MML Asset Momentum Fund — Portfolio of Investments |
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 24.4% | | | | | | | | |
| | | | | | | | |
Common Stock — 24.4% | | | | | | | | |
Communications — 2.2% | | | | | | | | |
Internet — 0.8% | | | | | | | | |
Rightmove PLC | | | 35,000 | | | $ | 211,086 | |
Media — 0.7% | | | | | | | | |
Fox Corp. Class A | | | 8,000 | | | | 189,040 | |
Telecommunications — 0.7% | | | | | | | | |
NTT DOCOMO, Inc. | | | 5,600 | | | | 176,037 | |
| | | | | | | 576,163 | |
Consumer, Cyclical — 3.8% | | | | | | | | |
Distribution & Wholesale — 3.8% | | | | | | | | |
Pool Corp. | | | 5,100 | | | | 1,003,527 | |
Consumer, Non-cyclical — 2.2% | | | | | | | | |
Health Care – Products — 0.7% | | | | | | | | |
Advanced Medical Solutions Group PLC | | | 54,682 | | | | 170,243 | |
Health Care – Services — 0.8% | | | | | | | | |
Fresenius SE & Co. KGaA | | | 5,900 | | | | 221,714 | |
Household Products & Wares — 0.7% | | | | | | | | |
Henkel AG & Co. KGaA | | | 2,000 | | | | 150,714 | |
Portmeirion Group PLC | | | 5,600 | | | | 23,645 | |
| | | | | | | 174,359 | |
| | | | | | | 566,316 | |
Energy — 0.9% | | | | | | | | |
Oil & Gas — 0.9% | | | | | | | | |
Marathon Petroleum Corp. | | | 10,000 | | | | 236,200 | |
Financial — 6.2% | | | | | | | | |
Diversified Financial Services — 6.2% | | | | | | | | |
Mastercard, Inc. Class A | | | 5,300 | | | | 1,280,268 | |
Visa, Inc. Class A | | | 2,200 | | | | 354,464 | |
| | | | | | | 1,634,732 | |
| | | | | | | 1,634,732 | |
|
Industrial — 4.7% | | | | | | |
Building Materials — 0.3% | | | | | | | | |
Breedon Group PLC (a) | | | 88,437 | | | | 74,176 | |
Electronics — 2.9% | | | | | | | | |
Halma PLC | | | 17,600 | | | | 418,152 | |
Roper Technologies, Inc. | | | 1,100 | | | | 342,991 | |
| | | | | | | 761,143 | |
Hand & Machine Tools — 0.6% | | | | | | | | |
Schindler Holding AG | | | 700 | | | | 153,863 | |
Machinery – Diversified — 0.9% | | | | | | | | |
Keyence Corp. | | | 800 | | | | 258,172 | |
| | | | | | | 1,247,354 | |
Technology — 4.4% | | | | | | | | |
Computers — 3.4% | | | | | | | | |
Fortinet, Inc. (a) | | | 8,800 | | | | 890,296 | |
Software — 1.0% | | | | | | | | |
EMIS Group PLC | | | 11,800 | | | | 153,274 | |
Nexus AG | | | 3,400 | | | | 104,538 | |
| | | | | | | 257,812 | |
| | | | | | | 1,148,108 | |
TOTAL COMMON STOCK (Cost $5,569,154) | | | | | | | 6,412,400 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $5,569,154) | | | | | | | 6,412,400 | |
MML Asset Momentum Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Bonds & Notes — 23.0% | | | | | | |
| | | | | | |
U.S. Treasury Obligations — 23.0% | | | | | | |
U.S. Treasury Bonds & Notes — 23.0% | | | | | | |
U.S. Treasury Note | | | | | | | | |
1.250% 3/31/21 (b) | | $ | 6,000,000 | | | $ | 6,066,359 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,966,406) | | | | | | | 6,066,359 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $5,966,406) | | | | | | | 6,066,359 | |
| | Number of Shares | | | | |
Mutual Funds — 58.0% | | | | | | | | |
Diversified Financial Services — 58.0% | | | | | | | | |
iShares MSCI Brazil Capped Index Fund (c) | | | 36,000 | | | | 848,160 | |
iShares MSCI India ETF (c) | | | 6,600 | | | | 159,126 | |
iShares MSCI Mexico ETF (c) | | | 17,000 | | | | 481,950 | |
State Street Navigator Securities Lending Prime Portfolio (d) | | | 6,234,013 | | | | 6,234,013 | |
Vanguard Short-Term Bond ETF (c) | | | 57,000 | | | | 4,684,260 | |
Vanguard Total Stock Market ETF (c) | | | 22,200 | | | | 2,861,802 | |
| | | | | | | 15,269,311 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $16,016,987) | | | | | | | 15,269,311 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $27,552,547) | | | | | | | 27,748,070 | |
| | Principal Amount | | | | |
Short-Term Investments — 15.3% | | | | | | | | |
Repurchase Agreement — 15.3% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (e) | | $ | 4,027,681 | | | | 4,027,681 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $4,027,681) | | | | | | | 4,027,681 | |
| | | | | | | | |
TOTAL INVESTMENTS — 120.7% (Cost $31,580,228) (f) | | | | | | | 31,775,751 | |
| | | | | | | | |
Other Assets/(Liabilities) — (20.7)% | | | | | | | (5,455,321 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 26,320,430 | |
Abbreviation Legend |
ETF | Exchange-Traded Fund |
| |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | A portion of this security is pledged/held as collateral for open derivatives. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $6,661,482 or 25.31% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $578,221 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | Represents investment of security lending cash collateral. (Note 2). |
(e) | Maturity value of $4,027,681. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $4,111,395. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
| |
Futures contracts |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | |
Nasdaq 100 E Mini Index | | 6/19/20 | | | 32 | | | $ | 5,055,449 | | | $ | (72,249 | ) |
S&P 500 E Mini Index | | 6/19/20 | | | 111 | | | | 14,896,230 | | | | (634,395 | ) |
| | | | | | | | | | | | $ | (706,644 | ) |
MML Blend Fund — Portfolio of Investments |
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 61.6% | | | | | | |
| | | | | | |
Common Stock — 61.5% | | | | | | | | |
Basic Materials — 0.9% | | | | | | | | |
Chemicals — 0.6% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 2,475 | | | $ | 494,035 | |
Celanese Corp. | | | 5,200 | | | | 381,628 | |
CF Industries Holdings, Inc. | | | 10,690 | | | | 290,768 | |
Dow, Inc. | | | 13,006 | | | | 380,295 | |
DuPont de Nemours, Inc. | | | 2,806 | | | | 95,685 | |
Eastman Chemical Co. | | | 6,070 | | | | 282,740 | |
Ecolab, Inc. | | | 2 | | | | 312 | |
Linde PLC | | | 346 | | | | 59,858 | |
LyondellBasell Industries NV Class A | | | 15,640 | | | | 776,213 | |
PPG Industries, Inc. | | | 2,818 | | | | 235,585 | |
The Sherwin-Williams Co. | | | 1,673 | | | | 768,777 | |
| | | | | | | 3,765,896 | |
Forest Products & Paper — 0.1% | | | | | | | | |
International Paper Co. | | | 18,987 | | | | 591,065 | |
Iron & Steel — 0.1% | | | | | | | | |
Nucor Corp. | | | 11,656 | | | | 419,849 | |
Mining — 0.1% | | | | | | | | |
Freeport-McMoRan, Inc. | | | 64 | | | | 432 | |
Newmont Corp. | | | 16,870 | | | | 763,874 | |
| | | | | | | 764,306 | |
| | | | | | | 5,541,116 | |
Communications — 10.0% | | | | | | | | |
Advertising — 0.1% | | | | | | | | |
The Interpublic Group of Cos., Inc. | | | 22,122 | | | | 358,155 | |
Omnicom Group, Inc. | | | 8,147 | | | | 447,271 | |
| | | | | | | 805,426 | |
Internet — 6.3% | | | | | | | | |
Alphabet, Inc. Class A (a) | | | 4,750 | | | | 5,519,262 | |
Alphabet, Inc. Class C (a) | | | 5,411 | | | | 6,291,965 | |
Amazon.com, Inc. (a) | | | 7,500 | | | | 14,622,900 | |
Booking Holdings, Inc. (a) | | | 1,511 | | | | 2,032,779 | |
CDW Corp. | | | 6,080 | | | | 567,082 | |
eBay, Inc. | | | 41,777 | | | | 1,255,817 | |
Expedia Group, Inc. | | | 1,877 | | | | 105,619 | |
F5 Networks, Inc. (a) | | | 1,400 | | | | 149,282 | |
Facebook, Inc. Class A (a) | | | 47,000 | | | | 7,839,600 | |
Netflix, Inc. (a) | | | 143 | | | | 53,696 | |
NortonLifeLock, Inc. | | | 55 | | | | 1,029 | |
TripAdvisor, Inc. | | | 37 | | | | 643 | |
Twitter, Inc. (a) | | | 300 | | | | 7,368 | |
VeriSign, Inc. (a) | | | 2,991 | | | | 538,649 | |
| | | | | | | 38,985,691 | |
Media — 1.1% | | | | | | | | |
Charter Communications, Inc. Class A (a) | | | 2,031 | | | | 886,146 | |
Comcast Corp. Class A | | | 93,724 | | | | 3,222,231 | |
Discovery, Inc. Class A (a) (b) | | | 16,400 | | | | 318,816 | |
Discovery, Inc. Class C (a) | | | 9,043 | | | | 158,614 | |
DISH Network Corp. Class A (a) | | | 6,600 | | | | 131,934 | |
Fox Corp. Class A | | | 14,622 | | | | 345,518 | |
Fox Corp. Class B | | | 2,700 | | | | 61,776 | |
News Corp. Class A | | | 66 | | | | 592 | |
ViacomCBS, Inc. Class B | | | 20,143 | | | | 282,203 | |
The Walt Disney Co. | | | 11,166 | | | | 1,078,636 | |
| | | | | | | 6,486,466 | |
Telecommunications — 2.5% | | | | | | | | |
AT&T, Inc. | | | 97,326 | | | | 2,837,053 | |
CenturyLink, Inc. | | | 27,928 | | | | 264,199 | |
Cisco Systems, Inc. | | | 144,142 | | | | 5,666,222 | |
Corning, Inc. | | | 8,167 | | | | 167,750 | |
Juniper Networks, Inc. | | | 7,289 | | | | 139,512 | |
Motorola Solutions, Inc. | | | 2,107 | | | | 280,062 | |
Verizon Communications, Inc. | | | 113,955 | | | | 6,122,802 | |
| | | | | | | 15,477,600 | |
| | | | | | | 61,755,183 | |
Consumer, Cyclical — 4.9% | | | | | | | | |
Airlines — 0.3% | | | | | | | | |
Alaska Air Group, Inc. | | | 300 | | | | 8,541 | |
American Airlines Group, Inc. | | | 2,200 | | | | 26,818 | |
Delta Air Lines, Inc. | | | 23,200 | | | | 661,896 | |
Southwest Airlines Co. | | | 27,183 | | | | 967,987 | |
United Airlines Holdings, Inc. (a) | | | 11,700 | | | | 369,135 | |
| | | | | | | 2,034,377 | |
Apparel — 0.4% | | | | | | | | |
Capri Holdings Ltd. (a) | | | 2,800 | | | | 30,212 | |
Hanesbrands, Inc. (b) | | | 34,000 | | | | 267,580 | |
NIKE, Inc. Class B | | | 17,884 | | | | 1,479,722 | |
PVH Corp. | | | 1,620 | | | | 60,977 | |
Ralph Lauren Corp. | | | 2,960 | | | | 197,817 | |
Tapestry, Inc. | | | 6,220 | | | | 80,549 | |
Under Armour, Inc. Class C (a) | | | 1,900 | | | | 15,314 | |
VF Corp. | | | 2,200 | | | | 118,976 | |
| | | | | | | 2,251,147 | |
Auto Manufacturers — 0.5% | | | | | | | | |
Cummins, Inc. | | | 5,555 | | | | 751,702 | |
Ford Motor Co. | | | 74,313 | | | | 358,932 | |
General Motors Co. | | | 53,400 | | | | 1,109,652 | |
PACCAR, Inc. | | | 12,722 | | | | 777,696 | |
| | | | | | | 2,997,982 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Auto Parts & Equipment — 0.0% | | | | | | | | |
BorgWarner, Inc. | | | 4,800 | | | $ | 116,976 | |
Distribution & Wholesale — 0.1% | | | | | | | | |
Copart, Inc. (a) | | | 4,400 | | | | 301,488 | |
Fastenal Co. | | | 164 | | | | 5,125 | |
W.W. Grainger, Inc. | | | 1,072 | | | | 266,392 | |
| | | | | | | 573,005 | |
Home Builders — 0.1% | | | | | | | | |
D.R. Horton, Inc. | | | 4,747 | | | | 161,398 | |
PulteGroup, Inc. | | | 8,173 | | | | 182,421 | |
| | | | | | | 343,819 | |
Home Furnishings — 0.0% | | | | | | | | |
Leggett & Platt, Inc. | | | 86 | | | | 2,295 | |
Whirlpool Corp. | | | 2,993 | | | | 256,799 | |
| | | | | | | 259,094 | |
Housewares — 0.0% | | | | | | | | |
Newell Brands, Inc. | | | 4,600 | | | | 61,088 | |
| | | | | | | | |
Leisure Time — 0.0% | | | | | | | | |
Harley-Davidson, Inc. | | | 3,302 | | | | 62,507 | |
Norwegian Cruise Line Holdings Ltd. (a) | | | 1,300 | | | | 14,248 | |
Royal Caribbean Cruises Ltd. | | | 610 | | | | 19,624 | |
| | | | | | | 96,379 | |
Lodging — 0.3% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 12,700 | | | | 866,648 | |
Las Vegas Sands Corp. | | | 9,000 | | | | 382,230 | |
Marriott International, Inc. Class A | | | 6,081 | | | | 454,920 | |
Wynn Resorts Ltd. | | | 8 | | | | 481 | |
| | | | | | | 1,704,279 | |
Retail — 3.2% | | | | | | | | |
Advance Auto Parts, Inc. | | | 1,010 | | | | 94,253 | |
AutoZone, Inc. (a) | | | 464 | | | | 392,544 | |
Best Buy Co., Inc. | | | 13,192 | | | | 751,944 | |
Costco Wholesale Corp. | | | 530 | | | | 151,119 | |
Darden Restaurants, Inc. | | | 2,654 | | | | 144,537 | |
Dollar General Corp. | | | 3,780 | | | | 570,818 | |
Dollar Tree, Inc. (a) | | | 48 | | | | 3,526 | |
The Gap, Inc. (b) | | | 10,990 | | | | 77,369 | |
Genuine Parts Co. | | | 3,264 | | | | 219,765 | |
The Home Depot, Inc. | | | 23,487 | | | | 4,385,258 | |
Kohl's Corp. | | | 8,530 | | | | 124,453 | |
L Brands, Inc. | | | 2,200 | | | | 25,432 | |
Lowe's Cos., Inc. | | | 39,115 | | | | 3,365,846 | |
Macy's, Inc. (b) | | | 10,351 | | | | 50,823 | |
McDonald's Corp. | | | 3,300 | | | | 545,655 | |
Nordstrom, Inc. (b) | | | 10,308 | | | | 158,125 | |
O'Reilly Automotive, Inc. (a) | | | 3,743 | | | | 1,126,830 | |
Ross Stores, Inc. | | | 10,104 | | | | 878,745 | |
Starbucks Corp. | | | 11,254 | | | | 739,838 | |
Target Corp. | | | 17,286 | | | | 1,607,079 | |
Tiffany & Co. | | | 802 | | | | 103,859 | |
The TJX Cos., Inc. | | | 25,112 | | | | 1,200,605 | |
Walgreens Boots Alliance, Inc. | | | 10,857 | | | | 496,708 | |
Walmart, Inc. | | | 19,862 | | | | 2,256,720 | |
Yum! Brands, Inc. | | | 3,675 | | | | 251,848 | |
| | | | | | | 19,723,699 | |
Toys, Games & Hobbies — 0.0% | | | | | | | | |
Hasbro, Inc. | | | 2,791 | | | | 199,696 | |
| | | | | | | 30,361,541 | |
Consumer, Non-cyclical — 14.3% | | | | | | | | |
Agriculture — 0.9% | | | | | | | | |
Altria Group, Inc. | | | 74,259 | | | | 2,871,595 | |
Archer-Daniels-Midland Co. | | | 92 | | | | 3,237 | |
Philip Morris International, Inc. | | | 31,986 | | | | 2,333,699 | |
| | | | | | | 5,208,531 | |
Beverages — 1.1% | | | | | | | | |
Brown-Forman Corp. Class B (b) | | | 15 | | | | 833 | |
The Coca-Cola Co. | | | 73,030 | | | | 3,231,577 | |
Constellation Brands, Inc. Class A | | | 542 | | | | 77,701 | |
Molson Coors Beverage Co. Class B | | | 1,500 | | | | 58,515 | |
Monster Beverage Corp. (a) | | | 8,400 | | | | 472,584 | |
PepsiCo, Inc. | | | 21,770 | | | | 2,614,577 | |
| | | | | | | 6,455,787 | |
Biotechnology — 2.2% | | | | | | | | |
Alexion Pharmaceuticals, Inc. (a) | | | 8,440 | | | | 757,828 | |
Amgen, Inc. | | | 23,671 | | | | 4,798,822 | |
Biogen, Inc. (a) | | | 9,472 | | | | 2,996,751 | |
Corteva, Inc. | | | 6 | | | | 141 | |
Gilead Sciences, Inc. | | | 46,910 | | | | 3,506,992 | |
Illumina, Inc. (a) | | | 20 | | | | 5,462 | |
Incyte Corp. (a) | | | 2,900 | | | | 212,367 | |
Regeneron Pharmaceuticals, Inc. (a) | | | 2,090 | | | | 1,020,526 | |
Vertex Pharmaceuticals, Inc. (a) | | | 1,250 | | | | 297,437 | |
| | | | | | | 13,596,326 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Commercial Services — 0.8% | | | | | | | | |
Automatic Data Processing, Inc. | | | 1,889 | | | $ | 258,189 | |
Cintas Corp. | | | 2,378 | | | | 411,917 | |
Equifax, Inc. | | | 2 | | | | 239 | |
Gartner, Inc. (a) | | | 110 | | | | 10,953 | |
Global Payments, Inc. | | | 2 | | | | 288 | |
H&R Block, Inc. (b) | | | 26,163 | | | | 368,375 | |
Moody's Corp. | | | 5,040 | | | | 1,065,960 | |
Nielsen Holdings PLC | | | 23,400 | | | | 293,436 | |
PayPal Holdings, Inc. (a) | | | 7 | | | | 670 | |
Quanta Services, Inc. | | | 2,013 | | | | 63,872 | |
Robert Half International, Inc. | | | 10,626 | | | | 401,131 | |
S&P Global, Inc. | | | 6,358 | | | | 1,558,028 | |
United Rentals, Inc. (a) | | | 3,220 | | | | 331,338 | |
Verisk Analytics, Inc. | | | 2,720 | | | | 379,114 | |
| | | | | | | 5,143,510 | |
Cosmetics & Personal Care — 1.1% | | | | | | | | |
Colgate-Palmolive Co. | | | 20,806 | | | | 1,380,686 | |
The Estee Lauder Cos., Inc. Class A | | | 1,570 | | | | 250,164 | |
The Procter & Gamble Co. | | | 44,419 | | | | 4,886,090 | |
| | | | | | | 6,516,940 | |
Foods — 0.7% | | | | | | | | |
Campbell Soup Co. | | | 11,724 | | | | 541,180 | |
Conagra Brands, Inc. | | | 7,774 | | | | 228,089 | |
General Mills, Inc. | | | 19,062 | | | | 1,005,902 | |
The Hershey Co. | | | 4,287 | | | | 568,028 | |
Hormel Foods Corp. | | | 3,232 | | | | 150,740 | |
The J.M. Smucker Co. | | | 845 | | | | 93,795 | |
Kellogg Co. | | | 28 | | | | 1,680 | |
The Kraft Heinz Co. | | | 4,958 | | | | 122,661 | |
The Kroger Co. | | | 24,258 | | | | 730,651 | |
McCormick & Co., Inc. | | | 91 | | | | 12,850 | |
Mondelez International, Inc. Class A | | | 1,675 | | | | 83,884 | |
Sysco Corp. | | | 15,134 | | | | 690,564 | |
Tyson Foods, Inc. Class A | | | 5,401 | | | | 312,556 | |
| | | | | | | 4,542,580 | |
Health Care – Products — 0.6% | | | | | | | | |
Abbott Laboratories | | | 1 | | | | 79 | |
Align Technology, Inc. (a) | | | 1,370 | | | | 238,311 | |
Baxter International, Inc. | | | 7,561 | | | | 613,878 | |
The Cooper Cos., Inc. | | | 1,240 | | | | 341,831 | |
Danaher Corp. | | | 86 | | | | 11,903 | |
Dentsply Sirona, Inc. | | | 56 | | | | 2,174 | |
Edwards Lifesciences Corp. (a) | | | 1,750 | | | | 330,085 | |
Henry Schein, Inc. (a) | | | 500 | | | | 25,260 | |
IDEXX Laboratories, Inc. (a) | | | 1,830 | | | | 443,299 | |
Intuitive Surgical, Inc. (a) | | | 8 | | | | 3,962 | |
Medtronic PLC | | | 1,520 | | | | 137,074 | |
ResMed, Inc. | | | 2,160 | | | | 318,146 | |
Stryker Corp. | | | 2,780 | | | | 462,842 | |
Thermo Fisher Scientific, Inc. | | | 2,281 | | | | 646,892 | |
Varian Medical Systems, Inc. (a) | | | 7 | | | | 719 | |
Zimmer Biomet Holdings, Inc. | | | 5 | | | | 505 | |
| | | | | | | 3,576,960 | |
Health Care – Services — 1.2% | | | | | | | | |
Anthem, Inc. | | | 5,476 | | | | 1,243,271 | |
Centene Corp. (a) | | | 2,120 | | | | 125,949 | |
DaVita, Inc. (a) | | | 7,630 | | | | 580,338 | |
HCA Healthcare, Inc. | | | 9,790 | | | | 879,631 | |
Humana, Inc. | | | 2,144 | | | | 673,259 | |
Laboratory Corp. of America Holdings (a) | | | 2 | | | | 253 | |
Quest Diagnostics, Inc. | | | 3,309 | | | | 265,713 | |
UnitedHealth Group, Inc. | | | 13,984 | | | | 3,487,330 | |
Universal Health Services, Inc. Class B | | | 50 | | | | 4,954 | |
| | | | | | | 7,260,698 | |
Household Products & Wares — 0.5% | | | | | | | | |
Avery Dennison Corp. | | | 1,915 | | | | 195,081 | |
Church & Dwight Co., Inc. | | | 3,400 | | | | 218,212 | |
The Clorox Co. | | | 4,243 | | | | 735,100 | |
Kimberly-Clark Corp. | | | 17,005 | | | | 2,174,429 | |
| | | | | | | 3,322,822 | |
Pharmaceuticals — 5.2% | | | | | | | | |
AbbVie, Inc. | | | 58,722 | | | | 4,474,029 | |
Allergan PLC | | | 1,250 | | | | 221,375 | |
AmerisourceBergen Corp. | | | 6,507 | | | | 575,870 | |
Becton Dickinson and Co. | | | 2 | | | | 460 | |
Bristol-Myers Squibb Co. | | | 64,243 | | | | 3,580,905 | |
Cardinal Health, Inc. | | | 5,978 | | | | 286,585 | |
Cigna Corp. (a) | | | 2,803 | | | | 496,636 | |
CVS Health Corp. | | | 9,301 | | | | 551,828 | |
Eli Lilly & Co. | | | 39,264 | | | | 5,446,702 | |
Johnson & Johnson | | | 49,892 | | | | 6,542,338 | |
McKesson Corp. | | | 11,605 | | | | 1,569,692 | |
Merck & Co., Inc. | | | 49,383 | | | | 3,799,528 | |
Mylan NV (a) | | | 18,547 | | | | 276,536 | |
Pfizer, Inc. | | | 114,441 | | | | 3,735,354 | |
Zoetis, Inc. | | | 4,890 | | | | 575,504 | |
| | | | | | | 32,133,342 | |
| | | | | | | 87,757,496 | |
Energy — 1.2% | | | | | | | | |
Oil & Gas — 1.2% | | | | | | | | |
Apache Corp. | | | 21 | | | | 88 | |
Cabot Oil & Gas Corp. | | | 30,148 | | | | 518,244 | |
Chevron Corp. | | | 9,038 | | | | 654,894 | |
Cimarex Energy Co. | | | 1,900 | | | | 31,977 | |
ConocoPhillips | | | 12,539 | | | | 386,201 | |
Devon Energy Corp. | | | 6,447 | | | | 44,549 | |
Diamondback Energy, Inc. | | | 2,460 | | | | 64,452 | |
EOG Resources, Inc. | | | 5,478 | | | | 196,770 | |
Exxon Mobil Corp. | | | 36,397 | | | | 1,381,994 | |
Helmerich & Payne, Inc. | | | 60 | | | | 939 | |
Hess Corp. | | | 3,032 | | | | 100,966 | |
HollyFrontier Corp. | | | 13,000 | | | | 318,630 | |
Marathon Oil Corp. | | | 7,327 | | | | 24,106 | |
Marathon Petroleum Corp. | | | 38,100 | | | | 899,922 | |
Noble Energy, Inc. | | | 56 | | | | 338 | |
Occidental Petroleum Corp. | | | 629 | | | | 7,284 | |
Phillips 66 | | | 25,579 | | | | 1,372,313 | |
Pioneer Natural Resources Co. | | | 1 | | | | 70 | |
Valero Energy Corp. | | | 23,240 | | | | 1,054,166 | |
| | | | | | | 7,057,903 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Oil & Gas Services — 0.0% | | | | | | | | |
Baker Hughes Co. | | | 31 | | | $ | 325 | |
Halliburton Co. | | | 16,867 | | | | 115,539 | |
National Oilwell Varco, Inc. | | | 1,094 | | | | 10,754 | |
Schlumberger Ltd. | | | 4,531 | | | | 61,123 | |
TechnipFMC PLC | | | 40 | | | | 270 | |
| | | | | | | 188,011 | |
Pipelines — 0.0% | | | | | | | | |
Kinder Morgan, Inc. | | | 238 | | | | 3,313 | |
The Williams Cos., Inc. | | | 48 | | | | 679 | |
| | | | | | | 3,992 | |
| | | | | | | 7,249,906 | |
Financial — 9.2% | | | | | | | | |
Banks — 3.4% | | | | | | | | |
Bank of America Corp. | | | 135,398 | | | | 2,874,500 | |
The Bank of New York Mellon Corp. | | | 35,507 | | | | 1,195,876 | |
Citigroup, Inc. | | | 65,551 | | | | 2,761,008 | |
Citizens Financial Group, Inc. | | | 5,900 | | | | 110,979 | |
Comerica, Inc. | | | 5,821 | | | | 170,788 | |
Fifth Third Bancorp | | | 11,821 | | | | 175,542 | |
The Goldman Sachs Group, Inc. | | | 4,840 | | | | 748,216 | |
Huntington Bancshares, Inc. | | | 6,800 | | | | 55,828 | |
JP Morgan Chase & Co. | | | 65,732 | | | | 5,917,852 | |
KeyCorp | | | 32,764 | | | | 339,763 | |
M&T Bank Corp. | | | 2,545 | | | | 263,229 | |
Morgan Stanley | | | 56,497 | | | | 1,920,898 | |
Northern Trust Corp. | | | 3,459 | | | | 261,016 | |
The PNC Financial Services Group, Inc. | | | 7,688 | | | | 735,895 | |
Regions Financial Corp. | | | 26,715 | | | | 239,634 | |
State Street Corp. | | | 6,576 | | | | 350,303 | |
SVB Financial Group (a) | | | 2,100 | | | | 317,268 | |
Truist Financial Corp. | | | 14,044 | | | | 433,117 | |
US Bancorp | | | 21,902 | | | | 754,524 | |
Wells Fargo & Co. | | | 38,816 | | | | 1,114,019 | |
Zions Bancorp NA | | | 2,041 | | | | 54,617 | |
| | | | | | | 20,794,872 | |
Diversified Financial Services — 2.8% | | | | | | | | |
Alliance Data Systems Corp. | | | 3,580 | | | | 120,467 | |
American Express Co. | | | 5,839 | | | | 499,877 | |
Ameriprise Financial, Inc. | | | 7,456 | | | | 764,091 | |
BlackRock, Inc. | | | 1,450 | | | | 637,956 | |
Capital One Financial Corp. | | | 9,452 | | | | 476,570 | |
The Charles Schwab Corp. | | | 21,112 | | | | 709,785 | |
Discover Financial Services | | | 17,183 | | | | 612,918 | |
E*TRADE Financial Corp. | | | 5,561 | | | | 190,853 | |
Franklin Resources, Inc. | | | 5,387 | | | | 89,909 | |
Intercontinental Exchange, Inc. | | | 1,115 | | | | 90,036 | |
Invesco Ltd. | | | 14,412 | | | | 130,861 | |
Jefferies Financial Group, Inc. | | | 37 | | | | 506 | |
Mastercard, Inc. Class A | | | 26,510 | | | | 6,403,756 | |
Nasdaq, Inc. | | | 45 | | | | 4,273 | |
Raymond James Financial, Inc. | | | 3,900 | | | | 246,480 | |
Synchrony Financial | | | 39,200 | | | | 630,728 | |
T. Rowe Price Group, Inc. | | | 4,706 | | | | 459,541 | |
Visa, Inc. Class A | | | 28,692 | | | | 4,622,855 | |
The Western Union Co. (b) | | | 21,188 | | | | 384,138 | |
| | | | | | | 17,075,600 | |
Insurance — 1.6% | | | | | | | | |
Aflac, Inc. | | | 14,844 | | | | 508,259 | |
The Allstate Corp. | | | 4,235 | | | | 388,477 | |
American International Group, Inc. | | | 11,446 | | | | 277,565 | |
Aon PLC | | | 3,445 | | | | 568,563 | |
Assurant, Inc. | | | 96 | | | | 9,993 | |
Berkshire Hathaway, Inc. Class B (a) | | | 21,606 | | | | 3,950,225 | |
Chubb Ltd. | | | 4,088 | | | | 456,589 | |
Cincinnati Financial Corp. | | | 39 | | | | 2,943 | |
Everest Re Group Ltd. | | | 20 | | | | 3,848 | |
Globe Life, Inc. | | | 3,282 | | | | 236,206 | |
The Hartford Financial Services Group, Inc. | | | 5,152 | | | | 181,556 | |
Lincoln National Corp. | | | 6,951 | | | | 182,950 | |
Loews Corp. | | | 783 | | | | 27,272 | |
Marsh & McLennan Cos., Inc. | | | 1,103 | | | | 95,365 | |
MetLife, Inc. | | | 32,190 | | | | 984,048 | |
Principal Financial Group, Inc. | | | 8,129 | | | | 254,763 | |
The Progressive Corp. | | | 11,614 | | | | 857,578 | |
Prudential Financial, Inc. | | | 8,037 | | | | 419,049 | |
The Travelers Cos., Inc. | | | 4,097 | | | | 407,037 | |
Unum Group | | | 16,131 | | | | 242,126 | |
| | | | | | | 10,054,412 | |
Real Estate — 0.0% | | | | | | | | |
CBRE Group, Inc. Class A (a) | | | 8,087 | | | | 304,961 | |
| | | | | | | | |
Real Estate Investment Trusts (REITS) — 1.4% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 120 | | | | 16,447 | |
American Tower Corp. | | | 13,019 | | | | 2,834,887 | |
Apartment Investment & Management Co. Class A | | | 82 | | | | 2,882 | |
AvalonBay Communities, Inc. | | | 2,081 | | | | 306,261 | |
Boston Properties, Inc. | | | 3,793 | | | | 349,828 | |
Crown Castle International Corp. | | | 1,450 | | | | 209,380 | |
Digital Realty Trust, Inc. (b) | | | 280 | | | | 38,895 | |
Duke Realty Corp. | | | 9,000 | | | | 291,420 | |
Equinix, Inc. | | | 300 | | | | 187,371 | |
Equity Residential | | | 756 | | | | 46,653 | |
Essex Property Trust, Inc. | | | 180 | | | | 39,643 | |
Extra Space Storage, Inc. | | | 4,090 | | | | 391,658 | |
Healthpeak Properties, Inc. | | | 935 | | | | 22,300 | |
Host Hotels & Resorts, Inc. | | | 43,337 | | | | 478,441 | |
Iron Mountain, Inc. (b) | | | 48 | | | | 1,142 | |
Kimco Realty Corp. | | | 15,067 | | | | 145,698 | |
The Macerich Co. (b) | | | 6,000 | | | | 33,780 | |
Mid-America Apartment Communities, Inc. | | | 2,190 | | | | 225,636 | |
Prologis, Inc. | | | 12,838 | | | | 1,031,790 | |
Public Storage | | | 3,103 | | | | 616,287 | |
Realty Income Corp. | | | 700 | | | | 34,902 | |
Regency Centers Corp. | | | 3,900 | | | | 149,877 | |
Simon Property Group, Inc. | | | 15,305 | | | | 839,632 | |
SL Green Realty Corp. | | | 2,790 | | | | 120,249 | |
UDR, Inc. | | | 200 | | | | 7,308 | |
Ventas, Inc. | | | 925 | | | | 24,790 | |
Vornado Realty Trust | | | 1,373 | | | | 49,716 | |
Welltower, Inc. | | | 1,500 | | | | 68,670 | |
Weyerhaeuser Co. | | | 26 | | | | 441 | |
| | | | | | | 8,565,984 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Savings & Loans — 0.0% | | | | | | | | |
People's United Financial, Inc. | | | 1,751 | | | $ | 19,349 | |
| | | | | | | 56,815,178 | |
Industrial — 4.3% | | | | | | | | |
Aerospace & Defense — 1.0% | | | | | | | | |
The Boeing Co. | | | 72 | | | | 10,738 | |
General Dynamics Corp. | | | 602 | | | | 79,651 | |
Howmet Aerospace, Inc. | | | 5,408 | | | | 86,852 | |
L3 Harris Technologies, Inc. | | | 1,161 | | | | 209,119 | |
Lockheed Martin Corp. | | | 11,970 | | | | 4,057,232 | |
Northrop Grumman Corp. | | | 2,658 | | | | 804,178 | |
Raytheon Co. | | | 3,309 | | | | 433,975 | |
edeRaytheon Technologies Corp. | | | 2,493 | | | | 235,165 | |
| | | | | | | 5,916,910 | |
Building Materials — 0.1% | | | | | | | | |
Johnson Controls International PLC | | | 2,565 | | | | 69,153 | |
Masco Corp. | | | 9,825 | | | | 339,650 | |
Vulcan Materials Co. | | | 5 | | | | 540 | |
| | | | | | | 409,343 | |
Electrical Components & Equipment — 0.1% | | | | | | | | |
AMETEK, Inc. | | | 2,500 | | | | 180,050 | |
Emerson Electric Co. | | | 12,269 | | | | 584,618 | |
| | | | | | | 764,668 | |
Electronics — 0.8% | | | | | | | | |
Agilent Technologies, Inc. | | | 63 | | | | 4,512 | |
Allegion PLC | | | 1,633 | | | | 150,269 | |
Amphenol Corp. Class A | | | 4,874 | | | | 355,217 | |
FLIR Systems, Inc. | | | 2,852 | | | | 90,950 | |
Fortive Corp. | | | 5,878 | | | | 324,407 | |
Garmin Ltd. | | | 2,100 | | | | 157,416 | |
Honeywell International, Inc. | | | 13,402 | | | | 1,793,053 | |
Keysight Technologies, Inc. (a) | | | 4,500 | | | | 376,560 | |
Mettler-Toledo International, Inc. (a) | | | 760 | | | | 524,788 | |
PerkinElmer, Inc. | | | 20 | | | | 1,506 | |
Roper Technologies, Inc. | | | 663 | | | | 206,730 | |
TE Connectivity Ltd. | | | 8,500 | | | | 535,330 | |
Waters Corp. (a) | | | 1,540 | | | | 280,357 | |
| | | | | | | 4,801,095 | |
Engineering & Construction — 0.0% | | | | | | | | |
Jacobs Engineering Group, Inc. | | | 820 | | | | 65,001 | |
Environmental Controls — 0.2% | | | | | | | | |
Pentair PLC | | | 2,523 | | | | 75,084 | |
Republic Services, Inc. | | | 337 | | | | 25,295 | |
Waste Management, Inc. | | | 9,373 | | | | 867,565 | |
| | | | | | | 967,944 | |
Hand & Machine Tools — 0.0% | | | | | | | | |
Snap-on, Inc. | | | 1,171 | | | | 127,428 | |
Stanley Black & Decker, Inc. | | | 9 | | | | 900 | |
| | | | | | | 128,328 | |
Machinery – Construction & Mining — 0.3% | | | | | | | | |
Caterpillar, Inc. | | | 15,845 | | | | 1,838,654 | |
| | | | | | | | |
Machinery – Diversified — 0.2% | | | | | | | | |
Dover Corp. | | | 1,303 | | | | 109,374 | |
Flowserve Corp. | | | 1,870 | | | | 44,675 | |
Ingersoll Rand, Inc. (a) | | | 344 | | | | 8,531 | |
Rockwell Automation, Inc. | | | 6,753 | | | | 1,019,095 | |
Xylem, Inc. | | | 55 | | | | 3,582 | |
| | | | | | | 1,185,257 | |
Miscellaneous - Manufacturing — 0.8% | | | | | | | | |
3M Co. | | | 14,052 | | | | 1,918,238 | |
Eaton Corp. PLC | | | 7,366 | | | | 572,265 | |
General Electric Co. | | | 2,586 | | | | 20,533 | |
Illinois Tool Works, Inc. | | | 15,815 | | | | 2,247,628 | |
Parker-Hannifin Corp. | | | 2,268 | | | | 294,228 | |
Textron, Inc. | | | 3,372 | | | | 89,931 | |
Trane Technologies PLC | | | 390 | | | | 32,210 | |
| | | | | | | 5,175,033 | |
Packaging & Containers — 0.1% | | | | | | | | |
Ball Corp. | | | 4 | | | | 259 | |
Packaging Corp. of America | | | 5,550 | | | | 481,906 | |
Sealed Air Corp. | | | 53 | | | | 1,310 | |
WestRock Co. | | | 7,467 | | | | 211,017 | |
| | | | | | | 694,492 | |
Shipbuilding — 0.0% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 1,110 | | | | 202,253 | |
| | | | | | | | |
Transportation — 0.7% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 2,520 | | | | 166,824 | |
CSX Corp. | | | 19,307 | | | | 1,106,291 | |
Expeditors International of Washington, Inc. | | | 126 | | | | 8,407 | |
Norfolk Southern Corp. | | | 3 | | | | 438 | |
Union Pacific Corp. | | | 11,252 | | | | 1,586,982 | |
United Parcel Service, Inc. Class B | | | 17,960 | | | | 1,677,823 | |
| | | | | | | 4,546,765 | |
| | | | | | | 26,695,743 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Technology — 15.0% | | | | | | | | |
Computers — 5.2% | | | | | | | | |
Accenture PLC Class A | | | 15,660 | | | $ | 2,556,652 | |
Apple, Inc. | | | 83,287 | | | | 21,179,051 | |
Cognizant Technology Solutions Corp. Class A | | | 14,656 | | | | 681,064 | |
DXC Technology Co. | | | 7,579 | | | | 98,906 | |
Fortinet, Inc. (a) | | | 2,720 | | | | 275,182 | |
Hewlett Packard Enterprise Co. | | | 50,874 | | | | 493,986 | |
HP, Inc. | | | 44,074 | | | | 765,125 | |
International Business Machines Corp. | | | 38,390 | | | | 4,258,603 | |
Leidos Holdings, Inc. | | | 5,000 | | | | 458,250 | |
NetApp, Inc. | | | 8,998 | | | | 375,127 | |
Seagate Technology PLC | | | 8,800 | | | | 429,440 | |
Western Digital Corp. | | | 7,147 | | | | 297,458 | |
| | | | | | | 31,868,844 | |
Office & Business Equipment — 0.0% | | | | | | | | |
Xerox Holdings Corp. | | | 5,736 | | | | 108,640 | |
| | | | | | | | |
Semiconductors — 3.7% | | | | | | | | |
Analog Devices, Inc. | | | 1,072 | | | | 96,105 | |
Applied Materials, Inc. | | | 35,339 | | | | 1,619,233 | |
Broadcom, Inc. | | | 7,049 | | | | 1,671,318 | |
Intel Corp. | | | 132,123 | | | | 7,150,497 | |
KLA Corp. | | | 5,439 | | | | 781,802 | |
Lam Research Corp. | | | 6,193 | | | | 1,486,320 | |
Maxim Integrated Products, Inc. | | | 6,600 | | | | 320,826 | |
Microchip Technology, Inc. (b) | | | 21 | | | | 1,424 | |
Micron Technology, Inc. (a) | | | 29,817 | | | | 1,254,103 | |
NVIDIA Corp. | | | 2,256 | | | | 594,682 | |
QUALCOMM, Inc. | | | 59,100 | | | | 3,998,115 | |
Skyworks Solutions, Inc. | | | 5,940 | | | | 530,917 | |
Texas Instruments, Inc. | | | 29,594 | | | | 2,957,328 | |
Xilinx, Inc. | | | 5,996 | | | | 467,328 | |
| | | | | | | 22,929,998 | |
Software — 6.1% | | | | | | | | |
Activision Blizzard, Inc. | | | 200 | | | | 11,896 | |
Adobe, Inc. (a) | | | 3,600 | | | | 1,145,664 | |
Akamai Technologies, Inc. (a) | | | 2,026 | | | | 185,359 | |
Autodesk, Inc. (a) | | | 7 | | | | 1,093 | |
Broadridge Financial Solutions, Inc. | | | 720 | | | | 68,277 | |
Cadence Design Systems, Inc. (a) | | | 10,500 | | | | 693,420 | |
Cerner Corp. | | | 4,300 | | | | 270,857 | |
Citrix Systems, Inc. | | | 4,937 | | | | 698,832 | |
Electronic Arts, Inc. (a) | | | 14,107 | | | | 1,413,098 | |
Fidelity National Information Services, Inc. | | | 540 | | | | 65,686 | |
Fiserv, Inc. (a) | | | 502 | | | | 47,685 | |
Intuit, Inc. | | | 6,190 | | | | 1,423,700 | |
Microsoft Corp. | | | 158,395 | | | | 24,980,475 | |
MSCI, Inc. | | | 1,700 | | | | 491,232 | |
Oracle Corp. | | | 101,957 | | | | 4,927,582 | |
Paychex, Inc. | | | 5,864 | | | | 368,963 | |
salesforce.com, Inc. (a) | | | 4 | | | | 576 | |
Synopsys, Inc. (a) | | | 2,630 | | | | 338,718 | |
| | | | | | | 37,133,113 | |
| | | | | | | 92,040,595 | |
Utilities — 1.7% | | | | | | | | |
Electric — 1.7% | | | | | | | | |
AES Corp. | | | 48,287 | | | | 656,703 | |
Alliant Energy Corp. | | | 5,400 | | | | 260,766 | |
Ameren Corp. | | | 4,060 | | | | 295,690 | |
American Electric Power Co., Inc. | | | 2,485 | | | | 198,750 | |
CenterPoint Energy, Inc. | | | 4,131 | | | | 63,824 | |
CMS Energy Corp. | | | 1,103 | | | | 64,801 | |
Consolidated Edison, Inc. | | | 1,282 | | | | 99,996 | |
Dominion Energy, Inc. | | | 6,647 | | | | 479,847 | |
DTE Energy Co. | | | 3,020 | | | | 286,809 | |
Duke Energy Corp. | | | 6,190 | | | | 500,647 | |
Edison International | | | 826 | | | | 45,257 | |
Entergy Corp. | | | 648 | | | | 60,893 | |
Evergy, Inc. | | | 5,300 | | | | 291,765 | |
Eversource Energy | | | 812 | | | | 63,507 | |
Exelon Corp. | | | 22,140 | | | | 814,973 | |
FirstEnergy Corp. | | | 19,380 | | | | 776,557 | |
NextEra Energy, Inc. | | | 1,350 | | | | 324,837 | |
NRG Energy, Inc. | | | 28,600 | | | | 779,636 | |
Pinnacle West Capital Corp. | | | 1,396 | | | | 105,803 | |
PPL Corp. | | | 41,918 | | | | 1,034,536 | |
Public Service Enterprise Group, Inc. | | | 9,924 | | | | 445,687 | |
Sempra Energy | | | 1,781 | | | | 201,235 | |
The Southern Co. | | | 41,922 | | | | 2,269,657 | |
WEC Energy Group, Inc. | | | 4,542 | | | | 400,286 | |
Xcel Energy, Inc. | | | 2,172 | | | | 130,972 | |
| | | | | | | 10,653,434 | |
Gas — 0.0% | | | | | | | | |
NiSource, Inc. | | | 713 | | | | 17,803 | |
Water — 0.0% | | | | | | | | |
American Water Works Co., Inc. | | | 380 | | | | 45,433 | |
| | | | | | | 10,716,670 | |
TOTAL COMMON STOCK (Cost $323,817,045) | | | | | | | 378,933,428 | |
| | | | | | | | |
Preferred Stock — 0.1% | | | | | | | | |
Financial — 0.1% | | | | | | | | |
Insurance — 0.1% | | | | | | | | |
The Allstate Corp., 3 mo. USD LIBOR + 3.165% | | | | | | | | |
5.100% VRN | | | 20,000 | | | | 487,200 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $500,000) | | | | | | | 487,200 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $324,317,045) | | | | | | | 379,420,628 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Bonds & Notes — 37.8% | | | | | | |
| | | | | | |
Corporate Debt — 13.0% | | | | | | |
Aerospace & Defense — 0.0% | | | | | | |
United Technologies Corp. | | | | | | | | |
6.125% 7/15/38 | | $ | 80,000 | | | $ | 114,963 | |
Agriculture — 0.3% | | | | | | | | |
BAT Capital Corp. | | | | | | | | |
4.758% 9/06/49 | | | 110,000 | | | | 103,857 | |
Bunge Ltd. Finance Corp. | | | | | | | | |
3.250% 8/15/26 | | | 262,000 | | | | 237,621 | |
4.350% 3/15/24 | | | 350,000 | | | | 342,265 | |
Imperial Brands Finance PLC | | | | | | | | |
3.875% 7/26/29 (c) | | | 631,000 | | | | 590,081 | |
Reynolds American, Inc. | | | | | | | | |
4.450% 6/12/25 | | | 245,000 | | | | 246,463 | |
5.850% 8/15/45 | | | 220,000 | | | | 236,313 | |
| | | | | | | 1,756,600 | |
Airlines — 0.1% | | | | | | | | |
American Airlines Group, Inc. | | | | | | | | |
5.000% 6/01/22 (c) | | | 511,000 | | | | 410,078 | |
American Airlines Pass-Through Trust, Series 2014-1, Class B, | | | | | | | | |
4.375% 4/01/24 | | | 25,096 | | | | 23,494 | |
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | | | | | | | | |
4.100% 10/01/29 | | | 260,153 | | | | 253,075 | |
United Airlines Pass-Through Trust, Series 2018-1, Class B, | | | | | | | | |
4.600% 9/01/27 | | | 82,760 | | | | 71,695 | |
| | | | | | | 758,342 | |
Auto Manufacturers — 0.6% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
3.087% 1/09/23 | | | 320,000 | | | | 294,400 | |
3.336% 3/18/21 | | | 400,000 | | | | 383,920 | |
3.810% 1/09/24 | | | 450,000 | | | | 407,250 | |
4.140% 2/15/23 | | | 465,000 | | | | 430,962 | |
4.375% 8/06/23 | | | 475,000 | | | | 431,822 | |
General Motors Co. | | | | | | | | |
4.200% 10/01/27 | | | 215,000 | | | | 177,654 | |
5.150% 4/01/38 | | | 130,000 | | | | 94,019 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.500% 11/07/24 | | | 490,000 | | | | 431,129 | |
4.150% 6/19/23 | | | 582,000 | | | | 529,386 | |
4.200% 11/06/21 | | | 301,000 | | | | 287,288 | |
Hyundai Capital America | | | | | | | | |
2.850% 11/01/22 (c) | | | 385,000 | | | | 375,963 | |
| | | | | | | 3,843,793 | |
Banks — 1.7% | | | | | | | | |
Associated Banc-Corp. | | | | | | | | |
4.250% 1/15/25 | | | 494,000 | | | | 508,747 | |
Bank of America Corp. | | | | | | | | |
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27 | | | 175,000 | | | | 183,124 | |
4.183% 11/25/27 | | | 255,000 | | | | 263,584 | |
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38 | | | 200,000 | | | | 229,998 | |
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | | | 100,000 | | | | 108,106 | |
4.750% 4/21/45 | | | 125,000 | | | | 142,008 | |
6.110% 1/29/37 | | | 220,000 | | | | 282,637 | |
7.750% 5/14/38 | | | 95,000 | | | | 140,340 | |
The Bank of Nova Scotia | | | | | | | | |
4.500% 12/16/25 | | | 200,000 | | | | 205,483 | |
3 mo. USD LIBOR + 2.648% 4.650% VRN (d) | | | 715,000 | | | | 546,081 | |
Barclays Bank PLC | | | | | | | | |
10.179% 6/12/21 (c) | | | 440,000 | | | | 470,054 | |
Barclays PLC | | | | | | | | |
3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24 | | | 345,000 | | | | 303,809 | |
4.337% 1/10/28 | | | 260,000 | | | | 264,299 | |
Citigroup, Inc. | | | | | | | | |
3.875% 3/26/25 | | | 387,000 | | | | 392,304 | |
8.125% 7/15/39 | | | 90,000 | | | | 141,169 | |
Credit Suisse AG | | | | | | | | |
6.500% 8/08/23 (c) | | | 350,000 | | | | 355,103 | |
Deutsche Bank AG | | | | | | | | |
3.150% 1/22/21 | | | 428,000 | | | | 418,134 | |
Discover Bank 5 year USD Swap + 1.730% | | | | | | | | |
4.682% VRN 8/09/28 | | | 495,000 | | | | 504,014 | |
First Republic Bank | | | | | | | | |
4.375% 8/01/46 | | | 935,000 | | | | 994,497 | |
Fulton Financial Corp. | | | | | | | | |
3.600% 3/16/22 | | | 230,000 | | | | 231,738 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
4.250% 10/21/25 | | | 100,000 | | | | 103,082 | |
5.950% 1/15/27 | | | 212,000 | | | | 240,053 | |
6.250% 2/01/41 | | | 60,000 | | | | 80,756 | |
6.750% 10/01/37 | | | 200,000 | | | | 264,753 | |
HSBC Holdings PLC | | | | | | | | |
4.250% 3/14/24 | | | 200,000 | | | | 205,232 | |
ING Groep NV | | | | | | | | |
3.550% 4/09/24 | | | 290,000 | | | | 291,400 | |
JP Morgan Chase & Co. | | | | | | | | |
5.600% 7/15/41 | | | 195,000 | | | | 259,168 | |
Morgan Stanley | | | | | | | | |
4.350% 9/08/26 | | | 775,000 | | | | 820,935 | |
5.000% 11/24/25 | | | 275,000 | | | | 301,052 | |
SVB Financial Group | | | | | | | | |
3.500% 1/29/25 | | | 400,000 | | | | 402,884 | |
Truist Bank | | | | | | | | |
2.250% 3/11/30 | | | 320,000 | | | | 292,593 | |
Valley National Bancorp | | | | | | | | |
5.125% 9/27/23 | | | 245,000 | | | | 255,710 | |
Wells Fargo & Co. | | | | | | | | |
5.375% 11/02/43 | | | 159,000 | | | | 186,391 | |
5.606% 1/15/44 | | | 110,000 | | | | 131,687 | |
| | | | | | | 10,520,925 | |
Beverages — 0.2% | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.900% 2/01/46 | | | 825,000 | | | | 898,560 | |
Molson Coors Beverage Co. | | | | | | | | |
4.200% 7/15/46 | | | 285,000 | | | | 254,763 | |
5.000% 5/01/42 | | | 60,000 | | | | 58,168 | |
| | | | | | | 1,211,491 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Building Materials — 0.1% | | | | | | | | |
Standard Industries, Inc. | | | | | | | | |
5.000% 2/15/27 (c) | | $ | 771,000 | | | $ | 701,610 | |
5.500% 2/15/23 (c) | | | 78,000 | | | | 75,270 | |
| | | | | | | 776,880 | |
Chemicals — 0.4% | | | | | | | | |
DuPont de Nemours, Inc. | | | | | | | | |
5.319% 11/15/38 | | | 365,000 | | | | 409,973 | |
Huntsman International LLC | | | | | | | | |
5.125% 11/15/22 | | | 197,000 | | | | 201,925 | |
LYB International Finance BV | | | | | | | | |
5.250% 7/15/43 | | | 175,000 | | | | 178,420 | |
Syngenta Finance NV | | | | | | | | |
3.698% 4/24/20 (c) | | | 410,000 | | | | 409,212 | |
4.441% 4/24/23 (c) | | | 400,000 | | | | 376,815 | |
Yara International ASA | | | | | | | | |
4.750% 6/01/28 (c) | | | 745,000 | | | | 751,331 | |
| | | | | | | 2,327,676 | |
Commercial Services — 0.2% | | | | | | | | |
The ADT Security Corp. | | | | | | | | |
6.250% 10/15/21 | | | 1,122,000 | | | | 1,096,755 | |
ERAC USA Finance LLC | | | | | | | | |
6.700% 6/01/34 (c) | | | 78,000 | | | | 101,072 | |
| | | | | | | 1,197,827 | |
Computers — 0.3% | | | | | | | | |
Dell International LLC/EMC Corp. | | | | | | | | |
6.020% 6/15/26 (c) | | | 616,000 | | | | 635,762 | |
Genpact Luxembourg Sarl | | | | | | | | |
3.375% 12/01/24 | | | 770,000 | | | | 773,162 | |
3.700% STEP 4/01/22 | | | 360,000 | | | | 366,471 | |
| | | | | | | 1,775,395 | |
Diversified Financial Services — 0.9% | | | | | | | | |
Aircastle Ltd. | | | | | | | | |
4.400% 9/25/23 | | | 190,000 | | | | 181,700 | |
5.000% 4/01/23 | | | 525,000 | | | | 512,559 | |
Ally Financial, Inc. | | | | | | | | |
4.125% 2/13/22 | | | 375,000 | | | | 360,821 | |
Antares Holdings LP | | | | | | | | |
6.000% 8/15/23 (c) | | | 495,000 | | | | 509,851 | |
Ares Finance Co. LLC | | | | | | | | |
4.000% 10/08/24 (c) | | | 355,000 | | | | 350,735 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
3.250% 2/15/27 (c) | | | 310,000 | | | | 243,112 | |
Brookfield Finance, Inc. | | | | | | | | |
4.850% 3/29/29 | | | 433,000 | | | | 459,381 | |
GE Capital International Funding Co. Unlimited Co. | | | | | | | | |
4.418% 11/15/35 | | | 200,000 | | | | 213,416 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (c) | | | 325,000 | | | | 209,300 | |
Lazard Group LLC | | | | | | | | |
3.625% 3/01/27 | | | 184,000 | | | | 184,434 | |
3.750% 2/13/25 | | | 160,000 | | | | 157,797 | |
4.500% 9/19/28 | | | 285,000 | | | | 285,739 | |
LeasePlan Corp. NV | | | | | | | | |
2.875% 10/24/24 (c) | | | 345,000 | | | | 337,954 | |
Legg Mason, Inc. | | | | | | | | |
5.625% 1/15/44 | | | 175,000 | | | | 185,880 | |
Park Aerospace Holdings Ltd. | | | | | | | | |
4.500% 3/15/23 (c) | | | 250,000 | | | | 216,861 | |
5.250% 8/15/22 (c) | | | 1,375,000 | | | | 1,242,472 | |
| | | | | | | 5,652,012 | |
Electric — 0.7% | | | | | | | | |
Avangrid, Inc. | | | | | | | | |
3.800% 6/01/29 | | | 367,000 | | | | 375,263 | |
The Cleveland Electric Illuminating Co. | | | | | | | | |
3.500% 4/01/28 (c) | | | 155,000 | | | | 145,800 | |
CMS Energy Corp. | | | | | | | | |
4.700% 3/31/43 | | | 115,000 | | | | 124,407 | |
4.875% 3/01/44 | | | 390,000 | | | | 421,126 | |
Entergy Louisiana LLC | | | | | | | | |
4.950% 1/15/45 | | | 165,000 | | | | 174,409 | |
IPALCO Enterprises, Inc. | | | | | | | | |
3.450% 7/15/20 | | | 615,000 | | | | 614,907 | |
3.700% 9/01/24 | | | 170,000 | | | | 176,185 | |
Metropolitan Edison Co. | | | | | | | | |
4.300% 1/15/29 (c) | | | 328,000 | | | | 342,303 | |
Nevada Power Co. | | | | | | | | |
6.650% 4/01/36 | | | 135,000 | | | | 178,430 | |
Oncor Electric Delivery Co. | | | | | | | | |
7.500% 9/01/38 | | | 40,000 | | | | 60,947 | |
Pennsylvania Electric Co. | | | | | | | | |
4.150% 4/15/25 (c) | | | 295,000 | | | | 292,279 | |
Potomac Electric Power Co. | | | | | | | | |
4.150% 3/15/43 | | | 350,000 | | | | 382,555 | |
Puget Energy, Inc. | | | | | | | | |
3.650% 5/15/25 | | | 350,000 | | | | 342,208 | |
Southwestern Electric Power Co. | | | | | | | | |
6.200% 3/15/40 | | | 180,000 | | | | 237,687 | |
Xcel Energy, Inc. | | | | | | | | |
6.500% 7/01/36 | | | 390,000 | | | | 508,944 | |
| | | | | | | 4,377,450 | |
Electronics — 0.0% | | | | | | | | |
Ingram Micro, Inc. | | | | | | | | |
5.450% STEP 12/15/24 | | | 203,000 | | | | 165,738 | |
| | | | | | | | |
Foods — 0.2% | | | | | | | | |
Ingredion, Inc. | | | | | | | | |
3.200% 10/01/26 | | | 155,000 | | | | 166,137 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
5.500% 1/15/30 (c) | | | 174,000 | | | | 179,655 | |
Kraft Heinz Foods Co. | | | | | | | | |
3.950% 7/15/25 | | | 560,000 | | | | 557,305 | |
Mars, Inc. | | | | | | | | |
3.950% 4/01/49 (c) | | | 415,000 | | | | 449,642 | |
| | | | | | | 1,352,739 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Forest Products & Paper — 0.0% | | | | | | | | |
Fibria Overseas Finance Ltd. | | | | | | | | |
4.000% 1/14/25 | | $ | 250,000 | | | $ | 230,877 | |
Gas — 0.1% | | | | | | | | |
NiSource, Inc. | | | | | | | | |
4.800% 2/15/44 | | | 385,000 | | | | 388,528 | |
5.800% 2/01/42 | | | 175,000 | | | | 194,597 | |
| | | | | | | 583,125 | |
Health Care – Services — 0.1% | | | | | | | | |
Advocate Health & Hospitals Corp. | | | | | | | | |
3.829% 8/15/28 | | | 165,000 | | | | 181,042 | |
Humana, Inc. | | | | | | | | |
4.800% 3/15/47 | | | 125,000 | | | | 139,291 | |
| | | | | | | 320,333 | |
Home Builders — 0.0% | | | | | | | | |
Lennar Corp. | | | | | | | | |
4.750% 5/30/25 | | | 200,000 | | | | 191,000 | |
Housewares — 0.1% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
4.100% STEP 4/01/23 | | | 528,000 | | | | 535,893 | |
Insurance — 1.6% | | | | | | | | |
Allstate Corp. 3 mo. USD LIBOR + 2.938% | | | | | | | | |
5.750% VRN 8/15/53 | | | 990,000 | | | | 881,100 | |
American International Group, Inc. | | | | | | | | |
4.200% 4/01/28 | | | 210,000 | | | | 216,387 | |
4.500% 7/16/44 | | | 200,000 | | | | 202,811 | |
4.750% 4/01/48 | | | 75,000 | | | | 79,152 | |
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48 | | | 625,000 | | | | 547,000 | |
AmTrust Financial Services, Inc. | | | | | | | | |
6.125% 8/15/23 | | | 775,000 | | | | 765,461 | |
Arch Capital Group US, Inc. | | | | | | | | |
5.144% 11/01/43 | | | 170,000 | | | | 209,350 | |
Athene Global Funding | | | | | | | | |
2.500% 1/14/25 (c) | | | 630,000 | | | | 593,433 | |
Athene Holding Ltd. | | | | | | | | |
4.125% 1/12/28 | | | 1,255,000 | | | | 1,133,394 | |
AXIS Specialty Finance LLC | | | | | | | | |
3.900% 7/15/29 | | | 155,000 | | | | 160,436 | |
5 year CMT + 3.186% 4.900% VRN 1/15/40 | | | 300,000 | | | | 258,000 | |
AXIS Specialty Finance PLC | | | | | | | | |
4.000% 12/06/27 | | | 665,000 | | | | 697,002 | |
Brown & Brown, Inc. | | | | | | | | |
4.200% 9/15/24 | | | 246,000 | | | | 259,445 | |
CNO Financial Group, Inc. | | | | | | | | |
5.250% 5/30/25 | | | 590,000 | | | | 613,969 | |
Enstar Group Ltd. | | | | | | | | |
4.500% 3/10/22 | | | 370,000 | | | | 369,048 | |
Markel Corp. | | | | | | | | |
3.350% 9/17/29 | | | 130,000 | | | | 122,597 | |
The Progressive Corp. 3 mo. USD LIBOR + 2.539% | | | | | | | | |
5.375% VRN (d) | | | 375,000 | | | | 317,445 | |
Prudential Financial, Inc. | | | | | | | | |
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | | | 225,000 | | | | 211,433 | |
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (b) | | | 480,000 | | | | 444,000 | |
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42 | | | 125,000 | | | | 121,250 | |
USF&G Capital I | | | | | | | | |
8.500% 12/15/45 (c) | | | 150,000 | | | | 222,633 | |
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084% | | | | | | | | |
4.700% VRN 1/23/48 | | | 180,000 | | | | 147,600 | |
Willis North America, Inc. | | | | | | | | |
2.950% 9/15/29 | | | 180,000 | | | | 170,908 | |
4.500% 9/15/28 | | | 480,000 | | | | 527,363 | |
XLIT Ltd. | | | | | | | | |
4.450% 3/31/25 | | | 483,000 | | | | 498,811 | |
| | | | | | | 9,770,028 | |
Internet — 0.1% | | | | | | | | |
Amazon.com, Inc. | | | | | | | | |
4.050% 8/22/47 | | | 325,000 | | | | 423,452 | |
Investment Companies — 0.5% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
3.500% 2/10/23 | | | 710,000 | | | | 634,527 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 850,000 | | | | 782,270 | |
4.125% 8/11/22 | | | 470,000 | | | | 482,145 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | | | | | | |
6.250% 2/01/22 | | | 550,000 | | | | 551,375 | |
TPG Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 805,000 | | | | 710,127 | |
| | | | | | | 3,160,444 | |
Iron & Steel — 0.1% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.250% 8/10/26 | | | 275,000 | | | | 297,006 | |
6.875% 11/21/36 | | | 230,000 | | | | 255,417 | |
| | | | | | | 552,423 | |
Machinery – Diversified — 0.1% | | | | | | | | |
CNH Industrial Capital LLC | | | | | | | | |
3.875% 10/15/21 | | | 700,000 | | | | 696,344 | |
Media — 0.4% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
5.125% 5/01/27 (c) | | | 200,000 | | | | 200,520 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
6.484% 10/23/45 | | | 225,000 | | | | 271,422 | |
Comcast Corp. | | | | | | | | |
3.400% 7/15/46 | | | 220,000 | | | | 237,709 | |
3.450% 2/01/50 | | | 315,000 | | | | 345,116 | |
3.969% 11/01/47 | | | 135,000 | | | | 153,536 | |
4.750% 3/01/44 | | | 190,000 | | | | 241,289 | |
Discovery Communications LLC | | | | | | | | |
3.950% 3/20/28 | | | 349,000 | | | | 342,133 | |
5.000% 9/20/37 | | | 160,000 | | | | 155,406 | |
Grupo Televisa SAB | | | | | | | | |
6.625% 3/18/25 | | | 495,000 | | | | 544,828 | |
Time Warner Cable, Inc. | | | | | | | | |
6.750% 6/15/39 | | | 110,000 | | | | 124,563 | |
| | | | | | | 2,616,522 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Mining — 0.3% | | | | | | | | |
Glencore Finance Canada Ltd. | | | | | | | | |
5.550% STEP 10/25/42 (c) | | $ | 149,000 | | | $ | 119,657 | |
Glencore Funding LLC | | | | | | | | |
3.875% 10/27/27 (c) | | | 160,000 | | | | 142,694 | |
4.625% 4/29/24 (c) | | | 600,000 | | | | 548,700 | |
Kinross Gold Corp. | | | | | | | | |
4.500% 7/15/27 | | | 166,000 | | | | 156,241 | |
5.125% 9/01/21 | | | 650,000 | | | | 651,625 | |
Teck Resources Ltd. | | | | | | | | |
6.000% 8/15/40 | | | 200,000 | | | | 171,456 | |
| | | | | | | 1,790,373 | |
Miscellaneous - Manufacturing — 0.0% | | | | | | | | |
Carlisle Cos., Inc. | | | | | | | | |
2.750% 3/01/30 | | | 265,000 | | | | 231,312 | |
General Electric Co. | | | | | | | | |
4.125% 10/09/42 | | | 42,000 | | | | 39,650 | |
| | | | | | | 270,962 | |
Oil & Gas — 0.6% | | | | | | | | |
Cenovus Energy, Inc. | | | | | | | | |
4.250% 4/15/27 | | | 275,000 | | | | 134,664 | |
6.750% 11/15/39 | | | 100,000 | | | | 48,432 | |
Diamondback Energy, Inc. | | | | | | | | |
3.250% 12/01/26 | | | 250,000 | | | | 176,391 | |
EQT Corp. | | | | | | | | |
3.000% 10/01/22 | | | 340,000 | | | | 283,900 | |
3.900% 10/01/27 | | | 1,090,000 | | | | 751,773 | |
6.125% STEP 2/01/25 | | | 395,000 | | | | 304,189 | |
Marathon Petroleum Corp. | | | | | | | | |
4.500% 4/01/48 | | | 85,000 | | | | 61,277 | |
4.750% 9/15/44 | | | 100,000 | | | | 76,029 | |
6.500% 3/01/41 | | | 170,000 | | | | 157,628 | |
Newfield Exploration Co. | | | | | | | | |
5.625% 7/01/24 | | | 250,000 | | | | 134,161 | |
5.750% 1/30/22 | | | 417,000 | | | | 283,907 | |
Occidental Petroleum Corp. | | | | | | | | |
6.450% 9/15/36 | | | 250,000 | | | | 119,748 | |
6.600% 3/15/46 | | | 257,000 | | | | 119,940 | |
Ovintiv, Inc. | | | | | | | | |
6.500% 2/01/38 | | | 80,000 | | | | 34,739 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 410,000 | | | | 160,778 | |
Petroleos Mexicanos | | | | | | | | |
5.350% 2/12/28 | | | 190,000 | | | | 132,527 | |
6.375% 1/23/45 | | | 80,000 | | | | 50,592 | |
6.500% 3/13/27 | | | 60,000 | | | | 44,261 | |
6.625% 6/15/38 | | | 37,000 | | | | 24,235 | |
Saudi Arabian Oil Co. | | | | | | | | |
4.250% 4/16/39 (c) | | | 495,000 | | | | 490,094 | |
| | | | | | | 3,589,265 | |
Oil & Gas Services — 0.1% | | | | | | | | |
National Oilwell Varco, Inc. | | | | | | | | |
3.600% 12/01/29 | | | 285,000 | | | | 212,757 | |
