Cost $22,429,350)
        20,448,343 
           
TOTAL EQUITIES
(Cost $22,429,350)
        20,448,343 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $22,429,350)
        20,448,343 
           
    Principal
Amount
     
Short-Term Investments — 1.6%          
Repurchase Agreement — 1.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (c)  $335,398   335,398 
           
TOTAL SHORT-TERM INVESTMENTS  
(Cost $335,398)
        335,398 
           
TOTAL INVESTMENTS — 100.1%
(Cost $22,764,748) (d)
        20,783,741 
           
Other Assets/(Liabilities) — (0.1)%        (19,996)
           
NET ASSETS — 100.0%       $20,763,745 

 

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 March 31, 2020, was $358,690 or 1.73% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $377,031 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) Maturity value of $335,398. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $342,616.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments
 
March 31, 2020 (Unaudited)

 

   Number of
Shares
   Value  
Equities — 96.4%          
           
Common Stock — 93.4%          
Bermuda — 2.6%          
Credicorp Ltd.   12,952   $1,853,042 
Jardine Strategic Holdings Ltd.   46,889    1,037,885 
         2,890,927 
Brazil — 4.5%          
Ambev SA   272,713    625,611 
Ambev SA ADR   61,612    141,708 
Atacadao SA   245,700    975,499 
B3 SA - Brasil Bolsa Balcao   119,653    826,686 
Itau Unibanco Holding SA Sponsored ADR   228,963    1,028,044 
Vale SA Sponsored ADR   162,124    1,344,008 
         4,941,556 
Cayman Islands — 24.2%          
Alibaba Group Holding Ltd. Sponsored ADR  (a)   29,924    5,819,620 
Baozun, Inc. ADR  (a) (b)   19,296    539,130 
Budweiser Brewing Co. APAC Ltd. (a) (c)   735,500    1,889,807 
Huazhu Group Ltd. ADR (b)   107,237    3,080,919 
Hutchison China MediTech Ltd. ADR (a)   10,405    185,729 
Innovent Biologics, Inc. (a) (c)   147,000    618,006 
Meituan Dianping, Class B (a)   118,500    1,422,062 
OneConnect Financial Technology Co. Ltd. (a)   49,687    504,323 
Pagseguro Digital Ltd. Class A (a) (b)   53,249    1,029,303 
StoneCo Ltd. Class A (a) (b)   16,313    355,134 
Tencent Holdings Ltd.   155,909    7,602,368 
Wuxi Biologics Cayman, Inc. (a) (c)   44,500    573,675 
ZTO Express Cayman, Inc. ADR (a)   113,862    3,015,066 
         26,635,142 
Chile — 0.6%          
SACI Falabella   324,841    715,796 
China — 5.1%          
China International Capital Corp. Ltd. Class H (c)   305,200    491,324 
Jiangsu Hengrui Medicine Co. Ltd. Class A   258,960    3,370,054 
Ping An Insurance Group Co. of China Ltd. Class A   168,762    1,651,732 
Shanghai Junshi Bioscience Class H (a) (c)   25,800    96,011 
         5,609,121 
Colombia — 0.4%          
Grupo Aval Acciones y Valores SA   91,386    400,271 
Egypt — 0.5%          
Commercial International Bank Egypt SAE   156,047    579,971 
France — 6.3%          
Kering SA   13,296   6,937,781 
LVMH Moet Hennessy Louis Vuitton SE   109    40,461 
         6,978,242 
Hong Kong — 4.9%          
AIA Group Ltd.   565,000    5,082,910 
Hansoh Pharmaceutical Group Co. Ltd. (a) (c)   96,000    324,282 
         5,407,192 
India — 9.4%          
Housing Development Finance Corp. Ltd.   195,271    4,149,825 
Kotak Mahindra Bank Ltd.   187,438    3,149,818 
Oberoi Realty Ltd.   75,766    335,982 
