MML Blend Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EXCHANGE-TRADED FUNDS — 100.0% | | | | | | | | |
iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | | | 508,521 | | | $ | 26,239,684 | |
iShares Core S&P 500 ETF | | | 366,455 | | | | 192,656,387 | |
iShares Core S&P Mid-Cap ETF | | | 257,631 | | | | 15,648,507 | |
iShares Core S&P Small-Cap ETF | | | 58,321 | | | | 6,445,637 | |
iShares Core S&P Total US Stock Market ETF | | | 1,837,112 | | | | 211,819,013 | |
iShares Core Total USD Bond Market ETF (a) | | | 2,403,295 | | | | 109,566,219 | |
iShares Core U.S. Aggregate Bond ETF | | | 1,118,540 | | | | 109,549,808 | |
iShares iBoxx High Yield Corporate Bond ETF (a) | | | 337,308 | | | | 26,218,951 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $610,596,435) | | | | | | | 698,144,206 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $610,596,435) | | | | | | | 698,144,206 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 5.4% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 5.4% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 37,579,372 | | | | 37,579,372 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c) | | $ | 211,174 | | | | 211,174 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $37,790,546) | | | | | | | 37,790,546 | |
| | | | | | | | |
TOTAL INVESTMENTS — 105.4% (Cost $648,386,981) (d) | | | | | | | 735,934,752 | |
| | | | | | | | |
Other Assets/(Liabilities) — (5.4)% | | | | | | | (37,387,528) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 698,547,224 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $38,963,152 or 5.58% of net assets. The Fund received $2,273,015 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | Maturity value of $211,211. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $215,458. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Dynamic Bond Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 98.8% | | | | | | | | |
| | | | | | | | |
BANK LOANS — 2.9% | | | | | | | | |
Beverages — 0.1% | | | | | | | | |
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250%, | | | | | | | | |
8.562% VRN 3/31/28 | | $ | 215,673 | | | $ | 213,220 | |
Commercial Services — 0.1% | | | | | | | | |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.180% VRN 5/12/28 | | | 226,925 | | | | 226,555 | |
Computers — 0.0% | | | | | | | | |
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.180% VRN 2/01/28 | | | 64,713 | | | | 64,592 | |
Diversified Financial Services — 0.2% | | | | | | | | |
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.829% VRN 10/22/26 | | | 101,881 | | | | 101,862 | |
Citadel Securities LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.577% VRN 7/29/30 | | | 164,979 | | | | 164,763 | |
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.059% VRN 4/09/27 | | | 76,113 | | | | 75,700 | |
Focus Financial Partners LLC, 2024 Term Loan B7, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.080% VRN 6/30/28 | | | 108,353 | | | | 107,947 | |
| | | | | | | 450,272 | |
Engineering & Construction — 0.1% | | | | | | | | |
Brown Group Holding LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.180% VRN 6/07/28 | | | 273,974 | | | | 273,640 | |
Entertainment — 0.5% | | | | | | | | |
Caesars Entertainment, Inc. | | | | | | | | |
2024 Term Loan B1, 3 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.040% VRN 2/06/31 | | | 260,000 | | | | 260,000 | |
Term Loan B, 3 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.663% VRN 2/06/30 | | | 19,800 | | | | 19,833 | |
Flutter Financing BV, Term Loan B, 3 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.559% VRN 11/25/30 | | | 239,400 | | | | 239,271 | |
Light and Wonder International, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.075% VRN 4/14/29 | | | 265,950 | | | | 266,208 | |
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.945% VRN 5/29/26 | | | 255,325 | | | | 255,616 | |
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.336% VRN 4/29/26 | | | 142,703 | | | | 142,881 | |
| | | | | | | 1,183,809 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Health Care – Products — 0.1% | | | | | | | | |
Sotera Health Holdings LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.195% VRN 12/11/26 | | $ | 270,000 | | | $ | 268,537 | |
Health Care – Services — 0.1% | | | | | | | | |
ICON Luxembourg SARL, 2024 LUX Term Loan B, 1 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.302% VRN 7/03/28 | | | 41,042 | | | | 41,113 | |
Phoenix Guarantor, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.577% VRN 2/21/31 | | | 228,211 | | | | 225,105 | |
PRA Health Sciences, Inc., 2024 US Term Loan B, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.302% VRN 7/03/28 | | | 10,226 | | | | 10,244 | |
| | | | | | | 276,462 | |
Insurance — 0.2% | | | | | | | | |
Acrisure LLC | | | | | | | | |
2020 Term Loan B, 1 mo. USD LIBOR + 3.500% | | | | | | | | |
8.945% VRN 2/15/27 | | | 119,389 | | | | 119,134 | |
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250% | | | | | | | | |
9.695% VRN 2/15/27 | | | 122,188 | | | | 122,340 | |
AmWINS Group, Inc. | | | | | | | | |
2021 Term Loan B, 1 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.695% VRN 2/19/28 | | | 37,492 | | | | 37,486 | |
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.195% VRN 2/19/28 | | | 29,625 | | | | 29,654 | |
Asurion LLC | | | | | | | | |
2020 Term Loan B8, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.692% VRN 12/23/26 | | | 150,350 | | | | 147,074 | |
2021 Term Loan B9, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.692% VRN 7/31/27 | | | 73,120 | | | | 70,130 | |
| | | | | | | 525,818 | |
Leisure Time — 0.1% | | | | | | | | |
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.945% VRN 8/17/28 | | | 155,965 | | | | 156,421 | |
Lodging — 0.0% | | | | | | | | |
Four Seasons Hotels Ltd., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.430% VRN 11/30/29 | | | 89,773 | | | | 89,807 | |
Machinery - Diversified — 0.1% | | | | | | | | |
TK Elevator US Newco, Inc., USD Term Loan B, 1 Week USD Term SOFR + 3.500% | | | | | | | | |
8.791% VRN 4/30/30 | | | 193,597 | | | | 194,162 | |
Machinery – Diversified — 0.0% | | | | | | | | |
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.445% VRN 7/30/29 | | | 96,165 | | | | 96,129 | |
Media — 0.1% | | | | | | | | |
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.945% VRN 9/18/26 | | | 200,753 | | | | 200,697 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pharmaceuticals — 0.2% | | | | | | | | |
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | | | | | | | | |
9.409% VRN 10/01/27 | | $ | 163,372 | | | $ | 155,938 | |
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD TERM SOFR + 3.000% | | | | | | | | |
8.445% 5/05/28 | | | 197,038 | | | | 198,024 | |
| | | | | | | 353,962 | |
Pipelines — 0.1% | | | | | | | | |
CQP Holdco LP, 2023 4th Amendment Term Loan, 3 mo. USD Term SOFR + 3.000% | | | | | | | | |
8.302% VRN 12/31/30 | | | 193,834 | | | | 194,388 | |
Private Equity — 0.2% | | | | | | | | |
GTCR W Merger Sub LLC, USD Term Loan B, 1 mo. USD Term SOFR + 3.000% | | | | | | | | |
8.309% VRN 1/31/31 | | | 320,000 | | | | 320,867 | |
Retail — 0.2% | | | | | | | | |
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
8.195% VRN 10/19/27 | | | 338,270 | | | | 337,922 | |
Software — 0.3% | | | | | | | | |
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.580% VRN 2/15/29 | | | 140,929 | | | | 139,410 | |
Cotiviti Corp., 2024 Term Loan, | | | | | | | | |
0.000% 2/21/31 (a) | | | 350,000 | | | | 349,125 | |
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.814% VRN 2/10/31 | | | 92,633 | | | | 93,073 | |
| | | | | | | 581,608 | |
Transportation — 0.2% | | | | | | | | |
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.402% VRN 12/30/26 | | | 402,915 | | | | 402,947 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $6,387,149) | | | | | | | 6,411,815 | |
| | | | | | | | |
CORPORATE DEBT — 36.4% | | | | | | | | |
Advertising — 0.0% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. | | | | | | | | |
7.500% 6/01/29 (b) | | | 95,000 | | | | 78,569 | |
Aerospace & Defense — 1.1% | | | | | | | | |
Boeing Co. | | | | | | | | |
2.196% 2/04/26 | | | 80,000 | | | | 74,896 | |
2.800% 3/01/27 | | | 290,000 | | | | 267,794 | |
2.950% 2/01/30 | | | 270,000 | | | | 233,187 | |
3.750% 2/01/50 | | | 40,000 | | | | 27,826 | |
5.705% 5/01/40 | | | 60,000 | | | | 57,428 | |
General Dynamics Corp. | | | | | | | | |
4.250% 4/01/40 | | | 20,000 | | | | 18,133 | |
4.250% 4/01/50 | | | 50,000 | | | | 43,548 | |
L3Harris Technologies, Inc. | | | | | | | | |
5.054% 4/27/45 | | | 80,000 | | | | 75,537 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Lockheed Martin Corp. | | | | | | | | |
3.900% 6/15/32 | | $ | 50,000 | | | $ | 46,922 | |
4.150% 6/15/53 | | | 320,000 | | | | 269,925 | |
5.200% 2/15/64 | | | 40,000 | | | | 39,552 | |
Northrop Grumman Corp. | | | | | | | | |
2.930% 1/15/25 | | | 160,000 | | | | 157,016 | |
3.250% 1/15/28 | | | 150,000 | | | | 141,738 | |
5.150% 5/01/40 | | | 280,000 | | | | 274,309 | |
RTX Corp. | | | | | | | | |
2.250% 7/01/30 | | | 110,000 | | | | 93,911 | |
3.030% 3/15/52 | | | 180,000 | | | | 119,186 | |
4.125% 11/16/28 | | | 160,000 | | | | 154,765 | |
4.500% 6/01/42 | | | 80,000 | | | | 71,379 | |
6.000% 3/15/31 | | | 110,000 | | | | 115,633 | |
TransDigm, Inc. | | | | | | | | |
6.375% 3/01/29 (b) | | | 40,000 | | | | 40,124 | |
6.625% 3/01/32 (b) | | | 50,000 | | | | 50,515 | |
7.125% 12/01/31 (b) | | | 80,000 | | | | 82,445 | |
| | | | | | | 2,455,769 | |
Agriculture — 0.7% | | | | | | | | |
Altria Group, Inc. | | | | | | | | |
2.450% 2/04/32 | | | 140,000 | | | | 113,606 | |
5.800% 2/14/39 | | | 240,000 | | | | 243,196 | |
5.950% 2/14/49 | | | 130,000 | | | | 132,305 | |
6.875% 11/01/33 | | | 290,000 | | | | 315,480 | |
BAT Capital Corp. | | | | | | | | |
3.462% 9/06/29 | | | 405,000 | | | | 369,647 | |
4.540% 8/15/47 | | | 130,000 | | | | 100,372 | |
Philip Morris International, Inc. | | | | | | | | |
4.500% 3/20/42 | | | 80,000 | | | | 69,895 | |
4.875% 2/13/29 | | | 60,000 | | | | 59,618 | |
5.125% 2/13/31 | | | 20,000 | | | | 19,869 | |
5.250% 2/13/34 | | | 50,000 | | | | 49,557 | |
| | | | | | | 1,473,545 | |
Airlines — 0.3% | | | | | | | | |
American Airlines, Inc. | | | | | | | | |
8.500% 5/15/29 (b) | | | 90,000 | | | | 95,081 | |
Delta Air Lines, Inc./SkyMiles IP Ltd. | | | | | | | | |
4.750% 10/20/28 (b) | | | 400,000 | | | | 391,223 | |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | |
6.500% 6/20/27 (b) | | | 103,843 | | | | 104,416 | |
United Airlines, Inc. | | | | | | | | |
4.625% 4/15/29 (b) | | | 65,000 | | | | 60,450 | |
| | | | | | | 651,170 | |
Apparel — 0.0% | | | | | | | | |
NIKE, Inc. | | | | | | | | |
2.850% 3/27/30 | | | 60,000 | | | | 54,214 | |
Auto Manufacturers — 1.2% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
3.250% 2/12/32 | | | 1,530,000 | | | | 1,272,662 | |
6.100% 8/19/32 (c) | | | 90,000 | | | | 91,199 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Ford Motor Credit Co. LLC | | | | | | | | |
4.950% 5/28/27 | | $ | 200,000 | | | $ | 195,142 | |
General Motors Co. | | | | | | | | |
5.600% 10/15/32 (c) | | | 125,000 | | | | 126,502 | |
General Motors Financial Co., Inc. | | | | | | | | |
2.400% 10/15/28 | | | 275,000 | | | | 243,378 | |
Hyundai Capital America | | | | | | | | |
1.800% 10/15/25 (b) | | | 55,000 | | | | 51,983 | |
Nissan Motor Co. Ltd. | | | | | | | | |
3.522% 9/17/25 (b) | | | 410,000 | | | | 395,226 | |
4.345% 9/17/27 (b) | | | 300,000 | | | | 285,199 | |
| | | | | | | 2,661,291 | |
Banks — 11.2% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (b) | | | 260,000 | | | | 255,993 | |
Banco Santander SA | | | | | | | | |
3.496% 3/24/25 | | | 600,000 | | | | 589,019 | |
Bank of America Corp. | | | | | | | | |
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | | | 520,000 | | | | 415,913 | |
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32 | | | 190,000 | | | | 157,628 | |
Secured Overnight Financing Rate + 1.330% 2.972% VRN 2/04/33 | | | 670,000 | | | | 569,795 | |
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28 | | | 1,430,000 | | | | 1,359,185 | |
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29 | | | 570,000 | | | | 544,857 | |
4.000% 1/22/25 | | | 700,000 | | | | 690,698 | |
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51 | | | 220,000 | | | | 180,406 | |
4.200% 8/26/24 | | | 380,000 | | | | 377,714 | |
3 mo. USD Term SOFR + 3.967% 6.250% VRN (d) | | | 170,000 | | | | 170,193 | |
Bank of Montreal 5 yr. USD Swap + 1.432% | | | | | | | | |
3.803% VRN 12/15/32 | | | 70,000 | | | | 65,300 | |
Bank of Nova Scotia 5 yr. CMT + 2.050% | | | | | | | | |
4.588% VRN 5/04/37 | | | 180,000 | | | | 163,168 | |
BNP Paribas SA | | | | | | | | |
Secured Overnight Financing Rate + 2.074% 2.219% VRN 6/09/26 (b) | | | 200,000 | | | | 192,301 | |
Secured Overnight Financing Rate + 1.507% 3.052% VRN 1/13/31 (b) | | | 390,000 | | | | 343,111 | |
4.625% 3/13/27 (b) | | | 260,000 | | | | 253,675 | |
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 (b) | | | 350,000 | | | | 349,360 | |
Secured Overnight Financing Rate + 1.866% 5.894% VRN 12/05/34 (b) | | | 200,000 | | | | 209,118 | |
5 yr. CMT + 4.354% 8.500% VRN (b) (c) (d) | | | 200,000 | | | | 209,050 | |
BPCE SA | | | | | | | | |
1.000% 1/20/26 (b) | | | 250,000 | | | | 231,713 | |
Citigroup, Inc. | | | | | | | | |
Secured Overnight Financing Rate + 0.694% 2.014% VRN 1/25/26 | | | 95,000 | | | | 92,111 | |
Secured Overnight Financing Rate + 1.280% 3.070% VRN 2/24/28 | | | 845,000 | | | | 794,825 | |
Secured Overnight Financing Rate + 1.939% 3.785% VRN 3/17/33 | | | 580,000 | | | | 518,082 | |
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30 | | | 760,000 | | | | 716,084 | |
4.650% 7/30/45 | | | 380,000 | | | | 343,143 | |
3 mo. USD Term SOFR + 4.167% 5.950% VRN (d) | | | 160,000 | | | | 159,760 | |
Cooperatieve Rabobank UA | | | | | | | | |
1 yr. CMT + 1.220% 3.649% VRN 4/06/28 (b) | | | 250,000 | | | | 237,986 | |
4.375% 8/04/25 | | | 470,000 | | | | 461,827 | |
Credit Agricole SA Secured Overnight Financing Rate + 1.676% | | | | | | | | |
1.907% VRN 6/16/26 (b) | | | 270,000 | | | | 258,121 | |
Credit Suisse AG | | | | | | | | |
7.500% 2/15/28 | | | 350,000 | | | | 377,401 | |
7.950% 1/09/25 | | | 290,000 | | | | 294,808 | |
Goldman Sachs Group, Inc. | | | | | | | | |
Secured Overnight Financing Rate + 1.472% 2.908% VRN 7/21/42 | | | 240,000 | | | | 172,567 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.500% 11/16/26 | | $ | 270,000 | | | $ | 259,042 | |
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29 | | | 500,000 | | | | 481,267 | |
4.250% 10/21/25 | | | 200,000 | | | | 196,241 | |
4.750% 10/21/45 | | | 70,000 | | | | 64,490 | |
5.150% 5/22/45 | | | 290,000 | | | | 280,386 | |
Secured Overnight Financing Rate + 0.820% 6.181% FRN 9/10/27 | | | 165,000 | | | | 165,079 | |
3 mo. USD Term SOFR + 1.432% 6.739% FRN 5/15/26 | | | 555,000 | | | | 559,873 | |
HSBC Holdings PLC | | | | | | | | |
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26 | | | 510,000 | | | | 489,115 | |
3 mo. USD Term SOFR + 1.642% 6.963% FRN 9/12/26 | | | 310,000 | | | | 313,260 | |
JP Morgan Chase & Co. | | | | | | | | |
Secured Overnight Financing Rate + 1.015% 2.069% VRN 6/01/29 | | | 215,000 | | | | 190,717 | |
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31 | | | 320,000 | | | | 276,570 | |
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32 | | | 270,000 | | | | 228,268 | |
Secured Overnight Financing Rate + 0.915% 2.595% VRN 2/24/26 | | | 160,000 | | | | 155,866 | |
Secured Overnight Financing Rate + 1.260% 2.963% VRN 1/25/33 | | | 25,000 | | | | 21,346 | |
Secured Overnight Financing Rate + 2.440% 3.109% VRN 4/22/51 | | | 100,000 | | | | 69,479 | |
3.875% 9/10/24 | | | 430,000 | | | | 426,529 | |
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29 | | | 640,000 | | | | 623,910 | |
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% | | | | | | | | |
3.574% VRN 11/07/28 | | | 200,000 | | | | 187,496 | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
1.412% 7/17/25 | | | 235,000 | | | | 223,487 | |
Morgan Stanley | | | | | | | | |
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | | | 520,000 | | | | 411,260 | |
Secured Overnight Financing Rate + 1.290% 2.943% VRN 1/21/33 | | | 115,000 | | | | 97,741 | |
Secured Overnight Financing Rate + 1.160% 3.620% VRN 4/17/25 | | | 150,000 | | | | 149,832 | |
Secured Overnight Financing Rate + 1.610% 4.210% VRN 4/20/28 | | | 205,000 | | | | 199,205 | |
National Securities Clearing Corp. | | | | | | | | |
1.500% 4/23/25 (b) | | | 250,000 | | | | 240,830 | |
NatWest Markets PLC | | | | | | | | |
0.800% 8/12/24 (b) | | | 200,000 | | | | 196,472 | |
PNC Financial Services Group, Inc. | | | | | | | | |
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29 | | | 180,000 | | | | 182,192 | |
Secured Overnight Financing Rate + 1.322% 5.812% VRN 6/12/26 | | | 60,000 | | | | 60,200 | |
Royal Bank of Canada | | | | | | | | |
1.150% 6/10/25 | | | 310,000 | | | | 295,704 | |
5.150% 2/01/34 | | | 100,000 | | | | 100,096 | |
Santander Holdings USA, Inc. Secured Overnight Financing Rate + 1.249% | | | | | | | | |
2.490% VRN 1/06/28 | | | 135,000 | | | | 122,690 | |
Toronto-Dominion Bank | | | | | | | | |
1.150% 6/12/25 | | | 190,000 | | | | 180,978 | |
Truist Financial Corp. Secured Overnight Financing Rate + 2.050% | | | | | | | | |
6.047% VRN 6/08/27 | | | 120,000 | | | | 121,620 | |
UBS Group AG | | | | | | | | |
Secured Overnight Financing Rate + 2.044% 2.193% VRN 6/05/26 (b) | | | 480,000 | | | | 460,195 | |
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 (b) | | | 640,000 | | | | 544,364 | |
4.253% 3/23/28 (b) | | | 340,000 | | | | 327,830 | |
Secured Overnight Financing Rate + 3.920% 6.537% VRN 8/12/33 (b) | | | 300,000 | | | | 316,287 | |
5 yr. CMT + 4.745% 9.250% VRN (b) (d) | | | 200,000 | | | | 216,695 | |
US Bancorp | | | | | | | | |
1.450% 5/12/25 | | | 210,000 | | | | 201,327 | |
Secured Overnight Financing Rate + 0.730% 2.215% VRN 1/27/28 | | | 20,000 | | | | 18,448 | |
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29 | | | 140,000 | | | | 142,443 | |
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34 | | | 40,000 | | | | 40,770 | |
Wells Fargo & Co. | | | | | | | | |
Secured Overnight Financing Rate + 2.000% 2.188% VRN 4/30/26 | | | 200,000 | | | | 192,606 | |
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30 | | | 235,000 | | | | 207,739 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.000% 10/23/26 | | $ | 430,000 | | | $ | 407,054 | |
3 mo. USD Term SOFR + 1.432% 3.196% VRN 6/17/27 | | | 245,000 | | | | 233,946 | |
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33 | | | 360,000 | | | | 312,346 | |
Secured Overnight Financing Rate + 2.130% 4.611% VRN 4/25/53 | | | 1,680,000 | | | | 1,484,450 | |
| | | | | | | 24,432,653 | |
Beverages — 0.2% | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
3.650% 2/01/26 | | | 78,000 | | | | 76,221 | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
3.500% 6/01/30 | | | 130,000 | | | | 121,092 | |
4.600% 4/15/48 | | | 65,000 | | | | 59,399 | |
Constellation Brands, Inc. | | | | | | | | |
4.350% 5/09/27 | | | 80,000 | | | | 78,329 | |
Molson Coors Beverage Co. | | | | | | | | |
3.000% 7/15/26 | | | 30,000 | | | | 28,633 | |
| | | | | | | 363,674 | |
Biotechnology — 0.1% | | | | | | | | |
Gilead Sciences, Inc. | | | | | | | | |
3.700% 4/01/24 | | | 130,000 | | | | 130,000 | |
Chemicals — 0.5% | | | | | | | | |
MEGlobal BV | | | | | | | | |
4.250% 11/03/26 (b) | | | 240,000 | | | | 230,569 | |
OCP SA | | | | | | | | |
3.750% 6/23/31 (b) | | | 260,000 | | | | 221,260 | |
5.125% 6/23/51 (b) | | | 220,000 | | | | 165,385 | |
Orbia Advance Corp. SAB de CV | | | | | | | | |
2.875% 5/11/31 (b) | | | 490,000 | | | | 407,464 | |
| | | | | | | 1,024,678 | |
Commercial Services — 0.4% | | | | | | | | |
Cintas Corp. No. 2 | | | | | | | | |
3.700% 4/01/27 | | | 70,000 | | | | 68,001 | |
DP World Ltd. | | | | | | | | |
5.625% 9/25/48 (b) | | | 330,000 | | | | 313,580 | |
Triton Container International Ltd. | | | | | | | | |
1.150% 6/07/24 (b) | | | 90,000 | | | | 89,194 | |
Triton Container International Ltd./TAL International Container Corp. | | | | | | | | |
3.250% 3/15/32 | | | 160,000 | | | | 129,842 | |
United Rentals North America, Inc. | | | | | | | | |
6.125% 3/15/34 (b) | | | 400,000 | | | | 400,497 | |
| | | | | | | 1,001,114 | |
Cosmetics & Personal Care — 0.2% | | | | | | | | |
Haleon US Capital LLC | | | | | | | | |
3.375% 3/24/29 | | | 260,000 | | | | 241,806 | |
Kenvue, Inc. | | | | | | | | |
4.900% 3/22/33 | | | 140,000 | | | | 139,882 | |
| | | | | | | 381,688 | |
Diversified Financial Services — 0.8% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | | | | | | | |
2.450% 10/29/26 | | | 170,000 | | | | 157,872 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.000% 10/29/28 | | $ | 160,000 | | | $ | 144,771 | |
3.400% 10/29/33 | | | 420,000 | | | | 353,791 | |
Air Lease Corp. | | | | | | | | |
1.875% 8/15/26 | | | 170,000 | | | | 156,733 | |
5.300% 2/01/28 | | | 80,000 | | | | 80,043 | |
American Express Co. | | | | | | | | |
3.375% 5/03/24 | | | 30,000 | | | | 29,936 | |
4.050% 5/03/29 | | | 140,000 | | | | 135,788 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
3.250% 2/15/27 (b) | | | 140,000 | | | | 130,015 | |
Charles Schwab Corp. | | | | | | | | |
5.875% 8/24/26 | | | 260,000 | | | | 264,333 | |
Secured Overnight Financing Rate + 2.010% 6.136% VRN 8/24/34 | | | 50,000 | | | | 52,160 | |
CI Financial Corp. | | | | | | | | |
4.100% 6/15/51 | | | 115,000 | | | | 71,835 | |
Mastercard, Inc. | | | | | | | | |
3.850% 3/26/50 | | | 50,000 | | | | 41,373 | |
Nasdaq, Inc. | | | | | | | | |
3.950% 3/07/52 | | | 45,000 | | | | 34,885 | |
Visa, Inc. | | | | | | | | |
4.300% 12/14/45 | | | 160,000 | | | | 144,298 | |
| | | | | | | 1,797,833 | |
Electric — 0.3% | | | | | | | | |
Consolidated Edison Co. of New York, Inc. | | | | | | | | |
3.350% 4/01/30 | | | 70,000 | | | | 64,478 | |
3.950% 4/01/50 | | | 50,000 | | | | 40,595 | |
Duke Energy Carolinas LLC | | | | | | | | |
2.850% 3/15/32 | | | 35,000 | | | | 30,019 | |
Duke Energy Corp. | | | | | | | | |
3.950% 8/15/47 | | | 65,000 | | | | 50,246 | |
Duke Energy Ohio, Inc. | | | | | | | | |
3.650% 2/01/29 | | | 70,000 | | | | 66,487 | |
Exelon Corp. | | | | | | | | |
4.100% 3/15/52 | | | 65,000 | | | | 51,708 | |
Monongahela Power Co. | | | | | | | | |
5.400% 12/15/43 (b) | | | 145,000 | | | | 138,439 | |
Pacific Gas & Electric Co. | | | | | | | | |
2.500% 2/01/31 | | | 185,000 | | | | 153,842 | |
| | | | | | | 595,814 | |
Electronics — 0.1% | | | | | | | | |
Honeywell International, Inc. | | | | | | | | |
5.000% 3/01/35 | | | 180,000 | | | | 180,676 | |
Entertainment — 0.2% | | | | | | | | |
Caesars Entertainment, Inc. | | | | | | | | |
7.000% 2/15/30 (b) | | | 30,000 | | | | 30,794 | |
Warnermedia Holdings, Inc. | | | | | | | | |
3.755% 3/15/27 | | | 180,000 | | | | 171,779 | |
4.279% 3/15/32 | | | 170,000 | | | | 151,851 | |
5.050% 3/15/42 | | | 20,000 | | | | 17,190 | |
6.412% 3/15/26 | | | 10,000 | | | | 10,000 | |
| | | | | | | 381,614 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Environmental Controls — 0.1% | | | | | | | | |
Waste Connections, Inc. | | | | | | | | |
5.000% 3/01/34 | | $ | 110,000 | | | $ | 108,939 | |
Food — 0.1% | | | | | | | | |
Mars, Inc. | | | | | | | | |
3.200% 4/01/30 (b) | | | 80,000 | | | | 72,784 | |
Mondelez International, Inc. | | | | | | | | |
1.500% 5/04/25 | | | 220,000 | | | | 210,938 | |
| | | | | | | 283,722 | |
Forest Products & Paper — 0.2% | | | | | | | | |
Suzano Austria GmbH | | | | | | | | |
3.125% 1/15/32 | | | 10,000 | | | | 8,307 | |
3.750% 1/15/31 | | | 430,000 | | | | 380,114 | |
| | | | | | | 388,421 | |
Gas — 0.2% | | | | | | | | |
Brooklyn Union Gas Co. | | | | | | | | |
4.487% 3/04/49 (b) | | | 435,000 | | | | 339,808 | |
East Ohio Gas Co. | | | | | | | | |
3.000% 6/15/50 (b) | | | 45,000 | | | | 28,466 | |
| | | | | | | 368,274 | |
Health Care – Products — 0.3% | | | | | | | | |
Abbott Laboratories | | | | | | | | |
4.750% 11/30/36 | | | 10,000 | | | | 9,918 | |
Medline Borrower LP/Medline Co.-Issuer, Inc. | | | | | | | | |
6.250% 4/01/29 (b) | | | 70,000 | | | | 70,313 | |
Solventum Corp. | | | | | | | | |
5.400% 3/01/29 (b) | | | 140,000 | | | | 140,282 | |
5.450% 3/13/31 (b) | | | 140,000 | | | | 139,638 | |
5.600% 3/23/34 (b) | | | 180,000 | | | | 180,589 | |
5.900% 4/30/54 (b) | | | 150,000 | | | | 149,631 | |
| | | | | | | 690,371 | |
Health Care – Services — 0.7% | | | | | | | | |
Centene Corp. | | | | | | | | |
2.500% 3/01/31 | | | 285,000 | | | | 234,419 | |
Elevance Health, Inc. | | | | | | | | |
2.375% 1/15/25 | | | 100,000 | | | | 97,546 | |
3.650% 12/01/27 | | | 140,000 | | | | 133,934 | |
HCA, Inc. | | | | | | | | |
4.125% 6/15/29 | | | 220,000 | | | | 208,348 | |
Health Care Service Corp. A Mutual Legal Reserve Co. | | | | | | | | |
3.200% 6/01/50 (b) | | | 145,000 | | | | 98,236 | |
Humana, Inc. | | | | | | | | |
4.625% 12/01/42 | | | 140,000 | | | | 122,536 | |
UnitedHealth Group, Inc. | | | | | | | | |
1.250% 1/15/26 | | | 110,000 | | | | 103,068 | |
2.300% 5/15/31 | | | 220,000 | | | | 186,373 | |
3.875% 8/15/59 | | | 240,000 | | | | 185,795 | |
4.000% 5/15/29 | | | 100,000 | | | | 96,703 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.200% 5/15/32 | | $ | 80,000 | | | $ | 76,028 | |
| | | | | | | 1,542,986 | |
Home Builders — 0.1% | | | | | | | | |
Lennar Corp. | | | | | | | | |
4.500% 4/30/24 | | | 100,000 | | | | 99,885 | |
4.750% 11/29/27 | | | 40,000 | | | | 39,494 | |
| | | | | | | 139,379 | |
Insurance — 0.5% | | | | | | | | |
Aon North America, Inc. | | | | | | | | |
5.450% 3/01/34 | | | 230,000 | | | | 232,655 | |
Athene Global Funding Secured Overnight Financing Rate Index + 0.560% | | | | | | | | |
5.916% FRN 8/19/24 (b) | | | 465,000 | | | | 465,284 | |
Berkshire Hathaway Finance Corp. | | | | | | | | |
2.850% 10/15/50 | | | 150,000 | | | | 101,227 | |
3.850% 3/15/52 | | | 90,000 | | | | 72,753 | |
Principal Life Global Funding II | | | | | | | | |
1.250% 6/23/25 (b) | | | 110,000 | | | | 104,686 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
4.900% 9/15/44 (b) | | | 80,000 | | | | 73,355 | |
| | | | | | | 1,049,960 | |
Internet — 0.5% | | | | | | | | |
Amazon.com, Inc. | | | | | | | | |
3.150% 8/22/27 | | | 110,000 | | | | 104,840 | |
3.600% 4/13/32 | | | 300,000 | | | | 279,394 | |
3.875% 8/22/37 | | | 50,000 | | | | 45,137 | |
3.950% 4/13/52 | | | 130,000 | | | | 109,120 | |
Prosus NV | | | | | | | | |
3.061% 7/13/31 (b) | | | 370,000 | | | | 301,152 | |
3.832% 2/08/51 (b) | | | 210,000 | | | | 129,254 | |
4.027% 8/03/50 (b) | | | 310,000 | | | | 197,432 | |
| | | | | | | 1,166,329 | |
Iron & Steel — 0.1% | | | | | | | | |
Vale Overseas Ltd. | | | | | | | | |
6.875% 11/21/36 | | | 170,000 | | | | 181,699 | |
Leisure Time — 0.1% | | | | | | | | |
NCL Corp. Ltd. | | | | | | | | |
8.125% 1/15/29 (b) | | | 80,000 | | | | 84,655 | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
6.250% 3/15/32 (b) | | | 60,000 | | | | 60,477 | |
| | | | | | | 145,132 | |
Lodging — 0.5% | | | | | | | | |
Hilton Domestic Operating Co., Inc. | | | | | | | | |
6.125% 4/01/32 (b) | | | 60,000 | | | | 60,255 | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 620,000 | | | | 613,190 | |
3.900% 8/08/29 | | | 40,000 | | | | 36,405 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Sands China Ltd. | | | | | | | | |
5.125% STEP 8/08/25 | | $ | 390,000 | | | $ | 384,732 | |
| | | | | | | 1,094,582 | |
Media — 1.9% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 1/15/34 (b) | | | 65,000 | | | | 49,066 | |
4.500% 6/01/33 (b) | | | 810,000 | | | | 632,708 | |
4.750% 3/01/30 (b) | | | 105,000 | | | | 90,157 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
3.500% 3/01/42 | | | 240,000 | | | | 160,136 | |
4.200% 3/15/28 | | | 450,000 | | | | 424,138 | |
4.400% 4/01/33 (c) | | | 290,000 | | | | 257,003 | |
4.908% 7/23/25 | | | 240,000 | | | | 237,079 | |
5.125% 7/01/49 | | | 140,000 | | | | 108,479 | |
5.500% 4/01/63 | | | 150,000 | | | | 117,635 | |
Comcast Corp. | | | | | | | | |
2.887% 11/01/51 | | | 550,000 | | | | 357,018 | |
3.400% 4/01/30 | | | 525,000 | | | | 485,509 | |
3.750% 4/01/40 | | | 120,000 | | | | 99,749 | |
4.150% 10/15/28 | | | 270,000 | | | | 263,521 | |
CSC Holdings LLC | | | | | | | | |
6.500% 2/01/29 (b) | | | 700,000 | | | | 593,118 | |
DISH DBS Corp. | | | | | | | | |
5.125% 6/01/29 | | | 60,000 | | | | 25,025 | |
5.750% 12/01/28 (b) | | | 70,000 | | | | 48,108 | |
Fox Corp. | | | | | | | | |
5.476% 1/25/39 | | | 90,000 | | | | 85,651 | |
6.500% 10/13/33 | | | 100,000 | | | | 105,918 | |
| | | | | | | 4,140,018 | |
Mining — 0.7% | | | | | | | | |
Anglo American Capital PLC | | | | | | | | |
4.750% 4/10/27 (b) | | | 230,000 | | | | 225,375 | |
Barrick North America Finance LLC | | | | | | | | |
5.700% 5/30/41 | | | 80,000 | | | | 81,944 | |
5.750% 5/01/43 | | | 80,000 | | | | 82,633 | |
BHP Billiton Finance USA Ltd. | | | | | | | | |
5.000% 9/30/43 | | | 100,000 | | | | 96,277 | |
First Quantum Minerals Ltd. | | | | | | | | |
8.625% 6/01/31 (b) | | | 200,000 | | | | 194,416 | |
Freeport-McMoRan, Inc. | | | | | | | | |
4.625% 8/01/30 | | | 120,000 | | | | 115,256 | |
5.450% 3/15/43 | | | 230,000 | | | | 220,195 | |
Glencore Funding LLC | | | | | | | | |
1.625% 4/27/26 (b) | | | 120,000 | | | | 111,269 | |
3.375% 9/23/51 (b) | | | 45,000 | | | | 30,800 | |
4.000% 3/27/27 (b) | | | 140,000 | | | | 135,336 | |
Southern Copper Corp. | | | | | | | | |
5.250% 11/08/42 | | | 250,000 | | | | 236,945 | |
| | | | | | | 1,530,446 | |
Miscellaneous - Manufacturing — 0.2% | | | | | | | | |
3M Co. | | | | | | | | |
3.050% 4/15/30 (c) | | | 290,000 | | | | 260,459 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.700% 4/15/50 | | $ | 170,000 | | | $ | 125,572 | |
| | | | | | | 386,031 | |
Multi-National — 0.6% | | | | | | | | |
Inter-American Development Bank | | | | | | | | |
7.350% 10/06/30 INR (e) | | | 104,000,000 | | | | 1,267,141 | |
Oil & Gas — 2.6% | | | | | | | | |
BP Capital Markets America, Inc. | | | | | | | | |
2.939% 6/04/51 | | | 50,000 | | | | 33,381 | |
3.001% 3/17/52 | | | 230,000 | | | | 155,742 | |
3.633% 4/06/30 | | | 120,000 | | | | 113,030 | |
Chesapeake Energy Corp. | | | | | | | | |
5.875% 2/01/29 (b) | | | 100,000 | | | | 99,178 | |
Continental Resources, Inc. | | | | | | | | |
2.268% 11/15/26 (b) | | | 195,000 | | | | 179,506 | |
5.750% 1/15/31 (b) | | | 250,000 | | | | 248,511 | |
Coterra Energy, Inc. | | | | | | | | |
3.900% 5/15/27 | | | 230,000 | | | | 221,371 | |
4.375% 3/15/29 | | | 220,000 | | | | 211,792 | |
Devon Energy Corp. | | | | | | | | |
5.000% 6/15/45 | | | 390,000 | | | | 346,041 | |
5.600% 7/15/41 | | | 140,000 | | | | 134,940 | |
5.850% 12/15/25 | | | 120,000 | | | | 120,651 | |
Diamondback Energy, Inc. | | | | | | | | |
3.500% 12/01/29 | | | 160,000 | | | | 148,006 | |
Ecopetrol SA | | | | | | | | |
5.875% 5/28/45 | | | 770,000 | | | | 575,022 | |
EOG Resources, Inc. | | | | | | | | |
3.900% 4/01/35 | | | 200,000 | | | | 182,107 | |
4.375% 4/15/30 | | | 60,000 | | | | 58,696 | |
4.950% 4/15/50 | | | 30,000 | | | | 28,538 | |
Exxon Mobil Corp. | | | | | | | | |
3.482% 3/19/30 | | | 190,000 | | | | 179,085 | |
4.227% 3/19/40 | | | 85,000 | | | | 77,434 | |
4.327% 3/19/50 | | | 20,000 | | | | 17,698 | |
KazMunayGas National Co. JSC | | | | | | | | |
5.375% 4/24/30 (b) (c) | | | 200,000 | | | | 196,009 | |
Marathon Petroleum Corp. | | | | | | | | |
5.125% 12/15/26 | | | 185,000 | | | | 185,109 | |
Occidental Petroleum Corp. | | | | | | | | |
6.125% 1/01/31 | | | 85,000 | | | | 88,027 | |
6.450% 9/15/36 | | | 50,000 | | | | 53,313 | |
6.600% 3/15/46 (c) | | | 310,000 | | | | 334,096 | |
6.625% 9/01/30 | | | 60,000 | | | | 63,582 | |
Petrobras Global Finance BV | | | | | | | | |
5.999% 1/27/28 | | | 760,000 | | | | 765,735 | |
Pioneer Natural Resources Co. | | | | | | | | |
1.900% 8/15/30 | | | 170,000 | | | | 142,808 | |
Reliance Industries Ltd. | | | | | | | | |
3.625% 1/12/52 (b) | | | 330,000 | | | | 237,856 | |
Shell International Finance BV | | | | | | | | |
2.750% 4/06/30 | | | 240,000 | | | | 215,842 | |
3.250% 4/06/50 | | | 280,000 | | | | 203,264 | |
Southwestern Energy Co. | | | | | | | | |
4.750% 2/01/32 | | | 70,000 | | | | 64,439 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.375% 2/01/29 | | $ | 75,000 | | | $ | 72,843 | |
| | | | | | | 5,753,652 | |
Oil & Gas Services — 0.1% | | | | | | | | |
Halliburton Co. | | | | | | | | |
2.920% 3/01/30 | | | 105,000 | | | | 94,157 | |
5.000% 11/15/45 | | | 100,000 | | | | 93,886 | |
| | | | | | | 188,043 | |
Pharmaceuticals — 3.1% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
2.600% 11/21/24 | | | 880,000 | | | | 864,153 | |
2.950% 11/21/26 | | | 260,000 | | | | 247,624 | |
3.200% 11/21/29 | | | 600,000 | | | | 552,898 | |
4.700% 5/14/45 | | | 25,000 | | | | 23,377 | |
4.800% 3/15/29 | | | 130,000 | | | | 130,191 | |
4.950% 3/15/31 | | | 60,000 | | | | 60,428 | |
5.050% 3/15/34 | | | 80,000 | | | | 80,992 | |
Bausch Health Cos., Inc. | | | | | | | | |
6.125% 2/01/27 (b) | | | 50,000 | | | | 31,155 | |
Becton Dickinson & Co. | | | | | | | | |
3.363% 6/06/24 | | | 80,000 | | | | 79,648 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 | | | 120,000 | | | | 103,618 | |
5.100% 2/22/31 | | | 70,000 | | | | 70,677 | |
5.200% 2/22/34 | | | 210,000 | | | | 213,218 | |
5.550% 2/22/54 | | | 30,000 | | | | 30,852 | |
5.650% 2/22/64 | | | 20,000 | | | | 20,576 | |
Cigna Group | | | | | | | | |
4.375% 10/15/28 | | | 590,000 | | | | 575,542 | |
4.900% 12/15/48 | | | 230,000 | | | | 209,513 | |
CVS Health Corp. | | | | | | | | |
2.125% 9/15/31 | | | 330,000 | | | | 269,373 | |
4.250% 4/01/50 | | | 70,000 | | | | 56,721 | |
4.300% 3/25/28 | | | 580,000 | | | | 566,008 | |
5.050% 3/25/48 | | | 220,000 | | | | 199,799 | |
Eli Lilly & Co. | | | | | | | | |
4.700% 2/09/34 | | | 180,000 | | | | 178,997 | |
5.000% 2/09/54 | | | 20,000 | | | | 19,887 | |
5.100% 2/09/64 | | | 140,000 | | | | 139,329 | |
Johnson & Johnson | | | | | | | | |
3.625% 3/03/37 | | | 160,000 | | | | 141,988 | |
Merck & Co., Inc. | | | | | | | | |
1.450% 6/24/30 | | | 120,000 | | | | 98,831 | |
Pfizer, Inc. | | | | | | | | |
1.700% 5/28/30 (c) | | | 280,000 | | | | 235,220 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
3.150% 10/01/26 | | | 1,700,000 | | | | 1,589,315 | |
| | | | | | | 6,789,930 | |
Pipelines — 3.6% | | | | | | | | |
Cameron LNG LLC | | | | | | | | |
3.302% 1/15/35 (b) | | | 150,000 | | | | 124,816 | |
Columbia Pipelines Operating Co. LLC | | | | | | | | |
6.036% 11/15/33 (b) | | | 260,000 | | | | 269,372 | |
6.544% 11/15/53 (b) | | | 30,000 | | | | 32,503 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Energy Transfer LP | | | | | | | | |
3.750% 5/15/30 | | $ | 230,000 | | | $ | 211,992 | |
3.900% 7/15/26 | | | 710,000 | | | | 688,483 | |
4.750% 1/15/26 | | | 240,000 | | | | 237,473 | |
5.550% 5/15/34 | | | 100,000 | | | | 100,305 | |
6.250% 4/15/49 | | | 320,000 | | | | 328,427 | |
Enterprise Products Operating LLC | | | | | | | | |
3.700% 1/31/51 | | | 140,000 | | | | 108,164 | |
4.150% 10/16/28 | | | 1,030,000 | | | | 1,001,924 | |
4.850% 1/31/34 | | | 220,000 | | | | 216,704 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 1/15/31 (b) | | | 140,000 | | | | 130,194 | |
Kinder Morgan Energy Partners LP | | | | | | | | |
6.950% 1/15/38 | | | 125,000 | | | | 136,784 | |
Kinder Morgan, Inc. | | | | | | | | |
4.300% 3/01/28 | | | 110,000 | | | | 107,351 | |
MPLX LP | | | | | | | | |
4.700% 4/15/48 | | | 400,000 | | | | 341,228 | |
ONEOK, Inc. | | | | | | | | |
5.550% 11/01/26 | | | 40,000 | | | | 40,366 | |
5.800% 11/01/30 | | | 70,000 | | | | 72,113 | |
6.050% 9/01/33 | | | 130,000 | | | | 135,584 | |
6.625% 9/01/53 | | | 200,000 | | | | 220,421 | |
Targa Resources Corp. | | | | | | | | |
4.950% 4/15/52 | | | 40,000 | | | | 35,045 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | | | | | | | |
4.875% 2/01/31 | | | 140,000 | | | | 134,020 | |
Western Midstream Operating LP | | | | | | | | |
3.100% STEP 2/01/25 | | | 240,000 | | | | 234,826 | |
4.050% STEP 2/01/30 | | | 900,000 | | | | 839,724 | |
5.250% STEP 2/01/50 | | | 1,610,000 | | | | 1,440,185 | |
The Williams Cos., Inc. | | | | | | | | |
3.500% 11/15/30 | | | 70,000 | | | | 63,618 | |
3.500% 10/15/51 | | | 125,000 | | | | 88,832 | |
3.750% 6/15/27 | | | 250,000 | | | | 240,579 | |
5.150% 3/15/34 | | | 170,000 | | | | 168,468 | |
| | | | | | | 7,749,501 | |
Real Estate Investment Trusts (REITS) — 0.1% | | | | | | | | |
Crown Castle, Inc. | | | | | | | | |
