MML Blend Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
MUTUAL FUNDS — 100.0% | ||||||||
Diversified Financial Services — 100.0% | ||||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 493,930 | $ | 24,029,694 | |||||
iShares Core S&P 500 ETF | 407,895 | 175,162,350 | ||||||
iShares Core S&P Mid-Cap ETF | 53,906 | 13,441,461 | ||||||
iShares Core S&P Small-Cap ETF | 61,060 | 5,759,790 | ||||||
iShares Core S&P Total US Stock Market ETF | 2,042,515 | 192,384,488 | ||||||
iShares Core Total USD Bond Market ETF (a) | 2,290,923 | 100,147,699 | ||||||
iShares Core U.S. Aggregate Bond ETF | 1,061,338 | 99,808,226 | ||||||
iShares iBoxx High Yield Corporate Bond ETF (a) | 335,938 | 24,765,349 | ||||||
TOTAL MUTUAL FUNDS (Cost $634,485,165) | 635,499,057 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $634,485,165) | 635,499,057 | |||||||
SHORT-TERM INVESTMENTS — 3.9% | ||||||||
Investment of Cash Collateral from Securities Loaned — 3.9% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (b) | 25,026,495 | 25,026,495 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $25,026,495) | 25,026,495 | |||||||
TOTAL INVESTMENTS — 103.9% (Cost $659,511,660) (c) | 660,525,552 | |||||||
Other Assets/(Liabilities) — (3.9)% | (24,907,528) | |||||||
NET ASSETS — 100.0% | $ | 635,618,024 |
Abbreviation Legend
ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $25,015,434 or 3.94% of net assets. The Fund received $510,195 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, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & NOTES — 100.4% | ||||||||
BANK LOANS — 3.2% | ||||||||
Airlines — 0.1% | ||||||||
Air Canada, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
9.128% VRN 8/11/28 | $ | 74,063 | $ | 74,047 | ||||
United Airlines, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
9.182% VRN 4/21/28 | 65,962 | 65,977 | ||||||
140,024 | ||||||||
Beverages — 0.1% | ||||||||
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250% | ||||||||
8.902% VRN 3/31/28 | 216,778 | 210,997 | ||||||
Commercial Services — 0.1% | ||||||||
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
9.166% VRN 5/12/28 | 228,088 | 219,975 | ||||||
Prime Security Services Borrower LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
8.192% VRN 9/23/26 | 91,389 | 91,224 | ||||||
311,199 | ||||||||
Computers — 0.0% | ||||||||
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD Term SOFR + 5.000% | ||||||||
10.631% VRN 7/27/28 | 49,735 | 36,859 | ||||||
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
9.166% VRN 2/01/28 | 65,054 | 64,851 | ||||||
101,710 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD Term SOFR + 2.750% | ||||||||
8.172% VRN 6/15/25 | 112,184 | 111,716 | ||||||
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
8.421% VRN 10/22/26 | 102,404 | 102,171 | ||||||
Citadel Securities LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
7.818% VRN 7/29/30 | 166,607 | 166,087 | ||||||
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
9.140% VRN 4/09/27 | 76,508 | 74,516 | ||||||
Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD Term SOFR + 3.250% | ||||||||
8.566% VRN 6/30/28 | 108,900 | 108,522 | ||||||
563,012 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Engineering & Construction — 0.1% | ||||||||
Brown Group Holding LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
8.068% VRN 6/07/28 | $ | 275,481 | $ | 272,668 | ||||
Entertainment — 0.3% | ||||||||
Caesars Entertainment Corp., Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
8.666% VRN 2/06/30 | 19,900 | 19,887 | ||||||
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.500% | ||||||||
7.931% VRN 5/29/26 | 260,000 | 259,644 | ||||||
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
8.434% VRN 4/14/29 | 266,625 | 266,292 | ||||||
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
8.369% VRN 4/29/26 | 143,516 | 143,288 | ||||||
689,111 | ||||||||
Health Care – Products — 0.3% | ||||||||
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
8.681% VRN 10/23/28 | 291,623 | 290,661 | ||||||
Sotera Health Holdings LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
8.181% VRN 12/11/26 | 270,000 | 267,232 | ||||||
557,893 | ||||||||
Health Care – Services — 0.2% | ||||||||
Global Medical Response, Inc., 2020 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
9.780% VRN 10/02/25 | 265,899 | 184,268 | ||||||
ICON Luxembourg Sarl, LUX Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
7.902% VRN 7/03/28 | 48,282 | 48,243 | ||||||
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
8.681% VRN 3/05/26 | 166,656 | 165,476 | ||||||
397,987 | ||||||||
Housewares — 0.1% | ||||||||
Solis IV BV, USD Term Loan B1, 3 mo. USD Term SOFR + 3.500% | ||||||||
8.891% VRN 2/26/29 | 126,550 | 123,039 | ||||||
Insurance — 0.2% | ||||||||
Acrisure LLC | ||||||||
2020 Term Loan B, 1 mo. USD LIBOR + 3.500% | ||||||||
8.931% VRN 2/15/27 | 120,011 | 118,168 | ||||||
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250% | ||||||||
9.681% VRN 2/15/27 | 122,813 | 122,276 | ||||||
AmWINS Group, Inc. | ||||||||
2021 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
7.681% VRN 2/19/28 | 37,686 | 37,425 | ||||||
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
8.181% VRN 2/19/28 | 29,775 | 29,719 | ||||||
Asurion LLC | ||||||||
2020 Term Loan B8, 3 mo. USD Term SOFR + 3.250% | ||||||||
8.681% VRN 12/23/26 | 150,738 | 147,346 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
2021 Term Loan B9, 3 mo. USD Term SOFR + 3.250% | ||||||||
8.681% VRN 7/31/27 | $ | 73,308 | $ | 70,742 | ||||
525,676 | ||||||||
Leisure Time — 0.1% | ||||||||
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
8.931% VRN 8/17/28 | 156,765 | 156,243 | ||||||
Lodging — 0.1% | ||||||||
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
7.666% VRN 2/08/27 | 146,678 | 146,245 | ||||||
Machinery – Diversified — 0.1% | ||||||||
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
7.431% VRN 7/30/29 | 99,144 | 99,006 | ||||||
Vertical US Newco, Inc., Term Loan B, 6 mo. USD Term SOFR + 3.500% | ||||||||
9.381% VRN 7/30/27 | 194,568 | 193,985 | ||||||
292,991 | ||||||||
Media — 0.1% | ||||||||
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.500% | ||||||||
7.931% VRN 9/18/26 | 200,753 | 200,408 | ||||||
Pharmaceuticals — 0.2% | ||||||||
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
9.490% VRN 10/01/27 | 164,216 | 159,956 | ||||||
Jazz Financing Lux Sarl, USD Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
8.931% VRN 5/05/28 | 198,163 | 197,971 | ||||||
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
7.902% VRN 7/03/28 | 12,029 | 12,020 | ||||||
369,947 | ||||||||
Pipelines — 0.1% | ||||||||
CQP Holdco LP, 2021 Term Loan B, 1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500% | ||||||||
8.990% VRN 6/05/28 | 214,808 | 214,759 | ||||||
Private Equity — 0.2% | ||||||||
GTCR W Merger Sub LLC, USD Term Loan B, | ||||||||
0.000% 9/20/30 (a) | 380,000 | 379,723 | ||||||
Retail — 0.2% | ||||||||
Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD Term SOFR + 3.750% | ||||||||
9.402% VRN 3/06/28 | 150,366 | 149,856 | ||||||
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
8.181% VRN 10/19/27 | 345,976 | 342,986 | ||||||
Pilot Travel Centers LLC, 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
7.416% VRN 8/04/28 | 18,207 | 18,175 | ||||||
511,017 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Software — 0.1% | ||||||||
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
8.568% VRN 2/15/29 | $ | 151,672 | $ | 148,592 | ||||
The Ultimate Software Group, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
9.219% VRN 5/04/26 | 120,600 | 120,374 | ||||||
268,966 | ||||||||
Transportation — 0.2% | ||||||||
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000% | ||||||||
7.490% VRN 12/30/26 | 403,962 | 403,077 | ||||||
TOTAL BANK LOANS (Cost $6,921,573) | 6,836,692 | |||||||
CORPORATE DEBT — 38.7% | ||||||||
Advertising — 0.0% | ||||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
7.500% 6/01/29 (b) (c) | 95,000 | 72,640 | ||||||
Aerospace & Defense — 1.6% | ||||||||
Boeing Co. | ||||||||
2.196% 2/04/26 | 300,000 | 275,455 | ||||||
2.800% 3/01/27 (c) | 290,000 | 262,484 | ||||||
2.950% 2/01/30 | 270,000 | 227,154 | ||||||
3.200% 3/01/29 | 300,000 | 263,461 | ||||||
3.250% 2/01/35 | 330,000 | 253,704 | ||||||
3.750% 2/01/50 | 140,000 | 95,112 | ||||||
5.705% 5/01/40 | 130,000 | 119,938 | ||||||
5.805% 5/01/50 | 300,000 | 271,655 | ||||||
5.930% 5/01/60 | 10,000 | 8,979 | ||||||
General Dynamics Corp. | ||||||||
4.250% 4/01/40 | 20,000 | 16,984 | ||||||
4.250% 4/01/50 | 50,000 | 41,081 | ||||||
L3Harris Technologies, Inc. | ||||||||
5.054% 4/27/45 | 80,000 | 69,648 | ||||||
Lockheed Martin Corp. | ||||||||
3.900% 6/15/32 | 50,000 | 44,842 | ||||||
4.150% 6/15/53 | 320,000 | 252,377 | ||||||
Northrop Grumman Corp. | ||||||||
2.930% 1/15/25 | 160,000 | 154,288 | ||||||
3.250% 1/15/28 | 290,000 | 265,954 | ||||||
5.150% 5/01/40 | 280,000 | 255,622 | ||||||
RTX Corp. | ||||||||
2.250% 7/01/30 | 110,000 | 88,503 | ||||||
3.030% 3/15/52 | 240,000 | 144,367 | ||||||
4.125% 11/16/28 | 160,000 | 149,193 | ||||||
4.500% 6/01/42 | 80,000 | 65,445 | ||||||
3,326,246 | ||||||||
Agriculture — 0.6% | ||||||||
Altria Group, Inc. | ||||||||
2.450% 2/04/32 | 140,000 | 105,613 | ||||||
4.400% 2/14/26 | 190,000 | 184,443 | ||||||
5.800% 2/14/39 | 240,000 | 222,502 | ||||||
5.950% 2/14/49 | 130,000 | 116,747 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
BAT Capital Corp. | ||||||||
3.462% 9/06/29 | $ | 525,000 | $ | 449,605 | ||||
4.540% 8/15/47 | 130,000 | 89,484 | ||||||
Philip Morris International, Inc. | ||||||||
4.500% 3/20/42 | 80,000 | 63,846 | ||||||
1,232,240 | ||||||||
Airlines — 0.4% | ||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||||
4.750% 10/20/28 (b) | 550,000 | 522,689 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. | ||||||||
6.500% 6/20/27 (b) | 247,500 | 245,223 | ||||||
United Airlines, Inc. | ||||||||
4.625% 4/15/29 (b) | 65,000 | 55,869 | ||||||
823,781 | ||||||||
Apparel — 0.2% | ||||||||
NIKE, Inc. | ||||||||
2.850% 3/27/30 | 280,000 | 242,541 | ||||||
3.250% 3/27/40 | 130,000 | 98,455 | ||||||
3.375% 3/27/50 (c) | 40,000 | 28,541 | ||||||
369,537 | ||||||||
Auto Manufacturers — 1.1% | ||||||||
Ford Motor Co. | ||||||||
3.250% 2/12/32 | 1,660,000 | 1,279,301 | ||||||
6.100% 8/19/32 (c) | 90,000 | 84,772 | ||||||
General Motors Co. | ||||||||
5.600% 10/15/32 (c) | 125,000 | 116,707 | ||||||
General Motors Financial Co., Inc. | ||||||||
2.400% 10/15/28 | 275,000 | 227,986 | ||||||
Hyundai Capital America | ||||||||
1.800% 10/15/25 (b) | 55,000 | 50,573 | ||||||
Nissan Motor Co. Ltd. | ||||||||
3.522% 9/17/25 (b) | 410,000 | 387,228 | ||||||
4.345% 9/17/27 (b) | 300,000 | 273,840 | ||||||
2,420,407 | ||||||||
Banks — 11.1% | ||||||||
ABN AMRO Bank NV | ||||||||
4.750% 7/28/25 (b) | 260,000 | 251,852 | ||||||
Banco Santander SA | ||||||||
3.496% 3/24/25 | 600,000 | 576,717 | ||||||
Bank of America Corp. | ||||||||
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 520,000 | 378,392 | ||||||
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32 | 190,000 | 145,995 | ||||||
Secured Overnight Financing Rate + 1.330% 2.972% VRN 2/04/33 | 670,000 | 528,332 | ||||||
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28 | 1,540,000 | 1,406,348 | ||||||
4.000% 1/22/25 | 700,000 | 681,188 | ||||||
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51 | 220,000 | 162,699 | ||||||
4.200% 8/26/24 | 380,000 | 373,347 | ||||||
3 mo. USD Term SOFR + 3.967% 6.250% VRN (c) (d) | 170,000 | 167,252 | ||||||
Bank of Montreal 5 yr. USD Swap + 1.432% | ||||||||
3.803% VRN 12/15/32 | 70,000 | 61,144 | ||||||
Bank of Nova Scotia 5 yr. CMT + 2.050% | ||||||||
4.588% VRN 5/04/37 | 180,000 | 150,021 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
BNP Paribas SA | ||||||||
Secured Overnight Financing Rate + 2.074% 2.219% VRN 6/09/26 (b) | $ | 200,000 | $ | 186,642 | ||||
Secured Overnight Financing Rate + 1.507% 3.052% VRN 1/13/31 (b) | 390,000 | 321,033 | ||||||
4.625% 3/13/27 (b) | 260,000 | 246,506 | ||||||
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 (b) | 350,000 | 337,918 | ||||||
5 yr. CMT + 4.354% 8.500% VRN (b) (d) | 200,000 | 195,665 | ||||||
BPCE SA | ||||||||
1.000% 1/20/26 (b) | 250,000 | 223,570 | ||||||
Citigroup, Inc. | ||||||||
Secured Overnight Financing Rate + 0.694% 2.014% VRN 1/25/26 | 95,000 | 89,709 | ||||||
Secured Overnight Financing Rate + 1.280% 3.070% VRN 2/24/28 | 845,000 | 766,500 | ||||||
Secured Overnight Financing Rate + 1.939% 3.785% VRN 3/17/33 | 580,000 | 483,856 | ||||||
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30 | 760,000 | 682,544 | ||||||
4.650% 7/30/45 | 380,000 | 305,288 | ||||||
3 mo. USD Term SOFR + 4.167% 5.950% VRN (d) | 160,000 | 152,663 | ||||||
Cooperatieve Rabobank UA | ||||||||
4.375% 8/04/25 | 470,000 | 453,546 | ||||||
Credit Agricole SA Secured Overnight Financing Rate + 1.676% | ||||||||
1.907% VRN 6/16/26 (b) | 270,000 | 250,998 | ||||||
Credit Suisse AG | ||||||||
7.500% 2/15/28 | 350,000 | 366,109 | ||||||
7.950% 1/09/25 | 290,000 | 295,128 | ||||||
Danske Bank AS | ||||||||
5.375% 1/12/24 (b) | 240,000 | 239,039 | ||||||
Goldman Sachs Group, Inc. | ||||||||
Secured Overnight Financing Rate + 1.472% 2.908% VRN 7/21/42 | 240,000 | 155,000 | ||||||
3.000% 3/15/24 | 400,000 | 394,498 | ||||||
3.500% 11/16/26 | 270,000 | 251,104 | ||||||
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29 | 500,000 | 462,514 | ||||||
4.250% 10/21/25 | 200,000 | 192,733 | ||||||
4.750% 10/21/45 | 70,000 | 58,907 | ||||||
5.150% 5/22/45 | 290,000 | 248,506 | ||||||
Secured Overnight Financing Rate + 0.820% 6.164% FRN 9/10/27 | 165,000 | 161,969 | ||||||
3 mo. USD Term SOFR + 1.432% 6.796% FRN 5/15/26 | 555,000 | 558,413 | ||||||
HSBC Holdings PLC | ||||||||
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26 | 510,000 | 475,354 | ||||||
3 mo. USD Term SOFR + 1.642% 7.052% FRN 9/12/26 | 310,000 | 312,803 | ||||||
JP Morgan Chase & Co. | ||||||||
Secured Overnight Financing Rate + 1.015% 2.069% VRN 6/01/29 | 215,000 | 181,161 | ||||||
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31 | 320,000 | 259,385 | ||||||
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32 | 270,000 | 212,983 | ||||||
Secured Overnight Financing Rate + 0.915% 2.595% VRN 2/24/26 | 160,000 | 152,325 | ||||||
Secured Overnight Financing Rate + 1.260% 2.963% VRN 1/25/33 | 25,000 | 19,903 | ||||||
Secured Overnight Financing Rate + 2.440% 3.109% VRN 4/22/51 | 110,000 | 68,297 | ||||||
3.875% 9/10/24 | 540,000 | 528,902 | ||||||
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29 | 640,000 | 597,413 | ||||||
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% | ||||||||
3.574% VRN 11/07/28 | 200,000 | 178,646 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
1.412% 7/17/25 | 235,000 | 216,793 | ||||||
Morgan Stanley | ||||||||
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | 520,000 | 377,721 | ||||||
Secured Overnight Financing Rate + 1.290% 2.943% VRN 1/21/33 | 115,000 | 90,563 | ||||||
Secured Overnight Financing Rate + 1.160% 3.620% VRN 4/17/25 | 150,000 | 147,638 | ||||||
Secured Overnight Financing Rate + 1.610% 4.210% VRN 4/20/28 | 205,000 | 192,758 | ||||||
National Securities Clearing Corp. | ||||||||
1.500% 4/23/25 (b) | 250,000 | 234,598 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
NatWest Markets PLC | ||||||||
0.800% 8/12/24 (b) | $ | 200,000 | $ | 191,182 | ||||
PNC Financial Services Group, Inc. | ||||||||
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29 | 210,000 | 203,724 | ||||||
Secured Overnight Financing Rate + 1.322% 5.812% VRN 6/12/26 | 60,000 | 59,521 | ||||||
Royal Bank of Canada | ||||||||
1.150% 6/10/25 | 310,000 | 286,668 | ||||||
Santander Holdings USA, Inc. Secured Overnight Financing Rate + 1.249% | ||||||||
2.490% VRN 1/06/28 | 135,000 | 117,217 | ||||||
Toronto-Dominion Bank | ||||||||
1.150% 6/12/25 | 300,000 | 277,733 | ||||||
Truist Financial Corp. Secured Overnight Financing Rate + 2.050% | ||||||||
6.047% VRN 6/08/27 | 120,000 | 118,695 | ||||||
UBS Group AG | ||||||||
Secured Overnight Financing Rate + 2.044% 2.193% VRN 6/05/26 (b) | 480,000 | 446,428 | ||||||
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 (b) | 390,000 | 308,041 | ||||||
4.253% 3/23/28 (b) | 340,000 | 312,560 | ||||||
Secured Overnight Financing Rate + 3.920% 6.537% VRN 8/12/33 (b) | 300,000 | 296,494 | ||||||
5 yr. USD Swap + 4.344% 7.000% VRN (b) (d) | 500,000 | 492,689 | ||||||
US Bancorp | ||||||||
1.450% 5/12/25 | 210,000 | 195,890 | ||||||
Secured Overnight Financing Rate + 0.730% 2.215% VRN 1/27/28 | 20,000 | 17,644 | ||||||
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29 | 140,000 | 136,273 | ||||||
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34 | 40,000 | 37,726 | ||||||
Wells Fargo & Co. | ||||||||
Secured Overnight Financing Rate + 2.000% 2.188% VRN 4/30/26 | 200,000 | 187,787 | ||||||
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30 | 235,000 | 195,627 | ||||||
3.000% 10/23/26 | 430,000 | 394,909 | ||||||
3 mo. USD Term SOFR + 1.432% 3.196% VRN 6/17/27 | 245,000 | 227,512 | ||||||
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33 | 360,000 | 291,004 | ||||||
Secured Overnight Financing Rate + 2.130% 4.611% VRN 4/25/53 | 1,970,000 | 1,542,384 | ||||||
23,548,596 | ||||||||
Beverages — 0.4% | ||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||||||||
3.650% 2/01/26 | 260,000 | 249,693 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
3.500% 6/01/30 | 130,000 | 115,662 | ||||||
4.600% 4/15/48 | 334,000 | 282,299 | ||||||
Coca-Cola Co. | ||||||||
2.600% 6/01/50 | 80,000 | 48,914 | ||||||
Molson Coors Beverage Co. | ||||||||
3.000% 7/15/26 | 50,000 | 46,468 | ||||||
4.200% 7/15/46 | 50,000 | 37,603 | ||||||
PepsiCo, Inc. | ||||||||
1.625% 5/01/30 | 170,000 | 136,569 | ||||||
917,208 | ||||||||
Biotechnology — 0.1% | ||||||||
Gilead Sciences, Inc. | ||||||||
3.700% 4/01/24 | 130,000 | 128,577 | ||||||
Chemicals — 0.4% | ||||||||
MEGlobal BV | ||||||||
4.250% 11/03/26 (b) | 240,000 | 227,808 | ||||||
OCP SA | ||||||||
3.750% 6/23/31 (b) | 260,000 | 204,858 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
5.125% 6/23/51 (b) | $ | 220,000 | $ | 145,200 | ||||
Orbia Advance Corp. SAB de CV | ||||||||
2.875% 5/11/31 (b) | 490,000 | 381,354 | ||||||
959,220 | ||||||||
Commercial Services — 0.4% | ||||||||
Cintas Corp. No. 2 | ||||||||
3.700% 4/01/27 | 160,000 | 151,670 | ||||||
DP World Ltd. | ||||||||
5.625% 9/25/48 (b) | 330,000 | 292,050 | ||||||
PayPal Holdings, Inc. | ||||||||
1.650% 6/01/25 (c) | 270,000 | 252,653 | ||||||
Triton Container International Ltd. | ||||||||
1.150% 6/07/24 (b) | 90,000 | 86,609 | ||||||
Triton Container International Ltd./TAL International Container Corp. | ||||||||
3.250% 3/15/32 | 160,000 | 119,651 | ||||||
902,633 | ||||||||
Cosmetics & Personal Care — 0.2% | ||||||||
Haleon US Capital LLC | ||||||||
3.375% 3/24/29 | 260,000 | 233,156 | ||||||
Kenvue, Inc. | ||||||||
4.900% 3/22/33 (b) | 140,000 | 133,798 | ||||||
Procter & Gamble Co. | ||||||||
3.000% 3/25/30 | 100,000 | 88,834 | ||||||
455,788 | ||||||||
Distribution & Wholesale — 0.0% | ||||||||
H&E Equipment Services, Inc. | ||||||||
3.875% 12/15/28 (b) | 30,000 | 25,617 | ||||||
Diversified Financial Services — 1.2% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
2.450% 10/29/26 | 170,000 | 152,268 | ||||||
3.000% 10/29/28 | 160,000 | 137,196 | ||||||
3.150% 2/15/24 | 190,000 | 187,832 | ||||||
3.400% 10/29/33 | 420,000 | 324,879 | ||||||
Air Lease Corp. | ||||||||
1.875% 8/15/26 | 170,000 | 151,036 | ||||||
5.300% 2/01/28 | 120,000 | 115,937 | ||||||
American Express Co. | ||||||||
3.375% 5/03/24 | 30,000 | 29,537 | ||||||
4.050% 5/03/29 | 140,000 | 130,299 | ||||||
Aviation Capital Group LLC | ||||||||
1.950% 9/20/26 (b) | 395,000 | 344,854 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
3.250% 2/15/27 (b) (c) | 370,000 | 329,553 | ||||||
Charles Schwab Corp. | ||||||||
5.875% 8/24/26 | 260,000 | 259,144 | ||||||
Secured Overnight Financing Rate + 2.010% 6.136% VRN 8/24/34 (c) | 50,000 | 48,638 | ||||||
CI Financial Corp. | ||||||||
4.100% 6/15/51 | 115,000 | 66,563 | ||||||
Mastercard, Inc. | ||||||||
3.850% 3/26/50 | 50,000 | 38,507 | ||||||
Nasdaq, Inc. | ||||||||
3.950% 3/07/52 | 45,000 | 31,407 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Visa, Inc. | ||||||||
4.300% 12/14/45 | $ | 160,000 | $ | 135,394 | ||||
2,483,044 | ||||||||
Electric — 0.6% | ||||||||
Consolidated Edison Co. of New York, Inc. | ||||||||
3.350% 4/01/30 | 70,000 | 61,452 | ||||||
3.950% 4/01/50 | 50,000 | 36,934 | ||||||
Duke Energy Carolinas LLC | ||||||||
2.850% 3/15/32 | 35,000 | 28,567 | ||||||
Duke Energy Corp. | ||||||||
3.950% 8/15/47 | 65,000 | 45,762 | ||||||
Duke Energy Ohio, Inc. | ||||||||
3.650% 2/01/29 | 140,000 | 128,408 | ||||||
Exelon Corp. | ||||||||
4.100% 3/15/52 | 65,000 | 47,007 | ||||||
Monongahela Power Co. | ||||||||
5.400% 12/15/43 (b) | 145,000 | 128,179 | ||||||
Pacific Gas & Electric Co. | ||||||||
2.500% 2/01/31 | 185,000 | 140,744 | ||||||
Sierra Pacific Power Co. | ||||||||
2.600% 5/01/26 | 760,000 | 706,780 | ||||||
1,323,833 | ||||||||
Entertainment — 0.2% | ||||||||
Warnermedia Holdings, Inc. | ||||||||
3.755% 3/15/27 | 250,000 | 230,804 | ||||||
4.279% 3/15/32 | 240,000 | 203,717 | ||||||
5.050% 3/15/42 | 20,000 | 15,468 | ||||||
6.412% 3/15/26 | 10,000 | 9,998 | ||||||
459,987 | ||||||||
Food — 0.4% | ||||||||
Danone SA | ||||||||
2.589% 11/02/23 (b) | 320,000 | 319,118 | ||||||
Mars, Inc. | ||||||||
2.700% 4/01/25 (b) | 140,000 | 134,108 | ||||||
3.200% 4/01/30 (b) | 80,000 | 70,180 | ||||||
Mondelez International, Inc. | ||||||||
1.500% 5/04/25 | 390,000 | 364,859 | ||||||
888,265 | ||||||||
Forest Products & Paper — 0.2% | ||||||||
Suzano Austria GmbH | ||||||||
3.125% 1/15/32 | 80,000 | 61,440 | ||||||
3.750% 1/15/31 | 430,000 | 353,450 | ||||||
414,890 | ||||||||
Gas — 0.2% | ||||||||
Brooklyn Union Gas Co. | ||||||||
4.487% 3/04/49 (b) | 435,000 | 306,012 | ||||||
East Ohio Gas Co. | ||||||||
3.000% 6/15/50 (b) | 45,000 | 25,864 | ||||||
331,876 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Health Care – Products — 0.1% | ||||||||
Abbott Laboratories | ||||||||
4.750% 11/30/36 | $ | 80,000 | $ | 76,004 | ||||
4.900% 11/30/46 | 100,000 | 91,039 | ||||||
167,043 | ||||||||
Health Care – Services — 0.7% | ||||||||
Centene Corp. | ||||||||
2.500% 3/01/31 | 285,000 | 218,942 | ||||||
Elevance Health, Inc. | ||||||||
2.375% 1/15/25 | 210,000 | 200,527 | ||||||
3.650% 12/01/27 | 140,000 | 129,766 | ||||||
HCA, Inc. | ||||||||
4.125% 6/15/29 | 220,000 | 199,162 | ||||||
Health Care Service Corp. A Mutual Legal Reserve Co. | ||||||||
3.200% 6/01/50 (b) | 145,000 | 92,442 | ||||||
Humana, Inc. | ||||||||
4.625% 12/01/42 | 140,000 | 114,087 | ||||||
UnitedHealth Group, Inc. | ||||||||
1.250% 1/15/26 | 110,000 | 100,225 | ||||||
2.300% 5/15/31 | 220,000 | 177,747 | ||||||
3.875% 8/15/59 | 240,000 | 170,731 | ||||||
4.000% 5/15/29 | 100,000 | 93,587 | ||||||
4.200% 5/15/32 | 80,000 | 73,018 | ||||||
1,570,234 | ||||||||
Home Builders — 0.1% | ||||||||
Lennar Corp. | ||||||||
4.500% 4/30/24 | 100,000 | 99,050 | ||||||
4.750% 11/29/27 | 40,000 | 38,533 | ||||||
137,583 | ||||||||
Insurance — 0.4% | ||||||||
Athene Global Funding Secured Overnight Financing Rate Index + 0.560% | ||||||||
5.902% FRN 8/19/24 (b) | 465,000 | 460,443 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
2.850% 10/15/50 | 150,000 | 93,325 | ||||||
3.850% 3/15/52 | 90,000 | 67,132 | ||||||
New York Life Global Funding | ||||||||
0.950% 6/24/25 (b) | 100,000 | 92,031 | ||||||
Principal Life Global Funding II | ||||||||
1.250% 6/23/25 (b) | 110,000 | 101,459 | ||||||
Teachers Insurance & Annuity Association of America | ||||||||
4.900% 9/15/44 (b) | 80,000 | 67,327 | ||||||
881,717 | ||||||||
Internet — 0.8% | ||||||||
Alphabet, Inc. | ||||||||
1.900% 8/15/40 | 100,000 | 62,536 | ||||||
2.050% 8/15/50 | 60,000 | 32,758 | ||||||
Amazon.com, Inc. | ||||||||
3.150% 8/22/27 | 430,000 | 399,969 | ||||||
3.600% 4/13/32 | 470,000 | 416,771 | ||||||
3.875% 8/22/37 | 190,000 | 162,191 | ||||||
3.950% 4/13/52 | 200,000 | 154,589 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Prosus NV | ||||||||
3.061% 7/13/31 (b) | $ | 370,000 | $ | 274,709 | ||||
3.832% 2/08/51 (b) | 210,000 | 115,983 | ||||||
4.027% 8/03/50 (b) | 310,000 | 177,494 | ||||||
1,797,000 | ||||||||
Iron & Steel — 0.1% | ||||||||
Vale Overseas Ltd. | ||||||||
6.875% 11/21/36 | 170,000 | 171,050 | ||||||
Lodging — 0.6% | ||||||||
Las Vegas Sands Corp. | ||||||||
3.200% 8/08/24 | 860,000 | 832,016 | ||||||
Sands China Ltd. | ||||||||
5.375% STEP 8/08/25 | 390,000 | 377,792 | ||||||
1,209,808 | ||||||||
Machinery – Diversified — 0.2% | ||||||||
Deere & Co. | ||||||||
3.750% 4/15/50 (c) | 260,000 | 205,372 | ||||||
Otis Worldwide Corp. | ||||||||
2.056% 4/05/25 | 140,000 | 132,173 | ||||||
337,545 | ||||||||
Media — 2.0% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.250% 1/15/34 (b) | 65,000 | 47,858 | ||||||
4.500% 6/01/33 (b) | 810,000 | 619,763 | ||||||
4.750% 3/01/30 (b) | 105,000 | 88,142 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
3.500% 3/01/42 | 240,000 | 148,312 | ||||||
4.200% 3/15/28 | 560,000 | 513,990 | ||||||
4.400% 4/01/33 (c) | 290,000 | 246,656 | ||||||
4.908% 7/23/25 | 240,000 | 234,517 | ||||||
5.250% 4/01/53 (c) | 400,000 | 299,001 | ||||||
5.500% 4/01/63 | 150,000 | 110,962 | ||||||
Comcast Corp. | ||||||||
2.887% 11/01/51 | 550,000 | 324,137 | ||||||
3.400% 4/01/30 | 525,000 | 463,085 | ||||||
3.750% 4/01/40 | 120,000 | 92,957 | ||||||
3.950% 10/15/25 | 155,000 | 150,388 | ||||||
4.150% 10/15/28 | 270,000 | 255,759 | ||||||
CSC Holdings LLC | ||||||||
6.500% 2/01/29 (b) | 700,000 | 579,905 | ||||||
DISH DBS Corp. | ||||||||
5.125% 6/01/29 | 60,000 | 33,263 | ||||||
5.750% 12/01/28 (b) | 70,000 | 53,813 | ||||||
Fox Corp. | ||||||||
5.476% 1/25/39 | 90,000 | 77,781 | ||||||
4,340,289 | ||||||||
Mining — 0.8% | ||||||||
Anglo American Capital PLC | ||||||||
4.750% 4/10/27 (b) | 230,000 | 220,430 | ||||||
Barrick North America Finance LLC | ||||||||
5.700% 5/30/41 | 80,000 | 76,611 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
5.750% 5/01/43 | $ | 80,000 | $ | 76,975 | ||||
BHP Billiton Finance USA Ltd. | ||||||||
5.000% 9/30/43 | 100,000 | 90,181 | ||||||
First Quantum Minerals Ltd. | ||||||||
8.625% 6/01/31 (b) | 200,000 | 199,036 | ||||||
Freeport-McMoRan, Inc. | ||||||||
4.625% 8/01/30 | 120,000 | 108,117 | ||||||
5.450% 3/15/43 | 230,000 | 196,097 | ||||||
Glencore Funding LLC | ||||||||
1.625% 4/27/26 (b) | 240,000 | 216,107 | ||||||
3.375% 9/23/51 (b) | 45,000 | 27,010 | ||||||
4.000% 3/27/27 (b) | 140,000 | 131,412 | ||||||
4.125% 3/12/24 (b) | 230,000 | 228,019 | ||||||
Southern Copper Corp. | ||||||||
5.250% 11/08/42 | 250,000 | 216,137 | ||||||
1,786,132 | ||||||||
Miscellaneous - Manufacturing — 0.2% | ||||||||
3M Co. | ||||||||
3.050% 4/15/30 (c) | 290,000 | 250,677 | ||||||
3.700% 4/15/50 | 180,000 | 128,324 | ||||||
379,001 | ||||||||
Multi-National — 0.6% | ||||||||
Inter-American Development Bank | ||||||||
7.349% 10/06/30 INR (e) (f) | 104,000,000 | 1,241,819 | ||||||
Oil & Gas — 3.1% | ||||||||
BP Capital Markets America, Inc. | ||||||||
2.939% 6/04/51 | 175,000 | 106,848 | ||||||
3.001% 3/17/52 | 230,000 | 141,046 | ||||||
3.119% 5/04/26 | 410,000 | 387,450 | ||||||
3.633% 4/06/30 | 120,000 | 108,051 | ||||||
Chesapeake Energy Corp. | ||||||||
5.875% 2/01/29 (b) | 100,000 | 94,095 | ||||||
Chevron Corp. | ||||||||
1.995% 5/11/27 | 440,000 | 394,307 | ||||||
Continental Resources, Inc. | ||||||||
2.268% 11/15/26 (b) | 195,000 | 172,760 | ||||||
5.750% 1/15/31 (b) | 250,000 | 234,864 | ||||||
Coterra Energy, Inc. | ||||||||
3.900% 5/15/27 | 230,000 | 215,988 | ||||||
4.375% 3/15/29 | 220,000 | 203,462 | ||||||
Devon Energy Corp. | ||||||||
5.000% 6/15/45 | 390,000 | 314,105 | ||||||
5.600% 7/15/41 | 140,000 | 123,853 | ||||||
5.850% 12/15/25 | 120,000 | 119,390 | ||||||
Diamondback Energy, Inc. | ||||||||
3.250% 12/01/26 | 140,000 | 130,894 | ||||||
3.500% 12/01/29 | 160,000 | 141,978 | ||||||
Ecopetrol SA | ||||||||
5.875% 5/28/45 | 770,000 | 507,399 | ||||||
EOG Resources, Inc. | ||||||||
3.900% 4/01/35 | 200,000 | 169,583 | ||||||
4.375% 4/15/30 | 60,000 | 56,560 | ||||||
4.950% 4/15/50 | 40,000 | 35,390 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Exxon Mobil Corp. | ||||||||
3.043% 3/01/26 | $ | 130,000 | $ | 123,278 | ||||
3.482% 3/19/30 | 190,000 | 171,565 | ||||||
4.227% 3/19/40 | 205,000 | 174,654 | ||||||
4.327% 3/19/50 | 20,000 | 16,420 | ||||||
KazMunayGas National Co. JSC | ||||||||
5.375% 4/24/30 (b) | 200,000 | 181,566 | ||||||
Marathon Petroleum Corp. | ||||||||
5.125% 12/15/26 | 185,000 | 182,044 | ||||||
Occidental Petroleum Corp. | ||||||||
6.125% 1/01/31 | 85,000 | 83,780 | ||||||
6.450% 9/15/36 | 50,000 | 49,097 | ||||||
6.600% 3/15/46 (c) | 160,000 | 157,213 | ||||||
6.625% 9/01/30 (c) | 60,000 | 60,795 | ||||||
Petrobras Global Finance BV | ||||||||
5.999% 1/27/28 (c) | 760,000 | 754,159 | ||||||
Pioneer Natural Resources Co. | ||||||||
1.900% 8/15/30 | 170,000 | 133,374 | ||||||
Reliance Industries Ltd. | ||||||||
3.625% 1/12/52 (b) | 330,000 | 210,369 | ||||||
Shell International Finance BV | ||||||||
2.750% 4/06/30 | 240,000 | 206,415 | ||||||
2.875% 5/10/26 | 130,000 | 122,631 | ||||||
3.250% 4/06/50 | 330,000 | 219,118 | ||||||
Southwestern Energy Co. | ||||||||
4.750% 2/01/32 | 70,000 | 60,080 | ||||||
5.375% 2/01/29 | 75,000 | 69,074 | ||||||
6,633,655 | ||||||||
Oil & Gas Services — 0.1% | ||||||||
Halliburton Co. | ||||||||
2.920% 3/01/30 | 105,000 | 89,426 | ||||||
5.000% 11/15/45 | 100,000 | 84,768 | ||||||
174,194 | ||||||||
Pharmaceuticals — 2.9% | ||||||||
AbbVie, Inc. | ||||||||
2.600% 11/21/24 | 880,000 | 848,373 | ||||||
2.950% 11/21/26 | 260,000 | 241,283 | ||||||
3.200% 11/21/29 | 600,000 | 529,469 | ||||||
4.700% 5/14/45 | 25,000 | 21,297 | ||||||
Bausch Health Cos., Inc. | ||||||||
6.125% 2/01/27 (b) (c) | 50,000 | 31,098 | ||||||
Becton Dickinson & Co. | ||||||||
3.363% 6/06/24 | 80,000 | 78,587 | ||||||
Bristol-Myers Squibb Co. | ||||||||
4.350% 11/15/47 | 220,000 | 178,171 | ||||||
Cigna Group | ||||||||
4.125% 11/15/25 | 100,000 | 96,820 | ||||||
4.375% 10/15/28 | 760,000 | 719,119 | ||||||
4.900% 12/15/48 | 230,000 | 193,826 | ||||||
CVS Health Corp. | ||||||||
2.125% 9/15/31 | 330,000 | 252,369 | ||||||
4.250% 4/01/50 | 70,000 | 51,790 | ||||||
4.300% 3/25/28 | 580,000 | 548,918 | ||||||
5.050% 3/25/48 | 220,000 | 182,786 | ||||||
Johnson & Johnson | ||||||||
3.625% 3/03/37 | 320,000 | 269,673 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Merck & Co., Inc. | ||||||||
1.450% 6/24/30 | $ | 120,000 | $ | 94,017 | ||||
Pfizer, Inc. | ||||||||
1.700% 5/28/30 | 280,000 | 224,477 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
3.150% 10/01/26 | 1,700,000 | 1,515,160 | ||||||
6,077,233 | ||||||||
Pipelines — 3.2% | ||||||||
Cameron LNG LLC | ||||||||
3.302% 1/15/35 (b) | 150,000 | 119,403 | ||||||
Columbia Pipelines Operating Co. LLC | ||||||||
6.036% 11/15/33 (b) | 260,000 | 253,787 | ||||||
6.544% 11/15/53 (b) | 60,000 | 58,658 | ||||||
Energy Transfer LP | ||||||||
3.900% 7/15/26 | 710,000 | 671,968 | ||||||
4.750% 1/15/26 | 240,000 | 233,528 | ||||||
6.250% 4/15/49 | 320,000 | 293,607 | ||||||
Enterprise Products Operating LLC | ||||||||
4.150% 10/16/28 | 1,030,000 | 965,658 | ||||||
EQM Midstream Partners LP | ||||||||
4.750% 1/15/31 (b) | 140,000 | 120,503 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
6.950% 1/15/38 | 355,000 | 365,388 | ||||||
Kinder Morgan, Inc. | ||||||||
4.300% 3/01/28 | 110,000 | 103,526 | ||||||
MPLX LP | ||||||||
4.700% 4/15/48 | 400,000 | 303,199 | ||||||
ONEOK, Inc. | ||||||||
5.550% 11/01/26 | 40,000 | 39,739 | ||||||
5.800% 11/01/30 | 70,000 | 68,533 | ||||||
6.050% 9/01/33 | 160,000 | 157,189 | ||||||
6.625% 9/01/53 | 200,000 | 195,841 | ||||||
Targa Resources Corp. | ||||||||
4.950% 4/15/52 | 40,000 | 30,765 | ||||||
5.200% 7/01/27 | 170,000 | 166,587 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
4.875% 2/01/31 | 140,000 | 125,391 | ||||||
Tennessee Gas Pipeline Co. LLC | ||||||||
2.900% 3/01/30 (b) | 30,000 | 25,061 | ||||||
Western Midstream Operating LP | ||||||||
3.100% STEP 2/01/25 | 240,000 | 229,618 | ||||||
4.050% STEP 2/01/30 | 900,000 | 786,683 | ||||||
5.250% STEP 2/01/50 | 1,660,000 | 1,293,197 | ||||||
Williams Cos., Inc. | ||||||||
3.500% 10/15/51 | 125,000 | 79,722 | ||||||
3.750% 6/15/27 | 250,000 | 232,445 | ||||||
6,919,996 | ||||||||
Real Estate Investment Trusts (REITS) — 0.1% | ||||||||
Crown Castle, Inc. | ||||||||
3.300% 7/01/30 | 35,000 | 29,540 | ||||||
WEA Finance LLC/Westfield UK & Europe Finance PLC | ||||||||
3.750% 9/17/24 (b) | 220,000 | 211,603 | ||||||
241,143 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Retail — 0.6% | ||||||||
Costco Wholesale Corp. | ||||||||
1.375% 6/20/27 | $ | 190,000 | $ | 166,087 | ||||
1.600% 4/20/30 | 110,000 | 88,327 | ||||||
Home Depot, Inc. | ||||||||
2.700% 4/15/30 | 70,000 | 59,778 | ||||||
3.300% 4/15/40 | 120,000 | 89,425 | ||||||
3.350% 4/15/50 | 260,000 | 177,208 | ||||||
Lowe's Cos., Inc. | ||||||||
4.500% 4/15/30 | 50,000 | 46,655 | ||||||
McDonald's Corp. | ||||||||
3.500% 7/01/27 | 300,000 | 280,968 | ||||||
3.600% 7/01/30 | 190,000 | 169,623 | ||||||
4.450% 3/01/47 | 150,000 | 122,181 | ||||||
Walmart, Inc. | ||||||||
1.500% 9/22/28 | 80,000 | 67,846 | ||||||
1.800% 9/22/31 | 40,000 | 31,481 | ||||||
1,299,579 | ||||||||
Semiconductors — 0.7% | ||||||||
Broadcom, Inc. | ||||||||
3.419% 4/15/33 (b) | 396,000 | 316,743 | ||||||
Intel Corp. | ||||||||
1.600% 8/12/28 | 190,000 | 160,645 | ||||||
3.050% 8/12/51 | 100,000 | 60,789 | ||||||
5.125% 2/10/30 | 90,000 | 88,315 | ||||||
Micron Technology, Inc. | ||||||||
5.875% 2/09/33 | 60,000 | 57,316 | ||||||
NVIDIA Corp. | ||||||||
2.850% 4/01/30 | 90,000 | 78,520 | ||||||
3.500% 4/01/40 | 240,000 | 188,957 | ||||||
3.500% 4/01/50 | 40,000 | 29,154 | ||||||
3.700% 4/01/60 | 170,000 | 124,338 | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | ||||||||
3.875% 6/18/26 | 245,000 | 232,940 | ||||||
Texas Instruments, Inc. | ||||||||
1.750% 5/04/30 | 110,000 | 89,020 | ||||||
1,426,737 | ||||||||
Software — 0.2% | ||||||||
Microsoft Corp. | ||||||||
2.921% 3/17/52 | 260,000 | 170,536 | ||||||
3.041% 3/17/62 | 70,000 | 44,318 | ||||||
Oracle Corp. | ||||||||
3.850% 4/01/60 | 340,000 | 216,212 | ||||||
4.650% 5/06/30 | 20,000 | 18,704 | ||||||
449,770 | ||||||||
Telecommunications — 1.7% | ||||||||
AT&T, Inc. | ||||||||
2.750% 6/01/31 | 160,000 | 128,000 | ||||||
3.500% 9/15/53 | 309,000 | 190,915 | ||||||
3.550% 9/15/55 | 215,000 | 131,614 | ||||||
T-Mobile USA, Inc. | ||||||||
2.250% 2/15/26 | 205,000 | 188,716 | ||||||
2.550% 2/15/31 | 60,000 | 47,743 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
3.375% 4/15/29 | $ | 50,000 | $ | 43,977 | ||||
3.400% 10/15/52 | 230,000 | 143,668 | ||||||
3.500% 4/15/25 | 350,000 | 337,718 | ||||||
3.500% 4/15/31 | 700,000 | 591,898 | ||||||
3.875% 4/15/30 | 430,000 | 380,968 | ||||||
Telefonica Emisiones SA | ||||||||
5.213% 3/08/47 | 150,000 | 119,470 | ||||||
Verizon Communications, Inc. | ||||||||
2.650% 11/20/40 | 15,000 | 9,495 | ||||||
3.850% 11/01/42 | 610,000 | 450,811 | ||||||
3.875% 2/08/29 | 550,000 | 503,661 | ||||||
3.875% 3/01/52 | 435,000 | 306,240 | ||||||
3,574,894 | ||||||||
Transportation — 0.2% | ||||||||
Union Pacific Corp. | ||||||||
2.150% 2/05/27 | 50,000 | 45,134 | ||||||
2.891% 4/06/36 | 270,000 | 204,460 | ||||||
3.750% 7/15/25 | 70,000 | 67,796 | ||||||
3.750% 2/05/70 | 150,000 | 100,249 | ||||||
3.839% 3/20/60 | 120,000 | 84,101 | ||||||
501,740 | ||||||||
TOTAL CORPORATE DEBT (Cost $91,441,694) | 82,402,547 | |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.5% | ||||||||
Commercial Mortgage-Backed Securities — 5.4% | ||||||||
Bank | ||||||||
Series 2020-BN28, Class AS, 2.140% 3/15/63 | 380,000 | 287,661 | ||||||
Series 2022-BNK39, Class AS, 3.181% 2/15/55 | 302,000 | 228,150 | ||||||
Series 2017-BNK8, Class A3, 3.229% 11/15/50 | 266,500 | 242,071 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2020-B19, Class AS, 2.148% 9/15/53 | 380,000 | 274,559 | ||||||
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (b) | 378,000 | 328,962 | ||||||
BPR Trust | ||||||||
Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.164% 6.498% FRN 9/15/38 (b) | 550,000 | 528,314 | ||||||
Series 2022-OANA, Class A, 1 mo. USD Term SOFR + 1.898% 7.230% FRN 4/15/37 (b) | 460,000 | 451,661 | ||||||
BX Commercial Mortgage Trust | ||||||||
Series 2021-ACNT, Class A, 1 mo. USD Term SOFR + 0.964% 6.297% FRN 11/15/38 (b) | 120,000 | 117,712 | ||||||
Series 2021-VOLT, Class F, 1 mo. USD Term SOFR + 2.514% 7.847% FRN 9/15/36 (b) | 405,000 | 380,444 | ||||||
Series 2021-21M, Class H, 1 mo. USD Term SOFR + 4.124% 9.457% FRN 10/15/36 (b) | 295,025 | 276,244 | ||||||
BX Trust | ||||||||
Series 2019-OC11, Class E, 4.076% VRN 12/09/41 (b) (g) | 374,000 | 298,067 | ||||||
Series 2023-DELC, Class A, 1 mo. USD Term SOFR + 2.690% 8.022% FRN 5/15/38 (b) | 440,000 | 440,551 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, | ||||||||
