MML Blend Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 103.8% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 103.8% | | | | | | | | |
iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | | | 539,876 | | | $ | 29,622,996 | |
iShares Core S&P 500 ETF | | | 467,524 | | | | 212,110,964 | |
iShares Core S&P Mid-Cap ETF | | | 61,912 | | | | 16,613,466 | |
iShares Core S&P Small-Cap ETF (a) | | | 67,765 | | | | 7,310,488 | |
iShares Core S&P Total US Stock Market ETF | | | 2,303,954 | | | | 232,561,117 | |
iShares Core Total USD Bond Market ETF | | | 2,508,276 | | | | 124,485,738 | |
iShares Core U.S. Aggregate Bond ETF | | | 1,160,952 | | | | 124,337,959 | |
iShares iBoxx High Yield Corporate Bond ETF (a) | | | 357,788 | | | | 29,442,374 | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 29,282,810 | | | | 29,282,810 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $742,690,712) | | | | | | | 805,767,912 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $742,690,712) | | | | | | | 805,767,912 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 0.1% | | | | | | | | |
Repurchase Agreement — 0.1% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (c) | | $ | 1,288,514 | | | | 1,288,514 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,288,514) | | | | | | | 1,288,514 | |
| | | | | | | | |
TOTAL INVESTMENTS — 103.9% (Cost $743,979,226) (d) | | | | | | | 807,056,426 | |
| | | | | | | | |
Other Assets/(Liabilities) — (3.9)% | | | | | | | (30,590,641) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 776,465,785 | |
Abbreviation Legend
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, 2022, was $36,184,202 or 4.66% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $7,848,355 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | Maturity value of $1,288,514. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,314,366. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Dynamic Bond Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 90.9% | | | | | | | | |
| | | | | | | | |
BANK LOANS — 4.7% | | | | | | | | |
Advertising — 0.0% | | | | | | | | |
CMG Media Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
3.957% VRN 12/17/26 | | $ | 58,658 | | | $ | 57,695 | |
Aerospace & Defense — 0.1% | | | | | | | | |
TransDigm, Inc., 2020 Term Loan F, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
2.707% VRN 12/09/25 | | | 167,874 | | | | 164,936 | |
Airlines — 0.1% | | | | | | | | |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% | | | | | | | | |
5.500% VRN 4/20/28 | | | 120,000 | | | | 121,387 | |
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
4.250% VRN 8/11/28 | | | 75,000 | | | | 74,219 | |
American Airlines, Inc., 2017 Incremental Term Loan, 6 mo. USD LIBOR + 2.000% | | | | | | | | |
2.840% VRN 12/15/23 | | | 73,310 | | | | 72,322 | |
Kestrel Bidco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.000 | | | | | | | | |
4.000% VRN 12/11/26 | | | 68,539 | | | | 65,897 | |
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.500% VRN 4/21/28 | | | 84,363 | | | | 83,238 | |
| | | | | | | 417,063 | |
Auto Parts & Equipment — 0.0% | | | | | | | | |
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.707% VRN 4/30/26 | | | 129,445 | | | | 127,666 | |
Building Materials — 0.1% | | | | | | | | |
CP Atlas Buyer, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.250% VRN 11/23/27 | | | 26,897 | | | | 26,094 | |
Solis IV BV, USD Term Loan B1, 3 mo. SOFR + 3.500% | | | | | | | | |
4.000% VRN 2/26/29 | | | 250,000 | | | | 244,688 | |
| | | | | | | 270,782 | |
Chemicals — 0.2% | | | | | | | | |
Diamond (BC) B.V., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
3.250% VRN 9/29/28 | | | 174,563 | | | | 170,809 | |
Illuminate Buyer, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
3.957% VRN 6/30/27 | | | 79,892 | | | | 77,146 | |
Kraton Corp., 2022 USD Term Loan, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
3.990% VRN 3/15/29 | | | 75,000 | | | | 74,016 | |
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.746% VRN 11/09/28 | | | 99,750 | | | | 96,929 | |
PMHC II, Inc., 2022 Term Loan B, | | | | | | | | |
0.000% VRN 2/01/29 (a) | | | 195,000 | | | | 185,656 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
W.R. Grace & Co., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.813% VRN 9/22/28 | | $ | 144,638 | | | $ | 143,191 | |
| | | | | | | 747,747 | |
Commercial Services — 0.3% | | | | | | | | |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.250% VRN 5/12/28 | | | 291,908 | | | | 287,060 | |
CHG Healthcare Services, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.500%, 6 mo. USD LIBOR + 3.500% | | | | | | | | |
4.506% - 5.000% VRN 9/29/28 | | | 134,325 | | | | 132,940 | |
CoreLogic, Inc., Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
4.000% VRN 6/02/28 | | | 64,838 | | | | 63,987 | |
EAB Global, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
3.949% - 3.949% VRN 8/16/28 | | | 160,000 | | | | 158,200 | |
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
3.457% VRN 5/14/26 | | | 47,781 | | | | 47,081 | |
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000% | | | | | | | | |
4.750% VRN 3/04/28 | | | 84,363 | | | | 83,612 | |
Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
3.750% VRN 2/06/24 | | | 24,418 | | | | 23,162 | |
Trans Union, LLC, 2021 Term Loan B6, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
2.750% VRN 12/01/28 | | | 86,847 | | | | 86,087 | |
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
4.457% VRN 8/27/25 | | | 69,475 | | | | 69,128 | |
| | | | | | | 951,257 | |
Computers — 0.1% | | | | | | | | |
McAfee, LLC, 2022 USD Term Loan B, 3 mo. SOFR + 4.000% | | | | | | | | |
4.500% VRN 3/01/29 | | | 110,000 | | | | 109,037 | |
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.500% VRN 2/01/28 | | | 116,654 | | | | 115,669 | |
Tempo Acquisition LLC, 2022 Term Loan B, 1 mo. SOFR + 3.000% | | | | | | | | |
3.500% VRN 8/31/28 | | | 74,813 | | | | 74,233 | |
| | | | | | | 298,939 | |
Diversified Financial Services — 0.2% | | | | | | | | |
AllSpring Buyer LLC, Term Loan B, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
4.313% VRN 11/01/28 | | | 93,145 | | | | 92,418 | |
Astra Acquisition Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 5.250% | | | | | | | | |
5.750% VRN 10/25/28 | | | 249,375 | | | | 241,582 | |
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
3.457% VRN 6/15/25 | | | 113,660 | | | | 111,387 | |
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
3.250% VRN 10/22/26 | | | 144,275 | | | | 140,218 | |
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.750% VRN 4/09/27 | | | 117,925 | | | | 117,187 | |
| | | | | | | 702,792 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Electric — 0.0% | | | | | | | | |
Pacific Gas & Electric Co., 2020 Term Loan, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
3.500% VRN 6/23/25 | | $ | 73,688 | | | $ | 72,674 | |
Electronics — 0.1% | | | | | | | | |
Compass Power Generation LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
4.500% VRN 12/20/24 | | | 49,647 | | | | 48,835 | |
Mirion Technologies, Inc., 2021 Term Loan, 2 mo. USD LIBOR + 2.750% | | | | | | | | |
3.250% VRN 10/20/28 | | | 94,810 | | | | 93,709 | |
| | | | | | | 142,544 | |
Entertainment — 0.1% | | | | | | | | |
UFC Holdings LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 2.750% | | | | | | | | |
3.500% VRN 4/29/26 | | | 200,914 | | | | 198,654 | |
Environmental Controls — 0.0% | | | | | | | | |
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
3.457% VRN 3/29/25 | | | 109,424 | | | | 107,703 | |
Food — 0.1% | | | | | | | | |
CHG PPC Parent LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
3.500% VRN 12/08/28 | | | 120,000 | | | | 117,000 | |
H Food Holdings LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.688% | | | | | | | | |
4.145% VRN 5/23/25 | | | 48,796 | | | | 46,928 | |
United Natural Foods, Inc., Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.707% VRN 10/22/25 | | | 8,733 | | | | 8,644 | |
| | | | | | | 172,572 | |
Health Care – Products — 0.1% | | | | | | | | |
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.750% VRN 10/23/28 | | | 245,000 | | | | 242,428 | |
Health Care – Services — 0.3% | | | | | | | | |
ADMI Corp., 2021 Incremental Term Loan B3, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
4.000% VRN 12/23/27 | | | 64,675 | | | | 63,813 | |
Aveanna Healthcare, LLC | | | | | | | | |
2021 Term Loan B, | | | | | | | | |
0.000% 7/17/28 (a) | | | 141,626 | | | | 137,696 | |
2021 Delayed Draw Term Loan, | | | | | | | | |
0.000% 7/17/28 (a) (b) | | | 33,019 | | | | 32,102 | |
Envision Healthcare Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.207% VRN 10/10/25 | | | 46,068 | | | | 30,482 | |
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
4.718% - 4.697% VRN 7/09/25 | | | 145,000 | | | | 142,903 | |
Radnet Management, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.000%, 3. mo Prime + 2.000% | | | | | | | | |
3.750% - 5.500% VRN 4/21/28 | | | 288,136 | | | | 283,918 | |
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.197% VRN 11/16/25 | | | 95,193 | | | | 94,529 | |
| | | | | | | 785,443 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Household Products & Wares — 0.0% | | | | | | | | |
Kronos Acquisition Holdings, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.250% VRN 12/22/26 | | $ | 118,500 | | | $ | 110,107 | |
Housewares — 0.1% | | | | | | | | |
Springs Windows Fashions, LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
4.750% VRN 10/06/28 | | | 290,000 | | | | 280,816 | |
Insurance — 0.3% | | | | | | | | |
Acrisure LLC | | | | | | | | |
2020 Term Loan B, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
3.957% VRN 2/15/27 | | | 121,877 | | | | 119,947 | |
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
4.750% VRN 2/15/27 | | | 124,688 | | | | 123,987 | |
Asurion LLC | | | | | | | | |
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.707% VRN 12/23/26 | | | 153,063 | | | | 149,554 | |
2021 Term Loan B9, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.707% VRN 7/31/27 | | | 74,436 | | | | 72,831 | |
OneDigital Borrower LLC, 2021 Term Loan, 3 mo. SOFR + 4.250% | | | | | | | | |
4.750% VRN 11/16/27 | | | 329,175 | | | | 326,502 | |
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.207% VRN 9/03/26 | | | 34,038 | | | | 33,772 | |
| | | | | | | 826,593 | |
Internet — 0.1% | | | | | | | | |
Getty Images, Inc., 2019 USD Term Loan B, 3 mo. USD LIBOR + 4.500% | | | | | | | | |
5.063% VRN 2/19/26 | | | 33,831 | | | | 33,556 | |
ION Trading Finance Ltd., 2021 USD Term Loan, 3 mo. USD LIBOR + 4.750% | | | | | | | | |
5.207% VRN 4/03/28 | | | 228,275 | | | | 226,182 | |
Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
3.758% VRN 8/31/28 | | | 130,000 | | | | 128,464 | |
| | | | | | | 388,202 | |
Leisure Time — 0.1% | | | | | | | | |
Carnival Corp., 2021 Incremental Term Loan B, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
4.000% VRN 10/18/28 | | | 219,450 | | | | 214,238 | |
ClubCorp Holdings, Inc., 2017 Term Loan B, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
3.756% VRN 9/18/24 | | | 19,286 | | | | 18,262 | |
| | | | | | | 232,500 | |
Lodging — 0.0% | | | | | | | | |
Caesars Resort Collection LLC, 2020 Term Loan B1, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
3.957% VRN 7/21/25 | | | 59,100 | | | | 58,834 | |
Machinery – Diversified — 0.1% | | | | | | | | |
Titan Acquisition Ltd., 2018 Term Loan B, 3 mo. USD LIBOR + 3.000% | | | | | | | | |
4.006% VRN 3/28/25 | | | 39,084 | | | | 38,177 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Vertical U.S. Newco Inc, Term Loan B, 6 mo. USD LIBOR + 3.500% | | | | | | | | |
4.000% - 4.019% VRN 7/30/27 | | $ | 197,512 | | | $ | 195,415 | |
| | | | | | | 233,592 | |
Media — 0.2% | | | | | | | | |
Cengage Learning, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.750% | | | | | | | | |
5.750% VRN 7/14/26 | | | 159,575 | | | | 158,080 | |
DirecTV Financing LLC, Term Loan, 3 mo. USD LIBOR + 5.000% | | | | | | | | |
5.750% VRN 8/02/27 | | | 69,834 | | | | 69,680 | |
The E.W. Scripps Co., 2019 Term Loan B2, 1 mo. USD LIBOR + 2.563% | | | | | | | | |
3.313% VRN 5/01/26 | | | 115,099 | | | | 113,557 | |
Radiate Holdco LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
4.000% VRN 9/25/26 | | | 144,638 | | | | 143,246 | |
| | | | | | | 484,563 | |
Packaging & Containers — 0.1% | | | | | | | | |
Flex Acquisition Co., Inc., 2018 Incremental Term Loan, 3 mo. USD LIBOR + 3.000% | | | | | | | | |
3.214% VRN 6/29/25 | | | 24,491 | | | | 24,431 | |
Pretium PKG Holdings, Inc., 2021 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000% | | | | | | | | |
4.500% VRN 10/02/28 | | | 109,725 | | | | 106,414 | |
TricorBraun Holdings, Inc. ., 2021 Term Loan, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.750% VRN 3/03/28 | | | 69,496 | | | | 67,652 | |
| | | | | | | 198,497 | |
Pharmaceuticals — 0.3% | | | | | | | | |
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% | | | | | | | | |
5.006% VRN 10/01/27 | | | 237,285 | | | | 236,691 | |
ICON Luxembourg SARL | | | | | | | | |
US Term Loan, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
3.256% VRN 7/03/28 | | | 17,183 | | | | 17,086 | |
LUX Term Loan, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
3.256% VRN 7/03/28 | | | 68,967 | | | | 68,579 | |
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
4.000% VRN 5/05/28 | | | 223,313 | | | | 222,281 | |
Organon & Co, USD Term Loan, 3 mo. USD LIBOR + 3.000% | | | | | | | | |
3.563% VRN 6/02/28 | | | 216,938 | | | | 215,582 | |
| | | | | | | 760,219 | |
Pipelines — 0.1% | | | | | | | | |
CQP Holdco LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.756% VRN 6/05/28 | | | 218,054 | | | | 216,726 | |
Traverse Midstream Partners LLC, 2017 Term Loan, 3 mo. SOFR + 4.250% | | | | | | | | |
5.250% 9/27/24 | | | 53,816 | | | | 53,524 | |
| | | | | | | 270,250 | |
Retail — 0.2% | | | | | | | | |
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.500% VRN 3/06/28 | | | 172,819 | | | | 171,955 | |
Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
4.256% VRN 3/03/28 | | | 124,063 | | | | 122,734 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
PetSmart, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.500% VRN 2/11/28 | | $ | 69,650 | | | $ | 69,360 | |
SRS Distribution, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.000% - 4.250% VRN 6/02/28 | | | 99,500 | | | | 98,174 | |
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
3.750% VRN 8/03/28 | | | 114,713 | | | | 113,207 | |
| | | | | | | 575,430 | |
Software — 1.1% | | | | | | | | |
Ascend Learning LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
4.000% VRN 12/11/28 | | | 275,000 | | | | 271,631 | |
Athenahealth, Inc. | | | | | | | | |
2022 Delayed Draw Term Loan, 3 mo. SOFR + 0.000% | | | | | | | | |
4.000% VRN 2/15/29 (b) | | | 28,986 | | | | 28,630 | |
2022 Term Loan B, 1 mo. SOFR + 3.500% | | | | | | | | |
4.000% VRN 2/15/29 | | | 171,014 | | | | 168,920 | |
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
4.000% VRN 10/30/26 | | | 118,500 | | | | 117,242 | |
Castle U.S. Holding Corp., USD Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.756% VRN 1/29/27 | | | 157,667 | | | | 152,174 | |
Cornerstone OnDemand, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.250% VRN 10/16/28 | | | 130,000 | | | | 128,537 | |
Cvent, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.207% VRN 11/29/24 | | | 34,082 | | | | 33,628 | |
DCert Buyer, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
4.457% VRN 10/16/26 | | | 74,055 | | | | 73,428 | |
Finastra USA, Inc., 2021 EUR Term Loan B, 3 mo. USD LIBOR + 7.250% | | | | | | | | |
8.250% VRN 6/13/25 | | | 20,000 | | | | 19,641 | |
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
4.449% VRN 12/01/27 | | | 245,915 | | | | 245,300 | |
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
3.957% VRN 7/01/24 | | | 219,866 | | | | 218,457 | |
Mitchell International, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.250% VRN 10/15/28 | | | 305,000 | | | | 299,629 | |
Polaris Newco LLC, USD Term Loan B, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
4.500% VRN 6/02/28 | | | 308,450 | | | | 305,905 | |
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.000% | | | | | | | | |
4.300% VRN 4/26/24 | | | 186,375 | | | | 184,861 | |
Sophia, L.P., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
4.256% VRN 10/07/27 | | | 148,131 | | | | 146,495 | |
The Ultimate Software Group, Inc. | | | | | | | | |
2021 Term Loan, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
3.750% VRN 5/04/26 | | | 183,492 | | | | 181,824 | |
Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.756% VRN 5/04/26 | | | 122,166 | | | | 121,578 | |
Tibco Software, Inc., 2020 Term Loan B3, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
4.210% VRN 6/30/26 | | | 127,688 | | | | 126,890 | |
Zelis Healthcare Corp. | | | | | | | | |
2021 Delayed Draw Term Loan, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
3.500% VRN 9/30/26 (b) | | | 35,333 | | | | 34,925 | |
2021 Term Loan B, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
3.731% VRN 9/30/26 | | | 193,844 | | | | 191,603 | |
| | | | | | | 3,051,298 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Telecommunications — 0.1% | | | | | | | | |
Avaya, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
4.647% VRN 12/15/27 | | $ | 38,781 | | | $ | 38,461 | |
Gogo Intermediate Holdings LLC, Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
4.500% VRN 4/30/28 | | | 59,700 | | | | 59,178 | |
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. SOFR + 4.250% | | | | | | | | |
4.920% VRN 2/01/29 | | | 129,675 | | | | 127,365 | |
| | | | | | | 225,004 | |
Transportation — 0.1% | | | | | | | | |
First Student Bidco, Inc. | | | | | | | | |
Term Loan C, 3 mo. USD LIBOR + 3.000% | | | | | | | | |
3.983% VRN 7/21/28 | | | 41,789 | | | | 41,406 | |
Term Loan B, 3 mo. USD LIBOR + 3.000% | | | | | | | | |
3.983% VRN 7/21/28 | | | 112,928 | | | | 111,892 | |
| | | | | | | 153,298 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $13,442,259) | | | | | | | 13,310,098 | |
| | | | | | | | |
CORPORATE DEBT — 24.4% | | | | | | | | |
Advertising — 0.1% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. | | | | | | | | |
7.500% 6/01/29 (c) | | | 95,000 | | | | 95,066 | |
The Interpublic Group of Cos., Inc. | | | | | | | | |
5.400% 10/01/48 | | | 125,000 | | | | 148,628 | |
| | | | | | | 243,694 | |
Aerospace & Defense — 0.4% | | | | | | | | |
The Boeing Co. | | | | | | | | |
2.950% 2/01/30 | | | 235,000 | | | | 217,769 | |
3.750% 2/01/50 | | | 120,000 | | | | 106,796 | |
Northrop Grumman Corp. | | | | | | | | |
5.150% 5/01/40 | | | 285,000 | | | | 331,949 | |
Raytheon Technologies Corp. | | | | | | | | |
3.030% 3/15/52 | | | 240,000 | | | | 210,143 | |
TransDigm, Inc. | | | | | | | | |
5.500% 11/15/27 | | | 100,000 | | | | 99,250 | |
6.250% 3/15/26 (c) | | | 150,000 | | | | 154,219 | |
| | | | | | | 1,120,126 | |
Agriculture — 0.1% | | | | | | | | |
BAT Capital Corp. | | | | | | | | |
3.462% 9/06/29 | | | 460,000 | | | | 433,049 | |
Airlines — 0.1% | | | | | | | | |
American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | | | | | | | | |
5.750% 4/20/29 (c) | | | 125,000 | | | | 124,531 | |
Southwest Airlines Co. | | | | | | | | |
4.750% 5/04/23 | | | 215,000 | | | | 219,567 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
United Airlines, Inc. | | | | | | | | |
4.625% 4/15/29 (c) | | $ | 65,000 | | | $ | 61,812 | |
| | | | | | | 405,910 | |
Auto Manufacturers — 0.6% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
3.250% 2/12/32 | | | 110,000 | | | | 98,080 | |
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235% | | | | | | | | |
1.741% FRN 2/15/23 | | | 410,000 | | | | 406,834 | |
General Motors Financial Co., Inc. | | | | | | | | |
2.400% 10/15/28 | | | 245,000 | | | | 219,677 | |
3.100% 1/12/32 | | | 235,000 | | | | 211,253 | |
Hyundai Capital America | | | | | | | | |
1.800% 10/15/25 (c) | | | 5,000 | | | | 4,676 | |
2.650% 2/10/25 (c) | | | 455,000 | | | | 441,304 | |
Volkswagen Group of America Finance LLC | | | | | | | | |
4.250% 11/13/23 (c) | | | 220,000 | | | | 224,230 | |
| | | | | | | 1,606,054 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
American Axle & Manufacturing, Inc. | | | | | | | | |
5.000% 10/01/29 (d) | | | 55,000 | | | | 51,598 | |
Aptiv PLC | | | | | | | | |
3.100% 12/01/51 | | | 260,000 | | | | 206,577 | |
Dealer Tire LLC / DT Issuer LLC | | | | | | | | |
8.000% 2/01/28 (c) | | | 15,000 | | | | 15,037 | |
The Goodyear Tire & Rubber Co. | | | | | | | | |
5.250% 7/15/31 (c) (d) | | | 105,000 | | | | 97,093 | |
| | | | | | | 370,305 | |
Banks — 3.6% | | | | | | | | |
Australia & New Zealand Banking Group Ltd. 5 year CMT + 1.700% | | | | | | | | |
2.570% VRN 11/25/35 (c) | | | 405,000 | | | | 353,585 | |
Banco Davivienda SA 10 year CMT + 5.097% | | | | | | | | |
6.650% VRN (c) (e) | | | 200,000 | | | | 184,002 | |
Banco Macro SA 5 year USD Swap + 5.463% | | | | | | | | |
6.643% VRN 11/04/26 (c) | | | 200,000 | | | | 165,000 | |
Banco Mercantil del Norte SA 10 year CMT + 5.353% | | | | | | | | |
7.625% VRN (c) (e) | | | 200,000 | | | | 200,914 | |
Bangkok Bank PCL 5 year CMT + 4.729% | | | | | | | | |
5.000% VRN (c) (e) | | | 200,000 | | | | 197,250 | |
Bank of America Corp. | | | | | | | | |
5 year CMT + 1.200% 2.482% VRN 9/21/36 | | | 450,000 | | | | 386,955 | |
SOFR + 1.210% 2.572% VRN 10/20/32 | | | 170,000 | | | | 154,496 | |
Bank of Montreal 5 year USD Swap + 1.432% | | | | | | | | |
3.803% VRN 12/15/32 | | | 310,000 | | | | 306,857 | |
Barclays PLC 3 mo. USD LIBOR + 1.380% | | | | | | | | |
1.839% FRN 5/16/24 | | | 425,000 | | | | 427,054 | |
BNP Paribas SA SOFR + 1.507% | | | | | | | | |
3.052% VRN 1/13/31 (c) | | | 390,000 | | | | 364,862 | |
BPCE SA | | | | | | | | |
1.000% 1/20/26 (c) | | | 250,000 | | | | 229,507 | |
Citigroup, Inc. | | | | | | | | |
3 mo. USD LIBOR + 1.100% 1.569% FRN 5/17/24 (d) | | | 510,000 | | | | 512,728 | |
SOFR + 0.694% 2.014% VRN 1/25/26 | | | 95,000 | | | | 91,551 | |
SOFR + 1.280% 3.070% VRN 2/24/28 | | | 135,000 | | | | 131,784 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Commonwealth Bank of Australia | | | | | | | | |
4.316% 1/10/48 (c) | | $ | 305,000 | | | $ | 303,020 | |
Deutsche Bank AG SOFR + 1.219% | | | | | | | | |
2.311% VRN 11/16/27 | | | 215,000 | | | | 197,307 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
SOFR + .820% 1.071% FRN 9/10/27 | | | 165,000 | | | | 160,799 | |
3 mo. USD LIBOR + 1.170% 1.676% FRN 5/15/26 | | | 530,000 | | | | 532,719 | |
HSBC Holdings PLC 3 mo. USD LIBOR + 1.380% | | | | | | | | |
2.183% FRN 9/12/26 | | | 510,000 | | | | 516,196 | |
JP Morgan Chase & Co. | | | | | | | | |
SOFR + 1.015% 2.069% VRN 6/01/29 | | | 195,000 | | | | 180,039 | |
SOFR + 2.040% 2.522% VRN 4/22/31 | | | 290,000 | | | | 268,871 | |
SOFR + 1.250% 2.580% VRN 4/22/32 | | | 240,000 | | | | 219,909 | |
SOFR + 0.915% 2.595% VRN 2/24/26 | | | 160,000 | | | | 157,085 | |
SOFR + 1.260% 2.963% VRN 1/25/33 | | | 230,000 | | | | 216,866 | |
The Korea Development Bank | | | | | | | | |
1.625% 1/19/31 | | | 200,000 | | | | 177,096 | |
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% | | | | | | | | |
3.574% VRN 11/07/28 | | | 400,000 | | | | 391,362 | |
Macquarie Group Ltd. SOFR + 1.532% | | | | | | | | |
2.871% VRN 1/14/33 (c) | | | 530,000 | | | | 470,482 | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
1.412% 7/17/25 | | | 435,000 | | | | 408,442 | |
Morgan Stanley | | | | | | | | |
SOFR + 1.360% 2.484% VRN 9/16/36 | | | 450,000 | | | | 385,535 | |
SOFR + 1.290% 2.943% VRN 1/21/33 | | | 115,000 | | | | 107,856 | |
National Australia Bank Ltd. | | | | | | | | |
2.990% 5/21/31 (c) | | | 250,000 | | | | 226,887 | |
NatWest Markets PLC | | | | | | | | |
0.800% 8/12/24 (c) | | | 200,000 | | | | 188,438 | |
Oversea-Chinese Banking Corp. Ltd. 5 year CMT + 1.580% | | | | | | | | |
1.832% VRN 9/10/30 (c) | | | 500,000 | | | | 471,140 | |
Santander Holdings SOFR + 1.249% | | | | | | | | |
2.490% VRN 1/06/28 | | | 135,000 | | | | 126,137 | |
United Overseas Bank Ltd. 5 year CMT + 1.520% | | | | | | | | |
1.750% VRN 3/16/31 (c) | | | 200,000 | | | | 186,190 | |
Wells Fargo & Co. | | | | | | | | |
SOFR + 1.432% 2.879% VRN 10/30/30 | | | 210,000 | | | | 199,617 | |
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27 | | | 245,000 | | | | 242,283 | |
Westpac Banking Corp. 5 year CMT + 1.530% | | | | | | | | |
3.020% VRN 11/18/36 | | | 245,000 | | | | 217,740 | |
| | | | | | | 10,258,561 | |
Beverages — 0.4% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.600% 4/15/48 | | | 405,000 | | | | 435,291 | |
Constellation Brands, Inc. | | | | | | | | |
2.875% 5/01/30 | | | 55,000 | | | | 51,596 | |
3.150% 8/01/29 | | | 175,000 | | | | 168,775 | |
Keurig Dr Pepper, Inc. | | | | | | | | |
3.800% 5/01/50 | | | 225,000 | | | | 213,623 | |
Primo Water Holdings, Inc. | | | | | | | | |
4.375% 4/30/29 (c) | | | 70,000 | | | | 63,357 | |
Triton Water Holdings, Inc. | | | | | | | | |
6.250% 4/01/29 (c) | | | 145,000 | | | | 123,975 | |
| | | | | | | 1,056,617 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Biotechnology — 0.1% | | | | | | | | |
Illumina, Inc. | | | | | | | | |
0.550% 3/23/23 | | $ | 165,000 | | | $ | 161,860 | |
Royalty Pharma PLC | | | | | | | | |
3.300% 9/02/40 | | | 250,000 | | | | 212,701 | |
| | | | | | | 374,561 | |
Building Materials — 0.2% | | | | | | | | |
Carrier Global Corp. | | | | | | | | |
3.377% 4/05/40 | | | 355,000 | | | | 322,988 | |
Griffon Corp. | | | | | | | | |
5.750% 3/01/28 | | | 170,000 | | | | 163,455 | |
Owens Corning | | | | | | | | |
4.400% 1/30/48 | | | 190,000 | | | | 188,958 | |
| | | | | | | 675,401 | |
Chemicals — 0.3% | | | | | | | | |
ASP Unifrax Holdings, Inc. | | | | | | | | |
5.250% 9/30/28 (c) | | | 105,000 | | | | 98,025 | |
CF Industries, Inc. | | | | | | | | |
5.375% 3/15/44 | | | 195,000 | | | | 219,260 | |
CVR Partners LP / CVR Nitrogen Finance Corp. | | | | | | | | |
6.125% 6/15/28 (c) | | | 65,000 | | | | 64,981 | |
EverArc Escrow SARL | | | | | | | | |
5.000% 10/30/29 (c) | | | 140,000 | | | | 127,925 | |
The Sherwin-Williams Co. | | | | | | | | |
2.900% 3/15/52 | | | 100,000 | | | | 81,907 | |
WR Grace Holdings LLC | | | | | | | | |
5.625% 8/15/29 (c) | | | 135,000 | | | | 126,238 | |
| | | | | | | 718,336 | |
Coal — 0.0% | | | | | | | | |
SunCoke Energy, Inc. | | | | | | | | |
4.875% 6/30/29 (c) | | | 90,000 | | | | 84,849 | |
Commercial Services — 0.3% | | | | | | | | |
Adani International Container Terminal Pvt Ltd. | | | | | | | | |
3.000% 2/16/31 (c) | | | 192,000 | | | | 171,444 | |
Adani Ports & Special Economic Zone Ltd. | | | | | | | | |
4.000% 7/30/27 (c) | | | 200,000 | | | | 194,196 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | |
6.625% 7/15/26 (c) | | | 70,000 | | | | 70,828 | |
9.750% 7/15/27 (c) | | | 130,000 | | | | 134,225 | |
Garda World Security Corp. | | | | | | | | |
6.000% 6/01/29 (c) | | | 115,000 | | | | 103,613 | |
NESCO Holdings II, Inc. | | | | | | | | |
5.500% 4/15/29 (c) | | | 20,000 | | | | 19,650 | |
Triton Container International Ltd. | | | | | | | | |
1.150% 6/07/24 (c) | | | 90,000 | | | | 85,454 | |
Triton Container International Ltd. / TAL International Container Corp. | | | | | | | | |
3.250% 3/15/32 | | | 120,000 | | | | 110,536 | |
WASH Multifamily Acquisition, Inc. | | | | | | | | |
5.750% 4/15/26 (c) | | | 85,000 | | | | 85,212 | |
| | | | | | | 975,158 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Computers — 0.1% | | | | | | | | |
Fortinet, Inc. | | | | | | | | |
1.000% 3/15/26 | | $ | 235,000 | | | $ | 214,114 | |
NetApp, Inc. | | | | | | | | |
1.875% 6/22/25 | | | 220,000 | | | | 210,619 | |
| | | | | | | 424,733 | |
Cosmetics & Personal Care — 0.0% | | | | | | | | |
Coty, Inc. | | | | | | | | |
5.000% 4/15/26 (c) | | | 65,000 | | | | 63,298 | |
Diversified Financial Services — 1.6% | | | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
3.400% 10/29/33 | | | 420,000 | | | | 376,507 | |
Air Lease Corp. | | | | | | | | |
1.875% 8/15/26 | | | 170,000 | | | | 156,449 | |
Aircastle Ltd. | | | | | | | | |
2.850% 1/26/28 (c) | | | 240,000 | | | | 215,963 | |
Aviation Capital Group LLC | | | | | | | | |
1.950% 9/20/26 (c) | | | 395,000 | | | | 357,543 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
3.250% 2/15/27 (c) | | | 330,000 | | | | 310,838 | |
BOC Aviation Ltd. 3 mo. USD LIBOR + 1.125% | | | | | | | | |
2.091% FRN 9/26/23 (c) | | | 340,000 | | | | 340,074 | |
CI Financial Corp. | | | | | | | | |
4.100% 6/15/51 (d) | | | 115,000 | | | | 100,597 | |
Discover Financial Services | | | | | | | | |
4.100% 2/09/27 | | | 505,000 | | | | 515,621 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (c) | | | 112,750 | | | | 102,543 | |
Interoceanica IV Finance Ltd. | | | | | | | | |
0.000% 11/30/25 (c) | | | 449,288 | | | | 420,264 | |
Nasdaq, Inc. | | | | | | | | |
3.950% 3/07/52 | | | 45,000 | | | | 43,637 | |
Nationstar Mortgage Holdings, Inc. | | | | | | | | |
5.750% 11/15/31 (c) | | | 185,000 | | | | 176,436 | |
Navient Corp. | | | | | | | | |
5.000% 3/15/27 | | | 60,000 | | | | 57,372 | |
NFP Corp. | | | | | | | | |
6.875% 8/15/28 (c) | | | 70,000 | | | | 66,675 | |
OneMain Finance Corp. | | | | | | | | |
6.625% 1/15/28 | | | 120,000 | | | | 125,437 | |
PennyMac Financial Services, Inc. | | | | | | | | |
4.250% 2/15/29 (c) | | | 145,000 | | | | 124,410 | |
SPARC EM SPC Panama Metro Line 2 SP | | | | | | | | |
0.000% 12/05/22 (c) | | | 37,207 | | | | 36,686 | |
Synchrony Financial | | | | | | | | |
3.950% 12/01/27 | | | 425,000 | | | | 421,599 | |
Unifin Financiera SAB de CV 5 year CMT + 6.308% | | | | | | | | |
8.875% VRN (c) (e) | | | 300,000 | | | | 108,030 | |
The Western Union Co. | | | | | | | | |
1.350% 3/15/26 | | | 55,000 | | | | 50,753 | |
2.750% 3/15/31 | | | 425,000 | | | | 386,665 | |
| | | | | | | 4,494,099 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Electric — 3.0% | | | | | | | | |
AES Argentina Generacion SA | | | | | | | | |
7.750% 2/02/24 (c) | | $ | 150,000 | | | $ | 126,568 | |
American Electric Power Co., Inc. | | | | | | | | |
2.950% 12/15/22 | | | 313,000 | | | | 314,233 | |
Calpine Corp. | | | | | | | | |
4.625% 2/01/29 (c) | | | 40,000 | | | | 36,800 | |
5.125% 3/15/28 (c) | | | 100,000 | | | | 95,258 | |
Duke Energy Carolinas LLC | | | | | | | | |
2.850% 3/15/32 | | | 35,000 | | | | 33,834 | |
Duke Energy Corp. | | | | | | | | |
3.950% 8/15/47 | | | 310,000 | | | | 302,728 | |
Empresa Electrica Angamos SA | | | | | | | | |
4.875% 5/25/29 (c) | | | 130,400 | | | | 123,880 | |
Empresas Publicas de Medellin ESP | | | | | | | | |
4.375% 2/15/31 (c) | | | 400,000 | | | | 345,404 | |
Entergy Corp. | | | | | | | | |
2.800% 6/15/30 | | | 110,000 | | | | 103,188 | |
Exelon Corp. | | | | | | | | |
4.100% 3/15/52 (c) | | | 65,000 | | | | 65,982 | |
Fenix Power Peru SA | | | | | | | | |
4.317% 9/20/27 (c) | | | 236,029 | | | | 230,131 | |
Georgia Power Co. | | | | | | | | |
2.200% 9/15/24 | | | 240,000 | | | | 235,487 | |
3.250% 3/15/51 | | | 500,000 | | | | 433,253 | |
Guacolda Energia SA | | | | | | | | |
4.560% 4/30/25 (c) | | | 400,000 | | | | 134,000 | |
Korea East-West Power Co. Ltd. | | | | | | | | |
1.750% 5/06/25 (c) | | | 200,000 | | | | 191,814 | |
LLPL Capital Pte Ltd. | | | | | | | | |
6.875% 2/04/39 (c) | | | 261,510 | | | | 261,641 | |
Mercury Chile Holdco LLC | | | | | | | | |
6.500% 1/24/27 (c) | | | 200,000 | | | | 191,454 | |
Minejesa Capital BV | | | | | | | | |
4.625% 8/10/30 (c) | | | 400,000 | | | | 379,000 | |
Monongahela Power Co. | | | | | | | | |
5.400% 12/15/43 (c) | | | 145,000 | | | | 166,013 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
2.250% 6/01/30 | | | 750,000 | | | | 686,162 | |
NRG Energy, Inc. | | | | | | | | |
2.000% 12/02/25 (c) | | | 145,000 | | | | 136,500 | |
3.625% 2/15/31 (c) | | | 145,000 | | | | 127,541 | |
Pacific Gas and Electric Co. | | | | | | | | |
1.367% 3/10/23 | | | 305,000 | | | | 299,491 | |
2.500% 2/01/31 | | | 255,000 | | | | 219,840 | |
Pampa Energia SA | | | | | | | | |
9.125% 4/15/29 (c) | | | 150,000 | | | | 133,500 | |
Pike Corp. | | | | | | | | |
5.500% 9/01/28 (c) | | | 210,000 | | | | 197,925 | |
Sierra Pacific Power Co. | | | | | | | | |
2.600% 5/01/26 | | | 1,000,000 | | | | 983,377 | |
The Southern Co. | | | | | | | | |
3.700% 4/30/30 (d) | | | 500,000 | | | | 502,171 | |
5 year CMT + 2.915% 3.750% VRN 9/15/51 | | | 165,000 | | | | 152,138 | |
Southwestern Electric Power Co. | | | | | | | | |
3.250% 11/01/51 | | | 160,000 | | | | 137,494 | |
Transelec SA | | | | | | | | |
3.875% 1/12/29 (c) | | | 250,000 | | | | 254,065 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Xcel Energy, Inc. | | | | | | | | |
3.300% 6/01/25 | | $ | 1,000,000 | | | $ | 1,000,673 | |
| | | | | | | 8,601,545 | |
Electrical Components & Equipment — 0.0% | | | | | | | | |
Energizer Holdings, Inc. | | | | | | | | |
4.750% 6/15/28 (c) | | | 110,000 | | | | 100,007 | |
Electronics — 0.1% | | | | | | | | |
Arrow Electronics, Inc. | | | | | | | | |
3.875% 1/12/28 | | | 200,000 | | | | 200,992 | |
Vontier Corp. | | | | | | | | |
2.400% 4/01/28 | | | 115,000 | | | | 101,108 | |
| | | | | | | 302,100 | |
Energy – Alternate Sources — 0.1% | | | | | | | | |
UEP Penonome II SA | | | | | | | | |
6.500% 10/01/38 (c) | | | 192,383 | | | | 182,764 | |
Engineering & Construction — 0.2% | | | | | | | | |
Sydney Airport Finance Co. Pty Ltd. | | | | | | | | |
3.375% 4/30/25 (c) | | | 300,000 | | | | 298,566 | |
3.625% 4/28/26 (c) | | | 300,000 | | | | 301,401 | |
| | | | | | | 599,967 | |
Entertainment — 0.4% | | | | | | | | |
Boyne USA, Inc. | | | | | | | | |
4.750% 5/15/29 (c) | | | 195,000 | | | | 187,200 | |
Caesars Entertainment, Inc. | | | | | | | | |
4.625% 10/15/29 (c) | | | 70,000 | | | | 65,687 | |
Cedar Fair LP | | | | | | | | |
5.250% 7/15/29 (d) | | | 75,000 | | | | 73,877 | |
Lions Gate Capital Holdings LLC | | | | | | | | |
5.500% 4/15/29 (c) | | | 80,000 | | | | 77,200 | |
Magallanes, Inc. | | | | | | | | |
3.755% 3/15/27 (c) | | | 175,000 | | | | 174,668 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | | | | | | | | |
4.875% 5/01/29 (c) | | | 65,000 | | | | 60,186 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | | | | | | | | |
5.625% 9/01/29 (c) | | | 105,000 | | | | 89,898 | |
5.875% 9/01/31 (c) | | | 105,000 | | | | 89,775 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | | | | |
6.625% 3/01/30 (c) | | | 120,000 | | | | 118,294 | |
Scientific Games International, Inc. | | | | | | | | |
7.250% 11/15/29 (c) | | | 75,000 | | | | 78,656 | |
| | | | | | | 1,015,441 | |
Environmental Controls — 0.0% | | | | | | | | |
Madison IAQ LLC | | | | | | | | |
4.125% 6/30/28 (c) | | | 85,000 | | | | 78,413 | |
5.875% 6/30/29 (c) | | | 70,000 | | | | 62,125 | |
| | | | | | | 140,538 | |
Food — 0.4% | | | | | | | | |
Performance Food Group, Inc. | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.250% 8/01/29 (c) | | $ | 65,000 | | | $ | 59,231 | |
5.500% 10/15/27 (c) | | | 115,000 | | | | 114,569 | |
Post Holdings, Inc. | | | | | | | | |
4.625% 4/15/30 (c) | | | 110,000 | | | | 99,049 | |
Smithfield Foods, Inc. | | | | | | | | |
3.000% 10/15/30 (c) | | | 35,000 | | | | 31,769 | |
4.250% 2/01/27 (c) | | | 360,000 | | | | 364,370 | |
Sysco Corp. | | | | | | | | |
3.300% 2/15/50 | | | 370,000 | | | | 323,070 | |
United Natural Foods, Inc. | | | | | | | | |
6.750% 10/15/28 (c) | | | 75,000 | | | | 76,313 | |
US Foods, Inc. | | | | | | | | |
4.625% 6/01/30 (c) | | | 140,000 | | | | 129,850 | |
| | | | | | | 1,198,221 | |
Gas — 0.2% | | | | | | | | |
The Brooklyn Union Gas Co. | | | | | | | | |
4.487% 3/04/49 (c) | | | 425,000 | | | | 427,239 | |
The East Ohio Gas Co. | | | | | | | | |
3.000% 6/15/50 (c) | | | 45,000 | | | | 38,849 | |
| | | | | | | 466,088 | |
Health Care – Products — 0.2% | | | | | | | | |
Mozart Debt Merger Sub, Inc. | | | | | | | | |
5.250% 10/01/29 (c) | | | 135,000 | | | | 126,176 | |
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA | | | | | | | | |
7.250% 2/01/28 (c) | | | 84,000 | | | | 86,520 | |
Thermo Fisher Scientific, Inc. | | | | | | | | |
1.215% 10/18/24 | | | 465,000 | | | | 447,583 | |
| | | | | | | 660,279 | |
Health Care – Services — 0.6% | | | | | | | | |
Anthem, Inc. | | | | | | | | |
2.375% 1/15/25 | | | 210,000 | | | | 207,224 | |
Centene Corp. | | | | | | | | |
2.500% 3/01/31 | | | 380,000 | | | | 336,300 | |
3.000% 10/15/30 | | | 60,000 | | | | 55,335 | |
CHS/Community Health Systems, Inc. | | | | | | | | |
6.000% 1/15/29 (c) | | | 95,000 | | | | 96,111 | |
6.875% 4/15/29 (c) (d) | | | 100,000 | | | | 98,250 | |
HCA, Inc. | | | | | | | | |
4.125% 6/15/29 | | | 195,000 | | | | 198,786 | |
Health Care Service Corp. | | | | | | | | |
3.200% 6/01/50 (c) | | | 145,000 | | | | 126,736 | |
Legacy LifePoint Health LLC | | | | | | | | |
4.375% 2/15/27 (c) | | | 90,000 | | | | 87,075 | |
ModivCare Escrow Issuer, Inc. | | | | | | | | |
5.000% 10/01/29 (c) | | | 35,000 | | | | 32,627 | |
Radiology Partners, Inc. | | | | | | | | |
9.250% 2/01/28 (c) | | | 95,000 | | | | 95,000 | |
RP Escrow Issuer LLC | | | | | | | | |
5.250% 12/15/25 (c) | | | 135,000 | | | | 131,825 | |
Select Medical Corp. | | | | | | | | |
6.250% 8/15/26 (c) | | | 150,000 | | | | 154,938 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Tenet Healthcare Corp. | | | | | | | | |
6.125% 10/01/28 (c) | | $ | 130,000 | | | $ | 132,112 | |
| | | | | | | 1,752,319 | |
Home Builders — 0.0% | | | | | | | | |
Mattamy Group Corp. | | | | | | | | |
4.625% 3/01/30 (c) | | | 120,000 | | | | 112,717 | |
Household Products & Wares — 0.1% | | | | | | | | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. | | | | | | | | |
5.000% 12/31/26 (c) | | | 100,000 | | | | 91,840 | |
7.000% 12/31/27 (c) (d) | | | 65,000 | | | | 53,138 | |
| | | | | | | 144,978 | |
Housewares — 0.0% | | | | | | | | |
SWF Escrow Issuer Corp. | | | | | | | | |
6.500% 10/01/29 (c) | | | 110,000 | | | | 95,062 | |
Insurance — 0.7% | | | | | | | | |
Acrisure LLC / Acrisure Finance, Inc. | | | | | | | | |
4.250% 2/15/29 (c) | | | 55,000 | | | | 50,052 | |
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | | | | | | | | |
6.750% 10/15/27 (c) | | | 80,000 | | | | 79,200 | |
AmWINS Group, Inc. | | | | | | | | |
4.875% 6/30/29 (c) | | | 105,000 | | | | 100,275 | |
Athene Global Funding SOFR + .560% | | | | | | | | |
0.761% FRN 8/19/24 (c) | | | 465,000 | | | | 457,423 | |
Berkshire Hathaway Finance Corp. | | | | | | | | |
2.850% 10/15/50 | | | 150,000 | | | | 129,787 | |
3.850% 3/15/52 | | | 90,000 | | | | 91,978 | |
Brighthouse Financial Global Funding | | | | | | | | |
1.000% 4/12/24 (c) | | | 145,000 | | | | 138,971 | |
2.000% 6/28/28 (c) | | | 170,000 | | | | 151,587 | |
GTCR AP Finance, Inc. | | | | | | | | |
8.000% 5/15/27 (c) | | | 95,000 | | | | 96,107 | |
Prudential Financial, Inc. | | | | | | | | |
3.905% 12/07/47 | | | 190,000 | | | | 189,267 | |
Willis North America, Inc. | | | | | | | | |
4.500% 9/15/28 | | | 375,000 | | | | 386,006 | |
| | | | | | | 1,870,653 | |
Internet — 0.2% | | | | | | | | |
Expedia Group, Inc. | | | | | | | | |
2.950% 3/15/31 | | | 100,000 | | | | 92,507 | |
3.800% 2/15/28 | | | 205,000 | | | | 204,261 | |
5.000% 2/15/26 | | | 105,000 | | | | 110,047 | |
Uber Technologies, Inc. | | | | | | | | |
4.500% 8/15/29 (c) | | | 65,000 | | | | 61,051 | |
| | | | | | | 467,866 | |
Investment Companies — 0.2% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
2.150% 7/15/26 | | | 210,000 | | | | 190,034 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Temasek Financial I Ltd. Co. | | | | | | | | |
1.000% 10/06/30 (c) | | $ | 350,000 | | | $ | 299,850 | |
