MML Blend Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EXCHANGE-TRADED FUNDS — 100.0% | | | | | | | | |
iShares 5-10 Year Investment Grade Corporate Bond ETF | | | 505,298 | | | $ | 27,144,609 | |
iShares Core S&P 500 ETF | | | 338,689 | | | | 195,362,589 | |
iShares Core S&P Mid-Cap ETF | | | 233,975 | | | | 14,581,322 | |
iShares Core S&P Small-Cap ETF | | | 55,705 | | | | 6,515,257 | |
iShares Core S&P Total U.S. Stock Market ETF | | | 1,713,019 | | | | 215,189,447 | |
iShares Core Total USD Bond Market ETF (a) | | | 2,371,293 | | | | 111,735,326 | |
iShares Core U.S. Aggregate Bond ETF | | | 1,102,731 | | | | 111,673,568 | |
iShares iBoxx High Yield Corporate Bond ETF (a) | | | 337,558 | | | | 27,105,907 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $583,431,613) | | | | | | | 709,308,025 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $583,431,613) | | | | | | | 709,308,025 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 2.7% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 2.5% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 18,180,650 | | | | 18,180,650 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.2% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (c) | | $ | 1,254,214 | | | | 1,254,214 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $19,434,864) | | | | | | | 19,434,864 | |
| | | | | | | | |
TOTAL INVESTMENTS — 102.7% (Cost $602,866,477) (d) | | | | | | | 728,742,889 | |
| | | | | | | | |
Other Assets/(Liabilities) — (2.7)% | | | | | | | (19,314,773) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 709,428,116 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $17,773,448 or 2.51% of net assets. The Fund received $2,055 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(b) | Represents investment of security lending cash collateral. (Note 2). |
(c) | Maturity value of $1,254,267. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 5/31/26, and an aggregate market value, including accrued interest, of $1,279,453. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Dynamic Bond Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 99.7% | | | | | | | | |
| | | | | | | | |
BANK LOANS — 2.1% | | | | | | | | |
Beverages — 0.1% | | | | | | | | |
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250% | | | | | | | | |
7.918% VRN 3/31/28 | | $ | 214,567 | | | $ | 214,107 | |
Commercial Services — 0.2% | | | | | | | | |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750% | | | | | | | | |
8.695% VRN 5/12/28 | | | 225,761 | | | | 223,456 | |
Boost Newco Borrower LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.104% VRN 1/31/31 | | | 128,000 | | | | 127,946 | |
| | | | | | | 351,402 | |
Diversified Financial Services — 0.2% | | | | | | | | |
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD Term SOFR + 2.500% | | | | | | | | |
7.447% VRN 10/22/26 | | | 101,359 | | | | 101,514 | |
Citadel Securities LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.095% VRN 7/29/30 | | | 91,529 | | | | 91,446 | |
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | | | | | | | | |
8.354% VRN 4/09/27 | | | 75,717 | | | | 74,094 | |
Focus Financial Partners LLC, 2024 Term Loan B8, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.095% VRN 9/11/31 | | | 261,874 | | | | 261,007 | |
| | | | | | | 528,061 | |
Engineering & Construction — 0.1% | | | | | | | | |
Brown Group Holding LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
7.595% VRN 7/01/31 | | | 273,221 | | | | 272,385 | |
Entertainment — 0.3% | | | | | | | | |
Caesars Entertainment, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.750% | | | | | | | | |
7.595% VRN 2/06/30 | | | 18,900 | | | | 18,882 | |
Flutter Financing BV, Term Loan B, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
6.604% VRN 11/29/30 | | | 238,200 | | | | 238,114 | |
Light and Wonder International, Inc., 2024 Term Loan B2, 1 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.333% VRN 4/14/29 | | | 225,285 | | | | 224,882 | |
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.000% | | | | | | | | |
6.845% VRN 7/18/31 | | | 165,546 | | | | 164,454 | |
| | | | | | | 646,332 | |
Health Care - Products — 0.2% | | | | | | | | |
Medline Borrower LP, 2024 USD Add-on Term Loan B, | | | | | | | | |
0.000% 10/23/28 (a) | | | 170,000 | | | | 169,757 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Sotera Health Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.095% VRN 5/30/31 | | $ | 180,000 | | | $ | 179,325 | |
| | | | | | | 349,082 | |
Insurance — 0.2% | | | | | | | | |
Acrisure, LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.211% VRN 11/06/30 | | | 223,364 | | | | 220,991 | |
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.210% VRN 2/19/28 | | | 24,350 | | | | 24,302 | |
Asurion LLC | | | | | | | | |
2021 Term Loan B9, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.210% VRN 7/31/27 | | | 43,534 | | | | 42,887 | |
2024 Term Loan B12, 1 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.095% VRN 9/13/30 | | | 149,575 | | | | 146,771 | |
| | | | | | | 434,951 | |
Leisure Time — 0.0% | | | | | | | | |
Alterra Mountain Co., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.095% VRN 8/17/28 | | | 35,425 | | | | 35,454 | |
Lodging — 0.0% | | | | | | | | |
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 1.750% | | | | | | | | |
6.605% VRN 11/30/29 | | | 52,117 | | | | 52,080 | |
Machinery - Diversified — 0.1% | | | | | | | | |
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000% | | | | | | | | |
6.960% VRN 7/30/29 | | | 87,496 | | | | 87,729 | |
TK Elevator US Newco, Inc., USD Term Loan B, 6 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.588% VRN 4/30/30 | | | 192,148 | | | | 192,469 | |
| | | | | | | 280,198 | |
Pharmaceuticals — 0.2% | | | | | | | | |
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | | | | | | | | |
8.704% VRN 10/01/27 | | | 162,527 | | | | 154,333 | |
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.095% VRN 5/05/28 | | | 195,913 | | | | 195,651 | |
| | | | | | | 349,984 | |
Pipelines — 0.1% | | | | | | | | |
CQP Holdco LP, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.250% | | | | | | | | |
6.918% VRN 12/31/30 | | | 193,831 | | | | 193,488 | |
Software — 0.3% | | | | | | | | |
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.095% VRN 2/15/29 | | | 140,212 | | | | 139,190 | |
Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.451% VRN 5/01/31 | | | 309,943 | | | | 309,555 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.555% VRN 2/10/31 | | $ | 92,402 | | | $ | 92,402 | |
| | | | | | | 541,147 | |
Transportation — 0.1% | | | | | | | | |
Genesee & Wyoming Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
6.604% VRN 4/10/31 | | | 150,000 | | | | 149,625 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $4,395,263) | | | | | | | 4,398,296 | |
| | | | | | | | |
CORPORATE DEBT — 37.3% | | | | | | | | |
Advertising — 0.0% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. | | | | | | | | |
7.500% 6/01/29 (b) | | | 95,000 | | | | 81,820 | |
Aerospace & Defense — 1.2% | | | | | | | | |
Boeing Co. | | | | | | | | |
2.196% 2/04/26 | | | 80,000 | | | | 77,039 | |
2.800% 3/01/27 | | | 290,000 | | | | 275,147 | |
2.950% 2/01/30 | | | 270,000 | | | | 241,345 | |
General Dynamics Corp. | | | | | | | | |
4.250% 4/01/40 | | | 20,000 | | | | 18,717 | |
4.250% 4/01/50 | | | 50,000 | | | | 45,164 | |
L3Harris Technologies, Inc. | | | | | | | | |
5.054% 4/27/45 | | | 80,000 | | | | 78,585 | |
Lockheed Martin Corp. | | | | | | | | |
3.900% 6/15/32 | | | 50,000 | | | | 48,986 | |
4.150% 6/15/53 | | | 320,000 | | | | 282,062 | |
5.200% 2/15/64 | | | 40,000 | | | | 41,403 | |
Northrop Grumman Corp. | | | | | | | | |
2.930% 1/15/25 | | | 160,000 | | | | 159,006 | |
3.250% 1/15/28 | | | 150,000 | | | | 145,762 | |
5.150% 5/01/40 | | | 280,000 | | | | 284,362 | |
RTX Corp. | | | | | | | | |
2.250% 7/01/30 | | | 110,000 | | | | 98,772 | |
3.030% 3/15/52 | | | 180,000 | | | | 125,788 | |
4.125% 11/16/28 | | | 160,000 | | | | 159,598 | |
4.500% 6/01/42 | | | 80,000 | | | | 74,415 | |
6.000% 3/15/31 | | | 110,000 | | | | 119,637 | |
TransDigm, Inc. | | | | | | | | |
6.375% 3/01/29 (b) | | | 40,000 | | | | 41,269 | |
6.625% 3/01/32 (b) | | | 50,000 | | | | 52,067 | |
7.125% 12/01/31 (b) | | | 80,000 | | | | 84,613 | |
| | | | | | | 2,453,737 | |
Agriculture — 0.7% | | | | | | | | |
Altria Group, Inc. | | | | | | | | |
2.450% 2/04/32 | | | 140,000 | | | | 119,486 | |
5.800% 2/14/39 | | | 240,000 | | | | 252,323 | |
5.950% 2/14/49 (c) | | | 130,000 | | | | 136,414 | |
6.875% 11/01/33 | | | 290,000 | | | | 327,545 | |
BAT Capital Corp. | | | | | | | | |
3.462% 9/06/29 | | | 405,000 | | | | 385,740 | |
4.540% 8/15/47 | | | 130,000 | | | | 109,806 | |
Philip Morris International, Inc. | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.500% 3/20/42 | | $ | 80,000 | | | $ | 73,892 | |
4.875% 2/13/29 | | | 60,000 | | | | 61,517 | |
5.125% 2/13/31 | | | 20,000 | | | | 20,788 | |
5.250% 2/13/34 | | | 50,000 | | | | 51,926 | |
| | | | | | | 1,539,437 | |
Airlines — 0.3% | | | | | | | | |
American Airlines, Inc. | | | | | | | | |
8.500% 5/15/29 (b) | | | 90,000 | | | | 95,491 | |
Delta Air Lines, Inc./SkyMiles IP Ltd. | | | | | | | | |
4.750% 10/20/28 (b) | | | 400,000 | | | | 399,527 | |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | |
6.500% 6/20/27 (b) | | | 88,000 | | | | 89,094 | |
United Airlines, Inc. | | | | | | | | |
4.625% 4/15/29 (b) | | | 65,000 | | | | 62,794 | |
| | | | | | | 646,906 | |
Apparel — 0.0% | | | | | | | | |
NIKE, Inc. | | | | | | | | |
2.850% 3/27/30 | | | 60,000 | | | | 56,512 | |
Auto Manufacturers — 1.3% | | | | | | | | |
Ford Motor Co. | | | | | | | | |
3.250% 2/12/32 | | | 1,530,000 | | | | 1,302,987 | |
6.100% 8/19/32 (c) | | | 90,000 | | | | 92,247 | |
Ford Motor Credit Co. LLC | | | | | | | | |
4.950% 5/28/27 | | | 200,000 | | | | 199,510 | |
General Motors Co. | | | | | | | | |
5.600% 10/15/32 | | | 125,000 | | | | 128,939 | |
General Motors Financial Co., Inc. | | | | | | | | |
2.400% 10/15/28 | | | 275,000 | | | | 251,571 | |
Hyundai Capital America | | | | | | | | |
1.800% 10/15/25 (b) | | | 55,000 | | | | 53,438 | |
Nissan Motor Co. Ltd. | | | | | | | | |
3.522% 9/17/25 (b) | | | 410,000 | | | | 403,138 | |
4.345% 9/17/27 (b) | | | 300,000 | | | | 292,498 | |
| | | | | | | 2,724,328 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
ZF North America Capital, Inc. | | | | | | | | |
6.875% 4/23/32 (b) | | | 170,000 | | | | 170,599 | |
Banks — 11.7% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (b) | | | 260,000 | | | | 258,844 | |
Banco Santander SA | | | | | | | | |
3.496% 3/24/25 | | | 600,000 | | | | 596,326 | |
Bank of America Corp. | | | | | | | | |
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | | | 520,000 | | | | 438,777 | |
1 day USD SOFR + 1.210% 2.572% VRN 10/20/32 | | | 190,000 | | | | 166,599 | |
1 day USD SOFR + 1.330% 2.972% VRN 2/04/33 | | | 670,000 | | | | 600,014 | |
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28 | | | 1,430,000 | | | | 1,403,661 | |
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29 | | | 570,000 | | | | 563,284 | |
4.000% 1/22/25 | | | 700,000 | | | | 697,869 | |
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51 | | | 220,000 | | | | 191,121 | |
Bank of Montreal 5 yr. USD Swap + 1.432% | | | | | | | | |
3.803% VRN 12/15/32 | | | 70,000 | | | | 68,028 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Bank of Nova Scotia 5 yr. CMT + 2.050% | | | | | | | | |
4.588% VRN 5/04/37 | | $ | 180,000 | | | $ | 171,219 | |
BNP Paribas SA | | | | | | | | |
1 day USD SOFR + 2.074% 2.219% VRN 6/09/26 (b) | | | 200,000 | | | | 196,155 | |
4.625% 3/13/27 (b) | | | 260,000 | | | | 259,180 | |
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 (b) | | | 350,000 | | | | 357,399 | |
1 day USD SOFR + 1.866% 5.894% VRN 12/05/34 (b) | | | 200,000 | | | | 215,920 | |
5 yr. CMT + 4.354% 8.500% VRN (b) (d) | | | 200,000 | | | | 214,569 | |
BPCE SA | | | | | | | | |
1.000% 1/20/26 (b) | | | 250,000 | | | | 239,447 | |
Citigroup, Inc. | | | | | | | | |
