MML Blend Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 106.9% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 106.9% | | | | | | | | |
iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | | | 526,843 | | | $ | 25,435,980 | |
iShares Core S&P 500 ETF | | | 466,866 | | | | 167,441,491 | |
iShares Core S&P Mid-Cap ETF | | | 58,260 | | | | 12,774,088 | |
iShares Core S&P Small-Cap ETF | | | 65,700 | | | | 5,728,383 | |
iShares Core S&P Total US Stock Market ETF | | | 2,320,512 | | | | 184,573,524 | |
iShares Core Total USD Bond Market ETF (a) | | | 2,304,581 | | | | 102,553,854 | |
iShares Core U.S. Aggregate Bond ETF | | | 1,063,575 | | | | 102,464,816 | |
iShares iBoxx High Yield Corporate Bond ETF (a) | | | 352,123 | | | | 25,138,061 | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 42,665,098 | | | | 42,665,098 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $731,849,409) | | | | | | | 668,775,295 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $731,849,409) | | | | | | | 668,775,295 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.9% (Cost $731,849,409) (c) | | | | | | | 668,775,295 | |
| | | | | | | | |
Other Assets/(Liabilities) — (6.9)% | | | | | | | (42,973,458) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 625,801,837 | |
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 September 30, 2022, was $42,768,845 or 6.83% of net assets. The Fund received $1,065,025 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) | See Note 3 for aggregate cost for federal tax purposes. |
MML Dynamic Bond Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 100.1% | | | | | | | | |
| | | | | | | | |
BANK LOANS — 6.1% | | | | | | | | |
Aerospace & Defense — 0.1% | | | | | | | | |
TransDigm, Inc., 2020 Term Loan F, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
5.924% VRN 12/09/25 | | $ | 157,041 | | | $ | 150,216 | |
Airlines — 0.2% | | | | | | | | |
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
6.421% VRN 8/11/28 | | | 74,813 | | | | 71,006 | |
American Airlines, Inc. | | | | | | | | |
2017 Incremental Term Loan, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
4.818% VRN 12/15/23 | | | 73,310 | | | | 72,251 | |
2021 Term Loan, 3 mo. USD LIBOR + 4.750% | | | | | | | | |
7.460% VRN 4/20/28 | | | 120,000 | | | | 116,040 | |
Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
5.993% VRN 12/11/26 | | | 68,189 | | | | 59,853 | |
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
6.533% VRN 4/21/28 | | | 83,938 | | | | 79,962 | |
| | | | | | | 399,112 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 4/30/26 | | | 129,445 | | | | 122,164 | |
Beverages — 0.1% | | | | | | | | |
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% | | | | | | | | |
7.174% VRN 3/31/28 | | | 279,295 | | | | 250,008 | |
Chemicals — 0.1% | | | | | | | | |
Diamond (BC) B.V., 2021 Term Loan B, 1 mo. USD LIBOR + 0.000%, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
5.556% VRN 9/29/28 | | | 173,688 | | | | 159,706 | |
Kraton Corp., 2022 USD Term Loan, 3 mo. SOFR CME + 3.250% | | | | | | | | |
6.718% VRN 3/15/29 | | | 74,813 | | | | 71,913 | |
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
7.438% VRN 11/09/28 | | | 99,500 | | | | 90,545 | |
| | | | | | | 322,164 | |
Commercial Services — 0.3% | | | | | | | | |
Allied Universal Holdco, LLC, 2021 USD Incremental Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.865% VRN 5/12/28 | | | 290,441 | | | | 254,717 | |
CHG Healthcare Services, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 9/29/28 | | | 133,650 | | | | 128,109 | |
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
6.115% VRN 5/14/26 | | | 47,781 | | | | 46,014 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Prime Security Services Borrower, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
5.303% VRN 9/23/26 | | $ | 278,586 | | | $ | 269,401 | |
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
7.115% VRN 8/27/25 | | | 69,119 | | | | 66,873 | |
| | | | | | | 765,114 | |
Computers — 0.2% | | | | | | | | |
Magenta Buyer, LLC, 2021 USD 1st Lien Term Loan, 1 mo. USD LIBOR + 4.750% | | | | | | | | |
7.870% VRN 7/27/28 | | | 279,296 | | | | 251,367 | |
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.865% VRN 2/01/28 | | | 116,054 | | | | 109,786 | |
| | | | | | | 361,153 | |
Diversified Financial Services — 0.4% | | | | | | | | |
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. SOFR CME + 3.000% | | | | | | | | |
6.034% VRN 6/15/25 | | | 113,070 | | | | 105,437 | |
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
6.043% VRN 10/22/26 | | | 143,550 | | | | 138,496 | |
Citadel Securities LP, 2021 Term Loan B, 1 mo. SOFR CME + 2.500% | | | | | | | | |
5.649% VRN 2/02/28 | | | 278,586 | | | | 270,159 | |
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 1 mo. SOFR CME + 3.750% | | | | | | | | |
6.784% VRN 4/09/27 | | | 117,325 | | | | 110,481 | |
Jane Street Group, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
5.865% VRN 1/26/28 | | | 268,633 | | | | 257,272 | |
| | | | | | | 881,845 | |
Electronics — 0.0% | | | | | | | | |
Mirion Technologies, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 2.750% | | | | | | | | |
5.627% VRN 10/20/28 | | | 94,525 | | | | 90,232 | |
Engineering & Construction — 0.1% | | | | | | | | |
Brown Group Holding, LLC, Term Loan B, 1 mo. USD LIBOR + 2.500% | | | | | | | | |
5.615% VRN 6/07/28 | | | 278,494 | | | | 264,104 | |
Entertainment — 0.3% | | | | | | | | |
PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500% | | | | | | | | |
5.615% VRN 5/29/26 | | | 270,000 | | | | 261,900 | |
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. SOFR CME + 3.000% | | | | | | | | |
5.906% VRN 4/14/29 | | | 269,325 | | | | 261,111 | |
UFC Holdings, LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
5.520% VRN 4/29/26 | | | 199,357 | | | | 191,217 | |
| | | | | | | 714,228 | |
Food — 0.2% | | | | | | | | |
CHG PPC Parent, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
6.125% VRN 12/08/28 | | | 119,400 | | | | 114,027 | |
Froneri International PLC, 2020 USD Term Loan, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
5.365% VRN 1/29/27 | | | 278,576 | | | | 262,349 | |
| | | | | | | 376,376 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Health Care – Products — 0.2% | | | | | | | | |
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 10/23/28 | | $ | 244,388 | | | $ | 224,301 | |
Sotera Health Holdings, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
5.865% VRN 12/11/26 | | | 270,000 | | | | 236,250 | |
| | | | | | | 460,551 | |
Health Care – Services — 0.4% | | | | | | | | |
Aveanna Healthcare, LLC | | | | | | | | |
2021 Term Loan B, | | | | | | | | |
0.000% 7/17/28 (a) | | | 140,916 | | | | 112,029 | |
2021 Delayed Draw Term Loan, | | | | | | | | |
0.000% 7/17/28 (a) (b) | | | 33,019 | | | | 26,250 | |
Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
6.814% VRN 10/02/25 | | | 269,316 | | | | 232,824 | |
ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
5.938% VRN 7/03/28 | | | 60,693 | | | | 59,236 | |
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 3/05/26 | | | 278,568 | | | | 263,347 | |
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
7.302% - 7.334% VRN 7/09/25 | | | 75,000 | | | | 62,625 | |
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.871% VRN 11/16/25 | | | 75,193 | | | | 69,755 | |
| | | | | | | 826,066 | |
Housewares — 0.1% | | | | | | | | |
Solis IV B.V., USD Term Loan B1, 3 mo. SOFR CME + 3.500% | | | | | | | | |
6.340% VRN 2/26/29 | | | 250,000 | | | | 204,625 | |
Insurance — 0.3% | | | | | | | | |
Acrisure, LLC | | | | | | | | |
2020 Term Loan B, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
6.615% VRN 2/15/27 | | | 121,255 | | | | 110,594 | |
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
7.365% VRN 2/15/27 | | | 124,063 | | | | 116,308 | |
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
5.365% VRN 2/19/28 | | | 278,583 | | | | 265,983 | |
Asurion, LLC | | | | | | | | |
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 12/23/26 | | | 152,288 | | | | 128,779 | |
2021 Term Loan B9, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 7/31/27 | | | 74,060 | | | | 62,322 | |
| | | | | | | 683,986 | |
Leisure Time — 0.1% | | | | | | | | |
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
6.615% VRN 8/17/28 | | | 268,643 | | | | 259,912 | |
Lodging — 0.3% | | | | | | | | |
Caesars Resort Collection, LLC | | | | | | | | |
2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
5.865% VRN 12/23/24 | | | 262,590 | | | | 256,052 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2020 Term Loan B1, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
6.615% VRN 7/21/25 | | $ | 33,633 | | | $ | 33,090 | |
Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.834% VRN 6/22/26 | | | 280,000 | | | | 270,432 | |
Station Casinos, LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
5.370% VRN 2/08/27 | | | 278,554 | | | | 265,961 | |
| | | | | | | 825,535 | |
Machinery – Diversified — 0.2% | | | | | | | | |
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
5.149% VRN 7/30/29 | | | 245,400 | | | | 236,075 | |
Vertical U.S. Newco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.500% | | | | | | | | |
6.871% VRN 7/30/27 | | | 196,526 | | | | 188,010 | |
| | | | | | | 424,085 | |
Media — 0.3% | | | | | | | | |
DirecTV Financing, LLC, Term Loan, 1 mo. USD LIBOR + 5.000% | | | | | | | | |
8.115% VRN 8/02/27 | | | 66,544 | | | | 61,828 | |
The E.W. Scripps Co., 2019 Term Loan B2, 1 mo. USD LIBOR + 2.563% | | | | | | | | |
5.678% VRN 5/01/26 | | | 114,215 | | | | 110,179 | |
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500% | | | | | | | | |
5.615% VRN 9/18/26 | | | 364,105 | | | | 358,512 | |
Radiate Holdco, LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 9/25/26 | | | 143,913 | | | | 132,814 | |
| | | | | | | 663,333 | |
Packaging & Containers — 0.0% | | | | | | | | |
TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.250% | | | | | | | | |
6.365% VRN 3/03/28 | | | 69,146 | | | | 64,807 | |
Pharmaceuticals — 0.5% | | | | | | | | |
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% | | | | | | | | |
7.674% VRN 10/01/27 | | | 236,083 | | | | 224,456 | |
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
5.115% VRN 11/15/27 | | | 560,000 | | | | 530,522 | |
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.875% VRN 3/15/28 | | | 279,293 | | | | 267,599 | |
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
6.615% VRN 5/05/28 | | | 200,413 | | | | 193,399 | |
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD LIBOR + 2.250% | | | | | | | | |
5.938% VRN 7/03/28 | | | 15,809 | | | | 15,429 | |
| | | | | | | 1,231,405 | |
Pipelines — 0.1% | | | | | | | | |
CQP Holdco LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% | | | | | | | | |
7.424% VRN 6/05/28 | | | 216,410 | | | | 208,474 | |
Traverse Midstream Partners, LLC, 2017 Term Loan, 3 mo. SOFR CME + 4.250% | | | | | | | | |
5.950% VRN 9/27/24 | | | 50,471 | | | | 49,209 | |
| | | | | | | 257,683 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Retail — 0.5% | | | | | | | | |
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.871% VRN 11/19/26 | | $ | 278,568 | | | $ | 265,784 | |
Great Outdoors Group, LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.865% VRN 3/06/28 | | | 171,951 | | | | 158,453 | |
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
5.865% VRN 10/19/27 | | | 278,582 | | | | 251,421 | |
Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% | | | | | | | | |
6.924% VRN 3/03/28 | | | 123,125 | | | | 116,007 | |
PetSmart, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.870% VRN 2/11/28 | | | 69,300 | | | | 65,431 | |
Pilot Travel Centers, LLC, 2021 Term Loan B, 1 mo. SOFR CME + 2.000% | | | | | | | | |
5.134% VRN 8/04/28 | | | 278,593 | | | | 266,106 | |
| | | | | | | 1,123,202 | |
Software — 0.7% | | | | | | | | |
Athenahealth, Inc. | | | | | | | | |
2022 Delayed Draw Term Loan, 3 mo. SOFR + 3.500% | | | | | | | | |
3.500% VRN 2/15/29 (b) | | | 28,986 | | | | 25,913 | |
2022 Term Loan B, 1 mo. SOFR CME + 3.500%, | | | | | | | | |
6.576% VRN 2/15/29 | | | 170,587 | | | | 152,505 | |
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000% | | | | | | | | |
6.115% VRN 10/30/26 | | | 117,900 | | | | 113,773 | |
Castle U.S. Holding Corp., USD Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.865% VRN 1/29/27 | | | 156,667 | | | | 125,333 | |
DCert Buyer, Inc., 2019 Term Loan B, 3 mo. USD LIBOR + 4.000% | | | | | | | | |
6.903% VRN 10/16/26 | | | 73,678 | | | | 70,117 | |
Finastra USA, Inc., USD 2nd Lien Term Loan, 2 mo. USD LIBOR + 7.250% | | | | | | | | |
8.489% VRN 6/13/25 | | | 20,000 | | | | 16,138 | |
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
6.615% VRN 7/01/24 | | | 218,727 | | | | 211,319 | |
Mitchell International, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.734% VRN 10/15/28 | | | 259,350 | | | | 234,323 | |
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% | | | | | | | | |
7.120% VRN 4/26/24 | | | 184,963 | | | | 177,738 | |
Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% | | | | | | | | |
5.617% VRN 2/15/28 | | | 278,586 | | | | 197,506 | |
The Ultimate Software Group, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750% | | | | | | | | |
6.865% VRN 5/04/26 | | | 121,539 | | | | 115,614 | |
Zelis Healthcare Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
6.064% VRN 9/30/26 | | | 192,375 | | | | 184,980 | |
| | | | | | | 1,625,259 | |
Telecommunications — 0.1% | | | | | | | | |
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. SOFR + 4.500% | | | | | | | | |
7.445% VRN 2/01/29 | | | 126,032 | | | | 117,998 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.865% VRN 3/01/27 | | $ | 216,988 | | | $ | 205,765 | |
| | | | | | | 323,763 | |
Transportation — 0.2% | | | | | | | | |
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000% | | | | | | | | |
5.674% VRN 12/30/26 | | | 547,194 | | | | 531,150 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $15,049,720) | | | | | | | 14,202,078 | |
| | | | | | | | |
CORPORATE DEBT — 41.0% | | | | | | | | |
Advertising — 0.0% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. | | | | | | | | |
7.500% 6/01/29 (c) (d) | | | 95,000 | | | | 68,875 | |
Aerospace & Defense — 1.5% | | | | | | | | |
The Boeing Co. | | | | | | | | |
2.196% 2/04/26 | | | 300,000 | | | | 266,743 | |
2.800% 3/01/27 | | | 290,000 | | | | 254,837 | |
2.950% 2/01/30 | | | 270,000 | | | | 216,988 | |
3.200% 3/01/29 | | | 300,000 | | | | 250,474 | |
3.250% 2/01/35 | | | 330,000 | | | | 233,281 | |
3.750% 2/01/50 | | | 140,000 | | | | 91,185 | |
5.705% 5/01/40 | | | 130,000 | | | | 113,565 | |
5.805% 5/01/50 | | | 350,000 | | | | 304,859 | |
5.930% 5/01/60 | | | 50,000 | | | | 42,776 | |
General Dynamics Corp. | | | | | | | | |
4.250% 4/01/40 | | | 20,000 | | | | 17,505 | |
4.250% 4/01/50 | | | 50,000 | | | | 43,369 | |
L3 Harris Technologies, Inc. | | | | | | | | |
5.054% 4/27/45 | | | 80,000 | | | | 70,834 | |
Lockheed Martin Corp. | | | | | | | | |
3.550% 1/15/26 | | | 50,000 | | | | 48,346 | |
3.900% 6/15/32 | | | 50,000 | | | | 46,241 | |
4.150% 6/15/53 | | | 320,000 | | | | 267,204 | |
Northrop Grumman Corp. | | | | | | | | |
2.930% 1/15/25 | | | 160,000 | | | | 152,565 | |
3.250% 1/15/28 | | | 290,000 | | | | 264,316 | |
5.150% 5/01/40 | | | 320,000 | | | | 299,635 | |
Raytheon Technologies Corp. | | | | | | | | |
2.250% 7/01/30 | | | 110,000 | | | | 88,879 | |
3.030% 3/15/52 | | | 240,000 | | | | 156,600 | |
4.125% 11/16/28 | | | 160,000 | | | | 149,576 | |
4.500% 6/01/42 | | | 80,000 | | | | 68,969 | |
| | | | | | | 3,448,747 | |
Agriculture — 0.7% | | | | | | | | |
Altria Group, Inc. | | | | | | | | |
2.450% 2/04/32 | | | 140,000 | | | | 99,190 | |
4.400% 2/14/26 | | | 190,000 | | | | 182,899 | |
5.800% 2/14/39 | | | 240,000 | | | | 209,588 | |
5.950% 2/14/49 | | | 160,000 | | | | 132,492 | |
BAT Capital Corp. | | | | | | | | |
3.462% 9/06/29 | | | 525,000 | | | | 427,601 | |
4.540% 8/15/47 | | | 170,000 | | | | 112,643 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Cargill, Inc. | | | | | | | | |
1.375% 7/23/23 (c) | | $ | 180,000 | | | $ | 175,322 | |
Philip Morris International, Inc. | | | | | | | | |
1.125% 5/01/23 | | | 190,000 | | | | 186,151 | |
4.500% 3/20/42 | | | 80,000 | | | | 58,608 | |
| | | | | | | 1,584,494 | |
Airlines — 1.1% | | | | | | | | |
Delta Air Lines, Inc. | | | | | | | | |
7.000% 5/01/25 (c) | | | 1,780,000 | | | | 1,791,724 | |
Delta Air Lines, Inc./SkyMiles IP Ltd. | | | | | | | | |
4.750% 10/20/28 (c) | | | 550,000 | | | | 512,474 | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | |
6.500% 6/20/27 (c) | | | 313,500 | | | | 305,793 | |
United Airlines, Inc. | | | | | | | | |
4.625% 4/15/29 (c) | | | 65,000 | | | | 53,950 | |
| | | | | | | 2,663,941 | |
Apparel — 0.2% | | | | | | | | |
NIKE, Inc. | | | | | | | | |
2.850% 3/27/30 | | | 280,000 | | | | 243,147 | |
3.250% 3/27/40 | | | 130,000 | | | | 100,103 | |
3.375% 3/27/50 | | | 40,000 | | | | 29,772 | |
| | | | | | | 373,022 | |
Auto Manufacturers — 1.3% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
3.250% 2/12/32 | | | 1,660,000 | | | | 1,191,880 | |
6.100% 8/19/32 | | | 90,000 | | | | 79,344 | |
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235% | | | | | | | | |
4.140% FRN 2/15/23 | | | 410,000 | | | | 408,001 | |
General Motors Financial Co., Inc. | | | | | | | | |
2.400% 10/15/28 | | | 275,000 | | | | 217,467 | |
3.100% 1/12/32 (d) | | | 285,000 | | | | 214,856 | |
Hyundai Capital America | | | | | | | | |
1.800% 10/15/25 (c) | | | 55,000 | | | | 48,923 | |
Nissan Motor Co. Ltd. | | | | | | | | |
3.043% 9/15/23 (c) | | | 200,000 | | | | 194,432 | |
3.522% 9/17/25 (c) | | | 410,000 | | | | 377,138 | |
4.345% 9/17/27 (c) | | | 300,000 | | | | 257,667 | |
| | | | | | | 2,989,708 | |
Banks — 11.3% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (c) | | | 260,000 | | | | 250,093 | |
Banco Santander SA | | | | | | | | |
3.496% 3/24/25 | | | 600,000 | | | | 571,577 | |
3 mo. USD LIBOR + 1.120% 3.543% FRN 4/12/23 | | | 200,000 | | | | 200,092 | |
Bank of America Corp. | | | | | | | | |
5 year CMT + 1.200% 2.482% VRN 9/21/36 | | | 520,000 | | | | 375,871 | |
SOFR + 1.210% 2.572% VRN 10/20/32 | | | 190,000 | | | | 145,249 | |
SOFR + 1.330% 2.972% VRN 2/04/33 | | | 1,080,000 | | | | 843,893 | |
3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28 | | | 1,830,000 | | | | 1,653,569 | |
4.000% 1/22/25 | | | 700,000 | | | | 677,613 | |
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51 | | | 300,000 | | | | 224,803 | |
4.200% 8/26/24 | | | 380,000 | | | | 373,874 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3 mo. USD LIBOR + 3.705% 6.250% VRN (e) | | $ | 170,000 | | | $ | 164,262 | |
Bank of Montreal 5 year USD Swap + 1.432% | | | | | | | | |
3.803% VRN 12/15/32 | | | 350,000 | | | | 303,646 | |
The Bank of Nova Scotia 5 year CMT + 2.050% | | | | | | | | |
4.588% VRN 5/04/37 | | | 440,000 | | | | 368,751 | |
Barclays PLC 3 mo. USD LIBOR + 1.380% | | | | | | | | |
4.302% FRN 5/16/24 | | | 425,000 | | | | 424,699 | |
BNP Paribas SA | | | | | | | | |
SOFR + 2.074% 2.219% VRN 6/09/26 (c) | | | 200,000 | | | | 179,855 | |
SOFR + 1.507% 3.052% VRN 1/13/31 (c) | | | 390,000 | | | | 310,119 | |
4.625% 3/13/27 (c) | | | 260,000 | | | | 240,348 | |
BPCE SA | | | | | | | | |
1.000% 1/20/26 (c) | | | 250,000 | | | | 216,057 | |
Citigroup, Inc. | | | | | | | | |
SOFR + .694% 2.014% VRN 1/25/26 | | | 95,000 | | | | 87,310 | |
SOFR + 1.280% 3.070% VRN 2/24/28 | | | 995,000 | | | | 886,106 | |
SOFR + 1.939% 3.785% VRN 3/17/33 | | | 580,000 | | | | 485,965 | |
3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30 | | | 850,000 | | | | 753,805 | |
3 mo. USD LIBOR + 1.100% 4.042% FRN 5/17/24 | | | 545,000 | | | | 545,084 | |
4.650% 7/30/45 | | | 380,000 | | | | 305,203 | |
3 mo. USD LIBOR + 3.905% 5.950% VRN (e) | | | 160,000 | | | | 144,808 | |
Cooperatieve Rabobank UA | | | | | | | | |
4.375% 8/04/25 | | | 470,000 | | | | 449,171 | |
Credit Agricole SA SOFR + 1.676% | | | | | | | | |
1.907% VRN 6/16/26 (c) | | | 270,000 | | | | 241,504 | |
Credit Suisse Group AG | | | | | | | | |
SOFR + 2.044% 2.193% VRN 6/05/26 (c) | | | 480,000 | | | | 417,415 | |
SOFR + 1.730% 3.091% VRN 5/14/32 (c) | | | 640,000 | | | | 448,740 | |
SOFR + 3.920% 6.537% VRN 8/12/33 (c) | | | 300,000 | | | | 269,559 | |
5 year CMT + 6.383% 9.750% VRN (c) (e) | | | 480,000 | | | | 470,746 | |
Danske Bank A/S | | | | | | | | |
5.375% 1/12/24 (c) | | | 240,000 | | | | 238,695 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
SOFR + 1.472% 2.908% VRN 7/21/42 | | | 240,000 | | | | 154,332 | |
3.000% 3/15/24 | | | 550,000 | | | | 534,535 | |
3.500% 11/16/26 | | | 270,000 | | | | 249,205 | |
SOFR + .820% 3.687% FRN 9/10/27 | | | 165,000 | | | | 157,331 | |
3 mo. USD LIBOR + 1.170% 4.075% FRN 5/15/26 | | | 555,000 | | | | 550,639 | |
3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29 | | | 500,000 | | | | 454,678 | |
4.250% 10/21/25 | | | 270,000 | | | | 260,502 | |
4.750% 10/21/45 | | | 300,000 | | | | 250,195 | |
5.150% 5/22/45 | | | 290,000 | | | | 240,935 | |
HSBC Holdings PLC | | | | | | | | |
SOFR + 1.929% 2.099% VRN 6/04/26 | | | 510,000 | | | | 456,756 | |
3 mo. USD LIBOR + 1.380% 4.616% FRN 9/12/26 | | | 510,000 | | | | 497,584 | |
SOFR + 2.530% 4.762% VRN 3/29/33 | | | 200,000 | | | | 164,083 | |
JP Morgan Chase & Co. | | | | | | | | |
SOFR + 1.015% 2.069% VRN 6/01/29 | | | 215,000 | | | | 174,400 | |
SOFR + 2.040% 2.522% VRN 4/22/31 | | | 320,000 | | | | 252,846 | |
SOFR + 1.250% 2.580% VRN 4/22/32 | | | 270,000 | | | | 209,021 | |
SOFR + .915% 2.595% VRN 2/24/26 | | | 160,000 | | | | 148,785 | |
SOFR + 1.260% 2.963% VRN 1/25/33 | | | 265,000 | | | | 208,214 | |
SOFR + 2.440% 3.109% VRN 4/22/51 | | | 110,000 | | | | 69,704 | |
3.875% 9/10/24 | | | 540,000 | | | | 528,238 | |
3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29 | | | 940,000 | | | | 860,831 | |
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% | | | | | | | | |
3.574% VRN 11/07/28 | | | 400,000 | | | | 350,970 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
1.412% 7/17/25 | | $ | 435,000 | | | $ | 389,902 | |
Morgan Stanley | | | | | | | | |
SOFR + 1.360% 2.484% VRN 9/16/36 | | | 520,000 | | | | 372,455 | |
SOFR + 1.290% 2.943% VRN 1/21/33 | | | 115,000 | | | | 90,774 | |
SOFR + 1.160% 3.620% VRN 4/17/25 | | | 270,000 | | | | 262,071 | |
SOFR + 1.610% 4.210% VRN 4/20/28 | | | 205,000 | | | | 191,906 | |
National Securities Clearing Corp. | | | | | | | | |
1.500% 4/23/25 (c) | | | 250,000 | | | | 230,288 | |
NatWest Markets PLC | | | | | | | | |
0.800% 8/12/24 (c) | | | 200,000 | | | | 183,738 | |
Royal Bank of Canada | | | | | | | | |
1.150% 6/10/25 | | | 310,000 | | | | 279,780 | |
Santander Holdings SOFR + 1.249% | | | | | | | | |
2.490% VRN 1/06/28 | | | 135,000 | | | | 112,627 | |
The Toronto-Dominion Bank | | | | | | | | |
1.150% 6/12/25 | | | 300,000 | | | | 269,656 | |
UBS Group AG | | | | | | | | |
4.253% 3/23/28 (c) | | | 340,000 | | | | 314,036 | |
5 year USD Swap + 4.344% 7.000% VRN (c) (e) | | | 500,000 | | | | 473,100 | |
US Bancorp | | | | | | | | |
1.450% 5/12/25 | | | 280,000 | | | | 257,064 | |
Wells Fargo & Co. | | | | | | | | |
SOFR + 2.000% 2.188% VRN 4/30/26 | | | 200,000 | | | | 182,680 | |
3 mo. TSFR + 1.432% 2.879% VRN 10/30/30 | | | 235,000 | | | | 193,013 | |
3.000% 10/23/26 | | | 430,000 | | | | 389,676 | |
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27 | | | 245,000 | | | | 222,856 | |
SOFR + 1.500% 3.350% VRN 3/02/33 | | | 360,000 | | | | 291,812 | |
SOFR + 2.130% 4.611% VRN 4/25/53 | | | 2,050,000 | | | | 1,670,310 | |
| | | | | | | 26,420,010 | |
Beverages — 0.7% | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
3.650% 2/01/26 | | | 680,000 | | | | 653,407 | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
3.500% 6/01/30 | | | 130,000 | | | | 116,001 | |
4.600% 4/15/48 | | | 460,000 | | | | 380,995 | |
The Coca-Cola Co. | | | | | | | | |
1.450% 6/01/27 (d) | | | 250,000 | | | | 216,097 | |
2.600% 6/01/50 | | | 80,000 | | | | 51,480 | |
Molson Coors Beverage Co. | | | | | | | | |
3.000% 7/15/26 | | | 50,000 | | | | 45,684 | |
4.200% 7/15/46 | | | 50,000 | | | | 37,073 | |
PepsiCo, Inc. | | | | | | | | |
1.625% 5/01/30 | | | 170,000 | | | | 136,202 | |
| | | | | | | 1,636,939 | |
Biotechnology — 0.1% | | | | | | | | |
Gilead Sciences, Inc. | | | | | | | | |
3.700% 4/01/24 | | | 130,000 | | | | 127,988 | |
Illumina, Inc. | | | | | | | | |
0.550% 3/23/23 (d) | | | 165,000 | | | | 161,576 | |
| | | | | | | 289,564 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Chemicals — 0.4% | | | | | | | | |
Equate Petrochemical BV | | | | | | | | |
4.250% 11/03/26 (c) | | $ | 240,000 | | | $ | 226,017 | |
OCP SA | | | | | | | | |
3.750% 6/23/31 (c) | | | 260,000 | | | | 196,928 | |
5.125% 6/23/51 (c) | | | 220,000 | | | | 139,700 | |
Orbia Advance Corp. SAB de CV | | | | | | | | |
2.875% 5/11/31 (c) | | | 490,000 | | | | 356,820 | |
| | | | | | | 919,465 | |
Commercial Services — 0.4% | | | | | | | | |
Cintas Corp. No 2 | | | | | | | | |
3.700% 4/01/27 | | | 160,000 | | | | 151,740 | |
DP World Ltd. | | | | | | | | |
5.625% 9/25/48 (c) | | | 330,000 | | | | 288,071 | |
PayPal Holdings, Inc. | | | | | | | | |
1.650% 6/01/25 | | | 270,000 | | | | 248,607 | |
Triton Container International Ltd. | | | | | | | | |
1.150% 6/07/24 (c) | | | 90,000 | | | | 81,989 | |
Triton Container International Ltd. / TAL International Container Corp. | | | | | | | | |
3.250% 3/15/32 | | | 160,000 | | | | 118,163 | |
| | | | | | | 888,570 | |
Computers — 0.3% | | | | | | | | |
Apple, Inc. | | | | | | | | |
2.450% 8/04/26 | | | 480,000 | | | | 442,797 | |
International Business Machines Corp. | | | | | | | | |
3.000% 5/15/24 | | | 320,000 | | | | 311,331 | |
| | | | | | | 754,128 | |
Cosmetics & Personal Care — 0.1% | | | | | | | | |
GSK Consumer Healthcare Capital US LLC | | | | | | | | |
3.375% 3/24/29 (c) | | | 260,000 | | | | 226,742 | |
The Procter & Gamble Co. | | | | | | | | |
3.000% 3/25/30 | | | 100,000 | | | | 89,527 | |
| | | | | | | 316,269 | |
Diversified Financial Services — 1.0% | | | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
2.450% 10/29/26 | | | 170,000 | | | | 143,470 | |
3.000% 10/29/28 | | | 160,000 | | | | 128,653 | |
3.150% 2/15/24 | | | 190,000 | | | | 182,514 | |
3.400% 10/29/33 | | | 420,000 | | | | 304,567 | |
Air Lease Corp. | | | | | | | | |
1.875% 8/15/26 | | | 170,000 | | | | 144,182 | |
American Express Co. | | | | | | | | |
3.375% 5/03/24 | | | 130,000 | | | | 126,790 | |
4.050% 5/03/29 | | | 210,000 | | | | 192,685 | |
Aviation Capital Group LLC | | | | | | | | |
1.950% 9/20/26 (c) | | | 395,000 | | | | 320,156 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
3.250% 2/15/27 (c) | | | 370,000 | | | | 309,987 | |
CI Financial Corp. | | | | | | | | |
4.100% 6/15/51 | | | 115,000 | | | | 68,418 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Mastercard, Inc. | | | | | | | | |
3.850% 3/26/50 | | $ | 50,000 | | | $ | 40,225 | |
Nasdaq, Inc. | | | | | | | | |
3.950% 3/07/52 | | | 45,000 | | | | 33,442 | |
SPARC EM SPC Panama Metro Line 2 SP | | | | | | | | |
0.000% 12/05/22 (c) | | | 37,207 | | | | 36,835 | |
Visa, Inc. | | | | | | | | |
3.150% 12/14/25 | | | 200,000 | | | | 190,973 | |
4.300% 12/14/45 | | | 160,000 | | | | 139,393 | |
| | | | | | | 2,362,290 | |
Electric — 0.9% | | | | | | | | |
Berkshire Hathaway Energy Co. | | | | | | | | |
4.600% 5/01/53 (c) | | | 255,000 | | | | 214,734 | |
Consolidated Edison Co. of New York, Inc. | | | | | | | | |
3.350% 4/01/30 | | | 70,000 | | | | 61,487 | |
3.950% 4/01/50 | | | 50,000 | | | | 38,461 | |
Duke Energy Carolinas LLC | | | | | | | | |
2.850% 3/15/32 | | | 35,000 | | | | 28,969 | |
Duke Energy Corp. | | | | | | | | |
3.950% 8/15/47 | | | 355,000 | | | | 258,505 | |
Duke Energy Ohio, Inc. | | | | | | | | |
3.650% 2/01/29 | | | 260,000 | | | | 237,501 | |
Exelon Corp. | | | | | | | | |
4.100% 3/15/52 (c) | | | 65,000 | | | | 50,157 | |
Monongahela Power Co. | | | | | | | | |
5.400% 12/15/43 (c) | | | 145,000 | | | | 132,269 | |
Pacific Gas and Electric Co. | | | | | | | | |
2.500% 2/01/31 | | | 255,000 | | | | 185,471 | |
Sierra Pacific Power Co. | | | | | | | | |
2.600% 5/01/26 | | | 1,000,000 | | | | 923,602 | |
| | | | | | | 2,131,156 | |
Entertainment — 0.4% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
3.755% 3/15/27 (c) | | | 250,000 | | | | 223,773 | |
4.279% 3/15/32 (c) | | | 430,000 | | | | 353,686 | |
5.050% 3/15/42 (c) | | | 20,000 | | | | 14,967 | |
5.141% 3/15/52 (c) | | | 300,000 | | | | 217,665 | |
| | | | | | | 810,091 | |
Environmental Controls — 0.1% | | | | | | | | |
Republic Services, Inc. | | | | | | | | |
2.500% 8/15/24 | | | 230,000 | | | | 219,654 | |
Food — 0.4% | | | | | | | | |
Danone SA | | | | | | | | |
2.589% 11/02/23 (c) | | | 320,000 | | | | 312,842 | |
Mars, Inc. | | | | | | | | |
2.700% 4/01/25 (c) | | | 140,000 | | | | 133,161 | |
3.200% 4/01/30 (c) | | | 80,000 | | | | 70,613 | |
Mondelez International, Inc. | | | | | | | | |
1.500% 5/04/25 | | | 390,000 | | | | 356,509 | |
| | | | | | | 873,125 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Forest Products & Paper — 0.2% | | | | | | | | |
Suzano Austria GmbH | | | | | | | | |
3.125% 1/15/32 | | $ | 80,000 | | | $ | 57,576 | |
3.750% 1/15/31 | | | 430,000 | | | | 336,883 | |
| | | | | | | 394,459 | |
Gas — 0.2% | | | | | | | | |
The Brooklyn Union Gas Co. | | | | | | | | |
4.487% 3/04/49 (c) | | | 435,000 | | | | 326,932 | |
The East Ohio Gas Co. | | | | | | | | |
3.000% 6/15/50 (c) | | | 45,000 | | | | 28,345 | |
| | | | | | | 355,277 | |
Health Care – Products — 0.1% | | | | | | | | |
Abbott Laboratories | | | | | | | | |
3.750% 11/30/26 | | | 140,000 | | | | 135,836 | |
4.750% 11/30/36 | | | 80,000 | | | | 77,982 | |
4.900% 11/30/46 | | | 100,000 | | | | 95,771 | |
| | | | | | | 309,589 | |
Health Care – Services — 0.7% | | | | | | | | |
Centene Corp. | | | | | | | | |
2.500% 3/01/31 | | | 285,000 | | | | 214,978 | |
Elevance Health, Inc. | | | | | | | | |
2.375% 1/15/25 | | | 210,000 | | | | 198,210 | |
3.650% 12/01/27 | | | 140,000 | | | | 130,446 | |
HCA, Inc. | | | | | | | | |
4.125% 6/15/29 | | | 220,000 | | | | 192,872 | |
Health Care Service Corp. | | | | | | | | |
3.200% 6/01/50 (c) | | | 145,000 | | | | 97,059 | |
Humana, Inc. | | | | | | | | |
4.625% 12/01/42 | | | 140,000 | | | | 119,549 | |
UnitedHealth Group, Inc. | | | | | | | | |
1.250% 1/15/26 | | | 240,000 | | | | 214,115 | |
2.300% 5/15/31 | | | 220,000 | | | | 176,907 | |
3.875% 8/15/59 | | | 300,000 | | | | 222,604 | |
4.000% 5/15/29 | | | 100,000 | | | | 93,217 | |
4.200% 5/15/32 | | | 80,000 | | | | 74,265 | |
| | | | | | | 1,734,222 | |
Home Builders — 0.1% | | | | | | | | |
Lennar Corp. | | | | | | | | |
4.500% 4/30/24 | | | 100,000 | | | | 98,164 | |
4.750% 11/29/27 | | | 40,000 | | | | 36,978 | |
| | | | | | | 135,142 | |
Insurance — 0.4% | | | | | | | | |
Athene Global Funding SOFR Index + .560% | | | | | | | | |
3.265% FRN 8/19/24 (c) | | | 465,000 | | | | 452,449 | |
Berkshire Hathaway Finance Corp. | | | | | | | | |
2.850% 10/15/50 | | | 150,000 | | | | 96,440 | |
3.850% 3/15/52 | | | 90,000 | | | | 68,773 | |
New York Life Global Funding | | | | | | | | |
0.950% 6/24/25 (c) | | | 100,000 | | | | 89,606 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Principal Life Global Funding II | | | | | | | | |
1.250% 6/23/25 (c) | | $ | 110,000 | | | $ | 98,830 | |
Prudential Financial, Inc. | | | | | | | | |
3.905% 12/07/47 | | | 190,000 | | | | 144,417 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
4.900% 9/15/44 (c) | | | 80,000 | | | | 70,114 | |
| | | | | | | 1,020,629 | |
Internet — 1.0% | | | | | | | | |
Alphabet, Inc. | | | | | | | | |
1.900% 8/15/40 | | | 100,000 | | | | 64,200 | |
2.050% 8/15/50 | | | 60,000 | | | | 35,263 | |
Amazon.com, Inc. | | | | | | | | |
3.150% 8/22/27 | | | 500,000 | | | | 466,164 | |
3.600% 4/13/32 | | | 470,000 | | | | 427,159 | |
3.875% 8/22/37 | | | 190,000 | | | | 165,048 | |
3.950% 4/13/52 | | | 280,000 | | | | 229,697 | |
Prosus NV | | | | | | | | |
3.061% 7/13/31 (c) | | | 570,000 | | | | 391,262 | |
3.832% 2/08/51 (c) | | | 210,000 | | | | 116,549 | |
4.027% 8/03/50 (c) | | | 310,000 | | | | 172,733 | |
Tencent Holdings Ltd. | | | | | | | | |
3.680% 4/22/41 (c) | | | 210,000 | | | | 150,633 | |
3.840% 4/22/51 (c) | | | 320,000 | | | | 208,993 | |
| | | | | | | 2,427,701 | |
Iron & Steel — 0.1% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.875% 11/21/36 | | | 170,000 | | | | 161,351 | |
Lodging — 0.5% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 860,000 | | | | 810,903 | |
Sands China Ltd. | | | | | | | | |
5.625% STEP 8/08/25 | | | 390,000 | | | | 353,312 | |
| | | | | | | 1,164,215 | |
Machinery – Diversified — 0.2% | | | | | | | | |
Deere & Co. | | | | | | | | |
3.750% 4/15/50 (d) | | | 260,000 | | | | 212,067 | |
Otis Worldwide Corp. | | | | | | | | |
2.056% 4/05/25 | | | 140,000 | | | | 129,516 | |
| | | | | | | 341,583 | |
Media — 1.9% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 1/15/34 (c) | | | 65,000 | | | | 46,556 | |
4.500% 6/01/33 (c) | | | 810,000 | | | | 598,404 | |
4.750% 3/01/30 (c) | | | 105,000 | | | | 85,181 | |
4.750% 2/01/32 (c) | | | 65,000 | | | | 50,621 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
3.500% 3/01/42 | | | 240,000 | | | | 151,478 | |
4.200% 3/15/28 | | | 560,000 | | | | 503,019 | |
4.400% 4/01/33 | | | 290,000 | | | | 239,315 | |
4.908% 7/23/25 | | | 240,000 | | | | 234,073 | |
5.250% 4/01/53 | | | 450,000 | | | | 343,925 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.500% 4/01/63 | | $ | 150,000 | | | $ | 113,313 | |
Comcast Corp. | | | | | | | | |
2.887% 11/01/51 | | | 550,000 | | | | 344,484 | |
3.400% 4/01/30 | | | 525,000 | | | | 461,567 | |
3.750% 4/01/40 | | | 120,000 | | | | 94,347 | |
3.950% 10/15/25 | | | 155,000 | | | | 150,601 | |
4.150% 10/15/28 | | | 270,000 | | | | 255,222 | |
CSC Holdings LLC | | | | | | | | |
6.500% 2/01/29 (c) | | | 700,000 | | | | 620,603 | |
DISH DBS Corp. | | | | | | | | |
5.125% 6/01/29 | | | 60,000 | | | | 35,250 | |
5.750% 12/01/28 (c) | | | 70,000 | | | | 52,749 | |
Fox Corp. | | | | | | | | |
5.476% 1/25/39 | | | 90,000 | | | | 78,044 | |
| | | | | | | 4,458,752 | |
Mining — 0.9% | | | | | | | | |
Anglo American Capital PLC | | | | | | | | |
4.750% 4/10/27 (c) | | | 230,000 | | | | 217,573 | |
Barrick Gold Corp. | | | | | | | | |
5.250% 4/01/42 | | | 20,000 | | | | 18,250 | |
Barrick North America Finance LLC | | | | | | | | |
5.700% 5/30/41 | | | 80,000 | | | | 75,994 | |
5.750% 5/01/43 | | | 80,000 | | | | 75,285 | |
BHP Billiton Finance USA Ltd. | | | | | | | | |
5.000% 9/30/43 | | | 100,000 | | | | 94,793 | |
Freeport-McMoRan, Inc. | | | | | | | | |
4.625% 8/01/30 | | | 120,000 | | | | 105,189 | |
5.450% 3/15/43 | | | 470,000 | | | | 392,121 | |
Glencore Funding LLC | | | | | | | | |
1.625% 4/27/26 (c) | | | 240,000 | | | | 207,561 | |
3.375% 9/23/51 (c) (d) | | | 175,000 | | | | 105,953 | |
4.000% 3/27/27 (c) | | | 140,000 | | | | 130,465 | |
4.125% 3/12/24 (c) | | | 270,000 | | | | 265,324 | |
Southern Copper Corp. | | | | | | | | |
5.250% 11/08/42 | | | 450,000 | | | | 394,258 | |
| | | | | | | 2,082,766 | |
Miscellaneous - Manufacturing — 0.2% | | | | | | | | |
3M Co. | | | | | | | | |
3.050% 4/15/30 (d) | | | 290,000 | | | | 246,332 | |
3.700% 4/15/50 (d) | | | 180,000 | | | | 130,872 | |
| | | | | | | 377,204 | |
Oil & Gas — 3.4% | | | | | | | | |
BP Capital Markets America, Inc. | | | | | | | | |
2.939% 6/04/51 | | | 175,000 | | | | 111,159 | |
3.001% 3/17/52 | | | 230,000 | | | | 147,341 | |
3.119% 5/04/26 | | | 410,000 | | | | 383,437 | |
3.633% 4/06/30 | | | 120,000 | | | | 107,676 | |
Chesapeake Energy Corp. | | | | | | | | |
5.875% 2/01/29 (c) | | | 100,000 | | | | 92,713 | |
Chevron Corp. | | | | | | | | |
1.995% 5/11/27 | | | 440,000 | | | | 390,117 | |
Continental Resources, Inc. | | | | | | | | |
2.268% 11/15/26 (c) | | | 195,000 | | | | 166,404 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.750% 1/15/31 (c) | | $ | 250,000 | | | $ | 225,965 | |
Coterra Energy, Inc. | | | | | | | | |
3.900% 5/15/27 (c) | | | 230,000 | | | | 213,221 | |
4.375% 3/15/29 (c) | | | 220,000 | | | | 203,309 | |
Devon Energy Corp. | | | | | | | | |
5.000% 6/15/45 | | | 440,000 | | | | 366,194 | |
5.600% 7/15/41 | | | 140,000 | | | | 125,381 | |
5.850% 12/15/25 | | | 120,000 | | | | 121,061 | |
Diamondback Energy, Inc. | | | | | | | | |
3.250% 12/01/26 | | | 140,000 | | | | 129,166 | |
3.500% 12/01/29 | | | 160,000 | | | | 138,051 | |
Ecopetrol SA | | | | | | | | |
5.875% 5/28/45 | | | 770,000 | | | | 467,698 | |
EOG Resources, Inc. | | | | | | | | |
3.900% 4/01/35 | | | 200,000 | | | | 170,313 | |
4.150% 1/15/26 | | | 70,000 | | | | 68,211 | |
4.375% 4/15/30 | | | 60,000 | | | | 57,116 | |
4.950% 4/15/50 | | | 40,000 | | | | 37,216 | |
Exxon Mobil Corp. | | | | | | | | |
2.992% 3/19/25 | | | 340,000 | | | | 326,168 | |
3.043% 3/01/26 | | | 130,000 | | | | 122,876 | |
3.482% 3/19/30 | | | 190,000 | | | | 172,469 | |
4.227% 3/19/40 | | | 205,000 | | | | 178,013 | |
4.327% 3/19/50 | | | 20,000 | | | | 17,035 | |
KazMunayGas National Co. JSC | | | | | | | | |
5.375% 4/24/30 (c) | | | 200,000 | | | | 158,350 | |
Marathon Petroleum Corp. | | | | | | | | |
5.125% 12/15/26 | | | 185,000 | | | | 181,951 | |
Occidental Petroleum Corp. | | | | | | | | |
6.125% 1/01/31 (d) | | | 85,000 | | | | 83,846 | |
6.450% 9/15/36 | | | 50,000 | | | | 49,812 | |
6.625% 9/01/30 | | | 60,000 | | | | 60,906 | |
Petrobras Global Finance BV | | | | | | | | |
5.500% 6/10/51 (d) | | | 610,000 | | | | 433,595 | |
5.999% 1/27/28 | | | 900,000 | | | | 868,730 | |
7.375% 1/17/27 | | | 260,000 | | | | 267,518 | |
Pioneer Natural Resources Co. | | | | | | | | |
1.900% 8/15/30 | | | 170,000 | | | | 129,917 | |
Reliance Industries Ltd. | | | | | | | | |
3.625% 1/12/52 (c) | | | 330,000 | | | | 206,884 | |
Shell International Finance BV | | | | | | | | |
2.750% 4/06/30 | | | 240,000 | | | | 204,822 | |
2.875% 5/10/26 | | | 130,000 | | | | 121,167 | |
3.250% 4/06/50 | | | 330,000 | | | | 231,858 | |
Sinopec Group Overseas Development Ltd. | | | | | | | | |
4.375% 4/10/24 (c) | | | 330,000 | | | | 329,013 | |
Southwestern Energy Co. | | | | | | | | |
4.750% 2/01/32 (d) | | | 70,000 | | | | 58,667 | |
5.375% 2/01/29 | | | 75,000 | | | | 68,010 | |
| | | | | | | 7,993,356 | |
Oil & Gas Services — 0.1% | | | | | | | | |
Halliburton Co. | | | | | | | | |
2.920% 3/01/30 (d) | | | 105,000 | | | | 87,357 | |
5.000% 11/15/45 | | | 100,000 | | | | 83,051 | |
| | | | | | | 170,408 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pharmaceuticals — 2.9% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
2.600% 11/21/24 | | $ | 880,000 | | | $ | 837,690 | |
2.950% 11/21/26 | | | 260,000 | | | | 238,300 | |
3.200% 11/21/29 | | | 600,000 | | | | 526,081 | |
4.700% 5/14/45 | | | 25,000 | | | | 21,149 | |
Bausch Health Cos., Inc. | | | | | | | | |
6.125% 2/01/27 (c) (d) | | | 50,000 | | | | 34,608 | |
Becton Dickinson and Co. | | | | | | | | |
3.363% 6/06/24 | | | 80,000 | | | | 77,761 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 | | | 220,000 | | | | 187,902 | |
Cigna Corp. | | | | | | | | |
3.750% 7/15/23 | | | 160,000 | | | | 158,822 | |
4.125% 11/15/25 | | | 100,000 | | | | 97,138 | |
4.375% 10/15/28 | | | 760,000 | | | | 717,503 | |
4.900% 12/15/48 | | | 230,000 | | | | 198,636 | |