3.300% 7/01/30 | | | 35,000 | | | | 31,104 | |
WEA Finance LLC/Westfield UK & Europe Finance PLC | | | | | | | | |
3.750% 9/17/24 (b) | | | 220,000 | | | | 217,125 | |
| | | | | | | 248,229 | |
Retail — 0.4% | | | | | | | | |
Costco Wholesale Corp. | | | | | | | | |
1.375% 6/20/27 | | | 20,000 | | | | 18,096 | |
1.600% 4/20/30 | | | 20,000 | | | | 16,838 | |
Home Depot, Inc. | | | | | | | | |
2.700% 4/15/30 | | | 70,000 | | | | 62,352 | |
3.300% 4/15/40 | | | 120,000 | | | | 95,395 | |
3.350% 4/15/50 | | | 260,000 | | | | 190,853 | |
Lowe's Cos., Inc. | | | | | | | | |
4.500% 4/15/30 | | | 50,000 | | | | 48,890 | |
McDonald's Corp. | | | | | | | | |
3.500% 7/01/27 | | | 300,000 | | | | 287,587 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
3.600% 7/01/30 | | $ | 90,000 | | | $ | 83,937 | |
Walmart, Inc. | | | | | | | | |
1.500% 9/22/28 | | | 60,000 | | | | 53,001 | |
1.800% 9/22/31 | | | 20,000 | | | | 16,605 | |
| | | | | | | 873,554 | |
Semiconductors — 0.3% | | | | | | | | |
Broadcom, Inc. | | | | | | | | |
3.419% 4/15/33 (b) | | | 296,000 | | | | 256,602 | |
Intel Corp. | | | | | | | | |
1.600% 8/12/28 | | | 120,000 | | | | 105,301 | |
Micron Technology, Inc. | | | | | | | | |
5.300% 1/15/31 | | | 90,000 | | | | 90,520 | |
5.875% 2/09/33 | | | 60,000 | | | | 62,088 | |
NVIDIA Corp. | | | | | | | | |
3.700% 4/01/60 | | | 170,000 | | | | 135,488 | |
NXP BV/NXP Funding LLC/NXP USA, Inc. | | | | | | | | |
3.875% 6/18/26 | | | 85,000 | | | | 82,512 | |
| | | | | | | 732,511 | |
Software — 0.2% | | | | | | | | |
Microsoft Corp. | | | | | | | | |
2.921% 3/17/52 | | | 30,000 | | | | 21,209 | |
Oracle Corp. | | | | | | | | |
1.650% 3/25/26 | | | 230,000 | | | | 214,665 | |
3.850% 4/01/60 | | | 250,000 | | | | 177,930 | |
4.650% 5/06/30 | | | 20,000 | | | | 19,612 | |
| | | | | | | 433,416 | |
Telecommunications — 1.7% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
2.750% 6/01/31 | | | 160,000 | | | | 137,818 | |
3.500% 9/15/53 | | | 309,000 | | | | 218,006 | |
3.550% 9/15/55 | | | 215,000 | | | | 150,333 | |
Rogers Communications, Inc. | | | | | | | | |
5.300% 2/15/34 | | | 110,000 | | | | 109,019 | |
T-Mobile USA, Inc. | | | | | | | | |
2.250% 2/15/26 | | | 205,000 | | | | 193,983 | |
2.550% 2/15/31 | | | 60,000 | | | | 51,109 | |
3.375% 4/15/29 | | | 50,000 | | | | 46,242 | |
3.400% 10/15/52 | | | 230,000 | | | | 163,138 | |
3.500% 4/15/25 | | | 130,000 | | | | 127,456 | |
3.500% 4/15/31 | | | 700,000 | | | | 632,154 | |
3.875% 4/15/30 | | | 430,000 | | | | 402,816 | |
5.150% 4/15/34 | | | 80,000 | | | | 79,732 | |
Telefonica Emisiones SA | | | | | | | | |
5.213% 3/08/47 | | | 150,000 | | | | 138,023 | |
Verizon Communications, Inc. | | | | | | | | |
2.650% 11/20/40 | | | 15,000 | | | | 10,570 | |
3.850% 11/01/42 | | | 430,000 | | | | 353,598 | |
3.875% 2/08/29 | | | 550,000 | | | | 526,552 | |
3.875% 3/01/52 | | | 435,000 | | | | 341,923 | |
| | | | | | | 3,682,472 | |
Transportation — 0.2% | | | | | | | | |
Union Pacific Corp. | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2.150% 2/05/27 | | $ | 50,000 | | | $ | 46,491 | |
2.891% 4/06/36 | | | 270,000 | | | | 220,209 | |
3.750% 2/05/70 | | | 150,000 | | | | 110,276 | |
3.839% 3/20/60 | | | 120,000 | | | | 92,137 | |
| | | | | | | 469,113 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $83,069,524) | | | | | | | 79,068,153 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.7% | | | | | | | | |
Automobile Asset-Backed Securities — 0.5% | | | | | | | | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | |
Series 2024-3A, Class A, 5.230% 12/20/30 (b) | | | 520,000 | | | | 518,837 | |
Series 2024-1A, Class A, 5.360% 6/20/30 (b) | | | 430,000 | | | | 432,162 | |
| | | | | | | 950,999 | |
Commercial Mortgage-Backed Securities — 5.3% | | | | | | | | |
Bank | | | | | | | | |
Series 2020-BN28, Class AS, 2.140% 3/15/63 | | | 380,000 | | | | 312,220 | |
Series 2022-BNK39, Class AS, 3.181% 2/15/55 | | | 302,000 | | | | 259,606 | |
Series 2017-BNK8, Class A3, 3.229% 11/15/50 | | | 266,465 | | | | 249,986 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2020-B19, Class AS, 2.148% 9/15/53 | | | 380,000 | | | | 300,009 | |
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (b) | | | 378,000 | | | | 345,341 | |
BPR Trust | | | | | | | | |
Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.164% 6.491% FRN 9/15/38 (b) | | | 550,000 | | | | 546,564 | |
Series 2022-OANA, Class A, 1 mo. USD Term SOFR + 1.898% 7.223% FRN 4/15/37 (b) | | | 460,000 | | | | 462,300 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2024-XL5, Class A, 1 mo. USD Term SOFR + 1.392% 6.692% FRN 3/15/41 (b) | | | 170,000 | | | | 170,000 | |
Series 2023-XL3, Class A, 1 mo. USD Term SOFR + 1.761% 7.087% FRN 12/09/40 (b) | | | 220,000 | | | | 221,237 | |
Series 2021-VOLT, Class F, 1 mo. USD Term SOFR + 2.514% 7.840% FRN 9/15/36 (b) | | | 405,000 | | | | 407,784 | |
Series 2021-21M, Class H, 1 mo. USD Term SOFR + 4.124% 9.450% FRN 10/15/36 (b) | | | 277,200 | | | | 261,515 | |
BX Trust | | | | | | | | |
Series 2019-OC11, Class E, 3.944% VRN 12/09/41 (b) (f) | | | 374,000 | | | | 320,999 | |
Series 2023-DELC, Class A, 1 mo. USD Term SOFR + 2.690% 8.015% FRN 5/15/38 (b) | | | 440,000 | | | | 445,499 | |
CD Mortgage Trust, Series 2017-CD3, Class A4 | | | | | | | | |
3.631% 2/10/50 | | | 120,000 | | | | 110,932 | |
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, | | | | | | | | |
0.980% VRN 1/10/48 (f) | | | 5,132,198 | | | | 67,379 | |
Citigroup Commercial Mortgage Trust | | | | | | | | |
Series 2019-GC41, Class B, 3.199% 8/10/56 | | | 163,000 | | | | 137,128 | |
Series 2020-420K, Class D, 3.312% VRN 11/10/42 (b) (f) | | | 200,000 | | | | 165,080 | |
Series 2020-420K, Class E, 3.312% VRN 11/10/42 (b) (f) | | | 200,000 | | | | 159,561 | |
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f) | | | 340,000 | | | | 308,331 | |
CSAIL Commercial Mortgage Trust | | | | | | | | |
Series 2015-C1, Class XA, 0.803% VRN 4/15/50 (f) | | | 7,523,228 | | | | 21,589 | |
Series 2019-C16, Class B, 3.885% 6/15/52 | | | 334,000 | | | | 282,456 | |
CSMC Trust, Series 2021-B33, Class B, | | | | | | | | |
3.645% VRN 10/10/43 (b) (f) | | | 300,000 | | | | 255,108 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, | | | | | | | | |
5.649% VRN 1/15/41 (b) (f) | | $ | 220,000 | | | $ | 220,077 | |
GS Mortgage Securities Corp. II, Series 2024-70P, Class E, | | | | | | | | |
8.666% VRN 3/10/41 (b) (f) | | | 250,000 | | | | 252,896 | |
GS Mortgage Securities Corp. Trust, Series 2018-RIVR, Class C, 1 mo. USD Term SOFR + 1.547% | | | | | | | | |
6.872% FRN 7/15/35 (b) | | | 167,000 | | | | 97,177 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2015-GS1, Class XA, 0.755% VRN 11/10/48 (f) | | | 7,439,194 | | | | 70,489 | |
Series 2014-GC26, Class D, 4.509% VRN 11/10/47 (b) (f) | | | 763,000 | | | | 530,737 | |
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD Term SOFR + 3.264% | | | | | | | | |
8.586% FRN 11/15/36 (b) | | | 377,250 | | | | 368,910 | |
JP Morgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-JP1, Class XA, 0.882% VRN 1/15/49 (f) | | | 3,228,230 | | | | 47,723 | |
Series 2016-JP2, Class B, 3.460% 8/15/49 | | | 174,000 | | | | 149,994 | |
JPMBB Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-C30, Class XA, 0.419% VRN 7/15/48 (f) | | | 7,606,059 | | | | 31,622 | |
Series 2015-C29, Class XA, 0.541% VRN 5/15/48 (f) | | | 5,247,293 | | | | 22,388 | |
Series 2014-C25, Class XA, 0.794% VRN 11/15/47 (f) | | | 3,478,559 | | | | 6,572 | |
Series 2015-C28, Class XA, 0.913% VRN 10/15/48 (f) | | | 5,649,870 | | | | 31,911 | |
Series 2014-C23, Class D, 3.980% VRN 9/15/47 (b) (f) | | | 391,000 | | | | 346,445 | |
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD Term SOFR + 2.114% | | | | | | | | |
7.440% FRN 11/15/38 (b) | | | 394,109 | | | | 392,631 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A4 | | | | | | | | |
2.600% 9/15/49 | | | 108,055 | | | | 102,056 | |
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, | | | | | | | | |
0.831% VRN 12/15/48 (f) | | | 5,402,691 | | | | 53,517 | |
MSWF Commercial Mortgage Trust | | | | | | | | |
Series 2023-1, Class A4, 5.472% 5/15/56 | | | 250,000 | | | | 255,805 | |
Series 2023-2, Class A5, 6.014% VRN 12/15/56 (f) | | | 250,000 | | | | 267,697 | |
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397% | | | | | | | | |
6.727% FRN 3/15/39 (b) | | | 540,000 | | | | 532,069 | |
NJ Trust, Series 2023-GSP, Class A, | | | | | | | | |
6.481% VRN 1/06/29 (b) (f) | | | 200,000 | | | | 208,617 | |
NRTH Mortgage Trust, Series 2024-PARK, Class A, 1 mo. USD Term SOFR + 1.641% | | | | | | | | |
6.941% FRN 3/15/41 (b) | | | 250,000 | | | | 250,313 | |
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, | | | | | | | | |
1.851% VRN 10/10/48 (f) | | | 3,046,959 | | | | 84,843 | |
SLG Office Trust, Series 2021-OVA, Class E | | | | | | | | |
2.851% 7/15/41 (b) | | | 260,000 | | | | 197,055 | |
TTAN, Series 2021-MHC, Class F, 1 mo. USD Term SOFR + 3.014% | | | | | | | | |
8.341% FRN 3/15/38 (b) | | | 323,232 | | | | 311,404 | |
Wells Fargo Commercial Mortgage Trust | | | | | | | | |
Series 2015-NXS2, Class XA, 0.580% VRN 7/15/58 (f) | | | 8,829,548 | | | | 44,992 | |
Series 2015-P2, Class XA, 0.923% VRN 12/15/48 (f) | | | 3,408,472 | | | | 38,185 | |
Series 2019-C53, Class XA, 0.986% VRN 10/15/52 (f) | | | 4,212,151 | | | | 166,205 | |
Series 2017-C38, Class A4, 3.190% 7/15/50 | | | 293,994 | | | | 274,193 | |
Series 2016-C35, Class B, 3.438% 7/15/48 | | | 328,000 | | | | 306,406 | |
| | | | | | | 11,473,553 | |
Home Equity Asset-Backed Securities — 0.0% | | | | | | | | |
Washington Mutual Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD Term SOFR + 0.474% | | | | | | | | |
4.485% FRN 10/25/36 | | | 53,073 | | | | 17,662 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Other Asset-Backed Securities — 3.4% | | | | | | | | |
AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.318% FRN 4/20/36 (b) | | $ | 200,000 | | | $ | 201,564 | |
AMMC CLO 23 Ltd., Series 2020-23A, Class A1R, 3 mo. USD Term SOFR + 1.302% | | | | | | | | |
6.618% FRN 10/17/31 (b) | | | 150,000 | | | | 150,072 | |
ARES Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, 3 mo. USD Term SOFR + 1.750% | | | | | | | | |
7.097% FRN 10/15/36 (b) | | | 450,000 | | | | 453,101 | |
Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1, 3 mo. USD Term SOFR + 1.800% | | | | | | | | |
7.178% FRN 10/20/36 (b) | | | 200,000 | | | | 201,450 | |
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, | | | | | | | | |
5.682% STEP 12/16/41 (b) | | | 530,935 | | | | 516,334 | |
Cayuga Park CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.382% | | | | | | | | |
6.698% FRN 7/17/34 (b) | | | 200,000 | | | | 200,095 | |
CLI Funding VI LLC, Series 2020-3A, Class A | | | | | | | | |
2.070% 10/18/45 (b) | | | 153,750 | | | | 138,901 | |
Dividend Solar Loans LLC, Series 2018-1, Class B | | | | | | | | |
4.290% 7/20/38 (b) | | | 471,336 | | | | 418,961 | |
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 3 mo. USD Term SOFR + 1.282% | | | | | | | | |
6.596% FRN 4/15/31 (b) | | | 252,824 | | | | 252,976 | |
Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520% | | | | | | | | |
6.831% FRN 4/20/37 (b) | | | 100,000 | | | | 100,241 | |
Empower CLO Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.200% | | | | | | | | |
7.514% FRN 7/15/36 (b) | | | 270,000 | | | | 273,642 | |
Hero Funding Trust, Series 2016-4A, Class A2 | | | | | | | | |
4.290% 9/20/47 (b) | | | 85,339 | | | | 77,866 | |
HPS Loan Management Ltd., Series 15A-19, Class A1R, 3 mo. USD Term SOFR + 1.320% | | | | | | | | |
6.638% FRN 1/22/35 (b) | | | 250,000 | | | | 249,893 | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (b) | | | 272,815 | | | | 246,631 | |
Mosaic Solar Loan Trust, Series 2020-2A, Class B | | | | | | | | |
2.210% 8/20/46 (b) | | | 240,812 | | | | 200,632 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A | | | | | | | | |
4.450% 6/20/42 (b) | | | 169,576 | | | | 162,809 | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422% | | | | | | | | |
6.736% FRN 7/15/34 (b) | | | 250,000 | | | | 250,153 | |
Neuberger Berman Loan Advisers CLO 29 Ltd., Series 2018-29A, Class A1, 3 mo. USD Term SOFR + 1.392% | | | | | | | | |
6.701% FRN 10/19/31 (b) | | | 256,834 | | | | 256,643 | |
Octagon 66 Ltd., Series 2022-1A, Class A1R, 3 mo. USD Term SOFR + 1.750% | | | | | | | | |
7.076% FRN 11/16/36 (b) | | | 250,000 | | | | 251,512 | |
Rad CLO 22 Ltd., Series 2023-22A, Class A1, 3 mo. USD Term SOFR + 1.830% | | | | | | | | |
7.202% FRN 1/20/37 (b) | | | 400,000 | | | | 402,995 | |
Storm King Park CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 2.050% | | | | | | | | |
7.364% FRN 10/15/35 (b) | | | 250,000 | | | | 251,377 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A | | | | | | | | |
2.980% 6/20/47 (b) | | $ | 345,130 | | | $ | 319,239 | |
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C | | | | | | | | |
2.630% 10/20/48 (b) | | | 424,240 | | | | 326,918 | |
Symphony CLO 40 Ltd., Series 2023-40A, Class A1, 3 mo. USD Term SOFR + 1.640% | | | | | | | | |
6.984% FRN 1/14/34 (b) | | | 380,000 | | | | 380,202 | |
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A | | | | | | | | |
2.100% 9/20/45 (b) | | | 330,328 | | | | 298,966 | |
Vault DI Issuer LLC, Series 2021-1A, Class A2 | | | | | | | | |
2.804% 7/15/46 (b) | | | 500,000 | | | | 435,262 | |
Venture 41 CLO Ltd., Series 2021-41A, Class A1N, 3 mo. USD Term SOFR + 1.592% | | | | | | | | |
6.909% FRN 1/20/34 (b) | | | 250,000 | | | | 249,991 | |
Whitebox CLO II Ltd., Series 2020-2A, Class A1R, 3 mo. USD Term SOFR + 1.482% | | | | | | | | |
6.800% FRN 10/24/34 (b) | | | 150,000 | | | | 149,948 | |
| | | | | | | 7,418,374 | |
Student Loans Asset-Backed Securities — 0.7% | | | | | | | | |
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% | | | | | | | | |
6.644% FRN 12/26/47 (b) | | | 174,252 | | | | 172,719 | |
ELFI Graduate Loan Program LLC, Series 2020-A, Class A | | | | | | | | |
1.730% 8/25/45 (b) | | | 265,351 | | | | 231,305 | |
SMB Private Education Loan Trust, Series 2024-A, Class A1A | | | | | | | | |
5.240% 3/15/56 (b) | | | 290,000 | | | | 290,130 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2017-D, Class BFX, 3.610% 9/25/40 (b) | | | 350,000 | | | | 315,287 | |
Series 2018-B, Class BFX, 3.830% 8/25/47 (b) | | | 500,000 | | | | 453,971 | |
| | | | | | | 1,463,412 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 3.5% | | | | | | | | |
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, | | | | | | | | |
4.907% VRN 4/25/37 (f) | | | 469,379 | | | | 423,687 | |
Countrywide Home Loans Mortgage Pass-Through Trust | | | | | | | | |
Series 2007-HYB2, Class 3A1, 4.325% VRN 2/25/47 (f) | | | 660,845 | | | | 587,163 | |
Series 2007-3, Class A21, 6.000% 4/25/37 | | | 1,283,698 | | | | 620,334 | |
Series 2007-14, Class A6, 6.000% 9/25/37 | | | 1,122,119 | | | | 584,970 | |
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD Term SOFR + 0.454% | | | | | | | | |
5.781% FRN 12/19/36 | | | 360,391 | | | | 315,796 | |
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, | | | | | | | | |
2.489% VRN 9/25/56 (b) (f) | | | 1,028,000 | | | | 654,700 | |
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, | | | | | | | | |
3.464% VRN 7/25/35 (f) | | | 218,286 | | | | 190,717 | |
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1, | | | | | | | | |
5.000% STEP 6/25/62 (b) | | | 438,991 | | | | 440,018 | |
PRKCM Trust, Series 2023-AFC1, Class A1, | | | | | | | | |
6.598% STEP 2/25/58 (b) | | | 372,834 | | | | 375,359 | |
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, | | | | | | | | |
6.500% VRN 10/26/37 (b) (f) | | | 623,676 | | | | 260,546 | |
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD Term SOFR + 0.714% | | | | | | | | |
6.000% FRN 4/25/37 | | | 141,787 | | | | 113,982 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, | | | | | | | | |
4.664% VRN 10/25/37 (f) | | | 502,082 | | | | 397,306 | |
Verus Securitization Trust | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (b) (f) | | $ | 1,000,000 | | | $ | 607,290 | |
Series 2021-R1, Class M1, 2.338% 10/25/63 (b) | | | 1,500,000 | | | | 1,296,954 | |
Series 2022-6, Class A1, 4.910% STEP 6/25/67 (b) | | | 249,014 | | | | 248,423 | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, | | | | | | | | |
6.850% STEP 5/25/36 | | | 596,681 | | | | 499,109 | |
| | | | | | | 7,616,354 | |
Whole Loan Collateral Planned Amortization Classes — 0.3% | | | | | | | | |
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 | | | | | | | | |
6.000% 8/25/36 | | | 1,245,727 | | | | 698,359 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $37,406,042) | | | | | | | 29,638,713 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATIONS — 6.3% | | | | | | | | |
Brazil Notas do Tesouro Nacional Serie F | | | | | | | | |
10.000% 1/01/27 BRL (e) | | | 2,920,000 | | | | 579,723 | |
10.000% 1/01/33 BRL (e) | | | 3,249,000 | | | | 615,848 | |
Brazilian Government International Bond | | | | | | | | |
3.750% 9/12/31 | | | 950,000 | | | | 829,319 | |
5.625% 2/21/47 (c) | | | 300,000 | | | | 257,239 | |
Colombia Government International Bond | | | | | | | | |
3.250% 4/22/32 | | | 230,000 | | | | 178,923 | |
4.125% 2/22/42 | | | 440,000 | | | | 296,897 | |
Indonesia Government International Bond | | | | | | | | |
3.500% 1/11/28 | | | 320,000 | | | | 303,498 | |
Israel Government International Bond | | | | | | | | |
2.750% 7/03/30 | | | 310,000 | | | | 266,767 | |
Jamaica Government International Bond | | | | | | | | |
9.625% 11/03/30 | | | 22,000,000 | | | | 151,343 | |
Mexican Bonos | | | | | | | | |
7.750% 11/23/34 MXN (e) | | | 8,220,000 | | | | 442,098 | |
7.750% 11/13/42 MXN (e) | | | 152,850,000 | | | | 7,805,100 | |
Mexico Government International Bond | | | | | | | | |
2.659% 5/24/31 | | | 200,000 | | | | 166,842 | |
3.750% 1/11/28 | | | 205,000 | | | | 194,635 | |
4.280% 8/14/41 | | | 450,000 | | | | 360,847 | |
Nigeria Government International Bond | | | | | | | | |
7.143% 2/23/30 (b) | | | 210,000 | | | | 190,470 | |
Peruvian Government International Bond | | | | | | | | |
6.550% 3/14/37 | | | 260,000 | | | | 282,100 | |
Provincia de Buenos Aires/Government Bond, | | | | | | | | |
6.375% STEP 9/01/37 (b) | | | 530,118 | | | | 215,998 | |
Republic of Kenya Government International Bond | | | | | | | | |
6.300% 1/23/34 (b) | | | 370,000 | | | | 301,637 | |
Uruguay Government International Bond | | | | | | | | |
3.875% 7/02/40 | | | 4,921,984 | | | | 141,045 | |
| | | | | | | 13,580,329 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $12,462,247) | | | | | | | 13,580,329 | |
| | | | | | | | |
U.S. Government Agency Obligations and Instrumentalities (g) — 34.3% | | | | | | | | |
Collateralized Mortgage Obligations — 4.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series K-157, Class X1, 0.254% VRN 5/25/33 (f) | | $ | 10,399,523 | | | $ | 233,543 | |
Series K-154, Class X1, 0.353% VRN 1/25/33 (f) | | | 6,798,273 | | | | 190,998 | |
Series K124, Class X1, 0.718% VRN 12/25/30 (f) | | | 5,869,407 | | | | 223,008 | |
Federal Home Loan Mortgage Corp. REMICS | | | | | | | | |
Series 5092, Class AP, 2.000% 4/25/41 | | | 76,719 | | | | 66,073 | |
Series 4991, Class QV, 2.000% 9/25/45 | | | 92,218 | | | | 75,019 | |
Series 5085, Class NI, 2.000% 3/25/51 | | | 1,327,136 | | | | 165,345 | |
Series 5274, Class IO, 2.500% 1/25/51 | | | 643,451 | | | | 105,511 | |
Series 5071, Class IH, 2.500% 2/25/51 | | | 242,636 | | | | 31,363 | |
Series 4481, Class B, 3.000% 12/15/42 | | | 855,500 | | | | 811,521 | |
Series 4483, Class CA, 3.000% 6/15/44 | | | 1,451,959 | | | | 1,345,790 | |
Series 4391, Class MZ, 3.000% 9/15/44 | | | 132,929 | | | | 113,117 | |
Federal National Mortgage Association REMICS | | | | | | | | |
Series 2018-21, Class PO, 0.000% 4/25/48 | | | 609,319 | | | | 441,789 | |
Series 2021-48, Class NS, 30 day USD SOFR Average + 3.650% 0.000% FRN 8/25/51 | | | 998,460 | | | | 27,864 | |
Series 2021-65, Class JA, 2.000% 1/25/46 | | | 71,568 | | | | 61,682 | |
Series 2020-57, Class TA, 2.000% 4/25/50 | | | 240,767 | | | | 203,190 | |
Series 2020-56, Class AQ, 2.000% 8/25/50 | | | 300,000 | | | | 227,342 | |
Series 2014-6, Class Z, 2.500% 2/25/44 | | | 128,905 | | | | 108,419 | |
Series 2012-118, Class VZ, 3.000% 11/25/42 | | | 126,519 | | | | 111,987 | |
Series 2021-18, Class ZG, 3.000% 6/25/50 | | | 2,633,382 | | | | 1,724,236 | |
Series 2020-96, Class IN, 3.000% 1/25/51 | | | 384,108 | | | | 65,838 | |
Series 2015-65, Class CZ, 3.500% 9/25/45 | | | 134,983 | | | | 113,439 | |
Government National Mortgage Association | | | | | | | | |
Series 2022-210, Class IO, 0.697% VRN 7/16/64 (f) | | | 1,478,496 | | | | 94,961 | |
Series 2022-216, Class IO, 0.750% VRN 7/16/65 (f) | | | 1,485,914 | | | | 91,278 | |
Series 2020-103, Class AD, 1.450% 1/16/63 | | | 289,168 | | | | 210,262 | |
Series 2022-3, Class B, 1.850% 2/16/61 | | | 500,000 | | | | 257,802 | |
Series 2020-175, Class GI, 2.000% 11/20/50 | | | 141,543 | | | | 15,469 | |
Series 2022-113, Class Z, 2.000% 9/16/61 | | | 1,242,707 | | | | 630,628 | |
Series 2023-92, Class AH, 2.000% 6/16/64 | | | 99,984 | | | | 75,234 | |
Series 2022-220, Class E, 3.000% VRN 10/16/64 (f) | | | 100,000 | | | | 74,607 | |
Government National Mortgage Association REMICS | | | | | | | | |
Series 2021-103, Class SA, 30 day USD SOFR Average + 3.250% 0.000%FRN 4/20/51 | | | 1,131,058 | | | | 17,033 | |
Series 2021-115, Class MI, 2.500% 5/20/51 | | | 450,702 | | | | 48,654 | |
Series 2021-96, Class VI, 2.500% 6/20/51 | | | 416,113 | | | | 57,140 | |
Series 2022-189, Class PT, 2.500% 10/20/51 | | | 92,038 | | | | 76,158 | |
Series 2021-176, Class IN, 2.500% 10/20/51 | | | 497,380 | | | | 69,018 | |
Series 2022-99, Class JW, 2.500% 1/20/52 | | | 100,000 | | | | 78,447 | |
Series 2021-57, Class BI, 3.000% 3/20/51 | | | 617,408 | | | | 96,467 | |
Series 2021-98, Class IG, 3.000% 6/20/51 | | | 906,064 | | | | 146,719 | |
Series 2021-137, Class IQ, 3.000% 8/20/51 | | | 1,226,342 | | | | 193,787 | |
Series 2021-117, Class ID, 3.500% 6/20/51 | | | 681,972 | | | | 116,060 | |
Series 2020-H20, Class FA, 1 mo. USD Term SOFR + 0.464% 5.794% FRN 4/20/70 | | | 170,361 | | | | 165,857 | |
| | | | | | | 8,962,655 | |
Pass-Through Securities — 29.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RB5084 1.500% 11/01/40 | | | 430,370 | | | | 353,843 | |
Pool #RB5110 1.500% 5/01/41 | | | 478,198 | | | | 389,131 | |
Pool #RB5117 1.500% 7/01/41 | | | 406,825 | | | | 331,052 | |
Pool #RA4537 1.500% 2/01/51 | | | 80,888 | | | | 61,348 | |
Pool #RB5131 2.000% 10/01/41 | | | 572,916 | | | | 479,313 | |
Pool #RB5138 2.000% 12/01/41 | | | 416,492 | | | | 348,446 | |
Pool #RB0714 2.000% 12/01/41 | | | 84,129 | | | | 70,647 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #SC0313 2.000% 1/01/42 | | $ | 449,233 | | | $ | 375,277 | |
Pool #RB5145 2.000% 2/01/42 | | | 684,892 | | | | 572,140 | |
Pool #QK1354 2.000% 2/01/42 | | | 85,249 | | | | 71,214 | |
Pool #SC0384 2.000% 4/01/42 | | | 280,892 | | | | 235,615 | |
Pool #RB5153 2.000% 4/01/42 | | | 784,735 | | | | 654,319 | |
Pool #SC0319 2.000% 4/01/42 | | | 89,397 | | | | 74,791 | |
Pool #QB3535 2.000% 9/01/50 | | | 502,336 | | | | 400,015 | |
Pool #QB4985 2.000% 11/01/50 | | | 71,798 | | | | 57,578 | |
Pool #SD0715 2.000% 9/01/51 | | | 1,725,761 | | | | 1,392,036 | |
Pool #QD3960 2.000% 1/01/52 | | | 350,891 | | | | 280,295 | |
Pool #RB5149 2.500% 3/01/42 | | | 85,572 | | | | 74,067 | |
Pool #QK1449 2.500% 4/01/42 | | | 171,965 | | | | 148,844 | |
Pool #G08520 2.500% 1/01/43 | | | 457,354 | | | | 401,517 | |
Pool #SD7521 2.500% 7/01/50 | | | 191,672 | | | | 161,919 | |
Pool #SD7525 2.500% 10/01/50 | | | 601,059 | | | | 507,568 | |
Pool #RA3913 2.500% 11/01/50 | | | 221,712 | | | | 187,226 | |
Pool #RA4142 2.500% 12/01/50 | | | 278,064 | | | | 234,813 | |
Pool #SD7534 2.500% 2/01/51 | | | 141,427 | | | | 119,915 | |
Pool #QC7086 2.500% 9/01/51 | | | 246,277 | | | | 204,969 | |
Pool #SD2991 2.500% 9/01/51 | | | 92,890 | | | | 78,209 | |
Pool #SD0777 2.500% 11/01/51 | | | 84,090 | | | | 70,247 | |
Pool #SD0857 2.500% 1/01/52 | | | 438,394 | | | | 366,095 | |
Pool #SD7554 2.500% 4/01/52 | | | 1,041,294 | | | | 874,121 | |
Pool #SD1749 2.500% 4/01/52 | | | 90,168 | | | | 75,466 | |
Pool #841703 1 yr. USD RFUCCT + 1.634% 2.635% FRN 12/01/50 (h) | | | 296,936 | | | | 272,467 | |
Pool #QK1512 3.000% 5/01/42 | | | 159,751 | | | | 142,149 | |
Pool #RA2797 3.000% 6/01/50 | | | 53,802 | | | | 46,579 | |
Pool #QC3242 3.000% 6/01/51 | | | 433,327 | | | | 378,268 | |
Pool #SD8174 3.000% 10/01/51 | | | 1,308,368 | | | | 1,131,086 | |
Pool #SD0781 3.000% 11/01/51 | | | 77,877 | | | | 67,398 | |
Pool #QD6216 3.000% 2/01/52 | | | 82,671 | | | | 71,779 | |
Pool #QD7333 3.000% 2/01/52 | | | 90,387 | | | | 78,478 | |
Pool #G08632 3.500% 3/01/45 | | | 591,384 | | | | 542,787 | |
Pool #SD1549 3.500% 4/01/52 | | | 89,407 | | | | 80,301 | |
Pool #SD1936 3.500% 6/01/52 | | | 18,354 | | | | 16,478 | |
Pool #SD1218 4.000% 7/01/49 | | | 310,082 | | | | 291,875 | |
Pool #SD2866 4.000% 7/01/49 | | | 93,095 | | | | 87,483 | |
Pool #RA7185 4.000% 4/01/52 | | | 344,933 | | | | 322,281 | |
Pool #RA7186 4.000% 4/01/52 | | | 170,407 | | | | 159,376 | |
Pool #SD7560 4.000% 2/01/53 | | | 184,114 | | | | 172,714 | |
Pool #SD2792 4.500% 3/01/47 | | | 87,743 | | | | 85,814 | |
Pool #SD1143 4.500% 9/01/50 | | | 1,119,502 | | | | 1,080,953 | |
Pool #SD0615 4.500% 1/01/51 | | | 82,340 | | | | 79,736 | |
Pool #SD1807 4.500% 7/01/52 | | | 91,820 | | | | 88,170 | |
Pool #SD1775 4.500% 11/01/52 | | | 184,201 | | | | 176,822 | |
Pool #SD2394 4.500% 11/01/52 | | | 91,951 | | | | 87,664 | |
Pool #SD2355 4.500% 12/01/52 | | | 92,349 | | | | 88,044 | |
Pool #SD1305 5.000% 7/01/52 | | | 613,806 | | | | 602,270 | |
Pool #QF5465 5.000% 12/01/52 | | | 91,657 | | | | 89,783 | |
Pool #SD2374 5.000% 1/01/53 | | | 92,709 | | | | 90,813 | |
Pool #SD2591 5.000% 3/01/53 | | | 92,809 | | | | 91,354 | |
Pool #RA8790 5.000% 4/01/53 | | | 194,105 | | | | 189,790 | |
Pool #RA8694 5.000% 4/01/53 | | | 188,949 | | | | 186,343 | |
Pool #SD3722 5.000% 5/01/53 | | | 93,742 | | | | 92,303 | |
Pool #SD2245 5.500% 12/01/52 | | | 93,020 | | | | 92,941 | |
Pool #SD2138 5.500% 1/01/53 | | | 95,309 | | | | 95,317 | |
Pool #SD2723 5.500% 3/01/53 | | | 93,221 | | | | 93,259 | |
Pool #SD2688 5.500% 4/01/53 | | | 93,975 | | | | 94,072 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #SD2511 5.500% 4/01/53 | | $ | 93,686 | | | $ | 93,476 | |
Pool #QF9985 5.500% 4/01/53 | | | 94,907 | | | | 94,610 | |
Pool #QG1295 5.500% 4/01/53 | | | 95,619 | | | | 95,442 | |
Pool #SD2762 5.500% 5/01/53 | | | 95,670 | | | | 95,768 | |
Pool #SD2756 5.500% 5/01/53 | | | 92,252 | | | | 92,189 | |
Pool #SD2892 5.500% 5/01/53 | | | 93,114 | | | | 93,210 | |
Pool #RA9437 5.500% 7/01/53 | | | 96,617 | | | | 96,536 | |
Pool #QG7311 5.500% 7/01/53 | | | 96,418 | | | | 96,472 | |
Pool #SD3475 5.500% 8/01/53 | | | 95,120 | | | | 94,980 | |
Pool #SD2284 6.000% 12/01/52 | | | 89,033 | | | | 90,537 | |
Pool #SD2578 6.000% 3/01/53 | | | 183,239 | | | | 185,876 | |
Pool #SD3432 6.000% 7/01/53 | | | 93,611 | | | | 95,145 | |
Pool #SD3642 6.000% 9/01/53 | | | 96,214 | | | | 98,471 | |
Pool #SD3737 6.000% 9/01/53 | | | 98,615 | | | | 100,034 | |
Pool #SD2452 6.500% 2/01/53 | | | 90,066 | | | | 92,793 | |
Pool #RA8904 6.500% 4/01/53 | | | 171,611 | | | | 176,807 | |
Pool #RA9081 6.500% 5/01/53 | | | 91,853 | | | | 94,778 | |
Federal National Mortgage Association | | | | | | | | |
Pool #MA4519 1.500% 1/01/42 | | | 86,014 | | | | 69,671 | |
Pool #MA4236 1.500% 1/01/51 | | | 80,751 | | | | 61,017 | |
Pool #MA4280 1.500% 3/01/51 | | | 16,459 | | | | 12,421 | |
Pool #FP0028 2.000% 8/01/40 | | | 93,388 | | | | 78,889 | |
Pool #MA4422 2.000% 9/01/41 | | | 802,321 | | | | 672,994 | |
Pool #MA4446 2.000% 10/01/41 | | | 242,492 | | | | 202,874 | |
Pool #MA4474 2.000% 11/01/41 | | | 164,618 | | | | 137,723 | |
Pool #MA4501 2.000% 12/01/41 | | | 83,749 | | | | 70,066 | |
Pool #MA4540 2.000% 2/01/42 | | | 84,948 | | | | 70,963 | |
Pool #MA4606 2.000% 5/01/42 | | | 265,752 | | | | 221,586 | |
Pool #BQ3331 2.000% 8/01/50 | | | 75,000 | | | | 59,723 | |
Pool #CA7023 2.000% 9/01/50 | | | 71,707 | | | | 57,414 | |
Pool #CA7224 2.000% 10/01/50 | | | 142,991 | | | | 114,491 | |
Pool #BQ4926 2.000% 10/01/50 | | | 71,555 | | | | 56,980 | |
Pool #MA4237 2.000% 1/01/51 | | | 224,752 | | | | 178,691 | |
Pool #FS4654 2.000% 7/01/51 | | | 188,435 | | | | 150,053 | |
Pool #FS4270 2.000% 3/01/52 | | | 93,650 | | | | 75,013 | |
Pool #BS4941 2.460% 4/01/32 | | | 978,200 | | | | 831,211 | |
Pool #MA4177 2.500% 11/01/40 | | | 57,153 | | | | 50,076 | |
Pool #FS0697 2.500% 2/01/42 | | | 81,734 | | | | 71,766 | |
Pool #MA4571 2.500% 3/01/42 | | | 84,422 | | | | 73,071 | |
Pool #BV7697 2.500% 4/01/42 | | | 355,874 | | | | 308,027 | |
Pool #MA4587 2.500% 4/01/42 | | | 173,736 | | | | 150,377 | |
Pool #MA4607 2.500% 5/01/42 | | | 87,154 | | | | 75,436 | |
Pool #FM4052 2.500% 9/01/50 | | | 2,355,919 | | | | 1,989,471 | |
Pool #FM7673 2.500% 6/01/51 | | | 309,242 | | | | 258,822 | |
Pool #FS0028 2.500% 9/01/51 | | | 84,051 | | | | 70,584 | |
Pool #FM8786 2.500% 10/01/51 | | | 81,573 | | | | 68,502 | |
Pool #BU3295 2.500% 10/01/51 | | | 168,358 | | | | 139,803 | |
Pool #FS0549 2.500% 2/01/52 | | | 263,255 | | | | 220,086 | |
Pool #FS3368 2.500% 3/01/52 | | | 91,023 | | | | 76,012 | |
Pool #FS2595 2.500% 3/01/52 | | | 180,647 | | | | 150,968 | |
Pool #FS1626 2.500% 4/01/52 | | | 175,737 | | | | 146,645 | |
Pool #BF0546 2.500% 7/01/61 | | | 586,332 | | | | 469,572 | |
Pool #BF0560 2.500% 9/01/61 | | | 86,778 | | | | 69,497 | |
Pool #FS1542 3.000% 4/01/42 | | | 166,435 | | | | 148,669 | |
Pool #CB3542 3.000% 5/01/42 | | | 87,167 | | | | 77,781 | |
Pool #MA4643 3.000% 5/01/42 | | | 87,660 | | | | 78,001 | |
Pool #MA4632 3.000% 6/01/42 | | | 354,843 | | | | 315,744 | |
Pool #MA2248 3.000% 4/01/45 | | | 269,920 | | | | 235,708 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #AS7661 3.000% 8/01/46 | | $ | 265,043 | | | $ | 231,449 | |
Pool #FM9934 3.000% 12/01/48 | | | 824,948 | | | | 728,378 | |
Pool #FM9564 3.000% 2/01/50 | | | 959,571 | | | | 846,342 | |
Pool #CA7531 3.000% 10/01/50 | | | 70,882 | | | | 62,075 | |
Pool #FM8480 3.000% 11/01/50 | | | 60,320 | | | | 52,655 | |
Pool #FM9464 3.000% 11/01/51 | | | 159,880 | | | | 139,666 | |
Pool #BU1421 3.000% 1/01/52 | | | 87,130 | | | | 75,951 | |
Pool #FS2463 3.000% 2/01/52 | | | 536,007 | | | | 465,389 | |
Pool #FS1289 3.000% 3/01/52 | | | 415,585 | | | | 364,858 | |
Pool #CB3833 3.000% 6/01/52 | | | 90,133 | | | | 78,195 | |
Pool #CB3386 3.500% 4/01/42 | | | 86,876 | | | | 80,071 | |
Pool #MA3210 3.500% 12/01/47 | | | 175,557 | | | | 159,775 | |
Pool #FM7100 3.500% 6/01/50 | | | 108,262 | | | | 98,529 | |
Pool #FS1240 3.500% 12/01/51 | | | 82,780 | | | | 74,609 | |
Pool #FS1237 3.500% 12/01/51 | | | 240,806 | | | | 218,386 | |
Pool #FS1241 3.500% 1/01/52 | | | 88,639 | | | | 79,888 | |
Pool #FS1462 3.500% 1/01/52 | | | 167,825 | | | | 152,147 | |
Pool #FS2296 3.500% 1/01/52 | | | 417,119 | | | | 375,677 | |
Pool #FS1092 3.500% 4/01/52 | | | 512,902 | | | | 461,940 | |
Pool #FS1454 3.500% 4/01/52 | | | 172,700 | | | | 155,642 | |
Pool #FS1555 3.500% 4/01/52 | | | 174,284 | | | | 157,349 | |
Pool #CB3282 3.500% 4/01/52 | | | 172,080 | | | | 154,554 | |
Pool #BV8546 3.500% 5/01/52 | | | 168,263 | | | | 152,229 | |
Pool #FS1556 3.500% 5/01/52 | | | 701,147 | | | | 634,554 | |
Pool #FS1866 3.500% 5/01/52 | | | 92,225 | | | | 83,063 | |
Pool #FS3339 3.500% 6/01/52 | | | 271,416 | | | | 243,687 | |
Pool #FM3049 4.000% 4/01/44 | | | 195,994 | | | | 186,925 | |
Pool #AX2501 4.000% 10/01/44 | | | 549,176 | | | | 520,192 | |
Pool #CA2472 4.000% 10/01/48 | | | 55,979 | | | | 52,395 | |
Pool #CB3272 4.000% 4/01/52 | | | 172,570 | | | | 161,399 | |
Pool #CB3320 4.000% 4/01/52 | | | 354,582 | | | | 331,297 | |
Pool #CB3614 4.000% 5/01/52 | | | 86,844 | | | | 81,223 | |
Pool #FS2023 4.000% 5/01/52 | | | 182,040 | | | | 170,200 | |
Pool #FS2442 4.000% 7/01/52 | | | 18,175 | | | | 16,970 | |
Pool #FM1263 4.500% 7/01/49 | | | 38,701 | | | | 37,477 | |
Pool #FS4480 4.500% 3/01/50 | | | 88,564 | | | | 86,373 | |
Pool #MA4031 4.500% 5/01/50 | | | 21,879 | | | | 21,079 | |
Pool #FS0067 4.500% 9/01/51 | | | 66,847 | | | | 64,566 | |
Pool #FS2914 4.500% 9/01/52 | | | 90,762 | | | | 87,268 | |
Pool #BX2186 4.500% 11/01/52 | | | 76,077 | | | | 72,506 | |
Pool #FS3977 4.500% 11/01/52 | | | 46,432 | | | | 44,268 | |
Pool #FS3836 4.500% 1/01/53 | | | 92,622 | | | | 88,304 | |
Pool #CB5892 4.500% 3/01/53 | | | 94,500 | | | | 90,065 | |
Pool #CB3880 5.000% 6/01/52 | | | 83,963 | | | | 82,858 | |
Pool #BW0048 5.000% 7/01/52 | | | 83,124 | | | | 81,610 | |
Pool #CB4103 5.000% 7/01/52 | | | 172,131 | | | | 171,263 | |
Pool #BW9916 5.000% 10/01/52 | | | 92,362 | | | | 90,211 | |
Pool #FS3249 5.000% 11/01/52 | | | 87,070 | | | | 85,080 | |
Pool #FS3941 5.000% 2/01/53 | | | 93,657 | | | | 91,768 | |
Pool #FS5708 5.000% 6/01/53 | | | 95,744 | | | | 94,393 | |
Pool #FS5155 5.000% 7/01/53 | | | 186,848 | | | | 185,555 | |
Pool #CB5108 5.500% 11/01/52 | | | 184,725 | | | | 184,742 | |
Pool #FS3672 5.500% 2/01/53 | | | 95,342 | | | | 95,828 | |
Pool #FS4166 5.500% 4/01/53 | | | 93,648 | | | | 93,452 | |
Pool #CB6322 5.500% 5/01/53 | | | 94,383 | | | | 94,421 | |
Pool #FS4805 5.500% 5/01/53 | | | 96,455 | | | | 96,578 | |
Pool #FS4979 5.500% 5/01/53 | | | 92,744 | | | | 92,419 | |
Pool #FS5647 5.500% 7/01/53 | | | 95,456 | | | | 95,450 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #CB7109 5.500% 9/01/53 | | $ | 380,891 | | | $ | 380,332 | |
Pool #CB7114 5.500% 9/01/53 | | | 387,522 | | | | 386,105 | |
Pool #CB5316 6.000% 12/01/52 | | | 174,558 | | | | 177,288 | |
Pool #FS4454 6.000% 4/01/53 | | | 91,152 | | | | 92,281 | |
Pool #FS4573 6.000% 5/01/53 | | | 185,986 | | | | 188,721 | |
Pool #FS5306 6.000% 7/01/53 | | | 94,276 | | | | 96,782 | |
Pool #CB6753 6.000% 7/01/53 | | | 282,889 | | | | 287,137 | |
Pool #FS6242 6.000% 11/01/53 | | | 97,662 | | | | 99,159 | |
Pool #CB5497 6.500% 1/01/53 | | | 265,648 | | | | 274,107 | |
Pool #BX7702 6.500% 2/01/53 | | | 83,625 | | | | 86,157 | |
Pool #FS7624 6.500% 3/01/54 (h) | | | 100,000 | | | | 102,903 | |
Government National Mortgage Association II | | | | | | | | |
Pool #MA6930 2.000% 10/20/50 (h) | | | 517,436 | | | | 424,262 | |
Pool #MA7135 2.000% 1/20/51 | | | 137,403 | | | | 112,618 | |
Pool #BS8546 2.500% 12/20/50 | | | 69,535 | | | | 58,269 | |
Pool #MA7312 2.500% 4/20/51 (h) | | | 342,148 | | | | 291,525 | |
Pool #785565 2.500% 6/20/51 | | | 79,949 | | | | 67,245 | |
Pool #785568 2.500% 8/20/51 | | | 79,332 | | | | 66,727 | |
Pool #785662 2.500% 10/20/51 | | | 2,183,392 | | | | 1,818,726 | |
Pool #785657 2.500% 10/20/51 | | | 164,287 | | | | 138,183 | |
Pool #785663 2.500% 10/20/51 | | | 80,989 | | | | 68,120 | |
Pool #785667 2.500% 10/20/51 | | | 82,601 | | | | 69,477 | |
Pool #785764 2.500% 11/20/51 | | | 617,461 | | | | 519,350 | |
Pool #785762 2.500% 11/20/51 | | | 84,954 | | | | 71,455 | |
Pool #785789 2.500% 12/20/51 | | | 82,662 | | | | 69,528 | |
Pool #785821 2.500% 12/20/51 | | | 85,727 | | | | 72,105 | |
Pool #MA7368 3.000% 5/20/51 | | | 190,054 | | | | 167,949 | |
Pool #MA7590 3.000% 9/20/51 | | | 1,415,700 | | | | 1,249,719 | |
Pool #MA7650 3.000% 10/20/51 | | | 232,301 | | | | 205,138 | |
Pool #786150 3.000% 3/20/52 | | | 88,176 | | | | 77,067 | |
Pool #786583 3.000% 3/20/52 | | | 187,366 | | | | 163,993 | |
Pool #786843 3.000% 3/20/52 | | | 189,566 | | | | 165,860 | |
Pool #MA5594 3.500% 11/20/48 | | | 155,263 | | | | 142,592 | |
Pool #MA6711 3.500% 6/20/50 | | | 266,178 | | | | 243,956 | |
Pool #MA6997 3.500% 11/20/50 | | | 324,319 | | | | 297,040 | |
Pool #MA7883 3.500% 2/20/52 | | | 602,507 | | | | 548,770 | |
Pool #786216 3.500% 6/20/52 | | | 178,956 | | | | 160,772 | |
Pool #MA5078 4.000% 3/20/48 | | | 167,274 | | | | 158,228 | |
Pool #MA5763 4.000% 2/20/49 | | | 145,641 | | | | 137,673 | |
Pool #MA5817 4.000% 3/20/49 | | | 60,673 | | | | 57,353 | |
Pool #MA5876 4.000% 4/20/49 | | | 48,419 | | | | 45,770 | |
Pool #MA8045 4.000% 5/20/52 | | | 179,785 | | | | 168,404 | |
Pool #CK9592 4.000% 6/20/52 | | | 88,460 | | | | 82,653 | |
Pool #786429 4.000% 6/20/52 | | | 91,583 | | | | 85,972 | |
Pool #MA5193 4.500% 5/20/48 | | | 26,823 | | | | 26,117 | |
Pool #MA5265 4.500% 6/20/48 | | | 180,449 | | | | 175,587 | |
Pool #MA5399 4.500% 8/20/48 | | | 67,643 | | | | 65,778 | |
Pool #MA5652 4.500% 12/20/48 | | | 32,434 | | | | 31,499 | |
Pool #MA5711 4.500% 1/20/49 | | | 535,920 | | | | 520,308 | |
Pool #MA5764 4.500% 2/20/49 | | | 87,659 | | | | 85,105 | |
Pool #MA5818 4.500% 3/20/49 | | | 144,474 | | | | 140,265 | |
