0001398344-20-023132.txt : 20201123 0001398344-20-023132.hdr.sgml : 20201123 20201120174122 ACCESSION NUMBER: 0001398344-20-023132 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201123 PERIOD START: 20201231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MML Series Investment Fund II CENTRAL INDEX KEY: 0001317146 IRS NUMBER: 043557005 STATE OF INCORPORATION: CT FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21714 FILM NUMBER: 201333628 BUSINESS ADDRESS: STREET 1: 100 BRIGHT MEADOW BLVD. CITY: ENFIELD STATE: CT ZIP: 06082 BUSINESS PHONE: (860) 562-1000 MAIL ADDRESS: STREET 1: 100 BRIGHT MEADOW BLVD. 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VOLT 2020 NPL3 A1A 144A 92870GAA6 562728.25 PA USD 562727.8 0.1571744554 Long ABS-O CORP US Y 2 2050-02-25 Floating 2.9814 N N N N N N UFC HOLDINGS, LLC N/A TERM LOAN 90266UAF0 197747.32 PA USD 194039.56 0.0541968287 Long LON CORP US N 2 2026-04-29 Floating 0 N N N N N N WYNDHAM HOTELS + RESORTS 549300FE3MQ4RVXXC673 COMPANY GUAR 144A 08/28 4.375 98311AAB1 75000 PA USD 72750 0.0203196672 Long DBT CORP US Y 2 2028-08-15 Fixed 4.375 N N N N N N ULTIMATE SOFTWARE GROUP INC N/A TERM LOAN B 90385KAB7 139083.45 PA USD 137731.56 0.0384695459 Long LON CORP US N 2 2026-05-04 Floating 0 N N N N N N VERICREST OPPORTUNITY LOAN TRA N/A VOLT 2019 NPL2 A1 144A 92872KAA5 848124.98 PA USD 854438.42 0.2386516062 Long ABS-O CORP US Y 2 2049-02-25 Floating 3.9672 N N N N N N VS BUYER LLC N/A TERM LOAN B 91834WAC4 149299.87 PA USD 146437.79 0.0409012668 Long LON CORP US N 2 2027-02-28 Floating 0 N N N N N N XCEL ENERGY INC LGJNMI9GH8XIDG5RCM61 SR UNSECURED 06/25 3.3 98389BAR1 1000000 PA USD 1103559.69 0.3082332049 Long DBT CORP US N 2 2025-06-01 Fixed 3.3 N N N N N N VERIZON COMMUNICATIONS 2S72QS2UO2OESLG6Y829 SR UNSECURED 11/34 4.4 92343VCQ5 485000 PA USD 604637.26 0.1688801088 Long DBT CORP US N 2 2034-11-01 Fixed 4.4 N N N N N N WASHINGTON MUTUAL MORTGAGE PAS N/A WMALT 2006 4 3A5 939344AQ0 1008438.54 PA USD 954933.41 0.266720675 Long ABS-O CORP US N 2 2036-05-25 Floating 6.35 N N N N N N VERSCEND ESCROW CORP N/A SR UNSECURED 144A 08/26 9.75 92535WAA8 237000 PA USD 257687.73 0.0719742807 Long DBT CORP US Y 2 2026-08-15 Fixed 9.75 N N N N N N WEB.COM GROUP INC N/A FIRST LIEN 94732YAS2 40000 PA USD 38570 0.010772915 Long LON CORP US N 2 2025-10-10 Floating 0 N N N N N N VERTICAL US NEWCO INC N/A TERM LOAN B 938UPWII6 200000 PA USD 198108 0.0553331771 Long LON CORP US N 2 2027-07-30 Floating 0 N N N N N N WELLS FARGO + COMPANY PBLD0EJDB5FWOLXP3B76 SR UNSECURED 10/30 VAR 95000U2G7 115000 PA USD 123498.23 0.034494061 Long DBT CORP US N 2 2030-10-30 Fixed 2.879 N N N N N N VICI PROPERTIES / NOTE N/A COMPANY GUAR 144A 02/27 3.75 92564RAD7 15000 PA USD 14749.2 0.0041195716 Long DBT CORP US Y 2 2027-02-15 Fixed 3.75 N N N N N N WELLS FARGO + COMPANY PBLD0EJDB5FWOLXP3B76 SR UNSECURED 06/27 VAR 95000U2F9 245000 PA USD 267375.74 0.0746802207 Long DBT CORP US N 2 2027-06-17 Fixed 3.196 N N N N N N VICI PROPERTIES / NOTE N/A COMPANY GUAR 144A 08/30 4.125 92564RAE5 60000 PA USD 59025 0.016486163 Long DBT CORP US Y 2 2030-08-15 Fixed 4.125 N N N N N N WELLS FARGO COMMERCIAL MORTGAG 549300PX4QZK7CUM8D08 WFCM 2014 LC16 D 144A 94988XAC0 169000 PA USD 89529.91 0.0250064327 Long ABS-O CORP US Y 2 2050-08-15 Fixed 3.938 N N N N N N VIKING CRUISES LTD 549300IJP90T4MV2GL84 SR SECURED 144A 05/25 13 92676XAE7 30000 PA USD 34725 0.0096989752 Long DBT CORP BM Y 2 2025-05-15 Fixed 13 N N N N N N WELLS FARGO COMMERCIAL MORTGAG 549300MZIB10PDVAE312 WFCM 2016 C35 B 95000FAY2 328000 PA USD 335171.26 0.0936160614 Long ABS-O CORP US N 2 2048-07-15 Fixed 3.438 N N N N N N VIKING CRUISES LTD 549300IJP90T4MV2GL84 COMPANY GUAR 144A 09/27 5.875 92676XAD9 160000 PA USD 124400 0.0347459327 Long DBT CORP BM Y 2 2027-09-15 Fixed 5.875 N N N N N N WELLS FARGO COMMERCIAL MORTGAG 549300TRQQDPEF728F16 WFCM 2016 C37 C 95000PAL8 376000 PA USD 382335.37 0.1067893812 Long ABS-O CORP US N 2 2049-12-15 Floating 4.638904 N N N N N N WELLS FARGO COMMERCIAL MORTGAG N/A WFCM 2019 C50 B 95001XBD7 409000 PA USD 430351.68 0.1202007275 Long ABS-O CORP US N 2 2052-05-15 Fixed 4.192 N N N N N N WELLS FARGO COMMERCIAL MORTGAG N/A WFCM 2019 C50 C 95001XBE5 409000 PA USD 375588.01 0.1049047887 Long ABS-O CORP US N 2 2052-05-15 Floating 4.345 N N N N N N WELLS FARGO COMMERCIAL MORTGAG 549300RD723OFH36TP29 WFCM 2015 NXS4 C 94989XBJ3 421000 PA USD 433865.68 0.1211822163 Long ABS-O CORP US N 2 2048-12-15 Floating 4.819921 N N N N N N WELLS FARGO COMMERCIAL MORTGAG N/A WFCM 2020 C57 XA 95002XBH7 2238650.61 PA USD 357379.3 0.0998189477 Long ABS-O CORP US N 2 2053-08-15 Floating 2.2376 N N N N N N WELLS FARGO COMMERCIAL MORTGAG N/A WFCM 2019 C53 XA 95002BAF0 4354168.99 PA USD 305752.36 0.0853991231 Long ABS-O CORP US N 2 2052-10-15 Floating 1.15401 N N N N N N Repurchase Agreement 549300H47WTHXPU08X20 FIXED INC CLEARING CORP.REPO 85748R009 9556270.61 PA USD 9556270.61 2.6691441739 Long RA CORP US N 1 Repurchase N 0 2020-10-01 9429900 USD 9747490.73 USD UST N N N 2020-11-20 MML Series Investment Fund II /s/ Renee Hitchcock Renee Hitchcock Treasurer and CFO XXXX NPORT-EX 2 fp0058270_nportex.htm

 

MML Asset Momentum Fund — Portfolio of Investments
 
September 30, 2020 (Unaudited)
   Number of
Shares
   Value 
Equities — 23.5%          
           
Common Stock — 23.5%          
Communications — 2.0%          
Internet — 0.8%          
Rightmove PLC   35,000   $281,720 
Media — 0.6%          
Fox Corp. Class A   8,000    222,640 
Telecommunications — 0.6%          
NTT DOCOMO, Inc. (a)   5,600    207,673 
         712,033 
Consumer, Cyclical — 4.7%          
Distribution & Wholesale — 4.7%          
Pool Corp.   5,100    1,706,154 
Consumer, Non-cyclical — 1.7%          
Health Care – Products — 0.4%          
Advanced Medical Solutions Group PLC   54,682    152,258 
Health Care – Services — 0.7%          
Fresenius SE & Co. KGaA   5,900    268,565 
Household Products & Wares — 0.6%          
Henkel AG & Co. KGaA   2,000    187,336 
Portmeirion Group PLC (b)   5,600    30,716 
         218,052 
         638,875 
Energy — 0.8%          
Oil & Gas — 0.8%          
Marathon Petroleum Corp.   10,000    293,400 
Financial — 6.1%          
Diversified Financial Services — 6.1%          
Mastercard, Inc. Class A   5,300    1,792,301 
Visa, Inc. Class A   2,200    439,934 
         2,232,235 

 

 

MML Asset Momentum Fund — Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Industrial — 4.4%          
Building Materials — 0.2%          
Breedon Group PLC (b)   88,437   $81,019 
Electronics — 2.7%          
Halma PLC   17,600    530,471 
Roper Technologies, Inc.   1,100    434,621 
         965,092 
Hand & Machine Tools — 0.5%          
Schindler Holding AG   700    191,124 
Machinery – Diversified — 1.0%          
Keyence Corp.   800    372,834 
         1,610,069 
Technology — 3.8%          
Computers — 2.9%          
Fortinet, Inc. (b)   8,800    1,036,728 
Software — 0.9%          
EMIS Group PLC   11,800    158,482 
Nexus AG   3,400    183,376 
         341,858 
         1,378,586 
           
TOTAL COMMON STOCK                                                                                
(Cost $5,569,155)
        8,571,352 
           
TOTAL EQUITIES
(Cost $5,569,155)
        8,571,352 
           
  

Principal

Amount

    
Bonds & Notes — 24.9%        
         
U.S. Treasury Obligations — 24.9%        
U.S. Treasury Bonds & Notes — 24.9%        
U.S. Treasury Note          
1.250% 3/31/21 (c)  $6,000,000    6,033,886 
1.250% 10/31/21   3,000,000    3,036,126 
         9,070,012 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $9,008,008)
        9,070,012 
           
TOTAL BONDS & NOTES
(Cost $9,008,008)
        9,070,012 

 

 

MML Asset Momentum Fund — Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Mutual Funds — 48.4%          
           
Diversified Financial Services — 48.4%          
iShares MSCI Brazil ETF (a)   36,000   $995,760 
iShares MSCI India ETF (a)   6,600    223,476 
iShares MSCI Mexico ETF (a)   17,000    567,120 
State Street Navigator Securities Lending Prime Portfolio (d)   4,331,305    4,331,305 
Vanguard Short-Term Bond ETF (a)   93,000    7,723,650 
Vanguard Total Stock Market ETF (a)   22,200    3,780,882 
         17,622,193 
           
TOTAL MUTUAL FUNDS 
(Cost $17,108,704)
        17,622,193 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $31,685,867)
        35,263,557 
           
  

Principal

Amount

    
Short-Term Investments — 14.8%          
Repurchase Agreement — 14.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (e)  $5,383,393   5,383,393 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,383,393)
        5,383,393 
           
TOTAL INVESTMENTS — 111.6%
(Cost $37,069,260) (f)
        40,646,950 
           
Other Assets/(Liabilities) — (11.6)%        (4,222,786)
           
NET ASSETS — 100.0%       $36,424,164 

 

Abbreviation Legend 
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 September 30, 2020, was $5,655,666 or 15.53% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,429,413 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)  A portion of this security is pledged/held as collateral for open derivatives.
(d)  Represents investment of security lending cash collateral. (Note 2).
(e)  Maturity value of $5,383,393. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $5,491,110.
(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  12/18/20   16   $3,641,612   $8,708 

S&P 500 E Mini Index

  12/18/20   111    

18,813,975

    

(210,375

)
                $

(201,667

)

 

 

MML Blend Fund — Portfolio of Investments

 

September 30, 2020 (Unaudited)

 

  

Number of

Shares

   Value 
Equities — 66.2%        
         
Common Stock — 66.1%          
Basic Materials — 1.3%          
Chemicals — 0.9%          
Air Products & Chemicals, Inc.   355   $105,740 
Celanese Corp.   6,100    655,445 
CF Industries Holdings, Inc.   15,290    469,556 
Dow, Inc.   5,106    240,237 
DuPont de Nemours, Inc.   3,506    194,513 
Eastman Chemical Co.   6,370    497,624 
Ecolab, Inc.   2    400 
FMC Corp.   3,700    391,867 
International Flavors & Fragrances, Inc.   160    19,592 
Linde PLC   866    206,221 
LyondellBasell Industries NV Class A   14,140    996,729 
The Mosaic Co.   1,500    27,405 
PPG Industries, Inc.   9,418    1,149,749 
The Sherwin-Williams Co.   2,523    1,757,875 
         6,712,953 
Forest Products & Paper — 0.2%          
International Paper Co.   23,687    960,271 
Iron & Steel — 0.0%          
Nucor Corp.   3,056    137,092 
Mining — 0.2%          
Freeport-McMoRan, Inc.   3,864    60,433 
Newmont Corp.   25,170    1,597,037 
         1,657,470 
         9,467,786 
Communications — 11.5%          
Advertising — 0.1%          
The Interpublic Group of Cos., Inc.   22,122    368,774 
Omnicom Group, Inc.   8,147    403,276 
         772,050 
Internet — 8.4%          
Alphabet, Inc. Class A (a)   6,120    8,969,472 
Alphabet, Inc. Class C (a)   5,221    7,672,782 
Amazon.com, Inc. (a)   7,110    22,387,470 
Booking Holdings, Inc. (a)   1,511    2,584,837 
CDW Corp.   3,930    469,753 
E*TRADE Financial Corp.   5,561    278,328 
eBay, Inc.   30,377    1,582,642 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Expedia Group, Inc.   377   $34,567 
F5 Networks, Inc. (a)   1,400    171,878 
Facebook, Inc. Class A (a)   54,850    14,365,215 
Netflix, Inc. (a)   2,783    1,391,584 
NortonLifeLock, Inc.   17,955    374,182 
Twitter, Inc. (a)   1,300    57,850 
VeriSign, Inc. (a)   3,431    702,840 
         61,043,400 
Media — 0.9%          
Charter Communications, Inc. Class A (a)   2,031    1,268,035 
Comcast Corp. Class A   79,024    3,655,650 
Discovery, Inc. Class A (a) (b)   7,700    167,629 
Discovery, Inc. Class C (a)   9,043    177,243 
DISH Network Corp. Class A (a)   6,600    191,598 
Fox Corp. Class A   14,622    406,930 
Fox Corp. Class B (a)   2,700    75,519 
News Corp. Class A   866    12,141 
News Corp. Class B   300    4,194 
ViacomCBS, Inc. Class B (b)   4,843    135,653 
The Walt Disney Co.   5,066    628,589 
         6,723,181 
Telecommunications — 2.1%          
Arista Networks, Inc. (a)   1,530    316,603 
AT&T, Inc.   63,926    1,822,530 
CenturyLink, Inc.   27,928    281,794 
Cisco Systems, Inc.   133,542    5,260,219 
Corning, Inc.   8,167    264,692 
Juniper Networks, Inc.   7,289    156,714 
Motorola Solutions, Inc.   2,557    400,963 
T-Mobile US, Inc. (a)   3,250    371,670 
Verizon Communications, Inc.   111,355    6,624,509 
         15,499,694 
         84,038,325 
Consumer, Cyclical — 5.7%          
Airlines — 0.1%          
Alaska Air Group, Inc.   300    10,989 
American Airlines Group, Inc. (b)   2,200    27,038 
Delta Air Lines, Inc.   10,600    324,148 
Southwest Airlines Co.   10,383    389,363 
United Airlines Holdings, Inc. (a)   1,500    52,125 
         803,663 
Apparel — 0.5%          
Hanesbrands, Inc.   25,500    401,625 
NIKE, Inc. Class B   20,874    2,620,522 
PVH Corp.   1,620    96,617 
Ralph Lauren Corp.   2,960    201,191 
Tapestry, Inc.   6,220    97,219 
Under Armour, Inc. Class A (a)   200    2,246 
Under Armour, Inc. Class C (a)   300    2,952 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
VF Corp.   2,200   $154,550 
         3,576,922 
Auto Manufacturers — 0.4%          
Cummins, Inc.   6,565    1,386,265 
Ford Motor Co.   30,013    199,887 
General Motors Co.   26,200    775,258 
PACCAR, Inc.   4,822    411,220 
         2,772,630 
Auto Parts & Equipment — 0.0%          
BorgWarner, Inc.   4,800    185,952 
Distribution & Wholesale — 0.2%          
Copart, Inc. (a)   4,400    462,704 
Fastenal Co.   9,264    417,714 
W.W. Grainger, Inc.   1,072    382,457 
         1,262,875 
Entertainment — 0.0%          
Live Nation Entertainment, Inc. (a)   200    10,776 
Home Builders — 0.2%          
D.R. Horton, Inc.   4,747    359,016 
Lennar Corp. Class A   9,200    751,456 
NVR, Inc. (a)   70    285,818 
PulteGroup, Inc.   5,873    271,861 
         1,668,151 
Home Furnishing — 0.1%          
Leggett & Platt, Inc.   86    3,541 
Whirlpool Corp.   1,353    248,803 
         252,344 
Housewares — 0.0%          
Newell Brands, Inc.   4,600    78,936 
Leisure Time — 0.0%          
Harley-Davidson, Inc.   3,302    81,031 
Norwegian Cruise Line Holdings Ltd. (a) (b)   1,100    18,821 
Royal Caribbean Cruises Ltd.   610    39,485 
         139,337 
Lodging — 0.3%          
Hilton Worldwide Holdings, Inc.   14,700    1,254,204 
Las Vegas Sands Corp.   9,000    419,940 
Marriott International, Inc. Class A   6,081    562,979 
Wynn Resorts Ltd.   8    574 
         2,237,697 
Retail — 3.9%          
Advance Auto Parts, Inc.   1,010    155,035 
AutoZone, Inc. (a)   464    546,425 
Best Buy Co., Inc.   6,292    700,237 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
CarMax, Inc. (a)   400   $36,764 
Chipotle Mexican Grill, Inc. (a)   250    310,928 
Costco Wholesale Corp.   1,890    670,950 
Darden Restaurants, Inc.   2,654    267,364 
Dollar General Corp.   6,770    1,419,127 
Dollar Tree, Inc. (a)   2,548    232,734 
Domino's Pizza, Inc.   2,230    948,374 
The Gap, Inc.   690    11,751 
Genuine Parts Co.   364    34,642 
The Home Depot, Inc.   30,047    8,344,352 
Kohl's Corp.   8,530    158,061 
L Brands, Inc.   2,200    69,982 
Lowe's Cos., Inc.   32,745    5,431,086 
McDonald's Corp.   1,310    287,532 
Nordstrom, Inc. (b)   10,308    122,871 
O'Reilly Automotive, Inc. (a)   2,663    1,227,856 
Ross Stores, Inc.   1,204    112,357 
Starbucks Corp.   7,954    683,408 
Target Corp.   10,096    1,589,312 
Tiffany & Co.   802    92,912 
The TJX Cos., Inc.   4,612    256,658 
Tractor Supply Co.   3,310    474,455 
Walgreens Boots Alliance, Inc.   4,057    145,727 
Walmart, Inc.   22,312    3,121,672 
Yum! Brands, Inc.   10,275    938,108 
         28,390,680 
Toys, Games & Hobbies — 0.0%          
Hasbro, Inc.   2,791    230,872 
         41,610,835 
Consumer, Non-cyclical — 14.4%          
Agriculture — 1.0%          
Altria Group, Inc.   76,459    2,954,376 
Archer-Daniels-Midland Co.   792    36,820 
Philip Morris International, Inc.   57,286    4,295,877 
         7,287,073 
Beverages — 1.0%          
Brown-Forman Corp. Class B   15    1,130 
The Coca-Cola Co.   60,630    2,993,303 
Constellation Brands, Inc. Class A   542    102,714 
Molson Coors Beverage Co. Class B   1,500    50,340 
Monster Beverage Corp. (a)   8,400    673,680 
PepsiCo, Inc.   24,730    3,427,578 
         7,248,745 
Biotechnology — 2.0%          
Alexion Pharmaceuticals, Inc. (a)   7,560    865,091 
Amgen, Inc.   20,001    5,083,454 
Biogen, Inc. (a)   7,762    2,201,924 
Corteva, Inc.   2,706    77,960 
Gilead Sciences, Inc.   43,810    2,768,354 
Illumina, Inc. (a)   210    64,907 
Incyte Corp. (a)   260    23,332 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Regeneron Pharmaceuticals, Inc. (a)   2,730   $1,528,200 
Vertex Pharmaceuticals, Inc. (a)   7,250    1,972,870 
         14,586,092 
Commercial Services — 1.1%          
Automatic Data Processing, Inc.   7,259    1,012,558 
Cintas Corp.   2,378    791,470 
Equifax, Inc.   182    28,556 
FleetCor Technologies, Inc. (a)   1,320    314,292 
Gartner, Inc. (a)   110    13,744 
Global Payments, Inc.   1,132    201,021 
H&R Block, Inc. (b)   16,263    264,924 
IHS Markit Ltd.   6,500    510,315 
MarketAxess Holdings, Inc.   430    207,084 
Moody's Corp.   2,670    773,899 
Nielsen Holdings PLC   3,400    48,212 
PayPal Holdings, Inc. (a)   2,257    444,697 
Quanta Services, Inc.   2,013    106,407 
Robert Half International, Inc.   10,526    557,246 
S&P Global, Inc.   5,788    2,087,153 
United Rentals, Inc. (a)   3,250    567,125 
Verisk Analytics, Inc.   2,720    504,043 
         8,432,746 
Cosmetics & Personal Care — 1.0%          
Colgate-Palmolive Co.   31,806    2,453,833 
Coty, Inc. Class A   900    2,430 
The Estee Lauder Cos., Inc. Class A   1,570    342,653 
The Procter & Gamble Co.   34,959    4,858,951 
         7,657,867 
Foods — 0.7%          
Campbell Soup Co.   4,424    213,989 
Conagra Brands, Inc.   7,774    277,610 
General Mills, Inc.   19,062    1,175,744 
The Hershey Co.   3,667    525,628 
Hormel Foods Corp.   3,232    158,012 
The J.M. Smucker Co.   845    97,614 
Kellogg Co.   4,528    292,464 
The Kraft Heinz Co.   4,958    148,492 
The Kroger Co.   27,858    944,665 
Lamb Weston Holdings, Inc.   4,700    311,469 
McCormick & Co., Inc.   1,411    273,875 
Mondelez International, Inc. Class A   2,275    130,699 
Sysco Corp.   6,534    406,545 
Tyson Foods, Inc. Class A   501    29,799 
         4,986,605 
Health Care – Products — 0.9%          
Abbott Laboratories   5,901    642,206 
Align Technology, Inc. (a)   340    111,302 
Baxter International, Inc.   3,661    294,418 
The Cooper Cos., Inc.   80    26,970 
Danaher Corp.   936    201,549 
Dentsply Sirona, Inc.   56    2,449 
Edwards Lifesciences Corp. (a)   10,750    858,065 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Henry Schein, Inc. (a)   500   $29,390 
IDEXX Laboratories, Inc. (a)   1,100    432,421 
Intuitive Surgical, Inc. (a)   428    303,683 
Medtronic PLC   2,300    239,016 
ResMed, Inc.   2,160    370,289 
Stryker Corp.   4,180    870,986 
Teleflex, Inc.   60    20,425 
Thermo Fisher Scientific, Inc.   3,541    1,563,422 
Varian Medical Systems, Inc. (a)   7    1,204 
West Pharmaceutical Services, Inc.   1,030    283,147 
Zimmer Biomet Holdings, Inc.   5    681 
         6,251,623 
Health Care – Services — 1.3%          
Anthem, Inc.   4,626    1,242,497 
Centene Corp. (a)   920    53,664 
DaVita, Inc. (a)   5,730    490,775 
HCA Healthcare, Inc.   6,880    857,798 
Humana, Inc.   3,144    1,301,270 
Laboratory Corp. of America Holdings (a)   2    377 
Quest Diagnostics, Inc.   209    23,928 
UnitedHealth Group, Inc.   16,684    5,201,571 
Universal Health Services, Inc. Class B   50    5,351 
         9,177,231 
Household Products & Wares — 0.5%          
Avery Dennison Corp.   1,915    244,814 
Church & Dwight Co., Inc.   3,400    318,614 
The Clorox Co.   4,583    963,209 
Kimberly-Clark Corp.   12,275    1,812,526 
         3,339,163 
Pharmaceuticals — 4.9%          
AbbVie, Inc.   60,753    5,321,355 
AmerisourceBergen Corp.   2,507    242,979 
Becton Dickinson and Co.   1,602    372,753 
Bristol-Myers Squibb Co.   72,043    4,343,473 
Cardinal Health, Inc.   5,978    280,667 
Cigna Corp.   5,593    947,510 
CVS Health Corp.   27,101    1,582,698 
Eli Lilly and Co.   26,484    3,920,162 
Johnson & Johnson   49,892    7,427,921 
McKesson Corp.   4,095    609,868 
Merck & Co., Inc.   46,283    3,839,175 
Mylan NV (a)   18,547    275,052 
Pfizer, Inc.   152,641    5,601,925 
Zoetis, Inc.   8,720    1,442,026 
         36,207,564 
         105,174,709 
Energy — 1.1%          
Oil & Gas — 0.9%          
Apache Corp.   1,521    14,404 
Cabot Oil & Gas Corp.   31,048    538,993 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Chevron Corp.   26,938   $1,939,536 
Concho Resources, Inc.   700    30,884 
ConocoPhillips   34,039    1,117,841 
Devon Energy Corp.   6,447    60,989 
Diamondback Energy, Inc.   2,460    74,095 
EOG Resources, Inc.   18,078    649,723 
Exxon Mobil Corp.   26,897    923,374 
Hess Corp.   3,032    124,100 
HollyFrontier Corp.   8,900    175,419 
Marathon Oil Corp.   7,327    29,967 
Marathon Petroleum Corp.   4,900    143,766 
Noble Energy, Inc.   1,256    10,739 
Occidental Petroleum Corp.   3,629    36,326 
Phillips 66   15,379    797,247 
Pioneer Natural Resources Co.   1    86 
Valero Energy Corp.   4,040    175,013 
         6,842,502 
Oil & Gas Services — 0.1%          
Baker Hughes Co.   31    412 
Halliburton Co.   16,867    203,247 
National Oilwell Varco, Inc.   1,094    9,912 
Schlumberger NV   17,631    274,338 
TechnipFMC PLC   40    253 
         488,162 
Pipelines — 0.1%          
Kinder Morgan, Inc.   14,438    178,021 
The Williams Cos., Inc.   42,048    826,243 
         1,004,264 
         8,334,928 
Financial — 8.9%          
Banks — 2.6%          
Bank of America Corp.   147,898    3,562,863 
The Bank of New York Mellon Corp.   27,707    951,458 
Citigroup, Inc.   33,551    1,446,384 
Citizens Financial Group, Inc.   5,900    149,152 
Comerica, Inc.   5,821    222,653 
Fifth Third Bancorp   11,821    252,024 
The Goldman Sachs Group, Inc.   4,880    980,734 
Huntington Bancshares, Inc.   6,800    62,356 
JP Morgan Chase & Co.   62,732    6,039,210 
KeyCorp   8,664    103,361 
M&T Bank Corp.   2,545    234,369 
Morgan Stanley   16,397    792,795 
Northern Trust Corp.   3,459    269,698 
The PNC Financial Services Group, Inc.   11,408    1,253,853 
Regions Financial Corp.   26,715    308,024 
State Street Corp.   11,276    669,005 
SVB Financial Group (a)   480    115,498 
Truist Financial Corp.   6,944    264,219 
US Bancorp   24,402    874,812 
Wells Fargo & Co.   34,516    811,471 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Zions Bancorp NA   2,041   $59,638 
         19,423,577 
Diversified Financial Services — 3.1%          
Alliance Data Systems Corp.   6,280    263,634 
American Express Co.   11,739    1,176,835 
Ameriprise Financial, Inc.   5,266    811,543 
BlackRock, Inc.   1,450    817,148 
Capital One Financial Corp.   3,552    255,247 
The Charles Schwab Corp.   18,912    685,182 
CME Group, Inc.   1,840    307,850 
Discover Financial Services   8,583    495,926 
Franklin Resources, Inc.   5,387    109,625 
Intercontinental Exchange, Inc.   8,715    871,936 
Invesco Ltd.   14,412    164,441 
Jefferies Financial Group, Inc.   37    666 
Mastercard, Inc. Class A   25,020    8,461,013 
Nasdaq, Inc.   45    5,522 
Raymond James Financial, Inc.   3,900    283,764 
Synchrony Financial   25,900    677,803 
T. Rowe Price Group, Inc.   4,706    603,403 
Visa, Inc. Class A   30,562    6,111,483 
The Western Union Co.   21,188    454,059 
         22,557,080 
Insurance — 1.8%          
Aflac, Inc.   14,844    539,579 
The Allstate Corp.   11,535    1,085,905 
American International Group, Inc.   11,446    315,108 
Aon PLC Class A   1,795    370,309 
Assurant, Inc.   96    11,646 
Berkshire Hathaway, Inc. Class B (a)   25,526    5,435,507 
Chubb Ltd.   1,108    128,661 
Cincinnati Financial Corp.   39    3,041 
Everest Re Group Ltd.   20    3,951 
Globe Life, Inc.   3,282    262,232 
The Hartford Financial Services Group, Inc.   5,152    189,903 
Lincoln National Corp.   6,951    217,775 
Loews Corp.   783    27,209 
Marsh & McLennan Cos., Inc.   1,103    126,514 
MetLife, Inc.   29,190    1,084,992 
Principal Financial Group, Inc.   8,129    327,355 
The Progressive Corp.   19,514    1,847,390 
Prudential Financial, Inc.   8,037    510,510 
The Travelers Cos., Inc.   4,097    443,254 
Unum Group   8,731    146,943 
         13,077,784 
Real Estate — 0.1%          
CBRE Group, Inc. Class A (a)   8,087    379,846 
Real Estate Investment Trusts (REITS) — 1.3%          
Alexandria Real Estate Equities, Inc.   120    19,200 
American Tower Corp.   10,749    2,598,356 
Apartment Investment and Management Co. Class A   82    2,765 
AvalonBay Communities, Inc.   2,081    310,777 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Boston Properties, Inc.   3,793   $304,578 
Crown Castle International Corp.   1,690    281,385 
Digital Realty Trust, Inc.   280    41,093 
Duke Realty Corp.   9,000    332,100 
Equinix, Inc.   610    463,679 
Equity Residential   8,356    428,913 
Essex Property Trust, Inc.   1,580    317,248 
Extra Space Storage, Inc.   1,190    127,318 
Healthpeak Properties, Inc.   935    25,385 
Host Hotels & Resorts, Inc.   10,737    115,852 
Iron Mountain, Inc. (b)   9,748    261,149 
Kimco Realty Corp.   13,567    152,764 
Mid-America Apartment Communities, Inc.   2,190    253,931 
Prologis, Inc.   12,938    1,301,822 
Public Storage   1,693    377,065 
Realty Income Corp.   700    42,525 
Regency Centers Corp.   3,900    148,278 
Simon Property Group, Inc.   13,605    879,971 
SL Green Realty Corp. (b)   4,490    208,201 
UDR, Inc.   200    6,522 
Ventas, Inc.   8,225    345,121 
Vornado Realty Trust   6,973    235,060 
Welltower, Inc.   3,000    165,270 
Weyerhaeuser Co.   26    742 
         9,747,070 
Savings & Loans — 0.0%          
People's United Financial, Inc.   1,751    18,053 
         65,203,410 
Industrial — 5.0%          
Aerospace & Defense — 1.0%          
The Boeing Co.   2,052    339,113 
General Dynamics Corp.   3,032    419,720 
Howmet Aerospace, Inc.   5,408    90,422 
L3 Harris Technologies, Inc.   1,161    197,184 
Lockheed Martin Corp.   10,510    4,028,273 
Northrop Grumman Corp.   2,638    832,263 
Raytheon Technologies Corp.   14,318    823,858 
TransDigm Group, Inc.   1,080    513,129 
         7,243,962 
Building Materials — 0.2%          
Carrier Global Corp.   28,493    870,176 
Johnson Controls International PLC   2,565    104,780 
Masco Corp.   10,125    558,191 
Vulcan Materials Co.   5    678 
         1,533,825 
Electrical Components & Equipment — 0.2%          
AMETEK, Inc.   2,500    248,500 
Emerson Electric Co.   18,569    1,217,569 
         1,466,069 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Electronics — 0.7%          
Agilent Technologies, Inc.   3,063   $309,179 
Allegion PLC   1,633    161,520 
Amphenol Corp. Class A   474    51,320 
FLIR Systems, Inc.   2,852    102,244 
Fortive Corp.   478    36,429 
Garmin Ltd.   2,100    199,206 
Honeywell International, Inc.   13,052    2,148,490 
Keysight Technologies, Inc. (a)   4,500    444,510 
Mettler-Toledo International, Inc. (a)   760    733,970 
PerkinElmer, Inc.   20    2,510 
Roper Technologies, Inc.   663    261,958 
TE Connectivity Ltd.   2,000    195,480 
Waters Corp. (a)   1,540    301,347 
         4,948,163 
Engineering & Construction — 0.0%          
Jacobs Engineering Group, Inc.   820    76,071 
Environmental Controls — 0.1%          
Pentair PLC   2,523    115,478 
Republic Services, Inc.   337    31,459 
Waste Management, Inc.   6,903    781,212 
         928,149 
Hand & Machine Tools — 0.0%          
Snap-on, Inc.   1,171    172,289 
Stanley Black & Decker, Inc.   9    1,460 
         173,749 
Machinery – Construction & Mining — 0.2%          
Caterpillar, Inc.   10,105    1,507,161 
Machinery – Diversified — 0.3%          
Dover Corp.   1,303    141,167 
Flowserve Corp.   1,870    51,032 
Ingersoll Rand, Inc. (a)   544    19,367 
Otis Worldwide Corp.   14,046    876,751 
Rockwell Automation, Inc.   4,953    1,093,028 
Westinghouse Air Brake Technologies Corp.   500    30,940 
Xylem, Inc.   55    4,627 
         2,216,912 
Miscellaneous - Manufacturing — 0.9%          
3M Co.   15,432    2,471,898 
Eaton Corp. PLC   7,366    751,553 
General Electric Co.   20,786    129,497 
Illinois Tool Works, Inc.   10,365    2,002,622 
Parker-Hannifin Corp.   2,268    458,907 
Textron, Inc.   3,372    121,695 
Trane Technologies PLC   4,090    495,912 
         6,432,084 
Packaging & Containers — 0.2%          
Amcor PLC   27,900    308,295 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
Ball Corp.   504   $41,892 
Packaging Corp. of America   4,350    474,368 
Sealed Air Corp.   53    2,057 
WestRock Co.   7,467    259,404 
         1,086,016 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.   1,110    156,233 
Transportation — 1.2%          
C.H. Robinson Worldwide, Inc.   2,520    257,519 
CSX Corp.   19,807    1,538,410 
Expeditors International of Washington, Inc.   4,626    418,745 
Kansas City Southern   1,740    314,644 
Norfolk Southern Corp.   3,643    779,566 
Old Dominion Freight Line, Inc.   1,840    332,893 
Union Pacific Corp.   15,132    2,979,037 
United Parcel Service, Inc. Class B   15,040    2,506,115 
         9,126,929 
         36,895,323 
Technology — 16.6%          
Computers — 5.6%          
Accenture PLC Class A   11,540    2,607,925 
Apple, Inc.   286,068    33,129,535 
Cognizant Technology Solutions Corp. Class A   8,856    614,784 
DXC Technology Co.   7,579    135,285 
Fortinet, Inc. (a)   5,790    682,120 
Hewlett Packard Enterprise Co.   10,074    94,393 
HP, Inc.   44,074    836,965 
International Business Machines Corp.   16,840    2,048,923 
Leidos Holdings, Inc.   600    53,490 
NetApp, Inc.   9,598    420,776 
Seagate Technology PLC   8,700    428,649 
Western Digital Corp.   547    19,993 
         41,072,838 
Office & Business Equipment — 0.1%          
Xerox Holdings Corp.   5,736    107,665 
Zebra Technologies Corp. Class A (a)   1,120    282,755 
         390,420 
Semiconductors — 4.1%          
Advanced Micro Devices, Inc. (a)   11,000    901,890 
Analog Devices, Inc.   1,072    125,145 
Applied Materials, Inc.   24,539    1,458,844 
Broadcom, Inc.   5,469    1,992,466 
Intel Corp.   118,223    6,121,587 
IPG Photonics Corp. (a)   50    8,499 
KLA Corp.   5,439    1,053,752 
Lam Research Corp.   6,183    2,051,210 
Maxim Integrated Products, Inc.   6,600    446,226 
Microchip Technology, Inc.   2,261    232,340 
Micron Technology, Inc. (a)   15,417    723,982 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
NVIDIA Corp.   9,966   $5,393,799 
QUALCOMM, Inc.   36,730    4,322,386 
Skyworks Solutions, Inc.   2,840    413,220 
Texas Instruments, Inc.   32,344    4,618,400 
Xilinx, Inc.   5,996    625,023 
         30,488,769 
Software — 6.8%          
Activision Blizzard, Inc.   14,400    1,165,680 
Adobe, Inc. (a)   11,200    5,492,816 
Akamai Technologies, Inc. (a)   2,026    223,954 
Autodesk, Inc. (a)   2,317    535,250 
Broadridge Financial Solutions, Inc.   720    95,040 
Cadence Design Systems, Inc. (a)   8,700    927,681 
Cerner Corp.   4,300    310,847 
Citrix Systems, Inc.   3,167    436,127 
Electronic Arts, Inc. (a)   10,877    1,418,469 
Fidelity National Information Services, Inc.   900    132,489 
Fiserv, Inc. (a)   802    82,646 
Intuit, Inc.   6,190    2,019,240 
Jack Henry & Associates, Inc.   1,940    315,425 
Microsoft Corp.   142,685    30,010,936 
MSCI, Inc.   770    274,721 
Oracle Corp.   71,757    4,283,893 
Paychex, Inc.   5,864    467,771 
salesforce.com, Inc. (a)   1,024    257,352 
ServiceNow, Inc. (a)   1,570    761,450 
Synopsys, Inc. (a)   2,630    562,767 
         49,774,554 
         121,726,581 
Utilities — 1.6%          
Electric — 1.6%          
AES Corp.   13,387    242,438 
Alliant Energy Corp.   5,400    278,910 
Ameren Corp.   460    36,377 
American Electric Power Co., Inc.   2,485    203,099 
CenterPoint Energy, Inc.   4,131    79,935 
CMS Energy Corp.   1,103    67,735 
Consolidated Edison, Inc.   1,282    99,740 
Dominion Energy, Inc.   1,347    106,319 
DTE Energy Co.   310    35,662 
Duke Energy Corp.   10,290    911,282 
Edison International   826    41,994 
Entergy Corp.   848    83,553 
Evergy, Inc.   15,200    772,464 
Eversource Energy   812    67,843 
Exelon Corp.   22,140    791,726 
FirstEnergy Corp.   11,080    318,107 
NextEra Energy, Inc.   710    197,068 
NRG Energy, Inc.   38,600    1,186,564 
Pinnacle West Capital Corp.   1,396    104,072 
PPL Corp.   44,318    1,205,893 
Public Service Enterprise Group, Inc.   9,924    544,927 
Sempra Energy   11,421    1,351,789 
The Southern Co.   44,522    2,413,983 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Number of

Shares

   Value 
WEC Energy Group, Inc.   542   $52,520 
Xcel Energy, Inc.   2,172    149,890 
         11,343,890 
Gas — 0.0%          
NiSource, Inc.   713    15,686 
Water — 0.0%          
American Water Works Co., Inc.   380    55,054 
         11,414,630 
TOTAL COMMON STOCK
(Cost $315,452,940)
        483,866,527 
           
Preferred Stock — 0.1%          
Financial — 0.1%          
Insurance — 0.1%          
The Allstate Corp., 3 mo. USD LIBOR + 3.165%          
5.100% VRN 1/15/53   20,000    519,400 
           
TOTAL PREFERRED STOCK
(Cost $500,000)
        519,400 
           
TOTAL EQUITIES  
(Cost $315,952,940)
        484,385,927 

 

  

Principal

Amount

     
Bonds & Notes — 33.6%          
           
Corporate Debt — 13.7%          
Aerospace & Defense — 0.0%          
Raytheon Technologies Corp.          
4.500% 6/01/42  $150,000    189,380 
6.125% 7/15/38   80,000    114,872 
         304,252 
Agriculture — 0.3%          
BAT Capital Corp.          
2.259% 3/25/28   175,000    175,868 
4.700% 4/02/27   225,000    258,127 
4.758% 9/06/49   110,000    119,466 
Bunge Ltd. Finance Corp.          
1.630% 8/17/25   95,000    95,415 
3.250% 8/15/26   262,000    282,528 
4.350% 3/15/24   350,000    385,665 
Imperial Brands Finance PLC          
3.875% 7/26/29 (c)   631,000    683,489 
Reynolds American, Inc.          
5.850% 8/15/45   220,000    267,332 
         2,267,890 
Airlines — 0.1%          
American Airlines Pass-Through Trust, Series 2014-1, Class B,          
4.375% 4/01/24   22,931    16,240 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Delta Air Lines, Inc. / SkyMiles IP Ltd.          
4.500% 10/20/25 (c)  $235,000   $241,310 
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,          
4.100% 10/01/29   248,959    223,457 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   78,230    60,662 
         541,669 
Auto Manufacturers — 0.6%          
Ford Motor Credit Co. LLC          
3.087% 1/09/23   320,000    313,565 
3.336% 3/18/21   400,000    400,100 
3.810% 1/09/24   450,000    445,500 
4.140% 2/15/23   465,000    467,892 
4.375% 8/06/23   475,000    482,267 
General Motors Co.          
4.200% 10/01/27   215,000    230,419 
5.150% 4/01/38   130,000    138,056 
General Motors Financial Co., Inc.          
3.500% 11/07/24   490,000    514,768 
4.150% 6/19/23   582,000    617,805 
4.200% 11/06/21   301,000    310,676 
Hyundai Capital America          
2.850% 11/01/22 (c)   385,000    398,136 
         4,319,184 
Banks — 1.7%          
ABN AMRO Bank NV          
4.750% 7/28/25 (c)   75,000    84,458 
Associated Banc-Corp.          
4.250% 1/15/25   494,000    526,339 
Bank of America Corp.          
SOFR + 2.150% 2.592% VRN 4/29/31   310,000    329,816 
4.183% 11/25/27   255,000    292,158 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   200,000    243,722 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   100,000    117,306 
4.750% 4/21/45   125,000    163,520 
6.110% 1/29/37   220,000    310,564 
7.750% 5/14/38   95,000    157,338 
The Bank of Nova Scotia          
4.500% 12/16/25   200,000    231,677 
3 mo. USD LIBOR + 2.648% 4.650% VRN (d)   715,000    693,107 
Barclays Bank PLC          
10.179% 6/12/21 (c)   440,000    462,928 
Barclays PLC          
3 mo. USD LIBOR + 1.380% 1.660% FRN 5/16/24   345,000    345,940 
4.337% 1/10/28   260,000    289,526 
BPCE SA          
1.652% 10/06/26 (c) (e)   945,000    946,519 
Citigroup, Inc.          
3.875% 3/26/25   387,000    426,370 
6.000% 10/31/33   97,000    130,670 
6.625% 6/15/32   100,000    139,713 
8.125% 7/15/39   90,000    156,653 
Credit Suisse AG          
6.500% 8/08/23 (c)   350,000    396,375 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Deutsche Bank AG          
3.150% 1/22/21  $428,000   $430,589 
Discover Bank 5 year USD Swap + 1.730%          
4.682% VRN 8/09/28   495,000    518,928 
First Republic Bank          
4.375% 8/01/46   935,000    1,132,572 
Fulton Financial Corp.          
3.600% 3/16/22   230,000    235,072 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   100,000    113,770 
5.950% 1/15/27   212,000    260,865 
6.250% 2/01/41   60,000    89,634 
6.750% 10/01/37   200,000    290,586 
HSBC Holdings PLC          
4.250% 3/14/24   200,000    214,473 
4.250% 8/18/25   464,000    504,262 
JP Morgan Chase & Co.          
SOFR + 2.515% 2.956% VRN 5/13/31   245,000    262,862 
5.600% 7/15/41   195,000    285,966 
Morgan Stanley          
4.350% 9/08/26   775,000    897,063 
SVB Financial Group          
3.500% 1/29/25   400,000    430,472 
Valley National Bancorp          
5.125% 9/27/23   245,000    262,516 
Wells Fargo & Co.          
5.375% 11/02/43   159,000    210,476 
5.606% 1/15/44   110,000    150,135 
         12,734,940 
Beverages — 0.2%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900% 2/01/46   825,000    1,017,249 
Molson Coors Beverage Co.          
4.200% 7/15/46   285,000    300,630 
5.000% 5/01/42   60,000    67,953 
         1,385,832 
Building Materials — 0.1%          
Standard Industries, Inc.          
5.000% 2/15/27 (c)   771,000    801,840 
Chemicals — 0.4%          
DuPont de Nemours, Inc.          
5.319% 11/15/38   365,000    463,170 
Huntsman International LLC          
5.125% 11/15/22   197,000    211,834 
LYB International Finance BV          
5.250% 7/15/43   175,000    213,913 
Nutrition & Biosciences, Inc.          
1.832% 10/15/27 (c)   180,000    180,816 
Syngenta Finance NV          
4.441% 4/24/23 (c)   625,000    660,088 
Yara International ASA          
3.148% 6/04/30 (c)   85,000    90,957 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
4.750% 6/01/28 (c)  $745,000   $873,005 
         2,693,783 
Commercial Services — 0.0%          
ERAC USA Finance LLC          
6.700% 6/01/34 (c)   78,000    107,733 
PayPal Holdings, Inc.          
3.250% 6/01/50   170,000    188,056 
         295,789 
Computers — 0.3%          
Apple, Inc.          
2.650% 5/11/50   175,000    183,379 
Dell International LLC/EMC Corp.          
6.020% 6/15/26 (c)   616,000    723,295 
Genpact Luxembourg Sarl          
3.375% 12/01/24   770,000    806,336 
3.700% STEP 4/01/22   360,000    368,547 
Leidos, Inc.          
4.375% 5/15/30 (c)   145,000    169,933 
         2,251,490 
Diversified Financial Services — 1.1%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
4.500% 9/15/23   335,000    345,235 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
6.500% 7/15/25   160,000    172,731 
Aircastle Ltd.          
4.400% 9/25/23   315,000    311,614 
5.000% 4/01/23   525,000    526,183 
Ally Financial, Inc.          
4.125% 2/13/22   375,000    388,612 
Antares Holdings LP          
6.000% 8/15/23 (c)   495,000    500,572 
8.500% 5/18/25 (c)   450,000    474,577 
Ares Finance Co. LLC          
4.000% 10/08/24 (c)   355,000    379,488 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (c)   310,000    276,561 
Brookfield Finance, Inc.          
4.350% 4/15/30   730,000    852,230 
4.850% 3/29/29   433,000    516,623 
GE Capital International Funding Co. Unlimited Co.          
4.418% 11/15/35   200,000    211,112 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (c)   336,781    187,755 
Lazard Group LLC          
3.625% 3/01/27   184,000    198,736 
3.750% 2/13/25   160,000    173,434 
4.500% 9/19/28   460,000    532,129 
LeasePlan Corp. NV          
2.875% 10/24/24 (c)   345,000    356,046 
Legg Mason, Inc.          
5.625% 1/15/44   255,000    353,074 
Park Aerospace Holdings Ltd.          
4.500% 3/15/23 (c)   250,000    247,737 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
5.250% 8/15/22 (c)  $1,375,000   $1,380,562 
         8,385,011 
Electric — 0.5%          
The Cleveland Electric Illuminating Co.          
3.500% 4/01/28 (c)   155,000    167,489 
CMS Energy Corp.          
4.700% 3/31/43   115,000    143,659 
4.875% 3/01/44   390,000    510,611 
Entergy Arkansas LLC          
2.650% 6/15/51   425,000    428,910 
Entergy Louisiana LLC          
4.950% 1/15/45   165,000    181,582 
ITC Holdings Corp.          
2.950% 5/14/30 (c)   225,000    241,951 
Nevada Power Co.          
6.650% 4/01/36   135,000    199,435 
Oncor Electric Delivery Co.          
7.500% 9/01/38   40,000    65,921 
Pacific Gas and Electric Co.          
2.500% 2/01/31   190,000    180,779 
Pennsylvania Electric Co.          
4.150% 4/15/25 (c)   295,000    323,495 
Potomac Electric Power Co.          
4.150% 3/15/43   350,000    423,498 
Puget Energy, Inc.          
3.650% 5/15/25   350,000    374,594 
Xcel Energy, Inc.          
6.500% 7/01/36   390,000    571,779 
         3,813,703 
Electronics — 0.0%          
Ingram Micro, Inc.          
5.450% STEP 12/15/24   203,000    217,131 
Foods — 0.3%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
5.500% 1/15/30 (c)   499,000    543,146 
6.500% 4/15/29 (c)   130,000    144,296 
Kraft Heinz Foods Co.          
3.950% 7/15/25   351,000    380,852 
Mars, Inc.          
3.950% 4/01/49 (c)   415,000    502,391 
Smithfield Foods, Inc.          
3.000% 10/15/30 (c)   225,000    225,486 
         1,796,171 
Forest Products & Paper — 0.0%          
Fibria Overseas Finance Ltd.          
4.000% 1/14/25   250,000    265,000 
Gas — 0.1%          
NiSource, Inc.          
4.800% 2/15/44   385,000    481,160 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
5.800% 2/01/42  $175,000   $237,910 
         719,070 
Health Care – Products — 0.0%          
Dentsply Sirona, Inc.          
3.250% 6/01/30   150,000    163,077 
Health Care – Services — 0.1%          
Advocate Health & Hospitals Corp.          
3.829% 8/15/28   165,000    191,058 
Humana, Inc.          
4.800% 3/15/47   125,000    163,639 
UnitedHealth Group, Inc.          
3.125% 5/15/60   210,000    225,379 
         580,076 
Home Builders — 0.0%          
Lennar Corp.          
4.750% 5/30/25   200,000    218,276 
Insurance — 2.0%          
Allstate Corp. 3 mo. USD LIBOR + 2.938%          
5.750% VRN 8/15/53   990,000    1,030,861 
American International Group, Inc.          
3.400% 6/30/30   285,000    315,599 
4.200% 4/01/28   210,000    243,537 
4.500% 7/16/44   200,000    233,311 
4.750% 4/01/48   75,000    91,887 
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48   625,000    682,682 
AmTrust Financial Services, Inc.          
6.125% 8/15/23   775,000    718,579 
Arch Capital Group Ltd.          
3.635% 6/30/50   310,000    333,279 
Arch Capital Group US, Inc.          
5.144% 11/01/43   170,000    216,289 
Athene Global Funding          
2.500% 1/14/25 (c)   630,000    649,381 
Athene Holding Ltd.          
4.125% 1/12/28   1,255,000    1,362,816 
AXIS Specialty Finance LLC          
3.900% 7/15/29   275,000    300,563 
5 year CMT + 3.186% 4.900% VRN 1/15/40   300,000    299,715 
AXIS Specialty Finance PLC          
4.000% 12/06/27   665,000    727,917 
Brighthouse Financial, Inc.          
3.700% 6/22/27   300,000    311,209 
4.700% 6/22/47   275,000    264,659 
5.625% 5/15/30   230,000    267,850 
Brown & Brown, Inc.          
2.375% 3/15/31   145,000    145,892 
4.200% 9/15/24   246,000    271,463 
CNO Financial Group, Inc.          
5.250% 5/30/25   590,000    676,709 
Enstar Group Ltd.          
4.500% 3/10/22   370,000    385,484 
4.950% 6/01/29   350,000    392,195 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Equitable Holdings, Inc.          
5.000% 4/20/48  $225,000   $265,957 
Markel Corp.          
3.350% 9/17/29   130,000    143,535 
New York Life Insurance Co.          
3.750% 5/15/50 (c)   125,000    140,928 
The Progressive Corp. 3 mo. USD LIBOR + 2.539%          
5.375% VRN (d)   375,000    375,000 
Prudential Financial, Inc.          
5 year CMT + 3.035% 3.700% VRN 10/01/50   85,000    86,726 
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   225,000    238,990 
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48   630,000    712,247 
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42   125,000    131,651 
Reinsurance Group of America, Inc.          
3.150% 6/15/30   290,000    315,734 
3.900% 5/15/29   325,000    371,015 
Teachers Insurance & Annuity Association of America          
4.270% 5/15/47 (c)   175,000    204,893 
USF&G Capital I          
8.500% 12/15/45 (c)   150,000    235,729 
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%          
4.700% VRN 1/23/48   180,000    180,169 
Willis North America, Inc.          
2.950% 9/15/29   180,000    193,964 
4.500% 9/15/28   480,000    570,725 
XLIT Ltd.          
4.450% 3/31/25   483,000    546,252 
         14,635,392 
Internet — 0.1%          
Alphabet, Inc.          
2.250% 8/15/60   200,000    189,115 
Amazon.com, Inc.          
4.050% 8/22/47   325,000    422,243 
         611,358 
Investment Companies — 0.5%          
Ares Capital Corp.          
3.500% 2/10/23   710,000    729,292 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   850,000    863,617 
4.125% 8/11/22   470,000    476,689 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.          
6.250% 2/01/22   550,000    555,814 
Sixth Street Specialty Lending, Inc.          
3.875% 11/01/24   805,000    815,506 
         3,440,918 
Iron & Steel — 0.1%          
Vale Overseas Ltd.          
6.250% 8/10/26   275,000    325,187 
6.875% 11/21/36   230,000    299,389 
         624,576 
Machinery – Diversified — 0.1%          
CNH Industrial Capital LLC          

