0001398344-21-022693.txt : 20211126 0001398344-21-022693.hdr.sgml : 20211126 20211124200126 ACCESSION NUMBER: 0001398344-21-022693 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211126 PERIOD START: 20211231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MML Series Investment Fund II CENTRAL INDEX KEY: 0001317146 IRS NUMBER: 043557005 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21714 FILM NUMBER: 211448848 BUSINESS ADDRESS: STREET 1: 1295 STATE STREET CITY: SPRINGFIELD STATE: MA ZIP: 01111 BUSINESS PHONE: 413-744-1000 MAIL ADDRESS: STREET 1: 1295 STATE STREET CITY: SPRINGFIELD STATE: MA ZIP: 01111 0001317146 S000028330 MML Short-Duration Bond Fund C000086554 Class II C000086555 Service Class I NPORT-P 1 primary_doc.xml NPORT-P false 0001317146 XXXXXXXX S000028330 C000086554 C000086555 MML Series Investment Fund II 811-21714 0001317146 XSZQMOMB2JPNHA01JH98 1295 State Street Springfield 06082-1981 8605621000 MML Short-Duration Bond Fund S000028330 XL07OZJZFFLZ255H7071 2021-12-31 2021-09-30 N 183618997.52 5861747.7 177757249.82 0 0 0 0 0 0 0 0 0 0 0 0 0 0 USD N 321 HENDERSON RECEIVABLES LLC N/A HENDR 2010 3A A 144A 46616MAA8 128121.71 PA USD 134261.16 0.075530624 Long ABS-O CORP US Y 2 2048-12-15 Fixed 3.82 N N N N N N 321 HENDERSON RECEIVABLES LLC N/A HENDR 2006 1A A1 144A 88576NAA6 14691.62 PA USD 14615.9 0.0082223932 Long ABS-O CORP US Y 2 2041-03-15 Floating 0.28375 N N N N N N 90DAY EUR FUTR DEC23 N/A XCME 20231218 ADI0G8YN1 -3 NC USD 0 0 N/A DIR US N 1 Chicago Mercantile Exchange Inc. 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0.1237849372 Long DBT CORP US N 2 2035-04-20 Fixed 4.036 N N N N N N SIMON PROPERTY GROUP LP MR92GTD0MJTTTTQDVG45 SR UNSECURED 01/27 1.375 828807DP9 555000 PA USD 549189.89 0.3089549881 Long DBT CORP US N 2 2027-01-15 Fixed 1.375 N N N N N N SIXTH STREET SPECIALTY 549300TX61566GJWCN05 SR UNSECURED 11/24 3.875 87265KAF9 410000 PA USD 436423.49 0.2455165629 Long DBT CORP US N 2 2024-11-01 Fixed 3.875 N N N N N N SLC STUDENT LOAN TRUST N/A SLCLT 2005 1 B 784420AE1 264458.25 PA USD 248934.89 0.1400420462 Long ABS-O CORP US N 2 2045-02-15 Floating 0.32475 N N N N N N SLM STUDENT LOAN TRUST 5493001IJLRQI58G5Z31 SLMA 2003 14 A6 78442GKN5 54467 PA USD 54430.25 0.0306205514 Long ABS-O USGA US N 2 2025-07-25 Floating 0.42525 N N N N N N SLM STUDENT LOAN TRUST 549300H0EHPP0GTD9V95 SLMA 2005 6 B 78442GQA7 433411.67 PA USD 409093.63 0.2301417413 Long ABS-O USGA US N 2 2044-01-25 Floating 0.41525 N N N N N N SLM STUDENT LOAN TRUST 549300H0EHPP0GTD9V95 SLMA 2005 8 B 78442GQT6 128824.26 PA USD 122977.48 0.069182821 Long ABS-O USGA US N 2 2055-01-25 Floating 0.43525 N N N N N N SLM STUDENT LOAN TRUST SCSW2GRYW6ZPGKE5DL61 SLMA 2005 9 B 78442GRC2 328569.75 PA USD 310971.78 0.1749418267 Long ABS-O USGA US N 2 2041-01-25 Floating 0.42525 N N N N N N SLM STUDENT LOAN TRUST 5493001BOLT10TUVAD70 SLMA 2006 7 B 78443GAJ4 798107.29 PA USD 744592.04 0.4188813906 Long ABS-O USGA US N 2 2042-01-27 Floating 0.32525 N N N N N N SLM STUDENT LOAN TRUST N/A SLMA 2006 2 R 78446G102 139600 PA USD 699396 0.3934556822 Long ABS-CBDO CORP US Y 2 2041-01-25 Floating 1 N N N N N N SLM STUDENT LOAN TRUST 549300LSGT1L2CL14698 SLMA 2006 5 B 83149EAG2 322918.75 PA USD 303675.25 0.1708370546 Long ABS-O USGA US N 2 2040-10-25 Floating 0.33525 N N N N N N SMB PRIVATE EDUCATION LOAN TRU 54930027GONY06ZX8P67 SMB 2016 C A2B 144A 78449KAC4 126718.38 PA USD 127442.55 0.0716947129 Long ABS-O CORP US Y 2 2034-09-15 Floating 1.18375 N N N N N N SMB PRIVATE EDUCATION LOAN TRU 549300V1P5RKG8RJI005 SMB 2018 C A2B 144A 78449QAC1 357157.99 PA USD 355744.72 0.2001295139 Long ABS-O CORP US Y 2 2035-11-15 Floating 0.83375 N N N N N N SMITHFIELD FOODS INC CVTIPZRZJC0JQEZLL598 COMPANY GUAR 144A 02/27 4.25 832248AZ1 575000 PA USD 628343.03 0.3534837711 Long DBT CORP US Y 2 2027-02-01 Fixed 4.25 N N N N N N SOCIAL PROFESSIONAL LOAN PROGR 549300WT845S0N68C331 SOFI 2016 B A1 144A 83402JAA6 33479.12 PA USD 33612.96 0.0189094735 Long ABS-O CORP US Y 2 2033-06-25 Floating 1.286 N N N N N N SOCIAL PROFESSIONAL LOAN PROGR N/A SOFI 2016 D A1 144A 83404LAA9 17875.7 PA USD 17905.92 0.0100732432 Long ABS-O CORP US Y 2 2039-01-25 Floating 1.036 N N N N N N SOCIETE GENERALE O2RNE8IBXP4R0TD8PU41 SR UNSECURED 144A 12/26 VAR 83368RAZ5 525000 PA USD 518937.26 0.2919359185 Long DBT CORP FR Y 2 2026-12-14 Fixed 1.488 N N N N N N SOFI CONSUMER LOAN PROGRAM TRU N/A SCLP 2016 1 A 144A 78471DAA5 20734.13 PA USD 20765.75 0.0116820833 Long ABS-O CORP US Y 2 2025-08-25 Fixed 3.26 N N N N N N SOFI CONSUMER LOAN PROGRAM TRU N/A SCLP 2019 3 D 144A 83405TAD5 772000 PA USD 791921.15 0.4455070895 Long ABS-O CORP US Y 2 2028-05-25 Fixed 3.89 N N N N N N SPARC EM SPC PANAMA METR 549300O63S5PUZ7RKX82 SR SECURED 144A 12/22 0.00000 846502AC6 233564.57 PA USD 230061.1 0.1294243133 Long DBT NUSS KY Y 2 2022-12-05 None 0 N N N N N N SPRINT COMMUNICATIONS 549300ZTTY7CXOLJ6539 SR SECURED 04/22 9.25 852061AA8 330000 PA USD 343200 0.193072294 Long DBT CORP US N 2 2022-04-15 Fixed 9.25 N N N N N N STARWOOD MORTGAGE RESIDENTIAL N/A STAR 2019 INV1 A3 144A 85572JAC1 532983.94 PA USD 538468.93 0.3029237517 Long ABS-O CORP US Y 2 2049-09-27 Floating 2.916 N N N N N N STARWOOD MORTGAGE RESIDENTIAL N/A STAR 2021 3 A3 144A 85573JAC0 361702.24 PA USD 361197.38 0.2031969894 Long ABS-O CORP US Y 2 2056-06-25 Floating 1.518 N N N N N N STARWOOD RESIDENTIAL MORTGAGE N/A STAR 2021 1 A3 144A 85573GAC6 1165867.93 PA USD 1164489.52 0.6551009994 Long ABS-O CORP US Y 2 2065-05-25 Floating 1.528 N N N N N N State Street Navigator Securities Lending Trust 5493005HD34MZLK62085 Prime Portfolio 638995910 812935 NS USD 812935 0.4573287451 Long STIV RF US N 1 N N STORE MASTER FUNDING LLC N/A STR 2018 1A A3 144A 86212VAF1 510033.34 PA USD 528260.15 0.2971806498 Long ABS-O CORP US Y 2 2048-10-20 Fixed 4.4 N N N N N N STRUCTURED ASSET SECURITIES CO N/A SASC 2006 GEL1 M2 144A 863576EH3 158624.44 PA USD 154355.27 0.0868348662 Long ABS-O CORP US Y 2 2035-11-25 Floating 1.286 N N N N N N SYNCHRONY FINANCIAL 549300RS7EWPM9MA6C78 SR UNSECURED 12/27 3.95 87165BAM5 400000 PA USD 441010.75 0.2480971946 Long DBT CORP US N 2 2027-12-01 Fixed 3.95 N N N N N N SYNGENTA FINANCE NV 54930042S3BYCEGOCN86 COMPANY GUAR 144A 04/25 4.892 87164KAG9 335000 PA USD 366517.3 0.2061897899 Long DBT CORP NL Y 2 2025-04-24 Fixed 4.892 N N N N N N SYNGENTA FINANCE NV 54930042S3BYCEGOCN86 COMPANY GUAR 144A 04/23 4.441 87164KAH7 320000 PA USD 334489.19 0.1881718975 Long DBT CORP NL Y 2 2023-04-24 Fixed 4.441 N N N N N N TAL ADVANTAGE VII LLC N/A TAL 2020 1A B 144A 87407RAC0 805500 PA USD 817499.86 0.4598967754 Long ABS-O CORP US Y 2 2045-09-20 Fixed 3.29 N N N N N N TELECOM ITALIA SPA 549300W384M3RI3VXU42 SR UNSECURED 144A 05/24 5.303 87927YAA0 430000 PA USD 463196 0.2605778389 Long DBT CORP IT Y 2 2024-05-30 Fixed 5.303 N N N N N N TEXTAINER MARINE CONTAINERS LI 549300X48KLHDDGPK024 TMCL 2021 3A A 144A 88315LAS7 596000.01 PA USD 588252.67 0.3309303393 Long ABS-O CORP US Y 2 2046-08-20 Fixed 1.94 N N N N N N TEXTAINER MARINE CONTAINERS LI 549300X48KLHDDGPK024 TMCL 2021 3A B 144A 88315LAT5 248333.33 PA USD 245097.45 0.137883237 Long ABS-O CORP US Y 2 2046-08-20 Fixed 2.43 N N N N N N THRUST ENGINE LEASING N/A THRST 2021 1A A 144A 88603UAA7 596983.58 PA USD 588949.2 0.3313221827 Long ABS-O CORP US Y 2 2040-07-15 Fixed 4.163 N N N N N N TICP CLO LTD N/A TICP 2018 11A A 144A 87249QAA8 400000 PA USD 400014.8 0.2250343097 Long ABS-CBDO CORP KY Y 2 2031-10-20 Floating 1.31425 N N N N N N TOWER BERSAMA INFRASTRUC 213800ELUARKGNPAPY10 SR UNSECURED REGS 01/25 4.25 ACI1J2SL2 1445000 PA USD 1513644.54 0.851523379 Long DBT CORP ID Y 2 2025-01-21 Fixed 4.25 N N N N N N TREMAN PARK CLO LTD 549300E4DX3Q8L455K94 TRMPK 2015 1A ARR 144A 89473LAH7 674448.34 PA USD 674473.29 0.3794350389 Long ABS-CBDO CORP KY Y 2 2028-10-20 Floating 1.20425 N N N N N N TRINITY RAIL LEASING L.P. N/A TRL 2019 1A A 144A 89657BAA2 610622.2 PA USD 632828.76 0.3560072856 Long ABS-O CORP US Y 2 2049-04-17 Fixed 3.82 N N N N N N TRITON CONTAINER 549300O4LZFLCX53XZ54 SR SECURED 144A 04/26 2.05 89680YAA3 950000 PA USD 952683.91 0.535946585 Long DBT CORP BM Y 2 2026-04-15 Fixed 2.05 N N N N N N TRUST F/1401 54930011BLQ0JPRBAL73 SR UNSECURED 144A 01/26 5.25 898324AC2 680000 PA USD 756160 0.4253891196 Long DBT CORP MX Y 2 2026-01-30 Fixed 5.25 N N N N N N UBS GROUP AG 549300SZJ9VS8SGXAN81 SR UNSECURED 144A 09/25 4.125 90351DAB3 830000 PA USD 916637.03 0.5156678734 Long DBT CORP CH Y 2 2025-09-24 Fixed 4.125 N N N N Y N/A N/A N/A XXXX N N N UNIVERSAL HEALTH SVCS 549300YGMGQDO0NMJD09 SR SECURED 144A 09/26 1.65 913903AX8 890000 PA USD 884116.14 0.4973727603 Long DBT CORP US Y 2 2026-09-01 Fixed 1.65 N N N N N N UNUM GROUP 549300E32YFDO6TZ8R31 SR UNSECURED 11/25 3.875 91529YAL0 620000 PA USD 670625.59 0.3772704577 Long DBT CORP US N 2 2025-11-05 Fixed 3.875 N N N N N N US 10YR NOTE (CBT)DEC21 N/A XCBT 20211221 ADI1WTCQ2 152 NC USD 0 0 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long US Treasury 10 Year Note 2021-12-21 20004625 USD -311622.04 N N N US 10YR ULTRA FUT DEC21 N/A XCBT 20211221 ADI1WS6X6 -50 NC USD 0 0 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US Treasury 10 Year Ultra Note 2021-12-21 -7262500 USD 165854 N N N US 2YR NOTE (CBT) DEC21 N/A XCBT 20211231 ADI1X1937 -147 NC USD 0 0 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US Treasury 2 Year Note 2021-12-31 -32348039.14 USD 22860.77 N N N US 5YR NOTE (CBT) DEC21 N/A XCBT 20211231 ADI1X18X2 -639 NC USD 0 0 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US Treasury 5 Year Note 2021-12-31 -78432258.13 USD 473700.89 N N N US TREASURY N/B 254900HROIFWPRGM1V77 11/21 8 912810EL8 1220000 PA USD 1231795.2 0.6929648165 Long DBT UST US N 2 2021-11-15 Fixed 8 N N N N N N VALE OVERSEAS LIMITED 254900BA3U6G5DNV5V04 COMPANY GUAR 08/26 6.25 91911TAP8 1030000 PA USD 1217120.1 0.6847091194 Long DBT CORP KY N 2 2026-08-10 Fixed 6.25 N N N N N N VANTAGE DATA CENTERS LLC N/A VDC 2020 1A A2 144A 92212KAB2 675000 PA USD 676150.67 0.3803786741 Long ABS-O CORP US Y 2 2045-09-15 Fixed 1.645 N N N N N N VASA TRUST N/A VASA 2021 VASA D 144A 92230AAG1 711000 PA USD 711202.14 0.4000974029 Long ABS-O CORP US Y 2 2039-07-15 Floating 2.184 N N N N N N VERDE CLO LTD N/A VERDE 2019 1A AR 144A 92338BAN5 500000 PA USD 500190 0.281389367 Long ABS-CBDO CORP KY Y 2 2032-04-15 Floating 1.22613 N N N N N N VERUS SECURITIZATION TRUST N/A VERUS 2019 INV2 A3 144A 92537HAC5 765718.89 PA USD 773528.15 0.4351598322 Long ABS-O CORP US Y 2 2059-07-25 Floating 3.219 N N N N N N VERUS SECURITIZATION TRUST N/A VERUS 2019 INV3 M1 144A 92537MAF7 265000 PA USD 268938.77 0.1512955282 Long ABS-O CORP US Y 2 2059-11-25 Floating 3.279 N N N N N N VERUS SECURITIZATION TRUST N/A VERUS 2021 5 A3 144A 92538KAC7 276000 PA USD 275742.22 0.1551229108 Long ABS-O CORP US Y 2 2066-09-25 Floating 1.373 N N N N N N VERUS SECURITIZATION TRUST N/A VERUS 2020 4 M1 144A 92538LAD3 548000 PA USD 560806.49 0.3154900802 Long ABS-O CORP US Y 2 2065-05-25 Floating 3.291 N N N N N N VIACOMCBS INC 5KYC8KF17ROCY24M3H09 SR UNSECURED 05/25 4.75 92556HAA5 400000 PA USD 447668.58 0.2518426565 Long DBT CORP US N 2 2025-05-15 Fixed 4.75 N N N N N N VORNADO REALTY LP 549300BMOJ05INE4YK86 SR UNSECURED 06/26 2.15 929043AK3 310000 PA USD 314725.97 0.1770538025 Long DBT CORP US N 2 2026-06-01 Fixed 2.15 N N N N N N VW CR INC 549300UUPJ2NXDB68M19 SHORT TERMS 91842JXT1 1000000 PA USD 999889.75 0.5625029365 Long STIV CORP US N 2 2021-10-27 None 0 N N N N N N WEIBO CORP 549300Q9ID4640FE0422 SR UNSECURED 07/24 3.5 948596AD3 450000 PA USD 468751.03 0.2637029041 Long DBT CORP KY N 2 2024-07-05 Fixed 3.5 N N N N N N WEIR GROUP PLC (THE) 549300KDR56WHY9I3D10 SR UNSECURED 144A 05/26 2.2 94876QAA4 880000 PA USD 888363.77 0.4997623281 Long DBT CORP GB Y 2 2026-05-13 Fixed 2.2 N N N N N N WELK RESORTS LLC 549300MEV7EEC7NFNW78 WLKRG 2017 AA B 144A 94945PAB1 74155.48 PA USD 75337.9 0.0423824626 Long ABS-O CORP US Y 2 2033-06-15 Fixed 3.41 N N N N N N WELLS FARGO + COMPANY PBLD0EJDB5FWOLXP3B76 SUBORDINATED 06/26 4.1 94974BFY1 405000 PA USD 450810.83 0.2536103762 Long DBT CORP US N 2 2026-06-03 Fixed 4.1 N N N N N N WENS FOODSTUFF GROUP 3003005O7DXT61IXLJ96 SR UNSECURED REGS 10/25 2.349 BN4NTBII1 900000 PA USD 814727.6 0.4583371991 Long DBT CORP CN Y 2 2025-10-29 Fixed 2.349 N N N N N N WESTGATE RESORTS N/A WESTR 2018 1A A 144A 96033WAA6 109150.57 PA USD 110171.01 0.0619783498 Long ABS-O CORP US Y 2 2031-12-20 Fixed 3.38 N N N N N N WESTLAKE AUTOMOBILE RECEIVABLE N/A WLAKE 2021 1A D 144A 96043FAF0 1100000 PA USD 1100524.48 0.6191165092 Long ABS-O CORP US Y 2 2026-04-15 Fixed 1.23 N N N N N N WILLIS ENGINE SECURITIZATION T N/A WESTF 2018 A A 144A 97064EAA6 211087.48 PA USD 211148.82 0.1187849273 Long ABS-O CORP US Y 2 2043-09-15 Fixed 4.75 N N N N N N WORLD OMNI SELECT AUTO TRUST 5493001ZFJU3487OFZ50 WOSAT 2021 A D 98163HAF6 840000 PA USD 835884.92 0.470239566 Long ABS-O CORP US N 2 2027-11-15 Fixed 1.44 N N N N N N 2021-11-23 MML Series Investment Fund II /s/ Renee Hitchcock Renee Hitchcock Treasurer and CFO XXXX NPORT-EX 2 fp0069289_nportex.htm
MML Blend Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 102.4%          
           
iShares 5-10 Year Investment Grade Corporate Bond ETF   506,595   $30,426,096 
iShares Core S&P 500 ETF   514,600    221,699,972 
iShares Core S&P Mid-Cap ETF   64,895    17,071,927 
iShares Core S&P Small-Cap ETF   69,546    7,593,728 
iShares Core S&P Total US Stock Market ETF   2,487,435    244,713,855 
iShares Core Total USD Bond Market ETF   2,406,750    128,135,370 
iShares Core U.S. Aggregate Bond ETF   1,115,825    128,130,185 
iShares iBoxx High Yield Corporate Bond ETF (a)   348,353    30,477,404 
State Street Navigator Securities Lending Government Money Market Portfolio (b)   19,558,424    19,558,424 
           
TOTAL MUTUAL FUNDS
(Cost $753,507,036)		        827,806,961 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $753,507,036)		        827,806,961 
           
TOTAL INVESTMENTS — 102.4%
(Cost $753,507,036) (c)		        827,806,961 
           
Other Assets/(Liabilities) — (2.4)%        (19,101,949) 
           
NET ASSETS — 100.0%       $808,705,012 

 

Abbreviation Legend

ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $19,172,734 or 2.37% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2).
(b) Represents investment of security lending cash collateral. (Note 2).
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 94.5%          
           
BANK LOANS — 4.1%          
Advertising — 0.0%          
Terrier Media Buyer, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
3.584% VRN 12/17/26  $58,955   $58,807 
Aerospace & Defense — 0.1%          
TransDigm, Inc., 2020 Term Loan F, 1 mo. USD LIBOR + 2.250%          
2.334% VRN 12/09/25   168,733    166,623 
Airlines — 0.1%          
AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%          
5.500% VRN 4/20/28   120,000    124,016 
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%          
4.250% VRN 8/11/28   75,000    75,250 
American Airlines, Inc., 2017 Incremental Term Loan, 1 mo. USD LIBOR + 2.000%          
2.084% VRN 12/15/23   74,081    72,425 
Kestrel Bidco Inc., Term Loan B, 6 mo. USD LIBOR + 3.000%          
4.000% VRN 12/11/26   68,888    67,159 
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 4/21/28   84,575    85,094 
         423,944 
Auto Parts & Equipment — 0.0%          
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
3.334% VRN 4/30/26   129,445    128,798 
Building Materials — 0.0%          
CP Atlas Buyer, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.250% VRN 11/23/27   119,400    118,952 
Chemicals — 0.2%          
Diamond (BC) B.V., 2021 Term Loan B,          
0.000% 9/29/28 (a)   175,000    175,121 
Illuminate Buyer, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
3.584% VRN 6/30/27   80,316    80,149 
Solenis Holdings LLC          
2021 USD Term Loan B,          
0.000% 9/21/28 (a)   100,000    99,854 
2018 1st Lien Term Loan, 1 mo. USD LIBOR + 4.000%          
4.084% VRN 6/26/25   73,414    73,375 
W.R. Grace & Co., 2021 Term Loan B,          
0.000% 9/22/28 (a)   145,000    145,454 
         573,953 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Commercial Services — 0.3%          
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.250% VRN 5/12/28  $293,375   $293,507 
CoreLogic, Inc., Term Loan, 1 mo. USD LIBOR + 3.500%          
4.000% VRN 6/02/28   65,000    64,919 
EAB Global, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.500%          
4.000% VRN 8/16/28   160,000    159,080 
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000%          
3.082% VRN 5/14/26   48,056    47,853 
Parexel International Corp., Term Loan B, 1 mo. USD LIBOR + 2.750%          
2.834% VRN 9/27/24   230,738    230,542 
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%          
4.750% VRN 3/04/28   84,788    84,990 
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%          
3.750% VRN 2/06/24   24,614    23,938 
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
4.084% VRN 8/27/25   69,825    69,883 
         974,712 
Computers — 0.1%          
Flexential Intermediate Corp., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%          
3.647% VRN 8/01/24   29,463    27,290 
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%          
4.500% VRN 2/01/28   119,400    119,419 
Redstone Buyer LLC, 2021 Term Loan, 3 mo. USD LIBOR + 4.750%          
5.500% VRN 4/27/28   65,000    63,862 
Surf Holdings, LLC, USD Term Loan, 3 mo. USD LIBOR + 3.500%          
3.616% VRN 3/05/27   128,376    127,603 
         338,174 
Distribution & Wholesale — 0.0%          
American Tire Distributors Holdings, Inc., 2015 Term Loan, 1 mo. USD LIBOR + 7.500%, 3 mo. USD LIBOR +           
7.500% 8.500% VRN 9/02/24   29,398    29,366 
Diversified Financial Services — 0.1%          
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
3.084% VRN 6/15/25   114,251    113,292 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD LIBOR + 3.750%          
4.750% VRN 4/09/27   118,525    118,765 
Zebra Buyer LLC, Term Loan B,          
0.000% 4/21/28 (a)   105,000    105,282 
         337,339 
Electric — 0.0%          
Pacific Gas & Electric Co., 2020 Term Loan, 3 mo. USD LIBOR + 3.000%          
3.500% VRN 6/23/25   74,063    72,743 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Electronics — 0.0%          
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.500%          
4.500% VRN 12/20/24  $51,314   $51,250 
Entertainment — 0.1%          
Twin River Worldwide Holdings, Inc., 2021 Term Loan B,          
0.000% 8/06/28 (a)   240,000    239,834 
UFC Holdings LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 2.750%          
3.500% VRN 4/29/26   181,723    181,218 
         421,052 
Environmental Controls — 0.1%          
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
3.084% VRN 3/29/25   109,720    109,103 
Madison IAQ LLC, Term Loan, 3 mo. USD LIBOR + 3.250%          
3.750% VRN 6/21/28   135,000    134,775 
         243,878 
Food — 0.0%          
H Food Holdings LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.687%          
3.772% VRN 5/23/25   49,050    48,876 
United Natural Foods, Inc., Term Loan B, 1 mo. USD LIBOR + 3.500%          
3.584% VRN 10/22/25   16,741    16,722 
         65,598 
Health Care – Products — 0.1%          
Medline Industries, Inc., USD Term Loan B,          
0.000% 9/20/28 (a)   245,000    244,464 
Health Care – Services — 0.2%          
ADMI Corp., 2021 Incremental Term Loan B3, 1 mo. USD LIBOR + 3.500%          
4.000% VRN 12/23/27   65,000    64,919 
Air Methods Corp., 2017 Term Loan B, 3 mo. USD LIBOR + 3.500%          
4.500% VRN 4/22/24   54,013    53,515 
CHG Healthcare Services, Inc., 2021 Term Loan,          
0.000% 9/29/28 (a)   135,000    135,144 
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%          
3.834% VRN 10/10/25   46,307    41,097 
ICON Luxembourg S.A.R.L., LUX Term Loan, 3 mo. USD LIBOR + 2.500%          
3.000% VRN 7/03/28   75,862    76,104 
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%          
4.333% - 4.335% VRN 7/09/25   120,000    119,850 
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.835% VRN 11/16/25   95,193    95,015 
         585,644 
Home Furnishing — 0.1%          
Springs Windows Fashions, LLC, 2021 Term Loan B,          
0.000% 10/06/28 (a)   290,000    287,645 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Household Products & Wares — 0.0%          
Kronos Acquisition Holdings, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.834% VRN 12/22/26  $119,100   $116,038 
Insurance — 0.2%          
Acrisure LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.500%          
3.632% VRN 2/15/27   122,498    121,248 
AssuredPartners, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%          
3.584% VRN 2/12/27   240,016    238,415 
Asurion LLC          
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%          
3.334% VRN 12/23/26   153,838    151,474 
2021 Term Loan B9, 1 mo. USD LIBOR + 3.250%          
3.334% VRN 7/31/27   74,867    73,726 
OneDigital Borrower LLC          
2020 Delayed Draw Term Loan, 3 mo. USD LIBOR + 5.250%          
5.250% VRN 11/16/27 (b)   5,313    5,328 
2020 Term Loan, 3 mo. USD LIBOR + 4.500%          
5.250% VRN 11/16/27   164,276    164,755 
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.834% VRN 9/03/26   34,213    34,106 
         789,052 
Internet — 0.2%          
Endure Digital, Inc., Term Loan, 6 mo. USD LIBOR + 3.500%          
4.250% VRN 2/10/28   140,000    139,125 
Getty Images, Inc., 2019 USD Term Loan B, 1 mo. USD LIBOR + 4.500%          
4.625% VRN 2/19/26   34,096    34,046 
ION Trading Finance Ltd., 2021 USD Term Loan, 3 mo. USD LIBOR + 4.750%          
4.917% VRN 4/01/28   230,000    230,260 
Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250%          
3.750% VRN 8/31/28   130,000    129,285 
         532,716 
Leisure Time — 0.1%          
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. USD LIBOR + 2.750%          
2.882% VRN 9/18/24   19,387    18,183 
Hayward Industries, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 2.500%          
3.000% VRN 5/12/28   159,600    159,102 
         177,285 
Lodging — 0.0%          
Caesars Resort Collection LLC, 2020 Term Loan B1, 3 mo. USD LIBOR + 3.500%          
3.583% VRN 7/21/25   59,400    59,421 
Machinery – Diversified — 0.1%          
Titan Acquisition Ltd., 2018 Term Loan B, 3 mo. USD LIBOR + 3.000%          
3.167% VRN 3/28/25   39,287    38,546 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TK Elevator Vertical US Newco, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%          
4.000% VRN 7/30/27  $198,504   $198,780 
         237,326 
Media — 0.2%          
Cengage Learning, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.750%          
5.750% VRN 6/29/26   170,000    170,986 
DirecTV Financing, LLC, Term Loan, 3 mo. USD LIBOR + 5.000%          
5.750% VRN 7/22/27   73,125    73,148 
The E.W. Scripps Co., 2019 Term Loan B2, 1 mo. USD LIBOR + 2.562%          
3.313% VRN 5/01/26   115,687    115,274 
Radiate Holdco, LLC, 2020 Term Loan, 1 mo. USD LIBOR + 3.500%          
4.250% VRN 9/25/26   133,988    133,795 
         493,203 
Packaging & Containers — 0.1%          
Flex Acquisition Co., Inc., 2018 Incremental Term Loan, 3 mo. USD LIBOR + 3.000%          
3.131% VRN 6/29/25   24,707    24,550 
Graham Packaging Co., Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.000%          
3.750% VRN 8/04/27   77,981    77,895 
Pretium PKG Holdings, Inc., 2021 1st Lien Term Loan,          
0.000% 10/02/28 (a)   110,000    110,069 
TricorBraun Holdings, Inc.          
2021 Delayed Draw Term Loan, 1 mo. USD LIBOR + 3.250%          
3.250%- 3.334% VRN 3/03/28 (b)   12,854    12,775 
2021 Term Loan, 1 mo. USD LIBOR + 3.250%          
3.750% VRN 3/03/28   57,003    56,655 
         281,944 
Pharmaceuticals — 0.3%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%          
4.750% VRN 10/01/27   239,087    239,436 
HC Group Holdings II, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.834% VRN 8/06/26   153,053    152,976 
ICON Luxembourg S.A.R.L., US Term Loan, 3 mo. USD LIBOR + 2.500%          
3.000% VRN 7/03/28   18,901    18,961 
Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR + 3.500%          
4.000% VRN 5/05/28   224,438    224,691 
Organon & Co, USD Term Loan, 3 mo. USD LIBOR + 3.000%          
3.500% VRN 6/02/28   225,000    225,363 
         861,427 
Pipelines — 0.1%          
CQP Holdco LP, 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%          
4.250% VRN 6/05/28   219,150    218,420 
Traverse Midstream Partners LLC, 2017 Term Loan, 1 mo. USD LIBOR + 5.500%          
6.500% VRN 9/27/24   54,111    54,111 
         272,531 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Retail — 0.2%          
Great Outdoors Group LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%          
5.000% VRN 3/06/28  $173,688   $174,209 
Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%          
4.000% VRN 3/03/28   124,375    124,330 
PetSmart, Inc., 2021 Term Loan B, 6 mo. USD LIBOR + 3.750%          
4.500% VRN 2/11/28   70,000    70,100 
SRS Distribution, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.250% VRN 6/02/28   100,000    99,958 
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%          
3.750% VRN 8/03/28   115,000    114,830 
         583,427 
Software — 0.8%          
Ascend Learning LLC, 2017 Term Loan B, 1 mo. USD LIBOR + 3.000%          
4.000% VRN 7/12/24   156,611    156,471 
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000%          
4.000% VRN 10/30/26   119,100    119,361 
Castle US Holding Corp., USD Term Loan B, 3 mo. USD LIBOR + 3.750%          
3.882% VRN 1/29/27   158,000    156,595 
Cornerstone OnDemand, Inc., 2021 Term Loan,          
0.000% 9/21/28 (a)   130,000    129,675 
Cvent, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%          
3.834% VRN 11/29/24   98,219    97,774 
DCert Buyer, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 4.000%          
4.084% VRN 10/16/26   74,433    74,412 
Finastra USA, Inc.          
USD 1st Lien Term Loan, 6 mo. USD LIBOR + 3.500%          
4.500% VRN 6/13/24   63,323    62,776 
USD 2nd Lien Term Loan, 6 mo. USD LIBOR + 7.250%          
8.250% VRN 6/13/25   20,000    20,093 
Greeneden U.S. Holdings II, LLC, 2020 USD Term Loan B4, 1 mo. USD LIBOR + 4.000%          
4.750% VRN 12/01/27   247,157    247,908 
Helios Software Holdings, Inc., 2021 USD Term Loan B, 6 mo. USD LIBOR + 3.750%          
3.882% VRN 3/11/28   198,857    198,559 
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%          
4.250% VRN 7/01/24   221,005    221,120 
Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%          
3.334% VRN 11/29/24   147,328    147,053 
Polaris Newco LLC, USD Term Loan B, 6 mo. USD LIBOR + 4.000%          
4.500% VRN 6/02/28   310,000    310,583 
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
4.090% VRN 4/26/24   186,845    186,679 
Sophia, L.P., 2020 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 10/07/27   148,875    149,371 
Tibco Software, Inc., 2020 Term Loan B3, 1 mo. USD LIBOR + 3.750%          
3.840% VRN 6/30/26   128,338    127,296 
The Ultimate Software Group, Inc.          

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Term Loan B, 1 mo. USD LIBOR + 3.750%          
3.834% VRN 5/04/26  $122,792   $122,967 
2021 Incremental Term Loan, 3 mo. USD LIBOR + 3.250%          
4.000% VRN 5/04/26   103,952    104,090 
         2,632,783 
Telecommunications — 0.2%          
Altice France S.A., 2018 Term Loan B13, 3 mo. USD LIBOR + 4.000%          
4.125% VRN 8/14/26   152,921    152,283 
Avaya, Inc.          
2021 Term Loan B2, 1 mo. USD LIBOR + 4.000%          
4.084% VRN 12/15/27   140,000    140,077 
2020 Term Loan B, 1 mo. USD LIBOR + 4.250%          
4.334% VRN 12/15/27   38,781    38,827 
GOGO Intermediate Holdings LLC, Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 4/30/28   60,000    60,050 
Intelsat Jackson Holdings S.A.          
2021 DIP Term Loan, 3 mo. USD LIBOR + 4.750%          
5.750% VRN 10/13/22 (b)   31,902    32,088 
2017 Term Loan B3, PRIME + 4.750%          
8.000% 11/27/23   155,000    156,716 
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%          
3.084% VRN 3/09/27   59,882    59,323 
         639,364 
Transportation — 0.1%          
First Student Bidco, Inc.          
Term Loan C, 3 mo. USD LIBOR + 3.000%          
3.500% VRN 7/21/28   41,789    41,538 
Term Loan B, 2 mo. USD LIBOR + 3.000%          
3.500% VRN 7/21/28   113,211    112,532 
         154,070 
           
TOTAL BANK LOANS
(Cost $12,895,291)		        12,953,529 
           
CORPORATE DEBT — 24.3%          
Advertising — 0.2%          
Clear Channel Outdoor Holdings, Inc.          
7.500% 6/01/29 (c)   70,000    72,800 
The Interpublic Group of Cos., Inc.          
5.400% 10/01/48   250,000    335,829 
Omnicom Group, Inc.          
2.600% 8/01/31   95,000    96,644 
         505,273 
Aerospace & Defense — 0.3%          
The Boeing Co.          
2.950% 2/01/30   205,000    208,791 
Northrop Grumman Corp.          
5.150% 5/01/40   250,000    324,667 
Teledyne Technologies, Inc.          
2.250% 4/01/28   205,000    208,612 
TransDigm, Inc.          