Pool #786366 4.500% 8/20/52 | | | 182,872 | | | | 176,402 | |
Pool #786335 4.500% 9/20/52 | | | 181,670 | | | | 174,845 | |
Pool #MA5194 5.000% 5/20/48 | | | 18,005 | | | | 17,975 | |
Pool #MA5597 5.000% 11/20/48 | | | 36,146 | | | | 35,906 | |
Pool #MA5653 5.000% 12/20/48 | | | 44,110 | | | | 43,818 | |
Pool #MA5712 5.000% 1/20/49 | | | 35,009 | | | | 34,766 | |
Pool #MA5878 5.000% 4/20/49 | | | 17,813 | | | | 17,695 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #MA6287 5.000% 11/20/49 | | $ | 15,545 | | | $ | 15,491 | |
Pool #MA6413 5.000% 1/20/50 | | | 35,054 | | | | 34,932 | |
Pool #786340 5.000% 9/20/52 | | | 93,047 | | | | 92,285 | |
Pool #MA8348 5.000% 10/20/52 | | | 91,653 | | | | 90,215 | |
Pool #MA8428 5.000% 11/20/52 | | | 185,517 | | | | 182,476 | |
Pool #MA8490 5.000% 12/20/52 | | | 558,334 | | | | 549,008 | |
Pool #786474 5.000% 1/20/53 | | | 92,514 | | | | 91,525 | |
Pool #MA8569 5.000% 1/20/53 | | | 375,957 | | | | 369,795 | |
Pool #MA8725 5.000% 3/20/53 | | | 95,415 | | | | 93,940 | |
Pool #MA8429 5.500% 11/20/52 | | | 272,549 | | | | 272,613 | |
Pool #786535 5.500% 2/20/53 | | | 190,148 | | | | 192,213 | |
Pool #MA8726 5.500% 3/20/53 | | | 186,745 | | | | 186,730 | |
Pool #MA8801 5.500% 4/20/53 | | | 471,389 | | | | 471,353 | |
Pool #786835 5.500% 8/20/53 | | | 98,065 | | | | 98,885 | |
Pool #787228 6.000% 1/20/54 | | | 789,837 | | | | 810,928 | |
Pool #787236 6.500% 1/20/54 | | | 199,776 | | | | 205,868 | |
Government National Mortgage Association II, TBA | | | | | | | | |
2.000% 4/20/54 (h) | | | 3,100,000 | | | | 2,539,893 | |
3.500% 4/20/54 (h) | | | 300,000 | | | | 272,965 | |
4.000% 4/20/54 (h) | | | 700,000 | | | | 655,104 | |
4.500% 4/20/54 (h) | | | 500,000 | | | | 480,404 | |
5.000% 4/20/54 (h) | | | 1,300,000 | | | | 1,277,849 | |
5.500% 4/20/54 (h) | | | 1,100,000 | | | | 1,099,352 | |
6.500% 4/20/54 (h) | | | 100,000 | | | | 101,662 | |
Uniform Mortgage-Backed Security, TBA | | | | | | | | |
2.000% 4/01/54 (h) | | | 700,000 | | | | 553,803 | |
3.000% 4/01/54 (h) | | | 800,000 | | | | 688,438 | |
3.500% 4/01/54 (h) | | | 100,000 | | | | 89,473 | |
4.500% 4/01/54 (h) | | | 900,000 | | | | 857,004 | |
5.000% 4/01/54 (h) | | | 600,000 | | | | 585,609 | |
5.500% 4/01/54 (h) | | | 100,000 | | | | 99,520 | |
6.000% 4/01/54 (h) | | | 500,000 | | | | 504,746 | |
6.500% 4/01/54 (h) | | | 400,000 | | | | 408,594 | |
| | | | | | | 62,843,908 | |
Whole Loans — 1.2% | | | | | | | | |
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750% | | | | | | | | |
9.070% FRN 2/25/42 (b) | | | 420,000 | | | | 441,788 | |
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100% | | | | | | | | |
8.420% FRN 3/25/42 (b) | | | 2,000,000 | | | | 2,077,358 | |
| | | | | | | 2,519,146 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $79,207,066) | | | | | | | 74,325,709 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 5.2% | | | | | | | | |
U.S. Treasury Bonds & Notes — 5.2% | | | | | | | | |
U.S. Treasury Bonds | | | | | | | | |
4.125% 8/15/53 | | | 250,000 | | | | 240,372 | |
4.500% 2/15/44 (c) | | | 30,000 | | | | 30,206 | |
4.750% 11/15/53 | | | 270,000 | | | | 288,225 | |
U.S. Treasury Inflation-Indexed Notes | | | | | | | | |
1.125% 1/15/33 | | | 1,604,576 | | | | 1,504,790 | |
U.S. Treasury Notes | | | | | | | | |
3.750% 12/31/28 | | | 30,000 | | | | 29,370 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.000% 1/31/31 | | $ | 1,390,000 | | | $ | 1,372,231 | |
4.000% 2/15/34 | | | 270,000 | | | | 265,528 | |
4.125% 3/31/31 | | | 5,700,000 | | | | 5,672,391 | |
4.250% 2/28/29 (c) | | | 280,000 | | | | 280,447 | |
4.250% 2/28/31 | | | 1,380,000 | | | | 1,382,884 | |
4.625% 2/28/26 (c) | | | 190,000 | | | | 189,844 | |
| | | | | | | 11,256,288 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,346,093) | | | | | | | 11,256,288 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $229,878,121) | | | | | | | 214,281,007 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS(#) — 0.1% (Cost $199,482) | | | | | | | 109,996 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $230,077,603) | | | | | | | 214,391,003 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 7.6% | | | | | | | | |
Discount Notes — 0.3% | | | | | | | | |
Federal Home Loan Banks, 5.380%, due 4/16/24 | | | 570,000 | | | | 568,566 | |
| | | | | | | | |
| | Number of Shares | | | | |
Investment of Cash Collateral from Securities Loaned — 0.9% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (i) | | | 1,961,290 | | | | 1,961,290 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 4.9% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (j) | | $ | 10,704,759 | | | | 10,704,759 | |
U.S. Treasury Bill — 1.5% | | | | | | | | |
U.S. Treasury Bills | | | | | | | | |
5.349% 5/28/24 (k) | | | 1,120,000 | | | | 1,110,193 | |
5.370% 7/30/24 (k) | | | 960,000 | | | | 943,487 | |
5.377% 5/02/24 (k) | | | 810,000 | | | | 806,317 | |
5.379% 5/09/24 (k) | | | 410,000 | | | | 407,720 | |
| | | | | | | 3,267,717 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $16,503,188) | | | | | | | 16,502,332 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.5% (Cost $246,580,791) (l) | | | | | | | 230,893,335 | |
| | | | | | | | |
Other Assets/(Liabilities) — (6.5)% | | | | | | | (14,009,327) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 216,884,008 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury Index |
LIBOR | London InterBank Offered Rate |
REMICS | Real Estate Mortgage Investment Conduits |
RFUCCT | Refinitiv USD IBOR Consumer Cash Fallbacks Term. |
SOFR | Secured Overnight Financing Rate |
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 March 31, 2024 where the rate will be determined at time of settlement. |
(b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $39,847,651 or 18.37% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $2,081,440 or 0.96% of net assets. The Fund received $165,199 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) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024. |
(g) | 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. |
(h) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(i) | Represents investment of security lending cash collateral. (Note 2). |
(j) | Maturity value of $10,706,662. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $10,918,880. |
(k) | The rate shown represents yield-to-maturity. |
(l) | See Note 3 for aggregate cost for federal tax purposes. |
(#) OTC Options Purchased |
Description | | Counterparty | | Expiration Date | | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
Put | | | | | |
USD Put AUD Call | | BNP Paribas S.A. | | | 4/17/24 | | | | 0.67 | | | | 1,678,112 | | | USD | | | 1,678,112 | | | $ | 1,007 | | | $ | 18,728 | | | $ | (17,721) | |
USD Put JPY Call | | BNP Paribas S.A. | | | 4/18/24 | | | | 143.42 | | | | 1,820,000 | | | USD | | | 1,820,000 | | | | 546 | | | | 21,203 | | | | (20,657) | |
| | | | | | | | | | | | | | | | | | | | | | $ | 1,553 | | | $ | 39,931 | | | $ | (38,378) | |
(#) 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 | | 4/05/24 | | | 107.50 | | | | 62 | | | USD | | | 6,634,969 | | | $ | 6,782 | | | $ | 7,475 | | | $ | (693) | |
U.S. Treasury Note 5 Year Future | | 4/05/24 | | | 107.75 | | | | 31 | | | USD | | | 3,317,484 | | | | 1,938 | | | | 2,039 | | | | (101) | |
U.S. Treasury Note 6-7 Year Future | | 4/05/24 | | | 111.50 | | | | 135 | | | USD | | | 14,957,578 | | | | 18,985 | | | | 19,218 | | | | (233) | |
U.S. Treasury Note 5 Year Future | | 4/26/24 | | | 108.00 | | | | 59 | | | USD | | | 6,313,922 | | | | 9,219 | | | | 19,907 | | | | (10,688) | |
3 Month SOFR Future | | 6/14/24 | | | 96.00 | | | | 148 | | | USD | | | 35,100,050 | | | | 3,700 | | | | 31,761 | | | | (28,061) | |
| | | | | | | | | | | | | | | | | | $ | 40,624 | | | $ | 80,400 | | | $ | (39,776) | |
Put | | | | | |
U.S. Treasury Note 5 Year Future | | 4/05/24 | | | 106.25 | | | | 31 | | | USD | | | 3,317,484 | | | $ | 1,695 | | | $ | 1,459 | | | $ | 236 | |
U.S. Treasury Note 5 Year Future | | 4/05/24 | | | 106.50 | | | | 62 | | | USD | | | 6,634,969 | | | | 5,812 | | | | 5,435 | | | | 377 | |
U.S. Treasury Note 6-7 Year Future | | 4/05/24 | | | 110.00 | | | | 135 | | | USD | | | 14,957,578 | | | | 16,875 | | | | 17,108 | | | | (233) | |
3 Month SOFR Future | | 4/12/24 | | | 94.75 | | | | 43 | | | USD | | | 10,197,988 | | | | 537 | | | | 6,290 | | | | (5,753) | |
3 Month SOFR Future | | 12/13/24 | | | 95.50 | | | | 52 | | | USD | | | 12,405,900 | | | | 42,900 | | | | 48,859 | | | | (5,959) | |
| | | | | | | | | | | | | | | | | | $ | 67,819 | | | $ | 79,151 | | | $ | (11,332) | |
| | | | | | | | | | | | | | | | | | $ | 108,443 | | | $ | 159,551 | | | $ | (51,108) | |
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 | | Citigroup Global Markets, Inc. | | | 6/03/24 | | | | 16.80 | | | | 805,468 | | | USD | | | 805,468 | | | $ | (11,035) | | | $ | (4,567) | | | $ | (6,468) | |
Exchange-Traded Options Written |
Description | | Expiration Date | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
Call | | | | | |
U.S. Treasury Note 5 Year Future | | 4/05/24 | | | 107.00 | | | | 31 | | | USD | | | 3,317,484 | | | $ | (8,961) | | | $ | (8,884) | | | $ | (77) | |
U.S. Treasury Note 6-7 Year Future | | 4/05/24 | | | 110.75 | | | | 45 | | | USD | | | 4,985,859 | | | | (18,985) | | | | (18,798) | | | | (187) | |
U.S. Treasury Note 5 Year Future | | 4/26/24 | | | 108.00 | | | | 79 | | | USD | | | 8,454,234 | | | | (26,539) | | | | (41,199) | | | | 14,660 | |
3 Month SOFR Future | | 9/13/24 | | | 96.88 | | | | 31 | | | USD | | | 7,372,963 | | | | (1,938) | | | | (13,510) | | | | 11,572 | |
3 Month SOFR Future | | 9/13/24 | | | 97.00 | | | | 147 | | | USD | | | 34,962,113 | | | | (8,269) | | | | (31,567) | | | | 23,298 | |
3 Month SOFR Future | | 12/13/24 | | | 97.12 | | | | 52 | | | USD | | | 12,405,900 | | | | (6,500) | | | | (28,241) | | | | 21,741 | |
| | | | | | | | | | | | | | | | | | $ | (71,192) | | | $ | (142,199) | | | $ | 71,007 | |
Put | | | | | |
U.S. Treasury Note 5 Year Future | | 4/05/24 | | | 107.00 | | | | 31 | | | USD | | | 3,317,484 | | | $ | (8,477) | | | $ | (8,134) | | | $ | (343) | |
U.S. Treasury Note 6-7 Year Future | | 4/05/24 | | | 110.75 | | | | 45 | | | USD | | | 4,985,859 | | | | (16,875) | | | | (16,907) | | | | 32 | |
3 Month SOFR Future | | 12/13/24 | | | 95.00 | | | | 52 | | | USD | | | 12,405,900 | | | | (13,975) | | | | (21,341) | | | | 7,366 | |
| | | | | | | | | | | | | | | | | | $ | (39,327) | | | $ | (46,382) | | | $ | 7,055 | |
| | | | | | | | | | | | | | | | | | $ | (110,519) | | | $ | (188,581) | | | $ | 78,062 | |
Forward contracts |
Counterparty | | Settlement Date | | Currency Purchased | | Currency Sold | | Unrealized Appreciation (Depreciation) | |
BNP Paribas SA | | 4/19/24 | | NOK | | 12,348,502 | | | EUR | | 1,089,114 | | | $ | (37,839) | |
BNP Paribas SA | | 4/19/24 | | EUR | | 644,000 | | | USD | | 701,999 | | | | (6,778) | |
BNP Paribas SA | | 4/19/24 | | USD | | 125,816 | | | NOK | | 1,310,000 | | | | 5,101 | |
Citibank N.A. | | 4/19/24 | | EUR | | 677,220 | | | USD | | 746,284 | | | | (15,200) | |
Citibank N.A. | | 4/19/24 | | AUD | | 6,232,927 | | | USD | | 4,179,078 | | | | (115,546) | |
Citibank N.A. | | 4/19/24 | | IDR | | 5,822,697,290 | | | USD | | 375,513 | | | | (8,451) | |
Citibank N.A. | | 4/19/24 | | USD | | 48,502 | | | JPY | | 7,130,000 | | | | 1,280 | |
Citibank N.A. | | 4/19/24 | | USD | | 1,953,401 | | | GBP | | 1,532,007 | | | | 19,610 | |
Citibank N.A. | | 4/19/24 | | USD | | 2,008,295 | | | EUR | | 1,850,000 | | | | 11,155 | |
Citibank N.A. | | 4/19/24 | | USD | | 259,559 | | | IDR | | 4,069,368,399 | | | | 3,027 | |
Goldman Sachs & Co. | | 4/19/24 | | EUR | | 24,600 | | | USD | | 26,850 | | | | (293) | |
Goldman Sachs & Co. | | 4/19/24 | | BRL | | 5,160,362 | | | USD | | 1,031,633 | | | | (4,518) | |
Goldman Sachs & Co. | | 4/19/24 | | USD | | 1,343,792 | | | MXN | | 22,848,710 | | | | (26,990) | |
Goldman Sachs & Co. | | 4/19/24 | | CHF | | 1,480,000 | | | USD | | 1,666,287 | | | | (22,311) | |
Goldman Sachs & Co. | | 4/19/24 | | USD | | 3,021,778 | | | CHF | | 2,655,600 | | | | 71,951 | |
Goldman Sachs & Co. | | 4/19/24 | | USD | | 696,045 | | | EUR | | 640,000 | | | | 5,143 | |
JP Morgan Chase Bank N.A. | | 4/19/24 | | USD | | 113,264 | | | IDR | | 1,753,328,891 | | | | 2,735 | |
JP Morgan Chase Bank N.A. | | 4/19/24 | | USD | | 1,568,636 | | | CNH | | 11,159,745 | | | | 31,328 | |
JP Morgan Chase Bank N.A. | | 4/19/24 | | USD | | 1,160,337 | | | MXN | | 19,968,506 | | | | (37,650) | |
Morgan Stanley & Co. LLC | | 4/19/24 | | JPY | | 748,109,864 | | | USD | | 5,244,202 | | | | (289,443) | |
Morgan Stanley & Co. LLC | | 4/19/24 | | CAD | | 2,166,165 | | | USD | | 1,617,890 | | | | (18,293) | |
Morgan Stanley & Co. LLC | | 4/19/24 | | USD | | 2,216,051 | | | JPY | | 323,290,000 | | | | 74,890 | |
Morgan Stanley & Co. LLC | | 4/19/24 | | USD | | 1,019,649 | | | CAD | | 1,380,000 | | | | 593 | |
| | | | | | | | | | | | | | $ | (356,499) | |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/Net Unrealized Appreciation (Depreciation) | |
Long | | | | | | | | | | | |
Euro-OAT | | 6/06/24 | | | 17 | | | $ | 2,330,909 | | | $ | 19,786 | |
U.S. Treasury Note 10 Year | | 6/18/24 | | | 193 | | | | 21,344,350 | | | | 39,447 | |
U.S. Treasury Ultra Bond | | 6/18/24 | | | 214 | | | | 27,153,765 | | | | 452,235 | |
UK Long Gilt | | 6/26/24 | | | 16 | | | | 1,967,770 | | | | 50,458 | |
U.S. Treasury Note 2 Year | | 6/28/24 | | | 31 | | | | 6,343,417 | | | | (4,401) | |
U.S. Treasury Note 5 Year | | 6/28/24 | | | 117 | | | | 12,521,323 | | | | (495) | |
3 Month SOFR | | 3/18/25 | | | 90 | | | | 21,521,316 | | | | (49,566) | |
3 Month SOFR | | 3/17/26 | | | 163 | | | | 39,167,262 | | | | 52,576 | |
| | | | | | | | | | | | $ | 560,040 | |
Short | | | | | | | | | | | |
Euro-Bund | | 6/06/24 | | | 21 | | | $ | (2,994,849) | | | $ | (26,988) | |
Euro-Buxl 30 Year Bond | | 6/06/24 | | | 2 | | | | (284,944) | | | | (8,072) | |
Japanese 10 Year Bond | | 6/13/24 | | | 4 | | | | (3,844,806) | | | | (4,315) | |
3 Month SOFR | | 6/18/24 | | | 17 | | | | (4,019,372) | | | | (4,209) | |
U.S. Treasury Long Bond | | 6/18/24 | | | 15 | | | | (1,780,068) | | | | (26,495) | |
U.S. Treasury Ultra 10 Year | | 6/18/24 | | | 65 | | | | (7,392,350) | | | | (57,259) | |
| | | | | | | | | | | | $ | (127,338) | |
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 42† | | 5.000% | | | Quarterly | | | | 6/20/29 | | | USD | | | 239,800 | | | $ | (17,248) | | | $ | (16,786) | | | $ | (462) | |
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 42† | | 1.000% | | | Quarterly | | | | 6/20/29 | | | | BBB* | | | USD | | | 34,823,000 | | | $ | 788,636 | | | $ | 770,433 | | | $ | 18,203 | |
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 4.100% | | | | Annually | | | | 3/10/26 | | | USD | | | 18,692,000 | | | $ | (155,880) | | | $ | 225,325 | | | $ | (381,205) | |
Fixed 3.870% | | Annually | | | 12-Month USD SOFR | | | | Annually | | | | 2/28/31 | | | USD | | | 11,806,000 | | | | (29,174) | | | | (33,269) | | | | 4,095 | |
Fixed 3.400% | | Annually | | | 12-Month USD SOFR | | | | Annually | | | | 3/10/34 | | | USD | | | 4,169,000 | | | | 145,327 | | | | (70,098) | | | | 215,425 | |
Fixed 3.050% | | Annually | | | 12-Month USD SOFR | | | | Annually | | | | 2/15/48 | | | USD | | | 10,646,000 | | | | 1,104,965 | | | | 208,368 | | | | 896,597 | |
| | | | | | | | | | | | | | | | | | | | | | $ | 1,065,238 | | | $ | 330,326 | | | $ | 734,912 | |
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 | | | $ | (65,597) | | | $ | — | | | $ | (65,597) | |
* | 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
MML Equity Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 99.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 99.0% | | | | | | | | |
Communication Services — 3.6% | | | | | | | | |
AT&T, Inc. | | | 309,800 | | | $ | 5,452,481 | |
Charter Communications, Inc. Class A (a) | | | 4,600 | | | | 1,336,898 | |
Comcast Corp. Class A | | | 253,300 | | | | 10,980,555 | |
Fox Corp. Class A | | | 21,500 | | | | 672,305 | |
Omnicom Group, Inc. | | | 13,800 | | | | 1,335,288 | |
T-Mobile US, Inc. | | | 18,451 | | | | 3,011,572 | |
Verizon Communications, Inc. | | | 205,500 | | | | 8,622,780 | |
| | | | | | | 31,411,879 | |
Consumer Discretionary — 6.8% | | | | | | | | |
AutoNation, Inc. (a) | | | 5,000 | | | | 827,900 | |
AutoZone, Inc. (a) | | | 570 | | | | 1,796,440 | |
Bath & Body Works, Inc. | | | 9,800 | | | | 490,196 | |
Best Buy Co., Inc. | | | 11,500 | | | | 943,345 | |
Booking Holdings, Inc. | | | 899 | | | | 3,261,464 | |
Boyd Gaming Corp. | | | 5,298 | | | | 356,661 | |
Brunswick Corp. | | | 4,700 | | | | 453,644 | |
CarMax, Inc. (a) | | | 6,800 | | | | 592,348 | |
Cie Financiere Richemont SA Registered Class A | | | 8,987 | | | | 1,374,779 | |
Crocs, Inc. (a) | | | 2,600 | | | | 373,880 | |
Darden Restaurants, Inc. | | | 3,300 | | | | 551,595 | |
Dick's Sporting Goods, Inc. | | | 1,900 | | | | 427,234 | |
Dillard's, Inc. Class A (b) | | | 500 | | | | 235,820 | |
DR Horton, Inc. | | | 23,300 | | | | 3,834,015 | |
eBay, Inc. | | | 26,000 | | | | 1,372,280 | |
Expedia Group, Inc. (a) | | | 5,700 | | | | 785,175 | |
Ford Motor Co. | | | 250,400 | | | | 3,325,312 | |
General Motors Co. | | | 74,200 | | | | 3,364,970 | |
H&R Block, Inc. | | | 4,200 | | | | 206,262 | |
Hilton Worldwide Holdings, Inc. | | | 4,800 | | | | 1,023,888 | |
Home Depot, Inc. | | | 7,671 | | | | 2,942,596 | |
Lear Corp. | | | 2,900 | | | | 420,152 | |
Lennar Corp. Class A | | | 17,500 | | | | 3,009,650 | |
Levi Strauss & Co. Class A | | | 4,700 | | | | 93,953 | |
Lithia Motors, Inc. | | | 1,400 | | | | 421,204 | |
Lowe's Cos., Inc. | | | 46,900 | | | | 11,946,837 | |
Mattel, Inc. (a) | | | 15,300 | | | | 303,093 | |
McDonald's Corp. | | | 5,100 | | | | 1,437,945 | |
MGM Resorts International (a) | | | 13,800 | | | | 651,498 | |
Murphy USA, Inc. | | | 1,100 | | | | 461,120 | |
Norwegian Cruise Line Holdings Ltd. (a) (b) | | | 43,200 | | | | 904,176 | |
NVR, Inc. (a) | | | 100 | | | | 809,996 | |
Penske Automotive Group, Inc. | | | 3,700 | | | | 599,363 | |
PulteGroup, Inc. | | | 17,100 | | | | 2,062,602 | |
PVH Corp. | | | 1,700 | | | | 239,037 | |
Ralph Lauren Corp. | | | 2,350 | | | | 441,236 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Service Corp. International | | | 24,436 | | | $ | 1,813,396 | |
Skechers USA, Inc. Class A (a) | | | 6,700 | | | | 410,442 | |
Toll Brothers, Inc. | | | 2,900 | | | | 375,173 | |
Tractor Supply Co. | | | 4,900 | | | | 1,282,428 | |
Ulta Beauty, Inc. (a) | | | 3,000 | | | | 1,568,640 | |
Williams-Sonoma, Inc. | | | 3,400 | | | | 1,079,602 | |
| | | | | | | 58,871,347 | |
Consumer Staples — 5.5% | | | | | | | | |
Altria Group, Inc. | | | 91,900 | | | | 4,008,678 | |
BJ's Wholesale Club Holdings, Inc. (a) | | | 3,700 | | | | 279,905 | |
Bunge Global SA | | | 5,000 | | | | 512,600 | |
Coca-Cola Co. | | | 59,200 | | | | 3,621,856 | |
Coca-Cola Consolidated, Inc. | | | 400 | | | | 338,564 | |
Colgate-Palmolive Co. | | | 37,600 | | | | 3,385,880 | |
Dollar Tree, Inc. (a) | | | 1,424 | | | | 189,606 | |
Ingredion, Inc. | | | 3,400 | | | | 397,290 | |
Kenvue, Inc. | | | 323,305 | | | | 6,938,125 | |
Keurig Dr Pepper, Inc. | | | 19,600 | | | | 601,132 | |
Kraft Heinz Co. | | | 63,800 | | | | 2,354,220 | |
Kroger Co. | | | 36,600 | | | | 2,090,958 | |
Molson Coors Beverage Co. Class B | | | 10,546 | | | | 709,219 | |
Mondelez International, Inc. Class A | | | 46,770 | | | | 3,273,900 | |
Philip Morris International, Inc. | | | 77,400 | | | | 7,091,388 | |
Procter & Gamble Co. | | | 26,169 | | | | 4,245,920 | |
Sysco Corp. | | | 15,800 | | | | 1,282,644 | |
Target Corp. | | | 12,800 | | | | 2,268,288 | |
Walmart, Inc. | | | 64,794 | | | | 3,898,655 | |
| | | | | | | 47,488,828 | |
Energy — 12.6% | | | | | | | | |
APA Corp. | | | 17,100 | | | | 587,898 | |
Baker Hughes Co. | | | 43,300 | | | | 1,450,550 | |
Cheniere Energy, Inc. | | | 11,800 | | | | 1,903,104 | |
Chevron Corp. | | | 98,577 | | | | 15,549,536 | |
Chord Energy Corp. | | | 1,200 | | | | 213,888 | |
ConocoPhillips | | | 109,649 | | | | 13,956,125 | |
Coterra Energy, Inc. | | | 36,900 | | | | 1,028,772 | |
Devon Energy Corp. | | | 17,500 | | | | 878,150 | |
Diamondback Energy, Inc. | | | 7,900 | | | | 1,565,543 | |
EOG Resources, Inc. | | | 36,800 | | | | 4,704,512 | |
EQT Corp. | | | 90,381 | | | | 3,350,424 | |
Exxon Mobil Corp. | | | 229,053 | | | | 26,625,121 | |
Halliburton Co. | | | 179,138 | | | | 7,061,620 | |
Kinder Morgan, Inc. | | | 170,100 | | | | 3,119,634 | |
Marathon Oil Corp. | | | 36,015 | | | | 1,020,665 | |
Marathon Petroleum Corp. | | | 19,500 | | | | 3,929,250 | |
Murphy Oil Corp. | | | 4,300 | | | | 196,510 | |
New Fortress Energy, Inc. (b) | | | 6,400 | | | | 195,776 | |
Nov, Inc. | | | 12,400 | | | | 242,048 | |
Occidental Petroleum Corp. | | | 47,400 | | | | 3,080,526 | |
Phillips 66 | | | 27,500 | | | | 4,491,850 | |
Pioneer Natural Resources Co. | | | 2,500 | | | | 656,250 | |
Range Resources Corp. | | | 118,259 | | | | 4,071,657 | |
Schlumberger NV | | | 68,094 | | | | 3,732,232 | |
Valero Energy Corp. | | | 20,300 | | | | 3,465,007 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Williams Cos., Inc. | | | 77,583 | | | $ | 3,023,409 | |
| | | | | | | 110,100,057 | |
Financials — 25.8% | | | | | | | | |
Aflac, Inc. | | | 34,800 | | | | 2,987,928 | |
Allstate Corp. | | | 16,947 | | | | 2,932,000 | |
Ally Financial, Inc. | | | 14,700 | | | | 596,673 | |
American Express Co. | | | 57,055 | | | | 12,990,853 | |
American Financial Group, Inc. | | | 3,700 | | | | 504,976 | |
American International Group, Inc. | | | 34,800 | | | | 2,720,316 | |
Ameriprise Financial, Inc. | | | 5,500 | | | | 2,411,420 | |
Arch Capital Group Ltd. (a) | | | 20,000 | | | | 1,848,800 | |
Assurant, Inc. | | | 2,400 | | | | 451,776 | |
Bank of America Corp. | | | 481,872 | | | | 18,272,586 | |
Bank of New York Mellon Corp. | | | 44,000 | | | | 2,535,280 | |
Berkshire Hathaway, Inc. Class B (a) | | | 25,044 | | | | 10,531,503 | |
Capital One Financial Corp. | | | 18,700 | | | | 2,784,243 | |
Carlyle Group, Inc. | | | 17,600 | | | | 825,616 | |
Charles Schwab Corp. | | | 40,000 | | | | 2,893,600 | |
Chubb Ltd. | | | 27,241 | | | | 7,058,960 | |
Cincinnati Financial Corp. | | | 8,200 | | | | 1,018,194 | |
Citigroup, Inc. | | | 141,000 | | | | 8,916,840 | |
Citizens Financial Group, Inc. | | | 19,900 | | | | 722,171 | |
CME Group, Inc. | | | 8,200 | | | | 1,765,378 | |
Commerce Bancshares, Inc. | | | 3,800 | | | | 202,160 | |
Corebridge Financial, Inc. | | | 37,635 | | | | 1,081,254 | |
Corpay, Inc. (a) | | | 4,193 | | | | 1,293,708 | |
Cullen/Frost Bankers, Inc. | | | 2,800 | | | | 315,196 | |
Discover Financial Services | | | 14,800 | | | | 1,940,132 | |
East West Bancorp, Inc. | | | 14,115 | | | | 1,116,638 | |
Equitable Holdings, Inc. | | | 22,100 | | | | 840,021 | |
Fidelity National Financial, Inc. | | | 14,200 | | | | 754,020 | |
Fifth Third Bancorp | | | 29,500 | | | | 1,097,695 | |
First American Financial Corp. | | | 5,000 | | | | 305,250 | |
Fiserv, Inc. (a) | | | 73,762 | | | | 11,788,643 | |
Global Payments, Inc. | | | 12,700 | | | | 1,697,482 | |
Globe Life, Inc. | | | 4,600 | | | | 535,302 | |
Goldman Sachs Group, Inc. | | | 23,363 | | | | 9,758,491 | |
Hartford Financial Services Group, Inc. | | | 22,876 | | | | 2,357,372 | |
Huntington Bancshares, Inc. | | | 45,400 | | | | 633,330 | |
JP Morgan Chase & Co. | | | 200,839 | | | | 40,228,052 | |
KeyCorp. | | | 29,300 | | | | 463,233 | |
Loews Corp. | | | 13,300 | | | | 1,041,257 | |
LPL Financial Holdings, Inc. | | | 3,700 | | | | 977,540 | |
M&T Bank Corp. | | | 7,200 | | | | 1,047,168 | |
Markel Group, Inc. (a) | | | 610 | | | | 928,103 | |
MetLife, Inc. | | | 94,635 | | | | 7,013,400 | |
Morgan Stanley | | | 88,400 | | | | 8,323,744 | |
Northern Trust Corp. | | | 8,900 | | | | 791,388 | |
Old Republic International Corp. | | | 15,300 | | | | 470,016 | |
PayPal Holdings, Inc. (a) | | | 29,600 | | | | 1,982,904 | |
PNC Financial Services Group, Inc. | | | 23,487 | | | | 3,795,499 | |
Primerica, Inc. | | | 1,600 | | | | 404,736 | |
Principal Financial Group, Inc. | | | 13,800 | | | | 1,191,078 | |
Progressive Corp. | | | 7,300 | | | | 1,509,786 | |
Prudential Financial, Inc. | | | 19,500 | | | | 2,289,300 | |
Raymond James Financial, Inc. | | | 10,200 | | | | 1,309,884 | |
Regions Financial Corp. | | | 39,800 | | | | 837,392 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Reinsurance Group of America, Inc. | | | 3,197 | | | $ | 616,637 | |
Robinhood Markets, Inc. Class A (a) | | | 21,400 | | | | 430,782 | |
SEI Investments Co. | | | 3,100 | | | | 222,890 | |
State Street Corp. | | | 18,000 | | | | 1,391,760 | |
Stifel Financial Corp. | | | 5,200 | | | | 406,484 | |
Synchrony Financial | | | 23,000 | | | | 991,760 | |
T. Rowe Price Group, Inc. | | | 11,300 | | | | 1,377,696 | |
Travelers Cos., Inc. | | | 35,318 | | | | 8,128,085 | |
Unum Group | | | 10,300 | | | | 552,698 | |
Visa, Inc. Class A | | | 6,488 | | | | 1,810,671 | |
W. R. Berkley Corp. | | | 13,800 | | | | 1,220,472 | |
Webster Financial Corp. | | | 7,500 | | | | 380,775 | |
Wells Fargo & Co. | | | 197,389 | | | | 11,440,666 | |
Willis Towers Watson PLC | | | 3,200 | | | | 880,000 | |
| | | | | | | 224,941,663 | |
Health Care — 16.3% | | | | | | | | |
AbbVie, Inc. | | | 87,700 | | | | 15,970,170 | |
Agilent Technologies, Inc. | | | 2,000 | | | | 291,020 | |
Amgen, Inc. | | | 27,800 | | | | 7,904,096 | |
AstraZeneca PLC Sponsored ADR | | | 54,519 | | | | 3,693,662 | |
Bristol-Myers Squibb Co. | | | 6,400 | | | | 347,072 | |
Cardinal Health, Inc. | | | 13,808 | | | | 1,545,115 | |
Cencora, Inc. | | | 32,689 | | | | 7,943,100 | |
Centene Corp. (a) | | | 23,200 | | | | 1,820,736 | |
Cigna Group | | | 23,941 | | | | 8,695,132 | |
CVS Health Corp. | | | 54,500 | | | | 4,346,920 | |
Danaher Corp. | | | 9,218 | | | | 2,301,919 | |
DaVita, Inc. (a) | | | 4,400 | | | | 607,420 | |
Elevance Health, Inc. | | | 31,577 | | | | 16,373,938 | |
GE HealthCare Technologies, Inc. (a) | | | 24,991 | | | | 2,271,932 | |
Gilead Sciences, Inc. | | | 65,400 | | | | 4,790,550 | |
HCA Healthcare, Inc. | | | 28,260 | | | | 9,425,558 | |
Henry Schein, Inc. (a) | | | 6,900 | | | | 521,088 | |
Hologic, Inc. (a) | | | 11,676 | | | | 910,261 | |
Jazz Pharmaceuticals PLC (a) | | | 2,700 | | | | 325,134 | |
Johnson & Johnson | | | 139,671 | | | | 22,094,555 | |
Laboratory Corp. of America Holdings | | | 6,100 | | | | 1,332,606 | |
McKesson Corp. | | | 10,300 | | | | 5,529,555 | |
Medtronic PLC | | | 76,062 | | | | 6,628,803 | |
Merck & Co., Inc. | | | 30,969 | | | | 4,086,360 | |
Molina Healthcare, Inc. (a) | | | 1,900 | | | | 780,577 | |
Quest Diagnostics, Inc. | | | 8,700 | | | | 1,158,057 | |
Tenet Healthcare Corp. (a) | | | 24,634 | | | | 2,589,280 | |
Thermo Fisher Scientific, Inc. | | | 5,109 | | | | 2,969,402 | |
UnitedHealth Group, Inc. | | | 7,413 | | | | 3,667,211 | |
Universal Health Services, Inc. Class B | | | 4,700 | | | | 857,562 | |
Viatris, Inc. | | | 58,600 | | | | 699,684 | |
| | | | | | | 142,478,475 | |
Industrials — 12.0% | | | | | | | | |
AGCO Corp. | | | 3,650 | | | | 449,023 | |
Allegion PLC | | | 4,200 | | | | 565,782 | |
AMETEK, Inc. | | | 15,352 | | | | 2,807,881 | |
Builders FirstSource, Inc. (a) | | | 7,700 | | | | 1,605,835 | |
CACI International, Inc. Class A (a) | | | 800 | | | | 303,064 | |
Caterpillar, Inc. | | | 25,200 | | | | 9,234,036 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
CSX Corp. | | | 223,538 | | | $ | 8,286,554 | |
Cummins, Inc. | | | 18,506 | | | | 5,452,793 | |
Deere & Co. | | | 16,800 | | | | 6,900,432 | |
Delta Air Lines, Inc. | | | 20,100 | | | | 962,187 | |
Dover Corp. | | | 12,800 | | | | 2,268,032 | |
FedEx Corp. | | | 13,300 | | | | 3,853,542 | |
Ferguson PLC | | | 5,300 | | | | 1,157,679 | |
Fortune Brands Innovations, Inc. | | | 6,900 | | | | 584,223 | |
General Dynamics Corp. | | | 9,605 | | | | 2,713,316 | |
General Electric Co. | | | 25,687 | | | | 4,508,839 | |
Honeywell International, Inc. | | | 8,300 | | | | 1,703,575 | |
Huntington Ingalls Industries, Inc. | | | 2,100 | | | | 612,087 | |
IDEX Corp. | | | 7,443 | | | | 1,816,241 | |
Johnson Controls International PLC | | | 33,300 | | | | 2,175,156 | |
L3Harris Technologies, Inc. | | | 20,070 | | | | 4,276,917 | |
Leidos Holdings, Inc. | | | 7,049 | | | | 924,053 | |
Lockheed Martin Corp. | | | 12,300 | | | | 5,594,901 | |
Masco Corp. | | | 16,600 | | | | 1,309,408 | |
Middleby Corp. (a) | | | 2,700 | | | | 434,133 | |
Norfolk Southern Corp. | | | 7,745 | | | | 1,973,968 | |
Oshkosh Corp. | | | 3,100 | | | | 386,601 | |
Owens Corning | | | 6,900 | | | | 1,150,920 | |
PACCAR, Inc. | | | 27,213 | | | | 3,371,418 | |
Parker-Hannifin Corp. | | | 6,600 | | | | 3,668,214 | |
Pentair PLC | | | 8,400 | | | | 717,696 | |
Regal Rexnord Corp. | | | 2,100 | | | | 378,210 | |
Robert Half, Inc. | | | 5,200 | | | | 412,256 | |
Rockwell Automation, Inc. | | | 9,000 | | | | 2,621,970 | |
RTX Corp. | | | 36,700 | | | | 3,579,351 | |
Science Applications International Corp. | | | 2,300 | | | | 299,897 | |
Siemens AG Registered | | | 11,444 | | | | 2,184,718 | |
Snap-on, Inc. | | | 2,900 | | | | 859,038 | |
Textron, Inc. | | | 14,500 | | | | 1,390,985 | |
Timken Co. | | | 2,900 | | | | 253,547 | |
U-Haul Holding Co. (UHAL US) (a) (b) | | | 1,100 | | | | 74,294 | |
U-Haul Holding Co. (UHAL/B US) | | | 9,800 | | | | 653,464 | |
UFP Industries, Inc. | | | 2,700 | | | | 332,127 | |
Union Pacific Corp. | | | 13,585 | | | | 3,340,959 | |
United Rentals, Inc. | | | 3,400 | | | | 2,451,774 | |
Veralto Corp. | | | 2,897 | | | | 256,848 | |
WESCO International, Inc. | | | 1,400 | | | | 239,792 | |
Westinghouse Air Brake Technologies Corp. | | | 25,316 | | | | 3,688,035 | |
| | | | | | | 104,785,771 | |
Information Technology — 8.9% | | | | | | | | |
Adobe, Inc. (a) | | | 4,312 | | | | 2,175,835 | |
Amkor Technology, Inc. | | | 6,800 | | | | 219,232 | |
Amphenol Corp. Class A | | | 14,912 | | | | 1,720,099 | |
Analog Devices, Inc. | | | 10,600 | | | | 2,096,574 | |
Applied Materials, Inc. | | | 9,309 | | | | 1,919,795 | |
Arrow Electronics, Inc. (a) | | | 4,700 | | | | 608,462 | |
Cisco Systems, Inc. | | | 215,300 | | | | 10,745,623 | |
Cognizant Technology Solutions Corp. Class A | | | 24,700 | | | | 1,810,263 | |
Corning, Inc. | | | 44,000 | | | | 1,450,240 | |
Dell Technologies, Inc. Class C | | | 12,400 | | | | 1,414,964 | |
Gen Digital, Inc. | | | 27,600 | | | | 618,240 | |
Hewlett Packard Enterprise Co. | | | 82,900 | | | | 1,469,817 | |
HP, Inc. | | | 82,200 | | | | 2,484,084 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Intel Corp. | | | 59,200 | | | $ | 2,614,864 | |
International Business Machines Corp. | | | 41,800 | | | | 7,982,128 | |
Jabil, Inc. | | | 9,500 | | | | 1,272,525 | |
Keysight Technologies, Inc. (a) | | | 11,500 | | | | 1,798,370 | |
Lam Research Corp. | | | 2,146 | | | | 2,084,989 | |
Microchip Technology, Inc. | | | 23,400 | | | | 2,099,214 | |
Micron Technology, Inc. | | | 30,732 | | | | 3,622,996 | |
Microsoft Corp. | | | 3,455 | | | | 1,453,588 | |
NetApp, Inc. | | | 10,300 | | | | 1,081,191 | |
NXP Semiconductors NV | | | 6,860 | | | | 1,699,702 | |
QUALCOMM, Inc. | | | 76,975 | | | | 13,031,868 | |
Salesforce, Inc. | | | 4,300 | | | | 1,295,074 | |
Skyworks Solutions, Inc. | | | 8,400 | | | | 909,888 | |
TD SYNNEX Corp. | | | 4,700 | | | | 531,570 | |
TE Connectivity Ltd. | | | 17,156 | | | | 2,491,737 | |
Texas Instruments, Inc. | | | 24,661 | | | | 4,296,193 | |
Twilio, Inc. Class A (a) | | | 5,700 | | | | 348,555 | |
| | | | | | | 77,347,680 | |
Materials — 3.4% | | | | | | | | |
Berry Global Group, Inc. | | | 6,100 | | | | 368,928 | |
CF Industries Holdings, Inc. | | | 8,200 | | | | 682,322 | |
Cleveland-Cliffs, Inc. (a) | | | 24,800 | | | | 563,952 | |
Commercial Metals Co. | | | 2,500 | | | | 146,925 | |
Crown Holdings, Inc. | | | 8,700 | | | | 689,562 | |
Dow, Inc. | | | 35,300 | | | | 2,044,929 | |
Eagle Materials, Inc. | | | 1,700 | | | | 461,975 | |
Eastman Chemical Co. | | | 6,100 | | | | 611,342 | |
Franco-Nevada Corp. | | | 9,300 | | | | 1,108,188 | |
Freeport-McMoRan, Inc. | | | 56,900 | | | | 2,675,438 | |
Graphic Packaging Holding Co. | | | 16,000 | | | | 466,880 | |
International Paper Co. | | | 16,900 | | | | 659,438 | |
Linde PLC | | | 6,857 | | | | 3,183,842 | |
LyondellBasell Industries NV Class A | | | 17,008 | | | | 1,739,578 | |
Martin Marietta Materials, Inc. | | | 1,620 | | | | 994,583 | |
Mosaic Co. | | | 25,900 | | | | 840,714 | |
Nucor Corp. | | | 19,300 | | | | 3,819,470 | |
Nutrien Ltd. | | | 11,428 | | | | 620,655 | |
Olin Corp. | | | 6,902 | | | | 405,838 | |
Packaging Corp. of America | | | 5,800 | | | | 1,100,724 | |
PPG Industries, Inc. | | | 6,500 | | | | 941,850 | |
Reliance, Inc. | | | 3,700 | | | | 1,236,466 | |
Southern Copper Corp. | | | 7,723 | | | | 822,654 | |
Steel Dynamics, Inc. | | | 13,500 | | | | 2,001,105 | |
US Steel Corp. | | | 11,900 | | | | 485,282 | |
Wheaton Precious Metals Corp. | | | 27,400 | | | | 1,291,362 | |
| | | | | | | 29,964,002 | |
Real Estate — 0.8% | | | | | | | | |
Equity LifeStyle Properties, Inc. | | | 22,100 | | | | 1,423,240 | |
Jones Lang LaSalle, Inc. (a) | | | 1,400 | | | | 273,126 | |
Prologis, Inc. | | | 7,095 | | | | 923,911 | |
Public Storage | | | 8,361 | | | | 2,425,192 | |
Weyerhaeuser Co. | | | 63,594 | | | | 2,283,660 | |
| | | | | | | 7,329,129 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Utilities — 3.3% | | | | | | | | |
Ameren Corp. | | | 32,994 | | | $ | 2,440,236 | |
CenterPoint Energy, Inc. | | | 21,500 | | | | 612,535 | |
Consolidated Edison, Inc. | | | 16,900 | | | | 1,534,689 | |
Constellation Energy Corp. | | | 24,549 | | | | 4,537,883 | |
Duke Energy Corp. | | | 38,900 | | | | 3,762,019 | |
Edison International | | | 17,500 | | | | 1,237,775 | |
NextEra Energy, Inc. | | | 46,745 | | | | 2,987,473 | |
OGE Energy Corp. | | | 10,261 | | | | 351,952 | |
Pinnacle West Capital Corp. | | | 6,098 | | | | 455,703 | |
PPL Corp. | | | 38,600 | | | | 1,062,658 | |
Public Service Enterprise Group, Inc. | | | 33,000 | | | | 2,203,740 | |
Sempra | | | 32,600 | | | | 2,341,658 | |
Southern Co. | | | 34,324 | | | | 2,462,404 | |
Vistra Corp. | | | 22,100 | | | | 1,539,265 | |
Xcel Energy, Inc. | | | 24,900 | | | | 1,338,375 | |
| | | | | | | 28,868,365 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $629,126,960) | | | | | | | 863,587,196 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $629,126,960) | | | | | | | 863,587,196 | |
| | | | | | | | |
EXCHANGE-TRADED FUNDS — 0.5% | | | | | | | | |
iShares Russell 1000 Value ETF (b) | | | 23,300 | | | | 4,173,263 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $3,852,618) | | | | | | | 4,173,263 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $632,979,578) | | | | | | | 867,760,459 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.4% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 0.0% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (c) | | | 436,219 | | | | 436,219 | |
Mutual Fund — 0.2% | | | | | | | | |
T. Rowe Price Government Reserve Investment Fund | | | 1,339,997 | | | | 1,339,997 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d) | | $ | 2,114,455 | | | | 2,114,455 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,890,671) | | | | | | | 3,890,671 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9% (Cost $636,870,249) (e) | | | | | | | 871,651,130 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.1% | | | | | | | 823,768 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 872,474,898 | |
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 March 31, 2024, was $2,718,314 or 0.31% of net assets. The Fund received $2,355,079 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $2,114,831. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,156,844. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Rotation Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 99.8% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 99.8% | | | | | | | | |
Communication Services — 2.1% | | | | | | | | |
Cable One, Inc. | | | 137 | | | $ | 57,969 | |
ESC GCI Liberty Inc (a) (b) (c) | | | 2,102 | | | | — | |
Fox Corp. Class A | | | 2,754 | | | | 86,118 | |
Fox Corp. Class B | | | 1,381 | | | | 39,524 | |
Frontier Communications Parent, Inc. (c) | | | 5,953 | | | | 145,849 | |
Liberty Media Corp-Liberty Live Class C (c) | | | 937 | | | | 41,059 | |
Liberty Media Corp-Liberty SiriusXM Class C (c) | | | 3,748 | | | | 111,353 | |
Liberty Media Corp.-Liberty Live Class A (c) | | | 453 | | | | 19,185 | |