| | | | | | | 489,884 | |
Iron & Steel — 0.1% | | | | | | | | |
CAP SA | | | | | | | | |
3.900% 4/27/31 (c) | | | 200,000 | | | | 181,202 | |
Leisure Time — 0.2% | | | | | | | | |
Carnival Corp. | | | | | | | | |
5.750% 3/01/27 (c) | | | 290,000 | | | | 276,275 | |
NCL Corp. Ltd. | | | | | | | | |
5.875% 2/15/27 (c) | | | 65,000 | | | | 64,025 | |
Viking Cruises Ltd. | | | | | | | | |
5.875% 9/15/27 (c) | | | 160,000 | | | | 145,827 | |
| | | | | | | 486,127 | |
Lodging — 0.2% | | | | | | | | |
Marriott International, Inc. | | | | | | | | |
2.750% 10/15/33 | | | 255,000 | | | | 225,083 | |
3.125% 6/15/26 | | | 230,000 | | | | 227,560 | |
| | | | | | | 452,643 | |
Machinery – Construction & Mining — 0.1% | | | | | | | | |
The Weir Group PLC | | | | | | | | |
2.200% 5/13/26 (c) | | | 245,000 | | | | 229,101 | |
Machinery – Diversified — 0.1% | | | | | | | | |
Flowserve Corp. | | | | | | | | |
2.800% 1/15/32 | | | 250,000 | | | | 221,148 | |
Media — 0.6% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 1/15/34 (c) | | | 65,000 | | | | 56,452 | |
4.750% 3/01/30 (c) | | | 105,000 | | | | 100,763 | |
4.750% 2/01/32 (c) | | | 65,000 | | | | 60,583 | |
Cengage Learning, Inc. | | | | | | | | |
9.500% 6/15/24 (c) | | | 85,000 | | | | 84,787 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
3.500% 3/01/42 | | | 205,000 | | | | 169,646 | |
4.908% 7/23/25 | | | 215,000 | | | | 223,204 | |
Comcast Corp. | | | | | | | | |
3.400% 4/01/30 | | | 220,000 | | | | 222,842 | |
3.950% 10/15/25 | | | 155,000 | | | | 160,267 | |
Diamond Sports Group LLC / Diamond Sports Finance Co. | | | | | | | | |
5.375% 8/15/26 (c) | | | 50,000 | | | | 19,375 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. | | | | | | | | |
5.875% 8/15/27 (c) | | | 60,000 | | | | 59,058 | |
DISH DBS Corp. | | | | | | | | |
5.125% 6/01/29 | | | 60,000 | | | | 51,095 | |
5.750% 12/01/28 (c) | | | 70,000 | | | | 66,238 | |
GCI LLC | | | | | | | | |
4.750% 10/15/28 (c) | | | 90,000 | | | | 88,120 | |
McGraw-Hill Education, Inc. | | | | | | | | |
5.750% 8/01/28 (c) | | | 70,000 | | | | 66,764 | |
News Corp. | | | | | | | | |
5.125% 2/15/32 (c) | | | 40,000 | | | | 40,192 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Scripps Escrow, Inc. | | | | | | | | |
5.875% 7/15/27 (c) | | $ | 95,000 | | | $ | 95,524 | |
Univision Communications, Inc. | | | | | | | | |
4.500% 5/01/29 (c) | | | 65,000 | | | | 61,873 | |
| | | | | | | 1,626,783 | |
Mining — 0.3% | | | | | | | | |
Arconic Corp. | | | | | | | | |
6.125% 2/15/28 (c) | | | 130,000 | | | | 130,438 | |
Freeport-McMoRan, Inc. | | | | | | | | |
5.450% 3/15/43 | | | 190,000 | | | | 212,819 | |
Glencore Funding LLC | | | | | | | | |
1.625% 4/27/26 (c) | | | 215,000 | | | | 198,540 | |
3.375% 9/23/51 (c) | | | 155,000 | | | | 130,253 | |
Vedanta Resources Finance II PLC | | | | | | | | |
9.250% 4/23/26 (c) | | | 200,000 | | | | 172,500 | |
| | | | | | | 844,550 | |
Oil & Gas — 1.3% | | | | | | | | |
BP Capital Markets America, Inc. | | | | | | | | |
2.939% 6/04/51 | | | 155,000 | | | | 132,088 | |
3.001% 3/17/52 (d) | | | 205,000 | | | | 174,636 | |
Chesapeake Energy Corp. | | | | | | | | |
5.875% 2/01/29 (c) | | | 100,000 | | | | 103,250 | |
CNX Resources Corp. | | | | | | | | |
6.000% 1/15/29 (c) | | | 80,000 | | | | 80,800 | |
Continental Resources, Inc. | | | | | | | | |
2.268% 11/15/26 (c) | | | 170,000 | | | | 158,734 | |
Ecopetrol SA | | | | | | | | |
5.875% 5/28/45 | | | 50,000 | | | | 43,813 | |
5.875% 11/02/51 | | | 300,000 | | | | 254,628 | |
Exxon Mobil Corp. | | | | | | | | |
4.227% 3/19/40 | | | 205,000 | | | | 221,666 | |
Gran Tierra Energy International Holdings Ltd. | | | | | | | | |
6.250% 2/15/25 (c) | | | 200,000 | | | | 185,250 | |
Hilcorp Energy I LP / Hilcorp Finance Co. | | | | | | | | |
5.750% 2/01/29 (c) | | | 45,000 | | | | 45,027 | |
6.250% 11/01/28 (c) | | | 100,000 | | | | 101,285 | |
Marathon Petroleum Corp. | | | | | | | | |
5.125% 12/15/26 | | | 165,000 | | | | 175,809 | |
MEG Energy Corp. | | | | | | | | |
5.875% 2/01/29 (c) | | | 15,000 | | | | 15,162 | |
7.125% 2/01/27 (c) | | | 105,000 | | | | 109,935 | |
Occidental Petroleum Corp. | | | | | | | | |
6.125% 1/01/31 (d) | | | 85,000 | | | | 95,731 | |
6.450% 9/15/36 | | | 50,000 | | | | 58,919 | |
6.625% 9/01/30 | | | 60,000 | | | | 68,850 | |
Parkland Corp. | | | | | | | | |
4.500% 10/01/29 (c) | | | 90,000 | | | | 83,443 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 200,000 | | | | 187,209 | |
Petrobras Global Finance BV | | | | | | | | |
5.500% 6/10/51 (d) | | | 340,000 | | | | 291,754 | |
Petroleos del Peru SA | | | | | | | | |
4.750% 6/19/32 (c) | | | 200,000 | | | | 179,100 | |
Petroleos Mexicanos | | | | | | | | |
6.750% 9/21/47 | | | 150,000 | | | | 121,935 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pioneer Natural Resources Co. | | | | | | | | |
1.900% 8/15/30 | | $ | 150,000 | | | $ | 132,988 | |
Qatar Energy | | | | | | | | |
2.250% 7/12/31 (c) | | | 200,000 | | | | 184,028 | |
Southwestern Energy Co. | | | | | | | | |
4.750% 2/01/32 | | | 70,000 | | | | 69,913 | |
5.375% 2/01/29 | | | 75,000 | | | | 76,219 | |
Sunoco LP/Sunoco Finance Corp. | | | | | | | | |
4.500% 5/15/29 | | | 35,000 | | | | 33,020 | |
6.000% 4/15/27 | | | 90,000 | | | | 91,687 | |
Transocean Poseidon Ltd. | | | | | | | | |
6.875% 2/01/27 (c) | | | 140,625 | | | | 139,219 | |
Transocean, Inc. | | | | | | | | |
11.500% 1/30/27 (c) | | | 36,000 | | | | 37,170 | |
Valero Energy Corp. | | | | | | | | |
4.000% 6/01/52 | | | 75,000 | | | | 70,446 | |
| | | | | | | 3,723,714 | |
Oil & Gas Services — 0.2% | | | | | | | | |
Halliburton Co. | | | | | | | | |
2.920% 3/01/30 (d) | | | 105,000 | | | | 101,517 | |
5.000% 11/15/45 | | | 100,000 | | | | 108,538 | |
USA Compression Partners LP/USA Compression Finance Corp. | | | | | | | | |
6.875% 9/01/27 | | | 185,000 | | | | 185,710 | |
Weatherford International Ltd. | | | | | | | | |
6.500% 9/15/28 (c) | | | 70,000 | | | | 72,098 | |
| | | | | | | 467,863 | |
Packaging & Containers — 0.3% | | | | | | | | |
Berry Global, Inc. | | | | | | | | |
1.650% 1/15/27 | | | 150,000 | | | | 136,797 | |
CCL Industries, Inc. | | | | | | | | |
3.050% 6/01/30 (c) | | | 160,000 | | | | 150,235 | |
Packaging Corp. of America | | | | | | | | |
3.400% 12/15/27 | | | 215,000 | | | | 213,836 | |
WRKCo, Inc. | | | | | | | | |
3.750% 3/15/25 | | | 395,000 | | | | 399,604 | |
| | | | | | | 900,472 | |
Pharmaceuticals — 0.5% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.700% 5/14/45 | | | 410,000 | | | | 444,933 | |
Bausch Health Cos., Inc. | | | | | | | | |
6.125% 2/01/27 (c) | | | 50,000 | | | | 50,368 | |
6.250% 2/15/29 (c) | | | 60,000 | | | | 49,200 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 | | | 220,000 | | | | 241,154 | |
Cigna Corp. | | | | | | | | |
4.900% 12/15/48 | | | 230,000 | | | | 257,594 | |
CVS Health Corp. | | | | | | | | |
5.050% 3/25/48 | | | 190,000 | | | | 215,614 | |
Endo Luxembourg Finance Co. I SARL / Endo US, Inc. | | | | | | | | |
6.125% 4/01/29 (c) | | | 65,000 | | | | 59,312 | |
Owens & Minor, Inc. | | | | | | | | |
6.625% 4/01/30 (c) | | | 95,000 | | | | 97,756 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Viatris, Inc. | | | | | | | | |
1.650% 6/22/25 | | $ | 145,000 | | | $ | 135,092 | |
| | | | | | | 1,551,023 | |
Pipelines — 1.4% | | | | | | | | |
Antero Midstream Partners LP / Antero Midstream Finance Corp. | | | | | | | | |
5.750% 3/01/27 (c) | | | 54,000 | | | | 54,993 | |
Enbridge, Inc. | | | | | | | | |
3.400% 8/01/51 | | | 195,000 | | | | 172,719 | |
Energy Transfer LP | | | | | | | | |
3.900% 7/15/26 | | | 750,000 | | | | 754,375 | |
4.400% 3/15/27 | | | 130,000 | | | | 132,352 | |
4.750% 1/15/26 | | | 215,000 | | | | 223,573 | |
5.000% STEP 5/15/44 | | | 225,000 | | | | 220,433 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 1/15/31 (c) | | | 140,000 | | | | 130,900 | |
Fermaca Enterprises S de RL de CV | | | | | | | | |
6.375% 3/30/38 (c) | | | 200,563 | | | | 190,785 | |
Galaxy Pipeline Assets Bidco Ltd. | | | | | | | | |
2.625% 3/31/36 (c) | | | 200,000 | | | | 179,277 | |
2.940% 9/30/40 (c) | | | 294,783 | | | | 265,798 | |
GNL Quintero SA | | | | | | | | |
4.634% 7/31/29 (c) | | | 220,600 | | | | 223,084 | |
Hess Midstream Operations LP | | | | | | | | |
4.250% 2/15/30 (c) | | | 130,000 | | | | 122,668 | |
5.125% 6/15/28 (c) | | | 110,000 | | | | 110,275 | |
Kinder Morgan Energy Partners LP | | | | | | | | |
6.950% 1/15/38 | | | 295,000 | | | | 369,189 | |
NGL Energy Operating LLC / NGL Energy Finance Corp. | | | | | | | | |
7.500% 2/01/26 (c) | | | 135,000 | | | | 132,798 | |
NGPL PipeCo LLC | | | | | | | | |
3.250% 7/15/31 (c) | | | 95,000 | | | | 88,709 | |
NuStar Logistics LP | | | | | | | | |
6.375% 10/01/30 | | | 90,000 | | | | 91,219 | |
Oleoducto Central SA | | | | | | | | |
4.000% 7/14/27 (c) | | | 200,000 | | | | 188,492 | |
ONEOK, Inc. | | | | | | | | |
3.400% 9/01/29 | | | 115,000 | | | | 110,661 | |
Sabine Pass Liquefaction LLC | | | | | | | | |
5.000% 3/15/27 | | | 190,000 | | | | 201,286 | |
The Williams Cos., Inc. | | | | | | | | |
3.500% 10/15/51 | | | 125,000 | | | | 109,348 | |
| | | | | | | 4,072,934 | |
Real Estate — 0.1% | | | | | | | | |
Realogy Group LLC / Realogy Co-Issuer Corp. | | | | | | | | |
5.250% 4/15/30 (c) | | | 130,000 | | | | 120,250 | |
5.750% 1/15/29 (c) | | | 70,000 | | | | 66,145 | |
| | | | | | | 186,395 | |
Real Estate Investment Trusts (REITS) — 1.4% | | | | | | | | |
Agree LP | | | | | | | | |
2.600% 6/15/33 | | | 135,000 | | | | 118,918 | |
Alexandria Real Estate Equities, Inc. | | | | | | | | |
3.000% 5/18/51 | | | 200,000 | | | | 168,189 | |
American Tower Corp. | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.375% 10/15/26 | | $ | 472,000 | | | $ | 466,301 | |
3.600% 1/15/28 | | | 345,000 | | | | 342,087 | |
Boston Properties LP | | | | | | | | |
3.400% 6/21/29 | | | 195,000 | | | | 193,326 | |
Corporate Office Properties LP | | | | | | | | |
2.900% 12/01/33 | | | 175,000 | | | | 154,508 | |
Crown Castle International Corp. | | | | | | | | |
3.300% 7/01/30 | | | 35,000 | | | | 33,485 | |
3.650% 9/01/27 | | | 410,000 | | | | 407,672 | |
3.700% 6/15/26 | | | 700,000 | | | | 704,671 | |
4.000% 3/01/27 | | | 225,000 | | | | 228,455 | |
Equinix, Inc. | | | | | | | | |
1.800% 7/15/27 | | | 245,000 | | | | 223,116 | |
Host Hotels & Resorts LP | | | | | | | | |
2.900% 12/15/31 | | | 250,000 | | | | 223,717 | |
Invitation Homes Operating Partnership LP | | | | | | | | |
2.700% 1/15/34 | | | 220,000 | | | | 192,307 | |
Iron Mountain, Inc. | | | | | | | | |
4.500% 2/15/31 (c) | | | 60,000 | | | | 55,411 | |
Office Properties Income Trust | | | | | | | | |
2.400% 2/01/27 | | | 200,000 | | | | 178,152 | |
2.650% 6/15/26 | | | 90,000 | | | | 82,400 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | | | | | | | | |
4.875% 5/15/29 (c) | | | 75,000 | | | | 70,309 | |
Sabra Health Care LP | | | | | | | | |
3.200% 12/01/31 (d) | | | 95,000 | | | | 84,759 | |
Vornado Realty LP | | | | | | | | |
2.150% 6/01/26 | | | 95,000 | | | | 88,902 | |
| | | | | | | 4,016,685 | |
Retail — 0.7% | | | | | | | | |
At Home Group, Inc. | | | | | | | | |
7.125% 7/15/29 (c) | | | 40,000 | | | | 34,701 | |
AutoNation, Inc. | | | | | | | | |
3.850% 3/01/32 | | | 205,000 | | | | 198,481 | |
Dick's Sporting Goods, Inc. | | | | | | | | |
3.150% 1/15/32 | | | 380,000 | | | | 348,408 | |
4.100% 1/15/52 | | | 100,000 | | | | 85,300 | |
Dollar Tree, Inc. | | | | | | | | |
3.375% 12/01/51 | | | 40,000 | | | | 34,380 | |
4.000% 5/15/25 | | | 395,000 | | | | 404,518 | |
Ferrellgas LP / Ferrellgas Finance Corp. | | | | | | | | |
5.375% 4/01/26 (c) | | | 55,000 | | | | 52,232 | |
McDonald's Corp. | | | | | | | | |
4.450% 3/01/47 | | | 205,000 | | | | 220,047 | |
Michaels Cos., Inc. | | | | | | | | |
5.250% 5/01/28 (c) | | | 35,000 | | | | 32,134 | |
Sonic Automotive, Inc. | | | | | | | | |
4.625% 11/15/29 (c) | | | 140,000 | | | | 125,125 | |
SRS Distribution, Inc. | | | | | | | | |
4.625% 7/01/28 (c) | | | 100,000 | | | | 95,521 | |
Staples, Inc. | | | | | | | | |
7.500% 4/15/26 (c) | | | 55,000 | | | | 53,411 | |
Suburban Propane Partners LP / Suburban Energy Finance Corp. | | | | | | | | |
5.000% 6/01/31 (c) | | | 125,000 | | | | 117,187 | |
Superior Plus LP / Superior General Partner, Inc. | | | | | | | | |
4.500% 3/15/29 (c) | | | 120,000 | | | | 112,756 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Victoria's Secret & Co. | | | | | | | | |
4.625% 7/15/29 (c) | | $ | 175,000 | | | $ | 157,500 | |
| | | | | | | 2,071,701 | |
Semiconductors — 0.6% | | | | | | | | |
Broadcom, Inc. | | | | | | | | |
3.419% 4/15/33 (c) | | | 351,000 | | | | 328,160 | |
Marvell Technology, Inc. | | | | | | | | |
4.200% 6/22/23 | | | 410,000 | | | | 416,764 | |
NXP BV / NXP Funding LLC / NXP USA, Inc. | | | | | | | | |
3.875% 6/18/26 (c) | | | 220,000 | | | | 221,145 | |
Renesas Electronics Corp. | | | | | | | | |
2.170% 11/25/26 (c) | | | 410,000 | | | | 382,226 | |
TSMC Global Ltd. | | | | | | | | |
1.250% 4/23/26 (c) (d) | | | 255,000 | | | | 236,086 | |
| | | | | | | 1,584,381 | |
Software — 0.3% | | | | | | | | |
Clarivate Science Holdings Corp. | | | | | | | | |
4.875% 7/01/29 (c) | | | 135,000 | | | | 127,009 | |
Minerva Merger Sub, Inc. | | | | | | | | |
6.500% 2/15/30 (c) | | | 140,000 | | | | 136,136 | |
Oracle Corp. | | | | | | | | |
3.850% 4/01/60 | | | 340,000 | | | | 278,864 | |
VMware, Inc. | | | | | | | | |
2.200% 8/15/31 | | | 225,000 | | | | 198,127 | |
Workday, Inc. | | | | | | | | |
3.700% 4/01/29 (f) | | | 95,000 | | | | 95,116 | |
| | | | | | | 835,252 | |
Telecommunications — 1.0% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
2.750% 6/01/31 | | | 160,000 | | | | 150,050 | |
3.500% 9/15/53 | | | 619,000 | | | | 543,641 | |
3.550% 9/15/55 | | | 120,000 | | | | 105,773 | |
Avaya, Inc. | | | | | | | | |
6.125% 9/15/28 (c) (d) | | | 80,000 | | | | 78,894 | |
The Bell Telephone Co. of Canada or Bell Canada | | | | | | | | |
3.650% 8/15/52 | | | 50,000 | | | | 47,628 | |
CommScope, Inc. | | | | | | | | |
4.750% 9/01/29 (c) | | | 80,000 | | | | 73,800 | |
Digicel Group Holdings Ltd. | | | | | | | | |
7.000% (c) (e) | | | 77,097 | | | | 61,292 | |
8.000% 4/01/25 (c) | | | 55,246 | | | | 48,341 | |
Frontier Communications Holdings LLC | | | | | | | | |
5.000% 5/01/28 (c) | | | 60,000 | | | | 57,600 | |
5.875% 10/15/27 (c) | | | 30,000 | | | | 29,851 | |
6.000% 1/15/30 (c) (d) | | | 70,000 | | | | 64,750 | |
Intelsat Jackson Holdings S.A. | | | | | | | | |
6.500% 3/15/30 (c) | | | 65,000 | | | | 64,837 | |
KT Corp. | | | | | | | | |
2.500% 7/18/26 (c) | | | 200,000 | | | | 194,906 | |
Lumen Technologies, Inc. | | | | | | | | |
5.125% 12/15/26 (c) | | | 105,000 | | | | 100,088 | |
NBN Co. Ltd. | | | | | | | | |
1.450% 5/05/26 (c) | | | 200,000 | | | | 185,308 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
T-Mobile USA, Inc. | | | | | | | | |
2.250% 2/15/26 | | $ | 205,000 | | | $ | 193,692 | |
2.550% 2/15/31 | | | 500,000 | | | | 453,465 | |
3.375% 4/15/29 | | | 35,000 | | | | 33,360 | |
3.375% 4/15/29 (c) | | | 15,000 | | | | 14,297 | |
3.400% 10/15/52 (c) | | | 205,000 | | | | 175,182 | |
Verizon Communications, Inc. | | | | | | | | |
2.650% 11/20/40 | | | 25,000 | | | | 21,288 | |
3.875% 3/01/52 | | | 65,000 | | | | 65,367 | |
| | | | | | | 2,763,410 | |
Transportation — 0.5% | | | | | | | | |
CSX Corp. | | | | | | | | |
3.800% 11/01/46 | | | 435,000 | | | | 435,345 | |
Empresa de Transporte de Pasajeros Metro SA | | | | | | | | |
5.000% 1/25/47 (c) | | | 750,000 | | | | 754,687 | |
FedEx Corp. | | | | | | | | |
4.750% 11/15/45 | | | 180,000 | | | | 192,204 | |
| | | | | | | 1,382,236 | |
Trucking & Leasing — 0.1% | | | | | | | | |
Penske Truck Leasing Co. LP/PTL Finance Corp. | | | | | | | | |
4.200% 4/01/27 (c) | | | 195,000 | | | | 200,111 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $73,490,479) | | | | | | | 69,302,911 | |
| | | | | | | | |
MUNICIPAL OBLIGATIONS — 0.1% | | | | | | | | |
State of California BAB, General Obligation | | | | | | | | |
7.550% 4/01/39 | | | 190,000 | | | | 281,741 | |
| | | | | | | | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $282,944) | | | | | | | 281,741 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.1% | | | | | | | | |
Commercial Mortgage-Backed Securities — 6.8% | | | | | | | | |
BANK | | | | | | | | |
Series 2020-BN28, Class AS, 2.140% 3/15/63 | | | 380,000 | | | | 336,414 | |
Series 2021-BN37, Class C, 3.109% VRN 11/15/64 (g) | | | 181,000 | | | | 166,160 | |
Series 2022-BNK39, Class AS, 3.181% 2/15/55 | | | 302,000 | | | | 290,344 | |
Series 2017-BNK5, Class C, 4.240% VRN 6/15/60 (g) | | | 200,000 | | | | 195,506 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2020-B19, Class AS, 2.148% 9/15/53 | | | 380,000 | | | | 338,205 | |
Series 2022-B32, Class AS, 3.411% VRN 1/15/55 (g) | | | 262,000 | | | | 256,476 | |
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (c) | | | 378,000 | | | | 334,802 | |
BMO Mortgage Trust, Series 2022-C1, Class AS | | | | | | | | |
3.676% 2/15/55 | | | 309,000 | | | | 310,812 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 2.797% FRN 9/15/36 (c) | | | 405,000 | | | | 390,699 | |
Series 2021-21M, Class H, 1 mo. USD LIBOR + 4.010% 4.407% FRN 10/15/36 (c) | | | 396,000 | | | | 388,371 | |
BX Trust, Series 2019-OC11, Class E, | | | | | | | | |
4.076% VRN 12/09/41 (c) (g) | | | 374,000 | | | | 324,125 | |
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, | | | | | | | | |
0.987% VRN 1/10/48 (g) | | | 5,394,045 | | | | 168,016 | |
Citigroup Commercial Mortgage Trust | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2016-GC36, Class D, 2.850% 2/10/49 (c) | | $ | 201,000 | | | $ | 137,568 | |
Series 2019-GC41, Class B, 3.199% 8/10/56 | | | 163,000 | | | | 155,806 | |
Series 2020-420K, Class D, 3.312% VRN 11/10/42 (c) (g) | | | 200,000 | | | | 175,996 | |
Series 2020-420K, Class E, 3.312% VRN 11/10/42 (c) (g) | | | 200,000 | | | | 167,099 | |
Series 2015-GC31, Class C, 4.040% VRN 6/10/48 (g) | | | 700,000 | | | | 671,576 | |
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (g) | | | 340,000 | | | | 337,673 | |
Commercial Mortgage Pass-Through Certificates, Series 2016-CR28, Class C, | | | | | | | | |
4.638% VRN 2/10/49 (g) | | | 465,000 | | | | 458,480 | |
CSAIL Commercial Mortgage Trust | | | | | | | | |
Series 2015-C1, Class XA, 0.822% VRN 4/15/50 (g) | | | 7,954,864 | | | | 143,714 | |
Series 2019-C16, Class B, 3.885% 6/15/52 | | | 334,000 | | | | 323,313 | |
Series 2016-C6, Class B, 3.924% VRN 1/15/49 (g) | | | 298,000 | | | | 296,640 | |
Series 2015-C4, Class C, 4.561% VRN 11/15/48 (g) | | | 427,000 | | | | 422,563 | |
Series 2016-C6, Class C, 4.922% VRN 1/15/49 (g) | | | 378,000 | | | | 367,278 | |
CSMC 2021-B33 | | | | | | | | |
Series 2021-B33, Class C, 3.645% VRN 10/10/43 (c) (g) | | | 101,000 | | | | 90,286 | |
Series 2021-B33, Class B, 3.645% VRN 10/10/43 (c) (g) | | | 300,000 | | | | 279,274 | |
DBGS Mortgage Trust, Series 2018-5BP, Class F, 1 mo. USD LIBOR + 2.600% | | | | | | | | |
2.997% FRN 6/15/33 (c) | | | 550,000 | | | | 509,781 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2015-GS1, Class XA, 0.760% VRN 11/10/48 (g) | | | 7,736,075 | | | | 187,478 | |
Series 2013-GC10, Class XA, 1.472% VRN 2/10/46 (g) | | | 4,187,577 | | | | 28,310 | |
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 1.647% FRN 7/15/35 (c) | | | 167,000 | | | | 161,949 | |
Series 2014-GC26, Class D, 4.524% VRN 11/10/47 (c) (g) | | | 763,000 | | | | 532,178 | |
Hospitality Mortgage Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150% | | | | | | | | |
3.547% FRN 11/15/36 (c) | | | 397,354 | | | | 379,535 | |
JP Morgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-JP1, Class XA, 0.888% VRN 1/15/49 (g) | | | 3,643,151 | | | | 100,983 | |
Series 2016-JP2, Class B, 3.460% 8/15/49 | | | 174,000 | | | | 165,893 | |
JPMBB Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-C30, Class XA, 0.492% VRN 7/15/48 (g) | | | 8,793,319 | | | | 121,792 | |
Series 2015-C29, Class XA, 0.603% VRN 5/15/48 (g) | | | 6,169,280 | | | | 94,989 | |
Series 2014-C25, Class XA, 0.825% VRN 11/15/47 (g) | | | 3,822,349 | | | | 67,641 | |
Series 2015-C28, Class XA, 0.961% VRN 10/15/48 (g) | | | 6,507,934 | | | | 134,783 | |
Series 2015-C27, Class D, 3.797% VRN 2/15/48 (c) (g) | | | 704,000 | | | | 605,751 | |
Series 2014-C23, Class D, 3.981% VRN 9/15/47 (c) (g) | | | 391,000 | | | | 368,775 | |
Series 2015-C28, Class B, 3.986% 10/15/48 | | | 340,000 | | | | 335,462 | |
Series 2015-C29, Class C, 4.200% VRN 5/15/48 (g) | | | 162,000 | | | | 152,016 | |
Series 2015-C33, Class C, 4.612% VRN 12/15/48 (g) | | | 527,000 | | | | 516,076 | |
Series 2015-C32, Class C, 4.654% VRN 11/15/48 (g) | | | 87,000 | | | | 67,223 | |
Series 2013-C17, Class C, 4.886% VRN 1/15/47 (g) | | | 400,000 | | | | 399,175 | |
Med Trust 2021-MDLN, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
2.397% FRN 11/15/38 (c) | | | 396,000 | | | | 387,336 | |
MF1 Ltd., Series 2020-FL3, Class AS, 1 mo. TSFR + 2.964% | | | | | | | | |
3.266% FRN 7/15/35 (c) | | | 318,000 | | | | 318,803 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class C, | | | | | | | | |
4.144% VRN 7/15/50 (g) | | | 650,000 | | | | 625,144 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 2015-UBS8, Class XA, 0.865% VRN 12/15/48 (g) | | | 5,980,478 | | | | 153,737 | |
Series 2021-L6, Class C, 3.464% VRN 6/15/54 (g) | | | 388,000 | | | | 366,692 | |
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 1 mo. USD LIBOR + 2.200% | | | | | | | | |
2.597% FRN 6/15/35 (c) | | | 368,000 | | | | 339,430 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SG Commercial Mortgage Securities Trust | | | | | | | | |
Series 2016-C5, Class XA, 1.902% VRN 10/10/48 (g) | | $ | 3,537,299 | | | $ | 181,540 | |
Series 2016-C5, Class B, 3.933% 10/10/48 | | | 411,000 | | | | 396,922 | |
SLG Office Trust | | | | | | | | |
Series 2021-OVA, Class E, 2.851% 7/15/41 (c) | | | 260,000 | | | | 222,898 | |
Series 2021-OVA, Class F, 2.851% 7/15/41 (c) | | | 260,000 | | | | 211,797 | |
TTAN, Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900% | | | | | | | | |
3.297% FRN 3/15/38 (c) | | | 384,429 | | | | 369,065 | |
UBS Commercial Mortgage Trust | | | | | | | | |
Series 2017-C2, Class B, 3.993% VRN 8/15/50 (g) | | | 332,000 | | | | 321,588 | |
Series 2017-C1, Class B, 4.036% 6/15/50 | | | 328,000 | | | | 321,019 | |
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C, | | | | | | | | |
4.074% VRN 3/10/46 (c) (g) | | | 393,000 | | | | 385,228 | |
Wells Fargo Commercial Mortgage Trust | | | | | | | | |
Series 2015-NXS2, Class XA, 0.647% VRN 7/15/58 (g) | | | 9,766,638 | | | | 168,705 | |
Series 2015-P2, Class XA, 0.959% VRN 12/15/48 (g) | | | 3,865,285 | | | | 113,478 | |
Series 2019-C53, Class XA, 1.011% VRN 10/15/52 (g) | | | 4,309,709 | | | | 248,949 | |
Series 2016-C35, Class B, 3.438% 7/15/48 | | | 328,000 | | | | 318,548 | |
Series 2016-NXS6, Class B, 3.811% 11/15/49 | | | 248,000 | | | | 244,399 | |
Series 2017-C39, Class C, 4.118% 9/15/50 | | | 206,000 | | | | 199,962 | |
Series 2015-NXS4, Class C, 4.178% VRN 12/15/48 (g) | | | 421,000 | | | | 422,482 | |
Series 2019-C50, Class C, 4.345% 5/15/52 | | | 409,000 | | | | 370,213 | |
Series 2016-LC24, Class C, 4.433% VRN 10/15/49 (g) | | | 325,000 | | | | 316,839 | |
| | | | | | | 19,461,760 | |
Home Equity Asset-Backed Securities — 0.7% | | | | | | | | |
GSAA Home Equity Trust, Series 2007-10, Class A2A | | | | | | | | |
6.500% 11/25/37 | | | 3,554,867 | | | | 2,043,271 | |
Other Asset-Backed Securities — 10.8% | | | | | | | | |
AASET US Ltd., Series 2018-1A, Class A | | | | | | | | |
3.844% 1/16/38 (c) | | | 466,907 | | | | 322,167 | |
Bain Capital Credit Clo Ltd., Series 2019-3A, Class DR, 3 mo. USD LIBOR + 3.100% | | | | | | | | |
3.355% FRN 10/21/34 (c) | | | 1,000,000 | | | | 975,253 | |
Blackbird Capital Aircraft, Series 2021-1A, Class B | | | | | | | | |
3.446% 7/15/46 (c) | | | 721,540 | | | | 598,843 | |
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, | | | | | | | | |
5.682% STEP 12/16/41 (c) | | | 711,025 | | | | 620,115 | |
BlueMountain CLO Ltd., Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.600% | | | | | | | | |
2.854% FRN 4/20/31 (c) | | | 1,000,000 | | | | 936,332 | |
Cent CLO 27 Ltd., Series 2018-27A, Class DR, 3 mo. USD LIBOR + 3.830% | | | | | | | | |
4.082% FRN 1/25/35 (c) | | | 500,000 | | | | 502,339 | |
CLI Funding VI LLC, Series 2020-3A, Class A | | | | | | | | |
2.070% 10/18/45 (c) | | | 206,875 | | | | 192,152 | |
Dividend Solar Loans LLC, Series 2018-1, Class B | | | | | | | | |
4.290% 7/20/38 (c) | | | 616,751 | | | | 623,537 | |
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 3 mo. USD LIBOR + 3.100% | | | | | | | | |
3.606% FRN 8/15/31 (c) | �� | | 500,000 | | | | 495,422 | |
Gilbert Park CLO Ltd. | | | | | | | | |
Series 2017-1A, Class D, 3 mo. USD LIBOR + 2.950% 3.191% FRN 10/15/30 (c) | | | 500,000 | | | | 493,704 | |
Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.400% 6.641% FRN 10/15/30 (c) | | | 1,000,000 | | | | 978,299 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300% | | | | | | | | |
3.554% FRN 1/20/30 (c) | | $ | 1,000,000 | | | $ | 994,752 | |
Helios Issuer LLC, Series 2020-AA, Class A | | | | | | | | |
2.980% 6/20/47 (c) | | | 401,055 | | | | 362,906 | |
Hero Funding Trust, Series 2016-4A, Class A2 | | | | | | | | |
4.290% 9/20/47 (c) | | | 127,403 | | | | 127,480 | |
Highbridge Loan Management Ltd., Series 13A-18, Class D, 3 mo. USD LIBOR + 3.000% | | | | | | | | |
3.241% FRN 10/15/30 (c) | | | 500,000 | | | | 479,339 | |
Invitation Homes Trust, Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250% | | | | | | | | |
1.691% FRN 3/17/37 (c) | | | 1,144,836 | | | | 1,138,063 | |
JOL Air Ltd., Series 2019-1, Class A | | | | | | | | |
3.967% 4/15/44 (c) | | | 407,700 | | | | 371,317 | |
Long Beach Mortgage Loan Trust, Series 2006-7, Class 1A, 1 mo. USD LIBOR + .155% | | | | | | | | |
0.612% FRN 8/25/36 | | | 2,757,390 | | | | 1,733,338 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (c) | | | 351,226 | | | | 325,992 | |
Madison Park Funding Ltd., Series 2014-14A, Class DRR, 3 mo. USD LIBOR + 2.950% | | | | | | | | |
3.209% FRN 10/22/30 (c) | | | 500,000 | | | | 491,279 | |
Marble Point CLO XXI Ltd., Series 2021-3A, Class D1, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
3.741% FRN 10/17/34 (c) | | | 500,000 | | | | 500,217 | |
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150% | | | | | | | | |
0.607% FRN 8/25/37 | | | 1,351,629 | | | | 1,299,335 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2021-3A, Class B, 1.920% 6/20/52 (c) | | | 467,118 | | | | 425,613 | |
Series 2020-1A, Class A, 2.100% 4/20/46 (c) | | | 299,049 | | | | 286,068 | |
Series 2020-2A, Class B, 2.210% 8/20/46 (c) | | | 334,048 | | | | 314,862 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (c) | | | 254,675 | | | | 255,213 | |
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.050% | | | | | | | | |
3.304% FRN 10/20/30 (c) | | | 500,000 | | | | 491,876 | |
Octagon Investment Partners 30 Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 3.300% | | | | | | | | |
3.554% FRN 3/17/30 (c) | | | 1,000,000 | | | | 992,734 | |
Pagaya AI Debt Selection Trust, Series 2021-2, Class NOTE | | | | | | | | |
3.000% 1/25/29 (c) | | | 571,231 | | | | 557,629 | |
Primose Funding LLC, Series 2019-1A, Class A2 | | | | | | | | |
4.475% 7/30/49 (c) | | | 977,500 | | | | 954,511 | |
Sound Point CLO XXIII, Series 2019-2A, Class DR, 3 mo. USD LIBOR + 3.300% | | | | | | | | |
3.541% FRN 7/15/34 (c) | | | 500,000 | | | | 493,946 | |
Sprite Ltd. | | | | | | | | |
Series 2021-1, Class A, 3.750% 11/15/46 (c) | | | 484,850 | | | | 447,077 | |
Series 2017-1, Class A, 4.250% 12/15/37 (c) | | | 1,960 | | | | 1,916 | |
START Ireland, Series 2019-1, Class A | | | | | | | | |
4.089% 3/15/44 (c) | | | 285,729 | | | | 264,495 | |
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C | | | | | | | | |
2.630% 10/20/48 (c) | | | 486,125 | | | | 466,239 | |
Sunnova Sol III Issuer LLC, Series 2021-1, Class A | | | | | | | | |
2.580% 4/28/56 (c) | | | 479,439 | | | | 437,016 | |
Sunrun Atlas Issuer LLC, Series 2019-2, Class A | | | | | | | | |
3.610% 2/01/55 (c) | | | 705,293 | | | | 692,145 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Symphony CLO Ltd., Series 2015-16A, Class DR, 3 mo. USD LIBOR + 3.050% | | | | | | | | |
3.291% FRN 10/15/31 (c) | | $ | 500,000 | | | $ | 488,768 | |
Textainer Marine Containers Ltd., Series 2020-2A, Class A | | | | | | | | |
2.100% 9/20/45 (c) | | | 428,847 | | | | 402,767 | |
THL Credit Wind River CLO Ltd., Series 2017-1A, Class DR, 3 mo. USD LIBOR + 3.720% | | | | | | | | |
3.961% FRN 4/18/36 (c) | | | 1,000,000 | | | | 973,925 | |
Thunderbolt Aircraft Lease Ltd. | | | | | | | | |
Series 2018-A, Class A, 4.147% STEP 9/15/38 (c) | | | 411,642 | | | | 367,040 | |
Series 2017-A, Class A, 4.212% STEP 5/17/32 (c) | | | 779,350 | | | | 694,769 | |
TIF Funding II LLC, Series 2021-1A, Class A | | | | | | | | |
1.650% 2/20/46 (c) | | | 909,583 | | | | 826,061 | |
Triumph Rail LLC, Series 2021-2, Class A | | | | | | | | |
2.150% 6/19/51 (c) | | | 730,684 | | | | 676,082 | |
Upstart Securitization Trust | | | | | | | | |
Series 2021-3, Class B, 1.660% 7/20/31 (c) | | | 500,000 | | | | 478,416 | |
Series 2021-4, Class B, 1.840% 9/20/31 (c) | | | 700,000 | | | | 657,894 | |
Series 2021-3, Class C, 3.280% 7/20/31 (c) | | | 500,000 | | | | 476,209 | |
USQ Rail LLC, Series 2021-1A, Class A | | | | | | | | |
2.250% 2/28/51 (c) | | | 948,407 | | | | 877,474 | |
Vantage Data Centers LLC, Series 2020-2A, Class A2 | | | | | | | | |
1.992% 9/15/45 (c) | | | 375,000 | | | | 338,527 | |
Vault DI Issuer LLC, Series 2021-1A, Class A2 | | | | | | | | |
2.804% 7/15/46 (c) | | | 500,000 | | | | 465,540 | |
Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .180% | | | | | | | | |
0.637% FRN 10/25/36 | | | 58,897 | | | | 27,921 | |
Wellfleet CLO X Ltd., Series 2019-XA, Class A1R, 3 mo. USD LIBOR + 1.170% | | | | | | | | |
1.424% FRN 7/20/32 (c) | | | 500,000 | | | | 494,441 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (c) | | | 700,606 | | | | 647,866 | |
| | | | | | | 30,537,221 | |
Student Loans Asset-Backed Securities — 0.4% | | | | | | | | |
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
1.657% FRN 12/26/47 (c) | | | 260,135 | | | | 258,059 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2017-D, Class BFX, 3.610% 9/25/40 (c) | | | 350,000 | | | | 346,259 | |
Series 2018-B, Class BFX, 3.830% 8/25/47 (c) | | | 500,000 | | | | 481,879 | |
| | | | | | | 1,086,197 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 7.0% | | | | | | | | |
CHL GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
3.207% FRN 5/25/23 (c) | | | 500,000 | | | | 495,011 | |
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, | | | | | | | | |
3.037% VRN 4/25/37 (g) | | | 742,002 | | | | 686,043 | |
Countrywide Alternative Loan Trust | | | | | | | | |
Series 2006-13T1, Class A11, 6.000% 5/25/36 | | | 1,719,334 | | | | 1,007,475 | |
Series 2006-12CB, Class A5, 6.000% 5/25/36 | | | 1,981,968 | | | | 1,357,142 | |
Series 2006-36T2, Class 2A1, 6.250% 12/25/36 | | | 3,198,156 | | | | 1,808,552 | |
Countrywide Home Loans Mortgage Pass-Through Trust | | | | | | | | |
Series 2007-HYB2, Class 3A1, 2.674% VRN 2/25/47 (g) | | | 890,351 | | | | 818,406 | |
Series 2007-3, Class A21, 6.000% 4/25/37 | | | 1,401,504 | | | | 909,968 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2007-14, Class A6, 6.000% 9/25/37 | | $ | 1,221,087 | | | $ | 838,444 | |
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340% | | | | | | | | |
0.789% FRN 12/19/36 | | | 699,887 | | | | 628,162 | |
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, | | | | | | | | |
2.489% VRN 9/25/56 (c) (g) | | | 1,028,000 | | | | 901,772 | |
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1, | | | | | | | | |
2.941% VRN 5/25/37 (g) | | | 1,824,783 | | | | 1,590,134 | |
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. USD LIBOR + .200% | | | | | | | | |
0.657% FRN 7/25/47 | | | 1,928,759 | | | | 1,916,395 | |
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, | | | | | | | | |
2.500% VRN 7/25/35 (g) | | | 267,466 | | | | 245,702 | |
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1, | | | | | | | | |
2.996% VRN 2/25/36 (g) | | | 1,594,097 | | | | 1,309,675 | |
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, | | | | | | | | |
6.500% VRN 10/26/37 (c) (g) | | | 721,219 | | | | 408,304 | |
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600% | | | | | | | | |
6.000% FRN 4/25/37 | | | 186,137 | | | | 174,651 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, | | | | | | | | |
2.722% VRN 10/25/37 (g) | | | 612,262 | | | | 516,075 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (c) (g) | | | 1,000,000 | | | | 875,837 | |
Series 2021-R1, Class M1, 2.338% 10/25/63 (c) | | | 1,500,000 | | | | 1,432,392 | |
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAC3, | | | | | | | | |
10.383% VRN 2/25/38 (c) (g) | | | 1,862,871 | | | | 1,409,166 | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, | | | | | | | | |
6.850% STEP 5/25/36 | | | 748,273 | | | | 693,402 | |
| | | | | | | 20,022,708 | |
Whole Loan Collateral Planned Amortization Classes — 0.4% | | | | | | | | |
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 | | | | | | | | |
6.000% 8/25/36 | | | 1,398,993 | | | | 1,039,807 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $83,071,303) | | | | | | | 74,190,964 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATIONS — 1.6% | | | | | | | | |
Abu Dhabi Government International Bond | | | | | | | | |
3.125% 4/16/30 (c) | | | 200,000 | | | | 204,220 | |
Brazilian Government International Bond | | | | | | | | |
3.750% 9/12/31 | | | 300,000 | | | | 270,750 | |
5.625% 2/21/47 | | | 300,000 | | | | 284,076 | |
Chile Government International Bond | | | | | | | | |
2.550% 1/27/32 (d) | | | 200,000 | | | | 187,910 | |
3.100% 5/07/41 (d) | | | 200,000 | | | | 176,574 | |
Colombia Government International Bond | | | | | | | | |
3.250% 4/22/32 | | | 200,000 | | | | 167,080 | |
4.125% 5/15/51 (d) | | | 250,000 | | | | 189,093 | |
5.000% 6/15/45 | | | 200,000 | | | | 168,636 | |
Dominican Republic International Bond | | | | | | | | |
6.000% 2/22/33 (c) | | | 250,000 | | | | 244,002 | |
Indonesia Government International Bond | | | | | | | | |
3.700% 10/30/49 | | | 250,000 | | | | 240,923 | |
Mexico Government International Bond | | | | | | | | |
2.659% 5/24/31 (d) | | | 200,000 | | | | 181,938 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.750% 1/11/28 | | $ | 535,000 | | | $ | 544,780 | |
4.280% 8/14/41 | | | 450,000 | | | | 420,367 | |
Panama Government International Bond | | | | | | | | |
2.252% 9/29/32 | | | 200,000 | | | | 176,894 | |
3.870% 7/23/60 | | | 200,000 | | | | 175,238 | |
4.300% 4/29/53 | | | 200,000 | | | | 192,228 | |
Philippine Government International Bond | | | | | | | | |
1.648% 6/10/31 | | | 400,000 | | | | 355,910 | |
Saudi Government International Bond | | | | | | | | |
2.250% 2/02/33 (c) | | | 300,000 | | | | 276,000 | |
| | | | | | | 4,456,619 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $4,881,042) | | | | | | | 4,456,619 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 12.1% | | | | | | | | |
Collateralized Mortgage Obligations — 4.8% | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICS | | | | | | | | |
Series 4481, Class B, 3.000% 12/15/42 | | | 1,370,382 | | | | 1,414,181 | |
Series 4483, Class CA, 3.000% 6/15/44 | | | 2,064,910 | | | | 2,054,048 | |
Federal Home Loan Mortgage Corp. SCRT (g) Series 2018-2, Class HV 3.000% 11/25/57 | | | 2,634,863 | | | | 2,596,548 | |
Federal Home Loan Mortgage Corp. Strips Series 379, Class C1 1.500% 1/25/51 | | | 1,559,584 | | | | 151,412 | |
Federal National Mortgage Association | | | | | | | | |
Series 2018-18, Class ZG, 3.000% 6/25/50 | | | 2,480,211 | | | | 2,307,189 | |
Series 2021-48, Class NS, 30 day SOFR + 3.650% 3.551% FRN 8/25/51 | | | 1,083,544 | | | | 107,211 | |
Federal National Mortgage Association REMICS | | | | | | | | |
Series 2018-21, Class PO, 0.000% 4/25/48 | | | 750,993 | | | | 623,463 | |
Series 2018-44, Class PZ, 3.500% 6/25/48 | | | 2,972,736 | | | | 3,022,915 | |
Government National Mortgage Association | | | | | | | | |
Series 2021-218, Class IO, 0.962% VRN 10/16/61 (g) | | | 1,231,130 | | | | 105,784 | |
Series 2021-164, Class IO, 0.967% VRN 10/16/63 (g) | | | 1,264,296 | | | | 106,843 | |
Series 2020-175, Class GI, 2.000% 11/20/50 | | | 1,005,240 | | | | 112,763 | |
Series 2020-115, Class IG, 2.500% 8/20/50 | | | 1,079,361 | | | | 148,968 | |
Series 2021-140, Class IH, 2.500% 8/20/51 | | | 1,027,715 | | | | 154,237 | |
Series 2021-176, Class SD, 30 day SOFR + 2.700% 2.650% FRN 9/20/51 | | | 2,486,734 | | | | 85,631 | |
Series 2021-98, Class IG, 3.000% 6/20/51 | | | 1,091,060 | | | | 161,346 | |
Series 2021-137, Class IQ, 3.000% 8/20/51 | | | 1,596,264 | | | | 228,992 | |
Series 2021-103, Class SA, 30 day SOFR + 3.250% 3.200% FRN 4/20/51 | | | 1,386,411 | | | | 82,292 | |
Series 2021-117, Class ID, 3.500% 6/20/51 | | | 921,100 | | | | 104,073 | |
| | | | | | | 13,567,896 | |
Pass-Through Securities — 7.3% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #SD0715 2.000% 9/01/51 | | | 2,060,809 | | | | 1,928,321 | |
Pool #G08520 2.500% 1/01/43 | | | 566,459 | | | | 548,700 | |
Pool #SD8174 3.000% 10/01/51 | | | 2,542,207 | | | | 2,494,126 | |
Pool #G08632 3.500% 3/01/45 | | | 754,287 | | | | 768,958 | |
Federal National Mortgage Association | | | | | | | | |
Pool #FM4052 2.500% 9/01/50 | | | 2,732,129 | | | | 2,629,127 | |
Pool #MA4256 2.500% 2/01/51 | | | 1,862,338 | | | | 1,783,398 | |
Pool #FM9846 2.500% 12/01/51 | | | 644,181 | | | | 615,970 | |
Pool #FS0174 2.500% 1/01/52 | | | 671,702 | | | | 642,285 | |
Pool #MA2248 3.000% 4/01/45 | | | 340,299 | | | | 335,478 | |
Pool #AS7661 3.000% 8/01/46 | | | 329,802 | | | | 324,511 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #FM9934 3.000% 12/01/48 | | $ | 1,020,679 | | | $ | 1,013,236 | |
Pool #FM9564 3.000% 2/01/50 | | | 1,167,283 | | | | 1,158,771 | |
Pool #AX2501 4.000% 10/01/44 | | | 714,961 | | | | 743,691 | |
Pool #FM8214 4.000% 5/01/49 | | | 1,022,274 | | | | 1,051,693 | |
Pool #FM8972 4.000% 6/01/49 | | | 559,709 | | | | 577,128 | |
Federal National Mortgage Association TBA | | | | | | | | |
Pool #BS4941 2.460% 4/01/32 (f) | | | 987,000 | | | | 949,987 | |
Government National Mortgage Association II | | | | | | | | |
Pool # 785662 2.500% 10/20/51 | | | 2,469,667 | | | | 2,394,296 | |
Pool # 785764 2.500% 11/20/51 | | | 737,725 | | | | 715,211 | |
| | | | | | | 20,674,887 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $35,669,802) | | | | | | | 34,242,783 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 21.9% | | | | | | | | |
U.S. Treasury Bonds & Notes — 21.9% | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
1.250% 5/15/50 | | | 19,000,000 | | | | 14,208,437 | |
2.250% 5/15/41 | | | 2,370,000 | | | | 2,241,093 | |
2.250% 2/15/52 | | | 4,220,000 | | | | 4,044,608 | |
2.375% 2/15/42 | | | 3,340,000 | | | | 3,223,621 | |
U.S. Treasury Note | | | | | | | | |
0.125% 1/31/23 | | | 130,000 | | | | 128,461 | |
0.125% 3/31/23 | | | 3,750,000 | | | | 3,691,731 | |
0.125% 4/30/23 | | | 4,090,000 | | | | 4,017,601 | |
0.125% 7/31/23 | | | 1,150,000 | | | | 1,121,393 | |
0.375% 11/30/25 | | | 3,030,000 | | | | 2,804,293 | |
1.250% 3/31/28 | | | 1,450,000 | | | | 1,354,023 | |
1.500% 2/15/25 | | | 455,000 | | | | 442,806 | |
1.750% 3/15/25 | | | 5,560,000 | | | | 5,447,933 | |
1.875% 2/15/32 | | | 2,550,000 | | | | 2,448,398 | |