1.139% VRN 1/10/48 (g) | 5,183,112 | 91,448 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
Series 2019-GC41, Class B, 3.199% 8/10/56 | 163,000 | 126,496 | ||||||
Series 2020-420K, Class D, 3.422% VRN 11/10/42 (b) (g) | 200,000 | 141,562 | ||||||
Series 2020-420K, Class E, 3.422% VRN 11/10/42 (b) (g) | 200,000 | 133,934 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (g) | $ | 340,000 | $ | 292,584 | ||||
CSAIL Commercial Mortgage Trust | ||||||||
Series 2015-C1, Class XA, 0.948% VRN 4/15/50 (g) | 7,611,183 | 47,470 | ||||||
Series 2019-C16, Class B, 3.885% 6/15/52 | 334,000 | 264,931 | ||||||
CSMC Trust, Series 2021-B33, Class B, | ||||||||
3.766% VRN 10/10/43 (b) (g) | 300,000 | 213,982 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD Term SOFR + 1.194% | ||||||||
6.527% FRN 7/15/38 (b) | 342,176 | 340,999 | ||||||
GS Mortgage Securities Corp. Trust, Series 2018-RIVR, Class C, 1 mo. USD Term SOFR + 1.547% | ||||||||
6.880% FRN 7/15/35 (b) | 167,000 | 108,310 | ||||||
GS Mortgage Securities Trust | ||||||||
Series 2015-GS1, Class XA, 0.903% VRN 11/10/48 (g) | 7,546,221 | 98,477 | ||||||
Series 2014-GC26, Class D, 4.662% VRN 11/10/47 (b) (g) | 763,000 | 480,803 | ||||||
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD Term SOFR + 3.264% | ||||||||
8.593% FRN 11/15/36 (b) | 385,138 | 370,889 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
Series 2015-JP1, Class XA, 1.043% VRN 1/15/49 (g) | 3,316,371 | 51,375 | ||||||
Series 2016-JP2, Class B, 3.460% 8/15/49 | 174,000 | 146,267 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
Series 2015-C30, Class XA, 0.564% VRN 7/15/48 (g) | 7,714,689 | 48,697 | ||||||
Series 2015-C29, Class XA, 0.691% VRN 5/15/48 (g) | 5,354,383 | 37,684 | ||||||
Series 2014-C25, Class XA, 0.945% VRN 11/15/47 (g) | 3,525,719 | 20,335 | ||||||
Series 2015-C28, Class XA, 1.058% VRN 10/15/48 (g) | 5,780,393 | 62,433 | ||||||
Series 2015-C27, Class D, 3.940% VRN 2/15/48 (b) (g) | 704,000 | 425,538 | ||||||
Series 2015-C28, Class B, 3.986% 10/15/48 | 340,000 | 312,396 | ||||||
Series 2014-C23, Class D, 4.129% VRN 9/15/47 (b) (g) | 391,000 | 323,435 | ||||||
Series 2013-C17, Class C, 5.032% VRN 1/15/47 (g) | 400,000 | 353,124 | ||||||
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD Term SOFR + 2.114% | ||||||||
7.447% FRN 11/15/38 (b) | 394,109 | 377,357 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A4 | ||||||||
2.600% 9/15/49 | 126,591 | 115,911 | ||||||
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, | ||||||||
0.993% VRN 12/15/48 (g) | 5,604,178 | 77,287 | ||||||
MSWF Commercial Mortgage Trust, Series 2023-1, Class A4 | ||||||||
5.472% 5/15/56 | 250,000 | 241,305 | ||||||
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397% | ||||||||
6.737% FRN 3/15/39 (b) | 540,000 | 531,256 | ||||||
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, | ||||||||
2.021% VRN 10/10/48 (g) | 3,118,598 | 106,209 | ||||||
SLG Office Trust, Series 2021-OVA, Class E | ||||||||
2.851% 7/15/41 (b) | 260,000 | 179,069 | ||||||
TTAN, Series 2021-MHC, Class F, 1 mo. USD Term SOFR + 3.014% | ||||||||
8.348% FRN 3/15/38 (b) | 330,763 | 313,781 | ||||||
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C, | ||||||||
3.865% VRN 3/10/46 (b) (g) | 393,000 | 333,363 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
Series 2015-NXS2, Class XA, 0.735% VRN 7/15/58 (g) | 8,934,521 | 73,061 | ||||||
Series 2015-P2, Class XA, 1.079% VRN 12/15/48 (g) | 3,473,235 | 53,657 | ||||||
Series 2019-C53, Class XA, 1.123% VRN 10/15/52 (g) | 4,238,781 | 178,043 | ||||||
Series 2017-C38, Class A4, 3.190% 7/15/50 | 293,994 | 266,064 | ||||||
Series 2016-C35, Class B, 3.438% 7/15/48 | 328,000 | 272,499 | ||||||
11,466,427 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Other Asset-Backed Securities — 1.7% | ||||||||
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, | ||||||||
5.682% STEP 12/16/41 (b) | $ | 693,830 | $ | 499,607 | ||||
CLI Funding VI LLC, Series 2020-3A, Class A | ||||||||
2.070% 10/18/45 (b) | 166,250 | 143,472 | ||||||
Dividend Solar Loans LLC, Series 2018-1, Class B | ||||||||
4.290% 7/20/38 (b) | 501,499 | 432,349 | ||||||
Hero Funding Trust, Series 2016-4A, Class A2 | ||||||||
4.290% 9/20/47 (b) | 88,904 | 79,020 | ||||||
MACH 1 Cayman Ltd., Series 2019-1, Class A | ||||||||
3.474% 10/15/39 (b) | 315,195 | 265,464 | ||||||
Mosaic Solar Loan Trust, Series 2020-2A, Class B | ||||||||
2.210% 8/20/46 (b) | 258,725 | 208,732 | ||||||
Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
4.450% 6/20/42 (b) | 185,909 | 174,035 | ||||||
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A | ||||||||
2.980% 6/20/47 (b) | 356,347 | 313,710 | ||||||
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C | ||||||||
2.630% 10/20/48 (b) | 434,624 | 337,347 | ||||||
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A | ||||||||
2.100% 9/20/45 (b) | 355,244 | 310,486 | ||||||
Upstart Securitization Trust, Series 2021-3, Class C | ||||||||
3.280% 7/20/31 (b) | 500,000 | 449,325 | ||||||
Vault DI Issuer LLC, Series 2021-1A, Class A2 | ||||||||
2.804% 7/15/46 (b) | 500,000 | 425,936 | ||||||
Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD Term SOFR + 0.474% | ||||||||
4.014% FRN 10/25/36 | 54,143 | 18,117 | ||||||
3,657,600 | ||||||||
Student Loans Asset-Backed Securities — 0.6% | ||||||||
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% | ||||||||
6.634% FRN 12/26/47 (b) | 193,394 | 191,021 | ||||||
ELFI Graduate Loan Program LLC, Series 2020-A, Class A | ||||||||
1.730% 8/25/45 (b) | 290,720 | 245,428 | ||||||
SoFi Professional Loan Program LLC | ||||||||
Series 2017-D, Class BFX, 3.610% 9/25/40 (b) | 350,000 | 311,255 | ||||||
Series 2018-B, Class BFX, 3.830% 8/25/47 (b) | 500,000 | 446,696 | ||||||
1,194,400 | ||||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 3.5% | ||||||||
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, | ||||||||
4.246% VRN 4/25/37 (g) | 516,438 | 450,526 | ||||||
Countrywide Home Loans Mortgage Pass-Through Trust | ||||||||
Series 2007-HYB2, Class 3A1, 3.745% VRN 2/25/47 (g) | 739,452 | 632,357 | ||||||
Series 2007-3, Class A21, 6.000% 4/25/37 | 1,283,698 | 604,025 | ||||||
Series 2007-14, Class A6, 6.000% 9/25/37 | 1,127,691 | 602,340 | ||||||
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD Term SOFR + 0.454% | ||||||||
5.782% FRN 12/19/36 | 368,302 | 305,265 | ||||||
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, | ||||||||
2.489% VRN 9/25/56 (b) (g) | 1,028,000 | 556,624 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, | ||||||||
3.269% VRN 7/25/35 (g) | 221,419 | 187,304 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1, | ||||||||
5.000% STEP 6/25/62 (b) | $ | 453,158 | $ | 431,181 | ||||
PRKCM Trust, Series 2023-AFC1, Class A1, | ||||||||
6.598% STEP 2/25/58 (b) | 415,336 | 416,419 | ||||||
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, | ||||||||
6.500% VRN 10/26/37 (b) (g) | 634,128 | 263,621 | ||||||
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD Term SOFR + 0.714% | ||||||||
6.000% FRN 4/25/37 | 144,941 | 111,862 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, | ||||||||
4.213% VRN 10/25/37 (g) | 509,712 | 389,993 | ||||||
Verus Securitization Trust | ||||||||
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (b) (g) | 1,000,000 | 505,948 | ||||||
Series 2021-R1, Class M1, 2.338% 10/25/63 (b) | 1,500,000 | 1,199,630 | ||||||
Series 2022 - 6, Class A1, 4.910% STEP 6/25/67 (b) | 260,537 | 250,837 | ||||||
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, | ||||||||
6.350% STEP 5/25/36 | 630,157 | 510,148 | ||||||
7,418,080 | ||||||||
Whole Loan Collateral Planned Amortization Classes — 0.3% | ||||||||
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 | ||||||||
6.000% 8/25/36 | 1,270,022 | 723,051 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $33,667,696) | 24,459,558 | |||||||
SOVEREIGN DEBT OBLIGATIONS — 6.9% | ||||||||
Brazil Notas do Tesouro Nacional Serie F | ||||||||
10.000% 1/01/27 BRL (e) | 2,920,000 | 567,580 | ||||||
10.000% 1/01/33 BRL (e) | 3,249,000 | 589,737 | ||||||
Brazilian Government International Bond | ||||||||
3.750% 9/12/31 | 950,000 | 798,500 | ||||||
5.625% 2/21/47 | 300,000 | 237,456 | ||||||
Colombia Government International Bond | ||||||||
3.250% 4/22/32 | 230,000 | 165,058 | ||||||
4.125% 2/22/42 | 440,000 | 265,396 | ||||||
Indonesia Government International Bond | ||||||||
3.500% 1/11/28 | 320,000 | 296,356 | ||||||
Indonesia Treasury Bond | ||||||||
6.500% 2/15/31 (e) | 39,307,000,000 | 2,493,597 | ||||||
Israel Government International Bond | ||||||||
2.750% 7/03/30 | 310,000 | 263,152 | ||||||
Kenya Government International Bond | ||||||||
6.300% 1/23/34 (b) | 370,000 | 245,375 | ||||||
Mexican Bonos | ||||||||
7.750% 11/23/34 MXN (e) | 8,220,000 | 401,876 | ||||||
7.750% 11/13/42 MXN (e) | 144,850,000 | 6,692,565 | ||||||
Mexico Government International Bond | ||||||||
2.659% 5/24/31 | 200,000 | 157,807 | ||||||
3.750% 1/11/28 | 205,000 | 189,672 | ||||||
4.280% 8/14/41 | 450,000 | 331,749 | ||||||
Nigeria Government International Bond | ||||||||
7.143% 2/23/30 (b) | 210,000 | 165,404 | ||||||
Panama Government International Bond | ||||||||
2.252% 9/29/32 | 200,000 | 144,552 | ||||||
4.300% 4/29/53 | 200,000 | 130,067 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Peruvian Government International Bond | ||||||||
6.550% 3/14/37 | $ | 260,000 | $ | 268,246 | ||||
Provincia de Buenos Aires/Government Bond, | ||||||||
6.375% STEP 9/01/37 (b) | 540,000 | 175,713 | ||||||
14,579,858 | ||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $14,814,562) | 14,579,858 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 38.9% | ||||||||
Collateralized Mortgage Obligations — 4.2% | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | ||||||||
Series K-157, Class X1, 0.419% 5/25/33 | 9,999,850 | 231,284 | ||||||
Series K-154, Class X1, 0.527% VRN 1/25/33 (g) | 6,599,198 | 193,913 | ||||||
Series K124, Class X1, 0.810% VRN 12/25/30 (g) | 4,980,167 | 200,785 | ||||||
Series K109, Class A2, 1.558% 4/25/30 | 100,000 | 79,991 | ||||||
Series K751, Class A2, 4.412% 3/25/30 | 100,000 | 95,365 | ||||||
Federal Home Loan Mortgage Corp. Multifamily WI Certificates | ||||||||
4.500% 12/25/33 | 100,000 | 93,183 | ||||||
Federal Home Loan Mortgage Corp. REMICS | ||||||||
Series 5092, Class AP, 2.000% 4/25/41 | 79,358 | 66,469 | ||||||
Series 4991, Class QV, 2.000% 9/25/45 | 93,290 | 69,843 | ||||||
Series 5085, Class NI, 2.000% 3/25/51 | 1,358,645 | 155,050 | ||||||
Series 5071, Class IH, 2.500% 2/25/51 | 247,422 | 32,089 | ||||||
Series 4481, Class B, 3.000% 12/15/42 | 944,173 | 890,047 | ||||||
Series 4483, Class CA, 3.000% 6/15/44 | 1,590,278 | 1,458,596 | ||||||
Series 4391, Class MZ, 3.000% 9/15/44 | 130,952 | 108,251 | ||||||
Federal National Mortgage Association REMICS | ||||||||
Series 2018-21, Class PO, 0.000% 4/25/48 | 635,852 | 442,852 | ||||||
Series 2021-48, Class NS, 30 day USD SOFR Average + 3.650% 0.000%FRN 8/25/51 | 1,020,413 | 24,744 | ||||||
Series 2021-65, Class JA, 2.000% 1/25/46 | 74,430 | 60,363 | ||||||
Series 2020-57, Class 57, 2.000% 4/25/50 | 251,772 | 207,507 | ||||||
Series 2020-56, Class AQ, 2.000% 8/25/50 | 300,000 | 215,366 | ||||||
Series 2014-6, Class Z, 2.500% 2/25/44 | 127,305 | 103,160 | ||||||
Series 2012-118, Class VZ, 3.000% 11/25/42 | 131,802 | 113,433 | ||||||
Series 2018-18, Class ZG, 3.000% 6/25/50 | 2,594,224 | 1,540,468 | ||||||
Series 2020-96, Class IN, 3.000% 1/25/51 | 395,527 | 62,407 | ||||||
Series 2015-65, Class CZ, 3.500% 9/25/45 | 132,645 | 102,322 | ||||||
Government National Mortgage Association | ||||||||
Series 2022-210, Class IO, 0.695% VRN 7/16/64 (g) | 1,487,424 | 97,162 | ||||||
Series 2022-216, Class IO, 0.750% VRN 7/16/65 (g) | 1,491,784 | 92,045 | ||||||
Series 2020-103, Class AD, 1.450% 1/16/63 | 292,235 | 213,287 | ||||||
Series 2022-3, Class B, 1.850% 2/16/61 | 500,000 | 235,048 | ||||||
Series 2020-175, Class GI, 2.000% 11/20/50 | 148,008 | 16,243 | ||||||
Series 2022-113, Class Z, 2.000% 9/16/61 | 1,230,353 | 659,221 | ||||||
Series 2023-92, Class AH, 2.000% 6/16/64 | 99,995 | 74,493 | ||||||
Series 2022-220, Class E, 3.000% VRN 10/16/64 (g) | 100,000 | 73,469 | ||||||
Government National Mortgage Association REMICS | ||||||||
Series 2021-103, Class SA, 30 day USD SOFR Average + 3.250% 0.000%FRN 4/20/51 | 1,192,876 | 20,680 | ||||||
Series 2022-115, Class MI, 2.500% 5/20/51 | 473,737 | 49,197 | ||||||
Series 2021-96, Class VI, 2.500% 6/20/51 | 431,744 | 57,044 | ||||||
Series 2021-176, Class IN, 2.500% 10/20/51 | 516,422 | 69,114 | ||||||
Series 2022-189, Class PT, 2.500% 10/20/51 | 95,037 | 75,515 | ||||||
Series 2022-99, Class JW, 2.500% 1/20/52 | 100,000 | 75,892 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Series 2021-58, Class BI, 3.000% 3/20/51 | $ | 643,130 | $ | 96,208 | ||||
Series 2021-98, Class IG, 3.000% 6/20/51 | 944,918 | 152,066 | ||||||
Series 2021-137, Class IQ, 3.000% 8/20/51 | 1,285,231 | 193,061 | ||||||
Series 2021-117, Class ID, 3.500% 6/20/51 | 707,309 | 113,370 | ||||||
8,910,603 | ||||||||
Pass-Through Securities — 32.9% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #RB5084 1.500% 11/01/40 | 445,434 | 347,619 | ||||||
Pool #RB5110 1.500% 5/01/41 | 495,383 | 384,897 | ||||||
Pool #RB5117 1.500% 7/01/41 | 421,819 | 327,740 | ||||||
Pool #RA4537 1.500% 2/01/51 | 83,664 | 60,560 | ||||||
Pool #RB5131 2.000% 10/01/41 | 594,833 | 476,250 | ||||||
Pool #RB5138 2.000% 12/01/41 | 434,270 | 347,696 | ||||||
Pool #SC0313 2.000% 1/01/42 | 466,989 | 372,433 | ||||||
Pool #RB5145 2.000% 2/01/42 | 710,631 | 566,742 | ||||||
Pool #QK1354 2.000% 2/01/42 | 88,682 | 70,725 | ||||||
Pool #SC0384 2.000% 4/01/42 | 291,162 | 233,754 | ||||||
Pool #RB5153 2.000% 4/01/42 | 728,752 | 581,194 | ||||||
Pool #SC0319 2.000% 4/01/42 | 92,936 | 74,409 | ||||||
Pool #QB3535 2.000% 9/01/50 | 515,853 | 395,605 | ||||||
Pool #QB4985 2.000% 11/01/50 | 74,853 | 57,545 | ||||||
Pool #SD8146 2.000% 5/01/51 | 578,027 | 441,299 | ||||||
Pool #RA5731 2.000% 8/01/51 | 170,906 | 130,960 | ||||||
Pool #SD0715 2.000% 9/01/51 | 1,788,250 | 1,382,017 | ||||||
Pool #QD2129 2.000% 11/01/51 | 906,310 | 691,079 | ||||||
Pool #QD3960 2.000% 1/01/52 | 360,969 | 276,374 | ||||||
Pool #RB5149 2.500% 3/01/42 | 88,949 | 73,549 | ||||||
Pool #QK1449 2.500% 4/01/42 | 179,324 | 148,277 | ||||||
Pool #G08520 2.500% 1/01/43 | 478,450 | 401,428 | ||||||
Pool #SD7521 2.500% 7/01/50 | 199,243 | 160,825 | ||||||
Pool #SD7525 2.500% 10/01/50 | 626,750 | 505,900 | ||||||
Pool #RA3913 2.500% 11/01/50 | 230,464 | 185,954 | ||||||
Pool #RA4142 2.500% 12/01/50 | 290,003 | 233,994 | ||||||
Pool #SD7534 2.500% 2/01/51 | 147,710 | 119,321 | ||||||
Pool #SD8129 2.500% 2/01/51 | 64,760 | 51,666 | ||||||
Pool #QC7086 2.500% 9/01/51 | 600,956 | 478,037 | ||||||
Pool #QC9443 2.500% 10/01/51 | 177,093 | 141,701 | ||||||
Pool #SD0777 2.500% 11/01/51 | 87,243 | 69,850 | ||||||
Pool #SD0857 2.500% 1/01/52 | 453,275 | 362,971 | ||||||
Pool #SD1749 2.500% 4/01/52 | 93,680 | 75,046 | ||||||
Pool #SD7554 2.500% 4/01/52 | 1,081,629 | 867,493 | ||||||
Pool #QK1512 3.000% 5/01/42 | 174,684 | 149,526 | ||||||
Pool #RA2797 3.000% 6/01/50 | 54,705 | 45,314 | ||||||
Pool #QC3242 3.000% 6/01/51 | 465,621 | 389,977 | ||||||
Pool #SD8174 3.000% 10/01/51 | 2,124,110 | 1,763,598 | ||||||
Pool #SD0781 3.000% 11/01/51 | 82,218 | 68,193 | ||||||
Pool #QD6216 3.000% 2/01/52 | 86,891 | 72,191 | ||||||
Pool #QD7333 3.000% 2/01/52 | 92,268 | 76,759 | ||||||
Pool #G08632 3.500% 3/01/45 | 615,513 | 542,606 | ||||||
Pool #RA6531 3.500% 1/01/52 | 85,044 | 73,306 | ||||||
Pool #SD1549 3.500% 4/01/52 | 92,970 | 80,326 | ||||||
Pool #SD8214 3.500% 5/01/52 | 276,571 | 238,181 | ||||||
Pool #SD1936 3.500% 6/01/52 | 282,460 | 243,870 | ||||||
Pool #SD1218 4.000% 7/01/49 | 834,658 | 755,428 | ||||||
Pool #SD2866 4.000% 7/01/49 | 97,170 | 88,340 | ||||||
Pool #RA7185 4.000% 4/01/52 | 358,265 | 321,094 | ||||||
Pool #RA7186 4.000% 4/01/52 | 178,557 | 160,366 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Pool #SD2549 4.000% 7/01/52 | $ | 94,330 | $ | 85,130 | ||||
Pool #SD7560 4.000% 2/01/53 | 191,269 | 172,067 | ||||||
Pool #SD2792 4.500% 3/01/47 | 93,866 | 89,827 | ||||||
Pool #SD1143 4.500% 9/01/50 | 1,184,836 | 1,105,839 | ||||||
Pool #SD0615 4.500% 1/01/51 | 86,114 | 80,265 | ||||||
Pool #SD1807 4.500% 7/01/52 | 95,418 | 88,184 | ||||||
Pool #SD2443 4.500% 10/01/52 | 97,171 | 89,318 | ||||||
Pool #SD2394 4.500% 11/01/52 | 94,736 | 87,080 | ||||||
Pool #SD1775 4.500% 11/01/52 | 188,831 | 174,397 | ||||||
Pool #SD2355 4.500% 12/01/52 | 95,122 | 87,435 | ||||||
Pool #WN2371 4.600% 2/01/30 | 100,000 | 95,064 | ||||||
Pool #SD1305 5.000% 7/01/52 | 634,766 | 601,548 | ||||||
Pool #QF5465 5.000% 12/01/52 | 95,193 | 90,077 | ||||||
Pool #SD2374 5.000% 1/01/53 | 95,558 | 90,423 | ||||||
Pool #SD2395 5.000% 1/01/53 | 93,023 | 88,009 | ||||||
Pool #SD2591 5.000% 3/01/53 | 95,649 | 90,613 | ||||||
Pool #RA8790 5.000% 4/01/53 | 196,558 | 185,657 | ||||||
Pool #SD3382 5.000% 6/01/53 | 98,941 | 93,485 | ||||||
Pool #SD2245 5.500% 12/01/52 | 97,441 | 94,360 | ||||||
Pool #SD2138 5.500% 1/01/53 | 97,583 | 94,550 | ||||||
Pool #SD2723 5.500% 3/01/53 | 96,266 | 93,342 | ||||||
Pool #SD2688 5.500% 4/01/53 | 96,571 | 93,668 | ||||||
Pool #SD2511 5.500% 4/01/53 | 98,377 | 95,223 | ||||||
Pool #QF9985 5.500% 4/01/53 | 96,968 | 93,804 | ||||||
Pool #QG1295 5.500% 4/01/53 | 98,319 | 95,185 | ||||||
Pool #SD2762 5.500% 5/01/53 | 98,036 | 95,088 | ||||||
Pool #SD2756 5.500% 5/01/53 | 97,616 | 94,541 | ||||||
Pool #SD2892 5.500% 5/01/53 | 96,090 | 93,201 | ||||||
Pool #QG7311 5.500% 7/01/53 | 99,787 | 96,756 | ||||||
Pool #SD2284 6.000% 12/01/52 | 92,987 | 92,132 | ||||||
Pool #SD2578 6.000% 3/01/53 | 191,226 | 189,079 | ||||||
Pool #SD2452 6.500% 2/01/53 | 93,152 | 93,915 | ||||||
Pool #RA8904 6.500% 4/01/53 | 187,253 | 188,788 | ||||||
Pool #RA9081 6.500% 5/01/53 | 98,336 | 99,481 | ||||||
Federal National Mortgage Association | ||||||||
Pool #MA4519 1.500% 1/01/42 | 89,099 | 68,893 | ||||||
Pool #MA4236 1.500% 1/01/51 | 82,852 | 59,972 | ||||||
Pool #MA4280 1.500% 3/01/51 | 303,698 | 219,829 | ||||||
Pool #FP0028 2.000% 8/01/40 | 97,037 | 78,571 | ||||||
Pool #MA4422 2.000% 9/01/41 | 835,770 | 669,155 | ||||||
Pool #MA4446 2.000% 10/01/41 | 251,966 | 201,736 | ||||||
Pool #MA4474 2.000% 11/01/41 | 171,236 | 137,099 | ||||||
Pool #MA4501 2.000% 12/01/41 | 87,049 | 69,696 | ||||||
Pool #MA4540 2.000% 2/01/42 | 88,298 | 70,420 | ||||||
Pool #MA4606 2.000% 5/01/42 | 274,033 | 218,547 | ||||||
Pool #BQ3331 2.000% 8/01/50 | 76,263 | 58,486 | ||||||
Pool #CA7023 2.000% 9/01/50 | 73,409 | 56,435 | ||||||
Pool #CA7224 2.000% 10/01/50 | 146,726 | 112,798 | ||||||
Pool #BQ4926 2.000% 10/01/50 | 73,434 | 56,247 | ||||||
Pool #CA9220 2.000% 2/01/51 | 327,002 | 249,652 | ||||||
Pool #BR4052 2.000% 2/01/51 | 76,218 | 58,451 | ||||||
Pool #CA8779 2.000% 2/01/51 | 162,091 | 124,155 | ||||||
Pool #MA4305 2.000% 4/01/51 | 491,084 | 374,922 | ||||||
Pool #FM9441 2.000% 4/01/51 | 85,065 | 64,944 | ||||||
Pool #MA4325 2.000% 5/01/51 | 250,564 | 191,295 | ||||||
Pool #FS4654 2.000% 7/01/51 | 194,395 | 149,080 | ||||||
Pool #FM9489 2.000% 11/01/51 | 88,474 | 67,712 | ||||||
Pool #BU2591 2.000% 12/01/51 | 92,308 | 70,214 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Pool #FS2040 2.000% 2/01/52 | $ | 92,642 | $ | 70,555 | ||||
Pool #FS4270 2.000% 3/01/52 | 96,333 | 73,998 | ||||||
Pool #BS4941 2.460% 4/01/32 | 978,200 | 792,029 | ||||||
Pool #MA4177 2.500% 11/01/40 | 59,279 | 49,349 | ||||||
Pool #FS0697 2.500% 2/01/42 | 85,973 | 71,814 | ||||||
Pool #MA4571 2.500% 3/01/42 | 88,244 | 72,966 | ||||||
Pool #MA4587 2.500% 4/01/42 | 180,607 | 149,339 | ||||||
Pool #BV7697 2.500% 4/01/42 | 365,852 | 302,511 | ||||||
Pool #MA4607 2.500% 5/01/42 | 90,082 | 74,486 | ||||||
Pool #FM4052 2.500% 9/01/50 | 2,435,343 | 1,965,762 | ||||||
Pool #MA4256 2.500% 2/01/51 | 1,604,907 | 1,280,403 | ||||||
Pool #FS1924 2.500% 3/01/51 | 87,511 | 69,817 | ||||||
Pool #MA4306 2.500% 4/01/51 | 128,497 | 102,475 | ||||||
Pool #FS1111 2.500% 5/01/51 | 87,616 | 69,901 | ||||||
Pool #FM7673 2.500% 6/01/51 | 320,918 | 257,835 | ||||||
Pool #BT5574 2.500% 8/01/51 | 81,182 | 64,559 | ||||||
Pool #FS0028 2.500% 9/01/51 | 86,553 | 69,390 | ||||||
Pool #FM8786 2.500% 10/01/51 | 84,869 | 68,040 | ||||||
Pool #BU3295 2.500% 10/01/51 | 170,278 | 135,397 | ||||||
Pool #FM9195 2.500% 10/01/51 | 171,633 | 137,332 | ||||||
Pool #FS0549 2.500% 2/01/52 | 269,834 | 215,992 | ||||||
Pool #BU1322 2.500% 2/01/52 | 91,276 | 73,120 | ||||||
Pool #FS3368 2.500% 3/01/52 | 94,526 | 75,694 | ||||||
Pool #FS2595 2.500% 3/01/52 | 184,759 | 148,066 | ||||||
Pool #FS1626 2.500% 4/01/52 | 182,824 | 146,172 | ||||||
Pool #BF0546 2.500% 7/01/61 | 607,001 | 467,196 | ||||||
Pool #BF0560 2.500% 9/01/61 | 89,276 | 68,714 | ||||||
Pool #FS1542 3.000% 4/01/42 | 172,630 | 147,767 | ||||||
Pool #CB3542 3.000% 5/01/42 | 89,188 | 76,343 | ||||||
Pool #MA4643 3.000% 5/01/42 | 90,893 | 77,803 | ||||||
Pool #MA4632 3.000% 6/01/42 | 365,856 | 313,165 | ||||||
Pool #MA2248 3.000% 4/01/45 | 274,844 | 229,077 | ||||||
Pool #AS7661 3.000% 8/01/46 | 275,977 | 229,245 | ||||||
Pool #FM9934 3.000% 12/01/48 | 855,326 | 722,251 | ||||||
Pool #FM9564 3.000% 2/01/50 | 1,004,957 | 848,603 | ||||||
Pool #CA7531 3.000% 10/01/50 | 73,376 | 61,719 | ||||||
Pool #FM8480 3.000% 11/01/50 | 62,765 | 52,343 | ||||||
Pool #FM9464 3.000% 11/01/51 | 164,524 | 137,950 | ||||||
Pool #BU1421 3.000% 1/01/52 | 88,902 | 74,265 | ||||||
Pool #FS1171 3.000% 1/01/52 | 432,810 | 358,980 | ||||||
Pool #FS2463 3.000% 2/01/52 | 551,392 | 458,712 | ||||||
Pool #FS1289 3.000% 3/01/52 | 437,693 | 368,227 | ||||||
Pool #FS1374 3.000% 3/01/52 | 90,410 | 74,846 | ||||||
Pool #CB3833 3.000% 6/01/52 | 92,266 | 76,628 | ||||||
Pool #CB3386 3.500% 4/01/42 | 89,063 | 78,794 | ||||||
Pool #MA3210 3.500% 12/01/47 | 183,560 | 160,389 | ||||||
Pool #FM7100 3.500% 6/01/50 | 113,234 | 99,056 | ||||||
Pool #FS1240 3.500% 12/01/51 | 86,942 | 75,279 | ||||||
Pool #FS1237 3.500% 12/01/51 | 252,603 | 220,184 | ||||||
Pool #FS1241 3.500% 1/01/52 | 89,596 | 77,565 | ||||||
Pool #FS1462 3.500% 1/01/52 | 173,394 | 151,032 | ||||||
Pool #FS2296 3.500% 1/01/52 | 440,993 | 381,089 | ||||||
Pool #FS1118 3.500% 3/01/52 | 85,888 | 73,993 | ||||||
Pool #FS1092 3.500% 4/01/52 | 532,042 | 460,264 | ||||||
Pool #FS1454 3.500% 4/01/52 | 180,487 | 156,125 | ||||||
Pool #FS1555 3.500% 4/01/52 | 181,604 | 157,304 | ||||||
Pool #CB3282 3.500% 4/01/52 | 179,883 | 155,419 | ||||||
Pool #BV8546 3.500% 5/01/52 | 177,075 | 153,768 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Pool #FS1556 3.500% 5/01/52 | $ | 723,635 | $ | 628,842 | ||||
Pool #FS1866 3.500% 5/01/52 | 94,971 | 82,085 | ||||||
Pool #CB3899 3.500% 6/01/52 | 465,808 | 400,859 | ||||||
Pool #FS3339 3.500% 6/01/52 | 281,617 | 243,142 | ||||||
Pool #BS6215 3.840% 7/01/32 | 100,000 | 90,252 | ||||||
Pool #BS6949 3.980% 10/01/32 | 100,000 | 89,216 | ||||||
Pool #FM3049 4.000% 4/01/44 | 205,316 | 189,043 | ||||||
Pool #AX2501 4.000% 10/01/44 | 580,227 | 528,050 | ||||||
Pool #CA2472 4.000% 10/01/48 | 57,923 | 52,189 | ||||||
Pool #CA5371 4.000% 3/01/50 | 56,243 | 50,486 | ||||||
Pool #FS4645 4.000% 11/01/51 | 93,542 | 83,662 | ||||||
Pool #FM9413 4.000% 11/01/51 | 67,335 | 60,223 | ||||||
Pool #FS4108 4.000% 12/01/51 | 97,885 | 87,607 | ||||||
Pool #CB3272 4.000% 4/01/52 | 181,648 | 163,142 | ||||||
Pool #CB3320 4.000% 4/01/52 | 366,397 | 328,383 | ||||||
Pool #CB3384 4.000% 4/01/52 | 84,766 | 75,680 | ||||||
Pool #CB3614 4.000% 5/01/52 | 90,634 | 81,400 | ||||||
Pool #FS2023 4.000% 5/01/52 | 188,800 | 169,506 | ||||||
Pool #FS2442 4.000% 7/01/52 | 187,594 | 168,057 | ||||||
Pool #FM1263 4.500% 7/01/49 | 40,505 | 37,741 | ||||||
Pool #FS4480 4.500% 3/01/50 | 92,418 | 86,921 | ||||||
Pool #MA4031 4.500% 5/01/50 | 22,548 | 21,019 | ||||||
Pool #FS0067 4.500% 9/01/51 | 70,715 | 65,784 | ||||||
Pool #FS2914 4.500% 9/01/52 | 94,130 | 87,111 | ||||||
Pool #BX2186 4.500% 11/01/52 | 77,811 | 71,498 | ||||||
Pool #FS3977 4.500% 11/01/52 | 94,511 | 86,873 | ||||||
Pool #FS3836 4.500% 1/01/53 | 94,240 | 86,624 | ||||||
Pool #CB5892 4.500% 3/01/53 | 96,174 | 88,401 | ||||||
Pool #BS8410 4.740% 6/01/30 | 100,000 | 97,031 | ||||||
Pool #CB3880 5.000% 6/01/52 | 89,307 | 84,772 | ||||||
Pool #BW0048 5.000% 7/01/52 | 87,782 | 83,051 | ||||||
Pool #FS3978 5.000% 1/01/53 | 95,653 | 90,498 | ||||||
Pool #FS3941 5.000% 2/01/53 | 97,913 | 92,651 | ||||||
Pool #FS4308 5.000% 4/01/53 | 95,477 | 90,212 | ||||||
Pool #FS4524 5.000% 5/01/53 | 96,972 | 91,624 | ||||||
Pool #FS3672 5.500% 2/01/53 | 97,063 | 94,297 | ||||||
Pool #FS4166 5.500% 4/01/53 | 96,452 | 93,336 | ||||||
Pool #FS4805 5.500% 5/01/53 | 99,183 | 96,128 | ||||||
Pool #CB6322 5.500% 5/01/53 | 96,856 | 93,883 | ||||||
Pool #CB7109 5.500% 9/01/53 | 399,662 | 386,897 | ||||||
Pool #CB7114 5.500% 9/01/53 | 599,448 | 579,741 | ||||||
Pool #FS4454 6.000% 4/01/53 | 95,211 | 94,169 | ||||||
Pool #FS4573 6.000% 5/01/53 | 193,080 | 191,365 | ||||||
Pool #CB6753 6.000% 7/01/53 | 293,716 | 291,015 | ||||||
Pool #CB5497 6.500% 1/01/53 | 276,691 | 279,825 | ||||||
Pool #BX7702 6.500% 2/01/53 | 91,334 | 92,083 | ||||||
Government National Mortgage Association II | ||||||||
Pool #MA7192 2.000% 2/20/51 | 464,173 | 368,446 | ||||||
Pool #BS8546 2.500% 12/20/50 | 71,285 | 57,605 | ||||||
Pool #785565 2.500% 6/20/51 | 83,871 | 67,670 | ||||||
Pool #785568 2.500% 8/20/51 | 82,307 | 66,409 | ||||||
Pool #785657 2.500% 10/20/51 | 169,997 | 137,106 | ||||||
Pool #785663 2.500% 10/20/51 | 83,426 | 67,285 | ||||||
Pool #785667 2.500% 10/20/51 | 86,036 | 69,390 | ||||||
Pool #785662 2.500% 10/20/51 | 2,261,836 | 1,822,807 | ||||||
Pool #785762 2.500% 11/20/51 | 87,646 | 70,689 | ||||||
Pool #785764 2.500% 11/20/51 | 645,031 | 520,837 | ||||||
Pool #785789 2.500% 12/20/51 | 86,828 | 70,028 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Pool #785821 2.500% 12/20/51 | $ | 88,597 | $ | 71,455 | ||||
Pool #MA7368 3.000% 5/20/51 | 198,268 | 168,681 | ||||||
Pool #MA7590 3.000% 9/20/51 | 1,477,436 | 1,255,928 | ||||||
Pool #MA7650 3.000% 10/20/51 | 405,345 | 344,573 | ||||||
Pool #MA7706 3.000% 11/20/51 | 167,610 | 142,481 | ||||||
Pool #MA7768 3.000% 12/20/51 | 170,947 | 145,211 | ||||||
Pool #MA7828 3.000% 1/20/52 | 86,576 | 73,521 | ||||||
Pool #MA7937 3.000% 3/20/52 | 178,235 | 151,136 | ||||||
Pool #786150 3.000% 3/20/52 | 92,255 | 77,386 | ||||||
Pool #786583 3.000% 3/20/52 | 192,738 | 161,914 | ||||||
Pool #786843 3.000% 3/20/52 | 198,016 | 166,224 | ||||||
Pool #MA8424 3.000% 11/20/52 | 94,578 | 80,272 | ||||||
Pool #MA8486 3.000% 12/20/52 | 561,217 | 476,330 | ||||||
Pool #MA8565 3.000% 1/20/53 | 95,917 | 81,387 | ||||||
Pool #MA5594 3.500% 11/20/48 | 162,739 | 144,366 | ||||||
Pool #MA6711 3.500% 6/20/50 | 281,775 | 249,941 | ||||||
Pool #MA6997 3.500% 11/20/50 | 342,063 | 303,258 | ||||||
Pool #MA7883 3.500% 2/20/52 | 624,006 | 548,049 | ||||||
Pool #MA7989 3.500% 4/20/52 | 460,250 | 403,794 | ||||||
Pool #786216 3.500% 6/20/52 | 185,342 | 161,000 | ||||||
Pool #MA8487 3.500% 12/20/52 | 193,669 | 169,641 | ||||||
Pool #MA5078 4.000% 3/20/48 | 175,794 | 160,664 | ||||||
Pool #MA5763 4.000% 2/20/49 | 154,611 | 141,160 | ||||||
Pool #MA5817 4.000% 3/20/49 | 63,848 | 58,293 | ||||||
Pool #MA5876 4.000% 4/20/49 | 50,847 | 46,423 | ||||||
Pool #MA8045 4.000% 5/20/52 | 186,229 | 167,844 | ||||||
Pool #CK9592 4.000% 6/20/52 | 93,287 | 83,918 | ||||||
Pool #786429 4.000% 6/20/52 | 95,022 | 86,428 | ||||||
Pool #MA5193 4.500% 5/20/48 | 28,201 | 26,458 | ||||||
Pool #MA5265 4.500% 6/20/48 | 191,297 | 179,472 | ||||||
Pool #MA5399 4.500% 8/20/48 | 70,982 | 66,550 | ||||||
Pool #MA5652 4.500% 12/20/48 | 34,261 | 32,090 | ||||||
Pool #MA5711 4.500% 1/20/49 | 562,277 | 526,292 | ||||||
Pool #MA5764 4.500% 2/20/49 | 92,466 | 86,548 | ||||||
Pool #MA5818 4.500% 3/20/49 | 152,960 | 143,170 | ||||||
Pool #MA8046 4.500% 5/20/52 | 184,895 | 170,852 | ||||||
Pool #786366 4.500% 8/20/52 | 188,640 | 174,445 | ||||||
Pool #MA8268 4.500% 9/20/52 | 190,926 | 176,723 | ||||||
Pool #786335 4.500% 9/20/52 | 189,093 | 175,396 | ||||||
Pool #MA5194 5.000% 5/20/48 | 19,032 | 18,401 | ||||||
Pool #MA5597 5.000% 11/20/48 | 38,687 | 37,296 | ||||||
Pool #MA5653 5.000% 12/20/48 | 46,928 | 45,242 | ||||||
Pool #MA5712 5.000% 1/20/49 | 36,919 | 35,535 | ||||||
Pool #MA5878 5.000% 4/20/49 | 19,089 | 18,403 | ||||||
Pool #MA6287 5.000% 11/20/49 | 16,818 | 16,183 | ||||||
Pool #MA6413 5.000% 1/20/50 | 37,559 | 36,106 | ||||||
Pool #786340 5.000% 9/20/52 | 95,289 | 90,971 | ||||||
Pool #MA8348 5.000% 10/20/52 | 95,243 | 90,384 | ||||||
Pool #MA8428 5.000% 11/20/52 | 192,092 | 182,292 | ||||||
Pool #786474 5.000% 1/20/53 | 96,210 | 91,851 | ||||||
Pool #MA8569 5.000% 1/20/53 | 389,847 | 369,958 | ||||||
Pool #MA8725 5.000% 3/20/53 | 98,170 | 93,130 | ||||||
Pool #MA8429 5.500% 11/20/52 | 284,984 | 276,949 | ||||||
Pool #786535 5.500% 2/20/53 | 194,848 | 190,450 | ||||||
Pool #MA9018 6.000% 7/20/53 (f) | 696,895 | 691,156 | ||||||
Government National Mortgage Association II, TBA | ||||||||
3.000% 10/20/53 (f) | 700,000 | 593,212 | ||||||
3.500% 10/20/53 (f) | 200,000 | 175,211 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
4.000% 10/20/53 (f) | $ | 800,000 | $ | 720,778 | ||||
5.000% 10/20/53 (f) | 1,200,000 | 1,137,465 | ||||||
5.500% 10/20/53 (f) | 800,000 | 776,403 | ||||||
6.000% 10/20/53 (f) | 900,000 | 891,840 | ||||||
6.500% 10/20/53 (f) | 200,000 | 201,212 | ||||||
Uniform Mortgage-Backed Security, TBA | ||||||||
2.000% 10/01/53 (f) | 2,800,000 | 2,128,421 | ||||||
4.000% 10/01/53 (f) | 300,000 | 267,187 | ||||||
4.500% 10/01/52 (f) | 200,000 | 183,664 | ||||||
5.000% 10/01/53 (f) | 500,000 | 471,817 | ||||||
5.500% 10/01/53 (f) | 700,000 | 676,594 | ||||||
6.000% 10/01/53 (f) | 1,700,000 | 1,678,019 | ||||||
6.500% 10/01/53 (f) | 1,100,000 | 1,105,258 | ||||||
70,086,230 | ||||||||
Whole Loans — 1.8% | ||||||||
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M1B, 30 day USD SOFR Average + 2.400% | ||||||||
7.715% FRN 2/25/42 (b) | 1,864,000 | 1,873,429 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100% | ||||||||
8.415% FRN 3/25/42 (b) | 2,000,000 | 2,032,011 | ||||||
3,905,440 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $91,634,006) | 82,902,273 | |||||||
U.S. TREASURY OBLIGATIONS — 1.2% | ||||||||
U.S. Treasury Bonds & Notes — 1.2% | ||||||||
U.S. Treasury Bonds | ||||||||
3.625% 5/15/53 | 40,000 | 33,103 | ||||||
U.S. Treasury Inflation-Indexed Notes | ||||||||
1.125% 1/15/33 | 2,390,976 | 2,159,070 | ||||||
U.S. Treasury Notes | ||||||||
3.875% 8/15/33 | 70,000 | 66,128 | ||||||
4.375% 8/31/28 | 20,000 | 19,801 | ||||||
5.000% 8/31/25 | 170,000 | 169,659 | ||||||
2,447,761 | ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,666,016) | 2,447,761 | |||||||
TOTAL BONDS & NOTES (Cost $241,145,547) | 213,628,689 | |||||||
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $288,275) | 466,660 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $241,433,822) | 214,095,349 |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 5.3% | ||||||||
Investment of Cash Collateral from Securities Loaned — 1.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (i) | 2,738,555 | $ | 2,738,555 | |||||
Principal Amount | ||||||||
Repurchase Agreement — 3.0% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (j) | $ | 6,445,370 | 6,445,370 | |||||
U.S. Treasury Bill — 1.0% | ||||||||
U.S. Treasury Bills | ||||||||
5.517% 1/30/24 (f) (k) | 2,250,000 | 2,210,247 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,394,172) | 11,394,172 | |||||||
TOTAL INVESTMENTS — 105.9% (Cost $252,827,994) (l) | 225,489,521 | |||||||
Other Assets/(Liabilities) — (5.9)% | (12,554,259) | |||||||
NET ASSETS — 100.0% | $ | 212,935,262 |
Abbreviation Legend
FRN | Floating Rate Note |
LIBOR | London Inter-Bank Offered Rate |
REMICS | Real Estate Mortgage Investment Conduits |
SOFR | Secured Overnight Financing Rate |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | All or a portion of the security represents unsettled bank loan commitments at September 30, 2023 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, 2023, the aggregate market value of these securities amounted to $35,168,640 or 16.52% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $2,846,741 or 1.34% of net assets. The Fund received $169,737 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | Security is perpetual and has no stated maturity date. |
(e) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
(f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2023. |
(h) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(i) | Represents investment of security lending cash collateral. (Note 2). |
(j) | Maturity value of $6,446,229. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $6,574,346. |
(k) | The rate shown represents yield-to-maturity. |
(l) | See Note 3 for aggregate cost for federal tax purposes. |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
(#) OTC Options Purchased | ||||||||||||||||||||||||||||||||
Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||||
USD Put MXN Call | Citigroup Global Markets, Inc. | 10/04/23 | 17.13 | 2,178,755 | USD | 2,178,755 | $ | 872 | $ | 29,152 | $ | (28,280) | ||||||||||||||||||||
USD Put AUD Call | JP Morgan Chase Bank N.A. | 11/02/23 | 0.67 | 1,130,000 | USD | 1,130,000 | 1,243 | 13,470 | (12,227) | |||||||||||||||||||||||
$ | 2,115 | $ | 42,622 | $ | (40,507) |
(#) 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 5 Year Future | 10/27/23 | 105.75 | 112 | USD | 11,800,250 | $ | 43,750 | $ | 32,569 | $ | 11,181 | |||||||||||||||||
U.S. Treasury Note 5 Year Future | 10/27/23 | 106.00 | 55 | USD | 5,794,766 | 16,758 | 39,580 | (22,822) | ||||||||||||||||||||
$ | 60,508 | $ | 72,149 | $ | (11,641) | |||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||
SOFR 1 Year Mid Curve Future | 10/13/23 | 97.00 | 46 | USD | 10,972,150 | $ | 182,850 | $ | 50,072 | $ | 132,778 | |||||||||||||||||
SOFR 1 Year Mid Curve Future | 12/15/23 | 95.88 | 40 | USD | 9,541,000 | 58,500 | 35,996 | 22,504 | ||||||||||||||||||||
SOFR 1 Year Mid Curve Future | 12/15/23 | 96.00 | 95 | USD | 22,659,875 | 162,687 | 87,436 | 75,251 | ||||||||||||||||||||
$ | 404,037 | $ | 173,504 | $ | 230,533 | |||||||||||||||||||||||
$ | 464,545 | $ | 245,653 | $ | 218,892 |
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 MXN Call | Bank of America N.A. | 10/10/23 | 17.07 | 900,000 | USD | 900,000 | $ | (720) | $ | (6,642) | $ | 5,922 | ||||||||||||||||||||
USD Put MXN Call | Bank of America N.A. | 11/17/23 | 16.76 | 1,070,000 | USD | 1,070,000 | (2,140) | (5,934) | 3,794 | |||||||||||||||||||||||
USD Put MXN Call | Citigroup Global Markets, Inc. | 11/17/23 | 16.78 | 1,040,000 | USD | 1,040,000 | (2,288) | (5,668) | 3,380 | |||||||||||||||||||||||
$ | (5,148) | $ | (18,244) | $ | 13,096 |
Exchange-Traded Options Written | ||||||||||||||||||||||||||||
Description | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call | ||||||||||||||||||||||||||||
3 Month SOFR Future | 9/13/24 | 96.88 | 31 | USD | 7,411,325 | $ | (10,269) | $ | (13,510) | $ | 3,241 | |||||||||||||||||
3 Month SOFR Future | 9/13/24 | 97.00 | 72 | USD | 17,213,400 | (21,600) | (56,549) | 34,949 | ||||||||||||||||||||
$ | (31,869) | $ | (70,059) | $ | 38,190 | |||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||
SOFR 1 Year Mid Curve Future | 10/13/23 | 96.25 | 46 | USD | 10,972,150 | $ | (96,888) | $ | (16,616) | $ | (80,272) | |||||||||||||||||
SOFR 1 Year Mid Curve Future | 10/13/23 | 96.50 | 46 | USD | 10,972,150 | (125,350) | (24,678) | (100,672) | ||||||||||||||||||||
U.S. Treasury Note 5 Year Future | 10/27/23 | 105.50 | 53 | USD | 5,584,047 | (33,539) | (22,166) | (11,373) | ||||||||||||||||||||
U.S. Treasury Bond Future | 11/24/23 | 112.00 | 24 | USD | 2,730,750 | (46,125) | (11,708) | (34,417) | ||||||||||||||||||||
SOFR 1 Year Mid Curve Future | 12/15/23 | 95.25 | 80 | USD | 19,082,000 | (38,500) | (31,832) | (6,668) | ||||||||||||||||||||
SOFR 1 Year Mid Curve Future | 12/15/23 | 95.38 | 190 | USD | 45,319,750 | (119,938) | (79,301) | (40,637) | ||||||||||||||||||||
3 Month SOFR Future | 6/14/24 | 94.50 | 305 | USD | 72,620,500 | (146,781) | (106,209) | (40,572) | ||||||||||||||||||||
$ | (607,121) | $ | (292,510) | $ | (314,611) | |||||||||||||||||||||||
$ | (638,990) | $ | (362,569) | $ | (276,421) |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Forward contracts | ||||||||||||||||
Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||
Bank of America N.A. | 10/12/23 | MXN | 4,201,000 | USD | 237,613 | $ | 3,087 | |||||||||
Bank of America N.A. | 11/22/23 | MXN | 5,334,945 | USD | 310,000 | (6,435) | ||||||||||
BNP Paribas SA | 10/20/23 | USD | 2,520,601 | CAD | 3,390,244 | 23,970 | ||||||||||
BNP Paribas SA | 10/20/23 | USD | 1,170,195 | AUD | 1,826,687 | (4,920) | ||||||||||
BNP Paribas SA | 10/20/23 | NOK | 12,348,502 | EUR | 1,064,716 | 28,517 | ||||||||||
BNP Paribas SA | 10/20/23 | CAD | 5,556,409 | USD | 4,192,568 | (100,738) | ||||||||||
BNP Paribas SA | 10/20/23 | AUD | 8,059,614 | USD | 5,378,550 | (193,772) | ||||||||||
Citibank N.A. | 10/06/23 | USD | 1,290,912 | MXN | 22,112,032 | 22,728 | ||||||||||
Citibank N.A. | 11/22/23 | MXN | 5,374,125 | USD | 312,000 | (6,206) | ||||||||||