Liberty Media Corp.-Liberty SiriusXM Class A (c) | | | 1,812 | | | | 53,816 | |
News Corp. Class A | | | 6,503 | | | | 170,249 | |
News Corp. Class B | | | 2,089 | | | | 56,528 | |
Nexstar Media Group, Inc. | | | 831 | | | | 143,173 | |
Paramount Global Class B | | | 14,034 | | | | 165,180 | |
Sirius XM Holdings, Inc. (d) | | | 8,464 | | | | 32,840 | |
TripAdvisor, Inc. (c) | | | 2,710 | | | | 75,311 | |
| | | | | | | 1,198,154 | |
Consumer Discretionary — 16.0% | | | | | | | | |
ADT, Inc. | | | 5,129 | | | | 34,467 | |
Advance Auto Parts, Inc. | | | 1,449 | | | | 123,295 | |
Aramark | | | 3,706 | | | | 120,519 | |
AutoNation, Inc. (c) | | | 740 | | | | 122,529 | |
Bath & Body Works, Inc. | | | 5,615 | | | | 280,862 | |
Best Buy Co., Inc. | | | 4,341 | | | | 356,092 | |
BorgWarner, Inc. | | | 5,674 | | | | 197,115 | |
Boyd Gaming Corp. | | | 1,793 | | | | 120,705 | |
Brunswick Corp. | | | 1,729 | | | | 166,883 | |
Burlington Stores, Inc. (c) | | | 572 | | | | 132,813 | |
Capri Holdings Ltd. (c) | | | 2,976 | | | | 134,813 | |
CarMax, Inc. (c) | | | 3,843 | | | | 334,764 | |
Carter's, Inc. | | | 898 | | | | 76,043 | |
Choice Hotels International, Inc. | | | 243 | | | | 30,703 | |
Columbia Sportswear Co. | | | 453 | | | | 36,775 | |
Crocs, Inc. (c) | | | 962 | | | | 138,336 | |
Dick's Sporting Goods, Inc. | | | 1,458 | | | | 327,846 | |
Expedia Group, Inc. (c) | | | 2,186 | | | | 301,121 | |
Gap, Inc. | | | 4,743 | | | | 130,670 | |
Gentex Corp. | | | 2,003 | | | | 72,348 | |
Grand Canyon Education, Inc. (c) | | | 408 | | | | 55,574 | |
H&R Block, Inc. | | | 3,693 | | | | 181,363 | |
Harley-Davidson, Inc. | | | 3,197 | | | | 139,837 | |
Hyatt Hotels Corp. Class A | | | 405 | | | | 64,646 | |
Kohl's Corp. | | | 2,697 | | | | 78,618 | |
Lear Corp. | | | 1,428 | | | | 206,889 | |
Leggett & Platt, Inc. | | | 3,233 | | | | 61,912 | |
Lithia Motors, Inc. | | | 659 | | | | 198,267 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
LKQ Corp. | | | 2,974 | | | $ | 158,841 | |
Macy's, Inc. | | | 6,603 | | | | 131,994 | |
Marriott Vacations Worldwide Corp. | | | 891 | | | | 95,987 | |
Mattel, Inc. (c) | | | 6,933 | | | | 137,343 | |
MGM Resorts International (c) | | | 3,995 | | | | 188,604 | |
Mister Car Wash, Inc. (c) (d) | | | 1,205 | | | | 9,339 | |
Mohawk Industries, Inc. (c) | | | 1,289 | | | | 168,717 | |
Murphy USA, Inc. | | | 480 | | | | 201,216 | |
Newell Brands, Inc. | | | 9,284 | | | | 74,551 | |
Nordstrom, Inc. | | | 2,785 | | | | 56,452 | |
Ollie's Bargain Outlet Holdings, Inc. (c) | | | 608 | | | | 48,379 | |
Penn Entertainment, Inc. (c) | | | 3,741 | | | | 68,124 | |
Penske Automotive Group, Inc. | | | 487 | | | | 78,889 | |
Petco Health & Wellness Co., Inc. (c) (d) | | | 2,001 | | | | 4,562 | |
Phinia, Inc. | | | 1,139 | | | | 43,772 | |
Polaris, Inc. | | | 1,318 | | | | 131,958 | |
PulteGroup, Inc. | | | 3,673 | | | | 443,037 | |
PVH Corp. | | | 1,458 | | | | 205,009 | |
Ralph Lauren Corp. | | | 988 | | | | 185,507 | |
Restoration Hardware, Inc. (c) | | | 384 | | | | 133,732 | |
Service Corp. International | | | 1,335 | | | | 99,070 | |
Skechers USA, Inc. Class A (c) | | | 1,536 | | | | 94,095 | |
Tapestry, Inc. | | | 3,846 | | | | 182,608 | |
Tempur Sealy International, Inc. | | | 3,144 | | | | 178,642 | |
Texas Roadhouse, Inc. | | | 663 | | | | 102,414 | |
Thor Industries, Inc. | | | 1,246 | | | | 146,206 | |
Toll Brothers, Inc. | | | 2,704 | | | | 349,816 | |
TopBuild Corp. (c) | | | 688 | | | | 303,222 | |
Travel & Leisure Co. | | | 1,819 | | | | 89,058 | |
Under Armour, Inc. Class A (c) | | | 4,600 | | | | 33,948 | |
Under Armour, Inc. Class C (c) | | | 4,522 | | | | 32,287 | |
Victoria's Secret & Co. (c) | | | 1,909 | | | | 36,996 | |
Wendy's Co. | | | 1,780 | | | | 33,535 | |
Whirlpool Corp. | | | 1,271 | | | | 152,050 | |
Williams-Sonoma, Inc. | | | 1,593 | | | | 505,825 | |
Wyndham Hotels & Resorts, Inc. | | | 830 | | | | 63,702 | |
YETI Holdings, Inc. (c) | | | 811 | | | | 31,264 | |
| | | | | | | 9,226,556 | |
Consumer Staples — 4.7% | | | | | | | | |
Albertsons Cos., Inc. Class A | | | 10,132 | | | | 217,230 | |
BJ's Wholesale Club Holdings, Inc. (c) | | | 3,241 | | | | 245,182 | |
Boston Beer Co., Inc. Class A (c) | | | 86 | | | | 26,180 | |
Bunge Global SA | | | 1,831 | | | | 187,714 | |
Casey's General Stores, Inc. | | | 900 | | | | 286,605 | |
Darling Ingredients, Inc. (c) | | | 1,891 | | | | 87,950 | |
Flowers Foods, Inc. | | | 3,445 | | | | 81,819 | |
Grocery Outlet Holding Corp. (c) | | | 2,316 | | | | 66,654 | |
Ingredion, Inc. | | | 1,194 | | | | 139,519 | |
Olaplex Holdings, Inc. (c) | | | 3,180 | | | | 6,106 | |
Performance Food Group Co. (c) | | | 3,727 | | | | 278,183 | |
Pilgrim's Pride Corp. (c) | | | 1,002 | | | | 34,389 | |
Post Holdings, Inc. (c) | | | 1,304 | | | | 138,589 | |
Reynolds Consumer Products, Inc. | | | 597 | | | | 17,050 | |
Seaboard Corp. | | | 6 | | | | 19,344 | |
Spectrum Brands Holdings, Inc. | | | 484 | | | | 43,081 | |
Tyson Foods, Inc. Class A | | | 6,799 | | | | 399,305 | |
US Foods Holding Corp (c) | | | 5,551 | | | | 299,587 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Walgreens Boots Alliance, Inc. | | | 7,378 | | | $ | 160,029 | |
| | | | | | | 2,734,516 | |
Energy — 7.2% | | | | | | | | |
Antero Midstream Corp. | | | 6,513 | | | | 91,573 | |
Antero Resources Corp. (c) | | | 6,878 | | | | 199,462 | |
APA Corp. | | | 7,546 | | | | 259,432 | |
Chesapeake Energy Corp. (d) | | | 3,086 | | | | 274,129 | |
Coterra Energy, Inc. | | | 14,496 | | | | 404,149 | |
Diamondback Energy, Inc. | | | 2,032 | | | | 402,681 | |
DT Midstream, Inc. (c) | | | 2,368 | | | | 144,685 | |
EQT Corp. | | | 8,770 | | | | 325,104 | |
HF Sinclair Corp. | | | 3,433 | | | | 207,250 | |
Marathon Oil Corp. | | | 15,204 | | | | 430,881 | |
New Fortress Energy, Inc. (d) | | | 666 | | | | 20,373 | |
Nov, Inc. | | | 4,462 | | | | 87,098 | |
Ovintiv, Inc. | | | 5,943 | | | | 308,442 | |
Range Resources Corp. | | | 5,693 | | | | 196,010 | |
Southwestern Energy Co. (c) | | | 26,683 | | | | 202,257 | |
Targa Resources Corp. | | | 3,460 | | | | 387,485 | |
TechnipFMC PLC | | | 8,177 | | | | 205,325 | |
| | | | | | | 4,146,336 | |
Financials — 21.9% | | | | | | | | |
Affiliated Managers Group, Inc. | | | 866 | | | | 145,029 | |
Ally Financial, Inc. | | | 6,581 | | | | 267,123 | |
American Financial Group, Inc. | | | 991 | | | | 135,252 | |
Annaly Capital Management, Inc. | | | 12,009 | | | | 236,457 | |
Assurant, Inc. | | | 1,163 | | | | 218,923 | |
Assured Guaranty Ltd. | | | 1,387 | | | | 121,016 | |
Axis Capital Holdings Ltd. | | | 1,897 | | | | 123,343 | |
Bank OZK | | | 2,689 | | | | 122,242 | |
Blue Owl Capital, Inc. | | | 4,070 | | | | 76,760 | |
BOK Financial Corp. | | | 691 | | | | 63,572 | |
Brighthouse Financial, Inc. (c) | | | 452 | | | | 23,296 | |
Citizens Financial Group, Inc. | | | 10,157 | | | | 368,597 | |
CNA Financial Corp. | | | 612 | | | | 27,797 | |
Columbia Banking System, Inc. | | | 5,074 | | | | 98,182 | |
Comerica, Inc. | | | 3,201 | | | | 176,023 | |
Commerce Bancshares, Inc. | | | 1,230 | | | | 65,436 | |
Corebridge Financial, Inc. | | | 3,610 | | | | 103,715 | |
Credit Acceptance Corp. (c) | | | 152 | | | | 83,836 | |
Cullen/Frost Bankers, Inc. | | | 724 | | | | 81,501 | |
Discover Financial Services | | | 1,553 | | | | 203,583 | |
East West Bancorp, Inc. | | | 3,422 | | | | 270,714 | |
Equitable Holdings, Inc. | | | 6,204 | | | | 235,814 | |
Euronet Worldwide, Inc. (c) | | | 949 | | | | 104,324 | |
Evercore, Inc. Class A | | | 867 | | | | 166,976 | |
Everest Group Ltd. | | | 478 | | | | 190,005 | |
Fidelity National Financial, Inc. | | | 6,353 | | | | 337,344 | |
Fifth Third Bancorp | | | 9,927 | | | | 369,384 | |
First American Financial Corp. | | | 2,441 | | | | 149,023 | |
First Hawaiian, Inc. | | | 3,104 | | | | 68,164 | |
First Horizon Corp. | | | 12,998 | | | | 200,169 | |
FNB Corp. | | | 8,725 | | | | 123,022 | |
Franklin Resources, Inc. | | | 3,674 | | | | 103,276 | |
Globe Life, Inc. | | | 976 | | | | 113,577 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Hanover Insurance Group, Inc. | | | 862 | | | $ | 117,379 | |
Hartford Financial Services Group, Inc. | | | 2,076 | | | | 213,932 | |
Huntington Bancshares, Inc. | | | 20,693 | | | | 288,667 | |
Interactive Brokers Group, Inc. Class A | | | 2,431 | | | | 271,567 | |
Invesco Ltd. | | | 7,711 | | | | 127,925 | |
Janus Henderson Group PLC | | | 2,307 | | | | 75,877 | |
Jefferies Financial Group, Inc. | | | 1,358 | | | | 59,888 | |
KeyCorp. | | | 22,812 | | | | 360,658 | |
Lazard, Inc. | | | 2,671 | | | | 111,835 | |
Lincoln National Corp. | | | 4,124 | | | | 131,679 | |
Loews Corp. | | | 3,151 | | | | 246,692 | |
LPL Financial Holdings, Inc. | | | 421 | | | | 111,228 | |
M&T Bank Corp. | | | 1,151 | | | | 167,401 | |
MGIC Investment Corp. | | | 7,005 | | | | 156,632 | |
NCR Atleos Corp. (c) | | | 1,557 | | | | 30,751 | |
New York Community Bancorp, Inc. (d) | | | 8,748 | | | | 28,169 | |
Northern Trust Corp. | | | 1,625 | | | | 144,495 | |
Old Republic International Corp. | | | 6,611 | | | | 203,090 | |
OneMain Holdings, Inc. | | | 2,735 | | | | 139,731 | |
Pinnacle Financial Partners, Inc. | | | 1,836 | | | | 157,676 | |
Popular, Inc. | | | 1,710 | | | | 150,634 | |
Primerica, Inc. | | | 370 | | | | 93,595 | |
Principal Financial Group, Inc. | | | 3,850 | | | | 332,293 | |
Prosperity Bancshares, Inc. | | | 1,186 | | | | 78,015 | |
Regions Financial Corp. | | | 9,318 | | | | 196,051 | |
Reinsurance Group of America, Inc. | | | 1,479 | | | | 285,269 | |
Rithm Capital Corp. | | | 11,716 | | | | 130,751 | |
RLI Corp. | | | 397 | | | | 58,943 | |
Rocket Cos., Inc. Class A (c) (d) | | | 3,054 | | | | 44,436 | |
Ryan Specialty Holdings, Inc. | | | 630 | | | | 34,965 | |
SEI Investments Co. | | | 655 | | | | 47,094 | |
SLM Corp. | | | 3,690 | | | | 80,405 | |
Starwood Property Trust, Inc. (d) | | | 5,382 | | | | 109,416 | |
State Street Corp. | | | 2,872 | | | | 222,063 | |
Stifel Financial Corp. | | | 2,497 | | | | 195,190 | |
Synchrony Financial | | | 10,432 | | | | 449,828 | |
Synovus Financial Corp. | | | 3,516 | | | | 140,851 | |
TPG, Inc. | | | 1,566 | | | | 70,000 | |
Unum Group | | | 4,779 | | | | 256,441 | |
UWM Holdings Corp. | | | 2,265 | | | | 16,444 | |
Virtu Financial, Inc. Class A | | | 2,180 | | | | 44,734 | |
Voya Financial, Inc. | | | 2,384 | | | | 176,225 | |
W. R. Berkley Corp. | | | 1,986 | | | | 175,642 | |
Webster Financial Corp. | | | 4,223 | | | | 214,402 | |
Western Alliance Bancorp | | | 2,630 | | | | 168,820 | |
Western Union Co. | | | 9,132 | | | | 127,665 | |
WEX, Inc. (c) | | | 366 | | | | 86,936 | |
Wintrust Financial Corp. | | | 1,479 | | | | 154,393 | |
Zions Bancorp NA | | | 3,538 | | | | 153,549 | |
| | | | | | | 12,613,797 | |
Health Care — 5.8% | | | | | | | | |
Acadia Healthcare Co., Inc. (c) | | | 764 | | | | 60,524 | |
Amedisys, Inc. (c) | | | 743 | | | | 68,475 | |
Azenta, Inc. (c) | | | 1,543 | | | | 93,012 | |
Cardinal Health, Inc. | | | 2,962 | | | | 331,448 | |
Catalent, Inc. (c) | | | 3,045 | | | | 171,890 | |
DaVita, Inc. (c) | | | 1,318 | | | | 181,950 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Elanco Animal Health, Inc. (c) | | | 9,576 | | | $ | 155,897 | |
Encompass Health Corp. | | | 1,826 | | | | 150,791 | |
Enovis Corp. (c) | | | 1,280 | | | | 79,936 | |
Envista Holdings Corp. (c) | | | 1,547 | | | | 33,075 | |
Henry Schein, Inc. (c) | | | 2,206 | | | | 166,597 | |
Integra LifeSciences Holdings Corp. (c) | | | 1,419 | | | | 50,303 | |
Jazz Pharmaceuticals PLC (c) | | | 497 | | | | 59,849 | |
Maravai LifeSciences Holdings, Inc. Class A (c) | | | 2,681 | | | | 23,244 | |
Molina Healthcare, Inc. (c) | | | 760 | | | | 312,231 | |
Organon & Co. | | | 6,235 | | | | 117,218 | |
Perrigo Co. PLC | | | 1,523 | | | | 49,025 | |
Premier, Inc. Class A | | | 2,894 | | | | 63,957 | |
Quest Diagnostics, Inc. | | | 981 | | | | 130,581 | |
Quidelortho Corp. (c) | | | 1,304 | | | | 62,514 | |
Tenet Healthcare Corp. (c) | | | 2,458 | | | | 258,360 | |
United Therapeutics Corp. (c) | | | 358 | | | | 82,240 | |
Universal Health Services, Inc. Class B | | | 1,473 | | | | 268,764 | |
Viatris, Inc. | | | 29,286 | | | | 349,675 | |
| | | | | | | 3,321,556 | |
Industrials — 18.9% | | | | | | | | |
Acuity Brands, Inc. | | | 769 | | | | 206,653 | |
Advanced Drainage Systems, Inc. | | | 724 | | | | 124,702 | |
AECOM | | | 1,529 | | | | 149,964 | |
AGCO Corp. | | | 1,521 | | | | 187,113 | |
Air Lease Corp. | | | 2,525 | | | | 129,886 | |
Alaska Air Group, Inc. (c) | | | 3,067 | | | | 131,850 | |
Allison Transmission Holdings, Inc. | | | 2,217 | | | | 179,932 | |
American Airlines Group, Inc. (c) | | | 15,800 | | | | 242,530 | |
Ardagh Group SA (a) (b) (c) (d) | | | 463 | | | | 2,180 | |
Armstrong World Industries, Inc. | | | 840 | | | | 104,345 | |
Avis Budget Group, Inc. | | | 500 | | | | 61,230 | |
Builders FirstSource, Inc. (c) | | | 3,109 | | | | 648,382 | |
BWX Technologies, Inc. | | | 780 | | | | 80,044 | |
C.H. Robinson Worldwide, Inc. | | | 2,796 | | | | 212,887 | |
CACI International, Inc. Class A (c) | | | 549 | | | | 207,978 | |
Carlisle Cos., Inc. | | | 649 | | | | 254,311 | |
Clean Harbors, Inc. (c) | | | 684 | | | | 137,696 | |
CNH Industrial NV | | | 14,921 | | | | 193,376 | |
Concentrix Corp. | | | 1,071 | | | | 70,922 | |
Core & Main, Inc. Class A (c) | | | 2,069 | | | | 118,450 | |
Curtiss-Wright Corp. | | | 347 | | | | 88,811 | |
Delta Air Lines, Inc. | | | 7,734 | | | | 370,227 | |
Dun & Bradstreet Holdings, Inc. | | | 6,648 | | | | 66,746 | |
EMCOR Group, Inc. | | | 1,032 | | | | 361,406 | |
Esab Corp. | | | 1,194 | | | | 132,021 | |
Expeditors International of Washington, Inc. | | | 1,637 | | | | 199,010 | |
Flowserve Corp. | | | 1,421 | | | | 64,911 | |
Fortune Brands Innovations, Inc. | | | 3,080 | | | | 260,784 | |
Gates Industrial Corp. PLC (c) | | | 2,890 | | | | 51,182 | |
Generac Holdings, Inc. (c) | | | 514 | | | | 64,836 | |
Genpact Ltd. | | | 2,308 | | | | 76,049 | |
GXO Logistics, Inc. (c) | | | 2,626 | | | | 141,174 | |
Hayward Holdings, Inc. (c) | | | 2,386 | | | | 36,530 | |
Hertz Global Holdings, Inc. (c) | | | 3,282 | | | | 25,698 | |
Huntington Ingalls Industries, Inc. | | | 954 | | | | 278,062 | |
ITT, Inc. | | | 832 | | | | 113,177 | |
KBR, Inc. | | | 2,351 | | | | 149,665 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Kirby Corp. (c) | | | 809 | | | $ | 77,114 | |
Knight-Swift Transportation Holdings, Inc. | | | 3,799 | | | | 209,021 | |
Landstar System, Inc. | | | 871 | | | | 167,894 | |
Leidos Holdings, Inc. | | | 3,338 | | | | 437,578 | |
ManpowerGroup, Inc. | | | 1,229 | | | | 95,420 | |
Masco Corp. | | | 2,877 | | | | 226,938 | |
MasTec, Inc. (c) | | | 694 | | | | 64,715 | |
MDU Resources Group, Inc. | | | 4,931 | | | | 124,261 | |
Middleby Corp. (c) | | | 580 | | | | 93,258 | |
MSC Industrial Direct Co., Inc. Class A | | | 858 | | | | 83,260 | |
nVent Electric PLC | | | 1,472 | | | | 110,989 | |
Oshkosh Corp. | | | 1,584 | | | | 197,541 | |
Owens Corning | | | 2,197 | | | | 366,460 | |
Regal Rexnord Corp. | | | 626 | | | | 112,743 | |
Robert Half, Inc. | | | 2,559 | | | | 202,877 | |
Ryder System, Inc. | | | 1,118 | | | | 134,372 | |
Saia, Inc. (c) | | | 214 | | | | 125,190 | |
Schneider National, Inc. Class B | | | 1,337 | | | | 30,270 | |
Science Applications International Corp. | | | 1,310 | | | | 170,811 | |
Sensata Technologies Holding PLC | | | 2,102 | | | | 77,227 | |
SiteOne Landscape Supply, Inc. (c) | | | 423 | | | | 73,835 | |
Southwest Airlines Co. | | | 7,680 | | | | 224,179 | |
Stericycle, Inc. (c) | | | 1,030 | | | | 54,332 | |
Textron, Inc. | | | 3,073 | | | | 294,793 | |
Timken Co. | | | 1,385 | | | | 121,090 | |
U-Haul Holding Co. | | | 945 | | | | 63,013 | |
U-Haul Holding Co. (c) (d) | | | 219 | | | | 14,791 | |
United Airlines Holdings, Inc. (c) | | | 7,999 | | | | 382,992 | |
Valmont Industries, Inc. | | | 317 | | | | 72,365 | |
Vestis Corp. | | | 1,853 | | | | 35,707 | |
WESCO International, Inc. | | | 1,076 | | | | 184,297 | |
XPO, Inc. (c) | | | 2,787 | | | | 340,098 | |
| | | | | | | 10,894,151 | |
Information Technology — 6.7% | | | | | | | | |
Arrow Electronics, Inc. (c) | | | 1,394 | | | | 180,467 | |
Avnet, Inc. | | | 2,224 | | | | 110,266 | |
Cirrus Logic, Inc. (c) | | | 1,347 | | | | 124,678 | |
Coherent Corp. (c) | | | 2,899 | | | | 175,737 | |
Crane NXT Co. | | | 1,174 | | | | 72,671 | |
Dropbox, Inc. Class A (c) | | | 6,367 | | | | 154,718 | |
DXC Technology Co. (c) | | | 5,524 | | | | 117,164 | |
Gen Digital, Inc. | | | 11,333 | | | | 253,859 | |
Hewlett Packard Enterprise Co. | | | 31,598 | | | | 560,233 | |
HP, Inc. | | | 13,098 | | | | 395,822 | |
Jabil, Inc. | | | 3,165 | | | | 423,952 | |
Kyndryl Holdings, Inc. (c) | | | 5,005 | | | | 108,909 | |
Littelfuse, Inc. | | | 263 | | | | 63,738 | |
Lumentum Holdings, Inc. (c) | | | 1,604 | | | | 75,949 | |
MKS Instruments, Inc. | | | 879 | | | | 116,907 | |
NCR Voyix Corp. (c) | | | 3,113 | | | | 39,317 | |
TD SYNNEX Corp. | | | 1,014 | | | | 114,684 | |
Teradata Corp. (c) | | | 1,666 | | | | 64,424 | |
Viasat, Inc. (c) (d) | | | 1,756 | | | | 31,766 | |
Vontier Corp. | | | 3,642 | | | | 165,201 | |
Western Digital Corp. (c) | | | 7,809 | | | | 532,886 | |
| | | | | | | 3,883,348 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Materials — 10.9% | | | | | | | | |
Alcoa Corp. | | | 4,339 | | | $ | 146,615 | |
Amcor PLC | | | 13,058 | | | | 124,182 | |
Ardagh Metal Packaging SA | | | 3,500 | | | | 12,005 | |
Ashland, Inc. | | | 1,055 | | | | 102,725 | |
Avery Dennison Corp. | | | 525 | | | | 117,206 | |
Axalta Coating Systems Ltd. (c) | | | 2,298 | | | | 79,028 | |
Berry Global Group, Inc. | | | 2,954 | | | | 178,658 | |
Celanese Corp. | | | 2,289 | | | | 393,388 | |
CF Industries Holdings, Inc. | | | 4,782 | | | | 397,910 | |
Chemours Co. | | | 3,628 | | | | 95,271 | |
Cleveland-Cliffs, Inc. (c) | | | 12,360 | | | | 281,066 | |
Crown Holdings, Inc. | | | 2,581 | | | | 204,570 | |
Eagle Materials, Inc. | | | 579 | | | | 157,343 | |
Eastman Chemical Co. | | | 2,346 | | | | 235,116 | |
Element Solutions, Inc. | | | 2,749 | | | | 68,670 | |
Graphic Packaging Holding Co. | | | 7,405 | | | | 216,078 | |
Huntsman Corp. | | | 4,262 | | | | 110,940 | |
International Paper Co. | | | 8,485 | | | | 331,085 | |
Louisiana-Pacific Corp. | | | 1,561 | | | | 130,983 | |
LyondellBasell Industries NV Class A | | | 1,879 | | | | 192,184 | |
Mosaic Co. | | | 8,052 | | | | 261,368 | |
MP Materials Corp. (c) (d) | | | 1,458 | | | | 20,849 | |
NewMarket Corp. | | | 96 | | | | 60,924 | |
Olin Corp. | | | 3,147 | | | | 185,044 | |
Packaging Corp. of America | | | 1,568 | | | | 297,575 | |
Reliance, Inc. | | | 1,064 | | | | 355,568 | |
Sealed Air Corp. | | | 3,496 | | | | 130,051 | |
Silgan Holdings, Inc. | | | 2,039 | | | | 99,014 | |
Sonoco Products Co. | | | 2,386 | | | | 138,006 | |
SSR Mining, Inc. | | | 2,332 | | | | 10,401 | |
Steel Dynamics, Inc. | | | 3,291 | | | | 487,825 | |
US Steel Corp. | | | 5,470 | | | | 223,067 | |
Westlake Corp. | | | 763 | | | | 116,586 | |
Westrock Co. | | | 6,223 | | | | 307,727 | |
| | | | | | | 6,269,028 | |
Real Estate — 3.0% | | | | | | | | |
Apartment Income REIT Corp. | | | 3,618 | | | | 117,476 | |
Boston Properties, Inc. | | | 3,816 | | | | 249,223 | |
Brixmor Property Group, Inc. | | | 3,461 | | | | 81,160 | |
Cousins Properties, Inc. | | | 2,941 | | | | 70,702 | |
EPR Properties | | | 1,472 | | | | 62,486 | |
Highwoods Properties, Inc. | | | 2,539 | | | | 66,471 | |
Host Hotels & Resorts, Inc. | | | 6,195 | | | | 128,113 | |
Howard Hughes Holdings, Inc. (c) | | | 545 | | | | 39,578 | |
Jones Lang LaSalle, Inc. (c) | | | 1,155 | | | | 225,329 | |
Kilroy Realty Corp. | | | 2,847 | | | | 103,716 | |
Medical Properties Trust, Inc. (d) | | | 14,487 | | | | 68,089 | |
National Storage Affiliates Trust | | | 1,306 | | | | 51,143 | |
Omega Healthcare Investors, Inc. | | | 2,171 | | | | 68,756 | |
Park Hotels & Resorts, Inc. | | | 5,361 | | | | 93,764 | |
Vornado Realty Trust | | | 3,122 | | | | 89,820 | |
Zillow Group, Inc. Class A (c) | | | 1,319 | | | | 63,127 | |
Zillow Group, Inc. Class C (c) | | | 3,673 | | | | 179,169 | |
| | | | | | | 1,758,122 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Utilities — 2.6% | | | | | | | | |
AES Corp. | | | 6,631 | | | $ | 118,894 | |
Brookfield Renewable Corp. Class A | | | 3,102 | | | | 76,216 | |
Clearway Energy, Inc. Class A | | | 846 | | | | 18,197 | |
Clearway Energy, Inc. Class C | | | 1,999 | | | | 46,077 | |
Evergy, Inc. | | | 1,993 | | | | 106,386 | |
Hawaiian Electric Industries, Inc. | | | 2,674 | | | | 30,136 | |
IDACORP, Inc. | | | 512 | | | | 47,560 | |
National Fuel Gas Co. | | | 2,168 | | | | 116,465 | |
NiSource, Inc. | | | 5,083 | | | | 140,596 | |
NRG Energy, Inc. | | | 5,646 | | | | 382,178 | |
OGE Energy Corp. | | | 4,197 | | | | 143,957 | |
Pinnacle West Capital Corp. | | | 1,651 | | | | 123,379 | |
UGI Corp. | | | 5,099 | | | | 125,130 | |
| | | | | | | 1,475,171 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $51,318,332) | | | | | | | 57,520,735 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $51,318,332) | | | | | | | 57,520,735 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $51,318,332) | | | | | | | 57,520,735 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.2% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 0.2% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (e) | | | 104,941 | | | | 104,941 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $104,941) | | | | | | | 104,941 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $51,423,273) (f) | | | | | | | 57,625,676 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.0)% | | | | | | | (5,887) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 57,619,789 | |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Investment is valued using significant unobservable inputs. |
(b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $2,180 or 0.00% of net assets. |
(c) | Non-income producing security. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $357,918 or 0.62% of net assets. The Fund received $264,918 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 |
March 31, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 96.2% | | | | | | | | |
| | | | | | | | |
BANK LOANS — 9.1% | | | | | | | | |
Aerospace & Defense — 0.3% | | | | | | | | |
Barnes Group, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.827% VRN 9/03/30 | | $ | 142,561 | | | $ | 142,632 | |
Building Materials — 0.1% | | | | | | | | |
MI Windows and Doors, LLC, 2024 Term Loan B2, | | | | | | | | |
0.000% 3/21/31 (a) | | | 70,461 | | | | 70,725 | |
Chemicals — 1.5% | | | | | | | | |
CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.321% VRN 12/29/27 | | | 223,834 | | | | 188,132 | |
LSF11 A5 Holdco LLC | | | | | | | | |
Term Loan, 1 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.942% VRN 10/15/28 | | | 126,854 | | | | 126,791 | |
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.677% VRN 10/15/28 | | | 272,336 | | | | 272,472 | |
PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.723% VRN 4/23/29 (a) | | | 157,128 | | | | 155,391 | |
| | | | | | | 742,786 | |
Commercial Services — 0.3% | | | | | | | | |
APi Group DE, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.942% VRN 1/03/29 | | | 153,640 | | | | 153,864 | |
Computers — 0.8% | | | | | | | | |
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.176% VRN 3/01/29 | | | 259,340 | | | | 258,513 | |
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | | | | | | | | |
9.586% VRN 4/24/28 | | | 167,337 | | | | 167,198 | |
| | | | | | | 425,711 | |
Diversified Financial Services — 0.5% | | | | | | | | |
Aretec Group, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.500% | | | | | | | | |
9.927% VRN 8/09/30 | | | 255,310 | | | | 256,586 | |
Engineering & Construction — 0.2% | | | | | | | | |
Artera Services LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.500% | | | | | | | | |
9.809% VRN 2/15/31 | | | 127,547 | | | | 127,930 | |
Food — 0.7% | | | | | | | | |
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.192% VRN 10/01/25 | | | 238,023 | | | | 233,427 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Fiesta Purchaser, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.000% | | | | | | | | |
9.327% VRN 2/12/31 | | $ | 109,461 | | | $ | 109,583 | |
| | | | | | | 343,010 | |
Gas — 0.3% | | | | | | | | |
NGL Energy Partners LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500% | | | | | | | | |
9.830% VRN 2/02/31 | | | 179,279 | | | | 179,638 | |
Health Care – Services — 0.8% | | | | | | | | |
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, 1 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.443% VRN 2/22/28 | | | 226,728 | | | | 226,444 | |
LifePoint Health, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 5.500% | | | | | | | | |
11.087% VRN 11/16/28 | | | 113,952 | | | | 114,216 | |
Radiology Partners, Inc., 2024 Extended Term Loan B, | | | | | | | | |
0.000% 1/31/29 (a) | | | 52,889 | | | | 50,981 | |
| | | | | | | 391,641 | |
Lodging — 0.3% | | | | | | | | |
Four Seasons Hotels Ltd., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.430% VRN 11/30/29 | | | 178,972 | | | | 179,040 | |
Media — 0.8% | | | | | | | | |
A-L Parent LLC, 2023 Take Back Term Loan, 1 mo. USD Term SOFR + 5.500% | | | | | | | | |
10.827% VRN 6/30/28 | | | 307,480 | | | | 305,654 | |
Sinclair Television Group, Inc., Term Loan B2B, | | | | | | | | |
0.000% 9/30/26 (a) | | | 83,094 | | | | 78,752 | |
| | | | | | | 384,406 | |
Packaging & Containers — 0.2% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.675% | | | | | | | | |
9.105% VRN 4/13/29 | | | 94,287 | | | | 94,384 | |
Pipelines — 0.3% | | | | | | | | |
ITT Holdings LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.677% VRN 10/05/30 | | | 148,941 | | | | 149,016 | |
Software — 2.0% | | | | | | | | |
Banff Merger Sub, Inc., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.580% VRN 12/29/28 (a) | | | 501,083 | | | | 503,904 | |
Cloud Software Group, Inc., 2022 USD Term Loan B, | | | | | | | | |
0.000% 3/30/29 (a) | | | 255,000 | | | | 253,651 | |
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.814% VRN 2/10/31 | | | 199,793 | | | | 200,742 | |
Veritas US, Inc., 2021 USD Term Loan B, 1 mo. USD Term SOFR + 5.000% | | | | | | | | |
10.445% VRN 9/01/25 | | | 56,195 | | | | 51,855 | |
| | | | | | | 1,010,152 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $4,596,160) | | | | | | | 4,651,521 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CORPORATE DEBT — 87.1% | | | | | | | | |
Advertising — 0.8% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. | | | | | | | | |
9.000% 9/15/28 (b) | | $ | 92,000 | | | $ | 95,829 | |
7.500% 6/01/29 (b) | | | 61,000 | | | | 50,449 | |
7.875% 4/01/30 (b) | | | 47,000 | | | | 46,725 | |
Stagwell Global LLC | | | | | | | | |
5.625% 8/15/29 (b) | | | 220,000 | | | | 199,784 | |
| | | | | | | 392,787 | |
Aerospace & Defense — 0.9% | | | | | | | | |
Spirit AeroSystems, Inc. | | | | | | | | |
9.750% 11/15/30 (b) | | | 278,000 | | | | 310,962 | |
Triumph Group, Inc. | | | | | | | | |
9.000% 3/15/28 (b) | | | 148,000 | | | | 156,026 | |
| | | | | | | 466,988 | |
Agriculture — 0.3% | | | | | | | | |
Darling Ingredients, Inc. | | | | | | | | |
6.000% 6/15/30 (b) | | | 130,000 | | | | 128,830 | |
Airlines — 2.6% | | | | | | | | |
Allegiant Travel Co. | | | | | | | | |
7.250% 8/15/27 (b) | | | 334,000 | | | | 332,222 | |
American Airlines, Inc. | | | | | | | | |
8.500% 5/15/29 (b) | | | 195,000 | | | | 206,009 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | | | | | | | | |
5.500% 4/20/26 (b) | | | 401,250 | | | | 398,518 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | | | | | | | | |
5.750% 1/20/26 (b) | | | 271,022 | | | | 254,342 | |
United Airlines, Inc. | | | | | | | | |
4.375% 4/15/26 (b) | | | 122,000 | | | | 117,942 | |
| | | | | | | 1,309,033 | |
Auto Manufacturers — 0.4% | | | | | | | | |
JB Poindexter & Co., Inc. | | | | | | | | |
8.750% 12/15/31 (b) | | | 172,000 | | | | 177,785 | |
Auto Parts & Equipment — 0.5% | | | | | | | | |
Adient Global Holdings Ltd. | | | | | | | | |
4.875% 8/15/26 (b) | | | 277,000 | | | | 270,042 | |
Building Materials — 2.6% | | | | | | | | |
EMRLD Borrower LP/Emerald Co.-Issuer, Inc. | | | | | | | | |
6.625% 12/15/30 (b) | | | 326,000 | | | | 329,127 | |
Knife River Corp. | | | | | | | | |
7.750% 5/01/31 (b) | | | 152,000 | | | | 159,121 | |
New Enterprise Stone & Lime Co., Inc. | | | | | | | | |
9.750% 7/15/28 (b) | | | 602,000 | | | | 615,891 | |
Smyrna Ready Mix Concrete LLC | | | | | | | | |
8.875% 11/15/31 (b) | | | 211,000 | | | | 225,536 | |
| | | | | | | 1,329,675 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Chemicals — 3.6% | | | | | | | | |
Consolidated Energy Finance SA | | | | | | | | |
5.625% 10/15/28 (b) | | $ | 595,000 | | | $ | 499,348 | |
LSF11 A5 HoldCo LLC | | | | | | | | |
6.625% 10/15/29 (b) | | | 294,000 | | | | 264,729 | |
Methanex Corp. | | | | | | | | |
5.125% 10/15/27 | | | 144,000 | | | | 139,281 | |
Olympus Water US Holding Corp. | | | | | | | | |
4.250% 10/01/28 (b) | | | 326,000 | | | | 295,761 | |
6.250% 10/01/29 (b) (c) | | | 459,000 | | | | 420,121 | |
Polar US Borrower LLC/Schenectady International Group, Inc. | | | | | | | | |
6.750% 5/15/26 (b) | | | 171,000 | | | | 40,185 | |
Vibrantz Technologies, Inc. | | | | | | | | |
9.000% 2/15/30 (b) (c) | | | 178,000 | | | | 164,382 | |
| | | | | | | 1,823,807 | |
Coal — 0.6% | | | | | | | | |
Coronado Finance Pty. Ltd. | | | | | | | | |
10.750% 5/15/26 (b) | | | 290,000 | | | | 302,144 | |
Commercial Services — 2.8% | | | | | | | | |
Alta Equipment Group, Inc. | | | | | | | | |
5.625% 4/15/26 (b) | | | 378,000 | | | | 369,499 | |
PECF USS Intermediate Holding III Corp. | | | | | | | | |
8.000% 11/15/29 (b) | | | 77,000 | | | | 40,441 | |
Prime Security Services Borrower LLC/Prime Finance, Inc. | | | | | | | | |
6.250% 1/15/28 (b) | | | 367,000 | | | | 359,505 | |
PROG Holdings, Inc. | | | | | | | | |
6.000% 11/15/29 (b) | | | 339,000 | | | | 316,841 | |
Sabre GLBL, Inc. | | | | | | | | |
8.625% 6/01/27 (b) | | | 358,000 | | | | 314,153 | |
Sabre Global, Inc., Convertible, | | | | | | | | |
7.320% 8/01/26 | | | 10,000 | | | | 8,620 | |
| | | | | | | 1,409,059 | |
Computers — 0.5% | | | | | | | | |
Presidio Holdings, Inc. | | | | | | | | |
8.250% 2/01/28 (b) | | | 137,000 | | | | 136,630 | |
Western Digital Corp. | | | | | | | | |
4.750% 2/15/26 | | | 133,000 | | | | 129,926 | |
| | | | | | | 266,556 | |
Distribution & Wholesale — 0.4% | | | | | | | | |
Resideo Funding, Inc. | | | | | | | | |
4.000% 9/01/29 (b) | | | 243,000 | | | | 217,274 | |
Diversified Financial Services — 6.4% | | | | | | | | |
Aretec Group, Inc. | | | | | | | | |
10.000% 8/15/30 (b) | | | 144,000 | | | | 157,287 | |
Coinbase Global, Inc. | | | | | | | | |
3.375% 10/01/28 (b) | | | 38,000 | | | | 32,559 | |
3.625% 10/01/31 (b) | | | 50,000 | | | | 40,378 | |
GGAM Finance Ltd. | | | | | | | | |
8.000% 2/15/27 (b) | | | 248,000 | | | | 256,065 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (b) | | | 696,839 | | | | 662,784 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Jefferson Capital Holdings LLC | | | | | | | | |
6.000% 8/15/26 (b) | | $ | 380,000 | | | $ | 372,866 | |
9.500% 2/15/29 (b) | | | 244,000 | | | | 249,767 | |
Macquarie Airfinance Holdings Ltd. | | | | | | | | |
8.125% 3/30/29 (b) | | | 119,000 | | | | 125,857 | |
8.375% 5/01/28 (b) | | | 106,000 | | | | 112,356 | |
Midcap Financial Issuer Trust | | | | | | | | |
5.625% 1/15/30 (b) | | | 339,000 | | | | 291,722 | |
OneMain Finance Corp. | | | | | | | | |
4.000% 9/15/30 | | | 107,000 | | | | 91,576 | |
5.375% 11/15/29 | | | 177,000 | | | | 166,418 | |
PRA Group, Inc. | | | | | | | | |
5.000% 10/01/29 (b) | | | 583,000 | | | | 491,284 | |
7.375% 9/01/25 (b) | | | 231,000 | | | | 230,589 | |
| | | | | | | 3,281,508 | |
Electric — 2.9% | | | | | | | | |
PG&E Corp. | | | | | | | | |
5.000% 7/01/28 | | | 497,000 | | | | 478,642 | |
Pike Corp. | | | | | | | | |
5.500% 9/01/28 (b) | | | 593,000 | | | | 567,587 | |
8.625% 1/31/31 (b) | | | 140,000 | | | | 148,773 | |
Talen Energy Supply LLC | | | | | | | | |
8.625% 6/01/30 (b) | | | 261,000 | | | | 279,101 | |
| | | | | | | 1,474,103 | |
Electrical Components & Equipment — 0.3% | | | | | | | | |
Energizer Holdings, Inc. | | | | | | | | |
4.375% 3/31/29 (b) | | | 142,000 | | | | 127,241 | |
Electronics — 0.6% | | | | | | | | |
Atkore, Inc. | | | | | | | | |
4.250% 6/01/31 (b) | | | 360,000 | | | | 319,253 | |
Engineering & Construction — 2.3% | | | | | | | | |
Arcosa, Inc. | | | | | | | | |
4.375% 4/15/29 (b) | | | 230,000 | | | | 211,953 | |
Artera Services LLC | | | | | | | | |
8.500% 2/15/31 (b) | | | 123,000 | | | | 126,105 | |
Global Infrastructure Solutions, Inc. | | | | | | | | |
5.625% 6/01/29 (b) | | | 377,000 | | | | 345,680 | |
7.500% 4/15/32 (b) | | | 140,000 | | | | 136,957 | |
MasTec, Inc. | | | | | | | | |
4.500% 8/15/28 (b) (c) | | | 235,000 | | | | 223,455 | |
Railworks Holdings LP/Railworks Rally, Inc. | | | | | | | | |
8.250% 11/15/28 (b) | | | 117,000 | | | | 116,083 | |
| | | | | | | 1,160,233 | |
Entertainment — 0.9% | | | | | | | | |
Live Nation Entertainment, Inc. | | | | | | | | |
4.750% 10/15/27 (b) | | | 260,000 | | | | 248,255 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | | | | | | | | |
4.875% 5/01/29 (b) | | | 136,000 | | | | 125,930 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. | | | | | | | | |
8.000% 8/01/30 (b) | | $ | 88,000 | | | $ | 90,638 | |
| | | | | | | 464,823 | |
Environmental Controls — 0.2% | | | | | | | | |
Enviri Corp. | | | | | | | | |
5.750% 7/31/27 (b) | | | 116,000 | | | | 109,223 | |
Food — 1.5% | | | | | | | | |
Fiesta Purchaser, Inc. | | | | | | | | |
7.875% 3/01/31 (b) | | | 78,000 | | | | 80,550 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
3.625% 1/15/32 | | | 527,000 | | | | 450,920 | |
Pilgrim's Pride Corp. | | | | | | | | |
4.250% 4/15/31 (b) | | | 283,000 | | | | 255,108 | |
| | | | | | | 786,578 | |
Gas — 0.2% | | | | | | | | |
AmeriGas Partners LP/AmeriGas Finance Corp. | | | | | | | | |
9.375% 6/01/28 (b) | | | 111,000 | | | | 114,942 | |
Hand & Machine Tools — 1.3% | | | | | | | | |
Regal Rexnord Corp. | | | | | | | | |
6.400% 4/15/33 (b) | | | 650,000 | | | | 674,132 | |
Health Care – Products — 0.5% | | | | | | | | |
Neogen Food Safety Corp. | | | | | | | | |
8.625% 7/20/30 (b) | | | 248,000 | | | | 267,159 | |
Health Care – Services — 4.8% | | | | | | | | |
CHS/Community Health Systems, Inc. | | | | | | | | |
4.750% 2/15/31 (b) | | | 108,000 | | | | 83,349 | |
5.250% 5/15/30 (b) | | | 422,000 | | | | 344,104 | |
6.000% 1/15/29 (b) | | | 141,000 | | | | 123,177 | |
LifePoint Health, Inc. | | | | | | | | |
9.875% 8/15/30 (b) | | | 274,000 | | | | 286,616 | |
11.000% 10/15/30 (b) | | | 129,000 | | | | 137,874 | |
Molina Healthcare, Inc. | | | | | | | | |
4.375% 6/15/28 (b) | | | 167,000 | | | | 156,985 | |
Radiology Partners, Inc. | | | | | | | | |
8.500% 1/31/29 (b) | | | 147,907 | | | | 137,228 | |
9.781% 2/15/30 (b) | | | 515,306 | | | | 414,821 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. | | | | | | | | |
9.750% 12/01/26 (b) | | | 299,000 | | | | 299,402 | |
Tenet Healthcare Corp. | | | | | | | | |
4.375% 1/15/30 | | | 165,000 | | | | 152,505 | |
5.125% 11/01/27 | | | 179,000 | | | | 175,085 | |
6.125% 10/01/28 (c) | | | 152,000 | | | | 151,455 | |
| | | | | | | 2,462,601 | |
Home Builders — 1.6% | | | | | | | | |
Ashton Woods USA LLC/Ashton Woods Finance Co. | | | | | | | | |
4.625% 8/01/29 (b) | | | 183,000 | | | | 168,802 | |
Mattamy Group Corp. | | | | | | | | |
4.625% 3/01/30 (b) | | | 687,000 | | | | 623,275 | |
| | | | | | | 792,077 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Housewares — 0.1% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
6.375% 9/15/27 | | $ | 36,000 | | | $ | 35,402 | |
Insurance — 1.2% | | | | | | | | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | | | | | | | | |
6.750% 4/15/28 (b) | | | 128,000 | | | | 128,904 | |
7.000% 1/15/31 (b) | | | 48,000 | | | | 48,481 | |
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc. | | | | | | | | |
7.625% 10/15/25 (b) | | | 430,269 | | | | 425,150 | |
| | | | | | | 602,535 | |
Internet — 0.7% | | | | | | | | |
Getty Images, Inc. | | | | | | | | |
9.750% 3/01/27 (b) | | | 367,000 | | | | 366,804 | |
Investment Companies — 1.3% | | | | | | | | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | | | | | | |
4.750% 9/15/24 | | | 178,000 | | | | 177,180 | |
6.250% 5/15/26 | | | 505,000 | | | | 487,489 | |
| | | | | | | 664,669 | |
Leisure Time — 2.9% | | | | | | | | |
Carnival Corp. | | | | | | | | |
