NPORT-EX 2 fp0064220_nportex.htm

 

MML Blend Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
 
Mutual Funds — 104.2%        
Diversified Financial Services — 104.2%        
iShares 5-10 Year Investment Grade Corporate Bond ETF   497,160   $29,446,787 
iShares Core S&P 500 ETF   545,366    216,957,502 
iShares Core S&P Mid-Cap ETF   65,904    17,153,493 
iShares Core S&P Small-Cap ETF   70,551    7,656,900 
iShares Core S&P Total US Stock Market ETF (a)   2,611,399    239,204,149 
iShares Core Total USD Bond Market ETF   2,349,140    123,917,135 
iShares Core U.S. Aggregate Bond ETF   1,088,787    123,936,624 
iShares iBoxx High Yield Corporate Bond ETF (a)   347,578    30,301,850 
State Street Navigator Securities Lending Prime Portfolio (b)   33,411,110    33,411,110 
           
TOTAL MUTUAL FUNDS
(Cost $782,167,933)
        821,985,550 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $782,167,933)
        821,985,550 

 

   Principal
Amount
     
 
Short-Term Investments — 0.1%        
Repurchase Agreement — 0.1%        
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (c)  $1,134,189   $1,134,189 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,134,189)
        1,134,189 
           
TOTAL INVESTMENTS — 104.3%
(Cost $783,302,122) (d)
        823,119,739 
Other Assets/(Liabilities) — (4.3)%        (34,212,584)
           
NET ASSETS — 100.0%       $788,907,155 

 

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 March 31, 2021, was $35,803,758 or 4.54% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,139,938 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) Represents investment of security lending cash collateral. (Note 2).
(c) Maturity value of $1,134,189. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $1,156,887.
(d) See Note 3 for aggregate cost for federal tax purposes.

  

 

MML Dynamic Bond Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Principal Amount   Value 
Bonds & Notes — 96.8%          
           
Bank Loans — 3.8%          
Advertising — 0.0%          
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%          
3.712% VRN 8/21/26  $39,698   $38,078 
Terrier Media Buyer, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
3.609% VRN 12/17/26   59,252    58,667 
         96,745 
Aerospace & Defense — 0.1%          
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%          
4.750% VRN 3/01/28   85,000    84,211 
TransDigm, Inc., 2020 Term Loan F, 1 mo. USD LIBOR + 2.250%          
2.359% VRN 12/09/25   169,591    165,916 
         250,127 
Airlines — 0.1%          
AAdvantage Loyalty IP Ltd., 2021 Term Loan,          
0.000% 4/20/28 (a)   120,000    122,813 
American Airlines, Inc., 2017 Incremental Term Loan, 1 mo. USD LIBOR + 2.000%          
2.106% VRN 12/15/23   74,081    70,686 
Kestrel Bidco Inc., Term Loan B, 6 mo. USD LIBOR + 3.000%          
4.000% VRN 12/11/26   69,063    66,926 
         260,425 
Auto Parts & Equipment — 0.1%          
Clarios Global LP, 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.250%          
3.359% VRN 4/30/26   148,132    146,465 
Biotechnology — 0.0%          
Aldevron, L.L.C., 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%          
4.250% VRN 10/12/26   113,912    113,722 
Building Materials — 0.0%          
CP Atlas Buyer, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.250% VRN 11/23/27   120,000    119,119 
Chemicals — 0.1%          
Diamond (BC) B.V., USD Term Loan, 1 mo. USD LIBOR + 3.000%          
3.109% VRN 9/06/24   73,955    73,532 
Illuminate Buyer, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
3.609% VRN 6/30/27   84,788    84,328 
INEOS Styrolution US Holding LLC, 2021 USD Term Loan B, 3 mo. USD LIBOR + 2.750%          
3.250% VRN 1/29/26   115,000    114,569 
Solenis Holdings LLC, 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%          
4.190% VRN 6/26/25   73,604    73,301 
         345,730 
Commercial Services — 0.2%          
AlixPartners, LLP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 2.750%          
3.250% VRN 2/04/28   100,000    99,569 
Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. USD LIBOR + 4.250%          
4.359% VRN 7/10/26   128,375    127,926 
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.250%          
3.358% VRN 5/14/26   64,508    63,701 
Parexel International Corp., Term Loan B, 1 mo. USD LIBOR + 2.750%          
2.859% VRN 9/27/24   230,738    227,891 
Prime Security Services Borrower LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%, 3 mo. USD LIBOR + 2.750%, 12 mo. USD LIBOR + 2.750%          
3.500% VRN 9/23/26   130,430    129,819 
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%          
3.750% VRN 2/06/24   24,679    22,891 
Verscend Holding Corp., 2018 Term Loan B,          
0.000% 8/27/25 (a)   70,000    69,921 
         741,718 
Computers — 0.2%          
Flexential Intermediate Corp., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%          
3.703% VRN 8/01/24   29,616    27,548 
Peraton Holding Corp.          
Term Loan B,          
0.000% 2/01/28 (a)   76,520    76,457 
Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 2/01/28   43,480    43,443 
Surf Holdings, LLC, USD Term Loan, 3 mo. USD LIBOR + 3.500%          
3.676% VRN 3/05/27   129,025    127,661 
Tempo Acquisition LLC, 2020 Extended Term Loan, 1 mo. USD LIBOR + 3.250%          
3.750% VRN 11/02/26   201,261    201,094 
         476,203 
Distribution & Wholesale — 0.0%          
American Tire Distributors Holdings, Inc., 2015 Term Loan, 1 mo. USD LIBOR + 7.500%          
8.500% VRN 9/02/24   29,549    28,822 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Diversified Financial Services — 0.1%          
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
3.109% VRN 6/15/25  $114,841   $113,077 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD LIBOR + 3.750%          
4.750% VRN 4/09/27   119,125    119,106 
         232,183 
Electric — 0.0%          
Pacific Gas and Electric Co., 2020 Term Loan, 3 mo. USD LIBOR + 3.000%          
3.500% VRN 6/23/25   74,438    74,275 
Electrical Components & Equipment — 0.0%          
Energizer Holdings, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 2.250%          
2.750% VRN 12/22/27   105,000    104,431 
Electronics — 0.1%          
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.500%          
4.500% VRN 12/20/24   52,260    51,881 
Tech Data Corp., ABL Term Loan, 1 mo. USD LIBOR + 3.500%          
3.609% VRN 6/30/25   104,475    104,680 
         156,561 
Engineering & Construction — 0.0%          
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, 3 mo. USD LIBOR + 4.250%          
5.250% VRN 6/21/24   64,268    63,200 
Entertainment — 0.1%          
Caesars Resort Collection LLC          
2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%          
2.859% VRN 12/23/24   157,557    155,128 
2020 Term Loan B1, 1 mo. USD LIBOR + 4.500%          
4.609% VRN 7/21/25   59,700    59,775 
UFC Holdings LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 3.000%          
3.750% VRN 4/29/26   196,739    195,816 
         410,719 
Environmental Controls — 0.1%          
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
3.115% VRN 3/29/25   200,311    197,257 
Food — 0.0%          
H Food Holdings LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.688%          
3.796% VRN 5/23/25   49,303    48,779 
United Natural Foods, Inc., Term Loan B, 1 mo. USD LIBOR + 3.500%          
3.609% VRN 10/22/25   16,878    16,855 
         65,634 
Health Care – Products — 0.1%          
Avantor Funding, Inc., 2020 Incremental Term Loan B4, 1 mo. USD LIBOR + 2.250%          
3.250% VRN 11/08/27   129,675    129,610 
Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%          
3.250% VRN 12/11/26   90,000    89,663 
         219,273 
Health Care – Services — 0.2%          
Air Methods Corp., 2017 Term Loan B, 3 mo. USD LIBOR + 3.500%          
4.500% VRN 4/22/24    54,295    52,483 
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%          
3.859% VRN 10/10/25   79,343    68,268 
Gentiva Health Services, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 2.750%          
2.875% VRN 7/02/25   173,064    171,838 
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 3 mo. USD LIBOR + 4.250%          
5.295% - 5.295% VRN 7/09/25   120,000    118,950 
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.859% VRN 11/16/25   95,193    94,921 
         506,460 
Household Products & Wares — 0.0%          
Kronos Acquisition Holdings, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.250% VRN 12/22/26   119,700    117,861 
Insurance — 0.3%          
Acrisure LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.500%          
3.703% VRN 2/13/27   123,120    121,479 
AssuredPartners, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%          
3.609% VRN 2/12/27   241,237    238,323 
Asurion LLC          
2018 Term Loan B6, 1 mo. USD LIBOR + 3.000%          
3.109% VRN 11/03/23   70,273    70,039 
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%          
3.359% VRN 12/23/26   154,613    153,536 
OneDigital Borrower LLC          
2020 Delayed Draw Term Loan,          
0.000% 11/16/27 (a) (b)   15,273    15,261 
2020 Term Loan, 3 mo. USD LIBOR + 4.500%          
5.250% VRN 11/16/27   154,727    154,598 
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.859% VRN 9/03/26   34,388    34,161 
         787,397 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Internet — 0.2%          
Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%          
3.750% VRN 12/06/27  $119,700   $118,742 
Endure Digital, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%          
4.250% VRN 2/10/28   140,000    138,355 
Getty Images, Inc., 2019 USD Term Loan B, 1 mo. USD LIBOR + 4.500%          
4.609% VRN 2/19/26   34,184    33,798 
ION Trading Finance Limited, 2021 Term Loan,          
0.000% 3/26/28 (a)   230,000    229,713 
ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 3 mo. USD LIBOR + 4.000%          
5.000% VRN 11/21/24   19,690    19,676 
Uber Technologies, Inc., 2021 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.500%          
3.609% VRN 4/04/25   194,500    193,446 
         733,730 
Leisure Time — 0.0%          
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. USD LIBOR + 2.750%          
2.953% VRN 9/18/24   59,488    55,788 
Machinery – Diversified — 0.1%          
Titan Acquisition Ltd., 2018 Term Loan B, 6 mo. USD LIBOR + 3.000%          
3.267% VRN 3/28/25   39,491    38,635 
Vertical Midco GmbH, USD Term Loan B, 6 mo. USD LIBOR + 4.250%          
4.478% VRN 7/30/27   199,001    199,300 
         237,935 
Media — 0.1%          
Cengage Learning, Inc., 2016 Term Loan B, 3 mo. USD LIBOR + 4.250%          
5.250% VRN 6/07/23   73,914    73,037 
The E.W. Scripps Co., 2019 Term Loan B2, 1 mo. USD LIBOR + 2.563%          
3.313% VRN 5/01/26   115,982    115,224 
Radiate Holdco, LLC, 2020 Term Loan, 1 mo. USD LIBOR + 3.500%          
4.250% VRN 9/25/26   134,663    134,525 
         322,786 
Packaging & Containers — 0.1%          
Flex Acquisition Co., Inc., 2018 Incremental Term Loan, 3 mo. USD LIBOR + 3.000%          
3.202% VRN 6/29/25   24,707    24,275 
Graham Packaging Company, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.000%          
3.750% VRN 8/04/27   78,373    77,830 
TricorBraun Holdings, Inc.          
2021 Delayed Draw Term Loan, 3 mo. USD LIBOR + 3.250%          
3.750% VRN 2/03/28 (b)   12,854    12,720 
2021 Term Loan, 3 mo. USD LIBOR + 3.250%          
3.750% VRN 2/03/28   57,146    56,550 
         171,375 
Pharmaceuticals — 0.1%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%          
4.750% VRN 10/01/27   124,688    124,064 
HC Group Holdings II, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.859% VRN 8/06/26   153,832    153,159 
         277,223 
Pipelines — 0.0%          
Blackstone CQP Holdco LP, Term Loan B, 3 mo. USD LIBOR + 3.500%          
3.687% VRN 9/30/24   78,995    78,749 
Retail — 0.2%          
Foundation Building Materials Holding Co. LLC          
2021 Delayed Draw Term Loan, 1 mo. USD LIBOR + 3.250%          
3.750% VRN 2/03/28   25,649    25,386 
2021 Term Loan, 1 mo. USD LIBOR + 3.250%          
3.750% VRN 2/03/28   44,351    43,896 
Great Outdoors Group LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%          
5.000% VRN 3/06/28   174,563    174,650 
Harbor Freight Tools USA, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.000%          
3.750% VRN 10/19/27   99,750    99,568 
IRB Holding Corp, 2020 Term Loan B, 3 mo. USD LIBOR + 2.750%, 6 mo. USD LIBOR + 2.750%          
2.953% VRN 2/05/25   152,530    151,161 
Petco Animal Supplies, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%          
4.000% VRN 2/24/28   125,000    124,434 
PetSmart, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 2/12/28   70,000    69,839 
         688,934 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Software — 1.0%          
Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.000%          
3.500% VRN 9/19/24  $130,000   $129,415 
Ascend Learning LLC, 2017 Term Loan B, 1 mo. USD LIBOR + 3.000%          
4.000% VRN 7/12/24   157,426    156,600 
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000%          
4.000% VRN 10/30/26   119,700    119,580 
Castle US Holding Corp., USD Term Loan B, 3 mo. USD LIBOR + 3.750%          
3.953% VRN 1/29/27   158,667    156,683 
Cornerstone OnDemand, Inc., Term Loan B, 1 mo. USD LIBOR + 4.250%          
4.361% VRN 4/22/27   76,338    76,350 
Cvent, Inc., 1st Lien Term Loan, 2 mo. USD LIBOR + 3.750%          
3.900% VRN 11/29/24   98,728    95,917 
DCert Buyer, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 4.000%          
4.109% VRN 10/16/26   74,811    74,614 
The Dun & Bradstreet Corp., Term Loan, 1 mo. USD LIBOR + 3.250%          
3.359% VRN 2/06/26   173,403    172,319 
Finastra USA, Inc.          
USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%          
4.500% VRN 6/13/24   63,671    62,336 
USD 2nd Lien Term Loan, 6 mo. USD LIBOR + 7.250%          
8.250% VRN 6/13/25   20,000    20,075 
Greeneden U.S. Holdings II, LLC, 2020 USD Term Loan B4, 1 mo. USD LIBOR + 4.000%          
4.750% VRN 12/01/27   248,399    248,212 
Helios Software Holdings, Inc., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750%          
3.930% VRN 3/05/28   240,000    238,051 
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%          
4.250% VRN 7/01/24   222,144    221,798 
Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%          
3.359% VRN 11/29/24   148,092    145,583 
Playtika Holding Corp, 2021 Term Loan,          
0.000% 3/13/28 (a)   150,000    149,063 
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
4.110% VRN 4/26/24   187,787    187,083 
Rackspace Hosting, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 2.750%          
3.500% VRN 2/15/28   145,000    143,595 
RealPage, Inc., Term Loan,          
0.000% 2/17/28 (a)   125,000    124,358 
Sophia, L.P., 2020 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 10/07/27    149,625    149,438 
Tibco Software, Inc., 2020 Term Loan B3, 1 mo. USD LIBOR + 3.750%          
3.860% VRN 6/30/26   128,988    127,174 
The Ultimate Software Group, Inc.          
Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.859% VRN 5/04/26   123,419    123,209 
2021 Incremental Term Loan, 3 mo. USD LIBOR + 3.250%          
4.000% VRN 5/04/26   104,476    104,476 
VS Buyer, LLC, Term Loan B, 1 mo. USD LIBOR + 3.000%          
3.109% VRN 2/28/27   148,550    147,869 
         3,173,798 
Telecommunications — 0.2%          
Altice France S.A., 2018 Term Loan B13, 3 mo. USD LIBOR + 4.000%          
4.198% VRN 8/14/26  153,707   153,169 
Avaya, Inc.          
2021 Term Loan B2, 1 mo. USD LIBOR + 4.000%          
4.106% VRN 12/15/27   140,000    139,901 
2020 Term Loan B, 1 mo. USD LIBOR + 4.250%          
4.356% VRN 12/15/27   38,781    38,775 
Delta TopCo, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 12/01/27   70,000    69,850 
Intelsat Jackson Holdings S.A.          
2020 DIP Term Loan, 3 mo. USD LIBOR + 3.600%, 3 mo. USD LIBOR + 5.500%          
3.600% - 6.500% VRN 7/13/22   23,306    23,551 
2017 Term Loan B3, 1 mo. USD LIBOR + 4.750%          
8.000% VRN 11/27/23   155,000    157,325 
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%          
3.109% VRN 3/09/27   59,882    59,356 
         641,927 
           
TOTAL BANK LOANS
(Cost $11,887,878)
        11,896,572 
           
Corporate Debt — 24.6%          
Advertising — 0.1%          
The Interpublic Group of Cos., Inc.          
5.400% 10/01/48   250,000    307,110 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Aerospace & Defense — 0.4%          
The Boeing Co.          
2.950% 2/01/30  $235,000   $232,299 
Northrop Grumman Corp.          
5.150% 5/01/40   250,000    312,918 
Teledyne Technologies, Inc.          
2.250% 4/01/28   205,000    203,857 
TransDigm, Inc.          
5.500% 11/15/27   100,000    103,375 
6.250% 3/15/26 (c)   150,000    158,985 
6.375% 6/15/26   60,000    62,025 
8.000% 12/15/25 (c)   15,000    16,335 
Triumph Group, Inc.          
7.750% 8/15/25   55,000    55,275 
         1,145,069 
Agriculture — 0.3%          
Altria Group, Inc.          
4.800% 2/14/29   71,000    81,694 
BAT Capital Corp.          
3.462% 9/06/29   545,000    568,151 
Imperial Brands Finance PLC          
3.500% 7/26/26 (c)   265,000    283,034 
         932,879 
Airlines — 0.1%          
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.          
5.750% 4/20/29 (c)   125,000    133,225 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (c)   100,000    109,500 
Southwest Airlines Co.          
4.750% 5/04/23   200,000    215,931 
         458,656 
Auto Manufacturers — 0.5%          
Ford Motor Co.          
9.000% 4/22/25   65,000    78,722 
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235%          
1.429% FRN 2/15/23   210,000    207,912 
General Motors Financial Co., Inc. 3 mo. USD LIBOR + .990%          
1.228% FRN 1/05/23   575,000    579,919 
Hyundai Capital America          
1.800% 10/15/25 (c)   5,000    4,993 
2.650% 2/10/25 (c)   410,000    423,384 
Volkswagen Group of America Finance LLC          
4.250% 11/13/23 (c)   220,000    239,082 
         1,534,012 
Auto Parts & Equipment — 0.0%          
Clarios Global LP/Clarios US Finance Co.          
6.250% 5/15/26 (c)   115,000    122,135 
Banks — 3.8%          
Banco BBVA Peru SA 5 year CMT + 2.750%          
5.250% VRN 9/22/29 (c)   100,000    107,750 
Banco de Credito del Peru          
5 year CMT + 3.000% 3.125% VRN 7/01/30 (c)   200,000    200,000 
3 mo. USD LIBOR + 7.043% 6.125% VRN 4/24/27 (c)   150,000    157,126 
Banco de Reservas de la Republica Dominicana          
7.000% 2/01/23 (c)   200,000    208,002 
Banco do Estado do Rio Grande do Sul SA 5 year CMT + 4.928%          
5.375% VRN 1/28/31 (c)   200,000    196,200 
Banco Internacional del Peru SAA Interbank 1 year CMT + 3.711%          
4.000% VRN 7/08/30 (c)   150,000    152,944 
Banco Macro SA 5 year USD Swap + 5.463%          
6.750% VRN 11/04/26 (c)   200,000    160,002 
Banco Mercantil del Norte SA          
7.625% VRN (c) (d)   200,000    218,802 
Banco Santander SA 3 mo. USD LIBOR + 1.090%          
1.265% FRN 2/23/23   400,000    404,609 
Bangkok Bank PCL          
5.000% VRN (c) (d)   200,000    210,250 
Bank of America Corp. 3 mo. USD LIBOR + 1.210%          
3.974% VRN 2/07/30   350,000    386,686 
Bank of Montreal 5 year USD Swap + 1.432%          
3.803% VRN 12/15/32   225,000    247,012 
Bank of New Zealand          
3.500% 2/20/24 (c)   280,000    301,265 
The Bank of Nova Scotia          
1.625% 5/01/23   142,000    145,578 
3.400% 2/11/24   100,000    107,372 
Barclays PLC 3 mo. USD LIBOR + 1.380%          
1.574% FRN 5/16/24   425,000    431,072 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
BNP Paribas SA SOFR + 1.507%          
3.052% VRN 1/13/31 (c)  $390,000   $400,489 
BPCE SA          
1.000% 1/20/26 (c)   250,000    243,841 
Citigroup, Inc. 3 mo. USD LIBOR + 1.100%          
1.292% FRN 5/17/24   560,000    568,041 
Commonwealth Bank of Australia          
4.316% 1/10/48 (c)   305,000    336,296 
Credit Agricole SA          
3.750% 4/24/23 (c)   285,000    302,934 
Credit Suisse Group AG SOFR + .980%          
1.305% VRN 2/02/27 (c)   500,000    484,119 
DBS Group Holdings Ltd. 5 year USD Swap + 2.390%          
3.600% VRN (c) (d)   400,000    402,000 
Gilex Holding Sarl          
8.500% 5/02/23 (c)   150,000    153,750 
8.500% 5/02/23 (c)   150,000    153,750 
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 1.170%          
1.364% FRN 5/15/26   490,000    497,205 
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380%          
1.564% FRN 9/12/26   510,000    525,793 
JP Morgan Chase & Co. SOFR + 2.040%          
2.522% VRN 4/22/31   275,000    273,252 
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%          
3.574% VRN 11/07/28   400,000    431,685 
Macquarie Group Ltd.          
3 mo. USD LIBOR + 1.023% 3.189% VRN 11/28/23 (c)   60,000    62,452 
3 mo. USD LIBOR + 1.330% 4.150% VRN 3/27/24 (c)   280,000    298,383 
Malayan Banking Bhd 5 year USD Swap + 2.542%          
3.905% VRN 10/29/26 (c)   300,000    303,966 
Mitsubishi UFJ Financial Group, Inc.          
1.412% 7/17/25   435,000    434,543 
Morgan Stanley 3 mo. USD LIBOR + 1.340%          
3.591% VRN 7/22/28   230,000    250,605 
Multibank, Inc.          
4.375% 11/09/22 (c)   200,000    205,100 
NongHyup Bank          
1.250% 7/20/25 (c)   200,000    198,798 
Oversea-Chinese Banking Corp. Ltd. 5 year CMT + 1.580%          
1.832% VRN 9/10/30 (c)   300,000    297,393 
Sumitomo Mitsui Financial Group, Inc. 3 mo. USD LIBOR + .740%          
0.963% FRN 1/17/23   615,000    619,271 
United Overseas Bank Ltd.          
5 year USD Swap + 1.654% 2.880% VRN 3/08/27 (c)   200,000    203,114 
5 year USD Swap + 1.794% 3.875% VRN (c) (d)   300,000    309,900 
Wells Fargo & Co.          
3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30   115,000    118,383 
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27   195,000    208,909 
         11,918,642 
Beverages — 0.3%          
Anheuser-Busch InBev Worldwide, Inc.          
4.600% 4/15/48   355,000    405,970 
Constellation Brands, Inc.          
2.875% 5/01/30   25,000    25,527 
3.150% 8/01/29   200,000    209,352 
Keurig Dr Pepper, Inc.          
3.800% 5/01/50   190,000    201,320 
Triton Water Holdings, Inc.          
6.250% 4/01/29 (c)   65,000    66,300 
         908,469 
Biotechnology — 0.1%          
Illumina, Inc.          
0.550% 3/23/23   145,000    144,873 
Royalty Pharma PLC          
3.300% 9/02/40 (c)   200,000    192,326 
         337,199 
Building Materials — 0.2%          
Builders FirstSource, Inc.          
6.750% 6/01/27 (c)   98,000    105,105 
Carrier Global Corp.          
3.377% 4/05/40   235,000    232,611 
Griffon Corp.          
5.750% 3/01/28   170,000    181,178 
Owens Corning          
4.400% 1/30/48   175,000    190,212 
         709,106 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Chemicals — 0.2%          
DuPont de Nemours, Inc.          
5.419% 11/15/48  $155,000   $199,257 
MEGlobal Canada ULC          
5.000% 5/18/25 (c)   200,000    222,250 
Nutrien Ltd.          
4.200% 4/01/29   265,000    298,038 
         719,545 
Coal — 0.0%          
Peabody Energy Corp.          
8.500% 12/31/24 (c)   45,000    18,900 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.          
7.500% 6/15/25 (c)   120,000    124,650 
         143,550 
Commercial Services — 0.3%          
Allied Universal Holdco LLC / Allied Universal Finance Corp.          
6.625% 7/15/26 (c)   70,000    74,234 
9.750% 7/15/27 (c)   130,000    142,636 
Garda World Security Corp.          
8.750% 5/15/25 (c)   95,000    99,394 
Jaguar Holding Co. II / Pharmaceutical Product Development LLC          
5.000% 6/15/28 (c)   50,000    52,075 
MPH Acquisition Holdings LLC          
5.750% 11/01/28 (c)   120,000    117,672 
NESCO Holdings II, Inc.          
5.500% 4/15/29 (c) (e)   20,000    20,510 
Prime Security Services Borrower LLC / Prime Finance, Inc.          
3.375% 8/31/27 (c)   110,000    106,700 
PSA Treasury Pte Ltd.          
2.125% 9/05/29 (c)   200,000    197,821 
Verscend Escrow Corp.          
9.750% 8/15/26 (c)   237,000    254,116 
         1,065,158 
Computers — 0.3%          
Dell International LLC / EMC Corp.          
5.300% 10/01/29 (c)   375,000    438,394 
Fortinet, Inc.          
1.000% 3/15/26   215,000    210,108 
NetApp, Inc.          
1.875% 6/22/25   230,000    234,685 
         883,187 
Distribution & Wholesale — 0.0%          
Performance Food Group, Inc.          
5.500% 10/15/27 (c)   115,000    120,262 
Diversified Financial Services — 1.5%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
3.500% 1/15/25   180,000    188,701 
Air Lease Corp.          
3.750% 2/01/22   125,000    127,587 
Aircastle Ltd.          
2.850% 1/26/28 (c)   215,000    204,639 
Aviation Capital Group LLC          
5.500% 12/15/24 (c)   205,000    229,198 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (c)   265,000    262,694 
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125%          
1.320% FRN 9/26/23 (c)   340,000    339,173 
Capital One Financial Corp. 3 mo. USD LIBOR + .720%          
0.932% FRN 1/30/23   65,000    65,469 
The Charles Schwab Corp.          
0.750% 3/18/24   50,000    50,256 
3.550% 2/01/24   340,000    367,335 
Credito Real SAB de CV SOFOM ER 5 year CMT + 7.026%          
9.125% VRN (c) (d)   200,000    179,000 
Discover Financial Services          
4.100% 2/09/27   390,000    432,614 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (c)   112,750    108,127 
Interoceanica IV Finance Ltd.          
0.000% 11/30/25 (c)   624,586    592,632 
Nationstar Mortgage Holdings, Inc.          
5.500% 8/15/28 (c)   75,000    75,304 
Navient Corp.          
5.000% 3/15/27   60,000    60,150 
NFP Corp.          
6.875% 8/15/28 (c)   70,000    72,702 
OneMain Finance Corp.          
6.625% 1/15/28   120,000    135,997 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
PennyMac Financial Services, Inc.          
4.250% 2/15/29 (c)  $120,000   $114,750 
SPARC EM SPC Panama Metro Line 2 SP          
0.000% 12/05/22 (c)   100,819    98,300 
Synchrony Financial          
3.950% 12/01/27   320,000    344,597 
Unifin Financiera SAB de CV 5 year CMT + 6.308%          
8.875% VRN (c) (d)   300,000    246,000 
The Western Union Co.          
2.750% 3/15/31   425,000    406,242 
         4,701,467 
Electric — 3.5%          
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It          
7.950% 5/11/26 (c)   300,000    311,253 
AES Argentina Generacion SA          
7.750% 2/02/24 (c)   150,000    119,626 
AES Gener SA 5 year USD Swap + 4.644%          
7.125% VRN 3/26/79 (c)   200,000    214,750 
American Electric Power Co., Inc.          
2.950% 12/15/22   313,000    323,466 
Arizona Public Service Co.          
3.350% 5/15/50   130,000    128,415 
Calpine Corp.          
4.625% 2/01/29 (c)   40,000    38,972 
5.125% 3/15/28 (c)   100,000    100,465 
Chile Electricity PEC SpA          
0.000% 1/25/28 (c)   200,000    162,800 
DTE Energy Co.          
3.800% 3/15/27   500,000    550,383 
Duke Energy Corp.          
3.950% 8/15/47   240,000    246,893 
Duke Energy Progress, Inc.          
4.150% 12/01/44   240,000    270,682 
Empresa Electrica Angamos SA          
4.875% 5/25/29 (c)   147,800    147,800 
Empresa Electrica Guacolda SA          
4.560% 4/30/25 (c)   400,000    335,961 
Entergy Corp.          
2.800% 6/15/30   110,000    110,687 
Eversource Energy          
1.650% 8/15/30   250,000    231,682 
Fenix Power Peru SA          
4.317% 9/20/27 (c)   258,529    270,489 
Georgia Power Co.          
2.200% 9/15/24   385,000    401,625 
3.250% 3/15/51   355,000    337,839 
Korea East-West Power Co. Ltd.          
1.750% 5/06/25 (c)   200,000    203,850 
1.750% 5/06/25 (c)   200,000    203,850 
LLPL Capital Pte Ltd.          
6.875% 2/04/39 (c)   273,600    318,881 
Minejesa Capital BV          
4.625% 8/10/30 (c)   400,000    416,500 
Monongahela Power Co.          
5.400% 12/15/43 (c)   145,000    178,136 
NextEra Energy Capital Holdings, Inc.          
2.250% 6/01/30   750,000    733,266 
3.550% 5/01/27   195,000    213,071 
NRG Energy, Inc.          
2.000% 12/02/25 (c)   145,000    144,992 
3.625% 2/15/31 (c)   145,000    141,375 
Pacific Gas and Electric Co.          
1.367% 3/10/23   240,000    240,068 
2.500% 2/01/31   230,000    217,035 
Pampa Energia SA          
9.125% 4/15/29 (c)   150,000    124,875 
PG&E Corp.          
5.000% 7/01/28   45,000    47,541 
Pike Corp.          
5.500% 9/01/28 (c)   85,000    86,488 
PSEG Power LLC          
3.850% 6/01/23   260,000    277,078 
Sierra Pacific Power Co.          
2.600% 5/01/26   1,000,000    1,054,183 
The Southern Co.          
3.700% 4/30/30   500,000    539,890 
Transelec SA          
3.875% 1/12/29 (c)   250,000    272,287 
Xcel Energy, Inc.          
3.300% 6/01/25   1,000,000    1,072,493 
         10,789,647 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Electrical Components & Equipment — 0.0%          
Energizer Holdings, Inc.          
4.750% 6/15/28 (c)  $110,000   $113,438 
Electronics — 0.1%          
Arrow Electronics, Inc.          
3.875% 1/12/28   195,000    211,501 
Vontier Corp.          
2.400% 4/01/28 (c)   115,000    112,986 
         324,487 
Energy – Alternate Sources — 0.2%          
Empresa Electrica Cochrane SpA          
5.500% 5/14/27 (c)   361,120    377,339 
UEP Penonome II SA          
6.500% 10/01/38 (c)   200,000    201,502 
         578,841 
Engineering & Construction — 0.2%          
Sydney Airport Finance Co. Pty Ltd.          
3.375% 4/30/25 (c)   300,000    319,183 
3.625% 4/28/26 (c)   300,000    323,383 
         642,566 
Entertainment — 0.4%          
Bally's Corp.          
6.750% 6/01/27 (c)   135,000    144,788 
Caesars Entertainment, Inc.          
6.250% 7/01/25 (c)   105,000    111,699 
Caesars Resort Collection LLC/CRC Finco, Inc.          
5.250% 10/15/25 (c)   130,000    131,126 
Cedar Fair LP          
5.250% 7/15/29   75,000    77,250 
Lions Gate Capital Holdings LLC          
5.500% 4/15/29 (c) (e)   80,000    80,009 
6.375% 2/01/24 (c)   160,000    165,101 
Live Nation Entertainment, Inc.          
6.500% 5/15/27 (c)   90,000    99,789 
Scientific Games International, Inc.          
7.250% 11/15/29 (c)   75,000    81,375 
Six Flags Theme Parks, Inc.          
7.000% 7/01/25 (c)   180,000    194,800 
         1,085,937 
Environmental Controls — 0.1%          
GFL Environmental, Inc.          
3.500% 9/01/28 (c)   140,000    135,800 
4.000% 8/01/28 (c)   140,000    135,450 
         271,250 
Food — 0.5%          
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson's LLC          
3.500% 3/15/29 (c)   75,000    71,373 
B&G Foods, Inc.          
5.250% 9/15/27   50,000    52,031 
Campbell Soup Co.          
2.375% 4/24/30   115,000    112,396 
Flowers Foods, Inc.          
2.400% 3/15/31   100,000    97,471 
Kraft Heinz Foods Co.          
5.000% 7/15/35   40,000    46,025 
5.200% 7/15/45   115,000    132,672 
Mondelez International, Inc.          
1.875% 10/15/32   135,000    125,678 
Post Holdings, Inc.          
4.625% 4/15/30 (c)   110,000    110,209 
Smithfield Foods, Inc.          
4.250% 2/01/27 (c)   365,000    402,036 
Sysco Corp.          
3.300% 2/15/50   330,000    307,265 
United Natural Foods, Inc.          
6.750% 10/15/28 (c)   75,000    80,156 
US Foods, Inc.          
6.250% 4/15/25 (c)   15,000    16,080 
         1,553,392 
Gas — 0.3%          
The Brooklyn Union Gas Co.          
4.487% 3/04/49 (c)   255,000    290,046 
The East Ohio Gas Co.          
3.000% 6/15/50 (c)   245,000    227,236 
ENN Energy Holdings Ltd.          
3.250% 7/24/22 (c)   200,000    204,994 
NiSource, Inc.          
3.600% 5/01/30   110,000    119,144 
         841,420 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Health Care – Products — 0.0%          
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA          
7.250% 2/01/28 (c)  $84,000   $92,035 
Health Care – Services — 0.6%          
Anthem, Inc.          
2.375% 1/15/25   140,000    146,275 
Centene Corp.          
2.500% 3/01/31   310,000    295,275 
3.000% 10/15/30   60,000    59,900 
CHS/Community Health Systems, Inc.          
6.000% 1/15/29 (c)   95,000    100,463 
6.875% 4/15/29 (c)   70,000    73,168 
HCA, Inc.          
4.125% 6/15/29   175,000    193,814 
Health Care Service Corp.          
3.200% 6/01/50 (c)   50,000    47,151 
Legacy LifePoint Health LLC          
4.375% 2/15/27 (c)   90,000    88,200 
6.750% 4/15/25 (c)   55,000    58,438 
Radiology Partners, Inc.          
9.250% 2/01/28 (c)   95,000    103,431 
RP Escrow Issuer LLC          
5.250% 12/15/25 (c)   105,000    108,806 
Select Medical Corp.          
6.250% 8/15/26 (c)   150,000    159,414 
Tenet Healthcare Corp.          
5.125% 11/01/27 (c)   155,000    162,084 
6.125% 10/01/28 (c)   130,000    135,395 
         1,731,814 
Home Builders — 0.0%          
Mattamy Group Corp.          
4.625% 3/01/30 (c)   120,000    119,194 
Home Furnishing — 0.0%          
Tempur Sealy International, Inc.          
4.000% 4/15/29 (c)   60,000    59,700 
Household Products & Wares — 0.1%          
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.          
5.000% 12/31/26 (c)   100,000    100,000 
7.000% 12/31/27 (c)   65,000    62,294 
Spectrum Brands, Inc.          
3.875% 3/15/31 (c)   105,000    102,638 
         264,932 
Insurance — 0.4%          
Acrisure LLC / Acrisure Finance, Inc.          
4.250% 2/15/29 (c)   125,000    122,931 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer          
6.750% 10/15/27 (c)   80,000    85,853 
Athene Global Funding          
3.000% 7/01/22 (c)   325,000    335,022 
Berkshire Hathaway Finance Corp.          
2.850% 10/15/50   140,000    128,602 
GTCR AP Finance, Inc.          
8.000% 5/15/27 (c)   95,000    102,006 
Prudential Financial, Inc.          
3.905% 12/07/47   185,000    199,576 
Willis North America, Inc.          
4.500% 9/15/28   290,000    329,623 
         1,303,613 
Internet — 0.3%          
Endure Digital, Inc.          
6.000% 2/15/29 (c)   95,000    92,744 
Expedia Group, Inc.          
2.950% 3/15/31 (c)   85,000    83,755 
3.800% 2/15/28   200,000    211,724 
JD.com, Inc.          
3.375% 1/14/30   400,000    411,983 
Uber Technologies, Inc.          
7.500% 9/15/27 (c)   90,000    99,454 
         899,660 
Investment Companies — 0.2%          
Ares Capital Corp.          
2.150% 7/15/26   210,000    204,211 
Temasek Financial I Ltd. Co.          
1.000% 10/06/30 (c)   350,000    320,628 
         524,839 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Iron & Steel — 0.2%          
CSN Islands XII Corp.          
7.000% (c) (d)  $100,000   $100,250 
POSCO          
2.375% 1/17/23 (c)   200,000    205,378 
2.750% 7/15/24 (c)   200,000    211,008 
         516,636 
Leisure Time — 0.1%          
Carnival Corp.          
11.500% 4/01/23 (c)   30,000    34,387 
5.750% 3/01/27 (c)   95,000    97,656 
Viking Cruises Ltd.          
13.000% 5/15/25 (c)   30,000    35,269 
5.875% 9/15/27 (c)   160,000    156,400 
         323,712 
Lodging — 0.2%          
Boyd Gaming Corp.          
4.750% 12/01/27   150,000    152,884 
Hilton Domestic Operating Co., Inc.          
5.375% 5/01/25 (c)   20,000    21,080 
5.750% 5/01/28 (c)   20,000    21,525 
Marriott International, Inc.          
3.125% 6/15/26   200,000    209,069 
MGM Resorts International          
6.750% 5/01/25   135,000    145,125 
Wyndham Hotels & Resorts, Inc.          
4.375% 8/15/28 (c)   75,000    75,863 
         625,546 
Media — 0.4%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.750% 3/01/30 (c)   105,000    108,806 
Cengage Learning, Inc.          
9.500% 6/15/24 (c)   85,000    86,594 
Charter Communications Operating LLC/Charter Communications Operating Capital          
4.908% 7/23/25   325,000    368,602 
Comcast Corp.          
3.400% 4/01/30   195,000    210,977 
Diamond Sports Group LLC/Diamond Sports Finance Co.          
5.375% 8/15/26 (c)   50,000    35,988 
DISH DBS Corp.          
5.875% 11/15/24   40,000    41,862 
GCI LLC          
4.750% 10/15/28 (c)   90,000    92,137 
iHeartCommunications, Inc.          
8.375% 5/01/27   25,000    26,844 
Nexstar Broadcasting, Inc.          
5.625% 7/15/27 (c)   65,000    68,330 
Radiate Holdco LLC / Radiate Finance, Inc.          
4.500% 9/15/26 (c)   75,000    75,844 
Scripps Escrow II, Inc.          
3.875% 1/15/29 (c)   40,000    39,300 
Scripps Escrow, Inc.          
5.875% 7/15/27 (c)   80,000    82,392 
         1,237,676 
Mining — 0.4%          
Anglo American Capital PLC          
4.500% 3/15/28 (c)   385,000    431,890 
Arconic Corp.          
6.125% 2/15/28 (c)   130,000    138,866 
Novelis Corp.          
4.750% 1/30/30 (c)   50,000    51,506 
Vedanta Resources Co.          
9.250% 4/23/26 (c)   200,000    168,244 
Vedanta Resources Ltd.          
6.125% 8/09/24 (c)   400,000    321,500 
         1,112,006 
Miscellaneous - Manufacturing — 0.2%          
Bombardier, Inc.          
6.000% 10/15/22 (c)   90,000    90,000 
General Electric Co.          
5.875% 1/14/38   210,000    271,439 
6.875% 1/10/39   110,000    154,279 
         515,718 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Oil & Gas — 1.5%          
Apache Corp.          
4.375% 10/15/28  $60,000   $59,820 
4.625% 11/15/25   40,000    41,212 
BP Capital Markets America, Inc.          
2.939% 6/04/51   140,000    124,563 
Chesapeake Energy Corp.          
5.875% 2/01/29 (c)   100,000    106,000 
CNX Resources Corp.          
6.000% 1/15/29 (c)   65,000    67,547 
Cosan Overseas Ltd.          
8.250% (c) (d)   500,000    510,000 
Delek & Avner Tamar Bond Ltd.          
5.082% 12/30/23 (c)   100,000    103,450 
Diamondback Energy, Inc.          
0.900% 3/24/23   125,000    124,982 
2.875% 12/01/24   124,000    130,752 
EQT Corp.          
8.500% STEP 2/01/30   50,000    63,765 
Exxon Mobil Corp.          
2.610% 10/15/30   165,000    167,837 
4.227% 3/19/40   190,000    214,111 
Gran Tierra Energy International Holdings Ltd.          
6.250% 2/15/25 (c)   400,000    331,000 
Hilcorp Energy I LP / Hilcorp Finance Co.          
5.750% 2/01/29 (c)   45,000    45,394 
6.250% 11/01/28 (c)   100,000    103,000 
Indigo Natural Resources LLC          
5.375% 2/01/29 (c)   75,000    73,891 
Marathon Petroleum Corp.          
5.125% 12/15/26   310,000    361,582 
Medco Bell Pte Ltd.          
6.375% 1/30/27 (c)   200,000    200,600 
MEG Energy Corp.          
5.875% 2/01/29 (c)   15,000    15,038 
7.125% 2/01/27 (c)   105,000    109,987 
Occidental Petroleum Corp.          
3.500% 8/15/29   65,000    60,937 
6.125% 1/01/31   85,000    93,857 
6.625% 9/01/30   60,000    67,428 
8.000% 7/15/25   50,000    57,396 
Ovintiv Exploration, Inc.          
5.625% 7/01/24   95,000    104,428 
Ovintiv, Inc.          
7.375% 11/01/31   55,000    69,877 
Parkland Corp.          
4.500% 10/01/29 (c) (e)   90,000    90,310 
Petronas Capital Ltd.          
3.500% 4/21/30 (c)   200,000    213,922 
Pioneer Natural Resources Co.          
1.900% 8/15/30   300,000    278,728 
PTTEP Treasury Center Co. Ltd.          
2.587% 6/10/27 (c)   200,000    205,668 
Sunoco LP / Sunoco Finance Corp.          
4.500% 5/15/29 (c)   35,000    34,869 
5.500% 2/15/26   130,000    133,548 
6.000% 4/15/27   90,000    94,500 
Transocean Poseidon Ltd.          
6.875% 2/01/27 (c)   150,000    138,646 
Transocean, Inc.          
11.500% 1/30/27 (c)   36,000    30,878 
         4,629,523 
Oil & Gas Services — 0.1%          
Halliburton Co.          
2.920% 3/01/30   125,000    124,802 
5.000% 11/15/45   10,000    11,115 
Schlumberger Investment SA          
2.650% 6/26/30   85,000    85,372 
USA Compression Partners LP/USA Compression Finance Corp.          
6.875% 9/01/27   185,000    190,550 
         411,839 
Packaging & Containers — 0.3%          
CCL Industries, Inc.          
3.050% 6/01/30 (c)   165,000    167,008 
Packaging Corp. of America          
3.400% 12/15/27   215,000    234,433 
WRKCo, Inc.          
3.750% 3/15/25   370,000    403,874 
         805,315 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Pharmaceuticals — 0.9%          
AbbVie, Inc.          
4.700% 5/14/45  $260,000   $308,445 
Bausch Health Cos., Inc.          
6.250% 2/15/29 (c)   170,000    180,413 
Becton Dickinson and Co.          
2.894% 6/06/22   520,000    533,465 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   320,000    378,861 
Cigna Corp.          
3 mo. USD LIBOR + .890% 1.131% FRN 7/15/23   205,000    207,472 
4.900% 12/15/48   230,000    280,924 
CVS Health Corp.          
5.050% 3/25/48   180,000    220,281 
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc.          
6.125% 4/01/29 (c)   60,000    60,613 
Merck & Co., Inc.          
3.400% 3/07/29   385,000    422,698 
Viatris, Inc.          
1.650% 6/22/25 (c)   135,000    135,448 
         2,728,620 
Pipelines — 1.2%          
Antero Midstream Partners LP / Antero Midstream Finance Corp.          
5.750% 3/01/27 (c)   54,000    54,012 
Cheniere Energy Partners LP          
5.625% 10/01/26   95,000    99,341 
Enable Midstream Partners LP          
4.400% 3/15/27   120,000    129,644 
Energy Transfer Operating LP          
4.750% 1/15/26   370,000    410,662 
EQM Midstream Partners LP          
4.750% 1/15/31 (c)   140,000    135,800 
Fermaca Enterprises S de RL de CV          
6.375% 3/30/38 (c)   208,394    233,401 
GNL Quintero SA          
4.634% 7/31/29 (c)   250,000    274,562 
Hess Midstream Operations LP          
5.125% 6/15/28 (c)   110,000    111,210 
Kinder Morgan Energy Partners LP          
6.950% 1/15/38   300,000    401,728 
NGL Energy Operating LLC / NGL Energy Finance Corp.          
7.500% 2/01/26 (c)   135,000    138,519 
NuStar Logistics LP          
6.375% 10/01/30   90,000    97,200 
ONEOK, Inc.          
3.400% 9/01/29   90,000    92,235 
Peru LNG SRL          
5.375% 3/22/30 (c)   250,000    224,065 
Rattler Midstream LP          
5.625% 7/15/25 (c)   55,000    57,427 
Sabine Pass Liquefaction LLC          
5.000% 3/15/27   170,000    193,412 
Sunoco Logistics Partners Operations LP          
3.900% 7/15/26   750,000    807,022 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
5.500% 3/01/30   100,000    105,000 
Western Midstream Operating LP          
4.350% STEP 2/01/25   75,000    77,625 
         3,642,865 
Real Estate — 0.0%          
Realogy Group LLC / Realogy Co-Issuer Corp.          
5.750% 1/15/29 (c)   70,000    69,037 
7.625% 6/15/25 (c)   50,000    54,590 
         123,627 
Real Estate Investment Trusts (REITS) — 1.2%          
Alexandria Real Estate Equities, Inc.          
3.000% 5/18/51   130,000    117,960 
American Tower Corp.          
3.375% 10/15/26   472,000    509,773 
3.600% 1/15/28   370,000    398,908 
Boston Properties LP          
3.400% 6/21/29   335,000    351,710 
Corporate Office Properties LP          
2.750% 4/15/31   50,000    48,311 
Crown Castle International Corp.          
3.650% 9/01/27   360,000    392,095 
3.700% 6/15/26   700,000    764,739 
4.000% 3/01/27   225,000    248,736 
Equinix, Inc.          
1.800% 7/15/27   130,000    127,467 
Iron Mountain, Inc.          
4.500% 2/15/31 (c)   60,000    59,316 
National Retail Properties, Inc.          
2.500% 4/15/30   115,000    112,685 
Omega Healthcare Investors, Inc.          
3.250% 4/15/33   50,000    48,001 
Simon Property Group LP          
2.450% 9/13/29   190,000    187,963 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC          
6.500% 2/15/29 (c)   70,000    69,580 
VICI Properties LP / VICI Note Co., Inc.          
3.750% 2/15/27 (c)   15,000    15,016 
4.125% 8/15/30 (c)   60,000    60,522 
Welltower, Inc.          
2.800% 6/01/31   210,000    208,562 
         3,721,344 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Retail — 0.6%          
Asbury Automotive Group, Inc.          
4.500% 3/01/28  $16,000   $16,367 
4.750% 3/01/30   16,000    16,480 
Beacon Roofing Supply, Inc.          
4.875% 11/01/25 (c)   160,000    163,600 
CK Hutchison International 20 Ltd.          
2.500% 5/08/30 (c)   200,000    198,498 
Dollar Tree, Inc.          
4.000% 5/15/25   325,000    358,707 
Ferrellgas Escrow LLC / FG Operating Finance Escrow Corp.          
5.375% 4/01/26 (c)   55,000    54,631 
Golden Nugget, Inc.          
6.750% 10/15/24 (c)   175,000    176,750 
The Home Depot, Inc.          
3.900% 6/15/47   170,000    190,505 
IRB Holding Corp.          
6.750% 2/15/26 (c)   120,000    124,200 
McDonald's Corp.          
3.600% 7/01/30   205,000    223,451 
4.450% 3/01/47   190,000    220,208 
Staples, Inc.          
7.500% 4/15/26 (c)   115,000    121,325 
Superior Plus LP / Superior General Partner, Inc.          
4.500% 3/15/29 (c)   120,000    121,224 
         1,985,946 
Semiconductors — 0.4%          
Broadcom, Inc.          
3.150% 11/15/25   69,000    73,513 
3.419% 4/15/33 (c)   226,000    227,198 
Marvell Technology Group Ltd.          
4.200% 6/22/23   385,000    411,928 
Micron Technology, Inc.          
2.497% 4/24/23   190,000    196,867 
NXP BV / NXP Funding LLC / NXP USA, Inc.          
3.875% 6/18/26 (c)   190,000    208,696 
Texas Instruments, Inc.          
1.750% 5/04/30   105,000    100,118 
         1,218,320 
Software — 0.3%          
Activision Blizzard, Inc.          
1.350% 9/15/30   230,000    207,617 
Oracle Corp.          
3.850% 4/01/60   240,000    234,685 
Roper Technologies, Inc.          
1.750% 2/15/31   455,000    422,173 
         864,475 
Telecommunications — 0.9%          
AT&T, Inc.          
3.500% 9/15/53 (c)   679,000    624,474 
Avaya, Inc.          
6.125% 9/15/28 (c)   80,000    85,104 
Bell Canada          
0.750% 3/17/24   210,000    209,706 
CenturyLink, Inc.          
4.000% 2/15/27 (c)   85,000    86,822 
5.125% 12/15/26 (c)   105,000    110,605 
Digicel Group 0.5 Ltd.          
7.000% (c) (d)   78,040    56,946 
8.000% 4/01/25 (c)   52,337    43,178 
Front Range BidCo, Inc.          
4.000% 3/01/27 (c)   90,000    88,560 
6.125% 3/01/28 (c)   50,000    51,422 
Frontier Communications Corp.          
5.000% 5/01/28 (c)   60,000    61,050 
5.875% 10/15/27 (c)   30,000    31,800 
6.750% 5/01/29 (c)   30,000    31,641 
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.          
9.875% 5/01/24 (c)   75,000    78,937 
GTT Communications, Inc.          
7.875% 12/31/24 (c)   50,000    8,250 
T-Mobile USA, Inc.          
2.250% 2/15/26   135,000    135,971 
2.550% 2/15/31 (c)   500,000    488,865 
2.875% 2/15/31   30,000    28,995 
3.375% 4/15/29   35,000    35,360 
3.500% 4/15/25 (c)   130,000    140,323 
Telesat Canada/telesat L          
6.500% 10/15/27 (c)   40,000    40,069 
Verizon Communications, Inc.          
2.650% 11/20/40   25,000    22,794 
4.400% 11/01/34   335,000    382,589 
         2,843,461 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Transportation — 0.5%          
CSX Corp.          
3.800% 11/01/46  $350,000   $371,970 
Empresa de Transporte de Pasajeros Metro SA          
5.000% 1/25/47 (c)   750,000    874,875 
FedEx Corp.          
4.750% 11/15/45   160,000    186,842 
         1,433,687 
Trucking & Leasing — 0.1%          
Penske Truck Leasing Co. LP/PTL Finance Corp.          
4.200% 4/01/27 (c)   185,000    206,940 
Water — 0.1%          
Essential Utilities, Inc.          
2.704% 4/15/30   220,000    221,516 
           