CVS Health Corp. | | | | | | | | |
2.125% 9/15/31 | | | 330,000 | | | | 252,417 | |
4.250% 4/01/50 | | | 70,000 | | | | 54,710 | |
4.300% 3/25/28 | | | 580,000 | | | | 548,309 | |
5.050% 3/25/48 | | | 220,000 | | | | 193,010 | |
Johnson & Johnson | | | | | | | | |
0.550% 9/01/25 | | | 120,000 | | | | 107,164 | |
0.950% 9/01/27 | | | 40,000 | | | | 33,870 | |
3.625% 3/03/37 | | | 320,000 | | | | 276,478 | |
Merck & Co., Inc. | | | | | | | | |
0.750% 2/24/26 | | | 200,000 | | | | 175,392 | |
1.450% 6/24/30 | | | 120,000 | | | | 93,799 | |
Owens & Minor, Inc. | | | | | | | | |
6.625% 4/01/30 (c) | | | 95,000 | | | | 84,434 | |
Pfizer, Inc. | | | | | | | | |
0.800% 5/28/25 | | | 270,000 | | | | 245,206 | |
1.700% 5/28/30 | | | 280,000 | | | | 223,516 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
3.150% 10/01/26 | | | 1,700,000 | | | | 1,394,850 | |
| | | | | | | 6,778,745 | |
Pipelines — 2.7% | | | | | | | | |
Cameron LNG LLC | | | | | | | | |
3.302% 1/15/35 (c) | | | 150,000 | | | | 117,905 | |
Energy Transfer LP | | | | | | | | |
3.900% 7/15/26 | | | 750,000 | | | | 699,236 | |
4.750% 1/15/26 | | | 240,000 | | | | 231,386 | |
6.250% 4/15/49 | | | 320,000 | | | | 286,566 | |
Enterprise Products Operating LLC | | | | | | | | |
4.150% 10/16/28 | | | 1,030,000 | | | | 958,148 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 1/15/31 (c) | | | 140,000 | | | | 111,125 | |
Kinder Morgan Energy Partners LP | | | | | | | | |
6.950% 1/15/38 | | | 355,000 | | | | 353,015 | |
Kinder Morgan, Inc. | | | | | | | | |
4.300% 3/01/28 | | | 110,000 | | | | 102,996 | |
MPLX LP | | | | | | | | |
4.700% 4/15/48 | | | 400,000 | | | | 304,801 | |
Targa Resources Corp. | | | | | | | | |
4.950% 4/15/52 | | | 40,000 | | | | 30,780 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.200% 7/01/27 | | $ | 170,000 | | | $ | 163,636 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | | | | | | | |
4.875% 2/01/31 | | | 140,000 | | | | 120,400 | |
Tennessee Gas Pipeline Co. LLC | | | | | | | | |
2.900% 3/01/30 (c) | | | 30,000 | | | | 24,547 | |
Western Midstream Operating LP | | | | | | | | |
3.350% STEP 2/01/25 | | | 240,000 | | | | 223,123 | |
3 mo. USD LIBOR + 1.100% 3.555% FRN 1/13/23 | | | 90,000 | | | | 89,339 | |
4.300% STEP 2/01/30 | | | 900,000 | | | | 769,734 | |
5.500% STEP 2/01/50 | | | 1,740,000 | | | | 1,405,050 | |
The Williams Cos., Inc. | | | | | | | | |
3.500% 10/15/51 | | | 125,000 | | | | 83,190 | |
3.750% 6/15/27 | | | 250,000 | | | | 230,077 | |
| | | | | | | 6,305,054 | |
Real Estate Investment Trusts (REITS) — 0.1% | | | | | | | | |
Crown Castle, Inc. | | | | | | | | |
3.300% 7/01/30 | | | 35,000 | | | | 29,295 | |
MPT Operating Partnership LP / MPT Finance Corp. | | | | | | | | |
3.500% 3/15/31 | | | 110,000 | | | | 76,587 | |
WEA Finance LLC/Westfield UK & Europe Finance PLC | | | | | | | | |
3.750% 9/17/24 (c) | | | 220,000 | | | | 207,881 | |
| | | | | | | 313,763 | |
Retail — 0.6% | | | | | | | | |
Costco Wholesale Corp. | | | | | | | | |
1.375% 6/20/27 | | | 190,000 | | | | 164,067 | |
1.600% 4/20/30 | | | 110,000 | | | | 88,164 | |
The Home Depot, Inc. | | | | | | | | |
2.700% 4/15/30 | | | 70,000 | | | | 59,766 | |
3.300% 4/15/40 | | | 120,000 | | | | 91,769 | |
3.350% 4/15/50 | | | 260,000 | | | | 186,294 | |
Lowe's Cos., Inc. | | | | | | | | |
4.500% 4/15/30 | | | 50,000 | | | | 46,681 | |
McDonald's Corp. | | | | | | | | |
3.500% 7/01/27 | | | 300,000 | | | | 280,297 | |
3.600% 7/01/30 | | | 190,000 | | | | 170,744 | |
4.450% 3/01/47 | | | 230,000 | | | | 192,703 | |
Walmart, Inc. | | | | | | | | |
1.500% 9/22/28 | | | 80,000 | | | | 66,935 | |
1.800% 9/22/31 | | | 40,000 | | | | 31,763 | |
| | | | | | | 1,379,183 | |
Semiconductors — 0.6% | | | | | | | | |
Broadcom, Inc. | | | | | | | | |
3.419% 4/15/33 (c) | | | 396,000 | | | | 302,081 | |
Intel Corp. | | | | | | | | |
1.600% 8/12/28 | | | 190,000 | | | | 156,897 | |
3.050% 8/12/51 (d) | | | 100,000 | | | | 64,165 | |
NVIDIA Corp. | | | | | | | | |
2.850% 4/01/30 | | | 90,000 | | | | 77,105 | |
3.500% 4/01/40 | | | 240,000 | | | | 186,443 | |
3.500% 4/01/50 | | | 170,000 | | | | 124,474 | |
3.700% 4/01/60 | | | 170,000 | | | | 121,690 | |
NXP BV / NXP Funding LLC / NXP USA, Inc. | | | | | | | | |
3.875% 6/18/26 | | | 245,000 | | | | 228,742 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Texas Instruments, Inc. | | | | | | | | |
1.750% 5/04/30 | | $ | 110,000 | | | $ | 88,116 | |
| | | | | | | 1,349,713 | |
Software — 0.6% | | | | | | | | |
Microsoft Corp. | | | | | | | | |
2.400% 8/08/26 | | | 770,000 | | | | 713,057 | |
2.921% 3/17/52 | | | 260,000 | | | | 183,637 | |
3.041% 3/17/62 | | | 70,000 | | | | 47,771 | |
Oracle Corp. | | | | | | | | |
3.850% 4/01/60 | | | 340,000 | | | | 205,504 | |
Workday, Inc. | | | | | | | | |
3.700% 4/01/29 | | | 95,000 | | | | 85,504 | |
3.800% 4/01/32 (d) | | | 100,000 | | | | 86,897 | |
| | | | | | | 1,322,370 | |
Telecommunications — 2.4% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
1.650% 2/01/28 | | | 460,000 | | | | 378,233 | |
2.750% 6/01/31 | | | 160,000 | | | | 128,018 | |
3.500% 9/15/53 | | | 619,000 | | | | 410,983 | |
3.550% 9/15/55 | | | 225,000 | | | | 147,576 | |
T-Mobile USA, Inc. | | | | | | | | |
2.250% 2/15/26 | | | 205,000 | | | | 183,430 | |
2.550% 2/15/31 | | | 500,000 | | | | 395,972 | |
3.375% 4/15/29 | | | 50,000 | | | | 43,163 | |
3.400% 10/15/52 | | | 230,000 | | | | 151,867 | |
3.500% 4/15/25 | | | 350,000 | | | | 334,564 | |
3.500% 4/15/31 | | | 770,000 | | | | 649,811 | |
3.875% 4/15/30 | | | 430,000 | | | | 381,270 | |
Telefonica Emisiones SA | | | | | | | | |
5.213% 3/08/47 | | | 150,000 | | | | 114,096 | |
Verizon Communications, Inc. | | | | | | | | |
2.355% 3/15/32 | | | 1,290,000 | | | | 988,719 | |
2.650% 11/20/40 | | | 25,000 | | | | 16,297 | |
3.850% 11/01/42 | | | 610,000 | | | | 467,457 | |
3.875% 2/08/29 | | | 550,000 | | | | 501,918 | |
3.875% 3/01/52 | | | 525,000 | | | | 385,334 | |
| | | | | | | 5,678,708 | |
Transportation — 0.2% | | | | | | | | |
Union Pacific Corp. | | | | | | | | |
2.150% 2/05/27 | | | 50,000 | | | | 44,642 | |
2.891% 4/06/36 | | | 270,000 | | | | 205,222 | |
3.750% 7/15/25 | | | 70,000 | | | | 68,281 | |
3.750% 2/05/70 | | | 150,000 | | | | 104,707 | |
3.839% 3/20/60 | | | 120,000 | | | | 88,811 | |
| | | | | | | 511,663 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $107,121,102) | | | | | | | 95,515,901 | |
| | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.3% | | | | | | | | |
Automobile Asset-Backed Securities — 0.2% | | | | | | | | |
Hertz Vehicle Financing LLC, Series 2022-4A, Class A | | | | | | | | |
3.730% 9/25/26 (c) | | $ | 540,000 | | | $ | 514,883 | |
Commercial Mortgage-Backed Securities — 5.0% | | | | | | | | |
BANK | | | | | | | | |
Series 2020-BN28, Class AS, 2.140% 3/15/63 | | | 380,000 | | | | 286,529 | |
Series 2022-BNK39, Class AS, 3.181% 2/15/55 | | | 302,000 | | | | 246,916 | |
Series 2017-BNK5, Class C, 4.331% VRN 6/15/60 (f) | | | 200,000 | | | | 174,759 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2020-B19, Class AS, 2.148% 9/15/53 | | | 380,000 | | | | 290,810 | |
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (c) | | | 378,000 | | | | 313,172 | |
BPR Trust, Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050% | | | | | | | | |
3.868% FRN 9/15/38 (c) | | | 550,000 | | | | 522,581 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 5.218% FRN 9/15/36 (c) | | | 405,000 | | | | 376,802 | |
Series 2021-21M, Class H, 1 mo. USD LIBOR + 4.010% 6.828% FRN 10/15/36 (c) | | | 396,000 | | | | 370,635 | |
BX Trust, Series 2019-OC11, Class E, | | | | | | | | |
4.076% VRN 12/09/41 (c) (f) | | | 374,000 | | | | 286,718 | |
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, | | | | | | | | |
1.142% VRN 1/10/48 (f) | | | 5,281,728 | | | | 137,459 | |
Citigroup Commercial Mortgage Trust | | | | | | | | |
Series 2016-GC36, Class D, 2.850% 2/10/49 (c) | | | 201,000 | | | | 114,271 | |
Series 2019-GC41, Class B, 3.199% 8/10/56 | | | 163,000 | | | | 133,231 | |
Series 2020-420K, Class E, 3.422% VRN 11/10/42 (c) (f) | | | 200,000 | | | | 144,324 | |
Series 2020-420K, Class D, 3.422% VRN 11/10/42 (c) (f) | | | 200,000 | | | | 150,813 | |
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f) | | | 340,000 | | | | 300,205 | |
CSAIL Commercial Mortgage Trust | | | | | | | | |
Series 2015-C1, Class XA, 0.961% VRN 4/15/50 (f) | | | 7,872,560 | | | | 109,707 | |
Series 2019-C16, Class B, 3.885% 6/15/52 | | | 334,000 | | | | 282,862 | |
Series 2015-C4, Class C, 4.711% VRN 11/15/48 (f) | | | 427,000 | | | | 394,807 | |
CSMC Trust, Series 2021-B33, Class B, | | | | | | | | |
3.766% VRN 10/10/43 (c) (f) | | | 300,000 | | | | 241,021 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2015-GS1, Class XA, 0.906% VRN 11/10/48 (f) | | | 7,672,188 | | | | 152,480 | |
Series 2013-GC10, Class XA, 1.596% VRN 2/10/46 (f) | | | 3,462,384 | | | | 250 | |
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 4.068% FRN 7/15/35 (c) | | | 167,000 | | | | 156,206 | |
Series 2014-GC26, Class D, 4.672% VRN 11/10/47 (c) (f) | | | 763,000 | | | | 540,018 | |
Hospitality Mortgage Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150% | | | | | | | | |
5.968% FRN 11/15/36 (c) | | | 385,138 | | | | 363,256 | |
JP Morgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-JP1, Class XA, 1.050% VRN 1/15/49 (f) | | | 3,493,162 | | | | 81,555 | |
Series 2016-JP2, Class B, 3.460% 8/15/49 | | | 174,000 | | | | 152,039 | |
JPMBB Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-C30, Class XA, 0.579% VRN 7/15/48 (f) | | | 8,058,459 | | | | 83,861 | |
Series 2015-C29, Class XA, 0.716% VRN 5/15/48 (f) | | | 5,942,749 | | | | 77,585 | |
Series 2014-C25, Class XA, 0.958% VRN 11/15/47 (f) | | | 3,670,722 | | | | 51,313 | |
Series 2015-C28, Class XA, 1.091% VRN 10/15/48 (f) | | | 6,166,481 | | | | 97,861 | |
Series 2015-C27, Class D, 3.944% VRN 2/15/48 (c) (f) | | | 704,000 | | | | 590,071 | |
Series 2015-C28, Class B, 3.986% 10/15/48 | | | 340,000 | | | | 314,680 | |
Series 2014-C23, Class D, 4.132% VRN 9/15/47 (c) (f) | | | 391,000 | | | | 345,108 | |
Series 2013-C17, Class C, 5.049% VRN 1/15/47 (f) | | | 400,000 | | | | 384,229 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000% | | | | | | | | |
4.818% FRN 11/15/38 (c) | | $ | 396,000 | | | $ | 374,724 | |
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, | | | | | | | | |
1.018% VRN 12/15/48 (f) | | | 5,919,422 | | | | 128,579 | |
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. TSFR + 1.397% | | | | | | | | |
4.242% FRN 3/15/39 (c) | | | 540,000 | | | | 528,869 | |
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, | | | | | | | | |
2.040% VRN 10/10/48 (f) | | | 3,245,822 | | | | 152,439 | |
SLG Office Trust, Series 2021-OVA, Class E | | | | | | | | |
2.851% 7/15/41 (c) | | | 260,000 | | | | 183,261 | |
TTAN | | | | | | | | |
Series 2021-MHC, Class A, 1 mo. USD LIBOR + .850% 3.668% FRN 3/15/38 (c) | | | 528,318 | | | | 511,869 | |
Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900% 5.718% FRN 3/15/38 (c) | | | 383,778 | | | | 356,338 | |
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C, | | | | | | | | |
4.200% VRN 3/10/46 (c) (f) | | | 393,000 | | | | 352,188 | |
Wells Fargo Commercial Mortgage Trust | | | | | | | | |
Series 2015-NXS2, Class XA, 0.768% VRN 7/15/58 (f) | | | 9,327,058 | | | | 129,980 | |
Series 2015-P2, Class XA, 1.088% VRN 12/15/48 (f) | | | 3,595,151 | | | | 86,005 | |
Series 2019-C53, Class XA, 1.137% VRN 10/15/52 (f) | | | 4,288,855 | | | | 210,847 | |
Series 2016-C35, Class B, 3.438% 7/15/48 | | | 328,000 | | | | 292,306 | |
| | | | | | | 11,575,539 | |
Other Asset-Backed Securities — 2.1% | | | | | | | | |
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, | | | | | | | | |
5.682% STEP 12/16/41 (c) | | | 711,025 | | | | 543,114 | |
CLI Funding VI LLC, Series 2020-3A, Class A | | | | | | | | |
2.070% 10/18/45 (c) | | | 193,333 | | | | 170,784 | |
Dividend Solar Loans LLC, Series 2018-1, Class B | | | | | | | | |
4.290% 7/20/38 (c) | | | 567,422 | | | | 530,787 | |
Hero Funding Trust, Series 2016-4A, Class A2 | | | | | | | | |
4.290% 9/20/47 (c) | | | 105,465 | | | | 101,053 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (c) | | | 345,190 | | | | 303,460 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2021-3A, Class B, 1.920% 6/20/52 (c) | | | 424,286 | | | | 342,265 | |
Series 2020-1A, Class A, 2.100% 4/20/46 (c) | | | 267,434 | | | | 235,422 | |
Series 2020-2A, Class B, 2.210% 8/20/46 (c) | | | 299,599 | | | | 249,043 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (c) | | | 221,982 | | | | 211,685 | |
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A | | | | | | | | |
2.980% 6/20/47 (c) | | | 383,247 | | | | 331,526 | |
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C | | | | | | | | |
2.630% 10/20/48 (c) | | | 466,545 | | | | 387,124 | |
Sunnova Sol III Issuer LLC, Series 2021-1, Class A | | | | | | | | |
2.580% 4/28/56 (c) | | | 466,551 | | | | 380,391 | |
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A | | | | | | | | |
2.100% 9/20/45 (c) | | | 404,218 | | | | 350,893 | |
Upstart Securitization Trust, Series 2021-3, Class C | | | | | | | | |
3.280% 7/20/31 (c) | | | 500,000 | | | | 431,322 | |
Vault DI Issuer LLC, Series 2021-1A, Class A2 | | | | | | | | |
2.804% 7/15/46 (c) | | | 500,000 | | | | 432,719 | |
Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .180% | | | | | | | | |
3.264% FRN 10/25/36 | | | 56,465 | | | | 24,126 | |
| | | | | | | 5,025,714 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Student Loans Asset-Backed Securities — 0.5% | | | | | | | | |
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
4.284% FRN 12/26/47 (c) | | $ | 231,810 | | | $ | 230,427 | |
Navient Private Education Loan Trust, Series 2020-A, Class A2A | | | | | | | | |
2.460% 11/15/68 (c) | | | 259,651 | | | | 240,209 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2017-D, Class BFX, 3.610% 9/25/40 (c) | | | 350,000 | | | | 324,008 | |
Series 2018-B, Class BFX, 3.830% 8/25/47 (c) | | | 500,000 | | | | 461,852 | |
| | | | | | | 1,256,496 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 4.1% | | | | | | | | |
CHL GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.750% | | | | | | | | |
5.834% FRN 5/25/23 (c) | | | 500,000 | | | | 486,469 | |
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, | | | | | | | | |
3.124% VRN 4/25/37 (f) | | | 638,536 | | | | 561,679 | |
Countrywide Home Loans Mortgage Pass-Through Trust | | | | | | | | |
Series 2007-HYB2, Class 3A1, 2.879% VRN 2/25/47 (f) | | | 833,113 | | | | 719,460 | |
Series 2007-3, Class A21, 6.000% 4/25/37 | | | 1,344,584 | | | | 732,227 | |
Series 2007-14, Class A6, 6.000% 9/25/37 | | | 1,188,760 | | | | 693,583 | |
CSMC Trust, Series 2021-NQM8, Class A1, | | | | | | | | |
1.841% VRN 10/25/66 (c) (f) | | | 139,671 | | | | 119,102 | |
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340% | | | | | | | | |
3.333% FRN 12/19/36 | | | 543,597 | | | | 461,846 | |
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, | | | | | | | | |
2.489% VRN 9/25/56 (c) (f) | | | 1,028,000 | | | | 684,669 | |
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, | | | | | | | | |
2.721% VRN 7/25/35 (f) | | | 251,940 | | | | 216,347 | |
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1, | | | | | | | | |
5.000% STEP 6/25/62 (c) | | | 491,981 | | | | 479,108 | |
PRKCM Trust | | | | | | | | |
Series 2021-AFC2, Class A1, 2.071% VRN 11/25/56 (c) (f) | | | 136,903 | | | | 111,880 | |
Series 2022-AFC1, Class A1, 4.100% VRN 4/25/57 (c) (f) | | | 518,497 | | | | 486,156 | |
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, | | | | | | | | |
6.500% VRN 10/26/37 (c) (f) | | | 671,431 | | | | 317,769 | |
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600% | | | | | | | | |
6.000% FRN 4/25/37 | | | 163,021 | | | | 139,615 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, | | | | | | | | |
3.237% VRN 10/25/37 (f) | | | 576,291 | | | | 457,680 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (c) (f) | | | 1,000,000 | | | | 652,834 | |
Series 2021-R1, Class M1, 2.338% 10/25/63 (c) | | | 1,500,000 | | | | 1,309,969 | |
Series 2022 - 6, Class A1, 4.910% STEP 6/25/67 (c) | | | 292,954 | | | | 281,715 | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, | | | | | | | | |
6.850% STEP 5/25/36 | | | 685,342 | | | | 588,288 | |
| | | | | | | 9,500,396 | |
Whole Loan Collateral Planned Amortization Classes — 0.4% | | | | | | | | |
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 | | | | | | | | |
6.000% 8/25/36 | | | 1,334,172 | | | | 861,585 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $37,034,862) | | | | | | | 28,734,613 | |
| | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SOVEREIGN DEBT OBLIGATIONS — 6.0% | | | | | | | | |
Brazilian Government International Bond | | | | | | | | |
3.750% 9/12/31 (d) | | $ | 950,000 | | | $ | 767,070 | |
5.625% 2/21/47 (d) | | | 300,000 | | | | 231,508 | |
Colombia Government International Bond | | | | | | | | |
3.250% 4/22/32 (d) | | | 430,000 | | | | 290,608 | |
4.125% 2/22/42 | | | 440,000 | | | | 250,096 | |
Indonesia Government International Bond | | | | | | | | |
3.500% 1/11/28 | | | 320,000 | | | | 290,413 | |
6.500% 2/15/31 IDR (g) | | | 59,120,000,000 | | | | 3,669,652 | |
Israel Government International Bond | | | | | | | | |
2.750% 7/03/30 | | | 310,000 | | | | 274,350 | |
Mexican Bonos | | | | | | | | |
7.750% 11/23/34 MXN (g) | | | 8,220,000 | | | | 351,877 | |
7.750% 11/13/42 MXN (g) | | | 144,850,000 | | | | 5,964,530 | |
Mexico Government International Bond | | | | | | | | |
2.659% 5/24/31 (d) | | | 200,000 | | | | 153,478 | |
3.750% 1/11/28 | | | 205,000 | | | | 188,337 | |
4.280% 8/14/41 | | | 450,000 | | | | 327,568 | |
Nigeria Government International Bond | | | | | | | | |
7.143% 2/23/30 (c) | | | 210,000 | | | | 136,899 | |
Panama Government International Bond | | | | | | | | |
2.252% 9/29/32 | | | 200,000 | | | | 141,212 | |
4.300% 4/29/53 | | | 200,000 | | | | 133,806 | |
Peruvian Government International Bond | | | | | | | | |
6.550% 3/14/37 | | | 460,000 | | | | 471,045 | |
Provincia de Buenos Aires/Government Bonds, | | | | | | | | |
5.250% STEP 9/01/37 (c) | | | 540,000 | | | | 167,400 | |
Republic of Kenya Government International Bond | | | | | | | | |
6.300% 1/23/34 (c) | | | 370,000 | | | | 225,700 | |
| | | | | | | 14,035,549 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $15,438,547) | | | | | | | 14,035,549 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 27.9% | | | | | | | | |
Collateralized Mortgage Obligations — 4.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICS | | | | | | | | |
Series 5085, Class NI, 2.000% 3/25/51 | | | 1,444,328 | | | | 196,423 | |
Series 5071, Class IH, 2.500% 2/25/51 | | | 269,180 | | | | 37,180 | |
Series 4481, Class B, 3.000% 12/15/42 | | | 1,157,896 | | | | 1,110,995 | |
Series 4483, Class CA, 3.000% 6/15/44 | | | 1,842,727 | | | | 1,722,642 | |
Federal National Mortgage Association REMICS | | | | | | | | |
Series 2018-21, Class PO, 0.000% 4/25/48 | | | 698,525 | | | | 510,453 | |
Series 2021-48, Class NS, 30 day SOFR + 3.650% 1.369% FRN 8/25/51 | | | 1,062,936 | | | | 45,934 | |
Series 2020-56, Class AQ, 2.000% 8/25/50 | | | 300,000 | | | | 240,177 | |
Series 2018-18, Class ZG, 3.000% 6/25/50 | | | 2,517,648 | | | | 1,831,621 | |
Series 2020-96, Class IN, 3.000% 1/25/51 | | | 418,738 | | | | 70,847 | |
Series 2015-65, Class CZ, 3.500% 9/25/45 | | | 128,089 | | | | 110,344 | |
Series 2018-44, Class PZ, 3.500% 6/25/48 | | | 3,025,140 | | | | 2,728,866 | |
Government National Mortgage Association | | | | | | | | |
Series 2021-103, Class SA, 30 day SOFR + 3.250% 0.966% FRN 4/20/51 | | | 1,310,365 | | | | 34,143 | |
Series 2020-103, Class AD, 1.450% 1/16/63 | | | 300,152 | | | | 252,028 | |
Series 2022-3, Class B, 1.850% 2/16/61 | | | 500,000 | | | | 300,867 | |
Series 2020-175, Class GI, 2.000% 11/20/50 | | | 163,432 | | | | 18,851 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2022-113, Class Z, 2.000% 9/16/61 | | $ | 1,206,010 | | | $ | 802,923 | |
Series 2022-115, Class MI, 2.500% 5/20/51 | | | 539,258 | | | | 60,590 | |
Series 2021-96, Class VI, 2.500% 6/20/51 | | | 467,681 | | | | 68,211 | |
Series 2021-176, Class IN, 2.500% 10/20/51 | | | 560,895 | | | | 77,493 | |
Series 2021-58, Class BI, 3.000% 3/20/51 | | | 705,501 | | | | 106,617 | |
Series 2021-98, Class IG, 3.000% 6/20/51 | | | 1,029,468 | | | | 161,443 | |
Series 2021-137, Class IQ, 3.000% 8/20/51 | | | 1,451,061 | | | | 223,624 | |
Series 2021-117, Class ID, 3.500% 6/20/51 | | | 792,757 | | | | 95,550 | |
| | | | | | | 10,807,822 | |
Pass-Through Securities — 21.7% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RB5138 2.000% 12/01/41 | | | 188,530 | | | | 158,429 | |
Pool #RB5145 2.000% 2/01/42 | | | 574,458 | | | | 482,200 | |
Pool #RA5731 2.000% 8/01/51 | | | 182,491 | | | | 148,336 | |
Pool #SD0715 2.000% 9/01/51 | | | 1,955,191 | | | | 1,596,584 | |
Pool #QK1449 2.500% 4/01/42 | | | 293,317 | | | | 253,865 | |
Pool #G08520 2.500% 1/01/43 | | | 528,599 | | | | 455,473 | |
Pool #SD7525 2.500% 10/01/50 | | | 689,847 | | | | 586,767 | |
Pool #RA3913 2.500% 11/01/50 | | | 1,340,929 | | | | 1,140,562 | |
Pool #RA4142 2.500% 12/01/50 | | | 78,970 | | | | 67,121 | |
Pool #SD7534 2.500% 2/01/51 | | | 162,901 | | | | 138,814 | |
Pool #RA4527 2.500% 2/01/51 | | | 71,253 | | | | 60,228 | |
Pool #SD1345 2.500% 10/01/51 | | | 297,477 | | | | 250,493 | |
Pool #SD7548 2.500% 11/01/51 | | | 843,006 | | | | 714,340 | |
Pool #SD7552 2.500% 1/01/52 | | | 669,047 | | | | 566,305 | |
Pool #QK1512 3.000% 5/01/42 | | | 191,470 | | | | 170,218 | |
Pool #QC3242 3.000% 6/01/51 | | | 526,216 | | | | 463,247 | |
Pool #SD8174 3.000% 10/01/51 | | | 2,326,563 | | | | 2,029,890 | |
Pool #QD6216 3.000% 2/01/52 | | | 98,655 | | | | 86,202 | |
Pool #G08632 3.500% 3/01/45 | | | 680,699 | | | | 627,899 | |
Pool #SD0958 3.500% 4/01/52 | | | 677,236 | | | | 614,277 | |
Pool #QE2057 3.500% 5/01/52 | | | 97,738 | | | | 88,430 | |
Pool #RA7378 3.500% 5/01/52 | | | 193,372 | | | | 174,957 | |
Pool #SD1218 4.000% 7/01/49 | | | 933,506 | | | | 879,317 | |
Pool #SD1022 4.000% 5/01/52 | | | 98,142 | | | | 91,341 | |
Pool #SD1132 4.000% 6/01/52 | | | 297,521 | | | | 276,810 | |
Pool #QE6418 4.000% 7/01/52 | | | 99,718 | | | | 92,657 | |
Pool #SD1143 4.500% 9/01/50 | | | 1,495,391 | | | | 1,446,086 | |
Pool #SD1305 5.000% 7/01/52 | | | 681,149 | | | | 665,677 | |
Federal National Mortgage Association | | | | | | | | |
Pool #FS2528 1.500% 1/01/51 | | | 99,491 | | | | 76,561 | |
Pool #MA4280 1.500% 3/01/51 | | | 355,339 | | | | 272,888 | |
Pool #FS0504 2.000% 2/01/42 | | | 194,677 | | | | 163,594 | |
Pool #MA4606 2.000% 5/01/42 | | | 291,969 | | | | 244,714 | |
Pool #CA7224 2.000% 10/01/50 | | | 79,264 | | | | 64,652 | |
Pool #BR1035 2.000% 5/01/51 | | | 2,188,807 | | | | 1,781,195 | |
Pool #FS0734 2.000% 2/01/52 | | | 96,498 | | | | 78,497 | |
Pool #BS4941 2.460% 4/01/32 | | | 978,200 | | | | 830,451 | |
Pool #BV7697 2.500% 4/01/42 | | | 777,831 | | | | 671,510 | |
Pool #BP7887 2.500% 8/01/50 | | | 66,433 | | | | 56,237 | |
Pool #FM4052 2.500% 9/01/50 | | | 2,567,709 | | | | 2,184,032 | |
Pool #MA4256 2.500% 2/01/51 | | | 1,731,936 | | | | 1,463,943 | |
Pool #FS1924 2.500% 3/01/51 | | | 96,619 | | | | 81,729 | |
Pool #CB0414 2.500% 5/01/51 | | | 257,310 | | | | 217,173 | |
Pool #CB0458 2.500% 5/01/51 | | | 431,263 | | | | 363,318 | |
Pool #CB0517 2.500% 5/01/51 | | | 174,654 | | | | 147,301 | |
Pool #CB1666 2.500% 9/01/51 | | | 278,283 | | | | 235,375 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #FS0028 2.500% 9/01/51 | | $ | 93,819 | | | $ | 79,412 | |
Pool #FM8786 2.500% 10/01/51 | | | 91,721 | | | | 77,636 | |
Pool #FM9846 2.500% 12/01/51 | | | 618,428 | | | | 520,706 | |
Pool #BT9482 2.500% 12/01/51 | | | 94,819 | | | | 80,073 | |
Pool #FS0174 2.500% 1/01/52 | | | 550,583 | | | | 463,409 | |
Pool #FS0439 2.500% 1/01/52 (i) | | | 94,747 | | | | 80,079 | |
Pool #FS1938 2.500% 2/01/52 | | | 194,237 | | | | 164,166 | |
Pool #BF0546 2.500% 7/01/61 | | | 646,111 | | | | 531,546 | |
Pool #BF0560 2.500% 9/01/61 | | | 97,292 | | | | 80,041 | |
Pool #CA9344 3.000% 2/01/41 | | | 87,042 | | | | 78,170 | |
Pool #CB2136 3.000% 11/01/41 | | | 96,286 | | | | 86,171 | |
Pool #FS1542 3.000% 4/01/42 | | | 194,047 | | | | 172,631 | |
Pool #CB3542 3.000% 5/01/42 | | | 98,324 | | | | 87,411 | |
Pool #MA4643 3.000% 5/01/42 | | | 97,670 | | | | 86,830 | |
Pool #MA4632 3.000% 6/01/42 | | | 979,409 | | | | 869,478 | |
Pool #MA2248 3.000% 4/01/45 | | | 309,764 | | | | 271,027 | |
Pool #AS7661 3.000% 8/01/46 | | | 307,630 | | | | 269,160 | |
Pool #FM9934 3.000% 12/01/48 | | | 932,303 | | | | 826,494 | |
Pool #FM9564 3.000% 2/01/50 | | | 1,085,163 | | | | 960,988 | |
Pool #CB2164 3.000% 11/01/51 | | | 94,316 | | | | 82,684 | |
Pool #CB2929 3.000% 2/01/52 | | | 653,678 | | | | 569,941 | |
Pool #FS1289 3.000% 3/01/52 | | | 481,240 | | | | 425,194 | |
Pool #FS1877 3.000% 5/01/52 | | | 392,623 | | | | 342,328 | |
Pool #CB3833 3.000% 6/01/52 | | | 99,294 | | | | 86,698 | |
Pool #CB3386 3.500% 4/01/42 | | | 97,575 | | | | 89,739 | |
Pool #FM9993 3.500% 7/01/51 | | | 235,312 | | | | 214,227 | |
Pool #FS1240 3.500% 12/01/51 | | | 93,225 | | | | 84,250 | |
Pool #FS1241 3.500% 1/01/52 | | | 99,028 | | | | 89,458 | |
Pool #FS1462 3.500% 1/01/52 | | | 189,062 | | | | 171,914 | |
Pool #CB3126 3.500% 3/01/52 | | | 289,924 | | | | 262,971 | |
Pool #FS1207 3.500% 3/01/52 | | | 96,346 | | | | 87,238 | |
Pool #CB3255 3.500% 4/01/52 | | | 192,252 | | | | 174,004 | |
Pool #FS1555 3.500% 4/01/52 | | | 193,744 | | | | 175,051 | |
Pool #FS1092 3.500% 4/01/52 | | | 579,942 | | | | 523,826 | |
Pool #FS1454 3.500% 4/01/52 | | | 196,316 | | | | 177,274 | |
Pool #BV8546 3.500% 5/01/52 | | | 196,019 | | | | 177,658 | |
Pool #FS1556 3.500% 5/01/52 | | | 780,336 | | | | 708,462 | |
Pool #FS1866 3.500% 5/01/52 | | | 99,242 | | | | 89,543 | |
Pool #BS6565 3.740% 9/01/32 | | | 100,000 | | | | 93,468 | |
Pool #BS6215 3.840% 7/01/32 | | | 100,000 | | | | 94,920 | |
Pool #BS6149 3.840% 8/01/32 | | | 100,000 | | | | 96,209 | |
Pool #AX2501 4.000% 10/01/44 | | | 637,861 | | | | 603,425 | |
Pool #CB3614 4.000% 5/01/52 | | | 96,849 | | | | 90,470 | |
Pool #FS2023 4.000% 5/01/52 | | | 198,265 | | | | 185,083 | |
Pool #FS2061 4.000% 6/01/52 | | | 394,342 | | | | 367,261 | |
Pool #FS2066 4.000% 6/01/52 | | | 587,089 | | | | 547,872 | |
Pool #FS2185 4.000% 6/01/52 | | | 98,518 | | | | 91,660 | |
Pool #CB4121 4.000% 7/01/52 | | | 69,107 | | | | 64,210 | |
Pool #BW1473 4.500% 6/01/52 | | | 98,207 | | | | 93,649 | |
Pool #BW3446 4.500% 6/01/52 | | | 95,878 | | | | 91,395 | |
Pool #CB3918 4.500% 6/01/52 | | | 394,011 | | | | 375,971 | |
Pool #FS2172 4.500% 6/01/52 | | | 95,915 | | | | 91,413 | |
Pool #BW1954 4.500% 7/01/52 | | | 99,521 | | | | 94,903 | |
Pool #BW6145 4.500% 7/01/52 | | | 99,734 | | | | 95,106 | |
Pool #FS2475 4.500% 8/01/52 | | | 196,186 | | | | 186,973 | |
Government National Mortgage Association II | | | | | | | | |
Pool #785662 2.500% 10/20/51 | | | 2,395,001 | | | | 2,051,277 | |
Pool #785764 2.500% 11/20/51 | | | 703,277 | | | | 603,444 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #MA7590 3.000% 9/20/51 | | $ | 2,073,956 | | | $ | 1,844,123 | |
Pool #MA7883 3.500% 2/20/52 | | | 777,250 | | | | 707,768 | |
Pool #786216 3.500% 6/20/52 | | | 199,049 | | | | 180,105 | |
Government National Mortgage Association II TBA | | | | | | | | |
2.500% 10/20/52 (i) | | | 800,000 | | | | 687,438 | |
3.000% 10/20/52 (i) | | | 1,800,000 | | | | 1,589,906 | |
3.500% 10/20/52 (i) | | | 1,200,000 | | | | 1,090,687 | |
4.000% 10/20/52 (i) | | | 900,000 | | | | 839,953 | |
4.500% 10/20/52 (i) | | | 1,000,000 | | | | 956,328 | |
5.000% 10/20/52 (i) | | | 300,000 | | | | 293,250 | |
Uniform Mortgage Backed Securities TBA | | | | | | | | |
2.000% 10/13/52 (i) | | | 2,100,000 | | | | 1,700,344 | |
2.500% 10/13/52 (i) | | | 800,000 | | | | 671,813 | |
3.000% 10/13/52 (i) | | | 500,000 | | | | 435,000 | |
| | | | | | | 50,493,007 | |
Whole Loans — 1.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400% | | | | | | | | |
4.681% FRN 2/25/42 (c) | | | 1,864,000 | | | | 1,749,149 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 30 day SOFR + 3.100% | | | | | | | | |
5.381% FRN 3/25/42 (c) | | | 2,000,000 | | | | 1,863,658 | |
| | | | | | | 3,612,807 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $72,066,234) | | | | | | | 64,913,636 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 6.8% | | | | | | | | |
U.S. Treasury Bonds & Notes — 6.8% | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
1.250% 5/15/50 | | | 13,710,000 | | | | 7,669,031 | |
2.000% 8/15/51 | | | 410,000 | | | | 280,017 | |
2.250% 5/15/41 | | | 2,110,000 | | | | 1,595,028 | |
2.250% 2/15/52 | | | 1,780,000 | | | | 1,293,003 | |
2.375% 2/15/42 | | | 3,000,000 | | | | 2,299,688 | |
2.375% 5/15/51 | | | 200,000 | | | | 149,625 | |
2.875% 5/15/52 | | | 1,730,000 | | | | 1,451,308 | |
3.000% 8/15/52 | | | 1,220,000 | | | | 1,053,585 | |
| | | | | | | 15,791,285 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $20,346,034) | | | | | | | 15,791,285 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $267,056,499) | | | | | | | 233,193,062 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS(#) — 0.0% (Cost $224,565) | | | | | | | 80,677 | |
| | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 0.9% | | | | | | | | |
| | | | | | �� | | |
Diversified Financial Services — 0.9% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (j) | | | 2,084,183 | | | $ | 2,084,183 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $2,084,183) | | | | | | | 2,084,183 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $269,365,247) | | | | | | | 235,357,922 | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 0.1% | | | | | | | | |
Repurchase Agreement — 0.1% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (k) | | $ | 100,962 | | | $ | 100,962 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $100,962) | | | | | | | 100,962 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.1% (Cost $269,466,209) (l) | | | | | | | 235,458,884 | |
| | | | | | | | |
Less Unfunded Loan Commitments — (0.0)% | | | | | | | (52,041) | |
| | | | | | | | |
NET INVESTMENTS — 101.1% (Cost $269,414,168) | | | | | | | 235,406,843 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.1)% | | | | | | | (2,545,094) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 232,861,749 | |
Abbreviation Legend
REMICS | Real Estate Mortgage Investment Conduits |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | All or a portion of the security represents unsettled loan commitments at September 30, 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 September 30, 2022, the aggregate market value of these securities amounted to $41,908,327 or 18.00% of net assets. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $3,534,701 or 1.52% of net assets. The Fund received $1,538,844 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. |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
(f) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022. |
(g) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
(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) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(j) | Represents investment of security lending cash collateral. (Note 2). |
(k) | Maturity value of $100,969. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $103,009. |
(l) | See Note 3 for aggregate cost for federal tax purposes. |
(#) OTC Options Purchased |
Description | | Counterparty | | Expiration Date | | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Put | | | | | |
USD Put JPY Call | | Citigroup Global Markets, Inc. | | | 10/06/22 | | | | 131.39 | | | | 463,667 | | | USD | | | 463,667 | | | $ | — | | | $ | 6,952 | | | $ | (6,952) | |
USD Put CAD Call | | Citigroup Global Markets, Inc. | | | 10/11/22 | | | | 1.27 | | | | 285,000 | | | USD | | | 285,000 | | | | — | | | | 2,154 | | | | (2,154) | |
USD Put CAD Call | | Citigroup Global Markets, Inc. | | | 10/11/22 | | | | 1.27 | | | | 285,000 | | | USD | | | 285,000 | | | | — | | | | 2,165 | | | | (2,165) | |
USD Put CAD Call | | Citigroup Global Markets, Inc. | | | 10/11/22 | | | | 1.27 | | | | 856,000 | | | USD | | | 856,000 | | | | 1 | | | | 6,506 | | | | (6,505) | |
USD Put JPY Call | | Goldman Sachs & Co. | | | 10/05/22 | | | | 131.55 | | | | 1,562,456 | | | USD | | | 1,562,456 | | | | 1 | | | | 24,355 | | | | (24,354) | |
USD Put JPY Call | | Goldman Sachs & Co. | | | 10/06/22 | | | | 131.50 | | | | 518,110 | | | USD | | | 518,110 | | | | 1 | | | | 7,910 | | | | (7,909) | |
USD Put CAD Call | | Goldman Sachs & Co. | | | 10/14/22 | | | | 1.27 | | | | 858,000 | | | USD | | | 858,000 | | | | 1 | | | | 6,484 | | | | (6,483) | |
USD Put CAD Call | | Morgan Stanley & Co. LLC | | | 10/07/22 | | | | 1.27 | | | | 587,000 | | | USD | | | 587,000 | | | | 1 | | | | 4,308 | | | | (4,307) | |
| | | | | | | | | | | | | | | | | | | | | | $ | 5 | | | $ | 60,834 | | | $ | (60,829) | |
(#) Exchange-Traded Options Purchased |
Description | | Expiration Date | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Call | | | | | |
U.S. Treasury Note 10 Year Future | | 10/21/22 | | | 112.50 | | | | 59 | | | USD | | | 6,611,688 | | | $ | 52,547 | | | $ | 59,508 | | | $ | (6,961) | |
U.S. Treasury Note 10 Year Future | | 10/21/22 | | | 116.50 | | | | 58 | | | USD | | | 6,499,625 | | | | 6,344 | | | | 31,101 | | | | (24,757) | |
U.S. Treasury Note 5 Year Future | | 10/21/22 | | | 111.50 | | | | 14 | | | USD | | | 1,505,109 | | | | 437 | | | | 6,313 | | | | (5,876) | |
SOFR 1 Year Mid Curve Future | | 12/16/22 | | | 95.75 | | | | 71 | | | USD | | | 16,999,175 | | | | 11,094 | | | | 54,724 | | | | (43,630) | |
SOFR 1 Year Mid Curve Future | | 12/16/22 | | | 96.50 | | | | 40 | | | USD | | | 9,577,000 | | | | 10,250 | | | | 12,084 | | | | (1,834) | |
| | | | | | | | | | | | | | | | | | $ | 80,672 | | | $ | 163,730 | | | $ | (83,058) | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
OTC Options Written |
Description | | Counterparty | | Expiration Date | | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Put | | | | | |
USD Put GBP Call | | Citigroup Global Markets, inc. | | | 10/27/22 | | | | 1.21 | | | | 1,275,646 | | | USD | | | 1,275,646 | | | $ | (1,276) | | | $ | (12,597) | | | $ | 11,321 | |
USD Put GBP Call | | Goldman Sachs & Co. | | | 12/22/22 | | | | 1.08 | | | | 539,000 | | | USD | | | 539,000 | | | | (29,914) | | | | (19,207) | | | | (10,707) | |
USD Put GBP Call | | JP Morgan Chase Bank N.A. | | | 10/24/22 | | | | 1.20 | | | | 1,334,961 | | | USD | | | 1,334,961 | | | | (1,201) | | | | (13,009) | | | | 11,808 | |
USD Put GBP Call | | JP Morgan Chase Bank N.A. | | | 12/22/22 | | | | 1.08 | | | | 548,000 | | | USD | | | 548,000 | | | | (33,263) | | | | (19,864) | | | | (13,399) | |
USD Put GBP Call | | Morgan Stanley & Co. LLC | | | 12/22/22 | | | | 1.12 | | | | 1,082,000 | | | USD | | | 1,082,000 | | | | (35,273) | | | | (23,332) | | | | (11,941) | |
| | | | | | | | | | | | | | | | | | | | | | $ | (100,927) | | | $ | (88,009) | | | $ | (12,918) | |
Exchange-Traded Options Written |
Description | | Expiration Date | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid (Received) | | | Unrealized Appreciation/ (Depreciation) | |
Call | | | | | |
U.S. Treasury Note 10 Year Future | | 10/21/22 | | | 119.00 | | | | 102 | | | USD | | | 11,430,375 | | | $ | (4,781) | | | $ | (33,980) | | | $ | 29,199 | |
U.S. Treasury Note 10 Year Future | | 11/25/22 | | | 115.50 | | | | 118 | | | USD | | | 13,223,375 | | | | (59,000) | | | | (59,218) | | | | 218 | |
U.S. Treasury Note 10 Year Future | | 11/25/22 | | | 119.50 | | | | 116 | | | USD | | | 12,999,250 | | | | (14,500) | | | | (32,456) | | | | 17,956 | |
Eurodollar Future | | 12/19/22 | | | 96.50 | | | | 51 | | | USD | | | 12,152,025 | | | | (3,188) | | | | (33,680) | | | | 30,492 | |
Eurodollar Future | | 12/19/22 | | | 97.00 | | | | 204 | | | USD | | | 48,608,100 | | | | (8,925) | | | | (159,897) | | | | 150,972 | |
3 Month SOFR Future | | 12/15/23 | | | 96.50 | | | | 71 | | | USD | | | 16,999,175 | | | | (76,769) | | | | (69,101) | | | | (7,668) | |
3 Month SOFR Future | | 12/15/23 | | | 96.63 | | | | 14 | | | USD | | | 3,351,950 | | | | (13,913) | | | | (14,196) | | | | 283 | |
| | | | | | | | | | | | | | | | | | $ | (181,076) | | | $ | (402,528) | | | $ | 221,452 | |
Put | | | | | |
U.S. Treasury Note 10 Year Future | | 10/21/22 | | | 113.50 | | | | 62 | | | USD | | | 6,947,875 | | | $ | (122,063) | | | $ | (15,612) | | | $ | (106,451) | |
| | | | | | | | | | | | | | | | | | $ | (303,139) | | | $ | (418,140) | | | $ | 115,001 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Forward contracts |
Counterparty | | Settlement Date | | Currency Purchased | | Currency Sold | | Unrealized Appreciation (Depreciation) | |
BNP Paribas SA | | 10/18/22 | | USD | | 561,606 | | | EUR | | 554,000 | | | $ | 18,138 | |
BNP Paribas SA | | 10/18/22 | | JPY | | 645,054,205 | | | USD | | 4,768,017 | | | | (305,323) | |
BNP Paribas SA | | 10/18/22 | | NOK | | 12,348,502 | | | EUR | | 1,193,228 | | | | (36,416) | |
Citibank N.A. | | 10/11/22 | | USD | | 136,009 | | | JPY | | 18,339,724 | | | | 9,211 | |
Citibank N.A. | | 10/12/22 | | USD | | 610,330 | | | CAD | | 778,870 | | | | 46,491 | |
Citibank N.A. | | 10/18/22 | | USD | | 588,666 | | | CNH | | 3,940,000 | | | | 36,747 | |
Citibank N.A. | | 10/18/22 | | CAD | | 12,289,980 | | | USD | | 9,485,508 | | | | (588,742) | |
Citibank N.A. | | 10/18/22 | | AUD | | 12,228,983 | | | USD | | 8,322,461 | | | | (499,120) | |
Citibank N.A. | | 10/18/22 | | MXN | | 24,704,610 | | | USD | | 1,165,791 | | | | 57,731 | |
Citibank N.A. | | 10/18/22 | | USD | | 2,108 | | | IDR | | 31,730,000 | | | | 25 | |
Goldman Sachs International | | 10/07/22 | | USD | | 479,153 | | | JPY | | 64,647,346 | | | | 32,356 | |
Goldman Sachs International | | 10/11/22 | | USD | | 155,433 | | | JPY | | 20,960,140 | | | | 10,518 | |
Goldman Sachs International | | 10/17/22 | | USD | | 367,500 | | | CAD | | 470,400 | | | | 26,974 | |
Goldman Sachs International | | 10/18/22 | | USD | | 1,170,053 | | | GBP | | 1,060,000 | | | | (13,847) | |
Goldman Sachs International | | 10/18/22 | | GBP | | 2,198,870 | | | USD | | 2,650,694 | | | | (194,805) | |
Goldman Sachs International | | 10/18/22 | | JPY | | 173,287,503 | | | USD | | 1,256,812 | | | | (57,953) | |
Goldman Sachs International | | 10/18/22 | | EUR | | 507,000 | | | USD | | 507,482 | | | | (10,120) | |
Goldman Sachs International | | 10/18/22 | | USD | | 1,785,171 | | | CAD | | 2,372,798 | | | | 67,493 | |
Goldman Sachs International | | 10/18/22 | | USD | | 113,513 | | | JPY | | 15,886,000 | | | | 3,608 | |
Goldman Sachs International | | 12/28/22 | | GBP | | 295,000 | | | USD | | 319,338 | | | | 10,488 | |
Goldman Sachs International | | 12/28/22 | | USD | | 480,452 | | | GBP | | 433,000 | | | | (3,666) | |
JP Morgan Chase Bank N.A. | | 10/18/22 | | USD | | 772,722 | | | CNH | | 5,175,681 | | | | 47,707 | |
JP Morgan Chase Bank N.A. | | 10/18/22 | | CNH | | 4,685,681 | | | USD | | 657,732 | | | | (1,357) | |
JP Morgan Chase Bank N.A. | | 10/18/22 | | IDR | | 13,598,570,000 | | | USD | | 896,412 | | | | (3,757) | |
JP Morgan Chase Bank N.A. | | 10/18/22 | | USD | | 2,228,941 | | | AUD | | 3,316,264 | | | | 107,402 | |