3.950% 12/01/42 | | | 366,000 | | | | 229,259 | |
| | | | | | | 442,016 | |
Packaging & Containers — 0.1% | | | | | | | | |
Amcor Finance USA, Inc. | | | | | | | | |
3.625% 4/28/26 (c) | | | 715,000 | | | | 743,006 | |
Pharmaceuticals — 0.7% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.050% 11/21/39 (c) | | | 240,000 | | | | 246,866 | |
4.700% 5/14/45 | | | 490,000 | | | | 550,363 | |
Allergan Funding SCS | | | | | | | | |
3.800% 3/15/25 | | | 300,000 | | | | 307,153 | |
Becton Dickinson and Co. | | | | | | | | |
4.685% 12/15/44 | | | 225,000 | | | | 236,430 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 (c) | | | 200,000 | | | | 251,854 | |
Cigna Corp. | | | | | | | | |
4.800% 7/15/46 (c) | | | 195,000 | | | | 230,627 | |
CVS Health Corp. | | | | | | | | |
4.300% 3/25/28 | | | 250,000 | | | | 267,411 | |
5.050% 3/25/48 | | | 230,000 | | | | 262,782 | |
6.125% 9/15/39 | | | 175,000 | | | | 219,429 | |
CVS Pass-Through Trust | | | | | | | | |
5.926% 1/10/34 (c) | | | 249,429 | | | | 284,340 | |
McKesson Corp. | | | | | | | | |
4.883% 3/15/44 | | | 60,000 | | | | 67,391 | |
6.000% 3/01/41 | | | 125,000 | | | | 159,032 | |
Mylan NV | | | | | | | | |
3.950% 6/15/26 | | | 495,000 | | | | 488,485 | |
5.250% 6/15/46 | | | 320,000 | | | | 305,370 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
2.200% 7/21/21 | | | 232,000 | | | | 221,602 | |
| | | | | | | 4,099,135 | |
Pipelines — 0.6% | | | | | | | | |
Cheniere Energy Partners LP | | | | | | | | |
4.500% 10/01/29 (c) | | | 255,000 | | | | 221,850 | |
Energy Transfer Operating LP | | | | | | | | |
4.200% 4/15/27 | | | 440,000 | | | | 354,609 | |
5.875% 1/15/24 | | | 200,000 | | | | 188,864 | |
6.125% 12/15/45 | | | 200,000 | | | | 178,564 | |
3 mo. USD LIBOR + 4.028% 6.250% VRN (d) | | | 540,000 | | | | 270,000 | |
5 year CMT + 5.134% 6.750% VRN (d) | | | 240,000 | | | | 146,400 | |
EnLink Midstream Partners LP | | | | | | | | |
4.150% 6/01/25 | | | 621,000 | | | | 300,999 | |
4.850% 7/15/26 | | | 149,000 | | | | 73,263 | |
Enterprise Products Operating LLC | | | | | | | | |
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77 | | | 225,000 | | | | 154,125 | |
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78 | | | 195,000 | | | | 136,500 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 7/15/23 | | | 500,000 | | | | 361,850 | |
MPLX LP | | | | | | | | |
4.500% 4/15/38 | | | 195,000 | | | | 152,265 | |
6.250% 10/15/22 (c) | | | 97,000 | | | | 87,321 | |
3 mo. USD LIBOR + 4.652% 6.875% VRN (d) | | | 300,000 | | | | 183,000 | |
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% | | | | | | | | |
6.125% VRN (d) | | | 585,000 | | | | 292,500 | |
Plains All American Pipeline LP/PAA Finance Corp. | | | | | | | | |
4.500% 12/15/26 | | | 268,000 | | | | 207,893 | |
4.700% 6/15/44 | | | 275,000 | | | | 180,843 | |
Sunoco Logistics Partners Operations LP | | | | | | | | |
5.300% 4/01/44 | | | 75,000 | | | | 58,978 | |
Western Midstream Operating LP | | | | | | | | |
4.500% 3/01/28 | | | 105,000 | | | | 50,388 | |
| | | | | | | 3,600,212 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Private Equity — 0.2% | | | | | | | | |
Apollo Management Holdings LP 5 year CMT + 3.266% | | | | | | | | |
4.950% VRN 1/14/50 (c) | | $ | 185,000 | | | $ | 166,656 | |
Carlyle Finance Subsidiary LLC | | | | | | | | |
3.500% 9/19/29 (c) | | | 245,000 | | | | 219,327 | |
Hercules Capital, Inc. | | | | | | | | |
4.625% 10/23/22 | | | 470,000 | | | | 447,710 | |
KKR Group Finance Co. VI LLC | | | | | | | | |
3.750% 7/01/29 (c) | | | 280,000 | | | | 279,119 | |
| | | | | | | 1,112,812 | |
Real Estate Investment Trusts (REITS) — 0.8% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | | | | | | |
2.750% 12/15/29 | | | 185,000 | | | | 162,091 | |
American Tower Trust #1 | | | | | | | | |
3.652% 3/15/48 (c) | | | 310,000 | | | | 301,181 | |
Crown Castle International Corp. | | | | | | | | |
5.200% 2/15/49 | | | 146,000 | | | | 161,770 | |
Healthcare Trust of America Holdings LP | | | | | | | | |
3.500% 8/01/26 | | | 495,000 | | | | 489,425 | |
SBA Tower Trust | | | | | | | | |
2.836% 1/15/25 (c) | | | 1,300,000 | | | | 1,255,246 | |
Service Properties Trust | | | | | | | | |
4.500% 6/15/23 | | | 170,000 | | | | 127,701 | |
4.950% 10/01/29 | | | 265,000 | | | | 229,492 | |
Spirit Realty LP | | | | | | | | |
3.200% 1/15/27 | | | 325,000 | | | | 295,293 | |
3.400% 1/15/30 | | | 120,000 | | | | 103,108 | |
4.000% 7/15/29 | | | 185,000 | | | | 180,779 | |
Store Capital Corp. | | | | | | | | |
4.625% 3/15/29 | | | 250,000 | | | | 236,966 | |
Tanger Properties LP | | | | | | | | |
3.875% 12/01/23 | | | 322,000 | | | | 335,493 | |
UDR, Inc. | | | | | | | | |
3.200% 1/15/30 | | | 180,000 | | | | 177,127 | |
Vereit Operating Partnership LP | | | | | | | | |
3.100% 12/15/29 | | | 635,000 | | | | 548,311 | |
4.625% 11/01/25 | | | 460,000 | | | | 429,290 | |
| | | | | | | 5,033,273 | |
Retail — 0.1% | | | | | | | | |
El Puerto de Liverpool SAB de CV | | | | | | | | |
3.950% 10/02/24 (c) | | | 445,000 | | | | 432,544 | |
Semiconductors — 0.1% | | | | | | | | |
KLA Corp. | | | | | | | | |
3.300% 3/01/50 | | | 285,000 | | | | 267,010 | |
Microchip Technology, Inc. | | | | | | | | |
3.922% 6/01/21 | | | 165,000 | | | | 160,774 | |
| | | | | | | 427,784 | |
Software — 0.1% | | | | | | | | |
Broadridge Financial Solutions, Inc. | | | | | | | | |
2.900% 12/01/29 | | | 280,000 | | | | 264,850 | |
Microsoft Corp. | | | | | | | | |
4.450% 11/03/45 | | | 530,000 | | | | 696,941 | |
| | | | | | | 961,791 | |
Telecommunications — 0.4% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
4.750% 5/15/46 | | | 670,000 | | | | 740,967 | |
5.250% 3/01/37 | | | 470,000 | | | | 548,344 | |
6.250% 3/29/41 | | | 25,000 | | | | 30,819 | |
Cisco Systems, Inc. | | | | | | | | |
5.500% 1/15/40 | | | 55,000 | | | | 78,293 | |
Crown Castle Towers LLC | | | | | | | | |
4.241% 7/15/48 (c) | | | 250,000 | | | | 252,758 | |
Qwest Corp | | | | | | | | |
6.750% 12/01/21 | | | 162,000 | | | | 167,881 | |
Telefonica Emisiones SAU | | | | | | | | |
4.665% 3/06/38 | | | 180,000 | | | | 187,565 | |
Verizon Communications, Inc. | | | | | | | | |
4.000% 3/22/50 | | | 30,000 | | | | 35,479 | |
6.550% 9/15/43 | | | 149,000 | | | | 186,416 | |
| | | | | | | 2,228,522 | |
Transportation — 0.1% | | | | | | | | |
Autoridad del Canal de Panama | | | | | | | | |
4.950% 7/29/35 (c) | | | 210,000 | | | | 240,450 | |
CSX Corp. | | | | | | | | |
4.750% 11/15/48 | | | 155,000 | | | | 178,438 | |
Pacific National Finance Pty Ltd. | | | | | | | | |
4.625% 9/23/20 (c) | | | 105,000 | | | | 106,193 | |
| | | | | | | 525,081 | |
Trucking & Leasing — 0.0% | | | | | | | | |
DAE Funding LLC | | | | | | | | |
4.000% 8/01/20 (c) | | | 173,000 | | | | 169,540 | |
TOTAL CORPORATE DEBT (Cost $84,894,011) | | | | | | | 80,338,588 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Municipal Obligations — 0.3% | | | | | | | | |
JobsOhio Beverage System Series B, Revenue Bonds, | | | | | | | | |
4.532% 1/01/35 | | $ | 325,000 | | | $ | 389,119 | |
Orange County Local Transportation Authority BAB, Revenue Bonds, | | | | | | | | |
6.908% 2/15/41 | | | 230,000 | | | | 337,944 | |
State of California BAB | | | | | | | | |
General Obligation, 7.550% 4/01/39 | | | 475,000 | | | | 770,782 | |
General Obligation, 7.600% 11/01/40 | | | 105,000 | | | | 174,733 | |
| | | | | | | 1,672,578 | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,455,225) | | | | | | | 1,672,578 | |
| | | | | | | | |
Non-U.S. Government Agency Obligations — 12.1% | | | | | | | | |
Automobile ABS — 0.5% | | | | | | | | |
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C | | | | | | | | |
4.530% 3/20/23 (c) | | | 305,000 | | | | 300,635 | |
Carvana Auto Receivables Trust, Series 2019-4A, Class D | | | | | | | | |
3.070% 7/15/25 (c) | | | 359,000 | | | | 350,691 | |
Hertz Vehicle Financing LP | | | | | | | | |
Series 2019-3A, Class B, 3.030% 12/26/25 (c) | | | 493,000 | | | | 489,211 | |
Series 2019-3A, Class C, 3.430% 12/26/25 (c) | | | 500,000 | | | | 499,389 | |
Series 2018-1A, Class B, 3.600% 2/25/24 (c) | | | 650,000 | | | | 660,476 | |
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B | | | | | | | | |
3.950% 11/14/28 (c) | | | 424,000 | | | | 418,034 | |
Santander Revolving Auto Loan Trust | | | | | | | | |
Series 2019-A, Class B, 2.800% 1/26/32 (c) | | | 204,000 | | | | 200,449 | |
Series 2019-A, Class C, 3.000% 1/26/32 (c) | | | 126,000 | | | | 123,798 | |
Series 2019-A, Class D, 3.450% 1/26/32 (c) | | | 263,000 | | | | 258,375 | |
| | | | | | | 3,301,058 | |
Commercial MBS — 1.9% | | | | | | | | |
Aventura Mall Trust, Series 2018-AVM, Class C, | | | | | | | | |
4.112% VRN 7/05/40 (c) (e) | | | 710,000 | | | | 825,445 | |
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% | | | | | | | | |
2.055% FRN 9/15/34 (c) | | | 130,000 | | | | 106,956 | |
BANK | | | | | | | | |
Series 2019-BN24, Class B, 3.455% VRN 11/15/62 (e) | | | 409,000 | | | | 355,571 | |
Series 2019-BN24, Class C, 3.635% VRN 11/15/62 (e) | | | 397,000 | | | | 309,255 | |
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (e) | | | 150,000 | | | | 139,123 | |
Series 2019-BN16, Class AS, 4.267% 2/15/52 | | | 176,250 | | | | 183,726 | |
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (e) | | | 136,855 | | | | 130,086 | |
Series 2018-BN14, Class C, 4.602% VRN 9/15/60 (e) | | | 210,000 | | | | 185,984 | |
BBCMS Mortgage Trust | | | | | | | | |
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (c) (e) | | | 350,000 | | | | 310,838 | |
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (c) (e) | | | 280,000 | | | | 236,720 | |
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (c) (e) | | | 210,000 | | | | 165,529 | |
BHMS Mortgage Trust | | | | | | | | |
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (c) | | | 970,000 | | | | 809,866 | |
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (c) | | | 850,000 | | | | 679,908 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (c) | | | 294,000 | | | | 268,274 | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (c) | | | 373,562 | | | | 326,857 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (c) | | | 452,860 | | | | 389,446 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.455% FRN 12/15/37 (c) | | | 224,629 | | | | 194,447 | |
Century Plaza Towers | | | | | | | | |
Series 2019-CPT, Class E, 2.997% VRN 11/13/39 (c) (e) | | | 338,000 | | | | 283,894 | |
Series 2019-CPT, Class D, 2.997% VRN 11/13/39 (c) (e) | | | 225,000 | | | | 205,687 | |
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | | | | | | | | |
3.502% 8/10/56 | | | 241,000 | | | | 168,866 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2012-CR4, Class B, 3.703% 10/15/45 (c) | | | 195,000 | | | | 177,554 | |
Series 2015-CR23, Class C, 4.304% VRN 5/10/48 (e) | | | 140,000 | | | | 128,667 | |
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47 (e) | | | 290,000 | | | | 285,064 | |
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, | | | | | | | | |
5.471% VRN 11/10/46 (c) (e) | | | 110,000 | | | | 110,258 | |
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, | | | | | | | | |
5.513% VRN 7/10/38 (e) | | | 68,241 | | | | 67,927 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2017-GS6, Class B, 3.869% 5/10/50 | | | 440,000 | | | | 410,670 | |
Series 2012-GC6, Class AS, 4.948% 1/10/45 (c) | | | 100,000 | | | | 102,600 | |
Jackson Park Trust, Series 2019-LIC, Class C, | | | | | | | | |
3.131% VRN 10/14/39 (c) (e) | | | 500,000 | | | | 459,132 | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class AS | | | | | | | | |
3.056% 8/15/49 | | | 490,000 | | | | 474,383 | |
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B | | | | | | | | |
3.898% 2/15/48 | | | 500,000 | | | | 445,315 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
2.505% FRN 5/15/36 (c) | | | 326,000 | | | | 254,438 | |
MFT Trust | | | | | | | | |
Series 2020-ABC, Class A, 3.358% 2/06/30 (c) | | | 205,000 | | | | 202,148 | |
Series 2020-ABC, Class B, 3.477% VRN 2/06/30 (c) (e) | | | 227,000 | | | | 210,311 | |
MKT Mortgage Trust | | | | | | | | |
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (c) (e) | | | 213,000 | | | | 177,213 | |
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (c) (e) | | | 109,000 | | | | 95,826 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 2019-L2, Class AS, 4.272% 3/15/52 | | | 500,000 | | | | 520,693 | |
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (e) | | | 120,000 | | | | 115,980 | |
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (c) (e) | | | 250,000 | | | | 248,755 | |
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, | | | | | | | | |
2.997% VRN 10/25/46 (e) | | | 5,390 | | | | 5,383 | |
Wells Fargo Commercial Mortgage Trust | | | | | | | | |
Series 2019-C49, Class AS, 4.244% 3/15/52 | | | 291,000 | | | | 308,709 | |
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (e) | | | 240,000 | | | | 251,053 | |
Series 2018-C45, Class B, 4.556% 6/15/51 | | | 60,000 | | | | 57,927 | |
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B | | | | | | | | |
4.311% 8/15/45 | | | 190,000 | | | | 189,552 | |
| | | | | | | 11,576,036 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Other ABS — 5.8% | | | | | | | | |
321 Henderson Receivables I LLC, Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230% | | | | | | | | |
0.935% FRN 11/15/40 (c) | | $ | 44,808 | | | $ | 43,481 | |
321 Henderson Receivables LLC, Series 2015-1A, Class A | | | | | | | | |
3.260% 9/15/72 (c) | | | 43,088 | | | | 44,869 | |
AASET Trust | | | | | | | | |
Series 2020-1A, Class A, 3.351% 1/16/40 (c) | | | 358,499 | | | | 256,956 | |
Series 2019-1, Class A, 3.844% 5/15/39 (c) | | | 467,895 | | | | 352,514 | |
Series 2017-1A, Class A, 3.967% 5/16/42 (c) | | | 290,401 | | | | 228,164 | |
AASET US Ltd., Series 2018-2A, Class A | | | | | | | | |
4.454% 11/18/38 (c) | | | 298,145 | | | | 236,736 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A | | | | | | | | |
4.810% 11/15/48 (c) | | | 381,165 | | | | 380,098 | |
Arbys Funding LLC, Series 2015-1A, Class A2 | | | | | | | | |
4.969% 10/30/45 (c) | | | 306,400 | | | | 294,582 | |
Ares CLO Ltd., Series 2019-54A, Class C, 3 mo. USD LIBOR + 2.850% | | | | | | | | |
4.696% FRN 10/15/32 (c) | | | 500,000 | | | | 418,205 | |
Ascentium Equipment Receivables Trust | | | | | | | | |
Series 2019-2A, Class E, 3.780% 5/10/27 (c) | | | 827,000 | | | | 820,462 | |
Series 2018-2A, Class D, 4.150% 7/10/24 (c) | | | 488,000 | | | | 489,750 | |
Series 2019-1A, Class E, 4.310% 4/12/27 (c) | | | 295,000 | | | | 297,447 | |
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
4.069% FRN 10/20/31 (c) | | | 310,000 | | | | 251,990 | |
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3 mo. USD LIBOR + 1.280% | | | | | | | | |
2.918% FRN 11/27/31 (c) | | | 960,000 | | | | 902,893 | |
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
3.556% FRN 1/23/31 (c) | | | 250,000 | | | | 224,624 | |
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090% | | | | | | | | |
2.909% FRN 4/20/31 (c) | | | 260,000 | | | | 244,258 | |
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800% | | | | | | | | |
3.631% FRN 7/15/32 (c) | | | 500,000 | | | | 447,615 | |
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | | | | | | | | |
2.940% 5/25/29 (c) | | | 88,135 | | | | 88,305 | |
CAL Funding II Ltd., Series 2018-2A, Class A | | | | | | | | |
4.340% 9/25/43 (c) | | | 246,500 | | | | 242,322 | |
Capital Automotive REIT | | | | | | | | |
Series 2014-1A, Class A, 3.660% 10/15/44 (c) | | | 152,514 | | | | 149,566 | |
Series 2017-1A, Class A2, 4.180% 4/15/47 (c) | | | 132,085 | | | | 131,474 | |
Carlyle Global Market Strategies CLO Ltd., Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800% | | | | | | | | |
3.619% FRN 1/20/31 (c) | | | 720,000 | | | | 646,250 | |
CARS-DB4 LP, Series 2020-1A, Class A3 | | | | | | | | |
3.250% 2/15/50 (c) | | | 119,159 | | | | 115,435 | |
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A | | | | | | | | |
3.967% 4/15/39 (c) | | | 347,184 | | | | 242,901 | |
Castlelake Aircraft Structured Trust, Series 2018-1, Class A | | | | | | | | |
4.125% 6/15/43 (c) | | | 676,871 | | | | 491,895 | |
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% | | | | | | | | |
3.931% FRN 1/15/31 (c) | | | 250,000 | | | | 227,279 | |
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% | | | | | | | | |
3.016% FRN 11/16/30 (c) | | | 340,000 | | | | 321,890 | |
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200% | | | | | | | | |
3.019% FRN 10/20/30 (c) | | | 480,000 | | | | 453,507 | |
CLI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.710% 5/18/44 (c) | | | 392,316 | | | | 385,463 | |
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460% | | | | | | | | |
1.407% FRN 9/25/34 | | | 2,551 | | | | 2,100 | |
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280% | | | | | | | | |
3.086% FRN 10/23/31 (c) | | | 250,000 | | | | 228,966 | |
Cronos Containers Program Ltd., Series 2014-2A, Class A | | | | | | | | |
3.270% 11/18/29 (c) | | | 122,222 | | | | 119,461 | |
DB Master Finance LLC | | | | | | | | |
Series 2019-1A, Class A2II, 4.021% 5/20/49 (c) | | | 415,858 | | | | 385,208 | |
Series 2019-1A, Class A23, 4.352% 5/20/49 (c) | | | 376,158 | | | | 335,342 | |
Diamond Resorts Owner Trust | | | | | | | | |
Series 2019-1A, Class A, 2.890% 2/20/32 (c) | | | 609,483 | | | | 611,421 | |
Series 2016-1, Class A, 3.080% 11/20/28 (c) | | | 152,069 | | | | 149,963 | |
Domino's Pizza Master Issuer LLC | | | | | | | | |
Series 2019-1A, Class A2, 3.668% 10/25/49 (c) | | | 259,350 | | | | 230,776 | |
Series 2018-1A, Class A2I, 4.116% 7/25/48 (c) | | | 305,350 | | | | 293,245 | |
Series 2017-1A, Class A23, 4.118% 7/25/47 (c) | | | 107,525 | | | | 97,598 | |
Series 2015-1A, Class A2II, 4.474% 10/25/45 (c) | | | 521,100 | | | | 484,344 | |
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
3.581% FRN 10/15/30 (c) | | | 700,000 | | | | 620,089 | |
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% | | | | | | | | |
3.269% FRN 4/20/31 (c) | | | 450,000 | | | | 420,538 | |
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950% | | | | | | | | |
3.807% FRN 10/15/32 (c) | | | 250,000 | | | | 215,144 | |
Falcon Aerospace Ltd., Series 2019-1, Class A | | | | | | | | |
3.597% 9/15/39 (c) | | | 566,324 | | | | 395,955 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (c) | | | 92,094 | | | | 91,939 | |
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725% | | | | | | | | |
2.672% FRN 1/25/35 | | | 420,000 | | | | 365,255 | |
Flatiron CLO Ltd., Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% | | | | | | | | |
3.795% FRN 11/16/32 (c) | | | 250,000 | | | | 216,323 | |
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000% | | | | | | | | |
2.819% FRN 4/20/31 (c) | | | 500,000 | | | | 469,653 | |
Global SC Finance SRL, Series 2014-1A, Class A1 | | | | | | | | |
3.190% 7/17/29 (c) | | | 108,333 | | | | 92,286 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 10/15/54 (c) | | | 740,932 | | | | 702,051 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (c) | | | 268,620 | | | | 261,386 | |
Series 2017-2A, Class A, 3.260% 10/15/53 (c) | | | 329,336 | | | | 326,694 | |
Series 2017-1A, Class A, 3.740% 10/15/52 (c) | | | 200,517 | | | | 201,801 | |
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (c) (e) | | | 388,487 | | | | 395,316 | |
Helios Issuer LLC, Series 2017-1A, Class A | | | | | | | | |
4.940% 9/20/49 (c) | | | 215,121 | | | | 201,887 | |
Hero Funding Trust | | | | | | | | |
Series 2016-3A, Class A1, 3.080% 9/20/42 (c) | | | 137,672 | | | | 139,638 | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (c) | | | 167,911 | | | | 164,914 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (c) | | | 145,525 | | | | 150,555 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (c) | | | 319,157 | | | | 331,553 | |
Highbridge Loan Management Ltd. | | | | | | | | |
Series 12A-18, Class B, 3 mo. USD LIBOR + 1.850% 3.669% FRN 7/18/31 (c) | | | 250,000 | | | | 207,652 | |
Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% 3.981% FRN 10/15/30 (c) | | | 350,000 | | | | 292,710 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Horizon Aircraft Finance Ltd. | | | | | | | | |
Series 2019-2, Class A, 3.425% 11/15/39 (c) | | $ | 533,976 | | | $ | 373,596 | |
Series 2019-1, Class A, 3.721% 7/15/39 (c) | | | 315,923 | | | | 220,999 | |
J.G. Wentworth LLC | | | | | | | | |
Series 2018-2A, Class A, 3.960% 10/15/75 (c) | | | 279,240 | | | | 291,825 | |
Series 2017-1A, Class B, 5.430% 8/15/62 (c) | | | 1,100,000 | | | | 1,259,724 | |
KDAC Aviation Finance Ltd., Series 2017-1A, Class A | | | | | | | | |
4.212% 12/15/42 (c) | | | 340,486 | | | | 260,823 | |
KKR Financial CLO Ltd. | | | | | | | | |
Series 24, Class A1, 3 mo. USD LIBOR + 1.360% 3.179% FRN 4/20/32 (c) | | | 300,000 | | | | 280,854 | |
Series 26, Class B1, 3 mo. USD LIBOR + 2.050% 3.881% FRN 7/15/32 (c) | | | 250,000 | | | | 217,743 | |
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
2.800% FRN 6/15/36 (c) | | | 210,000 | | | | 142,806 | |
Lunar Aircraft Ltd., Series 2020-1A, Class A | | | | | | | | |
3.376% 2/15/45 (c) | | | 415,000 | | | | 290,147 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (c) | | | 478,887 | | | | 334,785 | |
Madison Park Funding Ltd. | | | | | | | | |
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 3.431% FRN 7/15/30 (c) | | | 430,000 | | | | 387,165 | |
Series 2018-31A, Class B, 3 mo. USD LIBOR + 1.700% 3.506% FRN 1/23/31 (c) | | | 250,000 | | | | 225,186 | |
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 4.019% FRN 10/18/30 (c) | | | 550,000 | | | | 465,272 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2017-2A, Class A, 3.820% 6/22/43 (c) | | | 107,778 | | | | 106,841 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (c) | | | 48,709 | | | | 47,614 | |
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250% | | | | | | | | |
3.069% FRN 10/20/30 (c) | | | 300,000 | | | | 277,599 | |
NP SPE LLC, Series 2017-1A, Class A2 | | | | | | | | |
4.219% 10/21/47 (c) | | | 380,000 | | | | 372,073 | |
OHA Credit Funding Ltd. | | | | | | | | |
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 3.266% FRN 10/22/32 (c) | | | 250,000 | | | | 235,046 | |
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 4.586% FRN 10/22/32 (c) | | | 250,000 | | | | 211,995 | |
OHA Credit Partners Ltd., Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150% | | | | | | | | |
3.969% FRN 1/20/32 (c) | | | 300,000 | | | | 253,216 | |
OneMain Financial Issuance Trust, Series 2019-2A, Class A | | | | | | | | |
3.140% 10/14/36 (c) | | | 1,810,000 | | | | 1,782,695 | |
Oxford Finance Funding Trust | | | | | | | | |
Series 2020-1A, Class A2, 3.101% 2/15/28 (c) | | | 353,000 | | | | 351,288 | |
Series 2016-1A, Class A, 3.968% 6/17/24 (c) | | | 45,263 | | | | 45,152 | |
Palmer Square CLO Ltd., Series 2015-1A, Class A2R2, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
3.346% FRN 5/21/29 (c) | | | 500,000 | | | | 470,562 | |
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | | | | | | | | |
3.967% 6/15/44 (c) | | | 339,768 | | | | 237,528 | |
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 | | | | | | | | |
3.858% 12/05/49 (c) | | | 527,678 | | | | 480,815 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
3.797% FRN 2/25/23 (c) | | | 200,000 | | | | 183,434 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2015-3A, Class B, 3.080% 9/20/32 (c) | | | 13,266 | | | | 13,114 | |
Series 2018-2A, Class C, 3.940% 6/20/35 (c) | | | 124,241 | | | | 123,548 | |
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% | | | | | | | | |
3.992% FRN 8/18/31 (c) | | | 290,000 | | | | 232,622 | |
Store Master Funding I-VII | | | | | | | | |
Series 2019-1, Class A2, 3.650% 11/20/49 (c) | | | 662,424 | | | | 594,972 | |
Series 2018-1A, Class A2, 4.290% 10/20/48 (c) | | | 252,390 | | | | 250,622 | |
Structured Receivables Finance LLC, Series 2010-B, Class A | | | | | | | | |
3.730% 8/15/36 (c) | | | 58,308 | | | | 57,874 | |
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | | | | | | | | |
4.870% 7/20/48 (c) | | | 111,569 | | | | 99,763 | |
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | | | | | | | | |
4.190% 1/15/71 (c) | | | 335,838 | | | | 342,123 | |
Taco Bell Funding LLC | | | | | | | | |
Series 2018-1A, Class A2II, 4.940% 11/25/48 (c) | | | 237,000 | | | | 237,051 | |
Series 2016-1A, Class A23, 4.970% 5/25/46 (c) | | | 797,450 | | | | 719,564 | |
TAL Advantage VI LLC, Series 2017-1A, Class A | | | | | | | | |
4.500% 4/20/42 (c) | | | 288,439 | | | | 291,567 | |
Textainer Marine Containers V Ltd., Series 2017-2A, Class A | | | | | | | | |
3.520% 6/20/42 (c) | | | 427,230 | | | | 428,955 | |
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A | | | | | | | | |
3.960% 4/20/44 (c) | | | 113,053 | | | | 108,112 | |
Trinity Rail Leasing LP | | | | | | | | |
Series 2019-2A, Class A2, 3.100% 10/18/49 (c) | | | 731,000 | | | | 650,287 | |
Series 2019-1A, Class A, 3.820% 4/17/49 (c) | | | 851,242 | | | | 792,167 | |
Series 2018-1A, Class A2, 4.620% 6/17/48 (c) | | | 410,000 | | | | 380,741 | |
Triton Container Finance LLC | | | | | | | | |
Series 2017-1A, Class A, 3.520% 6/20/42 (c) | | | 123,672 | | | | 123,970 | |
Series 2018-2A, Class A, 4.190% 6/22/43 (c) | | | 387,750 | | | | 384,972 | |
Voya CLO Ltd., Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700% | | | | | | | | |
3.519% FRN 10/20/31 (c) | | | 300,000 | | | | 256,630 | |
WAVE LLC, Series 2019-1A, Class A | | | | | | | | |
3.597% 9/15/44 (c) | | | 916,085 | | | | 600,450 | |
WAVE Trust, Series 2017-1A, Class A | | | | | | | | |
3.844% 11/15/42 (c) | | | 556,595 | | | | 421,635 | |
Welk Resorts LLC, Series 2015-AA, Class A | | | | | | | | |
2.790% 6/16/31 (c) | | | 47,331 | | | | 46,532 | |
Wendy's Funding LLC, Series 2015-1A, Class A23 | | | | | | | | |
4.497% 6/15/45 (c) | | | 405,875 | | | | 380,544 | |
| | | | | | | 35,977,292 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Student Loans ABS — 3.5% | | | | | | | | |
Access Group Inc. | | | | | | | | |
Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38 | | $ | 7,452 | | | $ | 7,445 | |
Series 2004-A, Class A3, 28 day ARS,FRN 1.699% 7/01/39 | | | 150,000 | | | | 147,605 | |
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210% | | | | | | | | |
0.951% FRN 6/15/43 | | | 640,597 | | | | 568,281 | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2019-A, Class B, 3.810% 12/28/48 (c) | | | 531,000 | | | | 506,793 | |
Series 2019-A, Class C, 4.460% 12/28/48 (c) | | | 270,000 | | | | 254,976 | |
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS | | | | | | | | |
FRN 1/25/47 | | | 130,000 | | | | 99,237 | |
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% | | | | | | | | |
2.847% FRN 10/25/44 (c) | | | 222,569 | | | | 219,838 | |
ECMC Group Student Loan Trust | | | | | | | | |
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 1.747% FRN 9/25/68 (c) | | | 422,539 | | | | 367,214 | |
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66 (c) | | | 293,154 | | | | 259,615 | |
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66 (c) | | | 418,575 | | | | 365,895 | |
EdLinc Student Loan Funding Trust | | | | | | | | |
Series 2017-A, Class A, PRIME - 1.150% 3.600% FRN 12/01/47 (c) | | | 347,899 | | | | 344,204 | |
Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 5.187% FRN 11/26/40 (c) | | | 270,000 | | | | 289,600 | |
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450% | | | | | | | | |
2.129% FRN 8/25/42 | | | 123,585 | | | | 107,298 | |
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950% | | | | | | | | |
2.629% FRN 2/25/42 | | | 102,317 | | | | 95,208 | |
Laurel Road Prime Student Loan Trust | | | | | | | | |
Series 2017-B, Class BFX, 3.020% 8/25/42 (c) | | | 95,891 | | | | 91,862 | |
Series 2018-B, Class BFX, 3.720% 5/26/43 (c) | | | 85,079 | | | | 83,887 | |
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720% | | | | | | | | |
1.425% FRN 12/15/59 (c) | | | 150,000 | | | | 142,532 | |
Navient Private Education Refi Loan Trust | | | | | | | | |
Series 2019-A, Class A2A, 3.420% 1/15/43 (c) | | | 253,000 | | | | 253,195 | |
Series 2019-A, Class B, 3.900% 1/15/43 (c) | | | 284,000 | | | | 287,832 | |
Series 2018-CA, Class B, 4.220% 6/16/42 (c) | | | 250,000 | | | | 251,603 | |
Navient Student Loan Trust | | | | | | | | |
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 1.647% FRN 2/25/70 (c) | | | 368,819 | | | | 339,107 | |
Series 2018-2A, Class A3, 1 mo. USD LIBOR + .750% 1.697% FRN 3/25/67 (c) | | | 550,000 | | | | 514,387 | |
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67 (c) | | | 750,000 | | | | 734,964 | |
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67 (c) | | | 850,000 | | | | 790,964 | |
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (c) | | | 762,507 | | | | 668,304 | |
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (c) | | | 350,020 | | | | 320,125 | |
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (c) | | | 1,100,000 | | | | 1,020,612 | |
Series 2018-4A, Class B, 1 mo. USD LIBOR + 1.300% 2.247% FRN 6/27/67 (c) | | | 750,000 | | | | 703,956 | |
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/48 | | | 220,000 | | | | 201,507 | |
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 7/26/49 | | | 155,000 | | | | 144,401 | |
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/58 | | | 150,000 | | | | 123,024 | |
Series 2019-BA, Class B, 4.040% 12/15/59 (c) | | | 750,000 | | | | 783,433 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B | | | | | | | | |
3.600% 12/26/40 (c) | | | 73,678 | | | | 73,692 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2006-3, Class B, 3 mo. USD LIBOR + 0.250% 1.466% FRN 6/25/41 | | | 138,901 | | | | 120,918 | |
Series 2005-4, Class A4R2, 28 day ARS 1.612% FRN 3/22/32 | | | 200,000 | | | | 189,145 | |
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .750% 1.697% FRN 9/27/66 (c) | | | 600,000 | | | | 583,984 | |
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/54 (c) | | | 150,000 | | | | 139,917 | |
Series 2019-5, Class A, 2.530% 10/25/67 (c) | | | 1,546,899 | | | | 1,483,103 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-2, Class R, 0.000% 1/25/41 | | | 1,799 | | | | 899,500 | |
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28 | | | 10,000 | | | | 10,000 | |
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 1.974% FRN 7/25/55 | | | 249,205 | | | | 215,820 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40 | | | 318,225 | | | | 284,176 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.084% FRN 1/25/44 | | | 344,696 | | | | 305,179 | |
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 2.294% FRN 7/25/39 | | | 305,798 | | | | 274,469 | |
Series 2003-14, Class A7, 3 mo. USD LIBOR + 0.600% 2.394% FRN 10/25/65 (c) | | | 300,000 | | | | 266,250 | |
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39 | | | 550,000 | | | | 511,763 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (c) | | | 126,000 | | | | 110,930 | |
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.705% FRN 6/15/37 (c) | | | 1,200,000 | | | | 1,044,075 | |
Series 2017-A, Class B, 3.500% 6/17/41 (c) | | | 300,000 | | | | 297,608 | |
Series 2017-B, Class B, 3.500% 12/16/41 (c) | | | 150,000 | | | | 148,858 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2015-A, Class RC, 0.000% 3/25/33 (c) | | | 100 | | | | 82,500 | |
Series 2017-D, Class R1, 0.000% 9/25/40 (c) | | | 1,000,000 | | | | 467,370 | |
Series 2018-A, Class R1, 0.000% 2/25/42 (c) | | | 1,000,000 | | | | 702,500 | |
Series 2018-D, Class R1, 0.000% 2/25/48 (c) | | | 968,900 | | | | 334,270 | |
Series 2019-A, Class R1, 0.000% 6/15/48 (c) | | | 1,661,200 | | | | 507,103 | |
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 6/25/33 (c) | | | 67,572 | | | | 64,659 | |
Series 2019-C, Class BFX, 3.050% 11/16/48 (c) | | | 646,000 | | | | 631,243 | |
Series 2017-D, Class BFX, 3.610% 9/25/40 (c) | | | 500,000 | | | | 465,395 | |
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050% | | | | | | | | |
2.844% FRN 10/27/36 | | | 170,000 | | | | 169,111 | |
| | | | | | | 21,472,442 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
WL Collateral CMO — 0.4% | | | | | | | | |
Countrywide Home Loans, Inc. | | | | | | | | |
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (e) | | $ | 18,860 | | | $ | 16,812 | |
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (e) | | | 4,026 | | | | 3,744 | |
Deephaven Residential Mortgage Trust | | | | | | | | |
Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (c) (e) | | | 189,542 | | | | 182,207 | |
Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (c) (e) | | | 54,155 | | | | 51,583 | |
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (c) (e) | | | 192,699 | | | | 183,283 | |
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, | | | | | | | | |
4.304% VRN 8/25/34 (e) | | | 5,758 | | | | 5,566 | |
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, | | | | | | | | |
3.885% VRN 8/25/34 (e) | | | 36,122 | | | | 31,047 | |
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | | | | | | | | |
3.500% VRN 1/25/47 (c) (e) | | | 396,963 | | | | 395,480 | |
Merrill Lynch Mortgage Investors, Inc. | | | | | | | | |
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (e) | | | 1,980 | | | | 1,772 | |
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (e) | | | 2,038 | | | | 1,808 | |
PSMC Trust, Series 2018-2, Class A1, | | | | | | | | |
3.500% VRN 6/25/48 (c) (e) | | | 475,053 | | | | 467,005 | |
Sequoia Mortgage Trust | | | | | | | | |
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (c) (e) | | | 343,265 | | | | 341,684 | |
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (c) (e) | | | 175,404 | | | | 178,146 | |
Series 2019-1, Class A1, 4.000% VRN 2/25/49 (c) (e) | | | 64,251 | | | | 62,792 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, | | | | | | | | |
3.854% VRN 3/25/34 (e) | | | 20,811 | | | | 18,705 | |
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% | | | | | | | | |
3.366% FRN 4/25/44 | | | 50,791 | | | | 45,481 | |
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, | | | | | | | | |
4.000% VRN 11/25/48 (c) (e) | | | 257,786 | | | | 258,571 | |
| | | | | | | 2,245,686 | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $80,896,437) | | | | | | | 74,572,514 | |
| | | | | | | | |
Sovereign Debt Obligations — 0.3% | | | | | | | | |
Colombia Government International Bond | | | | | | | | |
6.125% 1/18/41 | | | 620,000 | | | | 712,615 | |
Mexico Government International Bond | | | | | | | | |
4.750% 3/08/44 | | | 824,000 | | | | 829,364 | |
6.750% 9/27/34 | | | 160,000 | | | | 210,402 | |
| | | | | | | 1,752,381 | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,630,907) | | | | | | | 1,752,381 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities — 10.8% | | | | | | | | |
Collateralized Mortgage Obligations — 0.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Series 2617, Class Z, 5.500% 5/15/33 | | | 150,955 | | | | 174,139 | |
Series 2693, Class Z, 5.500% 10/15/33 | | | 273,932 | | | | 307,802 | |
| | | | | | | 481,941 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pass-Through Securities — 10.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #SB8013 2.500% 9/01/34 | | $ | 1,489,599 | | | $ | 1,546,201 | |
Pool #SB8020 2.500% 12/01/34 | | | 1,284,990 | | | | 1,333,818 | |
Pool #ZA5946 4.500% 11/01/48 | | | 1,216,272 | | | | 1,307,756 | |
Pool #ZA6368 4.500% 2/01/49 | | | 795,036 | | | | 854,910 | |
Pool #C55867 7.500% 2/01/30 | | | 28,665 | | | | 32,130 | |
Pool #C01079 7.500% 10/01/30 | | | 3,952 | | | | 4,606 | |
Pool #C01135 7.500% 2/01/31 | | | 16,758 | | | | 19,454 | |
Pool #C00470 8.000% 8/01/26 | | | 9,937 | | | | 11,162 | |
Pool #G00924 8.000% 3/01/28 | | | 9,410 | | | | 10,570 | |
Federal National Mortgage Association | | | | | | | | |
Pool #MA3797 2.500% 10/01/34 | | | 2,855,118 | | | | 2,963,608 | |
Pool #MA3029 3.000% 6/01/32 | | | 795,782 | | | | 835,539 | |
Pool #MA3090 3.000% 8/01/32 | | | 337,806 | | | | 354,683 | |
Pool #AS1304 3.500% 12/01/28 | | | 174,256 | | | | 184,178 | |
Pool #AV1897 3.500% 12/01/28 | | | 28,442 | | | | 30,097 | |
Pool #AV2325 3.500% 12/01/28 | | | 93,387 | | | | 98,705 | |
Pool #BF0196 3.500% 2/01/41 | | | 225,621 | | | | 242,391 | |
Pool #MA1356 3.500% 2/01/43 | | | 1,309,757 | | | | 1,405,062 | |
Pool #CA1073 3.500% 1/01/48 | | | 2,702,071 | | | | 2,860,690 | |
Pool #BJ0686 4.000% 4/01/48 | | | 625,348 | | | | 668,103 | |
Pool #CA1951 4.000% 7/01/48 | | | 551,807 | | | | 589,016 | |
Pool #CA2039 4.000% 7/01/48 | | | 639,940 | | | | 682,992 | |
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34 | | | 51,108 | | | | 53,598 | |
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33 | | | 24,667 | | | | 25,869 | |
Pool #CA1952 4.500% 6/01/48 | | | 366,433 | | | | 394,544 | |
Pool #CA1909 4.500% 6/01/48 | | | 1,455,227 | | | | 1,568,230 | |
Pool #BK7877 4.500% 7/01/48 | | | 218,393 | | | | 235,147 | |
Pool #MA3522 4.500% 11/01/48 | | | 930,328 | | | | 999,955 | |
Pool #MA3537 4.500% 12/01/48 | | | 857,587 | | | | 921,769 | |
Pool #MA3564 4.500% 1/01/49 | | | 787,746 | | | | 846,702 | |
Pool #BN5241 4.500% 2/01/49 | | | 3,603,724 | | | | 3,873,432 | |
Pool #AD6437 5.000% 6/01/40 | | | 63,347 | | | | 70,094 | |
Pool #AD6996 5.000% 7/01/40 | | | 429,889 | | | | 475,674 | |
Pool #AL8173 5.000% 2/01/44 | | | 171,211 | | | | 188,215 | |
Pool #564594 7.000% 1/01/31 | | | 8,775 | | | | 9,958 | |
Pool #572844 7.000% 4/01/31 | | | 19,941 | | | | 22,992 | |
Pool #253795 7.000% 5/01/31 | | | 32,764 | | | | 37,604 | |
Pool #499386 7.500% 9/01/29 | | | 1,054 | | | | 1,219 | |
Pool #522769 7.500% 12/01/29 | | | 57 | | | | 66 | |
Pool #521006 7.500% 12/01/29 | | | 408 | | | | 476 | |
Pool #252981 7.500% 1/01/30 | | | 5,424 | | | | 6,278 | |
Pool #530520 7.500% 3/01/30 | | | 9,485 | | | | 10,872 | |
Pool #524317 7.500% 3/01/30 | | | 935 | | | | 1,093 | |
Pool #253183 7.500% 4/01/30 | | | 1,834 | | | | 2,124 | |
Pool #253265 7.500% 5/01/30 | | | 1,034 | | | | 1,194 | |
Pool #536949 8.000% 5/01/30 | | | 1,295 | | | | 1,514 | |
Pool #535351 8.000% 6/01/30 | | | 2,012 | | | | 2,333 | |
Pool #253481 8.000% 10/01/30 | | | 1,406 | | | | 1,639 | |
Pool #190317 8.000% 8/01/31 | | | 598 | | | | 694 | |
Pool #602008 8.000% 8/01/31 | | | 2,034 | | | | 2,360 | |
Government National Mortgage Association I | | | | | | | | |
Pool #337539 7.000% 7/15/23 | | | 194 | | | | 205 | |
Pool #363066 7.000% 8/15/23 | | | 2,416 | | | | 2,557 | |
Pool #354674 7.000% 10/15/23 | | | 2,056 | | | | 2,182 | |
Pool #352021 7.000% 11/15/23 | | | 1,238 | | | | 1,312 | |
Government National Mortgage Association II TBA | | | | | | | | |
Pool #304 3.500% 10/01/48 (f) | | | 22,115,000 | | | | 23,319,230 | |
Pool #1235 4.000% 10/01/48 (f) | | | 9,375,000 | | | | 9,959,473 | |
Uniform Mortgage Backed Securities TBA | | | | | | | | |
Pool #1058 3.500% 8/01/48 (f) | | | 5,475,000 | | | | 5,788,102 | |
Pool #20567 4.500% 9/01/48 (f) | | | 575,000 | | | | 618,215 | |
| | | | | | | 65,482,592 | |
Whole Loans — 0.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% | | | | | | | | |
2.997% FRN 7/25/49 (c) | | | 377,105 | | | | 316,268 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450% | | | | | | | | |
3.397% FRN 7/25/31 (c) | | | 530,470 | | | | 437,865 | |
| | | | | | | 754,133 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $65,285,069) | | | | | | | 66,718,666 | |
| | | | | | | | |
U.S. Treasury Obligations — 1.3% | | | | | | | | |
U.S. Treasury Bonds & Notes — 1.3% | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
2.250% 8/15/49 (g) | | | 2,140,000 | | | | 2,595,864 | |
3.500% 2/15/39 (g) | | | 720,000 | | | | 1,022,809 | |
U.S. Treasury Note | | | | | | | | |
1.500% 1/15/23 | | | 400,000 | | | | 413,486 | |
1.625% 8/15/29 | | | 4,000,000 | | | | 4,334,862 | |
| | | | | | | 8,367,021 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,604,864) | | | | | | | 8,367,021 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $241,766,513) | | | | | | | 233,421,748 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $607,842) | | | | | | | 369,054 | |
MML Blend Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Rights — 0.0% | | | | | | |
| | | | | | |
Consumer, Non-cyclical — 0.0% | | | | | | | | |
Pharmaceuticals — 0.0% | | | | | | | | |
Bristol-Myers Squibb Co., Expires 03/31/21 (a) | | | 25,576 | | | $ | 97,189 | |
TOTAL RIGHTS (Cost $54,477) | | | | | | | 97,189 | |
| | | | | | | | |
Mutual Funds — 0.1% | | | | | | | | |
Diversified Financial Services — 0.1% | | | | | | | | |
State Street Navigator Securities Lending Prime Portfolio (h) | | | 610,776 | | | | 610,776 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $610,776) | | | | | | | 610,776 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $567,356,653) | | | | | | | 613,919,395 | |
| | Principal Amount | | | | |
Short-Term Investments — 7.0% | | | | | | |
Commercial Paper — 6.0% | | | | | | |
Avangrid, Inc. | | | | | | | | |
1.318% 4/03/20 (c) | | $ | 3,000,000 | | | | 2,999,356 | |
Boeing Co. | | | | | | | | |
2.092% 6/10/20 (c) | | | 3,000,000 | | | | 2,976,629 | |
CenterPoint Energy, Inc. | | | | | | | | |
1.788% 4/06/20 (c) | | | 1,000,000 | | | | 999,518 | |
Daimler Finance North America LLC | | | | | | | | |
2.840% 4/07/20 (c) | | | 2,000,000 | | | | 1,998,911 | |
Ecolab, Inc. | | | | | | | | |
1.524% 4/20/20 (c) | | | 2,000,000 | | | | 1,996,436 | |
Entergy Corp. | | | | | | | | |
1.811% 5/04/20 (c) | | | 2,000,000 | | | | 1,996,897 | |
1.834% 5/01/20 (c) | | | 1,000,000 | | | | 998,594 | |
General Electric Co. | | | | | | | | |
1.844% 5/20/20 | | | 2,000,000 | | | | 1,990,833 | |
1.854% 5/18/20 | | | 1,000,000 | | | | 995,600 | |
Harley-Davidson Funding Corp. | | | | | | | | |
2.028% 4/02/20 (c) | | | 2,000,000 | | | | 1,999,819 | |
2.282% 4/02/20 (c) | | | 1,000,000 | | | | 999,910 | |
HP, Inc. | | | | | | | | |
1.830% 4/06/20 (c) | | | 3,000,000 | | | | 2,998,573 | |
NiSource, Inc. | | | | | | | | |
1.809% 4/08/20 (c) | | | 1,000,000 | | | | 999,365 | |
Parker-Hannifin Corp. | | | | | | | | |
4.482% 5/01/20 (c) | | | 3,000,000 | | | | 2,996,634 | |
Reckitt Benckiser Treasury Services PLC | | | | | | | | |
2.526% 4/01/20 (c) | | | 1,000,000 | | | | 999,997 | |
Sempra Energy Holdings | | | | | | | | |
1.788% 4/01/20 (c) | | | 3,000,000 | | | | 2,999,795 | |
Suncor Energy, Inc. | | | | | | | | |
1.813% 5/13/20 (c) | | | 3,000,000 | | | | 2,988,175 | |
ViacomCBS, Inc. | | | | | | | | |
1.523% 4/15/20 (c) | | | 3,000,000 | | | | 2,995,937 | |
| | | | | | | 36,930,979 | |
Repurchase Agreement — 1.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (i) | | | 6,003,093 | | | | 6,003,093 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $42,955,841) | | | | | | | 42,934,072 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.6% (Cost $610,312,494) (j) | | | | | | | 656,853,467 | |
| | | | | | | | |
Other Assets/(Liabilities) — (6.6)% | | | | | | | (40,911,865 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 615,941,602 | |
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
BAB | Build America Bonds |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
REIT | Real Estate Investment Trust |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
MML Blend Fund — Portfolio of Investments (Continued) |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $1,848,828 or 0.30% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,311,379 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $117,149,806 or 19.02% of net assets. |
(d) | Security is perpetual and has no stated maturity date. |
(e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020. |
(f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(g) | A portion of this security is pledged/held as collateral for open derivatives. |
(h) | Represents investment of security lending cash collateral. (Note 2). |
(i) | Maturity value of $6,003,093. Collateralized by U.S. Government Agency obligations with rates ranging from 1.750% - 1.875%, maturity dates ranging from 7/15/22 - 7/31/22, and an aggregate market value, including accrued interest, of $6,125,849. |
(j) | See Note 3 for aggregate cost for federal tax purposes. |
(#) Interest Rate Swaptions Purchased |
| | Paid by Fund | | | Received by Fund | | | | |
Description | | Counterparty | | Expiration Date | | Rate | | | Frequency | | | Rate | | | Frequency | | | Notional Amount | | Value | | | Premium Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Call | | | | | |
10Year Interest Rate Swap, 2/02/43 | | Credit Suisse International | | 1/31/33 | | | 3-Month USD LIBOR BBA | | | | Quarterly | | | | 2.61% | | | | Semi-Annually | | | USD | 748,250 | | | $ | 129,896 | | | $ | 35,916 | | | $ | 93,980 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Put | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
10Year Interest Rate Swap, 2/02/43 | | Credit Suisse International | | 1/31/33 | | | 3.11% | | | | Semi-Annually | | | | 3-Month USD LIBOR BBA | | | | Quarterly | | | USD | 11,940,000 | | | $ | 239,158 | | | $ | 571,926 | | | $ | (332,768 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | 369,054 | | | $ | 607,842 | | | $ | (238,788 | ) |
Futures contracts |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | |
U.S. Treasury Ultra 10 Year | | 6/19/20 | | | 6 | | | $ | 934,082 | | | $ | 2,106 | |
U.S. Treasury Ultra Bond | | 6/19/20 | | | 83 | | | | 16,175,475 | | | | 2,240,150 | |
U.S. Treasury Note 2 Year | | 6/30/20 | | | 175 | | | | 37,998,421 | | | | 568,571 | |
U.S. Treasury Note 5 Year | | 6/30/20 | | | 67 | | | | 8,260,511 | | | | 138,567 | |
| | | | | | | | | | | | $ | 2,949,394 | |
| | | | | | | | | | | | | | |
Short | | | | | | | | | | | | | | |
90 Day Eurodollar | | 6/15/20 | | | 3 | | | $ | (731,072 | ) | | $ | (14,991 | ) |
U.S. Treasury Long Bond | | 6/19/20 | | | 26 | | | | (4,309,298 | ) | | | (346,327 | ) |
90 Day Eurodollar | | 9/14/20 | | | 3 | | | | (731,391 | ) | | | (15,947 | ) |
90 Day Eurodollar | | 12/14/20 | | | 2 | | | | (487,568 | ) | | | (10,732 | ) |
90 Day Eurodollar | | 3/15/21 | | | 2 | | | | (487,743 | ) | | | (10,832 | ) |
90 Day Eurodollar | | 9/13/21 | | | 4 | | | | (975,637 | ) | | | (21,313 | ) |
90 Day Eurodollar | | 3/14/22 | | | 4 | | | | (975,337 | ) | | | (21,213 | ) |
90 Day Eurodollar | | 9/19/22 | | | 3 | | | | (731,203 | ) | | | (15,647 | ) |
90 Day Eurodollar | | 3/13/23 | | | 3 | | | | (730,753 | ) | | | (15,497 | ) |
90 Day Eurodollar | | 12/18/23 | | | 4 | | | | (973,436 | ) | | | (20,514 | ) |
90 Day Eurodollar | | 12/16/24 | | | 10 | | | | (2,430,591 | ) | | | (50,409 | ) |
| | | | | | | | | | | | $ | (543,422 | ) |
Centrally Cleared Credit Default Swaps- Buy Protection |
Reference Obligation/Index | | Rate Paid by Fund | | | Payment Frequency | | Termination Date | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.IG Series 34† | | | 1.000% | | | Quarterly | | 6/20/25 | | USD | 1,100,000 | | | $ | 3,820 | | | $ | 4,784 | | | $ | (964 | ) |
CDX.NA.IG Series 34† | | | 1.000% | | | Quarterly | | 6/20/25 | | USD | 1,000,000 | | | | 6,656 | | | | 3,551 | | | | 3,105 | |
| | | | | | | | | | | | | | $ | 10,476 | | | $ | 8,335 | | | $ | 2,141 | |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend |
USD | U.S. Dollar |
|
MML Dynamic Bond Fund — Portfolio of Investments
March 31, 2020 (Unaudited)
| | Principal Amount | | | Value | |
Bonds & Notes — 95.8% | | | | | | | | |
| | | | | | | | |
Bank Loans — 3.0% | | | | | | | | |
Advertising — 0.0% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc., Term Loan B, 1 mo. LIBOR + 3.500% 4.489% VRN 8/21/26 | | $ | 9,950 | | | $ | 8,358 | |
Terrier Media Buyer, Inc., Term Loan B, 0.000% VRN 12/17/26 (a) | | | 59,850 | | | | 52,818 | |
| | | | | | | 61,176 | |
Aerospace & Defense — 0.1% | | | | | | | | |
TransDigm, Inc., 2020 Term Loan F, 1 mo. LIBOR + 2.250% 3.239% VRN 12/09/25 | | | 171,309 | | | | 155,462 | |
WP CPP Holdings LLC, 2018 Term Loan, 1 mo. LIBOR + 3.750% 5.530% VRN 4/30/25 | | | 99,747 | | | | 74,811 | |
| | | | | | | 230,273 | |
Airlines — 0.1% | | | | | | | | |
American Airlines, Inc., 2017 Incremental Term Loan, 1 mo. LIBOR + 2.000% 2.705% VRN 12/14/23 | | | 204,853 | | | | 160,810 | |
Kestrel Bidco Inc., Term Loan B, 1 mo. LIBOR + 3.000% 4.000% VRN 12/11/26 | | | 94,763 | | | | 72,019 | |
| | | | | | | 232,829 | |
Auto Parts & Equipment — 0.0% | | | | | | | | |
Panther BF Aggregator 2 LP, USD Term Loan B, 1 mo. LIBOR + 3.500% 4.441% VRN 4/30/26 | | | 39,800 | | | | 36,218 | |
Biotechnology — 0.0% | | | | | | | | |
Aldevron LLC, 2019 Term Loan B, 3 mo. LIBOR + 4.250% 5.700% VRN 10/12/26 | | | 100,000 | | | | 93,000 | |
Chemicals — 0.1% | | | | | | | | |
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, 3 mo. LIBOR + 1.750% 3.200% VRN 6/01/24 | | | 276,572 | | | | 258,595 | |
GrafTech Finance, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.500% 4.500% VRN 2/12/25 | | | 44,562 | | | | 38,323 | |
| | | | | | | 296,918 | |
Commercial Services — 0.3% | | | | | | | | |
AlixPartners LLP, 2017 Term Loan B, 1 mo. LIBOR + 2.500% 3.500% VRN 4/04/24 | | | 194,000 | | | | 184,785 | |
Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.250% 5.239% VRN 7/10/26 | | | 129,675 | | | | 119,301 | |
Parexel International Corp., Term Loan B, 1 mo. LIBOR + 2.750% 3.739% VRN 9/27/24 | | | 100,000 | | | | 84,875 | |
Prime Security Services Borrower LLC, 2019 Term Loan B1, 0.000% VRN 9/23/26 (a) | | | 64,837 | | | | 57,900 | |
Refinitiv US Holding, Inc., 2018 USD Term Loan, 1 mo. LIBOR + 3.250% 4.239% VRN 10/01/25 | | | 264,331 | | | | 252,655 | |
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 2.750% 3.750% VRN 2/06/24 | | | 24,936 | | | | 15,585 | |
Trans Union LLC, 2019 Term Loan B5, 1 mo. LIBOR + 1.750% 2.739% VRN 11/16/26 | | | 191,755 | | | | 183,030 | |
| | | | | | | 898,131 | |
Computers — 0.1% | | | | | | | | |
Flexential Intermediate Corp., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.500% 4.950% VRN 8/01/24 | | | 29,923 | | | | 20,946 | |
Surf Holdings, LLC, USD Term Loan, 3 mo. LIBOR + 3.500% 4.814% VRN 3/05/27 | | | 130,000 | | | | 115,050 | |
Tempo Acquisition LLC, Term Loan, 1 mo. LIBOR + 2.750% 3.739% VRN 5/01/24 | | | 155,946 | | | | 138,793 | |
| | | | | | | 274,789 | |
Distribution & Wholesale — 0.1% | | | | | | | | |
American Tire Distributors Holdings, Inc. 2015 Term Loan, 1 mo. LIBOR + 7.500%, 8.500% VRN 4/30/20 | | | 26,504 | | | | 17,493 | |
2015 Term Loan, 3 mo. LIBOR + 7.500% 8.950% VRN 6/30/20 | | | 3,346 | | | | 2,208 | |
HD Supply, Inc., Term Loan B5, 1 mo. LIBOR + 1.750% 2.739% VRN 10/17/23 | | | 321,734 | | | | 298,408 | |
| | | | | | | 318,109 | |
Diversified Financial Services — 0.1% | | | | | | | | |
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000% 3.989% VRN 6/15/25 | | | 126,022 | | | | 101,717 | |
Deerfield Dakota Holding LLC 2020 USD Term Loan B, 0.000% VRN 3/05/27 (a) | | | 100,000 | | | | 84,000 | |
2018 Term Loan B, 1 mo. LIBOR + 3.250% 4.250% VRN 2/13/25 | | | 39,797 | | | | 39,001 | |
RPI Intermediate Finance Trust, 2020 Term Loan B1, 3 mo. LIBOR + 1.750% 2.739% VRN 2/11/27 | | | 54,313 | | | | 49,968 | |