TOTAL CORPORATE DEBT
(Cost $74,114,912)
        76,371,983 
           
Municipal Obligations — 0.1%          
Missouri Highway & Transportation Commission, Revenue Bonds,          
5.063% 5/01/24   135,000    153,216 
State of California BAB, General Obligation          
7.550% 4/01/39   190,000    306,936 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $428,519)
        460,152 
           
Non-U.S. Government Agency Obligations — 27.4%          
Commercial Mortgage-Backed Securities — 8.2%          
BANK          
Series 2020-BN28, Class AS, 2.140% 3/15/63   380,000    366,189 
Series 2018-BN10, Class C, 4.163% VRN 2/15/61 (f)   310,000    323,693 
Series 2017-BNK5, Class C, 4.255% VRN 6/15/60 (f)   200,000    206,504 
Benchmark Mortgage Trust          
Series 2020-B19, Class AS, 2.148% 9/15/53   380,000    366,493 
Series 2020-B18, Class C, 3.647% VRN 7/15/53 (f)   354,000    363,895 
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (c)   378,000    382,107 
BFLD 2019-DPLO, Series 2019-DPLO, Class E, 1 mo. USD LIBOR + 2.240%          
 2.346% FRN 10/15/34 (c)   300,000    297,002 
BX Trust, Series 2019-OC11, Class E,          
 4.076% VRN 12/09/41 (c) (f)   391,000    383,501 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,          
0.991% VRN 1/10/48 (f)   5,540,316    231,232 
CHT Mortgage Trust          
Series 2017-CSMO, Class E, 1 mo. USD LIBOR + 3.000% 3.106% FRN 11/15/36 (c)   273,000    273,426 
Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.741% 3.847% FRN 11/15/36 (c)   320,000    318,203 
Citigroup Commercial Mortgage Trust          
Series 2016-GC36, Class D, 2.850% 2/10/49 (c)   201,000    144,238 
Series 2019-GC41, Class B, 3.199% 8/10/56   377,000    386,254 
Series 2020-420K, Class D, 3.312% VRN 11/10/42 (c) (f)   200,000    190,433 
Series 2020-420K, Class E, 3.312% VRN 11/10/42 (c) (f)   200,000    181,392 
Series 2015-GC31, Class C, 4.055% VRN 6/10/48 (f)   700,000    726,455 
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f)   340,000    361,317 
Commercial Mortgage Pass-Through Certificates          
Series 2014-CR20, Class C, 4.514% VRN 11/10/47 (f)   411,000    429,749 
Series 2015-LC23, Class C, 4.617% VRN 10/10/48 (f)   470,000    511,400 
Series 2016-CR28, Class C, 4.641% VRN 2/10/49 (f)   465,000    503,549 
CSAIL Commercial Mortgage Trust          
Series 2015-C1, Class XA, 0.827% VRN 4/15/50 (f)   8,116,513    214,334 
Series 2020-C19, Class C, 3.614% VRN 3/15/53 (f)   332,000    333,229 
Series 2019-C16, Class B, 3.885% 6/15/52   334,000    367,170 
Series 2016-C6, Class B, 3.924% VRN 1/15/49 (f)   298,000    322,491 
Series 2015-C4, Class C, 4.563% VRN 11/15/48 (f)   427,000    464,031 
Series 2018-C14, Class C, 4.891% VRN 11/15/51 (f)   405,000    436,171 
Series 2016-C6, Class C, 4.953% VRN 1/15/49 (f)   378,000    397,884 
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.450%          
2.556% FRN 6/15/33 (c)   550,000    522,511 
Fontainebleau Miami Beach Trust          
Series 2019-FBLU, Class E, 3.963% VRN 12/10/36 (c) (f)   200,000    204,368 
Series 2019-FBLU, Class G, 3.963% VRN 12/10/36 (c) (f)   236,000    234,318 
Grace Trust, Series 2020-GRCE, Class D,          
2.680% VRN 12/10/40 (c) (f)   125,000    120,991 
GS Mortgage Securities Trust          
Series 2015-GS1, Class XA, 0.762% VRN 11/10/48 (f)   7,824,374    249,812 
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 1.356% FRN 7/15/35 (c)   167,000    162,514 
Series 2013-GC10, Class XA, 1.487% VRN 2/10/46 (f)   4,348,698    98,409 
Series 2019-SOHO, Class E, 1 mo. USD LIBOR + 1.875% 1.981% FRN 6/15/36 (c)   318,000    304,827 
Series 2014-GC26, Class D, 4.514% VRN 11/10/47 (c) (f)   1,117,000    760,888 
Series 2016-GS2, Class C, 4.709% VRN 5/10/49 (f)   340,000    360,220 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
GSCG Trust, Series 2019-600C, Class E,          
3.985% VRN 9/06/34 (c) (f)  $497,000   $486,977 
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%          
3.256% FRN 11/15/36 (c)   409,208    391,825 
JP Morgan Chase Commercial Mortgage Securities Trust          
Series 2015-JP1, Class XA, 0.922% VRN 1/15/49 (f)   4,007,249    151,125 
Series 2016-JP2, Class B, 3.460% 8/15/49   174,000    181,313 
JPMBB Commercial Mortgage Securities Trust          
Series 2015-C30, Class XA, 0.506% VRN 7/15/48 (f)   9,295,056    178,547 
Series 2015-C29, Class XA, 0.653% VRN 5/15/48 (f)   7,720,486    181,871 
Series 2014-C25, Class XA, 0.844% VRN 11/15/47 (f)   4,032,913    106,073 
Series 2015-C28, Class XA, 0.969% VRN 10/15/48 (f)   6,668,518    203,493 
Series 2015-C27, Class D, 3.854% VRN 2/15/48 (c) (f)   704,000    637,134 
Series 2015-C28, Class B, 3.986% 10/15/48   340,000    365,227 
Series 2015-C29, Class C, 4.198% VRN 5/15/48 (f)   162,000    162,522 
Series 2015-C33, Class C, 4.612% VRN 12/15/48 (f)   527,000    565,024 
Series 2015-C32, Class C, 4.652% VRN 11/15/48 (f)   87,000    71,266 
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C,          
3.726% VRN 5/13/53 (f)   327,000    336,162 
MF1 Ltd., Series 2020-FL3, Class AS, 1 mo. USD LIBOR + 2.850%          
2.956% FRN 7/15/35 (c)   318,000    323,135 
Morgan Stanley Bank of America Merrill Lynch Trust          
Series 2015-C27, Class D, 3.237% VRN 12/15/47 (c) (f)   504,000    459,518 
Series 2015-C23, Class C, 4.145% VRN 7/15/50 (f)   650,000    675,608 
Series 2015-C27, Class C, 4.516% VRN 12/15/47 (f)   351,000    359,459 
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,          
0.874% VRN 12/15/48 (f)   6,192,570    211,164 
MSCG Trust, Series 2018-SELF, Class F, 1 mo. USD LIBOR + 3.050%          
3.156% FRN 10/15/37 (c)   413,000    412,744 
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200%          
2.306% FRN 6/15/35 (c)   368,000    338,287 
SG Commercial Mortgage Securities Trust          
Series 2016-C5, Class XA, 1.952% VRN 10/10/48 (f)   3,793,616    255,069 
Series 2016-C5, Class B, 3.933% 10/10/48   411,000    429,108 
UBS Commercial Mortgage Trust          
Series 2017-C2, Class B, 3.993% VRN 8/15/50 (f)   332,000    351,851 
Series 2017-C1, Class B, 4.036% 6/15/50   328,000    347,799 
Series 2017-C6, Class B, 4.154% VRN 12/15/50 (f)   340,000    376,303 
Wells Fargo Commercial Mortgage Trust          
Series 2015-NXS2, Class XA, 0.663% VRN 7/15/58 (f)   10,116,752    234,884 
Series 2015-P2, Class XA, 0.926% VRN 12/15/48 (f)   4,379,017    165,364 
Series 2019-C53, Class XA, 1.020% VRN 10/15/52 (f)   4,342,343    305,174 
Series 2020-C57, Class XA, 2.100% VRN 8/15/53 (f)   2,229,839    342,821 
Series 2016-C35, Class B, 3.438% 7/15/48   328,000    346,179 
Series 2016-NXS6, Class B, 3.811% 11/15/49   248,000    267,329 
Series 2014-LC16, Class D, 3.938% 8/15/50 (c)   169,000    38,997 
Series 2015-C28, Class C, 4.094% VRN 5/15/48 (f)   248,000    254,266 
Series 2019-C50, Class B, 4.192% 5/15/52   409,000    458,401 
Series 2019-C50, Class C, 4.345% 5/15/52   409,000    424,109 
Series 2016-LC24, Class C, 4.458% VRN 10/15/49 (f)   325,000    336,638 
Series 2016-C37, Class C, 4.485% VRN 12/15/49 (f)   376,000    403,627 
Series 2015-NXS4, Class C, 4.699% VRN 12/15/48 (f)   421,000    447,547 
Series 2019-C49, Class C, 4.866% VRN 3/15/52 (f)   248,000    271,937 
         25,357,077 
Home Equity Asset-Backed Securities — 1.6%          
GSAA Home Equity Trust, Series 2007-10, Class A2A          
6.500% 11/25/37   3,703,131    2,399,522 
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE6, Class A2C, 1 mo. USD LIBOR + .150%          
0.259% FRN 9/25/36   5,664,419    2,497,700 
         4,897,222 
Other Asset-Backed Securities — 10.2%          
AASET US Ltd., Series 2018-1A, Class A          
3.844% 1/16/38 (c)   513,749    491,099 
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,          
5.682% STEP 12/16/41 (c)   752,144    743,151 
BlueMountain CLO Ltd.          
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% 2.824% FRN 4/20/31 (c)   1,000,000    934,389 
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 4.374% FRN 1/20/29 (c)   1,000,000    985,592 
Catamaran CLO 2016-1 Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 3.750%          
3.940% FRN 1/18/29 (c)   500,000    492,686 
CLI Funding VI LLC          
Series 2020-3A, Class A, 2.070% 10/18/45 (c)   236,042    236,034 
Series 2019-1A, Class A, 3.710% 5/18/44 (c)   408,344    409,230 
Dividend Solar Loans LLC, Series 2018-1, Class B          
4.290% 7/20/38 (c)   691,956    741,189 
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100%          
3.294% FRN 8/15/31 (c)   500,000    500,279 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Gilbert Park CLO Ltd.          
Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 3.191% FRN 10/15/30 (c)  $500,000   $498,588 
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 6.641% FRN 10/15/30 (c)   1,000,000    991,553 
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300%          
3.524% FRN 1/20/30 (c)   1,000,000    1,000,193 
Helios Issuer LLC          
Series 2020-AA, Class A, 2.980% 6/20/47 (c)   447,296    451,593 
Series 2017-1A, Class A, 4.940% 9/20/49 (c)   207,636    220,217 
Hero Funding Trust, Series 2016-4A, Class A2          
4.290% 9/20/47 (c)   180,308    187,768 
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000%          
3.241% FRN 10/15/30 (c)   500,000    485,380 
Invitation Homes Trust          
Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250% 1.358% FRN 3/17/37 (c)   1,145,000    1,147,487 
Series 2018-SFR1, Class D, 1 mo. USD LIBOR + 1.450% 1.558% FRN 3/17/37 (c)   749,727    750,887 
ITE Rail Fund Levered LP, Series 2021-1A, Class A          
2.250% 2/28/51 (c)   995,683    991,858 
JOL Air Ltd., Series 2019-1, Class A          
3.967% 4/15/44 (c)   434,262    436,889 
Long Beach Mortgage Loan Trust, Series 2006-7, Class 1A, 1 mo. USD LIBOR + .155%          
0.264% FRN 8/25/36   3,090,927    1,930,510 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (c)   418,398    420,885 
Madison Park Funding Ltd., Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950%          
3.172% FRN 10/22/30 (c)   500,000    496,846 
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150%          
0.259% FRN 8/25/37   1,751,583    1,697,015 
Mosaic Solar Loans Trust          
Series 2020-1A, Class A, 2.100% 4/20/46 (c)   414,864    413,175 
Series 2020-2A, Class B, 2.210% 8/20/46 (c)   462,271    459,845 
Series 2017-1A, Class A, 4.450% 6/20/42 (c)   346,051    377,147 
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050%          
3.274% FRN 10/20/30 (c)   500,000    498,423 
Octagon Investment Partners 30 Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 3.300%          
3.524% FRN 3/17/30 (c)   1,000,000    1,000,003 
Primose Funding LLC, Series 2019-1A, Class A2          
4.475% 7/30/49 (c)   987,500    1,006,282 
Sprite Ltd., Series 2017-1, Class A          
4.250% 12/15/37 (c)   321,051    324,393 
START Ireland, Series 2019-1, Class A          
4.089% 3/15/44 (c)   308,478    309,674 
Sunrun Atlas Issuer LLC, Series 2019-2, Class A          
3.610% 2/01/55 (c)   726,297    766,263 
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050%          
3.291% FRN 10/15/31 (c)   500,000    500,031 
Taco Bell Funding LLC, Series 2018-1A, Class A2I          
4.318% 11/25/48 (c)   977,500    982,394 
Textainer Marine Containers Ltd.          
Series 2020-2A, Class A, 2.100% 9/20/45 (c)   476,606    477,636 
Series 2019-1A, Class A, 3.960% 4/20/44 (c)   423,333    422,745 
Thunderbolt Aircraft Lease Ltd.          
Series 2018-A, Class A, 4.147% STEP 9/15/38 (c)   442,900    443,729 
Series 2017-A, Class A, 4.212% STEP 5/17/32 (c)   855,185    867,649 
TIF Funding II LLC, Series 2021-1A, Class A          
1.650% 2/20/46 (c)   987,083    969,571 
TPG Real Estate Finance Issuer Ltd., Series 2018-FL2, Class AS, 1 mo. USD LIBOR + 1.450%          
1.558% FRN 11/15/37 (c)   314,000    313,998 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1          
2.709% 8/15/47 (c)   59,189    59,227 
Vantage Data Centers LLC, Series 2020-2A, Class A2          
1.992% 9/15/45 (c)   375,000    368,313 
VB-S1 Issuer LLC, Series 2020-1A, Class C2          
3.031% 6/15/50 (c)   500,000    517,887 
Westcott Park CLO Ltd., Series 2016-1A, Class DR, 3 mo. USD LIBOR + 3.250%          
3.474% FRN 7/20/28 (c)   500,000    499,827 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (c)   757,554    753,297 
Wind River CLO Ltd.          
Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750% 3.973% FRN 4/18/29 (c)   1,000,000    999,041 
Series 2017-1A, Class DR, 3 mo. USD LIBOR + 3.720% 4.000% FRN 4/18/36 (c) (e)   1,000,000    989,895 
         31,561,763 
Student Loans Asset-Backed Securities — 0.4%          
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%          
1.309% FRN 12/26/47 (c)   325,239    327,183 
SoFi Professional Loan Program LLC          
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)   350,000    353,693 
Series 2018-B, Class BFX, 3.830% 8/25/47 (c)   500,000    511,945 
         1,192,821 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Whole Loan Collateral Collateralized Mortgage Obligations — 6.6%          
CIM Trust, Series 2017-6, Class A1,          
3.015% VRN 6/25/57 (c) (f)  $1,543,518   $1,527,074 
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,          
3.107% VRN 4/25/37 (f)   1,060,547    1,001,921 
Countrywide Alternative Loan Trust          
Series 2006-13T1, Class A11, 6.000% 5/25/36   1,869,097    1,249,185 
Series 2006-36T2, Class 2A1, 6.250% 12/25/36   3,328,450    2,052,899 
Countrywide Home Loans Mortgage Pass-Through Trust          
Series 2007-HYB2, Class 3A1, 2.837% VRN 2/25/47 (f)   1,107,848    1,028,661 
Series 2007-3, Class A21, 6.000% 4/25/37   1,703,607    1,271,532 
Series 2007-14, Class A6, 6.000% 9/25/37   1,373,189    1,039,558 
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340%          
0.450% FRN 12/19/36   891,146    808,877 
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1,          
3.222% VRN 5/25/37 (f)   2,277,263    1,999,072 
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. USD LIBOR + .200%          
0.309% FRN 7/25/47   2,532,548    2,500,243 
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,          
3.014% VRN 7/25/35 (f)   367,622    350,750 
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1,          
3.078% VRN 2/25/36 (f)   2,047,701    1,763,849 
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,          
6.500% VRN 10/26/37 (c) (f)   864,323    595,415 
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%          
6.000% FRN 4/25/37   228,644    214,564 
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,          
2.727% VRN 10/25/37 (f)   784,317    689,523 
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAC3,          
3.285% VRN 2/25/38 (c) (f)   2,109,186    1,519,984 
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,          
6.350% STEP 5/25/36   911,434    840,011 
         20,453,118 
Whole Loan Collateral Planned Amortization Classes — 0.4%          
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15          
6.000% 8/25/36   1,650,952    1,348,107 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $88,678,864)
        84,810,108 
           
Sovereign Debt Obligations — 2.4%          
Abu Dhabi Government International Bond          
3.125% 4/16/30 (c)   200,000    214,315 
3.125% 9/30/49 (c)   400,000    380,952 
Brazilian Government International Bond          
5.625% 2/21/47   300,000    304,428 
Chile Government International Bond          
3.100% 1/22/61   700,000    648,067 
Colombia Government International Bond          
4.125% 5/15/51   250,000    237,500 
5.000% 6/15/45   200,000    212,630 
Dominican Republic International Bond          
5.875% 1/30/60 (c)   300,000    286,950 
Indonesia Government International Bond          
3.375% 4/15/23 (c)   200,000    209,832 
3.700% 10/30/49   250,000    253,891 
Korea Electric Power Corp.          
1.125% 6/15/25 (c)   200,000    198,499 
Mexico Government International Bond          
3.750% 1/11/28   535,000    571,728 
3.771% 5/24/61   500,000    440,040 
Panama Government International Bond          
3.870% 7/23/60   200,000    197,232 
4.300% 4/29/53   200,000    213,937 
Perusahaan Penerbit SBSN Indonesia          
3.800% 6/23/50 (c)   200,000    202,270 
4.150% 3/29/27 (c)   200,000    220,530 
Peruvian Government International Bond          
2.780% 12/01/60   150,000    123,562 
2.783% 1/23/31   200,000    199,802 
3.300% 3/11/41   100,000    96,968 
3.550% 3/10/51   300,000    291,336 
Philippine Government International Bond          
1.648% 6/10/31   400,000    377,784 
3.700% 3/01/41   450,000    469,742 
Qatar Government International Bond          
3.375% 3/14/24 (c)   200,000    214,493 
Saudi Government International Bond          
2.900% 10/22/25 (c)   250,000    265,000 
3.450% 2/02/61 (c)   200,000    183,698 
3.750% 1/21/55 (c)   200,000    195,840 
State of Israel          
3.375% 1/15/50   200,000    202,000 
          
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $7,399,706)        7,413,026 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
U.S. Government Agency Obligations and Instrumentalities — 15.1%          
Collateralized Mortgage Obligations — 9.8%          
Federal Home Loan Mortgage Corp. REMICS          
Series 4934, Class P, 2.500% 11/15/40  $2,134,712   $2,233,173 
Series 4093, Class PA, 3.000% 8/15/42   2,113,335    2,190,908 
Series 4481, Class B, 3.000% 12/15/42   2,627,040    2,676,050 
Series 4483, Class CA, 3.000% 6/15/44   3,227,935    3,376,277 
Series 4750, Class PA, 3.000% 7/15/46   1,055,412    1,081,967 
Federal Home Loan Mortgage Corp. STRIPS          
Series 355, Class 300, 3.000% 8/15/47   2,253,176    2,382,747 
Series 358, Class 300, 3.000% 10/15/47   1,905,061    2,009,414 
Federal National Mortgage Association
Series 2018-44, Class PZ  3.500% 6/25/48
   2,870,636    3,126,071 
Federal National Mortgage Association REMICS          
Series 2018-21, Class PO, 0.000% 4/25/48   1,393,474    1,245,222 
Series 2015-9, Class HA, 3.000% 1/25/45   530,542    559,551 
Government National Mortgage Association          
Series 2015-74, Class LZ, 3.500% 5/20/45   3,501,743    3,647,294 
Series 2015-92, Class CZ, 3.500% 6/20/45   5,571,803    5,928,776 
         30,457,450 
Pass-Through Securities — 4.4%          
Federal Home Loan Mortgage Corp.          
Pool #BL5484 2.260% 1/01/30   3,000,000    3,110,522 
Pool #G08520 2.500% 1/01/43   781,208    808,079 
Pool #SB0048 3.000% 8/01/34   1,641,941    1,751,213 
Pool #G08632 3.500% 3/01/45   1,227,323    1,321,038 
Federal National Mortgage Association          
Pool #MA4281 2.000% 3/01/51   3,990,291    3,980,972 
Pool #MA2248 3.000% 4/01/45   681,376    712,074 
Pool #AS7661 3.000% 8/01/46   555,336    578,446 
Pool #AX2501 4.000% 10/01/44   1,114,832    1,224,653 
         13,486,997 
Whole Loans — 0.9%          
Federal Home Loan Mortgage Corp. SCRT
Series 2018-2, Class HV  3.000% VRN 11/25/57 (f)
   2,734,195    2,888,596 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $44,403,905)
        46,833,043 
           
U.S. Treasury Obligations — 23.4%          
U.S. Treasury Bonds & Notes — 23.4%          
U.S. Treasury Bond          
1.250% 5/15/50   10,880,000    8,186,039 
1.875% 2/15/41   4,250,000    3,946,037 
1.875% 2/15/51   3,960,000    3,500,695 
2.750% 11/15/42   165,000    176,332 
2.750% 11/15/47   2,070,000    2,206,464 
4.750% 2/15/37   1,880,000    2,566,787 
U.S. Treasury Note          
0.125% 6/30/22   6,720,000    6,721,450 
0.250% 11/15/23   340,000    339,801 
0.250% 3/15/24   13,290,000    13,252,555 
0.375% 11/30/25   430,000    420,408 
0.500% 6/30/27   3,300,000    3,147,537 
0.500% 10/31/27   480,000    454,378 
0.750% 3/31/26   5,940,000    5,885,652 
0.875% 11/15/30   420,000    388,102 
1.125% 2/15/31   1,870,000    1,765,087 
1.250% 3/31/28   6,280,000    6,210,900 
1.625% 10/31/26   1,830,000    1,881,930 
2.125% 9/30/24   2,410,000    2,545,297 
2.250% 10/31/24   2,990,000    3,171,279 
2.625% 1/31/26   500,000    540,995 
2.750% 2/28/25   1,810,000    1,958,217 
3.000% 9/30/25   2,930,000    3,215,540 
         72,481,482 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $74,888,541)
        72,481,482 
           
TOTAL BONDS & NOTES
(Cost $301,802,325)
        300,266,366 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $301,802,325)
        300,266,366 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Short-Term Investments — 3.1%          
Repurchase Agreement — 1.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (g)  $4,213,011   $4,213,011 
U.S. Treasury Bill — 1.7%          
U.S. Treasury Bill          
0.000% 5/06/21   5,150,000    5,149,912 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,362,873)
        9,362,923 
           
TOTAL INVESTMENTS — 99.9%
(Cost $311,165,198) (h)
        309,629,289 
           
Less Unfunded Loan Commitments (0.00)%        (27,764)
           
NET INVESTMENTS — 99.9% (Cost $311,137,434)        309,601,525 
           
Other Assets/(Liabilities) — 0.1%        200,937 
           
NET ASSETS — 100.0%       $309,802,462 

 

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 March 31, 2021 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 March 31, 2021, the aggregate market value of these securities amounted to $78,021,397 or 25.18% 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 March 31, 2021.
(g) Maturity value of $4,213,011. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $4,297,354.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

Currency Legend
USD U.S. Dollar

 

 

 

MML Equity Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
 
Equities — 99.0%        
Common Stock — 98.9%        
         
Basic Materials — 3.6%        
Chemicals — 2.2%        
Celanese Corp.   9,600   $1,438,176 
Eastman Chemical Co.   11,200    1,233,344 
FMC Corp.   10,700    1,183,527 
Huntsman Corp.   11,000    317,130 
International Flavors & Fragrances, Inc.   9,484    1,324,061 
Linde PLC   19,542    5,474,496 
LyondellBasell Industries NV Class A   27,500    2,861,375 
The Mosaic Co.   31,200    986,232 
PPG Industries, Inc.   16,569    2,489,658 
RPM International, Inc.   10,700    982,795 
The Sherwin-Williams Co.   1,150   848,712 
         19,139,506 
Forest Products & Paper — 0.8%          
International Paper Co.   127,305    6,883,381 
Iron & Steel — 0.4%          
Nucor Corp.   24,800    1,990,696 
Reliance Steel & Aluminum Co.   5,200    791,908 
Steel Dynamics, Inc.   17,300    878,148 
         3,660,752 
Mining — 0.2%          
Freeport-McMoRan, Inc. (a)   24,400    803,492 
Southern Copper Corp.   1,112    75,471 
Teck Resources Ltd. Class B   26,000    498,680 
         1,377,643 
         31,061,282 
Communications — 7.1%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   18,400    537,280 
Omnicom Group, Inc.   17,700    1,312,455 
         1,849,735 
Internet — 2.7%          
Alphabet, Inc. Class C (a)   7,971    16,489,049 
CDW Corp.   11,800    1,955,850 
eBay, Inc.   56,700    3,472,308 
Facebook, Inc. Class A (a)   5,900    1,737,727 
         23,654,934 
Media — 2.5%          
Charter Communications, Inc. Class A (a)   1,000    617,020 
Comcast Corp. Class A   275,600    14,912,716 
Discovery, Inc. Class A (a) (b)   10,300    447,638 
Fox Corp. Class A   27,800    1,003,858 
The Walt Disney Co. (a)   26,213   4,836,823 
         21,818,055 
Telecommunications — 1.7%          
Cisco Systems, Inc.   232,800    12,038,088 
Corning, Inc.   40,300    1,753,453 
Juniper Networks, Inc.   18,900    478,737 
         14,270,278 
         61,593,002 
Consumer, Cyclical — 11.6%          
Airlines — 0.3%          
Southwest Airlines Co.   39,361    2,403,383 
Apparel — 0.1%          
Hanesbrands, Inc.   13,300    261,611 
Skechers U.S.A., Inc. Class A (a)   7,600    316,996 
         578,607 
Auto Manufacturers — 2.1%          
Cummins, Inc.   12,200    3,161,142 
Ford Motor Co. (a)   320,900    3,931,025 
General Motors Co.   161,353    9,271,344 
PACCAR, Inc.   22,300    2,072,116 
         18,435,627 
Auto Parts & Equipment — 0.1%          
Lear Corp.   3,400    616,250 
Distribution & Wholesale — 0.3%          
LKQ Corp. (a)   25,000    1,058,250 
W.W. Grainger, Inc.   3,200    1,282,976 
         2,341,226 
Entertainment — 0.1%          
Live Nation Entertainment, Inc. (a) (b)   6,257    529,655 
Vail Resorts, Inc.   600    174,996 
         704,651 
Home Builders — 0.7%          
D.R. Horton, Inc.   30,000    2,673,600 
Lennar Corp. Class A   22,700    2,297,921 
PulteGroup, Inc.   22,100    1,158,924 
Toll Brothers, Inc.   7,000    397,110 
         6,527,555 

  

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Home Furnishing — 0.2%          
Tempur Sealy International, Inc.  6,800   $248,608 
Whirlpool Corp.   5,100   1,123,785 
         1,372,393 
Housewares — 0.1%          
Newell Brands, Inc.   34,800    931,944 
The Scotts Miracle-Gro Co.   1,200    293,964 
         1,225,908 
Leisure Time — 0.1%          
Brunswick Corp.   6,400    610,368 
Polaris, Inc.   2,500    333,750 
         944,118 
Lodging — 0.4%          
Hilton Worldwide Holdings, Inc.   14,573    1,762,167 
Hyatt Hotels Corp. Class A   3,200    264,640 
Marriott International, Inc. Class A   7,337    1,086,683 
         3,113,490 
Retail — 7.0%          
Advance Auto Parts, Inc.   5,500    1,009,195 
AutoNation, Inc. (a)   7,200    671,184 
AutoZone, Inc. (a)   2,000    2,808,600 
Best Buy Co., Inc.   21,300    2,445,453 
CarMax, Inc. (a)   6,300    835,758 
Casey's General Stores, Inc.   3,000    648,570 
Dollar Tree, Inc. (a)   19,300    2,209,078 
Genuine Parts Co.   11,900    1,375,521 
The Home Depot, Inc.   31,700    9,676,425 
L Brands, Inc.   12,481    772,075 
Lowe's Cos., Inc.   64,900    12,342,682 
McDonald's Corp.   5,509    1,234,787 
O'Reilly Automotive, Inc. (a)   5,900    2,992,775 
Ross Stores, Inc.   7,290    874,144 
Starbucks Corp.   18,200    1,988,714 
Target Corp.   41,200    8,160,484 
The TJX Cos., Inc.   28,964    1,915,968 
Tractor Supply Co.   6,400    1,133,312 
Walgreens Boots Alliance, Inc.   36,600    2,009,340 
Walmart, Inc.   9,100    1,236,053 
Williams-Sonoma, Inc.   4,400    788,480 
Yum! Brands, Inc.   34,005    3,678,661 
         60,807,259 
Textiles — 0.1%          
Mohawk Industries, Inc. (a)   5,800    1,115,398 
         100,185,865 
Consumer, Non-cyclical — 18.7%        
Agriculture — 1.9%        
Altria Group, Inc.   63,000   3,223,080 
Archer-Daniels-Midland Co.   45,700    2,604,900 
Bunge Ltd.   11,500    911,605 
Darling Ingredients, Inc. (a)   24,032    1,768,275 
Philip Morris International, Inc.   88,100    7,817,994 
         16,325,854 
Beverages — 0.0%          
Molson Coors Beverage Co. Class B   6,800    347,820 
Biotechnology — 1.3%          
Alexion Pharmaceuticals, Inc. (a)   12,100    1,850,211 
Amgen, Inc.   33,700    8,384,897 
Bio-Rad Laboratories, Inc. Class A (a)   2,100    1,199,457 
         11,434,565 
Commercial Services — 0.8%          
AMERCO   1,700    1,041,420 
Quanta Services, Inc.   8,800    774,224 
Service Corp. International   14,400    735,120 
United Rentals, Inc. (a)   14,550    4,791,460 
         7,342,224 
Cosmetics & Personal Care — 1.1%          
The Procter & Gamble Co.   68,200    9,236,326 
Food — 0.8%          
Conagra Brands, Inc.   31,400    1,180,640 
The J.M. Smucker Co.   6,300    797,139 
The Kraft Heinz Co.   78,400    3,136,000 
Mondelez International, Inc. Class A   12,680    742,160 
Tyson Foods, Inc. Class A   18,800    1,396,840 
         7,252,779 
Health Care – Products — 2.3%          
Abbott Laboratories   13,100    1,569,904 
Danaher Corp.   24,653    5,548,897 
Hologic, Inc. (a)   21,200    1,576,856 
Medtronic PLC   31,551    3,727,119 
Stryker Corp.   9,791    2,384,892 
Thermo Fisher Scientific, Inc.   10,494    4,789,252 
         19,596,920 