JP Morgan Chase Bank N.A. | | 10/18/22 | | USD | | 1,441,616 | | | IDR | | 21,624,930,000 | | | | 22,086 | |
JP Morgan Chase Bank N.A. | | 12/28/22 | | GBP | | 296,000 | | | USD | | 318,259 | | | | 12,685 | |
JP Morgan Chase Bank N.A. | | 1/18/23 | | USD | | 659,361 | | | CNH | | 4,685,681 | | | | 1,568 | |
JP Morgan Chase Bank N.A. | | 1/18/23 | | USD | | 891,417 | | | IDR | | 13,598,570,000 | | | | 1,497 | |
Morgan Stanley & Co. LLC | | 10/11/22 | | USD | | 252,119 | | | CAD | | 321,780 | | | | 19,176 | |
Morgan Stanley & Co. LLC | | 10/18/22 | | CNH | | 4,430,000 | | | USD | | 615,107 | | | | 5,452 | |
Morgan Stanley & Co. LLC | | 10/18/22 | | ZAR | | 6,598,022 | | | USD | | 393,893 | | | | (29,824) | |
Morgan Stanley & Co. LLC | | 10/18/22 | | USD | | 431,576 | | | CAD | | 570,000 | | | | 18,951 | |
Morgan Stanley & Co. LLC | | 10/18/22 | | USD | | 1,402,372 | | | MXN | | 28,483,958 | | | | (8,326) | |
Morgan Stanley & Co. LLC | | 12/28/22 | | GBP | | 471,187 | | | USD | | 522,287 | | | | 4,526 | |
Morgan Stanley & Co. LLC | | 12/28/22 | | USD | | 40,856 | | | GBP | | 37,000 | | | | (511) | |
Morgan Stanley & Co. LLC | | 1/18/23 | | USD | | 616,734 | | | CNH | | 4,430,000 | | | | (5,164) | |
| | | | | | | | | | | | | | $ | (1,198,101) | |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | | | | | | | | | | |
Euro-OAT | | 12/08/22 | | | 13 | | | $ | 1,761,332 | | | $ | (78,037) | |
Australia Treasury Bond 10 Year | | 12/15/22 | | | 36 | | | | 2,771,202 | | | | (74,314) | |
3 Month Euribor | | 12/19/22 | | | 51 | | | | 12,406,796 | | | | (191,684) | |
90 Day Eurodollar | | 12/19/22 | | | 246 | | | | 59,486,392 | | | | (870,742) | |
U.S. Treasury Ultra Bond | | 12/20/22 | | | 220 | | | | 32,611,533 | | | | (2,471,533) | |
UK Long Gilt | | 12/28/22 | | | 13 | | | | 1,594,218 | | | | (194,958) | |
U.S. Treasury Note 5 Year | | 12/30/22 | | | 690 | | | | 76,761,595 | | | | (2,581,204) | |
90 Day Eurodollar | | 3/13/23 | | | 36 | | | | 8,556,337 | | | | 20,213 | |
90 Day Eurodollar | | 6/19/23 | | | 47 | | | | 11,320,049 | | | | (118,186) | |
3 Month SOFR | | 9/19/23 | | | 1 | | | | 241,415 | | | | (2,377) | |
90 Day Eurodollar | | 12/18/23 | | | 23 | | | | 5,551,386 | | | | (59,561) | |
3 Month SOFR | | 3/18/25 | | | 100 | | | | 24,233,058 | | | | (154,308) | |
| | | | | | | | | | | | $ | (6,776,691) | |
Short | | | | | | | | | | | |
Euro-Bund | | 12/08/22 | | | 10 | | | $ | (1,415,572) | | | $ | 58,301 | |
Euro-Buxl 30 Year Bond | | 12/08/22 | | | 2 | | | | (314,339) | | | | 26,910 | |
Japanese 10 Year Bond | | 12/13/22 | | | 4 | | | | (4,098,575) | | | | (91) | |
U.S. Treasury Long Bond | | 12/20/22 | | | 45 | | | | (6,174,619) | | | | 486,338 | |
U.S. Treasury Note 10 Year | | 12/20/22 | | | 247 | | | | (28,925,637) | | | | 1,246,199 | |
U.S. Treasury Ultra 10 Year | | 12/20/22 | | | 72 | | | | (9,086,330) | | | | 555,455 | |
U.S. Treasury Note 2 Year | | 12/30/22 | | | 35 | | | | (7,176,454) | | | | (12,218) | |
3 Month SOFR | | 3/19/24 | | | 197 | | | | (47,412,177) | | | | 245,452 | |
90 Day Eurodollar | | 3/17/25 | | | 58 | | | | (14,042,404) | | | | 105,004 | |
| | | | | | | | | | | | $ | 2,711,350 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Centrally Cleared Credit Default Swaps - Buy Protection |
Reference Obligation/Index | | Rate Paid by Fund | | Payment Frequency | | | Termination Date | | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.HY Series 39† | | 5.000% | | | Quarterly | | | | 12/20/2027 | | | USD | | | 1,412,200 | | | $ | 59,192 | | | $ | 57,815 | | | $ | 1,377 | |
Centrally Cleared Credit Default Swaps - Sell Protection†† |
Reference Obligation/ Index | | Rate Received by Fund | | Payment Frequency | | | Termination Date | | | Credit Rating | | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.HY Series 38† | | 5.000% | | | Quarterly | | | | 6/20/27 | | | | NR | | | USD | | | 1,070,400 | | | $ | (25,256) | | | $ | 18,878 | | | $ | (44,134) | |
CDX.NA.IG Series 39† | | 1.000% | | | Quarterly | | | | 12/20/27 | | | | BBB+ | | | USD | | | 52,479,000 | | | | (186,195) | | | | (39,195) | | | | (147,000) | |
| | | | | | | | | | | | | | | | | | | | | | $ | (211,451) | | | $ | (20,317) | | | $ | (191,134) | |
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) | |
Fixed 1.220% | | Annually | | | 12 Month SOFR | | | | Annually | | | | 8/15/28 | | | USD | | | 22,000,000 | | | $ | 2,902,400 | | | $ | 1,925,763 | | | $ | 976,637 | |
Fixed 2.850% | | Annually | | | 12 Month SOFR | | | | Annually | | | | 2/15/29 | | | USD | | | 948,000 | | | | 46,039 | | | | (12,109) | | | | 58,148 | |
Fixed 2.000% | | Annually | | | 12 Month SOFR | | | | Annually | | | | 3/18/32 | | | USD | | | 1,600,000 | | | | 201,453 | | | | 100,525 | | | | 100,928 | |
Fixed 1.650% | | Annually | | | 12 Month SOFR | | | | Annually | | | | 8/15/47 | | | USD | | | 11,450,000 | | | | 2,993,115 | | | | 1,932,942 | | | | 1,060,173 | |
Fixed 2.600% | | Annually | | | 12 Month SOFR | | | | Annually | | | | 2/15/48 | | | USD | | | 996,000 | | | | 98,557 | | | | 68,463 | | | | 30,094 | |
Fixed 3.050% | | Annually | | | 12 Month SOFR | | | | Annually | | | | 2/15/48 | | | USD | | | 1,112,000 | | | | 26,484 | | | | 34,279 | | | | (7,795) | |
| | | | | | | | | | | | | | | | | | | | | | $ | 6,268,048 | | | $ | 4,049,863 | | | $ | 2,218,185 | |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
†† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company's rating category, as applicable. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Currency Legend
MML Equity Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 95.8% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 95.8% | | | | | | | | |
Basic Materials — 2.8% | | | | | | | | |
Chemicals — 1.5% | | | | | | | | |
Celanese Corp. | | | 8,800 | | | $ | 794,992 | |
Dow, Inc. | | | 35,300 | | | | 1,550,729 | |
DuPont de Nemours, Inc. | | | 28,400 | | | | 1,431,360 | |
Eastman Chemical Co. | | | 10,200 | | | | 724,710 | |
FMC Corp. | | | 7,000 | | | | 739,900 | |
Huntsman Corp. | | | 6,398 | | | | 157,007 | |
LyondellBasell Industries NV Class A | | | 15,808 | | | | 1,190,026 | |
The Mosaic Co. | | | 28,100 | | | | 1,358,073 | |
Nutrien Ltd. | | | 36,671 | | | | 3,057,628 | |
Olin Corp. | | | 7,402 | | | | 317,398 | |
| | | | | | | 11,321,823 | |
Forest Products & Paper — 0.1% | | | | | | | | |
International Paper Co. | | | 18,000 | | | | 570,600 | |
Iron & Steel — 0.6% | | | | | | | | |
Nucor Corp. | | | 22,400 | | | | 2,396,576 | |
Reliance Steel & Aluminum Co. | | | 4,700 | | | | 819,727 | |
Steel Dynamics, Inc. | | | 15,700 | | | | 1,113,915 | |
| | | | | | | 4,330,218 | |
Mining — 0.6% | | | | | | | | |
Alcoa Corp. | | | 9,000 | | | | 302,940 | |
Freeport-McMoRan, Inc. | | | 70,353 | | | | 1,922,747 | |
Newmont Corp. | | | 44,000 | | | | 1,849,320 | |
| | | | | | | 4,075,007 | |
| | | | | | | 20,297,648 | |
Communications — 5.4% | | | | | | | | |
Advertising — 0.2% | | | | | | | | |
The Interpublic Group of Cos., Inc. | | | 18,300 | | | | 468,480 | |
Omnicom Group, Inc. | | | 16,000 | | | | 1,009,440 | |
| | | | | | | 1,477,920 | |
Internet — 1.3% | | | | | | | | |
Alphabet, Inc. Class C (a) | | | 82,422 | | | | 7,924,875 | |
Meta Platforms, Inc. Class A (a) | | | 14,800 | | | | 2,008,064 | |
| | | | | | | 9,932,939 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Media — 1.4% | | | | | | | | |
Comcast Corp. Class A | | | 266,400 | | | $ | 7,813,512 | |
Fox Corp. Class A | | | 25,200 | | | | 773,136 | |
News Corp. Class A | | | 18,000 | | | | 271,980 | |
Nexstar Media Group, Inc. Class A | | | 2,000 | | | | 333,700 | |
The Walt Disney Co. (a) | | | 10,200 | | | | 962,166 | |
| | | | | | | 10,154,494 | |
Telecommunications — 2.5% | | | | | | | | |
AT&T, Inc. | | | 333,300 | | | | 5,112,822 | |
Cisco Systems, Inc. | | | 245,100 | | | | 9,804,000 | |
Corning, Inc. | | | 42,668 | | | | 1,238,225 | |
Motorola Solutions, Inc. | | | 8,653 | | | | 1,938,013 | |
| | | | | | | 18,093,060 | |
| | | | | | | 39,658,413 | |
Consumer, Cyclical — 6.6% | | | | | | | | |
Apparel — 0.2% | | | | | | | | |
Capri Holdings Ltd. (a) | | | 8,300 | | | | 319,052 | |
Ralph Lauren Corp. | | | 2,250 | | | | 191,093 | |
Skechers U.S.A., Inc. Class A (a) | | | 6,900 | | | | 218,868 | |
Tapestry, Inc. | | | 12,200 | | | | 346,846 | |
| | | | | | | 1,075,859 | |
Auto Manufacturers — 0.8% | | | | | | | | |
Cummins, Inc. | | | 6,800 | | | | 1,383,868 | |
Ford Motor Co. | | | 290,400 | | | | 3,252,480 | |
PACCAR, Inc. | | | 16,842 | | | | 1,409,507 | |
| | | | | | | 6,045,855 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
BorgWarner, Inc. | | | 11,700 | | | | 367,380 | |
Lear Corp. | | | 3,500 | | | | 418,915 | |
| | | | | | | 786,295 | |
Distribution & Wholesale — 0.1% | | | | | | | | |
LKQ Corp. | | | 22,600 | | | | 1,065,590 | |
Home Builders — 0.7% | | | | | | | | |
D.R. Horton, Inc. | | | 27,300 | | | | 1,838,655 | |
Lennar Corp. Class A | | | 20,600 | | | | 1,535,730 | |
NVR, Inc. (a) | | | 200 | | | | 797,416 | |
PulteGroup, Inc. | | | 20,100 | | | | 753,750 | |
| | | | | | | 4,925,551 | |
Home Furnishing — 0.1% | | | | | | | | |
Whirlpool Corp. | | | 4,600 | | | | 620,126 | |
Housewares — 0.0% | | | | | | | | |
Newell Brands, Inc. | | | 20,100 | | | | 279,189 | |
Leisure Time — 0.1% | | | | | | | | |
Brunswick Corp. | | | 5,700 | | | | 373,065 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Polaris, Inc. (b) | | | 3,000 | | | $ | 286,950 | |
| | | | | | | 660,015 | |
Lodging — 0.1% | | | | | | | | |
Boyd Gaming Corp. | | | 3,298 | | | | 157,150 | |
Hilton Worldwide Holdings, Inc. | | | 376 | | | | 45,353 | |
Marriott International, Inc. Class A | | | 2,376 | | | | 332,972 | |
| | | | | | | 535,475 | |
Retail — 4.4% | | | | | | | | |
AutoNation, Inc. (a) | | | 6,500 | | | | 662,155 | |
AutoZone, Inc. (a) | | | 1,500 | | | | 3,212,895 | |
Best Buy Co., Inc. | | | 10,500 | | | | 665,070 | |
Darden Restaurants, Inc. | | | 3,600 | | | | 454,752 | |
Dick's Sporting Goods, Inc. (b) | | | 2,400 | | | | 251,136 | |
Dollar General Corp. | | | 9,219 | | | | 2,211,269 | |
Lithia Motors, Inc. | | | 1,300 | | | | 278,915 | |
Lowe's Cos., Inc. | | | 54,600 | | | | 10,254,426 | |
McDonald's Corp. | | | 14,400 | | | | 3,322,656 | |
Penske Automotive Group, Inc. | | | 4,700 | | | | 462,621 | |
Ross Stores, Inc. | | | 9,823 | | | | 827,784 | |
The TJX Cos., Inc. | | | 18,995 | | | | 1,179,970 | |
Walgreens Boots Alliance, Inc. | | | 50,200 | | | | 1,576,280 | |
Walmart, Inc. | | | 33,277 | | | | 4,316,027 | |
Williams-Sonoma, Inc. | | | 3,100 | | | | 365,335 | |
Yum! Brands, Inc. | | | 16,756 | | | | 1,781,833 | |
| | | | | | | 31,823,124 | |
| | | | | | | 47,817,079 | |
Consumer, Non-cyclical — 28.5% | | | | | | | | |
Agriculture — 3.0% | | | | | | | | |
Altria Group, Inc. | | | 107,500 | | | | 4,340,850 | |
Archer-Daniels-Midland Co. | | | 41,500 | | | | 3,338,675 | |
Darling Ingredients, Inc. (a) | | | 7,900 | | | | 522,585 | |
Philip Morris International, Inc. | | | 167,632 | | | | 13,915,132 | |
| | | | | | | 22,117,242 | |
Beverages — 0.9% | | | | | | | | |
The Coca-Cola Co. | | | 17,400 | | | | 974,748 | |
Keurig Dr Pepper, Inc. | | | 107,250 | | | | 3,841,695 | |
Molson Coors Beverage Co. Class B | | | 9,746 | | | | 467,711 | |
Monster Beverage Corp. (a) | | | 14,989 | | | | 1,303,443 | |
| | | | | | | 6,587,597 | |
Biotechnology — 2.3% | | | | | | | | |
Amgen, Inc. | | | 26,000 | | | | 5,860,400 | |
Biogen, Inc. (a) | | | 6,200 | | | | 1,655,400 | |
Gilead Sciences, Inc. | | | 69,100 | | | | 4,262,779 | |
Regeneron Pharmaceuticals, Inc. (a) | | | 7,006 | | | | 4,826,223 | |
| | | | | | | 16,604,802 | |
Commercial Services — 0.6% | | | | | | | | |
AMERCO | | | 1,700 | | | | 865,674 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
FleetCor Technologies, Inc. (a) | | | 3,500 | | | $ | 616,595 | |
Global Payments, Inc. | | | 4,000 | | | | 432,200 | |
Robert Half International, Inc. | | | 5,100 | | | | 390,150 | |
Service Corp. International | | | 13,100 | | | | 756,394 | |
United Rentals, Inc. (a) | | | 4,200 | | | | 1,134,504 | |
| | | | | | | 4,195,517 | |
Cosmetics & Personal Care — 0.4% | | | | | | | | |
The Procter & Gamble Co. | | | 25,100 | | | | 3,168,875 | |
Food — 1.6% | | | | | | | | |
Campbell Soup Co. | | | 9,036 | | | | 425,776 | |
Conagra Brands, Inc. | | | 23,255 | | | | 758,811 | |
Ingredion, Inc. | | | 1,400 | | | | 112,728 | |
The J.M. Smucker Co. | | | 6,300 | | | | 865,683 | |
Kellogg Co. | | | 18,700 | | | | 1,302,642 | |
The Kraft Heinz Co. | | | 71,400 | | | | 2,381,190 | |
The Kroger Co. | | | 43,400 | | | | 1,898,750 | |
Mondelez International, Inc. Class A | | | 52,157 | | | | 2,859,768 | |
Tyson Foods, Inc. Class A | | | 17,100 | | | | 1,127,403 | |
| | | | | | | 11,732,751 | |
Health Care – Products — 1.8% | | | | | | | | |
Abbott Laboratories | | | 25,096 | | | | 2,428,289 | |
Danaher Corp. | | | 15,028 | | | | 3,881,582 | |
Henry Schein, Inc. (a) | | | 8,100 | | | | 532,737 | |
Hologic, Inc. (a) | | | 13,900 | | | | 896,828 | |
PerkinElmer, Inc. | | | 8,675 | | | | 1,043,863 | |
Steris PLC | | | 457 | | | | 75,990 | |
Stryker Corp. | | | 5,800 | | | | 1,174,732 | |
Thermo Fisher Scientific, Inc. | | | 6,609 | | | | 3,352,019 | |
| | | | | | | 13,386,040 | |
Health Care – Services — 5.3% | | | | | | | | |
Centene Corp. (a) | | | 92,534 | | | | 7,200,071 | |
DaVita, Inc. (a) | | | 8,400 | | | | 695,268 | |
Elevance Health, Inc. | | | 40,025 | | | | 18,180,956 | |
HCA Healthcare, Inc. | | | 33,760 | | | | 6,204,750 | |
Laboratory Corp. of America Holdings | | | 7,300 | | | | 1,495,113 | |
Quest Diagnostics, Inc. | | | 10,100 | | | | 1,239,169 | |
UnitedHealth Group, Inc. | | | 5,713 | | | | 2,885,294 | |
Universal Health Services, Inc. Class B | | | 5,700 | | | | 502,626 | |
| | | | | | | 38,403,247 | |
Pharmaceuticals — 12.6% | | | | | | | | |
AbbVie, Inc. | | | 130,037 | | | | 17,452,266 | |
AmerisourceBergen Corp. | | | 15,400 | | | | 2,084,082 | |
AstraZeneca PLC Sponsored ADR | | | 68,519 | | | | 3,757,582 | |
Becton Dickinson and Co. | | | 46,843 | | | | 10,438,026 | |
Bristol-Myers Squibb Co. | | | 103,300 | | | | 7,343,597 | |
Cardinal Health, Inc. | | | 13,208 | | | | 880,709 | |
Cigna Corp. | | | 24,601 | | | | 6,826,040 | |
CVS Health Corp. | | | 72,785 | | | | 6,941,505 | |
Johnson & Johnson | | | 42,604 | | | | 6,959,789 | |
McKesson Corp. | | | 12,000 | | | | 4,078,440 | |
Merck & Co., Inc. | | | 132,200 | | | | 11,385,064 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Pfizer, Inc. | | | 272,100 | | | $ | 11,907,096 | |
Sanofi ADR | | | 32,908 | | | | 1,251,162 | |
| | | | | | | 91,305,358 | |
| | | | | | | 207,501,429 | |
Energy — 8.1% | | | | | | | | |
Energy – Alternate Sources — 0.1% | | | | | | | | |
First Solar, Inc. (a) | | | 6,200 | | | | 820,074 | |
Oil & Gas — 7.2% | | | | | | | | |
APA Corp. | | | 20,000 | | | | 683,800 | |
Chevron Corp. | | | 38,639 | | | | 5,551,265 | |
ConocoPhillips | | | 18,200 | | | | 1,862,588 | |
Devon Energy Corp. | | | 30,600 | | | | 1,839,978 | |
Diamondback Energy, Inc. | | | 8,400 | | | | 1,011,864 | |
EOG Resources, Inc. | | | 43,700 | | | | 4,882,601 | |
Exxon Mobil Corp. | | | 311,868 | | | | 27,229,195 | |
Marathon Oil Corp. | | | 42,915 | | | | 969,021 | |
Ovintiv, Inc. | | | 14,500 | | | | 667,000 | |
PDC Energy, Inc. | | | 4,100 | | | | 236,939 | |
Pioneer Natural Resources Co. | | | 11,200 | | | | 2,425,136 | |
TotalEnergies SE | | | 57,076 | | | | 2,686,563 | |
Valero Energy Corp. | | | 23,800 | | | | 2,543,030 | |
| | | | | | | 52,588,980 | |
Pipelines — 0.8% | | | | | | | | |
Kinder Morgan, Inc. | | | 131,900 | | | | 2,194,816 | |
ONEOK, Inc. | | | 24,500 | | | | 1,255,380 | |
TC Energy Corp. | | | 39,706 | | | | 1,599,755 | |
The Williams Cos., Inc. | | | 24,807 | | | | 710,224 | |
| | | | | | | 5,760,175 | |
| | | | | | | 59,169,229 | |
Financial — 20.7% | | | | | | | | |
Banks — 10.9% | | | | | | | | |
Bank of America Corp. | | | 724,842 | | | | 21,890,228 | |
The Bank of New York Mellon Corp. | | | 51,800 | | | | 1,995,336 | |
BOK Financial Corp. | | | 3,100 | | | | 275,466 | |
Comerica, Inc. | | | 8,100 | | | | 575,910 | |
Commerce Bancshares, Inc. | | | 7,130 | | | | 471,721 | |
East West Bancorp, Inc. | | | 8,300 | | | | 557,262 | |
Fifth Third Bancorp | | | 41,400 | | | | 1,323,144 | |
First Horizon Corp. | | | 23,813 | | | | 545,318 | |
The Goldman Sachs Group, Inc. | | | 19,800 | | | | 5,802,390 | |
Huntington Bancshares, Inc. | | | 67,500 | | | | 889,650 | |
JP Morgan Chase & Co. | | | 165,598 | | | | 17,304,991 | |
KeyCorp. | | | 56,900 | | | | 911,538 | |
Morgan Stanley | | | 80,400 | | | | 6,352,404 | |
Northern Trust Corp. | | | 12,100 | | | | 1,035,276 | |
Pinnacle Financial Partners, Inc. | | | 2,000 | | | | 162,200 | |
The PNC Financial Services Group, Inc. | | | 24,600 | | | | 3,675,732 | |
Prosperity Bancshares, Inc. | | | 4,400 | | | | 293,392 | |
Regions Financial Corp. | | | 55,900 | | | | 1,121,913 | |
Synovus Financial Corp. | | | 3,600 | | | | 135,036 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Truist Financial Corp. | | | 77,900 | | | $ | 3,391,766 | |
US Bancorp | | | 86,873 | | | | 3,502,719 | |
Wells Fargo & Co. | | | 164,354 | | | | 6,610,318 | |
Zions Bancorp NA | | | 9,500 | | | | 483,170 | |
| | | | | | | 79,306,880 | |
Diversified Financial Services — 1.5% | | | | | | | | |
American Express Co. | | | 45,200 | | | | 6,097,932 | |
Ameriprise Financial, Inc. | | | 6,600 | | | | 1,662,870 | |
The Charles Schwab Corp. | | | 7,119 | | | | 511,643 | |
Credit Acceptance Corp. (a) | | | 1,000 | | | | 438,000 | |
Discover Financial Services | | | 17,100 | | | | 1,554,732 | |
SEI Investments Co. | | | 8,400 | | | | 412,020 | |
The Western Union Co. | | | 18,800 | | | | 253,800 | |
| | | | | | | 10,930,997 | |
Insurance — 7.4% | | | | | | | | |
Aflac, Inc. | | | 40,800 | | | | 2,292,960 | |
The Allstate Corp. | | | 21,900 | | | | 2,727,207 | |
American Financial Group, Inc. | | | 5,000 | | | | 614,650 | |
American International Group, Inc. | | | 33,129 | | | | 1,572,965 | |
Arch Capital Group Ltd. (a) | | | 23,300 | | | | 1,061,082 | |
Assurant, Inc. | | | 3,500 | | | | 508,445 | |
Chubb Ltd. | | | 60,841 | | | | 11,065,761 | |
Cincinnati Financial Corp. | | | 9,400 | | | | 841,958 | |
Corebridge Financial, Inc. (a) | | | 13,163 | | | | 259,179 | |
Equitable Holdings, Inc. | | | 25,800 | | | | 679,830 | |
Everest Re Group Ltd. | | | 2,800 | | | | 734,832 | |
Fidelity National Financial, Inc. | | | 16,600 | | | | 600,920 | |
First American Financial Corp. | | | 6,400 | | | | 295,040 | |
Globe Life, Inc. | | | 5,400 | | | | 538,380 | |
The Hartford Financial Services Group, Inc. | | | 35,811 | | | | 2,218,133 | |
Lincoln National Corp. | | | 11,300 | | | | 496,183 | |
Loews Corp. | | | 15,600 | | | | 777,504 | |
Markel Corp. (a) | | | 890 | | | | 964,956 | |
MetLife, Inc. | | | 90,675 | | | | 5,511,227 | |
Old Republic International Corp. | | | 12,100 | | | | 253,253 | |
Principal Financial Group, Inc. | | | 16,000 | | | | 1,154,400 | |
The Progressive Corp. | | | 34,600 | | | | 4,020,866 | |
Prudential Financial, Inc. | | | 22,900 | | | | 1,964,362 | |
Reinsurance Group of America, Inc. | | | 3,197 | | | | 402,215 | |
RenaissanceRe Holdings Ltd. | | | 2,700 | | | | 379,053 | |
The Travelers Cos., Inc. | | | 54,601 | | | | 8,364,873 | |
Unum Group | | | 9,700 | | | | 376,360 | |
Voya Financial, Inc. | | | 7,700 | | | | 465,850 | |
W.R. Berkley Corp. | | | 15,600 | | | | 1,007,448 | |
Willis Towers Watson PLC | | | 7,500 | | | | 1,507,050 | |
| | | | | | | 53,656,942 | |
Real Estate — 0.2% | | | | | | | | |
CBRE Group, Inc. Class A (a) | | | 13,646 | | | | 921,241 | |
Jones Lang LaSalle, Inc. (a) | | | 3,800 | | | | 574,066 | |
| | | | | | | 1,495,307 | |
Real Estate Investment Trusts (REITS) — 0.7% | | | | | | | | |
AvalonBay Communities, Inc. | | | 4,400 | | | | 810,436 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Equity Residential | | | 9,900 | | | $ | 665,478 | |
Prologis, Inc. | | | 28,347 | | | | 2,880,055 | |
Weyerhaeuser Co. | | | 25,200 | | | | 719,712 | |
| | | | | | | 5,075,681 | |
| | | | | | | 150,465,807 | |
Industrial — 9.5% | | | | | | | | |
Aerospace & Defense — 2.1% | | | | | | | | |
L3 Harris Technologies, Inc. | | | 32,161 | | | | 6,684,021 | |
Lockheed Martin Corp. | | | 15,300 | | | | 5,910,237 | |
Northrop Grumman Corp. | | | 6,200 | | | | 2,915,984 | |
| | | | | | | 15,510,242 | |
Building Materials — 0.5% | | | | | | | | |
Builders FirstSource, Inc. (a) | | | 8,400 | | | | 494,928 | |
Carrier Global Corp. | | | 39,307 | | | | 1,397,757 | |
Masco Corp. | | | 19,600 | | | | 915,124 | |
Owens Corning | | | 8,100 | | | | 636,741 | |
| | | | | | | 3,444,550 | |
Electronics — 0.9% | | | | | | | | |
Arrow Electronics, Inc. (a) | | | 5,600 | | | | 516,264 | |
Honeywell International, Inc. | | | 13,748 | | | | 2,295,504 | |
Hubbell, Inc. | | | 11,846 | | | | 2,641,658 | |
Jabil, Inc. | | | 11,300 | | | | 652,123 | |
Sensata Technologies Holding PLC | | | 8,200 | | | | 305,696 | |
TE Connectivity Ltd. | | | 414 | | | | 45,689 | |
| | | | | | | 6,456,934 | |
Engineering & Construction — 0.0% | | | | | | | | |
TopBuild Corp. (a) | | | 500 | | | | 82,390 | |
Environmental Controls — 0.3% | | | | | | | | |
Republic Services, Inc. | | | 14,428 | | | | 1,962,785 | |
Hand & Machine Tools — 0.1% | | | | | | | | |
Snap-on, Inc. | | | 4,000 | | | | 805,400 | |
Machinery – Construction & Mining — 0.6% | | | | | | | | |
Caterpillar, Inc. | | | 24,700 | | | | 4,052,776 | |
Oshkosh Corp. | | | 3,600 | | | | 253,044 | |
| | | | | | | 4,305,820 | |
Machinery – Diversified — 1.1% | | | | | | | | |
AGCO Corp. | | | 3,650 | | | | 351,021 | |
Deere & Co. | | | 18,000 | | | | 6,010,020 | |
Dover Corp. | | | 7,000 | | | | 816,060 | |
Ingersoll Rand, Inc. | | | 14,001 | | | | 605,683 | |
| | | | | | | 7,782,784 | |
Miscellaneous - Manufacturing — 1.4% | | | | | | | | |
Eaton Corp. PLC | | | 23,171 | | | | 3,090,084 | |
General Electric Co. | | | 55,437 | | | | 3,432,105 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Parker-Hannifin Corp. | | | 7,500 | | | $ | 1,817,325 | |
Siemens AG Registered | | | 11,797 | | | | 1,167,590 | |
Textron, Inc. | | | 17,000 | | | | 990,420 | |
| | | | | | | 10,497,524 | |
Packaging & Containers — 0.6% | | | | | | | | |
Amcor PLC | | | 117,100 | | | | 1,256,483 | |
Berry Global Group, Inc. (a) | | | 6,600 | | | | 307,098 | |
Crown Holdings, Inc. | | | 10,100 | | | | 818,403 | |
Packaging Corp. of America | | | 7,000 | | | | 786,030 | |
Sealed Air Corp. | | | 11,700 | | | | 520,767 | |
WestRock Co. | | | 12,300 | | | | 379,947 | |
| | | | | | | 4,068,728 | |
Shipbuilding — 0.1% | | | | | | | | |
Huntington Ingalls Industries, Inc. | | | 2,500 | | | | 553,750 | |
Transportation — 1.8% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 7,200 | | | | 693,432 | |
CSX Corp. | | | 87,657 | | | | 2,335,182 | |
Expeditors International of Washington, Inc. | | | 9,400 | | | | 830,114 | |
FedEx Corp. | | | 12,500 | | | | 1,855,875 | |
Knight-Swift Transportation Holdings, Inc. | | | 9,700 | | | | 474,621 | |
Norfolk Southern Corp. | | | 2,484 | | | | 520,771 | |
Union Pacific Corp. | | | 1,277 | | | | 248,785 | |
United Parcel Service, Inc. Class B | | | 40,200 | | | | 6,493,908 | |
| | | | | | | 13,452,688 | |
| | | | | | | 68,923,595 | |
Technology — 7.3% | | | | | | | | |
Computers — 1.8% | | | | | | | | |
CACI International, Inc. Class A (a) | | | 1,200 | | | | 313,272 | |
Cognizant Technology Solutions Corp. Class A | | | 24,200 | | | | 1,390,048 | |
Dell Technologies, Inc. Class C | | | 12,900 | | | | 440,793 | |
DXC Technology Co. (a) | | | 11,200 | | | | 274,176 | |
Hewlett Packard Enterprise Co. | | | 96,500 | | | | 1,156,070 | |
HP, Inc. | | | 96,300 | | | | 2,399,796 | |
International Business Machines Corp. | | | 49,400 | | | | 5,869,214 | |
Leidos Holdings, Inc. | | | 6,649 | | | | 581,588 | |
NetApp, Inc. | | | 10,100 | | | | 624,685 | |
| | | | | | | 13,049,642 | |
Semiconductors — 2.1% | | | | | | | | |
Analog Devices, Inc. | | | 1,722 | | | | 239,943 | |
Broadcom, Inc. | | | 3,900 | | | | 1,731,639 | |
KLA Corp. | | | 18,276 | | | | 5,530,866 | |
QUALCOMM, Inc. | | | 69,520 | | | | 7,854,370 | |
Texas Instruments, Inc. | | | 2,100 | | | | 325,038 | |
| | | | | | | 15,681,856 | |
Software — 3.4% | | | | | | | | |
Fidelity National Information Services, Inc. | | | 28,400 | | | | 2,146,188 | |
Fiserv, Inc. (a) | | | 64,313 | | | | 6,017,767 | |
Microsoft Corp. | | | 13,155 | | | | 3,063,800 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Oracle Corp. | | | 219,300 | | | $ | 13,392,651 | |
| | | | | | | 24,620,406 | |
| | | | | | | 53,351,904 | |
Utilities — 6.9% | | | | | | | | |
Electric — 6.7% | | | | | | | | |
Alliant Energy Corp. | | | 14,700 | | | | 778,953 | |
Ameren Corp. | | | 18,000 | | | | 1,449,900 | |
American Electric Power Co., Inc. | | | 33,936 | | | | 2,933,767 | |
Dominion Energy, Inc. | | | 128,318 | | | | 8,868,057 | |
DTE Energy Co. | | | 10,700 | | | | 1,231,035 | |
Duke Energy Corp. | | | 43,268 | | | | 4,024,789 | |
Edison International | | | 20,900 | | | | 1,182,522 | |
Entergy Corp. | | | 11,800 | | | | 1,187,434 | |
Evergy, Inc. | | | 13,400 | | | | 795,960 | |
Eversource Energy | | | 18,900 | | | | 1,473,444 | |
Exelon Corp. | | | 104,660 | | | | 3,920,564 | |
FirstEnergy Corp. | | | 11,100 | | | | 410,700 | |
OGE Energy Corp. | | | 9,661 | | | | 352,240 | |
Pinnacle West Capital Corp. | | | 5,398 | | | | 348,225 | |
PPL Corp. | | | 41,400 | | | | 1,049,490 | |
Public Service Enterprise Group, Inc. | | | 39,400 | | | | 2,215,462 | |
Sempra Energy | | | 38,182 | | | | 5,725,009 | |
The Southern Co. | | | 128,127 | | | | 8,712,636 | |
Vistra Corp. | | | 26,700 | | | | 560,700 | |
WEC Energy Group, Inc. | | | 2,800 | | | | 250,404 | |
Xcel Energy, Inc. | | | 23,095 | | | | 1,478,080 | |
| | | | | | | 48,949,371 | |
Gas — 0.2% | | | | | | | | |
National Fuel Gas Co. | | | 4,400 | | | | 270,820 | |
NiSource, Inc. | | | 26,200 | | | | 659,978 | |
UGI Corp. | | | 9,800 | | | | 316,834 | |
| | | | | | | 1,247,632 | |
| | | | | | | 50,197,003 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $656,423,791) | | | | | | | 697,382,107 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $656,423,791) | | | | | | | 697,382,107 | |
| | | | | | | | |
| | | | | | | | |
MUTUAL FUNDS — 1.3% | | | | | | | | |
Diversified Financial Services — 1.3% | | | | | | | | |
iShares Russell 1000 Value ETF | | | 67,839 | | | | 9,225,425 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio (c) | | | 126,926 | | | $ | 126,926 | |
| | | | | | | 9,352,351 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $9,447,522) | | | | | | | 9,352,351 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $665,871,313) | | | | | | | 706,734,458 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 3.0% | | | | | | | | |
Mutual Fund — 2.4% | | | | | | | | |
T. Rowe Price Government Reserve Investment Fund | | | 17,149,227 | | | | 17,149,227 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (d) | | $ | 4,685,297 | | | | 4,685,297 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $21,834,524) | | | | | | | 21,834,524 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1% (Cost $687,705,837) (e) | | | | | | | 728,568,982 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.1)% | | | | | | | (639,142) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 727,929,840 | |
Abbreviation Legend
ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $414,437 or 0.06% of net assets. The Fund received $297,509 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 $4,685,622. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 9/15/25, and an aggregate market value, including accrued interest, of $4,779,162. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Momentum Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 100.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 100.0% | | | | | | | | |
Basic Materials — 1.1% | | | | | | | | |
Chemicals — 0.8% | | | | | | | | |
CF Industries Holdings, Inc. | | | 1,805 | | | $ | 173,731 | |
The Mosaic Co. | | | 2,227 | | | | 107,631 | |
| | | | | | | 281,362 | |
Iron & Steel — 0.3% | | | | | | | | |
Nucor Corp. | | | 1,145 | | | | 122,504 | |
| | | | | | | 403,866 | |
Communications — 0.2% | | | | | | | | |
Media — 0.2% | | | | | | | | |
FactSet Research Systems, Inc. | | | 184 | | | | 73,620 | |
Consumer, Cyclical — 5.0% | | | | | | | | |
Distribution & Wholesale — 0.3% | | | | | | | | |
W.W. Grainger, Inc. | | | 227 | | | | 111,046 | |
Retail — 4.7% | | | | | | | | |
AutoZone, Inc. (a) | | | 109 | | | | 233,470 | |
Costco Wholesale Corp. | | | 2,247 | | | | 1,061,191 | |
Dollar Tree, Inc. (a) | | | 1,386 | | | | 188,635 | |
Genuine Parts Co. | | | 748 | | | | 111,691 | |
O'Reilly Automotive, Inc. (a) | | | 256 | | | | 180,058 | |
| | | | | | | 1,775,045 | |
| | | | | | | 1,886,091 | |
Consumer, Non-cyclical — 42.4% | | | | | | | | |
Agriculture — 0.8% | | | | | | | | |
Archer-Daniels-Midland Co. | | | 3,780 | | | | 304,101 | |
Beverages — 6.1% | | | | | | | | |
The Coca-Cola Co. | | | 19,157 | | | | 1,073,175 | |
Keurig Dr Pepper, Inc. | | | 3,493 | | | | 125,119 | |
Molson Coors Beverage Co. Class B | | | 958 | | | | 45,974 | |
PepsiCo, Inc. | | | 6,602 | | | | 1,077,843 | |
| | | | | | | 2,322,111 | |
Biotechnology — 1.9% | | | | | | | | |
Corteva, Inc. | | | 4,386 | | | | 250,660 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Vertex Pharmaceuticals, Inc. (a) | | | 1,657 | | | $ | 479,768 | |
| | | | | | | 730,428 | |
Commercial Services — 1.4% | | | | | | | | |
Automatic Data Processing, Inc. | | | 1,801 | | | | 407,368 | |
Quanta Services, Inc. | | | 906 | | | | 115,416 | |
| | | | | | | 522,784 | |
Food — 2.1% | | | | | | | | |
Campbell Soup Co. | | | 901 | | | | 42,455 | |
General Mills, Inc. | | | 3,931 | | | | 301,154 | |
The Hershey Co. | | | 1,008 | | | | 222,234 | |
Kellogg Co. | | | 1,381 | | | | 96,200 | |
Lamb Weston Holdings, Inc. | | | 612 | | | | 47,357 | |
Tyson Foods, Inc. Class A | | | 1,525 | | | | 100,543 | |
| | | | | | | 809,943 | |
Health Care – Services — 10.4% | | | | | | | | |
Centene Corp. (a) | | | 2,896 | | | | 225,338 | |
Elevance Health, Inc. | | | 1,212 | | | | 550,539 | |
Molina Healthcare, Inc. (a) | | | 247 | | | | 81,470 | |
UnitedHealth Group, Inc. | | | 6,109 | | | | 3,085,289 | |
| | | | | | | 3,942,636 | |
Pharmaceuticals — 19.7% | | | | | | | | |
AbbVie, Inc. | | | 11,155 | | | | 1,497,113 | |
AmerisourceBergen Corp. | | | 802 | | | | 108,535 | |
Bristol-Myers Squibb Co. | | | 9,205 | | | | 654,383 | |
Cigna Corp. | | | 1,415 | | | | 392,620 | |
CVS Health Corp. | | | 6,158 | | | | 587,289 | |
Eli Lilly & Co. | | | 5,018 | | | | 1,622,570 | |
McKesson Corp. | | | 1,312 | | | | 445,909 | |
Merck & Co., Inc. | | | 12,220 | | | | 1,052,386 | |
Pfizer, Inc. | | | 24,655 | | | | 1,078,903 | |
| | | | | | | 7,439,708 | |
| | | | | | | 16,071,711 | |
Energy — 28.8% | | | | | | | | |
Energy – Alternate Sources — 0.4% | | | | | | | | |
Enphase Energy, Inc. (a) | | | 582 | | | | 161,487 | |
Oil & Gas — 26.6% | | | | | | | | |
APA Corp. | | | 2,453 | | | | 83,868 | |
Chevron Corp. | | | 16,408 | | | | 2,357,338 | |
ConocoPhillips | | | 10,659 | | | | 1,090,842 | |
Coterra Energy, Inc. | | | 7,207 | | | | 188,247 | |
Devon Energy Corp. | | | 5,977 | | | | 359,397 | |
Diamondback Energy, Inc. | | | 1,218 | | | | 146,720 | |
EOG Resources, Inc. | | | 4,001 | | | | 447,032 | |
Exxon Mobil Corp. | | | 37,971 | | | | 3,315,248 | |
Hess Corp. | | | 1,581 | | | | 172,313 | |
Marathon Oil Corp. | | | 6,138 | | | | 138,596 | |
Marathon Petroleum Corp. | | | 4,291 | | | | 426,225 | |
Occidental Petroleum Corp. | | | 6,802 | | | | 417,983 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Phillips 66 | | | 2,094 | | | $ | 169,028 | |
Pioneer Natural Resources Co. | | | 2,012 | | | | 435,658 | |
Valero Energy Corp. | | | 2,972 | | | | 317,558 | |
| | | | | | | 10,066,053 | |
Oil & Gas Services — 0.9% | | | | | | | | |
Halliburton Co. | | | 4,588 | | | | 112,957 | |
Schlumberger NV | | | 6,056 | | | | 217,410 | |
| | | | | | | 330,367 | |
Pipelines — 0.9% | | | | | | | | |
ONEOK, Inc. | | | 1,979 | | | | 101,404 | |
The Williams Cos., Inc. | | | 9,182 | | | | 262,881 | |
| | | | | | | 364,285 | |
| | | | | | | 10,922,192 | |
Financial — 9.8% | | | | | | | | |
Banks — 0.5% | | | | | | | | |
Comerica, Inc. | | | 490 | | | | 34,839 | |
M&T Bank Corp. | | | 973 | | | | 171,560 | |
| | | | | | | 206,399 | |
Diversified Financial Services — 0.2% | | | | | | | | |
Raymond James Financial, Inc. | | | 727 | | | | 71,842 | |
Insurance — 8.2% | | | | | | | | |
Arthur J Gallagher & Co. | | | 1,277 | | | | 218,648 | |
Assurant, Inc. | | | 222 | | | | 32,250 | |
Berkshire Hathaway, Inc. Class B (a) | | | 6,493 | | | | 1,733,761 | |
Brown & Brown, Inc. | | | 1,066 | | | | 64,472 | |
Chubb Ltd. | | | 1,738 | | | | 316,107 | |
Marsh & McLennan Cos., Inc. | | | 1,999 | | | | 298,431 | |
The Progressive Corp. | | | 3,078 | | | | 357,694 | |
W.R. Berkley Corp. | | | 1,304 | | | | 84,212 | |
| | | | | | | 3,105,575 | |
Real Estate Investment Trusts (REITS) — 0.9% | | | | | | | | |
Public Storage | | | 581 | | | | 170,123 | |
Realty Income Corp. | | | 2,628 | | | | 152,949 | |
| | | | | | | 323,072 | |
| | | | | | | 3,706,888 | |
Industrial — 3.1% | | | | | | | | |
Aerospace & Defense — 1.7% | | | | | | | | |
General Dynamics Corp. | | | 1,099 | | | | 233,175 | |
Northrop Grumman Corp. | | | 871 | | | | 409,649 | |
| | | | | | | 642,824 | |
Environmental Controls — 1.0% | | | | | | | | |
Republic Services, Inc. | | | 1,011 | | | | 137,536 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Waste Management, Inc. | | | 1,560 | | | $ | 249,928 | |
| | | | | | | 387,464 | |
Packaging & Containers — 0.2% | | | | | | | | |
Amcor PLC | | | 6,576 | | | | 70,560 | |
Transportation — 0.2% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 609 | | | | 58,653 | |
| | | | | | | 1,159,501 | |
Technology — 2.2% | | | | | | | | |
Computers — 0.2% | | | | | | | | |
HP, Inc. | | | 3,365 | | | | 83,856 | |
Semiconductors — 0.4% | | | | | | | | |
ON Semiconductor Corp. (a) | | | 2,632 | | | | 164,052 | |
Software — 1.6% | | | | | | | | |
Cadence Design Systems, Inc. (a) | | | 1,168 | | | | 190,886 | |
Jack Henry & Associates, Inc. | | | 361 | | | | 65,799 | |
Paychex, Inc. | | | 1,288 | | | | 144,527 | |
Synopsys, Inc. (a) | | | 664 | | | | 202,859 | |
| | | | | | | 604,071 | |
| | | | | | | 851,979 | |
Utilities — 7.4% | | | | | | | | |
Electric — 7.0% | | | | | | | | |
Ameren Corp. | | | 1,176 | | | | 94,727 | |
American Electric Power Co., Inc. | | | 2,483 | | | | 214,655 | |
CenterPoint Energy, Inc. | | | 3,940 | | | | 111,029 | |
CMS Energy Corp. | | | 1,306 | | | | 76,062 | |
Consolidated Edison, Inc. | | | 3,015 | | | | 258,566 | |
Dominion Energy, Inc. | | | 3,642 | | | | 251,699 | |
DTE Energy Co. | | | 915 | | | | 105,271 | |
Edison International | | | 2,442 | | | | 138,168 | |
Entergy Corp. | | | 908 | | | | 91,372 | |
Exelon Corp. | | | 8,611 | | | | 322,568 | |
FirstEnergy Corp. | | | 2,194 | | | | 81,178 | |
Sempra Energy | | | 2,140 | | | | 320,872 | |
The Southern Co. | | | 6,827 | | | | 464,236 | |
WEC Energy Group, Inc. | | | 1,366 | | | | 122,161 | |
| | | | | | | 2,652,564 | |
Gas — 0.4% | | | | | | | | |
Atmos Energy Corp. | | | 874 | | | | 89,017 | |
MML Equity Momentum Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
NiSource, Inc. | | | 2,621 | | | $ | 66,023 | |
| | | | | | | 155,040 | |
| | | | | | | 2,807,604 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $39,616,863) | | | | | | | 37,883,452 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $39,616,863) | | | | | | | 37,883,452 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $39,616,863) | | | | | | | 37,883,452 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $39,616,863) (b) | | | | | | | 37,883,452 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.0% | | | | | | | (16,007) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 37,867,445 | |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Rotation Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 100.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 100.0% | | | | | | | | |
Basic Materials — 2.0% | | | | | | | | |
Chemicals — 1.4% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 61 | | | $ | 14,196 | |
Celanese Corp. | | | 129 | | | | 11,654 | |
CF Industries Holdings, Inc. | | | 358 | | | | 34,457 | |
Dow, Inc. | | | 451 | | | | 19,812 | |
DuPont de Nemours, Inc. | | | 245 | | | | 12,348 | |
Huntsman Corp. | | | 396 | | | | 9,718 | |
Linde PLC | | | 1,506 | | | | 406,003 | |
LyondellBasell Industries NV Class A | | | 338 | | | | 25,445 | |
The Sherwin-Williams Co. | | | 273 | | | | 55,897 | |
| | | | | | | 589,530 | |
Iron & Steel — 0.4% | | | | | | | | |
Nucor Corp. | | | 861 | | | | 92,118 | |
Reliance Steel & Aluminum Co. | | | 226 | | | | 39,417 | |
Steel Dynamics, Inc. | | | 368 | | | | 26,110 | |
| | | | | | | 157,645 | |
Mining — 0.2% | | | | | | | | |
Newmont Corp. | | | 1,280 | | | | 53,798 | |
Royal Gold, Inc. | | | 107 | | | | 10,039 | |
| | | | | | | 63,837 | |
| | | | | | | 811,012 | |
Communications — 6.1% | | | | | | | | |
Advertising — 0.0% | | | | | | | | |
The Interpublic Group of Cos., Inc. | | | 461 | | | | 11,802 | |
Internet — 4.6% | | | | | | | | |
Alphabet, Inc. Class A (a) | | | 10,576 | | | | 1,011,594 | |
Alphabet, Inc. Class C (a) | | | 7,746 | | | | 744,778 | |
Amazon.com, Inc. (a) | | | 311 | | | | 35,143 | |
Booking Holdings, Inc. (a) | | | 20 | | | | 32,864 | |
Meta Platforms, Inc. Class A (a) | | | 120 | | | | 16,282 | |
Palo Alto Networks, Inc. (a) | | | 87 | | | | 14,250 | |
| | | | | | | 1,854,911 | |
Media — 0.3% | | | | | | | | |
Comcast Corp. Class A | | | 885 | | | | 25,957 | |
FactSet Research Systems, Inc. | | | 219 | | | | 87,624 | |
| | | | | | | 113,581 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Telecommunications — 1.2% | | | | | | | | |
Arista Networks, Inc. (a) | | | 305 | | | $ | 34,432 | |
AT&T, Inc. | | | 5,353 | | | | 82,115 | |
Cisco Systems, Inc. | | | 5,284 | | | | 211,360 | |
Corning, Inc. | | | 346 | | | | 10,041 | |
Juniper Networks, Inc. | | | 511 | | | | 13,347 | |
Motorola Solutions, Inc. | | | 255 | | | | 57,112 | |
T-Mobile US, Inc. (a) | | | 147 | | | | 19,723 | |
Verizon Communications, Inc. | | | 1,838 | | | | 69,789 | |
| | | | | | | 497,919 | |
| | | | | | | 2,478,213 | |
Consumer, Cyclical — 9.4% | | | | | | | | |
Apparel — 0.2% | | | | | | | | |
NIKE, Inc. Class B | | | 978 | | | | 81,291 | |
Auto Manufacturers — 0.1% | | | | | | | | |
Cummins, Inc. | | | 130 | | | | 26,456 | |
PACCAR, Inc. | | | 255 | | | | 21,341 | |
| | | | | | | 47,797 | |
Auto Parts & Equipment — 0.0% | | | | | | | | |
Gentex Corp. | | | 562 | | | | 13,398 | |
Distribution & Wholesale — 0.4% | | | | | | | | |
Copart, Inc. (a) | | | 236 | | | | 25,110 | |
Fastenal Co. | | | 1,762 | | | | 81,123 | |
W.W. Grainger, Inc. | | | 88 | | | | 43,049 | |
Watsco, Inc. | | | 61 | | | | 15,705 | |
| | | | | | | 164,987 | |
Retail — 8.7% | | | | | | | | |
Advance Auto Parts, Inc. | | | 90 | | | | 14,071 | |
AutoZone, Inc. (a) | | | 108 | | | | 231,328 | |
Chipotle Mexican Grill, Inc. (a) | | | 17 | | | | 25,547 | |
Costco Wholesale Corp. | | | 2,518 | | | | 1,189,176 | |
Dollar General Corp. | | | 272 | | | | 65,242 | |
Dollar Tree, Inc. (a) | | | 235 | | | | 31,984 | |
Genuine Parts Co. | | | 292 | | | | 43,601 | |
The Home Depot, Inc. | | | 2,413 | | | | 665,843 | |