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
1.950% 7/02/23  $135,000   $137,531 
3.875% 10/15/21   700,000    719,048 
         856,579 
Media — 0.5%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.125% 5/01/27 (c)   200,000    210,444 
Charter Communications Operating LLC/Charter Communications Operating Capital          
6.484% 10/23/45   225,000    301,782 
Comcast Corp.          
3.400% 7/15/46   220,000    244,792 
3.450% 2/01/50   315,000    355,842 
3.969% 11/01/47   135,000    161,377 
4.750% 3/01/44   190,000    250,331 
Discovery Communications LLC          
3.950% 3/20/28   349,000    397,022 
4.000% 9/15/55 (c)   194,000    196,969 
4.650% 5/15/50   135,000    154,752 
Grupo Televisa SAB          
6.625% 3/18/25   495,000    596,166 
Time Warner Cable, Inc.          
6.750% 6/15/39   110,000    148,755 
ViacomCBS, Inc.          
4.200% 5/19/32   210,000    240,315 
The Walt Disney Co.          
3.600% 1/13/51   365,000    411,321 
         3,669,868 
Mining — 0.2%          
Glencore Finance Canada Ltd.          
5.550% STEP 10/25/42 (c)   149,000    174,664 
Glencore Funding LLC          
3.875% 10/27/27 (c)   160,000    174,461 
4.625% 4/29/24 (c)   600,000    660,991 
Kinross Gold Corp.          
4.500% 7/15/27   166,000    188,275 
Teck Resources Ltd.          
6.000% 8/15/40   200,000    226,475 
         1,424,866 
Miscellaneous - Manufacturing — 0.1%          
Carlisle Cos., Inc.          
2.750% 3/01/30   326,000    346,526 
General Electric Co.          
4.125% 10/09/42   42,000    42,493 
         389,019 
Oil & Gas — 0.8%          
BP Capital Markets PLC 5 year CMT + 4.036%          
4.375% VRN (d)   360,000    375,300 
Cenovus Energy, Inc.          
4.250% 4/15/27   275,000    248,622 
6.750% 11/15/39   158,000    158,845 
Diamondback Energy, Inc.          
3.250% 12/01/26   250,000    250,823 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
EQT Corp.          
3.000% 10/01/22  $340,000   $331,925 
3.900% 10/01/27   1,090,000    1,003,481 
7.875% STEP 2/01/25   395,000    437,838 
Marathon Petroleum Corp.          
4.500% 4/01/48   85,000    86,143 
4.750% 9/15/44   100,000    104,252 
6.500% 3/01/41   170,000    207,250 
Newfield Exploration Co.          
5.625% 7/01/24   250,000    242,513 
5.750% 1/30/22   417,000    416,820 
Occidental Petroleum Corp.          
6.450% 9/15/36   250,000    213,125 
6.600% 3/15/46   257,000    221,341 
Ovintiv, Inc.          
6.500% 2/01/38   80,000    72,651 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   410,000    316,886 
Petroleos Mexicanos          
5.350% 2/12/28   190,000    164,350 
6.375% 1/23/45   80,000    61,320 
6.500% 3/13/27   60,000    56,222 
6.625% 6/15/38   37,000    29,174 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (c)   495,000    568,996 
         5,567,877 
Oil & Gas Services — 0.1%          
National Oilwell Varco, Inc.          
3.600% 12/01/29   385,000    373,939 
3.950% 12/01/42   366,000    329,117 
         703,056 
Packaging & Containers — 0.1%          
Amcor Finance USA, Inc.          
3.625% 4/28/26   565,000    629,393 
WRKCo, Inc.          
3.000% 6/15/33   165,000    179,486 
         808,879 
Pharmaceuticals — 0.6%          
AbbVie, Inc.          
4.700% 5/14/45   490,000    603,338 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   200,000    264,143 
Cigna Corp.          
4.800% 7/15/46 (c)   195,000    244,347 
CVS Health Corp.          
4.300% 3/25/28   250,000    292,618 
5.050% 3/25/48   230,000    293,574 
6.125% 9/15/39   175,000    243,161 
CVS Pass-Through Trust          
5.926% 1/10/34 (c)   243,509    281,812 
McKesson Corp.          
4.883% 3/15/44   60,000    73,492 
6.000% 3/01/41   125,000    170,309 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Mylan NV          
3.950% 6/15/26  $495,000   $556,890 
5.250% 6/15/46   320,000    397,153 
Takeda Pharmaceutical Co. Ltd.          
3.375% 7/09/60   245,000    258,093 
Teva Pharmaceutical Finance Netherlands III BV          
2.200% 7/21/21   232,000    229,796 
Upjohn, Inc.          
2.700% 6/22/30 (c)   300,000    310,608 
         4,219,334 
Pipelines — 0.6%          
Energy Transfer Operating LP          
4.200% 4/15/27   440,000    455,246 
5.875% 1/15/24   200,000    220,198 
6.125% 12/15/45   200,000    200,758 
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)   540,000    352,350 
5 year CMT + 5.134% 6.750% VRN (d)   240,000    184,800 
EnLink Midstream Partners LP          
4.150% 6/01/25   621,000    534,700 
4.850% 7/15/26   149,000    128,901 
Enterprise Products Operating LLC          
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77   225,000    214,256 
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   195,000    173,550 
EQM Midstream Partners LP          
4.750% 7/15/23   500,000    499,025 
MPLX LP          
4.500% 4/15/38   195,000    199,631 
6.250% 10/15/22   97,000    97,105 
3 mo. USD LIBOR + 4.652% 6.875% VRN (d)   300,000    245,665 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%          
6.125% VRN (d)   585,000    371,124 
Plains All American Pipeline LP/PAA Finance Corp.          
3.800% 9/15/30   280,000    271,511 
4.500% 12/15/26   93,000    98,882 
4.700% 6/15/44   275,000    243,828 
6.650% 1/15/37   100,000    109,423 
Sunoco Logistics Partners Operations LP          
5.300% 4/01/44   75,000    69,877 
         4,670,830 
Private Equity — 0.2%          
Apollo Management Holdings LP 5 year CMT + 3.266%          
4.950% VRN 1/14/50 (c)   185,000    184,930 
Carlyle Finance Subsidiary LLC          
3.500% 9/19/29 (c)   370,000    400,390 
Hercules Capital, Inc.          
4.625% 10/23/22   470,000    475,779 
KKR Group Finance Co. VI LLC          
3.750% 7/01/29 (c)   280,000    322,125 
KKR Group Finance Co. VIII LLC          
3.500% 8/25/50 (c)   170,000    173,236 
         1,556,460 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Real Estate Investment Trusts (REITS) — 1.0%          
Agree LP          
2.900% 10/01/30  $115,000   $119,280 
American Tower Trust #1          
3.652% 3/15/48 (c)   310,000    336,312 
Crown Castle International Corp.          
5.200% 2/15/49   71,000    93,433 
Healthcare Trust of America Holdings LP          
3.500% 8/01/26   495,000    551,010 
Highwoods Realty LP          
4.125% 3/15/28   125,000    137,908 
Host Hotels & Resorts LP          
3.500% 9/15/30   509,000    487,220 
SBA Tower Trust          
1.884% 7/15/50 (c)   373,000    381,285 
2.836% 1/15/50 (c)   1,300,000    1,391,303 
Service Properties Trust          
4.500% 6/15/23   170,000    166,716 
4.950% 10/01/29   265,000    227,237 
Spirit Realty LP          
3.200% 1/15/27   555,000    562,120 
3.400% 1/15/30   120,000    119,310 
4.000% 7/15/29   300,000    312,058 
4.450% 9/15/26   59,000    63,309 
Store Capital Corp.          
4.625% 3/15/29   320,000    343,137 
Tanger Properties LP          
3.875% 12/01/23   322,000    323,839 
VEREIT Operating Partnership LP          
3.100% 12/15/29   635,000    636,110 
3.400% 1/15/28   140,000    146,173 
4.625% 11/01/25   460,000    508,256 
WP Carey, Inc.          
4.250% 10/01/26   185,000    208,863 
         7,114,879 
Retail — 0.2%          
Advance Auto Parts, Inc.          
1.750% 10/01/27   75,000    74,777 
AutoZone, Inc.          
1.650% 1/15/31   235,000    230,066 
El Puerto de Liverpool SAB de CV          
3.950% 10/02/24 (c)   445,000    463,361 
Starbucks Corp.          
2.550% 11/15/30   395,000    419,393 
         1,187,597 
Semiconductors — 0.1%          
KLA Corp.          
3.300% 3/01/50   410,000    433,174 
Software — 0.1%          
Broadridge Financial Solutions, Inc.          
2.900% 12/01/29   441,000    477,747 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Microsoft Corp.          
4.450% 11/03/45  $330,000   $466,285 
         944,032 
Telecommunications — 0.4%          
AT&T, Inc.          
1.650% 2/01/28   165,000    165,312 
3.500% 9/15/53 (c)   571,000    552,057 
3.550% 9/15/55 (c)   1,118,000    1,083,535 
Cisco Systems, Inc.          
5.500% 1/15/40   55,000    81,599 
Crown Castle Towers LLC          
4.241% 7/15/48 (c)   250,000    284,894 
Qwest Corp          
6.750% 12/01/21   162,000    171,080 
Telefonica Emisiones SAU          
4.665% 3/06/38   180,000    207,456 
Verizon Communications, Inc.          
6.550% 9/15/43   149,000    242,539 
         2,788,472 
Transportation — 0.1%          
Autoridad del Canal de Panama          
4.950% 7/29/35 (c)   210,000    261,189 
CSX Corp.          
4.750% 11/15/48   155,000    205,776 
Norfolk Southern Corp.          
4.050% 8/15/52   215,000    263,472 
         730,437 
           
TOTAL CORPORATE DEBT  
(Cost $94,102,661)
        100,131,787 
           
Municipal Obligations — 0.1%          
JobsOhio Beverage System Series B, Revenue Bonds,          
4.532% 1/01/35   325,000    417,264 
Orange County Local Transportation Authority BAB, Revenue Bonds,          
6.908% 2/15/41   230,000    352,286 
State of California BAB, General Obligation          
7.600% 11/01/40   105,000    189,141 
         958,691 
           
TOTAL MUNICIPAL OBLIGATIONS  
(Cost $823,384)
        958,691 
           
Non-U.S. Government Agency Obligations — 10.6%          
Automobile Asset-Backed Securities — 0.5%          
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (c)   305,000    308,852 
Carvana Auto Receivables Trust, Series 2019-4A, Class D          
3.070% 7/15/25 (c)   359,000    369,333 
Hertz Vehicle Financing II LP          
Series 2019-3A, Class B, 3.030% 12/26/25 (c)   493,000    490,782 
Series 2019-3A, Class C, 3.430% 12/26/25 (c)   500,000    488,547 
Series 2018-1A, Class B, 3.600% 2/25/24 (c)   650,000    644,433 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B          
3.950% 11/14/28 (c)  $424,000   $445,635 
Santander Revolving Auto Loan Trust          
Series 2019-A, Class B, 2.800% 1/26/32 (c)   204,000    214,644 
Series 2019-A, Class C, 3.000% 1/26/32 (c)   126,000    127,571 
Series 2019-A, Class D, 3.450% 1/26/32 (c)   263,000    262,051 
         3,351,848 
Commercial Mortgage-Backed Securities — 1.8%          
Aventura Mall Trust, Series 2018-AVM, Class C,          
4.249% VRN 7/05/40 (c) (f)   710,000    666,610 
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%          
1.502% FRN 9/15/34 (c)   130,000    121,553 
BANK          
Series 2019-BN24, Class B, 3.455% VRN 11/15/62 (f)   409,000    446,747 
Series 2019-BN24, Class C, 3.635% VRN 11/15/62 (f)   397,000    393,669 
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (f)   150,000    173,636 
Series 2019-BN16, Class AS, 4.267% 2/15/52   176,250    209,803 
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (f)   136,855    153,020 
Series 2018-BN14, Class C, 4.753% VRN 9/15/60 (f)   210,000    213,784 
BBCMS Mortgage Trust          
Series 2020-C7, Class AS, 2.444% 4/15/53   320,000    336,139 
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (c) (f)   350,000    311,206 
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (c) (f)   280,000    229,827 
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (c) (f)   210,000    157,980 
BHMS Mortgage Trust          
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.402% FRN 7/15/35 (c)   970,000    927,578 
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.652% FRN 7/15/35 (c)   850,000    788,397 
BX Commercial Mortgage Trust          
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.852% FRN 11/15/35 (c)   294,000    291,631 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.952% FRN 10/15/36 (c)   371,175    367,721 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.152% FRN 10/15/36 (c)   449,967    444,655 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
1.902% FRN 12/15/37 (c)   224,629    219,646 
Century Plaza Towers          
Series 2019-CPT, Class D, 3.097% VRN 11/13/39 (c) (f)   225,000    224,355 
Series 2019-CPT, Class E, 3.097% VRN 11/13/39 (c) (f)   338,000    319,064 
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C          
3.502% 8/10/56   241,000    238,345 
Commercial Mortgage Pass-Through Certificates          
Series 2012-CR4, Class B, 3.703% 10/15/45 (c)   195,000    127,327 
Series 2015-CR23, Class C, 4.435% VRN 5/10/48 (f)   140,000    140,944 
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47 (f)   290,000    295,907 
DBUBS Mortgage Trust, Series 2011-LC1A, Class B,          
5.471% VRN 11/10/46 (c) (f)   110,000    110,241 
GS Mortgage Securities Trust          
Series 2017-GS6, Class B, 3.869% 5/10/50   440,000    487,629 
Series 2012-GC6, Class AS, 4.948% 1/10/45 (c)   100,000    102,798 
Jackson Park Trust, Series 2019-LIC, Class C,          
3.131% VRN 10/14/39 (c) (f)   500,000    516,208 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class AS          
3.056% 8/15/49  $490,000   $521,465 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B          
3.898% 2/15/48   500,000    529,220 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.952% FRN 5/15/36 (c)   326,000    322,436 
Manhattan West, Series 2020-1MW, Class B,          
2.413% VRN 9/10/39 (c) (f)   519,000    531,779 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42 (c)   205,000    212,028 
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (c) (f)   227,000    230,560 
MKT Mortgage Trust          
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (c) (f)   109,000    106,583 
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (c) (f)   213,000    198,818 
Morgan Stanley Capital I Trust          
Series 2019-L2, Class AS, 4.272% 3/15/52   500,000    587,506 
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (f)   120,000    138,786 
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (c) (f)   250,000    250,959 
Wells Fargo Commercial Mortgage Trust          
Series 2019-C49, Class AS, 4.244% 3/15/52   291,000    341,300 
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (f)   240,000    281,628 
Series 2018-C45, Class B, 4.556% 6/15/51   60,000    65,953 
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B          
4.311% 8/15/45   190,000    193,639 
         13,529,080 
Other Asset-Backed Securities — 5.2%          
321 Henderson Receivables LLC          
Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230% 0.382% FRN 11/15/40 (c)   41,051    39,910 
Series 2015-1A, Class A, 3.260% 9/15/72 (c)   41,568    43,245 
522 Funding CLO I Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%          
2.522% FRN 10/20/31 (c)   310,000    301,878 
AASET Trust          
Series 2020-1A, Class A, 3.351% 1/16/40 (c)   355,277    327,357 
Series 2019-1, Class A, 3.844% 5/15/39 (c)   463,886    432,272 
Series 2017-1A, Class A, 3.967% 5/16/42 (c)   289,117    261,381 
Series 2018-2A, Class A, 4.454% 11/18/38 (c)   295,645    274,970 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (c)   376,287    391,518 
Ares CLO Ltd., Series 2019-54A, Class C, 3 mo. USD LIBOR + 2.850%          
3.125% FRN 10/15/32 (c)   500,000    500,203 
Ascentium Equipment Receivables Trust, Series 2019-2A, Class E          
3.780% 5/10/27 (c)   827,000    828,708 
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3 mo. USD LIBOR + 1.280%          
1.531% FRN 11/27/31 (c)   953,952    937,792 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%          
2.006% FRN 1/23/31 (c)   250,000    246,860 
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090%          
1.362% FRN 4/20/31 (c)   260,000    255,735 
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800%          
2.075% FRN 7/15/32 (c)   500,000    499,339 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
2.940% 5/25/29 (c)  $76,565   $76,910 
CAL Funding II Ltd., Series 2018-2A, Class A          
4.340% 9/25/43 (c)   232,000    230,057 
Capital Automotive REIT          
Series 2014-1A, Class A, 3.660% 10/15/44 (c)   151,164    150,906 
Series 2017-1A, Class A2, 4.180% 4/15/47 (c)   131,405    131,817 
Carlyle Global Market Strategies CLO Ltd., Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800%          
2.072% FRN 1/20/31 (c)   720,000    712,755 
CARS-DB4 LP, Series 2020-1A, Class A3          
3.250% 2/15/50 (c)   116,635    119,641 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A          
3.967% 4/15/39 (c)   332,506    307,720 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
4.125% 6/15/43 (c)   644,178    601,385 
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100%          
2.375% FRN 1/15/31 (c)   250,000    250,132 
CF Hippolyta LLC          
Series 2020-1, Class A1, 1.690% 7/15/60 (c)   330,000    333,729 
Series 2020-1, Class B1, 2.280% 7/15/60 (c)   128,000    130,236 
CIFC Funding Ltd.          
Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% 1.453% FRN 11/16/30 (c)   340,000    337,015 
Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.700% 1.942% FRN 7/15/32 (c)   250,000    250,753 
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%          
1.472% FRN 10/20/30 (c)   480,000    474,022 
CLI Funding LLC, Series 2019-1A, Class A          
3.710% 5/18/44 (c)   370,456    377,119 
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280%          
1.536% FRN 10/23/31 (c)   249,836    245,135 
Cronos Containers Program Ltd., Series 2014-2A, Class A          
3.270% 11/18/29 (c)   105,556    105,722 
DB Master Finance LLC          
Series 2019-1A, Class A2II, 4.021% 5/20/49 (c)   414,810    438,723 
Series 2019-1A, Class A23, 4.352% 5/20/49 (c)   375,210    410,160 
Diamond Resorts Owner Trust, Series 2019-1A, Class A          
2.890% 2/20/32 (c)   512,552    521,203 
Domino's Pizza Master Issuer LLC          
Series 2019-1A, Class A2, 3.668% 10/25/49 (c)   258,050    273,945 
Series 2018-1A, Class A2I, 4.116% 7/25/48 (c)   303,800    321,039 
Series 2017-1A, Class A23, 4.118% 7/25/47 (c)   106,975    114,216 
Series 2015-1A, Class A2II, 4.474% 10/25/45 (c)   518,400    551,239 
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750%          
2.025% FRN 10/15/30 (c)   700,000    696,557 
Elmwood CLO Ltd.          
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%          
1.722% FRN 4/20/31 (c)   450,000    450,174 
Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%          
2.225% FRN 10/15/32 (c)   250,000    250,546 
Falcon Aerospace Ltd., Series 2019-1, Class A          
3.597% 9/15/39 (c)   472,294    430,599 
FCI Funding LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (c)   74,651    75,955 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725%          
1.873% FRN 1/25/35  $420,000   $392,659 
Flatiron CLO Ltd., Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900%          
2.180% FRN 11/16/32 (c)   250,000    250,055 
Global SC Finance SRL, Series 2014-1A, Class A1          
3.190% 7/17/29 (c)   95,833    95,331 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 10/15/54 (c)   696,890    706,271 
Series 2016-1A, Class A, 3.230% 10/15/52 (c)   241,411    250,939 
Series 2017-2A, Class A, 3.260% 10/15/53 (c)   303,828    313,919 
Series 2017-1A, Class A, 3.740% 10/15/52 (c)   182,922    192,926 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (c) (f)   357,964    380,427 
Helios Issuer LLC, Series 2017-1A, Class A          
4.940% 9/20/49 (c)   211,236    224,863 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42 (c)   114,029    115,626 
Series 2017-3A, Class A1, 3.190% 9/20/48 (c)   142,799    147,167 
Series 2016-4A, Class A1, 3.570% 9/20/47 (c)   123,402    128,410 
Series 2018-1A, Class A2, 4.670% 9/20/48 (c)   274,001    294,021 
Highbridge Loan Management Ltd.          
Series 12A-18, Class B, 3 mo. USD LIBOR + 1.850% 2.122% FRN 7/18/31 (c)   250,000    242,506 
Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% 2.425% FRN 10/15/30 (c)   350,000    339,032 
Horizon Aircraft Finance Ltd.          
Series 2019-2, Class A, 3.425% 11/15/39 (c)   529,246    485,231 
Series 2019-1, Class A, 3.721% 7/15/39 (c)   313,990    293,170 
J.G. Wentworth LLC          
Series 2018-2A, Class A, 3.960% 10/15/75 (c)   268,950    275,155 
Series 2017-1A, Class B, 5.430% 8/15/62 (c)   1,100,000    1,220,460 
KDAC Aviation Finance Ltd., Series 2017-1A, Class A          
4.212% 12/15/42 (c)   335,189    294,422 
KKR Financial CLO Ltd.          
Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 1.632% FRN 4/20/32 (c)   300,000    297,050 
Series 26, Class B1, 3 mo. USD LIBOR + 2.050% 2.325% FRN 7/15/32 (c)   250,000    250,216 
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000%          
2.151% FRN 6/15/36 (c)   210,000    203,848 
Lunar Aircraft Ltd., Series 2020-1A, Class A          
3.376% 2/15/45 (c)   215,661    199,781 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (c)   459,551    417,992 
Madison Park Funding Ltd.          
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.875% FRN 7/15/30 (c)   430,000    422,458 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.472% FRN 10/18/30 (c)   550,000    535,487 
Mosaic Solar Loans LLC          
Series 2017-2A, Class A, 3.820% 6/22/43 (c)   97,749    103,005 
Series 2017-1A, Class A, 4.450% 6/20/42 (c)   43,515    46,710 
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%          
1.522% FRN 10/20/30 (c)   300,000    296,327 
NP SPE LLC, Series 2017-1A, Class A2          
4.219% 10/21/47 (c)   380,000    390,561 
OHA Credit Funding Ltd.          
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.588% FRN 10/22/32 (c)   250,000    248,555 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150% 2.422% FRN 1/20/32 (c)  $300,000   $291,896 
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 2.908% FRN 10/22/32 (c)   250,000    249,443 
OneMain Financial Issuance Trust, Series 2019-2A, Class A          
3.140% 10/14/36 (c)   1,810,000    1,928,911 
Oxford Finance Funding Trust          
Series 2020-1A, Class A2, 3.101% 2/15/28 (c)   353,000    358,046 
Series 2016-1A, Class A, 3.968% 6/17/24 (c)   26,879    26,890 
Palmer Square CLO Ltd., Series 2015-1A, Class A2R2, 3 mo. USD LIBOR + 1.650%          
1.897% FRN 5/21/29 (c)   500,000    497,868 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A          
3.967% 6/15/44 (c)   335,979    310,944 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2          
3.858% 12/05/49 (c)   525,033    493,809 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.998% FRN 2/25/23 (c)   200,000    195,203 
Sierra Receivables Funding LLC, Series 2015-3A, Class B          
3.080% 9/20/32 (c)   11,164    11,153 
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class B          
2.320% 7/20/37 (c)   237,692    237,495 
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2          
1.893% 8/25/45 (c)   210,000    211,400 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%          
2.570% FRN 8/18/31 (c)   290,000    270,857 
Store Master Funding I-VII          
Series 2019-1, Class A2, 3.650% 11/20/49 (c)   655,559    665,058 
Series 2018-1A, Class A2, 4.290% 10/20/48 (c)   249,704    264,430 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (c)   51,565    54,082 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (c)   109,787    118,129 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (c)   330,283    382,140 
Taco Bell Funding LLC, Series 2018-1A, Class A2II          
4.940% 11/25/48 (c)   235,800    251,742 
TAL Advantage VII LLC, Series 2020-1A, Class A          
2.050% 9/20/45 (c)   1,100,000    1,101,966 
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A          
3.960% 4/20/44 (c)   108,173    108,173 
Tif Funding II LLC, Series 2020-1A, Class A          
2.090% 8/20/45 (c)   154,031    153,778 
Trinity Rail Leasing LP          
Series 2019-2A, Class A2, 3.100% 10/18/49 (c)   731,000    712,964 
Series 2019-1A, Class A, 3.820% 4/17/49 (c)   826,615    861,103 
Series 2018-1A, Class A2, 4.620% 6/17/48 (c)   410,000    416,739 
Triton Container Finance VIII LLC, Series 2020-1A, Class A          
2.110% 9/20/45 (c)   750,000    750,965 
Vantage Data Centers LLC, Series 2020-2A, Class A2          
1.992% 9/15/45 (c) (e)   300,000    300,137 
Voya CLO Ltd., Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700%          
1.972% FRN 10/20/31 (c)   300,000    293,831 
WAVE LLC, Series 2019-1A, Class A          
3.597% 9/15/44 (c)   899,069    833,949 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
WAVE Trust, Series 2017-1A, Class A          
3.844% 11/15/42 (c)  $537,773   $486,603 
Welk Resorts LLC, Series 2015-AA, Class A          
2.790% 6/16/31 (c)   39,137    38,976 
Wendy's Funding LLC, Series 2015-1A, Class A23          
4.497% 6/15/45 (c)   403,750    403,201 
         38,047,039 
Student Loans Asset-Backed Securities — 2.9%          
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210%          
0.460% FRN 6/15/43   595,105    531,097 
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48 (c)   531,000    525,832 
Series 2019-A, Class C, 4.460% 12/28/48 (c)   270,000    267,250 
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS          
FRN 1/25/47   130,000    103,494 
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%          
2.048% FRN 10/25/44 (c)   118,235    118,523 
ECMC Group Student Loan Trust          
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 0.948% FRN 9/25/68 (c)   399,679    392,162 
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 1.348% FRN 12/27/66 (c)   283,604    282,034 
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 1.498% FRN 7/26/66 (c)   401,569    405,509 
EdLinc Student Loan Funding Trust          
Series 2017-A, Class A, Update Replacements.xls: PRIME - 1.150% 3.600% FRN 12/01/47 (c)   290,561    287,128 
Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 4.388% FRN 11/26/40 (c)   270,000    286,784 
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%          
0.700% FRN 8/25/42   116,754    101,489 
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950%          
1.200% FRN 2/25/42   92,492    90,938 
Laurel Road Prime Student Loan Trust          
Series 2017-B, Class BFX, 3.020% 8/25/42 (c)   86,016    86,926 
Series 2018-B, Class BFX, 3.720% 5/26/43 (c)   76,461    78,204 
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720%          
0.872% FRN 12/15/59 (c)   137,558    131,705 
Navient Private Education Refi Loan Trust          
Series 2019-A, Class B, 3.900% 1/15/43 (c)   284,000    289,699 
Series 2018-CA, Class B, 4.220% 6/16/42 (c)   250,000    252,838 
Navient Student Loan Trust          
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 0.848% FRN 2/25/70 (c)   350,693    341,940 
Series 2018-2A, Class A3, 1 mo. USD LIBOR + .750% 0.898% FRN 3/25/67 (c)   550,000    534,152 
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 0.948% FRN 3/25/67 (c)   750,000    742,588 
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.048% FRN 12/27/67 (c)   850,000    847,746 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.298% FRN 3/25/66 (c)   733,302    733,302 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.398% FRN 6/25/65 (c)  $337,989   $337,989 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.448% FRN 3/25/66 (c)   1,100,000    1,109,618 
Series 2018-4A, Class B, 1 mo. USD LIBOR + 1.300% 1.448% FRN 6/27/67 (c)   750,000    703,556 
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/48   220,000    201,673 
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 7/26/49   155,000    143,894 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 10/25/58   150,000    135,187 
Series 2019-BA, Class B, 4.040% 12/15/59 (c)   750,000    782,445 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B          
3.600% 12/26/40 (c)   55,086    55,369 
Nelnet Student Loan Trust          
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.475% FRN 6/25/41   134,313    116,199 
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .750% 0.898% FRN 9/27/66 (c)   600,000    588,583 
Series 2005-4, Class A4R2, 28 day ARS 1.191% FRN 3/22/32   193,881    186,118 
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/54 (c)   150,000    145,177 
Series 2019-5, Class A, 2.530% 10/25/67 (c)   1,492,023    1,549,799 
SLM Student Loan Trust          
Series 2006-2, Class R, 0.000% 1/25/41   1,799    1,083,566 
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 0.425% FRN 7/25/55   237,022    210,927 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.455% FRN 10/25/40   301,696    269,728 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.535% FRN 1/25/44   325,628    290,133 
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 0.745% FRN 7/25/39   290,206    267,991 
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 0.845% FRN 10/25/65 (c)   300,000    293,064 
SMB Private Education Loan Trust          
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.022% FRN 7/15/36 (c)   126,000    124,410 
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.152% FRN 6/15/37 (c)   1,200,000    1,198,009 
Series 2020-BA, Class B, 2.760% 7/15/53 (c)   956,000    929,502 
Series 2017-A, Class B, 3.500% 6/17/41 (c)   300,000    298,836 
Series 2017-B, Class B, 3.500% 12/16/41 (c)   150,000    149,559 
SoFi Professional Loan Program LLC          
Series 2017-D, Class R1, 0.010% 9/25/40 (c)   1,000,000    345,020 
Series 2018-A, Class R1, 0.010% 2/25/42 (c)   1,000,000    413,442 
Series 2018-D, Class R1, 0.010% 2/25/48 (c)   968,900    214,224 
Series 2019-A, Class R1, 0.010% 6/15/48 (c)   1,661,200    393,538 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.348% FRN 6/25/33 (c)   56,046    56,226 
Series 2019-C, Class BFX, 3.050% 11/16/48 (c)   646,000    663,601 
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)   500,000    496,336 
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050%          
1.295% FRN 10/27/36   169,966    168,894 
         21,353,953 
Whole Loan Collateral Collateralized Mortgage Obligations — 0.2%          
Countrywide Home Loans, Inc.          
Series 2004-2, Class 1A1, 3.666% VRN 2/25/34 (f)   15,567    15,029 
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (f)   3,930    3,770 
Deephaven Residential Mortgage Trust          
Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (c) (f)   148,743    149,672 
Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (c) (f)   42,498    42,518 
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (c) (f)   139,333    140,863 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,          
3.490% VRN 8/25/34 (f)  $5,644   $5,698 
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,          
3.165% VRN 8/25/34 (f)   35,477    35,373 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,          
3.500% VRN 1/25/47 (c) (f)   297,426    303,196 
Merrill Lynch Mortgage Investors, Inc.          
Series 2003-A4, Class IA, 3.032% VRN 7/25/33 (f)   1,970    1,878 
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (f)   1,963    1,938 
PSMC Trust, Series 2018-2, Class A1,          
3.500% VRN 6/25/48 (c) (f)   284,942    290,015 
Sequoia Mortgage Trust          
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (c) (f)   265,972    273,394 
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (c) (f)   133,799    136,531 
Series 2019-1, Class A1, 4.000% VRN 2/25/49 (c) (f)   37,041    37,754 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,          
2.970% VRN 3/25/34 (f)   15,809    15,691 
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%          
2.419% FRN 4/25/44   45,318    43,342 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,          
4.000% VRN 11/25/48 (c) (f)   160,774    164,158 
         1,660,820 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS  
(Cost $78,486,947)
        77,942,740 
           
Sovereign Debt Obligations — 0.3%          
Colombia Government International Bond          
6.125% 1/18/41   620,000    795,150 
Mexico Government International Bond          
4.750% 3/08/44   824,000    898,572 
6.750% 9/27/34   160,000    214,560 
         1,908,282 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS  
(Cost $1,630,907)
        1,908,282 
           
U.S. Government Agency Obligations and Instrumentalities — 7.9%          
Collateralized Mortgage Obligations — 0.1%          
Federal Home Loan Mortgage Corp.          
Series 2617, Class Z, 5.500% 5/15/33   133,995    154,964 
Series 2693, Class Z, 5.500% 10/15/33   245,045    278,236 
         433,200 
Pass-Through Securities — 7.6%          
Federal Home Loan Mortgage Corp.          
Pool #RA2483 3.500% 6/01/50   2,544,709    2,710,308 
Pool #C55867 7.500% 2/01/30   24,937    28,111 
Pool #C01079 7.500% 10/01/30   3,707    4,350 
Pool #C01135 7.500% 2/01/31   14,720    17,168 
Pool #C00470 8.000% 8/01/26   9,077    10,208 
Pool #G00924 8.000% 3/01/28   8,423    9,471 
Federal National Mortgage Association          
Pool #MA3029 3.000% 6/01/32   637,262    671,715 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Pool #MA3090 3.000% 8/01/32  $273,042   $287,804 
Pool #725692 1 year CMT + 2.137% 3.138% FRN 10/01/33   22,485    23,552 
Pool #888586 1 year CMT + 2.196% 3.326% FRN 10/01/34   47,383    49,931 
Pool #AS1304 3.500% 12/01/28   150,985    162,352 
Pool #AV1897 3.500% 12/01/28   25,733    27,670 
Pool #AV2325 3.500% 12/01/28   81,830    87,991 
Pool #MA1356 3.500% 2/01/43   1,183,563    1,284,626 
Pool #CA6096 3.500% 6/01/50   2,330,810    2,505,069 
Pool #FM4017 3.500% 8/01/50   199,704    211,514 
Pool #CA1909 4.500% 6/01/48   1,100,805    1,191,926 
Pool #AD6437 5.000% 6/01/40   56,661    64,944 
Pool #AD6996 5.000% 7/01/40   372,608    427,073 
Pool #AL8173 5.000% 2/01/44   148,326    168,756 
Pool #564594 7.000% 1/01/31   8,366    9,615 
Pool #572844 7.000% 4/01/31   19,217    22,571 
Pool #253795 7.000% 5/01/31   29,734    34,676 
Pool #499386 7.500% 9/01/29   1,009    1,172 
Pool #521006 7.500% 12/01/29   394    462 
Pool #522769 7.500% 12/01/29   55    64 
Pool #252981 7.500% 1/01/30   4,828    5,613 
Pool #524317 7.500% 3/01/30   903    1,061 
Pool #530520 7.500% 3/01/30   9,039    10,392 
Pool #253183 7.500% 4/01/30   1,733    2,015 
Pool #253265 7.500% 5/01/30   925    1,076 
Pool #536949 8.000% 5/01/30   1,253    1,479 
Pool #535351 8.000% 6/01/30   1,822    2,124 
Pool #253481 8.000% 10/01/30   1,251    1,467 
Pool #190317 8.000% 8/01/31   543    635 
Pool #602008 8.000% 8/01/31   1,908    2,231 
Government National Mortgage Association I          
Pool #337539 7.000% 7/15/23   126    133 
Pool #363066 7.000% 8/15/23   2,030    2,135 
Pool #354674 7.000% 10/15/23   1,530    1,612 
Pool #352021 7.000% 11/15/23   972    1,022 
Government National Mortgage Association II          
Pool# MA6656 3.000% 5/20/50   2,412,332    2,531,567 
Pool# MA6710 3.000% 6/20/50   2,427,318    2,552,603 
Pool #MA4321 3.500% 3/20/47   1,677,691    1,794,659 
Government National Mortgage Association II TBA          
Pool #548 3.000% 8/01/49 (e)   575,000    601,998 
Pool #1635 3.500% 6/01/49 (e)   16,430,000    17,302,844 
Uniform Mortgage Backed Securities TBA          
Pool #505 2.000% 5/01/35 (e)   8,525,000    8,862,003 
Pool #1082 2.000% 4/01/50 (e)   3,850,000    3,981,141 
Pool #17115 3.500% 4/01/49 (e)   7,300,000    7,695,797 
Pool #21133 4.500% 9/01/48 (e)   575,000    621,943 
         55,990,649 
Whole Loans — 0.2%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2020-DNA3, Class M1, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/50 (c)   650,000    651,093 
Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.198% FRN 7/25/49 (c)   253,097    247,942 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450%          
2.598% FRN 7/25/31 (c)  $338,557   $335,926 
         1,234,961 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES  
(Cost $57,478,910)
        57,658,810 
           
U.S. Treasury Obligations — 1.0%          
U.S. Treasury Bonds & Notes — 1.0%          
U.S. Treasury Bond          
2.250% 8/15/49 (g)   1,890,000    2,253,231 
3.500% 2/15/39 (g)   2,120,000    2,978,432 
U.S. Treasury Note          
0.375% 4/30/25   2,400,000    2,414,284 
         7,645,947 
           
TOTAL U.S. TREASURY OBLIGATIONS  
(Cost $7,192,522)
        7,645,947 
           
TOTAL BONDS & NOTES  
(Cost $239,715,331)
        246,246,257 
           
TOTAL PURCHASED OPTIONS (#) 0.1%
(Cost $607,842)
        398,474 
         
  

Number of

Shares

      
Rights — 0.0%          
           
Consumer, Non-cyclical — 0.0%          
Pharmaceuticals — 0.0%          
Bristol-Myers Squibb Co., Expires 3/31/21 (a)   25,576    57,546 
TOTAL RIGHTS  
(Cost $54,477)
        57,546 
           
Warrants — 0.0%          
Energy — 0.0%          
Oil & Gas — 0.0%          
Occidental Petroleum Corp., Expires 8/03/27 (a)   453    1,359 
TOTAL WARRANTS  
(Cost $2,242)
        1,359 
           
Mutual Funds — 0.0%          
Diversified Financial Services — 0.0%          
State Street Navigator Securities Lending Prime Portfolio (h)   341,438    341,438 
           
TOTAL MUTUAL FUNDS  
(Cost $341,438)
        341,438 
           
TOTAL LONG-TERM INVESTMENTS  
(Cost $556,674,270)
        731,431,001 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Short-Term Investments — 5.7%          
Commercial Paper — 5.2%          
American Electric Power Co., Inc.          
0.152% 10/27/20 (c)  $1,000,000   $999,858 
American Honda Finance Corp.          
0.315% 11/19/20   3,000,000    2,998,929 
Avangrid, Inc.          
0.223% 12/07/20 (c)   2,000,000    1,999,188 
Bemis Co., Inc.          
0.142% 10/05/20 (c)   1,000,000    999,981 
0.172% 10/15/20 (c)   2,000,000    1,999,850 
BPCE SA          
0.203% 10/28/20 (c)   3,000,000    2,999,778 
Dominion Resources, Inc.          
0.203% 10/13/20   3,000,000    2,999,811 
Duke Energy Corp.          
0.223% 10/02/20 (c)   2,000,000    1,999,990 
0.223% 1/05/21 (c)   1,000,000    999,356 
Harley-Davidson Funding Corp.          
0.304% 10/19/20 (c)   2,000,000    1,999,779 
Intercontinental Exchange, Inc.          
0.376% 11/13/20 (c) (i)   1,000,000    999,557 
0.376% 12/03/20 (c) (i)   2,000,000    1,998,674 
Keurig Dr Pepper, Inc.          
0.193% 10/13/20 (c)   3,000,000    2,999,810 
NRW. Bank          
0.162% 11/03/20 (c)   3,000,000    2,999,660 
Nutrien Ltd.          
0.213% 12/21/20 (c)   3,000,000    2,998,463 
Societe Generale SA          
0.081% 10/06/20 (c)   1,000,000    999,983 
Spire, Inc.          
0.152% 10/15/20 (c)   1,000,000    999,925 
0.183% 10/13/20 (c)   2,000,000    1,999,874 
Suncor Energy, Inc.          
0.223% 11/23/20 (c)   2,000,000    1,999,382 
         37,991,848 
Repurchase Agreement — 0.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (j)   2,957,601    2,957,601 
U.S. Treasury Bill — 0.1%          
U.S. Treasury Bill          
0.000% 10/06/20   1,000,000    999,991 
           
TOTAL SHORT-TERM INVESTMENTS  
(Cost $41,949,082)
        41,949,440 
           
TOTAL INVESTMENTS — 105.6%
(Cost $598,623,352) (k)
        773,380,441 
           
Other Assets/(Liabilities) — (5.6)%        (41,126,795)
           
NET ASSETS — 100.0%       $732,253,646 

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

Abbreviation Legend 

ARS Auction Rate Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
FRN Floating Rate Note
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

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 September 30, 2020, was $1,032,152 or 0.14% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $717,741 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 September 30, 2020, the aggregate market value of these securities amounted to $123,666,257 or 16.89% of net assets.
(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 September 30, 2020.
(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)  This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2020, these securities amounted to a value of $2,998,231 or 0.41% of net assets.
(j)  Maturity value of $2,957,601. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $3,016,793.
(k)  See Note 3 for aggregate cost for federal tax purposes.