2.250% 3/31/24 | | | 5,260,000 | | | | 5,256,097 | |
2.375% 3/31/29 | | | 5,245,000 | | | | 5,234,347 | |
2.500% 3/31/27 | | | 6,460,000 | | | | 6,482,713 | |
| | | | | | | 62,147,555 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $64,002,193) | | | | | | | 62,147,555 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $274,840,022) | | | | | | | 257,932,671 | |
| | | | | | | | |
| | Number of Shares | | | | |
MUTUAL FUNDS — 2.8% | | | | | | | | |
Diversified Financial Services — 2.8% | | | | | | | | |
DoubleLine Global Bond Fund | | | 614,210 | | | | 5,687,585 | |
State Street Navigator Securities Lending Government Money Market Portfolio (i) | | | 2,264,805 | | | | 2,264,805 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $8,615,737) | | | | | | | 7,952,390 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $283,455,759) | | | | | | | 265,885,061 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 5.6% | | | | | | | | |
Repurchase Agreement — 5.5% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (j) | | $ | 15,794,615 | | | $ | 15,794,615 | |
U.S. Treasury Bill — 0.1% | | | | | | | | |
U.S. Treasury Bill | | | | | | | | |
0.010% 6/30/22 (k) | | | 260,000 | | | | 259,665 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $16,054,289) | | | | | | | 16,054,280 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.3% (Cost $299,510,048) (l) | | | | | | | 281,939,341 | |
| | | | | | | | |
Less Unfunded Loan Commitments — (0.0%) | | | | | | | (97,255) | |
| | | | | | | | |
NET INVESTMENTS — 99.3% (Cost $299,412,793) | | | | | | | 281,842,086 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.7% | | | | | | | 1,961,436 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 283,803,522 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
REMICS | Real Estate Mortgage Investment Conduits |
SCRT | Seasoned Credit Risk Transfer |
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, 2022 where the rate will be determined at time of settlement. |
(b) | Unfunded or partially unfunded loan commitments. |
(c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $70,528,878 or 24.85% of net assets. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $3,205,584 or 1.13% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,017,997 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(e) | Security is perpetual and has no stated maturity date. |
(f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2022. |
(h) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(i) | Represents investment of security lending cash collateral. (Note 2). |
(j) | Maturity value of $15,794,615. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $16,110,556. |
(k) | The rate shown represents yield-to-maturity. |
(l) | See Note 3 for aggregate cost for federal tax purposes. |
Currency Legend
MML Equity Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 98.3% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 98.2% | | | | | | | | |
Basic Materials — 3.4% | | | | | | | | |
Chemicals — 2.0% | | | | | | | | |
Celanese Corp. | | | 9,100 | | | $ | 1,300,117 | |
Dow, Inc. | | | 21,500 | | | | 1,369,980 | |
DuPont de Nemours, Inc. | | | 29,600 | | | | 2,177,968 | |
Eastman Chemical Co. | | | 10,600 | | | | 1,187,836 | |
FMC Corp. | | | 7,300 | | | | 960,461 | |
Huntsman Corp. | | | 6,300 | | | | 236,313 | |
International Flavors & Fragrances, Inc. | | | 22,765 | | | | 2,989,727 | |
Linde PLC | | | 10,024 | | | | 3,201,966 | |
LyondellBasell Industries NV Class A | | | 9,600 | | | | 987,072 | |
The Mosaic Co. | | | 29,300 | | | | 1,948,450 | |
Nutrien Ltd. | | | 11,344 | | | | 1,179,663 | |
Olin Corp. | | | 4,500 | | | | 235,260 | |
| | | | | | | 17,774,813 | |
Iron & Steel — 0.6% | | | | | | | | |
Nucor Corp. | | | 23,300 | | | | 3,463,545 | |
Reliance Steel & Aluminum Co. | | | 4,900 | | | | 898,415 | |
Steel Dynamics, Inc. | | | 16,300 | | | | 1,359,909 | |
| | | | | | | 5,721,869 | |
Mining — 0.8% | | | | | | | | |
BHP Group Ltd. Sponsored ADR | | | 12,500 | | | | 965,625 | |
Freeport-McMoRan, Inc. | | | 42,600 | | | | 2,118,924 | |
Newmont Corp. | | | 45,600 | | | | 3,622,920 | |
| | | | | | | 6,707,469 | |
| | | | | | | 30,204,151 | |
Communications — 5.8% | | | | | | | | |
Advertising — 0.3% | | | | | | | | |
The Interpublic Group of Cos., Inc. | | | 17,300 | | | | 613,285 | |
Omnicom Group, Inc. | | | 16,600 | | | | 1,409,008 | |
| | | | | | | 2,022,293 | |
Internet — 2.0% | | | | | | | | |
Alphabet, Inc. Class C (a) | | | 4,226 | | | | 11,803,176 | |
Amazon.com, Inc. (a) | | | 50 | | | | 162,997 | |
Booking Holdings, Inc. (a) | | | 960 | | | | 2,254,512 | |
eBay, Inc. | | | 53,500 | | | | 3,063,410 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
NortonLifeLock, Inc. | | | 31,800 | | | $ | 843,336 | |
| | | | | | | 18,127,431 | |
Media — 1.7% | | | | | | | | |
Charter Communications, Inc. Class A (a) | | | 1,200 | | | | 654,624 | |
Comcast Corp. Class A | | | 276,500 | | | | 12,945,730 | |
Fox Corp. Class A | | | 26,100 | | | | 1,029,645 | |
Nexstar Media Group, Inc. Class A | | | 1,200 | | | | 226,176 | |
The Walt Disney Co. (a) | | | 3,200 | | | | 438,912 | |
| | | | | | | 15,295,087 | |
Telecommunications — 1.8% | | | | | | | | |
Cisco Systems, Inc. | | | 254,400 | | | | 14,185,344 | |
Corning, Inc. | | | 7,900 | | | | 291,589 | |
Motorola Solutions, Inc. | | | 8,020 | | | | 1,942,444 | |
| | | | | | | 16,419,377 | |
| | | | | | | 51,864,188 | |
Consumer, Cyclical — 7.5% | | | | | | | | |
Apparel — 0.1% | | | | | | | | |
Capri Holdings Ltd. (a) | | | 8,600 | | | | 441,954 | |
Ralph Lauren Corp. | | | 1,400 | | | | 158,816 | |
Skechers U.S.A., Inc. Class A (a) | | | 7,200 | | | | 293,472 | |
Tapestry, Inc. | | | 6,500 | | | | 241,475 | |
| | | | | | | 1,135,717 | |
Auto Manufacturers — 0.7% | | | | | | | | |
Ford Motor Co. | | | 301,600 | | | | 5,100,056 | |
PACCAR, Inc. | | | 10,200 | | | | 898,314 | |
| | | | | | | 5,998,370 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
BorgWarner, Inc. | | | 6,800 | | | | 264,520 | |
Lear Corp. | | | 3,600 | | | | 513,324 | |
| | | | | | | 777,844 | |
Distribution & Wholesale — 0.1% | | | | | | | | |
LKQ Corp. | | | 23,500 | | | | 1,067,135 | |
Home Builders — 0.6% | | | | | | | | |
D.R. Horton, Inc. | | | 28,200 | | | | 2,101,182 | |
Lennar Corp. Class A | | | 21,400 | | | | 1,737,038 | |
NVR, Inc. (a) | | | 200 | | | | 893,454 | |
PulteGroup, Inc. | | | 20,800 | | | | 871,520 | |
| | | | | | | 5,603,194 | |
Home Furnishing — 0.1% | | | | | | | | |
Whirlpool Corp. | | | 4,800 | | | | 829,344 | |
Leisure Time — 0.1% | | | | | | | | |
Brunswick Corp. | | | 6,000 | | | | 485,340 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Lodging — 0.0% | | | | | | | | |
Boyd Gaming Corp. | | | 3,200 | | | $ | 210,496 | |
Retail — 5.7% | | | | | | | | |
Advance Auto Parts, Inc. | | | 5,100 | | | | 1,055,496 | |
AutoNation, Inc. (a) | | | 6,800 | | | | 677,144 | |
AutoZone, Inc. (a) | | | 1,500 | | | | 3,066,870 | |
Bath & Body Works, Inc. | | | 6,400 | | | | 305,920 | |
BJ's Wholesale Club Holdings, Inc. (a) | | | 8,200 | | | | 554,402 | |
Darden Restaurants, Inc. | | | 3,700 | | | | 491,915 | |
Dick's Sporting Goods, Inc. (b) | | | 3,600 | | | | 360,072 | |
Dollar General Corp. | | | 10,200 | | | | 2,270,826 | |
Genuine Parts Co. | | | 11,200 | | | | 1,411,424 | |
Lowe's Cos., Inc. | | | 56,700 | | | | 11,464,173 | |
Macy's, Inc. | | | 8,500 | | | | 207,060 | |
McDonald's Corp. | | | 8,800 | | | | 2,176,064 | |
O'Reilly Automotive, Inc. (a) | | | 5,500 | | | | 3,767,280 | |
Penske Automotive Group, Inc. | | | 4,900 | | | | 459,228 | |
Target Corp. | | | 38,800 | | | | 8,234,136 | |
Walgreens Boots Alliance, Inc. | | | 52,000 | | | | 2,328,040 | |
Walmart, Inc. | | | 44,977 | | | | 6,697,975 | |
Williams-Sonoma, Inc. | | | 4,600 | | | | 667,000 | |
Yum! Brands, Inc. | | | 42,383 | | | | 5,023,657 | |
| | | | | | | 51,218,682 | |
| | | | | | | 67,326,122 | |
Consumer, Non-cyclical — 28.8% | | | | | | | | |
Agriculture — 2.6% | | | | | | | | |
Altria Group, Inc. | | | 111,500 | | | | 5,825,875 | |
Archer-Daniels-Midland Co. | | | 43,100 | | | | 3,890,206 | |
Bunge Ltd. | | | 10,800 | | | | 1,196,748 | |
Darling Ingredients, Inc. (a) | | | 22,184 | | | | 1,783,150 | |
Philip Morris International, Inc. | | | 109,100 | | | | 10,248,854 | |
| | | | | | | 22,944,833 | |
Beverages — 1.0% | | | | | | | | |
The Coca-Cola Co. | | | 72,500 | | | | 4,495,000 | |
Keurig Dr Pepper, Inc. | | | 118,950 | | | | 4,508,205 | |
Molson Coors Beverage Co. Class B | | | 5,900 | | | | 314,942 | |
| | | | | | | 9,318,147 | |
Biotechnology — 1.5% | | | | | | | | |
Amgen, Inc. | | | 16,300 | | | | 3,941,666 | |
Bio-Rad Laboratories, Inc. Class A (a) | | | 2,100 | | | | 1,182,783 | |
Gilead Sciences, Inc. | | | 71,700 | | | | 4,262,565 | |
Regeneron Pharmaceuticals, Inc. (a) | | | 6,400 | | | | 4,469,888 | |
| | | | | | | 13,856,902 | |
Commercial Services — 0.5% | | | | | | | | |
AMERCO | | | 1,700 | | | | 1,014,798 | |
Booz Allen Hamilton Holding Corp. | | | 7,700 | | | | 676,368 | |
Service Corp. International | | | 13,600 | | | | 895,152 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
United Rentals, Inc. (a) | | | 4,400 | | | $ | 1,562,924 | |
| | | | | | | 4,149,242 | |
Cosmetics & Personal Care — 0.5% | | | | | | | | |
The Procter & Gamble Co. | | | 20,200 | | | | 3,086,560 | |
Unilever PLC | | | 31,010 | | | | 1,403,814 | |
| | | | | | | 4,490,374 | |
Food — 1.7% | | | | | | | | |
Campbell Soup Co. | | | 8,800 | | | | 392,216 | |
Conagra Brands, Inc. | | | 12,300 | | | | 412,911 | |
General Mills, Inc. | | | 36,600 | | | | 2,478,552 | |
The J.M. Smucker Co. | | | 6,600 | | | | 893,706 | |
Kellogg Co. | | | 19,400 | | | | 1,251,106 | |
The Kraft Heinz Co. | | | 74,000 | | | | 2,914,860 | |
The Kroger Co. | | | 45,000 | | | | 2,581,650 | |
Mondelez International, Inc. Class A | | | 48,857 | | | | 3,067,243 | |
Tyson Foods, Inc. Class A | | | 17,800 | | | | 1,595,414 | |
| | | | | | | 15,587,658 | |
Health Care – Products — 2.4% | | | | | | | | |
Abbott Laboratories | | | 11,077 | | | | 1,311,074 | |
Danaher Corp. | | | 21,907 | | | | 6,425,980 | |
Henry Schein, Inc. (a) | | | 8,400 | | | | 732,396 | |
Hologic, Inc. (a) | | | 14,400 | | | | 1,106,208 | |
Medtronic PLC | | | 19,252 | | | | 2,136,009 | |
PerkinElmer, Inc. | | | 14,000 | | | | 2,442,440 | |
Steris PLC | | | 5,100 | | | | 1,233,027 | |
Thermo Fisher Scientific, Inc. | | | 10,241 | | | | 6,048,847 | |
| | | | | | | 21,435,981 | |
Health Care – Services — 5.2% | | | | | | | | |
Anthem, Inc. | | | 32,525 | | | | 15,976,931 | |
Centene Corp. (a) | | | 84,244 | | | | 7,092,502 | |
DaVita, Inc. (a) | | | 8,700 | | | | 984,057 | |
HCA Healthcare, Inc. | | | 45,760 | | | | 11,468,371 | |
Laboratory Corp. of America Holdings (a) | | | 14,300 | | | | 3,770,338 | |
Quest Diagnostics, Inc. | | | 10,500 | | | | 1,437,030 | |
UnitedHealth Group, Inc. | | | 10,013 | | | | 5,106,330 | |
Universal Health Services, Inc. Class B | | | 6,000 | | | | 869,700 | |
| | | | | | | 46,705,259 | |
Household Products & Wares — 0.1% | | | | | | | | |
Kimberly-Clark Corp. | | | 9,600 | | | | 1,182,336 | |
Pharmaceuticals — 13.3% | | | | | | | | |
AbbVie, Inc. | | | 160,037 | | | | 25,943,598 | |
AmerisourceBergen Corp. | | | 15,900 | | | | 2,459,889 | |
AstraZeneca PLC | | | 13,437 | | | | 1,781,896 | |
AstraZeneca PLC Sponsored ADR | | | 126,313 | | | | 8,379,604 | |
Becton Dickinson and Co. | | | 29,526 | | | | 7,853,916 | |
Bristol-Myers Squibb Co. | | | 107,400 | | | | 7,843,422 | |
Cardinal Health, Inc. | | | 8,100 | | | | 459,270 | |
Cigna Corp. | | | 27,501 | | | | 6,589,515 | |
CVS Health Corp. | | | 75,485 | | | | 7,639,837 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Elanco Animal Health, Inc. (a) | | | 38,934 | | | $ | 1,015,788 | |
Johnson & Johnson | | | 177,516 | | | | 31,461,161 | |
McKesson Corp. | | | 12,500 | | | | 3,826,625 | |
Merck & Co., Inc. | | | 152,800 | | | | 12,537,240 | |
Roche Holding AG | | | 4,764 | | | | 1,884,044 | |
| | | | | | | 119,675,805 | |
| | | | | | | 259,346,537 | |
Energy — 5.7% | | | | | | | | |
Energy – Alternate Sources — 0.1% | | | | | | | | |
First Solar, Inc. (a) | | | 6,500 | | | | 544,310 | |
Oil & Gas — 4.8% | | | | | | | | |
APA Corp. | | | 20,700 | | | | 855,531 | |
Chevron Corp. | | | 56,728 | | | | 9,237,020 | |
ConocoPhillips | | | 17,300 | | | | 1,730,000 | |
Devon Energy Corp. | | | 14,400 | | | | 851,472 | |
EOG Resources, Inc. | | | 45,300 | | | | 5,401,119 | |
Exxon Mobil Corp. | | | 255,400 | | | | 21,093,486 | |
Marathon Oil Corp. | | | 44,515 | | | | 1,117,772 | |
Ovintiv, Inc. | | | 15,000 | | | | 811,050 | |
Valero Energy Corp. | | | 24,700 | | | | 2,508,038 | |
| | | | | | | 43,605,488 | |
Oil & Gas Services — 0.2% | | | | | | | | |
Baker Hughes Co. | | | 57,400 | | | | 2,089,934 | |
Pipelines — 0.6% | | | | | | | | |
Kinder Morgan, Inc. | | | 136,800 | | | | 2,586,888 | |
ONEOK, Inc. | | | 25,400 | | | | 1,794,002 | |
TC Energy Corp. | | | 17,900 | | | | 1,009,918 | |
| | | | | | | 5,390,808 | |
| | | | | | | 51,630,540 | |
Financial — 23.0% | | | | | | | | |
Banks — 11.6% | | | | | | | | |
Bank of America Corp. | | | 723,842 | | | | 29,836,767 | |
The Bank of New York Mellon Corp. | | | 53,700 | | | | 2,665,131 | |
Citizens Financial Group, Inc. | | | 25,700 | | | | 1,164,981 | |
Comerica, Inc. | | | 8,400 | | | | 759,612 | |
Commerce Bancshares, Inc. | | | 7,430 | | | | 531,914 | |
Cullen/Frost Bankers, Inc. | | | 3,200 | | | | 442,912 | |
East West Bancorp, Inc. | | | 8,600 | | | | 679,572 | |
Fifth Third Bancorp | | | 43,000 | | | | 1,850,720 | |
First Horizon Corp. | | | 24,713 | | | | 580,508 | |
The Goldman Sachs Group, Inc. | | | 20,500 | | | | 6,767,050 | |
JP Morgan Chase & Co. | | | 216,000 | | | | 29,445,120 | |
KeyCorp. | | | 59,000 | | | | 1,320,420 | |
M&T Bank Corp. | | | 7,500 | | | | 1,271,250 | |
Morgan Stanley | | | 69,500 | | | | 6,074,300 | |
Northern Trust Corp. | | | 12,600 | | | | 1,467,270 | |
Pinnacle Financial Partners, Inc. | | | 2,000 | | | | 184,160 | |
The PNC Financial Services Group, Inc. | | | 25,500 | | | | 4,703,475 | |
Regions Financial Corp. | | | 58,000 | | | | 1,291,080 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
State Street Corp. | | | 38,159 | | | $ | 3,324,412 | |
Synovus Financial Corp. | | | 3,700 | | | | 181,300 | |
Truist Financial Corp. | | | 80,800 | | | | 4,581,360 | |
US Bancorp | | | 90,173 | | | | 4,792,695 | |
Wells Fargo & Co. | | | 1,449 | | | | 70,219 | |
Zions Bancorp NA | | | 9,900 | | | | 649,044 | |
| | | | | | | 104,635,272 | |
Diversified Financial Services — 3.0% | | | | | | | | |
Ally Financial, Inc. | | | 22,600 | | | | 982,648 | |
American Express Co. | | | 46,900 | | | | 8,770,300 | |
Ameriprise Financial, Inc. | | | 6,900 | | | | 2,072,484 | |
Capital One Financial Corp. | | | 27,600 | | | | 3,623,604 | |
The Charles Schwab Corp. | | | 62,924 | | | | 5,305,122 | |
CME Group, Inc. | | | 8,944 | | | | 2,127,420 | |
Credit Acceptance Corp. (a) (b) | | | 1,000 | | | | 550,370 | |
Discover Financial Services | | | 17,800 | | | | 1,961,382 | |
Raymond James Financial, Inc. | | | 12,400 | | | | 1,362,884 | |
SEI Investments Co. | | | 8,700 | | | | 523,827 | |
| | | | | | | 27,280,041 | |
Insurance — 7.2% | | | | | | | | |
Aflac, Inc. | | | 42,400 | | | | 2,730,136 | |
The Allstate Corp. | | | 18,200 | | | | 2,520,882 | |
American Financial Group, Inc. | | | 5,200 | | | | 757,224 | |
American International Group, Inc. | | | 143,291 | | | | 8,994,376 | |
Arch Capital Group Ltd. (a) | | | 24,200 | | | | 1,171,764 | |
Assurant, Inc. | | | 3,600 | | | | 654,588 | |
Chubb Ltd. | | | 62,926 | | | | 13,459,871 | |
Cincinnati Financial Corp. | | | 9,800 | | | | 1,332,408 | |
Equitable Holdings, Inc. | | | 27,953 | | | | 864,027 | |
Everest Re Group Ltd. | | | 2,800 | | | | 843,864 | |
Fidelity National Financial, Inc. | | | 17,200 | | | | 840,048 | |
First American Financial Corp. | | | 6,700 | | | | 434,294 | |
Globe Life, Inc. | | | 5,600 | | | | 563,360 | |
The Hartford Financial Services Group, Inc. | | | 66,005 | | | | 4,739,819 | |
Lincoln National Corp. | | | 11,700 | | | | 764,712 | |
Loews Corp. | | | 16,100 | | | | 1,043,602 | |
Markel Corp. (a) | | | 890 | | | | 1,312,964 | |
MetLife, Inc. | | | 54,200 | | | | 3,809,176 | |
Old Republic International Corp. | | | 12,600 | | | | 325,962 | |
Principal Financial Group, Inc. | | | 16,600 | | | | 1,218,606 | |
Prudential Financial, Inc. | | | 23,800 | | | | 2,812,446 | |
Reinsurance Group of America, Inc. | | | 2,000 | | | | 218,920 | |
RenaissanceRe Holdings Ltd. | | | 2,700 | | | | 427,977 | |
The Travelers Cos., Inc. | | | 53,601 | | | | 9,794,511 | |
Voya Financial, Inc. (b) | | | 8,000 | | | | 530,800 | |
W.R. Berkley Corp. | | | 16,200 | | | | 1,078,758 | |
Willis Towers Watson PLC | | | 7,800 | | | | 1,842,516 | |
| | | | | | | 65,087,611 | |
Real Estate — 0.2% | | | | | | | | |
CBRE Group, Inc. Class A (a) | | | 9,700 | | | | 887,744 | |
Jones Lang LaSalle, Inc. (a) | | | 3,900 | | | | 933,894 | |
| | | | | | | 1,821,638 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Real Estate Investment Trusts (REITS) — 1.0% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 2,138 | | | $ | 430,273 | |
Equinix, Inc. | | | 2,210 | | | | 1,638,980 | |
Equity LifeStyle Properties, Inc. | | | 4,868 | | | | 372,305 | |
Prologis, Inc. | | | 37,430 | | | | 6,044,196 | |
| | | | | | | 8,485,754 | |
| | | | | | | 207,310,316 | |
Industrial — 9.6% | | | | | | | | |
Aerospace & Defense — 2.5% | | | | | | | | |
General Dynamics Corp. | | | 22,300 | | | | 5,378,314 | |
L3 Harris Technologies, Inc. | | | 22,288 | | | | 5,537,899 | |
Lockheed Martin Corp. | | | 15,800 | | | | 6,974,120 | |
Northrop Grumman Corp. | | | 9,700 | | | | 4,338,034 | |
| | | | | | | 22,228,367 | |
Building Materials — 0.3% | | | | | | | | |
Martin Marietta Materials, Inc. | | | 1,946 | | | | 748,996 | |
Masco Corp. | | | 20,300 | | | | 1,035,300 | |
Owens Corning | | | 8,400 | | | | 768,600 | |
| | | | | | | 2,552,896 | |
Electronics — 0.5% | | | | | | | | |
Arrow Electronics, Inc. (a) | | | 5,800 | | | | 688,054 | |
Honeywell International, Inc. | | | 9,761 | | | | 1,899,296 | |
Hubbell, Inc. | | | 2,951 | | | | 542,305 | |
Jabil, Inc. | | | 11,700 | | | | 722,241 | |
Sensata Technologies Holding PLC (a) | | | 8,500 | | | | 432,225 | |
| | | | | | | 4,284,121 | |
Engineering & Construction — 0.1% | | | | | | | | |
Jacobs Engineering Group, Inc. | | | 3,727 | | | | 513,618 | |
Environmental Controls — 0.2% | | | | | | | | |
Republic Services, Inc. | | | 12,464 | | | | 1,651,480 | |
Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-on, Inc. | | | 4,200 | | | | 863,016 | |
Machinery – Construction & Mining — 0.1% | | | | | | | | |
Caterpillar, Inc. | | | 4,900 | | | | 1,091,818 | |
Oshkosh Corp. | | | 3,700 | | | | 372,405 | |
| | | | | | | 1,464,223 | |
Machinery – Diversified — 0.9% | | | | | | | | |
AGCO Corp. | | | 2,200 | | | | 321,266 | |
Deere & Co. | | | 19,000 | | | | 7,893,740 | |
| | | | | | | 8,215,006 | |
Miscellaneous - Manufacturing — 1.5% | | | | | | | | |
General Electric Co. | | | 95,284 | | | | 8,718,486 | |
Parker-Hannifin Corp. | | | 7,800 | | | | 2,213,328 | |
Siemens AG Registered | | | 10,941 | | | | 1,516,009 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Textron, Inc. | | | 17,700 | | | $ | 1,316,526 | |
| | | | | | | 13,764,349 | |
Packaging & Containers — 0.6% | | | | | | | | |
Amcor PLC | | | 121,500 | | | | 1,376,595 | |
Berry Global Group, Inc. (a) | | | 6,900 | | | | 399,924 | |
Crown Holdings, Inc. | | | 10,500 | | | | 1,313,445 | |
Packaging Corp. of America | | | 8,582 | | | | 1,339,736 | |
Sealed Air Corp. | | | 12,100 | | | | 810,216 | |
WestRock Co. | | | 10,345 | | | | 486,525 | |
| | | | | | | 5,726,441 | |
Shipbuilding — 0.1% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 2,500 | | | | 498,600 | |
Transportation — 2.7% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 7,500 | | | | 807,825 | |
CSX Corp. | | | 148,457 | | | | 5,559,714 | |
Expeditors International of Washington, Inc. | | | 9,700 | | | | 1,000,652 | |
Knight-Swift Transportation Holdings, Inc. | | | 10,100 | | | | 509,646 | |
Norfolk Southern Corp. | | | 10,226 | | | | 2,916,660 | |
Union Pacific Corp. | | | 3,372 | | | | 921,264 | |
United Parcel Service, Inc. Class B | | | 58,621 | | | | 12,571,860 | |
| | | | | | | 24,287,621 | |
| | | | | | | 86,049,738 | |
Technology — 7.2% | | | | | | | | |
Computers — 1.9% | | | | | | | | |
Accenture PLC Class A | | | 4,457 | | | | 1,503,034 | |
Cognizant Technology Solutions Corp. Class A | | | 22,422 | | | | 2,010,581 | |
DXC Technology Co. (a) | | | 6,500 | | | | 212,095 | |
Genpact Ltd. | | | 14,700 | | | | 639,597 | |
Hewlett Packard Enterprise Co. | | | 100,100 | | | | 1,672,671 | |
HP, Inc. | | | 99,900 | | | | 3,626,370 | |
International Business Machines Corp. | | | 51,200 | | | | 6,657,024 | |
Leidos Holdings, Inc. | | | 4,000 | | | | 432,080 | |
| | | | | | | 16,753,452 | |
Semiconductors — 1.9% | | | | | | | | |
Advanced Micro Devices, Inc. (a) | | | 18,400 | | | | 2,011,856 | |
ASML Holding NV | | | 1,750 | | | | 1,168,877 | |
KLA Corp. | | | 223 | | | | 81,631 | |
Micron Technology, Inc. | | | 33,768 | | | | 2,630,190 | |
QUALCOMM, Inc. | | | 65,090 | | | | 9,947,054 | |
Texas Instruments, Inc. | | | 5,400 | | | | 990,792 | |
Wolfspeed, Inc. (a) | | | 2,600 | | | | 296,036 | |
| | | | | | | 17,126,436 | |
Software — 3.4% | | | | | | | | |
Fiserv, Inc. (a) | | | 39,475 | | | | 4,002,765 | |
Microsoft Corp. | | | 19,994 | | | | 6,164,350 | |
Oracle Corp. | | | 227,500 | | | | 18,821,075 | |
salesforce.com, Inc. (a) | | | 5,600 | | | | 1,188,992 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Synopsys, Inc. (a) | | | 2,700 | | | $ | 899,829 | |
| | | | | | | 31,077,011 | |
| | | | | | | 64,956,899 | |
Utilities — 7.2% | | | | | | | | |
Electric — 6.9% | | | | | | | | |
Alliant Energy Corp. | | | 15,200 | | | | 949,696 | |
American Electric Power Co., Inc. | | | 33,023 | | | | 3,294,705 | |
CMS Energy Corp. | | | 8,628 | | | | 603,442 | |
Dominion Energy, Inc. | | | 94,792 | | | | 8,054,476 | |
DTE Energy Co. | | | 8,955 | | | | 1,183,941 | |
Duke Energy Corp. | | | 22,500 | | | | 2,512,350 | |
Edison International | | | 21,700 | | | | 1,521,170 | |
Entergy Corp. | | | 12,200 | | | | 1,424,350 | |
Evergy, Inc. | | | 13,900 | | | | 949,926 | |
Eversource Energy | | | 19,600 | | | | 1,728,524 | |
Exelon Corp. | | | 75,600 | | | | 3,600,828 | |
FirstEnergy Corp. | | | 32,900 | | | | 1,508,794 | |
NextEra Energy, Inc. | | | 43,862 | | | | 3,715,550 | |
NRG Energy, Inc. | | | 14,000 | | | | 537,040 | |
OGE Energy Corp. | | | 5,900 | | | | 240,602 | |
PG&E Corp. (a) | | | 135,240 | | | | 1,614,766 | |
Pinnacle West Capital Corp. | | | 3,300 | | | | 257,730 | |
PPL Corp. | | | 43,000 | | | | 1,228,080 | |
Public Service Enterprise Group, Inc. | | | 40,900 | | | | 2,863,000 | |
Sempra Energy | | | 46,596 | | | | 7,833,719 | |
The Southern Co. | | | 169,627 | | | | 12,299,654 | |
Vistra Corp. | | | 27,600 | | | | 641,700 | |
Xcel Energy, Inc. | | | 57,395 | | | | 4,142,197 | |
| | | | | | | 62,706,240 | |
Gas — 0.2% | | | | | | | | |
NiSource, Inc. | | | 60,500 | | | | 1,923,900 | |
Water — 0.1% | | | | | | | | |
Essential Utilities, Inc. | | | 13,100 | | | | 669,803 | |
| | | | | | | 65,299,943 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $680,825,175) | | | | | | | 883,988,434 | |
| | | | | | | | |
PREFERRED STOCK — 0.1% | | | | | | | | |
Utilities — 0.1% | | | | | | | | |
Electric — 0.1% | | | | | | | | |
The AES Corp. Convertible 6.875% (b) | | | 3,525 | | | | 348,729 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $352,500) | | | | | | | 348,729 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $681,177,675) | | | | | | | 884,337,163 | |
| | | | | | | | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 1.4% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 1.4% | | | | | | | | |
iShares Russell 1000 Value ETF | | | 70,139 | | | $ | 11,641,671 | |
State Street Navigator Securities Lending Government Money Market Portfolio (c) | | | 1,223,304 | | | | 1,223,304 | |
| | | | | | | 12,864,975 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $12,782,466) | | | | | | | 12,864,975 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $693,960,141) | | | | | | | 897,202,138 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 1.1% | | | | | | | | |
Mutual Fund — 0.5% | | | | | | | | |
T. Rowe Price Government Reserve Investment Fund | | | 4,757,086 | | | | 4,757,086 | |
| | | | | | | | |
| | | Principal Amount | | | | | |
Repurchase Agreement — 0.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (d) | | $ | 5,364,477 | | | | 5,364,477 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $10,121,563) | | | | | | | 10,121,563 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.8% (Cost $704,081,704) (e) | | | | | | | 907,323,701 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.8)% | | | | | | | (7,261,812) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 900,061,889 | |
Abbreviation Legend
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $2,028,065 or 0.23% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $858,146 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $5,364,477. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $5,471,879. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Momentum Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 99.9% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 99.9% | | | | | | | | |
Basic Materials — 0.5% | | | | | | | | |
Iron & Steel — 0.5% | | | | | | | | |
Nucor Corp. | | | 1,428 | | | $ | 212,272 | |
Communications — 14.9% | | | | | | | | |
Advertising — 0.1% | | | | | | | | |
The Interpublic Group of Cos., Inc. | | | 1,417 | | | | 50,233 | |
Internet — 14.2% | | | | | | | | |
Alphabet, Inc. Class A (a) | | | 1,214 | | | | 3,376,559 | |
Alphabet, Inc. Class C (a) | | | 1,139 | | | | 3,181,215 | |
| | | | | | | 6,557,774 | |
Media — 0.1% | | | | | | | | |
FactSet Research Systems, Inc. | | | 145 | | | | 62,952 | |
Telecommunications — 0.5% | | | | | | | | |
Juniper Networks, Inc. | | | 1,241 | | | | 46,115 | |
Motorola Solutions, Inc. | | | 659 | | | | 159,610 | |
| | | | | | | 205,725 | |
| | | | | | | 6,876,684 | |
Consumer, Cyclical — 5.1% | | | | | | | | |
Auto Manufacturers — 0.7% | | | | | | | | |
Ford Motor Co. | | | 17,399 | | | | 294,217 | |
Distribution & Wholesale — 0.1% | | | | | | | | |
LKQ Corp. | | | 1,259 | | | | 57,171 | |
Retail — 4.3% | | | | | | | | |
Advance Auto Parts, Inc. | | | 300 | | | | 62,088 | |
AutoZone, Inc. (a) | | | 143 | | | | 292,375 | |
Bath & Body Works, Inc. | | | 923 | | | | 44,119 | |
Costco Wholesale Corp. | | | 1,989 | | | | 1,145,366 | |
Genuine Parts Co. | | | 596 | | | | 75,108 | |
O'Reilly Automotive, Inc. (a) | | | 367 | | | | 251,380 | |
Tractor Supply Co. | | | 493 | | | | 115,052 | |
| | | | | | | 1,985,488 | |
| | | | | | | 2,336,876 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Consumer, Non-cyclical — 24.4% | | | | | | | | |
Agriculture — 1.9% | | | | | | | | |
Archer-Daniels-Midland Co. | | | 2,964 | | | $ | 267,531 | |
Philip Morris International, Inc. | | | 6,462 | | | | 607,040 | |
| | | | | | | 874,571 | |
Beverages — 4.6% | | | | | | | | |
The Coca-Cola Co. | | | 17,515 | | | | 1,085,930 | |
PepsiCo, Inc. | | | 6,135 | | | | 1,026,876 | |
| | | | | | | 2,112,806 | |
Commercial Services — 0.5% | | | | | | | | |
Gartner, Inc. (a) | | | 482 | | | | 143,376 | |
Robert Half International, Inc. | | | 677 | | | | 77,300 | |
| | | | | | | 220,676 | |
Cosmetics & Personal Care — 3.2% | | | | | | | | |
The Procter & Gamble Co. | | | 9,588 | | | | 1,465,046 | |
Food — 0.6% | | | | | | | | |
The Hershey Co. | | | 774 | | | | 167,672 | |
Tyson Foods, Inc. Class A | | | 1,292 | | | | 115,802 | |
| | | | | | | 283,474 | |
Health Care – Services — 6.7% | | | | | | | | |
Anthem, Inc. | | | 1,036 | | | | 508,904 | |
HCA Healthcare, Inc. | | | 858 | | | | 215,032 | |
IQVIA Holdings, Inc. (a) | | | 660 | | | | 152,598 | |
UnitedHealth Group, Inc. | | | 4,370 | | | | 2,228,569 | |
| | | | | | | 3,105,103 | |
Pharmaceuticals — 6.9% | | | | | | | | |
AbbVie, Inc. | | | 7,428 | | | | 1,204,153 | |
CVS Health Corp. | | | 6,576 | | | | 665,557 | |
McKesson Corp. | | | 678 | | | | 207,556 | |
Pfizer, Inc. | | | 21,543 | | | | 1,115,281 | |
| | | | | | | 3,192,547 | |
| | | | | | | 11,254,223 | |
Energy — 14.6% | | | | | | | | |
Oil & Gas — 13.4% | | | | | | | | |
APA Corp. | | | 1,757 | | | | 72,617 | |
Chevron Corp. | | | 10,230 | | | | 1,665,751 | |
ConocoPhillips | | | 9,795 | | | | 979,500 | |
Devon Energy Corp. | | | 4,801 | | | | 283,883 | |
Diamondback Energy, Inc. | | | 849 | | | | 116,381 | |
EOG Resources, Inc. | | | 3,673 | | | | 437,932 | |
Exxon Mobil Corp. | | | 23,955 | | | | 1,978,443 | |
Marathon Oil Corp. | | | 5,080 | | | | 127,559 | |
Marathon Petroleum Corp. | | | 2,772 | | | | 237,006 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Pioneer Natural Resources Co. | | | 1,133 | | | $ | 283,284 | |
| | | | | | | 6,182,356 | |
Oil & Gas Services — 0.5% | | | | | | | | |
Schlumberger NV | | | 5,492 | | | | 226,874 | |
Pipelines — 0.7% | | | | | | | | |
ONEOK, Inc. | | | 1,925 | | | | 135,963 | |
The Williams Cos., Inc. | | | 5,519 | | | | 184,390 | |
| | | | | | | 320,353 | |
| | | | | | | 6,729,583 | |
Financial — 25.8% | | | | | | | | |
Banks — 7.8% | | | | | | | | |
Bank of America Corp. | | | 33,572 | | | | 1,383,838 | |
The Bank of New York Mellon Corp. | | | 3,163 | | | | 156,980 | |
Comerica, Inc. | | | 548 | | | | 49,556 | |
Fifth Third Bancorp | | | 2,704 | | | | 116,380 | |
Morgan Stanley | | | 6,146 | | | | 537,160 | |
The PNC Financial Services Group, Inc. | | | 1,525 | | | | 281,286 | |
Signature Bank | | | 273 | | | | 80,123 | |
Wells Fargo & Co. | | | 20,120 | | | | 975,015 | |
| | | | | | | 3,580,338 | |
Diversified Financial Services — 2.9% | | | | | | | | |
American Express Co. | | | 2,439 | | | | 456,093 | |
Ameriprise Financial, Inc. | | | 497 | | | | 149,279 | |
The Charles Schwab Corp. | | | 7,550 | | | | 636,540 | |
Raymond James Financial, Inc. | | | 923 | | | | 101,447 | |
| | | | | | | 1,343,359 | |
Insurance — 9.6% | | | | | | | | |
Aflac, Inc. | | | 2,594 | | | | 167,028 | |
American International Group, Inc. | | | 3,381 | | | | 212,225 | |
Arthur J Gallagher & Co. | | | 847 | | | | 147,886 | |
Berkshire Hathaway, Inc. Class B (a) | | | 8,752 | | | | 3,088,668 | |
Brown & Brown, Inc. | | | 1,287 | | | | 93,011 | |
Marsh & McLennan Cos., Inc. | | | 2,443 | | | | 416,336 | |
Principal Financial Group, Inc. | | | 965 | | | | 70,841 | |
Prudential Financial, Inc. | | | 1,503 | | | | 177,610 | |
W.R. Berkley Corp. | | | 794 | | | | 52,839 | |
| | | | | | | 4,426,444 | |
Real Estate — 0.3% | | | | | | | | |
CBRE Group, Inc. Class A (a) | | | 1,632 | | | | 149,361 | |
Real Estate Investment Trusts (REITS) — 5.2% | | | | | | | | |
AvalonBay Communities, Inc. | | | 826 | | | | 205,154 | |
Duke Realty Corp. | | | 2,118 | | | | 122,971 | |
Equity Residential | | | 1,736 | | | | 156,101 | |
Essex Property Trust, Inc. | | | 259 | | | | 89,479 | |
Extra Space Storage, Inc. | | | 1,005 | | | | 206,628 | |
Federal Realty Investment Trust | | | 282 | | | | 34,424 | |
Mid-America Apartment Communities, Inc. | | | 711 | | | | 148,919 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Prologis, Inc. | | | 4,345 | | | $ | 701,631 | |
Public Storage | | | 1,037 | | | | 404,720 | |
Regency Centers Corp. | | | 762 | | | | 54,361 | |
Simon Property Group, Inc. | | | 1,439 | | | | 189,315 | |
UDR, Inc. | | | 1,575 | | | | 90,358 | |
| | | | | | | 2,404,061 | |
| | | | | | | 11,903,563 | |
Industrial — 3.3% | | | | | | | | |
Aerospace & Defense — 0.7% | | | | | | | | |
General Dynamics Corp. | | | 1,315 | | | | 317,152 | |
Building Materials — 0.5% | | | | | | | | |
Johnson Controls International PLC | | | 3,227 | | | | 211,594 | |
Environmental Controls — 0.9% | | | | | | | | |
Republic Services, Inc. | | | 1,058 | | | | 140,185 | |
Waste Management, Inc. | | | 1,782 | | | | 282,447 | |
| | | | | | | 422,632 | |
Machinery – Diversified — 0.2% | | | | | | | | |
Dover Corp. | | | 694 | | | | 108,889 | |
Miscellaneous - Manufacturing — 0.6% | | | | | | | | |
Eaton Corp. PLC | | | 1,436 | | | | 217,927 | |
Textron, Inc. | | | 784 | | | | 58,314 | |
| | | | | | | 276,241 | |
Packaging & Containers — 0.1% | | | | | | | | |
Sealed Air Corp. | | | 790 | | | | 52,898 | |
Transportation — 0.3% | | | | | | | | |
Old Dominion Freight Line, Inc. | | | 434 | | | | 129,627 | |
| | | | | | | 1,519,033 | |
Technology — 10.2% | | | | | | | | |
Computers — 3.1% | | | | | | | | |
Accenture PLC Class A | | | 2,900 | | | | 977,967 | |
Fortinet, Inc. (a) | | | 763 | | | | 260,748 | |
HP, Inc. | | | 3,765 | | | | 136,669 | |
Seagate Technology Holdings PLC | | | 712 | | | | 64,009 | |
| | | | | | | 1,439,393 | |
Semiconductors — 5.7% | | | | | | | | |
NVIDIA Corp. | | | 9,618 | | | | 2,624,368 | |
Software — 1.4% | | | | | | | | |
Intuit, Inc. | | | 1,018 | | | | 489,495 | |
Paychex, Inc. | | | 1,217 | | | | 166,084 | |
| | | | | | | 655,579 | |
| | | | | | | 4,719,340 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Utilities — 1.1% | | | | | | | | |
Electric — 1.0% | | | | | | | | |
CenterPoint Energy, Inc. | | | 2,389 | | | $ | 73,199 | |
Exelon Corp. | | | 5,069 | | | | 241,437 | |
FirstEnergy Corp. | | | 2,648 | | | | 121,437 | |
| | | | | | | 436,073 | |
Gas — 0.1% | | | | | | | | |
NiSource, Inc. | | | 1,700 | | | | 54,060 | |
| | | | | | | 490,133 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $44,511,773) | | | | | | | 46,041,707 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $44,511,773) | | | | | | | 46,041,707 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $44,511,773) | | | | | | | 46,041,707 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9% (Cost $44,511,773) (b) | | | | | | | 46,041,707 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.1% | | | | | | | 64,804 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 46,106,511 | |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Rotation Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 100.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 100.0% | | | | | | | | |
Basic Materials — 1.3% | | | | | | | | |
Chemicals — 0.9% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 602 | | | $ | 150,446 | |
Ecolab, Inc. | | | 699 | | | | 123,415 | |
The Sherwin-Williams Co. | | | 755 | | | | 188,463 | |
| | | | | | | 462,324 | |
Mining — 0.4% | | | | | | | | |
Newmont Corp. | | | 2,190 | | | | 173,996 | |
| | | | | | | 636,320 | |
Communications — 16.8% | | | | | | | | |
Internet — 12.7% | | | | | | | | |
Alphabet, Inc. Class A (a) | | | 478 | | | | 1,329,485 | |
Alphabet, Inc. Class C (a) | | | 454 | | | | 1,268,018 | |
Amazon.com, Inc. (a) | | | 697 | | | | 2,272,185 | |
eBay, Inc. | | | 2,117 | | | | 121,219 | |
F5, Inc. (a) | | | 87 | | | | 18,179 | |
Meta Platforms, Inc. Class A (a) | | | 5,309 | | | | 1,180,509 | |
VeriSign, Inc. (a) | | | 284 | | | | 63,179 | |
| | | | | | | 6,252,774 | |
Media — 0.2% | | | | | | | | |
FactSet Research Systems, Inc. | | | 216 | | | | 93,776 | |
The New York Times Co. Class A | | | 384 | | | | 17,603 | |
Sirius XM Holdings, Inc. (b) | | | 2,141 | | | | 14,173 | |
| | | | | | | 125,552 | |
Telecommunications — 3.9% | | | | | | | | |
Cisco Systems, Inc. | | | 22,576 | | | | 1,258,838 | |
Motorola Solutions, Inc. | | | 359 | | | | 86,950 | |
Verizon Communications, Inc. | | | 10,915 | | | | 556,010 | |
| | | | | | | 1,901,798 | |
| | | | | | | 8,280,124 | |
Consumer, Cyclical — 9.8% | | | | | | | | |
Apparel — 0.0% | | | | | | | | |
Columbia Sportswear Co. | | | 125 | | | | 11,316 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
Gentex Corp. | | | 1,128 | | | | 32,904 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Distribution & Wholesale — 0.8% | | | | | | | | |
Copart, Inc. (a) | | | 758 | | | $ | 95,106 | |
Fastenal Co. | | | 2,720 | | | | 161,568 | |
Pool Corp. | | | 203 | | | | 85,839 | |
Watsco, Inc. | | | 174 | | | | 53,007 | |
| | | | | | | 395,520 | |
Home Furnishing — 0.0% | | | | | | | | |
Dolby Laboratories, Inc. Class A | | | 172 | | | | 13,454 | |
Housewares — 0.1% | | | | | | | | |
The Scotts Miracle-Gro Co. | | | 121 | | | | 14,878 | |
Retail — 8.8% | | | | | | | | |
Advance Auto Parts, Inc. | | | 167 | | | | 34,562 | |
Costco Wholesale Corp. | | | 1,558 | | | | 897,174 | |
Dollar General Corp. | | | 1,328 | | | | 295,653 | |
Dollar Tree, Inc. (a) | | | 671 | | | | 107,461 | |
Domino's Pizza, Inc. | | | 108 | | | | 43,957 | |
Genuine Parts Co. | | | 440 | | | | 55,449 | |
The Home Depot, Inc. | | | 2,886 | | | | 863,866 | |
Lowe's Cos., Inc. | | | 1,842 | | | | 372,434 | |
O'Reilly Automotive, Inc. (a) | | | 305 | | | | 208,913 | |
Target Corp. | | | 1,462 | | | | 310,266 | |
Tractor Supply Co. | | | 474 | | | | 110,617 | |
Walmart, Inc. | | | 7,019 | | | | 1,045,269 | |
| | | | | | | 4,345,621 | |
| | | | | | | 4,813,693 | |
Consumer, Non-cyclical — 29.7% | | | | | | | | |
Agriculture — 1.7% | | | | | | | | |
Altria Group, Inc. | | | 6,804 | | | | 355,509 | |
Philip Morris International, Inc. | | | 5,066 | | | | 475,900 | |
| | | | | | | 831,409 | |
Beverages — 0.3% | | | | | | | | |
Brown-Forman Corp. Class B | | | 478 | | | | 32,035 | |
Monster Beverage Corp. (a) | | | 1,814 | | | | 144,939 | |
| | | | | | | 176,974 | |
Biotechnology — 1.7% | | | | | | | | |
Amgen, Inc. | | | 1,642 | | | | 397,068 | |
Bio-Rad Laboratories, Inc. Class A (a) | | | 68 | | | | 38,300 | |
Regeneron Pharmaceuticals, Inc. (a) | | | 263 | | | | 183,685 | |
United Therapeutics Corp. (a) | | | 103 | | | | 18,479 | |
Vertex Pharmaceuticals, Inc. (a) | | | 747 | | | | 194,945 | |
| | | | | | | 832,477 | |
Commercial Services — 3.0% | | | | | | | | |
Automatic Data Processing, Inc. | | | 2,098 | | | | 477,379 | |
FTI Consulting, Inc. (a) | | | 128 | | | | 20,124 | |
Grand Canyon Education, Inc. (a) | | | 133 | | | | 12,916 | |
MarketAxess Holdings, Inc. | | | 146 | | | | 49,669 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Moody's Corp. | | | 785 | | | $ | 264,867 | |
Morningstar, Inc. | | | 103 | | | | 28,136 | |
Rollins, Inc. | | | 1,197 | | | | 41,955 | |
S&P Global, Inc. | | | 1,269 | | | | 520,518 | |
Verisk Analytics, Inc. | | | 344 | | | | 73,833 | |
| | | | | | | 1,489,397 | |
Cosmetics & Personal Care — 4.6% | | | | | | | | |
Colgate-Palmolive Co. | | | 3,971 | | | | 301,121 | |
The Procter & Gamble Co. | | | 12,763 | | | | 1,950,187 | |
| | | | | | | 2,251,308 | |
Food — 0.6% | | | | | | | | |
Flowers Foods, Inc. | | | 588 | | | | 15,118 | |
General Mills, Inc. | | | 1,394 | | | | 94,402 | |
The Hershey Co. | | | 453 | | | | 98,133 | |
Hormel Foods Corp. | | | 1,221 | | | | 62,930 | |
The J.M. Smucker Co. | | | 261 | | | | 35,342 | |
| | | | | | | 305,925 | |
Health Care – Products — 5.2% | | | | | | | | |
Abbott Laboratories | | | 5,401 | | | | 639,262 | |
Bio-Techne Corp. | | | 90 | | | | 38,973 | |
Edwards Lifesciences Corp. (a) | | | 1,879 | | | | 221,196 | |
Globus Medical, Inc. Class A (a) | | | 215 | | | | 15,863 | |
Henry Schein, Inc. (a) | | | 435 | | | | 37,928 | |
IDEXX Laboratories, Inc. (a) | | | 301 | | | | 164,665 | |
Intuitive Surgical, Inc. (a) | | | 1,077 | | | | 324,909 | |
Masimo Corp. (a) | | | 198 | | | | 28,817 | |
ResMed, Inc. | | | 510 | | | | 123,680 | |
Thermo Fisher Scientific, Inc. | | | 1,301 | | | | 768,436 | |
Waters Corp. (a) | | | 151 | | | | 46,869 | |
West Pharmaceutical Services, Inc. | | | 348 | | | | 142,927 | |