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
5.500% 11/15/27  $100,000   $103,375 
6.250% 3/15/26 (c)   150,000    156,955 
8.000% 12/15/25 (c)   15,000    15,994 
Triumph Group, Inc.          
7.750% 8/15/25 (d)   55,000    54,313 
         1,072,707 
Agriculture — 0.2%          
BAT Capital Corp.          
3.462% 9/06/29   405,000    425,985 
Bunge Ltd. Finance Corp.          
2.750% 5/14/31   215,000    217,601 
         643,586 
Airlines — 0.1%          
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.          
5.750% 4/20/29 (c)   125,000    134,694 
Southwest Airlines Co.          
4.750% 5/04/23   200,000    212,968 
United Airlines, Inc.          
4.625% 4/15/29 (c)   65,000    67,174 
         414,836 
Auto Manufacturers — 0.5%          
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235%          
1.360% FRN 2/15/23   210,000    209,165 
General Motors Financial Co., Inc. 3 mo. USD LIBOR + .990%          
1.135% FRN 1/05/23   575,000    580,636 
Hyundai Capital America          
1.800% 10/15/25 (c)   5,000    5,047 
2.650% 2/10/25 (c)   410,000    425,989 
Volkswagen Group of America Finance LLC          
4.250% 11/13/23 (c)   220,000    235,945 
         1,456,782 
Auto Parts & Equipment — 0.1%          
American Axle & Manufacturing, Inc.          
5.000% 10/01/29 (d)   130,000    126,842 
Clarios Global LP/Clarios US Finance Co.          
6.250% 5/15/26 (c)   103,000    108,219 
The Goodyear Tire & Rubber Co.          
5.250% 7/15/31 (c)   105,000    111,825 
         346,886 
Banks — 3.7%          
Australia & New Zealand Banking Group Ltd. 5 year CMT + 1.700%          
2.570% VRN 11/25/35 (c)   405,000    392,779 
Banco Davivienda SA 10 year CMT + 5.097%          
6.650% VRN (c) (e)   200,000    213,502 
Banco de Credito del Peru 5 year CMT + 3.000%          
3.125% VRN 7/01/30 (c) (d)   200,000    198,000 
Banco do Estado do Rio Grande do Sul SA 5 year CMT + 4.928%          
5.375% VRN 1/28/31 (c) (d)   200,000    200,002 
Banco Internacional del Peru SAA Interbank 1 year CMT + 3.711%          
4.000% VRN 7/08/30 (c)   150,000    150,000 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Banco Macro SA 5 year USD Swap + 5.463%          
6.750% VRN 11/04/26 (c)  $200,000   $174,002 
Banco Mercantil del Norte SA          
7.625% (c)   200,000    223,000 
Bangkok Bank PCL          
5.000% (c)   200,000    208,000 
Bank of America Corp.          
SOFR + .960% 1.734% VRN 7/22/27   140,000    140,557 
5 year CMT + 1.200% 2.482% VRN 9/21/36   380,000    372,028 
Bank of Montreal 5 year USD Swap + 1.432%          
3.803% VRN 12/15/32   275,000    301,140 
Barclays PLC 3 mo. USD LIBOR + 1.380%          
1.505% FRN 5/16/24   425,000    432,322 
BNP Paribas SA SOFR + 1.507%          
3.052% VRN 1/13/31 (c)   390,000    408,156 
BPCE SA          
1.000% 1/20/26 (c)   250,000    245,880 
Citigroup, Inc. 3 mo. USD LIBOR + 1.100%          
1.224% FRN 5/17/24   450,000    456,408 
Commonwealth Bank of Australia          
4.316% 1/10/48 (c)   305,000    359,563 
Credit Agricole SA          
3.750% 4/24/23 (c)   285,000    299,742 
Credit Suisse Group AG SOFR + .980%          
1.305% VRN 2/02/27 (c) (d)   500,000    488,628 
Gilex Holding Sarl          
8.500% 5/02/23 (c)   150,000    152,777 
8.500% 5/02/23 (c)   150,000    152,777 
The Goldman Sachs Group, Inc.          
SOFR + .820% 0.870% FRN 9/10/27   145,000    145,378 
3 mo. USD LIBOR + 1.170% 1.295% FRN 5/15/26   490,000    502,274 
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380%          
1.494% FRN 9/12/26 (d)   510,000    526,500 
Itau Unibanco Holding SA 5 year CMT + 3.981%          
6.125% VRN (c) (e)   200,000    201,752 
JP Morgan Chase & Co.          
SOFR + 1.015% 2.069% VRN 6/01/29   165,000    165,225 
SOFR + 2.040% 2.522% VRN 4/22/31   275,000    280,258 
SOFR + 1.250% 2.580% VRN 4/22/32   180,000    182,338 
The Korea Development Bank          
1.625% 1/19/31   200,000    196,148 
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%          
3.574% VRN 11/07/28   400,000    435,141 
Macquarie Group Ltd.          
SOFR + .910% 1.629% VRN 9/23/27 (c)   170,000    169,091 
3 mo. USD LIBOR + 1.023% 3.189% VRN 11/28/23 (c)   60,000    61,778 
3 mo. USD LIBOR + 1.330% 4.150% VRN 3/27/24 (c)   280,000    294,088 
Mitsubishi UFJ Financial Group, Inc.          
1.412% 7/17/25   435,000    437,402 
Morgan Stanley          
SOFR + .525% 0.790% VRN 5/30/25   155,000    154,503 
SOFR + 1.360% 2.484% VRN 9/16/36   380,000    371,626 
National Australia Bank Ltd.          
2.990% 5/21/31 (c)   250,000    252,698 
NatWest Markets PLC          
0.800% 8/12/24 (c)   200,000    199,566 
NongHyup Bank          
1.250% 7/20/25 (c)   200,000    199,012 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Oversea-Chinese Banking Corp. Ltd. 5 year CMT + 1.580%          
1.832% VRN 9/10/30 (c)  $500,000   $498,095 
United Overseas Bank Ltd.          
5 year CMT + 1.520% 1.750% VRN 3/16/31 (c)   200,000    198,396 
5 year USD Swap + 1.794% 3.875% VRN (c) (e)   300,000    310,341 
Wells Fargo & Co.          
SOFR + 1.432% 2.879% VRN 10/30/30   215,000    223,920 
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27   195,000    209,230 
         11,784,023 
Beverages — 0.3%          
Anheuser-Busch InBev Worldwide, Inc.          
4.600% 4/15/48   355,000    423,648 
Constellation Brands, Inc.          
2.875% 5/01/30   25,000    25,991 
3.150% 8/01/29   175,000    186,962 
Keurig Dr Pepper, Inc.          
3.800% 5/01/50   190,000    212,378 
Primo Water Holdings, Inc.          
4.375% 4/30/29 (c)   70,000    69,981 
Triton Water Holdings, Inc.          
6.250% 4/01/29 (c)   65,000    66,056 
         985,016 
Biotechnology — 0.1%          
Illumina, Inc.          
0.550% 3/23/23   145,000    144,999 
Royalty Pharma PLC          
3.300% 9/02/40   200,000    198,947 
         343,946 
Building Materials — 0.2%          
Builders FirstSource, Inc.          
4.250% 2/01/32 (c)   100,000    102,128 
Carrier Global Corp.          
3.377% 4/05/40   235,000    246,083 
Griffon Corp.          
5.750% 3/01/28   170,000    178,500 
Owens Corning          
4.400% 1/30/48   175,000    204,115 
         730,826 
Chemicals — 0.3%          
CVR Partners LP / CVR Nitrogen Finance Corp.          
6.125% 6/15/28 (c)   45,000    47,194 
Diamond BC BV          
4.625% 10/01/29 (c)   90,000    91,350 
LG Chem Ltd.          
2.375% 7/07/31 (c)   200,000    196,470 
MEGlobal Canada ULC          
5.000% 5/18/25 (c)   200,000    220,840 
Nutrien Ltd.          
4.200% 4/01/29   365,000    415,756 
SCIH Salt Holdings, Inc.          
6.625% 5/01/29 (c) (d)   25,000    24,000 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
WR Grace Holdings LLC          
5.625% 8/15/29 (c)  $85,000   $87,551 
         1,083,161 
Coal — 0.0%          
Peabody Energy Corp.          
8.500% 12/31/24 (c)   45,471    40,185 
SunCoke Energy, Inc.          
4.875% 6/30/29 (c)   90,000    89,663 
         129,848 
Commercial Services — 0.3%          
Adani International Container Terminal Pvt Ltd.          
3.000% 2/16/31 (c)   196,000    190,207 
Allied Universal Holdco LLC / Allied Universal Finance Corp.          
6.625% 7/15/26 (c)   70,000    74,010 
9.750% 7/15/27 (c)   130,000    141,050 
Garda World Security Corp.          
6.000% 6/01/29 (c)   115,000    111,849 
NESCO Holdings II, Inc.          
5.500% 4/15/29 (c)   20,000    20,744 
PSA Treasury Pte Ltd.          
2.125% 9/05/29 (c)   200,000    201,645 
Triton Container International Ltd.          
1.150% 6/07/24 (c)   90,000    89,841 
WASH Multifamily Acquisition, Inc.          
5.750% 4/15/26 (c)   85,000    88,506 
         917,852 
Computers — 0.3%          
Dell International LLC/EMC Corp.          
5.300% 10/01/29   375,000    452,897 
Fortinet, Inc.          
1.000% 3/15/26   215,000    211,642 
NetApp, Inc.          
1.875% 6/22/25   185,000    189,402 
         853,941 
Cosmetics & Personal Care — 0.0%          
Coty, Inc.          
5.000% 4/15/26 (c)   65,000    66,399 
Diversified Financial Services — 1.3%          
Air Lease Corp.          
1.875% 8/15/26   140,000    139,448 
Aircastle Ltd.          
2.850% 1/26/28 (c)   215,000    217,568 
Aviation Capital Group LLC          
1.950% 9/20/26 (c)   350,000    346,108 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (c)   265,000    273,142 
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125%          
1.257% FRN 9/26/23 (c)   340,000    340,872 
CI Financial Corp.          
4.100% 6/15/51 (d)   115,000    123,319 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Coinbase Global, Inc.          
3.625% 10/01/31 (c) (d)  $25,000   $23,937 
Discover Financial Services          
4.100% 2/09/27   465,000    517,745 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (c)   112,750    110,777 
Interoceanica IV Finance Ltd.          
0.000% 11/30/25 (c)   537,113    499,730 
Nationstar Mortgage Holdings, Inc.          
5.500% 8/15/28 (c)   75,000    77,250 
Navient Corp.          
5.000% 3/15/27   60,000    61,711 
NFP Corp.          
6.875% 8/15/28 (c)   70,000    71,473 
OneMain Finance Corp.          
6.625% 1/15/28   120,000    138,000 
PennyMac Financial Services, Inc.          
4.250% 2/15/29 (c)   145,000    138,051 
SPARC EM SPC Panama Metro Line 2 SP          
0.000% 12/05/22 (c)   100,819    99,307 
Synchrony Financial          
3.950% 12/01/27   320,000    352,809 
Unifin Financiera SAB de CV 5 year CMT + 6.308%          
8.875% VRN (c) (e)   300,000    229,128 
The Western Union Co.          
2.750% 3/15/31   425,000    425,102 
         4,185,477 
Electric — 3.2%          
AES Andes SA 5 year USD Swap + 4.644%          
7.125% VRN 3/26/79 (c)   200,000    212,300 
AES Argentina Generacion SA          
7.750% 2/02/24 (c)   150,000    133,500 
AES Panama Generation Holdings SRL          
4.375% 5/31/30 (c)   300,000    309,300 
American Electric Power Co., Inc.          
2.950% 12/15/22   313,000    320,208 
Calpine Corp.          
4.625% 2/01/29 (c)   40,000    39,400 
5.125% 3/15/28 (c)   100,000    101,273 
Duke Energy Corp.          
3.950% 8/15/47   240,000    264,044 
Empresa Electrica Angamos SA          
4.875% 5/25/29 (c)   139,100    136,666 
Empresas Publicas de Medellin ESP          
4.375% 2/15/31 (c)   400,000    395,640 
Entergy Corp.          
2.800% 6/15/30   110,000    113,338 
Eversource Energy          
1.650% 8/15/30   225,000    213,450 
Fenix Power Peru SA          
4.317% 9/20/27 (c)   247,941    253,213 
Georgia Power Co.          
2.200% 9/15/24   220,000    228,427 
3.250% 3/15/51   355,000    356,432 
Guacolda Energia SA          
4.560% 4/30/25 (c)   400,000    265,504 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Inkia Energy Ltd.          
5.875% 11/09/27 (c)  $200,000   $208,180 
JSW Hydro Energy Ltd.          
4.125% 5/18/31 (c)   200,000    198,600 
Korea East-West Power Co. Ltd.          
1.750% 5/06/25 (c)   200,000    203,236 
LLPL Capital Pte Ltd.          
6.875% 2/04/39 (c)   269,010    316,087 
Minejesa Capital BV          
4.625% 8/10/30 (c)   400,000    411,344 
Monongahela Power Co.          
5.400% 12/15/43 (c)   145,000    188,779 
NextEra Energy Capital Holdings, Inc.          
2.250% 6/01/30   750,000    753,330 
3.550% 5/01/27   195,000    213,827 
NRG Energy, Inc.          
2.000% 12/02/25 (c)   145,000    147,358 
3.625% 2/15/31 (c)   145,000    142,426 
Pacific Gas and Electric Co.          
1.367% 3/10/23   165,000    164,414 
2.500% 2/01/31   230,000    218,541 
Pampa Energia SA          
9.125% 4/15/29 (c)   150,000    138,893 
PG&E Corp.          
5.000% 7/01/28 (d)   45,000    45,712 
Pike Corp.          
5.500% 9/01/28 (c)   85,000    86,619 
PSEG Power LLC          
3.850% 6/01/23   260,000    273,475 
Sierra Pacific Power Co.          
2.600% 5/01/26   1,000,000    1,055,959 
The Southern Co.          
3.700% 4/30/30   500,000    548,500 
5 year CMT + 2.915% 3.750% VRN 9/15/51   135,000    137,727 
Transelec SA          
3.875% 1/12/29 (c)   250,000    270,855 
Xcel Energy, Inc.          
3.300% 6/01/25   1,000,000    1,066,890 
         10,133,447 
Electrical Components & Equipment — 0.0%          
Energizer Holdings, Inc.          
4.750% 6/15/28 (c)   110,000    111,897 
Electronics — 0.1%          
Arrow Electronics, Inc.          
3.875% 1/12/28   195,000    210,552 
Vontier Corp.          
2.400% 4/01/28 (c)   115,000    113,252 
         323,804 
Energy – Alternate Sources — 0.2%          
Empresa Electrica Cochrane SpA          
5.500% 5/14/27 (c)   340,720    348,815 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
UEP Penonome II SA          
6.500% 10/01/38 (c)  $197,194   $205,577 
         554,392 
Engineering & Construction — 0.2%          
Sydney Airport Finance Co. Pty Ltd.          
3.375% 4/30/25 (c)   300,000    318,172 
3.625% 4/28/26 (c)   300,000    322,284 
         640,456 
Entertainment — 0.3%          
Bally's Corp.          
6.750% 6/01/27 (c)   81,000    88,189 
Boyne USA, Inc.          
4.750% 5/15/29 (c)   195,000    201,337 
Caesars Entertainment, Inc.          
6.250% 7/01/25 (c)   105,000    110,539 
Caesars Resort Collection LLC/CRC Finco, Inc.          
5.250% 10/15/25 (c)   38,000    38,517 
Cedar Fair LP          
5.250% 7/15/29   75,000    76,949 
Lions Gate Capital Holdings LLC          
5.500% 4/15/29 (c)   80,000    82,702 
Live Nation Entertainment, Inc.          
6.500% 5/15/27 (c)   90,000    99,000 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.          
4.875% 5/01/29 (c)   65,000    66,219 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.625% 9/01/29 (c)   105,000    106,050 
5.875% 9/01/31 (c)   105,000    106,065 
Scientific Games International, Inc.          
7.250% 11/15/29 (c)   75,000    84,273 
         1,059,840 
Environmental Controls — 0.1%          
GFL Environmental, Inc.          
4.000% 8/01/28 (c)   140,000    138,950 
Madison IAQ LLC          
4.125% 6/30/28 (c)   85,000    85,000 
5.875% 6/30/29 (c)   70,000    70,525 
         294,475 
Food — 0.5%          
B&G Foods, Inc.          
5.250% 9/15/27 (d)   50,000    52,149 
Flowers Foods, Inc.          
2.400% 3/15/31   100,000    99,829 
Kraft Heinz Foods Co.          
5.000% 7/15/35   40,000    49,182 
5.200% 7/15/45   115,000    144,028 
Mondelez International, Inc.          
1.875% 10/15/32   135,000    129,345 
Performance Food Group, Inc.          
4.250% 8/01/29 (c)   65,000    65,163 
5.500% 10/15/27 (c)   115,000    120,405 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Post Holdings, Inc.          
4.625% 4/15/30 (c)  $110,000   $110,850 
Smithfield Foods, Inc.          
4.250% 2/01/27 (c)   365,000    398,861 
Sysco Corp.          
3.300% 2/15/50   330,000    337,692 
United Natural Foods, Inc.          
6.750% 10/15/28 (c)   75,000    81,188 
US Foods, Inc.          
6.250% 4/15/25 (c)   15,000    15,734 
         1,604,426 
Gas — 0.2%          
The Brooklyn Union Gas Co.          
4.487% 3/04/49 (c)   355,000    412,802 
The East Ohio Gas Co.          
3.000% 6/15/50 (c)   220,000    218,953 
         631,755 
Health Care – Products — 0.0%          
Mozart Debt Merger Sub, Inc.          
5.250% 10/01/29 (f)   25,000    25,000 
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA          
7.250% 2/01/28 (c)   84,000    89,890 
         114,890 
Health Care – Services — 0.6%          
Anthem, Inc.          
2.375% 1/15/25   190,000    197,888 
Centene Corp.          
2.500% 3/01/31   380,000    374,775 
3.000% 10/15/30   60,000    61,500 
CHS/Community Health Systems, Inc.          
6.000% 1/15/29 (c)   95,000    100,700 
6.875% 4/15/29 (c)   70,000    70,078 
HCA, Inc.          
4.125% 6/15/29   175,000    195,664 
Health Care Service Corp.          
3.200% 6/01/50 (c)   130,000    133,341 
Legacy LifePoint Health LLC          
4.375% 2/15/27 (c)   90,000    89,532 
6.750% 4/15/25 (c)   55,000    57,836 
Radiology Partners, Inc.          
9.250% 2/01/28 (c)   95,000    102,165 
RP Escrow Issuer LLC          
5.250% 12/15/25 (c)   105,000    108,019 
Select Medical Corp.          
6.250% 8/15/26 (c)   150,000    157,740 
Tenet Healthcare Corp.          
5.125% 11/01/27 (c)   155,000    161,588 
6.125% 10/01/28 (c)   130,000    136,487 
         1,947,313 
Home Builders — 0.0%          
Mattamy Group Corp.          
4.625% 3/01/30 (c)   120,000    122,623 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Household Products & Wares — 0.1%          
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.          
5.000% 12/31/26 (c)  $100,000   $99,852 
7.000% 12/31/27 (c) (d)   65,000    62,238 
         162,090 
Housewares — 0.0%          
SWF Escrow Issuer Corp.          
6.500% 10/01/29 (c) (f)   110,000    107,173 
Insurance — 0.6%          
Acrisure LLC / Acrisure Finance, Inc.          
4.250% 2/15/29 (c)   125,000    123,594 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer          
6.750% 10/15/27 (c)   80,000    82,800 
AmWINS Group, Inc.          
4.875% 6/30/29 (c)   65,000    65,975 
Athene Global Funding SOFR + .560%          
0.610% FRN 8/19/24 (c)   410,000    410,605 
Berkshire Hathaway Finance Corp.          
2.850% 10/15/50   140,000    137,598 
Brighthouse Financial Global Funding          
1.000% 4/12/24 (c)   85,000    85,490 
2.000% 6/28/28 (c)   120,000    119,389 
First American Financial Corp.          
2.400% 8/15/31   100,000    97,323 
GTCR AP Finance, Inc.          
8.000% 5/15/27 (c)   95,000    100,225 
Prudential Financial, Inc.          
3.905% 12/07/47   185,000    213,972 
Willis North America, Inc.          
4.500% 9/15/28   335,000    383,419 
         1,820,390 
Internet — 0.2%          
Endure Digital, Inc.          
6.000% 2/15/29 (c)   95,000    90,250 
Expedia Group, Inc.          
2.950% 3/15/31   85,000    85,802 
3.800% 2/15/28   200,000    216,900 
Uber Technologies, Inc.          
4.500% 8/15/29 (c)   65,000    65,342 
7.500% 9/15/27 (c)   90,000    98,269 
         556,563 
Investment Companies — 0.2%          
Ares Capital Corp.          
2.150% 7/15/26   210,000    210,466 
Temasek Financial I Ltd. Co.          
1.000% 10/06/30 (c) (d)   350,000    325,197 
         535,663 
Iron & Steel — 0.1%          
POSCO          
2.750% 7/15/24 (c)   200,000    209,332 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Leisure Time — 0.1%          
Carnival Corp.          
5.750% 3/01/27 (c)  $95,000   $98,087 
Viking Cruises Ltd.          
13.000% 5/15/25 (c)   30,000    34,538 
5.875% 9/15/27 (c)   160,000    154,800 
         287,425 
Lodging — 0.2%          
Boyd Gaming Corp.          
4.750% 6/15/31 (c)   140,000    144,375 
Marriott International, Inc.          
2.750% 10/15/33   195,000    190,473 
Marriott International, Inc.          
3.125% 6/15/26   200,000    213,838 
MGM Resorts International          
6.750% 5/01/25   135,000    142,256 
         690,942 
Machinery – Construction & Mining — 0.1%          
The Weir Group PLC          
2.200% 5/13/26 (c)   245,000    247,329 
Machinery – Diversified — 0.1%          
Flowserve Corp.          
2.800% 1/15/32   210,000    207,560 
Media — 0.6%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 1/15/34 (c)   65,000    64,675 
4.750% 3/01/30 (c)   105,000    109,706 
Cengage Learning, Inc.          
9.500% 6/15/24 (c)   85,000    86,984 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.500% 3/01/42 (f)   165,000    161,096 
4.908% 7/23/25   190,000    213,609 
Comcast Corp.          
3.400% 4/01/30   195,000    214,620 
3.950% 10/15/25   150,000    166,338 
Diamond Sports Group LLC/Diamond Sports Finance Co.          
5.375% 8/15/26 (c)   50,000    33,000 
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.          
5.875% 8/15/27 (c)   60,000    62,625 
DISH DBS Corp.          
5.125% 6/01/29   65,000    63,686 
DISH DBS Corp.          
5.875% 11/15/24   40,000    43,011 
GCI LLC          
4.750% 10/15/28 (c)   90,000    94,515 
iHeartCommunications, Inc.          
8.375% 5/01/27   25,000    26,719 
Nexstar Media, Inc.          
5.625% 7/15/27 (c)   65,000    68,838 
Radiate Holdco LLC / Radiate Finance, Inc.          
4.500% 9/15/26 (c)   75,000    77,438 
Scripps Escrow, Inc.          
5.875% 7/15/27 (c)   95,000    97,494 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Univision Communications, Inc.          
4.500% 5/01/29 (c)  $65,000   $66,056 
VTR Finance NV          
6.375% 7/15/28 (c)   200,000    215,500 
         1,865,910 
Mining — 0.5%          
Anglo American Capital PLC          
4.500% 3/15/28 (c)   385,000    433,807 
Antofagasta PLC          
2.375% 10/14/30 (c)   200,000    193,002 
Arconic Corp.          
6.125% 2/15/28 (c)   130,000    137,802 
Glencore Funding LLC          
1.625% 4/27/26 (c)   200,000    198,905 
3.375% 9/23/51 (c)   130,000    123,211 
Nexa Resources SA          
5.375% 5/04/27 (c)   200,000    209,002 
Vedanta Resources Co.          
9.250% 4/23/26 (c)   200,000    190,500 
Vedanta Resources Ltd.          
6.125% 8/09/24 (c)   200,000    179,500 
         1,665,729 
Miscellaneous - Manufacturing — 0.1%          
General Electric Co.          
5.875% 1/14/38   210,000    283,163 
6.875% 1/10/39   110,000    163,620 
         446,783 
Oil & Gas — 1.5%          
Apache Corp.          
4.375% 10/15/28   60,000    64,875 
4.625% 11/15/25   40,000    43,155 
BP Capital Markets America, Inc.          
2.939% 6/04/51   140,000    132,608 
3.001% 3/17/52   195,000    185,964 
Chesapeake Energy Corp.          
5.875% 2/01/29 (c)   100,000    106,750 
CNX Resources Corp.          
6.000% 1/15/29 (c)   65,000    68,737 
Cosan Overseas Ltd.          
8.250% (c) (e)   500,000    512,505 
Diamondback Energy, Inc.          
2.875% 12/01/24   124,000    130,180 
EQT Corp.          
7.500% STEP 2/01/30   50,000    64,360 
Exxon Mobil Corp.          
4.227% 3/19/40   190,000    225,125 
Gran Tierra Energy International Holdings Ltd.          
6.250% 2/15/25 (c)   400,000    348,812 
Hilcorp Energy I LP / Hilcorp Finance Co.          
5.750% 2/01/29 (c)   45,000    46,238 
6.250% 11/01/28 (c)   100,000    103,622 
Hunt Oil Co. of Peru LLC Sucursal Del Peru          
6.375% 6/01/28 (c)   200,000    201,752 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Marathon Petroleum Corp.          
5.125% 12/15/26  $310,000   $360,318 
Medco Bell Pte Ltd.          
6.375% 1/30/27 (c)   200,000    201,750 
MEG Energy Corp.          
5.875% 2/01/29 (c)   15,000    15,338 
7.125% 2/01/27 (c)   105,000    110,230 
Occidental Petroleum Corp.          
6.125% 1/01/31 (d)   85,000    102,000 
6.450% 9/15/36   50,000    62,906 
6.625% 9/01/30   60,000    74,025 
8.000% 7/15/25   50,000    59,700 
Ovintiv, Inc.          
7.375% 11/01/31   55,000    74,526 
Parkland Corp.          
4.500% 10/01/29 (c)   90,000    91,224 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28 (d)   80,000    80,310 
Petrobras Global Finance BV          
5.500% 6/10/51   40,000    37,222 
Petronas Capital Ltd.          
3.500% 4/21/30 (c)   200,000    216,408 
Pioneer Natural Resources Co.          
1.900% 8/15/30   300,000    286,806 
PTTEP Treasury Center Co. Ltd.          
2.587% 6/10/27 (c)   200,000    206,775 
SA Global Sukuk Ltd.          
2.694% 6/17/31 (c)   200,000    201,722 
Southwestern Energy Co.          
5.375% 2/01/29 (c)   75,000    80,236 
Sunoco LP/Sunoco Finance Corp.          
4.500% 5/15/29   35,000    35,499 
6.000% 4/15/27   90,000    93,712 
Transocean Poseidon Ltd.          
6.875% 2/01/27 (c)   150,000    149,239 
Transocean, Inc.          
11.500% 1/30/27 (c)   36,000    37,080 
         4,811,709 
Oil & Gas Services — 0.2%          
Halliburton Co.          
2.920% 3/01/30 (d)   125,000    129,146 
5.000% 11/15/45   90,000    107,614 
USA Compression Partners LP/USA Compression Finance Corp.          
6.875% 9/01/27   185,000    195,645 
Weatherford International Ltd.          
6.500% 9/15/28 (c)   70,000    72,100 
         504,505 
Packaging & Containers — 0.3%          
Berry Global, Inc.          
1.650% 1/15/27 (c)   120,000    118,489 
CCL Industries, Inc.          
3.050% 6/01/30 (c) (d)   165,000    172,681 
Packaging Corp. of America          
3.400% 12/15/27   215,000    234,043 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
WRKCo, Inc.          
3.750% 3/15/25  $370,000   $400,304 
         925,517 
Pharmaceuticals — 0.5%          
AbbVie, Inc.          
4.700% 5/14/45   355,000    437,043 
Bausch Health Cos., Inc.          
6.250% 2/15/29 (c)   115,000    113,795 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   320,000    400,337 
Cigna Corp.          
4.900% 12/15/48   230,000    293,420 
CVS Health Corp.          
5.050% 3/25/48   180,000    231,887 
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc.          
6.125% 4/01/29 (c)   60,000    60,000 
Viatris, Inc.          
1.650% 6/22/25 (c)   135,000    136,304 
         1,672,786 
Pipelines — 1.3%          
Antero Midstream Partners LP / Antero Midstream Finance Corp.          
5.750% 3/01/27 (c)   54,000    55,785 
Enable Midstream Partners LP          
4.400% 3/15/27   120,000    132,879 
5.000% STEP 5/15/44   190,000    207,813 
Enbridge, Inc.          
3.400% 8/01/51   170,000    170,836 
Energy Transfer LP          
3.900% 7/15/26   750,000    818,401 
Energy Transfer LP          
4.750% 1/15/26   185,000    206,680 
EQM Midstream Partners LP          
4.750% 1/15/31 (c)   140,000    145,603 
Fermaca Enterprises S de RL de CV          
6.375% 3/30/38 (c)   204,422    232,530 
Galaxy Pipeline Assets Bidco Ltd.          
2.625% 3/31/36 (c)   200,000    196,895 
GNL Quintero SA          
4.634% 7/31/29 (c)   235,300    254,715 
Hess Midstream Operations LP          
4.250% 2/15/30 (c)   130,000    131,696 
5.125% 6/15/28 (c)   110,000    114,901 
Kinder Morgan Energy Partners LP          
6.950% 1/15/38   270,000    382,044 
NGL Energy Operating LLC / NGL Energy Finance Corp.          
7.500% 2/01/26 (c)   135,000    137,531 
NGPL PipeCo LLC          
3.250% 7/15/31 (c)   70,000    71,672 
NuStar Logistics LP          
6.375% 10/01/30   90,000    99,000 
Oleoducto Central SA          
4.000% 7/14/27 (c)   200,000    206,000 
ONEOK, Inc.          
3.400% 9/01/29   90,000    95,890 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Sabine Pass Liquefaction LLC          
5.000% 3/15/27  $170,000   $195,348 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
5.500% 3/01/30   100,000    109,344 
Venture Global Calcasieu Pass LLC          
4.125% 8/15/31 (c)   100,000    104,250 
Western Midstream Operating LP          
4.350% STEP 2/01/25   75,000    79,141 
         4,148,954 
Real Estate — 0.0%          
Realogy Group LLC / Realogy Co-Issuer Corp.          
5.750% 1/15/29 (c)   70,000    72,608 
7.625% 6/15/25 (c)   50,000    53,313 
         125,921 
Real Estate Investment Trusts (REITS) — 1.3%          
Agree LP          
2.600% 6/15/33   85,000    83,950 
Alexandria Real Estate Equities, Inc.          
3.000% 5/18/51   130,000    126,143 
American Tower Corp.          
3.375% 10/15/26   472,000    510,784 
3.600% 1/15/28   370,000    402,658 
Boston Properties LP          
3.400% 6/21/29   275,000    297,627 
Crown Castle International Corp.          
3.650% 9/01/27   410,000    450,556 
3.700% 6/15/26   700,000    763,612 
4.000% 3/01/27   225,000    250,086 
Equinix, Inc.          
1.800% 7/15/27   230,000    230,958 
Iron Mountain, Inc.          
4.500% 2/15/31 (c)   60,000    60,858 
Lexington Realty Trust          
2.375% 10/01/31   120,000    116,210 
National Retail Properties, Inc.          
2.500% 4/15/30   115,000    116,419 
Office Properties Income Trust          
2.400% 2/01/27   165,000    162,970 
2.650% 6/15/26   40,000    40,333 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer          
4.875% 5/15/29 (c)   75,000    76,875 
Sabra Health Care LP          
3.200% 12/01/31   45,000    43,983 
Simon Property Group LP          
2.450% 9/13/29   190,000    193,910 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC          
6.500% 2/15/29 (c)   70,000    72,007 
Vornado Realty LP          
2.150% 6/01/26   70,000    71,067 
Welltower, Inc.          
2.800% 6/01/31   210,000    216,078 
         4,287,084 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Retail — 0.6%          
Ambience Merger Sub, Inc.          
7.125% 7/15/29 (c)  $40,000   $39,900 
CK Hutchison International 20 Ltd.          
2.500% 5/08/30 (c)   200,000    203,196 
Dollar Tree, Inc.          
4.000% 5/15/25   325,000    355,066 
Ferrellgas LP / Ferrellgas Finance Corp.          
5.375% 4/01/26 (c)   55,000    53,757 
Golden Nugget, Inc.          
6.750% 10/15/24 (c) (d)   175,000    175,227 
McDonald's Corp.          
3.600% 7/01/30   205,000    227,770 
4.450% 3/01/47   190,000    231,270 
SRS Distribution, Inc.          
4.625% 7/01/28 (c)   100,000    102,020 
Staples, Inc.          
7.500% 4/15/26 (c)   55,000    55,825 
Suburban Propane Partners LP / Suburban Energy Finance Corp.          
5.000% 6/01/31 (c)   100,000    103,750 
Superior Plus LP / Superior General Partner, Inc.          
4.500% 3/15/29 (c)   120,000    123,900 
Victoria's Secret & Co.          
4.625% 7/15/29 (c)   135,000    136,688 
         1,808,369 
Semiconductors — 0.5%          
Broadcom, Inc.          
3.419% 4/15/33 (c)   306,000    317,129 
Marvell Technology, Inc.          
4.200% 6/22/23 (c)   385,000    406,512 
NXP BV / NXP Funding LLC / NXP USA, Inc.          
3.875% 6/18/26 (c)   190,000    209,245 
TSMC Global Ltd.          
1.250% 4/23/26 (c)   665,000    658,156 
         1,591,042 
Software — 0.3%          
Activision Blizzard, Inc.          
1.350% 9/15/30 (d)   230,000    212,917 
Clarivate Science Holdings Corp.          
4.875% 7/01/29 (c)   80,000    80,220 
Oracle Corp.          
3.850% 4/01/60   240,000    243,213 
Roper Technologies, Inc.          
1.750% 2/15/31   455,000    433,365 
         969,715 
Telecommunications — 1.0%          
AT&T, Inc.          
2.750% 6/01/31   100,000    102,448 
3.500% 9/15/53   619,000    609,222 
Avaya, Inc.          
6.125% 9/15/28 (c)   80,000    84,118 
CommScope, Inc.          
4.750% 9/01/29 (c)   80,000    80,100 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Digicel Group Holdings Ltd.          
7.000% (c) (e)  $80,771   $66,030 
8.000% 4/01/25 (c)   54,430    48,443 
Frontier Communications Holdings LLC          
5.000% 5/01/28 (c)   60,000    63,000 
5.875% 10/15/27 (c)   30,000    31,875 
6.750% 5/01/29 (c)   30,000    31,613 
GTT Communications, Inc.          
7.875% 12/31/24 (c)   50,000    5,000 
KT Corp.          
2.500% 7/18/26 (c)   200,000    209,051 
Lumen Technologies, Inc.          
4.000% 2/15/27 (c)   85,000    86,853 
5.125% 12/15/26 (c)   105,000    108,937 
NBN Co. Ltd.          
1.450% 5/05/26 (c)   200,000    199,114 
T-Mobile USA, Inc.          
2.250% 2/15/26   205,000    207,306 
2.550% 2/15/31   500,000    501,219 
2.875% 2/15/31   30,000    30,255 
3.375% 4/15/29   35,000    36,514 
3.375% 4/15/29 (c)   15,000    15,649 
3.400% 10/15/52 (c)   170,000    165,687 
Verizon Communications, Inc.          
2.650% 11/20/40   25,000    23,438 
4.400% 11/01/34   335,000    396,186 
         3,102,058 
Transportation — 0.5%          
CSX Corp.          
3.800% 11/01/46   350,000    394,946 
Empresa de Transporte de Pasajeros Metro SA          
5.000% 1/25/47 (c)   750,000    903,750 
FedEx Corp.          
4.750% 11/15/45   160,000    194,643 
First Student Bidco, Inc./First Transit Parent, Inc.          
4.000% 7/31/29 (c)   80,000    78,900 
         1,572,239 
Trucking & Leasing — 0.1%          
Penske Truck Leasing Co. LP/PTL Finance Corp.          
4.200% 4/01/27 (c)   185,000    208,448 
           
TOTAL CORPORATE DEBT
(Cost $75,057,076)		        77,591,113 
           
MUNICIPAL OBLIGATIONS — 0.1%          
State of California BAB, General Obligation          
7.550% 4/01/39   190,000    320,159 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $282,944)		        320,159 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.3%          
Commercial Mortgage-Backed Securities — 8.3%          
BANK          
Series 2020-BN28, Class AS, 2.140% 3/15/63   380,000    373,888 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2018-BN10, Class C, 4.163% VRN 2/15/61 (g)  $310,000   $332,518 
Series 2017-BNK5, Class C, 4.396% VRN 6/15/60 (g)   200,000    214,374 
Benchmark Mortgage Trust          
Series 2021-B28, Class XA, 1.406% VRN 8/15/54 (g)   3,973,362    393,512 
Series 2020-B19, Class AS, 2.148% 9/15/53   380,000    374,464 
Series 2020-B18, Class C, 3.772% VRN 7/15/53 (g)   354,000    375,011 
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (c)   378,000    382,319 
BX Trust          
Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 2.500% FRN 9/15/36 (c)   405,000    405,508 
Series 2019-OC11, Class E, 4.076% VRN 12/09/41 (c) (g)   374,000    383,849 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,          
1.147% VRN 1/10/48 (g)   5,503,582    205,586 
Citigroup Commercial Mortgage Trust          
Series 2016-GC36, Class D, 2.850% 2/10/49 (c)   201,000    142,361 
Series 2019-GC41, Class B, 3.199% 8/10/56   377,000    397,783 
Series 2020-420K, Class D, 3.422% VRN 11/10/42 (c) (g)   200,000    196,332 
Series 2020-420K, Class E, 3.422% VRN 11/10/42 (c) (g)   200,000    185,361 
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (g)   340,000    366,199 
Series 2015-GC31, Class C, 4.188% VRN 6/10/48 (g)   700,000    721,493 
Commercial Mortgage Pass-Through Certificates          
Series 2014-CR20, Class C, 4.654% VRN 11/10/47 (g)   411,000    425,963 
Series 2015-LC23, Class C, 4.770% VRN 10/10/48 (g)   470,000    505,800 
Series 2016-CR28, Class C, 4.792% VRN 2/10/49 (g)   465,000    498,620 
Cosmopolitan Hotel Trust, Series 2017-CSMO, Class E, 1 mo. USD LIBOR + 3.000%          
3.084% FRN 11/15/36 (c)   209,000    209,000 
CSAIL Commercial Mortgage Trust          
Series 2015-C1, Class XA, 0.966% VRN 4/15/50 (g)   8,037,978    180,576 
Series 2020-C19, Class C, 3.735% VRN 3/15/53 (g)   332,000    341,667 
Series 2019-C16, Class B, 3.885% 6/15/52   334,000    368,164 
Series 2016-C6, Class B, 3.924% VRN 1/15/49 (g)   298,000    319,741 
Series 2015-C4, Class C, 4.713% VRN 11/15/48 (g)   427,000    459,210 
Series 2018-C14, Class C, 5.052% VRN 11/15/51 (g)   405,000    446,189 
Series 2016-C6, Class C, 5.086% VRN 1/15/49 (g)   378,000    395,418 
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.600%          
2.684% FRN 6/15/33 (c)   550,000    536,443 
Fontainebleau Miami Beach Trust          
Series 2019-FBLU, Class E, 4.095% VRN 12/10/36 (c) (g)   169,000    174,658 
Series 2019-FBLU, Class G, 4.095% VRN 12/10/36 (c) (g)   176,000    176,064 
Great Wolf Trust, Series 2019-WOLF, Class D, 1 mo. USD LIBOR + 1.933%          
2.017% FRN 12/15/36 (c)   392,000    389,551 
GS Mortgage Securities Trust          
Series 2015-GS1, Class XA, 0.908% VRN 11/10/48 (g)   7,789,588    220,843 
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 1.334% FRN 7/15/35 (c)   167,000    163,669 
Series 2013-GC10, Class XA, 1.625% VRN 2/10/46 (g)   4,270,140    60,055 
Series 2014-GC26, Class D, 4.660% VRN 11/10/47 (c) (g)   1,117,000    748,692 
GSCG Trust, Series 2019-600C, Class E,          
4.118% VRN 9/06/34 (c) (g)   497,000    494,841 
Hospitality Mortgage Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%          
3.234% FRN 11/15/36 (c)   409,208    402,561 
JP Morgan Chase Commercial Mortgage Securities Trust          
Series 2015-JP1, Class XA, 1.057% VRN 1/15/49 (g)   3,826,909    119,421 
Series 2016-JP2, Class B, 3.460% 8/15/49   174,000    181,757 
JPMBB Commercial Mortgage Securities Trust          