Goldman Sachs & Co. | 10/06/23 | MXN | 13,272,000 | USD | 756,399 | 4,785 | ||||||||||
Goldman Sachs & Co. | 10/20/23 | USD | 1,434,699 | MXN | 24,383,246 | 39,551 | ||||||||||
Goldman Sachs & Co. | 10/20/23 | MXN | 8,650,084 | USD | 497,697 | (2,761) | ||||||||||
Goldman Sachs & Co. | 11/22/23 | USD | 310,000 | MXN | 5,336,162 | 6,366 | ||||||||||
JP Morgan Chase Bank N.A. | 10/20/23 | ZAR | 6,598,022 | USD | 347,749 | 221 | ||||||||||
JP Morgan Chase Bank N.A. | 10/20/23 | USD | 1,434,596 | IDR | 21,656,660,000 | 33,362 | ||||||||||
JP Morgan Chase Bank N.A. | 11/06/23 | USD | 400,294 | AUD | 610,000 | 7,652 | ||||||||||
Morgan Stanley & Co. LLC | 10/06/23 | MXN | 8,840,032 | USD | 513,955 | (6,956) | ||||||||||
Morgan Stanley & Co. LLC | 10/12/23 | USD | 513,433 | MXN | 8,840,032 | 6,936 | ||||||||||
Morgan Stanley & Co. LLC | 10/12/23 | MXN | 4,639,032 | USD | 270,088 | (4,291) | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | USD | 835,367 | MXN | 14,241,252 | 20,518 | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | JPY | 905,501,301 | USD | 6,498,194 | (422,463) | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | EUR | 904,220 | USD | 998,385 | (41,733) | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | MXN | 5,190,000 | USD | 302,197 | (5,238) | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | USD | 1,149,553 | JPY | 157,391,437 | 93,488 | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | USD | 1,552,971 | CNH | 11,159,745 | 23,297 | ||||||||||
Morgan Stanley & Co. LLC | 10/20/23 | USD | 1,972,986 | GBP | 1,532,007 | 103,592 | ||||||||||
Morgan Stanley & Co. LLC | 11/06/23 | AUD | 610,000 | USD | 400,462 | (7,820) | ||||||||||
$ | (385,263) |
Futures contracts | ||||||||||||||
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation (Depreciation) | |||||||||||
Long | ||||||||||||||
Euro-OAT | 12/07/23 | 16 | $ | 2,133,139 | $ | (49,088) | ||||||||
U.S. Treasury Note 10 Year | 12/19/23 | 2 | 216,551 | (426) | ||||||||||
U.S. Treasury Ultra Bond | 12/19/23 | 255 | 32,302,021 | (2,036,708) | ||||||||||
UK Long Gilt | 12/27/23 | 14 | 1,603,114 | 5,271 | ||||||||||
3 Month SOFR | 3/18/25 | 16 | 3,836,469 | (20,069) | ||||||||||
3 Month SOFR | 3/17/26 | 177 | 42,540,751 | (40,838) | ||||||||||
$ | (2,141,858) | |||||||||||||
Short | ||||||||||||||
Euro-Buxl 30 Year Bond | 12/07/23 | 2 | $ | (278,942) | $ | 20,212 | ||||||||
Japanese 10 Year Bond | 12/13/23 | 4 | (3,911,114) | 31,028 | ||||||||||
U.S. Treasury Long Bond | 12/19/23 | 6 | (720,975) | 38,287 | ||||||||||
U.S. Treasury Ultra 10 Year | 12/19/23 | 72 | (8,235,204) | 202,704 | ||||||||||
U.S. Treasury Note 2 Year | 12/29/23 | 109 | (22,149,304) | 53,812 | ||||||||||
U.S. Treasury Note 5 Year | 12/29/23 | 196 | (20,721,296) | 70,858 | ||||||||||
3 Month SOFR | 3/19/24 | 186 | (44,398,948) | 433,198 | ||||||||||
$ | 850,099 |
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 41† | 5.000% | Quarterly | 12/20/28 | USD | 272,200 | $ | (2,129) | $ | (1,948) | $ | (181) |
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.IG Series 41† | 1.000% | Quarterly | 12/20/28 | BBB* | USD | 20,636,900 | $ | 245,104 | $ | 274,928 | $ | (29,824) |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
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 5.410% | Maturity | Fed Funds | Maturity | 1/31/24 | USD | 53,306,000 | $ | 2,071 | $ | — | $ | 2,071 | ||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.100% | Annually | 3/10/26 | USD | 18,692,000 | (183,466) | 225,325 | (408,791) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.180% | Annually | 2/29/28 | USD | 17,570,000 | (128,535) | 13,505 | (142,040) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.000% | Annually | 2/29/28 | USD | 11,900,000 | (168,374) | (2,191) | (166,183) | |||||||||||||||||||||||
Fixed 2.850% | Annually | 12-Month USD SOFR | Annually | 2/15/29 | USD | 948,000 | 67,967 | (12,109) | 80,076 | |||||||||||||||||||||||
Fixed 3.270% | Annually | 12-Month USD SOFR | Annually | 4/30/29 | USD | 3,151,000 | 167,364 | 22,078 | 145,286 | |||||||||||||||||||||||
Fixed 3.250% | Annually | 12-Month USD SOFR | Annually | 9/30/29 | USD | 2,107,000 | 119,178 | 980 | 118,198 | |||||||||||||||||||||||
Fixed 3.400% | Annually | 12-Month USD SOFR | Annually | 3/10/34 | USD | 4,169,000 | 265,446 | (70,098) | 335,544 | |||||||||||||||||||||||
Fixed 3.050% | Annually | 12-Month USD SOFR | Annually | 2/15/48 | USD | 10,646,000 | 1,756,127 | 208,368 | 1,547,759 | |||||||||||||||||||||||
$ | 1,897,778 | $ | 385,858 | $ | 1,511,920 |
OTC Interest Rate Swaps | ||||||||||||||||||||||||||||||
Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||
Rate/ Reference | Frequency | Rate/ Reference | Frequency | Counterparty | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BRL-CDI | Maturity | Fixed 10.230% | Maturity | JP Morgan Chase Bank N.A. | 1/02/29 | BRL | 17,860,000 | $ | (114,158) | $ | — | $ | (114,158) |
* | Rating is determined by Western Asset Management Company and represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody's Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes. |
† | 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
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CNH | Offshore Chinese Yuan |
EUR | Euro |
GBP | British Pound |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
JPY | Japanese Yen |
MXN | Mexican Peso |
NOK | Norwegian Krone |
USD | U.S. Dollar |
ZAR | South African Rand |
MML Equity Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
EQUITIES — 98.2% | ||||||||
COMMON STOCK — 98.2% | ||||||||
Basic Materials — 2.8% | ||||||||
Chemicals — 1.2% | ||||||||
CF Industries Holdings, Inc. | 2,600 | $ | 222,924 | |||||
Dow, Inc. | 36,700 | 1,892,252 | ||||||
Eastman Chemical Co. | 6,300 | 483,336 | ||||||
Linde PLC (LIN US) | 7,200 | 2,680,920 | ||||||
LyondellBasell Industries NV Class A | 17,708 | 1,676,948 | ||||||
Nutrien Ltd. (a) | 24,375 | 1,505,400 | ||||||
Olin Corp. | 7,102 | 354,958 | ||||||
8,816,738 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 17,600 | 624,272 | ||||||
Iron & Steel — 0.9% | ||||||||
Cleveland-Cliffs, Inc. (b) | 25,900 | 404,817 | ||||||
Commercial Metals Co. | 2,600 | 128,466 | ||||||
Nucor Corp. | 20,000 | 3,127,000 | ||||||
Reliance Steel & Aluminum Co. | 3,900 | 1,022,697 | ||||||
Steel Dynamics, Inc. | 14,000 | 1,501,080 | ||||||
U.S. Steel Corp. | 12,300 | 399,504 | ||||||
6,583,564 | ||||||||
Mining — 0.6% | ||||||||
Franco-Nevada Corp. | 5,900 | 787,591 | ||||||
Freeport-McMoRan, Inc. | 45,500 | 1,696,695 | ||||||
Newmont Corp. | 19,200 | 709,440 | ||||||
Southern Copper Corp. | 8,583 | 646,214 | ||||||
Wheaton Precious Metals Corp. (a) | 27,400 | 1,111,070 | ||||||
4,951,010 | ||||||||
20,975,584 | ||||||||
Communications — 5.9% | ||||||||
Advertising — 0.2% | ||||||||
Interpublic Group of Cos., Inc. | 21,100 | 604,726 | ||||||
Omnicom Group, Inc. | 14,300 | 1,065,064 | ||||||
1,669,790 | ||||||||
Internet — 1.0% | ||||||||
Alphabet, Inc. Class C (b) | 19,642 | 2,589,798 | ||||||
Amazon.com, Inc. (b) | 5,000 | 635,600 | ||||||
Booking Holdings, Inc. (b) | 927 | 2,858,821 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
eBay, Inc. | 27,100 | $ | 1,194,839 | |||||
7,279,058 | ||||||||
Media — 1.6% | ||||||||
Charter Communications, Inc. Class A (b) | 2,100 | 923,622 | ||||||
Comcast Corp. Class A | 238,400 | 10,570,656 | ||||||
Fox Corp. Class A | 22,400 | 698,880 | ||||||
12,193,158 | ||||||||
Telecommunications — 3.1% | ||||||||
Cisco Systems, Inc. | 223,900 | 12,036,864 | ||||||
Corning, Inc. | 45,800 | 1,395,526 | ||||||
Juniper Networks, Inc. | 16,400 | 455,756 | ||||||
T-Mobile US, Inc. (b) | 18,800 | 2,632,940 | ||||||
Verizon Communications, Inc. | 213,600 | 6,922,776 | ||||||
23,443,862 | ||||||||
44,585,868 | ||||||||
Consumer, Cyclical — 6.5% | ||||||||
Apparel — 0.1% | ||||||||
Levi Strauss & Co. Class A (a) | 4,900 | 66,542 | ||||||
Ralph Lauren Corp. | 2,350 | 272,812 | ||||||
Skechers USA, Inc. Class A (b) | 6,900 | 337,755 | ||||||
677,109 | ||||||||
Auto Manufacturers — 1.6% | ||||||||
Cummins, Inc. | 16,500 | 3,769,590 | ||||||
Ford Motor Co. | 260,300 | 3,232,926 | ||||||
General Motors Co. | 93,100 | 3,069,507 | ||||||
PACCAR, Inc. | 28,313 | 2,407,171 | ||||||
12,479,194 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
BorgWarner, Inc. | 12,800 | 516,736 | ||||||
Lear Corp. | 3,100 | 416,020 | ||||||
932,756 | ||||||||
Distribution & Wholesale — 0.4% | ||||||||
Ferguson PLC | 10,400 | 1,710,488 | ||||||
LKQ Corp. | 20,000 | 990,200 | ||||||
2,700,688 | ||||||||
Home Builders — 0.9% | ||||||||
DR Horton, Inc. | 24,200 | 2,600,774 | ||||||
Lennar Corp. Class A | 18,200 | 2,042,586 | ||||||
NVR, Inc. (b) | 100 | 596,330 | ||||||
PulteGroup, Inc. | 17,800 | 1,318,090 | ||||||
Toll Brothers, Inc. | 3,100 | 229,276 | ||||||
6,787,056 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Leisure Time — 0.2% | ||||||||
Brunswick Corp. | 4,900 | $ | 387,100 | |||||
Norwegian Cruise Line Holdings Ltd. (a) (b) | 23,600 | 388,928 | ||||||
Polaris, Inc. | 3,100 | 322,834 | ||||||
1,098,862 | ||||||||
Lodging — 0.1% | ||||||||
Boyd Gaming Corp. | 5,498 | 334,443 | ||||||
Hilton Worldwide Holdings, Inc. | 4,800 | 720,864 | ||||||
1,055,307 | ||||||||
Retail — 3.1% | ||||||||
AutoNation, Inc. (b) | 5,200 | 787,280 | ||||||
AutoZone, Inc. (b) | 760 | 1,930,392 | ||||||
Bath & Body Works, Inc. | 10,500 | 354,900 | ||||||
Best Buy Co., Inc. | 12,000 | 833,640 | ||||||
Home Depot, Inc. | 4,000 | 1,208,640 | ||||||
Lithia Motors, Inc. | 1,400 | 413,462 | ||||||
Lowe's Cos., Inc. | 48,800 | 10,142,592 | ||||||
McDonald's Corp. | 7,900 | 2,081,176 | ||||||
Murphy USA, Inc. | 1,100 | 375,903 | ||||||
Penske Automotive Group, Inc. | 3,900 | 651,534 | ||||||
Target Corp. | 2,199 | 243,144 | ||||||
Ulta Beauty, Inc. (b) | 3,700 | 1,477,965 | ||||||
Walmart, Inc. | 14,747 | 2,358,488 | ||||||
Williams-Sonoma, Inc. (a) | 3,600 | 559,440 | ||||||
23,418,556 | ||||||||
49,149,528 | ||||||||
Consumer, Non-cyclical — 23.0% | ||||||||
Agriculture — 2.7% | ||||||||
Altria Group, Inc. | 95,600 | 4,019,980 | ||||||
Archer-Daniels-Midland Co. | 36,700 | 2,767,914 | ||||||
Bunge Ltd. | 5,200 | 562,900 | ||||||
Darling Ingredients, Inc. (b) | 8,600 | 448,920 | ||||||
Philip Morris International, Inc. | 134,784 | 12,478,303 | ||||||
20,278,017 | ||||||||
Beverages — 0.6% | ||||||||
Coca-Cola Co. | 28,400 | 1,589,832 | ||||||
Molson Coors Beverage Co. Class B | 10,946 | 696,056 | ||||||
PepsiCo, Inc. | 12,400 | 2,101,056 | ||||||
4,386,944 | ||||||||
Biotechnology — 2.5% | ||||||||
Amgen, Inc. | 39,200 | 10,535,392 | ||||||
Bio-Rad Laboratories, Inc. Class A (b) | 1,300 | 465,985 | ||||||
Biogen, Inc. (b) | 7,400 | 1,901,874 | ||||||
Gilead Sciences, Inc. | 68,000 | 5,095,920 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 1,290 | 1,061,618 | ||||||
19,060,789 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Commercial Services — 0.9% | ||||||||
Avis Budget Group, Inc. (b) | 2,000 | $ | 359,380 | |||||
FleetCor Technologies, Inc. (b) | 4,493 | 1,147,243 | ||||||
Global Payments, Inc. | 13,200 | 1,523,148 | ||||||
H&R Block, Inc. | 2,000 | 86,120 | ||||||
Robert Half, Inc. | 5,400 | 395,712 | ||||||
Service Corp. International | 27,900 | 1,594,206 | ||||||
U-Haul Holding Co. (UHAL US) (a) (b) | 1,100 | 60,027 | ||||||
U-Haul Holding Co. (UHAL/B US) | 10,400 | 544,856 | ||||||
United Rentals, Inc. | 3,600 | 1,600,452 | ||||||
7,311,144 | ||||||||
Cosmetics & Personal Care — 1.1% | ||||||||
Colgate-Palmolive Co. | 22,000 | 1,564,420 | ||||||
Kenvue, Inc. | 129,705 | 2,604,477 | ||||||
Procter & Gamble Co. | 27,848 | 4,061,909 | ||||||
8,230,806 | ||||||||
Food — 1.6% | ||||||||
General Mills, Inc. | 12,011 | 768,584 | ||||||
Ingredion, Inc. | 3,600 | 354,240 | ||||||
J. M. Smucker Co. | 5,200 | 639,132 | ||||||
Kellogg Co. | 16,400 | 975,964 | ||||||
Kraft Heinz Co. | 87,337 | 2,938,017 | ||||||
Kroger Co. | 38,100 | 1,704,975 | ||||||
Mondelez International, Inc. Class A | 65,530 | 4,547,782 | ||||||
11,928,694 | ||||||||
Health Care – Products — 1.1% | ||||||||
Danaher Corp. | 10,665 | 2,645,986 | ||||||
GE HealthCare Technologies, Inc. (b) | 33,091 | 2,251,512 | ||||||
Medtronic PLC | 19,100 | 1,496,676 | ||||||
Thermo Fisher Scientific, Inc. | 4,109 | 2,079,853 | ||||||
8,474,027 | ||||||||
Health Care – Services — 4.1% | ||||||||
Centene Corp. (b) | 7,400 | 509,712 | ||||||
DaVita, Inc. (b) | 4,600 | 434,838 | ||||||
Elevance Health, Inc. | 33,840 | 14,734,613 | ||||||
HCA Healthcare, Inc. | 30,860 | 7,590,943 | ||||||
Humana, Inc. | 3,750 | 1,824,450 | ||||||
Laboratory Corp. of America Holdings | 6,300 | 1,266,615 | ||||||
Molina Healthcare, Inc. (b) | 1,600 | 524,624 | ||||||
Quest Diagnostics, Inc. | 9,100 | 1,108,926 | ||||||
Tenet Healthcare Corp. (b) | 20,487 | 1,349,888 | ||||||
UnitedHealth Group, Inc. | 2,113 | 1,065,353 | ||||||
Universal Health Services, Inc. Class B | 4,900 | 616,077 | ||||||
31,026,039 | ||||||||
Pharmaceuticals — 8.4% | ||||||||
AbbVie, Inc. | 91,200 | 13,594,272 | ||||||
AstraZeneca PLC Sponsored ADR | 40,219 | 2,723,631 | ||||||
Becton Dickinson & Co. | 9,180 | 2,373,305 | ||||||
Cardinal Health, Inc. | 14,308 | 1,242,221 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Cencora, Inc. | 40,537 | $ | 7,295,444 | |||||
Cigna Group | 18,000 | 5,149,260 | ||||||
Henry Schein, Inc. (b) | 7,100 | 527,175 | ||||||
Johnson & Johnson | 52,871 | 8,234,658 | ||||||
McKesson Corp. | 10,700 | 4,652,895 | ||||||
Merck & Co., Inc. | 149,800 | 15,421,910 | ||||||
Pfizer, Inc. | 70,150 | 2,326,875 | ||||||
Viatris, Inc. | 61,000 | 601,460 | ||||||
64,143,106 | ||||||||
174,839,566 | ||||||||
Energy — 14.3% | ||||||||
Oil & Gas — 11.9% | ||||||||
APA Corp. | 17,800 | 731,580 | ||||||
Chevron Corp. | 127,261 | 21,458,750 | ||||||
ConocoPhillips | 92,900 | 11,129,420 | ||||||
Coterra Energy, Inc. | 38,400 | 1,038,720 | ||||||
Devon Energy Corp. | 8,522 | 406,500 | ||||||
EOG Resources, Inc. | 38,300 | 4,854,908 | ||||||
EQT Corp. | 84,909 | 3,445,607 | ||||||
Exxon Mobil Corp. | 241,409 | 28,384,870 | ||||||
Marathon Oil Corp. | 37,515 | 1,003,526 | ||||||
Marathon Petroleum Corp. | 20,300 | 3,072,202 | ||||||
Occidental Petroleum Corp. | 49,300 | 3,198,584 | ||||||
Phillips 66 | 22,700 | 2,727,405 | ||||||
Pioneer Natural Resources Co. | 11,900 | 2,731,645 | ||||||
Range Resources Corp. | 95,800 | 3,104,878 | ||||||
Southwestern Energy Co. (b) | 56,000 | 361,200 | ||||||
Valero Energy Corp. | 21,100 | 2,990,081 | ||||||
90,639,876 | ||||||||
Oil & Gas Services — 1.2% | ||||||||
Halliburton Co. | 131,600 | 5,329,800 | ||||||
Nov, Inc. | 35,900 | 750,310 | ||||||
Schlumberger NV | 51,000 | 2,973,300 | ||||||
9,053,410 | ||||||||
Pipelines — 1.2% | ||||||||
Cheniere Energy, Inc. | 12,300 | 2,041,308 | ||||||
Kinder Morgan, Inc. | 237,600 | 3,939,408 | ||||||
ONEOK, Inc. | 21,400 | 1,357,402 | ||||||
Williams Cos., Inc. | 51,283 | 1,727,724 | ||||||
9,065,842 | ||||||||
108,759,128 | ||||||||
Financial — 21.1% | ||||||||
Banks — 9.4% | ||||||||
Bank of America Corp. | 365,625 | 10,010,813 | ||||||
Bank of New York Mellon Corp. | 45,800 | 1,953,370 | ||||||
Citigroup, Inc. | 97,900 | 4,026,627 | ||||||
East West Bancorp, Inc. | 8,015 | 422,471 | ||||||
Goldman Sachs Group, Inc. | 25,400 | 8,218,678 | ||||||
JP Morgan Chase & Co. | 212,111 | 30,760,337 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Morgan Stanley | 91,900 | $ | 7,505,473 | |||||
PNC Financial Services Group, Inc. | 18,647 | 2,289,292 | ||||||
Regions Financial Corp. | 50,500 | 868,600 | ||||||
State Street Corp. | 18,700 | 1,252,152 | ||||||
US Bancorp | 8,700 | 287,622 | ||||||
Wells Fargo & Co. | 92,929 | 3,797,079 | ||||||
71,392,514 | ||||||||
Diversified Financial Services — 2.8% | ||||||||
Ally Financial, Inc. | 15,300 | 408,204 | ||||||
American Express Co. | 58,497 | 8,727,167 | ||||||
Ameriprise Financial, Inc. | 5,700 | 1,879,176 | ||||||
Capital One Financial Corp. | 19,400 | 1,882,770 | ||||||
Charles Schwab Corp. | 22,600 | 1,240,740 | ||||||
CME Group, Inc. | 6,700 | 1,341,474 | ||||||
Discover Financial Services | 15,400 | 1,334,102 | ||||||
LPL Financial Holdings, Inc. | 3,900 | 926,835 | ||||||
Raymond James Financial, Inc. | 10,600 | 1,064,558 | ||||||
Stifel Financial Corp. | 5,400 | 331,776 | ||||||
Synchrony Financial | 23,900 | 730,623 | ||||||
T. Rowe Price Group, Inc. | 11,700 | 1,226,979 | ||||||
Visa, Inc. Class A | 2,300 | 529,023 | ||||||
21,623,427 | ||||||||
Insurance — 7.8% | ||||||||
Aflac, Inc. | 36,200 | 2,778,350 | ||||||
Allstate Corp. | 18,587 | 2,070,778 | ||||||
American Financial Group, Inc. | 3,900 | 435,513 | ||||||
American International Group, Inc. | 36,200 | 2,193,720 | ||||||
Arch Capital Group Ltd. (b) | 20,800 | 1,657,968 | ||||||
Assurant, Inc. | 2,600 | 373,308 | ||||||
Berkshire Hathaway, Inc. Class B (b) | 26,000 | 9,107,800 | ||||||
Chubb Ltd. | 36,687 | 7,637,500 | ||||||
Cincinnati Financial Corp. | 8,600 | 879,694 | ||||||
Corebridge Financial, Inc. | 52,235 | 1,031,641 | ||||||
Equitable Holdings, Inc. | 23,000 | 652,970 | ||||||
Fidelity National Financial, Inc. | 14,800 | 611,240 | ||||||
First American Financial Corp. | 5,200 | 293,748 | ||||||
Globe Life, Inc. | 4,800 | 521,904 | ||||||
Hartford Financial Services Group, Inc. | 37,376 | 2,650,332 | ||||||
Loews Corp. | 13,800 | 873,678 | ||||||
Markel Group, Inc. (b) | 640 | 942,394 | ||||||
MetLife, Inc. | 124,819 | 7,852,363 | ||||||
Old Republic International Corp. | 15,900 | 428,346 | ||||||
Primerica, Inc. | 1,600 | 310,416 | ||||||
Principal Financial Group, Inc. | 14,300 | 1,030,601 | ||||||
Progressive Corp. | 29,500 | 4,109,350 | ||||||
Prudential Financial, Inc. | 20,300 | 1,926,267 | ||||||
Reinsurance Group of America, Inc. | 3,397 | 493,210 | ||||||
Travelers Cos., Inc. | 40,518 | 6,616,995 | ||||||
Unum Group | 10,700 | 526,333 | ||||||
W. R. Berkley Corp. | 14,300 | 907,907 | ||||||
58,914,326 | ||||||||
Private Equity — 0.1% | ||||||||
Carlyle Group, Inc. | 18,300 | 551,928 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Real Estate — 0.0% | ||||||||
Jones Lang LaSalle, Inc. (b) | 2,500 | $ | 352,950 | |||||
Real Estate Investment Trusts (REITS) — 1.0% | ||||||||
Equity LifeStyle Properties, Inc. | 22,100 | 1,407,991 | ||||||
Extra Space Storage, Inc. | 6,217 | 755,863 | ||||||
Prologis, Inc. | 13,350 | 1,498,003 | ||||||
Public Storage | 8,700 | 2,292,624 | ||||||
Weyerhaeuser Co. | 51,094 | 1,566,542 | ||||||
7,521,023 | ||||||||
160,356,168 | ||||||||
Industrial — 11.7% | ||||||||
Aerospace & Defense — 1.7% | ||||||||
General Dynamics Corp. | 19,200 | 4,242,624 | ||||||
L3 Harris Technologies, Inc. | 12,174 | 2,119,737 | ||||||
Lockheed Martin Corp. | 12,800 | 5,234,688 | ||||||
Northrop Grumman Corp. | 2,400 | 1,056,456 | ||||||
12,653,505 | ||||||||
Building Materials — 1.0% | ||||||||
Builders FirstSource, Inc. (b) | 8,000 | 995,920 | ||||||
Carrier Global Corp. | 29,945 | 1,652,964 | ||||||
Eagle Materials, Inc. | 1,800 | 299,736 | ||||||
Fortune Brands Innovations, Inc. | 7,100 | 441,336 | ||||||
Johnson Controls International PLC | 34,600 | 1,841,066 | ||||||
Martin Marietta Materials, Inc. | 1,620 | 664,978 | ||||||
Masco Corp. | 17,200 | 919,340 | ||||||
Owens Corning | 7,100 | 968,511 | ||||||
7,783,851 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
AMETEK, Inc. | 16,045 | 2,370,809 | ||||||
Electronics — 0.7% | ||||||||
Allegion PLC | 4,400 | 458,480 | ||||||
Arrow Electronics, Inc. (b) | 4,900 | 613,676 | ||||||
Hubbell, Inc. | 1,673 | 524,335 | ||||||
Jabil, Inc. | 9,900 | 1,256,211 | ||||||
Sensata Technologies Holding PLC | 8,000 | 302,560 | ||||||
TD SYNNEX Corp. | 4,900 | 489,314 | ||||||
TE Connectivity Ltd. | 13,000 | 1,605,890 | ||||||
5,250,466 | ||||||||
Engineering & Construction — 0.0% | ||||||||
TopBuild Corp. (b) | 1,100 | 276,760 | ||||||
Environmental Controls — 0.1% | ||||||||
Pentair PLC | 8,800 | 569,800 | ||||||
Veralto Corp. (b) | 503 | 42,534 | ||||||
612,334 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Hand & Machine Tools — 0.2% | ||||||||
Regal Rexnord Corp. | 3,300 | $ | 471,504 | |||||
Snap-on, Inc. | 3,100 | 790,686 | ||||||
1,262,190 | ||||||||
Machinery – Construction & Mining — 1.1% | ||||||||
Caterpillar, Inc. | 30,000 | 8,190,000 | ||||||
Oshkosh Corp. | 3,300 | 314,919 | ||||||
8,504,919 | ||||||||
Machinery – Diversified — 1.7% | ||||||||
AGCO Corp. | 3,850 | 455,378 | ||||||
Deere & Co. | 16,700 | 6,302,246 | ||||||
Dover Corp. | 10,900 | 1,520,659 | ||||||
IDEX Corp. | 7,700 | 1,601,754 | ||||||
Middleby Corp. (b) | 2,700 | 345,600 | ||||||
Westinghouse Air Brake Technologies Corp. | 25,713 | 2,732,520 | ||||||
12,958,157 | ||||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
Timken Co. | 3,100 | 227,819 | ||||||
Miscellaneous - Manufacturing — 1.4% | ||||||||
Carlisle Cos., Inc. | 2,600 | 674,076 | ||||||
General Electric Co. | 43,487 | 4,807,488 | ||||||
Parker-Hannifin Corp. | 6,800 | 2,648,736 | ||||||
Siemens AG Registered | 11,444 | 1,640,649 | ||||||
Textron, Inc. | 15,100 | 1,179,914 | ||||||
10,950,863 | ||||||||
Packaging & Containers — 0.4% | ||||||||
Berry Global Group, Inc. | 6,300 | 390,033 | ||||||
Crown Holdings, Inc. | 9,100 | 805,168 | ||||||
Graphic Packaging Holding Co. | 16,700 | 372,076 | ||||||
Packaging Corp. of America | 6,000 | 921,300 | ||||||
Sonoco Products Co. | 4,700 | 255,445 | ||||||
2,744,022 | ||||||||
Shipbuilding — 0.1% | ||||||||
Huntington Ingalls Industries, Inc. | 2,100 | 429,618 | ||||||
Transportation — 3.0% | ||||||||
CSX Corp. | 231,157 | 7,108,078 | ||||||
Expeditors International of Washington, Inc. | 8,600 | 985,818 | ||||||
FedEx Corp. | 13,800 | 3,655,896 | ||||||
Knight-Swift Transportation Holdings, Inc. | 8,600 | 431,290 | ||||||
Norfolk Southern Corp. | 7,184 | 1,414,745 | ||||||
Union Pacific Corp. | 15,700 | 3,196,991 | ||||||
United Parcel Service, Inc. Class B | 39,600 | 6,172,452 | ||||||
22,965,270 | ||||||||
88,990,583 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Technology — 9.4% | ||||||||
Computers — 1.9% | ||||||||
CACI International, Inc. Class A (b) | 800 | $ | 251,144 | |||||
Cognizant Technology Solutions Corp. Class A | 25,700 | 1,740,918 | ||||||
Dell Technologies, Inc. Class C | 12,900 | 888,810 | ||||||
Hewlett Packard Enterprise Co. | 86,200 | 1,497,294 | ||||||
HP, Inc. | 85,500 | 2,197,350 | ||||||
International Business Machines Corp. | 43,500 | 6,103,050 | ||||||
Leidos Holdings, Inc. | 7,349 | 677,284 | ||||||
NetApp, Inc. | 10,700 | 811,916 | ||||||
14,167,766 | ||||||||
Semiconductors — 6.1% | ||||||||
Analog Devices, Inc. | 7,600 | 1,330,684 | ||||||
Applied Materials, Inc. | 62,500 | 8,653,125 | ||||||
KLA Corp. | 6,800 | 3,118,888 | ||||||
Lam Research Corp. | 12,006 | 7,525,001 | ||||||
Microchip Technology, Inc. | 7,400 | 577,570 | ||||||
Micron Technology, Inc. | 103,400 | 7,034,302 | ||||||
NXP Semiconductors NV | 17,100 | 3,418,632 | ||||||
ON Semiconductor Corp. (b) | 19,000 | 1,766,050 | ||||||
QUALCOMM, Inc. | 74,000 | 8,218,440 | ||||||
Skyworks Solutions, Inc. | 8,800 | 867,592 | ||||||
Texas Instruments, Inc. | 25,490 | 4,053,165 | ||||||
46,563,449 | ||||||||
Software — 1.4% | ||||||||
Adobe, Inc. (b) | 1,512 | 770,969 | ||||||
Fiserv, Inc. (b) | 71,567 | 8,084,208 | ||||||
Microsoft Corp. | 4,555 | 1,438,241 | ||||||
Salesforce, Inc. (b) | 3,900 | 790,842 | ||||||
11,084,260 | ||||||||
71,815,475 | ||||||||
Utilities — 3.5% | ||||||||
Electric — 3.5% | ||||||||
Alliant Energy Corp. | 12,800 | 620,160 | ||||||
Ameren Corp. | 4,794 | 358,735 | ||||||
CenterPoint Energy, Inc. | 22,400 | 601,440 | ||||||
Consolidated Edison, Inc. | 17,600 | 1,505,328 | ||||||
Constellation Energy Corp. | 29,233 | 3,188,736 | ||||||
Duke Energy Corp. | 40,400 | 3,565,704 | ||||||
Edison International | 18,200 | 1,151,878 | ||||||
Evergy, Inc. | 26,700 | 1,353,690 | ||||||
Exelon Corp. | 64,700 | 2,445,013 | ||||||
FirstEnergy Corp. | 16,964 | 579,829 | ||||||
NextEra Energy, Inc. | 42,100 | 2,411,909 | ||||||
NRG Energy, Inc. | 17,400 | 670,248 | ||||||
OGE Energy Corp. | 10,661 | 355,331 | ||||||
Pinnacle West Capital Corp. | 6,298 | 464,037 | ||||||
PPL Corp. | 40,100 | 944,756 | ||||||
Public Service Enterprise Group, Inc. | 34,300 | 1,952,013 | ||||||
Sempra | 33,900 | 2,306,217 | ||||||
Southern Co. | 24,524 | 1,587,193 |
MML Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Vistra Corp. | 23,000 | $ | 763,140 | |||||
26,825,357 | ||||||||
26,825,357 | ||||||||
TOTAL COMMON STOCK (Cost $627,761,667) | 746,297,257 | |||||||
TOTAL EQUITIES (Cost $627,761,667) | 746,297,257 | |||||||
MUTUAL FUNDS — 1.3% | ||||||||
Diversified Financial Services — 1.3% | ||||||||
iShares Russell 1000 Value ETF | 64,600 | 9,807,572 | ||||||
9,807,572 | ||||||||
TOTAL MUTUAL FUNDS (Cost $9,825,702) | 9,807,572 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $637,587,369) | 756,104,829 | |||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
Investment of Cash Collateral from Securities Loaned — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) | 865,607 | 865,607 | ||||||
Mutual Fund — 0.1% | ||||||||
T. Rowe Price Government Reserve Investment Fund | 903,816 | 903,816 | ||||||
Principal Amount | ||||||||
Repurchase Agreement — 0.5% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (d) | $ | 4,111,603 | 4,111,603 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,881,026) | 5,881,026 | |||||||
TOTAL INVESTMENTS — 100.2% (Cost $643,468,395) (e) | 761,985,855 | |||||||
Other Assets/(Liabilities) — (0.2)% | (1,681,514) | |||||||
NET ASSETS — 100.0% | $ | 760,304,341 |
Abbreviation Legend
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $3,161,503 or 0.42% of net assets. The Fund received $2,371,405 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Non-income producing security. |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $4,112,152. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $4,193,852. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Rotation Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
EQUITIES — 99.9% | ||||||||
COMMON STOCK — 99.9% | ||||||||
Basic Materials — 4.5% | ||||||||
Chemicals — 1.9% | ||||||||
Air Products & Chemicals, Inc. | 194 | $ | 54,980 | |||||
Albemarle Corp. | 469 | 79,749 | ||||||
Ashland, Inc. | 132 | 10,782 | ||||||
Axalta Coating Systems Ltd. (a) | 2,028 | 54,553 | ||||||
Chemours Co. | 616 | 17,279 | ||||||
Dow, Inc. | 812 | 41,867 | ||||||
DuPont de Nemours, Inc. | 1,023 | 76,305 | ||||||
Eastman Chemical Co. | 332 | 25,471 | ||||||
Ecolab, Inc. | 286 | 48,448 | ||||||
Element Solutions, Inc. | 651 | 12,766 | ||||||
FMC Corp. | 260 | 17,412 | ||||||
Linde PLC (LIN US) | 78 | 29,043 | ||||||
LyondellBasell Industries NV Class A | 820 | 77,654 | ||||||
NewMarket Corp. | 113 | 51,419 | ||||||
Olin Corp. | 1,163 | 58,127 | ||||||
PPG Industries, Inc. | 582 | 75,544 | ||||||
RPM International, Inc. | 481 | 45,604 | ||||||
Sherwin-Williams Co. | 155 | 39,533 | ||||||
Valvoline, Inc. | 1,835 | 59,160 | ||||||
Westlake Corp. | 310 | 38,648 | ||||||
914,344 | ||||||||
Iron & Steel — 2.5% | ||||||||
Cleveland-Cliffs, Inc. (a) | 714 | 11,160 | ||||||
Nucor Corp. | 1,772 | 277,052 | ||||||
Reliance Steel & Aluminum Co. | 1,297 | 340,113 | ||||||
Steel Dynamics, Inc. | 3,709 | 397,679 | ||||||
U.S. Steel Corp. | 4,763 | 154,702 | ||||||
1,180,706 | ||||||||
Mining — 0.1% | ||||||||
Freeport-McMoRan, Inc. | 571 | 21,292 | ||||||
Royal Gold, Inc. | 202 | 21,479 | ||||||
Southern Copper Corp. | 173 | 13,025 | ||||||
55,796 | ||||||||
2,150,846 | ||||||||
Communications — 4.9% | ||||||||
Advertising — 0.7% | ||||||||
Interpublic Group of Cos., Inc. | 4,912 | 140,778 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Omnicom Group, Inc. | 2,541 | $ | 189,254 | |||||
330,032 | ||||||||
Internet — 2.8% | ||||||||
Airbnb, Inc. Class A (a) | 360 | 49,396 | ||||||
Alphabet, Inc. Class A (a) | 150 | 19,629 | ||||||
Alphabet, Inc. Class C (a) | 138 | 18,195 | ||||||
Booking Holdings, Inc. (a) | 35 | 107,938 | ||||||
CDW Corp. | 1,755 | 354,089 | ||||||
Coupang, Inc. (a) | 1,793 | 30,481 | ||||||
DoorDash, Inc., Class A (a) | 257 | 20,424 | ||||||
eBay, Inc. | 447 | 19,708 | ||||||
Etsy, Inc. (a) | 373 | 24,088 | ||||||
Expedia Group, Inc. (a) | 316 | 32,570 | ||||||
F5, Inc. (a) | 137 | 22,076 | ||||||
GoDaddy, Inc. Class A (a) | 978 | 72,841 | ||||||
Meta Platforms, Inc. Class A (a) | 123 | 36,926 | ||||||
Netflix, Inc. (a) | 101 | 38,138 | ||||||
Okta, Inc. (a) | 152 | 12,390 | ||||||
Pinterest, Inc. Class A (a) | 2,957 | 79,928 | ||||||
Spotify Technology SA (a) | 422 | 65,258 | ||||||
Uber Technologies, Inc. (a) | 290 | 13,337 | ||||||
VeriSign, Inc. (a) | 735 | 148,860 | ||||||
Zillow Group, Inc. Class A (a) | 1,058 | 47,388 | ||||||
Zillow Group, Inc. Class C (a) | 3,146 | 145,219 | ||||||
1,358,879 | ||||||||
Media — 0.7% | ||||||||
Charter Communications, Inc. Class A (a) | 38 | 16,713 | ||||||
Comcast Corp. Class A | 740 | 32,811 | ||||||
FactSet Research Systems, Inc. | 112 | 48,973 | ||||||
Fox Corp. Class A | 724 | 22,589 | ||||||
Liberty Media Corp-Liberty Formula One Class C (a) | 544 | 33,891 | ||||||
New York Times Co. Class A | 418 | 17,222 | ||||||
News Corp. Class A | 3,283 | 65,857 | ||||||
News Corp. Class B | 1,187 | 24,773 | ||||||
Nexstar Media Group, Inc. Class A | 125 | 17,921 | ||||||
Walt Disney Co. (a) | 126 | 10,212 | ||||||
Warner Bros Discovery, Inc. (a) | 1,159 | 12,587 | ||||||
303,549 | ||||||||
Telecommunications — 0.7% | ||||||||
Arista Networks, Inc. (a) | 457 | 84,056 | ||||||
Cisco Systems, Inc. | 275 | 14,784 | ||||||
Corning, Inc. | 2,093 | 63,774 | ||||||
ESC GCI Liberty Inc (a) (b) (c) | 2,102 | — | ||||||
Iridium Communications, Inc. | 761 | 34,618 | ||||||
Juniper Networks, Inc. | 734 | 20,398 | ||||||
Motorola Solutions, Inc. | 367 | 99,912 | ||||||
Viasat, Inc. (a) | 1,792 | 33,080 | ||||||
350,622 | ||||||||
2,343,082 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Consumer, Cyclical — 19.6% | ||||||||
Airlines — 1.2% | ||||||||
Alaska Air Group, Inc. (a) | 1,217 | $ | 45,126 | |||||
American Airlines Group, Inc. (a) | 7,243 | 92,783 | ||||||
Delta Air Lines, Inc. | 4,333 | 160,321 | ||||||
Southwest Airlines Co. | 403 | 10,909 | ||||||
United Airlines Holdings, Inc. (a) | 6,420 | 271,566 | ||||||
580,705 | ||||||||
Apparel — 1.6% | ||||||||
Capri Holdings Ltd. (a) | 1,754 | 92,278 | ||||||
Columbia Sportswear Co. | 135 | 10,004 | ||||||
Crocs, Inc. (a) | 1,438 | 126,875 | ||||||
Deckers Outdoor Corp. (a) | 283 | 145,487 | ||||||
NIKE, Inc. Class B | 148 | 14,152 | ||||||
PVH Corp. | 1,189 | 90,970 | ||||||
Ralph Lauren Corp. | 625 | 72,556 | ||||||
Skechers USA, Inc. Class A (a) | 2,534 | 124,039 | ||||||
Tapestry, Inc. | 3,005 | 86,394 | ||||||
762,755 | ||||||||
Auto Manufacturers — 1.3% | ||||||||
Cummins, Inc. | 331 | 75,620 | ||||||
Ford Motor Co. | 21,614 | 268,446 | ||||||
General Motors Co. | 2,814 | 92,778 | ||||||
PACCAR, Inc. | 1,992 | 169,360 | ||||||
606,204 | ||||||||
Auto Parts & Equipment — 1.0% | ||||||||
Allison Transmission Holdings, Inc. | 1,321 | 78,018 | ||||||
Aptiv PLC (a) | 647 | 63,788 | ||||||
BorgWarner, Inc. | 5,593 | 225,789 | ||||||
Gentex Corp. | 736 | 23,949 | ||||||
Lear Corp. | 438 | 58,780 | ||||||
Phinia, Inc. | 1,119 | 29,978 | ||||||
480,302 | ||||||||
Distribution & Wholesale — 1.8% | ||||||||
Copart, Inc. (a) | 2,210 | 95,229 | ||||||
Core & Main, Inc. Class A (a) | 877 | 25,301 | ||||||
Fastenal Co. | 926 | 50,597 | ||||||
Ferguson PLC | 363 | 59,703 | ||||||
LKQ Corp. | 2,077 | 102,832 | ||||||
Pool Corp. | 140 | 49,854 | ||||||
SiteOne Landscape Supply, Inc. (a) | 489 | 79,927 | ||||||
W.W. Grainger, Inc. | 167 | 115,537 | ||||||
Watsco, Inc. | 306 | 115,582 | ||||||
WESCO International, Inc. | 1,102 | 158,490 | ||||||
853,052 | ||||||||
Entertainment — 0.5% | ||||||||
Caesars Entertainment, Inc. (a) | 853 | 39,537 | ||||||
Churchill Downs, Inc. | 743 | 86,218 | ||||||
DraftKings, Inc. Class A (a) | 485 | 14,278 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Live Nation Entertainment, Inc. (a) | 308 | $ | 25,576 | |||||
Madison Square Garden Sports Corp. | 77 | 13,575 | ||||||
Marriott Vacations Worldwide Corp. | 206 | 20,730 | ||||||
Vail Resorts, Inc. | 98 | 21,745 | ||||||
221,659 | ||||||||
Food Services — 0.3% | ||||||||
Aramark | 3,761 | 130,507 | ||||||
Home Builders — 3.4% | ||||||||
DR Horton, Inc. | 2,848 | 306,075 | ||||||
Lennar Corp. Class A | 3,299 | 370,247 | ||||||
Lennar Corp. Class B | 198 | 20,241 | ||||||
NVR, Inc. (a) | 44 | 262,385 | ||||||
PulteGroup, Inc. | 5,341 | 395,501 | ||||||
Thor Industries, Inc. | 1,032 | 98,174 | ||||||
Toll Brothers, Inc. | 2,751 | 203,464 | ||||||
1,656,087 | ||||||||
Home Furnishing — 0.5% | ||||||||
Dolby Laboratories, Inc. Class A | 533 | 42,246 | ||||||
Leggett & Platt, Inc. | 550 | 13,975 | ||||||
Tempur Sealy International, Inc. | 4,156 | 180,121 | ||||||
236,342 | ||||||||
Leisure Time — 0.5% | ||||||||
Brunswick Corp. | 1,107 | 87,453 | ||||||
Harley-Davidson, Inc. | 673 | 22,250 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) (d) | 917 | 15,112 | ||||||
Planet Fitness, Inc. Class A (a) | 174 | 8,557 | ||||||
Polaris, Inc. | 454 | 47,280 | ||||||
Royal Caribbean Cruises Ltd. (a) | 573 | 52,796 | ||||||
YETI Holdings, Inc. (a) | 445 | 21,458 | ||||||
254,906 | ||||||||
Lodging — 1.2% | ||||||||
Boyd Gaming Corp. | 1,121 | 68,190 | ||||||
Choice Hotels International, Inc. | 98 | 12,006 | ||||||
Hilton Worldwide Holdings, Inc. | 463 | 69,533 | ||||||
Hyatt Hotels Corp. Class A | 702 | 74,468 | ||||||
Las Vegas Sands Corp. | 776 | 35,572 | ||||||
Marriott International, Inc. Class A | 267 | 52,482 | ||||||
MGM Resorts International | 5,762 | 211,811 | ||||||
Travel & Leisure Co. | 424 | 15,574 | ||||||
Wyndham Hotels & Resorts, Inc. | 143 | 9,944 | ||||||
Wynn Resorts Ltd. | 515 | 47,591 | ||||||
597,171 | ||||||||
Retail — 6.3% | ||||||||
AutoNation, Inc. (a) | 607 | 91,900 | ||||||
AutoZone, Inc. (a) | 52 | 132,079 | ||||||
Bath & Body Works, Inc. | 303 | 10,241 | ||||||
Best Buy Co., Inc. | 442 | 30,706 | ||||||
BJ's Wholesale Club Holdings, Inc. (a) | 1,633 | 116,547 | ||||||
Burlington Stores, Inc. (a) | 90 | 12,177 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
CarMax, Inc. (a) | 685 | $ | 48,450 | |||||
Casey's General Stores, Inc. | 427 | 115,939 | ||||||
Chipotle Mexican Grill, Inc. (a) | 40 | 73,273 | ||||||
Costco Wholesale Corp. | 31 | 17,514 | ||||||
Darden Restaurants, Inc. | 1,067 | 152,816 | ||||||
Dick's Sporting Goods, Inc. | 1,497 | 162,544 | ||||||
Dollar General Corp. | 89 | 9,416 | ||||||
Dollar Tree, Inc. (a) | 1,205 | 128,272 | ||||||
Five Below, Inc. (a) | 387 | 62,268 | ||||||
Floor & Decor Holdings, Inc. Class A (a) | 555 | 50,228 | ||||||
Genuine Parts Co. | 1,144 | 165,171 | ||||||
Lithia Motors, Inc. | 47 | 13,881 | ||||||
Lowe's Cos., Inc. | 394 | 81,889 | ||||||
Lululemon Athletica, Inc. (a) | 244 | 94,089 | ||||||
McDonald's Corp. | 73 | 19,231 | ||||||
MSC Industrial Direct Co., Inc. Class A | 657 | 64,485 | ||||||
Murphy USA, Inc. | 363 | 124,048 | ||||||
O'Reilly Automotive, Inc. (a) | 152 | 138,147 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (a) | 420 | 32,416 | ||||||
Penske Automotive Group, Inc. | 481 | 80,356 | ||||||
RH (a) | 208 | 54,987 | ||||||
Ross Stores, Inc. | 1,324 | 149,546 | ||||||
Starbucks Corp. | 805 | 73,472 | ||||||
Target Corp. | 806 | 89,119 | ||||||
Texas Roadhouse, Inc. | 1,177 | 113,110 | ||||||
TJX Cos., Inc. | 1,334 | 118,566 | ||||||
Tractor Supply Co. | 377 | 76,550 | ||||||
Ulta Beauty, Inc. (a) | 271 | 108,251 | ||||||
Walgreens Boots Alliance, Inc. | 342 | 7,606 | ||||||
Walmart, Inc. | 75 | 11,995 | ||||||
Wendy's Co. | 1,990 | 40,616 | ||||||
Williams-Sonoma, Inc. (d) | 141 | 21,911 | ||||||
Wingstop, Inc. | 260 | 46,758 | ||||||
Yum! Brands, Inc. | 577 | 72,090 | ||||||
3,012,660 | ||||||||
9,392,350 | ||||||||
Consumer, Non-cyclical — 15.7% | ||||||||
Agriculture — 0.3% | ||||||||
Altria Group, Inc. | 951 | 39,989 | ||||||
Archer-Daniels-Midland Co. | 691 | 52,115 | ||||||
Darling Ingredients, Inc. (a) | 629 | 32,834 | ||||||
Philip Morris International, Inc. | 122 | 11,295 | ||||||
136,233 | ||||||||
Beverages — 0.5% | ||||||||
Boston Beer Co., Inc. Class A (a) | 41 | 15,971 | ||||||
Celsius Holdings, Inc. (a) | 271 | 46,504 | ||||||
Constellation Brands, Inc. Class A | 83 | 20,860 | ||||||
Molson Coors Beverage Co. Class B | 1,375 | 87,436 | ||||||
Monster Beverage Corp. (a) | 703 | 37,224 | ||||||
PepsiCo, Inc. | 95 | 16,097 | ||||||
224,092 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Biotechnology — 0.9% | ||||||||
Apellis Pharmaceuticals, Inc. (a) | 185 | $ | 7,037 | |||||
Biogen, Inc. (a) | 214 | 55,000 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 436 | 38,577 | ||||||
Corteva, Inc. | 547 | 27,985 | ||||||
Exelixis, Inc. (a) | 1,187 | 25,936 | ||||||
Gilead Sciences, Inc. | 867 | 64,973 | ||||||
Horizon Therapeutics PLC (a) | 441 | 51,019 | ||||||
Karuna Therapeutics, Inc. (a) | 94 | 15,895 | ||||||
Moderna, Inc. (a) | 275 | 28,405 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 46 | 37,856 | ||||||
Sarepta Therapeutics, Inc. (a) | 234 | 28,366 | ||||||
United Therapeutics Corp. (a) | 46 | 10,390 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 184 | 63,984 | ||||||