| | | | | | | 2,553,525 | |
Health Care – Services — 3.6% | | | | | | | | |
Anthem, Inc. | | | 688 | | | | 337,960 | |
Chemed Corp. | | | 86 | | | | 43,563 | |
Humana, Inc. | | | 402 | | | | 174,938 | |
Quest Diagnostics, Inc. | | | 386 | | | | 52,828 | |
UnitedHealth Group, Inc. | | | 2,260 | | | | 1,152,532 | |
| | | | | | | 1,761,821 | |
Household Products & Wares — 0.6% | | | | | | | | |
Church & Dwight Co., Inc. | | | 839 | | | | 83,380 | |
The Clorox Co. | | | 532 | | | | 73,964 | |
Kimberly-Clark Corp. | | | 977 | | | | 120,327 | |
| | | | | | | 277,671 | |
Pharmaceuticals — 8.4% | | | | | | | | |
Bristol-Myers Squibb Co. | | | 4,716 | | | | 344,409 | |
Eli Lilly & Co. | | | 2,198 | | | | 629,441 | |
Johnson & Johnson | | | 10,551 | | | | 1,869,954 | |
Merck & Co., Inc. | | | 5,471 | | | | 448,896 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Pfizer, Inc. | | | 11,800 | | | $ | 610,886 | |
Premier, Inc. Class A | | | 494 | | | | 17,581 | |
Zoetis, Inc. | | | 1,252 | | | | 236,115 | |
| | | | | | | 4,157,282 | |
| | | | | | | 14,637,789 | |
Financial — 14.2% | | | | | | | | |
Diversified Financial Services — 5.8% | | | | | | | | |
Cboe Global Markets, Inc. | | | 423 | | | | 48,400 | |
Lazard Ltd. Class A | | | 255 | | | | 8,797 | |
Mastercard, Inc. Class A | | | 3,136 | | | | 1,120,744 | |
Nasdaq, Inc. | | | 409 | | | | 72,884 | |
SEI Investments Co. | | | 551 | | | | 33,176 | |
T. Rowe Price Group, Inc. | | | 1,117 | | | | 168,879 | |
Visa, Inc. Class A | | | 6,342 | | | | 1,406,465 | |
| | | | | | | 2,859,345 | |
Insurance — 6.9% | | | | | | | | |
The Allstate Corp. | | | 749 | | | | 103,744 | |
Aon PLC Class A | | | 855 | | | | 278,414 | |
Arthur J Gallagher & Co. | | | 472 | | | | 82,411 | |
Berkshire Hathaway, Inc. Class B (a) | | | 5,997 | | | | 2,116,401 | |
Brown & Brown, Inc. | | | 856 | | | | 61,863 | |
Erie Indemnity Co. Class A | | | 127 | | | | 22,369 | |
Marsh & McLennan Cos., Inc. | | | 2,114 | | | | 360,268 | |
The Progressive Corp. | | | 3,378 | | | | 385,058 | |
White Mountains Insurance Group Ltd. | | | 18 | | | | 20,452 | |
| | | | | | | 3,430,980 | |
Real Estate Investment Trusts (REITS) — 1.5% | | | | | | | | |
AvalonBay Communities, Inc. | | | 321 | | | | 79,727 | |
Equity LifeStyle Properties, Inc. | | | 489 | | | | 37,399 | |
Equity Residential | | | 866 | | | | 77,871 | |
Essex Property Trust, Inc. | | | 139 | | | | 48,022 | |
Extra Space Storage, Inc. | | | 404 | | | | 83,062 | |
First Industrial Realty Trust, Inc. | | | 369 | | | | 22,845 | |
Highwoods Properties, Inc. | | | 263 | | | | 12,029 | |
Public Storage | | | 937 | | | | 365,692 | |
| | | | | | | 726,647 | |
| | | | | | | 7,016,972 | |
Industrial — 5.4% | | | | | | | | |
Aerospace & Defense — 1.3% | | | | | | | | |
L3 Harris Technologies, Inc. | | | 472 | | | | 117,278 | |
Lockheed Martin Corp. | | | 1,207 | | | | 532,770 | |
| | | | | | | 650,048 | |
Building Materials — 0.1% | | | | | | | | |
Lennox International, Inc. | | | 116 | | | | 29,912 | |
Masco Corp. | | | 739 | | | | 37,689 | |
| | | | | | | 67,601 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Electrical Components & Equipment — 0.1% | | | | | | | | |
AMETEK, Inc. | | | 541 | | | $ | 72,050 | |
Electronics — 0.8% | | | | | | | | |
Agilent Technologies, Inc. | | | 702 | | | | 92,896 | |
Garmin Ltd. | | | 760 | | | | 90,144 | |
Keysight Technologies, Inc. (a) | | | 414 | | | | 65,399 | |
Mettler-Toledo International, Inc. (a) | | | 97 | | | | 133,199 | |
| | | | | | | 381,638 | |
Environmental Controls — 0.2% | | | | | | | | |
Pentair PLC | | | 377 | | | | 20,437 | |
Republic Services, Inc. | | | 547 | | | | 72,478 | |
| | | | | | | 92,915 | |
Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-on, Inc. | | | 160 | | | | 32,877 | |
Machinery – Diversified — 0.5% | | | | | | | | |
Cognex Corp. | | | 377 | | | | 29,086 | |
Graco, Inc. | | | 773 | | | | 53,894 | |
IDEX Corp. | | | 192 | | | | 36,812 | |
Otis Worldwide Corp. | | | 1,131 | | | | 87,030 | |
The Toro Co. | | | 358 | | | | 30,605 | |
| | | | | | | 237,427 | |
Miscellaneous - Manufacturing — 0.8% | | | | | | | | |
3M Co. | | | 1,545 | | | | 230,019 | |
A.O. Smith Corp. | | | 547 | | | | 34,948 | |
Illinois Tool Works, Inc. | | | 679 | | | | 142,183 | |
| | | | | | | 407,150 | |
Packaging & Containers — 0.1% | | | | | | | | |
Ardagh Group SA (a) (b) (c) (d) | | | 463 | | | | 9,829 | |
Sonoco Products Co. | | | 223 | | | | 13,951 | |
| | | | | | | 23,780 | |
Shipbuilding — 0.0% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 95 | | | | 18,947 | |
Transportation — 1.4% | | | | | | | | |
Expeditors International of Washington, Inc. | | | 810 | | | | 83,560 | |
J.B. Hunt Transport Services, Inc. | | | 322 | | | | 64,654 | |
Knight-Swift Transportation Holdings, Inc. | | | 428 | | | | 21,597 | |
Landstar System, Inc. | | | 107 | | | | 16,139 | |
Old Dominion Freight Line, Inc. | | | 337 | | | | 100,655 | |
United Parcel Service, Inc. Class B | | | 1,925 | | | | 412,835 | |
| | | | | | | 699,440 | |
| | | | | | | 2,683,873 | |
Technology — 22.8% | | | | | | | | |
Computers — 8.6% | | | | | | | | |
Accenture PLC Class A | | | 2,552 | | | | 860,611 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Amdocs Ltd. | | | 382 | | | $ | 31,404 | |
Apple, Inc. | | | 17,989 | | | | 3,141,059 | |
Cognizant Technology Solutions Corp. Class A | | | 1,252 | | | | 112,267 | |
EPAM Systems, Inc. (a) | | | 120 | | | | 35,593 | |
Fortinet, Inc. (a) | | | 193 | | | | 65,956 | |
| | | | | | | 4,246,890 | |
Semiconductors — 2.1% | | | | | | | | |
Intel Corp. | | | 8,303 | | | | 411,497 | |
Monolithic Power Systems, Inc. | | | 84 | | | | 40,797 | |
Texas Instruments, Inc. | | | 3,237 | | | | 593,925 | |
| | | | | | | 1,046,219 | |
Software — 12.1% | | | | | | | | |
Activision Blizzard, Inc. | | | 2,311 | | | | 185,134 | |
Adobe, Inc. (a) | | | 1,551 | | | | 706,666 | |
Aspen Technology, Inc. (a) | | | 117 | | | | 19,348 | |
Broadridge Financial Solutions, Inc. | | | 662 | | | | 103,080 | |
Cadence Design Systems, Inc. (a) | | | 671 | | | | 110,353 | |
Cerner Corp. | | | 1,422 | | | | 133,042 | |
Citrix Systems, Inc. | | | 338 | | | | 34,104 | |
Electronic Arts, Inc. | | | 1,008 | | | | 127,522 | |
Intuit, Inc. | | | 724 | | | | 348,128 | |
Jack Henry & Associates, Inc. | | | 412 | | | | 81,185 | |
Microsoft Corp. | | | 9,014 | | | | 2,779,106 | |
MSCI, Inc. | | | 373 | | | | 187,574 | |
Oracle Corp. | | | 3,547 | | | | 293,443 | |
Paychex, Inc. | | | 1,844 | | | | 251,651 | |
salesforce.com, Inc. (a) | | | 1,387 | | | | 294,488 | |
Synopsys, Inc. (a) | | | 380 | | | | 126,643 | |
Take-Two Interactive Software, Inc. (a) (b) | | | 256 | | | | 39,358 | |
Tyler Technologies, Inc. (a) | | | 107 | | | | 47,603 | |
Veeva Systems, Inc. Class A (a) | | | 295 | | | | 62,676 | |
VMware, Inc. Class A | | | 117 | | | | 13,324 | |
| | | | | | | 5,944,428 | |
| | | | | | | 11,237,537 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $49,425,275) | | | | | | | 49,306,308 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $49,425,275) | | | | | | | 49,306,308 | |
| | | | | | | | |
| | | | | | | | |
MUTUAL FUNDS — 0.1% | | | | | | | | |
Diversified Financial Services — 0.1% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (e) | | | 26,398 | | | | 26,398 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $26,398) | | | | | | | 26,398 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $49,451,673) | | | | | | | 49,332,706 | |
| | | | | | | | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
TOTAL INVESTMENTS — 100.1% (Cost $49,451,673) (f) | | | | | | $ | 49,332,706 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.1)% | | | | | | | (32,801) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 49,299,905 | |
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, 2022, was $64,846 or 0.13% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $40,282 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) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $9,829 or 0.02% of net assets. |
(d) | Investment was valued using significant unobservable inputs. |
(e) | Represents investment of security lending cash collateral. (Note 2). |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
MML High Yield Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 0.7% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 0.7% | | | | | | | | |
Energy — 0.7% | | | | | | | | |
Oil & Gas — 0.7% | | | | | | | | |
Fieldwood Energy LLC (a) (b) | | | 3,193 | | | $ | — | |
Fieldwood Energy LLC (a) (b) | | | 13,011 | | | | — | |
Tourmaline Oil Corp. | | | 11,112 | | | | 511,979 | |
| | | | | | | 511,979 | |
| | | | | | | 511,979 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $550,886) | | | | | | | 511,979 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $550,886) | | | | | | | 511,979 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
BONDS & NOTES — 91.0% | | | | | | | | |
BANK LOANS — 2.9% | | | | | | | | |
Food — 0.2% | | | | | | | | |
Florida Food Products, LLC, 2021 EUR Term Loan B, 1 mo. USD LIBOR + 5.000% | | | | | | | | |
5.750% VRN 10/18/28 | | $ | 167,281 | | | | 164,771 | |
Media — 0.5% | | | | | | | | |
MSG National Properties, LLC, EUR Term Loan B, 3 mo. USD LIBOR + 6.250% | | | | | | | | |
7.000% VRN 11/12/25 | | | 351,379 | | | | 349,622 | |
Packaging & Containers — 0.1% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc., Term Loan B | | | | | | | | |
0.000% VRN 3/30/29 (c) | | | 95,966 | | | | 94,366 | |
Software — 2.1% | | | | | | | | |
Finastra USA, Inc., 2021 EUR Term Loan B, 3 mo. USD LIBOR + 7.250% | | | | | | | | |
8.250% VRN 6/13/25 | | | 1,169,026 | | | | 1,148,019 | |
Quest Software US Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. SOFR + 7.500% | | | | | | | | |
8.150% VRN 2/01/30 | | | 342,316 | | | | 331,406 | |
| | | | | | | 1,479,425 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $2,097,935) | | | | | | | 2,088,184 | |
| | | | | | | | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CORPORATE DEBT — 88.1% | | | | | | | | |
Advertising — 1.3% | | | | | | | | |
Stagwell Global LLC | | | | | | | | |
5.625% 8/15/29 (d) | | $ | 220,000 | | | $ | 208,501 | |
Terrier Media Buyer, Inc. | | | | | | | | |
8.875% 12/15/27 (d) | | | 712,000 | | | | 730,056 | |
| | | | | | | 938,557 | |
Aerospace & Defense — 1.8% | | | | | | | | |
Triumph Group, Inc. | | | | | | | | |
6.250% 9/15/24 (d) | | | 306,000 | | | | 304,393 | |
7.750% 8/15/25 (e) | | | 984,000 | | | | 991,262 | |
| | | | | | | 1,295,655 | |
Airlines — 2.4% | | | | | | | | |
American Airlines, Inc. | | | | | | | | |
11.750% 7/15/25 (d) | | | 379,000 | | | | 442,392 | |
American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | | | | | | | | |
5.500% 4/20/26 (d) | | | 535,000 | | | | 539,066 | |
5.750% 4/20/29 (d) | | | 229,000 | | | | 228,141 | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | |
6.500% 6/20/27 (d) | | | 265,000 | | | | 276,262 | |
United Airlines, Inc. | | | | | | | | |
4.375% 4/15/26 (d) | | | 122,000 | | | | 120,094 | |
4.625% 4/15/29 (d) | | | 121,000 | | | | 115,065 | |
| | | | | | | 1,721,020 | |
Auto Manufacturers — 0.9% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
7.450% 7/16/31 | | | 153,000 | | | | 180,852 | |
JB Poindexter & Co., Inc. | | | | | | | | |
7.125% 4/15/26 (d) | | | 435,000 | | | | 442,513 | |
| | | | | | | 623,365 | |
Auto Parts & Equipment — 1.0% | | | | | | | | |
Adient Global Holdings Ltd. | | | | | | | | |
4.875% 8/15/26 (d) | | | 277,000 | | | | 264,189 | |
Clarios Global LP/Clarios US Finance Co. | | | | | | | | |
8.500% 5/15/27 (d) | | | 467,000 | | | | 484,512 | |
| | | | | | | 748,701 | |
Beverages — 0.0% | | | | | | | | |
Triton Water Holdings, Inc. | | | | | | | | |
6.250% 4/01/29 (d) | | | 21,000 | | | | 17,955 | |
Biotechnology — 0.4% | | | | | | | | |
Emergent BioSolutions, Inc. | | | | | | | | |
3.875% 8/15/28 (d) | | | 347,000 | | | | 311,290 | |
Building Materials — 1.2% | | | | | | | | |
Jeld-Wen, Inc. | | | | | | | | |
4.875% 12/15/27 (d) | | | 68,000 | | | | 65,110 | |
New Enterprise Stone & Lime Co., Inc. | | | | | | | | |
5.250% 7/15/28 (d) | | | 222,000 | | | | 213,426 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
9.750% 7/15/28 (d) | | $ | 602,000 | | | $ | 607,268 | |
| | | | | | | 885,804 | |
Chemicals — 2.7% | | | | | | | | |
ASP Unifrax Holdings, Inc. | | | | | | | | |
7.500% 9/30/29 (d) | | | 96,000 | | | | 85,369 | |
Consolidated Energy Finance SA | | | | | | | | |
5.625% 10/15/28 (d) | | | 595,000 | | | | 550,375 | |
6.500% 5/15/26 (d) | | | 174,000 | | | | 177,597 | |
LSF11 A5 HoldCo LLC | | | | | | | | |
6.625% 10/15/29 (d) | | | 217,000 | | | | 201,886 | |
Olympus Water US Holding Corp. | | | | | | | | |
4.250% 10/01/28 (d) | | | 326,000 | | | | 296,279 | |
6.250% 10/01/29 (d) (e) | | | 459,000 | | | | 406,215 | |
PMHC II, Inc. | | | | | | | | |
9.000% 2/15/30 (d) | | | 295,000 | | | | 259,576 | |
| | | | | | | 1,977,297 | |
Coal — 1.5% | | | | | | | | |
Coronado Finance Pty Ltd. | | | | | | | | |
10.750% 5/15/26 (d) | | | 247,000 | | | | 264,599 | |
PIC AU Holdings LLC / PIC AU Holdings Corp. | | | | | | | | |
10.000% 12/31/24 (d) | | | 656,000 | | | | 673,220 | |
Warrior Met Coal, Inc. | | | | | | | | |
7.875% 12/01/28 (d) | | | 135,000 | | | | 141,919 | |
| | | | | | | 1,079,738 | |
Commercial Services — 2.2% | | | | | | | | |
Alta Equipment Group, Inc. | | | | | | | | |
5.625% 4/15/26 (d) | | | 298,000 | | | | 283,234 | |
APi Escrow Corp. | | | | | | | | |
4.750% 10/15/29 (d) | | | 179,000 | | | | 166,246 | |
The Hertz Corp. | | | | | | | | |
5.000% 12/01/29 (d) | | | 315,000 | | | | 285,693 | |
PECF USS Intermediate Holding III Corp. | | | | | | | | |
8.000% 11/15/29 (d) | | | 52,000 | | | | 50,180 | |
Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | |
6.250% 1/15/28 (d) | | | 418,000 | | | | 409,389 | |
PROG Holdings, Inc. | | | | | | | | |
6.000% 11/15/29 (d) (e) | | | 304,000 | | | | 281,960 | |
WASH Multifamily Acquisition, Inc. | | | | | | | | |
5.750% 4/15/26 (d) | | | 124,000 | | | | 124,310 | |
| | | | | | | 1,601,012 | |
Computers — 1.6% | | | | | | | | |
CA Magnum Holdings | | | | | | | | |
5.375% 10/31/26 (d) | | | 272,000 | | | | 267,920 | |
Condor Merger Sub, Inc. | | | | | | | | |
7.375% 2/15/30 (d) | | | 437,000 | | | | 418,427 | |
Presidio Holdings, Inc. | | | | | | | | |
8.250% 2/01/28 (d) | | | 462,000 | | | | 471,240 | |
| | | | | | | 1,157,587 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Cosmetics & Personal Care — 0.6% | | | | | | | | |
Coty, Inc. /HFC Prestige Products, Inc. /HFC Prestige International US LLC | | | | | | | | |
4.750% 1/15/29 (d) | | $ | 446,000 | | | $ | 415,895 | |
Distribution & Wholesale — 0.4% | | | | | | | | |
Resideo Funding, Inc. | | | | | | | | |
4.000% 9/01/29 (d) | | | 308,000 | | | | 280,295 | |
Diversified Financial Services — 5.1% | | | | | | | | |
Coinbase Global, Inc. | | | | | | | | |
3.375% 10/01/28 (d) (e) | | | 168,000 | | | | 149,688 | |
3.625% 10/01/31 (d) | | | 136,000 | | | | 115,940 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (d) | | | 1,445,880 | | | | 1,314,984 | |
Jefferson Capital Holdings LLC | | | | | | | | |
6.000% 8/15/26 (d) | | | 380,000 | | | | 361,950 | |
Midcap Financial Issuer Trust | | | | | | | | |
5.625% 1/15/30 (d) | | | 339,000 | | | | 299,564 | |
6.500% 5/01/28 (d) | | | 270,000 | | | | 253,940 | |
NFP Corp. | | | | | | | | |
6.875% 8/15/28 (d) | | | 200,000 | | | | 190,500 | |
OneMain Finance Corp. | | | | | | | | |
4.000% 9/15/30 (e) | | | 169,000 | | | | 149,143 | |
5.375% 11/15/29 | | | 552,000 | | | | 536,307 | |
PRA Group, Inc. | | | | | | | | |
5.000% 10/01/29 (d) | | | 385,000 | | | | 364,872 | |
| | | | | | | 3,736,888 | |
Electric — 1.5% | | | | | | | | |
PG&E Corp. | | | | | | | | |
5.000% 7/01/28 | | | 567,000 | | | | 548,062 | |
Pike Corp. | | | | | | | | |
5.500% 9/01/28 (d) | | | 593,000 | | | | 558,903 | |
| | | | | | | 1,106,965 | |
Electrical Components & Equipment — 0.3% | | | | | | | | |
Energizer Holdings, Inc. | | | | | | | | |
6.500% 12/31/27 (d) | | | 215,000 | | | | 212,850 | |
Electronics — 0.4% | | | | | | | | |
Atkore, Inc. | | | | | | | | |
4.250% 6/01/31 (d) | | | 347,000 | | | | 322,710 | |
Engineering & Construction — 0.4% | | | | | | | | |
Arcosa, Inc. Co. | | | | | | | | |
4.375% 4/15/29 (d) | | | 184,000 | | | | 174,570 | |
Railworks Holdings LP / Railworks Rally, Inc. | | | | | | | | |
8.250% 11/15/28 (d) | | | 117,000 | | | | 120,137 | |
| | | | | | | 294,707 | |
Entertainment — 1.1% | | | | | | | | |
CCM Merger, Inc. | | | | | | | | |
6.375% 5/01/26 (d) | | | 193,000 | | | | 194,930 | |
Live Nation Entertainment, Inc. | | | | | | | | |
4.750% 10/15/27 (d) | | | 260,000 | | | | 254,184 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | | | | |
6.625% 3/01/30 (d) | | $ | 365,000 | | | $ | 359,810 | |
| | | | | | | 808,924 | |
Food — 3.2% | | | | | | | | |
JBS Finance Luxembourg SARL | | | | | | | | |
3.625% 1/15/32 (d) | | | 420,000 | | | | 384,300 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
5.500% 1/15/30 (d) | | | 826,000 | | | | 844,403 | |
6.500% 4/15/29 (d) | | | 1,027,000 | | | | 1,086,731 | |
| | | | | | | 2,315,434 | |
Forest Products & Paper — 0.7% | | | | | | | | |
Clearwater Paper Corp. | | | | | | | | |
4.750% 8/15/28 (d) | | | 230,000 | | | | 213,613 | |
Sylvamo Corp. | | | | | | | | |
7.000% 9/01/29 (d) | | | 270,000 | | | | 264,978 | |
| | | | | | | 478,591 | |
Health Care – Products — 0.3% | | | | | | | | |
Mozart Debt Merger Sub, Inc. | | | | | | | | |
5.250% 10/01/29 (d) | | | 229,000 | | | | 214,033 | |
Health Care – Services — 3.7% | | | | | | | | |
Centene Corp. | | | | | | | | |
4.625% 12/15/29 | | | 448,000 | | | | 453,376 | |
Charles River Laboratories International, Inc. | | | | | | | | |
3.750% 3/15/29 (d) | | | 40,000 | | | | 37,750 | |
4.250% 5/01/28 (d) | | | 146,000 | | | | 142,168 | |
CHS/Community Health Systems, Inc. | | | | | | | | |
4.750% 2/15/31 (d) | | | 108,000 | | | | 102,060 | |
5.250% 5/15/30 (d) | | | 468,000 | | | | 449,767 | |
6.125% 4/01/30 (d) (e) | | | 213,000 | | | | 198,190 | |
ModivCare Escrow Issuer, Inc. | | | | | | | | |
5.000% 10/01/29 (d) | | | 143,000 | | | | 133,306 | |
Radiology Partners, Inc. | | | | | | | | |
9.250% 2/01/28 (d) | | | 655,000 | | | | 655,000 | |
Tenet Healthcare Corp. | | | | | | | | |
4.375% 1/15/30 (d) | | | 165,000 | | | | 158,388 | |
6.125% 10/01/28 (d) | | | 350,000 | | | | 355,687 | |
| | | | | | | 2,685,692 | |
Home Builders — 1.7% | | | | | | | | |
Ashton Woods USA LLC / Ashton Woods Finance Co. | | | | | | | | |
4.625% 8/01/29 (d) | | | 198,000 | | | | 174,602 | |
Empire Communities Corp. | | | | | | | | |
7.000% 12/15/25 (d) | | | 123,000 | | | | 121,524 | |
M/I Homes, Inc. | | | | | | | | |
4.950% 2/01/28 | | | 368,000 | | | | 346,840 | |
Mattamy Group Corp. | | | | | | | | |
4.625% 3/01/30 (d) | | | 668,000 | | | | 627,459 | |
| | | | | | | 1,270,425 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Insurance — 0.4% | | | | | | | | |
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. | | | | | | | | |
7.625% 10/15/25 (d) | | $ | 305,269 | | | $ | 306,530 | |
Internet — 2.4% | | | | | | | | |
Acuris Finance Us, Inc. / Acuris Finance SARL | | | | | | | | |
5.000% 5/01/28 (d) | | | 359,000 | | | | 329,831 | |
Getty Images, Inc. | | | | | | | | |
9.750% 3/01/27 (d) | | | 74,000 | | | | 76,590 | |
ION Trading Technologies SARL | | | | | | | | |
5.750% 5/15/28 (d) | | | 298,000 | | | | 287,198 | |
Millennium Escrow Corp. | | | | | | | | |
6.625% 8/01/26 (d) | | | 296,000 | | | | 281,034 | |
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc. | | | | | | | | |
4.750% 4/30/27 (d) | | | 114,000 | | | | 108,243 | |
6.000% 2/15/28 (d) (e) | | | 171,000 | | | | 150,104 | |
10.750% 6/01/28 (d) | | | 227,000 | | | | 236,650 | |
Twitter, Inc. | | | | | | | | |
5.000% 3/01/30 (d) | | | 272,000 | | | | 270,640 | |
| | | | | | | 1,740,290 | |
Leisure Time — 2.3% | | | | | | | | |
Carnival Corp. | | | | | | | | |
5.750% 3/01/27 (d) | | | 487,000 | | | | 463,950 | |
6.000% 5/01/29 (d) | | | 305,000 | | | | 287,414 | |
NCL Corp. Ltd. | | | | | | | | |
5.875% 3/15/26 (d) | | | 499,000 | | | | 474,050 | |
5.875% 2/15/27 (d) | | | 49,000 | | | | 48,265 | |
NCL Finance Ltd. | | | | | | | | |
6.125% 3/15/28 (d) | | | 94,000 | | | | 87,170 | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
5.500% 8/31/26 (d) | | | 343,000 | | | | 330,556 | |
| | | | | | | 1,691,405 | |
Lodging — 0.9% | | | | | | | | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | | | | | | | | |
4.875% 7/01/31 (d) | | | 199,000 | | | | 184,573 | |
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp. | | | | | | | | |
5.875% 5/15/25 (d) | | | 225,000 | | | | 221,625 | |
Travel & Leisure Co. | | | | | | | | |
6.625% 7/31/26 (d) | | | 213,000 | | | | 222,052 | |
| | | | | | | 628,250 | |
Machinery – Diversified — 0.3% | | | | | | | | |
OT Merger Corp. | | | | | | | | |
7.875% 10/15/29 (d) | | | 219,000 | | | | 189,435 | |
Media — 8.5% | | | | | | | | |
Altice Financing SA | | | | | | | | |
5.000% 1/15/28 (d) | | | 152,000 | | | | 136,245 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 1/15/34 (d) | | | 486,000 | | | | 422,089 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CSC Holdings LLC | | | | | | | | |
4.625% 12/01/30 (d) | | $ | 311,000 | | | $ | 260,086 | |
Cumulus Media New Holdings, Inc. | | | | | | | | |
6.750% 7/01/26 (d) (e) | | | 230,000 | | | | 230,055 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. | | | | | | | | |
5.875% 8/15/27 (d) | | | 543,000 | | | | 534,475 | |
DISH DBS Corp. | | | | | | | | |
5.250% 12/01/26 (d) | | | 53,000 | | | | 50,453 | |
5.750% 12/01/28 (d) | | | 68,000 | | | | 64,345 | |
7.375% 7/01/28 | | | 32,000 | | | | 30,320 | |
DISH Network Corp. | | | | | | | | |
3.375% 8/15/26 | | | 680,000 | | | | 611,660 | |
Gray Escrow II, Inc. | | | | | | | | |
5.375% 11/15/31 (d) | | | 246,000 | | | | 235,229 | |
iHeartCommunications, Inc. | | | | | | | | |
8.375% 5/01/27 | | | 831,000 | | | | 860,085 | |
LCPR Senior Secured Financing DAC | | | | | | | | |
5.125% 7/15/29 (d) | | | 465,000 | | | | 443,933 | |
6.750% 10/15/27 (d) | | | 283,000 | | | | 290,726 | |
Nexstar Media, Inc. | | | | | | | | |
4.750% 11/01/28 (d) | | | 118,000 | | | | 114,905 | |
Radiate Holdco LLC / Radiate Finance, Inc. | | | | | | | | |
6.500% 9/15/28 (d) | | | 336,000 | | | | 318,772 | |
Sinclair Television Group Inc, SERIES 144A, 144A, | | | | | | | | |
5.125% 2/15/27 (d) | | | 178,000 | | | | 161,535 | |
Sirius XM Radio, Inc. | | | | | | | | |
3.125% 9/01/26 (d) | | | 225,000 | | | | 212,731 | |
3.875% 9/01/31 (d) | | | 333,000 | | | | 305,471 | |
Townsquare Media, Inc. | | | | | | | | |
6.875% 2/01/26 (d) | | | 429,000 | | | | 441,806 | |
Virgin Media Secured Finance PLC | | | | | | | | |
4.500% 8/15/30 (d) | | | 280,000 | | | | 261,100 | |
Virgin Media Vendor Financing Notes IV DAC | | | | | | | | |
5.000% 7/15/28 (d) | | | 200,000 | | | | 192,000 | |
| | | | | | | 6,178,021 | |
Metal Fabricate & Hardware — 0.2% | | | | | | | | |
Park-Ohio Industries, Inc. | | | | | | | | |
6.625% 4/15/27 (e) | | | 146,000 | | | | 122,275 | |
Mining — 2.0% | | | | | | | | |
Compass Minerals International, Inc. | | | | | | | | |
4.875% 7/15/24 (d) | | | 294,000 | | | | 290,693 | |
6.750% 12/01/27 (d) | | | 192,000 | | | | 194,419 | |
First Quantum Minerals Ltd. | | | | | | | | |
7.250% 4/01/23 (d) | | | 407,000 | | | | 407,008 | |
Hecla Mining Co. | | | | | | | | |
7.250% 2/15/28 (e) | | | 423,000 | | | | 443,621 | |
Novelis Corp. | | | | | | | | |
3.250% 11/15/26 (d) | | | 48,000 | | | | 45,854 | |
3.875% 8/15/31 (d) | | | 50,000 | | | | 45,733 | |
| | | | | | | 1,427,328 | |
Office & Business Equipment — 0.3% | | | | | | | | |
Pitney Bowes, Inc. | | | | | | | | |
6.875% 3/15/27 (d) (e) | | | 250,000 | | | | 235,000 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Oil & Gas — 9.3% | | | | | | | | |
Apache Corp. | | | | | | | | |
4.750% 4/15/43 | | $ | 65,000 | | | $ | 61,792 | |
5.100% 9/01/40 | | | 130,000 | | | | 130,975 | |
5.350% 7/01/49 | | | 197,000 | | | | 189,382 | |
Chesapeake Energy Corp. | | | | | | | | |
5.500% 2/01/26 (d) | | | 90,000 | | | | 92,212 | |
5.875% 2/01/29 (d) | | | 205,000 | | | | 211,662 | |
Comstock Resources, Inc. | | | | | | | | |
5.875% 1/15/30 (d) | | | 114,000 | | | | 112,324 | |
6.750% 3/01/29 (d) | | | 126,000 | | | | 129,979 | |
CVR Energy, Inc. | | | | | | | | |
5.750% 2/15/28 (d) (e) | | | 949,000 | | | | 900,041 | |
Hilcorp Energy I LP / Hilcorp Finance Co. | | | | | | | | |
6.250% 11/01/28 (d) | | | 365,000 | | | | 369,690 | |
MEG Energy Corp. | | | | | | | | |
7.125% 2/01/27 (d) | | | 379,000 | | | | 396,813 | |
Murphy Oil Corp. | | | | | | | | |
6.375% 7/15/28 | | | 182,000 | | | | 189,508 | |
Nabors Industries Ltd. | | | | | | | | |
7.250% 1/15/26 (d) | | | 339,000 | | | | 339,000 | |
7.500% 1/15/28 (d) | | | 169,000 | | | | 164,775 | |
Nabors Industries, Inc. | | | | | | | | |
5.750% 2/01/25 | | | 55,000 | | | | 53,659 | |
7.375% 5/15/27 (d) | | | 227,000 | | | | 236,164 | |
Neptune Energy Bondco PLC | | | | | | | | |
6.625% 5/15/25 (d) | | | 594,000 | | | | 594,772 | |
Occidental Petroleum Corp. | | | | | | | | |
6.125% 1/01/31 (e) | | | 387,000 | | | | 435,859 | |
6.200% 3/15/40 | | | 550,000 | | | | 610,500 | |
6.450% 9/15/36 | | | 215,000 | | | | 253,353 | |
6.950% 7/01/24 | | | 88,000 | | | | 94,398 | |
Parkland Corp. | | | | | | | | |
4.625% 5/01/30 (d) | | | 105,000 | | | | 97,650 | |
5.875% 7/15/27 (d) | | | 269,000 | | | | 268,327 | |
Range Resources Corp. Co. | | | | | | | | |
8.250% 1/15/29 | | | 123,000 | | | | 134,797 | |
Rockcliff Energy II LLC | | | | | | | | |
5.500% 10/15/29 (d) | | | 124,000 | | | | 124,260 | |
Southwestern Energy Co. | | | | | | | | |
4.750% 2/01/32 | | | 109,000 | | | | 108,864 | |
Transocean Guardian Ltd. | | | | | | | | |
5.875% 1/15/24 (d) | | | 28,501 | | | | 27,290 | |
Transocean Poseidon Ltd. | | | | | | | | |
6.875% 2/01/27 (d) | | | 27,188 | | | | 26,916 | |
Transocean, Inc. | | | | | | | | |
7.250% 11/01/25 (d) | | | 172,000 | | | | 149,640 | |
7.500% 1/15/26 (d) | | | 241,000 | | | | 209,288 | |
8.000% 2/01/27 (d) | | | 66,000 | | | | 55,770 | |
| | | | | | | 6,769,660 | |
Oil & Gas Services — 0.6% | | | | | | | | |
Weatherford International Ltd. | | | | | | | | |
6.500% 9/15/28 (d) | | | 126,000 | | | | 129,776 | |
8.625% 4/30/30 (d) | | | 302,000 | | | | 306,636 | |
| | | | | | | 436,412 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Packaging & Containers — 1.2% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc. | | | | | | | | |
6.625% 4/15/29 (f) | | $ | 79,000 | | | $ | 79,889 | |
8.750% 4/15/30 (d) (f) | | | 263,000 | | | | 247,549 | |
Mauser Packaging Solutions Holding Co. | | | | | | | | |
5.500% 4/15/24 (d) | | | 164,000 | | | | 163,348 | |
Trident TPI Holdings, Inc. | | | | | | | | |
9.250% 8/01/24 (d) | | | 386,000 | | | | 387,930 | |
| | | | | | | 878,716 | |
Pharmaceuticals — 3.4% | | | | | | | | |
AdaptHealth LLC | | | | | | | | |
5.125% 3/01/30 (d) | | | 451,000 | | | | 418,866 | |
Bausch Health Americas, Inc. | | | | | | | | |
8.500% 1/31/27 (d) (e) | | | 250,000 | | | | 249,817 | |
Bausch Health Cos., Inc. | | | | | | | | |
4.875% 6/01/28 (d) | | | 295,000 | | | | 282,462 | |
5.000% 1/30/28 (d) | | | 446,000 | | | | 367,312 | |
5.250% 1/30/30 (d) | | | 320,000 | | | | 251,373 | |
5.250% 2/15/31 (d) | | | 384,000 | | | | 300,480 | |
Jazz Securities DAC | | | | | | | | |
4.375% 1/15/29 (d) | | | 97,000 | | | | 94,100 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV | | | | | | | | |
4.125% 4/30/28 (d) | | | 200,000 | | | | 190,929 | |
Par Pharmaceutical, Inc. | | | | | | | | |
7.500% 4/01/27 (d) | | | 352,000 | | | | 328,469 | |
| | | | | | | 2,483,808 | |
Pipelines — 7.0% | | | | | | | | |
Antero Midstream Partners LP / Antero Midstream Finance Corp. | | | | | | | | |
5.375% 6/15/29 (d) | | | 853,000 | | | | 852,130 | |
Buckeye Partners LP | | | | | | | | |
5.850% 11/15/43 | | | 66,000 | | | | 56,261 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC | | | | | | | | |
5.500% 6/15/31 (d) | | | 379,000 | | | | 372,912 | |
EnLink Midstream LLC | | | | | | | | |
5.375% 6/01/29 | | | 173,000 | | | | 173,000 | |
EnLink Midstream Partners LP | | | | | | | | |
4.850% 7/15/26 | | | 56,000 | | | | 56,140 | |
5.450% 6/01/47 | | | 97,000 | | | | 81,965 | |
5.600% 4/01/44 | | | 257,000 | | | | 221,662 | |
EQM Midstream Partners LP | | | | | | | | |
4.500% 1/15/29 (d) | | | 157,000 | | | | 147,691 | |
4.750% 1/15/31 (d) | | | 142,000 | | | | 132,770 | |
6.000% 7/01/25 (d) | | | 182,000 | | | | 184,462 | |
6.500% 7/01/27 (d) | | | 151,000 | | | | 157,725 | |
Genesis Energy LP/Genesis Energy Finance Corp. | | | | | | | | |
6.500% 10/01/25 | | | 440,000 | | | | 433,972 | |
Harvest Midstream I LP | | | | | | | | |
7.500% 9/01/28 (d) | | | 228,000 | | | | 233,518 | |
ITT Holdings LLC | | | | | | | | |
6.500% 8/01/29 (d) | | | 565,000 | | | | 521,902 | |
NGL Energy Operating LLC / NGL Energy Finance Corp. | | | | | | | | |
7.500% 2/01/26 (d) | | | 546,000 | | | | 537,095 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | | | | | | | |
4.875% 2/01/31 | | | 295,000 | | | | 297,950 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.000% 1/15/28 | | $ | 33,000 | | | $ | 33,445 | |
5.500% 3/01/30 | | | 28,000 | | | | 29,190 | |
6.875% 1/15/29 | | | 61,000 | | | | 65,383 | |
Venture Global Calcasieu Pass LLC | | | | | | | | |
3.875% 8/15/29 (d) | | | 133,000 | | | | 129,120 | |
4.125% 8/15/31 (d) | | | 152,000 | | | | 149,135 | |
Western Midstream Operating LP | | | | | | | | |
5.450% 4/01/44 | | | 202,000 | | | | 205,030 | |
| | | | | | | 5,072,458 | |
Real Estate — 0.4% | | | | | | | | |
Realogy Group LLC / Realogy Co-Issuer Corp. | | | | | | | | |
5.750% 1/15/29 (d) | | | 311,000 | | | | 293,875 | |
Real Estate Investment Trusts (REITS) — 1.6% | | | | | | | | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | | | | | | | | |
4.750% 6/15/29 (d) | | | 425,000 | | | | 402,681 | |
RLJ Lodging Trust LP | | | | | | | | |
3.750% 7/01/26 (d) | | | 107,000 | | | | 101,650 | |
Service Properties Trust | | | | | | | | |
3.950% 1/15/28 | | | 73,000 | | | | 62,054 | |
4.375% 2/15/30 | | | 115,000 | | | | 95,466 | |
4.950% 2/15/27 | | | 58,000 | | | | 53,827 | |
7.500% 9/15/25 | | | 267,000 | | | | 280,296 | |
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | | | | | | | | |
4.750% 4/15/28 (d) | | | 180,000 | | | | 170,374 | |
7.875% 2/15/25 (d) | | | 25,000 | | | | 25,975 | |
| | | | | | | 1,192,323 | |
Retail — 4.2% | | | | | | | | |
Asbury Automotive Group, Inc. | | | | | | | | |
4.625% 11/15/29 (d) | | | 81,000 | | | | 75,772 | |
Bath & Body Works, Inc. | | | | | | | | |
6.750% 7/01/36 | | | 97,000 | | | | 99,192 | |
6.875% 11/01/35 | | | 299,000 | | | | 309,316 | |
BCPE Ulysses Intermediate, Inc. | | | | | | | | |
7.750% 4/01/27 (d) | | | 405,000 | | | | 367,538 | |
Macy's Retail Holdings LLC | | | | | | | | |
5.875% 4/01/29 (d) (e) | | | 40,000 | | | | 39,700 | |
5.875% 3/15/30 (d) | | | 71,000 | | | | 70,252 | |
6.125% 3/15/32 (d) | | | 78,000 | | | | 77,025 | |
NMG Holding Co., Inc. / Neiman Marcus Group LLC | | | | | | | | |
7.125% 4/01/26 (d) | | | 473,000 | | | | 485,771 | |
Nordstrom, Inc. | | | | | | | | |
4.000% 3/15/27 | | | 65,000 | | | | 62,611 | |
4.375% 4/01/30 | | | 65,000 | | | | 60,731 | |
5.000% 1/15/44 (e) | | | 331,000 | | | | 296,374 | |
Sonic Automotive, Inc. | | | | | | | | |
4.625% 11/15/29 (d) | | | 108,000 | | | | 96,525 | |
4.875% 11/15/31 (d) | | | 63,000 | | | | 55,843 | |
Staples, Inc. | | | | | | | | |
7.500% 4/15/26 (d) | | | 461,000 | | | | 447,679 | |
10.750% 4/15/27 (d) (e) | | | 422,000 | | | | 375,143 | |
Superior Plus LP / Superior General Partner, Inc. | | | | | | | | |
4.500% 3/15/29 (d) | | | 145,000 | | | | 136,246 | |
| | | | | | | 3,055,718 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Software — 1.4% | | | | | | | | |
Avaya Holdings Corp., Convertible, | | | | | | | | |
2.250% 6/15/23 | | $ | 335,000 | | | $ | 324,447 | |
Consensus Cloud Solutions, Inc. | | | | | | | | |
6.000% 10/15/26 (d) | | | 94,000 | | | | 93,295 | |
6.500% 10/15/28 (d) | | | 68,000 | | | | 67,570 | |
Open Text Corp. | | | | | | | | |
3.875% 2/15/28 (d) | | | 43,000 | | | | 41,227 | |
3.875% 12/01/29 (d) | | | 82,000 | | | | 77,900 | |
Open Text Holdings, Inc. | | | | | | | | |
4.125% 12/01/31 (d) | | | 72,000 | | | | 67,410 | |
Veritas US, Inc./Veritas Bermuda Ltd. | | | | | | | | |
7.500% 9/01/25 (d) | | | 402,000 | | | | 381,671 | |
| | | | | | | 1,053,520 | |
Telecommunications — 3.8% | | | | | | | | |
Altice France SA | | | | | | | | |
5.125% 7/15/29 (d) | | | 368,000 | | | | 329,820 | |
Avaya, Inc. | | | | | | | | |
6.125% 9/15/28 (d) | | | 219,000 | | | | 215,971 | |
Connect Finco SARL / Connect US Finco LLC | | | | | | | | |
6.750% 10/01/26 (d) | | | 84,000 | | | | 85,461 | |
Consolidated Communications, Inc. | | | | | | | | |
6.500% 10/01/28 (d) | | | 391,000 | | | | 360,267 | |
Frontier Communications Holdings LLC | | | | | | | | |
6.000% 1/15/30 (d) (e) | | | 572,000 | | | | 529,100 | |
Sprint Capital Corp. | | | | | | | | |
6.875% 11/15/28 | | | 476,000 | | | | 552,174 | |
8.750% 3/15/32 | | | 401,000 | | | | 539,717 | |
Windstream Escrow LLC / Windstream Escrow Finance Corp. | | | | | | | | |
7.750% 8/15/28 (d) (e) | | | 179,000 | | | | 181,238 | |
| | | | | | | 2,793,748 | |
Transportation — 1.5% | | | | | | | | |
Carriage Purchaser, Inc. | | | | | | | | |
7.875% 10/15/29 (d) | | | 186,000 | | | | 171,684 | |
First Student Bidco, Inc./First Transit Parent, Inc. | | | | | | | | |
4.000% 7/31/29 (d) | | | 425,000 | | | | 396,321 | |
Seaspan Corp. | | | | | | | | |
5.500% 8/01/29 (d) | | | 571,000 | | | | 533,885 | |
| | | | | | | 1,101,890 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $65,754,671) | | | | | | | 64,152,052 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $67,852,606) | | | | | | | 66,240,236 | |
| | | | | | | | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 6.6% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 6.6% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (g) | | | 4,829,550 | | | $ | 4,829,550 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $4,829,550) | | | | | | | 4,829,550 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $73,233,042) | | | | | | | 71,581,765 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 5.2% | | | | | | | | |
Repurchase Agreement — 5.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (h) | | $ | 3,819,989 | | | | 3,819,989 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,819,989) | | | | | | | 3,819,989 | |
| | | | | | | | |
TOTAL INVESTMENTS — 103.5% (Cost $77,053,031) (i) | | | | | | | 75,401,754 | |
| | | | | | | | |
Other Assets/(Liabilities) — (3.5)% | | | | | | | (2,560,334) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 72,841,420 | |
Abbreviation Legend
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, 2022, these securities amounted to a value of $0 or 0.00% of net assets. |
(c) | All or a portion of the security represents unsettled loan commitments at March 31, 2022 where the rate will be determined at time of settlement. |
(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, 2022, the aggregate market value of these securities amounted to $52,145,070 or 71.59% of net assets. |
(e) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $5,310,468 or 7.29% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $592,329 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) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $3,819,989. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $3,896,404. |
(i) | See Note 3 for aggregate cost for federal tax purposes. |
MML Inflation-Protected and Income Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 96.0% | | | | | | | | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 55.9% | | | | | | | | |
Automobile Asset-Backed Securities — 3.2% | | | | | | | | |
Carvana Auto Receivables Trust | | | | | | | | |
Series 2020-N3, Class B, 0.660% 6/12/28 | | $ | 5,879,000 | | | $ | 5,783,886 | |
Series 2021-P2, 1.880% 5/10/28 (a) | | | 334,835 | | | | 334,539 | |
Westlake Automobile Receivables Trust, Series 2020-3A, Class D | | | | | | | | |
1.650% 2/17/26 (a) | | | 2,306,000 | | | | 2,236,385 | |
| | | | | | | 8,354,810 | |
Commercial Mortgage-Backed Securities — 2.7% | | | | | | | | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
1.897% FRN 7/15/35 (a) | | | 1,000,000 | | | | 982,502 | |
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
2.397% FRN 10/15/36 (a) | | | 1,487,500 | | | | 1,459,683 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.147% FRN 12/15/37 (a) | | | 308,865 | | | | 303,667 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% | | | | | | | | |
1.997% FRN 5/15/36 (a) | | | 4,000,000 | | | | 3,955,023 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
2.197% FRN 5/15/36 (a) | | | 476,000 | | | | 469,186 | |
| | | | | | | 7,170,061 | |
Home Equity Asset-Backed Securities — 1.4% | | | | | | | | |
Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450% | | | | | | | | |
0.907% FRN 6/25/36 | | | 437,375 | | | | 435,306 | |
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435% | | | | | | | | |
0.892% FRN 8/25/36 | | | 705,920 | | | | 701,477 | |
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615% | | | | | | | | |
1.072% FRN 4/25/36 | | | 1,924,678 | | | | 1,901,221 | |
Residential Asset Securities Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645% | | | | | | | | |
1.102% FRN 3/25/35 | | | 691,467 | | | | 689,960 | |
| | | | | | | 3,727,964 | |
Other Asset-Backed Securities — 28.1% | | | | | | | | |
321 Henderson Receivables LLC | | | | | | | | |
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.597% FRN 3/15/41 (a) | | | 100,078 | | | | 99,707 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.597% FRN 9/15/41 (a) | | $ | 72,981 | | | $ | 71,607 | |
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 0.597% FRN 12/15/41 (a) | | | 36,044 | | | | 36,007 | |
Affirm Asset Securitization Trust | | | | | | | | |
Series 2021-Z1, Class A, 1.070% 8/15/25 (a) | | | 1,654,225 | | | | 1,629,526 | |
Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | | | 1,438,099 | | | | 1,407,131 | |
Series 2022-X1, Class A, 1.750% 2/15/27 (a) | | | 2,143,000 | | | | 2,117,639 | |
Series 2020-Z2, Class A, 1.900% 1/15/25 (a) | | | 1,479,876 | | | | 1,471,751 | |
Series 2021-A, Class D, 3.490% 8/15/25 (a) | | | 1,600,000 | | | | 1,579,470 | |
Series 2020-A, Class B, 3.540% 2/18/25 (a) | | | 1,000,000 | | | | 999,189 | |
BHG Securitization Trust, Series 2021-B, Class A | | | | | | | | |
0.900% 10/17/34 (a) | | | 1,393,901 | | | | 1,346,565 | |
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, | | | | | | | | |
0.985% VRN 11/25/50 (a) (b) | | | 1,948,005 | | | | 1,918,122 | |
Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405% | | | | | | | | |
0.862% FRN 8/25/36 | | | 553,405 | | | | 552,648 | |
Crossroads Asset Trust, Series 2021-A, Class A2 | | | | | | | | |
0.820% 3/20/24 (a) | | | 399,187 | | | | 395,998 | |
FCI Funding LLC | | | | | | | | |
Series 2021-1A, Class A, 1.130% 4/15/33 (a) | | | 2,699,917 | | | | 2,672,368 | |
Series 2021-1A, Class B, 1.530% 4/15/33 (a) | | | 1,800,157 | | | | 1,783,760 | |
Series 2019-1A, Class A, 3.630% 2/18/31 (a) | | | 33,284 | | | | 33,334 | |
First Franklin Mortgage Loan Trust | | | | | | | | |
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 0.617% FRN 11/25/36 | | | 532,127 | | | | 521,169 | |
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 1.177% FRN 10/25/35 | | | 354,348 | | | | 353,248 | |
FNA VI LLC, Series 21-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 3,602,304 | | | | 3,439,093 | |