Lowe's Cos., Inc. | | | 1,149 | | | | 215,794 | |
McDonald's Corp. | | | 1,299 | | | | 299,731 | |
O'Reilly Automotive, Inc. (a) | | | 248 | | | | 174,431 | |
Starbucks Corp. | | | 234 | | | | 19,717 | |
Target Corp. | | | 85 | | | | 12,613 | |
The TJX Cos., Inc. | | | 2,144 | | | | 133,185 | |
Tractor Supply Co. | | | 376 | | | | 69,891 | |
Walgreens Boots Alliance, Inc. | | | 280 | | | | 8,792 | |
Walmart, Inc. | | | 1,925 | | | | 249,672 | |
Yum! Brands, Inc. | | | 708 | | | | 75,289 | |
| | | | | | | 3,525,907 | |
| | | | | | | 3,833,380 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Consumer, Non-cyclical — 37.3% | | | | | | | | |
Agriculture — 2.2% | | | | | | | | |
Altria Group, Inc. | | | 5,329 | | | $ | 215,185 | |
Archer-Daniels-Midland Co. | | | 3,878 | | | | 311,985 | |
Bunge Ltd. | | | 145 | | | | 11,973 | |
Darling Ingredients, Inc. (a) | | | 187 | | | | 12,370 | |
Philip Morris International, Inc. | | | 4,224 | | | | 350,634 | |
| | | | | | | 902,147 | |
Beverages — 3.0% | | | | | | | | |
The Coca-Cola Co. | | | 9,758 | | | | 546,643 | |
Constellation Brands, Inc. Class A | | | 137 | | | | 31,466 | |
Keurig Dr Pepper, Inc. | | | 512 | | | | 18,340 | |
Monster Beverage Corp. (a) | | | 767 | | | | 66,699 | |
PepsiCo, Inc. | | | 3,257 | | | | 531,738 | |
| | | | | | | 1,194,886 | |
Biotechnology — 2.9% | | | | | | | | |
Amgen, Inc. | | | 1,012 | | | | 228,105 | |
Corteva, Inc. | | | 2,278 | | | | 130,188 | |
Gilead Sciences, Inc. | | | 1,544 | | | | 95,249 | |
Incyte Corp. (a) | | | 155 | | | | 10,329 | |
Regeneron Pharmaceuticals, Inc. (a) | | | 436 | | | | 300,347 | |
United Therapeutics Corp. (a) | | | 61 | | | | 12,772 | |
Vertex Pharmaceuticals, Inc. (a) | | | 1,329 | | | | 384,799 | |
| | | | | | | 1,161,789 | |
Commercial Services — 2.1% | | | | | | | | |
Automatic Data Processing, Inc. | | | 1,849 | | | | 418,225 | |
Cintas Corp. | | | 117 | | | | 45,418 | |
FTI Consulting, Inc. (a) | | | 154 | | | | 25,519 | |
Gartner, Inc. (a) | | | 145 | | | | 40,120 | |
Moody's Corp. | | | 192 | | | | 46,677 | |
Robert Half International, Inc. | | | 311 | | | | 23,792 | |
Rollins, Inc. | | | 973 | | | | 33,744 | |
S&P Global, Inc. | | | 590 | | | | 180,156 | |
Service Corp. International | | | 263 | | | | 15,186 | |
Verisk Analytics, Inc. | | | 181 | | | | 30,866 | |
| | | | | | | 859,703 | |
Cosmetics & Personal Care — 3.0% | | | | | | | | |
Colgate-Palmolive Co. | | | 1,788 | | | | 125,607 | |
The Estee Lauder Cos., Inc. Class A | | | 81 | | | | 17,488 | |
The Procter & Gamble Co. | | | 8,529 | | | | 1,076,786 | |
| | | | | | | 1,219,881 | |
Food — 0.8% | | | | | | | | |
General Mills, Inc. | | | 656 | | | | 50,256 | |
The Hershey Co. | | | 341 | | | | 75,180 | |
The J.M. Smucker Co. | | | 105 | | | | 14,428 | |
Kellogg Co. | | | 285 | | | | 19,853 | |
The Kroger Co. | | | 1,584 | | | | 69,300 | |
McCormick & Co., Inc. | | | 182 | | | | 12,971 | |
Mondelez International, Inc. Class A | | | 1,294 | | | | 70,950 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Tyson Foods, Inc. Class A | | | 393 | | | $ | 25,911 | |
| | | | | | | 338,849 | |
Health Care – Products — 2.7% | | | | | | | | |
Abbott Laboratories | | | 5,197 | | | | 502,862 | |
Boston Scientific Corp. (a) | | | 409 | | | | 15,841 | |
Danaher Corp. | | | 548 | | | | 141,543 | |
Edwards Lifesciences Corp. (a) | | | 850 | | | | 70,235 | |
Henry Schein, Inc. (a) | | | 474 | | | | 31,175 | |
Hologic, Inc. (a) | | | 960 | | | | 61,939 | |
Intuitive Surgical, Inc. (a) | | | 97 | | | | 18,182 | |
Medtronic PLC | | | 487 | | | | 39,325 | |
ResMed, Inc. | | | 119 | | | | 25,978 | |
Stryker Corp. | | | 161 | | | | 32,609 | |
Thermo Fisher Scientific, Inc. | | | 206 | | | | 104,481 | |
Waters Corp. (a) | | | 91 | | | | 24,527 | |
West Pharmaceutical Services, Inc. | | | 93 | | | | 22,885 | |
| | | | | | | 1,091,582 | |
Health Care – Services — 4.1% | | | | | | | | |
Chemed Corp. | | | 61 | | | | 26,630 | |
Elevance Health, Inc. | | | 321 | | | | 145,811 | |
HCA Healthcare, Inc. | | | 92 | | | | 16,909 | |
Laboratory Corp. of America Holdings | | | 114 | | | | 23,348 | |
Molina Healthcare, Inc. (a) | | | 137 | | | | 45,188 | |
Quest Diagnostics, Inc. | | | 434 | | | | 53,248 | |
UnitedHealth Group, Inc. | | | 2,646 | | | | 1,336,336 | |
| | | | | | | 1,647,470 | |
Household Products & Wares — 0.2% | | | | | | | | |
Church & Dwight Co., Inc. | | | 442 | | | | 31,577 | |
Kimberly-Clark Corp. | | | 502 | | | | 56,495 | |
| | | | | | | 88,072 | |
Pharmaceuticals — 16.3% | | | | | | | | |
AbbVie, Inc. | | | 4,091 | | | | 549,053 | |
Becton Dickinson and Co. | | | 336 | | | | 74,871 | |
Bristol-Myers Squibb Co. | | | 5,146 | | | | 365,829 | |
Cigna Corp. | | | 195 | | | | 54,107 | |
CVS Health Corp. | | | 2,345 | | | | 223,643 | |
Eli Lilly & Co. | | | 2,781 | | | | 899,236 | |
Johnson & Johnson | | | 10,764 | | | | 1,758,407 | |
McKesson Corp. | | | 1,054 | | | | 358,223 | |
Merck & Co., Inc. | | | 4,680 | | | | 403,041 | |
Pfizer, Inc. | | | 42,613 | | | | 1,864,745 | |
Premier, Inc. Class A | | | 339 | | | | 11,506 | |
Zoetis, Inc. | | | 338 | | | | 50,122 | |
| | | | | | | 6,612,783 | |
| | | | | | | 15,117,162 | |
Energy — 9.8% | | | | | | | | |
Oil & Gas — 9.6% | | | | | | | | |
Chesapeake Energy Corp. (b) | | | 159 | | | | 14,979 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Chevron Corp. | | | 10,162 | | | $ | 1,459,975 | |
ConocoPhillips | | | 2,013 | | | | 206,010 | |
EOG Resources, Inc. | | | 716 | | | | 79,999 | |
Exxon Mobil Corp. | | | 21,787 | | | | 1,902,223 | |
Hess Corp. | | | 106 | | | | 11,553 | |
Marathon Petroleum Corp. | | | 529 | | | | 52,546 | |
Phillips 66 | | | 749 | | | | 60,459 | |
Pioneer Natural Resources Co. | | | 167 | | | | 36,161 | |
Valero Energy Corp. | | | 577 | | | | 61,652 | |
| | | | | | | 3,885,557 | |
Oil & Gas Services — 0.0% | | | | | | | | |
Baker Hughes Co. | | | 351 | | | | 7,357 | |
Pipelines — 0.2% | | | | | | | | |
Cheniere Energy, Inc. | | | 167 | | | | 27,707 | |
Kinder Morgan, Inc. | | | 1,027 | | | | 17,089 | |
The Williams Cos., Inc. | | | 803 | | | | 22,990 | |
| | | | | | | 67,786 | |
| | | | | | | 3,960,700 | |
Financial — 10.9% | | | | | | | | |
Banks — 0.1% | | | | | | | | |
JP Morgan Chase & Co. | | | 104 | | | | 10,868 | |
Wells Fargo & Co. | | | 279 | | | | 11,222 | |
| | | | | | | 22,090 | |
Diversified Financial Services — 1.8% | | | | | | | | |
American Express Co. | | | 216 | | | | 29,141 | |
Apollo Global Management, Inc. | | | 281 | | | | 13,066 | |
Cboe Global Markets, Inc. | | | 141 | | | | 16,549 | |
Mastercard, Inc. Class A | | | 1,181 | | | | 335,806 | |
SEI Investments Co. | | | 222 | | | | 10,889 | |
Visa, Inc. Class A | | | 1,925 | | | | 341,976 | |
| | | | | | | 747,427 | |
Insurance — 6.9% | | | | | | | | |
The Allstate Corp. | | | 235 | | | | 29,264 | |
Aon PLC Class A | | | 182 | | | | 48,752 | |
Arch Capital Group Ltd. (a) | | | 452 | | | | 20,584 | |
Arthur J Gallagher & Co. | | | 150 | | | | 25,683 | |
Berkshire Hathaway, Inc. Class B (a) | | | 7,379 | | | | 1,970,341 | |
Brown & Brown, Inc. | | | 400 | | | | 24,192 | |
Chubb Ltd. | | | 570 | | | | 103,672 | |
Cincinnati Financial Corp. | | | 451 | | | | 40,396 | |
Markel Corp. (a) | | | 20 | | | | 21,684 | |
Marsh & McLennan Cos., Inc. | | | 2,221 | | | | 331,573 | |
The Progressive Corp. | | | 989 | | | | 114,932 | |
The Travelers Cos., Inc. | | | 140 | | | | 21,448 | |
W.R. Berkley Corp. | | | 202 | | | | 13,045 | |
Willis Towers Watson PLC | | | 188 | | | | 37,777 | |
| | | | | | | 2,803,343 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Private Equity — 0.5% | | | | | | | | |
Blackstone, Inc. | | | 2,267 | | | $ | 189,748 | |
Real Estate — 0.0% | | | | | | | | |
CBRE Group, Inc. Class A (a) | | | 251 | | | | 16,945 | |
Real Estate Investment Trusts (REITS) — 1.6% | | | | | | | | |
American Tower Corp. | | | 195 | | | | 41,867 | |
AvalonBay Communities, Inc. | | | 119 | | | | 21,919 | |
Crown Castle, Inc. | | | 118 | | | | 17,057 | |
Digital Realty Trust, Inc. | | | 95 | | | | 9,422 | |
Equity Residential | | | 433 | | | | 29,106 | |
Extra Space Storage, Inc. | | | 402 | | | | 69,429 | |
Mid-America Apartment Communities, Inc. | | | 113 | | | | 17,523 | |
Prologis, Inc. | | | 1,190 | | | | 120,904 | |
Public Storage | | | 757 | | | | 221,657 | |
Weyerhaeuser Co. | | | 2,774 | | | | 79,225 | |
| | | | | | | 628,109 | |
| | | | | | | 4,407,662 | |
Industrial — 5.4% | | | | | | | | |
Aerospace & Defense — 1.8% | | | | | | | | |
General Dynamics Corp. | | | 402 | | | | 85,292 | |
L3 Harris Technologies, Inc. | | | 278 | | | | 57,777 | |
Lockheed Martin Corp. | | | 947 | | | | 365,817 | |
Northrop Grumman Corp. | | | 289 | | | | 135,922 | |
Raytheon Technologies Corp. | | | 791 | | | | 64,751 | |
| | | | | | | 709,559 | |
Building Materials — 0.0% | | | | | | | | |
Masco Corp. | | | 318 | | | | 14,847 | |
Electrical Components & Equipment — 0.1% | | | | | | | | |
AMETEK, Inc. | | | 116 | | | | 13,156 | |
Emerson Electric Co. | | | 382 | | | | 27,970 | |
| | | | | | | 41,126 | |
Electronics — 0.5% | | | | | | | | |
Agilent Technologies, Inc. | | | 226 | | | | 27,470 | |
Amphenol Corp. Class A | | | 463 | | | | 31,003 | |
Honeywell International, Inc. | | | 333 | | | | 55,601 | |
Hubbell, Inc. | | | 58 | | | | 12,934 | |
Keysight Technologies, Inc. (a) | | | 281 | | | | 44,218 | |
Mettler-Toledo International, Inc. (a) | | | 36 | | | | 39,028 | |
| | | | | | | 210,254 | |
Environmental Controls — 0.9% | | | | | | | | |
Republic Services, Inc. | | | 645 | | | | 87,746 | |
Tetra Tech, Inc. | | | 133 | | | | 17,095 | |
Waste Management, Inc. | | | 1,544 | | | | 247,364 | |
| | | | | | | 352,205 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Hand & Machine Tools — 0.1% | | | | | | | | |
Lincoln Electric Holdings, Inc. | | | 116 | | | $ | 14,583 | |
Snap-on, Inc. | | | 122 | | | | 24,565 | |
| | | | | | | 39,148 | |
Machinery – Construction & Mining — 0.1% | | | | | | | | |
Caterpillar, Inc. | | | 275 | | | | 45,122 | |
Machinery – Diversified — 0.2% | | | | | | | | |
Deere & Co. | | | 88 | | | | 29,382 | |
Graco, Inc. | | | 236 | | | | 14,148 | |
Nordson Corp. | | | 76 | | | | 16,133 | |
Otis Worldwide Corp. | | | 375 | | | | 23,925 | |
| | | | | | | 83,588 | |
Miscellaneous - Manufacturing — 0.3% | | | | | | | | |
3M Co. | | | 232 | | | | 25,636 | |
Eaton Corp. PLC | | | 216 | | | | 28,806 | |
Illinois Tool Works, Inc. | | | 377 | | | | 68,105 | |
| | | | | | | 122,547 | |
Packaging & Containers — 0.1% | | | | | | | | |
Amcor PLC | | | 1,198 | | | | 12,855 | |
Ardagh Group SA (a) (b) (c) (d) | | | 463 | | | | 4,915 | |
Packaging Corp. of America | | | 208 | | | | 23,356 | |
| | | | | | | 41,126 | |
Transportation — 1.3% | | | | | | | | |
C.H. Robinson Worldwide, Inc. | | | 224 | | | | 21,573 | |
CSX Corp. | | | 1,858 | | | | 49,497 | |
Expeditors International of Washington, Inc. | | | 302 | | | | 26,670 | |
J.B. Hunt Transport Services, Inc. | | | 295 | | | | 46,144 | |
Landstar System, Inc. | | | 107 | | | | 15,447 | |
Norfolk Southern Corp. | | | 134 | | | | 28,093 | |
Old Dominion Freight Line, Inc. | | | 219 | | | | 54,481 | |
Union Pacific Corp. | | | 768 | | | | 149,622 | |
United Parcel Service, Inc. Class B | | | 785 | | | | 126,809 | |
| | | | | | | 518,336 | |
| | | | | | | 2,177,858 | |
Technology — 16.4% | | | | | | | | |
Computers — 7.1% | | | | | | | | |
Accenture PLC Class A | | | 1,850 | | | | 476,005 | |
Amdocs Ltd. | | | 506 | | | | 40,202 | |
Apple, Inc. | | | 15,394 | | | | 2,127,451 | |
Cognizant Technology Solutions Corp. Class A | | | 1,388 | | | | 79,727 | |
Fortinet, Inc. (a) | | | 1,127 | | | | 55,369 | |
HP, Inc. | | | 3,008 | | | | 74,959 | |
International Business Machines Corp. | | | 233 | | | | 27,683 | |
| | | | | | | 2,881,396 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Semiconductors — 2.3% | | | | | | | | |
Advanced Micro Devices, Inc. (a) | | | 467 | | | $ | 29,589 | |
Applied Materials, Inc. | | | 325 | | | | 26,627 | |
Broadcom, Inc. | | | 473 | | | | 210,017 | |
Intel Corp. | | | 933 | | | | 24,043 | |
KLA Corp. | | | 233 | | | | 70,513 | |
Lam Research Corp. | | | 28 | | | | 10,248 | |
Micron Technology, Inc. | | | 212 | | | | 10,621 | |
Monolithic Power Systems, Inc. | | | 68 | | | | 24,711 | |
NVIDIA Corp. | | | 491 | | | | 59,603 | |
QUALCOMM, Inc. | | | 1,119 | | | | 126,425 | |
Texas Instruments, Inc. | | | 2,290 | | | | 354,446 | |
| | | | | | | 946,843 | |
Software — 7.0% | | | | | | | | |
Activision Blizzard, Inc. | | | 451 | | | | 33,527 | |
Adobe, Inc. (a) | | | 143 | | | | 39,354 | |
Aspen Technology, Inc. (a) | | | 72 | | | | 17,150 | |
Broadridge Financial Solutions, Inc. | | | 135 | | | | 19,483 | |
Cadence Design Systems, Inc. (a) | | | 915 | | | | 149,538 | |
Electronic Arts, Inc. | | | 360 | | | | 41,656 | |
Fiserv, Inc. (a) | | | 148 | | | | 13,848 | |
Intuit, Inc. | | | 39 | | | | 15,106 | |
Jack Henry & Associates, Inc. | | | 368 | | | | 67,075 | |
Microsoft Corp. | | | 8,426 | | | | 1,962,415 | |
MSCI, Inc. | | | 81 | | | | 34,165 | |
Oracle Corp. | | | 561 | | | | 34,260 | |
Paychex, Inc. | | | 1,800 | | | | 201,978 | |
Roper Technologies, Inc. | | | 33 | | | | 11,868 | |
ServiceNow, Inc. (a) | | | 46 | | | | 17,370 | |
Synopsys, Inc. (a) | | | 539 | | | | 164,670 | |
| | | | | | | 2,823,463 | |
| | | | | | | 6,651,702 | |
Utilities — 2.7% | | | | | | | | |
Electric — 2.6% | | | | | | | | |
Alliant Energy Corp. | | | 246 | | | | 13,036 | |
Ameren Corp. | | | 336 | | | | 27,065 | |
American Electric Power Co., Inc. | | | 817 | | | | 70,630 | |
CMS Energy Corp. | | | 612 | | | | 35,643 | |
Consolidated Edison, Inc. | | | 621 | | | | 53,257 | |
Dominion Energy, Inc. | | | 982 | | | | 67,866 | |
DTE Energy Co. | | | 542 | | | | 62,357 | |
Duke Energy Corp. | | | 1,048 | | | | 97,485 | |
Edison International | | | 293 | | | | 16,578 | |
Entergy Corp. | | | 245 | | | | 24,654 | |
Evergy, Inc. | | | 258 | | | | 15,325 | |
Eversource Energy | | | 440 | | | | 34,302 | |
Exelon Corp. | | | 1,750 | | | | 65,555 | |
FirstEnergy Corp. | | | 532 | | | | 19,684 | |
NextEra Energy, Inc. | | | 1,379 | | | | 108,127 | |
NRG Energy, Inc. | | | 388 | | | | 14,849 | |
OGE Energy Corp. | | | 305 | | | | 11,120 | |
PPL Corp. | | | 1,055 | | | | 26,744 | |
Public Service Enterprise Group, Inc. | | | 576 | | | | 32,388 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Sempra Energy | | | 336 | | | $ | 50,380 | |
The Southern Co. | | | 1,893 | | | | 128,724 | |
WEC Energy Group, Inc. | | | 520 | | | | 46,504 | |
Xcel Energy, Inc. | | | 717 | | | | 45,888 | |
| | | | | | | 1,068,161 | |
Gas — 0.1% | | | | | | | | |
National Fuel Gas Co. | | | 343 | | | | 21,112 | |
NiSource, Inc. | | | 548 | | | | 13,804 | |
| | | | | | | 34,916 | |
Water — 0.0% | | | | | | | | |
American Water Works Co., Inc. | | | 98 | | | | 12,756 | |
| | | | | | | 1,115,833 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $44,062,622) | | | | | | | 40,553,522 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $44,062,622) | | | | | | | 40,553,522 | |
| | | | | | | | |
| | | | | | | | |
MUTUAL FUNDS — 0.0% | | | | | | | | |
Diversified Financial Services — 0.0% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (e) | | | 15,111 | | | | 15,111 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $15,111) | | | | | | | 15,111 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $44,077,733) | | | | | | | 40,568,633 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $44,077,733) (f) | | | | | | | 40,568,633 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.0)% | | | | | | | (10,540) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 40,558,093 | |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $26,126 or 0.06% of net assets. The Fund received $11,596 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 September 30, 2022, these securities amounted to a value of $4,915 or 0.01% of net assets. |
(d) | Investment is 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 |
September 30, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 92.9% | | | | | | | | |
BANK LOANS — 2.9% | | | | | | | | |
Food — 0.3% | | | | | | | | |
Florida Food Products, LLC, Term Loan, 1 mo. USD LIBOR + 5.000% | | | | | | | | |
8.115% VRN 10/18/28 | | $ | 166,444 | | | $ | 152,296 | |
Internet — 0.4% | | | | | | | | |
TouchTunes Interactive Networks, Inc., 2022 Term Loan, 6 mo. SOFR CME + 5.000% | | | | | | | | |
8.981% VRN 4/02/29 | | | 217,223 | | | | 207,991 | |
Packaging & Containers — 0.1% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175% | | | | | | | | |
7.309% VRN 4/13/29 | | | 95,726 | | | | 90,156 | |
Pharmaceuticals — 0.2% | | | | | | | | |
Perrigo Investments, LLC, Term Loan B, 1 mo. SOFR CME + 2.500% | | | | | | | | |
5.634% VRN 4/20/29 | | | 128,993 | | | | 126,736 | |
Software — 1.9% | | | | | | | | |
Finastra USA, Inc., USD 2nd Lien Term Loan, | | | | | | | | |
0.000% 6/13/25 (a) | | | 950,532 | | | | 766,965 | |
Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% | | | | | | | | |
7.332% VRN 12/01/27 | | | 169,150 | | | | 130,986 | |
Quest Software US Holdings, Inc., 2022 2nd Lien Term Loan, | | | | | | | | |
0.000% 2/01/30 (a) | | | 342,316 | | | | 196,404 | |
| | | | | | | 1,094,355 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $2,020,155) | | | | | | | 1,671,534 | |
| | | | | | | | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CORPORATE DEBT — 90.0% | | | | | | | | |
Advertising — 1.3% | | | | | | | | |
CMG Media Corp. | | | | | | | | |
8.875% 12/15/27 (b) | | $ | 712,000 | | | $ | 543,943 | |
Stagwell Global LLC | | | | | | | | |
5.625% 8/15/29 (b) | | | 220,000 | | | | 180,965 | |
| | | | | | | 724,908 | |
Agriculture — 0.2% | | | | | | | | |
Darling Ingredients, Inc. | | | | | | | | |
6.000% 6/15/30 (b) | | | 130,000 | | | | 123,720 | |
Airlines — 2.7% | | | | | | | | |
American Airlines, Inc. | | | | | | | | |
11.750% 7/15/25 (b) | | | 379,000 | | | | 395,805 | |
American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | | | | | | | | |
5.500% 4/20/26 (b) | | | 535,000 | | | | 502,456 | |
5.750% 4/20/29 (b) | | | 229,000 | | | | 199,802 | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | |
6.500% 6/20/27 (b) | | | 251,750 | | | | 245,561 | |
United Airlines, Inc. | | | | | | | | |
4.375% 4/15/26 (b) | | | 122,000 | | | | 108,885 | |
4.625% 4/15/29 (b) | | | 121,000 | | | | 100,430 | |
| | | | | | | 1,552,939 | |
Auto Manufacturers — 1.4% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
3.250% 2/12/32 | | | 434,000 | | | | 311,612 | |
7.450% 7/16/31 | | | 153,000 | | | | 149,997 | |
Ford Motor Credit Co. LLC | | | | | | | | |
4.000% 11/13/30 | | | 402,000 | | | | 313,560 | |
| | | | | | | 775,169 | |
Auto Parts & Equipment — 0.4% | | | | | | | | |
Adient Global Holdings Ltd. | | | | | | | | |
4.875% 8/15/26 (b) | | | 277,000 | | | | 242,771 | |
Biotechnology — 0.4% | | | | | | | | |
Emergent BioSolutions, Inc. | | | | | | | | |
3.875% 8/15/28 (b) | | | 347,000 | | | | 230,755 | |
Building Materials — 1.3% | | | | | | | | |
Jeld-Wen, Inc. | | | | | | | | |
4.875% 12/15/27 (b) | | | 68,000 | | | | 48,450 | |
New Enterprise Stone & Lime Co., Inc. | | | | | | | | |
5.250% 7/15/28 (b) | | | 222,000 | | | | 181,909 | |
9.750% 7/15/28 (b) | | | 602,000 | | | | 507,796 | |
| | | | | | | 738,155 | |
Chemicals — 4.4% | | | | | | | | |
Avient Corp. | | | | | | | | |
7.125% 8/01/30 (b) | | | 187,000 | | | | 172,588 | |
Celanese US Holdings LLC | | | | | | | | |
6.379% 7/15/32 | | | 637,000 | | | | 591,185 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Consolidated Energy Finance SA | | | | | | | | |
5.625% 10/15/28 (b) | | $ | 595,000 | | | $ | 477,309 | |
LSF11 A5 HoldCo LLC | | | | | | | | |
6.625% 10/15/29 (b) (c) | | | 294,000 | | | | 220,500 | |
Methanex Corp. | | | | | | | | |
5.125% 10/15/27 | | | 144,000 | | | | 120,960 | |
Olympus Water US Holding Corp. | | | | | | | | |
4.250% 10/01/28 (b) | | | 326,000 | | | | 250,612 | |
6.250% 10/01/29 (b) (c) | | | 459,000 | | | | 314,415 | |
Polar US Borrower LLC / Schenectady International Group, Inc. | | | | | | | | |
6.750% 5/15/26 (b) (c) | | | 180,000 | | | | 98,998 | |
Tronox, Inc. | | | | | | | | |
4.625% 3/15/29 (b) | | | 196,000 | | | | 145,040 | |
Vibrantz Technologies, Inc. | | | | | | | | |
9.000% 2/15/30 (b) | | | 230,000 | | | | 149,660 | |
| | | | | | | 2,541,267 | |
Coal — 0.6% | | | | | | | | |
Coronado Finance Pty Ltd. | | | | | | | | |
10.750% 5/15/26 (b) | | | 327,000 | | | | 340,077 | |
Commercial Services — 3.7% | | | | | | | | |
Alta Equipment Group, Inc. | | | | | | | | |
5.625% 4/15/26 (b) | | | 378,000 | | | | 316,753 | |
APi Group DE, Inc. | | | | | | | | |
4.750% 10/15/29 (b) | | | 372,000 | | | | 311,859 | |
Ashtead Capital, Inc. | | | | | | | | |
5.500% 8/11/32 (b) | | | 172,000 | | | | 158,401 | |
CoreLogic, Inc. | | | | | | | | |
4.500% 5/01/28 (b) | | | 251,000 | | | | 179,465 | |
The Hertz Corp. | | | | | | | | |
5.000% 12/01/29 (b) | | | 315,000 | | | | 234,993 | |
Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | |
6.250% 1/15/28 (b) | | | 418,000 | | | | 357,083 | |
PROG Holdings, Inc. | | | | | | | | |
6.000% 11/15/29 (b) | | | 304,000 | | | | 242,901 | |
Sabre GLBL, Inc. | | | | | | | | |
7.375% 9/01/25 (b) | | | 172,000 | | | | 154,053 | |
9.250% 4/15/25 (b) | | | 171,000 | | | | 163,717 | |
| | | | | | | 2,119,225 | |
Computers — 1.9% | | | | | | | | |
CA Magnum Holdings | | | | | | | | |
5.375% 10/31/26 (b) | | | 105,000 | | | | 88,209 | |
Condor Merger Sub, Inc. | | | | | | | | |
7.375% 2/15/30 (b) | | | 637,000 | | | | 512,785 | |
Presidio Holdings, Inc. | | | | | | | | |
8.250% 2/01/28 (b) | | | 462,000 | | | | 398,122 | |
Seagate HDD Cayman | | | | | | | | |
3.125% 7/15/29 | | | 129,000 | | | | 94,522 | |
| | | | | | | 1,093,638 | |
Cosmetics & Personal Care — 0.7% | | | | | | | | |
Coty, Inc. /HFC Prestige Products, Inc. /HFC Prestige International US LLC | | | | | | | | |
4.750% 1/15/29 (b) | | | 446,000 | | | | 381,954 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Distribution & Wholesale — 0.8% | | | | | | | | |
American Builders & Contractors Supply Co., Inc. | | | | | | | | |
3.875% 11/15/29 (b) | | $ | 185,000 | | | $ | 144,938 | |
Resideo Funding, Inc. | | | | | | | | |
4.000% 9/01/29 (b) | | | 372,000 | | | | 299,824 | |
| | | | | | | 444,762 | |
Diversified Financial Services — 5.7% | | | | | | | | |
Coinbase Global, Inc. | | | | | | | | |
3.375% 10/01/28 (b) | | | 168,000 | | | | 105,076 | |
3.625% 10/01/31 (b) | | | 136,000 | | | | 75,412 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (b) | | | 1,498,293 | | | | 1,127,466 | |
Jefferson Capital Holdings LLC | | | | | | | | |
6.000% 8/15/26 (b) | | | 380,000 | | | | 316,350 | |
Midcap Financial Issuer Trust | | | | | | | | |
5.625% 1/15/30 (b) | | | 339,000 | | | | 259,582 | |
6.500% 5/01/28 (b) | | | 270,000 | | | | 230,729 | |
OneMain Finance Corp. | | | | | | | | |
4.000% 9/15/30 | | | 169,000 | | | | 118,589 | |
5.375% 11/15/29 | | | 552,000 | | | | 427,800 | |
PRA Group, Inc. | | | | | | | | |
5.000% 10/01/29 (b) | | | 583,000 | | | | 471,380 | |
7.375% 9/01/25 (b) | | | 168,000 | | | | 162,002 | |
| | | | | | | 3,294,386 | |
Electric — 1.7% | | | | | | | | |
PG&E Corp. | | | | | | | | |
5.000% 7/01/28 (c) | | | 567,000 | | | | 487,569 | |
Pike Corp. | | | | | | | | |
5.500% 9/01/28 (b) | | | 593,000 | | | | 480,330 | |
| | | | | | | 967,899 | |
Electrical Components & Equipment — 0.3% | | | | | | | | |
Energizer Holdings, Inc. | | | | | | | | |
6.500% 12/31/27 (b) | | | 215,000 | | | | 190,853 | |
Electronics — 0.8% | | | | | | | | |
Atkore, Inc. | | | | | | | | |
4.250% 6/01/31 (b) | | | 587,000 | | | | 469,424 | |
Engineering & Construction — 1.2% | | | | | | | | |
Arcosa, Inc. | | | | | | | | |
4.375% 4/15/29 (b) | | | 230,000 | | | | 195,500 | |
Dycom Industries, Inc. | | | | | | | | |
4.500% 4/15/29 (b) | | | 99,000 | | | | 83,424 | |
Global Infrastructure Solutions, Inc. | | | | | | | | |
5.625% 6/01/29 (b) | | | 126,000 | | | | 93,142 | |
7.500% 4/15/32 (b) | | | 140,000 | | | | 106,400 | |
MasTec, Inc. | | | | | | | | |
4.500% 8/15/28 (b) | | | 130,000 | | | | 113,533 | |
Railworks Holdings LP / Railworks Rally, Inc. | | | | | | | | |
8.250% 11/15/28 (b) | | | 117,000 | | | | 108,846 | |
| | | | | | | 700,845 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Entertainment — 0.6% | | | | | | | | |
Live Nation Entertainment, Inc. | | | | | | | | |
4.750% 10/15/27 (b) | | $ | 260,000 | | | $ | 225,728 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | | | | | | | | |
4.875% 5/01/29 (b) | | | 136,000 | | | | 112,034 | |
| | | | | | | 337,762 | |
Environmental Controls — 0.2% | | | | | | | | |
Harsco Corp. | | | | | | | | |
5.750% 7/31/27 (b) | | | 188,000 | | | | 117,460 | |
Food — 0.6% | | | | | | | | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
3.625% 1/15/32 (b) | | | 420,000 | | | | 328,125 | |
Forest Products & Paper — 0.2% | | | | | | | | |
Clearwater Paper Corp. | | | | | | | | |
4.750% 8/15/28 (b) | | | 134,000 | | | | 117,334 | |
Health Care – Products — 0.4% | | | | | | | | |
Garden Spinco Corp. | | | | | | | | |
8.625% 7/20/30 (b) | | | 248,000 | | | | 256,216 | |
Health Care – Services — 7.4% | | | | | | | | |
Centene Corp. | | | | | | | | |
4.625% 12/15/29 | | | 629,000 | | | | 565,219 | |
Charles River Laboratories International, Inc. | | | | | | | | |
3.750% 3/15/29 (b) | | | 40,000 | | | | 33,272 | |
4.250% 5/01/28 (b) | | | 329,000 | | | | 286,516 | |
CHS/Community Health Systems, Inc. | | | | | | | | |
4.750% 2/15/31 (b) | | | 108,000 | | | | 72,360 | |
5.250% 5/15/30 (b) | | | 468,000 | | | | 325,845 | |
6.000% 1/15/29 (b) | | | 184,000 | | | | 135,207 | |
6.125% 4/01/30 (b) | | | 213,000 | | | | 100,451 | |
HCA, Inc. | | | | | | | | |
3.500% 9/01/30 | | | 776,000 | | | | 640,759 | |
5.625% 9/01/28 | | | 673,000 | | | | 641,657 | |
Molina Healthcare, Inc. | | | | | | | | |
4.375% 6/15/28 (b) | | | 187,000 | | | | 168,768 | |
Radiology Partners, Inc. | | | | | | | | |
9.250% 2/01/28 (b) | | | 655,000 | | | | 426,985 | |
Tenet Healthcare Corp. | | | | | | | | |
4.375% 1/15/30 (b) | | | 165,000 | | | | 137,726 | |
4.875% 1/01/26 (b) | | | 179,000 | | | | 166,339 | |
6.125% 10/01/28 (b) | | | 493,000 | | | | 431,705 | |
6.125% 6/15/30 (b) | | | 96,000 | | | | 88,171 | |
| | | | | | | 4,220,980 | |
Home Builders — 1.7% | | | | | | | | |
Ashton Woods USA LLC / Ashton Woods Finance Co. | | | | | | | | |
4.625% 8/01/29 (b) | | | 198,000 | | | | 143,758 | |
M/I Homes, Inc. | | | | | | | | |
4.950% 2/01/28 | | | 368,000 | | | | 306,443 | |
Mattamy Group Corp. | | | | | | | | |
4.625% 3/01/30 (b) | | | 668,000 | | | | 510,148 | |
| | | | | | | 960,349 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Insurance — 0.7% | | | | | | | | |
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. | | | | | | | | |
7.625% 10/15/25 (b) | | $ | 430,269 | | | $ | 405,529 | |
Internet — 1.6% | | | | | | | | |
Getty Images, Inc. | | | | | | | | |
9.750% 3/01/27 (b) | | | 74,000 | | | | 73,445 | |
ION Trading Technologies Sarl | | | | | | | | |
5.750% 5/15/28 (b) | | | 298,000 | | | | 242,870 | |
Millennium Escrow Corp. | | | | | | | | |
6.625% 8/01/26 (b) | | | 342,000 | | | | 270,366 | |
Twitter, Inc. | | | | | | | | |
5.000% 3/01/30 (b) | | | 272,000 | | | | 261,120 | |
Uber Technologies, Inc. | | | | | | | | |
4.500% 8/15/29 (b) | | | 78,000 | | | | 65,569 | |
| | | | | | | 913,370 | |
Investment Companies — 0.3% | | | | | | | | |
Icahn Enterprises LP/ Icahn Enterprises Finance Corp. | | | | | | | | |
4.750% 9/15/24 | | | 178,000 | | | | 166,419 | |
Leisure Time — 1.5% | | | | | | | | |
Carnival Corp. | | | | | | | | |
5.750% 3/01/27 (b) | | | 487,000 | | | | 340,900 | |
6.000% 5/01/29 (b) | | | 87,000 | | | | 58,725 | |
NCL Corp. Ltd. | | | | | | | | |
5.875% 3/15/26 (b) | | | 118,000 | | | | 90,492 | |
5.875% 2/15/27 (b) | | | 49,000 | | | | 40,833 | |
NCL Finance Ltd. | | | | | | | | |
6.125% 3/15/28 (b) (c) | | | 94,000 | | | | 69,539 | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
Convertible, 4.250% 6/15/23 | | | 20,000 | | | | 19,450 | |
5.500% 8/31/26 (b) | | | 343,000 | | | | 259,770 | |
| | | | | | | 879,709 | |
Lodging — 1.0% | | | | | | | | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | | | | | | | | |
4.875% 7/01/31 (b) | | | 199,000 | | | | 151,948 | |
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp. | | | | | | | | |
5.875% 5/15/25 (b) | | | 225,000 | | | | 208,132 | |
Travel & Leisure Co. | | | | | | | | |
6.625% 7/31/26 (b) | | | 213,000 | | | | 199,447 | |
| | | | | | | 559,527 | |
Machinery – Diversified — 0.2% | | | | | | | | |
OT Merger Corp. | | | | | | | | |
7.875% 10/15/29 (b) | | | 180,000 | | | | 121,950 | |
Media — 7.0% | | | | | | | | |
Altice Financing SA | | | | | | | | |
5.000% 1/15/28 (b) | | | 152,000 | | | | 117,083 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 1/15/34 (b) | | | 486,000 | | | | 348,098 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.000% 2/01/28 (b) | | $ | 130,000 | | | $ | 114,049 | |
5.375% 6/01/29 (b) | | | 39,000 | | | | 34,137 | |
6.375% 9/01/29 (b) | | | 123,000 | | | | 112,926 | |
CSC Holdings LLC | | | | | | | | |
4.625% 12/01/30 (b) | | | 311,000 | | | | 211,122 | |
Cumulus Media New Holdings, Inc. | | | | | | | | |
6.750% 7/01/26 (b) (c) | | | 230,000 | | | | 194,049 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. | | | | | | | | |
5.875% 8/15/27 (b) | | | 543,000 | | | | 468,126 | |
DISH DBS Corp. | | | | | | | | |
5.250% 12/01/26 (b) | | | 53,000 | | | | 43,399 | |
5.750% 12/01/28 (b) | | | 68,000 | | | | 51,242 | |
7.375% 7/01/28 | | | 32,000 | | | | 21,547 | |
DISH Network Corp. | | | | | | | | |
3.375% 8/15/26 | | | 680,000 | | | | 467,840 | |
Gray Escrow II, Inc. | | | | | | | | |
5.375% 11/15/31 (b) | | | 246,000 | | | | 192,969 | |
iHeartCommunications, Inc. | | | | | | | | |
8.375% 5/01/27 | | | 172,710 | | | | 145,720 | |
LCPR Senior Secured Financing DAC | | | | | | | | |
5.125% 7/15/29 (b) | | | 223,000 | | | | 167,934 | |
6.750% 10/15/27 (b) | | | 283,000 | | | | 234,890 | |
Radiate Holdco LLC / Radiate Finance, Inc. | | | | | | | | |
6.500% 9/15/28 (b) | | | 336,000 | | | | 234,360 | |
Sinclair Television Group Inc | | | | | | | | |
5.125% 2/15/27 (b) (c) | | | 178,000 | | | | 147,221 | |
Sirius XM Radio, Inc. | | | | | | | | |
3.875% 9/01/31 (b) | | | 333,000 | | | | 258,222 | |
Univision Communications, Inc. | | | | | | | | |
7.375% 6/30/30 (b) | | | 71,000 | | | | 67,755 | |
Virgin Media Secured Finance PLC | | | | | | | | |
4.500% 8/15/30 (b) | | | 280,000 | | | | 218,526 | |
Virgin Media Vendor Financing Notes IV DAC | | | | | | | | |
5.000% 7/15/28 (b) | | | 200,000 | | | | 161,750 | |
| | | | | | | 4,012,965 | |
Mining — 2.7% | | | | | | | | |
Arconic Corp. | | | | | | | | |
6.125% 2/15/28 (b) | | | 178,000 | | | | 157,233 | |
Compass Minerals International, Inc. | | | | | | | | |
4.875% 7/15/24 (b) | | | 294,000 | | | | 276,363 | |
6.750% 12/01/27 (b) | | | 192,000 | | | | 180,437 | |
First Quantum Minerals Ltd. | | | | | | | | |
6.875% 10/15/27 (b) | | | 400,000 | | | | 359,216 | |
Hecla Mining Co. | | | | | | | | |
7.250% 2/15/28 | | | 320,000 | | | | 296,864 | |
Novelis Corp. | | | | | | | | |
3.250% 11/15/26 (b) | | | 48,000 | | | | 40,380 | |
3.875% 8/15/31 (b) | | | 341,000 | | | | 254,359 | |
| | | | | | | 1,564,852 | |
Miscellaneous - Manufacturing — 0.3% | | | | | | | | |
Amsted Industries, Inc. | | | | | | | | |
5.625% 7/01/27 (b) | | | 175,000 | | | | 161,000 | |
Oil & Gas — 8.7% | | | | | | | | |
Apache Corp. | | | | | | | | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.750% 4/15/43 | | $ | 65,000 | | | $ | 48,411 | |
5.100% 9/01/40 | | | 130,000 | | | | 105,788 | |
5.350% 7/01/49 | | | 197,000 | | | | 154,645 | |
Chesapeake Energy Corp. | | | | | | | | |
5.500% 2/01/26 (b) | | | 90,000 | | | | 86,175 | |
5.875% 2/01/29 (b) | | | 205,000 | | | | 190,061 | |
Comstock Resources, Inc. | | | | | | | | |
5.875% 1/15/30 (b) | | | 114,000 | | | | 99,289 | |
6.750% 3/01/29 (b) | | | 126,000 | | | | 116,220 | |
CVR Energy, Inc. | | | | | | | | |
5.750% 2/15/28 (b) | | | 350,000 | | | | 298,967 | |
Hilcorp Energy I LP / Hilcorp Finance Co. | | | | | | | | |
6.250% 11/01/28 (b) | | | 365,000 | | | | 336,778 | |
Murphy Oil Corp. | | | | | | | | |
6.375% 7/15/28 | | | 182,000 | | | | 171,990 | |
Nabors Industries Ltd. | | | | | | | | |
7.250% 1/15/26 (b) | | | 339,000 | | | | 294,980 | |
7.500% 1/15/28 (b) | | | 169,000 | | | | 137,943 | |
Nabors Industries, Inc. | | | | | | | | |
5.750% 2/01/25 | | | 55,000 | | | | 50,003 | |
7.375% 5/15/27 (b) | | | 227,000 | | | | 209,510 | |
Neptune Energy Bondco PLC | | | | | | | | |
6.625% 5/15/25 (b) | | | 594,000 | | | | 558,471 | |
Occidental Petroleum Corp. | | | | | | | | |
6.125% 1/01/31 (c) | | | 387,000 | | | | 381,745 | |
6.200% 3/15/40 | | | 397,000 | | | | 384,097 | |
6.450% 9/15/36 | | | 215,000 | | | | 214,194 | |
6.950% 7/01/24 | | | 88,000 | | | | 90,420 | |
Parkland Corp. | | | | | | | | |
4.625% 5/01/30 (b) | | | 105,000 | | | | 84,954 | |
5.875% 7/15/27 (b) | | | 269,000 | | | | 249,363 | |
Range Resources Corp. Co. | | | | | | | | |
8.250% 1/15/29 | | | 123,000 | | | | 125,153 | |
Southwestern Energy Co. | | | | | | | | |
4.750% 2/01/32 | | | 109,000 | | | | 91,353 | |
Sunoco LP/Sunoco Finance Corp. | | | | | | | | |
6.000% 4/15/27 | | | 172,000 | | | | 163,948 | |
Transocean Guardian Ltd. | | | | | | | | |
5.875% 1/15/24 (b) | | | 25,512 | | | | 24,022 | |
Transocean Poseidon Ltd. | | | | | | | | |
6.875% 2/01/27 (b) | | | 25,375 | | | | 23,218 | |
Transocean, Inc. | | | | | | | | |
7.250% 11/01/25 (b) | | | 172,000 | | | | 131,759 | |
7.500% 1/15/26 (b) | | | 241,000 | | | | 178,340 | |
| | | | | | | 5,001,797 | |
Oil & Gas Services — 0.8% | | | | | | | | |
Weatherford International Ltd. | | | | | | | | |
6.500% 9/15/28 (b) | | | 126,000 | | | | 113,715 | |
8.625% 4/30/30 (b) | | | 368,000 | | | | 320,845 | |
| | | | | | | 434,560 | |
Packaging & Containers — 1.4% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc. | | | | | | | | |
6.625% 4/15/29 (b) | | | 79,000 | | | | 71,885 | |
8.750% 4/15/30 (b) | | | 263,000 | | | | 217,509 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Mauser Packaging Solutions Holding Co. | | | | | | | | |
5.500% 4/15/24 (b) | | $ | 164,000 | | | $ | 155,800 | |
Trident TPI Holdings, Inc. | | | | | | | | |
9.250% 8/01/24 (b) | | | 386,000 | | | | 354,214 | |
| | | | | | | 799,408 | |
Pharmaceuticals — 2.3% | | | | | | | | |
1375209 BC Ltd. | | | | | | | | |
9.000% 1/30/28 | | | 81,513 | | | | 80,698 | |
AdaptHealth LLC | | | | | | | | |
5.125% 3/01/30 (b) | | | 365,000 | | | | 300,952 | |
Bausch Health Cos., Inc. | | | | | | | | |
4.875% 6/01/28 (b) | | | 215,000 | | | | 138,610 | |
5.000% 1/30/28 (b) | | | 446,000 | | | | 166,388 | |
5.250% 1/30/30 (b) | | | 19,000 | | | | 7,086 | |
11.000% 9/30/28 | | | 120,156 | | | | 95,825 | |
14.000% 10/15/30 | | | 28,982 | | | | 16,809 | |
Jazz Securities DAC | | | | | | | | |
4.375% 1/15/29 (b) | | | 187,000 | | | | 161,521 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV | | | | | | | | |
4.125% 4/30/28 (b) | | | 200,000 | | | | 170,106 | |
Perrigo Finance Unlimited Co. | | | | | | | | |
4.400% STEP 6/15/30 | | | 194,000 | | | | 161,065 | |
| | | | | | | 1,299,060 | |
Pipelines — 7.0% | | | | | | | | |
Antero Midstream Partners LP / Antero Midstream Finance Corp. | | | | | | | | |
5.375% 6/15/29 (b) | | | 779,000 | | | | 687,779 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC | | | | | | | | |
5.500% 6/15/31 (b) | | | 379,000 | | | | 320,909 | |
EnLink Midstream LLC | | | | | | | | |
5.375% 6/01/29 | | | 173,000 | | | | 158,295 | |
EnLink Midstream Partners LP | | | | | | | | |
4.850% 7/15/26 | | | 56,000 | | | | 51,489 | |
5.450% 6/01/47 | | | 97,000 | | | | 70,855 | |
5.600% 4/01/44 | | | 257,000 | | | | 195,506 | |
EQM Midstream Partners LP | | | | | | | | |
4.500% 1/15/29 (b) | | | 157,000 | | | | 126,430 | |
4.750% 1/15/31 (b) | | | 142,000 | | | | 112,713 | |
6.000% 7/01/25 (b) | | | 67,000 | | | | 61,972 | |
6.500% 7/01/27 (b) | | | 151,000 | | | | 139,536 | |
Harvest Midstream I LP | | | | | | | | |
7.500% 9/01/28 (b) | | | 514,000 | | | | 480,418 | |
ITT Holdings LLC | | | | | | | | |
6.500% 8/01/29 (b) | | | 565,000 | | | | 438,302 | |
NGL Energy Operating LLC / NGL Energy Finance Corp. | | | | | | | | |
7.500% 2/01/26 (b) | | | 350,000 | | | | 311,363 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp | | | | | | | | |
7.500% 10/01/25 (b) | | | 171,000 | | | | 168,008 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | | | | | | | |
4.875% 2/01/31 | | | 295,000 | | | | 253,700 | |
5.500% 3/01/30 | | | 28,000 | | | | 25,267 | |
Venture Global Calcasieu Pass LLC | | | | | | | | |
3.875% 8/15/29 (b) | | | 133,000 | | | | 114,098 | |
4.125% 8/15/31 (b) | | | 152,000 | | | | 126,079 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Western Midstream Operating LP | | | | | | | | |
5.450% 4/01/44 | | $ | 202,000 | | | $ | 165,709 | |
| | | | | | | 4,008,428 | |
Real Estate — 0.4% | | | | | | | | |
Realogy Group LLC / Realogy Co-Issuer Corp. | | | | | | | | |
5.750% 1/15/29 (b) | | | 311,000 | | | | 224,309 | |
Real Estate Investment Trusts (REITS) — 1.9% | | | | | | | | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | | | | | | | | |
4.750% 6/15/29 (b) | | | 425,000 | | | | 318,176 | |
RLJ Lodging Trust LP | | | | | | | | |
3.750% 7/01/26 (b) | | | 107,000 | | | | 91,384 | |
4.000% 9/15/29 (b) | | | 126,000 | | | | 98,705 | |
Service Properties Trust | | | | | | | | |
3.950% 1/15/28 | | | 73,000 | | | | 49,595 | |
4.375% 2/15/30 | | | 115,000 | | | | 75,464 | |
4.950% 2/15/27 | | | 58,000 | | | | 42,995 | |
7.500% 9/15/25 | | | 267,000 | | | | 249,645 | |
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | | | | | | | | |
4.750% 4/15/28 (b) | | | 180,000 | | | | 142,195 | |
7.875% 2/15/25 (b) | | | 25,000 | | | | 24,400 | |
| | | | | | | 1,092,559 | |
Retail — 3.2% | | | | | | | | |
Asbury Automotive Group, Inc. | | | | | | | | |
4.625% 11/15/29 (b) | | | 148,000 | | | | 118,307 | |
Bath & Body Works, Inc. | | | | | | | | |
6.750% 7/01/36 | | | 97,000 | | | | 79,927 | |
6.875% 11/01/35 | | | 299,000 | | | | 249,779 | |
BCPE Ulysses Intermediate, Inc. | | | | | | | | |
7.750% 4/01/27 (b) | | | 405,000 | | | | 275,545 | |
Macy's Retail Holdings LLC | | | | | | | | |
5.875% 4/01/29 (b) (c) | | | 40,000 | | | | 32,624 | |
5.875% 3/15/30 (b) (c) | | | 71,000 | | | | 56,157 | |
6.125% 3/15/32 (b) | | | 78,000 | | | | 59,672 | |
Nordstrom, Inc. | | | | | | | | |
5.000% 1/15/44 (c) | | | 331,000 | | | | 204,806 | |
Sonic Automotive, Inc. | | | | | | | | |
4.625% 11/15/29 (b) | | | 149,000 | | | | 116,965 | |
4.875% 11/15/31 (b) (c) | | | 63,000 | | | | 47,723 | |
Staples, Inc. | | | | | | | | |
7.500% 4/15/26 (b) | | | 160,000 | | | | 133,990 | |
10.750% 4/15/27 (b) (c) | | | 216,000 | | | | 159,840 | |
Suburban Propane Partners LP / Suburban Energy Finance Corp. | | | | | | | | |
5.000% 6/01/31 (b) | | | 192,000 | | | | 156,962 | |
Superior Plus LP / Superior General Partner, Inc. | | | | | | | | |
4.500% 3/15/29 (b) | | | 145,000 | | | | 119,016 | |
| | | | | | | 1,811,313 | |
Semiconductors — 0.3% | | | | | | | | |
Entegris Escrow Corp. | | | | | | | | |
5.950% 6/15/30 (b) | | | 204,000 | | | | 186,193 | |
Software — 1.4% | | | | | | | | |
Avaya Holdings Corp., Convertible, | | | | | | | | |
2.250% 6/15/23 | | | 335,000 | | | | 143,212 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Consensus Cloud Solutions, Inc. | | | | | | | | |