455,423 | ||||||||
Commercial Services — 3.2% | ||||||||
Automatic Data Processing, Inc. | 85 | 20,449 | ||||||
Booz Allen Hamilton Holding Corp. | 422 | 46,112 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 353 | 28,755 | ||||||
Cintas Corp. | 117 | 56,278 | ||||||
CoStar Group, Inc. (a) | 458 | 35,216 | ||||||
Equifax, Inc. | 216 | 39,567 | ||||||
Euronet Worldwide, Inc. (a) | 368 | 29,212 | ||||||
FleetCor Technologies, Inc. (a) | 114 | 29,109 | ||||||
FTI Consulting, Inc. (a) | 324 | 57,805 | ||||||
Gartner, Inc. (a) | 513 | 176,272 | ||||||
Global Payments, Inc. | 274 | 31,617 | ||||||
Grand Canyon Education, Inc. (a) | 314 | 36,700 | ||||||
ManpowerGroup, Inc. | 171 | 12,538 | ||||||
MarketAxess Holdings, Inc. | 124 | 26,491 | ||||||
Moody's Corp. | 118 | 37,308 | ||||||
Quanta Services, Inc. | 645 | 120,660 | ||||||
R1 RCM, Inc. (a) | 995 | 14,995 | ||||||
RB Global, Inc. | 836 | 52,250 | ||||||
Robert Half, Inc. | 182 | 13,337 | ||||||
Rollins, Inc. | 537 | 20,046 | ||||||
S&P Global, Inc. | 48 | 17,540 | ||||||
Service Corp. International | 316 | 18,056 | ||||||
Shift4 Payments, Inc. Class A (a) | 710 | 39,313 | ||||||
Toast, Inc., Class A (a) (d) | 3,554 | 66,566 | ||||||
U-Haul Holding Co. (UHAL US) (a) (d) | 198 | 10,805 | ||||||
U-Haul Holding Co. (UHAL/B US) | 410 | 21,480 | ||||||
United Rentals, Inc. | 720 | 320,090 | ||||||
Verisk Analytics, Inc. | 275 | 64,966 | ||||||
WEX, Inc. (a) | 117 | 22,006 | ||||||
WillScot Mobile Mini Holdings Corp. (a) | 2,030 | 84,428 | ||||||
1,549,967 | ||||||||
Cosmetics & Personal Care — 0.2% | ||||||||
Colgate-Palmolive Co. | 387 | 27,519 | ||||||
Coty, Inc. Class A (a) | 4,739 | 51,987 | ||||||
Estee Lauder Cos., Inc. Class A | 114 | 16,479 | ||||||
Procter & Gamble Co. | 80 | 11,669 | ||||||
107,654 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Food — 2.7% | ||||||||
Albertsons Cos., Inc. Class A | 1,165 | $ | 26,504 | |||||
Campbell Soup Co. | 784 | 32,207 | ||||||
Conagra Brands, Inc. | 2,436 | 66,795 | ||||||
Flowers Foods, Inc. | 1,409 | 31,252 | ||||||
General Mills, Inc. | 1,141 | 73,013 | ||||||
Hershey Co. | 314 | 62,825 | ||||||
Ingredion, Inc. | 1,075 | 105,780 | ||||||
J. M. Smucker Co. | 648 | 79,646 | ||||||
Kellogg Co. | 433 | 25,768 | ||||||
Kraft Heinz Co. | 1,089 | 36,634 | ||||||
Kroger Co. | 1,989 | 89,008 | ||||||
Lamb Weston Holdings, Inc. | 964 | 89,131 | ||||||
McCormick & Co., Inc. | 318 | 24,053 | ||||||
Mondelez International, Inc. Class A | 817 | 56,700 | ||||||
Performance Food Group Co. (a) | 3,356 | 197,534 | ||||||
Post Holdings, Inc. (a) | 661 | 56,674 | ||||||
Sysco Corp. | 275 | 18,164 | ||||||
US Foods Holding Corp. (a) | 5,645 | 224,106 | ||||||
1,295,794 | ||||||||
Health Care – Products — 2.3% | ||||||||
10X Genomics, Inc. Class A (a) | 509 | 20,996 | ||||||
Align Technology, Inc. (a) | 264 | 80,605 | ||||||
Boston Scientific Corp. (a) | 1,351 | 71,333 | ||||||
Bruker Corp. | 625 | 38,938 | ||||||
Cooper Cos., Inc. | 178 | 56,606 | ||||||
Edwards Lifesciences Corp. (a) | 644 | 44,616 | ||||||
Envista Holdings Corp. (a) | 321 | 8,949 | ||||||
Exact Sciences Corp. (a) | 346 | 23,604 | ||||||
GE HealthCare Technologies, Inc. (a) | 562 | 38,239 | ||||||
Globus Medical, Inc. Class A (a) | 371 | 18,420 | ||||||
Hologic, Inc. (a) | 740 | 51,356 | ||||||
IDEXX Laboratories, Inc. (a) | 161 | 70,400 | ||||||
Inspire Medical Systems, Inc. (a) | 157 | 31,155 | ||||||
Insulet Corp. (a) | 137 | 21,850 | ||||||
Intuitive Surgical, Inc. (a) | 159 | 46,474 | ||||||
Masimo Corp. (a) | 237 | 20,780 | ||||||
Medtronic PLC | 246 | 19,277 | ||||||
Novocure Ltd. (a) | 327 | 5,281 | ||||||
Penumbra, Inc. (a) | 197 | 47,656 | ||||||
QIAGEN NV (a) | 317 | 12,839 | ||||||
Repligen Corp. (a) | 180 | 28,622 | ||||||
ResMed, Inc. | 133 | 19,667 | ||||||
Shockwave Medical, Inc. (a) | 261 | 51,965 | ||||||
Steris PLC | 126 | 27,647 | ||||||
Stryker Corp. | 220 | 60,119 | ||||||
Teleflex, Inc. | 101 | 19,837 | ||||||
Thermo Fisher Scientific, Inc. | 20 | 10,123 | ||||||
West Pharmaceutical Services, Inc. | 224 | 84,047 | ||||||
Zimmer Biomet Holdings, Inc. | 607 | 68,118 | ||||||
1,099,519 | ||||||||
Health Care – Services — 2.5% | ||||||||
Acadia Healthcare Co., Inc. (a) | 573 | 40,288 | ||||||
agilon health, Inc. (a) (d) | 924 | 16,410 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Charles River Laboratories International, Inc. (a) | 274 | $ | 53,699 | |||||
Chemed Corp. | 88 | 45,734 | ||||||
DaVita, Inc. (a) | 1,345 | 127,143 | ||||||
Elevance Health, Inc. | 97 | 42,236 | ||||||
Encompass Health Corp. | 1,631 | 109,538 | ||||||
Fortrea Holdings, Inc. (a) | 105 | 3,002 | ||||||
HCA Healthcare, Inc. | 635 | 156,197 | ||||||
Humana, Inc. | 161 | 78,330 | ||||||
ICON PLC (a) | 86 | 21,177 | ||||||
IQVIA Holdings, Inc. (a) | 82 | 16,134 | ||||||
Laboratory Corp. of America Holdings | 105 | 21,110 | ||||||
Medpace Holdings, Inc. (a) | 117 | 28,329 | ||||||
Molina Healthcare, Inc. (a) | 324 | 106,236 | ||||||
Quest Diagnostics, Inc. | 198 | 24,128 | ||||||
Tenet Healthcare Corp. (a) | 2,514 | 165,647 | ||||||
Universal Health Services, Inc. Class B | 1,105 | 138,932 | ||||||
1,194,270 | ||||||||
Household Products & Wares — 0.6% | ||||||||
Avery Dennison Corp. | 495 | 90,422 | ||||||
Church & Dwight Co., Inc. | 619 | 56,719 | ||||||
Clorox Co. | 504 | 66,054 | ||||||
Kimberly-Clark Corp. | 558 | 67,434 | ||||||
Reynolds Consumer Products, Inc. | 433 | 11,098 | ||||||
291,727 | ||||||||
Pharmaceuticals — 2.5% | ||||||||
AbbVie, Inc. | 165 | 24,595 | ||||||
Becton Dickinson & Co. | 81 | 20,941 | ||||||
Cardinal Health, Inc. | 5,087 | 441,653 | ||||||
Cencora, Inc. | 1,001 | 180,150 | ||||||
Cigna Group | 212 | 60,647 | ||||||
Dexcom, Inc. (a) | 473 | 44,131 | ||||||
Henry Schein, Inc. (a) | 553 | 41,060 | ||||||
McKesson Corp. | 642 | 279,174 | ||||||
Merck & Co., Inc. | 241 | 24,811 | ||||||
Neurocrine Biosciences, Inc. (a) | 130 | 14,625 | ||||||
Perrigo Co. PLC | 298 | 9,521 | ||||||
Premier, Inc. Class A | 462 | 9,933 | ||||||
Zoetis, Inc. | 175 | 30,446 | ||||||
1,181,687 | ||||||||
7,536,366 | ||||||||
Energy — 4.7% | ||||||||
Energy – Alternate Sources — 0.2% | ||||||||
Enphase Energy, Inc. (a) | 104 | 12,496 | ||||||
First Solar, Inc. (a) | 499 | 80,633 | ||||||
93,129 | ||||||||
Oil & Gas — 2.7% | ||||||||
Chesapeake Energy Corp. (d) | 1,017 | 87,696 | ||||||
Chevron Corp. | 354 | 59,691 | ||||||
ConocoPhillips | 522 | 62,536 | ||||||
Coterra Energy, Inc. | 1,601 | 43,307 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Devon Energy Corp. | 618 | $ | 29,479 | |||||
Diamondback Energy, Inc. | 577 | 89,366 | ||||||
EOG Resources, Inc. | 339 | 42,972 | ||||||
EQT Corp. | 386 | 15,664 | ||||||
Exxon Mobil Corp. | 208 | 24,457 | ||||||
Hess Corp. | 508 | 77,724 | ||||||
HF Sinclair Corp. | 388 | 22,089 | ||||||
Marathon Oil Corp. | 642 | 17,173 | ||||||
Marathon Petroleum Corp. | 2,263 | 342,482 | ||||||
Occidental Petroleum Corp. | 546 | 35,424 | ||||||
Phillips 66 | 1,304 | 156,676 | ||||||
Pioneer Natural Resources Co. | 257 | 58,994 | ||||||
Range Resources Corp. | 2,177 | 70,556 | ||||||
Texas Pacific Land Corp. | 7 | 12,765 | ||||||
Valero Energy Corp. | 241 | 34,152 | ||||||
1,283,203 | ||||||||
Oil & Gas Services — 0.6% | ||||||||
Baker Hughes Co. | 709 | 25,042 | ||||||
Halliburton Co. | 345 | 13,972 | ||||||
Schlumberger NV | 909 | 52,995 | ||||||
TechnipFMC PLC | 10,932 | 222,357 | ||||||
314,366 | ||||||||
Pipelines — 1.2% | ||||||||
Antero Midstream Corp. | 4,663 | 55,863 | ||||||
Cheniere Energy, Inc. | 556 | 92,274 | ||||||
DT Midstream, Inc. (a) | 292 | 15,453 | ||||||
Kinder Morgan, Inc. | 3,062 | 50,768 | ||||||
ONEOK, Inc. | 2,789 | 176,906 | ||||||
Targa Resources Corp. | 1,859 | 159,353 | ||||||
Williams Cos., Inc. | 971 | 32,713 | ||||||
583,330 | ||||||||
2,274,028 | ||||||||
Financial — 13.9% | ||||||||
Banks — 1.4% | ||||||||
Bank of New York Mellon Corp. | 1,100 | 46,915 | ||||||
Bank OZK | 428 | 15,866 | ||||||
BOK Financial Corp. | 259 | 20,715 | ||||||
Citigroup, Inc. | 362 | 14,889 | ||||||
Columbia Banking System, Inc. | 930 | 18,879 | ||||||
First Citizens BancShares, Inc. Class A | 87 | 120,069 | ||||||
First Horizon Corp. | 1,964 | 21,643 | ||||||
FNB Corp. | 2,687 | 28,993 | ||||||
Goldman Sachs Group, Inc. | 224 | 72,480 | ||||||
Huntington Bancshares, Inc. | 2,358 | 24,523 | ||||||
JP Morgan Chase & Co. | 131 | 18,998 | ||||||
Morgan Stanley | 137 | 11,189 | ||||||
NU Holdings Ltd. Class A (a) | 4,972 | 36,047 | ||||||
Regions Financial Corp. | 843 | 14,500 | ||||||
State Street Corp. | 1,765 | 118,184 | ||||||
Wells Fargo & Co. | 596 | 24,352 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Western Alliance Bancorp | 1,218 | $ | 55,991 | |||||
664,233 | ||||||||
Diversified Financial Services — 3.4% | ||||||||
Affiliated Managers Group, Inc. | 511 | 66,604 | ||||||
Air Lease Corp. | 1,558 | 61,401 | ||||||
American Express Co. | 73 | 10,891 | ||||||
Ameriprise Financial, Inc. | 581 | 191,544 | ||||||
Apollo Global Management, Inc. | 950 | 85,272 | ||||||
BlackRock, Inc. | 49 | 31,678 | ||||||
Blue Owl Capital, Inc. | 1,804 | 23,380 | ||||||
Capital One Financial Corp. | 155 | 15,043 | ||||||
Cboe Global Markets, Inc. | 555 | 86,696 | ||||||
Charles Schwab Corp. | 215 | 11,803 | ||||||
Discover Financial Services | 1,307 | 113,225 | ||||||
Evercore, Inc. Class A | 653 | 90,036 | ||||||
Franklin Resources, Inc. | 1,467 | 36,059 | ||||||
Houlihan Lokey, Inc. | 250 | 26,780 | ||||||
Interactive Brokers Group, Inc. Class A | 1,843 | 159,530 | ||||||
Intercontinental Exchange, Inc. | 445 | 48,959 | ||||||
Invesco Ltd. | 963 | 13,983 | ||||||
Janus Henderson Group PLC | 1,193 | 30,803 | ||||||
Jefferies Financial Group, Inc. | 1,153 | 42,234 | ||||||
LPL Financial Holdings, Inc. | 406 | 96,486 | ||||||
Nasdaq, Inc. | 607 | 29,494 | ||||||
OneMain Holdings, Inc. | 1,035 | 41,493 | ||||||
Raymond James Financial, Inc. | 247 | 24,806 | ||||||
Rocket Cos., Inc. Class A (a) | 3,117 | 25,497 | ||||||
SEI Investments Co. | 351 | 21,141 | ||||||
SLM Corp. | 2,249 | 30,631 | ||||||
Stifel Financial Corp. | 440 | 27,034 | ||||||
Synchrony Financial | 1,493 | 45,641 | ||||||
T. Rowe Price Group, Inc. | 259 | 27,161 | ||||||
TPG, Inc. | 590 | 17,771 | ||||||
Tradeweb Markets, Inc. Class A | 199 | 15,960 | ||||||
UWM Holdings Corp. (d) | 2,312 | 11,213 | ||||||
Voya Financial, Inc. | 1,168 | 77,614 | ||||||
XP, Inc. Class A | 497 | 11,456 | ||||||
1,649,319 | ||||||||
Insurance — 6.9% | ||||||||
Aflac, Inc. | 2,678 | 205,537 | ||||||
Allstate Corp. | 808 | 90,019 | ||||||
American Financial Group, Inc. | 101 | 11,279 | ||||||
American International Group, Inc. | 1,234 | 74,780 | ||||||
Aon PLC Class A | 244 | 79,110 | ||||||
Arch Capital Group Ltd. (a) | 3,616 | 288,231 | ||||||
Arthur J Gallagher & Co. | 568 | 129,464 | ||||||
Assured Guaranty Ltd. | 736 | 44,543 | ||||||
Axis Capital Holdings Ltd. | 348 | 19,617 | ||||||
Brighthouse Financial, Inc. (a) | 219 | 10,718 | ||||||
Brown & Brown, Inc. | 1,450 | 101,268 | ||||||
Chubb Ltd. | 247 | 51,420 | ||||||
Cincinnati Financial Corp. | 106 | 10,843 | ||||||
Corebridge Financial, Inc. | 1,383 | 27,314 | ||||||
Equitable Holdings, Inc. | 834 | 23,677 | ||||||
Everest Group Ltd. | 657 | 244,187 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Fidelity National Financial, Inc. | 2,071 | $ | 85,532 | |||||
First American Financial Corp. | 958 | 54,117 | ||||||
Globe Life, Inc. | 705 | 76,655 | ||||||
Hartford Financial Services Group, Inc. | 1,388 | 98,423 | ||||||
Kinsale Capital Group, Inc. | 239 | 98,977 | ||||||
Loews Corp. | 611 | 38,682 | ||||||
Markel Group, Inc. (a) | 22 | 32,395 | ||||||
Marsh & McLennan Cos., Inc. | 307 | 58,422 | ||||||
MetLife, Inc. | 214 | 13,463 | ||||||
MGIC Investment Corp. | 7,175 | 119,751 | ||||||
Old Republic International Corp. | 4,574 | 123,224 | ||||||
Primerica, Inc. | 723 | 140,269 | ||||||
Principal Financial Group, Inc. | 1,500 | 108,105 | ||||||
Progressive Corp. | 614 | 85,530 | ||||||
Prudential Financial, Inc. | 204 | 19,358 | ||||||
Reinsurance Group of America, Inc. | 1,202 | 174,518 | ||||||
RenaissanceRe Holdings Ltd. | 295 | 58,386 | ||||||
RLI Corp. | 268 | 36,419 | ||||||
Ryan Specialty Holdings, Inc. (a) | 1,484 | 71,826 | ||||||
Travelers Cos., Inc. | 494 | 80,675 | ||||||
Unum Group | 4,059 | 199,662 | ||||||
W. R. Berkley Corp. | 255 | 16,190 | ||||||
White Mountains Insurance Group Ltd. | 8 | 11,966 | ||||||
Willis Towers Watson PLC | 377 | 78,778 | ||||||
3,293,330 | ||||||||
Private Equity — 0.2% | ||||||||
Ares Management Corp. Class A | 624 | 64,191 | ||||||
Blackstone, Inc. | 144 | 15,428 | ||||||
Carlyle Group, Inc. | 442 | 13,331 | ||||||
92,950 | ||||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc. Class A (a) | 639 | 47,196 | ||||||
Howard Hughes Holdings, Inc. (a) | 251 | 18,607 | ||||||
65,803 | ||||||||
Real Estate Investment Trusts (REITS) — 1.9% | ||||||||
American Homes 4 Rent Class A | 459 | 15,464 | ||||||
Annaly Capital Management, Inc. | 2,429 | 45,689 | ||||||
AvalonBay Communities, Inc. | 65 | 11,163 | ||||||
Brixmor Property Group, Inc. | 1,404 | 29,175 | ||||||
CubeSmart | 745 | 28,407 | ||||||
EastGroup Properties, Inc. | 119 | 19,817 | ||||||
EPR Properties | 238 | 9,887 | ||||||
Equinix, Inc. | 29 | 21,062 | ||||||
Extra Space Storage, Inc. | 369 | 44,863 | ||||||
Federal Realty Investment Trust | 117 | 10,604 | ||||||
First Industrial Realty Trust, Inc. | 567 | 26,984 | ||||||
Gaming & Leisure Properties, Inc. | 937 | 42,680 | ||||||
Host Hotels & Resorts, Inc. | 3,475 | 55,843 | ||||||
Invitation Homes, Inc. | 621 | 19,679 | ||||||
Iron Mountain, Inc. | 1,447 | 86,024 | ||||||
Kimco Realty Corp. | 739 | 12,999 | ||||||
Lamar Advertising Co. Class A | 316 | 26,376 | ||||||
Mid-America Apartment Communities, Inc. | 64 | 8,234 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
NNN REIT, Inc. | 496 | $ | 17,529 | |||||
Omega Healthcare Investors, Inc. | 1,212 | 40,190 | ||||||
Park Hotels & Resorts, Inc. | 1,024 | 12,616 | ||||||
Prologis, Inc. | 185 | 20,759 | ||||||
Public Storage | 64 | 16,865 | ||||||
Regency Centers Corp. | 267 | 15,870 | ||||||
Rithm Capital Corp. | 4,378 | 40,672 | ||||||
Simon Property Group, Inc. | 733 | 79,186 | ||||||
Spirit Realty Capital, Inc. | 628 | 21,057 | ||||||
STAG Industrial, Inc. | 875 | 30,196 | ||||||
VICI Properties, Inc. | 1,547 | 45,018 | ||||||
Welltower, Inc. | 131 | 10,731 | ||||||
Weyerhaeuser Co. | 749 | 22,964 | ||||||
888,603 | ||||||||
Savings & Loans — 0.0% | ||||||||
New York Community Bancorp, Inc. | 1,004 | 11,385 | ||||||
6,665,623 | ||||||||
Industrial — 19.3% | ||||||||
Aerospace & Defense — 0.9% | ||||||||
Boeing Co. (a) | 175 | 33,544 | ||||||
Curtiss-Wright Corp. | 299 | 58,494 | ||||||
General Dynamics Corp. | 99 | 21,876 | ||||||
HEICO Corp. | 136 | 22,023 | ||||||
HEICO Corp. Class A | 238 | 30,754 | ||||||
Hexcel Corp. | 774 | 50,418 | ||||||
Howmet Aerospace, Inc. | 1,880 | 86,950 | ||||||
Lockheed Martin Corp. | 44 | 17,994 | ||||||
Northrop Grumman Corp. | 37 | 16,287 | ||||||
RTX Corp. | 175 | 12,595 | ||||||
TransDigm Group, Inc. (a) | 102 | 85,999 | ||||||
436,934 | ||||||||
Building Materials — 3.8% | ||||||||
AZEK Co., Inc. (a) | 1,212 | 36,045 | ||||||
Builders FirstSource, Inc. (a) | 3,073 | 382,558 | ||||||
Carrier Global Corp. | 3,463 | 191,158 | ||||||
Eagle Materials, Inc. | 626 | 104,242 | ||||||
Fortune Brands Innovations, Inc. | 1,442 | 89,635 | ||||||
Johnson Controls International PLC | 1,795 | 95,512 | ||||||
Lennox International, Inc. | 328 | 122,816 | ||||||
Louisiana-Pacific Corp. | 1,115 | 61,626 | ||||||
Martin Marietta Materials, Inc. | 165 | 67,729 | ||||||
Masco Corp. | 1,037 | 55,428 | ||||||
MDU Resources Group, Inc. | 1,945 | 38,083 | ||||||
Owens Corning | 2,108 | 287,552 | ||||||
Trane Technologies PLC | 749 | 151,980 | ||||||
Trex Co., Inc. (a) | 523 | 32,232 | ||||||
Vulcan Materials Co. | 418 | 84,444 | ||||||
1,801,040 | ||||||||
Electrical Components & Equipment — 0.5% | ||||||||
Acuity Brands, Inc. | 156 | 26,568 | ||||||
AMETEK, Inc. | 533 | 78,756 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Emerson Electric Co. | 531 | $ | 51,279 | |||||
Littelfuse, Inc. | 70 | 17,312 | ||||||
Universal Display Corp. | 347 | 54,476 | ||||||
228,391 | ||||||||
Electronics — 3.2% | ||||||||
Agilent Technologies, Inc. | 187 | 20,910 | ||||||
Allegion PLC | 225 | 23,445 | ||||||
Amphenol Corp. Class A | 1,687 | 141,691 | ||||||
Arrow Electronics, Inc. (a) | 1,427 | 178,717 | ||||||
Avnet, Inc. | 1,414 | 68,141 | ||||||
Fortive Corp. | 839 | 62,220 | ||||||
Garmin Ltd. | 411 | 43,237 | ||||||
Honeywell International, Inc. | 80 | 14,779 | ||||||
Hubbell, Inc. | 371 | 116,275 | ||||||
Jabil, Inc. | 3,222 | 408,840 | ||||||
Keysight Technologies, Inc. (a) | 432 | 57,158 | ||||||
Mettler-Toledo International, Inc. (a) | 36 | 39,891 | ||||||
National Instruments Corp. | 2,131 | 127,050 | ||||||
nVent Electric PLC | 1,741 | 92,256 | ||||||
Sensata Technologies Holding PLC | 222 | 8,396 | ||||||
TD SYNNEX Corp. | 388 | 38,746 | ||||||
Vontier Corp. | 1,752 | 54,172 | ||||||
Woodward, Inc. | 294 | 36,532 | ||||||
1,532,456 | ||||||||
Engineering & Construction — 1.0% | ||||||||
AECOM | 1,167 | 96,908 | ||||||
EMCOR Group, Inc. | 977 | 205,551 | ||||||
Jacobs Solutions, Inc. | 175 | 23,887 | ||||||
MasTec, Inc. (a) | 547 | 39,368 | ||||||
TopBuild Corp. (a) | 449 | 112,968 | ||||||
478,682 | ||||||||
Environmental Controls — 0.8% | ||||||||
Clean Harbors, Inc. (a) | 1,062 | 177,736 | ||||||
Pentair PLC | 1,048 | 67,858 | ||||||
Republic Services, Inc. | 308 | 43,893 | ||||||
Stericycle, Inc. (a) | 375 | 16,766 | ||||||
Tetra Tech, Inc. | 246 | 37,400 | ||||||
Waste Management, Inc. | 307 | 46,799 | ||||||
390,452 | ||||||||
Hand & Machine Tools — 0.6% | ||||||||
Lincoln Electric Holdings, Inc. | 489 | 88,895 | ||||||
MSA Safety, Inc. | 163 | 25,697 | ||||||
Regal Rexnord Corp. | 662 | 94,587 | ||||||
Snap-on, Inc. | 328 | 83,660 | ||||||
292,839 | ||||||||
Machinery – Construction & Mining — 0.6% | ||||||||
BWX Technologies, Inc. | 831 | 62,308 | ||||||
Caterpillar, Inc. | 190 | 51,870 | ||||||
Oshkosh Corp. | 211 | 20,136 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Vertiv Holdings Co. | 4,508 | $ | 167,698 | |||||
302,012 | ||||||||
Machinery – Diversified — 2.2% | ||||||||
AGCO Corp. | 689 | 81,495 | ||||||
CNH Industrial NV | 6,672 | 80,731 | ||||||
Cognex Corp. | 765 | 32,467 | ||||||
Deere & Co. | 54 | 20,378 | ||||||
Dover Corp. | 414 | 57,757 | ||||||
Esab Corp. | 777 | 54,561 | ||||||
Flowserve Corp. | 1,384 | 55,042 | ||||||
Gates Industrial Corp. PLC (a) | 815 | 9,462 | ||||||
Graco, Inc. | 804 | 58,595 | ||||||
IDEX Corp. | 206 | 42,852 | ||||||
Ingersoll Rand, Inc. | 1,583 | 100,869 | ||||||
Middleby Corp. (a) | 255 | 32,640 | ||||||
Nordson Corp. | 173 | 38,608 | ||||||
Otis Worldwide Corp. | 1,054 | 84,647 | ||||||
Rockwell Automation, Inc. | 324 | 92,622 | ||||||
Toro Co. | 840 | 69,804 | ||||||
Westinghouse Air Brake Technologies Corp. | 514 | 54,623 | ||||||
Xylem, Inc. | 831 | 75,646 | ||||||
1,042,799 | ||||||||
Metal Fabricate & Hardware — 0.6% | ||||||||
Advanced Drainage Systems, Inc. | 870 | 99,032 | ||||||
RBC Bearings, Inc. (a) | 167 | 39,100 | ||||||
Timken Co. | 1,442 | 105,972 | ||||||
Valmont Industries, Inc. | 247 | 59,332 | ||||||
303,436 | ||||||||
Miscellaneous - Manufacturing — 1.6% | ||||||||
A.O. Smith Corp. | 652 | 43,117 | ||||||
Axon Enterprise, Inc. (a) | 343 | 68,253 | ||||||
Carlisle Cos., Inc. | 163 | 42,259 | ||||||
Donaldson Co., Inc. | 1,265 | 75,445 | ||||||
Eaton Corp. PLC | 422 | 90,004 | ||||||
General Electric Co. | 803 | 88,772 | ||||||
Illinois Tool Works, Inc. | 269 | 61,953 | ||||||
ITT, Inc. | 682 | 66,775 | ||||||
Parker-Hannifin Corp. | 335 | 130,489 | ||||||
Teledyne Technologies, Inc. (a) | 131 | 53,524 | ||||||
Textron, Inc. | 612 | 47,822 | ||||||
768,413 | ||||||||
Packaging & Containers — 0.9% | ||||||||
Amcor PLC | 1,081 | 9,902 | ||||||
AptarGroup, Inc. | 358 | 44,764 | ||||||
Ardagh Group SA (a) (b) (c) (d) | 463 | 2,180 | ||||||
Ball Corp. | 245 | 12,196 | ||||||
Berry Global Group, Inc. | 1,452 | 89,893 | ||||||
Crown Holdings, Inc. | 243 | 21,501 | ||||||
Graphic Packaging Holding Co. | 5,777 | 128,712 | ||||||
Packaging Corp. of America | 132 | 20,269 | ||||||
Silgan Holdings, Inc. | 1,521 | 65,570 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Sonoco Products Co. | 930 | $ | 50,545 | |||||
445,532 | ||||||||
Shipbuilding — 0.0% | ||||||||
Huntington Ingalls Industries, Inc. | 106 | 21,685 | ||||||
Transportation — 2.6% | ||||||||
C.H. Robinson Worldwide, Inc. | 389 | 33,505 | ||||||
CSX Corp. | 1,157 | 35,578 | ||||||
Expeditors International of Washington, Inc. | 804 | 92,162 | ||||||
FedEx Corp. | 554 | 146,766 | ||||||
GXO Logistics, Inc. (a) | 2,156 | 126,449 | ||||||
JB Hunt Transport Services, Inc. | 196 | 36,950 | ||||||
Kirby Corp. (a) | 446 | 36,929 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,766 | 88,565 | ||||||
Landstar System, Inc. | 551 | 97,494 | ||||||
Norfolk Southern Corp. | 128 | 25,207 | ||||||
Old Dominion Freight Line, Inc. | 245 | 100,239 | ||||||
Ryder System, Inc. | 207 | 22,139 | ||||||
Saia, Inc. (a) | 347 | 138,332 | ||||||
Schneider National, Inc. Class B | 797 | 22,069 | ||||||
United Parcel Service, Inc. Class B | 127 | 19,795 | ||||||
XPO, Inc. (a) | 2,837 | 211,810 | ||||||
1,233,989 | ||||||||
9,278,660 | ||||||||
Technology — 14.6% | ||||||||
Computers — 3.1% | ||||||||
Amdocs Ltd. | 1,495 | 126,313 | ||||||
Apple, Inc. | 446 | 76,360 | ||||||
CACI International, Inc. Class A (a) | 349 | 109,562 | ||||||
Cognizant Technology Solutions Corp. Class A | 991 | 67,130 | ||||||
Crane NXT Co. | 1,198 | 66,573 | ||||||
Crowdstrike Holdings, Inc. Class A (a) | 202 | 33,811 | ||||||
DXC Technology Co. (a) | 1,503 | 31,307 | ||||||
Fortinet, Inc. (a) | 2,349 | 137,839 | ||||||
Hewlett Packard Enterprise Co. | 11,389 | 197,827 | ||||||
HP, Inc. | 2,543 | 65,355 | ||||||
International Business Machines Corp. | 215 | 30,164 | ||||||
KBR, Inc. | 2,691 | 158,608 | ||||||
Kyndryl Holdings, Inc. (a) | 5,108 | 77,131 | ||||||
Leidos Holdings, Inc. | 349 | 32,164 | ||||||
NetApp, Inc. | 1,316 | 99,858 | ||||||
Pure Storage, Inc. Class A (a) | 2,168 | 77,224 | ||||||
Science Applications International Corp. | 1,104 | 116,516 | ||||||
1,503,742 | ||||||||
Office & Business Equipment — 0.1% | ||||||||
Zebra Technologies Corp. Class A (a) | 201 | 47,542 | ||||||
Semiconductors — 5.0% | ||||||||
Advanced Micro Devices, Inc. (a) | 277 | 28,481 | ||||||
Allegro MicroSystems, Inc. (a) | 1,455 | 46,473 | ||||||
Analog Devices, Inc. | 588 | 102,953 | ||||||
Applied Materials, Inc. | 1,399 | 193,692 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Broadcom, Inc. | 42 | $ | 34,884 | |||||
Cirrus Logic, Inc. (a) | 725 | 53,621 | ||||||
Entegris, Inc. | 539 | 50,618 | ||||||
IPG Photonics Corp. (a) | 288 | 29,244 | ||||||
KLA Corp. | 587 | 269,233 | ||||||
Lam Research Corp. | 343 | 214,982 | ||||||
Lattice Semiconductor Corp. (a) | 2,116 | 181,828 | ||||||
Marvell Technology, Inc. | 254 | 13,749 | ||||||
Microchip Technology, Inc. | 3,908 | 305,019 | ||||||
Micron Technology, Inc. | 2,747 | 186,878 | ||||||
Monolithic Power Systems, Inc. | 134 | 61,908 | ||||||
NVIDIA Corp. | 67 | 29,144 | ||||||
ON Semiconductor Corp. (a) | 4,248 | 394,852 | ||||||
Qorvo, Inc. (a) | 166 | 15,848 | ||||||
Skyworks Solutions, Inc. | 794 | 78,280 | ||||||
Teradyne, Inc. | 690 | 69,317 | ||||||
Texas Instruments, Inc. | 279 | 44,364 | ||||||
2,405,368 | ||||||||
Software — 6.4% | ||||||||
Activision Blizzard, Inc. | 316 | 29,587 | ||||||
Adobe, Inc. (a) | 117 | 59,658 | ||||||
Akamai Technologies, Inc. (a) | 270 | 28,766 | ||||||
ANSYS, Inc. (a) | 285 | 84,802 | ||||||
Atlassian Corp. Class A (a) | 627 | 126,347 | ||||||
Autodesk, Inc. (a) | 827 | 171,115 | ||||||
Bentley Systems, Inc. Class B Class B | 1,581 | 79,303 | ||||||
Broadridge Financial Solutions, Inc. | 181 | 32,408 | ||||||
Cadence Design Systems, Inc. (a) | 627 | 146,906 | ||||||
Ceridian HCM Holding, Inc. (a) | 1,028 | 69,750 | ||||||
Cloudflare, Inc. Class A (a) | 1,361 | 85,797 | ||||||
Confluent, Inc. Class A (a) | 290 | 8,587 | ||||||
DoubleVerify Holdings, Inc. (a) | 1,222 | 34,155 | ||||||
Dropbox, Inc. Class A (a) | 3,982 | 108,430 | ||||||
Dynatrace, Inc. (a) | 1,501 | 70,142 | ||||||
Electronic Arts, Inc. | 108 | 13,003 | ||||||
Fair Isaac Corp. (a) | 105 | 91,196 | ||||||
Fiserv, Inc. (a) | 535 | 60,434 | ||||||
HashiCorp, Inc. Class A (a) | 491 | 11,209 | ||||||
HubSpot, Inc. (a) | 286 | 140,855 | ||||||
Intuit, Inc. | 151 | 77,152 | ||||||
Manhattan Associates, Inc. (a) | 720 | 142,315 | ||||||
Microsoft Corp. | 185 | 58,414 | ||||||
MongoDB, Inc. (a) | 107 | 37,007 | ||||||
MSCI, Inc. | 133 | 68,240 | ||||||
New Relic, Inc. (a) | 407 | 34,847 | ||||||
Nutanix, Inc. Class A (a) | 673 | 23,474 | ||||||
Oracle Corp. | 262 | 27,751 | ||||||
Palantir Technologies, Inc. Class A (a) | 3,998 | 63,968 | ||||||
Paycom Software, Inc. | 179 | 46,409 | ||||||
Procore Technologies, Inc. (a) | 352 | 22,993 | ||||||
PTC, Inc. (a) | 790 | 111,927 | ||||||
ROBLOX Corp. Class A (a) | 1,114 | 32,261 | ||||||
Roper Technologies, Inc. | 236 | 114,290 | ||||||
Salesforce, Inc. (a) | 182 | 36,906 | ||||||
ServiceNow, Inc. (a) | 69 | 38,568 | ||||||
Smartsheet, Inc. Class A (a) | 837 | 33,865 | ||||||
Snowflake, Inc. Class A (a) | 700 | 106,939 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Splunk, Inc. (a) | 297 | $ | 43,436 | |||||
SS&C Technologies Holdings, Inc. | 698 | 36,673 | ||||||
Synopsys, Inc. (a) | 223 | 102,350 | ||||||
Take-Two Interactive Software, Inc. (a) | 82 | 11,512 | ||||||
Teradata Corp. (a) | 1,212 | 54,564 | ||||||
Tyler Technologies, Inc. (a) | 248 | 95,763 | ||||||
Veeva Systems, Inc. Class A (a) | 97 | 19,735 | ||||||
VMware, Inc. Class A (a) | 158 | 26,304 | ||||||
Workday, Inc. Class A (a) | 440 | 94,534 | ||||||
ZoomInfo Technologies, Inc. (a) | 1,829 | 29,996 | ||||||
3,044,643 | ||||||||
7,001,295 | ||||||||
Utilities — 2.7% | ||||||||
Electric — 2.4% | ||||||||
AES Corp. | 2,059 | 31,297 | ||||||
Alliant Energy Corp. | 232 | 11,240 | ||||||
Ameren Corp. | 378 | 28,286 | ||||||
American Electric Power Co., Inc. | 297 | 22,340 | ||||||
Brookfield Renewable Corp. Class A | 426 | 10,198 | ||||||
CenterPoint Energy, Inc. | 1,394 | 37,429 | ||||||
CMS Energy Corp. | 260 | 13,809 | ||||||
Consolidated Edison, Inc. | 714 | 61,068 | ||||||
Constellation Energy Corp. | 686 | 74,829 | ||||||
DTE Energy Co. | 148 | 14,693 | ||||||
Duke Energy Corp. | 137 | 12,092 | ||||||
Edison International | 1,303 | 82,467 | ||||||
Entergy Corp. | 296 | 27,380 | ||||||
Evergy, Inc. | 429 | 21,750 | ||||||
Eversource Energy | 232 | 13,491 | ||||||
Exelon Corp. | 602 | 22,750 | ||||||
FirstEnergy Corp. | 1,271 | 43,443 | ||||||
IDACORP, Inc. | 230 | 21,540 | ||||||
NextEra Energy, Inc. | 227 | 13,005 | ||||||
NRG Energy, Inc. | 1,331 | 51,270 | ||||||
OGE Energy Corp. | 1,029 | 34,297 | ||||||
PG&E Corp. (a) | 16,965 | 273,646 | ||||||
Pinnacle West Capital Corp. | 1,097 | 80,827 | ||||||
PPL Corp. | 1,459 | 34,374 | ||||||
Public Service Enterprise Group, Inc. | 432 | 24,585 | ||||||
Sempra | 345 | 23,470 | ||||||
Southern Co. | 574 | 37,149 | ||||||
WEC Energy Group, Inc. | 257 | 20,701 | ||||||
Xcel Energy, Inc. | 500 | 28,610 | ||||||
1,172,036 | ||||||||
Gas — 0.2% | ||||||||
Atmos Energy Corp. | 414 | 43,855 | ||||||
NiSource, Inc. | 1,543 | 38,081 | ||||||
81,936 | ||||||||
Water — 0.1% | ||||||||
American Water Works Co., Inc. | 171 | 21,175 |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Essential Utilities, Inc. | 238 | $ | 8,170 | |||||
29,345 | ||||||||
1,283,317 | ||||||||
TOTAL COMMON STOCK (Cost $49,846,386) | 47,925,567 | |||||||
TOTAL EQUITIES (Cost $49,846,386) | 47,925,567 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $49,846,386) | 47,925,567 | |||||||
SHORT-TERM INVESTMENTS — 0.0% | ||||||||
Investment of Cash Collateral from Securities Loaned — 0.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (e) | 5,277 | 5,277 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,277) | 5,277 | |||||||
TOTAL INVESTMENTS — 99.9% (Cost $49,851,663) (f) | 47,930,844 | |||||||
Other Assets/(Liabilities) — 0.1% | 48,052 | |||||||
NET ASSETS — 100.0% | $ | 47,978,896 |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Investment is valued using significant unobservable inputs. |
(c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $2,180 or 0.00% of net assets. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $239,625 or 0.50% of net assets. The Fund received $240,395 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) | 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, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & NOTES — 97.4% | ||||||||
BANK LOANS — 3.6% | ||||||||
Aerospace & Defense — 0.3% | ||||||||
Barnes Group, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
8.416% VRN 9/03/30 | $ | 142,918 | $ | 142,989 | ||||
Chemicals — 0.8% | ||||||||
LSF11 A5 Holdco LLC | ||||||||
Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
8.810% VRN 10/15/28 | 127,500 | 124,345 | ||||||
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
9.666% VRN 10/15/28 | 273,021 | 268,925 | ||||||
393,270 | ||||||||
Cosmetics & Personal Care — 0.4% | ||||||||
Journey Personal Care Corp., 2021 Term Loan B, 6 mo. USD LIBOR + 4.250% | ||||||||
9.981% VRN 3/01/28 | 198,477 | 186,568 | ||||||
Health Care – Products — 0.4% | ||||||||
Bausch & Lomb Corp., 2023 Incremental Term Loan, | ||||||||
0.000% 9/14/23 (a) | 204,940 | 202,122 | ||||||
Internet — 0.3% | ||||||||
MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250% | ||||||||
9.566% VRN 5/03/28 | 173,455 | 167,573 | ||||||
Investment Companies — 0.3% | ||||||||
GIP Pilot Acquisition Partners LP, Term Loan, | ||||||||
0.000% 9/18/30 (a) | 151,707 | 151,138 | ||||||
Lodging — 0.4% | ||||||||
Four Seasons Hotels Ltd., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
7.916% VRN 11/30/29 | 179,424 | 179,573 | ||||||
Packaging & Containers — 0.2% | ||||||||
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 4.175% | ||||||||
9.591% VRN 4/13/29 | 94,767 | 93,373 | ||||||
Software — 0.3% | ||||||||
Quest Software US Holdings, Inc., 2022 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500% | ||||||||
13.019% VRN 2/01/30 | 207,426 | 141,049 | ||||||
Telecommunications — 0.2% | ||||||||
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
9.772% VRN 2/01/29 | 124,466 | 124,070 | ||||||
TOTAL BANK LOANS (Cost $1,821,208) | $ | 1,781,725 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
CORPORATE DEBT — 93.8% | ||||||||
Advertising — 0.7% | ||||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
9.000% 9/15/28 (b) | $ | 92,000 | $ | 91,111 | ||||
CMG Media Corp. | ||||||||
8.875% 12/15/27 (b) | 120,000 | 93,927 | ||||||
Stagwell Global LLC | ||||||||
5.625% 8/15/29 (b) | 220,000 | 177,650 | ||||||
362,688 | ||||||||
Aerospace & Defense — 0.5% | ||||||||
TransDigm, Inc. | ||||||||
6.750% 8/15/28 (b) | 34,000 | 33,473 | ||||||
Triumph Group, Inc. | ||||||||
7.750% 8/15/25 (c) | 64,000 | 60,800 | ||||||
9.000% 3/15/28 (b) | 164,000 | 162,164 | ||||||
256,437 | ||||||||
Agriculture — 0.2% | ||||||||
Darling Ingredients, Inc. | ||||||||
6.000% 6/15/30 (b) | 130,000 | 123,075 | ||||||
Airlines — 2.6% | ||||||||
Allegiant Travel Co. | ||||||||
7.250% 8/15/27 (b) | 262,000 | 246,608 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.500% 4/20/26 (b) | 490,417 | 478,972 | ||||||
5.750% 4/20/29 (b) | 229,000 | 212,982 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | ||||||||
5.750% 1/20/26 (b) | 135,022 | 121,500 | ||||||
United Airlines, Inc. | ||||||||
4.375% 4/15/26 (b) | 122,000 | 112,824 | ||||||
4.625% 4/15/29 (b) | 121,000 | 104,003 | ||||||
1,276,889 | ||||||||
Auto Manufacturers — 1.7% | ||||||||
Ford Motor Co. | ||||||||
3.250% 2/12/32 | 434,000 | 334,468 | ||||||
7.450% 7/16/31 | 153,000 | 158,733 | ||||||
Ford Motor Credit Co. LLC | ||||||||
4.000% 11/13/30 | 402,000 | 335,748 | ||||||
828,949 | ||||||||
Auto Parts & Equipment — 0.5% | ||||||||
Adient Global Holdings Ltd. | ||||||||
4.875% 8/15/26 (b) | 277,000 | 261,250 | ||||||
Biotechnology — 0.2% | ||||||||
Emergent BioSolutions, Inc. | ||||||||
3.875% 8/15/28 (b) | 230,000 | 96,040 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Building Materials — 2.1% | ||||||||
Emerald Debt Merger Sub LLC | ||||||||
6.625% 12/15/30 (b) | $ | 326,000 | $ | 313,832 | ||||
Knife River Corp. | ||||||||
7.750% 5/01/31 (b) | 152,000 | 152,310 | ||||||
New Enterprise Stone & Lime Co., Inc. | ||||||||
9.750% 7/15/28 (b) | 602,000 | 594,475 | ||||||
1,060,617 | ||||||||
Chemicals — 4.6% | ||||||||
Avient Corp. | ||||||||
7.125% 8/01/30 (b) | 187,000 | 183,707 | ||||||
Celanese US Holdings LLC | ||||||||
6.379% 7/15/32 (c) | 374,000 | 360,357 | ||||||
Consolidated Energy Finance SA | ||||||||
5.625% 10/15/28 (b) | 595,000 | 491,619 | ||||||
LSF11 A5 HoldCo LLC | ||||||||
6.625% 10/15/29 (b) | 294,000 | 244,432 | ||||||
Methanex Corp. | ||||||||
5.125% 10/15/27 | 144,000 | 132,836 | ||||||
Olympus Water US Holding Corp. | ||||||||
4.250% 10/01/28 (b) | 326,000 | 265,760 | ||||||
6.250% 10/01/29 (b) (c) | 459,000 | 354,677 | ||||||
Polar US Borrower LLC/Schenectady International Group, Inc. | ||||||||
6.750% 5/15/26 (b) | 171,000 | 85,500 | ||||||
Tronox, Inc. | ||||||||
4.625% 3/15/29 (b) | 97,000 | 78,280 | ||||||
Vibrantz Technologies, Inc. | ||||||||
9.000% 2/15/30 (b) (c) | 63,000 | 50,138 | ||||||
2,247,306 | ||||||||
Coal — 0.6% | ||||||||
Coronado Finance Pty. Ltd. | ||||||||
10.750% 5/15/26 (b) | 290,000 | 300,157 | ||||||
Commercial Services — 3.0% | ||||||||
Alta Equipment Group, Inc. | ||||||||
5.625% 4/15/26 (b) | 378,000 | 348,233 | ||||||
APi Group DE, Inc. | ||||||||
4.750% 10/15/29 (b) | 372,000 | 325,490 | ||||||
Carriage Services, Inc. | ||||||||
4.250% 5/15/29 (b) | 92,000 | 78,695 | ||||||
PECF USS Intermediate Holding III Corp. | ||||||||
8.000% 11/15/29 (b) | 77,000 | 41,773 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | ||||||||
6.250% 1/15/28 (b) | 418,000 | 387,138 | ||||||
PROG Holdings, Inc. | ||||||||
6.000% 11/15/29 (b) | 294,000 | 256,515 | ||||||
Sabre Global, Inc. | ||||||||
8.625% 6/01/27 (b) | 21,000 | 17,804 | ||||||
1,455,648 | ||||||||
Computers — 0.5% | ||||||||
Presidio Holdings, Inc. | ||||||||
8.250% 2/01/28 (b) | 137,000 | 130,931 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Seagate HDD Cayman | ||||||||
9.625% 12/01/32 (b) | $ | 100,620 | $ | 108,422 | ||||
239,353 | ||||||||
Cosmetics & Personal Care — 0.6% | ||||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | ||||||||
4.750% 1/15/29 (b) | 289,000 | 260,611 | ||||||
6.625% 7/15/30 (b) | 43,000 | 41,983 | ||||||
302,594 | ||||||||
Distribution & Wholesale — 0.7% | ||||||||
American Builders & Contractors Supply Co., Inc. | ||||||||
3.875% 11/15/29 (b) | 185,000 | 154,165 | ||||||
Resideo Funding, Inc. | ||||||||
4.000% 9/01/29 (b) (c) | 243,000 | 199,644 | ||||||
353,809 | ||||||||
Diversified Financial Services — 5.2% | ||||||||
Coinbase Global, Inc. | ||||||||
3.375% 10/01/28 (b) | 38,000 | 27,373 | ||||||
3.625% 10/01/31 (b) | 50,000 | 33,175 | ||||||
Global Aircraft Leasing Co. Ltd. | ||||||||
6.500% 9/15/24 (b) | 762,582 | 726,359 | ||||||
Jefferson Capital Holdings LLC | ||||||||
6.000% 8/15/26 (b) | 380,000 | 336,148 | ||||||
Macquarie Airfinance Holdings Ltd. | ||||||||
8.125% 3/30/29 (b) | 119,000 | 119,161 | ||||||
8.375% 5/01/28 (b) | 106,000 | 107,458 | ||||||
Midcap Financial Issuer Trust | ||||||||
5.625% 1/15/30 (b) | 339,000 | 262,908 | ||||||
OneMain Finance Corp. | ||||||||
4.000% 9/15/30 (c) | 169,000 | 126,810 | ||||||
5.375% 11/15/29 | 177,000 | 148,238 | ||||||
PRA Group, Inc. | ||||||||
5.000% 10/01/29 (b) (c) | 583,000 | 442,782 | ||||||
7.375% 9/01/25 (b) | 231,000 | 224,938 | ||||||
2,555,350 | ||||||||
Electric — 3.5% | ||||||||
PG&E Corp. | ||||||||
5.000% 7/01/28 | 497,000 | 450,172 | ||||||
Pike Corp. | ||||||||
5.500% 9/01/28 (b) | 593,000 | 518,804 | ||||||
Talen Energy Supply LLC | ||||||||
8.625% 6/01/30 (b) | 261,000 | 267,552 | ||||||
Vistra Operations Co. LLC | ||||||||
3.550% 7/15/24 (b) | 518,000 | 505,189 | ||||||
1,741,717 | ||||||||
Electronics — 0.6% | ||||||||
Atkore, Inc. | ||||||||
4.250% 6/01/31 (b) | 360,000 | 302,654 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Engineering & Construction — 1.3% | ||||||||
Arcosa, Inc. | ||||||||
4.375% 4/15/29 (b) | $ | 230,000 | $ | 200,722 | ||||
Global Infrastructure Solutions, Inc. | ||||||||
5.625% 6/01/29 (b) | 126,000 | 103,854 | ||||||
7.500% 4/15/32 (b) | 140,000 | 119,788 | ||||||
MasTec, Inc. | ||||||||
4.500% 8/15/28 (b) | 130,000 | 116,908 | ||||||
Railworks Holdings LP/Railworks Rally, Inc. | ||||||||
8.250% 11/15/28 (b) | 117,000 | 110,887 | ||||||
652,159 | ||||||||
Entertainment — 1.2% | ||||||||
Caesars Entertainment, Inc. | ||||||||
6.250% 7/01/25 (b) | 135,000 | 133,152 | ||||||
Live Nation Entertainment, Inc. | ||||||||
4.750% 10/15/27 (b) | 260,000 | 238,063 | ||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
4.875% 5/01/29 (b) | 136,000 | 115,786 | ||||||
Ontario Gaming GTA LP | ||||||||