 

 

MML Blend Fund — Portfolio of Investments (Continued)

 

(#) 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, 2/02/43
  Credit Suisse International  1/31/33  3-Month USD LIBOR BBA  Quarterly  2.61%  Semi-Annually  USD 748,250  $ 102,959  $ 35,916  $ 67,043  
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 11,940,000  $ 295,515  $ 571,926  $ (276,411 )
                          $ 398,474  $ 607,842  $ (209,368 )

 

Futures contracts  

   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long   
U.S. Treasury Long Bond  12/21/20   17   $3,000,515   $(3,734)
U.S. Treasury Ultra Bond  12/21/20   61    13,725,893    (195,330)
U.S. Treasury Note 2 Year  12/31/20   194    42,849,982    16,440 
U.S. Treasury Note 5 Year  12/31/20   50    6,299,477    2,086 
                $(180,538)
Short                  
90 Day Eurodollar  12/14/20   2   $(487,568)  $(11,207)
U.S. Treasury Ultra 10 Year  12/21/20   12    (1,915,012)   (4,051)
90 Day Eurodollar  3/15/21   2    (487,743)   (11,282)
90 Day Eurodollar  9/13/21   4    (975,637)   (22,463)
90 Day Eurodollar  3/14/22   4    (975,337)   (22,463)
90 Day Eurodollar  9/19/22   3    (731,203)   (16,997)
90 Day Eurodollar  3/13/23   3    (730,753)   (17,147)
90 Day Eurodollar  12/18/23   4    (973,436)   (22,664)
90 Day Eurodollar  12/16/24   10    (2,430,591)   (54,784)
                $(183,058)

 

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 35†  1.000%  Quarterly  12/20/2025  USD 1,000,000  $ (20,841) $ (24,501) $ 3,660  
CDX.NA.IG Series 35†  1.000%  Quarterly  12/20/2025  USD 1,100,000    (22,925)   (26,286)   3,361  
                 $ (43,766) $ (50,787) $ 7,021  

 

†  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

 

September 30, 2020 (Unaudited)

 

    Principal
Amount
  Value  
BONDS & NOTES — 98.8%              
               
BANK LOANS — 3.5%              
Advertising — 0.0%              
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. LIBOR + 3.500%
3.761% VRN 8/21/26
  $ 9,900   $ 8,987  
Terrier Media Buyer, Inc., Term Loan B, 1 mo. LIBOR + 4.250%
4.397% VRN 12/17/26
    59,550     57,997  
            66,984  
Aerospace & Defense — 0.0%              
TransDigm, Inc., 2020 Term Loan F, 1 mo. LIBOR + 2.250%
2.397% VRN 12/09/25
    170,450     160,862  
Airlines — 0.0%              
American Airlines, Inc., 2017 Incremental Term Loan, 1 mo. LIBOR + 2.000%
2.152% VRN 12/15/23
    74,853     60,937  
Kestrel Bidco Inc., Term Loan B, 6 mo. LIBOR + 3.000%
4.000% VRN 12/11/26
    69,413     59,993  
            120,930  
Auto Parts & Equipment — 0.0%              
Clarios Global LP, USD Term Loan B, 1 mo. LIBOR + 3.500%
3.647% VRN 4/30/26
    39,600     38,523  
Automotive & Parts — 0.1%              
Tempo Acquisition LLC, 2020 Extended Term Loan, 1 mo. LIBOR + 3.250%
3.750% VRN 11/02/26
    202,275     195,891  
Biotechnology — 0.0%              
Aldevron LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.250%
5.250% VRN 10/12/26
    109,475     109,429  
Chemicals — 0.1%              
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, 3 mo. LIBOR + 1.750%
1.970% VRN 6/01/24
    274,958     268,134  
GrafTech Finance, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.500%
4.500% VRN 2/12/25
    40,228     39,658  
            307,792  
Commercial Services — 0.1%              
AlixPartners LLP, 2017 Term Loan B, 1 mo. LIBOR + 2.500%
2.647% VRN 4/04/24
    222,845     217,100  
Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.250%
4.397% VRN 7/10/26
    129,025     127,459  
Mister Car Wash Holdings, Inc., 2019 Term Loan B,
0.000% 5/14/26 (a)
    64,836     61,165  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  

Prime Security Services Borrower LLC, 2019 Term Loan B1, 1 mo. LIBOR + 3.250%, 3 mo. LIBOR + 3.250%, 12 mo. LIBOR + 3.250%

4.250% VRN 9/23/26

  $ 64,511   $ 63,855  
            469,579  
Computers — 0.0%              
Flexential Intermediate Corp., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.500%
3.720% VRN 8/01/24
    29,770     25,388  
Surf Holdings, LLC, USD Term Loan, 3 mo. LIBOR + 3.500%
3.750% VRN 3/05/27
    129,675     126,595  
            151,983  
Distribution & Wholesale — 0.1%              
American Tire Distributors Holdings, Inc., 2015 Term Loan, 1 mo. LIBOR + 7.500%, 3 mo. LIBOR + 7.500%
8.500% VRN 9/02/24
    29,699     25,159  
HD Supply, Inc., Term Loan B5, 1 mo. LIBOR + 1.750%
1.897% VRN 10/17/23
    320,101     318,785  
            343,944  
Diversified Financial Services — 0.1%              
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR  + 3.000%
3.147% VRN 6/15/25
    115,431     108,541  
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 1 mo. LIBOR + 3.750%
4.750% VRN 4/09/27
    109,725     108,925  
            217,466  
Electric — 0.1%              
Calpine Corp., Term Loan B9, 1 mo. LIBOR + 2.250%
2.400% VRN 4/05/26
    312,300     303,581  
Electronics — 0.0%              
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.500%
4.500% VRN 12/20/24
    54,198     53,182  
Tech Data Corp., ABL Term Loan, 1 mo. LIBOR + 3.500%
3.645% VRN 6/30/25
    105,000     105,184  
            158,366  
Engineering & Construction — 0.0%              
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, 3 mo. LIBOR + 4.250%
5.250% VRN 6/21/24
    64,602     59,989  
Entertainment — 0.0%              
Playtika Holding Corp., Term Loan B,
0.000% 12/10/24 (a)
    44,423     44,407  
Environmental Controls — 0.1%              
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000%
3.147% VRN 3/29/25
    201,385     197,138  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Foods — 0.2%              
Froneri International Ltd., 2020 USD Term Loan, 1 mo. LIBOR + 2.250%
2.397% VRN 1/31/27
  $ 239,400   $ 229,568  
Hearthside Food Solutions LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.687%
3.834% VRN 5/23/25
    49,556     48,018  
JBS USA LUX SA/JBS USA Finance, Inc., 2019 Term Loan B, 1 mo. LIBOR + 2.000%
2.147% VRN 5/01/26
    253,712     246,482  
United Natural Foods, Inc., Term Loan B, 1 mo. LIBOR + 4.250%
4.397% VRN 10/22/25
    28,564     27,783  
            551,851  
Gas — 0.0%              
Pacific Gas & Electric Company, 2020 Exit Term Loan B, 3 mo. LIBOR + 4.500%
5.500% VRN 6/23/25
    74,813     73,191  
Health Care – Products — 0.1%              
Sotera Health Holdings, LLC, 2019 Term Loan, 3 mo. LIBOR + 4.500%
5.500% VRN 12/11/26
    169,150     168,304  
Health Care – Services — 0.2%              
Air Methods Corp., 2017 Term Loan B, 3 mo. LIBOR + 3.500%
4.500% VRN 4/22/24
    54,577     47,610  
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.750%
3.897% VRN 10/10/25
    44,659     32,115  
Gentiva Health Services, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.250%
3.438% VRN 7/02/25
    198,592     194,249  
Global Medical Response, Inc., 2018 Term Loan B1, 3 mo. LIBOR + 3.250%
4.250% VRN 4/28/22
    59,541     59,327  
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.750%
3.897% VRN 11/16/25
    110,000     106,700  
Select Medical Corporation, 2017 Term Loan B, 3 mo. LIBOR + 2.500%
2.780% VRN 3/06/25
    115,000     111,694  
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 2.750%
3.750% VRN 2/06/24
    24,807     20,741  
            572,436  
Household Products & Wares — 0.0%              
Diamond (BC) B.V., USD Term Loan, 3 mo. LIBOR + 3.000%
3.261% VRN 9/06/24
    74,338     69,320  
Kronos Acquisition Holdings, Inc., 2015 Term Loan B, 3 mo. LIBOR + 4.000%
5.000% VRN 5/15/23
    49,938     49,552  
            118,872  
Insurance — 0.2%              
Acrisure LLC, 2020 Term Loan B, 1 mo. LIBOR + 3.500%
3.647% VRN 2/15/27
    123,742     119,256  
AssuredPartners, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.500%
3.647% VRN 2/12/27
    242,459     235,098  
Asurion LLC              
2018 Term Loan B6, 1 mo. LIBOR + 3.000%
3.147% VRN 11/03/23
    104,446     102,793  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
2017 2nd Lien Term Loan, 1 mo. LIBOR + 6.500%
6.647% VRN 8/04/25
  $ 46,970   $ 46,980  
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. LIBOR + 4.000%
4.147% VRN 9/03/26
    34,563     34,006  
            538,133  
Internet — 0.1%              
Go Daddy Operating Company, LLC              
2017 Repriced Term Loan, 1 mo. LIBOR + 1.750%
1.897% VRN 2/15/24
    243,325     238,229  
2020 Term Loan B3, 1 mo. LIBOR + 2.500%
2.647% VRN 8/10/27
    84,788     83,428  
ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 3 mo. LIBOR + 4.000%
5.000% VRN 11/21/24
    19,794     19,390  
Uber Technologies, Inc., 2018 Term Loan, 1 mo. LIBOR + 4.000%
5.000% VRN 4/04/25
    114,075     113,035  
Web.com Group, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.750%
3.901% VRN 10/10/25
    40,000     38,570  
            492,652  
Investment Companies — 0.1%              
Solenis Holdings LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.000%
4.256% VRN 6/26/25
    74,429     72,568  
UFC Holdings LLC, 2019 Term Loan, 6 mo. LIBOR + 3.250%
4.250% VRN 4/29/26
    197,747     194,040  
            266,608  
Leisure Time — 0.0%              
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. LIBOR + 2.750%
2.970% VRN 9/18/24
    34,731     29,565  
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.000%
4.000% VRN 3/08/24
    44,087     33,677  
            63,242  
Lodging — 0.1%              
Caesars Resort Collection, LLC              
2017 1st Lien Term Loan B, 1 mo. LIBOR + 2.750%
2.897% VRN 12/23/24
    158,372     147,986  
2020 Term Loan, 1 mo. LIBOR + 4.500%, 3 mo. LIBOR + 4.500%
4.647% VRN 7/21/25
    60,000     57,983  
Golden Nugget, Inc., 2017 Incremental Term Loan B, 1 mo. LIBOR + 2.500%, 2 mo. LIBOR + 2.500%
3.250% VRN 10/04/23
    154,565     137,399  
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 1 mo. LIBOR + 1.750%
1.898% VRN 6/22/26
    65,000     62,636  
            406,004  
Machinery - Diversified — 0.1%              
Titan Acquisition Ltd., 2018 Term Loan B, 3 mo. LIBOR + 3.000%
3.220% VRN 3/28/25
    39,649     37,357  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Vertical US Newco, Inc., USD Term Loan B, 6 mo. LIBOR + 4.250%
4.570% VRN 7/30/27
  $ 200,000   $ 198,108  
            235,465  
Media — 0.2%              
Cengage Learning, Inc., 2016 Term Loan B, 3 mo. LIBOR + 4.250%
5.250% VRN 6/07/23
    74,302     61,936  
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. LIBOR + 2.500%
2.652% VRN 4/15/27
    203,208     196,647  
E.W. Scripps Co.(The), 2019 Term Loan B2, 1 mo. LIBOR + 2.500%
2.647% VRN 5/01/26
    307,051     298,703  
Getty Images, Inc., 2019 USD Term Loan B, 1 mo. LIBOR + 4.500%
4.688% VRN 2/19/26
    34,361     31,955  
Radiate Holdco, LLC              
2020 Term Loan,
0.000% 9/25/26 (a)
    135,000     132,469  
1st Lien Term Loan, 1 mo. LIBOR + 3.000%
3.750% VRN 2/01/24
    99,487     97,715  
            819,425  
Oil & Gas Services — 0.0%              
Illuminate Buyer, LLC, Term Loan, 1 Week LIBOR + 4.000%
4.220% VRN 6/16/27
    85,000     84,203  
Packaging & Containers — 0.1%              
Charter NEX US, Inc., Incremental Term Loan, 1 mo. LIBOR + 3.250%
3.397% VRN 5/16/24
    49,039     47,762  
Flex Acquisition Co., Inc.              
2018 Incremental Term Loan, 3 mo. LIBOR + 3.250%
3.546% VRN 6/29/25
    25,000     24,219  
1st Lien Term Loan, 3 mo. LIBOR + 3.000%
4.000% VRN 12/29/23
    72,249     70,533  
Graham Packaging Company, Inc. ., Term Loan, 1 mo. LIBOR + 3.750%
4.500% VRN 8/04/27
    80,000     79,433  
Klockner-Pentaplast of America, Inc., USD 2017 Term Loan B2, 6 mo. LIBOR + 4.250%
5.250% VRN 6/30/22
    9,834     9,531  
            231,478  
Pharmaceuticals — 0.1%              
HC Group Holdings II, Inc., Term Loan B, 1 mo. LIBOR + 4.500%
4.647% VRN 8/06/26
    154,611     152,936  
Parexel International Corp., Term Loan B, 1 mo. LIBOR + 2.750%
2.897% VRN 9/27/24
    155,000     148,510  
            301,446  
Pipelines — 0.0%              
Blackstone CQP Holdco LP, Term Loan B, 3 mo. LIBOR + 3.500%
3.725% VRN 9/30/24
    79,397     77,591  
Buckeye Partners LP, 2019 Term Loan B, 1 mo. LIBOR + 2.750%
2.897% VRN 11/01/26
    69,650     68,257  
            145,848  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Retail — 0.1%              
Asplundh Tree Expert LLC, Term Loan B, 3 mo. LIBOR + 2.500%
2.655% VRN 9/07/27
  $ 70,000   $ 69,869  
Bass Pro Group, LLC, Term Loan B, 3 mo. LIBOR + 5.000%
5.750% VRN 9/25/24
    59,692     59,059  
IRB Holding Corp, 2020 Term Loan B, 3 mo. LIBOR + 2.750%
3.750% VRN 2/05/25
    153,317     146,140  
PetSmart, Inc., Consenting Term Loan, 3 mo. LIBOR + 3.500%
4.500% VRN 3/11/22
    182,661     182,105  
            457,173  
Software — 0.8%              
Ascend Learning LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.000%
4.000% VRN 7/12/24
    158,242     155,868  
Camelot U.S. Acquisition 1 Co., Term Loan B,
0.000% 10/30/26 (a)
    120,000     119,350  
Castle US Holding Corp., USD Term Loan B, 3 mo. LIBOR + 3.750%
3.970% VRN 1/29/27
    159,333     152,818  
Cornerstone OnDemand, Inc., Term Loan B, 1 mo. LIBOR + 4.250%
4.406% VRN 4/22/27
    90,000     89,756  
Cvent, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 3.750%
3.897% VRN 11/29/24
    99,237     89,383  
Dun & Bradstreet Corp. (The), Term Loan, 1 mo. LIBOR + 3.750%
3.895% VRN 2/06/26
    154,225     152,451  
Finastra USA, Inc.              
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500%, 6 mo. LIBOR + 3.500%
4.500% VRN 6/13/24
    64,019     59,713  
USD 2nd Lien Term Loan, 6 mo. LIBOR + 7.250%
8.250% VRN 6/13/25
    20,000     18,730  
Greeneden U.S. Holdings II, LLC, 2018 USD Term Loan B, 1 mo. LIBOR + 3.250%
3.397% VRN 12/01/23
    153,399     152,888  
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250%
4.000% VRN 7/01/24
    223,118     221,956  
Milano Acquisition Corp, Term Loan B,
0.000% 10/01/27 (a)
    125,000     123,437  
Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.250%
3.397% VRN 11/29/24
    148,855     141,987  
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, 3 mo. LIBOR + 3.500%
4.500% VRN 4/26/24
    188,745     184,970  
Solera LLC, USD Term Loan B, 2 mo. LIBOR + 2.750%
2.938% VRN 3/03/23
    198,442     194,088  
Sophia, L.P.              
2020 1st Lien Term Loan,
0.000% 10/07/27 (a)
    150,000     148,912  
2017 Term Loan B, 1 mo. LIBOR + 3.250%
4.250% VRN 9/30/22
    199,597     198,557  
Tibco Software, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.750%
3.900% VRN 6/30/26
    129,638     126,235  
Ultimate Software Group, Inc. (The)              
Term Loan B, 1 mo. LIBOR + 3.750%
3.897% VRN 5/04/26
    139,083     137,732  
2020 Incremental Term Loan B, 3 mo. LIBOR + 4.000%
4.750% VRN 5/04/26
    105,000     104,620  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
VS Buyer, LLC, Term Loan B, 1 mo. LIBOR + 3.250%
3.397% VRN 2/28/27
  $ 149,300   $ 146,438  
            2,719,889  
Telecommunications — 0.4%              
Altice France S.A., 2018 Term Loan B13, 1 mo. LIBOR + 4.000%
4.152% VRN 8/14/26
    154,494     149,775  
Avaya, Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.250%
4.401% VRN 12/15/24
    70,000     69,541  
CenturyLink, Inc., 2020 Term Loan B, 1 mo. LIBOR + 2.250%
2.397% VRN 3/15/27
    223,872     214,718  
Intelsat Jackson Holdings S.A.              
2020 DIP Term Loan, 3 mo. LIBOR + 5.500%
6.500% VRN 7/13/22 (b)
    23,306     23,675  
2017 Term Loan B3, PRIME + 4.750%
8.000% 11/27/23
    155,000     155,538  
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. LIBOR + 1.750%
1.897% VRN 3/01/27
    250,000     241,952  
MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.500%
4.656% VRN 11/30/25
    19,798     16,859  
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. LIBOR + 2.750%
2.899% VRN 9/18/26
    196,160     191,584  
T-Mobile USA, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.000%
3.147% VRN 4/01/27
    84,788     84,659  
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. LIBOR + 2.500%
2.652% VRN 1/31/28
    100,000     96,917  
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. LIBOR + 3.000%
3.147% VRN 3/09/27
    228,850     221,781  
            1,466,999  
               
TOTAL BANK LOANS
(Cost $12,864,397)
          12,660,083  
               
CORPORATE DEBT — 24.9%              
Advertising — 0.1%              
The Interpublic Group of Cos., Inc.              
5.400% 10/01/48     300,000     353,169  
Aerospace & Defense — 0.3%              
Bombardier, Inc.              
6.000% 10/15/22 (c)     90,000     83,475  
Lockheed Martin Corp.              
4.700% 5/15/46     315,000     429,245  
Northrop Grumman Corp.              
5.150% 5/01/40     250,000     336,052  
TransDigm, Inc.              
5.500% 11/15/27     100,000     96,105  
6.250% 3/15/26 (c)     150,000     156,644  
6.375% 6/15/26     60,000     60,236  
8.000% 12/15/25 (c)     15,000     16,312  
Triumph Group, Inc.              
7.750% 8/15/25     55,000     35,269  
            1,213,338  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Agriculture — 0.4%              
Altria Group, Inc.
4.800% 2/14/29
  $ 475,000   $ 563,633  
BAT Capital Corp.
3.462% 9/06/29
    695,000     740,024  
Imperial Brands Finance PLC
3.500% 7/26/26 (c)
    265,000     286,688  
            1,590,345  
Airlines — 0.1%              
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.750% 10/20/28 (c)
    40,000     41,531  
Latam Finance Ltd.
6.875% 4/11/24 (c) (d)
    200,000     74,000  
7.000% 3/01/26 (c) (d)     300,000     111,000  
Southwest Airlines Co.
4.750% 5/04/23
    235,000     251,171  
            477,702  
Apparel — 0.1%              
The William Carter Co.
5.500% 5/15/25 (c)
    185,000     193,788  
Auto Manufacturers — 0.4%              
Ford Motor Co.
9.000% 4/22/25
    65,000     74,523  
Ford Motor Credit Co. LLC
5.750% 2/01/21
    200,000     201,250  
General Motors Financial Co., Inc. 3 mo. USD LIBOR + .990%
1.294% FRN 1/05/23
    575,000     568,774  
Hyundai Capital America
1.800% 10/15/25 (c)
    5,000     4,974  
2.650% 2/10/25 (c)     460,000     473,708  
Volkswagen Group of America Finance LLC
4.250% 11/13/23 (c)
    220,000     241,733  
            1,564,962  
Auto Parts & Equipment — 0.0%              
Clarios Global LP/Clarios US Finance Co.
6.250% 5/15/26 (c)
    115,000     120,583  
Banks — 3.9%              
Banco de Credito del Peru 5 year CMT + 3.000%
3.125% VRN 7/01/30 (c)
    200,000     200,626  
Banco de Credito del Peru/Panama 3 mo. USD LIBOR + 7.043%
6.125% VRN 4/24/27 (c)
    150,000     157,875  
Banco de Reservas de la Republica Dominicana
7.000% 2/01/23 (c)
    200,000     205,500  
Banco Macro SA 5 year USD Swap + 5.463%
6.750% VRN 11/04/26 (c)
    200,000     153,800  
Banco Mercantil del Norte SA/Grand Cayman 10 year CMT + 5.353%
7.625% VRN (c) (e)
    400,000     398,760  
Banco Nacional de Panama
2.500% 8/11/30 (c)
    200,000     197,900  
Banco Santander SA 3 mo. USD LIBOR + 1.090%
1.346% FRN 2/23/23
    400,000     400,903  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Bancolombia SA
3.000% 1/29/25
  $ 200,000   $ 200,324  
Bank of America Corp. 3 mo. USD LIBOR + 1.210%
3.974% VRN 2/07/30
    350,000     405,578  
Bank of Montreal 5 year USD Swap + 1.432%
3.803% VRN 12/15/32
    300,000     334,376  
Bank of New Zealand
3.500% 2/20/24 (c)
    530,000     577,249  
The Bank of Nova Scotia
1.625% 5/01/23
    217,000     222,661  
Barclays PLC 3 mo. USD LIBOR + 1.380%
1.660% FRN 5/16/24
    425,000     426,158  
BDO Unibank, Inc.
2.950% 3/06/23 (c)
    300,000     311,261  
BNP Paribas SA SOFR + 1.507%
3.052% VRN 1/13/31 (c)
    390,000     418,261  
Citigroup, Inc. 3 mo. USD LIBOR + 1.100%
1.380% FRN 5/17/24
    635,000     640,551  
Commonwealth Bank of Australia
4.316% 1/10/48 (c)
    505,000     615,965  
Credit Agricole SA
3.750% 4/24/23 (c)
    535,000     573,323  
Credit Suisse Group AG 3 mo. USD LIBOR + 1.240%
1.489% FRN 6/12/24 (c)
    430,000     433,504  
DBS Group Holdings Ltd. 5 year USD Swap + 2.390%
3.600% VRN (c) (e)
    600,000     603,000  
Gilex Holding Sarl
8.500% 5/02/23 (c)
    150,000     152,626  
8.500% 5/02/23 (c)     150,000     152,626  
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380%
1.629% FRN 9/12/26
    835,000     827,287  
JP Morgan Chase & Co. SOFR + 2.040%
2.522% VRN 4/22/31
    275,000     292,620  
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%
3.574% VRN 11/07/28
    400,000     438,233  
Macquarie Group Ltd.
3 mo. USD LIBOR + 1.023% 3.189% VRN 11/28/23 (c)
    160,000     167,302  
3 mo. USD LIBOR + 1.330% 4.150% VRN 3/27/24 (c)     280,000     300,166  
Malayan Banking Bhd 5 year USD Swap + 2.542%
3.905% VRN 10/29/26 (c)
    300,000     305,967  
Mitsubishi UFJ Financial Group, Inc.
1.412% 7/17/25
    435,000     441,086  
Morgan Stanley 3 mo. USD LIBOR + 1.340%
3.591% VRN 7/22/28
    230,000     258,679  
Multibank, Inc.
4.375% 11/09/22 (c)
    200,000     203,100  
NongHyup Bank
1.250% 7/20/25 (c)
    200,000     201,926  
Sumitomo Mitsui Financial Group, Inc. 3 mo. USD LIBOR + .740%
1.013% FRN 1/17/23
    715,000     718,185  
The Bank of Nova Scotia
3.400% 2/11/24
    100,000     108,643  
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 1.170%
1.450% FRN 5/15/26
    565,000     570,492  
Union Bank of the Philippines
3.369% 11/29/22 (c)
    400,000     415,898  
United Overseas Bank Ltd.
5 year USD Swap + 1.654% 2.880% VRN 3/08/27 (c)
    200,000     203,548  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
5 year USD Swap + 1.794% 3.875% VRN (c) (e)   $ 300,000   $ 306,915  
Wells Fargo & Co.
3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30
    115,000     123,498  
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27     245,000     267,376  
            13,933,748  
Beverages — 0.3%              
Anheuser-Busch InBev Worldwide, Inc.
4.600% 4/15/48
    440,000     524,676  
Constellation Brands, Inc.
2.875% 5/01/30
    25,000     26,993  
3.150% 8/01/29     200,000     218,320  
Keurig Dr Pepper, Inc.
3.800% 5/01/50
    140,000     161,073  
            931,062  
Biotechnology — 0.1%              
Royalty Pharma PLC
3.300% 9/02/40 (c)
    235,000     233,054  
Building Materials — 0.2%              
Builders FirstSource, Inc.
5.000% 3/01/30 (c)
    80,000     82,800  
6.750% 6/01/27 (c)     110,000     117,838  
Carrier Global Corp.
3.377% 4/05/40 (c)
    310,000     324,794  
Griffon Corp.
5.750% 3/01/28
    170,000     177,451  
Owens Corning
4.400% 1/30/48
    175,000     194,897  
            897,780  
Chemicals — 0.6%              
Braskem Netherlands Finance BV 5 year CMT + 8.220%
8.500% VRN 1/23/81 (c)
    200,000     201,802  
CNAC HK Finbridge Co. Ltd.
3.375% 6/19/24 (c)
    200,000     207,790  
DuPont de Nemours, Inc.
5.419% 11/15/48
    205,000     274,116  
MEGlobal Canada ULC
5.000% 5/18/25 (c)
    400,000     431,086  
Nutrien Ltd.
4.200% 4/01/29
    265,000     315,176  
Syngenta Finance NV
5.676% 4/24/48 (c)
    200,000     214,394  
UPL Corp. Ltd.
3.250% 10/13/21 (c)
    200,000     202,506  
WR Grace & Co-Conn
4.875% 6/15/27 (c)
    165,000     170,395  
            2,017,265  
Coal — 0.0%              
Peabody Energy Corp.
6.000% 3/31/22 (c)
    105,000     60,900  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.500% 6/15/25 (c)
  $ 120,000   $ 108,242  
            169,142  
Commercial Services — 0.3%              
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625% 7/15/26 (c)
    70,000     74,550  
9.750% 7/15/27 (c)     130,000     141,248  
Garda World Security Corp.
8.750% 5/15/25 (c)
    95,000     95,950  
Jaguar Holding Co. II / Pharmaceutical Product Development LLC
5.000% 6/15/28 (c)
    50,000     52,187  
MPH Acquisition Holdings LLC
7.125% 6/01/24 (c)
    160,000     164,376  
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.375% 8/31/27 (c)
    110,000     105,517  
PSA Treasury Pte Ltd.
2.125% 9/05/29 (c)
    200,000     208,454  
Verscend Escrow Corp.
9.750% 8/15/26 (c)
    237,000     257,688  
            1,099,970  
Computers — 0.1%              
NetApp, Inc.
1.875% 6/22/25
    230,000     238,233  
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
6.750% 6/01/25 (c)
    190,000     193,916  
            432,149  
Distribution & Wholesale — 0.0%              
Performance Food Group, Inc.
5.500% 10/15/27 (c)
    115,000     118,450  
Diversified Financial Services — 1.7%              
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.500% 1/15/25
    450,000     438,392  
Air Lease Corp.
3.750% 2/01/22
    470,000     479,590  
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (c)
    390,000     347,931  
Banco BTG Pactual SA 5 year CMT + 5.257%
7.750% VRN 2/15/29 (c)
    200,000     205,750  
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125%
1.358% FRN 9/26/23 (c)
    565,000     551,813  
Capital One Financial Corp. 3 mo. USD LIBOR + .720%
0.988% FRN 1/30/23
    140,000     140,067  
Credito Real SAB de CV SOFOM ER 5 year CMT + 7.026%
9.125% VRN (c) (e)
    200,000     151,002  
Discover Financial Services
4.100% 2/09/27
    570,000     632,112  
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (c)
    108,806     60,659  
Interoceanica IV Finance Ltd.
0.000% 11/30/25 (c)
    712,411     658,652  
Mexarrend SAPI de CV
10.250% 7/24/24 (c)
    200,000     147,500  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Nationstar Mortgage Holdings, Inc.
5.500% 8/15/28 (c)
  $ 75,000   $ 74,906  
Navient Corp.
5.000% 3/15/27
    60,000     56,342  
NFP Corp.
6.875% 8/15/28 (c)
    70,000     70,866  
OneMain Finance Corp.
5.375% 11/15/29
    55,000     57,200  
6.625% 1/15/28     120,000     133,176  
Operadora de Servicios Mega SA de CV Sofom ER
8.250% 2/11/25 (c)
    200,000     184,000  
PennyMac Financial Services, Inc.
5.375% 10/15/25 (c)
    75,000     75,938  
SPARC EM SPC Panama Metro Line 2 SP
0.010% 12/05/22 (c)
    190,236     184,293  
Synchrony Financial
3.950% 12/01/27
    420,000     451,971  
The Charles Schwab Corp.
3.550% 2/01/24
    465,000     507,864  
Unifin Financiera SAB de CV 5 year CMT + 6.308%
8.875% VRN (c) (e)
    600,000     409,500  
            6,019,524  
Electric — 3.0%              
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It
7.950% 5/11/26 (c)
    500,000     508,130  
AES Argentina Generacion SA
7.750% 2/02/24 (c)
    150,000     103,781  
AES Gener SA
5 year CMT + 4.917% 6.350% VRN 10/07/79 (c)
    200,000     201,750  
5 year USD Swap + 4.644% 7.125% VRN 3/26/79 (c)     400,000     408,914  
AES Panama Generation Holdings SRL
4.375% 5/31/30 (c)
    200,000     205,250  
American Electric Power Co., Inc.
2.950% 12/15/22
    313,000     327,401  
Arizona Public Service Co.
3.350% 5/15/50
    130,000     143,180  
Calpine Corp.
4.625% 2/01/29 (c)
    40,000     39,925  
5.125% 3/15/28 (c)     100,000     103,500  
DTE Energy Co.
3.800% 3/15/27
    500,000     558,285  
Duke Energy Corp.
3.750% 9/01/46
    90,000     102,745  
3.950% 8/15/47     240,000     283,503  
Duke Energy Progress, Inc.
4.150% 12/01/44
    315,000     392,690  
Empresa Electrica Angamos SA
4.875% 5/25/29 (c)
    156,500     156,696  
Empresa Electrica Guacolda SA
4.560% 4/30/25 (c)
    400,000     327,061  
Entergy Corp.
2.800% 6/15/30
    110,000     118,919  
Eversource Energy
1.650% 8/15/30
    250,000     247,713  
FirstEnergy Corp.
2.250% 9/01/30
    60,000     58,682  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Georgia Power Co.
2.200% 9/15/24
  $ 385,000   $ 406,153  
Korea East-West Power Co. Ltd.
1.750% 5/06/25 (c)
    200,000     206,656  
LLPL Capital Pte Ltd.
6.875% 2/04/39 (c)
    281,700     324,352  
Minejesa Capital BV
4.625% 8/10/30 (c)
    400,000     411,044  
Monongahela Power Co.
5.400% 12/15/43 (c)
    145,000     204,098  
NextEra Energy Capital Holdings, Inc.
2.250% 6/01/30
    750,000     776,646  
3.550% 5/01/27     195,000     220,399  
Pampa Energia SA
9.125% 4/15/29 (c)
    150,000     117,057  
PG&E Corp.
5.000% 7/01/28
    45,000     43,650  
Pike Corp.
5.500% 9/01/28 (c)
    85,000     85,526  
Pinnacle West Capital Corp.
1.300% 6/15/25
    230,000     233,655  
PSEG Power LLC
3.850% 6/01/23
    340,000     365,797  
Sierra Pacific Power Co.
2.600% 5/01/26
    1,000,000     1,089,884  
State Grid Overseas Investment Ltd.
3.125% 5/22/23 (c)
    200,000     210,794  
3.750% 5/02/23 (c)     200,000     213,872  
Transelec SA
3.875% 1/12/29 (c)
    250,000     272,875  
Xcel Energy, Inc.
3.300% 6/01/25
    1,000,000     1,103,560  
            10,574,143  
Electrical Components & Equipment — 0.0%              
Energizer Holdings, Inc.
4.750% 6/15/28 (c)
    110,000     113,839  
Electronics — 0.2%              
Arrow Electronics, Inc.
3.875% 1/12/28
    195,000     216,195  
Roper Technologies, Inc.
1.750% 2/15/31
    510,000     510,275  
            726,470  
Engineering & Construction — 0.2%              
Sydney Airport Finance Co. Pty Ltd.
3.375% 4/30/25 (c)
    300,000     317,189  
3.625% 4/28/26 (c)     300,000     324,270  
            641,459  
Entertainment — 0.3%              
Caesars Entertainment, Inc.
6.250% 7/01/25 (c)
    105,000     109,751  
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250% 10/15/25 (c)
    130,000     125,775  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Cedar Fair LP
5.250% 7/15/29
  $ 75,000   $ 72,000  
Lions Gate Capital Holdings LLC
6.375% 2/01/24 (c)
    160,000     158,400  
Live Nation Entertainment, Inc.
6.500% 5/15/27 (c)
    90,000     97,132  
Scientific Games International, Inc.
7.250% 11/15/29 (c)
    75,000     76,125  
Six Flags Theme Parks, Inc.
7.000% 7/01/25 (c)
    180,000     191,475  
Twin River Worldwide Holdings, Inc.
6.750% 6/01/27 (c)
    110,000     109,436  
            940,094  
Environmental Controls — 0.1%              
GFL Environmental, Inc.
3.750% 8/01/25 (c)
    100,000     100,552  
4.250% 6/01/25 (c)     80,000     80,800  
5.125% 12/15/26 (c)     125,000     129,075  
8.500% 5/01/27 (c)     51,000     55,335  
Tervita Corp.
7.625% 12/01/21 (c)
    105,000     95,813  
            461,575  
Foods — 0.6%              
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson's LLC
3.500% 3/15/29 (c)
    75,000     72,797  
4.625% 1/15/27 (c)     95,000     97,203  
B&G Foods, Inc.
5.250% 9/15/27
    50,000     52,166  
Campbell Soup Co.
2.375% 4/24/30
    115,000     119,583  
JBS USA LUX SA/JBS USA Finance, Inc.
5.750% 6/15/25 (c)
    20,000     20,616  
5.875% 7/15/24 (c)     15,000     15,302  
6.750% 2/15/28 (c)     126,000     137,015  
Kraft Heinz Foods Co.
5.000% 7/15/35
    40,000     46,060  
5.200% 7/15/45     115,000     125,722  
The Kroger Co.
3.400% 4/15/22
    195,000     202,271  
Mondelez International, Inc.
1.500% 5/04/25
    130,000     133,593  
1.875% 10/15/32 (f)     240,000     239,563  
Pilgrim's Pride Corp.
5.875% 9/30/27 (c)
    85,000     87,763  
Post Holdings, Inc.
4.625% 4/15/30 (c)
    110,000     113,162  
Smithfield Foods, Inc.
4.250% 2/01/27 (c)
    415,000     453,458  
Sysco Corp.
3.300% 2/15/50
    380,000     356,555  
US Foods, Inc.
6.250% 4/15/25 (c)
    15,000     15,881  
            2,288,710  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Gas — 0.3%              
The Brooklyn Union Gas Co.
4.487% 3/04/49 (c)
  $ 335,000   $ 430,548  
The East Ohio Gas Co.
3.000% 6/15/50 (c)
    245,000     248,548  
ENN Energy Holdings Ltd.
3.250% 7/24/22 (c)
    200,000     205,408  
NiSource, Inc.
3.600% 5/01/30
    110,000     125,342  
            1,009,846  
Health Care – Products — 0.0%              
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA
7.250% 2/01/28 (c)
    80,000     83,200  
Health Care – Services — 0.4%              
Anthem, Inc.
2.375% 1/15/25
    215,000     228,647  
Centene Corp.
3.000% 10/15/30 (f)
    60,000     61,212  
HCA, Inc.
4.125% 6/15/29
    215,000     243,176  
5.375% 9/01/26     125,000     138,125  
Health Care Service Corp.
3.200% 6/01/50 (c)
    50,000     51,876  
LifePoint Health, Inc.
4.375% 2/15/27 (c)
    90,000     90,112  
6.750% 4/15/25 (c)     55,000     57,887  
Radiology Partners, Inc.
9.250% 2/01/28 (c)
    95,000     98,800  
Select Medical Corp.
6.250% 8/15/26 (c)
    150,000     156,000  
Tenet Healthcare Corp.
5.125% 11/01/27 (c)
    155,000     159,216  
West Street Merger Sub, Inc.
6.375% 9/01/25 (c)
    145,000     147,870  
            1,432,921  
Home Builders — 0.0%              
Mattamy Group Corp.
4.625% 3/01/30 (c)
    120,000     121,512  
Home Furnishing — 0.1%              
Tempur Sealy International, Inc.
5.500% 6/15/26
    238,000     247,032  
Household Products & Wares — 0.0%              
Kronos Acquisition Holdings, Inc.
9.000% 8/15/23 (c)
    105,000     106,444  
Insurance — 0.5%              
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750% 10/15/27 (c)
    75,000     78,684  
Athene Global Funding
3.000% 7/01/22 (c)
    400,000     413,072  
Equitable Holdings, Inc.
3.900% 4/20/23
    385,000     413,923  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
GTCR AP Finance, Inc.
8.000% 5/15/27 (c)
  $ 95,000   $ 100,225  
Prudential Financial, Inc.
3.905% 12/07/47
    185,000     205,811  
Willis North America, Inc.
4.500% 9/15/28
    360,000     428,044  
            1,639,759  
Internet — 0.4%              
Baidu, Inc.
3.425% 4/07/30
    200,000     219,919  
Expedia, Inc. Co.
3.800% 2/15/28
    275,000     277,706  
JD.com, Inc.
3.375% 1/14/30
    400,000     433,364  
Tencent Holdings Ltd.
2.390% 6/03/30 (c)
    300,000     305,049  
Uber Technologies, Inc.
7.500% 9/15/27 (c)
    90,000     96,300  
            1,332,338  
Investment Companies — 0.1%              
Temasek Financial I Ltd. Co.
1.000% 10/06/30 (c) (f)
    350,000     344,843  
Iron & Steel — 0.2%              
CSN Islands XII Corp.
7.000% (c) (e)
    200,000     175,000  
POSCO
2.375% 1/17/23 (c)
    200,000     204,934  
2.750% 7/15/24 (c)     200,000     209,352  
            589,286  
Leisure Time — 0.1%              
Carnival Corp.
11.500% 4/01/23 (c)
    30,000     33,619  
Viking Cruises Ltd.
13.000% 5/15/25 (c)
    30,000     34,725  
5.875% 9/15/27 (c)     160,000     124,400  
            192,744  
Lodging — 0.1%              
Boyd Gaming Corp.
4.750% 12/01/27
    150,000     147,188  
Hilton Domestic Operating Co., Inc.
5.375% 5/01/25 (c)
    20,000     20,886  
5.750% 5/01/28 (c)     20,000     21,075  
MGM Resorts International
6.750% 5/01/25
    135,000     141,484  
Wyndham Hotels & Resorts, Inc.
4.375% 8/15/28 (c)
    75,000     72,750  
            403,383  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Machinery – Construction & Mining — 0.0%              
BWX Technologies, Inc.
4.125% 6/30/28 (c)
  $ 50,000   $ 51,125  
Media — 0.5%              
CCO Holdings LLC/CCO Holdings Capital Corp.
4.750% 3/01/30 (c)
    105,000     111,169  
Cengage Learning, Inc.
9.500% 6/15/24 (c)
    75,000     49,500  
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908% 7/23/25
    325,000     375,772  
Comcast Corp.
1.500% 2/15/31
    330,000     326,910  
3.400% 4/01/30     195,000     225,003  
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375% 8/15/26 (c)
    65,000     45,988  
DISH DBS Corp.
5.875% 11/15/24
    40,000     41,020  
GCI LLC
4.750% 10/15/28 (c) (f)
    90,000     91,126  
Gray Escrow, Inc.
7.000% 5/15/27 (c)
    145,000     157,200  
iHeartCommunications, Inc.
8.375% 5/01/27
    25,000     24,625  
Nexstar Broadcasting, Inc.
5.625% 7/15/27 (c)
    65,000     68,275  
Radiate Holdco LLC / Radiate Finance, Inc.
4.500% 9/15/26 (c)
    75,000     74,984  
Scripps Escrow, Inc.
5.875% 7/15/27 (c)
    80,000     77,200  
Sirius XM Radio, Inc.
4.125% 7/01/30 (c)
    140,000     142,625  
            1,811,397  
Mining — 0.4%              
Anglo American Capital PLC
4.500% 3/15/28 (c)
    385,000     440,421  
Arconic Corp.
6.125% 2/15/28 (c)
    110,000     112,956  
Freeport-McMoRan, Inc.
4.625% 8/01/30
    100,000     105,145  
Novelis Corp.
4.750% 1/30/30 (c)
    50,000     49,111  
Vedanta Resources Finance II PLC
9.250% 4/23/26 (c)
    200,000     149,100  
Vedanta Resources Ltd.
6.125% 8/09/24 (c)
    600,000     422,728  
            1,279,461  
Miscellaneous - Manufacturing — 0.1%              
Gates Global LLC / Gates Corp.
6.250% 1/15/26 (c)
    65,000     67,001  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
General Electric Co.
5.875% 1/14/38
  $ 225,000   263,105  
            330,106  
Multi-National — 0.1%              
Banco Latinoamericano de Comercio Exterior SA
2.375% 9/14/25 (c)
    200,000     202,800  
Oil & Gas — 1.7%              
Apache Corp.
4.375% 10/15/28
    60,000     54,900  
4.625% 11/15/25     40,000     38,125  
Canacol Energy Ltd.
7.250% 5/03/25 (c)
    200,000     205,502  
Cenovus Energy, Inc.
5.375% 7/15/25
    65,000     62,558  
CNOOC Finance 2015 USA LLC
3.750% 5/02/23
    370,000     394,690  
CNOOC Finance Ltd.
3.000% 5/09/23
    200,000     209,594  
Cosan Overseas Ltd.
8.250% (c) (e)
    500,000     510,000  
Delek & Avner Tamar Bond Ltd.
5.082% 12/30/23 (c)
    100,000     101,711  
5.412% 12/30/25 (c)     100,000     101,691  
Diamondback Energy, Inc.
2.875% 12/01/24
    59,000     59,738  
EOG Resources, Inc.
4.375% 4/15/30
    70,000     82,480  
EQT Corp.
7.875% STEP 2/01/25
    60,000     66,507  
Exxon Mobil Corp.
2.610% 10/15/30
    165,000     178,350  
4.227% 3/19/40     190,000     232,471  
Geopark Ltd.
6.500% 9/21/24 (c)
    200,000     189,500  
Gran Tierra Energy International Holdings Ltd.
6.250% 2/15/25 (c)
    400,000     136,004  
Gulfport Energy Corp.
6.375% 5/15/25
    105,000     64,050  
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250% 11/01/28 (c)
    100,000     91,000  
Indigo Natural Resources LLC
6.875% 2/15/26 (c)
    50,000     48,664  
Marathon Petroleum Corp.
5.125% 12/15/26
    360,000     417,364  
Medco Bell Pte Ltd.
6.375% 1/30/27 (c)
    200,000     172,000  
MEG Energy Corp.
7.125% 2/01/27 (c)
    155,000     139,009  
Occidental Petroleum Corp.
3.500% 8/15/29
    65,000     49,803  
6.625% 9/01/30     60,000     55,350  
8.000% 7/15/25     50,000     50,311  
Parkland Corp.
5.875% 7/15/27 (c)
    135,000     141,919  
Petrobras Global Finance BV
7.250% 3/17/44
    100,000     113,950  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Petronas Capital Ltd.
3.500% 4/21/30 (c)
  $ 200,000   $ 223,516  
Pioneer Natural Resources Co.
1.900% 8/15/30
    245,000     229,791  
PTTEP Treasury Center Co. Ltd.
2.587% 6/10/27 (c)
    200,000     206,464  
QEP Resources, Inc.
5.625% 3/01/26
    165,000     93,637  
Reliance Industries Ltd.
5.400% 2/14/22 (c)
    500,000     526,801  
Sinopec Group Overseas Development 2018 Ltd.
2.700% 5/13/30 (c)
    350,000     368,062  
Sunoco LP / Sunoco Finance Corp.
5.500% 2/15/26
    130,000     129,837  
6.000% 4/15/27     90,000     92,475  
Transocean Poseidon Ltd.
6.875% 2/01/27 (c)
    150,000     120,222  
Transocean, Inc.
11.500% 1/30/27 (c)
    36,000     14,767  
WPX Energy, Inc.
4.500% 1/15/30
    65,000     63,904  
5.875% 6/15/28     60,000     62,700  
            6,099,417  
Oil & Gas Services — 0.1%              
Halliburton Co.
2.920% 3/01/30
    125,000     123,172  
Schlumberger Investment SA
2.650% 6/26/30
    110,000     111,048  
USA Compression Partners LP / USA Compression Finance Corp.
6.875% 9/01/27
    185,000     183,450  
            417,670  
Packaging & Containers — 0.3%              
CCL Industries, Inc.
3.050% 6/01/30 (c)
    165,000     176,118  
Flex Acquisition Co., Inc.
6.875% 1/15/25 (c)
    90,000     89,945  
Packaging Corp. of America
3.400% 12/15/27
    215,000     240,149  
Silgan Holdings, Inc.
4.125% 2/01/28
    110,000     112,475  
WRKCo, Inc.
3.750% 3/15/25
    420,000     469,361  
            1,088,048  
Pharmaceuticals — 1.1%              
AbbVie, Inc.
4.700% 5/14/45
    260,000     320,138  
Bausch Health Cos., Inc.
6.250% 2/15/29 (c)
    170,000     174,855  
Becton Dickinson and Co.
2.894% 6/06/22
    610,000     631,600  
Bristol-Myers Squibb Co.
4.350% 11/15/47
    355,000     468,854  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Cigna Corp.
3 mo. USD LIBOR + .890% 1.165% FRN 7/15/23
  $ 205,000   $ 207,118  
4.900% 12/15/48     265,000     343,973  
CVS Health Corp.
5.050% 3/25/48
    180,000     229,754  
Eli Lilly and Co.
2.250% 5/15/50
    488,000     459,814  
Merck & Co., Inc.
3.400% 3/07/29
    385,000     448,553  
Shire Acquisitions Investments Ireland DAC
2.875% 9/23/23
    380,000     402,781  
Upjohn, Inc.
1.650% 6/22/25 (c)
    135,000     138,192  
            3,825,632  
Pipelines — 1.1%              
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.750% 3/01/27 (c)
    54,000     44,685  
Cheniere Energy Partners LP
5.250% 10/01/25
    30,000     30,690  
5.625% 10/01/26     95,000     98,800  
CNPC Global Capital Ltd.
1.125% 6/23/23 (c)
    200,000     199,844  
1.350% 6/23/25 (c)     200,000     200,230  
Enable Midstream Partners LP
4.400% 3/15/27
    170,000     162,924  
Energy Transfer Operating LP
4.750% 1/15/26
    470,000     500,528  
EQM Midstream Partners LP
6.500% 7/01/27 (c)
    120,000     127,202  
Fermaca Enterprises S de RL de CV
6.375% 3/30/38 (c)
    211,835     226,663  
GNL Quintero SA
4.634% 7/31/29 (c)
    250,000     267,637  
Hess Midstream Operations LP
5.125% 6/15/28 (c)
    110,000     109,793  
Kinder Morgan Energy Partners LP
6.950% 1/15/38
    300,000     392,598  
NuStar Logistics LP
6.375% 10/01/30
    90,000     93,375  
ONEOK, Inc.
3.400% 9/01/29
    140,000     137,172  
Peru LNG SRL
5.375% 3/22/30 (c)
    250,000     191,485  
Rattler Midstream LP
5.625% 7/15/25 (c)
    55,000     55,413  
Sabine Pass Liquefaction LLC
5.000% 3/15/27
    220,000     248,146  
Sunoco Logistics Partners Operations LP
3.900% 7/15/26
    750,000     770,136  
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.500% 3/01/30 (c)
    100,000     100,105  
Western Midstream Operating LP
4.100% STEP 2/01/25
    75,000     71,438  
            4,028,864  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
Real Estate — 0.1%              
Radiant Access Ltd.
4.600% (c) (e)
  $ 200,000   $ 200,336  
Realogy Group LLC / Realogy Co-Issuer Corp.
7.625% 6/15/25 (c)
    35,000     36,663  
            236,999  
Real Estate Investment Trusts (REITS) — 0.9%              
Alexandria Real Estate Equities, Inc.
4.000% 1/15/24
    320,000     352,367  
American Tower Corp.
3.600% 1/15/28
    470,000     527,199  
Boston Properties LP
3.400% 6/21/29
    435,000     473,264  
Crown Castle International Corp.
3.650% 9/01/27
    460,000     514,729  
3.700% 6/15/26     700,000     780,689  
4.000% 3/01/27     225,000     255,661  
Equinix, Inc.
1.800% 7/15/27
    130,000     131,215  
ESH Hospitality, Inc.
5.250% 5/01/25 (c)
    70,000     70,700  
Iron Mountain, Inc.
4.500% 2/15/31 (c)
    60,000     60,564  
National Retail Properties, Inc.
2.500% 4/15/30
    115,000     114,049  
Simon Property Group LP
2.450% 9/13/29
    25,000     24,763  
VICI Properties LP / VICI Note Co., Inc.
3.750% 2/15/27 (c)
    15,000     14,749  
4.125% 8/15/30 (c)     60,000     59,025  
            3,378,974  
Retail — 0.8%              
Asbury Automotive Group, Inc.
4.500% 3/01/28 (c)
    16,000     16,100  
4.750% 3/01/30 (c)     16,000     16,120  
Beacon Roofing Supply, Inc.
4.875% 11/01/25 (c)
    160,000     156,800  
Carvana Co.
8.875% 10/01/23 (c)
    40,000     41,775  
CK Hutchison International 20 Ltd.
2.500% 5/08/30 (c)
    200,000     209,742  
Costco Wholesale Corp.
1.750% 4/20/32
    75,000     76,948  
Dollar Tree, Inc.
4.000% 5/15/25
    375,000     423,063  
Golden Nugget, Inc.
6.750% 10/15/24 (c)
    175,000     146,125  
Group 1 Automotive, Inc.
4.000% 8/15/28 (c)
    25,000     24,563  
The Home Depot, Inc.
3.900% 6/15/47
    220,000     271,622  
IRB Holding Corp.
6.750% 2/15/26 (c)
    120,000     120,000  
7.000% 6/15/25 (c)     60,000     63,975  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

    Principal
Amount
  Value  
McDonald's Corp.
3.600% 7/01/30
  $ 205,000   $ 239,049  
4.450% 3/01/47     190,000     236,943  
PetSmart, Inc.
5.875% 6/01/25 (c)
    39,000     39,920  
7.125% 3/15/23 (c)     75,000     75,656  
Staples, Inc.
7.500% 4/15/26 (c)
    115,000     106,278  
Target Corp.
3.375% 4/15/29
    405,000     470,893  
Yum! Brands, Inc.
3.625% 3/15/31
    135,000     135,000  
            2,870,572  
Semiconductors — 0.5%              
Broadcom, Inc.
3.150% 11/15/25
    345,000     373,679  
Lam Research Corp.
2.875% 6/15/50
    185,000     191,251  
Marvell Technology Group Ltd.
4.200% 6/22/23
    385,000     415,666  
Micron Technology, Inc.
2.497% 4/24/23
    190,000     197,306  
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.875% 6/18/26 (c)
    190,000     212,856  
Texas Instruments, Inc.
1.750% 5/04/30
    105,000     108,305  
Xilinx, Inc.
2.375% 6/01/30
    220,000     230,954  
            1,730,017  
Software — 0.1%              
Activision Blizzard, Inc.
1.350% 9/15/30
    100,000     97,754  
BY Crown Parent LLC / BY Bond Finance, Inc.
4.250% 1/31/26 (c)
    50,000     50,906  
Oracle Corp.
3.850% 4/01/60
    265,000     312,837  
            461,497  
Telecommunications — 1.0%              
AT&T, Inc.
3.500% 9/15/53 (c)
    729,000     704,815  
Avaya, Inc.
6.125% 9/15/28 (c)
    80,000     81,568  
CenturyLink, Inc.
4.000% 2/15/27 (c)
    85,000     86,352  
5.125% 12/15/26 (c)     105,000     107,876  
Corning, Inc.
4.375% 11/15/57
    180,000     217,947  
Digicel Group 0.5 Ltd.
7.000% (c) (e)
    76,581     9,190  
8.000% 4/01/25 (c)     51,222     17,928  
Front Range BidCo, Inc.
4.000% 3/01/27 (c)
    90,000     88,580  
6.125% 3/01/28 (c)     50,000     51,610  