FREED ABS Trust, Series 2021-2, Class B | | | | | | | | |
1.030% 6/19/28 (a) | | | 2,348,000 | | | | 2,321,229 | |
Gracie Point International Funding | | | | | | | | |
Series 2021-1A, Class A, 1 mo. USD LIBOR + .750% 0.981% FRN 11/01/23 (a) | | | 5,832,076 | | | | 5,830,282 | |
Series 2022-1A, Class C, 30 Day SOFR + .350% 3.555% FRN 4/01/24 (a) (c) | | | 1,700,000 | | | | 1,700,000 | |
Series 2022-1A, Class E, 30 Day SOFR + .575% 5.800% FRN 4/01/24 (a) (c) | | | 800,000 | | | | 799,959 | |
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260% | | | | | | | | |
0.717% FRN 3/25/37 | | | 214,158 | | | | 211,673 | |
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% | | | | | | | | |
2.641% FRN 2/15/39 (a) | | | 700,000 | | | | 692,583 | |
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240% | | | | | | | | |
1.481% FRN 7/15/27 (a) | | | 495,811 | | | | 495,518 | |
Lendmark Funding Trust, Series 2019-2A, Class A | | | | | | | | |
2.780% 4/20/28 (a) | | | 6,600,000 | | | | 6,534,702 | |
Long Beach Mortgage Loan Trust, Series 2006-WL1, Class 2A4, 1 mo. USD LIBOR + .680% | | | | | | | | |
1.137% FRN 1/25/46 | | | 120,221 | | | | 120,172 | |
Marlette Funding Trust | | | | | | | | |
Series 2020-1A, Class B, 2.380% 3/15/30 (a) | | | 550,822 | | | | 551,039 | |
Series 2019-2A, Class B, 3.530% 7/16/29 (a) | | | 1,895 | | | | 1,896 | |
New Residential Advance Receivables Trust Advance Receivables Backed | | | | | | | | |
Series 2020-T1, Class AT1, ABS, 144A, 1.426% 8/15/53 (a) | | | 2,250,000 | | | | 2,196,711 | |
Series 2020-T1, Class BT1, 1.823% 8/15/53 (a) | | | 1,100,000 | | | | 1,074,607 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
NP SPE II LP, Series 2019-1A, Class A1 | | | | | | | | |
2.574% 9/20/49 (a) | | $ | 240,442 | | | $ | 226,822 | |
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3 | | | | | | | | |
1.814% 10/15/52 (a) | | | 536,400 | | | | 511,725 | |
Oportun Funding LLC | | | | | | | | |
3.250% 6/15/29 (a) | | | 2,900,000 | | | | 2,891,979 | |
Orange Lake Timeshare Trust, Series 2016-A, Class A | | | | | | | | |
2.610% 3/08/29 (a) | | | 90,473 | | | | 90,586 | |
Pagaya AI Debt Selection Trust, Series 2021-3, Class A | | | | | | | | |
1.150% 5/15/29 (a) | | | 3,331,557 | | | | 3,268,127 | |
Pagaya AI Debt Trust 2022-1, Series 2022-1, Class A | | | | | | | | |
2.030% 10/15/29 (a) | | | 10,600,000 | | | | 10,400,518 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2019-3A, Class C, 3.000% 8/20/36 (a) | | | 1,107,846 | | | | 1,093,861 | |
Series 2019-1A, Class C, 3.770% 1/20/36 (a) | | | 250,440 | | | | 250,820 | |
Series 2019-3A, Class D, 4.180% 8/20/36 (a) | | | 283,671 | | | | 279,612 | |
Series 2019-1A, Class D, 4.750% 1/20/36 (a) | | | 226,589 | | | | 226,486 | |
Sierra Timeshare Receivables Funding LLC, Series 2019-2A, Class C | | | | | | | | |
3.120% 5/20/36 (a) | | | 1,858,949 | | | | 1,832,250 | |
SoFi Consumer Loan Program Trust, Series 2019-3, Class D | | | | | | | | |
3.890% 5/25/28 (a) | | | 946,000 | | | | 951,834 | |
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735% | | | | | | | | |
1.192% FRN 3/25/35 | | | 837,312 | | | | 833,872 | |
Structured Asset Securities Corp. Mortgage Loan Trust | | | | | | | | |
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 0.627% FRN 1/25/37 | | | 267,273 | | | | 263,811 | |
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 1.102% FRN 2/25/36 | | | 426,039 | | | | 425,071 | |
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% 1.657% FRN 11/25/35 (a) | | | 601,581 | | | | 589,111 | |
Upstart Securitization Trust | | | | | | | | |
Series 2021-4, Class A, 0.840% 9/20/31 (a) | | | 4,586,777 | | | | 4,461,357 | |
Series 2020-3, Class A, 1.702% 11/20/30 (a) | | | 915,769 | | | | 912,739 | |
| | | | | | | 74,469,284 | |
Student Loans Asset-Backed Securities — 7.7% | | | | | | | | |
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100% | | | | | | | | |
1.066% FRN 3/28/68 | | | 2,188,434 | | | | 2,120,528 | |
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | | | | | | | | |
0.729% FRN 1/15/37 | | | 332,755 | | | | 302,689 | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | | | 184,161 | | | | 173,024 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 17,137 | | | | 16,287 | |
DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850% | | | | | | | | |
1.307% FRN 5/27/42 (a) | | | 547,242 | | | | 547,361 | |
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150% | | | | | | | | |
2.100% FRN 12/01/47 (a) | | | 326,885 | | | | 323,016 | |
Edsouth Indenture | | | | | | | | |
No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% 1.257% FRN 10/25/56 (a) | | | 265,822 | | | | 265,149 | |
No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 1.957% FRN 12/25/58 (a) | | | 1,000,000 | | | | 998,383 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750% | | | | | | | | |
1.207% FRN 8/25/42 (a) | | $ | 262,044 | | | $ | 261,634 | |
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% | | | | | | | | |
1.198% FRN 8/25/48 (a) | | | 172,173 | | | | 171,295 | |
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% | | | | | | | | |
0.628% FRN 6/28/39 (a) | | | 378,667 | | | | 346,184 | |
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730% | | | | | | | | |
1.696% FRN 9/27/38 | | | 386,252 | | | | 385,829 | |
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | | | | | | | | |
2.340% 10/25/48 (a) | | | 188,133 | | | | 187,349 | |
Navient Private Education Refi Loan Trust | | | | | | | | |
Series 2021-A, Class A, 0.840% 5/15/69 (a) | | | 2,470,665 | | | | 2,361,489 | |
Series 2020-HA, Class A, 1.310% 1/15/69 (a) | | | 488,848 | | | | 473,502 | |
Navient Student Loan Trust | | | | | | | | |
Series 2017-3A, Class A2, 1 mo. USD LIBOR + .600% 1.057% FRN 7/26/66 (a) | | | 343,838 | | | | 343,070 | |
Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 1.597% FRN 12/15/28 (a) | | | 159,852 | | | | 159,901 | |
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 1.607% FRN 7/26/66 (a) | | | 396,940 | | | | 395,943 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.207% FRN 12/26/40 (a) | | | 65,686 | | | | 65,651 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 0.458% FRN 1/25/38 | | | 532,391 | | | | 477,320 | |
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 0.608% FRN 10/25/40 | | | 870,503 | | | | 799,388 | |
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 1.104% FRN 3/23/37 | | | 854,830 | | | | 784,085 | |
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 1.216% FRN 6/25/41 | | | 256,646 | | | | 235,946 | |
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.957% FRN 6/25/41 (a) | | | 375,000 | | | | 374,998 | |
SLC Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 1.056% FRN 12/15/39 | | | 941,056 | | | | 849,031 | |
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 1.106% FRN 3/15/40 | | | 1,425,854 | | | | 1,329,002 | |
SLM Student Loan Trust | | | | | | | | |
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 0.398% FRN 10/25/28 | | | 186,329 | | | | 185,400 | |
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.458% FRN 1/25/70 | | | 285,849 | | | | 267,185 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.468% FRN 10/25/40 | | | 322,919 | | | | 301,359 | |
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 0.478% FRN 1/25/41 | | | 333,969 | | | | 312,540 | |
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.558% FRN 7/25/25 | | | 99,092 | | | | 98,940 | |
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.568% FRN 1/25/55 | | | 299,071 | | | | 283,673 | |
Series 2004-8, Class B, 3 mo. USD LIBOR + .460% 0.718% FRN 1/25/40 | | | 327,961 | | | | 309,920 | |
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.728% FRN 10/25/64 | | | 228,338 | | | | 217,789 | |
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 1.476% FRN 12/15/38 | | | 327,414 | | | | 311,430 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720% 1.117% FRN 1/15/37 (a) | | | 882,960 | | | | 879,698 | |
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 1.267% FRN 7/15/36 (a) | | | 1,109,969 | | | | 1,109,438 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
3.997% VRN 1/25/45 (a) (b) | | | 744,650 | | | | 767,229 | |
SoFi Professional Loan Program LLC | | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 1.157% FRN 3/26/40 (a) | | $ | 87,676 | | | $ | 87,597 | |
Series 2016-B, Class A2B, 2.740% 10/25/32 (a) | | | 427,605 | | | | 427,603 | |
| | | | | | | 20,307,855 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 12.8% | | | | | | | | |
Angel Oak Mortgage Trust, Series 2022-2, Class A1, | | | | | | | | |
3.353% VRN 1/25/67 (a) | | | 2,283,554 | | | | 2,252,161 | |
Angel Oak Mortgage Trust 2020-6, Series 2020-6, Class A1, | | | | | | | | |
1.261% VRN 5/25/65 (a) (b) | | | 1,261,867 | | | | 1,233,646 | |
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% | | | | | | | | |
1.137% FRN 8/25/49 (a) | | | 1,086,012 | | | | 1,083,616 | |
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3, | | | | | | | | |
3.030% VRN 7/25/49 (a) (b) | | | 250,888 | | | | 250,136 | |
COLT Mortgage Loan Trust, Series 2022-1, Class A1, | | | | | | | | |
2.284% VRN 12/27/66 (a) (b) | | | 7,539,193 | | | | 7,298,208 | |
Lakeview Trust, Series 2022-1, Class M3 | | | | | | | | |
4.585% 4/25/52 (a) (d) | | | 700,000 | | | | 700,000 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750% | | | | | | | | |
1.207% FRN 5/25/55 (a) | | | 4,667,000 | | | | 4,634,566 | |
Oceanview Trust 2021-EBO1 | | | | | | | | |
Series 2021-1, Class A, 1.219% VRN 12/29/51 (a) (b) | | | 4,232,843 | | | | 4,180,749 | |
Series 2021-1, Class M3, 3.090% VRN 12/29/51 (a) (b) | | | 2,000,000 | | | | 1,948,413 | |
Onslow Bay Financial LLC | | | | | | | | |
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) | | | 1,639,617 | | | | 1,548,954 | |
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 1.407% FRN 2/25/60 (a) | | | 504,582 | | | | 503,726 | |
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + .620% | | | | | | | | |
1.077% FRN 11/25/35 | | | 271,499 | | | | 270,880 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
3.307% FRN 2/25/23 (a) | | | 440,000 | | | | 438,103 | |
PSMC Trust, Series 2020-2, Class A2, | | | | | | | | |
3.000% VRN 5/25/50 (a) (b) | | | 868,076 | | | | 860,511 | |
STAR Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (b) | | | 4,547,551 | | | | 4,349,496 | |
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, | | | | | | | | |
2.916% VRN 9/27/49 (a) (b) | | | 919,707 | | | | 911,170 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b) | | | 978,548 | | | | 924,478 | |
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b) | | | 563,978 | | | | 559,331 | |
| | | | | | | 33,948,144 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $149,355,358) | | | | | | | 147,978,118 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities (e) — 11.7% | | | | | | | | |
Pass-Through Securities — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.189% 2.346% 3/01/37 | | | 108,459 | | | | 112,441 | |
Whole Loans — 11.7% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2021-DNA1, Class M1, 30 Day SOFR + .650% 0.749% FRN 1/25/51 (a) | | $ | 98,685 | | | $ | 98,439 | |
Series 2021-DNA6, Class M1, 30 Day SOFR + .800% 0.899% FRN 10/25/41 (a) | | | 6,550,000 | | | | 6,479,437 | |
Series 2021-HQA3, Class M1, 30 Day SOFR + .850% 0.949% FRN 9/25/41 (a) | | | 7,667,000 | | | | 7,473,370 | |
Series 2020-DNA6, Class M1, 30 Day SOFR + .900% 0.999% FRN 12/25/50 (a) | | | 140,701 | | | | 140,490 | |
Series 2018-DNA2, Class M2AS, 1 mo. USD LIBOR + .950% 1.407% FRN 12/25/30 (a) | | | 3,951,640 | | | | 3,928,198 | |
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 2.157% FRN 1/25/50 (a) | | | 1,821,881 | | | | 1,820,331 | |
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 2.557% FRN 9/25/48 (a) | | | 1,267,541 | | | | 1,269,210 | |
Series 2018-DNA2, Class M2A, 1 mo. USD LIBOR + 2.150% 2.607% FRN 12/25/30 (a) | | | 3,754,058 | | | | 3,763,223 | |
Series 2020-DNA5, Class M2, 30 Day SOFR + 2.800% 2.899% FRN 10/25/50 (a) | | | 292,673 | | | | 293,740 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust | | | | | | | | |
Series 2021-R01, Class 1M1, 30 Day SOFR + .750% 0.849% FRN 10/25/41 (a) | | | 2,612,872 | | | | 2,594,133 | |
Series 2019-R05, Class 1M2, 1 mo. USD LIBOR + 2.000% 2.457% FRN 7/25/39 (a) | | | 143,880 | | | | 143,901 | |
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.607% FRN 9/25/31 (a) | | | 1,929,477 | | | | 1,933,301 | |
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.757% FRN 8/25/31 (a) | | | 1,037,788 | | | | 1,038,125 | |
| | | | | | | 30,975,898 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $31,424,419) | | | | | | | 31,088,339 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 28.4% | | | | | | | | |
U.S. Treasury Bonds & Notes — 28.4% | | | | | | | | |
U.S. Treasury Inflation Index | | | | | | | | |
0.125% 2/15/52 | | | 151,454 | | | | 159,772 | |
0.125% 7/15/24 | | | 2,988,918 | | | | 3,139,590 | |
0.125% 10/15/24 | | | 3,396,112 | | | | 3,558,024 | |
0.125% 4/15/25 | | | 1,958,688 | | | | 2,050,234 | |
0.125% 10/15/25 | | | 1,733,216 | | | | 1,819,606 | |
0.125% 4/15/26 | | | 2,143,540 | | | | 2,244,730 | |
0.125% 7/15/26 | | | 2,931,475 | | | | 3,087,095 | |
0.125% 10/15/26 | | | 1,902,910 | | | | 2,002,553 | |
0.125% 1/15/30 | | | 2,621,904 | | | | 2,773,722 | |
0.125% 7/15/30 | | | 2,850,276 | | | | 3,035,915 | |
0.125% 1/15/31 | | | 3,050,237 | | | | 3,247,271 | |
0.125% 7/15/31 | | | 2,831,490 | | | | 3,027,445 | |
0.125% 1/15/32 (f) | | | 2,534,900 | | | | 2,712,277 | |
0.125% 2/15/51 | | | 2,429,078 | | | | 2,528,391 | |
0.250% 1/15/25 | | | 2,403,047 | | | | 2,524,138 | |
0.250% 7/15/29 | | | 2,692,109 | | | | 2,880,206 | |
0.250% 2/15/50 | | | 655,956 | | | | 699,712 | |
0.375% 7/15/25 (g) | | | 2,838,650 | | | | 3,007,583 | |
0.375% 1/15/27 | | | 2,152,623 | | | | 2,285,732 | |
0.375% 7/15/27 | | | 2,642,746 | | | | 2,819,514 | |
0.500% 1/15/28 | | | 1,452,850 | | | | 1,557,727 | |
0.625% 1/15/26 | | | 1,449,065 | | | | 1,547,641 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
0.625% 2/15/43 | | $ | 978,024 | | | $ | 1,103,181 | |
0.750% 7/15/28 | | | 2,043,526 | | | | 2,239,856 | |
0.750% 2/15/42 | | | 1,306,095 | | | | 1,508,421 | |
0.750% 2/15/45 | | | 1,104,089 | | | | 1,282,253 | |
0.875% 1/15/29 | | | 2,226,300 | | | | 2,463,975 | |
0.875% 2/15/47 | | | 582,190 | | | | 706,087 | |
1.000% 2/15/46 | | | 237,248 | | | | 292,229 | |
1.000% 2/15/48 | | | 911,848 | | | | 1,146,174 | |
1.000% 2/15/49 | | | 502,641 | | | | 637,366 | |
1.375% 2/15/44 | | | 1,447,212 | | | | 1,877,569 | |
2.000% 1/15/26 | | | 849,684 | | | | 953,704 | |
2.125% 2/15/40 | | | 390,126 | | | | 554,807 | |
2.125% 2/15/41 | | | 834,269 | | | | 1,191,624 | |
2.375% 1/15/25 | | | 2,087,582 | | | | 2,320,763 | |
2.375% 1/15/27 | | | 418,128 | | | | 485,935 | |
2.500% 1/15/29 | | | 785,484 | | | | 958,950 | |
3.375% 4/15/32 | | | 395,878 | | | | 560,669 | |
3.625% 4/15/28 | | | 782,010 | | | | 992,527 | |
3.875% 4/15/29 | | | 854,880 | | | | 1,133,902 | |
| | | | | | | 75,118,870 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $77,208,062) | | | | | | | 75,118,870 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $257,987,839) | | | | | | | 254,185,327 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS (#) — 0.7% (Cost $1,845,236) | | | | | | | 1,890,498 | |
| | | | | | | | |
| | | | | | | | |
MUTUAL FUNDS — 1.0% | | | | | | | | |
Diversified Financial Services — 1.0% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (h) | | | 2,716,698 | | | | 2,716,698 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $2,716,698) | | | | | | | 2,716,698 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $262,549,773) | | | | | | | 258,792,523 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 5.6% | | | | | | | | |
Commercial Paper — 3.4% | | | | | | | | |
Ingredion, Inc. | | | | | | | | |
0.913% 4/11/22 (a) | | | 3,000,000 | | | | 2,999,432 | |
Mccormick & Co, Inc. | | | | | | | | |
0.608% 4/06/22 (a) | | | 3,000,000 | | | | 2,999,718 | |
NRW Bank | | | | | | | | |
0.289% 4/12/22 (a) | | | 1,000,000 | | | | 999,903 | |
Sempra Energy | | | | | | | | |
0.700% 4/18/22 (a) | | | 2,000,000 | | | | 1,999,242 | |
| | | | | | | 8,998,295 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Repurchase Agreement — 2.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (i) | | $ | 5,827,618 | | | $ | 5,827,618 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $14,825,823) | | | | | | | 14,825,913 | |
| | | | | | | | |
TOTAL INVESTMENTS — 103.3% (Cost $277,375,596) (j) | | | | | | | 273,618,436 | |
| | | | | | | | |
Other Assets/(Liabilities) — (3.3)% | | | | | | | (8,706,430) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 264,912,006 | |
Abbreviation Legend
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, 2022, the aggregate market value of these securities amounted to $165,315,863 or 62.40% 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, 2022. |
(c) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $700,000 or 0.26% of net assets. |
(e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(f) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $2,661,102 or 1.00% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. |
(g) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(h) | Represents investment of security lending cash collateral. (Note 2). |
(i) | Maturity value of $5,827,618. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $5,944,248. |
(j) | See Note 3 for aggregate cost for federal tax purposes. |
(#) Interest Rate Swaptions Purchased |
| | | | | | Paid by Fund | | Received by Fund | | | | | | | | | | | |
Description | | Counterparty | | Expiration Date | | Rate | | Frequency | | Rate | | Frequency | | Notional Amount | | Value | | | Premium Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Call | | | | | | | | | | | | | | | | | | | | | | | | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | 3-Month USD LIBOR BBA | | Quarterly | | 2.44%## | | Semi-Annual | | USD | | 1,967,000 | | $ | 137,061 | | | $ | 98,335 | | | $ | 38,726 | |
Put | | | | | | | | | | | | | | | | | | | | | | | | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | 2.94%## | | Semi-Annual | | 3-Month USD LIBOR BBA | | Quarterly | | USD | | 22,880,000 | | $ | 1,165,736 | | | $ | 1,143,840 | | | $ | 21,896 | |
10-Year Interest Rate Swap, 2/02/43 | | Credit Suisse International | | 1/31/33 | | 3.11%## | | Semi-Annual | | 3-Month USD LIBOR BBA | | Quarterly | | USD | | 12,590,000 | | | 587,701 | | | | 603,061 | | | | (15,360) | |
| | | | | | | | | | | | | | | | | | | 1,753,437 | | | | 1,746,901 | | | | 6,536 | |
| | | | | | | | | | | | | | | | | | $ | 1,890,498 | | | $ | 1,845,236 | | | $ | 45,262 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Long Bond | | 6/21/22 | | | 26 | | | $ | 4,036,574 | | | $ | (134,949) | |
U.S. Treasury Note 2 Year | | 6/30/22 | | | 21 | | | | 4,472,666 | | | | (22,307) | |
| | | | | | | | | | | | $ | (157,256) | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 6/21/22 | | | 31 | | | $ | (4,310,244) | | | $ | 110,713 | |
U.S. Treasury Ultra Bond | | 6/21/22 | | | 9 | | | | (1,611,501) | | | | 17,376 | |
| | | | | | | | | | | | $ | 128,089 | |
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) | |
3.630% | | Maturity | | | U.S. Consumer Price Index | | Maturity | | | Bank of America N.A. | | 12/02/23 | | USD | | 7,000,000 | | | $ | 250,802 | | | $ | — | | | $ | 250,802 | |
2.000% | | Maturity | | | U.S. Consumer Price Index | | Maturity | | | JP Morgan Chase Bank N.A. | | 12/24/23 | | USD | | 4,000,000 | | | | 416,330 | | | | — | | | | 416,330 | |
4.130% | | Maturity | | | U.S. Consumer Price Index | | Maturity | | | JP Morgan Chase Bank N.A. | | 3/09/24 | | USD | | 8,000,000 | | | | 69,378 | | | | — | | | | 69,378 | |
| | | | | | | | | | | | | | | | | | | $ | 736,510 | | | $ | — | | | $ | 736,510 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
OTC Total Return Swaps |
Paid by the Fund | | Received by the Fund | | |
Rate/ Reference | | Frequency | | | Rate/ Reference | | Frequency | | Counterparty | | Termination Date | | No. of Contracts/ Notional | | Value | | | Upfront Premium Received (Paid)/ Received | | | Unrealized Appreciation (Depreciation) | |
0.00% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 7/29/22 | | 32,807,085 | | $ | (335,134) | | | $ | — | | | $ | (335,134) | |
0.00% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 8/31/22 | | 55,570,512 | | | (1,033,460) | | | | — | | | | (1,033,460) | |
0.20% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 5/31/22 | | 10,445,535 | | | (283,752) | | | | — | | | | (283,752) | |
0.00% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 7/29/22 | | 41,389,577 | | | (422,807) | | | | — | | | | (422,807) | |
0.00% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 8/31/22 | | 46,308,698 | | | (861,216) | | | | — | | | | (861,216) | |
| | | | | | | | | | | | | | | $ | (2,936,369) | | | $ | — | | | $ | (2,936,369) | |
Currency Legend
MML iShares 60/40 Allocation Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 104.7% | | | | | | | | |
| | | | | | | | |
Equity Funds — 59.3% | | | | | | | | |
iShares Core Dividend Growth ETF | | | 14,409 | | | $ | 769,584 | |
iShares Core MSCI Emerging Markets ETF | | | 9,251 | | | | 513,893 | |
iShares Core MSCI International Developed Markets ETF | | | 52,390 | | | | 3,333,576 | |
iShares Core S&P 500 ETF | | | 5,078 | | | | 2,303,838 | |
iShares Core S&P Mid-Cap ETF | | | 1,893 | | | | 507,967 | |
iShares Core S&P Total US Stock Market ETF | | | 78,505 | | | | 7,924,295 | |
| | | | | | | 15,353,153 | |
Fixed Income Funds — 45.4% | | | | | | | | |
iShares 20+ Year Treasury Bond ETF | | | 4,002 | | | | 528,584 | |
iShares Broad USD High Yield Corporate Bond ETF | | | 6,689 | | | | 259,935 | |
iShares Core International Aggregate Bond ETF | | | 2,519 | | | | 131,316 | |
iShares Core U.S. Aggregate Bond ETF | | | 77,122 | | | | 8,259,766 | |
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | | | 25,302 | | | | 1,308,619 | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 1,255,040 | | | | 1,255,040 | |
| | | | | | | 11,743,260 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $27,442,165) | | | | | | | 27,096,413 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $27,442,165) | | | | | | | 27,096,413 | |
| | | | | | | | |
TOTAL INVESTMENTS — 104.7% (Cost $27,442,165) (c) | | | | | | | 27,096,413 | |
| | | | | | | | |
Other Assets/(Liabilities) — (4.7)% | | | | | | | (1,224,247) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 25,872,166 | |
Abbreviation Legend
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, 2022, was $1,224,730 or 4.73% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | See Note 3 for aggregate cost for federal tax purposes. |
MML iShares 80/20 Allocation Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 104.4% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 104.4% | | | | | | | | |
iShares 20+ Year Treasury Bond ETF | | | 2,238 | | | $ | 295,595 | |
| | | | | | | |
iShares Broad USD High Yield Corporate Bond ETF | | | 7,482 | | | | 290,750 | |
| | | | | | | | |
iShares Core Dividend Growth ETF | | | 16,116 | | | | 860,756 | |
| | | | | | | | |
iShares Core International Aggregate Bond ETF | | | 5,634 | | | | 293,700 | |
| | | | | | | | |
iShares Core MSCI Emerging Markets ETF | | | 25,867 | | | | 1,436,912 | |
| | | | | | | | |
iShares Core MSCI International Developed Markets ETF | | | 67,609 | | | | 4,301,961 | |
| | | | | | | | |
iShares Core S&P 500 ETF | | | 5,049 | | | | 2,290,681 | |
| | | | | | | | |
iShares Core S&P Mid-Cap ETF | | | 4,235 | | | | 1,136,420 | |
| | | | | | | | |
iShares Core S&P Total US Stock Market ETF | | | 127,457 | | | | 12,865,510 | |
| | | | | | | | |
iShares Core U.S. Aggregate Bond ETF | | | 32,859 | | | | 3,519,199 | |
| | | | | | | | |
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | | | 28,299 | | | | 1,463,624 | |
| | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 1,397,557 | | | | 1,397,557 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $30,389,737) | | | | | | | 30,152,665 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $30,389,737) | | | | | | | 30,152,665 | |
| | | | | | | | |
TOTAL INVESTMENTS — 104.4% (Cost $30,389,737) (c) | | | | | | | 30,152,665 | |
| | | | | | | | |
Other Assets/(Liabilities) — (4.4)% | | | | | | | (1,259,399) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 28,893,266 | |
Abbreviation Legend
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, 2022, was $1,363,805 or 4.72% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | See Note 3 for aggregate cost for federal tax purposes. |
MML Managed Bond Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 99.1% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 36.9% | | | | | | | | |
Aerospace & Defense — 0.3% | | | | | | | | |
The Boeing Co. | | | | | | | | |
5.150% 5/01/30 | | $ | 2,200,000 | | | $ | 2,346,483 | |
5.930% 5/01/60 | | | 605,000 | | | | 698,155 | |
| | | | | | | 3,044,638 | |
Agriculture — 1.1% | | | | | | | | |
Altria Group, Inc. | | | | | | | | |
5.800% 2/14/39 | | | 1,375,000 | | | | 1,483,128 | |
BAT Capital Corp. | | | | | | | | |
2.259% 3/25/28 | | | 725,000 | | | | 651,691 | |
4.700% 4/02/27 | | | 2,365,000 | | | | 2,429,066 | |
4.758% 9/06/49 | | | 540,000 | | | | 496,495 | |
Imperial Brands Finance PLC | | | | | | | | |
3.875% 7/26/29 (a) | | | 2,764,000 | | | | 2,705,561 | |
Reynolds American, Inc. | | | | | | | | |
5.850% 8/15/45 | | | 985,000 | | | | 1,008,199 | |
Viterra Finance BV | | | | | | | | |
3.200% 4/21/31 (a) | | | 1,315,000 | | | | 1,210,280 | |
| | | | | | | 9,984,420 | |
Airlines — 0.2% | | | | | | | | |
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | | | | | | | | |
4.100% 4/01/28 | | | 1,289,919 | | | | 1,260,313 | |
United Airlines Pass-Through Trust, Series 2018-1, Class B, | | | | | | | | |
4.600% 3/01/26 | | | 384,450 | | | | 351,299 | |
| | | | | | | 1,611,612 | |
Auto Manufacturers — 0.8% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
3.087% 1/09/23 | | | 1,410,000 | | | | 1,410,423 | |
4.140% 2/15/23 | | | 1,360,000 | | | | 1,371,492 | |
General Motors Co. | | | | | | | | |
5.150% 4/01/38 | | | 800,000 | | | | 813,332 | |
6.800% 10/01/27 | | | 1,890,000 | | | | 2,136,471 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.100% 1/12/32 | | | 1,750,000 | | | | 1,573,163 | |
| | | | | | | 7,304,881 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
Lear Corp. | | | | | | | | |
3.550% 1/15/52 (b) | | | 1,325,000 | | | | 1,089,442 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Banks — 6.8% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (a) | | $ | 1,875,000 | | | $ | 1,916,719 | |
Bank Hapoalim BM 5 year CMT + 2.155% | | | | | | | | |
3.255% VRN 1/21/32 (a) | | | 2,600,000 | | | | 2,392,000 | |
Bank of America Corp. | | | | | | | | |
SOFR + 1.220% 2.299% VRN 7/21/32 | | | 1,355,000 | | | | 1,206,151 | |
5 year CMT + 1.200% 2.482% VRN 9/21/36 | | | 2,635,000 | | | | 2,265,838 | |
SOFR + 2.150% 2.592% VRN 4/29/31 | | | 1,255,000 | | | | 1,157,972 | |
5 year CMT + 2.000% 3.846% VRN 3/08/37 | | | 2,145,000 | | | | 2,054,449 | |
4.183% 11/25/27 | | | 1,090,000 | | | | 1,112,833 | |
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38 | | | 1,150,000 | | | | 1,198,394 | |
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | | | 475,000 | | | | 490,943 | |
6.110% 1/29/37 | | | 1,550,000 | | | | 1,851,963 | |
7.750% 5/14/38 | | | 400,000 | | | | 558,613 | |
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648% | | | | | | | | |
4.650% VRN (c) | | | 3,575,000 | | | | 3,450,769 | |
Barclays PLC | | | | | | | | |
4.337% 1/10/28 | | | 920,000 | | | | 936,312 | |
5.200% 5/12/26 | | | 1,320,000 | | | | 1,372,483 | |
BPCE SA SOFR + 1.730% | | | | | | | | |
3.116% VRN 10/19/32 (a) | | | 1,860,000 | | | | 1,683,692 | |
Citigroup, Inc. | | | | | | | | |
4.450% 9/29/27 | | | 1,825,000 | | | | 1,885,360 | |
6.625% 6/15/32 | | | 1,525,000 | | | | 1,843,201 | |
Credit Suisse AG | | | | | | | | |
6.500% 8/08/23 (a) | | | 1,630,000 | | | | 1,670,750 | |
Deutsche Bank AG SOFR + 1.318% | | | | | | | | |
2.552% VRN 1/07/28 | | | 2,580,000 | | | | 2,381,252 | |
Discover Bank 5 year USD Swap + 1.730% | | | | | | | | |
4.682% VRN 8/09/28 | | | 1,955,000 | | | | 1,983,454 | |
First Republic Bank | | | | | | | | |
4.375% 8/01/46 | | | 1,700,000 | | | | 1,754,293 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
5.950% 1/15/27 | | | 1,410,000 | | | | 1,549,867 | |
6.750% 10/01/37 | | | 1,795,000 | | | | 2,262,378 | |
HSBC Holdings PLC | | | | | | | | |
SOFR + 1.285% 2.206% VRN 8/17/29 | | | 1,203,000 | | | | 1,084,125 | |
4.250% 3/14/24 | | | 995,000 | | �� | | 1,010,259 | |
4.250% 8/18/25 | | | 2,781,000 | | | | 2,816,374 | |
4.375% 11/23/26 | | | 699,000 | | | | 712,829 | |
JP Morgan Chase & Co. | | | | | | | | |
SOFR + 2.515% 2.956% VRN 5/13/31 | | | 1,000,000 | | | | 935,817 | |
5.600% 7/15/41 | | | 1,125,000 | | | | 1,363,966 | |
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250% | | | | | | | | |
3.077% VRN 4/07/31 (a) | | | 2,780,000 | | | | 2,578,450 | |
Morgan Stanley | | | | | | | | |
SOFR + 1.360% 2.484% VRN 9/16/36 | | | 1,270,000 | | | | 1,088,065 | |
SOFR + 1.485% 3.217% VRN 4/22/42 | | | 1,345,000 | | | | 1,238,528 | |
4.350% 9/08/26 | | | 3,200,000 | | | | 3,308,595 | |
National Australia Bank Ltd. 5 year CMT + 1.700% | | | | | | | | |
3.347% VRN 1/12/37 (a) | | | 2,960,000 | | | | 2,732,547 | |
Societe Generale SA 1 year CMT + 1.000% | | | | | | | | |
1.792% VRN 6/09/27 (a) | | | 2,010,000 | | | | 1,813,494 | |
Valley National Bancorp | | | | | | | | |
5.125% 9/27/23 | | | 1,530,000 | | | | 1,571,725 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Wells Fargo & Co. | | | | | | | | |
5.375% 11/02/43 | | $ | 909,000 | | | $ | 1,055,303 | |
| | | | | | | 62,289,763 | |
Beverages — 0.7% | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.900% 2/01/46 | | | 3,475,000 | | | | 3,862,909 | |
Bacardi Ltd. | | | | | | | | |
5.150% 5/15/38 (a) (b) | | | 450,000 | | | | 489,539 | |
Molson Coors Beverage Co. | | | | | | | | |
4.200% 7/15/46 | | | 1,859,000 | | | | 1,802,729 | |
5.000% 5/01/42 | | | 360,000 | | | | 381,152 | |
| | | | | | | 6,536,329 | |
Biotechnology — 0.3% | | | | | | | | |
Amgen, Inc. | | | | | | | | |
3.000% 1/15/52 | | | 840,000 | | | | 711,989 | |
Bio-Rad Laboratories, Inc. | | | | | | | | |
3.700% 3/15/32 (b) | | | 1,935,000 | | | | 1,912,444 | |
| | | | | | | 2,624,433 | |
Chemicals — 0.5% | | | | | | | | |
DuPont de Nemours, Inc. | | | | | | | | |
5.319% 11/15/38 | | | 1,200,000 | | | | 1,379,372 | |
Syngenta Finance NV | | | | | | | | |
4.441% 4/24/23 (a) | | | 1,183,000 | | | | 1,198,819 | |
Yara International ASA | | | | | | | | |
3.800% 6/06/26 (a) | | | 1,850,000 | | | | 1,849,428 | |
| | | | | | | 4,427,619 | |
Computers — 0.2% | | | | | | | | |
Apple, Inc. | | | | | | | | |
2.650% 5/11/50 | | | 700,000 | | | | 609,334 | |
Dell International LLC / EMC Corp. | | | | | | | | |
8.100% 7/15/36 | | | 325,000 | | | | 427,442 | |
Leidos, Inc. | | | | | | | | |
2.300% 2/15/31 | | | 1,260,000 | | | | 1,095,696 | |
| | | | | | | 2,132,472 | |
Diversified Financial Services — 3.2% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | | | | | | | |
3.300% 1/30/32 | | | 4,115,000 | | | | 3,710,060 | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 1,275,000 | | | | 1,122,185 | |
3.950% 7/15/26 (a) | | | 2,555,000 | | | | 2,384,638 | |
6.000% 8/15/23 (a) | | | 1,330,000 | | | | 1,358,346 | |
8.500% 5/18/25 (a) | | | 720,000 | | | | 792,640 | |
Ares Finance Co. III LLC 5 year CMT + 3.237% | | | | | | | | |
4.125% VRN 6/30/51 (a) | | | 1,585,000 | | | | 1,505,596 | |
Ares Finance Co. LLC | | | | | | | | |
4.000% 10/08/24 (a) | | | 2,080,000 | | | | 2,092,593 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.528% 11/18/27 (a) | | | 2,755,000 | | | | 2,437,723 | |
3.250% 2/15/27 (a) | | | 1,610,000 | | | | 1,516,510 | |
4.250% 4/15/26 (a) | | | 2,976,000 | | | | 2,938,314 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.500% 1/15/26 (a) | | $ | 190,000 | | | $ | 196,319 | |
Blue Owl Finance LLC | | | | | | | | |
3.125% 6/10/31 (a) | | | 3,120,000 | | | | 2,648,074 | |
4.125% 10/07/51 (a) | | | 1,675,000 | | | | 1,327,059 | |
Brookfield Finance, Inc. | | | | | | | | |
4.350% 4/15/30 | | | 1,765,000 | | | | 1,835,979 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (a) | | | 1,449,648 | | | | 1,318,411 | |
Lazard Group LLC | | | | | | | | |
3.625% 3/01/27 | | | 1,253,000 | | | | 1,248,879 | |
Synchrony Financial | | | | | | | | |
2.875% 10/28/31 | | | 950,000 | | | | 842,036 | |
| | | | | | | 29,275,362 | |
Electric — 0.5% | | | | | | | | |
CMS Energy Corp. | | | | | | | | |
4.875% 3/01/44 | | | 780,000 | | | | 862,360 | |
Duke Energy Corp. | | | | | | | | |
3.750% 9/01/46 | | | 1,500,000 | | | | 1,412,918 | |
NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547% | | | | | | | | |
3.800% VRN 3/15/82 | | | 1,250,000 | | | | 1,150,285 | |
Pacific Gas and Electric Co. | | | | | | | | |
2.500% 2/01/31 | | | 775,000 | | | | 668,141 | |
Puget Energy, Inc. | | | | | | | | |
2.379% 6/15/28 | | | 840,000 | | | | 769,404 | |
| | | | | | | 4,863,108 | |
Food — 0.8% | | | | | | | | |
JBS Finance Luxembourg SARL | | | | | | | | |
3.625% 1/15/32 (a) | | | 5,300,000 | | | | 4,849,500 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
5.500% 1/15/30 (a) | | | 776,000 | | | | 793,289 | |
Smithfield Foods, Inc. | | | | | | | | |
2.625% 9/13/31 (a) | | | 1,280,000 | | | | 1,122,642 | |
3.000% 10/15/30 (a) | | | 943,000 | | | | 855,946 | |
| | | | | | | 7,621,377 | |
Gas — 0.4% | | | | | | | | |
CenterPoint Energy Resources Corp. | | | | | | | | |
6.625% 11/01/37 | | | 1,250,000 | | | | 1,521,694 | |
NiSource, Inc. | | | | | | | | |
5.800% 2/01/42 | | | 950,000 | | | | 1,093,388 | |
NiSource, Inc. | | | | | | | | |
4.800% 2/15/44 | | | 1,035,000 | | | | 1,071,225 | |
| | | | | | | 3,686,307 | |
Health Care – Services — 0.2% | | | | | | | | |
City of Hope | | | | | | | | |
4.378% 8/15/48 | | | 1,050,000 | | | | 1,133,151 | |
HCA, Inc. | | | | | | | | |
3.500% 7/15/51 | | | 1,250,000 | | | | 1,077,895 | |
| | | | | | | 2,211,046 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Insurance — 5.9% | | | | | | | | |
Allianz SE 5 year CMT + 2.973% | | | | | | | | |
3.500% VRN (a) (c) | | $ | 4,200,000 | | | $ | 3,979,500 | |
Allstate Corp. 3 mo. USD LIBOR + 2.938% | | | | | | | | |
5.750% VRN 8/15/53 | | | 2,885,000 | | | | 2,863,363 | |
American International Group, Inc. 3 mo. USD LIBOR + 2.868% | | | | | | | | |
5.750% VRN 4/01/48 (b) | | | 2,177,000 | | | | 2,189,409 | |
AmTrust Financial Services, Inc. | | | | | | | | |
6.125% 8/15/23 | | | 3,370,000 | | | | 3,378,125 | �� |
Ascot Group Ltd. | | | | | | | | |
4.250% 12/15/30 (a) | | | 1,990,000 | | | | 1,951,286 | |
Athene Global Funding | | | | | | | | |
2.673% 6/07/31 (a) | | | 2,505,000 | | | | 2,248,898 | |
AXIS Specialty Finance LLC 5 year CMT + 3.186% | | | | | | | | |
4.900% VRN 1/15/40 | | | 1,315,000 | | | | 1,282,125 | |
Brighthouse Financial, Inc. | | | | | | | | |
4.700% 6/22/47 | | | 1,125,000 | | | | 1,092,273 | |
5.625% 5/15/30 | | | 3,067,000 | | | | 3,362,472 | |
CNO Financial Group, Inc. | | | | | | | | |
5.250% 5/30/29 | | | 2,619,000 | | | | 2,755,465 | |
Enstar Finance LLC 5 year CMT + 5.468% | | | | | | | | |
5.750% VRN 9/01/40 | | | 2,200,000 | | | | 2,175,250 | |
Enstar Group Ltd. | | | | | | | | |
4.950% 6/01/29 | | | 2,480,000 | | | | 2,574,666 | |
Global Atlantic Fin Co. | | | | | | | | |
3.125% 6/15/31 (a) | | | 1,675,000 | | | | 1,496,562 | |
5 year CMT + 3.796% 4.700% VRN 10/15/51 (a) | | | 3,060,000 | | | | 2,884,050 | |
Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850% | | | | | | | | |
3.379% VRN 2/04/32 (a) | | | 2,485,000 | | | | 2,382,771 | |
Hill City Funding Trust | | | | | | | | |
4.046% 8/15/41 (a) | | | 4,000,000 | | | | 3,359,585 | |
Liberty Mutual Group, Inc. 5 year CMT + 3.315% | | | | | | | | |
4.125% VRN 12/15/51 (a) | | | 1,220,000 | | | | 1,149,850 | |
Markel Corp. 5 year CMT + 5.662% | | | | | | | | |
6.000% VRN (c) | | | 1,580,000 | | | | 1,635,300 | |
MetLife Capital Trust IV | | | | | | | | |
7.875% 12/15/37 (a) | | | 725,000 | | | | 864,563 | |
New York Life Insurance Co. | | | | | | | | |
3.750% 5/15/50 (a) | | | 510,000 | | | | 494,098 | |
Prudential Financial, Inc. | | | | | | | | |
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | | | 1,025,000 | | | | 1,031,406 | |
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | | | 2,440,000 | | | | 2,489,239 | |
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42 | | | 550,000 | | | | 554,125 | |
Sammons Financial Group, Inc. | | | | | | | | |
3.350% 4/16/31 (a) | | | 3,805,000 | | | | 3,505,644 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
4.270% 5/15/47 (a) | | | 750,000 | | | | 791,973 | |
USF&G Capital I | | | | | | | | |
8.500% 12/15/45 (a) | | | 885,000 | | | | 1,233,862 | |
| | | | | | | 53,725,860 | |
Internet — 0.4% | | | | | | | | |
Expedia Group, Inc. | | | | | | | | |
4.625% 8/01/27 | | | 1,330,000 | | | | 1,381,642 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Netflix, Inc. | | | | | | | | |
5.875% 11/15/28 | | $ | 1,687,000 | | | $ | 1,859,580 | |
| | | | | | | 3,241,222 | |
Investment Companies — 1.6% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
2.150% 7/15/26 | | | 1,850,000 | | | | 1,674,107 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 1,908,000 | | | | 1,899,890 | |
Blackstone Private Credit Fund | | | | | | | | |
1.750% 9/15/24 (a) | | | 335,000 | | | | 315,008 | |
2.625% 12/15/26 (a) | | | 3,425,000 | | | | 3,086,737 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 880,000 | | | | 809,513 | |
3.375% 4/15/24 | | | 2,438,000 | | | | 2,401,809 | |
OWL Rock Core, Income Corp. | | | | | | | | |
4.700% 2/08/27 (a) | | | 1,945,000 | | | | 1,873,272 | |
Sixth Street Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 2,440,000 | | | | 2,433,901 | |
| | | | | | | 14,494,237 | |
Iron & Steel — 0.4% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.250% 8/10/26 | | | 2,400,000 | | | | 2,643,480 | |
6.875% 11/21/36 | | | 1,030,000 | | | | 1,242,448 | |
| | | | | | | 3,885,928 | |
Lodging — 0.2% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 2,070,000 | | | | 1,977,880 | |
Media — 1.0% | | | | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
3.900% 6/01/52 | | | 765,000 | | | | 642,700 | |
6.484% 10/23/45 | | | 1,485,000 | | | | 1,692,041 | |
Comcast Corp. | | | | | | | | |
2.887% 11/01/51 (a) | | | 350,000 | | | | 294,883 | |
2.937% 11/01/56 (a) | | | 1,184,000 | | | | 977,061 | |
3.969% 11/01/47 | | | 630,000 | | | | 639,695 | |
Discovery Communications LLC | | | | | | | | |
4.000% 9/15/55 | | | 1,210,000 | | | | 1,043,383 | |
4.650% 5/15/50 | | | 490,000 | | | | 474,688 | |
Paramount Global | | | | | | | | |
4.200% 5/19/32 | | | 872,000 | | | | 873,367 | |
4.950% 1/15/31 | | | 1,008,000 | | | | 1,072,084 | |
Time Warner Cable, Inc. | | | | | | | | |
6.750% 6/15/39 | | | 985,000 | | | | 1,142,943 | |
| | | | | | | 8,852,845 | |
Metal Fabricate & Hardware — 0.2% | | | | | | | | |
The Timken Co. | | | | | | | | |
4.500% 12/15/28 | | | 2,055,000 | | | | 2,112,347 | |
Mining — 0.6% | | | | | | | | |
Glencore Finance Canada Ltd. | | | | | | | | |
5.550% STEP 10/25/42 (a) | | | 894,000 | | | | 989,817 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Glencore Funding LLC | | | | | | | | |
2.625% 9/23/31 (a) | | $ | 2,685,000 | | | $ | 2,402,115 | |