1 day USD SOFR + 0.694% 2.014% VRN 1/25/26 | | | 95,000 | | | | 94,040 | |
1 day USD SOFR + 1.280% 3.070% VRN 2/24/28 | | | 845,000 | | | | 821,260 | |
1 day USD SOFR + 1.939% 3.785% VRN 3/17/33 | | | 580,000 | | | | 543,321 | |
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30 | | | 760,000 | | | | 744,249 | |
4.650% 7/30/45 | | | 380,000 | | | | 361,470 | |
3 mo. USD Term SOFR + 4.167% 5.950% VRN (d) | | | 160,000 | | | | 160,204 | |
Cooperatieve Rabobank UA | | | | | | | | |
1 yr. CMT + 1.220% 3.649% VRN 4/06/28 (b) | | | 250,000 | | | | 245,434 | |
4.375% 8/04/25 | | | 470,000 | | | | 467,529 | |
Credit Agricole SA 1 day USD SOFR + 1.676% | | | | | | | | |
1.907% VRN 6/16/26 (b) | | | 270,000 | | | | 264,237 | |
Goldman Sachs Group, Inc. | | | | | | | | |
1 day USD SOFR + 1.472% 2.908% VRN 7/21/42 | | | 240,000 | | | | 182,452 | |
3.500% 11/16/26 | | | 270,000 | | | | 265,950 | |
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29 | | | 500,000 | | | | 497,085 | |
4.250% 10/21/25 | | | 200,000 | | | | 199,256 | |
4.750% 10/21/45 | | | 70,000 | | | | 68,028 | |
5.150% 5/22/45 | | | 290,000 | | | | 289,904 | |
1 day USD SOFR + 0.820% 5.761% FRN 9/10/27 | | | 165,000 | | | | 164,814 | |
3 mo. USD Term SOFR + 1.432% 6.550% FRN 5/15/26 | | | 555,000 | | | | 558,121 | |
HSBC Holdings PLC | | | | | | | | |
1 day USD SOFR + 1.929% 2.099% VRN 6/04/26 | | | 510,000 | | | | 500,298 | |
3 mo. USD Term SOFR + 1.642% 6.591% FRN 9/12/26 | | | 310,000 | | | | 312,745 | |
Inter-American Development Bank | | | | | | | | |
7.350% 10/06/30 INR (e) | | | 104,000,000 | | | | 1,274,539 | |
JP Morgan Chase & Co. | | | | | | | | |
1 day USD SOFR + 1.015% 2.069% VRN 6/01/29 | | | 215,000 | | | | 198,915 | |
1 day USD SOFR + 2.040% 2.522% VRN 4/22/31 | | | 320,000 | | | | 290,659 | |
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32 | | | 270,000 | | | | 240,795 | |
1 day USD SOFR + 0.915% 2.595% VRN 2/24/26 | | | 160,000 | | | | 158,423 | |
1 day USD SOFR + 1.260% 2.963% VRN 1/25/33 | | | 25,000 | | | | 22,498 | |
1 day USD SOFR + 2.440% 3.109% VRN 4/22/51 | | | 100,000 | | | | 73,885 | |
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29 | | | 640,000 | | | | 642,968 | |
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205% | | | | | | | | |
3.574% VRN 11/07/28 | | | 200,000 | | | | 194,808 | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
1.412% 7/17/25 | | | 235,000 | | | | 229,263 | |
Morgan Stanley | | | | | | | | |
1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 | | | 520,000 | | | | 435,109 | |
1 day USD SOFR + 1.290% 2.943% VRN 1/21/33 | | | 115,000 | | | | 102,723 | |
1 day USD SOFR + 1.610% 4.210% VRN 4/20/28 | | | 205,000 | | | | 204,583 | |
National Securities Clearing Corp. | | | | | | | | |
1.500% 4/23/25 (b) | | | 250,000 | | | | 245,717 | |
PNC Financial Services Group, Inc. | | | | | | | | |
1 day USD SOFR + 1.841% 5.582% VRN 6/12/29 | | | 180,000 | | | | 187,358 | |
1 day USD SOFR + 1.322% 5.812% VRN 6/12/26 | | | 60,000 | | | | 60,389 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Royal Bank of Canada | | | | | | | | |
1.150% 6/10/25 | | $ | 310,000 | | | $ | 302,900 | |
5.150% 2/01/34 | | | 40,000 | | | | 41,596 | |
Santander Holdings USA, Inc. 1 day USD SOFR + 1.249% | | | | | | | | |
2.490% VRN 1/06/28 | | | 135,000 | | | | 127,964 | |
Toronto-Dominion Bank | | | | | | | | |
1.150% 6/12/25 | | | 190,000 | | | | 185,581 | |
Truist Financial Corp. 1 day USD SOFR + 2.050% | | | | | | | | |
6.047% VRN 6/08/27 | | | 120,000 | | | | 123,137 | |
UBS AG | | | | | | | | |
7.500% 2/15/28 | | | 350,000 | | | | 384,436 | |
7.950% 1/09/25 | | | 290,000 | | | | 292,245 | |
UBS Group AG | | | | | | | | |
1 day USD SOFR + 2.044% 2.193% VRN 6/05/26 (b) | | | 480,000 | | | | 471,163 | |
1 day USD SOFR + 1.730% 3.091% VRN 5/14/32 (b) | | | 390,000 | | | | 351,684 | |
4.253% 3/23/28 (b) | | | 340,000 | | | | 337,361 | |
1 day USD SOFR + 3.920% 6.537% VRN 8/12/33 (b) | | | 300,000 | | | | 331,213 | |
5 yr. CMT + 4.745% 9.250% VRN (b) (d) | | | 200,000 | | | | 221,120 | |
US Bancorp | | | | | | | | |
1.450% 5/12/25 | | | 210,000 | | | | 206,150 | |
1 day USD SOFR + 0.730% 2.215% VRN 1/27/28 (c) | | | 20,000 | | | | 19,096 | |
1 day USD SOFR + 2.020% 5.775% VRN 6/12/29 | | | 140,000 | | | | 146,725 | |
1 day USD SOFR + 2.260% 5.836% VRN 6/12/34 | | | 40,000 | | | | 42,709 | |
Wells Fargo & Co. | | | | | | | | |
1 day USD SOFR + 2.000% 2.188% VRN 4/30/26 | | | 200,000 | | | | 196,744 | |
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30 | | | 235,000 | | | | 217,964 | |
3.000% 10/23/26 | | | 430,000 | | | | 420,264 | |
3 mo. USD Term SOFR + 1.432% 3.196% VRN 6/17/27 | | | 245,000 | | | | 240,288 | |
1 day USD SOFR + 1.500% 3.350% VRN 3/02/33 | | | 360,000 | | | | 329,103 | |
1 day USD SOFR + 2.130% 4.611% VRN 4/25/53 | | | 1,680,000 | | | | 1,552,797 | |
| | | | | | | 24,483,681 | |
Beverages — 0.1% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
3.500% 6/01/30 | | | 130,000 | | | | 126,189 | |
4.600% 4/15/48 | | | 65,000 | | | | 61,785 | |
Constellation Brands, Inc. | | | | | | | | |
4.350% 5/09/27 | | | 80,000 | | | | 80,219 | |
| | | | | | | 268,193 | |
Chemicals — 0.6% | | | | | | | | |
MEGlobal BV | | | | | | | | |
4.250% 11/03/26 (b) | | | 240,000 | | | | 236,866 | |
OCP SA | | | | | | | | |
3.750% 6/23/31 (b) | | | 260,000 | | | | 233,025 | |
5.125% 6/23/51 (b) | | | 220,000 | | | | 178,750 | |
6.750% 5/02/34 (b) | | | 200,000 | | | | 214,644 | |
Orbia Advance Corp. SAB de CV | | | | | | | | |
2.875% 5/11/31 (b) (c) | | | 490,000 | | | | 414,521 | |
| | | | | | | 1,277,806 | |
Commercial Services — 0.6% | | | | | | | | |
Cintas Corp. No. 2 | | | | | | | | |
3.700% 4/01/27 | | | 70,000 | | | | 69,528 | |
DP World Ltd. | | | | | | | | |
5.625% 9/25/48 (b) | | | 330,000 | | | | 329,921 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
RR Donnelley & Sons Co. | | | | | | | | |
9.500% 8/01/29 (b) | | $ | 120,000 | | | $ | 121,021 | |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | | | | | | | | |
6.750% 8/15/32 (b) | | | 90,000 | | | | 93,963 | |
Triton Container International Ltd./TAL International Container Corp. | | | | | | | | |
3.250% 3/15/32 | | | 160,000 | | | | 138,307 | |
United Rentals North America, Inc. | | | | | | | | |
6.125% 3/15/34 (b) | | | 400,000 | | | | 413,379 | |
| | | | | | | 1,166,119 | |
Cosmetics & Personal Care — 0.2% | | | | | | | | |
Haleon US Capital LLC | | | | | | | | |
3.375% 3/24/29 | | | 260,000 | | | | 250,945 | |
Kenvue, Inc. | | | | | | | | |
4.900% 3/22/33 | | | 140,000 | | | | 144,919 | |
| | | | | | | 395,864 | |
Diversified Financial Services — 0.8% | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | | | | | | | |
2.450% 10/29/26 | | | 170,000 | | | | 163,251 | |
3.000% 10/29/28 | | | 160,000 | | | | 151,142 | |
3.400% 10/29/33 | | | 420,000 | | | | 371,597 | |
Air Lease Corp. | | | | | | | | |
1.875% 8/15/26 | | | 170,000 | | | | 162,320 | |
American Express Co. | | | | | | | | |
4.050% 5/03/29 | | | 140,000 | | | | 140,257 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
3.250% 2/15/27 (b) | | | 140,000 | | | | 135,059 | |
Charles Schwab Corp. | | | | | | | | |
5.875% 8/24/26 | | | 260,000 | | | | 267,519 | |
1 day USD SOFR + 2.010% 6.136% VRN 8/24/34 | | | 50,000 | | | | 54,658 | |
Jane Street Group/JSG Finance, Inc. | | | | | | | | |
7.125% 4/30/31 (b) | | | 70,000 | | | | 74,169 | |
Mastercard, Inc. | | | | | | | | |
3.850% 3/26/50 | | | 50,000 | | | | 42,285 | |
Nasdaq, Inc. | | | | | | | | |
3.950% 3/07/52 | | | 45,000 | | | | 36,175 | |
Visa, Inc. | | | | | | | | |
4.300% 12/14/45 | | | 160,000 | | | | 149,074 | |
| | | | | | | 1,747,506 | |
Electric — 0.3% | | | | | | | | |
Consolidated Edison Co. of New York, Inc. | | | | | | | | |
3.350% 4/01/30 | | | 70,000 | | | | 67,337 | |
3.950% 4/01/50 | | | 50,000 | | | | 42,802 | |
Duke Energy Carolinas LLC | | | | | | | | |
2.850% 3/15/32 | | | 35,000 | | | | 31,589 | |
Duke Energy Corp. | | | | | | | | |
3.950% 8/15/47 | | | 65,000 | | | | 52,772 | |
Duke Energy Ohio, Inc. | | | | | | | | |
3.650% 2/01/29 | | | 70,000 | | | | 68,536 | |
Exelon Corp. | | | | | | | | |
4.100% 3/15/52 | | | 65,000 | | | | 53,675 | |
Monongahela Power Co. | | | | | | | | |
5.400% 12/15/43 (b) | | | 145,000 | | | | 144,717 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pacific Gas & Electric Co. | | | | | | | | |
2.500% 2/01/31 | | $ | 185,000 | | | $ | 162,088 | |
| | | | | | | 623,516 | |
Electronics — 0.1% | | | | | | | | |
Honeywell International, Inc. | | | | | | | | |
5.000% 3/01/35 | | | 180,000 | | | | 187,364 | |
Entertainment — 0.2% | | | | | | | | |
Caesars Entertainment, Inc. | | | | | | | | |
7.000% 2/15/30 (b) | | | 30,000 | | | | 31,341 | |
Warnermedia Holdings, Inc. | | | | | | | | |
3.755% 3/15/27 | | | 180,000 | | | | 174,051 | |
4.279% 3/15/32 (c) | | | 190,000 | | | | 168,783 | |
5.050% 3/15/42 | | | 20,000 | | | | 16,326 | |
5.391% 3/15/62 | | | 30,000 | | | | 22,990 | |
6.412% 3/15/26 | | | 10,000 | | | | 10,006 | |
| | | | | | | 423,497 | |
Environmental Controls — 0.1% | | | | | | | | |
Waste Connections, Inc. | | | | | | | | |
5.000% 3/01/34 | | | 110,000 | | | | 112,908 | |
Food — 0.2% | | | | | | | | |
The Kroger Co. | | | | | | | | |
5.000% 9/15/34 | | | 90,000 | | | | 90,751 | |
Mars, Inc. | | | | | | | | |
3.200% 4/01/30 (b) | | | 80,000 | | | | 75,709 | |
Mondelez International, Inc. | | | | | | | | |
1.500% 5/04/25 | | | 220,000 | | | | 215,632 | |
| | | | | | | 382,092 | |
Forest Products & Paper — 0.1% | | | | | | | | |
Suzano Austria GmbH | | | | | | | | |
3.750% 1/15/31 | | | 290,000 | | | | 267,238 | |
Gas — 0.2% | | | | | | | | |
Brooklyn Union Gas Co. | | | | | | | | |
4.487% 3/04/49 (b) | | | 435,000 | | | | 367,025 | |
East Ohio Gas Co. | | | | | | | | |
3.000% 6/15/50 (b) | | | 45,000 | | | | 30,002 | |
| | | | | | | 397,027 | |
Health Care - Products — 0.3% | | | | | | | | |
Abbott Laboratories | | | | | | | | |
4.750% 11/30/36 | | | 10,000 | | | | 10,260 | |
Medline Borrower LP/Medline Co-Issuer, Inc. | | | | | | | | |
6.250% 4/01/29 (b) | | | 80,000 | | | | 82,426 | |
Solventum Corp. | | | | | | | | |
5.400% 3/01/29 (b) | | | 140,000 | | | | 144,034 | |
5.450% 3/13/31 (b) | | | 140,000 | | | | 144,324 | |
5.600% 3/23/34 (b) | | | 180,000 | | | | 186,406 | |
5.900% 4/30/54 (b) | | | 150,000 | | | | 155,383 | |
| | | | | | | 722,833 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Health Care - Services — 1.2% | | | | | | | | |
Centene Corp. | | | | | | | | |
2.500% 3/01/31 | | $ | 285,000 | | | $ | 244,966 | |
Cigna Group | | | | | | | | |
4.375% 10/15/28 | | | 590,000 | | | | 592,293 | |
4.900% 12/15/48 | | | 230,000 | | | | 216,608 | |
Elevance Health, Inc. | | | | | | | | |
2.375% 1/15/25 | | | 100,000 | | | | 99,232 | |
3.650% 12/01/27 | | | 140,000 | | | | 138,040 | |
HCA, Inc. | | | | | | | | |
4.125% 6/15/29 | | | 220,000 | | | | 216,552 | |
Health Care Service Corp. A Mutual Legal Reserve Co. | | | | | | | | |
3.200% 6/01/50 (b) | | | 145,000 | | | | 100,323 | |
Humana, Inc. | | | | | | | | |
4.625% 12/01/42 | | | 140,000 | | | | 125,589 | |
UnitedHealth Group, Inc. | | | | | | | | |
1.250% 1/15/26 | | | 110,000 | | | | 106,142 | |
2.300% 5/15/31 | | | 220,000 | | | | 195,064 | |
3.875% 8/15/59 | | | 240,000 | | | | 191,419 | |
4.000% 5/15/29 | | | 100,000 | | | | 99,756 | |
4.200% 5/15/32 | | | 80,000 | | | | 79,371 | |
| | | | | | | 2,405,355 | |
Home Builders — 0.0% | | | | | | | | |
Lennar Corp. | | | | | | | | |
4.750% 11/29/27 | | | 40,000 | | | | 40,516 | |
Insurance — 0.3% | | | | | | | | |
Aon North America, Inc. | | | | | | | | |
5.450% 3/01/34 | | | 230,000 | | | | 241,482 | |
Berkshire Hathaway Finance Corp. | | | | | | | | |
2.850% 10/15/50 | | | 150,000 | | | | 105,421 | |
3.850% 3/15/52 | | | 90,000 | | | | 75,932 | |
Principal Life Global Funding II | | | | | | | | |
1.250% 6/23/25 (b) | | | 110,000 | | | | 107,449 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
4.900% 9/15/44 (b) | | | 80,000 | | | | 76,462 | |
| | | | | | | 606,746 | |
Internet — 0.7% | | | | | | | | |
Amazon.com, Inc. | | | | | | | | |