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

  

Principal
Amount

  

Value

 
Frontier Communications Corp.
8.000% 4/01/27 (c) (d)
  $105,000   $104,637 
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.
9.875% 5/01/24 (c)
   75,000    80,175 
GTT Communications, Inc.
7.875% 12/31/24 (c)
   50,000    25,750 
Intelsat Jackson Holdings SA
8.500% 10/15/24 (c) (d)
   85,000    54,825 
Level 3 Financing, Inc.
4.250% 7/01/28 (c)
   165,000    167,528 
Ooredoo International Finance Ltd.
3.250% 2/21/23 (c)
   400,000    417,840 
T-Mobile USA, Inc.
1.500% 2/15/26 (c)
   50,000    50,386 
2.550% 2/15/31 (c)   500,000    517,305 
3.500% 4/15/25 (c)   220,000    241,406 
Telesat Canada/telesat L
6.500% 10/15/27 (c)
   40,000    40,288 
Verizon Communications, Inc.
4.400% 11/01/34
   485,000    604,637 
         3,670,643 
Toys, Games & Hobbies — 0.1%          
Hasbro, Inc.
3.500% 9/15/27
   250,000    260,213 
Transportation — 0.6%          
Burlington Northern Santa Fe LLC
3.050% 2/15/51
   215,000    236,765 
CSX Corp.
3.800% 11/01/46
   400,000    466,102 
Empresa de Transporte de Pasajeros Metro SA
5.000% 1/25/47 (c)
   750,000    935,625 
FedEx Corp.
4.750% 11/15/45
   195,000    241,268 
Fideicomiso PA Pacifico Tres
8.250% 1/15/35 (c)
   200,000    232,000 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (c)
   100,000    104,125 
         2,215,885 
Trucking & Leasing — 0.1%          
Penske Truck Leasing Co. LP/PTL Finance Corp.
4.200% 4/01/27 (c)
   225,000    252,280 
Water — 0.1%          
Essential Utilities, Inc.
2.704% 4/15/30
   220,000    235,398 
           
TOTAL CORPORATE DEBT
(Cost $85,991,624)
        89,062,627 
           
Municipal Obligations — 0.1%          
Missouri Highway & Transportation Commission, Revenue Bonds
5.063% 5/01/24
   135,000    152,292 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
State of California BAB, General Obligation
7.550% 4/01/39
  $190,000   $332,428 
         484,720 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $428,519)
        484,720 
           
Non-U.S. Government Agency Obligations — 24.7%          
Commercial Mortgage-Backed Securities — 6.8%          
BANK
Series 2020-BN28, Class AS, 2.140% 3/15/63
   380,000    390,221 
Series 2018-BN10, Class C, 4.163% VRN 2/15/61  (g)   310,000    308,281 
Benchmark Mortgage Trust
Series 2020-B19, Class AS, 2.148% 9/15/53
   380,000    390,859 
Series 2020-B18, Class C, 3.772% VRN 7/15/53  (g)   354,000    376,399 
Series 2020-B18, Class AGNF, 4.139% 7/15/53  (c)   378,000    378,361 
BFLD 2019-DPLO, Series 2019-DPLO, Class E, 1 mo. USD LIBOR + 2.240%
2.392% FRN 10/15/34  (c)
   491,000    427,509 
BX Trust, Series 2019-OC11, Class E,
4.076% VRN 12/09/41  (c) (g)
   391,000    355,870 
BXMT Ltd., Series 2020-FL2, Class A, 1 mo. USD LIBOR + .900%
1.051% FRN 2/16/37  (c)
   312,000    306,554 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,
1.162% VRN 1/10/48  (g)
   5,585,728    243,880 
CHT Mortgage Trust
Series 2017-CSMO, Class B, 1 mo. USD LIBOR + 1.400% 1.552% FRN 11/15/36  (c)
   298,000    287,301 
Series 2017-CSMO, Class E, 1 mo. USD LIBOR + 3.000% 3.152% FRN 11/15/36  (c)   273,000    255,261 
Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.741% 3.894% FRN 11/15/36  (c)   320,000    295,218 
Citigroup Commercial Mortgage Trust
Series 2016-GC36, Class D, 2.850% 2/10/49  (c)
   201,000    124,465 
Series 2019-GC41, Class B, 3.199% 8/10/56   377,000    404,212 
Series 2017-C4, Class B, 4.096% VRN 10/12/50  (g)   340,000    363,451 
Series 2015-GC31, Class C, 4.190% VRN 6/10/48  (g)   700,000    673,347 
COMM Mortgage Trust
Series 2012-CR4, Class D, 4.745% VRN 10/15/45  (c) (g)
   738,000    132,840 
Series 2015-LC23, Class C, 4.791% VRN 10/10/48  (g)   470,000    461,630 
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class C,
4.794% VRN 2/10/49  (g)
   465,000    464,059 
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class XA, 0.976% VRN 4/15/50  (g)
   8,278,785    242,973 
Series 2020-C19, Class XA, 1.245% VRN 3/15/53  (g)   3,778,722    319,500 
Series 2020-C19, Class C, 3.735% VRN 3/15/53  (g)   332,000    317,433 
Series 2019-C16, Class B, 3.885% 6/15/52   334,000    360,271 
Series 2016-C6, Class B, 3.924% VRN 1/15/49  (g)   298,000    323,975 
Series 2015-C4, Class C, 4.709% VRN 11/15/48  (g)   427,000    452,455 
Series 2018-C14, Class C, 5.054% VRN 11/15/51  (g)   405,000    429,091 
Series 2016-C6, Class C, 5.088% VRN 1/15/49  (g)   378,000    393,993 
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.450%
2.602% FRN 6/15/33  (c)
   550,000    499,709 
Fontainebleau Miami Beach Trust
Series 2019-FBLU, Class E, 4.095% VRN 12/10/36  (c) (g)
   262,000    245,980 
Series 2019-FBLU, Class G, 4.095% VRN 12/10/36  (c) (g)   236,000    202,926 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
FREMF Mortgage Trust, Series 2019-K102, Class B,
3.652% VRN 12/25/51  (c) (g)
  $298,000   $325,576 
GS Mortgage Securities Corp. Trust
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 1.402% FRN 7/15/35  (c)
   329,000    305,247 
Series 2019-SOHO, Class E, 1 mo. USD LIBOR + 1.875% 2.027% FRN 6/15/36  (c)   318,000    298,278 
GS Mortgage Securities Trust
Series 2015-GS1, Class XA, 0.915% VRN 11/10/48  (g)
   7,883,131    264,779 
Series 2013-GC10, Class XA, 1.639% VRN 2/10/46  (g)   4,427,685    135,146 
Series 2014-GC26, Class D, 4.662% VRN 11/10/47  (c) (g)   1,258,000    757,814 
Series 2016-GS2, Class C, 4.677% VRN 5/10/49  (g)   340,000    357,994 
GSCG Trust, Series 2019-600C, Class E,
4.118% VRN 9/06/34  (c) (g)
   497,000    467,145 
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%
3.302% FRN 11/15/36  (c)
   412,255    358,943 
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class XA, 1.191% VRN 1/15/49  (g)
   4,998,818    152,211 
Series 2016-JP2, Class B, 3.460% 8/15/49   174,000    177,668 
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class XA, 0.653% VRN 7/15/48  (g)
   9,396,509    197,899 
Series 2015-C29, Class XA, 0.834% VRN 5/15/48  (g)   7,836,148    197,027 
Series 2014-C25, Class XA, 0.998% VRN 11/15/47  (g)   4,163,829    117,586 
Series 2015-C28, Class XA, 1.110% VRN 10/15/48  (g)   6,746,970    224,341 
Series 2015-C27, Class D, 3.945% VRN 2/15/48  (c) (g)   704,000    546,907 
Series 2015-C28, Class B, 3.986% 10/15/48   340,000    350,579 
Series 2015-C29, Class C, 4.352% VRN 5/15/48  (g)   325,000    303,062 
Series 2015-C33, Class C, 4.765% VRN 12/15/48  (g)   527,000    499,098 
Series 2015-C32, Class C, 4.804% VRN 11/15/48  (g)   87,000    79,931 
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C,
3.851% VRN 5/13/53  (g)
   327,000    339,965 
MF1 Ltd., Series 2020-FL3, Class AS, 1 mo. USD LIBOR + 2.850%
3.002% FRN 7/15/35  (c)
   318,000    320,995 
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C27, Class D, 3.237% VRN 12/15/47  (c) (g)
   504,000    322,490 
Series 2015-C23, Class C, 4.289% VRN 7/15/50  (g)   650,000    602,560 
Series 2015-C27, Class C, 4.675% VRN 12/15/47  (g)   351,000    323,694 
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,
1.029% VRN 12/15/48  (g)
   6,253,784    235,203 
MSCG Trust, Series 2018-SELF, Class F, 1 mo. USD LIBOR + 3.050%
3.202% FRN 10/15/37  (c)
   413,000    372,892 
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200%
2.362% FRN 6/15/35  (c)
   368,000    334,686 
One Market Plaza Trust, Series 2017-1MKT, Class E
4.142% 2/10/32 (c)
   381,000    387,688 
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA,
2.125% VRN 10/10/48  (g)
   3,822,488    257,441 
UBS Commercial Mortgage Trust
Series 2017-C2, Class B, 3.993% VRN 8/15/50  (g)
   332,000    354,020 
Series 2017-C1, Class B, 4.036% 6/15/50   328,000    339,192 
Series 2017-C6, Class B, 4.154% VRN 12/15/50  (g)   340,000    356,757 
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS2, Class XA, 0.808% VRN 7/15/58  (g)
   10,216,900    271,630 
Series 2015-P2, Class XA, 1.076% VRN 12/15/48  (g)   5,089,318    175,058 
Series 2019-C53, Class XA, 1.154% VRN 10/15/52  (g)   4,354,169    305,752 
Series 2020-C57, Class XA, 2.238% VRN 8/15/53  (g)   2,238,651    357,379 
Series 2016-C35, Class B, 3.438% 7/15/48   328,000    335,171 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2014-LC16, Class D, 3.938% 8/15/50  (c)  $169,000   $89,530 
Series 2019-C50, Class B, 4.192% 5/15/52   409,000    430,352 
Series 2019-C50, Class C, 4.345% 5/15/52   409,000    375,588 
Series 2016-C37, Class C, 4.639% VRN 12/15/49  (g)   376,000    382,335 
Series 2015-NXS4, Class C, 4.820% VRN 12/15/48  (g)   421,000    433,866 
         24,249,499 
Home Equity Asset-Backed Securities — 1.5%          
GSAA Home Equity Trust, Series 2007-10, Class A2A
6.500% 11/25/37
   3,847,264    2,666,370 
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE6, Class A2C, 1 mo. USD LIBOR + .150%
0.298% FRN 9/25/36
   5,876,761    2,683,196 
         5,349,566 
Other Asset-Backed Securities — 9.1%          
AASET US Ltd., Series 2018-1A, Class A
3.844% 1/16/38 (c)
   513,749    474,600 
ALM R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040%
4.315% FRN 10/15/28  (c)
   1,000,000    1,000,017 
ANCHORAGE CAPITAL CLO 13 LLC, Series 2019-13A, Class B, 3 mo. USD LIBOR + 2.000%
2.275% FRN 4/15/32  (c)
   500,000    499,082 
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,
5.682% STEP 12/16/41  (c)
   770,833    503,145 
BlueMountain CLO Ltd.
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% 2.872% FRN 4/20/31  (c)
   1,000,000    863,524 
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 4.422% FRN 1/20/29  (c)   1,000,000    911,785 
CLI Funding LLC
Series 2014-2A, Class A, 3.380% 10/18/29  (c)
   263,330    263,356 
Series 2019-1A, Class A, 3.710% 5/18/44  (c)   433,790    441,591 
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100%
3.380% FRN 8/15/31  (c)
   500,000    478,479 
Gilbert Park CLO Ltd.
Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 3.225% FRN 10/15/30  (c)
   500,000    482,499 
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 6.675% FRN 10/15/30  (c)   1,000,000    920,216 
Global SC Finance SRL, Series 2014-1A, Class A1
3.190% 7/17/29 (c)
   272,167    270,741 
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300%
3.572% FRN 1/20/30  (c)
   1,000,000    973,017 
Helios Issuer LLC
Series 2020-AA, Class A, 2.980% 6/20/47  (c)
   473,814    491,044 
Series 2017-1A, Class A, 4.940% 9/20/49  (c)   211,236    224,863 
Hero Funding Trust, Series 2016-4A, Class A2
4.290% 9/20/47 (c)
   205,670    216,093 
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000%
3.275% FRN 10/15/30  (c)
   500,000    456,435 
Invitation Homes Trust
Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250% 1.401% FRN 3/17/37  (c)
   1,145,000    1,145,681 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2018-SFR1, Class D, 1 mo. USD LIBOR + 1.450% 1.601% FRN 3/17/37  (c)  $750,000   $749,108 
JOL Air Ltd., Series 2019-1, Class A
3.967% 4/15/44 (c)
   447,332    424,175 
Long Beach Mortgage Loan Trust, Series 2006-7, Class 1A, 1 mo. USD LIBOR + .155%
0.303% FRN 8/25/36
   3,195,147    2,088,384 
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (c)
   464,193    422,214 
Madison Park Funding Ltd., Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950%
3.208% FRN 10/22/30  (c)
   500,000    462,498 
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150%
0.298% FRN 8/25/37
   1,940,758    1,861,927 
Mosaic Solar Loans LLC
Series 2020-1A, Class A, 2.100% 4/20/46  (c)
   475,127    480,467 
Series 2020-2A, Class B, 2.210% 8/20/46  (f)   500,000    492,826 
Series 2017-1A, Class A, 4.450% 6/20/42  (c)   395,592    424,633 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650%
3.895% FRN 7/25/30  (c)
   500,000    493,041 
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050%
3.322% FRN 10/20/30  (c)
   500,000    471,285 
Octagon Investment Partners Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500%
3.772% FRN 3/17/30  (c)
   1,000,000    947,872 
Primose Funding LLC, Series 2019-1A, Class A2
4.475% 7/30/49 (c)
   992,500    1,027,079 
Sprite Ltd., Series 2017-1, Class A
4.250% 12/15/37 (c)
   322,873    293,773 
START Ireland, Series 2019-1, Class A
4.089% 3/15/44 (c)
   329,827    307,452 
Sunrun Atlas Issuer 2019-2 LLC, Series 2019-2, Class A
3.610% 2/01/55 (c)
   737,161    772,420 
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050%
3.325% FRN 10/15/31  (c)
   500,000    470,183 
Taco Bell Funding LLC, Series 2018-1A, Class A2I
4.318% 11/25/48 (c)
   982,500    1,003,377 
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A
3.960% 4/20/44 (c)
   443,333    443,333 
Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A
2.100% 9/20/45 (c)
   500,000    499,917 
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400%
3.672% FRN 10/20/26  (c)
   1,000,000    995,365 
Thunderbolt Aircraft Lease Ltd.
Series 2018-A, Class A, 4.147% STEP 9/15/38  (c)
   442,900    416,372 
Series 2017-A, Class A, 4.212% STEP 5/17/32  (c)   864,559    814,627 
TPG Real Estate Finance Issuer Ltd., Series 2018-FL2, Class AS, 1 mo. USD LIBOR + 1.450%
1.601% FRN 11/15/37  (c)
   314,000    309,122 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1
2.709% 8/15/47 (c)
   138,172    138,295 
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2
4.072% 2/16/43 (c)
   730,625    755,765 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Vantage Data Centers LLC, Series 2020-2A, Class A2
1.992% 9/15/45 (c) (f)
  $375,000   $375,172 
VB-S1 Issuer LLC, Series 2020-1A, Class C2
3.031% 6/15/50 (c)
   500,000    520,490 
Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1,
3.967% STEP 2/25/49  (c)
   848,125    854,438 
VOLT LXXXVII LLC, Series 2020-NPL3, Class A1A,
2.981% STEP 2/25/50  (c)
   562,728    562,728 
Westcott Park CLO Ltd., Series 2016-1A, Class DR, 3 mo. USD LIBOR + 3.250%
3.522% FRN 7/20/28  (c)
   500,000    488,333 
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43  (c)
   781,267    658,953 
Wind River CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750%
4.022% FRN 4/18/29  (c)
   1,000,000    962,726 
         32,604,518 
Student Loans Asset-Backed Securities — 0.3%          
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%
1.348% FRN 12/26/47  (c)
   362,972    359,355 
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40  (c)
   350,000    347,436 
Series 2018-B, Class BFX, 3.830% 8/25/47  (c)   500,000    480,640 
         1,187,431 
Whole Loan Collateral Collateralized Mortgage Obligations — 6.6%          
CIM Trust, Series 2017-6, Class A1,
3.015% VRN 6/25/57  (c) (g)
   1,759,989    1,748,777 
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,
3.969% VRN 4/25/37  (g)
   1,227,391    1,142,688 
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5
5.500% 4/25/36
   2,030,827    2,043,098 
Countrywide Alternative Loan Trust
Series 2006-13T1, Class A11, 6.000% 5/25/36
   1,983,305    1,429,797 
Series 2006-36T2, Class 2A1, 6.250% 12/25/36   3,447,817    2,330,562 
Countrywide Home Loans Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1, 3.360% VRN 2/25/47  (g)
   1,230,360    1,096,841 
Series 2007-14, Class A6, 6.000% 9/25/37   1,535,313    1,236,310 
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .170%
0.326% FRN 12/19/36
   977,857    884,717 
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1,
3.398% VRN 5/25/37  (g)
   2,434,559    2,175,024 
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + .200%
0.348% FRN 7/25/47
   2,761,335    2,548,259 
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,
3.208% VRN 7/25/35  (g)
   442,742    415,384 
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1,
3.526% VRN 2/25/36  (g)
   2,212,291    1,914,494 
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,
6.500% VRN 10/26/37  (c) (g)
   956,696    706,568 
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%
6.000% FRN 4/25/37
   282,390    269,391 
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,
3.200% VRN 10/25/37  (g)
   958,988    854,273 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAC3, 1 mo. LIBOR
+0.000% 11.628% VRN 2/25/38  (c)
  $2,222,178   $1,709,832 
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,
6.350% STEP 5/25/36
   1,008,439    954,933 
         23,460,948 
Whole Loan Collateral Planned Amortization Classes — 0.4%          
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15
6.000% 8/25/36
   1,808,264    1,496,102 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $93,949,071)
        88,348,064 
           
Sovereign Debt Obligations — 1.1%          
Abu Dhabi Government International Bond
0.750% 9/02/23 (c)
   200,000    199,750 
3.125% 4/16/30 (c)   200,000    223,576 
Indonesia Government International Bond
3.375% 4/15/23 (c)
   200,000    210,908 
Korea Electric Power Corp.
1.125% 6/15/25 (c)
   200,000    201,028 
Mexico Government International Bond
3.750% 1/11/28
   535,000    575,933 
4.150% 3/28/27   343,000    381,588 
Panama Government International Bond
3.750% 3/16/25
   200,000    218,302 
4.000% 9/22/24   200,000    218,702 
Perusahaan Penerbit SBSN Indonesia
4.150% 3/29/27 (c)
   200,000    224,802 
Peruvian Government International Bond
2.392% 1/23/26
   100,000    104,901 
2.783% 1/23/31   300,000    324,150 
Qatar Government International Bond
3.375% 3/14/24 (c)
   400,000    430,632 
3.875% 4/23/23 (c)   200,000    214,600 
Saudi Government International Bond
2.375% 10/26/21 (c)
   200,000    203,251 
2.900% 10/22/25 (c)   250,000    267,001 
         3,999,124 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $3,815,566)
        3,999,124 
           
U.S. Government Agency Obligations and Instrumentalities — 18.7%          
Collateralized Mortgage Obligations — 10.4%          
Federal Home Loan Mortgage Corp
3.500% 7/15/49
   3,238,429    3,454,575 
Federal Home Loan Mortgage Corp. REMICS
Series 4934, Class P, 2.500% 11/15/40
   2,360,016    2,505,060 
Series 4093, Class PA, 3.000% 8/15/42   3,089,572    3,207,139 
Series 4481, Class B, 3.000% 12/15/42   4,071,049    4,196,226 
Series 4483, Class CA, 3.000% 6/15/44   4,321,284    4,547,708 
Series 4750, Class PA, 3.000% 7/15/46   1,572,961    1,621,083 
Federal Home Loan Mortgage Corp. STRIPS
Series 355, Class 300, 3.000% 8/15/47
   2,555,432    2,750,500 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 358, Class 300, 3.000% 10/15/47  $2,256,279   $2,429,644 
Federal National Mortgage Association REMICS
Series 2018-21, Class PO, 0.010% 4/25/48
   2,299,558    2,153,496 
Series 2015-9, Class HA, 3.000% 1/25/45   607,248    650,992 
Government National Mortgage Association
Series 2015-74, Class LZ, 3.500% 5/20/45
   3,451,120    3,704,497 
Series 2015-92, Class CZ, 3.500% 6/20/45   5,491,254    5,972,567 
         37,193,487 
Pass-Through Securities — 7.5%          
Federal Home Loan Mortgage Corp.
Pool #RE6066 2.000% 10/01/50  (f)
   7,000,000    7,170,910 
Pool #BL5484 2.260% 1/01/30   3,000,000    3,329,314 
Pool #G08520 2.500% 1/01/43   987,180    1,044,090 
Pool #SB0048 3.000% 8/01/34   2,142,192    2,275,412 
Pool #G08632 3.500% 3/01/45   1,712,866    1,843,572 
Federal National Mortgage Association
Pool #MA4158 2.000% 10/01/50
   4,000,000    4,137,663 
Pool #BP5817 2.500% 5/01/50   2,933,491    3,076,776 
Pool #MA2248 3.000% 4/01/45   1,390,897    1,440,462 
Pool #AS7661 3.000% 8/01/46   925,153    958,121 
Pool #AX2501 4.000% 10/01/44   1,456,098    1,597,841 
         26,874,161 
Whole Loans — 0.8%          
Federal Home Loan Mortgage Corp. SCRT
Series 2018-2, Class HV  3.000% VRN 11/25/57(g)
   2,782,757    3,015,189 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $63,198,952)
    67,082,837 
       
U.S. Treasury Obligations — 25.8%          
U.S. Treasury Bonds & Notes — 25.8%          
U.S. Treasury Bond
1.125% 8/15/40
   3,150,000    3,097,308 
1.375% 8/15/50   2,450,000    2,404,343 
2.750% 11/15/42   300,000    384,761 
2.750% 11/15/47   2,720,000    3,541,755 
3.125% 2/15/43   2,590,000    3,514,267 
3.625% 8/15/43   2,430,000    3,548,340 
U.S. Treasury Note
0.125% 9/30/22
   4,780,000    4,779,998 
0.125% 9/15/23   7,150,000    7,143,821 
0.250% 9/30/25   7,960,000    7,951,826 
0.375% 9/30/27   11,830,000    11,756,165 
0.625% 8/15/30   4,370,000    4,348,315 
1.625% 10/31/26   3,980,000    4,278,562 
1.625% 8/15/29   3,600,000    3,920,759 
1.750% 11/30/21   5,460,000    5,562,254 
2.125% 9/30/24   4,070,000    4,379,982 
2.250% 10/31/24   4,325,000    4,681,753 
2.250% 3/31/26   3,340,000    3,690,741 
2.250% 8/15/27   725,000    813,453 
2.250% 11/15/27   4,060,000    4,566,259 
2.625% 1/31/26   660,000    740,928 
2.750% 2/28/25   2,480,000    2,753,502 

 

 

MML Dynamic Bond Fund — Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.000% 9/30/25  $3,980,000   $4,517,286 
         92,376,378 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $88,599,664)
        92,376,378 
           
TOTAL BONDS & NOTES
(Cost $348,847,793)
        354,013,833 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $348,847,793)
        354,013,833 
           
Short-Term Investments — 3.2%          
           
Repurchase Agreement — 2.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (h)  9,556,271   9,556,271 
           
U.S. Treasury Bill — 0.5%          
U.S. Treasury Bill
0.000% 11/05/20
   90,000    89,992 
0.000% 11/27/20   1,680,000    1,679,747 
         1,769,739 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,325,720)
        11,326,010 
           
TOTAL INVESTMENTS — 102.0%
(Cost $360,173,513) (i)
        365,339,843 
           
Less Unfunded Loan Commitments (0.00)%       (23,306)
           
NET INVESTMENTS — 102.0%
(Cost $360,150,207)
        365,316,537 
           
Other Assets/(Liabilities) — (2.0)%        (7,289,020)
           
NET ASSETS — 100.0%       $358,027,517 

 

Abbreviation Legend

BAB Build America Bonds
CLO Collateralized Loan Obligation
DIP Debtor In Possession
FRN Floating Rate Note
PO Principal Only
REMICS Real Estate Mortgage Investment Conduits
SCRT Seasoned Credit Risk Transfer
STEP Step Up Bond
STRIPS Separate Trading of Registered Interest and Principal of Securities
VRN Variable Rate Note

 

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 September 30, 2020 where the rate will be determined at time of settlement.
(b)  Unfunded or partially unfunded loan commitments.
(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 September 30, 2020, the aggregate market value of these securities amounted to $85,241,033 or 23.81% of net assets.
(d)  Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2020, these securities amounted to a value of $344,462 or 0.10% of net assets.
(e)  Security is perpetual and has no stated maturity date.
(f)  A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(g)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2020.
(h)  Maturity value of $9,556,271. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $9,747,491.
(i)  See Note 3 for aggregate cost for federal tax purposes.

 

Currency Legend

USD U.S. Dollar

 

 

MML Equity Fund —  Portfolio of Investments
 
September 30, 2020 (Unaudited)
 
   Number of
Shares
   Value 
Equities — 98.0%          
           
Common Stock — 97.9%          
Basic Materials — 3.1%          
Chemicals — 2.2%          
Air Liquide SA   1,270   $201,528 
Albemarle Corp.   6,300    562,464 
Celanese Corp.   7,100    762,895 
DuPont de Nemours, Inc.   18,300    1,015,284 
Eastman Chemical Co.   8,000    624,960 
FMC Corp.   7,700    815,507 
Huntsman Corp.   11,500    255,415 
Linde PLC   22,933    5,461,035 
LyondellBasell Industries NV Class A   23,000    1,621,270 
The Mosaic Co.   12,100    221,067 
PPG Industries, Inc.   27,766    3,389,673 
         14,931,098 
Forest Products & Paper — 0.5%          
International Paper Co.   86,566    3,509,386 
Iron & Steel — 0.2%          
Nucor Corp.   18,000    807,480 
Reliance Steel & Aluminum Co.   4,000    408,160 
Steel Dynamics, Inc.   12,700    363,601 
         1,579,241 
Mining — 0.2%          
Freeport-McMoRan, Inc.   82,700    1,293,428 
         21,313,153 
Communications — 10.1%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   19,300    321,731 
Omnicom Group, Inc.   12,900    638,550 
         960,281 
Internet — 2.2%          
Alphabet, Inc. Class C (a)   6,511    9,568,566 
Booking Holdings, Inc. (a)   12    20,528 
CDW Corp.   4,600    549,838 
E*TRADE Financial Corp.   48,118    2,408,306 
eBay, Inc.   48,000    2,500,800 
Facebook, Inc. Class A (a)   200    52,380 
         15,100,418 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Media — 2.2%          
Comcast Corp. Class A   267,000   $12,351,420 
Discovery, Inc. Class A (a) (b)   9,100    198,107 
Fox Corp. Class A   19,000    528,770 
The Walt Disney Co.   19,079    2,367,322 
         15,445,619 
Telecommunications — 5.5%          
AT&T, Inc.   406,600    11,592,166 
Ciena Corp. (a)   5,000    198,450 
Cisco Systems, Inc.   240,800    9,485,112 
Corning, Inc.   42,100    1,364,461 
Juniper Networks, Inc.   19,800    425,700 
Motorola Solutions, Inc.   4,824    756,451 
Verizon Communications, Inc.   244,200    14,527,458 
         38,349,798 
         69,856,116 
Consumer, Cyclical — 5.9%          
Apparel — 0.1%          
Deckers Outdoor Corp. (a)   600    132,006 
Hanesbrands, Inc.   11,200    176,400 
Skechers U.S.A., Inc. Class A (a)   7,900    238,738 
         547,144 
Auto Manufacturers — 1.2%          
Cummins, Inc.   12,800    2,702,848 
Ford Motor Co.   118,600    789,876 
General Motors Co.   109,047    3,226,701 
PACCAR, Inc.   20,500    1,748,240 
         8,467,665 
Auto Parts & Equipment — 0.3%          
BorgWarner, Inc.   12,200    472,628 
Gentex Corp.   14,100    363,075 
Lear Corp.   3,400    370,770 
Magna International, Inc.   19,080    872,910 
         2,079,383 
Distribution & Wholesale — 0.3%          
HD Supply Holdings, Inc. (a)   8,800    362,912 
LKQ Corp. (a)   18,200    504,686 
W.W. Grainger, Inc.   3,300    1,177,341 
         2,044,939 
Home Builders — 0.8%          
D.R. Horton, Inc.   21,900    1,656,297 
Lennar Corp. Class A   38,000    3,103,840 
PulteGroup, Inc.   15,400    712,866 
Toll Brothers, Inc.   4,000    194,640 
         5,667,643 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Home Furnishing — 0.1%          
Whirlpool Corp.   3,900   $717,171 
Housewares — 0.0%          
Newell Brands, Inc.   13,600    233,376 
Leisure Time — 0.0%          
Brunswick Corp.   4,300    253,313 
Lodging — 0.7%          
Hilton Worldwide Holdings, Inc.   23,300    1,987,956 
Marriott International, Inc. Class A   16,938    1,568,120 
MGM Resorts International   42,455    923,396 
         4,479,472 
Retail — 2.4%          
Advance Auto Parts, Inc.   3,900    598,650 
AutoZone, Inc. (a)   1,500    1,766,460 
Best Buy Co., Inc.   15,400    1,713,866 
Dollar Tree, Inc. (a)   7,600    694,184 
Genuine Parts Co.   8,600    818,462 
The Home Depot, Inc.   2,600    722,046 
McDonald's Corp.   16,826    3,693,139 
O'Reilly Automotive, Inc. (a)   1,989    917,088 
Ross Stores, Inc.   12,557    1,171,819 
The TJX Cos., Inc.   19,400    1,079,610 
Williams-Sonoma, Inc.   4,500    406,980 
Yum! Brands, Inc.   29,482    2,691,707 
         16,274,011 
         40,764,117 
Consumer, Non-cyclical — 21.4%          
Agriculture — 1.5%          
Archer-Daniels-Midland Co.   32,900    1,529,521 
Bunge Ltd.   4,500    205,650 
Darling Ingredients, Inc. (a)   5,200    187,356 
Philip Morris International, Inc.   115,722    8,677,993 
         10,600,520 
Beverages — 0.2%          
The Coca-Cola Co.   18,300    903,471 
PepsiCo, Inc.   900    124,740 
         1,028,211 
Biotechnology — 2.9%          
Alexion Pharmaceuticals, Inc. (a)   12,600    1,441,818 
Amgen, Inc.   35,200    8,946,432 
Bio-Rad Laboratories, Inc. Class A (a)   1,500    773,190 
Biogen, Inc. (a)   11,400    3,233,952 
Corteva, Inc.   24,100    694,321 
Gilead Sciences, Inc.   75,000    4,739,250 
         19,828,963 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Commercial Services — 0.5%          
AMERCO   1,300   $462,774 
ManpowerGroup, Inc.   3,600    263,988 
Quanta Services, Inc.   8,500    449,310 
Robert Half International, Inc.   6,500    344,110 
United Rentals, Inc. (a)   12,700    2,216,150 
         3,736,332 
Foods — 1.4%          
Conagra Brands, Inc.   28,800    1,028,448 
Ingredion, Inc.   4,100    310,288 
The J.M. Smucker Co.   6,500    750,880 
Kellogg Co.   20,300    1,311,177 
The Kraft Heinz Co.   69,500    2,081,525 
The Kroger Co.   24,900    844,359 
Tyson Foods, Inc. Class A   61,737    3,672,117 
         9,998,794 
Health Care – Products — 3.3%          
Boston Scientific Corp. (a)   67,600    2,582,996 
Danaher Corp.   44,018    9,478,396 
Henry Schein, Inc. (a)   8,700    511,386 
Medtronic PLC   17,214    1,788,879 
Stryker Corp.   10,093    2,103,078 
Thermo Fisher Scientific, Inc.   12,606    5,565,801 
Zimmer Biomet Holdings, Inc.   5,564    757,483 
         22,788,019 
Health Care – Services — 4.1%          
Anthem, Inc.   22,347    6,002,181 
DaVita, Inc. (a)   8,200    702,330 
HCA Healthcare, Inc.   47,004    5,860,459 
Humana, Inc.   4,200    1,738,338 
Laboratory Corp. of America Holdings (a)   5,700    1,073,139 
Molina Healthcare, Inc. (a)   3,300    604,032 
Quest Diagnostics, Inc.   8,000    915,920 
UnitedHealth Group, Inc.   36,112    11,258,638 
Universal Health Services, Inc. Class B   1,700    181,934 
         28,336,971 
Household Products & Wares — 0.3%          
Avery Dennison Corp.   4,600    588,064 
Kimberly-Clark Corp.   11,000    1,624,260 
         2,212,324 
Pharmaceuticals — 7.2%          
AbbVie, Inc.   33,376    2,923,404 
AmerisourceBergen Corp.   12,200    1,182,424 
Bausch Health Cos., Inc. (a)   52,231    811,670 
Becton Dickinson and Co.   3,827    890,466 
Cardinal Health, Inc.   17,300    812,235 
Cigna Corp.   20,400    3,455,964 
CVS Health Corp.   897    52,385 
Elanco Animal Health, Inc. (a)   31,942    892,140 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Jazz Pharmaceuticals PLC (a)   3,400   $484,806 
Johnson & Johnson   84,416    12,567,854 
McKesson Corp.   10,800    1,608,444 
Merck & Co., Inc.   150,600    12,492,270 
Perrigo Co. PLC   8,000    367,280 
Pfizer, Inc.   306,679    11,255,119 
         49,796,461 
         148,326,595 
Energy — 2.3%          
Oil & Gas — 1.1%          
Chevron Corp.   110,400    7,948,800 
EOG Resources, Inc.   5,986    215,137 
Exxon Mobil Corp.   3,600    123,588 
         8,287,525 
Oil & Gas Services — 0.1%          
Halliburton Co.   31,844    383,720 
Pipelines — 1.1%          
Cheniere Energy, Inc. (a)   8,100    374,787 
Enbridge, Inc.   63,896    1,865,763 
TC Energy Corp.   42,318    1,778,202 
The Williams Cos., Inc.   187,204    3,678,559 
         7,697,311 
         16,368,556 
Financial — 20.6%          
Banks — 9.7%          
Bank of America Corp.   753,919    18,161,909 
The Bank of New York Mellon Corp.   54,400    1,868,096 
Commerce Bancshares, Inc.   6,645    374,047 
Cullen/Frost Bankers, Inc. (b)   3,400    217,430 
East West Bancorp, Inc.   7,800    255,372 
Fifth Third Bancorp   39,300    837,876 
The Goldman Sachs Group, Inc.   25,035    5,031,284 
JP Morgan Chase & Co.   211,200    20,332,224 
Morgan Stanley   244,567    11,824,815 
Northern Trust Corp.   12,400    966,828 
The PNC Financial Services Group, Inc.   33,875    3,723,201 
Signature Bank   3,100    257,269 
State Street Corp.   21,400    1,269,662 
SVB Financial Group (a)   3,200    769,984 
Wells Fargo & Co.   62,200    1,462,322 
         67,352,319 
Diversified Financial Services — 3.6%          
Ally Financial, Inc.   12,000    300,840 
American Express Co.   48,500    4,862,125 
Ameriprise Financial, Inc.   8,300    1,279,113 
BlackRock, Inc.   9,300    5,241,015 
Capital One Financial Corp.   71,771    5,157,464 
The Charles Schwab Corp.   63,403    2,297,091 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
CME Group, Inc.   4,642   $776,653 
Credit Acceptance Corp. (a) (b)   1,200    406,368 
Eaton Vance Corp.   6,600    251,790 
Intercontinental Exchange, Inc.   4,000    400,200 
LPL Financial Holdings, Inc.   4,600    352,682 
Raymond James Financial, Inc.   8,200    596,632 
SEI Investments Co.   8,500    431,120 
T. Rowe Price Group, Inc.   13,800    1,769,436 
The Western Union Co.   23,500    503,605 
         24,626,134 
Insurance — 5.3%          
Aflac, Inc.   43,500    1,581,225 
The Allstate Corp.   19,300    1,816,902 
American International Group, Inc.   152,930    4,210,163 
Arch Capital Group Ltd. (a)   23,900    699,075 
Assurant, Inc.   3,700    448,847 
Chubb Ltd.   31,670    3,677,520 
Equitable Holdings, Inc.   169,378    3,089,455 
Everest Re Group Ltd.   2,300    454,342 
First American Financial Corp.   6,200    315,642 
Globe Life, Inc.   13,800    1,102,620 
The Hartford Financial Services Group, Inc.   30,796    1,135,140 
Kemper Corp.   1,500    100,245 
Loews Corp.   17,600    611,600 
Markel Corp. (a)   890    866,593 
Marsh & McLennan Cos., Inc.   18,591    2,132,388 
MetLife, Inc.   118,052    4,387,993 
Old Republic International Corp.   12,700    187,198 
Primerica, Inc.   2,300    260,222 
Principal Financial Group, Inc.   19,027    766,217 
The Progressive Corp.   33,300    3,152,511 
Prudential Financial, Inc.   23,700    1,505,424 
The Travelers Cos., Inc.   31,300    3,386,347 
Voya Financial, Inc.   9,000    431,370 
W.R. Berkley Corp.   9,400    574,810 
         36,893,849 
Real Estate — 0.1%          
CBRE Group, Inc. Class A (a)   20,000    939,400 
Real Estate Investment Trusts (REITS) — 1.9%          
Prologis, Inc.   83,687    8,420,586 
Sun Communities, Inc.   11,215    1,576,941 
Welltower, Inc.   18,234    1,004,511 
Weyerhaeuser Co.   69,556    1,983,737 
         12,985,775 
         142,797,477 
Industrial — 15.3%          
Aerospace & Defense — 1.7%          
General Dynamics Corp.   17,100    2,367,153 
Lockheed Martin Corp.   16,700    6,400,776 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Northrop Grumman Corp.   10,100   $3,186,449 
         11,954,378 
Building Materials — 0.8%          
Fortune Brands Home & Security, Inc.   8,100    700,812 
Johnson Controls International PLC   82,658    3,376,579 
Masco Corp.   16,800    926,184 
Owens Corning   6,400    440,384 
         5,443,959 
Electrical Components & Equipment — 0.3%          
Emerson Electric Co.   34,800    2,281,836 
Electronics — 2.3%          
Agilent Technologies, Inc.   21,386    2,158,703 
Arrow Electronics, Inc. (a)   4,700    369,702 
Honeywell International, Inc.   60,296    9,925,325 
Hubbell, Inc.   3,300    451,572 
Jabil, Inc.   8,300    284,358 
Keysight Technologies, Inc. (a)   11,209    1,107,225 
Roper Technologies, Inc.   2,795    1,104,332 
Sensata Technologies Holding PLC (a)   9,500    409,830 
         15,811,047 
Engineering & Construction — 0.2%          
Jacobs Engineering Group, Inc.   18,456    1,712,163 
Environmental Controls — 0.1%          
Pentair PLC   9,600    439,392 
Hand & Machine Tools — 0.3%          
Lincoln Electric Holdings, Inc.   3,300    303,732 
Snap-on, Inc.   3,300    485,529 
Stanley Black & Decker, Inc.   8,800    1,427,360 
         2,216,621 
Machinery – Construction & Mining — 1.1%          
BWX Technologies, Inc.   3,000    168,930 
Caterpillar, Inc.   48,838    7,284,188 
Oshkosh Corp.   4,100    301,350 
         7,754,468 
Machinery – Diversified — 1.8%          
AGCO Corp.   4,300    319,361 
Deere & Co.   39,100    8,665,733 
Dover Corp.   8,200    888,388 
The Middleby Corp. (a)   1,800    161,478 
Otis Worldwide Corp.   9,952    621,204 
Rockwell Automation, Inc.   8,100    1,787,508 
         12,443,672 
Miscellaneous - Manufacturing — 2.0%          
3M Co.   31,760    5,087,317 
Carlisle Cos., Inc.   3,200    391,584 
Eaton Corp. PLC   24,500    2,499,735 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
General Electric Co.   559,282   $3,484,327 
ITT, Inc.   4,700    277,535 
Parker-Hannifin Corp.   7,600    1,537,784 
Textron, Inc.   7,300    263,457 
         13,541,739 
Packaging & Containers — 1.1%          
Amcor PLC   50,400    556,920 
Crown Holdings, Inc. (a)   8,000    614,880 
Packaging Corp. of America   38,675    4,217,509 
Sealed Air Corp.   8,900    345,409 
Sonoco Products Co.   4,600    234,922 
WestRock Co.   49,925    1,734,394 
         7,704,034 
Transportation — 3.6%          
CSX Corp.   46,000    3,572,820 
FedEx Corp.   6,954    1,749,070 
Knight-Swift Transportation Holdings, Inc.   10,200    415,140 
Norfolk Southern Corp.   29,737    6,363,421 
Union Pacific Corp.   12,500    2,460,875 
United Parcel Service, Inc. Class B   63,345    10,555,177 
         25,116,503 
         106,419,812 
Technology — 14.6%          
Computers — 2.1%          
Apple, Inc.   28,037    3,246,965 
Cognizant Technology Solutions Corp. Class A   30,800    2,138,136 
HP, Inc.   81,300    1,543,887 
International Business Machines Corp.   52,400    6,375,508 
Leidos Holdings, Inc.   4,600    410,090 
NetApp, Inc.   12,600    552,384 
         14,266,970 
Semiconductors — 8.8%          
Analog Devices, Inc.   8,400    980,616 
Applied Materials, Inc.   107,217    6,374,051 
ASML Holding NV   2,591    956,778 
Broadcom, Inc.   33,263    12,118,376 
Intel Corp.   255,900    13,250,502 
KLA Corp.   5,000    968,700 
Lam Research Corp.   8,600    2,853,050 
Micron Technology, Inc. (a)   111,205    5,222,187 
NVIDIA Corp.   5,400    2,922,588 
NXP Semiconductor NV   30,627    3,822,556 
ON Semiconductor Corp. (a)   24,000    520,560 
Qorvo, Inc. (a)   6,500    838,565 
QUALCOMM, Inc.   66,649    7,843,254 
Teradyne, Inc.   5,300    421,138 
Texas Instruments, Inc.   16,276    2,324,050 
         61,416,971 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Software — 3.7%          
CDK Global, Inc.   6,800   $296,412 
Electronic Arts, Inc. (a)   17,300    2,256,093 
Fiserv, Inc. (a)   7,636    786,890 
Microsoft Corp.   43,616    9,173,753 
Oracle Corp.   184,400    11,008,680 
salesforce.com, Inc. (a)   700    175,924 
SAP SE   2,210    344,149 
Synopsys, Inc. (a)   9,007    1,927,318 
         25,969,219 
         101,653,160 
Utilities — 4.6%          
Electric — 4.5%          
AES Corp.   91,921    1,664,689 
Ameren Corp.   27,644    2,186,088 
American Electric Power Co., Inc.   38,200    3,122,086 
Dominion Energy, Inc.   2,600    205,218 
Duke Energy Corp.   4,033    357,162 
Edison International   2,763    140,471 
Entergy Corp.   10,575    1,041,955 
Evergy, Inc.   13,400    680,988 
Exelon Corp.   31,300    1,119,288 
Iberdrola SA   3,690    45,416 
NextEra Energy, Inc.   29,647    8,228,821 
NRG Energy, Inc.   14,900    458,026 
OGE Energy Corp.   11,400    341,886 
Pinnacle West Capital Corp.   10,000    745,500 
Public Service Enterprise Group, Inc.   74,949    4,115,450 
Sempra Energy   39,297    4,651,193 
The Southern Co.   37,377    2,026,581 
Vistra Corp.   28,500    537,510 
         31,668,328 
Gas — 0.1%          
NiSource, Inc.   25,503    561,066 
         32,229,394 
           
TOTAL COMMON STOCK                                                                                                                
(Cost $613,590,829)
        679,728,380 
           
Preferred Stock — 0.1%          
Utilities — 0.1%          
Electric — 0.1%          
The Southern Co. Convertible 6.750%   9,130    424,910 
           
TOTAL PREFERRED STOCK
(Cost $456,500)
        424,910 
           
TOTAL EQUITIES
(Cost $614,047,329)
        680,153,290 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)
 
   Number of
Shares
   Value 
Mutual Funds — 2.2%          
Diversified Financial Services — 2.2%          
iShares Russell 1000 Value ETF (b)   86,139   $10,175,600 
State Street Navigator Securities Lending Prime Portfolio (c)   5,086,243    5,086,243 
         15,261,843 
           
TOTAL MUTUAL FUNDS
(Cost $14,786,458)
        15,261,843 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $628,833,787)
        695,415,133 
Short-Term Investments — 0.5%          
Mutual Fund — 0.2%          
T. Rowe Price Government Reserve Investment Fund  1,501,349    1,501,349 
           
   Principal
Amount
    
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (d)  $2,357,493   2,357,493 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,858,842)
        3,858,842 
           
TOTAL INVESTMENTS — 100.7%
(Cost $632,692,629) (e)
        699,273,975 
           
Other Assets/(Liabilities) — (0.7)%        (5,023,780)
           
NET ASSETS — 100.0%       $694,250,195 

 

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)  Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2020, was $5,592,961 or 0.81% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $610,238 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments.  (Note 2).
(c)  Represents investment of security lending cash collateral. (Note 2).
(d)  Maturity value of $2,357,493. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $2,404,751.
(e)  See Note 3 for aggregate cost for federal tax purposes.