3.875% 10/27/27 (a) | | | 975,000 | | | | 970,913 | |
Teck Resources Ltd. | | | | | | | | |
6.000% 8/15/40 | | | 850,000 | | | | 975,566 | |
| | | | | | | 5,338,411 | |
Oil & Gas — 2.2% | | | | | | | | |
BP Capital Markets PLC | | | | | | | | |
5 year CMT + 4.036% 4.375% VRN (c) | | | 2,400,000 | | | | 2,413,200 | |
5 year CMT + 4.398% 4.875% VRN (c) | | | 1,475,000 | | | | 1,478,687 | |
Cenovus Energy, Inc. | | | | | | | | |
6.750% 11/15/39 | | | 765,000 | | | | 945,302 | |
Devon Energy Corp. | | | | | | | | |
5.600% 7/15/41 | | | 800,000 | | | | 924,011 | |
EQT Corp. | | | | | | | | |
3.900% 10/01/27 | | | 2,160,000 | | | | 2,160,000 | |
Marathon Petroleum Corp. | | | | | | | | |
6.500% 3/01/41 | | | 1,120,000 | | | | 1,381,156 | |
Occidental Petroleum Corp. | | | | | | | | |
6.600% 3/15/46 | | | 1,258,000 | | | | 1,478,150 | |
Ovintiv Exploration, Inc. | | | | | | | | |
5.375% 1/01/26 | | | 1,650,000 | | | | 1,750,750 | |
Ovintiv, Inc. | | | | | | | | |
6.500% 8/15/34 | | | 1,050,000 | | | | 1,246,475 | |
6.500% 2/01/38 | | | 545,000 | | | | 645,853 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 1,355,000 | | | | 1,268,341 | |
5.150% 11/15/29 | | | 1,225,000 | | | | 1,195,114 | |
Petroleos Mexicanos | | | | | | | | |
5.350% 2/12/28 | | | 665,000 | | | | 633,100 | |
6.375% 1/23/45 | | | 595,000 | | | | 475,875 | |
6.500% 3/13/27 | | | 585,000 | �� | | | 594,067 | |
6.625% 6/15/35 | | | 140,000 | | | | 125,476 | |
Santos Finance Ltd. | | | | | | | | |
3.649% 4/29/31 (a) | | | 1,490,000 | | | | 1,396,055 | |
| | | | | | | 20,111,612 | |
Oil & Gas Services — 0.6% | | | | | | | | |
Halliburton Co. | | | | | | | | |
5.000% 11/15/45 | | | 1,000,000 | | | | 1,085,380 | |
NOV, Inc. | | | | | | | | |
3.600% 12/01/29 (b) | | | 3,123,000 | | | | 3,070,466 | |
3.950% 12/01/42 | | | 1,506,000 | | | | 1,325,581 | |
| | | | | | | 5,481,427 | |
Pharmaceuticals — 0.9% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.700% 5/14/45 | | | 1,260,000 | | | | 1,367,354 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 | | | 830,000 | | | | 909,808 | |
Cigna Corp. | | | | | | | | |
4.800% 7/15/46 | | | 880,000 | | | | 973,170 | |
CVS Health Corp. | | | | | | | | |
5.050% 3/25/48 | | | 455,000 | | | | 516,339 | |
6.125% 9/15/39 | | | 560,000 | | | | 691,778 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CVS Pass-Through Trust | | | | | | | | |
5.926% 1/10/34 (a) | | $ | 967,772 | | | $ | 1,070,220 | |
7.507% 1/10/32 (a) | | | 813,759 | | | | 948,238 | |
Utah Acquisition Sub, Inc. | | | | | | | | |
5.250% 6/15/46 | | | 1,375,000 | | | | 1,358,659 | |
| | | | | | | 7,835,566 | |
Pipelines — 1.9% | | | | | | | | |
Energy Transfer LP | | | | | | | | |
4.200% 4/15/27 | | | 885,000 | | | | 900,880 | |
6.125% 12/15/45 | | | 1,000,000 | | | | 1,103,230 | |
3 mo. USD LIBOR + 4.028% 6.250% VRN (c) | | | 2,370,000 | | | | 2,029,312 | |
EnLink Midstream Partners LP | | | | | | | | |
4.150% 6/01/25 | | | 2,924,000 | | | | 2,909,146 | |
4.850% 7/15/26 | | | 951,000 | | | | 953,378 | |
Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033% | | | | | | | | |
5.250% VRN 8/16/77 | | | 2,475,000 | | | | 2,326,974 | |
MPLX LP 3 mo. USD LIBOR + 4.652% | | | | | | | | |
6.875% VRN (c) | | | 1,775,000 | | | | 1,739,500 | |
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% | | | | | | | | |
6.125% VRN (c) | | | 2,345,000 | | | | 1,988,560 | |
Plains All American Pipeline LP / PAA Finance Corp. | | | | | | | | |
4.500% 12/15/26 | | | 1,050,000 | | | | 1,078,574 | |
Plains All American Pipeline LP/PAA Finance Corp. | | | | | | | | |
3.800% 9/15/30 | | | 1,150,000 | | | | 1,128,160 | |
4.700% 6/15/44 | | | 1,195,000 | | | | 1,122,368 | |
6.650% 1/15/37 | | | 375,000 | | | | 425,511 | |
| | | | | | | 17,705,593 | |
Private Equity — 0.8% | | | | | | | | |
Apollo Management Holdings LP 5 year CMT + 3.266% | | | | | | | | |
4.950% VRN 1/14/50 (a) | | | 1,505,000 | | | | 1,426,181 | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 3,284,000 | | | | 3,020,109 | |
3.375% 1/20/27 | | | 1,745,000 | | | | 1,640,514 | |
KKR Group Finance Co. VIII LLC | | | | | | | | |
3.500% 8/25/50 (a) | | | 710,000 | | | | 618,983 | |
KKR Group Finance Co. X LLC | | | | | | | | |
3.250% 12/15/51 (a) | | | 1,035,000 | | | | 862,103 | |
| | | | | | | 7,567,890 | |
Real Estate Investment Trusts (REITS) — 2.2% | | | | | | | | |
Broadstone Net Lease LLC | | | | | | | | |
2.600% 9/15/31 | | | 1,835,000 | | | | 1,634,229 | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 2,625,000 | | | | 2,423,265 | |
Host Hotels & Resorts LP | | | | | | | | |
2.900% 12/15/31 | | | 580,000 | | | | 519,023 | |
3.500% 9/15/30 | | | 2,120,000 | | | | 2,021,601 | |
Invitation Homes Operating Partnership LP | | | | | | | | |
4.150% 4/15/32 (d) | | | 505,000 | | | | 515,816 | |
Kimco Realty Corp. | | | | | | | | |
4.125% 12/01/46 | | | 710,000 | | | | 705,662 | |
4.450% 9/01/47 | | | 800,000 | | | | 835,162 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
3.375% 2/01/31 | | | 1,625,000 | | | | 1,488,846 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Piedmont Operating Partnership LP | | | | | | | | |
2.750% 4/01/32 | | $ | 1,035,000 | | | $ | 922,378 | |
Rexford Industrial Realty LP | | | | | | | | |
2.125% 12/01/30 | | | 533,000 | | | | 466,020 | |
Service Properties Trust | | | | | | | | |
4.500% 6/15/23 | | | 760,000 | | | | 752,932 | |
4.950% 10/01/29 | | | 1,155,000 | | | | 996,187 | |
Spirit Realty LP | | | | | | | | |
2.700% 2/15/32 | | | 550,000 | | | | 494,968 | |
3.200% 1/15/27 | | | 2,280,000 | | | | 2,233,402 | |
3.400% 1/15/30 | | | 515,000 | | | | 498,097 | |
4.000% 7/15/29 | | | 1,290,000 | | | | 1,303,771 | |
WEA Finance LLC | | | | | | | | |
2.875% 1/15/27 (a) (b) | | | 2,420,000 | | | | 2,302,817 | |
WP Carey, Inc. | | | | | | | | |
2.450% 2/01/32 | | | 596,000 | | | | 526,625 | |
| | | | | | | 20,640,801 | |
Software — 0.3% | | | | | | | | |
Electronic Arts, Inc. | | | | | | | | |
2.950% 2/15/51 | | | 1,100,000 | | | | 916,476 | |
Microsoft Corp. | | | | | | | | |
2.921% 3/17/52 | | | 2,064,000 | | | | 1,935,615 | |
| | | | | | | 2,852,091 | |
Telecommunications — 1.4% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
3.500% 9/15/53 | | | 328,000 | | | | 288,068 | |
3.550% 9/15/55 | | | 5,153,000 | | | | 4,542,052 | |
British Telecommunications PLC | | | | | | | | |
9.625% STEP 12/15/30 | | | 700,000 | | | | 955,165 | |
Crown Castle Towers LLC | | | | | | | | |
4.241% 7/15/28 (a) | | | 2,750,000 | | | | 2,827,227 | |
Verizon Communications, Inc. | | | | | | | | |
2.875% 11/20/50 | | | 755,000 | | | | 630,445 | |
2.987% 10/30/56 | | | 2,292,000 | | | | 1,885,290 | |
Vodafone Group PLC | | | | | | | | |
5.250% 5/30/48 | | | 1,150,000 | | | | 1,287,259 | |
| | | | | | | 12,415,506 | |
Transportation — 0.2% | | | | | | | | |
CSX Corp. | | | | | | | | |
4.750% 11/15/48 | | | 650,000 | | | | 744,037 | |
Norfolk Southern Corp. | | | | | | | | |
4.050% 8/15/52 | | | 860,000 | | | | 902,655 | |
| | | | | | | 1,646,692 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $354,807,578) | | | | | | | 338,588,717 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.6% | | | | | | | | |
Automobile Asset-Backed Securities — 0.4% | | | | | | | | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | | | | | | | | |
3.450% 1/26/32 (a) | | | 1,087,000 | | | | 1,074,242 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Westlake Automobile Receivables Trust, Series 2021-1A, Class E | | | | | | | | |
2.330% 8/17/26 (a) | | $ | 3,226,000 | | | $ | 3,037,869 | |
| | | | | | | 4,112,111 | |
Commercial Mortgage-Backed Securities — 8.7% | | | | | | | | |
Aventura Mall Trust, Series 2018-AVM, Class C, | | | | | | | | |
4.112% VRN 7/05/40 (a) (e) | | | 4,270,000 | | | | 4,492,681 | |
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% | | | | | | | | |
1.747% FRN 9/15/34 (a) | | | 670,000 | | | | 654,931 | |
BANK, Series 2020-BN30, Class MCDF, | | | | | | | | |
2.918% VRN 12/15/53 (e) | | | 2,100,000 | | | | 1,786,061 | |
BBCMS Mortgage Trust | | | | | | | | |
Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (e) | | | 2,250,000 | | | | 2,194,447 | |
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (e) | | | 1,610,000 | | | | 1,515,967 | |
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (e) | | | 1,370,000 | | | | 1,222,557 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (e) | | | 2,200,000 | | | | 1,975,781 | |
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (e) | | | 3,587,000 | | | | 3,141,733 | |
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (e) | | | 2,500,000 | | | | 2,218,988 | |
BGME Trust | | | | | | | | |
Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (e) | | | 12,518,000 | | | | 11,469,390 | |
Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (e) | | | 2,800,000 | | | | 2,509,348 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.197% FRN 10/15/36 (a) | | | 1,469,650 | | | | 1,454,103 | |
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 2.197% FRN 6/15/38 (a) | | | 1,900,000 | | | | 1,850,178 | |
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 2.397% FRN 9/15/36 (a) | | | 4,999,000 | | | | 4,809,981 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.397% FRN 10/15/36 (a) | | | 1,774,800 | | | | 1,741,610 | |
COLEM Mortgage Trust, Series 2022-HLNE | | | | | | | | |
2.543% 4/12/42 (a) | | | 1,600,000 | | | | 1,389,281 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2012-CR4, Class B, 3.703% 10/15/45 (a) | | | 1,060,000 | | | | 933,531 | |
Series 2014-UBS2, Class AM, 4.199% 3/10/47 | | | 1,375,000 | | | | 1,383,138 | |
Series 2015-CR23, Class C, 4.288% VRN 5/10/48 (e) | | | 1,000,000 | | | | 978,704 | |
Series 2014-LC17, Class C, 4.558% VRN 10/10/47 (e) | | | 2,908,000 | | | | 2,881,932 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% | | | | | | | | |
2.547% FRN 5/15/36 (a) | | | 570,000 | | | | 558,641 | |
DROP Mortgage Trust | | | | | | | | |
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 2.650% FRN 4/15/26 (a) | | | 2,629,000 | | | | 2,536,990 | |
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 3.150% FRN 4/15/26 (a) | | | 908,000 | | | | 867,140 | |
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
2.647% FRN 7/15/38 (a) | | | 1,987,766 | | | | 1,957,981 | |
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, | | | | | | | | |
3.450% VRN 1/05/39 (a) (e) | | | 2,500,000 | | | | 2,339,345 | |
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.147% FRN 8/15/38 (a) | | | 2,600,000 | | | | 2,564,476 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
2.197% FRN 5/15/36 (a) | | | 1,505,000 | | | | 1,483,455 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.147% FRN 3/15/38 (a) | | $ | 1,902,047 | | | $ | 1,827,199 | |
MFT Trust | | | | | | | | |
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | | | 919,000 | | | | 831,245 | |
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (e) | | | 2,253,000 | | | | 2,012,697 | |
MHC Commercial Mortgage Trust | | | | | | | | |
Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601% 1.998% FRN 4/15/38 (a) | | | 1,600,000 | | | | 1,569,997 | |
Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% 2.498% FRN 4/15/38 (a) | | | 4,000,000 | | | | 3,904,996 | |
MKT Mortgage Trust | | | | | | | | |
Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (e) | | | 475,000 | | | | 417,475 | |
Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (e) | | | 976,000 | | | | 834,821 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5 | | | | | | | | |
3.390% 11/20/50 (a) | | | 1,200,000 | | | | 1,160,781 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% | | | | | | | | |
2.497% FRN 7/15/39 (a) | | | 3,761,000 | | | | 3,704,728 | |
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | | | | | | | | |
4.556% 6/16/51 | | | 400,000 | | | | 407,368 | |
| | | | | | | 79,583,677 | |
Other Asset-Backed Securities — 11.7% | | | | | | | | |
AASET Trust | | | | | | | | |
Series 2020-1A, Class A, 3.351% 1/16/40 (a) | | | 1,252,546 | | | | 1,101,996 | |
Series 2021-2A, Class B, 3.538% 1/15/47 (a) | | | 1,056,553 | | | | 972,972 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A | | | | | | | | |
4.810% 11/15/48 (a) | | | 1,803,867 | | | | 1,826,197 | |
Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210% | | | | | | | | |
1.375% FRN 10/15/34 (a) | | | 2,000,000 | | | | 1,982,938 | |
ASSURANT CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050% | | | | | | | | |
2.304% FRN 10/20/31 (a) | | | 950,000 | | | | 937,392 | |
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
2.009% FRN 1/23/31 (a) | | | 1,190,000 | | | | 1,184,602 | |
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150% | | | | | | | | |
3.630% FRN 11/20/30 (a) | | | 400,000 | | | | 391,957 | |
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | | | | | | | | |
2.940% 5/25/29 (a) | | | 303,631 | | | | 300,758 | |
Business Jet Securities LLC | | | | | | | | |
Series 2021-1A, Class A, 2.162% 4/15/36 (a) | | | 1,335,438 | | | | 1,243,013 | |
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | | | 518,186 | | | | 499,408 | |
Series 2021-1A, Class C, 5.067% 4/15/36 (a) | | | 898,783 | | | | 846,818 | |
Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150% | | | | | | | | |
2.391% FRN 10/15/34 (a) | | | 700,000 | | | | 689,275 | |
Capital Automotive REIT | | | | | | | | |
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | | | 457,319 | | | | 443,215 | |
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | | | 396,425 | | | | 392,221 | |
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A | | | | | | | | |
3.967% 4/15/39 (a) | | | 428,454 | | | | 388,078 | |
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100% | | | | | | | | |
2.341% FRN 1/15/31 (a) | | | 900,000 | | | | 885,277 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% | | | | | | | | |
1.234% FRN 4/20/31 (a) | | | 750,000 | | | | 745,922 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180% | | | | | | | | |
1.421% FRN 11/16/30 (a) | | $ | 2,330,000 | | | $ | 2,323,024 | |
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200% | | | | | | | | |
1.454% FRN 10/20/30 (a) | | | 2,040,000 | | | | 2,032,756 | |
Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220% | | | | | | | | |
1.343% FRN 10/15/36 (a) | | | 2,000,000 | | | | 1,980,746 | |
Eaton Vance CLO Ltd. | | | | | | | | |
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 1.991% FRN 10/15/30 (a) | | | 1,700,000 | | | | 1,678,748 | |
Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 2.291% FRN 10/15/34 (a) | | | 350,000 | | | | 346,924 | |
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150% | | | | | | | | |
1.404% FRN 4/20/34 (a) | | | 2,800,000 | | | | 2,769,105 | |
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
1.904% FRN 10/20/34 (a) | | | 350,000 | | | | 347,552 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 53,650 | | | | 53,730 | |
Flexential Issuer | | | | | | | | |
Series 2021-1A, Class B, 3.720% 11/27/51 (a) | | | 4,000,000 | | | | 3,791,147 | |
Series 2021-1A, Class C, 6.930% 11/27/51 (a) | | | 4,000,000 | | | | 3,759,995 | |
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050% | | | | | | | | |
2.304% FRN 10/20/32 (a) | | | 1,000,000 | | | | 989,546 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 2,035,358 | | | | 1,942,532 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 1,109,981 | | | | 1,085,655 | |
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | | | 531,714 | | | | 523,018 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 911,005 | | | | 899,535 | |
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
1.867% FRN 1/15/37 (a) | | | 500,000 | | | | 497,641 | |
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700% | | | | | | | | |
1.954% FRN 1/20/31 (a) | | | 1,290,000 | | | | 1,280,936 | |
Hero Funding Trust | | | | | | | | |
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | | | 495,787 | | | | 489,502 | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 548,677 | | | | 539,950 | |
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | | | 159,313 | | | | 157,177 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 637,015 | | | | 631,676 | |
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | | | 128,075 | | | | 127,785 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 963,192 | | | | 973,189 | |
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | | | | | | | | |
4.458% 12/15/38 (a) | | | 850,676 | | | | 783,283 | |
Horizon Aircraft Finance II Ltd, Series 2019-1, Class A | | | | | | | | |
3.721% 7/15/39 (a) | | | 1,212,145 | | | | 1,081,214 | |
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A | | | | | | | | |
3.425% 11/15/39 (a) | | | 2,686,482 | | | | 2,476,567 | |
KKR CLO Ltd. | | | | | | | | |
Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 1.966% FRN 3/15/31 (a) | | | 900,000 | | | | 894,459 | |
Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 2.265% FRN 10/15/34 (a) | | | 500,000 | | | | 491,298 | |
KREF Ltd. | | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 2.091% FRN 2/15/39 (a) | | $ | 2,900,000 | | | $ | 2,870,917 | |
Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 2.441% FRN 2/15/39 (a) | | | 5,000,000 | | | | 4,948,519 | |
Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 2.641% FRN 2/15/39 (a) | | | 4,100,000 | | | | 4,056,559 | |
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | | | | | | | | |
4.300% 1/15/42 (a) | | | 1,972,781 | | | | 1,806,121 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (a) | | | 1,556,635 | | | | 1,444,798 | |
Madison Park Funding Ltd. | | | | | | | | |
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.841% FRN 7/15/30 (a) | | | 1,665,000 | | | | 1,648,928 | |
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 2.259% FRN 1/22/31 (a) | | | 1,000,000 | | | | 986,257 | |
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.441% FRN 10/18/30 (a) | | | 620,000 | | | | 615,651 | |
Mariner Finance Issuance Trust | | | | | | | | |
Series 2021-AA, Class B, 2.330% 3/20/36 (a) | | | 1,336,000 | | | | 1,249,006 | |
Series 2021-AA, Class C, 2.960% 3/20/36 (a) | | | 637,000 | | | | 573,654 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2018-1A, Class A, 4.010% 6/22/43 (a) | | | 198,478 | | | | 197,183 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | | | 193,553 | | | | 193,962 | |
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
1.891% FRN 7/15/34 (a) | | | 1,800,000 | | | | 1,793,938 | |
NP SPE LLC, Series 2017-1A, Class A2 | | | | | | | | |
4.219% 10/21/47 (a) | | | 2,260,000 | | | | 2,232,105 | |
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100% | | | | | | | | |
1.354% FRN 7/20/31 (a) | | | 250,000 | | | | 248,672 | |
Oxford Finance Funding Trust, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 1,469,316 | | | | 1,465,996 | |
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850% | | | | | | | | |
1.969% FRN 10/20/34 (a) | | | 450,000 | | | | 440,333 | |
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | | | | | | | | |
3.967% 6/15/44 (a) | | | 1,396,474 | | | | 1,292,886 | |
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 | | | | | | | | |
3.858% 12/05/49 (a) | | | 2,269,755 | | | | 2,134,716 | |
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170% | | | | | | | | |
1.311% FRN 10/30/34 (a) | | | 1,000,000 | | | | 990,181 | |
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550% | | | | | | | | |
1.804% FRN 4/20/34 (a) | | | 1,500,000 | | | | 1,481,730 | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% | | | | | | | | |
1.331% FRN 1/15/30 (a) | | | 2,450,000 | | | | 2,437,341 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2021-1A, Class D, 3.170% 11/20/37 (a) | | | 920,917 | | | | 895,597 | |
Series 2018-3A, Class D, 5.200% 9/20/35 (a) | | | 382,014 | | | | 384,613 | |
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% | | | | | | | | |
2.788% FRN 8/18/31 (a) | | | 1,170,000 | | | | 1,135,205 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
1.657% FRN 11/25/35 (a) | | | 1,701,023 | | | | 1,665,762 | |
Structured Receivables Finance LLC, Series 2010-B, Class A | | | | | | | | |
3.730% 8/15/36 (a) | | | 93,279 | | | | 93,084 | |
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | | | | | | | | |
4.870% 7/20/48 (a) | | | 409,461 | | | | 409,545 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | | | | | | | | |
4.190% 1/15/71 (a) | | $ | 1,832,360 | | | $ | 1,875,925 | |
Thrust Engine Leasing | | | | | | | | |
Series 2021-1A, Class A, 4.163% 7/15/40 (a) | | | 2,645,704 | | | | 2,474,678 | |
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | | | 1,264,059 | | | | 1,171,829 | |
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | | | 959,181 | | | | 894,457 | |
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
FRN 10/20/32 (a) | | | 1,000,000 | | | | 990,106 | |
Vivint Solar Financing V LLC, Series 2018-1A, Class B | | | | | | | | |
7.370% 4/30/48 (a) | | | 2,284,611 | | | | 2,294,240 | |
WAVE LLC | | | | | | | | |
Series 2019-1A, Class A, 3.597% 9/15/44 (a) | | | 3,503,031 | | | | 3,091,211 | |
Series 2017-1A, Class A, 3.844% 11/15/42 (a) | | | 357,898 | | | | 337,376 | |
Series 2017-1A, Class C, 6.656% 11/15/42 (a) | | | 2,036,365 | | | | 1,067,891 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 1,050,909 | | | | 971,799 | |
Wind River CLO Ltd. | | | | | | | | |
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 1.991% FRN 7/15/30 (a) | | | 1,150,000 | | | | 1,142,392 | |
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 2.117% FRN 11/01/31 (a) | | | 900,000 | | | | 896,539 | |
Zaxby's Funding LLC, Series 2021-1A, Class A2 | | | | | | | | |
3.238% 7/30/51 (a) | | | 870,625 | | | | 805,766 | |
| | | | | | | 107,488,197 | |
Student Loans Asset-Backed Securities — 2.9% | | | | | | | | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2019-A, Class B, 3.810% 12/28/48 (a) | | | 1,593,620 | | | | 1,555,462 | |
Series 2019-A, Class C, 4.460% 12/28/48 (a) | | | 1,062,683 | | | | 1,043,565 | |
College Loan Corp. Trust I, Series 2007-1, Class B2, | | | | | | | | |
FRN 1/25/47 (e) | | | 252,727 | | | | 208,668 | |
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150% | | | | | | | | |
2.100% FRN 12/01/47 (a) | | | 955,511 | | | | 944,199 | |
Education Services of America | | | | | | | | |
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 1.957% FRN 6/25/48 (a) | | | 1,200,000 | | | | 1,190,022 | |
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 1.957% FRN 10/25/56 (a) | | | 1,100,000 | | | | 1,093,607 | |
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% | | | | | | | | |
3.958% FRN 4/25/46 | | | 625,000 | | | | 664,168 | |
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A | | | | | | | | |
3.580% 11/25/38 (a) | | | 793,376 | | | | 791,339 | |
Higher Education Funding I | | | | | | | | |
Series 2004-1, Class B2, 0.000% FRN 1/01/44 (a) (e) | | | 450,000 | | | | 391,962 | |
Series 2004-1, Class B1, 0.000% FRN 1/01/44 (a) (e) | | | 450,000 | | | | 403,783 | |
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX | | | | | | | | |
3.020% 8/25/42 (a) | | | 547,785 | | | | 544,086 | |
Navient Student Loan Trust | | | | | | | | |
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 1.807% FRN 2/25/70 (a) | | | 2,330,000 | | | | 2,295,287 | |
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.957% FRN 10/25/58 | | | 940,000 | | | | 929,539 | |
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 1.957% FRN 6/25/65 (a) | | | 2,370,000 | | | | 2,390,940 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2005-4, Class A4A, 0.000% FRN 3/22/32 (e) | | | 225,000 | | | | 222,064 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 1.216% FRN 6/25/41 | | $ | 477,098 | | | $ | 438,617 | |
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 1.857% FRN 4/25/67 (a) | | | 3,250,000 | | | | 3,249,998 | |
Series 2019-5, Class B, 3.450% 10/25/67 (a) | | | 2,150,000 | | | | 2,000,922 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.468% FRN 10/25/40 | | | 1,667,068 | | | | 1,555,765 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.548% FRN 1/25/44 | | | 1,593,934 | | | | 1,500,847 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
3.997% VRN 1/25/45 (a) (e) | | | 2,333,237 | | | | 2,403,983 | |
SoFi Professional Loan Program LLC, Series 2017-C, Class C, | | | | | | | | |
4.210% VRN 7/25/40 (a) (e) | | | 990,000 | | | | 948,299 | |
| | | | | | | 26,767,122 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 2.9% | | | | | | | | |
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | | | | | | | | |
2.507% VRN 8/25/34 (e) | | | 10,232 | | | | 9,996 | |
CSMC, Series 2021-NQM3, Class M1, | | | | | | | | |
2.317% VRN 4/25/66 (a) (e) | | | 1,330,000 | | | | 1,212,959 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (e) | | | 4,084,674 | | | | 3,738,913 | |
GS Mortgage-Backed Securities Trust | | | | | | | | |
Series 2021-GR2, Class A2, 2.500% VRN 2/25/52 (a) (e) | | | 2,250,589 | | | | 2,086,412 | |
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (a) (e) | | | 1,494,766 | | | | 1,371,039 | |
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | | | | | | | | |
3.460% VRN 1/25/47 (a) (e) | | | 608,668 | | | | 601,183 | |
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | | | | | | | | |
2.500% VRN 6/25/51 (a) (e) | | | 2,657,219 | | | | 2,440,594 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400% | | | | | | | | |
1.857% FRN 5/25/55 (a) | | | 2,606,000 | | | | 2,605,630 | |
NMLT Trust, Series 2021-INV1, Class M1, | | | | | | | | |
2.711% VRN 5/25/56 (a) (e) | | | 5,400,000 | | | | 4,793,816 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
3.307% FRN 2/25/23 (a) | | | 1,270,000 | | | | 1,264,523 | |
Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | | | | | | | | |
2.491% VRN 6/25/56 (a) (e) | | | 2,448,000 | | | | 2,239,158 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-3, Class M1, 2.397% VRN 6/25/66 (a) (e) | | | 3,640,000 | | | | 3,312,056 | |
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 (a) (e) | | | 1,147,000 | | | | 1,083,859 | |
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, | | | | | | | | |
3.980% VRN 11/25/48 (a) (e) | | | 91,847 | | | | 91,960 | |
| | | | | | | 26,852,098 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $255,110,614) | | | | | | | 244,803,205 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATIONS — 1.0% | | | | | | | | |
Colombia Government International Bond | | | | | | | | |
6.125% 1/18/41 | | | 2,080,000 | | | | 2,021,115 | |
Mexico Government International Bond | | | | | | | | |
3.500% 2/12/34 | | | 1,965,000 | | | | 1,826,074 | |
4.500% 4/22/29 | | | 875,000 | | | | 922,329 | |
4.750% 3/08/44 | | | 3,727,000 | | | | 3,670,424 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
6.750% 9/27/34 | | $ | 685,000 | | | $ | 841,180 | |
| | | | | | | 9,281,122 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $9,669,863) | | | | | | | 9,281,122 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 23.6% | | | | | | | | |
Collateralized Mortgage Obligations — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29 | | | 20,202 | | | | 21,635 | |
Pass-Through Securities — 23.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RA4245 2.000% 12/01/50 | | | 2,346,747 | | | | 2,187,810 | |
Pool #RA4255 2.000% 1/01/51 | | | 4,881,044 | | | | 4,556,569 | |
Pool #SD0905 3.000% 3/01/52 (d) | | | 3,729,807 | | | | 3,668,516 | |
Pool #J13972 3.500% 1/01/26 | | | 12,848 | | | | 13,138 | |
Pool #C91344 3.500% 11/01/30 | | | 50,999 | | | | 51,847 | |
Pool #C91424 3.500% 1/01/32 | | | 28,890 | | | | 29,443 | |
Pool #RA2483 3.500% 6/01/50 | | | 4,758,165 | | | | 4,780,130 | |
Pool #C91239 4.500% 3/01/29 | | | 2,563 | | | | 2,678 | |
Pool #C91251 4.500% 6/01/29 | | | 16,542 | | | | 17,283 | |
Pool #C90939 5.500% 12/01/25 | | | 8,484 | | | | 9,024 | |
Pool #D97258 5.500% 4/01/27 | | | 4,803 | | | | 5,113 | |
Pool #C91026 5.500% 4/01/27 | | | 16,126 | | | | 17,184 | |
Pool #C91074 5.500% 8/01/27 | | | 1,674 | | | | 1,784 | |
Pool #D97417 5.500% 10/01/27 | | | 7,734 | | | | 8,241 | |
Pool #C91128 5.500% 12/01/27 | | | 987 | | | | 1,052 | |
Pool #C91148 5.500% 1/01/28 | | | 37,361 | | | | 39,811 | |
Pool #C91176 5.500% 5/01/28 | | | 14,197 | | | | 15,137 | |
Pool #C91217 5.500% 11/01/28 | | | 4,687 | | | | 4,997 | |
Federal National Mortgage Association Pool #FS1075 3.000% 3/01/52 (d) | | | 3,750,000 | | | | 3,690,721 | |
Federal National Mortgage Association | | | | | | | | |
Pool #775539 12 mo. USD LIBOR + 1.641% 1.891% FRN 5/01/34 | | | 12,345 | | | | 12,743 | |
Pool #FM8596 2.500% 9/01/51 | | | 2,259,852 | | | | 2,164,592 | |
Pool #FM9104 2.500% 10/01/51 | | | 6,416,165 | | | | 6,143,196 | |
Pool #FM9227 2.500% 10/01/51 | | | 4,853,779 | | | | 4,644,246 | |
Pool #MA3029 3.000% 6/01/32 | | | 1,437,282 | | | | 1,453,964 | |
Pool #MA3090 3.000% 8/01/32 | | | 580,775 | | | | 587,516 | |
Pool #AO8180 3.000% 9/01/42 | | | 10,859 | | | | 10,844 | |
Pool #AB7397 3.000% 12/01/42 | | | 73,704 | | | | 73,604 | |
Pool #AB7401 3.000% 12/01/42 | | | 58,819 | | | | 58,739 | |
Pool #AP8668 3.000% 12/01/42 | | | 87,398 | | | | 87,279 | |
Pool #AR1975 3.000% 12/01/42 | | | 17,314 | | | | 17,290 | |
Pool #AR0306 3.000% 1/01/43 | | | 5,870 | | | | 5,862 | |
Pool #AR5391 3.000% 1/01/43 | | | 32,612 | | | | 32,568 | |
Pool #AL3215 3.000% 2/01/43 | | | 57,576 | | | | 57,498 | |
Pool #AR4109 3.000% 2/01/43 | | | 62,869 | | | | 62,784 | |
Pool #AR4432 3.000% 3/01/43 | | | 27,119 | | | | 27,082 | |
Pool #AT0169 3.000% 3/01/43 | | | 138,309 | | | | 138,122 | |
Pool #AB8809 3.000% 3/01/43 | | | 30,939 | | | | 30,897 | |
Pool #MA1368 3.000% 3/01/43 | | | 116,237 | | | | 116,079 | |
Pool #AR2174 3.000% 4/01/43 | | | 110,761 | | | | 110,611 | |
Pool #AS1304 3.500% 12/01/28 | | | 560,827 | | | | 573,222 | |
Pool #MA1356 3.500% 2/01/43 | | | 4,430,784 | | | | 4,535,699 | |
Pool #CA6096 3.500% 6/01/50 | | | 4,768,642 | | | | 4,792,146 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #FM4017 3.500% 8/01/50 | | $ | 328,968 | | | $ | 330,384 | |
Pool #AA3980 4.500% 4/01/28 | | | 32,627 | | | | 33,983 | |
Pool #CA1909 4.500% 6/01/48 | | | 2,390,061 | | | | 2,492,906 | |
Pool #AD6437 5.000% 6/01/40 | | | 221,948 | | | | 238,915 | |
Pool #AD6996 5.000% 7/01/40 | | | 1,419,619 | | | | 1,524,472 | |
Pool #AL8173 5.000% 2/01/44 | | | 485,371 | | | | 527,176 | |
Pool #AD0836 5.500% 11/01/28 | | | 29,988 | | | | 31,931 | |
Government National Mortgage Association | | | | | | | | |
Pool #MA6409 3.000% 1/20/50 | | | 4,703,440 | | | | 4,672,653 | |
Pool #371146 7.000% 9/15/23 | | | 3 | | | | 3 | |
Pool #352022 7.000% 11/15/23 | | | 914 | | | | 941 | |
Pool #374440 7.000% 11/15/23 | | | 78 | | | | 80 | |
Pool #491089 7.000% 12/15/28 | | | 4,391 | | | | 4,610 | |
Pool #480539 7.000% 4/15/29 | | | 84 | | | | 90 | |
Pool #500928 7.000% 5/15/29 | | | 2,661 | | | | 2,891 | |
Pool #488634 7.000% 5/15/29 | | | 1,620 | | | | 1,749 | |
Pool #499410 7.000% 7/15/29 | | | 964 | | | | 1,049 | |
Pool #510083 7.000% 7/15/29 | | | 300 | | | | 324 | |
Pool #493723 7.000% 8/15/29 | | | 1,963 | | | | 2,139 | |
Pool #581417 7.000% 7/15/32 | | | 3,736 | | | | 4,034 | |
Government National Mortgage Association II | | | | | | | | |
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25 | | | 1,365 | | | | 1,365 | |
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27 | | | 394 | | | | 396 | |
Pool #MA6038 3.000% 7/20/49 | | | 2,612,471 | | | | 2,603,330 | |
Pool #MA6283 3.000% 11/20/49 | | | 4,591,989 | | | | 4,566,236 | |
Pool #MA4321 3.500% 3/20/47 | | | 2,837,104 | | | | 2,894,199 | |
Government National Mortgage Association II TBA 3.000% 11/01/51 (d) | | | 17,700,000 | | | | 17,505,024 | |
Government National Mortgage Association TBA 3.500% 1/01/52 (d) | | | 14,620,000 | | | | 14,713,659 | |
Uniform Mortgage Backed Securities TBA | | | | | | | | |
2.000% 12/01/51 (d) | | | 8,925,000 | | | | 8,273,405 | |
2.500% 1/01/52 (d) | | | 18,700,000 | | | | 17,819,054 | |
3.000% 2/01/52 (d) | | | 47,900,000 | | | | 46,893,353 | |
3.500% 3/01/52 (d) | | | 24,875,000 | | | | 24,841,964 | |
4.000% 2/01/49 (d) | | | 21,225,000 | | | | 21,588,147 | |
| | | | | | | 216,407,523 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $221,176,584) | | | | | | | 216,429,158 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 11.0% | | | | | | | | |
U.S. Treasury Bonds & Notes — 11.0% | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
2.250% 8/15/49 (g) | | | 28,450,000 | | | | 27,079,535 | |
3.500% 2/15/39 | | | 14,700,000 | | | | 16,832,620 | |
U.S. Treasury Note | | | | | | | | |
0.500% 2/28/26 | | | 61,350,000 | | | | 56,789,683 | |
| | | | | | | 100,701,838 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $107,131,520) | | | | | | | 100,701,838 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $947,896,159) | | | | | | | 909,804,040 | |
| | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $2,989,579) | | | | | | $ | 3,116,111 | |
| | | | | | | | |
MUTUAL FUNDS — 0.2% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 0.2% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (h) | | | | | | | | |
| | | 2,279,145 | | | | 2,279,145 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $2,279,145) | | | | | | | 2,279,145 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $953,164,883) | | | | | | | 915,199,296 | |
| | | | | | | | |
| | Principal Amount | | | | | |
SHORT-TERM INVESTMENTS — 18.0% | | | | | | | | |
Commercial Paper — 17.0% | | | | | | | | |
Boston Scientific Corp. | | | | | | | | |
0.659% 4/07/22 | | $ | 12,000,000 | | | | 11,998,670 | |
Enterprise Products Operating LLC | | | | | | | | |
0.923% 4/11/22 (a) | | | 12,000,000 | | | | 11,997,672 | |
Fortive Corp. | | | | | | | | |
0.893% 4/06/22 (a) | | | 9,000,000 | | | | 8,999,156 | |
0.933% 4/05/22 (a) | | | 3,000,000 | | | | 2,999,768 | |
Ingredion, Inc. | | | | | | | | |
0.913% 4/11/22 (a) | | | 6,000,000 | | | | 5,998,863 | |
0.964% 4/08/22 (a) | | | 6,000,000 | | | | 5,999,253 | |
Mccormick & Co, Inc. | | | | | | | | |
0.608% 4/06/22 (a) | | | 5,000,000 | | | | 4,999,531 | |
MUFG Bank Ltd. | | | | | | | | |
0.294% 4/07/22 | | | 12,000,000 | | | | 11,999,300 | |
National Grid USA | | | | | | | | |
0.761% 4/06/22 (a) | | | 13,000,000 | | | | 12,998,780 | |
National Rural Utilities Cooperative Finance Corp. | | | | | | | | |
0.467% 4/25/22 | | | 12,000,000 | | | | 11,996,742 | |
NRW Bank | | | | | | | | |
0.264% 4/07/22 (a) | | | 12,000,000 | | | | 11,999,323 | |
Oge Energy Corp. | | | | | | | | |
1.065% 4/12/22 (a) | | | 7,000,000 | | | | 6,998,481 | |
Ryder System, Inc. | | | | | | | | |
0.862% 4/06/22 | | | 10,000,000 | | | | 9,999,062 | |
Sherwin Williams Co. | | | | | | | | |
0.822% 4/19/22 (a) | | | 10,000,000 | | | | 9,997,414 | |
Southern Co. Gas Capital Corp. | | | | | | | | |
0.761% 4/04/22 (a) | | | 5,000,000 | | | | 4,999,673 | |
Tampa Electric Co. | | | | | | | | |
0.609% 4/01/22 (a) | | | 3,000,000 | | | | 2,999,975 | |
Walgreens Boots Alliance, Inc. | | | | | | | | |
1.066% 5/13/22 (a) | | | 2,000,000 | | | | 1,997,422 | |
Waste Management, Inc. | | | | | | | | |
0.558% 4/11/22 (a) | | | 7,000,000 | | | | 6,998,674 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Xcel Energy, Inc. | | | | | | | | |
0.913% 4/11/22 (a) | | $ | 10,000,000 | | | $ | 9,998,060 | |
| | | | | | | 155,975,819 | |
Repurchase Agreement — 1.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (i) | | | 8,812,056 | | | | 8,812,056 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $164,783,349) | | | | | | | 164,787,875 | |
| | | | | | | | |
TOTAL INVESTMENTS — 117.6% (Cost $1,117,948,232) (j) | | | | | | | 1,079,987,171 | |
| | | | | | | | |
Other Assets/(Liabilities) — (17.6)% | | | | | | | (161,393,374) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 918,593,797 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
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, 2022, the aggregate market value of these securities amounted to $444,446,984 or 48.38% of net assets. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $4,703,916 or 0.51% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,532,386 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 perpetual and has no stated maturity date. |
(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, 2022. |
(f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(g) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(h) | Represents investment of security lending cash collateral. (Note 2). |
(i) | Maturity value of $8,812,056. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $8,988,381. |
(j) | See Note 3 for aggregate cost for federal tax purposes. |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
(#) Interest Rate Swaptions Purchased |
| | | | | | Paid by Fund | | Received by Fund | | | | | | | | | | | |
Description | | Counterparty | | Expiration Date | | Rate | | Frequency | | Rate | | Frequency | | Notional Amount | | Value | | | Premium Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Call | | | | | | | | | | | | | | | | | | | | | | | | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | 3-Month USD LIBOR BBA | | Quarterly | | 2.44%## | | Semi-Annually | | USD | | 3,700,000 | | $ | 257,816 | | | $ | 184,971 | | | $ | 72,845 | |
Put | | | | | | | | | | | | | | | | | | | | | | | | | |
10-Year Interest Rate Swap, 12/15/42 | | Barclays Bank PLC | | 12/13/32 | | 2.94%## | | Semi-Annually | | 3-Month USD LIBOR BBA | | Quarterly | | USD | | 56,100,000 | | $ | 2,858,295 | | | $ | 2,804,608 | | | $ | 53,687 | |
| | | | | | | | | | | | | | | | | | $ | 3,116,111 | | | $ | 2,989,579 | | | $ | 126,532 | |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Long Bond | | 6/21/22 | | | 114 | | | $ | 17,503,039 | | | $ | (395,914) | |
U.S. Treasury Ultra Bond | | 6/21/22 | | | 178 | | | | 32,734,764 | | | | (1,206,514) | |
U.S. Treasury Note 2 Year | | 6/30/22 | | | 329 | | | | 70,692,319 | | | | (970,022) | |
U.S. Treasury Note 5 Year | | 6/30/22 | | | 173 | | | | 20,289,714 | | | | (448,776) | |
| | | | | | | | | | | | $ | (3,021,226) | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 6/21/22 | | | 99 | | | $ | (13,722,056) | | | $ | 310,650 | |
Currency Legend
MML Short-Duration Bond Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 92.4% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 50.2% | | | | | | | | |
Aerospace & Defense — 0.2% | | | | | | | | |
The Boeing Co. | | | | | | | | |
2.196% 2/04/26 | | $ | 425,000 | | | $ | 402,257 | |
Agriculture — 1.7% | | | | | | | | |
BAT Capital Corp. | | | | | | | | |
4.700% 4/02/27 | | | 1,185,000 | | | | 1,217,101 | |
Imperial Brands Finance PLC | | | | | | | | |
3.125% 7/26/24 (a) | | | 400,000 | | | | 396,610 | |
3.500% 2/11/23 (a) | | | 387,000 | | | | 389,568 | |
Wens Foodstuffs Group Co. Ltd. | | | | | | | | |
2.349% 10/29/25 (a) | | | 900,000 | | | | 720,534 | |
| | | | | | | 2,723,813 | |
Airlines — 0.6% | | | | | | | | |
Delta Air Lines, Inc./SkyMiles IP Ltd. | | | | | | | | |
4.500% 10/20/25 (a) | | | 1,000,000 | | | | 1,006,614 | |
Auto Manufacturers — 3.1% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
3 mo. USD LIBOR + 1.235% 1.741% FRN 2/15/23 | | | 275,000 | | | | 272,876 | |
2.300% 2/10/25 | | | 645,000 | | | | 612,245 | |
3.087% 1/09/23 | | | 260,000 | | | | 260,078 | |
3.350% 11/01/22 | | | 1,050,000 | | | | 1,052,415 | |
General Motors Co. | | | | | | | | |
6.125% 10/01/25 | | | 605,000 | | | | 650,263 | |
Harley-Davidson Financial Services, Inc. | | | | | | | | |
3.350% 6/08/25 (a) | | | 449,000 | | | | 441,889 | |
Hyundai Capital America | | | | | | | | |
1.500% 6/15/26 (a) | | | 850,000 | | | | 773,819 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Nissan Motor Acceptance Co. LLC | | | | | | | | |