Tata Consultancy Services Ltd.   92,434    2,206,467 
Zee Entertainment Enterprises Ltd.   315,798    515,020 
         10,357,112 
Indonesia — 1.0%          
Bank Central Asia Tbk PT   379,100    641,034 
Indocement Tunggal Prakarsa Tbk PT   337,997    258,225 
Semen Indonesia Persero Tbk PT   331,200    154,457 
         1,053,716 
Italy — 2.0%          
Brunello Cucinelli SpA   133    4,046 
Moncler SpA   28,090    1,025,428 
PRADA SpA   411,000    1,199,778 
         2,229,252 
Mexico — 6.3%          
Alsea SAB de CV (a)   243,074    154,211 
America Movil SAB de CV Sponsored ADR   62,675    738,312 
Fomento Economico Mexicano SAB de CV   424,642    2,581,773 
Fomento Economico Mexicano SAB de CV Sponsored ADR   10,777    652,116 
Grupo Aeroportuario del Sureste SAB de CV Class B   41,904    394,990 
Grupo Financiero Banorte SAB de CV Class O   163,349    447,579 
Grupo Financiero Inbursa SAB de CV Class O   685,724    491,403 
Grupo Mexico SAB de CV Series B   805,630    1,493,926 
         6,954,310 
Netherlands — 1.5%          
Yandex NV Class A (a)   48,895    1,664,875 
Philippines — 2.4%          
Ayala Land, Inc.   1,435,500    857,348 
SM Investments Corp.   93,115    1,504,174 
SM Prime Holdings, Inc.   423,012    237,166 
         2,598,688 
Republic of Korea — 2.2%          
Amorepacific Corp.   3,959    545,753 
AMOREPACIFIC Group   5,072    228,664 
Samsung Biologics Co. Ltd. (a) (c)   4,093    1,603,980 
         2,378,397 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value  
Russia — 6.9%          
LUKOIL PJSC Sponsored ADR   7,989   $ 476,137 
LUKOIL PJSC Sponsored ADR   544    32,183 
MMC Norilsk Nickel PJSC   1,055    261,328 
MMC Norilsk Nickel PJSC ADR (b)   964    23,387 
MMC Norilsk Nickel PJSC ADR (Russia)   13,799    341,709 
Novatek PJSC Sponsored GDR Registered (b) (c)   31,597    3,623,468 
Novatek PJSC Sponsored GDR Registered (c)   3,074    354,432 
Polyus PJSC GDR (c) (d)   4,342    296,124 
Sberbank of Russia PJSC   904,451    2,144,830 
         7,553,598 
South Africa — 1.5%          
FirstRand Ltd. (b)   745,779    1,675,529 
Taiwan — 6.0%          
Taiwan Semiconductor Manufacturing Co. Ltd.   745,000    6,649,880 
Turkey — 1.6%          
Akbank T.A.S. (a)   763,895    635,212 
Anadolu Efes Biracilik Ve Malt Sanayii AS   132,968    345,858 
BIM Birlesik Magazalar AS   45,429    341,802 
Turkiye Garanti Bankasi AS (a)   327,803    394,504 
         1,717,376 
United Kingdom — 0.1%          
Glencore PLC   72,419    110,530 
United States — 3.4%          
MercadoLibre, Inc. (a)   201    98,205 
Yum China Holdings, Inc.   86,851    3,702,458 
         3,800,663 
           
TOTAL COMMON STOCK
(Cost $109,829,052)
        102,902,144 
           
Preferred Stock — 3.0%          
Brazil — 1.1%          
Lojas Americanas SA 0.640%          
    348,903    1,208,648 
India — 0.0%          
Zee Entertainment Enterprises Ltd.          
6.000%   503,840    19,647 
Singapore — 1.9%          
Grab Holdings, Inc., (Acquired 6/18/19, Cost $2,160,355) (a) (d) (e) (f)   350,542    2,160,355 
           
TOTAL PREFERRED STOCK                          
(Cost $3,873,009)
        3,388,650 
           
TOTAL EQUITIES
(Cost $113,702,061)
        106,290,794 
           
Mutual Funds — 0.5%          
United States — 0.5%          
State Street Navigator Securities Lending Prime Portfolio (g)   544,436    544,436 
           