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2015-C30, Class XA, 0.644% VRN 7/15/48 (g)  $9,194,908   $153,273 
Series 2015-C29, Class XA, 0.776% VRN 5/15/48 (g)   6,660,399    129,586 
Series 2014-C25, Class XA, 0.980% VRN 11/15/47 (g)   3,982,005    88,213 
Series 2015-C28, Class XA, 1.104% VRN 10/15/48 (g)   6,602,640    170,121 
Series 2015-C27, Class D, 3.944% VRN 2/15/48 (c) (g)   704,000    635,671 
Series 2015-C28, Class B, 3.986% 10/15/48   340,000    350,295 
Series 2014-C23, Class D, 4.133% VRN 9/15/47 (c) (g)   391,000    391,928 
Series 2015-C29, Class C, 4.338% VRN 5/15/48 (g)   162,000    161,690 
Series 2015-C33, Class C, 4.765% VRN 12/15/48 (g)   527,000    559,887 
Series 2015-C32, Class C, 4.799% VRN 11/15/48 (g)   87,000    71,700 
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C,          
3.849% VRN 5/13/53 (g)   327,000    348,647 
MF1 Ltd., Series 2020-FL3, Class AS, SOFR30A + 2.964%          
3.015% FRN 7/15/35 (c)   318,000    322,370 
Morgan Stanley Bank of America Merrill Lynch Trust          
Series 2015-C27, Class D, 3.237% VRN 12/15/47 (c) (g)   504,000    473,892 
Series 2015-C23, Class C, 4.282% VRN 7/15/50 (g)   650,000    670,882 
Series 2015-C27, Class C, 4.657% VRN 12/15/47 (g)   351,000    357,819 
Morgan Stanley Capital I Trust          
Series 2015-UBS8, Class XA, 1.024% VRN 12/15/48 (g)   6,129,782    186,009 
Series 2021-L6, Class C, 3.580% VRN 6/15/54 (g)   388,000    399,379 
MSCG Trust, Series 2018-SELF, Class F, 1 mo. USD LIBOR + 3.050%          
3.134% FRN 10/15/37 (c)   226,000    226,000 
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200%          
2.284% FRN 6/15/35 (c)   368,000    341,860 
SG Commercial Mortgage Securities Trust          
Series 2016-C5, Class XA, 2.073% VRN 10/10/48 (g)   3,630,268    222,986 
Series 2016-C5, Class B, 3.933% 10/10/48   411,000    427,064 
SLG Office Trust          
Series 2021-OVA, Class E, 2.851% 7/15/41 (c)   260,000    251,965 
Series 2021-OVA, Class F, 2.851% 7/15/41 (c)   260,000    239,242 
TTAN, Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900%          
2.984% FRN 3/15/38 (c)   385,000    385,121 
UBS Commercial Mortgage Trust          
Series 2017-C2, Class B, 3.993% VRN 8/15/50 (g)   332,000    352,363 
Series 2017-C1, Class B, 4.036% 6/15/50   328,000    351,626 
Series 2017-C6, Class B, 4.154% VRN 12/15/50 (g)   340,000    372,586 
Series 2017-C6, Class C, 4.593% VRN 12/15/50 (g)   400,000    435,071 
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C,          
4.217% VRN 3/10/46 (c) (g)   393,000    391,239 
Wells Fargo Commercial Mortgage Trust          
Series 2015-NXS2, Class XA, 0.803% VRN 7/15/58 (g)   10,017,941    203,398 
Series 2015-P2, Class XA, 1.117% VRN 12/15/48 (g)   4,128,770    145,460 
Series 2019-C53, Class XA, 1.147% VRN 10/15/52 (g)   4,330,271    284,462 
Series 2020-C57, Class XA, 2.229% VRN 8/15/53 (g)   2,220,737    336,424 
Series 2016-C35, Class B, 3.438% 7/15/48   328,000    344,299 
Series 2016-NXS6, Class B, 3.811% 11/15/49   248,000    261,527 
Series 2017-C39, Class C, 4.118% 9/15/50   206,000    218,795 
Series 2015-C28, Class C, 4.230% VRN 5/15/48 (g)   248,000    252,840 
Series 2019-C50, Class C, 4.345% 5/15/52   409,000    437,147 
Series 2016-LC24, Class C, 4.580% VRN 10/15/49 (g)   325,000    345,478 
Series 2016-C37, Class C, 4.638% VRN 12/15/49 (g)   376,000    400,956 
Series 2015-NXS4, Class C, 4.848% VRN 12/15/48 (g)   421,000    456,824 
         26,425,556 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Home Equity Asset-Backed Securities — 1.5%          
GSAA Home Equity Trust, Series 2007-10, Class A2A          
6.500% 11/25/37  $3,558,500   $2,228,994 
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE6, Class A2C, 1 mo. USD LIBOR + .150%          
0.236% FRN 9/25/36   5,485,853    2,541,866 
         4,770,860 
Other Asset-Backed Securities — 10.4%          
AASET US Ltd., Series 2018-1A, Class A          
3.844% 1/16/38 (c)   487,467    479,873 
Blackbird Capital Aircraft, Series 2021-1A, Class B          
3.446% 7/15/46 (c)   746,094    749,623 
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,          
5.682% STEP 12/16/41 (c)   713,542    699,379 
BlueMountain CLO Ltd.          
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% 2.734% FRN 4/20/31 (c)   1,000,000    954,307 
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 4.284% FRN 1/20/29 (c)   1,000,000    1,000,415 
Catamaran CLO 2016-1 Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 3.750%          
3.884% FRN 1/18/29 (c)   500,000    495,074 
CLI Funding VI LLC, Series 2020-3A, Class A          
2.070% 10/18/45 (c)   220,833    221,832 
Dividend Solar Loans LLC, Series 2018-1, Class B          
4.290% 7/20/38 (c)   646,999    696,752 
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100%          
3.225% FRN 8/15/31 (c)   500,000    500,573 
Gilbert Park CLO Ltd.          
Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 3.076% FRN 10/15/30 (c)   500,000    500,020 
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 6.526% FRN 10/15/30 (c)   1,000,000    1,000,303 
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300%          
3.434% FRN 1/20/30 (c)   1,000,000    1,000,282 
Helios Issuer LLC, Series 2020-AA, Class A          
2.980% 6/20/47 (c)   420,988    434,506 
Hero Funding Trust, Series 2016-4A, Class A2          
4.290% 9/20/47 (c)   145,452    150,133 
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000%          
3.126% FRN 10/15/30 (c)   500,000    490,133 
Invitation Homes Trust, Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250%          
1.334% FRN 3/17/37 (c)   1,144,836    1,145,178 
ITE Rail Fund Levered LP, Series 2021-1A, Class A          
2.250% 2/28/51 (c)   971,270    975,448 
JOL Air Ltd., Series 2019-1, Class A          
3.967% 4/15/44 (c)   419,947    416,231 
Long Beach Mortgage Loan Trust, Series 2006-7, Class 1A, 1 mo. USD LIBOR + .155%          
0.241% FRN 8/25/36   2,958,715    1,837,634 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (c)   398,234    397,307 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Madison Park Funding Ltd., Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950%          
3.088% FRN 10/22/30 (c)  $500,000   $500,013 
Marble Point CLO XXI Ltd., Series 2021-3A, Class D1, 3 mo. USD LIBOR + 3.500%          
3.629% FRN 10/17/34 (c)   500,000    499,992 
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150%          
0.236% FRN 8/25/37   1,601,396    1,551,036 
Mosaic Solar Loan Trust, Series 2021-3A, Class B          
1.920% 6/20/52 (c)   500,000    498,184 
Mosaic Solar Loans Trust          
Series 2020-1A, Class A, 2.100% 4/20/46 (c)   342,133    346,676 
Series 2020-2A, Class B, 2.210% 8/20/46 (c)   389,270    387,937 
Series 2017-1A, Class A, 4.450% 6/20/42 (c)   296,257    315,087 
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050%          
3.184% FRN 10/20/30 (c)   500,000    500,008 
Octagon Investment Partners 30 Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 3.300%          
3.434% FRN 3/17/30 (c)   1,000,000    1,000,081 
Pagaya AI Debt Selection Trust, Series 2021-2, Class Note          
3.000% 1/25/29 (c)   710,595    710,757 
Primose Funding LLC, Series 2019-1A, Class A2          
4.475% 7/30/49 (c)   982,500    1,025,773 
Sound Point CLO XXIII, Series 2019-2A, Class DR, 3 mo. USD LIBOR + 3.300%          
3.448% FRN 7/15/34 (c)   500,000    500,255 
Sprite Ltd., Series 2017-1, Class A          
4.250% 12/15/37 (c)   313,301    311,173 
START Ireland, Series 2019-1, Class A          
4.089% 3/15/44 (c)   302,305    302,441 
Sunnova Sol III Issuer LLC, Series 2021-1, Class A          
2.580% 4/28/56 (c)   494,104    491,826 
Sunrun Atlas Issuer LLC, Series 2019-2, Class A          
3.610% 2/01/55 (c)   716,551    760,584 
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050%          
3.176% FRN 10/15/31 (c)   500,000    500,064 
Textainer Marine Containers Ltd., Series 2020-2A, Class A          
2.100% 9/20/45 (c)   452,566    456,953 
Thunderbolt Aircraft Lease Ltd.          
Series 2018-A, Class A, 4.147% STEP 9/15/38 (c)   438,214    435,528 
Series 2017-A, Class A, 4.212% STEP 5/17/32 (c)   819,623    819,004 
TIF Funding II LLC, Series 2021-1A, Class A          
1.650% 2/20/46 (c)   948,333    930,465 
TPG Real Estate Finance Issuer Ltd., Series 2018-FL2, Class AS, 1 mo. USD LIBOR + 1.450%          
1.534% FRN 11/15/37 (c)   314,000    313,900 
Triumph Rail LLC, Series 2021-2, Class A          
2.150% 6/19/51 (c)   743,469    748,198 
Upstart Securitization Trust          
Series 2021-3, Class B, 1.660% 7/20/31 (c)   500,000    497,897 
Series 2021-4, Class B, 1.840% 9/20/31 (c)   700,000    699,960 
Series 2021-3, Class C, 3.280% 7/20/31 (c)   500,000    501,139 
Vantage Data Centers LLC, Series 2020-2A, Class A2          
1.992% 9/15/45 (c)   375,000    373,536 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Vault DI Issuer LLC, Series 2021-1A, Class A2          
2.804% 7/15/46 (c)  $500,000   $497,181 
VB-S1 Issuer LLC, Series 2020-1A, Class C2          
3.031% 6/15/50 (c)   500,000    520,210 
Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .180%          
0.266% FRN 10/25/36   61,434    32,172 
Wellfleet CLO X Ltd., Series 2019-XA, Class A1R, 3 mo. USD LIBOR + 1.170%          
1.344% FRN 7/20/32 (c)   500,000    500,165 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (c)   730,687    730,900 
Wind River CLO Ltd., Series 2017-1A, Class DR, 3 mo. USD LIBOR + 3.720%          
3.854% FRN 4/18/36 (c)   1,000,000    1,000,499 
         33,404,597 
Student Loans Asset-Backed Securities — 0.4%          
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%          
1.286% FRN 12/26/47 (c)   292,323    294,170 
SoFi Professional Loan Program LLC          
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)   350,000    365,588 
Series 2018-B, Class BFX, 3.830% 8/25/47 (c)   500,000    517,930 
         1,177,688 
Whole Loan Collateral Collateralized Mortgage Obligations — 8.3%          
Alternative Loan Trust, Series 2006-12CB, Class A5          
6.000% 5/25/36   2,064,276    1,553,803 
Banc of America Funding Trust, Series 2007-8, Class 2A1          
7.000% 10/25/37   4,328,015    3,616,847 
CHL GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.750%          
2.836% FRN 5/25/23 (c)   500,000    500,719 
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,          
3.034% VRN 4/25/37 (g)   910,410    856,033 
Countrywide Alternative Loan Trust          
Series 2006-13T1, Class A11, 6.000% 5/25/36   1,773,125    1,101,210 
Series 2006-36T2, Class 2A1, 6.250% 12/25/36   3,213,625    1,986,203 
Countrywide Home Loans Mortgage Pass-Through Trust          
Series 2007-HYB2, Class 3A1, 2.844% VRN 2/25/47 (g)   988,724    922,450 
Series 2007-3, Class A21, 6.000% 4/25/37   1,561,819    1,145,095 
Series 2007-14, Class A6, 6.000% 9/25/37   1,339,271    977,694 
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340%          
0.427% FRN 12/19/36   803,517    759,197 
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1,          
2.489% VRN 9/25/56 (c) (g)   1,028,000    1,029,604 
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1,          
2.981% VRN 5/25/37 (g)   2,061,093    1,910,130 
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. USD LIBOR + .200%          
0.286% FRN 7/25/47   2,235,431    2,245,210 
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,          
2.565% VRN 7/25/35 (g)   321,105    306,087 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1,          
3.017% VRN 2/25/36 (g)  $1,778,040   $1,513,809 
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,          
6.500% VRN 10/26/37 (c) (g)   801,978    522,844 
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%          
6.000% FRN 4/25/37   210,689    210,595 
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,          
2.758% VRN 10/25/37 (g)   630,139    556,312 
Verus Securitization Trust          
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (c) (g)   1,000,000    1,001,051 
Series 2021-R1, Class M1, 2.338% 10/25/63 (c)   1,500,000    1,504,122 
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAC3,          
35.647% VRN 2/25/38 (c) (g)   2,058,895    1,567,114 
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,          
6.850% STEP 5/25/36   818,397    790,545 
         26,576,674 
Whole Loan Collateral Planned Amortization Classes — 0.4%          
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15          
6.000% 8/25/36   1,501,626    1,193,943 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $97,280,328)		        93,549,318 
           
SOVEREIGN DEBT OBLIGATIONS — 2.5%          
Abu Dhabi Government International Bond          
1.700% 3/02/31 (c)   200,000    193,040 
3.125% 4/16/30 (c)   200,000    217,060 
3.125% 9/30/49 (c)   200,000    200,695 
Brazilian Government International Bond          
3.750% 9/12/31 (d)   300,000    284,550 
5.625% 2/21/47   300,000    299,481 
Chile Government International Bond          
2.550% 1/27/32   200,000    198,180 
3.100% 1/22/61   500,000    450,580 
Colombia Government International Bond          
3.250% 4/22/32   200,000    186,276 
4.125% 5/15/51   250,000    215,150 
5.000% 6/15/45   200,000    194,496 
Dominican Republic International Bond          
5.875% 1/30/60 (c)   150,000    146,777 
Indonesia Government International Bond          
3.700% 10/30/49   250,000    253,469 
Korea Electric Power Corp.          
1.125% 6/15/25 (c)   200,000    198,844 
Malaysia Wakala Sukuk Bhd          
2.070% 4/28/31 (c)   250,000    248,100 
Mexico Government International Bond          
2.659% 5/24/31   200,000    192,640 
3.750% 1/11/28 (d)   535,000    582,305 
3.771% 5/24/61   500,000    443,515 
4.280% 8/14/41   450,000    457,875 
Panama Government International Bond          
2.252% 9/29/32   200,000    187,842 
3.870% 7/23/60   200,000    194,678 
4.300% 4/29/53   200,000    211,486 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Perusahaan Penerbit SBSN Indonesia          
3.800% 6/23/50 (c)  $400,000   $406,420 
Perusahaan Penerbit SBSN Indonesia III          
2.550% 6/09/31 (c)   200,000    203,070 
Peruvian Government International Bond          
3.550% 3/10/51 (d)   300,000    297,969 
Philippine Government International Bond          
1.648% 6/10/31   400,000    380,341 
3.700% 3/01/41   450,000    475,362 
Saudi Government International Bond          
2.250% 2/02/33 (c)   500,000    486,130 
3.750% 1/21/55 (c)   200,000    208,582 
         8,014,913 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $8,099,900)		        8,014,913 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES(h) — 14.5%          
Collateralized Mortgage Obligations — 5.3%          
Federal Home Loan Mortgage Corp. REMICS          
Series 4481, Class B, 3.000% 12/15/42   1,797,810    1,837,198 
Series 4483, Class CA, 3.000% 6/15/44   2,488,173    2,587,940 
Federal National Mortgage Association
Series 2018-44, Class PZ 3.500% 6/25/48		   2,921,240    3,186,242 
Federal National Mortgage Association REMICS
Series 2018-21, Class PO 0.000% 4/25/48		   997,399    909,494 
Government National Mortgage Association          
Series 2021-164, Class IO, 0.968% VRN 10/16/63 (g)   1,275,000    112,682 
Series 2015-74, Class LZ, 3.500% 5/20/45   3,342,973    3,450,666 
Series 2015-92, Class CZ, 3.500% 6/20/45   4,489,070    4,759,121 
         16,843,343 
Pass-Through Securities — 8.3%          
Federal Home Loan Mortgage Corp.          
Pool #RB5125 2.000% 9/01/41   2,489,531    2,543,784 
Pool #BL5484 2.260% 1/01/30   3,000,000    3,115,490 
Pool #G08520 2.500% 1/01/43   643,683    667,186 
Pool #SB0048 3.000% 8/01/34   1,323,472    1,402,823 
Pool #SD8174 3.000% 10/01/51 (f)   2,750,000    2,895,678 
Pool #G08632 3.500% 3/01/45   923,142    994,849 
Federal National Mortgage Association          
Pool #MA4281 2.000% 3/01/51   3,822,744    3,834,375 
Pool #FM9079 2.000% 10/01/51 (f)   3,500,000    3,537,993 
Pool #FM4052 2.500% 9/01/50   2,977,947    3,103,825 
Pool #FM8692 2.500% 9/01/51 (f)   2,493,695    2,604,753 
Pool #MA2248 3.000% 4/01/45   434,744    455,057 
Pool #AS7661 3.000% 8/01/46   398,872    416,761 
Pool #AX2501 4.000% 10/01/44   868,037    950,627 
         26,523,201 
Whole Loans — 0.9%          
Federal Home Loan Mortgage Corp. SCRT, Series 2018-2, Class HV,          
3.000% VRN 11/25/57 (g)   2,684,901    2,830,944 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $44,591,957)		       $46,197,488 
           
U.S. TREASURY OBLIGATIONS — 19.7%          
U.S. Treasury Bonds & Notes — 19.7%          
U.S. Treasury Bond          
1.250% 5/15/50  $7,400,000    6,035,222 
2.000% 8/15/51   3,065,000    3,004,179 
2.250% 5/15/41   3,410,000    3,538,082 
2.750% 11/15/42   200,000    224,258 
2.750% 11/15/47   1,860,000    2,106,963 
4.750% 2/15/37   1,360,000    1,915,843 
U.S. Treasury Note          
0.125% 10/31/22   8,100,000    8,101,911 
0.125% 12/31/22   4,140,000    4,139,342 
0.125% 1/15/24   3,060,000    3,043,758 
0.250% 9/30/23   3,760,000    3,757,063 
0.250% 11/15/23   710,000    709,041 
0.375% 9/15/24 (d)   7,675,000    7,641,422 
0.375% 11/30/25   2,840,000    2,785,074 
0.500% 6/30/27   3,410,000    3,289,826 
0.750% 3/31/26   560,000    555,926 
0.875% 9/30/26   4,020,000    3,997,387 
1.250% 9/30/28   4,080,000    4,060,238 
1.250% 8/15/31 (d)   765,000    745,756 
1.500% 11/30/24   3,140,000    3,231,493 
         62,882,784 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $63,470,899)		        62,882,784 
           
TOTAL BONDS & NOTES
(Cost $301,678,395)		        301,509,304 
           
   Number of
Shares		    
MUTUAL FUNDS — 7.7%          
Diversified Financial Services— 7.7%          
DoubleLine Global Bond Fund   1,421,663    14,373,017 
State Street Navigator Securities Lending Government Money Market Portfolio (i)   10,382,919    10,382,919 
           
TOTAL MUTUAL FUNDS
(Cost $25,082,919)		        24,755,936 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $326,761,314)		        326,265,240 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SHORT-TERM INVESTMENTS — 4.1%          
           
Repurchase Agreement — 4.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (j)  $13,132,926   $13,132,926 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,132,926)		        13,132,926 
           
TOTAL INVESTMENTS — 106.3%
(Cost $339,894,240) (k)		        339,398,166 
           
Less Unfunded Loan Commitments — (0.0)%        (18,908) 
           
NET INVESTMENTS — 106.3%
(Cost $339,875,332)		        339,379,258 
           
Other Assets/(Liabilities) — (6.3)%        (20,067,517) 
           
NET ASSETS — 100.0%       $319,311,741 

 

Abbreviation Legend

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

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at September 30, 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 September 30, 2021, the aggregate market value of these securities amounted to $85,868,421 or 26.89% of net assets.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $12,002,164 or 3.76% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,868,491 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(e) Security is perpetual and has no stated maturity date.
(f) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(g) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2021.
(h) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i) Represents investment of security lending cash collateral. (Note 2).
(j) Maturity value of $13,132,926. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 5/31/27, and an aggregate market value, including accrued interest, of $13,395,675.
(k) See Note 3 for aggregate cost for federal tax purposes.

 

Currency Legend

USD U.S. Dollar

 

 

 

MML Equity Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.8%          
           
COMMON STOCK — 98.7%          
Basic Materials — 3.6%          
Chemicals — 2.3%          
Celanese Corp.   9,300   $1,400,952 
Dow, Inc.   30,800    1,772,848 
DuPont de Nemours, Inc.   29,700    2,019,303 
Eastman Chemical Co.   10,800    1,087,992 
International Flavors & Fragrances, Inc.   8,147    1,089,417 
Linde PLC   17,242    5,058,458 
LyondellBasell Industries NV Class A   26,400    2,477,640 
The Mosaic Co.   30,000    1,071,600 
PPG Industries, Inc.   12,252    1,752,159 
The Sherwin-Williams Co.   10,550    2,951,151 
         20,681,520 
Forest Products & Paper — 0.8%          
International Paper Co.   125,815    7,035,575 
Iron & Steel — 0.5%          
Nucor Corp.   23,900    2,353,911 
Reliance Steel & Aluminum Co.   5,000    712,100 
Steel Dynamics, Inc.   16,600    970,768 
         4,036,779 
         31,753,874 
Communications — 8.0%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   17,700    649,059 
Omnicom Group, Inc.   17,000    1,231,820 
         1,880,879 
Internet — 3.1%          
Alphabet, Inc. Class C (a)   8,415    22,428,584 
Booking Holdings, Inc. (a)   151    358,454 
eBay, Inc.   54,700    3,810,949 
Facebook, Inc. Class A (a)   600    203,634 
NortonLifeLock, Inc.   32,500    822,250 
         27,623,871 
Media — 2.6%          
Comcast Corp. Class A   306,233    17,127,612 
Fox Corp. Class A   26,700    1,070,937 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
The Walt Disney Co. (a)   28,352   $4,796,308 
         22,994,857 
Telecommunications — 2.1%          
Cisco Systems, Inc.   235,500    12,818,265 
Juniper Networks, Inc.   18,200    500,864 
Lumen Technologies, Inc. (b)   61,800    765,702 
Motorola Solutions, Inc.   300    69,696 
T-Mobile US, Inc. (a)   34,961    4,466,617 
         18,621,144 
         71,120,751 
Consumer, Cyclical — 10.3%          
Apparel — 0.1%          
Hanesbrands, Inc.   12,800    219,648 
PVH Corp. (a)   3,900    400,881 
Skechers U.S.A., Inc. Class A (a)   7,300    307,476 
         928,005 
Auto Manufacturers — 1.3%          
Cummins, Inc.   11,700    2,627,352 
Ford Motor Co. (a)   309,000    4,375,440 
General Motors Co. (a)   88,300    4,654,293 
         11,657,085 
Auto Parts & Equipment — 0.1%          
Lear Corp.   3,700    578,976 
Distribution & Wholesale — 0.1%          
LKQ Corp. (a)   24,100    1,212,712 
Home Builders — 0.8%          
D.R. Horton, Inc.   28,900    2,426,733 
Lennar Corp. Class A   21,900    2,051,592 
NVR, Inc. (a)   200    958,816 
PulteGroup, Inc.   21,300    978,096 
Toll Brothers, Inc.   6,700    370,443 
         6,785,680 
Home Furnishing — 0.2%          
Tempur Sealy International, Inc.   10,700    496,587 
Whirlpool Corp.   4,900    998,914 
         1,495,501 
Housewares — 0.1%          
Newell Brands, Inc.   33,500    741,690 
Leisure Time — 0.1%          
Brunswick Corp.   6,100    581,147 
Polaris, Inc.   3,700    442,742 
         1,023,889 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Lodging — 0.9%          
Hilton Worldwide Holdings, Inc. (a)   24,138   $3,188,871 
Marriott International, Inc. Class A (a)   20,433    3,025,923 
MGM Resorts International   44,054    1,900,930 
         8,115,724 
Retail — 6.5%          
Advance Auto Parts, Inc.   5,200    1,086,228 
AutoNation, Inc. (a)   6,900    840,144 
AutoZone, Inc. (a)   1,564    2,655,656 
BJ's Wholesale Club Holdings, Inc. (a)   7,500    411,900 
CarMax, Inc. (a)   8,900    1,138,844 
Casey's General Stores, Inc.   3,000    565,350 
Dick's Sporting Goods, Inc.   3,700    443,149 
The Gap, Inc.   20,600    467,620 
Genuine Parts Co.   11,400    1,382,022 
The Home Depot, Inc.   30,141    9,894,085 
Kohl's Corp.   8,200    386,138 
Lowe's Cos., Inc.   58,000    11,765,880 
McDonald's Corp.   1,309    315,613 
O'Reilly Automotive, Inc. (a)   5,600    3,421,936 
Starbucks Corp.   17,883    1,972,674 
Target Corp.   39,700    9,082,169 
The TJX Cos., Inc.   35,084    2,314,842 
Walgreens Boots Alliance, Inc.   53,200    2,503,060 
Walmart, Inc.   13,197    1,839,398 
Williams-Sonoma, Inc.   4,700    833,451 
Yum! Brands, Inc.   35,042    4,285,987 
         57,606,146 
Textiles — 0.1%          
Mohawk Industries, Inc. (a)   5,500    975,700 
         91,121,108 
Consumer, Non-cyclical — 19.2%          
Agriculture — 1.9%          
Altria Group, Inc.   100,800    4,588,416 
Archer-Daniels-Midland Co.   44,000    2,640,440 
Bunge Ltd.   11,000    894,520 
Philip Morris International, Inc.   95,800    9,080,882 
         17,204,258 
Beverages — 0.1%          
Keurig Dr Pepper, Inc.   9,800    334,768 
Molson Coors Beverage Co. Class B   12,300    570,474 
         905,242 
Biotechnology — 1.4%          
Bio-Rad Laboratories, Inc. Class A (a)   2,100    1,566,495 
Biogen, Inc. (a)   8,100    2,292,219 
Gilead Sciences, Inc.   68,600    4,791,710 
Regeneron Pharmaceuticals, Inc. (a)   5,700    3,449,526 
         12,099,950 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Commercial Services — 0.7%          
AMERCO   1,700   $1,098,251 
Quanta Services, Inc.   8,500    967,470 
Service Corp. International   13,900    837,614 
United Rentals, Inc. (a)   8,546    2,999,048 
         5,902,383 
Food — 0.8%          
The J.M. Smucker Co.   6,700    804,201 
The Kraft Heinz Co.   75,500    2,779,910 
The Kroger Co.   40,700    1,645,501 
Mondelez International, Inc. Class A   5,700    331,626 
Tyson Foods, Inc. Class A   18,100    1,428,814 
         6,990,052 
Health Care – Products — 3.1%          
Abbott Laboratories   8,503    1,004,460 
Danaher Corp.   29,548    8,995,593 
Henry Schein, Inc. (a)   7,900    601,664 
Hologic, Inc. (a)   10,500    775,005 
Medtronic PLC   39,898    5,001,214 
PerkinElmer, Inc.   12,900    2,235,441 
Steris PLC   500    102,140 
Stryker Corp.   3,564    939,898 
Teleflex, Inc.   4,007    1,508,836 
Thermo Fisher Scientific, Inc.   10,701    6,113,802 
         27,278,053 
Health Care – Services — 4.0%          
Anthem, Inc.   30,544    11,386,803 
Centene Corp. (a)   70,900    4,417,779 
DaVita, Inc. (a)   8,900    1,034,714 
HCA Healthcare, Inc.   43,049    10,448,853 
Laboratory Corp. of America Holdings (a)   7,700    2,167,088 
Quest Diagnostics, Inc.   10,700    1,554,817 
UnitedHealth Group, Inc.   8,698    3,398,657 
Universal Health Services, Inc. Class B   6,100    844,057 
         35,252,768 
Household Products & Wares — 0.1%          
Avery Dennison Corp.   4,881    1,011,392 
Kimberly-Clark Corp.   2,300    304,612 
         1,316,004 
Pharmaceuticals — 7.1%          
AbbVie, Inc.   87,237    9,410,255 
AmerisourceBergen Corp.   16,200    1,935,090 
AstraZeneca PLC Sponsored ADR   76,600    4,600,596 
Bausch Health Cos., Inc. (a)   5,997    167,016 
Becton Dickinson and Co.   10,465    2,572,506 
Cigna Corp.   24,501    4,904,120 
CVS Health Corp.   77,185    6,549,919 
Elanco Animal Health, Inc. (a)   70,323    2,242,601 
Eli Lilly & Co.   13,449    3,107,392 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Johnson & Johnson   143,916   $23,242,434 
McKesson Corp.   12,700    2,532,126 
Pfizer, Inc.   33,400    1,436,534 
         62,700,589 
         169,649,299 
Energy — 3.6%          
Oil & Gas — 2.9%          
Continental Resources, Inc.   28,900    1,333,735 
EOG Resources, Inc.   52,965    4,251,500 
Exxon Mobil Corp.   260,200    15,304,964 
Marathon Oil Corp.   44,715    611,254 
Phillips 66   26,900    1,883,807 
Valero Energy Corp.   25,200    1,778,364 
         25,163,624 
Pipelines — 0.7%          
Kinder Morgan, Inc.   139,300    2,330,489 
ONEOK, Inc.   24,400    1,414,956 
The Williams Cos., Inc.   96,200    2,495,428 
         6,240,873 
         31,404,497 
Financial — 26.8%          
Banks — 14.2%          
Bank of America Corp.   669,109    28,403,677 
The Bank of New York Mellon Corp.   54,900    2,846,016 
Citigroup, Inc.   38,000    2,666,840 
Citizens Financial Group, Inc.   26,300    1,235,574 
Comerica, Inc.   8,600    692,300 
Commerce Bancshares, Inc.   7,172    499,745 
Cullen/Frost Bankers, Inc.   3,300    391,446 
East West Bancorp, Inc.   8,800    682,352 
Fifth Third Bancorp   43,900    1,863,116 
The Goldman Sachs Group, Inc.   32,435    12,261,403 
JP Morgan Chase & Co.   171,684    28,102,954 
KeyCorp   60,400    1,305,848 
M&T Bank Corp.   7,600    1,134,984 
Morgan Stanley   138,828    13,509,353 
Northern Trust Corp.   12,800    1,379,968 
The PNC Financial Services Group, Inc.   26,100    5,106,204 
Regions Financial Corp.   59,300    1,263,683 
State Street Corp.   21,900    1,855,368 
Truist Financial Corp.   82,600    4,844,490 
US Bancorp   92,273    5,484,707 
Wells Fargo & Co.   181,882    8,441,143 
Western Alliance Bancorp   5,900    642,038 
Zions Bancorp NA   10,100    625,089 
         125,238,298 
Diversified Financial Services — 3.6%          
Ally Financial, Inc.   23,100    1,179,255 
American Express Co.   43,400    7,270,802 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Apollo Global Management, Inc. (b)   7,200   $443,448 
Capital One Financial Corp.   28,200    4,567,554 
The Charles Schwab Corp.   90,907    6,621,666 
Credit Acceptance Corp. (a) (b)   400    234,120 
Discover Financial Services   17,000    2,088,450 
LPL Financial Holdings, Inc.   4,900    768,124 
OneMain Holdings, Inc.   7,500    414,975 
Raymond James Financial, Inc.   12,600    1,162,728 
SEI Investments Co.   8,900    527,770 
Synchrony Financial   36,100    1,764,568 
T. Rowe Price Group, Inc.   14,100    2,773,470 
Visa, Inc. Class A   8,888    1,979,802 
         31,796,732 
Insurance — 7.1%          
Aflac, Inc.   43,300    2,257,229 
Alleghany Corp. (a)   900    561,969 
The Allstate Corp.   18,700    2,380,697 
American Financial Group, Inc.   5,300    666,899 
American International Group, Inc.   173,311    9,513,041 
Arch Capital Group Ltd. (a)   24,800    946,864 
Assurant, Inc.   3,700    583,675 
Chubb Ltd.   47,090    8,169,173 
Cincinnati Financial Corp.   9,900    1,130,778 
Equitable Holdings, Inc.   100,912    2,991,032 
Everest Re Group Ltd.   2,900    727,262 
Fidelity National Financial, Inc.   15,600    707,304 
First American Financial Corp.   5,600    375,480 
Globe Life, Inc.   5,700    507,471 
The Hartford Financial Services Group, Inc.   73,233    5,144,618 
Lincoln National Corp.   11,900    818,125 
Loews Corp.   16,400    884,452 
Markel Corp. (a)   890    1,063,666 
Marsh & McLennan Cos., Inc.   5,644    854,671 
MetLife, Inc.   96,970    5,985,958 
Old Republic International Corp.   12,800    296,064 
Principal Financial Group, Inc.   17,000    1,094,800 
The Progressive Corp.   36,200    3,272,118 
Prudential Financial, Inc.   24,400    2,566,880 
The Travelers Cos., Inc.   41,900    6,369,219 
Voya Financial, Inc. (b)   8,200    503,398 
W.R. Berkley Corp.   11,000    804,980 
Willis Towers Watson PLC   7,100    1,650,466 
         62,828,289 
Real Estate — 0.1%          
Jones Lang LaSalle, Inc. (a)   4,000    992,360 
Real Estate Investment Trusts (REITS) — 1.8%          
Alexandria Real Estate Equities, Inc.   6,265    1,197,054 
Camden Property Trust   14,367    2,118,701 
Equity LifeStyle Properties, Inc.   20,137    1,572,700 
Prologis, Inc.   56,817    7,126,556 
Welltower, Inc.   37,758    3,111,259 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Weyerhaeuser Co.   12,254   $435,875 
         15,562,145 
         236,417,824 
Industrial — 11.4%          
Aerospace & Defense — 1.1%          
General Dynamics Corp.   22,800    4,469,484 
L3 Harris Technologies, Inc.   11,400    2,510,736 
Northrop Grumman Corp.   8,800    3,169,320 
         10,149,540 
Building Materials — 0.4%          
Fortune Brands Home & Security, Inc.   11,000    983,620 
Martin Marietta Materials, Inc.   1,764    602,724 
Masco Corp.   20,800    1,155,440 
Owens Corning   8,600    735,300 
         3,477,084 
Electrical Components & Equipment — 0.1%          
Schneider Electric SE   6,464    1,074,706 
Electronics — 1.4%          
Agilent Technologies, Inc.   26,325    4,146,977 
Arrow Electronics, Inc. (a)   5,900    662,511 
Fortive Corp.   27,900    1,968,903 
Honeywell International, Inc.   11,646    2,472,213 
Hubbell, Inc.   11,378    2,055,663 
Jabil, Inc.   11,900    694,603 
Sensata Technologies Holding PLC (a)   8,700    476,064 
         12,476,934 
Engineering & Construction — 0.3%          
Jacobs Engineering Group, Inc.   19,380    2,568,431 
Environmental Controls — 0.3%          
Republic Services, Inc.   22,320    2,679,739 
Hand & Machine Tools — 0.1%          
Snap-on, Inc.   4,300    898,485 
Machinery – Construction & Mining — 0.1%          
Caterpillar, Inc.   4,834    927,983 
Oshkosh Corp.   3,800    389,006 
         1,316,989 
Machinery – Diversified — 1.1%          
AGCO Corp.   5,800    710,674 
Deere & Co.   17,000    5,696,190 
Dover Corp.   11,400    1,772,700 
Westinghouse Air Brake Technologies Corp.   15,100    1,301,771 
         9,481,335 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Miscellaneous - Manufacturing — 2.9%          
3M Co.   45,760   $8,027,219 
General Electric Co.   111,666    11,504,948 
Illinois Tool Works, Inc.   1,200    247,956 
Parker-Hannifin Corp.   7,100    1,985,302 
Siemens AG Registered   16,209    2,664,385 
Textron, Inc.   18,100    1,263,561 
         25,693,371 
Packaging & Containers — 1.5%          
Amcor PLC   124,300    1,440,637 
Berry Global Group, Inc. (a)   7,000    426,160 
Crown Holdings, Inc.   10,700    1,078,346 
Packaging Corp. of America   26,082    3,584,710 
Sealed Air Corp.   12,300    673,917 
WestRock Co.   118,308    5,895,288 
         13,099,058 
Shipbuilding — 0.1%          
Huntington Ingalls Industries, Inc.   2,300    444,038 
Transportation — 2.0%          
CSX Corp.   66,089    1,965,487 
Expeditors International of Washington, Inc.   3,700    440,781 
Knight-Swift Transportation Holdings, Inc.   9,100    465,465 
Norfolk Southern Corp.   14,759    3,531,091 
Union Pacific Corp.   6,947    1,361,681 
United Parcel Service, Inc. Class B   52,881    9,629,630 
         17,394,135 
         100,753,845 
Technology — 11.8%          
Computers — 1.3%          
Genpact Ltd.   15,000    712,650 
Hewlett Packard Enterprise Co.   102,400    1,459,200 
HP, Inc.   102,100    2,793,456 
International Business Machines Corp.   49,900    6,932,607 
         11,897,913 
Semiconductors — 5.7%          
Analog Devices, Inc.   22,192    3,716,716 
Applied Materials, Inc.   37,071    4,772,150 
ASML Holding NV   1,954    1,455,945 
Broadcom, Inc.   28,867    13,998,474 
Intel Corp.   221,800    11,817,504 
KLA Corp.   4,002    1,338,709 
Microchip Technology, Inc.   7,224    1,108,812 
Micron Technology, Inc.   68,900    4,890,522 
MKS Instruments, Inc.   3,200    482,912 
NXP Semiconductor NV   5,189    1,016,369 
Qorvo, Inc. (a)   6,200    1,036,578 
QUALCOMM, Inc.   16,319    2,104,825 
Skyworks Solutions, Inc.   9,000    1,483,020 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Texas Instruments, Inc.   3,482   $669,275 
         49,891,811 
Software — 4.8%          
Fiserv, Inc. (a)   19,759    2,143,852 
Microsoft Corp.   52,702    14,857,748 
Oracle Corp.   233,000    20,301,290 
salesforce.com, Inc. (a)   17,200    4,664,984 
Zoom Video Communications, Inc. Class A (a)   400    104,600 
         42,072,474 
         103,862,198 
Utilities — 4.0%          
Electric — 3.8%          
AES Corp.   91,075    2,079,242 
Alliant Energy Corp.   13,700    766,926 
Ameren Corp.   1,001    81,081 
CMS Energy Corp.   5,202    310,716 
Dominion Energy, Inc.   22,320    1,629,806 
Entergy Corp.   11,000    1,092,410 
Evergy, Inc.   17,906    1,113,753 
Eversource Energy   10,010    818,418 
Exelon Corp.   84,227    4,071,533 
FirstEnergy Corp.   33,400    1,189,708 
NextEra Energy, Inc.   50,401    3,957,487 
NRG Energy, Inc.   13,400    547,122 
PPL Corp.   42,100    1,173,748 
Public Service Enterprise Group, Inc.   41,800    2,545,620 
Sempra Energy   44,461    5,624,317 
The Southern Co.   95,126    5,894,958 
WEC Energy Group, Inc.   3,452    304,466 
Xcel Energy, Inc.   4,700    293,750 
         33,495,061 
Gas — 0.1%          
Atmos Energy Corp.   2,180    192,276 
UGI Corp.   16,500    703,230 
         895,506 
Water — 0.1%          
Essential Utilities, Inc.   13,400    617,472 
         35,008,039 
           
TOTAL COMMON STOCK
(Cost $655,752,541)		        871,091,435 
           
PREFERRED STOCK — 0.1%          
Utilities — 0.1%          
Electric — 0.1%          
The AES Corp. Convertible 6.875% (b)   6,246    602,115 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
The Southern Co. Convertible 6.750%   7,930   $404,509 
         1,006,624 
         1,006,624 
           
TOTAL PREFERRED STOCK
(Cost $1,021,100)		        1,006,624 
           
TOTAL EQUITIES
(Cost $656,773,641)		        872,098,059 
           
MUTUAL FUNDS — 0.9%          
Diversified Financial Services — 0.9%          
iShares Russell 1000 Value ETF   47,739    7,471,631 
State Street Navigator Securities Lending Government Money Market Portfolio (c)   678,087    678,087 
         8,149,718 
           
TOTAL MUTUAL FUNDS
(Cost $7,612,162)		        8,149,718 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $664,385,803)		        880,247,777 
           
SHORT-TERM INVESTMENTS — 0.5%          
Mutual Fund — 0.2%          
T. Rowe Price Government Reserve Investment Fund  2,061,263    2,061,263 
           
   Principal
Amount		    
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (d)  $2,353,967    2,353,967 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,415,230)		        4,415,230 
           
TOTAL INVESTMENTS — 100.2%
(Cost $668,801,033) (e)		        884,663,007 
           
Other Assets/(Liabilities) — (0.2)%        (1,623,590) 
           
NET ASSETS — 100.0%       $883,039,417 

 

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 September 30, 2021, was $2,347,483 or 0.27% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,720,089 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $2,353,967. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 5/31/27, and an aggregate market value, including accrued interest, of $2,401,104.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.9%          
           
COMMON STOCK — 99.9%          
Basic Materials — 2.7%          
Chemicals — 0.6%          
Albemarle Corp.   924   $202,328 
The Mosaic Co.   2,368    84,585 
         286,913 
Forest Products & Paper — 0.3%          
International Paper Co.   2,421    135,382 
Iron & Steel — 0.7%          
Nucor Corp.   3,247    319,797 
Mining — 1.1%          
Freeport-McMoRan, Inc.   14,990    487,625 
         1,229,717 
Communications — 18.8%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   3,043    111,587 
Internet — 17.8%          
Alphabet, Inc. Class A (a)   1,505    4,023,648 
Alphabet, Inc. Class C (a)   1,497    3,989,969 
Expedia Group, Inc. (a)   797    130,628 
         8,144,245 
Media — 0.2%          
News Corp. Class A   3,056    71,908 
News Corp. Class B   841    19,536 
         91,444 
Telecommunications — 0.6%          
Motorola Solutions, Inc.   1,210    281,107 
         8,628,383 
Consumer, Cyclical — 13.2%          
Apparel — 2.8%          
NIKE, Inc. Class B   7,967    1,157,047 
Tapestry, Inc.   3,430    126,979 
         1,284,026 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Auto Manufacturers — 2.2%          
Ford Motor Co. (a)   27,691   $392,105 
General Motors Co. (a)   11,969    630,886 
         1,022,991 
Auto Parts & Equipment — 0.7%          
Aptiv PLC (a)   2,302    342,929 
Distribution & Wholesale — 0.6%          
Copart, Inc. (a)   1,228    170,348 
LKQ Corp. (a)   1,712    86,148 
         256,496 
Entertainment — 0.5%          
Caesars Entertainment, Inc. (a)   1,843    206,932 
Lodging — 0.3%          
MGM Resorts International   2,806    121,079 
Retail — 5.9%          
Bath & Body Works, Inc.   3,256    205,226 
Darden Restaurants, Inc.   802    121,479 
Starbucks Corp.   7,738    853,579 
Target Corp.   5,733    1,311,538 
Yum! Brands, Inc.   1,615    197,530 
         2,689,352 
Textiles — 0.2%          
Mohawk Industries, Inc. (a)   538    95,441 
         6,019,246 
Consumer, Non-cyclical — 11.1%          
Biotechnology — 3.6%          
Moderna, Inc. (a)   4,319    1,662,211 
Commercial Services — 2.8%          
Automatic Data Processing, Inc.   2,994    598,560 
Gartner, Inc. (a)   794    241,281 
Quanta Services, Inc.   1,518    172,779 
Robert Half International, Inc.   772    77,455 
United Rentals, Inc. (a)   498    174,763 
         1,264,838 
Cosmetics & Personal Care — 1.0%          
The Estee Lauder Cos., Inc. Class A   1,516    454,694 
Health Care – Products — 1.4%          
Align Technology, Inc. (a)   482    320,737 
IDEXX Laboratories, Inc. (a)   480    298,512 
         619,249 
Health Care – Services — 2.0%          
Charles River Laboratories International, Inc. (a)   485    200,145 
HCA Healthcare, Inc.   1,931    468,692 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
IQVIA Holdings, Inc. (a)   1,077   $257,985 
         926,822 
Household Products & Wares — 0.3%          
Avery Dennison Corp.   706    146,290 
         5,074,104 
Energy — 1.0%          
Energy – Alternate Sources — 0.3%          
Enphase Energy, Inc. (a)   1,025    153,719 
Oil & Gas — 0.3%          
Devon Energy Corp.   4,204    149,284 
Pipelines — 0.4%          
ONEOK, Inc.   2,709    157,095 
         460,098 
Financial — 27.0%          
Banks — 10.6%          
Fifth Third Bancorp   3,903    165,643 
First Republic Bank   1,196    230,684 
The Goldman Sachs Group, Inc.   2,990    1,130,310 
Morgan Stanley   13,037    1,268,630 
The PNC Financial Services Group, Inc.   2,548    498,491 
SVB Financial Group (a)   592    382,953 
Wells Fargo & Co.   25,453    1,181,274 
         4,857,985 
Diversified Financial Services — 7.4%          
American Express Co.   3,793    635,441 
Ameriprise Financial, Inc.   700    184,884 
Capital One Financial Corp.   5,044    816,977 
The Charles Schwab Corp.   12,782    931,041 
Discover Financial Services   3,159    388,083 
Invesco Ltd.   3,272    78,888 
Raymond James Financial, Inc.   1,510    139,343 
Synchrony Financial   4,524    221,133 
         3,395,790 
Insurance — 6.3%          
Berkshire Hathaway, Inc. Class B (a)   10,593    2,891,254 
Real Estate — 0.6%          
CBRE Group, Inc. Class A (a)   2,901    282,441 
Real Estate Investment Trusts (REITS) — 2.1%          
Extra Space Storage, Inc.   1,061    178,238 
Mid-America Apartment Communities, Inc.   964    180,027 
Public Storage   1,172    348,201 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Simon Property Group, Inc.   1,872   $243,304 
         949,770 
         12,377,240 
Industrial — 17.6%          
Aerospace & Defense — 0.2%          
Howmet Aerospace, Inc.   2,825    88,140 
Building Materials — 2.3%          
Carrier Global Corp.   8,065    417,444 
Johnson Controls International PLC   7,185    489,155 
Martin Marietta Materials, Inc.   375    128,130 
         1,034,729 
Electrical Components & Equipment — 1.3%          
Emerson Electric Co.   3,671    345,808 
Generac Holdings, Inc. (a)   623    254,602 
         600,410 
Electronics — 5.4%          
Agilent Technologies, Inc.   2,198    346,251 
Garmin Ltd.   1,193    185,464 
Honeywell International, Inc.   4,242    900,492 
Keysight Technologies, Inc. (a)   1,190    195,505 
Mettler-Toledo International, Inc. (a)   130    179,057 
TE Connectivity Ltd.   2,260    310,117 
Trimble, Inc. (a)   1,857    152,738 
Waters Corp. (a)   558    199,373 
         2,468,997 
Environmental Controls — 0.2%          
Pentair PLC   1,247    90,570 
Machinery – Diversified — 2.8%          
Deere & Co.   2,829    947,913 
Dover Corp.   1,088    169,184 
Xylem, Inc.   1,504    186,015 
         1,303,112 
Miscellaneous - Manufacturing — 4.4%          
Eaton Corp. PLC   3,149    470,177 
General Electric Co.   8,102    834,749 
Parker-Hannifin Corp.   827    231,246 
Textron, Inc.   1,578    110,160 
Trane Technologies PLC   2,166    373,960 
         2,020,292 
Packaging & Containers — 0.1%          
Sealed Air Corp.   822    45,037 
Transportation — 0.9%          
Expeditors International of Washington, Inc.   1,094    130,328 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
FedEx Corp.   1,304   $285,954 
         416,282 
         8,067,569 
Technology — 8.5%          
Computers — 1.7%          
DXC Technology Co. (a)   1,668    56,062 
Fortinet, Inc. (a)   984    287,367 
HP, Inc.   6,901    188,811 
NetApp, Inc.   1,317    118,214 
Seagate Technology Holdings PLC   1,514    124,935 
         775,389 
Office & Business Equipment — 0.5%          
Zebra Technologies Corp. Class A (a)   423    218,023 
Semiconductors — 1.7%          
Applied Materials, Inc.   6,243    803,661 
Software — 4.6%          
Intuit, Inc.   1,727    931,734 
Oracle Corp.   10,086    878,793 
Paychex, Inc.   2,519    283,262 
         2,093,789 
         3,890,862 
           