5.750% 3/01/27 (b) | | | 205,000 | | | | 202,896 | |
6.000% 5/01/29 (b) | | | 288,000 | | | | 284,172 | |
7.000% 8/15/29 (b) | | | 24,000 | | | | 25,032 | |
Life Time, Inc. | | | | | | | | |
5.750% 1/15/26 (b) | | | 24,000 | | | | 23,805 | |
NCL Corp. Ltd. | | | | | | | | |
5.875% 3/15/26 (b) | | | 118,000 | | | | 116,484 | |
5.875% 2/15/27 (b) | | | 49,000 | | | | 48,412 | |
8.375% 2/01/28 (b) | | | 100,000 | | | | 105,632 | |
NCL Finance Ltd. | | | | | | | | |
6.125% 3/15/28 (b) (c) | | | 94,000 | | | | 92,827 | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
5.500% 8/31/26 (b) | | | 266,000 | | | | 263,610 | |
5.500% 4/01/28 (b) | | | 121,000 | | | | 119,597 | |
Viking Cruises Ltd. | | | | | | | | |
7.000% 2/15/29 (b) | | | 175,000 | | | | 175,757 | |
| | | | | | | 1,458,224 | |
Lodging — 1.5% | | | | | | | | |
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. | | | | | | | | |
4.875% 7/01/31 (b) | | | 199,000 | | | | 178,172 | |
6.625% 1/15/32 (b) | | | 117,000 | | | | 117,472 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | | | | | | | | |
5.875% 5/15/25 (b) | | | 155,000 | | | | 154,606 | |
Travel & Leisure Co. | | | | | | | | |
6.625% 7/31/26 (b) | | | 213,000 | | | | 214,490 | |
Wyndham Hotels & Resorts, Inc. | | | | | | | | |
4.375% 8/15/28 (b) | | | 133,000 | | | | 123,640 | |
| | | | | | | 788,380 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Media — 6.2% | | | | | | | | |
Altice Financing SA | | | | | | | | |
5.000% 1/15/28 (b) | | $ | 152,000 | | | $ | 125,103 | |
5.750% 8/15/29 (b) | | | 17,000 | | | | 13,621 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 2/01/31 (b) | | | 196,000 | | | | 160,063 | |
4.250% 1/15/34 (b) | | | 486,000 | | | | 366,859 | |
4.500% 5/01/32 | | | 95,000 | | | | 76,341 | |
CSC Holdings LLC | | | | | | | | |
5.750% 1/15/30 (b) | | | 146,000 | | | | 77,289 | |
7.500% 4/01/28 (b) | | | 75,000 | | | | 50,554 | |
11.750% 1/31/29 (b) | | | 232,000 | | | | 232,362 | |
Cumulus Media New Holdings, Inc. | | | | | | | | |
6.750% 7/01/26 (b) | | | 126,000 | | | | 67,393 | |
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | | | | | | | | |
5.875% 8/15/27 (b) | | | 434,000 | | | | 410,580 | |
DISH DBS Corp. | | | | | | | | |
5.125% 6/01/29 | | | 105,000 | | | | 43,794 | |
7.375% 7/01/28 | | | 78,000 | | | | 37,551 | |
DISH Network Corp. | | | | | | | | |
11.750% 11/15/27 (b) | | | 112,000 | | | | 114,344 | |
Gray Television, Inc. | | | | | | | | |
5.375% 11/15/31 (b) | | | 246,000 | | | | 161,307 | |
7.000% 5/15/27 (b) (c) | | | 30,000 | | | | 27,901 | |
LCPR Senior Secured Financing DAC | | | | | | | | |
6.750% 10/15/27 (b) | | | 177,000 | | | | 166,118 | |
McGraw-Hill Education, Inc. | | | | | | | | |
5.750% 8/01/28 (b) | | | 112,000 | | | | 105,499 | |
Sirius XM Radio, Inc. | | | | | | | | |
3.875% 9/01/31 (b) | | | 76,000 | | | | 63,370 | |
Time Warner Cable Enterprises LLC | | | | | | | | |
8.375% 7/15/33 | | | 343,000 | | | | 382,818 | |
Virgin Media Secured Finance PLC | | | | | | | | |
4.500% 8/15/30 (b) | | | 265,000 | | | | 228,523 | |
Virgin Media Vendor Financing Notes IV DAC | | | | | | | | |
5.000% 7/15/28 (b) | | | 277,000 | | | | 254,142 | |
| | | | | | | 3,165,532 | |
Mining — 1.2% | | | | | | | | |
Constellium SE | | | | | | | | |
3.750% 4/15/29 (b) | | | 300,000 | | | | 269,909 | |
Novelis Corp. | | | | | | | | |
3.250% 11/15/26 (b) | | | 48,000 | | | | 44,726 | |
3.875% 8/15/31 (b) | | | 341,000 | | | | 292,921 | |
| | | | | | | 607,556 | |
Miscellaneous - Manufacturing — 0.5% | | | | | | | | |
Amsted Industries, Inc. | | | | | | | | |
4.625% 5/15/30 (b) | | | 64,000 | | | | 58,448 | |
5.625% 7/01/27 (b) | | | 175,000 | | | | 172,372 | |
| | | | | | | 230,820 | |
Oil & Gas — 4.8% | | | | | | | | |
Apache Corp. | | | | | | | | |
4.750% 4/15/43 (c) | | | 65,000 | | | | 51,243 | |
5.100% 9/01/40 | | | 130,000 | | | | 111,562 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.350% 7/01/49 | | $ | 197,000 | | | $ | 166,524 | |
CVR Energy, Inc. | | | | | | | | |
5.750% 2/15/28 (b) | | | 134,000 | | | | 125,657 | |
Nabors Industries, Inc. | | | | | | | | |
7.375% 5/15/27 (b) | | | 87,000 | | | | 86,840 | |
Neptune Energy Bondco PLC | | | | | | | | |
6.625% 5/15/25 (b) | | | 594,000 | | | | 593,993 | |
Occidental Petroleum Corp. | | | | | | | | |
6.200% 3/15/40 | | | 397,000 | | | | 407,371 | |
6.950% 7/01/24 | | | 42,000 | | | | 42,062 | |
Parkland Corp. | | | | | | | | |
4.625% 5/01/30 (b) | | | 105,000 | | | | 96,799 | |
5.875% 7/15/27 (b) | | | 269,000 | | | | 266,669 | |
Sunoco LP/Sunoco Finance Corp. | | | | | | | | |
6.000% 4/15/27 | | | 114,000 | | | | 113,545 | |
7.000% 9/15/28 (b) | | | 67,000 | | | | 68,457 | |
Transocean Poseidon Ltd. | | | | | | | | |
6.875% 2/01/27 (b) | | | 19,575 | | | | 19,598 | |
Transocean, Inc. | | | | | | | | |
7.250% 11/01/25 (b) | | | 172,000 | | | | 171,272 | |
7.500% 1/15/26 (b) | | | 140,000 | | | | 139,124 | |
| | | | | | | 2,460,716 | |
Oil & Gas Services — 0.5% | | | | | | | | |
Weatherford International Ltd. | | | | | | | | |
8.625% 4/30/30 (b) | | | 243,000 | | | | 253,684 | |
Packaging & Containers — 2.8% | | | | | | | | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | | | | | | | | |
4.000% 9/01/29 (b) | | | 157,000 | | | | 126,550 | |
Clydesdale Acquisition Holdings, Inc. | | | | | | | | |
8.750% 4/15/30 (b) | | | 272,000 | | | | 267,251 | |
Graham Packaging Co., Inc. | | | | | | | | |
7.125% 8/15/28 (b) | | | 209,000 | | | | 189,499 | |
Mauser Packaging Solutions Holding Co. | | | | | | | | |
7.875% 8/15/26 (b) | | | 312,000 | | | | 317,850 | |
9.250% 4/15/27 (b) | | | 446,000 | | | | 442,447 | |
Trident TPI Holdings, Inc. | | | | | | | | |
12.750% 12/31/28 (b) | | | 72,000 | | | | 76,820 | |
| | | | | | | 1,420,417 | |
Pharmaceuticals — 3.8% | | | | | | | | |
1375209 BC Ltd. | | | | | | | | |
9.000% 1/30/28 (b) | | | 535,000 | | | | 524,302 | |
AdaptHealth LLC | | | | | | | | |
5.125% 3/01/30 (b) | | | 365,000 | | | | 318,330 | |
Bausch Health Cos., Inc. | | | | | | | | |
4.875% 6/01/28 (b) | | | 215,000 | | | | 117,326 | |
5.500% 11/01/25 (b) | | | 109,000 | | | | 102,886 | |
6.125% 2/01/27 (b) | | | 59,000 | | | | 36,762 | |
14.000% 10/15/30 (b) | | | 47,000 | | | | 27,039 | |
Grifols SA | | | | | | | | |
4.750% 10/15/28 (b) (c) | | | 293,000 | | | | 242,417 | |
Herbalife Ltd., Convertible, | | | | | | | | |
4.250% 6/15/28 (b) | | | 50,000 | | | | 43,155 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Herbalife Nutrition Ltd./HLF Financing, Inc. | | | | | | | | |
7.875% 9/01/25 (b) | | $ | 268,000 | | | $ | 267,963 | |
HLF Financing SARL LLC/Herbalife International, Inc. | | | | | | | | |
4.875% 6/01/29 (b) | | | 31,000 | | | | 21,545 | |
Perrigo Finance Unlimited Co. | | | | | | | | |
4.650% STEP 6/15/30 | | | 280,000 | | | | 257,392 | |
| | | | | | | 1,959,117 | |
Pipelines — 6.8% | | | | | | | | |
CQP Holdco LP/BIP-V Chinook Holdco LLC | | | | | | | | |
5.500% 6/15/31 (b) | | | 565,000 | | | | 533,991 | |
Energy Transfer LP | | | | | | | | |
5 yr. CMT + 5.694% 6.500% VRN (d) | | | 100,000 | | | | 98,014 | |
5 yr. CMT + 5.306% 7.125% VRN (d) | | | 89,000 | | | | 86,890 | |
EnLink Midstream Partners LP | | | | | | | | |
5.450% 6/01/47 | | | 52,000 | | | | 45,255 | |
5.600% 4/01/44 (c) | | | 257,000 | | | | 228,820 | |
EQM Midstream Partners LP | | | | | | | | |
6.000% 7/01/25 (b) | | | 67,000 | | | | 67,085 | |
6.375% 4/01/29 (b) | | | 137,000 | | | | 138,006 | |
6.500% 7/01/27 (b) | | | 151,000 | | | | 152,335 | |
Genesis Energy LP/Genesis Energy Finance Corp. | | | | | | | | |
8.000% 1/15/27 | | | 300,000 | | | | 303,488 | |
8.250% 1/15/29 | | | 25,000 | | | | 25,665 | |
8.875% 4/15/30 | | | 105,000 | | | | 109,909 | |
Harvest Midstream I LP | | | | | | | | |
7.500% 9/01/28 (b) | | | 389,000 | | | | 394,419 | |
ITT Holdings LLC | | | | | | | | |
6.500% 8/01/29 (b) | | | 524,000 | | | | 478,202 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. | | | | | | | | |
8.125% 2/15/29 (b) | | | 77,000 | | | | 78,862 | |
8.375% 2/15/32 (b) | | | 137,000 | | | | 140,440 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | | | | | | | | |
7.375% 2/15/29 (b) | | | 129,000 | | | | 129,771 | |
7.500% 10/01/25 (b) | | | 171,000 | | | | 171,685 | |
Venture Global Calcasieu Pass LLC | | | | | | | | |
3.875% 8/15/29 (b) | | | 133,000 | | | | 119,720 | |
4.125% 8/15/31 (b) | | | 152,000 | | | | 135,158 | |
| | | | | | | 3,437,715 | |
Private Equity — 0.2% | | | | | | | | |
HAT Holdings I LLC/HAT Holdings II LLC | | | | | | | | |
3.375% 6/15/26 (b) | | | 105,000 | | | | 98,900 | |
Real Estate Investment Trusts (REITS) — 1.9% | | | | | | | | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (b) | | | 32,000 | | | | 27,382 | |
HAT Holdings I LLC/HAT Holdings II LLC | | | | | | | | |
8.000% 6/15/27 (b) | | | 56,000 | | | | 58,391 | |
RHP Hotel Properties LP/RHP Finance Corp. | | | | | | | | |
6.500% 4/01/32 (b) | | | 165,000 | | | | 165,557 | |
RLJ Lodging Trust LP | | | | | | | | |
3.750% 7/01/26 (b) | | | 107,000 | | | | 101,897 | |
4.000% 9/15/29 (b) | | | 284,000 | | | | 250,351 | |
Service Properties Trust | | | | | | | | |
4.375% 2/15/30 | | | 115,000 | | | | 87,783 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
7.500% 9/15/25 | | $ | 267,000 | | | $ | 270,599 | |
| | | | | | | 961,960 | |
Retail — 3.8% | | | | | | | | |
Bath & Body Works, Inc. | | | | | | | | |
6.750% 7/01/36 | | | 97,000 | | | | 97,971 | |
6.875% 11/01/35 | | | 222,000 | | | | 227,008 | |
BlueLinx Holdings, Inc. | | | | | | | | |
6.000% 11/15/29 (b) | | | 221,000 | | | | 214,646 | |
Brinker International, Inc. | | | | | | | | |
8.250% 7/15/30 (b) | | | 127,000 | | | | 133,829 | |
CEC Entertainment LLC | | | | | | | | |
6.750% 5/01/26 (b) | | | 107,000 | | | | 105,989 | |
Nordstrom, Inc. | | | | | | | | |
5.000% 1/15/44 | | | 93,000 | | | | 72,070 | |
PetSmart, Inc./PetSmart Finance Corp. | | | | | | | | |
4.750% 2/15/28 (b) | | | 78,000 | | | | 73,027 | |
7.750% 2/15/29 (b) | | | 141,000 | | | | 137,269 | |
Raising Cane's Restaurants LLC | | | | | | | | |
9.375% 5/01/29 (b) | | | 39,000 | | | | 42,149 | |
Sonic Automotive, Inc. | | | | | | | | |
4.875% 11/15/31 (b) (c) | | | 174,000 | | | | 152,322 | |
Specialty Building Products Holdings LLC/SBP Finance Corp. | | | | | | | | |
6.375% 9/30/26 (b) | | | 155,000 | | | | 153,961 | |
Staples, Inc. | | | | | | | | |
7.500% 4/15/26 (b) | | | 152,000 | | | | 148,348 | |
10.750% 4/15/27 (b) | | | 89,000 | | | | 84,598 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. | | | | | | | | |
5.000% 6/01/31 (b) | | | 192,000 | | | | 175,043 | |
Superior Plus LP/Superior General Partner, Inc. | | | | | | | | |
4.500% 3/15/29 (b) | | | 145,000 | | | | 134,059 | |
| | | | | | | 1,952,289 | |
Software — 1.0% | | | | | | | | |
Consensus Cloud Solutions, Inc. | | | | | | | | |
6.000% 10/15/26 (b) (c) | | | 165,000 | | | | 156,825 | |
UKG, Inc. | | | | | | | | |
6.875% 2/01/31 (b) | | | 152,000 | | | | 154,846 | |
Veritas US, Inc./Veritas Bermuda Ltd. | | | | | | | | |
7.500% 9/01/25 (b) | | | 198,000 | | | | 181,539 | |
| | | | | | | 493,210 | |
Telecommunications — 5.1% | | | | | | | | |
Altice France Holding SA | | | | | | | | |
10.500% 5/15/27 (b) | | | 74,000 | | | | 27,689 | |
Altice France SA | | | | | | | | |
5.125% 7/15/29 (b) | | | 10,000 | | | | 6,760 | |
C&W Senior Finance Ltd. | | | | | | | | |
6.875% 9/15/27 (b) | | | 267,000 | | | | 252,152 | |
Connect Finco SARL/Connect US Finco LLC | | | | | | | | |
6.750% 10/01/26 (b) | | | 570,000 | | | | 558,757 | |
Consolidated Communications, Inc. | | | | | | | | |
5.000% 10/01/28 (b) | | | 90,000 | | | | 75,014 | |
6.500% 10/01/28 (b) | | | 91,000 | | | | 79,491 | |
Frontier Communications Holdings LLC | | | | | | | | |
6.000% 1/15/30 (b) | | | 964,000 | | | | 816,534 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Intelsat Jackson Holdings SA | | | | | | | | |
6.500% 3/15/30 (b) | | $ | 158,000 | | | $ | 146,793 | |
Level 3 Financing, Inc. | | | | | | | | |
4.250% 7/01/28 (b) | | | 68,000 | | | | 31,960 | |
11.000% 11/15/29 (b) | | | 463,000 | | | | 481,520 | |
Viasat, Inc. | | | | | | | | |
6.500% 7/15/28 (b) (c) | | | 175,000 | | | | 135,138 | |
| | | | | | | 2,611,808 | |
Transportation — 1.3% | | | | | | | | |
Carriage Purchaser, Inc. | | | | | | | | |
7.875% 10/15/29 (b) | | | 191,000 | | | | 169,700 | |
Seaspan Corp. | | | | | | | | |
5.500% 8/01/29 (b) | | | 571,000 | | | | 497,921 | |
| | | | | | | 667,621 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $45,674,019) | | | | | | | 44,365,212 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $50,270,179) | | | | | | | 49,016,733 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $50,270,179) | | | | | | | 49,016,733 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 5.9% | | | | | | | | |
Commercial Paper — 2.0% | | | | | | | | |
Eversource Energy | | | | | | | | |
5.681% 4/01/24 (b) | | | 1,000,000 | | | | 999,397 | |
| | | | | | | 999,397 | |
| | | | | | | | |
| | Number of Shares | | | | |
Investment of Cash Collateral from Securities Loaned — 3.3% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (e) | | | 1,652,695 | | | | 1,652,695 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (f) | | $ | 292,504 | | | | 292,504 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,945,199) | | | | | | | 2,944,596 | |
| | | | | | | | |
TOTAL INVESTMENTS — 102.1% (Cost $53,215,378) (g) | | | | | | | 51,961,329 | |
| | | | | | | | |
Other Assets/(Liabilities) — (2.1)% | | | | | | | (1,048,392) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 50,912,937 | |
Abbreviation Legend
CMT | Constant Maturity Treasury Index |
SOFR | Secured Overnight Financing Rate |
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 March 31, 2024 where the rate will be determined at time of settlement. |
(b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $39,376,435 or 77.34% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $1,778,387 or 3.49% of net assets. The Fund received $164,007 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) | Represents investment of security lending cash collateral. (Note 2). |
(f) | Maturity value of $292,556. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $298,414. |
(g) | See Note 3 for aggregate cost for federal tax purposes. |
MML Inflation-Protected and Income Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 83.1% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 0.5% | | | | | | | | |
Real Estate Investment Trusts (REITS) — 0.5% | | | | | | | | |
SBA Tower Trust | | | | | | | | |
2.836% 1/15/50 (a) | | $ | 1,000,000 | | | $ | 976,026 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $975,233) | | | | | | | 976,026 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.0% | | | | | | | | |
Automobile Asset-Backed Securities — 11.9% | | | | | | | | |
American Credit Acceptance Receivables Trust, Series 2021-2, Class E | | | | | | | | |
2.540% 7/13/27 (a) | | | 3,800,000 | | | | 3,667,579 | |
BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2 | | | | | | | | |
5.542% 10/27/31 (a) | | | 900,855 | | | | 896,294 | |
Carvana Auto Receivables Trust, Series 2021-N3, Class B | | | | | | | | |
0.660% 6/12/28 | | | 815,667 | | | | 763,318 | |
Drive Auto Receivables Trust | | | | | | | | |
Series 2021-1, Class C, 1.020% 6/15/27 | | | 31,906 | | | | 31,844 | |
Series 2021-1, Class D, 1.450% 1/16/29 | | | 4,500,000 | | | | 4,361,202 | |
Series 2021-3, Class C, 1.470% 1/15/27 | | | 1,618,951 | | | | 1,594,293 | |
Exeter Automobile Receivables Trust | | | | | | | | |
Series 2020-2A, Class D, 4.730% 4/15/26 (a) | | | 331,523 | | | | 330,471 | |
Series 2023-5A, Class A2, 6.200% 4/15/26 | | | 588,787 | | | | 589,703 | |
Flagship Credit Auto Trust, Series 2021-2, Class C | | | | | | | | |
1.270% 6/15/27 (a) | | | 4,000,000 | | | | 3,827,670 | |
Ford Credit Auto Owner Trust, Series 2018-1, Class C | | | | | | | | |
3.490% 7/15/31 (a) | | | 2,000,000 | | | | 1,959,320 | |
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C | | | | | | | | |
5.310% 6/14/29 (a) | | | 800,000 | | | | 764,140 | |
Westlake Automobile Receivables Trust | | | | | | | | |
Series 2020-3A, Class D, 1.650% 2/17/26 (a) | | | 1,555,943 | | | | 1,540,052 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2023-4A, Class A2, 6.230% 1/15/27 (a) | | $ | 1,200,000 | | | $ | 1,204,409 | |
| | | | | | | 21,530,295 | |
Commercial Mortgage-Backed Securities — 7.4% | | | | | | | | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | | | | | | | | |
7.122% FRN 7/15/35 (a) | | | 1,000,000 | | | | 995,122 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047% | | | | | | | | |
7.373% FRN 12/15/37 (a) | | | 308,865 | | | | 308,672 | |
COMM Mortgage Trust, Series 2015-LC19, Class D | | | | | | | | |
2.867% 2/10/48 (a) | | | 1,700,000 | | | | 1,498,060 | |
Credit Suisse Mortgage Capital Certificates | | | | | | | | |
Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% 6.973% FRN 5/15/36 (a) | | | 3,990,073 | | | | 3,986,334 | |
Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% 7.523% FRN 5/15/36 (a) | | | 2,493,796 | | | | 2,490,679 | |
Extended Stay America Trust | | | | | | | | |
Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 7.690% FRN 7/15/38 (a) | | | 822,830 | | | | 821,801 | |
Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 9.140% FRN 7/15/38 (a) | | | 1,097,107 | | | | 1,095,735 | |
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | | | | | | | | |
7.640% FRN 2/15/39 (a) | | | 700,000 | | | | 624,591 | |
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | | | | | | | | |
7.664% FRN 5/25/38 (a) | | | 1,604,690 | | | | 1,606,694 | |
| | | | | | | 13,427,688 | |
Home Equity Asset-Backed Securities — 0.9% | | | | | | | | |
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | | | | | | | | |
6.059% FRN 4/25/36 | | | 1,002,556 | | | | 976,125 | |
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | | | | | | | | |
5.704% FRN 3/25/37 | | | 133,374 | | | | 129,766 | |
Residential Asset Securities Corporation Trust, Series 2005-EMX1, Class M1, 1 mo. USD Term SOFR + 0.759% | | | | | | | | |
6.089% FRN 3/25/35 | | | 63,361 | | | | 63,273 | |
Structured Asset Securities Corp. Mortgage Loan Trust | | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.614% FRN 1/25/37 | | $ | 115,139 | | | $ | 113,304 | |
Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759% 6.089% FRN 2/25/36 | | | 51,080 | | | | 51,002 | |
Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% 6.644% FRN 11/25/35 (a) | | | 302,158 | | | | 297,671 | |
| | | | | | | 1,631,141 | |
Other Asset-Backed Securities — 17.3% | | | | | | | | |
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | | | | | | | | |
5.640% FRN 9/15/41 (a) | | | 43,544 | | | | 42,985 | |
ACHV ABS Trust | | | | | | | | |
Series 2024-1PL, Class A, 5.900% 4/25/31 (a) | | | 1,800,000 | | | | 1,799,963 | |
Series 2023-4CP, Class A, 6.810% 11/25/30 (a) | | | 481,996 | | | | 482,675 | |
Series 2023-4CP, Class B, 7.240% 11/25/30 (a) | | | 500,000 | | | | 504,098 | |
Affirm Asset Securitization Trust | | | | | | | | |
Series 2021-Z1, Class A, 1.070% 8/15/25 (a) | | | 140,803 | | | | 139,761 | |
Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | | | 237,559 | | | | 236,855 | |
Series 2022-X1, Class A, 1.750% 2/15/27 (a) | | | 207,660 | | | | 204,796 | |
Series 2022-Z1, Class A, 4.550% 6/15/27 (a) | | | 198,105 | | | | 196,477 | |
Series 2023-X1, Class A, 7.110% 11/15/28 (a) | | | 3,542,411 | | | | 3,559,259 | |
BHG Securitization Trust | | | | | | | | |
Series 2021-B, Class A, 0.900% 10/17/34 (a) | | | 371,332 | | | | 362,190 | |
Series 2021-A, Class A, 1.420% 11/17/33 (a) | | | 1,432,624 | | | | 1,366,756 | |
Series 2022-C, Class A, 5.320% 10/17/35 (a) | | | 1,105,234 | | | | 1,099,937 | |
Series 2023-A, Class A, 5.550% 4/17/36 (a) | | | 1,120,073 | | | | 1,113,254 | |
Conn's Receivables Funding LLC, Series 2024-A, Class A | | | | | | | | |
7.050% 1/16/29 (a) | | | 1,704,075 | | | | 1,706,816 | |
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C | | | | | | | | |
3.310% 3/25/30 (a) | | | 103,544 | | | | 103,292 | |
FCI Funding LLC | | | | | | | | |
Series 2021-1A, Class A, 1.130% 4/15/33 (a) | | | 312,818 | | | | 309,807 | |
Series 2021-1A, Class B, 1.530% 4/15/33 (a) | | | 208,570 | | | | 206,393 | |
FNA VI LLC, Series 2021-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 1,963,480 | | | | 1,811,285 | |
Hilton Grand Vacations Trust, Series 2022-2A, Class C | | | | | | | | |
5.570% 1/25/37 (a) | | | 441,675 | | | | 433,508 | |
Marlette Funding Trust, Series 2023-2A, Class A | | | | | | | | |
6.040% 6/15/33 (a) | | | 481,472 | | | | 481,810 | |
MVW Owner Trust, Series 2018-1A, Class A | | | | | | | | |
3.450% 1/21/36 (a) | | | 221,817 | | | | 220,106 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
NP SPE II LLC, Series 2019-1A, Class A1 | | | | | | | | |
2.574% 9/20/49 (a) | | $ | 127,508 | | | $ | 122,362 | |
Pagaya AI Debt Trust, Series 2022-1, Class A | | | | | | | | |
2.030% 10/15/29 (a) | | | 1,537,992 | | | | 1,522,713 | |
PFS Financing Corp. | | | | | | | | |
Series 2021-B, Class B, 1.090% 8/15/26 (a) | | | 1,300,000 | | | | 1,274,545 | |
Series 2022-A, Class B, 2.770% 2/15/27 (a) | | | 800,000 | | | | 777,455 | |
PVONE 2023-1, LLC, Series 2023-2A, Class A | | | | | | | | |
7.670% 9/17/35 (a) | | | 1,084,710 | | | | 1,093,107 | |
RAM, Series 2024-1, Class A, Series 2024-1, Class A | | | | | | | | |
6.669% 2/15/39 (a) (b) (c) | | | 3,133,055 | | | | 3,133,055 | |
Reach Financial LLC, Series 2023-1A, Class A | | | | | | | | |
7.050% 2/18/31 (a) | | | 2,121,023 | | | | 2,126,767 | |
SBA Tower Trust, Series 2014-2A, Class C, | | | | | | | | |
3.869% STEP 10/15/49 (a) | | | 2,390,000 | | | | 2,362,754 | |
Sierra Timeshare Receivables Funding LLC | | | | | | | | |
Series 2019-3A, Class C, 3.000% 8/20/36 (a) | | | 418,388 | | | | 408,162 | |
Series 2019-2A, Class C, 3.120% 5/20/36 (a) | | | 713,779 | | | | 703,567 | |
Series 2019-3A, Class D, 4.180% 8/20/36 (a) | | | 248,558 | | | | 242,108 | |
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | | | | | | | | |
1.780% 1/15/25 (a) | | | 1,200,000 | | | | 1,158,762 | |
| | | | | | | 31,307,380 | |
Student Loans Asset-Backed Securities — 5.3% | | | | | | | | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | | | 114,374 | | | | 85,022 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 13,372 | | | | 11,698 | |
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 30 day USD SOFR Average + 0.914% | | | | | | | | |
6.235% FRN 10/25/56 (a) | | | 165,922 | | | | 163,346 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 0.864% | | | | | | | | |
6.194% FRN 8/25/42 (a) | | | 73,559 | | | | 73,111 | |
Goal Capital Funding Trust, Series 2010-1, Class A, 90 day USD SOFR Average + 0.962% | | | | | | | | |
6.320% FRN 8/25/48 (a) | | | 54,991 | | | | 54,989 | |
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | | | | | | | | |
5.973% FRN 6/28/39 (a) | | | 263,727 | | | | 236,494 | |
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | | | | | | | | |
2.340% 10/25/48 (a) | | | 60,094 | | | | 57,943 | |
Navient Private Education Refi Loan Trust | | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2021-A, Class A, 0.840% 5/15/69 (a) | | $ | 1,564,780 | | | $ | 1,368,568 | |
Series 2020-HA, Class A, 1.310% 1/15/69 (a) | | | 254,672 | | | | 232,704 | |
Navient Student Loan Trust, Series 2017-1A, Class A3, 30 day USD SOFR Average + 1.264% | | | | | | | | |
6.585% FRN 7/26/66 (a) | | | 281,397 | | | | 283,468 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.785% FRN 3/23/37 | | | 854,830 | | | | 812,138 | |
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/38 | | | 436,227 | | | | 370,073 | |
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.865% FRN 6/25/41 | | | 146,968 | | | | 129,299 | |
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.973% FRN 10/25/40 | | | 870,503 | | | | 788,857 | |
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 6/25/41 (a) | | | 375,000 | | | | 361,164 | |
SLC Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.845% FRN 12/15/39 | | | 629,113 | | | | 554,896 | |
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.895% FRN 3/15/40 | | | 940,913 | | | | 859,415 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/70 | | | 199,472 | | | | 186,079 | |
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | | | 281,809 | | | | 263,764 | |
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.843% FRN 1/25/41 | | | 283,922 | | | | 264,893 | |
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55 | | | 252,933 | | | | 239,756 | |
Series 2004-8, Class B, 90 day USD SOFR Average + 0.722% 6.083% FRN 1/25/40 | | | 263,016 | | | | 235,914 | |
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.093% FRN 10/25/64 | | | 157,930 | | | | 149,058 | |
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 12/15/38 | | | 222,371 | | | | 212,988 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-B, Class A2B, 1 mo. USD Term SOFR + 0.834% 6.160% FRN 1/15/37 (a) | | | 429,100 | | | | 426,595 | |
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.310% FRN 7/15/36 (a) | | | 590,204 | | | | 585,696 | |
Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614% 6.940% FRN 4/15/32 (a) | | | 47,237 | | | | 47,249 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
5.370% VRN 1/25/45 (a) (d) | | $ | 466,749 | | | $ | 449,281 | |
| | | | | | | 9,504,458 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 10.2% | | | | | | | | |
Angel Oak Mortgage Trust | | | | | | | | |
Series 2020-6, Class A1, 1.261% VRN 5/25/65 (a) (d) | | | 834,999 | | | | 725,928 | |
Series 2022-2, Class A1, 3.353% VRN 1/25/67 (a) (d) | | | 1,824,492 | | | | 1,678,885 | |
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, | | | | | | | | |
0.985% VRN 11/25/50 (a) (d) | | | 477,722 | | | | 451,942 | |
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | | | | | | | | |
5.500% FRN 8/25/49 (a) | | | 748,639 | | | | 714,406 | |
COLT Mortgage Loan Trust, Series 2022-1, Class A1, | | | | | | | | |
2.284% VRN 12/27/66 (a) (d) | | | 5,971,457 | | | | 5,236,234 | |
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | | | | | | | | |
5.604% FRN 11/25/36 | | | 208,471 | | | | 203,623 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864% | | | | | | | | |
6.194% FRN 5/25/55 (a) | | | 4,044,733 | | | | 4,045,552 | |
OBX Trust | | | | | | | | |
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (d) | | | 1,217,608 | | | | 971,655 | |
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.394% FRN 2/25/60 (a) | | | 304,668 | | | | 291,090 | |
PSMC Trust, Series 2020-2, Class A2, | | | | | | | | |
3.000% VRN 5/25/50 (a) (d) | | | 632,180 | | | | 554,693 | |
STAR Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (d) | | | 2,475,519 | | | | 2,164,585 | |
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, | | | | | | | | |
2.916% VRN 9/27/49 (a) (d) | | | 807,233 | | | | 775,431 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (d) | | | 672,251 | | | | 562,164 | |
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (d) | | | 167,348 | | | | 163,467 | |
| | | | | | | 18,539,655 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $98,195,467) | | | | | | | 95,940,617 | |
| | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
U.S. Government Agency Obligations and Instrumentalities (e) — 10.6% | | | | | | | | |
Pass-Through Securities — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.159% 6.377% FRN 3/01/37 | | $ | 68,367 | | | $ | 68,937 | |
Whole Loans — 10.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. STACR REMICS Trust | | | | | | | | |
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.120% FRN 10/25/41 (a) | | | 2,768,912 | | | | 2,768,736 | |
Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 9/25/41 (a) | | | 5,220,172 | | | | 5,195,446 | |
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 11/25/41 (a) | | | 1,629,537 | | | | 1,628,230 | |
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.620% FRN 2/25/42 (a) | | | 1,725,561 | | | | 1,729,563 | |
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.135% FRN 1/25/50 (a) | | | 548,335 | | | | 552,168 | |
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.320% FRN 4/25/42 (a) | | | 1,478,302 | | | | 1,498,067 | |
Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 7.535% FRN 9/25/48 (a) | | | 293,224 | | | | 295,105 | |
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.270% FRN 6/25/42 (a) | | | 462,010 | | | | 475,361 | |
Federal National Mortgage Association Connecticut Avenue Securities | | | | | | | | |
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.220% FRN 4/25/42 (a) | | | 963,939 | | | | 970,198 | |
Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.221% FRN 6/25/43 (a) | | | 927,830 | | | | 937,532 | |
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.820% FRN 4/25/43 (a) | | | 886,605 | | | | 903,587 | |
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.271% FRN 6/25/42 (a) | | | 2,078,737 | | | | 2,137,994 | |
| | | | | | | 19,091,987 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $19,100,656) | | | | | | | 19,160,924 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 19.0% | | | | | | | | |
U.S. Treasury Bonds & Notes — 19.0% | | | | | | | | |
U.S. Treasury Inflation-Indexed Bonds | | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
0.125% 2/15/51 | | $ | 473,764 | | | $ | 283,083 | |
0.125% 2/15/52 | | | 609,252 | | | | 358,280 | |
0.250% 2/15/50 | | | 719,646 | | | | 454,120 | |
0.625% 2/15/43 | | | 268,246 | | | | 205,867 | |
0.750% 2/15/42 | | | 805,161 | | | | 642,282 | |
0.750% 2/15/45 | | | 988,673 | | | | 758,340 | |
0.875% 2/15/47 | | | 574,844 | | | | 443,052 | |
1.000% 2/15/46 | | | 455,494 | | | | 364,497 | |
1.000% 2/15/48 | | | 437,668 | | | | 344,515 | |
1.000% 2/15/49 | | | 306,360 | | | | 239,949 | |
1.375% 2/15/44 | | | 860,022 | | | | 753,976 | |
1.500% 2/15/53 | | | 570,554 | | | | 497,972 | |
2.125% 2/15/40 | | | 428,007 | | | | 433,069 | |
2.125% 2/15/41 | | | 281,622 | | | | 285,186 | |
2.125% 2/15/54 | | | 351,666 | | | | 355,340 | |
2.500% 1/15/29 | | | 359,063 | | | | 368,852 | |
3.375% 4/15/32 | | | 434,315 | | | | 481,032 | |
3.875% 4/15/29 | | | 1,519,366 | | | | 1,661,077 | |
U.S. Treasury Inflation-Indexed Notes | | | | | | | | |
0.125% 4/15/25 | | | 1,790,715 | | | | 1,746,346 | |
0.125% 1/15/30 | | | 1,618,016 | | | | 1,464,578 | |
0.125% 7/15/30 | | | 1,383,117 | | | | 1,245,971 | |
0.125% 1/15/31 | | | 1,368,178 | | | | 1,217,146 | |
0.125% 7/15/31 | | | 1,553,202 | | | | 1,374,089 | |
0.125% 1/15/32 | | | 1,446,133 | | | | 1,263,234 | |
0.250% 7/15/29 | | | 1,832,375 | | | | 1,689,502 | |
0.375% 7/15/27 | | | 1,197,561 | | | | 1,139,477 | |
0.500% 1/15/28 | | | 1,775,185 | | | | 1,679,648 | |
0.625% 7/15/32 | | | 2,016,489 | | | | 1,828,456 | |
0.750% 7/15/28 (f) | | | 1,504,864 | | | | 1,437,581 | |
0.875% 1/15/29 | | | 366,369 | | | | 349,223 | |
1.125% 1/15/33 | | | 1,863,378 | | | | 1,747,498 | |
1.250% 4/15/28 | | | 1,727,124 | | | | 1,677,730 | |
1.375% 7/15/33 | | | 1,979,894 | | | | 1,900,062 | |
1.625% 10/15/27 | | | 1,686,355 | | | | 1,670,095 | |
1.750% 1/15/34 | | | 351,106 | | | | 346,609 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2.375% 10/15/28 | | $ | 1,610,816 | | | $ | 1,648,133 | |
| | | | | | | 34,355,867 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $36,963,761) | | | | | | | 34,355,867 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $155,235,117) | | | | | | | 150,433,434 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $155,235,117) | | | | | | | 150,433,434 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 16.3% | | | | | | | | |
Commercial Paper — 14.9% | | | | | | | | |
American Honda Finance Corp. | | | | | | | | |
5.620% 4/03/24 | | | 3,000,000 | | | | 2,997,296 | |
Avangrid, Inc. | | | | | | | | |
5.573% 4/08/24 (a) | | | 3,000,000 | | | | 2,994,870 | |
CRH America Finance, Inc. | | | | | | | | |
5.671% 4/29/24 (a) | | | 3,000,000 | | | | 2,985,168 | |
CVS Health Corp. | | | | | | | | |
5.659% 4/03/24 (a) | | | 3,000,000 | | | | 2,997,301 | |
Dominion Energy, Inc. | | | | | | | | |
5.638% 4/10/24 (a) | | | 3,000,000 | | | | 2,994,102 | |
Entergy Corp. | | | | | | | | |
5.769% 4/22/24 (a) | | | 3,000,000 | | | | 2,988,464 | |
Fortive Corp. | | | | | | | | |
5.604% 4/08/24 (a) | | | 3,000,000 | | | | 2,995,002 | |
L3Harris Technologies, Inc. | | | | | | | | |
5.917% 4/17/24 (a) | | | 3,000,000 | | | | 2,990,865 | |
Spire, Inc. | | | | | | | | |
5.628% 4/22/24 (a) | | | 3,000,000 | | | | 2,988,476 | |
| | | | | | | 26,931,544 | |
Repurchase Agreement — 1.4% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (g) | | | 2,647,925 | | | | 2,647,925 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $29,595,535) | | | | | | | 29,579,469 | |
| | | | | | | | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL INVESTMENTS — 99.4% (Cost $184,830,652) (h) | | | | | | $ | 180,012,903 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.6% | | | | | | | 1,045,106 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 181,058,009 | |
Abbreviation Legend
CMT | Constant Maturity Treasury Index |
ICE | Inter-Continental Exchange |
REMICS | Real Estate Mortgage Investment Conduits |
SOFR | Secured Overnight Financing Rate |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $125,998,295 or 69.59% of net assets. |
(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 March 31, 2024, these securities amounted to a value of $3,133,055 or 1.73% of net assets. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024. |
(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) | Maturity value of $2,648,396. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,700,937. |
(h) | See Note 3 for aggregate cost for federal tax purposes. |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/Net Unrealized Appreciation (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 6/18/24 | | | 1 | | | $ | 114,643 | | | $ | (34) | |
U.S. Treasury Ultra Bond | | 6/18/24 | | | 1 | | | | 128,003 | | | | 997 | |
| | | | | | | | | | | | $ | 963 | |
Short | | | | | | | | | | | |
U.S. Treasury Long Bond | | 6/18/24 | | | 3 | | | $ | (357,249) | | | $ | (4,064) | |
U.S. Treasury Note 2 Year | | 6/28/24 | | | 210 | | | | (42,976,037) | | | | 34,318 | |
U.S. Treasury Note 5 Year | | 6/28/24 | | | 40 | | | | (4,285,485) | | | | 4,860 | |
| | | | | | | | | | | | $ | 35,114 | |
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 4.706% | | | | Annually | | | | 11/07/25 | | | USD | | | 10,000,000 | | | $ | (2,672) | | | $ | — | | | $ | (2,672) | |
Fixed 2.114% | | Maturity | | | U.S. Consumer Price Index | | | | Maturity | | | | 1/04/26 | | | USD | | | 3,500,000 | | | | 22,076 | | | | — | | | | 22,076 | |
12-Month USD SOFR | | Annually | | | Fixed 4.077% | | | | Annually | | | | 2/02/26 | | | USD | | | 10,000,000 | | | | (91,697) | | | | — | | | | (91,697) | |
12-Month USD SOFR | | Annually | | | Fixed 4.213% | | | | Annually | | | | 2/06/26 | | | USD | | | 10,000,000 | | | | (67,315) | | | | — | | | | (67,315) | |
Fixed 2.490% | | Maturity | | | U.S. Consumer Price Index | | | | Maturity | | | | 7/31/26 | | | USD | | | 4,000,000 | | | | 10,598 | | | | — | | | | 10,598 | |
Fixed 2.482% | | Maturity | | | U.S. Consumer Price Index | | | | Maturity | | | | 9/07/26 | | | USD | | | 2,000,000 | | | | 3,607 | | | | — | | | | 3,607 | |
| | | | | | | | | | | | | | | | | | | | | | $ | (125,403) | | | $ | — | | | $ | (125,403) | |
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 Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
Fed Funds + 23.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 5/31/24 | | USD | 29,863,762 | | | $ | 778,362 | | | $ | — | | | $ | 778,362 | |
Fed Funds + 18.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 7/31/24 | | USD | 36,351,911 | | | | 299,149 | | | | — | | | | 299,149 | |
Fed Funds + 22.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 4/30/24 | | USD | 36,682,467 | | | | 1,975,784 | | | | — | | | | 1,975,784 | |
Fed Funds + 20.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 8/30/24 | | USD | 30,584,877 | | | | 251,691 | | | | — | | | | 251,691 | |
| | | | | | | | | | | | | | | | | $ | 3,304,986 | | | $ | — | | | $ | 3,304,986 | |
Currency Legend
MML iShares 60/40 Allocation Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EXCHANGE-TRADED FUNDS — 102.2% | | | | | | | | |
iShares 1-5 Year Investment Grade Corporate Bond ETF | | | 41,649 | | | $ | 2,135,761 | |
iShares 20+ Year Treasury Bond ETF | | | 9,030 | | | | 854,419 | |
iShares Broad USD High Yield Corporate Bond ETF | | | 11,663 | | | | 426,749 | |
iShares Core Dividend Growth ETF | | | 22,161 | | | | 1,286,668 | |