| | | | | | | 274,686 | |
Electric — 0.1% | | | | | | | | |
Calpine Corp., Term Loan B9, 1 mo. LIBOR + 2.250% 3.240% VRN 4/05/26 | | | 313,881 | | | | 297,403 | |
Electronics — 0.0% | | | | | | | | |
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.500% 4.500% VRN 12/20/24 | | | 54,854 | | | | 48,957 | |
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 4.239% VRN 7/02/25 | | | 59,585 | | | | 52,191 | |
| | | | | | | 101,148 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Engineering & Construction — 0.0% | | | | | | | | |
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan, 3 mo. LIBOR + 4.250% 5.700% VRN 6/30/20 | | $ | 192 | | | $ | 153 | |
2017 Term Loan, 1 mo. LIBOR + 4.250% 6.056% VRN 4/23/20 | | | 13,251 | | | | 10,532 | |
2017 Term Loan, 1 week LIBOR + 4.250% 6.124% VRN 4/07/20 | | | 11,493 | | | | 9,135 | |
| | | | | | | 19,820 | |
Environmental Controls — 0.1% | | | | | | | | |
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.000% 3.989% VRN 3/29/25 | | | 202,459 | | | | 174,874 | |
Foods — 0.0% | | | | | | | | |
Froneri International Ltd., 2020 USD Term Loan, 1 mo. LIBOR + 2.250% 3.239% VRN 1/29/27 | | | 60,000 | | | | 56,850 | |
Hearthside Food Solutions LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.688% 4.677% VRN 5/23/25 | | | 49,810 | | | | 41,342 | |
United Natural Foods, Inc., Term Loan B, 1 mo. LIBOR + 4.250% 5.239% VRN 10/22/25 | | | 29,924 | | | | 25,436 | |
| | | | | | | 123,628 | |
Health Care – Products — 0.1% | | | | | | | | |
Athenahealth, Inc., 2019 Term Loan B, 3 mo. LIBOR + 4.500% 5.284% VRN 2/11/26 | | | 159,597 | | | | 148,425 | |
Sotera Health Holdings, LLC, 2019 Term Loan, 1 mo. LIBOR + 4.500% 5.500% VRN 12/11/26 | | | 105,000 | | | | 90,924 | |
| | | | | | | 239,349 | |
Health Care – Services — 0.1% | | | | | | | | |
Air Methods Corp., 2017 Term Loan B, 3 mo. LIBOR + 3.500% 4.950% VRN 4/22/24 | | | 54,859 | | | | 38,158 | |
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.750% 4.739% VRN 10/10/25 | | | 44,886 | | | | 22,667 | |
Gentiva Health Services, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.250% 4.250% VRN 7/02/25 | | | 199,590 | | | | 186,617 | |
Global Medical Response, Inc., 2018 Term Loan B1, 2 mo. LIBOR + 3.250% 4.932% VRN 4/28/22 | | | 59,847 | | | | 55,209 | |
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.750% 4.739% VRN 11/17/25 | | | 54,846 | | | | 50,630 | |
| | | | | | | 353,281 | |
Holding Company – Diversified — 0.0% | | | | | | | | |
Travelport Finance (Luxembourg) S.a.r.l., 2019 Term Loan, 3 mo. LIBOR + 5.000% 6.072% VRN 5/29/26 | | | 34,825 | | | | 22,305 | |
Household Products — 0.0% | | | | | | | | |
Diamond (BC) B.V., USD Term Loan, 3 mo. LIBOR + 3.000% 4.777% VRN 9/06/24 | | | 74,720 | | | | 55,293 | |
Kronos Acquisition Holdings, Inc., 2015 Term Loan B, 1 mo. LIBOR + 4.000% 5.000% VRN 5/15/23 | | | 50,000 | | | | 44,510 | |
| | | | | | | 99,803 | |
Insurance — 0.1% | | | | | | | | |
Acrisure LLC, 2020 Term Loan B, 3 mo. LIBOR + 3.500% 5.207% VRN 2/15/27 | | | 124,364 | | | | 109,440 | |
AssuredPartners, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.500% 4.489% VRN 2/12/27 | | | 178,680 | | | | 155,005 | |
Asurion LLC, 2017 2nd Lien Term Loan, 1 mo. LIBOR + 6.500% 7.489% VRN 8/04/25 | | | 50,000 | | | | 45,563 | |
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. LIBOR + 4.000% 4.989% VRN 9/03/26 | | | 34,738 | | | | 31,133 | |
| | | | | | | 341,141 | |
Internet — 0.0% | | | | | | | | |
Getty Images, Inc., 2019 USD Term Loan B, 1 mo. LIBOR + 4.500% 5.500% VRN 2/19/26 | | | 34,538 | | | | 27,285 | |
ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 3 mo. LIBOR + 4.000% 5.072% VRN 11/21/24 | | | 19,898 | | | | 16,250 | |
Uber Technologies, Inc. 2018 Term Loan, 1 mo. LIBOR + 4.000% 5.000% VRN 4/23/20 | | | 74,741 | | | | 68,762 | |
2018 Term Loan, 3 mo. LIBOR + 3.000% 6.250% VRN 6/30/20 | | | 187 | | | | 172 | |
Web.com Group, Inc., 2018 Term Loan B, 0.000% VRN 10/10/25 (a) | | | 40,000 | | | | 32,600 | |
| | | | | | | 145,069 | |
Investment Companies — 0.1% | | | | | | | | |
RPI 2019 Intermediate Finance Trust, 2020 Term Loan B1, 1 mo. LIBOR + 1.750% 2.739% VRN 2/11/27 | | | 54,863 | | | | 50,474 | |
Solenis Holdings LLC 2018 1st Lien Term Loan, 3 mo. LIBOR + 2.750% 5.186% VRN 10/04/23 | | | 33,330 | | | | 26,220 | |
2018 1st Lien Term Loan, 3 mo. LIBOR + 2.750% 5.277% VRN 10/04/23 | | | 41,670 | | | | 32,780 | |
UFC Holdings LLC, 2019 Term Loan, 1 mo. LIBOR + 3.250% 4.250% VRN 4/29/26 | | | 198,777 | | | | 172,936 | |
| | | | | | | 282,410 | |
Leisure Time — 0.0% | | | | | | | | |
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. LIBOR + 2.750% 4.200% VRN 9/18/24 | | | 34,910 | | | | 21,732 | |
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 6 mo. LIBOR + 3.000% 4.072% VRN 3/08/24 | | | 49,314 | | | | 35,784 | |
| | | | | | | 57,516 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Lodging — 0.1% | | | | | | |
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. LIBOR + 2.750% 3.739% VRN 12/23/24 | | $ | 159,186 | | | $ | 127,985 | |
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 1 mo. LIBOR + 1.750% 2.697% VRN 6/22/26 | | | 100,000 | | | | 94,500 | |
| | | | | | | 222,485 | |
Machinery - Diversified — 0.0% | | | | | | | | |
Titan Acquisition Ltd., 2018 Term Loan B, 3 mo. LIBOR + 3.000% 4.450% VRN 3/28/25 | | | 39,898 | | | | 32,517 | |
Media — 0.2% | | | | | | | | |
Cengage Learning, Inc., 2016 Term Loan B, 1 mo. LIBOR + 4.250% 5.250% VRN 6/07/23 | | | 74,690 | | | | 60,187 | |
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. LIBOR + 2.500% 3.112% VRN 4/15/27 | | | 204,230 | | | | 194,698 | |
E.W. Scripps Co.(The), 2019 Term Loan B2, 1 mo. LIBOR + 2.500% 3.489% VRN 5/01/26 | | | 308,602 | | | | 291,629 | |
Radiate Holdco, LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.000% 3.989% VRN 2/01/24 | | | 99,743 | | | | 91,432 | |
| | | | | | | 637,946 | |
Packaging & Containers — 0.0% | | | | | | | | |
Charter NEX US, Inc., Incremental Term Loan, 0.000% VRN 5/16/24 (a) | | | 49,290 | | | | 42,636 | |
Flex Acquisition Co., Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.000% 4.898% VRN 12/29/23 | | | 75,000 | | | | 67,875 | |
Klockner-Pentaplast of America, Inc., USD 2017 Term Loan B2, 1 mo. LIBOR + 4.250% 5.250% VRN 6/30/22 | | | 29,923 | | | | 20,626 | |
| | | | | | | 131,137 | |
Pipelines — 0.0% | | | | | | | | |
Blackstone CQP Holdco LP, Term Loan B, 3 mo. LIBOR + 3.500% 4.616% VRN 9/30/24 | | | 79,799 | | | | 62,084 | |
Buckeye Partners LP, 2019 Term Loan B, 1 mo. LIBOR + 2.750% 4.265% VRN 11/01/26 | | | 70,000 | | | | 63,840 | |
| | | | | | | 125,924 | |
Retail — 0.1% | | | | | | | | |
EG America LLC, 2018 USD Term Loan, 6 mo. LIBOR + 4.000% 5.072% VRN 2/07/25 | | | 24,750 | | | | 17,944 | |
IRB Holding Corp 2020 Term Loan B, 1 mo. LIBOR + 4.000% 4.989% VRN 4/30/20 | | | 272 | | | | 209 | |
2020 Term Loan B, 2 mo. LIBOR + 4.000% 5.613% VRN 5/29/20 | | | 108,716 | | | | 83,508 | |
PetSmart, Inc., Consenting Term Loan, 2 mo. LIBOR + 4.000% 5.000% VRN 3/11/22 | | | 197,577 | | | | 188,958 | |
| | | | | | | 290,619 | |
Software — 0.7% | | | | | | | | |
Almonde, Inc. USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500% 5.277% VRN 6/13/24 | | | 149,596 | | | | 127,157 | |
USD 2nd Lien Term Loan, 3 mo. LIBOR + 7.250% 9.027% VRN 6/13/25 | | | 20,000 | | | | 14,840 | |
Ascend Learning LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.000% 4.000% VRN 7/12/24 | | | 159,058 | | | | 140,965 | |
Camelot U.S. Acquisition 1 Co., Term Loan B, 0.000% VRN 10/31/26 (a) | | | 154,613 | | | | 145,336 | |
Castle US Holding Corp., USD Term Loan B, 1 mo. LIBOR + 3.750% 5.200% VRN 1/29/27 | | | 160,000 | | | | 126,901 | |
Cvent, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 3.750% 4.739% VRN 11/29/24 | | | 99,746 | | | | 70,487 | |
Dun & Bradstreet Corp. (The), Term Loan, 0.000% VRN 2/06/26 (a) | | | 155,000 | | | | 138,919 | |
Emerald TopCo, Inc., Term Loan, 1 mo. LIBOR + 3.500% 4.489% VRN 7/24/26 | | | 104,737 | | | | 95,310 | |
Greeneden U.S. Holdings II, LLC, 2018 USD Term Loan B, 0.000% VRN 12/01/23 (a) | | | 154,605 | | | | 143,782 | |
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 4.239% VRN 7/01/24 | | | 159,091 | | | | 147,159 | |
Kronos, Inc., 2017 Term Loan B, 0.000% VRN 11/01/23 (a) | | | 129,669 | | | | 117,702 | |
Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 4.239% VRN 11/29/24 | | | 149,618 | | | | 123,685 | |
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, 1 mo. LIBOR + 3.500% 5.380% VRN 4/26/24 | | | 99,489 | | | | 89,540 | |
Solera LLC, USD Term Loan B, 0.000% VRN 3/03/23 (a) | | | 199,481 | | | | 186,015 | |
Sophia, L.P., 2017 Term Loan B, 3 mo. LIBOR + 3.250% 4.700% VRN 9/30/22 | | | 199,597 | | | | 189,118 | |
Tibco Software, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.750% 4.740% VRN 6/30/26 | | | 129,962 | | | | 122,165 | |
VS Buyer, LLC, Term Loan B, 0.000% VRN 2/28/27 (a) | | | 130,000 | | | | 124,150 | |
| | | | | | | 2,103,231 | |
Telecommunications — 0.3% | | | | | | | | |
Altice France S.A., 2018 Term Loan B13, 1 mo. LIBOR + 4.000% 4.705% VRN 8/14/26 | | | 100,000 | | | | 94,750 | |
Avaya, Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.250% 4.955% VRN 12/15/24 | | | 70,000 | | | | 59,325 | |
Intelsat Jackson Holdings S.A., 2017 Term Loan B3, 1 mo. LIBOR + 3.750% 5.682% VRN 11/27/23 | | | 155,000 | | | | 141,244 | |
MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.500% 6.015% VRN 11/30/25 | | | 19,899 | | | | 13,645 | |
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. LIBOR + 2.750% 4.331% VRN 9/18/26 | | | 196,160 | | | | 181,841 | |
Sprint Communications, Inc., 1st Lien Term Loan B, 1 mo. LIBOR + 2.500% 3.500% VRN 2/02/24 | | | 158,824 | | | | 157,633 | |
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. LIBOR + 2.500% 3.205% VRN 1/31/28 | | | 100,000 | | | | 92,000 | |
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. LIBOR + 3.000% 3.989% VRN 4/30/20 | | | 130,000 | | | | 122,200 | |
| | | | | | | 862,638 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Transportation — 0.1% | | | | | | |
Genesee & Wyoming, Inc., Term Loan, 3 mo. LIBOR + 2.000% 3.450% VRN 12/30/26 | | $ | 75,000 | | | $ | 71,485 | |
PODS LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 2.750% 3.750% VRN 12/06/24 | | | 104,732 | | | | 92,687 | |
| | | | | | | 164,172 | |
TOTAL BANK LOANS (Cost $10,658,235) | | | | | | | 9,544,545 | |
| | | | | | | | |
Corporate Debt — 24.2% | | | | | | | | |
Advertising — 0.1% | | | | | | | | |
The Interpublic Group of Cos., Inc. 5.400% 10/01/48 | | | 300,000 | | | | 322,619 | |
Aerospace & Defense — 0.1% | | | | | | | | |
Bombardier, Inc. 6.000% 10/15/22 (b) | | | 90,000 | | | | 67,500 | |
TransDigm, Inc. 5.500% 11/15/27 (b) | | | 100,000 | | | | 89,750 | |
6.250% 3/15/26 (b) | | | 150,000 | | | | 149,438 | |
6.375% 6/15/26 | | | 60,000 | | | | 57,450 | |
Triumph Group, Inc. 7.750% 8/15/25 (c) | | | 65,000 | | | | 47,125 | |
| | | | | | | 411,263 | |
Agriculture — 0.4% | | | | | | | | |
Altria Group, Inc. 4.800% 2/14/29 | | | 475,000 | | | | 494,360 | |
BAT Capital Corp. 3.462% 9/06/29 | | | 695,000 | | | | 642,908 | |
Imperial Brands Finance PLC 3.500% 7/26/26 (b) | | | 265,000 | | | | 244,587 | |
| | | | | | | 1,381,855 | |
Airlines — 0.2% | | | | | | | | |
Delta Air Lines, Inc. 3.800% 4/19/23 | | | 520,000 | | | | 488,655 | |
Latam Finance Ltd. 6.875% 4/11/24 (b) | | | 200,000 | | | | 88,910 | |
7.000% 3/01/26 (b) | | | 300,000 | | | | 136,656 | |
| | | | | | | 714,221 | |
Auto Manufacturers — 0.5% | | | | | | | | |
General Motors Co. 3 mo. USD LIBOR + 0.800% 2.542% FRN 8/07/20 | | | 110,000 | | | | 108,109 | |
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 0.990% 2.890% FRN 1/05/23 | | | 575,000 | | | | 465,479 | |
Hyundai Capital America 2.650% 2/10/25 (b) | | | 460,000 | | | | 438,251 | |
Volkswagen Group of America Finance LLC 4.250% 11/13/23 (b) | | | 500,000 | | | | 494,740 | |
| | | | | | | 1,506,579 | |
Auto Parts & Equipment — 0.0% | | | | | | | | |
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 6.250% 5/15/26 (b) | | | 115,000 | | | | 108,675 | |
Banks — 4.6% | | | | | | | | |
Banco Bradesco SA/Cayman Islands 5.750% 3/01/22 (b) | | | 200,000 | | | | 201,250 | |
Banco de Reservas de la Republica Dominicana 7.000% 2/01/23 (b) | | | 200,000 | | | | 188,500 | |
Banco do Brasil SA 10 year CMT + 4.398% 6.250% VRN (b) (d) | | | 500,000 | | | | 391,750 | |
Banco Internacional del Peru SAA Interbank 3 mo. USD LIBOR + 6.740% 8.500% VRN 4/23/70 (b) | | | 200,000 | | | | 195,000 | |
Banco Macro SA 5 year USD Swap + 5.463% 6.750% VRN 11/04/26 (b) | | | 500,000 | | | | 302,505 | |
Banco Mercantil del Norte SA/Grand Cayman 5 year CMT + 4.447% 5.750% VRN 10/04/31 (b) | | | 200,000 | | | | 169,600 | |
5 year CMT + 5.035% 6.875% VRN (b) (d) | | | 200,000 | | | | 152,002 | |
10 year CMT + 5.353% 7.625% VRN (b) (d) | | | 600,000 | | | | 457,500 | |
Banco Santander SA 3 mo. USD LIBOR + 1.090% 2.773% FRN 2/23/23 | | | 400,000 | | | | 378,922 | |
Bancolombia SA 3.000% 1/29/25 | | | 200,000 | | | | 178,702 | |
5 year CMT + 2.929% 4.875% VRN 10/18/27 | | | 400,000 | | | | 362,004 | |
Bank of America Corp. 3 mo. USD LIBOR + 1.210% 3.974% VRN 2/07/30 | | | 400,000 | | | | 431,172 | |
Bank of Montreal 5 year USD Swap + 1.432% 3.803% VRN 12/15/32 | | | 370,000 | | | | 359,383 | |
Bank of New Zealand 3.500% 2/20/24 (b) | | | 530,000 | | | | 555,944 | |
Barclays PLC 3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24 | | | 425,000 | | | | 374,257 | |
BBVA Bancomer SA 5 year CMT + 2.650% 5.125% VRN 1/18/33 (b) | | | 1,000,000 | | | | 828,000 | |
BDO Unibank, Inc. 2.950% 3/06/23 (b) | | | 300,000 | | | | 297,022 | |
Citigroup, Inc. 3 mo. USD LIBOR + 1.100% 2.792% FRN 5/17/24 | | | 750,000 | | | | 716,351 | |
Commonwealth Bank of Australia 4.316% 1/10/48 (b) | | | 505,000 | | | | 492,853 | |
Credit Agricole SA 3.750% 4/24/23 (b) | | | 535,000 | | | | 546,696 | |
Credit Suisse Group AG 3 mo. USD LIBOR + 1.240% 2.024% FRN 6/12/24 (b) | | | 430,000 | | | | 379,863 | |
DBS Group Holdings Ltd. 5 year USD Swap + 2.390% 3.600% VRN (b) (d) | | | 600,000 | | | | 550,500 | |
Gilex Holding Sarl 8.500% 5/02/23 (b) | | | 150,000 | | | | 127,575 | |
8.500% 5/02/23 (b) | | | 150,000 | | | | 127,575 | |
Grupo Aval Ltd. 4.375% 2/04/30 (b) | | | 200,000 | | | | 160,500 | |
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380% 2.164% FRN 9/12/26 | | | 835,000 | | | | 794,934 | |
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28 | | | 400,000 | | | | 396,889 | |
Macquarie Group Ltd. 3 mo. USD LIBOR + 1.023% 3.189% VRN 11/28/23 (b) | | | 160,000 | | | | 163,948 | |
3 mo. USD LIBOR + 1.330% 4.150% VRN 3/27/24 (b) | | | 280,000 | | | | 292,906 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Malayan Banking Bhd 5 year USD Swap + 2.542% 3.905% VRN 10/29/26 (b) | | $ | 600,000 | | | $ | 608,022 | |
Mitsubishi UFJ Financial Group, Inc. 3 mo. USD LIBOR + 0.740% 2.320% FRN 3/02/23 | | | 495,000 | | | | 470,566 | |
Morgan Stanley 3 mo. USD LIBOR + 1.340% 3.591% VRN 7/22/28 | | | 230,000 | | | | 233,536 | |
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23 | | | 285,000 | | | | 281,445 | |
Scotiabank Peru SAA 3 mo. USD LIBOR + 3.856% 4.500% VRN 12/13/27 (b) | | | 100,000 | | | | 94,001 | |
Sumitomo Mitsui Financial Group, Inc. 3 mo. USD LIBOR + 0.740% 2.576% FRN 1/17/23 | | | 715,000 | | | | 641,605 | |
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 1.170% 2.862% FRN 5/15/26 | | | 565,000 | | | | 519,380 | |
Union Bank of the Philippines 3.369% 11/29/22 (b) | | | 400,000 | | | | 395,396 | |
United Overseas Bank Ltd. 5 year USD Swap + 1.794% 3.875% VRN (b) (d) | | | 500,000 | | | | 473,725 | |
Wells Fargo & Co. 3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30 | | | 115,000 | | | | 113,907 | |
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27 | | | 245,000 | | | | 252,457 | |
| | | | | | | 14,658,143 | |
Beverages — 0.1% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc. 4.600% 4/15/48 | | | 290,000 | | | | 306,807 | |
Constellation Brands, Inc. 3.150% 8/01/29 | | | 135,000 | | | | 125,387 | |
| | | | | | | 432,194 | |
Building Materials — 0.2% | | | | | | | | |
Builders FirstSource, Inc. 5.000% 3/01/30 (b) | | | 80,000 | | | | 72,000 | |
Carrier Global Corp. 3.377% 4/05/40 (b) | | | 310,000 | | | | 271,793 | |
Cemex SAB de CV 6.125% 5/05/25 (b) | | | 200,000 | | | | 177,498 | |
Griffon Corp. 5.750% 3/01/28 (b) | | | 80,000 | | | | 75,200 | |
Owens Corning 4.400% 1/30/48 | | | 175,000 | | | | 149,245 | |
| | | | | | | 745,736 | |
Chemicals — 0.4% | | | | | | | | |
DuPont de Nemours, Inc. 5.419% 11/15/48 | | | 205,000 | | | | 225,555 | |
Nutrien Ltd. 4.200% 4/01/29 | | | 265,000 | | | | 276,497 | |
Sociedad Quimica y Minera de Chile SA 4.375% 1/28/25 (b) | | | 200,000 | | | | 193,000 | |
Syngenta Finance NV 5.676% 4/24/48 (b) | | | 600,000 | | | | 481,781 | |
UPL Corp. Ltd. 3.250% 10/13/21 (b) | | | 200,000 | | | | 184,026 | |
| | | | | | | 1,360,859 | |
Coal — 0.1% | | | | | | | | |
Peabody Energy Corp. 6.000% 3/31/22 (b) | | | 105,000 | | | | 71,400 | |
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (b) | | | 150,000 | | | | 108,000 | |
| | | | | | | 179,400 | |
Commercial Services — 0.3% | | | | | | | | |
Adani Ports & Special Economic Zone Ltd. 3.950% 1/19/22 (b) | | | 200,000 | | | | 190,723 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625% 7/15/26 (b) | | | 90,000 | | | | 88,425 | |
9.750% 7/15/27 (b) | | | 105,000 | | | | 98,952 | |
Garda World Security Corp. 8.750% 5/15/25 (b) | | | 135,000 | | | | 124,200 | |
MPH Acquisition Holdings LLC 7.125% 6/01/24 (b) | | | 160,000 | | | | 139,210 | |
United Rentals North America, Inc. 6.500% 12/15/26 | | | 75,000 | | | | 76,125 | |
Verscend Escrow Corp. 9.750% 8/15/26 (b) | | | 237,000 | | | | 236,554 | |
| | | | | | | 954,189 | |
Computers — 0.1% | | | | | | | | |
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.750% 6/01/25 (b) | | | 190,000 | | | | 173,861 | |
Distribution & Wholesale — 0.0% | | | | | | | | |
Performance Food Group, Inc. 5.500% 10/15/27 (b) | | | 115,000 | | | | 106,663 | |
Diversified Financial Services — 2.0% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.500% 1/15/25 | | | 450,000 | | | | 364,880 | |
Air Lease Corp. 3.750% 2/01/22 | | | 470,000 | | | | 430,194 | |
American Express Co. 2.500% 8/01/22 | | | 440,000 | | | | 442,853 | |
Avolon Holdings Funding Ltd. 3.250% 2/15/27 (b) | | | 390,000 | | | | 305,851 | |
Banco BTG Pactual SA 5 year CMT + 5.257% 7.750% VRN 2/15/29 (b) | | | 400,000 | | | | 340,000 | |
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125% 2.357% FRN 9/26/23 (b) | | | 565,000 | | | | 562,418 | |
Capital One Financial Corp. 3 mo. USD LIBOR + 0.720% 2.490% FRN 1/30/23 | | | 140,000 | | | | 130,847 | |
Credito Real SAB de CV SOFOM ER 5 year CMT + 7.026% 9.125% VRN (b) (d) | | | 200,000 | | | | 152,002 | |
Discover Financial Services 4.100% 2/09/27 | | | 570,000 | | | | 558,570 | |
Global Aircraft Leasing Co. Ltd. 6.500% 9/15/24 (b) | | | 155,000 | | | | 99,820 | |
Interoceanica IV Finance Ltd. 0.000% 11/30/25 (b) | | | 799,880 | | | | 739,889 | |
Mexarrend SAPI de CV 10.250% 7/24/24 (b) | | | 200,000 | | | | 136,002 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Nationstar Mortgage Holdings, Inc. 8.125% 7/15/23 (b) | | $ | 125,000 | | | $ | 122,225 | |
Navient Corp. 5.000% 3/15/27 | | | 60,000 | | | | 51,582 | |
NFP Corp. 6.875% 7/15/25 (b) | | | 155,000 | | | | 152,675 | |
Operadora de Servicios Mega SA de CV Sofom ER 8.250% 2/11/25 (b) | | | 200,000 | | | | 136,250 | |
SPARC EM SPC Panama Metro Line 2 SP 0.000% 12/05/22 (b) | | | 190,236 | | | | 175,017 | |
Springleaf Finance Corp. 5.375% 11/15/29 | | | 55,000 | | | | 50,325 | |
6.625% 1/15/28 | | | 120,000 | | | | 113,400 | |
SURA Asset Management SA 4.875% 4/17/24 (b) | | | 200,000 | | | | 195,500 | |
Synchrony Financial 3.950% 12/01/27 | | | 500,000 | | | | 444,292 | |
The Charles Schwab Corp. 3.550% 2/01/24 | | | 465,000 | | | | 489,044 | |
Unifin Financiera SAB de CV 5 year CMT + 6.308% 8.875% VRN (b) (d) | | | 600,000 | | | | 360,006 | |
| | | | | | | 6,553,642 | |
Electric — 2.6% | | | | | | | | |
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It 7.950% 5/11/26 (b) | | | 500,000 | | | | 463,250 | |
AES Argentina Generacion SA 7.750% 2/02/24 (b) | | | 150,000 | | | | 84,375 | |
AES Gener SA 5 year CMT + 4.917% 6.350% VRN 10/07/79 (b) | | | 200,000 | | | | 152,000 | |
5 year CMT + 4.917% 6.350% VRN 10/07/79 (b) | | | 200,000 | | | | 152,000 | |
5 year USD Swap + 4.644% 7.125% VRN 3/26/79 (b) | | | 400,000 | | | | 312,840 | |
American Electric Power Co., Inc. 2.950% 12/15/22 | | | 313,000 | | | | 303,715 | |
Calpine Corp. 5.125% 3/15/28 (b) | | | 100,000 | | | | 92,000 | |
Cometa Energia SA de CV 6.375% 4/24/35 (b) | | | 387,600 | | | | 350,778 | |
DTE Energy Co. 3.800% 3/15/27 | | | 500,000 | | | | 510,635 | |
Duke Energy Corp. 3.750% 9/01/46 | | | 90,000 | | | | 86,160 | |
3.950% 8/15/47 | | | 240,000 | | | | 231,196 | |
Duke Energy Progress, Inc. 4.150% 12/01/44 | | | 315,000 | | | | 353,889 | |
Empresa Electrica Angamos SA 4.875% 5/25/29 (b) | | | 165,200 | | | | 157,766 | |
Empresa Electrica Guacolda SA 4.560% 4/30/25 (b) | | | 400,000 | | | | 281,685 | |
Georgia Power Co. 2.200% 9/15/24 | | | 455,000 | | | | 426,808 | |
LLPL Capital Pte Ltd. 6.875% 2/04/39 (b) | | | 288,390 | | | | 280,820 | |
Minejesa Capital BV 4.625% 8/10/30 (b) | | | 600,000 | | | | 535,749 | |
Monongahela Power Co. 5.400% 12/15/43 (b) | | | 210,000 | | | | 234,254 | |
Pampa Energia SA 9.125% 4/15/29 (b) | | | 150,000 | | | | 99,751 | |
PSEG Power LLC 3.850% 6/01/23 | | | 340,000 | | | | 345,900 | |
Sierra Pacific Power Co. 2.600% 5/01/26 | | | 1,000,000 | | | | 999,616 | |
Star Energy Geothermal Wayang Windu Ltd. 6.750% 4/24/33 (b) | | | 552,000 | | | | 497,042 | |
Transelec SA 3.875% 1/12/29 (b) | | | 250,000 | | | | 225,190 | |
4.625% 7/26/23 (b) | | | 200,000 | | | | 202,052 | |
Xcel Energy, Inc. 3.300% 6/01/25 | | | 1,000,000 | | | | 1,014,157 | |
| | | | | | | 8,393,628 | |
Electronics — 0.1% | | | | | | | | |
Arrow Electronics, Inc. 3.875% 1/12/28 | | | 290,000 | | | | 270,834 | |
Engineering & Construction — 0.3% | | | | | | | | |
AECOM 5.125% 3/15/27 | | | 160,000 | | | | 144,000 | |
Aeropuerto Internacional de Tocumen SA 5.625% 5/18/36 (b) | | | 200,000 | | | | 204,002 | |
Sydney Airport Finance Co. Pty Ltd. 3.375% 4/30/25 (b) | | | 300,000 | | | | 297,167 | |
3.625% 4/28/26 (b) | | | 300,000 | | | | 321,490 | |
| | | | | | | 966,659 | |
Entertainment — 0.2% | | | | | | | | |
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250% 10/15/25 (b) | | | 130,000 | | | | 93,886 | |
Eldorado Resorts, Inc. 6.000% 4/01/25 | | | 125,000 | | | | 112,500 | |
Lions Gate Capital Holdings LLC 6.375% 2/01/24 (b) | | | 160,000 | | | | 140,800 | |
Scientific Games International, Inc. 7.250% 11/15/29 (b) | | | 75,000 | | | | 46,875 | |
Twin River Worldwide Holdings, Inc. 6.750% 6/01/27 (b) | | | 110,000 | | | | 82,500 | |
| | | | | | | 476,561 | |
Environmental Controls — 0.2% | | | | | | | | |
GFL Environmental, Inc. 5.125% 12/15/26 (b) | | | 125,000 | | | | 121,875 | |
8.500% 5/01/27 (b) | | | 51,000 | | | | 51,240 | |
Tervita Corp. 7.625% 12/01/21 (b) | | | 220,000 | | | | 154,000 | |
Waste Management, Inc. 4.000% 7/15/39 | | | 355,000 | | | | 385,826 | |
| | | | | | | 712,941 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Foods — 1.1% | | | | | | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC 4.625% 1/15/27 (b) | | $ | 95,000 | | | $ | 94,525 | |
B&G Foods, Inc. 5.250% 9/15/27 | | | 50,000 | | | | 48,750 | |
Grupo Bimbo SAB de CV 5 year CMT + 3.280% 5.950% VRN (b) (d) | | | 400,000 | | | | 373,760 | |
JBS USA LUX SA/JBS USA Finance, Inc. 5.750% 6/15/25 (b) | | | 20,000 | | | | 20,200 | |
5.875% 7/15/24 (b) | | | 30,000 | | | | 30,375 | |
6.750% 2/15/28 (b) | | | 126,000 | | | | 134,505 | |
Kraft Heinz Foods Co. 3.950% 7/15/25 | | | 55,000 | | | | 54,735 | |
5.000% 7/15/35 | | | 40,000 | | | | 39,768 | |
5.200% 7/15/45 | | | 115,000 | | | | 110,560 | |
The Kroger Co. 3.400% 4/15/22 | | | 490,000 | | | | 504,256 | |
MARB BondCo PLC 6.875% 1/19/25 (b) (c) | | | 400,000 | | | | 360,500 | |
7.000% 3/15/24 (b) | | | 200,000 | | | | 178,000 | |
Minerva Luxembourg SA 5.875% 1/19/28 (b) | | | 300,000 | | | | 264,753 | |
6.500% 9/20/26 (b) | | | 400,000 | | | | 364,166 | |
NBM US Holdings, Inc. 7.000% 5/14/26 (b) | | | 200,000 | | | | 181,500 | |
Pilgrim’s Pride Corp. 5.875% 9/30/27 (b) | | | 205,000 | | | | 204,262 | |
Post Holdings, Inc. 4.625% 4/15/30 (b) | | | 110,000 | | | | 105,325 | |
Smithfield Foods, Inc. 4.250% 2/01/27 (b) | | | 415,000 | | | | 384,936 | |
Sysco Corp. 3.300% 2/15/50 | | | 280,000 | | | | 202,773 | |
| | | | | | | 3,657,649 | |
Gas — 0.1% | | | | | | | | |
The Brooklyn Union Gas Co. 4.487% 3/04/49 (b) | | | 385,000 | | | | 408,219 | |
Health Care – Products — 0.0% | | | | | | | | |
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 7.250% 2/01/28 (b) | | | 80,000 | | | | 68,792 | |
Health Care – Services — 0.2% | | | | | | | | |
Centene Corp. 3.375% 2/15/30 (b) | | | 75,000 | | | | 69,750 | |
4.250% 12/15/27 (b) | | | 50,000 | | | | 49,000 | |
HCA, Inc. 5.375% 9/01/26 | | | 125,000 | | | | 128,750 | |
LifePoint Health, Inc. 4.375% 2/15/27 (b) | | | 90,000 | | | | 84,780 | |
Radiology Partners, Inc. 9.250% 2/01/28 (b) | | | 95,000 | | | | 82,246 | |
Select Medical Corp. 6.250% 8/15/26 (b) | | | 150,000 | | | | 150,000 | |
Tenet Healthcare Corp. 5.125% 11/01/27 (b) | | | 155,000 | | | | 147,638 | |
West Street Merger Sub, Inc. 6.375% 9/01/25 (b) | | | 80,000 | | | | 69,736 | |
| | | | | | | 781,900 | |
Home Builders — 0.0% | | | | | | | | |
Mattamy Group Corp. 4.625% 3/01/30 (b) | | | 120,000 | | | | 103,200 | |
Home Furnishing — 0.1% | | | | | | | | |
Tempur Sealy International, Inc. 5.500% 6/15/26 | | | 238,000 | | | | 208,286 | |
Household Products & Wares — 0.0% | | | | | | | | |
Kronos Acquisition Holdings, Inc. 9.000% 8/15/23 (b) | | | 105,000 | | | | 86,100 | |
Insurance — 0.8% | | | | | | | | |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.750% 10/15/27 (b) | | | 75,000 | | | | 70,230 | |
Athene Global Funding 3.000% 7/01/22 (b) | | | 465,000 | | | | 457,676 | |
Equitable Holdings, Inc. 3.900% 4/20/23 | | | 490,000 | | | | 485,620 | |
GTCR AP Finance, Inc. 8.000% 5/15/27 (b) | | | 95,000 | | | | 87,400 | |
Liberty Mutual Group, Inc. 3.951% 10/15/50 (b) | | | 675,000 | | | | 625,740 | |
Prudential Financial, Inc. 3.905% 12/07/47 | | | 185,000 | | | | 177,862 | |
Willis North America, Inc. 4.500% 9/15/28 | | | 475,000 | | | | 521,869 | |
| | | | | | | 2,426,397 | |
Internet — 0.1% | | | | | | | | |
Expedia, Inc. Co. 3.800% 2/15/28 | | | 275,000 | | | | 237,708 | |
Uber Technologies, Inc. 7.500% 9/15/27 (b) | | | 90,000 | | | | 88,848 | |
| | | | | | | 326,556 | |
Iron & Steel — 0.1% | | | | | | | | |
CSN Islands XII Corp. 7.000% (b) (d) | | | 200,000 | | | | 118,000 | |
CSN Resources SA 7.625% 4/17/26 (b) | | | 200,000 | | | | 130,250 | |
| | | | | | | 248,250 | |
Leisure Time — 0.1% | | | | | | | | |
Royal Caribbean Cruises Ltd. 3.700% 3/15/28 | | | 90,000 | | | | 56,634 | |
Viking Cruises Ltd. 5.875% 9/15/27 (b) | | | 160,000 | | | | 93,617 | |
| | | | | | | 150,251 | |
Lodging — 0.1% | | | | | | | | |
Gohl Capital Ltd. 4.250% 1/24/27 (b) | | | 200,000 | | | | 163,887 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Machinery – Diversified — 0.1% | | | | | | |
John Deere Capital Corp. 3.450% 1/10/24 | | $ | 210,000 | | | $ | 219,540 | |
Media — 0.5% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. 4.750% 3/01/30 (b) | | | 105,000 | | | | 104,475 | |
Cengage Learning, Inc. 9.500% 6/15/24 (b) | | | 75,000 | | | | 55,500 | |
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% 7/23/25 | | | 325,000 | | | | 345,018 | |
CSC Holdings LLC 5.250% 6/01/24 | | | 190,000 | | | | 190,473 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (b) | | | 65,000 | | | | 52,814 | |
DISH DBS Corp. 5.875% 11/15/24 | | | 40,000 | | | | 38,900 | |
Gray Escrow, Inc. 7.000% 5/15/27 (b) | | | 145,000 | | | | 144,275 | |
iHeartCommunications, Inc. 8.375% 5/01/27 | | | 25,000 | | | | 21,766 | |
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (b) | | | 65,000 | | | | 63,537 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (b) | | | 80,000 | | | | 70,400 | |
VTR Finance BV 6.875% 1/15/24 (b) | | | 200,000 | | | | 181,498 | |
6.875% 1/15/24 (b) | | | 200,000 | | | | 181,498 | |
| | | | | | | 1,450,154 | |
Mining — 0.5% | | | | | | | | |
Anglo American Capital PLC 4.500% 3/15/28 (b) | | | 585,000 | | | | 579,456 | |
Arconic Corp. 6.125% 2/15/28 (b) | | | 110,000 | | | | 112,475 | |
Freeport-McMoRan, Inc. 5.400% 11/14/34 | | | 300,000 | | | | 277,500 | |
5.450% 3/15/43 | | | 450,000 | | | | 402,750 | |
Novelis Corp. 4.750% 1/30/30 (b) | | | 50,000 | | | | 44,500 | |
Vedanta Resources Finance II PLC 9.250% 4/23/26 (b) | | | 200,000 | | | | 83,500 | |
Vedanta Resources Ltd. 6.125% 8/09/24 (b) | | | 600,000 | | | | 233,879 | |
| | | | | | | 1,734,060 | |
Miscellaneous - Manufacturing — 0.1% | | | | | | | | |
Gates Global LLC / Gates Corp. 6.250% 1/15/26 (b) | | | 75,000 | | | | 66,375 | |
General Electric Co. 5.875% 1/14/38 | | | 225,000 | | | | 259,236 | |
| | | | | | | 325,611 | |
Oil & Gas — 1.6% | | | | | | | | |
Canacol Energy Ltd. 7.250% 5/03/25 (b) | | | 400,000 | | | | 344,004 | |
7.250% 5/03/25 (b)(c) | | | 200,000 | | | | 172,002 | |
CNOOC Finance 2015 USA LLC 3.750% 5/02/23 | | | 570,000 | | | | 595,832 | |
Cosan Overseas Ltd. 8.250% (b) (d) | | | 500,000 | | | | 445,755 | |
Delek & Avner Tamar Bond Ltd. 5.082% 12/30/23 (b) | | | 100,000 | | | | 97,898 | |
5.412% 12/30/25 (b) | | | 100,000 | | | | 95,541 | |
Diamondback Energy, Inc. 2.875% 12/01/24 | | | 59,000 | | | | 41,211 | |
Geopark Ltd. 6.500% 9/21/24 (b) | | | 600,000 | | | | 340,500 | |
Gran Tierra Energy International Holdings Ltd. 6.250% 2/15/25 (b) | | | 400,000 | | | | 99,000 | |
Gulfport Energy Corp. 6.375% 5/15/25 | | | 105,000 | | | | 25,462 | |
Hilcorp Energy I LP / Hilcorp Finance Co. 6.250% 11/01/28 (b) | | | 100,000 | | | | 44,000 | |
Indian Oil Corp. Ltd. 5.750% 8/01/23 (b) | | | 600,000 | | | | 587,922 | |
Indigo Natural Resources LLC 6.875% 2/15/26 (b) | | | 50,000 | | | | 33,000 | |
Marathon Petroleum Corp. 5.125% 12/15/26 | | | 430,000 | | | | 425,712 | |
Medco Bell Pte Ltd. 6.375% 1/30/27 (b) | | | 200,000 | | | | 115,999 | |
MEG Energy Corp. 7.000% 3/31/24 (b) | | | 30,000 | | | | 13,838 | |
7.125% 2/01/27 (b) | | | 155,000 | | | | 76,589 | |
Oasis Petroleum, Inc. 6.875% 3/15/22 | | | 100,000 | | | | 19,750 | |
ONGC Videsh Vankorneft Pte Ltd. 3.750% 7/27/26 (b) | | | 600,000 | | | | 535,957 | |
Parkland Fuel Corp. 5.875% 7/15/27 (b) | | | 115,000 | | | | 107,801 | |
Petrobras Global Finance BV 6.900% 3/19/49 | | | 100,000 | | | | 97,125 | |
7.250% 3/17/44 | | | 100,000 | | | | 101,080 | |
QEP Resources, Inc. 5.625% 3/01/26 | | | 165,000 | | | | 60,225 | |
Sunoco LP / Sunoco Finance Corp. 5.500% 2/15/26 | | | 130,000 | | | | 112,486 | |
6.000% 4/15/27 | | | 90,000 | | | | 77,400 | |
Transocean Guardian Ltd. 5.875% 1/15/24 (b) | | | 70,976 | | | | 56,781 | |
Transocean Poseidon Ltd. 6.875% 2/01/27 (b) | | | 150,000 | | | | 121,500 | |
Transocean, Inc. 8.000% 2/01/27 (b) | | | 80,000 | | | | 38,000 | |
WPX Energy, Inc. 4.500% 1/15/30 | | | 100,000 | | | | 54,300 | |
YPF Sociedad Anonima 6.950% 7/21/27 (b) | | | 250,000 | | | | 128,825 | |
| | | | | | | 5,065,495 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Oil & Gas Services — 0.1% | | | | | | |
Halliburton Co. 2.920% 3/01/30 | | $ | 260,000 | | | $ | 200,893 | |
USA Compression Partners LP / USA Compression Finance Corp. 6.875% 9/01/27 | | | 185,000 | | | | 114,700 | |
| | | | | | | 315,593 | |
Packaging & Containers — 0.3% | | | | | | | | |
Flex Acquisition Co., Inc. 6.875% 1/15/25 (b) | | | 125,000 | | | | 116,875 | |
Packaging Corp. of America 3.400% 12/15/27 | | | 215,000 | | | | 214,145 | |
Silgan Holdings, Inc. 4.125% 2/01/28 (b) | | | 45,000 | | | | 41,513 | |
WRKCo, Inc. 3.750% 3/15/25 | | | 420,000 | | | | 422,215 | |
| | | | | | | 794,748 | |
Pharmaceuticals — 0.9% | | | | | | | | |
AbbVie, Inc. 4.700% 5/14/45 | | | 215,000 | | | | 241,486 | |
AstraZeneca PLC 6.450% 9/15/37 | | | 265,000 | | | | 375,808 | |
Bausch Health Cos., Inc. 5.000% 1/30/28 (b) | | | 80,000 | | | | 75,736 | |
5.250% 1/30/30 (b) | | | 80,000 | | | | 75,645 | |
Becton Dickinson and Co. 2.894% 6/06/22 | | | 760,000 | | | | 758,582 | |
Bristol-Myers Squibb Co. 4.350% 11/15/47 (b) | | | 355,000 | | | | 447,041 | |
Cigna Corp. 3 mo. USD LIBOR + 0.890% 2.721% FRN 7/15/23 | | | 270,000 | | | | 251,045 | |
4.900% 12/15/48 | | | 215,000 | | | | 257,954 | |
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23 | | | 530,000 | | | | 533,851 | |
| | | | | | | 3,017,148 | |
Pipelines — 1.1% | | | | | | | | |
AI Candelaria Spain SLU 7.500% 12/15/28 (b) | | | 250,000 | | | | 185,729 | |
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.750% 3/01/27 (b) | | | 54,000 | | | | 34,560 | |
Cheniere Energy Partners LP 5.250% 10/01/25 | | | 105,000 | | | | 96,600 | |
5.625% 10/01/26 | | | 95,000 | | | | 87,400 | |
Enable Midstream Partners LP 4.400% 3/15/27 | | | 295,000 | | | | 180,196 | |
Energy Transfer Operating LP 4.750% 1/15/26 | | | 470,000 | | | | 428,436 | |
Fermaca Enterprises S de RL de CV 6.375% 3/30/38 (b) | | | 215,442 | | | | 212,079 | |
GNL Quintero SA 4.634% 7/31/29 (b) | | | 550,000 | | | | 522,500 | |
Hess Midstream Operations LP 5.125% 6/15/28 (b) | | | 125,000 | | | | 87,850 | |
Kinder Morgan Energy Partners LP 6.950% 1/15/38 | | | 400,000 | | | | 416,039 | |
ONEOK, Inc. 3.400% 9/01/29 | | | 140,000 | | | | 104,507 | |
Sabine Pass Liquefaction LLC 5.000% 3/15/27 | | | 470,000 | | | | 399,356 | |
Sunoco Logistics Partners Operations LP 3.900% 7/15/26 | | | 750,000 | | | | 627,433 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.500% 3/01/30 (b) | | | 155,000 | | | | 119,722 | |
| | | | | | | 3,502,407 | |
Real Estate — 0.1% | | | | | | | | |
Radiant Access Ltd. 4.600% (b) (d) | | | 200,000 | | | | 187,100 | |
Real Estate Investment Trusts (REITS) — 1.1% | | | | | | | | |
Alexandria Real Estate Equities, Inc. 4.000% 1/15/24 | | | 320,000 | | | | 326,889 | |
American Tower Corp. 3.600% 1/15/28 | | | 470,000 | | | | 467,144 | |
Boston Properties LP 3.400% 6/21/29 | | | 435,000 | | | | 418,244 | |
Crown Castle International Corp. 3.700% 6/15/26 | | | 700,000 | | | | 715,269 | |
4.000% 3/01/27 | | | 225,000 | | | | 231,704 | |
ESH Hospitality, Inc. 5.250% 5/01/25 (b) | | | 105,000 | | | | 88,200 | |
MPT Operating Partnership LP/MPT Finance Corp. 5.250% 8/01/26 | | | 185,000 | | | | 181,497 | |
National Retail Properties, Inc. 2.500% 4/15/30 | | | 115,000 | | | | 102,313 | |
Public Storage 3.385% 5/01/29 | | | 445,000 | | | | 446,082 | |
Simon Property Group LP 2.450% 9/13/29 | | | 25,000 | | | | 22,661 | |
VICI Properties LP / VICI Note Co., Inc. 3.750% 2/15/27 (b) | | | 15,000 | | | | 14,137 | |
4.125% 8/15/30 (b) | | | 15,000 | | | | 14,044 | |
Welltower, Inc. 3.950% 9/01/23 | | | 460,000 | | | | 455,609 | |
| | | | | | | 3,483,793 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Retail — 0.4% | | | | | | |
Asbury Automotive Group, Inc. 4.500% 3/01/28 (b) | | $ | 16,000 | | | $ | 13,600 | |
4.750% 3/01/30 (b) | | | 16,000 | | | | 13,600 | |
Beacon Roofing Supply, Inc. 4.875% 11/01/25 (b) | | | 160,000 | | | | 144,400 | |
Carvana Co. 8.875% 10/01/23 (b) | | | 40,000 | | | | 37,800 | |
Golden Nugget, Inc. 6.750% 10/15/24 (b) | | | 175,000 | | | | 110,231 | |
The Home Depot, Inc. 3.900% 6/15/47 | | | 220,000 | | | | 243,196 | |
IRB Holding Corp. 6.750% 2/15/26 (b) | | | 120,000 | | | | 94,550 | |
McDonald’s Corp. 4.450% 3/01/47 | | | 235,000 | | | | 254,177 | |
PetSmart, Inc. 5.875% 6/01/25 (b) | | | 39,000 | | | | 38,415 | |
7.125% 3/15/23 (b) | | | 115,000 | | | | 107,094 | |
Staples, Inc. 7.500% 4/15/26 (b) | | | 115,000 | | | | 101,631 | |
Yum! Brands, Inc. 7.750% 4/01/25 (b) (e) | | | 35,000 | | | | 36,750 | |
| | | | | | | 1,195,444 | |
Semiconductors — 0.2% | | | | | | | | |
Marvell Technology Group Ltd. 4.200% 6/22/23 | | | 485,000 | | | | 495,849 | |
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.875% 6/18/26 (b) | | | 265,000 | | | | 257,795 | |
| | | | | | | 753,644 | |
Software — 0.1% | | | | | | | | |
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho 10.000% 11/30/24 (b) | | | 155,000 | | | | 158,532 | |
Oracle Corp. 3.850% 4/01/60 (e) | | | 265,000 | | | | 266,715 | |
| | | | | | | 425,247 | |
Telecommunications — 1.2% | | | | | | | | |
AT&T, Inc. 5.250% 3/01/37 | | | 600,000 | | | | 700,014 | |
CenturyLink, Inc. 4.000% 2/15/27 (b) | | | 85,000 | | | | 82,450 | |
5.125% 12/15/26 (b) | | | 105,000 | | | | 105,000 | |
Comunicaciones Celulares SA Via Comcel Trust 6.875% 2/06/24 (b) | | | 200,000 | | | | 194,002 | |
Corning, Inc. 4.375% 11/15/57 | | | 260,000 | | | | 268,405 | |
Digicel Group Two Ltd. 9.125% 4/01/24 (b) | | | 507,159 | | | | 63,395 | |
Empresa Nacional de Telecomunicaciones SA 4.750% 8/01/26 (b) | | | 300,000 | | | | 282,646 | |
Front Range BidCo, Inc. 4.000% 3/01/27 (b) | | | 90,000 | | | | 86,063 | |
6.125% 3/01/28 (b) | | | 50,000 | | | | 47,500 | |
Frontier Communications Corp. 8.000% 4/01/27 (b) | | | 105,000 | | | | 103,559 | |
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc. 9.875% 5/01/24 (b) | | | 75,000 | | | | 59,250 | |
GTT Communications, Inc. 7.875% 12/31/24 (b) | | | 80,000 | | | | 51,600 | |
Intelsat Jackson Holdings SA 8.500% 10/15/24 (b) | | | 85,000 | | | | 53,525 | |
Millicom International Cellular SA 5.125% 1/15/28 (b) | | | 200,000 | | | | 174,000 | |
6.250% 3/25/29 (b) | | | 200,000 | | | | 179,000 | |
6.625% 10/15/26 (b) | | | 200,000 | | | | 189,780 | |
Network i2i Ltd. 5 year CMT + 4.277% 5.650% VRN (b) (d) | | | 200,000 | | | | 161,000 | |
Sprint Corp. 7.125% 6/15/24 | | | 165,000 | | | | 181,112 | |
Telesat Canada/telesat L 6.500% 10/15/27 (b) | | | 40,000 | | | | 38,400 | |
Telfon Celuar Del Paragu SA 5.875% 4/15/27 (b) | | | 200,000 | | | | 180,383 | |
Verizon Communications, Inc. 4.400% 11/01/34 | | | 485,000 | | | | 566,064 | |
| | | | | | | 3,767,148 | |
Toys, Games & Hobbies — 0.1% | | | | | | | | |
Hasbro, Inc. 3.500% 9/15/27 | | | 510,000 | | | | 469,606 | |
Transportation — 0.5% | | | | | | | | |
CSX Corp. 3.800% 11/01/46 | | | 400,000 | | | | 401,437 | |
Empresa de Transporte de Pasajeros Metro SA 5.000% 1/25/47 (b) | | | 750,000 | | | | 750,000 | |
FedEx Corp. 4.750% 11/15/45 | | | 255,000 | | | | 244,358 | |
Fideicomiso PA Pacifico Tres 8.250% 1/15/35 (b) | | | 200,000 | | | | 192,000 | |
JSL Europe SA 7.750% 7/26/24 (b) (c) | | | 200,000 | | | | 144,258 | |
| | | | | | | 1,732,053 | |
Trucking & Leasing — 0.1% | | | | | | | | |
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.200% 4/01/27 (b) | | | 225,000 | | | | 231,037 | |
TOTAL CORPORATE DEBT (Cost $84,573,858) | | | | | | | 77,729,837 | |
| | | | | | | | |
Municipal Obligations — 0.1% | | | | | | | | |
Missouri Highway & Transportation Commission, Revenue Bonds 5.063% 5/01/24 | | | 135,000 | | | | 153,072 | |
State of California BAB, General Obligation 7.550% 4/01/39 | | | 190,000 | | | | 308,313 | |
| | | | | | | 461,385 | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $428,519) | | | | | | | 461,385 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Non-U.S. Government Agency Obligations — 21.8% | | | | | | |
| | | | | | |
Commercial MBS — 5.4% | | | | | | |
Barclays Commercial Mortgage Trust, Series 2019-C3, Class B 4.096% 5/15/52 | | $ | 335,000 | | | $ | 308,102 | |
BFLD 2019-DPLO, Series 2019-DPLO, Class E, 1 mo. USD LIBOR + 2.240% 2.945% FRN 10/15/34 (b) | | | 491,000 | | | | 359,618 | |
BX Trust 2019-OC11, Series 2019-OC11, Class E, 4.076% VRN 12/09/41 (b) (f) | | | 391,000 | | | | 281,552 | |
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, 1.019% VRN 1/10/48 (f) | | | 5,628,204 | | | | 267,189 | |
CHT Mortgage Trust Series 2017-CSMO, Class E, 1 mo. USD LIBOR + 3.000% 3.705% FRN 11/15/36 (b) | | | 378,000 | | | | 264,600 | |
Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.741% 4.446% FRN 11/15/36 (b) | | | 668,000 | | | | 434,200 | |
Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA, 0.849% VRN 11/10/48 (f) | | | 5,200,500 | | | | 155,892 | |
Series 2016-GC36, Class D, 2.850% 2/10/49 (b) | | | 281,000 | | | | 197,678 | |
Series 2015-GC31, Class C, 4.057% VRN 6/10/48 (f) | | | 700,000 | | | | 648,407 | |
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f) | | | 340,000 | | | | 316,479 | |
Series 2015-GC35, Class C, 4.497% VRN 11/10/48 (f) | | | 413,000 | | | | 373,802 | |
COMM Mortgage Trust Series 2012-CR4, Class D, 4.593% VRN 10/15/45 (b) (f) | | | 738,000 | | | | 329,431 | |
Series 2015-LC23, Class C, 4.645% VRN 10/10/48 (f) | | | 470,000 | | | | 432,072 | |
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class C, 4.646% VRN 2/10/49 (f) | | | 465,000 | | | | 419,937 | |
CSAIL Commercial Mortgage Trust Series 2015-C1, Class XA, 0.837% VRN 4/15/50 (f) | | | 8,354,949 | | | | 271,509 | |
Series 2019-C16, Class AS, 3.612% 6/15/52 | | | 334,000 | | | | 329,456 | |
Series 2019-C16, Class B, 3.885% 6/15/52 | | | 334,000 | | | | 315,926 | |
Series 2015-C4, Class C, 4.580% VRN 11/15/48 (f) | | | 427,000 | | | | 393,599 | |
Series 2018-C14, Class C, 4.892% VRN 11/15/51 (f) | | | 405,000 | | | | 354,297 | |
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.450% 3.155% FRN 6/15/33 (b) | | | 550,000 | | | | 431,628 | |
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class E, 4.095% 12/10/36 (b) | | | 262,000 | | | | 204,743 | |
Series 2019-FBLU, Class G, 4.095% VRN 12/10/36 (b) (f) | | | 262,000 | | | | 180,638 | |
GS Mortgage Securities Trust Series 2015-GS1, Class XA, 0.780% VRN 11/10/48 (f) | | | 7,932,842 | | | | 290,401 | |
Series 2013-GC10, Class XA, 1.499% VRN 2/10/46 (f) | | | 4,502,689 | | | | 154,640 | |
Series 2014-GC26, Class D, 4.515% VRN 11/10/47 (b) (f) | | | 1,258,000 | | | | 943,363 | |
GSCG Trust, Series 2019-600C, Class E, 4.118% VRN 9/06/34 (b) (f) | | | 497,000 | | | | 430,114 | |
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150% 3.855% FRN 11/15/36 (b) | | | 435,241 | | | | 291,611 | |
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class XA, 1.078% VRN 1/15/49 (f) | | | 5,197,716 | | | | 174,708 | |
Series 2016-JP2, Class B, 3.460% 8/15/49 | | | 174,000 | | | | 158,392 | |
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA, 0.515% VRN 7/15/48 (f) | | | 9,547,092 | | | | 213,933 | |
Series 2015-C29, Class XA, 0.741% VRN 5/15/48 (f) | | | 8,830,476 | | | | 220,163 | |
Series 2014-C25, Class XA, 0.852% VRN 11/15/47 (f) | | | 4,329,799 | | | | 139,091 | |
Series 2015-C28, Class XA, 1.057% VRN 10/15/48 (f) | | | 7,541,172 | | | | 254,368 | |
Series 2015-C27, Class D, 3.807% VRN 2/15/48 (b) (f) | | | 704,000 | | | | 544,024 | |
Series 2015-C29, Class C, 4.178% VRN 5/15/48 (f) | | | 325,000 | | | | 292,808 | |
Series 2015-C33, Class C, 4.622% VRN 12/15/48 (f) | | | 527,000 | | | | 480,715 | |
Series 2015-C32, Class C, 4.656% VRN 11/15/48 (f) | | | 87,000 | | | | 79,651 | |
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class D, 3.237% VRN 12/15/47 (b) (f) | | | 504,000 | | | | 364,086 | |
Series 2015-C23, Class C, 4.155% VRN 7/15/50 (f) | | | 650,000 | | | | 578,130 | |
Series 2015-C27, Class C, 4.526% VRN 12/15/47 (f) | | | 351,000 | | | | 314,369 | |
| | | | | | | | |
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, 0.881% VRN 12/15/48 (f) | | | 6,303,074 | | | | 256,945 | |
MSCG Trust, Series 2016-SNR, Class C 5.205% 11/15/34 (b) | | | 458,150 | | | | 452,033 | |
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200% 3.859% FRN 6/15/35 (b) | | | 368,000 | | | | 331,452 | |
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, 1.975% VRN 10/10/48 (f) | | | 3,848,028 | | | | 303,987 | |
UBS Commercial Mortgage Trust, Series 2017-C6, Class B, 4.154% VRN 12/15/50 (f) | | | 340,000 | | | | 318,400 | |
Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA, 0.709% VRN 7/15/58 (f) | | | 10,310,468 | | | | 299,408 | |
Series 2015-P2, Class XA, 0.981% VRN 12/15/48 (f) | | | 5,347,433 | | | | 196,450 | |
Series 2015-C31, Class XA, 1.013% VRN 11/15/48 (f) | | | 6,326,235 | | | | 282,595 | |
Series 2019-C51, Class B, 3.836% VRN 6/15/52 (f) | | | 500,000 | | | | 445,294 | |
Series 2014-LC16, Class D, 3.938% 8/15/50 (b) | | | 169,000 | | | | 104,026 | |
Series 2019-C50, Class B, 4.192% 5/15/52 | | | 409,000 | | | | 383,160 | |
Series 2019-C50, Class C, 4.345% 5/15/52 | | | 409,000 | | | | 331,919 | |
Series 2015-NXS4, Class C, 4.670% VRN 12/15/48 (f) | | | 421,000 | | | | 387,630 | |
| | | | | | | 17,288,621 | |
Home Equity ABS — 0.8% | | | | | | | | |
GSAA Home Equity Trust, Series 2007-10, Class A2A 6.500% 11/25/37 | | | 4,153,329 | | | | 2,773,670 | |
Other ABS — 8.1% | | | | | | | | |
AASET US Ltd., Series 2018-1A, Class A 3.844% 1/16/38 (b) | | | 584,234 | | | | 484,883 | |
ALM R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040% 5.871% FRN 10/15/28 (b) | | | 1,000,000 | | | | 840,156 | |
ANCHORAGE CAPITAL CLO 13 LLC, Series 2019-13A, Class B, 3 mo. USD LIBOR + 2.000% 3.831% FRN 4/15/32 (b) | | | 500,000 | | | | 452,751 | |
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.682% STEP 12/16/41 (b) | | | 802,083 | | | | 545,963 | |
BlueMountain CLO Ltd. Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% 4.419% FRN 4/20/31 (b) | | | 1,000,000 | | | | 697,682 | |
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 5.969% FRN 1/20/29 (b) | | | 1,000,000 | | | | 834,303 | |
CAL Funding Ltd., Series 2018-1A, Class A 3.960% 2/25/43 (b) | | | 395,833 | | | | 398,132 | |
CLI Funding LLC Series 2014-2A, Class A, 3.380% 10/18/29 (b) | | | 300,844 | | | | 271,310 | |
Series 2019-1A, Class A, 3.710% 5/18/44 (b) | | | 459,387 | | | | 451,362 | |
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100% 4.792% FRN 8/15/31 (b) | | | 500,000 | | | | 370,149 | |
Gilbert Park CLO Ltd. Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 4.781% FRN 10/15/30 (b) | | | 500,000 | | | | 382,995 | |
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 8.231% FRN 10/15/30 (b) | | | 1,000,000 | | | | 647,039 | |
Global SC Finance SRL Series 2014-1A, Class A1, 3.190% 7/17/29 (b) | | | 307,667 | | | | 262,093 | |
Series 2018-1A, Class A, 4.290% 5/17/38 (b) | | | 489,480 | | | | 488,869 | |
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300% 5.119% FRN 1/20/30 (b) | | | 1,000,000 | | | | 792,076 | |
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (b) | | | 215,121 | | | | 201,887 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Hero Funding Trust, Series 2016-4A, Class A2 4.290% 9/20/47 (b) | | $ | 242,542 | | | $ | 255,538 | |
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000% 4.831% FRN 10/15/30 (b) | | | 500,000 | | | | 359,330 | |
Invitation Homes Trust Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250% 2.050% FRN 3/17/37 (b) | | | 1,145,000 | | | | 933,463 | |
Series 2018-SFR1, Class D, 1 mo. USD LIBOR + 1.450% 2.250% FRN 3/17/37 (b) | | | 750,000 | | | | 580,947 | |
JOL Air Ltd., Series 2019-1, Class A 3.967% 4/15/44 (b) | | | 455,536 | | | | 335,630 | |
LCM LP, Series 19A, Class D, 3 mo. USD LIBOR + 3.450% 5.281% FRN 7/15/27 (b) | | | 1,000,000 | | | | 829,129 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A 3.474% 10/15/39 (b) | | | 483,724 | | | | 338,166 | |
Madison Park Funding Ltd. Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950% 4.752% FRN 10/22/30 (b) | | | 500,000 | | | | 362,794 | |
Series 2014-15A, Class DR, 3 mo. USD LIBOR + 5.440% 7.234% FRN 1/27/26 (b) | | | 1,000,000 | | | | 775,511 | |
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + 0.150% 1.097% FRN 8/25/37 | | | 2,042,852 | | | | 1,873,041 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A 4.450% 6/20/42 (b) | | | 442,805 | | | | 432,858 | |
Newark BSL CLO 2 Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650% 5.444% FRN 7/25/30 (b) | | | 500,000 | | | | 401,912 | |
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050% 4.869% FRN 10/20/30 (b) | | | 500,000 | | | | 366,373 | |
Octagon Investment Partners Ltd. Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500% 5.319% FRN 3/17/30 (b) | | | 1,000,000 | | | | 787,070 | |
Series 2017-1A, Class D, 3 mo. USD LIBOR + 6.200% 8.019% FRN 3/17/30 (b) | | | 500,000 | | | | 302,851 | |
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class ERR, 3 mo. USD LIBOR + 5.450% 7.252% FRN 1/22/30 (b) | | | 1,000,000 | | | | 544,565 | |
Primose Funding LLC, Series 2019-1A, Class A2 4.475% 7/30/49 (b) | | | 997,500 | | | | 906,139 | |
Sprite Ltd., Series 2017-1, Class A 4.250% 12/15/37 (b) | | | 334,089 | | | | 251,135 | |
START Ireland, Series 2019-1, Class A 4.089% 3/15/44 (b) | | | 464,286 | | | | 324,752 | |
Sunrun Atlas Issuer 2019-2 LLC, Series 2019-2, Class A 3.610% 2/01/55 (b) | | | 745,337 | | | | 654,303 | |
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050% 4.881% FRN 10/15/31 (b) | | | 500,000 | | | | 367,167 | |
TAL Advantage LLC Series 2013-1A, Class A, 2.830% 2/22/38 (b) | | | 145,833 | | | | 142,966 | |
Series 2014-1A, Class A, 3.510% 2/22/39 (b) | | | 269,467 | | | | 268,255 | |
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A 3.960% 4/20/44 (b) | | | 463,333 | | | | 443,081 | |
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400% 5.219% FRN 10/20/26 (b) | | | 1,000,000 | | | | 885,007 | |
Thunderbolt Aircraft Lease Ltd. Series 2018-A, Class A, 4.147% STEP 9/15/38 (b) | | | 446,429 | | | | 317,488 | |
Series 2017-A, Class A, 4.212% STEP 5/17/32 (b) | | | 897,290 | | | | 669,633 | |
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (b) | | | 221,185 | | | | 218,749 | |
Triton Container Finance LLC, Series 2018-1A, Class A 3.950% 3/20/43 (b) | | | 400,000 | | | | 402,191 | |
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2 4.072% 2/16/43 (b) | | | 734,375 | | | | 717,956 | |
Westcott Park CLO Ltd., Series 2016-1A, Class DR, 3 mo. USD LIBOR + 3.250% 5.069% FRN 7/20/28 (b) | | | 500,000 | | | | 403,936 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (b) | | | 812,542 | | | | 567,579 | |
Wind River CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750% 5.569% FRN 4/18/29 (b) | | | 1,000,000 | | | | 824,721 | |
| | | | | | | 25,965,886 | |
Student Loans ABS — 0.4% | | | | | | | | |
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/26/47 (b) | | | 408,545 | | | | 379,658 | |
SoFi Professional Loan Program LLC Series 2017-D, Class BFX, 3.610% 9/25/40 (b) | | | 350,000 | | | | 325,777 | |
Series 2018-B, Class BFX, 3.830% 8/25/47 (b) | | | 500,000 | | | | 475,237 | |
| | | | | | | 1,180,672 | |
WL Collateral CMO — 6.6% | | | | | | | | |
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, 4.056% VRN 4/25/37 (f) | | | 1,566,235 | | | | 1,335,432 | |
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5 5.500% 4/25/36 | | | 2,241,772 | | | | 2,169,595 | |