6.000% 10/15/26 (b) | | $ | 94,000 | | | $ | 82,832 | |
Open Text Corp. | | | | | | | | |
3.875% 2/15/28 (b) | | | 43,000 | | | | 35,562 | |
Open Text Holdings, Inc. | | | | | | | | |
4.125% 2/15/30 (b) | | | 196,000 | | | | 156,528 | |
4.125% 12/01/31 (b) | | | 72,000 | | | | 54,672 | |
Veritas US, Inc./Veritas Bermuda Ltd. | | | | | | | | |
7.500% 9/01/25 (b) | | | 402,000 | | | | 307,870 | |
| | | | | | | 780,676 | |
Telecommunications — 5.1% | | | | | | | | |
Altice France SA | | | | | | | | |
5.125% 7/15/29 (b) | | | 368,000 | | | | 274,936 | |
Avaya, Inc. | | | | | | | | |
6.125% 9/15/28 (b) | | | 219,000 | | | | 108,952 | |
Connect Finco SARL / Connect US Finco LLC | | | | | | | | |
6.750% 10/01/26 (b) | | | 122,000 | | | | 106,729 | |
Consolidated Communications, Inc. | | | | | | | | |
6.500% 10/01/28 (b) | | | 391,000 | | | | 292,358 | |
Frontier Communications Holdings LLC | | | | | | | | |
6.000% 1/15/30 (b) (c) | | | 572,000 | | | | 449,598 | |
GoTo Group, Inc. | | | | | | | | |
5.500% 9/01/27 (b) | | | 210,000 | | | | 128,791 | |
Sprint Capital Corp. | | | | | | | | |
6.875% 11/15/28 | | | 476,000 | | | | 489,091 | |
8.750% 3/15/32 | | | 671,000 | | | | 777,522 | |
T-Mobile USA, Inc. | | | | | | | | |
3.375% 4/15/29 | | | 357,000 | | | | 308,186 | |
| | | | | | | 2,936,163 | |
Transportation — 1.6% | | | | | | | | |
Carriage Purchaser, Inc. | | | | | | | | |
7.875% 10/15/29 (b) | | | 191,000 | | | | 142,261 | |
First Student Bidco, Inc./First Transit Parent, Inc. | | | | | | | | |
4.000% 7/31/29 (b) | | | 425,000 | | | | 344,335 | |
Seaspan Corp. | | | | | | | | |
5.500% 8/01/29 (b) | | | 571,000 | | | | 439,708 | |
| | | | | | | 926,304 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $61,889,825) | | | | | | | 51,557,064 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $63,909,980) | | | | | | | 53,228,598 | |
| | | | | | | | |
| | Number of Shares | | | | |
MUTUAL FUNDS — 4.4% | | | | | | | | |
Diversified Financial Services — 4.4% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (d) | | | 2,499,913 | | | | 2,499,913 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $2,499,913) | | | | | | | 2,499,913 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $66,409,893) | | | | | | | 55,728,511 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 5.5% | | | | | | | | |
Repurchase Agreement — 5.5% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (e) | | $ | 3,149,850 | | | $ | 3,149,850 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,149,850) | | | | | | | 3,149,850 | |
| | | | | | | | |
TOTAL INVESTMENTS — 102.8% (Cost $69,559,743) (f) | | | | | | | 58,878,361 | |
| | | | | | | | |
Other Assets/(Liabilities) — (2.8)% | | | | | | | (1,617,891) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 57,260,470 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | All or a portion of the security represents unsettled loan commitments at September 30, 2022 where the rate will be determined at time of settlement. |
(b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $39,742,165 or 69.41% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $2,594,407 or 4.53% of net assets. The Fund received $149,296 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | Represents investment of security lending cash collateral. (Note 2). |
(e) | Maturity value of $3,150,068. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $3,212,899. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
MML Inflation-Protected and Income Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 92.6% | | | | | | | | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 57.2% | | | | | | | | |
Automobile Asset-Backed Securities — 5.3% | | | | | | | | |
Avis Budget Rental Car Funding, Series 2017-2A, Class D | | | | | | | | |
4.560% 3/20/24 (a) | | $ | 2,000,000 | | | $ | 1,992,401 | |
Carvana Auto Receivables Trust, Series 2020-N3, Class B | | | | | | | | |
0.660% 6/12/28 | | | 2,230,601 | | | | 2,142,257 | |
Drive Auto Receivables Trust, Series 2021-1, Class C | | | | | | | | |
1.020% 6/15/27 | | | 1,200,000 | | | | 1,162,187 | |
Hertz Vehicle Financing LLC, Series 2021-1A, Class D | | | | | | | | |
3.980% 12/26/25 (a) | | | 3,400,000 | | | | 2,972,557 | |
Onemain Direct Auto Receivable Trust, Series 2022-1A, Class C | | | | | | | | |
5.310% 6/14/29 (a) | | | 800,000 | | | | 778,508 | |
Westlake Automobile Receivables Trust, Series 2020-3A, Class D | | | | | | | | |
1.650% 2/17/26 (a) | | | 2,306,000 | | | | 2,199,016 | |
| | | | | | | 11,246,926 | |
Commercial Mortgage-Backed Securities — 3.3% | | | | | | | | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%, FRN | | | | | | | | |
4.318% 7/15/35 (a) | | | 1,000,000 | | | | 950,295 | |
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000%, FRN | | | | | | | | |
4.818% 10/15/36 (a) | | | 1,487,500 | | | | 1,436,686 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%, FRN | | | | | | | | |
4.568% 12/15/37 (a) | | | 308,865 | | | | 293,140 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%, FRN | | | | | | | | |
4.418% 5/15/36 (a) | | | 4,000,000 | | | | 3,827,659 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%, FRN | | | | | | | | |
4.618% 5/15/36 (a) | | $ | 476,000 | | | $ | 456,234 | |
| | | | | | | 6,964,014 | |
Home Equity Asset-Backed Securities — 1.2% | | | | | | | | |
Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450%, FRN | | | | | | | | |
3.534% 6/25/36 | | | 194,667 | | | | 192,966 | |
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435%, FRN | | | | | | | | |
3.519% 8/25/36 | | | 366,949 | | | | 363,758 | |
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%, FRN | | | | | | | | |
3.699% 4/25/36 | | | 1,560,975 | | | | 1,525,460 | |
Residential Asset Securities Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645%, FRN | | | | | | | | |
3.729% 3/25/35 | | | 431,160 | | | | 430,384 | |
| | | | | | | 2,512,568 | |
Other Asset-Backed Securities — 26.4% | | | | | | | | |
321 Henderson Receivables LLC | | | | | | | | |
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%, FRN | | | | | | | | |
3.018% 3/15/41 (a) | | | 49,572 | | | | 49,221 | |
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200%, FRN | | | | | | | | |
3.018% 9/15/41 (a) | | | 63,614 | | | | 62,501 | |
Affirm Asset Securitization Trust | | | | | | | | |
Series 2021-Z1, Class A | | | | | | | | |
1.070% 8/15/25 (a) | | | 1,900,796 | | | | 1,843,879 | |
Series 2021-Z2, Class A | | | | | | | | |
1.170% 11/16/26 (a) | | | 998,732 | | | | 962,477 | |
Series 2022-X1, Class A | | | | | | | | |
1.750% 2/15/27 (a) | | | 1,146,093 | | | | 1,120,952 | |
Series 2020-Z2, Class A | | | | | | | | |
1.900% 1/15/25 (a) | | | 877,913 | | | | 861,271 | |
Series 2021-A, Class D | | | | | | | | |
3.490% 8/15/25 (a) | | | 1,600,000 | | | | 1,567,280 | |
BHG Securitization Trust, Series 2021-B, Class A | | | | | | | | |
0.900% 10/17/34 (a) | | | 1,082,251 | | | | 1,027,125 | |
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, VRN | | | | | | | | |
0.985% 11/25/50 (a) (b) | | | 1,294,420 | | | | 1,234,802 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%, FRN | | | | | | | | |
3.489% 8/25/36 | | $ | 151,455 | | | $ | 151,380 | |
Crossroads Asset Trust, Series 2021-A, Class A2 | | | | | | | | |
0.820% 3/20/24 (a) | | | 190,315 | | | | 188,639 | |
FCI Funding LLC | | | | | | | | |
Series 2021-1A, Class A | | | | | | | | |
1.130% 4/15/33 (a) | | | 1,804,675 | | | | 1,750,251 | |
Series 2021-1A, Class B | | | | | | | | |
1.530% 4/15/33 (a) | | | 1,203,259 | | | | 1,168,263 | |
Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 17,626 | | | | 17,617 | |
First Franklin Mortgage Loan Trust | | | | | | | | |
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160%, FRN | | | | | | | | |
3.244% 11/25/36 | | | 397,100 | | | | 390,409 | |
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720%, FRN | | | | | | | | |
3.804% 10/25/35 | | | 154,791 | | | | 154,639 | |
FNA VI LLC, Series 21-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 2,955,560 | | | | 2,702,165 | |
FREED ABS Trust, Series 2021-2, Class B | | | | | | | | |
1.030% 6/19/28 (a) | | | 1,083,219 | | | | 1,078,570 | |
Gracie Point International Funding | | | | | | | | |
Series 2021-1A, Class A, 1 mo. USD LIBOR + .750%, FRN | | | | | | | | |
3.314% 11/01/23 (a) | | | 5,830,758 | | | | 5,789,641 | |
Series 2022-1A, Class C, 30 day SOFR + 3.500%, FRN | | | | | | | | |
5.947% 4/01/24 (a) | | | 1,700,000 | | | | 1,699,996 | |
Series 2022-1A, Class E, 30 day SOFR + 5.750%, FRN | | | | | | | | |
8.197% 4/01/24 (a) | | | 800,000 | | | | 799,997 | |
Hilton Grand Vacations Trust, Series 2022-2A, Class C | | | | | | | | |
5.570% 1/25/37 (a) | | | 676,695 | | | | 649,698 | |
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%, FRN | | | | | | | | |
3.344% 3/25/37 | | | 175,352 | | | | 172,684 | |
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200%, FRN | | | | | | | | |
5.139% 2/15/39 (a) | | | 700,000 | | | | 656,380 | |
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%, FRN | | | | | | | | |
3.752% 7/15/27 (a) | | | 376,425 | | | | 373,784 | |
Lendmark Funding Trust, Series 2019-2A, Class A | | | | | | | | |
2.780% 4/20/28 (a) | | | 6,600,000 | | | | 6,441,712 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
New Residential Advance Receivables Trust Advance Receivables Backed | | | | | | | | |
Series 2020-T1, Class AT1, ABS, 144A | | | | | | | | |
1.426% 8/15/53 (a) | | $ | 2,250,000 | | | $ | 2,095,197 | |
Series 2020-T1, Class BT1 | | | | | | | | |
1.823% 8/15/53 (a) | | | 1,100,000 | | | | 1,046,788 | |
NP SPE II LP, Series 2019-1A, Class A1 | | | | | | | | |
2.574% 9/20/49 (a) | | | 204,782 | | | | 192,628 | |
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3 | | | | | | | | |
1.814% 10/15/52 (a) | | | 357,600 | | | | 356,272 | |
Oportun Funding LLC, Series 2022-1, Class A | | | | | | | | |
3.250% 6/15/29 (a) | | | 1,888,743 | | | | 1,860,313 | |
Orange Lake Timeshare Trust, Series 2016-A, Class A | | | | | | | | |
2.610% 3/08/29 (a) | | | 68,934 | | | | 68,788 | |
Pagaya AI Debt Selection Trust | | | | | | | | |
Series 2021-3, Class A | | | | | | | | |
1.150% 5/15/29 (a) | | | 2,032,051 | | | | 1,979,785 | |
Series 2022-1, Class A | | | | | | | | |
2.030% 10/15/29 (a) | | | 8,768,856 | | | | 8,462,615 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2019-3A, Class C | | | | | | | | |
3.000% 8/20/36 (a) | | | 856,206 | | | | 813,330 | |
Series 2019-2A, Class C | | | | | | | | |
3.120% 5/20/36 (a) | | | 1,469,868 | | | | 1,402,043 | |
Series 2019-1A, Class C | | | | | | | | |
3.770% 1/20/36 (a) | | | 196,980 | | | | 190,681 | |
Series 2019-3A, Class D | | | | | | | | |
4.180% 8/20/36 (a) | | | 219,237 | | | | 211,212 | |
Series 2019-1A, Class D | | | | | | | | |
4.750% 1/20/36 (a) | | | 178,220 | | | | 172,583 | |
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%, FRN | | | | | | | | |
3.819% 3/25/35 | | | 494,287 | | | | 490,879 | |
Structured Asset Securities Corp. Mortgage Loan Trust | | | | | | | | |
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170%, FRN | | | | | | | | |
3.254% 1/25/37 | | | 185,553 | | | | 180,815 | |
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645%, FRN | | | | | | | | |
3.729% 2/25/36 | | | 274,538 | | | | 274,176 | |
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%, FRN | | | | | | | | |
4.284% 11/25/35 (a) | | | 492,872 | | | | 479,671 | |
Upstart Securitization Trust | | | | | | | | |
Series 2021-4, Class A | | | | | | | | |
0.840% 9/20/31 (a) | | | 2,929,914 | | | | 2,812,265 | |
Series 2020-3, Class A | | | | | | | | |
1.702% 11/20/30 (a) | | | 114,277 | | | | 114,084 | |
| | | | | | | 56,119,458 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Student Loans Asset-Backed Securities — 7.9% | | | | | | | | |
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%, FRN | | | | | | | | |
3.741% 3/28/68 | | $ | 1,974,841 | | | $ | 1,917,580 | |
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%, FRN | | | | | | | | |
3.002% 1/15/37 | | | 296,164 | | | | 256,384 | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2021-AGS, Class B | | | | | | | | |
1.400% 3/25/52 (a) | | | 145,788 | | | | 123,142 | |
Series 2018-CGS, Class C | | | | | | | | |
4.350% 2/25/46 (a) | | | 14,925 | | | | 13,343 | |
DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850%, FRN | | | | | | | | |
3.934% 5/27/42 (a) | | | 472,735 | | | | 472,861 | |
Edsouth Indenture, No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800%, FRN | | | | | | | | |
3.884% 10/25/56 (a) | | | 238,561 | | | | 238,001 | |
Edsouth Indenture, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%, FRN | | | | | | | | |
4.584% 12/25/58 (a) | | | 1,000,000 | | | | 998,996 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%, FRN | | | | | | | | |
3.834% 8/25/42 (a) | | | 221,359 | | | | 220,742 | |
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%, FRN | | | | | | | | |
3.697% 8/25/48 (a) | | | 138,324 | | | | 138,069 | |
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%, FRN | | | | | | | | |
3.143% 6/28/39 (a) | | | 346,055 | | | | 316,333 | |
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730%, FRN | | | | | | | | |
4.358% 9/27/38 | | | 96,731 | | | | 96,557 | |
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | | | | | | | | |
2.340% 10/25/48 (a) | | | 135,681 | | | | 133,363 | |
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200%, FRN | | | | | | | | |
4.018% 12/15/28 (a) | | | 93,241 | | | | 93,260 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Navient Private Education Refi Loan Trust | | | | | | | | |
Series 2021-A, Class A | | | | | | | | |
0.840% 5/15/69 (a) | | $ | 2,143,027 | | | $ | 1,896,109 | |
Series 2020-HA, Class A | | | | | | | | |
1.310% 1/15/69 (a) | | | 411,801 | | | | 369,812 | |
Navient Student Loan Trust | | | | | | | | |
Series 2017-3A, Class A2, 1 mo. USD LIBOR + .600%, FRN | | | | | | | | |
3.684% 7/26/66 (a) | | | 140,730 | | | | 140,677 | |
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%, FRN | | | | | | | | |
4.234% 7/26/66 (a) | | | 365,633 | | | | 365,174 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%, FRN | | | | | | | | |
4.834% 12/26/40 (a) | | | 28,347 | | | | 28,339 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 3 mo. USD LIBOR + .200%, FRN | | | | | | | | |
2.983% 1/25/38 | | | 476,137 | | | | 421,933 | |
Series 2004-3, Class B, 3 mo. USD LIBOR + .350%, FRN | | | | | | | | |
3.133% 10/25/40 | | | 870,503 | | | | 806,995 | |
Series 2005-2, Class B, 3 mo. USD LIBOR + .170%, FRN | | | | | | | | |
3.772% 3/23/37 | | | 854,830 | | | | 777,745 | |
Series 2006-3, Class B, 3 mo. USD LIBOR + .250%, FRN | | | | | | | | |
3.891% 6/25/41 | | | 223,356 | | | | 202,635 | |
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500%, FRN | | | | | | | | |
4.584% 6/25/41 (a) | | | 375,000 | | | | 374,996 | |
SLC Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 3 mo. USD LIBOR + .230%, FRN | | | | | | | | |
3.523% 12/15/39 | | | 848,085 | | | | 769,969 | |
Series 2005-2, Class B, 3 mo. USD LIBOR + .280%, FRN | | | | | | | | |
3.573% 3/15/40 | | | 1,279,520 | | | | 1,196,993 | |
SLM Student Loan Trust | | | | | | | | |
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140%, FRN | | | | | | | | |
2.923% 10/25/28 | | | 129,148 | | | | 127,853 | |
Series 2006-4, Class B, 3 mo. USD LIBOR + .200%, FRN | | | | | | | | |
2.983% 1/25/70 | | | 261,032 | | | | 245,277 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN | | | | | | | | |
2.993% 10/25/40 | | | 310,956 | | | | 291,570 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2006-2, Class B, 3 mo. USD LIBOR + .220%, FRN | | | | | | | | |
3.003% 1/25/41 | | $ | 304,550 | | | $ | 285,659 | |
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300%, FRN | | | | | | | | |
3.083% 7/25/25 | | | 50,845 | | | | 50,812 | |
Series 2005-8, Class B, 3 mo. USD LIBOR + .310%, FRN | | | | | | | | |
3.093% 1/25/55 | | | 274,391 | | | | 260,328 | |
Series 2004-8, Class B, 3 mo. USD LIBOR + .460%, FRN | | | | | | | | |
3.243% 1/25/40 | | | 300,248 | | | | 283,644 | |
Series 2004-3, Class B, 3 mo. USD LIBOR + .470%, FRN | | | | | | | | |
3.253% 10/25/64 | | | 209,809 | | | | 200,383 | |
Series 2003-11, Class B, 3 mo. USD LIBOR + .650%, FRN | | | | | | | | |
3.943% 12/15/38 | | | 296,481 | | | | 282,472 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720%, FRN | | | | | | | | |
3.538% 1/15/37 (a) | | | 752,159 | | | | 738,723 | |
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870%, FRN | | | | | | | | |
3.688% 7/15/36 (a) | | | 951,353 | | | | 937,519 | |
SoFi Alternative Trust, Series 2019-C, Class PT, VRN | | | | | | | | |
5.511% 1/25/45 (a) (b) | | | 643,384 | | | | 614,095 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2016-B, Class A2B | | | | | | | | |
2.740% 10/25/32 (a) | | | 132,046 | | | | 131,841 | |
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700%, FRN | | | | | | | | |
3.784% 3/26/40 (a) | | | 58,729 | | | | 58,584 | |
| | | | | | | 16,878,768 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 13.1% | | | | | | | | |
Angel Oak Mortgage Trust | | | | | | | | |
Series 2020-6, Class A1, VRN | | | | | | | | |
1.261% 5/25/65 (a) (b) | | | 1,074,318 | | | | 962,189 | |
Series 2022-2, Class A1, VRN | | | | | | | | |
3.353% 1/25/67 (a) (b) | | | 2,104,412 | | | | 1,879,052 | |
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%, FRN | | | | | | | | |
3.394% 8/25/49 (a) | | | 871,348 | | | | 832,241 | |
COLT Mortgage Loan Trust, Series 2022-1, Class A1, VRN | | | | | | | | |
2.284% 12/27/66 (a) (b) | | | 6,917,379 | | | | 5,950,594 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Lakeview Trust | | | | | | | | |
Series 2022-1, Class M3 | | | | | | | | |
4.585% 4/25/52 (a) | | $ | 700,000 | | | $ | 673,456 | |
Series 2022-3, Class M3 | | | | | | | | |
5.437% 5/29/52 (a) | | | 1,300,000 | | | | 1,265,290 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750%, FRN | | | | | | | | |
3.834% 5/25/55 (a) | | | 4,667,000 | | | | 4,573,849 | |
Oceanview Trust | | | | | | | | |
Series 2021-1, Class A | | | | | | | | |
1.219% 12/29/51 (a) | | | 2,324,311 | | | | 2,255,638 | |
Series 2021-1, Class M3 | | | | | | | | |
3.090% 12/29/51 (a) | | | 2,000,000 | | | | 1,915,493 | |
Onslow Bay Financial LLC | | | | | | | | |
Series 2021-NQM2, Class A2, VRN | | | | | | | | |
1.357% 5/25/61 (a) (b) | | | 1,404,822 | | | | 1,117,724 | |
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950%, FRN | | | | | | | | |
4.034% 2/25/60 (a) | | | 393,683 | | | | 374,430 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%, FRN | | | | | | | | |
5.934% 2/25/23 (a) | | | 440,000 | | | | 435,546 | |
PSMC Trust, Series 2020-2, Class A2, VRN | | | | | | | | |
3.000% 5/25/50 (a) (b) | | | 753,626 | | | | 701,633 | |
Starwood Mortgage Residential Trust | | | | | | | | |
Series 2019-INV1, Class A3, VRN | | | | | | | | |
2.916% 9/27/49 (a) (b) | | | 919,707 | | | | 877,343 | |
Series 2021-1, Class A3, VRN | | | | | | | | |
1.528% 5/25/65 (a) (b) | | | 3,359,109 | | | | 3,017,161 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-3, Class A3, VRN | | | | | | | | |
1.437% 6/25/66 (a) (b) | | | 836,938 | | | | 677,829 | |
Series 2019-INV2, Class A3, VRN | | | | | | | | |
3.219% 7/25/59 (a) (b) | | | 372,662 | | | | 362,985 | |
| | | | | | | 27,872,453 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $126,321,094) | | | | | | | 121,594,187 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 11.9% | | | | | | | | |
Pass-Through Securities — 0.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.189%, FRN 2.399% 3/01/37 | | | 105,246 | | | | 107,747 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Whole Loans — 11.8% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | | | | | | | | |
Series 2021-DNA6, Class M1, 30 day SOFR + .800%, FRN | | | | | | | | |
3.081% 10/25/41 (a) | | $ | 6,550,000 | | | $ | 6,421,086 | |
Series 2021-HQA3, Class M1, 30 day SOFR + .850%, FRN | | | | | | | | |
3.131% 9/25/41 (a) | | | 7,066,762 | | | | 6,869,454 | |
Series 2021-DNA7, Class M1, 30 day SOFR + .850%, FRN | | | | | | | | |
3.131% 11/25/41 (a) | | | 2,700,000 | | | | 2,628,834 | |
Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000%, FRN | | | | | | | | |
4.281% 4/25/42 (a) | | | 2,134,402 | | | | 2,118,412 | |
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700%, FRN | | | | | | | | |
4.784% 1/25/50 (a) | | | 1,238,972 | | | | 1,228,874 | |
Series 2020-DNA5, Class M2, 30 day SOFR + 2.800%, FRN | | | | | | | | |
5.081% 10/25/50 (a) | | | 218,777 | | | | 218,900 | |
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100%, FRN | | | | | | | | |
5.184% 9/25/48 (a) | | | 833,610 | | | | 834,892 | |
Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950%, FRN | | | | | | | | |
5.231% 6/25/42 (a) | | | 654,824 | | | | 654,654 | |
Federal National Mortgage Association Connecticut Avenue Securities Trust | | | | | | | | |
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150%, FRN | | | | | | | | |
5.234% 9/25/31 (a) | | | 1,012,720 | | | | 1,006,848 | |
Series 2022-R07, Class 1M1, 30 day SOFR + 2.950%, FRN | | | | | | | | |
5.255% 6/25/42 (a) | | | 2,813,815 | | | | 2,831,853 | |
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300%, FRN | | | | | | | | |
5.384% 8/25/31 (a) | | | 504,928 | | | | 503,678 | |
| | | | | | | 25,317,485 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $25,907,074) | | | | | | | 25,425,232 | |
| | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
U.S. TREASURY OBLIGATIONS — 23.5% | | | | | | | | |
U.S. Treasury Bonds & Notes — 23.5% | | | | | | | | |
U.S. Treasury Inflation Index | | | | | | | | |
0.125% 2/15/52 | | $ | 1,011,095 | | | $ | 635,449 | |
0.125% 4/15/25 | | | 2,064,636 | | | | 1,959,146 | |
0.125% 10/15/25 | | | 3,825,231 | | | | 3,615,964 | |
0.125% 4/15/26 | | | 1,016,775 | | | | 949,573 | |
0.125% 7/15/26 | | | 1,730,442 | | | | 1,618,053 | |
0.125% 10/15/26 | | | 2,005,844 | | | | 1,868,569 | |
0.125% 4/15/27 (d) | | | 1,836,345 | | | | 1,693,861 | |
0.125% 1/15/30 | | | 1,439,450 | | | | 1,272,311 | |
0.125% 7/15/30 | | | 1,733,355 | | | | 1,525,262 | |
0.125% 1/15/31 | | | 2,247,827 | | | | 1,961,082 | |
0.125% 7/15/31 | | | 1,658,145 | | | | 1,443,407 | |
0.125% 1/15/32 | | | 1,496,334 | | | | 1,292,254 | |
0.125% 2/15/51 | | | 739,694 | | | | 461,528 | |
0.250% 1/15/25 | | | 2,533,052 | | | | 2,424,260 | |
0.250% 7/15/29 | | | 1,216,184 | | | | 1,095,848 | |
0.250% 2/15/50 | | | 691,440 | | | | 450,813 | |
0.375% 7/15/25 (e) | | | 3,304,557 | | | | 3,159,273 | |
0.375% 1/15/27 | | | 429,282 | | | | 401,555 | |
0.375% 7/15/27 | | | 1,392,857 | | | | 1,299,583 | |
0.500% 1/15/28 | | | 1,531,441 | | | | 1,421,169 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
0.625% 1/15/26 | | $ | 1,527,453 | | | $ | 1,457,961 | |
0.625% 7/15/32 | | | 3,772,964 | | | | 3,419,764 | |
0.625% 2/15/43 | | | 1,030,928 | | | | 789,734 | |
0.750% 7/15/28 | | | 1,740,968 | | | | 1,635,580 | |
0.750% 2/15/42 | | | 590,036 | | | | 472,789 | |
0.750% 2/15/45 | | | 1,163,817 | | | | 893,578 | |
0.875% 1/15/29 | | | 1,173,360 | | | | 1,103,081 | |
0.875% 2/15/47 | | | 859,159 | | | | 670,625 | |
1.000% 2/15/46 | | | 625,205 | | | | 504,682 | |
1.000% 2/15/48 | | | 600,735 | | | | 484,562 | |
1.000% 2/15/49 | | | 529,835 | | | | 429,318 | |
1.375% 2/15/44 | | | 699,188 | | | | 619,828 | |
1.750% 1/15/28 | | | 1,131,384 | | | | 1,120,070 | |
2.000% 1/15/26 | | | 895,650 | | | | 893,148 | |
2.125% 2/15/40 | | | 411,231 | | | | 426,620 | |
2.125% 2/15/41 | | | 879,398 | | | | 904,440 | |
2.375% 1/15/27 | | | 440,748 | | | | 447,884 | |
2.500% 1/15/29 | | | 827,976 | | | | 856,330 | |
3.375% 4/15/32 | | | 417,293 | | | | 474,915 | |
3.625% 4/15/28 | | | 824,315 | | | | 896,168 | |
3.875% 4/15/29 | | | 901,125 | | | | 1,009,225 | |
| | | | | | | 50,059,262 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $59,323,083) | | | | | | $ | 50,059,262 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $211,551,251) | | | | | | | 197,078,681 | |
| | | | | | | | |
| | | | | | | | |
| | Number of Shares | | | | |
MUTUAL FUNDS — 0.8% | | | | | | | | |
Diversified Financial Services — 0.8% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (f) | | | 1,734,688 | | | | 1,734,688 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $1,734,688) | | | | | | | 1,734,688 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $213,285,939) | | | | | | | 198,813,369 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 7.6% | | | | | | | | |
Commercial Paper — 5.2% | | | | | | | | |
Penske Truck Leasing Co. LP | | | | | | | | |
3.450% 10/07/22 | | $ | 5,000,000 | | | | 4,996,616 | |
Southern Power Co. | | | | | | | | |
3.607% 10/21/22 | | | 6,000,000 | | | | 5,987,914 | |
| | | | | | | 10,984,530 | |
Repurchase Agreement — 2.4% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (g) | | | 5,084,488 | | | | 5,084,488 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $16,069,822) | | | | | | | 16,069,018 | |
| | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL INVESTMENTS — 101.0% (Cost $229,355,761) (h) | | | | | | $ | 214,882,387 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.0)% | | | | | | | (2,127,660) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 212,754,727 | |
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 September 30, 2022, the aggregate market value of these securities amounted to $130,804,889 or 61.48% of net assets. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022. |
(c) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $1,700,064 or 0.80% of net assets. (Note 2). |
(e) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(f) | Represents investment of security lending cash collateral. (Note 2). |
(g) | Maturity value of $5,084,840. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $5,186,257. |
(h) | See Note 3 for aggregate cost for federal tax purposes. |
Futures contracts
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | | | | | | | | | | | | | |
U.S. Treasury Ultra Bond | | 12/20/22 | | | 1 | | | $ | 138,753 | | | $ | (1,753 | ) |
U.S. Treasury Note 5 Year | | 12/30/22 | | | 16 | | | | 1,725,127 | | | | (5,002 | ) |
| | | | | | | | | | | | $ | (6,755 | ) |
Short | | | | | | | | | | | | | | |
U.S. Treasury Long Bond | | 12/20/22 | | | 1 | | | $ | (135,871 | ) | | $ | 9,465 | |
U.S. Treasury Ultra 10 Year | | 12/20/22 | | | 14 | | | | (1,679,611 | ) | | | 20,830 | |
U.S. Treasury Note 2 Year | | 12/30/22 | | | 325 | | | | (67,888,448 | ) | | | 1,136,495 | |
| | | | | | | | | | | | $ | 1,166,790 | |
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) | |
12-Month SOFR | | Annually | | | Fixed 3.552% | | | | Annually | | | | 12/07/24 | | | USD | | | 7,500,000 | | | $ | (96,673) | | | $ | — | | | $ | (96,673) | |
12-Month SOFR | | Annually | | | Fixed 4.062% | | | | Annually | | | | 12/22/24 | | | USD | | | 7,500,000 | | | | (23,131) | | | | — | | | | (23,131) | |
Fixed 3.082% | | Annually | | | 12-Month SOFR | | | | Annually | | | | 12/07/32 | | | USD | | | 1,680,000 | | | | 67,882 | | | | — | | | | 67,882 | |
Fixed 3.352% | | Annually | | | 12-Month SOFR | | | | Annually | | | | 12/22/32 | | | USD | | | 1,694,000 | | | | 30,112 | | | | — | | | | 30,112 | |
| | | | | | | | | | | | | | | | | | | | | | $ | (21,810) | | | $ | — | | | $ | (21,810) | |
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) | |
3.170% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 1/31/23 | | | 31,823,920 | | | $ | (2,896,174) | | | $ | — | | | $ | (2,896,174) | |
3.165% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 2/28/23 | | | 41,153,453 | | | | (2,723,189) | | | | — | | | | (2,723,189) | |
3.170% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 1/31/23 | | | 40,149,212 | | | | (3,653,828) | | | | — | | | | (3,653,828) | |
3.165% | | Maturity | | | Bloomberg Barclays US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 2/28/23 | | | 43,355,974 | | | | (2,868,933) | | | | — | | | | (2,868,933) | |
| | | | | | | | | | | | | | | | | $ | (12,142,124) | | | $ | — | | | $ | (12,142,124) | |
Currency Legend
MML iShares® 60/40 Allocation Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 106.3% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 106.3% | | | | | | | | |
iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | | | 26,515 | | | $ | 1,306,659 | |
iShares 20+ Year Treasury Bond ETF | | | 4,763 | | | | 487,969 | |
iShares Broad USD High Yield Corporate Bond ETF (a) | | | 7,762 | | | | 260,958 | |
iShares Core Dividend Growth ETF | | | 16,779 | | | | 746,162 | |
iShares Core International Aggregate Bond ETF | | | 2,692 | | | | 130,091 | |
iShares Core MSCI Emerging Markets ETF | | | 10,760 | | | | 462,465 | |
iShares Core MSCI International Developed Markets ETF | | | 63,620 | | | | 3,073,482 | |
iShares Core S&P 500 ETF | | | 6,269 | | | | 2,248,377 | |
iShares Core S&P Mid-Cap ETF | | | 2,317 | | | | 508,025 | |
iShares Core S&P Total US Stock Market ETF | | | 97,729 | | | | 7,773,365 | |
iShares Core U.S. Aggregate Bond ETF | | | 83,573 | | | | 8,051,423 | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 1,587,775 | | | | 1,587,775 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $31,716,357) | | | | | | | 26,636,751 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $31,716,357) | | | | | | | 26,636,751 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.3% (Cost $31,716,357) (c) | | | | | | | 26,636,751 | |
| | | | | | | | |
Other Assets/(Liabilities) — (6.3)% | | | | | | | (1,583,270) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 25,053,481 | |
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 September 30, 2022, was $1,549,063 or 6.18% of net assets. (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 |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 106.4% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 106.4% | | | | | | | | |
iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | | | 36,386 | | | $ | 1,793,102 | |
iShares 20+ Year Treasury Bond ETF | | | 3,262 | | | | 334,192 | |
iShares Broad USD High Yield Corporate Bond ETF (a) | | | 10,636 | | | | 357,582 | |
iShares Core Dividend Growth ETF | | | 23,005 | | | | 1,023,033 | |
iShares Core International Aggregate Bond ETF | | | 7,384 | | | | 356,832 | |
iShares Core MSCI Emerging Markets ETF | | | 36,974 | | | | 1,589,143 | |
iShares Core MSCI International Developed Markets ETF | | | 100,803 | | | | 4,869,793 | |
iShares Core S&P 500 ETF | | | 7,637 | | | | 2,739,010 | |
iShares Core S&P Mid-Cap ETF | | | 6,354 | | | | 1,393,178 | |
iShares Core S&P Total US Stock Market ETF | | | 194,332 | | | | 15,457,167 | |
iShares Core U.S. Aggregate Bond ETF | | | 43,660 | | | | 4,206,204 | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 2,178,328 | | | | 2,178,328 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $43,428,936) | | | | | | | 36,297,564 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $43,428,936) | | | | | | | 36,297,564 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.4% (Cost $43,428,936) (c) | | | | | | | 36,297,564 | |
| | | | | | | | |
Other Assets/(Liabilities) — (6.4)% | | | | | | | (2,193,309) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 34,104,255 | |
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 September 30, 2022, was $2,125,213 or 6.23% of net assets. (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 |
September 30, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 98.6% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 38.3% | | | | | | | | |
Aerospace & Defense — 0.3% | | | | | | | | |
The Boeing Co. | | | | | | | | |
5.150% 5/01/30 | | $ | 2,200,000 | | | $ | 2,032,552 | |
5.930% 5/01/60 | | | 605,000 | | | | 517,591 | |
| | | | | | | 2,550,143 | |
Agriculture — 1.1% | | | | | | | | |
Altria Group, Inc. | | | | | | | | |
5.800% 2/14/39 | | | 1,375,000 | | | | 1,200,768 | |
BAT Capital Corp. | | | | | | | | |
2.259% 3/25/28 | | | 725,000 | | | | 576,976 | |
3.462% 9/06/29 | | | 1,075,000 | | | | 875,563 | |
4.700% 4/02/27 | | | 2,365,000 | | | | 2,206,254 | |
4.758% 9/06/49 | | | 540,000 | | | | 368,053 | |
Imperial Brands Finance PLC | | | | | | | | |
3.875% 7/26/29 (a) | | | 1,739,000 | | | | 1,476,224 | |
Reynolds American, Inc. | | | | | | | | |
5.850% 8/15/45 | | | 985,000 | | | | 772,815 | |
Viterra Finance BV | | | | | | | | |
3.200% 4/21/31 (a) | | | 1,315,000 | | | | 978,522 | |
| | | | | | | 8,455,175 | |
Airlines — 0.2% | | | | | | | | |
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | | | | | | | | |
4.100% 4/01/28 | | | 1,242,719 | | | | 1,075,096 | |
United Airlines Pass-Through Trust, Series 2018-1, Class B, | | | | | | | | |
4.600% 3/01/26 | | | 357,512 | | | | 325,791 | |
| | | | | | | 1,400,887 | |
Auto Manufacturers — 0.7% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
6.100% 8/19/32 | | | 1,155,000 | | | | 1,018,248 | |
General Motors Co. | | | | | | | | |
5.150% 4/01/38 | | | 800,000 | | | | 643,762 | |
6.800% 10/01/27 | | | 1,890,000 | | | | 1,909,650 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.100% 1/12/32 | | | 1,750,000 | | | | 1,319,294 | |
| | | | | | | 4,890,954 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
Lear Corp. | | | | | | | | |
3.550% 1/15/52 (b) | | | 1,325,000 | | | | 787,198 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Banks — 7.1% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (a) | | $ | 1,875,000 | | | $ | 1,803,555 | |
Bank Hapoalim BM 5 year CMT + 2.155% | | | | | | | | |
3.255% VRN 1/21/32 (a) | | | 2,600,000 | | | | 2,157,891 | |
Bank of America Corp. | | | | | | | | |
SOFR + 1.220% 2.299% VRN 7/21/32 | | | 1,355,000 | | | | 1,011,227 | |
5 year CMT + 1.200% 2.482% VRN 9/21/36 | | | 2,635,000 | | | | 1,904,656 | |
5 year CMT + 2.000% 3.846% VRN 3/08/37 | | | 2,145,000 | | | | 1,730,156 | |
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38 | | | 1,150,000 | | | | 946,840 | |
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | | | 475,000 | | | | 431,622 | |
6.110% 1/29/37 | | | 1,550,000 | | | | 1,492,552 | |
7.750% 5/14/38 | | | 400,000 | | | | 443,740 | |
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648% | | | | | | | | |
4.650% VRN (c) | | | 3,575,000 | | | | 3,064,149 | |
Barclays PLC | | | | | | | | |
4.337% 1/10/28 | | | 920,000 | | | | 820,108 | |
5.200% 5/12/26 | | | 1,320,000 | | | | 1,254,754 | |
5 year CMT + 5.431% 8.000% VRN (c) | | | 1,382,000 | | | | 1,209,526 | |
BPCE SA SOFR + 1.730% | | | | | | | | |
3.116% VRN 10/19/32 (a) | | | 1,860,000 | | | | 1,320,967 | |
Citigroup, Inc. | | | | | | | | |
4.450% 9/29/27 | | | 1,825,000 | | | | 1,688,806 | |
3 mo. USD LIBOR + 4.068% 5.950% VRN (c) | | | 890,000 | | | | 879,427 | |
6.625% 6/15/32 | | | 1,525,000 | | | | 1,541,286 | |
Credit Suisse AG | | | | | | | | |
6.500% 8/08/23 (a) | | | 1,630,000 | | | | 1,608,810 | |
Credit Suisse Group AG | | | | | | | | |
SOFR + .980% 1.305% VRN 2/02/27 (a) | | | 2,500,000 | | | | 2,029,600 | |
SOFR + 3.340% 6.373% VRN 7/15/26 (a) | | | 892,000 | | | | 862,007 | |
Deutsche Bank AG SOFR + 1.318% | | | | | | | | |
2.552% VRN 1/07/28 | | | 2,580,000 | | | | 2,095,433 | |
Discover Bank 5 year USD Swap + 1.730% | | | | | | | | |
4.682% VRN 8/09/28 | | | 1,955,000 | | | | 1,874,357 | |
First Republic Bank | | | | | | | | |
4.375% 8/01/46 | | | 1,700,000 | | | | 1,321,150 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
SOFR + 1.410% 3.102% VRN 2/24/33 | | | 1,500,000 | | | | 1,190,275 | |
6.750% 10/01/37 | | | 1,795,000 | | | | 1,788,252 | |
HSBC Holdings PLC | | | | | | | | |
SOFR + 1.285% 2.206% VRN 8/17/29 | | | 1,203,000 | | | | 931,327 | |
4.375% 11/23/26 | | | 699,000 | | | | 650,910 | |
JP Morgan Chase & Co. | | | | | | | | |
SOFR + 2.515% 2.956% VRN 5/13/31 | | | 1,000,000 | | | | 791,703 | |
5.600% 7/15/41 | | | 1,125,000 | | | | 1,066,937 | |
Macquarie Group Ltd. SOFR + 1.069% | | | | | | | | |
1.340% VRN 1/12/27 (a) | | | 950,000 | | | | 813,353 | |
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250% | | | | | | | | |
3.077% VRN 4/07/31 (a) | | | 2,780,000 | | | | 2,331,725 | |
Morgan Stanley | | | | | | | | |
SOFR + 1.360% 2.484% VRN 9/16/36 | | | 1,270,000 | | | | 909,650 | |
4.350% 9/08/26 | | | 3,200,000 | | | | 3,048,935 | |
SOFR + 2.620% 5.297% VRN 4/20/37 | | | 2,320,000 | | | | 2,080,602 | |
National Australia Bank Ltd. 5 year CMT + 1.700% | | | | | | | | |
3.347% VRN 1/12/37 (a) (b) | | | 2,960,000 | | | | 2,271,365 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Societe Generale SA 1 year CMT + 1.000% | | | | | | | | |
1.792% VRN 6/09/27 (a) | | $ | 2,010,000 | | | $ | 1,674,000 | |
| | | | | | | 53,041,653 | |
Beverages — 0.6% | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.900% 2/01/46 | | | 2,775,000 | | | | 2,404,967 | |
Bacardi Ltd. | | | | | | | | |
5.150% 5/15/38 (a) | | | 450,000 | | | | 385,487 | |
Molson Coors Beverage Co. | | | | | | | | |
4.200% 7/15/46 | | | 1,859,000 | | | | 1,378,371 | |
5.000% 5/01/42 | | | 360,000 | | | | 302,348 | |
| | | | | | | 4,471,173 | |
Biotechnology — 0.1% | | | | | | | | |
Amgen, Inc. | | | | | | | | |
3.000% 1/15/52 | | | 840,000 | | | | 527,747 | |
Chemicals — 0.8% | | | | | | | | |
Celanese US Holdings LLC | | | | | | | | |
6.050% 3/15/25 | | | 2,025,000 | | | | 1,978,952 | |
DuPont de Nemours, Inc. | | | | | | | | |
5.319% 11/15/38 | | | 1,200,000 | | | | 1,088,123 | |
Syngenta Finance NV | | | | | | | | |
4.441% 4/24/23 (a) | | | 1,183,000 | | | | 1,176,054 | |
Yara International ASA | | | | | | | | |
3.800% 6/06/26 (a) | | | 1,850,000 | | | | 1,697,631 | |
| | | | | | | 5,940,760 | |
Computers — 0.2% | | | | | | | | |
Dell International LLC / EMC Corp. | | | | | | | | |
8.100% 7/15/36 | | | 325,000 | | | | 342,848 | |
Leidos, Inc. | | | | | | | | |
2.300% 2/15/31 | | | 1,260,000 | | | | 936,227 | |
| | | | | | | 1,279,075 | |
Diversified Financial Services — 3.3% | | | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
3.300% 1/30/32 | | | 4,115,000 | | | | 3,090,504 | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 1,275,000 | | | | 1,015,583 | |
3.950% 7/15/26 (a) | | | 2,555,000 | | | | 2,185,338 | |
6.000% 8/15/23 (a) | | | 1,330,000 | | | | 1,316,294 | |
8.500% 5/18/25 (a) | | | 720,000 | | | | 734,912 | |
Ares Finance Co. III LLC 5 year CMT + 3.237% | | | | | | | | |
4.125% VRN 6/30/51 (a) | | | 1,585,000 | | | | 1,235,792 | |
Ares Finance Co. LLC | | | | | | | | |
4.000% 10/08/24 (a) | | | 2,080,000 | | | | 1,993,888 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.528% 11/18/27 (a) | | | 2,755,000 | | | | 2,164,822 | |
3.250% 2/15/27 (a) | | | 1,610,000 | | | | 1,348,861 | |
4.250% 4/15/26 (a) | | | 2,976,000 | | | | 2,669,411 | |
5.500% 1/15/26 (a) | | | 190,000 | | | | 178,751 | |
Blue Owl Finance LLC | | | | | | | | |
3.125% 6/10/31 (a) | | | 3,120,000 | | | | 2,214,682 | |
4.125% 10/07/51 (a) | | | 1,675,000 | | | | 967,853 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (a) | | $ | 1,502,197 | | | $ | 1,130,403 | |
Lazard Group LLC | | | | | | | | |
3.625% 3/01/27 | | | 1,253,000 | | | | 1,150,694 | |
Synchrony Financial | | | | | | | | |
3.950% 12/01/27 | | | 1,475,000 | | | | 1,280,082 | |
| | | | | | | 24,677,870 | |
Electric — 1.1% | | | | | | | | |
CMS Energy Corp. | | | | | | | | |
4.875% 3/01/44 | | | 780,000 | | | | 673,562 | |
Duke Energy Corp. | | | | | | | | |
3.750% 9/01/46 | | | 1,500,000 | | | | 1,062,372 | |
Enel Finance International NV | | | | | | | | |