iShares Core International Aggregate Bond ETF | | | 4,278 | | | | 213,686 | |
iShares Core MSCI Emerging Markets ETF | | | 16,637 | | | | 858,469 | |
iShares Core MSCI International Developed Markets ETF | | | 82,627 | | | | 5,546,750 | |
iShares Core S&P 500 ETF | | | 7,320 | | | | 3,848,343 | |
iShares Core S&P Mid-Cap ETF | | | 14,116 | | | | 857,406 | |
iShares Core S&P Total US Stock Market ETF | | | 114,987 | | | | 13,258,001 | |
iShares Core U.S. Aggregate Bond ETF | | | 137,366 | | | | 13,453,626 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $40,700,194) | | | | | | | 42,739,878 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $40,700,194) | | | | | | | 42,739,878 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 3.1% | | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 3.1% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (a) | | $ | 1,309,702 | | | | 1,309,702 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,309,702) | | | | | | | 1,309,702 | |
| | | | | | | | |
TOTAL INVESTMENTS — 105.3% (Cost $42,009,896) (b) | | | | | | | 44,049,580 | |
| | | | | | | | |
Other Assets/(Liabilities) — (5.3)% | | | | | | | (2,232,928) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 41,816,652 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Maturity value of $1,309,935. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,335,923. |
(b) | See Note 3 for aggregate cost for federal tax purposes. |
MML iShares 80/20 Allocation Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EXCHANGE-TRADED FUNDS — 99.9% | | | | | | | | |
iShares 1-5 Year Investment Grade Corporate Bond ETF | | | 67,852 | | | $ | 3,479,451 | |
iShares 20+ Year Treasury Bond ETF | | | 7,413 | | | | 701,418 | |
iShares Broad USD High Yield Corporate Bond ETF | | | 19,064 | | | | 697,552 | |
iShares Core Dividend Growth ETF | | | 36,532 | | | | 2,121,048 | |
iShares Core International Aggregate Bond ETF | | | 13,960 | | | | 697,302 | |
iShares Core MSCI Emerging Markets ETF | | | 67,787 | | | | 3,497,809 | |
iShares Core MSCI International Developed Markets ETF (a) | | | 156,034 | | | | 10,474,562 | |
iShares Core S&P 500 ETF | | | 10,669 | | | | 5,609,013 | |
iShares Core S&P Mid-Cap ETF | | | 46,673 | | | | 2,834,918 | |
iShares Core S&P Total US Stock Market ETF | | | 274,013 | | | | 31,593,699 | |
iShares Core U.S. Aggregate Bond ETF | | | 85,505 | | | | 8,374,360 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $62,511,707) | | | | | | | 70,081,132 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $62,511,707) | | | | | | | 70,081,132 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.3% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 0.1% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 47,950 | | | | 47,950 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c) | | $ | 141,907 | | | | 141,907 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $189,857) | | | | | | | 189,857 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.2% (Cost $62,701,564) (d) | | | | | | | 70,270,989 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.2)% | | | | | | | (112,326) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 70,158,663 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $46,991 or 0.07% of net assets. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | Maturity value of $141,932. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $144,838. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Managed Bond Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 99.1% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 38.3% | | | | | | | | |
Aerospace & Defense — 0.1% | | | | | | | | |
Boeing Co. | | | | | | | | |
5.930% 5/01/60 | | $ | 605,000 | | | $ | 567,209 | |
Agriculture — 0.3% | | | | | | | | |
Reynolds American, Inc. | | | | | | | | |
5.850% 8/15/45 | | | 985,000 | | | | 913,633 | |
Viterra Finance BV | | | | | | | | |
3.200% 4/21/31 (a) | | | 1,315,000 | | | | 1,138,389 | |
| | | | | | | 2,052,022 | |
Airlines — 0.2% | | | | | | | | |
Spirit Airlines Pass-Through Trust, Series 2015-1A, Class A, | | | | | | | | |
4.100% 10/01/29 | | | 1,101,122 | | | | 1,009,977 | |
United Airlines Pass-Through Trust, Series 2018-1, Class B, | | | | | | | | |
4.600% 9/01/27 | | | 276,698 | | | | 266,968 | |
| | | | | | | 1,276,945 | |
Auto Manufacturers — 0.7% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
5.800% 3/05/27 | | | 1,276,000 | | | | 1,280,719 | |
General Motors Co. | | | | | | | | |
5.150% 4/01/38 | | | 800,000 | | | | 750,897 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.100% 1/12/32 | | | 750,000 | | | | 635,250 | |
5.400% 5/08/27 | | | 337,000 | | | | 337,881 | |
Hyundai Capital America | | | | | | | | |
1.650% 9/17/26 (a) | | | 1,425,000 | | | | 1,303,385 | |
| | | | | | | 4,308,132 | |
Banks — 7.8% | | | | | | | | |
AIB Group PLC Secured Overnight Financing Rate + 2.330% | | | | | | | | |
6.608% VRN 9/13/29 (a) | | | 1,576,000 | | | | 1,642,924 | |
Bank of America Corp. | | | | | | | | |
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | | | 2,635,000 | | | | 2,107,560 | |
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28 | | | 1,475,000 | | | | 1,383,757 | |
5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | | | 2,145,000 | | | | 1,896,324 | |
3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 | | | 1,150,000 | | | | 1,034,478 | |
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620% | | | | | | | | |
5.601% VRN 3/20/30 (a) | | | 654,000 | | | | 651,398 | |
Bank of Montreal 5 yr. CMT + 2.979% | | | | | | | | |
4.800% VRN (b) | | | 1,475,000 | | | | 1,441,402 | |
Barclays PLC | | | | | | | | |
5 yr. CMT + 5.867% 6.125% VRN (b) | | | 1,300,000 | | | | 1,254,670 | |
5 yr. CMT + 5.431% 8.000% VRN (b) | | | 1,382,000 | | | | 1,379,152 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
BNP Paribas SA Secured Overnight Financing Rate + 1.590% | | | | | | | | |
5.497% VRN 5/20/30 (a) | | $ | 970,000 | | | $ | 972,120 | |
BPCE SA Secured Overnight Financing Rate + 1.730% | | | | | | | | |
3.116% VRN 10/19/32 (a) | | | 1,860,000 | | | | 1,524,254 | |
Citigroup, Inc. Secured Overnight Financing Rate + 3.813% | | | | | | | | |
5.000% VRN (b) | | | 1,155,000 | | | | 1,147,864 | |
Danske Bank AS 1 yr. CMT + 1.400% | | | | | | | | |
5.705% VRN 3/01/30 (a) | | | 582,000 | | | | 585,718 | |
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730% | | | | | | | | |
5.974% VRN 8/09/28 | | | 3,105,000 | | | | 3,088,766 | |
Goldman Sachs Group, Inc. Secured Overnight Financing Rate + 1.410% | | | | | | | | |
3.102% VRN 2/24/33 | | | 1,500,000 | | | | 1,282,869 | |
HSBC Holdings PLC Secured Overnight Financing Rate + 1.285% | | | | | | | | |
2.206% VRN 8/17/29 | | | 1,203,000 | | | | 1,054,342 | |
ING Groep NV | | | | | | | | |
5 yr. USD Swap + 4.446% 6.500% VRN (b) | | | 1,950,000 | | | | 1,925,779 | |
5 yr. USD ICE Swap + 4.204% 6.750% VRN (a) (b) | | | 1,200,000 | | | | 1,200,000 | |
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | | | | | | | | |
2.956% VRN 5/13/31 | | | 1,000,000 | | | | 874,158 | |
Lloyds Banking Group PLC | | | | | | | | |
5 yr. USD Swap + 4.760% 7.500% VRN (b) | | | 2,100,000 | | | | 2,087,374 | |
1 yr. CMT + 3.750% 7.953% VRN 11/15/33 | | | 1,030,000 | | | | 1,159,661 | |
5 yr. CMT + 3.913% 8.000% VRN (b) | | | 975,000 | | | | 981,694 | |
Macquarie Bank Ltd. 5 yr. CMT + 1.700% | | | | | | | | |
3.052% VRN 3/03/36 (a) | | | 3,440,000 | | | | 2,843,988 | |
Morgan Stanley | | | | | | | | |
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | | | 1,270,000 | | | | 1,004,423 | |
Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37 | | | 2,320,000 | | | | 2,225,806 | |
National Australia Bank Ltd. 5 yr. CMT + 1.700% | | | | | | | | |
3.347% VRN 1/12/37 (a) | | | 2,960,000 | | | | 2,503,489 | |
NatWest Group PLC | | | | | | | | |
5 yr. CMT + 2.100% 3.754% VRN 11/01/29 | | | 700,000 | | | | 688,113 | |
5 yr. CMT + 5.625% 6.000% VRN (b) | | | 825,000 | | | | 805,605 | |
Societe Generale SA | | | | | | | | |
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | | | 1,400,000 | | | | 1,292,728 | |
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b) | | | 1,900,000 | | | | 1,908,803 | |
SVB Financial Group | | | | | | | | |
4.250% (b) (c) | | | 298,000 | | | | 4,479 | |
Swedbank AB 5 yr. CMT + 4.134% | | | | | | | | |
5.625% VRN (a) (b) | | | 1,200,000 | | | | 1,192,500 | |
Synovus Bank | | | | | | | | |
5.625% 2/15/28 | | | 1,563,000 | | | | 1,517,827 | |
Toronto-Dominion Bank 5 yr. CMT + 4.075% | | | | | | | | |
8.125% VRN 10/31/82 | | | 2,781,000 | | | | 2,916,860 | |
UBS Group AG 1 yr. CMT + 1.800% | | | | | | | | |
6.246% VRN 9/22/29 (a) | | | 788,000 | | | | 812,988 | |
| | | | | | | 50,393,873 | |
Beverages — 0.4% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
5.150% 5/15/38 (a) | | | 450,000 | | | | 427,936 | |
Bacardi Ltd./Bacardi-Martini BV | | | | | | | | |
5.900% 6/15/43 (a) | | | 396,000 | | | | 398,125 | |
Molson Coors Beverage Co. | | | | | | | | |
4.200% 7/15/46 | | | 1,859,000 | | | | 1,553,337 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.000% 5/01/42 | | $ | 360,000 | | | $ | 340,846 | |
| | | | | | | 2,720,244 | |
Biotechnology — 0.3% | | | | | | | | |
Amgen, Inc. | | | | | | | | |
5.600% 3/02/43 | | | 982,000 | | | | 999,111 | |
5.750% 3/02/63 | | | 700,000 | | | | 713,964 | |
| | | | | | | 1,713,075 | |
Chemicals — 0.3% | | | | | | | | |
Dow Chemical Co. | | | | | | | | |
5.600% 2/15/54 | | | 700,000 | | | | 697,237 | |
LYB International Finance III LLC | | | | | | | | |
4.200% 5/01/50 | | | 1,475,000 | | | | 1,153,812 | |
| | | | | | | 1,851,049 | |
Computers — 0.1% | | | | | | | | |
Kyndryl Holdings, Inc. | | | | | | | | |
6.350% 2/20/34 | | | 568,000 | | | | 583,030 | |
Diversified Financial Services — 3.4% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | | | | | | | |
3.300% 1/30/32 | | | 1,965,000 | | | | 1,685,295 | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 1,275,000 | | | | 1,142,250 | |
3.950% 7/15/26 (a) | | | 3,005,000 | | | | 2,824,041 | |
8.500% 5/18/25 (a) | | | 720,000 | | | | 732,388 | |
ARES Finance Co. III LLC 5 yr. CMT + 3.237% | | | | | | | | |
4.125% VRN 6/30/51 (a) | | | 1,585,000 | | | | 1,470,472 | |
ARES Finance Co. LLC | | | | | | | | |
4.000% 10/08/24 (a) | | | 2,080,000 | | | | 2,046,254 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.528% 11/18/27 (a) | | | 2,755,000 | | | | 2,450,271 | |
3.250% 2/15/27 (a) | | | 1,610,000 | | | | 1,495,175 | |
4.250% 4/15/26 (a) | | | 1,976,000 | | | | 1,907,081 | |
Blue Owl Finance LLC | | | | | | | | |
3.125% 6/10/31 (a) | | | 1,195,000 | | | | 1,000,568 | |
4.125% 10/07/51 (a) | | | 1,089,000 | | | | 744,623 | |
Charles Schwab Corp. | | | | | | | | |
5 yr. CMT + 3.168% 4.000% VRN (b) | | | 2,000,000 | | | | 1,871,147 | |
Secured Overnight Financing Rate + 2.500% 5.853% VRN 5/19/34 | | | 921,000 | | | | 943,148 | |
Global Aircraft Leasing Co. Ltd. | | | | | | | | |
6.500% 9/15/24 (a) | | | 1,556,651 | | | | 1,480,575 | |
| | | | | | | 21,793,288 | |
Electric — 1.7% | | | | | | | | |
CMS Energy Corp. | | | | | | | | |
4.875% 3/01/44 | | | 780,000 | | | | 724,568 | |
Dominion Energy South Carolina, Inc. | | | | | | | | |
6.250% 10/15/53 | | | 239,000 | | | | 267,544 | |
Dominion Energy, Inc. | | | | | | | | |
5.950% 6/15/35 | | | 650,000 | | | | 669,154 | |
Duke Energy Florida LLC | | | | | | | | |
6.200% 11/15/53 | | | 660,000 | | | | 727,642 | |
Emera, Inc. 3 mo. USD LIBOR + 5.440% | | | | | | | | |
6.750% VRN 6/15/76 | | | 1,625,000 | | | | 1,604,889 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Entergy Texas, Inc. | | | | | | | | |
5.800% 9/01/53 | | $ | 1,185,000 | | | $ | 1,223,342 | |
Indianapolis Power & Light Co. | | | | | | | | |
5.700% 4/01/54 (a) | | | 358,000 | | | | 358,949 | |
IPALCO Enterprises, Inc. | | | | | | | | |
5.750% 4/01/34 (a) | | | 547,000 | | | | 545,265 | |
MidAmerican Energy Co. | | | | | | | | |
5.300% 2/01/55 | | | 492,000 | | | | 486,686 | |
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | | | | | | | | |
3.800% VRN 3/15/82 | | | 1,250,000 | | | | 1,134,039 | |
Pacific Gas & Electric Co. | | | | | | | | |
2.500% 2/01/31 | | | 775,000 | | | | 644,473 | |
Sempra | | | | | | | | |
5 yr. CMT + 2.868% 4.125% VRN 4/01/52 | | | 1,025,000 | | | | 945,610 | |
6.000% 10/15/39 | | | 166,000 | | | | 169,058 | |
Tampa Electric Co. | | | | | | | | |
4.450% 6/15/49 | | | 450,000 | | | | 385,396 | |
Virginia Electric & Power Co. | | | | | | | | |
5.350% 1/15/54 | | | 931,000 | | | | 912,581 | |
| | | | | | | 10,799,196 | |
Entertainment — 0.2% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.279% 3/15/32 | | | 1,275,000 | | | | 1,138,879 | |
Food — 0.7% | | | | | | | | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
3.625% 1/15/32 | | | 2,300,000 | | | | 1,967,961 | |
Smithfield Foods, Inc. | | | | | | | | |
2.625% 9/13/31 (a) | | | 1,730,000 | | | | 1,354,796 | |
3.000% 10/15/30 (a) | | | 943,000 | | | | 780,670 | |
4.250% 2/01/27 (a) | | | 800,000 | | | | 768,234 | |
| | | | | | | 4,871,661 | |
Gas — 0.3% | | | | | | | | |
CenterPoint Energy Resources Corp. | | | | | | | | |
6.625% 11/01/37 | | | 1,250,000 | | | | 1,361,026 | |
NiSource, Inc. | | | | | | | | |
5.800% 2/01/42 | | | 950,000 | | | | 925,506 | |
| | | | | | | 2,286,532 | |
Hand & Machine Tools — 0.3% | | | | | | | | |
Regal Rexnord Corp. | | | | | | | | |
6.050% 4/15/28 (a) | | | 1,860,000 | | | | 1,885,600 | |
Health Care – Services — 0.5% | | | | | | | | |
City of Hope | | | | | | | | |
4.378% 8/15/48 | | | 1,050,000 | | | | 863,807 | |
HCA, Inc. | | | | | | | | |
5.900% 6/01/53 | | | 1,470,000 | | | | 1,478,117 | |
Humana, Inc. | | | | | | | | |
5.750% 4/15/54 | | | 808,000 | | | | 813,265 | |
| | | | | | | 3,155,189 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Insurance — 7.0% | | | | | | | | |
Allianz SE 5 yr. CMT + 2.973% | | | | | | | | |
3.500% VRN (a) (b) | | $ | 4,200,000 | | | $ | 3,895,512 | |
Allstate Corp., (Acquired 11/30/18, Cost $2,909,256) 3 mo. USD Term SOFR + 3.200% | | | | | | | | |
8.507% VRN 8/15/53 (d) | | | 2,885,000 | | | | 2,885,854 | |
Arthur J Gallagher & Co. | | | | | | | | |
5.750% 7/15/54 | | | 565,000 | | | | 565,774 | |
Ascot Group Ltd. | | | | | | | | |
4.250% 12/15/30 (a) | | | 1,990,000 | | | | 1,636,352 | |
Athene Global Funding | | | | | | | | |
2.673% 6/07/31 (a) | | | 2,505,000 | | | | 2,075,222 | |
5.684% 2/23/26 (a) | | | 1,815,000 | | | | 1,821,753 | |
AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | | | | | | | | |
4.900% VRN 1/15/40 | | | 1,315,000 | | | | 1,172,926 | |
Brighthouse Financial, Inc. | | | | | | | | |
4.700% 6/22/47 | | | 1,350,000 | | | | 1,070,521 | |
CNO Global Funding | | | | | | | | |
2.650% 1/06/29 (a) | | | 1,376,000 | | | | 1,198,193 | |
Corebridge Financial, Inc. 5 yr. CMT + 3.846% | | | | | | | | |
6.875% VRN 12/15/52 | | | 3,281,000 | | | | 3,284,932 | |
Enstar Finance LLC | | | | | | | | |
HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 | | | 1,110,000 | | | | 1,034,063 | |
5 yr. CMT + 5.468% 5.750% VRN 9/01/40 | | | 2,200,000 | | | | 2,133,790 | |
Equitable Holdings, Inc. 5 yr. CMT + 4.736% | | | | | | | | |
4.950% VRN (b) | | | 885,000 | | | | 864,901 | |
Global Atlantic Fin Co. | | | | | | | | |
3.125% 6/15/31 (a) | | | 3,312,000 | | | | 2,742,801 | |
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | | | 3,060,000 | | | | 2,757,745 | |
6.750% 3/15/54 (a) | | | 408,000 | | | | 418,532 | |
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850% | | | | | | | | |
3.379% VRN 2/04/32 (a) | | | 2,485,000 | | | | 2,303,077 | |
Hill City Funding Trust | | | | | | | | |
4.046% 8/15/41 (a) | | | 3,800,000 | | | | 2,772,180 | |
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | | | | | | | | |
4.125% VRN 12/15/51 (a) | | | 1,381,000 | | | | 1,246,700 | |
MetLife Capital Trust IV | | | | | | | | |
7.875% 12/15/67 (a) | | | 725,000 | | | | 777,292 | |
Sammons Financial Group, Inc. | | | | | | | | |
3.350% 4/16/31 (a) | | | 3,805,000 | | | | 3,106,986 | |
4.450% 5/12/27 (a) | | | 270,000 | | | | 257,395 | |
4.750% 4/08/32 (a) | | | 805,000 | | | | 707,813 | |
6.875% 4/15/34 (a) | | | 626,000 | | | | 630,273 | |
USF&G Capital I | | | | | | | | |
8.500% 12/15/45 (a) | | | 885,000 | | | | 1,001,928 | |
Vitality Re XV Ltd. 3 mo. U.S. Treasury Bill Rate + 2.500% | | | | | | | | |
7.862% FRN 1/08/29 (a) | | | 3,016,000 | | | | 3,011,778 | |
| | | | | | | 45,374,293 | |
Investment Companies — 2.0% | | | | | | | | |
ARES Capital Corp. | | | | | | | | |
2.150% 7/15/26 | | | 1,850,000 | | | | 1,703,535 | |
5.875% 3/01/29 | | | 990,000 | | | | 987,039 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 1,316,000 | | | | 1,303,693 | |
Blackstone Private Credit Fund | | | | | | | | |
2.625% 12/15/26 | | | 3,425,000 | | | | 3,125,047 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Blue Owl Credit Income Corp. | | | | | | | | |
4.700% 2/08/27 | | $ | 1,945,000 | | | $ | 1,845,157 | |
Blue Owl Technology Finance Corp. II | | | | | | | | |
6.750% 4/04/29 (a) (e) | | | 1,295,000 | | | | 1,278,936 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 880,000 | | | | 808,527 | |
6.000% 7/15/29 | | | 1,322,000 | | | | 1,298,362 | |
HPS Corporate Lending Fund | | | | | | | | |
6.750% 1/30/29 (a) | | | 623,000 | | | | 621,859 | |
| | | | | | | 12,972,155 | |
Media — 1.1% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
5.125% 5/01/27 (a) | | | 975,000 | | | | 928,952 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
2.300% 2/01/32 | | | 1,250,000 | | | | 964,385 | |
6.484% 10/23/45 | | | 1,485,000 | | | | 1,376,332 | |
Discovery Communications LLC | | | | | | | | |
4.000% 9/15/55 | | | 1,210,000 | | | | 828,089 | |
Paramount Global | | | | | | | | |
5 yr. CMT + 3.999% 6.375% VRN 3/30/62 | | | 1,100,000 | | | | 1,016,372 | |
6.875% 4/30/36 | | | 1,100,000 | | | | 1,038,914 | |
Time Warner Cable LLC | | | | | | | | |
6.750% 6/15/39 | | | 985,000 | | | | 938,183 | |
| | | | | | | 7,091,227 | |
Oil & Gas — 2.0% | | | | | | | | |
BP Capital Markets PLC | | | | | | | | |
5 yr. CMT + 4.398% 4.875% VRN (b) | | | 1,475,000 | | | | 1,407,180 | |
5 yr. CMT + 2.153% 6.450% VRN (b) | | | 663,000 | | | | 686,596 | |
EQT Corp. | | | | | | | | |
3.900% 10/01/27 | | | 835,000 | | | | 793,696 | |
7.000% STEP 2/01/30 (f) | | | 1,795,000 | | | | 1,907,091 | |
Ovintiv, Inc. | | | | | | | | |
6.500% 8/15/34 | | | 1,050,000 | | | | 1,113,829 | |
6.500% 2/01/38 | | | 545,000 | | | | 567,768 | |
7.100% 7/15/53 | | | 1,403,000 | | | | 1,569,725 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 2,435,000 | | | | 2,301,373 | |
5.150% 11/15/29 (f) | | | 1,225,000 | | | | 1,198,558 | |
Petroleos Mexicanos | | | | | | | | |
5.350% 2/12/28 | | | 665,000 | | | | 589,113 | |
6.375% 1/23/45 | | | 595,000 | | | | 383,652 | |
6.500% 3/13/27 | | | 585,000 | | | | 551,010 | |
6.625% 6/15/35 | | | 140,000 | | | | 106,208 | |
| | | | | | | 13,175,799 | |
Oil & Gas Services — 0.2% | | | | | | | | |
Nov, Inc. | | | | | | | | |
3.950% 12/01/42 | | | 1,506,000 | | | | 1,148,481 | |
Pharmaceuticals — 1.1% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.700% 5/14/45 | | | 860,000 | | | | 804,181 | |
Cigna Group | | | | | | | | |
4.800% 7/15/46 | | | 880,000 | | | | 799,939 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
CVS Health Corp. | | | | | | | | |
5.050% 3/25/48 | | $ | 455,000 | | | $ | 413,221 | |
5.875% 6/01/53 | | | 1,050,000 | | | | 1,068,174 | |
6.125% 9/15/39 | | | 560,000 | | | | 579,556 | |
CVS Pass-Through Trust | | | | | | | | |
5.926% 1/10/34 (a) | | | 847,690 | | | | 832,303 | |
7.507% 1/10/32 (a) | | | 688,995 | | | | 713,307 | |
Utah Acquisition Sub, Inc. | | | | | | | | |
5.250% 6/15/46 | | | 2,325,000 | | | | 1,928,856 | |
| | | | | | | 7,139,537 | |
Pipelines — 1.4% | | | | | | | | |
Cheniere Energy, Inc. | | | | | | | | |
5.650% 4/15/34 (a) | | | 432,000 | | | | 435,085 | |
Energy Transfer LP | | | | | | | | |
5.950% 5/15/54 | | | 660,000 | | | | 658,644 | |
3 mo. USD Term SOFR + 4.290% 9.597% VRN (b) | | | 2,370,000 | | | | 2,359,919 | |
EnLink Midstream Partners LP | | | | | | | | |
5.450% 6/01/47 | | | 1,125,000 | | | | 979,065 | |
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | | | | | | | | |
5.250% VRN 8/16/77 | | | 1,250,000 | | | | 1,186,132 | |
Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | | | | | | | | |
9.679% VRN (b) | | | 2,345,000 | | | | 2,330,172 | |
Plains All American Pipeline LP/PAA Finance Corp. | | | | | | | | |
4.700% 6/15/44 | | | 1,195,000 | | | | 1,014,268 | |
| | | | | | | 8,963,285 | |
Private Equity — 0.6% | | | | | | | | |
Apollo Management Holdings LP 5 yr. CMT + 3.266% | | | | | | | | |
4.950% VRN 1/14/50 (a) | | | 1,505,000 | | | | 1,424,022 | |
Brookfield Finance, Inc. | | | | | | | | |
5.968% 3/04/54 | | | 1,371,000 | | | | 1,418,168 | |
KKR Group Finance Co. VIII LLC | | | | | | | | |
3.500% 8/25/50 (a) | | | 710,000 | | | | 498,721 | |
KKR Group Finance Co. X LLC | | | | | | | | |
3.250% 12/15/51 (a) | | | 1,271,000 | | | | 855,087 | |
| | | | | | | 4,195,998 | |
Real Estate — 0.1% | | | | | | | | |
CBRE Services, Inc. | | | | | | | | |
5.500% 4/01/29 | | | 604,000 | | | | 607,647 | |
Real Estate Investment Trusts (REITS) — 2.9% | | | | | | | | |
Broadstone Net Lease LLC | | | | | | | | |
2.600% 9/15/31 | | | 2,120,000 | | | | 1,675,148 | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 2,625,000 | | | | 2,246,179 | |
GLP Capital LP/GLP Financing II, Inc. | | | | | | | | |
5.750% 6/01/28 | | | 1,050,000 | | | | 1,050,776 | |
Kimco Realty OP LLC | | | | | | | | |
4.125% 12/01/46 | | | 460,000 | | | | 352,093 | |
4.450% 9/01/47 | | | 800,000 | | | | 651,063 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
3.375% 2/01/31 | | | 1,625,000 | | | | 1,387,039 | |
3.625% 10/01/29 | | | 650,000 | | | | 580,199 | |
4.500% 4/01/27 | | | 608,000 | | | | 588,377 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Piedmont Operating Partnership LP | | | | | | | | |
2.750% 4/01/32 | | $ | 1,035,000 | | | $ | 743,759 | |
9.250% 7/20/28 | | | 772,000 | | | | 822,108 | |
Rexford Industrial Realty LP | | | | | | | | |
2.125% 12/01/30 | | | 1,137,000 | | | | 929,328 | |
Service Properties Trust | | | | | | | | |
4.950% 10/01/29 | | | 1,155,000 | | | | 945,567 | |
Store Capital LLC | | | | | | | | |
4.500% 3/15/28 | | | 2,075,000 | | | | 1,966,701 | |
4.625% 3/15/29 | | | 1,700,000 | | | | 1,601,618 | |
VICI Properties LP/VICI Note Co., Inc. | | | | | | | | |
3.750% 2/15/27 (a) | | | 900,000 | | | | 852,976 | |
WEA Finance LLC | | | | | | | | |
2.875% 1/15/27 (a) | | | 2,420,000 | | | | 2,213,143 | |
| | | | | | | 18,606,074 | |
Retail — 0.0% | | | | | | | | |
Alimentation Couche-Tard, Inc. | | | | | | | | |
5.617% 2/12/54 (a) | | | 196,000 | | | | 197,839 | |
Software — 0.5% | | | | | | | | |
Electronic Arts, Inc. | | | | | | | | |
2.950% 2/15/51 | | | 1,100,000 | | | | 735,298 | |
Microsoft Corp. | | | | | | | | |
2.921% 3/17/52 | | | 2,064,000 | | | | 1,459,196 | |
Oracle Corp. | | | | | | | | |
6.900% 11/09/52 | | | 712,000 | | | | 819,265 | |
| | | | | | | 3,013,759 | |
Telecommunications — 1.4% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
3.550% 9/15/55 | | | 3,953,000 | | | | 2,764,038 | |
British Telecommunications PLC | | | | | | | | |
9.625% STEP 12/15/30 | | | 1,280,000 | | | | 1,570,087 | |
Cisco Systems, Inc. | | | | | | | | |
5.300% 2/26/54 | | | 248,000 | | | | 254,568 | |
Motorola Solutions, Inc. | | | | | | | | |
5.400% 4/15/34 | | | 722,000 | | | | 720,574 | |
Sprint Capital Corp. | | | | | | | | |
8.750% 3/15/32 | | | 1,250,000 | | | | 1,515,690 | |
T-Mobile USA, Inc. | | | | | | | | |
6.000% 6/15/54 | | | 974,000 | | | | 1,041,056 | |
Vodafone Group PLC | | | | | | | | |
4.250% 9/17/50 | | | 1,150,000 | | | | 928,280 | |
| | | | | | | 8,794,293 | |
Venture Capital — 0.7% | | | | | | | | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 3,284,000 | | | | 2,982,125 | |
3.375% 1/20/27 | | | 1,745,000 | | | | 1,602,505 | |
| | | | | | | 4,584,630 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $263,374,324) | | | | | | | 247,260,941 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.8% | | | | | | | | |
Commercial Mortgage-Backed Securities — 8.5% | | | | | | | | |
Bank, Series 2020-BN30, Class MCDF, | | | | | | | | |
2.918% VRN 12/15/53 (g) | | $ | 2,100,000 | | | $ | 1,163,582 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (g) | | | 3,587,000 | | | | 2,494,122 | |
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (g) | | | 2,200,000 | | | | 1,657,249 | |
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (g) | | | 2,500,000 | | | | 1,821,051 | |
BGME Trust | | | | | | | | |
Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (g) | | | 2,800,000 | | | | 2,097,641 | |
Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (g) | | | 12,518,000 | | | | 9,836,984 | |
BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914% | | | | | | | | |
7.241% FRN 6/15/38 (a) | | | 1,677,213 | | | | 1,658,348 | |
BX Trust, Series 2023-LIFE, Class C | | | | | | | | |
5.884% 2/15/28 (a) | | | 1,100,000 | | | | 1,057,718 | |
CARS-DB4 LP | | | | | | | | |
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | | | 452,479 | | | | 396,709 | |
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | | | 392,445 | | | | 334,363 | |
COLEM Mortgage Trust, Series 2022-HLNE, Class D, | | | | | | | | |
2.461% VRN 4/12/42 (a) (g) | | | 1,600,000 | | | | 1,280,374 | |
COMM Mortgage Trust | | | | | | | | |
Series 2012-CR4, Class B, 3.703% 10/15/45 (a) | | | 1,060,000 | | | | 643,560 | |
Series 2015-CR23, Class C, 4.283% VRN 5/10/48 (g) | | | 1,000,000 | | | | 913,733 | |
Series 2014-LC17, Class C, 4.537% VRN 10/10/47 (g) | | | 2,908,000 | | | | 2,764,351 | |
DROP Mortgage Trust | | | | | | | | |
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.690% FRN 10/15/43 (a) | | | 2,629,000 | | | | 2,315,844 | |
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 8.190% FRN 10/15/43 (a) | | | 908,000 | | | | 718,183 | |
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% | | | | | | | | |
7.690% FRN 7/15/38 (a) | | | 1,828,511 | | | | 1,826,225 | |
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% | | | | | | | | |
7.195% FRN 8/15/38 (a) | | | 1,586,968 | | | | 1,524,935 | |
KREF Ltd. | | | | | | | | |
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 7.090% FRN 2/15/39 (a) | | | 2,900,000 | | | | 2,749,661 | |
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.440% FRN 2/15/39 (a) | | | 5,000,000 | | | | 4,656,679 | |
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.640% FRN 2/15/39 (a) | | | 4,100,000 | | | | 3,658,319 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | | | | | | | | |
7.190% FRN 3/15/38 (a) | | | 1,902,047 | | | | 1,859,254 | |
MFT Mortgage Trust | | | | | | | | |
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | | | 919,000 | | | | 626,261 | |
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (g) | | | 2,253,000 | | | | 1,445,484 | |
MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD Term SOFR + 1.715% | | | | | | | | |
7.040% FRN 4/15/38 (a) | | | 1,342,203 | | | | 1,332,136 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5 | | | | | | | | |
3.390% 11/20/50 (a) | | | 1,198,000 | | | | 1,092,145 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | | | | | | | | |
7.541% FRN 7/15/39 (a) | | | 3,761,000 | | | | 2,544,081 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | | | | | | | | |
4.556% 6/16/51 | | $ | 400,000 | | | $ | 365,319 | |
| | | | | | | 54,834,311 | |
Home Equity Asset-Backed Securities — 0.1% | | | | | | | | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | | | | | | | | |
6.644% FRN 11/25/35 (a) | | | 854,379 | | | | 841,690 | |
Other Asset-Backed Securities — 9.3% | | | | | | | | |
AASET Trust, Series 2021-2A, Class B | | | | | | | | |
3.538% 1/15/47 (a) | | | 857,087 | | | | 721,195 | |
Anchorage Capital CLO 19 Ltd., Series 2021-19A, Class A, 3 mo. USD Term SOFR + 1.472% | | | | | | | | |
6.786% FRN 10/15/34 (a) | | | 2,000,000 | | | | 2,000,092 | |
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | | | | | | | | |
7.874% FRN 4/26/35 (a) | | | 1,750,000 | | | | 1,757,548 | |
Atrium XV, Series 15A, Class B, 3 mo. USD Term SOFR + 2.012% | | | | | | | | |
7.327% FRN 1/23/31 (a) | | | 1,190,000 | | | | 1,190,630 | |
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | | | | | | | | |
6.618% FRN 4/18/35 (a) | | | 750,000 | | | | 750,130 | |
Business Jet Securities LLC | | | | | | | | |
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | | | 140,087 | | | | 136,138 | |
Series 2021-1A, Class C, 5.067% 4/15/36 (a) | | | 412,125 | | | | 396,285 | |
Carlyle US CLO Ltd., Series 2021-6A, Class B, 3 mo. USD Term SOFR + 1.962% | | | | | | | | |
7.276% FRN 7/15/34 (a) | | | 1,400,000 | | | | 1,400,189 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | | | | | | | | |
6.559% FRN 4/20/31 (a) | | | 654,371 | | | | 654,762 | |
Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482% | | | | | | | | |
6.796% FRN 10/15/36 (a) | | | 2,000,000 | | | | 2,000,384 | |
Eaton Vance CLO Ltd. | | | | | | | | |
Series 2020-2A, Class BR, 3 mo. USD Term SOFR + 1.962% 7.276% FRN 1/15/35 (a) | | | 1,400,000 | | | | 1,399,969 | |
Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012% 7.326% FRN 10/15/30 (a) | | | 1,700,000 | | | | 1,700,185 | |
Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312% 7.626% FRN 10/15/34 (a) | | | 350,000 | | | | 349,985 | |
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.229% FRN 10/20/34 (a) | | | 350,000 | | | | 350,322 | |
Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920% | | | | | | | | |
7.220% FRN 5/20/36 (a) (e) | | | 500,000 | | | | 500,090 | |
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-11A, Class A, 3 mo. USD Term SOFR + 1.392% | | | | | | | | |
6.709% FRN 10/20/34 (a) | | | 1,000,000 | | | | 1,000,518 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 1,482,702 | | | | 1,251,684 | |
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | | | 392,215 | | | | 354,728 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 645,047 | | | | 579,088 | |
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD Term SOFR + 1.962% | | | | | | | | |
7.279% FRN 1/20/31 (a) | | | 1,290,000 | | | | 1,290,141 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Hero Funding Trust | | | | | | | | |
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | | $ | 332,141 | | | $ | 293,791 | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 375,714 | | | | 323,131 | |
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | | | 109,401 | | | | 95,246 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 426,694 | | | | 381,740 | |
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | | | 87,950 | | | | 78,614 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 664,561 | | | | 618,471 | |
Invesco CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.229% FRN 10/22/34 (a) | | | 2,000,000 | | | | 1,999,968 | |
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | | | | | | | | |
4.300% 1/15/42 (a) | | | 1,604,719 | | | | 1,429,162 | |
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462% | | | | | | | | |
7.760% FRN 10/18/30 (a) | | | 620,000 | | | | 620,108 | |
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | | | | | | | | |
7.176% FRN 7/15/30 (a) | | | 1,665,000 | | | | 1,665,058 | |
Madison Park Funding XXXII Ltd., Series 2018-32A, Class CR, 3 mo. USD Term SOFR + 2.262% | | | | | | | | |
7.579% FRN 1/22/31 (a) | | | 1,000,000 | | | | 1,000,012 | |
Mariner Finance Issuance Trust | | | | | | | | |
Series 2021-AA, Class B, 2.330% 3/20/36 (a) | | | 1,336,000 | | | | 1,184,701 | |
Series 2021-AA, Class C, 2.960% 3/20/36 (a) | | | 637,000 | | | | 550,453 | |
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | | | | | | | | |
1.000% FRN 4/18/36 (a) (e) | | | 700,000 | | | | 700,123 | |
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | | | | | | | | |
6.878% FRN 4/15/37 (a) | | | 1,000,000 | | | | 1,000,675 | |
Mosaic Solar Loan Trust, Series 2018-1A, Class A | | | | | | | | |
4.010% 6/22/43 (a) | | | 142,734 | | | | 133,569 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A | | | | | | | | |
4.450% 6/20/42 (a) | | | 128,878 | | | | 123,735 | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.226% FRN 7/15/34 (a) | | | 1,800,000 | | | | 1,801,282 | |
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class B, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.226% FRN 10/14/35 (a) | | | 1,350,000 | | | | 1,350,921 | |
NP SPE II LLC, Series 2017-1A, Class A2 | | | | | | | | |
4.219% 10/21/47 (a) | | | 2,260,000 | | | | 2,102,477 | |
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD Term SOFR + 1.362% | | | | | | | | |
6.679% FRN 7/20/31 (a) | | | 244,596 | | | | 244,720 | |
Oxford Finance Funding LLC, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 289,005 | | | | 282,669 | |
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | | | | | | | | |
7.429% FRN 10/20/34 (a) | | | 450,000 | | | | 450,032 | |
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | | | | | | | | |
6.749% FRN 10/30/34 (a) | | | 1,000,000 | | | | 1,000,829 | |
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD Term SOFR + 1.812% | | | | | | | | |
7.129% FRN 4/20/34 (a) | | | 1,500,000 | | | | 1,483,912 | |
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | | | | | | | | |
6.716% FRN 10/15/35 (a) | | | 1,000,000 | | | | 1,000,522 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD Term SOFR + 1.352% | | | | | | | | |
6.666% FRN 1/15/30 (a) | | $ | 1,787,868 | | | $ | 1,788,143 | |
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | | | | | | | | |
7.167% FRN 1/15/37 (a) | | | 750,000 | | | | 749,977 | |
RRX 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term SOFR + 2.012% | | | | | | | | |
7.326% FRN 1/15/37 (a) | | | 500,000 | | | | 500,027 | |
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D | | | | | | | | |
3.170% 11/20/37 (a) | | | 430,483 | | | | 400,340 | |
Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.568% FRN 4/20/35 (a) | | | 1,500,000 | | | | 1,516,090 | |
Structured Receivables Finance LLC, Series 2010-B, Class A | | | | | | | | |
3.730% 8/15/36 (a) | | | 38,572 | | | | 37,887 | |
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | | | | | | | | |
4.870% 7/20/48 (a) | | | 381,394 | | | | 360,569 | |
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | | | | | | | | |
4.190% 1/15/71 (a) | | | 1,628,422 | | | | 1,484,384 | |
Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530% | | | | | | | | |
6.837% FRN 4/17/37 (a) | | | 2,000,000 | | | | 1,999,244 | |
THL Credit Wind River CLO Ltd., Series 2018-2A, Class B, 3 mo. USD Term SOFR + 2.012% | | | | | | | | |
7.326% FRN 7/15/30 (a) | | | 1,150,000 | | | | 1,150,021 | |
Thrust Engine Leasing DAC | | | | | | | | |
Series 2021-1A, Class A, 4.163% 7/15/40 (a) | | | 2,385,919 | | | | 2,198,767 | |
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | | | 1,139,871 | | | | 1,038,822 | |
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | | | 520,573 | | | | 458,120 | |
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.229% FRN 10/20/32 (a) | | | 1,000,000 | | | | 1,000,460 | |
Vivint Solar Financing V LLC, Series 2018-1A, Class B | | | | | | | | |
7.370% 4/30/48 (a) | | | 1,577,724 | | | | 1,471,247 | |
Voya CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% | | | | | | | | |
7.179% FRN 1/20/35 (a) | | | 500,000 | | | | 496,395 | |
WAVE Trust, Series 2017-1A, Class C | | | | | | | | |
6.656% 11/15/42 (a) | | | 2,312,635 | | | | 464,864 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 492,386 | | | | 469,992 | |
Wind River CLO Ltd., Series 2016-2A, Class BR, 3 mo. USD Term SOFR + 2.062% | | | | | | | | |
7.368% FRN 11/01/31 (a) | | | 900,000 | | | | 899,374 | |
| | | | | | | 60,184,707 | |
Student Loans Asset-Backed Securities — 2.4% | | | | | | | | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2019-A, Class B, 3.810% 12/28/48 (a) | | | 1,103,575 | | | | 1,003,821 | |
Series 2019-A, Class C, 4.460% 12/28/48 (a) | | | 735,903 | | | | 668,971 | |
Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 30 day USD SOFR Average + 1.614% | | | | | | | | |
6.935% FRN 6/25/48 (a) | | | 1,200,000 | | | | 1,185,214 | |
Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614% | | | | | | | | |
6.935% FRN 10/25/56 (a) | | | 1,100,000 | | | | 1,063,462 | |
Educational Funding of the South, Inc., Series 2011-1, Class B, 90 day USD SOFR Average + 3.962% | | | | | | | | |
9.323% FRN 4/25/46 | | | 625,000 | | | | 625,143 | |
EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A | | | | | | | | |
3.580% 11/25/38 (a) | | | 452,646 | | | | 429,104 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Higher Education Funding I | | | | | | | | |