TOTAL COMMON STOCK
(Cost $46,538,531)		        45,747,219 
           
TOTAL EQUITIES
(Cost $46,538,531)		        45,747,219 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $46,538,531)		        45,747,219 
           
TOTAL INVESTMENTS — 99.9%
(Cost $46,538,531) (b)		        45,747,219 
           
Other Assets/(Liabilities) — 0.1%        31,688 
           
NET ASSETS — 100.0%       $45,778,907 

 

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

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.9%          
           
COMMON STOCK — 99.9%          
Basic Materials — 6.7%          
Chemicals — 3.7%          
Air Products & Chemicals, Inc.   41   $10,501 
Albemarle Corp.   734    160,724 
Axalta Coating Systems Ltd. (a)   838    24,461 
Celanese Corp.   1,423    214,361 
CF Industries Holdings, Inc.   2,450    136,759 
The Chemours Co.   4,137    120,221 
Dow, Inc.   2,236    128,704 
DuPont de Nemours, Inc.   650    44,194 
Eastman Chemical Co.   1,305    131,466 
Element Solutions, Inc.   3,306    71,674 
Huntsman Corp.   2,547    75,366 
LyondellBasell Industries NV Class A   1,173    110,086 
The Mosaic Co.   8,119    290,011 
Olin Corp.   950    45,837 
PPG Industries, Inc.   612    87,522 
RPM International, Inc.   173    13,433 
The Sherwin-Williams Co.   103    28,812 
Valvoline, Inc.   2,061    64,262 
Westlake Chemical Corp.   433    39,464 
         1,797,858 
Forest Products & Paper — 0.5%          
International Paper Co.   3,870    216,410 
Iron & Steel — 1.7%          
Cleveland-Cliffs, Inc. (a) (b)   3,609    71,494 
Nucor Corp.   3,099    305,220 
Reliance Steel & Aluminum Co.   880    125,330 
Steel Dynamics, Inc.   4,243    248,131 
United States Steel Corp.   3,345    73,490 
         823,665 
Mining — 0.8%          
Alcoa Corp. (a)   4,693    229,675 
Freeport-McMoRan, Inc.   3,195    103,933 
Newmont Corp.   296    16,073 
Southern Copper Corp.   156    8,758 
         358,439 
         3,196,372 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Communications — 4.8%          
Advertising — 0.9%          
The Interpublic Group of Cos., Inc.   7,991   $293,030 
Omnicom Group, Inc.   1,548    112,168 
The Trade Desk, Inc. Class A (a)   210    14,763 
         419,961 
Internet — 2.0%          
Alphabet, Inc. Class A (a)   4    10,694 
Alphabet, Inc. Class C (a)   5    13,326 
CDW Corp.   700    127,414 
eBay, Inc.   492    34,278 
Etsy, Inc. (a)   421    87,551 
F5 Networks, Inc. (a)   192    38,166 
IAC/InterActiveCorp (a)   1,286    167,553 
Mandiant, Inc. (a)   1,085    19,313 
Match Group, Inc. (a)   304    47,725 
NortonLifeLock, Inc.   1,042    26,363 
Opendoor Technologies, Inc. (a) (b)   597    12,256 
Palo Alto Networks, Inc. (a)   147    70,413 
Pinterest, Inc. Class A (a)   1,964    100,066 
Roku, Inc. (a)   215    67,370 
Twitter, Inc. (a)   741    44,749 
Vimeo, Inc. (a)   362    10,632 
Wayfair, Inc. Class A (a) (b)   133    33,983 
Zendesk, Inc. (a)   316    36,779 
Zillow Group, Inc. Class A (a)   116    10,275 
Zillow Group, Inc. Class C (a)   278    24,503 
         983,409 
Media — 1.2%          
Altice USA, Inc. Class A (a)   1,812    37,545 
Comcast Corp. Class A   191    10,682 
Discovery, Inc. Class A (a)   703    17,842 
Discovery, Inc. Class C (a)   1,571    38,128 
DISH Network Corp. Class A (a)   478    20,774 
Fox Corp. Class A   662    26,553 
News Corp. Class A   2,287    53,813 
News Corp. Class B   691    16,052 
Nexstar Media Group, Inc. Class A   874    132,813 
ViacomCBS, Inc. Class B   5,670    224,022 
         578,224 
Telecommunications — 0.7%          
Arista Networks, Inc. (a)   87    29,897 
CommScope Holding Co., Inc. (a)   4,014    54,550 
Corning, Inc.   3,005    109,653 
Lumen Technologies, Inc.   6,760    83,756 
Motorola Solutions, Inc.   199    46,232 
         324,088 
         2,305,682 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Consumer, Cyclical — 15.9%          
Apparel — 1.2%          
Capri Holdings Ltd. (a)   2,840   $137,484 
Deckers Outdoor Corp. (a)   256    92,211 
Hanesbrands, Inc.   4,987    85,577 
PVH Corp. (a)   739    75,962 
Ralph Lauren Corp.   368    40,863 
Skechers U.S.A., Inc. Class A (a)   609    25,651 
Tapestry, Inc.   1,871    69,264 
Under Armour, Inc. Class A (a)   1,271    25,649 
Under Armour, Inc. Class C (a)   1,268    22,215 
VF Corp.   130    8,709 
         583,585 
Auto Manufacturers — 1.4%          
Cummins, Inc.   319    71,635 
Ford Motor Co. (a)   23,975    339,486 
General Motors Co. (a)   4,371    230,395 
PACCAR, Inc.   306    24,150 
         665,666 
Auto Parts & Equipment — 0.7%          
Allison Transmission Holdings, Inc.   267    9,430 
Aptiv PLC (a)   869    129,455 
BorgWarner, Inc.   1,460    63,087 
Gentex Corp.   411    13,555 
Lear Corp.   780    122,054 
         337,581 
Distribution & Wholesale — 1.2%          
Copart, Inc. (a)   234    32,461 
Fastenal Co.   289    14,915 
IAA, Inc. (a)   323    17,626 
LKQ Corp. (a)   4,611    232,026 
Pool Corp.   123    53,432 
SiteOne Landscape Supply, Inc. (a)   224    44,681 
Univar Solutions, Inc. (a)   2,114    50,356 
W.W. Grainger, Inc.   139    54,635 
Watsco, Inc.   245    64,832 
         564,964 
Entertainment — 0.4%          
Caesars Entertainment, Inc. (a)   151    16,954 
Churchill Downs, Inc.   56    13,444 
Marriott Vacations Worldwide Corp.   275    43,266 
Penn National Gaming, Inc. (a)   762    55,215 
Vail Resorts, Inc. (a)   172    57,457 
         186,336 
Food Services — 0.1%          
Aramark   1,531    50,309 
Home Builders — 1.1%          
D.R. Horton, Inc.   1,257    105,550 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Lennar Corp. Class A   1,272   $119,161 
NVR, Inc. (a)   8    38,353 
PulteGroup, Inc.   2,442    112,137 
Toll Brothers, Inc.   2,687    148,564 
         523,765 
Home Furnishing — 1.0%          
Dolby Laboratories, Inc. Class A   322    28,336 
Leggett & Platt, Inc.   1,429    64,076 
Tempur Sealy International, Inc.   4,010    186,104 
Whirlpool Corp.   1,152    234,847 
         513,363 
Housewares — 0.3%          
Newell Brands, Inc.   4,224    93,519 
The Scotts Miracle-Gro Co.   294    43,030 
         136,549 
Leisure Time — 0.8%          
Brunswick Corp.   1,021    97,271 
Harley-Davidson, Inc.   3,423    125,316 
Peloton Interactive, Inc. Class A (a)   570    49,618 
Polaris, Inc.   286    34,223 
YETI Holdings, Inc. (a)   1,146    98,201 
         404,629 
Lodging — 0.4%          
Boyd Gaming Corp. (a)   972    61,489 
Hilton Worldwide Holdings, Inc. (a)   180    23,780 
Marriott International, Inc. Class A (a)   157    23,250 
MGM Resorts International   333    14,369 
Travel + Leisure Co.   1,008    54,966 
Wyndham Hotels & Resorts, Inc.   227    17,522 
         195,376 
Retail — 6.5%          
Advance Auto Parts, Inc.   200    41,778 
AutoNation, Inc. (a)   1,277    155,488 
AutoZone, Inc. (a)   21    35,658 
Bath & Body Works, Inc.   4,521    284,959 
Best Buy Co., Inc.   726    76,745 
Burlington Stores, Inc. (a)   96    27,223 
CarMax, Inc. (a)   238    30,454 
Carvana Co. (a) (b)   184    55,483 
Casey's General Stores, Inc.   197    37,125 
Chipotle Mexican Grill, Inc. (a)   9    16,358 
Costco Wholesale Corp.   34    15,278 
Darden Restaurants, Inc.   967    146,471 
Dick's Sporting Goods, Inc. (b)   1,579    189,117 
Dollar Tree, Inc. (a)   264    25,270 
Five Below, Inc. (a)   261    46,147 
Floor & Decor Holdings, Inc. Class A (a)   646    78,030 
Foot Locker, Inc.   2,256    103,009 
Freshpet, Inc. (a)   205    29,251 
GameStop Corp. Class A (a)   389    68,258 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
The Gap, Inc.   2,799   $63,537 
Genuine Parts Co.   707    85,710 
Kohl's Corp.   3,937    185,393 
Lithia Motors, Inc.   729    231,122 
Lowe's Cos., Inc.   156    31,646 
MSC Industrial Direct Co., Inc. Class A   268    21,491 
Nordstrom, Inc. (a) (b)   784    20,737 
O'Reilly Automotive, Inc. (a)   46    28,109 
Penske Automotive Group, Inc.   801    80,581 
Petco Health & Wellness Co., Inc. (a)   565    11,921 
Qurate Retail, Inc. Class A   9,343    95,205 
RH (a)   191    127,380 
Ross Stores, Inc.   134    14,586 
Starbucks Corp.   110    12,134 
Target Corp.   629    143,896 
The TJX Cos., Inc.   189    12,470 
Tractor Supply Co.   318    64,430 
Ulta Beauty, Inc. (a)   114    41,145 
Victoria's Secret & Co. (a)   1,506    83,222 
Walgreens Boots Alliance, Inc.   595    27,995 
Williams-Sonoma, Inc.   1,322    234,430 
Yum China Holdings, Inc.   245    14,237 
Yum! Brands, Inc.   192    23,484 
         3,116,963 
Textiles — 0.5%          
Mohawk Industries, Inc. (a)   1,281    227,249 
Toys, Games & Hobbies — 0.3%          
Hasbro, Inc.   281    25,071 
Mattel, Inc. (a)   6,253    116,055 
         141,126 
         7,647,461 
Consumer, Non-cyclical — 12.6%          
Agriculture — 1.3%          
Altria Group, Inc.   369    16,797 
Archer-Daniels-Midland Co.   2,448    146,904 
Bunge Ltd.   3,014    245,099 
Darling Ingredients, Inc. (a)   2,767    198,947 
Philip Morris International, Inc.   176    16,683 
         624,430 
Beverages — 0.2%          
The Boston Beer Co., Inc. Class A (a)   60    30,585 
Constellation Brands, Inc. Class A   94    19,805 
Molson Coors Beverage Co. Class B   766    35,527 
         85,917 
Biotechnology — 1.1%          
Bio-Rad Laboratories, Inc. Class A (a)   48    35,806 
Corteva, Inc.   2,353    99,014 
Horizon Therapeutics PLC (a)   945    103,515 
Maravai LifeSciences Holdings, Inc. Class A (a)   286    14,037 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Moderna, Inc. (a)   285   $109,685 
Novavax, Inc. (a)   192    39,803 
Sage Therapeutics, Inc. (a)   1,293    57,293 
United Therapeutics Corp. (a)   365    67,372 
         526,525 
Commercial Services — 3.8%          
AMERCO   161    104,011 
Automatic Data Processing, Inc.   73    14,594 
Cintas Corp.   46    17,510 
Equifax, Inc.   114    28,890 
Euronet Worldwide, Inc. (a)   173    22,020 
FTI Consulting, Inc. (a)   113    15,221 
Gartner, Inc. (a)   885    268,934 
GXO Logistics, Inc. (a)   1,025    80,401 
H&R Block, Inc.   1,739    43,475 
IHS Markit Ltd.   271    31,604 
ManpowerGroup, Inc.   1,154    124,955 
Morningstar, Inc.   77    19,945 
Nielsen Holdings PLC   5,511    105,756 
Paysafe Ltd. (a)   1,546    11,982 
Quanta Services, Inc.   3,479    395,980 
Robert Half International, Inc.   1,231    123,506 
Service Corp. International   506    30,492 
Shift4 Payments, Inc. Class A (a)   371    28,760 
Square, Inc. Class A (a)   219    52,525 
StoneCo Ltd. Class A (a)   396    13,749 
Terminix Global Holdings, Inc. (a)   348    14,501 
United Rentals, Inc. (a)   852    298,992 
         1,847,803 
Cosmetics & Personal Care — 0.1%          
The Estee Lauder Cos., Inc. Class A   112    33,592 
Food — 1.0%          
Albertsons Cos., Inc. Class A (b)   1,445    44,983 
Conagra Brands, Inc.   376    12,735 
The Hershey Co.   173    29,280 
The J.M. Smucker Co.   230    27,607 
The Kraft Heinz Co.   406    14,949 
The Kroger Co.   471    19,043 
Lamb Weston Holdings, Inc.   154    9,451 
Post Holdings, Inc. (a)   139    15,312 
Sysco Corp.   1,083    85,016 
Tyson Foods, Inc. Class A   522    41,207 
US Foods Holding Corp. (a)   4,996    173,161 
         472,744 
Health Care – Products — 1.7%          
10X Genomics, Inc. Class A (a)   94    13,685 
Align Technology, Inc. (a)   211    140,406 
Avantor, Inc. (a)   2,992    122,373 
Bio-Techne Corp.   91    44,096 
Bruker Corp.   499    38,972 
The Cooper Cos., Inc.   29    11,986 
Dentsply Sirona, Inc.   563    32,682 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Edwards Lifesciences Corp. (a)   115   $13,019 
Envista Holdings Corp. (a)   2,141    89,515 
Globus Medical, Inc. Class A (a)   186    14,251 
Henry Schein, Inc. (a)   345    26,275 
IDEXX Laboratories, Inc. (a)   80    49,752 
Integra LifeSciences Holdings Corp. (a)   203    13,901 
Natera, Inc. (a)   147    16,382 
Novocure Ltd. (a)   378    43,912 
PerkinElmer, Inc.   332    57,532 
Repligen Corp. (a)   103    29,766 
Steris PLC   60    12,257 
Stryker Corp.   48    12,659 
West Pharmaceutical Services, Inc.   93    39,482 
Zimmer Biomet Holdings, Inc.   86    12,587 
         835,490 
Health Care – Services — 2.4%          
Acadia Healthcare Co., Inc. (a)   639    40,755 
Amedisys, Inc. (a)   44    6,560 
Anthem, Inc.   161    60,021 
Catalent, Inc. (a)   203    27,013 
Centene Corp. (a)   214    13,334 
Charles River Laboratories International, Inc. (a)   276    113,897 
DaVita, Inc. (a)   564    65,571 
Encompass Health Corp.   330    24,763 
HCA Healthcare, Inc.   1,028    249,516 
Humana, Inc.   40    15,566 
IQVIA Holdings, Inc. (a)   332    79,527 
Laboratory Corp. of America Holdings (a)   522    146,912 
Molina Healthcare, Inc. (a)   272    73,796 
PPD, Inc. (a)   621    29,057 
Quest Diagnostics, Inc.   189    27,464 
Syneos Health, Inc. (a)   615    53,800 
Universal Health Services, Inc. Class B   861    119,137 
         1,146,689 
Household Products & Wares — 0.5%          
Avery Dennison Corp.   648    134,272 
Spectrum Brands Holdings, Inc.   1,053    100,741 
         235,013 
Pharmaceuticals — 0.5%          
Cigna Corp.   155    31,025 
CVS Health Corp.   506    42,939 
Elanco Animal Health, Inc. (a)   501    15,977 
Herbalife Nutrition Ltd. (a)   193    8,179 
Jazz Pharmaceuticals PLC (a)   342    44,532 
McKesson Corp.   171    34,094 
Organon & Co.   2,351    77,089 
         253,835 
         6,062,038 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Energy — 3.0%          
Energy – Alternate Sources — 0.4%          
Enphase Energy, Inc. (a)   628   $94,181 
First Solar, Inc. (a)   441    42,098 
Plug Power, Inc. (a) (b)   915    23,369 
Sunrun, Inc. (a) (b)   609    26,796 
         186,444 
Oil & Gas — 1.3%          
APA Corp.   1,377    29,509 
Cimarex Energy Co.   614    53,541 
Continental Resources, Inc.   414    19,106 
Devon Energy Corp.   1,161    41,227 
Diamondback Energy, Inc.   350    33,135 
DTE Midstream LLC (a)   209    9,664 
EOG Resources, Inc.   767    61,567 
EQT Corp. (a)   3,028    61,953 
Marathon Oil Corp.   4,105    56,115 
Marathon Petroleum Corp.   1,402    86,658 
Occidental Petroleum Corp.   580    17,156 
Phillips 66   149    10,434 
Pioneer Natural Resources Co.   338    56,280 
Texas Pacific Land Corp.   46    55,631 
Valero Energy Corp.   375    26,464 
         618,440 
Oil & Gas Services — 0.2%          
Baker Hughes Co.   994    24,581 
Halliburton Co.   2,422    52,364 
Nov, Inc. (a)   1,104    14,473 
Schlumberger NV   734    21,756 
         113,174 
Pipelines — 1.1%          
Antero Midstream Corp.   6,445    67,157 
Cheniere Energy, Inc. (a)   1,040    101,577 
Kinder Morgan, Inc.   904    15,124 
ONEOK, Inc.   2,252    130,593 
Targa Resources Corp.   3,398    167,216 
The Williams Cos., Inc.   1,869    48,482 
         530,149 
         1,448,207 
Financial — 25.0%          
Banks — 6.6%          
Bank of America Corp.   300    12,735 
Bank of Hawaii Corp.   173    14,215 
The Bank of New York Mellon Corp.   704    36,495 
Bank OZK   1,855    79,728 
Citizens Financial Group, Inc.   2,970    139,530 
Comerica, Inc.   2,144    172,592 
Commerce Bancshares, Inc.   215    14,981 
Cullen/Frost Bankers, Inc.   364    43,178 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
East West Bancorp, Inc.   2,005   $155,468 
F.N.B. Corp.   4,493    52,209 
Fifth Third Bancorp   3,666    155,585 
First Citizens BancShares, Inc. Class A   99    83,474 
First Hawaiian, Inc.   1,158    33,987 
First Horizon Corp.   6,439    104,891 
First Republic Bank   325    62,686 
The Goldman Sachs Group, Inc.   84    31,754 
Huntington Bancshares, Inc.   3,992    61,716 
KeyCorp   6,714    145,157 
M&T Bank Corp.   348    51,970 
Morgan Stanley   567    55,175 
Northern Trust Corp.   452    48,730 
PacWest Bancorp   419    18,989 
Pinnacle Financial Partners, Inc.   1,183    111,297 
The PNC Financial Services Group, Inc.   452    88,429 
Popular, Inc.   2,082    161,709 
Prosperity Bancshares, Inc.   168    11,950 
Regions Financial Corp.   9,013    192,067 
Signature Bank   667    181,611 
State Street Corp.   512    43,377 
SVB Financial Group (a)   311    201,180 
Synovus Financial Corp.   2,059    90,369 
Truist Financial Corp.   1,051    61,641 
US Bancorp   761    45,234 
Webster Financial Corp.   1,534    83,542 
Wells Fargo & Co.   366    16,986 
Western Alliance Bancorp   1,656    180,206 
Wintrust Financial Corp.   240    19,289 
Zions Bancorp NA   1,358    84,047 
         3,148,179 
Diversified Financial Services — 7.7%          
Affiliated Managers Group, Inc.   1,012    152,903 
Air Lease Corp.   1,180    46,421 
Alliance Data Systems Corp.   1,252    126,314 
Ally Financial, Inc.   7,095    362,200 
American Express Co.   161    26,972 
Ameriprise Financial, Inc.   717    189,374 
BlackRock, Inc.   24    20,128 
Capital One Financial Corp.   2,037    329,933 
The Charles Schwab Corp.   578    42,102 
Discover Financial Services   2,662    327,027 
Evercore, Inc. Class A   1,006    134,472 
Franklin Resources, Inc.   1,306    38,814 
Interactive Brokers Group, Inc. Class A   1,016    63,337 
Invesco Ltd.   6,640    160,090 
Janus Henderson Group PLC   2,364    97,704 
Jefferies Financial Group, Inc.   5,500    204,215 
Lazard Ltd. Class A   1,192    54,594 
LPL Financial Holdings, Inc.   969    151,901 
Nasdaq, Inc.   117    22,583 
OneMain Holdings, Inc.   2,226    123,165 
Raymond James Financial, Inc.   2,341    216,028 
Santander Consumer USA Holdings, Inc.   1,392    58,046 
SLM Corp.   8,003    140,853 
Stifel Financial Corp.   2,565    174,317 
Synchrony Financial   7,643    373,590 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
T. Rowe Price Group, Inc.   258   $50,749 
The Western Union Co.   506    10,231 
         3,698,063 
Insurance — 6.2%          
Aflac, Inc.   2,112    110,099 
Alleghany Corp. (a)   74    46,206 
The Allstate Corp.   483    61,491 
American Financial Group, Inc.   1,703    214,288 
American International Group, Inc.   521    28,598 
Aon PLC Class A   82    23,433 
Arch Capital Group Ltd. (a)   1,122    42,838 
Arthur J Gallagher & Co.   379    56,338 
Assurant, Inc.   455    71,776 
Assured Guaranty Ltd.   1,827    85,522 
Athene Holding Ltd. Class A (a)   2,170    149,448 
Berkshire Hathaway, Inc. Class B (a)   46    12,555 
Brighthouse Financial, Inc. (a)   877    39,667 
Brown & Brown, Inc.   216    11,977 
Chubb Ltd.   155    26,889 
Cincinnati Financial Corp.   1,606    183,437 
Equitable Holdings, Inc.   1,536    45,527 
Everest Re Group Ltd.   83    20,815 
Fidelity National Financial, Inc.   1,801    81,657 
First American Financial Corp.   422    28,295 
Globe Life, Inc.   399    35,523 
The Hanover Insurance Group, Inc.   200    25,924 
The Hartford Financial Services Group, Inc.   2,574    180,823 
Lincoln National Corp.   2,542    174,763 
Loews Corp.   1,268    68,383 
Markel Corp. (a)   27    32,269 
Marsh & McLennan Cos., Inc.   118    17,869 
Mercury General Corp.   387    21,544 
MetLife, Inc.   2,674    165,066 
MGIC Investment Corp.   6,210    92,902 
Old Republic International Corp.   4,666    107,925 
Primerica, Inc.   148    22,737 
Principal Financial Group, Inc.   2,043    131,569 
The Progressive Corp.   295    26,665 
Prudential Financial, Inc.   1,941    204,193 
Reinsurance Group of America, Inc.   540    60,080 
The Travelers Cos., Inc.   356    54,116 
Unum Group   5,122    128,357 
Voya Financial, Inc.   636    39,044 
W.R. Berkley Corp.   348    25,467 
White Mountains Insurance Group Ltd.   14    14,975 
Willis Towers Watson PLC   126    29,290 
         3,000,340 
Private Equity — 0.1%          
The Blackstone, Inc.   362    42,115 
KKR & Co., Inc.   430    26,178 
         68,293 
Real Estate — 1.1%          
CBRE Group, Inc. Class A (a)   2,530    246,321 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
The Howard Hughes Corp. (a)   182   $15,981 
Jones Lang LaSalle, Inc. (a)   1,161    288,033 
         550,335 
Real Estate Investment Trusts (REITS) — 2.9%          
AGNC Investment Corp.   2,456    38,731 
American Homes 4 Rent Class A   377    14,371 
Apartment Income REIT Corp.   363    17,718 
AvalonBay Communities, Inc.   95    21,056 
Boston Properties, Inc.   176    19,070 
Brixmor Property Group, Inc.   2,694    59,564 
Camden Property Trust   113    16,664 
CubeSmart   929    45,010 
Duke Realty Corp.   273    13,068 
Equity Residential   212    17,155 
Essex Property Trust, Inc.   47    15,028 
Extra Space Storage, Inc.   334    56,109 
Federal Realty Investment Trust   123    14,513 
First Industrial Realty Trust, Inc.   212    11,041 
Gaming and Leisure Properties, Inc.   237    10,978 
Healthpeak Properties, Inc.   422    14,128 
Invitation Homes, Inc.   312    11,959 
Iron Mountain, Inc.   2,495    108,408 
Kimco Realty Corp.   5,773    119,790 
Lamar Advertising Co. Class A   207    23,484 
Life Storage, Inc.   328    37,635 
Mid-America Apartment Communities, Inc.   144    26,892 
National Retail Properties, Inc.   272    11,748 
New Residential Investment Corp.   1,506    16,566 
Omega Healthcare Investors, Inc.   393    11,774 
Public Storage   96    28,522 
Rayonier, Inc.   507    18,090 
Regency Centers Corp.   347    23,363 
Simon Property Group, Inc.   1,011    131,400 
SL Green Realty Corp. (b)   642    45,479 
Spirit Realty Capital, Inc.   217    9,991 
Starwood Property Trust, Inc.   4,242    103,547 
STORE Capital Corp.   568    18,193 
Ventas, Inc.   1,183    65,313 
VEREIT, Inc.   507    22,932 
VICI Properties, Inc. (b)   1,294    36,762 
Welltower, Inc.   407    33,537 
Weyerhaeuser Co.   2,306    82,024 
         1,371,613 
Savings & Loans — 0.4%          
People's United Financial, Inc.   3,854    67,330 
Sterling Bancorp   4,022    100,389 
         167,719 
         12,004,542 
Industrial — 17.9%          
Aerospace & Defense — 0.4%          
General Dynamics Corp.   106    20,779 
HEICO Corp. Class A   81    9,593 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Howmet Aerospace, Inc.   3,538   $110,386 
L3 Harris Technologies, Inc.   61    13,435 
Northrop Grumman Corp.   42    15,126 
Teledyne Technologies, Inc. (a)   28    12,028 
TransDigm Group, Inc. (a)   20    12,491 
         193,838 
Building Materials — 3.1%          
Builders FirstSource, Inc. (a)   4,491    232,364 
Carrier Global Corp.   5,033    260,508 
Eagle Materials, Inc.   1,034    135,619 
Fortune Brands Home & Security, Inc.   1,128    100,866 
Johnson Controls International PLC   2,300    156,584 
Lennox International, Inc.   144    42,361 
Louisiana-Pacific Corp.   2,562    157,230 
Martin Marietta Materials, Inc.   281    96,012 
Masco Corp.   408    22,664 
MDU Resources Group, Inc.   2,848    84,500 
Owens Corning   1,392    119,016 
Trex Co., Inc. (a)   346    35,268 
Vulcan Materials Co.   297    50,241 
         1,493,233 
Electrical Components & Equipment — 1.0%          
Acuity Brands, Inc.   762    132,108 
AMETEK, Inc.   333    41,295 
ChargePoint Holdings, Inc. (a)   720    14,393 
Emerson Electric Co.   638    60,099 
Generac Holdings, Inc. (a)   413    168,781 
Littelfuse, Inc.   122    33,339 
Universal Display Corp.   82    14,019 
         464,034 
Electronics — 2.6%          
Agilent Technologies, Inc.   219    34,499 
Allegion PLC   138    18,241 
Amphenol Corp. Class A   662    48,478 
Arrow Electronics, Inc. (a)   1,844    207,063 
Avnet, Inc.   2,493    92,166 
Coherent, Inc. (a)   76    19,007 
Fortive Corp.   285    20,112 
Garmin Ltd.   204    31,714 
Honeywell International, Inc.   97    20,591 
Hubbell, Inc.   287    51,852 
Jabil, Inc.   3,437    200,618 
Keysight Technologies, Inc. (a)   123    20,208 
Mettler-Toledo International, Inc. (a)   36    49,585 
nVent Electric PLC   1,551    50,144 
Sensata Technologies Holding PLC (a)   829    45,363 
SYNNEX Corp.   1,047    108,993 
Trimble, Inc. (a)   1,130    92,943 
Vontier Corp.   1,548    52,013 
Waters Corp. (a)   198    70,745 
Woodward, Inc.   322    36,450 
         1,270,785 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Engineering & Construction — 0.8%          
AECOM (a)   1,659   $104,766 
Jacobs Engineering Group, Inc.   784    103,904 
MasTec, Inc. (a)   1,410    121,655 
TopBuild Corp. (a)   277    56,732 
         387,057 
Environmental Controls — 0.5%          
Clean Harbors, Inc. (a)   419    43,522 
Pentair PLC   1,557    113,085 
Republic Services, Inc.   225    27,013 
Stericycle, Inc. (a)   233    15,837 
Waste Management, Inc.   208    31,067 
         230,524 
Hand & Machine Tools — 0.7%          
Lincoln Electric Holdings, Inc.   337    43,402 
MSA Safety, Inc.   158    23,021 
Regal Beloit Corp.   529    79,530 
Snap-on, Inc.   659    137,698 
Stanley Black & Decker, Inc.   417    73,104 
         356,755 
Machinery – Construction & Mining — 0.5%          
Caterpillar, Inc.   293    56,247 
Oshkosh Corp.   995    101,858 
Vertiv Holdings Co.   2,745    66,127 
         224,232 
Machinery – Diversified — 2.3%          
AGCO Corp.   1,567    192,005 
Cognex Corp.   179    14,359 
Colfax Corp. (a)   852    39,107 
Crane Co.   683    64,755 
Curtiss-Wright Corp.   195    24,605 
Deere & Co.   332    111,243 
Dover Corp.   502    78,061 
Flowserve Corp.   1,059    36,716 
Gates Industrial Corp. PLC (a)   657    10,689 
Graco, Inc.   529    37,014 
IDEX Corp.   132    27,317 
Ingersoll Rand, Inc. (a)   1,247    62,861 
The Middleby Corp. (a)   860    146,639 
Otis Worldwide Corp.   423    34,804 
Rockwell Automation, Inc.   63    18,525 
The Toro Co.   707    68,869 
Westinghouse Air Brake Technologies Corp.   327    28,191 
Xylem, Inc.   787    97,336 
         1,093,096 
Metal Fabricate & Hardware — 0.7%          
Advanced Drainage Systems, Inc.   969    104,817 
The Timken Co.   1,365    89,298 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Valmont Industries, Inc.   525   $123,438 
         317,553 
Miscellaneous - Manufacturing — 1.8%          
3M Co.   74    12,981 
A.O. Smith Corp.   644    39,329 
Axon Enterprise, Inc. (a)   69    12,076 
Carlisle Cos., Inc.   421    83,691 
Donaldson Co., Inc.   335    19,232 
Eaton Corp. PLC   535    79,881 
General Electric Co.   849    87,472 
Illinois Tool Works, Inc.   89    18,390 
ITT, Inc.   628    53,908 
Parker-Hannifin Corp.   375    104,858 
Textron, Inc.   3,019    210,756 
Trane Technologies PLC   825    142,436 
         865,010 
Packaging & Containers — 1.7%          
Amcor PLC   1,604    18,590 
AptarGroup, Inc.   185    22,080 
Ardagh Group SA   463    11,802 
Ball Corp.   194    17,454 
Berry Global Group, Inc. (a)   1,607    97,834 
Crown Holdings, Inc.   1,459    147,038 
Graphic Packaging Holding Co.   1,200    22,848 
Packaging Corp. of America   494    67,895 
Sealed Air Corp.   2,578    141,249 
Silgan Holdings, Inc.   519    19,909 
Sonoco Products Co.   380    22,641 
WestRock Co.   5,139    256,076 
         845,416 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.   84    16,217 
Transportation — 1.8%          
C.H. Robinson Worldwide, Inc.   270    23,490 
CSX Corp.   963    28,640 
Expeditors International of Washington, Inc.   822    97,925 
FedEx Corp.   662    145,170 
J.B. Hunt Transport Services, Inc.   273    45,651 
Kansas City Southern   458    123,953 
Landstar System, Inc.   266    41,980 
Norfolk Southern Corp.   234    55,985 
Old Dominion Freight Line, Inc.   158    45,185 
Ryder System, Inc.   1,313    108,598 
United Parcel Service, Inc. Class B   327    59,547 
XPO Logistics, Inc. (a)   1,025    81,569 
         857,693 
         8,615,443 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Technology — 12.7%          
Computers — 5.9%          
Accenture PLC Class A   41   $13,117 
Amdocs Ltd.   508    38,461 
Apple, Inc.   136    19,244 
Cognizant Technology Solutions Corp. Class A   845    62,708 
Crowdstrike Holdings, Inc. Class A (a)   398    97,820 
Dell Technologies C (a)   6,301    655,556 
DXC Technology Co. (a)   6,380    214,432 
EPAM Systems, Inc. (a)   283    161,446 
Fortinet, Inc. (a)   231    67,461 
Genpact Ltd.   334    15,868 
Globant SA (a)   122    34,283 
Hewlett Packard Enterprise Co.   20,028    285,399 
HP, Inc.   19,398    530,729 
International Business Machines Corp.   154    21,395 
Leidos Holdings, Inc.   130    12,497 
McAfee Corp. Class A (b)   368    8,137 
NCR Corp. (a)   3,204    124,187 
NetApp, Inc.   3,841    344,768 
Science Applications International Corp.   132    11,294 
Western Digital Corp. (a)   1,998    112,767 
Zscaler, Inc. (a)   108    28,320 
         2,859,889 
Office & Business Equipment — 0.4%          
Xerox Holdings Corp.   3,089    62,305 
Zebra Technologies Corp. Class A (a)   219    112,877 
         175,182 
Semiconductors — 3.6%          
Advanced Micro Devices, Inc. (a)   293    30,150 
Analog Devices, Inc.   759    127,117 
Applied Materials, Inc.   877    112,896 
Broadcom, Inc.   50    24,247 
Brooks Automation, Inc.   1,028    105,216 
Cirrus Logic, Inc. (a)   148    12,188 
Entegris, Inc.   1,208    152,087 
KLA Corp.   347    116,075 
Lam Research Corp.   183    104,154 
Marvell Technology, Inc.   424    25,571 
Microchip Technology, Inc.   303    46,508 
Micron Technology, Inc.   1,114    79,072 
MKS Instruments, Inc.   356    53,724 
Monolithic Power Systems, Inc.   102    49,437 
NXP Semiconductor NV   480    94,018 
ON Semiconductor Corp. (a)   6,254    286,246 
Qorvo, Inc. (a)   685    114,525 
QUALCOMM, Inc.   227    29,278 
Skyworks Solutions, Inc.   196    32,297 
Teradyne, Inc.   614    67,030 
Texas Instruments, Inc.   139    26,717 
Wolfspeed, Inc. (a)   283    22,847 
Xilinx, Inc.   187    28,235 
         1,739,635 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Software — 2.8%          
Akamai Technologies, Inc. (a)   104   $10,877 
Aspen Technology, Inc. (a)   207    25,420 
Atlassian Corp. PLC Class A (a)   51    19,962 
Bentley Systems, Inc. Class B   374    22,679 
Bill.com Holdings, Inc. (a)   192    51,254 
Broadridge Financial Solutions, Inc.   94    15,664 
Cadence Design Systems, Inc. (a)   201    30,439 
CDK Global, Inc.   385    16,382 
Change Healthcare, Inc. (a)   5,165    108,155 
Cloudflare, Inc. Class A (a)   1,143    128,759 
Concentrix Corp. (a)   465    82,305 
Five9, Inc. (a)   265    42,331 
HubSpot, Inc. (a)   236    159,557 
Intuit, Inc.   57    30,752 
Manhattan Associates, Inc. (a)   218    33,361 
MongoDB, Inc. (a)   37    17,446 
MSCI, Inc.   33    20,075 
Nuance Communications, Inc. (a)   2,655    146,131 
Oracle Corp.   161    14,028 
Palantir Technologies, Inc. Class A (a)   739    17,766 
Paychex, Inc.   247    27,775 
PTC, Inc. (a)   468    56,062 
SS&C Technologies Holdings, Inc   369    25,609 
Synopsys, Inc. (a)   87    26,049 
Take-Two Interactive Software, Inc. (a)   85    13,096 
Teradata Corp. (a)   2,736    156,910 
Twilio, Inc. Class A (a)   70    22,334 
Unity Software, Inc. (a) (b)   161    20,326 
Workday, Inc. Class A (a)   51    12,744 
         1,354,248 
         6,128,954 
Utilities — 1.3%          
Electric — 1.2%          
AES Corp.   10,146    231,633 
Alliant Energy Corp.   236    13,211 
Ameren Corp.   220    17,820 
American Electric Power Co., Inc.   126    10,229 
Brookfield Renewable Corp. Class A   294    11,410 
CenterPoint Energy, Inc.   1,447    35,596 
Consolidated Edison, Inc.   159    11,542 
DTE Energy Co.   420    46,918 
Duke Energy Corp.   214    20,884 
Entergy Corp.   178    17,677 
Exelon Corp.   629    30,406 
Hawaiian Electric Industries, Inc.   285    11,637 
Pinnacle West Capital Corp.   180    13,025 
PPL Corp.   604    16,840 
Public Service Enterprise Group, Inc.   594    36,175 
Sempra Energy   127    16,065 
The Southern Co.   302    18,715 
         559,783 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Gas — 0.1%          
National Fuel Gas Co.   252   $13,235 
UGI Corp.   1,090    46,456 
         59,691 
Water — 0.0%          
American Water Works Co., Inc.   89    15,044 
         634,518 
           
TOTAL COMMON STOCK
(Cost $44,055,136)		        48,043,217 
           
TOTAL EQUITIES
(Cost $44,055,136)		        48,043,217 
           
MUTUAL FUNDS — 0.1%          
Diversified Financial Services — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   45,760    45,760 
           
TOTAL MUTUAL FUNDS
(Cost $45,760)		        45,760 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $44,100,896)		        48,088,977 
           
TOTAL INVESTMENTS — 100.0%
(Cost $44,100,896) (d)		        48,088,977 
           
Other Assets/(Liabilities) — 0.0%        1,256 
           
NET ASSETS — 100.0%       $48,090,233 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $577,270 or 1.20% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $544,652 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

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 1.3%          
           
COMMON STOCK — 1.3%          
Energy — 1.3%          
Oil & Gas — 1.3%          
Fieldwood Energy LLC (a) (b) (c)   3,193   $— 
Fieldwood Energy LLC (a) (b) (c)   13,011    — 
Tourmaline Oil Corp.   23,830    832,526 
Tourmaline Oil Corp. (Escrow Shares) (a) (b) (c)   195,880    154,650 
         987,176 
           