8.000% 8/01/30 (b) | 88,000 | 88,000 | ||||||
575,001 | ||||||||
Environmental Controls — 0.2% | ||||||||
Enviri Corp. | ||||||||
5.750% 7/31/27 (b) | 116,000 | 102,025 | ||||||
Food — 1.1% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
6.500% 2/15/28 (b) | 219,000 | 216,455 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
3.625% 1/15/32 | 420,000 | 334,408 | ||||||
550,863 | ||||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
9.375% 6/01/28 (b) | 166,000 | 168,282 | ||||||
Hand & Machine Tools — 0.7% | ||||||||
Regal Rexnord Corp. | ||||||||
6.400% 4/15/33 (b) | 340,000 | 327,491 | ||||||
Health Care – Products — 0.7% | ||||||||
Bausch & Lomb Escrow Corp. | ||||||||
8.375% 10/01/28 (b) | 95,000 | 95,282 | ||||||
Garden Spinco Corp. | ||||||||
8.625% 7/20/30 (b) | 248,000 | 258,876 | ||||||
354,158 | ||||||||
Health Care – Services — 6.7% | ||||||||
Centene Corp. | ||||||||
4.625% 12/15/29 | 557,000 | 501,651 | ||||||
Charles River Laboratories International, Inc. | ||||||||
3.750% 3/15/29 (b) | 7,000 | 6,002 | ||||||
4.250% 5/01/28 (b) | 329,000 | 295,040 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
CHS/Community Health Systems, Inc. | ||||||||
4.750% 2/15/31 (b) | $ | 108,000 | $ | 76,434 | ||||
5.250% 5/15/30 (b) | 422,000 | 320,794 | ||||||
6.000% 1/15/29 (b) | 184,000 | 148,595 | ||||||
6.125% 4/01/30 (b) | 213,000 | 108,364 | ||||||
HCA, Inc. | ||||||||
3.500% 9/01/30 | 776,000 | 656,516 | ||||||
LifePoint Health, Inc. | ||||||||
9.875% 8/15/30 (b) | 274,000 | 265,268 | ||||||
Molina Healthcare, Inc. | ||||||||
4.375% 6/15/28 (b) | 187,000 | 167,561 | ||||||
Radiology Partners, Inc. | ||||||||
9.250% 2/01/28 (b) | 490,000 | 193,550 | ||||||
RP Escrow Issuer LLC | ||||||||
5.250% 12/15/25 (b) (c) | 165,000 | 119,688 | ||||||
Tenet Healthcare Corp. | ||||||||
4.375% 1/15/30 | 165,000 | 141,920 | ||||||
5.125% 11/01/27 | 179,000 | 166,584 | ||||||
6.125% 10/01/28 (c) | 152,000 | 142,690 | ||||||
3,310,657 | ||||||||
Home Builders — 1.4% | ||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
4.625% 8/01/29 (b) | 183,000 | 154,427 | ||||||
Mattamy Group Corp. | ||||||||
4.625% 3/01/30 (b) (c) | 617,000 | 525,116 | ||||||
679,543 | ||||||||
Insurance — 1.2% | ||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
6.750% 4/15/28 (b) | 171,000 | 165,024 | ||||||
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc. | ||||||||
7.625% 10/15/25 (b) | 430,269 | 420,567 | ||||||
585,591 | ||||||||
Internet — 0.9% | ||||||||
Getty Images, Inc. | ||||||||
9.750% 3/01/27 (b) | 367,000 | 366,592 | ||||||
Uber Technologies, Inc. | ||||||||
4.500% 8/15/29 (b) | 78,000 | 69,721 | ||||||
436,313 | ||||||||
Investment Companies — 1.3% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.750% 9/15/24 | 178,000 | 171,444 | ||||||
6.250% 5/15/26 | 505,000 | 469,166 | ||||||
640,610 | ||||||||
Leisure Time — 3.2% | ||||||||
Carnival Corp. | ||||||||
5.750% 3/01/27 (b) | 205,000 | 185,571 | ||||||
6.000% 5/01/29 (b) | 168,000 | 143,301 | ||||||
7.000% 8/15/29 (b) | 24,000 | 23,665 | ||||||
Life Time, Inc. | ||||||||
5.750% 1/15/26 (b) | 24,000 | 23,256 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
8.000% 4/15/26 (b) | $ | 155,000 | $ | 152,287 | ||||
NCL Corp. Ltd. | ||||||||
5.875% 3/15/26 (b) | 118,000 | 108,943 | ||||||
5.875% 2/15/27 (b) | 49,000 | 46,597 | ||||||
8.375% 2/01/28 (b) | 100,000 | 101,437 | ||||||
NCL Finance Ltd. | ||||||||
6.125% 3/15/28 (b) | 94,000 | 82,955 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
5.500% 8/31/26 (b) | 266,000 | 251,077 | ||||||
5.500% 4/01/28 (b) | 121,000 | 110,956 | ||||||
Viking Cruises Ltd. | ||||||||
7.000% 2/15/29 (b) | 357,000 | 328,440 | ||||||
1,558,485 | ||||||||
Lodging — 1.1% | ||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. | ||||||||
4.875% 7/01/31 (b) | 199,000 | 162,229 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | ||||||||
5.875% 5/15/25 (b) | 155,000 | 149,575 | ||||||
Travel & Leisure Co. | ||||||||
6.625% 7/31/26 (b) | 213,000 | 207,249 | ||||||
519,053 | ||||||||
Media — 6.3% | ||||||||
Altice Financing SA | ||||||||
5.000% 1/15/28 (b) | 152,000 | 129,790 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.250% 2/01/31 (b) | 196,000 | 156,024 | ||||||
4.250% 1/15/34 (b) | 486,000 | 357,831 | ||||||
4.500% 5/01/32 | 95,000 | 74,561 | ||||||
5.000% 2/01/28 (b) | 130,000 | 118,058 | ||||||
5.375% 6/01/29 (b) | 162,000 | 145,348 | ||||||
CSC Holdings LLC | ||||||||
4.625% 12/01/30 (b) | 311,000 | 165,344 | ||||||
7.500% 4/01/28 (b) (c) | 75,000 | 48,697 | ||||||
Cumulus Media New Holdings, Inc. | ||||||||
6.750% 7/01/26 (b) | 157,000 | 118,927 | ||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | ||||||||
5.875% 8/15/27 (b) | 366,000 | 323,610 | ||||||
DISH DBS Corp. | ||||||||
5.125% 6/01/29 | 105,000 | 58,210 | ||||||
5.250% 12/01/26 (b) | 53,000 | 45,042 | ||||||
5.750% 12/01/28 (b) | 68,000 | 52,275 | ||||||
7.375% 7/01/28 | 32,000 | 20,163 | ||||||
DISH Network Corp. | ||||||||
11.750% 11/15/27 (b) | 112,000 | 112,836 | ||||||
Gray Escrow II, Inc. | ||||||||
5.375% 11/15/31 (b) | 246,000 | 160,991 | ||||||
iHeartCommunications, Inc. | ||||||||
8.375% 5/01/27 (c) | 172,710 | 123,896 | ||||||
LCPR Senior Secured Financing DAC | ||||||||
6.750% 10/15/27 (b) | 283,000 | 259,935 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.875% 9/01/31 (b) | 240,000 | 181,791 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Virgin Media Secured Finance PLC | ||||||||
4.500% 8/15/30 (b) | $ | 280,000 | $ | 231,308 | ||||
Virgin Media Vendor Financing Notes IV DAC | ||||||||
5.000% 7/15/28 (b) | 277,000 | 239,029 | ||||||
3,123,666 | ||||||||
Mining — 2.0% | ||||||||
Arsenal AIC Parent LLC | ||||||||
8.000% 10/01/30 (b) | 90,000 | 89,552 | ||||||
First Quantum Minerals Ltd. | ||||||||
6.875% 10/15/27 (b) | 400,000 | 383,751 | ||||||
8.625% 6/01/31 (b) | 200,000 | 199,036 | ||||||
Novelis Corp. | ||||||||
3.250% 11/15/26 (b) | 48,000 | 42,869 | ||||||
3.875% 8/15/31 (b) | 341,000 | 272,317 | ||||||
987,525 | ||||||||
Miscellaneous - Manufacturing — 0.3% | ||||||||
Amsted Industries, Inc. | ||||||||
5.625% 7/01/27 (b) | 175,000 | 164,940 | ||||||
Oil & Gas — 9.1% | ||||||||
Apache Corp. | ||||||||
4.750% 4/15/43 (c) | 65,000 | 47,344 | ||||||
5.100% 9/01/40 | 130,000 | 103,269 | ||||||
5.350% 7/01/49 | 197,000 | 150,926 | ||||||
Chesapeake Energy Corp. | ||||||||
5.875% 2/01/29 (b) | 205,000 | 192,894 | ||||||
Comstock Resources, Inc. | ||||||||
5.875% 1/15/30 (b) | 114,000 | 98,682 | ||||||
CVR Energy, Inc. | ||||||||
5.750% 2/15/28 (b) | 350,000 | 316,749 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
6.250% 11/01/28 (b) | 459,000 | 430,412 | ||||||
Nabors Industries Ltd. | ||||||||
7.250% 1/15/26 (b) | 339,000 | 327,559 | ||||||
7.500% 1/15/28 (b) | 169,000 | 156,239 | ||||||
Nabors Industries, Inc. | ||||||||
5.750% 2/01/25 | 55,000 | 53,831 | ||||||
7.375% 5/15/27 (b) | 227,000 | 219,595 | ||||||
Neptune Energy Bondco PLC | ||||||||
6.625% 5/15/25 (b) | 594,000 | 588,357 | ||||||
Occidental Petroleum Corp. | ||||||||
6.200% 3/15/40 | 397,000 | 378,422 | ||||||
6.450% 9/15/36 | 215,000 | 211,116 | ||||||
6.950% 7/01/24 | 42,000 | 42,265 | ||||||
Parkland Corp. | ||||||||
4.625% 5/01/30 (b) | 105,000 | 89,510 | ||||||
5.875% 7/15/27 (b) | 269,000 | 255,979 | ||||||
Permian Resources Operating LLC | ||||||||
7.000% 1/15/32 (b) | 178,000 | 175,546 | ||||||
Southwestern Energy Co. | ||||||||
4.750% 2/01/32 | 109,000 | 93,553 | ||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||
6.000% 4/15/27 | 114,000 | 110,493 | ||||||
7.000% 9/15/28 (b) | 96,000 | 94,728 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Transocean Poseidon Ltd. | ||||||||
6.875% 2/01/27 (b) | $ | 21,750 | $ | 21,414 | ||||
Transocean, Inc. | ||||||||
7.250% 11/01/25 (b) | 172,000 | 168,991 | ||||||
7.500% 1/15/26 (b) | 140,000 | 136,825 | ||||||
4,464,699 | ||||||||
Oil & Gas Services — 0.5% | ||||||||
Weatherford International Ltd. | ||||||||
8.625% 4/30/30 (b) | 243,000 | 244,860 | ||||||
Packaging & Containers — 2.4% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | ||||||||
4.000% 9/01/29 (b) (c) | 54,000 | 42,259 | ||||||
Clydesdale Acquisition Holdings, Inc. | ||||||||
8.750% 4/15/30 (b) | 256,000 | 219,561 | ||||||
Graham Packaging Co., Inc. | ||||||||
7.125% 8/15/28 (b) | 209,000 | 175,090 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
7.875% 8/15/26 (b) | 312,000 | 300,997 | ||||||
9.250% 4/15/27 (b) | 446,000 | 389,842 | ||||||
Trident TPI Holdings, Inc. | ||||||||
12.750% 12/31/28 (b) | 72,000 | 75,240 | ||||||
1,202,989 | ||||||||
Pharmaceuticals — 3.2% | ||||||||
1375209 BC Ltd. | ||||||||
9.000% 1/30/28 (b) | 510,000 | 504,121 | ||||||
AdaptHealth LLC | ||||||||
5.125% 3/01/30 (b) | 365,000 | 282,648 | ||||||
Bausch Health Cos., Inc. | ||||||||
4.875% 6/01/28 (b) | 215,000 | 122,267 | ||||||
5.500% 11/01/25 (b) (c) | 60,000 | 53,137 | ||||||
11.000% 9/30/28 (b) | 102,000 | 69,202 | ||||||
14.000% 10/15/30 (b) | 47,000 | 27,744 | ||||||
Herbalife Nutrition Ltd./HLF Financing, Inc. | ||||||||
7.875% 9/01/25 (b) | 268,000 | 255,458 | ||||||
Jazz Securities DAC | ||||||||
4.375% 1/15/29 (b) | 187,000 | 163,042 | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV | ||||||||
4.125% 4/30/28 (b) | 92,000 | 79,940 | ||||||
1,557,559 | ||||||||
Pipelines — 8.1% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||
5.375% 6/15/29 (b) | 141,000 | 129,098 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC | ||||||||
5.500% 6/15/31 (b) | 565,000 | 500,787 | ||||||
Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785% | ||||||||
8.250% VRN 1/15/84 | 211,000 | 206,969 | ||||||
Energy Transfer LP | ||||||||
5 yr. CMT + 5.694% 6.500% VRN (d) | 100,000 | 91,885 | ||||||
5 yr. CMT + 5.306% 7.125% VRN (d) | 89,000 | 76,733 | ||||||
EnLink Midstream LLC | ||||||||
5.375% 6/01/29 | 173,000 | 160,025 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
EnLink Midstream Partners LP | ||||||||
5.450% 6/01/47 | $ | 97,000 | $ | 75,789 | ||||
5.600% 4/01/44 | 257,000 | 213,310 | ||||||
EQM Midstream Partners LP | ||||||||
4.500% 1/15/29 (b) | 157,000 | 139,723 | ||||||
6.000% 7/01/25 (b) | 67,000 | 65,960 | ||||||
6.500% 7/01/27 (b) | 151,000 | 147,448 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
8.000% 1/15/27 | 300,000 | 289,182 | ||||||
8.875% 4/15/30 | 105,000 | 102,521 | ||||||
Harvest Midstream I LP | ||||||||
7.500% 9/01/28 (b) | 389,000 | 376,020 | ||||||
ITT Holdings LLC | ||||||||
6.500% 8/01/29 (b) | 565,000 | 478,908 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||||
7.500% 2/01/26 (b) | 350,000 | 346,163 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||
7.500% 10/01/25 (b) | 171,000 | 170,532 | ||||||
Venture Global Calcasieu Pass LLC | ||||||||
3.875% 8/15/29 (b) | 133,000 | 111,917 | ||||||
4.125% 8/15/31 (b) | 152,000 | 124,734 | ||||||
Western Midstream Operating LP | ||||||||
5.450% 4/01/44 | 202,000 | 162,833 | ||||||
3,970,537 | ||||||||
Real Estate — 0.5% | ||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp. | ||||||||
5.750% 1/15/29 (b) | 311,000 | 224,838 | ||||||
Real Estate Investment Trusts (REITS) — 1.6% | ||||||||
RLJ Lodging Trust LP | ||||||||
3.750% 7/01/26 (b) | 107,000 | 96,770 | ||||||
4.000% 9/15/29 (b) (c) | 126,000 | 103,186 | ||||||
Service Properties Trust | ||||||||
3.950% 1/15/28 | 73,000 | 56,864 | ||||||
4.375% 2/15/30 | 115,000 | 82,527 | ||||||
4.950% 2/15/27 | 58,000 | 48,974 | ||||||
7.500% 9/15/25 | 267,000 | 262,310 | ||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC | ||||||||
4.750% 4/15/28 (b) | 180,000 | 146,985 | ||||||
797,616 | ||||||||
Retail — 3.8% | ||||||||
Asbury Automotive Group, Inc. | ||||||||
4.625% 11/15/29 (b) | 148,000 | 127,114 | ||||||
Bath & Body Works, Inc. | ||||||||
6.750% 7/01/36 | 97,000 | 84,986 | ||||||
6.875% 11/01/35 | 222,000 | 198,265 | ||||||
Brinker International, Inc. | ||||||||
8.250% 7/15/30 (b) | 127,000 | 122,238 | ||||||
Macy's Retail Holdings LLC | ||||||||
5.875% 4/01/29 (b) (c) | 40,000 | 35,024 | ||||||
5.875% 3/15/30 (b) | 122,000 | 103,424 | ||||||
6.125% 3/15/32 (b) | 78,000 | 64,373 | ||||||
Nordstrom, Inc. | ||||||||
5.000% 1/15/44 | 313,000 | 184,701 | ||||||
PetSmart, Inc./PetSmart Finance Corp. |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
4.750% 2/15/28 (b) | $ | 78,000 | $ | 68,284 | ||||
7.750% 2/15/29 (b) | 141,000 | 131,396 | ||||||
Sonic Automotive, Inc. | ||||||||
4.625% 11/15/29 (b) (c) | 149,000 | 123,514 | ||||||
4.875% 11/15/31 (b) (c) | 174,000 | 138,536 | ||||||
Staples, Inc. | ||||||||
7.500% 4/15/26 (b) | 160,000 | 131,575 | ||||||
10.750% 4/15/27 (b) | 89,000 | 52,247 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
5.000% 6/01/31 (b) | 192,000 | 160,268 | ||||||
Superior Plus LP/Superior General Partner, Inc. | ||||||||
4.500% 3/15/29 (b) | 145,000 | 126,007 | ||||||
1,851,952 | ||||||||
Software — 1.3% | ||||||||
AthenaHealth Group, Inc. | ||||||||
6.500% 2/15/30 (b) | 255,000 | 213,309 | ||||||
Consensus Cloud Solutions, Inc. | ||||||||
6.000% 10/15/26 (b) (c) | 165,000 | 151,874 | ||||||
Veritas US, Inc./Veritas Bermuda Ltd. | ||||||||
7.500% 9/01/25 (b) | 304,000 | 253,997 | ||||||
619,180 | ||||||||
Telecommunications — 4.4% | ||||||||
Altice France Holding SA | ||||||||
10.500% 5/15/27 (b) | 74,000 | 46,152 | ||||||
Altice France SA | ||||||||
5.125% 7/15/29 (b) | 210,000 | 149,290 | ||||||
C&W Senior Financing DAC | ||||||||
6.875% 9/15/27 (b) | 142,000 | 124,865 | ||||||
Connect Finco Sarl/Connect US Finco LLC | ||||||||
6.750% 10/01/26 (b) | 256,000 | 238,771 | ||||||
Frontier Communications Holdings LLC | ||||||||
6.000% 1/15/30 (b) | 964,000 | 705,057 | ||||||
GoTo Group, Inc. | ||||||||
5.500% 9/01/27 (b) | 103,000 | 57,237 | ||||||
Intelsat Jackson Holdings SA | ||||||||
6.500% 3/15/30 (b) | 158,000 | 140,121 | ||||||
Sprint Capital Corp. | ||||||||
8.750% 3/15/32 | 570,000 | 659,402 | ||||||
Viasat, Inc. | ||||||||
6.500% 7/15/28 (b) | 69,000 | 47,783 | ||||||
2,168,678 | ||||||||
Transportation — 1.2% | ||||||||
Carriage Purchaser, Inc. | ||||||||
7.875% 10/15/29 (b) | 191,000 | 144,876 |
MML High Yield Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Seaspan Corp. | ||||||||
5.500% 8/01/29 (b) | $ | 571,000 | $ | 458,173 | ||||
603,049 | ||||||||
TOTAL CORPORATE DEBT (Cost $51,343,879) | 46,206,852 | |||||||
TOTAL BONDS & NOTES (Cost $53,165,087) | 47,988,577 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $53,165,087) | 47,988,577 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENTS — 7.3% | ||||||||
Investment of Cash Collateral from Securities Loaned — 5.6% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (e) | 2,784,180 | 2,784,180 | ||||||
Principal Amount | ||||||||
Repurchase Agreement — 1.7% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (f) | $ | 846,091 | 846,091 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,630,271) | 3,630,271 | |||||||
TOTAL INVESTMENTS — 104.7% (Cost $56,795,358) (g) | 51,618,848 | |||||||
Other Assets/(Liabilities) — (4.7)% | (2,336,371) | |||||||
NET ASSETS — 100.0% | $ | 49,282,477 |
Abbreviation Legend
SOFR | Secured Overnight Financing Rate |
VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | All or a portion of the security represents unsettled bank loan commitments at September 30, 2023 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, 2023, the aggregate market value of these securities amounted to $37,088,986 or 75.26% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $2,726,949 or 5.53% of net assets. (Note 2). |
(d) | Security is perpetual and has no stated maturity date. |
(e) | Represents investment of security lending cash collateral. (Note 2). |
(f) | Maturity value of $846,204. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/31/26, and an aggregate market value, including accrued interest, of $863,094. |
(g) | See Note 3 for aggregate cost for federal tax purposes. |
MML Inflation-Protected and Income Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & NOTES — 82.6% | ||||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 48.7% | ||||||||
Automobile Asset-Backed Securities — 6.1% | ||||||||
BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2 | ||||||||
5.542% 10/27/31 (a) | $ | 1,169,205 | $ | 1,152,839 | ||||
Carvana Auto Receivables Trust, Series 2020-N3, Class B | ||||||||
0.660% 6/12/28 | 1,011,256 | 928,940 | ||||||
Drive Auto Receivables Trust | ||||||||
Series 2021-1, Class C, 1.020% 6/15/27 | 418,287 | 413,764 | ||||||
Series 2021-3, Class C, 1.470% 1/15/27 | 2,150,000 | 2,088,429 | ||||||
Exeter Automobile Receivables Trust, Series 2020-2A, Class D | ||||||||
4.730% 4/15/26 (a) | 825,863 | 820,963 | ||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class D | ||||||||
3.980% 12/26/25 (a) | 3,400,000 | 3,220,439 | ||||||
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C | ||||||||
5.310% 6/14/29 (a) | 800,000 | 752,135 | ||||||
Westlake Automobile Receivables Trust, Series 2020-3A, Class D | ||||||||
1.650% 2/17/26 (a) | 2,306,000 | 2,241,413 | ||||||
11,618,922 | ||||||||
Commercial Mortgage-Backed Securities — 7.5% | ||||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | ||||||||
7.129% FRN 7/15/35 (a) | 1,000,000 | 974,999 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD Term SOFR + 2.114% | ||||||||
7.447% FRN 10/15/36 (a) | 1,487,500 | 1,471,695 | ||||||
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 1.864% | ||||||||
7.130% FRN 12/15/37 (a) | 308,865 | 305,197 | ||||||
COMM Mortgage Trust, Series 2015-LC19, Class D | ||||||||
2.867% 2/10/48 (a) | 1,700,000 | 1,454,205 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% 6.980% FRN 5/15/36 (a) | 3,990,073 | 3,953,914 | ||||||
Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% 7.530% FRN 5/15/36 (a) | 2,493,796 | 2,465,740 | ||||||
KNDL Mortgage Trust | ||||||||
Series 2019-KNSQ, Class D, FRN, 144A, 1 mo. USD Term SOFR + 1.546% 6.878% FRN 5/15/36 (a) | 1,000,000 | 988,750 | ||||||
Series 2019-KNSQ, Class E, 1 mo. USD Term SOFR + 1.996% 7.328% FRN 5/15/36 (a) | 476,000 | 468,884 | ||||||
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | ||||||||
7.655% FRN 5/25/38 (a) | 1,999,897 | 1,999,890 | ||||||
14,083,274 |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Home Equity Asset-Backed Securities — 0.7% | ||||||||
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD Term SOFR + 0.549% | ||||||||
5.869% FRN 8/25/36 | $ | 133,100 | $ | 132,404 | ||||
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | ||||||||
6.049% FRN 4/25/36 | 1,112,384 | 1,074,020 | ||||||
Residential Asset Securities Corporation Trust, Series 2005-EMX1, Class M1, 1 mo. USD Term SOFR + 0.759% | ||||||||
6.079% FRN 3/25/35 | 148,069 | 147,511 | ||||||
1,353,935 | ||||||||
Other Asset-Backed Securities — 18.0% | ||||||||
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
5.647% FRN 9/15/41 (a) | 44,265 | 43,555 | ||||||
ACHV ABS Trust, Series 2023-1PL, Class A | ||||||||
6.420% 3/18/30 (a) | 43,471 | 43,483 | ||||||
Affirm Asset Securitization Trust | ||||||||
Series 2021-Z1, Class A, 1.070% 8/15/25 (a) | 596,432 | 591,030 | ||||||
Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | 372,974 | 361,710 | ||||||
Series 2022-X1, Class A, 1.750% 2/15/27 (a) | 653,482 | 639,169 | ||||||
Series 2018-A, Class A, 1.900% 1/15/25 (a) | 122,664 | 121,828 | ||||||
Series 2022-Z1, Class A, 4.550% 6/15/27 (a) | 358,031 | 353,496 | ||||||
BHG Securitization Trust | ||||||||
Series 2021-B, Class A, 0.900% 10/17/34 (a) | 593,562 | 571,988 | ||||||
Series 2022-C, Class A, 5.320% 10/17/35 (a) | 1,814,115 | 1,803,936 | ||||||
Series 2023-A, Class A, 5.550% 4/17/36 (a) | 1,359,815 | 1,339,615 | ||||||
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, | ||||||||
0.985% VRN 11/25/50 (a) (b) | 935,278 | 861,319 | ||||||
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C | ||||||||
3.310% 3/25/30 (a) | 133,982 | 128,647 | ||||||
FCI Funding LLC | ||||||||
Series 2021-1A, Class A, 1.130% 4/15/33 (a) | 640,324 | 621,396 | ||||||
Series 2021-1A, Class B, 1.530% 4/15/33 (a) | 426,933 | 412,451 | ||||||
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | ||||||||
5.594% FRN 11/25/36 | 268,738 | 258,848 | ||||||
FNA VI LLC, Series 21-1A, Class A | ||||||||
1.350% 1/10/32 (a) | 2,209,348 | 2,014,303 | ||||||
Gracie Point International Funding | ||||||||
Series 2022-1A, Class C, 30 day USD SOFR Average + 3.500% 8.812% FRN 4/01/24 (a) | 1,700,000 | 1,699,994 | ||||||
Series 2022-3A, Class B, 30 day USD SOFR Average + 4.000% 9.312% FRN 11/01/24 (a) | 1,000,000 | 1,000,238 | ||||||
Series 2022-1A, Class E, 30 day USD SOFR Average + 5.750% 11.062% FRN 4/01/24 (a) | 800,000 | 799,996 | ||||||
Hilton Grand Vacations Trust | ||||||||
Series 2017-AA, Class B, 2.960% 12/26/28 (a) | 76,035 | 74,402 | ||||||
Series 2022-2A, Class C, 5.570% 1/25/37 (a) | 536,273 | 514,345 | ||||||
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | ||||||||
5.694% FRN 3/25/37 | 149,685 | 145,167 | ||||||
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | ||||||||
7.647% FRN 2/15/39 (a) | 700,000 | 618,387 | ||||||
Lakeview Trust | ||||||||
Series 2022-1, Class M3, 4.585% 4/25/52 (a) | 700,000 | 688,973 |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Series 2022-3, Class M3, 5.437% 5/29/52 (a) | $ | 1,300,000 | $ | 1,273,786 | ||||
Marlette Funding Trust, Series 2023-2A, Class A | ||||||||
6.040% 6/15/33 (a) | 918,095 | 915,026 | ||||||
MVW Owner Trust, Series 2018-1A, Class A | ||||||||
3.450% 1/21/36 (a) | 273,079 | 266,643 | ||||||
NP SPE II LLC, Series 2019-1A, Class A1 | ||||||||
2.574% 9/20/49 (a) | 146,688 | 137,361 | ||||||
Oceanview Trust | ||||||||
Series 2021-1, Class A, 1.219% 12/29/51 (a) | 271,026 | 268,589 | ||||||
Series 2021-1, Class M3, 3.090% 12/29/51 (a) | 2,000,000 | 1,980,180 | ||||||
Oportun Funding LLC, Series 2022-1, Class A | ||||||||
3.250% 6/15/29 (a) | 402,290 | 398,515 | ||||||
Orange Lake Timeshare Trust, Series 2016-A, Class A | ||||||||
2.610% 3/08/29 (a) | 37,090 | 35,766 | ||||||
Pagaya AI Debt Selection Trust, Series 2021-3, Class A | ||||||||
1.150% 5/15/29 (a) | 198,044 | 197,356 | ||||||
Pagaya AI Debt Trust, Series 2022-1, Class A | ||||||||
2.030% 10/15/29 (a) | 3,577,372 | 3,507,438 | ||||||
PVONE 2023-1, LLC, Series 2023-1, Class A | ||||||||
7.670% 9/17/35 (a) (c) | 1,300,000 | 1,299,998 | ||||||
Reach Financial LLC, Series 2023-1A, Class A | ||||||||
7.050% 2/18/31 (a) | 3,645,371 | 3,653,830 | ||||||
Sierra Timeshare Receivables Funding LLC | ||||||||
Series 2019-3A, Class C, 3.000% 8/20/36 (a) | 523,902 | 501,218 | ||||||
Series 2019-2A, Class C, 3.120% 5/20/36 (a) | 917,244 | 874,716 | ||||||
Series 2019-1A, Class C, 3.770% 1/20/36 (a) | 120,084 | 116,878 | ||||||
Series 2019-3A, Class D, 4.180% 8/20/36 (a) | 178,422 | 168,395 | ||||||
Series 2019-1A, Class D, 4.750% 1/20/36 (a) | 223,013 | 216,805 | ||||||
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD Term SOFR + 0.849% | ||||||||
6.169% FRN 3/25/35 | 136,316 | 135,662 | ||||||
Structured Asset Securities Corp. Mortgage Loan Trust | ||||||||
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.604% FRN 1/25/37 | 134,137 | 131,180 | ||||||
Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759% 6.079% FRN 2/25/36 | 140,240 | 139,619 | ||||||
Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% 6.634% FRN 11/25/35 (a) | 347,905 | 339,382 | ||||||
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | ||||||||
1.780% 1/15/25 (a) | 1,200,000 | 1,123,133 | ||||||
Upstart Securitization Trust, Series 2021-4, Class A | ||||||||
0.840% 9/20/31 (a) | 572,382 | 567,894 | ||||||
33,957,646 | ||||||||
Student Loans Asset-Backed Securities — 6.6% | ||||||||
Chase Education Loan Trust, Series 2007-A, Class A4, 90 day USD SOFR Average + 0.362% | ||||||||
5.620% FRN 3/28/68 | 1,634,982 | 1,581,019 | ||||||
College Loan Corp. Trust, Series 2005-2, Class B, 90 day USD SOFR Average + 0.752% | ||||||||
5.783% FRN 1/15/37 | 224,830 | 196,521 | ||||||
Commonbond Student Loan Trust | ||||||||
Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 124,764 | 91,668 | ||||||
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 13,372 | 11,507 | ||||||
Edsouth Indenture No. 9 LLC, No.9 LLC, Series 2015-1, Class A, 30 day USD SOFR Average + 0.914% | ||||||||
6.229% FRN 10/25/56 (a) | 191,416 | 189,144 |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 0.750% | ||||||||
6.184% FRN 8/25/42 (a) | $ | 111,740 | $ | 109,656 | ||||
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700% | ||||||||
6.353% FRN 8/25/48 (a) | 79,671 | 77,877 | ||||||
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | ||||||||
5.677% FRN 6/28/39 (a) | 284,447 | 256,553 | ||||||
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | ||||||||
2.340% 10/25/48 (a) | 81,947 | 79,769 | ||||||
Navient Private Education Refi Loan Trust | ||||||||
Series 2021-A, Class A, 0.840% 5/15/69 (a) | 1,740,819 | 1,502,140 | ||||||
Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 296,192 | 269,042 | ||||||
Navient Student Loan Trust, Series 2017-1A, Class A3, 30 day USD SOFR Average + 1.264% | ||||||||
6.579% FRN 7/26/66 (a) | 307,806 | 307,087 | ||||||
Nelnet Student Loan Trust | ||||||||
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.516% FRN 1/25/38 | 436,227 | 372,936 | ||||||
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.666% FRN 10/25/40 | 870,503 | 811,779 | ||||||
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.673% FRN 3/23/37 | 854,830 | 809,592 | ||||||
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.755% FRN 6/25/41 | 171,779 | 150,784 | ||||||
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.929% FRN 6/25/41 (a) | 375,000 | 353,643 | ||||||
SLC Student Loan Trust | ||||||||
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.712% FRN 12/15/39 | 687,324 | 611,759 | ||||||
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.762% FRN 3/15/40 | 1,036,788 | 953,368 | ||||||
SLM Student Loan Trust | ||||||||
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.516% FRN 1/25/70 | 213,973 | 201,057 | ||||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.526% FRN 10/25/40 | 290,930 | 273,357 | ||||||
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.536% FRN 1/25/41 | 304,550 | 282,016 | ||||||
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.626% FRN 1/25/55 | 274,391 | 253,302 | ||||||
Series 2004-8, Class B, 90 day USD SOFR Average + 0.722% 5.776% FRN 1/25/40 | 281,990 | 256,899 | ||||||
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.786% FRN 10/25/64 | 170,798 | 159,906 | ||||||
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.132% FRN 12/15/38 | 243,851 | 234,035 | ||||||
SMB Private Education Loan Trust | ||||||||
Series 2018-B, Class A2B, 1 mo. USD Term SOFR + 0.834% 6.167% FRN 1/15/37 (a) | 532,523 | 526,480 | ||||||
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.317% FRN 7/15/36 (a) | 716,678 | 709,527 | ||||||
Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614% 6.947% FRN 4/15/32 (a) | 259,831 | 260,253 |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
5.496% VRN 1/25/45 (a) (b) | $ | 517,432 | $ | 492,839 | ||||
12,385,515 | ||||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 9.8% | ||||||||
Angel Oak Mortgage Trust | ||||||||
Series 2020-6, Class A1, 1.261% VRN 5/25/65 (a) (b) | 881,676 | 755,190 | ||||||
Series 2022-2, Class A1, 3.353% VRN 1/25/67 (a) (b) | 1,899,113 | 1,660,596 | ||||||
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.114% | ||||||||
5.500% FRN 8/25/49 (a) | 780,991 | 734,472 | ||||||
COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||||
2.284% VRN 12/27/66 (a) (b) | 6,188,491 | 5,185,079 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864% | ||||||||
6.184% FRN 5/25/55 (a) | 4,044,733 | 4,026,064 | ||||||
OBX Trust | ||||||||
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) | 1,254,481 | 933,356 | ||||||
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.384% FRN 2/25/60 (a) | 335,412 | 313,455 | ||||||
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 3.850% | ||||||||
9.284% FRN 2/25/25 (a) | 440,000 | 439,846 | ||||||
PSMC Trust, Series 2020-2, Class A2, | ||||||||
3.000% VRN 5/25/50 (a) (b) | 675,149 | 575,002 | ||||||
STAR Trust, Series 2021-1, Class A3, | ||||||||
1.528% VRN 5/25/65 (a) (b) | 2,687,369 | 2,260,522 | ||||||
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, | ||||||||
2.916% VRN 9/27/49 (a) (b) | 919,707 | 869,494 | ||||||
Verus Securitization Trust | ||||||||
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b) | 715,892 | 581,787 | ||||||
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (b) | 217,739 | 209,186 | ||||||
18,544,049 | ||||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $95,655,662) | 91,943,341 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (d) — 12.1% | ||||||||
Pass-Through Securities — 0.0% | ||||||||
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 yr. CMT + 2.159% 4.376% 3/01/37 | 70,258 | 70,773 | ||||||
Whole Loans — 12.1% | ||||||||
Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||||
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.115% FRN 10/25/41 (a) | 4,141,123 | 4,133,469 | ||||||
Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.165% FRN 9/25/41 (a) | 5,753,551 | 5,660,529 | ||||||
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.165% FRN 11/25/41 (a) | 1,942,889 | 1,924,705 | ||||||
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.615% FRN 2/25/42 (a) | 2,031,687 | 2,026,166 | ||||||
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.129% FRN 1/25/50 (a) | 741,720 | 742,821 | ||||||
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.315% FRN 4/25/42 (a) | 1,678,562 | 1,690,760 |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 7.529% FRN 9/25/48 (a) | $ | 436,971 | $ | 439,587 | ||||
Series 2020-DNA5, Class M2, 30 day USD SOFR Average + 2.800% 8.115% FRN 10/25/50 (a) | 145,808 | 147,825 | ||||||
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.265% FRN 6/25/42 (a) | 519,902 | 533,106 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities | ||||||||
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.215% FRN 4/25/42 (a) | 1,136,851 | 1,139,605 | ||||||
30 day USD SOFR Average + 1.900% 7.215% FRN 6/25/43 (a) | 1,036,725 | 1,042,567 | ||||||
Series 2019-R03, Class 1M2, 30 day USD SOFR Average + 2.264% 7.579% FRN 9/25/31 (a) | 31,873 | 31,896 | ||||||
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.815% FRN 4/25/43 (a) | 1,001,877 | 1,013,877 | ||||||
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.265% FRN 6/25/42 (a) | 2,278,614 | 2,340,160 | ||||||
22,867,073 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $23,002,274) | 22,937,846 | |||||||
U.S. TREASURY OBLIGATIONS — 21.8% | ||||||||
U.S. Treasury Bonds & Notes — 21.8% | ||||||||
U.S. Treasury Inflation-Indexed Bonds | ||||||||
0.125% 2/15/51 | 763,146 | 424,567 | ||||||
0.125% 2/15/52 | 603,933 | 331,396 | ||||||
0.250% 2/15/50 | 713,364 | 419,680 | ||||||
0.625% 2/15/43 | 930,664 | 676,113 | ||||||
0.750% 2/15/42 | 798,128 | 604,232 | ||||||
0.750% 2/15/45 | 980,043 | 711,948 | ||||||
0.875% 2/15/47 | 569,826 | 415,227 | ||||||
1.000% 2/15/46 | 645,030 | 489,385 | ||||||
1.000% 2/15/48 | 433,846 | 322,546 | ||||||
1.000% 2/15/49 | 546,633 | 403,195 | ||||||
1.375% 2/15/44 | 852,514 | 712,457 | ||||||
1.500% 2/15/53 | 976,904 | 807,291 | ||||||
1.750% 1/15/28 | 802,494 | 779,391 | ||||||
2.125% 2/15/40 | 424,269 | 411,060 | ||||||
2.125% 2/15/41 | 628,119 | 607,325 | ||||||
2.375% 1/15/27 | 1,364,073 | 1,353,669 | ||||||
2.500% 1/15/29 | 355,829 | 358,191 | ||||||
3.375% 4/15/32 | 430,523 | 463,909 | ||||||
3.625% 4/15/28 | 850,451 | 893,505 | ||||||
3.875% 4/15/29 | 929,695 | 1,000,820 | ||||||
U.S. Treasury Inflation-Indexed Notes | ||||||||
0.125% 10/15/26 | 1,677,930 | 1,560,278 | ||||||
0.125% 4/15/27 | 1,948,698 | 1,788,768 | ||||||
0.125% 1/15/30 | 1,603,895 | 1,398,020 | ||||||
0.125% 7/15/30 | 1,788,315 | 1,549,547 | ||||||
0.125% 1/15/31 | 1,825,928 | 1,561,275 | ||||||
0.125% 7/15/31 | 2,166,912 | 1,839,653 | ||||||
0.125% 1/15/32 | 1,929,725 | 1,616,559 | ||||||
0.250% 7/15/29 | 1,493,738 | 1,330,666 | ||||||
0.375% 1/15/27 | 1,961,386 | 1,824,338 | ||||||
0.375% 7/15/27 | 312,398 | 289,672 | ||||||
0.500% 1/15/28 | 1,796,855 | 1,656,001 | ||||||
0.625% 7/15/32 | 1,998,895 | 1,741,518 |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
0.750% 7/15/28 (e) | $ | 1,491,719 | $ | 1,387,998 | ||||
1.125% 1/15/33 | 2,873,276 | 2,594,591 | ||||||
1.375% 7/15/33 | 1,006,470 | 930,533 | ||||||
U.S. Treasury Notes | ||||||||
4.125% 7/31/28 | 6,000,000 | 5,869,873 | ||||||
41,125,197 | ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $46,265,511) | 41,125,197 | |||||||
TOTAL BONDS & NOTES (Cost $164,923,447) | 156,006,384 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $164,923,447) | 156,006,384 | |||||||
SHORT-TERM INVESTMENTS — 15.7% | ||||||||
Commercial Paper — 14.8% | ||||||||
American Honda Finance Corp. | ||||||||
5.707% 11/21/23 | 4,000,000 | 3,967,134 | ||||||
CRH America Finance, Inc. | ||||||||
5.728% 11/20/23 (a) | 3,000,000 | 2,975,855 | ||||||
Diageo Capital PLC | ||||||||
5.663% 11/07/23 (a) | 3,000,000 | 2,981,933 | ||||||
Hyundai Capital America | ||||||||
5.692% 11/28/23 (a) | 2,000,000 | 1,981,400 | ||||||
Nutrien Financial US LLC | ||||||||
5.716% 10/17/23 (a) | 2,000,000 | 1,994,493 | ||||||
5.720% 10/26/23 (a) | 1,000,000 | 995,849 | ||||||
5.727% 10/23/23 (a) | 2,000,000 | 1,992,615 | ||||||
Nutrien Ltd. | ||||||||
5.722% 10/06/23 (a) | 2,000,000 | 1,997,873 | ||||||
Oracle Corp. | ||||||||
5.595% 10/05/23 (a) | 2,000,000 | 1,998,207 | ||||||
Spire, Inc. | ||||||||
5.612% 10/02/23 (a) | 3,000,000 | 2,998,644 | ||||||
Suncor Energy, Inc. | ||||||||
5.751% 10/10/23 (a) | 3,000,000 | 2,995,003 | ||||||
Tampa Electric Co. | ||||||||
5.759% 11/01/23 (a) | 1,000,000 | 994,847 | ||||||
27,873,853 | ||||||||
Repurchase Agreement — 0.9% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (f) | 1,740,175 | 1,740,175 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $29,617,838) | 29,614,028 | |||||||
TOTAL INVESTMENTS — 98.3% (Cost $194,541,285) (g) | 185,620,412 | |||||||
Other Assets/(Liabilities) — 1.7% | 3,197,906 | |||||||
NET ASSETS — 100.0% | $ | 188,818,318 |
Abbreviation Legend
FRN | Floating Rate Note |
VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | 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, 2023, the aggregate market value of these securities amounted to $125,973,259 or 66.72% 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, 2023. |
(c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $1,299,998 or 0.69% of net assets. |
(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) | Maturity value of $1,740,407. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $1,775,021. |
(g) | See Note 3 for aggregate cost for federal tax purposes. |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Futures contracts | ||||||||||||||
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation (Depreciation) | |||||||||||
Long | ||||||||||||||
U.S. Treasury Ultra Bond | 12/19/23 | 4 | $ | 517,764 | $ | (43,014) | ||||||||
Short | ||||||||||||||
U.S. Treasury Long Bond | 12/19/23 | 5 | (602,054) | 33,148 | ||||||||||
U.S. Treasury Ultra 10 Year | 12/19/23 | 5 | (580,219) | 22,406 | ||||||||||
U.S. Treasury Note 2 Year | 12/29/23 | 186 | (37,873,673) | 169,439 | ||||||||||
U.S. Treasury Note 5 Year | 12/29/23 | 55 | (5,839,276) | 44,510 | ||||||||||
$ | 269,503 |
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 USD SOFR | Annually | Fixed 4.661% | Annually | 5/08/25 | USD | 14,400,000 | $ | (115,222) | $ | — | $ | (115,222) | ||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.725% | Annually | 7/14/25 | USD | 13,900,000 | (319,664) | — | (319,664) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.512% | Annually | 8/09/25 | USD | 28,200,000 | (759,894) | — | (759,894) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.860% | Annually | 8/18/25 | USD | 10,000,000 | (31,415) | — | (31,415) | |||||||||||||||||||||||
Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/25 | USD | 8,000,000 | 5,613 | — | 5,613 | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 5.040% | Annually | 9/25/25 | USD | 10,000,000 | 10,799 | — | 10,799 | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.525% | Annually | 10/30/25 | USD | 28,600,000 | (209,521) | — | (209,521) | |||||||||||||||||||||||
Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 4,000,000 | 7,368 | — | 7,368 | |||||||||||||||||||||||
Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 2,000,000 | 1,265 | — | 1,265 | |||||||||||||||||||||||
Fixed 3.905% | Annually | 12-Month USD SOFR | Annually | 5/08/33 | USD | 3,300,000 | 95,650 | — | 95,650 | |||||||||||||||||||||||
Fixed 3.067% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 3,100,000 | 296,510 | — | 296,510 | |||||||||||||||||||||||
Fixed 3.121% | Annually | 12-Month USD SOFR | Annually | 8/09/33 | USD | 6,300,000 | 579,031 | — | 579,031 | |||||||||||||||||||||||
Fixed 3.541% | Annually | 12-Month USD SOFR | Annually | 10/30/33 | USD | 6,480,000 | 374,633 | — | 374,633 | |||||||||||||||||||||||
$ | (64,847) | $ | — | $ | (64,847) |
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) | ||||||||||||||||||||