Series 2004-1, Class B1, 5.784% FRN 1/01/44 (a) (g) | | $ | 450,000 | | | $ | 387,302 | |
Series 2004-1, Class B2, 5.793% FRN 1/01/44 (a) (g) | | | 450,000 | | | | 387,279 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2005-4, Class A4R1, 1.658% FRN 3/22/32 (g) | | | 110,000 | | | | 109,156 | |
Series 2019-5, Class B, 3.450% 10/25/67 (a) | | | 2,150,000 | | | | 1,622,446 | |
Series 2019-1A, Class B, 30 day USD SOFR Average + 1.514% 6.835% FRN 4/25/67 (a) | | | 3,250,000 | | | | 3,092,515 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | | | 1,454,838 | | | | 1,361,679 | |
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.913% FRN 1/25/44 | | | 1,069,190 | | | | 1,012,298 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
5.370% VRN 1/25/45 (a) (g) | | | 1,462,479 | | | | 1,407,748 | |
SoFi Professional Loan Program LLC, Series 2017-C, Class C, | | | | | | | | |
4.210% VRN 7/25/40 (a) (g) | | | 990,000 | | | | 914,569 | |
| | | | | | | 15,270,707 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 2.3% | | | | | | | | |
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | | | | | | | | |
5.258% VRN 8/25/34 (g) | | | 4,893 | | | | 4,773 | |
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1, | | | | | | | | |
2.317% VRN 4/25/66 (a) (g) | | | 1,330,000 | | | | 842,319 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (g) | | | 3,531,037 | | | | 2,801,105 | |
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, | | | | | | | | |
2.500% VRN 2/25/52 (a) (g) | | | 1,955,152 | | | | 1,576,646 | |
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | | | | | | | | |
2.500% VRN 6/25/51 (a) (g) | | | 2,291,760 | | | | 1,816,578 | |
NMLT Trust, Series 2021-INV1, Class M1, | | | | | | | | |
2.711% VRN 5/25/56 (a) (g) | | | 5,400,000 | | | | 3,739,145 | |
Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | | | | | | | | |
2.491% VRN 6/25/56 (a) (g) | | | 2,448,000 | | | | 1,660,617 | |
Verus Securitization Trust, Series 2021-3, Class M1, | | | | | | | | |
2.397% VRN 6/25/66 (a) (g) | | | 3,640,000 | | | | 2,442,079 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | | | | | | | | |
3.933% VRN 11/25/48 (a) (g) | | | 32,762 | | | | 30,664 | |
| | | | | | | 14,913,926 | |
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.2% | | | | | | | | |
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A4, | | | | | | | | |
2.500% VRN 2/25/52 (a) (g) | | | 1,298,547 | | | | 1,030,113 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $168,401,690) | | | | | | | 147,075,454 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATION — 0.2% | | | | | | | | |
Mexico Government International Bond | | | | | | | | |
4.750% 3/08/44 | | | 1,652,000 | | | | 1,374,990 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,645,806) | | | | | | | 1,374,990 | |
| | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (H) — 29.9% | | | | | | | | |
Collateralized Mortgage Obligations — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | | $ | 10,562 | | | $ | 10,880 | |
Pass-Through Securities — 29.9% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RA4245 2.000% 12/01/50 | | | 2,020,070 | | | | 1,620,594 | |
Pool #RA4255 2.000% 1/01/51 | | | 4,113,213 | | | | 3,308,808 | |
Pool #RA5576 2.500% 7/01/51 | | | 7,331,910 | | | | 6,147,948 | |
Pool #SD0905 3.000% 3/01/52 | | | 3,189,317 | | | | 2,762,201 | |
Pool #J13972 3.500% 1/01/26 | | | 3,445 | | | | 3,387 | |
Pool #C91344 3.500% 11/01/30 | | | 31,186 | | | | 30,008 | |
Pool #C91424 3.500% 1/01/32 | | | 19,878 | | | | 19,108 | |
Pool #RA2483 3.500% 6/01/50 | | | 3,494,373 | | | | 3,163,032 | |
Pool #SD1523 4.000% 8/01/52 | | | 4,934,362 | | | | 4,611,872 | |
Pool #SD1603 4.000% 9/01/52 | | | 3,108,276 | | | | 2,878,906 | |
Pool #C91239 4.500% 3/01/29 | | | 1,390 | | | | 1,372 | |
Pool #C91251 4.500% 6/01/29 | | | 9,804 | | | | 9,678 | |
Pool #C90939 5.500% 12/01/25 | | | 2,783 | | | | 2,774 | |
Pool #C91026 5.500% 4/01/27 | | | 6,979 | | | | 6,974 | |
Pool #D97258 5.500% 4/01/27 | | | 1,211 | | | | 1,210 | |
Pool #C91074 5.500% 8/01/27 | | | 738 | | | | 737 | |
Pool #D97417 5.500% 10/01/27 | | | 5,190 | | | | 5,196 | |
Pool #C91128 5.500% 12/01/27 | | | 533 | | | | 534 | |
Pool #C91148 5.500% 1/01/28 | | | 16,502 | | | | 16,512 | |
Pool #C91176 5.500% 5/01/28 | | | 6,664 | | | | 6,679 | |
Pool #C91217 5.500% 11/01/28 | | | 2,728 | | | | 2,733 | |
Pool #SD4364 5.500% 10/01/53 | | | 5,400,309 | | | | 5,402,502 | |
Federal National Mortgage Association | | | | | | | | |
Pool #CB0414 2.500% 5/01/51 | | | 6,030,175 | | | | 5,028,151 | |
Pool #FM8596 2.500% 9/01/51 | | | 1,930,613 | | | | 1,618,253 | |
Pool #FM9227 2.500% 10/01/51 | | | 4,111,940 | | | | 3,440,231 | |
Pool #FM9104 2.500% 10/01/51 | | | 5,612,890 | | | | 4,701,254 | |
Pool #FS3035 2.500% 4/01/52 | | | 8,574,350 | | | | 7,192,436 | |
Pool #MA3029 3.000% 6/01/32 | | | 923,324 | | | | 875,593 | |
Pool #MA3090 3.000% 8/01/32 | | | 378,931 | | | | 358,634 | |
Pool #AO8180 3.000% 9/01/42 | | | 9,138 | | | | 8,231 | |
Pool #AP8668 3.000% 12/01/42 | | | 70,407 | | | | 63,354 | |
Pool #AR1975 3.000% 12/01/42 | | | 13,132 | | | | 11,832 | |
Pool #AB7401 3.000% 12/01/42 | | | 47,316 | | | | 42,637 | |
Pool #AB7397 3.000% 12/01/42 | | | 58,358 | | | | 52,544 | |
Pool #AR0306 3.000% 1/01/43 | | | 3,693 | | | | 3,326 | |
Pool #AR5391 3.000% 1/01/43 | | | 15,273 | | | | 13,730 | |
Pool #AR4109 3.000% 2/01/43 | | | 51,644 | | | | 46,434 | |
Pool #AL3215 3.000% 2/01/43 | | | 45,495 | | | | 40,943 | |
Pool #AR4432 3.000% 3/01/43 | | | 21,612 | | | | 19,437 | |
Pool #AT0169 3.000% 3/01/43 | | | 107,079 | | | | 96,264 | |
Pool #MA1368 3.000% 3/01/43 | | | 89,652 | | | | 80,662 | |
Pool #AB8809 3.000% 3/01/43 | | | 23,938 | | | | 21,553 | |
Pool #AR2174 3.000% 4/01/43 | | | 88,944 | | | | 79,968 | |
Pool #FS1075 3.000% 3/01/52 | | | 3,273,780 | | | | 2,853,717 | |
Pool #CB3304 3.000% 4/01/52 | | | 5,014,306 | | | | 4,370,913 | |
Pool #CB3305 3.000% 4/01/52 | | | 6,011,758 | | | | 5,232,866 | |
Pool #AS1304 3.500% 12/01/28 | | | 302,048 | | | | 293,038 | |
Pool #MA1356 3.500% 2/01/43 | | | 3,288,750 | | | | 3,016,588 | |
Pool #CA6096 3.500% 6/01/50 | | | 3,894,640 | | | | 3,508,307 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #FM4017 3.500% 8/01/50 | | $ | 266,336 | | | $ | 241,081 | |
Pool #CB3842 3.500% 6/01/52 | | | 9,768,649 | | | | 8,810,321 | |
Pool #AA3980 4.500% 4/01/28 | | | 10,016 | | | | 9,899 | |
Pool #CA1909 4.500% 6/01/48 | | | 1,790,583 | | | | 1,730,605 | |
Pool #CB3866 4.500% 6/01/52 | | | 5,623,916 | | | | 5,400,388 | |
Pool #CB4129 4.500% 7/01/52 | | | 4,916,389 | | | | 4,687,182 | |
Pool #AD6437 5.000% 6/01/40 | | | 157,890 | | | | 159,049 | |
Pool #AD6996 5.000% 7/01/40 | | | 1,051,820 | | | | 1,060,038 | |
Pool #AL8173 5.000% 2/01/44 | | | 380,286 | | | | 383,004 | |
Pool #AD0836 5.500% 11/01/28 | | | 13,967 | | | | 13,957 | |
Government National Mortgage Association | | | | | | | | |
Pool #491089 7.000% 12/15/28 | | | 1,340 | | | | 1,339 | |
Pool #480539 7.000% 4/15/29 | | | 51 | | | | 52 | |
Pool #500928 7.000% 5/15/29 | | | 2,031 | | | | 2,070 | |
Pool #488634 7.000% 5/15/29 | | | 1,134 | | | | 1,151 | |
Pool #510083 7.000% 7/15/29 | | | 104 | | | | 106 | |
Pool #493723 7.000% 8/15/29 | | | 1,534 | | | | 1,566 | |
Pool #581417 7.000% 7/15/32 | | | 2,670 | | | | 2,709 | |
Government National Mortgage Association II | | | | | | | | |
Pool #MA6038 3.000% 7/20/49 | | | 1,894,347 | | | | 1,685,272 | |
Pool #MA6283 3.000% 11/20/49 | | | 3,433,021 | | | | 3,051,980 | |
Pool #MA6409 3.000% 1/20/50 | | | 3,543,023 | | | | 3,149,773 | |
Pool #MA4321 3.500% 3/20/47 | | | 2,109,337 | | | | 1,943,124 | |
Pool #8746 1 yr. CMT + 1.500% 3.750% FRN 11/20/25 | | | 503 | | | | 495 | |
Pool #80136 1 yr. CMT + 1.500% 3.750% FRN 11/20/27 | | | 214 | | | | 209 | |
Government National Mortgage Association II, TBA | | | | | | | | |
2.500% 4/20/54 (e) | | | 13,050,000 | | | | 11,114,303 | |
3.000% 4/20/54 (e) | | | 9,125,000 | | | | 8,048,419 | |
3.500% 4/20/54 (e) | | | 5,770,000 | | | | 5,250,028 | |
4.500% 4/20/54 (e) | | | 2,000,000 | | | | 1,921,617 | |
Uniform Mortgage-Backed Security, TBA | | | | | | | | |
2.000% 4/01/54 (e) | | | 6,925,000 | | | | 5,478,689 | |
2.500% 4/01/54 (e) | | | 14,750,000 | | | | 12,192,374 | |
3.000% 4/01/54 (e) | | | 7,525,000 | | | | 6,475,615 | |
3.500% 4/01/54 (e) | | | 2,000,000 | | | | 1,789,453 | |
4.000% 4/01/54 (e) | | | 4,650,000 | | | | 4,305,973 | |
4.500% 4/01/54 (e) | | | 1,975,000 | | | | 1,880,648 | |
5.000% 4/01/39 (e) | | | 6,300,000 | | | | 6,288,434 | |
5.000% 4/01/54 (e) | | | 10,300,000 | | | | 10,052,961 | |
5.500% 4/01/54 (e) | | | 13,400,000 | | | | 13,335,617 | |
| | | | | | | 193,543,162 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $204,818,253) | | | | | | | 193,554,042 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 7.9% | | | | | | | | |
U.S. Treasury Bonds & Notes — 7.9% | | | | | | | | |
U.S. Treasury Bonds | | | | | | | | |
2.250% 8/15/49 (i) | | | 14,200,000 | | | | 9,468,830 | |
U.S. Treasury Notes | | | | | | | | |
0.250% 10/31/25 | | | 38,500,000 | | | | 35,862,434 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
1.375% 10/31/28 | | $ | 6,300,000 | | | $ | 5,550,652 | |
| | | | | | | 50,881,916 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $50,885,977) | | | | | | | 50,881,916 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $689,126,050) | | | | | | | 640,147,343 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $689,126,050) | | | | | | | 640,147,343 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 14.6% | | | | | | | | |
Commercial Paper — 14.2% | | | | | | | | |
Amcor Flexibles North America, Inc. | | | | | | | | |
5.588% 4/05/24 (a) | | | 10,000,000 | | | | 9,987,847 | |
American Electric Power Co., Inc. | | | | | | | | |
5.582% 4/08/24 (a) | | | 7,000,000 | | | | 6,988,338 | |
American Honda Finance Corp. | | | | | | | | |
5.620% 4/03/24 | | | 8,000,000 | | | | 7,992,789 | |
Avangrid, Inc. | | | | | | | | |
5.600% 4/16/24 (a) | | | 11,000,000 | | | | 10,967,209 | |
CRH America Finance, Inc. | | | | | | | | |
5.630% 4/09/24 (a) | | | 6,000,000 | | | | 5,989,084 | |
Dominion Energy, Inc. | | | | | | | | |
5.638% 4/10/24 (a) | | | 2,000,000 | | | | 1,996,068 | |
Fortive Corp. | | | | | | | | |
5.604% 4/08/24 (a) | | | 2,000,000 | | | | 1,996,668 | |
L3Harris Technologies, Inc. | | | | | | | | |
5.917% 4/17/24 (a) | | | 10,000,000 | | | | 9,969,550 | |
Mosaic Co. | | | | | | | | |
5.633% 4/18/24 (a) | | | 8,000,000 | | | | 7,974,310 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
5.654% 4/08/24 (a) | | | 3,000,000 | | | | 2,994,997 | |
NiSource, Inc. | | | | | | | | |
5.620% 4/03/24 (a) | | | 6,000,000 | | | | 5,994,571 | |
Nutrien Ltd. | | | | | | | | |
5.618% 4/24/24 (a) | | | 12,000,000 | | | | 11,950,065 | |
OGE Energy Corp. | | | | | | | | |
5.657% 4/10/24 (a) | | | 7,000,000 | | | | 6,986,189 | |
| | | | | | | 91,787,685 | |
| | | | | | | | |
| | Number of Shares | | | | |
Investment of Cash Collateral from Securities Loaned — 0.2% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (j) | | | 1,233,210 | | | | 1,233,210 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (k) | | $ | 1,143,258 | | | | 1,143,258 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $94,219,562) | | | | | | | 94,164,153 | |
| | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL INVESTMENTS — 113.7% (Cost $783,345,612) (l) | | | | | | $ | 734,311,496 | |
| | | | | | | | |
Other Assets/(Liabilities) — (13.7)% | | | | | | | (88,273,022) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 646,038,474 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury Index |
ICE | Inter-Continental Exchange |
LIBOR | London InterBank Offered Rate |
REMICS | Real Estate Mortgage Investment Conduits |
SOFR | Secured Overnight Financing Rate |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $311,396,214 or 48.20% of net assets. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2024, these securities amounted to a value of $4,479 or 0.00% of net assets. |
(d) | Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $2,885,854 or 0.45% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(e) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(f) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $1,339,923 or 0.21% of net assets. The Fund received $133,908 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024. |
(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) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(j) | Represents investment of security lending cash collateral. (Note 2). |
(k) | Maturity value of $1,143,462. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,166,209. |
(l) | 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 | | 6/18/24 | | | 310 | | | $ | 37,054,357 | | | $ | 281,268 | |
U.S. Treasury Ultra Bond | | 6/18/24 | | | 139 | | | | 17,752,288 | | | | 178,712 | |
U.S. Treasury Note 2 Year | | 6/28/24 | | | 168 | | | | 34,379,255 | | | | (25,880) | |
U.S. Treasury Note 5 Year | | 6/28/24 | | | 348 | | | | 37,196,293 | | | | 45,144 | |
| | | | | | | | | | | | $ | 479,244 | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 6/18/24 | | | 106 | | | $ | (12,148,473) | | | $ | (119) | |
MML Short-Duration Bond Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 80.1% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 44.8% | | | | | | | | |
Agriculture — 0.3% | | | | | | | | |
BAT Capital Corp. | | | | | | | | |
4.700% 4/02/27 | | $ | 315,000 | | | $ | 309,759 | |
Apparel — 0.3% | | | | | | | | |
Tapestry, Inc. | | | | | | | | |
7.000% 11/27/26 | | | 297,000 | | | | 306,006 | |
Auto Manufacturers — 1.0% | | | | | | | | |
General Motors Financial Co., Inc. | | | | | | | | |
5.800% 1/07/29 | | | 305,000 | | | | 310,373 | |
Hyundai Capital America | | | | | | | | |
6.100% 9/21/28 (a) | | | 305,000 | | | | 314,212 | |
Nissan Motor Acceptance Co. LLC | | | | | | | | |
1.850% 9/16/26 (a) | | | 685,000 | | | | 619,827 | |
| | | | | | | 1,244,412 | |
Banks — 10.1% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (a) | | | 625,000 | | | | 615,368 | |
1 yr. CMT + 1.550% 6.575% VRN 10/13/26 (a) | | | 300,000 | | | | 302,941 | |
ANB Sukuk Ltd. 5 yr. CMT + 2.974% | | | | | | | | |
3.326% VRN 10/28/30 (a) | | | 650,000 | | | | 621,087 | |
Bank Negara Indonesia Persero Tbk. PT | | | | | | | | |
5.280% 4/05/29 (a) (b) | | | 350,000 | | | | 349,562 | |
Bank of America Corp. | | | | | | | | |
Secured Overnight Financing Rate + 0.960% 1.734% VRN 7/22/27 | | | 265,000 | | | | 244,317 | |
3.950% 4/21/25 | | | 178,000 | | | | 175,150 | |
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620% | | | | | | | | |
5.601% VRN 3/20/30 (a) | | | 238,000 | | | | 237,053 | |
Barclays PLC | | | | | | | | |
5.200% 5/12/26 | | | 305,000 | | | | 301,859 | |
Secured Overnight Financing Rate + 1.740% 5.690% VRN 3/12/30 | | | 295,000 | | | | 296,536 | |
BPCE SA Secured Overnight Financing Rate + 1.980% | | | | | | | | |
6.612% VRN 10/19/27 (a) | | | 500,000 | | | | 510,544 | |
Cooperatieve Rabobank UA 1 yr. CMT + 1.120% | | | | | | | | |
5.447% VRN 3/05/30 (a) | | | 300,000 | | | | 301,357 | |
Credit Agricole SA Secured Overnight Financing Rate + 1.860% | | | | | | | | |
6.316% VRN 10/03/29 (a) | | | 375,000 | | | | 388,770 | |
Danske Bank AS | | | | | | | | |
1 yr. CMT + 0.730% 1.549% VRN 9/10/27 (a) (c) | | | 485,000 | | | | 442,197 | |
1 yr. CMT + 2.100% 6.466% VRN 1/09/26 (a) | | | 275,000 | | | | 275,999 | |
Deutsche Bank AG Secured Overnight Financing Rate + 1.219% | | | | | | | | |
2.311% VRN 11/16/27 | | | 430,000 | | | | 393,133 | |
HDFC Bank Ltd. | | | | | | | | |
5.196% 2/15/27 (a) | | | 250,000 | | | | 247,903 | |
HSBC Holdings PLC | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Secured Overnight Financing Rate + 1.430% 2.999% VRN 3/10/26 | | $ | 430,000 | | | $ | 418,885 | |
Secured Overnight Financing Rate + 3.350% 7.390% VRN 11/03/28 | | | 310,000 | | | | 329,813 | |
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020% | | | | | | | | |
6.208% VRN 8/21/29 | | | 310,000 | | | | 317,289 | |
ING Groep NV Secured Overnight Financing Rate + 1.440% | | | | | | | | |
5.335% VRN 3/19/30 | | | 295,000 | | | | 294,279 | |
JP Morgan Chase & Co. Secured Overnight Financing Rate + 0.765% | | | | | | | | |
1.470% VRN 9/22/27 | | | 445,000 | | | | 406,041 | |
Lloyds Banking Group PLC 1 yr. CMT + 1.700% | | | | | | | | |
5.871% VRN 3/06/29 | | | 325,000 | | | | 330,256 | |
Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069% | | | | | | | | |
1.340% VRN 1/12/27 (a) | | | 845,000 | | | | 783,741 | |
Morgan Stanley | | | | | | | | |
Secured Overnight Financing Rate + 1.610% 4.210% VRN 4/20/28 | | | 245,000 | | | | 238,074 | |
4.350% 9/08/26 | | | 400,000 | | | | 391,366 | |
Natwest Group PLC 1 yr. CMT + 0.900% | | | | | | | | |
1.642% VRN 6/14/27 | | | 345,000 | | | | 317,183 | |
Santander UK Group Holdings PLC Secured Overnight Financing Rate + 1.220% | | | | | | | | |
2.469% VRN 1/11/28 | | | 370,000 | | | | 340,019 | |
Societe Generale SA | | | | | | | | |
1 yr. CMT + 1.100% 1.488% VRN 12/14/26 (a) | | | 525,000 | | | | 487,719 | |
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | | | 200,000 | | | | 184,675 | |
Swedbank AB | | | | | | | | |
5.407% 3/14/29 (a) | | | 295,000 | | | | 294,995 | |
Synovus Bank | | | | | | | | |
5.625% 2/15/28 | | | 273,000 | | | | 265,110 | |
Truist Financial Corp. Secured Overnight Financing Rate + 2.446% | | | | | | | | |
7.161% VRN 10/30/29 | | | 305,000 | | | | 325,252 | |
UBS Group AG 1 yr. CMT + 1.080% | | | | | | | | |
1.364% VRN 1/30/27 (a) | | | 400,000 | | | | 370,160 | |
Wells Fargo & Co. Secured Overnight Financing Rate + 1.740% | | | | | | | | |
5.574% VRN 7/25/29 | | | 310,000 | | | | 313,674 | |
| | | | | | | 12,112,307 | |
Beverages — 0.6% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
4.450% 5/15/25 (a) | | | 378,000 | | | | 372,716 | |
JDE Peet's NV | | | | | | | | |
1.375% 1/15/27 (a) | | | 407,000 | | | | 366,028 | |
| | | | | | | 738,744 | |
Chemicals — 2.7% | | | | | | | | |
Celanese US Holdings LLC | | | | | | | | |
1.400% 8/05/26 | | | 250,000 | | | | 227,914 | |
6.165% 7/15/27 | | | 200,000 | | | | 203,702 | |
6.350% 11/15/28 | | | 305,000 | | | | 315,967 | |
International Flavors & Fragrances, Inc. | | | | | | | | |
1.832% 10/15/27 (a) | | | 400,000 | | | | 354,686 | |
MEGlobal Canada ULC | | | | | | | | |
5.000% 5/18/25 (a) | | | 450,000 | | | | 443,961 | |
Orbia Advance Corp. SAB de CV | | | | | | | | |
1.875% 5/11/26 (a) | | | 657,000 | | | | 603,393 | |
Syngenta Finance NV | | | | | | | | |
4.892% 4/24/25 (a) | | | 335,000 | | | | 330,296 | |
Yara International ASA | | | | | | | | |
3.800% 6/06/26 (a) | | | 325,000 | | | | 312,491 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.750% 6/01/28 (a) | | $ | 450,000 | | | $ | 437,634 | |
| | | | | | | 3,230,044 | |
Commercial Services — 1.0% | | | | | | | | |
Element Fleet Management Corp. | | | | | | | | |
5.643% 3/13/27 (a) | | | 356,000 | | | | 357,104 | |
Triton Container International Ltd. | | | | | | | | |
2.050% 4/15/26 (a) | | | 950,000 | | | | 875,393 | |
| | | | | | | 1,232,497 | |
Diversified Financial Services — 3.9% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | | | | | | | |
2.450% 10/29/26 | | | 405,000 | | | | 376,107 | |
6.500% 7/15/25 | | | 300,000 | | | | 302,892 | |
Aircastle Ltd. | | | | | | | | |
4.125% 5/01/24 | | | 740,000 | | | | 738,807 | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 310,000 | | | | 277,723 | |
3.950% 7/15/26 (a) | | | 605,000 | | | | 568,567 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
4.250% 4/15/26 (a) | | | 925,000 | | | | 892,738 | |
BGC Group, Inc. | | | | | | | | |
4.375% 12/15/25 | | | 505,000 | | | | 491,101 | |
Charles Schwab Corp. Secured Overnight Financing Rate + 1.878% | | | | | | | | |
6.196% VRN 11/17/29 | | | 285,000 | | | | 296,229 | |
LeasePlan Corp. NV | | | | | | | | |
2.875% 10/24/24 (a) | | | 280,000 | | | | 275,437 | |
Macquarie Airfinance Holdings Ltd. | | | | | | | | |
6.400% 3/26/29 (a) | | | 74,000 | | | | 75,171 | |
REC Ltd. | | | | | | | | |
2.250% 9/01/26 (a) | | | 400,000 | | | | 369,052 | |
| | | | | | | 4,663,824 | |
Electric — 1.1% | | | | | | | | |
Adani Transmission Step-One Ltd. | | | | | | | | |
4.000% 8/03/26 (a) | | | 350,000 | | | | 328,998 | |
Alliant Energy Finance LLC | | | | | | | | |
1.400% 3/15/26 (a) | | | 260,000 | | | | 236,456 | |
DTE Energy Co. | | | | | | | | |
5.100% 3/01/29 | | | 300,000 | | | | 298,790 | |
FirstEnergy Pennsylvania Electric Co. | | | | | | | | |
5.150% 3/30/26 (a) | | | 226,000 | | | | 224,122 | |
Pacific Gas & Electric Co. | | | | | | | | |
5.550% 5/15/29 | | | 275,000 | | | | 277,401 | |
| | | | | | | 1,365,767 | |
Electronics — 0.2% | | | | | | | | |
Jabil, Inc. | | | | | | | | |
4.250% 5/15/27 | | | 285,000 | | | | 276,196 | |
Entertainment — 0.4% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.054% 3/15/29 | | | 500,000 | | | | 468,063 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Food — 1.7% | | | | | | | | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | | | | | | | |
2.500% 1/15/27 | | $ | 860,000 | | | $ | 792,732 | |
Sigma Alimentos SA de CV | | | | | | | | |
4.125% 5/02/26 (a) | | | 450,000 | | | | 435,484 | |
Smithfield Foods, Inc. | | | | | | | | |
4.250% 2/01/27 (a) | | | 775,000 | | | | 744,227 | |
Tyson Foods, Inc. | | | | | | | | |
5.400% 3/15/29 | | | 111,000 | | | | 111,992 | |
| | | | | | | 2,084,435 | |
Forest Products & Paper — 0.6% | | | | | | | | |
Suzano International Finance BV | | | | | | | | |
4.000% 1/14/25 | | | 700,000 | | | | 689,329 | |
Hand & Machine Tools — 0.5% | | | | | | | | |
Regal Rexnord Corp. | | | | | | | | |
6.050% 2/15/26 (a) | | | 325,000 | | | | 326,679 | |
6.050% 4/15/28 (a) | | | 300,000 | | | | 304,129 | |
| | | | | | | 630,808 | |
Home Builders — 0.3% | | | | | | | | |
Toll Brothers Finance Corp. | | | | | | | | |
4.875% 3/15/27 | | | 375,000 | | | | 370,663 | |
Housewares — 0.2% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
6.375% 9/15/27 (c) | | | 200,000 | | | | 196,680 | |
Insurance — 3.5% | | | | | | | | |
Athene Global Funding | | | | | | | | |
1.730% 10/02/26 (a) | | | 445,000 | | | | 403,837 | |
2.500% 1/14/25 (a) | | | 420,000 | | | | 409,510 | |
3.205% 3/08/27 (a) | | | 212,000 | | | | 198,011 | |
CNO Global Funding | | | | | | | | |
1.750% 10/07/26 (a) | | | 714,000 | | | | 650,740 | |
2.650% 1/06/29 (a) | | | 350,000 | | | | 304,773 | |
Corebridge Financial, Inc. | | | | | | | | |
3.650% 4/05/27 | | | 235,000 | | | | 224,276 | |
GA Global Funding Trust | | | | | | | | |
2.250% 1/06/27 (a) | | | 685,000 | | | | 626,809 | |
Lincoln National Corp., (Acquired 4/19/23, Cost $310,303), | | | | | | | | |
3.800% 3/01/28 (d) | | | 350,000 | | | | 334,879 | |
Sammons Financial Group, Inc. | | | | | | | | |
4.450% 5/12/27 (a) | | | 1,140,000 | | | | 1,086,780 | |
| | | | | | | 4,239,615 | |
Internet — 0.3% | | | | | | | | |
Expedia Group, Inc. | | | | | | | | |
4.625% 8/01/27 | | | 309,000 | | | | 303,117 | |
Investment Companies — 3.3% | | | | | | | | |
Ares Capital Corp. | | | | | | | | |
3.875% 1/15/26 | | | 535,000 | | | | 517,472 | |
BlackRock TCP Capital Corp. | | | | | | | | |
3.900% 8/23/24 | | | 163,000 | | | | 161,476 | |
Blackstone Private Credit Fund | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2.625% 12/15/26 | | $ | 490,000 | | | $ | 447,087 | |
2.700% 1/15/25 | | | 325,000 | | | | 317,246 | |
Blue Owl Credit Income Corp. | | | | | | | | |
4.700% 2/08/27 | | | 500,000 | | | | 474,333 | |
Blue Owl Technology Finance Corp. II | | | | | | | | |
6.750% 4/04/29 (a) (b) | | | 477,000 | | | | 471,083 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 270,000 | | | | 248,071 | |
3.375% 4/15/24 (c) | | | 330,000 | | | | 329,846 | |
6.000% 7/15/29 | | | 296,000 | | | | 290,707 | |
HPS Corporate Lending Fund | | | | | | | | |
6.750% 1/30/29 (a) | | | 368,000 | | | | 367,326 | |
Sixth Street Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 410,000 | | | | 404,845 | |
| | | | | | | 4,029,492 | |
Lodging — 0.7% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
3.200% 8/08/24 | | | 875,000 | | | | 865,389 | |
Machinery – Construction & Mining — 0.5% | | | | | | | | |
Weir Group PLC | | | | | | | | |
2.200% 5/13/26 (a) | | | 680,000 | | | | 631,202 | |
Machinery – Diversified — 0.1% | | | | | | | | |
AGCO Corp. | | | | | | | | |
5.450% 3/21/27 | | | 57,000 | | | | 57,255 | |
Media — 0.5% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
5.125% 5/01/27 (a) | | | 350,000 | | | | 333,470 | |
Paramount Global | | | | | | | | |
3.700% 6/01/28 | | | 350,000 | | | | 310,115 | |
| | | | | | | 643,585 | |
Mining — 0.5% | | | | | | | | |
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | | | | | | | | |
4.750% 5/15/25 (a) | | | 550,000 | | | | 542,929 | |
Oil & Gas — 1.9% | | | | | | | | |
EQT Corp. | | | | | | | | |
6.125% STEP 2/01/25 | | | 360,000 | | | | 360,429 | |
Ovintiv, Inc. | | | | | | | | |
5.375% 1/01/26 | | | 275,000 | | | | 273,880 | |
5.650% 5/15/28 | | | 320,000 | | | | 325,291 | |
Parkland Corp. | | | | | | | | |
5.875% 7/15/27 (a) | | | 193,000 | | | | 191,327 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 685,000 | | | | 647,409 | |
Ras Laffan Liquefied Natural Gas Co. Ltd. 3 | | | | | | | | |
5.838% 9/30/27 (a) | | | 518,550 | | | | 523,930 | |
| | | | | | | 2,322,266 | |
Packaging & Containers — 0.2% | | | | | | | | |
Smurfit Kappa Treasury ULC | | | | | | | | |
5.200% 1/15/30 (a) (b) | | | 290,000 | | | | 289,637 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pharmaceuticals — 1.3% | | | | | | | | |
Bayer US Finance II LLC | | | | | | | | |
4.375% 12/15/28 (a) | | $ | 325,000 | | | $ | 305,901 | |
Hikma Finance USA LLC | | | | | | | | |
3.250% 7/09/25 (a) | | | 675,000 | | | | 650,119 | |
Viatris, Inc. | | | | | | | | |
2.300% 6/22/27 | | | 650,000 | | | | 590,219 | |
| | | | | | | 1,546,239 | |
Pipelines — 1.5% | | | | | | | | |
Columbia Pipelines Holding Co. LLC | | | | | | | | |
6.055% 8/15/26 (a) | | | 280,000 | | | | 283,060 | |
Energy Transfer LP | | | | | | | | |
4.950% 6/15/28 | | | 975,000 | | | | 967,167 | |
EQM Midstream Partners LP | | | | | | | | |
5.500% 7/15/28 | | | 300,000 | | | | 295,884 | |
Harvest Midstream I LP | | | | | | | | |
7.500% 9/01/28 (a) | | | 234,000 | | | | 237,260 | |
| | | | | | | 1,783,371 | |
Real Estate Investment Trusts (REITS) — 3.1% | | | | | | | | |
CubeSmart LP | | | | | | | | |
2.250% 12/15/28 | | | 390,000 | | | | 342,054 | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 335,000 | | | | 286,655 | |
GLP Capital LP/GLP Financing II, Inc. | | | | | | | | |
5.375% 4/15/26 | | | 348,000 | | | | 344,969 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
4.750% 1/15/28 | | | 779,000 | | | | 752,076 | |
Piedmont Operating Partnership LP | | | | | | | | |
9.250% 7/20/28 | | | 275,000 | | | | 292,850 | |
SBA Tower Trust | | | | | | | | |
1.884% 7/15/50 (a) | | | 287,000 | | | | 267,909 | |
Store Capital LLC | | | | | | | | |
4.500% 3/15/28 | | | 325,000 | | | | 308,037 | |
Sun Communities Operating LP | | | | | | | | |
5.500% 1/15/29 | | | 295,000 | | | | 294,228 | |
VICI Properties LP/VICI Note Co., Inc. | | | | | | | | |
3.750% 2/15/27 (a) | | | 325,000 | | | | 308,019 | |
Vornado Realty LP | | | | | | | | |
2.150% 6/01/26 | | | 310,000 | | | | 281,811 | |
WEA Finance LLC | | | | | | | | |
3.500% 6/15/29 (a) | | | 350,000 | | | | 309,221 | |
| | | | | | | 3,787,829 | |
Retail — 0.3% | | | | | | | | |
Advance Auto Parts, Inc. | | | | | | | | |
5.900% 3/09/26 | | | 144,000 | | | | 143,772 | |
Nordstrom, Inc. | | | | | | | | |
2.300% 4/08/24 | | | 268,000 | | | | 267,279 | |
| | | | | | | 411,051 | |
Semiconductors — 0.2% | | | | | | | | |
SK Hynix, Inc. | | | | | | | | |
5.500% 1/16/27 (a) | | | 200,000 | | | | 199,979 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Telecommunications — 1.1% | | | | | | | | |
Rogers Communications, Inc. | | | | | | | | |
5.000% 2/15/29 | | $ | 305,000 | | | $ | 302,882 | |
Sprint Capital Corp. | | | | | | | | |
6.875% 11/15/28 | | | 310,000 | | | | 330,348 | |
Tower Bersama Infrastructure Tbk. PT | | | | | | | | |
4.250% 1/21/25 (a) | | | 645,000 | | | | 635,364 | |
| | | | | | | 1,268,594 | |
Trucking & Leasing — 0.3% | | | | | | | | |
GATX Corp. | | | | | | | | |
5.400% 3/15/27 | | | 310,000 | | | | 312,120 | |
Venture Capital — 0.6% | | | | | | | | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 560,000 | | | | 508,523 | |
3.375% 1/20/27 | | | 270,000 | | | | 247,952 | |
| | | | | | | 756,475 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $55,500,662) | | | | | | | 53,909,679 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.7% | | | | | | | | |
Automobile Asset-Backed Securities — 3.5% | | | | | | | | |
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C | | | | | | | | |
3.150% 3/20/26 (a) | | | 1,083,000 | | | | 1,053,304 | |
Carmax Auto Owner Trust, Series 2021-4, Class D | | | | | | | | |
1.480% 3/15/28 | | | 250,000 | | | | 230,879 | |
Carvana Auto Receivables Trust | | | | | | | | |
Series 2021-N1, Class D, 1.500% 1/10/28 | | | 226,911 | | | | 215,310 | |
Series 2021-P3, Class D, 2.250% 9/11/28 | | | 855,000 | | | | 743,645 | |
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B | | | | | | | | |
5.310% 5/15/28 (a) | | | 400,000 | | | | 397,437 | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | | | | | | | | |
3.450% 1/26/32 (a) | | | 215,000 | | | | 209,627 | |
Westlake Automobile Receivables Trust, Series 2022-2A, Class D | | | | | | | | |
5.480% 9/15/27 (a) | | | 1,400,000 | | | | 1,390,397 | |
| | | | | | | 4,240,599 | |
Commercial Mortgage-Backed Securities — 6.5% | | | | | | | | |
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP, | | | | | | | | |
3.895% VRN 11/05/32 (a) (e) | | | 370,000 | | | | 332,861 | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | | | | | | | | |
7.122% FRN 7/15/35 (a) | | | 500,000 | | | | 497,561 | |
BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914% | | | | | | | | |
7.241% FRN 6/15/38 (a) | | | 288,657 | | | | 285,410 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447% | | | | | | | | |
7.773% FRN 12/15/37 (a) | | | 545,194 | | | | 543,831 | |
CARS-DB4 LP, Series 2020-1A, Class B1 | | | | | | | | |
4.170% 2/15/50 (a) | | | 484,000 | | | | 463,705 | |
CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | | | | | | | | |
2.280% 7/15/60 (a) | | | 90,845 | | | | 83,633 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% | | | | | | | | |
6.973% FRN 5/15/36 (a) | | $ | 199,504 | | | $ | 199,317 | |
DataBank Issuer LLC, Series 2021-1A, Class A2 | | | | | | | | |
2.060% 2/27/51 (a) | | | 991,000 | | | | 899,258 | |
KIND Trust, Series 2021-KIND, Class B, 1 mo. USD Term SOFR + 1.464% | | | | | | | | |
6.795% FRN 8/15/38 (a) | | | 545,520 | | | | 526,865 | |
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD Term SOFR + 1.414% | | | | | | | | |
6.740% FRN 2/15/39 (a) | | | 900,000 | | | | 867,664 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | | | | | | | | |
7.190% FRN 3/15/38 (a) | | | 365,665 | | | | 357,438 | |
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215% | | | | | | | | |
7.540% FRN 4/15/38 (a) | | | 520,104 | | | | 516,204 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3 | | | | | | | | |
2.260% 11/20/50 (a) | | | 399,333 | | | | 370,905 | |
One New York Plaza Trust | | | | | | | | |
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.641% FRN 1/15/36 (a) | | | 616,000 | | | | 567,064 | |
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 8.191% FRN 1/15/36 (a) | | | 414,000 | | | | 341,432 | |
Store Master Funding I-VII, Series 2018-1A, Class A3 | | | | | | | | |
4.400% 10/20/48 (a) | | | 497,033 | | | | 489,018 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | | | | | | | | |
7.541% FRN 7/15/39 (a) | | | 711,000 | | | | 480,947 | |
| | | | | | | 7,823,113 | |
Home Equity Asset-Backed Securities — 0.1% | | | | | | | | |
Residential Asset Mortgage Products Trust, Series 2005-EFC1, Class M5, 1 mo. USD Term SOFR + 0.764% | | | | | | | | |
6.419% FRN 5/25/35 | | | 119,235 | | | | 116,964 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | | | | | | | | |
6.644% FRN 11/25/35 (a) | | | 62,516 | | | | 61,587 | |
| | | | | | | 178,551 | |
Other Asset-Backed Securities — 13.9% | | | | | | | | |
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322% | | | | | | | | |
6.639% FRN 7/22/32 (a) | | | 1,000,000 | | | | 1,000,064 | |
Apidos CLO XXVI Ltd., Series 2017-26A, Class A2R, 3 mo. USD Term SOFR + 1.762% | | | | | | | | |
7.060% FRN 7/18/29 (a) | | | 500,000 | | | | 498,874 | |
Aqua Finance Trust, Series 2021-A, Class A | | | | | | | | |
1.540% 7/17/46 (a) | | | 720,196 | | | | 643,429 | |
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | | | | | | | | |
6.618% FRN 4/18/35 (a) | | | 500,000 | | | | 500,087 | |
BHG Securitization Trust | | | | | | | | |
Series 2021-B, Class C, 2.240% 10/17/34 (a) | | | 448,000 | | | | 396,761 | |
Series 2022-C, Class A, 5.320% 10/17/35 (a) | | | 267,935 | | | | 266,651 | |
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.242% | | | | | | | | |
6.559% FRN 7/20/29 (a) | | | 453,434 | | | | 453,591 | |
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B | | | | | | | | |
3.780% 9/26/33 (a) | | | 101,777 | | | | 96,978 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Business Jet Securities LLC | | | | | | | | |
Series 2021-1A, Class A, 2.162% 4/15/36 (a) | | $ | 309,614 | | | $ | 289,673 | |
Series 2020-1A, Class A, 2.981% 11/15/35 (a) | | | 45,798 | | | | 44,507 | |
Canyon Capital CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.442% | | | | | | | | |
6.756% FRN 7/15/34 (a) | | | 600,000 | | | | 600,203 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | | | | | | | | |
6.559% FRN 4/20/31 (a) | | | 218,124 | | | | 218,254 | |
Cedar Funding VIII CLO Ltd., Series 2017-8A, Class A1R, 3 mo. USD Term SOFR + 1.412% | | | | | | | | |
6.728% FRN 10/17/34 (a) | | | 500,000 | | | | 500,374 | |
CIFC Funding Ltd. | | | | | | | | |
Series 2021-1A, Class A1, 3 mo. USD Term SOFR + 1.372% 6.696% FRN 4/25/33 (a) | | | 500,000 | | | | 500,264 | |
Series 2017-4A, Class A2R, 3 mo. USD Term SOFR + 1.812% 7.130% FRN 10/24/30 (a) | | | 500,000 | | | | 500,353 | |
Elara HGV Timeshare Issuer LLC | | | | | | | | |
Series 2017-A, Class B, 2.960% 3/25/30 (a) | | | 75,305 | | | | 75,136 | |
Series 2019-A, Class C, 3.450% 1/25/34 (a) | | | 210,400 | | | | 200,061 | |
Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380% | | | | | | | | |
1.000% FRN 5/20/36 (a) (b) | | | 500,000 | | | | 500,090 | |
FNA VI LLC, Series 2021-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 886,536 | | | | 817,818 | |
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A | | | | | | | | |
1.150% 6/25/51 (a) | | | 279,097 | | | | 261,611 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 306,016 | | | | 258,336 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 150,182 | | | | 135,117 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 139,096 | | | | 124,873 | |
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e) | | | 129,959 | | | | 118,379 | |
Hero Funding Trust | | | | | | | | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 73,716 | | | | 63,399 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 70,831 | | | | 63,369 | |
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | | | 148,698 | | | | 135,666 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 132,403 | | | | 123,220 | |
HIN Timeshare Trust, Series 2020-A, Class B | | | | | | | | |
2.230% 10/09/39 (a) | | | 320,717 | | | | 296,339 | |
Horizon Aircraft Finance III Ltd., Series 2019-2, Class B | | | | | | | | |
4.458% 11/15/39 (a) | | | 683,333 | | | | 341,665 | |
JG Wentworth XXII LLC, Series 2010-3A, Class A | | | | | | | | |
3.820% 12/15/48 (a) | | | 58,732 | | | | 56,884 | |
Madison Park Funding XXXII Ltd., Series 2018-32A, Class BR, 3 mo. USD Term SOFR + 1.662% | | | | | | | | |
6.979% FRN 1/22/31 (a) | | | 500,000 | | | | 498,435 | |
Mosaic Solar Loan Trust, Series 2018-2GS, Class A | | | | | | | | |
4.200% 2/22/44 (a) | | | 117,770 | | | | 109,400 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A | | | | | | | | |
4.450% 6/20/42 (a) | | | 25,436 | | | | 24,421 | |
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD Term SOFR + 1.612% | | | | | | | | |
6.910% FRN 10/18/29 (a) | | | 1,000,000 | | | | 998,150 | |
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | | | | | | | | |
6.986% FRN 7/25/30 (a) | | | 250,000 | | | | 250,029 | |
NP SPE II LLC, Series 2017-1A, Class A1 | | | | | | | | |