TOTAL COMMON STOCK
(Cost $885,304)		        987,176 
           
TOTAL EQUITIES
(Cost $885,304)		        987,176 
           
   Principal
Amount		    
BONDS & NOTES — 96.1%          
BANK LOANS — 9.8%          
Advertising — 0.6%          
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%          
3.629% VRN 8/21/26  $466,242    456,176 
Airlines — 1.1%          
AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%          
5.500% VRN 4/20/28   506,512    523,466 
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
4.500% VRN 4/21/28   313,002    314,924 
         838,390 
Chemicals — 0.9%          
Consolidated Energy Finance, SA, Term Loan B, 6 mo. USD LIBOR + 2.500%          
2.657% VRN 5/07/25   691,852    679,745 
Commercial Services — 1.6%          
CoreLogic, Inc., 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%          
7.000% VRN 6/04/29   355,114    362,216 
Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000%          
6.000% VRN 3/09/23   901,379    900,685 
         1,262,901 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Computers — 1.2%          
Magenta Buyer LLC          
2021 USD 2nd Lien Term Loan,          
0.000% 5/03/29 (d)  $192,000   $191,760 
2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000%          
5.750% VRN 7/27/28   764,423    764,186 
         955,946 
Cosmetics & Personal Care — 0.1%          
Hoffmaster Group, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%          
5.000% VRN 11/21/23   122,358    117,616 
Machinery - Diversified — 0.6%          
Pro Mach Group, Inc.          
2021 Delayed Draw Term Loan,          
0.000% 8/31/28 (e)   62,789    63,058 
2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
5.000% VRN 8/31/28   386,779    388,438 
         451,496 
Media — 0.5%          
MSG National Properties LLC, Term Loan, 3 mo. USD LIBOR + 6.250%          
7.000% VRN 11/12/25   352,266    360,192 
Retail — 0.6%          
Great Outdoors Group LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%          
5.000% VRN 3/06/28   466,618    468,018 
Software — 2.6%          
Finastra USA, Inc., USD 2nd Lien Term Loan, 6 mo. USD LIBOR + 7.250%          
8.250% VRN 6/13/25   1,400,000    1,406,524 
Ivanti Software, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 4.750%          
5.750% VRN 12/01/27   53,209    53,300 
Renaissance Holding Corp., 2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%          
7.084% VRN 5/29/26   539,037    539,938 
         1,999,762 
           
TOTAL BANK LOANS
(Cost $7,377,027)		        7,590,242 
           
CORPORATE DEBT — 86.3%          
Advertising — 1.8%          
Clear Channel Outdoor Holdings, Inc.          
7.750% 4/15/28 (f)   301,000    316,802 
7.500% 6/01/29 (f)   250,000    260,000 
Midas OpCo Holdings LLC          
5.625% 8/15/29 (f)   220,000    227,645 
Terrier Media Buyer, Inc.          
8.875% 12/15/27 (f)   523,000    553,010 
         1,357,457 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Aerospace & Defense — 2.0%          
Triumph Group, Inc.          
6.250% 9/15/24 (f)  $306,000   $305,838 
7.750% 8/15/25 (g)   1,243,000    1,227,462 
         1,533,300 
Airlines — 2.4%          
American Airlines, Inc.          
11.750% 7/15/25 (f)   379,000    469,012 
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.          
5.500% 4/20/26 (f)   535,000    562,419 
5.750% 4/20/29 (f)   229,000    246,759 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (f)   265,000    288,094 
United Airlines, Inc.          
4.375% 4/15/26 (f)   122,000    125,203 
4.625% 4/15/29 (f)   121,000    125,047 
         1,816,534 
Auto Manufacturers — 3.5%          
Ford Motor Co.          
7.450% 7/16/31   472,000    613,600 
9.000% 4/22/25   241,000    289,627 
9.625% 4/22/30   726,000    1,029,332 
Ford Motor Credit Co. LLC          
4.125% 8/17/27   289,000    306,629 
JB Poindexter & Co., Inc.          
7.125% 4/15/26 (f)   435,000    457,837 
         2,697,025 
Auto Parts & Equipment — 0.9%          
Adient Global Holdings Ltd.          
4.875% 8/15/26 (f)   170,000    174,114 
Clarios Global LP/Clarios US Finance Co.          
8.500% 5/15/27 (f)   467,000    496,771 
         670,885 
Beverages — 0.0%          
Triton Water Holdings, Inc.          
6.250% 4/01/29 (f)   21,000    21,341 
Biotechnology — 0.4%          
Emergent BioSolutions, Inc.          
3.875% 8/15/28 (f)   347,000    338,384 
Building Materials — 1.1%          
New Enterprise Stone & Lime Co., Inc.          
5.250% 7/15/28 (f) (h)   222,000    224,498 
9.750% 7/15/28 (f) (h)   602,000    654,675 
         879,173 
Chemicals — 2.2%          
Consolidated Energy Finance SA          
5.625% 10/15/28 (h)   339,000    339,000 
6.875% 6/15/25 (f)   815,000    843,525 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
LSF11 A5 HoldCo LLC          
6.625% 10/15/29 (h)  $122,000   $122,000 
Olympus Water US Holding Corp.          
4.250% 10/01/28 (f) (h)   326,000    321,110 
Unifrax Escrow Issuer Corp.          
7.500% 9/30/29 (f)   96,000    98,378 
         1,724,013 
Coal — 2.0%          
Coronado Finance Pty Ltd.          
10.750% 5/15/26 (f)   274,000    298,660 
PIC AU Holdings LLC / PIC AU Holdings Corp.          
10.000% 12/31/24 (f)   656,000    662,166 
Warrior Met Coal, Inc.          
8.000% 11/01/24 (f)   534,000    542,010 
         1,502,836 
Commercial Services — 1.0%          
Alta Equipment Group, Inc.          
5.625% 4/15/26 (f)   60,000    61,650 
MoneyGram International, Inc.          
5.375% 8/01/26 (f)   194,000    196,910 
Prime Security Services Borrower LLC / Prime Finance, Inc.          
6.250% 1/15/28 (f)   338,000    349,418 
WASH Multifamily Acquisition, Inc.          
5.750% 4/15/26 (f)   124,000    129,115 
         737,093 
Computers — 1.0%          
Austin BidCo, Inc.          
7.125% 12/15/28 (f)   11,000    11,083 
Diebold Nixdorf, Inc.          
9.375% 7/15/25 (f)   675,000    738,706 
         749,789 
Diversified Financial Services — 4.2%          
Aretec Escrow Issuer, Inc.          
7.500% 4/01/29 (f)   199,000    204,970 
Coinbase Global, Inc.          
3.375% 10/01/28 (f) (g)   168,000    161,700 
3.625% 10/01/31 (f) (g)   136,000    130,220 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (f)   1,445,880    1,420,577 
Jefferson Capital Holdings LLC          
6.000% 8/15/26 (f)   177,000    181,815 
Midcap Financial Issuer Trust          
5.625% 1/15/30 (f)   106,000    104,940 
6.500% 5/01/28 (f)   270,000    281,394 
OneMain Finance Corp.          
4.000% 9/15/30   169,000    168,155 
5.375% 11/15/29   552,000    598,285 
         3,252,056 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Electric — 1.6%          
FirstEnergy Corp.          
5.350% STEP 7/15/47  $186,000   $226,781 
PG&E Corp.          
5.000% 7/01/28 (g)   567,000    575,976 
Pike Corp.          
5.500% 9/01/28 (f)   447,000    455,515 
         1,258,272 
Electronics — 0.5%          
Atkore, Inc.          
4.250% 6/01/31 (f)   347,000    357,410 
Engineering & Construction — 0.1%          
Arcosa, Inc. Co.          
4.375% 4/15/29 (f)   108,000    109,350 
Entertainment — 0.8%          
Banijay Entertainment SASU          
5.375% 3/01/25 (f)   241,000    248,531 
Caesars Entertainment, Inc.          
4.625% 10/15/29 (f)   78,000    79,073 
CCM Merger, Inc.          
6.375% 5/01/26 (f)   193,000    203,132 
Live Nation Entertainment, Inc.          
4.750% 10/15/27 (f)   81,000    82,315 
         613,051 
Food — 3.3%          
JBS Finance Luxembourg Sarl          
3.625% 1/15/32 (f)   420,000    427,879 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
5.500% 1/15/30 (f)   826,000    918,694 
6.500% 4/15/29 (f)   1,094,000    1,222,545 
         2,569,118 
Forest Products & Paper — 0.7%          
Clearwater Paper Corp.          
4.750% 8/15/28 (f)   230,000    236,325 
Sylvamo Corp.          
7.000% 9/01/29 (f)   270,000    276,242 
         512,567 
Health Care – Products — 0.3%          
Mozart Debt Merger Sub, Inc.          
5.250% 10/01/29 (h)   229,000    229,000 
Health Care – Services — 1.6%          
CHS/Community Health Systems, Inc.          
4.750% 2/15/31 (f)   108,000    108,702 
6.125% 4/01/30 (f)   213,000    206,876 
ModivCare Escrow Issuer, Inc.          
5.000% 10/01/29 (f)   143,000    148,227 
Radiology Partners, Inc.          
9.250% 2/01/28 (f)   397,000    426,944 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Tenet Healthcare Corp.          
6.125% 10/01/28 (f)  $350,000   $367,465 
         1,258,214 
Home Builders — 2.4%          
Empire Communities Corp.          
7.000% 12/15/25 (f)   123,000    128,535 
M/I Homes, Inc.          
4.950% 2/01/28   368,000    385,020 
Mattamy Group Corp.          
4.625% 3/01/30 (f)   668,000    682,599 
STL Holding Co. LLC          
7.500% 2/15/26 (f)   440,000    464,200 
TRI Pointe Group, Inc.          
5.700% 6/15/28   153,000    166,388 
         1,826,742 
Home Furnishing — 0.5%          
Tempur Sealy International, Inc.          
3.875% 10/15/31 (f)   368,000    368,460 
Insurance — 0.6%          
AmWINS Group, Inc.          
4.875% 6/30/29 (f)   175,000    177,625 
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc.          
7.625% 10/15/25 (f)   293,000    311,129 
         488,754 
Internet — 2.3%          
Acuris Finance Us, Inc. / Acuris Finance SARL          
5.000% 5/01/28 (f)   359,000    357,205 
Endure Digital, Inc.          
6.000% 2/15/29 (f)   350,000    332,500 
ION Trading Technologies Sarl          
5.750% 5/15/28 (f)   298,000    303,849 
Millennium Escrow Corp.          
6.625% 8/01/26 (f)   296,000    304,865 
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.          
4.750% 4/30/27 (h)   114,000    114,713 
6.000% 2/15/28 (f) (g)   171,000    170,090 
10.750% 6/01/28 (f)   169,000    190,125 
         1,773,347 
Leisure Time — 2.2%          
Carlson Travel, Inc.          
6.750% 12/15/25 (f) (g) (i)   296,000    263,440 
Carnival Corp.          
5.750% 3/01/27 (f)   487,000    502,828 
NCL Corp. Ltd.          
5.875% 3/15/26 (f)   499,000    511,475 
NCL Finance Ltd.          
6.125% 3/15/28 (f)   94,000    97,525 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Royal Caribbean Cruises Ltd.          
5.500% 8/31/26 (f)  $343,000   $352,583 
         1,727,851 
Lodging — 0.6%          
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc          
4.875% 7/01/31 (f)   199,000    199,746 
Travel & Leisure Co.          
6.625% 7/31/26 (f)   213,000    242,558 
         442,304 
Media — 6.1%          
Altice Financing SA          
5.000% 1/15/28 (f)   152,000    144,892 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 1/15/34 (f)   486,000    483,570 
Clear Channel Worldwide Holdings, Inc.          
5.125% 8/15/27 (f)   313,000    323,896 
CSC Holdings LLC          
4.625% 12/01/30 (f)   404,000    382,790 
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.          
5.875% 8/15/27 (f)   233,000    243,194 
DISH Network Corp.          
3.375% 8/15/26   680,000    706,860 
iHeartCommunications, Inc.          
8.375% 5/01/27   482,000    515,137 
LCPR Senior Secured Financing DAC          
5.125% 7/15/29 (f)   465,000    480,113 
6.750% 10/15/27 (f)   314,000    332,840 
Nexstar Media, Inc.          
4.750% 11/01/28 (f)   118,000    122,408 
Radiate Holdco LLC / Radiate Finance, Inc.          
6.500% 9/15/28 (f)   243,000    247,777 
Sirius XM Radio, Inc.          
3.125% 9/01/26 (f)   138,000    139,898 
3.875% 9/01/31 (f)   333,000    325,299 
Virgin Media Secured Finance PLC          
4.500% 8/15/30 (f)   280,000    284,550 
         4,733,224 
Mining — 3.3%          
Compass Minerals International, Inc.          
4.875% 7/15/24 (f)   294,000    306,127 
6.750% 12/01/27 (f)   192,000    203,760 
First Quantum Minerals Ltd.          
7.250% 4/01/23 (f)   659,000    670,532 
Hecla Mining Co.          
7.250% 2/15/28   423,000    455,639 
Hudbay Minerals, Inc.          
6.125% 4/01/29 (f)   147,000    153,960 
Kinross Gold Corp.          
6.875% 9/01/41   476,000    657,481 
Novelis Corp.          
3.250% 11/15/26 (f)   48,000    48,681 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.875% 8/15/31 (f)  $50,000   $49,452 
         2,545,632 
Oil & Gas — 10.2%          
Antero Resources Corp.          
5.375% 3/01/30 (f)   106,000    111,634 
7.625% 2/01/29 (f)   62,000    69,316 
8.375% 7/15/26 (f)   101,000    114,406 
Apache Corp.          
4.750% 4/15/43   65,000    70,377 
5.100% 9/01/40   130,000    145,597 
5.350% 7/01/49   197,000    218,808 
Chesapeake Energy Corp.          
5.500% 2/01/26 (f)   90,000    94,050 
5.875% 2/01/29 (f)   182,000    194,285 
Comstock Resources, Inc.          
5.875% 1/15/30 (f)   114,000    118,560 
6.750% 3/01/29 (f)   126,000    136,080 
CVR Energy, Inc.          
5.750% 2/15/28 (f) (g)   949,000    940,326 
EQT Corp.          
7.500% STEP 2/01/30   55,000    70,796 
Hilcorp Energy I LP / Hilcorp Finance Co.          
5.750% 10/01/25 (f)   43,000    43,484 
6.250% 11/01/28 (f)   365,000    378,220 
MEG Energy Corp.          
7.125% 2/01/27 (f)   379,000    397,878 
Murphy Oil Corp.          
6.375% 7/15/28   182,000    192,465 
Nabors Industries Ltd.          
7.250% 1/15/26 (f)   276,000    268,438 
7.500% 1/15/28 (f)   119,000    112,752 
Neptune Energy Bondco PLC          
6.625% 5/15/25 (f)   594,000    611,077 
Occidental Petroleum Corp.          
4.200% 3/15/48   31,000    29,683 
4.400% 4/15/46   198,000    197,166 
4.400% 8/15/49   78,000    76,538 
4.500% 7/15/44   81,000    81,390 
5.875% 9/01/25   178,000    199,493 
6.125% 1/01/31 (g)   387,000    464,400 
6.200% 3/15/40   550,000    647,735 
6.375% 9/01/28   182,000    212,940 
6.450% 9/15/36   215,000    270,497 
6.600% 3/15/46   352,000    441,760 
6.950% 7/01/24   88,000    99,440 
Range Resources Corp.          
8.250% 1/15/29 (f)   123,000    138,381 
Rockcliff Energy II LLC          
5.500% 10/15/29 (f) (h)   124,000    125,860 
Transocean Guardian Ltd.          
5.875% 1/15/24 (f)   31,490    31,333 
Transocean Poseidon Ltd.          
6.875% 2/01/27 (f)   29,000    28,853 
Transocean, Inc.          
7.250% 11/01/25 (f)   172,000    143,227 
7.500% 1/15/26 (f)   294,000    238,215 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
8.000% 2/01/27 (f)  $222,000   $174,676 
         7,890,136 
Oil & Gas Services — 1.1%          
Weatherford International Ltd.          
6.500% 9/15/28 (f)   126,000    129,780 
Welltec A/S          
9.500% 12/01/22 (f)   683,000    679,585 
         809,365 
Packaging & Containers — 1.5%          
Mauser Packaging Solutions Holding Co.          
7.250% 4/15/25 (f)   781,000    776,240 
Trident TPI Holdings, Inc.          
9.250% 8/01/24 (f)   386,000    405,632 
         1,181,872 
Pharmaceuticals — 3.3%          
AdaptHealth LLC          
5.125% 3/01/30 (f)   278,000    278,142 
Bausch Health Americas, Inc.          
8.500% 1/31/27 (f)   250,000    268,125 
Bausch Health Cos., Inc.          
4.875% 6/01/28 (f)   295,000    305,694 
5.000% 1/30/28 (f)   446,000    423,129 
5.250% 1/30/30 (f)   320,000    298,400 
5.250% 2/15/31 (f)   384,000    353,130 
Par Pharmaceutical, Inc.          
7.500% 4/01/27 (f)   629,000    640,794 
         2,567,414 
Pipelines — 8.0%          
Antero Midstream Partners LP / Antero Midstream Finance Corp.          
5.375% 6/15/29 (f)   853,000    881,158 
Buckeye Partners LP          
5.850% 11/15/43   66,000    66,059 
CQP Holdco LP / BIP-V Chinook Holdco LLC          
5.500% 6/15/31 (f)   379,000    403,085 
DCP Midstream Operating LP          
5.625% 7/15/27   216,000    245,970 
6.450% 11/03/36 (f)   10,000    12,426 
EnLink Midstream LLC          
5.375% 6/01/29   173,000    182,584 
EnLink Midstream Partners LP          
4.850% 7/15/26   56,000    58,783 
5.450% 6/01/47   97,000    93,589 
5.600% 4/01/44   257,000    245,435 
EQM Midstream Partners LP          
4.500% 1/15/29 (f)   157,000    162,888 
4.750% 1/15/31 (f)   142,000    147,683 
6.000% 7/01/25 (f)   182,000    199,508 
6.500% 7/01/27 (f)   151,000    169,837 
Genesis Energy LP/Genesis Energy Finance Corp.          
6.500% 10/01/25   440,000    438,900 
Harvest Midstream I LP          
7.500% 9/01/28 (f)   228,000    242,854 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
ITT Holdings LLC          
6.500% 8/01/29 (f)  $470,000   $474,113 
NGL Energy Operating LLC / NGL Energy Finance Corp.          
7.500% 2/01/26 (f)   546,000    556,238 
Targa Resources Partners LP / Targa Resources Partners Finance Corp.          
4.875% 2/01/31   295,000    318,231 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
5.000% 1/15/28   33,000    34,650 
5.500% 3/01/30   28,000    30,616 
6.875% 1/15/29   61,000    68,168 
Venture Global Calcasieu Pass LLC          
3.875% 8/15/29 (f)   133,000    136,997 
4.125% 8/15/31 (f)   152,000    158,460 
Western Midstream Operating LP          
5.300% STEP 2/01/30   145,000    160,225 
5.300% 3/01/48   399,000    459,848 
5.450% 4/01/44   202,000    232,025 
         6,180,330 
Real Estate — 0.4%          
Realogy Group LLC / Realogy Co-Issuer Corp.          
5.750% 1/15/29 (f)   311,000    322,588 
Real Estate Investment Trusts (REITS) — 1.9%          
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.          
4.750% 6/15/29 (f)   425,000    422,875 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer          
5.875% 10/01/28 (f)   108,000    113,952 
RLJ Lodging Trust LP          
3.750% 7/01/26 (f)   107,000    107,535 
Service Properties Trust          
3.950% 1/15/28   73,000    68,802 
4.375% 2/15/30   115,000    109,335 
4.950% 2/15/27   58,000    57,855 
7.500% 9/15/25   267,000    300,062 
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC          
7.125% 12/15/24 (f)   45,000    45,956 
7.875% 2/15/25 (f)   25,000    26,415 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC          
4.750% 4/15/28 (f)   180,000    183,825 
         1,436,612 
Retail — 5.0%          
Ambience Merger Sub, Inc.          
7.125% 7/15/29 (f)   294,000    293,265 
Bath & Body Works, Inc.          
6.875% 11/01/35   299,000    375,245 
Bath & Body Works, Inc.          
6.750% 7/01/36   97,000    120,280 
BCPE Ulysses Intermediate, Inc.          
7.750% 4/01/27 (f)   260,000    258,050 
Foot Locker, Inc.          
4.000% 10/01/29 (f) (h)   148,000    148,326 
Macy's Retail Holdings LLC          
5.875% 4/01/29 (f) (g)   40,000    43,400 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Michaels Cos., Inc.          
5.250% 5/01/28 (f)  $166,000   $171,229 
Michaels Cos., Inc.          
7.875% 5/01/29 (f)   405,000    419,681 
NMG Holding Co., Inc. / Neiman Marcus Group LLC          
7.125% 4/01/26 (f)   473,000    501,971 
Nordstrom, Inc.          
4.000% 3/15/27   65,000    67,158 
4.375% 4/01/30 (g)   65,000    66,455 
5.000% 1/15/44   331,000    324,507 
Staples, Inc.          
7.500% 4/15/26 (f)   461,000    467,915 
10.750% 4/15/27 (f)   422,000    410,922 
Superior Plus LP / Superior General Partner, Inc.          
4.500% 3/15/29 (f)   145,000    149,713 
         3,818,117 
Software — 0.7%          
Avaya Holdings Corp., Convertible,          
2.250% 6/15/23   335,000    350,913 
Consensus Cloud Solutions, Inc.          
6.000% 10/15/26 (f) (h)   94,000    96,585 
6.500% 10/15/28 (f) (h)   68,000    70,567 
         518,065 
Storage & Warehousing — 1.4%          
LBC Tank Terminals Holding Netherlands BV          
6.875% 5/15/23 (f)   1,111,000    1,109,456 
Telecommunications — 2.0%          
Altice France SA          
5.125% 7/15/29 (f)   368,000    361,387 
CommScope Technologies Finance LLC          
6.000% 6/15/25 (f)   196,000    198,843 
Consolidated Communications, Inc.          
6.500% 10/01/28 (f)   391,000    424,724 
Telecom Italia Capital          
6.000% 9/30/34   150,000    168,375 
Windstream Escrow LLC / Windstream Escrow Finance Corp.          
7.750% 8/15/28 (f) (g)   384,000    401,069 
         1,554,398 
Transportation — 1.4%          
Carriage Purchaser, Inc.          
7.875% 10/15/29 (f)   186,000    185,447 
First Student Bidco, Inc./First Transit Parent, Inc.          
4.000% 7/31/29 (f)   425,000    419,156 
Seaspan Corp.          
5.500% 8/01/29 (f)   425,000    433,593 
         1,038,196 
           
TOTAL CORPORATE DEBT
(Cost $63,076,017)		        66,519,731 
           
TOTAL BONDS & NOTES
(Cost $70,453,044)		        74,109,973 
           

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 4.5%          
           
Diversified Financial Services — 4.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (j)   3,500,980   $3,500,980 
           
TOTAL MUTUAL FUNDS
(Cost $3,500,980)		        3,500,980 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $74,839,328)		        78,598,129 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 4.4%          
Repurchase Agreement — 4.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (k)  $3,371,080    3,371,080 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,371,080)		        3,371,080 
           
TOTAL INVESTMENTS — 106.3%
(Cost $78,210,408) (l)		        81,969,209 
           
Less Unfunded Loan Commitments — (0.1)%        (62,475) 
           
NET INVESTMENTS — 106.3%
(Cost $78,147,933)		        81,906,734 
           
Other Assets/(Liabilities) — (6.3)%        (4,818,467) 
           
NET ASSETS — 100.0%       $77,088,267 

 

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) Investment was valued using significant unobservable inputs.
(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2021, these securities amounted to a value of $154,650 or 0.20% of net assets.
(c) Non-income producing security.
(d) All or a portion of the security represents unsettled loan commitments at September 30, 2021 where the rate will be determined at time of settlement.
(e) Unfunded or partially unfunded loan commitments.
(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 September 30, 2021, the aggregate market value of these securities amounted to $49,729,491 or 64.51% of net assets.

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments (Continued)

(g) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $3,571,586 or 4.63% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $146,830 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).
(h) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(i) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2021, these securities amounted to a value of $263,440 or 0.34% of net assets.
(j) Represents investment of security lending cash collateral. (Note 2).
(k) Maturity value of $3,371,080. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 5/15/27, and an aggregate market value, including accrued interest, of $3,438,586.
(l) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 84.1%          
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.5%          
Automobile Asset-Backed Securities — 3.6%          
American Credit Acceptance Receivables Trust, Series 2019-1, Class C          
3.500% 4/14/25 (a)  $428,847   $430,906 
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (a)   388,000    391,466 
Carvana Auto Receivables Trust          
Series 2020-N3, Class B, 0.660% 6/12/28   5,879,000    5,868,885 
Series 2021-P2, 1.880% 5/10/28 (a)   1,157,805    1,158,251 
Drive Auto Receivables Trust, Series 2019-1, Class C          
3.780% 4/15/25   304,624    306,448 
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A          
3.430% 12/16/24 (a)   83,913    84,085 
Westlake Automobile Receivables Trust, Series 2020-3A, Class D          
1.650% 2/17/26 (a)   2,306,000    2,336,702 
         10,576,743 
Commercial Mortgage-Backed Securities — 3.5%          
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
1.584% FRN 7/15/35 (a)   1,000,000    1,000,001 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.684% FRN 12/15/36 (a)   1,198,074    1,197,701 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.784% FRN 11/15/35 (a)   1,582,000    1,582,494 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.084% FRN 10/15/36 (a)   1,546,421    1,548,355 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
1.834% FRN 12/15/37 (a)   308,865    309,155 

 

 

 

 

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

 

   Principal
Amount		   Value 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%          
1.684% FRN 5/15/36 (a)  $4,000,000   $4,003,750 
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%          
1.084% FRN 6/15/32 (a)   200,306    200,243 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.884% FRN 5/15/36 (a)   476,000    476,000 
         10,317,699 
Home Equity Asset-Backed Securities — 2.0%          
Centex Home Equity Loan Trust          
Series 2006-A, Class M1, 1 mo. USD LIBOR + .300% 0.536% FRN 6/25/36   716,578    711,618 
Series 2005-D, Class M3, 1 mo. USD LIBOR + .720% 0.806% FRN 10/25/35   606,993    606,621 
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290%          
0.376% FRN 8/25/36   1,051,403    1,043,893 
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%          
0.701% FRN 4/25/36   2,483,215    2,463,147 
RASC Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645%          
0.731% FRN 3/25/35   920,453    916,396 
         5,741,675 
Other Asset-Backed Securities — 28.6%          
321 Henderson Receivables LLC          
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.284% FRN 3/15/41 (a)   119,369    118,754 
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 0.284% FRN 6/15/41 (a)   782,732    769,386 
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.284% FRN 9/15/41 (a)   80,173    78,573 
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 0.284% FRN 12/15/41 (a)   67,536    67,394 
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.284% FRN 3/15/42 (a)   487,022    478,003 
Affirm Asset Securitization Trust          
Series 2021-Z1, Class A, 1.070% 8/15/25 (a)   2,325,207    2,330,213 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2020-Z2, Class A, 1.900% 1/15/25 (a)  $2,251,756   $2,267,572 
Series 2020-A, Class A, 2.100% 2/18/25 (a)   6,800,000    6,838,366 
Series 2020-Z1, Class A, 3.460% 10/15/24 (a)   1,330,461    1,356,860 
Series 2020-A, Class B, 3.540% 2/18/25 (a)   1,000,000    1,010,647 
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850%          
0.976% FRN 1/15/28 (a)   1,382,497    1,382,497 
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%          
1.234% FRN 6/15/28 (a)   780,000    780,246 
BHG Securitization Trust, Series 2021-B, Class A          
0.900% 10/17/34 (a)   1,760,000    1,759,062 
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890%          
1.024% FRN 1/18/29 (a)   1,473,800    1,473,826 
Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%          
0.491% FRN 8/25/36   1,159,344    1,153,932 
Crossroads Asset Trust, Series 2021-A, Class A2          
0.820% 3/20/24 (a)   690,000    690,790 
FCI Funding LLC          
Series 2021-1A, Class A, 1.130% 4/15/33 (a)   3,344,781    3,346,936 
Series 2021-1A, Class B, 1.530% 4/15/33 (a)   2,230,117    2,231,611 
Series 2019-1A, Class A, 3.630% 2/18/31 (a)   69,996    70,779 
First Franklin Mortgage Loan Trust          
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 0.246% FRN 11/25/36   712,092    699,902 
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 0.806% FRN 10/25/35   692,985    690,277 
FNA VI LLC, Series 2021-1A, Class A          
1.350% 1/10/32 (a)   4,439,771    4,435,226 
FREED ABS Trust          
Series 2021-2, Class A, 0.680% 6/19/28 (a)   1,876,223    1,877,275 
Series 2021-2, Class B, 1.030% 6/19/28 (a)   2,348,000    2,352,151 
Gracie Point International Funding, Series 2021-1A, Class A, 1 mo. USD LIBOR + .750%          
0.836% FRN 11/01/23 (a)   3,732,988    3,732,988 
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%          
0.346% FRN 3/25/37   276,706    272,960 
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%          
1.366% FRN 7/15/27 (a)   690,591    690,824 
Lendmark Funding Trust          
Series 2019-2A, Class A, 2.780% 4/20/28 (a)   6,600,000    6,741,210 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2018-2A, Class A, 4.230% 4/20/27 (a)  $1,000,000   $1,007,216 
Long Beach Mortgage Loan Trust          
Series 2004-5, Class A1, 1 mo. USD LIBOR + .320% 0.406% FRN 9/25/34   673,447    673,135 
Series 2006-WL1, Class 2A4, 1 mo. USD LIBOR + .680% 0.766% FRN 1/25/46   309,608    307,292 
Marlette Funding Trust          
Series 2020-1A, Class B, 2.380% 3/15/30 (a)   2,819,910    2,835,336 
Series 2019-4A, Class A, 2.390% 12/17/29 (a)   735,205    737,076 
Series 2019-3A, Class A, 2.690% 9/17/29 (a)   64,910    64,952 
Series 2019-2A, Class A, 3.130% 7/16/29 (a)   90,516    90,588 
Series 2019-2A, Class B, 3.530% 7/16/29 (a)   1,985,000    1,997,957 
MVW Owner Trust, Series 2017-1A, Class A          
2.420% 12/20/34 (a)   47,324    48,604 
New Residential Advance Receivables Trust Advance Receivables Backed          
Series 2020-T1, Class AT1, ABS, 144A, 1.426% 8/15/53 (a)   2,250,000    2,247,101 
Series 2020-T1, Class BT1, 1.823% 8/15/53 (a)   1,100,000    1,100,503 
NP SPE II LLC, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)   275,667    276,940 
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3          
1.814% 10/15/52 (a)   536,400    536,058 
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820%          
0.945% FRN 10/26/27 (a)   628,813    628,858 
Orange Lake Timeshare Trust, Series 2016-A, Class A          
2.610% 3/08/29 (a)   113,124    114,480 
Pagaya AI Debt Selection Trust, Series 2021-3, Class A          
1.150% 5/15/29 (a)   3,990,000    3,991,272 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I          
4.262% 9/05/48 (a)   2,328,000    2,318,626 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.936% FRN 2/25/23 (a)   440,000    441,084 
Sierra Receivables Funding LLC          
Series 2019-3A, Class C, 3.000% 8/20/36 (a)   1,391,540    1,412,319 
Series 2019-1A, Class C, 3.770% 1/20/36 (a)   316,956    326,492 
Series 2019-3A, Class D, 4.180% 8/20/36 (a)   356,313    360,721 
Series 2019-1A, Class D, 4.750% 1/20/36 (a)   286,770    292,294 
SoFi Consumer Loan Program LLC          
Series 2016-1A, Class A, 3.260% 8/25/25 (a)   35,075    35,129 
Series 2016-2A, Class B, 4.770% VRN 10/27/25 (a) (b)   248,398    249,025 
SoFi Consumer Loan Program Trust, Series 2019-3, Class D          
3.890% 5/25/28 (a)   946,000    970,411 

 

 

 

 

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

 

   Principal
Amount		   Value 
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%          
0.821% FRN 3/25/35  $1,203,857   $1,199,822 
Structured Asset Securities Corp. Mortgage Loan Trust          
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 0.256% FRN 1/25/37   362,714    360,614 
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 0.731% FRN 2/25/36   510,000    504,796 
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% 1.286% FRN 11/25/35 (a)   766,685    746,050 
Upstart Securitization Trust          
Series 2021-4, Class A, 0.840% 9/20/31 (a)   5,900,000    5,900,276 
Series 2020-3, Class A, 1.702% 11/20/30 (a)   1,897,285    1,906,985 
Westgate Resorts LLC, Series 2018-1A, Class A          
3.380% 12/20/31 (a)   203,071    204,969 
         83,585,241 
Student Loans Asset-Backed Securities — 8.5%          
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%          
0.232% FRN 3/28/68   2,368,628    2,320,026 
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%          
0.616% FRN 1/15/37   362,003    323,108 
Commonbond Student Loan Trust          
Series 2021-AGS, Class B, 1.400% 3/25/52 (a)   503,000    502,946 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   21,858    22,321 
DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850%          
0.936% FRN 5/27/42 (a)   693,463    694,809 
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%          
2.100% FRN 12/01/47 (a)   419,131    425,219 
Edsouth Indenture          
No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% 0.886% FRN 10/25/56 (a)   291,383    292,653 
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 12/25/58 (a)   1,000,000    1,000,000 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%          
0.836% FRN 8/25/42 (a)   295,529    295,717 

 

 

 

 

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

 

   Principal
Amount		   Value 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%          
0.829% FRN 8/25/48 (a)  $206,385   $206,881 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%          
0.482% FRN 6/28/39 (a)   408,133    377,721 
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730%          
0.862% FRN 9/27/38   758,204    758,613 
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX          
2.340% 10/25/48 (a)   262,665    266,334 
Navient Private Education Refi Loan Trust, Series 2021-A, Class A          
0.840% 5/15/69 (a)   1,089,523    1,088,317 
Navient Student Loan Trust          
Series 2017-3A, Class A2, 1 mo. USD LIBOR + .600% 0.686% FRN 7/26/66 (a)   483,903    485,098 
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 1.236% FRN 7/26/66 (a)   410,000    418,392 
Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 1.284% FRN 12/15/28 (a)   211,657    212,563 
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 1.636% FRN 7/25/68 (a)   2,900,000    2,903,007 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%          
1.836% FRN 12/26/40 (a)   115,933    116,270 
Nelnet Student Loan Trust          
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 0.295% FRN 3/23/37   854,830    747,425 
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 0.325% FRN 1/25/38   578,370    504,162 
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.382% FRN 6/25/41   286,155    260,525 
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 0.475% FRN 10/25/40   904,278    840,437 
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 6/25/41 (a)   375,000    376,685 
SLC Student Loan Trust          
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.346% FRN 12/15/39   1,014,692    922,639 
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 0.396% FRN 3/15/40   1,534,903    1,434,283 
SLM Student Loan Trust          
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 0.265% FRN 10/25/28   239,047    237,973 
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.325% FRN 1/25/70   304,489    284,454 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.335% FRN 10/25/40   322,919    303,675 
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 0.345% FRN 1/25/41   357,474    330,611 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.425% FRN 7/25/25   145,245    145,147 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.435% FRN 1/25/55  $320,220   $305,687 
Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 0.585% FRN 1/25/40   351,663    334,783 
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.595% FRN 10/25/64   244,641    232,929 
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.766% FRN 12/15/38   355,406    341,192 
SMB Private Education Loan Trust          
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 0.804% FRN 1/15/37 (a)   1,026,071    1,027,831 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 0.954% FRN 7/15/36 (a)   1,287,523    1,294,841 
SoFi Alternative Trust, Series 2019-C, Class PT,          
1.035% VRN 1/25/45 (a) (b)   946,929    1,015,650 
SoFi Professional Loan Program LLC          
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 0.786% FRN 3/26/40 (a)   133,286    133,388 
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 1.836% FRN 8/25/36 (a)   154,645    155,330 
Series 2016-B, Class A2B, 2.740% 10/25/32 (a)   833,303    841,260 
         24,780,902 
Whole Loan Collateral Collateralized Mortgage Obligations — 7.3%          
Banc of America Funding, Series 2006-G, Class 2A1, 1 mo. USD LIBOR + .440%          
0.527% FRN 7/20/36   123,930    123,776 
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,          
2.666% VRN 7/25/59 (a) (b)   3,412,420    3,425,175 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
1.034% FRN 8/25/49 (a)   1,445,959    1,447,373 
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,          
3.030% VRN 7/25/49 (a) (b)   450,419    451,646 
NewRez Warehouse Securitization Trust 2021-1, Series 2021-1, Class A, 1 mo. USD LIBOR + .750%          
0.836% FRN 5/25/55 (a)   4,667,000    4,671,943 
Onslow Bay Financial LLC          
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 1.036% FRN 2/25/60 (a)   787,909    788,619 
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b)   1,977,591    1,979,786 
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + .620%          
0.706% FRN 11/25/35   640,108    637,868 
PSMC Trust, Series 2020-2, Class A2,          
3.000% VRN 5/25/50 (a) (b)   1,493,394    1,509,506 

 

 

 

 

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

 

   Principal
Amount		   Value 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (b)  $3,376,997   $3,373,004 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,          
2.916% VRN 9/27/49 (a) (b)   919,707    929,172 
Verus Securitization Trust          
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b)   1,278,866    1,281,047 
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b)   842,291    850,881 
         21,469,796 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $155,972,807)		        156,472,056 
           
U.S. Government Agency Obligations and Instrumentalities (c) — 9.7%          
Pass-Through Securities — 0.1%          
Federal Home Loan Mortgage Corp.
Pool #1Q0239, 1 year CMT + 2.203% 2.328% 3/01/37		   140,313    147,349 
Whole Loans — 9.6%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2021-DNA1, Class M1, SOFR30A + .650% 0.700% FRN 1/25/51 (a)   850,180    850,180 
Series 2021-HQA3, Class M1, SOFR30A + .850% 0.900% FRN 9/25/41 (a)   7,667,000    7,672,353 
Series 2020-DNA6, Class M1, SOFR30A + .900% 0.950% FRN 12/25/50 (a)   693,207    693,857 
Series 2018-DNA2, Class M2AS, 1 mo. USD LIBOR + .950% 1.036% FRN 12/25/30 (a)   1,500,000    1,497,522 
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 1.786% FRN 1/25/50 (a)   3,212,702    3,222,890 
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 2.186% FRN 9/25/48 (a)   1,505,000    1,517,742 
Series 2018-DNA2, Class M2A, 1 mo. USD LIBOR + 2.150% 2.236% FRN 12/25/30 (a)   3,800,000    3,831,190 
Series 2020-DNA5, Class M2, SOFR30A + 2.800% 2.850% FRN 10/25/50 (a)   470,223    475,781 
Federal National Mortgage Association Connecticut Avenue Securities Trust          
Series 2019-R05, Class 1M2, 1 mo. USD LIBOR + 2.000% 2.086% FRN 7/25/39 (a)   2,292,272    2,298,345 
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.236% FRN 9/25/31 (a)   3,884,671    3,904,356 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.386% FRN 8/25/31 (a)  $2,136,045   $2,149,821 
         28,114,037 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $28,230,139)		        28,261,386 
           
U.S. TREASURY OBLIGATIONS — 20.9%          
U.S. Treasury Bonds & Notes — 20.9%          
U.S. Treasury Inflation Index          
0.125% 7/15/24   718,475    766,991 
0.125% 10/15/24   1,170,290    1,251,860 
0.125% 4/15/25   1,241,681    1,332,059 
0.125% 10/15/25   1,683,184    1,821,236 
0.125% 4/15/26   3,330,688    3,605,730 
0.125% 7/15/26   1,423,438    1,552,492 
0.125% 1/15/30   2,546,232    2,794,423 
0.125% 7/15/30   2,768,012    3,049,931 
0.125% 1/15/31   1,651,498    1,810,540 
0.125% 7/15/31   3,004,369    3,304,492 
0.125% 2/15/51   1,467,802    1,599,331 
0.250% 1/15/25   2,333,691    2,507,472 
0.250% 7/15/29   1,333,888    1,482,369 
0.250% 2/15/50   637,026    713,569 
0.375% 7/15/25 (d)   2,756,717    3,007,729 
0.375% 1/15/27   847,493    935,409 
0.375% 7/15/27   1,283,239    1,426,952 
0.500% 1/15/28   1,410,915    1,578,755 
0.625% 1/15/24   877,380    936,055 
0.625% 1/15/26   1,407,231    1,552,975 
0.625% 2/15/43   949,792    1,126,814 
0.750% 7/15/28   1,984,542    2,270,724 
0.750% 2/15/42   1,147,600    1,392,182 
0.750% 2/15/45   1,072,214    1,312,820 
0.875% 1/15/29   2,162,040    2,496,030 
0.875% 2/15/47   565,385    720,881 
1.000% 2/15/46   230,400    298,491 
1.000% 2/15/48   885,528    1,168,770 
1.000% 2/15/49   488,133    650,761 
1.375% 2/15/44   1,171,200    1,601,494 
2.000% 1/15/26   825,162    962,141 
2.125% 2/15/40   378,867    561,917 

 

 

 

 

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

 

   Principal
Amount		   Value 
2.125% 2/15/41  $810,186   $1,215,880 
2.375% 1/15/25   2,027,326    2,327,201 
2.375% 1/15/27   1,759,589    2,140,135 
2.500% 1/15/29   762,810    976,258 
3.375% 4/15/32   384,450    561,783 
3.625% 4/15/28   759,438    1,014,799 
3.875% 4/15/29   830,200    1,157,080 
         60,986,531 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $60,521,547)		        60,986,531 
           