5.000% 6/15/32 (a) | | | 1,700,000 | | | | 1,449,930 | |
NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547% | | | | | | | | |
3.800% VRN 3/15/82 | | | 1,250,000 | | | | 981,537 | |
Pacific Gas and Electric Co. | | | | | | | | |
2.500% 2/01/31 | | | 775,000 | | | | 563,686 | |
PG&E Wildfire Recovery Funding LLC | | | | | | | | |
4.674% 12/01/51 | | | 1,200,000 | | | | 1,061,150 | |
Puget Energy, Inc. | | | | | | | | |
2.379% 6/15/28 | | | 840,000 | | | | 699,296 | |
Texas Electric Market Stabilization Funding N LLC | | | | | | | | |
5.167% 2/01/50 (a) | | | 2,000,000 | | | | 1,972,160 | |
| | | | | | | 8,463,693 | |
Entertainment — 0.2% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.279% 3/15/32 (a) | | | 2,060,000 | | | | 1,694,402 | |
Food — 1.1% | | | | | | | | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
3.625% 1/15/32 (a) | | | 5,300,000 | | | | 4,140,625 | |
5.500% 1/15/30 (a) (b) | | | 776,000 | | | | 715,100 | |
Kraft Heinz Foods Co. | | | | | | | | |
4.875% 10/01/49 | | | 1,440,000 | | | | 1,186,987 | |
Smithfield Foods, Inc. | | | | | | | | |
2.625% 9/13/31 (a) | | | 1,730,000 | | | | 1,271,575 | |
3.000% 10/15/30 (a) | | | 943,000 | | | | 727,828 | |
| | | | | | | 8,042,115 | |
Gas — 0.4% | | | | | | | | |
CenterPoint Energy Resources Corp. | | | | | | | | |
6.625% 11/01/37 | | | 1,250,000 | | | | 1,254,093 | |
NiSource, Inc. | | | | | | | | |
4.800% 2/15/44 | | | 1,035,000 | | | | 862,405 | |
5.800% 2/01/42 | | | 950,000 | | | | 890,810 | |
| | | | | | | 3,007,308 | |
Health Care – Services — 0.1% | | | | | | | | |
City of Hope | | | | | | | | |
4.378% 8/15/48 | | | 1,050,000 | | | | 890,654 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Housewares — 0.2% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
6.375% 9/15/27 | | $ | 1,165,000 | | | $ | 1,153,618 | |
Insurance — 6.4% | | | | | | | | |
Allianz SE 5 year CMT + 2.973% | | | | | | | | |
3.500% VRN (a) (c) | | | 4,200,000 | | | | 3,214,848 | |
The Allstate Corp. 3 mo. USD LIBOR + 2.938% | | | | | | | | |
5.750% VRN 8/15/53 | | | 2,885,000 | | | | 2,656,167 | |
American International Group, Inc. 3 mo. USD LIBOR + 2.868% | | | �� | | | | | |
5.750% VRN 4/01/48 (b) | | | 2,177,000 | | | | 2,006,122 | |
AmTrust Financial Services, Inc. | | | | | | | | |
6.125% 8/15/23 | | | 3,370,000 | | | | 3,330,076 | |
Ascot Group Ltd. | | | | | | | | |
4.250% 12/15/30 (a) | | | 1,990,000 | | | | 1,659,666 | |
Athene Global Funding | | | | | | | | |
2.673% 6/07/31 (a) | | | 2,505,000 | | | | 1,872,892 | |
AXIS Specialty Finance LLC 5 year CMT + 3.186% | | | | | | | | |
4.900% VRN 1/15/40 | | | 1,315,000 | | | | 1,068,438 | |
Brighthouse Financial, Inc. | | | | | | | | |
4.700% 6/22/47 | | | 1,125,000 | | | | 796,716 | |
5.625% 5/15/30 | | | 2,061,000 | | | | 1,931,136 | |
CNO Financial Group, Inc. | | | | | | | | |
5.250% 5/30/29 | | | 2,619,000 | | | | 2,438,054 | |
Corebridge Financial, Inc. 5 year CMT + 3.846% | | | | | | | | |
6.875% VRN 12/15/52 (a) | | | 576,000 | | | | 525,374 | |
Enstar Finance LLC 5 year CMT + 5.468% | | | | | | | | |
5.750% VRN 9/01/40 | | | 2,200,000 | | | | 1,961,377 | |
Enstar Group Ltd. | | | | | | | | |
4.950% 6/01/29 | | | 2,480,000 | | | | 2,225,522 | |
Global Atlantic Fin Co. | | | | | | | | |
3.125% 6/15/31 (a) | | | 4,487,000 | | | | 3,284,468 | |
5 year CMT + 3.796% 4.700% VRN 10/15/51 (a) | | | 3,060,000 | | | | 2,301,955 | |
Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850% | | | | | | | | |
3.379% VRN 2/04/32 (a) | | | 2,485,000 | | | | 2,075,764 | |
Hill City Funding Trust | | | | | | | | |
4.046% 8/15/41 (a) | | | 4,000,000 | | | | 2,692,322 | |
Jackson Financial, Inc. | | | | | | | | |
3.125% 11/23/31 | | | 1,024,000 | | | | 770,095 | |
Liberty Mutual Group, Inc. 5 year CMT + 3.315% | | | | | | | | |
4.125% VRN 12/15/51 (a) | | | 1,220,000 | | | | 945,981 | |
Markel Corp. 5 year CMT + 5.662% | | | | | | | | |
6.000% VRN (c) | | | 1,580,000 | | | | 1,533,722 | |
MetLife Capital Trust IV | | | | | | | | |
7.875% 12/15/37 (a) | | | 725,000 | | | | 773,938 | |
Prudential Financial, Inc. | | | | | | | | |
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | | | 1,025,000 | | | | 1,009,892 | |
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | | | 1,740,000 | | | | 1,624,725 | |
Sammons Financial Group, Inc. | | | | | | | | |
3.350% 4/16/31 (a) | | | 3,805,000 | | | | 2,852,813 | |
4.450% 5/12/27 (a) | | | 270,000 | | | | 246,792 | |
4.750% 4/08/32 (a) | | | 805,000 | | | | 656,661 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
4.270% 5/15/47 (a) | | | 750,000 | | | | 609,133 | |
USF&G Capital I | | | | | | | | |
8.500% 12/15/45 (a) | | | 885,000 | | | | 1,010,718 | |
| | | | | | | 48,075,367 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Internet — 0.4% | | | | | | | | |
Expedia Group, Inc. | | | | | | | | |
4.625% 8/01/27 | | $ | 1,330,000 | | | $ | 1,245,387 | |
Netflix, Inc. | | | | | | | | |
5.875% 11/15/28 | | | 1,687,000 | | | | 1,642,328 | |
| | | | | | | 2,887,715 | |
Investment Companies — 1.7% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
2.150% 7/15/26 | | | 1,850,000 | | | | 1,551,028 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 1,316,000 | | | | 1,260,479 | |
Blackstone Private Credit Fund | | | | | | | | |
1.750% 9/15/24 | | | 335,000 | | | | 305,364 | |
2.625% 12/15/26 | | | 3,425,000 | | | | 2,812,792 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 880,000 | | | | 737,948 | |
3.375% 4/15/24 | | | 2,438,000 | | | | 2,340,298 | |
OWL Rock Core Income Corp. | | | | | | | | |
4.700% 2/08/27 | | | 1,945,000 | | | | 1,704,285 | |
Sixth Street Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 2,440,000 | | | | 2,322,249 | |
| | | | | | | 13,034,443 | |
Iron & Steel — 0.1% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.875% 11/21/36 | | | 1,030,000 | | | | 977,598 | |
Lodging — 0.3% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 2,070,000 | | | | 1,951,824 | |
Media — 0.7% | | | | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
3.900% 6/01/52 | | | 765,000 | | | | 473,686 | |
6.484% 10/23/45 | | | 1,485,000 | | | | 1,305,201 | |
Comcast Corp. | | | | | | | | |
2.887% 11/01/51 | | | 350,000 | | | | 219,217 | |
2.937% 11/01/56 | | | 1,184,000 | | | | 706,821 | |
3.969% 11/01/47 | | | 630,000 | | | | 481,770 | |
Discovery Communications LLC | | | | | | | | |
4.000% 9/15/55 | | | 1,210,000 | | | | 713,404 | |
4.650% 5/15/50 | | | 490,000 | | | | 335,320 | |
Time Warner Cable, Inc. | | | | | | | | |
6.750% 6/15/39 | | | 985,000 | | | | 880,590 | |
| | | | | | | 5,116,009 | |
Metal Fabricate & Hardware — 0.2% | | | | | | | | |
The Timken Co. | | | | | | | | |
4.500% 12/15/28 | | | 1,655,000 | | | | 1,512,191 | |
Mining — 0.2% | | | | | | | | |
Glencore Finance Canada Ltd. | | | | | | | | |
5.550% STEP 10/25/42 (a) | | | 894,000 | | | | 757,862 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Teck Resources Ltd. | | | | | | | | |
6.000% 8/15/40 | | $ | 808,000 | | | $ | 712,715 | |
| | | | | | | 1,470,577 | |
Oil & Gas — 2.3% | | | | | | | | |
BP Capital Markets PLC | | | | | | | | |
5 year CMT + 4.036% 4.375% VRN (c) | | | 2,400,000 | | | | 2,220,000 | |
5 year CMT + 4.398% 4.875% VRN (c) | | | 1,475,000 | | | | 1,264,463 | |
Cenovus Energy, Inc. | | | | | | | | |
6.750% 11/15/39 | | | 765,000 | | | | 759,736 | |
Devon Energy Corp. | | | | | | | | |
5.600% 7/15/41 | | | 800,000 | | | | 716,465 | |
EQT Corp. | | | | | | | | |
3.900% 10/01/27 | | | 2,160,000 | | | | 1,965,877 | |
7.000% STEP 2/01/30 | | | 1,795,000 | | | | 1,852,260 | |
Occidental Petroleum Corp. | | | | | | | | |
6.600% 3/15/46 | | | 1,258,000 | | | | 1,295,740 | |
Ovintiv, Inc. | | | | | | | | |
6.500% 8/15/34 | | | 1,050,000 | | | | 1,022,278 | |
6.500% 2/01/38 | | | 545,000 | | | | 528,954 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 2,435,000 | | | | 1,997,901 | |
5.150% 11/15/29 | | | 1,225,000 | | | | 1,011,107 | |
Petroleos Mexicanos | | | | | | | | |
5.350% 2/12/28 | | | 665,000 | | | | 505,859 | |
6.375% 1/23/45 | | | 595,000 | | | | 328,738 | |
6.500% 3/13/27 | | | 585,000 | | | | 489,938 | |
6.625% 6/15/35 | | | 140,000 | | | | 89,460 | |
Santos Finance Ltd. | | | | | | | | |
3.649% 4/29/31 (a) | | | 1,490,000 | | | | 1,157,415 | |
| | | | | | | 17,206,191 | |
Oil & Gas Services — 0.5% | | | | | | | | |
NOV, Inc. | | | | | | | | |
3.600% 12/01/29 (b) | | | 3,123,000 | | | | 2,639,248 | |
3.950% 12/01/42 | | | 1,506,000 | | | | 1,002,644 | |
| | | | | | | 3,641,892 | |
Pharmaceuticals — 0.7% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.700% 5/14/45 | | | 860,000 | | | | 727,520 | |
Cigna Corp. | | | | | | | | |
4.800% 7/15/46 | | | 880,000 | | | | 753,301 | |
CVS Health Corp. | | | | | | | | |
5.050% 3/25/48 | | | 455,000 | | | | 399,180 | |
6.125% 9/15/39 | | | 560,000 | | | | 571,452 | |
CVS Pass-Through Trust | | | | | | | | |
5.926% 1/10/34 (a) | | | 939,069 | | | | 928,885 | |
7.507% 1/10/32 (a) | | | 784,296 | | | | 829,764 | |
Utah Acquisition Sub, Inc. | | | | | | | | |
5.250% 6/15/46 | | | 1,375,000 | | | | 969,479 | |
| | | | | | | 5,179,581 | |
Pipelines — 2.1% | | | | | | | | |
Energy Transfer LP | | | | | | | | |
4.200% 4/15/27 | | | 885,000 | | | | 818,782 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
6.125% 12/15/45 | | $ | 1,000,000 | | | $ | 877,089 | |
3 mo. USD LIBOR + 4.028% 6.250% VRN (c) | | | 2,370,000 | | | | 1,943,400 | |
EnLink Midstream Partners LP | | | | | | | | |
4.150% 6/01/25 | | | 1,162,000 | | | | 1,078,627 | |
4.850% 7/15/26 | | | 951,000 | | | | 874,399 | |
Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033% | | | | | | | | |
5.250% VRN 8/16/77 | | | 2,475,000 | | | | 2,068,101 | |
MPLX LP 3 mo. USD LIBOR + 4.652% | | | | | | | | |
6.875% VRN (c) | | | 1,775,000 | | | | 1,743,937 | |
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% | | | | | | | | |
6.125% VRN (c) | | | 2,345,000 | | | | 1,911,665 | |
Plains All American Pipeline LP/PAA Finance Corp. | | | | | | | | |
3.800% 9/15/30 | | | 1,150,000 | | | | 963,904 | |
4.700% 6/15/44 | | | 1,195,000 | | | | 856,307 | |
6.650% 1/15/37 | | | 375,000 | | | | 348,192 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | | | | | | | |
6.875% 1/15/29 | | | 2,020,000 | | | | 1,993,760 | |
| | | | | | | 15,478,163 | |
Private Equity — 0.9% | | | | | | | | |
Apollo Management Holdings LP 5 year CMT + 3.266% | | | | | | | | |
4.950% VRN 1/14/50 (a) | | | 1,505,000 | | | | 1,279,250 | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 3,284,000 | | | | 2,688,390 | |
3.375% 1/20/27 | | | 1,745,000 | | | | 1,464,541 | |
KKR Group Finance Co. VIII LLC | | | | | | | | |
3.500% 8/25/50 (a) | | | 710,000 | | | | 487,442 | |
KKR Group Finance Co. X LLC | | | | | | | | |
3.250% 12/15/51 (a) | | | 1,035,000 | | | | 673,482 | |
| | | | | | | 6,593,105 | |
Real Estate Investment Trusts (REITS) — 2.3% | | | | | | | | |
Broadstone Net Lease LLC | | | | | | | | |
2.600% 9/15/31 | | | 1,835,000 | | | | 1,350,334 | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 2,625,000 | | | | 2,048,553 | |
Host Hotels & Resorts LP | | | | | | | | |
2.900% 12/15/31 | | | 580,000 | | | | 425,456 | |
3.500% 9/15/30 | | | 2,120,000 | | | | 1,690,054 | |
Invitation Homes Operating Partnership LP | | | | | | | | |
4.150% 4/15/32 | | | 505,000 | | | | 426,562 | |
Kimco Realty Corp. | | | | | | | | |
4.125% 12/01/46 | | | 710,000 | | | | 528,404 | |
4.450% 9/01/47 | | | 800,000 | | | | 622,459 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
3.375% 2/01/31 | | | 1,625,000 | | | | 1,238,449 | |
Piedmont Operating Partnership LP | | | | | | | | |
2.750% 4/01/32 | | | 1,035,000 | | | | 736,578 | |
Rexford Industrial Realty LP | | | | | | | | |
2.125% 12/01/30 | | | 1,137,000 | | | | 866,542 | |
Service Properties Trust | | | | | | | | |
4.500% 6/15/23 | | | 760,000 | | | | 741,950 | |
4.950% 10/01/29 | | | 1,155,000 | | | | 791,048 | |
Spirit Realty LP | | | | | | | | |
2.700% 2/15/32 | | | 550,000 | | | | 397,184 | |
3.200% 1/15/27 | | | 2,280,000 | | | | 2,000,888 | |
3.400% 1/15/30 | | | 515,000 | | | | 418,288 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.000% 7/15/29 | | $ | 1,290,000 | | | $ | 1,110,421 | |
WEA Finance LLC | | | | | | | | |
2.875% 1/15/27 (a) | | | 2,420,000 | | | | 2,056,293 | |
| | | | | | | 17,449,463 | |
Software — 0.3% | | | | | | | | |
Electronic Arts, Inc. | | | | | | | | |
2.950% 2/15/51 (b) | | | 1,100,000 | | | | 718,803 | |
Microsoft Corp. | | | | | | | | |
2.921% 3/17/52 | | | 2,064,000 | | | | 1,457,796 | |
| | | | | | | 2,176,599 | |
Telecommunications — 1.5% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
3.550% 9/15/55 | | | 5,153,000 | | | | 3,379,828 | |
British Telecommunications PLC | | | | | | | | |
9.625% STEP 12/15/30 | | | 700,000 | | | | 808,461 | |
Crown Castle Towers LLC | | | | | | | | |
4.241% 7/15/28 (a) | | | 2,750,000 | | | | 2,510,665 | |
Sprint Capital Corp. | | | | | | | | |
8.750% 3/15/32 | | | 1,600,000 | | | | 1,854,000 | |
Verizon Communications, Inc. | | | | | | | | |
2.987% 10/30/56 | | | 2,292,000 | | | | 1,362,646 | |
Vodafone Group PLC | | | | | | | | |
5.250% 5/30/48 | | | 1,150,000 | | | | 952,358 | |
| | | | | | | 10,867,958 | |
Transportation — 0.1% | | | | | | | | |
Norfolk Southern Corp. | | | | | | | | |
4.050% 8/15/52 | | | 860,000 | | | | 660,764 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $345,586,704) | | | | | | | 285,553,865 | |
| | | | | | | | |
MUNICIPAL OBLIGATIONS — 0.3% | | | | | | | | |
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bond | | | | | | | | |
4.475% 8/01/39 | | | 2,200,000 | | | | 1,987,454 | |
| | | | | | | | |
TOTAL MUNICIPAL OBLIGATIONS (Cost $2,200,000) | | | | | | | 1,987,454 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.7% | | | | | | | | |
Automobile Asset-Backed Securities — 0.6% | | | | | | | | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | | | | | | | | |
3.450% 1/26/32 (a) | | | 1,087,000 | | | | 1,022,872 | |
Westlake Automobile Receivables Trust, Series 2021-1A, Class E | | | | | | | | |
2.330% 8/17/26 (a) | | | 3,226,000 | | | | 3,021,707 | |
| | | | | | | 4,044,579 | |
Commercial Mortgage-Backed Securities — 9.0% | | | | | | | | |
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% | | | | | | | | |
4.168% FRN 9/15/34 (a) | | | 670,000 | | | | 640,755 | |
BANK, Series 2020-BN30, Class MCDF, | | | | | | | | |
3.016% VRN 12/15/53 (d) | | | 2,100,000 | | | | 1,404,194 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
BBCMS Mortgage Trust | | | | | | | | |
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (d) | | $ | 2,250,000 | | | $ | 1,981,525 | |
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (d) | | | 1,610,000 | | | | 1,368,281 | |
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (d) | | | 1,370,000 | | | | 1,095,655 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (d) | | | 2,200,000 | | | | 1,663,157 | |
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (d) | | | 3,587,000 | | | | 2,537,393 | |
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (d) | | | 2,500,000 | | | | 1,842,673 | |
BGME Trust | | | | | | | | |
Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (d) | | | 12,518,000 | | | | 9,959,446 | |
Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (d) | | | 2,800,000 | | | | 2,154,004 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 10/15/36 (a) | | | 1,469,650 | | | | 1,414,839 | |
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 6/15/38 (a) | | | 1,885,715 | | | | 1,729,037 | |
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 4.818% FRN 9/15/36 (a) | | | 4,999,000 | | | | 4,610,179 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 4.818% FRN 10/15/36 (a) | | | 1,774,800 | | | | 1,714,171 | |
COLEM Mortgage Trust, Series 2022-HLNE, | | | | | | | | |
2.543% VRN 4/12/42 (a) (d) | | | 1,600,000 | | | | 1,253,587 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2012-CR4, Class B, 3.703% 10/15/45 (a) | | | 1,060,000 | | | | 847,588 | |
Series 2014-UBS2, Class AM, 4.199% 3/10/47 | | | 1,375,000 | | | | 1,327,767 | |
Series 2015-CR23, Class C, 4.428% VRN 5/10/48 (d) | | | 1,000,000 | | | | 934,070 | |
Series 2014-LC17, Class C, 4.696% VRN 10/10/47 (d) | | | 2,908,000 | | | | 2,733,430 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% | | | | | | | | |
4.968% FRN 5/15/36 (a) | | | 570,000 | | | | 554,340 | |
DROP Mortgage Trust | | | | | | | | |
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 5.070% FRN 10/15/43 (a) | | | 2,629,000 | | | | 2,499,077 | |
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 5.570% FRN 10/15/43 (a) | | | 908,000 | | | | 850,015 | |
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250% | | | | | | | | |
5.068% FRN 7/15/38 (a) | | | 1,987,766 | | | | 1,898,425 | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, | | | | | | | | |
3.565% VRN 1/05/39 (a) (d) | | | 2,500,000 | | | | 2,053,309 | |
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.568% FRN 8/15/38 (a) | | | 2,581,344 | | | | 2,460,316 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
4.618% FRN 5/15/36 (a) | | | 1,505,000 | | | | 1,442,505 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.568% FRN 3/15/38 (a) | | | 1,902,047 | | | | 1,755,897 | |
MFT Trust | | | | | | | | |
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | | | 919,000 | | | | 730,946 | |
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (d) | | | 2,253,000 | | | | 1,748,114 | |
MHC Commercial Mortgage Trust | | | | | | | | |
Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601% 4.419% FRN 4/15/38 (a) | | | 1,600,000 | | | | 1,496,046 | |
Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% 4.919% FRN 4/15/38 (a) | | | 4,000,000 | | | | 3,723,875 | |
MKT Mortgage Trust | | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2020-525M, Class D, 3.039% VRN 2/12/40 (a) (d) | | $ | 475,000 | | | $ | 340,996 | |
Series 2020-525M, Class E, 3.039% VRN 2/12/40 (a) (d) | | | 976,000 | | | | 723,739 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% | | | | | | | | |
4.918% FRN 7/15/39 (a) | | | 3,761,000 | | | | 3,539,511 | |
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | | | | | | | | |
4.556% 6/16/51 | | | 400,000 | | | | 356,451 | |
| | | | | | | 67,385,313 | |
Other Asset-Backed Securities — 13.1% | | | | | | | | |
522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050% | | | | | | | | |
4.760% FRN 10/20/31 (a) | | | 950,000 | | | | 866,014 | |
AASET Trust | | | | | | | | |
Series 2020-1A, Class A, 3.351% 1/16/40 (a) | | | 861,174 | | | | 694,800 | |
Series 2021-2A, Class B, 3.538% 1/15/47 (a) | | | 1,024,976 | | | | 771,930 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A | | | | | | | | |
4.810% 11/15/48 (a) | | | 1,753,145 | | | | 1,658,850 | |
Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210% | | | | | | | | |
3.722% FRN 10/15/34 (a) | | | 2,000,000 | | | | 1,913,072 | |
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
4.533% FRN 1/23/31 (a) | | | 1,190,000 | | | | 1,135,129 | |
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150% | | | | | | | | |
6.134% FRN 11/20/30 (a) | | | 400,000 | | | | 354,542 | |
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | | | | | | | | |
2.940% 5/25/29 (a) | | | 259,328 | | | | 251,454 | |
Business Jet Securities LLC | | | | | | | | |
Series 2021-1A, Class A, 2.162% 4/15/36 (a) | | | 1,256,708 | | | | 1,103,502 | |
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | | | 434,523 | | | | 396,310 | |
Series 2021-1A, Class C, 5.067% 4/15/36 (a) | | | 803,572 | | | | 732,633 | |
Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150% | | | | | | | | |
4.662% FRN 10/15/34 (a) | | | 700,000 | | | | 624,348 | |
Capital Automotive REIT | | | | | | | | |
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | | | 456,109 | | | | 396,398 | |
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | | | 395,430 | | | | 347,965 | |
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A | | | | | | | | |
3.967% 4/15/39 (a) | | | 400,052 | | | | 345,081 | |
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. TSFR + 2.362% | | | | | | | | |
4.690% FRN 1/15/31 (a) | | | 900,000 | | | | 882,219 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% | | | | | | | | |
3.690% FRN 4/20/31 (a) | | | 750,000 | | | | 731,938 | |
Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220% | | | | | | | | |
3.732% FRN 10/15/36 (a) | | | 2,000,000 | | | | 1,904,732 | |
Eaton Vance CLO Ltd. | | | | | | | | |
Series 2020-2A, Class BR, 3 mo. USD LIBOR + 1.700% 4.212% FRN 1/15/35 (a) | | | 1,400,000 | | | | 1,312,751 | |
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 4.262% FRN 10/15/30 (a) | | | 1,700,000 | | | | 1,614,801 | |
Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 4.562% FRN 10/15/34 (a) | | | 350,000 | | | | 316,110 | |
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150% | | | | | | | | |
3.860% FRN 4/20/34 (a) | | | 2,800,000 | | | | 2,702,050 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
4.360% FRN 10/20/34 (a) | | $ | 350,000 | | | $ | 327,956 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 28,411 | | | | 28,397 | |
Flexential Issuer | | | | | | | | |
Series 2021-1A, Class B, 3.720% 11/27/51 (a) | | | 4,000,000 | | | | 3,500,449 | |
Series 2021-1A, Class C, 6.930% 11/27/51 (a) | | | 4,000,000 | | | | 3,440,851 | |
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050% | | | | | | | | |
4.760% FRN 10/20/32 (a) | | | 1,000,000 | | | | 922,628 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 1,803,049 | | | | 1,528,650 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 979,306 | | | | 879,647 | |
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | | | 473,728 | | | | 435,602 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 818,286 | | | | 753,749 | |
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750% | | | | | | | | |
4.262% FRN 1/15/37 (a) | | | 500,000 | | | | 467,430 | |
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700% | | | | | | | | |
4.410% FRN 1/20/31 (a) | | | 1,290,000 | | | | 1,226,020 | |
Hero Funding Trust | | | | | | | | |
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | | | 407,176 | | | | 382,631 | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 460,578 | | | | 415,369 | |
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | | | 132,848 | | | | 121,973 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 527,325 | | | | 500,463 | |
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | | | 106,801 | | | | 99,119 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 816,172 | | | | 779,064 | |
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | | | | | | | | |
4.458% 12/15/38 (a) | | | 845,410 | | | | 680,800 | |
Horizon Aircraft Finance II Ltd, Series 2019-1, Class A | | | | | | | | |
3.721% 7/15/39 (a) | | | 1,148,506 | | | | 959,629 | |
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A | | | | | | | | |
3.425% 11/15/39 (a) | | | 2,649,911 | | | | 2,218,602 | |
KKR CLO Ltd. | | | | | | | | |
Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 4.433% FRN 3/15/31 (a) | | | 900,000 | | | | 878,042 | |
Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 4.662% FRN 10/15/34 (a) | | | 500,000 | | | | 447,500 | |
KREF Ltd. | | | | | | | | |
Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 4.589% FRN 2/15/39 (a) | | | 2,900,000 | | | | 2,757,942 | |
Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 4.939% FRN 2/15/39 (a) | | | 5,000,000 | | | | 4,753,846 | |
Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 5.139% FRN 2/15/39 (a) | | | 4,100,000 | | | | 3,844,512 | |
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | | | | | | | | |
4.300% 1/15/42 (a) | | | 1,875,685 | | | | 1,463,034 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (a) | | | 1,529,880 | | | | 1,344,937 | |
Madison Park Funding Ltd. | | | | | | | | |
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 4.112% FRN 7/15/30 (a) | | | 1,665,000 | | | | 1,585,440 | |
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 4.759% FRN 1/22/31 (a) | | | 1,000,000 | | | | 922,791 | |
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 4.940% FRN 10/18/30 (a) | | | 620,000 | | | | 578,030 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Mariner Finance Issuance Trust | | | | | | | | |
Series 2021-AA, Class B, 2.330% 3/20/36 (a) | | $ | 1,336,000 | | | $ | 1,187,291 | |
Series 2021-AA, Class C, 2.960% 3/20/36 (a) | | | 637,000 | | | | 553,131 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2018-1A, Class A, 4.010% 6/22/43 (a) | | | 178,383 | | | | 167,892 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | | | 168,706 | | | | 160,880 | |
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
4.162% FRN 7/15/34 (a) | | | 1,800,000 | | | | 1,687,754 | |
Neuberger Berman Loan Advisers CLO Ltd., Series 2015-45A, Class B, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
4.133% FRN 10/14/35 (a) | | | 1,350,000 | | | | 1,265,564 | |
NP SPE LLC, Series 2017-1A, Class A2 | | | | | | | | |
4.219% 10/21/47 (a) | | | 2,260,000 | | | | 2,019,068 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5 | | | | | | | | |
3.390% 11/20/50 (a) | | | 1,200,000 | | | | 1,099,948 | |
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100% | | | | | | | | |
3.810% FRN 7/20/31 (a) | | | 250,000 | | | | 243,477 | |
Oxford Finance Funding Trust, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 896,989 | | | | 887,738 | |
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850% | | | | | | | | |
4.560% FRN 10/20/34 (a) | | | 450,000 | | | | 413,824 | |
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | | | | | | | | |
3.967% 6/15/44 (a) | | | 1,293,659 | | | | 1,162,271 | |
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 | | | | | | | | |
3.858% 12/05/49 (a) | | | 2,258,145 | | | | 1,967,048 | |
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170% | | | | | | | | |
3.952% FRN 10/30/34 (a) | | | 1,000,000 | | | | 953,089 | |
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550% | | | | | | | | |
4.260% FRN 4/20/34 (a) | | | 1,500,000 | | | | 1,384,510 | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090% | | | | | | | | |
3.602% FRN 1/15/30 (a) | | | 2,450,000 | | | | 2,405,525 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2021-1A, Class D, 3.170% 11/20/37 (a) | | | 709,659 | | | | 656,748 | |
Series 2018-3A, Class D, 5.200% 9/20/35 (a) | | | 299,104 | | | | 293,715 | |
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% | | | | | | | | |
5.261% FRN 8/18/31 (a) | | | 1,170,000 | | | | 1,059,025 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
4.284% FRN 11/25/35 (a) | | | 1,393,638 | | | | 1,356,312 | |
Structured Receivables Finance LLC, Series 2010-B, Class A | | | | | | | | |
3.730% 8/15/36 (a) | | | 75,858 | | | | 72,801 | |
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | | | | | | | | |
4.870% 7/20/48 (a) | | | 403,147 | | | | 366,892 | |
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | | | | | | | | |
4.190% 1/15/71 (a) | | | 1,785,419 | | | | 1,584,061 | |
Thrust Engine Leasing | | | | | | | | |
Series 2021-1A, Class A, 4.163% 7/15/40 (a) | | | 2,571,180 | | | | 2,148,143 | |
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | | | 1,228,453 | | | | 993,145 | |
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | | | 925,851 | | | | 760,164 | |
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650% | | | | | | | | |
4.360% FRN 10/20/32 (a) | | | 1,000,000 | | | | 947,136 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280% | | | | | | | | |
3.990% FRN 4/20/33 (a) | | | 2,500,000 | | | | 2,423,190 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Vivint Solar Financing V LLC, Series 2018-1A, Class B | | | | | | | | |
7.370% 4/30/48 (a) | | $ | 2,280,219 | | | $ | 2,112,319 | |
WAVE LLC | | | | | | | | |
Series 2019-1A, Class A, 3.597% 9/15/44 (a) | | | 3,403,600 | | | | 2,692,970 | |
Series 2017-1A, Class A, 3.844% 11/15/42 (a) | | | 344,210 | | | | 262,322 | |
Series 2017-1A, Class C, 6.656% 11/15/42 (a) | | | 2,070,502 | | | | 672,685 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 1,026,799 | | | | 737,972 | |
Wind River CLO Ltd. | | | | | | | | |
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 4.262% FRN 7/15/30 (a) | | | 1,150,000 | | | | 1,081,416 | |
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 4.582% FRN 11/01/31 (a) | | | 900,000 | | | | 849,583 | |
| | | | | | | 97,931,341 | |
Student Loans Asset-Backed Securities — 3.2% | | | | | | | | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2019-A, Class B, 3.810% 12/28/48 (a) | | | 1,453,565 | | | | 1,360,725 | |
Series 2019-A, Class C, 4.460% 12/28/48 (a) | | | 969,289 | | | | 919,942 | |
Education Services of America | | | | | | | | |
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 4.584% FRN 6/25/48 (a) | | | 1,200,000 | | | | 1,191,368 | |
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 4.584% FRN 10/25/56 (a) | | | 1,100,000 | | | | 1,095,012 | |
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% | | | | | | | | |
6.483% FRN 4/25/46 | | | 625,000 | | | | 657,320 | |
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A | | | | | | | | |
3.580% 11/25/38 (a) | | | 666,875 | | | | 627,236 | |
Higher Education Funding I | | | | | | | | |
Series 2004-1, Class B2, 0.000%FRN 1/01/44 (a) (d) | | | 450,000 | | | | 392,204 | |
Series 2004-1, Class B1, 1.796% FRN 1/01/44 (a) (d) | | | 450,000 | | | | 405,152 | |
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX | | | | | | | | |
3.020% 8/25/42 (a) | | | 547,785 | | | | 534,697 | |
Navient Student Loan Trust | | | | | | | | |
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 4.434% FRN 2/25/70 (a) | | | 2,330,000 | | | | 2,297,811 | |
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 4.584% FRN 10/25/58 | | | 940,000 | | | | 930,317 | |
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 4.584% FRN 6/25/65 (a) | | | 2,218,314 | | | | 2,218,318 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2005-4, Class A4A, 1.145% FRN 3/22/32 (d) | | | 195,000 | | | | 192,649 | |
Series 2019-5, Class B, 3.450% 10/25/67 (a) | | | 2,150,000 | | | | 1,800,859 | |
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 3.891% FRN 6/25/41 | | | 415,212 | | | | 376,693 | |
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 4.484% FRN 4/25/67 (a) | | | 3,250,000 | | | | 3,130,737 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.993% FRN 10/25/40 | | | 1,605,311 | | | | 1,505,228 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.073% FRN 1/25/44 | | | 1,453,245 | | | | 1,324,113 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
5.511% VRN 1/25/45 (a) (d) | | | 2,015,937 | | | | 1,924,166 | |
SoFi Professional Loan Program LLC, Series 2017-C, Class C, | | | | | | | | |
4.210% VRN 7/25/40 (a) (d) | | | 990,000 | | | | 896,591 | |
| | | | | | | 23,781,138 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Whole Loan Collateral Collateralized Mortgage Obligations — 2.8% | | | | | | | | |
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | | | | | | | | |
3.986% VRN 8/25/34 (d) | | $ | 6,898 | | | $ | 6,550 | |
CSMC, Series 2021-NQM3, Class M1, | | | | | | | | |
2.317% VRN 4/25/66 (a) (d) | | | 1,330,000 | | | | 982,072 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (d) | | | 3,870,458 | | | | 2,991,743 | |
GS Mortgage-Backed Securities Trust | | | | | | | | |
Series 2021-GR2, Class A2, 2.500% VRN 2/25/52 (a) (d) | | | 2,128,395 | | | | 1,688,416 | |
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (a) (d) | | | 1,413,609 | | | | 1,100,627 | |
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | | | | | | | | |
3.450% VRN 1/25/47 (a) (d) | | | 552,339 | | | | 496,640 | |
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | | | | | | | | |
2.500% VRN 6/25/51 (a) (d) | | | 2,518,764 | | | | 1,946,926 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400% | | | | | | | | |
4.484% FRN 5/25/55 (a) | | | 2,606,000 | | | | 2,503,264 | |
NMLT Trust, Series 2021-INV1, Class M1, | | | | | | | | |
2.711% VRN 5/25/56 (a) (d) | | | 5,400,000 | | | | 3,988,542 | |
Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | | | | | | | | |
2.491% VRN 6/25/56 (a) (d) | | | 2,448,000 | | | | 1,713,070 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-3, Class M1, 2.397% VRN 6/25/66 (a) (d) | | | 3,640,000 | | | | 2,363,492 | |
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 (a) (d) | | | 1,147,000 | | | | 1,058,359 | |
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, | | | | | | | | |
3.946% VRN 11/25/48 (a) (d) | | | 53,437 | | | | 52,433 | |
| | | | | | | 20,892,134 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $242,695,203) | | | | | | | 214,034,505 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATIONS — 0.6% | | | | | | | | |
Mexico Government International Bond | | | | | | | | |
3.500% 2/12/34 | | | 1,965,000 | | | | 1,494,480 | |
4.750% 3/08/44 | | | 3,727,000 | | | | 2,853,369 | |
| | | | | | | 4,347,849 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $5,696,201) | | | | | | | 4,347,849 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 24.8% | | | | | | | | |
Collateralized Mortgage Obligations — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29 | | | 17,264 | | | | 17,730 | |
Pass-Through Securities — 24.8% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RA4245 2.000% 12/01/50 | | | 2,208,453 | | | | 1,801,324 | |
Pool #RA4255 2.000% 1/01/51 | | | 4,624,978 | | | | 3,775,252 | |
Pool #SD0905 3.000% 3/01/52 | | | 3,597,929 | | | | 3,149,397 | |
Pool #J13972 3.500% 1/01/26 | | | 8,649 | | | | 8,267 | |
Pool #C91344 3.500% 11/01/30 | | | 44,400 | | | | 41,566 | |
Pool #C91424 3.500% 1/01/32 | | | 24,972 | | | | 23,440 | |
Pool #RA2483 3.500% 6/01/50 | | | 4,186,398 | | | | 3,803,425 | |
Pool #SD1523 4.000% 8/01/52 | | | 5,436,926 | | | | 5,069,922 | |
Pool #SD1603 4.000% 9/01/52 | | | 3,350,000 | | | | 3,110,887 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #C91239 4.500% 3/01/29 | | $ | 2,218 | | | $ | 2,196 | |
Pool #C91251 4.500% 6/01/29 | | | 14,533 | | | | 14,380 | |
Pool #C90939 5.500% 12/01/25 | | | 6,663 | | | | 6,650 | |
Pool #D97258 5.500% 4/01/27 | | | 3,038 | | | | 3,039 | |
Pool #C91026 5.500% 4/01/27 | | | 12,792 | | | | 12,794 | |
Pool #C91074 5.500% 8/01/27 | | | 1,380 | | | | 1,380 | |
Pool #D97417 5.500% 10/01/27 | | | 7,127 | | | | 7,131 | |
Pool #C91128 5.500% 12/01/27 | | | 852 | | | | 852 | |
Pool #C91148 5.500% 1/01/28 | | | 30,400 | | | | 30,416 | |
Pool #C91176 5.500% 5/01/28 | | | 12,142 | | | | 12,148 | |
Pool #C91217 5.500% 11/01/28 | | | 4,130 | | | | 4,134 | |
Federal National Mortgage Association | | | | | | | | |
Pool #FM8596 2.500% 9/01/51 | | | 2,196,365 | | | | 1,859,082 | |
Pool #FM9104 2.500% 10/01/51 | | | 6,220,761 | | | | 5,261,585 | |
Pool #FM9227 2.500% 10/01/51 | | | 4,588,816 | | | | 3,862,627 | |
Pool #MA3029 3.000% 6/01/32 | | | 1,248,318 | | | | 1,178,014 | |
Pool #MA3090 3.000% 8/01/32 | | | 504,829 | | | | 476,397 | |
Pool #AO8180 3.000% 9/01/42 | | | 10,628 | | | | 9,508 | |
Pool #AB7397 3.000% 12/01/42 | | | 67,127 | | | | 60,054 | |
Pool #AB7401 3.000% 12/01/42 | | | 55,523 | | | | 49,673 | |
Pool #AP8668 3.000% 12/01/42 | | | 82,804 | | | | 74,079 | |
Pool #AR1975 3.000% 12/01/42 | | | 15,621 | | | | 13,975 | |
Pool #AR0306 3.000% 1/01/43 | | | 4,457 | | | | 3,987 | |
Pool #AR5391 3.000% 1/01/43 | | | 16,186 | | | | 14,480 | |
Pool #AL3215 3.000% 2/01/43 | | | 53,540 | | | | 47,899 | |
Pool #AR4109 3.000% 2/01/43 | | | 55,830 | | | | 49,948 | |
Pool #AR4432 3.000% 3/01/43 | | | 24,564 | | | | 21,976 | |
Pool #AT0169 3.000% 3/01/43 | | | 122,874 | | | | 109,927 | |
Pool #AB8809 3.000% 3/01/43 | | | 28,221 | | | | 25,247 | |
Pool #MA1368 3.000% 3/01/43 | | | 105,433 | | | | 94,324 | |
Pool #AR2174 3.000% 4/01/43 | | | 102,965 | | | | 92,116 | |
Pool #FS1075 3.000% 3/01/52 | | | 3,634,565 | | | | 3,184,873 | |
Pool #CB3305 3.000% 4/01/52 | | | 6,565,149 | | | | 5,744,660 | |
Pool #CB3304 3.000% 4/01/52 | | | 5,501,446 | | | | 4,820,772 | |
Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34 | | | 11,834 | | | | 11,990 | |
Pool #AS1304 3.500% 12/01/28 | | | 479,436 | | | | 457,321 | |
Pool #MA1356 3.500% 2/01/43 | | | 3,913,553 | | | | 3,584,586 | |
Pool #CA6096 3.500% 6/01/50 | | | 4,372,153 | | | | 3,970,820 | |
Pool #FM4017 3.500% 8/01/50 | | | 301,920 | | | | 274,017 | |
Pool #CB3842 3.500% 6/01/52 | | | 10,530,706 | | | | 9,511,407 | |
Pool #AA3980 4.500% 4/01/28 | | | 26,441 | | | | 26,172 | |
Pool #CA1909 4.500% 6/01/48 | | | 2,044,853 | | | | 1,978,709 | |
Pool #CB3866 4.500% 6/01/52 | | | 6,210,114 | | | | 5,929,671 | |
Pool #CB4129 4.500% 7/01/52 | | | 5,499,716 | | | | 5,249,635 | |
Pool #AD6437 5.000% 6/01/40 | | | 201,103 | | | | 202,018 | |
Pool #AD6996 5.000% 7/01/40 | | | 1,244,329 | | | | 1,250,509 | |
Pool #AL8173 5.000% 2/01/44 | | | 425,916 | | | | 429,684 | |
Pool #AD0836 5.500% 11/01/28 | | | 24,827 | | | | 24,818 | |
Government National Mortgage Association | | | | | | | | |
Pool #352022 7.000% 11/15/23 | | | 448 | | | | 452 | |
Pool #374440 7.000% 11/15/23 | | | 40 | | | | 40 | |
Pool #491089 7.000% 12/15/28 | | | 3,671 | | | | 3,741 | |
Pool #480539 7.000% 4/15/29 | | | 67 | | | | 70 | |
Pool #488634 7.000% 5/15/29 | | | 1,510 | | | | 1,564 | |
Pool #500928 7.000% 5/15/29 | | | 2,512 | | | | 2,612 | |
Pool #510083 7.000% 7/15/29 | | | 272 | | | | 282 | |
Pool #493723 7.000% 8/15/29 | | | 1,862 | | | | 1,939 | |
Pool #581417 7.000% 7/15/32 | | | 3,495 | | | | 3,621 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Government National Mortgage Association II | | | | | | | | |
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25 | | $ | 1,102 | | | $ | 1,075 | |
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27 | | | 331 | | | | 323 | |
Pool #MA6038 3.000% 7/20/49 | | | 2,259,947 | | | | 2,029,807 | |
Pool #MA6283 3.000% 11/20/49 | | | 4,033,014 | | | | 3,610,342 | |
Pool #MA6409 3.000% 1/20/50 | | | 4,150,264 | | | | 3,709,793 | |
Pool #MA4321 3.500% 3/20/47 | | | 2,494,471 | | | | 2,298,373 | |
Government National Mortgage Association II TBA | | | | | | | | |
2.500% 12/01/51 (f) | | | 2,000,000 | | | | 1,718,594 | |
3.000% 1/01/52 (f) | | | 13,125,000 | | | | 11,593,066 | |
3.500% 3/01/52 (f) | | | 5,770,000 | | | | 5,244,389 | |
4.500% 6/01/52 (f) | | | 2,000,000 | | | | 1,912,656 | |
Uniform Mortgage Backed Securities TBA | | | | | | | | |
2.000% 12/01/51 (f) | | | 8,925,000 | | | | 7,226,461 | |
2.500% 12/01/51 (f) | | | 5,125,000 | | | | 4,303,799 | |
3.000% 2/01/52 (f) | | | 15,525,000 | | | | 13,506,750 | |
3.500% 3/01/52 (f) | | | 2,000,000 | | | | 1,799,375 | |
4.000% 5/01/52 (f) | | | 26,150,000 | | | | 24,250,040 | |
4.500% 6/01/52 (f) | | | 15,875,000 | | | | 15,111,016 | |
5.000% 7/01/52 (f) | | | 6,500,000 | | | | 6,327,344 | |
| | | | | | | 185,492,684 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $201,439,672) | | | | | | | 185,510,414 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 5.9% | | | | | | | | |
U.S. Treasury Bonds & Notes — 5.9% | | | | | | | | |
U.S. Treasury Bond | | | | | | | | |
2.250% 8/15/49 (g) | | | 30,850,000 | | | | 22,573,525 | |
3.500% 2/15/39 | | | 11,900,000 | | | | 11,321,735 | |
U.S. Treasury Note | | | | | | | | |
0.500% 2/28/26 | | | 2,050,000 | | | | 1,809,125 | |
3.000% 7/15/25 | | | 9,000,000 | | | | 8,700,469 | |
| | | | | | | 44,404,854 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,616,324) | | | | | | | 44,404,854 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $852,234,104) | | | | | | | 735,838,941 | |