 

 

MML Equity Rotation Fund —  Portfolio of Investments
September 30, 2020 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 97.6%        
         
Common Stock — 97.6%          
Basic Materials — 2.5%          
Chemicals — 1.5%          
Celanese Corp.   1,840   $197,708 
Eastman Chemical Co.   300    23,436 
Ecolab, Inc.   565    112,910 
LyondellBasell Industries NV Class A   153    10,785 
The Mosaic Co.   2,028    37,051 
Nutrien Ltd. (a)   1,091    42,800 
Olin Corp.   2,900    35,902 
The Sherwin-Williams Co.   110    76,641 
         537,233 
Forest Products & Paper — 0.2%          
Domtar Corp.   1,500    39,405 
International Paper Co.   751    30,446 
         69,851 
Iron & Steel — 0.8%          
Nucor Corp.   566    25,391 
Reliance Steel & Aluminum Co.   2,446    249,590 
Steel Dynamics, Inc.   700    20,041 
         295,022 
Mining — 0.0%          
Arconic Corp. (b)   300    5,715 
         907,821 
Communications — 13.9%          
Advertising — 0.1%          
The Trade Desk, Inc. Class A (b)   70    36,315 
Internet — 11.9%          
Alphabet, Inc. Class A (b)   1,106    1,620,954 
Alphabet, Inc. Class C (b)   124    182,230 
Amazon.com, Inc. (b)   539    1,697,165 
eBay, Inc.   7,616    396,794 
Facebook, Inc. Class A (b)   520    136,188 
Netflix, Inc. (b)   87    43,503 
Palo Alto Networks, Inc. (b)   242    59,229 
Shopify, Inc. Class A (b)   120    122,756 
         4,258,819 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Media — 1.2%          
Comcast Corp. Class A   8,656   $400,427 
Discovery, Inc. Class A (a) (b)   560    12,191 
         412,618 
Telecommunications — 0.7%          
AT&T, Inc.   3,655    104,204 
CenturyLink, Inc.   1,874    18,909 
Cisco Systems, Inc.   2,669    105,132 
Juniper Networks, Inc.   805    17,307 
Verizon Communications, Inc.   237    14,099 
         259,651 
         4,967,403 
Consumer, Cyclical — 13.9%          
Airlines — 0.0%          
American Airlines Group, Inc. (a)   932    11,454 
Apparel — 0.1%          
Ralph Lauren Corp.   690    46,899 
Auto Manufacturers — 4.4%          
Cummins, Inc.   4,772    1,007,656 
Ford Motor Co.   2,980    19,847 
PACCAR, Inc.   5,908    503,834 
Wabash National Corp.   3,900    46,644 
         1,577,981 
Auto Parts & Equipment — 0.7%          
Magna International, Inc.   5,300    242,475 
Distribution & Wholesale — 0.6%          
LKQ Corp. (b)   1,000    27,730 
Pool Corp.   600    200,724 
         228,454 
Home Builders — 1.0%          
Thor Industries, Inc. (a)   800    76,208 
Toll Brothers, Inc.   5,926    288,359 
         364,567 
Leisure Time — 0.0%          
Carnival Corp. (a)   527    8,000 
Lodging — 0.1%          
Hilton Worldwide Holdings, Inc.   243    20,733 
Retail — 6.9%          
Costco Wholesale Corp.   110    39,050 
Dollar General Corp.   260    54,501 
Dollar Tree, Inc. (b)   471    43,021 
Genuine Parts Co.   1,028    97,835 
The Home Depot, Inc.   930    258,270 
Lowe's Cos., Inc.   326    54,070 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
McDonald's Corp.   397   $87,138 
The Michaels Cos., Inc. (a) (b)   5,800    55,999 
Target Corp.   999    157,263 
Tractor Supply Co.   656    94,031 
Walgreens Boots Alliance, Inc.   1,782    64,010 
Walmart, Inc.   10,130    1,417,288 
Yum! Brands, Inc.   388    35,424 
         2,457,900 
Textiles — 0.1%          
Mohawk Industries, Inc. (b)   200    19,518 
         4,977,981 
Consumer, Non-cyclical — 14.6%          
Beverages — 0.2%          
Brown-Forman Corp. Class A   500    34,340 
Coca-Cola European Partners PLC   899    34,890 
Molson Coors Beverage Co. Class B   427    14,330 
         83,560 
Biotechnology — 0.9%          
Amgen, Inc.   174    44,224 
Biogen, Inc. (b)   220    62,409 
Vertex Pharmaceuticals, Inc. (b)   790    214,975 
         321,608 
Commercial Services — 3.8%          
Automatic Data Processing, Inc.   225    31,385 
CoreLogic, Inc.   200    13,534 
IHS Markit Ltd.   204    16,016 
ManpowerGroup, Inc.   2,155    158,026 
Paylocity Holding Corp. (b)   150    24,213 
PayPal Holdings, Inc. (b)   980    193,089 
Quanta Services, Inc.   400    21,144 
RELX PLC   4,717    105,519 
Robert Half International, Inc.   1,083    57,334 
S&P Global, Inc.   1,494    538,737 
StoneCo Ltd. Class A (b)   200    10,578 
TrueBlue, Inc. (b)   2,400    37,176 
Verisk Analytics, Inc.   758    140,465 
         1,347,216 
Cosmetics & Personal Care — 0.1%          
Colgate-Palmolive Co.   248    19,133 
Foods — 0.3%          
Conagra Brands, Inc.   500    17,855 
General Mills, Inc.   600    37,008 
The J.M. Smucker Co.   500    57,760 
Pilgrim's Pride Corp. (b)   496    7,423 
         120,046 
Health Care – Products — 2.4%          
Abbott Laboratories   1,352    147,138 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Danaher Corp.   1,717   $369,722 
Henry Schein, Inc. (b)   184    10,816 
Medtronic PLC   132    13,717 
Quidel Corp. (b)   90    19,744 
Thermo Fisher Scientific, Inc.   611    269,769 
West Pharmaceutical Services, Inc.   120    32,988 
         863,894 
Health Care – Services — 1.6%          
Anthem, Inc.   328    88,097 
Centene Corp. (b)   314    18,316 
HCA Healthcare, Inc.   1,317    164,204 
Laboratory Corp. of America Holdings (b)   243    45,750 
Quest Diagnostics, Inc.   595    68,121 
UnitedHealth Group, Inc.   561    174,903 
         559,391 
Household Products & Wares — 0.1%          
Quanex Building Products Corp.   2,900    53,476 
Pharmaceuticals — 5.2%          
AbbVie, Inc.   2,707    237,106 
AmerisourceBergen Corp.   995    96,435 
Bristol-Myers Squibb Co.   10,621    640,340 
Cardinal Health, Inc.   374    17,559 
Cigna Corp.   300    50,823 
CVS Health Corp.   884    51,626 
DexCom, Inc. (b)   130    53,590 
Horizon Therapeutics PLC (b)   237    18,410 
Jazz Pharmaceuticals PLC (b)   261    37,216 
McKesson Corp.   3,077    458,258 
Merck & Co., Inc.   1,077    89,337 
Pfizer, Inc.   2,745    100,742 
         1,851,442 
         5,219,766 
Energy — 1.2%          
Energy – Alternate Sources — 0.1%          
SolarEdge Technologies, Inc. (b)   130    30,985 
Oil & Gas — 0.7%          
Chevron Corp.   651    46,872 
Cimarex Energy Co.   490    11,922 
Concho Resources, Inc.   385    16,986 
Exxon Mobil Corp.   4,978    170,895 
Occidental Petroleum Corp.   514    5,145 
Phillips 66   154    7,983 
         259,803 
Oil & Gas Services — 0.3%          
Schlumberger NV   6,671    103,801 
Pipelines — 0.1%          
Kinder Morgan, Inc.   1,993    24,574 
         419,163 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Financial — 14.3%          
Banks — 7.4%          
Bank of America Corp.   25,300   $609,477 
CIT Group, Inc.   600    10,626 
Citigroup, Inc.   14,700    633,717 
The Goldman Sachs Group, Inc.   2,060    413,998 
JP Morgan Chase & Co.   7,200    693,144 
KeyCorp   17,863    213,106 
Morgan Stanley   1,600    77,360 
         2,651,428 
Diversified Financial Services — 5.2%          
AerCap Holdings NV (b)   2,000    50,380 
Capital One Financial Corp.   504    36,217 
Discover Financial Services   400    23,112 
Mastercard, Inc. Class A   1,155    390,586 
Nasdaq, Inc.   170    20,861 
SEI Investments Co.   2,300    116,656 
Synchrony Financial   5,400    141,318 
Visa, Inc. Class A   5,460    1,091,836 
         1,870,966 
Insurance — 1.5%          
Aflac, Inc.   3,600    130,860 
Berkshire Hathaway, Inc. Class B (b)   1,900    404,586 
         535,446 
Real Estate Investment Trusts (REITS) — 0.2%          
Iron Mountain, Inc. (a)   1,000    26,790 
SBA Communications Corp.   110    35,033 
         61,823 
         5,119,663 
Industrial — 8.5%          
Aerospace & Defense — 0.4%          
Barnes Group, Inc.   900    32,166 
Lockheed Martin Corp.   147    56,342 
Raytheon Technologies Corp.   635    36,538 
Spirit AeroSystems Holdings, Inc. Class A   172    3,253 
         128,299 
Building Materials — 0.5%          
Carrier Global Corp.   3,635    111,013 
Patrick Industries, Inc.   1,100    63,272 
         174,285 
Electrical Components & Equipment — 0.0%          
AMETEK, Inc.   140    13,916 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Electronics — 1.9%          
Agilent Technologies, Inc.   300   $30,282 
Allegion PLC   195    19,287 
Amphenol Corp. Class A   237    25,660 
Garmin Ltd.   212    20,110 
Honeywell International, Inc.   1,320    217,285 
Keysight Technologies, Inc. (b)   1,270    125,451 
Roper Technologies, Inc.   110    43,462 
Sensata Technologies Holding PLC (b)   954    41,156 
TE Connectivity Ltd.   838    81,906 
Trimble, Inc. (b)   200    9,740 
TTM Technologies, Inc. (b)   4,400    50,204 
         664,543 
Engineering & Construction — 0.4%          
AECOM (b)   957    40,041 
Arcosa, Inc.   2,083    91,839 
         131,880 
Environmental Controls — 0.5%          
Republic Services, Inc.   754    70,386 
Waste Management, Inc.   895    101,287 
         171,673 
Machinery – Diversified — 1.4%          
AGCO Corp.   4,400    326,788 
Cognex Corp.   300    19,530 
Dover Corp.   307    33,261 
Ingersoll Rand, Inc. (b)   420    14,952 
Otis Worldwide Corp.   1,817    113,417 
         507,948 
Miscellaneous - Manufacturing — 0.6%          
3M Co.   158    25,308 
Eaton Corp. PLC   1,193    121,722 
General Electric Co.   2,143    13,351 
Parker-Hannifin Corp.   73    14,771 
Trane Technologies PLC   476    57,715 
         232,867 
Packaging & Containers — 0.8%          
WestRock Co.   8,100    281,394 
Shipbuilding — 0.1%          
Huntington Ingalls Industries, Inc.   246    34,624 
Transportation — 1.9%          
Kansas City Southern   280    50,632 
Norfolk Southern Corp.   1,800    385,182 
Union Pacific Corp.   1,220    240,182 
         675,996 
         3,017,425 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Technology — 28.7%          
Computers — 9.5%          
Accenture PLC Class A   158   $35,706 
Apple, Inc.   21,548    2,495,474 
Cognizant Technology Solutions Corp. Class A   2,025    140,575 
Crowdstrike Holdings, Inc. Class A (b)   220    30,210 
DXC Technology Co.   10,081    179,946 
Fortinet, Inc. (b)   960    113,098 
HP, Inc.   803    15,249 
International Business Machines Corp.   1,246    151,601 
Seagate Technology PLC   5,006    246,646 
         3,408,505 
Semiconductors — 8.7%          
Advanced Micro Devices, Inc. (b)   751    61,575 
Applied Materials, Inc.   2,244    133,406 
ASML Holding NV   810    299,109 
Broadcom, Inc.   2,798    1,019,367 
Entegris, Inc.   100    7,434 
Intel Corp.   896    46,395 
KLA Corp.   680    131,743 
Lam Research Corp.   1,295    429,616 
Micron Technology, Inc. (b)   9,400    441,424 
Monolithic Power Systems, Inc.   90    25,165 
NVIDIA Corp.   670    362,617 
Skyworks Solutions, Inc.   900    130,950 
Texas Instruments, Inc.   176    25,131 
         3,113,932 
Software — 10.5%          
ANSYS, Inc. (b)   281    91,952 
Citrix Systems, Inc.   259    35,667 
Fair Isaac Corp. (b)   330    140,375 
j2 Global, Inc. (b)   500    34,610 
Microsoft Corp.   12,722    2,675,818 
MSCI, Inc.   760    271,153 
Oracle Corp.   421    25,134 
Paychex, Inc.   641    51,133 
Take-Two Interactive Software, Inc. (b)   120    19,826 
Veeva Systems, Inc. Class A (b)   866    243,511 
VMware, Inc. Class A (a) (b)   1,038    149,129 
         3,738,308 
         10,260,745 
           
TOTAL COMMON STOCK
(Cost $28,514,868)
        34,889,967 
           
TOTAL EQUITIES
(Cost $28,514,868)
        34,889,967 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Warrants — 0.0%          
Energy — 0.0%          
Oil & Gas — 0.0%          
Occidental Petroleum Corp., Expires 8/03/27 (b)   64   $192 
           
TOTAL WARRANTS
(Cost $317)
        192 
           
Rights — 0.0%          
Consumer, Non-cyclical — 0.0%          
Pharmaceuticals — 0.0%          
Bristol-Myers Squibb Co., Expires 3/31/21 (b)   993    2,234 
           
TOTAL RIGHTS
(Cost $2,115)
        2,234 
           
Mutual Funds — 0.4%          
Diversified Financial Services — 0.4%          
State Street Navigator Securities Lending Prime Portfolio (c)   133,048    133,048 
           
TOTAL MUTUAL FUNDS
(Cost $133,048)
        133,048 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $28,650,348)
        35,025,441 

 

   Principal
Amount
    
Short-Term Investments — 2.5%          
Repurchase Agreement — 2.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (d)  $895,491    895,491 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $895,491)
        895,491 
           
TOTAL INVESTMENTS — 100.5%
(Cost $29,545,839) (e)
        35,920,932 
           
Other Assets/(Liabilities) — (0.5)%        (179,950)
           
NET ASSETS — 100.0%       $35,740,982 

 

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 September 30, 2020, was $378,625 or 1.06% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $255,871 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 $895,491. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $913,462.
(e)  See Note 3 for aggregate cost for federal tax purposes.

 

 

MML High Yield Fund — Portfolio of Investments

 

September 30, 2020 (Unaudited)

 

  

Number of

Shares

   Value 
Equities — 0.1%        
         
Common Stock — 0.1%          
Consumer, Non-cyclical — 0.0%          
Agriculture — 0.0%          
Pinnacle Operating Corp. (a) (b)   178,174   $ 
Energy — 0.1%          
Oil & Gas — 0.1%          
Fieldwood Energy LLC (b)   3,193    33 
Fieldwood Energy LLC (b)   13,011    130 
Jupiter Resources, Inc. (b)   191,606    143,704 
         143,867 
           
TOTAL COMMON STOCK
(Cost $1,318,416)
        143,867 
           
TOTAL EQUITIES
(Cost $1,318,416)
        143,867 

 

   

Principal

Amount

     
Bonds & Notes — 97.8%            
             
Bank Loans — 4.3%            
Oil & Gas — 0.0%            
Fieldwood Energy LLC, Exit 2nd Lien Term Loan, 0.000% 4/11/23 (c)   $387,384     89 
Packaging & Containers — 1.8%            
BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.250%
3.523% VRN 4/03/24
   1,184,496     1,109,730 
Consolidated Energy Finance, SA, Term Loan B, 1 mo. LIBOR + 2.500%
2.656% VRN 5/07/25
   883,485     802,867 
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. LIBOR + 3.000%
4.000% VRN 10/17/24
   161,721     157,476 
           2,070,073 
Software — 2.5%            
Banff Merger Sub, Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 4.250%
4.397% VRN 10/02/25
   860,644     833,457 
Finastra USA, Inc.            
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500%, 6 mo. LIBOR + 3.500%
4.500% VRN 6/13/24
   919,552     857,712 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
USD 2nd Lien Term Loan, 6 mo. LIBOR + 7.250%
8.250% VRN 6/13/25
  $1,400,000    $1,311,100 
           3,002,269 
             
TOTAL BANK LOANS
(Cost $5,444,882)
         5,072,431 
             
Corporate Debt — 93.5%            
Advertising — 0.4%            
Terrier Media Buyer, Inc.
8.875% 12/15/27 (d)
   523,000     526,922 
Aerospace & Defense — 3.9%            
Signature Aviation US Holdings, Inc.
4.000% 3/01/28 (d)
   651,000     605,430 
TransDigm, Inc.
5.500% 11/15/27
   963,000     925,491 
6.250% 3/15/26 (d)    316,000     329,997 
6.375% 6/15/26    654,000     656,570 
8.000% 12/15/25 (d)    255,000     277,313 
Triumph Group, Inc.
5.250% 6/01/22
   305,000     250,100 
6.250% 9/15/24 (d)    306,000     260,418 
7.750% 8/15/25    1,243,000     797,074 
8.875% 6/01/24 (d)    466,000     496,290 
           4,598,683 
Agriculture — 0.4%            
JBS Investments II GmbH
7.000% 1/15/26 (d)
   390,000     416,325 
Airlines — 0.1%            
American Airlines Group, Inc.
3.750% 3/01/25 (d)
   218,000     110,533 
Auto Manufacturers — 4.2%            
Allison Transmission, Inc.
4.750% 10/01/27 (d)
   589,000     605,934 
Ford Motor Co.
7.450% 7/16/31
   472,000     544,570 
8.500% 4/21/23    312,000     340,080 
9.000% 4/22/25    241,000     276,309 
9.625% 4/22/30    726,000     937,447 
Ford Motor Credit Co. LLC
3.087% 1/09/23
   92,000     90,150 
3.664% 9/08/24    200,000     195,705 
4.125% 8/17/27    289,000     281,052 
4.134% 8/04/25    200,000     198,083 
4.542% 8/01/26    1,039,000     1,036,538 
5.596% 1/07/22    200,000     204,500 
5.875% 8/02/21    281,000     286,269 
           4,996,637 
Auto Parts & Equipment — 0.5%            
Adient Global Holdings Ltd.
4.875% 8/15/26 (d)
   170,000     161,925 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Clarios Global LP/Clarios US Finance Co.
8.500% 5/15/27 (d)
  $467,000    $482,177 
           644,102 
Building Materials — 2.3%            
Cemex SAB de CV
5.200% 9/17/30 (d)
   218,000     219,068 
7.375% 6/05/27 (d)    352,000     380,340 
Cornerstone Building Brands, Inc.
6.125% 1/15/29 (d)
   171,000     173,204 
Forterra Finance LLC / FRTA Finance Corp.
6.500% 7/15/25 (d)
   150,000     158,483 
Griffon Corp.
5.750% 3/01/28
   211,000     220,248 
James Hardie International Finance DAC
4.750% 1/15/25 (d)
   126,000     128,678 
5.000% 1/15/28 (d)    485,000     505,612 
PGT Innovations, Inc.
6.750% 8/01/26 (d)
   368,000     391,920 
Standard Industries, Inc.
4.750% 1/15/28 (d)
   581,000     602,787 
           2,780,340 
Chemicals — 1.8%            
CF Industries, Inc.
4.950% 6/01/43
   63,000     73,258 
5.375% 3/15/44    240,000     288,811 
Consolidated Energy Finance SA
6.875% 6/15/25 (d)
   915,000     832,650 
CVR Partners LP/CVR Nitrogen Finance Corp.
9.250% 6/15/23 (d)
   451,000     417,175 
Nouryon Holding BV
8.000% 10/01/26 (d)
   141,000     149,246 
Valvoline, Inc.
4.250% 2/15/30 (d)
   206,000     210,120 
4.375% 8/15/25    157,000     161,514 
           2,132,774 
Coal — 1.7%            
Peabody Energy Corp.
6.000% 3/31/22 (d)
   1,383,000     802,140 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.500% 6/15/25 (d)
   759,000     684,633 
Warrior Met Coal, Inc.
8.000% 11/01/24 (d)
   534,000     543,847 
           2,030,620 
Commercial Services — 0.9%            
Korn Ferry
4.625% 12/15/27 (d)
   95,000     95,950 
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250% 1/15/28 (d)
   802,000     812,025 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
United Rentals North America, Inc.
3.875% 2/15/31
  $168,000    $170,520 
           1,078,495 
Computers — 2.4%            
Banff Merger Sub, Inc.
9.750% 9/01/26 (d)
   466,000     492,609 
Dell International LLC/EMC Corp.
7.125% 6/15/24 (d)
   904,000     940,332 
Diebold Nixdorf, Inc.
9.375% 7/15/25 (d)
   675,000     712,125 
NCR Corp.
5.000% 10/01/28 (d)
   235,000     235,188 
5.250% 10/01/30 (d)    113,000     113,000 
Science Applications International Corp.
4.875% 4/01/28 (d)
   189,000     191,890 
Western Digital Corp.
4.750% 2/15/26
   104,000     112,645 
           2,797,789 
Distribution & Wholesale — 1.7%            
Core & Main Holdings LP
8.625% 9/15/24 (d)
   155,000     156,163 
Core & Main LP
6.125% 8/15/25 (d)
   313,000     317,046 
KAR Auction Services, Inc.
5.125% 6/01/25 (d)
   475,000     474,990 
Resideo Funding, Inc.
6.125% 11/01/26 (d)
   800,000     788,000 
Univar Solutions USA, Inc.
5.125% 12/01/27 (d)
   254,000     260,667 
           1,996,866 
Diversified Financial Services — 2.3%            
Alliance Data Systems Corp.
4.750% 12/15/24 (d)
   767,000     718,909 
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (d)
   1,895,301     1,056,631 
LPL Holdings, Inc.
4.625% 11/15/27 (d)
   346,000     349,460 
5.750% 9/15/25 (d)    87,000     90,148 
OneMain Finance Corp.
5.375% 11/15/29
   552,000     574,080 
           2,789,228 
Electric — 2.6%            
NRG Energy, Inc.
5.250% 6/15/29 (d)
   374,000     406,725 
6.625% 1/15/27    702,000     742,365 
PG&E Corp.
5.000% 7/01/28
   567,000     549,990 
5.250% 7/01/30    289,000     279,607 
Pike Corp.
5.500% 9/01/28 (d)
   447,000     449,767 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Vistra Operations Co. LLC
4.300% 7/15/29 (d)
  $568,000    $619,985 
           3,048,439 
Electrical Components & Equipment — 0.4%            
WESCO Distribution, Inc. Co.
7.125% 6/15/25 (d)
   233,000     253,807 
7.250% 6/15/28 (d)    241,000     264,058 
           517,865 
Engineering & Construction — 0.4%            
New Enterprise Stone & Lime Co., Inc.
9.750% 7/15/28 (d)
   323,000     348,840 
Weekley Homes LLC / Weekley Finance Corp.
4.875% 9/15/28 (d)
   152,000     153,520 
           502,360 
Entertainment — 2.2%            
Banijay Entertainment SASU
5.375% 3/01/25 (d)
   241,000     242,506 
Caesars Entertainment, Inc.
6.250% 7/01/25 (d)
   432,000     451,546 
8.125% 7/01/27 (d)    443,000     469,580 
Caesars Resort Collection LLC / CRC Finco, Inc.
5.750% 7/01/25 (d)
   242,000     249,563 
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250% 10/15/25 (d)
   266,000     257,355 
Live Nation Entertainment, Inc.
4.750% 10/15/27 (d)
   407,000     381,180 
Scientific Games International, Inc.
5.000% 10/15/25 (d)
   204,000     205,020 
7.250% 11/15/29 (d)    187,000     189,805 
8.250% 3/15/26 (d)    37,000     38,631 
8.625% 7/01/25 (d)    147,000     153,391 
           2,638,577 
Foods — 3.9%            
JBS USA LUX SA/JBS USA Finance, Inc.
5.875% 7/15/24 (d)
   323,000     329,492 
6.750% 2/15/28 (d)    824,000     896,034 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (d)
   826,000     899,076 
6.500% 4/15/29 (d)    1,094,000     1,214,307 
Kraft Heinz Foods Co.
3.750% 4/01/30 (d)
   126,000     133,095 
3.875% 5/15/27 (d)    250,000     264,803 
4.250% 3/01/31 (d)    204,000     223,819 
5.200% 7/15/45    178,000     194,596 
6.500% 2/09/40    94,000     119,466 
6.875% 1/26/39    206,000     275,928 
Simmons Foods, Inc.
7.750% 1/15/24 (d)
   100,000     104,750 
           4,655,366 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Forest Products & Paper — 0.2%            
Clearwater Paper Corp.
4.750% 8/15/28 (d)
  $230,000    $230,575 
Hand & Machine Tools — 0.5%            
Apex Tool Group LLC/BC Mountain Finance, Inc.
9.000% 2/15/23 (d)
   701,000     648,425 
Health Care – Products — 1.1%            
Avanos Medical, Inc.
6.250% 10/15/22
   1,300,000     1,300,520 
Health Care – Services — 4.1%            
Centene Corp.
4.250% 12/15/27
   241,000     252,190 
4.625% 12/15/29    918,000     990,210 
5.250% 4/01/25 (d)    232,000     241,106 
5.375% 6/01/26 (d)    52,000     54,795 
Encompass Health Corp. Co.
4.625% 4/01/31 (e)
   189,000     189,000 
HCA, Inc.
3.500% 9/01/30
   1,106,000     1,126,881 
Molina Healthcare, Inc.
4.375% 6/15/28 (d)
   200,000     204,100 
Radiology Partners, Inc.
9.250% 2/01/28 (d)
   300,000     312,000 
Tenet Healthcare Corp.
4.625% 7/15/24
   400,000     402,000 
4.625% 9/01/24 (d)    323,000     325,623 
6.125% 10/01/28 (d)    350,000     340,375 
8.125% 4/01/22    340,000     378,046 
           4,816,326 
Home Builders — 2.0%            
Brookfield Residential Properties, Inc.
6.375% 5/15/25 (d)
   491,000     491,000 
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.
4.875% 2/15/30 (d)
   261,000     244,298 
M/I Homes, Inc.
4.950% 2/01/28
   368,000     379,040 
Mattamy Group Corp.
4.625% 3/01/30 (d)
   668,000     676,417 
STL Holding Co. LLC
7.500% 2/15/26 (d)
   440,000     441,650 
TRI Pointe Group, Inc.
5.700% 6/15/28
   153,000     167,535 
           2,399,940 
Housewares — 0.4%            
Newell Brands, Inc.
4.700% STEP 4/01/26
   337,000     358,905 
5.875% STEP 4/01/36    126,000     144,315 
           503,220 
Insurance — 1.0%            
Acrisure LLC/Acrisure Finance, Inc.        

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
7.000% 11/15/25 (d)   $691,000    $678,821 
8.125% 2/15/24 (d)    509,000     533,178 
           1,211,999 
Internet — 1.7%            
Netflix, Inc.
4.875% 6/15/30 (d)
   321,000     365,940 
5.375% 11/15/29 (d)    523,000     616,434 
5.875% 11/15/28    595,000     709,957 
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.
10.750% 6/01/28 (d)
   121,000     131,890 
Uber Technologies, Inc.
6.250% 1/15/28 (d)
   174,000     178,733 
           2,002,954 
Investment Companies — 0.9%            
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
4.750% 9/15/24
   141,000     142,763 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.250% 5/15/27
   113,000     117,723 
6.375% 12/15/25    761,000     782,281 
           1,042,767 
Iron & Steel — 0.2%            
Big River Steel LLC / BRS Finance Corp.
6.625% 1/31/29 (d)
   254,000     256,832 
Leisure Time — 1.6%            
Brunswick Corp.
7.375% 9/01/23
   285,000     329,425 
7.125% 8/01/27    569,000     701,976 
Carlson Travel, Inc.
6.750% 12/15/25 (d)
   296,000     223,480 
11.500% 12/15/26 (d)    988,000     595,181 
           1,850,062 
Lodging — 1.4%            
Wyndham Destinations, Inc.
6.625% 7/31/26 (d)
   213,000     223,141 
Wyndham Hotels & Resorts, Inc.
4.375% 8/15/28 (d)
   185,000     179,450 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250% 5/15/27 (d)
   385,000     358,050 
5.500% 3/01/25 (d)    740,000     698,375 
Wynn Macau Ltd.
5.125% 12/15/29 (d)
   268,000     257,139 
           1,716,155 
Machinery – Diversified — 0.3%            
Clark Equipment Co.
5.875% 6/01/25 (d)
   291,000     301,549 
Vertical US Newco, Inc.
5.250% 7/15/27 (d)
   84,000     87,298 
           388,847 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Media — 6.8%            
Altice Financing SA
5.000% 1/15/28 (d)
  $316,000    $306,915 
Block Communications, Inc.
4.875% 3/01/28 (d)
   340,000     346,800 
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500% 8/15/30 (d)
   702,000     737,131 
4.500% 5/01/32 (d)    647,000     675,306 
4.750% 3/01/30 (d)    236,000     249,865 
Clear Channel Worldwide Holdings, Inc.
5.125% 8/15/27 (d)
   313,000     300,558 
9.250% 2/15/24    210,000     203,574 
CSC Holdings LLC
3.375% 2/15/31 (d)
   500,000     484,125 
4.625% 12/01/30 (d)    484,000     487,630 
DISH DBS Corp.
5.000% 3/15/23
   207,000     211,140 
7.750% 7/01/26    217,000     238,561 
DISH Network Corp.
3.375% 8/15/26
   680,000     624,238 
LCPR Senior Secured Financing DAC
6.750% 10/15/27 (d)
   314,000     328,130 
Midcontinent Communications / Midcontinent Finance Corp.
5.375% 8/15/27 (d)
   205,000     210,637 
Radiate Holdco LLC / Radiate Finance, Inc.
4.500% 9/15/26 (d)
   397,000     396,917 
6.500% 9/15/28 (d)    502,000     514,431 
Sirius XM Radio, Inc.
5.375% 7/15/26 (d)
   167,000     173,797 
5.500% 7/01/29 (d)    226,000     242,385 
TEGNA, Inc.
4.625% 3/15/28 (d)
   447,000     437,077 
Townsquare Media, Inc.
6.500% 4/01/23 (d)
   124,000     113,615 
Virgin Media Finance PLC
5.000% 7/15/30 (d)
   147,000     146,265 
Ziggo BV
4.875% 1/15/30 (d)
   153,000     158,355 
5.500% 1/15/27 (d)    440,000     460,900 
           8,048,352 
Mining — 4.2%            
Compass Minerals International, Inc.
4.875% 7/15/24 (d)
   294,000     299,942 
6.750% 12/01/27 (d)    350,000     378,000 
First Quantum Minerals Ltd.
6.875% 10/15/27 (d) (e)
   800,000     771,000 
7.250% 4/01/23 (d)    659,000     658,176 
7.500% 4/01/25 (d)    647,000     639,954 
Freeport-McMoRan, Inc.
4.125% 3/01/28
   69,000     69,862 
4.375% 8/01/28    359,000     371,190 
4.625% 8/01/30    600,000     630,870 
Hudbay Minerals, Inc.
6.125% 4/01/29 (d)
   147,000     145,530 
Kinross Gold Corp.
6.875% 9/01/41
   476,000     623,253 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Northwest Acquisitions ULC/Dominion Finco, Inc.
7.125% 11/01/22 (c) (d)
  $884,000    $14,144 
Novelis Corp.
4.750% 1/30/30 (d)
   417,000     409,586 
           5,011,507 
Miscellaneous - Manufacturing — 1.2%            
Amsted Industries, Inc.
5.625% 7/01/27 (d)
   617,000     656,377 
Gates Global LLC / Gates Corp.
6.250% 1/15/26 (d)
   700,000     721,553 
           1,377,930 
Oil & Gas — 7.3%            
Antero Resources Corp.
5.375% 11/01/21
   410,000     389,500 
Apache Corp.
4.375% 10/15/28
   130,000     118,950 
4.750% 4/15/43    65,000     57,809 
5.100% 9/01/40    130,000     116,431 
5.350% 7/01/49    197,000     173,852 
Cenovus Energy, Inc.
4.250% 4/15/27
   93,000     84,079 
5.400% 6/15/47    138,000     116,589 
6.750% 11/15/39    155,000     155,829 
Continental Resources, Inc.
3.800% 6/01/24
   149,000     137,453 
4.375% 1/15/28    168,000     145,530 
CVR Energy, Inc.
5.750% 2/15/28 (d)
   1,323,000     1,124,550 
Endeavor Energy Resources LP / EER Finance, Inc.
6.625% 7/15/25 (d)
   295,000     303,112 
Hilcorp Energy I LP / Hilcorp Finance Co.
5.000% 12/01/24 (d)
   79,000     71,693 
5.750% 10/01/25 (d)    43,000     38,915 
6.250% 11/01/28 (d)    365,000     332,150 
Jonah Energy LLC/Jonah Energy Finance Corp.
7.250% 10/15/25 (d)
   745,000     82,881 
Jupiter Resources, Inc
10.000% 1/31/24 (a) (f)
   231,906     225,280 
Laredo Petroleum, Inc.
9.500% 1/15/25
   268,000     159,707 
10.125% 1/15/28    330,000     194,700 
MEG Energy Corp.
7.125% 2/01/27 (d)
   379,000     339,899 
Nabors Industries Ltd.
7.250% 1/15/26 (d)
   184,000     90,620 
7.500% 1/15/28 (d)    119,000     57,269 
Neptune Energy Bondco PLC
6.625% 5/15/25 (d)
   594,000     529,800 
Occidental Petroleum Corp.
2.700% 8/15/22
   163,000     152,302 
2.700% 2/15/23    65,000     59,475 
2.900% 8/15/24    93,000     78,904 
3.500% 6/15/25    190,000     157,700 
4.200% 3/15/48    31,000     21,313 
4.400% 4/15/46    198,000     140,622 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
4.400% 8/15/49   $78,000    $54,608 
4.500% 7/15/44    81,000     57,966 
5.875% 9/01/25    178,000     163,130 
6.200% 3/15/40    550,000     455,730 
6.375% 9/01/28    182,000     168,477 
6.450% 9/15/36    215,000     183,287 
6.600% 3/15/46    352,000     303,160 
6.950% 7/01/24    88,000     85,166 
Ovintiv, Inc.
6.500% 8/15/34
   108,000     100,572 
6.500% 2/01/38    47,000     42,682 
7.200% 11/01/31    29,000     28,728 
7.375% 11/01/31    17,000     16,972 
Parkland Corp.
5.875% 7/15/27 (d)
   247,000     259,659 
PBF Holding Co. LLC / PBF Finance Corp.
6.000% 2/15/28 (d)
   1,474,000     989,128 
9.250% 5/15/25 (d)    82,000     84,052 
           8,650,231 
Oil & Gas Services — 0.5%            
Welltec A/S
9.500% 12/01/22 (d)
   696,000     612,480 
Packaging & Containers — 1.1%            
Graphic Packaging International LLC
3.500% 3/15/28 (d)
   194,000     193,515 
Mauser Packaging Solutions Holding Co.
7.250% 4/15/25 (d)
   781,000     735,116 
Trident TPI Holdings, Inc.
9.250% 8/01/24 (d)
   386,000     409,759 
           1,338,390 
Pharmaceuticals — 2.2%            
Bausch Health Americas, Inc.
8.500% 1/31/27 (d)
   250,000     274,688 
9.250% 4/01/26 (d)    600,000     660,000 
Bausch Health Cos., Inc.
5.000% 1/30/28 (d)
   446,000     433,177 
5.250% 1/30/30 (d)    320,000     315,200 
5.500% 3/01/23 (d)    140,000     139,475 
5.875% 5/15/23 (d)    5,000     4,975 
6.125% 4/15/25 (d)    75,000     76,781 
Par Pharmaceutical, Inc.
7.500% 4/01/27 (d)
   629,000     658,991 
           2,563,287 
Pipelines — 3.9%            
Buckeye Partners LP
5.850% 11/15/43
   66,000     61,139 
Cheniere Energy Partners LP
4.500% 10/01/29
   271,000     277,984 
5.625% 10/01/26    725,000     754,000 
DCP Midstream Operating LP
5.625% 7/15/27
   216,000     220,968 
6.450% 11/03/36 (d)    10,000     9,583 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
EnLink Midstream LLC
5.375% 6/01/29
  $173,000    $140,130 
EnLink Midstream Partners LP
4.850% 7/15/26
   56,000     48,446 
EQM Midstream Partners LP
6.000% 7/01/25 (d)
   182,000     187,688 
6.500% 7/01/27 (d)    151,000     160,063 
Genesis Energy LP/Genesis Energy Finance Corp.
6.000% 5/15/23
   765,000     694,237 
6.500% 10/01/25    440,000     380,600 
Harvest Midstream I LP
7.500% 9/01/28 (d)
   228,000     226,860 
PBF Logistics LP / PBF Logistics Finance Corp.
6.875% 5/15/23
   400,000     376,000 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31 (d)
   295,000     285,685 
5.000% 1/15/28    33,000     32,175 
5.500% 3/01/30 (d)    28,000     28,029 
6.875% 1/15/29    61,000     65,252 
Western Midstream Operating LP
5.050% STEP 2/01/30
   145,000     141,123 
5.300% 3/01/48    399,000     321,195 
5.450% 4/01/44    202,000     172,710 
           4,583,867 
Real Estate Investment Trusts (REITS) — 2.7%            
ESH Hospitality, Inc.
4.625% 10/01/27 (d)
   388,000     380,733 
Iron Mountain, Inc.
5.250% 7/15/30 (d)
   303,000     315,877 
MPT Operating Partnership LP/MPT Finance Corp.
5.000% 10/15/27
   539,000     562,015 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875% 10/01/28 (d)
   108,000     107,730 
RHP Hotel Properties LP/RHP Finance Corp.
4.750% 10/15/27
   425,000     391,816 
5.000% 4/15/23    789,000     772,644 
Service Properties Trust
3.950% 1/15/28
   73,000     60,590 
4.375% 2/15/30    115,000     95,450 
4.950% 2/15/27    58,000     51,620 
7.500% 9/15/25    467,000     496,281 
           3,234,756 
Retail — 1.6%            
Asbury Automotive Group, Inc.
4.500% 3/01/28 (d)
   152,000     152,950 
Penske Automotive Group, Inc.
3.500% 9/01/25
   500,000     497,962 
5.500% 5/15/26    1,000,000     1,031,580 
Specialty Building Products Holdings LLC / SBP Finance Corp.
6.375% 9/30/26 (d)
   193,000     196,378 
           1,878,870 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Software — 3.8%            
BY Crown Parent LLC
7.375% 10/15/24 (d)
  $191,000    $193,865 
CDK Global, Inc.
5.250% 5/15/29 (d)
   66,000     70,290 
Open Text Corp.
3.875% 2/15/28 (d)
   302,000     305,491 
Open Text Holdings, Inc.
4.125% 2/15/30 (d)
   131,000     134,726 
Solera LLC/ Solera Finance, Inc.
10.500% 3/01/24 (d)
   465,000     485,925 
SS&C Technologies, Inc.
5.500% 9/30/27 (d)
   720,000     765,158 
Veritas US, Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 (d)
   700,000     721,875 
10.500% 2/01/24 (d)    2,020,000     1,899,608 
           4,576,938 
Storage & Warehousing — 0.9%            
LBC Tank Terminals Holding Netherlands BV
6.875% 5/15/23 (d)
   1,111,000     1,102,667 
Telecommunications — 5.5%            
Avaya, Inc.
6.125% 9/15/28 (d)
   260,000     265,096 
CenturyLink, Inc.
5.125% 12/15/26 (d)
   526,000     540,407 
CommScope Technologies Finance LLC
6.000% 6/15/25 (d)
   211,000     213,859 
CommScope Technologies LLC
5.000% 3/15/27 (d)
   174,000     167,040 
CommScope, Inc.
7.125% 7/01/28 (d)
   200,000     205,500 
8.250% 3/01/27 (d)    270,000     280,800 
Consolidated Communications, Inc.
6.500% 10/01/28 (d) (e)
   391,000     398,820 
Hughes Satellite Systems Corp.
6.625% 8/01/26
   687,000     743,471 
Sprint Capital Corp.
8.750% 3/15/32
   126,000     184,440 
Sprint Corp.
7.625% 3/01/26
   386,000     466,437 
7.875% 9/15/23    1,386,000     1,592,168 
Telecom Italia Capital
6.000% 9/30/34
   150,000     174,000 
Telecom Italia SpA
5.303% 5/30/24 (d)
   586,000     634,345 
ViaSat, Inc.
5.625% 4/15/27 (d)
   197,000     202,664 
6.500% 7/15/28 (d)    387,000     387,561 
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.750% 8/15/28 (d)
   116,000     113,970 
           6,570,578 
Toys, Games & Hobbies — 0.5%            
Mattel, Inc.
6.750% 12/31/25 (d)
   305,000     321,775 

 

 

MML High Yield Fund — Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
5.875% 12/15/27 (d)   $224,000    $241,080 
           562,855 
Transportation — 3.8%            
Kenan Advantage Group, Inc.
7.875% 7/31/23 (d)
   3,200,000     3,104,000 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (d)
   265,000     275,931 
XPO Logistics, Inc.
6.250% 5/01/25 (d)
   350,000     374,016 
6.750% 8/15/24 (d)    716,000     758,387 
          4,512,334 
             
TOTAL CORPORATE DEBT
(Cost $113,424,709)
         111,255,585 
             
TOTAL BONDS & NOTES
(Cost $118,869,591)
         116,328,016 

  

    Number of
Shares
    
Warrants — 0.0%          
           
Basic Materials — 0.0%            
Forest Products & Paper — 0.0%            
Appvion Holding Corp. Tranche A, Expires 6/13/23, Strike price 31.25 (a) (b) (f)    2,106      
Appvion Holding Corp. Tranche B, Expires 6/13/23, Strike price 31.25 (a) (b) (f)    2,106      
            
             
TOTAL WARRANTS
(Cost $0)
          
             
TOTAL LONG-TERM INVESTMENTS
(Cost $120,188,007)
         116,471,883 
             
TOTAL INVESTMENTS — 97.9%
(Cost $120,188,007) (g)
         116,471,883 
             
Other Assets/(Liabilities) — 2.1%          2,521,173 
             
NET ASSETS — 100.0%         $118,993,056 

 

Abbreviation Legend 

STEP Step Up Bond
VRN Variable Rate Note

 

Notes to Portfolio of Investments 

Percentages are stated as a percent of net assets. 

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2020, these securities amounted to a value of $225,280 or 0.19% of net assets.

(b) Non-income producing security.
(c) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2020, these securities amounted to a value of $14,233 or 0.01% of net assets.
(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 September 30, 2020, the aggregate market value of these securities amounted to $73,874,228 or 62.08% of net assets.
(e) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(f) Investment was valued using significant unobservable inputs.
(g) See Note 3 for aggregate cost for federal tax purposes.

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments

 

September 30, 2020 (Unaudited)

 

   Principal
Amount
   Value 
Bonds & Notes — 89.0%        
         
Municipal Obligations — 0.0%        
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR          
1.168% FRN 4/26/27  $24,791   $24,811 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $24,791)
        24,811 
           