TOTAL MUTUAL FUNDS
(Cost $544,436)
        544,436 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $114,246,497)
        106,835,230 

           
    Principal
Amount
     
Short-Term Investments — 3.6%          
Repurchase Agreement — 3.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (h)  $3,956,495   3,956,495 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,956,495)
        3,956,495 
           
TOTAL INVESTMENTS — 100.5%
(Cost $118,202,992) (i)
        110,791,725 
           
Other Assets/(Liabilities) — (0.5)%        (590,389)
           
NET ASSETS — 100.0%       $110,201,336 
 
Abbreviation Legend  
ADR American Depositary Receipt
GDR Global  Depositary Receipt
PJSC Public Joint Stock Company
     
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 March 31, 2020, was $2,930,342 or 2.66% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,352,296 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 March 31, 2020, the aggregate market value of these securities amounted to $9,871,109 or 8.96% of net assets.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $2,456,479 or 2.23% of net assets.
(e) Investment was valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2020, these securities amounted to a value of $2,160,355 or 1.96% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $3,956,495. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $4,038,719.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

Notes to Portfolio of Investments (Unaudited)

 

1.The Funds

 

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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 February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 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 Asset Momentum Fund ("Asset Momentum Fund")

MML Blend Fund (“Blend Fund”)

MML Dynamic Bond Fund ("Dynamic Bond Fund")

MML Equity Fund (“Equity Fund”)

MML Equity Rotation Fund ("Equity Rotation Fund")

MML High Yield Fund ("High Yield Fund")

MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MML Managed Bond Fund (“Managed Bond Fund”)

MML Short-Duration Bond Fund ("Short-Duration Bond Fund")

MML Small Cap Equity Fund ("Small Cap Equity Fund")

MML Special Situations Fund ("Special Situations Fund")

MML Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

 

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Allocation Funds, which are “funds of funds” series of MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.

 

2.Significant Accounting Policies

 

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

 

Investment Valuation

 

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees ("Trustees"), and under the general oversight of the Trustees. 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.

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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. Restricted securities are generally valued at a discount to similar publicly traded securities.

 

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or 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) are stated at fair valuations determined in good faith by the Funds' Valuation Committee1 in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds' Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds' Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds' fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

 

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day.  The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

 

1The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

 

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

 

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

 

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.

 

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

 

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

 

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

 

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

 

The Equity Rotation Fund, Small Cap Equity Fund, and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2020. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 

Notes to Portfolio of Investments (Unaudited) (Continued)

  

The following is the aggregate value by input level, as of March 31, 2020, for the remaining Funds' investments:

  

Asset Momentum Fund 

 

Asset Investments    Level 1    Level 2     Level 3     Total 
Common Stock  $4,296,786   $2,115,614*  $   $6,412,400 
U.S. Treasury Obligations       6,066,359        6,066,359 
Mutual Funds   15,269,311            15,269,311 
Short-Term Investments       4,027,681        4,027,681 
Total Investments  $19,566,097   $12,209,654   $   $31,775,751 
Liability Derivatives                    
Futures Contracts  $(706,644)  $   $   $(706,644)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Blend Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Common Stock  $378,933,428   $   $   $378,933,428 
Preferred Stock   487,200            487,200 
Corporate Debt       80,338,588        80,338,588 
Municipal Obligations       1,672,578        1,672,578 
Non-U.S. Government Agency Obligations       74,572,514        74,572,514 
Sovereign Debt Obligations       1,752,381        1,752,381 
U.S. Government Agency Obligations and Instrumentalities       66,718,666        66,718,666 
U.S. Treasury Obligations       8,367,021        8,367,021 
Purchased Options       369,054        369,054 
Rights   97,189            97,189 
Mutual Funds   610,776            610,776 
Short-Term Investments       42,934,072        42,934,072 
Total Investments  $380,128,593   $276,724,874   $   $656,853,467 
Asset Derivatives                    
Futures Contracts  $2,949,394   $   $   $2,949,394 
Swap Agreements       10,476        10,476 
Total  $2,949,394   $10,476   $   $2,959,870 
Liability Derivatives                    
Futures Contracts  $(543,422)  $   $   $(543,422)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Dynamic Bond Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Bank Loans  $   $9,544,545   $   $9,544,545 
Corporate Debt       77,729,837        77,729,837 
Municipal Obligations       461,385        461,385 
Non-U.S. Government Agency Obligations       69,844,533        69,844,533 
Sovereign Debt Obligations       1,079,727        1,079,727 
U.S. Government Agency Obligations and Instrumentalities       58,033,291        58,033,291 
U.S. Treasury Obligations       90,565,877        90,565,877 
Mutual Funds   154,275            154,275 
Short-Term Investments       9,651,056        9,651,056 
Total Investments  $154,275   $316,910,251   $   $317,064,526 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Common Stock  $580,410,017   $   $   $580,410,017 
Preferred Stock   3,216,643            3,216,643 
Corporate Debt       82,561        82,561 
Mutual Funds   5,744,580            5,744,580 
Short-Term Investments       3,582,538        3,582,538 
Total Investments  $589,371,240   $3,665,099   $   $593,036,339 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