1.850% 9/16/26 (a) | | $ | 885,000 | | | $ | 793,506 | |
| | | | | | | 4,857,091 | |
Auto Parts & Equipment — 0.3% | | | | | | | | |
Metalsa S A P I De Cv | | | | | | | | |
4.900% 4/24/23 (a) | | | 450,000 | | | | 453,938 | |
Banks — 10.5% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (a) | | | 825,000 | | | | 843,356 | |
Arab National Bank 5 year CMT + 2.974% | | | | | | | | |
3.326% VRN 10/28/30 (a) | | | 650,000 | | | | 633,750 | |
Banco Santander SA | | | | | | | | |
1.849% 3/25/26 | | | 600,000 | | | | 561,490 | |
Bank of America Corp. | | | | | | | | |
SOFR + .960% 1.734% VRN 7/22/27 | | | 265,000 | | | | 246,431 | |
3.950% 4/21/25 | | | 178,000 | | | | 181,192 | |
4.000% 1/22/25 | | | 647,000 | | | | 659,526 | |
The Bank of Nova Scotia | | | | | | | | |
4.500% 12/16/25 | | | 829,000 | | | | 857,532 | |
Barclays PLC | | | | | | | | |
5.200% 5/12/26 | | | 1,055,000 | | | | 1,096,947 | |
BPCE SA | | | | | | | | |
4.625% 7/11/24 (a) | | | 200,000 | | | | 203,795 | |
5.700% 10/22/23 (a) | | | 1,085,000 | | | | 1,122,974 | |
Citigroup, Inc. | | | | | | | | |
4.400% 6/10/25 | | | 855,000 | | | | 880,555 | |
4.450% 9/29/27 | | | 465,000 | | | | 480,379 | |
Credit Suisse AG | | | | | | | | |
6.500% 8/08/23 (a) | | | 930,000 | | | | 953,250 | |
Danske Bank A/S 1 year CMT + .730% | | | | | | | | |
1.549% VRN 9/10/27 (a) | | | 485,000 | | | | 442,243 | |
Deutsche Bank AG | | | | | | | | |
SOFR + 2.159% 2.222% VRN 9/18/24 | | | 435,000 | | | | 425,710 | |
SOFR + 1.219% 2.311% VRN 11/16/27 | | | 430,000 | | | | 394,614 | |
SOFR + 1.318% 2.552% VRN 1/07/28 | | | 425,000 | | | | 392,261 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
4.250% 10/21/25 | | | 1,160,000 | | | | 1,189,646 | |
HSBC Holdings PLC | | | | | | | | |
SOFR + 1.430% 2.999% VRN 3/10/26 | | | 430,000 | | | | 422,056 | |
4.250% 3/14/24 | | | 210,000 | | | | 213,221 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.250% 8/18/25 | | $ | 483,000 | | | $ | 489,144 | |
4.375% 11/23/26 | | | 73,000 | | | | 74,444 | |
JP Morgan Chase & Co. SOFR + .765% | | | | | | | | |
1.470% VRN 9/22/27 (b) | | | 445,000 | | | | 410,669 | |
Macquarie Group Ltd. SOFR + 1.069% | | | | | | | | |
1.340% VRN 1/12/27 (a) | | | 525,000 | | | | 479,703 | |
Morgan Stanley | | | | | | | | |
4.350% 9/08/26 | | | 1,150,000 | | | | 1,189,026 | |
Natwest Group PLC 1 year CMT + .900% | | | | | | | | |
1.642% VRN 6/14/27 | | | 345,000 | | | | 315,817 | |
Santander UK Group Holdings PLC SOFR + 1.220% | | | | | | | | |
2.469% VRN 1/11/28 | | | 370,000 | | | | 344,620 | |
Societe Generale SA | | | | | | | | |
1 year CMT + 1.100% 1.488% VRN 12/14/26 (a) | | | 525,000 | | | | 475,270 | |
1 year CMT + 1.300% 2.797% VRN 1/19/28 (a) | | | 200,000 | | | | 187,450 | |
Wells Fargo & Co. | | | | | | | | |
4.100% 6/03/26 | | | 405,000 | | | | 416,521 | |
| | | | | | | 16,583,592 | |
Beverages — 0.5% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
4.450% 5/15/25 (a) | | | 378,000 | | | | 387,293 | |
JDE Peet's NV | | | | | | | | |
1.375% 1/15/27 (a) | | | 457,000 | | | | 410,855 | |
| | | | | | | 798,148 | |
Biotechnology — 0.2% | | | | | | | | |
Bio-Rad Laboratories, Inc. | | | | | | | | |
3.300% 3/15/27 | | | 260,000 | | | | 256,192 | |
Chemicals — 1.0% | | | | | | | | |
Celanese US Holdings LLC | | | | | | | | |
1.400% 8/05/26 | | | 250,000 | | | | 225,453 | |
MEGlobal Canada ULC | | | | | | | | |
5.000% 5/18/25 (a) | | | 450,000 | | | | 463,891 | |
Syngenta Finance NV | | | | | | | | |
4.441% 4/24/23 (a) | | | 183,000 | | | | 185,447 | |
4.892% 4/24/25 (a) | | | 335,000 | | | | 341,364 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Yara International ASA | | | | | | | | |
3.800% 6/06/26 (a) | | $ | 325,000 | | | $ | 324,900 | |
| | | | | | | 1,541,055 | |
Commercial Services — 0.7% | | | | | | | | |
Element Fleet Management Corp. | | | | | | | | |
1.600% 4/06/24 (a) | | | 240,000 | | | | 231,628 | |
Triton Container International Ltd. | | | | | | | | |
2.050% 4/15/26 (a) | | | 950,000 | | | | 887,000 | |
| | | | | | | 1,118,628 | |
Computers — 0.3% | | | | | | | | |
Dell International LLC/EMC Corp. | | | | | | | | |
5.850% 7/15/25 | | | 432,000 | | | | 461,175 | |
Distribution & Wholesale — 0.8% | | | | | | | | |
Li & Fung Ltd. | | | | | | | | |
4.500% 8/18/25 (a) | | | 1,350,000 | | | | 1,289,365 | |
Diversified Financial Services — 3.5% | | | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
2.450% 10/29/26 | | | 555,000 | | | | 513,226 | |
6.500% 7/15/25 | | | 300,000 | | | | 318,008 | |
Aircastle Ltd. | | | | | | | | |
4.125% 5/01/24 | | | 740,000 | | | | 739,334 | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 310,000 | | | | 272,845 | |
3.950% 7/15/26 (a) | | | 605,000 | | | | 564,660 | |
6.000% 8/15/23 (a) | | | 323,000 | | | | 329,884 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.875% 2/15/25 (a) | | | 1,000,000 | | | | 961,196 | |
4.250% 4/15/26 (a) | | | 250,000 | | | | 246,834 | |
BGC Partners, Inc. | | | | | | | | |
4.375% 12/15/25 | | | 505,000 | | | | 509,023 | |
LeasePlan Corp. NV | | | | | | | | |
2.875% 10/24/24 (a) | | | 280,000 | | | | 273,768 | |
SPARC EM SPC Panama Metro Line 2 SP | | | | | | | | |
0.000% 12/05/22 (a) | | | 86,196 | | | | 84,990 | |
Synchrony Financial | | | | | | | | |
3.950% 12/01/27 | | | 800,000 | | | | 793,599 | |
| | | | | | | 5,607,367 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Electric — 1.3% | | | | | | | | |
Alliant Energy Finance LLC | | | | | | | | |
1.400% 3/15/26 (a) | | $ | 260,000 | | | $ | 236,724 | |
American Electric Power Co., Inc. | | | | | | | | |
2.031% 3/15/24 | | | 305,000 | | | | 299,934 | |
Enel Finance International NV | | | | | | | | |
1.375% 7/12/26 (a) | | | 620,000 | | | | 569,500 | |
Pacific Gas and Electric Co. | | | | | | | | |
1.750% 6/16/22 | | | 970,000 | | | | 968,607 | |
| | | | | | | 2,074,765 | |
Energy – Alternate Sources — 0.4% | | | | | | | | |
Contemporary Ruiding Development Ltd. | | | | | | | | |
1.500% 9/09/26 (a) | | | 682,000 | | | | 614,346 | |
Entertainment — 0.3% | | | | | | | | |
Magallanes, Inc. | | | | | | | | |
3.638% 3/15/25 (a) | | | 475,000 | | | | 477,963 | |
Food — 0.9% | | | | | | | | |
JBS Finance Luxembourg SARL | | | | | | | | |
2.500% 1/15/27 (a) | | | 860,000 | | | | 798,734 | |
Smithfield Foods, Inc. | | | | | | | | |
4.250% 2/01/27 (a) | | | 575,000 | | | | 581,980 | |
| | | | | | | 1,380,714 | |
Health Care – Services — 0.8% | | | | | | | | |
HCA, Inc. | | | | | | | | |
5.375% 2/01/25 | | | 1,170,000 | | | | 1,218,321 | |
Insurance — 3.6% | | | | | | | | |
AmTrust Financial Services, Inc. | | | | | | | | |
6.125% 8/15/23 | | | 620,000 | | | | 621,495 | |
Athene Global Funding | | | | | | | | |
1.730% 10/02/26 (a) | | | 445,000 | | | | 404,633 | |
2.500% 1/14/25 (a) | | | 420,000 | | | | 408,053 | |
Brighthouse Financial Global Funding | | | | | | | | |
1.550% 5/24/26 (a) | | | 484,000 | | | | 447,814 | |
CNO Financial Group, Inc. | | | | | | | | |
5.250% 5/30/25 | | | 530,000 | | | | 550,400 | |
CNO Global Funding | | | | | | | | |
1.750% 10/07/26 (a) | | | 714,000 | | | | 659,188 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Corebridge Financial, Inc. | | | | | | | | |
3.650% 4/05/27 (c) | | $ | 235,000 | | | $ | 234,671 | |
GA Global Funding Trust | | | | | | | | |
2.250% 1/06/27 (a) | | | 685,000 | | | | 640,381 | |
Jackson Financial, Inc. | | | | | | | | |
1.125% 11/22/23 (a) (b) | | | 245,000 | | | | 237,769 | |
Sammons Financial Group, Inc. | | | | | | | | |
4.450% 5/12/27 (a) | | | 780,000 | | | | 802,758 | |
Unum Group | | | | | | | | |
3.875% 11/05/25 | | | 620,000 | | | | 625,284 | |
| | | | | | | 5,632,446 | |
Internet — 1.2% | | | | | | | | |
Expedia Group, Inc. | | | | | | | | |
4.625% 8/01/27 | | | 189,000 | | | | 196,339 | |
Netflix, Inc. | | | | | | | | |
5.875% 11/15/28 | | | 430,000 | | | | 473,989 | |
Prosus NV | | | | | | | | |
3.257% 1/19/27 (a) | | | 850,000 | | | | 777,634 | |
Weibo Corp. | | | | | | | | |
3.500% 7/05/24 | | | 450,000 | | | | 439,636 | |
| | | | | | | 1,887,598 | |
Investment Companies — 2.4% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
3.875% 1/15/26 | | | 535,000 | | | | 525,420 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 236,000 | | | | 234,997 | |
Blackstone Private Credit Fund | | | | | | | | |
2.625% 12/15/26 (a) | | | 890,000 | | | | 802,101 | |
2.700% 1/15/25 (a) | | | 325,000 | | | | 310,687 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 270,000 | | | | 248,373 | |
3.375% 4/15/24 | | | 330,000 | | | | 325,101 | |
Icahn Enterprises LP/ Icahn Enterprises Finance Corp. | | | | | | | | |
4.750% 9/15/24 | | | 445,000 | | | | 446,113 | |
OWL Rock Core, Income Corp. | | | | | | | | |
4.700% 2/08/27 (a) | | | 500,000 | | | | 481,561 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Sixth Street Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | $ | 410,000 | | | $ | 408,975 | |
| | | | | | | 3,783,328 | |
Iron & Steel — 0.7% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.250% 8/10/26 | | | 1,030,000 | | | | 1,134,493 | |
Leisure Time — 0.2% | | | | | | | | |
Harley-Davidson, Inc. | | | | | | | | |
3.500% 7/28/25 | | | 255,000 | | | | 250,935 | |
Lodging — 0.7% | | | | | | | | |
Hyatt Hotels Corp. | | | | | | | | |
1.800% 10/01/24 | | | 342,000 | | | | 329,354 | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 875,000 | | | | 836,060 | |
| | | | | | | 1,165,414 | |
Machinery – Construction & Mining — 0.5% | | | | | | | | |
The Weir Group PLC | | | | | | | | |
2.200% 5/13/26 (a) | | | 880,000 | | | | 822,895 | |
Media — 0.4% | | | | | | | | |
Cable Onda SA | | | | | | | | |
4.500% 1/30/30 (a) | | | 630,000 | | | | 614,565 | |
Mining — 1.0% | | | | | | | | |
Alcoa Nederland Holding BV | | | | | | | | |
6.125% 5/15/28 (a) | | | 395,000 | | | | 413,763 | |
Freeport-McMoRan, Inc. | | | | | | | | |
4.550% 11/14/24 | | | 370,000 | | | | 381,366 | |
Glencore Funding LLC | | | | | | | | |
1.625% 4/27/26 (a) | | | 470,000 | | | | 434,019 | |
4.125% 5/30/23 (a) | | | 360,000 | | | | 365,731 | |
| | | | | | | 1,594,879 | |
Multi-National — 0.6% | | | | | | | | |
Africa Finance Corp. | | | | | | | | |
3.125% 6/16/25 (a) | | | 957,000 | | | | 927,811 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Oil & Gas — 1.9% | | | | | | | | |
EQT Corp. | | | | | | | | |
6.625% STEP 2/01/25 | | $ | 644,000 | | | $ | 680,257 | |
Occidental Petroleum Corp. | | | | | | | | |
5.500% 12/01/25 | | | 735,000 | | | | 773,441 | |
Ovintiv Exploration, Inc. | | | | | | | | |
5.375% 1/01/26 | | | 275,000 | | | | 291,792 | |
Petroleos Mexicanos | | | | | | | | |
4.625% 9/21/23 | | | 1,215,000 | | | | 1,229,446 | |
| | | | | | | 2,974,936 | |
Packaging & Containers — 0.4% | | | | | | | | |
Berry Global, Inc. | | | | | | | | |
1.650% 1/15/27 | | | 670,000 | | | | 611,025 | |
Pharmaceuticals — 0.7% | | | | | | | | |
Bayer US Finance II LLC | | | | | | | | |
4.250% 12/15/25 (a) | | | 400,000 | | | | 407,233 | |
Viatris, Inc. | | | | | | | | |
2.300% 6/22/27 | | | 865,000 | | | | 788,519 | |
| | | | | | | 1,195,752 | |
Pipelines — 2.1% | | | | | | | | |
Energy Transfer LP | | | | | | | | |
4.200% 9/15/23 | | | 299,000 | | | | 303,092 | |
4.950% 6/15/28 | | | 750,000 | | | | 786,500 | |
EnLink Midstream Partners LP | | | | | | | | |
4.400% 4/01/24 | | | 900,000 | | | | 911,751 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 7/15/23 | | | 505,000 | | | | 508,787 | |
Plains All American Pipeline LP / PAA Finance Corp. | | | | | | | | |
4.500% 12/15/26 | | | 90,000 | | | | 92,449 | |
4.650% 10/15/25 | | | 760,000 | | | | 781,760 | |
| | | | | | | 3,384,339 | |
Private Equity — 0.5% | | | | | | | | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 560,000 | | | | 515,000 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.375% 1/20/27 | | $ | 270,000 | | | $ | 253,833 | |
| | | | | | | 768,833 | |
Real Estate — 1.4% | | | | | | | | |
Country Garden Holdings Co. Ltd. | | | | | | | | |
4.750% 1/17/23 (a) | | | 250,000 | | | | 230,000 | |
8.000% 1/27/24 (a) | | | 1,351,000 | | | | 1,156,726 | |
MAF Sukuk Ltd. | | | | | | | | |
4.500% 11/03/25 (a) | | | 625,000 | | | | 642,256 | |
Shimao Group Holdings Ltd. | | | | | | | | |
6.125% 2/21/24 (a) | | | 400,000 | | | | 120,200 | |
| | | | | | | 2,149,182 | |
Real Estate Investment Trusts (REITS) — 1.5% | | | | | | | | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 275,000 | | | | 253,866 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
4.750% 1/15/28 | | | 609,000 | | | | 619,982 | |
SBA Tower Trust | | | | | | | | |
1.884% 1/15/26 (a) | | | 287,000 | | | | 271,058 | |
Service Properties Trust | | | | | | | | |
4.350% 10/01/24 | | | 935,000 | | | | 901,433 | |
Vornado Realty LP | | | | | | | | |
2.150% 6/01/26 | | | 310,000 | | | | 290,101 | |
| | | | | | | 2,336,440 | |
Retail — 0.6% | | | | | | | | |
Nordstrom, Inc. | | | | | | | | |
2.300% 4/08/24 | | | 268,000 | | | | 264,227 | |
4.000% 3/15/27 (b) | | | 86,000 | | | | 82,839 | |
QVC, Inc. | | | | | | | | |
4.375% 3/15/23 | | | 590,000 | | | | 592,012 | |
| | | | | | | 939,078 | |
Telecommunications — 1.8% | | | | | | | | |
Ericsson LM | | | | | | | | |
4.125% 5/15/22 | | | 628,000 | | | | 628,000 | |
Sprint Communications, Inc. | | | | | | | | |
9.250% 4/15/22 | | | 330,000 | | | | 330,413 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Telecom Italia SpA | | | | | | | | |
5.303% 5/30/24 (a) | | $ | 430,000 | | | $ | 436,428 | |
Tower Bersama Infrastructure Tbk PT | | | | | | | | |
4.250% 1/21/25 (a) | | | 1,445,000 | | | | 1,469,866 | |
| | | | | | | 2,864,707 | |
Toys, Games & Hobbies — 0.6% | | | | | | | | |
Mattel, Inc. | | | | | | | | |
3.375% 4/01/26 (a) | | | 900,000 | | | | 881,177 | |
Trucking & Leasing — 0.3% | | | | | | | | |
Penske Truck Leasing Co. LP/PTL Finance Corp. | | | | | | | | |
1.700% 6/15/26 (a) | | | 585,000 | | | | 543,520 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $83,823,946) | | | | | | | 79,328,697 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.5% | | | | | | | | |
Automobile Asset-Backed Securities — 2.7% | | | | | | | | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | |
Series 2019-3A, Class C, 3.150% 3/20/26 (a) | | | 1,083,000 | | | | 1,045,304 | |
Series 2018-1A, Class C, 4.730% 9/20/24 (a) | | | 500,000 | | | | 504,277 | |
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B | | | | | | | | |
3.630% 1/19/24 (a) | | | 180,000 | | | | 180,159 | |
Carmax Auto Owner Trust, Series 2021-4, Class D | | | | | | | | |
1.480% 3/15/28 | | | 250,000 | | | | 232,898 | |
Carvana Auto Receivables Trust | | | | | | | | |
Series 2021-N1, Class D, 1.500% 1/10/28 | | | 1,243,000 | | | | 1,224,390 | |
Series 2021-P3, Class D, 2.250% 9/11/28 | | | 855,000 | | | | 784,282 | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | | | | | | | | |
3.450% 1/26/32 (a) | | | 215,000 | | | | 212,477 | |
| | | | | | | 4,183,787 | |
Commercial Mortgage-Backed Securities — 5.9% | | | | | | | | |
BAMLL Commercial Mortgage Securities Trust | | | | | | | | |
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.747% FRN 9/15/34 (a) | | | 130,000 | | | | 127,076 | |
Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (d) | | | 370,000 | | | | 349,229 | |
Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (d) | | | 450,000 | | | | 422,108 | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
1.897% FRN 7/15/35 (a) | | | 500,000 | | | | 491,251 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 2.197% FRN 10/15/36 (a) | | $ | 268,600 | | | $ | 265,758 | |
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 2.197% FRN 6/15/38 (a) | | | 327,000 | | | | 318,425 | |
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 2.397% FRN 9/15/36 (a) | | | 792,000 | | | | 762,053 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.397% FRN 10/15/36 (a) | | | 753,100 | | | | 739,017 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% | | | | | | | | |
2.547% FRN 12/15/37 (a) | | | 545,194 | | | | 535,677 | |
Commercial Mortgage Trust, Series 2014-CR14, Class A2 | | | | | | | | |
3.147% 2/10/47 | | | 78,531 | | | | 78,903 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% | | | | | | | | |
1.997% FRN 5/15/36 (a) | | | 200,000 | | | | 197,751 | |
KIND Trust | | | | | | | | |
Series 2021-KIND, Class B, 1 mo. USD LIBOR + 1.350% 1.747% FRN 8/15/38 (a) | | | 550,000 | | | | 538,321 | |
Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% 2.147% FRN 8/15/38 (a) | | | 600,000 | | | | 591,802 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
2.197% FRN 5/15/36 (a) | | | 251,000 | | | | 247,407 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.147% FRN 3/15/38 (a) | | | 365,665 | | | | 351,275 | |
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% | | | | | | | | |
2.498% FRN 4/15/38 (a) | | | 620,000 | | | | 605,274 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B | | | | | | | | |
3.769% 2/15/46 | | | 250,000 | | | | 247,796 | |
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D, | | | | | | | | |
3.927% VRN 8/05/34 (a) (d) | | | 400,000 | | | | 397,214 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3 | | | | | | | | |
2.260% 11/20/50 (a) | | | 400,000 | | | | 376,180 | |
One New York Plaza Trust | | | | | | | | |
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 2.597% FRN 1/15/36 (a) | | | 616,000 | | | | 606,889 | |
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 3.147% FRN 1/15/36 (a) | | | 414,000 | | | | 407,877 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% | | | | | | | | |
2.497% FRN 7/15/39 (a) | | $ | 711,000 | | | $ | 700,362 | |
| | | | | | | 9,357,645 | |
Home Equity Asset-Backed Securities — 0.0% | | | | | | | | |
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480% | | | | | | | | |
0.937% FRN 10/25/34 (a) | | | 26,340 | | | | 26,325 | |
Other Asset-Backed Securities — 17.9% | | | | | | | | |
321 Henderson Receivables LLC | | | | | | | | |
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.597% FRN 3/15/41 (a) | | | 12,317 | | | | 12,272 | |
Series 2010-3A, Class A, 3.820% 12/15/48 (a) | | | 112,508 | | | | 112,215 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A | | | | | | | | |
4.810% 11/15/48 (a) | | | 362,586 | | | | 367,075 | |
Affirm Asset Securitization Trust, Series 2021-A, Class D | | | | | | | | |
3.490% 8/15/25 (a) | | | 950,000 | | | | 937,810 | |
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060% | | | | | | | | |
1.319% FRN 7/22/32 (a) | | | 1,000,000 | | | | 990,909 | |
Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500% | | | | | | | | |
1.741% FRN 7/18/29 (a) | | | 500,000 | | | | 495,541 | |
Aqua Finance Trust, Series 2021-A, Class A | | | | | | | | |
1.540% 7/17/46 (a) | | | 1,377,996 | | | | 1,315,230 | |
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550% | | | | | | | | |
1.804% FRN 10/20/31 (a) | | | 800,000 | | | | 790,034 | |
Bankers Healthcare Group Trust, Series 2021-B, Class C | | | | | | | | |
2.240% 10/17/34 (a) | | | 448,000 | | | | 410,151 | |
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980% | | | | | | | | |
1.234% FRN 7/20/29 (a) | | | 550,000 | | | | 547,004 | |
BRE Grand Islander Timeshare Issuer LLC | | | | | | | | |
Series 2017-1A, Class A, 2.940% 5/25/29 (a) | | | 59,840 | | | | 59,273 | |
Series 2019-A, Class B, 3.780% 9/26/33 (a) | | | 180,933 | | | | 179,094 | |
Business Jet Securities LLC | | | | | | | | |
Series 2021-1A, Class A, 2.162% 4/15/36 (a) | | | 557,742 | | | | 519,141 | |
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | | | 169,407 | | | | 163,268 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000% | | | | | | | | |
2.241% FRN 7/15/30 (a) | | $ | 300,000 | | | $ | 296,313 | |
Capital Automotive REIT | | | | | | | | |
Series 2020-1A, Class B1, 4.170% 2/15/50 (a) | | | 484,000 | | | | 474,413 | |
Series 2017-1A, Class A2, 4.180% 4/15/47 (a) | | | 586,369 | | | | 584,666 | |
Castlelake Aircraft Structured Trust, Series 2018-1, Class A | | | | | | | | |
4.125% 6/15/43 (a) | | | 179,652 | | | | 161,988 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% | | | | | | | | |
1.234% FRN 4/20/31 (a) | | | 250,000 | | | | 248,641 | |
CF Hippolyta LLC, Series 2020-1, Class B1 | | | | | | | | |
2.280% 7/15/60 (a) | | | 92,971 | | | | 87,066 | |
CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550% | | | | | | | | |
1.809% FRN 10/24/30 (a) | | | 500,000 | | | | 496,831 | |
DataBank Issuer, Series 2021-1A, Class A2 | | | | | | | | |
2.060% 2/27/51 (a) | | | 991,000 | | | | 917,902 | |
Diamond Resorts Owner Trust, Series 2018-1, Class A | | | | | | | | |
3.700% 1/21/31 (a) | | | 77,416 | | | | 77,761 | |
Elara HGV Timeshare Issuer LLC | | | | | | | | |
Series 2017-A, Class A, 2.690% 3/25/30 (a) | | | 64,098 | | | | 64,125 | |
Series 2016-A, Class A, 2.730% 4/25/28 (a) | | | 110,449 | | | | 109,773 | |
Series 2017-A, Class B, 2.960% 3/25/30 (a) | | | 189,920 | | | | 186,599 | |
Series 2019-A, Class C, 3.450% 1/25/34 (a) | | | 391,319 | | | | 386,795 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 18,125 | | | | 18,152 | |
Firstkey Homes Trust, Series 2021, Class E2 | | | | | | | | |
2.489% 8/17/38 (a) | | | 460,000 | | | | 411,489 | |
Flatiron CLO 17 Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + .980% | | | | | | | | |
1.486% FRN 5/15/30 (a) | | | 500,000 | | | | 497,250 | |
FNA VI LLC, Series 21-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 1,626,485 | | | | 1,552,794 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 420,079 | | | | 400,920 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 203,437 | | | | 198,978 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 196,446 | | | | 193,973 | |
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (d) | | | 178,852 | | | | 177,487 | |
Hero Funding Trust | | | | | | | | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 107,652 | | | | 105,940 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 105,745 | | | | 104,858 | |
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | | | 219,885 | | | | 221,075 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 191,900 | | | | 193,892 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
HIN Timeshare Trust, Series 2020-A, Class B | | | | | | | | |
2.230% 10/09/39 (a) | | $ | 632,632 | | | $ | 603,175 | |
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | | | | | | | | |
4.458% 12/15/38 (a) | | | 481,515 | | | | 443,368 | |
Horizon Aircraft Finance III Ltd. | | | | | | | | |
Series 2019-2, Class A, 3.425% 11/15/39 (a) | | | 362,548 | | | | 334,220 | |
Series 2019-2, Class B, 4.458% 11/15/39 (a) | | | 683,333 | | | | 614,308 | |
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140% | | | | | | | | |
1.966% FRN 3/15/31 (a) | | | 250,000 | | | | 248,461 | |
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300% | | | | | | | | |
1.741% FRN 2/15/39 (a) | | | 900,000 | | | | 880,504 | |
Lendingpoint Asset Securitization, Series 2021-A, Class B | | | | | | | | |
1.110% 2/15/29 (a) | | | 1,128,710 | | | | 1,112,068 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (a) | | | 282,386 | | | | 262,098 | |
Marlette Funding Trust, Series 2019-2A, Class B | | | | | | | | |
3.530% 7/16/29 (a) | | | 139 | | | | 139 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2018-2GS, Class A, 4.200% 2/22/44 (a) | | | 158,512 | | | | 157,567 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | | | 38,201 | | | | 38,282 | |
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350% | | | | | | | | |
1.591% FRN 10/18/29 (a) | | | 1,000,000 | | | | 990,405 | |
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400% | | | | | | | | |
1.658% FRN 7/25/30 (a) | | | 250,000 | | | | 246,283 | |
NP SPE II LP, Series 2017-1A, Class A1 | | | | | | | | |
3.372% 10/21/47 (a) | | | 109,140 | | | | 107,878 | |
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3 | | | | | | | | |
2.458% 10/15/52 (a) | | | 246,600 | | | | 235,922 | |
Orange Lake Timeshare Trust, Series 2016-A, Class B | | | | | | | | |
2.910% 3/08/29 (a) | | | 72,633 | | | | 72,698 | |
Oxford Finance Funding Trust, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 268,801 | | | | 268,193 | |
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400% | | | | | | | | |
1.641% FRN 7/15/31 (a) | | | 350,000 | | | | 345,792 | |
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650% | | | | | | | | |
1.432% FRN 5/25/35 | | | 338,369 | | | | 336,499 | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% | | | | | | | | |
1.331% FRN 1/15/30 (a) | | | 400,000 | | | | 397,933 | |
SBA Tower Trust, Series 2014-2A, Class C, | | | | | | | | |
3.869% STEP 10/15/49 (a) | | | 430,000 | | | | 434,344 | |
Sierra Receivables Funding LLC | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2020-2A, Class C, 3.510% 7/20/37 (a) | | $ | 55,630 | | | $ | 55,184 | |
Series 2018-1A, Class B, 4.036% 4/20/35 | | | 174,464 | | | | 175,437 | |
SoFi Consumer Loan Program Trust, Series 2019-3, Class D | | | | | | | | |
3.890% 5/25/28 (a) | | | 772,000 | | | | 776,761 | |
Store Master Funding I-VII, Series 2018-1A, Class A3 | | | | | | | | |
4.400% 10/20/48 (a) | | | 507,433 | | | | 500,241 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
1.657% FRN 11/25/35 (a) | | | 124,465 | | | | 121,885 | |
TAL Advantage VII LLC, Series 2020-1A, Class B | | | | | | | | |
3.290% 9/20/45 (a) | | | 758,250 | | | | 732,991 | |
Thrust Engine Leasing, Series 2021-1A, Class A | | | | | | | | |
4.163% 7/15/40 (a) | | | 587,934 | | | | 549,929 | |
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180% | | | | | | | | |
1.434% FRN 10/20/31 (a) | | | 400,000 | | | | 398,155 | |
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070% | | | | | | | | |
1.324% FRN 10/20/28 (a) | | | 491,231 | | | | 491,044 | |
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 | | | | | | | | |
1.645% 9/15/45 (a) | | | 675,000 | | | | 634,388 | |
VERDE CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100% | | | | | | | | |
1.341% FRN 4/15/32 (a) | | | 500,000 | | | | 495,453 | |
Welk Resorts LLC, Series 2017-AA, Class B | | | | | | | | |
3.410% 6/15/33 (a) | | | 61,195 | | | | 61,135 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 202,397 | | | | 187,161 | |
| | | | | | | 28,378,599 | |
Student Loans Asset-Backed Securities — 5.8% | | | | | | | | |
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
1.957% FRN 7/25/58 (a) | | | 140,000 | | | | 128,072 | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.657% FRN 12/26/47 (a) | | | 312,161 | | | | 309,672 | |
Series 2017-A, Class A1, FRN, 1 mo. USD LIBOR + 1.650% 2.107% FRN 11/26/46 (a) | | | 233,088 | | | | 235,424 | |
Series 2021-A, Class B, 2.320% 7/25/51 (a) | | | 1,091,000 | | | | 1,044,960 | |
Series 2017-A, Class B, 4.500% 11/26/46 (a) | | | 352,987 | | | | 348,382 | |
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | | | | | | | | |
0.729% FRN 1/15/37 | | | 133,102 | | | | 121,076 | |
Commonbond Student Loan Trust | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | | $ | 20,370 | | | $ | 19,112 | |
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | | | 22,275 | | | | 21,186 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 10,784 | | | | 10,249 | |
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | | | 44,411 | | | | 43,569 | |
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B | | | | | | | | |
2.500% 1/25/30 (a) | | | 42,942 | | | | 42,096 | |
DRB Prime Student Loan Trust, Series 2017-B, Class CFX | | | | | | | | |
3.610% 8/25/42 (a) | | | 172,101 | | | | 169,594 | |
EdLinc Student Loan Funding, Series 2017-A, Class A, Prime Rate - 1.150% | | | | | | | | |
2.100% 12/01/47 (a) | | | 176,015 | | | | 173,932 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class B | | | | | | | | |
4.000% 8/25/42 (a) | | | 70,337 | | | | 69,638 | |
Higher Education Funding I, Series 2004-1, Class B1, | | | | | | | | |
1.796% FRN 1/01/44 (a) (d) | | | 950,000 | | | | 852,430 | |
Laurel Road Prime Student Loan Trust | | | | | | | | |
Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | | | 256,646 | | | | 250,165 | |
Series 2018-B, Class BFX, 3.720% 5/26/43 (a) | | | 191,151 | | | | 188,322 | |
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B | | | | | | | | |
2.770% 1/15/69 (a) | | | 2,200,000 | | | | 2,113,062 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
2.207% FRN 12/26/40 (a) | | | 26,066 | | | | 26,052 | |
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
1.957% FRN 6/25/54 (a) | | | 130,000 | | | | 129,999 | |
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, | | | | | | | | |
1.420% FRN 10/25/42 (d) | | | 300,000 | | | | 299,370 | |
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% | | | | | | | | |
0.706% FRN 2/15/45 | | | 243,772 | | | | 226,137 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.458% FRN 1/27/42 | | | 742,904 | | | | 687,491 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.468% FRN 10/25/40 | | | 322,919 | | | | 301,359 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.548% FRN 1/25/44 | | | 402,678 | | | | 379,161 | |
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 0.558% FRN 7/25/25 | | | 37,159 | | | | 37,103 | |
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.558% FRN 1/25/41 | | | 308,025 | | | | 287,782 | |
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.568% FRN 1/25/55 | | | 120,316 | | | | 114,122 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 1.147% FRN 11/15/35 (a) | | | 307,706 | | | | 307,497 | |
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 1.497% FRN 9/15/34 (a) | | | 105,921 | | | | 106,399 | |
SoFi Professional Loan Program LLC | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 1.407% FRN 1/25/39 (a) | | $ | 13,395 | | | $ | 13,257 | |
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 1.657% FRN 6/25/33 (a) | | | 25,473 | | | | 25,485 | |
| | | | | | | 9,082,155 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 8.2% | | | | | | | | |
Angel Oak Mortgage Trust | | | | | | | | |
Series 2020-5, Class A2, 1.579% VRN 5/25/65 (a) (d) | | | 146,470 | | | | 143,632 | |
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (d) | | | 132,020 | | | | 129,751 | |
Series 2021-1, Class M1, 2.215% VRN 1/25/66 (a) (d) | | | 314,000 | | | | 297,903 | |
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | | | | | | | | |
2.507% VRN 8/25/34 (d) | | | 1,949 | | | | 1,904 | |
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, | | | | | | | | |
2.406% VRN 5/25/60 (a) (d) | | | 124,641 | | | | 124,035 | |
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% | | | | | | | | |
1.137% FRN 8/25/49 (a) | | | 407,255 | | | | 406,356 | |
Citigroup Mortgage Loan Trust | | | | | | | | |
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (d) | | | 113,171 | | | | 112,832 | |
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (d) | | | 391,000 | | | | 387,477 | |
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1, | | | | | | | | |
2.472% VRN 5/25/66 (a) (d) | | | 500,000 | | | | 458,021 | |
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3, | | | | | | | | |
1.538% VRN 2/25/66 (a) (d) | | | 659,726 | | | | 627,856 | |
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | | | | | | | | |
1.128% VRN 5/25/65 (a) (d) | | | 209,224 | | | | 203,607 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (d) | | | 621,443 | | | | 568,839 | |
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, | | | | | | | | |
1.657% VRN 5/25/65 (a) (d) | | | 81,958 | | | | 81,263 | |
Lakeview Trust, Series 2022-1, Class M3 | | | | | | | | |
4.585% 4/25/52 (a) (e) | | | 1,600,000 | | | | 1,600,000 | |
MFRA Trust, Series 2021-NQM2, Class A3, | | | | | | | | |
1.472% VRN 11/25/64 (a) (d) | | | 509,153 | | | | 481,934 | |
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, | | | | | | | | |
3.750% VRN 11/25/56 (a) (d) | | | 142,660 | | | | 143,354 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050% | | | | | | | | |
1.507% FRN 5/25/55 (a) | | | 927,000 | | | | 926,869 | |
NLT Trust | | | | | | | | |
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (d) | | | 790,722 | | | | 734,837 | |
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (d) | | | 700,000 | | | | 615,204 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
OBX Trust, Series 2020-INV1, Class A21, | | | | | | | | |
3.500% VRN 12/25/49 (a) (d) | | $ | 179,817 | | | $ | 178,768 | |
Onslow Bay Financial LLC | | | | | | | | |
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (d) | | | 936,182 | | | | 876,766 | |
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (d) | | | 333,000 | | | | 308,753 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
3.307% FRN 2/25/23 (a) | | | 250,000 | | | | 248,922 | |
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, | | | | | | | | |
3.000% VRN 10/25/31 (a) (d) | | | 230,723 | | | | 227,769 | |
STAR Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (d) | | | 875,303 | | | | 837,182 | |
Starwood Mortgage Residential Trust | | | | | | | | |
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (d) | | | 270,777 | | | | 255,783 | |
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (d) | | | 532,984 | | | | 528,037 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (d) | | | 249,898 | | | | 229,956 | |
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (d) | | | 512,707 | | | | 508,482 | |
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (d) | | | 265,000 | | | | 254,696 | |
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (d) | | | 548,000 | | | | 527,986 | |
| | | | | | | 13,028,774 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $65,999,241) | | | | | | | 64,057,285 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 1.3% | | | | | |
Pass-Through Securities — 0.0% | | | | | | | | |
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 1.891% 5/01/34 | | | 2,351 | | | | 2,427 | |
Government National Mortgage Association | | | | | | | | |
Pool #371146 7.000% 9/15/23 | | | 2 | | | | 2 | |
Pool #352022 7.000% 11/15/23 | | | 184 | | | | 189 | |
Pool #491089 7.000% 12/15/28 | | | 847 | | | | 889 | |
Pool #500928 7.000% 5/15/29 | | | 493 | | | | 535 | |
Pool #499410 7.000% 7/15/29 | | | 184 | | | | 200 | |
Pool #510083 7.000% 7/15/29 | | | 57 | | | | 62 | |
Pool #493723 7.000% 8/15/29 | | | 369 | | | | 402 | |
Pool #581417 7.000% 7/15/32 | | | 712 | | | | 768 | |
Government National Mortgage Association II | | | | | | | | |
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25 | | | 261 | | | | 261 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27 | | $ | 72 | | | $ | 73 | |
| | | | | | | 5,808 | |
Whole Loans — 1.3% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | | | | | | | | |
Series 2021-DNA6, Class M2, 30 Day SOFR + 1.500% 1.599% FRN 10/25/41 (a) | | | 1,046,000 | | | | 998,499 | |
Series 2021-DNA2, Class M2, 30 Day SOFR + 2.300% 2.399% FRN 8/25/33 (a) | | | 1,121,000 | | | | 1,104,975 | |
| | | | | | | 2,103,474 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,172,333) | | | | | | | 2,109,282 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 0.4% | | | | | | | | |
U.S. Treasury Bonds & Notes — 0.4% | | | | | | | | |
U.S. Treasury Note | | | | | | | | |
1.750% 12/31/24 (g) | | | 700,000 | | | | 686,402 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $711,922) | | | | | | | 686,402 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $152,707,442) | | | | | | | 146,181,666 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $147,532) | | | | | | | 143,774 | |
| | | | | | | | |
MUTUAL FUNDS — 0.2% | | | | | | | | |
Diversified Financial Services — 0.2% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (h) | | | 324,515 | | | | 324,515 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $324,515) | | | | | | | 324,515 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $153,179,489) | | | | | | | 146,649,955 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 4.7% | | | | | | | | |
Commercial Paper — 2.5% | | | | | | | | |
Ingredion, Inc. | | | | | | | | |
0.964% 4/08/22 (a) | | $ | 1,000,000 | | | $ | 999,875 | |
Southern Co. Gas Capital Corp. | | | | | | | | |
0.761% 4/04/22 (a) | | | 3,000,000 | | | | 2,999,804 | |
| | | | | | | 3,999,679 | |
Repurchase Agreement — 2.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (i) | | | 3,452,027 | | | | 3,452,027 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $7,451,655) | | | | | | | 7,451,706 | |
| | | | | | | | |
TOTAL INVESTMENTS — 97.4% (Cost $160,631,144) (j) | | | | | | | 154,101,661 | |
| | | | | | | | |
Other Assets/(Liabilities) — 2.6% | | | | | | | 4,100,403 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 158,202,064 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
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, 2022, the aggregate market value of these securities amounted to $101,441,857 or 64.12% of net assets. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $723,282 or 0.46% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $415,388 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) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2022. |
(e) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $1,600,000 or 1.01% of net assets. |
(f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(g) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(h) | Represents investment of security lending cash collateral. (Note 2). |
(i) | Maturity value of $3,452,027. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $3,521,092. |
(j) | See Note 3 for aggregate cost for federal tax purposes. |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
(#) Interest Rate Swaptions Purchased |
| | | | | | Paid by Fund | | Received by Fund | | | | | | | | | | | |
Description | | Counterparty | | Expiration Date | | Rate | | Frequency | | Rate | | Frequency | | Notional Amount | | Value | | | Premium Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Put | | | | | | | | | | | | | | | | | | | | | | | | | |
10-Year Interest Rate Swap, 2/02/43 | | Credit Suisse International | | 1/31/33 | | 3.11%## | | Semi-Annually | | 3-Month USD LIBOR BBA | | Quarterly | | USD | | 3,080,000 | | $ | 143,774 | | | $ | 147,532 | | | $ | (3,758) | |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Long Bond | | 6/21/22 | | | 6 | | | $ | 928,516 | | | $ | (28,141) | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 6/21/22 | | | 19 | | | $ | (2,654,532) | | | $ | 80,626 | |
U.S. Treasury Note 2 Year | | 6/30/22 | | | 55 | | | | (11,799,149) | | | | 143,446 | |
U.S. Treasury Note 5 Year | | 6/30/22 | | | 384 | | | | (45,157,396) | | | | 1,117,396 | |
| | | | | | | | | | | | $ | 1,341,468 | |
Centrally Cleared Interest Rate Swaps |
Paid by the Fund | | Received by the Fund | | | | | | | | | | | | | | | | |
Rate/ Reference | | Frequency | | Rate/ Reference | | | Frequency | | | Termination Date | | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
3-Month USD LIBOR BBA | | Quarterly | | | Fixed 1.047% | | | | Semi-Annually | | | | 11/22/24 | | | USD | | | 27,500,000 | | | $ | (1,065,972) | | | $ | — | | | $ | (1,065,972) | |
3-Month USD LIBOR BBA | | Quarterly | | | Fixed 1.174% | | | | Semi-Annually | | | | 1/04/25 | | | USD | | | 49,500,000 | | | | (1,862,545) | | | | — | | | | (1,862,545) | |
12-Month USD SOFR | | Annually | | | Fixed 1.462% | | | | Annually | | | | 2/09/25 | | | USD | | | 50,000,000 | | | | (1,191,743) | | | | — | | | | (1,191,743) | |
| | | | | | | | | | | | | | | | | | | | | | $ | (4,120,260) | | | $ | — | | | $ | (4,120,260) | |
Currency Legend
MML Small Cap Equity Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 98.9% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 98.9% | | | | | | | | |