Countrywide Alternative Loan Trust Series 2006-13T1, Class A11, 6.000% 5/25/36 | | | 2,087,910 | | | | 1,420,452 | |
Series 2006-36T2, Class 2A1, 6.250% 12/25/36 | | | 3,659,766 | | | | 2,372,431 | |
Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-HYB2, Class 3A1, 3.419% VRN 2/25/47 (f) | | | 1,324,714 | | | | 1,151,148 | |
Series 2007-14, Class A6, 6.000% 9/25/37 | | | 1,640,346 | | | | 1,296,532 | |
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + 0.170% 0.920% FRN 12/19/36 | | | 1,117,945 | | | | 930,311 | |
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1, 3.610% VRN 5/25/37 (f) | | | 2,548,654 | | | | 2,122,504 | |
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + 0.200% 1.147% FRN 7/25/47 | | | 3,035,962 | | | | 2,999,749 | |
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, 3.506% VRN 7/25/35 (f) | | | 461,781 | | | | 410,713 | |
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1, 4.042% VRN 2/25/36 (f) | | | 2,419,605 | | | | 1,991,858 | |
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, 6.500% VRN 10/26/37 (b) (f) | | | 1,021,854 | | | | 751,253 | |
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + 0.600% 6.000% FRN 4/25/37 | | | 337,288 | | | | 298,811 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, 3.692% VRN 10/25/37 (f) | | | 1,047,545 | | | | 888,326 | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, 6.350% STEP 5/25/36 | | | 1,100,275 | | | | 986,311 | |
| | | | | | | 21,125,426 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
WL Collateral PAC — 0.5% | | | | | | |
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 6.000% 8/25/36 | | $ | 1,933,403 | | | $ | 1,510,258 | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $82,722,830) | | | | | | | 69,844,533 | |
| | | | | | | | |
Sovereign Debt Obligations — 0.3% | | | | | | | | |
Mexico Government International Bond 3.750% 1/11/28 | | | 535,000 | | | | 531,795 | |
4.150% 3/28/27 | | | 343,000 | | | | 347,974 | |
Perusahaan Penerbit SBSN Indonesia 4.150% 3/29/27 (b) | | | 200,000 | | | | 199,958 | |
| | | | | | | 1,079,727 | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,087,426) | | | | | | | 1,079,727 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities — 18.1% | | | | | | | | |
Collateralized Mortgage Obligations — 13.4% | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICS Series 4934, Class P, 2.500% 11/15/40 | | | 2,817,223 | | | | 2,937,727 | |
Series 4093, Class PA, 3.000% 8/15/42 | | | 4,214,924 | | | | 4,398,117 | |
Series 4481, Class B, 3.000% 12/15/42 | | | 5,391,259 | | | | 5,809,734 | |
Series 4483, Class CA, 3.000% 6/15/44 | | | 5,090,791 | | | | 5,495,937 | |
Series 4750, Class PA, 3.000% 7/15/46 | | | 2,151,843 | | | | 2,239,587 | |
Federal Home Loan Mortgage Corp. SCRT (f) Series 2018-2, Class HV 3.000% 11/25/57 | | | 2,830,596 | | | | 2,860,175 | |
Federal Home Loan Mortgage Corp. STRIPS Series 355, Class 300, 3.000% 8/15/47 | | | 2,817,793 | | | | 2,973,372 | |
Series 358, Class 300, 3.000% 10/15/47 | | | 2,501,936 | | | | 2,640,726 | |
Federal National Mortgage Association REMICS Series 2018-21, Class PO, 0.000% 4/25/48 | | | 3,128,801 | | | | 2,946,821 | |
Series 2015-9, Class HA, 3.000% 1/25/45 | | | 684,103 | | | | 730,694 | |
Government National Mortgage Association Series 2015-74, Class LZ, 3.500% 5/20/45 | | | 3,391,337 | | | | 3,828,462 | |
Series 2015-92, Class CZ, 3.500% 6/20/45 | | | 5,396,130 | | | | 6,056,704 | |
| | | | | | | 42,918,056 | |
Pass-Through Securities — 4.7% | | | | | | | | |
Federal Home Loan Mortgage Corp. Pool #BL5484 2.260% 1/01/30 | | | 3,000,000 | | | | 3,196,347 | |
Pool #G08520 2.500% 1/01/43 | | | 1,123,018 | | | | 1,170,395 | |
Pool #SB0048 3.000% 8/01/34 | | | 2,701,741 | | | | 2,837,562 | |
Pool #G08632 3.500% 3/01/45 | | | 2,215,306 | | | | 2,363,976 | |
Federal National Mortgage Association Pool #MA2248 3.000% 4/01/45 | | | 2,082,692 | | | | 2,178,473 | |
Pool #AS7661 3.000% 8/01/46 | | | 1,413,420 | | | | 1,477,539 | |
Pool #AX2501 4.000% 10/01/44 | | | 1,751,999 | | | | 1,890,943 | |
| | | | | | | 15,115,235 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $53,531,449) | | | | | | | 58,033,291 | |
| | | | | | | | |
U.S. Treasury Obligations — 28.3% | | | | | | | | |
U.S. Treasury Bonds & Notes — 28.3% | | | | | | | | |
U.S. Treasury Bond 2.000% 2/15/50 | | | 260,000 | | | | 301,136 | |
2.750% 11/15/42 | | | 280,000 | | | | 361,381 | |
2.750% 11/15/47 | | | 6,430,000 | | | | 8,496,173 | |
3.125% 2/15/43 | | | 2,890,000 | | | | 3,947,824 | |
3.625% 8/15/43 | | | 2,150,000 | | | | 3,167,879 | |
3.750% 11/15/43 | | | 2,410,000 | | | | 3,620,703 | |
U.S. Treasury Inflation Index 0.125% 10/15/24 | | | 4,152,096 | | | | 4,202,700 | |
0.875% 1/15/29 | | | 1,031,745 | | | | 1,120,717 | |
U.S. Treasury Note 0.375% 3/31/22 | | | 10,000,000 | | | | 10,029,288 | |
0.500% 3/15/23 | | | 14,000,000 | | | | 14,086,696 | |
0.500% 3/31/25 | | | 4,000,000 | | | | 4,024,181 | |
1.625% 10/31/26 | | | 4,910,000 | | | | 5,250,300 | |
1.750% 11/30/21 | | | 515,000 | | | | 527,966 | |
2.125% 9/30/24 | | | 1,320,000 | | | | 1,423,132 | |
2.250% 10/31/24 | | | 3,500,000 | | | | 3,795,962 | |
2.250% 8/15/27 | | | 5,080,000 | | | | 5,692,870 | |
2.250% 11/15/27 | | | 5,020,000 | | | | 5,637,600 | |
2.375% 5/15/29 | | | 4,510,000 | | | | 5,178,819 | |
2.625% 1/31/26 | | | 620,000 | | | | 695,936 | |
2.750% 2/28/25 | | | 3,070,000 | | | | 3,419,951 | |
3.000% 9/30/25 | | | 4,910,000 | | | | 5,584,663 | |
| | | | | | | 90,565,877 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $83,080,705) | | | | | | | 90,565,877 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $316,083,022) | | | | | | | 307,259,195 | |
| | | Number of Shares | | | | | |
Mutual Funds — 0.1% | | | | | | | | |
Diversified Financial Services — 0.1% | | | | | | | | |
State Street Navigator Securities Lending Prime Portfolio (g) | | | 154,275 | | | | 154,275 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $154,275) | | | | | | | 154,275 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $316,237,297) | | | | | | | 307,413,470 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Short-Term Investments — 3.0% | | | | | | | | |
Repurchase Agreement — 3.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (h) | | $ | 9,546,107 | | | $ | 9,546,107 | |
U.S. Treasury Bill — 0.0% | | | | | | | | |
U.S. Treasury Bill | | | | | | | | |
1.535% 11/05/20 | | | 105,000 | | | | 104,949 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $9,650,131) | | | | | | | 9,651,056 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.9% (Cost $325,887,428) (i) | | | | | | | 317,064,526 | |
| | | | | | | | |
Other Assets/(Liabilities) — 1.1% | | | | | | | 3,561,309 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 320,625,835 | |
Abbreviation Legend |
ABS | Asset-Backed Security |
BAB | Build America Bonds |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
PO | Principal Only |
STEP | Step Up Bond |
VRN | Variable Rate Note |
WL | Whole Loan |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | All or a portion of the security represents unsettled loan commitments at March 31, 2020 where the rate will be determined at time of settlement. |
(b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $72,233,980 or 22.53% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $573,901 or 0.18% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $426,824 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | Security is perpetual and has no stated maturity date. |
(e) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(f) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $9,546,107. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $9,738,607. |
(i) | See Note 3 for aggregate cost for federal tax purposes. |
Currency Legend
MML Equity Fund — Portfolio of Investments |
|
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 98.3% | | | | | | | | |
| | | | | | | | |
Common Stock — 97.7% | | | | | | | | |
Basic Materials — 2.5% | | | | | | | | |
Chemicals — 2.0% | | | | | | | | |
Albemarle Corp. (a) | | | 6,600 | | | $ | 372,042 | |
Celanese Corp. | | | 7,500 | | | | 550,425 | |
DuPont de Nemours, Inc. | | | 13,200 | | | | 450,120 | |
Eastman Chemical Co. | | | 8,400 | | | | 391,272 | |
FMC Corp. | | | 8,100 | | | | 661,689 | |
Huntsman Corp. | | | 12,100 | | | | 174,603 | |
Linde PLC | | | 31,832 | | | | 5,506,936 | |
LyondellBasell Industries NV Class A | | | 24,100 | | | | 1,196,083 | |
PPG Industries, Inc. | | | 30,700 | | | | 2,566,520 | |
| | | | | | | 11,869,690 | |
Forest Products & Paper — 0.2% | | | | | | | | |
International Paper Co. | | | 42,621 | | | | 1,326,792 | |
Iron & Steel — 0.2% | | | | | | | | |
Nucor Corp. | | | 18,900 | | | | 680,778 | |
Reliance Steel & Aluminum Co. | | | 4,200 | | | | 367,878 | |
Steel Dynamics, Inc. | | | 13,300 | | | | 299,782 | |
| | | | | | | 1,348,438 | |
Mining — 0.1% | | | | | | | | |
Freeport-McMoRan, Inc. | | | 82,500 | | | | 556,875 | |
| | | | | | | 15,101,795 | |
Communications — 8.1% | | | | | | | | |
Advertising — 0.2% | | | | | | | | |
The Interpublic Group of Cos., Inc. | | | 20,200 | | | | 327,038 | |
Omnicom Group, Inc. | | | 13,500 | | | | 741,150 | |
| | | | | | | 1,068,188 | |
Internet — 1.1% | | | | | | | | |
Alphabet, Inc. Class C (b) | | | 4,137 | | | | 4,810,545 | |
eBay, Inc. | | | 50,300 | | | | 1,512,018 | |
Facebook, Inc. Class A (b) | | | 2,900 | | | | 483,720 | |
| | | | | | | 6,806,283 | |
Media — 1.9% | | | | | | | | |
Charter Communications, Inc. Class A (b) | | | 1,000 | | | | 436,310 | |
Comcast Corp. Class A | | | 280,400 | | | | 9,640,152 | |
Discovery, Inc. Class A (b) | | | 5,600 | | | | 108,864 | |
The Walt Disney Co. | | | 10,200 | | | | 985,320 | |
| | | | | | | 11,170,646 | |
Telecommunications — 4.9% | | | | | | | | |
AT&T, Inc. | | | 411,200 | | | | 11,986,480 | |
Corning, Inc. | | | 27,000 | | | | 554,580 | |
Juniper Networks, Inc. | | | 20,700 | | | | 396,198 | |
Motorola Solutions, Inc. | | | 19,290 | | | | 2,564,027 | |
Verizon Communications, Inc. | | | 256,400 | | | | 13,776,372 | |
| | | | | | | 29,277,657 | |
| | | | | | | 48,322,774 | |
Consumer, Cyclical — 4.8% | | | | | | | | |
Airlines — 0.4% | | | | | | | | |
Alaska Air Group, Inc. | | | 7,600 | | | | 216,372 | |
Delta Air Lines, Inc. | | | 40,100 | | | | 1,144,053 | |
JetBlue Airways Corp. (a) (b) | | | 17,700 | | | | 158,415 | |
Southwest Airlines Co. | | | 32,600 | | | | 1,160,886 | |
United Airlines Holdings, Inc. (b) | | | 265 | | | | 8,360 | |
| | | | | | | 2,688,086 | |
Apparel — 0.1% | | | | | | | | |
Ralph Lauren Corp. | | | 3,000 | | | | 200,490 | |
Skechers U.S.A., Inc. Class A (b) | | | 8,300 | | | | 197,042 | |
VF Corp. | | | 1,100 | | | | 59,488 | |
| | | | | | | 457,020 | |
Auto Manufacturers — 0.8% | | | | | | | | |
Cummins, Inc. | | | 13,100 | | | | 1,772,692 | |
General Motors Co. | | | 75,000 | | | | 1,558,500 | |
PACCAR, Inc. | | | 21,500 | | | | 1,314,295 | |
| | | | | | | 4,645,487 | |
Auto Parts & Equipment — 0.2% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 7,400 | | | | 241,314 | |
Aptiv PLC | | | 15,900 | | | | 782,916 | |
BorgWarner, Inc. | | | 12,800 | | | | 311,936 | |
Lear Corp. | | | 2,100 | | | | 170,625 | |
| | | | | | | 1,506,791 | |
Distribution & Wholesale — 0.2% | | | | | | | | |
HD Supply Holdings, Inc. (b) | | | 9,200 | | | | 261,556 | |
LKQ Corp. (b) | | | 19,100 | | | | 391,741 | |
W.W. Grainger, Inc. | | | 3,400 | | | | 844,900 | |
| | | | | | | 1,498,197 | |
Home Builders — 0.3% | | | | | | | | |
D.R. Horton, Inc. | | | 22,900 | | | | 778,600 | |
Lennar Corp. Class A | | | 17,400 | | | | 664,680 | |
PulteGroup, Inc. | | | 15,900 | | | | 354,888 | |
| | | | | | | 1,798,168 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Home Furnishings — 0.1% | | | | | | | | |
Whirlpool Corp. (a) | | | 4,100 | | | $ | 351,780 | |
Housewares — 0.1% | | | | | | | | |
Newell Brands, Inc. | | | 26,300 | | | | 349,264 | |
Leisure Time — 0.0% | | | | | | | | |
Harley-Davidson, Inc. (a) | | | 9,600 | | | | 181,728 | |
Lodging — 0.2% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 12,800 | | | | 873,472 | |
Hyatt Hotels Corp. Class A | | | 2,100 | | | | 100,590 | |
Marriott International, Inc. Class A | | | 7,538 | | | | 563,918 | |
| | | | | | | 1,537,980 | |
Retail — 2.3% | | | | | | | | |
Advance Auto Parts, Inc. | | | 2,500 | | | | 233,300 | |
AutoZone, Inc. (b) | | | 1,500 | | | | 1,269,000 | |
Best Buy Co., Inc. | | | 16,100 | | | | 917,700 | |
CarMax, Inc. (b) | | | 10,200 | | | | 549,066 | |
Dollar Tree, Inc. (b) | | | 11,018 | | | | 809,493 | |
Genuine Parts Co. | | | 9,000 | | | | 605,970 | |
McDonald's Corp. | | | 11,700 | | | | 1,934,595 | |
Nordstrom, Inc. (a) | | | 9,700 | | | | 148,798 | |
Ross Stores, Inc. | | | 8,330 | | | | 724,460 | |
Target Corp. | | | 28,800 | | | | 2,677,536 | |
Walgreens Boots Alliance, Inc. | | | 55,000 | | | | 2,516,250 | |
Williams-Sonoma, Inc. | | | 4,700 | | | | 199,844 | |
Yum! Brands, Inc. | | | 12,557 | | | | 860,531 | |
| | | | | | | 13,446,543 | |
Textiles — 0.1% | | | | | | | | |
Mohawk Industries, Inc. (b) | | | 4,400 | | | | 335,456 | |
| | | | | | | 28,796,500 | |
Consumer, Non-cyclical — 21.8% | | | | | | | | |
Agriculture — 1.7% | | | | | | | | |
Altria Group, Inc. | | | 10,600 | | | | 409,902 | |
Archer-Daniels-Midland Co. | | | 34,500 | | | | 1,213,710 | |
Philip Morris International, Inc. | | | 113,267 | | | | 8,263,960 | |
| | | | | | | 9,887,572 | |
Beverages — 0.1% | | | | | | | | |
Molson Coors Beverage Co. Class B | | | 8,400 | | | | 327,684 | |
PepsiCo, Inc. | | | 2,700 | | | | 324,270 | |
| | | | | | | 651,954 | |
Biotechnology — 3.0% | | | | | | | | |
Amgen, Inc. | | | 36,900 | | | | 7,480,737 | |
Bio-Rad Laboratories, Inc. Class A (b) | | | 1,500 | | | | 525,840 | |
Biogen, Inc. (b) | | | 13,150 | | | | 4,160,397 | |
Gilead Sciences, Inc. | | | 78,600 | | | | 5,876,136 | |
| | | | | | | 18,043,110 | |
Commercial Services — 0.3% | | | | | | | | |
AMERCO | | | 1,300 | | | | 377,715 | |
ManpowerGroup, Inc. | | | 3,800 | | | | 201,362 | |
Quanta Services, Inc. | | | 8,900 | | | | 282,397 | |
Robert Half International, Inc. | | | 6,500 | | | | 245,375 | |
United Rentals, Inc. (b) | | | 4,600 | | | | 473,340 | |
| | | | | | | 1,580,189 | |
Cosmetics & Personal Care — 0.1% | | | | | | | | |
The Procter & Gamble Co. | | | 8,000 | | | | 880,000 | |
Foods — 1.9% | | | | | | | | |
Conagra Brands, Inc. | | | 30,100 | | | | 883,134 | |
Ingredion, Inc. | | | 4,300 | | | | 324,650 | |
The J.M. Smucker Co. | | | 6,100 | | | | 677,100 | |
Kellogg Co. | | | 21,200 | | | | 1,271,788 | |
The Kraft Heinz Co. | | | 43,200 | | | | 1,068,768 | |
Mondelez International, Inc. Class A | | | 7,700 | | | | 385,616 | |
Pilgrim's Pride Corp. (b) | | | 8,800 | | | | 159,456 | |
Tyson Foods, Inc. Class A | | | 111,013 | | | | 6,424,322 | |
| | | | | | | 11,194,834 | |
Health Care – Products — 3.1% | | | | | | | | |
Boston Scientific Corp. (b) | | | 62,074 | | | | 2,025,475 | |
Danaher Corp. | | | 55,327 | | | | 7,657,810 | |
Envista Holdings Corp. (b) | | | 42,004 | | | | 627,540 | |
Henry Schein, Inc. (b) | | | 9,100 | | | | 459,732 | |
Medtronic PLC | | | 7,714 | | | | 695,648 | |
Stryker Corp. | | | 10,896 | | | | 1,814,075 | |
Thermo Fisher Scientific, Inc. | | | 15,253 | | | | 4,325,751 | |
Zimmer Biomet Holdings, Inc. | | | 7,764 | | | | 784,785 | |
| | | | | | | 18,390,816 | |
Health Care – Services — 2.5% | | | | | | | | |
Anthem, Inc. | | | 22,867 | | | | 5,191,724 | |
DaVita, Inc. (b) | | | 8,600 | | | | 654,116 | |
HCA Healthcare, Inc. | | | 33,600 | | | | 3,018,960 | |
Humana, Inc. | | | 7,200 | | | | 2,260,944 | |
Laboratory Corp. of America Holdings (b) | | | 6,000 | | | | 758,340 | |
Molina Healthcare, Inc. (b) | | | 3,500 | | | | 488,985 | |
Quest Diagnostics, Inc. | | | 8,400 | | | | 674,520 | |
UnitedHealth Group, Inc. | | | 5,700 | | | | 1,421,466 | |
Universal Health Services, Inc. Class B | | | 4,900 | | | | 485,492 | |
| | | | | | | 14,954,547 | |
Household Products & Wares — 0.1% | | | | | | | | |
Avery Dennison Corp. | | | 4,200 | | | | 427,854 | |
Pharmaceuticals — 9.0% | | | | | | | | |
AbbVie, Inc. | | | 61,334 | | | | 4,673,038 | |
AmerisourceBergen Corp. | | | 12,800 | | | | 1,132,800 | |
Bausch Health Cos., Inc. (b) | | | 13,378 | | | | 207,359 | |
Becton Dickinson and Co. | | | 9,188 | | | | 2,111,127 | |
Cardinal Health, Inc. | | | 18,200 | | | | 872,508 | |
CVS Health Corp. | | | 7,100 | | | | 421,243 | |
Elanco Animal Health, Inc. (b) | | | 66,842 | | | | 1,496,592 | |
Jazz Pharmaceuticals PLC (b) | | | 3,600 | | | | 359,064 | |
Johnson & Johnson | | | 163,400 | | | | 21,426,642 | |
McKesson Corp. | | | 11,300 | | | | 1,528,438 | |
Merck & Co., Inc. | | | 158,000 | | | | 12,156,520 | |
Perrigo Co. PLC | | | 8,400 | | | | 403,956 | |
Pfizer, Inc. | | | 196,300 | | | | 6,407,232 | |
| | | | | | | 53,196,519 | |
| | | | | | | 129,207,395 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Energy — 4.0% | | | | | | | | |
Oil & Gas — 3.0% | | | | | | | | |
Cabot Oil & Gas Corp. | | | 14,100 | | | $ | 242,379 | |
Chevron Corp. | | | 132,100 | | | | 9,571,966 | |
ConocoPhillips | | | 108,404 | | | | 3,338,843 | |
Continental Resources, Inc. (a) | | | 37,327 | | | | 285,178 | |
EOG Resources, Inc. | | | 32,354 | | | | 1,162,156 | |
Phillips 66 | | | 27,700 | | | | 1,486,105 | |
Suncor Energy, Inc. | | | 44,600 | | | | 704,680 | |
Total SA Sponsored ADR | | | 24,500 | | | | 912,380 | |
| | | | | | | 17,703,687 | |
Pipelines — 1.0% | | | | | | | | |
Enbridge, Inc. | | | 27,500 | | | | 799,975 | |
Kinder Morgan, Inc. | | | 128,700 | | | | 1,791,504 | |
TC Energy Corp. | | | 77,005 | | | | 3,411,321 | |
The Williams Cos., Inc. | | | 12,710 | | | | 179,847 | |
| | | | | | | 6,182,647 | |
| | | | | | | 23,886,334 | |
Financial — 25.2% | | | | | | | | |
Banks — 13.5% | | | | | | | | |
Bank of America Corp. | | | 726,540 | | | | 15,424,444 | |
The Bank of New York Mellon Corp. | | | 57,000 | | | | 1,919,760 | |
Citigroup, Inc. | | | 185,949 | | | | 7,832,172 | |
Citizens Financial Group, Inc. | | | 27,000 | | | | 507,870 | |
Commerce Bancshares, Inc. | | | 6,945 | | | | 349,681 | |
Cullen/Frost Bankers, Inc. (a) | | | 3,600 | | | | 200,844 | |
Fifth Third Bancorp | | | 76,836 | | | | 1,141,014 | |
The Goldman Sachs Group, Inc. | | | 21,900 | | | | 3,385,521 | |
Huntington Bancshares, Inc. | | | 63,900 | | | | 524,619 | |
JP Morgan Chase & Co. | | | 222,959 | | | | 20,072,999 | |
KeyCorp | | | 61,000 | | | | 632,570 | |
M&T Bank Corp. | | | 8,100 | | | | 837,783 | |
Morgan Stanley | | | 207,100 | | | | 7,041,400 | |
Northern Trust Corp. | | | 13,000 | | | | 980,980 | |
The PNC Financial Services Group, Inc. | | | 33,500 | | | | 3,206,620 | |
Regions Financial Corp. | | | 59,900 | | | | 537,303 | |
Signature Bank | | | 3,100 | | | | 249,209 | |
State Street Corp. | | | 26,193 | | | | 1,395,301 | |
SVB Financial Group (b) | | | 3,300 | | | | 498,564 | |
Truist Financial Corp. | | | 6,200 | | | | 191,208 | |
US Bancorp | | | 96,600 | | | | 3,327,870 | |
Wells Fargo & Co. | | | 332,260 | | | | 9,535,862 | |
Western Alliance Bancorp | | | 6,300 | | | | 192,843 | |
Zions Bancorp NA | | | 10,600 | | | | 283,656 | |
| | | | | | | 80,270,093 | |
Diversified Financial Services — 3.6% | | | | | | | | |
Ally Financial, Inc. | | | 23,500 | | | | 339,105 | |
American Express Co. | | | 50,800 | | | | 4,348,988 | |
Ameriprise Financial, Inc. | | | 8,700 | | | | 891,576 | |
BlackRock, Inc. | | | 9,700 | | | | 4,267,709 | |
Capital One Financial Corp. | | | 28,900 | | | | 1,457,138 | |
The Charles Schwab Corp. | | | 96,903 | | | | 3,257,879 | |
CME Group, Inc. | | | 7,542 | | | | 1,304,087 | |
Credit Acceptance Corp. (a) (b) | | | 1,200 | | | | 306,828 | |
E*TRADE Financial Corp. | | | 32,698 | | | | 1,122,196 | |
Eaton Vance Corp. | | | 6,900 | | | | 222,525 | |
Intercontinental Exchange, Inc. | | | 9,700 | | | | 783,275 | |
LPL Financial Holdings, Inc. | | | 4,900 | | | | 266,707 | |
Raymond James Financial, Inc. | | | 8,600 | | | | 543,520 | |
SEI Investments Co. | | | 7,600 | | | | 352,184 | |
T. Rowe Price Group, Inc. | | | 14,500 | | | | 1,415,925 | |
The Western Union Co. (a) | | | 24,600 | | | | 445,998 | |
| | | | | | | 21,325,640 | |
Insurance — 6.4% | | | | | | | | |
Aflac, Inc. | | | 45,600 | | | | 1,561,344 | |
Alleghany Corp. | | | 1,000 | | | | 552,350 | |
The Allstate Corp. | | | 20,200 | | | | 1,852,946 | |
American Financial Group, Inc. | | | 9,100 | | | | 637,728 | |
American International Group, Inc. | | | 188,344 | | | | 4,567,342 | |
Arch Capital Group Ltd. (b) | | | 25,100 | | | | 714,346 | |
Assurant, Inc. | | | 3,900 | | | | 405,951 | |
Chubb Ltd. | | | 53,412 | | | | 5,965,586 | |
Cincinnati Financial Corp. | | | 8,700 | | | | 656,415 | |
Equitable Holdings, Inc. | | | 138,229 | | | | 1,997,409 | |
Everest Re Group Ltd. | | | 2,300 | | | | 442,566 | |
Fidelity National Financial, Inc. | | | 17,100 | | | | 425,448 | |
Globe Life, Inc. | | | 14,500 | | | | 1,043,565 | |
The Hanover Insurance Group, Inc. | | | 2,300 | | | | 208,334 | |
The Hartford Financial Services Group, Inc. | | | 35,400 | | | | 1,247,496 | |
Loews Corp. | | | 18,500 | | | | 644,355 | |
Markel Corp. (b) | | | 890 | | | | 825,822 | |
Marsh & McLennan Cos., Inc. | | | 21,090 | | | | 1,823,442 | |
MetLife, Inc. | | | 98,700 | | | | 3,017,259 | |
Old Republic International Corp. | | | 13,300 | | | | 202,825 | |
Principal Financial Group, Inc. | | | 17,300 | | | | 542,182 | |
The Progressive Corp. | | | 25,200 | | | | 1,860,768 | |
Prudential Financial, Inc. | | | 24,900 | | | | 1,298,286 | |
The Travelers Cos., Inc. | | | 32,800 | | | | 3,258,680 | |
Voya Financial, Inc. (a) | | | 9,400 | | | | 381,170 | |
W.R. Berkley Corp. | | | 9,800 | | | | 511,266 | |
Willis Towers Watson PLC | | | 6,238 | | | | 1,059,524 | |
| | | | | | | 37,704,405 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Real Estate — 0.1% | | | | | | | | |
CBRE Group, Inc. Class A (b) | | | 20,900 | | | $ | 788,139 | |
Real Estate Investment Trusts (REITS) — 1.6% | | | | | | | | |
Digital Realty Trust, Inc. (a) | | | 12,458 | | | | 1,730,541 | |
Prologis, Inc. | | | 90,001 | | | | 7,233,380 | |
Weyerhaeuser Co. | | | 18,256 | | | | 309,439 | |
| | | | | | | 9,273,360 | |
Savings & Loans — 0.0% | | | | | | | | |
New York Community Bancorp, Inc. (a) | | | 28,900 | | | | 271,371 | |
| | | | | | | 149,633,008 | |
Industrial — 11.4% | | | | | | | | |
Aerospace & Defense — 2.4% | | | | | | | | |
The Boeing Co. | | | 6,200 | | | | 924,668 | |
General Dynamics Corp. | | | 18,000 | | | | 2,381,580 | |
Lockheed Martin Corp. | | | 17,500 | | | | 5,931,625 | |
Northrop Grumman Corp. | | | 10,500 | | | | 3,176,775 | |
Raytheon Co. | | | 13,500 | | | | 1,770,525 | |
| | | | | | | 14,185,173 | |
Building Materials — 0.3% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 8,500 | | | | 367,625 | |
Johnson Controls International PLC | | | 27,000 | | | | 727,920 | |
Masco Corp. | | | 17,700 | | | | 611,889 | |
Owens Corning | | | 6,700 | | | | 260,027 | |
| | | | | | | 1,967,461 | |
Electrical Components & Equipment — 0.3% | | | | | | | | |
Emerson Electric Co. | | | 32,900 | | | | 1,567,685 | |
Electronics — 1.3% | | | | | | | | |
Agilent Technologies, Inc. | | | 16,486 | | | | 1,180,727 | |
Arrow Electronics, Inc. (b) | | | 5,000 | | | | 259,350 | |
Gentex Corp. | | | 14,800 | | | | 327,968 | |
Honeywell International, Inc. | | | 9,919 | | | | 1,327,063 | |
Hubbell, Inc. | | | 3,500 | | | | 401,590 | |
Jabil, Inc. | | | 8,700 | | | | 213,846 | |
Keysight Technologies, Inc. (b) | | | 28,135 | | | | 2,354,337 | |
Roper Technologies, Inc. | | | 3,536 | | | | 1,102,560 | |
Sensata Technologies Holding PLC (b) | | | 9,900 | | | | 286,407 | |
| | | | | | | 7,453,848 | |
Engineering & Construction — 0.4% | | | | | | | | |
AECOM (b) | | | 9,200 | | | | 274,620 | |
Jacobs Engineering Group, Inc. | | | 24,656 | | | | 1,954,481 | |
| | | | | | | 2,229,101 | |
Environmental Controls — 0.0% | | | | | | | | |
Pentair PLC | | | 9,600 | | | | 285,696 | |
Hand & Machine Tools — 0.3% | | | | | | | | |
Lincoln Electric Holdings, Inc. | | | 3,400 | | | | 234,600 | |
Snap-on, Inc. | | | 3,500 | | | | 380,870 | |
Stanley Black & Decker, Inc. | | | 8,900 | | | | 890,000 | |
| | | | | | | 1,505,470 | |
Machinery – Construction & Mining — 0.7% | | | | | | | | |
Caterpillar, Inc. | | | 35,200 | | | | 4,084,608 | |
Oshkosh Corp. | | | 4,300 | | | | 276,619 | |
| | | | | | | 4,361,227 | |
Machinery – Diversified — 1.2% | | | | | | | | |
AGCO Corp. | | | 4,500 | | | | 212,625 | |
Curtiss-Wright Corp. | | | 1,500 | | | | 138,615 | |
Deere & Co. | | | 39,000 | | | | 5,388,240 | |
Dover Corp. | | | 7,800 | | | | 654,732 | |
Rockwell Automation, Inc. | | | 4,500 | | | | 679,095 | |
| | | | | | | 7,073,307 | |
Miscellaneous - Manufacturing — 1.9% | | | | | | | | |
Carlisle Cos., Inc. | | | 3,200 | | | | 400,896 | |
Eaton Corp. PLC | | | 25,700 | | | | 1,996,633 | |
General Electric Co. | | | 993,552 | | | | 7,888,803 | |
ITT, Inc. | | | 5,000 | | | | 226,800 | |
Parker-Hannifin Corp. | | | 8,000 | | | | 1,037,840 | |
| | | | | | | 11,550,972 | |
Packaging & Containers — 0.7% | | | | | | | | |
Ball Corp. | | | 400 | | | | 25,864 | |
Crown Holdings, Inc. (b) | | | 8,400 | | | | 487,536 | |
Packaging Corp. of America | | | 34,803 | | | | 3,021,945 | |
Sonoco Products Co. | | | 4,900 | | | | 227,115 | |
WestRock Co. | | | 11,400 | | | | 322,164 | |
| | | | | | | 4,084,624 | |
Shipbuilding — 0.1% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 2,600 | | | | 473,746 | |
Transportation — 1.8% | | | | | | | | |
C.H. Robinson Worldwide, Inc. (a) | | | 7,900 | | | | 522,980 | |
CSX Corp. | | | 48,200 | | | | 2,761,860 | |
Knight-Swift Transportation Holdings, Inc. | | | 10,700 | | | | 350,960 | |
Norfolk Southern Corp. | | | 9,998 | | | | 1,459,708 | |
Union Pacific Corp. | | | 10,000 | | | | 1,410,400 | |
United Parcel Service, Inc. Class B | | | 43,500 | | | | 4,063,770 | |
XPO Logistics, Inc. (b) | | | 3,300 | | | | 160,875 | |
| | | | | | | 10,730,553 | |
| | | | | | | 67,468,863 | |
Technology — 14.2% | | | | | | | | |
Computers — 1.5% | | | | | | | | |
Cognizant Technology Solutions Corp. Class A | | | 31,100 | | | | 1,445,217 | |
Hewlett Packard Enterprise Co. | | | 80,000 | | | | 776,800 | |
International Business Machines Corp. | | | 55,000 | | | | 6,101,150 | |
NetApp, Inc. | | | 7,800 | | | | 325,182 | |
| | | | | | | 8,648,349 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Office & Business Equipment — 0.0% | | | | | | | | |
Xerox Holdings Corp. (b) | | | 12,000 | | | $ | 227,280 | |
Semiconductors — 8.5% | | | | | | | | |
Applied Materials, Inc. | | | 128,830 | | | | 5,902,991 | |
ASML Holding NV | | | 2,062 | | | | 539,502 | |
Broadcom, Inc. | | | 29,163 | | | | 6,914,547 | |
Intel Corp. | | | 289,900 | | | | 15,689,388 | |
Lam Research Corp. | | | 7,400 | | | | 1,776,000 | |
Micron Technology, Inc. (b) | | | 118,005 | | | | 4,963,290 | |
NVIDIA Corp. | | | 5,000 | | | | 1,318,000 | |
NXP Semiconductor NV | | | 35,003 | | | | 2,902,799 | |
ON Semiconductor Corp. (a) (b) | | | 25,200 | | | | 313,488 | |
Qorvo, Inc. (b) | | | 6,800 | | | | 548,284 | |
QUALCOMM, Inc. | | | 81,637 | | | | 5,522,743 | |
Texas Instruments, Inc. | | | 25,285 | | | | 2,526,730 | |
Xilinx, Inc. | | | 19,200 | | | | 1,496,448 | |
| | | | | | | 50,414,210 | |
Software — 4.2% | | | | | | | | |
CDK Global, Inc. | | | 6,900 | | | | 226,665 | |
Electronic Arts, Inc. (b) | | | 18,200 | | | | 1,823,094 | |
Fidelity National Information Services, Inc. | | | 4,271 | | | | 519,524 | |
Microsoft Corp. | | | 68,846 | | | | 10,857,703 | |
Oracle Corp. | | | 202,000 | | | | 9,762,660 | |
Synopsys, Inc. (b) | | | 13,393 | | | | 1,724,884 | |
| | | | | | | 24,914,530 | |
| | | | | | | 84,204,369 | |
Utilities — 5.7% | | | | | | | | |
Electric — 5.6% | | | | | | | | |
AES Corp. | | | 37,700 | | | | 512,720 | |
Ameren Corp. | | | 24,544 | | | | 1,787,540 | |
American Electric Power Co., Inc. | | | 40,250 | | | | 3,219,195 | |
CenterPoint Energy, Inc. | | | 67,200 | | | | 1,038,240 | |
Dominion Energy, Inc. | | | 2,300 | | | | 166,037 | |
Edison International | | | 51,533 | | | | 2,823,493 | |
Entergy Corp. | | | 20,890 | | | | 1,963,033 | |
Evergy, Inc. | | | 14,000 | | | | 770,700 | |
NextEra Energy, Inc. | | | 42,593 | | | | 10,248,728 | |
NRG Energy, Inc. | | | 15,600 | | | | 425,256 | |
OGE Energy Corp. | | | 8,400 | | | | 258,132 | |
Pinnacle West Capital Corp. | | | 6,400 | | | | 485,056 | |
Public Service Enterprise Group, Inc. | | | 31,300 | | | | 1,405,683 | |
Sempra Energy | | | 40,844 | | | | 4,614,964 | |
The Southern Co. | | | 52,024 | | | | 2,816,579 | |
Vistra Energy Corp. | | | 29,800 | | | | 475,608 | |
| | | | | | | 33,010,964 | |
Gas — 0.1% | | | | | | | | |
NiSource, Inc. | | | 31,158 | | | | 778,015 | |
| | | | | | | 33,788,979 | |
TOTAL COMMON STOCK (Cost $656,805,835) | | | | 580,410,017 | |
| | | | | | | | |
Preferred Stock — 0.6% | | | | | | | | |
Consumer, Non-cyclical — 0.1% | | | | | | | | |
Pharmaceuticals — 0.1% | | | | | | | | |
Becton Dickinson and Co. Convertible 6.125% | | | 9,400 | | | | 491,432 | |
Elanco Animal Health, Inc. Convertible 5.000% (a) | | | 1,842 | | | | 75,780 | |
| | | | | | | 567,212 | |
| | | | | | | 567,212 | |
Industrial — 0.1% | | | | | | | | |
Electronics — 0.1% | | | | | | | | |
Fortive Corp. Convertible 5.000% | | | 400 | | | | 287,892 | |
Technology — 0.1% | | | | | | | | |
Semiconductors — 0.1% | | | | | | | | |
Broadcom, Inc. Convertible 8.000% (a) | | | 661 | | | | 617,612 | |
Utilities — 0.3% | | | | | | | | |
Electric — 0.3% | | | | | | | | |
Sempra Energy Convertible 6.000% | | | 5,200 | | | | 481,104 | |
Sempra Energy Convertible 6.750% | | | 2,700 | | | | 253,611 | |
The Southern Co. Convertible 6.750% | | | 22,730 | | | | 1,009,212 | |
| | | | | | | 1,743,927 | |
| | | | | | | 1,743,927 | |
TOTAL PREFERRED STOCK (Cost $3,710,140) | | | | 3,216,643 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $660,515,975) | | | | | | | 583,626,660 | |
| | Principal Amount | | |
|
Bonds & Notes — 0.0% | | | | |
| | | | |
Corporate Debt — 0.0% | | | | |
Oil & Gas — 0.0% | | | | |
Occidental Petroleum Corp. | | | | | | | | |
2.600% 8/13/21 | | $ | 105,000 | | | | 82,561 | |
TOTAL CORPORATE DEBT (Cost $69,300) | | | | | | | 82,561 | |
TOTAL BONDS & NOTES (Cost $69,300) | | | | | | | 82,561 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Mutual Funds — 1.0% | | | | | | | | |
Diversified Financial Services — 1.0% | | | | | | | | |
iShares Russell 1000 Value ETF (a) | | | 38,139 | | | $ | 3,782,626 | |
State Street Navigator Securities Lending Prime Portfolio (c) | | | 1,961,954 | | | | 1,961,954 | |
| | | | | | | 5,744,580 | |
TOTAL MUTUAL FUNDS | | | | | | | | |
(Cost $6,698,675) | | | | | | | 5,744,580 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS | | | | | | | | |
(Cost $667,283,950) | | | | | | | 589,453,801 | |
| | | | | | | | |
| | | Principal Amount | | | | | |
Short-Term Investments — 0.6% | | | | | | | | |
| | | | | | | | |
Repurchase Agreement — 0.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d) | | $ | 3,582,538 | | | | 3,582,538 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,582,538) | | | | | | | 3,582,538 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9% (Cost $670,866,488) (e) | | | | | | | 593,036,339 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.1% | | | | | | | 801,712 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 593,838,051 | |
Abbreviation Legend |
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $5,199,675 or 0.88% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,416,625 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Non-income producing security. |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $3,582,538. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $3,659,764. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Rotation Fund — Portfolio of Investments |
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 97.6% | | | | | | | | |
| | | | | | | | |
Common Stock — 97.6% | | | | | | | | |
Basic Materials — 2.2% | | | | | | | | |
Chemicals — 1.2% | | | | | | | | |
Celanese Corp. | | | 1,840 | | | $ | 135,038 | |
Eastman Chemical Co. | | | 300 | | | | 13,974 | |
Ecolab, Inc. | | | 565 | | | | 88,044 | |
LyondellBasell Industries NV Class A | | | 153 | | | | 7,593 | |
The Mosaic Co. | | | 728 | | | | 7,877 | |
Nutrien Ltd. | | | 1,091 | | | | 37,028 | |
Olin Corp. | | | 2,900 | | | | 33,843 | |
| | | | | | | 323,397 | |
Forest Products & Paper — 0.2% | | | | | | | | |
Domtar Corp. | | | 1,500 | | | | 32,460 | |
International Paper Co. | | | 751 | | | | 23,379 | |
| | | | | | | 55,839 | |
Iron & Steel — 0.8% | | | | | | | | |
Nucor Corp. | | | 566 | | | | 20,387 | |
Reliance Steel & Aluminum Co. | | | 2,226 | | | | 194,976 | |
| | | | | | | 215,363 | |
| | | | | | | 594,599 | |
Communications — 13.6% | | | | | | | | |
Internet — 10.8% | | | | | | | | |
Alphabet, Inc. Class A (a) | | | 1,114 | | | | 1,294,412 | |
Alphabet, Inc. Class C (a) | | | 124 | | | | 144,188 | |
Amazon.com, Inc. (a) | | | 539 | | | | 1,050,899 | |
eBay, Inc. | | | 7,616 | | | | 228,937 | |
Facebook, Inc. Class A (a) | | | 520 | | | | 86,736 | |
Netflix, Inc. (a) | | | 87 | | | | 32,669 | |
Palo Alto Networks, Inc. (a) | | | 242 | | | | 39,678 | |
| | | | | | | 2,877,519 | |
Media — 1.2% | | | | | | | | |
Comcast Corp. Class A | | | 8,656 | | | | 297,593 | |
Discovery, Inc. Class A (a) | | | 560 | | | | 10,887 | |
| | | | | | | 308,480 | |
Telecommunications — 1.6% | | | | | | | | |
AT&T, Inc. | | | 3,655 | | | | 106,543 | |
CenturyLink, Inc. | | | 1,874 | | | | 17,728 | |
Cisco Systems, Inc. | | | 3,696 | | | | 145,290 | |
Juniper Networks, Inc. | | | 805 | | | | 15,408 | |
Verizon Communications, Inc. | | | 2,818 | | | | 151,411 | |
| | | | | | | 436,380 | |
| | | | | | | 3,622,379 | |
Consumer, Cyclical — 8.0% | | | | | | | | |
Airlines — 0.0% | | | | | | | | |
American Airlines Group, Inc. | | | 932 | | | | 11,361 | |
Apparel — 0.2% | | | | | | | | |
Ralph Lauren Corp. | | | 690 | | | | 46,113 | |
Auto Manufacturers — 2.8% | | | | | | | | |
Cummins, Inc. | | | 2,482 | | | | 335,864 | |
Ford Motor Co. | | | 2,980 | | | | 14,394 | |
PACCAR, Inc. | | | 5,908 | | | | 361,156 | |
Wabash National Corp. | | | 3,800 | | | | 27,436 | |
| | | | | | | 738,850 | |
Auto Parts & Equipment — 0.6% | | | | | | | | |
Magna International, Inc. | | | 5,300 | | | | 169,176 | |
Distribution & Wholesale — 0.4% | | | | | | | | |
Pool Corp. | | | 600 | | | | 118,062 | |
Home Builders — 0.6% | | | | | | | | |
Thor Industries, Inc. (b) | | | 800 | | | | 33,744 | |
Toll Brothers, Inc. | | | 5,926 | | | | 114,075 | |
| | | | | | | 147,819 | |
Leisure Time — 0.0% | | | | | | | | |
Carnival Corp. | | | 527 | | | | 6,941 | |
Lodging — 0.1% | | | | | | | | |
Hilton Worldwide Holdings, Inc. | | | 243 | | | | 16,582 | |
Retail — 3.3% | | | | | | | | |
Costco Wholesale Corp. | | | 110 | | | | 31,364 | |
Dollar Tree, Inc. (a) | | | 471 | | | | 34,604 | |
Genuine Parts Co. | | | 1,028 | | | | 69,215 | |
The Home Depot, Inc. | | | 930 | | | | 173,640 | |
Lowe’s Cos., Inc. | | | 326 | | | | 28,052 | |
McDonald’s Corp. | | | 1,586 | | | | 262,245 | |
The Michaels Cos., Inc. (a) (b) | | | 5,800 | | | | 9,396 | |
Target Corp. | | | 999 | | | | 92,877 | |
Tractor Supply Co. | | | 656 | | | | 55,465 | |
Walgreens Boots Alliance, Inc. | | | 1,782 | | | | 81,527 | |
Yum! Brands, Inc. | | | 388 | | | | 26,590 | |
| | | | | | | 864,975 | |
| | | | | | | 2,119,879 | |
Consumer, Non-cyclical — 16.8% | | | | | | | | |
Beverages — 0.2% | | | | | | | | |
Coca-Cola European Partners PLC | | | 899 | | | | 33,740 | |
Molson Coors Beverage Co. Class B | | | 427 | | | | 16,657 | |
| | | | | | | 50,397 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Biotechnology — 1.0% | | | | | | |
Amgen, Inc. | | | 174 | | | $ | 35,275 | |
Biogen, Inc. (a) | | | 320 | | | | 101,242 | |
Vertex Pharmaceuticals, Inc. (a) | | | 520 | | | | 123,734 | |
| | | | | | | 260,251 | |
Commercial Services — 3.7% | | | | | | | | |
Automatic Data Processing, Inc. | | | 225 | | | | 30,753 | |
Global Payments, Inc. | | | 1,279 | | | | 184,470 | |
IHS Markit Ltd. | | | 204 | | | | 12,240 | |
ManpowerGroup, Inc. | | | 2,155 | | | | 114,194 | |
PayPal Holdings, Inc. (a) | | | 980 | | | | 93,825 | |
RELX PLC | | | 4,717 | | | | 100,944 | |
Robert Half International, Inc. | | | 1,083 | | | | 40,883 | |
S&P Global, Inc. | | | 1,244 | | | | 304,842 | |
TrueBlue, Inc. (a) | | | 2,400 | | | | 30,624 | |
Verisk Analytics, Inc. | | | 588 | | | | 81,955 | |
| | | | | | | 994,730 | |
Cosmetics & Personal Care — 0.1% | | | | | | | | |
Colgate-Palmolive Co. | | | 248 | | | | 16,457 | |
Foods — 0.2% | | | | | | | | |
The J.M. Smucker Co. | | | 500 | | | | 55,500 | |
Pilgrim’s Pride Corp. (a) | | | 496 | | | | 8,988 | |
| | | | | | | 64,488 | |
Health Care – Products — 1.2% | | | | | | | | |
Abbott Laboratories | | | 1,352 | | | | 106,686 | |
Danaher Corp. | | | 967 | | | | 133,842 | |
Henry Schein, Inc. (a) | | | 184 | | | | 9,296 | |
Medtronic PLC | | | 132 | | | | 11,904 | |
Thermo Fisher Scientific, Inc. | | | 191 | | | | 54,168 | |
| | | | | | | 315,896 | |
Health Care – Services — 1.2% | | | | | | | | |
Anthem, Inc. | | | 328 | | | | 74,469 | |
Centene Corp. (a) | | | 314 | | | | 18,655 | |
HCA Healthcare, Inc. | | | 107 | | | | 9,614 | |
Laboratory Corp. of America Holdings (a) | | | 243 | | | | 30,713 | |
Quest Diagnostics, Inc. | | | 595 | | | | 47,778 | |
UnitedHealth Group, Inc. | | | 561 | | | | 139,902 | |
| | | | | | | 321,131 | |
Household Products & Wares — 0.1% | | | | | | | | |
Quanex Building Products Corp. | | | 2,900 | | | | 29,232 | |
Pharmaceuticals — 9.1% | | | | | | | | |
AbbVie, Inc. | | | 2,361 | | | | 179,885 | |
Allergan PLC | | | 400 | | | | 70,840 | |
AmerisourceBergen Corp. | | | 265 | | | | 23,452 | |
Bristol-Myers Squibb Co. | | | 10,621 | | | | 592,014 | |
Cardinal Health, Inc. | | | 374 | | | | 17,930 | |
Cigna Corp. (a) | | | 300 | | | | 53,154 | |
CVS Health Corp. | | | 884 | | | | 52,448 | |
Horizon Therapeutics PLC (a) | | | 237 | | | | 7,020 | |
Jazz Pharmaceuticals PLC (a) | | | 71 | | | | 7,082 | |
Johnson & Johnson | | | 5,606 | | | | 735,115 | |
McKesson Corp. | | | 3,077 | | | | 416,195 | |
Merck & Co., Inc. | | | 1,927 | | | | 148,263 | |
Mylan NV (a) | | | 1,618 | | | | 24,124 | |
Pfizer, Inc. | | | 2,745 | | | | 89,597 | |
| | | | | | | 2,417,119 | |
| | | | | | | 4,469,701 | |
Energy — 1.5% | | | | | | | | |
Oil & Gas — 1.1% | | | | | | | | |
Chevron Corp. | | | 1,929 | | | | 139,775 | |
Cimarex Energy Co. | | | 490 | | | | 8,247 | |
Concho Resources, Inc. | | | 385 | | | | 16,497 | |
Exxon Mobil Corp. | | | 1,878 | | | | 71,308 | |
Occidental Petroleum Corp. | | | 514 | | | | 5,952 | |
Phillips 66 | | | 948 | | | | 50,860 | |
| | | | | | | 292,639 | |
Oil & Gas Services — 0.3% | | | | | | | | |
Schlumberger Ltd. | | | 6,671 | | | | 89,992 | |
Pipelines — 0.1% | | | | | | | | |
Kinder Morgan, Inc. | | | 1,993 | | | | 27,743 | |
| | | | | | | 410,374 | |
Financial — 15.9% | | | | | | | | |
Banks — 8.7% | | | | | | | | |
Bank of America Corp. | | | 25,300 | | | | 537,119 | |
CIT Group, Inc. | | | 600 | | | | 10,356 | |
Citigroup, Inc. | | | 14,700 | | | | 619,164 | |
The Goldman Sachs Group, Inc. | | | 2,060 | | | | 318,456 | |
JP Morgan Chase & Co. | | | 7,200 | | | | 648,216 | |
KeyCorp | | | 17,863 | | | | 185,239 | |
| | | | | | | 2,318,550 | |
Diversified Financial Services — 5.4% | | | | | | | | |
AerCap Holdings NV (a) | | | 2,000 | | | | 45,580 | |
Capital One Financial Corp. | | | 504 | | | | 25,411 | |
Discover Financial Services | | | 400 | | | | 14,268 | |
Mastercard, Inc. Class A | | | 1,155 | | | | 279,002 | |
SEI Investments Co. | | | 2,300 | | | | 106,582 | |
Synchrony Financial | | | 5,400 | | | | 86,886 | |
Visa, Inc. Class A | | | 5,460 | | | | 879,715 | |
| | | | | | | 1,437,444 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Insurance — 1.8% | | | | | | | | |
Aflac, Inc. | | | 3,600 | | | $ | 123,264 | |
Berkshire Hathaway, Inc. Class B (a) | | | 1,900 | | | | 347,377 | |
| | | | | | | 470,641 | |
| | | | | | | 4,226,635 | |
Industrial — 7.4% | | | | | | |
Aerospace & Defense — 0.6% | | | | | | | | |
Barnes Group, Inc. | | | 900 | | | | 37,647 | |
Lockheed Martin Corp. | | | 147 | | | | 49,826 | |
Raytheon Technologies Corp. | | | 635 | | | | 59,899 | |
Spirit AeroSystems Holdings, Inc. Class A | | | 172 | | | | 4,116 | |
| | | | | | | 151,488 | |
Building Materials — 0.1% | | | | | | | | |
Patrick Industries, Inc. | | | 1,100 | | | | 30,976 | |
Electrical Components & Equipment — 0.1% | | | | | | | | |
AMETEK, Inc. | | | 140 | | | | 10,083 | |
Electronics — 2.8% | | | | | | | | |
Allegion PLC | | | 3,295 | | | | 303,206 | |
Amphenol Corp. Class A | | | 237 | | | | 17,273 | |
Garmin Ltd. | | | 212 | | | | 15,891 | |
Honeywell International, Inc. | | | 1,320 | | | | 176,603 | |
Keysight Technologies, Inc. (a) | | | 1,270 | | | | 106,274 | |
Sensata Technologies Holding PLC (a) | | | 954 | | | | 27,599 | |
TE Connectivity Ltd. | | | 838 | | | | 52,777 | |
TTM Technologies, Inc. (a) | | | 4,400 | | | | 45,496 | |
| | | | | | | 745,119 | |
Engineering & Construction — 0.4% | | | | | | | | |
AECOM (a) | | | 957 | | | | 28,567 | |
Arcosa, Inc. | | | 2,083 | | | | 82,778 | |
| | | | | | | 111,345 | |
Environmental Controls — 0.5% | | | | | | | | |
Republic Services, Inc. | | | 754 | | | | 56,595 | |
Waste Management, Inc. | | | 895 | | | | 82,841 | |
| | | | | | | 139,436 | |
Machinery – Diversified — 0.9% | | | | | | | | |
AGCO Corp. | | | 4,400 | | | | 207,900 | |
Dover Corp. | | | 307 | | | | 25,770 | |
Ingersoll Rand, Inc. (a) | | | 420 | | | | 10,416 | |
| | | | | | | 244,086 | |
Miscellaneous - Manufacturing — 0.7% | | | | | | | | |
3M Co. | | | 158 | | | | 21,569 | |
Eaton Corp. PLC | | | 1,193 | | | | 92,684 | |
General Electric Co. | | | 2,143 | | | | 17,015 | |
Parker-Hannifin Corp. | | | 73 | | | | 9,470 | |
Trane Technologies PLC | | | 476 | | | | 39,313 | |
| | | | | | | 180,051 | |
Shipbuilding — 0.2% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 246 | | | | 44,824 | |
Transportation — 1.1% | | | | | | | | |
Kansas City Southern | | | 280 | | | | 35,610 | |
Norfolk Southern Corp. | | | 1,800 | | | | 262,800 | |
| | | | | | | 298,410 | |
| | | | | | | 1,955,818 | |
Technology — 32.2% | | | | | | | | |
Computers — 11.7% | | | | | | | | |
Accenture PLC Class A | | | 158 | | | | 25,795 | |
Apple, Inc. | | | 9,220 | | | | 2,344,554 | |
Cognizant Technology Solutions Corp. Class A | | | 2,025 | | | | 94,102 | |
Fortinet, Inc. (a) | | | 960 | | | | 97,123 | |
HP, Inc. | | | 803 | | | | 13,940 | |
International Business Machines Corp. | | | 1,246 | | | | 138,219 | |
Leidos Holdings, Inc. | | | 1,560 | | | | 142,974 | |
Seagate Technology PLC | | | 5,006 | | | | 244,293 | |
| | | | | | | 3,101,000 | |
Semiconductors — 10.1% | | | | | | | | |
Advanced Micro Devices, Inc. (a) | | | 751 | | | | 34,156 | |
Applied Materials, Inc. | | | 2,244 | | | | 102,820 | |
ASML Holding NV | | | 810 | | | | 211,928 | |
Broadcom, Inc. | | | 2,798 | | | | 663,406 | |
Intel Corp. | | | 9,662 | | | | 522,907 | |
KLA Corp. | | | 680 | | | | 97,743 | |
Lam Research Corp. | | | 1,145 | | | | 274,800 | |
Micron Technology, Inc. (a) | | | 9,400 | | | | 395,364 | |
NVIDIA Corp. | | | 670 | | | | 176,612 | |
Skyworks Solutions, Inc. | | | 900 | | | | 80,442 | |
Texas Instruments, Inc. | | | 176 | | | | 17,588 | |
Xilinx, Inc. | | | 1,510 | | | | 117,689 | |
| | | | | | | 2,695,455 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Software — 10.4% | | | | | | |
ANSYS, Inc. (a) | | | 281 | | | $ | 65,324 | |
Citrix Systems, Inc. | | | 259 | | | | 36,661 | |
Fair Isaac Corp. (a) | | | 330 | | | | 101,538 | |
j2 Global, Inc. | | | 500 | | | | 37,425 | |
Microsoft Corp. | | | 12,722 | | | | 2,006,387 | |
MSCI, Inc. | | | 760 | | | | 219,609 | |
Oracle Corp. | | | 421 | | | | 20,347 | |
Paychex, Inc. | | | 641 | | | | 40,332 | |
Veeva Systems, Inc. Class A (a) | | | 706 | | | | 110,397 | |
VMware, Inc. Class A (a) | | | 1,038 | | | | 125,702 | |
| | | | | | | 2,763,722 | |
| | | | | | | 8,560,177 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $27,874,754) | | | | | | | 25,959,562 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $27,874,754) | | | | | | | 25,959,562 | |
| | | | | | | | |
Rights — 0.0% | | | | | | | | |
Consumer, Non-cyclical — 0.0% | | | | | | | | |
Pharmaceuticals — 0.0% | | | | | | | | |
Bristol-Myers Squibb Co., Expires 03/31/21 (a) | | | 993 | | | | 3,773 | |
| | | | | | | | |
TOTAL RIGHTS (Cost $2,115) | | | | | | | 3,773 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $27,876,869) | | | | | | | 25,963,335 | |
| | Principal Amount | | | | |
Short-Term Investments — 2.1% | | | | | | | | |
Repurchase Agreement — 2.1% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (c) | | $ | 546,787 | | | | 546,787 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $546,787) | | | | | | | 546,787 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.7% (Cost $28,423,656) (d) | | | | | | | 26,510,122 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.3% | | | | | | | 77,071 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 26,587,193 | |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $42,709 or 0.16% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $43,887 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Maturity value of $546,787. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $560,645. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML High Yield Fund — Portfolio of Investments |
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 0.5% | | | | | | | | |
| | | | | | | | |
Common Stock — 0.5% | | | | | | | | |
Basic Materials — 0.0% | | | | | | | | |
Forest Products & Paper — 0.0% | | | | | | | | |
Appvion Inc. (Escrow Shares) (a) (b) (c) | | | 2,157,000 | | | $ | — | |
Consumer, Non-cyclical — 0.3% | | | | | | | | |
Agriculture — 0.3% | | | | | | | | |
Pinnacle Operating Corp. (b) (c) | | | 378,620 | | | | 340,758 | |
Pinnacle Operating Corp. (b) (c) | | | 178,174 | | | | — | |
| | | | | | | 340,758 | |
| | | | | | | 340,758 | |
Energy — 0.2% | | | | | | | | |
Oil & Gas — 0.2% | | | | | | | | |
Fieldwood Energy LLC (c) | | | 3,193 | | | | 3,193 | |
Fieldwood Energy LLC (c) | | | 13,011 | | | | 13,011 | |
Jupiter Resources, Inc. (c) | | | 191,606 | | | | 191,606 | |
| | | | | | | 207,810 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $3,815,845) | | | | | | | 548,568 | |
| | | | | | | | |
Preferred Stock — 0.0% | | | | | | | | |
| | | | | | | | |
Consumer, Non-cyclical — 0.0% | | | | | | | | |
Agriculture — 0.0% | | | | | | | | |
Pinnacle Agriculture Holdings LLC (b) (c) | | | 1 | | | | — | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $1) | | | | | | | — | |
| | | | | | | | |
TOTAL EQUITIES (Cost $3,815,846) | | | | | | | 548,568 | |
| | | Principal Amount | | | | | |
Bonds & Notes — 97.3% | | | | | | | | |
| | | | | | | | |
Bank Loans — 5.2% | | | | | | | | |
Aerospace & Defense — 0.6% | | | | | | | | |
Veritas Bermuda Ltd., USD Repriced Term Loan B, 3 mo. LIBOR + 4.500% 5.950% VRN 1/27/23 | | $ | 740,458 | | | | 629,388 | |
Electronics — 0.7% | | | | | | | | |
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 4.239% VRN 7/02/25 | | | 938,125 | | | | 821,713 | |
Oil & Gas — 0.3% | | | | | | | | |
Fieldwood Energy LLC | | | | | | | | |
Exit 1st Lien Term Loan, 3 mo. LIBOR + 5.250% 7.027% VRN 4/11/22 | | | 1,074,554 | | | | 335,798 | |
Exit 2nd Lien Term Loan, 3 mo. LIBOR + 7.250% 9.027% VRN 4/11/23 | | | 387,384 | | | | 24,793 | |
| | | | | | | 360,591 | |
Packaging & Containers — 2.0% | | | | | | | | |
BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.250% 5.084% VRN 4/03/24 | | | 1,190,617 | | | | 965,150 | |
Consolidated Energy Finance, SA, Term Loan B, 3 mo. LIBOR + 2.500% 3.205% VRN 5/07/25 | | | 888,004 | | | | 621,603 | |
Flex Acquisition Co., Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.000% 4.909% VRN 12/29/23 | | | 550,385 | | | | 498,099 | |
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. LIBOR + 3.250% 4.323% VRN 10/17/24 | | | 162,553 | | | | 133,293 | |
| | | | | | | 2,218,145 | |
Software — 1.6% | | | | | | | | |
Almonde, Inc. | | | | | | | | |
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.500% 5.277% VRN 6/13/24 | | | 745,972 | | | | 634,076 | |
USD 2nd Lien Term Loan, 3 mo. LIBOR + 7.250% 9.027% VRN 6/13/25 | | | 700,000 | | | | 519,400 | |
Banff Merger Sub, Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 4.250% 5.239% VRN 10/02/25 | | | 674,556 | | | | 556,678 | |
| | | | | | | 1,710,154 | |
TOTAL BANK LOANS (Cost $7,597,563) | | | | | | | 5,739,991 | |
| | | | | | | | |
Corporate Debt — 92.1% | | | | | | | | |
Advertising — 0.3% | | | | | | | | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | | | 371,000 | | | | 313,495 | |
Aerospace & Defense — 3.2% | | | | | | | | |
Signature Aviation US Holdings, Inc. 4.000% 3/01/28 (d) | | | 651,000 | | | | 587,723 | |
TransDigm, Inc. 5.500% 11/15/27 (d) | | | 963,000 | | | | 864,292 | |
6.375% 6/15/26 | | | 654,000 | | | | 626,205 | |
Triumph Group, Inc. 5.250% 6/01/22 | | | 305,000 | | | | 251,625 | |
6.250% 9/15/24 (d) | | | 306,000 | | | | 272,741 | |
7.750% 8/15/25 (e) | | | 1,243,000 | | | | 901,175 | |
| | | | | | | 3,503,761 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Agriculture — 0.4% | | | | | | |
JBS Investments II GmbH 7.000% 1/15/26 (d) | | $ | 390,000 | | | $ | 388,666 | |
Airlines — 1.3% | | | | | | | | |
American Airlines Group, Inc. 5.000% 6/01/22 (d) | | | 547,000 | | | | 438,967 | |
3.750% 3/01/25 (d) | | | 1,437,000 | | | | 1,005,900 | |
| | | | | | | 1,444,867 | |
Apparel — 0.1% | | | | | | | | |
Hanesbrands, Inc. 4.875% 5/15/26 (d) | | | 126,000 | | | | 123,494 | |
Auto Manufacturers — 2.7% | | | | | | | | |
Allison Transmission, Inc. 4.750% 10/01/27 (d) | | | 589,000 | | | | 541,880 | |
Ford Motor Credit Co. LLC 3.087% 1/09/23 | | | 200,000 | | | | 184,000 | |
3.664% 9/08/24 | | | 200,000 | | | | 180,000 | |
4.134% 8/04/25 | | | 200,000 | | | | 177,400 | |
4.389% 1/08/26 | | | 600,000 | | | | 525,000 | |
4.542% 8/01/26 | | | 1,039,000 | | | | 909,125 | |
5.596% 1/07/22 | | | 200,000 | | | | 193,500 | |
5.875% 8/02/21 | | | 281,000 | | | | 275,380 | |
| | | | | | | 2,986,285 | |
Auto Parts & Equipment — 0.3% | | | | | | | | |
Panther BF Aggregator 2 LP / Panther Finance Co., Inc. 8.500% 5/15/27 (d) | | | 396,000 | | | | 345,470 | |
Building Materials — 2.4% | | | | | | | | |
Griffon Corp. 5.750% 3/01/28 (d) | | | 417,000 | | | | 391,980 | |
James Hardie International Finance DAC 4.750% 1/15/25 (d) | | | 126,000 | | | | 118,756 | |
5.000% 1/15/28 (d) | | | 485,000 | | | | 458,325 | |
PGT Innovations, Inc. 6.750% 8/01/26 (d) | | | 368,000 | | | | 352,360 | |
Standard Industries, Inc. 4.750% 1/15/28 (d) | | | 1,471,000 | | | | 1,354,718 | |
| | | | | | | 2,676,139 | |
Chemicals — 1.7% | | | | | | | | |
CF Industries, Inc. 4.950% 6/01/43 | | | 63,000 | | | | 59,831 | |
5.375% 3/15/44 | | | 240,000 | | | | 228,607 | |