  

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

    Number of
Shares
    Value 
Health Care – Services — 5.9%          
Anthem, Inc.  29,664   $10,647,893 
Centene Corp. (a)   4,311    275,516 
DaVita, Inc. (a)   9,200    991,484 
HCA Healthcare, Inc.   49,853    9,389,314 
Laboratory Corp. of America Holdings (a)   8,000    2,040,240 
Molina Healthcare, Inc. (a)   4,900    1,145,424 
Quest Diagnostics, Inc.   11,100    1,424,574 
UnitedHealth Group, Inc.   65,612    24,412,257 
Universal Health Services, Inc. Class B   6,400   853,696 
         51,180,398 
Household Products & Wares — 0.3%          
Avery Dennison Corp.   11,978    2,199,760 
Pharmaceuticals — 4.3%          
AbbVie, Inc.   21,437    2,319,912 
AmerisourceBergen Corp.   16,800    1,983,576 
AstraZeneca PLC Sponsored ADR (b)   4,700    233,684 
Bausch Health Cos., Inc. (a)   25,129    797,594 
Cigna Corp.   19,900    4,810,626 
Elanco Animal Health, Inc. (a)   48,428    1,426,205 
Eli Lilly and Co.   11,006    2,056,141 
Henry Schein, Inc. (a)   8,200    567,768 
Jazz Pharmaceuticals PLC (a)   4,600    756,102 
Johnson & Johnson   115,716    19,017,925 
McKesson Corp.   13,200    2,574,528 
Merck & Co., Inc.   7,100    547,339 
         37,091,400 
         162,008,046 
Energy — 2.6%          
Energy – Alternate Sources — 0.0%          
First Solar, Inc. (a)   3,600    314,280 
Oil & Gas — 2.1%          
ConocoPhillips   6,800    360,196 
Continental Resources, Inc.   30,000    776,100 
Devon Energy Corp.   47,950    1,047,708 
EOG Resources, Inc.   54,600    3,960,138 
Exxon Mobil Corp.   143,300    8,000,439 
Marathon Oil Corp.   26,700    285,156 
Phillips 66   28,000    2,283,120 
Valero Energy Corp.   26,100    1,868,760 
         18,581,617 
Pipelines — 0.5%          
Cheniere Energy, Inc. (a)   20,800    1,497,808 
The Williams Cos., Inc.   99,900    2,366,631 
         3,864,439 
         22,760,336 
Financial — 27.5%          
Banks — 15.4%          
Bank of America Corp.   709,619    27,455,159 
The Bank of New York Mellon Corp.   56,900    2,690,801 
Citizens Financial Group, Inc.   49,787    2,198,096 
Comerica, Inc.   8,800    631,312 
Commerce Bancshares, Inc.   6,672    511,142 
Cullen/Frost Bankers, Inc.   3,300    358,908 
East West Bancorp, Inc.   9,000    664,200 
Fifth Third Bancorp   45,600    1,707,720 
The Goldman Sachs Group, Inc.   31,635   10,344,645 
Huntington Bancshares, Inc.   56,200    883,464 
JP Morgan Chase & Co.   210,800    32,090,084 
KeyCorp   62,700    1,252,746 
M&T Bank Corp.   7,900    1,197,719 
Morgan Stanley   169,963    13,199,327 
Northern Trust Corp.   13,300    1,397,963 
The PNC Financial Services Group, Inc.   37,844    6,638,216 
Regions Financial Corp.   61,600    1,272,656 
State Street Corp.   22,700    1,907,027 
SVB Financial Group (a)   3,300    1,629,078 
Truist Financial Corp.   54,800    3,195,936 
US Bancorp   92,973    5,142,337 
Wells Fargo & Co.   411,551    16,079,297 
Western Alliance Bancorp   6,200    585,528 
Zions Bancorp NA   10,500   577,080 
         133,610,441 

  

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
           
Diversified Financial Services — 3.6%          
Ally Financial, Inc.  24,000   $1,085,040 
American Express Co.   600    84,864 
Ameriprise Financial, Inc.   7,900    1,836,355 
BlackRock, Inc.   8,800    6,634,848 
Capital One Financial Corp.   29,300    3,727,839 
The Charles Schwab Corp.   74,314    4,843,786 
Discover Financial Services   11,700    1,111,383 
LPL Financial Holdings, Inc.   5,100    725,016 
Nasdaq, Inc.   10,500    1,548,330 
OneMain Holdings, Inc.   4,600    247,112 
Raymond James Financial, Inc.   8,700    1,066,272 
SEI Investments Co.   9,200    560,556 
Synchrony Financial   37,500    1,524,750 
T. Rowe Price Group, Inc.   14,500    2,488,200 
Visa, Inc. Class A   13,900    2,943,047 
The Western Union Co.   33,800    833,508 
         31,260,906 
Insurance — 6.9%          
Aflac, Inc.   45,000    2,303,100 
Alleghany Corp. (a)   500    313,145 
The Allstate Corp.   19,500    2,240,550 
American Financial Group, Inc.   5,600    638,960 
American International Group, Inc.   130,078    6,010,904 
Arch Capital Group Ltd. (a)   25,000    959,250 
Assurant, Inc.   3,800    538,726 
Chubb Ltd.   45,508    7,188,899 
Cincinnati Financial Corp.   5,400    556,686 
Equitable Holdings, Inc.   167,996    5,480,030 
Everest Re Group Ltd.   2,500    619,525 
First American Financial Corp.   5,900    334,235 
The Hartford Financial Services Group, Inc.   69,750    4,658,602 
Lincoln National Corp.   12,400    772,148 
Loews Corp.   22,310    1,144,057 
Markel Corp. (a)   890    1,014,262 
Marsh & McLennan Cos., Inc.   10,411    1,268,060 
MetLife, Inc.   140,337    8,531,086 
Old Republic International Corp.   12,200    266,448 
Principal Financial Group, Inc.   22,769    1,365,229 
The Progressive Corp.   37,600    3,594,936 
Prudential Financial, Inc.   25,300    2,304,830 
The Travelers Cos., Inc.   41,300    6,211,520 
Voya Financial, Inc. (b)   8,500    540,940 
W.R. Berkley Corp.   11,400   858,990 
         59,715,118 
Real Estate — 0.3%          
CBRE Group, Inc. Class A (a)   27,600    2,183,436 
Jones Lang LaSalle, Inc. (a)   4,200    751,968 
         2,935,404 
Real Estate Investment Trusts (REITS) — 1.3%          
Equinix, Inc.   800    543,672 
Prologis, Inc.   53,190    5,638,140 
Welltower, Inc.   26,834    1,922,120 
Weyerhaeuser Co.   84,834    3,020,090 
         11,124,022 
         238,645,891 
Industrial — 13.2%          
Aerospace & Defense — 0.5%          
General Dynamics Corp.   23,600    4,284,816 
           
Building Materials — 1.0%          
Fortune Brands Home & Security, Inc.   11,500    1,101,930 
Johnson Controls International PLC   83,858    5,003,807 
Masco Corp.   21,600    1,293,840 
Owens Corning   8,900    819,601 
         8,219,178 
Electrical Components & Equipment — 0.4%          
Emerson Electric Co.   33,400    3,013,348 
Schneider Electric SE   5,495    839,557 
         3,852,905 
Electronics — 1.5%          
Agilent Technologies, Inc.   21,401    2,720,923 
Allegion PLC   3,600    452,232 
Arrow Electronics, Inc. (a)   6,200    687,084 
Fortive Corp.   3,600    254,304 
Honeywell International, Inc.   22,396    4,861,500 
Hubbell, Inc.   14,335    2,679,068 
Jabil, Inc.   12,400    646,784 
Keysight Technologies, Inc. (a)   509    72,991 
Sensata Technologies Holding PLC (a)   9,000    521,550 
         12,896,436 
Engineering & Construction — 0.4%          
Jacobs Engineering Group, Inc.   26,656    3,445,821 

  

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Environmental Controls — 0.1%        
Pentair PLC   13,700   $853,784 
Hand & Machine Tools — 0.1%          
Snap-on, Inc.   4,500    1,038,330 
Machinery – Construction & Mining — 0.9%          
BWX Technologies, Inc.   3,700    243,978 
Caterpillar, Inc.   28,595    6,630,323 
Oshkosh Corp.   4,000    474,640 
         7,348,941 
Machinery – Diversified — 1.0%          
AGCO Corp.   6,100    876,265 
Deere & Co.   13,214    4,943,886 
Dover Corp.   11,900    1,631,847 
Westinghouse Air Brake Technologies Corp.   15,600    1,234,896 
         8,686,894 
Miscellaneous - Manufacturing — 2.9%          
3M Co.   47,460    9,144,593 
Carlisle Cos., Inc.   4,400    724,152 
General Electric Co.   871,482    11,442,558 
ITT, Inc.   7,100    645,461 
Parker-Hannifin Corp.   7,300    2,302,639 
Textron, Inc.   18,800    1,054,304 
         25,313,707 
Packaging & Containers — 1.8%          
Amcor PLC   129,100    1,507,888 
Ball Corp.   8,339    706,647 
Berry Global Group, Inc. (a)   7,300    448,220 
Crown Holdings, Inc.   11,100    1,077,144 
Packaging Corp. of America   37,326    5,019,601 
Sealed Air Corp.   12,800    586,496 
Sonoco Products Co.   5,500    348,150 
WestRock Co.   114,709    5,970,603 
         15,664,749 
Transportation — 2.6%          
CSX Corp.   48,600    4,686,012 
Expeditors International of Washington, Inc.   3,800    409,222 
FedEx Corp.   9,454    2,685,314 
Knight-Swift Transportation Holdings, Inc.   14,000    673,260 
Norfolk Southern Corp.   14,907    4,002,828 
Union Pacific Corp.   5,820    1,282,786 
United Parcel Service, Inc. Class B   53,084    9,023,749 
         22,763,171 
         114,368,732 
Technology — 11.3%          
Computers — 1.2%          
Cognizant Technology Solutions Corp. Class A   44,000    3,437,280 
Genpact Ltd.   15,500    663,710 
Hewlett Packard Enterprise Co.   106,400    1,674,736 
HP, Inc.   106,100    3,368,675 
NetApp, Inc.   18,300   1,329,861 
         10,474,262 
Semiconductors — 6.6%          
Analog Devices, Inc.   17,400    2,698,392 
Applied Materials, Inc.   117,717    15,726,991 
ASML Holding NV   4,691    2,896,036 
Broadcom, Inc.   31,163    14,449,036 
Intel Corp.   14,800    947,200 
KLA Corp.   3,929    1,298,142 
Microchip Technology, Inc.   5,000    776,100 
Micron Technology, Inc. (a)   88,185    7,778,799 
NXP Semiconductor NV   19,427    3,911,432 
Qorvo, Inc. (a)   6,200    1,132,740 
QUALCOMM, Inc.   30,113    3,992,683 
Texas Instruments, Inc.   6,476    1,223,899 
Xilinx, Inc.   1,300    161,070 
         56,992,520 

  

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
           
Software — 3.5%          
CDK Global, Inc.   6,700   $362,202 
Citrix Systems, Inc.   418    58,670 
Fiserv, Inc. (a)   18,888    2,248,428 
Microsoft Corp.   45,696    10,773,746 
Oracle Corp.   242,000    16,981,140 
salesforce.com, Inc. (a)   1,500    317,805 
Synopsys, Inc. (a)   602    149,164 
         30,891,155 
         98,357,937 
Utilities — 3.3%          
Electric — 3.2%          
AES Corp.   90,375    2,422,954 
Ameren Corp.   11,350    923,436 
Dominion Energy, Inc.   5,826    442,543 
DTE Energy Co.   2,700    359,478 
Evergy, Inc.   16,000    952,480 
Exelon Corp.   80,300    3,512,322 
FirstEnergy Corp.   6,400    222,016 
NextEra Energy, Inc.   34,801    2,631,303 
NRG Energy, Inc.   20,100    758,373 
OGE Energy Corp.   10,900    352,724 
Pinnacle West Capital Corp.   9,500    772,825 
Public Service Enterprise Group, Inc.   80,265    4,832,756 
Sempra Energy   37,697    4,997,868 
The Southern Co.   65,551    4,074,650 
WEC Energy Group, Inc.   4,852    454,099 
Xcel Energy, Inc.   3,500    232,785 
         27,942,612 
Gas — 0.1%        
UGI Corp.   17,200   705,372 
           
         28,647,984 
           
TOTAL COMMON STOCK
(Cost $622,458,524)
        857,629,075 
           
Preferred Stock — 0.1%          
Communications — 0.0%          
Media — 0.0%          
ViacomCBS, Inc. Convertible 5.750%   1,435    96,360 
Utilities — 0.1%          
Electric — 0.1%          
The AES Corp. Convertible 6.875%   6,246    645,212 
The Southern Co. Convertible 6.750%   7,930    403,875 
         1,049,087 
           
TOTAL PREFERRED STOCK
(Cost $1,118,161)
        1,145,447 
           
TOTAL EQUITIES
(Cost $623,576,685)
        858,774,522 
           
Mutual Funds — 1.0%          
Diversified Financial Services — 1.0%          
iShares Russell 1000 Value ETF   50,639    7,674,340 
State Street Navigator Securities Lending Prime Portfolio (c)   533,546    533,546 
           
TOTAL MUTUAL FUNDS
(Cost $7,631,049)
        8,207,886 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $631,207,734)
        866,982,408 

  

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

Short-Term Investments — 0.2%        
   Number of
Shares
   Value 
 
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   318,297   $318,297 

 

   Principal
Amount
     
 
Repurchase Agreement — 0.2%        
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (d)  $2,106,874   $2,106,874 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,425,171)
        2,425,171 
           
TOTAL INVESTMENTS — 100.2%
(Cost $633,632,905) (e)
       869,407,579 
           
Other Assets/(Liabilities) — (0.2)%        (1,834,412)
           
NET ASSETS — 100.0%       $867,573,167 

 

Abbreviation Legend

ADR   American Depositary Receipt

ETF     Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets. 

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2021, was $1,668,617 or 0.19% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,174,332 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 $2,106,874. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $2,149,149.
(e) See Note 3 for aggregate cost for federal tax purposes.

  

 

MML Equity Momentum Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
 
Equities — 100.0%        
Common Stock — 100.0%        
Basic Materials — 1.9%        
Chemicals — 0.8%        
Albemarle Corp.   639   $93,364 
DuPont de Nemours, Inc.   2,164    167,234 
Eastman Chemical Co.   439    48,343 
         308,941 
Mining — 1.1%          
Freeport-McMoRan, Inc. (a)   9,015    296,864 
Newmont Corp.   2,343    141,213 
         438,077 
         747,018 
Communications — 13.8%          
Internet — 12.9%          
Amazon.com, Inc. (a)   1,168    3,613,885 
eBay, Inc.   3,816    233,692 
Etsy, Inc. (a)   922    185,940 
F5 Networks, Inc. (a)   300    62,586 
Netflix, Inc. (a)   1,731    902,993 
NortonLifeLock, Inc.   1,860    39,544 
Twitter, Inc. (a)   2,652    168,747 
         5,207,387 
Media — 0.1%          
News Corp. Class A   1,319    33,542 
Telecommunications — 0.8%          
T-Mobile US, Inc. (a)   2,773    347,429 
         5,588,358 
Consumer, Cyclical — 17.1%          
Apparel — 1.5%          
NIKE, Inc. Class B   4,470    594,018 
Auto Manufacturers — 10.0%          
Cummins, Inc.   594    153,911 
General Motors Co.   4,099    235,529 
PACCAR, Inc.   966    89,761 
Tesla, Inc. (a)   5,350    3,573,425 
         4,052,626 
Auto Parts & Equipment — 0.3%        
Aptiv PLC   837   115,422 
Distribution & Wholesale — 0.4%          
Fastenal Co.   1,890    95,029 
Pool Corp.   179    61,798 
         156,827 
Retail — 4.9%          
Chipotle Mexican Grill, Inc. (a)   133    188,969 
Costco Wholesale Corp.   1,206    425,091 
Dollar General Corp.   812    164,528 
Domino's Pizza, Inc.   117    43,031 
L Brands, Inc.   722    44,663 
Lowe's Cos., Inc.   2,471    469,935 
Target Corp.   2,862    566,876 
Tractor Supply Co.   533    94,384 
         1,997,477 
         6,916,370 
Consumer, Non-cyclical — 19.6%          
Beverages — 0.3%          
Monster Beverage Corp. (a)   1,174    106,940 
Biotechnology — 1.2%          
Bio-Rad Laboratories, Inc. Class A (a)   102    58,260 
Illumina, Inc. (a)   538    206,624 
Regeneron Pharmaceuticals, Inc. (a)   420    198,719 
         463,603 
Commercial Services — 5.1%          
MarketAxess Holdings, Inc.   151    75,186 
PayPal Holdings, Inc. (a)   7,358    1,786,817 
Quanta Services, Inc.   730    64,225 
Rollins, Inc.   874    30,083 
United Rentals, Inc. (a)   291    95,829 
         2,052,140 
Food — 0.2%          
The Kroger Co.   2,573    92,602 
Health Care – Products — 8.8%          
Abbott Laboratories   6,958    833,847 
ABIOMED, Inc. (a)   283    90,200 
Align Technology, Inc. (a)   349    188,994 
Danaher Corp.   3,003    675,915 
Hologic, Inc. (a)   957    71,182 
IDEXX Laboratories, Inc. (a)   502    245,634 
Intuitive Surgical, Inc. (a)   341    251,978 
PerkinElmer, Inc.   572    73,382 
Thermo Fisher Scientific, Inc.   2,150    981,217 
West Pharmaceutical Services, Inc.   532    149,907 
         3,562,256 
Health Care – Services — 0.3%        
Catalent, Inc. (a)   924   97,306 
DaVita, Inc. (a)   288    31,038 
         128,344 

  

 

  

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Household Products & Wares — 0.2%          
The Clorox Co.   482   $92,968 
Pharmaceuticals — 3.5%          
AbbVie, Inc.   6,131    663,497 
DexCom, Inc. (a)   347    124,708 
Eli Lilly and Co.   3,228    603,055 
         1,391,260 
         7,890,113 
Energy — 0.4%          
Energy – Alternate Sources — 0.4%          
Enphase Energy, Inc. (a)   943    152,917 
Financial — 0.7%          
Banks — 0.3%          
SVB Financial Group (a)   224    110,580 
Real Estate Investment Trusts (REITS) — 0.4%          
Equinix, Inc.   245    166,500 
         277,080 
Industrial — 7.8%          
Building Materials — 0.6%          
Carrier Global Corp.   5,973    252,180 
Electronics — 1.2%          
Agilent Technologies, Inc.   1,329    168,969 
Keysight Technologies, Inc. (a)   771    110,561 
Mettler-Toledo International, Inc. (a)   105    121,348 
Trimble, Inc. (a)   914    71,100 
         471,978 
Machinery – Construction & Mining — 1.1%          
Caterpillar, Inc.   1,918    444,727 
Machinery – Diversified — 2.2%          
Deere & Co.   1,848    691,411 
Otis Worldwide Corp.   1,433    98,089 
Rockwell Automation, Inc.   312    82,817 
         872,317 
Miscellaneous - Manufacturing — 0.3%          
Trane Technologies PLC   809    133,938 
Packaging & Containers — 0.1%          
Packaging Corp. of America   342    45,992 
Transportation — 2.3%        
FedEx Corp.   1,043    296,254 
Old Dominion Freight Line, Inc.   386    92,798 
United Parcel Service, Inc. Class B   3,243    551,277 
         940,329 
         3,161,461 
Technology — 38.7%          
Computers — 9.0%          
Apple, Inc.   29,803    3,640,436 
Office & Business Equipment — 0.3%          
Zebra Technologies Corp. Class A (a)   231    112,076 
Semiconductors — 16.0%          
Advanced Micro Devices, Inc. (a)   5,522    433,477 
Applied Materials, Inc.   3,693    493,385 
Broadcom, Inc.   1,554    720,528 
IPG Photonics Corp. (a)   170    35,860 
KLA Corp.   637    210,465 
Lam Research Corp.   522    310,715 
Micron Technology, Inc. (a)   3,539    312,175 
Monolithic Power Systems, Inc.   239    84,417 
NVIDIA Corp.   3,998    2,134,652 
Qorvo, Inc. (a)   434    79,292 
QUALCOMM, Inc.   6,139    813,970 
Skyworks Solutions, Inc.   562    103,116 
Teradyne, Inc.   761    92,598 
Texas Instruments, Inc.   3,222    608,926 
         6,433,576 
Software — 13.4%          
Activision Blizzard, Inc.   3,737    347,541 
Autodesk, Inc. (a)   680    188,462 
Cadence Design Systems, Inc. (a)   1,555    213,019 
Electronic Arts, Inc.   962    130,226 
Microsoft Corp.   15,552    3,666,695 
MSCI, Inc.   245    102,724 
ServiceNow, Inc. (a)   817    408,590 
Synopsys, Inc. (a)   837    207,392 
Take-Two Interactive Software, Inc. (a)   552    97,538 
Tyler Technologies, Inc. (a)   133    56,463 
         5,418,650 
         15,604,738 
           
TOTAL COMMON STOCK
(Cost $38,763,600)
        40,338,055 
           
TOTAL EQUITIES
(Cost $38,763,600)
        40,338,055 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $38,763,600)
        40,338,055 
           
TOTAL INVESTMENTS — 100.0%
(Cost $38,763,600) (b)
       40,338,055 
Other Assets/(Liabilities) — 0.0%        9,128 
           
NET ASSETS — 100.0%       $40,347,183 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) See Note 3 for aggregate cost for federal tax purposes.

  

 

MML Equity Rotation Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 99.9%        
Common Stock — 99.9%        
         
Basic Materials — 5.2%        
Chemicals — 3.3%        
Air Products & Chemicals, Inc.   188   $52,892 
Albemarle Corp.   1,368    199,878 
Axalta Coating Systems Ltd. (a)   688    20,351 
Celanese Corp.   607    90,935 
The Chemours Co.   3,904    108,961 
Dow, Inc.   1,365    87,278 
DuPont de Nemours, Inc.   390    30,139 
Eastman Chemical Co.   1,790    197,115 
Ecolab, Inc.   149    31,896 
Element Solutions, Inc.   1,359    24,856 
FMC Corp.   528    58,402 
Huntsman Corp.   2,232    64,349 
International Flavors & Fragrances, Inc.   209    29,179 
Linde PLC   116    32,496 
LyondellBasell Industries NV Class A   469    48,799 
The Mosaic Co.   464    14,667 
Olin Corp.   3,410    129,478 
PPG Industries, Inc.   421    63,259 
RPM International, Inc.   874    80,277 
The Sherwin-Williams Co.   72    53,137 
Valvoline, Inc.   1,717    44,762 
Westlake Chemical Corp.   282    25,039 
         1,488,145 
Forest Products & Paper — 0.4%          
International Paper Co.   3,104    167,833 
Iron & Steel — 0.6%          
Nucor Corp.   1,216    97,608 
Reliance Steel & Aluminum Co.   515    78,430 
Steel Dynamics, Inc.   2,079    105,530 
         281,568 
Mining — 0.9%          
Freeport-McMoRan, Inc. (a)   6,164    202,981 
Newmont Corp.   3,088    186,114 
Royal Gold, Inc.   116    12,484 
Southern Copper Corp.   190    12,895 
         414,474 
         2,352,020 
Communications — 7.3%        
Advertising — 0.3%        
The Interpublic Group of Cos., Inc.   2,509   73,263 
Omnicom Group, Inc.   229    16,980 
The Trade Desk, Inc. Class A (a)   88    57,346 
         147,589 
Internet — 4.5%          
Alphabet, Inc. Class A (a)   5    10,313 
Alphabet, Inc. Class C (a)   5    10,343 
Amazon.com, Inc. (a)   9    27,847 
Anaplan, Inc. (a)   253    13,624 
Booking Holdings, Inc. (a)   12    27,958 
CDW Corp.   273    45,250 
eBay, Inc.   3,378    206,869 
Etsy, Inc. (a)   541    109,103 
Expedia Group, Inc.   758    130,467 
F5 Networks, Inc. (a)   368    76,772 
Facebook, Inc. Class A (a)   35    10,309 
GoDaddy, Inc. Class A (a)   475    36,869 
GrubHub, Inc. (a)   786    47,160 
IAC/InterActiveCorp (a)   1,602    346,529 
Match Group, Inc. (a)   456    62,645 
Netflix, Inc. (a)   33    17,215 
NortonLifeLock, Inc.   7,015    149,139 
Okta, Inc. (a)   297    65,468 
Palo Alto Networks, Inc. (a)   179    57,649 
Pinterest, Inc. Class A (a)   655    48,490 
Roku, Inc. (a)   264    86,003 
Spotify Technology SA (a)   190    50,910 
Twitter, Inc. (a)   2,321    147,685 
VeriSign, Inc. (a)   126    25,044 
Wayfair, Inc. Class A (a) (b)   268    84,353 
Zendesk, Inc. (a)   478    63,392 
Zillow Group, Inc. Class A  (a)   341    44,801 
Zillow Group, Inc. Class C Class C  (a)   493    63,912 
         2,066,119 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

    Number of
Shares
    Value 
Media — 1.5%          
Altice USA, Inc. Class A (a)   2,379   $77,389 
Cable One, Inc.   30    54,851 
Charter Communications, Inc. Class A (a)   77    47,511 
Comcast Corp. Class A   545    29,490 
Discovery, Inc. Class C (a)   334    12,321 
DISH Network Corp. Class A (a)   988    35,766 
FactSet Research Systems, Inc.   177    54,620 
Fox Corp. Class A   347    12,530 
Liberty Broadband Corp. Class C (a)   1,302    195,495 
Liberty Media Corp-Liberty SiriusXM Class C (a)   340    14,997 
The New York Times Co. Class A   1,078    54,568 
News Corp. Class A   1,436    36,518 
Nexstar Media Group, Inc. Class A   153    21,486 
ViacomCBS, Inc. Class B   772    34,817 
         682,359 
Telecommunications — 1.0%        
Arista Networks, Inc. (a)   294   88,756 
Ciena Corp. (a)   592    32,394 
Corning, Inc.   3,579    155,722 
Juniper Networks, Inc.   877    22,214 
Lumen Technologies, Inc.   1,897    25,325 
Motorola Solutions, Inc.   260    48,893 
T-Mobile US, Inc. (a)   202    25,309 
Ubiquiti, Inc.   41    12,230 
Verizon Communications, Inc.   264    15,352 
         426,195 
         3,322,262 
Consumer, Cyclical — 16.7%          
Airlines — 0.1%          
JetBlue Airways Corp. (a)   556    11,309 
Southwest Airlines Co.   575    35,110 
         46,419 
Apparel — 0.3%          
Capri Holdings Ltd. (a)   471    24,021 
Hanesbrands, Inc.   2,925    57,535 
NIKE, Inc. Class B   183    24,319 
Tapestry, Inc.   566    23,325 
VF Corp.   130    10,389 
         139,589 
Auto Manufacturers — 1.4%          
Cummins, Inc.   872    225,944 
Ford Motor Co. (a)   6,909    84,635 
General Motors Co.   3,325    191,055 
PACCAR, Inc.   1,388    128,973 
         630,607 
Auto Parts & Equipment — 0.6%          
Allison Transmission Holdings, Inc.   314    12,821 
Aptiv PLC   737    101,632 
BorgWarner, Inc.   635    29,439 
Gentex Corp.   1,375    49,046 
Lear Corp.   453    82,106 
         275,044 
Distribution & Wholesale — 1.2%          
Copart, Inc. (a)   520    56,477 
Fastenal Co.   1,778    89,398 
IAA, Inc. (a)   988    54,479 
LKQ Corp. (a)   1,452    61,463 
Pool Corp.   322    111,167 
W.W. Grainger, Inc.   211    84,596 
Watsco, Inc.   388    101,171 
         558,751 
Entertainment — 0.2%        
Live Nation Entertainment, Inc. (a)   210   17,776 
Madison Square Garden Entertainment Corp. (a)   117    9,571 
Vail Resorts, Inc.   120    34,999 
         62,346 
Home Builders — 2.4%          
D.R. Horton, Inc.   3,270    291,422 
Lennar Corp. Class A   2,967    300,349 
Lennar Corp. Class B   201    16,550 
NVR, Inc. (a)   15    70,664 
PulteGroup, Inc.   2,447    128,321 
Thor Industries, Inc. (b)   1,271    171,255 
Toll Brothers, Inc.   2,177    123,501 
         1,102,062 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Home Furnishing — 1.0%          
Dolby Laboratories, Inc. Class A   536   $52,914 
Leggett & Platt, Inc.   411    18,762 
Tempur Sealy International, Inc.   1,790    65,442 
Whirlpool Corp.   1,460    321,711 
         458,829 
Housewares — 0.6%          
Newell Brands, Inc.   2,951    79,028 
The Scotts Miracle-Gro Co.   755    184,952 
         263,980 
Leisure Time — 0.5%          
Brunswick Corp.   706    67,331 
Harley-Davidson, Inc.   1,174    47,077 
Peloton Interactive, Inc. Class A (a)   777    87,366 
Polaris, Inc.   311    41,519 
         243,293 
Lodging — 0.2%          
Choice Hotels International, Inc.   91    9,763 
Extended Stay America, Inc.   643    12,699 
Hilton Worldwide Holdings, Inc.   157    18,984 
MGM Resorts International   650    24,694 
Travel + Leisure Co.   334    20,428 
         86,568 
Retail — 8.0%          
Advance Auto Parts, Inc.   203    37,248 
AutoNation, Inc. (a)   1,226    114,288 
AutoZone, Inc. (a)   29    40,725 
Best Buy Co., Inc.   2,674    307,002 
Burlington Stores, Inc. (a)   193    57,668 
CarMax, Inc. (a)   648    85,964 
Carvana Co. (a) (b)   226    59,302 
Casey's General Stores, Inc.   447    96,637 
Chipotle Mexican Grill, Inc. (a)   76    107,982 
Costco Wholesale Corp.   164    57,807 
Darden Restaurants, Inc.   250   35,500 
Dick's Sporting Goods, Inc. (b)   1,476    112,397 
Dollar General Corp.   551    111,644 
Dollar Tree, Inc. (a)   528    60,435 
Domino's Pizza, Inc.   235    86,431 
Five Below, Inc. (a)   301    57,428 
Floor & Decor Holdings, Inc. Class A (a)   1,045    99,777 
Foot Locker, Inc.   1,182    66,487 
The Gap, Inc. (a)   4,365    129,990 
Genuine Parts Co.   434    50,166 
The Home Depot, Inc.   62    18,926 
L Brands, Inc.   5,485    339,302 
Lowe's Cos., Inc.   424    80,636 
Lululemon Athletica, Inc. (a)   197    60,422 
McDonald's Corp.   88    19,724 
MSC Industrial Direct Co., Inc. Class A   626    56,459 
Nu Skin Enterprises, Inc. Class A   1,207    63,838 
O'Reilly Automotive, Inc. (a)   88    44,638 
Ollie's Bargain Outlet Holdings, Inc. (a)   486    42,282 
Penske Automotive Group, Inc.   540    43,330 
Qurate Retail, Inc.   9,102    107,040 
Ross Stores, Inc.   267    32,016 
Starbucks Corp.   185    20,215 
Target Corp.   794    157,268 
The TJX Cos., Inc.   542    35,853 
Tractor Supply Co.   1,179    208,777 
Ulta Beauty, Inc. (a)   238    73,582 
Walmart, Inc.   56    7,606 
The Wendy's Co.   749    15,175 
Williams-Sonoma, Inc.   1,749    313,421 
Yum China Holdings, Inc.   1,650    97,696 
Yum! Brands, Inc.   387    41,866 
         3,654,950 
Textiles — 0.1%          
Mohawk Industries, Inc. (a)   270    51,924 
Toys, Games & Hobbies — 0.1%          
Hasbro, Inc.   215    20,666 
Mattel, Inc. (a)   1,685    33,565 
         54,231 
         7,628,593 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

    Number of
Shares
    Value 
Consumer, Non-cyclical — 21.7%          
Agriculture — 0.3%          
Archer-Daniels-Midland Co.   1,694   $96,558 
Bunge Ltd.   280    22,195 
Philip Morris International, Inc.   231    20,499 
         139,252 
Beverages — 0.6%          
The Boston Beer Co., Inc. Class A (a)   81    97,709 
Brown-Forman Corp. Class B   234    16,139 
Constellation Brands, Inc. Class A   170    38,760 
Keurig Dr Pepper, Inc.   425    14,607 
Molson Coors Beverage Co. Class B   333   17,033 
Monster Beverage Corp. (a)   566    51,557 
PepsiCo, Inc.   98    13,862 
         249,667 
Biotechnology — 1.9%          
ACADIA Pharmaceuticals, Inc. (a)   168    4,334 
Acceleron Pharma, Inc. (a)   268    36,343 
Alexion Pharmaceuticals, Inc. (a)   683    104,438 
Amgen, Inc.   63    15,675 
Bio-Rad Laboratories, Inc. Class A (a)   338    193,055 
Biogen, Inc. (a)   98    27,416 
Corteva, Inc.   1,925    89,743 
Exact Sciences Corp. (a)   200    26,356 
Exelixis, Inc. (a)   1,462    33,027 
Gilead Sciences, Inc.   436    28,179 
Guardant Health, Inc. (a)   255    38,926 
Illumina, Inc. (a)   33    12,674 
Incyte Corp. (a)   134    10,890 
Iovance Biotherapeutics, Inc. (a)   226    7,155 
Moderna, Inc. (a)   255    33,392 
Regeneron Pharmaceuticals, Inc. (a)   185    87,531 
Royalty Pharma PLC Class A (b)   680    29,662 
Seagen, Inc. (a)   223    30,966 
United Therapeutics Corp. (a)   215    35,963 
Vertex Pharmaceuticals, Inc. (a)   64    13,753 
         859,478 
Commercial Services — 4.5%          
ADT, Inc. (b)   1,080    9,115 
AMERCO   68    41,657 
Automatic Data Processing, Inc.   129    24,313 
Avalara, Inc. (a)   420    56,041 
Booz Allen Hamilton Holding Corp.   1,126    90,677 
Bright Horizons Family Solutions, Inc. (a)   177    30,347 
Chegg, Inc. (a)   834    71,440 
Cintas Corp.   211    72,016 
CoreLogic, Inc.   1,313    104,055 
CoStar Group, Inc. (a)   80    65,751 
Equifax, Inc.   220    39,849 
FleetCor Technologies, Inc. (a)   49    13,163 
FTI Consulting, Inc. (a)   128    17,934 
Gartner, Inc. (a)   162    29,573 
Global Payments, Inc.   91    18,344 
Grand Canyon Education, Inc. (a)   110    11,781 
IHS Markit Ltd.   485    46,938 
ManpowerGroup, Inc.   300    29,670 
MarketAxess Holdings, Inc.   130    64,729 
Moody's Corp.   129    38,521 
Morningstar, Inc.   158    35,556 
Paylocity Holding Corp. (a)   236    42,440 
PayPal Holdings, Inc. (a)   102    24,770 
Quanta Services, Inc.   3,270    287,694 
Robert Half International, Inc.   602    46,998 
Rollins, Inc.   1,254    43,163 
S&P Global, Inc.   127    44,814 
Service Corp. International   932    47,579 
Square, Inc. Class A (a)   272   61,757 
StoneCo Ltd. Class A (a)   785    48,058 
Terminix Global Holdings, Inc. (a)   1,244    59,301 
TransUnion   436    39,240 
United Rentals, Inc. (a)   1,045    344,129 
Verisk Analytics, Inc.   369    65,199 
         2,066,612 
Cosmetics & Personal Care — 0.3%          
Colgate-Palmolive Co.   760    59,911 
The Estee Lauder Cos., Inc. Class A   192    55,843 
         115,754 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Food — 2.3%          
Albertsons Cos., Inc. Class A (b)   622   $11,861 
Beyond Meat, Inc. (a) (b)   324    42,159 
Campbell Soup Co.   714    35,893 
Conagra Brands, Inc.   1,954    73,470 
Flowers Foods, Inc.   1,420    33,796 
General Mills, Inc.   2,119    129,937 
Grocery Outlet Holding Corp. (a)   621    22,909 
The Hain Celestial Group, Inc. (a)   1,263    55,067 
The Hershey Co.   273    43,178 
Hormel Foods Corp.   751    35,883 
Ingredion, Inc.   252    22,660 
The J.M. Smucker Co.   884    111,852 
Kellogg Co.   448    28,358 
The Kraft Heinz Co.   1,063    42,520 
The Kroger Co.   5,537    199,277 
Lamb Weston Holdings, Inc.   125    9,685 
McCormick & Co., Inc.   495    44,134 
Mondelez International, Inc. Class A   586    34,299 
Post Holdings, Inc. (a)   106    11,206 
Sprouts Farmers Market, Inc. (a)   1,411    37,561 
Sysco Corp.   282    22,205 
US Foods Holding Corp. (a)   263    10,025 
         1,057,935 
Health Care – Products — 4.3%          
10X Genomics, Inc. Class A (a)   316    57,196 
Abbott Laboratories   217    26,005 
ABIOMED, Inc. (a)   348    110,918 
Adaptive Biotechnologies Corp. (a)   459    18,479 
Align Technology, Inc. (a)   199    107,765 
Avantor, Inc. (a)   2,423    70,097 
Baxter International, Inc.   273    23,025 
Bio-Techne Corp.   213    81,351 
Bruker Corp.   233    14,977 
The Cooper Cos., Inc.   83    31,880 
Danaher Corp.   154    34,662 
Dentsply Sirona, Inc.   253    16,144 
Edwards Lifesciences Corp. (a)   305    25,510 
Envista Holdings Corp. (a)   1,007    41,086 
Globus Medical, Inc. Class A (a)   171    10,546 
Haemonetics Corp. (a)   102    11,323 
Hill-Rom Holdings, Inc.   120    13,258 
Hologic, Inc. (a)   1,934   143,851 
ICU Medical, Inc. (a)   62    12,737 
IDEXX Laboratories, Inc. (a)   206    100,798 
Insulet Corp. (a)   260    67,839 
Intuitive Surgical, Inc. (a)   47    34,730 
Masimo Corp. (a)   299    68,668 
Medtronic PLC   98    11,577 
Novocure Ltd. (a)   447    59,084 
Penumbra, Inc. (a)   241    65,210 
PerkinElmer, Inc.   579    74,280 
QIAGEN NV (a)   596    29,019 
Quidel Corp. (a)   352    45,031 
Repligen Corp. (a)   366    71,154 
ResMed, Inc.   390    75,668 
Steris PLC   436    83,049 
Stryker Corp.   110    26,794 
Tandem Diabetes Care, Inc. (a)   416    36,712 
Teleflex, Inc.   58    24,097 
Thermo Fisher Scientific, Inc.   63    28,752 
Varian Medical Systems, Inc. (a)   336    59,314 
West Pharmaceutical Services, Inc.   406    114,403 
Zimmer Biomet Holdings, Inc.   197    31,536 
         1,958,525 
Health Care – Services — 4.2%          
Acadia Healthcare Co., Inc. (a)   1,867   106,680 
Amedisys, Inc. (a)   322    85,262 
Anthem, Inc.   191    68,559 
Catalent, Inc. (a)   1,301    137,008 
Centene Corp. (a)   1,378    88,068 
Charles River Laboratories International, Inc. (a)   494    143,176 
Chemed Corp.   78    35,866 
DaVita, Inc. (a)   1,824    196,573 
Encompass Health Corp.   914    74,857 
HCA Healthcare, Inc.   372    70,062 
Humana, Inc.   274    114,875 
IQVIA Holdings, Inc. (a)   241    46,547 
Laboratory Corp. of America Holdings (a)   611    155,823 
Molina Healthcare, Inc. (a)   1,406    328,667 
PPD, Inc. (a)   444    16,801 
Quest Diagnostics, Inc.   879    112,811 
Syneos Health, Inc. (a)   490    37,167 
Teladoc Health, Inc. (a) (b)   288    52,344 
UnitedHealth Group, Inc.   49    18,231 
Universal Health Services, Inc. Class B   261    34,815 
         1,924,192 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Household Products & Wares — 0.8%          
Avery Dennison Corp.   452   $83,010 
Church & Dwight Co., Inc.   870    75,994 
The Clorox Co.   674    130,001 
Kimberly-Clark Corp.   319    44,357 
Reynolds Consumer Products, Inc.   320    9,530 
Spectrum Brands Holdings, Inc.   498    42,330 
         385,222 
Pharmaceuticals — 2.5%        
AbbVie, Inc.   271   29,328 
AmerisourceBergen Corp.   861    101,658 
Becton Dickinson and Co.   34    8,267 
Bristol-Myers Squibb Co.   202    12,752 
Cardinal Health, Inc.   1,192    72,414 
Cigna Corp.   308    74,456 
CVS Health Corp.   538    40,474 
DexCom, Inc. (a)   211    75,831 
Elanco Animal Health, Inc. (a)   606    17,847 
Eli Lilly and Co.   163    30,452 
Henry Schein, Inc. (a)   647    44,798 
Herbalife Nutrition Ltd. (a)   529    23,466 
Horizon Therapeutics PLC (a)   1,862    171,378 
Jazz Pharmaceuticals PLC (a)   180    29,587 
McKesson Corp.   1,422    277,347 
Perrigo Co. PLC   297    12,020 
Pfizer, Inc.   372    13,478 
PRA Health Sciences, Inc. (a)   230    35,266 
Premier, Inc. Class A   259    8,767 
Viatris, Inc. (a)   976    13,635 
Zoetis, Inc.   272    42,834 
         1,136,055 
         9,892,692 
Energy — 1.1%          
Energy – Alternate Sources — 0.5%          
Enphase Energy, Inc. (a)   578    93,729 
First Solar, Inc. (a)   627    54,737 
SolarEdge Technologies, Inc. (a)   360    103,478 
         251,944 
Oil & Gas — 0.4%          
Cabot Oil & Gas Corp.   2,899    54,443 
EQT Corp.   6,572    122,108 
         176,551 
Oil & Gas Services — 0.0%          
Baker Hughes Co.   504    10,891 
Pipelines — 0.2%          
Antero Midstream Corp.   1,445    13,048 
Cheniere Energy, Inc. (a)   459    33,053 
The Williams Cos., Inc.   1,513    35,843 
         81,944 
         521,330 
Financial — 12.4%          
Banks — 2.6%          
The Bank of New York Mellon Corp.   271    12,816 
Bank OZK   690    28,186 
Citizens Financial Group, Inc.   775    34,216 
Comerica, Inc.   182   13,057 
Commerce Bancshares, Inc.   432    33,095 
Cullen/Frost Bankers, Inc.   154    16,749 
East West Bancorp, Inc.   556    41,033 
Fifth Third Bancorp   1,124    42,094 
First Citizens BancShares, Inc. Class A   49    40,953 
First Republic Bank   413    68,868 
The Goldman Sachs Group, Inc.   257    84,039 
Huntington Bancshares, Inc.   1,488    23,391 
KeyCorp   1,096    21,898 
M&T Bank Corp.   80    12,129 
Morgan Stanley   1,812    140,720 
Northern Trust Corp.   288    30,272 
Pinnacle Financial Partners, Inc.   203    17,998 
The PNC Financial Services Group, Inc.   138    24,207 
Popular, Inc.   336    23,627 
Prosperity Bancshares, Inc.   144    10,784 
Regions Financial Corp.   2,680    55,369 
Signature Bank   83    18,766 
State Street Corp.   570    47,886 
SVB Financial Group (a)   513    253,248 
Synovus Financial Corp.   436    19,947 
Truist Financial Corp.   214    12,480 
Western Alliance Bancorp   527    49,770 
Zions Bancorp NA   236    12,970 
         1,190,568 
  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Diversified Financial Services — 3.5%          
Affiliated Managers Group, Inc.   362   $53,949 
Air Lease Corp.   247    12,103 
Ally Financial, Inc.   2,254    101,903 
American Express Co.   156    22,065 
Ameriprise Financial, Inc.   591    137,378 
Apollo Global Management, Inc.   547    25,714 
BlackRock, Inc.   85    64,087 
Capital One Financial Corp.   299    38,042 
The Charles Schwab Corp.   391    25,485 
Discover Financial Services   593    56,329 
Evercore, Inc. Class A   738    97,224 
Franklin Resources, Inc.   426    12,610 
Interactive Brokers Group, Inc. Class A   1,245    90,935 
Intercontinental Exchange, Inc.   336    37,524 
Invesco Ltd.   1,726    43,530 
Jefferies Financial Group, Inc.   3,715    111,821 
Lazard Ltd. Class A   881    38,332 
LPL Financial Holdings, Inc.   436    61,982 
Nasdaq, Inc.   396    58,394 
OneMain Holdings, Inc.   665    35,724 
Raymond James Financial, Inc.   751    92,043 
Rocket Cos., Inc. Class A (b)   1,846    42,624 
Santander Consumer USA Holdings, Inc.   547    14,802 
SLM Corp.   6,373    114,523 
Synchrony Financial   942    38,302 
T. Rowe Price Group, Inc.   517    88,717 
Tradeweb Markets, Inc. Class A   804    59,496 
Virtu Financial, Inc. Class A   626    19,437 
The Western Union Co.   537   13,242 
         1,608,317 
Insurance — 3.6%          
Aflac, Inc.   697    35,672 
Alleghany Corp. (a)   17    10,647 
The Allstate Corp.   524    60,208 
American Financial Group, Inc.   197    22,478 
American International Group, Inc.   380    17,560 
Aon PLC Class A   100    23,011 
Arch Capital Group Ltd. (a)   535    20,528 
Arthur J Gallagher & Co.   764    95,324 
Assurant, Inc.   548    77,690 
Athene Holding Ltd. Class A (a)   498    25,099 
Axis Capital Holdings Ltd.   283    14,028 
Berkshire Hathaway, Inc. Class B (a)   68    17,372 
Brighthouse Financial, Inc. (a)   274    12,125 
Brown & Brown, Inc.   1,122    51,287 
Chubb Ltd.   265    41,862 
Cincinnati Financial Corp.   164    16,907 
Erie Indemnity Co. Class A   236    52,135 
Everest Re Group Ltd.   111    27,507 
Fidelity National Financial, Inc.   482    19,598 
First American Financial Corp.   472    26,739 
Globe Life, Inc.   270    26,090 
The Hanover Insurance Group, Inc.   137    17,736 
The Hartford Financial Services Group, Inc.   393    26,248 
Kemper Corp.   430    34,280 
Lincoln National Corp.   174    10,835 
Loews Corp.   453    23,230 
Markel Corp. (a)   31    35,328 
Marsh & McLennan Cos., Inc.   252    30,694 
Mercury General Corp.   270    16,419 
MetLife, Inc.   1,105    67,173 
MGIC Investment Corp.   1,148    15,900 
Old Republic International Corp.   954    20,835 
Primerica, Inc.   204    30,155 
Principal Financial Group, Inc.   1,076    64,517 
The Progressive Corp.   2,728    260,824 
Prudential Financial, Inc.   432    39,355 
Reinsurance Group of America, Inc.   73    9,202 
RenaissanceRe Holdings Ltd.   169    27,082 
The Travelers Cos., Inc.   641    96,406 
Unum Group   434    12,078 
Voya Financial, Inc.   471    29,974 
W.R. Berkley Corp.   475    35,791 
Willis Towers Watson PLC   149    34,103 
         1,632,032 
Private Equity — 0.1%          
KKR & Co., Inc.   1,007    49,192 
Real Estate — 0.2%          
CBRE Group, Inc. Class A (a)   878    69,458 
Jones Lang LaSalle, Inc. (a)   75    13,428 
           