Non-U.S. Government Agency Obligations — 62.4%          
Auto Floor Plan Asset-Backed Securities — 3.6%          
Navistar Financial Dealer Note Master Owner Trust II          
Series 2019-1, Class A, 1 mo. USD LIBOR + .640% 0.788% FRN 5/25/24 (a)   5,700,000    5,693,922 
Series 2019-1, Class B, 1 mo. USD LIBOR + .750% 0.898% FRN 5/25/24 (a)   3,000,000    2,993,032 
Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.098% FRN 5/25/24 (a)   1,300,000    1,293,231 
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1 mo. USD LIBOR + .680%          
0.832% FRN 10/17/22 (a)   2,000,000    2,000,200 
         11,980,385 
Automobile Asset-Backed Securities — 12.5%          
American Credit Acceptance Receivables Trust          
Series 2019-1, Class C, 3.500% 4/14/25 (a)   1,300,000    1,328,946 
Series 2018-3, Class C, 3.750% 10/15/24 (a)   2,741,364    2,764,000 
AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A2A          
0.600% 12/18/23   3,444,000    3,450,197 
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (a)   388,000    392,901 
CarMax Auto Owner Trust, Series 2017-2, Class D          
3.390% 10/16/23   2,400,000    2,443,497 
Chesapeake Funding II LLC, Series 2018-1A, Class A2, 1 mo. USD LIBOR + .450%          
0.602% FRN 4/15/30 (a)   439,174    439,586 
CPS Auto Trust, Series 2018-C, Class B          
3.430% 7/15/22 (a)   25,894    25,914 
Drive Auto Receivables Trust, Series 2019-1, Class C          
3.780% 4/15/25   963,000    991,099 
Exeter Automobile Receivables Trust          
Series 2020-2A, Class A, 1.130% 8/15/23 (a)   661,366    663,271 
Series 2019-3A, Class A, 2.590% 9/15/22 (a)   128,520    128,677 
Series 2019-1A, Class B, 3.450% 2/15/23 (a)   227,452    228,020 
Flagship Credit Auto Trust          
Series 2016-4, Class C, 2.710% 11/15/22 (a)   247,588    248,633 
Series 2018-2, Class A, 2.970% 10/17/22 (a)   340,201    341,444 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Hertz Fleet Lease Funding LP, Series 2018-1, Class A1, 1 mo. USD LIBOR + .500%          
0.656% FRN 5/10/32 (a)  $1,196,340   $1,196,459 
Hertz Vehicle Financing II LP          
Series 2017-1A, Class B, 3.560% 10/25/21 (a)   2,530,000    2,508,827 
Series 2019-2A, Class C, 4.260% 5/25/25 (a)   2,525,000    2,442,035 
OneMain Direct Auto Receivables Trust          
Series 2017-2A, Class C, 2.820% 7/15/24 (a)   6,459,490    6,464,132 
Series 2018-1A, Class A, 3.430% 12/16/24 (a)   502,338    508,957 
Series 2017-2A, Class E, 4.740% 11/14/25 (a)   968,000    968,092 
OSCAR US Funding XI LLC, Series 2019-2A, Class A2          
2.490% 8/10/22 (a)   678,440    683,025 
Santander Drive Auto Receivables Trust, Series 2020-2, Class A2A          
0.620% 5/15/23   4,674,000    4,679,850 
Tesla Auto Lease Trust, Series 2018-B, Class A          
3.710% 8/20/21 (a)   4,809,751    4,854,736 
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + .230%          
0.382% FRN 2/15/23   4,403,494    4,406,131 
         42,158,429 
Commercial Mortgage-Backed Securities — 2.6%          
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
1.652% FRN 7/15/35 (a)   1,700,000    1,576,794 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.752% FRN 12/15/36 (a)   1,298,811    1,283,474 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.852% FRN 11/15/35 (a)   1,582,000    1,569,255 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.152% FRN 10/15/36 (a)   1,661,271    1,641,658 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
1.902% FRN 12/15/37 (a)   308,865    302,014 
DBJPM 17-C6 Mortgage Trust, Series 2017-C6, Class A1          
1.907% 6/10/50   525,324    529,512 
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%          
1.152% FRN 6/15/32 (a)   1,364,866    1,303,473 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.952% FRN 5/15/36 (a)   476,000    470,796 
         8,676,976 
Credit Card Asset-Backed Securities — 0.3%          
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + .770%          
0.921% FRN 5/14/29   1,100,000    1,097,852 
Home Equity Asset-Backed Securities — 0.1%          
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A4, 1 mo. USD LIBOR + .170%          
0.318% FRN 3/25/36   181,549    180,441 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Other Asset-Backed Securities — 20.1%          
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%          
0.352% FRN 3/15/41 (a)  $216,155   $212,654 
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200%          
0.352% FRN 6/15/41 (a)   1,014,003    980,587 
321 Henderson Receivables LLC          
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.352% FRN 9/15/41 (a)   117,161    114,942 
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 0.352% FRN 12/15/41 (a)   130,157    128,649 
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.352% FRN 3/15/42 (a)   542,194    523,572 
AASET Trust          
Series 2017-1A, Class A, 3.967% 5/16/42  (a)   159,224    143,949 
Series 2018-2A, Class A, 4.454% 11/18/38 (a)   1,591,266    1,479,985 
Affirm Asset Securitization Trust, Series 2020-Z1, Class A          
3.460% 10/15/24 (a)   2,884,761    2,903,743 
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850%          
1.125% FRN 1/15/28  (a)   2,328,639    2,314,005 
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%          
1.302% FRN 6/15/28 (a)   780,000    770,274 
Avant Loans Funding Trust          
Series 2019-B, Class A, 2.720% 10/15/26 (a)   848,091    851,282 
Series 2019-A, Class A, 3.480% 7/15/22 (a)   49,664    49,680 
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100%          
1.345% FRN 4/25/26 (a)   481,146    480,772 
BCC Funding XIV LLC, Series 2018-1A, Class A2          
2.960% 6/20/23 (a)   116,391    116,516 
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890%          
1.162% FRN 1/18/29 (a)   1,997,380    1,972,986 
CCG Receivables Trust, Series 2018-2, Class A2          
3.090% 12/15/25 (a)   367,942    368,694 
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B,          
3.020% VRN 2/25/27 (a) (b)   107,407    107,252 
FCI Funding  LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   192,341    195,701 
First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .360%          
0.508% FRN 10/25/35   1,236,863    1,212,743 
KREF Ltd.          
Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.100% 1.251% FRN 6/15/36 (a)   3,980,000    3,951,898 
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.501% FRN 6/15/36 (a)   2,000,000    1,981,436 
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 2.701% FRN 6/15/36 (a)   2,450,000    2,353,717 
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%          
1.515% FRN 7/15/27 (a)   1,300,000    1,296,173 
Lendmark Funding Trust, Series 2018-1A, Class A          
3.810% 12/21/26 (a)   630,000    641,818 
Marlette Funding Trust          
Series 2019-4A, Class A, 2.390% 12/17/29 (a)   3,683,974    3,718,255 
Series 2019-3A, Class A, 2.690% 9/17/29 (a)   2,321,822    2,342,104 
Series 2019-2A, Class A, 3.130% 7/16/29 (a)   3,483,712   3,520,932 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2019-1A, Class A, 3.440% 4/16/29 (a)  $5,139,459   $5,191,512 
Series 2019-2A, Class B, 3.530% 7/16/29 (a)   385,000    392,547 
Series 2018-1A, Class C, 3.690% 3/15/28 (a)   3,010,145    3,019,986 
Series 2018-3A, Class B, 3.860% 9/15/28 (a)   3,204,834    3,225,626 
MVW Owner Trust, Series 2017-1A, Class A          
2.420% 12/20/34 (a)   73,734    75,174 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + .800%          
1.075% FRN 1/15/28 (a)   2,320,782    2,303,497 
NP SPE II LLC, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)   345,659    343,255 
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820%          
1.065% FRN 10/26/27 (a)   1,660,390    1,649,619 
Orange Lake Timeshare Trust, Series 2016-A, Class A          
2.610% 3/08/29 (a)   174,645    175,004 
Oxford Finance Funding Trust, Series 2016-1A, Class A          
3.968% 6/17/24 (a)   61,089    61,113 
PFS Financing Corp.          
Series 2019-B, Class A, 1 mo. USD LIBOR + .550% 0.702% FRN 9/15/23 (a)   400,000    400,256 
Series 2019-B, Class B, 1 mo. USD LIBOR + .800% 0.952% FRN 9/15/23 (a)   900,000    896,650 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I          
4.262% 9/05/48 (a)   2,352,000    2,351,050 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.998% FRN 2/25/23 (a)   440,000    429,446 
Saxon Asset Securities Trust, Series 2006-2, Class A3C, 1 mo. USD LIBOR + .150%          
0.298% FRN 9/25/36   1,303,420    1,290,675 
SCF Equipment Leasing LLC, Series 2020-1A, Class A2          
0.680% 10/20/25 (a)   1,579,000    1,581,913 
Sierra Receivables Funding LLC          
Series 2019-3A, Class C, 3.000% 8/20/36 (a)   2,261,656    2,229,222 
Series 2015-3A, Class B, 3.080% 9/20/32 (a)   20,298    20,279 
Series 2019-1A, Class C, 3.770% 1/20/36 (a)   494,619    496,623 
Series 2019-3A, Class D, 4.180% 8/20/36 (a)   579,111    544,781 
Series 2019-1A, Class D, 4.750% 1/20/36 (a)   447,513    432,047 
SoFi Consumer Loan Program  Trust          
Series 2017-4, Class A, 2.500% 5/26/26 (a)   240,815    242,469 
Series 2017-6, Class A2, 2.820% 11/25/26 (a)   266,018    268,037 
Series 2016-1A, Class A, 3.260% 8/25/25 (a)   241,619    243,506 
Series 2017-2, Class A, 3.280% 2/25/26 (a)   56,084    56,057 
SoFi Consumer Loan Program LLC, Series 2016-2A, Class B,          
4.770% VRN 10/27/25 (a) (b)   1,924,674    1,936,085 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800%          
0.948% FRN 11/25/35 (a)   1,165,614    1,110,339 
TLF National Tax Lien Trust, Series 2017-1A, Class A          
3.090% 12/15/29 (a)   438,755    441,648 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1          
2.709% 8/15/47 (a)   88,430    88,509 
Verizon Owner Trust., Series 2018-1A, Class A1A          
2.820% 9/20/22 (a)   822,587    828,564 
Westgate Resorts LLC          
Series 2017-1A, Class A, 3.050% 12/20/30 (a)   235,027    234,313 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2018-1A, Class A, 3.380% 12/20/31 (a)  $350,008   $347,708 
         67,641,829 
Student Loans Asset-Backed Securities — 14.1%          
Brazos Higher Education Authority, Inc.          
Series 2006-2, Class A10, 3 mo. USD LIBOR + .120% 0.345% FRN 6/25/26   947,470    935,195 
Revenue Bonds, Series 2006-2, Class B2, 1.656% 6/25/42   1,200,000    1,143,768 
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%          
0.333% FRN 6/28/39   3,247,090    3,087,020 
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%          
0.765% FRN 1/15/37   414,274    372,107 
Commonbond Student Loan Trust, Series 2018-CGS, Class C          
4.350% 2/25/46 (a)   39,027    39,288 
DRB Prime Student Loan Trust          
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.048% FRN 10/25/44 (a)   781,663    783,565 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.148% FRN 4/25/40 (a)   173,115    171,273 
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%          
2.198% FRN 2/26/35 (a)   133,993    126,401 
ECMC Group Student Loan Trust          
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 1.348% FRN 12/27/66 (a)   1,323,486    1,316,159 
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 1.498% FRN 7/26/66 (a)   891,154    899,896 
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%          
3.600% FRN 12/01/47 (a)   629,548    622,110 
Edsouth Indenture          
No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% 0.948% FRN 10/25/56 (a)   356,321    347,183 
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 12/25/58 (a)   1,000,000    983,922 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%          
0.898% FRN 8/25/42 (a)   406,341    403,337 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%          
0.950% FRN 8/25/48 (a)   247,778    243,161 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%          
0.597% FRN 6/28/39 (a)   464,342    416,318 
KeyCorp Student Loan Trust          
Series 2000-A, Class A2, 3 mo. USD LIBOR + .320% 0.570% FRN 5/25/29   34,487    33,975 
Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730% 0.963% FRN 9/27/38   1,600,367    1,578,384 
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX          
2.340% 10/25/48 (a)   556,347    544,941 
Navient Student Loan Trust          
Series 2017-3A, Class A2, 1 mo. USD LIBOR + .600% 0.748% FRN 7/26/66 (a)   758,627    755,247 
Series 2018-1A, Class A3, 1 mo. USD LIBOR + .720% 0.868% FRN 3/25/67 (a)   1,120,000    1,109,251 
Series 2016-3A, Class A2, 1 mo. USD LIBOR + .850% 0.998% FRN 6/25/65 (a)   58,643    58,591 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.148% FRN 2/27/68 (a)  $3,387,000   $3,390,324 
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 1.298% FRN 7/26/66 (a)   410,000    410,000 
Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 1.352% FRN 12/15/28  (a)   334,696    335,356 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.398% FRN 6/25/65 (a)   1,971,604    1,971,603 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.448% FRN 3/25/66 (a)   2,200,000    2,219,235 
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 1.698% FRN 7/25/68 (a)   2,900,000    2,554,351 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%          
1.898% FRN 12/26/40 (a)   247,858    236,752 
Nelnet Student Loan Trust          
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 0.395% FRN 3/23/37   854,830    729,007 
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 0.445% FRN 1/25/38   643,394    549,271 
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.475% FRN 6/25/41   303,665    262,711 
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 0.595% FRN 10/25/40   1,028,313    967,833 
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.675% FRN 6/25/41 (a)   375,000    355,049 
SLC Student Loan Trust          
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.480% FRN 12/15/39   1,140,814    990,660 
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 0.530% FRN 3/15/40   1,721,727    1,505,618 
SLM Private Credit Student Loan Trust, Series 2004-B, Class B, 3 mo. USD LIBOR + .470%          
0.720% FRN 9/15/33   464,578    463,575 
SLM Student Loan Trust          
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 0.385% FRN 10/25/28   335,074    332,055 
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.445% FRN 1/25/70   338,641    302,190 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.455% FRN 10/25/40   360,234    322,064 
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 0.465% FRN 1/25/41   397,070    355,065 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.545% FRN 7/25/25   233,572    228,226 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.555% FRN 1/25/55   358,713    318,908 
Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 0.705% FRN 1/25/40   396,506    357,528 
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.715% FRN 10/25/64   275,194    244,410 
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 0.845% FRN 10/25/65 (a)   2,100,000    2,051,448 
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.900% FRN 12/15/38   401,945    369,211 
SMB Private Education Loan Trust          
Series 2019-A, Class A1, 1 mo. USD LIBOR + .350% 0.502% FRN 2/16/26 (a)   212,255    209,882 
Series 2019-B, Class A1, 1 mo. USD LIBOR + .350% 0.502% FRN 7/15/26 (a)   153,909    153,793 
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 0.872% FRN 1/15/37 (a)   1,302,832    1,289,033 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.022% FRN 7/15/36 (a)   1,639,000    1,618,321 
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.302% FRN 5/15/26 (a)   663,018    664,483 
Series 2014-A, Class A2A, 3.050% 5/15/26 (a)   148,811    150,353 
SoFi Alternative Trust, Series 2019-C, Class PT,          
4.861% VRN 1/25/45 (a) (b)   1,610,413    1,731,194 
SoFi Professional Loan Program LLC          
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 0.848% FRN 3/26/40 (a)   220,297    220,059 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 1.898% FRN 8/25/36 (a)  $206,180   $207,656 
Series 2019-C, Class A1FX, 2.130% 11/16/48 (a)   1,061,511    1,068,806 
Series 2016-B, Class A2B, 2.740% 10/25/32 (a)   2,191,320    2,226,559 
         47,333,681 
Whole Loan Collateral Collateralized Mortgage Obligations — 9.1%          
Angel Oak Mortgage Trust, Series 2018-3, Class A3,          
3.238% VRN 5/25/59 (a) (b)   1,153,744    1,165,630 
Banc of America Funding, Series 2006-G, Class 2A1, 1 mo. USD LIBOR + .440%          
0.596% FRN 7/20/36   1,169,119    1,159,385 
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,          
2.666% VRN 7/25/59 (a) (b)   6,626,095    6,726,920 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
1.125% FRN 8/25/49 (a)   3,255,113    3,254,985 
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,          
3.030% VRN 7/25/49 (a) (b)   976,492    973,447 
Deephaven Residential Mortgage Trust          
Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (a) (b)   259,239    260,856 
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)   259,239    260,991 
Series 2018-2A, Class A1, 3.479% VRN 4/25/58 (a) (b)   863,812    873,761 
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (a) (b)   182,923    184,932 
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)   1,284,010    1,296,900 
JP Morgan Mortgage Trust          
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)   251,440    251,939 
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)   460,642    463,826 
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)   313,270    316,972 
New Residential Mortgage Loan Trust, Series 2019-NQM1, Class A3,          
3.928% VRN 1/25/49 (a) (b)   866,104    881,058 
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950%          
1.098% FRN 2/25/60 (a)   1,621,699    1,624,272 
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + .310%          
0.458% FRN 11/25/35   970,575    935,861 
PSMC Trust, Series 2018-1, Class A3,          
3.500% VRN 2/25/48 (a) (b)   324,511    327,994 
Sequoia Mortgage Trust          
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)   358,028    359,092 
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)   223,333    225,126 
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)   752,314    761,322 
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)   159,570    160,432 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,          
2.916% VRN 9/27/49 (a) (b)   919,707    932,072 
Verus Securitization Trust          
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)   894,965    914,165 
Series 2019-1, Class A1, 3.836% VRN 2/25/59 (a) (b)   1,848,279    1,869,457 
Series 2019-1, Class A3, 4.040% VRN 2/25/59 (a) (b)   4,257,297    4,316,726 
         30,498,121 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $209,976,780)
        209,567,714 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
U.S. Government Agency Obligations and Instrumentalities — 4.6%          
Pass-Through Securities — 0.1%          
Federal Home Loan Mortgage Corp.
     Pool #1Q0239, 1 year CMT + 2.211% 3.823% 3/01/37
  $172,609   $181,891 
Whole Loans — 4.5%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2020-DNA3, Class M1, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/50 (a)   9,600,000    9,616,151 
Series 2020-DNA4, Class M1, 1 mo. USD LIBOR + 1.500% 1.648% FRN 8/25/50 (a)   5,040,000    5,055,288 
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150%          
2.298% FRN 9/25/31 (a)   670,903    669,138 
         15,340,577 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $15,490,335)
        15,522,468 
           
U.S. Treasury Obligations — 22.0%          
U.S. Treasury Bonds & Notes — 22.0%          
U.S. Treasury Inflation Index          
0.125% 10/15/24   6,260,202    6,645,229 
0.125% 4/15/25   601,758    640,457 
0.125% 7/15/26   2,215,538    2,403,425 
0.125% 1/15/30   4,732,383    5,231,501 
0.125% 7/15/30   1,919,760    2,135,533 
0.250% 1/15/25   5,249,952    5,602,068 
0.250% 7/15/29   3,899,126    4,362,706 
0.250% 2/15/50   2,216,786    2,620,195 
0.375% 7/15/25 (c)   1,988,186    2,158,735 
0.375% 7/15/27   52,952    58,881 
0.500% 4/15/24   2,773,332    2,944,679 
0.500% 1/15/28   1,339,056    1,503,143 
0.625% 4/15/23   3,076,673    3,219,209 
0.625% 1/15/24   2,109,494    2,241,832 
0.625% 1/15/26   2,425,829    2,674,428 
0.625% 2/15/43   1,690,155    2,085,493 
0.750% 7/15/28   2,244,665    2,586,684 
0.750% 2/15/45   1,925,210    2,454,342 
0.875% 1/15/29   2,051,920    2,390,888 
0.875% 2/15/47   965,862    1,286,797 
1.000% 2/15/48   1,575,723    2,176,714 
1.375% 2/15/44   1,889,635    2,691,869 
2.125% 2/15/41   1,301,256    2,023,555 
2.375% 1/15/25   2,817,377    3,271,403 
3.375% 4/15/32   364,870    554,225 
3.625% 4/15/28   1,521,606    2,087,066 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.875% 4/15/29  $4,097,184   $5,892,103 
         73,943,160 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $69,215,388)
        73,943,160 
           
TOTAL BONDS & NOTES
(Cost $294,707,294)
        299,058,153 
           
TOTAL PURCHASED OPTIONS (#) 0.4%
(Cost $1,845,236)
        1,192,932 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $296,552,530)
        300,251,085 
           
Short-Term Investments — 10.5%          
Commercial Paper — 8.9%          
Avangrid, Inc.          
0.254% 10/20/20 (a)   1,000,000    999,898 
BP Capital Markets PLC          
1.274% 11/02/20 (a)   3,000,000    2,999,667 
Carnival Corp.          
1.746% 11/25/20 (a)   4,000,000    3,975,690 
1.902% 11/25/20 (a)   2,000,000    1,987,845 
Dominion Resources, Inc.          
0.203%, 10/13/20   1,000,000    999,937 
0.335%, 11/03/20   3,000,000    2,999,453 
Duke Energy Corp.          
0.223% 1/05/21 (a)   2,000,000    1,998,712 
Harley-Davidson Funding Corp.          
0.304% 10/19/20 (a)   3,000,000    2,999,669 
NRW Bank          
0.183% 12/08/20 (a)   1,000,000    999,707 
Nutrien Ltd.          
0.223% 12/17/20 (a)   4,000,000    3,998,076 
Schlumberger Holdings Corp.          
0.254% 1/11/21 (a)   1,000,000    999,671 
Societe Generale SA          
0.081% 10/06/20 (a)   1,000,000    999,983 
Suncor Energy, Inc.          
0.254% 12/07/20 (a)   4,000,000    3,998,376 
         29,956,684 
Repurchase Agreement — 0.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (d)  2,321,040   2,321,040 
U.S. Treasury Bill — 0.9%          
U.S. Treasury Bill          
0.000% 10/06/20   3,000,000    2,999,972 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $35,294,112)
        35,277,696 
           
TOTAL INVESTMENTS — 99.9%
(Cost $331,846,642) (e)
        335,528,781 
           
Other Assets/(Liabilities) — 0.1%        323,397 
           
NET ASSETS — 100.0%       $335,852,178 

 

 
MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

Abbreviation Legend

CLO Collateralized Loan Obligation
FRN Floating Rate Note
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2020, the aggregate market value of these securities amounted to $213,039,561 or 63.43% 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 September 30, 2020.
(c) A portion of this security is pledged/held as collateral for open derivatives.
(d) Maturity value of $2,321,040. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $2,367,539.
(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  $249,612   $98,335   $151,277 
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  $631,717   $1,143,840   $(512,123)

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   311,603    603,061    (291,458)
                         943,320    1,746,901    (803,581)
                        $1,192,932   $1,845,236   $(652,304)

 

Futures contracts
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long   
U.S. Treasury Long Bond  12/21/20   36   $6,355,798   $(9,673)
U.S. Treasury Note 2 Year  12/31/20   2    441,897    25 
U.S. Treasury Note 5 Year  12/31/20   48    6,048,199    1,301 
                $(8,347)
Short                  
U.S. Treasury Ultra 10 Year  12/21/20   34   $(5,423,486)  $(13,858)
U.S. Treasury Ultra Bond  12/21/20   16    (3,591,369)   42,369 

 

               $28,511 

 

 
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 35†  1.00%  Quarterly  12/20/2025  USD 1,800,000   $(37,514)  $(44,103)  $6,589 

 

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)
 
1.833%  Maturity  U.S. Consumer Price Index  Maturity   Goldman Sachs & Co.  8/28/23  USD 3,000,000  $(3,500)  $  $(3,500)
1.880%  Maturity  U.S. Consumer Price Index  Maturity   Goldman Sachs & Co.  8/28/25  USD 2,000,000   (3,660)      (3,660)
1.643%  Maturity  U.S. Consumer Price Index  Maturity   Goldman Sachs International  12/09/21  USD 11,000,000   (77,658)      (77,658)
1.180%  Maturity  U.S. Consumer Price Index  Maturity   Goldman Sachs International  6/22/22  USD 3,000,000   34,335       34,335 
1.669%  Maturity  U.S. Consumer Price Index  Maturity   Goldman Sachs International  11/08/22  USD 1,920,000   (15,200)      (15,200)
                        $(65,683)  $  $(65,683)

 

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

Rate/

Reference

 

No. of Contracts/

Notional

  Frequency  Rate/
Reference
 

No. of Contracts/

Notional

  Frequency  Counterparty  Termination Date  Value  Upfront Premium Received (Paid)/ Received 

Unrealized

Appreciation

(Depreciation)

 
0.29% USD 42,656,014   Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  123,929  Maturity  BNP Paribas SA  1/29/21  $306,525  $  $306,525 
0.30% USD 64,794,997   Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  186,216  Maturity  BNP Paribas SA  2/26/21   (239,621)     (239,621)
0.31% USD 32,000,000   Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  96,168  Maturity  Goldman Sachs International  10/30/20   1,338,554      1,338,554 
0.29% USD 53,814,689   Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  156,349  Maturity  Goldman Sachs International  1/29/21   386,715      386,715 
0.30% USD 53,995,831   Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  155,180  Maturity  Goldman Sachs International  2/26/21   (199,684)     (199,684)
                           $1,592,489  $  $1,592,489 

 

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

 

September 30, 2020 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 0.2%        
         
Preferred Stock — 0.2%        
Financial — 0.2%        
Insurance — 0.2%        

Allstate Corp., 3 mo. USD LIBOR + 3.165%

5.100% VRN 1/15/53

   95,000   $2,467,150 
           
TOTAL PREFERRED STOCK
(Cost $2,375,000)
        2,467,150 
           
TOTAL EQUITIES
(Cost $2,375,000)
        2,467,150 

 

  

Principal

Amount

    
Bonds & Notes — 98.4%         
         
Corporate Debt — 40.0%         
Aerospace & Defense — 0.2%         

BAE Systems PLC

1.900% 2/15/31 (a)

  $595,000    592,274 

Raytheon Technologies Corp.

4.500% 6/01/42

   1,000,000    1,262,526 
         1,854,800 
Agriculture — 1.0%           
BAT Capital Corp.
2.259% 3/25/28
   725,000    728,597 
4.700% 4/02/27   1,050,000    1,204,592 
4.758% 9/06/49   540,000    586,469 
Bunge Ltd. Finance Corp.
1.630% 8/17/25
   385,000    386,684 
3.250% 8/15/26   1,179,000    1,271,374 
4.350% 3/15/24   1,810,000    1,994,441 

Imperial Brands Finance PLC

3.875% 7/26/29 (a)

   2,764,000    2,993,921 

Reynolds American, Inc.

5.850% 8/15/45

   985,000    1,196,917 
         10,362,995 
Airlines — 0.3%           

American Airlines Pass-Through Trust, Series 2014-1, Class B,

4.375% 4/01/24

   140,132    99,245 

Delta Air Lines, Inc. / SkyMiles IP Ltd.

4.500% 10/20/25 (a)

   980,000    1,006,315 

Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,

4.100% 10/01/29

   1,431,516    1,284,875 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 

United Airlines Pass-Through Trust, Series 2018-1, Class B,

4.600% 9/01/27

  $465,264   $360,777 
         2,751,212 
Auto Manufacturers — 1.7%           
Ford Motor Credit Co. LLC
3.087% 1/09/23
   1,410,000    1,381,645 
4.140% 2/15/23   2,760,000    2,777,167 
General Motors Co.
4.200% 10/01/27
   565,000    605,520 
5.150% 4/01/38   800,000    849,574 
General Motors Financial Co., Inc.
3.500% 11/07/24
   2,100,000    2,206,149 
4.150% 6/19/23   2,193,000    2,327,913 
4.200% 11/06/21   1,216,000    1,255,088 
Hyundai Capital America
2.850% 11/01/22 (a)
   1,705,000    1,763,175 
3.000% 2/10/27 (a)   4,225,000    4,365,570 
         17,531,801 
Banks — 5.7%           

ABN AMRO Bank NV

4.750% 7/28/25 (a)

   310,000    349,091 

Associated Banc-Corp.

4.250% 1/15/25

   2,411,000    2,568,832 
Bank of America Corp.
SOFR + 2.150% 2.592% VRN 4/29/31
   1,255,000    1,335,221 
4.183% 11/25/27   1,090,000    1,248,832 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   1,150,000    1,401,404 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   475,000    557,204 
6.110% 1/29/37   1,550,000    2,188,062 
7.750% 5/14/38   400,000    662,475 
The Bank of Nova Scotia
4.500% 12/16/25
   795,000    920,915 
3 mo. USD LIBOR + 2.648% 4.650% VRN (b)   3,575,000    3,465,533 

Barclays Bank PLC

10.179% 6/12/21 (a)

   3,351,000    3,525,617 
Barclays PLC
3 mo. USD LIBOR + 1.380% 1.660% FRN 5/16/24
   2,085,000    2,090,679 
4.337% 1/10/28   1,720,000    1,915,323 

BPCE SA

1.652% 10/06/26 (a) (c)

   3,635,000    3,640,844 
Citigroup, Inc.
4.125% 7/25/28
   1,725,000    1,986,878 
4.450% 9/29/27   450,000    521,817 
6.625% 6/15/32   375,000    523,924 

Credit Suisse AG

6.500% 8/08/23 (a)

   3,069,000    3,475,642 

Deutsche Bank AG

3.150% 1/22/21

   1,998,000    2,010,088 

Discover Bank 5 year USD Swap + 1.730%

4.682% VRN 8/09/28

   2,905,000    3,045,428 
First Republic Bank
4.375% 8/01/46
   3,210,000    3,888,295 
Fulton Financial Corp.
3.600% 3/16/22
   1,565,000    1,599,513 
The Goldman Sachs Group, Inc.          

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
4.250% 10/21/25  $550,000   $625,736 
5.950% 1/15/27   1,410,000    1,735,001 
6.750% 10/01/37   1,145,000    1,663,603 
HSBC Holdings PLC
4.250% 3/14/24
   1,225,000    1,313,646 
4.250% 8/18/25   1,512,000    1,643,199 
JP Morgan Chase & Co.
SOFR + 2.515% 2.956% VRN 5/13/31
   990,000    1,062,175 
5.600% 7/15/41   1,125,000    1,649,805 

Morgan Stanley

4.350% 9/08/26

   3,200,000    3,704,003 

Valley National Bancorp

5.125% 9/27/23

   1,530,000    1,639,389 

Wells Fargo & Co.

5.375% 11/02/43

   909,000    1,203,290 
         59,161,464 
Beverages — 0.6%           

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.

4.900% 2/01/46

   3,475,000    4,284,777 

Bacardi Ltd.

5.150% 5/15/38 (a)

   450,000    548,776 
Molson Coors Beverage Co.
4.200% 7/15/46
   1,124,000    1,185,640 
5.000% 5/01/42   360,000    407,720 
         6,426,913 
Chemicals — 1.0%           

DuPont de Nemours, Inc.
5.319% 11/15/38

   1,750,000    2,220,676 

Huntsman International LLC

5.125% 11/15/22

   1,000,000    1,075,298 

Nutrition & Biosciences, Inc.

1.832% 10/15/27 (a)

   755,000    758,423 

Syngenta Finance NV

4.441% 4/24/23 (a)

   2,065,000    2,180,931 
Yara International ASA
3.148% 6/04/30 (a)
   295,000    315,676 
4.750% 6/01/28 (a)   3,328,000    3,899,811 
         10,450,815 
Commercial Services — 0.1%           

ERAC USA Finance LLC

6.700% 6/01/34 (a)

   125,000    172,648 

PayPal Holdings, Inc.

3.250% 6/01/50

   695,000    768,818 
         941,466 
Computers — 0.9%           

Apple, Inc.

2.650% 5/11/50

   700,000    733,518 

Dell International LLC/EMC Corp.

6.020% 6/15/26 (a)

   2,702,000    3,172,633 
Genpact Luxembourg Sarl
3.375% 12/01/24
   2,660,000    2,785,523 
3.700% STEP 4/01/22   2,400,000    2,456,983 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 

Leidos, Inc.

4.375% 5/15/30 (a)

  $575,000   $673,871 
         9,822,528 
Diversified Financial Services — 3.3%           

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

4.500% 9/15/23

   1,370,000    1,411,855 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

6.500% 7/15/25

   645,000    696,320 
Aircastle Ltd.
4.400% 9/25/23
   3,095,000    3,061,729 
5.000% 4/01/23   1,750,000    1,753,943 
Antares Holdings LP
6.000% 8/15/23 (a)
   2,945,000    2,978,152 
8.500% 5/18/25 (a)   720,000    759,324 

Ares Finance Co. LLC

4.000% 10/08/24 (a)

   2,080,000    2,223,481 

Avolon Holdings Funding Ltd.

3.250% 2/15/27 (a)

   1,365,000    1,217,759 
Brookfield Finance, Inc.
4.350% 4/15/30
   2,825,000    3,298,015 
4.850% 3/29/29   1,752,000    2,090,352 

GE Capital International Funding Co. Unlimited Co.

4.418% 11/15/35

   335,000    353,612 

Global Aircraft Leasing Co. Ltd.

6.500% 9/15/24 (a)

   1,398,937    779,907 
Lazard Group LLC
3.625% 3/01/27
   1,253,000    1,353,346 
3.750% 2/13/25   800,000    867,172 
4.500% 9/19/28   755,000    873,386 

LeasePlan Corp. NV

2.875% 10/24/24 (a)

   1,535,000    1,584,146 

Legg Mason, Inc.

5.625% 1/15/44

   1,195,000    1,654,600 
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (a)
   1,550,000    1,535,971 
5.250% 8/15/22 (a)   5,055,000    5,075,450 
5.500% 2/15/24 (a)   545,000    549,155 
         34,117,675 
Electric — 1.2%           

Appalachian Power Co.

4.500% 3/01/49

   1,250,000    1,562,679 

CMS Energy Corp.

4.875% 3/01/44

   780,000    1,021,222 

Entergy Arkansas LLC

2.650% 6/15/51

   1,765,000    1,781,240 

Entergy Louisiana LLC

4.950% 1/15/45

   1,005,000    1,105,999 

Infraestructura Energetica Nova SAB de CV

3.750% 1/14/28 (a)

   820,000    811,800 

ITC Holdings Corp.

2.950% 5/14/30 (a)

   895,000    962,428 

Nevada Power Co. 

6.650% 4/01/36

   550,000    812,511 

Oncor Electric Delivery Co.

7.500% 9/01/38

   495,000    815,771 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 

Pacific Gas and Electric Co.

2.500% 2/01/31

  $775,000   $737,389 

Potomac Electric Power Co.

4.150% 3/15/43

   700,000    846,996 

Xcel Energy, Inc.

6.500% 7/01/36

   1,250,000    1,832,624 
         12,290,659 
Foods — 0.3%           

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.

5.500% 1/15/30 (a)

   776,000    844,653 

Kraft Heinz Foods Co.

3.950% 7/15/25

   616,000    668,390 

Mars, Inc.

3.950% 4/01/49 (a)

   660,000    798,983 

Smithfield Foods, Inc.

3.000% 10/15/30 (a)

   943,000    945,037 
         3,257,063 
Forest Products & Paper — 0.1%           

Fibria Overseas Finance Ltd.

4.000% 1/14/25

   1,250,000    1,325,000 
Gas — 0.4%           

CenterPoint Energy Resources Corp.

6.625% 11/01/37

   1,250,000    1,793,018 
NiSource, Inc.
4.800% 2/15/44
   1,035,000    1,293,507 
5.800% 2/01/42   950,000    1,291,512 
         4,378,037 
Health Care – Products — 0.1%           

Dentsply Sirona, Inc.

3.250% 6/01/30

   600,000    652,309 
Health Care – Services — 0.3%           

City of Hope

4.378% 8/15/48

   1,050,000    1,277,470 

Humana, Inc.

4.800% 3/15/47

   830,000    1,086,563 

UnitedHealth Group, Inc.

3.125% 5/15/60

   845,000    906,882 
         3,270,915 
Insurance — 5.7%           

Allstate Corp. 3 mo. USD LIBOR + 2.938%

5.750% VRN 8/15/53

   4,260,000    4,435,827 
American International Group, Inc.
3.400% 6/30/30
   745,000    824,986 
4.200% 4/01/28   1,025,000    1,188,694 
4.500% 7/16/44   725,000    845,753 
4.750% 4/01/48   505,000    618,705 
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48   2,860,000    3,123,952 

AmTrust Financial Services, Inc.

6.125% 8/15/23

   3,370,000    3,124,659 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Arch Capital Group US, Inc.          
5.144% 11/01/43  $540,000   $687,035 
Athene Global Funding
2.500% 1/14/25 (a)
   2,780,000    2,865,524 
Athene Holding Ltd.
4.125% 1/12/28
   5,728,000    6,220,088 
6.150% 4/03/30   200,000    237,505 
AXIS Specialty Finance LLC
3.900% 7/15/29
   1,110,000    1,213,182 
5 year CMT + 3.186% 4.900% VRN 1/15/40   1,315,000    1,313,753 
AXIS Specialty Finance PLC          
4.000% 12/06/27   2,500,000    2,736,529 
Brighthouse Financial, Inc.
3.700% 6/22/27
   1,175,000    1,218,901 
4.700% 6/22/47   1,125,000    1,082,697 
5.625% 5/15/30   1,055,000    1,228,616 
Brown & Brown, Inc.
2.375% 3/15/31
   600,000    603,690 
4.200% 9/15/24   1,132,000    1,249,173 
CNO Financial Group, Inc.          
5.250% 5/30/25   2,621,000    3,006,193 
Enstar Group Ltd.
4.500% 3/10/22
   920,000    958,502 
4.950% 6/01/29   1,600,000    1,792,891 
Equitable Holdings, Inc.          
5.000% 4/20/48   900,000    1,063,827 
Markel Corp.          
3.350% 9/17/29   585,000    645,907 
New York Life Insurance Co.          
3.750% 5/15/50 (a)   510,000    574,985 
The Progressive Corp. 3 mo. USD LIBOR + 2.539%
5.375% VRN (b)
   1,625,000    1,625,000 
Prudential Financial, Inc.
5 year CMT + 3.035% 3.700% VRN 10/01/50
   460,000    469,338 
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   1,025,000    1,088,730 
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48   2,440,000    2,758,543 
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42   550,000    579,265 
Reinsurance Group of America, Inc.          
3.150% 6/15/30   1,160,000    1,262,935 
Teachers Insurance & Annuity Association of America          
4.270% 5/15/47 (a)   750,000    878,114 
USF&G Capital I          
8.500% 12/15/45 (a)   885,000    1,390,803 
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%           
4.700% VRN 1/23/48   1,080,000    1,081,013 
Willis North America, Inc.
2.950% 9/15/29
   905,000    975,209 
4.500% 9/15/28   1,965,000    2,336,406 
XLIT Ltd.
4.450% 3/31/25
   2,250,000    2,544,654 
         59,851,584 
Internet — 0.2%           
Alphabet, Inc.
2.250% 8/15/60
   820,000    775,374 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Amazon.com, Inc.          
4.050% 8/22/47  $775,000   $1,006,886 
         1,782,260 
Investment Companies — 1.3%           
Ares Capital Corp.
3.500% 2/10/23
   2,600,000    2,670,648 
4.200% 6/10/24   1,450,000    1,510,462 
BlackRock TCP Capital Corp.
3.900% 8/23/24
   2,910,000    2,956,618 
4.125% 8/11/22   2,870,000    2,910,846 
Sixth Street Specialty Lending, Inc.
3.875% 11/01/24
   3,575,000    3,621,657 
         13,670,231 
Iron & Steel — 0.2%           
Vale Overseas Ltd.
6.250% 8/10/26
   1,250,000    1,478,125 
6.875% 11/21/36   630,000    820,065 
         2,298,190 
Machinery – Diversified — 0.3%           
CNH Industrial Capital LLC
1.950% 7/02/23
   560,000    570,499 
3.875% 10/15/21   2,280,000    2,342,042 
         2,912,541 
Media — 1.4%           
Charter Communications Operating LLC/Charter Communications Operating Capital          
6.484% 10/23/45   735,000    985,821 
Comcast Corp.
3.450% 2/01/50
   1,340,000    1,513,743 
3.969% 11/01/47   630,000    753,094 
4.750% 3/01/44   880,000    1,159,427 
6.950% 8/15/37   265,000    419,479 
Discovery Communications LLC
3.950% 3/20/28
   1,052,000    1,196,754 
4.000% 9/15/55 (a)   1,210,000    1,228,519 
4.650% 5/15/50   490,000    561,694 
Grupo Televisa SAB
6.625% 3/18/25
   2,196,000    2,644,808 
Time Warner Cable, Inc.          
6.750% 6/15/39   985,000    1,332,030 
ViacomCBS, Inc.
4.200% 5/19/32
   1,220,000    1,396,114 
The Walt Disney Co.          
3.600% 1/13/51   1,515,000    1,707,264 
         14,898,747 
Mining — 0.9%           
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (a)
   894,000    1,047,983 
Glencore Funding LLC          
3.875% 10/27/27 (a)   975,000    1,063,120 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
4.000% 4/16/25 (a)  $2,150,000   $2,359,818 
4.625% 4/29/24 (a)   3,065,000    3,376,562 
Kinross Gold Corp.
4.500% 7/15/27
   470,000    533,070 
Teck Resources Ltd.
6.000% 8/15/40
   850,000    962,518 
         9,343,071 
Miscellaneous - Manufacturing — 0.2%           
Carlisle Cos., Inc.
2.750% 3/01/30
   1,353,000    1,438,188 
General Electric Co.
4.125% 10/09/42
   113,000    114,327 
6.875% 1/10/39   298,000    382,809 
         1,935,324 
Oil & Gas — 2.4%           
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (b)
   1,500,000    1,563,750 
Cenovus Energy, Inc.
4.250% 4/15/27
   1,125,000    1,017,090 
6.750% 11/15/39   765,000    769,092 
Devon Energy Corp.
5.850% 12/15/25
   1,510,000    1,692,252 
Diamondback Energy, Inc.
3.250% 12/01/26
   1,105,000    1,108,640 
EQT Corp.
3.900% 10/01/27
   4,510,000    4,152,019 
7.875% STEP 2/01/25   1,725,000    1,912,076 
Marathon Petroleum Corp.
4.500% 4/01/48
   510,000    516,861 
6.500% 3/01/41   1,120,000    1,365,410 
Newfield Exploration Co.
5.375% 1/01/26
   1,650,000    1,549,565 
5.625% 7/01/24   975,000    945,799 
5.750% 1/30/22   1,904,000    1,903,177 
Occidental Petroleum Corp.
6.600% 3/15/46
   1,258,000    1,083,453 
Ovintiv, Inc.          
6.500% 2/01/38   545,000    494,933 
Patterson-UTI Energy, Inc.
3.950% 2/01/28
   1,680,000    1,298,460 
Petroleos Mexicanos          
5.350% 2/12/28   665,000    575,225 
6.375% 1/23/45   595,000    456,068 
6.500% 3/13/27   585,000    548,163 
6.625% 6/15/35   140,000    116,262 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (a)   2,075,000    2,385,183 
         25,453,478 
Oil & Gas Services — 0.3%           
National Oilwell Varco, Inc.
3.600% 12/01/29
   1,570,000    1,524,895 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
3.950% 12/01/42  $1,506,000   $1,354,236 
         2,879,131 
Packaging & Containers — 0.3%           
Amcor Finance USA, Inc.
3.625% 4/28/26
   2,230,000    2,484,153 
WRKCo, Inc.
3.000% 6/15/33
   655,000    712,505 
         3,196,658 
Pharmaceuticals — 1.6%           
AbbVie, Inc.
4.050% 11/21/39 (a)
   1,045,000    1,201,706 
4.700% 5/14/45   1,260,000    1,551,439 
Bristol-Myers Squibb Co.
4.350% 11/15/47
   830,000    1,096,192 
Cigna Corp.
4.800% 7/15/46 (a)
   880,000    1,102,696 
CVS Health Corp.
4.300% 3/25/28
   425,000    497,450 
5.050% 3/25/48   455,000    580,766 
6.125% 9/15/39   560,000    778,116 
CVS Pass-Through Trust
5.926% 1/10/34 (a)
   1,048,962    1,213,960 
7.507% 1/10/32 (a)   895,812    1,118,664 
McKesson Corp.
6.000% 3/01/41
   550,000    749,359 
Mylan NV
3.950% 6/15/26
   2,230,000    2,508,817 
5.250% 6/15/46   1,375,000    1,706,518 
Takeda Pharmaceutical Co. Ltd.
3.375% 7/09/60
   970,000    1,021,837 
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21
   724,000    717,122 
Upjohn, Inc.
2.700% 6/22/30 (a)
   1,235,000    1,278,671 
         17,123,313 
Pipelines — 2.0%           
Energy Transfer Operating LP
4.200% 4/15/27
   1,085,000    1,122,594 
5.875% 1/15/24   1,150,000    1,266,136 
6.125% 12/15/45   1,000,000    1,003,791 
3 mo. USD LIBOR + 4.028% 6.250% VRN   (b)   2,370,000    1,546,425 
EnLink Midstream Partners LP
4.150% 6/01/25
   2,924,000    2,517,652 
4.850% 7/15/26   951,000    822,720 
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77
   1,775,000    1,690,244 
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   1,205,000    1,072,450 
EQM Midstream Partners LP
4.750% 7/15/23
   2,325,000    2,320,466 
MPLX LP
4.500% 4/15/38
   595,000    609,130 
6.250% 10/15/22   652,000    652,708 
3 mo. USD LIBOR + 4.652% 6.875% VRN   (b)   1,775,000    1,453,521 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
6.125% VRN (b)
  $2,345,000   $1,487,668 
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30
   1,150,000    1,115,134 
4.500% 12/15/26   617,000    656,022 
4.700% 6/15/44   1,195,000    1,059,543 
6.650% 1/15/37   375,000    410,338 
Sunoco Logistics Partners Operations LP
5.300% 4/01/44
   525,000    489,137 
         21,295,679 
Private Equity — 0.7%           
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (a)
   805,000    804,696 
Carlyle Finance Subsidiary LLC
3.500% 9/19/29 (a)
   1,100,000    1,190,348 
Hercules Capital, Inc.
4.625% 10/23/22
   2,910,000    2,945,776 
KKR Group Finance Co. VI LLC
3.750% 7/01/29 (a)
   1,260,000    1,449,564 
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 (a)
   710,000    723,516 
         7,113,900 
Real Estate Investment Trusts (REITS) — 2.3%           
Agree LP
2.900% 10/01/30
   470,000    487,492 
American Tower Trust #1          
3.652% 3/15/48 (a)   1,910,000    2,072,114 
Crown Castle International Corp.
5.200% 2/15/49
   287,000    377,680 
Healthcare Trust of America Holdings LP
3.500% 8/01/26
   915,000    1,018,534 
Highwoods Realty LP
4.125% 3/15/28
   475,000    524,052 
Host Hotels & Resorts LP
3.500% 9/15/30
   2,120,000    2,029,286 
SBA Tower Trust
1.884% 7/15/50 (a)
   1,441,000    1,473,005 
Service Properties Trust
4.500% 6/15/23
   760,000    745,317 
4.950% 10/01/29   1,155,000    990,412 
Spirit Realty LP
3.200% 1/15/27
   2,280,000    2,309,250 
3.400% 1/15/30   515,000    512,037 
4.000% 7/15/29   1,290,000    1,341,849 
4.450% 9/15/26   133,000    142,713 
Store Capital Corp.
4.625% 3/15/29
   1,626,000    1,743,563 
Tanger Properties LP
3.875% 12/01/23
   1,448,000    1,456,272 
VEREIT Operating Partnership LP
3.100% 12/15/29
   2,790,000    2,794,878 
3.400% 1/15/28   365,000    381,094 
4.625% 11/01/25   2,260,000    2,497,086 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal

Amount

   Value 
WP Carey, Inc.          
4.250% 10/01/26  $757,000   $854,647 
         23,751,281 
Retail — 0.6%           
Advance Auto Parts, Inc.          
1.750% 10/01/27   315,000    314,065 
AutoZone, Inc.          
1.650% 1/15/31   975,000    954,528 
El Puerto de Liverpool SAB de CV          
3.950% 10/02/24 (a)   2,620,000    2,728,101 
Starbucks Corp.          
2.550% 11/15/30   1,595,000    1,693,498 
         5,690,192 
Semiconductors — 0.2%           
KLA Corp.          
3.300% 3/01/50   1,615,000    1,706,282 
Software — 0.4%           
Broadridge Financial Solutions, Inc.          
2.900% 12/01/29   1,210,000    1,310,827 
Microsoft Corp.          
4.450% 11/03/45   2,064,000    2,916,399 
         4,227,226 
Telecommunications — 1.5%           
AT&T, Inc.          
1.650% 2/01/28   680,000    681,286 
3.500% 9/15/53 (a)   1,578,000    1,525,648 
3.550% 9/15/55 (a)   5,153,000    4,994,147 
Crown Castle Towers LLC          
3.222% 5/15/42 (a)   1,700,000    1,724,814 
4.241% 7/15/48 (a)   2,750,000    3,133,828 
Qwest Corp          
6.750% 12/01/21   725,000    765,636 
Telefonica Emisiones SAU          
4.665% 3/06/38   1,105,000    1,273,551 
Verizon Communications, Inc.          
6.550% 9/15/43   885,000    1,440,586 
         15,539,496 
Transportation — 0.3%           
Autoridad del Canal de Panama          
4.950% 7/29/35 (a)   1,050,000    1,305,948 
CSX Corp.          
4.750% 11/15/48   650,000    862,931 
Norfolk Southern Corp.          
4.050% 8/15/52   860,000    1,053,887 
         3,222,766 
           
TOTAL CORPORATE DEBT
(Cost $394,012,068)
        416,487,002 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Municipal Obligations — 0.4%           
AccessLex Institute, Revenue Bonds, Series 2004-A, Class A3
1.699% 7/01/39 (d)
  $50,000   $49,951 
JobsOhio Beverage System Series B, Revenue Bonds
4.532% 1/01/35
   1,950,000    2,503,585 
Orange County Local Transportation Authority BAB, Revenue Bonds
6.908% 2/15/41
   1,350,000    2,067,768 
         4,621,304 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $3,992,089)
        4,621,304 
           
Non-U.S. Government Agency Obligations — 31.1%           
Automobile Asset-Backed Securities — 1.3%           
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (a)
   1,271,000    1,287,054 
Carmax Auto Owner Trust, Series 2019-3, Class D
2.850% 1/15/26
   1,974,000    1,990,112 
Carvana Auto Receivables Trust, Series 2019-4A, Class D
3.070% 7/15/25 (a)
   1,625,000    1,671,771 
Hertz Vehicle Financing II LP
Series 2019-3A, Class B, 3.030% 12/26/25 (a)
   2,293,000    2,282,684 
Series 2018-1A, Class B, 3.600% 2/25/24 (a)   2,310,000    2,290,217 
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B
3.950% 11/14/28 (a)
   1,774,000    1,864,521 
Santander Revolving Auto Loan Trust
Series 2019-A, Class B, 2.800% 1/26/32 (a)
   856,000    900,661 
Series 2019-A, Class C, 3.000% 1/26/32 (a)   561,000    567,995 
Series 2019-A, Class D, 3.450% 1/26/32 (a)   1,087,000    1,083,077 
         13,938,092 
Commercial Mortgage-Backed Securities — 5.5%           
Aventura Mall Trust, Series 2018-AVM, Class C,
4.249% VRN 7/05/40 (a) (d)
   4,270,000    4,009,047 

BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%

1.502% FRN 9/15/34 (a)

   670,000    626,465 
BANK
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d)
   441,000    510,490 
Series 2019-BN16, Class AS, 4.267% 2/15/52   665,833    792,590 
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d)   547,420    612,081 
BBCMS Mortgage Trust
Series 2020-C7, Class AS, 2.444% 4/15/53
   1,326,000    1,392,874 
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (d)   2,250,000    2,000,607 
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (d)   1,610,000    1,321,506 
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (d)   1,370,000    1,030,630 
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM,
5.513% VRN 1/12/45 (d)
   362,773    359,064 
BHMS Mortgage Trust
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.402% FRN 7/15/35 (a)
   4,450,000    4,255,385 
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.652% FRN 7/15/35 (a)   4,950,000    4,591,252 
BX Commercial Mortgage Trust
Series 2018-IND, Class B, 1 mo. USD LIBOR + .900% 1.052% FRN 11/15/35 (a)
   735,000    732,303 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.752% FRN 12/15/36 (a)  $4,113,235   $4,064,664 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.852% FRN 11/15/35 (a)   1,876,000    1,860,886 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.952% FRN 10/15/36 (a)   1,641,336    1,626,062 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.152% FRN 10/15/36 (a)   1,982,134    1,958,732 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
1.902% FRN 12/15/37 (a)   898,516    878,586 
Century Plaza Towers          
Series 2019-CPT, Class D, 3.097% VRN 11/13/39 (a) (d)   982,000    979,183 
Series 2019-CPT, Class E, 3.097% VRN 11/13/39 (a) (d)   1,556,000    1,468,825 
Commercial Mortgage Pass-Through Certificates          
Series 2012-CR4, Class B, 3.703% 10/15/45 (a)   1,060,000    692,134 
Series 2014-UBS2, Class AM, 4.199% 3/10/47   1,375,000    1,477,202 
Series 2015-CR23, Class C, 4.435% VRN 5/10/48  (d)   1,000,000    1,006,746 
Series 2014-LC17, Class C, 4.705% VRN 10/10/47  (d)   2,908,000    2,943,687 
Jackson Park Trust, Series 2019-LIC, Class C,          
3.131% VRN 10/14/39 (a) (d)   2,300,000    2,374,559 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.952% FRN 5/15/36 (a)   1,505,000    1,488,548 
Manhattan West, Series 2020-1MW, Class B,          
2.413% VRN 9/10/39 (a) (d)   2,122,000    2,174,247 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)   919,000    950,507 
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (d)   1,003,000    1,018,731 
MKT Mortgage Trust          
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (d)   475,000    464,465 
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (d)   976,000    911,014 
Morgan Stanley Capital I Trust          
Series 2019-L2, Class AS, 4.272% 3/15/52   1,950,000    2,291,275 
Series 2018-H3, Class B, 4.620% VRN 7/15/51  (d)   760,000    878,977 
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (d)   1,325,000    1,330,081 
Wells Fargo Commercial Mortgage Trust          
Series 2018-C45, Class AS, 4.405% VRN 6/15/51  (d)   1,450,000    1,701,505 
Series 2018-C45, Class B, 4.556% 6/15/51   400,000    439,686 
         57,214,596 
Other Asset-Backed Securities — 14.8%          
321 Henderson Receivables LLC, Series 2015-1A, Class A          
3.260%9/15/72 (a)   1,863,640    1,938,805 
522 Funding CLO I Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%          
2.522% FRN 10/20/31 (a)   820,000    798,516 
AASET Trust          
Series 2020-1A, Class A, 3.351% 1/16/40 (a)   1,549,240    1,427,493 
Series 2019-1, Class A, 3.844% 5/15/39 (a)   1,683,470    1,568,743 
Series 2018-2A, Class A, 4.454% 11/18/38 (a)   1,495,616    1,391,025 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   1,920,026    1,997,748 
AGL CLO 7 Ltd., Series 2020-7A, Class A1, 3 mo. USD LIBOR + 1.800%          
2.050% FRN 7/15/31 (a)   375,000    375,860 
AIMCO CLO, Series 2019-10A, Class C, 3 mo. USD LIBOR + 2.450%          
2.708% FRN 7/22/32 (a)   2,000,000    1,963,998 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Allegro CLO X Ltd., Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.750%
3.022% FRN 4/20/32 (a)
  $2,200,000   $2,200,587 
Anchorage Capital CLO Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.850%
2.089% FRN 7/20/31 (a)
   1,500,000    1,505,416 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%
2.006% FRN 1/23/31 (a)
   1,190,000    1,175,055 
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
3.875% FRN 1/15/28 (a)
   1,000,000    954,041 
Ballyrock CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.100%
4.353% FRN 11/20/30 (a)
   400,000    399,904 
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.500%
3.775% FRN 1/15/29 (a)
   500,000    470,490 
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
2.225% FRN 10/15/32 (a)
   500,000    500,310 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A
2.940% 5/25/29 (a)
   499,493    501,748 
CAL Funding II Ltd., Series 2018-2A, Class A
4.340% 9/25/43 (a)
   1,216,000    1,205,816 
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750%
3.025% FRN 10/15/32 (a)
   250,000    247,272 
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (a)
   850,298    848,845 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)   938,608    941,552 

Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850%

3.097% FRN 7/28/28 (a)