Fed Funds + 12.5 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 11/30/23 | 30,107,578 | $ | (819,222) | $ | — | $ | (819,222) | |||||||||||||||||
Fed Funds + 15.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 2/28/24 | 39,640,469 | (731,138) | — | (731,138) | ||||||||||||||||||||
Fed Funds + 9.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 10/31/23 | 37,983,866 | (1,033,534) | — | (1,033,534) | ||||||||||||||||||||
Fed Funds + 12.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 2/28/24 | 30,028,054 | (553,844) | — | (553,844) | ||||||||||||||||||||
$ | (3,137,738) | $ | — | $ | (3,137,738) |
Currency Legend
USD | U.S. Dollar |
MML iShares 60/40 Allocation Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
MUTUAL FUNDS — 100.0% | ||||||||
Diversified Financial Services — 100.0% | ||||||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 33,678 | $ | 1,678,175 | |||||
iShares 20+ Year Treasury Bond ETF | 7,570 | 671,383 | ||||||
iShares Broad USD High Yield Corporate Bond ETF (a) | 9,653 | 335,056 | ||||||
iShares Core Dividend Growth ETF | 20,243 | 1,002,636 | ||||||
iShares Core International Aggregate Bond ETF | 3,449 | 168,242 | ||||||
iShares Core MSCI Emerging Markets ETF | 14,108 | 671,400 | ||||||
iShares Core MSCI International Developed Markets ETF | 74,636 | 4,349,786 | ||||||
iShares Core S&P 500 ETF | 7,019 | 3,014,169 | ||||||
iShares Core S&P Mid-Cap ETF | 2,683 | 669,006 | ||||||
iShares Core S&P Total US Stock Market ETF | 110,113 | 10,371,543 | ||||||
iShares Core U.S. Aggregate Bond ETF | 112,317 | 10,562,291 | ||||||
TOTAL MUTUAL FUNDS (Cost $36,127,837) | 33,493,687 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $36,127,837) | 33,493,687 | |||||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
Investment of Cash Collateral from Securities Loaned — 1.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (b) | 350,385 | 350,385 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $350,385) | 350,385 | |||||||
TOTAL INVESTMENTS — 101.0% (Cost $36,478,222) (c) | 33,844,072 | |||||||
Other Assets/(Liabilities) — (1.0)% | (335,394) | |||||||
NET ASSETS — 100.0% | $ | 33,508,678 |
Abbreviation Legend
ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $342,588 or 1.02% 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, 2023 (Unaudited)
Number of Shares | Value | |||||||
MUTUAL FUNDS — 99.9% | ||||||||
Diversified Financial Services — 99.9% | ||||||||
iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | 56,363 | $ | 2,808,568 | |||||
iShares 20+ Year Treasury Bond ETF | 6,334 | 561,762 | ||||||
iShares Broad USD High Yield Corporate Bond ETF (a) | 16,154 | 560,705 | ||||||
iShares Core Dividend Growth ETF (a) | 33,877 | 1,677,928 | ||||||
iShares Core International Aggregate Bond ETF | 11,543 | 563,068 | ||||||
iShares Core MSCI Emerging Markets ETF | 59,024 | 2,808,952 | ||||||
iShares Core MSCI International Developed Markets ETF (a) | 144,118 | 8,399,197 | ||||||
iShares Core S&P 500 ETF | 10,441 | 4,483,679 | ||||||
iShares Core S&P Mid-Cap ETF | 8,980 | 2,239,163 | ||||||
iShares Core S&P Total US Stock Market ETF | 267,493 | 25,195,166 | ||||||
iShares Core U.S. Aggregate Bond ETF | 71,604 | 6,733,640 | ||||||
TOTAL MUTUAL FUNDS (Cost $58,010,361) | 56,031,828 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $58,010,361) | 56,031,828 | |||||||
SHORT-TERM INVESTMENTS — 4.8% | ||||||||
Investment of Cash Collateral from Securities Loaned — 4.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (b) | 2,515,515 | 2,515,515 | ||||||
Principal Amount | ||||||||
Repurchase Agreement — 0.3% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (c) | $ | 162,731 | 162,731 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,678,246) | 2,678,246 | |||||||
TOTAL INVESTMENTS — 104.7% (Cost $60,688,607) (d) | 58,710,074 | |||||||
Other Assets/(Liabilities) — (4.7)% | (2,629,318) | |||||||
NET ASSETS — 100.0% | $ | 56,080,756 |
Abbreviation Legend
ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $2,461,893 or 4.39% of net assets. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | Maturity value of $162,752. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/31/26, and an aggregate market value, including accrued interest, of $165,994. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Managed Bond Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & NOTES — 99.0% | ||||||||
CORPORATE DEBT — 37.8% | ||||||||
Aerospace & Defense — 0.1% | ||||||||
Boeing Co. | ||||||||
5.930% 5/01/60 | $ | 605,000 | $ | 543,240 | ||||
Agriculture — 0.8% | ||||||||
BAT Capital Corp. | ||||||||
2.259% 3/25/28 | 725,000 | 613,153 | ||||||
3.462% 9/06/29 | 1,075,000 | 920,620 | ||||||
4.758% 9/06/49 | 540,000 | 379,767 | ||||||
Imperial Brands Finance PLC | ||||||||
3.875% 7/26/29 (a) | 1,739,000 | 1,531,014 | ||||||
Reynolds American, Inc. | ||||||||
5.850% 8/15/45 | 985,000 | 815,905 | ||||||
Viterra Finance BV | ||||||||
3.200% 4/21/31 (a) | 1,315,000 | 1,058,738 | ||||||
5,319,197 | ||||||||
Airlines — 0.2% | ||||||||
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | ||||||||
4.100% 10/01/29 | 1,148,321 | 1,041,540 | ||||||
United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||||
4.600% 9/01/27 | 303,636 | 286,202 | ||||||
1,327,742 | ||||||||
Auto Manufacturers — 0.3% | ||||||||
General Motors Co. | ||||||||
5.150% 4/01/38 | 800,000 | 668,149 | ||||||
General Motors Financial Co., Inc. | ||||||||
3.100% 1/12/32 | 1,750,000 | 1,353,944 | ||||||
2,022,093 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Lear Corp. | ||||||||
3.550% 1/15/52 | 1,101,000 | 671,176 | ||||||
Banks — 9.4% | ||||||||
ABN AMRO Bank NV 1 yr. CMT + 1.650% | ||||||||
6.339% VRN 9/18/27 (a) | 900,000 | 897,744 | ||||||
AIB Group PLC Secured Overnight Financing Rate + 2.330% | ||||||||
6.608% VRN 9/13/29 (a) | 876,000 | 872,357 | ||||||
Bank Hapoalim BM 5 yr. CMT + 2.155% | ||||||||
3.255% VRN 1/21/32 (a) | 2,600,000 | 2,216,469 | ||||||
Bank of America Corp. | ||||||||
Secured Overnight Financing Rate + 1.220% 2.299% VRN 7/21/32 | 1,355,000 | 1,026,724 | ||||||
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 2,635,000 | 1,917,431 | ||||||
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28 | 1,475,000 | 1,323,147 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | $ | 2,145,000 | $ | 1,744,645 | ||||
3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 | 1,150,000 | 945,720 | ||||||
6.110% 1/29/37 | 1,550,000 | 1,528,513 | ||||||
7.750% 5/14/38 | 400,000 | 447,689 | ||||||
Bank of Montreal 5 yr. CMT + 2.979% | ||||||||
4.800% VRN (b) | 1,475,000 | 1,320,283 | ||||||
Bank of Nova Scotia 3 mo. USD Term SOFR + 2.910% | ||||||||
8.209% VRN (b) | 3,575,000 | 3,138,320 | ||||||
Barclays PLC | ||||||||
5 yr. CMT + 5.867% 6.125% VRN (b) | 750,000 | 679,086 | ||||||
5 yr. CMT + 5.431% 8.000% VRN (b) | 1,382,000 | 1,240,264 | ||||||
BNP Paribas SA 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.149% | ||||||||
6.625% VRN (a) (b) | 1,755,000 | 1,730,578 | ||||||
BPCE SA Secured Overnight Financing Rate + 1.730% | ||||||||
3.116% VRN 10/19/32 (a) | 1,860,000 | 1,385,423 | ||||||
Citigroup, Inc. 3 mo. USD Term SOFR + 4.330% | ||||||||
9.699% VRN (b) | 890,000 | 888,301 | ||||||
Credit Agricole SA Secured Overnight Financing Rate + 1.860% | ||||||||
6.316% VRN 10/03/29 (a) (c) | 1,059,000 | 1,059,122 | ||||||
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730% | ||||||||
5.974% VRN 8/09/28 | 3,105,000 | 2,841,171 | ||||||
Goldman Sachs Group, Inc. | ||||||||
Secured Overnight Financing Rate + 1.410% 3.102% VRN 2/24/33 | 1,500,000 | 1,199,560 | ||||||
6.750% 10/01/37 | 1,795,000 | 1,817,702 | ||||||
HSBC Holdings PLC | ||||||||
Secured Overnight Financing Rate + 1.285% 2.206% VRN 8/17/29 | 1,203,000 | 991,551 | ||||||
Secured Overnight Financing Rate + 1.970% 6.161% VRN 3/09/29 | 1,840,000 | 1,821,494 | ||||||
Huntington Bancshares, Inc. 5 yr. CMT + 1.170% | ||||||||
2.487% VRN 8/15/36 | 252,000 | 177,462 | ||||||
ING Groep NV 5 yr. USD ICE Swap + 4.204% | ||||||||
6.750% VRN (a) (b) | 1,200,000 | 1,176,000 | ||||||
JP Morgan Chase & Co. | ||||||||
3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31 | 1,000,000 | 821,625 | ||||||
5.600% 7/15/41 | 1,125,000 | 1,070,455 | ||||||
Lloyds Banking Group PLC | ||||||||
5 yr. USD Swap + 4.760% 7.500% VRN (b) | 2,100,000 | 2,048,814 | ||||||
1 yr. CMT + 3.750% 7.953% VRN 11/15/33 | 1,030,000 | 1,065,358 | ||||||
Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
3.052% VRN 3/03/36 (a) | 2,665,000 | 1,987,363 | ||||||
Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069% | ||||||||
1.340% VRN 1/12/27 (a) | 950,000 | 849,889 | ||||||
Mizrahi Tefahot Bank Ltd. 5 yr. CMT + 2.250% | ||||||||
3.077% VRN 4/07/31 (a) | 2,780,000 | 2,430,054 | ||||||
Morgan Stanley | ||||||||
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | 1,270,000 | 922,511 | ||||||
Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37 | 2,320,000 | 2,067,157 | ||||||
National Australia Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
3.347% VRN 1/12/37 (a) | 2,960,000 | 2,254,037 | ||||||
NatWest Group PLC 5 yr. CMT + 2.100% | ||||||||
3.754% VRN 11/01/29 | 700,000 | 666,500 | ||||||
Societe Generale SA 5 yr. USD ICE Swap + 5.873% | ||||||||
8.000% VRN (a) (b) | 1,400,000 | 1,367,020 | ||||||
SVB Financial Group | ||||||||
4.250% (b) | 298,000 | 10,676 | ||||||
Swedbank AB 5 yr. CMT + 4.134% | ||||||||
5.625% VRN (a) (b) | 1,200,000 | 1,148,832 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Synovus Bank | ||||||||
5.625% 2/15/28 | $ | 1,563,000 | $ | 1,416,190 | ||||
Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
8.125% VRN 10/31/82 | 1,706,000 | 1,697,221 | ||||||
UBS Group AG | ||||||||
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 (a) | 2,500,000 | 2,217,020 | ||||||
1 yr. CMT + 1.800% 6.246% VRN 9/22/29 (a) | 788,000 | 779,733 | ||||||
Secured Overnight Financing Rate + 3.340% 6.373% VRN 7/15/26 (a) | 892,000 | 888,638 | ||||||
US Bancorp Secured Overnight Financing Rate + 2.260% | ||||||||
5.836% VRN 6/12/34 | 995,000 | 938,434 | ||||||
61,034,283 | ||||||||
Beverages — 0.4% | ||||||||
Bacardi Ltd. | ||||||||
5.150% 5/15/38 (a) | 450,000 | 394,225 | ||||||
Bacardi Ltd./Bacardi-Martini BV | ||||||||
5.900% 6/15/43 (a) | 396,000 | 365,960 | ||||||
Molson Coors Beverage Co. | ||||||||
4.200% 7/15/46 | 1,859,000 | 1,398,065 | ||||||
5.000% 5/01/42 | 360,000 | 310,516 | ||||||
2,468,766 | ||||||||
Biotechnology — 0.1% | ||||||||
Amgen, Inc. | ||||||||
5.600% 3/02/43 | 982,000 | 912,948 | ||||||
Chemicals — 0.6% | ||||||||
Celanese US Holdings LLC | ||||||||
6.165% 7/15/27 | 975,000 | 961,418 | ||||||
6.700% 11/15/33 | 643,000 | 625,906 | ||||||
International Flavors & Fragrances, Inc. | ||||||||
1.832% 10/15/27 (a) | 1,200,000 | 996,689 | ||||||
LYB International Finance III LLC | ||||||||
4.200% 5/01/50 | 1,475,000 | 1,038,272 | ||||||
3,622,285 | ||||||||
Coal — 0.1% | ||||||||
Teck Resources Ltd. | ||||||||
6.000% 8/15/40 | 808,000 | 722,457 | ||||||
Computers — 0.1% | ||||||||
Dell International LLC/EMC Corp. | ||||||||
8.100% 7/15/36 | 325,000 | 363,575 | ||||||
Diversified Financial Services — 3.2% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
3.300% 1/30/32 | 3,315,000 | 2,635,133 | ||||||
Antares Holdings LP | ||||||||
2.750% 1/15/27 (a) | 1,275,000 | 1,079,666 | ||||||
3.950% 7/15/26 (a) | 2,555,000 | 2,299,760 | ||||||
8.500% 5/18/25 (a) | 720,000 | 725,152 | ||||||
Ares Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
4.125% VRN 6/30/51 (a) | 1,585,000 | 1,204,516 | ||||||
Ares Finance Co. LLC | ||||||||
4.000% 10/08/24 (a) | 2,080,000 | 2,011,102 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Avolon Holdings Funding Ltd. | ||||||||
2.528% 11/18/27 (a) | $ | 2,755,000 | $ | 2,325,638 | ||||
3.250% 2/15/27 (a) | 1,610,000 | 1,434,000 | ||||||
4.250% 4/15/26 (a) | 2,976,000 | 2,797,130 | ||||||
Blue Owl Finance LLC | ||||||||
3.125% 6/10/31 (a) | 1,195,000 | 893,838 | ||||||
4.125% 10/07/51 (a) | 1,675,000 | 976,740 | ||||||
Charles Schwab Corp. Secured Overnight Financing Rate + 2.500% | ||||||||
5.853% VRN 5/19/34 | 921,000 | 875,773 | ||||||
Global Aircraft Leasing Co. Ltd. | ||||||||
6.500% 9/15/24 (a) | 1,502,197 | 1,430,843 | ||||||
20,689,291 | ||||||||
Electric — 1.1% | ||||||||
CMS Energy Corp. | ||||||||
4.875% 3/01/44 | 780,000 | 664,131 | ||||||
Entergy Texas, Inc. | ||||||||
5.800% 9/01/53 | 1,185,000 | 1,133,315 | ||||||
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
3.800% VRN 3/15/82 | 1,250,000 | 1,058,129 | ||||||
Pacific Gas & Electric Co. | ||||||||
2.500% 2/01/31 | 775,000 | 589,605 | ||||||
3.750% 7/01/28 | 1,475,000 | 1,309,046 | ||||||
PG&E Wildfire Recovery Funding LLC | ||||||||
4.674% 12/01/53 | 1,200,000 | 1,004,684 | ||||||
Sempra | ||||||||
6.000% 10/15/39 | 166,000 | 157,681 | ||||||
Vistra Operations Co. LLC | ||||||||
5.125% 5/13/25 (a) | 1,550,000 | 1,510,355 | ||||||
7,426,946 | ||||||||
Entertainment — 0.1% | ||||||||
Warnermedia Holdings, Inc. | ||||||||
4.279% 3/15/32 | 1,060,000 | 899,748 | ||||||
Food — 0.7% | ||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
3.625% 1/15/32 | 3,300,000 | 2,627,494 | ||||||
Smithfield Foods, Inc. | ||||||||
2.625% 9/13/31 (a) | 1,730,000 | 1,240,425 | ||||||
3.000% 10/15/30 (a) | 943,000 | 720,838 | ||||||
4,588,757 | ||||||||
Gas — 0.5% | ||||||||
CenterPoint Energy Resources Corp. | ||||||||
6.625% 11/01/37 | 1,250,000 | 1,235,265 | ||||||
NiSource, Inc. | ||||||||
4.800% 2/15/44 | 1,035,000 | 852,363 | ||||||
5.800% 2/01/42 | 950,000 | 859,642 | ||||||
2,947,270 | ||||||||
Hand & Machine Tools — 0.3% | ||||||||
Regal Rexnord Corp. | ||||||||
6.050% 4/15/28 (a) | 1,860,000 | 1,809,160 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Health Care – Services — 0.3% | ||||||||
City of Hope | ||||||||
4.378% 8/15/48 | $ | 1,050,000 | $ | 801,916 | ||||
HCA, Inc. | ||||||||
5.900% 6/01/53 | 1,470,000 | 1,323,775 | ||||||
2,125,691 | ||||||||
Insurance — 5.7% | ||||||||
Allianz SE 5 yr. CMT + 2.973% | ||||||||
3.500% VRN (a) (b) | 4,200,000 | 3,457,802 | ||||||
Allstate Corp. 3 mo. USD Term SOFR + 3.200% | ||||||||
8.564% VRN 8/15/53 | 2,885,000 | 2,846,885 | ||||||
Ascot Group Ltd. | ||||||||
4.250% 12/15/30 (a) | 1,990,000 | 1,468,601 | ||||||
Athene Global Funding | ||||||||
2.673% 6/07/31 (a) | 2,505,000 | 1,890,789 | ||||||
AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
4.900% VRN 1/15/40 | 1,315,000 | 1,056,335 | ||||||
Brighthouse Financial, Inc. | ||||||||
4.700% 6/22/47 | 1,350,000 | 937,612 | ||||||
Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
6.875% VRN 12/15/52 | 3,281,000 | 3,143,165 | ||||||
Enstar Finance LLC | ||||||||
HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 | 1,110,000 | 883,614 | ||||||
5 yr. CMT + 5.468% 5.750% VRN 9/01/40 | 2,200,000 | 1,908,897 | ||||||
Enstar Group Ltd. | ||||||||
3.100% 9/01/31 | 1,638,000 | 1,232,700 | ||||||
Fairfax Financial Holdings Ltd. | ||||||||
5.625% 8/16/32 | 840,000 | 784,569 | ||||||
Global Atlantic Fin Co. | ||||||||
3.125% 6/15/31 (a) | 4,487,000 | 3,198,135 | ||||||
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 3,060,000 | 2,213,360 | ||||||
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850% | ||||||||
3.379% VRN 2/04/32 (a) | 2,485,000 | 2,206,097 | ||||||
Hill City Funding Trust | ||||||||
4.046% 8/15/41 (a) | 5,150,000 | 3,349,072 | ||||||
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
4.125% VRN 12/15/51 (a) | 1,220,000 | 1,003,005 | ||||||
MetLife Capital Trust IV | ||||||||
7.875% 12/15/67 (a) | 725,000 | 749,960 | ||||||
Sammons Financial Group, Inc. | ||||||||
3.350% 4/16/31 (a) | 3,805,000 | 2,873,645 | ||||||
4.450% 5/12/27 (a) | 270,000 | 247,153 | ||||||
4.750% 4/08/32 (a) | 805,000 | 648,892 | ||||||
USF&G Capital I | ||||||||
8.500% 12/15/45 (a) | 885,000 | 930,703 | ||||||
37,030,991 | ||||||||
Investment Companies — 1.4% | ||||||||
Ares Capital Corp. | ||||||||
2.150% 7/15/26 | 1,850,000 | 1,623,113 | ||||||
7.000% 1/15/27 | 554,000 | 553,993 | ||||||
BlackRock TCP Capital Corp. | ||||||||
3.900% 8/23/24 | 1,316,000 | 1,278,098 | ||||||
Blackstone Private Credit Fund | ||||||||
1.750% 9/15/24 | 335,000 | 319,678 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
2.625% 12/15/26 | $ | 3,425,000 | $ | 2,948,048 | ||||
Blue Owl Credit Income Corp. | ||||||||
4.700% 2/08/27 | 1,945,000 | 1,769,892 | ||||||
Golub Capital BDC, Inc. | ||||||||
2.500% 8/24/26 | 880,000 | 771,236 | ||||||
9,264,058 | ||||||||
Media — 1.0% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
5.125% 5/01/27 (a) | 2,000,000 | 1,863,432 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
3.900% 6/01/52 | 765,000 | 457,377 | ||||||
6.484% 10/23/45 | 1,485,000 | 1,296,618 | ||||||
Discovery Communications LLC | ||||||||
4.000% 9/15/55 | 1,210,000 | 725,966 | ||||||
4.650% 5/15/50 | 490,000 | 346,152 | ||||||
Paramount Global | ||||||||
5.850% 9/01/43 | 850,000 | 661,049 | ||||||
Time Warner Cable LLC | ||||||||
6.750% 6/15/39 | 985,000 | 901,636 | ||||||
6,252,230 | ||||||||
Oil & Gas — 1.9% | ||||||||
BP Capital Markets PLC 5 yr. CMT + 4.398% | ||||||||
4.875% VRN (b) | 1,475,000 | 1,317,799 | ||||||
EQT Corp. | ||||||||
3.900% 10/01/27 | 835,000 | 772,353 | ||||||
7.000% STEP 2/01/30 | 1,795,000 | 1,846,590 | ||||||
Helmerich & Payne, Inc. | ||||||||
2.900% 9/29/31 | 1,625,000 | 1,285,190 | ||||||
Ovintiv, Inc. | ||||||||
6.500% 8/15/34 | 1,050,000 | 1,034,114 | ||||||
6.500% 2/01/38 | 545,000 | 520,505 | ||||||
7.100% 7/15/53 | 1,023,000 | 1,014,092 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.950% 2/01/28 | 2,435,000 | 2,186,824 | ||||||
5.150% 11/15/29 | 1,225,000 | 1,116,683 | ||||||
Petroleos Mexicanos | ||||||||
5.350% 2/12/28 | 665,000 | 541,033 | ||||||
6.375% 1/23/45 | 595,000 | 347,361 | ||||||
6.500% 3/13/27 | 585,000 | 515,812 | ||||||
6.625% 6/15/35 | 140,000 | 93,772 | ||||||
12,592,128 | ||||||||
Oil & Gas Services — 0.2% | ||||||||
Nov, Inc. | ||||||||
3.950% 12/01/42 | 1,506,000 | 1,054,357 | ||||||
Pharmaceuticals — 1.1% | ||||||||
AbbVie, Inc. | ||||||||
4.700% 5/14/45 | 860,000 | 732,610 | ||||||
Cigna Group | ||||||||
4.800% 7/15/46 | 880,000 | 730,749 | ||||||
CVS Health Corp. | ||||||||
5.050% 3/25/48 | 455,000 | 378,035 | ||||||
6.125% 9/15/39 | 560,000 | 543,014 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
CVS Pass-Through Trust | ||||||||
5.926% 1/10/34 (a) | $ | 879,054 | $ | 839,360 | ||||
7.507% 1/10/32 (a) | 721,958 | 739,811 | ||||||
Utah Acquisition Sub, Inc. | ||||||||
3.950% 6/15/26 | 1,450,000 | 1,358,280 | ||||||
5.250% 6/15/46 | 2,325,000 | 1,716,904 | ||||||
7,038,763 | ||||||||
Pipelines — 1.8% | ||||||||
Energy Transfer LP | ||||||||
6.125% 12/15/45 | 1,000,000 | 889,502 | ||||||
3 mo. USD LIBOR + 4.028% 9.654% VRN (b) | 2,370,000 | 2,215,427 | ||||||
EnLink Midstream Partners LP | ||||||||
4.850% 7/15/26 | 951,000 | 895,327 | ||||||
5.450% 6/01/47 | 1,125,000 | 878,995 | ||||||
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | ||||||||
5.250% VRN 8/16/77 | 2,475,000 | 2,177,959 | ||||||
Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
9.736% VRN (b) | 2,345,000 | 2,212,872 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
4.700% 6/15/44 | 1,195,000 | 882,518 | ||||||
6.650% 1/15/37 | 375,000 | 367,239 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
4.875% 2/01/31 | 930,000 | 832,954 | ||||||
Western Midstream Operating LP | ||||||||
6.350% 1/15/29 | 258,000 | 258,532 | ||||||
11,611,325 | ||||||||
Private Equity — 0.4% | ||||||||
Apollo Management Holdings LP 5 yr. CMT + 3.266% | ||||||||
4.950% VRN 1/14/50 (a) | 1,505,000 | 1,356,180 | ||||||
KKR Group Finance Co. VIII LLC | ||||||||
3.500% 8/25/50 (a) | 710,000 | 442,898 | ||||||
KKR Group Finance Co. X LLC | ||||||||
3.250% 12/15/51 (a) | 1,035,000 | 606,037 | ||||||
2,405,115 | ||||||||
Real Estate Investment Trusts (REITS) — 3.0% | ||||||||
Broadstone Net Lease LLC | ||||||||
2.600% 9/15/31 | 1,899,000 | 1,328,704 | ||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
3.750% 12/15/27 (a) | 2,625,000 | 2,032,393 | ||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
5.750% 6/01/28 | 1,050,000 | 1,006,741 | ||||||
Kimco Realty OP LLC | ||||||||
4.125% 12/01/46 | 710,000 | 491,454 | ||||||
4.450% 9/01/47 | 800,000 | 591,175 | ||||||
Omega Healthcare Investors, Inc. | ||||||||
3.375% 2/01/31 | 1,625,000 | 1,270,413 | ||||||
Piedmont Operating Partnership LP | ||||||||
2.750% 4/01/32 | 1,035,000 | 674,421 | ||||||
Rexford Industrial Realty LP | ||||||||
2.125% 12/01/30 | 1,137,000 | 861,637 | ||||||
Service Properties Trust | ||||||||
4.950% 10/01/29 | 1,155,000 | 873,304 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Spirit Realty LP | ||||||||
2.700% 2/15/32 | $ | 550,000 | $ | 417,268 | ||||
3.200% 1/15/27 | 2,280,000 | 2,065,504 | ||||||
3.400% 1/15/30 | 515,000 | 431,147 | ||||||
4.000% 7/15/29 | 1,290,000 | 1,141,169 | ||||||
STORE Capital Corp. | ||||||||
4.500% 3/15/28 | 2,075,000 | 1,825,305 | ||||||
4.625% 3/15/29 | 1,700,000 | 1,454,101 | ||||||
VICI Properties LP/VICI Note Co., Inc. | ||||||||
3.750% 2/15/27 (a) | 900,000 | 816,672 | ||||||
WEA Finance LLC | ||||||||
2.875% 1/15/27 (a) | 2,420,000 | 2,078,769 | ||||||
19,360,177 | ||||||||
Retail — 0.1% | ||||||||
Advance Auto Parts, Inc. | ||||||||
5.950% 3/09/28 | 999,000 | 944,178 | ||||||
Software — 0.4% | ||||||||
Electronic Arts, Inc. | ||||||||
2.950% 2/15/51 | 1,100,000 | 664,731 | ||||||
Microsoft Corp. | ||||||||
2.921% 3/17/52 | 2,064,000 | 1,353,795 | ||||||
Oracle Corp. | ||||||||
6.900% 11/09/52 | 712,000 | 733,452 | ||||||
2,751,978 | ||||||||
Telecommunications — 1.5% | ||||||||
AT&T, Inc. | ||||||||
3.550% 9/15/55 | 5,153,000 | 3,154,450 | ||||||
British Telecommunications PLC | ||||||||
9.625% STEP 12/15/30 | 2,155,000 | 2,538,236 | ||||||
Sprint Capital Corp. | ||||||||
8.750% 3/15/32 | 2,250,000 | 2,602,904 | ||||||
T-Mobile USA, Inc. | ||||||||
6.000% 6/15/54 | 974,000 | 928,439 | ||||||
Vodafone Group PLC | ||||||||
4.250% 9/17/50 | 1,150,000 | 833,760 | ||||||
10,057,789 | ||||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Mattel, Inc. | ||||||||
5.875% 12/15/27 (a) | 1,145,000 | 1,113,029 | ||||||
Venture Capital — 0.7% | ||||||||
Hercules Capital, Inc. | ||||||||
2.625% 9/16/26 | 3,284,000 | 2,852,253 | ||||||
3.375% 1/20/27 | 1,745,000 | 1,525,734 | ||||||
4,377,987 | ||||||||
TOTAL CORPORATE DEBT (Cost $285,065,710) | 245,348,730 | |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.2% | ||||||||
Commercial Mortgage-Backed Securities — 9.0% | ||||||||
Bank, Series 2020-BN30, Class MCDF, | ||||||||
3.016% VRN 12/15/53 (d) | 2,100,000 | 1,094,124 |
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 | $ | 1,798,956 | ||||
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (d) | 1,610,000 | 1,210,488 | ||||||
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (d) | 1,370,000 | 922,015 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (d) | 2,200,000 | 1,487,439 | ||||||
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (d) | 3,587,000 | 2,187,453 | ||||||
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (d) | 2,500,000 | 1,608,618 | ||||||
BGME Trust | ||||||||
Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (d) | 12,518,000 | 9,448,675 | ||||||
Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (d) | 2,800,000 | 2,008,726 | ||||||
BX Commercial Mortgage Trust | ||||||||
Series 2019-XL, Class E, 1 mo. USD Term SOFR + 1.914% 7.247% FRN 10/15/36 (a) | 1,469,650 | 1,455,413 | ||||||
Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914% 7.248% FRN 6/15/38 (a) | 1,763,969 | 1,713,247 | ||||||
Series 2021-VOLT, Class E, 1 mo. USD Term SOFR + 2.114% 7.447% FRN 9/15/36 (a) | 4,999,000 | 4,767,770 | ||||||
BX Trust, Series 2023-LIFE, Class C | ||||||||
5.884% 2/15/28 (a) | 1,100,000 | 1,021,883 | ||||||
COLEM Mortgage Trust, Series 2022-HLNE, Class D, | ||||||||
2.543% VRN 4/12/42 (a) (d) | 1,600,000 | 1,217,796 | ||||||
COMM Mortgage Trust | ||||||||
Series 2012-CR4, Class B, 3.703% 10/15/45 (a) | 1,060,000 | 647,993 | ||||||
Series 2014-UBS2, Class AM, 4.199% 3/10/47 | 1,375,000 | 1,348,223 | ||||||
Series 2015-CR23, Class C, 4.443% VRN 5/10/48 (d) | 1,000,000 | 862,528 | ||||||
Series 2014-LC17, Class C, 4.694% VRN 10/10/47 (d) | 2,908,000 | 2,616,085 | ||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% | ||||||||
7.530% FRN 5/15/36 (a) | 568,585 | 562,189 | ||||||
DROP Mortgage Trust | ||||||||
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.697% FRN 10/15/43 (a) | 2,629,000 | 2,129,259 | ||||||
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 8.197% FRN 10/15/43 (a) | 908,000 | 682,107 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% | ||||||||
7.697% FRN 7/15/38 (a) | 1,900,975 | 1,870,079 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, | ||||||||
3.565% VRN 1/05/39 (a) (d) | 2,500,000 | 1,773,119 | ||||||
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% | ||||||||
7.197% FRN 8/15/38 (a) | 2,581,344 | 2,385,675 | ||||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD Term SOFR + 1.996% | ||||||||
7.328% FRN 5/15/36 (a) | 1,505,000 | 1,482,501 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
7.197% FRN 3/15/38 (a) | 1,902,047 | 1,830,713 | ||||||
MFT Trust | ||||||||
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 919,000 | 623,905 | ||||||
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (d) | 2,253,000 | 1,391,822 | ||||||
MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD Term SOFR + 1.715% | ||||||||
7.047% FRN 4/15/38 (a) | 1,475,986 | 1,448,307 | ||||||
Ready Capital Mortgage Financing LLC, 1 mo. USD Term SOFR + 3.198% | ||||||||
8.518% FRN 5/25/38 (a) | 1,900,000 | 1,897,884 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||||
7.548% FRN 7/15/39 (a) | $ | 3,761,000 | $ | 2,407,857 | ||||
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | ||||||||
4.556% 6/16/51 | 400,000 | 345,118 | ||||||
58,247,967 | ||||||||
Other Asset-Backed Securities — 14.5% | ||||||||
522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD Term SOFR + 2.312% | ||||||||
7.638% FRN 10/20/31 (a) | 950,000 | 935,740 | ||||||
AASET Trust | ||||||||
Series 2020-1A, Class A, 3.351% 1/16/40 (a) | 719,684 | 626,125 | ||||||
Series 2021-2A, Class B, 3.538% 1/15/47 (a) | 888,326 | 710,723 | ||||||
Anchorage Capital CLO 19 Ltd., Series 2021-19A, Class A, 3 mo. USD Term SOFR + 1.472% | ||||||||
6.780% FRN 10/15/34 (a) | 2,000,000 | 1,983,826 | ||||||
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | ||||||||
7.607% FRN 4/26/35 (a) | 1,750,000 | 1,757,920 | ||||||
Atrium XV, Series 15A, Class B, 3 mo. USD Term SOFR + 2.012% | ||||||||
7.357% FRN 1/23/31 (a) | 1,190,000 | 1,188,278 | ||||||
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||||
6.630% FRN 4/18/35 (a) | 750,000 | 739,483 | ||||||
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD Term SOFR + 3.412% | ||||||||
8.791% FRN 11/20/30 (a) | 400,000 | 395,000 | ||||||
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | ||||||||
2.940% 5/25/29 (a) | 166,786 | 161,321 | ||||||
Business Jet Securities LLC | ||||||||
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | 181,042 | 169,732 | ||||||
Series 2021-1A, Class C, 5.067% 4/15/36 (a) | 511,986 | 476,559 | ||||||
Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD Term SOFR + 2.412% | ||||||||
7.720% FRN 10/15/34 (a) | 700,000 | 678,504 | ||||||
Carlyle US CLO Ltd., Series 2021-6A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||||
7.270% FRN 7/15/34 (a) | 1,400,000 | 1,379,631 | ||||||
CARS-DB4 LP | ||||||||
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | 453,689 | 401,162 | ||||||
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | 393,440 | 321,594 | ||||||
Castlelake Aircraft Structured Trust, Series 2019-1A, Class A | ||||||||
3.967% 4/15/39 (a) | 376,536 | 334,859 | ||||||
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD Term SOFR + 2.362% | ||||||||
7.670% FRN 1/15/31 (a) | 900,000 | 898,779 | ||||||
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | ||||||||
6.568% FRN 4/20/31 (a) | 750,000 | 748,139 | ||||||
Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482% | ||||||||
6.790% FRN 10/15/36 (a) | 2,000,000 | 1,987,718 | ||||||
Eaton Vance CLO Ltd. | ||||||||
Series 2020-2A, Class BR, 3 mo. USD Term SOFR + 1.962% 7.270% FRN 1/15/35 (a) | 1,400,000 | 1,371,888 | ||||||
Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012% 7.320% FRN 10/15/30 (a) | 1,700,000 | 1,675,086 | ||||||
Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312% 7.620% FRN 10/15/34 (a) | 350,000 | 339,965 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912% | ||||||||
7.238% FRN 10/20/34 (a) | $ | 350,000 | $ | 345,790 | ||||
Flexential Issuer | ||||||||
Series 2021-1A, Class B, 3.720% 11/27/51 (a) | 4,000,000 | 3,418,512 | ||||||
Series 2021-1A, Class C, 6.930% 11/27/51 (a) | 4,000,000 | 3,427,546 | ||||||
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-11A, Class A, 3 mo. USD Term SOFR + 1.392% | ||||||||
6.718% FRN 10/20/34 (a) | 1,000,000 | 995,388 | ||||||
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class CR, 3 mo. USD Term SOFR + 2.312% | ||||||||
7.638% FRN 10/20/32 (a) | 1,000,000 | 988,449 | ||||||
Goodgreen Trust | ||||||||
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 1,589,422 | 1,339,563 | ||||||
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 420,592 | 376,465 | ||||||
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 710,944 | 636,976 | ||||||
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term SOFR + 2.012% | ||||||||
7.320% FRN 1/15/37 (a) | 500,000 | 493,206 | ||||||
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD Term SOFR + 1.962% | ||||||||
7.288% FRN 1/20/31 (a) | 1,290,000 | 1,274,072 | ||||||
Hero Funding Trust | ||||||||
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 345,046 | 296,909 | ||||||
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 388,508 | 325,148 | ||||||
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 113,300 | 95,428 | ||||||
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 444,521 | 386,850 | ||||||
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 91,085 | 78,909 | ||||||
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 682,319 | 618,274 | ||||||
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | ||||||||
4.458% 12/15/38 (a) | 801,840 | 686,606 | ||||||
Horizon Aircraft Finance II Ltd., Series 2019-1, Class A | ||||||||
3.721% 7/15/39 (a) | 1,036,456 | 891,375 | ||||||
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A | ||||||||
3.425% 11/15/39 (a) | 2,618,059 | 2,058,570 | ||||||
HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950% | ||||||||
8.212% FRN 7/20/36 (a) | 1,000,000 | 1,003,815 | ||||||
Invesco CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.912% | ||||||||
7.257% FRN 10/22/34 (a) | 2,000,000 | 1,962,626 | ||||||
KKR CLO 28 LTD, Series 28A, Class A, 3 mo. USD Term SOFR + 1.402% | ||||||||
6.811% FRN 3/15/31 (a) | 857,938 | 855,845 | ||||||
KKR CLO 36 Ltd., Series 36A, Class C, 3 mo. USD Term SOFR + 2.412% | ||||||||
7.720% FRN 10/15/34 (a) | 500,000 | 484,032 | ||||||
KREF Ltd. | ||||||||
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 7.097% FRN 2/15/39 (a) | 2,900,000 | 2,736,341 | ||||||
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.447% FRN 2/15/39 (a) | 5,000,000 | 4,575,208 | ||||||
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.647% FRN 2/15/39 (a) | 4,100,000 | 3,621,982 | ||||||
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
4.300% 1/15/42 (a) | 1,659,900 | 1,398,555 | ||||||
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462% | ||||||||
7.772% FRN 10/18/30 (a) | 620,000 | 614,480 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | ||||||||
7.170% FRN 7/15/30 (a) | $ | 1,665,000 | $ | 1,657,386 | ||||
Madison Park Funding XXXII Ltd, Series 2018-32A, Class CR, 3 mo. USD Term SOFR + 2.262% | ||||||||
7.607% FRN 1/22/31 (a) | 1,000,000 | 976,788 | ||||||
Mariner Finance Issuance Trust | ||||||||
Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,336,000 | 1,162,154 | ||||||
Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 637,000 | 527,776 | ||||||
Mosaic Solar Loan Trust, Series 2018-1A, Class A | ||||||||
4.010% 6/22/43 (a) | 153,301 | 136,112 | ||||||
Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
4.450% 6/20/42 (a) | 141,291 | 132,267 | ||||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912% | ||||||||
7.220% FRN 7/15/34 (a) | 1,800,000 | 1,777,165 | ||||||
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2015-45A, Class B, 3 mo. USD Term SOFR + 1.912% | ||||||||
7.223% FRN 10/14/35 (a) | 1,350,000 | 1,329,175 | ||||||
NP SPE II LLC, Series 2017-1A, Class A2 | ||||||||
4.219% 10/21/47 (a) | 2,260,000 | 2,040,061 | ||||||
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5 | ||||||||
3.390% 11/20/50 (a) | 1,200,000 | 1,055,637 | ||||||
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD Term SOFR + 1.362% | ||||||||
6.688% FRN 7/20/31 (a) | 250,000 | 249,396 | ||||||
Oxford Finance Funding LLC, Series 2020-1A, Class A2 | ||||||||
3.101% 2/15/28 (a) | 406,246 | 395,517 | ||||||
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
7.438% FRN 10/20/34 (a) | 450,000 | 444,823 | ||||||
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | ||||||||
3.967% 6/15/44 (a) | 1,182,171 | 1,028,122 | ||||||
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2 | ||||||||
3.858% 12/05/49 (a) | 2,234,925 | 1,897,505 | ||||||
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
6.801% FRN 10/30/34 (a) | 1,000,000 | 991,856 | ||||||
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD Term SOFR + 1.812% | ||||||||
7.138% FRN 4/20/34 (a) | 1,500,000 | 1,454,445 | ||||||
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD Term SOFR + 1.352% | ||||||||
6.660% FRN 1/15/30 (a) | 2,204,468 | 2,200,896 | ||||||
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | ||||||||
7.158% FRN 1/15/37 (a) | 750,000 | 734,575 | ||||||
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | ||||||||
6.710% FRN 10/15/35 (a) | 1,000,000 | 993,289 | ||||||
Sierra Timeshare Receivables Funding LLC | ||||||||
Series 2021-1A, Class D, 3.170% 11/20/37 (a) | 431,541 | 393,465 | ||||||
Series 2018-3A, Class D, 5.200% 9/20/35 (a) | 183,271 | 180,632 | ||||||
Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250% | ||||||||
7.332% FRN 4/20/35 (a) | 1,500,000 | 1,513,209 | ||||||
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD Term SOFR + 2.562% | ||||||||
7.941% FRN 8/18/31 (a) | 1,170,000 | 1,159,736 | ||||||
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | ||||||||
6.634% FRN 11/25/35 (a) | 983,731 | 959,633 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Structured Receivables Finance LLC, Series 2010-B, Class A | ||||||||
3.730% 8/15/36 (a) | $ | 50,623 | $ | 48,872 | ||||
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
4.870% 7/20/48 (a) | 389,298 | 353,777 | ||||||
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||||
4.190% 1/15/71 (a) | 1,661,822 | 1,381,139 | ||||||
Symphony CLO Ltd., Series 2023-30A, Class B, 3 mo. USD Term SOFR + 2.650% | ||||||||
7.718% FRN 4/20/35 (a) | 1,875,000 | 1,881,412 | ||||||
THL Credit Wind River CLO Ltd., Series 2018-2A, Class B, 3 mo. USD Term SOFR + 2.012% | ||||||||
7.320% FRN 7/15/30 (a) | 1,150,000 | 1,134,170 | ||||||
Thrust Engine Leasing DAC | ||||||||
Series 2021-1A, Class A, 4.163% 7/15/40 (a) | 2,424,471 | 2,080,100 | ||||||
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,158,289 | 884,389 | ||||||
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 728,392 | 541,283 | ||||||
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||||
7.238% FRN 10/20/32 (a) | 1,000,000 | 990,947 | ||||||
Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||||
7.370% 4/30/48 (a) | 1,799,818 | 1,629,802 | ||||||
Voya CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% | ||||||||
7.188% FRN 1/20/35 (a) | 500,000 | 490,065 | ||||||
WAVE Trust | ||||||||
Series 2017-1A, Class A, 3.844% 11/15/42 (a) | 269,260 | 216,450 | ||||||
Series 2017-1A, Class C, 6.656% 11/15/42 (a) | 2,249,551 | 252,130 | ||||||
Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
4.750% STEP 9/15/43 (a) | 923,113 | 777,759 | ||||||
Wind River CLO Ltd., Series 2016-2A, Class BR, 3 mo. USD Term SOFR + 2.062% | ||||||||
7.434% FRN 11/01/31 (a) | 900,000 | 886,507 | ||||||
94,209,374 | ||||||||
Student Loans Asset-Backed Securities — 3.0% | ||||||||
College Avenue Student Loans LLC | ||||||||
Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,212,110 | 1,090,686 | ||||||
Series 2019-A, Class C, 4.460% 12/28/48 (a) | 808,279 | 727,878 | ||||||
Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 30 day USD SOFR Average + 1.614% | ||||||||
6.929% FRN 6/25/48 (a) | 1,200,000 | 1,189,983 | ||||||
Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614% | ||||||||
6.929% FRN 10/25/56 (a) | 1,100,000 | 1,068,034 | ||||||
Educational Funding of the South, Inc., Series 2011-1, Class B, 90 day USD SOFR Average + 3.962% | ||||||||
9.016% FRN 4/25/46 | 625,000 | 632,119 | ||||||
EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A | ||||||||
3.580% 11/25/38 (a) | 522,048 | 485,382 | ||||||
Higher Education Funding I | ||||||||