         82,886 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Real Estate Investment Trusts (REITS) — 2.4%        
AGNC Investment Corp.   2,041   $34,207 
Alexandria Real Estate Equities, Inc.   165    27,109 
American Campus Communities, Inc.   247    10,663 
American Homes 4 Rent Class A   917    30,573 
American Tower Corp.   67    16,017 
Americold Realty Trust (b)   505    19,427 
Apartment Income REIT Corp.   213    9,108 
Apartment Investment and Management Co. Class A   213    1,308 
AvalonBay Communities, Inc.   70    12,916 
Camden Property Trust   173    19,014 
CoreSite Realty Corp.   215    25,768 
Corporate Office Properties Trust   453    11,927 
Crown Castle International Corp.   215    37,008 
CubeSmart   818    30,945 
CyrusOne, Inc.   407    27,562 
Digital Realty Trust, Inc.   427    60,139 
Duke Realty Corp.   1,208    50,651 
Equinix, Inc.   70    47,571 
Equity Commonwealth   516    14,345 
Equity LifeStyle Properties, Inc.   163    10,373 
Equity Residential   138    9,885 
Essex Property Trust, Inc.   56    15,223 
Extra Space Storage, Inc.   363    48,116 
First Industrial Realty Trust, Inc.   499    22,849 
Gaming and Leisure Properties, Inc.   730    30,974 
Healthcare Trust of America, Inc. Class A   331    9,129 
Healthpeak Properties, Inc.   554    17,584 
Host Hotels & Resorts, Inc.   870    14,659 
Invitation Homes, Inc.   620    19,834 
Iron Mountain, Inc.   553    20,467 
Lamar Advertising Co. Class A   160    15,027 
Life Storage, Inc.   354    30,426 
Medical Properties Trust, Inc.   1,016    21,620 
Mid-America Apartment Communities, Inc.   197    28,439 
Omega Healthcare Investors, Inc.   317    11,612 
Prologis, Inc.   330    34,980 
Public Storage   157    38,741 
Realty Income Corp.   174    11,049 
Rexford Industrial Realty, Inc.   354    17,842 
SBA Communications Corp.   154    42,743 
STORE Capital Corp.   320    10,720 
Sun Communities, Inc.   101    15,154 
UDR, Inc.   259    11,360 
Ventas, Inc.   385    20,536 
VICI Properties, Inc. (b)   1,561    44,083 
Welltower, Inc.   155    11,103 
Weyerhaeuser Co.   650    23,140 
WP Carey, Inc.   243    17,195 
         1,111,121 
Savings & Loans — 0.0%          
New York Community Bancorp, Inc.   872    11,005 
         5,685,121 
Industrial — 17.8%        
Aerospace & Defense — 0.6%        
General Dynamics Corp.   143   25,963 
HEICO Corp.   90    11,322 
HEICO Corp. Class A   301    34,194 
Howmet Aerospace, Inc.   1,374    44,147 
L3 Harris Technologies, Inc.   146    29,591 
Lockheed Martin Corp.   61    22,539 
Northrop Grumman Corp.   75    24,273 
Teledyne Technologies, Inc. (a)   111    45,915 
TransDigm Group, Inc. (a)   43    25,281 
         263,225 
Building Materials — 1.8%          
Carrier Global Corp.   2,084    87,986 
Eagle Materials, Inc.   207    27,823 
Fortune Brands Home & Security, Inc.   1,428    136,831 
Johnson Controls International PLC   1,614    96,307 
Lennox International, Inc.   222    69,173 
Martin Marietta Materials, Inc.   108    36,269 
Masco Corp.   1,653    99,015 
MDU Resources Group, Inc.   569    17,986 
Owens Corning   1,101    101,391 
Trex Co., Inc. (a)   1,059    96,941 
Vulcan Materials Co.   212    35,775 
         805,497 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Electrical Components & Equipment — 0.8%          
AMETEK, Inc.   532   $67,952 
Emerson Electric Co.   538    48,538 
Generac Holdings, Inc. (a)   540    176,823 
Littelfuse, Inc.   176    46,542 
Universal Display Corp.   97    22,967 
         362,822 
Electronics — 2.2%          
Agilent Technologies, Inc.   632    80,352 
Allegion PLC   138    17,335 
Amphenol Corp. Class A   1,002    66,102 
Arrow Electronics, Inc. (a)   752    83,337 
Fortive Corp.   745    52,627 
Garmin Ltd.   448    59,069 
Honeywell International, Inc.   151    32,777 
Hubbell, Inc.   312    58,310 
Jabil, Inc.   823    42,928 
Keysight Technologies, Inc. (a)   412    59,081 
Mettler-Toledo International, Inc. (a)   78    90,144 
nVent Electric PLC   421    11,750 
Sensata Technologies Holding PLC (a)   322    18,660 
SYNNEX Corp.   994    114,151 
Trimble, Inc. (a)   1,790    139,244 
Vontier Corp. (a)   1,141    34,538 
Waters Corp. (a)   94    26,712 
Woodward, Inc.   107   12,907 
         1,000,024 
Engineering & Construction — 0.5%          
AECOM (a)   1,416    90,780 
frontdoor, Inc. (a)   306    16,447 
Jacobs Engineering Group, Inc.   917    118,541 
         225,768 
Environmental Controls — 0.4%          
Clean Harbors, Inc. (a)   115    9,667 
Pentair PLC   1,120    69,798 
Republic Services, Inc.   505    50,172 
Stericycle, Inc. (a)   254    17,147 
Waste Management, Inc.   430    55,479 
         202,263 
Hand & Machine Tools — 0.8%          
Lincoln Electric Holdings, Inc.   506    62,208 
MSA Safety, Inc.   178    26,703 
Regal Beloit Corp.   969    138,257 
Snap-on, Inc.   284    65,530 
Stanley Black & Decker, Inc.   380    75,875 
         368,573 
Machinery – Construction & Mining — 0.5%          
BWX Technologies, Inc.   180    11,869 
Caterpillar, Inc.   463    107,356 
Oshkosh Corp.   198    23,495 
Vertiv Holdings Co.   5,245    104,900 
         247,620 
Machinery – Diversified — 2.3%          
AGCO Corp.   902    129,572 
Cognex Corp.   671    55,686 
Deere & Co.   509    190,437 
Dover Corp.   456    62,531 
Graco, Inc.   1,110    79,498 
IDEX Corp.   241    50,446 
Ingersoll Rand, Inc. (a)   809    39,811 
The Middleby Corp. (a)   495    82,046 
Nordson Corp.   291    57,816 
Otis Worldwide Corp.   852    58,320 
Rockwell Automation, Inc.   302    80,163 
The Toro Co.   499    51,467 
Westinghouse Air Brake Technologies Corp.   331    26,202 
Xylem, Inc.   755    79,411 
         1,043,406 
Metal Fabricate & Hardware — 0.3%          
The Timken Co.   1,395    113,232 
Valmont Industries, Inc.   202    48,010 
         161,242 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Miscellaneous - Manufacturing — 2.0%        
3M Co.   152   $29,287 
A.O. Smith Corp.   1,230    83,160 
Axon Enterprise, Inc. (a)   456    64,943 
Carlisle Cos., Inc.   162    26,662 
Donaldson Co., Inc.   324    18,844 
Eaton Corp. PLC   1,031    142,567 
General Electric Co.   1,716    22,531 
Illinois Tool Works, Inc.   233    51,614 
ITT, Inc.   334    30,364 
Parker-Hannifin Corp.   472    148,883 
Textron, Inc.   1,325    74,306 
Trane Technologies PLC   1,176    194,699 
Trinity Industries, Inc.   761    21,681 
         909,541 
Packaging & Containers — 2.1%          
Amcor PLC   9,029    105,459 
AptarGroup, Inc.   365    51,709 
Ball Corp.   1,490    126,263 
Berry Global Group, Inc. (a)   2,104    129,186 
Crown Holdings, Inc.   1,948    189,034 
Graphic Packaging Holding Co.   1,816    32,978 
Packaging Corp. of America   836    112,425 
Sealed Air Corp.   1,283    58,787 
Silgan Holdings, Inc.   1,222    51,361 
Sonoco Products Co.   447    28,295 
WestRock Co.   1,486    77,346 
         962,843 
Transportation — 3.5%          
C.H. Robinson Worldwide, Inc.   1,583    151,066 
CSX Corp.   924    89,092 
Expeditors International of Washington, Inc.   929    100,044 
FedEx Corp.   719    204,225 
J.B. Hunt Transport Services, Inc.   533    89,581 
Kansas City Southern   417    110,055 
Knight-Swift Transportation Holdings, Inc.   1,584    76,174 
Landstar System, Inc.   464    76,588 
Norfolk Southern Corp.   356    95,593 
Old Dominion Freight Line, Inc.   585    140,640 
Ryder System, Inc.   916    69,295 
Schneider National, Inc. Class B   935    23,347 
Union Pacific Corp.   143    31,519 
United Parcel Service, Inc. Class B   487    82,785 
XPO Logistics, Inc. (a)   1,947    240,065 
         1,580,069 
         8,132,893 
Technology — 14.9%          
Computers — 3.1%          
Accenture PLC Class A   105    29,006 
Amdocs Ltd.   328    23,009 
Apple, Inc.   444    54,235 
CACI International, Inc. Class A (a)   121   29,846 
Cognizant Technology Solutions Corp. Class A   1,342    104,837 
Crowdstrike Holdings, Inc. Class A (a) (b)   425    77,567 
Dell Technologies C (a)   5,150    453,972 
EPAM Systems, Inc. (a)   311    123,371 
Fortinet, Inc. (a)   256    47,211 
Genpact Ltd.   532    22,780 
Globant SA (a)   357    74,117 
HP, Inc.   4,808    152,654 
International Business Machines Corp.   193    25,719 
Leidos Holdings, Inc.   584    56,227 
Lumentum Holdings, Inc. (a)   342    31,242 
NetApp, Inc.   407    29,577 
Pure Storage, Inc. Class A (a)   703    15,143 
Science Applications International Corp.   535    44,721 
Zscaler, Inc. (a)   273    46,866 
         1,442,100 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Office & Business Equipment — 0.3%          
Zebra Technologies Corp. Class A (a)   282   $136,821 
Semiconductors — 4.5%          
Advanced Micro Devices, Inc. (a)   533    41,840 
Analog Devices, Inc.   312    48,385 
Applied Materials, Inc.   942    125,851 
Broadcom, Inc.   71    32,920 
Cirrus Logic, Inc. (a)   173    14,669 
Cree, Inc. (a)   558    60,337 
Entegris, Inc.   1,307    146,123 
Inphi Corp. (a)   353    62,979 
IPG Photonics Corp. (a)   247    52,102 
KLA Corp.   450    148,680 
Lam Research Corp.   227    135,119 
Marvell Technology Group Ltd.   3,322    162,712 
Maxim Integrated Products, Inc.   1,106    101,055 
Microchip Technology, Inc.   530    82,267 
Micron Technology, Inc. (a)   1,003    88,475 
MKS Instruments, Inc.   279    51,732 
Monolithic Power Systems, Inc.   274    96,780 
NVIDIA Corp.   27    14,416 
ON Semiconductor Corp. (a)   2,086    86,798 
Qorvo, Inc. (a)   512    93,542 
QUALCOMM, Inc.   385    51,047 
Skyworks Solutions, Inc.   524    96,143 
Teradyne, Inc.   1,107    134,700 
Texas Instruments, Inc.   209    39,499 
Xilinx, Inc.   617    76,446 
         2,044,617 
Software — 7.0%          
Activision Blizzard, Inc.   784    72,912 
Adobe, Inc. (a)   39    18,539 
Akamai Technologies, Inc. (a)   652    66,439 
Alteryx, Inc. Class A (a)   158    13,108 
ANSYS, Inc. (a)   147    49,915 
Aspen Technology, Inc. (a)   191    27,567 
Atlassian Corp. PLC Class A (a)   340    71,658 
Autodesk, Inc. (a)   203   56,261 
Bill.com Holdings, Inc. (a)   425    61,838 
Black Knight, Inc. (a)   809    59,858 
Broadridge Financial Solutions, Inc.   435    66,599 
Cadence Design Systems, Inc. (a)   1,060    145,209 
CDK Global, Inc.   200    10,812 
Ceridian HCM Holding, Inc. (a)   514    43,315 
Cerner Corp.   431    30,980 
Change Healthcare, Inc. (a)   1,647    36,399 
Citrix Systems, Inc.   416    58,390 
Cloudflare, Inc. Class A (a)   443    31,125 
Concentrix Corp. (a)   425    63,631 
Coupa Software, Inc. (a)   234    59,548 
Datadog, Inc. Class A (a)   598    49,837 
DocuSign, Inc. (a)   318    64,379 
Dropbox, Inc. Class A (a)   711    18,955 
Dynatrace, Inc. (a)   438    21,129 
Elastic NV (a)   325    36,140 
Electronic Arts, Inc.   592    80,139 
Everbridge, Inc. (a)   228    27,629 
Fair Isaac Corp. (a)   118    57,354 
Fastly, Inc. Class A (a) (b)   500    33,640 
Fidelity National Information Services, Inc.   94    13,217 
Fiserv, Inc. (a)   89    10,595 
Five9, Inc. (a)   422    65,971 
Guidewire Software, Inc. (a)   150    15,245 
HubSpot, Inc. (a)   191    86,754 
Intuit, Inc.   128    49,032 
Jack Henry & Associates, Inc.   213    32,316 
Manhattan Associates, Inc. (a)   296    34,744 
Microsoft Corp.   124    29,235 
MongoDB, Inc. (a)   210    56,160 
MSCI, Inc.   227    95,177 
Nuance Communications, Inc. (a)   2,247    98,059 
Oracle Corp.   225    15,788 
PagerDuty, Inc. (a) (b)   269    10,822 
Paychex, Inc.   398    39,012 
Paycom Software, Inc. (a)   151    55,879 
Pegasystems, Inc.   214    24,469 
PTC, Inc. (a)   537    73,918 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

    Number of
Shares
    Value 
RealPage, Inc. (a)   483   $42,118 
RingCentral, Inc. Class A (a)   260    77,449 
Roper Technologies, Inc.   126    50,821 
salesforce.com, Inc. (a)   86    18,221 
ServiceNow, Inc. (a)   103    51,511 
Slack Technologies, Inc. Class A (a)   631    25,638 
Smartsheet, Inc. Class A (a)   302    19,304 
Splunk, Inc. (a)   189    25,606 
SS&C Technologies Holdings, Inc   810    56,595 
Synopsys, Inc. (a)   501    124,138 
Take-Two Interactive Software, Inc. (a)   501    88,527 
Twilio, Inc. Class A (a)   220    74,967 
Tyler Technologies, Inc. (a)   151    64,104 
Veeva Systems, Inc. Class A (a)   331    86,470 
VMware, Inc. Class A (a)   134    20,160 
Workday, Inc. Class A (a)   171    42,482 
Zoom Video Communications, Inc. Class A (a)   90    28,916 
Zynga, Inc. Class A (a)   5,300   54,113 
         3,190,838 
         6,814,376 
Utilities — 2.8%          
Electric — 2.4%          
AES Corp.   4,139    110,967 
Alliant Energy Corp.   559    30,275 
Ameren Corp.   766    62,322 
American Electric Power Co., Inc.   287    24,309 
CenterPoint Energy, Inc.   1,435    32,503 
CMS Energy Corp.   715    43,772 
Consolidated Edison, Inc.   382    28,574 
Dominion Energy, Inc.   327    24,839 
DTE Energy Co.   516    68,700 
Duke Energy Corp.   645    62,262 
Edison International   249    14,591 
Entergy Corp.   386    38,395 
Evergy, Inc.   441    26,253 
Eversource Energy   573    49,616 
Exelon Corp.   1,415    61,892 
IDACORP, Inc.   98    9,797 
NextEra Energy, Inc.   493    37,276 
NRG Energy, Inc.   438    16,526 
OGE Energy Corp.   262    8,478 
PG&E Corp. (a)   2,638    30,891 
Pinnacle West Capital Corp.   362    29,449 
PPL Corp.   793    22,870 
Public Service Enterprise Group, Inc.   1,026    61,776 
Sempra Energy   178    23,599 
The Southern Co.   707    43,947 
Vistra Corp.   807    14,268 
WEC Energy Group, Inc.   560    52,410 
Xcel Energy, Inc.   1,088    72,363 
         1,102,920 
Gas — 0.2%          
Atmos Energy Corp.   163    16,112 
National Fuel Gas Co.   257    12,847 
NiSource, Inc.   1,026    24,737 
UGI Corp.   456    18,701 
         72,397 
Water — 0.2%          
American Water Works Co., Inc.   575    86,204 
Essential Utilities, Inc.   280   12,530 
         98,734 
         1,274,051 
           
TOTAL COMMON STOCK
(Cost $42,162,581)
        45,623,338 
           
TOTAL EQUITIES
(Cost $42,162,581)
        45,623,338 

  

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
           
Mutual Funds — 0.1%          
Diversified Financial Services — 0.1%          
State Street Navigator Securities Lending Prime Portfolio (c)   55,400   $55,400 
           
TOTAL MUTUAL FUNDS
(Cost $55,400)
        55,400 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $42,217,981)
        45,678,738 
           
TOTAL INVESTMENTS — 100.0%
(Cost $42,217,981) (d)
        45,678,738 
           
Other Assets/(Liabilities) — (0.0)%        (175)
           
NET ASSETS — 100.0%       $45,678,563 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets. 

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2021, was $772,331 or 1.69% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $733,283 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) See Note 3 for aggregate cost for federal tax purposes.

  

 

 

MML High Yield Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
 
Equities — 1.1%        
Common Stock — 1.1%        
         
Energy — 1.1%        
Oil & Gas — 1.1%        
Fieldwood Energy LLC  (a)   3,193   $ 
Fieldwood Energy LLC (a)   13,011     
Tourmaline Oil Corp.   45,264    861,553 
Tourmaline Oil Corp. (Escrow Shares) (a) (b) (c)   195,880    155,869 
           
TOTAL COMMON STOCK
(Cost $1,191,070)
        1,017,422 
           
TOTAL EQUITIES
(Cost $1,191,070)
        1,017,422 

 

   Principal
Amount
   Value 
 
Bonds & Notes — 97.0%        
Bank Loans — 13.0%        
Advertising — 0.5%        
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%          
3.712% VRN 8/21/26  $468,621   $449,487 
           
Aerospace & Defense — 1.2%          
AAdvantage Loyalty IP Ltd., 2021 Term Loan,          
0.000% 4/20/28 (d)   506,512    518,385 
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%          
4.750% VRN 3/01/28   627,323    621,496 
           
         1,139,881 
           
Chemicals — 0.7%          
Consolidated Energy Finance, SA, Term Loan B, 1 mo. USD LIBOR + 2.500%          
2.609% VRN 5/07/25   693,635    676,295 
           
Commercial Services — 1.2%          
City Brewing Company, LLC, Term Loan B,          
0.000% 3/31/28 (d)   233,168    233,168 
Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000%            
6.000% VRN 3/09/23  903,708   890,252 
           
         1,123,420 
           
Entertainment — 0.3%          
Delta 2 (LUX) S.A.R.L., 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500%          
3.500% VRN 2/01/24   259,676    256,835 
           
Health Care – Services — 0.5%          
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%, 3 mo. USD LIBOR + 4.250%          
4.357% - 5.295% VRN 7/09/25   471,000    466,879 
           
Oil & Gas — 0.0%          
Fieldwood Energy LLC, Exit 2nd Lien Term Loan, 12 mo. USD LIBOR + 0.000%          
0.000% VRN4/11/23  (e)   387,384    17,917 
           
Packaging & Containers — 2.7%          
BWAY Holding Co., 2017 Term Loan B, 3 mo. USD LIBOR + 3.250%          
3.443% VRN 4/03/24   1,178,374    1,151,861 
Flex Acquisition Company, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
4.000% VRN 2/23/28   619,310    610,893 
Proampac PG Borrower LLC, 2020 Term Loan, 1 mo. USD LIBOR + 4.000%, 3 mo. USD LIBOR + 4.000%          
5.000% VRN 11/03/25    681,195    680,234 
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. USD LIBOR + 3.000%          
4.000% VRN 10/17/24   160,890    159,106 
           
         2,602,094 
Retail — 0.5%          
Great Outdoors Group LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%          
5.000% VRN 3/06/28   468,969    469,203 
           
Software — 5.4%          
Banff Merger Sub, Inc., 2021 USD Term Loan, 1 mo. USD LIBOR + 3.750%          
3.859% VRN 10/02/25   763,358    759,541 
Cvent, Inc., 1st Lien Term Loan, 2 mo. USD LIBOR + 3.750%          
3.900% VRN 11/29/24   778,411    756,250 
Finastra USA, Inc.          
USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.500%          
4.500% VRN 6/13/24   1,679,768    1,644,560 
USD 2nd Lien Term Loan, 6 mo. USD LIBOR + 7.250%          
8.250% VRN 6/13/25   1,400,000    1,405,250 
Renaissance Holding Corp., 2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%          
7.203% VRN 5/29/26   539,037    536,881 
           
         5,102,482 
           
TOTAL BANK LOANS
(Cost $12,424,123)
        12,304,493 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Corporate Debt — 84.0%        
Advertising — 1.1%        
Clear Channel Outdoor Holdings, Inc.          
7.750% 4/15/28 (f)  $301,000   $298,390 
Outfront Media Capital LLC / Outfront Media Capital Corp.          
4.250% 1/15/29 (f)   141,000    135,744 
Terrier Media Buyer, Inc.          
8.875% 12/15/27 (f)   523,000    562,774 
           
         996,908 
           
Aerospace & Defense — 2.6%          
TransDigm, Inc.          
4.625% 1/15/29 (f)   160,000    157,566 
6.250% 3/15/26 (f)   316,000    334,929 
6.375% 6/15/26   154,000    159,198 
8.000% 12/15/25 (f)   255,000    277,695 
Triumph Group, Inc.          
6.250% 9/15/24 (f)   306,000    310,498 
7.750% 8/15/25   1,243,000    1,249,215 
           
         2,489,101 
Airlines — 1.6%          
American Airlines, Inc.          
11.750% 7/15/25 (f)   379,000    468,539 
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.          
5.500% 4/20/26 (f)   535,000    557,737 
5.750% 4/20/29 (f)   229,000    244,068 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (f)   265,000    290,175 
           
         1,560,519 
           
Auto Manufacturers — 4.5%          
Ford Motor Co.          
7.450% 7/16/31   472,000    595,112 
8.500% 4/21/23   312,000    347,880 
9.000% 4/22/25   241,000    291,879 
9.625% 4/22/30   726,000    1,013,162 
Ford Motor Credit Co. LLC          
4.125% 8/17/27   289,000    298,392 
4.134% 8/04/25   200,000    209,185 
4.542% 8/01/26   1,039,000    1,099,470 
JB Poindexter & Co., Inc.          
7.125% 4/15/26 (f)   435,000    459,469 
           
         4,314,549 
           
Auto Parts & Equipment — 1.0%          
Adient Global Holdings Ltd.          
4.875% 8/15/26 (f)   170,000    174,463 
American Axle & Manufacturing, Inc.          
6.500% 4/01/27   219,000    227,212 
Clarios Global LP/Clarios US Finance Co.          
8.500% 5/15/27 (f)   467,000    502,847 
           
         904,522 
         
Building Materials — 0.4%        
Cornerstone Building Brands, Inc.    
6.125% 1/15/29 (f)  171,000   182,115 
CP Atlas Buyer, Inc.          
7.000% 12/01/28 (f)   208,000    218,618 
           
         400,733 
           
Chemicals — 1.4%          
CF Industries, Inc.          
4.950% 6/01/43   63,000    72,156 
5.375% 3/15/44   240,000    284,700 
Consolidated Energy Finance SA          
6.875% 6/15/25 (f)   815,000    830,281 
Nouryon Holding BV          
8.000% 10/01/26 (f)   141,000    149,783 
           
         1,336,920 
           
Coal — 2.3%          
Peabody Energy Corp.          
8.500% 12/31/24 (f)   583,000    244,860 
PIC AU Holdings LLC / PIC AU Holdings Corp.          
10.000% 12/31/24 (f)   656,000    601,880 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.          
7.500% 6/15/25 (f)   759,000    788,411 
Warrior Met Coal, Inc.          
8.000% 11/01/24 (f)   534,000    547,350 
           
         2,182,501 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Commercial Services — 0.6%          
Alta Equipment Group, Inc.          
5.625% 4/15/26 (f) (g)  $60,000   $60,825 
NESCO Holdings II, Inc.          
5.500% 4/15/29 (f) (g)   43,000    44,097 
Prime Security Services Borrower LLC / Prime Finance, Inc.          
6.250% 1/15/28 (f)   487,000    506,962 
           
         611,884 
Computers — 1.3%          
Banff Merger Sub, Inc.          
9.750% 9/01/26 (f)   466,000    496,560 
Diebold Nixdorf, Inc.          
9.375% 7/15/25 (f)   675,000    751,781 
           
         1,248,341 
           
Distribution & Wholesale — 1.3%          
Core & Main Holdings LP          
8.625% 9/15/24 (f)   155,000    157,325 
Core & Main LP          
6.125% 8/15/25 (f)   313,000    321,244 
Resideo Funding, Inc.          
6.125% 11/01/26 (f)   433,000    456,127 
Univar Solutions USA, Inc.    
5.125% 12/01/27 (f)  254,000   264,317 
           
         1,199,013 
           
Diversified Financial Services — 3.3%          
Alliance Data Systems Corp.          
4.750% 12/15/24 (f)   767,000    787,134 
7.000% 1/15/26 (f)   169,000    180,864 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (f)   1,445,880    1,386,599 
OneMain Finance Corp.          
4.000% 9/15/30   169,000    164,352 
5.375% 11/15/29   552,000    587,190 
           
         3,106,139 
           
Electric — 1.7%          
FirstEnergy Corp.          
2.250% 9/01/30   148,000    137,270 
5.350% STEP 7/15/47   352,000    395,357 
7.375% 11/15/31   48,000    64,186 
PG&E Corp.          
5.000% 7/01/28   567,000    599,021 
Pike Corp.          
5.500% 9/01/28 (f)   447,000    454,823 
           
         1,650,657 
           
Engineering & Construction — 0.5%          
Arcosa, Inc. Co.          
4.375% 4/15/29 (f) (g)   108,000    108,000 
New Enterprise Stone & Lime Co., Inc.          
9.750% 7/15/28 (f)   323,000    361,760 
           
         469,760 
           
Entertainment — 2.1%          
Banijay Entertainment SASU          
5.375% 3/01/25 (f)   241,000    248,832 
Caesars Entertainment, Inc.          
8.125% 7/01/27 (f)   443,000    488,718 
Caesars Resort Collection LLC/CRC Finco, Inc.          
5.250% 10/15/25 (f)   266,000    268,305 
CCM Merger, Inc.          
6.375% 5/01/26 (f)   193,000    204,941 
Live Nation Entertainment, Inc.          
4.750% 10/15/27 (f)   407,000    410,052 
Scientific Games International, Inc.          
7.250% 11/15/29 (f)   187,000    202,895 
8.250% 3/15/26 (f)   37,000    39,683 
8.625% 7/01/25 (f)   147,000    159,818 
           
         2,023,244 
           
Food — 3.9%          
JBS USA LUX SA/JBS USA Finance, Inc.          
6.750% 2/15/28 (f)   824,000    905,617 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
5.500% 1/15/30 (f)   826,000    914,171 
6.500% 4/15/29 (f)  1,094,000   1,235,673 
Kraft Heinz Foods Co.          
4.250% 3/01/31   204,000    224,662 
6.875% 1/26/39   206,000    283,218 
Simmons Foods, Inc. /Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc. /Simmons Feed          
4.625% 3/01/29 (f)   161,000    162,412 
           
         3,725,753 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Forest Products & Paper — 0.2%          
Clearwater Paper Corp.          
4.750% 8/15/28 (f)  $230,000   $231,725 
           
Health Care – Services — 1.9%          
CHS/Community Health Systems, Inc.          
4.750% 2/15/31 (f)   108,000    105,505 
Molina Healthcare, Inc.          
4.375% 6/15/28 (f)   200,000    205,792 
Radiology Partners, Inc.          
9.250% 2/01/28 (f)   300,000    326,625 
Tenet Healthcare Corp.          
4.625% 7/15/24   400,000    406,700 
4.625% 9/01/24 (f)   323,000    332,286 
6.125% 10/01/28 (f)   350,000    364,525 
US Acute Care Solutions LLC          
6.375% 3/01/26 (f)   99,000    102,713 
           
         1,844,146 
           
Home Builders — 2.7%          
Brookfield Residential Properties, Inc.          
6.375% 5/15/25 (f)   491,000    502,661 
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.          
4.875% 2/15/30 (f)   261,000    261,162 
Empire Communities Corp.          
7.000% 12/15/25 (f)   123,000    129,611 
M/I Homes, Inc.          
4.950% 2/01/28   368,000    381,110 
Mattamy Group Corp.          
4.625% 3/01/30 (f)   668,000    663,511 
STL Holding Co. LLC          
7.500% 2/15/26 (f)   440,000    457,600 
TRI Pointe Group, Inc.          
5.700% 6/15/28   153,000    169,097 
           
         2,564,752 
           
Insurance — 0.5%          
AssuredPartners, Inc.          
5.625% 1/15/29 (f)   152,000    154,888 
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc.          
7.625% 10/15/25 (f)   293,000    314,243 
           
         469,131 
           
Internet — 1.6%          
Endure Digital, Inc.          
6.000% 2/15/29 (f)   350,000    341,687 
Netflix, Inc.    
5.375% 11/15/29 (f)  523,000   618,474 
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.          
6.000% 2/15/28 (f)   171,000    170,573 
10.750% 6/01/28 (f)   169,000    190,919 
Uber Technologies, Inc.          
6.250% 1/15/28 (f)   174,000    188,127 
           
         1,509,780 
           
Iron & Steel — 0.4%          
United States Steel Corp.          
6.875% 3/01/29   361,000    370,025 
           
Leisure Time — 2.2%          
Carlson Travel, Inc.          
6.750% 12/15/25 (f)   296,000    270,840 
11.500% 12/15/26 (f)   894,257    679,635 
Carnival Corp.          
5.750% 3/01/27 (f)   487,000    500,617 
NCL Corp. Ltd.          
5.875 % 3/15/26 (f)   499,000    505,682 
NCL Finance Ltd.          
6.125% 3/15/28 (f)   94,000    95,762 
           
         2,052,536 
           
Lodging — 1.6%          
Wyndham Destinations, Inc.          
6.625% 7/31/26 (f)  213,000   241,830 
Wyndham Hotels & Resorts, Inc.          
4.375% 8/15/28 (f)   185,000    187,127 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.          
5.500% 3/01/25 (f)   740,000    781,810 
Wynn Macau Ltd.          
5.125% 12/15/29 (f)   268,000    274,700 
           
         1,485,467 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Machinery – Diversified — 0.4%          
Clark Equipment Co.          
5.875% 6/01/25 (f)  $321,000   $339,458 
           
Media — 4.7%          
Altice Financing SA          
5.000% 1/15/28 (f)   316,000    312,464 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.750% 3/01/30 (f)   236,000    244,555 
Clear Channel Worldwide Holdings, Inc.          
5.125% 8/15/27 (f)   313,000    315,050 
9.250% 2/15/24   209,000    217,423 
DISH DBS Corp.          
7.750% 7/01/26   217,000    239,026 
DISH Network Corp.          
3.375% 8/15/26   680,000    653,684 
iHeartCommunications, Inc.          
8.375% 5/01/27   482,000    517,547 
LCPR Senior Secured Financing DAC          
5.125% 7/15/29 (f)   465,000    473,193 
6.750% 10/15/27 (f)   314,000    334,771 
McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.    
8.000% 11/30/24 (f)  359,000   362,159 
Midcontinent Communications / Midcontinent Finance Corp.          
5.375% 8/15/27 (f)   205,000    213,139 
Nexstar Broadcasting, Inc.          
4.750% 11/01/28 (f)   118,000    119,243 
Virgin Media Finance PLC          
5.000% 7/15/30 (f)   147,000    146,816 
Virgin Media Secured Finance PLC          
4.500% 8/15/30 (f)   280,000    282,450 
           
         4,431,520 
           
Mining — 4.6%          
Compass Minerals International, Inc.          
4.875% 7/15/24 (f)   294,000    304,725 
6.750% 12/01/27 (f)   192,000    205,440 
First Quantum Minerals Ltd.          
6.875% 10/15/27 (f)   600,000    643,500 
7.250% 4/01/23 (f)   659,000    670,532 
7.500% 4/01/25 (f)   647,000    668,027 
Freeport-McMoRan, Inc.          
4.125% 3/01/28   69,000    72,533 
4.375% 8/01/28   359,000    380,809 
4.625% 8/01/30   200,000    217,645 
Hecla Mining Co.          
7.250% 2/15/28   423,000    453,668 
Hudbay Minerals, Inc.          
6.125% 4/01/29 (f)   147,000    156,923 
Kinross Gold Corp.          
6.875% 9/01/41   476,000    618,104 
Northwest Acquisitions ULC/Dominion Finco, Inc.          
7.125% 11/01/22 (e) (f)   884,000    88 
           
         4,391,994 
           
Miscellaneous - Manufacturing — 0.8%          
Gates Global LLC / Gates Corp.          
6.250% 1/15/26 (f)   700,000    733,250 
           