High Yield Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Common Stock  $191,606   $356,962   $+**   $548,568 
Preferred Stock                
Bank Loans       5,739,991        5,739,991 
Corporate Debt       101,899,830    231,906**   102,131,736 
Warrants           263**    263 
Mutual Funds   4,597,363            4,597,363 
Total Investments  $4,788,969   $107,996,783   $232,169   $113,017,921 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Inflation-Protected and Income Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Corporate Debt  $   $3,489,914   $   $3,489,914 
Municipal Obligations       41,972        41,972 
Non-U.S. Government Agency Obligations       183,610,485        183,610,485 
U.S. Government Agency Obligations and Instrumentalities       1,533,927        1,533,927 
U.S. Treasury Obligations       65,752,513        65,752,513 
Purchased Options       1,072,161        1,072,161 
Short-Term Investments       69,496,692        69,496,692 
Total Investments  $   $324,997,664   $   $324,997,664 
Asset Derivatives                    
Futures Contracts  $205,180   $   $   $205,180 
Swap Agreements       1,360,398        1,360,398 
Total  $205,180   $1,360,398   $   $1,565,578 
Liability Derivatives                    
Futures Contracts   (244,452)           (244,452)
Swap Agreements       (395,315)       (395,315)
Total  $(244,452)  $(395,315)  $   $(639,767)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Managed Bond Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Preferred Stock  $2,314,200   $   $   $2,314,200 
Corporate Debt       345,843,941        345,843,941 
Municipal Obligations       5,967,805        5,967,805 
Non-U.S. Government Agency Obligations       323,859,919        323,859,919 
Sovereign Debt Obligations       7,042,755        7,042,755 
U.S. Government Agency Obligations and Instrumentalities       247,197,146        247,197,146 
U.S. Treasury Obligations       15,009,595        15,009,595 
Purchased Options       1,829,518        1,829,518 
Mutual Funds   2,288,213            2,288,213 
Short-Term Investments       130,676,274        130,676,274 
Total Investments  $4,602,413   $1,077,426,953   $   $1,082,029,366 
Asset Derivatives                    
Futures Contracts  $11,855,755   $   $   $11,855,755 
Swap Agreements       43,989        43,989 
Total  $11,855,755   $43,989   $   $11,899,744 
Liability Derivatives                    
Futures Contracts  $(2,056,283)  $   $   $(2,056,283)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Short-Duration Bond Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Corporate Debt  $   $71,279,873   $   $71,279,873 
Municipal Obligations       462,164        462,164 
Non-U.S. Government Agency Obligations       99,107,727        99,107,727 
U.S. Government Agency Obligations and Instrumentalities       2,290,954        2,290,954 
U.S. Treasury Obligations       1,373,800        1,373,800 
Purchased Options       61,692        61,692 
Short-Term Investments       1,999,571        1,999,571 
Total Investments  $   $176,575,781   $   $176,575,781 
Asset Derivatives                    
Futures Contracts  $1,093,151   $   $   $1,093,151 
Swap Agreements       8,451        8,451 
Total  $1,093,151   $8,451   $   $1,101,602 
Liability Derivatives                    
Futures Contracts  $ (3,853,696)  $   $   $(3,853,696)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Emerging Markets Fund