TOTAL BONDS & NOTES
(Cost $244,724,493)		        245,719,973 
           
TOTAL PURCHASED OPTIONS (#) — 0.5%
(Cost $1,845,236)		        1,439,183 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $246,569,729)		        247,159,156 
           
SHORT-TERM INVESTMENTS — 16.9%          
Commercial Paper — 16.8%          
Baxter International          
0.183% 10/18/21 (a)   3,000,000    2,999,798 
Dominion Resources          
0.172% 10/06/21   1,000,000    999,978 
0.183% 10/19/21   2,000,000    1,999,855 
Evergy Kansas          
0.142% 10/06/21 (a)   3,000,000    2,999,935 
Fidelity National Information Services, Inc.          
0.203% 10/22/21 (a)   3,000,000    2,999,741 
Ingredion, Inc.          
0.183% 10/08/21 (a)   2,000,000    1,999,933 
Keurig Dr Pepper, Inc.          
0.193% 10/29/21 (a)   3,000,000    2,999,640 
Nasdaq, Inc.          
0.183% 11/29/21 (a)   4,000,000    3,998,067 
Public Service Enterprise Group, Inc.          
0.183% 12/20/21 (a)   3,000,000    2,998,691 

 

 

 

 

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

 

   Principal
Amount		   Value 
Rogers Communications          
0.152% 10/14/21 (a)  $2,000,000   $1,999,899 
Sempra Energy          
0.142% 10/06/21 (a)   4,000,000    3,999,913 
Spire, Inc.          
0.152% 10/21/21 (a)   3,000,000    2,999,755 
Tampa Electric Co.          
0.183% 10/21/21 (a)   3,000,000    2,999,843 
Telus Corp.          
0.183% 12/17/21 (a)   3,000,000    2,998,752 
Transcanada Pipelines Ltd.          
0.213% 11/15/21 (a)   4,000,000    3,999,177 
VW Credit, Inc.          
0.152% 10/27/21 (a)   3,000,000    2,999,669 
Walgreens Boots          
0.172% 10/08/21 (a)   2,000,000    1,999,929 
Wolkswagens Credit, Inc.          
0.152% 10/06/21 (a)   1,000,000    999,978 
         48,992,553 
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (e)   450,133    450,133 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $49,443,019)		        49,442,686 
           
TOTAL INVESTMENTS — 101.5%
(Cost $296,012,748) (f)		        296,601,842 
           
Other Assets/(Liabilities) — (1.5)%        (4,444,513) 
           
NET ASSETS — 100.0%       $292,157,329 

 

Abbreviation Legend

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

 

 

 

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

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2021, the aggregate market value of these securities amounted to $201,409,762 or 68.94% of net assets.
(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2021.
(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(d) All or a portion of this security is pledged/held as collateral for open derivatives.
(e) Maturity value of $450,133. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 5/31/27, and an aggregate market value, including accrued interest, of $459,163.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

(#) Interest Rate Swaptions Purchased
         Paid by Fund  Received by Fund               
Description  Counterparty  Expiration Date  Rate  Frequency  Rate  Frequency  Notional Amount  Value   Premium
Paid
(Received)		   Unrealized Appreciation/ (Depreciation) 
Call                                    
10-Year Interest Rate Swap, 12/15/42  Barclays Bank PLC  12/13/32  3-Month USD LIBOR BBA  Quarterly  2.44%## Semi-Annual  USD  1,967,000  $153,032   $98,334   $54,698
Put                                    
10-Year Interest Rate Swap, 12/15/42  Barclays Bank PLC  12/13/32  2.94%## Semi-
Annual		  3-Month USD LIBOR BBA  Quarterly  USD  22,880,000  $859,602   $1,143,841   $(284,239) 
10-Year Interest Rate Swap, 2/02/43  Credit Suisse International  1/31/33  3.11%## Semi-
Annual		  3-Month USD LIBOR BBA  Quarterly  USD  12,590,000   426,549    603,061    (176,512)
                            1,286,151    1,746,902    (460,751)
                           $1,439,183   $1,845,236   $(406,053)

 

 

 

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  12/21/21  12   $1,954,915  $(44,290) 
U.S. Treasury Note 2 Year  12/31/21  79    17,398,007   (13,687) 
U.S. Treasury Note 5 Year  12/31/21  7    865,998    (6,803) 
               $(64,780) 
Short               
U.S. Treasury Ultra 10 Year  12/21/21  17   $(2,519,806)  $50,556 
U.S. Treasury Ultra Bond  12/21/21  3    (591,834)    18,646 
               $69,202 

 

OTC Inflation-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   $92,875  $—   $92,875
1.833%  Maturity   U.S. Consumer Price Index  Maturity  Goldman Sachs International  8/28/23  USD 500,000    32,070   —    32,070
2.000%  Maturity   U.S. Consumer Price Index  Maturity  JP Morgan Chase Bank N.A.  12/24/23  USD 4,000,000    216,405   —    216,405
                         $341,350   $—   $341,350 

 

 

 

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

 

OTC Total Return Swaps
Paid by the Fund   Received by the Fund                            
Rate/
Reference		   Frequency   Rate/
Reference		   Frequency   Counterparty   Termination Date No. of Contracts/
Notional		   Value     Upfront Premium Received (Paid)/ Received     Unrealized
Appreciation
(Depreciation)		  
0.17%   Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index   Maturity   BNP Paribas SA   1/31/22 37,846,183   $ (336,890)     $ —     $ (336,890)  
0.16%   Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index   Maturity   BNP Paribas SA   2/28/22 55,335,258     (395,947)       —       (395,947)  
0.22%   Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index   Maturity   Goldman Sachs International   11/30/21 34,257,582     811,033       —       811,033  
0.17%   Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index   Maturity   Goldman Sachs International   1/31/22 47,746,583     (425,020)       —       (425,020)  
0.16%   Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index   Maturity   Goldman Sachs International   2/28/22 46,112,654     (329,955)       —       (329,955)  
                          $ (676,779)     $ —     $ (676,779)  

 

 

## Exercise Rate.

Currency Legend

USD U.S. Dollar

 

 

 

MML Managed Bond Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 98.7%          
           
CORPORATE DEBT — 34.5%          
Aerospace & Defense — 0.6%          
The Boeing Co.          
1.433% 2/04/24  $5,060,000   $5,068,095 
5.930% 5/01/60   605,000    824,057 
         5,892,152 
Agriculture — 1.0%          
BAT Capital Corp.          
2.259% 3/25/28   725,000    718,963 
4.700% 4/02/27   2,365,000    2,670,421 
4.758% 9/06/49   540,000    582,489 
Imperial Brands Finance PLC          
3.875% 7/26/29 (a)   2,764,000    2,972,327 
Reynolds American, Inc.          
5.850% 8/15/45   985,000    1,179,664 
Viterra Finance BV          
3.200% 4/21/31 (a)   2,565,000    2,602,626 
         10,726,490 
Airlines — 0.3%          
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.500% 10/20/25 (a)   980,000    1,048,556 
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,          
4.100% 10/01/29   1,337,118    1,398,371 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   411,388    423,469 
         2,870,396 
Auto Manufacturers — 0.6%          
Ford Motor Credit Co. LLC          
3.087% 1/09/23   1,410,000    1,430,727 
4.140% 2/15/23   1,360,000    1,394,272 
General Motors Co.          
4.200% 10/01/27   565,000    627,726 
5.150% 4/01/38   800,000    952,850 
6.800% 10/01/27   1,890,000    2,359,308 
         6,764,883 
Banks — 6.0%          
Associated Banc-Corp.          
4.250% 1/15/25   2,411,000    2,589,380 
Bank of America Corp.          
SOFR + 1.220% 2.299% VRN 7/21/32   1,355,000    1,334,776 
5 year CMT + 1.200% 2.482% VRN 9/21/36   2,635,000    2,579,721 
SOFR + 2.150% 2.592% VRN 4/29/31   1,255,000    1,279,527 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.183% 11/25/27  $1,090,000   $1,214,523 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   1,150,000    1,343,172 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   475,000    538,622 
6.110% 1/29/37   1,550,000    2,092,382 
7.750% 5/14/38   400,000    625,358 
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%          
4.650% VRN (b)   3,575,000    3,580,362 
Barclays PLC          
4.337% 1/10/28   920,000    1,028,555 
5.200% 5/12/26   1,320,000    1,509,235 
BPCE SA SOFR + 1.520%          
1.652% VRN 10/06/26 (a)   3,635,000    3,637,934 
Citigroup, Inc.          
4.450% 9/29/27   450,000    511,605 
6.625% 6/15/32   1,525,000    2,047,576 
Credit Suisse AG          
6.500% 8/08/23 (a)   3,069,000    3,358,407 
Discover Bank 5 year USD Swap + 1.730%          
4.682% VRN 8/09/28   1,955,000    2,080,535 
First Republic Bank          
4.375% 8/01/46   2,050,000    2,494,570 
Fulton Financial Corp.          
3.600% 3/16/22   226,000    228,739 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   550,000    608,930 
5.950% 1/15/27   1,410,000    1,695,388 
6.750% 10/01/37   1,145,000    1,635,900 
HSBC Holdings PLC          
SOFR + 1.285% 2.206% VRN 8/17/29   1,203,000    1,192,125 
4.250% 3/14/24   995,000    1,068,823 
4.250% 8/18/25   2,781,000    3,049,606 
4.375% 11/23/26   699,000    778,744 
JP Morgan Chase & Co.          
SOFR + 2.515% 2.956% VRN 5/13/31   1,000,000    1,038,634 
5.600% 7/15/41   1,125,000    1,547,287 
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%          
3.077% VRN 4/07/31 (a)   2,780,000    2,814,750 
Morgan Stanley          
SOFR + 1.360% 2.484% VRN 9/16/36   1,270,000    1,242,013 
SOFR + 1.485% 3.217% VRN 4/22/42   1,345,000    1,404,005 
4.350% 9/08/26   3,200,000    3,611,414 
Nordea Bank Abp 5 year CMT + 4.110%          
6.625% VRN (a) (b)   1,758,000    2,020,610 
Societe Generale SA 1 year CMT + 1.000%          
1.792% VRN 6/09/27 (a)   2,010,000    1,998,212 
Valley National Bancorp          
5.125% 9/27/23   1,530,000    1,649,921 
Wells Fargo & Co.          
5.375% 11/02/43   909,000    1,202,838 
         62,634,179 
Beverages — 0.7%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900% 2/01/46   3,475,000    4,311,718 
Bacardi Ltd.          
5.150% 5/15/38 (a)   450,000    552,725 
Molson Coors Beverage Co.          
4.200% 7/15/46   1,859,000    2,053,011 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
5.000% 5/01/42  $360,000   $438,699 
         7,356,153 
Biotechnology — 0.1%          
Amgen, Inc.          
3.000% 1/15/52   840,000    808,771 
Chemicals — 0.4%          
DuPont de Nemours, Inc.          
5.319% 11/15/38   1,750,000    2,258,456 
Syngenta Finance NV          
4.441% 4/24/23 (a)   2,065,000    2,158,501 
         4,416,957 
Commercial Services — 0.2%          
Triton Container International Ltd.          
2.050% 4/15/26 (a)   2,475,000    2,481,992 
Computers — 0.2%          
Apple, Inc.          
2.650% 5/11/50   700,000    671,175 
Dell International LLC / EMC Corp.          
8.100% 7/15/36   325,000    490,971 
Leidos, Inc.          
2.300% 2/15/31   1,260,000    1,231,083 
         2,393,229 
Diversified Financial Services — 3.5%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
4.500% 9/15/23   1,370,000    1,459,502 
6.500% 7/15/25   645,000    747,568 
Aircastle Ltd.          
4.400% 9/25/23   3,095,000    3,295,533 
Antares Holdings LP          
2.750% 1/15/27 (a)   1,275,000    1,275,542 
3.950% 7/15/26 (a)   1,035,000    1,090,215 
6.000% 8/15/23 (a)   2,945,000    3,185,749 
8.500% 5/18/25 (a)   720,000    858,597 
Ares Finance Co. III LLC 5 year CMT + 3.237%          
4.125% VRN 6/30/51 (a)   1,585,000    1,639,721 
Ares Finance Co. LLC          
4.000% 10/08/24 (a)   2,080,000    2,214,677 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (a)   2,755,000    2,708,048 
3.250% 2/15/27 (a)   1,610,000    1,659,467 
4.250% 4/15/26 (a)   2,976,000    3,199,599 
5.500% 1/15/26 (a)   190,000    212,870 
Blackstone Private Credit Fund          
1.750% 9/15/24 (a)   335,000    334,507 
2.625% 12/15/26 (a)   1,500,000    1,493,943 
Blue Owl Finance LLC          
3.125% 6/10/31 (a)   3,120,000    3,082,329 
4.125% 10/07/51 (c)   1,675,000    1,633,309 
Brookfield Finance, Inc.          
4.350% 4/15/30   1,765,000    2,036,670 
GE Capital International Funding Co. Unlimited Co.          
4.418% 11/15/35   335,000    401,261 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (a)  $1,449,648   $1,424,279 
Lazard Group LLC          
3.625% 3/01/27   1,253,000    1,364,596 
4.500% 9/19/28   755,000    870,816 
         36,188,798 
Electric — 0.7%          
CMS Energy Corp.          
4.875% 3/01/44   780,000    991,023 
Duke Energy Corp.          
3.750% 9/01/46   1,500,000    1,598,200 
Entergy Arkansas LLC          
2.650% 6/15/51   1,765,000    1,641,289 
Entergy Louisiana LLC          
4.950% 1/15/45   1,005,000    1,095,304 
Nevada Power Co.          
6.650% 4/01/36   550,000    803,206 
Pacific Gas and Electric Co.          
2.500% 2/01/31   775,000    736,388 
Puget Energy, Inc.          
2.379% 6/15/28 (a)   840,000    839,444 
         7,704,854 
Electronics — 0.1%          
Avnet, Inc.          
3.000% 5/15/31   863,000    864,146 
Food — 0.8%          
JBS Finance Luxembourg Sarl          
3.625% 1/15/32 (a) (d)   5,300,000    5,399,428 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
5.500% 1/15/30 (a)   776,000    863,083 
Smithfield Foods, Inc.          
2.625% 9/13/31 (a)   1,280,000    1,242,869 
3.000% 10/15/30 (a)   943,000    948,162 
         8,453,542 
Gas — 0.4%          
CenterPoint Energy Resources Corp.          
6.625% 11/01/37   1,250,000    1,748,881 
NiSource, Inc.          
4.800% 2/15/44   1,035,000    1,275,847 
5.800% 2/01/42   950,000    1,265,733 
         4,290,461 
Health Care – Services — 0.3%          
City of Hope          
4.378% 8/15/48   1,050,000    1,307,826 
HCA, Inc.          
3.500% 7/15/51   1,550,000    1,537,684 
         2,845,510 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Insurance — 4.7%          
Allianz SE 5 year CMT + 2.973%          
3.500% VRN (a) (b)  $2,600,000   $2,630,420 
Allstate Corp. 3 mo. USD LIBOR + 2.938%          
5.750% VRN 8/15/53   2,885,000    3,122,291 
American International Group, Inc. 3 mo. USD LIBOR + 2.868%          
5.750% VRN 4/01/48   2,177,000    2,498,108 
AmTrust Financial Services, Inc.          
6.125% 8/15/23   3,370,000    3,440,172 
Athene Global Funding          
2.673% 6/07/31 (a)   2,505,000    2,522,225 
Athene Holding Ltd.          
6.150% 4/03/30   1,540,000    1,935,822 
AXIS Specialty Finance LLC          
3.900% 7/15/29   1,110,000    1,211,390 
5 year CMT + 3.186% 4.900% VRN 1/15/40   1,315,000    1,400,244 
Brighthouse Financial, Inc.          
4.700% 6/22/47   1,125,000    1,269,463 
5.625% 5/15/30   3,592,000    4,332,036 
CNO Financial Group, Inc.          
5.250% 5/30/29   2,094,000    2,453,769 
Enstar Finance LLC 5 year CMT + 5.468%          
5.750% VRN 9/01/40   2,200,000    2,343,450 
Enstar Group Ltd.          
4.950% 6/01/29   1,600,000    1,816,083 
Global Atlantic Fin Co.          
3.125% 6/15/31 (a)   1,675,000    1,696,489 
5 year CMT + 3.796% 4.700% VRN 10/15/51 (a)   3,060,000    3,163,525 
Markel Corp. 5 year CMT + 5.662%          
6.000% VRN (b)   930,000    1,030,440 
MetLife Capital Trust IV          
7.875% 12/15/67 (a)   725,000    1,007,685 
New York Life Insurance Co.          
3.750% 5/15/50 (a)   510,000    570,035 
Prudential Financial, Inc.          
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   1,025,000    1,090,864 
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48   2,440,000    2,853,458 
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42   550,000    572,078 
Sammons Financial Group, Inc.          
3.350% 4/16/31 (a)   3,805,000    3,950,509 
Teachers Insurance & Annuity Association of America          
4.270% 5/15/47 (a)   750,000    904,221 
USF&G Capital I          
8.500% 12/15/45 (a)   885,000    1,327,043 
         49,141,820 
Internet — 0.2%          
Amazon.com, Inc.          
4.050% 8/22/47   775,000    938,115 
Expedia Group, Inc.          
4.625% 8/01/27   1,330,000    1,507,335 
         2,445,450 
Investment Companies — 1.2%          
Ares Capital Corp.          
2.150% 7/15/26   1,850,000    1,854,108 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.200% 6/10/24  $1,450,000   $1,554,817 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   2,910,000    3,092,843 
Golub Capital BDC, Inc.          
2.500% 8/24/26   880,000    885,131 
3.375% 4/15/24   2,438,000    2,548,827 
Sixth Street Specialty Lending, Inc.          
3.875% 11/01/24   2,440,000    2,597,252 
         12,532,978 
Iron & Steel — 0.2%          
Vale Overseas Ltd.          
6.250% 8/10/26   1,250,000    1,477,088 
6.875% 11/21/36   630,000    845,082 
         2,322,170 
Lodging — 0.2%          
Las Vegas Sands Corp.          
3.200% 8/08/24   2,070,000    2,125,070 
Machinery – Construction & Mining — 0.2%          
The Weir Group PLC          
2.200% 5/13/26 (a)   2,665,000    2,690,329 
Media — 1.0%          
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.900% 6/01/52   765,000    758,665 
6.484% 10/23/45   1,485,000    2,015,213 
Comcast Corp.          
2.887% 11/01/51 (a)   350,000    334,647 
2.937% 11/01/56 (a)   1,184,000    1,118,392 
3.969% 11/01/47   630,000    717,681 
Discovery Communications LLC          
4.000% 9/15/55   1,210,000    1,261,076 
4.650% 5/15/50   490,000    568,092 
Time Warner Cable, Inc.          
6.750% 6/15/39   985,000    1,345,877 
ViacomCBS, Inc.          
4.200% 5/19/32   872,000    996,276 
4.950% 1/15/31   1,008,000    1,202,877 
         10,318,796 
Metal Fabricate & Hardware — 0.2%          
The Timken Co.          
4.500% 12/15/28   2,055,000    2,290,791 
Mining — 0.6%          
Glencore Finance Canada Ltd.          
5.550% STEP 10/25/42 (a)   894,000    1,148,531 
Glencore Funding LLC          
2.625% 9/23/31 (a)   2,685,000    2,626,251 
3.875% 10/27/27 (a)   975,000    1,062,847 
Teck Resources Ltd.          
6.000% 8/15/40   850,000    1,100,985 
         5,938,614 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Miscellaneous - Manufacturing — 0.1%          
General Electric Co.          
4.125% 10/09/42  $113,000   $129,041 
6.875% 1/10/39   298,000    443,262 
         572,303 
Oil & Gas — 1.9%          
BP Capital Markets PLC 5 year CMT + 4.036%          
4.375% VRN (b)   2,400,000    2,557,560 
Cenovus Energy, Inc.          
6.750% 11/15/39   765,000    1,039,038 
Devon Energy Corp.          
5.600% 7/15/41   800,000    994,988 
EQT Corp.          
3.900% 10/01/27   2,160,000    2,337,617 
Helmerich & Payne, Inc.          
2.900% 9/29/31 (a)   355,000    356,006 
Marathon Petroleum Corp.          
6.500% 3/01/41   1,120,000    1,547,022 
Occidental Petroleum Corp.          
6.600% 3/15/46   1,258,000    1,578,790 
Ovintiv Exploration, Inc.          
5.375% 1/01/26   1,650,000    1,864,924 
5.625% 7/01/24   975,000    1,080,977 
Ovintiv, Inc.          
6.500% 2/01/38   545,000    748,453 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28 (d)   1,680,000    1,686,504 
Petroleos Mexicanos          
5.350% 2/12/28   665,000    656,947 
6.375% 1/23/45   595,000    505,815 
6.500% 3/13/27   585,000    617,824 
6.625% 6/15/35   140,000    132,570 
Santos Finance Ltd.          
3.649% 4/29/31 (a)   1,490,000    1,515,704 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (a)   925,000    1,037,055 
         20,257,794 
Oil & Gas Services — 0.5%          
Halliburton Co.          
5.000% 11/15/45   1,000,000    1,195,710 
NOV, Inc.          
3.600% 12/01/29 (d)   2,920,000    3,067,801 
3.950% 12/01/42   1,506,000    1,490,494 
         5,754,005 
Pharmaceuticals — 0.9%          
AbbVie, Inc.          
4.700% 5/14/45   1,260,000    1,551,195 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   830,000    1,038,374 
Cigna Corp.          
4.800% 7/15/46   880,000    1,096,800 
CVS Health Corp.          
5.050% 3/25/48   455,000    586,160 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
6.125% 9/15/39  $560,000   $773,125 
CVS Pass-Through Trust          
5.926% 1/10/34 (a)   995,639    1,198,822 
7.507% 1/10/32 (a)   842,139    1,059,653 
Utah Acquisition Sub, Inc.          
5.250% 6/15/46   1,375,000    1,678,483 
         8,982,612 
Pipelines — 1.8%          
Energy Transfer LP          
4.200% 4/15/27   885,000    978,047 
6.125% 12/15/45   1,000,000    1,270,010 
3 mo. USD LIBOR + 4.028% 6.250% VRN (b)   2,370,000    2,120,439 
EnLink Midstream Partners LP          
4.150% 6/01/25   2,924,000    3,013,270 
4.850% 7/15/26   951,000    998,265 
Enterprise Products Operating LLC          
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77   1,775,000    1,855,864 
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   1,205,000    1,253,350 
MPLX LP 3 mo. USD LIBOR + 4.652%          
6.875% VRN (b)   1,775,000    1,801,625 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%          
6.125% VRN (b)   2,345,000    2,122,225 
Plains All American Pipeline LP/PAA Finance Corp.          
3.800% 9/15/30   1,150,000    1,226,469 
4.700% 6/15/44   1,195,000    1,280,091 
6.650% 1/15/37   375,000    491,445 
         18,411,100 
Private Equity — 0.7%          
Apollo Management Holdings LP 5 year CMT + 3.266%          
4.950% VRN 1/14/50 (a)   1,505,000    1,569,980 
Carlyle Finance Subsidiary LLC          
3.500% 9/19/29 (a)   1,100,000    1,179,987 
Hercules Capital, Inc.          
4.625% 10/23/22   2,910,000    2,963,811 
2.625% 9/16/26   1,270,000    1,269,015 
KKR Group Finance Co. VIII LLC          
3.500% 8/25/50 (a)   710,000    747,110 
         7,729,903 
Real Estate Investment Trusts (REITS) — 1.8%          
Broadstone Net Lease LLC          
2.600% 9/15/31   1,835,000    1,810,554 
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   1,275,000    1,265,324 
Host Hotels & Resorts LP          
3.500% 9/15/30   2,120,000    2,199,971 
Kimco Realty Corp.          
4.125% 12/01/46   710,000    807,760 
4.450% 9/01/47   800,000    966,078 
Service Properties Trust          
4.500% 6/15/23   760,000    769,500 
4.950% 10/01/29   1,155,000    1,126,125 
Spirit Realty LP          
2.700% 2/15/32   550,000    544,611 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.200% 1/15/27  $2,280,000   $2,429,132 
3.400% 1/15/30   515,000    546,695 
4.000% 7/15/29   1,290,000    1,427,825 
4.450% 9/15/26   133,000    148,469 
STORE Capital Corp.          
4.625% 3/15/29   1,881,000    2,129,140 
WEA Finance LLC          
2.875% 1/15/27 (a)   2,420,000    2,506,012 
         18,677,196 
Retail — 0.3%          
El Puerto de Liverpool SAB de CV          
3.950% 10/02/24 (a)   2,620,000    2,809,976 
Software — 0.5%          
Microsoft Corp.          
2.921% 3/17/52   2,064,000    2,140,703 
MSCI, Inc.          
3.625% 11/01/31 (a)   1,630,000    1,696,137 
Oracle Corp.          
3.600% 4/01/50   1,000,000    998,794 
         4,835,634 
Telecommunications — 1.3%          
AT&T, Inc.          
3.500% 9/15/53   328,000    322,819 
3.550% 9/15/55   5,153,000    5,066,523 
Crown Castle Towers LLC          
4.241% 7/15/48 (a)   2,750,000    3,069,068 
Qwest Corp          
6.750% 12/01/21   725,000    731,453 
Telefonica Emisiones SAU          
4.665% 3/06/38   1,105,000    1,284,439 
Verizon Communications, Inc.          
2.875% 11/20/50   755,000    702,273 
2.987% 10/30/56   2,292,000    2,128,186 
         13,304,761 
Transportation — 0.2%          
CSX Corp.          
4.750% 11/15/48   650,000    837,258 
Norfolk Southern Corp.          
4.050% 8/15/52   860,000    1,007,285 
         1,844,543 
Trucking & Leasing — 0.1%          
GATX Corp.          
1.900% 6/01/31   660,000    626,259 
           
TOTAL CORPORATE DEBT
(Cost $340,821,027)		        360,304,617 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.2%          
Automobile Asset-Backed Securities — 1.6%          
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C          
4.530% 3/20/23 (a)   1,271,000    1,282,353 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
CarMax Auto Owner Trust          
Series 2020-4, Class D, 1.750% 4/15/27  $3,900,000   $3,945,073 
Series 2019-3, Class D, 2.850% 1/15/26   1,974,000    2,038,620 
Carvana Auto Receivables Trust          
Series 2021-P1, Class D, 1.820% 12/10/27   1,749,000    1,764,598 
Series 2019-4A, Class D, 3.070% 7/15/25 (a)   1,625,000    1,681,477 
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B          
3.950% 11/14/28 (a)   1,774,000    1,923,925 
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
3.450% 1/26/32 (a)   1,087,000    1,131,213 
Westlake Automobile Receivables Trust, Series 2021-1A, Class E          
2.330% 8/17/26 (a)   3,226,000    3,220,517 
         16,987,776 
Commercial Mortgage-Backed Securities — 9.3%          
Aventura Mall Trust, Series 2018-AVM, Class C,          
4.249% VRN 7/05/40 (a) (e)   4,270,000    4,556,409 
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%          
1.434% FRN 9/15/34 (a)   670,000    667,488 
BANK, Series 2020-BN30, Class MCDF,          
3.016% VRN 12/15/53 (e)   2,100,000    1,956,075 
BBCMS Mortgage Trust          
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (e)   2,250,000    2,432,093 
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (e)   1,610,000    1,675,123 
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (e)   1,370,000    1,360,480 
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM,          
5.513% VRN 1/12/45 (e)   351,871    348,457 
Benchmark Mortgage Trust          
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (e)   2,200,000    2,203,790 
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (e)   3,587,000    3,497,647 
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (e)   2,500,000    2,393,387 
BGME Trust          
Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (e)   12,518,000    12,349,439 
Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (e)   2,800,000    2,710,516 
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
1.584% FRN 7/15/35 (a)   2,760,000    2,760,004 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.684% FRN 12/15/36 (a)   3,794,209    3,793,028 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.784% FRN 11/15/35 (a)   1,876,000    1,876,586 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.884% FRN 10/15/36 (a)   1,527,864    1,529,295 
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 1.884% FRN 6/15/38 (a)   1,900,000    1,904,155 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.084% FRN 10/15/36 (a)   1,845,102    1,847,409 
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 2.100% FRN 9/15/36 (a)   4,999,000    5,005,261 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%          
1.834% FRN 12/15/37 (a)   898,516    899,358 
Cold Storage Trust, Series 2020-ICE5, Class D, 1 mo. USD LIBOR + 2.100%          
2.184% FRN 11/15/37 (a)   3,440,467    3,445,837 
Commercial Mortgage Pass-Through Certificates          
Series 2012-CR4, Class B, 3.703% 10/15/45 (a)   1,060,000    962,404 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2014-UBS2, Class AM, 4.199% 3/10/47  $1,375,000   $1,457,656 
Series 2015-CR23, Class C, 4.433% VRN 5/10/48 (e)   1,000,000    1,065,222 
Series 2014-LC17, Class C, 4.725% VRN 10/10/47 (e)   2,908,000    3,034,721 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%          
2.234% FRN 5/15/36 (a)   570,000    570,535 
DROP Mortgage Trust          
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 2.330% FRN 4/15/26 (a)   2,629,000    2,635,569 
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 2.830% FRN 4/15/26 (a)   908,000    910,836 
Extended Stay America Trust          
Series 2021-ESH, Class C, 1 mo. USD LIBOR + 1.700% 1.784% FRN 7/15/38 (a)   3,680,851    3,706,029 
Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250% 2.334% FRN 7/15/38 (a)   1,989,649    2,007,050 
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750%          
1.834% FRN 8/15/38 (a)   2,600,000    2,600,809 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.884% FRN 5/15/36 (a)   1,505,000    1,505,001 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%          
1.834% FRN 3/15/38 (a)   1,935,000    1,935,603 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)   919,000    962,013 
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (e)   2,253,000    2,326,471 
MHC Commercial Mortgage Trust          
Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601% 1.685% FRN 4/15/38 (a)   1,600,000    1,601,997 
Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% 2.185% FRN 4/15/38 (a)   4,000,000    4,013,748 
MKT Mortgage Trust          
Series 2020-525M, Class D, 3.039% VRN 2/12/40 (a) (e)   475,000    476,746 
Series 2020-525M, Class E, 3.039% VRN 2/12/40 (a) (e)   976,000    937,673 
Morgan Stanley Capital I Trust, Series 2018-H3, Class B,          
4.620% VRN 7/15/51 (e)   760,000    859,489 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%          
2.184% FRN 7/15/39 (a)   3,761,000    3,762,069 
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B          
4.556% 6/16/51   400,000    444,304 
         96,987,782 
Other Asset-Backed Securities — 11.7%          
AASET Trust, Series 2020-1A, Class A          
3.351% 1/16/40 (a)   1,453,607    1,436,847 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   1,850,023    1,943,519 
Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210%          
1.000% FRN 10/15/34 (a)   2,000,000    2,000,202 
ASSURANT CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050%          
2.184% FRN 10/20/31 (a)   950,000    950,377 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%          
1.888% FRN 1/23/31 (a)   1,190,000    1,190,118 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%          
3.726% FRN 1/15/28 (a)  $1,000,000   $1,000,272 
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%          
3.281% FRN 11/20/30 (a)   400,000    398,016 
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%          
2.076% FRN 10/15/32 (a)   500,000    500,067 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
2.940% 5/25/29 (a)   360,806    368,900 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36 (a)   1,536,532    1,542,903 
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   602,229    609,931 
Series 2021-1A, Class C, 5.067% 4/15/36 (a)   1,069,494    1,075,709 
Canyon Capital CLO Ltd.          
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.370% 1.496% FRN 10/15/32 (a)   1,400,000    1,400,430 
Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750% 2.876% FRN 10/15/32 (a)   250,000    250,054 
Capital Automotive REIT          
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)   462,581    479,205 
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)   397,088    427,194 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)   904,088    951,461 
Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850%          
2.982% FRN 7/28/28 (a)   330,000    329,449 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A          
3.967% 4/15/39 (a)   483,506    483,500 
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100%          
2.226% FRN 1/15/31 (a)   900,000    900,202 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%          
1.114% FRN 4/20/31 (a)   750,000    751,009 
CF Hippolyta LLC, Series 2020-1, Class B1          
2.280% 7/15/60 (a)   518,987    526,282 
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%          
1.314% FRN 11/16/30 (a)   2,330,000    2,330,531 
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%          
1.334% FRN 10/20/30 (a)   2,040,000    2,040,381 
Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220%          
1.000% FRN 10/15/36 (a) (c)   2,000,000    2,000,212 
Eaton Vance CLO Ltd.          
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 1.876% FRN 10/15/30 (a)   1,700,000    1,700,136 
Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 2.135% FRN 10/15/34 (a)   350,000    349,995 
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150%          
1.284% FRN 4/20/34 (a)   2,800,000    2,803,044 
Elmwood CLO III Ltd.          
Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650% 1.000% FRN 10/20/34 (c)   350,000    350,037 
Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950% 2.076% FRN 10/15/32 (a)   350,000    350,000 
FCI Funding LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   112,825    114,088 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Flatiron CLO Ltd.          
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.025% FRN 11/16/32 (a)  $350,000   $350,000 
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 2.825% FRN 11/16/32 (a)   250,000    250,000 
GCI Funding I LLC, Series 2021-1, Class A          
2.380% 6/18/46 (a)   1,277,497    1,283,216 
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050%          
1.000% FRN 10/20/32 (a) (c)   1,000,000    1,000,000 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   2,300,692    2,348,763 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   1,248,524    1,300,422 
Series 2017-1A, Class A, 3.740% 10/15/52 (a)   602,846    633,716 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   1,041,217    1,098,053 
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750%          
1.000% FRN 1/15/37 (a) (c)   500,000    500,000 
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%          
1.834% FRN 1/20/31 (a)   1,290,000    1,290,160 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)   569,865    584,899 
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   628,292    652,529 
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)   185,361    192,802 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   727,262    743,764 
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)   149,100    156,925 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   1,102,861    1,177,951 
Horizon Aircraft Finance I Ltd.          
Series 2019-1, Class A, 3.721% 7/15/39 (a)   1,227,767    1,230,715 
Series 2018-1, Class A, 4.458% 12/15/38 (a)   850,676    851,053 
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A          
3.425% 11/15/39 (a)   2,733,463    2,726,127 
HPS Loan Management Ltd., Series 15A-19, Class A1, 3 mo. USD LIBOR + 1.320%          
1.458% FRN 7/22/32 (a)   1,300,000    1,300,816 
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%          
1.505% FRN 10/26/32 (a)   750,000    750,399 
KKR CLO Ltd.          
Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 1.000% FRN 10/15/34 (a) (c)   500,000    500,000 
Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 1.256% FRN 3/15/31 (a)   900,000    900,055 
KREF Ltd.          
Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 1.734% FRN 2/15/39 (a)   2,900,000    2,900,378 
Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 2.084% FRN 2/15/39 (a)   5,000,000    5,000,594 
Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 2.284% FRN 2/15/39 (a)   2,700,000    2,700,372 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1          
4.300% 1/15/42 (a)   2,025,944    2,006,377 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   1,764,975    1,760,865 
Madison Park Funding Ltd.          
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.726% FRN 7/15/30 (a)   1,665,000    1,665,072 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 2.138% FRN 1/22/31 (a)  $1,000,000   $1,000,006 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.334% FRN 10/18/30 (a)   620,000    620,105 
Mariner Finance Issuance Trust          
Series 2021-AA, Class B, 2.330% 3/20/36 (a)   1,336,000    1,352,519 
Series 2021-AA, Class C, 2.960% 3/20/36 (a)   637,000    650,106 
Mosaic Solar Loans LLC          
Series 2018-1A, Class A, 4.010% 6/22/43 (a)   228,915    245,272 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)   225,155    239,466 
MVW Owner Trust, Series 2017-1A, Class A          
2.420% 12/20/34 (a)   107,554    110,464 
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650%          
1.788% FRN 7/15/34 (a)   1,800,000    1,801,921 
NP SPE LLC, Series 2017-1A, Class A2          
4.219% 10/21/47 (a)   2,260,000    2,350,642 
OAK Hill Credit Partners          
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.468% FRN 10/22/32 (a)   1,000,000    1,000,273 
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 2.788% FRN 10/22/32 (a)   500,000    500,176 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5          
3.390% 11/20/50 (a)   1,200,000    1,242,411 
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100%          
1.234% FRN 7/20/31 (a)   250,000    250,015 
OHA Loan Funding Ltd., Series 2015-1A, Class A1R2, 3 mo. USD LIBOR + 1.340%          
1.465% FRN 11/15/32 (a)   550,000    550,384 
Oxford Finance Funding Trust, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)   1,536,000    1,562,748 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A          
3.967% 6/15/44 (a)   1,454,593    1,449,345 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2          
3.858% 12/05/49 (a)   2,281,365    2,347,677 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.936% FRN 2/25/23 (a)   1,270,000    1,273,128 
Renew, Series 2021-1, Class A          
2.060% 11/20/56 (a)   1,657,971    1,657,014 
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550%          
1.684% FRN 4/20/34 (a)   1,500,000    1,495,633 
RRAM, Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%          
1.216% FRN 1/15/30 (a)   2,450,000    2,455,826 
Sierra Receivables Funding LLC          
Series 2020-2A, Class B, 2.320% 7/20/37 (a)   585,843    593,531 
Series 2021-1A, Class D, 3.170% 11/20/37 (a)   1,198,569    1,206,187 
Series 2018-3A, Class D, 5.200% 9/20/35 (a)   473,678    484,560 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%          
2.425% FRN 8/18/31 (a)   1,170,000    1,155,568 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%          
1.286% FRN 11/25/35 (a)   2,167,867    2,109,522 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (a)   106,756    110,959 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (a)  $418,068   $448,186 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (a)   1,866,931    2,061,021 
Thrust Engine Leasing          
Series 2021-1A, Class A, 4.163% 7/15/40 (a)   2,686,426    2,650,271 
Series 2021-1A, Class B, 6.121% 7/15/40 (a)   1,283,515    1,266,732 
Series 2021-1A, Class C, 7.386% 7/15/40 (a)   1,000,000    996,197 
Trinity Rail Leasing LP, Series 2018-1A, Class A2          
4.620% 6/17/48 (a)   2,420,000    2,473,128 
Vivint Solar Financing V LLC, Series 2018-1A, Class B          
7.370% 4/30/48 (a)   2,395,714    2,533,717 
WAVE LLC          
Series 2019-1A, Class A, 3.597% 9/15/44 (a)   3,664,544    3,649,564 
Series 2017-1A, Class A, 3.844% 11/15/42 (a)   376,840    371,228 
Series 2017-1A, Class C, 6.656% 11/15/42 (a)   1,969,892    1,103,593 
Wendy's Funding LLC, Series 2021-1A, Class A2I          
2.370% 6/15/51 (a)   1,336,650    1,348,917 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   1,096,031    1,096,350 
Wind River CLO Ltd.          
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 1.876% FRN 7/15/30 (a)   1,150,000    1,150,039 
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 1.926% FRN 11/01/31 (a)   900,000    900,099 
Zaxby's Funding LLC, Series 2021-1A, Class A2          
3.238% 7/30/51 (a)   875,000    889,409 
         122,164,003 
Student Loans Asset-Backed Securities — 3.8%          
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48 (a)   1,734,960    1,794,002 
Series 2019-A, Class C, 4.460% 12/28/48 (a)   1,224,974    1,274,155 
College Loan Corp. Trust I, Series 2007-1, Class B2,          
1.627% FRN 1/25/47 (e)   800,909    641,482 
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%          
2.100% FRN 12/01/47 (a)   1,225,151    1,242,949 
Education Services of America          
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 6/25/48 (a)   1,200,000    1,200,000 
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 10/25/56 (a)   1,100,000    1,100,000 
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%          
3.825% FRN 4/25/46   625,000    646,997 
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A,          
3.580% VRN 11/25/38 (a) (e)   979,802    1,017,560 
Higher Education Funding I          
Series 2004-1, Class B2, 0.000%FRN 1/01/44 (a) (e)   450,000    393,108 
Series 2004-1, Class B1, 1.796% FRN 1/01/44 (a) (e)   450,000    402,683 
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX          
3.020% 8/25/42 (a)   547,785    560,215 
Navient Private Education Loan Trust, Series 2020-IA, Class B          
2.950% 4/15/69 (a)   2,352,000    2,412,013 
Navient Private Education Refi Loan Trust          
Series 2021-BA, Class B, 2.520% 7/15/69 (a)   2,620,000    2,634,305 
Series 2019-A, Class B, 3.900% 1/15/43 (a)   1,190,000    1,268,814 
Navient Student Loan Trust          