| | | | | | | | |
| | Number of Shares | | | | |
MUTUAL FUNDS — 0.5% | | | | | | | | |
Diversified Financial Services — 0.5% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (h) | | | 3,471,600 | | | | 3,471,600 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $3,471,600) | | | | | | | 3,471,600 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $855,705,704) | | | | | | | 739,310,541 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 13.9% | | | | | | | | |
| | | | | | | | |
Commercial Paper — 13.5% | | | | | | | | |
Amcor Finance USA, Inc. | | | | | | | | |
3.663% 11/01/22 (a) | | $ | 3,000,000 | | | $ | 2,990,571 | |
Amcor Flexibles North America, Inc. | | | | | | | | |
3.578% 10/12/22 (a) | | | 1,000,000 | | | | 998,873 | |
3.722% 10/20/22 (a) | | | 6,000,000 | | | | 5,988,600 | |
American Electric Power Co., Inc. | | | | | | | | |
3.766% 11/03/22 (a) | | | 10,000,000 | | | | 9,966,453 | |
Evergy Kansas Central, Inc. | | | | | | | | |
3.766% 11/03/22 (a) | | | 10,000,000 | | | | 9,966,453 | |
HP, Inc. | | | | | | | | |
3.711% 10/24/22 (a) | | | 11,000,000 | | | | 10,974,920 | |
National Grid PLC | | | | | | | | |
2.955% 10/07/22 (a) | | | 3,000,000 | | | | 2,998,046 | |
3.026% 10/14/22 (a) | | | 5,000,000 | | | | 4,993,385 | |
Nutrien Ltd. | | | | | | | | |
3.719% 11/10/22 (a) | | | 9,000,000 | | | | 8,963,284 | |
Spire, Inc. | | | | | | | | |
3.018% 10/05/22 (a) | | | 7,000,000 | | | | 6,996,757 | |
Suncor Energy, Inc. | | | | | | | | |
3.712% 10/27/22 (a) | | | 10,000,000 | | | | 9,973,765 | |
TransCanada PipeLines Ltd. | | | | | | | | |
2.954% 10/07/22 (a) | | | 3,000,000 | | | | 2,998,046 | |
2.975% 10/04/22 (a) | | | 1,000,000 | | | | 999,630 | |
3.681% 10/27/22 (a) | | | 10,000,000 | | | | 9,973,765 | |
VF Corp. | | | | | | | | |
3.611% 11/01/22 (a) | | | 9,000,000 | | | | 8,974,176 | |
Vulcan Materials Co. | | | | | | | | |
3.507% 10/13/22 (a) | | | 3,000,000 | | | | 2,996,161 | |
| | | | | | | 100,752,885 | |
Repurchase Agreement — 0.4% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (i) | | | 3,291,636 | | | | 3,291,636 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $104,045,402) | | | | | | | 104,044,521 | |
| | | | | | | | |
TOTAL INVESTMENTS — 113.0% (Cost $959,751,106) (j) | | | | | | | 843,355,062 | |
| | | | | | | | |
Other Assets/(Liabilities) — (13.0)% | | | | | | | (96,809,367) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 746,545,695 | |
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 September 30, 2022, the aggregate market value of these securities amounted to $394,206,945 or 52.80% of net assets. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $4,729,352 or 0.63% of net assets. The Fund received $1,366,528 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) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022. |
(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) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(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 $3,291,864. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.500%, maturity dates ranging from 3/30/23 - 9/15/25, and an aggregate market value, including accrued interest, of $3,357,555. |
(j) | See Note 3 for aggregate cost for federal tax purposes. |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Long Bond | | 12/20/22 | | | 150 | | | $ | 20,382,641 | | | $ | (1,421,703) | |
U.S. Treasury Ultra Bond | | 12/20/22 | | | 143 | | | | 21,125,379 | | | | (1,534,379) | |
U.S. Treasury Note 2 Year | | 12/30/22 | | | 412 | | | | 85,738,238 | | | | (1,131,393) | |
U.S. Treasury Note 5 Year | | 12/30/22 | | | 291 | | | | 32,424,681 | | | | (1,139,907) | |
| | | | | | | | | | | | $ | (5,227,382) | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 12/20/22 | | | 177 | | | $ | (22,014,750) | | | $ | 1,043,016 | |
MML Short-Duration Bond Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 92.7% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 48.7% | | | | | | | | |
Aerospace & Defense — 0.4% | | | | | | | | |
The Boeing Co. | | | | | | | | |
2.196% 2/04/26 | | $ | 575,000 | | | $ | 511,258 | |
Agriculture — 1.7% | | | | | | | | |
BAT Capital Corp. | | | | | | | | |
4.700% 4/02/27 | | | 1,185,000 | | | | 1,105,459 | |
Imperial Brands Finance PLC | | | | | | | | |
3.125% 7/26/24 (a) | | | 400,000 | | | | 382,700 | |
Wens Foodstuffs Group Co. Ltd. | | | | | | | | |
2.349% 10/29/25 (a) | | | 900,000 | | | | 783,448 | |
| | | | | | | 2,271,607 | |
Auto Manufacturers — 2.9% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
2.300% 2/10/25 (b) | | | 645,000 | | | | 571,713 | |
3.350% 11/01/22 | | | 500,000 | | | | 498,694 | |
General Motors Co. | | | | | | | | |
6.125% 10/01/25 | | | 605,000 | | | | 605,354 | |
Harley-Davidson Financial Services, Inc. | | | | | | | | |
3.350% 6/08/25 (a) | | | 449,000 | | | | 420,745 | |
Hyundai Capital America | | | | | | | | |
1.500% 6/15/26 (a) | | | 850,000 | | | | 722,276 | |
Nissan Motor Acceptance Co. LLC | | | | | | | | |
1.850% 9/16/26 (a) | | | 1,235,000 | | | | 1,003,428 | |
| | | | | | | 3,822,210 | |
Banks — 9.9% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (a) | | | 625,000 | | | | 601,185 | |
Arab National Bank 5 year CMT + 2.974% | | | | | | | | |
3.326% VRN 10/28/30 (a) | | | 650,000 | | | | 607,002 | |
Banco Santander SA | | | | | | | | |
1.849% 3/25/26 | | | 600,000 | | | | 518,272 | |
Bank of America Corp. | | | | | | | | |
SOFR + .960% 1.734% VRN 7/22/27 | | | 265,000 | | | | 227,229 | |
3.950% 4/21/25 | | | 178,000 | | | | 171,646 | |
The Bank of Nova Scotia | | | | | | | | |
4.500% 12/16/25 | | | 329,000 | | | | 317,525 | |
Barclays PLC | | | | | | | | |
5.200% 5/12/26 | | | 1,055,000 | | | | 1,002,852 | |
BPCE SA | | | | | | | | |
4.625% 7/11/24 (a) | | | 200,000 | | | | 193,701 | |
5.700% 10/22/23 (a) | | | 805,000 | | | | 795,906 | |
Citigroup, Inc. | | | | | | | | |
4.450% 9/29/27 | | | 465,000 | | | | 430,299 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Credit Suisse AG | | | | | | | | |
6.500% 8/08/23 (a) | | $ | 930,000 | | | $ | 917,910 | |
Credit Suisse Group AG SOFR + .980% | | | | | | | | |
1.305% VRN 2/02/27 (a) | | | 450,000 | | | | 365,328 | |
Danske Bank A/S 1 year CMT + .730% | | | | | | | | |
1.549% VRN 9/10/27 (a) | | | 485,000 | | | | 406,917 | |
Deutsche Bank AG | | | | | | | | |
SOFR + 2.159% 2.222% VRN 9/18/24 | | | 435,000 | | | | 414,699 | |
SOFR + 1.219% 2.311% VRN 11/16/27 | | | 430,000 | | | | 348,944 | |
SOFR + 1.318% 2.552% VRN 1/07/28 | | | 425,000 | | | | 345,178 | |
FNB Corp. | | | | | | | | |
5.150% 8/25/25 | | | 150,000 | | | | 147,978 | |
The Goldman Sachs Group, Inc. | | | | | | | | |
4.250% 10/21/25 | | | 710,000 | | | | 685,023 | |
HSBC Holdings PLC | | | | | | | | |
SOFR + 1.430% 2.999% VRN 3/10/26 | | | 430,000 | | | | 397,634 | |
4.375% 11/23/26 | | | 73,000 | | | | 67,978 | |
JP Morgan Chase & Co. SOFR + .765% | | | | | | | | |
1.470% VRN 9/22/27 | | | 445,000 | | | | 376,460 | |
Macquarie Group Ltd. SOFR + 1.069% | | | | | | | | |
1.340% VRN 1/12/27 (a) | | | 845,000 | | | | 723,456 | |
Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.550% | | | | | | | | |
5.063% VRN 9/12/25 | | | 345,000 | | | | 341,384 | |
Morgan Stanley | | | | | | | | |
SOFR + 1.610% 4.210% VRN 4/20/28 | | | 245,000 | | | | 229,352 | |
4.350% 9/08/26 | | | 1,150,000 | | | | 1,095,711 | |
Natwest Group PLC 1 year CMT + .900% | | | | | | | | |
1.642% VRN 6/14/27 | | | 345,000 | | | | 289,755 | |
Santander UK Group Holdings PLC SOFR + 1.220% | | | | | | | | |
2.469% VRN 1/11/28 | | | 370,000 | | | | 308,109 | |
Societe Generale SA | | | | | | | | |
1 year CMT + 1.100% 1.488% VRN 12/14/26 (a) | | | 525,000 | | | | 444,416 | |
1 year CMT + 1.300% 2.797% VRN 1/19/28 (a) | | | 200,000 | | | | 168,675 | |
Synovus Financial Corp. | | | | | | | | |
5.200% 8/11/25 | | | 246,000 | | | | 241,371 | |
| | | | | | | 13,181,895 | |
Beverages — 0.5% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
4.450% 5/15/25 (a) | | | 378,000 | | | | 362,410 | |
JDE Peet's NV | | | | | | | | |
1.375% 1/15/27 (a) | | | 407,000 | | | | 336,419 | |
| | | | | | | 698,829 | |
Chemicals — 1.7% | | | | | | | | |
Celanese US Holdings LLC | | | | | | | | |
1.400% 8/05/26 | | | 250,000 | | | | 203,920 | |
6.050% 3/15/25 | | | 370,000 | | | | 361,586 | |
MEGlobal Canada ULC | | | | | | | | |
5.000% 5/18/25 (a) | | | 450,000 | | | | 439,449 | |
Syngenta Finance NV | | | | | | | | |
4.441% 4/24/23 (a) | | | 183,000 | | | | 181,925 | |
4.892% 4/24/25 (a) | | | 335,000 | | | | 323,915 | |
Yara International ASA | | | | | | | | |
3.800% 6/06/26 (a) | | | 325,000 | | | | 298,233 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.750% 6/01/28 (a) | | $ | 450,000 | | | $ | 409,867 | |
| | | | | | | 2,218,895 | |
Commercial Services — 0.6% | | | | | | | | |
Triton Container International Ltd. | | | | | | | | |
2.050% 4/15/26 (a) | | | 950,000 | | | | 806,646 | |
Distribution & Wholesale — 1.1% | | | | | | | | |
Ferguson Finance PLC | | | | | | | | |
4.250% 4/20/27 (a) | | | 355,000 | | | | 332,551 | |
Li & Fung Ltd. | | | | | | | | |
4.500% STEP 8/18/25 (a) | | | 1,350,000 | | | | 1,162,501 | |
| | | | | | | 1,495,052 | |
Diversified Financial Services — 4.3% | | | | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
2.450% 10/29/26 | | | 555,000 | | | | 468,387 | |
6.500% 7/15/25 | | | 300,000 | | | | 299,502 | |
Aircastle Ltd. | | | | | | | | |
4.125% 5/01/24 | | | 740,000 | | | | 711,241 | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 310,000 | | | | 246,926 | |
3.950% 7/15/26 (a) | | | 605,000 | | | | 517,468 | |
6.000% 8/15/23 (a) | | | 323,000 | | | | 319,671 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.875% 2/15/25 (a) | | | 1,000,000 | | | | 904,717 | |
4.250% 4/15/26 (a) | | | 250,000 | | | | 224,245 | |
BGC Partners, Inc. | | | | | | | | |
4.375% 12/15/25 | | | 505,000 | | | | 471,753 | |
LeasePlan Corp. NV | | | | | | | | |
2.875% 10/24/24 (a) | | | 280,000 | | | | 262,783 | |
Nomura Holdings, Inc. | | | | | | | | |
5.099% 7/03/25 | | | 420,000 | | | | 413,336 | |
SPARC EM SPC Panama Metro Line 2 SP | | | | | | | | |
0.000% 12/05/22 (a) | | | 86,196 | | | | 85,335 | |
Synchrony Financial | | | | | | | | |
3.950% 12/01/27 | | | 1,025,000 | | | | 889,549 | |
| | | | | | | 5,814,913 | |
Electric — 1.1% | | | | | | | | |
Alliant Energy Finance LLC | | | | | | | | |
1.400% 3/15/26 (a) | | | 260,000 | | | | 221,844 | |
Enel Finance International NV | | | | | | | | |
1.375% 7/12/26 (a) | | | 620,000 | | | | 523,994 | |
4.625% 6/15/27 (a) | | | 377,000 | | | | 350,440 | |
Pacific Gas and Electric Co. | | | | | | | | |
4.950% 6/08/25 | | | 380,000 | | | | 368,926 | |
| | | | | | | 1,465,204 | |
Electronics — 0.2% | | | | | | | | |
Jabil, Inc. | | | | | | | | |
4.250% 5/15/27 | | | 285,000 | | | | 265,777 | |
Energy – Alternate Sources — 0.4% | | | | | | | | |
Contemporary Ruiding Development Ltd. | | | | | | | | |
1.500% 9/09/26 (a) | | | 682,000 | | | | 582,728 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Entertainment — 0.5% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
3.638% 3/15/25 (a) | | $ | 750,000 | | | $ | 710,360 | |
Food — 1.5% | | | | | | | | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
2.500% 1/15/27 (a) | | | 860,000 | | | | 737,089 | |
Pilgrim's Pride Corp. | | | | | | | | |
5.875% 9/30/27 (a) | | | 112,000 | | | | 108,920 | |
Sigma Alimentos SA de CV | | | | | | | | |
4.125% 5/02/26 (a) | | | 450,000 | | | | 404,775 | |
Smithfield Foods, Inc. | | | | | | | | |
4.250% 2/01/27 (a) | | | 775,000 | | | | 718,131 | |
| | | | | | | 1,968,915 | |
Forest Products & Paper — 0.7% | | | | | | | | |
Fibria Overseas Finance Ltd. | | | | | | | | |
4.000% 1/14/25 | | | 1,000,000 | | | | 952,500 | |
Health Care – Services — 0.3% | | | | | | | | |
HCA, Inc. | | | | | | | | |
5.375% 2/01/25 | | | 365,000 | | | | 360,543 | |
Home Builders — 0.3% | | | | | | | | |
Toll Brothers Finance Corp. | | | | | | | | |
4.875% 3/15/27 | | | 375,000 | | | | 344,346 | |
Housewares — 0.2% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
6.375% 9/15/27 | | | 200,000 | | | | 198,046 | |
Insurance — 3.3% | | | | | | | | |
AmTrust Financial Services, Inc. | | | | | | | | |
6.125% 8/15/23 | | | 620,000 | | | | 612,655 | |
Athene Global Funding | | | | | | | | |
1.730% 10/02/26 (a) | | | 445,000 | | | | 377,675 | |
2.500% 1/14/25 (a) | | | 420,000 | | | | 391,764 | |
3.205% 3/08/27 (a) (b) | | | 212,000 | | | | 187,467 | |
CNO Financial Group, Inc. | | | | | | | | |
5.250% 5/30/25 | | | 266,000 | | | | 262,594 | |
CNO Global Funding | | | | | | | | |
1.750% 10/07/26 (a) | | | 714,000 | | | | 617,940 | |
Corebridge Financial, Inc. | | | | | | | | |
3.650% 4/05/27 (a) | | | 235,000 | | | | 214,710 | |
GA Global Funding Trust | | | | | | | | |
2.250% 1/06/27 (a) | | | 685,000 | | | | 593,506 | |
Jackson Financial, Inc. | | | | | | | | |
5.170% 6/08/27 (b) | | | 181,000 | | | | 173,668 | |
Sammons Financial Group, Inc. | | | | | | | | |
4.450% 5/12/27 (a) | | | 1,140,000 | | | | 1,042,012 | |
| | | | | | | 4,473,991 | |
Internet — 0.5% | | | | | | | | |
Expedia Group, Inc. | | | | | | | | |
4.625% 8/01/27 | | | 309,000 | | | | 289,342 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Netflix, Inc. | | | | | | | | |
5.875% 11/15/28 | | $ | 430,000 | | | $ | 418,613 | |
| | | | | | | 707,955 | |
Investment Companies — 2.6% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
3.875% 1/15/26 | | | 535,000 | | | | 486,906 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 163,000 | | | | 156,123 | |
Blackstone Private Credit Fund | | | | | | | | |
2.625% 12/15/26 | | | 890,000 | | | | 730,915 | |
2.700% 1/15/25 | | | 325,000 | | | | 294,632 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 270,000 | | | | 226,416 | |
3.375% 4/15/24 | | | 330,000 | | | | 316,775 | |
Icahn Enterprises LP/ Icahn Enterprises Finance Corp. | | | | | | | | |
4.750% 9/15/24 | | | 445,000 | | | | 416,047 | |
OWL Rock Core Income Corp. | | | | | | | | |
4.700% 2/08/27 | | | 500,000 | | | | 438,120 | |
Sixth Street Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 410,000 | | | | 390,214 | |
| | | | | | | 3,456,148 | |
Iron & Steel — 0.8% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.250% 8/10/26 (b) | | | 1,030,000 | | | | 1,038,814 | |
Lodging — 0.6% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 875,000 | | | | 825,046 | |
Machinery – Construction & Mining — 0.6% | | | | | | | | |
The Weir Group PLC | | | | | | | | |
2.200% 5/13/26 (a) | | | 880,000 | | | | 739,609 | |
Media — 0.4% | | | | | | | | |
Cable Onda SA | | | | | | | | |
4.500% 1/30/30 (a) | | | 630,000 | | | | 495,962 | |
Mining — 1.1% | | | | | | | | |
Alcoa Nederland Holding BV | | | | | | | | |
6.125% 5/15/28 (a) | | | 395,000 | | | | 373,272 | |
Glencore Funding LLC | | | | | | | | |
1.625% 4/27/26 (a) | | | 470,000 | | | | 406,475 | |
Indonesia Asahan Aluminium Persero PT | | | | | | | | |
4.750% 5/15/25 (a) | | | 750,000 | | | | 726,938 | |
| | | | | | | 1,506,685 | |
Multi-National — 0.6% | | | | | | | | |
Africa Finance Corp. | | | | | | | | |
3.125% 6/16/25 (a) | | | 957,000 | | | | 862,735 | |
Oil & Gas — 2.6% | | | | | | | | |
EQT Corp. | | | | | | | | |
6.125% STEP 2/01/25 | | | 869,000 | | | | 870,112 | |
Ovintiv Exploration, Inc. | | | | | | | | |
5.375% 1/01/26 | | | 275,000 | | | | 272,075 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | $ | 685,000 | | | $ | 562,038 | |
Petroleos Mexicanos | | | | | | | | |
4.625% 9/21/23 | | | 1,215,000 | | | | 1,181,521 | |
Ras Laffan Liquefied Natural Gas Co. Ltd. | | | | | | | | |
5.838% 9/30/27 (a) | | | 610,725 | | | | 613,467 | |
| | | | | | | 3,499,213 | |
Pharmaceuticals — 0.9% | | | | | | | | |
Bayer US Finance II LLC | | | | | | | | |
4.250% 12/15/25 (a) | | | 400,000 | | | | 382,884 | |
Viatris, Inc. | | | | | | | | |
2.300% 6/22/27 | | | 1,025,000 | | | | 837,296 | |
| | | | | | | 1,220,180 | |
Pipelines — 1.3% | | | | | | | | |
Energy Transfer LP | | | | | | | | |
4.950% 6/15/28 | | | 975,000 | | | | 908,582 | |
Plains All American Pipeline LP/PAA Finance Corp. | | | | | | | | |
4.500% 12/15/26 | | | 90,000 | | | | 85,028 | |
4.650% 10/15/25 | | | 760,000 | | | | 733,051 | |
| | | | | | | 1,726,661 | |
Private Equity — 0.5% | | | | | | | | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 560,000 | | | | 458,435 | |
3.375% 1/20/27 | | | 270,000 | | | | 226,605 | |
| | | | | | | 685,040 | |
Real Estate — 0.6% | | | | | | | | |
Country Garden Holdings Co. Ltd. | | | | | | | | |
8.000% 1/27/24 (a) | | | 457,000 | | | | 175,925 | |
MAF Sukuk Ltd. | | | | | | | | |
4.500% 11/03/25 (a) | | | 625,000 | | | | 606,250 | |
Shimao Group Holdings Ltd. | | | | | | | | |
6.125% 2/21/24 (a) | | | 400,000 | | | | 48,136 | |
| | | | | | | 830,311 | |
Real Estate Investment Trusts (REITS) — 2.0% | | | | | | | | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 335,000 | | | | 261,434 | |
GLP Capital LP/GLP Financing II, Inc. | | | | | | | | |
5.375% 4/15/26 | | | 348,000 | | | | 332,866 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
4.750% 1/15/28 | | | 779,000 | | | | 714,391 | |
SBA Tower Trust | | | | | | | | |
1.884% 1/15/26 (a) | | | 287,000 | | | | 252,402 | |
Service Properties Trust | | | | | | | | |
4.350% 10/01/24 | | | 935,000 | | | | 822,298 | |
Vornado Realty LP | | | | | | | | |
2.150% 6/01/26 | | | 310,000 | | | | 259,529 | |
| | | | | | | 2,642,920 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Retail — 0.2% | | | | | | | | |
Nordstrom, Inc. | | | | | | | | |
2.300% 4/08/24 | | $ | 268,000 | | | $ | 249,240 | |
4.000% 3/15/27 (b) | | | 86,000 | | | | 71,648 | |
| | | | | | | 320,888 | |
Telecommunications — 1.3% | | | | | | | | |
Telecom Italia SpA | | | | | | | | |
5.303% 5/30/24 (a) | | | 430,000 | | | | 406,063 | |
Tower Bersama Infrastructure Tbk PT | | | | | | | | |
4.250% 1/21/25 (a) | | | 1,445,000 | | | | 1,366,417 | |
| | | | | | | 1,772,480 | |
Toys, Games & Hobbies — 0.5% | | | | | | | | |
Mattel, Inc. | | | | | | | | |
3.375% 4/01/26 (a) | | | 750,000 | | | | 669,328 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $73,607,004) | | | | | | | 65,143,690 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 42.0% | | | | | | | | |
Automobile Asset-Backed Securities — 2.9% | | | | | | | | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | |
Series 2019-3A, Class C, 3.150% 3/20/26 (a) | | | 1,083,000 | | | | 994,426 | |
Series 2018-1A, Class C, 4.730% 9/20/24 (a) | | | 500,000 | | | | 494,224 | |
Carmax Auto Owner Trust, Series 2021-4, Class D | | | | | | | | |
1.480% 3/15/28 | | | 250,000 | | | | 227,424 | |
Carvana Auto Receivables Trust | | | | | | | | |
Series 2021-N1, Class D, 1.500% 1/10/28 | | | 1,243,000 | | | | 1,214,930 | |
Series 2021-P3, Class D, 2.250% 9/11/28 | | | 855,000 | | | | 743,827 | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | | | | | | | | |
3.450% 1/26/32 (a) | | | 215,000 | | | | 202,316 | |
| | | | | | | 3,877,147 | |
Commercial Mortgage-Backed Securities — 6.2% | | | | | | | | |
BAMLL Commercial Mortgage Securities Trust | | | | | | | | |
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (c) | | | 370,000 | | | | 322,147 | |
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (c) | | | 450,000 | | | | 388,602 | |
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 4.168% FRN 9/15/34 (a) | | | 130,000 | | | | 124,326 | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
4.318% FRN 7/15/35 (a) | | | 500,000 | | | | 475,147 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 10/15/36 (a) | | | 268,600 | | | | 258,583 | |
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 6/15/38 (a) | | | 324,542 | | | | 297,576 | |
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 4.818% FRN 9/15/36 (a) | | | 792,000 | | | | 730,398 | |
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 4.818% FRN 10/15/36 (a) | | | 753,100 | | | | 727,373 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% | | | | | | | | |
4.968% FRN 12/15/37 (a) | | | 545,194 | | | | 514,541 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Commercial Mortgage Trust, Series 2014-CR14, Class A2 | | | | | | | | |
3.147% 2/10/47 | | $ | 74,480 | | | $ | 74,774 | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% | | | | | | | | |
4.418% FRN 5/15/36 (a) | | | 200,000 | | | | 191,383 | |
KIND Trust | | | | | | | | |
Series 2021-KIND, Class B, 1 mo. USD LIBOR + 1.350% 4.168% FRN 8/15/38 (a) | | | 546,053 | | | | 525,605 | |
Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% 4.568% FRN 8/15/38 (a) | | | 595,695 | | | | 567,765 | |
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | | | | | | | | |
4.618% FRN 5/15/36 (a) | | | 251,000 | | | | 240,577 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.568% FRN 3/15/38 (a) | | | 365,665 | | | | 337,568 | |
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% | | | | | | | | |
4.919% FRN 4/15/38 (a) | | | 620,000 | | | | 577,201 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B | | | | | | | | |
3.769% 2/15/46 | | | 250,000 | | | | 247,062 | |
One New York Plaza Trust | | | | | | | | |
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 5.018% FRN 1/15/36 (a) | | | 616,000 | | | | 583,773 | |
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 5.568% FRN 1/15/36 (a) | | | 414,000 | | | | 387,360 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% | | | | | | | | |
4.918% FRN 7/15/39 (a) | | | 711,000 | | | | 669,128 | |
| | | | | | | 8,240,889 | |
Home Equity Asset-Backed Securities — 0.0% | | | | | | | | |
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480% | | | | | | | | |
3.564% FRN 10/25/34 (a) | | | 14,341 | | | | 14,379 | |
Other Asset-Backed Securities — 19.3% | | | | | | | | |
321 Henderson Receivables LLC | | | | | | | | |
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 3.018% FRN 3/15/41 (a) | | | 6,101 | | | | 6,058 | |
Series 2010-3A, Class A, 3.820% 12/15/48 (a) | | | 98,969 | | | | 95,715 | |
Adams Outdoor Advertising LP, Series 2018-1, Class A | | | | | | | | |
4.810% 11/15/48 (a) | | | 352,391 | | | | 333,437 | |
Affirm Asset Securitization Trust, Series 2021-A, Class D | | | | | | | | |
3.490% 8/15/25 (a) | | | 950,000 | | | | 930,573 | |
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060% | | | | | | | | |
3.819% FRN 7/22/32 (a) | | | 1,000,000 | | | | 964,112 | |
Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500% | | | | | | | | |
4.240% FRN 7/18/29 (a) | | | 500,000 | | | | 477,152 | |
Aqua Finance Trust, Series 2021-A, Class A | | | | | | | | |
1.540% 7/17/46 (a) | | | 1,123,634 | | | | 1,020,645 | |
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550% | | | | | | | | |
4.260% FRN 10/20/31 (a) | | | 800,000 | | | | 752,742 | |
BHG Securitization Trust, Series 2021-B, Class C | | | | | | | | |
2.240% 10/17/34 (a) | | | 448,000 | | | | 384,351 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
BHG Securitization Trust, Series 2022-C, Class A | | | | | | | | |
5.320% 10/17/35 (a) | | $ | 800,000 | | | $ | 799,978 | |
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980% | | | | | | | | |
3.690% FRN 7/20/29 (a) | | | 550,000 | | | | 537,432 | |
BRE Grand Islander Timeshare Issuer LLC | | | | | | | | |
Series 2017-1A, Class A, 2.940% 5/25/29 (a) | | | 51,108 | | | | 49,557 | |
Series 2019-A, Class B, 3.780% 9/26/33 (a) | | | 158,710 | | | | 151,121 | |
Business Jet Securities LLC | | | | | | | | |
Series 2021-1A, Class A, 2.162% 4/15/36 (a) | | | 524,860 | | | | 460,874 | |
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | | | 142,056 | | | | 129,563 | |
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000% | | | | | | | | |
4.512% FRN 7/15/30 (a) | | | 300,000 | | | | 275,833 | |
Capital Automotive REIT | | | | | | | | |
Series 2020-1A, Class B1, 4.170% 2/15/50 (a) | | | 484,000 | | | | 442,136 | |
Series 2017-1A, Class A2, 4.180% 4/15/47 (a) | | | 583,285 | | | | 565,833 | |
Castlelake Aircraft Structured Trust, Series 2018-1, Class A | | | | | | | | |
4.125% 6/15/43 (a) | | | 143,574 | | | | 125,622 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% | | | | | | | | |
3.690% FRN 4/20/31 (a) | | | 250,000 | | | | 243,979 | |
CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | | | | | | | | |
2.280% 7/15/60 (a) | | | 92,971 | | | | 82,575 | |
CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550% | | | | | | | | |
4.333% FRN 10/24/30 (a) | | | 500,000 | | | | 477,423 | |
DataBank Issuer, Series 2021-1A, Class A2 | | | | | | | | |
2.060% 2/27/51 (a) | | | 991,000 | | | | 851,728 | |
Diamond Resorts Owner Trust, Series 2018-1, Class A | | | | | | | | |
3.700% 1/21/31 (a) | | | 59,743 | | | | 58,210 | |
Elara HGV Timeshare Issuer LLC | | | | | | | | |
Series 2017-A, Class A, 2.690% 3/25/30 (a) | | | 52,058 | | | | 50,465 | |
Series 2016-A, Class A, 2.730% 4/25/28 (a) | | | 88,763 | | | | 85,494 | |
Series 2017-A, Class B, 2.960% 3/25/30 (a) | | | 154,247 | | | | 149,021 | |
Series 2019-A, Class C, 3.450% 1/25/34 (a) | | | 351,131 | | | | 336,030 | |
FCI Funding LLC, Series 2019-1A, Class A | | | | | | | | |
3.630% 2/18/31 (a) | | | 9,598 | | | | 9,594 | |
Firstkey Homes Trust, Series 2021, Class E2 | | | | | | | | |
2.489% 8/17/38 (a) | | | 460,000 | | | | 382,669 | |
FNA VI LLC, Series 21-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 1,334,472 | | | | 1,220,061 | |
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A | | | | | | | | |
1.150% 6/25/51 (a) | | | 683,273 | | | | 631,183 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 372,132 | | | | 315,499 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 179,487 | | | | 161,221 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 176,453 | | | | 162,536 | |
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c) | | | 159,744 | | | | 145,775 | |
Hero Funding Trust | | | | | | | | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 90,367 | | | | 81,496 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 87,536 | | | | 83,077 | |
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | | | 186,225 | | | | 182,829 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 162,609 | | | | 155,216 | |
HIN Timeshare Trust, Series 2020-A, Class B | | | | | | | | |
2.230% 10/09/39 (a) | | | 502,686 | | | | 461,774 | |
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | | | | | | | | |
4.458% 12/15/38 (a) | | | 478,534 | | | | 385,359 | |
Horizon Aircraft Finance III Ltd. | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2019-2, Class A, 3.425% 11/15/39 (a) | | $ | 357,613 | | | $ | 299,406 | |
Series 2019-2, Class B, 4.458% 11/15/39 (a) | | | 683,333 | | | | 468,387 | |
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140% | | | | | | | | |
4.433% FRN 3/15/31 (a) | | | 250,000 | | | | 243,901 | |
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300% | | | | | | | | |
4.239% FRN 2/15/39 (a) | | | 900,000 | | | | 857,781 | |
Lendingpoint Asset Securitization, Series 2021-A, Class B | | | | | | | | |
1.110% 2/15/29 (a) | | | 406,860 | | | | 399,351 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (a) | | | 277,532 | | | | 243,982 | |
Mosaic Solar Loans LLC | | | | | | | | |
Series 2018-2GS, Class A, 4.200% 2/22/44 (a) | | | 141,363 | | | | 130,763 | |
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | | | 33,297 | | | | 31,753 | |
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350% | | | | | | | | |
4.090% FRN 10/18/29 (a) | | | 1,000,000 | | | | 943,332 | |
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400% | | | | | | | | |
4.183% FRN 7/25/30 (a) | | | 250,000 | | | | 237,441 | |
NP SPE II LP, Series 2017-1A, Class A1 | | | | | | | | |
3.372% 10/21/47 (a) | | | 101,013 | | | | 94,816 | |
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3 | | | | | | | | |
2.458% 10/15/52 (a) | | | 164,400 | | | | 163,729 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3 | | | | | | | | |
2.260% 11/20/50 (a) | | | 400,000 | | | | 344,103 | |
Orange Lake Timeshare Trust, Series 2016-A, Class B | | | | | | | | |
2.910% 3/08/29 (a) | | | 55,336 | | | | 55,326 | |
Oxford Finance Funding Trust, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 164,098 | | | | 162,405 | |
Palmer Square CLO Ltd., Series 2020-3A, Class A2R, 3 mo. USD LIBOR + 1.600% | | | | | | | | |
4.505% FRN 11/15/31 (a) | | | 500,000 | | | | 474,253 | |
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400% | | | | | | | | |
3.912% FRN 7/15/31 (a) | | | 350,000 | | | | 331,378 | |
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650% | | | | | | | | |
4.059% FRN 5/25/35 | | | 228,751 | | | | 225,660 | |
SBA Tower Trust, Series 2014-2A, Class C, | | | | | | | | |
3.869% STEP 10/15/49 (a) | | | 430,000 | | | | 415,957 | |
Sierra Receivables Funding LLC | | | | | | | | |
Series 2020-2A, Class C, 3.510% 7/20/37 (a) | | | 43,383 | | | | 40,549 | |
Series 2018-1A, Class B, 4.036% 4/20/35 | | | 138,072 | | | | 134,781 | |
Store Master Funding I-VII, Series 2018-1A, Class A3 | | | | | | | | |
4.400% 10/20/48 (a) | | | 504,833 | | | | 483,742 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% | | | | | | | | |
4.284% FRN 11/25/35 (a) | | | 101,974 | | | | 99,242 | |
TAL Advantage VII LLC, Series 2020-1A, Class B | | | | | | | | |
3.290% 9/20/45 (a) | | | 711,000 | | | | 651,581 | |
Thrust Engine Leasing, Series 2021-1A, Class A | | | | | | | | |
4.163% 7/15/40 (a) | | | 571,373 | | | | 477,365 | |
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180% | | | | | | | | |
3.890% FRN 10/20/31 (a) | | | 400,000 | | | | 390,665 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280% | | | | | | | | |
3.990% FRN 4/20/33 (a) | | | 1,000,000 | | | | 969,276 | |
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 | | | | | | | | |
1.645% 9/15/45 (a) | | | 675,000 | | | | 594,498 | |
VERDE CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100% | | | | | | | | |
3.612% FRN 4/15/32 (a) | | | 500,000 | | | | 479,973 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Welk Resorts LLC, Series 2017-AA, Class B | | | | | | | | |
3.410% 6/15/33 (a) | | $ | 48,333 | | | $ | 48,108 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 197,754 | | | | 142,128 | |
| | | | | | | 25,851,580 | |
Student Loans Asset-Backed Securities — 6.0% | | | | | | | | |
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
4.584% FRN 7/25/58 (a) | | | 140,000 | | | | 128,154 | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2021-A, Class B, 2.320% 7/25/51 (a) | | | 998,844 | | | | 908,185 | |
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 4.284% FRN 12/26/47 (a) | | | 278,172 | | | | 276,513 | |
Series 2017-A, Class B, 4.500% 11/26/46 (a) | | | 311,298 | | | | 273,094 | |
Series 2017-A, Class A1, 1 mo. USD LIBOR + 1.650% 4.734% FRN 11/26/46 (a) | | | 205,559 | | | | 193,717 | |
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | | | | | | | | |
3.002% FRN 1/15/37 | | | 118,466 | | | | 102,553 | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | | | 17,939 | | | | 15,800 | |
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | | | 19,482 | | | | 17,316 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 9,392 | | | | 8,396 | |
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | | | 38,224 | | | | 35,101 | |
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B | | | | | | | | |
2.500% 1/25/30 (a) | | | 39,208 | | | | 36,929 | |
DRB Prime Student Loan Trust, Series 2017-B, Class CFX | | | | | | | | |
3.610% 8/25/42 (a) | | | 172,101 | | | | 165,205 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class B | | | | | | | | |
4.000% 8/25/42 (a) | | | 49,231 | | | | 45,638 | |
Higher Education Funding I, Series 2004-1, Class B1, | | | | | | | | |
FRN 1/01/44 (a) (c) | | | — | | | | 855,320 | |
Laurel Road Prime Student Loan Trust | | | | | | | | |
Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | | | 256,646 | | | | 243,846 | |
Series 2018-B, Class BFX, 3.720% 5/26/43 (a) | | | 191,151 | | | | 181,123 | |
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B | | | | | | | | |
2.770% 1/15/69 (a) | | | 2,200,000 | | | | 1,876,198 | |
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | | | | | | | | |
4.834% FRN 12/26/40 (a) | | | 11,249 | | | | 11,246 | |
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% | | | | | | | | |
4.584% FRN 6/25/54 (a) | | | 130,000 | | | | 124,357 | |
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, | | | | | | | | |
2.320% FRN 10/25/42 (c) | | | 300,000 | | | | 287,224 | |
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% | | | | | | | | |
3.105% FRN 2/15/45 | | | 219,897 | | | | 204,863 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 2.983% FRN 1/27/42 | | | 682,375 | | | | 621,628 | |
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.993% FRN 10/25/40 | | | 310,956 | | | | 291,570 | |
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.073% FRN 1/25/44 | | | 367,136 | | | | 334,513 | |
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 3.083% FRN 7/25/25 | | | 19,067 | | | | 19,054 | |
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 3.083% FRN 1/25/41 | | | 283,294 | | | | 265,852 | |
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 3.093% FRN 1/25/55 | | | 110,387 | | | | 104,729 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 3.568% FRN 11/15/35 (a) | | | 263,131 | | | | 251,313 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 3.918% FRN 9/15/34 (a) | | $ | 79,925 | | | $ | 80,221 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 4.034% FRN 1/25/39 (a) | | | 9,935 | | | | 9,906 | |
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 4.284% FRN 6/25/33 (a) | | | 18,401 | | | | 18,405 | |
| | | | | | | 7,987,969 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 7.5% | | | | | | | | |
Angel Oak Mortgage Trust | | | | | | | | |
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (c) | | | 97,229 | | | | 87,330 | |
Series 2021-1, Class M1, 2.215% VRN 1/25/66 (a) (c) | | | 314,000 | | | | 265,987 | |
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | | | | | | | | |
3.986% VRN 8/25/34 (c) | | | 1,314 | | | | 1,248 | |
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, | | | | | | | | |
2.406% VRN 5/25/60 (a) (c) | | | 79,211 | | | | 76,623 | |
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% | | | | | | | | |
3.394% FRN 8/25/49 (a) | | | 326,755 | | | | 312,090 | |
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1, | | | | | | | | |
2.472% VRN 5/25/66 (a) (c) | | | 500,000 | | | | 357,702 | |
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3, | | | | | | | | |
1.538% VRN 2/25/66 (a) (c) | | | 539,262 | | | | 466,849 | |
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | | | | | | | | |
1.128% VRN 5/25/65 (a) (c) | | | 157,173 | | | | 147,888 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (c) | | | 588,852 | | | | 455,164 | |
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, | | | | | | | | |
1.657% VRN 5/25/65 (a) (c) | | | 18,785 | | | | 18,611 | |
Lakeview Trust, Series 2022-1, Class M3 | | | | | | | | |
4.585% 4/25/52 (a) | | | 1,600,000 | | | | 1,539,327 | |
MFRA Trust, Series 2021-NQM2, Class A3, | | | | | | | | |
1.472% VRN 11/25/64 (a) (c) | | | 422,197 | | | | 339,370 | |
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, | | | | | | | | |
3.750% VRN 11/25/56 (a) (c) | | | 125,831 | | | | 119,238 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050% | | | | | | | | |
4.134% FRN 5/25/55 (a) | | | 927,000 | | | | 902,195 | |
NLT Trust | | | | | | | | |
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (c) | | | 747,840 | | | | 613,166 | |
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (c) | | | 700,000 | | | | 464,527 | |
Onslow Bay Financial LLC | | | | | | | | |
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (c) | | | 842,734 | | | | 625,034 | |
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (c) | | | 333,000 | | | | 258,904 | |
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | | | | | | | | |
5.934% FRN 2/25/23 (a) | | | 250,000 | | | | 247,470 | |
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, | | | | | | | | |
3.000% VRN 10/25/31 (a) (c) | | | 217,901 | | | | 198,551 | |
Starwood Mortgage Residential Trust | | | | | | | | |
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (c) | | | 222,932 | | | | 186,321 | |
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (c) | | | 532,984 | | | | 508,433 | |
Starwood Residential Mortgage Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (c) | | | 646,554 | | | | 580,737 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (c) | | | 214,743 | | | | 166,619 | |
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (c) | | | 338,784 | | | | 329,987 | |
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c) | | | 265,000 | | | | 251,195 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c) | | $ | 548,000 | | | $ | 467,095 | |
| | | | | | | 9,987,661 | |
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1% | | | | | | | | |
Onslow Bay Financial LLC, Series 2020-INV1, Class A21, | | | | | | | | |
3.500% VRN 12/25/49 (a) (c) | | | 150,465 | | | | 134,163 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $61,189,215) | | | | | | | 56,093,788 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (d) — 1.5% | | | | | | | | |
Pass-Through Securities — 0.0% | | | | | | | | |
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34 | | | 2,254 | | | | 2,284 | |
Government National Mortgage Association | | | | | | | | |
Pool #352022 7.000% 11/15/23 | | | 90 | | | | 91 | |
Pool #491089 7.000% 12/15/28 | | | 708 | | | | 721 | |
Pool #500928 7.000% 5/15/29 | | | 465 | | | | 484 | |
Pool #510083 7.000% 7/15/29 | | | 52 | | | | 54 | |
Pool #493723 7.000% 8/15/29 | | | 350 | | | | 364 | |
Pool #581417 7.000% 7/15/32 | | | 666 | | | | 690 | |
Government National Mortgage Association II | | | | | | | | |
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25 | | | 211 | | | | 205 | |
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27 | | | 61 | | | | 59 | |
| | | | | | | 4,952 | |
Whole Loans — 1.5% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | | | | | | | | |
Series 2021-DNA6, Class M2, 30 day SOFR + 1.500% 3.781% FRN 10/25/41 (a) | | | 1,046,000 | | | | 969,709 | |
Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 4.581% FRN 8/25/33 (a) | | | 1,121,000 | | | | 1,080,200 | |
| | | | | | | 2,049,909 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,171,596) | | | | | | | 2,054,861 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 0.5% | | | | | | | | |
U.S. Treasury Bonds & Notes — 0.5% | | | | | | | | |
U.S. Treasury Note | | | | | | | | |
1.750% 12/31/24 (e) | | | 700,000 | | | | 663,195 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $711,922) | | | | | | | 663,195 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $137,679,737) | | | | | | | 123,955,534 | |
| | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
MUTUAL FUNDS — 1.5% | | | | | | | | |
| | | | | | | | |
Diversified Financial Services — 1.5% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (f) | | | 1,997,305 | | | $ | 1,997,305 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $1,997,305) | | | | | | | 1,997,305 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $139,677,042) | | | | | | | 125,952,839 | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 5.7% | | | | | | | | |
Commercial Paper — 3.7% | | | | | | | | |
National Grid PLC | | | | | | | | |
2.955% 10/07/22 (a) | | $ | 3,000,000 | | | | 2,998,046 | |