Oil & Gas — 9.7%          
Antero Resources Corp.          
7.625% 2/01/29 (f)   62,000    66,030 
8.375% 7/15/26 (f)   156,000    171,990 
Apache Corp.          
4.750% 4/15/43   65,000    60,288 
5.100% 9/01/40   130,000    127,075 
5.350% 7/01/49   197,000    188,135 
Chesapeake Energy Corp.          
5.500% 2/01/26 (f)   90,000    93,681 
5.875% 2/01/29 (f)   182,000    192,920 
Comstock Resources, Inc.          
6.750% 3/01/29 (f)   126,000    129,150 
Continental Resources, Inc.          
4.375% 1/15/28   168,000    177,416 
CVR Energy, Inc.          
5.750% 2/15/28 (f)   1,323,000    1,286,617 
EQT Corp.          
8.500% STEP 2/01/30   55,000    70,142 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Hilcorp Energy I LP / Hilcorp Finance Co.
5.000% 12/01/24 (f)  $79,000   $79,593 
5.750% 10/01/25 (f)   43,000    43,108 
6.250% 11/01/28 (f)   365,000    375,950 
MEG Energy Corp.          
7.125% 2/01/27 (f)   379,000    397,002 
Murphy Oil Corp.          
6.375% 7/15/28   182,000    182,227 
Nabors Industries Ltd.          
7.250% 1/15/26 (f)   184,000    152,720 
7.500% 1/15/28 (f)   119,000    97,878 
Neptune Energy Bondco PLC          
6.625% 5/15/25 (f)   594,000    596,227 
Occidental Petroleum Corp.          
2.700% 2/15/23   32,000    31,927 
2.900% 8/15/24   93,000    91,969 
3.500% 6/15/25   190,000    188,100 
4.200% 3/15/48   31,000    24,955 
4.400% 4/15/46   198,000    167,805 
4.400% 8/15/49   78,000    64,740 
4.500% 7/15/44   81,000    68,850 
5.875% 9/01/25   178,000    189,792 
6.125% 1/01/31   210,000    231,882 
6.200% 3/15/40   550,000    565,125 
6.375% 9/01/28   182,000    199,764 
6.450% 9/15/36   215,000    237,387 
6.600% 3/15/46   352,000    374,000 
6.950% 7/01/24   88,000    96,562 
Ovintiv Exploration, Inc.          
5.375% 1/01/26   88,000    96,602 
5.625% 7/01/24   56,000    61,557 
Ovintiv, Inc.          
6.500% 8/15/34   108,000    129,859 
6.500% 2/01/38   47,000    56,829 
7.200% 11/01/31   29,000    36,109 
7.375% 11/01/31   89,000    113,074 
8.125% 9/15/30   84,000    108,893 
Parkland Corp.          
5.875% 7/15/27 (f)   247,000    263,364 
PBF Holding Co. LLC / PBF Finance Corp.          
6.000% 2/15/28   1,474,000    1,088,917 
9.250% 5/15/25 (f)   82,000    83,613 
Range Resources Corp.          
8.250% 1/15/29 (f)   123,000    131,610 
           
         9,191,434 
           
Oil & Gas Services — 0.9%          
CGG SA          
8.750% 4/01/27 (f) (g)   214,000    215,648 
Welltec A/S          
9.500% 12/01/22 (f)   683,000    672,755 
           
         888,403 
           
Packaging & Containers — 1.3%          
Mauser Packaging Solutions Holding Co.          
7.250% 4/15/25 (f)   781,000    781,000 
Trident TPI Holdings, Inc.    
9.250% 8/01/24 (f)  386,000   409,160 
           
         1,190,160 
           
Pharmaceuticals — 2.0%          
Bausch Health Americas, Inc.          
8.500% 1/31/27 (f)   250,000    277,344 
Bausch Health Cos., Inc.          
5.000% 1/30/28 (f)   446,000    454,563 
5.250% 1/30/30 (f)   320,000    321,283 
Endo DAC / Endo Finance LLC / Endo Finco, Inc.          
6.000% 6/30/28 (f)   181,000    146,610 
Par Pharmaceutical, Inc.          
7.500% 4/01/27 (f)   629,000    668,753 
           
         1,868,553 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pipelines — 4.1%          
Buckeye Partners LP          
5.850% 11/15/43  $66,000   $64,110 
Cheniere Energy Partners LP          
5.625% 10/01/26   325,000    339,852 
DCP Midstream Operating LP          
5.625% 7/15/27   216,000    234,505 
6.450% 11/03/36 (f)   10,000    11,175 
EnLink Midstream LLC          
5.375% 6/01/29   173,000    161,755 
EnLink Midstream Partners LP          
4.850% 7/15/26   56,000    54,098 
5.450% 6/01/47   97,000    78,242 
5.600% 4/01/44   257,000    213,310 
EQM Midstream Partners LP          
4.500% 1/15/29 (f)   157,000    152,990 
4.750% 1/15/31 (f)   142,000    137,740 
6.000% 7/01/25 (f)   182,000    195,877 
6.500% 7/01/27 (f)   151,000    164,175 
Genesis Energy LP/Genesis Energy Finance Corp.          
6.500% 10/01/25   440,000    431,310 
Harvest Midstream I LP          
7.500% 9/01/28 (f)   228,000    245,032 
NGL Energy Operating LLC / NGL Energy Finance Corp.          
7.500% 2/01/26 (f)   229,000    234,969 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.875% 2/01/31 (f)   295,000    298,909 
5.000% 1/15/28   33,000    34,361 
5.500% 3/01/30   28,000    29,400 
6.875% 1/15/29   61,000    67,204 
Western Midstream Operating LP          
5.300% STEP 2/01/30   145,000    157,144 
5.300% 3/01/48   399,000    400,412 
5.450% 4/01/44   202,000    207,151 
           
         3,913,721 
           
Real Estate — 0.3%          
Realogy Group LLC / Realogy Co-Issuer Corp.          
5.750% 1/15/29 (f)   311,000    306,724 
         
Real Estate Investment Trusts (REITS) — 2.4%        
ESH Hospitality, Inc.    
4.625% 10/01/27 (f)  388,000   410,364 
Iron Mountain, Inc.          
5.250% 7/15/30 (f)   303,000    312,635 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer          
5.875% 10/01/28 (f)   108,000    114,507 
RHP Hotel Properties LP/RHP Finance Corp.          
4.750% 10/15/27   425,000    435,038 
Service Properties Trust          
3.950% 1/15/28   73,000    67,525 
4.375% 2/15/30   115,000    105,651 
4.950% 2/15/27   58,000    57,348 
7.500% 9/15/25   467,000    530,522 
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC          
7.125% 12/15/24 (f)   45,000    46,294 
7.875% 2/15/25 (f)   25,000    27,050 
8.250% 10/15/23   169,000    169,423 
           
         2,276,357 
           
Retail — 2.7%          
BCPE Ulysses Intermediate, Inc.          
7.750% 4/01/27 (f)   260,000    269,750 
L Brands, Inc.          
6.750% 7/01/36   97,000    114,460 
6.875% 11/01/35   299,000    356,345 
LBM Acquisition LLC          
6.250% 1/15/29 (f)   143,000    147,290 
Macy's Retail Holdings LLC          
5.875% 4/01/29 (f)   40,000    41,018 
NMG Holding Co., Inc. / Neiman Marcus Group LLC          
7.125% 4/01/26 (f)   473,000    482,460 
Nordstrom, Inc.          
4.000% 3/15/27   65,000    66,950 
4.375% 4/01/30   65,000    66,344 
5.000% 1/15/44   331,000    325,561 
Party City Holdings, Inc.          
8.750% 2/15/26 (f)   75,000    77,250 
Staples, Inc.          
7.500% 4/15/26 (f)   461,000    486,355 
Superior Plus LP / Superior General Partner, Inc.          
4.500% 3/15/29 (f)   145,000    146,479 
           
         2,580,262 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

    Principal
Amount
    Value 
Software — 3.1%          
Avaya Holdings Corp., Convertible,          
2.250% 6/15/23  $335,000   $413,390 
BY Crown Parent LLC          
7.375% 10/15/24 (f)   191,000    194,104 
Solera LLC/ Solera Finance, Inc.          
10.500% 3/01/24 (f)   465,000    480,391 
Veritas US, Inc./Veritas Bermuda Ltd.          
10.500% 2/01/24(f)   1,796,000    1,838,655 
           
         2,926,540 
         
Storage & Warehousing — 1.2%        
LBC Tank Terminals Holding Netherlands BV        
6.875% 5/15/23 (f)   1,111,000   1,111,000 
Telecommunications — 3.3%          
Avaya, Inc.          
6.125% 9/15/28 (f)   107,000    113,827 
CenturyLink, Inc.          
5.125% 12/15/26 (f)   110,000    115,872 
CommScope Technologies Finance LLC          
6.000% 6/15/25 (f)   196,000    199,930 
CommScope Technologies LLC          
5.000% 3/15/27 (f)   174,000    172,370 
CommScope, Inc.          
7.125% 7/01/28 (f)   200,000    212,416 
Consolidated Communications, Inc.          
6.500% 10/01/28 (f)   391,000    422,331 
Hughes Satellite Systems Corp.          
6.625% 8/01/26   687,000    761,265 
Sprint Capital Corp.          
8.750% 3/15/32   126,000    186,322 
Sprint Corp.          
7.625% 3/01/26   386,000    472,825 
Telecom Italia Capital          
6.000% 9/30/34   150,000    170,122 
Windstream Escrow LLC / Windstream Escrow Finance Corp.          
7.750% 8/15/28 (f)   330,000    335,362 
           
         3,162,642 
           
Transportation — 1.8%          
Kenan Advantage Group, Inc.          
7.875% 7/31/23 (f)   1,700,000    1,695,750 
           
TOTAL CORPORATE DEBT
(Cost $76,927,573)
        79,755,874 
           
TOTAL BONDS & NOTES
(Cost $89,351,696)
        92,060,367 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $90,542,766)
        93,077,789 
           
Short-Term Investments — 2.8%          
Repurchase Agreement — 2.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated  3/31/21, 0.000%, due 4/01/21 (h)   2,711,288    2,711,288 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,711,288)
        2,711,288 
           
TOTAL INVESTMENTS — 100.9%
(Cost $93,254,054) (i)
        95,789,077 
           
Other Assets/(Liabilities) — (0.9)%        (846,975)
           
NET ASSETS — 100.0%       $94,942,102 

  

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

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) Non-income producing security.
(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2021, these securities amounted to a value of $155,869 or 0.16% of net assets.
(c) Investment was valued using significant unobservable inputs.
(d) All or a portion of the security represents unsettled loan commitments at March 31, 2021 where the rate will be determined at time of settlement.
(e) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2021, these securities amounted to a value of $18,005 or 0.02% of net assets.
(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2021, the aggregate market value of these securities amounted to $54,845,760 or 57.77% of net assets.
(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(h) Maturity value of $2,711,288. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $2,765,603.
(i) See Note 3 for aggregate cost for federal tax purposes.

  

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Principal
Amount
   Value 
 
Bonds & Notes — 85.1%        
Corporate Debt — 0.5%        
Real Estate Investment Trusts (REITS) — 0.5%        
SBA Tower Trust          
3.168% 4/09/47 (a)  $1,500,000   $1,502,631 
           
TOTAL CORPORATE DEBT
(Cost $1,044,102)
        1,502,631 
Municipal Obligations — 0.0%          
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR          
1.118% FRN 4/26/27   10,638    10,655 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $10,638)
        10,655 
Non-U.S. Government Agency Obligations — 53.6%          
Auto Floor Plan Asset-Backed Securities — 2.9%          
Navistar Financial Dealer Note Master Owner Trust II          
Series 2019-1, Class A, 1 mo. USD LIBOR + .640% 0.749% FRN 5/25/24  (a)   5,700,000    5,703,649 
Series 2019-1, Class B, 1 mo. USD LIBOR + .750% 0.859% FRN 5/25/24  (a)   3,000,000    3,001,102 
Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.059% FRN 5/25/24  (a)   1,300,000    1,299,904 
           
         10,004,655 
Automobile Asset-Backed Securities — 4.7%          
American Credit Acceptance Receivables Trust          
Series 2019-1, Class C, 3.500% 4/14/25  (a)   1,118,421    1,131,552 
Series 2018-3, Class C, 3.750% 10/15/24  (a)   519,060    519,752 
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (a)   388,000    397,008 
CarMax Auto Owner Trust, Series 2017-2, Class D          
3.390% 10/16/23   2,400,000    2,413,539 
Chesapeake Funding II LLC, Series 2018-1A, Class A2, 1 mo. USD LIBOR + .450%          
0.556% FRN 4/15/30  (a)   298,965    299,148 
Drive Auto Receivables Trust, Series 2019-1, Class C          
3.780% 4/15/25   825,944    836,882 
Exeter Automobile Receivables Trust, Series 2020-2A, Class A          
1.130% 8/15/23 (a)   263,983    264,543 
Hertz Fleet Lease Funding LP, Series 2018-1, Class A1, 1 mo. USD LIBOR + .500%          
0.606% FRN 5/10/32  (a)   757,535    757,471 
Hertz Vehicle Financing II LP          
Series 2017-1A, Class B, 3.560% 10/25/21  (a)   2,530,000    2,519,586 
Series 2019-2A, Class C, 4.260% 5/25/25  (a)   2,525,000    2,519,884 
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A        
3.430% 12/16/24 (a)   260,970   262,840 
OSCAR US Funding XI LLC, Series 2019-2A, Class A2          
2.490% 8/10/22 (a)   385,584    386,714 
Santander Drive Auto Receivables Trust, Series 2020-2, Class A2A          
0.620% 5/15/23   2,028,584    2,029,804 
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + .230%          
0.336% FRN 2/15/23   1,729,416    1,729,840 
           
         16,068,563 
           
Commercial Mortgage-Backed Securities — 3.3%          
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
1.606% FRN 7/15/35  (a)   1,000,000    993,754 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.706% FRN 12/15/36  (a)   1,297,370    1,295,750 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35  (a)   1,582,000    1,581,999 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36  (a)   1,645,895    1,644,354 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
1.856% FRN 12/15/37  (a)   308,865    308,961 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%          
1.706% FRN 5/15/36  (a)   4,000,000    4,002,504 
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%          
1.106% FRN 6/15/32  (a)   950,066    950,065 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.906% FRN 5/15/36  (a)   476,000    475,851 
           
         11,253,238 
           
Home Equity Asset-Backed Securities — 2.6%          
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A4, 1 mo. USD LIBOR + .170%          
0.279% FRN 3/25/36   30,320    30,274 
Centex Home Equity Loan Trust          
Series 2006-A, Class M1, 1 mo. USD LIBOR + .300% 0.409% FRN 6/25/36   979,292    968,523 
Series 2005-D, Class M3, 1 mo. USD LIBOR + .720% 0.829% FRN 10/25/35   1,946,953    1,941,840 
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290%          
0.399% FRN 8/25/36   1,428,689    1,414,201 
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%          
0.724% FRN 4/25/36   3,123,034    3,092,906 
RASC Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645%          
0.754% FRN 3/25/35   1,239,013    1,232,066 
           
         8,679,810 

  

 

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

 

   Principal
Amount
   Value 
Other Asset-Backed Securities — 25.3%        
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%    
0.306% FRN 3/15/41  (a)  $179,946   $178,173 
321 Henderson Receivables LLC          
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 6/15/41  (a)   858,040    836,635 
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 9/15/41  (a)   95,617    93,751 
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 12/15/41  (a)   93,294    92,679 
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 3/15/42  (a)   509,002    492,171 
Affirm Asset Securitization Trust          
Series 2020-Z2, Class A, 1.900% 1/15/25  (a)   3,293,788    3,320,653 
Series 2020-A, Class A, 2.100% 2/18/25  (a)   6,800,000    6,871,495 
Series 2020-Z1, Class A, 3.460% 10/15/24  (a)   1,951,782    1,978,210 
Series 2020-A, Class B, 3.540% 2/18/25  (a)   1,000,000    1,022,072 
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850%          
1.091% FRN 1/15/28  (a)   2,197,790    2,197,942 
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%          
1.256% FRN 6/15/28  (a)   780,000    780,239 
Avant Loans Funding Trust, Series 2019-B, Class A          
2.720% 10/15/26 (a)   203,385    203,662 
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100%          
1.318% FRN 4/25/26  (a)   26,203    26,210 
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890%          
1.113% FRN 1/18/29  (a)   1,997,380    1,997,430 
CCG Receivables Trust, Series 2018-2, Class A2          
3.090% 12/15/25 (a)   157,105    158,161 
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%          
0.514% FRN 8/25/36   2,080,793    2,062,847 
Crossroads Asset Trust, Series 2021-A, Class A2          
0.820% 3/20/24 (a)   690,000    688,973 
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B,          
3.020% VRN 2/25/27  (a) (b)   71,804    71,736 
FCI Funding  LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   112,172    113,828 
First Franklin Mortgage Loan Trust          
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 0.269% FRN 11/25/36   923,585    904,551 
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 0.829% FRN 10/25/35   978,787    973,579 
FNA VI LLC, Series 2021-1A, Class A          
1.350% 1/10/32 (a)   4,459,109    4,451,788 
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%          
0.369% FRN 3/25/37   346,834    341,041 
KREF Ltd.          
Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.100% 1.208% FRN 6/15/36  (a)   3,957,991    3,957,963 
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.458% FRN 6/15/36  (a)   2,000,000    1,998,743 
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 2.658% FRN 6/15/36  (a)   2,450,000   2,431,636 
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%          
1.481% FRN 7/15/27  (a)   1,078,257    1,078,431 
Lendmark Funding Trust          
Series 2019-2A, Class A, 2.780% 4/20/28  (a)   6,600,000    6,779,513 
Series 2018-1A, Class A, 3.810% 12/21/26  (a)   630,000    641,572 
Series 2018-2A, Class A, 4.230% 4/20/27  (a)   1,000,000    1,021,486 
Long Beach Mortgage Loan Trust          
Series 2004-5, Class A1, 1 mo. USD LIBOR + .320% 0.429% FRN 9/25/34   1,372,985    1,370,097 
Series 2006-WL1, Class 2A4, 1 mo. USD LIBOR + .680% 0.789% FRN 1/25/46   485,140    479,781 
Marlette Funding Trust          
Series 2020-1A, Class B, 2.380% 3/15/30  (a)   3,200,000    3,243,700 
Series 2019-4A, Class A, 2.390% 12/17/29  (a)   2,180,033    2,196,679 
Series 2019-3A, Class A, 2.690% 9/17/29  (a)   1,090,907    1,097,075 
Series 2019-2A, Class A, 3.130% 7/16/29  (a)   1,643,565    1,656,361 
Series 2019-1A, Class A, 3.440% 4/16/29  (a)   2,034,377    2,046,601 
Series 2019-2A, Class B, 3.530% 7/16/29  (a)   1,985,000    2,025,820 
Series 2018-3A, Class B, 3.860% 9/15/28  (a)   62,952    63,029 
MVW Owner Trust, Series 2017-1A, Class A          
2.420% 12/20/34 (a)   59,593    61,486 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + .800%          
1.041% FRN 1/15/28  (a)   2,083,470    2,083,561 
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1, Class AT1          
1.426% 8/15/53 (a)   2,250,000    2,253,090 
NP SPE II LLC, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)   313,333    321,615 
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3          
1.814% 10/15/52 (a)   894,000    893,999 
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820%          
1.035% FRN 10/26/27  (a)   1,034,495    1,034,576 
Orange Lake Timeshare Trust, Series 2016-A, Class A          
2.610% 3/08/29 (a)   141,594    142,949 
PFS Financing Corp., Series 2019-B, Class B, 1 mo. USD LIBOR + .800%          
0.906% FRN 9/15/23  (a)   900,000    900,665 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I          
4.262% 9/05/48 (a)   2,340,000    2,378,514 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.959% FRN 2/25/23  (a)   440,000    439,474 
RAMP Trust, Series 2005-EFC5, Class M2, ABS, FRN, 1 mo. USD LIBOR + .440%          
0.769% FRN 10/25/35   1,360,953    1,358,096 
Saxon Asset Securities Trust, Series 2006-2, Class A3C, 1 mo. USD LIBOR + .150%          
0.259% FRN 9/25/36   278,026    277,869 

  

 

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

 

    Principal
Amount
    Value 
Sierra Receivables Funding LLC          
Series 2019-3A, Class C, 3.000% 8/20/36  (a)  $1,817,079   $1,842,801 
Series 2019-1A, Class C, 3.770% 1/20/36  (a)   397,849    408,171 
Series 2019-3A, Class D, 4.180% 8/20/36  (a)   465,275    468,157 
Series 2019-1A, Class D, 4.750% 1/20/36  (a)   359,959    371,109 
SoFi Consumer Loan Program LLC          
Series 2017-4, Class A, 2.500% 5/26/26  (a)   14,589    14,608 
Series 2017-6, Class A2, 2.820% 11/25/26  (a)   24,105    24,142 
Series 2016-1A, Class A, 3.260% 8/25/25  (a)   135,082    135,302 
Series 2016-2A, Class B, 4.770% VRN 10/27/25  (a) (b)   1,001,041   1,003,789 
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%          
0.844% FRN 3/25/35   1,723,325    1,715,332 
Structured Asset Securities Corp. Mortgage Loan Trust          
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 0.279% FRN 1/25/37   485,245    475,216 
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 0.754% FRN 2/25/36   510,000    501,913 
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% 0.909% FRN 11/25/35  (a)   948,828    919,188 
TLF National Tax Lien Trust, Series 2017-1A, Class A          
3.090% 12/15/29 (a)   37,805    38,044 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1          
2.709% 8/15/47 (a)   37,881    37,905 
Upstart Securitization Trust, Series 2020-3, Class A          
1.702% 11/20/30 (a)   3,052,799    3,077,136 
Verizon Owner Trust., Series 2018-1A, Class A1A          
2.820% 9/20/22 (a)   122,554    122,758 
Westgate Resorts LLC          
Series 2017-1A, Class A, 3.050% 12/20/30  (a)   164,343    165,880 
Series 2018-1A, Class A, 3.380% 12/20/31  (a)   276,360    280,273 
           
         85,693,931 
           
Student Loans Asset-Backed Securities — 8.8%          
Brazos Higher Education Authority, Inc.          
Series 2006-2, Class A10, 3 mo. USD LIBOR + .120% 0.321% FRN 6/25/26   890,634    888,971 
Series 2006-2, Class B2, 1.603% 6/25/42   1,200,000    1,178,348 
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%          
0.351% FRN 3/28/68   2,542,434    2,492,262 
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%          
0.731% FRN 1/15/37   388,390    347,998 
Commonbond Student Loan Trust          
Series 2021-AGS, Class B, 1.400% 3/25/52  (a)   503,000    502,744 
Series 2018-CGS, Class C, 4.350% 2/25/46  (a)   28,910    28,256 
DRB Prime Student Loan Trust          
Series 2017-A, Class A1, 1 mo. USD LIBOR + .850% 0.959% FRN 5/27/42  (a)   817,205    817,580 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.109% FRN 4/25/40  (a)   110,500    109,502 
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%          
2.159% FRN 2/26/35  (a)   100,104    95,048 
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%          
2.100% FRN 12/01/47  (a)   524,298    517,748 
Edsouth Indenture          
No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% 0.909% FRN 10/25/56  (a)   327,397    324,790 
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 12/25/58  (a)   1,000,000    996,335 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%          
0.868% FRN 8/25/42  (a)   341,060    338,734 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%          
0.888% FRN 8/25/48  (a)   224,469   225,420 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%          
0.569% FRN 6/28/39  (a)   438,102    406,568 
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730%          
0.981% FRN 9/27/38   1,181,367    1,182,250 
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX          
2.340% 10/25/48 (a)   384,144    374,989 
Navient Student Loan Trust          
Series 2017-3A, Class A2, 1 mo. USD LIBOR + .600% 0.709% FRN 7/26/66  (a)   618,757    619,982 
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 1.259% FRN 7/26/66  (a)   410,000    419,597 
Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 1.306% FRN 12/15/28  (a)   274,704    275,157 
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 1.659% FRN 7/25/68  (a)   2,900,000    2,902,885 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%          
1.859% FRN 12/26/40  (a)   181,929    182,680 
Nelnet Student Loan Trust          
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 0.357% FRN 3/23/37  854,830   729,101 
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/25/38   616,300    536,579 
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.451% FRN 6/25/41   286,155    253,523 
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 0.568% FRN 10/25/40   970,195    880,853 
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/41  (a)   375,000    373,633 
SLC Student Loan Trust          
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.414% FRN 12/15/39   1,078,850    962,203 
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 0.464% FRN 3/15/40   1,630,699    1,479,458 

  

 

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

 

   Principal
Amount
   Value 
SLM Student Loan Trust          
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 0.358% FRN 10/25/28  $289,443   $287,898 
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/25/70   321,627    294,219 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.428% FRN 10/25/40   340,287    314,082 
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 0.438% FRN 1/25/41   377,329    341,842 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.518% FRN 7/25/25   189,988    188,990 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.528% FRN 1/25/55   339,860    318,017 
Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 0.678% FRN 1/25/40   374,993    350,794 
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.688% FRN 10/25/64   259,105    245,342 
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.834% FRN 12/15/38   379,993    348,727 
SMB Private Education Loan Trust          
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 0.826% FRN 1/15/37  (a)   1,169,542    1,168,081 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 0.976% FRN 7/15/36  (a)   1,461,606    1,471,599 
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.256% FRN 5/15/26  (a)   342,714    343,094 
Series 2014-A, Class A2A, 3.050% 5/15/26  (a)   76,920    77,393 
SoFi Alternative Trust, Series 2019-C, Class PT,          
2.322% VRN 1/25/45  (a) (b)   1,234,968    1,313,475 
SoFi Professional Loan Program LLC          
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 0.809% FRN 3/26/40  (a)   180,179    180,009 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 1.859% FRN 8/25/36  (a)   181,946    183,129 
Series 2019-C, Class A1FX, 2.130% 11/16/48  (a)   437,399   438,720 
Series 2016-B, Class A2B, 2.740% 10/25/32  (a)   1,386,804    1,403,499 
           
         29,712,104 
           
Whole Loan Collateral Collateralized Mortgage Obligations — 6.0%          
Angel Oak Mortgage Trust, Series 2018-3, Class A3,          
3.238% VRN 5/25/59  (a) (b)   826,574    834,798 
Banc of America Funding, Series 2006-G, Class 2A1, 1 mo. USD LIBOR + .440%          
0.551% FRN 7/20/36   736,110    731,287 
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,          
2.666% VRN 7/25/59  (a) (b)   4,968,256    5,062,235 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
1.068% FRN 8/25/49  (a)   2,233,813    2,237,990 
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,          
3.030% VRN 7/25/49  (a) (b)   751,706    763,738 
HomeBanc Mortgage Trust, Series 2005-3, Class A1, 1 mo. USD LIBOR + .480%          
0.589% FRN 7/25/35   949,678    946,222 
JP Morgan Mortgage Trust          
Series 2018-1, Class A5, 3.500% VRN 6/25/48  (a) (b)   27,707    27,744 
Series 2018-3, Class A5, 3.500% VRN 9/25/48  (a) (b)   129,394    130,226 
Series 2017-6, Class A5, 3.500% VRN 12/25/48  (a) (b)   48,252    48,343 
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950%          
1.059% FRN 2/25/60  (a)   1,291,735    1,293,692 
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + .620%          
0.729% FRN 11/25/35   1,034,321    1,024,079 
Sequoia Mortgage Trust          
Series 2018-3, Class A4, 3.500% VRN 3/25/48  (a) (b)   60,898    61,038 
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48  (a) (b)   70,145    70,350 
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48  (a) (b)   172,125    172,690 
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48  (a) (b)   15,829    15,836 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65  (a) (b)   5,040,000    5,041,674 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,          
2.916% VRN 9/27/49  (a) (b)   919,707    936,326 
Verus Securitization Trust, Series 2019-INV2, Class A3,          
3.219% VRN 7/25/59  (a) (b)   894,965    913,066 
           
         20,311,334 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $181,315,107)
        181,723,635 
           
U.S. Government Agency Obligations and Instrumentalities — 9.0%          
Pass-Through Securities — 0.1%          

Federal Home Loan Mortgage Corp.

Pool #1Q0239, 1 year CMT + 2.212% 2.531% 3/01/37

   168,341    177,000 
           
Whole Loans — 8.9%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2021-DNA1, Class M1, SOFR30A + .650% 0.667% FRN 1/25/51  (a)   1,453,000    1,452,118 
Series 2020-DNA6, Class M1, SOFR30A + .900% 0.917% FRN 12/25/50  (a)   1,514,507    1,515,551 

  

 

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

 

   Principal
Amount
   Value 
Series 2018-DNA2, Class M2AS, 1 mo. USD LIBOR + .950% 1.059% FRN 12/25/30  (a)  $1,500,000   $1,498,746 
Series 2020-DNA5, Class M1, SOFR30A + 1.300% 1.317% FRN 10/25/50  (a)   846,598    847,551 
Series 2020-DNA4, Class M1, 1 mo. USD LIBOR + 1.500% 1.609% FRN 8/25/50  (a)   659,791    660,115 
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 2.209% FRN 9/25/48  (a)   1,505,000    1,510,349 
Series 2018-DNA2, Class M2A, 1 mo. USD LIBOR + 2.150% 2.259% FRN 12/25/30  (a)   3,800,000    3,825,202 
Series 2020-DNA5, Class M2, SOFR30A + 2.800% 2.817% FRN 10/25/50  (a)   504,000    507,235 
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.109% FRN 6/25/50  (a)   906,214    909,259 
Federal National Mortgage Association Connecticut Avenue Securities Trust          
Series 2019-R05, Class 1M2, 1 mo. USD LIBOR + 2.000% 2.109% FRN 7/25/39  (a)   6,251,277    6,257,223 
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.259% FRN 9/25/31  (a)   7,306,275    7,322,615 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.409% FRN 8/25/31  (a)   4,090,317    4,093,007 
           
         30,398,971 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $30,618,056)
        30,575,971 
U.S. Treasury Obligations — 22.0%          
U.S. Treasury Bonds & Notes — 22.0%          
U.S. Treasury Inflation Index          
0.125% 7/15/24   1,542,100    1,668,239 
0.125% 10/15/24   2,548,525    2,755,891 
0.125% 4/15/25   607,536    657,527 
0.125% 10/15/25   5,241,600    5,707,713 
0.125% 7/15/26   2,782,382    3,039,208 
0.125% 1/15/30   2,439,768    2,636,522 
0.125% 7/15/30   816,088    884,563 
0.125% 1/15/31   6,128,853    6,590,193 
0.125% 2/15/51   1,004,590    1,004,747 
0.250% 1/15/25   2,236,106    2,427,704 
0.250% 7/15/29   3,425,342    3,764,798 
0.250% 2/15/50   2,161,784    2,242,766 
0.375% 7/15/25 (c)   2,889,598    3,182,113 
0.375% 1/15/27   2,382,028    2,626,000 
0.375% 7/15/27   2,726,460    3,022,483 
0.500% 4/15/24   1,244,424    1,348,572 
0.500% 1/15/28   1,351,921    1,504,329 
0.625% 4/15/23   2,105,920    2,241,406 
0.625% 1/15/24   2,578,139    2,794,360 
0.625% 1/15/26   1,348,394    1,498,693 
0.625% 2/15/43   910,080    1,023,520 
0.750% 7/15/28   1,901,559    2,166,366 
0.750% 2/15/42   1,099,616    1,265,481 
0.750% 2/15/45   1,832,639    2,108,859 
0.875% 1/15/29   2,071,640    2,373,039 
0.875% 2/15/47   541,745    648,454 
1.000% 2/15/48   848,496    1,048,821 
1.000% 2/15/49   467,726    581,770 
1.375% 2/15/44  1,010,007   1,312,792 
2.000% 1/15/26   790,656    934,040 
2.125% 2/15/40   363,024    518,493 
2.125% 2/15/41   776,308    1,118,445 
2.375% 1/15/25   2,011,933    2,356,516 
2.500% 1/15/29   730,920    934,250 
3.375% 4/15/32   368,375    536,072 
3.625% 4/15/28   727,686    979,249 
3.875% 4/15/29   2,227,372    3,123,759 
           
         74,627,753 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $74,057,656)
        74,627,753 
           
TOTAL BONDS & NOTES
(Cost $287,045,559)
        288,440,645 
           
TOTAL PURCHASED OPTIONS (#) 0.5%
(Cost $1,845,236)
        1,816,671 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $288,890,795)
        290,257,316 

  

 

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

 

   Principal Amount   Value 
 
Short-Term Investments — 14.3%        
Commercial Paper — 13.9%        
Amcor Flexibles North American, Inc.          
0.203% 4/29/21 (a)  $1,000,000   $999,856 
American Electric Power Co., Inc.          
0.203% 4/19/21 (a)   2,000,000    1,999,826 
AT&T, Inc.          
0.346% 9/21/21 (a)   4,000,000    3,994,857 
BAT International Finance PLC          
0.304% 4/22/21 (a)   4,000,000    3,999,587 
Dominion Resources          
0.203% 4/12/21   2,000,000    1,999,896 
Duke Energy Corp.          
0.172% 4/06/21 (a)   3,000,000    2,999,952 
E.I. du Point Nemours & Co.          
0.233% 5/17/21 (a)   4,000,000    3,998,914 
Entergy Corp.          
0.193% 4/05/21 (a)   3,000,000    2,999,955 
0.254% 4/20/21 (a)   4,000,000    3,999,518 
Holcim US Finance SARL & Cie          
0.223% 4/23/21 (a)   4,000,000    3,999,563 
Intercontinental Exchange, Inc.          
0.355% 4/05/21 (a)   1,000,000    999,965 
Southern Power Co.          
0.193% 4/05/21 (a)   2,000,000    1,999,958 
Spire, Inc.          
0.193% 4/16/21 (a)   4,000,000    3,999,714 
Volkswagen Credit, Inc          
0.244% 4/19/21 (a)   4,000,000    3,999,652 
Waste Management, Inc.          
0.356% 7/01/21 (a)  5,000,000   4,996,703 
           
         46,987,916 
         
Repurchase Agreement — 0.4%        
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (d)  1,358,916   1,358,916 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $48,343,526)
        48,346,832 
           
TOTAL INVESTMENTS — 99.9%
(Cost $337,234,321) (e)
        338,604,148 
           
Other Assets/(Liabilities) — 0.1%        293,011 
           
NET ASSETS — 100.0%       $338,897,159 

 

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 March 31, 2021, the aggregate market value of these securities amounted to $216,140,015 or 63.78% of net assets.
(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2021.
(c) A portion of this security is pledged/held as collateral for open derivatives.
(d) Maturity value of $1,358,916. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $1,386,104.
(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  Quaterly  2.44%  Semi-Annually  USD  1,967,000  $113,889   $98,334   $15,555 
                                        
Put                                       
10-Year Interest Rate Swap, 12/15/42  Barclays Bank PLC  12/13/32  2.94%  Semi-Annually  3-Month USD LIBOR BBA  Quaterly  USD  22,880,000  $1,137,365   $1,143,841   $(6,476)
10-Year Interest Rate Swap, 2/02/43  Credit Suisse International  1/31/33  3.11%  Semi-Annually  3-Month USD LIBOR BBA  Quaterly  USD  12,590,000   565,417    603,061    (37,644)
                            1,702,782    1,746,902    (44,120)
                           $1,816,671   $1,845,236   $(28,565)

  

 

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

  

Futures contracts              
   Expiration Date  Number of Contracts  Notional Amount   Value/ Net Unrealized Appreciation/ (Depreciation) 
Long              
U.S. Treasury Long Bond  6/21/21  33  $5,300,218   $(198,624)
U.S. Treasury Note 2 Year  6/30/21  74   16,340,887    (7,121)
U.S. Treasury Note 5 Year  6/30/21  2   247,194    (397)
                 
              $(206,142)
                 
Short                
U.S. Treasury Ultra 10 Year  6/21/21  48  $(6,936,500)  $39,500 
U.S. Treasury Ultra Bond  6/21/21  11   (2,065,700)   72,294 
              $111,794 

 

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) 
1.978%  Maturity  U.S. Consumer Price Index  Maturity  Bank of America N.A.  12/24/22  USD  2,000,000  $29,759   $   $29,759 
1.833%  Maturity  U.S. Consumer Price Index  Maturity  Goldman Sachs International  8/28/23  USD  500,000   15,245        15,245 
1.880%  Maturity  U.S. Consumer Price Index  Maturity  Goldman Sachs International  8/28/25  USD  2,000,000   86,149        86,149 
2.000%  Maturity  U.S. Consumer Price Index  Maturity  JP Morgan Chase Bank N.A.  12/24/23  USD  4,000,000   79,793        79,793 
2.295%  Maturity  U.S. Consumer Price Index  Maturity  JP Morgan Chase Bank N.A.  1/26/26  USD  10,000,000   152,264        152,264 
                        $363,210       $363,210 

 

OTC Total Return Swaps 

Paid by the Fund  Received by the Fund                     
Rate/ Reference  Frequency  Rate/ Reference  Frequency  Counterparty  Termination Date  No. of Contracts/ Notional   Value    Upfront Premium Received (Paid)/ Received    Unrealized Appreciation (Depreciation) 
0.24%  Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  7/30/21  $43,803,722  $(786,653)  $   $(786,653)
0.24%  Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  8/31/21  64,759,039   (121,729)       (121,729)
0.26%  Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  5/28/21  33,123,588   257,278        257,278 
0.24%  Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  7/30/21  55,262,635   (992,439)       (992,439)
0.24%  Maturity  Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  8/31/21  53,965,865   (101,440)       (101,440)
                                  
                     $(1,744,983)  $   $(1,744,983)

  

Currency Legend

USD           U.S. Dollar

  

 

 

MML Managed Bond Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Principal Amount   Value 
Bonds & Notes — 98.2%        
Corporate Debt — 38.0%        
Aerospace & Defense — 0.7%        
BAE Systems PLC        
1.900% 2/15/31 (a)  $595,000   $555,896 
The Boeing Co.          
1.433% 2/04/24   5,060,000    5,068,906 
Raytheon Technologies Corp.          
4.500% 6/01/42   1,000,000    1,189,527 
           
         6,814,329 
           
Agriculture — 0.7%          
BAT Capital Corp.          
2.259% 3/25/28   725,000    713,259 
4.700% 4/02/27   1,050,000    1,181,341 
4.758% 9/06/49   540,000    553,235 
Imperial Brands Finance PLC          
3.875% 7/26/29 (a)   2,764,000    2,937,190 
Reynolds American, Inc.          
5.850% 8/15/45   985,000    1,158,278 
           
         6,543,303 
           
Airlines — 0.3%          
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.500% 10/20/25 (a)   980,000    1,043,560 
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,          
4.100% 10/01/29   1,384,317    1,381,686 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   438,326    443,288 
           
         2,868,534 
           
Auto Manufacturers — 0.7%          
Ford Motor Credit Co. LLC          
3.087% 1/09/23   1,410,000    1,432,884 
4.140% 2/15/23   1,360,000    1,405,424 
General Motors Co.          
4.200% 10/01/27   565,000    619,732 
5.150% 4/01/38   800,000    914,238 
6.800% 10/01/27   1,890,000    2,343,462 
           
         6,715,740 
           
Banks — 5.8%          
Associated Banc-Corp.          
4.250% 1/15/25   2,411,000    2,596,756 
Banco Santander SA          
2.958% 3/25/31   1,600,000    1,589,485 
Bank of America Corp.          
SOFR + 2.150% 2.592% VRN 4/29/31  1,255,000   1,250,837 
4.183% 11/25/27   1,090,000    1,211,563 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   1,150,000    1,305,495 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   475,000    533,744 
6.110% 1/29/37   1,550,000    2,049,599 
7.750% 5/14/38   400,000    612,842 
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%          
4.650% VRN (b)   3,575,000    3,579,683 
Barclays Bank PLC          
10.179% 6/12/21 (a)   3,351,000    3,408,541 
Barclays PLC          
4.337% 1/10/28   920,000    1,020,475 
BPCE SA SOFR + 1.520%          
1.652% VRN 10/06/26  (a)   3,635,000    3,624,993 
Citigroup, Inc.          
4.450% 9/29/27   450,000    506,770 
6.625% 6/15/32   375,000    496,045 
Credit Suisse AG          
6.500% 8/08/23 (a)   3,069,000    3,375,133 
Discover Bank 5 year USD Swap + 1.730%          
4.682% VRN 8/09/28   2,905,000    3,098,473 
First Republic Bank          
4.375% 8/01/46   3,210,000    3,670,994 
Fulton Financial Corp.          
3.600% 3/16/22   226,000    232,324 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   550,000    613,939 
5.950% 1/15/27   1,410,000    1,703,643 
6.750% 10/01/37   1,145,000    1,610,698 
HSBC Holdings PLC          
4.250% 3/14/24   1,225,000    1,331,619 
4.250% 8/18/25   2,662,000    2,925,613 
ING Groep NV SOFR + .920%          
1.726% VRN 4/01/27  (c)   1,153,000    1,151,347 
JP Morgan Chase & Co.          
5.600% 7/15/41   1,125,000    1,500,394 
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%          
3.077% VRN 4/07/31  (a) (c)   2,780,000    2,776,525 
Morgan Stanley          
4.350% 9/08/26   3,200,000    3,617,201 
Nordea Bank Abp 5 year CMT + 4.110%          
6.625% VRN (a) (b)   2,208,000    2,522,640 
Valley National Bancorp          
5.125% 9/27/23   1,530,000    1,668,762 
Wells Fargo & Co.          
5.375% 11/02/43   909,000    1,134,197 
           
         56,720,330 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Beverages — 0.6%        
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.        
4.900% 2/01/46  $3,475,000   $4,115,862 
Bacardi Ltd.          
5.150% 5/15/38 (a)   450,000    537,084 
Molson Coors Beverage Co.          
4.200% 7/15/46   1,124,000    1,167,567 
5.000% 5/01/42   360,000    414,204 
           
         6,234,717 
           
Chemicals — 0.9%          
DuPont de Nemours, Inc.          
5.319% 11/15/38  1,750,000   2,193,638 
Nutrition & Biosciences, Inc.          
1.832% 10/15/27 (a)   755,000    737,783 
Syngenta Finance NV          
4.441% 4/24/23 (a)   2,065,000    2,163,302 
Yara International ASA          
3.148% 6/04/30 (a)   295,000    303,542 
4.750% 6/01/28 (a)   3,328,000    3,788,819 
           