   330,000    308,274 
CARS-DB4 LP
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)
   495,699    508,473 
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)   398,000    412,485 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 (a)
   1,289,292    1,193,185 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)
   1,343,348    1,254,108 
CBAM Ltd.
Series 2019-10A, Class B, 3 mo. USD LIBOR + 2.050% 2.322% FRN 4/20/32 (a)
   1,900,000    1,902,316 
Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% 2.375% FRN 1/15/31 (a)   900,000    900,474 
CF Hippolyta LLC
Series 2020-1, Class A1, 1.690% 7/15/60 (a)
   1,200,000    1,213,561 
Series 2020-1, Class B1, 2.280% 7/15/60 (a)   547,000    556,555 
CIFC Funding Ltd.
Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% 1.453% FRN 11/16/30 (a)
   2,330,000    2,309,547 
Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.700% 1.942% FRN 7/15/32 (a)   1,000,000    1,003,013 
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%
1.472% FRN 10/20/30 (a)
   2,040,000    2,014,592 
Cronos Containers Program Ltd., Series 2014-2A, Class A
3.270% 11/18/29 (a)
   211,111    211,445 
DB Master Finance LLC, Series 2019-1A, Class A23
4.352% 5/20/49 (a)
   1,542,420    1,686,093 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Domino's Pizza Master Issuer LLC
Series 2019-1A, Class A2, 3.668% 10/25/49 (a)
  $1,091,750   $1,158,996 
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)   758,550    809,898 
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)   2,976,000    3,164,523 
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900%
2.180% FRN 5/15/32 (a)
   1,500,000    1,500,460 
Eaton Vance CLO Ltd.
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 2.025% FRN 10/15/30 (a)
   1,700,000    1,691,638 
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.950% 2.225% FRN 4/15/31 (a)   1,800,000    1,802,558 
Series 2020-1A, Class C, 3 mo. USD LIBOR + 2.800% 3.050% FRN 10/15/30 (a)   350,000    350,172 
Elmwood CLO Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%
1.722% FRN 4/20/31 (a)
   2,900,000    2,901,122 
Elmwood CLO Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%
2.225% FRN 10/15/32 (a)
   350,000    350,764 
FCI Funding  LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)
   310,031    315,447 
Flatiron CLO Ltd.
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.180% FRN 11/16/32 (a)
   350,000    350,076 
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 2.980% FRN 11/16/32 (a)   250,000    246,273 
Global SC Finance SRL, Series 2014-1A, Class A1
3.190% 7/17/29 (a)
   191,667    190,663 
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 10/15/54 (a)
   2,786,653    2,824,164 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   1,597,423    1,660,471 
Series 2017-1A, Class A, 3.740% 10/15/52 (a)   760,272    801,850 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   1,326,099    1,404,292 
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%
1.972% FRN 1/20/31 (a)
   1,290,000    1,285,940 
Helios Issuer LLC, Series 2017-1A, Class A
4.940% 9/20/49 (a)
   1,478,654    1,574,039 
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)
   830,271    841,898 
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   867,780    894,322 
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)   256,114    264,979 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   1,028,352    1,070,086 
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)   205,895    217,483 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   1,554,656    1,668,248 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 (a)
   940,892    888,848 
Horizon Aircraft Finance Ltd.
Series 2019-2, Class A, 3.425% 11/15/39 (a)
   2,335,647    2,141,404 
Series 2019-1, Class A, 3.721% 7/15/39 (a)   1,317,248    1,229,905 
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
1.625% FRN 10/26/32 (a)
   750,000    744,523 
J.G. Wentworth LLC, Series 2018-2A, Class A
3.960% 10/15/75 (a)
   1,380,609    1,412,461 
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000%
2.151% FRN 6/15/36 (a)
   1,670,000    1,621,078 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (a)
   2,173,750    1,921,755 
Lunar Aircraft Ltd., Series 2020-1A, Class A
3.376% 2/15/45 (a)
   957,745    887,223 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)
  $2,057,302   $1,871,253 
Madison Park Funding Ltd.
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.875% FRN 7/15/30 (a)
   1,665,000    1,635,798 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.472% FRN 10/18/30 (a)   620,000    603,639 
Magnetite XXVI Ltd., Series 2020-26A, Class A, 3 mo. USD LIBOR + 1.750%
1.949% FRN 7/15/30 (a)
   1,500,000    1,504,158 
Magnetite XXVII Ltd., Series 2020-27A, Class C, 3 mo. USD LIBOR + 2.650%
2.899% FRN 7/20/33 (a)
   450,000    450,347 
Mosaic Solar Loans LLC
Series 2018-1A, Class A, 4.010% 6/22/43 (a)
   289,230    305,469 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)   300,650    322,721 
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%
1.522% FRN 10/20/30 (a)
   1,750,000    1,728,573 
MVW Owner Trust, Series 2017-1A, Class A
2.420% 12/20/34 (a)
   167,577    170,849 
NP SPE LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (a)
   2,260,000    2,322,812 
OCP CLO 2018-15 Ltd., Series 2018-15A, Class A1,
1.372% FRN 7/20/31 (a) (d)
   250,000    246,454 
OHA Credit Funding Ltd.
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.588% FRN 10/22/32 (a)
   1,000,000    994,220 
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 2.908% FRN 10/22/32 (a)   500,000    498,885 
OneMain Financial Issuance Trust
Series 2020-2A, Class B, 2.210% 9/14/35 (a)
   396,000    394,918 
Series 2019-2A, Class A, 3.140% 10/14/36 (a)   8,400,000    8,951,852 
Oxford Finance Funding Trust
Series 2020-1A, Class A2, 3.101% 2/15/28 (a)
   1,536,000    1,557,957 
Series 2016-1A, Class A, 3.968% 6/17/24 (a)   171,050    171,116 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)
   1,529,217    1,415,274 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (a)
   2,304,585    2,167,534 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.998% FRN 2/25/23 (a)
   1,270,000    1,239,538 
Rockford Tower CLO Ltd., Series 2019-1A, Class B1, 3 mo. USD LIBOR + 2.050%
2.322% FRN 4/20/32 (a)
   1,500,000    1,500,074 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
1.365% FRN 1/15/30 (a)
   2,450,000    2,424,339 
Sierra Receivables Funding LLC
Series 2020-2A, Class B, 2.320% 7/20/37 (a)
   975,489    974,678 
Series 2015-3A, Class B, 3.080% 9/20/32 (a)   71,041    70,975 
Series 2018-3A, Class D, 5.200% 9/20/35 (a)   737,935    712,690 
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2
1.893% 8/25/45 (a)
   874,000    879,827 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
2.570% FRN 8/18/31 (a)
   1,170,000    1,092,769 
Store Master Funding I-VII
Series 2019-1, Class A2, 3.650% 11/20/49 (a)
   2,866,967    2,908,508 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2018-1A, Class A2, 4.290% 10/20/48 (a)  $1,296,539   $1,373,002 

Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800%

0.948% FRN 11/25/35 (a)

   3,295,874    3,139,579 
Structured Receivables Finance LLC, Series 2010-B, Class A
3.730% 8/15/36 (a)
   144,382    151,428 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (a)
   439,146    472,517 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (a)
   1,925,081    2,227,328 
Taco Bell Funding LLC, Series 2018-1A, Class A2II
4.940% 11/25/48 (a)
   1,120,050    1,195,773 
TAL Advantage VII LLC, Series 2020-1A, Class A
2.050% 9/20/45 (a)
   4,500,000    4,508,041 
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A
3.960% 4/20/44 (a)
   485,893    485,893 
Tif Funding II LLC, Series 2020-1A, Class A
2.090% 8/20/45 (a)
   641,963    640,908 
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (a)
   3,289,000    3,207,850 
Series 2018-1A, Class A2, 4.620% 6/17/48 (a)   2,420,000    2,459,775 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1
2.709% 8/15/47 (a)
   174,097    174,252 
Triton Container Finance VIII LLC, Series 2020-1A, Class A
2.110% 9/20/45 (a)
   3,150,000    3,154,052 
Vantage Data Centers LLC, Series 2020-2A, Class A2
1.992% 9/15/45 (a) (c)
   1,301,000    1,301,596 
Vivint Solar Financing V LLC, Series 2018-1A, Class B
7.370% 4/30/48 (a)
   2,621,999    2,661,135 
WAVE LLC
Series 2019-1A, Class A, 3.597% 9/15/44 (a)
   3,861,264    3,581,593 
Series 2017-1A, Class C, 6.656% 11/15/42 (a)   1,843,383    770,634 
WAVE Trust, Series 2017-1A, Class A
3.844% 11/15/42 (a)
   3,119,083    2,822,296 
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)
   1,171,900    988,429 
Wind River CLO Ltd.
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 2.025% FRN 7/15/30 (a)
   1,150,000    1,132,864 
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 2.051% FRN 11/01/31 (a)   900,000    889,574 
         154,530,650 
Student Loans Asset-Backed Securities — 9.0%          
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%
0.333% FRN 6/28/39
   5,411,817    5,145,033 
College Avenue Student Loans LLC
Series 2019-A, Class B, 3.810% 12/28/48 (a)
   2,244,000    2,222,161 
Series 2019-A, Class C, 4.460% 12/28/48 (a)   1,281,000    1,267,952 
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS
FRN 1/25/47
   900,000    716,499 
ECMC Group Student Loan Trust
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 0.948% FRN 9/25/68 (a)
   1,998,397    1,960,808 
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 1.348% FRN 12/27/66 (a)   2,142,787    2,130,925 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
3.600% FRN 12/01/47 (a)
  $1,840,217   $1,818,476 
Education Services of America
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/48 (a)
   1,200,000    1,160,393 
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 10/25/56 (a)   1,100,000    1,060,027 
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%
3.945% FRN 4/25/46
   625,000    596,975 
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A,
3.580% VRN 11/25/38 (a) (d)
   1,338,821    1,420,627 
Higher Education Funding I
Series 2004-1, Class B2, 28 day ARS 0.000%FRN 1/01/44 (a)
   450,000    393,099 
Series 2004-1, Class B1, 28 day ARS 1.796% FRN 1/01/44 (a)   450,000    399,331 
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX
3.020% 8/25/42 (a)
   547,785    553,579 
Navient Private Education Refi Loan Trust
Series 2019-CA, Class B, 3.670% 2/15/68 (a)
   2,249,000    2,310,289 
Series 2019-A, Class B, 3.900% 1/15/43 (a)   1,190,000    1,213,879 
Series 2018-CA, Class B, 4.220% 6/16/42 (a)   1,530,000    1,547,367 
Navient Student Loan Trust
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 0.948% FRN 3/25/67 (a)
   4,700,000    4,653,552 
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.048% FRN 12/27/67 (a)   4,530,000    4,517,987 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.298% FRN 3/25/66 (a)   1,724,855    1,724,855 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.398% FRN 6/25/65 (a)   3,117,011    3,117,010 
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 1.448% FRN 3/25/66 (a)   7,050,000    7,111,640 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 10/25/58   940,000    847,173 
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/65 (a)   2,370,000    2,353,231 
Series 2019-BA, Class B, 4.040% 12/15/59 (a)   2,950,000    3,077,619 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B
3.600% 12/26/40 (a)
   358,059    359,898 
Nelnet Student Loan Trust
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.475% FRN 6/25/41
   564,505    488,373 
Series 2019-2A, Class A, 1 mo. USD LIBOR + .900% 1.075% FRN 6/27/67 (a)   1,617,440    1,600,655 
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 1.548% FRN 4/25/67 (a)   3,250,000    3,066,017 
Series 2005-4, Class A4A, 7 day ARS 1.929% FRN 3/22/32   315,057    302,450 
Series 2019-5, Class B, 3.450% 10/25/67 (a)   2,150,000    2,047,263 
SLC Student Loan Trust, Series 2007-1, Class A5, 3 mo. USD LIBOR + .090%
0.370% FRN 2/15/68
   4,000,000    3,542,900 
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41
   7,308    4,401,722 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.455% FRN 10/25/40   1,859,707    1,662,654 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.535% FRN 1/25/44   1,933,416    1,722,662 
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 0.845% FRN 10/25/65 (a)   4,300,000    4,200,583 
SoFi Alternative Trust, Series 2019-C, Class PT,
4.861% VRN 1/25/45 (a) (d)
   5,045,961    5,424,408 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
SoFi Professional Loan Program LLC          
Series 2017-D, Class R1, 0.000% 9/25/40 (a)  $4,688,500   $1,617,626 
Series 2018-A, Class R1, 0.000% 2/25/42 (a)   3,759,800    1,554,459 
Series 2018-B, Class R1, 0.000% 8/26/47 (a)   3,324,300    1,227,664 
Series 2018-D, Class R1, 0.000% 2/25/48 (a)   4,961,600    1,097,010 
Series 2019-A, Class R1, 0.000% 6/15/48 (a)   6,724,700    1,593,081 
Series 2017-C, Class C, 4.210% VRN 7/25/40 (a) (d)   990,000    1,003,872 
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%
1.655% FRN 8/01/35
   3,050,000    2,927,219 
         93,161,003 
Whole Loan Collateral Collateralized Mortgage Obligations — 0.5%          
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.091% VRN 8/25/34 (d)
   18,209    17,806 
Countrywide Home Loans, Inc.
Series 2004-2, Class 1A1, 3.666% VRN 2/25/34  (d)
   14,677    14,170 
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33  (d)   3,871    3,713 
Deephaven Residential Mortgage Trust, Series 2019-1A, Class A3,
3.948% VRN 1/25/59 (a) (d)
   540,208    546,141 
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,
3.490% VRN 8/25/34  (d)
   5,542    5,595 
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,
3.165% VRN 8/25/34  (d)
   34,625    34,524 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.500% VRN 1/25/47 (a) (d)
   1,946,788    1,984,555 
Merrill Lynch Mortgage Investors, Inc.
Series 2003-A4, Class IA, 3.032% VRN 7/25/33  (d)
   1,857    1,770 
Series 2004-A1, Class IA, 3.250% VRN 2/25/34  (d)   1,888    1,864 
PSMC Trust, Series 2018-2, Class A1,
3.500% VRN 6/25/48 (a) (d)
   1,687,735    1,717,781 
Sequoia Mortgage Trust, Series 2019-1, Class A1,
4.000% VRN 2/25/49 (a) (d)
   208,150    212,154 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,
2.970% VRN 3/25/34  (d)
   15,461    15,346 

Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%

2.419% FRN 4/25/44

   45,680    43,688 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,
4.000% VRN 11/25/48 (a) (d)
   875,326    893,747 
         5,492,854 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $329,645,284)
        324,337,195 
           
Sovereign Debt Obligations — 0.7%          
Colombia Government International Bond
6.125% 1/18/41
   2,080,000    2,667,600 
Mexico Government International Bond
4.750% 3/08/44
   3,727,000    4,064,294 
6.750% 9/27/34   685,000    918,585 
         7,650,479 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,705,365)
        7,650,479 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

  

Principal
Amount

  

Value

 
U.S. Government Agency Obligations and Instrumentalities — 22.9%        
Collateralized Mortgage Obligations — 0.3%        
Federal Home Loan Mortgage Corp.
Series 2617, Class Z, 5.500% 5/15/33
  $847,821   $980,498 
Series 2693, Class Z, 5.500% 10/15/33   1,533,885    1,741,651 
Series 2178, Class PB, 7.000% 8/15/29   32,207    36,556 
         2,758,705 
Pass-Through Securities — 22.2%          
Federal Home Loan Mortgage Corp.
Pool #J13972 3.500% 1/01/26
   28,159    29,899 
Pool #C91344 3.500% 11/01/30   89,415    96,158 
Pool #C91424 3.500% 1/01/32   59,321    63,980 
Pool #RA2483 3.500% 6/01/50   10,178,837    10,841,234 
Pool #C91239 4.500% 3/01/29   4,349    4,801 
Pool #C91251 4.500% 6/01/29   28,858    31,858 
Pool #G05253 5.000% 2/01/39   149,993    172,757 
Pool #C90939 5.500% 12/01/25   15,172    16,880 
Pool #D97258 5.500% 4/01/27   10,355    11,537 
Pool #C91026 5.500% 4/01/27   25,449    28,353 
Pool #C91074 5.500% 8/01/27   2,669    2,976 
Pool #D97417 5.500% 10/01/27   9,444    10,527 
Pool #C91128 5.500% 12/01/27   1,393    1,553 
Pool #C91148 5.500% 1/01/28   62,580    69,761 
Pool #C91176 5.500% 5/01/28   21,622    24,123 
Pool #C91217 5.500% 11/01/28   8,621    9,618 
Pool #C01079 7.500% 10/01/30   1,037    1,217 
Pool #C01135 7.500% 2/01/31   4,129    4,816 
Federal National Mortgage Association
Pool #775539 12 mo. USD LIBOR + 1.641% 2.516% FRN 5/01/34
   13,871    14,441 
Pool #MA3029 3.000% 6/01/32   2,861,431    3,016,131 
Pool #MA3090 3.000% 8/01/32   1,222,188    1,288,264 
Pool #AO8180 3.000% 9/01/42   23,907    25,461 
Pool #AP8668 3.000% 12/01/42   148,155    157,786 
Pool #AR1975 3.000% 12/01/42   34,313    36,544 
Pool #AB7397 3.000% 12/01/42   133,764    142,460 
Pool #AB7401 3.000% 12/01/42   119,663    127,442 
Pool #AR0306 3.000% 1/01/43   8,702    9,268 
Pool #AR5391 3.000% 1/01/43   69,072    73,562 
Pool #AL3215 3.000% 2/01/43   109,340    116,449 
Pool #AR4109 3.000% 2/01/43   107,613    114,609 
Pool #AT0169 3.000% 3/01/43   211,307    225,044 
Pool #AB8809 3.000% 3/01/43   58,095    61,872 
Pool #MA1368 3.000% 3/01/43   207,899    221,415 
Pool #AR4432 3.000% 3/01/43   46,644    49,677 
Pool #AR2174 3.000% 4/01/43   213,057    226,907 
Pool #725692 1 year CMT + 2.137% 3.138% FRN 10/01/33   60,615    63,492 
Pool #888586 1 year CMT + 2.196% 3.326% FRN 10/01/34   76,517    80,631 
Pool #AS1304 3.500% 12/01/28   968,818    1,041,756 
Pool #AV1897 3.500% 12/01/28   180,129    193,690 
Pool #AV2325 3.500% 12/01/28   503,572    541,483 
Pool #MA1356 3.500% 2/01/43   7,774,599    8,438,460 
Pool #CA6096 3.500% 6/01/50   9,323,238    10,020,276 
Pool #FM4017 3.500% 8/01/50   898,668    951,813 
Pool #AA3980 4.500% 4/01/28   50,116    54,342 
Pool #CA1909 4.500% 6/01/48   5,554,063    6,013,807 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #AD6437 5.000% 6/01/40  $360,572   $413,277 
Pool #AD6996 5.000% 7/01/40   2,340,446    2,682,554 
Pool #AL8173 5.000% 2/01/44   964,119    1,096,911 
Pool #AD0836 5.500% 11/01/28   49,796    55,498 
Pool #575667 7.000% 3/01/31   6,997    8,302 
Pool #529453 7.500% 1/01/30   2,322    2,726 
Pool #535996 7.500% 6/01/31   3,756    4,402 
Pool #252926 8.000% 12/01/29   82    95 
Pool #532819 8.000% 3/01/30   112    130 
Pool #534703 8.000% 5/01/30   2,382    2,775 
Pool #253437 8.000% 9/01/30   99    116 
Pool #253481 8.000% 10/01/30   58    68 
Pool #190317 8.000% 8/01/31   2,326    2,722 
Pool #602008 8.000% 8/01/31   3,299    3,857 
Pool #597220 8.000% 9/01/31   2,834    3,343 
Government National Mortgage Association
Pool #371146 7.000% 9/15/23
   50    52 
Pool #374440 7.000% 11/15/23   186    197 
Pool #352022 7.000% 11/15/23   2,224    2,355 
Pool #491089 7.000% 12/15/28   6,398    6,976 
Pool #480539 7.000% 4/15/29   212    239 
Pool #488634 7.000% 5/15/29   1,927    2,191 
Pool #500928 7.000% 5/15/29   3,074    3,530 
Pool #499410 7.000% 7/15/29   1,104    1,272 
Pool #510083 7.000% 7/15/29   756    862 
Pool #493723 7.000% 8/15/29   2,245    2,588 
Pool #581417 7.000% 7/15/32   4,417    5,032 
Government National Mortgage Association II
Pool# MA6656 3.000% 5/20/50
   9,698,561    10,177,931 
Pool# MA6710 3.000% 6/20/50   9,758,808    10,262,504 
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25   2,648    2,702 
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27   584    598 
Pool #MA4321 3.500% 3/20/47   6,803,968    7,278,338 
Government National Mortgage Association II TBA
Pool #548 3.000% 8/01/49  (c)
   1,975,000    2,067,732 
Pool #1635 3.500% 6/01/49  (c)   58,720,000    61,839,500 
Uniform Mortgage Backed Securities TBA
Pool #505 2.000% 5/01/35  (c)
   43,225,000    44,933,736 
Pool #1082 2.000% 4/01/50  (c)   15,025,000    15,536,789 
Pool #17115 3.500% 4/01/49  (c)   28,200,000    29,728,970 
         230,860,000 
Whole Loans — 0.4%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 1.498% FRN 3/25/29
   64,131    64,029 
Series 2020-DNA3, Class M1, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/50 (a)   2,630,000    2,634,425 
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.148% FRN 6/25/50 (a)   1,908,000    1,913,328 
         4,611,782 
       
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $236,992,192)
    238,230,487 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
U.S. Treasury Obligations — 3.3%          
U.S. Treasury Bonds & Notes — 3.3%          
U.S. Treasury Bond
2.250% 8/15/49 (e)
  $9,800,000   $11,683,417 
3.500% 2/15/39 (e)   7,000,000    9,834,446 
          
U.S. Treasury Note
0.375% 4/30/25
   12,300,000    12,373,206 
         33,891,069 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $32,262,520)
        33,891,069 
           
TOTAL BONDS & NOTES
(Cost $1,003,609,518)
        1,025,217,536 
           
TOTAL PURCHASED OPTIONS (#) — 0.2%
(Cost $2,989,580)
        2,018,451 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,008,974,098)
        1,029,703,137 
           
Short-Term Investments — 15.7%          
Commercial Paper — 15.7%          
American Honda Finance Corp.
0.315% 11/19/20
   11,000,000    10,996,074 
Avangrid, Inc.
0.223% 12/07/20
   1,000,000    999,594 
0.233% 12/07/20   10,000,000    9,995,939 
BAT International Finance
0.233% 10/14/20 (a)
   3,000,000    2,999,482 
Bemis Co., Inc.
0.142% 10/05/20 (a)
   2,000,000    1,999,961 
0.183% 10/21/20 (a)   9,000,000    8,999,034 
Dominion Resources, Inc.
0.203% 10/13/20
   11,000,000    10,999,305 
Duke Energy Corp.
0.223% 10/02/20 (a)
   4,000,000    3,999,980 
Enbridge (US), Inc.
0.203% 10/20/20 (a)
   7,000,000    6,999,288 
FMC Tech, Inc.
0.254% 10/15/20 (a)
   6,000,000    5,999,550 
Harley-Davidson Funding Corp.
0.203% 10/19/20 (a)
   2,000,000    1,999,779 
0.203% 10/20/20 (a)   1,000,000    999,891 
0.254% 10/08/20 (a)   1,000,000    999,962 
0.304% 10/19/20 (a)   6,000,000    5,999,338 
Intercontinental Exchange, Inc.
0.376% 12/03/20 (a) (f)
   10,000,000    9,993,370 
Keurig Dr Pepper, Inc.
0.193% 10/13/20 (a)
   1,000,000    999,937 
LyondellBasell Industries NV
0.162% 10/28/20 (a)
   11,000,000    10,998,383 
Macquarie Bank Ltd.
0.188% 12/17/20 (a)
   4,000,000    3,998,319 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
NRW Bank
0.162% 10/15/20 (a)
  $5,000,000   $4,999,813 
0.172% 11/02/20 (a)   3,000,000    2,999,670 
0.183% 12/08/20 (a)   5,000,000    4,998,534 
Nutrien Ltd.
0.213% 12/22/20 (a)
   1,000,000    999,481 
0.223% 12/24/20 (a)   9,000,000    8,995,176 
Parker-Hannifin Corp.
0.152% 11/13/20 (a)
   6,000,000    5,998,423 
Schlumberger Holdings Corp.
0.254% 1/11/21 (a)
   1,000,000    999,671 
0.406% 12/09/20 (a)   10,000,000    9,998,444 
Spire, Inc.
0.183% 10/13/20 (a)
   11,500,000    11,499,273 
Suncor Energy, Inc.
0.223% 11/23/20 (a)
   1,000,000    999,691 
0.254% 12/07/20 (a)   11,000,000    10,995,533 
         163,460,895 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $163,453,568)
        163,460,895 
           
TOTAL INVESTMENTS — 114.5%
(Cost $1,172,427,666) (g)
        1,193,164,032 
           
Other Assets/(Liabilities) — (14.5)%        (151,242,426)
NET ASSETS — 100.0%       $1,041,921,606 

 

Abbreviation Legend

ARS Auction Rate Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
FRN Floating Rate Note
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2020, the aggregate market value of these securities amounted to $521,180,007 or 50.02% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(d) 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 September 30, 2020.
(e) A portion of this security is pledged/held as collateral for open derivatives.
(f) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2020, these securities amounted to a value of $9,993,370 or 0.96% of net assets.
(g) See Note 3 for aggregate cost for federal tax purposes.

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

(#) 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   $469,530   $184,971   $284,559 
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   $1,548,921   $2,804,609   $(1,255,688)
                            $2,018,451   $2,989,580   $(971,129)

 

Futures contracts
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long   
U.S. Treasury Long Bond  12/21/20   113   $19,931,978   $(12,197)
U.S. Treasury Ultra Bond  12/21/20   256    57,513,893    (729,893)
U.S. Treasury Note 2 Year  12/31/20   705    155,717,919    59,542 
U.S. Treasury Note 5 Year  12/31/20   315    39,675,488    24,356 
                $(658,192)
Short                  
90 Day Eurodollar  12/14/20   10   $(2,437,842)  $(56,033)
U.S. Treasury Ultra 10 Year  12/21/20   72    (11,484,687)   (29,688)
90 Day Eurodollar  3/15/21   9    (2,194,846)   (50,767)
90 Day Eurodollar  9/13/21   17    (4,146,456)   (95,469)
90 Day Eurodollar  3/14/22   15    (3,657,513)   (84,237)
90 Day Eurodollar  9/19/22   14    (3,412,278)   (79,322)
90 Day Eurodollar  3/13/23   12    (2,923,010)   (68,590)
90 Day Eurodollar  12/18/23   15    (3,650,388)   (84,987)
90 Day Eurodollar  12/16/24   40    (9,722,367)   (219,133)
                $(768,226)

 

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 35†  1.000% Quarterly  12/20/2025  USD  4,000,000   $(83,364)  $(98,006)  $14,642 
CDX.NA.IG Series 35†  1.000% Quarterly  12/20/2025  USD  5,000,000    (104,205)   (119,481)   15,276 
                   $(187,569)  $(217,487)  $29,918 

 

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

 

September 30, 2020 (Unaudited)

 

 Principal
Amount
  Value  
Bonds & Notes — 92.3%        
        
Corporate Debt — 39.0%        
Agriculture — 1.5%        
BAT Capital Corp.         
3.222% 8/15/24 $415,000   $444,016 
Bunge Ltd. Finance Corp.         
1.630% 8/17/25  140,000    140,612 
3.500% 11/24/20  930,000    934,071 
Imperial Brands Finance PLC         
3.125% 7/26/24 (a)  400,000    422,989 
3.500% 2/11/23 (a)  387,000    404,841 
Reynolds American, Inc.         
4.450% 6/12/25  505,000    568,296 
        2,914,825 
Airlines — 0.1%         
American Airlines Pass-Through Trust, Series 2014-1, Class B,         
4.375% 4/01/24  20,383    14,435 
Delta Air Lines, Inc. / SkyMiles IP Ltd.         
4.500% 10/20/25 (a)  185,000    189,968 
        204,403 
Auto Manufacturers — 1.7%         
Ford Motor Credit Co. LLC         
3 mo. USD LIBOR + .810% 1.114% FRN 4/05/21  405,000    399,079 
3 mo. USD LIBOR + 1.235% 1.515% FRN 2/15/23  275,000    253,052 
3.087% 1/09/23  260,000    254,771 
3.350% 11/01/22  365,000    359,525 
General Motors Financial Co., Inc.         
3.250% 1/05/23  970,000    1,002,482 
Hyundai Capital America         
2.375% 2/10/23 (a)  600,000    615,985 
2.850% 11/01/22 (a)  320,000    330,918 
Nissan Motor Acceptance Corp.         
1.900% 9/14/21 (a)  200,000    200,812 
        3,416,624 
Banks — 8.8%         
ABN AMRO Bank NV         
4.750% 7/28/25 (a)  435,000    489,853 
Banco Santander SA         
2.746% 5/28/25  200,000    209,791 
3.500% 4/11/22  600,000    622,366 
Bank of America Corp. 3 mo. USD LIBOR + .930%         
  2.816% VRN 7/21/23  1,910,000    1,983,772 
The Bank of Nova Scotia         
4.500% 12/16/25  420,000    486,521 
Barclays Bank PLC         
10.179% 6/12/21 (a)  504,000    530,263 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Barclays PLC 3 mo. USD LIBOR + 1.380%         
  1.660% FRN 5/16/24 $485,000   $486,321 
BPCE SA         
5.700% 10/22/23 (a)  825,000    925,232 
Citigroup, Inc.         
4.400% 6/10/25  835,000    942,137 
Credit Suisse AG         
6.500% 8/08/23 (a)  930,000    1,053,225 
Danske Bank A/S         
5.000% 1/12/22 (a)  455,000    478,000 
Deutsche Bank AG SOFR + 2.159%         
  2.222% VRN 9/18/24  685,000    689,761 
Discover Bank         
3.350% 2/06/23  673,000    711,779 
4.200% 8/08/23  310,000    339,413 
First Horizon National Corp.         
3.500% 12/15/20  520,000    521,767 
The Goldman Sachs Group, Inc.         
4.250% 10/21/25  1,845,000    2,099,059 
HSBC Holdings PLC         
4.250% 3/14/24  865,000    927,595 
Mitsubishi UFJ Financial Group, Inc.         
2.665% 7/25/22  820,000    850,093 
Morgan Stanley         
SOFR + 1.990% 2.188% VRN 4/28/26  425,000    445,096 
4.100% 5/22/23  424,000    459,264 
Sumitomo Mitsui Financial Group, Inc.         
1.474% 7/08/25  335,000    341,161 
2.448% 9/27/24  520,000    549,357 
3.748% 7/19/23  151,000    163,621 
Synchrony Bank         
3.000% 6/15/22  470,000    485,032 
UBS Group AG         
4.125% 9/24/25 (a)  355,000    404,374 
        17,194,853 
Beverages — 0.9%         
Bacardi Ltd.         
4.450% 5/15/25 (a)  778,000    868,988 
Molson Coors Beverage Co.         
2.100% 7/15/21  230,000    232,752 
3.000% 7/15/26  505,000    538,391 
3.500% 5/01/22  197,000    204,819 
        1,844,950 
Chemicals — 1.5%         
DuPont de Nemours, Inc.         
4.493% 11/15/25  705,000    812,625 
Huntsman International LLC         
5.125% 11/15/22  716,000    769,914 
Nutrition & Biosciences, Inc.         
1.230% 10/01/25 (a)  360,000    359,098 
RPM International, Inc.         
3.450% 11/15/22  8,000    8,290 
Syngenta Finance NV         
4.441% 4/24/23 (a)  570,000    602,000 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
4.892% 4/24/25 (a) $335,000   $363,209 
        2,915,136 
Computers — 1.2%         
Dell International LLC / EMC Corp.         
4.000% 7/15/24 (a)  414,000    447,029 
5.850% 7/15/25 (a)  432,000    503,363 
Genpact Luxembourg Sarl         
3.375% 12/01/24  335,000    350,808 
3.700% STEP 4/01/22  635,000    650,077 
Leidos, Inc.         
2.950% 5/15/23 (a)  390,000    407,971 
        2,359,248 
Diversified Financial Services — 3.6%         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust         
2.875% 8/14/24  1,025,000    987,219 
4.500% 9/15/23  255,000    262,790 
Aircastle Ltd.         
5.000% 4/01/23  1,010,000    1,012,276 
Antares Holdings LP         
6.000% 8/15/23 (a)  473,000    478,325 
Avolon Holdings Funding Ltd.         
2.875% 2/15/25 (a)  335,000    307,062 
BGC Partners, Inc.         
4.375% 12/15/25 (a)  350,000    357,075 
Brookfield Finance, Inc.         
4.000% 4/01/24  580,000    638,474 
Lazard Group LLC         
3.750% 2/13/25  805,000    872,591 
LeasePlan Corp. NV         
2.875% 10/24/24 (a)  280,000    288,965 
Park Aerospace Holdings Ltd.         
5.250% 8/15/22 (a)  1,250,000    1,255,057 
Synchrony Financial         
2.850% 7/25/22  605,000    622,635 
        7,082,469 
Electric — 0.7%         
Enel Finance International NV         
2.875% 5/25/22 (a)  285,000    294,083 
Entergy Texas, Inc.         
2.550% 6/01/21  95,000    96,257 
Pacific Gas and Electric Co.         
1.750% 6/16/22  640,000    640,769 
Puget Energy, Inc.         
6.000% 9/01/21  260,000    272,463 
        1,303,572 
Gas — 0.3%         
NiSource, Inc.         
0.950% 8/15/25  670,000    669,298 
Housewares — 0.5%         
Newell Brands, Inc.         
4.350% STEP 4/01/23  979,000    1,023,329 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Insurance — 2.9%         
AmTrust Financial Services, Inc.         
6.125% 8/15/23 $620,000   $574,863 
Athene Global Funding         
2.750% 6/25/24 (a)  1,020,000    1,063,549 
CNO Financial Group, Inc.         
5.250% 5/30/25  685,000    785,670 
Enstar Group Ltd.         
4.500% 3/10/22  685,000    713,667 
Equitable Holdings, Inc.         
3.900% 4/20/23  87,000    93,536 
Jackson National Life Global Funding         
2.500% 6/27/22 (a)  495,000    511,345 
Lincoln National Corp.         
4.000% 9/01/23  122,000    133,188 
Trinity Acquisition PLC         
3.500% 9/15/21  600,000    614,788 
Unum Group         
3.875% 11/05/25  620,000    673,829 
4.500% 3/15/25  265,000    294,357 
Willis Towers Watson PLC         
5.750% 3/15/21  190,000    194,245 
        5,653,037 
Investment Companies — 1.4%         
Ares Capital Corp.         
4.200% 6/10/24  953,000    992,738 
BlackRock TCP Capital Corp.         
3.900% 8/23/24  360,000    365,767 
4.125% 8/11/22  675,000    684,607 
Sixth Street Specialty Lending, Inc.         
3.875% 11/01/24  655,000    663,548 
        2,706,660 
Iron & Steel — 0.4%         
Reliance Steel & Aluminum Co.         
1.300% 8/15/25  355,000    354,561 
Steel Dynamics, Inc.         
2.400% 6/15/25  165,000    172,156 
2.800% 12/15/24  250,000    263,732 
        790,449 
Lodging — 0.6%         
Las Vegas Sands Corp.         
3.200% 8/08/24  1,025,000    1,036,141 
Marriott International, Inc. /MD         
5.750% 5/01/25  161,000    179,679 
        1,215,820 
Machinery – Diversified — 0.4%         
CNH Industrial Capital LLC         
1.950% 7/02/23  120,000    122,250 
3.875% 10/15/21  635,000    652,279 
        774,529 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Media — 1.0%         
Sirius XM Radio, Inc.         
3.875% 8/01/22 (a) $1,047,000   $1,058,124 
ViacomCBS, Inc.         
4.750% 5/15/25  840,000    965,070 
        2,023,194 
Mining — 0.9%         
Glencore Finance Canada Ltd.         
  4.250% STEP 10/25/22 (a)  254,000    269,683 
Glencore Funding LLC         
4.125% 5/30/23 (a)  360,000    385,952 
Kinross Gold Corp.         
5.125% 9/01/21  370,000    380,718 
5.950% 3/15/24  550,000    627,268 
        1,663,621 
Oil & Gas — 1.3%         
Continental Resources, Inc.         
5.000% 9/15/22  390,000    387,106 
EQT Corp.         
3.000% 10/01/22  565,000    551,581 
7.875% STEP 2/01/25  320,000    354,704 
Newfield Exploration Co.         
5.625% 7/01/24  505,000    489,876 
Petroleos Mexicanos         
4.625% 9/21/23  495,000    490,721 
Valero Energy Corp.         
2.700% 4/15/23  179,000    185,458 
        2,459,446 
Packaging & Containers — 0.4%         
Graphic Packaging International LLC         
4.750% 4/15/21  759,000    764,692 
Pharmaceuticals — 1.1%         
AbbVie, Inc.         
3.800% 3/15/25 (a)  495,000    548,877 
Cardinal Health, Inc. 3 mo. USD LIBOR + .770%         
1.020% FRN 6/15/22  590,000    593,570 
Mylan, Inc.         
3.125% 1/15/23 (a)  525,000    552,267 
Teva Pharmaceutical Finance Netherlands III BV         
2.200% 7/21/21  240,000    237,720 
Upjohn, Inc.         
1.650% 6/22/25 (a)  190,000    194,492 
        2,126,926 
Pipelines — 1.7%         
Energy Transfer Operating LP         
4.200% 9/15/23  960,000    1,013,234 
EnLink Midstream Partners LP         
4.400% 4/01/24  490,000    441,000 
EQM Midstream Partners LP         
4.750% 7/15/23  505,000    504,015 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
MPLX LP 3 mo. USD LIBOR + 1.100%         
  1.342% FRN 9/09/22 $1,050,000   $1,050,042 
Plains All American Pipeline LP/PAA Finance Corp.         
3.850% 10/15/23  384,000    401,898 
        3,410,189 
Private Equity — 0.3%         
Hercules Capital, Inc.         
4.625% 10/23/22  610,000    617,500 
Real Estate Investment Trusts (REITS) — 2.6%         
CubeSmart LP         
4.375% 12/15/23  313,000    343,934 
Essex Portfolio LP         
3.500% 4/01/25  130,000    142,789 
3.875% 5/01/24  170,000    185,871 
Host Hotels & Resorts LP         
3.750% 10/15/23  950,000    980,094 
SBA Tower Trust         
1.884% 7/15/50 (a)  287,000    293,374 
2.836% 1/15/50 (a)  1,450,000    1,551,838 
Service Properties Trust         
4.350% 10/01/24  510,000    461,550 
Tanger Properties LP         
3.875% 12/01/23  610,000    613,485 
VEREIT Operating Partnership LP         
4.600% 2/06/24  570,000    611,496 
        5,184,431 
Retail — 1.1%         
O'Reilly Automotive, Inc.         
3.800% 9/01/22  123,000    129,611 
3.850% 6/15/23  873,000    937,423 
QVC, Inc.         
4.375% 3/15/23  1,060,000    1,099,088 
        2,166,122 
Semiconductors — 0.2%         
Microchip Technology, Inc.         
3.922% 6/01/21  390,000    398,632 
Telecommunications — 1.0%         
Qwest Corp         
6.750% 12/01/21  485,000    512,184 
Sprint Communications, Inc.         
9.250% 4/15/22  330,000    366,125 
T-Mobile USA, Inc.         
1.500% 2/15/26 (a)  430,000    433,320 
Telefonaktiebolaget LM Ericsson         
4.125% 5/15/22  628,000    654,593 
        1,966,222 
Transportation — 0.4%         
Ryder System, Inc.         
3.400% 3/01/23  175,000    185,638 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
3.750% 6/09/23 $482,000   $518,106 
        703,744 
Trucking & Leasing — 0.5%         
Penske Truck Leasing Co. LP/PTL Finance Corp.         
4.875% 7/11/22 (a)  816,000    876,934 
          
TOTAL CORPORATE DEBT
(Cost $74,690,998)
      76,430,855 
          
Municipal Obligations — 0.2%         
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR         
1.168% FRN 4/26/27  10,467    10,476 
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Series 2006-2, Class B, 28 day ARS         
1.655% FRN 10/25/42  450,000    446,634 
          