3.372% 10/21/47 (a) | | | 72,181 | | | | 69,136 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Oxford Finance Funding LLC, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | $ | 52,871 | | | $ | 51,712 | |
PFS Financing Corp., Series 2022-A, Class B | | | | | | | | |
2.770% 2/15/27 (a) | | | 500,000 | | | | 485,909 | |
PVONE 2023-1, LLC, Series 2023-2A, Class A | | | | | | | | |
7.670% 9/17/35 (a) | | | 500,635 | | | | 504,511 | |
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662% | | | | | | | | |
6.976% FRN 7/15/31 (a) | | | 350,000 | | | | 348,435 | |
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | | | | | | | | |
6.716% FRN 10/15/35 (a) | | | 500,000 | | | | 500,261 | |
SBA Tower Trust, Series 2014-2A, Class C, | | | | | | | | |
3.869% STEP 10/15/49 (a) | | | 430,000 | | | | 425,098 | |
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | | | | | | | | |
3.510% 7/20/37 (a) | | | 21,867 | | | | 21,224 | |
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, 3 mo. USD Term SOFR + 1.402% | | | | | | | | |
6.717% FRN 10/23/34 (a) | | | 500,000 | | | | 500,416 | |
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD Term SOFR + 1.442% | | | | | | | | |
6.759% FRN 10/20/31 (a) | | | 354,835 | | | | 354,938 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542% | | | | | | | | |
6.859% FRN 4/20/33 (a) | | | 1,000,000 | | | | 1,000,999 | |
Verde CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.362% | | | | | | | | |
6.676% FRN 4/15/32 (a) | | | 500,000 | | | | 500,170 | |
| | | | | | | 16,725,270 | |
Student Loans Asset-Backed Securities — 4.2% | | | | | | | | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2021-A, Class B, 2.320% 7/25/51 (a) | | | 648,143 | | | | 571,314 | |
Series 2017-A, Class B, 4.500% 11/26/46 (a) | | | 217,727 | | | | 207,733 | |
Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% 6.644% FRN 12/26/47 (a) | | | 209,103 | | | | 207,263 | |
Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% 7.094% FRN 11/26/46 (a) | | | 143,772 | | | | 144,918 | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | | | 15,872 | | | | 13,120 | |
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | | | 17,651 | | | | 13,765 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 8,415 | | | | 7,361 | |
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | | | 38,224 | | | | 34,054 | |
ELFI Graduate Loan Program LLC, Series 2018-A, Class B | | | | | | | | |
4.000% 8/25/42 (a) | | | 49,231 | | | | 44,536 | |
Laurel Road Prime Student Loan Trust | | | | | | | | |
Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | | | 256,646 | | | | 238,623 | |
Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | | | 172,101 | | | | 164,870 | |
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B | | | | | | | | |
2.770% 1/15/69 (a) | | | 2,200,000 | | | | 1,758,816 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | | | 281,809 | | | | 263,764 | |
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.913% FRN 1/25/44 | | | 270,111 | | | | 255,738 | |
Series 2005-9, Class B, 90 day USD SOFR Average + 0.562% 5.923% FRN 1/25/41 | | | 266,601 | | | | 250,662 | |
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55 | | | 101,755 | | | | 96,454 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864% 6.190% FRN 11/15/35 (a) | | $ | 155,039 | | | $ | 153,407 | |
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.540% FRN 9/15/34 (a) | | | 22,896 | | | | 22,867 | |
Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.969% FRN 9/15/53 (a) | | | 569,639 | | | | 577,606 | |
| | | | | | | 5,026,871 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 6.4% | | | | | | | | |
A&D Mortgage Trust, Series 2023-NQM3, Class A1, | | | | | | | | |
6.733% STEP 7/25/68 (a) | | | 1,109,626 | | | | 1,115,767 | |
Angel Oak Mortgage Trust, Series 2020-5, Class A3, | | | | | | | | |
2.041% VRN 5/25/65 (a) (e) | | | 63,598 | | | | 58,109 | |
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | | | | | | | | |
5.258% VRN 8/25/34 (e) | | | 932 | | | | 909 | |
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, | | | | | | | | |
2.406% VRN 5/25/60 (a) (e) | | | 45,667 | | | | 43,814 | |
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | | | | | | | | |
5.500% FRN 8/25/49 (a) | | | 280,740 | | | | 267,902 | |
Credit Suisse Mortgage Trust | | | | | | | | |
Series 2021-NQM2, Class A3, 1.538% VRN 2/25/66 (a) (e) | | | 441,061 | | | | 373,702 | |
Series 2021-NQM4, Class M1, 2.472% VRN 5/25/66 (a) (e) | | | 500,000 | | | | 325,056 | |
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | | | | | | | | |
1.128% VRN 5/25/65 (a) (e) | | | 111,716 | | | | 102,815 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (e) | | | 537,213 | | | | 426,161 | |
MFA Trust, Series 2021-NQM2, Class A3, | | | | | | | | |
1.472% VRN 11/25/64 (a) (e) | | | 333,054 | | | | 283,245 | |
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, | | | | | | | | |
3.750% VRN 11/25/56 (a) (e) | | | 99,465 | | | | 91,935 | |
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD Term SOFR + 1.164% | | | | | | | | |
6.494% FRN 5/25/55 (a) | | | 803,400 | | | | 803,786 | |
NLT Trust | | | | | | | | |
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (e) | | | 617,071 | | | | 504,937 | |
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (e) | | | 700,000 | | | | 470,965 | |
OBX Trust | | | | | | | | |
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (e) | | | 729,492 | | | | 575,943 | |
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (e) | | | 333,000 | | | | 223,277 | |
STAR Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (e) | | | 476,483 | | | | 416,635 | |
Starwood Mortgage Residential Trust | | | | | | | | |
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (e) | | | 194,034 | | | | 158,677 | |
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (e) | | | 467,803 | | | | 449,374 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (e) | | | 178,426 | | | | 148,498 | |
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (e) | | | 265,000 | | | | 238,463 | |
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (e) | | | 548,000 | | | | 499,672 | |
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (e) | | | 152,135 | | | | 148,606 | |
| | | | | | | 7,728,248 | |
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1% | | | | | | | | |
OBX Trust, Series 2020-INV1, Class A21, | | | | | | | | |
3.500% VRN 12/25/49 (a) (e) | | | 125,028 | | | | 108,959 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $45,207,264) | | | | | | $ | 41,831,611 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 0.0% | | | | | | | | |
Pass-Through Securities — 0.0% | | | | | | | | |
Government National Mortgage Association | | | | | | | | |
Pool #491089 7.000% 12/15/28 | | $ | 258 | | | | 258 | |
Pool #500928 7.000% 5/15/29 | | | 376 | | | | 384 | |
Pool #510083 7.000% 7/15/29 | | | 20 | | | | 20 | |
Pool #493723 7.000% 8/15/29 | | | 288 | | | | 294 | |
Pool #581417 7.000% 7/15/32 | | | 509 | | | | 516 | |
Government National Mortgage Association II | | | | | | | | |
Pool #8746 1 yr. CMT + 1.500% 3.750% FRN 11/20/25 | | | 96 | | | | 95 | |
Pool #80136 1 yr. CMT + 1.500% 3.750% FRN 11/20/27 | | | 39 | | | | 38 | |
| | | | | | | 1,605 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $1,751) | | | | | | | 1,605 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 0.6% | | | | | | | | |
U.S. Treasury Bonds & Notes — 0.6% | | | | | | | | |
U.S. Treasury Notes | | | | | | | | |
1.750% 12/31/24 | | | 700,000 | | | | 682,561 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $703,034) | | | | | | | 682,561 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $101,412,711) | | | | | | | 96,425,456 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $101,412,711) | | | | | | | 96,425,456 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 18.4% | | | | | | | | |
Commercial Paper — 16.6% | | | | | | | | |
Amcor Flexibles North America, Inc. | | | | | | | | |
5.621% 4/16/24 (a) | | | 3,000,000 | | | | 2,991,106 | |
American Honda Finance Corp. | | | | | | | | |
5.620% 4/03/24 | | | 3,000,000 | | | | 2,997,296 | |
Avangrid, Inc. | | | | | | | | |
5.573% 4/08/24 (a) | | | 3,000,000 | | | | 2,994,870 | |
5.600% 4/16/24 (a) | | | 2,000,000 | | | | 1,994,038 | |
L3Harris Technologies, Inc. | | | | | | | | |
5.917% 4/17/24 (a) | | | 3,000,000 | | | | 2,990,865 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
5.690% 5/07/24 (a) | | | 2,000,000 | | | | 1,987,622 | |
NiSource, Inc. | | | | | | | | |
5.620% 4/03/24 (a) | | | 2,000,000 | | | | 1,998,190 | |
VW Credit, Inc. | | | | | | | | |
5.656% 4/23/24 (a) | | | 2,000,000 | | | | 1,992,002 | |
| | | | | | | 19,945,989 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Investment of Cash Collateral from Securities Loaned — 0.4% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (g) | | | 554,000 | | | $ | 554,000 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 1.4% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (h) | | $ | 1,687,726 | | | | 1,687,726 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $22,199,942) | | | | | | | 22,187,715 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.5% (Cost $123,612,653) (i) | | | | | | | 118,613,171 | |
| | | | | | | | |
Other Assets/(Liabilities) — 1.5% | | | | | | | 1,798,690 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 120,411,861 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury Index |
SOFR | Secured Overnight Financing Rate |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $83,981,425 or 69.75% of net assets. |
(b) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $542,441 or 0.45% of net assets. (Note 2). |
(d) | Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $334,879 or 0.28% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024. |
(f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $1,688,026. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,721,507. |
(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 Note 2 Year | | 6/28/24 | | | 339 | | | $ | 69,398,926 | | | $ | (78,723) | |
Short | | | | | | | | | | | |
U.S. Treasury Long Bond | | 6/18/24 | | | 2 | | | $ | (238,166) | | | $ | (2,709) | |
U.S. Treasury Ultra 10 Year | | 6/18/24 | | | 21 | | | | (2,395,572) | | | | (11,225) | |
U.S. Treasury Note 5 Year | | 6/28/24 | | | 180 | | | | (19,254,001) | | | | (8,812) | |
| | | | | | | | | | | | $ | (22,746) | |
MML Small Cap Equity Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 98.9% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 98.9% | | | | | | | | |
Communication Services — 0.9% | | | | | | | | |
Ziff Davis, Inc. (a) | | | 19,581 | | | $ | 1,234,386 | |
Consumer Discretionary — 9.7% | | | | | | | | |
AutoNation, Inc. (a) | | | 15,890 | | | | 2,631,066 | |
Dorman Products, Inc. (a) | | | 15,951 | | | | 1,537,517 | |
KB Home | | | 25,416 | | | | 1,801,486 | |
Papa John's International, Inc. | | | 9,711 | | | | 646,753 | |
Steven Madden Ltd. (b) | | | 30,389 | | | | 1,284,847 | |
Texas Roadhouse, Inc. | | | 10,652 | | | | 1,645,414 | |
TopBuild Corp. (a) | | | 3,509 | | | | 1,546,522 | |
Visteon Corp. (a) | | | 13,115 | | | | 1,542,455 | |
| | | | | | | 12,636,060 | |
Consumer Staples — 3.0% | | | | | | | | |
BellRing Brands, Inc. (a) | | | 42,631 | | | | 2,516,508 | |
BJ's Wholesale Club Holdings, Inc. (a) | | | 17,607 | | | | 1,331,969 | |
| | | | | | | 3,848,477 | |
Energy — 5.2% | | | | | | | | |
Chesapeake Energy Corp. (b) | | | 15,232 | | | | 1,353,059 | |
CNX Resources Corp. (a) | | | 80,798 | | | | 1,916,528 | |
Helmerich & Payne, Inc. | | | 43,072 | | | | 1,811,608 | |
Northern Oil & Gas, Inc. | | | 22,073 | | | | 875,857 | |
Nov, Inc. | | | 43,134 | | | | 841,976 | |
| | | | | | | 6,799,028 | |
Financials — 12.9% | | | | | | | | |
Bank of NT Butterfield & Son Ltd. | | | 20,865 | | | | 667,471 | |
Berkshire Hills Bancorp, Inc. | | | 33,515 | | | | 768,164 | |
Cathay General Bancorp | | | 30,910 | | | | 1,169,325 | |
Columbia Banking System, Inc. | | | 48,550 | | | | 939,442 | |
Definity Financial Corp. | | | 36,836 | | | | 1,173,161 | |
Federated Hermes, Inc. | | | 43,343 | | | | 1,565,549 | |
Marqeta, Inc. Class A (a) | | | 130,041 | | | | 775,044 | |
OceanFirst Financial Corp. | | | 43,326 | | | | 710,980 | |
Pacific Premier Bancorp, Inc. | | | 45,959 | | | | 1,103,016 | |
PennyMac Financial Services, Inc. | | | 17,117 | | | | 1,559,188 | |
Stifel Financial Corp. | | | 23,875 | | | | 1,866,309 | |
United Community Banks, Inc. | | | 27,516 | | | | 724,221 | |
Webster Financial Corp. | | | 24,568 | | | | 1,247,317 | |
Wintrust Financial Corp. | | | 16,294 | | | | 1,700,931 | |
WSFS Financial Corp. | | | 17,190 | | | | 775,957 | |
| | | | | | | 16,746,075 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Health Care — 17.0% | | | | | | | | |
Acadia Healthcare Co., Inc. (a) | | | 27,041 | | | $ | 2,142,188 | |
Addus HomeCare Corp. (a) | | | 10,766 | | | | 1,112,558 | |
ADMA Biologics, Inc. (a) | | | 201,977 | | | | 1,333,048 | |
Ascendis Pharma AS ADR (a) | | | 9,576 | | | | 1,447,604 | |
BioLife Solutions, Inc. (a) (b) | | | 34,252 | | | | 635,375 | |
Bridgebio Pharma, Inc. (a) | | | 25,860 | | | | 799,591 | |
BrightSpring Health Services, Inc. (a) | | | 53,419 | | | | 580,665 | |
Cabaletta Bio, Inc. (a) | | | 23,553 | | | | 401,814 | |
Collegium Pharmaceutical, Inc. (a) | | | 33,346 | | | | 1,294,492 | |
CryoPort, Inc. (a) (b) | | | 43,253 | | | | 765,578 | |
Encompass Health Corp. | | | 17,804 | | | | 1,470,254 | |
Evolent Health, Inc. Class A (a) (b) | | | 35,753 | | | | 1,172,341 | |
Guardant Health, Inc. (a) | | | 41,182 | | | | 849,585 | |
Immunovant, Inc. (a) | | | 12,176 | | | | 393,407 | |
Integer Holdings Corp. (a) | | | 10,942 | | | | 1,276,713 | |
Intra-Cellular Therapies, Inc. (a) | | | 19,437 | | | | 1,345,040 | |
SI-BONE, Inc. (a) | | | 23,604 | | | | 386,397 | |
Structure Therapeutics, Inc. ADR (a) | | | 6,778 | | | | 290,505 | |
Tenet Healthcare Corp. (a) | | | 23,697 | | | | 2,490,792 | |
TransMedics Group, Inc. (a) (b) | | | 10,878 | | | | 804,319 | |
Twist Bioscience Corp. (a) | | | 31,904 | | | | 1,094,626 | |
| | | | | | | 22,086,892 | |
Industrials — 22.4% | | | | | | | | |
ABM Industries, Inc. | | | 18,528 | | | | 826,719 | |
Air Lease Corp. | | | 21,558 | | | | 1,108,944 | |
Allison Transmission Holdings, Inc. | | | 29,969 | | | | 2,432,284 | |
ASGN, Inc. (a) | | | 19,285 | | | | 2,020,297 | |
Atkore, Inc. | | | 16,457 | | | | 3,132,755 | |
BWX Technologies, Inc. | | | 14,969 | | | | 1,536,119 | |
CACI International, Inc. Class A (a) | | | 4,647 | | | | 1,760,423 | |
Casella Waste Systems, Inc. Class A (a) | | | 17,237 | | | | 1,704,222 | |
Curtiss-Wright Corp. | | | 7,229 | | | | 1,850,190 | |
Enpro, Inc. | | | 13,268 | | | | 2,239,240 | |
Esab Corp. | | | 15,170 | | | | 1,677,347 | |
Hub Group, Inc. Class A | | | 38,574 | | | | 1,667,168 | |
KBR, Inc. | | | 18,273 | | | | 1,163,259 | |
Korn Ferry | | | 26,285 | | | | 1,728,502 | |
Paycor HCM, Inc. (a) (b) | | | 67,382 | | | | 1,309,906 | |
Regal Rexnord Corp. | | | 5,485 | | | | 987,848 | |
Zurn Elkay Water Solutions Corp. Class C | | | 60,433 | | | | 2,022,693 | |
| | | | | | | 29,167,916 | |
Information Technology — 13.4% | | | | | | | | |
Allegro MicroSystems, Inc. (a) | | | 42,271 | | | | 1,139,626 | |
Astera Labs, Inc. (a) | | | 4,482 | | | | 332,520 | |
Belden, Inc. | | | 14,605 | | | | 1,352,569 | |
Endava PLC Sponsored ADR (a) | | | 20,409 | | | | 776,358 | |
Envestnet, Inc. (a) | | | 19,073 | | | | 1,104,517 | |
Gitlab, Inc. Class A (a) | | | 27,860 | | | | 1,624,795 | |
HashiCorp, Inc. Class A (a) | | | 26,670 | | | | 718,756 | |
Itron, Inc. (a) | | | 18,556 | | | | 1,716,801 | |
MACOM Technology Solutions Holdings, Inc. (a) | | | 18,004 | | | | 1,721,903 | |
MKS Instruments, Inc. | | | 11,434 | | | | 1,520,722 | |
Progress Software Corp. | | | 19,476 | | | | 1,038,266 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Silicon Laboratories, Inc. (a) | | | 9,054 | | | $ | 1,301,241 | |
Sprout Social, Inc. Class A (a) (b) | | | 31,414 | | | | 1,875,730 | |
Vishay Intertechnology, Inc. | | | 53,160 | | | | 1,205,669 | |
| | | | | | | 17,429,473 | |
Materials — 6.6% | | | | | | | | |
ATI, Inc. (a) | | | 28,299 | | | | 1,448,060 | |
Century Aluminum Co. (a) | | | 55,779 | | | | 858,439 | |
Commercial Metals Co. | | | 19,757 | | | | 1,161,119 | |
Kaiser Aluminum Corp. | | | 8,538 | | | | 762,955 | |
Silgan Holdings, Inc. | | | 28,714 | | | | 1,394,352 | |
Summit Materials, Inc. Class A (a) | | | 65,750 | | | | 2,930,477 | |
| | | | | | | 8,555,402 | |
Real Estate — 6.1% | | | | | | | | |
DiamondRock Hospitality Co. | | | 188,246 | | | | 1,809,044 | |
DigitalBridge Group, Inc. | | | 71,533 | | | | 1,378,441 | |
Four Corners Property Trust, Inc. | | | 62,112 | | | | 1,519,881 | |
Outfront Media, Inc. | | | 99,466 | | | | 1,670,034 | |
Terreno Realty Corp. | | | 24,116 | | | | 1,601,302 | |
| | | | | | | 7,978,702 | |
Utilities — 1.7% | | | | | | | | |
Chesapeake Utilities Corp. | | | 10,212 | | | | 1,095,748 | |
Portland General Electric Co. (b) | | | 27,836 | | | | 1,169,112 | |
| | | | | | | 2,264,860 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $84,418,455) | | | | | | | 128,747,271 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $84,418,455) | | | | | | | 128,747,271 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $84,418,455) | | | | | | | 128,747,271 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.4% | | | | | | | | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.4% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c) | | $ | 494,683 | | | | 494,683 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $494,683) | | | | | | | 494,683 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.3% (Cost $84,913,138) (d) | | | | | | | 129,241,954 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.7% | | | | | | | 872,764 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 130,114,718 | |
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 March 31, 2024, was $9,023,786 or 6.94% of net assets. The Fund received $9,227,738 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 $494,771. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $504,620. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Strategic Emerging Markets Fund — Portfolio of Investments |
March 31, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 99.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 97.9% | | | | | | | | |
Brazil — 5.9% | | | | | | | | |
Ambev SA | | | 321,712 | | | $ | 801,169 | |
Arezzo Industria e Comercio SA | | | 7,336 | | | | 94,007 | |
B3 SA - Brasil Bolsa Balcao | | | 161,300 | | | | 385,610 | |
Localiza Rent a Car SA | | | 24,159 | | | | 263,392 | |
NU Holdings Ltd. Class A (a) | | | 49,449 | | | | 589,927 | |
Raia Drogasil SA | | | 3,800 | | | | 20,737 | |
Vale SA Sponsored ADR | | | 22,844 | | | | 278,468 | |
WEG SA | | | 47,984 | | | | 365,472 | |
| | | | | | | 2,798,782 | |
Chile — 1.5% | | | | | | | | |
Antofagasta PLC | | | 13,474 | | | | 347,830 | |
Banco de Chile | | | 1,484,704 | | | | 165,174 | |
Banco Santander Chile | | | 4,345,517 | | | | 216,440 | |
| | | | | | | 729,444 | |
China — 17.2% | | | | | | | | |
Budweiser Brewing Co. APAC Ltd. (b) | | | 90,000 | | | | 132,703 | |
H World Group Ltd. | | | 4,500 | | | | 17,442 | |
H World Group Ltd. ADR | | | 57,319 | | | | 2,218,245 | |
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b) | | | 8,100 | | | | 4,331 | |
NetEase, Inc. ADR | | | 4,140 | | | | 428,366 | |
New Horizon Health Ltd. (a) (b) (d) | | | 63,000 | | | | 113,393 | |
PDD Holdings, Inc. ADR (a) | | | 4,924 | | | | 572,415 | |
Tencent Holdings Ltd. | | | 52,009 | | | | 2,029,635 | |
WuXi Biologicals Cayman, Inc. (a) (b) | | | 28,501 | | | | 51,226 | |
WuXi XDC Cayman, Inc. (a) | | | 68,000 | | | | 159,011 | |
Yum China Holdings, Inc. | | | 30,562 | | | | 1,216,062 | |
ZTO Express Cayman, Inc. | | | 3,073 | | | | 65,257 | |
ZTO Express Cayman, Inc. ADR | | | 52,553 | | | | 1,100,460 | |
| | | | | | | 8,108,546 | |
France — 5.6% | | | | | | | | |
L'Oreal SA | | | 597 | | | | 283,134 | |
Pernod Ricard SA | | | 10,276 | | | | 1,661,519 | |
TotalEnergies SE | | | 10,348 | | | | 711,529 | |
| | | | | | | 2,656,182 | |
Hong Kong — 0.1% | | | | | | | | |
AIA Group Ltd. | | | 3,400 | | | | 22,817 | |
India — 15.9% | | | | | | | | |
Havells India Ltd. | | | 15,527 | | | | 284,275 | |
HCL Technologies Ltd. | | | 12,509 | | | | 232,131 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
HDFC Bank Ltd. | | | 116,518 | | | $ | 2,025,863 | |
Kotak Mahindra Bank Ltd. | | | 121,906 | | | | 2,617,115 | |
Macrotech Developers Ltd. (b) | | | 14,112 | | | | 191,196 | |
Oberoi Realty Ltd. | | | 36,448 | | | | 642,679 | |
Tata Consultancy Services Ltd. | | | 32,972 | | | | 1,537,577 | |
| | | | | | | 7,530,836 | |
Indonesia — 1.4% | | | | | | | | |
Bank Central Asia Tbk. PT | | | 843,200 | | | | 535,855 | |
Bank Rakyat Indonesia Persero Tbk. PT | | | 309,800 | | | | 118,411 | |
| | | | | | | 654,266 | |
Italy — 2.1% | | | | | | | | |
Ermenegildo Zegna NV | | | 7,504 | | | | 109,933 | |
PRADA SpA | | | 112,500 | | | | 891,377 | |
| | | | | | | 1,001,310 | |
Japan — 2.2% | | | | | | | | |
Chugai Pharmaceutical Co. Ltd. | | | 6,400 | | | | 244,616 | |
Daiichi Sankyo Co. Ltd. | | | 25,300 | | | | 804,126 | |
| | | | | | | 1,048,742 | |
Mexico — 14.2% | | | | | | | | |
America Movil SAB de CV ADR | | | 55,640 | | | | 1,038,242 | |
Fomento Economico Mexicano SAB de CV | | | 104,624 | | | | 1,367,806 | |
Grupo Financiero Banorte SAB de CV Class O | | | 9,732 | | | | 104,724 | |
Grupo Mexico SAB de CV Series B | | | 482,423 | | | | 2,862,629 | |
Wal-Mart de Mexico SAB de CV | | | 329,222 | | | | 1,341,170 | |
| | | | | | | 6,714,571 | |
Netherlands — 0.6% | | | | | | | | |
Argenx SE ADR (a) | | | 773 | | | | 304,346 | |
Peru — 1.3% | | | | | | | | |
Credicorp Ltd. | | | 3,531 | | | | 598,257 | |
Philippines — 1.6% | | | | | | | | |
SM Investments Corp. | | | 38,155 | | | | 662,731 | |
SM Prime Holdings, Inc. | | | 147,100 | | | | 85,702 | |
| | | | | | | 748,433 | |
Poland — 0.2% | | | | | | | | |
Allegro.eu SA (a) (b) | | | 8,439 | | | | 69,936 | |
Portugal — 1.6% | | | | | | | | |
Galp Energia SGPS SA | | | 45,920 | | | | 760,112 | |
Republic of Korea — 11.2% | | | | | | | | |
Kakao Corp. | | | 4,534 | | | | 183,302 | |
LG Chem Ltd. | | | 1,331 | | | | 435,197 | |
LG H&H Co. Ltd. | | | 388 | | | | 111,418 | |
NAVER Corp. | | | 1,639 | | | | 227,875 | |
Samsung Biologics Co. Ltd. (a) (b) | | | 1,431 | | | | 885,611 | |
Samsung Electronics Co. Ltd. | | | 51,030 | | | | 3,055,412 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
SK Hynix, Inc. | | | 3,054 | | | $ | 405,868 | |
| | | | | | | 5,304,683 | |
Russia — 0.0% | | | | | | | | |
Novatek PJSC GDR (a) (b) (c) (d) | | | 1,820 | | | | — | |
Sberbank of Russia PJSC (c) (d) | | | 7,525 | | | | — | |
| | | | | | | — | |
South Africa — 0.8% | | | | | | | | |
FirstRand Ltd. (e) | | | 121,811 | | | | 397,013 | |
Switzerland — 2.2% | | | | | | | | |
Cie Financiere Richemont SA Registered Class A | | | 6,252 | | | | 956,395 | |
Galderma Group AG (a) | | | 1,398 | | | | 98,202 | |
| | | | | | | 1,054,597 | |
Taiwan — 9.9% | | | | | | | | |
MediaTek, Inc. | | | 2,000 | | | | 72,655 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 188,000 | | | | 4,529,659 | |
Voltronic Power Technology Corp. | | | 1,000 | | | | 51,613 | |
| | | | | | | 4,653,927 | |
Turkey — 1.0% | | | | | | | | |
Akbank TAS | | | 96,254 | | | | 139,357 | |
BIM Birlesik Magazalar AS | | | 7,427 | | | | 80,720 | |
KOC Holding AS | | | 24,692 | | | | 155,313 | |
Migros Ticaret AS | | | 5,038 | | | | 63,665 | |
Yapi ve Kredi Bankasi AS | | | 63,869 | | | | 54,326 | |
| | | | | | | 493,381 | |
United Arab Emirates — 0.3% | | | | | | | | |
Americana Restaurants International PLC | | | 160,569 | | | | 145,160 | |
United Kingdom — 1.1% | | | | | | | | |
AstraZeneca PLC | | | 3,667 | | | | 493,729 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $42,207,909) | | | | | | | 46,289,070 | |
| | | | | | | | |
PREFERRED STOCK — 1.1% | | | | | | | | |
Brazil — 1.1% | | | | | | | | |
Itau Unibanco Holding SA 3.699% | | | | | | | | |
| | | 72,419 | | | | 500,178 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $393,733) | | | | | | | 500,178 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $42,601,642) | | | | | | | 46,789,248 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $42,601,642) | | | | | | | 46,789,248 | |
| | | | | | | | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 0.7% | | | | | | | | |
Repurchase Agreement — 0.7% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (f) | | $ | 328,039 | | | $ | 328,039 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $328,039) | | | | | | | 328,039 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.7% (Cost $42,929,681) (g) | | | | | | | 47,117,287 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.3% | | | | | | | 144,622 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 47,261,909 | |
Abbreviation Legend
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PJSC | Public Joint Stock Company |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $1,448,396 or 3.06% of net assets. |
(c) | Investment is valued using significant unobservable inputs. |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $113,393 or 0.24% of net assets. |
(e) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $318,320 or 0.67% of net assets. The Fund received $332,007 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(f) | Maturity value of $328,098. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $334,700. |
(g) | 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 alternate valuation approaches including the following:
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security's underlying assets and liabilities.
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 iShares 60/40 Allocation Fund and Small Cap Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2024. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
Notes to Portfolio of Investments (Unaudited) (Continued)
The following is the aggregate value by input level, as of March 31, 2024, for the remaining Funds' investments:
Blend Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange-Traded Funds | | $ | 698,144,206 | | | $ | — | | | $ | — | | | $ | 698,144,206 | |
Short-Term Investments | | | 37,579,372 | | | | 211,174 | | | | — | | | | 37,790,546 | |
Total Investments | | $ | 735,723,578 | | | $ | 211,174 | | | $ | — | | | $ | 735,934,752 | |
Notes to Portfolio of Investments (Unaudited) (Continued)
Dynamic Bond Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank Loans | | $ | — | | | $ | 6,411,815 | | | $ | — | | | $ | 6,411,815 | |
Corporate Debt | | | — | | | | 79,068,153 | | | | — | | | | 79,068,153 | |
Non-U.S. Government Agency Obligations | | | — | | | | 29,638,713 | | | | — | | | | 29,638,713 | |
Sovereign Debt Obligations | | | — | | | | 13,580,329 | | | | — | | | | 13,580,329 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 74,325,709 | | | | — | | | | 74,325,709 | |
U.S. Treasury Obligations | | | — | | | | 11,256,288 | | | | — | | | | 11,256,288 | |
Purchased Options | | | 108,443 | | | | 1,553 | | | | — | | | | 109,996 | |
Short-Term Investments | | | 1,961,290 | | | | 14,541,042 | | | | — | | | | 16,502,332 | |
Total Investments | | $ | 2,069,733 | | | $ | 228,823,602 | | | $ | — | | | $ | 230,893,335 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Forward Contracts | | $ | — | | | $ | 226,813 | | | $ | — | | | $ | 226,813 | |
Futures Contracts | | | 614,502 | | | | — | | | | — | | | | 614,502 | |
Swap Agreements | | | — | | | | 2,038,928 | | | | — | | | | 2,038,928 | |
Total | | $ | 614,502 | | | $ | 2,265,741 | | | $ | — | | | $ | 2,880,243 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Forward Contracts | | $ | — | | | $ | (583,312 | ) | | $ | — | | | $ | (583,312 | ) |
Futures Contracts | | | (181,800 | ) | | | — | | | | — | | | | (181,800 | ) |
Swap Agreements | | | — | | | | (267,899 | ) | | | — | | | | (267,899 | ) |
Written Options | | | (110,519 | ) | | | (11,035 | ) | | | — | | | | (121,554 | ) |
Total | | $ | (292,319 | ) | | $ | (862,246 | ) | | $ | — | | | $ | (1,154,565 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued)
Equity Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 860,027,699 | | | $ | 3,559,497 | * | | $ | — | | | $ | 863,587,196 | |
Exchange-Traded Funds | | | 4,173,263 | | | | — | | | | — | | | | 4,173,263 | |
Short-Term Investments | | | 1,776,216 | | | | 2,114,455 | | | | — | | | | 3,890,671 | |
Total Investments | | $ | 865,977,178 | | | $ | 5,673,952 | | | $ | — | | | $ | 871,651,130 | |
Notes to Portfolio of Investments (Unaudited) (Continued)
Equity Rotation Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 57,518,555 | | | $ | — | | | $ | 2,180 | | | $ | 57,520,735 | |
Short-Term Investments | | | 104,941 | | | | — | | | | — | | | | 104,941 | |
Total Investments | | $ | 57,623,496 | | | $ | — | | | $ | 2,180 | | | $ | 57,625,676 | |
Notes to Portfolio of Investments (Unaudited) (Continued)
High Yield Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank Loans | | $ | — | | | $ | 4,651,521 | | | $ | — | | | $ | 4,651,521 | |
Corporate Debt | | | — | | | | 44,365,212 | | | | — | | | | 44,365,212 | |
Short-Term Investments | | | 1,652,695 | | | | 1,291,901 | | | | — | | | | 2,944,596 | |
Total Investments | | $ | 1,652,695 | | | $ | 50,308,634 | | | $ | — | | | $ | 51,961,329 | |
Notes to Portfolio of Investments (Unaudited) (Continued)
Inflation-Protected and Income Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 976,026 | | | $ | — | | | $ | 976,026 | |
Non-U.S. Government Agency Obligations | | | — | | | | 92,807,562 | | | | 3,133,055 | | | | 95,940,617 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 19,160,924 | | | | — | | | | 19,160,924 | |
U.S. Treasury Obligations | | | — | | | | 34,355,867 | | | | — | | | | 34,355,867 | |
Short-Term Investments | | | — | | | | 29,579,469 | | | | — | | | | 29,579,469 | |
Total Investments | | $ | — | | | $ | 176,879,848 | | | $ | 3,133,055 | | | $ | 180,012,903 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 40,175 | | | $ | — | | | $ | — | | | $ | 40,175 | |
Swap Agreements | | | — | | | | 3,341,267 | | | | — | | | | 3,341,267 | |
Total | | $ | 40,175 | | | $ | 3,341,267 | | | $ | — | | | $ | 3,381,442 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (4,098 | ) | | $ | — | | | $ | — | | | $ | (4,098 | ) |
Swap Agreements | | | — | | | | (161,684 | ) | | | — | | | | (161,684 | ) |
Total | | $ | (4,098 | ) | | $ | (161,684 | ) | | $ | — | | | $ | (165,782 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued)
iShares 80/20 Allocation Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange-Traded Funds | | $ | 70,081,132 | | | $ | — | | | $ | — | | | $ | 70,081,132 | |
Short-Term Investments | | | 47,950 | | | | 141,907 | | | | — | | | | 189,857 | |
Total Investments | | $ | 70,129,082 | | | $ | 141,907 | | | $ | — | | | $ | 70,270,989 | |
Notes to Portfolio of Investments (Unaudited) (Continued)
Managed Bond Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 247,260,941 | | | $ | — | | | $ | 247,260,941 | |
Non-U.S. Government Agency Obligations | | | — | | | | 147,075,454 | | | | — | | | | 147,075,454 | |
Sovereign Debt Obligations | | | — | | | | 1,374,990 | | | | — | | | | 1,374,990 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 193,554,042 | | | | — | | | | 193,554,042 | |
U.S. Treasury Obligations | | | — | | | | 50,881,916 | | | | — | | | | 50,881,916 | |
Short-Term Investments | | | 1,233,210 | | | | 92,930,943 | | | | — | | | | 94,164,153 | |
Total Investments | | $ | 1,233,210 | | | $ | 733,078,286 | | | $ | — | | | $ | 734,311,496 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 505,124 | | | $ | — | | | $ | — | | | $ | 505,124 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (25,999 | ) | | $ | — | | | $ | — | | | $ | (25,999 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued)
Short-Duration Bond Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 53,909,679 | | | $ | — | | | $ | 53,909,679 | |
Non-U.S. Government Agency Obligations | | | — | | | | 41,831,611 | | | | — | | | | 41,831,611 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 1,605 | | | | — | | | | 1,605 | |
U.S. Treasury Obligations | | | — | | | | 682,561 | | | | — | | | | 682,561 | |
Short-Term Investments | | | 554,000 | | | | 21,633,715 | | | | — | | | | 22,187,715 | |
Total Investments | | $ | 554,000 | | | $ | 118,059,171 | | | $ | — | | | $ | 118,613,171 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (101,469 | ) | | $ | — | | | $ | — | | | $ | (101,469 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued)
Strategic Emerging Markets Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock* | | | | | | | | | | | | | | | | |
Brazil | | $ | 1,903,606 | | | $ | 895,176 | | | $ | — | | | $ | 2,798,782 | |
Chile | | | 381,614 | | | | 347,830 | | | | — | | | | 729,444 | |
China | | | 5,535,548 | | | | 2,572,998 | | | | — | | | | 8,108,546 | |
France | | | — | | | | 2,656,182 | | | | — | | | | 2,656,182 | |
Hong Kong | | | — | | | | 22,817 | | | | — | | | | 22,817 | |
India | | | — | | | | 7,530,836 | | | | — | | | | 7,530,836 | |
Indonesia | | | — | | | | 654,266 | | | | — | | | | 654,266 | |
Italy | | | 109,933 | | | | 891,377 | | | | — | | | | 1,001,310 | |
Japan | | | — | | | | 1,048,742 | | | | — | | | | 1,048,742 | |
Mexico | | | 1,038,242 | | | | 5,676,329 | | | | — | | | | 6,714,571 | |
Netherlands | | | 304,346 | | | | — | | | | — | | | | 304,346 | |
Peru | | | 598,257 | | | | — | | | | — | | | | 598,257 | |
Philippines | | | — | | | | 748,433 | | | | — | | | | 748,433 | |
Poland | | | — | | | | 69,936 | | | | — | | | | 69,936 | |
Portugal | | | — | | | | 760,112 | | | | — | | | | 760,112 | |
Republic of Korea | | | — | | | | 5,304,683 | | | | — | | | | 5,304,683 | |
Russia | | | — | | | | — | | | | — | + | | | — | |
South Africa | | | — | | | | 397,013 | | | | — | | | | 397,013 | |
Switzerland | | | — | | | | 1,054,597 | | | | — | | | | 1,054,597 | |
Taiwan | | | — | | | | 4,653,927 | | | | — | | | | 4,653,927 | |
Turkey | | | — | | | | 493,381 | | | | — | | | | 493,381 | |
United Arab Emirates | | | — | | | | 145,160 | | | | — | | | | 145,160 | |
United Kingdom | | | — | | | | 493,729 | | | | — | | | | 493,729 | |
Preferred Stock* | | | | | | | | | | | | | | | | |
Brazil | | | — | | | | 500,178 | | | | — | | | | 500,178 | |
Short-Term Investments | | | — | | | | 328,039 | | | | — | | | | 328,039 | |
Total Investments | | $ | 9,871,546 | | | $ | 37,245,741 | | | $ | — | | | $ | 47,117,287 | |
| * | 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 March 31, 2024. |
Notes to Portfolio of Investments (Unaudited) (Continued)
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds’ most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2024, 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.
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.
Notes to Portfolio of Investments (Unaudited) (Continued)
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 March 31, 2024, 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 U.S. 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 | | $ | 648,386,981 | | | $ | 126,633,393 | | | $ | (39,085,622 | ) | | $ | 87,547,771 | |
Dynamic Bond Fund | | | 246,580,791 | | | | 2,473,135 | | | | (18,160,591 | ) | | | (15,687,456 | ) |
Equity Fund | | | 636,870,249 | | | | 237,766,230 | | | | (2,985,349 | ) | | | 234,780,881 | |
Equity Rotation Fund | | | 51,423,273 | | | | 7,237,847 | | | | (1,035,444 | ) | | | 6,202,403 | |
High Yield Fund | | | 53,215,378 | | | | 838,387 | | | | (2,092,436 | ) | | | (1,254,049 | ) |
Inflation-Protected and Income Fund | | | 184,830,652 | | | | 722,445 | | | | (5,540,194 | ) | | | (4,817,749 | ) |
iShares 60/40 Allocation Fund | | | 42,009,896 | | | | 3,151,213 | | | | (1,111,529 | ) | | | 2,039,684 | |
iShares 80/20 Allocation Fund | | | 62,701,564 | | | | 8,103,774 | | | | (534,349 | ) | | | 7,569,425 | |
Managed Bond Fund | | | 783,345,612 | | | | 4,147,204 | | | | (53,181,320 | ) | | | (49,034,116 | ) |
Short-Duration Bond Fund | | | 123,612,653 | | | | 368,162 | | | | (5,367,644 | ) | | | (4,999,482 | ) |
Small Cap Equity Fund | | | 84,913,138 | | | | 48,479,513 | | | | (4,150,697 | ) | | | 44,328,816 | |
Strategic Emerging Markets Fund | | | 42,929,681 | | | | 6,643,272 | | | | (2,455,666 | ) | | | 4,187,606 | |
4. New Accounting Pronouncements
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.
Notes to Portfolio of Investments (Unaudited) (Continued)
5. 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.