Consolidated Energy Finance SA 6.875% 6/15/25 (d) | | | 915,000 | | | | 791,475 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 9.250% 6/15/23 (d) | | | 650,000 | | | | 521,105 | |
Valvoline, Inc. 4.250% 2/15/30 (d) | | | 304,000 | | | | 284,970 | |
| | | | | | | 1,885,988 | |
Coal — 2.2% | | | | | | | | |
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 7.500% 5/01/25 (d) (e) | | | 451,000 | | | | 270,600 | |
Peabody Energy Corp. 6.000% 3/31/22 (d) | | | 1,383,000 | | | | 940,440 | |
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (d) | | | 1,013,000 | | | | 729,360 | |
Warrior Met Coal, Inc. 8.000% 11/01/24 (d) | | | 534,000 | | | | 443,220 | |
| | | | | | | 2,383,620 | |
Commercial Services — 1.8% | | | | | | | | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625% 7/15/26 (d) | | | 241,000 | | | | 236,782 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.750% 7/15/27 (d) | | | 126,000 | | | | 100,183 | |
Korn Ferry 4.625% 12/15/27 (d) | | | 162,000 | | | | 140,738 | |
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.250% 1/15/28 (d) | | | 802,000 | | | | 691,725 | |
Service Corp. International 5.125% 6/01/29 | | | 360,000 | | | | 367,200 | |
The Hertz Corp. 6.000% 1/15/28 (d) | | | 692,000 | | | | 363,300 | |
United Rentals North America, Inc. 4.000% 7/15/30 | | | 126,000 | | | | 112,770 | |
| | | | | | | 2,012,698 | |
Computers — 1.5% | | | | | | | | |
Banff Merger Sub, Inc. 9.750% 9/01/26 (d) | | | 466,000 | | | | 410,080 | |
Dell International LLC/EMC Corp. 7.125% 6/15/24 (d) | | | 904,000 | | | | 933,380 | |
Science Applications International Corp. 4.875% 4/01/28 (d) | | | 189,000 | | | | 181,440 | |
Western Digital Corp. 4.750% 2/15/26 | | | 104,000 | | | | 105,560 | |
| | | | | | | 1,630,460 | |
Distribution & Wholesale — 0.8% | | | | | | | | |
Resideo Funding, Inc. 6.125% 11/01/26 (d) | | | 800,000 | | | | 698,000 | |
Univar Solutions USA, Inc. 5.125% 12/01/27 (d) | | | 254,000 | | | | 231,140 | |
| | | | | | | 929,140 | |
Diversified Financial Services — 2.4% | | | | | | | | |
Alliance Data Systems Corp. 4.750% 12/15/24 (d) | | | 767,000 | | | | 582,920 | |
Global Aircraft Leasing Co. Ltd. 6.500% 9/15/24 (d) | | | 1,829,000 | | | | 1,177,876 | |
LPL Holdings, Inc. 4.625% 11/15/27 (d) | | | 433,000 | | | | 396,030 | |
Springleaf Finance Corp. 5.375% 11/15/29 | | | 552,000 | | | | 505,080 | |
| | | | | | | 2,661,906 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Electric — 2.4% | | | | | | |
Calpine Corp. 4.500% 2/15/28 (d) | | $ | 631,000 | | | $ | 611,597 | |
NRG Energy, Inc. 5.250% 6/15/29 (d) | | | 374,000 | | | | 385,220 | |
6.625% 1/15/27 | | | 702,000 | | | | 730,080 | |
Vistra Operations Co. LLC 3.550% 7/15/24 (d) | | | 470,000 | | | | 441,723 | |
4.300% 7/15/29 (d) | | | 568,000 | | | | 503,595 | |
| | | | | | | 2,672,215 | |
Electrical Components & Equipment — 0.4% | | | | | | | | |
Energizer Holdings, Inc. 7.750% 1/15/27 (d) | | | 387,000 | | | | 400,042 | |
Entertainment — 0.5% | | | | | | | | |
Banijay Entertainment SASU 5.375% 3/01/25 (d) | | | 241,000 | | | | 220,515 | |
Live Nation Entertainment, Inc. 4.750% 10/15/27 (d) | | | 407,000 | | | | 362,230 | |
| | | | | | | 582,745 | |
Environmental Controls — 0.1% | | | | | | | | |
Clean Harbors, Inc. 4.875% 7/15/27 (d) | | | 136,000 | | | | 133,130 | |
Foods — 6.1% | | | | | | | | |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC 4.875% 2/15/30 (d) | | | 165,000 | | | | 164,588 | |
5.875% 2/15/28 (d) | | | 255,000 | | | | 259,539 | |
7.500% 3/15/26 (d) | | | 362,000 | | | | 390,164 | |
JBS USA LUX SA/JBS USA Finance, Inc. 5.875% 7/15/24 (d) | | | 646,000 | | | | 654,075 | |
6.500% 4/15/29 (d) | | | 1,094,000 | | | | 1,173,534 | |
6.750% 2/15/28 (d) | | | 824,000 | | | | 879,620 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500% 1/15/30 (d) | | | 826,000 | | | | 852,845 | |
Kraft Heinz Foods Co. 3.750% 4/01/30 (d) | | | 126,000 | | | | 119,762 | |
3.950% 7/15/25 | | | 306,000 | | | | 304,527 | |
5.200% 7/15/45 | | | 178,000 | | | | 171,128 | |
6.500% 2/09/40 | | | 94,000 | | | | 102,570 | |
6.875% 1/26/39 | | | 206,000 | | | | 235,628 | |
Pilgrim’s Pride Corp. 5.750% 3/15/25 (d) | | | 247,000 | | | | 248,852 | |
5.875% 9/30/27 (d) | | | 398,000 | | | | 396,567 | |
Post Holdings, Inc. 4.625% 4/15/30 (d) | | | 381,000 | | | | 364,807 | |
Simmons Foods, Inc. 7.750% 1/15/24 (d) | | | 189,000 | | | | 189,000 | |
Smithfield Foods, Inc. 5.200% 4/01/29 (d) | | | 264,000 | | | | 265,506 | |
| | | | | | | 6,772,712 | |
Hand & Machine Tools — 0.7% | | | | | | | | |
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.000% 2/15/23 (d) | | | 1,138,000 | | | | 739,700 | |
Health Care – Products — 2.4% | | | | | | | | |
Avanos Medical, Inc. 6.250% 10/15/22 | | | 1,300,000 | | | | 1,277,250 | |
Avantor, Inc. 6.000% 10/01/24 (d) | | | 58,000 | | | | 60,766 | |
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 7.250% 2/01/28 (d) | | | 872,000 | | | | 749,833 | |
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.625% 5/15/22 (d) | | | 643,000 | | | | 607,635 | |
| | | | | | | 2,695,484 | |
Health Care – Services — 5.7% | | | | | | | | |
Centene Corp. 4.250% 12/15/27 (d) | | | 402,000 | | | | 393,960 | |
4.625% 12/15/29 (d) | | | 918,000 | | | | 922,590 | |
5.250% 4/01/25 (d) | | | 71,000 | | | | 71,355 | |
5.375% 6/01/26 (d) | | | 52,000 | | | | 53,566 | |
Envision Healthcare Corp. 8.750% 10/15/26 (d) | | | 1,158,000 | | | | 283,710 | |
HCA, Inc. 3.500% 9/01/30 | | | 1,478,000 | | | | 1,340,859 | |
5.875% 2/15/26 | | | 568,000 | | | | 597,820 | |
LifePoint Health, Inc. 4.375% 2/15/27 (d) | | | 224,000 | | | | 211,008 | |
Radiology Partners, Inc. 9.250% 2/01/28 (d) | | | 300,000 | | | | 259,725 | |
Tenet Healthcare Corp. 4.625% 7/15/24 | | | 400,000 | | | | 382,000 | |
4.625% 9/01/24 (d) | | | 323,000 | | | | 309,369 | |
4.875% 1/01/26 (d) | | | 750,000 | | | | 714,375 | |
5.125% 11/01/27 (d) | | | 500,000 | | | | 476,250 | |
8.125% 4/01/22 | | | 340,000 | | | | 323,850 | |
| | | | | | | 6,340,437 | |
Home Builders — 1.3% | | | | | | | | |
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (d) | | | 491,000 | | | | 441,900 | |
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 4.875% 2/15/30 (d) | | | 261,000 | | | | 198,282 | |
M/I Homes, Inc. 4.950% 2/01/28 (d) | | | 368,000 | | | | 312,340 | |
Mattamy Group Corp. 4.625% 3/01/30 (d) | | | 518,000 | | | | 445,480 | |
| | | | | | | 1,398,002 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Housewares — 0.4% | | | | | | |
Newell Brands, Inc. 4.200% 4/01/26 | | $ | 337,000 | | | $ | 330,866 | |
5.625% 4/01/36 | | | 126,000 | | | | 124,909 | |
| | | | | | | 455,775 | |
Insurance — 1.0% | | | | | | | | |
Acrisure LLC/Acrisure Finance, Inc. 7.000% 11/15/25 (d) | | | 691,000 | | | | 594,260 | |
8.125% 2/15/24 (d) | | | 509,000 | | | | 495,791 | |
| | | | | | | 1,090,051 | |
Internet — 1.4% | | | | | | | | |
Netflix, Inc. 4.875% 6/15/30 (d) | | | 321,000 | | | | 325,863 | |
5.375% 11/15/29 (d) | | | 523,000 | | | | 542,691 | |
5.875% 11/15/28 | | | 595,000 | | | | 635,758 | |
| | | | | | | 1,504,312 | |
Investment Companies — 0.6% | | | | | | | | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.375% 12/15/25 | | | 761,000 | | | | 719,145 | |
Leisure Time — 1.7% | | | | | | | | |
Brunswick Corp. 7.375% 9/01/23 | | | 285,000 | | | | 342,282 | |
7.125% 8/01/27 | | | 569,000 | | | | 713,739 | |
Carlson Travel, Inc. 6.750% 12/15/23 (d) | | | 296,000 | | | | 201,280 | |
9.500% 12/15/24 (d) (e) | | | 988,000 | | | | 652,080 | |
| | | | | | | 1,909,381 | |
Lodging — 1.1% | | | | | | | | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250% 5/15/27 (d) | | | 385,000 | | | | 348,425 | |
5.500% 3/01/25 (d) | | | 740,000 | | | | 688,200 | |
Wynn Macau Ltd. 5.125% 12/15/29 (d) | | | 268,000 | | | | 225,120 | |
| | | | | | | 1,261,745 | |
Media — 10.9% | | | | | | | | |
Altice Financing SA 5.000% 1/15/28 (d) | | | 316,000 | | | | 279,660 | |
Block Communications, Inc. 4.875% 3/01/28 (d) | | | 340,000 | | | | 316,200 | |
CCO Holdings LLC/CCO Holdings Capital Corp. 4.500% 8/15/30 (d) | | | 702,000 | | | | 687,960 | |
4.500% 5/01/32 (d) | | | 647,000 | | | | 630,954 | |
4.750% 3/01/30 (d) | | | 236,000 | | | | 234,820 | |
5.125% 5/01/27 (d) | | | 423,000 | | | | 424,100 | |
5.750% 2/15/26 (d) | | | 550,000 | | | | 556,957 | |
5.875% 5/01/27 (d) | | | 822,000 | | | | 846,660 | |
Clear Channel Worldwide Holdings, Inc. 5.125% 8/15/27 (d) | | | 391,000 | | | | 369,984 | |
9.250% 2/15/24 (d) | | | 213,000 | | | | 182,648 | |
CSC Holdings LLC 5.750% 1/15/30 (d) | | | 767,000 | | | | 773,489 | |
6.625% 10/15/25 (d) | | | 50,000 | | | | 52,566 | |
7.500% 4/01/28 (d) | | | 565,000 | | | | 601,962 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | | | 178,000 | | | | 144,629 | |
DISH DBS Corp. 5.000% 3/15/23 | | | 207,000 | | | | 198,058 | |
7.750% 7/01/26 | | | 681,000 | | | | 699,727 | |
DISH Network Corp. 3.375% 8/15/26 | | | 368,000 | | | | 298,761 | |
LCPR Senior Secured Financing DAC 6.750% 10/15/27 (d) | | | 314,000 | | | | 309,290 | |
Midcontinent Communications / Midcontinent Finance Corp. 5.375% 8/15/27 (d) | | | 205,000 | | | | 198,484 | |
Sirius XM Radio, Inc. 4.625% 7/15/24 (d) | | | 671,000 | | | | 681,018 | |
5.375% 4/15/25 (d) | | | 522,000 | | | | 527,215 | |
5.375% 7/15/26 (d) | | | 167,000 | | | | 170,323 | |
5.500% 7/01/29 (d) | | | 636,000 | | | | 648,720 | |
TEGNA, Inc. 4.625% 3/15/28 (d) | | | 447,000 | | | | 392,801 | |
Virgin Media Secured Finance PLC 5.500% 5/15/29 (d) | | | 1,308,000 | | | | 1,303,291 | |
Ziggo BV 4.875% 1/15/30 (d) | | | 153,000 | | | | 149,012 | |
5.500% 1/15/27 (d) | | | 440,000 | | | | 440,000 | |
| | | | | | | 12,119,289 | |
Mining — 4.3% | | | | | | | | |
Compass Minerals International, Inc. 4.875% 7/15/24 (d) | | | 294,000 | | | | 276,360 | |
6.750% 12/01/27 (d) | | | 350,000 | | | | 315,962 | |
First Quantum Minerals Ltd. 7.250% 4/01/23 (d) | | | 659,000 | | | | 554,796 | |
7.500% 4/01/25 (d) | | | 647,000 | | | | 538,427 | |
Freeport-McMoRan, Inc. 4.125% 3/01/28 | | | 151,000 | | | | 131,748 | |
Kinross Gold Corp. 4.500% 7/15/27 | | | 640,000 | | | | 602,374 | |
5.950% 3/15/24 | | | 441,000 | | | | 445,410 | |
6.875% 9/01/41 | | | 476,000 | | | | 476,000 | |
New Gold, Inc. 6.250% 11/15/22 (d) | | | 657,000 | | | | 638,111 | |
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125% 11/01/22 (d) | | | 884,000 | | | | 433,160 | |
Novelis Corp. 4.750% 1/30/30 (d) | | | 417,000 | | | | 371,130 | |
| | | | | | | 4,783,478 | |
Miscellaneous - Manufacturing — 1.1% | | | | | | | | |
Amsted Industries, Inc. 5.625% 7/01/27 (d) | | | 617,000 | | | | 600,289 | |
Gates Global LLC / Gates Corp. 6.250% 1/15/26 (d) | | | 700,000 | | | | 619,500 | |
| | | | | | | 1,219,789 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Office Equipment/Supplies — 0.6% | | | | | | |
Xerox Corp. 4.125% 3/15/23 | | $ | 662,000 | | | $ | 658,028 | |
Oil & Gas — 4.3% | | | | | | | | |
Antero Resources Corp. 5.375% 11/01/21 | | | 410,000 | | | | 298,275 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 7.625% 1/15/22 | | | 578,000 | | | | 447,950 | |
CVR Energy, Inc. 5.750% 2/15/28 (d) | | | 1,323,000 | | | | 988,943 | |
Hilcorp Energy I LP / Hilcorp Finance Co. 6.250% 11/01/28 (d) | | | 163,000 | | | | 71,720 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 5.000% 12/01/24 (d) | | | 39,000 | | | | 17,940 | |
Jonah Energy LLC/Jonah Energy Finance Corp. 7.250% 10/15/25 (d) | | | 745,000 | | | | 33,525 | |
Jupiter Resources Inc. 10.000% 1/31/24 (a) (b) | | | 231,906 | | | | 231,906 | |
Laredo Petroleum, Inc. 9.500% 1/15/25 | | | 268,000 | | | | 107,200 | |
10.125% 1/15/28 | | | 330,000 | | | | 125,400 | |
MEG Energy Corp. 7.125% 2/01/27 (d) | | | 379,000 | | | | 187,271 | |
Nabors Industries Ltd. 7.250% 1/15/26 (d) | | | 184,000 | | | | 62,560 | |
7.500% 1/15/28 (d) | | | 119,000 | | | | 38,080 | |
Neptune Energy Bondco PLC 6.625% 5/15/25 (d) | | | 594,000 | | | | 332,640 | |
Occidental Petroleum Corp. 2.600% 4/15/22 | | | 76,000 | | | | 54,712 | |
2.700% 8/15/22 | | | 178,000 | | | | 126,922 | |
2.700% 2/15/23 | | | 71,000 | | | | 42,047 | |
2.900% 8/15/24 | | | 93,000 | | | | 50,901 | |
3 mo. USD LIBOR + 1.450% 3.142% FRN 8/15/22 | | | 93,000 | | | | 62,325 | |
4.100% 2/01/21 | | | 397,000 | | | | 337,444 | |
6.950% 7/01/24 | | | 88,000 | | | | 49,480 | |
Parkland Fuel Corp. 5.875% 7/15/27 (d) | | | 247,000 | | | | 231,538 | |
PBF Holding Co. LLC / PBF Finance Corp. 6.000% 2/15/28 (d) | | | 1,043,000 | | | | 688,380 | |
Tullow Oil PLC 6.250% 4/15/22 (d) | | | 639,000 | | | | 158,153 | |
| | | | | | | 4,745,312 | |
Oil & Gas Services — 0.6% | | | | | | | | |
Welltec A/S 9.500% 12/01/22 (d) | | | 696,000 | | | | 654,240 | |
Packaging & Containers — 1.6% | | | | | | | | |
Graphic Packaging International LLC 3.500% 3/15/28 (d) | | | 470,000 | | | | 422,859 | |
Mauser Packaging Solutions Holding Co. 7.250% 4/15/25 (d) | | | 781,000 | | | | 620,895 | |
Silgan Holdings, Inc. 4.125% 2/01/28 (d) | | | 422,000 | | | | 389,295 | |
Trident TPI Holdings, Inc. 9.250% 8/01/24 (d) | | | 386,000 | | | | 320,380 | |
| | | | | | | 1,753,429 | |
Pharmaceuticals — 2.0% | | | | | | | | |
Bausch Health Americas, Inc. 8.500% 1/31/27 (d) | | | 250,000 | | | | 261,250 | |
9.250% 4/01/26 (d) | | | 600,000 | | | | 634,080 | |
Bausch Health Cos., Inc. 5.000% 1/30/28 (d) | | | 193,000 | | | | 182,713 | |
5.250% 1/30/30 (d) | | | 320,000 | | | | 302,579 | |
5.500% 3/01/23 (d) | | | 140,000 | | | | 137,200 | |
5.875% 5/15/23 (d) | | | 11,000 | | | | 10,945 | |
6.125% 4/15/25 (d) | | | 75,000 | | | | 73,875 | |
Par Pharmaceutical, Inc. 7.500% 4/01/27 (d) | | | 629,000 | | | | 625,855 | |
| | | | | | | 2,228,497 | |
Pipelines — 1.5% | | | | | | | | |
Cheniere Energy Partners LP 4.500% 10/01/29 (d) | | | 271,000 | | | | 235,770 | |
5.625% 10/01/26 | | | 725,000 | | | | 667,000 | |
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23 | | | 765,000 | | | | 554,893 | |
6.500% 10/01/25 | | | 356,000 | | | | 257,317 | |
| | | | | | | 1,714,980 | |
Real Estate Investment Trusts (REITS) — 1.6% | | | | | | | | |
ESH Hospitality, Inc. 4.625% 10/01/27 (d) | | | 388,000 | | | | 302,640 | |
MPT Operating Partnership LP/MPT Finance Corp. 5.000% 10/15/27 | | | 539,000 | | | | 522,830 | |
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23 | | | 789,000 | | | | 615,420 | |
Ryman Hospitality Properties, Inc. 4.750% 10/15/27 (d) | | | 425,000 | | | | 318,750 | |
| | | | | | | 1,759,640 | |
Retail — 1.3% | | | | | | | | |
Asbury Automotive Group, Inc. 4.500% 3/01/28 (d) | | | 152,000 | | | | 129,200 | |
Golden Nugget, Inc. 8.750% 10/01/25 (d) | | | 151,000 | | | | 77,010 | |
KGA Escrow LLC 7.500% 8/15/23 (d) | | | 403,000 | | | | 366,730 | |
Penske Automotive Group, Inc. 5.500% 5/15/26 | | | 1,000,000 | | | | 912,200 | |
| | | | | | | 1,485,140 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Software — 3.3% | | | | | | |
Open Text Corp. 3.875% 2/15/28 (d) | | $ | 302,000 | | | $ | 283,880 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (d) | | | 313,000 | | | | 294,298 | |
RP Crown Parent LLC 7.375% 10/15/24 (d) | | | 191,000 | | | | 181,985 | |
Solera LLC/ Solera Finance, Inc. 10.500% 3/01/24 (d) | | | 115,000 | | | | 112,700 | |
SS&C Technologies, Inc. 5.500% 9/30/27 (d) | | | 960,000 | | | | 1,000,522 | |
Veritas US, Inc./Veritas Bermuda Ltd. 10.500% 2/01/24 (d) (e) | | | 2,167,000 | | | | 1,825,697 | |
| | | | | | | 3,699,082 | |
Storage & Warehousing — 0.9% | | | | | | | | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d) | | | 1,111,000 | | | | 1,041,563 | |
Telecommunications — 7.4% | | | | | | | | |
CenturyLink, Inc. 5.125% 12/15/26 (d) | | | 526,000 | | | | 526,000 | |
6.750% 12/01/23 | | | 500,000 | | | | 531,400 | |
CommScope Technologies Finance LLC 6.000% 6/15/25 (d) | | | 129,000 | | | | 118,061 | |
CommScope Technologies LLC 5.000% 3/15/27 (d) | | | 271,000 | | | | 235,093 | |
CommScope, Inc. 6.000% 3/01/26 (d) | | | 162,000 | | | | 161,757 | |
8.250% 3/01/27 (d) | | | 565,000 | | | | 544,603 | |
Hughes Satellite Systems Corp. 6.625% 8/01/26 | | | 687,000 | | | | 695,873 | |
Intelsat Jackson Holdings SA 8.500% 10/15/24 (d) | | | 564,000 | | | | 355,151 | |
Sprint Capital Corp. 8.750% 3/15/32 | | | 126,000 | | | | 166,635 | |
Sprint Corp. 7.250% 9/15/21 | | | 745,000 | | | | 767,871 | |
7.625% 3/01/26 | | | 386,000 | | | | 436,875 | |
7.875% 9/15/23 | | | 1,386,000 | | | | 1,521,246 | |
T-Mobile USA, Inc. 6.000% 4/15/24 | | | 453,000 | | | | 461,833 | |
6.500% 1/15/26 | | | 679,000 | | | | 712,950 | |
Telecom Italia Capital 6.000% 9/30/34 | | | 150,000 | | | | 148,500 | |
Telecom Italia SpA 5.303% 5/30/24 (d) | | | 586,000 | | | | 588,965 | |
ViaSat, Inc. 5.625% 4/15/27 (d) | | | 197,000 | | | | 194,538 | |
| | | | | | | 8,167,351 | |
Toys, Games & Hobbies — 0.7% | | | | | | | | |
Mattel, Inc. 6.750% 12/31/25 (d) | | | 516,000 | | | | 524,721 | |
5.875% 12/15/27 (d) | | | 224,000 | | | | 230,227 | |
| | | | | | | 754,948 | |
Transportation — 3.1% | | | | | | | | |
Kenan Advantage Group, Inc. 7.875% 7/31/23 (d) (e) | | | 3,200,000 | | | | 2,686,000 | |
XPO Logistics, Inc. 6.750% 8/15/24 (d) | | | 716,000 | | | | 700,105 | |
| | | | | | | 3,386,105 | |
TOTAL CORPORATE DEBT (Cost $115,317,994) | | | | | | | 102,131,736 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $122,915,557) | | | | | | | 107,871,727 | |
| | | Number of Shares | | | | | |
Warrants — 0.0% | | | | | | | | |
Basic Materials — 0.0% | | | | | | | | |
Forest Products & Paper — 0.0% | | | | | | | | |
Appvion Holding Corp. Tranche A (a) (b) | | | 2,106 | | | | 263 | |
Appvion Holding Corp. Tranche B (a) (b) | | | 2,106 | | | | — | |
| | | | | | | 263 | |
TOTAL WARRANTS (Cost $0) | | | | | | | 263 | |
| | | | | | | | |
Mutual Funds — 4.1% | | | | | | | | |
Diversified Financial Services — 4.1% | | | | | | | | |
State Street Navigator Securities Lending Prime Portfolio (f) | | | 4,597,363 | | | | 4,597,363 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $4,597,363) | | | | | | | 4,597,363 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $131,328,766) | | | | | | | 113,017,921 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.9% (Cost $131,328,766) (g) | | | | | | | 113,017,921 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.9)% | | | | | | | (2,098,709 | ) |
NET ASSETS — 100.0% | | | | | | $ | 110,919,212 | |
Abbreviation Legend |
FRN | Floating Rate Note |
VRN | Variable Rate Note |
| |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $572,927 or 0.52% of net assets. |
(c) | Non-income producing security. |
(d) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $73,779,356 or 66.52% of net assets. |
(e) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $5,622,924 or 5.07% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,106,107 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(f) | Represents investment of security lending cash collateral. (Note 2). |
(g) | See Note 3 for aggregate cost for federal tax purposes. |
Currency Legend
MML Inflation-Protected and Income Fund — Portfolio of Investments |
March 31, 2020 (Unaudited) |
| Principal Amount | | | Value | |
Bonds & Notes — 83.0% | | | | | |
| | | | | |
Corporate Debt — 1.1% | | | | | |
Pharmaceuticals — 0.5% | | | | | |
Becton Dickinson and Co. 3 mo. USD LIBOR + 0.875% | | | | | | | | |
2.250% FRN 12/29/20 | | $ | 1,545,000 | | | $ | 1,492,856 | |
Real Estate Investment Trusts (REITS) — 0.6% | | | | | | | | |
SBA Tower Trust | | | | | | | | |
3.156% 10/10/45 (a) | | | 2,000,000 | | | | 1,997,058 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $3,094,709) | | | | | | | 3,489,914 | |
| | | | | | | | |
Municipal Obligations — 0.0% | | | | | | | | |
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.000% | | | | | | | | |
2.694% FRN 4/26/27 | | | 41,983 | | | | 41,972 | |
| | | | | | | | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $41,984) | | | | | | | 41,972 | |
| | | | | | | | |
Non-U.S. Government Agency Obligations — 59.9% | | | | | | | | |
Auto Floor Plan ABS — 1.1% | | | | | | | | |
Navistar Financial Dealer Note Master Owner Trust II, Series 2019-1, Class B, 1 mo. USD LIBOR + 0.750% | | | | | | | | |
1.697% FRN 5/25/24 (a) | | | 1,400,000 | | | | 1,372,680 | |
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1 mo. USD LIBOR + 0.680% | | | | | | | | |
1.385% FRN 10/17/22 (a) | | | 2,000,000 | | | | 1,895,515 | |
| | | | | | | 3,268,195 | |
Automobile ABS — 11.8% | | | | | | | | |
American Credit Acceptance Receivables Trust | | | | | | | | |
Series 2017-4, Class C, 2.940% 1/10/24 (a) | | | 321,883 | | | | 321,880 | |
Series 2019-1, Class C, 3.500% 4/14/25 (a) | | | 1,300,000 | | | | 1,282,431 | |
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C | | | | | | | | |
4.530% 3/20/23 (a) | | | 388,000 | | | | 382,447 | |
Chesapeake Funding II LLC, Series 2018-1A, Class A2, 1 mo. USD LIBOR + 0.450% | | | | | | | | |
1.155% FRN 4/15/30 (a) | | | 605,124 | | | | 587,833 | |
CPS Auto Trust | | | | | | | | |
Series 2019-A, Class A, 3.180% 6/15/22 (a) | | | 123,132 | | | | 120,376 | |
Series 2018-C, Class B, 3.430% 7/15/22 (a) | | | 240,561 | | | | 235,225 | |
Drive Auto Receivables Trust, Series 2019-1, Class C | | | | | | | | |
3.780% 4/15/25 | | | 963,000 | | | | 947,347 | |
Exeter Automobile Receivables Trust | | | | | | | | |
Series 2019-3A, Class A, 2.590% 9/15/22 (a) | | | 484,509 | | | | 481,587 | |
Series 2019-1A, Class B, 3.450% 2/15/23 (a) | | | 435,000 | | | | 427,057 | |
Flagship Credit Auto Trust | | | | | | | | |
Series 2017-4, Class A, 2.070% 4/15/22 (a) | | | 170,557 | | | | 167,877 | |
Series 2018-1, Class A, 2.590% 6/15/22 (a) | | | 310,911 | | | | 306,056 | |
Series 2016-4, Class C, 2.710% 11/15/22 (a) | | | 561,745 | | | | 553,546 | |
Series 2017-1, Class B, 2.830% 3/15/23 (a) | | | 40,116 | | | | 40,116 | |
Series 2018-2, Class A, 2.970% 10/17/22 (a) | | | 860,753 | | | | 849,818 | |
Hertz Fleet Lease Funding LP, Series 2018-1, Class A1, 1 mo. USD LIBOR + 0.500% | | | | | | | | |
1.363% FRN 5/10/32 (a) | | | 1,758,670 | | | | 1,727,744 | |
Hertz Vehicle Financing II LP | | | | | | | | |
Series 2017-1A, Class B, 3.560% 10/25/21 (a) | | | 2,530,000 | | | | 2,452,854 | |
Series 2016-2A, Class D, 5.970% 3/25/22 (a) | | | 3,300,000 | | | | 3,324,158 | |
OneMain Direct Auto Receivables Trust | | | | | | | | |
Series 2017-2A, Class C, 2.820% 7/15/24 (a) | | | 8,490,000 | | | | 8,347,625 | |
Series 2017-2A, Class E, 4.740% 11/14/25 (a) | | | 968,000 | | | | 956,645 | |
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A2B, 1 mo. USD LIBOR + 0.470% | | | | | | | | |
1.333% FRN 8/10/21 (a) | | | 242,445 | | | | 242,412 | |
Oscar US Funding Trust VI, Series 2017-1A, Class A3 | | | | | | | | |
2.820% 6/10/21 (a) | | | 30,265 | | | | 30,304 | |
Tesla Auto Lease Trust, Series 2018-B, Class A | | | | | | | | |
3.710% 8/20/21 (a) | | | 6,105,133 | | | | 6,124,925 | |
Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.120% | | | | | | | | |
0.825% FRN 8/16/21 | | | 522,428 | | | | 513,557 | |
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + 0.230% | | | | | | | | |
0.935% FRN 2/15/23 | | | 6,000,000 | | | | 5,846,377 | |
| | | | | | | 36,270,197 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | | | Value | |
Commercial MBS — 2.7% | | | | | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
2.205% FRN 7/15/35 (a) | | $ | 1,700,000 | | | $ | 1,359,815 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36 (a) | | | 1,300,000 | | | | 1,143,967 | |
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a) | | | 1,582,000 | | | | 1,443,567 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a) | | | 1,671,951 | | | | 1,437,829 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.455% FRN 12/15/37 (a) | | | 308,865 | | | | 267,365 | |
DBJPM 17-C6 Mortgage Trust, Series 2017-C6, Class A1 | | | | | | | | |
1.907% 6/10/50 | | | 661,925 | | | | 657,486 | |
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, | | | | | | | | |
5.513% VRN 7/10/38 (b) | | | 153,352 | | | | 152,644 | |
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000% | | | | | | | | |
1.705% FRN 6/15/32 (a) | | | 1,531,704 | | | | 1,380,344 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
2.505% FRN 5/15/36 (a) | | | 476,000 | | | | 371,511 | |
| | | | | | | 8,214,528 | |
Credit Card ABS — 0.3% | | | | | | | | |
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + 0.770% | | | | | | | | |
1.475% FRN 5/14/29 | | | 1,100,000 | | | | 942,845 | |
Home Equity ABS — 0.1% | | | | | | | | |
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE3, Class A4, 1 mo. USD LIBOR + 0.170% | | | | | | | | |
1.117% FRN 3/25/36 | | | 319,808 | | | | 293,860 | |
Municipal — 0.3% | | | | | | | | |
Brazos Higher Education Authority, Inc., Series 2006-2, Class B2 | | | | | | | | |
2.363% 6/25/42 | | | 1,200,000 | | | | 1,107,469 | |
Other ABS — 15.5% | | | | | | | | |
321 Henderson Receivables I LLC | | | | | | | | |
Series 2006-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/41 (a) | | | 285,511 | | | | 274,952 | |
Series 2006-2A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 6/15/41 (a) | | | 1,179,474 | | | | 1,101,371 | |
Series 2006-4A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 12/15/41 (a) | | | 176,025 | | | | 171,035 | |
Series 2007-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/42 (a) | | | 585,474 | | | | 564,885 | |
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + 0.200% | | | | | | | | |
0.905% FRN 9/15/41 (a) | | | 133,682 | | | | 131,020 | |
AASET Trust, Series 2017-1A, Class A | | | | | | | | |
3.967% 5/16/42 (a) | | | 159,931 | | | | 125,656 | |
AASET US Ltd., Series 2018-2A, Class A | | | | | | | | |
4.454% 11/18/38 (a) | | | 1,604,723 | | | | 1,274,198 | |
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + 0.850% | | | | | | | | |
2.681% FRN 1/15/28 (a) | | | 2,450,000 | | | | 2,320,148 | |
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150% | | | | | | | | |
1.855% FRN 6/15/28 (a) | | | 780,000 | | | | 714,243 | |
Avant Loans Funding Trust | | | | | | | | |
Series 2019-B, Class A, 2.720% 10/15/26 (a) | | | 1,796,301 | | | | 1,748,290 | |
Series 2018-B, Class A, 3.420% 1/18/22 (a) | | | 84,871 | | | | 84,871 | |
Series 2019-A, Class A, 3.480% 7/15/22 (a) | | | 300,908 | | | | 295,976 | |
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100% | | | | | | | | |
2.894% FRN 4/25/26 (a) | | | 799,721 | | | | 792,114 | |
BCC Funding XIV LLC, Series 2018-1A, Class A2 | | | | | | | | |
2.960% 6/20/23 (a) | | | 317,343 | | | | 310,631 | |
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + 0.890% | | | | | | | | |
2.709% FRN 1/18/29 (a) | | | 2,000,000 | | | | 1,932,480 | |
CCG Receivables Trust, Series 2018-2, Class A2 | | | | | | | | |
3.090% 12/15/25 (a) | | | 590,263 | | | | 587,991 | |
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460% | | | | | | | | |
1.407% FRN 9/25/34 | | | 5,039 | | | | 4,148 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | | | Value | |
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, | | | | | | | | |
3.020% VRN 2/25/27 (a) (b) | | $ | 148,195 | | | $ | 145,715 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 237,283 | | | | 236,885 | |
First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + 0.360% | | | | | | | | |
1.307% FRN 10/25/35 | | | 1,426,710 | | | | 1,307,328 | |
Hilton Grand Vacations Trust, Series 2014-AA, Class A | | | | | | | | |
1.770% 11/25/26 (a) | | | 53,788 | | | | 52,772 | |
KREF Ltd. | | | | | | | | |
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 2.150% FRN 6/15/36 (a) | | | 2,000,000 | | | | 1,736,817 | |
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 3.350% FRN 6/15/36 (a) | | | 2,450,000 | | | | 1,592,552 | |
LCM Ltd., 3 mo. USD LIBOR + 1.240% | | | | | | | | |
3.071% FRN 7/15/27 (a) | | | 1,300,000 | | | | 1,273,069 | |
Lendmark Funding Trust, Series 2018-1A, Class A | | | | | | | | |
3.810% 12/21/26 (a) | | | 630,000 | | | | 617,588 | |
Marlette Funding Trust | | | | | | | | |
Series 2019-3A, Class A, 2.690% 9/17/29 (a) | | | 2,242,389 | | | | 2,117,791 | |
Series 2019-2A, Class A, 3.130% 7/16/29 (a) | | | 301,493 | | | | 289,427 | |
Series 2018-3A, Class A, 3.200% 9/15/28 (a) | | | 130,353 | | | | 130,233 | |
Series 2019-1A, Class A, 3.440% 4/16/29 (a) | | | 195,712 | | | | 192,943 | |
Series 2019-2A, Class B, 3.530% 7/16/29 (a) | | | 385,000 | | | | 354,300 | |
MVW Owner Trust, Series 2017-1A, Class A | | | | | | | | |
2.420% 12/20/34 (a) | | | 88,403 | | | | 84,107 | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 0.800% | | | | | | | | |
2.631% FRN 1/15/28 (a) | | | 2,450,000 | | | | 2,348,465 | |
NP SPE II LLC, Series 2019-1A, Class A1 | | | | | | | | |
2.574% 9/20/49 (a) | | | 378,558 | | | | 361,228 | |
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + 0.820% | | | | | | | | |
2.614% FRN 10/26/27 (a) | | | 2,013,807 | | | | 1,920,525 | |
Orange Lake Timeshare Trust, Series 2016-A, Class A | | | | | | | | |
2.610% 3/08/29 (a) | | | 216,055 | | | | 207,920 | |
Oxford Finance Funding Trust, Series 2016-1A, Class A | | | | | | | | |
3.968% 6/17/24 (a) | | | 102,869 | | | | 102,619 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
3.797% FRN 2/25/23 (a) | | | 440,000 | | | | 403,555 | |
Saxon Asset Securities Trust, Series 2006-2, Class A3C, 1 mo. USD LIBOR + 0.150% | | | | | | | | |
1.097% FRN 9/25/36 | | | 1,763,490 | | | | 1,640,158 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2019-3A, Class C, 3.000% 8/20/36 (a) | | | 2,831,582 | | | | 2,769,150 | |
Series 2015-3A, Class B, 3.080% 9/20/32 (a) | | | 24,121 | | | | 23,844 | |
Series 2019-1A, Class C, 3.770% 1/20/36 (a) | | | 603,504 | | | | 596,900 | |
Series 2019-3A, Class D, 4.180% 8/20/36 (a) | | | 725,045 | | | | 712,155 | |
Series 2019-1A, Class D, 4.750% 1/20/36 (a) | | | 546,027 | | | | 542,667 | |
SoFi Consumer Loan Program LLC | | | | | | | | |
Series 2016-3, Class A, 3.050% 12/26/25 (a) | | | 53,176 | | | | 52,187 | |
Series 2016-5, Class A, 3.060% 9/25/28 (a) | | | 341,055 | | | | 334,716 | |
SoFi Consumer Loan Program Trust | | | | | | | | |
Series 2017-4, Class A, 2.500% 5/26/26 (a) | | | 485,296 | | | | 450,805 | |
Series 2017-6, Class A2, 2.820% 11/25/26 (a) | | | 556,034 | | | | 530,012 | |
Series 2016-2A, Class A, 3.090% 10/27/25 (a) | | | 73,990 | | | | 74,241 | |
Series 2016-1A, Class A, 3.260% 8/25/25 (a) | | | 354,221 | | | | 352,348 | |
Series 2017-2, Class A, 3.280% 2/25/26 (a) | | | 206,364 | | | | 205,488 | |
Springleaf Funding Trust, Series 2016-AA, Class A | | | | | | | | |
2.900% 11/15/29 (a) | | | 185,333 | | | | 183,762 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800% | | | | | | | | |
1.747% FRN 11/25/35 (a) | | | 1,369,940 | | | | 1,284,004 | |
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A | | | | | | | | |
4.110% 7/20/43 (a) | | | 1,188,000 | | | | 1,206,463 | |
TLF National Tax Lien Trust, Series 2017-1A, Class A | | | | | | | | |
3.090% 12/15/29 (a) | | | 570,639 | | | | 568,722 | |
Trafigura Securitisation Finance PLC | | | | | | | | |
Series 2017-1A, Class A1, 1 mo. USD LIBOR + 0.850% 1.555% FRN 12/15/20 (a) | | | 2,950,000 | | | | 2,941,244 | |
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 2.405% FRN 12/15/20 (a) | | | 2,330,000 | | | | 2,315,740 | |
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 | | | | | | | | |
2.709% 8/15/47 (a) | | | 141,558 | | | | 139,999 | |
Upstart Securitization Trust, Series 2019-1, Class A | | | | | | | | |
3.450% 4/20/26 (a) | | | 42,194 | | | | 42,194 | |
Verizon Owner Trust., Series 2018-1A, Class A1A | | | | | | | | |
2.820% 9/20/22 (a) | | | 1,835,000 | | | | 1,812,700 | |
Westgate Resorts LLC | | | | | | | | |
Series 2017-1A, Class A, 3.050% 12/20/30 (a) | | | 309,543 | | | | 300,617 | |
Series 2018-1A, Class A, 3.380% 12/20/31 (a) | | | 430,346 | | | | 420,767 | |
| | | | | | | 47,410,731 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | | | Value | |
Student Loans ABS — 16.0% | | | | | | |
Access Group Inc., Series 2003-A, Class A3, 3 mo. CMT + 1.200% | | | | | | | | |
1.220% FRN 7/01/38 | | $ | 7,452 | | | $ | 7,445 | |
AccessLex Institute, Series 2005-1, Class B, 3 mo. USD LIBOR + 0.570% | | | | | | | | |
1.765% FRN 9/22/37 | | | 595,398 | | | | 531,447 | |
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + 0.120% | | | | | | | | |
1.336% FRN 6/25/26 | | | 972,331 | | | | 946,039 | |
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + 0.100% | | | | | | | | |
2.061% FRN 6/28/39 | | | 3,460,749 | | | | 2,983,788 | |
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + 0.490% | | | | | | | | |
2.321% FRN 1/15/37 | | | 441,504 | | | | 382,609 | |
Commonbond Student Loan Trust, Series 2018-CGS, Class C | | | | | | | | |
4.350% 2/25/46 (a) | | | 116,101 | | | | 110,989 | |
DRB Prime Student Loan Trust | | | | | | | | |
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.847% FRN 10/25/44 (a) | | | 1,471,431 | | | | 1,453,376 | |
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.947% FRN 4/25/40 (a) | | | 212,871 | | | | 200,318 | |
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% | | | | | | | | |
2.997% FRN 2/26/35 (a) | | | 159,218 | | | | 149,590 | |
ECMC Group Student Loan Trust | | | | | | | | |
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66 (a) | | | 1,368,052 | | | | 1,211,537 | |
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 2.297% FRN 7/26/66 (a) | | | 928,891 | | | | 811,985 | |
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150% | | | | | | | | |
3.600% FRN 12/01/47 (a) | | | 753,781 | | | | 745,775 | |
Edsouth Indenture | | | | | | | | |
No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + 0.800% 1.747% FRN 10/25/56 (a) | | | 387,398 | | | | 361,982 | |
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 12/25/58 (a) | | | 1,000,000 | | | | 948,672 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 0.750% | | | | | | | | |
1.697% FRN 8/25/42 (a) | | | 507,694 | | | | 471,783 | |
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700% | | | | | | | | |
2.379% FRN 8/25/48 (a) | | | 271,741 | | | | 254,765 | |
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + 0.350% | | | | | | | | |
2.145% FRN 6/28/39 (a) | | | 492,122 | | | | 434,131 | |
KeyCorp Student Loan Trust, Series 2000-A, Class A2, 3 mo. USD LIBOR + 0.320% | | | | | | | | |
1.999% FRN 5/25/29 | | | 113,253 | | | | 113,253 | |
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | | | | | | | | |
2.340% 10/25/48 (a) | | | 1,525,410 | | | | 1,420,312 | |
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
1.905% FRN 12/15/28 (a) | | | 399,263 | | | | 371,692 | |
Navient Student Loan Trust | | | | | | | | |
Series 2018-1A, Class A3, 1 mo. USD LIBOR + 0.720% 1.667% FRN 3/25/67 (a) | | | 1,120,000 | | | | 1,047,337 | |
Series 2016-3A, Class A2, 1 mo. USD LIBOR + 0.850% 1.797% FRN 6/25/65 (a) | | | 180,153 | | | | 167,353 | |
Series 2019-2A, Class A2, 1 mo. USD LIBOR + 1.000% 1.947% FRN 2/27/68 (a) | | | 3,387,000 | | | | 3,187,802 | |
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 2.097% FRN 7/26/66 (a) | | | 410,000 | | | | 357,823 | |
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (a) | | | 2,041,784 | | | | 1,867,396 | |
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (a) | | | 2,200,000 | | | | 2,041,223 | |
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 2.497% FRN 7/25/68 (a) | | | 2,900,000 | | | | 2,214,050 | |
Series 2018-A, Class A1, 2.530% 2/18/42 (a) | | | 292,365 | | | | 279,890 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.697% FRN 12/26/40 (a) | | | 331,510 | | | | 313,485 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2005-2, Class B, 3 mo. USD LIBOR + 0.170% 1.365% FRN 3/23/37 | | | 854,830 | | | | 820,636 | |
Series 2006-3, Class B, 3 mo. USD LIBOR + 0.250% 1.466% FRN 6/25/41 | | | 314,038 | | | | 273,381 | |
Series 2006-2, Class B, 3 mo. USD LIBOR + 0.200% 1.994% FRN 1/25/38 | | | 694,352 | | | | 599,763 | |
Series 2004-3, Class B, 3 mo. USD LIBOR + 0.350% 2.144% FRN 10/25/40 | | | 1,108,738 | | | | 993,976 | |
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/41 (a) | | | 375,000 | | | | 354,496 | |
SLC Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 3 mo. USD LIBOR + 0.230% 0.971% FRN 12/15/39 | | | 1,202,289 | | | | 1,062,612 | |
Series 2005-2, Class B, 3 mo. USD LIBOR + 0.280% 1.021% FRN 3/15/40 | | | 1,821,150 | | | | 1,597,472 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | | | Value | |
SLM Private Education Loan Trust, Series 2011-A, Class A3, 1 mo. USD LIBOR + 2.500% | | | | | | | | |
3.205% FRN 1/15/43 (a) | | $ | 55,459 | | | $ | 53,357 | |
SLM Student Loan Trust | | | | | | | | |
Series 2003-11, Class B, 3 mo. USD LIBOR + 0.650% 1.391% FRN 12/15/38 | | | 424,594 | | | | 376,622 | |
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28 | | | 25,000 | | | | 25,000 | |
Series 2007-4, Class B1, 3 mo. USD LIBOR + 0.140% 1.934% FRN 7/25/25 | | | 600,061 | | | | 600,061 | |
Series 2005-5, Class A4, 3 mo. USD LIBOR + 0.140% 1.934% FRN 10/25/28 | | | 463,592 | | | | 438,395 | |
Series 2006-4, Class B, 3 mo. USD LIBOR + 0.200% 1.994% FRN 1/25/70 | | | 355,286 | | | | 316,583 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40 | | | 379,970 | | | | 339,315 | |
Series 2006-2, Class B, 3 mo. USD LIBOR + 0.220% 2.014% FRN 1/25/41 | | | 416,489 | | | | 373,040 | |
Series 2003-14, Class A6, 3 mo. USD LIBOR + 0.300% 2.094% FRN 7/25/25 | | | 271,948 | | | | 257,917 | |
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55 | | | 379,473 | | | | 337,177 | |
Series 2004-8, Class B, 3 mo. USD LIBOR + 0.460% 2.254% FRN 1/25/40 | | | 416,751 | | | | 371,073 | |
Series 2004-3, Class B, 3 mo. USD LIBOR + 0.470% 2.264% FRN 10/25/64 | | | 290,122 | | | | 257,255 | |
Series 2003-14, Class A7, 3 mo. USD LIBOR + 0.600% 2.394% FRN 10/25/65 (a) | | | 2,100,000 | | | | 1,863,752 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-C, Class A1, 1 mo. USD LIBOR + 0.300% 1.005% FRN 9/15/25 (a) | | | 104,409 | | | | 100,308 | |
Series 2019-A, Class A1, 1 mo. USD LIBOR + 0.350% 1.055% FRN 2/16/26 (a) | | | 992,712 | | | | 941,185 | |
Series 2019-B, Class A1, 1 mo. USD LIBOR + 0.350% 1.055% FRN 7/15/26 (a) | | | 318,204 | | | | 303,019 | |
Series 2018-B, Class A2B, 1 mo. USD LIBOR + 0.720% 1.425% FRN 1/15/37 (a) | | | 1,468,031 | | | | 1,312,151 | |
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (a) | | | 1,639,000 | | | | 1,442,971 | |
Series 2014-A, Class A2A, 3.050% 5/15/26 (a) | | | 222,205 | | | | 215,039 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
6.163% VRN 1/25/45 (a) (b) | | | 2,002,877 | | | | 2,111,445 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2017-A, Class A1, 1 mo. USD LIBOR + 0.700% 1.647% FRN 3/26/40 (a) | | | 285,427 | | | | 271,659 | |
Series 2017-F, Class A1FX, 2.050% 1/25/41 (a) | | | 78,957 | | | | 75,186 | |
Series 2019-C, Class A1FX, 2.130% 11/16/48 (a) | | | 1,918,466 | | | | 1,806,430 | |
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 2.697% FRN 8/25/36 (a) | | | 236,789 | | | | 229,554 | |
Series 2016-B, Class A2B, 2.740% 10/25/32 (a) | | | 3,135,329 | | | | 3,039,392 | |
South Carolina Student Loan Corp., Series 2010-1, Class A2, 3 mo. USD LIBOR + 1.000% | | | | | | | | |
2.794% FRN 7/25/25 | | | 513,495 | | | | 513,495 | |
| | | | | | | 49,061,564 | |
WL Collateral CMO — 12.1% | | | | | | | | |
Angel Oak Mortgage Trust, Series 2018-3, Class A3, | | | | | | | | |
3.238% VRN 5/25/59 (a) (b) | | | 1,488,047 | | | | 1,442,877 | |
Banc of America Funding, Series 2006-G, Class 2A1, 1 mo. USD LIBOR + 0.440% | | | | | | | | |
1.213% FRN 7/20/36 | | | 1,687,041 | | | | 1,641,767 | |
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1, | | | | | | | | |
2.666% VRN 7/25/59 (a) (b) | | | 8,035,961 | | | | 7,817,512 | |
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% | | | | | | | | |
2.577% FRN 8/25/49 (a) | | | 4,167,007 | | | | 3,823,251 | |
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3, | | | | | | | | |
3.030% VRN 7/25/49 (a) (b) | | | 1,165,709 | | | | 1,142,255 | |
Deephaven Residential Mortgage Trust | | | | | | | | |
Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (a) (b) | | | 330,345 | | | | 317,560 | |
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b) | | | 330,345 | | | | 316,620 | |
Series 2018-2A, Class A1, 3.479% VRN 4/25/58 (a) (b) | | | 1,116,947 | | | | 1,072,683 | |
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (a) (b) | | | 252,985 | | | | 240,623 | |
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b) | | | 1,636,060 | | | | 1,563,994 | |
JP Morgan Mortgage Trust | | | | | | | | |
Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b) | | | 480,237 | | | | 485,905 | |
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b) | | | 743,254 | | | | 752,111 | |
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b) | | | 659,123 | | | | 667,198 | |
New Residential Mortgage Loan Trust, Series 2019-NQM1, Class A3, | | | | | | | | |
3.928% VRN 1/25/49 (a) (b) | | | 1,070,027 | | | | 1,018,215 | |
Onslow Bay Financial LLC, Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + 0.950% | | | | | | | | |
1.897% FRN 2/25/60 (a) | | | 1,995,040 | | | | 1,928,866 | |
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + 0.310% | | | | | | | | |
1.257% FRN 11/25/35 | | | 1,375,717 | | | | 1,252,036 | |
PSMC Trust, Series 2018-1, Class A3, | | | | | | | | |
3.500% VRN 2/25/48 (a) (b) | | | 697,502 | | | | 683,657 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | | | Value | |
Sequoia Mortgage Trust | | | | | | | | |
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b) | | $ | 616,974 | | | $ | 610,831 | |
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b) | | | 368,624 | | | | 366,496 | |
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b) | | | 1,156,202 | | | | 1,138,100 | |
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b) | | | 306,176 | | | | 303,231 | |
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, | | | | | | | | |
2.916% VRN 9/27/49 (a) (b) | | | 949,467 | | | | 900,322 | |
Verus Securitization Trust | | | | | | | | |
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b) | | | 959,919 | | | | 934,535 | |
Series 2019-1, Class A1, 3.836% VRN 2/25/59 (a) (b) | | | 2,442,447 | | | | 2,328,452 | |
Series 2019-1, Class A3, 4.040% VRN 2/25/59 (a) (b) | | | 4,480,445 | | | | 4,291,999 | |
| | | | | | | 37,041,096 | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $193,391,122) | | | | | | | 183,610,485 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities — 0.5% | | | | | | | | |
Pass-Through Securities — 0.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #1Q0239, 1 year CMT + 2.217% 3.977% 3/01/37 | | | 199,264 | | | | 208,974 | |
Whole Loans — 0.4% | | | | | | | | |
Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C07, Class 1M1, 1 mo. USD LIBOR + 0.650% | | | | | | | | |
1.597% FRN 5/25/30 | | | 268,368 | | | | 266,850 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust | | | | | | | | |
Series 2018-C03, Class 1M1, 1 mo. USD LIBOR + 0.680% 1.627% FRN 10/25/30 | | | 459,235 | | | | 454,745 | |
Series 2018-C05, Class 1M1, 1 mo. USD LIBOR + 0.720% 1.667% FRN 1/25/31 | | | 607,407 | | | | 603,358 | |
| | | | | | | 1,324,953 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $1,538,414) | | | | | | | 1,533,927 | |
| | | | | | | | |
U.S. Treasury Obligations — 21.5% | | | | | | | | |
U.S. Treasury Bonds & Notes — 21.5% | | | | | | | | |
U.S. Treasury Inflation Index | | | | | | | | |
0.125% 4/15/22 | | | 21,212 | | | | 20,921 | |
0.125% 1/15/23 | | | 189,972 | | | | 187,682 | |
0.125% 10/15/24 | | | 11,360,455 | | | | 11,498,913 | |
0.125% 7/15/26 | | | 3,228,240 | | | | 3,256,878 | |
0.125% 1/15/30 | | | 2,406,120 | | | | 2,477,344 | |
0.250% 1/15/25 | | | 7,187,532 | | | | 7,252,062 | |
0.250% 7/15/29 | | | 7,008,311 | | | | 7,276,639 | |
0.375% 7/15/25 (c) | | | 3,556,746 | | | | 3,627,784 | |
0.375% 7/15/27 | | | 52,723 | | | | 54,214 | |
0.500% 1/15/28 | | | 2,509,680 | | | | 2,613,770 | |
0.625% 4/15/23 | | | 5,633,537 | | | | 5,674,569 | |
0.625% 1/15/26 | | | 2,415,349 | | | | 2,494,761 | |
0.625% 2/15/43 | | | 2,019,438 | | | | 2,216,995 | |
0.750% 7/15/28 | | | 2,234,987 | | | | 2,390,060 | |
0.750% 2/15/45 | | | 1,807,361 | | | | 2,066,344 | |
0.875% 2/15/47 | | | 1,709,680 | | | | 2,035,276 | |
1.000% 2/15/48 | | | 1,830,500 | | | | 2,253,357 | |
1.000% 2/15/49 | | | 1,178,808 | | | | 1,464,540 | |
2.125% 2/15/41 | | | 1,060,065 | | | | 1,475,966 | |
3.375% 4/15/32 | | | 363,295 | | | | 512,777 | |
3.625% 4/15/28 | | | 1,674,509 | | | | 2,154,098 | |
3.875% 4/15/29 | | | 2,039,739 | | | | 2,747,563 | |
| | | | | | | 65,752,513 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $62,985,712) | | | | | | | 65,752,513 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $261,051,941) | | | | | | | 254,428,811 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $1,845,236) | | | | | | | 1,072,161 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $262,897,177) | | | | | | | 255,500,972 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Short-Term Investments — 22.7% | | | | | | |
Commercial Paper — 19.8% | | | | | | |
American Electric Power Co., Inc. | | | | | | | | |
1.830% 5/04/20 (a) | | $ | 3,000,000 | | | $ | 2,990,649 | |
Avangrid, Inc. | | | | | | | | |
1.318% 4/03/20 (a) | | | 4,000,000 | | | | 3,999,142 | |
Boeing Co. | | | | | | | | |
1.680% 6/03/20 (a) | | | 7,000,000 | | | | 6,950,845 | |
Carnival Corp. | | | | | | | | |
1.746% 11/25/20 (a) | | | 4,000,000 | | | | 3,819,688 | |
1.902% 11/25/20 (a) | | | 2,000,000 | | | | 1,909,844 | |
Daimler Finance North America LLC | | | | | | | | |
2.840% 4/07/20 (a) | | | 4,000,000 | | | | 3,997,822 | |
Dupont De Nemours, Inc. | | | | | | | | |
3.043% 4/07/20 (a) | | | 4,000,000 | | | | 3,996,967 | |
Entergy Corp. | | | | | | | | |
1.811% 5/04/20 (a) | | | 3,000,000 | | | | 2,995,345 | |
1.834% 5/01/20 (a) | | | 3,000,000 | | | | 2,995,781 | |
Fmc Tech, Inc. | | | | | | | | |
1.983% 4/08/20 (a) | | | 3,000,000 | | | | 2,998,096 | |
1.984% 4/06/20 (a) | | | 3,000,000 | | | | 2,998,628 | |
1.984% 4/08/20 (a) | | | 1,000,000 | | | | 999,365 | |
General Electric Co. | | | | | | | | |
1.905% 5/04/20 | | | 3,000,000 | | | | 2,990,650 | |
Harley-Davidson, Inc. | | | | | | | | |
2.028% 4/02/20 (a) | | | 4,000,000 | | | | 3,999,639 | |
HP, Inc. | | | | | | | | |
1.830% 4/06/20 (a) | | | 2,000,000 | | | | 1,999,049 | |
National Grid PLC | | | | | | | | |
1.782% 5/27/20 (a) | | | 4,000,000 | | | | 3,979,100 | |
Public Sevice Enterprise Group, Inc. | | | | | | | | |
2.894% 4/20/20 | | | 3,000,000 | | | | 2,994,653 | |
Reckitt Benckiser Treasury Services PLC | | | | | | | | |
2.152% 4/21/20 (a) | | | 1,000,000 | | | | 999,259 | |
Suncor Energy, Inc. | | | | | | | | |
1.915% 4/02/20 (a) | | | 3,000,000 | | | | 2,999,580 | |
| | | | | | | 60,614,102 | |
Repurchase Agreement — 2.9% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (d) | | | 8,882,590 | | | | 8,882,590 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $69,749,541) | | | | | | | 69,496,692 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.0% (Cost $332,646,718) (e) | | | | | | | 324,997,664 | |
Other Assets/(Liabilities) — (6.0)% | | | | | | | (18,514,007 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 306,483,657 | |
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
VRN | Variable Rate Note |
WL | Whole Loan |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $209,410,966 or 68.33% of net assets. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020. |
(c) | A portion of this security is pledged/held as collateral for open derivatives. |
(d) | Maturity value of $8,882,590. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $9,063,757. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
(#) Interest Rate Swaptions Purchased | | | |
| | Paid by Fund | | | Received by Fund | | |
Description | | Counterparty | | Expiration Date | | Rate | | | Frequency | | | Rate | | Frequency | | | Notional Amount | | Value | | | Premium Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Call | | | | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | | 3-Month USD LIBOR BBA | | | | Quarterly | | | 2.44% | | | Semi-Annually | | | USD | 1,967,000 | | | $ | 317,080 | | | $ | 98,335 | | | $ | 218,745 | |
Put | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | | 2.94% | | | | Semi-Annually | | | 3-Month USD LIBOR BBA | | | Quarterly | | | USD | 22,880,000 | | | $ | 502,902 | | | $ | 1,143,840 | | | $ | (640,938 | ) |
10-Year Interest Rate Swap, 2/02/43 | | Credit Suisse International | | 1/31/33 | | | 3.11% | | | | Semi-Annually | | | 3-Month USD LIBOR BBA | | | Quarterly | | | USD | 12,590,000 | | | | 252,179 | | | | 603,061 | | | | (350,882 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | 755,081 | | | | 1,746,901 | | | | (991,820 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 1,072,161 | | | $ | 1,845,236 | | | $ | (773,075 | ) |
Futures contracts |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | |
U.S. Treasury Long Bond | | 6/19/20 | | | 24 | | | $ | 4,116,954 | | | $ | 180,546 | |
U.S. Treasury Note 2 Year | | 6/30/20 | | | 50 | | | | 10,995,737 | | | | 23,404 | |
| | | | | | | | | | | | $ | 203,950 | |
Short | | | | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 6/19/20 | | | 35 | | | $ | (5,242,152 | ) | | $ | (218,942 | ) |
U.S. Treasury Ultra Bond | | 6/19/20 | | | 6 | | | | (1,332,480 | ) | | | 1,230 | |
U.S. Treasury Note 5 Year | | 6/30/20 | | | 38 | | | | (4,738,146 | ) | | | (25,510 | ) |
| | | | | | | | | | | | $ | (243,222 | ) |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | | |
Centrally Cleared Credit Default Swaps- Buy Protection |
Reference Obligation/Index | | Rate Paid by Fund | | | Payment Frequency | | Termination Date | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.IG Series 34† | | | 1.00% | | | Quarterly | | 6/20/25 | | USD | 1,800,000 | | | $ | 11,980 | | | $ | 6,392 | | | $ | 5,588 | |
OTC Interest Rate Swaps |
Paid by the Fund | | Received by the Fund | | |
Rate/ Reference | | Frequency | | | Rate/ Reference | | Frequency | | | Counterparty | Termination Date | | Notional Amount | | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
1.643% | | Maturity | | | U.S. Consumer Price Index | | Maturity | | | Goldman Sachs International | 12/09/21 | | USD | | 11,000,000 | | | $ | (325,171 | ) | | $ | — | | | $ | (325,171 | ) |
1.669% | | Maturity | | | U.S. Consumer Price Index | | Maturity | | | Goldman Sachs International | 11/08/22 | | USD | | 1,920,000 | | | | (70,144 | ) | | | — | | | | (70,144 | ) |
| | | | | | | | | | | | | | | | | | $ | (395,315 | ) | | $ | — | | | $ | (395,315 | ) |
OTC Total Return Swaps |
Paid by the Fund | | Received by the Fund | | | | | | | | | | | | | | |
Rate/ Reference | | Frequency | | No. of Contracts/ Notional | | | | Rate/ Reference | | Frequency | No. of Contracts/ Notional | | | Counterparty | | Termination Date | | Value | | | Upfront Premium Received (Paid)/ Received | | | Unrealized Appreciation (Depreciation) | |