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 1.436% FRN 2/25/70 (a)  $2,330,000   $2,353,905 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 10/25/58   940,000    946,653 
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 1.586% FRN 6/25/65 (a)   2,370,000    2,450,707 
Nelnet Student Loan Trust          
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.382% FRN 6/25/41   531,955    484,310 
Series 2005-4, Class A4A, 1.145% FRN 3/22/32 (e)   275,000    265,029 
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 1.486% FRN 4/25/67 (a)   3,250,000    3,249,999 
Series 2019-5, Class B, 3.450% 10/25/67 (a)   2,150,000    2,184,092 
SLM Student Loan Trust          
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.335% FRN 10/25/40   1,667,068    1,567,723 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.415% FRN 1/25/44   1,715,588    1,619,329 
Series 2006-2, Class R, 1.000% 1/25/41   730,800    3,661,308 
SoFi Alternative Trust, Series 2019-C, Class PT,          
1.035% VRN 1/25/45 (a) (e)   2,967,046    3,182,370 
SoFi Professional Loan Program LLC, Series 2017-C, Class C,          
4.210% VRN 7/25/40 (a) (e)   990,000    1,020,496 
         39,574,204 
Whole Loan Collateral Collateralized Mortgage Obligations — 2.8%          
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,          
2.537% VRN 8/25/34 (e)   12,222    12,057 
CSMC, Series 2021-NQM3, Class M1,          
2.317% VRN 4/25/66 (a) (e)   1,330,000    1,345,406 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (e)   4,420,230    4,450,274 
GS Mortgage-Backed Securities Trust          
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (a) (e)   1,582,582    1,593,578 
Series 2021-GR2, Class A2, 2.500% VRN 2/25/52 (a) (e)   2,382,809    2,419,221 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,          
3.480% VRN 1/25/47 (a) (e)   800,379    816,395 
New Residential Mortgage Loan Trust 2021-INV1, Series 2021-INV1, Class A4,          
2.500% VRN 6/25/51 (a) (e)   2,844,575    2,873,687 
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400%          
1.486% FRN 5/25/55 (a)   2,606,000    2,606,683 
NMLT Trust, Series 2021-INV1, Class M1,          
2.711% VRN 5/25/56 (a) (e)   5,400,000    5,412,024 
PSMC Trust, Series 2018-2, Class A1,          
3.500% VRN 6/25/48 (a) (e)   280,385    281,661 
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,          
2.491% VRN 6/25/56 (a) (e)   2,448,000    2,470,520 
Verus Securitization Trust          
Series 2021-3, Class M1, 2.397% VRN 6/25/66 (a) (e)   3,640,000    3,688,819 
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 (a) (e)   1,147,000    1,155,912 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,          
4.000% VRN 11/25/48 (a) (e)   205,694    207,160 
         29,333,397 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $301,563,565)		        305,047,162 
           

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SOVEREIGN DEBT OBLIGATIONS — 0.8%          
Colombia Government International Bond          
6.125% 1/18/41  $2,080,000   $2,283,091 
Mexico Government International Bond          
4.500% 4/22/29   875,000    982,695 
4.750% 3/08/44   3,727,000    3,972,758 
6.750% 9/27/34   685,000    900,782 
         8,139,326 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $7,715,553)		        8,139,326 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES(f) — 19.0%          
Collateralized Mortgage Obligations — 0.0%          
Federal Home Loan Mortgage Corp.
Series 2178, Class PB 7.000% 8/15/29		   23,418    26,242 
Pass-Through Securities — 19.0%          
Federal Home Loan Mortgage Corp.          
Pool #RA4245 2.000% 12/01/50   2,478,504    2,494,565 
Pool #RA4255 2.000% 1/01/51   5,172,294    5,210,660 
Pool #J13972 3.500% 1/01/26   17,686    18,870 
Pool #C91344 3.500% 11/01/30   60,576    64,806 
Pool #C91424 3.500% 1/01/32   35,664    38,222 
Pool #RA2483 3.500% 6/01/50   5,833,113    6,170,432 
Pool #C91239 4.500% 3/01/29   3,068    3,385 
Pool #C91251 4.500% 6/01/29   19,314    21,313 
Pool #C90939 5.500% 12/01/25   10,505    11,829 
Pool #D97258 5.500% 4/01/27   8,249    9,289 
Pool #C91026 5.500% 4/01/27   19,013    21,409 
Pool #C91074 5.500% 8/01/27   2,053    2,312 
Pool #D97417 5.500% 10/01/27   8,321    9,363 
Pool #C91128 5.500% 12/01/27   1,103    1,241 
Pool #C91148 5.500% 1/01/28   46,476    52,290 
Pool #C91176 5.500% 5/01/28   16,044    18,051 
Pool #C91217 5.500% 11/01/28   5,117    5,757 
Federal National Mortgage Association          
Pool #775539 12 mo. USD LIBOR + 1.641% 1.891% FRN 5/01/34   12,879    13,350 
Pool #MA3029 3.000% 6/01/32   1,752,665    1,850,081 
Pool #MA3090 3.000% 8/01/32   704,327    742,814 
Pool #AO8180 3.000% 9/01/42   13,594    14,501 
Pool #AB7397 3.000% 12/01/42   83,241    88,796 
Pool #AB7401 3.000% 12/01/42   67,740    72,260 
Pool #AP8668 3.000% 12/01/42   96,393    102,825 
Pool #AR1975 3.000% 12/01/42   20,029    21,366 
Pool #AR0306 3.000% 1/01/43   6,445    6,875 
Pool #AR5391 3.000% 1/01/43   40,465    43,165 
Pool #AL3215 3.000% 2/01/43   67,268    71,756 
Pool #AR4109 3.000% 2/01/43   64,521    68,826 
Pool #AR4432 3.000% 3/01/43   30,940    33,004 
Pool #AT0169 3.000% 3/01/43   140,968    150,373 
Pool #AB8809 3.000% 3/01/43   34,928    37,259 
Pool #MA1368 3.000% 3/01/43   131,480    140,253 
Pool #AR2174 3.000% 4/01/43   130,648    139,366 
Pool #AS1304 3.500% 12/01/28   663,094    707,753 
Pool #MA1356 3.500% 2/01/43   5,331,534    5,768,970 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #CA6096 3.500% 6/01/50  $6,003,560   $6,414,524 
Pool #FM4017 3.500% 8/01/50   537,099    567,780 
Pool #AA3980 4.500% 4/01/28   38,632    42,063 
Pool #CA1909 4.500% 6/01/48   3,073,470    3,325,602 
Pool #AD6437 5.000% 6/01/40   265,431    302,184 
Pool #AD6996 5.000% 7/01/40   1,608,927    1,831,706 
Pool #AL8173 5.000% 2/01/44   642,347    731,289 
Pool #AD0836 5.500% 11/01/28   35,181    39,571 
Government National Mortgage Association          
Pool #371146 7.000% 9/15/23   19    20 
Pool #352022 7.000% 11/15/23   1,235    1,294 
Pool #374440 7.000% 11/15/23   115    120 
Pool #491089 7.000% 12/15/28   5,085    5,480 
Pool #480539 7.000% 4/15/29   97    108 
Pool #500928 7.000% 5/15/29   2,804    3,192 
Pool #488634 7.000% 5/15/29   1,726    1,947 
Pool #510083 7.000% 7/15/29   673    762 
Pool #499410 7.000% 7/15/29   1,012    1,156 
Pool #493723 7.000% 8/15/29   2,061    2,355 
Pool #581417 7.000% 7/15/32   3,968    4,479 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 2.125% FRN 11/20/25   1,765    1,789 
Pool #080136 1 year CMT + 1.500% 2.125% FRN 11/20/27   468    477 
Pool #MA6038 3.000% 7/20/49   3,420,873    3,585,092 
Pool #MA6283 3.000% 11/20/49   6,180,776    6,455,271 
Pool #MA6409 3.000% 1/20/50   6,229,294    6,500,589 
Pool #MA4321 3.500% 3/20/47   3,640,753    3,863,196 
Government National Mortgage Association II TBA          
2.500% 2/01/51 (c)   15,650,000    16,147,621 
3.000% 7/01/49 (c)   5,675,000    5,927,271 
3.500% 5/01/49 (c)   14,620,000    15,371,559 
Uniform Mortgage Backed Securities TBA          
2.000% 7/01/51 (c)   29,250,000    29,309,413 
2.500% 7/01/51 (c)   20,750,000    21,383,848 
3.000% 5/01/49 (c)   34,975,000    36,584,396 
3.500% 2/01/49 (c)   14,925,000    15,790,184 
         198,423,725 
Whole Loans — 0.0%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350%          
1.436% FRN 3/25/29   22,781    22,785 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $198,550,182)		        198,472,752 
           
U.S. TREASURY OBLIGATIONS — 15.2%          
U.S. Treasury Bonds & Notes — 15.2%          
U.S. Treasury Bond          
2.250% 8/15/49 (g)   27,750,000    28,689,820 
3.500% 2/15/39   24,800,000    30,813,705 
U.S. Treasury Note          
0.125% 2/15/24   25,000,000    24,858,935 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
0.500% 2/28/26  $75,050,000   $73,762,427 
         158,124,887 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $158,962,160)		        158,124,887 
           
TOTAL BONDS & NOTES
(Cost $1,007,612,487)		        1,030,088,744 
           
TOTAL PURCHASED OPTIONS (#) — 0.2%
(Cost $2,989,579)		        2,395,537 
           
  

Number of

Shares

      
MUTUAL FUNDS — 0.5%          
Diversified Financial Services — 0.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (h)   4,951,728    4,951,728 
           
TOTAL MUTUAL FUNDS
(Cost $4,951,728)		        4,951,728 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,015,553,794)		        1,037,436,009 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 14.9%          
Commercial Paper — 14.7%          
Amcor Flexibles North American          
0.132% 11/01/21 (a)  $3,000,000    2,999,597 
American Honda Finance Corp.          
0.152% 11/23/21   6,000,000    5,998,596 
0.152% 12/07/21   2,000,000    1,999,365 
AT&T, Inc.          
0.142% 10/21/21 (a)   2,000,000    1,999,837 
BASF SE          
0.122% 10/04/21 (a)   4,000,000    3,999,964 
Dominion Resources          
0.183% 10/19/21   2,000,000    1,999,855 
0.203% 12/01/21   8,000,000    7,997,506 
Enbridge (US), Inc.          
0.132% 10/04/21 (a)   7,000,000    6,999,899 
Experian Finance PLC          
0.162% 10/01/21 (a)   8,000,000    7,999,973 
Fidelity National Information Services, Inc.          
0.203% 10/22/21 (a)   12,000,000    11,998,966 
Gen Dynamics Corp.          
0.193% 12/07/21 (a)   1,000,000    999,777 
Ingredion, Inc.          
0.183% 10/08/21 (a)   7,000,000    6,999,767 
NextEra Energy Capital Holdings, Inc.          
0.152% 11/18/21 (a)   4,000,000    3,999,102 
Nutrien Ltd.          
0.183% 12/29/21 (a)   7,000,000    6,996,675 
Public Service Enterprise Group, Inc.          
0.162% 11/05/21 (a)   7,000,000    6,998,922 
0.183% 12/20/21 (a)   5,000,000    4,997,818 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Reckitt Benckiser Treasury Services PLC          
0.172% 10/08/21 (a)  $7,000,000   $6,999,734 
Sempra Energy          
0.172% 10/01/21 (a)   5,000,000    4,999,982 
0.183% 10/12/21 (a)   7,000,000    6,999,666 
Spire, Inc.          
0.142% 10/18/21 (a)   3,000,000    2,999,798 
Tampa Electric Co.          
0.172% 10/07/21 (a)   1,000,000    999,983 
0.183% 10/19/21 (a)   2,000,000    1,999,905 
0.183% 10/21/21 (a)   5,000,000    4,999,738 
0.183% 10/28/21 (a)   4,000,000    3,999,720 
Telus Corp.          
0.152% 12/15/21 (a)   7,000,000    6,997,177 
Transcanada Pipelines Ltd.          
0.213% 11/15/21 (a)   3,000,000    2,999,383 
VW Credit, Inc.          
0.152% 10/06/21 (a)   4,000,000    3,999,913 
0.152% 10/13/21 (a)   2,000,000    1,999,906 
0.152% 10/27/21 (a)   6,000,000    5,999,339 
Walgreens Boots          
0.172% 10/08/21 (a)   12,000,000    11,999,572 
         152,979,435 
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (i)   1,854,814    1,854,814 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $154,834,161)		        154,834,249 
           
TOTAL INVESTMENTS — 114.3%
(Cost $1,170,387,955) (j)		        1,192,270,258 
           
Other Assets/(Liabilities) — (14.3)%        (149,449,120) 
           
NET ASSETS — 100.0%       $1,042,821,138 

 

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 September 30, 2021, the aggregate market value of these securities amounted to $519,005,287 or 49.77% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) All or a portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $5,635,376 or 0.54% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $803,803 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).

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments (Continued)

(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2021.
(f) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(g) All or a portion of this security is pledged/held as collateral for open derivatives.
(h) Represents investment of security lending cash collateral. (Note 2).
(i) Maturity value of $1,854,814. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 5/15/27, and an aggregate market value, including accrued interest, of $1,891,933.
(j) See Note 3 for aggregate cost for federal tax purposes.

 

(#) Interest Rate Swaptions Purchased
         Paid by Fund  Received by Fund               
Description  Counterparty  Expiration Date  Rate  Frequency  Rate  Frequency  Notional Amount  Value   Premium
Paid
(Received)		   Unrealized Appreciation/ (Depreciation) 
Call                                    
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  $287,860   $184,971   $102,889
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  $2,107,677   $2,804,608   $(696,931)
                           $2,395,537   $2,989,579   $(594,042)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
U.S. Treasury Long Bond  12/21/21  32   $5,231,788  $(136,788) 
U.S. Treasury Ultra 10 Year  12/21/21  15    2,181,611   (2,861) 
U.S. Treasury Ultra Bond  12/21/21  217    43,271,823   (1,811,260) 
U.S. Treasury Note 2 Year  12/31/21  429    94,468,340   (64,879) 
U.S. Treasury Note 5 Year  12/31/21  237    29,279,340    (189,441) 
               $(2,205,229) 
Short               
90 Day Eurodollar  3/14/22  15   $(3,657,513)  $(87,050) 
90 Day Eurodollar  9/19/22  14    (3,412,279)   (76,696) 
90 Day Eurodollar  3/13/23  12    (2,923,010)   (58,090) 
90 Day Eurodollar  12/18/23  15    (3,650,388)   (56,675) 
90 Day Eurodollar  12/16/24  40    (9,722,367)    (117,133) 
               $(395,644) 

 

##Exercise Rate.

 

Currency Legend

USD U.S. Dollar

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 98.4%          
           
CORPORATE DEBT — 50.7%          
Agriculture — 1.4%          
BAT Capital Corp.          
4.700% 4/02/27  $820,000   $925,896 
Imperial Brands Finance PLC          
3.125% 7/26/24 (a)   400,000    420,816 
3.500% 2/11/23 (a)   387,000    398,344 
Wens Foodstuffs Group Co. Ltd.          
2.349% 10/29/25 (a)   900,000    814,727 
         2,559,783 
Airlines — 0.6%          
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.500% 10/20/25 (a)   1,000,000    1,069,956 
Auto Manufacturers — 2.8%          
Ford Motor Credit Co. LLC          
3 mo. USD LIBOR + 1.235% 1.360% FRN 2/15/23   275,000    273,907 
3.087% 1/09/23   260,000    263,822 
3.350% 11/01/22   1,050,000    1,066,937 
General Motors Co.          
6.125% 10/01/25   605,000    708,626 
Harley-Davidson Financial Services, Inc.          
3.350% 6/08/25 (a)   449,000    476,621 
Hyundai Capital America          
1.500% 6/15/26 (a)   850,000    840,664 
Kia Corp.          
1.000% 4/16/24 (a)   465,000    465,083 
Nissan Motor Acceptance Co. LLC          
1.850% 9/16/26 (a)   885,000    875,411 
         4,971,071 
Auto Parts & Equipment — 0.3%          
Metalsa SA de CV          
4.900% 4/24/23 (a)   450,000    468,567 
Banks — 10.6%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)   825,000    914,602 
Arab National Bank 5 year CMT + 2.974%          
3.326% VRN 10/28/30 (a)   650,000    667,311 
Banco Santander SA          
1.849% 3/25/26   600,000    607,462 
Bank of America Corp.          
SOFR + .960% 1.734% VRN 7/22/27   265,000    266,055 
3.950% 4/21/25   178,000    193,927 
4.000% 1/22/25   647,000    702,962 
4.250% 10/22/26   330,000    371,319 

 

 

 

 

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

 

   Principal
Amount		   Value 
The Bank of Nova Scotia          
4.500% 12/16/25  $829,000   $931,241 
Barclays PLC          
5.200% 5/12/26   775,000    886,104 
BPCE SA          
4.625% 7/11/24 (a)   200,000    217,711 
5.700% 10/22/23 (a)   1,085,000    1,189,489 
Citigroup, Inc.          
4.400% 6/10/25   1,320,000    1,460,433 
Credit Suisse AG          
6.500% 8/08/23 (a)   930,000    1,017,699 
Danske Bank A/S          
1.549% 9/10/27 (a)   285,000    282,632 
5.000% 1/12/22 (a)   455,000    460,476 
Deutsche Bank AG SOFR + 2.159%          
2.222% VRN 9/18/24   435,000    445,836 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   1,630,000    1,804,647 
HSBC Holdings PLC          
4.250% 3/14/24   210,000    225,581 
4.250% 8/18/25   483,000    529,651 
4.375% 11/23/26   73,000    81,328 
ING Groep NV SOFR + 1.005%          
1.726% VRN 4/01/27   407,000    409,133 
JP Morgan Chase & Co. SOFR + .765%          
1.470% VRN 9/22/27   445,000    441,945 
Macquarie Group Ltd. SOFR + 1.069%          
1.340% VRN 1/12/27 (a)   525,000    520,204 
Morgan Stanley          
4.350% 9/08/26   1,150,000    1,297,852 
Natwest Group PLC 1 year CMT + .900%          
1.642% VRN 6/14/27   345,000    344,824 
Sberbank of Russia Via SB Capital SA          
5.250% 5/23/23 (a)   650,000    684,125 
Societe Generale SA 1 year CMT + 1.100%          
1.488% VRN 12/14/26 (a)   525,000    518,937 
UBS Group AG          
4.125% 9/24/25 (a)   830,000    916,637 
Wells Fargo & Co.          
4.100% 6/03/26   405,000    450,811 
         18,840,934 
Beverages — 0.6%          
Bacardi Ltd.          
4.450% 5/15/25 (a)   548,000    603,798 
JDE Peet's NV          
1.375% 1/15/27 (a)   457,000    450,651 
         1,054,449 
Chemicals — 0.8%          
Celanese US Holdings LLC          
1.400% 8/05/26   250,000    248,082 
MEGlobal Canada ULC          
5.000% 5/18/25 (a)   450,000    496,890 
Syngenta Finance NV          
4.441% 4/24/23 (a)   320,000    334,489 

 

 

 

 

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

 

   Principal
Amount		   Value 
4.892% 4/24/25 (a)  $335,000   $366,517 
         1,445,978 
Commercial Services — 1.7%          
Adani Ports & Special Economic Zone Ltd.          
3.375% 7/24/24 (a)   1,443,000    1,501,594 
Ashtead Capital, Inc.          
1.500% 8/12/26 (a)   320,000    316,534 
Element Fleet Management Corp.          
1.600% 4/06/24 (a)   240,000    243,421 
Triton Container International Ltd.          
2.050% 4/15/26 (a)   950,000    952,684 
         3,014,233 
Computers — 0.5%          
Dell International LLC/EMC Corp.          
4.000% 7/15/24   414,000    447,803 
5.850% 7/15/25   432,000    502,425 
         950,228 
Distribution & Wholesale — 0.8%          
Li & Fung Ltd.          
4.500% 8/18/25 (a)   1,350,000    1,393,692 
Diversified Financial Services — 4.3%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.875% 8/14/24   845,000    880,126 
4.500% 9/15/23   255,000    271,659 
Aircastle Ltd.          
4.125% 5/01/24   450,000    478,621 
5.000% 4/01/23   170,000    180,590 
Antares Holdings LP          
2.750% 1/15/27 (a)   310,000    310,132 
3.950% 7/15/26 (a)   430,000    452,940 
6.000% 8/15/23 (a)   473,000    511,667 
Avolon Holdings Funding Ltd.          
2.875% 2/15/25 (a)   1,000,000    1,027,857 
BGC Partners, Inc.          
4.375% 12/15/25   505,000    545,151 
Blackstone Private Credit Fund          
2.625% 12/15/26 (a)   755,000    751,951 
Brookfield Finance, Inc.          
4.000% 4/01/24   330,000    354,064 
Lazard Group LLC          
3.750% 2/13/25   805,000    868,821 
LeasePlan Corp. NV          
2.875% 10/24/24 (a)   280,000    293,049 
SPARC EM SPC Panama Metro Line 2 SP          
0.000% 12/05/22 (a)   233,565    230,061 
Synchrony Financial          
3.950% 12/01/27   400,000    441,011 
         7,597,700 
Electric — 1.0%          
Alliant Energy Finance LLC          
1.400% 3/15/26 (a)   260,000    256,312 

 

 

 

 

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

 

   Principal
Amount		   Value 
Enel Finance International NV          
1.375% 7/12/26 (a)  $620,000   $616,196 
Pacific Gas and Electric Co.          
1.750% 6/16/22   970,000    968,449 
         1,840,957 
Energy – Alternate Sources — 0.4%          
Contemporary Ruiding Development Ltd.          
1.500% 9/09/26 (a)   682,000    671,423 
Food — 0.6%          
JBS USA Food Co.          
7.000% 1/15/26 (a)   425,000    444,316 
Smithfield Foods, Inc.          
4.250% 2/01/27 (a)   575,000    628,343 
         1,072,659 
Gas — 0.8%          
Atmos Energy Corp.          
0.625% 3/09/23   365,000    365,012 
ONE Gas, Inc.          
1.100% 3/11/24   960,000    960,045 
         1,325,057 
Health Care – Services — 1.0%          
HCA, Inc.          
5.375% 2/01/25   795,000    888,413 
Universal Health Services, Inc.          
1.650% 9/01/26 (a)   890,000    884,116 
         1,772,529 
Insurance — 2.8%          
AmTrust Financial Services, Inc.          
6.125% 8/15/23   620,000    632,910 
Athene Global Funding          
1.730% 10/02/26 (a) (b)   445,000    444,548 
2.750% 6/25/24 (a)   420,000    440,692 
Brighthouse Financial Global Funding          
1.000% 4/12/24 (a)   280,000    281,614 
1.550% 5/24/26 (a)   484,000    485,936 
CNO Financial Group, Inc.          
5.250% 5/30/25   830,000    933,855 
CNO Global Funding          
1.750% 10/07/26 (b)   394,000    393,945 
Enstar Group Ltd.          
4.500% 3/10/22   435,000    440,307 
GA Global Funding Trust          
1.625% 1/15/26 (a)   260,000    262,177 
Unum Group          
3.875% 11/05/25   620,000    670,626 
         4,986,610 
Internet — 0.4%          
Expedia Group, Inc.          
4.625% 8/01/27   189,000    214,200 

 

 

 

 

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

 

   Principal
Amount		   Value 
Weibo Corp.          
3.500% 7/05/24  $450,000   $468,751 
         682,951 
Investment Companies — 1.7%          
Ares Capital Corp.          
3.875% 1/15/26   535,000    571,925 
4.200% 6/10/24   423,000    453,578 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   360,000    382,620 
Golub Capital BDC, Inc.          
2.500% 8/24/26   270,000    271,574 
3.375% 4/15/24   330,000    345,001 
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.          
4.750% 9/15/24   445,000    462,800 
Sixth Street Specialty Lending, Inc.          
3.875% 11/01/24   410,000    436,424 
         2,923,922 
Iron & Steel — 1.5%          
Severstal OAO Via Steel Capital SA          
3.150% 9/16/24 (a)   1,443,000    1,499,742 
Vale Overseas Ltd.          
6.250% 8/10/26   1,030,000    1,217,120 
         2,716,862 
Leisure Time — 0.2%          
Harley-Davidson, Inc.          
3.500% 7/28/25 (c)   255,000    272,009 
Lodging — 0.7%          
Hyatt Hotels Corp.          
1.800% 10/01/24 (b)   342,000    342,707 
Las Vegas Sands Corp.          
3.200% 8/08/24   875,000    898,278 
         1,240,985 
Machinery – Construction & Mining — 0.5%          
The Weir Group PLC          
2.200% 5/13/26 (a)   880,000    888,364 
Media — 0.6%          
Cable Onda SA          
4.500% 1/30/30 (a)   630,000    660,870 
ViacomCBS, Inc.          
4.750% 5/15/25   400,000    447,669 
         1,108,539 
Mining — 0.6%          
Glencore Finance Canada Ltd.          
4.250% STEP 10/25/22 (a)   254,000    263,797 
Glencore Funding LLC          
1.625% 4/27/26 (a)   470,000    467,426 

 

 

 

 

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

 

   Principal
Amount		   Value 
4.125% 5/30/23 (a)  $360,000   $380,448 
         1,111,671 
Multi-National — 0.6%          
Africa Finance Corp.          
3.125% 6/16/25 (a)   957,000    997,715 
Oil & Gas — 2.6%          
Cenovus Energy, Inc.          
5.375% 7/15/25   222,000    252,789 
Diamondback Energy, Inc.          
0.900% 3/24/23   625,000    624,773 
EQT Corp.          
3.000% 10/01/22 (c)   515,000    524,064 
6.625% STEP 2/01/25   320,000    366,256 
Occidental Petroleum Corp.          
5.500% 12/01/25   975,000    1,079,813 
Ovintiv Exploration, Inc.          
5.625% 7/01/24   505,000    559,890 
Petroleos Mexicanos          
4.625% 9/21/23   1,215,000    1,262,993 
         4,670,578 
Packaging & Containers — 0.5%          
Berry Global, Inc.          
1.650% 1/15/27 (a)   670,000    661,565 
Sealed Air Corp.          
5.500% 9/15/25 (a)   132,000    146,850 
         808,415 
Pharmaceuticals — 0.2%          
AbbVie, Inc.          
3.800% 3/15/25   345,000    374,631 
Pipelines — 1.7%          
Energy Transfer LP          
4.200% 9/15/23   580,000    615,990 
EnLink Midstream Partners LP          
4.400% 4/01/24   900,000    935,478 
EQM Midstream Partners LP          
4.750% 7/15/23   505,000    527,371 
Plains All American Pipeline LP / PAA Finance Corp.          
4.500% 12/15/26   90,000    100,599 
4.650% 10/15/25   760,000    842,124 
         3,021,562 
Private Equity — 0.5%          
Hercules Capital, Inc.          
4.625% 10/23/22   610,000    621,280 
2.625% 9/16/26   250,000    249,806 
         871,086 
Real Estate — 1.2%          
Country Garden Holdings Co. Ltd.          
8.000% 1/27/24 (a)   1,351,000    1,395,974 

 

 

 

 

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

 

   Principal
Amount		   Value 
MAF Sukuk Ltd.          
4.500% 11/03/25 (a)  $625,000   $688,381 
         2,084,355 
Real Estate Investment Trusts (REITS) — 2.1%          
Host Hotels & Resorts LP          
3.750% 10/15/23   840,000    879,260 
SBA Tower Trust          
1.884% 7/15/50 (a)   287,000    290,497 
Service Properties Trust          
4.350% 10/01/24   935,000    946,688 
Simon Property Group LP          
1.375% 1/15/27   555,000    549,190 
Trust Fibra Uno          
5.250% 1/30/26 (a)   680,000    756,160 
Vornado Realty LP          
2.150% 6/01/26   310,000    314,726 
         3,736,521 
Retail — 0.5%          
Nordstrom, Inc.          
2.300% 4/08/24   268,000    268,016 
QVC, Inc.          
4.375% 3/15/23   590,000    615,370 
         883,386 
Semiconductors — 0.2%          
Marvell Technology, Inc.          
1.650% 4/15/26 (a)   420,000    420,464 
Storage & Warehousing — 0.4%          
GLP China Holdings Ltd.          
4.974% 2/26/24 (a)   730,000    776,508 
Telecommunications — 2.2%          
Ericsson LM          
4.125% 5/15/22   628,000    640,836 
NBN Co. Ltd.          
1.450% 5/05/26 (a)   525,000    522,673 
Qwest Corp          
6.750% 12/01/21   485,000    489,316 
Sprint Communications, Inc.          
9.250% 4/15/22   330,000    343,200 
Telecom Italia SpA          
5.303% 5/30/24 (a)   430,000    463,196 
Tower Bersama Infrastructure Tbk PT          
4.250% 1/21/25 (a)   1,445,000    1,513,645 
         3,972,866 
Toys, Games & Hobbies — 0.5%          
Mattel, Inc.          
3.375% 4/01/26 (a)   900,000    927,990 
Trucking & Leasing — 0.3%          
Penske Truck Leasing Co. LP/PTL Finance Corp.          
1.700% 6/15/26 (a)   585,000    587,948 

 

 

 

 

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

 

   Principal
Amount		   Value 
TOTAL CORPORATE DEBT
(Cost $88,871,630)		       $90,115,154 
           
MUNICIPAL OBLIGATIONS — 0.2%          
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Series 2006-2, Class B,          
1.450% FRN 10/25/42 (d)  $350,000    349,247 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $345,188)		        349,247 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 46.2%          
Automobile Asset-Backed Securities — 5.5%          
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class D          
1.800% 12/18/25   947,000    965,337 
Avis Budget Rental Car Funding AESOP LLC          
Series 2020-1A, Class C, 3.020% 8/20/26 (a)   1,259,000    1,301,896 
Series 2019-3A, Class C, 3.150% 3/20/26 (a)   1,083,000    1,121,828 
Series 2019-1A, Class C, 4.530% 3/20/23 (a)   233,000    235,081 
Series 2018-1A, Class C, 4.730% 9/20/24 (a)   500,000    527,880 
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B          
3.630% 1/19/24 (a)   180,000    182,756 
Carmax Auto Owner Trust          
Series 2021-4, Class D, 1.480% 3/15/28   250,000    248,400 
Series 2021-2, Class D, 1.550% 10/15/27   558,000    560,532 
Carvana Auto Receivables Trust          
Series 2021-N1, Class D, 1.500% 1/10/28   1,243,000    1,243,065 
Series 2021-P3, Class D, 2.250% 9/11/28   855,000    846,245 
GM Financial Revolving Receivables Trust, Series 2021-1, Class C          
1.670% 6/12/34 (a)   364,000    364,053 
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
3.450% 1/26/32 (a)   215,000    223,745 
Westlake Automobile Receivables Trust, Series 2021-1A, Class D          
1.230% 4/15/26 (a)   1,100,000    1,100,524 
World Omni Select Auto Trust, Series 2021-A, Class D          
1.440% 11/15/27   840,000    835,885 
         9,757,227 
Commercial Mortgage-Backed Securities — 6.8%          
BAMLL Commercial Mortgage Securities Trust          
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.434% FRN 9/15/34 (a)   130,000    129,513 
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (d)   370,000    375,708 
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (d)   450,000    444,014 
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
1.584% FRN 7/15/35 (a)   500,000    500,001 
BSREP Commercial Mortgage Trust, Series 2021-DC, Class C, 1 mo. USD LIBOR + 1.550%          
1.634% FRN 8/15/38 (a)   837,000    837,786 
BX Commercial Mortgage Trust          
Series 2020-BXLP, Class D, 1 mo. USD LIBOR + 1.250% 1.334% FRN 12/15/36 (a)   599,037    598,850 
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.684% FRN 12/15/36 (a)   706,864    706,644 
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.784% FRN 11/15/35 (a)   728,000    728,227 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.884% FRN 10/15/36 (a)  $279,240   $279,501 
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 1.884% FRN 6/15/38 (a)   327,000    327,715 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.084% FRN 10/15/36 (a)   782,931    783,910 
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 2.100% FRN 9/15/36 (a)   792,000    792,992 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%          
2.234% FRN 12/15/37 (a)   545,194    545,704 
Commercial Mortgage Trust, Series 2014-CR14, Class A2          
3.147% 2/10/47   82,382    82,790 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%          
1.684% FRN 5/15/36 (a)   200,000    200,188 
KIND Trust          
Series 2021-KIND, Class B, 1 mo. USD LIBOR + 1.350% 1.434% FRN 8/15/38 (a)   550,000    550,173 
Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% 1.834% FRN 8/15/38 (a)   600,000    600,187 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
1.884% FRN 5/15/36 (a)   251,000    251,000 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%          
1.834% FRN 3/15/38 (a)   372,000    372,116 
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101%          
2.185% FRN 4/15/38 (a)   620,000    622,131 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B          
3.769% 2/15/46   250,000    252,490 
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D,          
4.057% VRN 8/05/34 (a) (d)   400,000    397,410 
One New York Plaza Trust          
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 2.284% FRN 1/15/26 (a)   616,000    619,079 
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 2.834% FRN 1/15/26 (a)   414,000    416,586 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%          
2.184% FRN 7/15/39 (a)   711,000    711,202 
         12,125,917 
Home Equity Asset-Backed Securities — 0.0%          
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480%          
0.566% FRN 10/25/34 (a)   35,263    35,247 
Other Asset-Backed Securities — 20.1%          
321 Henderson Receivables I LLC, Series 2010-3A, Class A          
3.820% 12/15/48 (a)   128,122    134,261 
321 Henderson Receivables LLC, Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%          
0.284% FRN 3/15/41 (a)   14,692    14,616 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   371,864    390,657 

 

 

 

 

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

 

   Principal
Amount		   Value 
Affirm Asset Securitization Trust, Series 2021-Z1, Class A          
1.070% 8/15/25 (a)  $547,108   $548,285 
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060%          
1.171% FRN 7/22/32 (a)   1,000,000    1,000,161 
Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500%          
1.690% FRN 7/18/29 (a)   500,000    500,158 
Aqua Finance Trust, Series 2021-A, Class A          
1.540% 7/17/46 (a) (b)   1,620,000    1,617,360 
BHG Securitization Trust, Series 2021-B, Class C          
2.240% 10/17/34 (a)   448,000    447,580 
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%          
1.114% FRN 7/20/29 (a)   550,000    549,868 
BRE Grand Islander Timeshare Issuer LLC          
Series 2017-1A, Class A, 2.940% 5/25/29 (a)   71,108    72,703 
Series 2019-A, Class B, 3.780% 9/26/33 (a)   208,070    216,814 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36 (a)   641,728    644,389 
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   196,882    199,401 
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000%          
2.112% FRN 7/15/30 (a)   300,000    300,007 
Capital Automotive REIT          
Series 2017-1A, Class A1, 3.870% 4/15/47 (a)   235,063    238,370 
Series 2020-1A, Class B1, 4.170% 2/15/50 (a)   484,000    506,455 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)   587,657    618,449 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
4.125% 6/15/43 (a)   250,317    249,630 
Cbam CLO Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%          
1.396% FRN 1/15/31 (a)   500,000    500,043 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%          
1.114% FRN 4/20/31 (a)   250,000    250,336 
CF Hippolyta LLC, Series 2020-1, Class B1          
2.280% 7/15/60 (a)   95,828    97,175 
CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550%          
1.675% FRN 10/24/30 (a)   500,000    500,158 
DataBank Issuer, Series 2021-1A, Class A2          
2.060% 2/27/51 (a)   991,000    972,806 
Diamond Resorts Owner Trust, Series 2018-1, Class A          
3.700% 1/21/31 (a)   99,265    101,721 
Elara HGV Timeshare Issuer LLC          
Series 2017-A, Class A, 2.690% 3/25/30 (a)   77,594    79,499 
Series 2016-A, Class A, 2.730% 4/25/28 (a)   132,979    136,591 
Series 2017-A, Class B, 2.960% 3/25/30 (a)   229,908    235,862 
Series 2019-A, Class C, 3.450% 1/25/34 (a)   468,630    482,843 
FCI Funding LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   38,117    38,543 
Firstkey Homes Trust, Series 2021, Class E2          
2.489% 8/17/38 (a)   460,000    458,622 
Flatiron CLO 17 Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + .980%          
1.105% FRN 5/15/30 (a)   500,000    500,082 
FNA VI LLC, Series 2021-1A, Class A          
1.350% 1/10/32 (a)   2,004,612    2,002,560 

 

 

 

 

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

 

   Principal
Amount		   Value 
GCI Funding I LLC, Series 2021-1, Class A          
2.380% 6/18/46 (a)  $239,713   $240,786 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   474,841    484,763 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   228,829    238,341 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   224,525    236,781 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (d)   202,353    213,537 
Hero Funding Trust          
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   123,273    128,028 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   120,725    123,465 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)   248,204    257,511 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   219,727    234,688 
HIN Timeshare Trust, Series 2020-A, Class B          
2.230% 10/09/39 (a)   732,022    743,990 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A          
4.458% 12/15/38 (a)   481,515    481,728 
Horizon Aircraft Finance III Ltd.          
Series 2019-2, Class A, 3.425% 11/15/39 (a)   368,888    367,898 
Series 2019-2, Class B, 4.458% 11/15/39 (a)   683,333    641,915 
Kayne CLO Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400%          
1.526% FRN 7/15/31 (a)   350,000    350,005 
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%          
1.256% FRN 3/15/31 (a)   250,000    250,015 
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300%          
1.384% FRN 2/15/39 (a)   900,000    900,165 
Lendingpoint Asset Securitization, Series 2021-A, Class B          
1.110% 2/15/29 (a) (b)   1,496,000    1,496,031 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   320,180    319,435 
Marlette Funding Trust          
Series 2019-2A, Class A, 3.130% 7/16/29 (a)   1,694    1,695 
Series 2019-2A, Class B, 3.530% 7/16/29 (a)   146,000    146,953 
Mosaic Solar Loans LLC, Series 2018-2GS, Class A          
4.200% 2/22/44 (a)   180,369    194,993 
Mosaic Solar Loans Trust, Series 2017-1A, Class A          
4.450% 6/20/42 (a)   44,439    47,263 
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%          
1.484% FRN 10/18/29 (a)   1,000,000    1,000,302 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%          
1.525% FRN 7/25/30 (a)   250,000    249,891 
NP SPE II LLC, Series 2017-1A, Class A1          
3.372% 10/21/47 (a)   115,506    118,694 
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3          
2.458% 10/15/52 (a)   246,600    246,991 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3          
2.260% 11/20/50 (a)   400,000    398,360 
Orange Lake Timeshare Trust, Series 2016-A, Class B          
2.910% 3/08/29 (a)   90,817    91,841 
Oxford Finance Funding Trust, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)   281,000    285,893 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I          
4.262% 9/05/48 (a)   582,000    579,657 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
2.936% FRN 2/25/23 (a)   250,000    250,616 

 

 

 

 

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

 

   Principal
Amount		   Value 
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%          
1.061% FRN 5/25/35  $452,927   $449,474 
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3 mo. USD LIBOR + 1.190%          
1.324% FRN 10/20/30 (a)   1,000,000    1,000,014 
RRAM, Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%          
1.216% FRN 1/15/30 (a)   400,000    400,951 
SBA Tower Trust, Series 2014-2A, Class C,          
3.869% STEP 10/15/49 (a)   430,000    449,125 
Sierra Receivables Funding LLC          
Series 2017-1A, Class A, 2.910% 3/20/34 (a)   99,917    100,279 
Series 2020-2A, Class C, 3.510% 7/20/37 (a)   70,804    72,713 
Series 2018-1A, Class B, 4.036% 4/20/35   214,706    220,037 
SoFi Consumer Loan Program LLC, Series 2016-1A, Class A          
3.260% 8/25/25 (a)   20,734    20,766 
SoFi Consumer Loan Program Trust, Series 2019-3, Class D          
3.890% 5/25/28 (a)   772,000    791,921 
Store Master Funding I-VII, Series 2018-1A, Class A3          
4.400% 10/20/48 (a)   510,033    528,260 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%          
1.286% FRN 11/25/35 (a)   158,624    154,355 
TAL Advantage VII LLC, Series 2020-1A, Class B          
3.290% 9/20/45 (a)   805,500    817,500 
Textainer Marine Containers Ltd.          
Series 2021-3A, Class A, 1.940% 8/20/46 (a)   596,000    588,253 
Series 2021-3A, Class B, 2.430% 8/20/46 (a)   248,333    245,097 
Thrust Engine Leasing, Series 2021-1A, Class A          
4.163% 7/15/40 (a)   596,984    588,949 
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%          
1.314% FRN 10/20/31 (a)   400,000    400,015 
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%          
1.204% FRN 10/20/28 (a)   674,448    674,473 
Trinity Rail Leasing LP, Series 2019-1A, Class A          
3.820% 4/17/49 (a)   610,622    632,829 
Vantage Data Centers LLC, Series 2020-1A, Class A2          
1.645% 9/15/45 (a)   675,000    676,151 
VERDE CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100%          
1.226% FRN 4/15/32 (a)   500,000    500,190 
Welk Resorts LLC, Series 2017-AA, Class B          
3.410% 6/15/33 (a)   74,155    75,338 
Westgate Resorts LLC, Series 2018-1A, Class A          
3.380% 12/20/31 (a)   109,151    110,171 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   211,087    211,149 
         35,636,246 
Student Loans Asset-Backed Securities — 6.0%          
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%          
1.586% FRN 7/25/58 (a)   140,000    130,183 
College Avenue Student Loans LLC          
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.286% FRN 12/26/47 (a)   350,787    353,004 
Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 1.736% FRN 11/26/46 (a)   261,882    267,272 
Series 2021-A, Class B, 2.320% 7/25/51 (a)   1,091,000    1,084,480 
Series 2017-A, Class B, 4.500% 11/26/46 (a)   519,223    548,140 

 

 

 

 

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

 