TOTAL MUNICIPAL OBLIGATIONS
(Cost $454,280)
      457,110 
          
Non-U.S. Government Agency Obligations — 50.7%         
Auto Floor Plan Asset-Backed Securities — 0.2%         
Navistar Financial Dealer Note Master Owner Trust II         
Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.098% FRN 5/25/24 (a)  236,000    234,771 
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 1.598% FRN 5/25/24 (a)  214,000    212,806 
        447,577 
Automobile Asset-Backed Securities — 6.4%         
AmeriCredit Automobile Receivables Trust         
Series 2020-1, Class D, 1.800% 12/18/25  947,000    954,218 
Series 2019-3, Class D, 2.580% 9/18/25  588,000    602,920 
Avis Budget Rental Car Funding AESOP LLC         
Series 2020-1A, Class C, 3.020% 8/20/26 (a)  1,259,000    1,226,723 
Series 2019-3A, Class C, 3.150% 3/20/26 (a)  1,083,000    1,063,813 
Series 2019-1A, Class C, 4.530% 3/20/23 (a)  233,000    235,943 
Series 2018-1A, Class C, 4.730% 9/20/24 (a)  500,000    517,195 
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B         
3.630% 1/19/24 (a)  180,000    183,661 
Carmax Auto Owner Trust, Series 2019-4, Class D         
2.800% 4/15/26  560,000    565,044 
Carvana Auto Receivables Trust, Series 2019-4A, Class D         
3.070% 7/15/25 (a)  719,000    739,695 
Drive Auto Receivables Trust, Series 2019-4, Class D         
2.700% 2/16/27  550,000    563,073 
Exeter Automobile Receivables Trust, Series 2019-3A, Class D         
3.110% 8/15/25 (a)  400,000    412,708 
Hertz Fleet Lease Funding LP, Series 2019-1, Class D         
3.440% 1/10/33 (a)  649,000    620,377 
Hertz Vehicle Financing II LP         
Series 2019-3A, Class B, 3.030% 12/26/25 (a)  410,000    408,156 
Series 2017-1A, Class B, 3.560% 10/25/21 (a)  910,000    902,384 
Hertz Vehicle Financing LLC, Series 2018-3A, Class B         
4.370% 7/25/24 (a)  330,000    326,713 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Hertz Vehicle Financing LP, Series 2016-2A, Class C         
4.990% 3/25/22 (a) $1,800,000   $1,738,725 
Oscar US Funding X LLC, Series 2019-1A, Class A4         
3.270% 5/11/26 (a)  500,000    527,725 
Santander Revolving Auto Loan Trust         
Series 2019-A, Class B, 2.800% 1/26/32 (a)  170,000    178,870 
Series 2019-A, Class C, 3.000% 1/26/32 (a)  101,000    102,259 
Series 2019-A, Class D, 3.450% 1/26/32 (a)  215,000    214,224 
Tesla Auto Lease Trust, Series 2020-A, Class C         
1.680% 2/20/24 (a)  456,000    460,641 
        12,545,067 
Commercial Mortgage-Backed Securities — 5.0%         
BAMLL Commercial Mortgage Securities Trust         
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.502% FRN 9/15/34 (a)  130,000    121,553 
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (b)  370,000    333,447 
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (b)  450,000    363,881 
BHMS Mortgage Trust         
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.402% FRN 7/15/35 (a)  770,000    736,325 
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 1.652% FRN 7/15/35 (a)  950,000    881,149 
BX Commercial Mortgage Trust         
Series 2018-IND, Class C, 1 mo. USD LIBOR + 1.100% 1.252% FRN 11/15/35 (a)  759,500    755,761 
Series 2020-BXLP, Class D, 1 mo. USD LIBOR + 1.250% 1.402% FRN 12/15/36 (a)  649,406    643,362 
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.752% FRN 12/15/36 (a)  766,299    757,250 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.852% FRN 11/15/35 (a)  728,000    722,135 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.952% FRN 10/15/36 (a)  299,978    297,187 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.152% FRN 10/15/36 (a)  841,078    831,148 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%         
2.302% FRN 12/15/37 (a)  545,194    538,413 
Commercial Mortgage Trust         
Series 2014-CR14, Class A2, 3.147% 2/10/47  90,050    90,062 
Series 2015-DC1, Class AM, 3.724% 2/10/48  480,000    518,460 
Series 2015-DC1, Class B, 4.035% VRN 2/10/48  (b)  333,000    343,865 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%         
1.752% FRN 5/15/36 (a)  200,000    198,000 
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,         
3.558% VRN 7/10/39 (a) (b)  700,000    684,495 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%         
1.952% FRN 5/15/36 (a)  251,000    248,256 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B         
3.769% 2/15/46  250,000    248,896 
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D         
4.057% 8/05/34 (a)  400,000    387,518 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
MSCG Trust, Series 2018-SELF, Class C, 1 mo. USD LIBOR + 1.180%         
1.332% FRN 10/15/37 (a) $90,000   $88,923 
        9,790,086 
Home Equity Asset-Backed Securities — 0.0%         
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%         
0.388% FRN 10/25/34 (a)  56,785    56,315 
Other Asset-Backed Securities — 23.1%         
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%         
0.352% FRN 3/15/41 (a)  26,604    26,173 
321 Henderson Receivables I LLC, Series 2010-3A, Class A         
3.820% 12/15/48 (a)  159,782    166,754 
AASET Trust         
Series 2017-1A, Class A, 3.967% 5/16/42 (a)  142,463    128,796 
Series 2018-2A, Class A, 4.454% 11/18/38 (a)  643,463    598,464 
Adams Outdoor Advertising LP, Series 2018-1, Class A         
4.810% 11/15/48 (a)  385,935    401,557 
Affirm Asset Securitization Trust         
Series 2020-A, Class A, 2.100% 2/18/25 (a)  1,235,000    1,237,323 
Series 2020-Z1, Class A, 3.460% 10/15/24 (a)  423,699    426,487 
American Tower Trust #1, Series 13, Class 2A         
3.070% 3/15/48 (a)  500,000    511,053 
Ares LV CLO Ltd., Series 2020-55A, Class A1, 3 mo. USD LIBOR + 1.700%         
2.011% FRN 4/15/31 (a)  500,000    501,505 
Ascentium Equipment Receivables Trust, Series 2019-2A, Class E         
3.780% 5/10/27 (a)  669,000    670,381 
Avant Loans Funding Trust, Series 2019-A, Class A         
3.480% 7/15/22 (a)  27,446    27,455 
Bain Capital Credit CLO Ltd.         
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 2.075% FRN 1/15/29 (a)  750,000    746,079 
Series 2020-2A, Class A, 3 mo. USD LIBOR + 1.850% 2.211% FRN 7/21/31 (a)  500,000    501,081 
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class A2R, 3 mo. USD LIBOR + 1.750%         
2.025% FRN 1/15/29 (a)  500,000    493,570 
BRE Grand Islander Timeshare Issuer LLC         
Series 2017-1A, Class A, 2.940% 5/25/29 (a)  98,440    98,885 
Series 2019-A, Class B, 3.780% 9/26/33 (a)  276,339    273,320 
CAL Funding II Ltd., Series 2018-2A, Class A         
4.340% 9/25/43 (a)  232,000    230,057 
Capital Automotive REIT         
Series 2017-1A, Class A1, 3.870% 4/15/47 (a)  244,038    244,485 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)  610,095    612,009 
CARS-DB4 LP, Series 2020-1A, Class B1         
4.170% 2/15/50 (a)  484,000    499,433 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A         
4.125% 6/15/43 (a)  290,666    271,357 
Cbam CLO Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%         
1.545% FRN 1/15/31 (a)  500,000    497,214 
CF Hippolyta LLC         
Series 2020-1, Class A1, 1.690% 7/15/60 (a)  250,000    252,825 
Series 2020-1, Class B1, 2.280% 7/15/60 (a)  101,000    102,764 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
CIFC Funding IV Ltd., Series 2015-4A, Class A2R,         
2.122% FRN 10/20/27 (a) (b) $300,000   $299,522 
CNH Equipment Trust, Series 2020-A, Class B         
2.300% 10/15/27  235,000    245,659 
DB Master Finance LLC         
Series 2019-1A, Class A2I, 3.787% 5/20/49 (a)  273,240    280,550 
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a)  322,740    341,345 
Diamond Resorts Owner Trust         
Series 2019-1A, Class A, 2.890% 2/20/32 (a)  413,984    420,972 
Series 2018-1, Class A, 3.700% 1/21/31 (a)  150,943    154,209 
Domino's Pizza Master Issuer LLC         
Series 2017-1A, Class A2II, 3.082% 7/25/47 (a)  340,375    340,741 
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)  352,800    372,820 
Elara HGV Timeshare Issuer LLC         
Series 2017-A, Class A, 2.690% 3/25/30 (a)  106,549    106,193 
Series 2016-A, Class A, 2.730% 4/25/28 (a)  194,797    193,964 
Series 2017-A, Class B, 2.960% 3/25/30 (a)  315,701    310,234 
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)  25,013    24,977 
Series 2019-A, Class C, 3.450% 1/25/34 (a)  657,609    645,947 
Elmwood CLO Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%         
1.722% FRN 4/20/31 (a)  350,000    350,135 
FCI Funding  LLC, Series 2019-1A, Class A         
3.630% 2/18/31 (a)  104,740    106,570 
Global SC Finance II SRL, Series 2013-1A, Class A         
2.980% 4/17/28 (a)  76,208    76,306 
Goodgreen Trust         
Series 2019-2A, Class A, 2.760% 10/15/54 (a)  575,139    582,881 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)  292,775    304,331 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)  285,956    302,817 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)  253,829    269,757 
Hero Funding Trust         
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)  170,261    175,468 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)  170,706    177,634 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)  352,702    370,833 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)  309,740    332,371 
Hilton Grand Vacations Trust         
Series 2017-AA, Class A, 2.660% 12/26/28 (a)  1,126,123    1,150,646 
Series 2017-AA, Class B, 2.960% 12/26/28 (a)  122,729    123,813 
HIN Timeshare Trust, Series 2020-A, Class B         
2.230% 10/09/39 (a)  1,027,000    1,027,995 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A         
4.458% 12/15/38 (a)  532,581    503,121 
Horizon Aircraft Finance III Ltd, Series 2019-2, Class B         
4.458% 11/15/39 (a)  683,333    515,179 
KDAC Aviation Finance Ltd., Series 2017-1A, Class A         
4.212% 12/15/42 (a)  190,448    167,285 
KREF Ltd.         
Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.100% 1.251% FRN 6/15/36 (a)  800,000    794,351 
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.501% FRN 6/15/36 (a)  1,150,000    1,139,326 
Lendmark Funding Trust, Series 2018-1A, Class A         
3.810% 12/21/26 (a)  350,000    356,565 
Lunar Aircraft Ltd., Series 2020-1A, Class A         
3.376% 2/15/45 (a)  175,127    162,232 
MACH 1 Cayman Ltd., Series 2019-1, Class A         
3.474% 10/15/39 (a)  373,211    339,460 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Magnetite XXVI Ltd., Series 2020-26A, Class A, 3 mo. USD LIBOR + 1.750%         
1.949% FRN 7/15/30 (a) $750,000   $752,079 
Mariner Finance Issuance Trust, Series 2018-AA, Class A         
4.200% 11/20/30 (a)  903,000    907,664 
Marlette Funding Trust         
Series 2019-2A, Class A, 3.130% 7/16/29 (a)  65,196    65,892 
Series 2019-2A, Class B, 3.530% 7/16/29 (a)  146,000    148,862 
Mosaic Solar Loans LLC         
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)  229,463    244,115 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)  59,339    63,695 
Neuberger Berman CLO Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250%         
1.525% FRN 1/15/28 (a)  600,000    591,442 
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2019-T4, Class DT4         
2.804% 10/15/51 (a)  714,000    713,995 
NP SPE II LLC         
Series 2019-1A, Class A1, 2.574% 9/20/49 (a)  203,677    202,260 
Series 2017-1A, Class A1, 3.372% 10/21/47 (a)  135,252    138,129 
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3 mo. USD LIBOR + 1.450%         
1.723% FRN 4/17/27 (a)  650,000    647,689 
OneMain Financial Issuance Trust, Series 2019-2A, Class C         
3.660% 10/14/36 (a)  600,000    627,040 
Orange Lake Timeshare Trust         
Series 2016-A, Class A, 2.610% 3/08/29 (a)  341,910    342,614 
Series 2016-A, Class B, 2.910% 3/08/29 (a)  140,207    132,509 
Series 2019-A, Class D, 4.930% 4/09/38 (a)  502,357    462,721 
Oxford Finance Funding Trust         
Series 2020-1A, Class A2, 3.101% 2/15/28 (a)  281,000    285,017 
Series 2016-1A, Class A, 3.968% 6/17/24 (a)  24,436    24,445 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I         
4.262% 9/05/48 (a)  588,000    587,763 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%         
2.998% FRN 2/25/23 (a)  250,000    244,003 
Recette CLO Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 1.700%         
1.972% FRN 10/20/27 (a)  250,000    248,386 
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3 mo. USD LIBOR + 1.190%         
1.462% FRN 10/20/30 (a)  1,000,000    990,419 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%         
1.365% FRN 1/15/30 (a)  400,000    395,810 
SBA Tower Trust, Series 2014-2A, Class C,         
3.869% STEP 10/15/49 (a)  430,000    452,747 
Sierra Receivables Funding LLC         
Series 2016-2A, Class B, 2.780% 7/20/33 (a)  89,880    89,606 
Series 2017-1A, Class A, 2.910% 3/20/34 (a)  152,941    155,560 
Series 2019-3A, Class C, 3.000% 8/20/36 (a)  350,397    345,373 
Series 2015-3A, Class B, 3.080% 9/20/32 (a)  10,149    10,139 
Series 2020-2A, Class C, 3.510% 7/20/37 (a)  117,895    119,022 
Series 2018-1A, Class B, 4.236% 4/20/35  332,784    325,859 
Series 2019-1A, Class D, 4.750% 1/20/36 (a)  282,640    272,872 
SoFi Consumer Loan Program  Trust         
Series 2016-1A, Class A, 3.260% 8/25/25 (a)  142,829    143,945 
Series 2017-2, Class A, 3.280% 2/25/26 (a)  26,085    26,073 
SoFi Consumer Loan Program Trust, Series 2019-3, Class D         
3.890% 5/25/28 (a)  772,000    773,496 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
SpringCastle America Funding LLC, Series 2020-AA, Class A         
1.970% 9/25/37 (a) $950,000   $960,208 
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2         
1.893% 8/25/45 (a)  162,000    163,080 
Store Master Funding I-VII, Series 2018-1A, Class A3         
4.400% 10/20/48 (a)  515,017    526,183 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + .800%         
0.948% FRN 11/25/35 (a)  241,161    229,725 
Taco Bell Funding LLC, Series 2018-1A, Class A2I         
4.318% 11/25/48 (a)  982,500    1,003,377 
TAL Advantage VII LLC, Series 2020-1A, Class B         
3.290% 9/20/45 (a)  900,000    899,053 
Tif Funding II LLC, Series 2020-1A, Class A         
2.090% 8/20/45 (a)  118,256    118,062 
TLF National Tax Lien Trust, Series 2017-1A, Class A         
3.090% 12/15/29 (a)  337,362    339,587 
Trafigura Securitisation Finance PLC         
Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 0.882% FRN 3/15/22 (a)  610,000    599,706 
Series 2018-1A, Class B, 4.290% 3/15/22 (a)  920,000    917,468 
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%         
1.342% FRN 10/20/28 (a)  1,000,000    993,488 
Trinity Rail Leasing LP         
Series 2018-1A, Class A1, 3.820% 6/17/48 (a)  464,572    465,597 
Series 2019-1A, Class A, 3.820% 4/17/49 (a)  638,748    665,398 
Trip Rail Master Funding LLC         
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)  49,742    49,786 
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)  668,991    695,714 
Triton Container Finance VIII LLC, Series 2020-1A, Class A         
2.110% 9/20/45 (a)  600,000    600,772 
Vantage Data Centers LLC, Series 2020-1A, Class A2         
1.645% 9/15/45 (a) (c)  675,000    675,000 
VSE VOI Mortgage LLC, Series 2018-A, Class C         
4.020% 2/20/36 (a)  160,084    149,747 
Welk Resorts LLC         
Series 2015-AA, Class A, 2.790% 6/16/31 (a)  34,032    33,892 
Series 2017-AA, Class B, 3.410% 6/15/33 (a)  116,376    114,859 
Westgate Resorts LLC         
Series 2020-1A, Class A, 2.713% 3/20/34 (a)  416,610    425,910 
Series 2017-1A, Class A, 3.050% 12/20/30 (a)  88,135    87,867 
Series 2018-1A, Class A, 3.380% 12/20/31 (a)  188,129    186,893 
Willis Engine Structured Trust IV, Series 2018-A, Class A,         
4.750% STEP 9/15/43 (a)  225,699    190,364 
        45,208,213 
Student Loans Asset-Backed Securities — 8.9%         
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%         
1.648% FRN 7/25/58 (a)  140,000    123,627 
College Avenue Student Loans LLC         
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.348% FRN 12/26/47 (a)  435,566    431,226 
Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 1.798% FRN 11/26/46 (a)  357,733    358,850 
Series 2017-A, Class B, 4.500% 11/26/46 (a)  700,000    717,224 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%         
0.765% FRN 1/15/37 $165,709   $148,843 
Commonbond Student Loan Trust         
Series 2019-AGS, Class B, 3.040% 1/25/47 (a)  479,587    463,853 
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)  39,030    38,461 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)  45,406    45,413 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)  24,559    24,724 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)  83,276    85,985 
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B         
2.500% 1/25/30 (a)  56,642    56,511 
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%         
2.048% FRN 10/25/44 (a)  144,509    144,861 
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%         
2.198% FRN 2/26/35 (a)  54,590    51,496 
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800%         
0.948% FRN 9/25/68 (a)  399,679    392,162 
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%         
3.600% FRN 12/01/47 (a)  338,987    334,982 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B         
4.000% 8/25/42 (a)  194,218    192,922 
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS         
1.796% FRN 1/01/44 (a)  950,000    843,033 
Laurel Road Prime Student Loan Trust         
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)  256,646    260,855 
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)  172,101    164,297 
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)  191,151    195,511 
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720%         
0.872% FRN 12/15/59 (a)  155,899    149,265 
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B         
2.770% 1/15/69 (a)  2,200,000    2,219,234 
Navient Student Loan Trust         
Series 2018-1A, Class A3, 1 mo. USD LIBOR + .720% 0.868% FRN 3/25/67 (a)  850,000    841,842 
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.048% FRN 12/27/67 (a)  400,000    398,939 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.298% FRN 3/25/66 (a)  701,420    701,420 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.398% FRN 6/25/65 (a)  563,315    563,315 
Nelnet Private Education Loan Trust         
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 1.898% FRN 12/26/40 (a)  98,356    93,949 
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)  70,825    71,189 
Nelnet Student Loan Trust         
Series 2007-2A, Class A4A2, 28 day ARS 1.497% FRN 6/25/35 (a)  600,000    575,002 
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 10/25/47 (a)  270,000    253,585 
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/54 (a)  130,000    125,820 
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%         
0.480% FRN 2/15/45  298,942    269,086 
SLM Student Loan Trust         
Series 2006-2, Class R, 0.000% 1/25/41  1,396    840,832 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.455% FRN 10/25/40 $360,234   $322,064 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.535% FRN 1/25/44  488,442    435,199 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.545% FRN 7/25/25  87,589    85,585 
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.545% FRN 1/25/41  366,476    328,633 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.555% FRN 1/25/55  144,310    128,296 
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 1.191% FRN 1/27/42  901,701    797,937 
SMB Private Education Loan Trust         
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 0.902% FRN 11/15/35 (a)  455,940    449,621 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.022% FRN 7/15/36 (a)  504,000    497,641 
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.152% FRN 6/15/37 (a)  500,000    499,170 
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.252% FRN 9/15/34 (a)  167,427    166,911 
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.302% FRN 5/15/26 (a)  132,604    132,897 
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 1.602% FRN 2/17/32 (a)  73,579    73,911 
SoFi Professional Loan Program LLC         
Series 2017-D, Class R1, 0.000% 9/25/40 (a)  1,000,000    345,020 
Series 2018-A, Class R1, 0.000% 2/25/42 (a)  1,000,000    413,442 
Series 2018-D, Class R1, 0.000% 2/25/48 (a)  956,000    211,372 
Series 2019-A, Class R1, 0.000% 6/15/48 (a)  1,314,800    311,476 
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.098% FRN 1/25/39 (a)  27,694    27,750 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.348% FRN 6/25/33 (a)  49,819    49,978 
        17,455,217 
Whole Loan Collateral Collateralized Mortgage Obligations — 7.1%         
Angel Oak Mortgage Trust         
Series 2020-5, Class A2, 1.579% VRN 5/25/65 (a) (b)  429,457    428,882 
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (b)  387,089    386,579 
Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (b)  250,814    253,398 
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (b)  800,000    808,975 
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,         
3.091% VRN 8/25/34  (b)  3,468    3,392 
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,         
2.406% VRN 5/25/60 (a) (b)  415,414    414,737 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%         
1.125% FRN 8/25/49 (a)  1,220,667    1,220,619 
Citigroup Mortgage Loan Trust         
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (b)  440,479    439,106 
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (b)  391,000    381,127 
Countrywide Home Loans, Inc.         
Series 2004-2, Class 1A1, 3.666% VRN 2/25/34  (b)  2,796    2,699 
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33  (b)  727    697 
Deephaven Residential Mortgage Trust         
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)  148,743    149,749 
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (b)  550,000    555,016 
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b)  346,132    348,680 
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b)  254,021    256,953 
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)  368,559    372,258 
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1,         
3.490% VRN 8/25/34  (b)  1,057    1,067 
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1,         
1.657% VRN 5/25/65 (a) (b)  392,241    393,985 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A,         
3.165% VRN 8/25/34  (b) $6,528   $6,509 
JP Morgan Mortgage Trust         
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)  145,998    146,287 
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)  272,197    274,079 
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b)  100,957    101,175 
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)  174,655    176,719 
Merrill Lynch Mortgage Investors, Inc.         
Series 2003-A4, Class IA, 3.032% VRN 7/25/33  (b)  352    336 
Series 2004-A1, Class IA, 3.250% VRN 2/25/34  (b)  355    351 
New Residential Mortgage Loan Trust         
Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b)  225,527    240,636 
Series 2019-NQM2, Class A3, 3.752% VRN 4/25/49 (a) (b)  153,052    155,416 
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)  364,675    370,972 
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,         
3.500% VRN 12/25/49 (a) (b)  602,476    614,204 
PSMC Trust         
Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)  199,699    201,842 
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b)  160,745    161,680 
Sequoia Mortgage Trust         
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)  275,682    276,501 
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b)  150,990    151,961 
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)  111,666    112,563 
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)  295,025    298,558 
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)  117,578    118,213 
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b)  16,480    16,458 
Series 2019-1, Class A4, 4.000% VRN 2/25/49 (a) (b)  7,153    7,139 
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3,         
3.000% VRN 10/25/31 (a) (b)  397,827    405,730 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,         
2.916% VRN 9/27/49 (a) (b)  532,984    540,149 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A,         
2.970% VRN 3/25/34  (b)  2,953    2,931 
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4,         
3.500% VRN 7/25/48 (a) (b)  87,826    87,947 
Verus Securitization Trust         
Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (b)  1,034,000    1,029,256 
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (b)  430,000    423,699 
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)  813,605    831,059 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (b)  265,000    265,728 
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (b)  548,000    546,650 
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%         
2.419% FRN 4/25/44  8,701    8,321 
        13,990,988 
          
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $100,546,255)
      99,493,463 
          
U.S. Government Agency Obligations and Instrumentalities — 1.7%         
Collateralized Mortgage Obligations — 0.1%         
Government National Mortgage Association
    Series 2014-131, Class BW 2.868% FRN 5/20/41 (b)
 77,749    80,236 
Pass-Through Securities — 0.0%         
Federal Home Loan Mortgage Corp.         
Pool #C01079 7.500% 10/01/30  198    233 

 
MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)
          
 Principal
Amount
  Value  
Pool #C01135 7.500% 2/01/31 $779   $908 
Federal National Mortgage Association         
Pool #775539 12 mo. USD LIBOR + 1.641% 2.516% FRN 5/01/34  2,642    2,751 
Pool #725692 1 year CMT + 2.137% 3.138% FRN 10/01/33  11,523    12,070 
Pool #888586 1 year CMT + 2.196% 3.326% FRN 10/01/34  14,475    15,254 
Pool #575667 7.000% 3/01/31  1,333    1,581 
Pool #529453 7.500% 1/01/30  443    520 
Pool #535996 7.500% 6/01/31  714    836 
Pool #252926 8.000% 12/01/29  13    15 
Pool #532819 8.000% 3/01/30  26    31 
Pool #534703 8.000% 5/01/30  443    516 
Pool #253437 8.000% 9/01/30  20    23 
Pool #253481 8.000% 10/01/30  9    10 
Pool #602008 8.000% 8/01/31  627    734 
Pool #190317 8.000% 8/01/31  434    508 
Pool #597220 8.000% 9/01/31  551    650 
Government National Mortgage Association I         
Pool #371146 7.000% 9/15/23  31    32 
Pool #352022 7.000% 11/15/23  448    474 
Pool #491089 7.000% 12/15/28  1,233    1,345 
Pool #500928 7.000% 5/15/29  570    654 
Pool #499410 7.000% 7/15/29  210    242 
Pool #510083 7.000% 7/15/29  144    164 
Pool #493723 7.000% 8/15/29  422    486 
Pool #581417 7.000% 7/15/32  841    959 
Government National Mortgage Association II         
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25  506    517 
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27  107    110 
        41,623 
Whole Loans — 1.6%         
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes         
Series 2020-DNA3, Class M1, 1 mo. USD LIBOR + 1.500% 1.648% FRN 6/25/50 (a)  490,000    490,824 
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.148% FRN 6/25/50 (a)  1,436,000    1,440,010 
Federal National Mortgage Association Connecticut Avenue Securities Trust         
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.298% FRN 9/25/31 (a)  369,143    368,172 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.448% FRN 8/25/31 (a)  838,220    832,994 
        3,132,000 
          
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $3,263,441)
      3,253,859 
          
U.S. Treasury Obligations — 0.7%         
U.S. Treasury Bonds & Notes — 0.7%         
U.S. Treasury Note         
8.000% 11/15/21 (d)  1,220,000    1,327,438 
          
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,395,661)
      1,327,438 
          
TOTAL BONDS & NOTES
(Cost $180,350,635)
      180,962,725 
          
TOTAL PURCHASED OPTIONS (#) — 0.0%
(Cost $147,532)
      76,230 
          
TOTAL LONG-TERM INVESTMENTS
(Cost $180,498,167)
      181,038,955 

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

 

   Principal
Amount
   Value 
         
Short-Term Investments — 6.1%           
Commercial Paper — 5.1%           
American Honda Finance Corp.          
0.315% 11/19/20  $1,000,000   $999,643 
Avangrid, Inc.          
0.254% 11/09/20 (a)   1,000,000    999,781 
Duke Energy Corp.          
0.223% 10/02/20 (a)   2,000,000    1,999,990 
Harley-Davidson Funding Corp.          
0.254% 10/08/20 (a)   1,000,000    999,962 
Intercontinental Exchange, Inc.          
0.376% 11/13/20 (a) (e)   1,000,000    999,557 
0.376% 12/03/20 (a) (e)   1,000,000    999,337 
NRW. Bank          
0.162% 11/03/20 (a)   2,000,000    1,999,774 
Societe Generale SA          
0.081% 10/06/20 (a)   1,000,000    999,983 
         9,998,027 
U.S. Treasury Bill — 1.0%           
U.S. Treasury Bill          
0.000% 10/06/20   2,000,000    1,999,982 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,997,839)
        11,998,009 
           
TOTAL INVESTMENTS — 98.4%
(Cost $192,496,006) (f)
        193,036,964 
           
Other Assets/(Liabilities) — 1.6%         3,146,209 
           
NET ASSETS — 100.0%        $196,183,173 

 

Abbreviation Legend
ARS Auction Rate Security
CLO Collateralized Loan Obligation
FRN Floating Rate Note
STEP Step Up Bond
VRN Variable Rate Note

 

Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2020, the aggregate market value of these securities amounted to $124,101,453 or 63.26% 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 September 30, 2020.
(c) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(d) A portion of this security is pledged/held as collateral for open derivatives.
(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2020, these securities amounted to a value of $1,998,894 or 1.02% of net assets.
(f) See Note 3 for aggregate cost for federal tax purposes.

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

 

(#) 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  $76,230  $147,532  $(71,302)

 

Futures contracts

  

Expiration
Date

 

Number of
Contracts

  

Notional
Amount

  

Value/ Net
Unrealized
Appreciation/
(Depreciation)

 
Long   
U.S. Treasury Note 10 Year  12/21/20   152   $21,186,675   $22,075 
                   
Short                  
90 Day Eurodollar  12/14/20   2   $(487,568)  $(11,207)
U.S. Treasury Ultra 10 Year  12/21/20   54    (8,613,771)   (22,010)
U.S. Treasury Note 2 Year  12/31/20   129    (28,490,861)   (13,100)
U.S. Treasury Note 5 Year  12/31/20   524    (65,977,525)   (62,850)
90 Day Eurodollar  3/15/21   2    (487,743)   (11,282)
90 Day Eurodollar  9/13/21   3    (731,728)   (16,847)
90 Day Eurodollar  3/14/22   3    (731,503)   (16,847)
90 Day Eurodollar  9/19/22   3    (731,203)   (16,997)
90 Day Eurodollar  3/13/23   2    (487,168)   (11,432)
90 Day Eurodollar  12/18/23   3    (730,078)   (16,997)
90 Day Eurodollar  12/16/24   7    (1,701,414)   (38,349)
                $(237,918)

 

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 35†  1.000%  Quarterly  12/20/2025  USD 900,000   $(18,757)  $(21,507)  $2,750 
CDX.NA.IG Series 35†  1.000%  Quarterly  12/20/2025  USD 800,000    (16,673)   (19,601)   2,928 
                  $(35,430)  $(41,108)  $5,678 

 

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
September 30, 2020 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 99.2%          
           
Common Stock — 99.2%          
Basic Materials — 2.6%          
Forest Products & Paper — 0.6%          
Schweitzer-Mauduit International, Inc.   19,548   $594,064 
Mining — 2.0%          
Compass Minerals International, Inc.   22,969    1,363,210 
Kaiser Aluminum Corp.   15,061    807,119 
         2,170,329 
         2,764,393 
Communications — 1.4%          
Internet — 1.4%          
Q2 Holdings, Inc. (a) (b)   16,660    1,520,392 
Consumer, Cyclical — 14.8%          
Auto Parts & Equipment — 3.0%          
Dorman Products, Inc. (a)   16,534    1,494,343 
Visteon Corp. (a)   24,124    1,669,863 
         3,164,206 
Entertainment — 0.3%          
Cedar Fair LP (c)   11,532    323,703 
Retail — 11.5%          
AutoNation, Inc. (a)   40,877    2,163,620 
Big Lots, Inc.   13,696    610,842 
BJ's Wholesale Club Holdings, Inc. (a)   60,784    2,525,575 
Foot Locker, Inc.   15,562    514,013 
Jack in the Box, Inc.   18,697    1,482,859 
Ollie's Bargain Outlet Holdings, Inc. (a)   5,492    479,726 
Suburban Propane Partners LP (c)   96,387    1,569,180 
Texas Roadhouse, Inc.   25,636    1,558,412 
The Wendy's Co.   54,677    1,219,024 
         12,123,251 
         15,611,160 
Consumer, Non-cyclical — 26.9%          
Biotechnology — 4.5%          
ADC Therapeutics SA (a)   9,047    298,461 
Emergent BioSolutions, Inc. (a)   19,710    2,036,634 
NeoGenomics, Inc. (a)   26,800    988,652 
Twist Bioscience Corp. (a)   13,931    1,058,338 

 

 

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

 

   Number of
Shares
   Value 
Zai Lab Ltd. ADR (a)   4,469   $371,687 
         4,753,772 
Commercial Services — 5.3%          
ASGN, Inc. (a)   34,083    2,166,315 
Korn Ferry   55,051    1,596,479 
Monro, Inc.   26,168    1,061,636 
Paylocity Holding Corp. (a)   4,392    708,957 
         5,533,387 
Foods — 1.9%          
BellRing Brands, Inc. Class A (a)   47,288    980,753 
The Simply Good Foods Co. (a) (b)   48,080    1,060,164 
         2,040,917 
Health Care – Products — 7.5%          
Adaptive Biotechnologies Corp. (a)   14,359    698,278 
AtriCure, Inc. (a)   24,434    974,917 
Inspire Medical Systems, Inc. (a)   10,088    1,301,856 
Intersect ENT, Inc. (a)   24,122    393,430 
iRhythm Technologies, Inc. (a)   4,332    1,031,492 
OraSure Technologies, Inc. (a)   32,136    391,095 
Repligen Corp. (a)   6,940    1,023,928 
Tandem Diabetes Care, Inc. (a)   17,964    2,038,914 
         7,853,910 
Health Care – Services — 5.0%          
Addus HomeCare Corp. (a)   16,976    1,604,402 
American Well Corp. (a)   9,640    285,730 
LHC Group, Inc. (a)   12,468    2,650,198 
Tenet Healthcare Corp. (a)   31,242    765,741 
         5,306,071 
Household Products & Wares — 1.2%          
Acco Brands Corp.   221,316    1,283,633 
Pharmaceuticals — 1.5%          
Axsome Therapeutics, Inc. (a) (b)   5,551    395,509 
Collegium Pharmaceutical, Inc. (a)   29,984    624,267 
G1 Therapeutics, Inc. (a) (b)   14,390    166,204 
uniQure NV (a)   10,924    402,331 
         1,588,311 
         28,360,001 
Energy — 3.1%          
Energy – Alternate Sources — 2.7%          
Renewable Energy Group, Inc. (a)   51,961    2,775,756 
Pipelines — 0.4%          
Noble Midstream Partners LP (c)   59,412    434,896 
         3,210,652 

 

 

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

 

   Number of
Shares
   Value 
Financial — 18.6%          
Banks — 5.2%          
The Bank of NT Butterfield & Son Ltd.   44,792   $997,966 
BankUnited, Inc.   46,583    1,020,634 
Cathay General Bancorp   27,102    587,571 
CIT Group, Inc.   32,326    572,493 
First Horizon National Corp.   106,969    1,008,718 
Heritage Financial Corp.   47,725    877,663 
Signature Bank   5,087    422,170 
         5,487,215 
Diversified Financial Services — 2.6%          
Federated Hermes, Inc.   22,924    493,095 
Focus Financial Partners, Inc. Class A (a)   30,129    987,930 
Stifel Financial Corp.   24,341    1,230,681 
         2,711,706 
Insurance — 0.6%          
ProSight Global, Inc. (a)   24,881    282,150 
Selectquote, Inc. (a)   19,075    386,269 
         668,419 
Real Estate Investment Trusts (REITS) — 6.0%          
Brandywine Realty Trust (b)   117,087    1,210,680 
DiamondRock Hospitality Co.   194,360    985,405 
EPR Properties   37,320    1,026,300 
Four Corners Property Trust, Inc.   75,976    1,944,226 
National Storage Affiliates Trust   34,751    1,136,705 
         6,303,316 
Savings & Loans — 4.2%          
Berkshire Hills Bancorp, Inc.   41,167    416,198 
OceanFirst Financial Corp.   48,157    659,269 
Pacific Premier Bancorp, Inc.   49,108    989,035 
Sterling Bancorp   61,596    647,990 
WSFS Financial Corp.   61,438    1,656,983 
         4,369,475 
         19,540,131 
Industrial — 16.4%          
Building Materials — 2.3%          
Masonite International Corp. (a)   15,280    1,503,552 
Summit Materials, Inc. Class A (a)   55,636    920,219 
         2,423,771 
Electrical Components & Equipment — 1.9%          
Energizer Holdings, Inc.   27,701    1,084,217 
EnerSys   13,971    937,734 
         2,021,951 

 

 

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

 

   Number of
Shares
   Value 
Electronics — 0.7%          
Atkore International Group, Inc. (a)   34,162   $776,502 
Engineering & Construction — 3.7%          
Comfort Systems USA, Inc.   11,867    611,269 
KBR, Inc.   70,933    1,586,062 
TopBuild Corp. (a)   10,053    1,715,947 
         3,913,278 
Environmental Controls — 1.6%          
Evoqua Water Technologies Corp. (a)   54,229    1,150,739 
US Ecology, Inc.   14,665    479,106 
         1,629,845 
Machinery – Diversified — 1.0%          
Chart Industries, Inc. (a)   15,578    1,094,666 
Metal Fabricate & Hardware — 2.4%          
Rexnord Corp.   64,271    1,917,847 
Valmont Industries, Inc.   4,813    597,678 
         2,515,525 
Miscellaneous - Manufacturing — 1.0%          
EnPro Industries, Inc.   18,027    1,016,903 
Transportation — 1.8%          
CryoPort, Inc. (a) (b)   24,903    1,180,402 
Hub Group, Inc. Class A (a)   13,215    663,327 
         1,843,729 
         17,236,170 
Technology — 12.4%          
Computers — 2.5%          
CACI International, Inc. Class A (a)   6,853    1,460,785 
Perspecta, Inc.   60,799    1,182,541 
         2,643,326 
Semiconductors — 4.7%          
Brooks Automation, Inc.   30,521    1,411,901 
MKS Instruments, Inc.   16,108    1,759,477 
Semtech Corp. (a)   34,528    1,828,603 
         4,999,981 
Software — 5.2%          
1Life Healthcare, Inc. (a)   15,062    427,158 
Bottomline Technologies de, Inc. (a)   36,063    1,520,416 
Envestnet, Inc. (a)   11,222    865,890 
j2 Global, Inc. (a)   24,325    1,683,777 
Zynga, Inc. Class A (a)   101,441    925,142 
         5,422,383 
         13,065,690 

 

 

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

 

   Number of
Shares
   Value 
Utilities — 3.0%          
Electric — 0.9%          
Avista Corp.   28,920   $986,751 
Gas — 2.1%          
National Fuel Gas Co.   19,363    785,944 
South Jersey Industries, Inc.   74,323    1,432,204 
         2,218,148 
         3,204,899 
           
TOTAL COMMON STOCK
(Cost $90,680,883)
        104,513,488 
           
TOTAL EQUITIES
(Cost $90,680,883)
        104,513,488 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $90,680,883)
        104,513,488 

 

   Principal
Amount
      
Short-Term Investments — 0.8%          
Repurchase Agreement — 0.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (d)  $845,522    845,522 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $845,522)
        845,522 
           
TOTAL INVESTMENTS — 100.0%
(Cost $91,526,405) (e)
        105,359,010 
           
Other Assets/(Liabilities) — (0.0)%        (14,880)
           
NET ASSETS — 100.0%       $105,344,130 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2020, was $3,483,618 or 3.31% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,591,138 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 a Master Limited Partnership.
(d) Maturity value of $845,522. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $862,502.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

MML Special Situations Fund —  Portfolio of Investments
September 30, 2020 (Unaudited)

 

    Number of
Shares
    Value  
Equities — 99.7%            
             
Common Stock — 99.7%                
Basic Materials — 21.1%                
Chemicals — 15.6%                
The Chemours Co.     43,100     $ 901,221  
Dow, Inc.     61,300       2,884,165  
DuPont de Nemours, Inc.     6,600       366,168  
Ingevity Corp. (a)     7,900       390,576  
              4,542,130  
Mining — 5.5%                
Alcoa Corp. (a)     45,300       526,839  
Arconic Corp. (a)     57,100       1,087,755  
              1,614,594  
              6,156,724  
Communications — 2.2%                
Media — 2.2%                
Altice USA, Inc. Class A (a)     23,956       622,856  
Consumer, Cyclical — 16.6%                
Apparel — 1.6%                
Kontoor Brands, Inc. (a) (b)     18,900       457,380  
Auto Parts & Equipment — 1.9%                
Delphi Technologies PLC (a)     32,800       548,088  
Distribution & Wholesale — 1.9%                
IAA, Inc. (a)     10,300       536,321  
Resideo Technologies, Inc. (a)     510       5,610  
              541,931  
Entertainment — 6.3%                
Penn National Gaming, Inc. (a) (b)     25,200       1,832,040  
Leisure Time — 1.2%                
Brunswick Corp.     6,000       353,460  
Lodging — 3.7%                
Hilton Grand Vacations, Inc. (a)     14,400       302,112  
Wyndham Hotels & Resorts, Inc.     15,700       792,850  
              1,094,962  
              4,827,861  

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

    Number of
Shares
    Value  
Consumer, Non-cyclical — 19.8%                
Biotechnology — 6.9%                
Corteva, Inc.     69,500     $ 2,002,295  
Commercial Services — 3.2%                
PayPal Holdings, Inc. (a)     4,762       938,257  
Foods — 5.0%                
Lamb Weston Holdings, Inc.     22,100       1,464,567  
Health Care – Products — 2.1%                
West Pharmaceutical Services, Inc.     2,197       603,955  
Pharmaceuticals — 2.6%                
Zoetis, Inc.     4,649       768,805  
              5,777,879  
Financial — 4.6%                
Insurance — 3.2%                
Brighthouse Financial, Inc. (a)     34,500       928,395  
Real Estate Investment Trusts (REITS) — 1.4%                
Park Hotels & Resorts, Inc.     41,900       418,581  
              1,346,976  
Industrial — 33.7%                
Building Materials — 10.6%                
Carrier Global Corp.     101,300       3,093,702  
Electronics — 7.9%                
Fortive Corp.     12,900       983,109  
Honeywell International, Inc.     3,060       503,707  
Keysight Technologies, Inc. (a)     8,302       820,071  
              2,306,887  
Engineering & Construction — 8.3%                
Arcosa, Inc.     37,179       1,639,222  
frontdoor, Inc. (a)     9,900       385,209  
Jacobs Engineering Group, Inc.     4,100       380,357  
              2,404,788  
Machinery – Diversified — 6.9%                
Otis Worldwide Corp.     29,800       1,860,116  
Welbilt, Inc. (a)     24,400       150,304  
              2,010,420  
              9,815,797  
Technology — 1.7%                
Computers — 1.7%                
Perspecta, Inc.     25,437       494,750  
                 
TOTAL COMMON STOCK  
(Cost $25,540,654)
            29,042,843  
                 
TOTAL EQUITIES
(Cost $25,540,654)
            29,042,843  
                 
TOTAL LONG-TERM INVESTMENTS
(Cost $25,540,654)
            29,042,843  

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Short-Term Investments — 0.5%          
Repurchase Agreement — 0.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (c)  $148,206   $148,206 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $148,206)
        148,206 
           
TOTAL INVESTMENTS — 100.2%
(Cost $25,688,860) (d)
        29,191,049 
           
Other Assets/(Liabilities) — (0.2)%        (56,362)
           
NET ASSETS — 100.0%       $29,134,687 

 

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 September 30, 2020, was $2,131,683 or 7.32% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,082,736 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 $148,206. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $151,227.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments
September 30, 2020 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 98.4%          
           
Common Stock — 95.1%          
Belgium — 1.0%          
Anheuser-Busch InBev SA   24,487   $1,321,749 
Bermuda — 1.8%          
Credicorp Ltd.   11,881    1,473,125 
Jardine Strategic Holdings Ltd.   47,189    934,885 
         2,408,010 
Brazil — 2.3%          
Ambev SA   279,013    623,021 
B3 SA - Brasil Bolsa Balcao   120,253    1,177,926 
Vale SA Sponsored ADR (a)   123,636    1,308,069 
         3,109,016 
Cayman Islands — 25.7%          
Alibaba Group Holding Ltd. Sponsored ADR  (b)   30,407    8,939,050 
Budweiser Brewing Co. APAC Ltd. (c)   450,100    1,314,833 
Hansoh Pharmaceutical Group Co. Ltd. (b) (c)   112,000    548,497 
Huazhu Group Ltd. ADR   108,203    4,678,697 
Innovent Biologics, Inc. (b) (c)   94,500    703,757 
Meituan Dianping Class B (b)   34,000    1,069,275 
New Oriental Education & Technology Group, Inc. Sponsored ADR (b)   2,436    364,182 
OneConnect Financial Technology Co. Ltd. (a) (b)   63,180    1,345,734 
Pagseguro Digital Ltd. Class A (a) (b)   32,845    1,238,585 
Tencent Holdings Ltd.   148,209    9,869,737 
Wuxi Biologics Cayman, Inc. (b) (c)   23,000    564,431 
ZTO Express Cayman, Inc. (b)   7,437    215,144 
ZTO Express Cayman, Inc. ADR   114,375    3,422,100 
         34,274,022 
Chile — 0.7%          
Falabella SA   326,307    955,980 
China — 5.0%          
Jiangsu Hengrui Medicine Co. Ltd. Class A   211,287    2,796,883 
Ping An Insurance Group Co. of China Ltd. Class A   340,562    3,817,321 
         6,614,204 
Colombia — 0.3%          
Grupo Aval Acciones y Valores SA (a)   94,824    437,139 
Egypt — 0.9%          
Commercial International Bank Egypt SAE   276,906    1,168,105 
France — 6.0%          
Kering SA   10,707    7,113,572 

 

 

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

 

   Number of
Shares
   Value 
LVMH Moet Hennessy Louis Vuitton SE   109   $50,957 
Pernod Ricard SA   5,064    808,164 
         7,972,693 
Hong Kong — 4.0%          
AIA Group Ltd.   543,000    5,349,190 
India — 11.8%          
HDFC Bank Ltd. (b)   95,071    1,400,098 
Housing Development Finance Corp. Ltd.   218,919    5,174,668 
Infosys Ltd.   42,733    589,057 
Kotak Mahindra Bank Ltd. (b)   223,900    3,849,218 
Oberoi Realty Ltd. (b)   88,933    478,064 
Tata Consultancy Services Ltd.   99,759    3,370,837 
Zee Entertainment Enterprises Ltd.   315,798    905,550 
         15,767,492 
Indonesia — 1.1%          
Bank Central Asia Tbk PT   525,600    959,206 
Indocement Tunggal Prakarsa Tbk PT   337,997    236,670 
Semen Indonesia Persero Tbk PT   394,300    243,883 
         1,439,759 
Italy — 1.9%          
Moncler SpA (b)   22,108    905,507 
PRADA SpA (b)   412,800    1,611,319 
         2,516,826 
Mexico — 4.6%          
Alsea SAB de CV (b)   243,074    231,405 
Fomento Economico Mexicano SAB de CV   457,471    2,569,608 
Fomento Economico Mexicano SAB de CV Sponsored ADR   10,826    608,313 
Grupo Aeroportuario del Sureste SAB de CV Class B (b)   42,094    488,493 
Grupo Financiero Inbursa SAB de CV Class O (b)   524,534    405,413 
Grupo Mexico SAB de CV Series B   741,532    1,887,408 
         6,190,640 
Netherlands — 3.6%          
Yandex NV Class A (a) (b)   73,892    4,821,453 
Philippines — 2.4%          
Ayala Land, Inc.   1,631,200    999,413 
SM Investments Corp.   95,845    1,739,839 
SM Prime Holdings, Inc.   855,212    520,096 
         3,259,348 
Republic of Korea — 1.7%          
Amorepacific Corp.   920    128,087 
AMOREPACIFIC Group   5,263    218,394 
Samsung Biologics Co. Ltd. (b) (c)   3,161    1,863,516 
         2,209,997 
Russia — 5.9%          
Novatek PJSC Sponsored GDR Registered (c)   1,712    234,544 

 

 

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

 

   Number of
Shares
   Value 
Novatek PJSC Sponsored GDR Registered (a) (c)   31,597   $4,323,408 
Polyus PJSC (b)   2,130    447,351 
Polyus PJSC GDR (c) (d)   4,342    457,647 
Polyus PJSC GDR (c) (d)   129    13,597 
Sberbank of Russia PJSC (b)   802,803    2,358,422 
         7,834,969 
South Africa — 0.6%          
FirstRand Ltd.   337,042    828,201 
Switzerland — 0.7%          
Cie Financiere Richemont SA Registered   12,810    858,024 
Taiwan — 8.7%          
MediaTek, Inc.   17,000    358,477 
Taiwan Semiconductor Manufacturing Co. Ltd.   748,000    11,233,895 
         11,592,372 
Turkey — 0.3%          
Akbank T.A.S. (b)   651,198    433,878 
United States — 4.1%          
Yum China Holdings, Inc.   103,507    5,480,696 
           
TOTAL COMMON STOCK
(Cost $104,603,949)
        126,843,763 
           
Preferred Stock — 3.3%          
Brazil — 1.7%          
Lojas Americanas SA 0.640%          
    438,159    2,215,021 
India — 0.0%          
Zee Entertainment Enterprises Ltd.
6.000%
   503,840    24,584 
Singapore — 1.6%          
Grab Holdings, Inc. (Acquired 6/18/19, Cost $2,160,355)
(b) (d) (e) (f)
   350,542    2,160,355 
           
TOTAL PREFERRED STOCK
(Cost $4,537,114)
        4,399,960 
           
TOTAL EQUITIES
(Cost $109,141,063)
        131,243,723 
           
Mutual Funds — 0.2%          
United States — 0.2%          
State Street Navigator Securities Lending Prime Portfolio (g)   304,707    304,707 
           
TOTAL MUTUAL FUNDS
(Cost $304,707)
        304,707 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $109,445,770)
        131,548,430 

 

 

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

 

   Principal
Amount
   Value 
Short-Term Investments — 1.7%          
Repurchase Agreement — 1.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/20, 0.000%, due 10/01/20 (h)  $2,248,141   $2,248,141 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,248,141)
        2,248,141 
           
TOTAL INVESTMENTS — 100.3%
(Cost $111,693,911) (i)
        133,796,571 
           
Other Assets/(Liabilities) — (0.3)%        (371,392)
           
NET ASSETS — 100.0%       $133,425,179 

 

Abbreviation Legend

ADR American Depositary Receipt
GDR Global  Depositary Receipt

 

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 September 30, 2020, was $4,247,601 or 3.18% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,019,128 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 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 September 30, 2020, the aggregate market value of these securities amounted to $10,024,230 or 7.51% of net assets.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2020, these securities amounted to a value of $2,631,599 or 1.97% of net assets.
(e) Investment was valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted as to resale. At September 30, 2020, these securities amounted to a value of $2,160,355 or 1.62% 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 $2,248,141. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $2,293,114.
(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 September 30, 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 September 30, 2020, for the remaining Funds' investments:

 

Asset Momentum Fund                    
                     
Asset Investments  Level 1  Level 2  Level 3  Total  
Common Stock  $5,925,778   $2,645,574*  $   $8,571,352 
U.S. Treasury Obligations       9,070,012        9,070,012 
Mutual Funds   17,622,193            17,622,193 
Short-Term Investments       5,383,393        5,383,393 
Total Investments  $23,547,971   $17,098,979   $   $40,646,950 
Asset Derivatives                    
Futures Contracts  $8,708   $   $   $8,708 
Liability Derivatives                    
Futures Contracts  $(210,375)  $   $   $(210,375)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Blend Fund

 

Asset Investments  Level 1    Level 2    Level 3    Total  
Common Stock  $483,866,527   $   $   $483,866,527 
Preferred Stock   519,400            519,400 
Corporate Debt       100,131,787        100,131,787 
Municipal Obligations       958,691        958,691 
Non-U.S. Government Agency Obligations       77,942,740        77,942,740 
Sovereign Debt Obligations       1,908,282        1,908,282 
U.S. Government Agency Obligations and Instrumentalities       57,658,810        57,658,810 
U.S. Treasury Obligations       7,645,947        7,645,947 
Purchased Options       398,474        398,474 
Rights   57,546            57,546 
Warrants   1,359            1,359 
Mutual Funds   341,438            341,438 
Short-Term Investments       41,949,440        41,949,440 
Total Investments  $484,786,270   $288,594,171   $   $773,380,441 
Asset Derivatives                    
Futures Contracts  $18,526   $   $   $18,526 
Liability Derivatives                    
Futures Contracts  $(382,122)  $   $   $(382,122)
Swap Agreements       (43,766)       (43,766)
Total  $(382,122)  $(43,766)  $   $(425,888)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Dynamic Bond Fund
 
Asset Investments  Level 1    Level 2   Level 3   Total 
Bank Loans (Less Unfunded Loan Commitments)  $   $12,636,408   $   $12,636,408 
Corporate Debt       89,062,627        89,062,627 
Municipal Obligations       484,720        484,720 
Non-U.S. Government Agency Obligations       88,348,064        88,348,064 
Sovereign Debt Obligations       3,999,124        3,999,124 
U.S. Government Agency Obligations and Instrumentalities       67,082,837        67,082,837 
U.S. Treasury Obligations       92,376,378        92,376,378 
Short-Term Investments       11,326,010        11,326,010 
Unfunded Loan Commitments**       369       369 
Total Investments  $   $365,316,537   $   $365,316,537 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $679,137,287   $591,093   $   $679,728,380 
Preferred Stock   424,910            424,910 
Mutual Funds   15,261,843            15,261,843 
Short-Term Investments   1,501,349    2,357,493        3,858,842 
Total Investments  $696,325,389   $2,948,586   $   $699,273,975 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

High Yield Fund                    
                     
Asset Investments  Level 1    Level 2   Level 3   Total 
Common Stock  $143,704   $163   $+  $143,867 
Bank Loans       5,072,431        5,072,431 
Corporate Debt       111,030,305    225,280    111,255,585 
Warrants           +    
Total Investments  $143,704   $116,102,899   $225,280   $116,471,883 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Inflation-Protected and Income Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Municipal Obligations  $   $24,811   $   $24,811 
Non-U.S. Government Agency Obligations       209,567,714        209,567,714 
U.S. Government Agency Obligations and Instrumentalities       15,522,468        15,522,468 
U.S. Treasury Obligations       73,943,160        73,943,160 
Purchased Options       1,192,932        1,192,932 
Short-Term Investments       35,277,696        35,277,696 
Total Investments  $   $335,528,781   $   $335,528,781 
Asset Derivatives                    
Futures Contracts  $43,695   $   $   $43,695 
Swap Agreements       2,066,129        2,066,129 
Total  $43,695   $2,066,129   $   $2,109,824 
Liability Derivatives                    
Futures Contracts  $(23,531)  $   $   $(23,531)
Swap Agreements       (576,837)       (576,837)
Total  $(23,531)  $(576,837)  $   $(600,368)

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Managed Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Preferred Stock  $2,467,150   $   $   $2,467,150 
Corporate Debt       416,487,002        416,487,002 
Municipal Obligations       4,621,304        4,621,304 
Non-U.S. Government Agency Obligations       324,337,195        324,337,195 
Sovereign Debt Obligations       7,650,479        7,650,479 
U.S. Government Agency Obligations and Instrumentalities       238,230,487        238,230,487 
U.S. Treasury Obligations       33,891,069        33,891,069 
Purchased Options       2,018,451        2,018,451 
Short-Term Investments       163,460,895        163,460,895 
Total Investments  $2,467,150   $1,190,696,882   $   $1,193,164,032 
Asset Derivatives                    
Futures Contracts  $83,898   $   $   $83,898 
Liability Derivatives                    
Futures Contracts  $(1,510,316)  $   $   $(1,510,316)
Swap Agreements       (187,569)       (187,569)
Total  $(1,510,316)  $(187,569)  $   $(1,697,885)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Short-Duration Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $76,430,855   $   $76,430,855 
Municipal Obligations       457,110        457,110 
Non-U.S. Government Agency Obligations       99,493,463        99,493,463 
U.S. Government Agency Obligations and Instrumentalities       3,253,859        3,253,859 
U.S. Treasury Obligations       1,327,438        1,327,438 
Purchased Options       76,230        76,230 
Short-Term Investments       11,998,009        11,998,009 
Total Investments  $   $193,036,964   $   $193,036,964 
Asset Derivatives                    
Futures Contracts  $22,075   $   $   $22,075 
Liability Derivatives                    
Futures Contracts  $(237,918)  $   $   $(237,918)
Swap Agreements       (35,430)       (35,430)
Total  $(237,918)  $(35,430)  $   $(273,348)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Emerging Markets Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Belgium  $   $1,321,749   $   $1,321,749 
Bermuda   1,473,125    934,885        2,408,010 
Brazil   3,109,016            3,109,016 
Cayman Islands   20,203,492    14,070,530        34,274,022 
Chile   955,980            955,980 
China       6,614,204        6,614,204 
Colombia   437,139            437,139 
Egypt       1,168,105        1,168,105 
France       7,972,693        7,972,693 
Hong Kong       5,349,190        5,349,190 
India       15,767,492        15,767,492 
Indonesia       1,439,759        1,439,759 
Italy       2,516,826        2,516,826 
Mexico   6,190,640            6,190,640 
Netherlands   4,821,453            4,821,453 
Philippines       3,259,348        3,259,348 
Republic of Korea       2,209,997        2,209,997 
Russia   234,544    7,600,425        7,834,969 
South Africa       828,201        828,201 
Switzerland       858,024        858,024 
Taiwan       11,592,372        11,592,372 
Turkey       433,878        433,878 
United States   5,480,696            5,480,696 
Preferred Stock                    
Brazil   2,215,021            2,215,021 
India   24,584            24,584 
Singapore           2,160,355    2,160,355 
Mutual Funds   304,707            304,707 
Short-Term Investments       2,248,141        2,248,141 
Total Investments  $45,450,397   $86,185,819   $2,160,355   $133,796,571 

 

 
Notes to Portfolio of Investments (Unaudited) (Continued)

 

*Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

 

**Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

 

+Represents a security at $0 value as of September 30, 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 ("SEC") 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 September 30, 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.

 

 

 
Notes to Portfolio of Investments (Unaudited) (Continued)

 

Accounting for Investment Transactions

 

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

 

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.

 

 
Notes to Portfolio of Investments (Unaudited) (Continued)

 

3.Federal Income Tax Information

 

At September 30, 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:

 

   Federal Income
Tax Cost
   Tax Basis
Unrealized
Appreciation
   Tax Basis
Unrealized
(Depreciation)
   Net Unrealized Appreciation (Depreciation)  
Asset Momentum Fund  $37,069,260   $4,560,797   $(983,107)  $3,577,690 
Blend Fund   598,623,352    190,753,946    (15,996,857)   174,757,089 
Dynamic Bond Fund   360,150,207    14,997,191    (9,830,861)   5,166,330 
Equity Fund   632,692,629    100,723,613    (34,142,267)   66,581,346 
Equity Rotation Fund   29,545,839    7,998,975    (1,623,882)   6,375,093 
High Yield Fund   120,188,007    4,325,450    (8,041,574)   (3,716,124)
Inflation-Protected and Income Fund   331,846,642    6,407,579    (2,725,440)   3,682,139 
Managed Bond Fund   1,172,427,666    41,700,186    (20,963,820)   20,736,366 
Short-Duration Bond Fund   192,496,006    3,542,378    (3,001,420)   540,958 
Small Cap Equity Fund   91,526,405    28,096,675    (14,264,070)   13,832,605 
Special Situations Fund   25,688,860    5,600,692    (2,098,503)   3,502,189 
Strategic Emerging Markets Fund   111,693,911    31,706,178    (9,603,518)   22,102,660 

 

 
Notes to Portfolio of Investments (Unaudited) (Continued)

 

4.New Accounting Pronouncements

 

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

 

In October 2020, Accounting Standards Update 2017-08, Receivables --Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables --Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU 2020-08.

 

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 amounts 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.

 

 
Notes to Portfolio of Investments (Unaudited) (Continued)

 

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, subadvisers, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

 

7.Subsequent Events

 

Effective November 18, 2020, the Asset Momentum Fund changed its name to the MML Equity Momentum Fund.