3.150% 8/22/27 | | | 110,000 | | | | 107,985 | |
3.600% 4/13/32 | | | 300,000 | | | | 289,907 | |
3.875% 8/22/37 | | | 50,000 | | | | 47,021 | |
3.950% 4/13/52 | | | 130,000 | | | | 112,997 | |
Meta Platforms, Inc. | | | | | | | | |
4.750% 8/15/34 | | | 170,000 | | | | 173,518 | |
Prosus NV | | | | | | | | |
3.061% 7/13/31 (b) | | | 370,000 | | | | 326,577 | |
3.832% 2/08/51 (b) | | | 210,000 | | | | 147,813 | |
4.027% 8/03/50 (b) | | | 310,000 | | | | 226,648 | |
| | | | | | | 1,432,466 | |
Leisure Time — 0.2% | | | | | | | | |
NCL Corp. Ltd. | | | | | | | | |
8.125% 1/15/29 (b) | | | 80,000 | | | | 85,536 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
5.500% 4/01/28 (b) | | $ | 20,000 | | | $ | 20,254 | |
6.250% 3/15/32 (b) | | | 40,000 | | | | 41,493 | |
6.000% 2/01/33 (b) | | | 170,000 | | | | 174,281 | |
Viking Cruises Ltd. | | | | | | | | |
7.000% 2/15/29 (b) | | | 140,000 | | | | 141,769 | |
| | | | | | | 463,333 | |
Lodging — 0.3% | | | | | | | | |
Hilton Domestic Operating Co., Inc. | | | | | | | | |
3.625% 2/15/32 (b) | | | 120,000 | | | | 108,411 | |
6.125% 4/01/32 (b) | | | 60,000 | | | | 61,780 | |
Las Vegas Sands Corp. | | | | | | | | |
3.900% 8/08/29 | | | 40,000 | | | | 38,125 | |
6.000% 8/15/29 | | | 60,000 | | | | 62,352 | |
Sands China Ltd. | | | | | | | | |
5.125% STEP 8/08/25 | | | 390,000 | | | | 389,155 | |
| | | | | | | 659,823 | |
Media — 2.0% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 1/15/34 (b) | | | 65,000 | | | | 53,317 | |
4.500% 6/01/33 (b) | | | 810,000 | | | | 687,880 | |
4.750% 3/01/30 (b) | | | 105,000 | | | | 96,583 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
3.500% 3/01/42 | | | 240,000 | | | | 166,771 | |
4.200% 3/15/28 | | | 450,000 | | | | 437,512 | |
4.400% 4/01/33 (c) | | | 290,000 | | | | 265,312 | |
4.908% 7/23/25 | | | 56,000 | | | | 55,908 | |
5.125% 7/01/49 | | | 140,000 | | | | 112,503 | |
5.500% 4/01/63 | | | 150,000 | | | | 122,221 | |
6.550% 6/01/34 | | | 50,000 | | | | 52,009 | |
Comcast Corp. | | | | | | | | |
2.887% 11/01/51 | | | 550,000 | | | | 369,582 | |
3.400% 4/01/30 | | | 525,000 | | | | 503,666 | |
3.750% 4/01/40 | | | 120,000 | | | | 103,882 | |
4.150% 10/15/28 | | | 270,000 | | | | 270,421 | |
CSC Holdings LLC | | | | | | | | |
6.500% 2/01/29 (b) | | | 700,000 | | | | 579,721 | |
DISH DBS Corp. | | | | | | | | |
5.125% 6/01/29 | | | 60,000 | | | | 40,256 | |
5.750% 12/01/28 (b) | | | 70,000 | | | | 61,160 | |
Fox Corp. | | | | | | | | |
5.476% 1/25/39 | | | 90,000 | | | | 90,797 | |
6.500% 10/13/33 | | | 100,000 | | | | 109,423 | |
| | | | | | | 4,178,924 | |
Mining — 0.8% | | | | | | | | |
Anglo American Capital PLC | | | | | | | | |
4.750% 4/10/27 (b) | | | 230,000 | | | | 231,113 | |
Barrick North America Finance LLC | | | | | | | | |
5.700% 5/30/41 | | | 80,000 | | | | 84,390 | |
5.750% 5/01/43 | | | 80,000 | | | | 85,014 | |
BHP Billiton Finance USA Ltd. | | | | | | | | |
5.000% 9/30/43 | | | 100,000 | | | | 100,297 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
First Quantum Minerals Ltd. | | | | | | | | |
8.625% 6/01/31 (b) | | $ | 200,000 | | | $ | 200,400 | |
Freeport-McMoRan, Inc. | | | | | | | | |
4.625% 8/01/30 | | | 120,000 | | | | 119,857 | |
5.450% 3/15/43 | | | 230,000 | | | | 230,988 | |
Glencore Funding LLC | | | | | | | | |
1.625% 4/27/26 (b) | | | 120,000 | | | | 115,151 | |
3.375% 9/23/51 (b) | | | 45,000 | | | | 31,767 | |
4.000% 3/27/27 (b) | | | 140,000 | | | | 138,690 | |
Southern Copper Corp. | | | | | | | | |
5.250% 11/08/42 | | | 250,000 | | | | 244,113 | |
| | | | | | | 1,581,780 | |
Oil & Gas — 2.8% | | | | | | | | |
BP Capital Markets America, Inc. | | | | | | | | |
2.939% 6/04/51 | | | 50,000 | | | | 33,986 | |
3.001% 3/17/52 | | | 230,000 | | | | 157,883 | |
3.633% 4/06/30 | | | 120,000 | | | | 116,497 | |
Chesapeake Energy Corp. | | | | | | | | |
5.875% 2/01/29 (b) | | | 100,000 | | | | 100,512 | |
Continental Resources, Inc. | | | | | | | | |
2.268% 11/15/26 (b) | | | 195,000 | | | | 184,822 | |
5.750% 1/15/31 (b) | | | 250,000 | | | | 255,780 | |
Coterra Energy, Inc. | | | | | | | | |
3.900% 5/15/27 | | | 230,000 | | | | 226,589 | |
4.375% 3/15/29 | | | 220,000 | | | | 217,218 | |
Devon Energy Corp. | | | | | | | | |
5.000% 6/15/45 | | | 390,000 | | | | 348,180 | |
5.600% 7/15/41 | | | 140,000 | | | | 137,228 | |
5.850% 12/15/25 | | | 120,000 | | | | 121,218 | |
Diamondback Energy, Inc. | | | | | | | | |
3.500% 12/01/29 | | | 160,000 | | | | 152,177 | |
Ecopetrol SA | | | | | | | | |
5.875% 5/28/45 | | | 770,000 | | | | 578,023 | |
EOG Resources, Inc. | | | | | | | | |
3.900% 4/01/35 | | | 200,000 | | | | 187,470 | |
4.375% 4/15/30 | | | 60,000 | | | | 60,442 | |
4.950% 4/15/50 | | | 30,000 | | | | 28,929 | |
Exxon Mobil Corp. | | | | | | | | |
3.482% 3/19/30 | | | 190,000 | | | | 184,575 | |
4.227% 3/19/40 | | | 85,000 | | | | 79,577 | |
4.327% 3/19/50 | | | 20,000 | | | | 18,115 | |
KazMunayGas National Co. JSC | | | | | | | | |
5.375% 4/24/30 (b) | | | 200,000 | | | | 201,520 | |
Marathon Petroleum Corp. | | | | | | | | |
5.125% 12/15/26 | | | 185,000 | | | | 187,904 | |
Occidental Petroleum Corp. | | | | | | | | |
6.125% 1/01/31 | | | 85,000 | | | | 89,699 | |
6.450% 9/15/36 | | | 50,000 | | | | 53,998 | |
6.600% 3/15/46 (c) | | | 310,000 | | | | 333,556 | |
6.625% 9/01/30 | | | 60,000 | | | | 64,731 | |
Permian Resources Operating LLC | | | | | | | | |
6.250% 2/01/33 (b) | | | 50,000 | | | | 50,807 | |
Petrobras Global Finance BV | | | | | | | | |
5.999% 1/27/28 (c) | | | 760,000 | | | | 776,421 | |
Pioneer Natural Resources Co. | | | | | | | | |
1.900% 8/15/30 | | | 170,000 | | | | 149,044 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Reliance Industries Ltd. | | | | | | | | |
3.625% 1/12/52 (b) | | $ | 330,000 | | | $ | 250,041 | |
Shell International Finance BV | | | | | | | | |
2.750% 4/06/30 | | | 240,000 | | | | 223,528 | |
3.250% 4/06/50 | | | 280,000 | | | | 207,791 | |
Southwestern Energy Co. | | | | | | | | |
4.750% 2/01/32 | | | 70,000 | | | | 66,963 | |
5.375% 2/01/29 | | | 75,000 | | | | 74,747 | |
| | | | | | | 5,919,971 | |
Oil & Gas Services — 0.1% | | | | | | | | |
Halliburton Co. | | | | | | | | |
2.920% 3/01/30 | | | 105,000 | | | | 97,519 | |
5.000% 11/15/45 | | | 100,000 | | | | 95,795 | |
| | | | | | | 193,314 | |
Pharmaceuticals — 2.9% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
2.600% 11/21/24 | | | 880,000 | | | | 876,988 | |
2.950% 11/21/26 | | | 260,000 | | | | 254,524 | |
3.200% 11/21/29 | | | 600,000 | | | | 573,781 | |
4.700% 5/14/45 | | | 25,000 | | | | 24,192 | |
4.800% 3/15/29 | | | 130,000 | | | | 133,790 | |
4.950% 3/15/31 | | | 60,000 | | | | 62,387 | |
5.050% 3/15/34 | | | 80,000 | | | | 83,562 | |
Bausch Health Cos., Inc. | | | | | | | | |
6.125% 2/01/27 (b) (c) | | | 50,000 | | | | 45,158 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.350% 11/15/47 | | | 120,000 | | | | 107,429 | |
5.100% 2/22/31 | | | 70,000 | | | | 73,298 | |
5.200% 2/22/34 | | | 210,000 | | | | 221,460 | |
5.550% 2/22/54 | | | 30,000 | | | | 31,782 | |
5.650% 2/22/64 | | | 20,000 | | | | 21,194 | |
CVS Health Corp. | | | | | | | | |
2.125% 9/15/31 | | | 330,000 | | | | 278,848 | |
4.250% 4/01/50 | | | 70,000 | | | | 56,501 | |
4.300% 3/25/28 | | | 580,000 | | | | 578,438 | |
5.050% 3/25/48 | | | 220,000 | | | | 200,800 | |
Eli Lilly & Co. | | | | | | | | |
4.600% 8/14/34 | | | 80,000 | | | | 81,255 | |
4.700% 2/09/34 | | | 180,000 | | | | 184,015 | |
5.000% 2/09/54 | | | 20,000 | | | | 20,333 | |
5.100% 2/09/64 | | | 140,000 | | | | 143,023 | |
Johnson & Johnson | | | | | | | | |
3.625% 3/03/37 | | | 160,000 | | | | 148,568 | |
Merck & Co., Inc. | | | | | | | | |
1.450% 6/24/30 | | | 120,000 | | | | 104,061 | |
Pfizer, Inc. | | | | | | | | |
1.700% 5/28/30 (c) | | | 280,000 | | | | 247,106 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
3.150% 10/01/26 | | | 1,700,000 | | | | 1,634,052 | |
| | | | | | | 6,186,545 | |
Pipelines — 3.8% | | | | | | | | |
Blue Racer Midstream LLC/Blue Racer Finance Corp. | | | | | | | | |
7.250% 7/15/32 (b) | | | 50,000 | | | | 52,470 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Cameron LNG LLC | | | | | | | | |
3.302% 1/15/35 (b) | | $ | 150,000 | | | $ | 129,450 | |
Columbia Pipelines Operating Co. LLC | | | | | | | | |
6.036% 11/15/33 (b) | | | 260,000 | | | | 277,420 | |
6.544% 11/15/53 (b) | | | 30,000 | | | | 33,788 | |
Energy Transfer LP | | | | | | | | |
3.750% 5/15/30 | | | 230,000 | | | | 219,713 | |
3.900% 7/15/26 | | | 710,000 | | | | 703,315 | |
4.750% 1/15/26 | | | 240,000 | | | | 240,282 | |
5.550% 5/15/34 | | | 100,000 | | | | 103,541 | |
6.250% 4/15/49 | | | 320,000 | | | | 336,480 | |
Enterprise Products Operating LLC | | | | | | | | |
3.700% 1/31/51 | | | 140,000 | | | | 108,947 | |
4.150% 10/16/28 | | | 1,030,000 | | | | 1,029,398 | |
4.850% 1/31/34 (c) | | | 220,000 | | | | 223,182 | |
EQM Midstream Partners LP | | | | | | | | |
4.750% 1/15/31 (b) | | | 140,000 | | | | 135,563 | |
Kinder Morgan Energy Partners LP | | | | | | | | |
6.950% 1/15/38 | | | 125,000 | | | | 142,065 | |
Kinder Morgan, Inc. | | | | | | | | |
4.300% 3/01/28 | | | 110,000 | | | | 110,195 | |
MPLX LP | | | | | | | | |
4.700% 4/15/48 | | | 400,000 | | | | 348,845 | |
ONEOK, Inc. | | | | | | | | |
5.550% 11/01/26 | | | 40,000 | | | | 40,906 | |
5.800% 11/01/30 | | | 70,000 | | | | 74,522 | |
6.050% 9/01/33 | | | 100,000 | | | | 106,847 | |
6.625% 9/01/53 | | | 110,000 | | | | 122,060 | |
Targa Resources Corp. | | | | | | | | |
4.950% 4/15/52 | | | 40,000 | | | | 36,000 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | | | | | | | |
4.875% 2/01/31 | | | 140,000 | | | | 138,969 | |
Venture Global LNG, Inc. | | | | | | | | |
7.000% 1/15/30 (b) | | | 130,000 | | | | 132,810 | |
Western Midstream Operating LP | | | | | | | | |
3.100% STEP 2/01/25 | | | 240,000 | | | | 237,992 | |
4.050% STEP 2/01/30 | | | 900,000 | | | | 866,532 | |
5.250% STEP 2/01/50 | | | 1,610,000 | | | | 1,460,071 | |
Williams Cos., Inc. | | | | | | | | |
3.500% 11/15/30 (c) | | | 70,000 | | | | 66,178 | |
3.500% 10/15/51 | | | 125,000 | | | | 90,799 | |
3.750% 6/15/27 | | | 250,000 | | | | 246,316 | |
5.150% 3/15/34 | | | 170,000 | | | | 171,853 | |
| | | | | | | 7,986,509 | |
Real Estate Investment Trusts (REITS) — 0.1% | | | | | | | | |
Crown Castle, Inc. | | | | | | | | |
3.300% 7/01/30 | | | 35,000 | | | | 32,728 | |
Service Properties Trust | | | | | | | | |
8.375% 6/15/29 | | | 80,000 | | | | 79,910 | |
| | | | | | | 112,638 | |
Retail — 0.4% | | | | | | | | |
Costco Wholesale Corp. | | | | | | | | |
1.375% 6/20/27 | | | 20,000 | | | | 18,760 | |
1.600% 4/20/30 | | | 20,000 | | | | 17,666 | |
Home Depot, Inc. | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2.700% 4/15/30 | | $ | 70,000 | | | $ | 65,117 | |
3.300% 4/15/40 | | | 120,000 | | | | 100,292 | |
3.350% 4/15/50 | | | 260,000 | | | | 199,842 | |
Lowe's Cos., Inc. | | | | | | | | |
4.500% 4/15/30 | | | 50,000 | | | | 50,643 | |
McDonald's Corp. | | | | | | | | |
3.500% 7/01/27 | | | 300,000 | | | | 295,831 | |
3.600% 7/01/30 | | | 90,000 | | | | 87,358 | |
Walmart, Inc. | | | | | | | | |
1.500% 9/22/28 | | | 60,000 | | | | 55,172 | |
1.800% 9/22/31 | | | 20,000 | | | | 17,394 | |
| | | | | | | 908,075 | |
Semiconductors — 0.4% | | | | | | | | |
Broadcom, Inc. | | | | | | | | |
3.419% 4/15/33 (b) | | | 296,000 | | | | 268,946 | |
Intel Corp. | | | | | | | | |
1.600% 8/12/28 | | | 120,000 | | | | 107,296 | |
Micron Technology, Inc. | | | | | | | | |
5.300% 1/15/31 | | | 90,000 | | | | 93,516 | |
5.875% 2/09/33 | | | 60,000 | | | | 64,072 | |
NVIDIA Corp. | | | | | | | | |
3.700% 4/01/60 | | | 170,000 | | | | 139,889 | |
NXP BV/NXP Funding LLC/NXP USA, Inc. | | | | | | | | |
3.875% 6/18/26 | | | 85,000 | | | | 84,289 | |
| | | | | | | 758,008 | |
Software — 0.2% | | | | | | | | |
Microsoft Corp. | | | | | | | | |
2.921% 3/17/52 | | | 30,000 | | | | 22,026 | |
Oracle Corp. | | | | | | | | |
1.650% 3/25/26 | | | 230,000 | | | | 221,088 | |
3.850% 4/01/60 | | | 250,000 | | | | 188,189 | |
4.650% 5/06/30 | | | 20,000 | | | | 20,394 | |
5.375% 9/27/54 | | | 40,000 | | | | 39,976 | |