1.77% | | Maturity | | USD | 40,000,000 | | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | 123,929 | | | BNP Paribas SA | | 7/31/20 | | $ | 1,870 | | | $ | — | | | $ | 1,870 | |
1.76% | | Maturity | | USD | 60,000,000 | | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | 186,216 | | | BNP Paribas SA | | 8/31/20 | | | 106,684 | | | | — | | | | 106,684 | |
1.79% | | Maturity | | USD | 50,000,000 | | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | 157,026 | | | Goldman Sachs International | | 5/29/20 | | | 684,726 | | | | — | | | | 684,726 | |
1.79% | | Maturity | | USD | 50,000,000 | | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | 156,349 | | | Goldman Sachs International | | 7/31/20 | | | 466,233 | | | | — | | | | 466,233 | |
1.76% | | Maturity | | USD | 50,000,000 | | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | 155,180 | | | Goldman Sachs International | | 8/31/20 | | | 88,905 | | | | — | | | | 88,905 | |
| | | | | | | | | | | | | | | | | | | | $ | 1,348,418 | | | $ | — | | | $ | 1,348,418 | |
| † | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend |
USD | U.S. Dollar |
MML Managed Bond Fund — Portfolio of Investments |
|
March 31, 2020 (Unaudited) |
|
| | Number of Shares | | | Value |
Equities — 0.3% | | | | |
| | | | |
Preferred Stock — 0.3% | | | | | | | | |
Financial — 0.3% | | | | | | | | |
Insurance — 0.3% | | | | | | | | |
Allstate Corp., 3 mo. USD LIBOR + 3.165% | | | | | | | | |
5.100% VRN 1/15/53 | | | 95,000 | | | $ | 2,314,200 | |
TOTAL PREFERRED STOCK (Cost $2,375,000) | | | | | | | 2,314,200 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $2,375,000) | | | | | | | 2,314,200 | |
| | Principal Amount | | | | | |
Bonds & Notes — 99.5% | | | | | | | | |
| | | | | | | | |
Corporate Debt — 36.4% | | | | | | | | |
Aerospace & Defense — 0.1% | | | | | | | | |
United Technologies Corp. | | | | | | | | |
6.125% 7/15/38 | | $ | 350,000 | | | | 502,966 | |
Agriculture — 0.9% | | | | | | | | |
BAT Capital Corp. | | | | | | | | |
4.758% 9/06/49 | | | 540,000 | | | | 509,841 | |
Bunge Ltd. Finance Corp. | | | | | | | | |
3.250% 8/15/26 | | | 1,179,000 | | | | 1,069,295 | |
4.350% 3/15/24 | | | 1,810,000 | | | | 1,770,000 | |
Imperial Brands Finance PLC | | | | | | | | |
3.875% 7/26/29 (a) | | | 2,764,000 | | | | 2,584,762 | |
Reynolds American, Inc. | | | | | | | | |
4.450% 6/12/25 | | | 1,095,000 | | | | 1,101,540 | |
5.850% 8/15/45 | | | 985,000 | | | | 1,058,037 | |
| | | | | | | 8,093,475 | |
Airlines — 0.2% | | | | | | | | |
American Airlines Pass-Through Trust, Series 2014-1, Class B, | | | | | | | | |
4.375% 4/01/24 | | | 153,361 | | | | 143,575 | |
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | | | | | | | | |
4.100% 10/01/29 | | | 1,495,879 | | | | 1,455,178 | |
United Airlines Pass-Through Trust, Series 2018-1, Class B, | | | | | | | | |
4.600% 9/01/27 | | | 492,202 | | | | 426,399 | |
| | | | | | | 2,025,152 | |
Auto Manufacturers — 1.7% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
3.087% 1/09/23 | | | 1,410,000 | | | | 1,297,200 | |
3.336% 3/18/21 | | | 2,700,000 | | | | 2,591,460 | |
4.140% 2/15/23 | | | 2,760,000 | | | | 2,557,968 | |
4.375% 8/06/23 | | | 2,278,000 | | | | 2,070,930 | |
General Motors Co. | | | | | | | | |
4.200% 10/01/27 | | | 565,000 | | | | 466,860 | |
5.150% 4/01/38 | | | 800,000 | | | | 578,578 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.500% 11/07/24 | | | 2,100,000 | | | | 1,847,696 | |
4.150% 6/19/23 | | | 2,193,000 | | | | 1,994,747 | |
4.200% 11/06/21 | | | 1,216,000 | | | | 1,160,604 | |
Hyundai Capital America | | | | | | | | |
2.850% 11/01/22 (a) | | | 1,705,000 | | | | 1,664,978 | |
| | | | | | | 16,231,021 | |
Banks — 5.4% | | | | | | | | |
Associated Banc-Corp. | | | | | | | | |
4.250% 1/15/25 | | | 2,411,000 | | | | 2,482,975 | |
Bank of America Corp. | | | | | | | | |
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27 | | | 725,000 | | | | 758,659 | |
4.183% 11/25/27 | | | 1,090,000 | | | | 1,126,693 | |
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38 | | | 1,150,000 | | | | 1,322,485 | |
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | | | 475,000 | | | | 513,505 | |
6.110% 1/29/37 | | | 1,550,000 | | | | 1,991,302 | |
7.750% 5/14/38 | | | 400,000 | | | | 590,905 | |
The Bank of Nova Scotia | | | | | | | | |
4.500% 12/16/25 | | | 795,000 | | | | 816,793 | |
3 mo. USD LIBOR + 2.648% 4.650% VRN (b) (c) | | | 3,575,000 | | | | 2,730,406 | |
Barclays Bank PLC | | | | | | | | |
10.179% 6/12/21 (a) | | | 3,351,000 | | | | 3,579,891 | |
Barclays PLC | | | | | | | | |
3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24 | | | 2,085,000 | | | | 1,836,063 | |
4.337% 1/10/28 | | | 1,720,000 | | | | 1,748,440 | |
Citigroup, Inc. | | | | | | | | |
4.125% 7/25/28 | | | 1,725,000 | | | | 1,765,109 | |
Credit Suisse AG | | | | | | | | |
6.500% 8/08/23 (a) | | | 3,069,000 | | | | 3,113,746 | |
Deutsche Bank AG | | | | | | | | |
3.150% 1/22/21 | | | 1,998,000 | | | | 1,951,944 | |
Discover Bank 5 year USD Swap + 1.730% | | | | | | | | |
4.682% VRN 8/09/28 | | | 2,905,000 | | | | 2,957,900 | |
First Republic Bank | | | | | | | | |
4.375% 8/01/46 | | | 4,360,000 | | | | 4,637,440 | |
Fulton Financial Corp. | | | | | | | | |
3.600% 3/16/22 | | | 1,565,000 | | | | 1,576,827 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
4.250% 10/21/25 | | | 550,000 | | | | 566,951 | |
5.950% 1/15/27 | | | 1,410,000 | | | | 1,596,579 | |
6.750% 10/01/37 | | | 1,145,000 | | | | 1,515,710 | |
HSBC Holdings PLC | | | | | | | | |
4.250% 3/14/24 | | | 1,225,000 | | | | 1,257,047 | |
ING Groep NV | | | | | | | | |
3.550% 4/09/24 | | | 1,205,000 | | | | 1,210,816 | |
JP Morgan Chase & Co. | | | | | | | | |
5.600% 7/15/41 | | | 1,125,000 | | | | 1,495,200 | |
Morgan Stanley | | | | | | | | |
4.350% 9/08/26 | | | 3,200,000 | | | | 3,389,667 | |
5.000% 11/24/25 | | | 975,000 | | | | 1,067,367 | |
Truist Bank | | | | | | | | |
2.250% 3/11/30 | | | 1,285,000 | | | | 1,174,944 | |
Valley National Bancorp | | | | | | | | |
5.125% 9/27/23 | | | 1,530,000 | | | | 1,596,882 | |
Wells Fargo & Co. | | | | | | | | |
5.375% 11/02/43 | | | 909,000 | | | | 1,065,592 | |
| | | | | | | 51,437,838 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Beverages — 0.5% | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.900% 2/01/46 | | $ | 3,475,000 | | | $ | 3,784,844 | |
Molson Coors Beverage Co. | | | | | | | | |
4.200% 7/15/46 | | | 1,124,000 | | | | 1,004,748 | |
5.000% 5/01/42 | | | 360,000 | | | | 349,011 | |
| | | | | | | 5,138,603 | |
Building Materials — 0.1% | | | | | | | | |
Standard Industries, Inc. | | | | | | | | |
5.500% 2/15/23 (a) | | | 545,000 | | | | 525,925 | |
Chemicals — 1.1% | | | | | | | | |
DuPont de Nemours, Inc. | | | | | | | | |
5.319% 11/15/38 | | | 1,750,000 | | | | 1,965,626 | |
Huntsman International LLC | | | | | | | | |
5.125% 11/15/22 | | | 1,000,000 | | | | 1,025,000 | |
Syngenta Finance NV | | | | | | | | |
3.698% 4/24/20 (a) | | | 1,870,000 | | | | 1,866,403 | |
4.441% 4/24/23 (a) | | | 2,065,000 | | | | 1,945,309 | |
Yara International ASA | | | | | | | | |
4.750% 6/01/28 (a) | | | 3,328,000 | | | | 3,356,281 | |
| | | | | | | 10,158,619 | |
Commercial Services — 0.0% | | | | | | | | |
ERAC USA Finance LLC | | | | | | | | |
6.700% 6/01/34 (a) | | | 125,000 | | | | 161,974 | |
Computers — 0.8% | | | | | | | | |
Dell International LLC/EMC Corp. | | | | | | | | |
6.020% 6/15/26 (a) | | | 2,702,000 | | | | 2,788,685 | |
Genpact Luxembourg Sarl | | | | | | | | |
3.375% 12/01/24 | | | 2,660,000 | | | | 2,670,924 | |
3.700% STEP 4/01/22 | | | 2,400,000 | | | | 2,443,136 | |
| | | | | | | 7,902,745 | |
Diversified Financial Services — 2.8% | | | | | | | | |
Aircastle Ltd. | | | | | | | | |
4.400% 9/25/23 | | | 3,095,000 | | | | 2,959,794 | |
5.000% 4/01/23 | | | 1,750,000 | | | | 1,708,529 | |
Ameriprise Financial, Inc. | | | | | | | | |
3.000% 4/02/25 (d) | | | 875,000 | | | | 871,299 | |
Antares Holdings LP | | | | | | | | |
6.000% 8/15/23 (a) | | | 2,945,000 | | | | 3,033,357 | |
Ares Finance Co. LLC | | | | | | | | |
4.000% 10/08/24 (a) | | | 2,080,000 | | | | 2,055,008 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
3.250% 2/15/27 (a) | | | 1,365,000 | | | | 1,070,478 | |
Brookfield Finance, Inc. | | | | | | | | |
4.850% 3/29/29 | | | 1,752,000 | | | | 1,858,742 | |
GE Capital International Funding Co. Unlimited Co. | | | | | | | | |
4.418% 11/15/35 | | | 335,000 | | | | 357,472 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (a) | | | 1,350,000 | | | | 869,400 | |
Lazard Group LLC | | | | | | | | |
3.625% 3/01/27 | | | 1,253,000 | | | | 1,255,954 | |
3.750% 2/13/25 | | | 800,000 | | | | 788,986 | |
4.500% 9/19/28 | | | 755,000 | | | | 756,957 | |
LeasePlan Corp. NV | | | | | | | | |
2.875% 10/24/24 (a) | | | 1,535,000 | | | | 1,503,650 | |
Legg Mason, Inc. | | | | | | | | |
5.625% 1/15/44 | | | 1,195,000 | | | | 1,269,295 | |
Park Aerospace Holdings Ltd. | | | | | | | | |
4.500% 3/15/23 (a) | | | 1,550,000 | | | | 1,344,540 | |
5.250% 8/15/22 (a) | | | 5,055,000 | | | | 4,567,779 | |
5.500% 2/15/24 (a) | | | 545,000 | | | | 468,973 | |
| | | | | | | 26,740,213 | |
Electric — 1.8% | | | | | | | | |
Appalachian Power Co. | | | | | | | | |
4.500% 3/01/49 | | | 1,250,000 | | | | 1,301,357 | |
Avangrid, Inc. | | | | | | | | |
3.800% 6/01/29 | | | 1,675,000 | | | | 1,712,712 | |
CMS Energy Corp. | | | | | | | | |
4.875% 3/01/44 | | | 780,000 | | | | 842,253 | |
Duke Energy Corp. | | | | | | | | |
3.750% 9/01/46 | | | 635,000 | | | | 607,906 | |
Entergy Louisiana LLC | | | | | | | | |
4.950% 1/15/45 | | | 1,005,000 | | | | 1,062,309 | |
Infraestructura Energetica Nova SAB de CV | | | | | | | | |
3.750% 1/14/28 (a) | | | 820,000 | | | | 713,400 | |
IPALCO Enterprises, Inc. | | | | | | | | |
3.450% 7/15/20 | | | 3,410,000 | | | | 3,409,487 | |
3.700% 9/01/24 | | | 1,060,000 | | | | 1,098,562 | |
Nevada Power Co. | | | | | | | | |
6.650% 4/01/36 | | | 550,000 | | | | 726,935 | |
Oncor Electric Delivery Co. | | | | | | | | |
7.500% 9/01/38 | | | 495,000 | | | | 754,223 | |
Pennsylvania Electric Co. | | | | | | | | |
4.150% 4/15/25 (a) | | | 1,860,000 | | | | 1,842,842 | |
Potomac Electric Power Co. | | | | | | | | |
4.150% 3/15/43 | | | 700,000 | | | | 765,111 | |
Southwestern Electric Power Co. | | | | | | | | |
6.200% 3/15/40 | | | 300,000 | | | | 396,145 | |
Xcel Energy, Inc. | | | | | | | | |
6.500% 7/01/36 | | | 1,250,000 | | | | 1,631,231 | |
| | | | | | | 16,864,473 | |
Foods — 0.4% | | | | | | | | |
Ingredion, Inc. | | | | | | | | |
3.200% 10/01/26 | | | 638,000 | | | | 683,841 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
5.500% 1/15/30 (a) | | | 776,000 | | | | 801,220 | |
Kraft Heinz Foods Co. | | | | | | | | |
3.950% 7/15/25 | | | 984,000 | | | | 979,264 | |
Mars, Inc. | | | | | | | | |
3.950% 4/01/49 (a) | | | 1,510,000 | | | | 1,636,047 | |
| | | | | | | 4,100,372 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Forest Products & Paper — 0.1% | | | | | | | | |
Fibria Overseas Finance Ltd. | | | | | | | | |
4.000% 1/14/25 | | $ | 1,250,000 | | | $ | 1,154,388 | |
Gas — 0.4% | | | | | | | | |
CenterPoint Energy Resources Corp. | | | | | | | | |
6.625% 11/01/37 | | | 1,250,000 | | | | 1,737,944 | |
NiSource, Inc. | | | | | | | | |
4.800% 2/15/44 | | | 1,035,000 | | | | 1,044,485 | |
5.800% 2/01/42 | | | 950,000 | | | | 1,056,383 | |
| | | | | | | 3,838,812 | |
Health Care – Services — 0.2% | | | | | | | | |
City of Hope | | | | | | | | |
4.378% 8/15/48 | | | 1,050,000 | | | | 1,254,024 | |
Humana, Inc. | | | | | | | | |
4.800% 3/15/47 | | | 830,000 | | | | 924,891 | |
| | | | | | | 2,178,915 | |
Housewares — 0.3% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
3.850% STEP 4/01/23 | | | 2,982,000 | | | | 3,026,578 | |
| | | | | | | | |
Insurance — 4.8% | | | | | | | | |
Allstate Corp. 3 mo. USD LIBOR + 2.938% | | | | | | | | |
5.750% VRN 8/15/53 | | | 4,260,000 | | | | 3,791,400 | |
American International Group, Inc. | | | | | | | | |
4.200% 4/01/28 | | | 1,025,000 | | | | 1,056,174 | |
4.500% 7/16/44 | | | 725,000 | | | | 735,191 | |
4.750% 4/01/48 | | | 505,000 | | | | 532,955 | |
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48 | | | 2,860,000 | | | | 2,503,072 | |
AmTrust Financial Services, Inc. | | | | | | | | |
6.125% 8/15/23 | | | 3,370,000 | | | | 3,328,522 | |
Arch Capital Group US, Inc. | | | | | | | | |
5.144% 11/01/43 | | | 540,000 | | | | 664,995 | |
Athene Global Funding | | | | | | | | |
2.500% 1/14/25 (a) | | | 2,780,000 | | | | 2,618,641 | |
Athene Holding Ltd. | | | | | | | | |
4.125% 1/12/28 | | | 6,228,000 | | | | 5,624,526 | |
6.150% 4/03/30 (d) | | | 200,000 | | | | 199,616 | |
AXIS Specialty Finance LLC | | | | | | | | |
3.900% 7/15/29 | | | 885,000 | | | | 916,035 | |
5 year CMT + 3.186% 4.900% VRN 1/15/40 | | | 1,315,000 | | | | 1,130,900 | |
AXIS Specialty Finance PLC | | | | | | | | |
4.000% 12/06/27 | | | 2,500,000 | | | | 2,620,307 | |
Brown & Brown, Inc. | | | | | | | | |
4.200% 9/15/24 | | | 1,132,000 | | | | 1,193,871 | |
CNO Financial Group, Inc. | | | | | | | | |
5.250% 5/30/25 | | | 2,621,000 | | | | 2,727,477 | |
Enstar Group Ltd. | | | | | | | | |
4.500% 3/10/22 | | | 920,000 | | | | 917,633 | |
4.950% 6/01/29 | | | 1,600,000 | | | | 1,506,913 | |
Markel Corp. | | | | | | | | |
3.350% 9/17/29 | | | 585,000 | | | | 551,685 | |
The Progressive Corp. | | | | | | | | |
3.950% 3/26/50 | | | 180,000 | | | | 210,202 | |
3 mo. USD LIBOR + 2.539% 5.375% VRN (b) | | | 1,625,000 | | | | 1,375,595 | |
Prudential Financial, Inc. | | | | | | | | |
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | | | 1,025,000 | | | | 963,193 | |
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (c) | | | 2,440,000 | | | | 2,257,000 | |
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42 | | | 550,000 | | | | 533,500 | |
USF&G Capital I | | | | | | | | |
8.500% 12/15/45 (a) | | | 885,000 | | | | 1,313,536 | |
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084% | | | | | | | | |
4.700% VRN 1/23/48 | | | 1,080,000 | | | | 885,600 | |
Willis North America, Inc. | | | | | | | | |
2.950% 9/15/29 | | | 905,000 | | | | 859,289 | |
4.500% 9/15/28 | | | 1,965,000 | | | | 2,158,891 | |
XLIT Ltd. | | | | | | | | |
4.450% 3/31/25 | | | 2,250,000 | | | | 2,323,654 | |
| | | | | | | 45,500,373 | |
Internet — 0.2% | | | | | | | | |
Amazon.com, Inc. | | | | | | | | |
4.050% 8/22/47 | | | 1,340,000 | | | | 1,745,924 | |
Investment Companies — 1.2% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
3.500% 2/10/23 | | | 2,600,000 | | | | 2,323,621 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 2,910,000 | | | | 2,678,124 | |
4.125% 8/11/22 | | | 2,870,000 | | | | 2,944,159 | |
TPG Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 3,575,000 | | | | 3,153,672 | |
| | | | | | | 11,099,576 | |
Iron & Steel — 0.2% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.250% 8/10/26 | | | 1,250,000 | | | | 1,350,025 | |
6.875% 11/21/36 | | | 630,000 | | | | 699,621 | |
| | | | | | | 2,049,646 | |
Machinery – Diversified — 0.2% | | | | | | | | |
CNH Industrial Capital LLC | | | | | | | | |
3.875% 10/15/21 | | | 2,280,000 | | | | 2,268,091 | |
Media — 1.1% | | | | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
6.484% 10/23/45 | | | 735,000 | | | | 886,645 | |
Comcast Corp. | | | | | | | | |
3.400% 7/15/46 | | | 645,000 | | | | 696,921 | |
3.450% 2/01/50 | | | 1,340,000 | | | | 1,468,110 | |
3.969% 11/01/47 | | | 630,000 | | | | 716,501 | |
4.750% 3/01/44 | | | 880,000 | | | | 1,117,549 | |
6.950% 8/15/37 | | | 265,000 | | | | 412,080 | |
Discovery Communications LLC | | | | | | | | |
3.950% 3/20/28 | | | 1,052,000 | | | | 1,031,301 | |
5.000% 9/20/37 | | | 995,000 | | | | 966,432 | |
Grupo Televisa SAB | | | | | | | | |
6.625% 3/18/25 | | | 2,196,000 | | | | 2,417,054 | |
Time Warner Cable, Inc. | | | | | | | | |
6.750% 6/15/39 | | | 985,000 | | | | 1,115,406 | |
| | | | | | | 10,827,999 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Mining — 1.1% | | | | | | | | |
Glencore Finance Canada Ltd. | | | | | | | | |
5.550% STEP 10/25/42 (a) | | $ | 894,000 | | | $ | 717,943 | |
Glencore Funding LLC | | | | | | | | |
3.875% 10/27/27 (a) | | | 975,000 | | | | 869,541 | |
4.000% 4/16/25 (a) | | | 2,150,000 | | | | 2,083,291 | |
4.625% 4/29/24 (a) | | | 3,065,000 | | | | 2,802,942 | |
Kinross Gold Corp. | | | | | | | | |
4.500% 7/15/27 | | | 470,000 | | | | 442,369 | |
5.125% 9/01/21 | | | 2,495,000 | | | | 2,501,238 | |
Teck Resources Ltd. | | | | | | | | |
6.000% 8/15/40 | | | 850,000 | | | | 728,688 | |
| | | | | | | 10,146,012 | |
Miscellaneous - Manufacturing — 0.2% | | | | | | | | |
Carlisle Cos., Inc. | | | | | | | | |
2.750% 3/01/30 | | | 1,155,000 | | | | 1,008,170 | |
General Electric Co. | | | | | | | | |
6.875% 1/10/39 | | | 298,000 | | | | 368,653 | |
4.125% 10/09/42 | | | 113,000 | | | | 106,679 | |
| | | | | | | 1,483,502 | |
Oil & Gas — 1.7% | | | | | | | | |
Cenovus Energy, Inc. | | | | | | | | |
4.250% 4/15/27 | | | 1,125,000 | | | | 550,899 | |
6.750% 11/15/39 | | | 550,000 | | | | 266,377 | |
Diamondback Energy, Inc. | | | | | | | | |
3.250% 12/01/26 | | | 1,105,000 | | | | 779,646 | |
EQT Corp. | | | | | | | | |
3.000% 10/01/22 | | | 1,550,000 | | | | 1,294,250 | |
3.900% 10/01/27 | | | 4,510,000 | | | | 3,110,547 | |
6.125% STEP 2/01/25 | | | 1,725,000 | | | | 1,328,422 | |
Marathon Petroleum Corp. | | | | | | | | |
4.500% 4/01/48 | | | 510,000 | | | | 367,659 | |
6.500% 3/01/41 | | | 1,120,000 | | | | 1,038,489 | |
Newfield Exploration Co. | | | | | | | | |
5.375% 1/01/26 | | | 1,650,000 | | | | 861,779 | |
5.625% 7/01/24 | | | 975,000 | | | | 523,226 | |
5.750% 1/30/22 | | | 1,904,000 | | | | 1,296,304 | |
Occidental Petroleum Corp. | | | | | | | | |
6.600% 3/15/46 | | | 1,258,000 | | | | 587,098 | |
Ovintiv, Inc. | | | | | | | | |
6.500% 2/01/38 | | | 545,000 | | | | 236,661 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 1,680,000 | | | | 658,800 | |
Petroleos Mexicanos | | | | | | | | |
5.350% 2/12/28 | | | 665,000 | | | | 463,844 | |
6.375% 1/23/45 | | | 595,000 | | | | 376,278 | |
6.500% 3/13/27 | | | 585,000 | | | | 431,549 | |
6.625% 6/15/35 | | | 140,000 | | | | 95,956 | |
Saudi Arabian Oil Co. | | | | | | | | |
4.250% 4/16/39 (a) | | | 2,075,000 | | | | 2,054,435 | |
| | | | | | | 16,322,219 | |
Oil & Gas Services — 0.2% | | | | | | | | |
National Oilwell Varco, Inc. | | | | | | | | |
3.600% 12/01/29 | | | 1,270,000 | | | | 948,076 | |
3.950% 12/01/42 | | | 1,506,000 | | | | 943,344 | |
| | | | | | | 1,891,420 | |
Packaging & Containers — 0.3% | | | | | | | | |
Amcor Finance USA, Inc. | | | | | | | | |
3.625% 4/28/26 (a) | | | 3,105,000 | | | | 3,226,621 | |
Pharmaceuticals — 1.8% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.050% 11/21/39 (a) | | | 1,045,000 | | | | 1,074,896 | |
4.700% 5/14/45 | | | 1,260,000 | | | | 1,415,220 | |
Allergan Funding SCS | | | | | | | | |
3.800% 3/15/25 | | | 1,375,000 | | | | 1,407,786 | |
Becton Dickinson and Co. | | | | | | | | |
4.685% 12/15/44 | | | 825,000 | | | | 866,910 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 (a) | | | 830,000 | | | | 1,045,196 | |
Cigna Corp. | | | | | | | | |
4.800% 7/15/46 (a) | | | 880,000 | | | | 1,040,777 | |
CVS Health Corp. | | | | | | | | |
4.300% 3/25/28 | | | 425,000 | | | | 454,598 | |
5.050% 3/25/48 | | | 1,255,000 | | | | 1,433,873 | |
6.125% 9/15/39 | | | 560,000 | | | | 702,173 | |
CVS Pass-Through Trust | | | | | | | | |
5.926% 1/10/34 (a) | | | 1,074,464 | | | | 1,224,850 | |
7.507% 1/10/32 (a) | | | 921,179 | | | | 1,196,971 | |
McKesson Corp. | | | | | | | | |
6.000% 3/01/41 | | | 550,000 | | | | 699,741 | |
Mylan NV | | | | | | | | |
3.950% 6/15/26 | | | 2,230,000 | | | | 2,200,650 | |
5.250% 6/15/46 | | | 1,375,000 | | | | 1,312,138 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
2.200% 7/21/21 | | | 724,000 | | | | 691,550 | |
| | | | | | | 16,767,329 | |
Pipelines — 1.7% | | | | | | | | |
Cheniere Energy Partners LP | | | | | | | | |
4.500% 10/01/29 (a) | | | 1,120,000 | | | | 974,400 | |
Energy Transfer Operating LP | | | | | | | | |
4.200% 4/15/27 | | | 1,085,000 | | | | 874,433 | |
5.875% 1/15/24 | | | 1,150,000 | | | | 1,085,970 | |
6.125% 12/15/45 | | | 1,000,000 | | | | 892,820 | |
3 mo. USD LIBOR + 4.028% 6.250% VRN (b) | | | 2,370,000 | | | | 1,185,000 | |
EnLink Midstream Partners LP | | | | | | | | |
4.150% 6/01/25 | | | 2,924,000 | | | | 1,417,263 | |
4.850% 7/15/26 | | | 951,000 | | | | 467,607 | |
Enterprise Products Operating LLC | | | | | | | | |
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77 | | | 575,000 | | | | 393,875 | |
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78 | | | 1,205,000 | | | | 843,500 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 7/15/23 | | | 2,325,000 | | | | 1,682,602 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
MPLX LP | | | | | | | | |
4.500% 4/15/38 | | $ | 595,000 | | | $ | 464,602 | |
6.250% 10/15/22 (a) | | | 652,000 | | | | 586,945 | |
3 mo. USD LIBOR + 4.652% 6.875% VRN (b) | | | 1,775,000 | | | | 1,082,750 | |
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% | | | | | | | | |
6.125% VRN (b) | | | 2,345,000 | | | | 1,172,500 | |
Plains All American Pipeline LP/PAA Finance Corp. | | | | | | | | |
4.500% 12/15/26 | | | 1,642,000 | | | | 1,273,733 | |
4.700% 6/15/44 | | | 1,195,000 | | | | 785,843 | |
Sunoco Logistics Partners Operations LP | | | | | | | | |
5.300% 4/01/44 | | | 525,000 | | | | 412,844 | |
Western Midstream Operating LP | | | | | | | | |
4.500% 3/01/28 | | | 655,000 | | | | 314,325 | |
| | | | | | | 15,911,012 | |
Private Equity — 0.6% | | | | | | | | |
Apollo Management Holdings LP 5 year CMT + 3.266% | | | | | | | | |
4.950% VRN 1/14/50 (a) | | | 805,000 | | | | 725,177 | |
Carlyle Finance Subsidiary LLC | | | | | | | | |
3.500% 9/19/29 (a) | | | 1,100,000 | | | | 984,734 | |
Hercules Capital, Inc. | | | | | | | | |
4.625% 10/23/22 | | | 2,910,000 | | | | 2,771,991 | |
KKR Group Finance Co. VI LLC | | | | | | | | |
3.750% 7/01/29 (a) | | | 1,260,000 | | | | 1,256,037 | |
| | | | | | | 5,737,939 | |
Real Estate Investment Trusts (REITS) — 1.8% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | | | | | | |
2.750% 12/15/29 | | | 845,000 | | | | 740,360 | |
American Tower Trust #1 | | | | | | | | |
3.652% 3/15/48 (a) | | | 1,910,000 | | | | 1,855,663 | |
Crown Castle International Corp. | | | | | | | | |
5.200% 2/15/49 | | | 589,000 | | | | 652,619 | |
Healthcare Trust of America Holdings LP | | | | | | | | |
3.500% 8/01/26 | | | 1,515,000 | | | | 1,497,936 | |
Service Properties Trust | | | | | | | | |
4.500% 6/15/23 | | | 760,000 | | | | 570,898 | |
4.950% 10/01/29 | | | 1,155,000 | | | | 1,000,238 | |
Spirit Realty LP | | | | | | | | |
3.200% 1/15/27 | | | 1,480,000 | | | | 1,344,719 | |
3.400% 1/15/30 | | | 515,000 | | | | 442,507 | |
4.000% 7/15/29 | | | 820,000 | | | | 801,293 | |
Store Capital Corp. | | | | | | | | |
4.625% 3/15/29 | | | 1,480,000 | | | | 1,402,838 | |
Tanger Properties LP | | | | | | | | |
3.875% 12/01/23 | | | 1,448,000 | | | | 1,508,678 | |
UDR, Inc. | | | | | | | | |
3.200% 1/15/30 | | | 805,000 | | | | 792,151 | |
Vereit Operating Partnership LP | | | | | | | | |
3.100% 12/15/29 | | | 2,790,000 | | | | 2,409,113 | |
4.625% 11/01/25 | | | 2,260,000 | | | | 2,109,120 | |
| | | | | | | 17,128,133 | |
Retail — 0.3% | | | | | | | | |
El Puerto de Liverpool SAB de CV | | | | | | | | |
3.950% 10/02/24 (a) | | | 2,620,000 | | | | 2,546,666 | |
Semiconductors — 0.2% | | | | | | | | |
KLA Corp. | | | | | | | | |
3.300% 3/01/50 | | | 1,215,000 | | | | 1,138,308 | |
Microchip Technology, Inc. | | | | | | | | |
3.922% 6/01/21 | | | 985,000 | | | | 959,769 | |
| | | | | | | 2,098,077 | |
Software — 0.4% | | | | | | | | |
Broadridge Financial Solutions, Inc. | | | | | | | | |
2.900% 12/01/29 | | | 1,210,000 | | | | 1,144,531 | |
Microsoft Corp. | | | | | | | | |
4.450% 11/03/45 | | | 2,064,000 | | | | 2,714,123 | |
| | | | | | | 3,858,654 | |
Telecommunications — 1.3% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
4.750% 5/15/46 | | | 2,830,000 | | | | 3,129,755 | |
5.250% 3/01/37 | | | 1,273,000 | | | | 1,485,197 | |
6.250% 3/29/41 | | | 210,000 | | | | 258,877 | |
Crown Castle Towers LLC | | | | | | | | |
3.222% 5/15/42 (a) | | | 1,700,000 | | | | 1,700,628 | |
4.241% 7/15/48 (a) | | | 2,750,000 | | | | 2,780,339 | |
Embarq Corp. | | | | | | | | |
7.995% 6/01/36 | | | 145,000 | | | | 143,550 | |
Qwest Corp | | | | | | | | |
6.750% 12/01/21 | | | 725,000 | | | | 751,317 | |
Telefonica Emisiones SAU | | | | | | | | |
4.665% 3/06/38 | | | 1,105,000 | | | | 1,151,438 | |
Verizon Communications, Inc. | | | | | | | | |
4.000% 3/22/50 | | | 65,000 | | | | 76,871 | |
6.550% 9/15/43 | | | 885,000 | | | | 1,107,236 | |
| | | | | | | 12,585,208 | |
Transportation — 0.3% | | | | | | | | |
Autoridad del Canal de Panama | | | | | | | | |
4.950% 7/29/35 (a) | | | 1,050,000 | | | | 1,202,250 | |
CSX Corp. | | | | | | | | |
4.750% 11/15/48 | | | 650,000 | | | | 748,291 | |
Pacific National Finance Pty Ltd. | | | | | | | | |
4.625% 9/23/20 (a) | | | 610,000 | | | | 616,930 | |
| | | | | | | 2,567,471 | |
TOTAL CORPORATE DEBT (Cost $367,260,638) | | | | | | | 345,843,941 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Municipal Obligations — 0.6% | | | | | | | | |
JobsOhio Beverage System Series B, Revenue Bonds | | | | | | | | |
4.532% 1/01/35 | | $ | 1,950,000 | | | $ | 2,334,716 | |
New York City Water & Sewer System, Revenue Bonds | | | | | | | | |
5.882% 6/15/44 | | | 105,000 | | | | 156,623 | |
Orange County Local Transportation Authority BAB, Revenue Bonds | | | | | | | | |
6.908% 2/15/41 | | | 1,350,000 | | | | 1,983,582 | |
State of California BAB, General Obligation | | | | | | | | |
7.550% 4/01/39 | | | 920,000 | | | | 1,492,884 | |
| | | | | | | 5,967,805 | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $5,405,636) | | | | 5,967,805 | |
| | | | | | | | |
Non-U.S. Government Agency Obligations — 34.1% | | | | | | | | |
Automobile ABS — 1.4% | | | | | | | | |
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C | | | | | | | | |
4.530% 3/20/23 (a) | | | 1,271,000 | | | | 1,252,811 | |
Carmax Auto Owner Trust, Series 2019-3, Class D | | | | | | | | |
2.850% 1/15/26 | | | 1,974,000 | | | | 1,860,218 | |
Carvana Auto Receivables Trust, Series 2019-4A, Class D | | | | | | | | |
3.070% 7/15/25 (a) | | | 1,625,000 | | | | 1,587,391 | |
Hertz Vehicle Financing LP | | | | | | | | |
Series 2019-3A, Class B, 3.030% 12/26/25 (a) | | | 2,293,000 | | | | 2,275,376 | |
Series 2018-1A, Class B, 3.600% 2/25/24 (a) | | | 2,310,000 | | | | 2,347,229 | |
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B | | | | | | | | |
3.950% 11/14/28 (a) | | | 1,774,000 | | | | 1,749,037 | |
Santander Revolving Auto Loan Trust | | | | | | | | |
Series 2019-A, Class B, 2.800% 1/26/32 (a) | | | 856,000 | | | | 841,098 | |
Series 2019-A, Class C, 3.000% 1/26/32 (a) | | | 561,000 | | | | 551,197 | |
Series 2019-A, Class D, 3.450% 1/26/32 (a) | | | 1,087,000 | | | | 1,067,885 | |
| | | | | | | 13,532,242 | |
Commercial MBS — 5.3% | | | | | | | | |
Aventura Mall Trust, Series 2018-AVM, Class C, | | | | | | | | |
4.112% VRN 7/05/40 (a) (e) | | | 4,270,000 | | | | 4,964,298 | |
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% | | | | | | | | |
2.055% FRN 9/15/34 (a) | | | 670,000 | | | | 551,233 | |
BANK | | | | | | | | |
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (e) | | | 441,000 | | | | 409,021 | |
Series 2019-BN16, Class AS, 4.267% 2/15/52 | | | 665,833 | | | | 694,076 | |
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (e) | | | 547,420 | | | | 520,345 | |
BBCMS Mortgage Trust | | | | | | | | |
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (e) | | | 2,250,000 | | | | 1,998,242 | |
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (e) | | | 1,610,000 | | | | 1,361,142 | |
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (e) | | | 1,370,000 | | | | 1,079,879 | |
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, 5.438% VRN 1/12/45 (e) | | | 366,073 | | | | 358,139 | |
BHMS Mortgage Trust | | | | | | | | |
Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (a) | | | 4,450,000 | | | | 3,715,364 | |
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (a) | | | 4,950,000 | | | | 3,959,461 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2018-IND, Class B, 1 mo. USD LIBOR + .900% 1.605% FRN 11/15/35 (a) | | | 735,000 | | | | 683,546 | |
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36 (a) | | | 4,117,000 | | | | 3,622,857 | |
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a) | | | 1,876,000 | | | | 1,711,841 | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (a) | | | 1,651,888 | | | | 1,445,362 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a) | | | 1,994,876 | | | | 1,715,535 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.455% FRN 12/15/37 (a) | | | 898,516 | | | | 777,788 | |
Century Plaza Towers | | | | | | | | |
Series 2019-CPT, Class D, 2.997% VRN 11/13/39 (a) (e) | | | 982,000 | | | | 897,711 | |
Series 2019-CPT, Class E, 2.997% VRN 11/13/39 (a) (e) | | | 1,556,000 | | | | 1,306,920 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2012-CR4, Class B, 3.703% 10/15/45 (a) | | | 1,060,000 | | | | 965,166 | |
Series 2014-UBS2, Class AM, 4.199% 3/10/47 | | | 1,375,000 | | | | 1,406,983 | |
Series 2015-CR23, Class C, 4.304% VRN 5/10/48 (e) | | | 1,000,000 | | | | 919,050 | |
Series 2014-LC17, Class C, 4.572% VRN 10/10/47 (e) | | | 2,908,000 | | | | 2,746,828 | |
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.513% VRN 7/10/38 (e) | | | 475,390 | | | | 473,196 | |
Jackson Park Trust, Series 2019-LIC, Class C, | | | | | | | | |
3.131% VRN 10/14/39 (a) (e) | | | 2,300,000 | | | | 2,112,008 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
2.505% FRN 5/15/36 (a) | | | 1,505,000 | | | | 1,174,631 | |
MFT Trust | | | | | | | | |
Series 2020-ABC, Class A, 3.358% 2/06/30 (a) | | | 919,000 | | | | 906,215 | |
Series 2020-ABC, Class B, 3.477% VRN 2/06/30 (a) (e) | | | 1,003,000 | | | | 929,258 | |
MKT Mortgage Trust | | | | | | | | |
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (e) | | | 475,000 | | | | 417,592 | |
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (e) | | | 976,000 | | | | 812,020 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 2019-L2, Class AS, 4.272% 3/15/52 | | | 1,950,000 | | | | 2,030,702 | |
Series 2018-H3, Class B, 4.620% VRN 7/15/51 (e) | | | 760,000 | | | | 734,539 | |
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (e) | | | 1,325,000 | | | | 1,318,400 | |
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (e) | | | 37,241 | | | | 37,193 | |
Wells Fargo Commercial Mortgage Trust | | | | | | | | |
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (e) | | | 1,450,000 | | | | 1,516,777 | |
Series 2018-C45, Class B, 4.556% 6/15/51 | | | 400,000 | | | | 386,179 | |
| | | | | | | 50,659,497 | |
Other ABS — 15.1% | | | | | | | | |
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (a) | | | 1,931,799 | | | | 2,011,635 | |
AASET Trust | | | | | | | | |
Series 2020-1A, Class A, 3.351% 1/16/40 (a) | | | 1,563,292 | | | | 1,120,499 | |
Series 2019-1, Class A, 3.844% 5/15/39 (a) | | | 1,698,020 | | | | 1,279,297 | |
AASET US Ltd., Series 2018-2A, Class A | | | | | | | | |
4.454% 11/18/38 (a) | | | 1,508,264 | | | | 1,197,607 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A | | | | | | | | |
4.810% 11/15/48 (a) | | | 1,944,917 | | | | 1,939,473 | |
AIMCO CLO, Series 2019-10A, Class C, 3 mo. USD LIBOR + 2.450% | | | | | | | | |
4.252% FRN 7/22/32 (a) | | | 2,000,000 | | | | 1,645,082 | |
Allegro CLO X Ltd., Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
4.569% FRN 4/20/32 (a) | | | 2,200,000 | | | | 1,825,496 | |
Arbys Funding LLC, Series 2015-1A, Class A2 | | | | | | | | |
4.969% 10/30/45 (a) | | | 1,819,250 | | | | 1,749,080 | |
Ascentium Equipment Receivables Trust | | | | | | | | |
Series 2018-2A, Class D, 4.150% 7/10/24 (a) | | | 2,473,000 | | | | 2,481,869 | |
Series 2019-1A, Class E, 4.310% 4/12/27 (a) | | | 1,251,000 | | | | 1,261,378 | |
Assurant CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
4.069% FRN 10/20/31 (a) | | | 820,000 | | | | 666,554 | |
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
3.556% FRN 1/23/31 (a) | | | 1,190,000 | | | | 1,069,210 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600% | | | | | | | | |
5.431% FRN 1/15/28 (a) | | $ | 1,000,000 | | | $ | 828,325 | |
Ballyrock CLO 2019-2 Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.100% | | | | | | | | |
5.998% FRN 11/20/30 (a) | | | 400,000 | | | | 324,319 | |
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
5.331% FRN 1/15/29 (a) | | | 500,000 | | | | 404,247 | |
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950% | | | | | | | | |
3.859% FRN 10/15/32 (a) | | | 500,000 | | | | 430,376 | |
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | | | | | | | | |
2.940% 5/25/29 (a) | | | 574,979 | | | | 576,084 | |
CAL Funding II Ltd., Series 2018-2A, Class A | | | | | | | | |
4.340% 9/25/43 (a) | | | 1,292,000 | | | | 1,270,102 | |
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
4.838% FRN 10/15/32 (a) | | | 250,000 | | | | 207,182 | |
Capital Automotive REIT | | | | | | | | |
Series 2014-1A, Class A, 3.660% 10/15/44 (a) | | | 857,891 | | | | 841,307 | |
Series 2017-1A, Class A2, 4.180% 4/15/47 (a) | | | 943,467 | | | | 939,098 | |
Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850% | | | | | | | | |
4.645% FRN 7/28/28 (a) | | | 330,000 | | | | 265,030 | |
CARS-DB4 LP | | | | | | | | |
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | | | 506,425 | | | | 490,599 | |
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | | | 398,000 | | | | 370,140 | |
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A | | | | | | | | |
3.967% 4/15/39 (a) | | | 1,346,205 | | | | 941,847 | |
Castlelake Aircraft Structured Trust, Series 2018-1, Class A | | | | | | | | |
4.125% 6/15/43 (a) | | | 1,411,525 | | | | 1,025,781 | |
CBAM Ltd. | | | | | | | | |
Series 2019-10A, Class B, 3 mo. USD LIBOR + 2.050% 3.869% FRN 4/20/32 (a) | | | 1,900,000 | | | | 1,699,261 | |
Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% 3.931% FRN 1/15/31 (a) | | | 900,000 | | | | 818,204 | |
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% | | | | | | | | |
3.016% FRN 11/16/30 (a) | | | 2,330,000 | | | | 2,205,890 | |
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200% | | | | | | | | |
3.019% FRN 10/20/30 (a) | | | 2,040,000 | | | | 1,927,404 | |
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460% | | | | | | | | |
1.407% FRN 9/25/34 | | | 10,860 | | | | 8,940 | |
Cronos Containers Program Ltd., Series 2014-2A, Class A | | | | | | | | |
3.270% 11/18/29 (a) | | | 244,444 | | | | 238,921 | |
DB Master Finance LLC, Series 2019-1A, Class A23 | | | | | | | | |
4.352% 5/20/49 (a) | | | 1,546,315 | | | | 1,378,529 | |
Domino's Pizza Master Issuer LLC | | | | | | | | |
Series 2019-1A, Class A2, 3.668% 10/25/49 (a) | | | 1,097,250 | | | | 976,359 | |
Series 2017-1A, Class A23, 4.118% 7/25/47 (a) | | | 762,450 | | | | 692,062 | |
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a) | | | 2,991,500 | | | | 2,780,494 | |
Dryden 72 CLO Ltd., Series 2019-72A, Class B, 3 mo. USD LIBOR + 1.900% | | | | | | | | |
3.592% FRN 5/15/32 (a) | | | 1,500,000 | | | | 1,331,397 | |
Eaton Vance CLO Ltd. | | | | | | | | |
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 3.581% FRN 10/15/30 (a) | | | 1,700,000 | | | | 1,505,930 | |
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.950% 3.781% FRN 4/15/31 (a) | | | 1,800,000 | | | | 1,590,626 | |
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% | | | | | | | | |
3.269% FRN 4/20/31 (a) | | | 2,900,000 | | | | 2,710,131 | |
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950% | | | | | | | | |
3.807% FRN 10/15/32 (a) | | | 350,000 | | | | 301,202 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 382,471 | | | | 381,830 | |
Flatiron CLO Ltd. | | | | | | | | |
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 3.795% FRN 11/16/32 (a) | | | 350,000 | | | | 302,853 | |
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 4.595% FRN 11/16/32 (a) | | | 250,000 | | | | 204,797 | |
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000% | | | | | | | | |
2.819% FRN 4/20/31 (a) | | | 3,000,000 | | | | 2,817,921 | |
Global SC Finance IV Ltd., Series 2017-1A, Class A | | | | | | | | |
3.850% 4/15/37 (a) | | | 1,338,869 | | | | 1,338,001 | |
Global SC Finance SRL, Series 2014-1A, Class A1 | | | | | | | | |
3.190% 7/17/29 (a) | | | 216,667 | | | | 184,572 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 10/15/54 (a) | | | 2,962,761 | | | | 2,807,288 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 1,777,465 | | | | 1,729,597 | |
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | | | 833,401 | | | | 838,736 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 1,422,559 | | | | 1,434,473 | |
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700% | | | | | | | | |
3.519% FRN 1/20/31 (a) | | | 1,290,000 | | | | 1,161,921 | |
Helios Issuer LLC, Series 2017-1A, Class A | | | | | | | | |
4.940% 9/20/49 (a) | | | 1,505,844 | | | | 1,413,207 | |
Hero Funding Trust | | | | | | | | |
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | | | 1,002,425 | | | | 1,016,739 | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 1,020,381 | | | | 1,002,173 | |
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | | | 299,906 | | | | 308,850 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 1,212,708 | | | | 1,254,623 | |
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | | | 241,186 | | | | 251,836 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 1,810,870 | | | | 1,881,205 | |
Horizon Aircraft Finance I Ltd. | | | | | | | | |
Series 2019-2, Class A, 3.425% 11/15/39 (a) | | | 2,356,524 | | | | 1,648,740 | |
Series 2019-1, Class A, 3.721% 7/15/39 (a) | | | 1,325,359 | | | | 927,133 | |
Series 2018-1, Class A, 4.458% 12/15/38 (a) | | | 942,381 | | | | 689,918 | |
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380% | | | | | | | | |
3.496% FRN 10/26/32 (a) | | | 750,000 | | | | 684,914 | |
J.G. Wentworth LLC, Series 2018-2A, Class A | | | | | | | | |
3.960% 10/15/75 (a) | | | 1,433,430 | | | | 1,498,034 | |
KKR Financial CLO Ltd., Series 24, Class C, 3 mo. USD LIBOR + 2.700% | | | | | | | | |
4.519% FRN 4/20/32 (a) | | | 2,400,000 | | | | 1,988,150 | |
KREF Ltd., Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
2.800% FRN 6/15/36 (a) | | | 1,670,000 | | | | 1,135,644 | |
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | | | | | | | | |
4.300% 1/15/42 (a) | | | 2,261,875 | | | | 1,731,564 | |
Lunar Aircraft Ltd., Series 2020-1A, Class A | | | | | | | | |
3.376% 2/15/45 (a) | | | 1,843,000 | | | | 1,288,535 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (a) | | | 2,143,865 | | | | 1,498,753 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Madison Park Funding Ltd. | | | | | | | | |
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 3.431% FRN 7/15/30 (a) | | $ | 1,665,000 | | | $ | 1,499,139 | |
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 4.019% FRN 10/18/30 (a) | | | 620,000 | | | | 524,488 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2018-1A, Class A, 4.010% 6/22/43 (a) | | | 316,080 | | | | 303,384 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | | | 336,531 | | | | 328,972 | |
MP CLO III Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.250% | | | | | | | | |
3.069% FRN 10/20/30 (a) | | | 1,750,000 | | | | 1,619,328 | |
MVW Owner Trust, Series 2017-1A, Class A | | | | | | | | |
2.420% 12/20/34 (a) | | | 200,916 | | | | 191,153 | |
NP SPE LLC, Series 2017-1A, Class A2 | | | | | | | | |
4.219% 10/21/47 (a) | | | 2,260,000 | | | | 2,212,858 | |
OHA Credit Funding Ltd. | | | | | | | | |
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 3.266% FRN 10/22/32 (a) | | | 1,000,000 | | | | 940,183 | |
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 4.586% FRN 10/22/32 (a) | | | 500,000 | | | | 423,991 | |
OneMain Financial Issuance Trust, Series 2019-2A, Class A | | | | | | | | |
3.140% 10/14/36 (a) | | | 8,400,000 | | | | 8,273,278 | |
Oxford Finance Funding Trust | | | | | | | | |
Series 2020-1A, Class A2, 3.101% 2/15/28 (a) | | | 1,536,000 | | | | 1,528,549 | |
Series 2016-1A, Class A, 3.968% 6/17/24 (a) | | | 288,034 | | | | 287,333 | |
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | | | | | | | | |
3.967% 6/15/44 (a) | | | 1,546,464 | | | | 1,081,117 | |
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 | | | | | | | | |
3.858% 12/05/49 (a) | | | 2,316,195 | | | | 2,110,497 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
3.797% FRN 2/25/23 (a) | | | 1,270,000 | | | | 1,164,805 | |
Rockford Tower CLO Ltd., Series 2019-1A, Class B1, 3 mo. USD LIBOR + 2.050% | | | | | | | | |
3.869% FRN 4/20/32 (a) | | | 1,500,000 | | | | 1,309,188 | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% | | | | | | | | |
2.921% FRN 1/15/30 (a) | | | 2,450,000 | | | | 2,318,626 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2015-3A, Class B, 3.080% 9/20/32 (a) | | | 84,423 | | | | 83,455 | |
Series 2018-3A, Class D, 5.200% 9/20/35 (a) | | | 895,871 | | | | 884,697 | |
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% | | | | | | | | |
3.992% FRN 8/18/31 (a) | | | 1,170,000 | | | | 938,509 | |
Store Master Funding I-VII | | | | | | | | |
Series 2019-1, Class A2, 3.650% 11/20/49 (a) | | | 2,896,987 | | | | 2,601,997 | |
Series 2018-1A, Class A2, 4.290% 10/20/48 (a) | | | 1,310,485 | | | | 1,301,307 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800% | | | | | | | | |
1.747% FRN 11/25/35 (a) | | | 3,873,623 | | | | 3,630,633 | |
Structured Receivables Finance LLC, Series 2010-B, Class A | | | | | | | | |
3.730% 8/15/36 (a) | | | 163,262 | | | | 162,048 | |
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | | | | | | | | |
4.870% 7/20/48 (a) | | | 446,276 | | | | 399,050 | |
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | | | | | | | | |
4.190% 1/15/71 (a) | | | 1,957,455 | | | | 1,994,086 | |
Taco Bell Funding LLC, Series 2018-1A, Class A2II | | | | | | | | |
4.940% 11/25/48 (a) | | | 1,125,750 | | | | 1,125,993 | |
TAL Advantage VI LLC, Series 2017-1A, Class A | | | | | | | | |
4.500% 4/20/42 (a) | | | 1,906,509 | | | | 1,927,188 | |
Textainer Marine Containers VII Ltd., Series 2019-1A, Class A | | | | | | | | |
3.960% 4/20/44 (a) | | | 507,813 | | | | 485,617 | |
Trinity Rail Leasing LP | | | | | | | | |
Series 2019-2A, Class A2, 3.100% 10/18/49 (a) | | | 3,289,000 | | | | 2,925,846 | |
Series 2018-1A, Class A2, 4.620% 6/17/48 (a) | | | 2,420,000 | | | | 2,247,302 | |
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 | | | | | | | | |
2.709% 8/15/47 (a) | | | 278,693 | | | | 275,624 | |
Triton Container Finance LLC | | | | | | | | |
Series 2017-1A, Class A, 3.520% 6/20/42 (a) | | | 786,406 | | | | 788,306 | |
Series 2017-2A, Class A, 3.620% 8/20/42 (a) | | | 2,609,453 | | | | 2,619,263 | |
Series 2018-2A, Class A, 4.190% 6/22/43 (a) | | | 1,353,000 | | | | 1,343,308 | |
Vivint Solar Financing V LLC, Series 2018-1A, Class B | | | | | | | | |
7.370% 4/30/48 (a) | | | 2,640,172 | | | | 1,742,851 | |
WAVE LLC | | | | | | | | |
Series 2019-1A, Class A, 3.597% 9/15/44 (a) | | | 3,934,344 | | | | 2,578,773 | |
Series 2017-1A, Class C, 6.656% 11/15/42 (a) | | | 1,783,209 | | | | 1,252,207 | |
WAVE Trust, Series 2017-1A, Class A | | | | | | | | |
3.844% 11/15/42 (a) | | | 3,228,251 | | | | 2,445,480 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 1,218,813 | | | | 851,368 | |
Wind River CLO Ltd. | | | | | | | | |
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 3.563% FRN 11/01/31 (a) | | | 900,000 | | | | 779,940 | |
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 3.581% FRN 7/15/30 (a) | | | 1,150,000 | | | | 992,788 | |
| | | | | | | 143,243,499 | |
Student Loans ABS — 11.4% | | | | | | | | |
Access Group Inc. | | | | | | | | |
Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38 | | | 24,592 | | | | 24,567 | |
Series 2004-A, Class A3, 28 day ARS,FRN 1.699% 7/01/39 | | | 950,000 | | | | 934,834 | |
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + 0.100% | | | | | | | | |
2.061% FRN 6/28/39 | | | 5,767,915 | | | | 4,972,980 | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2019-A, Class B, 3.810% 12/28/48 (a) | | | 2,244,000 | | | | 2,141,701 | |
Series 2019-A, Class C, 4.460% 12/28/48 (a) | | | 1,281,000 | | | | 1,209,718 | |
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS | | | | | | | | |
FRN 1/25/47 | | | 900,000 | | | | 687,023 | |
ECMC Group Student Loan Trust | | | | | | | | |
Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 1.747% FRN 9/25/68 (a) | | | 2,112,697 | | | | 1,836,068 | |
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/27/66 (a) | | | 2,214,941 | | | | 1,961,537 | |
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150% | | | | | | | | |
3.600% FRN 12/01/47 (a) | | | 2,203,361 | | | | 2,179,958 | |
Education Services of America | | | | | | | | |
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/48 (a) | | | 1,200,000 | | | | 1,063,304 | |
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/56 (a) | | | 1,100,000 | | | | 986,157 | |
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% | | | | | | | | |
5.494% FRN 4/25/46 | | | 625,000 | | | | 595,482 | |
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A, | | | | | | | | |
3.580% VRN 11/25/38 (a) (e) | | | 1,520,937 | | | | 1,492,188 | |
Higher Education Funding I | | | | | | | | |
Series 2004-1, Class B2, 28 day ARS 0.000%FRN 1/01/44 (a) | | | 450,000 | | | | 383,736 | |
Series 2004-1, Class B1, 28 day ARS 2.271% FRN 1/01/44 (a) | | | 450,000 | | | | 392,431 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX | | | | | | | | |
3.020% 8/25/42 (a) | | $ | 610,676 | | | $ | 585,015 | |
Navient Private Education Refi Loan Trust | | | | | | | | |
Series 2019-CA, Class B, 3.670% 2/15/68 (a) | | | 2,249,000 | | | | 2,297,340 | |
Series 2019-A, Class B, 3.900% 1/15/43 (a) | | | 1,190,000 | | | | 1,206,058 | |
Series 2018-CA, Class B, 4.220% 6/16/42 (a) | | | 1,530,000 | | | | 1,539,807 | |
Navient Student Loan Trust | | | | | | | | |
Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800% 1.747% FRN 3/25/67 (a) | | | 4,700,000 | | | | 4,605,775 | |
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67 (a) | | | 4,530,000 | | | | 4,215,371 | |
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (a) | | | 1,793,548 | | | | 1,571,966 | |
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (a) | | | 3,227,964 | | | | 2,952,264 | |
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (a) | | | 7,050,000 | | | | 6,541,192 | |
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/58 | | | 940,000 | | | | 770,951 | |
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/65 (a) | | | 2,370,000 | | | | 2,215,746 | |
Series 2019-BA, Class B, 4.040% 12/15/59 (a) | | | 2,950,000 | | | | 3,081,502 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B | | | | | | | | |
3.600% 12/26/40 (a) | | | 478,904 | | | | 479,001 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2006-3, Class B, 3 mo. USD LIBOR + 0.250% 1.466% FRN 6/25/41 | | | 583,789 | | | | 508,208 | |
Series 2019-2A, Class A, 1 mo. USD LIBOR + .900% 1.847% FRN 6/27/67 (a) | | | 1,883,335 | | | | 1,746,869 | |
Series 2005-4, Class A4A, 7 day ARS 1.929% FRN 3/22/32 | | | 325,000 | | | | 306,507 | |
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 2.347% FRN 4/25/67 (a) | | | 3,250,000 | | | | 3,063,076 | |
Series 2019-5, Class A, 2.530% 10/25/67 (a) | | | 8,314,580 | | | | 7,971,676 | |
Series 2019-5, Class B, 3.450% 10/25/67 (a) | | | 2,150,000 | | | | 2,037,129 | |
SLC Student Loan Trust, Series 2007-1, Class A5, 3 mo. USD LIBOR + .090% | | | | | | | | |
1.782% FRN 2/15/68 | | | 4,000,000 | | | | 3,398,979 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-2, Class R, 0.000% 1/25/41 | | | 7,308 | | | | 3,654,000 | |
Series 2002-7, Class A11, 28 day ARS 1.403% FRN 3/15/28 | | | 13,000 | | | | 13,000 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40 | | | 1,961,593 | | | | 1,751,714 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.084% FRN 1/25/44 | | | 2,046,632 | | | | 1,812,001 | |
Series 2003-14, Class A7, 3 mo. USD LIBOR + 0.600% 2.394% FRN 10/25/65 (a) | | | 4,300,000 | | | | 3,816,254 | |
Series 2002-7, Class B, 28 day ARS 5.281% FRN 12/15/39 | | | 3,950,000 | | | | 3,675,389 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
6.163% VRN 1/25/45 (a) (e) | | | 6,275,682 | | | | 6,615,861 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2015-A, Class RC, 0.000% 3/25/33 (a) | | | 1,200 | | | | 990,000 | |
Series 2017-D, Class R1, 0.000% 9/25/40 (a) | | | 4,688,500 | | | | 2,191,264 | |
Series 2018-A, Class R1, 0.000% 2/25/42 (a) | | | 3,759,800 | | | | 2,641,259 | |
Series 2018-B, Class R1, 0.000% 8/26/47 (a) | | | 3,324,300 | | | | 1,734,169 | |
Series 2018-D, Class R1, 0.000% 2/25/48 (a) | | | 4,961,600 | | | | 1,711,752 | |
Series 2019-A, Class R1, 0.000% 6/15/48 (a) | | | 6,724,700 | | | | 2,052,803 | |
Series 2017-C, Class C, 4.210% VRN 7/25/40 (a) (e) | | | 990,000 | | | | 921,321 | |
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
3.081% FRN 8/01/35 | | | 3,050,000 | | | | 2,921,294 | |
| | | | | | | 108,458,197 | |
WL Collateral CMO — 0.9% | | | | | | | | |
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | | | | | | | | |
4.615% VRN 8/25/34 (e) | | | 19,725 | | | | 17,689 | |
Countrywide Home Loans, Inc. | | | | | | | | |
Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (e) | | | 17,782 | | | | 15,851 | |
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (e) | | | 3,965 | | | | 3,687 | |
Deephaven Residential Mortgage Trust, Series 2019-1A, Class A3, | | | | | | | | |
3.948% VRN 1/25/59 (a) (e) | | | 747,112 | | | | 710,606 | |
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, | | | | | | | | |
4.304% VRN 8/25/34 (e) | | | 5,653 | | | | 5,465 | |
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, | | | | | | | | |
3.885% VRN 8/25/34 (e) | | | 35,255 | | | | 30,302 | |
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | | | | | | | | |
3.500% VRN 1/25/47 (a) (e) | | | 2,598,303 | | | | 2,588,599 | |
Merrill Lynch Mortgage Investors, Inc. | | | | | | | | |
Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (e) | | | 1,905 | | | | 1,705 | |
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (e) | | | 1,921 | | | | 1,704 | |
PSMC Trust, Series 2018-2, Class A1, | | | | | | | | |
3.500% VRN 6/25/48 (a) (e) | | | 2,813,773 | | | | 2,766,105 | |
Sequoia Mortgage Trust, Series 2019-1, Class A1, | | | | | | | | |
4.000% VRN 2/25/49 (a) (e) | | | 361,053 | | | | 352,855 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, | | | | | | | | |
3.854% VRN 3/25/34 (e) | | | 20,354 | | | | 18,294 | |
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% | | | | | | | | |
3.366% FRN 4/25/44 | | | 51,198 | | | | 45,845 | |
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, | | | | | | | | |