         9,187,084 
           
Computers — 0.9%          
Apple, Inc.          
2.650% 5/11/50   700,000    634,272 
Dell International LLC/EMC Corp.          
6.020% 6/15/26 (a)   2,702,000    3,197,405 
8.100% 7/15/36 (a)   325,000    475,738 
Genpact Luxembourg Sarl          
  3.700% STEP 4/01/22   2,400,000    2,459,841 
Leidos, Inc.          
2.300% 2/15/31 (a)   1,260,000    1,188,634 
4.375% 5/15/30 (a)   575,000    639,193 
           
         8,595,083 
           
Diversified Financial Services — 3.5%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
4.500% 9/15/23   1,370,000    1,473,520 
6.500% 7/15/25   645,000    751,655 
Aircastle Ltd.          
4.400% 9/25/23   3,095,000    3,296,081 
Antares Holdings LP          
3.950% 7/15/26 (a)   1,035,000    1,043,315 
6.000% 8/15/23 (a)   2,945,000    3,088,504 
8.500% 5/18/25 (a)   720,000    840,812 
Ares Finance Co. LLC          
4.000% 10/08/24 (a)   2,080,000    2,216,410 
Aviation Capital Group LLC          
1.950% 1/30/26 (a)   1,220,000    1,188,125 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (a)   1,365,000    1,353,124 
Brookfield Finance, Inc.          
4.350% 4/15/30   2,825,000    3,186,948 
4.850% 3/29/29   1,752,000    2,023,407 
GE Capital International Funding Co. Unlimited Co.          
4.418% 11/15/35   335,000    383,949 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (a)   1,449,648    1,390,212 
Lazard Group LLC          
3.625% 3/01/27   1,253,000    1,349,772 
4.500% 9/19/28   755,000    851,219 
LeasePlan Corp. NV          
2.875% 10/24/24 (a)   1,535,000    1,613,723 
Legg Mason, Inc.          
5.625% 1/15/44   1,195,000    1,557,039 
Park Aerospace Holdings Ltd.          
4.500% 3/15/23 (a)  1,550,000   1,618,742 
5.250% 8/15/22 (a)   5,055,000    5,306,704 
           
         34,533,261 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Electric — 1.4%        
Appalachian Power Co.        
  4.500%  3/01/49  $1,250,000   $1,418,099 
CMS Energy Corp.          
  4.875%  3/01/44   780,000    922,205 
Entergy Arkansas LLC          
  2.650%  6/15/51   1,765,000    1,555,907 
Entergy Louisiana LLC          
  4.950%  1/15/45   1,005,000    1,089,409 
FirstEnergy Transmission LLC          
  4.550%  4/01/49  (a)   880,000    925,435 
Infraestructura Energetica Nova SAB de CV          
  3.750%  1/14/28  (a)   820,000    870,225 
ITC Holdings Corp.          
  2.950%  5/14/30  (a)   895,000    911,666 
Nevada Power Co.          
  6.650%  4/01/36   550,000    770,989 
Oncor Electric Delivery Co.          
  7.500%  9/01/38   495,000    757,522 
Pacific Gas and Electric Co.          
  2.500%  2/01/31   775,000    731,313 
Potomac Electric Power Co.          
  4.150%  3/15/43   700,000    788,669 
Tampa Electric Co.          
  2.400%  3/15/31   1,320,000    1,310,504 
Xcel Energy, Inc.          
  6.500%  7/01/36   1,250,000    1,766,034 
           
         13,817,977 
           
Food — 0.3%          
Flowers Foods, Inc.          
  2.400%  3/15/31   690,000    672,550 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
  5.500%  1/15/30  (a)   776,000    858,834 
Smithfield Foods, Inc.          
  3.000%  10/15/30  (a)   943,000    937,804 
           
         2,469,188 
           
Gas — 0.6%          
CenterPoint Energy Resources Corp.          
  6.625%  11/01/37   1,250,000    1,655,526 
NiSource, Inc.          
 4.800% 2/15/44   1,035,000    1,206,728 
 5.800% 2/01/42   950,000    1,193,801 
Piedmont Natural Gas Co., Inc.          
  2.500%  3/15/31   1,915,000    1,893,530 
           
         5,949,585 
         
Health Care – Services — 0.1%        
City of Hope        
4.378% 8/15/48   1,050,000    1,227,034 
Insurance — 5.0%          
Allstate Corp. 3 mo. USD LIBOR + 2.938%          
  5.750% VRN 8/15/53  4,260,000   4,504,950 
American International Group, Inc.          
4.500% 7/16/44   725,000    818,750 
 3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48   3,087,000    3,442,005 
AmTrust Financial Services, Inc.          
6.125% 8/15/23   3,370,000    3,371,826 
Arch Capital Group US, Inc.          
5.144% 11/01/43   540,000    661,234 
Athene Global Funding          
2.500% 1/14/25 (a)   1,390,000    1,439,371 
Athene Holding Ltd.          
6.150% 4/03/30   3,300,000    4,020,252 
AXIS Specialty Finance LLC          
3.900% 7/15/29   1,110,000    1,192,077 
 5 year CMT + 3.186% 4.900% VRN 1/15/40   1,315,000    1,347,875 
AXIS Specialty Finance PLC          
4.000% 12/06/27   2,500,000    2,798,706 
Brighthouse Financial, Inc.          
3.700% 6/22/27   785,000    830,048 
4.700% 6/22/47   1,125,000    1,151,418 
5.625% 5/15/30   2,492,000    2,912,987 
CNO Financial Group, Inc.          
5.250% 5/30/29   2,094,000    2,411,759 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Enstar Group Ltd.          
4.950% 6/01/29  $1,600,000   $1,787,282 
Markel Corp. 5 year CMT + 5.662%          
  6.000% VRN (b)   930,000    1,011,375 
MetLife Capital Trust IV          
7.875% 12/15/67 (a)   725,000    1,007,569 
New York Life Insurance Co.          
3.750% 5/15/50 (a)   510,000    535,272 
Prudential Financial, Inc.          
 5 year CMT + 3.035% 3.700% VRN 10/01/50   460,000    465,152 
 3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   1,025,000    1,098,213 
 3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48   2,440,000    2,786,594 
 3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42   550,000    580,712 
Reinsurance Group of America, Inc.          
3.150% 6/15/30   1,160,000    1,199,012 
RenaissanceRe Finance, Inc.          
3.450% 7/01/27   1,860,000    2,008,059 
Teachers Insurance & Annuity Association of America          
4.270% 5/15/47 (a)   750,000    840,650 
USF&G Capital I          
8.500% 12/15/45 (a)   885,000    1,287,673 
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%          
  4.700% VRN 1/23/48   1,080,000    1,101,600 
Willis North America, Inc.          
2.950% 9/15/29   905,000    933,905 
XLIT Ltd.          
4.450% 3/31/25   1,439,000    1,602,280 
           
         49,148,606 
           
Internet — 0.1%          
Amazon.com, Inc.          
4.050% 8/22/47   775,000    898,086 
Investment Companies — 1.5%          
Ares Capital Corp.          
2.150% 7/15/26  1,850,000   1,799,004 
4.200% 6/10/24   1,450,000    1,563,302 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   2,910,000    3,085,432 
4.125% 8/11/22   2,870,000    2,968,063 
Golub Capital BDC, Inc.          
2.500% 8/24/26   880,000    860,488 
Sixth Street Specialty Lending, Inc.          
2.500% 8/01/26   885,000    877,251 
3.875% 11/01/24   3,575,000    3,750,820 
           
         14,904,360 
         
Iron & Steel — 0.2%        
Vale Overseas Ltd.        
6.250% 8/10/26   1,250,000    1,486,875 
6.875% 11/21/36   630,000    837,311 
           
         2,324,186 
           
Lodging — 0.1%          
Marriott International, Inc. /MD          
2.850% 4/15/31   1,115,000    1,095,682 
           
Machinery – Diversified — 0.2%          
CNH Industrial Capital LLC          
3.875% 10/15/21   2,280,000    2,318,590 
           
Media — 1.2%          
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.900% 6/01/52   765,000    732,575 
6.484% 10/23/45   735,000    954,713 
Comcast Corp.          
3.450% 2/01/50   940,000    966,759 
3.969% 11/01/47   630,000    702,882 
4.750% 3/01/44   880,000    1,078,744 
6.950% 8/15/37   265,000    393,722 
Discovery Communications LLC          
4.000% 9/15/55 (a)   1,210,000    1,187,194 
4.650% 5/15/50   490,000    538,786 
Time Warner Cable, Inc.          
6.750% 6/15/39   985,000    1,317,032 
ViacomCBS, Inc.          
4.200% 5/19/32   872,000    977,436 
4.950% 1/15/31   1,008,000    1,191,509 
The Walt Disney Co.          
3.600% 1/13/51   1,515,000    1,598,494 
           
         11,639,846 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Metal Fabricate & Hardware — 0.2%          
The Timken Co.          
4.500% 12/15/28  $2,055,000   $2,203,395 
Mining — 0.5%          
Glencore Finance Canada Ltd.          
  5.550% STEP 10/25/42  (a)   894,000    1,087,827 
Glencore Funding LLC          
3.875% 10/27/27 (a)  975,000   1,069,575 
4.625% 4/29/24 (a)   1,565,000    1,722,902 
Teck Resources Ltd.          
6.000% 8/15/40   850,000    1,018,470 
           
         4,898,774 
           
Miscellaneous - Manufacturing — 0.1%          
General Electric Co.          
4.125% 10/09/42   113,000    121,241 
6.875% 1/10/39   298,000    417,955 
           
         539,196 
           
Oil & Gas — 2.6%          
BP Capital Markets PLC 5 year CMT + 4.036%          
  4.375% VRN (b)   2,900,000    3,067,620 
Cenovus Energy, Inc.          
4.250% 4/15/27   1,125,000    1,216,099 
6.750% 11/15/39   765,000    952,263 
Devon Energy Corp.          
5.600% 7/15/41   800,000    920,938 
5.850% 12/15/25   1,510,000    1,759,360 
EQT Corp.          
3.900% 10/01/27   4,510,000    4,604,372 
Marathon Petroleum Corp.          
4.500% 4/01/48   510,000    538,390 
6.500% 3/01/41   1,120,000    1,485,826 
Occidental Petroleum Corp.          
6.600% 3/15/46   1,258,000    1,336,625 
Ovintiv Exploration, Inc.          
5.375% 1/01/26   1,650,000    1,811,293 
5.625% 7/01/24   975,000    1,071,757 
5.750% 1/30/22   904,000    933,605 
Ovintiv, Inc.          
6.500% 2/01/38   545,000    658,977 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   1,680,000    1,574,524 
Petroleos Mexicanos          
5.350% 2/12/28   665,000    646,646 
6.375% 1/23/45   595,000    493,850 
6.500% 3/13/27   585,000    611,325 
6.625% 6/15/35   140,000    133,000 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (a)   2,075,000    2,233,492 
           
         26,049,962 
         
Oil & Gas Services — 0.4%        
Halliburton Co.        
5.000% 11/15/45   1,000,000    1,111,523 
NOV, Inc.          
3.600% 12/01/29   1,570,000    1,577,926 
3.950% 12/01/42   1,506,000    1,372,419 
           
         4,061,868 
           
Pharmaceuticals — 1.3%          
AbbVie, Inc.          
4.050% 11/21/39  1,045,000   1,166,587 
4.700% 5/14/45   1,260,000    1,494,772 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   830,000    982,670 
Cigna Corp.          
4.800% 7/15/46   880,000    1,051,867 
CVS Health Corp.          
4.300% 3/25/28   240,000    272,472 
5.050% 3/25/48   455,000    556,823 
6.125% 9/15/39   560,000    728,543 
CVS Pass-Through Trust          
5.926% 1/10/34 (a)   1,022,694    1,178,339 
7.507% 1/10/32 (a)   869,478    1,087,566 
McKesson Corp.          
6.000% 3/01/41   550,000    711,070 
Takeda Pharmaceutical Co. Ltd.          
3.375% 7/09/60   970,000    927,705 
Utah Acquisition Sub, Inc.          
5.250% 6/15/46   1,375,000    1,613,264 
Viatris, Inc.          
2.700% 6/22/30 (a)   1,235,000    1,220,759 
           
         12,992,437 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Pipelines — 2.1%          
Energy Transfer Operating LP          
4.200% 4/15/27  $1,085,000   $1,181,831 
6.125% 12/15/45   1,000,000    1,141,819 
 3 mo. USD LIBOR + 4.028% 6.250% VRN (b)   2,370,000    1,932,024 
EnLink Midstream Partners LP          
4.150% 6/01/25   2,924,000    2,858,824 
4.850% 7/15/26   951,000    918,695 
Enterprise Products Operating LLC          
 3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77   1,775,000    1,769,212 
 3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   1,205,000    1,207,210 
EQM Midstream Partners LP          
4.750% 7/15/23   2,325,000    2,412,188 
MPLX LP          
4.500% 4/15/38   595,000    647,406 
 3 mo. USD LIBOR + 4.652% 6.875% VRN (b)   1,775,000    1,775,000 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%          
  6.125% VRN (b)   2,345,000    1,905,453 
Plains All American Pipeline LP/PAA Finance Corp.          
3.800% 9/15/30   1,150,000    1,170,383 
4.700% 6/15/44   1,195,000    1,136,345 
6.650% 1/15/37   375,000    437,866 
Sunoco Logistics Partners Operations LP          
5.300% 4/01/44   525,000    551,268 
           
         21,045,524 
         
Private Equity — 0.6%        
Apollo Management Holdings LP 5 year CMT + 3.266%        
  4.950% VRN 1/14/50  (a)   1,505,000    1,550,150 
Carlyle Finance Subsidiary LLC          
3.500% 9/19/29 (a)   1,100,000    1,148,551 
Hercules Capital, Inc.          
4.625% 10/23/22   2,910,000    2,962,434 
KKR Group Finance Co. VIII LLC          
3.500% 8/25/50 (a)  710,000   700,783 
           
         6,361,918 
           
Real Estate Investment Trusts (REITS) — 2.5%          
Agree LP          
2.900% 10/01/30   470,000    473,034 
American Tower Trust #1          
3.652% 3/15/48 (a)   1,910,000    2,067,466 
Highwoods Realty LP          
4.125% 3/15/28   475,000    513,682 
Host Hotels & Resorts LP          
3.500% 9/15/30   2,120,000    2,121,143 
Kimco Realty Corp.          
4.125% 12/01/46   710,000    749,796 
4.450% 9/01/47   800,000    885,131 
SBA Tower Trust          
1.884% 7/15/50 (a)   1,441,000    1,457,881 
Service Properties Trust          
4.500% 6/15/23   760,000    772,054 
4.950% 10/01/29   1,155,000    1,100,138 
Spirit Realty LP          
2.700% 2/15/32   550,000    522,121 
3.200% 1/15/27   2,280,000    2,379,834 
3.400% 1/15/30   515,000    533,753 
4.000% 7/15/29   1,290,000    1,396,416 
4.450% 9/15/26   133,000    147,469 
STORE Capital Corp.          
2.750% 11/18/30   370,000    361,982 
4.625% 3/15/29   1,881,000    2,091,990 
Tanger Properties LP          
3.875% 12/01/23   1,448,000    1,518,069 
VEREIT Operating Partnership LP          
2.850% 12/15/32   95,000    91,922 
3.100% 12/15/29   2,790,000    2,848,085 
3.400% 1/15/28   365,000    384,625 
WEA Finance LLC          
2.875% 1/15/27 (a)   1,345,000    1,336,254 
WP Carey, Inc.          
4.250% 10/01/26   757,000    849,622 
           
         24,602,467 
           
Retail — 0.5%          
El Puerto de Liverpool SAB de CV          
3.950% 10/02/24 (a)   2,620,000    2,804,081 
Starbucks Corp.          
2.550% 11/15/30   1,595,000    1,596,983 
           
         4,401,064 
           
Semiconductors — 0.3%          
Broadcom, Inc.          
2.450% 2/15/31 (a)   2,585,000    2,442,638 
Software — 0.3%          
Broadridge Financial Solutions, Inc.          
2.900% 12/01/29   1,210,000    1,237,412 
Microsoft Corp.          
2.921% 3/17/52  2,064,000   2,012,599 
           
         3,250,011 
           
Telecommunications — 1.6%          
AT&T, Inc.          
1.650% 2/01/28   680,000    657,553 
3.500% 9/15/53 (a)   1,578,000    1,451,282 
3.550% 9/15/55 (a)   5,153,000    4,705,591 
Crown Castle Towers LLC          
3.222% 5/15/42 (a)   1,700,000    1,710,128 
4.241% 7/15/48 (a)   2,750,000    3,062,724 
Qwest Corp          
6.750% 12/01/21   725,000    749,469 
Telefonica Emisiones SAU          
4.665% 3/06/38   1,105,000    1,249,497 
Verizon Communications, Inc.          
2.550% 3/21/31   760,000    757,973 
2.875% 11/20/50   755,000    668,796 
2.987% 10/30/56 (a)   1,257,000    1,105,589 
           
         16,118,602 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Transportation — 0.2%        
Canadian Pacific Railway Co.        
  2.050%  3/05/30  $648,000   $625,569 
CSX Corp.          
  4.750%  11/15/48   650,000    779,074 
Norfolk Southern Corp.          
  4.050%  8/15/52   860,000    938,061 
           
         2,342,704 
           
TOTAL CORPORATE DEBT  (Cost $359,475,178)        375,316,081 
           
Municipal Obligations — 0.2%          
JobsOhio Beverage System Series B, Revenue Bonds          
   4.532%  1/01/35   1,950,000    2,353,962 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,074,878)
        2,353,962 
           
Non-U.S. Government Agency Obligations — 32.9%          
Automobile Asset-Backed Securities — 1.7%          
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
   4.530%  3/20/23  (a)   1,271,000    1,300,507 
CarMax Auto Owner Trust          
Series 2020-4, Class D, 1.750% 4/15/27   3,900,000    3,925,251 
Series 2019-3, Class D, 2.850% 1/15/26   1,974,000    2,055,779 
Carvana Auto Receivables Trust          
Series 2021-P1, Class D, 1.820% 12/10/27   1,749,000    1,735,489 
Series 2019-4A, Class D, 3.070% 7/15/25  (a)   1,625,000    1,687,155 
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B          
   3.950%  11/14/28  (a)   1,774,000    1,890,353 
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
   3.450%  1/26/32  (a)   1,087,000    1,118,973 
Westlake Automobile Receivables Trust, Series 2021-1A, Class E          
   2.330%  8/17/26  (a)   3,226,000   3,216,592 
           
         16,930,099 
           
Commercial Mortgage-Backed Securities — 6.8%          
Aventura Mall Trust, Series 2018-AVM, Class C,          
   4.112% VRN 7/05/40  (a) (d)   4,270,000    4,437,550 
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%          
   1.456% FRN 9/15/34  (a)   670,000    665,028 
BANK          
Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53  (d)   2,100,000    1,912,999 
Series 2019-BN17, Class B, 4.128% VRN 4/15/52  (d)   441,000    493,389 
Series 2019-BN16, Class AS, 4.267% 2/15/52    665,833    750,951 
Series 2019-BN16, Class B, 4.438% VRN 2/15/52  (d)   547,420    622,049 
BBCMS Mortgage Trust          
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38  (a) (d)   2,250,000    2,383,650 
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38  (a) (d)   1,610,000    1,628,093 
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38  (a) (d)   1,370,000    1,322,931 
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM,          
   5.432% VRN 1/12/45  (d)   359,516    355,830 
Benchmark Mortgage Trust          
Series 2021-B23, Class AS, 2.274% 2/15/54   1,960,000    1,886,434 
Series 2021-B23, Class 360A, 2.759% VRN 2/15/54  (a) (d)   2,200,000    2,159,827 
Series 2021-B23, Class 360B, 2.759% VRN 2/15/54  (a) (d)   3,587,000    3,423,983 
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
   1.606% FRN 7/15/35  (a)   2,760,000    2,742,762 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.706% FRN 12/15/36  (a)   4,108,672    4,103,541 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35  (a)   1,876,000    1,875,999 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.906% FRN 10/15/36  (a)   1,626,144    1,625,127 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36  (a)   1,963,787    1,961,949 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
   1.856% FRN 12/15/37  (a)   898,516    898,794 
Century Plaza Towers          
Series 2019-CPT, Class D, 2.997% VRN 11/13/39  (a) (d)   982,000    966,810 
Series 2019-CPT, Class E, 2.997% VRN 11/13/39  (a) (d)   1,556,000    1,465,128 
Cold Storage Trust, Series 2020-ICE5, Class D, 1 mo. USD LIBOR + 2.100%          
   2.206% FRN 11/15/37  (a)   3,440,467    3,444,762 
Commercial Mortgage Pass-Through Certificates          
Series 2020-CX, Class B, 2.446% 11/10/46  (a)   1,056,000    1,037,125 
Series 2012-CR4, Class B, 3.703% 10/15/45  (a)   1,060,000    967,787 
Series 2014-UBS2, Class AM, 4.199% 3/10/47   1,375,000    1,477,920 
Series 2015-CR23, Class C, 4.293% VRN 5/10/48  (d)   1,000,000    1,064,460 
Series 2014-LC17, Class C, 4.553% VRN 10/10/47  (d)   2,908,000    3,065,226 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%          
   2.256% FRN 5/15/36  (a)   570,000    570,357 
Jackson Park Trust, Series 2019-LIC, Class C,          
   3.131% VRN 10/14/39  (a) (d)   2,300,000    2,264,864 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
   1.906% FRN 5/15/36  (a)   1,505,000   1,504,531 
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%          
   1.856% FRN 3/15/38  (a)   1,935,000    1,938,096 
Manhattan West Mortgage Trust, Series 2020-1MW, Class B,          
   2.335% VRN 9/10/39  (a) (d)   2,122,000    2,128,330 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42  (a)   919,000    939,775 
Series 2020-ABC, Class B, 3.477% VRN 2/10/42  (a) (d)   1,003,000    1,016,023 
MKT Mortgage Trust          
Series 2020-525M, Class D, 2.941% VRN 2/12/40  (a) (d)   475,000    468,074 
Series 2020-525M, Class E, 2.941% VRN 2/12/40  (a) (d)   976,000    920,793 
Morgan Stanley Capital I Trust          
Series 2019-L2, Class AS, 4.272% 3/15/52   1,950,000    2,183,214 
Series 2018-H3, Class B, 4.620% VRN 7/15/51  (d)   760,000    862,379 
Series 2011-C2, Class B, 5.200% VRN 6/15/44  (a) (d)   1,325,000    1,326,933 
Wells Fargo Commercial Mortgage Trust          
Series 2018-C45, Class AS, 4.405% VRN 6/15/51  (d)   1,450,000    1,629,665 
Series 2018-C45, Class B, 4.556% 6/16/51   400,000    445,561 
           
         66,938,699 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Other Asset-Backed Securities — 17.3%        
321 Henderson Receivables LLC, Series 2015-1A, Class A        
   3.260%  9/15/72  (a)  $1,792,174   $1,890,155 
AASET Trust          
Series 2020-1A, Class A, 3.351% 1/16/40  (a)   1,505,327    1,502,694 
Series 2019-1, Class A, 3.844% 5/15/39  (a)   585,987    581,389 
Series 2018-2A, Class A, 4.454% 11/18/38  (a)   305,768    308,235 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
   4.810%  11/15/48  (a)   1,887,047    2,021,332 
AGL CLO 7 Ltd., Series 2020-7A, Class A1, 3 mo. USD LIBOR + 1.800%          
   2.041% FRN 7/15/31  (a)   375,000    375,791 
AIMCO CLO, Series 2019-10A, Class C, 3 mo. USD LIBOR + 2.450%          
   2.672% FRN 7/22/32  (a)   2,000,000    2,000,918 
Allegro CLO X Ltd., Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.750%          
   2.974% FRN 4/20/32  (a)   2,200,000    2,200,260 
Anchorage Capital CLO Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.850%          
   2.074% FRN 7/20/31  (a)   1,500,000    1,503,545 
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250%          
   2.474% FRN 10/20/31  (a)   820,000    820,063 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%          
   1.968% FRN 1/23/31  (a)   1,190,000    1,190,155 
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%          
   3.841% FRN 1/15/28  (a)   1,000,000    1,000,205 
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%          
   3.332% FRN 11/20/30  (a)   400,000    394,481 
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%          
   2.191% FRN 10/15/32  (a)   500,000    501,118 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
   2.940%  5/25/29  (a)   427,821    428,960 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36  (a)   3,450,000    3,439,497 
Series 2020-1A, Class A, 2.981% 11/15/35  (a)   686,869    695,194 
Series 2021-1A, Class C, 5.067% 4/15/36  (a)   1,228,000   1,228,894 
Canyon Capital CLO Ltd.          
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.370% 1.611% FRN 10/15/32  (a)   1,400,000    1,404,907 
Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750% 2.991% FRN 10/15/32  (a)   250,000    250,284 
Capital Automotive REIT          
Series 2020-1A, Class A3, 3.250% 2/15/50  (a)   471,238    485,517 
Series 2014-1A, Class A, 3.660% 10/15/44  (a)   827,449    838,849 
Series 2020-1A, Class A6, 3.810% 2/15/50  (a)   397,585    406,578 
Series 2017-1A, Class A2, 4.180% 4/15/47  (a)   917,022    974,454 
Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850%          
   3.069% FRN 7/28/28  (a)   330,000    321,616 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A          
   3.967%  4/15/39  (a)   1,229,665    1,227,051 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
   4.125%  6/15/43  (a)   1,223,607    1,226,069 
CBAM Ltd.          
Series 2019-10A, Class B, 3 mo. USD LIBOR + 2.050% 2.274% FRN 4/20/32  (a)   1,900,000    1,900,602 
Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% 2.341% FRN 1/15/31  (a)   900,000    900,259 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%          
   1.204% FRN 4/20/31  (a)   750,000    750,003 
CF Hippolyta LLC, Series 2020-1, Class B1          
   2.280%  7/15/60  (a)   522,045    530,641 
CIFC Funding Ltd.          
Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% 1.403% FRN 11/16/30  (a)   2,330,000    2,330,364 
Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.700% 1.941% FRN 7/15/32  (a)   1,000,000    1,001,876 
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%          
   1.424% FRN 10/20/30  (a)   2,040,000    2,040,414 
CLI Funding VI LLC, Series 2020-3A, Class A          
   2.070%  10/18/45  (a)   1,557,875    1,557,827 
DB Master Finance LLC, Series 2019-1A, Class A23          
   4.352%  5/20/49  (a)   1,534,630    1,650,964 
Domino's Pizza Master Issuer LLC          
Series 2019-1A, Class A2, 3.668% 10/25/49  (a)   1,089,000    1,150,906 
Series 2017-1A, Class A23, 4.118% 7/25/47  (a)   756,600    813,102 
Series 2015-1A, Class A2II, 4.474% 10/25/45  (a)   2,968,250    3,131,901 
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900%          
   2.094% FRN 5/15/32  (a)   1,500,000    1,500,714 
Eaton Vance CLO Ltd.          
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 1.991% FRN 10/15/30  (a)   1,700,000    1,700,192 
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.950% 2.191% FRN 4/15/31  (a)   1,800,000    1,802,686 
Series 2020-1A, Class C, 3 mo. USD LIBOR + 2.800% 3.041% FRN 10/15/30  (a)   350,000    351,104 
Elmwood CLO II Ltd.          
Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150% 1.000% FRN 4/20/34  (a) (c)   2,800,000    2,800,000 
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 1.674% FRN 4/20/31  (a)   2,900,000    2,900,554 
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%          
   2.191% FRN 10/15/32  (a)   350,000   351,051 
FCI Funding  LLC, Series 2019-1A, Class A          
   3.630%  2/18/31  (a)   180,808    183,477 
Flatiron CLO Ltd.          
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.094% FRN 11/16/32  (a)   350,000    350,775 
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 2.894% FRN 11/16/32  (a)   250,000    250,344 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Goodgreen Trust        
Series 2019-2A, Class A, 2.760% 10/15/54  (a)  $2,554,081   $2,590,375 
Series 2016-1A, Class A, 3.230% 10/15/52  (a)   1,431,824    1,457,752 
Series 2017-1A, Class A, 3.740% 10/15/52  (a)   668,092    692,034 
Series 2019-1A, Class A, 3.860% 10/15/54  (a)   1,169,110    1,226,602 
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%          
   1.924% FRN 1/20/31  (a)   1,290,000    1,290,246 
Helios Issuer LLC, Series 2017-1A, Class A          
   4.940%  9/20/49  (a)   1,453,451    1,541,520 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42  (a)   732,616    752,363 
Series 2017-3A, Class A1, 3.190% 9/20/48  (a)   767,047    801,579 
Series 2017-2A, Class A1, 3.280% 9/20/48  (a)   226,715    233,277 
Series 2016-4A, Class A1, 3.570% 9/20/47  (a)   901,542    938,724 
Series 2017-2A, Class A2, 4.070% 9/20/48  (a)   182,345    188,049 
Series 2018-1A, Class A2, 4.670% 9/20/48  (a)   1,371,878    1,504,527 
Horizon Aircraft Finance I Ltd.          
Series 2019-1, Class A, 3.721% 7/15/39  (a)   1,298,330    1,296,791 
Series 2018-1, Class A, 4.458% 12/15/38  (a)   925,711    936,638 
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A          
   3.425%  11/15/39  (a)   2,826,118    2,789,656 
HPS Loan Management Ltd., Series 15A-19, Class A1, 3 mo. USD LIBOR + 1.320%          
   1.542% FRN 7/22/32  (a)   1,300,000    1,302,644 
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%          
   1.595% FRN 10/26/32  (a)   750,000    751,601 
ITE Rail Fund Levered LP, Series 2021-1A, Class A          
   2.250%  2/28/51  (a)   1,598,072    1,591,932 
J.G. Wentworth LLC, Series 2018-2A, Class A          
   3.960%  10/15/75  (a)   1,327,773    1,467,670 
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%          
   1.324% FRN 3/15/31  (a)   900,000    900,036 
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000%          
   2.108% FRN 6/15/36  (a)   1,670,000    1,665,818 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1          
   4.300%  1/15/42  (a)   2,129,134    2,084,951 
Lunar Aircraft Ltd., Series 2020-1A, Class A          
   3.376%  2/15/45  (a)   618,842    606,438 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
   3.474%  10/15/39  (a)   1,854,339    1,865,363 
Madison Park Funding Ltd.          
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.841% FRN 7/15/30  (a)   1,665,000    1,665,063 
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 2.188% FRN 1/22/31  (a)   1,000,000    998,098 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.423% FRN 10/18/30  (a)   620,000    620,078 
Magnetite XXVI Ltd., Series 2020-26A, Class A, 3 mo. USD LIBOR + 1.750%          
   1.991% FRN 7/15/30  (a)   1,500,000   1,502,901 
Magnetite XXVII Ltd., Series 2020-27A, Class C, 3 mo. USD LIBOR + 2.650%          
   2.874% FRN 7/20/33  (a)   450,000    450,769 
Mariner Finance Issuance Trust          
Series 2021-AA, Class B, 2.330% 3/20/36  (a)   1,336,000    1,338,471 
Series 2021-AA, Class C, 2.960% 3/20/36  (a)   637,000    639,233 
Mosaic Solar Loans LLC          
Series 2018-1A, Class A, 4.010% 6/22/43  (a)   259,281    279,463 
Series 2017-1A, Class A, 4.450% 6/20/42  (a)   262,998    286,631 
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250%          
   1.474% FRN 10/20/30  (a)   1,750,000    1,750,131 
MVW Owner Trust, Series 2017-1A, Class A          
   2.420%  12/20/34  (a)   135,438    139,742 
NP SPE LLC, Series 2017-1A, Class A2          
   4.219%  10/21/47  (a)   2,260,000    2,295,636 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5          
   3.390%  11/20/50  (a)   1,200,000    1,224,713 
OCP CLO 2018-15 Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100%          
   1.324% FRN 7/20/31  (a)   250,000    250,004 
OHA Credit Funding Ltd.          
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.552% FRN 10/22/32  (a)   1,000,000    1,002,663 
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 2.872% FRN 10/22/32  (a)   500,000    501,237 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
OHA Loan Funding 2015-1 Ltd., Series 2015-1A, Class A1R2, 3 mo. USD LIBOR + 1.340%        
   1.534% FRN 11/15/32  (a)  $550,000   $551,984 
OneMain Financial Issuance Trust          
Series 2020-2A, Class B, 2.210% 9/14/35  (a)   396,000    398,125 
Series 2019-2A, Class A, 3.140% 10/14/36  (a)   8,400,000    8,923,708 
Oxford Finance Funding Trust, Series 2020-1A, Class A2          
   3.101%  2/15/28  (a)   1,536,000    1,570,241 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A          
   3.967%  6/15/44  (a)   1,476,910    1,466,085 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2          
   3.858%  12/05/49  (a)   2,292,975    2,185,780 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
   2.959% FRN 2/25/23  (a)   1,270,000    1,268,482 
Renew, Series 2021-1, Class A          
   2.060%  11/20/56  (a) (c)   1,805,000    1,804,729 
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550%          
   1.738% FRN 4/20/34  (a)   1,500,000    1,500,149 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%          
   1.331% FRN 1/15/30  (a)   2,450,000    2,447,653 
Sierra Receivables Funding LLC          
Series 2020-2A, Class B, 2.320% 7/20/37  (a)   769,740    781,008 
Series 2021-1A, Class D, 3.170% 11/20/37  (a)   1,631,000    1,612,888 
Series 2018-3A, Class D, 5.200% 9/20/35  (a)   597,722    612,986 
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2          
   1.893%  8/25/45  (a)   874,000    875,905 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%          
   2.489% FRN 8/18/31  (a)   1,170,000   1,132,290 
Store Master Funding I-VII          
Series 2019-1, Class A2, 3.650% 11/20/49  (a)   2,836,947    2,894,807 
Series 2018-1A, Class A2, 4.290% 10/20/48  (a)   1,288,589    1,365,968 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%          
   0.909% FRN 11/25/35  (a)   2,682,893    2,599,082 
Structured Receivables Finance LLC, Series 2010-B, Class A          
   3.730%  8/15/36  (a)   126,837    132,530 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
   4.870%  7/20/48  (a)   428,027    458,602 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
   4.190%  1/15/71  (a)   1,889,629    2,048,449 
Taco Bell Funding LLC, Series 2018-1A, Class A2II          
   4.940%  11/25/48  (a)   1,114,350    1,201,007 
TAL Advantage VII LLC, Series 2020-1A, Class A          
   2.050%  9/20/45  (a)   4,263,750    4,256,814 
Textainer Marine Containers Ltd., Series 2019-1A, Class A          
   3.960%  4/20/44  (a)   463,973    463,328 
Tif Funding II LLC, Series 2020-1A, Class A          
   2.090%  8/20/45  (a)   617,738    618,049 
Trinity Rail Leasing LP          
Series 2019-2A, Class A2, 3.100% 10/18/49  (a)   3,289,000    3,354,118 
Series 2018-1A, Class A2, 4.620% 6/17/48  (a)   2,420,000    2,450,944 
Trip Rail Master Funding LLC, Series 2017-1A, Class A1          
   2.709%  8/15/47  (a)   74,578    74,626 
Triton Container Finance VIII LLC, Series 2020-1A, Class A          
   2.110%  9/20/45  (a)   3,016,125    2,989,998 
Vantage Data Centers LLC, Series 2020-2A, Class A2          
   1.992%  9/15/45  (a)   1,301,000    1,277,801 
Vivint Solar Financing V LLC, Series 2018-1A, Class B          
   7.370%  4/30/48  (a)   2,430,695    2,587,497 
WAVE LLC          
Series 2019-1A, Class A, 3.597% 9/15/44  (a)   3,764,151    3,765,021 
Series 2017-1A, Class C, 6.656% 11/15/42  (a)   1,874,228    1,522,013 
WAVE Trust, Series 2017-1A, Class A          
   3.844%  11/15/42  (a)   1,441,989    1,416,810 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
   4.750% STEP 9/15/43  (a)   1,136,332    1,129,946 
Wind River CLO Ltd.          
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 1.991% FRN 7/15/30  (a)   1,150,000    1,150,068 
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 2.005% FRN 11/01/31  (a)   900,000    900,167 
           
         170,379,044 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Student Loans Asset-Backed Securities — 6.8%        
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%        
   0.351% FRN 3/28/68  $3,474,660   $3,406,091 
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48  (a)   2,244,000    2,305,042 
Series 2019-A, Class C, 4.460% 12/28/48  (a)   1,281,000    1,307,611 
College Loan Corp. Trust I, Series 2007-1, Class B2,          
   1.627% FRN 1/25/47  (d)   900,000    719,572 
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800%          
   0.909% FRN 9/25/68  (a)   1,922,301   1,926,217 
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%          
   2.100% FRN 12/01/47  (a)   1,532,564    1,513,417 
Education Services of America          
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/48  (a)   1,200,000    1,171,378 
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 10/25/56  (a)   1,100,000    1,082,231 
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%          
   3.918% FRN 4/25/46   625,000    594,653 
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A,          
   3.580% VRN 11/25/38  (a) (d)   1,159,016    1,201,593 
Higher Education Funding I          
Series 2004-1, Class B2, 0.000% FRN 1/01/44  (a) (d)   450,000    392,810 
Series 2004-1, Class B1, 1.796% FRN 1/01/44  (a) (d)   450,000    401,157 
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX          
   3.020%  8/25/42  (a)   547,785    542,476 
Navient Private Education Loan Trust, Series 2020-IA, Class B          
   2.950%  4/15/69  (a)   2,352,000    2,359,924 
Navient Private Education Refi Loan Trust          
Series 2021-BA, Class B, 2.520% 7/15/69  (a)   2,620,000    2,581,231 
Series 2019-CA, Class B, 3.670% 2/15/68  (a)   2,249,000    2,221,855 
Series 2019-A, Class B, 3.900% 1/15/43  (a)   1,190,000    1,177,116 
Series 2018-CA, Class B, 4.220% 6/16/42  (a)   1,530,000    1,572,964 
Navient Student Loan Trust          
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.009% FRN 12/27/67  (a)   4,514,941    4,585,483 
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.259% FRN 3/25/66  (a)   1,688,069    1,708,092 
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.359% FRN 6/25/65  (a)   3,051,360    3,116,115 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 10/25/58   940,000    946,480 
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/65  (a)   2,370,000    2,452,204 
Series 2019-BA, Class B, 4.040% 12/15/59  (a)   2,950,000    2,924,490 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B          
   3.600%  12/26/40  (a)   262,818    264,063 
Nelnet Student Loan Trust          
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.451% FRN 6/25/41   531,955    471,292 
Series 2019-2A, Class A, 1 mo. USD LIBOR + .900% 1.009% FRN 6/27/67  (a)   1,598,572    1,601,943 
Series 2005-4, Class A4A, 1.145% FRN 3/22/32  (d)   275,000    264,675 
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 1.509% FRN 4/25/67  (a)   3,250,000    3,210,604 
Series 2019-5, Class B, 3.450% 10/25/67  (a)   2,150,000    2,008,976 
SLC Student Loan Trust, Series 2007-1, Class A5, 3 mo. USD LIBOR + .090%          
   0.284% FRN 2/15/68   1,500,000    1,444,195 
SLM Student Loan Trust          
Series 2006-2, Class R, 0.000% 1/25/41   7,308    4,509,604 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.428% FRN 10/25/40   1,756,731    1,621,446 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.508% FRN 1/25/44   1,824,363    1,681,234 
SoFi Alternative Trust, Series 2019-C, Class PT,          
   2.322% VRN 1/25/45  (a) (d)   3,869,565    4,115,554 
SoFi Professional Loan Program LLC, Series 2017-C, Class C,          
   4.210% VRN 7/25/40  (a) (d)   990,000   1,016,813 
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%          
   1.615% FRN 8/01/35   3,050,000    2,933,448 
           
         67,354,049 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Contiuned)

 

   Principal Amount   Value 
Whole Loan Collateral Collateralized Mortgage Obligations — 0.3%        
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,        
   3.074% VRN 8/25/34  (d)  $15,883   $15,654 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,          
   3.500% VRN 1/25/47  (a) (d)   1,233,846    1,236,484 
PSMC Trust, Series 2018-2, Class A1,          
   3.500% VRN 6/25/48  (a) (d)   775,695    784,714 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,          
   4.000% VRN 11/25/48  (a) (d)   416,232    422,264 
           
         2,459,116 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $319,260,059)        324,061,007 
           
Sovereign Debt Obligations — 0.8%          
Colombia Government International Bond          
6.125% 1/18/41   2,080,000    2,463,219 
Mexico Government International Bond          
4.500% 4/22/29   875,000    969,386 
4.750% 3/08/44   3,727,000    3,913,946 
6.750% 9/27/34   685,000    875,951 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS  (Cost $7,715,553)        8,222,502 
           
U.S. Government Agency Obligations and Instrumentalities — 21.3%          
Collateralized Mortgage Obligations — 1.3%          
Federal Home Loan Mortgage Corp.        
Series 2178, Class PB  7.000% 8/15/29   27,865    31,465 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates          
Series K124, Class A2, 1.658% 2/25/54   3,352,000    3,275,867 
Series K125, Class A2, 1.846% 1/25/31   5,915,000    5,877,499 
Federal National Mortgage Association ACES              
Series 2021-M4, Class A2  1.466% 2/25/31 (d)   3,396,000    3,248,714 
         12,433,545 
           