Basic Materials — 2.8% | | | | | | | | |
Chemicals — 0.8% | | | | | | | | |
Amyris, Inc. (a) (b) | | | 73,270 | | | $ | 319,457 | |
NewMarket Corp. | | | 2,313 | | | | 750,291 | |
| | | | | | | 1,069,748 | |
Mining — 2.0% | | | | | | | | |
Compass Minerals International, Inc. | | | 23,344 | | | | 1,465,770 | |
Kaiser Aluminum Corp. | | | 13,156 | | | | 1,238,769 | |
| | | | | | | 2,704,539 | |
| | | | | | | 3,774,287 | |
Communications — 2.5% | | | | | | | | |
Internet — 1.5% | | | | | | | | |
Bumble, Inc. Class A (a) | | | 17,698 | | | | 512,888 | |
Q2 Holdings, Inc. (a) (b) | | | 25,763 | | | | 1,588,289 | |
| | | | | | | 2,101,177 | |
Telecommunications — 1.0% | | | | | | | | |
EchoStar Corp. Class A (a) | | | 53,215 | | | | 1,295,253 | |
| | | | | | | 3,396,430 | |
Consumer, Cyclical — 11.6% | | | | | | | | |
Airlines — 0.5% | | | | | | | | |
Spirit Airlines, Inc. (a) (b) | | | 32,798 | | | | 717,292 | |
Auto Parts & Equipment — 2.9% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 22,392 | | | | 879,110 | |
Dorman Products, Inc. (a) | | | 16,804 | | | | 1,596,884 | |
Visteon Corp. (a) | | | 13,202 | | | | 1,440,734 | |
| | | | | | | 3,916,728 | |
Entertainment — 0.9% | | | | | | | | |
Cedar Fair LP (a) (c) | | | 23,879 | | | | 1,308,569 | |
Home Builders — 0.5% | | | | | | | | |
Skyline Champion Corp. (a) | | | 12,098 | | | | 663,938 | |
Lodging — 0.6% | | | | | | | | |
Boyd Gaming Corp. | | | 11,756 | | | | 773,310 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Retail — 6.2% | | | | | | | | |
AutoNation, Inc. (a) | | | 23,786 | | | $ | 2,368,610 | |
BJ's Wholesale Club Holdings, Inc. (a) | | | 32,089 | | | | 2,169,537 | |
Denny's Corp. (a) | | | 88,814 | | | | 1,270,929 | |
Suburban Propane Partners LP (c) | | | 80,589 | | | | 1,297,483 | |
Texas Roadhouse, Inc. | | | 15,477 | | | | 1,295,889 | |
| | | | | | | 8,402,448 | |
| | | | | | | 15,782,285 | |
Consumer, Non-cyclical — 22.9% | | | | | | | | |
Biotechnology — 1.7% | | | | | | | | |
Avid Bioservices, Inc. (a) (b) | | | 57,442 | | | | 1,170,094 | |
Intra-Cellular Therapies, Inc. (a) | | | 11,171 | | | | 683,553 | |
Twist Bioscience Corp. (a) | | | 9,939 | | | | 490,788 | |
| | | | | | | 2,344,435 | |
Commercial Services — 5.6% | | | | | | | | |
ASGN, Inc. (a) | | | 20,508 | | | | 2,393,488 | |
Korn Ferry | | | 35,645 | | | | 2,314,786 | |
Monro, Inc. | | | 33,191 | | | | 1,471,689 | |
Paya Holdings, Inc. (a) | | | 124,695 | | | | 730,713 | |
Payoneer Global, Inc. (a) (b) | | | 157,517 | | | | 702,526 | |
| | | | | | | 7,613,202 | |
Food — 1.4% | | | | | | | | |
The Simply Good Foods Co. (a) | | | 50,311 | | | | 1,909,302 | |
Health Care – Products — 4.4% | | | | | | | | |
AtriCure, Inc. (a) | | | 24,834 | | | | 1,630,849 | |
BioLife Solutions, Inc. (a) | | | 25,732 | | | | 584,888 | |
Inspire Medical Systems, Inc. (a) | | | 9,716 | | | | 2,494,000 | |
Tandem Diabetes Care, Inc. (a) | | | 10,889 | | | | 1,266,282 | |
| | | | | | | 5,976,019 | |
Health Care – Services — 7.1% | | | | | | | | |
Acadia Healthcare Co., Inc. (a) | | | 36,290 | | | | 2,378,084 | |
Addus HomeCare Corp. (a) | | | 17,297 | | | | 1,613,637 | |
LHC Group, Inc. (a) | | | 13,835 | | | | 2,332,581 | |
Tenet Healthcare Corp. (a) | | | 37,647 | | | | 3,236,136 | |
| | | | | | | 9,560,438 | |
Household Products & Wares — 0.6% | | | | | | | | |
ACCO Brands Corp. | | | 97,682 | | | | 781,456 | |
Pharmaceuticals — 2.1% | | | | | | | | |
BellRing Brands, Inc. (a) (b) | | | 59,631 | | | | 1,376,284 | |
Collegium Pharmaceutical, Inc. (a) | | | 32,949 | | | | 670,842 | |
Heska Corp. (a) | | | 5,966 | | | | 824,978 | |
| | | | | | | 2,872,104 | |
| | | | | | | 31,056,956 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Energy — 4.4% | | | | | | | | |
Oil & Gas — 3.0% | | | | | | | | |
Chesapeake Energy Corp. (b) | | | 20,144 | | | $ | 1,752,528 | |
CNX Resources Corp. (a) | | | 59,334 | | | | 1,229,400 | |
Helmerich & Payne, Inc. | | | 25,852 | | | | 1,105,949 | |
| | | | | | | 4,087,877 | |
Oil & Gas Services — 0.8% | | | | | | | | |
Nov, Inc. | | | 54,438 | | | | 1,067,529 | |
Pipelines — 0.6% | | | | | | | | |
Equitrans Midstream Corp. | | | 91,630 | | | | 773,357 | |
| | | | | | | 5,928,763 | |
Financial — 20.6% | | | | | | | | |
Banks — 6.8% | | | | | | | | |
The Bank of NT Butterfield & Son Ltd. | | | 23,713 | | | | 850,822 | |
BankUnited, Inc. | | | 39,800 | | | | 1,749,608 | |
Cathay General Bancorp | | | 33,318 | | | | 1,490,981 | |
Columbia Banking System, Inc. | | | 19,084 | | | | 615,841 | |
FB Financial Corp. | | | 18,142 | | | | 805,868 | |
Heritage Financial Corp. | | | 34,698 | | | | 869,532 | |
Silvergate Capital Corp. Class A (a) | | | 6,713 | | | | 1,010,776 | |
Webster Financial Corp. | | | 33,026 | | | | 1,853,419 | |
| | | | | | | 9,246,847 | |
Diversified Financial Services — 3.9% | | | | | | | | |
Federated Hermes, Inc. | | | 38,874 | | | | 1,324,049 | |
Focus Financial Partners, Inc. Class A (a) | | | 31,627 | | | | 1,446,619 | |
Stifel Financial Corp. | | | 36,548 | | | | 2,481,609 | |
| | | | | | | 5,252,277 | |
Insurance — 1.0% | | | | | | | | |
Definity Financial Corp. | | | 55,027 | | | | 1,405,441 | |
Real Estate Investment Trusts (REITS) — 4.9% | | | | | | | | |
DiamondRock Hospitality Co. (a) | | | 166,155 | | | | 1,678,166 | |
Four Corners Property Trust, Inc. | | | 69,398 | | | | 1,876,522 | |
National Storage Affiliates Trust | | | 38,621 | | | | 2,423,854 | |
Sabra Health Care REIT, Inc. | | | 44,251 | | | | 658,897 | |
| | | | | | | 6,637,439 | |
Savings & Loans — 4.0% | | | | | | | | |
Berkshire Hills Bancorp, Inc. | | | 33,534 | | | | 971,480 | |
OceanFirst Financial Corp. | | | 42,528 | | | | 854,813 | |
Pacific Premier Bancorp, Inc. | | | 41,430 | | | | 1,464,550 | |
WSFS Financial Corp. | | | 44,326 | | | | 2,066,478 | |
| | | | | | | 5,357,321 | |
| | | | | | | 27,899,325 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Industrial — 15.9% | | | | | | | | |
Aerospace & Defense — 1.2% | | | | | | | | |
Curtiss-Wright Corp. | | | 11,019 | | | $ | 1,654,613 | |
Building Materials — 2.2% | | | | | | | | |
Masonite International Corp. (a) | | | 13,692 | | | | 1,217,766 | |
Summit Materials, Inc. Class A (a) | | | 56,544 | | | | 1,756,257 | |
| | | | | | | 2,974,023 | |
Electronics — 1.5% | | | | | | | | |
Atkore, Inc. (a) | | | 20,583 | | | | 2,026,190 | |
Engineering & Construction — 1.7% | | | | | | | | |
Primoris Services Corp. | | | 29,083 | | | | 692,757 | |
TopBuild Corp. (a) | | | 8,752 | | | | 1,587,525 | |
| | | | | | | 2,280,282 | |
Environmental Controls — 1.9% | | | | | | | | |
Evoqua Water Technologies Corp. (a) | | | 54,047 | | | | 2,539,128 | |
Hand & Machine Tools — 1.0% | | | | | | | | |
Regal Rexnord Corp. | | | 9,493 | | | | 1,412,369 | |
Machinery – Construction & Mining — 0.6% | | | | | | | | |
BWX Technologies, Inc. | | | 15,295 | | | | 823,789 | |
Machinery – Diversified — 1.4% | | | | | | | | |
Zurn Water Solutions Corp. | | | 52,890 | | | | 1,872,306 | |
Metal Fabricate & Hardware — 0.9% | | | | | | | | |
Valmont Industries, Inc. | | | 4,875 | | | | 1,163,175 | |
Miscellaneous - Manufacturing — 1.1% | | | | | | | | |
EnPro Industries, Inc. | | | 15,477 | | | | 1,512,567 | |
Packaging & Containers — 0.8% | | | | | | | | |
Silgan Holdings, Inc. | | | 25,113 | | | | 1,160,974 | |
Transportation — 1.6% | | | | | | | | |
CryoPort, Inc. (a) | | | 31,926 | | | | 1,114,537 | |
Hub Group, Inc. Class A (a) | | | 13,572 | | | | 1,047,894 | |
| | | | | | | 2,162,431 | |
| | | | | | | 21,581,847 | |
Technology — 14.4% | | | | | | | | |
Computers — 3.3% | | | | | | | | |
CACI International, Inc. Class A (a) | | | 6,983 | | | | 2,103,698 | |
KBR, Inc. | | | 42,857 | | | | 2,345,564 | |
| | | | | | | 4,449,262 | |
Semiconductors — 5.3% | | | | | | | | |
Allegro MicroSystems, Inc. (a) | | | 34,732 | | | | 986,389 | |
Ambarella, Inc. (a) | | | 8,438 | | | | 885,315 | |
Azenta, Inc. | | | 26,271 | | | | 2,177,340 | |
MKS Instruments, Inc. | | | 10,001 | | | | 1,500,150 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Semtech Corp. (a) | | | 23,687 | | | $ | 1,642,457 | |
| | | | | | | 7,191,651 | |
Software — 5.8% | | | | | | | | |
Bottomline Technologies de, Inc. (a) | | | 23,435 | | | | 1,328,296 | |
Consensus Cloud Solutions, Inc. (a) | | | 13,246 | | | | 796,482 | |
Envestnet, Inc. (a) | | | 11,526 | | | | 857,995 | |
Olo, Inc. Class A (a) | | | 26,082 | | | | 345,587 | |
Paycor HCM, Inc. (a) | | | 59,397 | | | | 1,729,047 | |
Sprout Social, Inc. Class A (a) | | | 5,929 | | | | 475,031 | |
Ziff Davis, Inc. (a) | | | 24,967 | | | | 2,416,306 | |
| | | | | | | 7,948,744 | |
| | | | | | | 19,589,657 | |
Utilities — 3.8% | | | | | | | | |
Electric — 1.5% | | | | | | | | |
Avista Corp. | | | 44,841 | | | | 2,024,571 | |
Gas — 2.3% | | | | | | | | |
National Fuel Gas Co. | | | 25,684 | | | | 1,764,491 | |
Northwest Natural Holding Co. | | | 25,444 | | | | 1,315,964 | |
| | | | | | | 3,080,455 | |
| | | | | | | 5,105,026 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $89,606,916) | | | | | | | 134,114,576 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $89,606,916) | | | | | | | 134,114,576 | |
| | | | | | | | |
MUTUAL FUNDS — 1.4% | | | | | | | | |
Diversified Financial Services — 1.4% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (d) | | | 1,907,242 | | | | 1,907,242 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $1,907,242) | | | | | | | 1,907,242 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $91,514,158) | | | | | | | 136,021,818 | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 2.5% | | | | | | | | |
Repurchase Agreement — 2.5% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (e) | | $ | 3,461,298 | | | | 3,461,298 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,461,298) | | | | | | | 3,461,298 | |
| | | | | | | | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL INVESTMENTS — 102.8% (Cost $94,975,456) (f) | | | | | | $ | 139,483,116 | |
| | | | | | | | |
Other Assets/(Liabilities) — (2.8)% | | | | | | | (3,811,188) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 135,671,928 | |
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, 2022, was $4,607,885 or 3.40% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,803,063 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Security is a Master Limited Partnership. |
(d) | Represents investment of security lending cash collateral. (Note 2). |
(e) | Maturity value of $3,461,298. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $3,530,616. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
MML Special Situations Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 100.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 100.0% | | | | | | | | |
Basic Materials — 6.5% | | | | | | | | |
Chemicals — 6.5% | | | | | | | | |
Dow, Inc. | | | 32,337 | | | $ | 2,060,514 | |
Communications — 24.3% | | | | | | | | |
Internet — 23.9% | | | | | | | | |
Airbnb, Inc. Class A (a) | | | 15,134 | | | | 2,599,416 | |
Bumble, Inc. Class A (a) | | | 3,137 | | | | 90,910 | |
Chewy, Inc. Class A (a) (b) | | | 3,834 | | | | 156,351 | |
DoorDash, Inc., Class A (a) | | | 7,079 | | | | 829,588 | |
Lyft, Inc. Class A (a) | | | 12,905 | | | | 495,552 | |
Marqeta, Inc. Class A (a) | | | 10,078 | | | | 111,261 | |
Pinterest, Inc. Class A (a) | | | 24,606 | | | | 605,554 | |
Robinhood Markets, Inc. (a) (b) | | | 2,530 | | | | 34,180 | |
Uber Technologies, Inc. (a) | | | 71,264 | | | | 2,542,699 | |
Vimeo, Inc. (a) | | | 6,757 | | | | 80,273 | |
| | | | | | | 7,545,784 | |
Media — 0.4% | | | | | | | | |
Altice USA, Inc. Class A (a) | | | 9,790 | | | | 122,179 | |
| | | | | | | 7,667,963 | |
Consumer, Cyclical — 6.3% | | | | | | | | |
Apparel — 0.2% | | | | | | | | |
Kontoor Brands, Inc. | | | 2,062 | | | | 85,264 | |
Auto Manufacturers — 1.1% | | | | | | | | |
Rivian Automotive, Inc. Class A (a) | | | 6,774 | | | | 340,326 | |
Distribution & Wholesale — 1.2% | | | | | | | | |
IAA, Inc. (a) | | | 5,845 | | | | 223,571 | |
Resideo Technologies, Inc. (a) | | | 6,259 | | | | 149,152 | |
| | | | | | | 372,723 | |
Entertainment — 1.8% | | | | | | | | |
Madison Square Garden Entertainment Corp. (a) | | | 1,102 | | | | 91,807 | |
Penn National Gaming, Inc. (a) | | | 7,270 | | | | 308,393 | |
Warner Music Group Corp. Class A | | | 4,769 | | | | 180,507 | |
| | | | | | | 580,707 | |
Lodging — 1.1% | | | | | | | | |
Wyndham Hotels & Resorts, Inc. | | | 4,073 | | | | 344,942 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Retail — 0.9% | | | | | | | | |
Olaplex Holdings, Inc. (a) | | | 3,090 | | | $ | 48,297 | |
Petco Health & Wellness Co., Inc. (a) | | | 3,534 | | | | 69,160 | |
Victoria's Secret & Co. (a) | | | 3,141 | | | | 161,322 | |
| | | | | | | 278,779 | |
| | | | | | | 2,002,741 | |
Consumer, Non-cyclical — 17.6% | | | | | | | | |
Biotechnology — 8.3% | | | | | | | | |
Corteva, Inc. | | | 31,864 | | | | 1,831,543 | |
Maravai LifeSciences Holdings, Inc. Class A (a) | | | 4,728 | | | | 166,756 | |
Royalty Pharma PLC Class A | | | 15,601 | | | | 607,815 | |
| | | | | | | 2,606,114 | |
Commercial Services — 2.3% | | | | | | | | |
Affirm Holdings, Inc. (a) (b) | | | 6,403 | | | | 296,331 | |
Driven Brands Holdings, Inc. (a) | | | 2,394 | | | | 62,914 | |
GXO Logistics, Inc. (a) | | | 4,315 | | | | 307,832 | |
Toast, Inc., Class A (a) | | | 3,196 | | | | 69,449 | |
| | | | | | | 736,526 | |
Health Care – Products — 3.1% | | | | | | | | |
Avantor, Inc. (a) | | | 26,650 | | | | 901,303 | |
Ortho Clinical Diagnostics Holdings PLC Class H (a) | | | 4,929 | | | | 91,975 | |
| | | | | | | 993,278 | |
Health Care – Services — 0.5% | | | | | | | | |
agilon health, Inc. (a) | | | 2,048 | | | | 51,917 | |
Sotera Health Co. (a) | | | 4,292 | | | | 92,965 | |
| | | | | | | 144,882 | |
Household Products & Wares — 0.2% | | | | | | | | |
Reynolds Consumer Products, Inc. | | | 2,364 | | | | 69,360 | |
Pharmaceuticals — 3.2% | | | | | | | | |
Covetrus, Inc. (a) | | | 4,479 | | | | 75,202 | |
Elanco Animal Health, Inc. (a) | | | 20,663 | | | | 539,098 | |
Organon & Co. | | | 11,075 | | | | 386,850 | |
| | | | | | | 1,001,150 | |
| | | | | | | 5,551,310 | |
Energy — 2.3% | | | | | | | | |
Energy – Alternate Sources — 0.4% | | | | | | | | |
Array Technologies, Inc. (a) | | | 5,173 | | | | 58,300 | |
Shoals Technologies Group, Inc. Class A (a) | | | 4,516 | | | | 76,953 | |
| | | | | | | 135,253 | |
Oil & Gas — 0.7% | | | | | | | | |
DTE Midstream LLC (a) | | | 4,193 | | | | 227,512 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Oil & Gas Services — 0.7% | | | | | | | | |
ChampionX Corp. (a) | | | 8,759 | | | $ | 214,420 | |
Pipelines — 0.5% | | | | | | | | |
Equitrans Midstream Corp. | | | 17,623 | | | | 148,738 | |
| | | | | | | 725,923 | |
Financial — 8.7% | | | | | | | | |
Diversified Financial Services — 1.6% | | | | | | | | |
Rocket Cos., Inc. Class A | | | 5,858 | | | | 65,141 | |
TPG, Inc. (a) | | | 1,466 | | | | 44,185 | |
Tradeweb Markets, Inc. Class A | | | 4,590 | | | | 403,323 | |
| | | | | | | 512,649 | |
Insurance — 2.5% | | | | | | | | |
Brighthouse Financial, Inc. (a) | | | 3,460 | | | | 178,744 | |
Equitable Holdings, Inc. | | | 16,475 | | | | 509,242 | |
Ryan Specialty Group Holdings, Inc. Class A (a) | | | 2,525 | | | | 97,945 | |
| | | | | | | 785,931 | |
Real Estate — 0.4% | | | | | | | | |
Newmark Group, Inc. Class A | | | 7,127 | | | | 113,462 | |
Real Estate Investment Trusts (REITS) — 4.2% | | | | | | | | |
Apartment Income REIT Corp. | | | 6,860 | | | | 366,736 | |
JBG SMITH Properties | | | 4,948 | | | | 144,581 | |
Orion Office REIT, Inc. | | | 2,348 | | | | 32,872 | |
VICI Properties, Inc. | | | 27,486 | | | | 782,251 | |
| | | | | | | 1,326,440 | |
| | | | | | | 2,738,482 | |
Industrial — 12.5% | | | | | | | | |
Building Materials — 5.9% | | | | | | | | |
The AZEK Co., Inc (a) | | | 4,833 | | | | 120,052 | |
Carrier Global Corp. | | | 37,863 | | | | 1,736,776 | |
| | | | | | | 1,856,828 | |
Electronics — 1.4% | | | | | | | | |
nVent Electric PLC | | | 7,292 | | | | 253,616 | |
Vontier Corp. | | | 7,328 | | | | 186,058 | |
| | | | | | | 439,674 | |
Engineering & Construction — 0.7% | | | | | | | | |
Arcosa, Inc. | | | 2,095 | | | | 119,939 | |
frontdoor, Inc. (a) | | | 3,671 | | | | 109,579 | |
| | | | | | | 229,518 | |
Machinery – Diversified — 4.5% | | | | | | | | |
Otis Worldwide Corp. | | | 18,571 | | | | 1,429,038 | |
| | | | | | | 3,955,058 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Technology — 19.3% | | | | | | | | |
Computers — 0.3% | | | | | | | | |
Kyndryl Holdings, Inc. (a) | | | 7,765 | | | $ | 101,877 | |
Semiconductors — 0.5% | | | | | | | | |
GLOBALFOUNDRIES, Inc. (a) | | | 2,318 | | | | 144,689 | |
Software — 18.5% | | | | | | | | |
AppLovin Corp. (a) (b) | | | 1,178 | | | | 64,872 | |
Avaya Holdings Corp. (a) | | | 3,650 | | | | 46,246 | |
C3.ai, Inc. (a) (b) | | | 3,053 | | | | 69,303 | |
Concentrix Corp. | | | 1,877 | | | | 312,633 | |
Consensus Cloud Solutions, Inc. (a) | | | 696 | | | | 41,851 | |
Doximity, Inc. Class A (a) | | | 2,111 | | | | 109,962 | |
Dropbox, Inc. Class A (a) | | | 12,320 | | | | 286,440 | |
Freshworks, Inc. (a) | | | 1,494 | | | | 26,772 | |
HashiCorp, Inc. Class A (a) (b) | | | 663 | | | | 35,802 | |
Playtika Holding Corp. (a) | | | 4,439 | | | | 85,806 | |
PowerSchool Holdings, Inc., Class A (a) | | | 1,780 | | | | 29,388 | |
Qualtrics International Inc (a) | | | 4,098 | | | | 116,998 | |
ROBLOX Corp. Class A (a) | | | 1,829 | | | | 84,573 | |
SentinelOne Inc. Class A (a) | | | 1,807 | | | | 70,003 | |
Snowflake, Inc. Class A (a) | | | 10,130 | | | | 2,321,087 | |
UiPath, Inc. Class A (a) | | | 11,212 | | | | 242,067 | |
Zoom Video Communications, Inc. Class A (a) | | | 9,472 | | | | 1,110,403 | |
ZoomInfo Technologies, Inc. (a) | | | 13,214 | | | | 789,404 | |
| | | | | | | 5,843,610 | |
| | | | | | | 6,090,176 | |
Utilities — 2.5% | | | | | | | | |
Electric — 2.5% | | | | | | | | |
Constellation Energy Corp. | | | 14,248 | | | | 801,450 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $35,832,938) | | | | | | | 31,593,617 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $35,832,938) | | | | | | | 31,593,617 | |
| | | | | | | | |
| | | | | | | | |
MUTUAL FUNDS — 1.9% | | | | | | | | |
Diversified Financial Services — 1.9% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (c) | | | 589,417 | | | | 589,417 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $589,417) | | | | | | | 589,417 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $36,422,355) | | | | | | | 32,183,034 | |
| | | | | | | | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
TOTAL INVESTMENTS — 101.9% (Cost $36,422,355) (d) | | | | | | $ | 32,183,034 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.9)% | | | | | | | (584,652) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 31,598,382 | |
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, 2022, was $642,488 or 2.03% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $68,249 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Strategic Emerging Markets Fund — Portfolio of Investments |
March 31, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 95.9% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 94.6% | | | | | | | | |
Bermuda — 0.1% | | | | | | | | |
Credicorp Ltd. | | | 398 | | | $ | 68,404 | |
Brazil — 4.3% | | | | | | | | |
Ambev SA | | | 171,912 | | | | 556,063 | |
Americanas SA (a) (b) (c) | | | 2,127 | | | | 14,586 | |
Americanas SA | | | 90,406 | | | | 619,980 | |
Lojas Renner SA | | | 66,936 | | | | 386,625 | |
Vale SA ADR Sponsored ADR | | | 48,646 | | | | 972,434 | |
| | | | | | | 2,549,688 | |
Cayman Islands — 20.1% | | | | | | | | |
Alibaba Group Holding Ltd. (c) | | | 53,200 | | | | 728,163 | |
BeiGene Ltd. ADR (c) | | | 3,637 | | | | 685,938 | |
Brii Biosciences Ltd. (c) | | | 80,000 | | | | 112,533 | |
Grab Holdings, Ltd. (Acquired 6/18/19, Cost $1,512,249) (b) (c) (d) | | | 319,800 | | | | 1,119,300 | |
Huazhu Group Ltd. | | | 1,100 | | | | 3,692 | |
Huazhu Group Ltd. ADR | | | 45,074 | | | | 1,486,991 | |
JD.com, Inc. Class A (c) | | | 1,845 | | | | 54,036 | |
Keymed Biosciences, Inc. (b) (c) (e) | | | 11,000 | | | | 28,734 | |
Keymed Biosciences, Inc. (c) (e) | | | 6,806 | | | | 18,714 | |
Meituan Class B Class B (c) (e) | | | 29,700 | | | | 585,257 | |
NetEase, Inc. ADR | | | 20,571 | | | | 1,845,013 | |
New Horizon Health Ltd. (c) (e) | | | 18,500 | | | | 53,414 | |
NU Holdings Ltd/Cayman Islands Class A (c) | | | 37,803 | | | | 291,839 | |
OneConnect Financial Technology Co. Ltd. (c) | | | 718 | | | | 1,012 | |
Pagseguro Digital Ltd. Class A (c) | | | 20,813 | | | | 417,301 | |
Tencent Holdings Ltd. | | | 41,009 | | | | 1,934,616 | |
Wuxi Biologics Cayman, Inc. (c) (e) | | | 117,000 | | | | 949,130 | |
Zai Lab Ltd. ADR (c) | | | 11,787 | | | | 518,392 | |
ZTO Express Cayman, Inc. | | | 3,837 | | | | 96,508 | |
ZTO Express Cayman, Inc. ADR | | | 39,668 | | | | 991,700 | |
| | | | | | | 11,922,283 | |
China — 0.1% | | | | | | | | |
MicroTech Medical Hangzhou Co. Ltd. (c) (e) | | | 20,200 | | | | 29,251 | |
Remegen Co. Ltd. Class H (c) (e) | | | 2,250 | | | | 13,261 | |
| | | | | | | 42,512 | |
Cyprus — 0.0% | | | | | | | | |
TCS Group Holding PLC (a) (b) | | | 4,183 | | | | — | |
Egypt — 0.4% | | | | | | | | |
Commercial International Bank Egypt SAE (c) | | | 94,153 | | | | 237,906 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
France — 4.2% | | | | | | | | |
Kering SA | | | 951 | | | $ | 600,745 | |
L'Oreal SA | | | 75 | | | | 30,020 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 110 | | | | 78,328 | |
Pernod Ricard SA | | | 8,007 | | | | 1,756,111 | |
| | | | | | | 2,465,204 | |
Hong Kong — 5.1% | | | | | | | | |
AIA Group Ltd. | | | 277,600 | | | | 2,906,314 | |
Hong Kong Exchanges & Clearing Ltd. | | | 3,000 | | | | 141,381 | |
| | | | | | | 3,047,695 | |
India — 19.7% | | | | | | | | |
HDFC Bank Ltd. | | | 8,978 | | | | 173,242 | |
HDFC Life Insurance Co. Ltd. (e) | | | 15,624 | | | | 110,266 | |
Housing Development Finance Corp. Ltd. | | | 111,543 | | | | 3,484,804 | |
Infosys Ltd. | | | 56,106 | | | | 1,404,060 | |
Kotak Mahindra Bank Ltd. | | | 113,446 | | | | 2,607,466 | |
Macrotech Developers Ltd. (c) | | | 5,481 | | | | 80,641 | |
Oberoi Realty Ltd. (c) | | | 29,404 | | | | 362,774 | |
Tata Consultancy Services Ltd. | | | 50,552 | | | | 2,488,062 | |
Zee Entertainment Enterprises Ltd. | | | 261,439 | | | | 988,030 | |
| | | | | | | 11,699,345 | |
Indonesia — 0.9% | | | | | | | | |
Bank Central Asia Tbk PT | | | 1,002,100 | | | | 555,203 | |
Italy — 1.4% | | | | | | | | |
Moncler SpA | | | 1,654 | | | | 92,111 | |
PRADA SpA | | | 117,800 | | | | 744,621 | |
| | | | | | | 836,732 | |
Luxembourg — 0.3% | | | | | | | | |
InPost SA (c) | | | 26,644 | | | | 167,472 | |
Mexico — 9.6% | | | | | | | | |
America Movil SAB de CV Sponsored ADR | | | 25,082 | | | | 530,484 | |
Fomento Economico Mexicano SAB de CV | | | 139,063 | | | | 1,154,594 | |
Grupo Mexico SAB de CV Series B | | | 462,096 | | | | 2,758,869 | |
Wal-Mart de Mexico SAB de CV | | | 309,296 | | | | 1,267,507 | |
| | | | | | | 5,711,454 | |
Netherlands — 0.0% | | | | | | | | |
Yandex N.V. (a) (b) (c) | | | 34,725 | | | | — | |
Philippines — 2.5% | | | | | | | | |
Ayala Land, Inc. | | | 638,200 | | | | 431,391 | |
SM Investments Corp. | | | 42,835 | | | | 750,491 | |
SM Prime Holdings, Inc. | | | 373,812 | | | | 272,807 | |
| | | | | | | 1,454,689 | |
Republic of Korea — 6.7% | | | | | | | | |
LG Chem Ltd. | | | 1,833 | | | | 794,707 | |
NAVER Corp. | | | 1,552 | | | | 433,975 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Samsung Biologics Co. Ltd. (c) (e) | | | 1,654 | | | $ | 1,124,655 | |
Samsung Electronics Co. Ltd. | | | 28,259 | | | | 1,614,370 | |
| | | | | | | 3,967,707 | |
Russia — 0.0% | | | | | | | | |
Novatek PJSC (a) (b) | | | 12,096 | | | | — | |
Polyus PJSC (a) (b) (c) | | | 1,977 | | | | — | |
Polyus PJSC GDR (a) (b) (e) | | | 1,904 | | | | — | |
Polyus PJSC GDR (a) (b) | | | 40 | | | | — | |
Sberbank of Russia PJSC (a) (b) | | | 7,525 | | | | — | |
| | | | | | | — | |
South Africa — 1.0% | | | | | | | | |
FirstRand Ltd. (f) | | | 115,061 | | | | 607,567 | |
Switzerland — 3.2% | | | | | | | | |
Cie Financiere Richemont SA Registered | | | 14,880 | | | | 1,887,506 | |
Taiwan — 11.0% | | | | | | | | |
MediaTek, Inc. | | | 25,000 | | | | 779,472 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 278,000 | | | | 5,747,493 | |
| | | | | | | 6,526,965 | |
Turkey — 0.1% | | | | | | | | |
Akbank TAS | | | 121,726 | | | | 60,200 | |
United Kingdom — 0.5% | | | | | | | | |
Prudential PLC | | | 19,250 | | | | 276,890 | |
United States — 3.4% | | | | | | | | |
Yum China Holdings, Inc. | | | 49,104 | | | | 2,039,780 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $59,995,807) | | | | | | | 56,125,202 | |
| | | | | | | | |
PREFERRED STOCK — 1.3% | | | | | | | | |
Brazil — 1.3% | | | | | | | | |
Banco Bradesco SA 3.340% | | | | | | | | |
| | | 164,338 | | | | 766,972 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $651,484) | | | | | | | 766,972 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $60,647,291) | | | | | | | 56,892,174 | |
| | | | | | | | |
| | | | | | | | |
WARRANTS — 0.0% | | | | | | | | |
Switzerland — 0.0% | | | | | | | | |
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (c) | | | 22,580 | | | | 17,838 | |
| | | | | | | | |
TOTAL WARRANTS (Cost $0) | | | | | | | 17,838 | |
| | | | | | | | |
| | | | | | | | |
RIGHTS — 0.0% | | | | | | | | |
Republic of Korea — 0.0% | | | | | | | | |
Samsung Biologics Co. Ltd. (b) (c) | | | 99 | | | | 16,254 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
TOTAL RIGHTS (Cost $0) | | | | | | $ | 16,254 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $60,647,291) | | | | | | | 56,926,266 | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 3.9% | | | | | | | | |
| | | | | | | | |
Repurchase Agreement — 3.9% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (g) | | $ | 2,303,771 | | | $ | 2,303,771 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,303,771) | | | | | | | 2,303,771 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.8% (Cost $62,951,062) (h) | | | | | | | 59,230,037 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.2% | | | | | | | 121,586 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 59,351,623 | |
Abbreviation Legend
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | 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, 2022, these securities amounted to a value of $1,178,874 or 1.99% of net assets. |
(c) | Non-income producing security. |
(d) | Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $1,119,300 or 1.89% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(e) | 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, 2022, the aggregate market value of these securities amounted to $2,912,682 or 4.91% of net assets. |
(f) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $483,001 or 0.81% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $519,871 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(g) | Maturity value of $2,303,771. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $2,349,866. |
(h) | See Note 3 for aggregate cost for federal tax purposes. |
Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of 15 series, including the following 14 series listed below (each individually referred to as a “Fund” or collectively as the “Funds”):
MML Blend Fund (“Blend Fund”)
MML Dynamic Bond Fund (“Dynamic Bond Fund”)
MML Equity Fund (“Equity Fund”)
MML Equity Momentum Fund (“Equity Momentum Fund”)
MML Equity Rotation Fund (“Equity Rotation Fund”)
MML High Yield Fund (“High Yield Fund”)
MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MML iShares® 60/40 Allocation Fund (“iShares 60/40 Allocation Fund”)
MML iShares® 80/20 Allocation Fund (“iShares 80/20 Allocation Fund”)
MML Managed Bond Fund (“Managed Bond Fund”)
MML Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MML Small Cap Equity Fund (“Small Cap Equity Fund”)
MML Special Situations Fund (“Special Situations Fund”)
MML Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund, which are “funds of funds” series of MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.
The Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund invest substantially all of their investable assets in shares of ETFs advised by an affiliate of the Fund’s subadviser, BlackRock Investment Management, LLC (“Underlying ETFs”).
2. Significant Accounting Policies
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees ("Trustees"), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.
Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds' Valuation Committee1 in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds' Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds' Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds' fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
| 1 | The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general. |
Notes to Portfolio of Investments (Unaudited) (Continued) |
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:
Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.
Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indexes or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.
In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.
The Blend Fund, Equity Momentum Fund, iShares 60/40 Allocation Fund, iShares 80/20 Allocation 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, 2022. 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, 2022, for the remaining Funds' investments:
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank Loans (Less Unfunded Loan Commitments) | | $ | — | | | $ | 13,213,514 | | | $ | — | | | $ | 13,213,514 | |
Corporate Debt | | | — | | | | 69,302,911 | | | | — | | | | 69,302,911 | |
Municipal Obligations | | | — | | | | 281,741 | | | | — | | | | 281,741 | |
Non-U.S. Government Agency Obligations | | | — | | | | 74,190,964 | | | | — | | | | 74,190,964 | |
Sovereign Debt Obligations | | | — | | | | 4,456,619 | | | | — | | | | 4,456,619 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 34,242,783 | | | | — | | | | 34,242,783 | |
U.S. Treasury Obligations | | | — | | | | 62,147,555 | | | | — | | | | 62,147,555 | |
Mutual Funds | | | 5,687,585 | | | | 2,264,805 | | | | — | | | | 7,952,390 | |
Short-Term Investments | | | — | | | | 16,054,280 | | | | — | | | | 16,054,280 | |
Unfunded Loan Commitments** | | | — | | | | (671 | ) | | | — | | | | (671 | ) |
Total Investments | | $ | 5,687,585 | | | $ | 276,154,501 | | | $ | — | | | $ | 281,842,086 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 877,402,671 | | | $ | 6,585,764 | * | | $ | — | | | $ | 883,988,434 | |
Preferred Stock | | | 348,729 | | | | — | | | | — | | | | 348,729 | |
Mutual Funds | | | 12,864,975 | | | | — | | | | — | | | | 12,864,975 | |
Short-Term Investments | | | 4,757,085 | | | | 5,364,477 | | | | — | | | | 10,121,563 | |
Total Investments | | $ | 895,373,460 | | | $ | 11,950,241 | | | $ | — | | | $ | 907,323,701 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 49,296,479 | | | $ | — | | | $ | 9,829 | | | $ | 49,306,308 | |
Mutual Funds | | | 26,398 | | | | — | | | | — | | | | 26,398 | |
Total Investments | | $ | 49,322,877 | | | $ | — | | | $ | 9,829 | | | $ | 49,332,706 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 511,979 | | | $ | — | | | $ | — | + | | $ | 511,979 | |
Bank Loans | | | — | | | | 2,088,184 | | | | — | | | | 2,088,184 | |
Corporate Debt | | | — | | | | 64,152,052 | | | | — | | | | 64,152,052 | |
Mutual Funds | | | 4,829,550 | | | | — | | | | — | | | | 4,829,550 | |
Short-Term Investments | | | — | | | | 3,819,989 | | | | — | | | | 3,819,989 | |
Total Investments | | $ | 5,341,529 | | | $ | 70,060,225 | | | $ | — | | | $ | 75,401,754 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Non-U.S. Government Agency Obligations | | $ | — | | | $ | 147,978,118 | | | $ | — | | | $ | 147,978,118 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 31,088,339 | | | | — | | | | 31,088,339 | |
U.S. Treasury Obligations | | | — | | | | 75,118,870 | | | | — | | | | 75,118,870 | |
Purchased Options | | | — | | | | 1,890,498 | | | | — | | | | 1,890,498 | |
Mutual Funds | | | 2,716,698 | | | | — | | | | — | | | | 2,716,698 | |
Short-Term Investments | | | — | | | | 14,825,913 | | | | — | | | | 14,825,913 | |
Total Investments | | $ | 2,716,698 | | | $ | 270,901,738 | | | $ | — | | | $ | 273,618,436 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | 128,089 | | | | — | | | | — | | | | 128,089 | |
Swap Agreements | | | — | | | | 736,510 | | | | — | | | | 736,510 | |
Total | | $ | 128,089 | | | $ | 736,510 | | | $ | — | | | $ | 864,599 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | (157,256 | ) | | | — | | | | — | | | | (157,256 | ) |
Swap Agreements | | | — | | | | (2,936,369 | ) | | | — | | | | (2,936,369 | ) |
Total | | $ | (157,256 | ) | | $ | (2,936,369 | ) | | $ | — | | | $ | (3,093,625 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 338,588,717 | | | $ | — | | | $ | 338,588,717 | |
Non-U.S. Government Agency Obligations | | | — | | | | 244,803,205 | | | | — | | | | 244,803,205 | |
Sovereign Debt Obligations | | | — | | | | 9,281,122 | | | | — | | | | 9,281,122 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 216,429,158 | | | | — | | | | 216,429,158 | |
U.S. Treasury Obligations | | | — | | | | 100,701,838 | | | | — | | | | 100,701,838 | |
Purchased Options | | | — | | | | 3,116,111 | | | | — | | | | 3,116,111 | |
Mutual Funds | | | 2,279,145 | | | | — | | | | — | | | | 2,279,145 | |
Short-Term Investments | | | — | | | | 164,787,875 | | | | — | | | | 164,787,875 | |
Total Investments | | $ | 2,279,145 | | | $ | 1,077,708,026 | | | $ | — | | | $ | 1,079,987,171 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 310,650 | | | $ | — | | | $ | — | | | $ | 310,650 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (3,021,226 | ) | | $ | — | | | $ | — | | | $ | (3,021,226 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 79,328,697 | | | $ | — | | | $ | 79,328,697 | |
Non-U.S. Government Agency Obligations | | | — | | | | 64,057,285 | | | | — | | | | 64,057,285 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 2,109,282 | | | | — | | | | 2,109,282 | |
U.S. Treasury Obligations | | | — | | | | 686,402 | | | | — | | | | 686,402 | |
Purchased Options | | | — | | | | 143,774 | | | | — | | | | 143,774 | |
Mutual Funds | | | 324,515 | | | | — | | | | — | | | | 324,515 | |
Short-Term Investments | | | — | | | | 7,451,706 | | | | — | | | | 7,451,706 | |
Total Investments | | $ | 324,515 | | | $ | 153,777,146 | | | $ | — | | | $ | 154,101,661 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | 1,341,468 | | | | — | | | | — | | | | 1,341,468 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | (28,141 | ) | | | — | | | | — | | | | (28,141 | ) |
Swap Agreements | | | — | | | | (4,120,260 | ) | | | — | | | | (4,120,260 | ) |
Total | | $ | (28,141 | ) | | $ | (4,120,260 | ) | | $ | — | | | $ | (4,148,401 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock* | | | | | | | | | | | | | | | | |
Bermuda | | $ | 68,404 | | | $ | — | | | $ | — | | | $ | 68,404 | |
Brazil | | | 2,535,102 | | | | — | | | | 14,586 | | | | 2,549,688 | |
Cayman Islands | | | 6,238,186 | | | | 5,684,097 | | | | — | | | | 11,922,283 | |
China | | | — | | | | 42,512 | | | | — | | | | 42,512 | |
Cyprus | | | — | | | | — | | | | -— | | | | — | |
Egypt | | | — | | | | 237,906 | | | | — | | | | 237,906 | |
France | | | — | | | | 2,465,204 | | | | — | | | | 2,465,204 | |
Hong Kong | | | — | | | | 3,047,695 | | | | — | | | | 3,047,695 | |
India | | | — | | | | 11,699,345 | | | | — | | | | 11,699,345 | |
Indonesia | | | — | | | | 555,203 | | | | — | | | | 555,203 | |
Italy | | | — | | | | 836,732 | | | | — | | | | 836,732 | |
Luxembourg | | | — | | | | 167,472 | | | | — | | | | 167,472 | |
Mexico | | | 5,711,454 | | | | — | | | | — | | | | 5,711,454 | |
Netherlands | | | — | | | | — | | | | — | | | | — | |
Philippines | | | — | | | | 1,454,689 | | | | — | | | | 1,454,689 | |
Republic of Korea | | | — | | | | 3,967,707 | | | | — | | | | 3,967,707 | |
Russia | | | — | | | | — | | | | — | + | | | — | |
South Africa | | | — | | | | 607,567 | | | | — | | | | 607,567 | |
Switzerland | | | — | | | | 1,887,506 | | | | — | | | | 1,887,506 | |
Taiwan | | | — | | | | 6,526,965 | | | | — | | | | 6,526,965 | |
Turkey | | | — | | | | 60,200 | | | | — | | | | 60,200 | |
United Kingdom | | | — | | | | 276,890 | | | | — | | | | 276,890 | |
United States | | | 2,039,780 | | | | — | | | | — | | | | 2,039,780 | |
Preferred Stock | | | | | | | | | | | | | | | | |
Brazil | | | 766,972 | | | | — | | | | — | | | | 766,972 | |
Warrants | | | 17,838 | | | | — | | | | — | | | | 17,838 | |
Rights | | | — | | | | 16,254 | | | | — | | | | 16,254 | |
Short-Term Investments | | | — | | | | 2,303,771 | | | | — | | | | 2,303,771 | |
Total Investments | | $ | 17,377,736 | | | $ | 41,837,715 | | | $ | 14,586 | | | $ | 59,230,037 | |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| ** | Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
| + | Represents a security at $0 value as of March 31, 2022. |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying 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, 2022, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund, may also invest in foreign securities. In addition, certain Underlying ETFs may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.
Federal Income Tax
It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
Notes to Portfolio of Investments (Unaudited) (Continued) |
3. Federal Income Tax Information
At March 31, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:
| | Federal Income Tax Cost | | | Tax Basis Unrealized Appreciation | | | Tax Basis Unrealized (Depreciation) | | | Net Unrealized Appreciation (Depreciation) | |
Blend Fund | | $ | 743,979,226 | | | $ | 90,733,702 | | | $ | (27,656,502 | ) | | $ | 63,077,200 | |
Dynamic Bond Fund | | | 299,412,793 | | | | 1,730,219 | | | | (19,300,926 | ) | | | (17,570,707 | ) |
Equity Fund | | | 704,081,704 | | | | 209,294,708 | | | | (6,052,711 | ) | | | 203,241,997 | |
Equity Momentum Fund | | | 44,511,773 | | | | 2,083,104 | | | | (553,170 | ) | | | 1,529,934 | |
Equity Rotation Fund | | | 49,451,673 | | | | 2,615,005 | | | | (2,733,972 | ) | | | (118,967 | ) |
High Yield Fund | | | 77,053,031 | | | | 1,482,506 | | | | (3,133,783 | ) | | | (1,651,277 | ) |
Inflation-Protected and Income Fund | | | 277,375,596 | | | | 1,837,036 | | | | (5,594,196 | ) | | | (3,757,160 | ) |
iShares 60/40 Allocation Fund | | | 27,442,165 | | | | 41,872 | | | | (387,624 | ) | | | (345,752 | ) |
iShares 80/20 Allocation Fund | | | 30,389,737 | | | | 105,813 | | | | (342,885 | ) | | | (237,072 | ) |
Managed Bond Fund | | | 1,117,948,232 | | | | 6,542,880 | | | | (44,503,941 | ) | | | (37,961,061 | ) |
Short-Duration Bond Fund | | | 160,631,144 | | | | 1,049,494 | | | | (7,578,977 | ) | | | (6,529,483 | ) |
Small Cap Equity Fund | | | 94,975,456 | | | | 49,922,529 | | | | (5,414,869 | ) | | | 44,507,660 | |
Special Situations Fund | | | 36,422,355 | | | | 3,997,353 | | | | (8,236,674 | ) | | | (4,239,321 | ) |
Strategic Emerging Markets Fund | | | 62,951,062 | | | | 8,275,264 | | | | (11,996,289 | ) | | | (3,721,025 | ) |
4. New Accounting Pronouncements
In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.
Notes to Portfolio of Investments (Unaudited) (Continued) |
5. Coronavirus (COVID-19) Pandemic
The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.
6. Russia-Ukraine War
In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.