| | | | | | | 491,673 | |
Telecommunications — 1.8% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
2.750% 6/01/31 | | | 160,000 | | | | 144,662 | |
3.500% 9/15/53 | | | 309,000 | | | | 227,014 | |
3.550% 9/15/55 | | | 215,000 | | | | 157,258 | |
Rogers Communications, Inc. | | | | | | | | |
5.300% 2/15/34 | | | 110,000 | | | | 111,909 | |
T-Mobile USA, Inc. | | | | | | | | |
2.250% 2/15/26 | | | 205,000 | | | | 199,315 | |
2.550% 2/15/31 | | | 60,000 | | | | 53,478 | |
3.375% 4/15/29 | | | 50,000 | | | | 47,988 | |
3.400% 10/15/52 | | | 230,000 | | | | 168,357 | |
3.500% 4/15/25 | | | 130,000 | | | | 129,073 | |
3.500% 4/15/31 | | | 700,000 | | | | 658,670 | |
3.875% 4/15/30 | | | 430,000 | | | | 418,162 | |
5.150% 4/15/34 | | | 80,000 | | | | 82,415 | |
Telefonica Emisiones SA | | | | | | | | |
5.213% 3/08/47 | | | 150,000 | | | | 142,290 | |
Verizon Communications, Inc. | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2.650% 11/20/40 | | $ | 15,000 | | | $ | 11,052 | |
3.850% 11/01/42 | | | 430,000 | | | | 367,387 | |
3.875% 2/08/29 | | | 550,000 | | | | 542,600 | |
3.875% 3/01/52 | | | 435,000 | | | | 356,585 | |
| | | | | | | 3,818,215 | |
Transportation — 0.2% | | | | | | | | |
Union Pacific Corp. | | | | | | | | |
2.150% 2/05/27 | | | 50,000 | | | | 47,941 | |
2.891% 4/06/36 | | | 270,000 | | | | 232,315 | |
3.750% 2/05/70 | | | 150,000 | | | | 113,566 | |
3.839% 3/20/60 | | | 120,000 | | | | 95,879 | |
| | | | | | | 489,701 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $79,958,925) | | | | | | | 78,362,575 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.7% | | | | | | | | |
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 | | | | 533,637 | |
Series 2024-1A, Class A, 5.360% 6/20/30 (b) | | | 430,000 | | | | 443,311 | |
| | | | | | | 976,948 | |
Commercial Mortgage-Backed Securities — 5.2% | | | | | | | | |
Bank | | | | | | | | |
Series 2020-BN28, Class AS, 2.140% 3/15/63 | | | 380,000 | | | | 319,403 | |
Series 2022-BNK39, Class AS, 3.181% 2/15/55 | | | 302,000 | | | | 264,820 | |
Series 2017-BNK8, Class A3, 3.229% 11/15/50 | | | 266,465 | | | | 257,103 | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2020-B19, Class AS, 2.148% 9/15/53 | | | 380,000 | | | | 305,497 | |
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (b) | | | 378,000 | | | | 357,022 | |
BPR Trust | | | | | | | | |
Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.164% 6.262% FRN 9/15/38 (b) | | | 550,000 | | | | 545,187 | |
Series 2022-OANA, Class A, 1 mo. USD Term SOFR + 1.898% 6.995% FRN 4/15/37 (b) | | | 460,000 | | | | 461,435 | |
BX Commercial Mortgage Trust | | | | | | | | |
Series 2024-XL5, Class A, 1 mo. USD Term SOFR + 1.392% 6.488% FRN 3/15/41 (b) | | | 157,176 | | | | 157,078 | |
Series 2023-XL3, Class A, 1 mo. USD Term SOFR + 1.761% 6.858% FRN 12/09/40 (b) | | | 170,410 | | | | 170,942 | |
Series 2021-VOLT, Class F, 1 mo. USD Term SOFR + 2.514% 7.611% FRN 9/15/36 (b) | | | 405,000 | | | | 401,967 | |
Series 2024-BIO2, Class D, 7.970% VRN 8/13/41 (b) (f) | | | 100,000 | | | | 100,470 | |
Series 2021-21M, Class H, 1 mo. USD Term SOFR + 4.124% 9.222% FRN 10/15/36 (b) | | | 277,200 | | | | 271,661 | |
BX Trust, Series 2019-OC11, Class E, | | | | | | | | |
4.076% VRN 12/09/41 (b) (f) | | | 374,000 | | | | 334,930 | |
CD Mortgage Trust, Series 2017-CD3, Class A4 | | | | | | | | |
3.631% 2/10/50 | | | 120,000 | | | | 113,919 | |
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, | | | | | | | | |
1.111% VRN 1/10/48 (f) | | | 4,636,184 | | | | 37,230 | |
Citigroup Commercial Mortgage Trust | | | | | | | | |
Series 2019-GC41, Class B, 3.199% 8/10/56 | | | 163,000 | | | | 140,505 | |
Series 2020-420K, Class D, 3.422% VRN 11/10/42 (b) (f) | | | 200,000 | | | | 174,699 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2020-420K, Class E, 3.422% VRN 11/10/42 (b) (f) | | $ | 200,000 | | | $ | 166,246 | |
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f) | | | 340,000 | | | | 315,933 | |
CSAIL Commercial Mortgage Trust | | | | | | | | |
Series 2015-C1, Class XA, 0.870% VRN 4/15/50 (f) | | | 5,091,976 | | | | 5,624 | |
Series 2019-C16, Class B, 3.885% 6/15/52 | | | 334,000 | | | | 297,351 | |
CSMC Trust, Series 2021-B33, Class B, | | | | | | | | |
3.766% VRN 10/10/43 (b) (f) | | | 300,000 | | | | 263,059 | |
DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, | | | | | | | | |
6.038% VRN 1/15/41 (b) (f) | | | 220,000 | | | | 225,542 | |
GS Mortgage Securities Corp. II, Series 2024-70P, Class E, | | | | | | | | |
9.263% VRN 3/10/41 (b) (f) | | | 250,000 | | | | 260,149 | |
GS Mortgage Securities Corp. Trust, Series 2018-RIVR, Class C, 1 mo. USD Term SOFR + 1.547% | | | | | | | | |
6.644% FRN 7/15/35 (b) | | | 167,000 | | | | 8,390 | |
GS Mortgage Securities Trust, Series 2015-GS1, Class XA, | | | | | | | | |
0.900% VRN 11/10/48 (f) | | | 7,377,203 | | | | 42,460 | |
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD Term SOFR + 3.264% | | | | | | | | |
8.383% FRN 11/15/36 (b) | | | 377,250 | | | | 373,963 | |
JP Morgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-JP1, Class XA, 1.034% VRN 1/15/49 (f) | | | 3,192,536 | | | | 33,897 | |
Series 2016-JP2, Class B, 3.460% 8/15/49 | | | 174,000 | | | | 155,643 | |
JPMBB Commercial Mortgage Securities Trust | | | | | | | | |
Series 2015-C30, Class XA, 0.554% VRN 7/15/48 (f) | | | 7,470,669 | | | | 14,221 | |
Series 2015-C29, Class XA, 0.673% VRN 5/15/48 (f) | | | 5,142,285 | | | | 13,621 | |
Series 2014-C25, Class XA, 0.897% VRN 11/15/47 (f) | | | 1,951,119 | | | | 3,119 | |
Series 2015-C28, Class XA, 1.003% VRN 10/15/48 (f) | | | 5,158,458 | | | | 12,346 | |
Series 2014-C23, Class D, 4.214% VRN 9/15/47 (b) (f) | | | 391,000 | | | | 339,573 | |
KIND Trust, Series 2021-KIND, Class A, 1 mo. USD Term SOFR + 1.064% | | | | | | | | |
6.165% FRN 8/15/38 (b) | | | 158,675 | | | | 156,443 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A4 | | | | | | | | |
2.600% 9/15/49 | | | 108,055 | | | | 104,359 | |
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA, | | | | | | | | |
0.996% VRN 12/15/48 (f) | | | 5,229,134 | | | | 31,860 | |
MSWF Commercial Mortgage Trust | | | | | | | | |
Series 2023-1, Class A4, 5.472% 5/15/56 | | | 250,000 | | | | 262,388 | |
Series 2023-2, Class A5, 6.014% VRN 12/15/56 (f) | | | 250,000 | | | | 274,369 | |
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397% | | | | | | | | |
6.497% FRN 3/15/39 (b) | | | 540,000 | | | | 536,291 | |
NJ Trust, Series 2023-GSP, Class A, | | | | | | | | |
6.697% VRN 1/06/29 (b) (f) | | | 200,000 | | | | 212,025 | |
NRTH Mortgage Trust, Series 2024-PARK, Class A, 1 mo. USD Term SOFR + 1.641% | | | | | | | | |
6.738% FRN 3/15/39 (b) | | | 250,000 | | | | 249,766 | |
NYC Trust, Series 2024-3ELV, Class A, 1 mo. USD Term SOFR + 1.991% | | | | | | | | |
7.088% FRN 8/15/29 (b) | | | 120,000 | | | | 120,449 | |
ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, | | | | | | | | |
5.753% VRN 7/15/39 (b) (f) | | | 330,000 | | | | 335,276 | |
PFP Ltd., Series 2024-11, Class A, 1 mo. USD Term SOFR + 1.832% | | | | | | | | |
6.915% FRN 9/17/39 (b) | | | 100,000 | | | | 100,063 | |
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, | | | | | | | | |
1.982% VRN 10/10/48 (f) | | | 2,797,589 | | | | 57,153 | |
SLG Office Trust, Series 2021-OVA, Class E | | | | | | | | |
2.851% 7/15/41 (b) | | | 260,000 | | | | 209,992 | |
TTAN, Series 2021-MHC, Class F, 1 mo. USD Term SOFR + 3.014% | | | | | | | | |
8.112% FRN 3/15/38 (b) | | | 297,057 | | | | 293,276 | |
Wells Fargo Commercial Mortgage Trust | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2015-NXS2, Class XA, 0.721% VRN 7/15/58 (f) | | $ | 8,713,570 | | | $ | 28,687 | |
Series 2015-P2, Class XA, 1.075% VRN 12/15/48 (f) | | | 3,363,135 | | | | 22,528 | |
Series 2019-C53, Class XA, 1.109% VRN 10/15/52 (f) | | | 3,785,114 | | | | 160,306 | |
Series 2017-C38, Class A4, 3.190% 7/15/50 | | | 285,050 | | | | 274,573 | |
Series 2016-C35, Class B, 3.438% 7/15/48 | | | 328,000 | | | | 313,850 | |
Series 2024-C63, Class A5, 5.309% 8/15/57 | | | 140,000 | | | | 146,739 | |
| | | | | | | 10,835,398 | |
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% | | | | | | | | |
4.238% FRN 10/25/36 | | | 51,716 | | | | 17,600 | |
Other Asset-Backed Securities — 3.4% | | | | | | | | |
AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.282% FRN 4/20/36 (b) | | | 200,000 | | | | 201,189 | |
ARES Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, 3 mo. USD Term SOFR + 1.750% | | | | | | | | |
7.051% FRN 10/15/36 (b) | | | 450,000 | | | | 453,168 | |
Birch Grove CLO 4 Ltd., Series 2022-4A, Class A1R, 3 mo. USD Term SOFR + 1.480% | | | | | | | | |
6.781% FRN 7/15/37 (b) | | | 170,000 | | | | 170,595 | |
Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1, 3 mo. USD Term SOFR + 1.800% | | | | | | | | |
7.082% FRN 10/20/36 (b) | | | 200,000 | | | | 201,260 | |
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, | | | | | | | | |
5.682% STEP 12/16/41 (b) | | | 408,007 | | | | 406,497 | |
CarVal CLO XI C Ltd., Series 2024-3A, Class A1, 3 mo. USD Term SOFR + 1.390% | | | | | | | | |
5.961% FRN 10/20/37 (b) | | | 240,000 | | | | 240,360 | |
Cayuga Park CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.382% | | | | | | | | |
6.667% FRN 7/17/34 (b) | | | 200,000 | | | | 200,410 | |
CLI Funding VI LLC, Series 2020-3A, Class A | | | | | | | | |
2.070% 10/18/45 (b) | | | 141,250 | | | | 131,395 | |
Dividend Solar Loans LLC, Series 2018-1, Class B | | | | | | | | |
4.290% 7/20/38 (b) | | | 440,602 | | | | 396,552 | |
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 3 mo. USD Term SOFR + 1.282% | | | | | | | | |
6.583% FRN 4/15/31 (b) | | | 219,167 | | | | 219,168 | |
Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, 3 mo. USD Term SOFR + 1.520% | | | | | | | | |
6.841% FRN 4/20/37 (b) | | | 170,000 | | | | 171,317 | |
Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520% | | | | | | | | |
6.802% FRN 4/20/37 (b) | | | 100,000 | | | | 100,250 | |
Empower CLO Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.200% | | | | | | | | |
7.501% FRN 7/15/36 (b) | | | 270,000 | | | | 272,677 | |
Hero Funding Trust, Series 2016-4A, Class A2 | | | | | | | | |
4.290% 9/20/47 (b) | | | 76,016 | | | | 71,304 | |
HPS Loan Management Ltd., Series 15A-19, Class A1R, 3 mo. USD Term SOFR + 1.320% | | | | | | | | |
6.602% FRN 1/22/35 (b) | | | 250,000 | | | | 250,120 | |
M&T Equipment Notes, Series 2024-1, Class A4 | | | | | | | | |
4.940% 8/18/31 (b) | | | 250,000 | | | | 252,031 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
MACH 1 Cayman Ltd., Series 2019-1, Class A | | | | | | | | |
3.474% 10/15/39 (b) | | $ | 233,536 | | | $ | 217,219 | |
Mosaic Solar Loan Trust, Series 2020-2A, Class B | | | | | | | | |
2.210% 8/20/46 (b) | | | 222,768 | | | | 184,203 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A | | | | | | | | |
4.450% 6/20/42 (b) | | | 151,903 | | | | 148,699 | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422% | | | | | | | | |
6.723% FRN 7/15/34 (b) | | | 250,000 | | | | 250,049 | |
Octagon 66 Ltd., Series 2022-1A, Class A1R, 3 mo. USD Term SOFR + 1.750% | | | | | | | | |
6.846% FRN 11/16/36 (b) | | | 250,000 | | | | 251,688 | |
Rad CLO 22 Ltd., Series 2023-22A, Class A1, 3 mo. USD Term SOFR + 1.830% | | | | | | | | |
7.112% FRN 1/20/37 (b) | | | 400,000 | | | | 403,008 | |
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A | | | | | | | | |
2.980% 6/20/47 (b) | | | 333,094 | | | | 298,654 | |
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C | | | | | | | | |
2.630% 10/20/48 (b) | | | 412,686 | | | | 273,926 | |
Symphony CLO 40 Ltd., Series 2023-40A, Class A1, 3 mo. USD Term SOFR + 1.640% | | | | | | | | |
6.941% FRN 1/14/34 (b) | | | 380,000 | | | | 380,393 | |
Textainer Marine Containers VII Ltd. | | | | | | | | |
Series 2020-2A, Class A, 2.100% 9/20/45 (b) | | | 306,120 | | | | 285,463 | |
Series 2024-1A, Class A, 5.250% 8/20/49 (b) | | | 198,400 | | | | 199,352 | |
Vault DI Issuer LLC, Series 2021-1A, Class A2 | | | | | | | | |
2.804% 7/15/46 (b) | | | 500,000 | | | | 454,789 | |