Tampa Electric Co. | | | | | | | | |
3.508% 10/14/22 (a) | | | 2,000,000 | | | | 1,997,608 | |
| | | | | | | 4,995,654 | |
Repurchase Agreement — 2.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (g) | | | 2,663,567 | | | | 2,663,567 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $7,659,625) | | | | | | | 7,659,221 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9% (Cost $147,336,667) (h) | | | | | | | 133,612,060 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.1% | | | | | | | 138,810 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 133,750,870 | |
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 September 30, 2022, the aggregate market value of these securities amounted to $89,960,465 or 67.26% of net assets. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $1,957,853 or 1.46% of net assets. (Note 2). |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022. |
(d) | 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. |
(e) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(f) | Represents investment of security lending cash collateral. (Note 2). |
(g) | Maturity value of $2,663,751. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $2,716,887. |
(h) | See Note 3 for aggregate cost for federal tax purposes. |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/ Net Unrealized Appreciation/ (Depreciation) | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 12/20/22 | | | 5 | | | $ | (630,023) | | | $ | 37,601 | |
U.S. Treasury Note 2 Year | | 12/30/22 | | | 46 | | | | (9,570,739) | | | | 122,770 | |
U.S. Treasury Note 5 Year | | 12/30/22 | | | 282 | | | | (31,418,911) | | | | 1,101,708 | |
| | | | | | | | | | | | $ | 1,262,079 | |
Currency Legend
MML Small Cap Equity Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 98.9% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 98.9% | | | | | | | | |
Basic Materials — 2.3% | | | | | | | | |
Chemicals — 0.7% | | | | | | | | |
NewMarket Corp. | | | 2,358 | | | $ | 709,357 | |
Mining — 1.6% | | | | | | | | |
Compass Minerals International, Inc. | | | 23,917 | | | | 921,522 | |
Kaiser Aluminum Corp. | | | 13,392 | | | | 821,599 | |
| | | | | | | 1,743,121 | |
| | | | | | | 2,452,478 | |
Communications — 2.6% | | | | | | | | |
Internet — 2.6% | | | | | | | | |
Q2 Holdings, Inc. (a) | | | 32,218 | | | | 1,037,420 | |
Ziff Davis, Inc. (a) | | | 25,329 | | | | 1,734,530 | |
| | | | | | | 2,771,950 | |
| | | | | | | 2,771,950 | |
Consumer, Cyclical — 13.9% | | | | | | | | |
Airlines — 0.6% | | | | | | | | |
Spirit Airlines, Inc. (a) | | | 34,801 | | | | 654,955 | |
Auto Parts & Equipment — 3.3% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 22,733 | | | | 767,466 | |
Dorman Products, Inc. (a) | | | 16,719 | | | | 1,372,964 | |
Visteon Corp. (a) | | | 13,439 | | | | 1,425,341 | |
| | | | | | | 3,565,771 | |
Entertainment — 1.0% | | | | | | | | |
Cedar Fair LP (b) | | | 26,828 | | | | 1,103,972 | |
Home Builders — 0.6% | | | | | | | | |
Skyline Champion Corp. (a) | | | 12,251 | | | | 647,710 | |
Home Furnishing — 0.5% | | | | | | | | |
Tempur Sealy International, Inc. | | | 21,992 | | | | 530,887 | |
Leisure Time — 0.6% | | | | | | | | |
Topgolf Callaway Brands Corp. (a) (c) | | | 33,081 | | | | 637,140 | |
Lodging — 0.8% | | | | | | | | |
Boyd Gaming Corp. | | | 17,680 | | | | 842,452 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Retail — 6.5% | | | | | | | | |
AutoNation, Inc. (a) | | | 20,444 | | | $ | 2,082,630 | |
BJ's Wholesale Club Holdings, Inc. (a) | | | 31,253 | | | | 2,275,531 | |
Suburban Propane Partners LP (b) | | | 79,046 | | | | 1,189,642 | |
Texas Roadhouse, Inc. | | | 15,857 | | | | 1,383,682 | |
| | | | | | | 6,931,485 | |
| | | | | | | 14,914,372 | |
Consumer, Non-cyclical — 19.8% | | | | | | | | |
Biotechnology — 2.7% | | | | | | | | |
ADMA Biologics, Inc. (a) | | | 133,541 | | | | 324,505 | |
Avid Bioservices, Inc. (a) (c) | | | 58,676 | | | | 1,121,885 | |
Gossamer Bio, Inc. (a) (c) | | | 24,815 | | | | 297,284 | |
Intra-Cellular Therapies, Inc. (a) | | | 17,472 | | | | 812,972 | |
TransMedics Group, Inc. (a) | | | 7,769 | | | | 324,278 | |
| | | | | | | 2,880,924 | |
Commercial Services — 4.6% | | | | | | | | |
ASGN, Inc. (a) | | | 20,523 | | | | 1,854,664 | |
Korn Ferry | | | 32,479 | | | | 1,524,889 | |
Paya Holdings, Inc. (a) | | | 86,482 | | | | 528,405 | |
Payoneer Global, Inc. (a) | | | 160,921 | | | | 973,572 | |
| | | | | | | 4,881,530 | |
Food — 0.5% | | | | | | | | |
Lancaster Colony Corp. | | | 3,911 | | | | 587,745 | |
Health Care – Products — 4.7% | | | | | | | | |
AtriCure, Inc. (a) | | | 25,443 | | | | 994,821 | |
Azenta, Inc. | | | 26,652 | | | | 1,142,305 | |
BioLife Solutions, Inc. (a) | | | 26,301 | | | | 598,348 | |
Inspire Medical Systems, Inc. (a) | | | 9,863 | | | | 1,749,400 | |
Tandem Diabetes Care, Inc. (a) | | | 11,160 | | | | 534,006 | |
| | | | | | | 5,018,880 | |
Health Care – Services — 5.1% | | | | | | | | |
Acadia Healthcare Co., Inc. (a) | | | 30,800 | | | | 2,407,944 | |
Addus HomeCare Corp. (a) | | | 16,966 | | | | 1,615,842 | |
Tenet Healthcare Corp. (a) | | | 26,645 | | | | 1,374,349 | |
| | | | | | | 5,398,135 | |
Pharmaceuticals — 2.2% | | | | | | | | |
BellRing Brands, Inc. (a) | | | 60,614 | | | | 1,249,255 | |
Collegium Pharmaceutical, Inc. (a) | | | 33,757 | | | | 540,787 | |
Heska Corp. (a) | | | 1,546 | | | | 112,734 | |
Prometheus Biosciences, Inc. (a) | | | 7,721 | | | | 455,616 | |
| | | | | | | 2,358,392 | |
| | | | | | | 21,125,606 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Energy — 5.2% | | | | | | | | |
Oil & Gas — 3.7% | | | | | | | | |
Chesapeake Energy Corp. (c) | | | 16,193 | | | $ | 1,525,542 | |
CNX Resources Corp. (a) | | | 91,173 | | | | 1,415,917 | |
Helmerich & Payne, Inc. | | | 26,391 | | | | 975,675 | |
| | | | | | | 3,917,134 | |
Oil & Gas Services — 0.8% | | | | | | | | |
Nov, Inc. | | | 55,843 | | | | 903,540 | |
Pipelines — 0.7% | | | | | | | | |
Equitrans Midstream Corp. | | | 93,612 | | | | 700,218 | |
| | | | | | | 5,520,892 | |
Financial — 22.1% | | | | | | | | |
Banks — 7.2% | | | | | | | | |
The Bank of NT Butterfield & Son Ltd. | | | 19,271 | | | | 625,537 | |
BankUnited, Inc. | | | 40,777 | | | | 1,393,350 | |
Cathay General Bancorp | | | 34,134 | | | | 1,312,794 | |
Columbia Banking System, Inc. | | | 32,153 | | | | 928,900 | |
FB Financial Corp. | | | 13,738 | | | | 524,929 | |
Heritage Financial Corp. | | | 34,035 | | | | 900,907 | |
Silvergate Capital Corp. Class A (a) | | | 5,987 | | | | 451,120 | |
Webster Financial Corp. | | | 33,731 | | | | 1,524,641 | |
| | | | | | | 7,662,178 | |
Diversified Financial Services — 4.0% | | | | | | | | |
Federated Hermes, Inc. | | | 39,827 | | | | 1,319,070 | |
Focus Financial Partners, Inc. Class A (a) | | | 34,993 | | | | 1,102,630 | |
Stifel Financial Corp. | | | 37,078 | | | | 1,924,719 | |
| | | | | | | 4,346,419 | |
Insurance — 1.5% | | | | | | | | |
Definity Financial Corp. | | | 56,423 | | | | 1,585,652 | |
Real Estate Investment Trusts (REITS) — 5.1% | | | | | | | | |
DiamondRock Hospitality Co. | | | 168,675 | | | | 1,266,749 | |
Four Corners Property Trust, Inc. | | | 70,587 | | | | 1,707,500 | |
National Storage Affiliates Trust | | | 39,181 | | | | 1,629,146 | |
Sabra Health Care REIT, Inc. | | | 64,829 | | | | 850,556 | |
| | | | | | | 5,453,951 | |
Savings & Loans — 4.3% | | | | | | | | |
Berkshire Hills Bancorp, Inc. (c) | | | 34,356 | | | | 937,919 | |
OceanFirst Financial Corp. | | | 41,713 | | | | 777,530 | |
Pacific Premier Bancorp, Inc. | | | 42,448 | | | | 1,314,190 | |
WSFS Financial Corp. | | | 33,595 | | | | 1,560,824 | |
| | | | | | | 4,590,463 | |
| | | | | | | 23,638,663 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Industrial — 18.3% | | | | | | | | |
Aerospace & Defense — 1.5% | | | | | | | | |
Curtiss-Wright Corp. | | | 11,652 | | | $ | 1,621,492 | |
Building Materials — 2.2% | | | | | | | | |
Masonite International Corp. (a) | | | 14,028 | | | | 1,000,056 | |
Summit Materials, Inc. Class A (a) | | | 57,932 | | | | 1,388,051 | |
| | | | | | | 2,388,107 | |
Electrical Components & Equipment — 0.7% | | | | | | | | |
Belden, Inc. | | | 13,086 | | | | 785,422 | |
Electronics — 1.8% | | | | | | | | |
Atkore, Inc. (a) | | | 17,047 | | | | 1,326,427 | |
Itron, Inc. (a) | | | 14,171 | | | | 596,741 | |
| | | | | | | 1,923,168 | |
Engineering & Construction — 1.8% | | | | | | | | |
Primoris Services Corp. | | | 29,609 | | | | 481,146 | |
TopBuild Corp. (a) | | | 8,967 | | | | 1,477,583 | |
| | | | | | | 1,958,729 | |
Environmental Controls — 1.2% | | | | | | | | |
Evoqua Water Technologies Corp. (a) | | | 40,025 | | | | 1,323,627 | |
Hand & Machine Tools — 1.3% | | | | | | | | |
Regal Rexnord Corp. | | | 9,636 | | | | 1,352,509 | |
Machinery – Construction & Mining — 1.2% | | | | | | | | |
BWX Technologies, Inc. | | | 15,862 | | | | 798,969 | |
Vertiv Holdings Co. | | | 51,778 | | | | 503,282 | |
| | | | | | | 1,302,251 | |
Machinery – Diversified — 1.3% | | | | | | | | |
Zurn Elkay Water Solutions Corp. | | | 54,149 | | | | 1,326,650 | |
Metal Fabricate & Hardware — 1.3% | | | | | | | | |
Valmont Industries, Inc. | | | 4,944 | | | | 1,328,057 | |
Miscellaneous - Manufacturing — 1.3% | | | | | | | | |
EnPro Industries, Inc. | | | 15,589 | | | | 1,324,753 | |
Packaging & Containers — 1.0% | | | | | | | | |
Silgan Holdings, Inc. | | | 25,731 | | | | 1,081,731 | |
Transportation — 1.7% | | | | | | | | |
CryoPort, Inc. (a) | | | 35,520 | | | | 865,267 | |
Hub Group, Inc. Class A (a) | | | 13,761 | | | | 949,234 | |
| | | | | | | 1,814,501 | |
| | | | | | | 19,530,997 | |
Technology — 11.0% | | | | | | | | |
Computers — 3.0% | | | | | | | | |
CACI International, Inc. Class A (a) | | | 6,261 | | | | 1,634,497 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
KBR, Inc. | | | 36,038 | | | $ | 1,557,562 | |
| | | | | | | 3,192,059 | |
Semiconductors — 2.7% | | | | | | | | |
Allegro MicroSystems, Inc. (a) | | | 35,305 | | | | 771,414 | |
Ambarella, Inc. (a) | | | 10,111 | | | | 568,036 | |
MACOM Technology Solutions Holdings, Inc. (a) | | | 14,063 | | | | 728,323 | |
MKS Instruments, Inc. | | | 10,245 | | | | 846,647 | |
| | | | | | | 2,914,420 | |
Software — 5.3% | | | | | | | | |
Consensus Cloud Solutions, Inc. (a) | | | 13,297 | | | | 628,948 | |
Coupa Software, Inc. (a) | | | 8,205 | | | | 482,454 | |
Envestnet, Inc. (a) | | | 11,685 | | | | 518,814 | |
HashiCorp, Inc. Class A (a) (c) | | | 18,711 | | | | 602,307 | |
Paycor HCM, Inc. (a) | | | 60,377 | | | | 1,784,744 | |
Progress Software Corp. | | | 15,411 | | | | 655,738 | |
Sprout Social, Inc. Class A (a) | | | 15,861 | | | | 962,446 | |
| | | | | | | 5,635,451 | |
| | | | | | | 11,741,930 | |
Utilities — 3.7% | | | | | | | | |
Electric — 1.2% | | | | | | | | |
Avista Corp. | | | 34,292 | | | | 1,270,518 | |
Gas — 2.5% | | | | | | | | |
National Fuel Gas Co. | | | 26,109 | | | | 1,607,009 | |
Northwest Natural Holding Co. | | | 25,865 | | | | 1,122,024 | |
| | | | | | | 2,729,033 | |
| | | | | | | 3,999,551 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $84,676,772) | | | | | | | 105,696,439 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $84,676,772) | | | | | | | 105,696,439 | |
| | | | | | | | |
| | | | | | | | |
MUTUAL FUNDS — 0.7% | | | | | | | | |
Diversified Financial Services — 0.7% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (d) | | | 785,975 | | | | 785,975 | |
| | | | | | | | |
TOTAL MUTUAL FUNDS (Cost $785,975) | | | | | | | 785,975 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $85,462,747) | | | | | | | 106,482,414 | |
| | | | | | | | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 1.9% | | | | | | | | |
| | | | | | | | |
Repurchase Agreement — 1.9% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (e) | | $ | 1,997,482 | | | $ | 1,997,482 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,997,482) | | | | | | | 1,997,482 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.5% (Cost $87,460,229) (f) | | | | | | | 108,479,896 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.5)% | | | | | | | (1,600,052) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 106,879,844 | |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Security is a Master Limited Partnership. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $3,484,445 or 3.26% of net assets. The Fund received $2,784,838 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | Represents investment of security lending cash collateral. (Note 2). |
(e) | Maturity value of $1,997,620. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $2,037,518. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
MML Special Situations Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 100.2% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 100.2% | | | | | | | | |
Basic Materials — 5.8% | | | | | | | | |
Chemicals — 5.8% | | | | | | | | |
Dow, Inc. | | | 31,486 | | | $ | 1,383,180 | |
Communications — 20.7% | | | | | | | | |
Internet — 20.7% | | | | | | | | |
Airbnb, Inc. Class A (a) | | | 16,530 | | | | 1,736,311 | |
Bumble, Inc. Class A (a) | | | 3,137 | | | | 67,414 | |
Chewy, Inc. Class A (a) | | | 3,923 | | | | 120,515 | |
DoorDash, Inc., Class A (a) | | | 7,218 | | | | 356,930 | |
Lyft, Inc. Class A (a) | | | 13,062 | | | | 172,027 | |
Marqeta, Inc. Class A (a) | | | 15,721 | | | | 111,933 | |
Pinterest, Inc. Class A (a) | | | 24,852 | | | | 579,052 | |
Uber Technologies, Inc. (a) | | | 65,677 | | | | 1,740,440 | |
| | | | | | | 4,884,622 | |
| | | | | | | 4,884,622 | |
Consumer, Cyclical — 5.6% | | | | | | | | |
Apparel — 0.3% | | | | | | | | |
Kontoor Brands, Inc. | | | 2,011 | | | | 67,590 | |
Auto Manufacturers — 1.0% | | | | | | | | |
Rivian Automotive, Inc. Class A (a) | | | 6,950 | | | | 228,724 | |
Distribution & Wholesale — 1.3% | | | | | | | | |
IAA, Inc. (a) | | | 5,795 | | | | 184,571 | |
Resideo Technologies, Inc. (a) | | | 6,288 | | | | 119,849 | |
| | | | | | | 304,420 | |
Entertainment — 1.5% | | | | | | | | |
Madison Square Garden Entertainment Corp. (a) | | | 1,100 | | | | 48,499 | |
Penn Entertainment, Inc. (a) | | | 7,069 | | | | 194,468 | |
Warner Music Group Corp. Class A | | | 4,984 | | | | 115,679 | |
| | | | | | | 358,646 | |
Lodging — 1.0% | | | | | | | | |
Wyndham Hotels & Resorts, Inc. | | | 3,983 | | | | 244,357 | |
Retail — 0.5% | | | | | | | | |
Petco Health & Wellness Co., Inc. (a) | | | 3,541 | | | | 39,518 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Victoria's Secret & Co. (a) | | | 2,937 | | | $ | 85,525 | |
| | | | | | | 125,043 | |
| | | | | | | 1,328,780 | |
Consumer, Non-cyclical — 18.9% | | | | | | | | |
Biotechnology — 10.7% | | | | | | | | |
Corteva, Inc. | | | 31,296 | | | | 1,788,566 | |
Maravai LifeSciences Holdings, Inc. Class A (a) | | | 4,721 | | | | 120,527 | |
Royalty Pharma PLC Class A | | | 15,625 | | | | 627,813 | |
| | | | | | | 2,536,906 | |
Commercial Services — 2.2% | | | | | | | | |
Affirm Holdings, Inc. (a) | | | 7,143 | | | | 134,003 | |
Driven Brands Holdings, Inc. (a) | | | 2,390 | | | | 66,872 | |
GXO Logistics, Inc. (a) | | | 4,400 | | | | 154,264 | |
Toast, Inc., Class A (a) | | | 10,537 | | | | 176,178 | |
| | | | | | | 531,317 | |
Cosmetics & Personal Care — 0.1% | | | | | | | | |
Olaplex Holdings, Inc. (a) | | | 3,062 | | | | 29,242 | |
Health Care – Products — 2.2% | | | | | | | | |
Avantor, Inc. (a) | | | 26,393 | | | | 517,303 | |
Health Care – Services — 0.5% | | | | | | | | |
agilon health, Inc. (a) | | | 2,111 | | | | 49,440 | |
Enhabit, Inc. (a) | | | 2,158 | | | | 30,298 | |
Sotera Health Co. (a) | | | 4,281 | | | | 29,196 | |
| | | | | | | 108,934 | |
Household Products & Wares — 0.3% | | | | | | | | |
Reynolds Consumer Products, Inc. | | | 2,360 | | | | 61,384 | |
Pharmaceuticals — 2.9% | | | | | | | | |
Covetrus, Inc. (a) | | | 4,521 | | | | 94,399 | |
Elanco Animal Health, Inc. (a) | | | 20,502 | | | | 254,430 | |
Embecta Corp. | | | 2,499 | | | | 71,946 | |
Organon & Co. | | | 10,968 | | | | 256,651 | |
| | | | | | | 677,426 | |
| | | | | | | 4,462,512 | |
Energy — 3.0% | | | | | | | | |
Energy – Alternate Sources — 0.8% | | | | | | | | |
Array Technologies, Inc. (a) | | | 5,780 | | | | 95,832 | |
Shoals Technologies Group, Inc. Class A (a) | | | 4,855 | | | | 104,625 | |
| | | | | | | 200,457 | |
Oil & Gas — 0.9% | | | | | | | | |
DTE Midstream LLC (a) | | | 4,183 | | | | 217,056 | |
Oil & Gas Services — 0.7% | | | | | | | | |
ChampionX Corp. | | | 8,796 | | | | 172,138 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Pipelines — 0.6% | | | | | | | | |
Equitrans Midstream Corp. | | | 17,591 | | | $ | 131,581 | |
| | | | | | | 721,232 | |
Financial — 9.5% | | | | | | | | |
Diversified Financial Services — 1.4% | | | | | | | | |
Rocket Cos., Inc. Class A | | | 5,085 | | | | 32,137 | |
TPG, Inc. | | | 1,488 | | | | 41,426 | |
Tradeweb Markets, Inc. Class A | | | 4,652 | | | | 262,466 | |
| | | | | | | 336,029 | |
Insurance — 2.2% | | | | | | | | |
Equitable Holdings, Inc. | | | 15,323 | | | | 403,761 | |
Ryan Specialty Holdings, Inc. (a) | | | 2,529 | | | | 102,728 | |
| | | | | | | 506,489 | |
Real Estate — 0.2% | | | | | | | | |
Newmark Group, Inc. Class A | | | 6,639 | | | | 53,510 | |
Real Estate Investment Trusts (REITS) — 5.7% | | | | | | | | |
Apartment Income REIT Corp. | | | 6,793 | | | | 262,346 | |
Orion Office REIT, Inc. | | | 2,429 | | | | 21,254 | |
VICI Properties, Inc. | | | 35,324 | | | | 1,054,421 | |
| | | | | | | 1,338,021 | |
| | | | | | | 2,234,049 | |
Industrial — 12.8% | | | | | | | | |
Building Materials — 5.9% | | | | | | | | |
The AZEK Co., Inc (a) | | | 4,831 | | | | 80,291 | |
Carrier Global Corp. | | | 36,681 | | | | 1,304,377 | |
| | | | | | | 1,384,668 | |
Electronics — 1.5% | | | | | | | | |
nVent Electric PLC | | | 7,193 | | | | 227,371 | |
Vontier Corp. | | | 6,963 | | | | 116,352 | |
| | | | | | | 343,723 | |
Engineering & Construction — 0.8% | | | | | | | | |
Arcosa, Inc. | | | 2,090 | | | | 119,506 | |
frontdoor, Inc. (a) | | | 3,557 | | | | 72,527 | |
| | | | | | | 192,033 | |
Machinery – Diversified — 4.6% | | | | | | | | |
Esab Corp. | | | 1,973 | | | | 65,819 | |
Otis Worldwide Corp. | | | 16,120 | | | | 1,028,456 | |
| | | | | | | 1,094,275 | |
| | | | | | | 3,014,699 | |
MML Special Situations Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Technology — 18.9% | | | | | | | | |
Computers — 0.3% | | | | | | | | |
Kyndryl Holdings, Inc. (a) | | | 7,768 | | | $ | 64,241 | |
Semiconductors — 0.5% | | | | | | | | |
Globalfoundries, Inc. (a) | | | 2,300 | | | | 111,205 | |
Software — 18.1% | | | | | | | | |
AppLovin Corp. (a) | | | 1,541 | | | | 30,034 | |
C3.ai, Inc. Class A (a) | | | 3,089 | | | | 38,612 | |
Concentrix Corp. | | | 1,861 | | | | 207,743 | |
Consensus Cloud Solutions, Inc. (a) | | | 686 | | | | 32,448 | |
Doximity, Inc. Class A (a) | | | 4,007 | | | | 121,092 | |
Dropbox, Inc. Class A (a) | | | 11,582 | | | | 239,979 | |
Playtika Holding Corp. (a) | | | 4,423 | | | | 41,532 | |
PowerSchool Holdings, Inc. Class A (a) | | | 1,782 | | | | 29,742 | |
Qualtrics International Inc (a) | | | 4,474 | | | | 45,545 | |
ROBLOX Corp. Class A (a) | | | 1,875 | | | | 67,200 | |
SentinelOne Inc. Class A (a) | | | 8,028 | | | | 205,196 | |
Snowflake, Inc. Class A (a) | | | 10,475 | | | | 1,780,331 | |
UiPath, Inc. Class A (a) | | | 11,998 | | | | 151,295 | |
Vimeo, Inc. (a) | | | 6,730 | | | | 26,920 | |
Zoom Video Communications, Inc. Class A (a) | | | 9,827 | | | | 723,169 | |
ZoomInfo Technologies, Inc. (a) | | | 13,083 | | | | 545,038 | |
| | | | | | | 4,285,876 | |
| | | | | | | 4,461,322 | |
Utilities — 5.0% | | | | | | | | |
Electric — 5.0% | | | | | | | | |
Constellation Energy Corp. | | | 14,128 | | | | 1,175,308 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $35,337,717) | | | | | | | 23,665,704 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $35,337,717) | | | | | | | 23,665,704 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $35,337,717) | | | | | | | 23,665,704 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2% (Cost $35,337,717) (b) | | | | | | | 23,665,704 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.2)% | | | | | | | (40,847) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 23,624,857 | |
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 Strategic Emerging Markets Fund — Portfolio of Investments |
September 30, 2022 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 95.3% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 93.6% | | | | | | | | |
Belgium — 0.2% | | | | | | | | |
Anheuser-Busch InBev SA | | | 2,251 | | | $ | 101,831 | |
Bermuda — 0.7% | | | | | | | | |
Credicorp Ltd. | | | 2,511 | | | | 308,351 | |
Brazil — 4.3% | | | | | | | | |
Ambev SA | | | 264,112 | | | | 760,852 | |
Lojas Renner SA | | | 66,336 | | | | 342,480 | |
Vale SA Sponsored ADR | | | 57,152 | | | | 761,264 | |
WEG SA | | | 19,184 | | | | 114,300 | |
| | | | | | | 1,978,896 | |
Cayman Islands — 20.6% | | | | | | | | |
BeiGene Ltd. ADR (a) | | | 4,247 | | | | 572,581 | |
Brii Biosciences Ltd. (a) | | | 83,500 | | | | 55,989 | |
H World Group Ltd. | | | 3,900 | | | | 13,280 | |
H World Group Ltd. ADR | | | 45,376 | | | | 1,521,911 | |
JD.com, Inc. ADR | | | 1,295 | | | | 65,139 | |
Meituan Class B (a) (b) | | | 75,000 | | | | 1,571,931 | |
NetEase, Inc. ADR | | | 21,169 | | | | 1,600,376 | |
New Horizon Health Ltd. (a) (b) | | | 25,000 | | | | 46,101 | |
NU Holdings Ltd/Cayman Islands Class A (a) | | | 77,397 | | | | 340,547 | |
Silergy Corp. | | | 17,000 | | | | 222,842 | |
Sunny Optical Technology Group Co. Ltd. | | | 19,900 | | | | 187,043 | |
Tencent Holdings Ltd. | | | 16,409 | | | | 554,165 | |
Wuxi Biologics Cayman, Inc. (a) (b) | | | 93,000 | | | | 557,205 | |
Zai Lab Ltd. ADR (a) | | | 13,762 | | | | 470,660 | |
ZTO Express Cayman, Inc. | | | 4,687 | | | | 113,014 | |
ZTO Express Cayman, Inc. ADR | | | 63,944 | | | | 1,536,574 | |
| | | | | | | 9,429,358 | |
Chile — 0.1% | | | | | | | | |
Banco Santander Chile | | | 1,234,229 | | | | 43,121 | |
China — 0.0% | | | | | | | | |
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b) | | | 14,600 | | | | 13,454 | |
Cyprus — 0.0% | | | | | | | | |
TCS Group Holding PLC (a) (c) (d) | | | 4,183 | | | | — | |
France — 5.9% | | | | | | | | |
Kering SA | | | 1,307 | | | | 577,980 | |
L'Oreal SA | | | 94 | | | | 29,931 | |
Pernod Ricard SA | | | 10,178 | | | | 1,860,365 | |
TotalEnergies SE | | | 5,030 | | | | 236,762 | |
| | | | | | | 2,705,038 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Hong Kong — 1.9% | | | | | | | | |
AIA Group Ltd. | | | 105,600 | | | $ | 876,750 | |
India — 22.4% | | | | | | | | |
Housing Development Finance Corp. Ltd. | | | 129,853 | | | | 3,617,326 | |
Infosys Ltd. | | | 57,482 | | | | 985,232 | |
Kotak Mahindra Bank Ltd. | | | 119,616 | | | | 2,645,822 | |
Oberoi Realty Ltd. | | | 28,049 | | | | 312,773 | |
Tata Consultancy Services Ltd. | | | 59,026 | | | | 2,160,385 | |
Zee Entertainment Enterprises Ltd. | | | 161,369 | | | | 508,523 | |
| | | | | | | 10,230,061 | |
Indonesia — 0.8% | | | | | | | | |
Bank Central Asia Tbk PT | | | 668,200 | | | | 373,015 | |
Italy — 1.4% | | | �� | | | | | |
PRADA SpA | | | 138,800 | | | | 637,180 | |
Japan — 0.1% | | | | | | | | |
Daiichi Sankyo Co. Ltd. | | | 1,500 | | | | 41,725 | |
Mexico — 8.3% | | | | | | | | |
America Movil SAB de CV Sponsored ADR | | | 32,535 | | | | 535,851 | |
Fomento Economico Mexicano SAB de CV | | | 32,851 | | | | 206,050 | |
Grupo Mexico SAB de CV Series B | | | 539,471 | | | | 1,822,032 | |
Wal-Mart de Mexico SAB de CV | | | 344,130 | | | | 1,208,586 | |
| | | | | | | 3,772,519 | |
Netherlands — 0.0% | | | | | | | | |
Yandex N.V. (a) (c) (d) | | | 34,725 | | | | — | |
Philippines — 1.4% | | | | | | | | |
SM Investments Corp. | | | 50,015 | | | | 616,690 | |
SM Prime Holdings, Inc. | | | 17,760 | | | | 9,135 | |
| | | | | | | 625,825 | |
Republic of Korea — 7.6% | | | | | | | | |
LG Chem Ltd. | | | 2,467 | | | | 914,209 | |
LG H&H Co. Ltd. | | | 193 | | | | 84,646 | |
NAVER Corp. | | | 2,928 | | | | 390,233 | |
Samsung Biologics Co. Ltd. (a) (b) | | | 1,366 | | | | 765,024 | |
Samsung Electronics Co. Ltd. | | | 36,428 | | | | 1,338,486 | |
| | | | | | | 3,492,598 | |
Russia — 0.0% | | | | | | | | |
Novatek PJSC (c) (d) | | | 12,096 | | | | — | |
Polyus PJSC (a) (c) (d) | | | 776 | | | | — | |
Polyus PJSC GDR (b) (c) (d) | | | 1,904 | | | | — | |
Polyus PJSC GDR (b) (c) (d) | | | 40 | | | | — | |
Sberbank of Russia PJSC (a) (c) (d) | | | 7,525 | | | | — | |
| | | | | | | — | |
South Africa — 1.0% | | | | | | | | |
FirstRand Ltd. | | | 134,350 | | | | 447,036 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Switzerland — 1.9% | | | | | | | | |
Cie Financiere Richemont SA Registered | | | 9,040 | | | $ | 848,253 | |
Taiwan — 8.6% | | | | | | | | |
MediaTek, Inc. | | | 54,000 | | | | 939,824 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 229,000 | | | | 3,010,041 | |
| | | | | | | 3,949,865 | |
United Kingdom — 0.4% | | | | | | | | |
Antofagasta PLC | | | 11,555 | | | | 142,534 | |
AstraZeneca PLC Sponsored ADR | | | 791 | | | | 43,378 | |
| | | | | | | 185,912 | |
United States — 6.0% | | | | | | | | |
Coupang, Inc. (a) | | | 6,828 | | | | 113,823 | |
Yum China Holdings, Inc. | | | 56,024 | | | | 2,651,616 | |
| | | | | | | 2,765,439 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $55,103,608) | | | | | | | 42,826,227 | |
| | | | | | | | |
PREFERRED STOCK — 1.7% | | | | | | | | |
Brazil — 1.7% | | | | | | | | |
Banco Bradesco SA | | | | | | | | |
3.168% | | | 207,771 | | | | 764,166 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $745,443) | | | | | | | 764,166 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $55,849,051) | | | | | | | 43,590,393 | |
| | | | | | | | |
| | | | | | | | |
WARRANTS — 0.0% | | | | | | | | |
Switzerland — 0.0% | | | | | | | | |
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a) | | | 22,580 | | | | 10,069 | |
| | | | | | | | |
TOTAL WARRANTS (Cost $0) | | | | | | | 10,069 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $55,849,051) | | | | | | | 43,600,462 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
SHORT-TERM INVESTMENTS — 4.7% | | | | | | | | |
Repurchase Agreement — 4.7% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (e) | | $ | 2,170,229 | | | | 2,170,229 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,170,229) | | | | | | | 2,170,229 | |
| | | | | | | | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL INVESTMENTS — 100.0% (Cost $58,019,280) (f) | | | | | | $ | 45,770,691 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.0)% | | | | | | | (19,225) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 45,751,466 | |
Abbreviation Legend
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $2,953,715 or 6.46% of net assets. |
(c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2022, these securities amounted to a value of $0 or 0.00% of net assets. |
(d) | Investment is valued using significant unobservable inputs. |
(e) | Maturity value of $2,170,379. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $2,213,712. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
Notes to Portfolio of Investments (Unaudited) |
MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended, 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 Funds’ 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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
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; instead, MML Investment Advisers, LLC (“MML Advisers”) will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. 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.
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.
The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a 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). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
Notes to Portfolio of Investments (Unaudited) (Continued) |
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.
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 may be fair valued using 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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
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 September 30, 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.
The following is the aggregate value by input level, as of September 30, 2022, for the remaining Funds’ investments:
Dynamic Bond Fund | | | | | | | | | | | | |
| | | | | | | | | | | | |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank Loans (Less Unfunded Loan Commitments) | | $ | — | | | $ | 14,157,790 | | | $ | — | | | $ | 14,157,790 | |
Corporate Debt | | | — | | | | 95,515,901 | | | | — | | | | 95,515,901 | |
Non-U.S. Government Agency Obligations | | | — | | | | 28,734,613 | | | | — | | | | 28,734,613 | |
Sovereign Debt Obligations | | | — | | | | 14,035,549 | | | | — | | | | 14,035,549 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 64,913,636 | | | | — | | | | 64,913,636 | |
U.S. Treasury Obligations | | | — | | | | 15,791,285 | | | | — | | | | 15,791,285 | |
Purchased Options | | | 80,672 | | | | 5 | | | | — | | | | 80,677 | |
Mutual Funds | | | 2,084,183 | | | | — | | | | — | | | | 2,084,183 | |
Short-Term Investments | | | — | | | | 100,962 | | | | — | | | | 100,962 | |
Unfunded Loan Commitments** | | | — | | | | (7,753 | ) | | | — | | | | (7,753 | ) |
Total Investments | | $ | 2,164,855 | | | $ | 233,241,988 | | | $ | — | | | $ | 235,406,843 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Forward Contracts | | $ | — | | | $ | 560,830 | | | $ | — | | | $ | 560,830 | |
Futures Contracts | | | 2,743,872 | | | | — | | | | — | | | | 2,743,872 | |
Swap Agreements | | | — | | | | 6,327,240 | | | | — | | | | 6,327,240 | |
Total | | $ | 2,743,872 | | | $ | 6,888,070 | | | $ | — | | | $ | 9,631,942 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Forward Contracts | | $ | — | | | $ | (1,758,931 | ) | | $ | — | | | $ | (1,758,931 | ) |
Futures Contracts | | | (6,809,213 | ) | | | — | | | | — | | | | (6,809,213 | ) |
Swap Agreements | | | — | | | | (211,451 | ) | | | — | | | | (211,451 | ) |
Written Options | | | (303,139 | ) | | | (100,927 | ) | | | — | | | | (404,066 | ) |
Total | | $ | (7,112,352 | ) | | $ | (2,071,309 | ) | | $ | — | | | $ | (9,183,661 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 693,527,954 | | | $ | 3,854,153 | * | | $ | — | | | $ | 697,382,107 | |
Mutual Funds | | | 9,352,351 | | | | — | | | | — | | | | 9,352,351 | |
Short-Term Investments | | | 17,149,227 | | | | 4,685,297 | | | | — | | | | 21,834,524 | |
Total Investments | | $ | 720,029,532 | | | $ | 8,539,450 | | | $ | — | | | $ | 728,568,982 | |
Equity Rotation Fund
Asset Investments | | | | | | | | | | | | |
Common Stock | | $ | 40,548,607 | | | $ | — | | | $ | 4,915 | | | $ | 40,553,522 | |
Mutual Funds | | | 15,111 | | | | — | | | | — | | | | 15,111 | |
Total Investments | | $ | 40,563,718 | | | $ | — | | | $ | 4,915 | | | $ | 40,568,633 | |
High Yield Fund
Asset Investments | | | | | | | | | | | | |
Bank Loans | | $ | — | | | $ | 1,671,534 | | | $ | — | | | $ | 1,671,534 | |
Corporate Debt | | | — | | | | 51,557,064 | | | | — | | | | 51,557,064 | |
Mutual Funds | | | 2,499,913 | | | | — | | | | — | | | | 2,499,913 | |
Short-Term Investments | | | — | | | | 3,149,850 | | | | — | | | | 3,149,850 | |
Total Investments | | $ | 2,499,913 | | | $ | 56,378,448 | | | $ | — | | | $ | 58,878,361 | |
Inflation-Protected and Income Fund
Asset Investments | | | | | | | | | | | | |
Non-U.S. Government Agency Obligations | | $ | — | | | $ | 121,594,187 | | | $ | — | | | $ | 121,594,187 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 25,425,232 | | | | — | | | | 25,425,232 | |
U.S. Treasury Obligations | | | — | | | | 50,059,262 | | | | — | | | | 50,059,262 | |
Mutual Funds | | | 1,734,688 | | | | — | | | | — | | | | 1,734,688 | |
Short-Term Investments | | | — | | | | 16,069,018 | | | | — | | | | 16,069,018 | |
Total Investments | | $ | 1,734,688 | | | $ | 213,147,699 | | | $ | — | | | $ | 214,882,387 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | 1,166,790 | | | | — | | | | — | | | | 1,166,790 | |
Swap Agreements | | | — | | | | 97,994 | | | | — | | | | 97,994 | |
Total | | $ | 1,166,790 | | | $ | 97,994 | | | $ | — | | | $ | 1,264,784 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | | (6,755 | ) | | | — | | | | — | | | | (6,755 | ) |
Swap Agreements | | | — | | | | (12,261,928 | ) | | | — | | | | (12,261,928 | ) |
Total | | $ | (6,755 | ) | | $ | (12,261,928 | ) | | $ | — | | | $ | (12,268,683 | ) |
Managed Bond Fund
Asset Investments | | | | | | | | | | | | |
Corporate Debt | | $ | — | | | $ | 285,553,865 | | | $ | — | | | $ | 285,553,865 | |
Municipal Obligations | | | — | | | | 1,987,454 | | | | — | | | | 1,987,454 | |
Non-U.S. Government Agency Obligations | | | — | | | | 214,034,505 | | | | — | | | | 214,034,505 | |
Sovereign Debt Obligations | | | — | | | | 4,347,849 | | | | — | | | | 4,347,849 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 185,510,414 | | | | — | | | | 185,510,414 | |
U.S. Treasury Obligations | | | — | | | | 44,404,854 | | | | — | | | | 44,404,854 | |
Mutual Funds | | | 3,471,600 | | | | — | | | | — | | | | 3,471,600 | |
Short-Term Investments | | | — | | | | 104,044,521 | | | | — | | | | 104,044,521 | |
Total Investments | | $ | 3,471,600 | | | $ | 839,883,462 | | | $ | — | | | $ | 843,355,062 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 1,043,016 | | | $ | — | | | $ | — | | | $ | 1,043,016 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (5,227,382 | ) | | $ | — | | | $ | — | | | $ | (5,227,382 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Short-Duration Bond Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 65,143,690 | | | $ | — | | | $ | 65,143,690 | |
Non-U.S. Government Agency Obligations | | | — | | | | 56,093,788 | | | | — | | | | 56,093,788 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 2,054,861 | | | | — | | | | 2,054,861 | |
U.S. Treasury Obligations | | | — | | | | 663,195 | | | | — | | | | 663,195 | |
Mutual Funds | | | 1,997,305 | | | | — | | | | — | | | | 1,997,305 | |
Short-Term Investments | | | — | | | | 7,659,221 | | | | — | | | | 7,659,221 | |
Total Investments | | $ | 1,997,305 | | | $ | 131,614,755 | | | $ | — | | | $ | 133,612,060 | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 1,262,079 | | | $ | — | | | $ | — | | | $ | 1,262,079 | |
Strategic Emerging Markets Fund
Asset Investments | | | | | | | | | | | | |
Common Stock* | | | | | | | | | | | | | | | | |
Belgium | | $ | — | | | $ | 101,831 | | | $ | — | | | $ | 101,831 | |
Bermuda | | | 308,351 | | | | — | | | | — | | | | 308,351 | |
Brazil | | | 1,978,896 | | | | — | | | | — | | | | 1,978,896 | |
Cayman Islands | | | 6,107,788 | | | | 3,321,570 | | | | — | | | | 9,429,358 | |
Chile | | | 43,121 | | | | — | | | | — | | | | 43,121 | |
China | | | — | | | | 13,454 | | | | — | | | | 13,454 | |
Cyprus | | | — | | | | — | | | | — | + | | | — | |
France | | | — | | | | 2,705,038 | | | | — | | | | 2,705,038 | |
Hong Kong | | | — | | | | 876,750 | | | | — | | | | 876,750 | |
India | | | — | | | | 10,230,061 | | | | — | | | | 10,230,061 | |
Indonesia | | | — | | | | 373,015 | | | | — | | | | 373,015 | |
Italy | | | — | | | | 637,180 | | | | — | | | | 637,180 | |
Japan | | | — | | | | 41,725 | | | | — | | | | 41,725 | |
Mexico | | | 3,772,519 | | | | — | | | | — | | | | 3,772,519 | |
Netherlands | | | — | | | | — | | | | — | + | | | — | |
Philippines | | | — | | | | 625,825 | | | | — | | | | 625,825 | |
Republic of Korea | | | — | | | | 3,492,598 | | | | — | | | | 3,492,598 | |
Russia | | | — | | | | — | | | | — | + | | | — | |
South Africa | | | — | | | | 447,036 | | | | — | | | | 447,036 | |
Switzerland | | | — | | | | 848,253 | | | | — | | | | 848,253 | |
Taiwan | | | — | | | | 3,949,865 | | | | — | | | | 3,949,865 | |
United Kingdom | | | 43,378 | | | | 142,534 | | | | — | | | | 185,912 | |
United States | | | 2,765,439 | | | | — | | | | — | | | | 2,765,439 | |
Preferred Stock | | | | | | | | | | | | | | | | |
Brazil | | | 764,166 | | | | — | | | | — | | | | 764,166 | |
Warrants | | | 10,069 | | | | — | | | | — | | | | 10,069 | |
Short-Term Investments | | | — | | | | 2,170,229 | | | | — | | | | 2,170,229 | |
Total Investments | | $ | 15,793,727 | | | $ | 29,976,964 | | | $ | — | | | $ | 45,770,691 | |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| ** | Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
| + | Represents a security at $0 value as of September 30, 2022. |
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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Please refer to the Funds’ most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission’s EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 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.
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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
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, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably 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, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
| 3. | Federal Income Tax Information |
At September 30, 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 | | $ | 731,849,409 | | | $ | 316,770 | | | $ | (63,390,884 | ) | | $ | (63,074,114 | ) |
Dynamic Bond Fund | | | 269,414,168 | | | | 255,559 | | | | (34,262,884 | ) | | | (34,007,325 | ) |
Equity Fund | | | 687,705,837 | | | | 85,331,982 | | | | (44,468,837 | ) | | | 40,863,145 | |
Equity Momentum Fund | | | 39,616,863 | | | | 506,610 | | | | (2,240,021 | ) | | | (1,733,411 | ) |
Equity Rotation Fund | | | 44,077,733 | | | | 220,442 | | | | (3,729,542 | ) | | | (3,509,100 | ) |
High Yield Fund | | | 69,559,743 | | | | 145,312 | | | | (10,826,694 | ) | | | (10,681,382 | ) |
Inflation-Protected and Income Fund | | | 229,355,761 | | | | 1,005,123 | | | | (15,478,497 | ) | | | (14,473,374 | ) |
iShares 60/40 Allocation Fund | | | 31,716,357 | | | | – | | | | (5,079,606 | ) | | | (5,079,606 | ) |
iShares 80/20 Allocation Fund | | | 43,428,936 | | | | – | | | | (7,131,372 | ) | | | (7,131,372 | ) |
Managed Bond Fund | | | 959,751,106 | | | | 1,809,784 | | | | (118,205,828 | ) | | | (116,396,044 | ) |
Short-Duration Bond Fund | | | 147,336,667 | | | | 813,439 | | | | (14,538,046 | ) | | | (13,724,607 | ) |
Small Cap Equity Fund | | | 87,460,229 | | | | 28,670,399 | | | | (7,650,732 | ) | | | 21,019,667 | |
Special Situations Fund | | | 35,337,717 | | | | 1,967,580 | | | | (13,639,593 | ) | | | (11,672,013 | ) |
Strategic Emerging Markets Fund | | | 58,019,280 | | | | 956,059 | | | | (13,204,648 | ) | | | (12,248,589 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
| 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.
In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.
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.
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 Underlying 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.
In preparation of these financial statements, management has evaluated the events and transactions subsequent to September 30, 2022, through the date when the Portfolios of Investments were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds' Portfolios of Investments other than those disclosed below.
Effective November 4, 2022, the Equity Momentum Fund and the Special Situations Fund were liquidated.