   Principal
Amount		   Value 
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%          
0.616% FRN 1/15/37  $144,801   $129,243 
Commonbond Student Loan Trust          
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)   24,903    25,308 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)   27,526    28,276 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   13,755    14,046 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)   53,322    55,697 
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B          
2.500% 1/25/30 (a)   46,935    47,051 
DRB Prime Student Loan Trust          
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)   256,646    262,913 
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)   172,101    176,420 
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)   191,151    196,462 
EdLinc Student Loan Funding, Series 2017-A, Class A, Prime -1.150%          
2.100% FRN 12/01/47 (a)   225,686    228,964 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B          
4.000% 8/25/42 (a)   104,861    109,377 
Higher Education Funding I, Series 2004-1, Class B1,          
1.796% FRN 1/01/44 (a) (d)   950,000    850,108 
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B          
2.770% 1/15/69 (a)   2,200,000    2,259,130 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%          
1.836% FRN 12/26/40 (a)   46,005    46,139 
Nelnet Student Loan Trust          
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 10/25/47 (a)   270,000    271,152 
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.586% FRN 6/25/54 (a)   130,000    130,739 
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%          
0.325% FRN 2/15/45   264,458    248,935 
SLM Student Loan Trust          
Series 2006-2, Class R, 0.000% 1/25/41   139,600    699,396 
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.325% FRN 1/27/42   798,107    744,592 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.335% FRN 10/25/40   322,919    303,675 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.415% FRN 1/25/44   433,412    409,094 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.425% FRN 7/25/25   54,467    54,430 
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.425% FRN 1/25/41   328,570    310,972 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.435% FRN 1/25/55   128,824    122,978 
SMB Private Education Loan Trust          
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 0.834% FRN 11/15/35 (a)   357,158    355,745 
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.184% FRN 9/15/34 (a)   126,718    127,443 
SoFi Professional Loan Program LLC          
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.036% FRN 1/25/39 (a)   17,876    17,906 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.286% FRN 6/25/33 (a)   33,479    33,613 
         10,642,883 
Whole Loan Collateral Collateralized Mortgage Obligations — 7.7%          
Angel Oak Mortgage Trust          
Series 2020-5, Class A2, 1.579% VRN 5/25/65 (a) (d)   233,534    234,199 
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (d)   210,495    211,287 
Series 2021-1, Class M1, 2.215% VRN 1/25/66 (a) (d)   314,000    315,486 

 

 

 

 

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

 

   Principal
Amount		   Value 
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,          
2.537% VRN 8/25/34 (d)  $2,328   $2,297 
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,          
2.406% VRN 5/25/60 (a) (d)   203,460    205,421 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
1.034% FRN 8/25/49 (a)   542,235    542,765 
Citigroup Mortgage Loan Trust          
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (d)   203,176    203,730 
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (d)   391,000    395,549 
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1,          
2.472% VRN 5/25/66 (a) (d)   500,000    501,054 
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,          
1.538% VRN 2/25/66 (a) (d)   877,483    880,741 
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,          
1.128% VRN 5/25/65 (a) (d)   362,485    361,290 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (d)   672,495    677,065 
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1,          
1.657% VRN 5/25/65 (a) (d)   196,755    197,662 
MFRA Trust, Series 2021-NQM2, Class A3,          
1.472% VRN 11/25/64 (a) (d)   696,973    697,180 
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,          
3.750% VRN 11/25/56 (a) (d)   171,820    184,325 
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050%          
1.136% FRN 5/25/55 (a)   927,000    927,244 
NLT Trust          
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (d)   863,528    863,504 
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (d)   700,000    698,239 
OBX Trust, Series 2021-NQM3, Class A3,          
1.362% VRN 7/25/61 (a) (d)   1,081,214    1,079,947 
Onslow Bay Financial LLC, Series 2021-NQM1, Class M1,          
2.219% VRN 2/25/66 (a) (d)   333,000    333,684 
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3,          
3.000% VRN 10/25/31 (a) (d)   288,276    290,759 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (d)   1,165,868    1,164,490 
Starwood Mortgage Residential Trust          
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (d)   361,702    361,197 
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (d)   532,984    538,469 
Verus Securitization Trust          
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (d)   276,000    275,742 
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (d)   765,719    773,528 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (d)   265,000    268,939 
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (d)   548,000    560,806 
         13,746,599 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%          
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,          
3.500% VRN 12/25/49 (a) (d)   255,689    260,714 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $81,511,446)		        82,204,833 
           

 

 

 

 

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

 

   Principal
Amount		   Value 
U.S. Government Agency Obligations and Instrumentalities(e) — 0.6%          
Pass-Through Securities — 0.0%          
Federal National Mortgage Association
Pool #775539 12 mo. USD LIBOR + 1.641% 1.891% 5/01/34		  $2,453   $2,543 
Government National Mortgage Association          
Pool #371146 7.000% 9/15/23   12    12 
Pool #352022 7.000% 11/15/23   249    261 
Pool #491089 7.000% 12/15/28   980    1,056 
Pool #500928 7.000% 5/15/29   519    591 
Pool #499410 7.000% 7/15/29   193    220 
Pool #510083 7.000% 7/15/29   128    145 
Pool #493723 7.000% 8/15/29   387    442 
Pool #581417 7.000% 7/15/32   756    853 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 2.125% FRN 11/20/25   337    342 
Pool #080136 1 year CMT + 1.500% 2.125% FRN 11/20/27   86    88 
         6,553 
Whole Loans — 0.6%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class M2, SOFR30A + 2.300%          
2.350% FRN 8/25/33 (a)   955,000    978,404 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $961,573)		        984,957 
           
U.S. TREASURY OBLIGATIONS — 0.7%          
U.S. Treasury Bonds & Notes — 0.7%          
U.S. Treasury Note          
8.000% 11/15/21 (f)   1,220,000    1,231,795 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,395,661)		        1,231,795 
           
TOTAL BONDS & NOTES
(Cost $173,085,498)		        174,885,986 
           
TOTAL PURCHASED OPTIONS (#) — 0.1%
(Cost $147,532)		        104,350 
           
  

Number of

Shares

    
MUTUAL FUNDS — 0.5%          
Diversified Financial Services — 0.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)          
   812,935    812,935 
           
TOTAL MUTUAL FUNDS
(Cost $812,935)		        812,935 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $174,045,965)		        175,803,271 

 

 

 

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

 

   Principal
Amount		   Value 
SHORT-TERM INVESTMENTS — 2.7%          
Commercial Paper — 2.2%          
American Honda Finance Corp.          
0.172% 10/12/21  $1,000,000   $999,960 
Experian Finance PLC          
0.162% 10/01/21 (a)   2,000,000    1,999,993 
VW Credit, Inc.          
0.152% 10/27/21 (a)   1,000,000    999,890 
         3,999,843 
Repurchase Agreement — 0.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (h)   931,302    931,302 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,931,142)		        4,931,145 
           
TOTAL INVESTMENTS — 101.7%
(Cost $178,977,107) (i)		        180,734,416 
           
Other Assets/(Liabilities) — (1.7)%        (2,977,166) 
           
NET ASSETS — 100.0%       $177,757,250 

 

Abbreviation Legend

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

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2021, the aggregate market value of these securities amounted to $120,637,078 or 67.87% of net assets.
(b) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $795,878 or 0.45% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2).
(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2021.
(e) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(f) All or a portion of this security is pledged/held as collateral for open derivatives.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $931,302. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 5/15/27, and an aggregate market value, including accrued interest, of $949,954.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

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

 

(#) Interest Rate Swaptions Purchased
         Paid by Fund  Received by Fund               
Description  Counterparty  Expiration Date  Rate  Frequency  Rate  Frequency  Notional Amount  Value   Premium
Paid
(Received)		   Unrealized Appreciation/ (Depreciation) 
Put                                    
10-Year Interest Rate Swap, 2/02/43  Credit Suisse International  1/31/33  3.11%## Semi-
Annually		  3-Month USD LIBOR BBA  Quarterly  USD  3,080,000  $104,350   $147,532   $(43,182)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
U.S. Treasury Note 10 Year  12/21/21  152   $20,316,247  $(311,622) 
Short               
U.S. Treasury Ultra 10 Year  12/21/21  50   $(7,428,354)  $165,854 
U.S. Treasury Note 2 Year  12/31/21  147    (32,370,900)   22,861 
U.S. Treasury Note 5 Year  12/31/21  639    (78,905,959)   473,701 
90 Day Eurodollar  3/14/22  3    (731,503)   (17,410) 
90 Day Eurodollar  9/19/22  3    (731,203)   (16,435) 
90 Day Eurodollar  3/13/23  2    (487,168)   (9,682) 
90 Day Eurodollar  12/18/23  3    (730,078)   (11,335) 
90 Day Eurodollar  12/16/24  7    (1,701,415)    (20,498) 
               $587,056 

 

##Exercise Rate.

 

Currency Legend

USD U.S. Dollar

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.3%          
           
COMMON STOCK — 99.3%          
Basic Materials — 3.9%          
Chemicals — 1.6%          
Amyris, Inc. (a) (b)   53,316   $732,029 
Diversey Holdings Ltd. (a)   49,033    786,489 
NewMarket Corp.   2,313    783,575 
         2,302,093 
Mining — 2.3%          
Compass Minerals International, Inc.   23,590    1,519,196 
Kaiser Aluminum Corp.   15,468    1,685,393 
         3,204,589 
         5,506,682 
Communications — 3.2%          
Internet — 2.4%          
Overstock.com, Inc. (a)   23,599    1,838,834 
Q2 Holdings, Inc. (a) (b)   19,698    1,578,598 
         3,417,432 
Telecommunications — 0.8%          
EchoStar Corp. Class A (a)   47,602    1,214,327 
         4,631,759 
Consumer, Cyclical — 11.7%          
Airlines — 0.4%          
Spirit Airlines, Inc. (a) (b)   25,012    648,811 
Apparel — 0.5%          
Carter's, Inc.   7,504    729,689 
Auto Parts & Equipment — 2.6%          
Allison Transmission Holdings, Inc.   18,749    662,215 
Dorman Products, Inc. (a)   16,981    1,607,591 
Visteon Corp. (a)   15,949    1,505,426 
         3,775,232 
Entertainment — 0.7%          
Cedar Fair LP (a) (c)   20,494    950,512 
Retail — 7.5%          
AutoNation, Inc. (a)   23,896    2,909,577 
BJ's Wholesale Club Holdings, Inc. (a)   32,089    1,762,328 

 

 

 

 

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

 

   Number of
Shares		   Value 
Denny's Corp. (a)   87,696   $1,432,953 
Jack in the Box, Inc.   16,461    1,602,149 
Suburban Propane Partners LP (c)   98,988    1,519,466 
Texas Roadhouse, Inc.   15,655    1,429,771 
         10,656,244 
         16,760,488 
Consumer, Non-cyclical — 25.5%          
Biotechnology — 2.6%          
ADC Therapeutics SA (a)   10,488    284,854 
Avid Bioservices, Inc. (a)   38,589    832,365 
NeoGenomics, Inc. (a)   31,609    1,524,818 
Twist Bioscience Corp. (a)   9,939    1,063,175 
         3,705,212 
Commercial Services — 6.4%          
ASGN, Inc. (a)   27,172    3,074,240 
Korn Ferry   41,094    2,973,562 
Monro, Inc.   32,773    1,884,775 
Paya Holdings, Inc. Class A (a)   110,082    1,196,592 
         9,129,169 
Cosmetics & Personal Care — 0.5%          
The Honest Co., Inc. (a) (b)   70,302    729,735 
Food — 2.5%          
BellRing Brands, Inc. Class A (a)   45,960    1,413,270 
The Simply Good Foods Co. (a)   63,672    2,196,047 
         3,609,317 
Health Care – Products — 6.1%          
Adaptive Biotechnologies Corp. (a) (b)   24,086    818,683 
AtriCure, Inc. (a)   25,095    1,745,357 
BioLife Solutions, Inc. (a)   17,885    756,893 
Inspire Medical Systems, Inc. (a)   11,022    2,566,803 
Repligen Corp. (a)   4,831    1,396,111 
Tandem Diabetes Care, Inc. (a)   12,102    1,444,737 
         8,728,584 
Health Care – Services — 5.1%          
Acadia Healthcare Co., Inc. (a)   11,315    721,671 
Addus HomeCare Corp. (a)   17,479    1,393,950 
LHC Group, Inc. (a)   11,036    1,731,659 
Ortho Clinical Diagnostics Holdings PLC Class H (a)   46,366    856,844 
Tenet Healthcare Corp. (a)   38,256    2,541,728 
         7,245,852 
Household Products & Wares — 0.7%          
Acco Brands Corp.   124,477    1,069,258 
Pharmaceuticals — 1.6%          
Collegium Pharmaceutical, Inc. (a)   33,831    667,824 

 

 

 

 

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

 

   Number of
Shares		   Value 
Heska Corp. (a)   6,123   $1,583,040 
         2,250,864 
         36,467,991 
Energy — 2.2%          
Oil & Gas — 1.7%          
Chesapeake Energy Corp.   20,144    1,240,669 
CNX Resources Corp. (a)   94,327    1,190,407 
         2,431,076 
Oil & Gas Services — 0.5%          
Nov, Inc. (a)   54,438    713,682 
         3,144,758 
Financial — 19.8%          
Banks — 4.9%          
The Bank of NT Butterfield & Son Ltd.   37,476    1,330,773 
BankUnited, Inc.   40,526    1,694,797 
Cathay General Bancorp   33,669    1,393,560 
FB Financial Corp.   18,607    797,868 
Heritage Financial Corp.   40,813    1,040,732 
Silvergate Capital Corp. Class A (a)   6,506    751,443 
         7,009,173 
Diversified Financial Services — 4.1%          
Federated Hermes, Inc.   39,465    1,282,613 
Focus Financial Partners, Inc. Class A (a)   39,997    2,094,643 
Stifel Financial Corp.   37,194    2,527,704 
         5,904,960 
Real Estate Investment Trusts (REITS) — 4.5%          
DiamondRock Hospitality Co. (a)   134,638    1,272,329 
EPR Properties   22,631    1,117,519 
Four Corners Property Trust, Inc.   71,920    1,931,771 
National Storage Affiliates Trust   38,738    2,044,979 
         6,366,598 
Savings & Loans — 6.3%          
Berkshire Hills Bancorp, Inc.   34,610    933,778 
OceanFirst Financial Corp.   49,581    1,061,529 
Pacific Premier Bancorp, Inc.   42,185    1,748,146 
Sterling Bancorp   96,964    2,420,221 
WSFS Financial Corp.   54,086    2,775,153 
         8,938,827 
         28,219,558 
Industrial — 14.8%          
Building Materials — 4.7%          
Masonite International Corp. (a)   13,837    1,468,521 
Summit Materials, Inc. Class A (a)   57,136    1,826,638 

 

 

 

 

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

 

   Number of
Shares		   Value 
Zurn Water Solutions Corp.   52,890   $3,400,298 
         6,695,457 
Electrical Components & Equipment — 1.5%          
Energizer Holdings, Inc. (b)   28,448    1,110,894 
EnerSys   14,349    1,068,140 
         2,179,034 
Electronics — 1.3%          
Atkore ,Inc. (a)   20,792    1,807,240 
Engineering & Construction — 1.9%          
Comfort Systems USA, Inc.   12,189    869,320 
TopBuild Corp. (a)   8,957    1,834,483 
         2,703,803 
Machinery – Diversified — 0.9%          
Curtiss-Wright Corp.   10,435    1,316,688 
Metal Fabricate & Hardware — 0.8%          
Valmont Industries, Inc.   4,875    1,146,210 
Miscellaneous - Manufacturing — 1.1%          
EnPro Industries, Inc.   18,718    1,630,712 
Packaging & Containers — 0.7%          
Silgan Holdings, Inc.   25,483    977,528 
Transportation — 1.9%          
CryoPort, Inc. (a) (b)   25,576    1,701,060 
Hub Group, Inc. Class A (a)   13,572    933,075 
         2,634,135 
         21,090,807 
Technology — 13.6%          
Computers — 2.7%          
CACI International, Inc. Class A (a)   7,057    1,849,640 
KBR, Inc.   49,764    1,960,701 
         3,810,341 
Semiconductors — 5.0%          
Allegro MicroSystems, Inc. (a)   29,240    934,510 
Brooks Automation, Inc.   26,625    2,725,069 
MKS Instruments, Inc.   10,484    1,582,141 
Semtech Corp. (a)   23,936    1,866,290 
         7,108,010 
Software — 5.9%          
1Life Healthcare, Inc. (a)   30,223    612,016 
Bottomline Technologies de, Inc. (a)   37,037    1,454,813 
Envestnet, Inc. (a)   11,526    924,846 
Everbridge, Inc. (a)   5,008    756,408 
j2 Global, Inc. (a)   24,981    3,412,904 
Olo, Inc. Class A (a)   18,501    555,585 

 

 

 

 

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

 

   Number of
Shares		   Value 
Paycor HCM, Inc. (a)   22,222   $781,326 
         8,497,898 
         19,416,249 
Utilities — 4.6%          
Electric — 2.9%          
Avista Corp.   44,087    1,724,683 
Evoqua Water Technologies Corp. (a)   62,058    2,330,899 
         4,055,582 
Gas — 1.7%          
National Fuel Gas Co.   31,856    1,673,077 
Northwest Natural Holding Co.   17,053    784,267 
         2,457,344 
         6,512,926 
           
TOTAL COMMON STOCK
(Cost $92,855,181)		        141,751,218 
           
TOTAL EQUITIES
(Cost $92,855,181)		        141,751,218 
           
MUTUAL FUNDS — 0.1%          
Diversified Financial Services — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   111,338    111,338 
           
TOTAL MUTUAL FUNDS
(Cost $111,338)		        111,338 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $92,966,519)		        141,862,556 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 0.7%          
Repurchase Agreement — 0.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (e)  $1,037,203    1,037,203 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,037,203)		        1,037,203 
           
TOTAL INVESTMENTS — 100.1%
(Cost $94,003,722) (f)		        142,899,759 
           
Other Assets/(Liabilities) — (0.1)%        (97,181) 
           
NET ASSETS — 100.0%       $142,802,578 

 

 

 

MML Small Cap Equity 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 September 30, 2021, was $4,531,313 or 3.17% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,518,789 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 $1,037,203. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 5/31/27, and an aggregate market value, including accrued interest, of $1,058,037.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Special Situations Fund —  Portfolio of Investments

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 100.0%          
           
COMMON STOCK — 100.0%          
Basic Materials — 5.3%          
Chemicals — 4.4%          
Dow, Inc.   29,946   $1,723,692 
Mining — 0.9%          
Alcoa Corp. (a)   7,494    366,756 
         2,090,448 
Communications — 30.9%          
Internet — 30.4%          
Airbnb, Inc. Class A (a)   13,515    2,267,141 
Bumble, Inc. (a)   2,841    141,993 
Chewy, Inc. Class A (a) (b)   3,466    236,069 
DoorDash, Inc., Class A (a)   6,151    1,266,983 
Lyft, Inc. Class A (a)   11,663    625,020 
Marqeta, Inc. Class A (a)   3,360    74,323 
Pinterest, Inc. Class A (a)   22,292    1,135,778 
Robinhood Markets, Inc. (a) (b)   2,296    96,616 
Snap, Inc. Class A (a)   41,005    3,029,039 
Uber Technologies, Inc. (a)   65,078    2,915,495 
Vimeo, Inc. (a)   6,213    182,476 
         11,970,933 
Media — 0.5%          
Altice USA, Inc. Class A (a)   9,118    188,925 
         12,159,858 
Consumer, Cyclical — 5.8%          
Apparel — 0.2%          
Kontoor Brands, Inc.   1,907    95,255 
Auto Manufacturers — 0.1%          
TuSimple Holdings, Inc. Class A (a) (b)   1,321    49,049 
Auto Parts & Equipment — 0.8%          
Adient PLC (a)   3,766    156,101 
Veoneer, Inc. (a) (b)   4,026    137,125 
         293,226 
Distribution & Wholesale — 1.1%          
IAA, Inc. (a)   5,404    294,896 
Resideo Technologies, Inc. (a)   5,763    142,865 
         437,761 

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Entertainment — 1.8%          
Madison Square Garden Entertainment Corp. (a)   1,004   $72,961 
Penn National Gaming, Inc. (a)   6,290    455,773 
Warner Music Group Corp. Class A   3,883    165,959 
         694,693 
Lodging — 1.2%          
Hilton Grand Vacations, Inc. (a)   3,544    168,588 
Wyndham Hotels & Resorts, Inc.   3,749    289,385 
         457,973 
Retail — 0.6%          
Petco Health & Wellness Co., Inc. (a)   3,247    68,512 
Victoria's Secret & Co. (a)   3,004    166,001 
         234,513 
         2,262,470 
Consumer, Non-cyclical — 14.4%          
Biotechnology — 5.0%          
Corteva, Inc.   29,480    1,240,518 
Maravai LifeSciences Holdings, Inc. Class A (a)   4,377    214,823 
Royalty Pharma PLC Class A   14,218    513,839 
         1,969,180 
Commercial Services — 2.1%          
Affirm Holdings, Inc. (a)   3,731    444,474 
Driven Brands Holdings, Inc. (a)   2,197    63,471 
GXO Logistics, Inc. (a)   3,952    309,995 
         817,940 
Food — 0.9%          
Lamb Weston Holdings, Inc.   5,819    357,112 
Health Care – Products — 2.5%          
Avantor, Inc. (a)   23,455    959,309 
Varex Imaging Corp. (a)   1,558    43,936 
         1,003,245 
Health Care – Services — 1.2%          
agilon health, Inc. (a)   1,860    48,751 
Ortho Clinical Diagnostics Holdings PLC Class H (a)   4,522    83,566 
PPD, Inc. (a)   4,784    223,843 
Sotera Health Co. (a)   3,944    103,136 
         459,296 
Household Products & Wares — 0.1%          
Reynolds Consumer Products, Inc.   2,167    59,246 
Pharmaceuticals — 2.6%          
Covetrus, Inc. (a)   4,101    74,392 
Elanco Animal Health, Inc. (a)   18,986    605,464 

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Organon & Co.   10,165   $333,310 
         1,013,166 
         5,679,185 
Energy — 1.8%          
Energy – Alternate Sources — 0.5%          
Array Technologies, Inc. (a)   4,746    87,896 
Shoals Technologies Group, Inc. Class A (a)   4,068    113,416 
         201,312 
Oil & Gas — 0.4%          
DTE Midstream LLC (a)   3,876    179,226 
Oil & Gas Services — 0.5%          
ChampionX Corp. (a)   8,072    180,490 
Pipelines — 0.4%          
Equitrans Midstream Corp.   16,260    164,876 
         725,904 
Financial — 9.6%          
Diversified Financial Services — 1.1%          
Rocket Cos., Inc. Class A   5,432    87,129 
Tradeweb Markets, Inc. Class A   4,223    341,134 
         428,263 
Insurance — 2.7%          
Athene Holding Ltd. Class A (a)   5,234    360,466 
Brighthouse Financial, Inc. (a)   3,321    150,209 
Equitable Holdings, Inc.   15,382    455,922 
Ryan Specialty Group Holdings, Inc. Class A (a)   2,314    78,375 
         1,044,972 
Real Estate — 0.2%          
Newmark Group, Inc. Class A   6,523    93,344 
Real Estate Investment Trusts (REITS) — 5.6%          
Apartment Income REIT Corp.   6,293    307,162 
Invitation Homes, Inc.   23,146    887,186 
JBG SMITH Properties   4,639    137,361 
Park Hotels & Resorts, Inc. (a)   9,463    181,122 
VICI Properties, Inc. (b)   24,652    700,363 
         2,213,194 
         3,779,773 
Industrial — 12.9%          
Building Materials — 5.0%          
The AZEK Co., Inc (a)   4,458    162,851 
Carrier Global Corp.   34,843    1,803,474 
         1,966,325 

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Electronics — 3.7%          
Fortive Corp.   14,390   $1,015,502 
nVent Electric PLC   6,733    217,678 
Vontier Corp.   6,768    227,405 
         1,460,585 
Engineering & Construction — 0.6%          
Arcosa, Inc.   1,927    96,678 
frontdoor, Inc. (a)   3,426    143,549 
         240,227 
Machinery – Diversified — 3.6%          
Otis Worldwide Corp.   17,137    1,410,032 
         5,077,169 
Technology — 19.3%          
Software — 19.3%          
AppLovin Corp. (a)   1,072    77,581 
Avaya Holdings Corp. (a)   3,352    66,336 
C3.ai, Inc. (a) (b)   2,794    129,474 
Concentrix Corp. (a)   1,716    303,732 
Doximity, Inc. Class A (a)   1,953    157,607 
Dropbox, Inc. Class A (a)   11,521    336,644 
Oscar Health, Inc. (a)   1,480    25,737 
Playtika Holding Corp. (a)   4,082    112,786 
PowerSchool Holdings, Inc., Class A (a)   1,572    38,687 
Qualtrics International Inc (a)   2,518    107,619 
ROBLOX Corp. Class A (a) (b)   1,649    124,582 
SentinelOne Inc. Class A (a)   1,453    77,837 
Snowflake, Inc. Class A (a)   9,156    2,769,049 
UiPath, Inc. Class A (a)   10,265    540,042 
Zoom Video Communications, Inc. Class A (a)   8,680    2,269,820 
ZoomInfo Technologies, Inc. Class A (a)   7,295    446,381 
         7,583,914 
         7,583,914 
           
TOTAL COMMON STOCK
(Cost $34,959,696)		        39,358,721 
           
TOTAL EQUITIES
(Cost $34,959,696)		        39,358,721 
           

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 1.3%          
           
Diversified Financial Services — 1.3%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   524,338   $524,338 
           
TOTAL MUTUAL FUNDS
(Cost $524,338)		        524,338 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $35,484,034)		        39,883,059 
           
TOTAL INVESTMENTS — 101.3%
(Cost $35,484,034) (d)		        39,883,059 
           
Other Assets/(Liabilities) — (1.3)%        (506,630) 
           
NET ASSETS — 100.0%       $39,376,429 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $1,381,496 or 3.51% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $886,246 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

 

September 30, 2021 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.8%          
           
COMMON STOCK — 91.8%          
Bermuda — 0.4%          
Credicorp Ltd.   2,750   $305,085 
Brazil — 3.6%          
Ambev SA   145,413    408,542 
Americanas SA (a)   40,125    227,823 
B3 SA - Brasil Bolsa Balcao   122,259    286,018 
Lojas Renner SA   47,700    301,489 
Vale SA Sponsored ADR   103,512    1,443,992 
         2,667,864 
Cayman Islands — 20.0%          
BeiGene Ltd. ADR (a)   3,274    1,188,462 
Blue Moon Group Holdings Ltd. (b)   78,432    68,693 
Brii Biosciences Ltd. (a)   36,500    181,208 
Budweiser Brewing Co. APAC Ltd. (b)   121,600    306,075 
Huazhu Group Ltd. ADR (a) (c)   43,520    1,995,827 
Innovent Biologics, Inc. (a) (b)   33,000    319,276 
Keymed Biosciences, Inc. (a) (b)   18,296    119,950 
Meituan Class B (a) (b)   25,700    802,526 
NetEase, Inc. ADR   18,701    1,597,065 
New Horizon Health Ltd. (a) (b)   15,000    65,440 
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)   67,163    137,684 
OneConnect Financial Technology Co. Ltd. (a)   16,450    67,445 
Pagseguro Digital Ltd. Class A (a)   10,286    531,992 
Pinduoduo, Inc. ADR (a)   15,830    1,435,306 
Sunny Optical Technology Group Co. Ltd.   4,800    125,950 
Tencent Holdings Ltd.   39,909    2,340,033 
Wuxi Biologics Cayman, Inc. (a) (b)   89,500    1,446,612 
Zai Lab Ltd. ADR (a)   6,165    649,729 
ZTO Express Cayman, Inc.   3,287    101,553 
ZTO Express Cayman, Inc. ADR   41,088    1,259,758 
         14,740,584 
China — 0.2%          
Contemporary Amperex Technology Co. Ltd. Class A   1,000    81,383 
Remegen Co. Ltd. Class H (a) (b)   7,659    96,704 
         178,087 
Egypt — 0.5%          
Commercial International Bank Egypt SAE (a)   137,644    373,504 
France — 4.5%          
Kering SA   2,879    2,047,620 
LVMH Moet Hennessy Louis Vuitton SE   53    37,898 

 

 

 

 

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

 

   Number of
Shares		   Value 
Pernod Ricard SA   5,794   $1,267,073 
         3,352,591 
Hong Kong — 4.5%          
AIA Group Ltd.   264,400    3,044,339 
Hong Kong Exchanges & Clearing Ltd.   4,300    261,002 
         3,305,341 
India — 16.2%          
Godrej Properties Ltd. (a)   9,417    293,538 
Havells India Ltd.   4,779    88,467 
HDFC Life Insurance Co. Ltd. (b)   17,770    172,350 
Housing Development Finance Corp. Ltd.   105,042    3,829,891 
Infosys Ltd.   50,500    1,127,110 
Kotak Mahindra Bank Ltd.   102,044    2,741,097 
Oberoi Realty Ltd. (a)   32,415    420,091 
Tata Consultancy Services Ltd.   43,114    2,184,987 
Zee Entertainment Enterprises Ltd.   261,439    1,069,873 
         11,927,404 
Indonesia — 1.5%          
Bank Central Asia Tbk PT   261,200    638,896 
Bank Rakyat Indonesia Persero Tbk PT   1,152,015    306,175 
Indocement Tunggal Prakarsa Tbk PT   150,997    109,830 
Semen Indonesia Persero Tbk PT   132,700    75,322 
         1,130,223 
Italy — 1.5%          
Moncler SpA   6,841    418,401 
PRADA SpA   122,800    669,760 
         1,088,161 
Luxembourg — 0.5%          
InPost SA (a)   24,916    410,994 
Mexico — 5.6%          
Alsea SAB de CV (a)   93,972    189,205 
Fomento Economico Mexicano SAB de CV   140,918    1,222,498 
Fomento Economico Mexicano SAB de CV Sponsored ADR   3,210    278,371 
Grupo Mexico SAB de CV Series B   385,541    1,533,086 
Wal-Mart de Mexico SAB de CV   279,544    947,320 
         4,170,480 
Netherlands — 3.6%          
Yandex NV Class A (a)   33,026    2,631,842 
Philippines — 2.0%          
Ayala Land, Inc.   653,700    426,695 
SM Investments Corp.   41,415    800,565 
SM Prime Holdings, Inc.   354,812    227,546 
         1,454,806 
Republic of Korea — 4.5%          
LG Chem Ltd.   801    523,212 

 

 

 

 

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

 

   Number of
Shares		   Value 
NAVER Corp.   640   $208,540 
Samsung Biologics Co. Ltd. (a) (b)   1,575    1,152,748 
Samsung Electronics Co. Ltd.   22,838    1,421,410 
         3,305,910 
Russia — 6.4%          
Novatek PJSC Sponsored GDR Registered (b)   1    264 
Novatek PJSC Sponsored GDR Registered (b)   13,728    3,570,057 
Polyus PJSC (a)   1,965    321,803 
Polyus PJSC GDR (b) (d)   7    575 
Polyus PJSC GDR (b) (d)   1,925    158,235 
Sberbank of Russia PJSC   143,212    666,485 
         4,717,419 
South Africa — 0.7%          
FirstRand Ltd.   123,639    524,372 
Switzerland — 2.4%          
Cie Financiere Richemont SA Registered   17,289    1,782,728 
Taiwan — 8.4%          
MediaTek, Inc.   14,000    451,266 
Taiwan Semiconductor Manufacturing Co. Ltd.   278,000    5,732,651 
         6,183,917 
Turkey — 0.3%          
Akbank TAS   351,216    210,354 
United Kingdom — 1.1%          
Oxford Nanopore Technologies (a)   8,042    66,640 
Prudential PLC   20,672    401,299 
Prudential PLC   17,600    335,289 
         803,228 
United States — 3.4%          
Yum China Holdings, Inc.   42,877    2,491,582 
           
TOTAL COMMON STOCK
(Cost $59,394,667)		        67,756,476 
           
PREFERRED STOCK — 6.0%          
Brazil — 0.3%          
Lojas Americanas SA 0.640%          
   222,722    197,130 
India — 0.0%          
Zee Entertainment Enterprises Ltd.          
6.000%   503,840    13,915 
Singapore — 5.7%          
Grab Holdings, Inc., Series H (Acquired 6/18/19, Cost $2,160,355)          
(a) (d) (e) (f)   350,542    4,199,493 

 

 

 

 

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

 

   Number of
Shares		   Value 
TOTAL PREFERRED STOCK
(Cost $2,716,028)		       $4,410,538 
           
TOTAL EQUITIES
(Cost $62,110,695)		        72,167,014 
           
WARRANTS — 0.0%          
           
Switzerland — 0.0%          
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a)   48,648    22,968 
           
TOTAL WARRANTS
(Cost $0)		        22,968 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $62,110,695)		        72,189,982 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 3.3%          
Repurchase Agreement — 3.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/21, 0.000%, due 10/01/21 (g)  $2,411,224    2,411,224 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,411,224)		        2,411,224 
           
TOTAL INVESTMENTS — 101.1%
(Cost $64,521,919) (h)		        74,601,206 
           
Other Assets/(Liabilities) — (1.1)%        (802,192) 
           
NET ASSETS — 100.0%       $73,799,014 

 

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) Non-income producing security.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2021, the aggregate market value of these securities amounted to $8,279,505 or 11.22% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2021, was $1,991,773 or 2.70% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,032,281 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2021, these securities amounted to a value of $4,358,303 or 5.91% of net assets.
(e) Investment was valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted as to resale. At September 30, 2021, these securities amounted to a value of $4,199,493 or 5.69% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(g) Maturity value of $2,411,224. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 5/15/27, and an aggregate market value, including accrued interest, of $2,459,535.
(h) 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, 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 following are 13 series of the Trust (which contains a total of 15 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 Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund, 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.

 

The Blend Fund invests substantially all of its investable assets in shares of ETFs advised by an affiliate of the Fund's subadviser, BlackRock Investment Management, LLC (“Underlying ETFs”).

 

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.

 

1 The 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.

 

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.

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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 September 30, 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 September 30, 2021, for the remaining Funds' investments:

 

Dynamic Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans (Less Unfunded Loan Commitments)  $—   $12,934,443   $—   $12,934,443 
Corporate Debt   —    77,591,113    —    77,591,113 
Municipal Obligations   —    320,159    —    320,159 
Non-U.S. Government Agency Obligations   —    93,549,318    —    93,549,318 
Sovereign Debt Obligations   —    8,014,913    —    8,014,913 
U.S. Government Agency Obligations and Instrumentalities   —    46,197,488    —    46,197,488 
U.S. Treasury Obligations   —    62,882,784    —    62,882,784 
Mutual Funds   24,755,936    —    —    24,755,936 
Short-Term Investments   —    13,132,926    —    13,132,926 
Unfunded Loan Commitments**   —    178    —    178 
Total Investments  $24,755,936   $314,623,322   $—   $339,379,258 

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $867,352,344   $3,739,091*  $—   $871,091,435 
Preferred Stock   1,006,624    —    —    1,006,624 
Mutual Funds   8,149,718    —    —    8,149,718 
Short-Term Investments   2,061,263    2,353,967    —    4,415,230 
Total Investments  $878,569,949   $6,093,058   $—   $884,663,007 

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

High Yield Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $832,526   $—   $154,650   $987,176 
Bank Loans (Less Unfunded Loan Commitments)   —    7,527,184    —    7,527,184 
Corporate Debt   —    66,519,731    —    66,519,731 
Mutual Funds   3,500,980    —    —    3,500,980 
Short-Term Investments   —    3,371,080    —    3,371,080 
Unfunded Loan Commitments**   —    583    —    583 
Total Investments  $4,333,506   $77,418,578   $154,650   $81,906,734 

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Inflation-Protected and Income Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Non-U.S. Government Agency Obligations  $—   $156,472,056   $—   $156,472,056 
U.S. Government Agency Obligations and Instrumentalities   —    28,261,386    —    28,261,386 
U.S. Treasury Obligations   —    60,986,531    —    60,986,531 
Purchased Options   —    1,439,183    —    1,439,183 
Short-Term Investments   —    49,442,686    —    49,442,686 
Total Investments  $—   $296,601,842   $—   $296,601,842 
Asset Derivatives                    
Futures Contracts  $69,202   $—   $—   $69,202 
Swap Agreements   —    1,152,383    —    1,152,383 
Total  $69,202   $1,152,383   $—   $1,221,585 
Liability Derivatives                    
Futures Contracts  $(64,780)  $—   $—   $(64,780)
Swap Agreements   —    (1,487,812)   —    (1,487,812)
Total  $(64,780)  $(1,487,812)  $—   $(1,552,592)

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Managed Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $—   $360,304,617   $—   $360,304,617 
Non-U.S. Government Agency Obligations   —    305,047,162    —    305,047,162 
Sovereign Debt Obligations   —    8,139,326    —    8,139,326 
U.S. Government Agency Obligations and Instrumentalities   —    198,472,752    —    198,472,752 
U.S. Treasury Obligations   —    158,124,887    —    158,124,887 
Purchased Options   —    2,395,537    —    2,395,537 
Mutual Funds   4,951,728    —    —    4,951,728 
Short-Term Investments   —    154,834,249    —    154,834,249 
Total Investments  $4,951,728   $1,187,318,530   $—   $1,192,270,258 
Liability Derivatives                    
Futures Contracts  $(2,600,873)  $—   $—   $(2,600,873)

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Short-Duration Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $—   $90,115,154   $—   $90,115,154 
Municipal Obligations   —    349,247    —    349,247 
Non-U.S. Government Agency Obligations   —    82,204,833    —    82,204,833 
U.S. Government Agency Obligations and Instrumentalities   —    984,957    —    984,957 
U.S. Treasury Obligations   —    1,231,795    —    1,231,795 
Purchased Options   —    104,350    —    104,350 
Mutual Funds   812,935    —    —    812,935 
Short-Term Investments   —    4,931,145    —    4,931,145 
Total Investments  $812,935   $179,921,481   $—   $180,734,416 
Asset Derivatives                    
Futures Contracts  $662,416   $—   $—   $662,416 
Liability Derivatives                    
Futures Contracts  $(386,982)  $—   $—   $(386,982)

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Emerging Markets Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Bermuda  $305,085   $—   $—   $305,085 
Brazil   2,667,864    —    —    2,667,864 
Cayman Islands   8,863,268    5,877,316    —    14,740,584 
China   —    178,087    —    178,087 
Egypt   —    373,504    —    373,504 
France   —    3,352,591    —    3,352,591 
Hong Kong   —    3,305,341    —    3,305,341 
India   —    11,927,404    —    11,927,404 
Indonesia   —    1,130,223    —    1,130,223 
Italy   —    1,088,161    —    1,088,161 
Luxembourg   —    410,994    —    410,994 
Mexico   4,170,480    —    —    4,170,480 
Netherlands   2,631,842    —    —    2,631,842 
Philippines   1,454,806    —    —    1,454,806 
Republic of Korea   —    3,305,910    —    3,305,910 
Russia   264    4,717,155    —    4,717,419 
South Africa   —    524,372    —    524,372 
Switzerland   —    1,782,728    —    1,782,728 
Taiwan   —    6,183,917    —    6,183,917 
Turkey   —    210,354    —    210,354 
United Kingdom   66,640    736,588    —    803,228 
United States   2,491,582    —    —    2,491,582 
Preferred Stock                    
Brazil   197,130    —    —    197,130 
India   13,915    —    —    13,915 
Singapore   —    —    4,199,493    4,199,493 
Warrants   22,968    —    —    22,968 
Short-Term Investments   —    2,411,224    —    2,411,224 
Total Investments  $22,885,844   $47,515,869   $4,199,493   $74,601,206 

 

*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.

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Derivative Instruments

 

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

 

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

 

Securities Lending

 

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

 

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 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.

 

 

 

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, except for the Blend Fund, may also invest in foreign securities. In addition, certain Underlying ETFs may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

 

Federal Income Tax

 

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

 

Dividends and Distributions to Shareholders

 

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

 

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

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

3. Federal Income Tax Information

 

At September 30, 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:

 

   Federal Income Tax Cost   Tax Basis Unrealized Appreciation   Tax Basis Unrealized (Depreciation)   Net Unrealized Appreciation (Depreciation) 
Blend Fund  $753,507,036   $80,590,437   $(6,290,512)  $74,299,925 
Dynamic Bond Fund   339,875,332    7,900,052    (8,396,126)   (496,074)
Equity Fund   668,801,033    223,315,500    (7,453,526)   215,861,974 
Equity Momentum Fund   46,538,531    727,821    (1,519,133)   (791,312)
Equity Rotation Fund   44,100,896    5,414,879    (1,426,798)   3,988,081 
High Yield Fund   78,147,933    4,520,957    (762,156)   3,758,801 
Inflation-Protected and Income Fund   296,012,748    2,188,245    (1,599,151)   589,094 
Managed Bond Fund   1,170,387,955    28,360,466    (6,478,163)   21,882,303 
Short-Duration Bond Fund   178,977,107    2,835,528    (1,078,219)   1,757,309 
Small Cap Equity Fund   94,003,722    52,956,190    (4,060,153)   48,896,037 
Special Situations Fund   35,484,034    6,710,490    (2,311,465)   4,399,025 
Strategic Emerging Markets Fund   64,521,919    15,897,921    (5,818,634)   10,079,287 

 

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. As of September 30, 2021, Management has fully implemented the new rule and there was no material impact.

 

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide 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. The temporary relief provided by ASU 2020-04 and ASU 2021-01 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 and ASU 2021-01 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. This case has been dismissed by the district court and dismissal was affirmed by the Second Circuit Court of Appeals. The Trustee recently filed with the Second Circuit a petition for rehearing en banc.

 

 

 

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. This case also has been dismissed. The district court’s dismissal of the case was affirmed by the Second Circuit Court of Appeals, and the Plaintiffs’ petition for certiorari was denied by the United States Supreme Court.

 

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 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets 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.