Pass-Through Securities — 19.8%          
Federal Home Loan Mortgage Corp.          
Pool #RA4245 2.000% 12/01/50   2,574,284    2,572,295 
Pool #RA4255 2.000% 1/01/51   5,411,989    5,414,572 
Pool #J13972 3.500% 1/01/26   22,261    23,755 
Pool #C91344 3.500% 11/01/30   72,016    76,838 
Pool #C91424 3.500% 1/01/32   43,832    46,849 
Pool #RA2483 3.500% 6/01/50   8,102,222    8,590,860 
Pool #C91239 4.500% 3/01/29   3,676    4,081 
Pool #C91251 4.500% 6/01/29   24,265    26,939 
Pool #C90939 5.500% 12/01/25  12,685   14,173 
Pool #D97258 5.500% 4/01/27   9,322    10,445 
Pool #C91026 5.500% 4/01/27   22,301    24,988 
Pool #C91074 5.500% 8/01/27   2,340    2,622 
Pool #D97417 5.500% 10/01/27   8,891    9,963 
Pool #C91128 5.500% 12/01/27   1,261    1,413 
Pool #C91148 5.500% 1/01/28   53,052    59,476 
Pool #C91176 5.500% 5/01/28   19,270    21,604 
Pool #C91217 5.500% 11/01/28   5,526    6,201 
Federal National Mortgage Association          
Pool #775539 12 mo. USD LIBOR + 1.641% 2.516% FRN 5/01/34   13,410    13,913 
Pool #MA3029 3.000% 6/01/32   2,224,428    2,355,086 
Pool #MA3090 3.000% 8/01/32   927,880    980,932 
Pool #AO8180 3.000% 9/01/42   17,980    19,077 
Pool #AB7397 3.000% 12/01/42   104,539    110,882 
Pool #AB7401 3.000% 12/01/42   86,453    91,699 
Pool #AP8668 3.000% 12/01/42   121,132    128,482 
Pool #AR1975 3.000% 12/01/42   26,251    27,844 
Pool #AR0306 3.000% 1/01/43   7,801    8,275 
Pool #AR5391 3.000% 1/01/43   41,207    43,708 
Pool #AL3215 3.000% 2/01/43   83,992    89,088 
Pool #AR4109 3.000% 2/01/43   87,808    93,136 
Pool #AR4432 3.000% 3/01/43   37,437    39,709 
Pool #AT0169 3.000% 3/01/43   198,636    210,689 
Pool #AB8809 3.000% 3/01/43   42,871    45,473 
Pool #MA1368 3.000% 3/01/43   164,306    174,275 
Pool #AR2174 3.000% 4/01/43   161,415    171,209 
Pool #AS1304 3.500% 12/01/28   839,677    900,815 
Pool #MA1356 3.500% 2/01/43   6,559,403    7,164,076 
Pool #CA6096 3.500% 6/01/50   7,744,541    8,250,331 
Pool #FM4017 3.500% 8/01/50   709,542    748,343 
Pool #AA3980 4.500% 4/01/28   44,459    48,345 
Pool #CA1909 4.500% 6/01/48   4,137,335    4,513,097 
Pool #AD6437 5.000% 6/01/40   316,033    364,053 
Pool #AD6996 5.000% 7/01/40   1,929,641    2,222,841 
Pool #AL8173 5.000% 2/01/44   866,063    995,763 
Pool #AD0836 5.500% 11/01/28   42,583    47,700 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Government National Mortgage Association        
Pool #371146 7.000% 9/15/23  $35 $  36 
Pool #352022 7.000% 11/15/23   1,761    1,859 
Pool #374440 7.000% 11/15/23   152    160 
Pool #491089 7.000% 12/15/28   5,754    6,265 
Pool #480539 7.000% 4/15/29   198    223 
Pool #488634 7.000% 5/15/29   1,828    2,082 
Pool #500928 7.000% 5/15/29   2,941    3,383 
Pool #499410 7.000% 7/15/29   1,059    1,222 
Pool #510083 7.000% 7/15/29   715    817 
Pool #493723 7.000% 8/15/29   2,155    2,488 
Pool #581417 7.000% 7/15/32   4,192    4,778 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 2.125% FRN 11/20/25   2,246    2,281 
Pool #080136 1 year CMT + 1.500% 2.125% FRN 11/20/27   531    541 
Pool #MA6038 3.000% 7/20/49   4,975,055    5,206,418 
Pool #MA6283 3.000% 11/20/49   8,856,642    9,251,218 
Pool #MA6409 3.000% 1/20/50   8,957,853    9,348,540 
Pool #MA4321 3.500% 3/20/47   5,033,411    5,353,780 
Government National Mortgage Association II TBA          
2.500% 6/01/50 (c)   14,900,000    15,359,805 
3.000% 8/01/49  (c)  5,675,000   5,906,877 
3.500% 6/01/49  (c)   14,620,000    15,424,100 
Uniform Mortgage Backed Securities TBA          
2.000% 1/01/36(c)   25,400,000    26,058,813 
2.500% 7/01/50 (c)   9,675,000    9,920,654 
3.000% 6/01/49 (c)   34,975,000    36,420,450 
3.500% 3/01/49  (c)   10,100,000    10,667,336 
           
         195,710,041 
         
Whole Loans — 0.2%        
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes        
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 1.459% FRN 3/25/29  44,129   44,149 
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.109% FRN 6/25/50  (a)   1,571,869    1,577,151 
           
         1,621,300 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $210,268,045)        209,764,886 
           
U.S. Treasury Obligations — 5.0%          
U.S. Treasury Bonds & Notes — 5.0%          
U.S. Treasury Bond          
 2.250% 8/15/49  (e)   18,100,000    17,450,898 
 3.500% 2/15/39   13,700,000    16,379,079 
U.S. Treasury Note          
  0.250%  10/31/25   15,800,000    15,378,473 
           
         49,208,450 
           
TOTAL U.S. TREASURY OBLIGATIONS  (Cost $52,696,629)        49,208,450 
           
TOTAL BONDS & NOTES (Cost $951,490,342)        968,926,888 
           
TOTAL PURCHASED OPTIONS (#) 0.3% (Cost $2,989,580)        3,002,961 
           
TOTAL LONG-TERM INVESTMENTS  (Cost $954,479,922)        971,929,849 
         
Short-Term Investments — 13.8%        
Commercial Paper — 13.0%        
Amcor Flexibles North American        
0.193% 4/30/21 (a)  7,000,000   6,998,950 
American Electric Power Co., Inc.          
0.203% 4/19/21 (a)   8,000,000    7,999,303 
American Honda Finance Corp.          
0.213% 6/07/21   1,000,000    999,579 
0.254% 6/04/21   9,000,000    8,996,392 
AT&T, Inc.          
0.294% 7/13/21 (a)   1,000,000    999,350 
0.346% 9/21/21 (a)   10,000,000    9,987,143 
BAT International Finance PLC          
0.304% 4/22/21 (a)  5,000,000   4,999,484 
Dominion Resources          
0.203% 4/12/21   10,000,000    9,999,480 
Ei Dupont          
0.213% 5/05/21 (a)   10,000,000    9,998,172 
Entergy Corp.          
0.213% 5/20/21 (a)   10,000,000    9,996,625 
Holcim US Finance SARL & Cie          
0.223% 4/23/21 (a)   3,000,000    2,999,672 

 
 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal Amount   Value 
Intercontinental Exchange, Inc.          
0.355% 5/24/21 (a)  $5,000,000   $4,997,750 
Nasdaq, Inc.          
0.264% 5/10/21 (a)   2,000,000    1,999,318 
National Grid Holdings          
0.172% 4/28/21 (a)   5,000,000    4,999,312 
NextEra Energy Capital Holdings, Inc.          
0.183% 4/16/21 (a)   11,000,000    10,999,213 
Nisource, Inc.          
0.172% 4/06/21 (a)   2,000,000    1,999,950 
Societe Generale          
0.203% 5/10/21 (a)   3,000,000    2,999,677 
Volkswagen Credit, Inc          
0.244% 4/13/21 (a)   2,000,000    1,999,887 
0.244% 4/19/21 (a)   9,000,000    8,999,216 
Walgreens Boots Alliance, Inc.          
0.193% 4/13/21 (a)   2,000,000    1,999,865 
0.233% 4/27/21 (a)   7,000,000    6,998,918 
0.243% 4/20/21 (a)   1,000,000    999,891 
Waste Management, Inc.          
0.356% 7/01/21 (a)   5,000,000    4,996,703 
           
         127,963,850 
           
Repurchase Agreement — 0.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (f)  7,452,684   7,452,684 
           
TOTAL SHORT-TERM INVESTMENTS  (Cost $135,410,143)        135,416,534 
           
TOTAL INVESTMENTS — 112.3% (Cost $1,089,890,065) (g)        1,107,346,383 
           
Other Assets/(Liabilities) — (12.3)%        (121,110,205)
           
NET ASSETS — 100.0%       $986,236,178 

 

Abbreviation Legend

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 March 31, 2021, the aggregate market value of these securities amounted to $489,412,537 or 49.62% 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 March 31, 2021.
(e) A portion of this security is pledged/held as collateral for open derivatives.
(f) Maturity value of $7,452,684. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $7,601,817.
(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    $214,230   $184,972   $29,258 
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    $2,788,731   $2,804,608   $(15,877)
                            $3,002,961   $2,989,580   $13,381 

 

Futures contracts

 

   Expiration Date  Number of Contracts  Notional Amount   Value/ Net Unrealized Appreciation/ (Depreciation) 
Long              
U.S. Treasury Long Bond  6/21/21  75  $12,045,950   $(451,419)
U.S. Treasury Ultra Bond  6/21/21  226   43,022,631    (2,067,193)
U.S. Treasury Note 2 Year  6/30/21  693   153,102,107    (138,600)
U.S. Treasury Note 5 Year  6/30/21  169   21,109,692    (255,356)
              $(2,912,568)
Short                
U.S. Treasury Ultra 10 Year  6/21/21  136  $(19,893,425)  $351,925 
90 Day Eurodollar  9/13/21  17   (4,146,456)   (95,469)
90 Day Eurodollar  3/14/22  15   (3,657,513)   (83,675)
90 Day Eurodollar  9/19/22  14   (3,412,279)   (74,771)
90 Day Eurodollar  3/13/23  12   (2,923,010)   (58,840)
90 Day Eurodollar  12/18/23  15   (3,650,388)   (54,425)
90 Day Eurodollar  12/16/24  40   (9,722,367)   (90,633)
              $(105,888)

 

Currency Legend

USD U.S. Dollar

 
 

 

MML Short-Duration Bond Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Principal Amount   Value 
         
Bonds & Notes — 96.9%          
           
Corporate Debt — 46.6%          
Aerospace & Defense — 0.3%          
The Boeing Co.          
1.167% 2/04/23  $560,000   $562,838 
Agriculture — 1.3%          
BAT Capital Corp.          
3.222% 8/15/24   415,000    441,752 
4.700% 4/02/27   410,000    461,285 
Imperial Brands Finance PLC          
3.125% 7/26/24 (a)   400,000    422,685 
3.500% 2/11/23 (a)   387,000    402,569 
Wens Foodstuffs Group Co. Ltd.          
2.349% 10/29/25 (a)   700,000    670,509 
           
         2,398,800 
           
Airlines — 0.1%          
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.500% 10/20/25 (a)   185,000    196,999 
           
Auto Manufacturers — 2.0%          
Ford Motor Credit Co. LLC          
3 mo. USD LIBOR + .810% 1.048% FRN 4/05/21   405,000    405,000 
3 mo. USD LIBOR + 1.235% 1.429% FRN 2/15/23   275,000    272,266 
3.087% 1/09/23   260,000    264,220 
3.350% 11/01/22   365,000    372,373 
General Motors Co.          
6.125% 10/01/25   135,000    158,687 
General Motors Financial Co., Inc.          
3.250% 1/05/23   829,000    863,533 
Harley-Davidson Financial Services, Inc.          
3.350% 6/08/25 (a)   209,000    218,944 
Hyundai Capital America          
2.375% 2/10/23 (a)   600,000    615,878 
2.850% 11/01/22 (a)   320,000    330,002 
Nissan Motor Acceptance Corp.          
1.900% 9/14/21 (a)   200,000    200,894 
           
         3,701,797 
           
Auto Parts & Equipment — 0.3%          
Metalsa SA de CV          
4.900% 4/24/23 (a)   450,000    473,400 
           
Banks — 9.1%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)   435,000    486,701 
Arab National Bank 5 year CMT + 2.974%          
3.326% VRN 10/28/30 (a)   650,000    665,928 
Banco de Credito del Peru 5 year CMT + 3.000%          
3.125% VRN 7/01/30 (a)   625,000    625,000 
Banco Santander SA          
1.849% 3/25/26   600,000    598,577 
Bank of America Corp.          
3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23   930,000    957,363 
3.950% 4/21/25   178,000    195,049 
4.000% 1/22/25   647,000    706,893 
The Bank of Nova Scotia          
4.500% 12/16/25   829,000    936,644 
Barclays Bank PLC          
10.179% 6/12/21 (a)   504,000    512,654 
Barclays PLC 3 mo. USD LIBOR + 1.380%          
1.574% FRN 5/16/24   485,000    491,929 
BPCE SA          
5.700% 10/22/23 (a)   825,000    921,766 
Citigroup, Inc.          
4.400% 6/10/25   635,000    705,525 
Credit Suisse AG          
6.500% 8/08/23 (a)   930,000    1,022,767 
Danske Bank A/S          
5.000% 1/12/22 (a)   455,000    469,977 
Deutsche Bank AG SOFR + 2.159%          
2.222% VRN 9/18/24   685,000    703,097 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   1,675,000    1,869,724 
HSBC Holdings PLC          
4.250% 3/14/24   865,000    940,286 
ING Groep NV SOFR + .920%          
1.726% VRN 4/01/27 (b)   407,000    406,416 
Macquarie Group Ltd. SOFR + 1.069%          
1.340% VRN 1/12/27 (a)   525,000    514,911 
Morgan Stanley          
4.350% 9/08/26   1,150,000    1,299,932 
Sberbank of Russia Via SB Capital SA          
5.250% 5/23/23 (a)   650,000    688,089 
Societe Generale SA 1 year CMT + 1.100%          
1.488% VRN 12/14/26 (a)   525,000    515,728 
Synchrony Bank          
3.000% 6/15/22   470,000    482,816 
UBS Group AG          
4.125% 9/24/25 (a)   355,000    393,877 
           
         17,111,649 

 

 

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

 

   Principal Amount   Value 
Beverages — 0.4%          
Bacardi Ltd.          
4.450% 5/15/25 (a)  $548,000   $608,975 
Molson Coors Beverage Co.          
2.100% 7/15/21   230,000    230,720 
           
         839,695 
           
Chemicals — 1.2%          
DuPont de Nemours, Inc.          
4.493% 11/15/25   705,000    796,444 
MEGlobal Canada ULC          
5.000% 5/18/25 (a)   450,000    500,063 
RPM International, Inc.          
3.450% 11/15/22   8,000    8,281 
Syngenta Finance NV          
4.441% 4/24/23 (a)   570,000    597,134 
4.892% 4/24/25 (a)   335,000    358,492 
           
         2,260,414 
           
Commercial Services — 0.9%          
Adani Ports & Special Economic Zone Ltd.          
3.375% 7/24/24 (a)   1,443,000    1,512,924 
Element Fleet Management          
1.600% 4/06/24 (a) (b)   240,000    239,719 
           
         1,752,643 
           
Computers — 0.9%          
Dell International LLC / EMC Corp.          
4.000% 7/15/24 (a)   414,000    449,244 
5.850% 7/15/25 (a)   432,000    503,438 
Genpact Luxembourg Sarl          
3.700% STEP 4/01/22   635,000    650,833 
           
         1,603,515 
           
Distribution & Wholesale — 0.7%          
Li & Fung Ltd.          
4.500% 8/18/25 (a)   1,350,000    1,373,952 
           
Diversified Financial Services — 4.3%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.875% 8/14/24   1,025,000    1,056,887 
4.500% 9/15/23   255,000    274,268 
Aircastle Ltd.          
5.000% 4/01/23   1,010,000    1,076,474 
Antares Holdings LP          
3.950% 7/15/26 (a)   430,000    433,455 
6.000% 8/15/23 (a)   473,000    496,048 
Aviation Capital Group LLC          
1.950% 1/30/26 (a)   480,000    467,459 
Avolon Holdings Funding Ltd.          
2.875% 2/15/25 (a)   335,000    333,648 
BGC Partners, Inc.          
4.375% 12/15/25 (a)   505,000    537,476 
Brookfield Finance, Inc.          
4.000% 4/01/24   330,000    358,309 
Lazard Group LLC          
3.750% 2/13/25   805,000    874,302 
LeasePlan Corp. NV          
2.875% 10/24/24 (a)   280,000    294,360 
Park Aerospace Holdings Ltd.          
5.250% 8/15/22 (a)   1,250,000    1,312,241 
SPARC EM SPC Panama Metro Line 2 SP          
0.000% 12/05/22 (a)   233,565    227,728 
Synchrony Financial          
2.850% 7/25/22   355,000    364,541 
           
         8,107,196 
           
Electric — 1.1%          
Alliant Energy Finance LLC          
1.400% 3/15/26 (a)   260,000    254,932 
National Central Cooling Co. PJSC          
2.500% 10/21/27 (a)   618,000    605,640 
Pacific Gas and Electric Co.          
1.750% 6/16/22   970,000    971,469 
Puget Energy, Inc.          
6.000% 9/01/21   260,000    265,730 
           
         2,097,771 
           
Energy – Alternate Sources — 0.2%          
SK Battery America, Inc.          
1.625% 1/26/24 (a)   300,000    297,432 
           
Gas — 0.7%          
Atmos Energy Corp.          
0.625% 3/09/23   365,000    365,142 
ONE Gas, Inc.          
1.100% 3/11/24   960,000    959,653 
           
         1,324,795 

 

 

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

 

   Principal Amount   Value 
Housewares — 0.5%          
Newell Brands, Inc.          
4.350% STEP 4/01/23  $979,000   $1,034,049 
           
Insurance — 2.3%          
AmTrust Financial Services, Inc.          
6.125% 8/15/23   620,000    620,336 
Athene Global Funding          
2.750% 6/25/24 (a)   820,000    863,750 
CNO Financial Group, Inc.          
5.250% 5/30/25   830,000    939,525 
Enstar Group Ltd.          
4.500% 3/10/22   685,000    705,671 
GA Global Funding Trust          
1.625% 1/15/26 (a)   260,000    259,552 
Trinity Acquisition PLC          
3.500% 9/15/21   350,000    353,729 
Unum Group          
3.875% 11/05/25   620,000    670,765 
           
         4,413,328 
           
Internet — 0.3%          
Weibo Corp.          
3.500% 7/05/24   450,000    474,110 
           
Investment Companies — 1.8%          
Ares Capital Corp.          
3.875% 1/15/26   535,000    563,598 
4.200% 6/10/24   523,000    563,867 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   360,000    381,703 
4.125% 8/11/22   675,000    698,064 
Golub Capital BDC, Inc.          
2.500% 8/24/26   270,000    264,013 
Sixth Street Specialty Lending, Inc.          
2.500% 8/01/26   125,000    123,905 
3.875% 11/01/24   755,000    792,131 
           
         3,387,281 
           
Iron & Steel — 1.9%          
Reliance Steel & Aluminum Co.          
1.300% 8/15/25   355,000    350,443 
Severstal OAO Via Steel Capital SA          
3.150% 9/16/24 (a)   1,443,000    1,480,599 
Steel Dynamics, Inc.          
2.400% 6/15/25   165,000    171,906 
2.800% 12/15/24   250,000    264,348 
Vale Overseas Ltd.          
6.250% 8/10/26   1,030,000    1,225,185 
           
         3,492,481 
           
Leisure Time — 0.1%          
Harley-Davidson, Inc.          
3.500% 7/28/25   255,000    271,231 
           
Lodging — 0.5%          
Las Vegas Sands Corp.          
3.200% 8/08/24   775,000    807,967 
Marriott International, Inc.          
5.750% 5/01/25   161,000    184,682 
           
         992,649 
           
Machinery – Diversified — 0.3%          
CNH Industrial Capital LLC          
3.875% 10/15/21   635,000    645,748 
           
Media — 1.4%          
Cable Onda SA          
4.500% 1/30/30 (a)   630,000    669,041 
Sirius XM Radio, Inc.          
3.875% 8/01/22 (a)   1,047,000    1,050,926 
ViacomCBS, Inc.          
4.750% 5/15/25   840,000    949,656 
           
         2,669,623 
           
Mining — 0.5%          
Glencore Finance Canada Ltd.          
4.250% STEP 10/25/22 (a)   254,000    267,530 
Glencore Funding LLC          
4.125% 5/30/23 (a)   360,000    384,973 
Kinross Gold Corp.          
5.125% 9/01/21   370,000    372,668 
           
         1,025,171 
           
Multi-National — 0.5%          
Africa Finance Corp.          
3.125% 6/16/25 (a)   957,000    983,432 

 

 

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

 

   Principal Amount   Value 
Oil & Gas — 2.7%          
Cenovus Energy, Inc.          
3.000% 8/15/22  $500,000   $511,521 
Continental Resources, Inc.          
5.000% 9/15/22   143,000    143,115 
Diamondback Energy, Inc.          
0.900% 3/24/23   625,000    624,908 
EQT Corp.          
3.000% 10/01/22   565,000    573,475 
7.625% STEP 2/01/25   320,000    368,283 
Occidental Petroleum Corp.          
5.500% 12/01/25   1,100,000    1,161,039 
Ovintiv Exploration, Inc.          
5.625% 7/01/24   505,000    555,115 
Petroleos Mexicanos          
4.625% 9/21/23   1,215,000    1,252,908 
           
         5,190,364 
           
Packaging & Containers — 0.2%          
Graphic Packaging International LLC          
1.512% 4/15/26 (a)   395,000    392,076 
           
Pharmaceuticals — 1.0%          
AbbVie, Inc.          
3.800% 3/15/25   345,000    377,297 
McKesson Corp.          
0.900% 12/03/25   485,000    474,786 
Mylan, Inc.          
3.125% 1/15/23 (a)   525,000    546,994 
Teva Pharmaceutical Finance Netherlands III BV          
2.200% 7/21/21   240,000    239,700 
Viatris, Inc.          
1.650% 6/22/25 (a)   190,000    190,630 
           
         1,829,407 
           
Pipelines — 1.6%          
Energy Transfer Operating LP          
4.200% 9/15/23   960,000    1,027,997 
EnLink Midstream Partners LP          
4.400% 4/01/24   490,000    493,920 
EQM Midstream Partners LP          
4.750% 7/15/23   505,000    523,938 
Plains All American Pipeline LP / PAA Finance Corp.          
4.500% 12/15/26   90,000    98,732 
Plains All American Pipeline LP/PAA Finance Corp.          
4.650% 10/15/25   760,000    832,432 
           
         2,977,019 
           
Private Equity — 0.3%          
Hercules Capital, Inc.          
4.625% 10/23/22   610,000    620,991 
           
Real Estate — 1.1%          
Country Garden Holdings Co. Ltd.          
8.000% 1/27/24 (a)   1,351,000    1,436,410 
MAF Sukuk Ltd.          
4.500% 11/03/25 (a)   625,000    683,875 
           
         2,120,285 
           
Real Estate Investment Trusts (REITS) — 2.2%          
Host Hotels & Resorts LP          
3.750% 10/15/23   950,000    1,005,303 
SBA Tower Trust          
1.884% 7/15/50 (a)   287,000    290,362 
Service Properties Trust          
4.350% 10/01/24   510,000    507,010 
Tanger Properties LP          
3.875% 12/01/23   610,000    639,518 
Trust Fibra Uno          
5.250% 1/30/26 (a)   680,000    751,400 
VEREIT Operating Partnership LP          
4.600% 2/06/24   570,000    623,576 
4.625% 11/01/25   335,000    378,015 
           
         4,195,184 
           
Retail — 1.1%          
Nordstrom, Inc.          
2.300% 4/08/24 (a) (b)   226,000    226,359 
O'Reilly Automotive, Inc.          
3.850% 6/15/23   673,000    715,054 
QVC, Inc.          
4.375% 3/15/23   1,060,000    1,110,350 
           
         2,051,763 
           
Storage & Warehousing — 0.4%          
GLP China Holdings Ltd.          
4.974% 2/26/24 (a)   730,000    785,290 

 

 

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

 

   Principal Amount   Value 
Telecommunications — 2.4%          
AT&T, Inc.          
1.700% 3/25/26  $935,000   $934,741 
Qwest Corp          
6.750% 12/01/21   485,000    501,369 
Sprint Communications, Inc.          
9.250% 4/15/22   330,000    354,750 
Telefonaktiebolaget LM Ericsson          
4.125% 5/15/22   628,000    650,193 
Tower Bersama Infrastructure Tbk PT          
4.250% 1/21/25 (a)   1,445,000    1,517,252 
Verizon Communications, Inc.          
1.450% 3/20/26   485,000    485,094 
           
         4,443,399 
           
TOTAL CORPORATE DEBT
(Cost $86,462,936)
        88,097,777 
           
Municipal Obligations — 0.2%          
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR          
1.118% FRN 4/26/27   4,491    4,499 
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Series 2006-2, Class B,          
1.300% FRN 10/25/42 (c)   400,000    398,027 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $398,991)
        402,526 
           
Non-U.S. Government Agency Obligations — 47.6%          
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% 1.059% FRN 5/25/24 (a)   236,000    235,983 
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 1.559% FRN 5/25/24 (a)   214,000    214,000 
           
         449,983 
Automobile Asset-Backed Securities — 8.7%          
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class D          
1.800% 12/18/25   947,000    965,472 
Avis Budget Rental Car Funding AESOP LLC          
Series 2020-1A, Class C, 3.020% 8/20/26 (a)   1,259,000    1,289,633 
Series 2019-3A, Class C, 3.150% 3/20/26 (a)   1,083,000    1,121,995 
Series 2019-1A, Class C, 4.530% 3/20/23 (a)   233,000    238,409 
Series 2018-1A, Class C, 4.730% 9/20/24 (a)   500,000    531,785 
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B          
3.630% 1/19/24 (a)   180,000    182,496 
Carmax Auto Owner Trust, Series 2019-4, Class D          
2.800% 4/15/26   560,000    580,630 
Carvana Auto Receivables Trust, Series 2019-4A, Class D          
3.070% 7/15/25 (a)   719,000    746,501 
Carvana Auto Receivables Trust 2021-N1          
Series 2021-N1, Class C, 1.300% 1/10/28   1,660,000    1,659,255 
Series 2021-N1, Class D, 1.500% 1/10/28   1,243,000    1,241,952 
Drive Auto Receivables Trust, Series 2019-4, Class D          
2.700% 2/16/27   550,000    567,133 
Exeter Automobile Receivables Trust, Series 2019-3A, Class D          
3.110% 8/15/25 (a)   400,000    414,126 
Hertz Fleet Lease Funding LP, Series 2019-1, Class D          
3.440% 1/10/33 (a)   649,000    650,077 
Hertz Vehicle Financing II LP          
Series 2019-3A, Class B, 3.030% 12/26/25 (a)   410,000    409,675 
Series 2017-1A, Class B, 3.560% 10/25/21 (a)   910,000    906,254 
Hertz Vehicle Financing LLC, Series 2018-3A, Class B          
4.370% 7/25/24 (a)   330,000    329,936 
Hertz Vehicle Financing LP, Series 2016-2A, Class C          
4.990% 3/25/22 (a)   1,800,000    1,795,451 
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
3.450% 1/26/32 (a)   215,000    221,324 
Tesla Auto Lease Trust, Series 2020-A, Class C          
1.680% 2/20/24 (a)   456,000    460,381 
Westlake Automobile Receivables Trust 2021-1, Series 2021-1A, Class D          
1.230% 4/15/26 (a)   2,225,000    2,223,013 
           
         16,535,498 
Commercial Mortgage-Backed Securities — 4.5%          
BAMLL Commercial Mortgage Securities Trust          
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.456% FRN 9/15/34 (a)   130,000    129,035 
Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (c)   370,000    350,710 
Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (c)   450,000    387,339 
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
1.606% FRN 7/15/35 (a)   500,000    496,877 

 

 

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

 

   Principal Amount   Value 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class D, 1 mo. USD LIBOR + 1.250% 1.356% FRN 12/15/36 (a)  $648,685   $648,078 
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.706% FRN 12/15/36 (a)   765,448    764,492 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.806% FRN 11/15/35 (a)   728,000    728,000 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.906% FRN 10/15/36 (a)   297,202    297,016 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.106% FRN 10/15/36 (a)   833,293    832,513 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%          
2.256% FRN 12/15/37 (a)   545,194    545,193 
Commercial Mortgage Trust, Series 2014-CR14, Class A2          
3.147% 2/10/47   90,050    90,095 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%          
1.706% FRN 5/15/36 (a)   200,000    200,125 
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,          
3.443% VRN 7/10/39 (a) (c)   700,000    699,879 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.906% FRN 5/15/36 (a)   251,000    250,922 
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%          
1.856% FRN 3/15/38 (a)   372,000    372,595 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B          
3.769% 2/15/46   250,000    253,946 
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D,          
3.927% VRN 8/05/34 (a) (c)   400,000    396,084 
One New York Plaza Trust          
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 2.306% FRN 1/15/26 (a)   616,000    622,147 
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 2.856% FRN 1/15/26 (a)   414,000    418,131 
           
         8,483,177 
           
Home Equity Asset-Backed Securities — 0.0%          
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%          
0.349% FRN 10/25/34 (a)   48,061    47,694 
           
Other Asset-Backed Securities — 20.5%          
321 Henderson Receivables I LLC           
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.306% FRN 3/15/41 (a)   22,147    21,929 
Series 2010-3A, Class A 3.820% 12/15/48 (a)   145,977    155,960 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   379,306    406,298 
Ares LV CLO Ltd., Series 2020-55A, Class A1, 3 mo. USD LIBOR + 1.700%          
1.941% FRN 4/15/31 (a)   500,000    500,938 
Bain Capital Credit CLO Ltd., Series 2020-2A, Class A, 3 mo. USD LIBOR + 1.850%          
2.073% FRN 7/21/31 (a)   500,000    501,293 
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%          
1.170% FRN 7/20/29 (a)   550,000    550,001 
BRE Grand Islander Timeshare Issuer LLC          
Series 2017-1A, Class A, 2.940% 5/25/29 (a)   84,315    84,540 
Series 2019-A, Class B, 3.780% 9/26/33 (a)   238,745    240,216 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36 (a)   960,000    957,077 
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   224,553    227,275 
Capital Automotive REIT          
Series 2017-1A, Class A1, 3.870% 4/15/47 (a)   238,426    238,821 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)   596,064    633,395 
CARS-DB4 LP, Series 2020-1A, Class B1          
4.170% 2/15/50 (a)   484,000    509,596 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
4.125% 6/15/43 (a)   264,757    265,290 
Cbam CLO Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%          
1.511% FRN 1/15/31 (a)   500,000    500,028 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%          
1.204% FRN 4/20/31 (a)   250,000    250,001 
CF Hippolyta LLC, Series 2020-1, Class B1          
2.280% 7/15/60 (a)   96,392    97,979 
DataBank Issuer, Series 2021-1A, Class A2          
2.060% 2/27/51 (a)   991,000    989,018 
DB Master Finance LLC          
Series 2019-1A, Class A2I, 3.787% 5/20/49 (a)   271,860    276,603 
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a)   321,110    335,191 
Diamond Resorts Owner Trust, Series 2018-1, Class A          
3.700% 1/21/31 (a)   129,582    135,411 
Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I          
4.116% 7/25/48 (a)   351,900    368,151 
Elara HGV Timeshare Issuer LLC          
Series 2017-A, Class A, 2.690% 3/25/30 (a)   92,016    94,776 
Series 2016-A, Class A, 2.730% 4/25/28 (a)   163,523    162,636 
Series 2017-A, Class B, 2.960% 3/25/30 (a)   272,639    267,973 
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (c)   16,721    16,706 
Series 2019-A, Class C, 3.450% 1/25/34 (a)   563,586    550,643 
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450%          
1.674% FRN 4/20/31 (a)   350,000    350,067 
FCI Funding  LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   61,084    61,986 

 

 

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

 

   Principal Amount   Value 
Flatiron CLO 17 Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + .980%          
1.178% FRN 5/15/30 (a)  $500,000   $499,735 
FNA VI LLC, Series 2021-1A, Class A          
1.350% 1/10/32 (a)   2,013,343    2,010,038 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 10/15/54 (a)   527,138    534,629 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   262,424    267,176 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   252,103   264,501 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c)   228,038    245,090 
Hero Funding Trust          
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   150,497    157,272 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   149,656    155,828 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)   308,435    323,448 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   273,324    299,752 
Hilton Grand Vacations Trust, Series 2017-AA, Class B          
2.960% 12/26/28 (a)   101,431    102,478 
HIN Timeshare Trust, Series 2020-A, Class B          
2.230% 10/09/39 (a)   874,340    887,007 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A          
4.458% 12/15/38 (a)   523,988    530,173 
Horizon Aircraft Finance III Ltd.          
Series 2019-2, Class A, 3.425% 11/15/39 (a)   381,392    376,472 
Series 2019-2, Class B, 4.458% 11/15/39 (a)   683,333    660,227 
Kayne CLO, 3 mo. USD LIBOR + 1.400%          
1.568% FRN 7/15/31 (a)   350,000    350,001 
KDAC Aviation Finance Ltd., Series 2017-1A, Class A          
4.212% 12/15/42 (a)   188,440    182,338 
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%          
1.324% FRN 3/15/31 (a)   250,000    250,010 
KREF Ltd.          
Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.100% 1.208% FRN 6/15/36 (a)   795,576    795,570 
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.458% FRN 6/15/36 (a)   1,150,000    1,149,277 
Lendmark Funding Trust, Series 2018-1A, Class A          
3.810% 12/21/26 (a)   350,000    356,429 
Lunar Aircraft Ltd., Series 2020-1A, Class A          
3.376% 2/15/45 (a)   167,779    164,416 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   336,392    338,392 
Magnetite XXVI Ltd., Series 2020-26A, Class A, 3 mo. USD LIBOR + 1.750%          
1.991% FRN 7/15/30 (a)   750,000    751,450 
Marlette Funding Trust          
Series 2019-2A, Class A, 3.130% 7/16/29 (a)   30,758    30,998 
Series 2019-2A, Class B, 3.530% 7/16/29 (a)   146,000    149,002 
Mosaic Solar Loans LLC, Series 2018-2GS, Class A          
4.200% 2/22/44 (a)   205,758    223,653 
Mosaic Solar Loans Trust, Series 2017-1A, Class A          
4.450% 6/20/42 (a)   51,908    56,572 
Neuberger Berman CLO Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250%          
1.491% FRN 1/15/28 (a)   600,000    599,056 
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%          
1.542% FRN 10/18/29 (a)   1,000,000    1,000,004 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%          
1.584% FRN 7/25/30 (a)   250,000    250,000 
NP SPE II LLC          
Series 2019-1A, Class A1, 2.574% 9/20/49 (a)   184,629    189,509 
Series 2017-1A, Class A1, 3.372% 10/21/47 (a)   124,259    127,692 
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3          
2.458% 10/15/52 (a)   411,000    411,009 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3          
2.260% 11/20/50 (a)   400,000    401,439 
OneMain Financial Issuance Trust, Series 2019-2A, Class C          
3.660% 10/14/36 (a)   600,000    626,263 
Orange Lake Timeshare Trust          
Series 2016-A, Class B, 2.910% 3/08/29 (a)   113,673    112,846 
Series 2019-A, Class D, 4.930% 4/09/38 (a)   444,285    442,757 
Oxford Finance Funding Trust, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)   281,000    287,264 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I          
4.262% 9/05/48 (a)   585,000    594,629 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.959% FRN 2/25/23 (a)   250,000    249,701 
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%          
1.093% FRN 5/25/35   500,000    494,694 
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3 mo. USD LIBOR + 1.190%          
1.414% FRN 10/20/30 (a)   1,000,000    1,000,253 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%          
1.331% FRN 1/15/30 (a)   400,000    399,617 
SBA Tower Trust, Series 2014-2A, Class C,          
3.869% STEP 10/15/49 (a)   430,000    455,531 

 

 

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

 

   Principal Amount   Value 
Sierra Receivables Funding LLC          
Series 2017-1A, Class A, 2.910% 3/20/34 (a)  $124,650   $126,546 
Series 2019-3A, Class C, 3.000% 8/20/36 (a)   281,519    285,504 
Series 2020-2A, Class C, 3.510% 7/20/37 (a)   93,029    95,796 
Series 2018-1A, Class B, 4.036% 4/20/35   270,452    277,804 
Series 2019-1A, Class D, 4.750% 1/20/36 (a)   227,342    234,385 
SoFi Consumer Loan Program LLC, Series 2016-1A, Class A          
3.260% 8/25/25 (a)   79,851    79,982 
SoFi Consumer Loan Program Trust, Series 2019-3, Class D          
3.890% 5/25/28 (a)   772,000    793,666 
Stack Infrastructure Issuer LLC, Series 2020-1A, Class A2          
1.893% 8/25/45 (a)   162,000    162,353 
Store Master Funding I-VII, Series 2018-1A, Class A3          
4.400% 10/20/48 (a)   512,633    527,806 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%          
0.909% FRN 11/25/35 (a)   196,309    190,177 
TAL Advantage VII LLC, Series 2020-1A, Class B          
3.820% 9/20/45 (a)   852,750    867,284 
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%          
1.404% FRN 10/20/31 (a)   400,000    400,017 
TLF National Tax Lien Trust, Series 2017-1A, Class A          
3.090% 12/15/29 (a)   29,068    29,252 
Trafigura Securitisation Finance PLC          
Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 0.836% FRN 3/15/22 (a)   610,000    609,838 
Series 2018-1A, Class B, 4.290% 3/15/22 (a)   920,000    921,173 
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%          
1.294% FRN 10/20/28 (a)   915,644    916,121 
Trinity Rail Leasing LP, Series 2019-1A, Class A          
3.820% 4/17/49 (a)   625,108    638,916 
Trip Rail Master Funding LLC          
Series 2017-1A, Class A1, 2.709% 8/15/47 (a)   21,308    21,322 
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)   668,991    673,239 
Vantage Data Centers LLC, Series 2020-1A, Class A2          
1.645% 9/15/45 (a)   675,000    675,231 
VSE VOI Mortgage LLC, Series 2018-A, Class C          
4.020% 2/20/36 (a)   133,097    136,153 
Welk Resorts LLC          
Series 2015-AA, Class A, 2.790% 6/16/31 (a)   27,533    27,533 
Series 2017-AA, Class B, 3.410% 6/15/33 (a)   94,788    93,654 
Westgate Resorts LLC          
Series 2017-1A, Class A, 3.050% 12/20/30 (a)   61,629    62,205 
Series 2018-1A, Class A, 3.380% 12/20/31 (a)   148,543    150,647 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   218,849    217,619 
           
         38,718,219 
           
Student Loans Asset-Backed Securities — 6.6%          
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%          
1.609% FRN 7/25/58 (a)   140,000    128,030 
College Ave Student Loans 2021-A LLC, Series 2021-A, Class B          
2.320% 7/25/51 (a)   1,091,000    1,079,127 
College Avenue Student Loans LLC          
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.309% FRN 12/26/47 (a)   390,287    392,619 
Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 1.759% FRN 11/26/46 (a)   304,501    309,310 
Series 2017-A, Class B, 4.500% 11/26/46 (a)   700,000    740,460 
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%          
0.731% FRN 1/15/37   155,356    139,199 
Commonbond Student Loan Trust          
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)   31,054    30,348 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)   35,466    35,033 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   18,192    17,781 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)   65,114    66,787 
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B          
2.500% 1/25/30 (a)   51,661    51,807 
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%          
2.159% FRN 2/26/35 (a)   40,783    38,723 
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800%          
0.909% FRN 9/25/68 (a)   384,460    385,244 
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%          
2.100% FRN 12/01/47 (a)   282,314    278,787 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B          
4.000% 8/25/42 (a)   145,609    148,937 
Higher Education Funding I, Series 2004-1, Class B1,          
1.796% FRN 1/01/44 (a) (c)   950,000    846,888 
Laurel Road Prime Student Loan Trust          
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)   256,646    251,584 
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)   172,101    160,558 
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)   191,151    189,940 

 

 

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

 

   Principal Amount   Value 
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B          
2.770% 1/15/69 (a)  $2,200,000   $2,255,292 
Nelnet Private Education Loan Trust          
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 1.859% FRN 12/26/40 (a)   72,194    72,492 
Series 2016-A, Class A1B, 3.600% 12/26/40 (a)   51,986    52,232 
Nelnet Student Loan Trust          
Series 2007-2A, Class A4A2, 1.497% FRN 6/25/35 (a) (c)   600,000    593,869 
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 10/25/47 (a)   270,000    270,611 
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.609% FRN 6/25/54 (a)   130,000    130,358 
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%          
0.398% FRN 2/15/45   282,236    263,072 
SLM Student Loan Trust          
Series 2006-2, Class R, 0.000% 1/25/41   1,396    861,441 
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.418% FRN 1/27/42   848,319    772,154 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.428% FRN 10/25/40   340,287    314,082 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.508% FRN 1/25/44   460,892    424,733 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.518% FRN 7/25/25   71,246    70,871 
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.518% FRN 1/25/41   347,182    324,362 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.528% FRN 1/25/55   136,725    127,938 
SMB Private Education Loan Trust          
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 0.856% FRN 11/15/35 (a)   405,823    402,816 
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.206% FRN 9/15/34 (a)   147,286    148,600 
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.256% FRN 5/15/26 (a)   68,543    68,619 
SoFi Professional Loan Program LLC          
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.059% FRN 1/25/39 (a)   22,881    22,972 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.309% FRN 6/25/33 (a)   41,446    41,688 
           
         12,509,364 
           
Whole Loan Collateral Collateralized Mortgage Obligations — 7.1%          
Angel Oak Mortgage Trust          
Series 2020-5, Class A2, 1.579% VRN 5/25/65 (a) (c)   341,581    342,253 
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (c)   307,883    310,703 
Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (c)   179,690    181,478 
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (c)   800,000    807,720 
Angel Oak Mortgage Trust 2021-1, Series 2021-1, Class M1,          
2.215% VRN 1/25/66 (a) (c)   314,000    316,243 
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,          
3.074% VRN 8/25/34  (c)   3,025    2,982 
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,          
2.406% VRN 5/25/60 (a) (c)   319,255    323,254 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
1.068% FRN 8/25/49 (a)   837,680    839,246 
Citigroup Mortgage Loan Trust          
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (c)   339,082    344,509 
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (c)   391,000    398,063 
Credit Suisse Mortgage Trust Series 21-NQM2, Class A3,          
1.538% VRN 2/25/66 (a) (c) (d)   1,100,000    1,099,985 
Deephaven Residential Mortgage Trust          
Series 2021-1, Class A3, 1.128% VRN 5/25/65 (a) (c)   473,586    471,113 
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (c)   550,000    554,901 
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1,          
1.657% VRN 5/25/65 (a) (c)   335,469    337,419 
JP Morgan Mortgage Trust          
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (c)   16,088    16,109 
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (c)   76,460    76,952 
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (c)   26,902    26,952 
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,          
3.750% VRN 11/25/56 (a) (c)   196,147    205,495 
OBX 2021-NQM1 Trust, Series 2021-NQM1, Class M1,          
2.219% VRN 2/25/66 (a) (c)   333,000    333,000 
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,          
3.500% VRN 12/25/49 (a) (c)   425,428    425,575 
Sequoia Mortgage Trust          
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (c)   46,891    46,999 
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (c)   35,073    35,175 
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (c)   67,500    67,722 
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (c)   11,664    11,669 
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3,          
3.000% VRN 10/25/31 (a) (c)   358,746    361,829 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (c)   1,740,000    1,740,578 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,          
2.916% VRN 9/27/49 (a) (c)   532,984    542,615 
Verus Securitization Trust          
Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (c)   1,034,000    1,062,751 
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (c)   430,000    435,140 
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (c)   813,605    830,060 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c)   265,000    272,492 
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c)   548,000    568,272 
           
         13,389,254 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $89,229,066)
        90,133,189 

 

 

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

 

   Principal Amount   Value 
U.S. Government Agency Obligations and Instrumentalities — 1.8%          
Pass-Through Securities — 0.0%          
Federal National Mortgage Association
Pool #775539 12 mo. USD LIBOR + 1.641% 2.516% 5/01/34
  $2,554   $2,650 
Government National Mortgage Association          
Pool #371146 7.000% 9/15/23   22    22 
Pool #352022 7.000% 11/15/23   355    374 
Pool #491089 7.000% 12/15/28   1,109    1,208 
Pool #500928 7.000% 5/15/29   545    627 
Pool #499410 7.000% 7/15/29   202    233 
Pool #510083 7.000% 7/15/29   136    156 
Pool #493723 7.000% 8/15/29   405    467 
Pool #581417 7.000% 7/15/32   798    910 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 2.125% FRN 11/20/25   429    436 
Pool #080136 1 year CMT + 1.500% 2.125% FRN 11/20/27   97    99 
           
         7,182 
Whole Loans — 1.8%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2021-DNA2, Class M2, SOFR30A + 2.300% 2.317% FRN 8/25/33 (a)   955,000    955,383 
Series 2020-DNA5, Class M2, SOFR30A + 2.800% 2.817% FRN 10/25/50 (a)   566,000    569,633 
Series 2020-DNA3, Class M2, 1 mo. USD LIBOR + 3.000% 3.109% FRN 6/25/50 (a)   1,183,021    1,186,996 
Federal National Mortgage Association Connecticut Avenue Securities Trust          
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.259% FRN 9/25/31 (a)   279,450    280,075 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.409% FRN 8/25/31 (a)   360,744    360,981 
           
         3,353,068 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $3,354,826)
        3,360,250 
           
U.S. Treasury Obligations — 0.7%          
U.S. Treasury Bonds & Notes — 0.7%          
U.S. Treasury Note          
8.000% 11/15/21 (e)   1,220,000    1,280,118 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,395,661)
        1,280,118 
           
TOTAL BONDS & NOTES
(Cost $180,841,480)
        183,273,860 
           
TOTAL PURCHASED OPTIONS (#) 0.1%
(Cost $147,532)
        138,323 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $180,989,012)
        183,412,183 
           
Short-Term Investments — 2.0%          
Commercial Paper — 1.6%          
E.I. du Point Nemours & Co.          
0.233% 5/17/21 (a)   1,000,000    999,728 
Entergy Corp.          
0.233% 5/18/21 (a)   2,000,000    1,999,355 
           
         2,999,083 
           
Repurchase Agreement — 0.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (f)   800,049    800,049 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,799,155)
        3,799,132 
           
TOTAL INVESTMENTS — 99.0%
(Cost $184,788,167) (g)
        187,211,315 
           
Other Assets/(Liabilities) — 1.0%        1,843,567 
           
NET ASSETS — 100.0%       $189,054,882 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
FRN Floating Rate Note
STEP Step Up Bond
VRN Variable Rate Note

 

 

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

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets. 