4.000% VRN 11/25/48 (a) (e) | | | 1,403,501 | | | | 1,407,777 | |
| | | | | | | 7,966,484 | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $353,715,873) | | | | | | | 323,859,919 | |
| | | | | | | | |
Sovereign Debt Obligations — 0.7% | | | | | | | | |
Colombia Government International Bond | | | | | | | | |
6.125% 1/18/41 | | | 2,080,000 | | | | 2,390,710 | |
Mexico Government International Bond | | | | | | | | |
4.750% 3/08/44 | | | 3,727,000 | | | | 3,751,263 | |
6.750% 9/27/34 | | | 685,000 | | | | 900,782 | |
| | | | | | | 7,042,755 | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,705,365) | | | | | | | 7,042,755 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities — 26.1% | | | | |
Collateralized Mortgage Obligations — 0.3% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Series 2617, Class Z, 5.500% 5/15/33 | | | 955,132 | | | | 1,101,827 | |
Series 2693, Class Z, 5.500% 10/15/33 | | | 1,714,711 | | | | 1,926,721 | |
Series 2178, Class PB, 7.000% 8/15/29 | | | 36,937 | | | | 41,824 | |
| | | | | | | 3,070,372 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
Pass-Through Securities — 25.5% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #SB8013 2.500% 9/01/34 | | $ | 6,760,488 | | | $ | 7,017,375 | |
Pool #SB8020 2.500% 12/01/34 | | | 4,000,442 | | | | 4,152,452 | |
Pool #J13972 3.500% 1/01/26 | | | 33,295 | | | | 35,055 | |
Pool #C91344 3.500% 11/01/30 | | | 107,259 | | | | 114,794 | |
Pool #C91424 3.500% 1/01/32 | | | 72,609 | | | | 77,801 | |
Pool #C91239 4.500% 3/01/29 | | | 5,161 | | | | 5,633 | |
Pool #C91251 4.500% 6/01/29 | | | 34,157 | | | | 37,281 | |
Pool #ZA5946 4.500% 11/01/48 | | | 8,021,606 | | | | 8,624,960 | |
Pool #G05253 5.000% 2/01/39 | | | 168,449 | | | | 188,847 | |
Pool #C90939 5.500% 12/01/25 | | | 17,482 | | | | 19,169 | |
Pool #C91026 5.500% 4/01/27 | | | 29,196 | | | | 32,087 | |
Pool #D97258 5.500% 4/01/27 | | | 11,360 | | | | 12,485 | |
Pool #C91074 5.500% 8/01/27 | | | 3,058 | | | | 3,360 | |
Pool #D97417 5.500% 10/01/27 | | | 9,979 | | | | 10,976 | |
Pool #C91128 5.500% 12/01/27 | | | 1,556 | | | | 1,712 | |
Pool #C91148 5.500% 1/01/28 | | | 72,924 | | | | 80,213 | |
Pool #C91176 5.500% 5/01/28 | | | 25,011 | | | | 27,511 | |
Pool #C91217 5.500% 11/01/28 | | | 9,390 | | | | 10,343 | |
Pool #C01079 7.500% 10/01/30 | | | 1,106 | | | | 1,289 | |
Pool #C01135 7.500% 2/01/31 | | | 4,701 | | | | 5,457 | |
Federal National Mortgage Association | | | | | | | | |
Pool #MA3797 2.500% 10/01/34 | | | 12,883,427 | | | | 13,372,975 | |
Pool #MA3029 3.000% 6/01/32 | | | 3,573,219 | | | | 3,751,735 | |
Pool #MA3090 3.000% 8/01/32 | | | 1,512,085 | | | | 1,587,628 | |
Pool #AO8180 3.000% 9/01/42 | | | 29,421 | | | | 31,142 | |
Pool #AP8668 3.000% 12/01/42 | | | 167,493 | | | | 177,290 | |
Pool #AR1975 3.000% 12/01/42 | | | 39,482 | | | | 41,791 | |
Pool #AB7401 3.000% 12/01/42 | | | 138,681 | | | | 146,793 | |
Pool #AB7397 3.000% 12/01/42 | | | 153,597 | | | | 162,581 | |
Pool #AR0306 3.000% 1/01/43 | | | 10,765 | | | | 11,395 | |
Pool #AR5391 3.000% 1/01/43 | | | 86,402 | | | | 91,455 | |
Pool #AL3215 3.000% 2/01/43 | | | 127,940 | | | | 135,424 | |
Pool #AR4109 3.000% 2/01/43 | | | 139,240 | | | | 147,384 | |
Pool #AR4432 3.000% 3/01/43 | | | 51,638 | | | | 54,658 | |
Pool #AT0169 3.000% 3/01/43 | | | 214,844 | | | | 227,410 | |
Pool #AB8809 3.000% 3/01/43 | | | 68,083 | | | | 72,065 | |
Pool #MA1368 3.000% 3/01/43 | | | 234,553 | | | | 248,272 | |
Pool #AR2174 3.000% 4/01/43 | | | 252,451 | | | | 267,216 | |
Pool #AS1304 3.500% 12/01/28 | | | 1,118,141 | | | | 1,181,809 | |
Pool #AV1897 3.500% 12/01/28 | | | 199,093 | | | | 210,678 | |
Pool #AV2325 3.500% 12/01/28 | | | 574,692 | | | | 607,416 | |
Pool #BF0196 3.500% 2/01/41 | | | 1,145,461 | | | | 1,230,601 | |
Pool #MA1356 3.500% 2/01/43 | | | 8,603,544 | | | | 9,229,582 | |
Pool #CA1073 3.500% 1/01/48 | | | 11,591,495 | | | | 12,271,945 | |
Pool #BJ0686 4.000% 4/01/48 | | | 2,637,011 | | | | 2,817,300 | |
Pool #CA1951 4.000% 7/01/48 | | | 3,292,448 | | | | 3,514,462 | |
Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34 | | | 82,532 | | | | 86,553 | |
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33 | | | 66,498 | | | | 69,738 | |
Pool #AA3980 4.500% 4/01/28 | | | 55,606 | | | | 59,958 | |
Pool #CA1952 4.500% 6/01/48 | | | 2,218,585 | | | | 2,388,786 | |
Pool #CA1909 4.500% 6/01/48 | | | 7,342,280 | | | | 7,912,435 | |
Pool #BK7877 4.500% 7/01/48 | | | 1,522,132 | | | | 1,638,904 | |
Pool #MA3537 4.500% 12/01/48 | | | 3,590,235 | | | | 3,858,933 | |
Pool #MA3564 4.500% 1/01/49 | | | 3,231,094 | | | | 3,472,913 | |
Pool #BN5241 4.500% 2/01/49 | | | 16,110,768 | | | | 17,316,517 | |
Pool #MA3639 4.500% 4/01/49 | | | 2,808,633 | | | | 3,018,834 | |
Pool #775539 12 mo. USD LIBOR + 1.636% 4.511% FRN 5/01/34 | | | 27,445 | | | | 28,624 | |
Pool #AD6437 5.000% 6/01/40 | | | 403,118 | | | | 446,052 | |
Pool #AD6996 5.000% 7/01/40 | | | 2,700,238 | | | | 2,987,830 | |
Pool #AL8173 5.000% 2/01/44 | | | 1,112,871 | | | | 1,223,400 | |
Pool #AD0836 5.500% 11/01/28 | | | 56,741 | | | | 62,392 | |
Pool #575667 7.000% 3/01/31 | | | 11,319 | | | | 13,142 | |
Pool #529453 7.500% 1/01/30 | | | 2,405 | | | | 2,809 | |
Pool #535996 7.500% 6/01/31 | | | 4,349 | | | | 5,073 | |
Pool #252926 8.000% 12/01/29 | | | 122 | | | | 140 | |
Pool #532819 8.000% 3/01/30 | | | 116 | | | | 135 | |
Pool #534703 8.000% 5/01/30 | | | 2,479 | | | | 2,872 | |
Pool #253437 8.000% 9/01/30 | | | 115 | | | | 133 | |
Pool #253481 8.000% 10/01/30 | | | 65 | | | | 76 | |
Pool #602008 8.000% 8/01/31 | | | 3,517 | | | | 4,080 | |
Pool #190317 8.000% 8/01/31 | | | 2,562 | | | | 2,977 | |
Pool #597220 8.000% 9/01/31 | | | 2,929 | | | | 3,424 | |
Government National Mortgage Association | | | | | | | | |
Pool #371146 7.000% 9/15/23 | | | 65 | | | | 68 | |
Pool #352022 7.000% 11/15/23 | | | 2,780 | | | | 2,955 | |
Pool #374440 7.000% 11/15/23 | | | 219 | | | | 233 | |
Pool #491089 7.000% 12/15/28 | | | 7,019 | | | | 7,656 | |
Pool #480539 7.000% 4/15/29 | | | 363 | | | | 410 | |
Pool #488634 7.000% 5/15/29 | | | 2,021 | | | | 2,284 | |
Pool #500928 7.000% 5/15/29 | | | 3,202 | | | | 3,647 | |
Pool #499410 7.000% 7/15/29 | | | 1,147 | | | | 1,310 | |
Pool #510083 7.000% 7/15/29 | | | 800 | | | | 907 | |
Pool #493723 7.000% 8/15/29 | | | 2,332 | | | | 2,665 | |
Government National Mortgage Association I Pool #581417 7.000% 7/15/32 | | | 11,075 | | | | 12,686 | |
Government National Mortgage Association II | | | | | | | | |
Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25 | | | 3,067 | | | | 3,144 | |
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27 | | | 682 | | | | 702 | |
Government National Mortgage Association II TBA | | | | | | | | |
Pool #304 3.500% 10/01/48 (d) | | | 79,550,000 | | | | 83,881,744 | |
Pool #1235 4.000% 9/01/48 (d) | | | 38,350,000 | | | | 40,740,885 | |
| | | | | | | 241,317,833 | |
Whole Loans — 0.3% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | | | | | | | | |
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 2.297% FRN 3/25/29 | | | 361,595 | | | | 357,478 | |
Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.997% FRN 7/25/49 (a) | | | 828,856 | | | | 695,140 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450% | | | | | | | | |
3.397% FRN 7/25/31 (a) | | | 2,127,776 | | | | 1,756,323 | |
| | | | | | | 2,808,941 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $241,485,510) | | | | | | | 247,197,146 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value |
U.S. Treasury Obligations — 1.6% | | | | | | | | |
U.S. Treasury Bonds & Notes — 1.6% | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
2.250% 8/15/49 (f) | | $ | 7,000,000 | | | $ | 8,491,144 | |
3.500% 2/15/39 (f) | | | 2,300,000 | | | | 3,267,305 | |
U.S. Treasury Note | | | | | | | | |
1.625% 8/15/29 | | | 3,000,000 | | | | 3,251,146 | |
| | | | | | | 15,009,595 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,168,918) | | | | | | | 15,009,595 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $987,741,940) | | | | | | | 944,921,161 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $2,989,580) | | | | | | | 1,829,518 | |
| | Number of Shares | | | | | |
Mutual Funds — 0.2% | | | | | | | | |
Diversified Financial Services — 0.2% | | | | | | | | |
State Street Navigator Securities Lending Prime Portfolio (g) | | | 2,288,213 | | | | 2,288,213 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $2,288,213) | | | | | | | 2,288,213 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $995,394,733) | | | | | | | 951,353,092 | |
| | Principal Amount | | | | | |
Short-Term Investments — 13.8% | | | | | | | | |
Commercial Paper — 13.8% | | | | | | | | |
Avangrid, Inc. | | | | | | | | |
1.318% 4/03/20 (a) | | $ | 10,000,000 | | | | 9,997,854 | |
Boeing Co. | | | | | | | | |
1.983% 4/07/20 (a) | | | 3,000,000 | | | | 2,997,958 | |
2.059% 5/20/20 (a) | | | 1,000,000 | | | | 994,699 | |
2.092% 6/10/20 (a) | | | 8,000,000 | | | | 7,937,678 | |
CenterPoint Energy, Inc. | | | | | | | | |
1.770% 4/15/20 (a) | | | 1,000,000 | | | | 998,696 | |
1.788% 4/06/20 (a) | | | 4,000,000 | | | | 3,998,071 | |
Daimler Finance North America LLC | | | | | | | | |
2.942% 4/06/20 (a) | | | 10,000,000 | | | | 9,995,427 | |
DuPont de Nemours, Inc. | | | | | | | | |
1.821% 4/13/20 (a) | | | 3,000,000 | | | | 2,996,344 | |
El Dupont | | | | | | | | |
1.812% 5/22/20 (a) | | | 4,000,000 | | | | 3,981,112 | |
Entergy Corp. | | | | | | | | |
1.811% 5/04/20 (a) | | | 4,000,000 | | | | 3,993,793 | |
1.814% 5/21/20 (a) | | | 4,000,000 | | | | 3,990,367 | |
1.834% 5/01/20 (a) | | | 4,000,000 | | | | 3,994,375 | |
FMC Tech, Inc. | | | | | | | | |
1.983% 4/08/20 (a) | | | 1,000,000 | | | | 999,365 | |
1.984% 4/07/20 (a) | | | 1,000,000 | | | | 999,455 | |
General Electric Co. | | | | | | | | |
1.844% 5/20/20 | | | 2,000,000 | | | | 1,990,833 | |
1.867% 6/17/20 | | | 5,000,000 | | | | 4,964,250 | |
1.905% 5/04/20 | | | 2,000,000 | | | | 1,993,767 | |
Harley-Davidson, Inc. | | | | | | | | |
2.282% 4/02/20 (a) | | | 4,000,000 | | | | 3,999,639 | |
HP, Inc. | | | | | | | | |
1.830% 4/06/20 (a) | | | 4,000,000 | | | | 3,998,097 | |
Nextera Energy Cap Hldgs, Inc. | | | | | | | | |
1.873% 4/13/20 (a) | | | 4,000,000 | | | | 3,995,467 | |
NiSource, Inc. | | | | | | | | |
1.809% 4/08/20 (a) | | | 9,000,000 | | | | 8,994,288 | |
Parker-Hannifin Corp. | | | | | | | | |
4.482% 5/01/20 (a) | | | 10,000,000 | | | | 9,988,780 | |
Suncor Energy, Inc. | | | | | | | | |
1.813% 5/13/20 (a) | | | 6,000,000 | | | | 5,976,350 | |
Transcanada Pipelines Ltd. | | | | | | | | |
1.813% 5/21/20 (a) | | | 3,000,000 | | | | 2,985,975 | |
ViacomCBS, Inc. | | | | | | | | |
1.523% 4/15/20 (a) | | | 8,000,000 | | | | 7,989,167 | |
VW Credit, Inc. | | | | | | | | |
1.826% 6/12/20 (a) | | | 8,000,000 | | | | 7,946,467 | |
Walgreens Boots Alliance, Inc. | | | | | | | | |
2.131% 4/30/20 | | | 8,000,000 | | | | 7,978,000 | |
| | | | | | | 130,676,274 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $130,784,987) | | | | | | | 130,676,274 | |
| | | | | | | | |
TOTAL INVESTMENTS — 114.0% (Cost $1,126,179,720) (h) | | | | | | | 1,082,029,366 | |
| | | | | | | | |
Other Assets/(Liabilities) — (14.0)% | | | | | | | (132,909,705 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 949,119,661 | |
Abbreviation Legend |
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
BAB | Build America Bonds |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $477,785,206 or 50.34% of net assets. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $2,538,082 or 0.27% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $305,089 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020. |
(f) | A portion of this security is pledged/held as collateral for open derivatives. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | See Note 3 for aggregate cost for federal tax purposes. |
(#) Interest Rate Swaptions Purchased
| | |
| | Paid by Fund | | Received by Fund | | | |
Description | | Counterparty | | Expiration Date | | Rate | | Frequency | | Rate | | Frequency | | Notional Amount | | Value | | Premium Paid (Received) | | Unrealized Appreciation/ (Depreciation) | |
Call | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | 3-Month USD LIBOR BBA | | Quarterly | | 2.44% | | Semi-Annually | | USD | 3,700,000 | | $ | 596,440 | | $ | 184,971 | | $ | 411,469 | |
Put | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | 2.94% | | Semi-Annually | | 3-Month USD LIBOR BBA | | Quarterly | | USD | 56,100,000 | | $ | 1,233,078 | | $ | 2,804,608 | | $ | (1,571,530) | |
| | | | | | | | | $ | 1,829,518 | | $ | 2,989,579 | | $ | (1,160,061) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts
|
| | Expiration Date | | Number of Contracts | | Notional Amount | | Value/ Net Unrealized Appreciation/ (Depreciation) |
Long | | |
U.S. Treasury Ultra 10 Year | | 6/19/20 | | | 62 | | | $ | 9,596,450 | | | $ | 77,487 | |
U.S. Treasury Ultra Bond | | 6/19/20 | | | 344 | | | | 66,933,050 | | | | 9,391,950 | |
U.S. Treasury Note 2 Year | | 6/30/20 | | | 745 | | | | 162,573,064 | | | | 1,612,131 | |
U.S. Treasury Note 5 Year | | 6/30/20 | | | 344 | | | | 42,349,438 | | | | 774,187 | |
| | | | | | | | | | | | $ | 11,855,755 | |
Short | | | | | | | | | | | | | | |
90 Day Eurodollar | | 6/15/20 | | | 11 | | | $ | (2,680,595 | ) | | $ | (54,967 | ) |
U.S. Treasury Long Bond | | 6/19/20 | | | 118 | | | | (19,867,318 | ) | | | (1,262,057 | ) |
90 Day Eurodollar | | 9/14/20 | | | 10 | | | | (2,437,967 | ) | | | (53,158 | ) |
90 Day Eurodollar | | 12/14/20 | | | 10 | | | | (2,437,842 | ) | | | (53,658 | ) |
90 Day Eurodollar | | 3/15/21 | | | 9 | | | | (2,194,845 | ) | | | (48,742 | ) |
90 Day Eurodollar | | 9/13/21 | | | 17 | | | | (4,146,456 | ) | | | (90,582 | ) |
90 Day Eurodollar | | 3/14/22 | | | 15 | | | | (3,657,513 | ) | | | (79,550 | ) |
90 Day Eurodollar | | 9/19/22 | | | 14 | | | | (3,412,279 | ) | | | (73,021 | ) |
90 Day Eurodollar | | 3/13/23 | | | 12 | | | | (2,923,010 | ) | | | (61,990 | ) |
90 Day Eurodollar | | 12/18/23 | | | 15 | | | | (3,650,388 | ) | | | (76,925 | ) |
90 Day Eurodollar | | 12/16/24 | | | 40 | | | | (9,722,367 | ) | | | (201,633 | ) |
| | | | | | | | | | | | $ | (2,056,283 | ) |
| | |
Centrally Cleared Credit Default Swaps- Buy Protection |
Reference Obligation/Index | | Rate Paid by Fund | | Payment Frequency | | Termination Date | | Notional Amount | | Value | | Upfront Premium Paid/ (Received) | | Unrealized Appreciation (Depreciation) |
CDX.NA.IG Series 34† | | 1.000% | | Quarterly | | 6/20/25 | | USD | | | 4,000,000 | | | $ | 26,624 | | | $ | 14,206 | | | $ | 12,418 | |
CDX.NA.IG Series 34† | | 1.000% | | Quarterly | | 6/20/25 | | USD | | | 5,000,000 | | | | 17,365 | | | | 21,743 | | | | (4,378 | ) |
| | | | | | | | | | | | | | $ | 43,989 | | | $ | 35,949 | | | $ | 8,040 | |
| † | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
USD U.S. Dollar
MML Short-Duration Bond Fund — Portfolio of Investments
March 31, 2020 (Unaudited)
| | Principal Amount | | | Value | |
Bonds & Notes — 95.1% | | | | | | | | |
| | | | | | | | |
Corporate Debt — 38.8% | | | | | | | | |
Advertising — 0.1% | | | | | | | | |
The Interpublic Group of Cos., Inc. 3.750% 10/01/21 | | $ | 200,000 | | | $ | 201,929 | |
Agriculture — 1.4% | | | | | | | | |
BAT Capital Corp. 3.222% 8/15/24 | | | 415,000 | | | | 399,352 | |
Bunge Ltd. Finance Corp. 3.500% 11/24/20 | | | 930,000 | | | | 937,701 | |
Imperial Brands Finance PLC 3.125% 7/26/24 (a) | | | 400,000 | | | | 376,912 | |
3.500% 2/11/23 (a) | | | 387,000 | | | | 388,295 | |
Reynolds American, Inc. 4.000% 6/12/22 | | | 540,000 | | | | 547,611 | |
| | | | | | | 2,649,871 | |
Airlines — 0.0% | | | | | | | | |
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24 | | | 22,307 | | | | 20,884 | |
Auto Manufacturers — 1.7% | | | | | | | | |
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + .810% 2.710% FRN 4/05/21 | | | 405,000 | | | | 374,625 | |
3 mo. USD LIBOR + 1.235% 2.927% FRN 2/15/23 | | | 275,000 | | | | 206,135 | |
3.087% 1/09/23 | | | 260,000 | | | | 239,200 | |
3.350% 11/01/22 | | | 365,000 | | | | 340,362 | |
General Motors Financial Co., Inc. 3.250% 1/05/23 | | | 970,000 | | | | 880,018 | |
Hyundai Capital America 2.375% 2/10/23 (a) | | | 600,000 | | | | 565,675 | |
2.850% 11/01/22 (a) | | | 320,000 | | | | 312,489 | |
Nissan Motor Acceptance Corp. 1.900% 9/14/21 (a) | | | 200,000 | | | | 188,983 | |
| | | | | | | 3,107,487 | |
Banks — 7.8% | | | | | | | | |
Banco Santander SA 3.500% 4/11/22 | | | 600,000 | | | | 593,610 | |
Bank of America Corp. 3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23 | | | 1,910,000 | | | | 1,917,852 | |
Barclays Bank PLC 10.179% 6/12/21 (a) | | | 504,000 | | | | 538,426 | |
Barclays PLC 3 mo. USD LIBOR + 1.380% 3.072% FRN 5/16/24 | | | 485,000 | | | | 427,094 | |
Citigroup, Inc. 3 mo. USD LIBOR + .722% 3.142% VRN 1/24/23 | | | 895,000 | | | | 905,544 | |
Credit Suisse AG 6.500% 8/08/23 (a) | | | 930,000 | | | | 943,559 | |
Discover Bank 3.350% 2/06/23 | | | 673,000 | | | | 664,749 | |
4.200% 8/08/23 | | | 310,000 | | | | 326,383 | |
First Horizon National Corp. 3.500% 12/15/20 | | | 520,000 | | | | 514,800 | |
The Goldman Sachs Group, Inc. 3.200% 2/23/23 | | | 1,925,000 | | | | 1,960,838 | |
HSBC Holdings PLC 4.250% 3/14/24 | | | 495,000 | | | | 507,949 | |
JP Morgan Chase & Co. 4.500% 1/24/22 | | | 915,000 | | | | 955,736 | |
Mitsubishi UFJ Financial Group, Inc. 2.665% 7/25/22 | | | 820,000 | | | | 817,258 | |
Morgan Stanley 3.750% 2/25/23 | | | 940,000 | | | | 974,492 | |
Sumitomo Mitsui Financial Group, Inc. 2.448% 9/27/24 | | | 520,000 | | | | 515,702 | |
3.748% 7/19/23 | | | 321,000 | | | | 334,207 | |
Synchrony Bank 3.000% 6/15/22 | | | 470,000 | | | | 466,754 | |
Truist Bank 1.500% 3/10/25 | | | 1,045,000 | | | | 1,009,435 | |
| | | | | | | 14,374,388 | |
Beverages — 1.1% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc. 3.500% 1/12/24 | | | 875,000 | | | | 914,534 | |
Bacardi Ltd. 4.450% 5/15/25 (a) | | | 83,000 | | | | 87,229 | |
Keurig Dr Pepper, Inc. 4.057% 5/25/23 | | | 625,000 | | | | 650,142 | |
Molson Coors Beverage Co. 2.100% 7/15/21 | | | 230,000 | | | | 225,287 | |
3.500% 5/01/22 | | | 197,000 | | | | 196,937 | |
| | | | | | | 2,074,129 | |
Building Materials — 0.4% | | | | | | | | |
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650% 2.333% FRN 5/22/20 | | | 295,000 | | | | 292,890 | |
Masco Corp. 3.500% 4/01/21 | | | 170,000 | | | | 168,431 | |
Standard Industries, Inc. 5.500% 2/15/23 (a) | | | 246,000 | | | | 237,390 | |
| | | | | | | 698,711 | |
Chemicals — 1.4% | | | | | | | | |
DuPont de Nemours, Inc. 4.205% 11/15/23 | | | 480,000 | | | | 505,421 | |
Huntsman International LLC 5.125% 11/15/22 | | | 960,000 | | | | 984,000 | |
RPM International, Inc. 3.450% 11/15/22 | | | 8,000 | | | | 8,046 | |
The Sherwin-Williams Co. 2.750% 6/01/22 | | | 27,000 | | | | 26,942 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Syngenta Finance NV 3.698% 4/24/20 (a) | | $ | 440,000 | | | $ | 439,154 | |
4.441% 4/24/23 (a) | | | 570,000 | | | | 536,962 | |
| | | | | | | 2,500,525 | |
Commercial Services — 0.3% | | | | | | | | |
The ADT Security Corp. 6.250% 10/15/21 | | | 490,000 | | | | 478,975 | |
Computers — 1.1% | | | | | | | | |
Dell International LLC/EMC Corp. 4.000% 7/15/24 (a) | | | 414,000 | | | | 417,614 | |
Genpact Luxembourg Sarl 3.375% 12/01/24 | | | 335,000 | | | | 336,376 | |
3.700% STEP 4/01/22 | | | 635,000 | | | | 646,413 | |
Leidos Holdings, Inc. 4.450% 12/01/20 | | | 635,000 | | | | 631,825 | |
| | | | | | | 2,032,228 | |
Diversified Financial Services — 2.9% | | | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875% 8/14/24 | | | 845,000 | | | | 672,786 | |
Aircastle Ltd. 5.000% 4/01/23 | | | 1,010,000 | | | | 986,065 | |
Ameriprise Financial, Inc. 3.000% 3/22/22 | | | 165,000 | | | | 167,065 | |
3.700% 10/15/24 | | | 115,000 | | | | 119,324 | |
4.000% 10/15/23 | | | 105,000 | | | | 111,117 | |
Antares Holdings LP 6.000% 8/15/23 (a) | | | 473,000 | | | | 487,191 | |
Avolon Holdings Funding Ltd. 2.875% 2/15/25 (a) | | | 335,000 | | | | 259,650 | |
Brookfield Finance, Inc. 4.000% 4/01/24 | | | 580,000 | | | | 577,243 | |
LeasePlan Corp. NV 2.875% 10/24/24 (a) | | | 280,000 | | | | 274,282 | |
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (a) | | | 1,250,000 | | | | 1,129,520 | |
Synchrony Financial 2.850% 7/25/22 | | | 605,000 | | | | 574,425 | |
| | | | | | | 5,358,668 | |
Electric — 0.9% | | | | | | | | |
Ameren Corp. 2.500% 9/15/24 | | | 345,000 | | | | 335,395 | |
2.700% 11/15/20 | | | 455,000 | | | | 453,642 | |
Enel Finance International NV 2.875% 5/25/22 (a) | | | 285,000 | | | | 275,731 | |
Entergy Texas, Inc. 2.550% 6/01/21 | | | 95,000 | | | | 95,275 | |
Puget Energy, Inc. 6.000% 9/01/21 | | | 260,000 | | | | 266,663 | |
6.500% 12/15/20 | | | 255,000 | | | | 260,370 | |
| | | | | | | 1,687,076 | |
Electronics — 0.1% | | | | | | | | |
FLIR Systems, Inc. 3.125% 6/15/21 | | | 230,000 | | | | 230,267 | |
Foods — 0.3% | | | | | | | | |
McCormick & Co., Inc. 2.700% 8/15/22 | | | 570,000 | | | | 571,623 | |
Household Products & Wares — 0.4% | | | | | | | | |
Church & Dwight Co., Inc. 2.875% 10/01/22 | | | 701,000 | | | | 689,943 | |
Housewares — 0.5% | | | | | | | | |
Newell Brands, Inc. 3.850% STEP 4/01/23 | | | 979,000 | | | | 993,635 | |
Insurance — 2.8% | | | | | | | | |
American International Group, Inc. 3.750% 7/10/25 | | | 490,000 | | | | 490,457 | |
AmTrust Financial Services, Inc. 6.125% 8/15/23 | | | 620,000 | | | | 612,369 | |
Athene Global Funding 2.750% 6/25/24 (a) | | | 1,020,000 | | | | 1,020,850 | |
CNA Financial Corp. 5.750% 8/15/21 | | | 443,000 | | | | 454,002 | |
Enstar Group Ltd. 4.500% 3/10/22 | | | 685,000 | | | | 683,238 | |
Jackson National Life Global Funding 2.500% 6/27/22 (a) | | | 495,000 | | | | 486,021 | |
Lincoln National Corp. 4.000% 9/01/23 | | | 122,000 | | | | 122,032 | |
Reinsurance Group of America, Inc. 5.000% 6/01/21 | | | 400,000 | | | | 414,881 | |
Trinity Acquisition PLC 3.500% 9/15/21 | | | 600,000 | | | | 578,365 | |
Willis Towers Watson PLC 5.750% 3/15/21 | | | 190,000 | | | | 194,689 | |
| | | | | | | 5,056,904 | |
Investment Companies — 1.3% | | | | | | | | |
Ares Capital Corp. 4.200% 6/10/24 | | | 953,000 | | | | 844,789 | |
BlackRock TCP Capital Corp. 3.900% 8/23/24 | | | 360,000 | | | | 331,314 | |
4.125% 8/11/22 | | | 675,000 | | | | 692,442 | |
TPG Specialty Lending, Inc. 3.875% 11/01/24 | | | 655,000 | | | | 577,806 | |
| | | | | | | 2,446,351 | |
Iron & Steel — 0.1% | | | | | | | | |
Steel Dynamics, Inc. 2.800% 12/15/24 | | | 250,000 | | | | 232,781 | |
Lodging — 0.5% | | | | | | | | |
Las Vegas Sands Corp. 3.200% 8/08/24 | | | 1,025,000 | | | | 925,141 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Machinery – Diversified — 0.4% | | | | | | | | |
CNH Industrial Capital LLC 3.875% 10/15/21 | | $ | 635,000 | | | $ | 631,683 | |
Media — 0.8% | | | | | | | | |
Discovery Communications LLC 2.950% 3/20/23 | | | 435,000 | | | | 437,522 | |
Sirius XM Radio, Inc. 3.875% 8/01/22 (a) | | | 1,047,000 | | | | 1,043,074 | |
| | | | | | | 1,480,596 | |
Mining — 1.1% | | | | | | | | |
Glencore Finance Canada Ltd. 4.250% STEP 10/25/22 (a) | | | 254,000 | | | | 243,464 | |
Glencore Funding LLC 4.125% 5/30/23 (a) | | | 360,000 | | | | 331,690 | |
Kinross Gold Corp. 5.125% 9/01/21 | | | 370,000 | | | | 370,925 | |
5.950% 3/15/24 | | | 550,000 | | | | 555,500 | |
Newcrest Finance Pty Ltd. 4.200% 10/01/22 (a) | | | 565,000 | | | | 593,233 | |
| | | | | | | 2,094,812 | |
Oil & Gas — 0.7% | | | | | | | | |
Continental Resources, Inc. 5.000% 9/15/22 | | | 390,000 | | | | 248,797 | |
EQT Corp. 3.000% 10/01/22 | | | 565,000 | | | | 471,775 | |
6.125% STEP 2/01/25 | | | 320,000 | | | | 246,432 | |
Newfield Exploration Co. 5.625% 7/01/24 | | | 505,000 | | | | 271,004 | |
| | | | | | | 1,238,008 | |
Packaging & Containers — 0.4% | | | | | | | | |
Graphic Packaging International LLC 4.750% 4/15/21 | | | 759,000 | | | | 749,740 | |
Pharmaceuticals — 2.3% | | | | | | | | |
AbbVie, Inc. 2.300% 11/21/22 (a) | | | 515,000 | | | | 515,404 | |
Allergan Funding SCS 3.800% 3/15/25 | | | 495,000 | | | | 506,803 | |
Becton Dickinson and Co. 3 mo. USD LIBOR + 0.875% 2.250% FRN 12/29/20 | | | 489,000 | | | | 472,496 | |
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 1.511% FRN 6/15/22 | | | 590,000 | | | | 545,118 | |
CVS Health Corp. 2.625% 8/15/24 | | | 175,000 | | | | 177,480 | |
3.700% 3/09/23 | | | 770,000 | | | | 799,774 | |
Mylan, Inc. 3.125% 1/15/23 (a) | | | 525,000 | | | | 509,160 | |
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23 | | | 360,000 | | | | 362,616 | |
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21 | | | 240,000 | | | | 229,243 | |
| | | | | | | 4,118,094 | |
Pipelines — 1.5% | | | | | | | | |
Energy Transfer Operating LP 4.200% 9/15/23 | | | 960,000 | | | | 838,584 | |
EnLink Midstream Partners LP 4.400% 4/01/24 | | | 490,000 | | | | 247,303 | |
EQM Midstream Partners LP 4.750% 7/15/23 | | | 505,000 | | | | 365,468 | |
MPLX LP 3 mo. USD LIBOR + 1.100% 2.099% FRN 9/09/22 | | | 1,050,000 | | | | 976,897 | |
Plains All American Pipeline LP/PAA Finance Corp. 3.850% 10/15/23 | | | 384,000 | | | | 332,700 | |
| | | | | | | 2,760,952 | |
Private Equity — 0.3% | | | | | | | | |
Hercules Capital, Inc. 4.625% 10/23/22 | | | 610,000 | | | | 581,070 | |
Real Estate Investment Trusts (REITS) — 1.9% | | | | | | | | |
CubeSmart LP 4.375% 12/15/23 | | | 313,000 | | | | 334,076 | |
Essex Portfolio LP 3.500% 4/01/25 | | | 130,000 | | | | 130,444 | |
3.875% 5/01/24 | | | 170,000 | | | | 170,400 | |
SBA Tower Trust 2.836% 1/15/25 (a) | | | 1,450,000 | | | | 1,400,082 | |
Service Properties Trust 4.350% 10/01/24 | | | 510,000 | | | | 374,364 | |
Tanger Properties LP 3.875% 12/01/23 | | | 510,000 | | | | 531,371 | |
VEREIT Operating Partnership LP 4.600% 2/06/24 | | | 570,000 | | | | 562,521 | |
| | | | | | | 3,503,258 | |
Retail — 1.8% | | | | | | | | |
Advance Auto Parts, Inc. 4.500% 12/01/23 | | | 306,000 | | | | 314,429 | |
Dollar Tree, Inc. 3.700% 5/15/23 | | | 940,000 | | | | 955,036 | |
O’Reilly Automotive, Inc. 3.800% 9/01/22 | | | 123,000 | | | | 123,735 | |
3.850% 6/15/23 | | | 873,000 | | | | 870,125 | |
QVC, Inc. 4.375% 3/15/23 | | | 1,060,000 | | | | 1,002,458 | |
| | | | | | | 3,265,783 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Semiconductors — 0.6% | | | | | | |
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.000% 1/15/22 | | $ | 390,000 | | | $ | 385,659 | |
Microchip Technology, Inc. 3.922% 6/01/21 | | | 390,000 | | | | 380,010 | |
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a) | | | 370,000 | | | | 373,326 | |
| | | | | | | 1,138,995 | |
Telecommunications — 0.9% | | | | | | | | |
Qwest Corp 6.750% 12/01/21 | | | 485,000 | | | | 502,606 | |
Sprint Communications, Inc. 9.250% 4/15/22 | | | 330,000 | | | | 353,100 | |
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22 | | | 828,000 | | | | 819,752 | |
| | | | | | | 1,675,458 | |
Transportation — 0.4% | | | | | | | | |
Ryder System, Inc. 3.400% 3/01/23 | | | 175,000 | | | | 176,584 | |
3.750% 6/09/23 | | | 482,000 | | | | 483,821 | |
| | | | | | | 660,405 | |
Trucking & Leasing — 0.6% | | | | | | | | |
DAE Funding LLC 4.000% 8/01/20 (a) | | | 205,000 | | | | 200,900 | |
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.875% 7/11/22 (a) | | | 816,000 | | | | 848,603 | |
| | | | | | | 1,049,503 | |
TOTAL CORPORATE DEBT (Cost $74,218,109) | | | | | | | 71,279,873 | |
| | | | | | | | |
Municipal Obligations — 0.3% | | | | | | | | |
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.000% 2.694% FRN 4/26/27 | | | 17,726 | | | | 17,722 | |
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, 28 day ARS 2.273% FRN 10/25/42 | | | 450,000 | | | | 444,442 | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $461,539) | | | | | | | 462,164 | |
| | | | | | | | |
Non-U.S. Government Agency Obligations — 54.0% | | | | | | | | |
Auto Floor Plan ABS — 0.5% | | | | | | | | |
Navistar Financial Dealer Note Master Owner Trust II Series 2019-1, Class C, 1 mo. USD LIBOR + .950% 1.897% FRN 5/25/24 (a) | | | 236,000 | | | | 231,530 | |
Series 2018-1, Class C, 1 mo. USD LIBOR + 1.050% 1.997% FRN 9/25/23 (a) | | | 160,000 | | | | 157,074 | |
Series 2019-1, Class D, 1 mo. USD LIBOR + 1.450% 2.397% FRN 5/25/24 (a) | | | 214,000 | | | | 209,824 | |
Series 2018-1, Class D, 1 mo. USD LIBOR + 1.550% 2.497% FRN 9/25/23 (a) | | | 230,000 | | | | 225,805 | |
| | | | | | | 824,233 | |
Automobile ABS — 7.3% | | | | | | | | |
American Credit Acceptance Receivables Trust Series 2017-4, Class C, 2.940% 1/10/24 (a) | | | 170,931 | | | | 170,929 | |
Series 2019-1, Class C, 3.500% 4/14/25 (a) | | | 675,000 | | | | 665,877 | |
AmeriCredit Automobile Receivables Trust Series 2020-1, Class D, 1.800% 12/18/25 | | | 947,000 | | | | 938,092 | |
Series 2019-3, Class D, 2.580% 9/18/25 | | | 588,000 | | | | 547,120 | |
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class C, 3.020% 8/20/26 (a) | | | 1,259,000 | | | | 1,188,505 | |
Series 2019-3A, Class C, 3.150% 3/20/26 (a) | | | 1,083,000 | | | | 1,076,342 | |
Series 2019-1A, Class C, 4.530% 3/20/23 (a) | | | 233,000 | | | | 229,666 | |
Series 2018-1A, Class C, 4.730% 9/20/24 (a) | | | 500,000 | | | | 478,941 | |
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B 3.630% 1/19/24 (a) | | | 180,000 | | | | 182,705 | |
Carmax Auto Owner Trust, Series 2019-4, Class D 2.800% 4/15/26 | | | 560,000 | | | | 515,706 | |
Carvana Auto Receivables Trust, Series 2019-4A, Class D 3.070% 7/15/25 (a) | | | 719,000 | | | | 702,359 | |
Drive Auto Receivables Trust Series 2019-4, Class D, 2.700% 2/16/27 | | | 550,000 | | | | 515,427 | |
Series 2019-1, Class C, 3.780% 4/15/25 | | | 525,000 | | | | 516,466 | |
DT Auto Owner Trust, Series 2019-1A, Class C 3.610% 11/15/24 (a) | | | 100,000 | | | | 100,664 | |
Exeter Automobile Receivables Trust Series 2019-3A, Class D, 3.110% 8/15/25 (a) | | | 400,000 | | | | 393,312 | |
Series 2018-2A, Class B, 3.270% 5/16/22 (a) | | | 36,024 | | | | 36,024 | |
Series 2019-1A, Class B, 3.450% 2/15/23 (a) | | | 165,000 | | | | 161,987 | |
Flagship Credit Auto Trust, Series 2017-1, Class B 2.830% 3/15/23 (a) | | | 18,690 | | | | 18,690 | |
Hertz Fleet Lease Funding LP, Series 2019-1, Class D 3.440% 1/10/33 (a) | | | 649,000 | | | | 646,345 | |
Hertz Vehicle Financing II LP, Series 2017-1A, Class B 3.560% 10/25/21 (a) | | | 910,000 | | | | 882,252 | |
Hertz Vehicle Financing LLC, Series 2018-3A, Class B 4.370% 7/25/24 (a) | | | 330,000 | | | | 297,539 | |
Hertz Vehicle Financing LP Series 2019-3A, Class B, 3.030% 12/26/25 (a) | | | 410,000 | | | | 406,849 | |
Series 2016-2A, Class C, 4.990% 3/25/22 (a) | | | 1,800,000 | | | | 1,812,159 | |
Oscar US Funding X LLC, Series 2019-1A, Class A4 3.270% 5/11/26 (a) | | | 500,000 | | | | 523,612 | |
Santander Revolving Auto Loan Trust Series 2019-A, Class B, 2.800% 1/26/32 (a) | | | 170,000 | | | | 167,040 | |
Series 2019-A, Class C, 3.000% 1/26/32 (a) | | | 101,000 | | | | 99,235 | |
Series 2019-A, Class D, 3.450% 1/26/32 (a) | | | 215,000 | | | | 211,219 | |
| | | | | | | 13,485,062 | |
Commercial MBS — 4.1% | | | | | | | | |
BAMLL Commercial Mortgage Securities Trust Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 2.055% FRN 9/15/34 (a) | | | 130,000 | | | | 106,956 | |
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (b) | | | 370,000 | | | | 344,906 | |
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (b) | | | 450,000 | | | | 383,377 | |
BHMS Mortgage Trust Series 2018-ATLS, Class A, 1 mo. USD LIBOR + 1.250% 1.955% FRN 7/15/35 (a) | | | 770,000 | | | | 642,883 | |
Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% 2.205% FRN 7/15/35 (a) | | | 950,000 | | | | 759,897 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
BX Commercial Mortgage Trust Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 2.305% FRN 12/15/36 (a) | | $ | 767,000 | | | $ | 674,941 | |
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 2.405% FRN 11/15/35 (a) | | | 728,000 | | | | 664,296 | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 10/15/36 (a) | | | 301,907 | | | | 264,161 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.705% FRN 10/15/36 (a) | | | 846,485 | | | | 727,952 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% 2.855% FRN 12/15/37 (a) | | | 545,194 | | | | 449,785 | |
Commercial Mortgage Trust Series 2014-CR14, Class A2, 3.147% 2/10/47 | | | 90,654 | | | | 90,527 | |
Series 2015-DC1, Class AM, 3.724% 2/10/48 | | | 480,000 | | | | 475,826 | |
Series 2015-DC1, Class B, 4.035% VRN 2/10/48 (b) | | | 333,000 | | | | 314,814 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% 2.305% FRN 5/15/36 (a) | | | 200,000 | | | | 177,996 | |
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.513% VRN 7/10/38 (b) | | | 61,341 | | | | 61,058 | |
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, 3.443% VRN 7/10/39 (a) (b) | | | 700,000 | | | | 530,577 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% 2.505% FRN 5/15/36 (a) | | | 251,000 | | | | 195,902 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B 3.769% 2/15/46 | | | 250,000 | | | | 245,189 | |
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D 4.057% 8/05/34 (a) | | | 400,000 | | | | 380,804 | |
MSCG Trust, Series 2018-SELF, Class C, 1 mo. USD LIBOR + 1.180% 1.885% FRN 10/15/37 (a) | | | 90,000 | | | | 78,260 | |
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (b) | | | 7,677 | | | | 7,667 | |
| | | | | | | 7,577,774 | |
Home Equity ABS — 0.0% | | | | | | | | |
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% 1.187% FRN 10/25/34 (a) | | | 71,224 | | | | 66,547 | |
Other ABS — 23.9% | | | | | | | | |
321 Henderson Receivables I LLC Series 2006-1A, Class A1, 1 mo. USD LIBOR + 0.200% 0.905% FRN 3/15/41 (a) | | | 35,140 | | | | 33,840 | |
Series 2010-3A, Class A, 3.820% 12/15/48 (a) | | | 177,115 | | | | 183,205 | |
AASET Trust, Series 2017-1A, Class A 3.967% 5/16/42 (a) | | | 143,096 | | | | 112,429 | |
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/18/38 (a) | | | 648,904 | | | | 515,250 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a) | | | 390,938 | | | | 389,844 | |
American Tower Trust #1, Series 13, Class 2A 3.070% 3/15/48 (a) | | | 500,000 | | | | 492,226 | |
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a) | | | 287,250 | | | | 276,171 | |
Ascentium Equipment Receivables Trust Series 2019-1A, Class D, 3.470% 5/12/25 (a) | | | 164,000 | | | | 162,111 | |
Series 2018-2A, Class B, 3.760% 5/10/24 (a) | | | 709,000 | | | | 715,601 | |
Series 2019-2A, Class E, 3.780% 5/10/27 (a) | | | 669,000 | | | | 663,711 | |
Series 2018-2A, Class E, 5.180% 7/10/26 (a) | | | 940,000 | | | | 922,397 | |
Avant Loans Funding Trust, Series 2019-A, Class A 3.480% 7/15/22 (a) | | | 166,291 | | | | 163,566 | |
Bain Capital Credit CLO Ltd., Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 3.631% FRN 1/15/29 (a) | | | 750,000 | | | | 699,834 | |
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class A2R, 3 mo. USD LIBOR + 1.750% 3.581% FRN 1/15/29 (a) | | | 500,000 | | | | 458,276 | |
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.940% 5/25/29 (a) | | | 113,317 | | | | 113,535 | |
Series 2019-A, Class B, 3.780% 9/26/33 (a) | | | 316,315 | | | | 325,339 | |
CAL Funding II Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a) | | | 246,500 | | | | 242,322 | |
Capital Automotive REIT Series 2017-1A, Class A1, 3.870% 4/15/47 (a) | | | 245,302 | | | | 243,500 | |
Series 2017-1A, Class A2, 4.180% 4/15/47 (a) | | | 613,254 | | | | 610,414 | |
CARS-DB4 LP, Series 2020-1A, Class B1 4.170% 2/15/50 (a) | | | 484,000 | | | | 440,440 | |
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a) | | | 305,418 | | | | 221,953 | |
Cbam Clo Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270% 3.101% FRN 1/15/31 (a) | | | 500,000 | | | | 473,163 | |
CIFC Funding 2015-IV Ltd., Series 2015-4A, Class A2R, 3.669% FRN 10/20/27 (a) (b) | | | 300,000 | | | | 283,320 | |
CIFC Funding Ltd., Series 2017-3A, Class A1, 3 mo. USD LIBOR + 1.220% 3.039% FRN 7/20/30 (a) | | | 500,000 | | | | 474,836 | |
CLI Funding VI LLC, Series 2017-1A, Class A 3.620% 5/18/42 (a) | | | 419,422 | | | | 344,891 | |
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + 0.460% 1.407% FRN 9/25/34 | | | 2,077 | | | | 1,710 | |
DB Master Finance LLC Series 2019-1A, Class A2I, 3.787% 5/20/49 (a) | | | 273,930 | | | | 259,117 | |
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a) | | | 323,555 | | | | 299,708 | |
Denali Capital CLO X LLC, Series 2013-1A, Class A1, 3 mo. USD LIBOR + 1.050% 2.844% FRN 10/26/27 (a) | | | 350,000 | | | | 339,962 | |
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.890% 2/20/32 (a) | | | 492,275 | | | | 493,840 | |
Series 2016-1, Class A, 3.080% 11/20/28 (a) | | | 216,098 | | | | 213,105 | |
Series 2018-1, Class A, 3.700% 1/21/31 (a) | | | 174,172 | | | | 177,081 | |
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A2II, 3.082% 7/25/47 (a) | | | 342,125 | | | | 336,474 | |
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a) | | | 354,600 | | | | 340,542 | |
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A, 2.690% 3/25/30 (a) | | | 122,958 | | | | 123,749 | |
Series 2016-A, Class A, 2.730% 4/25/28 (a) | | | 227,528 | | | | 227,793 | |
Series 2017-A, Class B, 2.960% 3/25/30 (a) | | | 364,321 | | | | 361,988 | |
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b) | | | 34,511 | | | | 33,934 | |
Series 2019-A, Class C, 3.450% 1/25/34 (a) | | | 767,577 | | | | 771,290 | |
Elmwood CLO II Ltd., Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.450% 3.269% FRN 4/20/31 (a) | | | 350,000 | | | | 327,085 | |
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (a) | | | 129,213 | | | | 128,997 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3 mo. USD LIBOR + 1.000% 2.819% FRN 4/20/31 (a) | | $ | 600,000 | | | $ | 563,584 | |
Global SC Finance II SRL, Series 2013-1A, Class A 2.980% 4/17/28 (a) | | | 90,958 | | | | 89,329 | |
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a) | | | 241,476 | | | | 241,319 | |
Goodgreen Trust Series 2019-2A, Class A, 2.760% 10/15/54 (a) | | | 611,486 | | | | 579,398 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 325,773 | | | | 317,000 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 306,756 | | | | 309,325 | |
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b) | | | 275,473 | | | | 280,315 | |
Hero Funding Trust Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 200,201 | | | | 196,629 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 201,310 | | | | 208,267 | |
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | | | 433,406 | | | | 447,309 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 360,786 | | | | 374,799 | |
Hilton Grand Vacations Trust, Series 2017-AA, Class B 2.960% 12/26/28 (a) | | | 144,131 | | | | 144,614 | |
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A 4.458% 12/15/38 (a) | | | 533,423 | | | | 390,520 | |
Horizon Aircraft Finance III Ltd, Series 2019-2, Class B, ABS, 144A 4.458% 11/15/39 (a) | | | 687,500 | | | | 421,313 | |
KDAC Aviation Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (a) | | | 193,458 | | | | 148,195 | |
KREF Ltd., Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 2.150% FRN 6/15/36 (a) | | | 1,150,000 | | | | 998,669 | |
Lendmark Funding Trust, Series 2018-1A, Class A 3.810% 12/21/26 (a) | | | 350,000 | | | | 343,104 | |
Lunar Aircraft Ltd., Series 2020-1A, Class A 3.376% 2/15/45 (a) | | | 337,000 | | | | 235,614 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A 3.474% 10/15/39 (a) | | | 388,914 | | | | 271,886 | |
Madison Park Funding XXIII Ltd., Series 2017-23A, Class B, 3 mo. USD LIBOR + 1.700% 3.494% FRN 7/27/30 (a) | | | 500,000 | | | | 459,773 | |
Mariner Finance Issuance Trust, Series 2018-AA, Class A 4.200% 11/20/30 (a) | | | 903,000 | | | | 884,546 | |
Marlette Funding Trust Series 2019-2A, Class A, 3.130% 7/16/29 (a) | | | 104,276 | | | | 100,103 | |
Series 2019-2A, Class B, 3.530% 7/16/29 (a) | | | 146,000 | | | | 134,358 | |
Mosaic Solar Loans LLC Series 2018-2GS, Class A, 4.200% 2/22/44 (a) | | | 252,248 | | | | 254,290 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | | | 66,421 | | | | 64,929 | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250% 3.081% FRN 1/15/28 (a) | | | 600,000 | | | | 571,348 | |
New Residential Advance Receivables Trust Advance Receivables Backed Series 2019-T3, Class CT3, 2.710% 9/15/52 (a) | | | 344,000 | | | | 343,966 | |
Series 2019-T4, Class DT4, 2.804% 10/15/51 (a) | | | 714,000 | | | | 713,989 | |
Series 2019-T3, Class DT3, 3.055% 9/15/52 (a) | | | 600,000 | | | | 601,818 | |
Series 2019-T2, Class DT2, 3.060% 8/15/53 (a) | | | 220,000 | | | | 206,009 | |
NP SPE II LLC Series 2019-1A, Class A1, 2.574% 9/20/49 (a) | | | 223,062 | | | | 212,851 | |
Series 2017-1A, Class A1, 3.372% 10/21/47 (a) | | | 143,712 | | | | 139,918 | |
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3 mo. USD LIBOR + 1.450% 3.286% FRN 4/17/27 (a) | | | 650,000 | | | | 627,838 | |
OneMain Financial Issuance Trust Series 2019-2A, Class A, 3.140% 10/14/36 (a) | | | 1,500,000 | | | | 1,477,371 | |
Series 2019-2A, Class C, 3.660% 10/14/36 (a) | | | 600,000 | | | | 586,696 | |
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.610% 3/08/29 (a) | | | 422,982 | | | | 407,054 | |
Series 2016-A, Class B, 2.910% 3/08/29 (a) | | | 173,452 | | | | 170,360 | |
Series 2019-A, Class D, 4.930% 4/09/38 (a) | | | 568,742 | | | | 369,749 | |
Oxford Finance Funding Trust Series 2020-1A, Class A2, 3.101% 2/15/28 (a) | | | 281,000 | | | | 279,637 | |
Series 2016-1A, Class A, 3.968% 6/17/24 (a) | | | 41,148 | | | | 41,047 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 3.797% FRN 2/25/23 (a) | | | 250,000 | | | | 229,292 | |
Recette Clo Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 1.700% 3.519% FRN 10/20/27 (a) | | | 250,000 | | | | 231,746 | |
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3 mo. USD LIBOR + 1.190% 3.009% FRN 10/20/30 (a) | | | 1,000,000 | | | | 941,421 | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% 2.921% FRN 1/15/30 (a) | | | 400,000 | | | | 378,551 | |
RR 6 Ltd., Series 2019-6A, Class A2, 3.751% FRN 4/15/30 (a) (b) | | | 250,000 | | | | 233,147 | |
SBA Tower Trust, Series 2014-2A, Class C, 3.869% STEP 10/15/49 (a) | | | 430,000 | | | | 435,176 | |
Sierra Receivables Funding LLC Series 2016-2A, Class B, 2.780% 7/20/33 (a) | | | 109,787 | | | | 108,941 | |
Series 2017-1A, Class A, 2.910% 3/20/34 (a) | | | 186,401 | | | | 184,404 | |
Series 2019-3A, Class C, 3.000% 8/20/36 (a) | | | 438,696 | | | | 429,023 | |
Series 2015-3A, Class B, 3.080% 9/20/32 (a) | | | 12,060 | | | | 11,922 | |
Series 2019-2A, Class C, 3.120% 5/20/36 (a) | | | 76,342 | | | | 74,026 | |
Series 2018-1A, Class B, 4.236% 4/20/35 | | | 400,968 | | | | 396,579 | |
Series 2019-1A, Class D, 4.750% 1/20/36 (a) | | | 344,859 | | | | 342,737 | |
SoFi Consumer Loan Program Trust Series 2016-2A, Class A, 3.090% 10/27/25 (a) | | | 28,720 | | | | 28,817 | |
Series 2016-1A, Class A, 3.260% 8/25/25 (a) | | | 209,392 | | | | 208,284 | |
Series 2017-2, Class A, 3.280% 2/25/26 (a) | | | 95,983 | | | | 95,576 | |
Series 2019-3, Class D, 3.890% 5/25/28 (a) | | | 772,000 | | | | 771,658 | |
Store Master Funding I-VII, Series 2018-1A, Class A3 4.400% 10/20/48 (a) | | | 516,317 | | | | 495,781 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 0.800% 1.747% FRN 11/25/35 (a) | | | 283,436 | | | | 265,656 | |
Taco Bell Funding LLC, Series 2018-1A, Class A2I 4.318% 11/25/48 (a) | | | 987,500 | | | | 951,694 | |
TAL Advantage V LLC, Series 2014-2A, Class A2 3.330% 5/20/39 (a) | | | 238,333 | | | | 233,266 | |
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a) | | | 351,754 | | | | 355,570 | |
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (a) | | | 438,769 | | | | 437,295 | |
Trafigura Securitisation Finance PLC Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 1.435% FRN 3/15/22 (a) | | | 610,000 | | | | 607,512 | |
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 2.405% FRN 12/15/20 (a) | | | 260,000 | | | | 258,409 | |
Series 2018-1A, Class B, 4.290% 3/15/22 (a) | | | 920,000 | | | | 915,339 | |
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070% 2.889% FRN 10/20/28 (a) | | | 1,000,000 | | | | 967,729 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Trinity Rail Leasing LP Series 2018-1A, Class A1, 3.820% 6/17/48 (a) | | $ | 494,544 | | | $ | 495,798 | |
Series 2019-1A, Class A, 3.820% 4/17/49 (a) | | | 657,778 | | | | 612,129 | |
Trip Rail Master Funding LLC Series 2017-1A, Class A1, 2.709% 8/15/47 (a) | | | 79,627 | | | | 78,750 | |
Series 2011-1A, Class A2, 6.024% 7/15/41 (a) | | | 668,991 | | | | 691,790 | |
Triton Container Finance LLC Series 2017-2A, Class A, 3.620% 8/20/42 (a) | | | 791,204 | | | | 794,179 | |
Series 2018-2A, Class A, 4.190% 6/22/43 (a) | | | 453,750 | | | | 450,500 | |
VSE VOI Mortgage LLC, Series 2018-A, Class C 4.020% 2/20/36 (a) | | | 188,357 | | | | 195,023 | |
Welk Resorts LLC Series 2015-AA, Class A, 2.790% 6/16/31 (a) | | | 41,157 | | | | 40,462 | |
Series 2017-AA, Class B, 3.410% 6/15/33 (a) | | | 137,757 | | | | 135,144 | |
Westgate Resorts LLC Series 2017-1A, Class A, 3.050% 12/20/30 (a) | | | 116,079 | | | | 112,731 | |
Series 2018-1A, Class A, 3.380% 12/20/31 (a) | | | 231,311 | | | | 226,162 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a) | | | 234,734 | | | | 163,967 | |
| | | | | | | 43,793,574 | |
Student Loans ABS — 10.3% | | | | | | | | |
Access Group Inc. Series 2003-A, Class A3, 3 mo. CMT + 1.200% 1.220% FRN 7/01/38 | | | 3,726 | | | | 3,722 | |
Series 2004-A, Class A3, 28 day ARS,FRN 1.699% 7/01/39 | | | 400,000 | | | | 393,614 | |
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 7/25/58 (a) | | | 140,000 | | | | 121,985 | |
College Ave Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 12/26/47 (a) | | | 490,254 | | | | 455,590 | |
College Avenue Student Loans LLC Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 2.597% FRN 11/26/46 (a) | | | 404,699 | | | | 379,980 | |
Series 2017-A, Class B, 4.500% 11/26/46 (a) | | | 700,000 | | | | 660,526 | |
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + 0.490% 2.321% FRN 1/15/37 | | | 176,602 | | | | 153,043 | |
Commonbond Student Loan Trust Series 2019-AGS, Class B, 3.040% 1/25/47 (a) | | | 622,000 | | | | 595,815 | |
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | | | 55,281 | | | | 53,253 | |
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | | | 59,513 | | | | 57,789 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 73,060 | | | | 69,843 | |
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | | | 107,907 | | | | 104,293 | |
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500% 1/25/30 (a) | | | 61,691 | | | | 60,397 | |
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 2.847% FRN 10/25/44 (a) | | | 272,029 | | | | 268,691 | |
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 2.997% FRN 2/26/35 (a) | | | 64,867 | | | | 60,944 | |
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800% 1.747% FRN 9/25/68 (a) | | | 422,539 | | | | 367,214 | |
EdLinc Student Loan Funding, Series 2017-A, Class A, Update Replacements.xls: PRIME - 1.150% 3.600% FRN 12/01/47 (a) | | | 405,882 | | | | 401,571 | |
Educational Funding of the South, Inc., Series 2011-1, Class A2, 3 mo. USD LIBOR + .650% 2.444% FRN 4/25/35 | | | 374,960 | | | | 352,462 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class B 4.000% 8/25/42 (a) | | | 250,000 | | | | 246,260 | |
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS 2.271% FRN 1/01/44 (a) | | | 950,000 | | | | 828,465 | |
Laurel Road Prime Student Loan Trust Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | | | 319,000 | | | | 318,340 | |
Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | | | 191,853 | | | | 183,790 | |
Series 2018-B, Class BFX, 3.720% 5/26/43 (a) | | | 212,697 | | | | 209,718 | |
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 1 mo. USD LIBOR + .720% 1.425% FRN 12/15/59 (a) | | | 170,000 | | | | 161,536 | |
Navient Student Loan Trust Series 2018-1A, Class A3, 1 mo. USD LIBOR + 0.720% 1.667% FRN 3/25/67 (a) | | | 850,000 | | | | 794,854 | |
Series 2019-1A, Class A2, 1 mo. USD LIBOR + .900% 1.847% FRN 12/27/67 (a) | | | 400,000 | | | | 372,218 | |
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 2.097% FRN 3/25/66 (a) | | | 729,354 | | | | 639,247 | |
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 2.097% FRN 7/26/66 (a) | | | 1,300,000 | | | | 1,134,561 | |
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 2.197% FRN 6/25/65 (a) | | | 583,367 | | | | 533,542 | |
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 2.247% FRN 3/25/66 (a) | | | 560,000 | | | | 519,584 | |
Series 2018-A, Class A1, 2.530% 2/18/42 (a) | | | 50,689 | | | | 48,526 | |
Nelnet Private Education Loan Trust Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 2.697% FRN 12/26/40 (a) | | | 131,551 | | | | 124,399 | |
Series 2016-A, Class A1B, 3.600% 12/26/40 (a) | | | 94,728 | | | | 94,747 | |
Nelnet Student Loan Trust Series 2007-2A, Class A4A2, 28 day ARS 2.061% FRN 6/25/35 (a) | | | 600,000 | | | | 521,099 | |
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 10/25/47 (a) | | | 270,000 | | | | 251,691 | |
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 2.447% FRN 6/25/54 (a) | | | 130,000 | | | | 121,262 | |
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 1.892% FRN 2/15/45 | | | 315,899 | | | | 281,098 | |
SLM Student Loan Trust Series 2006-2, Class R, 0.000% 1/25/41 | | | 1,396 | | | | 698,000 | |
Series 2005-5, Class A4, 3 mo. USD LIBOR + 0.140% 1.934% FRN 10/25/28 | | | 185,437 | | | | 175,358 | |
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 1.994% FRN 1/27/42 | | | 952,813 | | | | 839,152 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.004% FRN 10/25/40 | | | 379,970 | | | | 339,315 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.084% FRN 1/25/44 | | | 517,044 | | | | 457,769 | |
Series 2003-14, Class A6, 3 mo. USD LIBOR + 0.300% 2.094% FRN 7/25/25 | | | 101,981 | | | | 96,719 | |
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 2.094% FRN 1/25/41 | | | 385,494 | | | | 339,300 | |
Series 2005-8, Class B, 3 mo. USD LIBOR + 0.310% 2.104% FRN 1/25/55 | | | 152,662 | | | | 135,646 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
SMB Private Education Loan Trust Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 1.455% FRN 11/15/35 (a) | | $ | 500,000 | | | $ | 440,219 | |
Series 2019-A, Class A2B, 1 mo. USD LIBOR + 0.870% 1.575% FRN 7/15/36 (a) | | | 504,000 | | | | 443,720 | |
Series 2019-B, Class A2B, 1 mo. USD LIBOR + 1.000% 1.705% FRN 6/15/37 (a) | | | 500,000 | | | | 435,031 | |
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.805% FRN 9/15/34 (a) | | | 189,227 | | | | 170,389 | |
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.855% FRN 5/15/26 (a) | | | 198,004 | | | | 178,416 | |
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 2.155% FRN 2/17/32 (a) | | | 83,265 | | | | 74,976 | |