Whitebox CLO II Ltd., Series 2020-2A, Class A1R, 3 mo. USD Term SOFR + 1.482% | | | | | | | | |
6.765% FRN 10/24/34 (b) | | | 150,000 | | | | 150,083 | |
| | | | | | | 7,235,819 | |
Student Loans Asset-Backed Securities — 0.9% | | | | | | | | |
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% | | | | | | | | |
6.169% FRN 12/26/47 (b) | | | 155,902 | | | | 155,889 | |
ELFI Graduate Loan Program LLC, Series 2020-A, Class A | | | | | | | | |
1.730% 8/25/45 (b) | | | 243,521 | | | | 219,283 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2024-A, Class A1A, 5.240% 3/15/56 (b) | | | 275,992 | | | | 280,340 | |
Series 2024-C, Class A1B, 30 day USD SOFR Average + 1.100% 6.442% FRN 6/17/52 (b) | | | 336,505 | | | | 333,773 | |
SoFi Professional Loan Program LLC | | | | | | | | |
Series 2017-D, Class BFX, 3.610% 9/25/40 (b) | | | 350,000 | | | | 330,580 | |
Series 2018-B, Class BFX, 3.830% 8/25/47 (b) | | | 500,000 | | | | 468,966 | |
| | | | | | | 1,788,831 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 4.7% | | | | | | | | |
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, | | | | | | | | |
4.928% VRN 4/25/37 (f) | | | 431,378 | | | | 394,737 | |
Countrywide Home Loans Mortgage Pass-Through Trust | | | | | | | | |
Series 2007-HYB2, Class 3A1, 4.338% VRN 2/25/47 (f) | | | 625,358 | | | | 583,550 | |
Series 2007-3, Class A21, 6.000% 4/25/37 | | | 1,283,698 | | | | 632,213 | |
Series 2007-14, Class A6, 6.000% 9/25/37 | | | 1,122,119 | | | | 596,002 | |
GCAT Trust, Series 2024-INV3, Class A17, | | | | | | | | |
6.500% VRN 9/25/54 (b) (f) | | | 98,192 | | | | 99,684 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD Term SOFR + 0.454% | | | | | | | | |
5.419% FRN 12/19/36 | | $ | 352,126 | | | $ | 315,907 | |
HOMES Trust, Series 2024-NQM1, Class A1, | | | | | | | | |
5.915% STEP 7/25/69 (b) | | | 398,106 | | | | 403,386 | |
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, | | | | | | | | |
2.489% VRN 9/25/56 (b) (f) | | | 1,028,000 | | | | 740,857 | |
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, | | | | | | | | |
3.701% VRN 7/25/35 (f) | | | 196,888 | | | | 178,636 | |
Morgan Stanley Residential Mortgage Loan Trust | | | | | | | | |
Series 2024-INV2, Class A1, 6.500% VRN 2/25/54 (b) (f) | | | 515,440 | | | | 523,273 | |
Series 2024-INV3, Class A1, 6.500% VRN 6/25/54 (b) (f) | | | 384,298 | | | | 390,137 | |
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1, | | | | | | | | |
5.000% STEP 6/25/62 (b) | | | 414,615 | | | | 420,415 | |
OBX Trust, Series 2024-NQM11, Class A1, | | | | | | | | |
5.875% STEP 6/25/64 (b) | | | 397,634 | | | | 403,172 | |
PRKCM Trust, Series 2023-AFC1, Class A1, | | | | | | | | |
6.598% STEP 2/25/58 (b) | | | 323,235 | | | | 327,147 | |
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, | | | | | | | | |
6.500% VRN 10/26/37 (b) (f) | | | 623,691 | | | | 263,158 | |
RCKT Mortgage Trust, Series 2024-INV1, Class A1, | | | | | | | | |
6.500% VRN 6/25/54 (b) (f) | | | 387,637 | | | | 393,043 | |
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD Term SOFR + 0.714% | | | | | | | | |
6.000% FRN 4/25/37 | | | 138,434 | | | | 113,947 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, | | | | | | | | |
5.115% VRN 10/25/37 (f) | | | 459,921 | | | | 373,612 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (b) (f) | | | 1,000,000 | | | | 690,821 | |
Series 2021-R1, Class M1, 2.338% 10/25/63 (b) | | | 1,500,000 | | | | 1,365,992 | |
Series 2022-6, Class A1, 4.910% STEP 6/25/67 (b) | | | 232,266 | | | | 231,123 | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, | | | | | | | | |
6.850% STEP 5/25/36 | | | 569,141 | | | | 506,638 | |
| | | | | | | 9,947,450 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $37,236,339) | | | | | | | 30,802,046 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATIONS — 5.8% | | | | | | | | |
Brazil Letras do Tesouro Nacional | | | | | | | | |
1/01/26BRL (e) | | | 708,000 | | | | 112,417 | |
Brazil Notas do Tesouro Nacional Series F | | | | | | | | |
10.000% 1/01/27 BRL (e) | | | 2,920,000 | | | | 513,304 | |
10.000% 1/01/33 BRL (e) | | | 3,249,000 | | | | 529,488 | |
Brazilian Government International Bond | | | | | | | | |
3.750% 9/12/31 | | | 950,000 | | | | 857,371 | |
5.625% 2/21/47 (c) | | | 300,000 | | | | 264,456 | |
Colombia Government International Bond | | | | | | | | |
3.250% 4/22/32 | | | 230,000 | | | | 185,303 | |
4.125% 2/22/42 | | | 440,000 | | | | 302,796 | |
Indonesia Government International Bond | | | | | | | | |
3.500% 1/11/28 | | | 320,000 | | | | 314,112 | |
Israel Government International Bond | | | | | | | | |
2.750% 7/03/30 | | | 310,000 | | | | 271,637 | |
Jamaica Government International Bond | | | | | | | | |
9.625% 11/03/30 JMD (e) | | | 22,000,000 | | | | 146,717 | |
Mexican Bonos | | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
7.750% 11/23/34 MXN (e) | | $ | 8,220,000 | | | $ | 373,620 | |
7.750% 11/13/42 MXN (e) | | | 152,850,000 | | | | 6,465,578 | |
Mexico Government International Bond | | | | | | | | |
2.659% 5/24/31 | | | 200,000 | | | | 171,693 | |
3.750% 1/11/28 | | | 205,000 | | | | 199,587 | |
4.280% 8/14/41 | | | 450,000 | | | | 367,174 | |
Nigeria Government International Bond | | | | | | | | |
7.143% 2/23/30 (b) | | | 210,000 | | | | 190,312 | |
Peruvian Government International Bond | | | | | | | | |
6.550% 3/14/37 | | | 260,000 | | | | 290,999 | |
Provincia de Buenos Aires/Government Bond, | | | | | | | | |
6.625% STEP 9/01/37 (b) | | | 520,236 | | | | 247,112 | |
Republic of Kenya Government International Bond | | | | | | | | |
6.300% 1/23/34 (b) | | | 370,000 | | | | 302,599 | |
Uruguay Government International Bond | | | | | | | | |
3.875% 7/02/40 UYU (e) | | | 5,017,408 | | | | 125,029 | |
| | | | | | | 12,231,304 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $12,543,850) | | | | | | | 12,231,304 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (g) — 33.9% | | | | | | | | |
Collateralized Mortgage Obligations — 4.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | | | | | | | |
Series K-157, Class X1, 0.419% VRN 5/25/33 (f) | | | 10,398,543 | | | | 232,498 | |
Series K-154, Class X1, 0.527% VRN 1/25/33 (f) | | | 7,097,279 | | | | 199,414 | |
Series K124, Class X1, 0.808% VRN 12/25/30 (f) | | | 5,861,939 | | | | 215,829 | |
Federal Home Loan Mortgage Corp. REMICS | | | | | | | | |
Series 5092, Class AP, 2.000% 4/25/41 | | | 73,948 | | | | 65,716 | |
Series 4991, Class QV, 2.000% 9/25/45 | | | 91,136 | | | | 77,540 | |
Series 5085, Class NI, 2.000% 3/25/51 | | | 1,279,570 | | | | 151,227 | |
Series 5274, Class IO, 2.500% 1/25/51 | | | 623,855 | | | | 103,398 | |
Series 5071, Class IH, 2.500% 2/25/51 | | | 233,463 | | | | 31,757 | |
Series 5377, Class IO, 2.500% 12/25/51 | | | 850,041 | | | | 104,556 | |
Series 4481, Class B, 3.000% 12/15/42 | | | 759,108 | | | | 739,590 | |
Series 4483, Class CA, 3.000% 6/15/44 | | | 1,336,451 | | | | 1,291,136 | |
Series 4391, Class MZ, 3.000% 9/15/44 | | | 134,935 | | | | 120,829 | |
Series 5180, Class IN, 3.000% 7/25/51 | | | 1,290,912 | | | | 251,348 | |
Federal National Mortgage Association REMICS | | | | | | | | |
Series 2018-21, 0.000% 4/25/48 | | | 566,534 | | | | 427,758 | |
Series 2021-48, Class NS, 30 day USD SOFR Average + 3.650% 0.000% FRN 8/25/51 | | | 970,145 | | | | 38,409 | |
Series 2021-65, Class JA, 2.000% 1/25/46 | | | 67,969 | | | | 61,329 | |
Series 2020-57, Class TA, 2.000% 4/25/50 | | | 225,975 | | | | 198,587 | |
Series 2020-56, Class AQ, 2.000% 8/25/50 | | | 300,000 | | | | 241,380 | |
Series 2014-6, Class Z, 2.500% 2/25/44 | | | 130,525 | | | | 115,510 | |
Series 2012-118, Class VZ, 3.000% 11/25/42 | | | 120,124 | | | | 110,063 | |
Series 2021-18, Class ZG, 3.000% 6/25/50 | | | 2,673,130 | | | | 1,858,031 | |
Series 2020-96, Class IN, 3.000% 1/25/51 | | | 369,572 | | | | 63,133 | |
Series 2015-65, Class CZ, 3.500% 9/25/45 | | | 137,363 | | | | 121,715 | |
Government National Mortgage Association | | | | | | | | |
Series 2022-210, Class IO, 0.699% VRN 7/16/64 (f) | | | 1,468,958 | | | | 93,257 | |
Series 2022-216, Class IO, 0.749% VRN 7/16/65 (f) | | | 1,479,375 | | | | 97,987 | |
Series 2020-91, Class IU, 0.989% VRN 5/16/62 (f) | | | 3,612,004 | | | | 251,883 | |
Series 2022-3, Class B, 1.850% 2/16/61 | | | 500,000 | | | | 280,128 | |
Series 2020-175, Class GI, 2.000% 11/20/50 | | | 134,705 | | | | 15,699 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2022-113, Class Z, 2.000% 9/16/61 | | $ | 1,255,186 | | | $ | 701,134 | |
Series 2023-92, Class AH, 2.000% 6/16/64 | | | 99,923 | | | | 78,666 | |
Series 2022-220, Class E, 3.000% VRN 10/16/64 (f) | | | 100,000 | | | | 77,632 | |
Government National Mortgage Association REMICS | | | | | | | | |
Series 2021-103, Class SA, 30 day USD SOFR Average + 3.250% 0.000% FRN 4/20/51 | | | 1,075,980 | | | | 25,296 | |
Series 2021-115, Class MI, 2.500% 5/20/51 | | | 497,903 | | | | 55,829 | |
Series 2021-96, Class VI, 2.500% 6/20/51 | | | 398,839 | | | | 56,846 | |
Series 2021-176, Class IN, 2.500% 10/20/51 | | | 476,432 | | | | 68,926 | |
Series 2022-189, Class PT, 2.500% 10/20/51 | | | 89,066 | | | | 77,098 | |
Series 2022-99, Class JW, 2.500% 1/20/52 | | | 100,000 | | | | 83,750 | |
Series 2021-57, Class BI, 3.000% 3/20/51 | | | 589,470 | | | | 97,543 | |
Series 2021-98, Class IG, 3.000% 6/20/51 | | | 867,559 | | | | 148,201 | |
Series 2021-137, Class IQ, 3.000% 8/20/51 | | | 1,150,235 | | | | 190,953 | |
Series 2021-117, Class ID, 3.500% 6/20/51 | | | 647,445 | | | | 113,308 | |
Series 2023-130, Class IO, 4.000% 8/20/47 | | | 1,344,478 | | | | 237,896 | |
Series 2020-H20, Class FA, 1 mo. USD Term SOFR + 0.464% 5.817% FRN 4/20/70 | | | 167,543 | | | | 165,386 | |
| | | | | | | 9,738,171 | |
Pass-Through Securities — 27.9% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RB5084 1.500% 11/01/40 | | | 411,461 | | | | 349,432 | |
Pool #RB5110 1.500% 5/01/41 | | | 459,132 | | | | 389,917 | |
Pool #RB5117 1.500% 7/01/41 | | | 389,991 | | | | 329,858 | |
Pool #RA4537 1.500% 2/01/51 | | | 77,528 | | | | 61,721 | |
Pool #RB5105 2.000% 3/01/41 | | | 211,593 | | | | 184,958 | |
Pool #RB5131 2.000% 10/01/41 | | | 547,095 | | | | 476,516 | |
Pool #RB0714 2.000% 12/01/41 | | | 80,295 | | | | 70,062 | |
Pool #RB5138 2.000% 12/01/41 | | | 398,581 | | | | 347,162 | |
Pool #SC0313 2.000% 1/01/42 | | | 435,295 | | | | 378,187 | |
Pool #QK1354 2.000% 2/01/42 | | | 81,467 | | | | 70,779 | |
Pool #RB5145 2.000% 2/01/42 | | | 655,971 | | | | 569,912 | |
Pool #SC0384 2.000% 4/01/42 | | | 269,043 | | | | 235,176 | |
Pool #RB5153 2.000% 4/01/42 | | | 756,355 | | | | 655,945 | |
Pool #SC0319 2.000% 4/01/42 | | | 85,257 | | | | 74,258 | |
Pool #SD8079 2.000% 7/01/50 | | | 166,491 | | | | 138,665 | |
Pool #QB3535 2.000% 9/01/50 | | | 488,836 | | | | 406,830 | |
Pool #QB4985 2.000% 11/01/50 | | | 69,296 | | | | 58,017 | |
Pool #SD0715 2.000% 9/01/51 | | | 1,639,936 | | | | 1,381,738 | |
Pool #QD3960 2.000% 1/01/52 | | | 332,588 | | | | 277,522 | |
Pool #RB5149 2.500% 3/01/42 | | | 81,633 | | | | 73,410 | |
Pool #RB5154 2.500% 4/01/42 | | | 166,994 | | | | 149,912 | |
Pool #QK1449 2.500% 4/01/42 | | | 165,593 | | | | 148,654 | |
Pool #G08520 2.500% 1/01/43 | | | 426,953 | | | | 388,476 | |
Pool #SD7521 2.500% 7/01/50 | | | 181,584 | | | | 159,434 | |
Pool #SD7525 2.500% 10/01/50 | | | 572,678 | | | | 502,107 | |
Pool #RA3913 2.500% 11/01/50 | | | 211,041 | | | | 185,034 | |
Pool #RA4142 2.500% 12/01/50 | | | 263,965 | | | | 231,436 | |
Pool #SD7534 2.500% 2/01/51 | | | 134,529 | | | | 118,287 | |
Pool #SD2991 2.500% 9/01/51 | | | 88,329 | | | | 77,417 | |
Pool #QC7086 2.500% 9/01/51 | | | 232,289 | | | | 201,921 | |
Pool #SD0777 2.500% 11/01/51 | | | 80,921 | | | | 70,496 | |
Pool #SD0857 2.500% 1/01/52 | | | 421,179 | | | | 367,303 | |
Pool #SD5344 2.500% 4/01/52 | | | 96,133 | | | | 83,235 | |
Pool #SD1749 2.500% 4/01/52 | | | 86,692 | | | | 75,630 | |
Pool #SD7554 2.500% 4/01/52 | | | 995,476 | | | | 870,937 | |
Pool #841703 1 yr. USD RFUCCT + 1.634% 2.638% FRN 12/01/50 | | | 272,866 | | | | 257,545 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #QK1512 3.000% 5/01/42 | | $ | 152,352 | | | $ | 140,987 | |