 

Asset Investments

   Level 1    Level 2    Level 3    Total 
Common Stock*                    
Bermuda  $1,853,042   $1,037,885   $   $2,890,927 
Brazil   4,941,556            4,941,556 
Cayman Islands   14,529,224    12,105,918        26,635,142 
Chile   715,796            715,796 
China       5,609,121        5,609,121 
Colombia   400,271            400,271 
Egypt       579,971        579,971 
France       6,978,242        6,978,242 
Hong Kong       5,407,192        5,407,192 
India       10,357,112        10,357,112 
Indonesia       1,053,716        1,053,716 
Italy       2,229,252        2,229,252 
Mexico   6,954,310            6,954,310 
Netherlands   1,664,875            1,664,875 
Philippines       2,598,688        2,598,688 
Republic of Korea       2,378,397        2,378,397 
Russia   354,432    7,199,166        7,553,598 
South Africa       1,675,529        1,675,529 
Taiwan       6,649,880        6,649,880 
Turkey       1,717,376        1,717,376 
United Kingdom       110,530        110,530 
United States   3,800,663            3,800,663 
Preferred Stock                    
Brazil   1,208,648            1,208,648 
India   19,647            19,647 
Singapore           2,160,355    2,160,355 
Mutual Funds   544,436            544,436 
Short-Term Investments       3,956,495        3,956,495 
Total Investments  $36,986,900   $71,644,470   $2,160,355   $110,791,725 

 

*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.

**None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at March 31, 2020 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for March 31, 2020 is not presented.

+Represents a security at $0 value as of March 31, 2020.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Derivative Instruments

 

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

 

Please refer to the Funds' most recent Annual/Semiannual reports and prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s). 

 

Securities Lending

 

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

 

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2020, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan.

 

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. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

 

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 Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely 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, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

 

Federal Income Tax

 

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

 

Dividends and Distributions to Shareholders

 

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

 

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

 

3.Federal Income Tax Information

 

At March 31, 2020, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

 

Notes to Portfolio of Investments (Unaudited) (Continued)

  

   Federal Income
Tax Cost
   Tax Basis Unrealized Appreciation   Tax Basis Unrealized (Depreciation)   Net Unrealized Appreciation (Depreciation)   
Asset Momentum Fund  $31,580,228   $2,002,798   $(1,807,275)  $195,523 
Blend Fund   610,312,494    95,676,552    (49,135,579)   46,540,973 
Dynamic Bond Fund   325,887,428    14,068,767    (22,891,669)   (8,822,902)
Equity Fund   670,866,488    32,934,381    (110,764,530)   (77,830,149)
Equity Rotation Fund   28,423,656    1,734,689    (3,648,223)   (1,913,534)
High Yield Fund   131,328,766    1,388,658    (19,699,503)   (18,310,845)
Inflation-Protected and Income Fund   332,646,718    4,710,488    (12,359,542)   (7,649,054)
Managed Bond Fund   1,126,179,720    21,796,722    (65,947,076)   (44,150,354)
Short-Duration Bond Fund   186,412,326    1,252,411    (11,088,956)   (9,836,545)
Small Cap Equity Fund   90,910,185    13,433,190    (22,980,141)   (9,546,951)
Special Situations Fund   22,764,748    3,850,968    (5,831,975)   (1,981,007)
Strategic Emerging Markets Fund   118,202,992    10,688,976    (18,100,243)   (7,411,267)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

4.New Accounting Pronouncements

 

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.

 

5.Legal Proceedings

 

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

 

The potential amount sought to be recovered from the Blend Fund and Small Cap Equity Fund are approximately $207,400 and $93,500, respectively, plus interest and the Official Committee’s court costs.

 

In addition, on June 2, 2011, the Blend Fund was named as a defendant in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

 

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds' net asset value depending on the net assets of each applicable Fund at the time of such judgment or settlement.

 

6.Coronavirus (COVID-19) Pandemic

 

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world.  Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.