Series 2004-1, Class B2, 0.000%FRN 1/01/44 (a) (d) | 450,000 | 387,199 | ||||||
Series 2004-1, Class B1, 4.161% FRN 1/01/44 (a) (d) | 450,000 | 387,174 | ||||||
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX | ||||||||
3.020% 8/25/42 (a) | 547,785 | 498,641 | ||||||
Navient Student Loan Trust | ||||||||
Series 2021-2A, Class B, 30 day USD SOFR Average + 1.464% 6.779% FRN 2/25/70 (a) | 2,330,000 | 2,181,143 | ||||||
Series 2015-3, Class B, 30 day USD SOFR Average + 1.614% 6.929% FRN 10/25/58 | 940,000 | 884,251 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Nelnet Student Loan Trust | ||||||||
Series 2005-4, Class A4R1, 1.658% FRN 3/22/32 (d) | $ | 110,000 | $ | 109,040 | ||||
Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2,150,000 | 1,585,084 | ||||||
Series 2019-1A, Class B, 30 day USD SOFR Average + 1.514% 6.829% FRN 4/25/67 (a) | 3,250,000 | 3,091,287 | ||||||
SLM Student Loan Trust | ||||||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.526% FRN 10/25/40 | 1,501,928 | 1,411,203 | ||||||
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.606% FRN 1/25/44 | 1,157,452 | 1,076,522 | ||||||
SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
5.496% VRN 1/25/45 (a) (d) | 1,621,287 | 1,544,229 | ||||||
SoFi Professional Loan Program LLC, Series 2017-C, Class C, | ||||||||
4.210% VRN 7/25/40 (a) (d) | 990,000 | 857,713 | ||||||
19,207,568 | ||||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 2.6% | ||||||||
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
5.348% VRN 8/25/34 (d) | 5,630 | 5,356 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1, | ||||||||
2.317% VRN 4/25/66 (a) (d) | 1,330,000 | 736,089 | ||||||
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
2.500% VRN 8/25/51 (a) (d) | 3,622,278 | 2,656,573 | ||||||
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, | ||||||||
2.500% VRN 2/25/52 (a) (d) | 2,004,743 | 1,529,165 | ||||||
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||||
2.500% VRN 6/25/51 (a) (d) | 2,363,265 | 1,733,215 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD Term SOFR + 1.514% | ||||||||
6.834% FRN 5/25/55 (a) | 2,258,533 | 2,244,225 | ||||||
NMLT Trust, Series 2021-INV1, Class M1, | ||||||||
2.711% VRN 5/25/56 (a) (d) | 5,400,000 | 3,374,614 | ||||||
Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | ||||||||
2.491% VRN 6/25/56 (a) (d) | 2,448,000 | 1,537,207 | ||||||
Verus Securitization Trust | ||||||||
Series 2021-3, Class M1, 2.397% VRN 6/25/66 (a) (d) | 3,640,000 | 2,225,623 | ||||||
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 (a) (d) | 1,147,000 | 863,483 | ||||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | ||||||||
3.935% VRN 11/25/48 (a) (d) | 41,730 | 38,072 | ||||||
16,943,622 | ||||||||
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1% | ||||||||
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A4, | ||||||||
2.500% VRN 2/25/52 (a) (d) | 1,331,483 | 978,172 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $221,735,202) | 189,586,703 | |||||||
SOVEREIGN DEBT OBLIGATION — 0.2% | ||||||||
Mexico Government International Bond | ||||||||
4.750% 3/08/44 | 1,652,000 | 1,265,185 | ||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,645,713) | 1,265,185 | |||||||
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 29.3% | ||||||||
Collateralized Mortgage Obligations — 0.0% | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | $ | 12,867 | $ | 12,998 | ||||
Pass-Through Securities — 29.3% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #RA4245 2.000% 12/01/50 | 2,066,070 | 1,588,333 | ||||||
Pool #RA4255 2.000% 1/01/51 | 4,265,973 | 3,287,550 | ||||||
Pool #RA5576 2.500% 7/01/51 | 7,580,091 | 6,082,970 | ||||||
Pool #SD0905 3.000% 3/01/52 | 3,332,056 | 2,768,401 | ||||||
Pool #J13972 3.500% 1/01/26 | 4,891 | 4,781 | ||||||
Pool #C91344 3.500% 11/01/30 | 34,967 | 32,860 | ||||||
Pool #C91424 3.500% 1/01/32 | 21,585 | 20,284 | ||||||
Pool #RA2483 3.500% 6/01/50 | 3,617,114 | 3,146,111 | ||||||
Pool #SD1523 4.000% 8/01/52 | 5,097,499 | 4,573,001 | ||||||
Pool #SD1603 4.000% 9/01/52 | 3,164,273 | 2,822,869 | ||||||
Pool #C91239 4.500% 3/01/29 | 1,627 | 1,592 | ||||||
Pool #C91251 4.500% 6/01/29 | 11,372 | 11,127 | ||||||
Pool #C90939 5.500% 12/01/25 | 3,843 | 3,816 | ||||||
Pool #D97258 5.500% 4/01/27 | 1,424 | 1,414 | ||||||
Pool #C91026 5.500% 4/01/27 | 8,668 | 8,607 | ||||||
Pool #C91074 5.500% 8/01/27 | 912 | 905 | ||||||
Pool #D97417 5.500% 10/01/27 | 5,856 | 5,821 | ||||||
Pool #C91128 5.500% 12/01/27 | 613 | 609 | ||||||
Pool #C91148 5.500% 1/01/28 | 20,170 | 20,044 | ||||||
Pool #C91176 5.500% 5/01/28 | 7,795 | 7,753 | ||||||
Pool #C91217 5.500% 11/01/28 | 3,127 | 3,082 | ||||||
Federal National Mortgage Association | ||||||||
Pool #CB0414 2.500% 5/01/51 | 6,224,862 | 4,962,338 | ||||||
Pool #FM8596 2.500% 9/01/51 | 1,981,753 | 1,590,343 | ||||||
Pool #FM9104 2.500% 10/01/51 | 5,794,398 | 4,645,437 | ||||||
Pool #FM9227 2.500% 10/01/51 | 4,296,926 | 3,438,182 | ||||||
Pool #MA4548 2.500% 2/01/52 | 6,499,669 | 5,166,176 | ||||||
Pool #FS3035 2.500% 4/01/52 | 8,883,280 | 7,121,831 | ||||||
Pool #MA3029 3.000% 6/01/32 | 1,015,488 | 937,762 | ||||||
Pool #MA3090 3.000% 8/01/32 | 415,012 | 383,247 | ||||||
Pool #AO8180 3.000% 9/01/42 | 9,367 | 8,179 | ||||||
Pool #AB7397 3.000% 12/01/42 | 60,490 | 52,795 | ||||||
Pool #AB7401 3.000% 12/01/42 | 49,059 | 42,859 | ||||||
Pool #AP8668 3.000% 12/01/42 | 72,449 | 63,166 | ||||||
Pool #AR1975 3.000% 12/01/42 | 13,932 | 12,169 | ||||||
Pool #AR0306 3.000% 1/01/43 | 3,825 | 3,341 | ||||||
Pool #AR5391 3.000% 1/01/43 | 15,579 | 13,572 | ||||||
Pool #AL3215 3.000% 2/01/43 | 48,606 | 42,383 | ||||||
Pool #AR4109 3.000% 2/01/43 | 53,097 | 46,282 | ||||||
Pool #AR4432 3.000% 3/01/43 | 22,880 | 19,943 | ||||||
Pool #AT0169 3.000% 3/01/43 | 109,416 | 95,319 | ||||||
Pool #AB8809 3.000% 3/01/43 | 24,832 | 21,672 | ||||||
Pool #MA1368 3.000% 3/01/43 | 94,505 | 82,410 | ||||||
Pool #AR2174 3.000% 4/01/43 | 91,252 | 79,479 | ||||||
Pool #FS1075 3.000% 3/01/52 | 3,357,859 | 2,802,379 | ||||||
Pool #CB3304 3.000% 4/01/52 | 5,167,547 | 4,312,696 | ||||||
Pool #CB3305 3.000% 4/01/52 | 6,180,173 | 5,148,149 | ||||||
Pool #AS1304 3.500% 12/01/28 | 364,247 | 350,535 | ||||||
Pool #MA1356 3.500% 2/01/43 | 3,441,573 | 3,070,614 | ||||||
Pool #CA6096 3.500% 6/01/50 | 4,000,251 | 3,461,856 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Pool #FM4017 3.500% 8/01/50 | $ | 286,458 | $ | 249,157 | ||||
Pool #CB3842 3.500% 6/01/52 | 10,046,528 | 8,695,934 | ||||||
Pool #AA3980 4.500% 4/01/28 | 13,500 | 13,274 | ||||||
Pool #CA1909 4.500% 6/01/48 | 1,831,961 | 1,710,963 | ||||||
Pool #CB3866 4.500% 6/01/52 | 5,885,403 | 5,439,208 | ||||||
Pool #CB4129 4.500% 7/01/52 | 5,042,824 | 4,636,870 | ||||||
Pool #AD6437 5.000% 6/01/40 | 172,342 | 169,774 | ||||||
Pool #AD6996 5.000% 7/01/40 | 1,107,237 | 1,090,524 | ||||||
Pool #AL8173 5.000% 2/01/44 | 387,822 | 381,070 | ||||||
Pool #775539 RFUCC1 yr. Treasury + 1.641% 5.391% FRN 5/01/34 | 10,991 | 11,073 | ||||||
Pool #AD0836 5.500% 11/01/28 | 17,514 | 17,377 | ||||||
Government National Mortgage Association | ||||||||
Pool #352022 7.000% 11/15/23 | 10 | 10 | ||||||
Pool #491089 7.000% 12/15/28 | 2,146 | 2,145 | ||||||
Pool #480539 7.000% 4/15/29 | 56 | 57 | ||||||
Pool #488634 7.000% 5/15/29 | 1,278 | 1,292 | ||||||
Pool #500928 7.000% 5/15/29 | 2,198 | 2,229 | ||||||
Pool #510083 7.000% 7/15/29 | 126 | 128 | ||||||
Pool #493723 7.000% 8/15/29 | 1,647 | 1,673 | ||||||
Pool #581417 7.000% 7/15/32 | 2,985 | 3,019 | ||||||
Government National Mortgage Association II | ||||||||
Pool #008746 1 yr. CMT + 1.500% 2.750% FRN 11/20/25 | 672 | 654 | ||||||
Pool #080136 1 yr. CMT + 1.500% 2.750% FRN 11/20/27 | 258 | 249 | ||||||
Pool #MA6038 3.000% 7/20/49 | 1,978,722 | 1,690,715 | ||||||
Pool #MA6283 3.000% 11/20/49 | 3,586,015 | 3,060,422 | ||||||
Pool #MA6409 3.000% 1/20/50 | 3,698,264 | 3,155,063 | ||||||
Pool #MA4321 3.500% 3/20/47 | 2,210,270 | 1,962,807 | ||||||
Government National Mortgage Association II, TBA | ||||||||
2.500% 10/20/53 (c) | 13,050,000 | 10,663,702 | ||||||
3.000% 10/20/53 (c) | 9,125,000 | 7,732,943 | ||||||
3.500% 10/20/53 (c) | 5,770,000 | 5,054,830 | ||||||
4.500% 10/20/53 (c) | 2,000,000 | 1,847,328 | ||||||
Uniform Mortgage-Backed Security, TBA | ||||||||
2.000% 10/01/53 (c) | 6,925,000 | 5,264,042 | ||||||
2.500% 10/01/52 (c) | 6,350,000 | 5,036,588 | ||||||
3.000% 10/01/53 (c) | 7,525,000 | 6,221,355 | ||||||
3.500% 10/01/53 (c) | 2,000,000 | 1,719,687 | ||||||
4.000% 10/01/53 (c) | 18,350,000 | 16,342,961 | ||||||
4.500% 10/01/38 (c) | 7,500,000 | 7,186,233 | ||||||
4.500% 10/01/52 (c) | 1,975,000 | 1,813,682 | ||||||
5.000% 10/01/38 (c) | 7,400,000 | 7,204,017 | ||||||
5.000% 10/01/53 (c) | 10,300,000 | 9,719,424 | ||||||
190,469,523 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $208,849,600) | 190,482,521 | |||||||
U.S. TREASURY OBLIGATIONS — 2.5% | ||||||||
U.S. Treasury Bonds & Notes — 2.5% | ||||||||
U.S. Treasury Bonds | ||||||||
2.250% 8/15/49 (f) | 18,200,000 | 11,310,121 |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
U.S. Treasury Notes | ||||||||
4.500% 7/15/26 | $ | 4,600,000 | $ | 4,556,972 | ||||
15,867,093 | ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,683,341) | 15,867,093 | |||||||
TOTAL BONDS & NOTES (Cost $734,979,566) | 642,550,232 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $734,979,566) | 642,550,232 | |||||||
SHORT-TERM INVESTMENTS — 14.2% | ||||||||
Commercial Paper — 12.9% | ||||||||
Alimentation Couche-Tard, Inc. | ||||||||
5.784% 10/02/23 (a) | 3,000,000 | 2,998,624 | ||||||
American Electric Power Co., Inc. | ||||||||
5.691% 10/30/23 (a) | 6,000,000 | 5,971,320 | ||||||
5.696% 11/02/23 (a) | 5,000,000 | 4,973,773 | ||||||
American Honda Finance Corp. | ||||||||
5.707% 11/21/23 | 7,000,000 | 6,942,485 | ||||||
Aon Corp. | ||||||||
5.718% 11/28/23 (a) | 6,000,000 | 5,944,800 | ||||||
5.724% 11/03/23 (a) | 3,000,000 | 2,983,973 | ||||||
CRH America Finance, Inc. | ||||||||
5.728% 11/20/23 (a) | 2,000,000 | 1,983,903 | ||||||
Intercontinental Exchange, Inc. | ||||||||
5.721% 10/16/23 (a) | 7,000,000 | 6,981,149 | ||||||
Nutrien Financial US LLC | ||||||||
5.720% 10/26/23 (a) | 11,000,000 | 10,954,344 | ||||||
5.727% 10/23/23 (a) | 9,000,000 | 8,966,766 | ||||||
Spire, Inc. | ||||||||
5.612% 10/02/23 (a) | 3,000,000 | 2,998,644 | ||||||
Suncor Energy, Inc. | ||||||||
5.751% 10/10/23 (a) | 10,000,000 | 9,983,344 | ||||||
Tampa Electric Co. | ||||||||
5.759% 11/01/23 (a) | 8,000,000 | 7,958,772 | ||||||
TELUS Corp. | ||||||||
5.755% 10/04/23 (a) | 4,000,000 | 3,996,985 | ||||||
83,638,882 | ||||||||
Discount Notes — 0.9% | ||||||||
Federal Home Loan Bank Discount Notes, 5.275%, due 10/02/23 (g) | 6,000,000 | 5,997,385 | ||||||
Repurchase Agreement — 0.4% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (h) | 2,574,119 | 2,574,119 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $92,224,447) | 92,210,386 | |||||||
MML Managed Bond Fund — Portfolio of Investments (Continued) |
Value | ||||||||
TOTAL INVESTMENTS — 113.2% (Cost $827,204,013) (i) | $ | 734,760,618 | ||||||
Other Assets/(Liabilities) — (13.2)% | (85,419,622) | |||||||
NET ASSETS — 100.0% | $ | 649,340,996 |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
FRN | Floating Rate Note |
REMICS | Real Estate Mortgage Investment Conduits |
SOFR | Secured Overnight Financing Rate |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $342,090,394 or 52.68% of net assets. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2023. |
(e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(f) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(g) | The rate shown represents yield-to-maturity. |
(h) | Maturity value of $2,574,463. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/31/26, and an aggregate market value, including accrued interest, of $2,625,650. |
(i) | 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 | 12/19/23 | 85 | $ | 10,241,468 | $ | (570,062) | ||||||||
U.S. Treasury Ultra Bond | 12/19/23 | 250 | 31,963,750 | (2,291,875) | ||||||||||
U.S. Treasury Note 2 Year | 12/29/23 | 250 | 50,792,160 | (114,425) | ||||||||||
U.S. Treasury Note 5 Year | 12/29/23 | 269 | 28,631,566 | (289,894) | ||||||||||
$ | (3,266,256) | |||||||||||||
Short | ||||||||||||||
U.S. Treasury Ultra 10 Year | 12/19/23 | 40 | $ | (4,591,621) | $ | 129,121 |
Centrally Cleared Credit Default Swaps - Buy Protection | ||||||||||||||||||||||||||||||||
Reference Obligation/Index | Rate Paid by Fund | Payment Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
CDX.NA.IG Series 41† | 1.000% | Quarterly | 12/20/28 | USD | 110,000,000 | $ | (1,306,470) | $ | (1,577,287) | $ | 270,817 |
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 USD SOFR | Annually | Fixed 3.965% | Annually | 6/23/25 | USD | 50,000,000 | $ | (943,210) | $ | — | $ | (943,210) | ||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.815% | Annually | 6/30/25 | USD | 49,000,000 | (1,046,934) | — | (1,046,934) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.749% | Annually | 7/14/25 | USD | 49,141,000 | (1,110,228) | — | (1,110,228) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.618% | Annually | 8/07/25 | USD | 49,472,000 | (1,240,382) | — | (1,240,382) | |||||||||||||||||||||||
Fixed 3.293% | Annually | 12-Month USD SOFR | Annually | 6/23/33 | USD | 11,000,000 | 851,676 | — | 851,676 | |||||||||||||||||||||||
Fixed 3.223% | Annually | 12-Month USD SOFR | Annually | 6/30/33 | USD | 11,210,000 | 930,962 | — | 930,962 | |||||||||||||||||||||||
Fixed 3.086% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 11,165,000 | 1,051,132 | — | 1,051,132 | |||||||||||||||||||||||
Fixed 3.107% | Annually | 12-Month USD SOFR | Annually | 8/07/33 | USD | 11,000,000 | 1,022,870 | — | 1,022,870 | |||||||||||||||||||||||
$ | (484,114) | $ | — | $ | (484,114) |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
USD | U.S. Dollar |
MML Short-Duration Bond Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
BONDS & NOTES — 84.1% | ||||||||
CORPORATE DEBT — 44.1% | ||||||||
Agriculture — 0.8% | ||||||||
BAT Capital Corp. | ||||||||
4.700% 4/02/27 | $ | 625,000 | $ | 598,406 | ||||
Imperial Brands Finance PLC | ||||||||
3.125% 7/26/24 (a) | 400,000 | 389,803 | ||||||
988,209 | ||||||||
Auto Manufacturers — 1.6% | ||||||||
Ford Motor Credit Co. LLC | ||||||||
2.300% 2/10/25 | 645,000 | 604,989 | ||||||
Hyundai Capital America | ||||||||
6.100% 9/21/28 (a) | 305,000 | 302,824 | ||||||
Nissan Motor Acceptance Co. LLC | ||||||||
1.850% 9/16/26 (a) | 1,235,000 | 1,074,464 | ||||||
1,982,277 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
LG Energy Solution Ltd. | ||||||||
5.625% 9/25/26 (a) | 250,000 | 249,191 | ||||||
Banks — 9.7% | ||||||||
ABN AMRO Bank NV | ||||||||
4.750% 7/28/25 (a) | 625,000 | 605,414 | ||||||
Banco Santander SA | ||||||||
1.849% 3/25/26 | 600,000 | 539,596 | ||||||
Bank Mandiri Persero Tbk PT | ||||||||
5.500% 4/04/26 (a) | 384,000 | 379,656 | ||||||
Bank of America Corp. | ||||||||
Secured Overnight Financing Rate + 0.960% 1.734% VRN 7/22/27 | 265,000 | 234,832 | ||||||
3.950% 4/21/25 | 178,000 | 171,879 | ||||||
Barclays PLC | ||||||||
5.200% 5/12/26 | 1,055,000 | 1,016,376 | ||||||
BPCE SA | ||||||||
4.625% 7/11/24 (a) | 200,000 | 196,176 | ||||||
5.700% 10/22/23 (a) | 805,000 | 804,234 | ||||||
Citigroup, Inc. | ||||||||
4.450% 9/29/27 | 465,000 | 436,564 | ||||||
Danske Bank AS | ||||||||
1 yr. CMT + 0.730% 1.549% VRN 9/10/27 (a) (b) | 485,000 | 423,262 | ||||||
1 yr. CMT + 2.100% 6.466% VRN 1/09/26 (a) | 275,000 | 274,497 | ||||||
Deutsche Bank AG Secured Overnight Financing Rate + 1.219% | ||||||||
2.311% VRN 11/16/27 | 430,000 | 374,437 | ||||||
HSBC Holdings PLC | ||||||||
Secured Overnight Financing Rate + 1.430% 2.999% VRN 3/10/26 | 430,000 | 409,773 | ||||||
Secured Overnight Financing Rate + 3.350% 7.390% VRN 11/03/28 | 310,000 | 320,708 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020% | ||||||||
6.208% VRN 8/21/29 | $ | 310,000 | $ | 303,258 | ||||
ING Groep NV Secured Overnight Financing Rate + 1.560% | ||||||||
6.083% VRN 9/11/27 | 305,000 | 303,645 | ||||||
JP Morgan Chase & Co. Secured Overnight Financing Rate + 0.765% | ||||||||
1.470% VRN 9/22/27 | 445,000 | 389,858 | ||||||
Lloyds Banking Group PLC 1 yr. CMT + 1.700% | ||||||||
5.871% VRN 3/06/29 | 325,000 | 317,783 | ||||||
Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069% | ||||||||
1.340% VRN 1/12/27 (a) | 845,000 | 755,954 | ||||||
Morgan Stanley | ||||||||
Secured Overnight Financing Rate + 1.610% 4.210% VRN 4/20/28 | 245,000 | 230,369 | ||||||
4.350% 9/08/26 | 1,150,000 | 1,096,501 | ||||||
Natwest Group PLC 1 yr. CMT + 0.900% | ||||||||
1.642% VRN 6/14/27 | 345,000 | 304,680 | ||||||
Santander UK Group Holdings PLC Secured Overnight Financing Rate + 1.220% | ||||||||
2.469% VRN 1/11/28 | 370,000 | 322,014 | ||||||
Societe Generale SA | ||||||||
1 yr. CMT + 1.100% 1.488% VRN 12/14/26 (a) | 525,000 | 468,702 | ||||||
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | 200,000 | 177,743 | ||||||
Synovus Bank | ||||||||
5.625% 2/15/28 | 273,000 | 247,357 | ||||||
UBS Group AG | ||||||||
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 (a) | 450,000 | 399,064 | ||||||
1 yr. CMT + 1.080% 1.364% VRN 1/30/27 (a) | 400,000 | 355,399 | ||||||
Wells Fargo & Co. Secured Overnight Financing Rate + 1.740% | ||||||||
5.574% VRN 7/25/29 | 310,000 | 302,433 | ||||||
12,162,164 | ||||||||
Beverages — 0.6% | ||||||||
Bacardi Ltd. | ||||||||
4.450% 5/15/25 (a) | 378,000 | 366,799 | ||||||
JDE Peet's NV | ||||||||
1.375% 1/15/27 (a) | 407,000 | 351,409 | ||||||
718,208 | ||||||||
Chemicals — 2.5% | ||||||||
Celanese US Holdings LLC | ||||||||
1.400% 8/05/26 | 250,000 | 217,690 | ||||||
6.165% 7/15/27 | 200,000 | 197,214 | ||||||
6.350% 11/15/28 | 305,000 | 301,167 | ||||||
International Flavors & Fragrances, Inc. | ||||||||
1.832% 10/15/27 (a) | 400,000 | 332,230 | ||||||
MEGlobal Canada ULC | ||||||||
5.000% 5/18/25 (a) | 450,000 | 438,750 | ||||||
Orbia Advance Corp. SAB de CV | ||||||||
1.875% 5/11/26 (a) | 657,000 | 585,038 | ||||||
Syngenta Finance NV | ||||||||
4.892% 4/24/25 (a) | 335,000 | 326,658 | ||||||
Yara International ASA | ||||||||
3.800% 6/06/26 (a) | 325,000 | 306,851 | ||||||
4.750% 6/01/28 (a) | 450,000 | 423,479 | ||||||
3,129,077 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Commercial Services — 0.7% | ||||||||
Triton Container International Ltd. | ||||||||
2.050% 4/15/26 (a) | $ | 950,000 | $ | 846,349 | ||||
Distribution & Wholesale — 0.8% | ||||||||
Ferguson Finance PLC | ||||||||
4.250% 4/20/27 (a) | 355,000 | 336,667 | ||||||
Li & Fung Ltd. | ||||||||
5.000% STEP 8/18/25 (a) | 675,000 | 622,183 | ||||||
958,850 | ||||||||
Diversified Financial Services — 4.2% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
2.450% 10/29/26 | 405,000 | 362,757 | ||||||
6.500% 7/15/25 | 300,000 | 300,346 | ||||||
Aircastle Ltd. | ||||||||
4.125% 5/01/24 | 740,000 | 729,407 | ||||||
ANB Sukuk Ltd. 5 yr. CMT + 2.974% | ||||||||
3.326% VRN 10/28/30 (a) | 650,000 | 609,375 | ||||||
Antares Holdings LP | ||||||||
2.750% 1/15/27 (a) | 310,000 | 262,507 | ||||||
3.950% 7/15/26 (a) | 605,000 | 544,562 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
2.875% 2/15/25 (a) | 800,000 | 755,278 | ||||||
4.250% 4/15/26 (a) | 250,000 | 234,974 | ||||||
BGC Partners, Inc. | ||||||||
4.375% 12/15/25 | 505,000 | 468,489 | ||||||
Charles Schwab Corp. | ||||||||
5.875% 8/24/26 | 685,000 | 682,744 | ||||||
LeasePlan Corp. NV | ||||||||
2.875% 10/24/24 (a) | 280,000 | 269,367 | ||||||
5,219,806 | ||||||||
Electric — 1.6% | ||||||||
Alliant Energy Finance LLC | ||||||||
1.400% 3/15/26 (a) | 260,000 | 230,670 | ||||||
Enel Finance International NV | ||||||||
1.375% 7/12/26 (a) | 620,000 | 547,520 | ||||||
4.625% 6/15/27 (a) | 377,000 | 359,389 | ||||||
Pacific Gas & Electric Co. | ||||||||
4.950% 6/08/25 | 380,000 | 371,058 | ||||||
Pennsylvania Electric Co. | ||||||||
5.150% 3/30/26 (a) | 226,000 | 221,761 | ||||||
Sempra | ||||||||
5.400% 8/01/26 | 310,000 | 306,712 | ||||||
2,037,110 | ||||||||
Electronics — 0.2% | ||||||||
Jabil, Inc. | ||||||||
4.250% 5/15/27 | 285,000 | 269,521 | ||||||
Engineering & Construction — 0.3% | ||||||||
Mexico City Airport Trust | ||||||||
4.250% 10/31/26 (a) | 400,000 | 375,968 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Entertainment — 0.2% | ||||||||
Warnermedia Holdings, Inc. | ||||||||
3.638% 3/15/25 | $ | 325,000 | $ | 313,459 | ||||
Food — 1.6% | ||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
2.500% 1/15/27 | 860,000 | 759,655 | ||||||
Pilgrim's Pride Corp. | ||||||||
5.875% 9/30/27 (a) | 112,000 | 113,630 | ||||||
Sigma Alimentos SA de CV | ||||||||
4.125% 5/02/26 (a) | 450,000 | 427,401 | ||||||
Smithfield Foods, Inc. | ||||||||
4.250% 2/01/27 (a) | 775,000 | 716,436 | ||||||
2,017,122 | ||||||||
Forest Products & Paper — 0.5% | ||||||||
Suzano International Finance BV | ||||||||
4.000% 1/14/25 | 700,000 | 678,790 | ||||||
Hand & Machine Tools — 0.3% | ||||||||
Regal Rexnord Corp. | ||||||||
6.050% 2/15/26 (a) | 325,000 | 321,377 | ||||||
Health Care – Services — 0.2% | ||||||||
HCA, Inc. | ||||||||
5.200% 6/01/28 | 315,000 | 304,438 | ||||||
Home Builders — 0.3% | ||||||||
Toll Brothers Finance Corp. | ||||||||
4.875% 3/15/27 | 375,000 | 359,176 | ||||||
Housewares — 0.1% | ||||||||
Newell Brands, Inc. | ||||||||
6.375% 9/15/27 (b) | 200,000 | 190,797 | ||||||
Insurance — 3.0% | ||||||||
Athene Global Funding | ||||||||
1.730% 10/02/26 (a) | 445,000 | 387,836 | ||||||
2.500% 1/14/25 (a) | 420,000 | 396,938 | ||||||
3.205% 3/08/27 (a) | 212,000 | 189,912 | ||||||
CNO Global Funding | ||||||||
1.750% 10/07/26 (a) | 714,000 | 626,948 | ||||||
Corebridge Financial, Inc. | ||||||||
3.650% 4/05/27 | 235,000 | 217,546 | ||||||
GA Global Funding Trust | ||||||||
2.250% 1/06/27 (a) | 685,000 | 600,243 | ||||||
Lincoln National Corp. | ||||||||
3.800% 3/01/28 (b) | 350,000 | 317,275 | ||||||
Sammons Financial Group, Inc. | ||||||||
4.450% 5/12/27 (a) | 1,140,000 | 1,043,534 | ||||||
3,780,232 | ||||||||
Internet — 0.2% | ||||||||
Expedia Group, Inc. | ||||||||
4.625% 8/01/27 | 309,000 | 294,658 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Investment Companies — 2.9% | ||||||||
Ares Capital Corp. | ||||||||
3.875% 1/15/26 | $ | 535,000 | $ | 500,607 | ||||
BlackRock TCP Capital Corp. | ||||||||
3.900% 8/23/24 | 163,000 | 158,306 | ||||||
Blackstone Private Credit Fund | ||||||||
2.625% 12/15/26 | 890,000 | 766,062 | ||||||
2.700% 1/15/25 | 325,000 | 307,823 | ||||||
Blue Owl Credit Income Corp. | ||||||||
4.700% 2/08/27 | 500,000 | 454,985 | ||||||
Golub Capital BDC, Inc. | ||||||||
2.500% 8/24/26 | 270,000 | 236,629 | ||||||
3.375% 4/15/24 | 330,000 | 324,103 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.750% 9/15/24 | 445,000 | 428,609 | ||||||
Sixth Street Specialty Lending, Inc. | ||||||||
3.875% 11/01/24 | 410,000 | 398,046 | ||||||
3,575,170 | ||||||||
Leisure Time — 0.2% | ||||||||
Harley-Davidson Financial Services, Inc. | ||||||||
3.350% 6/08/25 (a) | 330,000 | 313,181 | ||||||
Lodging — 0.7% | ||||||||
Las Vegas Sands Corp. | ||||||||
3.200% 8/08/24 | 875,000 | 846,528 | ||||||
Machinery – Construction & Mining — 0.5% | ||||||||
Weir Group PLC | ||||||||
2.200% 5/13/26 (a) | 680,000 | 611,053 | ||||||
Mining — 0.7% | ||||||||
Alcoa Nederland Holding BV | ||||||||
6.125% 5/15/28 (a) | 395,000 | 380,338 | ||||||
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | ||||||||
4.750% 5/15/25 (a) | 550,000 | 537,350 | ||||||
917,688 | ||||||||
Oil & Gas — 1.8% | ||||||||
EQT Corp. | ||||||||
6.125% STEP 2/01/25 | 360,000 | 358,758 | ||||||
Ovintiv, Inc. | ||||||||
5.375% 1/01/26 | 275,000 | 271,141 | ||||||
5.650% 5/15/28 | 320,000 | 313,005 | ||||||
Parkland Corp. | ||||||||
5.875% 7/15/27 (a) | 193,000 | 183,658 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.950% 2/01/28 | 685,000 | 615,185 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. 3 | ||||||||
5.838% 9/30/27 (a) | 566,550 | 566,272 | ||||||
2,308,019 | ||||||||
Pharmaceuticals — 1.5% | ||||||||
CVS Health Corp. | ||||||||
5.000% 1/30/29 | 325,000 | 314,406 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Hikma Finance USA LLC | ||||||||
3.250% 7/09/25 (a) | $ | 675,000 | $ | 638,636 | ||||
Viatris, Inc. | ||||||||
2.300% 6/22/27 | 1,025,000 | 881,951 | ||||||
1,834,993 | ||||||||
Pipelines — 1.7% | ||||||||
Columbia Pipelines Holding Co. LLC | ||||||||
6.055% 8/15/26 (a) | 280,000 | 280,878 | ||||||
Energy Transfer LP | ||||||||
4.950% 6/15/28 | 975,000 | 933,093 | ||||||
ONEOK, Inc. | ||||||||
5.550% 11/01/26 | 148,000 | 147,035 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
4.500% 12/15/26 | 90,000 | 86,036 | ||||||
4.650% 10/15/25 | 560,000 | 543,725 | ||||||
Western Midstream Operating LP | ||||||||
6.350% 1/15/29 (b) | 97,000 | 97,200 | ||||||
2,087,967 | ||||||||
Real Estate — 0.0% | ||||||||
Shimao Group Holdings Ltd. | ||||||||
6.125% 2/21/24 (a) | 400,000 | 13,820 | ||||||
Real Estate Investment Trusts (REITS) — 2.7% | ||||||||
CubeSmart LP | ||||||||
2.250% 12/15/28 | 390,000 | 326,234 | ||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
3.750% 12/15/27 (a) | 335,000 | 259,372 | ||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
5.375% 4/15/26 | 348,000 | 337,415 | ||||||
Omega Healthcare Investors, Inc. | ||||||||
4.750% 1/15/28 | 779,000 | 720,928 | ||||||
SBA Tower Trust | ||||||||
1.884% 7/15/50 (a) | 287,000 | 259,494 | ||||||
Service Properties Trust | ||||||||
4.350% 10/01/24 | 935,000 | 896,949 | ||||||
VICI Properties LP/VICI Note Co., Inc. | ||||||||
3.750% 2/15/27 (a) | 325,000 | 294,909 | ||||||
Vornado Realty LP | ||||||||
2.150% 6/01/26 | 310,000 | 263,546 | ||||||
3,358,847 | ||||||||
Retail — 0.4% | ||||||||
Advance Auto Parts, Inc. | ||||||||
5.900% 3/09/26 | 144,000 | 139,073 | ||||||
Nordstrom, Inc. | ||||||||
2.300% 4/08/24 | 268,000 | 262,385 | ||||||
4.000% 3/15/27 (b) | 86,000 | 75,155 | ||||||
476,613 | ||||||||
Telecommunications — 0.8% | ||||||||
Sprint Capital Corp. | ||||||||
6.875% 11/15/28 | 310,000 | 320,074 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Tower Bersama Infrastructure Tbk PT | ||||||||
4.250% 1/21/25 (a) | $ | 645,000 | $ | 624,048 | ||||
944,122 | ||||||||
Venture Capital — 0.6% | ||||||||
Hercules Capital, Inc. | ||||||||
2.625% 9/16/26 | 560,000 | 486,377 | ||||||
3.375% 1/20/27 | 270,000 | 236,073 | ||||||
722,450 | ||||||||
TOTAL CORPORATE DEBT (Cost $59,687,275) | 55,207,230 | |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 37.9% | ||||||||
Auto Floor Plan Asset-Backed Securities — 0.3% | ||||||||
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B | ||||||||
5.310% 5/15/28 (a) | 400,000 | 393,047 | ||||||
Automobile Asset-Backed Securities — 2.0% | ||||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C | ||||||||
3.150% 3/20/26 (a) | 1,083,000 | 1,032,405 | ||||||
Carmax Auto Owner Trust, Series 2021-4, Class D | ||||||||
1.480% 3/15/28 | 250,000 | 220,886 | ||||||
Carvana Auto Receivables Trust | ||||||||
Series 2021-N1, Class D, 1.500% 1/10/28 | 286,684 | 268,065 | ||||||
Series 2021-P3, Class D, 2.250% 9/11/28 | 855,000 | 728,022 | ||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | ||||||||
3.450% 1/26/32 (a) | 215,000 | 199,061 | ||||||
2,448,439 | ||||||||
Commercial Mortgage-Backed Securities — 6.0% | ||||||||
BAMLL Commercial Mortgage Securities Trust | ||||||||
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (c) | 370,000 | 314,242 | ||||||
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (c) | 450,000 | 371,514 | ||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | ||||||||
7.129% FRN 7/15/35 (a) | 500,000 | 487,499 | ||||||
BX Commercial Mortgage Trust | ||||||||
Series 2019-XL, Class E, 1 mo. USD Term SOFR + 1.914% 7.247% FRN 10/15/36 (a) | 268,600 | 265,998 | ||||||
Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914% 7.248% FRN 6/15/38 (a) | 303,588 | 294,859 | ||||||
Series 2021-VOLT, Class E, 1 mo. USD Term SOFR + 2.114% 7.447% FRN 9/15/36 (a) | 792,000 | 755,366 | ||||||
Series 2019-XL, Class F, 1 mo. USD Term SOFR + 2.114% 7.447% FRN 10/15/36 (a) | 753,100 | 745,098 | ||||||
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.264% | ||||||||
7.530% FRN 12/15/37 (a) | 545,194 | 538,379 | ||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% | ||||||||
6.980% FRN 5/15/36 (a) | 199,504 | 197,696 | ||||||
KIND Trust | ||||||||
Series 2021-KIND, Class B, 1 mo. USD Term SOFR + 1.464% 6.797% FRN 8/15/38 (a) | 546,053 | 509,580 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% 7.197% FRN 8/15/38 (a) | $ | 595,695 | $ | 550,540 | ||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD Term SOFR + 1.996% | ||||||||
7.328% FRN 5/15/36 (a) | 251,000 | 247,248 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
7.197% FRN 3/15/38 (a) | 365,665 | 351,951 | ||||||
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215% | ||||||||
7.547% FRN 4/15/38 (a) | 571,944 | 561,220 | ||||||
One New York Plaza Trust | ||||||||
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.648% FRN 1/15/36 (a) | 616,000 | 539,550 | ||||||
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 8.198% FRN 1/15/36 (a) | 414,000 | 321,338 | ||||||
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||||
7.548% FRN 7/15/39 (a) | 711,000 | 455,194 | ||||||
7,507,272 | ||||||||
Home Equity Asset-Backed Securities — 0.0% | ||||||||
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD Term SOFR + 0.594% | ||||||||
5.914% FRN 10/25/34 (a) | 3,510 | 3,591 | ||||||
Other Asset-Backed Securities — 19.2% | ||||||||
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322% | ||||||||
6.667% FRN 7/22/32 (a) | 1,000,000 | 993,960 | ||||||
Apidos CLO XXVI Ltd., Series 2017-26A, Class A2R, 3 mo. USD Term SOFR + 1.762% | ||||||||
7.072% FRN 7/18/29 (a) | 500,000 | 495,819 | ||||||
Aqua Finance Trust, Series 2021-A, Class A | ||||||||
1.540% 7/17/46 (a) | 827,982 | 723,228 | ||||||
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term SOFR + 1.812% | ||||||||
7.138% FRN 10/20/31 (a) | 800,000 | 784,983 | ||||||
BHG Securitization Trust | ||||||||
Series 2021-B, Class C, 2.240% 10/17/34 (a) | 448,000 | 372,521 | ||||||
Series 2022-C, Class A, 5.320% 10/17/35 (a) | 439,785 | 437,318 | ||||||
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.242% | ||||||||
6.568% FRN 7/20/29 (a) | 514,242 | 512,298 | ||||||
BRE Grand Islander Timeshare Issuer LLC | ||||||||
Series 2017-1A, Class A, 2.940% 5/25/29 (a) | 32,870 | 31,793 | ||||||
Series 2019-A, Class B, 3.780% 9/26/33 (a) | 119,380 | 112,070 | ||||||
Business Jet Securities LLC | ||||||||
Series 2021-1A, Class A, 2.162% 4/15/36 (a) | 359,881 | 327,288 | ||||||
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | 59,187 | 55,489 | ||||||
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD Term SOFR + 2.262% | ||||||||
7.570% FRN 7/15/30 (a) | 300,000 | 295,239 | ||||||
CARS-DB4 LP, Series 2020-1A, Class B1 | ||||||||
4.170% 2/15/50 (a) | 484,000 | 453,077 | ||||||
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | ||||||||
6.568% FRN 4/20/31 (a) | 250,000 | 249,380 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||
2.280% 7/15/60 (a) | $ | 90,845 | $ | 75,703 | ||||
CIFC Funding Ltd. | ||||||||
Series 2021-1A, Class A1, 3 mo. USD Term SOFR + 1.372% 6.723% FRN 4/25/33 (a) | 500,000 | 498,815 | ||||||
Series 2017-4A, Class A2R, 3 mo. USD Term SOFR + 1.812% 7.157% FRN 10/24/30 (a) | 500,000 | 495,476 | ||||||
DataBank Issuer, Series 2021-1A, Class A2 | ||||||||
2.060% 2/27/51 (a) | 991,000 | 869,892 | ||||||
Elara HGV Timeshare Issuer LLC | ||||||||
Series 2017-A, Class B, 2.960% 3/25/30 (a) | 97,442 | 93,912 | ||||||
Series 2019-A, Class C, 3.450% 1/25/34 (a) | 250,376 | 232,070 | ||||||
Firstkey Homes Trust, Series 2021, Class E2 | ||||||||
2.489% 8/17/38 (a) | 460,000 | 395,009 | ||||||
FNA VI LLC, Series 21-1A, Class A | ||||||||
1.350% 1/10/32 (a) | 997,548 | 909,483 | ||||||
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A | ||||||||
1.150% 6/25/51 (a) | 385,297 | 355,038 | ||||||
Goodgreen Trust | ||||||||
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 328,042 | 276,473 | ||||||
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 157,973 | 140,703 | ||||||
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 153,306 | 137,355 | ||||||
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c) | 140,004 | 126,828 | ||||||
Gracie Point International Funding, Series 2022-3A, Class B, 30 day USD SOFR Average + 4.000% | ||||||||
9.312% FRN 11/01/24 (a) | 1,000,000 | 1,000,238 | ||||||
Hero Funding Trust | ||||||||
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 76,226 | 63,795 | ||||||
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 73,791 | 64,217 | ||||||
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | 154,114 | 137,009 | ||||||
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 135,941 | 123,181 | ||||||
HIN Timeshare Trust, Series 2020-A, Class B | ||||||||
2.230% 10/09/39 (a) | 369,744 | 339,800 | ||||||
Horizon Aircraft Finance III Ltd. | ||||||||
Series 2019-2, Class A, 3.425% 11/15/39 (a) | 353,314 | 277,810 | ||||||
Series 2019-2, Class B, 4.458% 11/15/39 (a) | 683,333 | 321,163 | ||||||
JG Wentworth XXII LLC, Series 2010-3A, Class A | ||||||||
3.820% 12/15/48 (a) | 70,464 | 67,184 | ||||||
KKR CLO 28 LTD, Series 28A, Class A, 3 mo. USD Term SOFR + 1.402% | ||||||||
6.811% FRN 3/15/31 (a) | 238,316 | 237,735 | ||||||
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD Term SOFR + 1.414% | ||||||||
6.747% FRN 2/15/39 (a) | 900,000 | 861,276 | ||||||
Lakeview Trust, Series 2022-1, Class M3 | ||||||||
4.585% 4/25/52 (a) | 1,600,000 | 1,574,795 | ||||||
Madison Park Funding XXXII Ltd., Series 2018-32A, Class BR, 3 mo. USD Term SOFR + 1.662% | ||||||||
7.007% FRN 1/22/31 (a) | 500,000 | 492,693 | ||||||
Mosaic Solar Loan Trust, Series 2018-2GS, Class A | ||||||||
4.200% 2/22/44 (a) | 126,209 | 112,241 | ||||||
Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
4.450% 6/20/42 (a) | 27,886 | 26,105 | ||||||
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD Term SOFR + 1.612% | ||||||||
6.922% FRN 10/18/29 (a) | 1,000,000 | 986,720 | ||||||
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | ||||||||
7.013% FRN 7/25/30 (a) | 250,000 | 246,612 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
NP SPE II LLC, Series 2017-1A, Class A1 | ||||||||
3.372% 10/21/47 (a) | $ | 83,422 | $ | 78,155 | ||||
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3 | ||||||||
2.260% 11/20/50 (a) | 400,000 | 343,744 | ||||||
Orange Lake Timeshare Trust, Series 2016-A, Class B | ||||||||
2.910% 3/08/29 (a) | 29,776 | 28,505 | ||||||
Oxford Finance Funding LLC, Series 2020-1A, Class A2 | ||||||||
3.101% 2/15/28 (a) | 74,320 | 72,357 | ||||||
Palmer Square CLO Ltd., Series 2020-3A, Class A2R, 3 mo. USD Term SOFR + 1.862% | ||||||||
7.226% FRN 11/15/31 (a) | 500,000 | 497,563 | ||||||
PVONE 2023-1, LLC, Series 2023-1, Class A | ||||||||
7.670% 9/17/35 (a) (d) | 600,000 | 599,999 | ||||||
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662% | ||||||||
6.970% FRN 7/15/31 (a) | 350,000 | 346,467 | ||||||
Residential Asset Mortgage Products Trust, Series 2005-EFC1, Class M5, 1 mo. USD Term SOFR + 0.764% | ||||||||
6.409% FRN 5/25/35 | 153,745 | 149,143 | ||||||
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | ||||||||
6.710% FRN 10/15/35 (a) | 500,000 | 496,644 | ||||||
SBA Tower Trust, Series 2014-2A, Class C, | ||||||||
3.869% STEP 10/15/49 (a) | 430,000 | 418,510 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
3.510% 7/20/37 (a) | 27,259 | 25,811 | ||||||
Store Master Funding I-VII, Series 2018-1A, Class A3 | ||||||||
4.400% 10/20/48 (a) | 499,633 | 452,752 | ||||||
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | ||||||||
6.634% FRN 11/25/35 (a) | 71,980 | 70,217 | ||||||
TAL Advantage VII LLC, Series 2020-1A, Class B | ||||||||
3.290% 9/20/45 (a) | 616,500 | 540,488 | ||||||
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD Term SOFR + 1.442% | ||||||||
6.768% FRN 10/20/31 (a) | 400,000 | 399,700 | ||||||
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542% | ||||||||
6.868% FRN 4/20/33 (a) | 1,000,000 | 996,789 | ||||||
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 | ||||||||
1.645% 9/15/45 (a) | 675,000 | 607,828 | ||||||
Verde CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.362% | ||||||||
6.670% FRN 4/15/32 (a) | 500,000 | 497,242 | ||||||
24,005,708 | ||||||||
Student Loans Asset-Backed Securities — 3.9% | ||||||||
College Avenue Student Loans LLC | ||||||||
Series 2021-A, Class B, 2.320% 7/25/51 (a) | 707,740 | 614,280 | ||||||
Series 2017-A, Class B, 4.500% 11/26/46 (a) | 245,963 | 224,715 | ||||||
Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% 6.634% FRN 12/26/47 (a) | 232,073 | 229,225 | ||||||
Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% 7.084% FRN 11/26/46 (a) | 162,417 | 163,190 | ||||||
Commonbond Student Loan Trust | ||||||||
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 15,872 | 12,750 | ||||||
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 17,651 | 14,343 | ||||||
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 8,415 | 7,241 | ||||||