Pool #RA2797 3.000% 6/01/50 | | | 51,916 | | | | 46,761 | |
Pool #QC3242 3.000% 6/01/51 | | | 404,566 | | | | 368,223 | |
Pool #SD8174 3.000% 10/01/51 | | | 1,244,402 | | | | 1,121,411 | |
Pool #SD0781 3.000% 11/01/51 | | | 73,532 | | | | 66,421 | |
Pool #QD7333 3.000% 2/01/52 | | | 86,608 | | | | 78,367 | |
Pool #QD6216 3.000% 2/01/52 | | | 81,693 | | | | 73,921 | |
Pool #SD7555 3.000% 8/01/52 | | | 834,577 | | | | 759,605 | |
Pool #G08632 3.500% 3/01/45 | | | 564,066 | | | | 536,775 | |
Pool #SD2866 4.000% 7/01/49 | | | 87,906 | | | | 85,818 | |
Pool #SD1218 4.000% 7/01/49 | | | 295,968 | | | | 287,829 | |
Pool #SD5352 4.000% 7/01/50 | | | 474,848 | | | | 465,055 | |
Pool #RA7185 4.000% 4/01/52 | | | 326,376 | | | | 315,973 | |
Pool #RA7186 4.000% 4/01/52 | | | 162,064 | | | | 157,101 | |
Pool #SD7560 4.000% 2/01/53 | | | 174,468 | | | | 169,725 | |
Pool #SD2792 4.500% 3/01/47 | | | 83,063 | | | | 83,781 | |
Pool #SD1143 4.500% 9/01/50 | | | 1,064,923 | | | | 1,061,834 | |
Pool #SD0615 4.500% 1/01/51 | | | 77,862 | | | | 77,612 | |
Pool #SD1807 4.500% 7/01/52 | | | 87,467 | | | | 86,558 | |
Pool #SD2394 4.500% 11/01/52 | | | 89,062 | | | | 87,857 | |
Pool #SD1775 4.500% 11/01/52 | | | 177,868 | | | | 176,018 | |
Pool #SD2355 4.500% 12/01/52 | | | 86,124 | | | | 84,960 | |
Pool #SD1305 5.000% 7/01/52 | | | 417,383 | | | | 417,901 | |
Pool #SD2591 5.000% 3/01/53 | | | 88,634 | | | | 89,230 | |
Pool #RA8790 5.000% 4/01/53 | | | 181,803 | | | | 182,514 | |
Pool #RA8694 5.000% 4/01/53 | | | 181,794 | | | | 183,641 | |
Pool #SD3722 5.000% 5/01/53 | | | 84,939 | | | | 85,484 | |
Pool #SD2245 5.500% 12/01/52 | | | 88,342 | | | | 89,905 | |
Pool #SD2138 5.500% 1/01/53 | | | 92,246 | | | | 94,160 | |
Pool #SD2723 5.500% 3/01/53 | | | 90,966 | | | | 92,575 | |
Pool #SD2688 5.500% 4/01/53 | | | 90,680 | | | | 92,426 | |
Pool #SD2511 5.500% 4/01/53 | | | 86,990 | | | | 88,425 | |
Pool #QG1295 5.500% 4/01/53 | | | 94,962 | | | | 96,452 | |
Pool #SD2762 5.500% 5/01/53 | | | 89,042 | | | | 90,756 | |
Pool #SD2756 5.500% 5/01/53 | | | 88,881 | | | | 90,504 | |
Pool #SD2892 5.500% 5/01/53 | | | 87,539 | | | | 89,225 | |
Pool #QG7311 5.500% 7/01/53 | | | 90,784 | | | | 92,339 | |
Pool #RA9437 5.500% 7/01/53 | | | 92,025 | | | | 93,567 | |
Pool #SD5384 5.500% 7/01/53 | | | 98,017 | | | | 99,634 | |
Pool #SD3475 5.500% 8/01/53 | | | 92,088 | | | | 93,602 | |
Pool #SD2284 6.000% 12/01/52 | | | 84,513 | | | | 86,926 | |
Pool #SD2578 6.000% 3/01/53 | | | 173,927 | | | | 178,681 | |
Pool #SD3432 6.000% 7/01/53 | | | 88,701 | | | | 91,361 | |
Pool #SD3642 6.000% 9/01/53 | | | 90,659 | | | | 94,069 | |
Pool #SD3737 6.000% 9/01/53 | | | 94,955 | | | | 97,607 | |
Pool #RJ1350 6.000% 4/01/54 | | | 96,431 | | | | 99,004 | |
Pool #SD5143 6.000% 4/01/54 | | | 188,429 | | | | 193,633 | |
Pool #SD5876 6.000% 5/01/54 | | | 99,774 | | | | 102,361 | |
Pool #SD5691 6.000% 6/01/54 | | | 99,723 | | | | 102,330 | |
Pool #SD5709 6.000% 7/01/54 | | | 98,370 | | | | 100,994 | |
Pool #SD2452 6.500% 2/01/53 | | | 81,169 | | | | 84,282 | |
Pool #RA8904 6.500% 4/01/53 | | | 153,036 | | | | 158,906 | |
Pool #RA9081 6.500% 5/01/53 | | | 87,589 | | | | 91,413 | |
Pool #SD4030 6.500% 10/01/53 | | | 186,045 | | | | 193,739 | |
Pool #RJ0954 6.500% 2/01/54 | | | 91,900 | | | | 95,482 | |
Pool #RJ1358 6.500% 4/01/54 | | | 98,260 | | | | 102,090 | |
Federal National Mortgage Association | | | | | | | | |
Pool #MA4519 1.500% 1/01/42 | | | 82,449 | | | | 69,401 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #MA4236 1.500% 1/01/51 | | $ | 78,272 | | | $ | 61,922 | |
Pool #MA4280 1.500% 3/01/51 | | | 15,969 | | | | 12,634 | |
Pool #FP0028 2.000% 8/01/40 | | | 89,201 | | | | 78,614 | |
Pool #MA4422 2.000% 9/01/41 | | | 765,338 | | | | 667,561 | |
Pool #MA4446 2.000% 10/01/41 | | | 231,317 | | | | 201,476 | |
Pool #MA4474 2.000% 11/01/41 | | | 156,536 | | | | 136,342 | |
Pool #MA4501 2.000% 12/01/41 | | | 80,013 | | | | 69,691 | |
Pool #MA4540 2.000% 2/01/42 | | | 161,638 | | | | 140,432 | |
Pool #MA4606 2.000% 5/01/42 | | | 256,449 | | | | 222,404 | |
Pool #BQ3331 2.000% 8/01/50 | | | 72,304 | | | | 60,175 | |
Pool #CA7023 2.000% 9/01/50 | | | 68,965 | | | | 57,655 | |
Pool #BQ4926 2.000% 10/01/50 | | | 67,042 | | | | 55,795 | |
Pool #CA7224 2.000% 10/01/50 | | | 136,796 | | | | 114,360 | |
Pool #MA4237 2.000% 1/01/51 | | | 217,034 | | | | 180,489 | |
Pool #FS4654 2.000% 7/01/51 | | | 181,078 | | | | 150,701 | |
Pool #FS4270 2.000% 3/01/52 | | | 90,055 | | | | 75,342 | |
Pool #BS4941 2.460% 4/01/32 | | | 978,200 | | | | 870,261 | |
Pool #MA4177 2.500% 11/01/40 | | | 54,069 | | | | 49,011 | |
Pool #FS0697 2.500% 2/01/42 | | | 77,945 | | | | 70,606 | |
Pool #MA4571 2.500% 3/01/42 | | | 80,499 | | | | 72,390 | |
Pool #MA4587 2.500% 4/01/42 | | | 166,498 | | | | 149,466 | |
Pool #BV7697 2.500% 4/01/42 | | | 345,880 | | | | 310,499 | |
Pool #MA4607 2.500% 5/01/42 | | | 83,613 | | | | 75,060 | |
Pool #FM4052 2.500% 9/01/50 | | | 2,230,897 | | | | 1,955,983 | |
Pool #FM7673 2.500% 6/01/51 | | | 296,496 | | | | 258,939 | |
Pool #FS0028 2.500% 9/01/51 | | | 78,249 | | | | 68,410 | |
Pool #BU3295 2.500% 10/01/51 | | | 166,383 | | | | 144,632 | |
Pool #FM8786 2.500% 10/01/51 | | | 79,008 | | | | 69,074 | |
Pool #CB2276 2.500% 11/01/51 | | | 82,414 | | | | 71,563 | |
Pool #FS0549 2.500% 2/01/52 | | | 251,637 | | | | 219,448 | |
Pool #FS2595 2.500% 3/01/52 | | | 174,365 | | | | 152,060 | |
Pool #FS0835 2.500% 3/01/52 | | | 83,499 | | | | 72,792 | |
Pool #FS6620 2.500% 3/01/52 | | | 189,859 | | | | 165,988 | |
Pool #FS3368 2.500% 3/01/52 | | | 87,005 | | | | 75,876 | |
Pool #FS1626 2.500% 4/01/52 | | | 170,587 | | | | 148,713 | |
Pool #BF0560 2.500% 9/01/61 | | | 80,528 | | | | 67,359 | |
Pool #FS1542 3.000% 4/01/42 | | | 157,729 | | | | 147,097 | |
Pool #CB3542 3.000% 5/01/42 | | | 79,471 | | | | 74,039 | |
Pool #MA4643 3.000% 5/01/42 | | | 83,790 | | | | 77,540 | |
Pool #MA4632 3.000% 6/01/42 | | | 341,484 | | | | 316,010 | |
Pool #MA2248 3.000% 4/01/45 | | | 261,706 | | | | 237,113 | |
Pool #AS7661 3.000% 8/01/46 | | | 251,699 | | | | 227,338 | |
Pool #FM9934 3.000% 12/01/48 | | | 786,929 | | | | 720,603 | |
Pool #FM9564 3.000% 2/01/50 | | | 920,810 | | | | 842,624 | |
Pool #CA6315 3.000% 7/01/50 | | | 84,032 | | | | 76,214 | |
Pool #CA7531 3.000% 10/01/50 | | | 68,231 | | | | 62,293 | |
Pool #FM8480 3.000% 11/01/50 | | | 56,745 | | | | 51,572 | |
Pool #FM7531 3.000% 5/01/51 | | | 60,339 | | | | 54,768 | |
Pool #FM9464 3.000% 11/01/51 | | | 150,206 | | | | 136,806 | |
Pool #BU1421 3.000% 1/01/52 | | | 82,349 | | | | 74,822 | |
Pool #FS2463 3.000% 2/01/52 | | | 513,403 | | | | 464,556 | |
Pool #FS1289 3.000% 3/01/52 | | | 395,342 | | | | 361,434 | |
Pool #FS8124 3.000% 6/01/52 | | | 290,450 | | | | 263,632 | |
Pool #CB3833 3.000% 6/01/52 | | | 86,691 | | | | 78,409 | |
Pool #CB3386 3.500% 4/01/42 | | | 81,834 | | | | 78,479 | |
Pool #FM7100 3.500% 6/01/50 | | | 104,377 | | | | 98,532 | |
Pool #FS1240 3.500% 12/01/51 | | | 79,407 | | | | 74,595 | |
Pool #FS1237 3.500% 12/01/51 | | | 231,066 | | | | 218,073 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #FS2296 3.500% 1/01/52 | | $ | 393,584 | | | $ | 368,501 | |
Pool #FS1241 3.500% 1/01/52 | | | 87,653 | | | | 82,231 | |
Pool #FS1462 3.500% 1/01/52 | | | 160,284 | | | | 151,222 | |
Pool #FS1092 3.500% 4/01/52 | | | 490,017 | | | | 458,946 | |
Pool #FS1454 3.500% 4/01/52 | | | 165,778 | | | | 155,387 | |
Pool #FS1555 3.500% 4/01/52 | | | 166,242 | | | | 156,064 | |
Pool #BV8546 3.500% 5/01/52 | | | 158,197 | | | | 149,054 | |
Pool #FS1556 3.500% 5/01/52 | | | 662,447 | | | | 624,164 | |
Pool #FS1866 3.500% 5/01/52 | | | 89,395 | | | | 83,838 | |
Pool #FM3049 4.000% 4/01/44 | | | 186,416 | | | | 182,969 | |
Pool #CA2472 4.000% 10/01/48 | | | 53,429 | | | | 51,760 | |
Pool #CB3272 4.000% 4/01/52 | | | 166,108 | | | | 161,021 | |
Pool #CB3320 4.000% 4/01/52 | | | 83,822 | | | | 81,151 | |
Pool #CB3614 4.000% 5/01/52 | | | 83,022 | | | | 80,479 | |
Pool #FS2023 4.000% 5/01/52 | | | 174,381 | | | | 168,932 | |
Pool #FM1263 4.500% 7/01/49 | | | 35,574 | | | | 35,459 | |
Pool #FS4480 4.500% 3/01/50 | | | 84,071 | | | | 84,511 | |
Pool #MA4031 4.500% 5/01/50 | | | 20,435 | | | | 20,319 | |
Pool #FS0067 4.500% 9/01/51 | | | 61,583 | | | | 61,462 | |
Pool #FS2914 4.500% 9/01/52 | | | 85,555 | | | | 84,665 | |
Pool #BX2186 4.500% 11/01/52 | | | 73,924 | | | | 72,762 | |
Pool #FS3977 4.500% 11/01/52 | | | 45,394 | | | | 44,781 | |
Pool #FS3836 4.500% 1/01/53 | | | 87,317 | | | | 86,136 | |
Pool #CB3880 5.000% 6/01/52 | | | 76,927 | | | | 77,589 | |
Pool #BW0048 5.000% 7/01/52 | | | 76,972 | | | | 77,243 | |
Pool #CB4103 5.000% 7/01/52 | | | 166,274 | | | | 169,782 | |
Pool #BW9916 5.000% 10/01/52 | | | 85,882 | | | | 86,007 | |
Pool #FS3249 5.000% 11/01/52 | | | 81,972 | | | | 82,267 | |
Pool #FS5708 5.000% 6/01/53 | | | 89,700 | | | | 90,443 | |
Pool #FS5155 5.000% 7/01/53 | | | 177,571 | | | | 180,707 | |
Pool #CB5108 5.500% 11/01/52 | | | 175,668 | | | | 178,776 | |
Pool #FS3672 5.500% 2/01/53 | | | 90,795 | | | | 92,884 | |
Pool #FS4166 5.500% 4/01/53 | | | 88,445 | | | | 89,814 | |
Pool #CB6322 5.500% 5/01/53 | | | 90,452 | | | | 92,053 | |
Pool #FS4805 5.500% 5/01/53 | | | 93,571 | | | | 95,073 | |
Pool #FS5647 5.500% 7/01/53 | | | 92,101 | | | | 94,012 | |
Pool #FS5270 5.500% 7/01/53 | | | 90,607 | | | | 92,295 | |
Pool #CB7109 5.500% 9/01/53 | | | 371,005 | | | | 377,104 | |
Pool #CB5316 6.000% 12/01/52 | | | 166,107 | | | | 170,694 | |
Pool #FS4454 6.000% 4/01/53 | | | 88,721 | | | | 91,366 | |
Pool #FS4573 6.000% 5/01/53 | | | 174,541 | | | | 180,016 | |
Pool #CB6753 6.000% 7/01/53 | | | 271,484 | | | | 280,084 | |
Pool #FS5306 6.000% 7/01/53 | | | 87,395 | | | | 90,819 | |
Pool #FS6242 6.000% 11/01/53 | | | 94,596 | | | | 97,623 | |
Pool #FS7997 6.000% 5/01/54 | | | 194,495 | | | | 199,137 | |
Pool #CB5497 6.500% 1/01/53 | | | 248,100 | | | | 258,856 | |
Pool #BX7702 6.500% 2/01/53 | | | 74,261 | | | | 77,110 | |
Pool #FS7624 6.500% 3/01/54 | | | 93,179 | | | | 96,811 | |
Pool #CB8388 6.500% 4/01/54 | | | 272,924 | | | | 283,051 | |
Government National Mortgage Association II | | | | | | | | |
Pool #MA6930 2.000% 10/20/50 | | | 370,929 | | | | 314,698 | |
Pool #MA7135 2.000% 1/20/51 | | | 131,342 | | | | 111,472 | |
Pool #MA7184 2.000% 2/20/51 | | | 291,779 | | | | 240,708 | |
Pool #MA7303 2.000% 4/20/51 | | | 299,484 | | | | 247,064 | |
Pool #BS8546 2.500% 12/20/50 | | | 65,893 | | | | 57,470 | |
Pool #785565 2.500% 6/20/51 | | | 77,120 | | | | 67,334 | |
Pool #785568 2.500% 8/20/51 | | | 75,784 | | | | 66,072 | |
Pool #785663 2.500% 10/20/51 | | | 75,848 | | | | 66,128 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #785662 2.500% 10/20/51 | | $ | 2,105,035 | | | $ | 1,826,078 | |
Pool #785762 2.500% 11/20/51 | | | 79,594 | | | | 69,344 | |
Pool #785764 2.500% 11/20/51 | | | 585,590 | | | | 511,100 | |
Pool #785789 2.500% 12/20/51 | | | 79,173 | | | | 68,978 | |
Pool #785821 2.500% 12/20/51 | | | 81,227 | | | | 70,768 | |
Pool #MA7368 3.000% 5/20/51 | | | 180,942 | | | | 165,334 | |
Pool #MA7590 3.000% 9/20/51 | | | 501,833 | | | | 458,190 | |
Pool #786150 3.000% 3/20/52 | | | 84,355 | | | | 76,017 | |
Pool #786583 3.000% 3/20/52 | | | 176,217 | | | | 159,020 | |
Pool #786843 3.000% 3/20/52 | | | 178,290 | | | | 160,779 | |
Pool #MA5594 3.500% 11/20/48 | | | 146,799 | | | | 139,012 | |
Pool #MA6711 3.500% 6/20/50 | | | 251,540 | | | | 237,804 | |
Pool #MA6997 3.500% 11/20/50 | | | 307,774 | | | | 291,088 | |
Pool #MA7883 3.500% 2/20/52 | | | 572,560 | | | | 538,612 | |
Pool #786216 3.500% 6/20/52 | | | 159,443 | | | | 148,270 | |
Pool #MA5078 4.000% 3/20/48 | | | 158,559 | | | | 154,707 | |
Pool #MA5763 4.000% 2/20/49 | | | 137,615 | | | | 134,015 | |
Pool #MA5817 4.000% 3/20/49 | | | 57,737 | | | | 56,191 | |
Pool #MA5876 4.000% 4/20/49 | | | 45,825 | | | | 44,598 | |
Pool #MA8045 4.000% 5/20/52 | | | 170,861 | | | | 165,376 | |
Pool #CK9592 4.000% 6/20/52 | | | 81,634 | | | | 78,988 | |
Pool #786429 4.000% 6/20/52 | | | 88,119 | | | | 85,538 | |