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2021, the aggregate market value of these securities amounted to $121,587,614 or 64.31% of net assets.
(b) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2021.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2021, these securities amounted to a value of $1,099,985 or 0.58% of net assets.
(e) A portion of this security is pledged/held as collateral for open derivatives.
(f) Maturity value of $800,049. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $816,102.
(g) See Note 3 for aggregate cost for federal tax purposes.

  

(#) Interest Rate Swaptions Purchased 

         Paid by Fund  Received by Fund                
Description  Counterparty  Expiration
Date
  Rate  Frequency  Rate  Frequency  Notional Amount   Value   Premium
Paid
(Received)
   Unrealized
Appreciation/
(Depreciation)
 
Put                                  
10-Year
Interest
Rate Swap,
2/02/43
  Credit Suisse International  1/31/33  3.11%  Semi-Annually  3-Month
USD
LIBOR
BBA
  Quarterly  USD 3,080,000   138,323   $147,532   $(9,209)

 

Futures contracts 

   Expiration
Date
  Number of
Contracts
  Notional
Amount
   Value/ Net
Unrealized
Appreciation/
(Depreciation)
 
Long                
U.S. Treasury Note 10 Year  6/21/21  152  $20,418,361   $(515,861)
                 
Short                
U.S. Treasury Ultra 10 Year  6/21/21  54  $(8,036,970)  $277,845 
U.S. Treasury Note 2 Year  6/30/21  123   (27,167,671)   18,304 
U.S. Treasury Note 5 Year  6/30/21  603   (75,270,655)   861,397 
90 Day Eurodollar  9/13/21  3   (731,728)   (16,847)
90 Day Eurodollar  3/14/22  3   (731,503)   (16,735)
90 Day Eurodollar  9/19/22  3   (731,203)   (16,022)
90 Day Eurodollar  3/13/23  2   (487,168)   (9,807)
90 Day Eurodollar  12/18/23  3   (730,078)   (10,885)
90 Day Eurodollar  12/16/24  7   (1,701,414)   (15,861)
              $1,071,389 

 

Currency Legend
USD U.S. Dollar

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 99.6%          
           
Common Stock — 99.6%          
Basic Materials — 2.8%          
Chemicals — 0.5%          
Diversey Holdings Ltd. (a)   49,541   $728,748 
Mining — 2.3%          
Compass Minerals International, Inc.   23,834    1,494,869 
Kaiser Aluminum Corp.   15,628    1,726,894 
           
         3,221,763 
           
         3,950,511 
Communications — 2.8%          
Internet — 2.3%          
Overstock.com, Inc. (a)   23,599    1,563,670 
Q2 Holdings, Inc. (a) (b)   17,286    1,732,057 
           
         3,295,727 
           
Telecommunications — 0.5%          
EchoStar Corp. Class A (a)   29,820    715,680 
           
         4,011,407 
           
Consumer, Cyclical — 13.4%          
Apparel — 0.5%          
Carter's, Inc.   7,582    674,267 
Auto Parts & Equipment — 3.1%          
Allison Transmission Holdings, Inc.   18,943    773,443 
Dorman Products, Inc. (a)   17,157    1,760,995 
Visteon Corp. (a)   16,114    1,965,102 
           
         4,499,540 
           
Entertainment — 0.7%          
Cedar Fair LP (c)   20,706    1,028,674 
           
Retail — 9.1%          
AutoNation, Inc. (a)   34,502    3,216,276 
BJ's Wholesale Club Holdings, Inc. (a)   43,867    1,967,874 
Denny's Corp. (a)   88,605    1,604,637 
Foot Locker, Inc.   16,052    902,925 
Jack in the Box, Inc.   16,632    1,825,861 
Suburban Propane Partners LP (c)   100,014    1,482,207 
Texas Roadhouse, Inc.   20,981    2,012,917 
           
         13,012,697 
           
         19,215,178 
Consumer, Non-cyclical — 25.1%          
Biotechnology — 4.0%          
ADC Therapeutics SA (a) (b)   10,597    258,673 
Avid Bioservices, Inc. (a)   25,960    473,251 
Axsome Therapeutics, Inc. (a) (b)   5,655    320,186 
Emergent BioSolutions, Inc. (a)   20,452    1,900,195 
NeoGenomics, Inc. (a)   27,525    1,327,531 
Twist Bioscience Corp. (a)   8,653    1,071,760 
Zai Lab Ltd. ADR (a)   3,297    439,919 
           
         5,791,515 
           
Commercial Services — 6.2%          
ASGN, Inc. (a)   32,632    3,114,398 
Korn Ferry   49,173    3,066,920 
Monro, Inc.   33,113    2,178,835 
Paya Holdings, Inc. Class A (a)   52,905    579,839 
           
         8,939,992 
           
Food — 2.4%          
BellRing Brands, Inc. Class A (a)   64,625    1,525,796 
The Simply Good Foods Co. (a)   64,332    1,956,980 
           
         3,482,776 
           
Health Care – Products — 6.1%          
Adaptive Biotechnologies Corp. (a)   13,690    551,159 
AtriCure, Inc. (a)   25,355    1,661,260 
BioLife Solutions, Inc. (a)   18,768    675,648 
Inspire Medical Systems, Inc. (a)   8,708    1,802,469 
iRhythm Technologies, Inc. (a)   4,971    690,273 
OraSure Technologies, Inc. (a) (b)   59,619    695,754 
Repligen Corp. (a)   4,881    948,915 
Tandem Diabetes Care, Inc. (a)   18,640    1,644,980 
           
         8,670,458 
           
Health Care – Services — 4.6%          
Addus HomeCare Corp. (a)   17,660    1,847,059 
LHC Group, Inc. (a)   11,150    2,131,991 
Ortho Clinical Diagnostics Holdings PLC Class H (a)   35,717    689,160 
Tenet Healthcare Corp. (a)   35,754    1,859,208 
           
         6,527,418 
           
Household Products & Wares — 1.3%          
Acco Brands Corp.   226,316    1,910,107 

 

 

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

 

   Number of
Shares
   Value 
Pharmaceuticals — 0.5%          
Collegium Pharmaceutical, Inc. (a)   31,113   $737,378 
           
         36,059,644 
           
Energy — 1.5%          
Oil & Gas — 1.0%          
CNX Resources Corp. (a)   95,304   1,400,969 
           
Pipelines — 0.5%          
Noble Midstream Partners LP (c)   49,742    721,259 
           
         2,122,228 
           
Financial — 19.4%          
Banks — 5.6%          
The Bank of NT Butterfield & Son Ltd.   46,028    1,759,190 
BankUnited, Inc.   40,946    1,799,577 
Cathay General Bancorp   34,018    1,387,254 
Heritage Financial Corp. (b)   41,236    1,164,505 
Signature Bank   5,354    1,210,539 
Silvergate Capital Corp. Class A (a)   5,055    718,669 
           
         8,039,734 
           
Diversified Financial Services — 3.7%          
Federated Hermes, Inc.   39,874    1,248,056 
Focus Financial Partners, Inc. Class A (a)   40,411    1,681,906 
Stifel Financial Corp.   37,579    2,407,311 
           
         5,337,273 
           
Real Estate Investment Trusts (REITS) — 4.3%          
DiamondRock Hospitality Co. (a)   136,033    1,401,140 
EPR Properties   27,814    1,295,854 
Four Corners Property Trust, Inc.   72,665    1,991,021 
National Storage Affiliates Trust   36,058    1,439,796 
           
         6,127,811 
           
Savings & Loans — 5.8%          
Berkshire Hills Bancorp, Inc.   34,969    780,508 
OceanFirst Financial Corp.   50,095    1,199,274 
Pacific Premier Bancorp, Inc.   42,622    1,851,500 
Sterling Bancorp   79,699    1,834,671 
WSFS Financial Corp.   54,646    2,720,825 
           
         8,386,778 
           
         27,891,596 
           
Industrial — 17.5%          
Building Materials — 2.2%          
Masonite International Corp. (a)   13,980    1,611,055 
Summit Materials, Inc. Class A (a)   57,728    1,617,539 
           
         3,228,594 
           
Electrical Components & Equipment — 1.9%          
Energizer Holdings, Inc.   28,743    1,364,143 
EnerSys   14,498    1,316,418 
           
         2,680,561 
           
Electronics — 1.6%          
Atkore ,Inc. (a)   31,377    2,256,006 
           
Engineering & Construction — 3.5%          
Comfort Systems USA, Inc.   12,315    920,793 
KBR, Inc.   57,381    2,202,857 
TopBuild Corp. (a)   9,050    1,895,341 
           
         5,018,991 
           
Environmental Controls — 0.4%          
US Ecology, Inc. (a)   15,372    640,090 
           
Machinery – Diversified — 1.4%          
Chart Industries, Inc. (a)   8,587    1,222,359 
Curtiss-Wright Corp.   6,498    770,663 
           
         1,993,022 
           
Metal Fabricate & Hardware — 3.0%          
Rexnord Corp.   66,689    3,140,385 
Valmont Industries, Inc.   4,926    1,170,763 
           
         4,311,148 
           
Miscellaneous - Manufacturing — 1.1%          
EnPro Industries, Inc.   18,912    1,612,626 
           
Packaging & Containers — 0.8%          
Silgan Holdings, Inc.   25,747    1,082,146 
           
Transportation — 1.6%          
CryoPort, Inc. (a) (b)   25,841    1,343,990 
Hub Group, Inc. Class A (a)   13,713    922,611 
           
         2,266,601 
           
         25,089,785 
           
Technology — 12.5%          
Computers — 2.5%          
CACI International, Inc. Class A (a)   7,130    1,758,686 
Perspecta, Inc.   63,086    1,832,648 
           
         3,591,334 

 

 

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

 

   Number of
Shares
   Value 
Semiconductors — 4.6%          
Allegro MicroSystems, Inc. (a)   29,240   $741,234 
Brooks Automation, Inc.   26,901    2,196,467 
MKS Instruments, Inc.   10,593    1,964,154 
Semtech Corp. (a)   24,184    1,668,696 
           
         6,570,551 
           
Software — 5.4%          
1Life Healthcare, Inc. (a)   23,233    907,946 
Bottomline Technologies de, Inc. (a)   37,421    1,693,300 
Envestnet, Inc. (a)   11,645    841,118 
Everbridge, Inc. (a)   5,060    613,171 
j2 Global, Inc. (a)   25,240    3,025,266 
Olo, Inc. Class A (a)   24,744    652,994 
           
         7,733,795 
           
         17,895,680 
           
Utilities — 4.6%          
Electric — 2.6%          
Avista Corp.   44,544    2,126,976 
Evoqua Water Technologies Corp. (a)   62,701    1,649,036 
           
         3,776,012 
           
Gas — 2.0%          
National Fuel Gas Co.   38,611    1,930,164 
Northwest Natural Holding Co.   17,230    929,559 
           
         2,859,723 
           
         6,635,735 
           
TOTAL COMMON STOCK
(Cost $93,484,604)
        142,871,764 
           
TOTAL EQUITIES
(Cost $93,484,604)
        142,871,764 
           
Mutual Funds — 0.2%          
Diversified Financial Services — 0.2%          
State Street Navigator Securities Lending Prime Portfolio (d)   214,577    214,577 
           
TOTAL MUTUAL FUNDS
(Cost $214,577)
        214,577 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $93,699,181)
        143,086,341 
           
   Principal Amount    
Short-Term Investments — 0.6%          
Repurchase Agreement — 0.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (e)  $847,426   847,426 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $847,426)
        847,426 
           
TOTAL INVESTMENTS — 100.4%
(Cost $94,546,607) (f)
        143,933,767 
           
Other Assets/(Liabilities) — (0.4)%        (529,957)
           
NET ASSETS — 100.0%       $143,403,810 

 

Abbreviation Legend

ADRAmerican 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 March 31, 2021, was $3,300,955 or 2.30% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,159,396 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) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $847,426. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $864,441.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Special Situations Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 100.0%        
Common Stock — 100.0%        
         
Basic Materials — 8.0%        
Chemicals — 7.2%        
Dow, Inc.   41,295   $2,640,401 
Ingevity Corp. (a)   2,250    169,943 
           
         2,810,344 
           
Mining — 0.8%          
Alcoa Corp. (a)   10,338    335,882 
           
         3,146,226 
           
Communications — 26.9%          
Internet — 25.8%          
Airbnb, Inc. Class A (a)   4,080    766,795 
Bumble, Inc. (a)   2,817    175,724 
Chewy, Inc. Class A (a) (b)   4,219    357,392 
DoorDash, Inc., Class A (a)   1,907    250,065 
Lyft, Inc. Class A (a)   14,185    896,208 
Pinterest, Inc. Class A (a)   29,501    2,183,959 
Snap, Inc. Class A (a)   51,379    2,686,608 
Uber Technologies, Inc. (a)   51,313    2,797,072 
           
         10,113,823 
           
Media — 1.1%          
Altice USA, Inc. Class A (a)   13,517    439,708 
           
         10,553,531 
           
Consumer, Cyclical — 7.2%          
Apparel — 0.3%          
Kontoor Brands, Inc.   2,611    126,712 
           
Auto Parts & Equipment — 0.9%          
Adient PLC (a)   5,220    230,724 
Veoneer, Inc. (a) (b)   5,205    127,418 
           
         358,142 
           
Distribution & Wholesale — 1.6%          
IAA, Inc. (a)   7,450    410,793 
Resideo Technologies, Inc. (a)   7,945    224,446 
           
         635,239 
           
Entertainment — 2.8%          
Madison Square Garden Entertainment Corp. (a)   980    80,164 
Penn National Gaming, Inc. (a)   8,234   863,253 
Warner Music Group Corp. Class A   4,936    169,453 
           
         1,112,870 
         
Lodging — 1.4%        
Hilton Grand Vacations, Inc. (a)   4,731    177,365 
Wyndham Hotels & Resorts, Inc.   5,157    359,856 
           
         537,221 
           
Retail — 0.2%          
Petco Health & Wellness Co., Inc. (a)   2,765    61,272 
           
         2,831,456 
           
Consumer, Non-cyclical — 14.9%          
Biotechnology — 5.8%          
Corteva, Inc.   41,227    1,922,003 
Maravai LifeSciences Holdings, Inc. (a)   3,541    126,201 
Royalty Pharma PLC Class A (b)   4,740    206,759 
           
         2,254,963 
           
Commercial Services — 0.4%          
Affirm Holdings, Inc. (a)   1,801    127,366 
Driven Brands Holdings, Inc. (a)   1,766    44,892 
           
         172,258 
           
Food — 2.8%          
Lamb Weston Holdings, Inc.   8,106    628,053 
US Foods Holding Corp. (a)   12,245    466,779 
           
         1,094,832 
           
Health Care – Products — 2.2%          
Avantor, Inc. (a)   28,630    828,266 
Varex Imaging Corp. (a)   2,176    44,586 
           
         872,852 
           
Health Care – Services — 1.1%          
Ortho Clinical Diagnostics Holdings PLC Class H (a)   4,416    85,207 
PPD, Inc. (a)   6,028    228,100 
Sotera Health Co. (a)   3,995    99,715 
           
         413,022 
           
Household Products & Wares — 0.2%          
Reynolds Consumer Products, Inc.   3,026    90,114 
           
Pharmaceuticals — 2.4%          
Covetrus, Inc. (a)   5,520    165,434 
Elanco Animal Health, Inc. (a)   26,152    770,177 
           
         935,611 
           
         5,833,652 

 
 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Energy — 1.9%        
Energy – Alternate Sources — 0.8%        
Array Technologies, Inc. (a)   6,049   $180,381 
Shoals Technologies Group, Inc. Class A (a)   4,413    153,484 
           
         333,865 
           
Oil & Gas Services — 0.6%          
ChampionX Corp. (a)   10,348    224,862 
           
Pipelines — 0.5%          
Equitrans Midstream Corp.   22,641    184,751 
           
         743,478 
           
Financial — 11.8%          
Diversified Financial Services — 1.5%          
Rocket Cos., Inc. Class A (b)   6,404    147,868 
Tradeweb Markets, Inc. Class A   5,630    416,620 
           
         564,488 
           
Insurance — 3.3%          
Athene Holding Ltd. Class A (a)   6,892    347,357 
Brighthouse Financial, Inc. (a)   4,850    214,612 
Equitable Holdings, Inc.   21,711    708,213 
           
         1,270,182 
           
Real Estate — 0.2%          
Newmark Group, Inc. Class A   8,997    90,015 
           
Real Estate Investment Trusts (REITS) — 6.8%          
Apartment Income REIT Corp.   8,240    352,342 
Invitation Homes, Inc.   31,417    1,005,030 
JBG SMITH Properties   6,136    195,064 
Park Hotels & Resorts, Inc.   13,121    283,151 
VICI Properties, Inc. (b)   29,724    839,406 
           
         2,674,993 
           
         4,599,678 
           
Industrial — 15.4%          
Building Materials — 5.6%          
The AZEK Co., Inc (a)   6,957    292,542 
Carrier Global Corp.   45,270    1,911,299 
           
         2,203,841 
           
Electronics — 4.8%          
Fortive Corp.   18,730    1,323,087 
nVent Electric PLC   9,335    260,540 
Vontier Corp. (a)   9,356    283,206 
           
         1,866,833 
           
Engineering & Construction — 1.1%          
Arcosa, Inc.   2,674    174,051 
frontdoor, Inc. (a)   4,747   255,151 
           
         429,202 
         
Machinery – Diversified — 3.9%        
Otis Worldwide Corp.   22,584    1,545,875 
           
         6,045,751 
           
Technology — 13.9%          
Computers — 0.6%          
Perspecta, Inc.   7,600    220,780 
           
Software — 13.3%          
Avaya Holdings Corp. (a)   4,191    117,474 
C3.ai, Inc. (a) (b)   919    60,571 
Concentrix Corp. (a)   2,308    345,554 
Dropbox, Inc. Class A (a)   16,407    437,410 
Oscar Health, Inc. (a)   2,052    55,158 
Playtika Holding Corp. (a)   3,865    105,167 
Qualtrics International Inc (a)   3,125    102,844 
ROBLOX Corp. (a)   2,190    141,978 
Snowflake, Inc. Class A (a)   3,292    754,790 
Zoom Video Communications, Inc. Class A (a)   8,808    2,829,922 
ZoomInfo Technologies, Inc. Class A (a) (b)   5,186    253,595 
           
         5,204,463 
           
         5,425,243 
           
TOTAL COMMON STOCK
(Cost $32,697,116)
        39,179,015 
           
TOTAL EQUITIES
(Cost $32,697,116)
        39,179,015 
           
Mutual Funds — 1.4%          
Diversified Financial Services — 1.4%          
State Street Navigator Securities Lending Prime Portfolio (c)   551,154    551,154 
           

TOTAL MUTUAL FUNDS

(Cost $551,154)

        551,154 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $33,248,270)
        39,730,169 
           
TOTAL INVESTMENTS — 101.4%
(Cost $33,248,270) (d)
        39,730,169 
           
Other Assets/(Liabilities) — (1.4)%        (551,114)
           
NET ASSETS — 100.0%       $39,179,055 

 
 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2021, was $1,725,929 or 4.41% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,210,795 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) See Note 3 for aggregate cost for federal tax purposes.

 
 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments
 
March 31, 2021 (Unaudited)

 

   Number of
Shares
   Value 
Equities — 98.4%        
Common Stock — 94.7%        
         
Bermuda — 1.1%        
Credicorp Ltd.   4,845   $661,681 
Jardine Strategic Holdings Ltd. (a)   15,289    505,937 
           
         1,167,618 
           
Brazil — 3.6%          
Ambev SA   179,913    488,727 
B3 SA - Brasil Bolsa Balcao   90,953    882,601 
Vale SA Sponsored ADR   144,298    2,507,899 
           
         3,879,227 
           
Cayman Islands — 26.8%          
Alibaba Group Holding Ltd. (b)   1,000    28,298 
Alibaba Group Holding Ltd. Sponsored ADR (b)   13,395    3,037,048 
Baidu, Inc. Sponsored ADR (b)   1,308    284,555 
BeiGene Ltd. (b)   3,507    1,220,716 
Blue Moon Group Holdings Ltd. (b) (c)   121,432    174,637 
Budweiser Brewing Co. APAC Ltd. (c)   224,000    669,472 
Hansoh Pharmaceutical Group Co. Ltd. (b) (c)   40,000    191,892 
Huazhu Group Ltd. ADR (a) (b)   69,494    3,815,221 
Innovent Biologics, Inc. (b) (c)   47,000    479,810 
JD.com, Inc. ADR (b)   10,403    877,285 
Kuaishou Technology (b) (c)   30,500    1,059,287 
Meituan Class B  (b) (c)   41,700    1,606,462 
NetEase, Inc. ADR   11,680    1,206,077 
New Horizon Health Ltd. (b) (c)   24,000    179,365 
New Oriental Education & Technology Group, Inc. Sponsored ADR (b)   75,554    1,057,756 
OneConnect Financial Technology Co. Ltd. (b)   36,016    532,316 
Pagseguro Digital Ltd. Class A (b)   8,040    372,252 
Pinduoduo, Inc. ADR  (b)   7,622    1,020,433 
TAL Education Group Sponsored ADR (b)   3,231    173,989 
Tencent Holdings Ltd.   90,509    7,135,456 
Tencent Music Entertainment Group ADR (b)   10,508    215,309 
Wuxi Biologics Cayman, Inc. (b) (c)   117,500    1,482,147 
ZTO Express Cayman, Inc. (b)   4,937    140,348 
ZTO Express Cayman, Inc. ADR   73,787    2,150,891 
           
         29,111,022 
           
Chile — 0.9%          
Falabella SA   210,511    956,078 
           
China — 4.0%          
Contemporary Amperex Technology Co. Ltd. Class A   2,300    113,668 
Gree Electric Appliances, Inc. of Zhuhai Class A   45,100    431,573 
Jiangsu Hengrui Medicine Co. Ltd. Class A   87,987    1,239,174 
Ping An Insurance Group Co. of China Ltd. Class A   197,462    2,375,137 
Remegen Co. Ltd. (b) (c)   11,159   139,300 
           
         4,298,852 
         
Colombia — 0.3%        
Grupo Aval Acciones y Valores SA (a)   61,175    380,509 
           
Egypt — 0.6%          
Commercial International Bank Egypt SAE   179,534    662,508 
           
France — 5.0%          
Kering SA   6,090    4,204,912 
LVMH Moet Hennessy Louis Vuitton SE   72    47,980 
Pernod Ricard SA   6,366    1,195,036 
           
         5,447,928 
           
Hong Kong — 3.7%          
AIA Group Ltd.   333,400    4,055,978 
           
India — 14.1%          
Godrej Properties Ltd. (b)   14,057    270,597 
Havells India Ltd.   7,132    102,994 
HDFC Bank Ltd. (b)   28,894    588,315 
Housing Development Finance Corp. Ltd.   153,663    5,282,149 
Infosys Ltd.   75,383    1,413,221 
Kotak Mahindra Bank Ltd. (b)   146,881    3,536,583 
Oberoi Realty Ltd. (b)   56,994    453,212 
Tata Consultancy Services Ltd.   64,358    2,798,971 
Zee Entertainment Enterprises Ltd.   315,798    877,105 
           
         15,323,147 
           
Indonesia — 1.0%          
Bank Central Asia Tbk PT   339,100    726,766 
Bank Rakyat Indonesia Persero Tbk PT   179,100    54,350 
Indocement Tunggal Prakarsa Tbk PT   233,997    197,575 
Semen Indonesia Persero Tbk PT   205,600    147,950 
           
         1,126,641 
           
Italy — 1.5%          
Moncler SpA (b)   2,960    170,033 
PRADA SpA (b)   235,000    1,469,347 
           
         1,639,380 
           
Luxembourg — 0.2%          
InPost SA (b)   12,339    202,085 
Mexico — 5.8%          
Alsea SAB de CV (b)   162,774    240,663 
Fomento Economico Mexicano SAB de CV   210,318    1,584,626 
Fomento Economico Mexicano SAB de CV Sponsored ADR   4,791    360,906 
Grupo Aeroportuario del Sureste SAB de CV Class B (b)   27,159    482,337 
Grupo Mexico SAB de CV Series B   502,867    2,650,696 
Wal-Mart de Mexico SAB de CV   328,444    1,037,259 
           
         6,356,487 

 
 

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

 

   Number of
Shares
   Value 
Netherlands — 2.9%        
Yandex NV Class A (b)   49,301   $3,158,222 
           
Philippines — 2.2%          
Ayala Land, Inc.   1,052,300    744,683 
SM Investments Corp.   61,830    1,223,859 
SM Prime Holdings, Inc.   545,012    393,150 
           
         2,361,692 
           
Republic of Korea — 2.0%          
Samsung Biologics Co. Ltd. (b) (c)   2,350    1,557,921 
Samsung Electronics Co. Ltd.   9,035    652,608 
           
         2,210,529 
           
Russia — 4.8%          
Novatek PJSC Sponsored GDR Registered (c)   104    20,540 
Novatek PJSC Sponsored GDR Registered (c)   21,085    4,166,336 
Polyus PJSC (b)   2,934    540,856 
Polyus PJSC GDR (c) (d)   2,690    247,615 
Polyus PJSC GDR (c) (d)   194    17,858 
Sberbank of Russia PJSC   58,631    225,553 
           
         5,218,758 
           
South Africa — 0.6%          
FirstRand Ltd. (a)   184,563    645,019 
           
Switzerland — 1.8%          
Cie Financiere Richemont SA Registered   20,047    1,925,029 
           
Taiwan — 7.8%          
Taiwan Semiconductor Manufacturing Co. Ltd.   405,000    8,421,333 
           
Turkey — 0.3%          
Akbank TAS   524,278    297,362 
           
United Kingdom — 0.4%          
Prudential PLC   19,913    422,146 
           
United States — 3.3%          
Yum China Holdings, Inc.   59,922    3,547,982 
           
TOTAL COMMON STOCK
(Cost $79,752,454)
        102,815,532 
           
Preferred Stock — 3.7%          
Brazil — 1.7%          
Banco Bradesco SA 3.340%   129,100    614,003 
Lojas Americanas SA 0.640%   304,422    1,209,327 
           
         1,823,330 
           
India — 0.0%          
Zee Entertainment Enterprises Ltd. 6.000%   503,840    13,093 
         
Singapore — 2.0%        

Grab Holdings, Inc. (Acquired 6/18/19, Cost $2,160,355) (b) (d) (e) (f)

   350,542   2,160,355 
           
TOTAL PREFERRED STOCK
(Cost $4,377,540)
        3,996,778 
           
TOTAL EQUITIES
(Cost $84,129,994)
        106,812,310 
           
Mutual Funds — 0.3%          
           
United States — 0.3%          
State Street Navigator Securities Lending Prime Portfolio (g)   383,585    383,585 
           
TOTAL MUTUAL FUNDS
(Cost $383,585)
        383,585 
           
Warrants — 0.0%          
           
Switzerland — 0.0%          
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (b)   48,648    18,529 
           
TOTAL WARRANTS
(Cost $0)
        18,529 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $84,513,579)
        107,214,424 

 
 

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

 

   Principal Amount   Value 
Short-Term Investments — 0.3%        
Repurchase Agreement — 0.3%        
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/21, 0.000%, due 4/01/21 (h)  $302,018   $302,018 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $302,018)
        302,018 
           
TOTAL INVESTMENTS — 99.0%
(Cost $84,815,597) (i)
        107,516,442 
           
Other Assets/(Liabilities) — 1.0%        1,089,371 
           
NET ASSETS — 100.0%       $108,605,813 

 

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 March 31, 2021, was $4,236,463 or 3.90% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,984,298 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 March 31, 2021, the aggregate market value of these securities amounted to $11,992,642 or 11.04% of net assets.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2021, these securities amounted to a value of $2,425,828 or 2.23% of net assets.
(e) Investment was valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2021, these securities amounted to a value of $2,160,355 or 1.99% 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 $302,018. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 12/31/24, and an aggregate market value, including accrued interest, of $308,070.
(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 Blend Fund (“Blend Fund”)

MML Dynamic Bond Fund ("Dynamic Bond Fund")

MML Equity Fund (“Equity Fund”)

MML Equity Momentum Fund ("Equity Momentum 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.

 

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 Blend Fund, Equity Momentum Fund, Equity Rotation Fund, Small Cap Equity Fund, and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2021. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The following is the aggregate value by input level, as of March 31, 2021, for the remaining Funds' investments:

 

Dynamic Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans (less Unfunded Loan Commitments)  $     —   $11,868,591   $         —   $11,868,591 
Corporate Debt       76,371,983        76,371,983 
Municipal Obligations       460,152        460,152 
Non-U.S. Government Agency Obligations       84,810,108        84,810,108 
Sovereign Debt Obligations       7,413,026        7,413,026 
U.S. Government Agency Obligations and Instrumentalities       46,833,043        46,833,043 
U.S. Treasury Obligations       72,481,482        72,481,482 
Short-Term Investments       9,362,923        9,362,923 
Unfunded Loan Commitments**       217        217 
Total Investments  $   $309,601,525   $   $309,601,525 
 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $856,789,518   $839,557*  $      —   $857,629,075 
Preferred Stock   1,145,447            1,145,447 
Mutual Funds   8,207,886            8,207,886 
Short-Term Investments   318,297    2,106,874        2,425,171 
Total Investments  $866,461,148   $2,946,431   $   $869,407,579 
 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

High Yield Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $861,553   $+  $155,869   $1,017,422 
Bank Loans       12,304,493        12,304,493 
Corporate Debt       79,755,874        79,755,874 
Short-Term Investments       2,711,288        2,711,288 
Total Investments  $861,553   $94,771,655   $155,869   $95,789,077 

 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Inflation-Protected and Income Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $1,502,631   $      —   $1,502,631 
Municipal Obligations       10,655        10,655 
Non-U.S. Government Agency Obligations       181,723,635        181,723,635 
U.S. Government Agency Obligations and Instrumentalities       30,575,971        30,575,971 
U.S. Treasury Obligations       74,627,753        74,627,753 
Purchased Options       1,816,671        1,816,671 
Short-Term Investments       48,346,832        48,346,832 
Total Investments  $   $338,604,148   $   $338,604,148 
Asset Derivatives                    
Futures Contracts  $111,794   $   $   $111,794 
Swap Agreements       620,488        620,488 
Total  $111,794   $620,488   $   $732,282 
Liability Derivatives                    
Futures Contracts  $(206,142)  $   $   $(206,142)
Swap Agreements       (2,002,261)       (2,002,261)
Total  $(206,142)  $(2,002,261)  $   $(2,208,403)
 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Managed Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $375,316,081   $      —   $375,316,081 
Municipal Obligations       2,353,962        2,353,962 
Non-U.S. Government Agency Obligations       324,061,007        324,061,007 
Sovereign Debt Obligations       8,222,502        8,222,502 
U.S. Government Agency Obligations and Instrumentalities       209,764,886        209,764,886 
U.S. Treasury Obligations       49,208,450        49,208,450 
Purchased Options       3,002,961        3,002,961 
Short-Term Investments       135,416,534        135,416,534 
Total Investments  $   $1,107,346,383   $   $1,107,346,383 
Asset Derivatives                    
Futures Contracts  $351,925   $   $   $351,925 
Liability Derivatives                    
Futures Contracts  $(3,370,381)  $   $   $(3,370,381)
 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Short-Duration Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $88,097,777   $     —   $88,097,777 
Municipal Obligations       402,526        402,526 
Non-U.S. Government Agency Obligations       90,133,189        90,133,189 
U.S. Government Agency Obligations and Instrumentalities       3,360,250        3,360,250 
U.S. Treasury Obligations       1,280,118        1,280,118 
Purchased Options       138,323        138,323 
Short-Term Investments       3,799,132        3,799,132 
Total Investments  $   $187,211,315   $   $187,211,315 
Asset Derivatives                    
Futures Contracts  $1,157,546   $   $   $1,157,546 
Liability Derivatives                    
Futures Contracts  $(602,018)  $   $   $(602,018)
 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Emerging Markets Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Bermuda  $661,681   $505,937   $    —   $1,167,618 
Brazil   3,879,227            3,879,227 
Cayman Islands   17,202,500    11,908,522        29,111,022 
Chile   956,078            956,078 
China       4,298,852        4,298,852 
Colombia   380,509            380,509 
Egypt       662,508        662,508 
France       5,447,928        5,447,928 
Hong Kong       4,055,978        4,055,978 
India       15,323,147        15,323,147 
Indonesia       1,126,641        1,126,641 
Italy       1,639,380        1,639,380 
Luxembourg       202,085        202,085 
Mexico   6,356,487            6,356,487 
Netherlands   3,158,222            3,158,222 
Philippines       2,361,692        2,361,692 
Republic of Korea       2,210,529        2,210,529 
Russia   20,540    5,198,218        5,218,758 
South Africa       645,019        645,019 
Switzerland       1,925,029        1,925,029 
Taiwan       8,421,333        8,421,333 
Turkey       297,362        297,362 
United Kingdom       422,146        422,146 
United States   3,547,982            3,547,982 
Preferred Stock                    
Brazil   1,823,330            1,823,330 
India   13,093            13,093 
Singapore           2,160,355    2,160,355 
Mutual Funds   383,585            383,585 
Warrants   18,529            18,529 
Short-Term Investments       302,018        302,018 
Total Investments  $38,401,763   $66,954,324   $2,160,355   $107,516,442 

 

*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 March 31, 2021.
 
 

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 March 31, 2021, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan.

 

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

 

Accounting for Investment Transactions

 

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

 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Foreign Currency Translation

 

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

 

Foreign Securities

 

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

 

Federal Income Tax

 

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

 

Dividends and Distributions to Shareholders

 

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

 

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

 

3.Federal Income Tax Information

 

At March 31, 2021, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

   Federal Income
Tax Cost
   Tax Basis
Unrealized
Appreciation
   Tax Basis
Unrealized
(Depreciation)
   Net Unrealized
Appreciation
(Depreciation)
 
Blend Fund  $783,302,122   $48,882,376   $(9,064,759)  $39,817,617 
Dynamic Bond Fund   311,137,434    8,747,882    (10,283,791)   (1,535,909)
Equity Fund   633,632,905    236,852,961    (1,078,287)   235,774,674 
Equity Momentum Fund  38,763,600   2,019,201   (444,746)  1,574,455 
Equity Rotation Fund   42,217,981    4,644,021    (1,183,264)   3,460,757 
High Yield Fund   93,254,054    5,089,662    (2,554,639)   2,535,023 
Inflation-Protected and Income Fund   337,234,321    3,072,546    (1,702,719)   1,369,827 
Managed Bond Fund   1,089,890,065    30,002,047    (12,545,729)   17,456,318 
Short-Duration Bond Fund   184,788,167    3,579,980    (1,156,832)   2,423,148 
Small Cap Equity Fund   94,546,607    52,457,651    (3,070,491)   49,387,160 
Special Situations Fund   33,248,270    7,537,212    (1,055,313)   6,481,899 
Strategic Emerging Markets Fund   84,815,597    26,025,015    (3,324,170)   22,700,845 

 

 
 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

4.New Accounting Pronouncements

 

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.

 

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 does not believe the impact of adopting ASU 2020-04 will have a material impact on the financial statements.

  

5.Legal Proceedings

 

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

 

The potential 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.

 

6.Coronavirus (COVID-19) Pandemic

 

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