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 38,224 | 34,049 |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
ELFI Graduate Loan Program LLC, Series 2018-A, Class B | ||||||||
4.000% 8/25/42 (a) | $ | 49,231 | $ | 43,680 | ||||
Laurel Road Prime Student Loan Trust | ||||||||
Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | 256,646 | 236,131 | ||||||
Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | 172,101 | 162,691 | ||||||
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B | ||||||||
2.770% 1/15/69 (a) | 2,200,000 | 1,719,891 | ||||||
Nelnet Student Loan Trust, Series 2015-3A, Class B, 30 day USD SOFR Average + 1.614% | ||||||||
6.929% FRN 6/25/54 (a) | 130,000 | 121,036 | ||||||
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B, | ||||||||
6.180% FRN 10/25/42 (c) | 200,000 | 193,697 | ||||||
SLM Student Loan Trust | ||||||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.526% FRN 10/25/40 | 290,930 | 273,357 | ||||||
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.606% FRN 1/25/44 | 292,409 | 271,964 | ||||||
Series 2005-9, Class B, 90 day USD SOFR Average + 0.562% 5.616% FRN 1/25/41 | 266,601 | 241,461 | ||||||
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.626% FRN 1/25/55 | 110,387 | 101,903 | ||||||
SMB Private Education Loan Trust | ||||||||
Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864% 6.197% FRN 11/15/35 (a) | 192,236 | 189,526 | ||||||
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.547% FRN 9/15/34 (a) | 39,738 | 39,413 | ||||||
4,894,543 | ||||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 6.4% | ||||||||
A&D Mortgage Trust, Series 2023-NQM3, Class A1, | ||||||||
6.733% STEP 7/25/68 (a) | 1,183,434 | 1,181,135 | ||||||
Angel Oak Mortgage Trust, Series 2020-5, Class A3, | ||||||||
2.041% VRN 5/25/65 (a) (c) | 72,042 | 66,004 | ||||||
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
5.348% VRN 8/25/34 (c) | 1,072 | 1,020 | ||||||
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, | ||||||||
2.406% VRN 5/25/60 (a) (c) | 55,187 | 51,887 | ||||||
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.114% | ||||||||
5.500% FRN 8/25/49 (a) | 292,872 | 275,427 | ||||||
Credit Suisse Mortgage Trust | ||||||||
Series 2021-NQM2, Class A3, 1.538% VRN 2/25/66 (a) (c) | 459,300 | 373,959 | ||||||
Series 2021-NQM4, Class M1, 2.472% VRN 5/25/66 (a) (c) | 500,000 | 298,685 | ||||||
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
1.128% VRN 5/25/65 (a) (c) | 129,004 | 116,837 | ||||||
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
2.500% VRN 8/25/51 (a) (c) | 551,094 | 404,171 | ||||||
MFA Trust, Series 2021-NQM2, Class A3, | ||||||||
1.472% VRN 11/25/64 (a) (c) | 359,206 | 292,194 | ||||||
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, | ||||||||
3.750% VRN 11/25/56 (a) (c) | 108,783 | 98,824 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD Term SOFR + 1.164% | ||||||||
6.484% FRN 5/25/55 (a) | 803,400 | 799,334 | ||||||
NLT Trust | ||||||||
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (c) | 649,913 | 533,337 | ||||||
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (c) | 700,000 | 446,326 | ||||||
OBX Trust |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (c) | $ | 765,591 | $ | 565,588 | ||||
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (c) | 333,000 | 191,143 | ||||||
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 3.850% | ||||||||
9.284% FRN 2/25/25 (a) | 250,000 | 249,913 | ||||||
STAR Trust, Series 2021-1, Class A3, | ||||||||
1.528% VRN 5/25/65 (a) (c) | 517,259 | 435,101 | ||||||
Starwood Mortgage Residential Trust | ||||||||
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (c) | 202,070 | 165,204 | ||||||
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (c) | 532,984 | 503,885 | ||||||
Verus Securitization Trust | ||||||||
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (c) | 188,562 | 148,678 | ||||||
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c) | 265,000 | 229,356 | ||||||
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c) | 548,000 | 460,280 | ||||||
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (c) | 197,944 | 190,169 | ||||||
8,078,457 | ||||||||
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1% | ||||||||
OBX Trust, Series 2020-INV1, Class A21, | ||||||||
3.500% VRN 12/25/49 (a) (c) | 131,090 | 108,742 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $52,277,216) | 47,439,799 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 1.6% | ||||||||
Pass-Through Securities — 0.0% | ||||||||
Federal National Mortgage Association Pool #775539 RFUCC1 yr. Treasury + 1.641% 5.391% 5/01/34 | 2,094 | 2,109 | ||||||
Government National Mortgage Association | ||||||||
Pool #352022 7.000% 11/15/23 | 2 | 2 | ||||||
Pool #491089 7.000% 12/15/28 | 414 | 414 | ||||||
Pool #500928 7.000% 5/15/29 | 407 | 413 | ||||||
Pool #510083 7.000% 7/15/29 | 24 | 24 | ||||||
Pool #493723 7.000% 8/15/29 | 309 | 314 | ||||||
Pool #581417 7.000% 7/15/32 | 569 | 575 | ||||||
Government National Mortgage Association II | ||||||||
Pool #008746 1 yr. CMT + 1.500% 2.750% FRN 11/20/25 | 129 | 125 | ||||||
Pool #080136 1 yr. CMT + 1.500% 2.750% FRN 11/20/27 | 47 | 46 | ||||||
4,022 | ||||||||
Whole Loans — 1.6% | ||||||||
Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||||
Series 2021-DNA6, Class M2, 30 day USD SOFR Average + 1.500% 6.815% FRN 10/25/41 (a) | 1,046,000 | 1,031,319 | ||||||
Series 2021-DNA2, Class M2, 30 day USD SOFR Average + 2.300% 7.615% FRN 8/25/33 (a) | 1,031,311 | 1,039,657 | ||||||
2,070,976 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,081,019) | 2,074,998 | |||||||
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
U.S. TREASURY OBLIGATIONS — 0.5% | ||||||||
U.S. Treasury Bonds & Notes — 0.5% | ||||||||
U.S. Treasury Notes | ||||||||
1.750% 12/31/24 | $ | 700,000 | $ | 669,691 | ||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $705,051) | 669,691 | |||||||
TOTAL BONDS & NOTES (Cost $114,750,561) | 105,391,718 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $114,750,561) | 105,391,718 | |||||||
SHORT-TERM INVESTMENTS — 15.8% | ||||||||
Commercial Paper — 12.7% | ||||||||
Aon Corp. | ||||||||
5.718% 11/28/23 | 1,000,000 | 990,800 | ||||||
Entergy Corp. | ||||||||
5.684% 11/13/23 (a) | 3,000,000 | 2,979,131 | ||||||
Hyundai Capital America | ||||||||
5.692% 11/28/23 (a) | 2,000,000 | 1,981,400 | ||||||
Nutrien Financial US LLC | ||||||||
5.720% 10/26/23 (a) | 2,000,000 | 1,991,699 | ||||||
Spire, Inc. | ||||||||
5.741% 11/06/23 (a) | 1,000,000 | 994,133 | ||||||
Suncor Energy, Inc. | ||||||||
5.751% 10/10/23 (a) | 2,000,000 | 1,996,669 | ||||||
Tampa Electric Co. | ||||||||
5.707% 10/10/23 (a) | 1,000,000 | 998,329 | ||||||
5.759% 11/01/23 (a) | 4,000,000 | 3,979,386 | ||||||
15,911,547 | ||||||||
Discount Notes — 0.8% | ||||||||
Federal Home Loan Bank, 5.275%, due 10/02/23 | 1,000,000 | 999,564 | ||||||
Number of Shares | ||||||||
Investment of Cash Collateral from Securities Loaned — 0.6% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (f) | 709,660 | 709,660 | ||||||
Principal Amount | ||||||||
Repurchase Agreement — 1.7% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (g) | $ | 2,140,257 | 2,140,257 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,763,687) | 19,761,028 | |||||||
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
Value | ||||||||
TOTAL INVESTMENTS — 99.9% (Cost $134,514,248) (h) | $ | 125,152,746 | ||||||
Other Assets/(Liabilities) — 0.1% | 101,593 | |||||||
NET ASSETS — 100.0% | $ | 125,254,339 |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
LIBOR | London Inter-Bank Offered Rate |
FRN | Floating Rate Note |
REMICS | Real Estate Mortgage Investment Conduits |
SOFR | Secured Overnight Financing Rate |
STEP | Step Up Bond |
VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $87,973,435 or 70.24% of net assets. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $694,948 or 0.55% 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, 2023. |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $599,999 or 0.48% of net assets. |
(e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(f) | Represents investment of security lending cash collateral. (Note 2). |
(g) | Maturity value of $2,140,542. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/31/26, and an aggregate market value, including accrued interest, of $2,183,121. |
(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 Note 2 Year | 12/29/23 | 305 | $ | 62,060,937 | $ | (234,101) | ||||||||
Short | ||||||||||||||
U.S. Treasury Long Bond | 12/19/23 | 2 | $ | (243,119) | $ | 15,556 | ||||||||
U.S. Treasury Ultra 10 Year | 12/19/23 | 13 | (1,491,911) | 41,598 | ||||||||||
U.S. Treasury Note 5 Year | 12/29/23 | 157 | (16,677,214) | 135,792 | ||||||||||
$ | 192,946 |
Centrally Cleared Credit Default Swaps - Buy Protection | ||||||||||||||||||||||||||||||||
Reference Obligation/Index | Rate Paid by Fund | Payment Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
CDX.NA.IG Series 41† | 1.000% | Quarterly | 12/20/28 | USD | 10,000,000 | $ | (118,770) | $ | (143,390) | $ | 24,620 |
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 USD SOFR | Annually | Fixed 3.965 | Annually | 6/23/25 | USD | 4,000,000 | $ | (75,457) | $ | — | $ | (75,457) | ||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.815 | Annually | 6/30/25 | USD | 4,700,000 | (100,420) | — | (100,420) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.749 | Annually | 7/14/25 | USD | 4,713,000 | (106,479) | — | (106,479) | |||||||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 3.618 | Annually | 8/07/25 | USD | 4,796,000 | (120,247) | — | (120,247) | |||||||||||||||||||||||
Fixed 3.293% | Annually | 12-Month USD SOFR | Annually | 6/23/33 | USD | 1,000,000 | 77,425 | — | 77,425 | |||||||||||||||||||||||
Fixed 3.223% | Annually | 12-Month USD SOFR | Annually | 6/30/33 | USD | 950,000 | 78,895 | — | 78,895 | |||||||||||||||||||||||
Fixed 3.086% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 946,000 | 89,061 | — | 89,061 | |||||||||||||||||||||||
Fixed 3.107% | Annually | 12-Month USD SOFR | Annually | 8/07/33 | USD | 1,071,000 | 99,590 | — | 99,590 | |||||||||||||||||||||||
$ | (57,632) | $ | — | $ | (57,632) |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
USD | U.S. Dollar |
MML Small Cap Equity Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
EQUITIES — 98.3% | ||||||||
COMMON STOCK — 98.3% | ||||||||
Basic Materials — 2.4% | ||||||||
Iron & Steel — 0.8% | ||||||||
Commercial Metals Co. | 19,392 | $ | 958,159 | |||||
Mining — 1.6% | ||||||||
Century Aluminum Co. (a) | 74,008 | 532,117 | ||||||
Kaiser Aluminum Corp. | 16,381 | 1,232,834 | ||||||
1,764,951 | ||||||||
2,723,110 | ||||||||
Communications — 2.3% | ||||||||
Internet — 1.2% | ||||||||
Ziff Davis, Inc. (a) | 21,054 | 1,340,929 | ||||||
Telecommunications — 1.1% | ||||||||
DigitalBridge Group, Inc. | 70,211 | 1,234,310 | ||||||
2,575,239 | ||||||||
Consumer, Cyclical — 13.5% | ||||||||
Apparel — 0.9% | ||||||||
Steven Madden Ltd. (b) | 29,828 | 947,636 | ||||||
Auto Parts & Equipment — 4.0% | ||||||||
Allison Transmission Holdings, Inc. | 29,415 | 1,737,250 | ||||||
Dorman Products, Inc. (a) | 17,355 | 1,314,815 | ||||||
Visteon Corp. (a) | 10,396 | 1,435,375 | ||||||
4,487,440 | ||||||||
Home Builders — 1.0% | ||||||||
KB Home | 24,947 | 1,154,547 | ||||||
Home Furnishing — 0.7% | ||||||||
Tempur Sealy International, Inc. | 19,231 | 833,472 | ||||||
Leisure Time — 0.4% | ||||||||
Topgolf Callaway Brands Corp. (a) | 35,236 | 487,666 | ||||||
Lodging — 1.0% | ||||||||
Boyd Gaming Corp. | 17,431 | 1,060,328 | ||||||
Retail — 5.5% | ||||||||
AutoNation, Inc. (a) | 15,597 | 2,361,386 | ||||||
BJ's Wholesale Club Holdings, Inc. (a) | 18,961 | 1,353,246 | ||||||
Murphy USA, Inc. | 1,997 | 682,435 |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Papa John's International, Inc. (b) | 9,532 | $ | 650,273 | |||||
Texas Roadhouse, Inc. | 11,253 | 1,081,413 | ||||||
6,128,753 | ||||||||
15,099,842 | ||||||||
Consumer, Non-cyclical — 20.6% | ||||||||
Beverages — 0.8% | ||||||||
Coca-Cola Consolidated, Inc. | 1,477 | 939,845 | ||||||
Biotechnology — 4.1% | ||||||||
ADMA Biologics, Inc. (a) | 198,244 | 709,714 | ||||||
Bridgebio Pharma, Inc. (a) | 25,382 | 669,323 | ||||||
Guardant Health, Inc. (a) | 34,358 | 1,018,371 | ||||||
Immunovant, Inc. (a) | 8,083 | 310,307 | ||||||
Intra-Cellular Therapies, Inc. (a) | 19,078 | 993,773 | ||||||
Structure Therapeutics, Inc. ADR (a) | 4,372 | 220,436 | ||||||
Twist Bioscience Corp. (a) | 31,315 | 634,442 | ||||||
4,556,366 | ||||||||
Commercial Services — 3.9% | ||||||||
ABM Industries, Inc. | 18,186 | 727,622 | ||||||
ASGN, Inc. (a) | 18,929 | 1,546,121 | ||||||
Korn Ferry | 26,765 | 1,269,731 | ||||||
Marqeta, Inc. Class A (a) | 127,637 | 763,269 | ||||||
4,306,743 | ||||||||
Health Care – Products — 2.6% | ||||||||
10X Genomics, Inc. Class A (a) | 13,368 | 551,430 | ||||||
AtriCure, Inc. (a) | 27,870 | 1,220,706 | ||||||
BioLife Solutions, Inc. (a) (b) | 33,618 | 464,264 | ||||||
TransMedics Group, Inc. (a) (b) | 13,133 | 719,032 | ||||||
2,955,432 | ||||||||
Health Care – Services — 5.4% | ||||||||
Acadia Healthcare Co., Inc. (a) | 30,705 | 2,158,868 | ||||||
Addus HomeCare Corp. (a) | 12,945 | 1,102,785 | ||||||
Encompass Health Corp. | 17,475 | 1,173,621 | ||||||
Tenet Healthcare Corp. (a) | 23,697 | 1,561,395 | ||||||
5,996,669 | ||||||||
Pharmaceuticals — 3.8% | ||||||||
Ascendis Pharma AS ADR (a) | 9,399 | 880,123 | ||||||
BellRing Brands, Inc. (a) | 48,175 | 1,986,255 | ||||||
Collegium Pharmaceutical, Inc. (a) | 36,978 | 826,458 | ||||||
Revance Therapeutics, Inc. (a) (b) | 49,421 | 566,859 | ||||||
4,259,695 | ||||||||
23,014,750 | ||||||||
Energy — 6.3% | ||||||||
Oil & Gas — 4.1% | ||||||||
Chesapeake Energy Corp. (b) | 14,951 | 1,289,225 |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
CNX Resources Corp. (a) (b) | 79,305 | $ | 1,790,707 | |||||
Helmerich & Payne, Inc. | 36,926 | 1,556,800 | ||||||
4,636,732 | ||||||||
Oil & Gas Services — 0.8% | ||||||||
Nov, Inc. | 42,336 | 884,822 | ||||||
Pipelines — 1.4% | ||||||||
Equitrans Midstream Corp. | 166,857 | 1,563,450 | ||||||
7,085,004 | ||||||||
Financial — 15.0% | ||||||||
Banks — 3.8% | ||||||||
Bank of NT Butterfield & Son Ltd. | 20,480 | 554,598 | ||||||
Cathay General Bancorp | 30,339 | 1,054,584 | ||||||
Columbia Banking System, Inc. | 37,020 | 751,506 | ||||||
Webster Financial Corp. | 24,114 | 972,035 | ||||||
Wintrust Financial Corp. | 12,579 | 949,715 | ||||||
4,282,438 | ||||||||
Diversified Financial Services — 3.9% | ||||||||
Federated Hermes, Inc. | 42,542 | 1,440,897 | ||||||
PennyMac Financial Services, Inc. | 16,801 | 1,118,947 | ||||||
Stifel Financial Corp. | 29,059 | 1,785,385 | ||||||
4,345,229 | ||||||||
Insurance — 1.3% | ||||||||
Definity Financial Corp. (b) | 50,650 | 1,398,399 | ||||||
Real Estate Investment Trusts (REITS) — 3.4% | ||||||||
DiamondRock Hospitality Co. | 184,768 | 1,483,687 | ||||||
Four Corners Property Trust, Inc. | 62,456 | 1,385,898 | ||||||
Outfront Media, Inc. | 97,628 | 986,043 | ||||||
3,855,628 | ||||||||
Savings & Loans — 2.6% | ||||||||
Berkshire Hills Bancorp, Inc. | 36,513 | 732,086 | ||||||
OceanFirst Financial Corp. | 43,326 | 626,927 | ||||||
Pacific Premier Bancorp, Inc. | 45,109 | 981,572 | ||||||
WSFS Financial Corp. | 16,873 | 615,864 | ||||||
2,956,449 | ||||||||
16,838,143 | ||||||||
Industrial — 22.5% | ||||||||
Aerospace & Defense — 1.9% | ||||||||
Curtiss-Wright Corp. | 10,657 | 2,084,829 | ||||||
Building Materials — 1.8% | ||||||||
Summit Materials, Inc. Class A (a) | 64,536 | 2,009,651 | ||||||
Electrical Components & Equipment — 1.2% | ||||||||
Belden, Inc. | 14,335 | 1,384,044 |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Electronics — 4.3% | ||||||||
Atkore, Inc. (a) | 16,153 | $ | 2,409,866 | |||||
Itron, Inc. (a) | 18,213 | 1,103,344 | ||||||
Vishay Intertechnology, Inc. | 52,177 | 1,289,815 | ||||||
4,803,025 | ||||||||
Engineering & Construction — 1.9% | ||||||||
TopBuild Corp. (a) | 8,565 | 2,154,954 | ||||||
Environmental Controls — 1.2% | ||||||||
Casella Waste Systems, Inc. Class A (a) | 16,919 | 1,290,920 | ||||||
Hand & Machine Tools — 0.8% | ||||||||
Regal Rexnord Corp. | 6,047 | 863,995 | ||||||
Machinery – Construction & Mining — 1.1% | ||||||||
BWX Technologies, Inc. | 16,857 | 1,263,938 | ||||||
Machinery – Diversified — 2.4% | ||||||||
Esab Corp. | 14,890 | 1,045,576 | ||||||
Zurn Elkay Water Solutions Corp. Class C | 59,317 | 1,662,062 | ||||||
2,707,638 | ||||||||
Metal Fabricate & Hardware — 1.1% | ||||||||
Valmont Industries, Inc. | 5,254 | 1,262,063 | ||||||
Miscellaneous - Manufacturing — 1.8% | ||||||||
EnPro Industries, Inc. | 17,077 | 2,069,562 | ||||||
Packaging & Containers — 1.1% | ||||||||
Silgan Holdings, Inc. | 28,184 | 1,215,012 | ||||||
Transportation — 1.9% | ||||||||
CryoPort, Inc. (a) (b) | 43,253 | 592,999 | ||||||
Hub Group, Inc. Class A (a) | 18,931 | 1,486,841 | ||||||
2,079,840 | ||||||||
25,189,471 | ||||||||
Technology — 14.7% | ||||||||
Computers — 3.4% | ||||||||
CACI International, Inc. Class A (a) | 4,911 | 1,541,711 | ||||||
Endava PLC Sponsored ADR (a) | 20,032 | 1,148,835 | ||||||
KBR, Inc. | 18,664 | 1,100,056 | ||||||
3,790,602 | ||||||||
Semiconductors — 4.0% | ||||||||
Allegro MicroSystems, Inc. (a) | 31,197 | 996,432 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 21,373 | 1,743,609 | ||||||
MKS Instruments, Inc. | 11,223 | 971,239 | ||||||
Silicon Laboratories, Inc. (a) | 6,378 | 739,146 | ||||||
4,450,426 | ||||||||
Software — 7.3% | ||||||||
Consensus Cloud Solutions, Inc. (a) | 7,070 | 178,023 |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
Envestnet, Inc. (a) | 18,721 | $ | 824,286 | |||||
Evolent Health, Inc. Class A (a) | 35,093 | 955,582 | ||||||
Gitlab, Inc. Class A (a) | 27,860 | 1,259,829 | ||||||
HashiCorp, Inc. Class A (a) | 41,115 | 938,655 | ||||||
Paycor HCM, Inc. (a) (b) | 66,137 | 1,509,908 | ||||||
Progress Software Corp. | 19,116 | 1,005,119 | ||||||
Sprout Social, Inc. Class A (a) (b) | 30,834 | 1,538,000 | ||||||
8,209,402 | ||||||||
16,450,430 | ||||||||
Utilities — 1.0% | ||||||||
Electric — 1.0% | ||||||||
Portland General Electric Co. | 27,322 | 1,105,995 | ||||||
TOTAL COMMON STOCK (Cost $83,669,488) | 110,081,984 | |||||||
TOTAL EQUITIES (Cost $83,669,488) | 110,081,984 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $83,669,488) | 110,081,984 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 2.3% | ||||||||
Repurchase Agreement — 2.3% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (c) | $ | 2,636,879 | 2,636,879 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,636,879) | 2,636,879 | |||||||
TOTAL INVESTMENTS — 100.6% (Cost $86,306,367) (d) | 112,718,863 | |||||||
Other Assets/(Liabilities) — (0.6)% | (718,275) | |||||||
NET ASSETS — 100.0% | $ | 112,000,588 |
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, 2023, was $8,512,331 or 7.60% of net assets. The Fund received $8,755,795 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Maturity value of $2,637,230. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $2,689,620. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Strategic Emerging Markets Fund — Portfolio of Investments |
September 30, 2023 (Unaudited)
Number of Shares | Value | |||||||
EQUITIES — 94.3% | ||||||||
COMMON STOCK — 93.1% | ||||||||
Brazil — 6.0% | ||||||||
Ambev SA | 354,012 | $ | 923,317 | |||||
Arezzo Industria e Comercio SA | 6,536 | 84,467 | ||||||
B3 SA - Brasil Bolsa Balcao | 146,500 | 358,195 | ||||||
Localiza Rent a Car SA | 11,000 | 128,151 | ||||||
NU Holdings Ltd. Class A (a) | 77,015 | 558,359 | ||||||
Raia Drogasil SA | 3,400 | 18,682 | ||||||
Vale SA Sponsored ADR | 31,443 | 421,336 | ||||||
WEG SA | 28,884 | 208,418 | ||||||
2,700,925 | ||||||||
Chile — 1.0% | ||||||||
Antofagasta PLC | 9,582 | 165,991 | ||||||
Banco Santander Chile | 6,334,468 | 293,325 | ||||||
459,316 | ||||||||
China — 24.3% | ||||||||
BeiGene Ltd. ADR (a) | 2,360 | 424,493 | ||||||
H World Group Ltd. (a) | 4,200 | 16,564 | ||||||
H World Group Ltd. ADR (a) | 50,220 | 1,980,175 | ||||||
Meituan Class B (a) (b) | 28,330 | 411,276 | ||||||
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b) | 14,500 | 7,361 | ||||||
NetEase, Inc. ADR | 11,706 | 1,172,473 | ||||||
New Horizon Health Ltd. (a) (b) | 57,500 | 137,777 | ||||||
PDD Holdings, Inc. ADR (a) | 6,660 | 653,146 | ||||||
Silergy Corp. | 5,000 | 47,231 | ||||||
Tencent Holdings Ltd. | 31,809 | 1,232,760 | ||||||
Wuxi Biologics Cayman, Inc. (a) (b) | 22,000 | 129,210 | ||||||
Yum China Holdings, Inc. | 44,176 | 2,461,487 | ||||||
Zai Lab Ltd. ADR (a) (c) | 5,692 | 138,373 | ||||||
ZTO Express Cayman, Inc. | 5,337 | 128,876 | ||||||
ZTO Express Cayman, Inc. ADR | 79,276 | 1,916,101 | ||||||
10,857,303 | ||||||||
France — 5.4% | ||||||||
L'Oreal SA | 241 | 99,808 | ||||||
Pernod Ricard SA | 10,450 | 1,739,516 | ||||||
TotalEnergies SE | 8,830 | 581,079 | ||||||
2,420,403 | ||||||||
Hong Kong — 0.7% | ||||||||
AIA Group Ltd. | 40,200 | 325,180 | ||||||
India — 19.4% | ||||||||
Havells India Ltd. | 13,273 | 220,030 |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
HCL Technologies Ltd. | 8,432 | $ | 125,306 | |||||
HDFC Bank Ltd. | 157,590 | 2,885,041 | ||||||
Kotak Mahindra Bank Ltd. | 120,498 | 2,519,939 | ||||||
Oberoi Realty Ltd. | 35,554 | 493,282 | ||||||
Tata Consultancy Services Ltd. | 57,523 | 2,437,584 | ||||||
8,681,182 | ||||||||
Indonesia — 1.1% | ||||||||
Bank Central Asia Tbk PT | 663,800 | 378,711 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 281,700 | 95,200 | ||||||
473,911 | ||||||||
Italy — 1.8% | ||||||||
Ermenegildo Zegna NV | 12,434 | 173,081 | ||||||
PRADA SpA | 109,900 | 642,910 | ||||||
815,991 | ||||||||
Japan — 0.6% | ||||||||
Daiichi Sankyo Co. Ltd. | 9,900 | 271,714 | ||||||
Mexico — 11.5% | ||||||||
America Movil SAB de CV ADR | 48,890 | 846,775 | ||||||
Fomento Economico Mexicano SAB de CV | 79,664 | 868,430 | ||||||
Grupo Mexico SAB de CV Series B | 497,369 | 2,350,499 | ||||||
Wal-Mart de Mexico SAB de CV | 292,630 | 1,104,530 | ||||||
5,170,234 | ||||||||
Netherlands — 0.5% | ||||||||
Argenx SE ADR (a) | 457 | 224,675 | ||||||
Peru — 1.0% | ||||||||
Credicorp Ltd. | 3,375 | 431,899 | ||||||
Philippines — 1.1% | ||||||||
SM Investments Corp. | 32,355 | 482,690 | ||||||
Poland — 0.0% | ||||||||
Allegro.eu SA (a) (b) | 1,553 | 11,421 | ||||||
Portugal — 1.1% | ||||||||
Galp Energia SGPS SA | 32,120 | 475,799 | ||||||
Republic of Korea — 6.6% | ||||||||
Kakao Corp. | 4,932 | 160,549 | ||||||
LG Chem Ltd. | 2,085 | 766,569 | ||||||
LG H&H Co. Ltd. | 362 | 119,200 | ||||||
Samsung Biologics Co. Ltd. (a) (b) | 1,500 | 755,086 | ||||||
Samsung Electronics Co. Ltd. | 22,528 | 1,141,380 | ||||||
2,942,784 | ||||||||
Russia — 0.0% | ||||||||
Novatek PJSC (a) (b) (d) (e) | 4,829 | — | ||||||
Sberbank of Russia PJSC (d) (e) | 7,525 | — | ||||||
— |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
Number of Shares | Value | |||||||
South Africa — 0.6% | ||||||||
FirstRand Ltd. | 82,123 | $ | 276,769 | |||||
Switzerland — 2.7% | ||||||||
Cie Financiere Richemont SA Registered Class A | 10,014 | 1,220,130 | ||||||
Taiwan — 7.7% | ||||||||
MediaTek, Inc. | 2,000 | 45,691 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 209,000 | 3,391,671 | ||||||
3,437,362 | ||||||||
TOTAL COMMON STOCK (Cost $41,214,578) | 41,679,688 | |||||||
PREFERRED STOCK — 1.2% | ||||||||
Brazil — 1.2% | ||||||||
Banco Bradesco SA 7.049% | ||||||||
101,945 | 290,023 | |||||||
Itau Unibanco Holding SA 5.496% | ||||||||
41,900 | 226,815 | |||||||
516,838 | ||||||||
TOTAL PREFERRED STOCK (Cost $599,454) | 516,838 | |||||||
TOTAL EQUITIES (Cost $41,814,032) | 42,196,526 | |||||||
WARRANTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a) | 22,580 | 16,769 | ||||||
TOTAL WARRANTS (Cost $0) | 16,769 | |||||||
RIGHTS — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Localiza Rent a Car SA (a) (f) | 80 | 255 | ||||||
TOTAL RIGHTS (Cost $0) | 255 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $41,814,032) | 42,213,550 | |||||||
SHORT-TERM INVESTMENTS — 6.1% | ||||||||
Investment of Cash Collateral from Securities Loaned — 0.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (g) | 3,975 | 3,975 | ||||||
Principal Amount | ||||||||
Repurchase Agreement — 6.1% | ||||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (h) | $ | 2,722,236 | 2,722,236 |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
Value | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,726,211) | $ | 2,726,211 | ||||||
TOTAL INVESTMENTS — 100.4% (Cost $44,540,243) (i) | 44,939,761 | |||||||
Other Assets/(Liabilities) — (0.4)% | (164,083) | |||||||
NET ASSETS — 100.0% | $ | 44,775,678 |
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) | 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, 2023, the aggregate market value of these securities amounted to $1,452,131 or 3.24% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $135,289 or 0.30% of net assets. The Fund received $134,879 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $0 or 0.00% of net assets. |
(e) | Investment is valued using significant unobservable inputs. |
(f) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $2,722,599. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/26, and an aggregate market value, including accrued interest, of $2,776,769. |
(i) | See Note 3 for aggregate cost for federal tax purposes. |
Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MML Series Investment Fund II (the "Trust") is registered under the Investment Company Act of 1940, as amended, 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 13 series, including the following 12 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 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 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.
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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.
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.
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.
Notes to Portfolio of Investments (Unaudited) (Continued) |
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 the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method ("CVM"), an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Notes to Portfolio of Investments (Unaudited) (Continued) |
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.
In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.
The Small Cap Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2023. For the Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
Notes to Portfolio of Investments (Unaudited) (Continued) |
The following is the aggregate value by input level, as of September 30, 2023, for the remaining Funds' investments:
Blend Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 635,499,057 | $ | — | $ | — | $ | 635,499,057 | ||||||||
Short-Term Investments | 25,026,495 | — | — | 25,026,495 | ||||||||||||
Total Investments | $ | 660,525,552 | $ | — | $ | — | $ | 660,525,552 |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Dynamic Bond Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank Loans | $ | — | $ | 6,836,692 | $ | — | $ | 6,836,692 | ||||||||
Corporate Debt | — | 82,402,547 | — | 82,402,547 | ||||||||||||
Non-U.S. Government Agency Obligations | — | 24,459,558 | — | 24,459,558 | ||||||||||||
Sovereign Debt Obligations | — | 14,579,858 | — | 14,579,858 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 82,902,273 | — | 82,902,273 | ||||||||||||
U.S. Treasury Obligations | — | 2,447,761 | — | 2,447,761 | ||||||||||||
Purchased Options | 464,545 | 2,115 | — | 466,660 | ||||||||||||
Short-Term Investments | 2,738,555 | 8,655,617 | — | 11,394,172 | ||||||||||||
Total Investments | $ | 3,203,100 | $ | 222,286,421 | $ | — | $ | 225,489,521 | ||||||||
Asset Derivatives | ||||||||||||||||
Forward Contracts | $ | — | $ | 418,070 | $ | — | $ | 418,070 | ||||||||
Futures Contracts | 855,370 | — | — | 855,370 | ||||||||||||
Swap Agreements | — | 2,623,257 | — | 2,623,257 | ||||||||||||
Total | $ | 855,370 | $ | 3,041,327 | $ | — | $ | 3,896,697 | ||||||||
Liability Derivatives | ||||||||||||||||
Forward Contracts | $ | — | $ | (803,333 | ) | $ | — | $ | (803,333 | ) | ||||||
Futures Contracts | (2,147,129 | ) | — | — | (2,147,129 | ) | ||||||||||
Swap Agreements | — | (596,662 | ) | — | (596,662 | ) | ||||||||||
Written Options | (638,990 | ) | (5,148 | ) | — | (644,138 | ) | |||||||||
Total | $ | (2,786,119 | ) | $ | (1,405,143 | ) | $ | — | $ | (4,191,262 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 744,656,608 | $ | 1,640,649 | * | $ | — | $ | 746,297,257 | |||||||
Mutual Funds | 9,807,572 | — | — | 9,807,572 | ||||||||||||
Short-Term Investments | 1,769,423 | 4,111,603 | — | 5,881,026 | ||||||||||||
Total Investments | $ | 756,233,603 | $ | 5,752,252 | $ | — | $ | 761,985,855 |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Equity Rotation Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 47,923,387 | $ | — | $ | 2,180 | $ | 47,925,567 | ||||||||
Short-Term Investments | 5,277 | — | — | 5,277 | ||||||||||||
Total Investments | $ | 47,928,664 | $ | — | $ | 2,180 | $ | 47,930,844 |
Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank Loans | $ | — | $ | 1,781,725 | $ | — | $ | 1,781,725 | ||||||||
Corporate Debt | — | 46,206,852 | — | 46,206,852 | ||||||||||||
Short-Term Investments | 2,784,180 | 846,091 | — | 3,630,271 | ||||||||||||
Total Investments | $ | 2,784,180 | $ | 48,834,668 | $ | — | $ | 51,618,848 |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Non-U.S. Government Agency Obligations | $ | — | $ | 91,943,341 | $ | — | $ | 91,943,341 | ||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 22,937,846 | — | 22,937,846 | ||||||||||||
U.S. Treasury Obligations | — | 41,125,197 | — | 41,125,197 | ||||||||||||
Short-Term Investments | — | 29,614,028 | — | 29,614,028 | ||||||||||||
Total Investments | $ | — | $ | 185,620,412 | $ | — | $ | 185,620,412 | ||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 269,503 | $ | — | $ | — | $ | 269,503 | ||||||||
Swap Agreements | — | 1,370,869 | — | 1,370,869 | ||||||||||||
Total | $ | 269,503 | $ | 1,370,869 | $ | — | $ | 1,640,372 | ||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (43,014 | ) | $ | — | $ | — | $ | (43,014 | ) | ||||||
Swap Agreements | — | (4,573,454 | ) | — | (4,573,454 | ) | ||||||||||
Total | $ | (43,014 | ) | $ | (4,573,454 | ) | $ | — | $ | (4,616,468 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
iShares 60/40 Allocation Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 33,493,687 | $ | — | $ | — | $ | 33,493,687 | ||||||||
Short-Term Investments | 350,385 | — | — | 350,385 | ||||||||||||
Total Investments | $ | 33,844,072 | $ | — | $ | — | $ | 33,844,072 |
Notes to Portfolio of Investments (Unaudited) (Continued) |
iShares 80/20 Allocation Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 56,031,828 | $ | — | $ | — | $ | 56,031,828 | ||||||||
Short-Term Investments | 2,515,515 | 162,731 | — | 2,678,246 | ||||||||||||
Total Investments | $ | 58,547,343 | $ | 162,731 | $ | — | $ | 58,710,074 |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Managed Bond Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Debt | $ | — | $ | 245,348,730 | $ | — | $ | 245,348,730 | ||||||||
Non-U.S. Government Agency Obligations | — | 189,586,703 | — | 189,586,703 | ||||||||||||
Sovereign Debt Obligations | — | 1,265,185 | — | 1,265,185 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 190,482,521 | — | 190,482,521 | ||||||||||||
U.S. Treasury Obligations | — | 15,867,093 | — | 15,867,093 | ||||||||||||
Short-Term Investments | — | 92,210,386 | — | 92,210,386 | ||||||||||||
Total Investments | $ | — | $ | 734,760,618 | $ | — | $ | 734,760,618 | ||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 129,121 | $ | — | $ | — | $ | 129,121 | ||||||||
Swap Agreements | — | 3,856,640 | — | 3,856,640 | ||||||||||||
Total | $ | 129,121 | $ | 3,856,640 | $ | — | $ | 3,985,761 | ||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (3,266,256 | ) | $ | — | $ | — | $ | (3,266,256 | ) | ||||||
Swap Agreements | — | (5,647,224 | ) | — | (5,647,224 | ) | ||||||||||
Total | $ | (3,266,256 | ) | $ | (5,647,224 | ) | $ | — | $ | (8,913,480 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Short-Duration Bond Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Debt | $ | — | $ | 55,207,230 | $ | — | $ | 55,207,230 | ||||||||
Non-U.S. Government Agency Obligations | — | 47,439,799 | — | 47,439,799 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 2,074,998 | — | 2,074,998 | ||||||||||||
U.S. Treasury Obligations | — | 669,691 | — | 669,691 | ||||||||||||
Short-Term Investments | 709,660 | 19,051,368 | — | 19,761,028 | ||||||||||||
Total Investments | $ | 709,660 | $ | 124,443,086 | $ | — | $ | 125,152,746 | ||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 192,946 | $ | — | $ | — | $ | 192,946 | ||||||||
Swap Agreements | — | 344,971 | — | 344,971 | ||||||||||||
Total | $ | 192,946 | $ | 344,971 | $ | — | $ | 537,917 | ||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (234,101 | ) | $ | — | $ | — | $ | (234,101 | ) | ||||||
Swap Agreements | — | (521,373 | ) | — | (521,373 | ) | ||||||||||
Total | $ | (234,101 | ) | $ | (521,373 | ) | $ | — | $ | (755,474 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock* | ||||||||||||||||
Brazil | $ | 2,700,925 | $ | — | $ | — | $ | 2,700,925 | ||||||||
Chile | 293,325 | 165,991 | — | 459,316 | ||||||||||||
China | 8,746,248 | 2,111,055 | — | 10,857,303 | ||||||||||||
France | — | 2,420,403 | — | 2,420,403 | ||||||||||||
Hong Kong | — | 325,180 | — | 325,180 | ||||||||||||
India | — | 8,681,182 | — | 8,681,182 | ||||||||||||
Indonesia | — | 473,911 | — | 473,911 | ||||||||||||
Italy | 173,081 | 642,910 | — | 815,991 | ||||||||||||
Japan | — | 271,714 | — | 271,714 | ||||||||||||
Mexico | 5,170,234 | — | — | 5,170,234 | ||||||||||||
Netherlands | 224,675 | — | — | 224,675 | ||||||||||||
Peru | 431,899 | — | — | 431,899 | ||||||||||||
Philippines | — | 482,690 | — | 482,690 | ||||||||||||
Poland | — | 11,421 | — | 11,421 | ||||||||||||
Portugal | — | 475,799 | — | 475,799 | ||||||||||||
Republic of Korea | — | 2,942,784 | — | 2,942,784 | ||||||||||||
Russia | — | — | — | + | — | |||||||||||
South Africa | — | 276,769 | — | 276,769 | ||||||||||||
Switzerland | — | 1,220,130 | — | 1,220,130 | ||||||||||||
Taiwan | — | 3,437,362 | — | 3,437,362 | ||||||||||||
Preferred Stock | ||||||||||||||||
Brazil | 516,838 | — | — | 516,838 | ||||||||||||
Warrants | 16,769 | — | — | 16,769 | ||||||||||||
Rights | 255 | — | — | 255 | ||||||||||||
Short-Term Investments | 3,975 | 2,722,236 | — | 2,726,211 | ||||||||||||
Total Investments | $ | 18,278,224 | $ | 26,661,537 | $ | — | $ | 44,939,761 |
* | 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. |
+ | Represents a security at $0 value as of September 30, 2023. |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds' most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2023, 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 U.S. 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 U.S. 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, 2023, 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 | $ | 659,511,660 | $ | 54,236,876 | $ | (53,222,984 | ) | $ | 1,013,892 | |||||||
Dynamic Bond Fund | 252,827,994 | 1,181,645 | (28,520,118 | ) | (27,338,473 | ) | ||||||||||
Equity Fund | 643,468,395 | 136,985,920 | (18,468,460 | ) | 118,517,460 | |||||||||||
Equity Rotation Fund | 49,851,663 | 713,698 | (2,634,517 | ) | (1,920,819 | ) | ||||||||||
High Yield Fund | 56,795,358 | 252,161 | (5,428,671 | ) | (5,176,510 | ) | ||||||||||
Inflation-Protected and Income Fund | 194,541,285 | 336,087 | (9,256,960 | ) | (8,920,873 | ) | ||||||||||
iShares 60/40 Allocation Fund | 36,478,222 | – | (2,634,150 | ) | (2,634,150 | ) | ||||||||||
iShares 80/20 Allocation Fund | 60,688,607 | 13,025 | (1,991,558 | ) | (1,978,533 | ) | ||||||||||
Managed Bond Fund | 827,204,013 | 844,542 | (93,287,937 | ) | (92,443,395 | ) | ||||||||||
Short-Duration Bond Fund | 134,514,248 | 128,973 | (9,490,475 | ) | (9,361,502 | ) | ||||||||||
Small Cap Equity Fund | 86,306,367 | 31,792,979 | (5,380,483 | ) | 26,412,496 | |||||||||||
Strategic Emerging Markets Fund | 44,540,243 | 3,457,198 | (3,057,680 | ) | 399,518 |
4. New Accounting Pronouncements
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) |
In December 2022, FASB issued Accounting Standards Update 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). ASU 2022-06 is an update of ASU 2020-04, which responded to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.
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 may 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 factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.
6. Russia-Ukraine War
In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States, other countries, and certain international organizations. 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. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) 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.