Pool #MA5193 4.500% 5/20/48 | | | 25,402 | | | | 25,385 | |
Pool #MA5265 4.500% 6/20/48 | | | 171,301 | | | | 170,917 | |
Pool #MA5399 4.500% 8/20/48 | | | 63,937 | | | | 63,714 | |
Pool #MA5652 4.500% 12/20/48 | | | 30,690 | | | | 30,573 | |
Pool #MA5711 4.500% 1/20/49 | | | 382,908 | | | | 381,332 | |
Pool #MA5818 4.500% 3/20/49 | | | 136,809 | | | | 136,246 | |
Pool #786366 4.500% 8/20/52 | | | 175,393 | | | | 173,576 | |
Pool #786335 4.500% 9/20/52 | | | 170,919 | | | | 169,201 | |
Pool #MA5194 5.000% 5/20/48 | | | 16,812 | | | | 17,132 | |
Pool #MA5597 5.000% 11/20/48 | | | 34,138 | | | | 34,723 | |
Pool #MA5653 5.000% 12/20/48 | | | 41,390 | | | | 42,061 | |
Pool #MA5712 5.000% 1/20/49 | | | 32,874 | | | | 33,407 | |
Pool #MA5878 5.000% 4/20/49 | | | 16,637 | | | | 16,907 | |
Pool #MA6287 5.000% 11/20/49 | | | 14,831 | | | | 15,114 | |
Pool #MA6413 5.000% 1/20/50 | | | 32,861 | | | | 33,455 | |
Pool #786340 5.000% 9/20/52 | | | 87,559 | | | | 88,815 | |
Pool #MA8348 5.000% 10/20/52 | | | 86,830 | | | | 87,099 | |
Pool #MA8428 5.000% 11/20/52 | | | 176,191 | | | | 176,735 | |
Pool #MA8490 5.000% 12/20/52 | | | 529,483 | | | | 530,954 | |
Pool #786474 5.000% 1/20/53 | | | 87,714 | | | | 88,917 | |
Pool #MA8569 5.000% 1/20/53 | | | 356,935 | | | | 357,927 | |
Pool #MA8647 5.000% 2/20/53 | | | 90,049 | | | | 90,299 | |
Pool #MA8725 5.000% 3/20/53 | | | 90,941 | | | | 91,193 | |
Pool #MA8429 5.500% 11/20/52 | | | 256,371 | | | | 259,220 | |
Pool #MA8726 5.500% 3/20/53 | | | 175,148 | | | | 177,040 | |
Pool #MA8801 5.500% 4/20/53 | | | 355,123 | | | | 358,958 | |
Pool #786835 5.500% 8/20/53 | | | 94,532 | | | | 96,549 | |
Pool #787485 5.500% 7/20/54 | | | 99,706 | | | | 102,114 | |
Pool #787228 6.000% 1/20/54 | | | 756,403 | | | | 784,208 | |
Pool #787276 6.000% 2/20/54 | | | 193,565 | | | | 201,225 | |
Pool #787236 6.500% 1/20/54 | | | 183,243 | | | | 191,802 | |
Pool #787214 6.500% 1/20/54 | | | 92,054 | | | | 96,526 | |
Government National Mortgage Association II, TBA | | | | | | | | |
2.000% 10/20/54 (h) | | | 300,000 | | | | 254,290 | |
3.500% 10/20/54 (h) | | | 400,000 | | | | 375,993 | |
4.000% 10/20/54 (h) | | | 800,000 | | | | 773,489 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
4.500% 10/20/54 (h) | | $ | 300,000 | | | $ | 296,179 | |
5.000% 10/20/54 (h) | | | 900,000 | | | | 901,660 | |
Uniform Mortgage-Backed Security, TBA | | | | | | | | |
2.000% 10/01/54 (h) | | | 1,100,000 | | | | 909,562 | |
2.500% 10/01/54 (h) | | | 1,500,000 | | | | 1,294,395 | |
3.000% 10/01/54 (h) | | | 300,000 | | | | 269,250 | |
4.500% 10/01/54 (h) | | | 300,000 | | | | 294,926 | |
5.000% 10/01/54 (h) | | | 900,000 | | | | 899,297 | |
5.500% 10/01/54 (h) | | | 200,000 | | | | 202,336 | |
6.000% 10/01/54 (h) | | | 100,000 | | | | 102,191 | |
| | | | | | | 58,600,447 | |
Whole Loans — 1.4% | | | | | | | | |
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750% | | | | | | | | |
9.030% FRN 2/25/42 (b) | | | 490,000 | | | | 513,793 | |
Federal National Mortgage Association Connecticut Avenue Securities | | | | | | | | |
Series 2023-R06, Class 1M2, 30 day USD SOFR Average + 2.700% 7.980% FRN 7/25/43 (b) | | | 240,000 | | | | 247,696 | |
Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100% 8.380% FRN 3/25/42 (b) | | | 2,000,000 | | | | 2,081,888 | |
| | | | | | | 2,843,377 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $73,593,829) | | | | | | | 71,181,995 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 5.9% | | | | | | | | |
U.S. Treasury Bonds & Notes — 5.9% | | | | | | | | |
U.S. Treasury Bonds | | | | | | | | |
4.125% 8/15/53 | | | 250,000 | | | | 248,931 | |
4.500% 2/15/44 | | | 70,000 | | | | 72,953 | |
4.625% 5/15/54 | | | 30,000 | | | | 32,541 | |
4.750% 11/15/53 | | | 400,000 | | | | 441,828 | |
U.S. Treasury Inflation-Indexed Notes | | | | | | | | |
1.125% 1/15/33 | | | 570,186 | | | | 550,110 | |
1.875% 7/15/34 | | | 2,335,522 | | | | 2,392,738 | |
U.S. Treasury Notes | | | | | | | | |
3.625% 9/30/31 | | | 2,050,000 | | | | 2,046,156 | |
3.875% 8/15/34 | | | 230,000 | | | | 231,618 | |
4.000% 2/15/34 (c) | | | 170,000 | | | | 172,922 | |
4.125% 3/31/31 (c) | | | 5,700,000 | | | | 5,855,198 | |
4.250% 2/28/31 | | | 240,000 | | | | 248,189 | |
| | | | | | | 12,293,184 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,083,901) | | | | | | | 12,293,184 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $219,812,107) | | | | | | | 209,269,400 | |
| | | | | | | | |
TOTAL PURCHASED OPTIONS(#) — 0.0% (Cost $41,044) | | | | | | | 43,666 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $219,853,151) | | | | | | | 209,313,066 | |
| | | | | | | | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
SHORT-TERM INVESTMENTS — 1.9% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 0.9% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (i) | | | 1,955,185 | | | $ | 1,955,185 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 1.0% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (j) | | $ | 2,181,353 | | | | 2,181,353 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $4,136,538) | | | | | | | 4,136,538 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.6% (Cost $223,989,689) (k) | | | | | | | 213,449,604 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.6)% | | | | | | | (3,274,751) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 210,174,853 | |
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 September 30, 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 September 30, 2024, the aggregate market value of these securities amounted to $42,439,241 or 20.19% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $8,390,706 or 3.99% of net assets. The Fund received $6,631,463 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 September 30, 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 $2,181,445. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $2,225,003. |
(k) | See Note 3 for aggregate cost for federal tax purposes. |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
(#) OTC Options Purchased |
Description | | Counterparty | | Expiration Date | | | Exercise Price | | | No. of Contracts | | | Notional Amount | | Value | | | Premiums Paid/(Received) | | | Unrealized Appreciation (Depreciation) | |
Call | | | | | |
USD Call EUR Put | | JP Morgan Chase Bank N.A. | | | 10/11/24 | | | | 1.09 | | | | 1,870,000 | | | USD | | | 1,870,000 | | | $ | 748 | | | $ | 10,633 | | | $ | (9,885) | |
USD Call CNY Put | | Morgan Stanley & Co. LLC | | | 11/25/24 | | | | 7.18 | | | | 1,338,000 | | | USD | | | 1,338,000 | | | | 669 | | | | 3,081 | | | | (2,412) | |
| | | | | | | | | | | | | | | | | | | | | | $ | 1,417 | | | $ | 13,714 | | | $ | (12,297) | |
Put | | | | | |
USD Put CAD Call | | JP Morgan Chase Bank N.A. | | | 10/30/24 | | | | 1.37 | | | | 1,693,000 | | | USD | | | 1,693,000 | | | $ | 24,718 | | | $ | 9,383 | | | $ | 15,335 | |
| | | | | | | | | | | | | | | | | | | | | | $ | 26,135 | | | $ | 23,097 | | | $ | 3,038 | |
(#) 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 6-7 Year Future | | 10/04/24 | | | 115.00 | | | | 66 | | | USD | | | 7,542,563 | | | $ | 10,312 | | | $ | 11,645 | | | $ | (1,333) | |
Put | | | | | |
U.S. Treasury Note 6-7 Year Future | | 10/04/24 | | | 113.50 | | | | 66 | | | USD | | | 7,542,563 | | | $ | 7,219 | | | $ | 6,302 | | | $ | 917 | |
| | | | | | | | | | | | | | | | | | $ | 17,531 | | | $ | 17,947 | | | $ | (416) | |
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 6-7 Year Future | | 10/04/24 | | | 114.25 | | | | 22 | | | USD | | | 2,514,188 | | | $ | (9,281) | | | $ | (9,805) | | | $ | 524 | |
U.S. Treasury Bond Future | | 11/22/24 | | | 127.00 | | | | 18 | | | USD | | | 2,235,375 | | | | (21,656) | | | | (38,078) | | | | 16,422 | |
U.S. Treasury Note 10 Year Future | | 11/22/24 | | | 114.50 | | | | 44 | | | USD | | | 5,028,375 | | | | (47,438) | | | | (59,487) | | | | 12,049 | |
3 Month SOFR Future | | 12/13/24 | | | 97.13 | | | | 52 | | | USD | | | 12,474,800 | | | | (1,625) | | | | (28,241) | | | | 26,616 | |
3 Month SOFR Future | | 6/13/25 | | | 97.00 | | | | 157 | | | USD | | | 37,990,075 | | | | (109,900) | | | | (46,770) | | | | (63,130) | |
| | | | | | | | | | | | | | | | | | $ | (189,900) | | | $ | (182,381) | | | $ | (7,519) | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Put | | | | | |
U.S. Treasury Note 6-7 Year Future | | 10/04/24 | | | 114.25 | | | | 22 | | | USD | | | 2,514,188 | | | $ | (8,594) | | | $ | (8,400) | | | $ | (194) | |
U.S. Treasury Long Bond Future | | 11/22/24 | | | 122.00 | | | | 18 | | | USD | | | 2,235,375 | | | | (25,875) | | | | (33,172) | | | | 7,297 | |
U.S. Treasury Note 10 Year Future | | 11/22/24 | | | 113.50 | | | | 44 | | | USD | | | 5,028,375 | | | | (36,438) | | | | (52,518) | | | | 16,080 | |
U.S. Treasury Note 5 Year Future | | 11/22/24 | | | 109.50 | | | | 29 | | | USD | | | 3,186,602 | | | | (17,672) | | | | (21,067) | | | | 3,395 | |
| | | | | | | | | | | | | | | | | | $ | (88,579) | | | $ | (115,157) | | | $ | 26,578 | |
| | | | | | | | | | | | | | | | | | $ | (278,479) | | | $ | (297,538) | | | $ | 19,059 | |
Forward contracts |
Counterparty | | Settlement Date | | Currency Purchased | | Currency Sold | | Unrealized Appreciation (Depreciation) | |
Bank of America N.A. | | 10/18/24 | | EUR | | 1,190,000 | | | USD | | 1,317,349 | | | $ | 8,166 | |
Bank of America N.A. | | 10/18/24 | | AUD | | 432,286 | | | USD | | 293,724 | | | | 5,213 | |
Bank of America N.A. | | 10/18/24 | | USD | | 998,871 | | | MXN | | 18,215,802 | | | | 75,890 | |
Bank of America N.A. | | 10/18/24 | | USD | | 3,426,668 | | | EUR | | 3,143,294 | | | | (74,575) | |
BNP Paribas SA | | 10/18/24 | | CHF | | 230,000 | | | USD | | 272,771 | | | | (518) | |
BNP Paribas SA | | 10/18/24 | | NOK | | 9,250,000 | | | USD | | 839,889 | | | | 36,790 | |
BNP Paribas SA | | 10/18/24 | | USD | | 397,575 | | | CHF | | 340,000 | | | | (4,886) | |
BNP Paribas SA | | 10/18/24 | | USD | | 187,964 | | | NOK | | 2,010,000 | | | | (2,536) | |
BNP Paribas SA | | 10/18/24 | | USD | | 922,856 | | | AUD | | 1,358,590 | | | | (16,644) | |
Citibank N.A. | | 10/02/24 | | BRL | | 2,540,000 | | | USD | | 453,964 | | | | 12,288 | |
Citibank N.A. | | 10/02/24 | | USD | | 466,218 | | | BRL | | 2,540,000 | | | | (34) | |
Citibank N.A. | | 10/18/24 | | JPY | | 301,139,864 | | | USD | | 1,925,112 | | | | 174,710 | |
Citibank N.A. | | 10/18/24 | | AUD | | 4,072,927 | | | USD | | 2,733,654 | | | | 82,879 | |
Citibank N.A. | | 10/18/24 | | USD | | 528,009 | | | MXN | | 10,248,657 | | | | 8,717 | |
Citibank N.A. | | 10/18/24 | | INR | | 18,270,000 | | | USD | | 218,147 | | | | (277) | |
Citibank N.A. | | 10/18/24 | | CAD | | 780,000 | | | USD | | 567,141 | | | | 9,817 | |
Citibank N.A. | | 10/18/24 | | USD | | 350,129 | | | EUR | | 320,000 | | | | (6,311) | |
Citibank N.A. | | 10/18/24 | | USD | | 1,105,306 | | | JPY | | 170,500,000 | | | | (83,576) | |
Citibank N.A. | | 10/18/24 | | USD | | 1,188,204 | | | CAD | | 1,616,132 | | | | (7,233) | |
Citibank N.A. | | 10/18/24 | | USD | | 1,001,625 | | | AUD | | 1,480,000 | | | | (21,833) | |
Goldman Sachs International | | 10/02/24 | | BRL | | 26,502,714 | | | USD | | 4,838,521 | | | | 26,416 | |
Goldman Sachs International | | 10/02/24 | | USD | | 4,849,547 | | | BRL | | 26,502,714 | | | | (15,389) | |
Goldman Sachs International | | 10/18/24 | | CHF | | 840,000 | | | USD | | 998,311 | | | | (3,996) | |
Goldman Sachs International | | 10/18/24 | | NOK | | 4,355,364 | | | USD | | 395,488 | | | | 17,296 | |
Goldman Sachs International | | 10/18/24 | | USD | | 2,367,398 | | | GBP | | 1,842,007 | | | | (95,258) | |
Goldman Sachs International | | 10/18/24 | | USD | | 2,625,285 | | | CHF | | 2,326,140 | | | | (128,186) | |
Goldman Sachs International | | 10/18/24 | | USD | | 303,566 | | | MXN | | 5,770,000 | | | | 11,205 | |
Goldman Sachs International | | 10/18/24 | | USD | | 1,083,077 | | | NOK | | 11,600,000 | | | | (16,326) | |
Goldman Sachs International | | 10/18/24 | | USD | | 461,762 | | | AUD | | 690,000 | | | | (15,391) | |
Goldman Sachs International | | 11/04/24 | | BRL | | 14,521,357 | | | USD | | 2,640,909 | | | | 14,886 | |