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000% 3/25/33 (a) | | | 200 | | | | 165,000 | |
Series 2017-D, Class R1, 0.000% 9/25/40 (a) | | | 1,000,000 | | | | 467,370 | |
Series 2018-A, Class R1, 0.000% 2/25/42 (a) | | | 1,000,000 | | | | 702,500 | |
Series 2018-D, Class R1, 0.000% 2/25/48 (a) | | | 956,000 | | | | 329,820 | |
Series 2019-A, Class R1, 0.000% 6/15/48 (a) | | | 1,314,800 | | | | 401,360 | |
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.897% FRN 1/25/39 (a) | | | 36,704 | | | | 35,547 | |
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 2.147% FRN 6/25/33 (a) | | | 60,064 | | | | 57,475 | |
| | | | | | | 18,928,751 | |
WL Collateral CMO — 7.9% | | | | | | | | |
Angel Oak Mortgage Trust Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (b) | | | 323,488 | | | | 313,669 | |
Series 2019-6, Class M1, 3.389% VRN 11/25/59 (a) (b) | | | 800,000 | | | | 664,111 | |
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.615% VRN 8/25/34 (b) | | | 3,757 | | | | 3,369 | |
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% 2.577% FRN 8/25/49 (a) | | | 1,562,627 | | | | 1,433,719 | |
Citigroup Mortgage Loan Trust Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (b) | | | 525,832 | | | | 515,252 | |
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (b) | | | 391,000 | | | | 315,007 | |
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.722% VRN 2/25/34 (b) | | | 3,387 | | | | 3,019 | |
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b) | | | 744 | | | | 692 | |
Deephaven Residential Mortgage Trust Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b) | | | 189,542 | | | | 181,667 | |
Series 2019-4A, Class M1, 3.484% VRN 10/25/59 (a) (b) | | | 550,000 | | | | 460,750 | |
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b) | | | 428,935 | | | | 407,188 | |
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b) | | | 335,303 | | | | 318,932 | |
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b) | | | 469,610 | | | | 448,924 | |
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.304% VRN 8/25/34 (b) | | | 1,078 | | | | 1,043 | |
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.885% VRN 8/25/34 (b) | | | 6,646 | | | | 5,713 | |
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b) | | | 278,847 | | | | 282,138 | |
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b) | | | 439,195 | | | | 444,429 | |
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b) | | | 325,732 | | | | 321,430 | |
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b) | | | 367,476 | | | | 371,978 | |
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.250% VRN 2/25/34 (b) | | | 358 | | | | 321 | |
Series 2003-A4, Class IA, 4.678% VRN 7/25/33 (b) | | | 364 | | | | 323 | |
New Residential Mortgage Loan Trust Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b) | | | 251,022 | | | | 257,313 | |
Series 2019-NQM2, Class A3, 3.752% VRN 4/25/49 (a) (b) | | | 171,402 | | | | 161,437 | |
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b) | | | 450,538 | | | | 428,722 | |
Onslow Bay Financial LLC, Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 (a) (b) | | | 753,019 | | | | 782,080 | |
PSMC Trust Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b) | | | 429,232 | | | | 420,712 | |
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b) | | | 410,325 | | | | 402,346 | |
Sequoia Mortgage Trust Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b) | | | 238,696 | | | | 232,072 | |
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b) | | | 475,070 | | | | 470,340 | |
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b) | | | 330,063 | | | | 324,712 | |
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b) | | | 184,312 | | | | 183,248 | |
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b) | | | 453,413 | | | | 446,314 | |
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b) | | | 225,604 | | | | 223,433 | |
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b) | | | 73,895 | | | | 73,633 | |
Series 2019-1, Class A4, 4.000% VRN 2/25/49 (a) (b) | | | 62,114 | | | | 60,785 | |
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, 3.000% VRN 10/25/31 (a) (b) | | | 527,407 | | | | 514,292 | |
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) | | | 550,230 | | | | 521,750 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 3.854% VRN 3/25/34 (b) | | | 3,888 | | | | 3,494 | |
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4, 3.500% VRN 7/25/48 (a) (b) | | | 197,292 | | | | 192,420 | |
Verus Securitization Trust Series 2020-1, Class M1, 3.021% VRN 1/25/60 (a) (b) | | | 1,034,000 | | | | 823,260 | |
Series 2019-4, Class M1, 3.207% VRN 11/25/59 (a) (b) | | | 430,000 | | | | 347,283 | |
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b) | | | 872,654 | | | | 849,577 | |
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (b) | | | 265,000 | | | | 210,157 | |
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.366% FRN 4/25/44 | | | 9,752 | | | | 8,732 | |
| | | | | | | 14,431,786 | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $105,506,938) | | | | | | | 99,107,727 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities — 1.2% | | | | | | | | |
Collateralized Mortgage Obligations — 0.1% | | | | | | | | |
Government National Mortgage Association Series 2014-131, Class BW 4.047% 5/20/41 (b) | | | 94,155 | | | | 97,611 | |
Pass-Through Securities — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Pool #C01079 7.500% 10/01/30 | | | 211 | | | | 246 | |
Pool #C01135 7.500% 2/01/31 | | | 886 | | | | 1,029 | |
Federal National Mortgage Association Pool #888586 1 year CMT + 2.196% 4.328% FRN 10/01/34 | | | 15,613 | | | | 16,374 | |
Pool #725692 1 year CMT + 2.138% 4.355% FRN 10/01/33 | | | 12,642 | | | | 13,258 | |
Pool #775539 12 mo. USD LIBOR + 1.636% 4.511% FRN 5/01/34 | | | 5,228 | | | | 5,452 | |
Pool #575667 7.000% 3/01/31 | | | 2,156 | | | | 2,503 | |
Pool #529453 7.500% 1/01/30 | | | 459 | | | | 535 | |
Pool #535996 7.500% 6/01/31 | | | 826 | | | | 964 | |
Pool #252926 8.000% 12/01/29 | | | 19 | | | | 22 | |
Pool #532819 8.000% 3/01/30 | | | 27 | | | | 32 | |
Pool #534703 8.000% 5/01/30 | | | 461 | | | | 534 | |
Pool #253437 8.000% 9/01/30 | | | 23 | | | | 27 | |
Pool #253481 8.000% 10/01/30 | | | 10 | | | | 12 | |
Pool #190317 8.000% 8/01/31 | | | 478 | | | | 556 | |
Pool #602008 8.000% 8/01/31 | | | 669 | | | | 776 | |
Pool #597220 8.000% 9/01/31 | | | 570 | | | | 666 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
| | Principal Amount | | | Value | |
Government National Mortgage Association Pool #371146 7.000% 9/15/23 | | $ | 40 | | | $ | 41 | |
Pool #352022 7.000% 11/15/23 | | | 560 | | | | 595 | |
Pool #491089 7.000% 12/15/28 | | | 1,353 | | | | 1,476 | |
Pool #500928 7.000% 5/15/29 | | | 593 | | | | 676 | |
Pool #499410 7.000% 7/15/29 | | | 219 | | | | 250 | |
Pool #510083 7.000% 7/15/29 | | | 152 | | | | 173 | |
Pool #493723 7.000% 8/15/29 | | | 438 | | | | 500 | |
Government National Mortgage Association I Pool #581417 7.000% 7/15/32 | | | 2,110 | | | | 2,416 | |
Government National Mortgage Association II Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25 | | | 586 | | | | 601 | |
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27 | | | 125 | | | | 129 | |
| | | | | | | 49,843 | |
Whole Loans — 1.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M2, 1 mo. USD LIBOR + 2.050% 2.997% FRN 7/25/49 (a) | | | 289,857 | | | | 243,096 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 3.097% FRN 9/25/31 (a) | | | 585,062 | | | | 499,011 | |
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 3.247% FRN 8/25/31 (a) | | | 1,350,681 | | | | 1,158,135 | |
Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.450% 3.397% FRN 7/25/31 (a) | | | 294,706 | | | | 243,258 | |
| | | | | | | 2,143,500 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,682,691) | | | | 2,290,954 | |
| | | | | | | | |
U.S. Treasury Obligations — 0.8% | | | | | | | | |
U.S. Treasury Bonds & Notes — 0.8% | | | | | | | | |
U.S. Treasury Note 8.000% 11/15/21 (c) | | | 1,220,000 | | | | 1,373,800 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,395,661) | | | | | | | 1,373,800 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $184,264,938) | | | | | | | 174,514,518 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $147,532) | | | | | | | 61,692 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $184,412,470) | | | | | | | 174,576,210 | |
| | | | | | | | |
Short-Term Investments — 1.1% | | | | | | |
Commercial Paper — 1.1% | | | | | | |
Avangrid, Inc. 1.318% 4/03/20 (a) | | | 2,000,000 | | | | 1,999,571 | |
| | | | | | | 1,999,571 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,999,856) | | | | | | | 1,999,571 | |
| | | | | | | | |
TOTAL INVESTMENTS — 96.2% (Cost $186,412,326) (d) | | | | | | | 176,575,781 | |
| | | | | | | | |
Other Assets/(Liabilities) — 3.8% | | | | | | | 6,934,204 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 183,509,985 | |
Abbreviation Legend |
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
STEP | Step Up Bond |
VRN | Variable Rate Note |
WL | Whole Loan |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued)
Notes to Portfolio of Investments |
Percentages are stated as a percent of net assets. |
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $109,357,582 or 59.59% of net assets. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2020. |
(c) | A portion of this security is pledged/held as collateral for open derivatives. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
(#) Interest Rate Swaptions Purchased
| | Paid by Fund | | | Received by Fund | | | | | | | | | | | | | | | | | | |
Description | | Counterparty | | Expiration Date | | Rate | | | Frequency | | | Rate | | Frequency | | | Notional Amount | | Value | | | Premium Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Put | | | | | |
10-Year Interest Rate Swap, 2/02/43 | | Credit Suisse International | | 1/31/33 | | 3.11% | | | Semi-Annually | | | 3-Month USD LIBOR BBA | | Quarterly | | | USD | | | 3,080,000 | | | $ | 61,692 | | | $ | 147,531 | | | $ | (85,839) | |
Futures contracts
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | |
U.S. Treasury Note 10 Year | | 6/19/20 | | | 158 | | | $ | 20,819,474 | | | $ | 1,093,151 | |
| | | | | | | | | | | | | | |
Short | | | | | | | | | | | | | | |
90 Day Eurodollar | | 6/15/20 | | | 2 | | | $ | (487,381 | ) | | $ | (9,994 | ) |
U.S. Treasury Ultra 10 Year | | 6/19/20 | | | 71 | | | | (10,364,110 | ) | | | (714,109 | ) |
U.S. Treasury Note 2 Year | | 6/30/20 | | | 185 | | | | (40,060,072 | ) | | | (710,748 | ) |
U.S. Treasury Note 5 Year | | 6/30/20 | | | 478 | | | | (57,643,677 | ) | | | (2,278,104 | ) |
90 Day Eurodollar | | 9/14/20 | | | 2 | | | | (487,593 | ) | | | (10,632 | ) |
90 Day Eurodollar | | 12/14/20 | | | 2 | | | | (487,568 | ) | | | (10,732 | ) |
90 Day Eurodollar | | 3/15/21 | | | 2 | | | | (487,743 | ) | | | (10,832 | ) |
90 Day Eurodollar | | 9/13/21 | | | 3 | | | | (731,728 | ) | | | (15,985 | ) |
90 Day Eurodollar | | 3/14/22 | | | 3 | | | | (731,503 | ) | | | (15,910 | ) |
90 Day Eurodollar | | 9/19/22 | | | 3 | | | | (731,203 | ) | | | (15,647 | ) |
90 Day Eurodollar | | 3/13/23 | | | 2 | | | | (487,168 | ) | | | (10,332 | ) |
90 Day Eurodollar | | 12/18/23 | | | 3 | | | | (730,078 | ) | | | (15,385 | ) |
90 Day Eurodollar | | 12/16/24 | | | 7 | | | | (1,701,414 | ) | | | (35,286 | ) |
| | | | | | | | | | | | $ | (3,853,696 | ) |
Centrally Cleared Credit Default Swaps- Buy Protection |
Reference Obligation/Index | | Rate Paid by Fund | | | Payment Frequency | | Termination Date | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.IG Series 34† | | | 1.000% | | | Quarterly | | 6/20/25 | | USD | 900,000 | | $ | 3,126 | | | $ | 3,914 | | | $ | (788 | ) |
CDX.NA.IG Series 34† | | | 1.000% | | | Quarterly | | 6/20/25 | | USD | 800,000 | | | 5,325 | | | | 2,841 | | | | 2,484 | |
| | | | | | | | | | | | | $ | 8,451 | | | $ | 6,755 | | | $ | 1,696 | |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
USD U.S. Dollar
MML Small Cap Equity Fund — Portfolio of Investments |
|
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 96.8% | | | | | | | | |
| | | | | | | | |
Common Stock — 96.8% | | | | | | | | |
Basic Materials — 2.5% | | | | | | | | |
Mining — 2.5% | | | | | | | | |
Compass Minerals International, Inc. (a) | | | 20,715 | | | $ | 796,906 | |
Kaiser Aluminum Corp. | | | 17,805 | | | | 1,233,531 | |
| | | | | | | 2,030,437 | |
Communications — 1.6% | | | | | | | | |
Internet — 1.2% | | | | | | | | |
Q2 Holdings, Inc. (a) (b) | | | 15,736 | | | | 929,368 | |
Media — 0.4% | | | | | | | | |
Houghton Mifflin Harcourt Co. (b) | | | 173,084 | | | | 325,398 | |
| | | | | | | 1,254,766 | |
Consumer, Cyclical — 10.8% | | | | | | | | |
Auto Parts & Equipment — 2.5% | | | | | | | | |
Dorman Products, Inc. (b) | | | 16,786 | | | | 927,762 | |
Visteon Corp. (a) (b) | | | 21,671 | | | | 1,039,775 | |
| | | | | | | 1,967,537 | |
Entertainment — 0.2% | | | | | | | | |
Cedar Fair LP (c) | | | 10,595 | | | | 194,312 | |
Retail — 8.1% | | | | | | | | |
AutoNation, Inc. (b) | | | 36,953 | | | | 1,036,901 | |
BJ's Wholesale Club Holdings, Inc. (a) (b) | | | 55,440 | | | | 1,412,057 | |
Jack in the Box, Inc. | | | 18,280 | | | | 640,714 | |
Suburban Propane Partners LP (c) | | | 86,329 | | | | 1,220,692 | |
Texas Roadhouse, Inc. | | | 27,979 | | | | 1,155,533 | |
The Wendy's Co. | | | 68,180 | | | | 1,014,518 | |
| | | | | | | 6,480,415 | |
| | | | | | | 8,642,264 | |
Consumer, Non-cyclical — 26.3% | | | | | | | | |
Biotechnology — 2.1% | | | | | | | | |
Emergent BioSolutions, Inc. (b) | | | 21,786 | | | | 1,260,538 | |
Twist Bioscience Corp. (a) (b) | | | 12,413 | | | | 379,589 | |
| | | | | | | 1,640,127 | |
Commercial Services — 5.4% | | | | | | | | |
ASGN, Inc. (b) | | | 30,021 | | | | 1,060,342 | |
Korn Ferry | | | 48,432 | | | | 1,177,866 | |
Monro, Inc. (a) | | | 23,456 | | | | 1,027,607 | |
Paylocity Holding Corp. (b) | | | 11,698 | | | | 1,033,168 | |
| | | | | | | 4,298,983 | |
Foods — 1.9% | | | | | | | | |
BellRing Brands, Inc. Class A (b) | | | 42,226 | | | | 719,953 | |
The Simply Good Foods Co. (b) | | | 43,612 | | | | 839,967 | |
| | | | | | | 1,559,920 | |
Health Care – Products — 9.0% | | | | | | | | |
Adaptive Biotechnologies Corp. (a) (b) | | | 13,348 | | | | 370,807 | |
AtriCure, Inc. (b) | | | 22,440 | | | | 753,760 | |
Inspire Medical Systems, Inc. (b) | | | 16,982 | | | | 1,023,675 | |
Intersect ENT, Inc. (b) | | | 26,510 | | | | 314,143 | |
Quidel Corp. (b) | | | 17,707 | | | | 1,731,922 | |
Repligen Corp. (b) | | | 15,622 | | | | 1,508,148 | |
Tandem Diabetes Care, Inc. (a) (b) | | | 22,913 | | | | 1,474,452 | |
| | | | | | | 7,176,907 | |
Health Care – Services — 5.0% | | | | | | | | |
Addus HomeCare Corp. (b) | | | 14,948 | | | | 1,010,485 | |
LHC Group, Inc. (b) | | | 16,887 | | | | 2,367,557 | |
Teladoc Health, Inc. (a) (b) | | | 3,904 | | | | 605,159 | |
| | | | | | | 3,983,201 | |
Household Products & Wares — 1.2% | | | | | | | | |
Acco Brands Corp. | | | 197,948 | | | | 999,637 | |
| | | | | | | | |
Pharmaceuticals — 1.7% | | | | | | | | |
Axsome Therapeutics, Inc. (b) | | | 5,013 | | | | 294,915 | |
Collegium Pharmaceutical, Inc. (a) (b) | | | 27,328 | | | | 446,266 | |
G1 Therapeutics, Inc. (a) (b) | | | 12,676 | | | | 139,690 | |
uniQure NV (a) (b) | | | 10,020 | | | | 475,449 | |
| | | | | | | 1,356,320 | |
| | | | | | | 21,015,095 | |
Energy — 1.6% | | | | | | | | |
Energy – Alternate Sources — 1.4% | | | | | | | | |
Renewable Energy Group, Inc. (a) (b) | | | 51,987 | | | | 1,067,293 | |
Pipelines — 0.2% | | | | | | | | |
Noble Midstream Partners LP (c) | | | 52,719 | | | | 184,517 | |
| | | | | | | 1,251,810 | |
Financial — 20.2% | | | | | | | | |
Banks — 4.5% | | | | | | | | |
The Bank of NT Butterfield & Son Ltd. | | | 39,469 | | | | 672,157 | |
BankUnited, Inc. | | | 17,279 | | | | 323,117 | |
Cathay General Bancorp | | | 24,446 | | | | 561,036 | |
CrossFirst Bankshares, Inc. (a) (b) | | | 8,451 | | | | 70,989 | |
Heritage Financial Corp. | | | 42,872 | | | | 857,440 | |
IBERIABANK Corp. | | | 19,833 | | | | 717,161 | |
Signature Bank | | | 4,579 | | | | 368,106 | |
| | | | | | | 3,570,006 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Diversified Financial Services — 2.4% | | | | | | | | |
Federated Hermes, Inc. | | | 20,156 | | | $ | 383,972 | |
Focus Financial Partners, Inc. Class A (a) (b) | | | 26,872 | | | | 618,324 | |
Stifel Financial Corp. | | | 21,942 | | | | 905,766 | |
| | | | | | | 1,908,062 | |
Insurance — 1.9% | | | | | | | | |
ProAssurance Corp. | | | 44,902 | | | | 1,122,550 | |
ProSight Global, Inc. (a) (b) | | | 41,995 | | | | 409,451 | |
| | | | | | | 1,532,001 | |
Real Estate Investment Trusts (REITS) — 6.4% | | | | | | | | |
Brandywine Realty Trust | | | 103,992 | | | | 1,093,996 | |
DiamondRock Hospitality Co. | | | 175,415 | | | | 891,108 | |
EPR Properties | | | 20,184 | | | | 488,856 | |
Four Corners Property Trust, Inc. | | | 67,350 | | | | 1,260,118 | |
National Storage Affiliates Trust | | | 31,348 | | | | 927,901 | |
SL Green Realty Corp. (a) | | | 11,695 | | | | 504,055 | |
| | | | | | | 5,166,034 | |
Savings & Loans — 5.0% | | | | | | | | |
Berkshire Hills Bancorp, Inc. | | | 36,309 | | | | 539,552 | |
OceanFirst Financial Corp. | | | 42,600 | | | | 677,766 | |
Pacific Premier Bancorp, Inc. | | | 40,852 | | | | 769,652 | |
Sterling Bancorp | | | 55,944 | | | | 584,615 | |
WSFS Financial Corp. | | | 58,510 | | | | 1,458,069 | |
| | | | | | | 4,029,654 | |
| | | | | | | 16,205,757 | |
Industrial — 14.9% | | | | | | | | |
Building Materials — 2.7% | | | | | | | | |
Masonite International Corp. (b) | | | 19,521 | | | | 926,272 | |
Summit Materials, Inc. Class A (b) | | | 83,299 | | | | 1,249,485 | |
| | | | | | | 2,175,757 | |
Electrical Components & Equipment — 3.0% | | | | | | | | |
Energizer Holdings, Inc. | | | 25,433 | | | | 769,348 | |
EnerSys | | | 12,621 | | | | 624,992 | |
Generac Holdings, Inc. (b) | | | 10,693 | | | | 996,267 | |
| | | | | | | 2,390,607 | |
Electronics — 0.8% | | | | | | | | |
Atkore International Group, Inc. (b) | | | 30,789 | | | | 648,724 | |
Engineering & Construction — 3.1% | | | | | | | | |
Comfort Systems USA, Inc. | | | 10,864 | | | | 397,079 | |
KBR, Inc. | | | 64,579 | | | | 1,335,494 | |
TopBuild Corp. (b) | | | 10,074 | | | | 721,701 | |
| | | | | | | 2,454,274 | |
Environmental Controls — 1.2% | | | | | | | | |
Evoqua Water Technologies Corp. (b) | | | 50,214 | | | | 562,899 | |
US Ecology, Inc. | | | 12,901 | | | | 392,190 | |
| | | | | | | 955,089 | |
Machinery – Diversified — 0.3% | | | | | | | | |
Chart Industries, Inc. (b) | | | 9,643 | | | | 279,454 | |
Metal Fabricate & Hardware — 1.9% | | | | | | | | |
Mayville Engineering Co., Inc. (b) | | | 34,830 | | | | 213,508 | |
Rexnord Corp. | | | 56,931 | | | | 1,290,626 | |
| | | | | | | 1,504,134 | |
Miscellaneous - Manufacturing — 0.8% | | | | | | | | |
EnPro Industries, Inc. | | | 15,860 | | | | 627,739 | |
Transportation — 0.6% | | | | | | | | |
CryoPort, Inc. (a) (b) | | | 27,490 | | | | 469,254 | |
| | | | | | | | |
Trucking & Leasing — 0.5% | | | | | | | | |
The Greenbrier Cos., Inc. (a) | | | 24,004 | | | | 425,831 | |
| | | | | | | 11,930,863 | |
Technology — 14.9% | | | | | | | | |
Computers — 3.4% | | | | | | | | |
CACI International, Inc. Class A (b) | | | 8,116 | | | | 1,713,694 | |
Perspecta, Inc. | | | 55,160 | | | | 1,006,118 | |
| | | | | | | 2,719,812 | |
Semiconductors — 4.9% | | | | | | | | |
Brooks Automation, Inc. | | | 39,467 | | | | 1,203,743 | |
MKS Instruments, Inc. | | | 19,399 | | | | 1,580,049 | |
Semtech Corp. (b) | | | 30,681 | | | | 1,150,537 | |
| | | | | | | 3,934,329 | |
Software — 6.6% | | | | | | | | |
Bottomline Technologies de, Inc. (b) | | | 27,631 | | | | 1,012,676 | |
Envestnet, Inc. (b) | | | 10,166 | | | | 546,727 | |
j2 Global, Inc. (a) | | | 22,062 | | | | 1,651,341 | |
Zynga, Inc. Class A (b) | | | 302,903 | | | | 2,074,886 | |
| | | | | | | 5,285,630 | |
| | | | | | | 11,939,771 | |
Utilities — 4.0% | | | | | | | | |
Electric — 1.4% | | | | | | | | |
Avista Corp. | | | 26,029 | | | | 1,105,972 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Gas — 2.6% | | | | | | | | |
National Fuel Gas Co. (a) | | | 17,717 | | | $ | 660,667 | |
South Jersey Industries, Inc. (a) | | | 56,092 | | | | 1,402,300 | |
| | | | | | | 2,062,967 | |
| | | | | | | 3,168,939 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $86,986,653) | | | | | | | 77,439,702 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $86,986,653) | | | | | | | 77,439,702 | |
| | | | | | | | |
Mutual Funds — 1.9% | | | | | | | | |
Diversified Financial Services — 1.9% | | | | | | | | |
State Street Navigator Securities Lending Prime Portfolio (d) | | | 1,557,070 | | | | 1,557,070 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $1,557,070) | | | | | | | 1,557,070 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $88,543,723) | | | | | | | 78,996,772 | |
| | | | | | | | |
| | | Principal Amount | | | | | |
Short-Term Investments — 3.0% | | | | | | | | |
Repurchase Agreement — 3.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (e) | | $ | 2,366,462 | | | | 2,366,462 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,366,462) | | | | | | | 2,366,462 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.7% (Cost $90,910,185) (f) | | | | | | | 81,363,234 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.7)% | | | | | | | (1,347,862 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 80,015,372 | |
Notes to Portfolio of Investments | |
Percentages are stated as a percent of net assets. |
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $13,393,329 or 16.74% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $12,318,808 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Non-income producing security. |
(c) | Security is a Master Limited Partnership. |
(d) | Represents investment of security lending cash collateral. (Note 2). |
(e) | Maturity value of $2,366,462. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $2,413,887. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
MML Special Situations Fund — Portfolio of Investments |
|
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 98.5% | | | | | | | | |
| | | | | | | | |
Common Stock — 98.5% | | | | | | | | |
Basic Materials — 7.0% | | | | | | | | |
Chemicals — 7.0% | | | | | | | | |
The Chemours Co. | | | 43,100 | | | $ | 382,297 | |
Dow, Inc. (a) | | | 21,000 | | | | 614,040 | |
DuPont de Nemours, Inc. | | | 6,600 | | | | 225,060 | |
Ingevity Corp. (a) | | | 6,639 | | | | 233,693 | |
Rayonier Advanced Materials, Inc. | | | 4,600 | | | | 4,876 | |
| | | | | | | 1,459,966 | |
Communications — 11.1% | | | | | | | | |
Media — 11.1% | | | | | | | | |
Altice USA, Inc. Class A (a) | | | 23,956 | | | | 533,979 | |
Cable One, Inc. | | | 500 | | | | 822,005 | |
Liberty Broadband Corp. Class A (a) | | | 3,500 | | | | 374,500 | |
Liberty Latin America Ltd. Class A (a) | | | 54,100 | | | | 569,132 | |
| | | | | | | 2,299,616 | |
Consumer, Cyclical — 4.7% | | | | | | | | |
Apparel — 1.7% | | | | | | | | |
Kontoor Brands, Inc. (a) (b) | | | 18,900 | | | | 362,313 | |
Distribution & Wholesale — 1.5% | | | | | | | | |
IAA, Inc. (a) | | | 10,300 | | | | 308,588 | |
Resideo Technologies, Inc. (a) | | | 510 | | | | 2,469 | |
| | | | | | | 311,057 | |
Home Furnishing — 1.0% | | | | | | | | |
Hamilton Beach Brands Holding Co. Class A | | | 21,200 | | | | 201,612 | |
Leisure Time — 0.3% | | | | | | | | |
Brunswick Corp. | | | 1,500 | | | | 53,055 | |
Retail — 0.2% | | | | | | | | |
J Alexander's Holdings, Inc. (a) | | | 11,500 | | | | 44,045 | |
| | | | | | | 972,082 | |
Consumer, Non-cyclical — 27.6% | | | | | | | | |
Biotechnology — 0.7% | | | | | | | | |
Corteva, Inc. (a) | | | 6,600 | | | | 155,100 | |
Commercial Services — 8.2% | | | | | | | | |
PayPal Holdings, Inc. (a) | | | 17,774 | | | | 1,701,683 | |
| | | | | | | | |
Foods — 1.7% | | | | | | | | |
Lamb Weston Holdings, Inc. | | | 6,300 | | | | 359,730 | |
Health Care – Products — 11.0% | | | | | | | | |
Danaher Corp. | | | 5,400 | | | | 747,414 | |
Varex Imaging Corp. (a) | | | 7,500 | | | | 170,325 | |
West Pharmaceutical Services, Inc. | | | 8,920 | | | | 1,358,070 | |
| | | | | | | 2,275,809 | |
Pharmaceuticals — 6.0% | | | | | | | | |
Zoetis, Inc. | | | 10,538 | | | | 1,240,217 | |
| | | | | | | 5,732,539 | |
Energy — 2.1% | | | | | | | | |
Oil & Gas — 2.1% | | | | | | | | |
Murphy USA, Inc. (a) | | | 5,000 | | | | 421,800 | |
Financial — 4.1% | | | | | | | | |
Banks — 0.6% | | | | | | | | |
City Holding Co. | | | 1,809 | | | | 120,353 | |
Diversified Financial Services — 0.7% | | | | | | | | |
Synchrony Financial | | | 9,540 | | | | 153,498 | |
Real Estate Investment Trusts (REITS) — 2.8% | | | | | | | | |
Four Corners Property Trust, Inc. | | | 10,300 | | | | 192,713 | |
Gaming and Leisure Properties, Inc. | | | 13,900 | | | | 385,169 | |
| | | | | | | 577,882 | |
| | | | | | | 851,733 | |
Industrial — 32.8% | | | | | | | | |
Electronics — 18.0% | | | | | | | | |
Allegion PLC | | | 8,500 | | | | 782,170 | |
Fortive Corp. | | | 5,900 | | | | 325,621 | |
Honeywell International, Inc. | | | 3,060 | | | | 409,397 | |
Keysight Technologies, Inc. (a) | | | 25,949 | | | | 2,171,412 | |
nVent Electric PLC | | | 2,340 | | | | 39,476 | |
| | | | | | | 3,728,076 | |
Engineering & Construction — 11.4% | | | | | | | | |
Arcosa, Inc. | | | 51,488 | | | | 2,046,133 | |
Jacobs Engineering Group, Inc. | | | 4,100 | | | | 325,007 | |
| | | | | | | 2,371,140 | |
Machinery – Construction & Mining — 2.8% | | | | | | | | |
Oshkosh Corp. | | | 9,202 | | | | 591,965 | |
Machinery – Diversified — 0.6% | | | | | | | | |
Welbilt, Inc. (a) | | | 24,400 | | | | 125,172 | |
| | | | | | | 6,816,353 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Technology — 9.1% | | | | | | | | |
Computers — 9.1% | | | | | | | | |
Hewlett Packard Enterprise Co. | | | 147,300 | | | $ | 1,430,283 | |
Perspecta, Inc. | | | 25,437 | | | | 463,971 | |
| | | | | | | 1,894,254 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $22,429,350) | | | | | | | 20,448,343 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $22,429,350) | | | | | | | 20,448,343 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $22,429,350) | | | | | | | 20,448,343 | |
| | | | | | | | |
| | | Principal Amount | | | | | |
Short-Term Investments — 1.6% | | | | | | | | |
Repurchase Agreement — 1.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (c) | | $ | 335,398 | | | | 335,398 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $335,398) | | | | | | | 335,398 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1% (Cost $22,764,748) (d) | | | | | | | 20,783,741 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.1)% | | | | | | | (19,996 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 20,763,745 | |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $358,690 or 1.73% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $377,031 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Maturity value of $335,398. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $342,616. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Strategic Emerging Markets Fund — Portfolio of Investments |
|
March 31, 2020 (Unaudited) |
| | Number of Shares | | | Value | |
Equities — 96.4% | | | | | | | | |
| | | | | | | | |
Common Stock — 93.4% | | | | | | | | |
Bermuda — 2.6% | | | | | | | | |
Credicorp Ltd. | | | 12,952 | | | $ | 1,853,042 | |
Jardine Strategic Holdings Ltd. | | | 46,889 | | | | 1,037,885 | |
| | | | | | | 2,890,927 | |
Brazil — 4.5% | | | | | | | | |
Ambev SA | | | 272,713 | | | | 625,611 | |
Ambev SA ADR | | | 61,612 | | | | 141,708 | |
Atacadao SA | | | 245,700 | | | | 975,499 | |
B3 SA - Brasil Bolsa Balcao | | | 119,653 | | | | 826,686 | |
Itau Unibanco Holding SA Sponsored ADR | | | 228,963 | | | | 1,028,044 | |
Vale SA Sponsored ADR | | | 162,124 | | | | 1,344,008 | |
| | | | | | | 4,941,556 | |
Cayman Islands — 24.2% | | | | | | | | |
Alibaba Group Holding Ltd. Sponsored ADR (a) | | | 29,924 | | | | 5,819,620 | |
Baozun, Inc. ADR (a) (b) | | | 19,296 | | | | 539,130 | |
Budweiser Brewing Co. APAC Ltd. (a) (c) | | | 735,500 | | | | 1,889,807 | |
Huazhu Group Ltd. ADR (b) | | | 107,237 | | | | 3,080,919 | |
Hutchison China MediTech Ltd. ADR (a) | | | 10,405 | | | | 185,729 | |
Innovent Biologics, Inc. (a) (c) | | | 147,000 | | | | 618,006 | |
Meituan Dianping, Class B (a) | | | 118,500 | | | | 1,422,062 | |
OneConnect Financial Technology Co. Ltd. (a) | | | 49,687 | | | | 504,323 | |
Pagseguro Digital Ltd. Class A (a) (b) | | | 53,249 | | | | 1,029,303 | |
StoneCo Ltd. Class A (a) (b) | | | 16,313 | | | | 355,134 | |
Tencent Holdings Ltd. | | | 155,909 | | | | 7,602,368 | |
Wuxi Biologics Cayman, Inc. (a) (c) | | | 44,500 | | | | 573,675 | |
ZTO Express Cayman, Inc. ADR (a) | | | 113,862 | | | | 3,015,066 | |
| | | | | | | 26,635,142 | |
Chile — 0.6% | | | | | | | | |
SACI Falabella | | | 324,841 | | | | 715,796 | |
China — 5.1% | | | | | | | | |
China International Capital Corp. Ltd. Class H (c) | | | 305,200 | | | | 491,324 | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | | | 258,960 | | | | 3,370,054 | |
Ping An Insurance Group Co. of China Ltd. Class A | | | 168,762 | | | | 1,651,732 | |
Shanghai Junshi Bioscience Class H (a) (c) | | | 25,800 | | | | 96,011 | |
| | | | | | | 5,609,121 | |
Colombia — 0.4% | | | | | | | | |
Grupo Aval Acciones y Valores SA | | | 91,386 | | | | 400,271 | |
Egypt — 0.5% | | | | | | | | |
Commercial International Bank Egypt SAE | | | 156,047 | | | | 579,971 | |
France — 6.3% | | | | | | | | |
Kering SA | | | 13,296 | | | | 6,937,781 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 109 | | | | 40,461 | |
| | | | | | | 6,978,242 | |
Hong Kong — 4.9% | | | | | | | | |
AIA Group Ltd. | | | 565,000 | | | | 5,082,910 | |
Hansoh Pharmaceutical Group Co. Ltd. (a) (c) | | | 96,000 | | | | 324,282 | |
| | | | | | | 5,407,192 | |
India — 9.4% | | | | | | | | |
Housing Development Finance Corp. Ltd. | | | 195,271 | | | | 4,149,825 | |
Kotak Mahindra Bank Ltd. | | | 187,438 | | | | 3,149,818 | |
Oberoi Realty Ltd. | | | 75,766 | | | | 335,982 | |
Tata Consultancy Services Ltd. | | | 92,434 | | | | 2,206,467 | |
Zee Entertainment Enterprises Ltd. | | | 315,798 | | | | 515,020 | |
| | | | | | | 10,357,112 | |
Indonesia — 1.0% | | | | | | | | |
Bank Central Asia Tbk PT | | | 379,100 | | | | 641,034 | |
Indocement Tunggal Prakarsa Tbk PT | | | 337,997 | | | | 258,225 | |
Semen Indonesia Persero Tbk PT | | | 331,200 | | | | 154,457 | |
| | | | | | | 1,053,716 | |
Italy — 2.0% | | | | | | | | |
Brunello Cucinelli SpA | | | 133 | | | | 4,046 | |
Moncler SpA | | | 28,090 | | | | 1,025,428 | |
PRADA SpA | | | 411,000 | | | | 1,199,778 | |
| | | | | | | 2,229,252 | |
Mexico — 6.3% | | | | | | | | |
Alsea SAB de CV (a) | | | 243,074 | | | | 154,211 | |
America Movil SAB de CV Sponsored ADR | | | 62,675 | | | | 738,312 | |
Fomento Economico Mexicano SAB de CV | | | 424,642 | | | | 2,581,773 | |
Fomento Economico Mexicano SAB de CV Sponsored ADR | | | 10,777 | | | | 652,116 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | | | 41,904 | | | | 394,990 | |
Grupo Financiero Banorte SAB de CV Class O | | | 163,349 | | | | 447,579 | |
Grupo Financiero Inbursa SAB de CV Class O | | | 685,724 | | | | 491,403 | |
Grupo Mexico SAB de CV Series B | | | 805,630 | | | | 1,493,926 | |
| | | | | | | 6,954,310 | |
Netherlands — 1.5% | | | | | | | | |
Yandex NV Class A (a) | | | 48,895 | | | | 1,664,875 | |
Philippines — 2.4% | | | | | | | | |
Ayala Land, Inc. | | | 1,435,500 | | | | 857,348 | |
SM Investments Corp. | | | 93,115 | | | | 1,504,174 | |
SM Prime Holdings, Inc. | | | 423,012 | | | | 237,166 | |
| | | | | | | 2,598,688 | |
Republic of Korea — 2.2% | | | | | | | | |
Amorepacific Corp. | | | 3,959 | | | | 545,753 | |
AMOREPACIFIC Group | | | 5,072 | | | | 228,664 | |
Samsung Biologics Co. Ltd. (a) (c) | | | 4,093 | | | | 1,603,980 | |
| | | | | | | 2,378,397 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Russia — 6.9% | | | | | | | | |
LUKOIL PJSC Sponsored ADR | | | 7,989 | | | $ | 476,137 | |
LUKOIL PJSC Sponsored ADR | | | 544 | | | | 32,183 | |
MMC Norilsk Nickel PJSC | | | 1,055 | | | | 261,328 | |
MMC Norilsk Nickel PJSC ADR (b) | | | 964 | | | | 23,387 | |
MMC Norilsk Nickel PJSC ADR (Russia) | | | 13,799 | | | | 341,709 | |
Novatek PJSC Sponsored GDR Registered (b) (c) | | | 31,597 | | | | 3,623,468 | |
Novatek PJSC Sponsored GDR Registered (c) | | | 3,074 | | | | 354,432 | |
Polyus PJSC GDR (c) (d) | | | 4,342 | | | | 296,124 | |
Sberbank of Russia PJSC | | | 904,451 | | | | 2,144,830 | |
| | | | | | | 7,553,598 | |
South Africa — 1.5% | | | | | | | | |
FirstRand Ltd. (b) | | | 745,779 | | | | 1,675,529 | |
Taiwan — 6.0% | | | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 745,000 | | | | 6,649,880 | |
Turkey — 1.6% | | | | | | | | |
Akbank T.A.S. (a) | | | 763,895 | | | | 635,212 | |
Anadolu Efes Biracilik Ve Malt Sanayii AS | | | 132,968 | | | | 345,858 | |
BIM Birlesik Magazalar AS | | | 45,429 | | | | 341,802 | |
Turkiye Garanti Bankasi AS (a) | | | 327,803 | | | | 394,504 | |
| | | | | | | 1,717,376 | |
United Kingdom — 0.1% | | | | | | | | |
Glencore PLC | | | 72,419 | | | | 110,530 | |
United States — 3.4% | | | | | | | | |
MercadoLibre, Inc. (a) | | | 201 | | | | 98,205 | |
Yum China Holdings, Inc. | | | 86,851 | | | | 3,702,458 | |
| | | | | | | 3,800,663 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $109,829,052) | | | | | | | 102,902,144 | |
| | | | | | | | |
Preferred Stock — 3.0% | | | | | | | | |
Brazil — 1.1% | | | | | | | | |
Lojas Americanas SA 0.640% | | | | | | | | |
| | | 348,903 | | | | 1,208,648 | |
India — 0.0% | | | | | | | | |
Zee Entertainment Enterprises Ltd. | | | | | | | | |
6.000% | | | 503,840 | | | | 19,647 | |
Singapore — 1.9% | | | | | | | | |
Grab Holdings, Inc., (Acquired 6/18/19, Cost $2,160,355) (a) (d) (e) (f) | | | 350,542 | | | | 2,160,355 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $3,873,009) | | | | | | | 3,388,650 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $113,702,061) | | | | | | | 106,290,794 | |
| | | | | | | | |
Mutual Funds — 0.5% | | | | | | | | |
United States — 0.5% | | | | | | | | |
State Street Navigator Securities Lending Prime Portfolio (g) | | | 544,436 | | | | 544,436 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $544,436) | | | | | | | 544,436 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $114,246,497) | | | | | | | 106,835,230 | |
| | | | | | | | |
| | | Principal Amount | | | | | |
Short-Term Investments — 3.6% | | | | | | | | |
Repurchase Agreement — 3.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/20, 0.000%, due 4/01/20 (h) | | $ | 3,956,495 | | | | 3,956,495 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,956,495) | | | | | | | 3,956,495 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.5% (Cost $118,202,992) (i) | | | | | | | 110,791,725 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.5)% | | | | | | | (590,389 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 110,201,336 | |
|
Abbreviation Legend | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PJSC | Public Joint Stock Company |
| | |
Notes to Portfolio of Investments | |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2020, was $2,930,342 or 2.66% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,352,296 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2020, the aggregate market value of these securities amounted to $9,871,109 or 8.96% of net assets. |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2020, these securities amounted to a value of $2,456,479 or 2.23% of net assets. |
(e) | Investment was valued using significant unobservable inputs. |
(f) | Restricted security. Certain securities are restricted as to resale. At March 31, 2020, these securities amounted to a value of $2,160,355 or 1.96% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $3,956,495. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 7/15/22, and an aggregate market value, including accrued interest, of $4,038,719. |
(i) | See Note 3 for aggregate cost for federal tax purposes. |
Notes to Portfolio of Investments (Unaudited) |
MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):
MML Asset Momentum Fund ("Asset Momentum Fund")
MML Blend Fund (“Blend Fund”)
MML Dynamic Bond Fund ("Dynamic Bond Fund")
MML Equity Fund (“Equity Fund”)
MML Equity Rotation Fund ("Equity Rotation Fund")
MML High Yield Fund ("High Yield Fund")
MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MML Managed Bond Fund (“Managed Bond Fund”)
MML Short-Duration Bond Fund ("Short-Duration Bond Fund")
MML Small Cap Equity Fund ("Small Cap Equity Fund")
MML Special Situations Fund ("Special Situations Fund")
MML Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Allocation Funds, which are “funds of funds” series of MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.
2. | Significant Accounting Policies |
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees ("Trustees"), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.
Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds' Valuation Committee1 in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds' Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds' Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds' fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.
In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.
The Equity Rotation Fund, Small Cap Equity Fund, and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2020. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
Notes to Portfolio of Investments (Unaudited) (Continued) |
The following is the aggregate value by input level, as of March 31, 2020, for the remaining Funds' investments:
Asset Momentum Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Common Stock | | $ | 4,296,786 | | | $ | 2,115,614 | * | | $ | — | | | $ | 6,412,400 | |
U.S. Treasury Obligations | | | — | | | | 6,066,359 | | | | — | | | | 6,066,359 | |
Mutual Funds | | | 15,269,311 | | | | — | | | | — | | | | 15,269,311 | |
Short-Term Investments | | | — | | | | 4,027,681 | | | | — | | | | 4,027,681 | |
Total Investments | | $ | 19,566,097 | | | $ | 12,209,654 | | | $ | — | | | $ | 31,775,751 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (706,644 | ) | | $ | — | | | $ | — | | | $ | (706,644 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Blend Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Common Stock | | $ | 378,933,428 | | | $ | — | | | $ | — | | | $ | 378,933,428 | |
Preferred Stock | | | 487,200 | | | | — | | | | — | | | | 487,200 | |
Corporate Debt | | | — | | | | 80,338,588 | | | | — | | | | 80,338,588 | |
Municipal Obligations | | | — | | | | 1,672,578 | | | | — | | | | 1,672,578 | |
Non-U.S. Government Agency Obligations | | | — | | | | 74,572,514 | | | | — | | | | 74,572,514 | |
Sovereign Debt Obligations | | | — | | | | 1,752,381 | | | | — | | | | 1,752,381 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 66,718,666 | | | | — | | | | 66,718,666 | |
U.S. Treasury Obligations | | | — | | | | 8,367,021 | | | | — | | | | 8,367,021 | |
Purchased Options | | | — | | | | 369,054 | | | | — | | | | 369,054 | |
Rights | | | 97,189 | | | | — | | | | — | | | | 97,189 | |
Mutual Funds | | | 610,776 | | | | — | | | | — | | | | 610,776 | |
Short-Term Investments | | | — | | | | 42,934,072 | | | | — | | | | 42,934,072 | |
Total Investments | | $ | 380,128,593 | | | $ | 276,724,874 | | | $ | — | | | $ | 656,853,467 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 2,949,394 | | | $ | — | | | $ | — | | | $ | 2,949,394 | |
Swap Agreements | | | — | | | | 10,476 | | | | — | | | | 10,476 | |
Total | | $ | 2,949,394 | | | $ | 10,476 | | | $ | — | | | $ | 2,959,870 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (543,422 | ) | | $ | — | | | $ | — | | | $ | (543,422 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Dynamic Bond Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Bank Loans | | $ | — | | | $ | 9,544,545 | | | $ | — | | | $ | 9,544,545 | |
Corporate Debt | | | — | | | | 77,729,837 | | | | — | | | | 77,729,837 | |
Municipal Obligations | | | — | | | | 461,385 | | | | — | | | | 461,385 | |
Non-U.S. Government Agency Obligations | | | — | | | | 69,844,533 | | | | — | | | | 69,844,533 | |
Sovereign Debt Obligations | | | — | | | | 1,079,727 | | | | — | | | | 1,079,727 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 58,033,291 | | | | — | | | | 58,033,291 | |
U.S. Treasury Obligations | | | — | | | | 90,565,877 | | | | — | | | | 90,565,877 | |
Mutual Funds | | | 154,275 | | | | — | | | | — | | | | 154,275 | |
Short-Term Investments | | | — | | | | 9,651,056 | | | | — | | | | 9,651,056 | |
Total Investments | | $ | 154,275 | | | $ | 316,910,251 | | | $ | — | | | $ | 317,064,526 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Common Stock | | $ | 580,410,017 | | | $ | — | | | $ | — | | | $ | 580,410,017 | |
Preferred Stock | | | 3,216,643 | | | | — | | | | — | | | | 3,216,643 | |
Corporate Debt | | | — | | | | 82,561 | | | | — | | | | 82,561 | |
Mutual Funds | | | 5,744,580 | | | | — | | | | — | | | | 5,744,580 | |
Short-Term Investments | | | — | | | | 3,582,538 | | | | — | | | | 3,582,538 | |
Total Investments | | $ | 589,371,240 | | | $ | 3,665,099 | | | $ | — | | | $ | 593,036,339 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Common Stock | | $ | 191,606 | | | $ | 356,962 | | | $ | — | +** | | $ | 548,568 | |
Preferred Stock | | | — | | | | — | | | | — | | | | — | |
Bank Loans | | | — | | | | 5,739,991 | | | | — | | | | 5,739,991 | |
Corporate Debt | | | — | | | | 101,899,830 | | | | 231,906 | ** | | | 102,131,736 | |
Warrants | | | — | | | | — | | | | 263 | ** | | | 263 | |
Mutual Funds | | | 4,597,363 | | | | — | | | | — | | | | 4,597,363 | |
Total Investments | | $ | 4,788,969 | | | $ | 107,996,783 | | | $ | 232,169 | | | $ | 113,017,921 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Corporate Debt | | $ | — | | | $ | 3,489,914 | | | $ | — | | | $ | 3,489,914 | |
Municipal Obligations | | | — | | | | 41,972 | | | | — | | | | 41,972 | |
Non-U.S. Government Agency Obligations | | | — | | | | 183,610,485 | | | | — | | | | 183,610,485 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 1,533,927 | | | | — | | | | 1,533,927 | |
U.S. Treasury Obligations | | | — | | | | 65,752,513 | | | | — | | | | 65,752,513 | |
Purchased Options | | | — | | | | 1,072,161 | | | | — | | | | 1,072,161 | |
Short-Term Investments | | | — | | | | 69,496,692 | | | | — | | | | 69,496,692 | |
Total Investments | | $ | — | | | $ | 324,997,664 | | | $ | — | | | $ | 324,997,664 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 205,180 | | | $ | — | | | $ | — | | | $ | 205,180 | |
Swap Agreements | | | — | | | | 1,360,398 | | | | — | | | | 1,360,398 | |
Total | | $ | 205,180 | | | $ | 1,360,398 | | | $ | — | | | $ | 1,565,578 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | (244,452 | ) | | | — | | | | — | | | | (244,452 | ) |
Swap Agreements | | | — | | | | (395,315 | ) | | | — | | | | (395,315 | ) |
Total | | $ | (244,452 | ) | | $ | (395,315 | ) | | $ | — | | | $ | (639,767 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Managed Bond Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Preferred Stock | | $ | 2,314,200 | | | $ | — | | | $ | — | | | $ | 2,314,200 | |
Corporate Debt | | | — | | | | 345,843,941 | | | | — | | | | 345,843,941 | |
Municipal Obligations | | | — | | | | 5,967,805 | | | | — | | | | 5,967,805 | |
Non-U.S. Government Agency Obligations | | | — | | | | 323,859,919 | | | | — | | | | 323,859,919 | |
Sovereign Debt Obligations | | | — | | | | 7,042,755 | | | | — | | | | 7,042,755 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 247,197,146 | | | | — | | | | 247,197,146 | |
U.S. Treasury Obligations | | | — | | | | 15,009,595 | | | | — | | | | 15,009,595 | |
Purchased Options | | | — | | | | 1,829,518 | | | | — | | | | 1,829,518 | |
Mutual Funds | | | 2,288,213 | | | | — | | | | — | | | | 2,288,213 | |
Short-Term Investments | | | — | | | | 130,676,274 | | | | — | | | | 130,676,274 | |
Total Investments | | $ | 4,602,413 | | | $ | 1,077,426,953 | | | $ | — | | | $ | 1,082,029,366 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 11,855,755 | | | $ | — | | | $ | — | | | $ | 11,855,755 | |
Swap Agreements | | | — | | | | 43,989 | | | | — | | | | 43,989 | |
Total | | $ | 11,855,755 | | | $ | 43,989 | | | $ | — | | | $ | 11,899,744 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (2,056,283 | ) | | $ | — | | | $ | — | | | $ | (2,056,283 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Short-Duration Bond Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Corporate Debt | | $ | — | | | $ | 71,279,873 | | | $ | — | | | $ | 71,279,873 | |
Municipal Obligations | | | — | | | | 462,164 | | | | — | | | | 462,164 | |
Non-U.S. Government Agency Obligations | | | — | | | | 99,107,727 | | | | — | | | | 99,107,727 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 2,290,954 | | | | — | | | | 2,290,954 | |
U.S. Treasury Obligations | | | — | | | | 1,373,800 | | | | — | | | | 1,373,800 | |
Purchased Options | | | — | | | | 61,692 | | | | — | | | | 61,692 | |
Short-Term Investments | | | — | | | | 1,999,571 | | | | — | | | | 1,999,571 | |
Total Investments | | $ | — | | | $ | 176,575,781 | | | $ | — | | | $ | 176,575,781 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 1,093,151 | | | $ | — | | | $ | — | | | $ | 1,093,151 | |
Swap Agreements | | | — | | | | 8,451 | | | | — | | | | 8,451 | |
Total | | $ | 1,093,151 | | | $ | 8,451 | | | $ | — | | | $ | 1,101,602 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (3,853,696 | ) | | $ | — | | | $ | — | | | $ | (3,853,696 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund
Asset Investments | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Common Stock* | | | | | | | | | | | | | | | | |
Bermuda | | $ | 1,853,042 | | | $ | 1,037,885 | | | $ | — | | | $ | 2,890,927 | |
Brazil | | | 4,941,556 | | | | — | | | | — | | | | 4,941,556 | |
Cayman Islands | | | 14,529,224 | | | | 12,105,918 | | | | — | | | | 26,635,142 | |
Chile | | | 715,796 | | | | — | | | | — | | | | 715,796 | |
China | | | — | | | | 5,609,121 | | | | — | | | | 5,609,121 | |
Colombia | | | 400,271 | | | | — | | | | — | | | | 400,271 | |
Egypt | | | — | | | | 579,971 | | | | — | | | | 579,971 | |
France | | | — | | | | 6,978,242 | | | | — | | | | 6,978,242 | |
Hong Kong | | | — | | | | 5,407,192 | | | | — | | | | 5,407,192 | |
India | | | — | | | | 10,357,112 | | | | — | | | | 10,357,112 | |
Indonesia | | | — | | | | 1,053,716 | | | | — | | | | 1,053,716 | |
Italy | | | — | | | | 2,229,252 | | | | — | | | | 2,229,252 | |
Mexico | | | 6,954,310 | | | | — | | | | — | | | | 6,954,310 | |
Netherlands | | | 1,664,875 | | | | — | | | | — | | | | 1,664,875 | |
Philippines | | | — | | | | 2,598,688 | | | | — | | | | 2,598,688 | |
Republic of Korea | | | — | | | | 2,378,397 | | | | — | | | | 2,378,397 | |
Russia | | | 354,432 | | | | 7,199,166 | | | | — | | | | 7,553,598 | |
South Africa | | | — | | | | 1,675,529 | | | | — | | | | 1,675,529 | |
Taiwan | | | — | | | | 6,649,880 | | | | — | | | | 6,649,880 | |
Turkey | | | — | | | | 1,717,376 | | | | — | | | | 1,717,376 | |
United Kingdom | | | — | | | | 110,530 | | | | — | | | | 110,530 | |
United States | | | 3,800,663 | | | | — | | | | — | | | | 3,800,663 | |
Preferred Stock | | | | | | | | | | | | | | | | |
Brazil | | | 1,208,648 | | | | — | | | | — | | | | 1,208,648 | |
India | | | 19,647 | | | | — | | | | — | | | | 19,647 | |
Singapore | | | — | | | | — | | | | 2,160,355 | | | | 2,160,355 | |
Mutual Funds | | | 544,436 | | | | — | | | | — | | | | 544,436 | |
Short-Term Investments | | | — | | | | 3,956,495 | | | | — | | | | 3,956,495 | |
Total Investments | | $ | 36,986,900 | | | $ | 71,644,470 | | | $ | 2,160,355 | | | $ | 110,791,725 | |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
** | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at March 31, 2020 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for March 31, 2020 is not presented. |
+ | Represents a security at $0 value as of March 31, 2020. |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds' most recent Annual/Semiannual reports and prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2020, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.
Federal Income Tax
It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. | Federal Income Tax Information |
At March 31, 2020, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:
Notes to Portfolio of Investments (Unaudited) (Continued) |
| | Federal Income Tax Cost | | | Tax Basis Unrealized Appreciation | | | Tax Basis Unrealized (Depreciation) | | | Net Unrealized Appreciation (Depreciation) | |
Asset Momentum Fund | | $ | 31,580,228 | | | $ | 2,002,798 | | | $ | (1,807,275 | ) | | $ | 195,523 | |
Blend Fund | | | 610,312,494 | | | | 95,676,552 | | | | (49,135,579 | ) | | | 46,540,973 | |
Dynamic Bond Fund | | | 325,887,428 | | | | 14,068,767 | | | | (22,891,669 | ) | | | (8,822,902 | ) |
Equity Fund | | | 670,866,488 | | | | 32,934,381 | | | | (110,764,530 | ) | | | (77,830,149 | ) |
Equity Rotation Fund | | | 28,423,656 | | | | 1,734,689 | | | | (3,648,223 | ) | | | (1,913,534 | ) |
High Yield Fund | | | 131,328,766 | | | | 1,388,658 | | | | (19,699,503 | ) | | | (18,310,845 | ) |
Inflation-Protected and Income Fund | | | 332,646,718 | | | | 4,710,488 | | | | (12,359,542 | ) | | | (7,649,054 | ) |
Managed Bond Fund | | | 1,126,179,720 | | | | 21,796,722 | | | | (65,947,076 | ) | | | (44,150,354 | ) |
Short-Duration Bond Fund | | | 186,412,326 | | | | 1,252,411 | | | | (11,088,956 | ) | | | (9,836,545 | ) |
Small Cap Equity Fund | | | 90,910,185 | | | | 13,433,190 | | | | (22,980,141 | ) | | | (9,546,951 | ) |
Special Situations Fund | | | 22,764,748 | | | | 3,850,968 | | | | (5,831,975 | ) | | | (1,981,007 | ) |
Strategic Emerging Markets Fund | | | 118,202,992 | | | | 10,688,976 | | | | (18,100,243 | ) | | | (7,411,267 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
4. | New Accounting Pronouncements |
In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of ASU 2018-13 and has early adopted the disclosure requirements and the impact, if any, is reflected within the Funds’ financial statements.
On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.
The potential amount sought to be recovered from the Blend Fund and Small Cap Equity Fund are approximately $207,400 and $93,500, respectively, plus interest and the Official Committee’s court costs.
In addition, on June 2, 2011, the Blend Fund was named as a defendant in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.
The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds' net asset value depending on the net assets of each applicable Fund at the time of such judgment or settlement.
6. | Coronavirus (COVID-19) Pandemic |
The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.