JP Morgan Chase Bank N.A. | | 10/15/24 | | EUR | | 547,000 | | | USD | | 603,215 | | | | 5,998 | |
JP Morgan Chase Bank N.A. | | 10/18/24 | | JPY | | 40,630,000 | | | USD | | 284,261 | | | | (952) | |
JP Morgan Chase Bank N.A. | | 10/18/24 | | CNH | | 17,880,000 | | | USD | | 2,536,076 | | | | 17,441 | |
JP Morgan Chase Bank N.A. | | 10/18/24 | | USD | | 2,283,865 | | | MXN | | 42,084,792 | | | | 151,460 | |
JP Morgan Chase Bank N.A. | | 10/18/24 | | USD | | 235,760 | | | CAD | | 320,000 | | | | (940) | |
JP Morgan Chase Bank N.A. | | 10/18/24 | | USD | | 281,571 | | | JPY | | 43,430,000 | | | | (21,262) | |
JP Morgan Chase Bank N.A. | | 10/18/24 | | USD | | 4,204,685 | | | CNH | | 30,229,745 | | | | (112,550) | |
JP Morgan Chase Bank N.A. | | 10/31/24 | | CAD | | 859,430 | | | USD | | 622,160 | | | | 13,757 | |
JP Morgan Chase Bank N.A. | | 10/31/24 | | USD | | 622,180 | | | CAD | | 859,430 | | | | (13,737) | |
| | | | | | | | | | | | | | $ | 30,519 | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/Net Unrealized Appreciation (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Long Bond | | 12/19/24 | | | 18 | | | $ | 2,253,022 | | | $ | (17,647) | |
U.S. Treasury Note 10 Year | | 12/19/24 | | | 211 | | | | 24,101,426 | | | | 11,918 | |
U.S. Treasury Ultra Bond | | 12/19/24 | | | 107 | | | | 14,342,528 | | | | (101,497) | |
UK Long Gilt | | 12/27/24 | | | 15 | | | | 1,981,842 | | | | (7,902) | |
U.S. Treasury Note 5 Year | | 12/31/24 | | | 99 | | | | 10,898,023 | | | | (19,625) | |
3 Month SOFR Future | | 3/17/26 | | | 182 | | | | 43,747,405 | | | | 387,595 | |
| | | | | | | | | | | | $ | 252,842 | |
Short | | | | | | | | | | | |
Japanese 10 Year Bond | | 12/13/24 | | | 3 | | | $ | (3,020,265) | | | $ | 957 | |
U.S. Treasury Ultra 10 Year | | 12/19/24 | | | 30 | | | | (3,547,077) | | | | (1,829) | |
U.S. Treasury Note 2 Year | | 12/31/24 | | | 28 | | | | (5,805,139) | | | | (25,642) | |
| | | | | | | | | | | | $ | (26,514) | |
Centrally Cleared Credit Default Swaps - Sell Protection†† |
Reference Obligation/ Index | | Rate Received by Fund | | Payment Frequency | | | Termination Date | | | Credit Rating | | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
CDX.NA.HY Series 42† | | 5.000% | | | Quarterly | | | | 6/20/29 | | | BB-* | | | | USD | | | 525,200 | | | $ | 40,822 | | | $ | 31,913 | | | $ | 8,909 | |
CDX.NA.IG Series 43† | | 1.000% | | | Quarterly | | | | 12/20/29 | | | BBB-* | | | | USD | | | 16,893,000 | | | | 378,268 | | | | 380,973 | | | | (2,705) | |
CDX.NA.HY Series 42† | | 5.000% | | | Quarterly | | | | 12/20/29 | | | BB-* | | | | USD | | | 515,000 | | | | 37,796 | | | | 37,452 | | | | 344 | |
| | | | | | | | | | | | | | | | | | | | | | $ | 456,886 | | | $ | 450,338 | | | $ | 6,548 | |
Centrally Cleared Interest Rate Swaps |
Paid by the Fund | | Received by the Fund | | | | | | | | | | | | | | | | |
Rate/ Reference | | Frequency | | Rate/ Reference | | | Frequency | | | Termination Date | | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
12-Month USD SOFR | | Annually | | | Fixed 3.650% | | | | Annually | | | | 3/18/30 | | | USD | | | 8,213,000 | | | $ | 191,149 | | | $ | (202,863) | | | $ | 394,012 | |
Fixed 4.200% | | Annually | | | 12-Month USD SOFR | | | | Annually | | | | 4/30/31 | | | USD | | | 17,046,000 | | | | (947,014) | | | | (246,252) | | | | (700,762) | |
Fixed 3.050% | | Annually | | | 12-Month USD SOFR | | | | Annually | | | | 2/15/48 | | | USD | | | 2,687,000 | | | | 152,219 | | | | 48,683 | | | | 103,536 | |
Fixed 3.510% | | Annually | | | 12-Month USD SOFR | | | | Annually | | | | 3/18/55 | | | USD | | | 2,075,000 | | | | (91,097) | | | | 143,831 | | | | (234,928) | |
| | | | | | | | | | | | | | | | | | | | | | $ | (694,743) | | | $ | (256,601) | | | $ | (438,142) | |
MML Dynamic Bond Fund — Portfolio of Investments (Continued) |
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 11.030% | | Maturity | | Bank of America N.A. | | 1/02/26 | | BRL | 26,802,000 | | | $ | (56,551) | | | $ | — | | | $ | (56,551) | |
BRL-CDI | | Maturity | | | Fixed 10.230% | | Maturity | | JP Morgan Chase Bank N.A. | | 1/02/29 | | BRL | 17,860,000 | | | | (204,200) | | | | — | | | | (204,200) | |
| | | | | | | | | | | | | | | | | $ | (260,751) | | | $ | — | | | $ | (260,751) | |
OTC Total Return Swaps |
Paid by the Fund | | Received by the Fund | | |
Rate/ Reference | | No. of Contracts/ Notional | | | Frequency | | Rate/ Reference | | No. of Contracts/ Notional | | Frequency | | Counterparty | | Termination Date | | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
1 day USD SOFR + 110BP | | USD | 1,047,000 | | | Quarterly | | JPEIFNTR | | 7,796 | | Quarterly | | JP Morgan Chase Bank N.A. | | 11/01/24 | | | $ | 43,185 | | | $ | — | | | $ | 43,185 | |
* | 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
CNH | Offshore Chinese Yuan |
CNY | Chinese Yuan Renminbi |
MML Equity Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 97.7% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 97.7% | | | | | | | | |
Communication Services — 5.9% | | | | | | | | |
AT&T, Inc. | | | 629,100 | | | $ | 13,840,200 | |
Comcast Corp. Class A | | | 324,300 | | | | 13,546,011 | |
Fox Corp. Class A | | | 30,800 | | | | 1,303,764 | |
Interpublic Group of Cos., Inc. | | | 33,000 | | | | 1,043,790 | |
Match Group, Inc. (a) | | | 10,000 | | | | 378,400 | |
Omnicom Group, Inc. (b) | | | 19,900 | | | | 2,057,461 | |
Verizon Communications, Inc. | | | 369,700 | | | | 16,603,227 | |
Walt Disney Co. | | | 33,900 | | | | 3,260,841 | |
| | | | | | | 52,033,694 | |
Consumer Discretionary — 8.4% | | | | | | | | |
ADT, Inc. | | | 71,000 | | | | 513,330 | |
AutoNation, Inc. (a) | | | 7,400 | | | | 1,324,008 | |
AutoZone, Inc. (a) | | | 1,400 | | | | 4,410,056 | |
Best Buy Co., Inc. | | | 18,900 | | | | 1,952,370 | |
CarMax, Inc. (a) | | | 13,700 | | | | 1,060,106 | |
Crocs, Inc. (a) | | | 5,300 | | | | 767,493 | |
Darden Restaurants, Inc. | | | 9,900 | | | | 1,624,887 | |
Dick's Sporting Goods, Inc. | | | 2,700 | | | | 563,490 | |
DR Horton, Inc. | | | 32,700 | | | | 6,238,179 | |
eBay, Inc. | | | 44,200 | | | | 2,877,862 | |
Expedia Group, Inc. (a) | | | 11,200 | | | | 1,657,824 | |
Ford Motor Co. | | | 355,800 | | | | 3,757,248 | |
General Motors Co. | | | 105,900 | | | | 4,748,556 | |
Gentex Corp. | | | 19,100 | | | | 567,079 | |
Genuine Parts Co. | | | 12,300 | | | | 1,718,064 | |
H&R Block, Inc. (b) | | | 12,300 | | | | 781,665 | |
Hasbro, Inc. | | | 12,300 | | | | 889,536 | |
Lennar Corp. Class A | | | 25,100 | | | | 4,705,748 | |
Lithia Motors, Inc. (b) | | | 1,100 | | | | 349,404 | |
Lowe's Cos., Inc. | | | 67,400 | | | | 18,255,290 | |
MGM Resorts International (a) | | | 27,700 | | | | 1,082,793 | |
Murphy USA, Inc. | | | 1,700 | | | | 837,879 | |
NVR, Inc. (a) | | | 250 | | | | 2,452,950 | |
Penske Automotive Group, Inc. | | | 5,900 | | | | 958,278 | |
PulteGroup, Inc. | | | 24,100 | | | | 3,459,073 | |
Ralph Lauren Corp. | | | 3,550 | | | | 688,239 | |
Service Corp. International (b) | | | 15,800 | | | | 1,247,094 | |
Skechers USA, Inc. Class A (a) | | | 11,700 | | | | 782,964 | |
Tapestry, Inc. | | | 20,200 | | | | 948,996 | |
Toll Brothers, Inc. | | | 4,100 | | | | 633,409 | |
TopBuild Corp. (a) | | | 1,200 | | | | 488,172 | |
Williams-Sonoma, Inc. (b) | | | 9,800 | | | | 1,518,216 | |
| | | | | | | 73,860,258 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Consumer Staples — 6.1% | | | | | | | | |
Altria Group, Inc. | | | 151,100 | | | $ | 7,712,144 | |
BJ's Wholesale Club Holdings, Inc. (a) (b) | | | 5,400 | | | | 445,392 | |
Bunge Global SA | | | 7,400 | | | | 715,136 | |
Campbell Soup Co. | | | 26,300 | | | | 1,286,596 | |
Coca-Cola Consolidated, Inc. | | | 720 | | | | 947,808 | |
Conagra Brands, Inc. | | | 42,100 | | | | 1,369,092 | |
Constellation Brands, Inc. Class A | | | 3,400 | | | | 876,146 | |
General Mills, Inc. | | | 46,800 | | | | 3,456,180 | |
Hormel Foods Corp. | | | 10,200 | | | | 323,340 | |
Ingredion, Inc. | | | 5,800 | | | | 797,094 | |
Kimberly-Clark Corp. | | | 25,500 | | | | 3,628,140 | |
Kraft Heinz Co. | | | 91,800 | | | | 3,223,098 | |
Kroger Co. | | | 52,200 | | | | 2,991,060 | |
Philip Morris International, Inc. | | | 136,700 | | | | 16,595,380 | |
Sysco Corp. | | | 43,800 | | | | 3,419,028 | |
Target Corp. | | | 40,700 | | | | 6,343,502 | |
| | | | | | | 54,129,136 | |
Energy — 7.3% | | | | | | | | |
Antero Midstream Corp. | | | 40,000 | | | | 602,000 | |
Baker Hughes Co. | | | 62,100 | | | | 2,244,915 | |
Cheniere Energy, Inc. | | | 20,100 | | | | 3,614,784 | |
Chevron Corp. | | | 130,958 | | | | 19,286,185 | |
ConocoPhillips | | | 92,900 | | | | 9,780,512 | |
Devon Energy Corp. | | | 52,400 | | | | 2,049,888 | |
DT Midstream, Inc. (a) | | | 3,700 | | | | 291,042 | |
EOG Resources, Inc. | | | 52,900 | | | | 6,502,997 | |
Kinder Morgan, Inc. | | | 195,300 | | | | 4,314,177 | |
Marathon Oil Corp. | | | 51,515 | | | | 1,371,844 | |
Marathon Petroleum Corp. | | | 31,000 | | | | 5,050,210 | |
Phillips 66 | | | 37,300 | | | | 4,903,085 | |
Valero Energy Corp. | | | 29,100 | | | | 3,929,373 | |
| | | | | | | 63,941,012 | |
Financials — 29.8% | | | | | | | | |
Aflac, Inc. | | | 49,800 | | | | 5,567,640 | |
Ally Financial, Inc. | | | 20,700 | | | | 736,713 | |
American Express Co. | | | 54,800 | | | | 14,861,760 | |
American Financial Group, Inc. | | | 6,400 | | | | 861,440 | |
American International Group, Inc. | | | 50,200 | | | | 3,676,146 | |
Ameriprise Financial, Inc. | | | 8,000 | | | | 3,758,480 | |
Apollo Global Management, Inc. | | | 43,000 | | | | 5,371,130 | |
Arch Capital Group Ltd. (a) | | | 28,500 | | | | 3,188,580 | |
Assurant, Inc. | | | 3,800 | | | | 755,668 | |
Bank of America Corp. | | | 588,700 | | | | 23,359,616 | |
Bank of New York Mellon Corp. | | | 63,200 | | | | 4,541,552 | |
Capital One Financial Corp. | | | 26,500 | | | | 3,967,845 | |
Carlyle Group, Inc. | | | 27,200 | | | | 1,171,232 | |
Chubb Ltd. | | | 32,000 | | | | 9,228,480 | |
Cincinnati Financial Corp. | | | 11,900 | | | | 1,619,828 | |
Citigroup, Inc. | | | 134,200 | | | | 8,400,920 | |
Citizens Financial Group, Inc. | | | 34,400 | | | | 1,412,808 | |
Commerce Bancshares, Inc. | | | 9,700 | | | | 576,180 | |
Corpay, Inc. (a) | | | 5,300 | | | | 1,657,628 | |
Cullen/Frost Bankers, Inc. (b) | | | 3,700 | | | | 413,882 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Discover Financial Services | | | 20,800 | | | $ | 2,918,032 | |
East West Bancorp, Inc. | | | 10,500 | | | | 868,770 | |
Equitable Holdings, Inc. | | | 31,600 | | | | 1,328,148 | |
Everest Group Ltd. | | | 800 | | | | 313,464 | |
Fidelity National Financial, Inc. | | | 20,600 | | | | 1,278,436 | |
Fifth Third Bancorp | | | 42,300 | | | | 1,812,132 | |
First Citizens BancShares, Inc. Class A | | | 1,100 | | | | 2,025,045 | |
First Horizon Corp. | | | 20,800 | | | | 323,024 | |
Fiserv, Inc. (a) | | | 38,074 | | | | 6,839,994 | |
Goldman Sachs Group, Inc. | | | 25,100 | | | | 12,427,261 | |
Hartford Financial Services Group, Inc. | | | 25,200 | | | | 2,963,772 | |
Huntington Bancshares, Inc. | | | 109,500 | | | | 1,609,650 | |
JP Morgan Chase & Co. | | | 203,500 | | | | 42,910,010 | |
KeyCorp. | | | 41,000 | | | | 686,750 | |
Loews Corp. | | | 19,400 | | | | 1,533,570 | |
LPL Financial Holdings, Inc. | | | 5,700 | | | | 1,325,991 | |
M&T Bank Corp. | | | 10,500 | | | | 1,870,260 | |
Markel Group, Inc. (a) | | | 940 | | | | 1,474,465 | |
MetLife, Inc. | | | 64,400 | | | | 5,311,712 | |
Morgan Stanley | | | 126,500 | | | | 13,186,360 | |
Northern Trust Corp. | | | 15,400 | | | | 1,386,462 | |
Old Republic International Corp. | | | 22,400 | | | | 793,408 | |
PayPal Holdings, Inc. (a) | | | 79,000 | | | | 6,164,370 | |
PNC Financial Services Group, Inc. | | | 30,000 | | | | 5,545,500 | |
Primerica, Inc. | | | 2,600 | | | | 689,390 | |
Principal Financial Group, Inc. | | | 19,900 | | | | 1,709,410 | |
Progressive Corp. | | | 19,200 | | | | 4,872,192 | |
Prudential Financial, Inc. | | | 28,500 | | | | 3,451,350 | |
Raymond James Financial, Inc. | | | 15,600 | | | | 1,910,376 | |
Regions Financial Corp. | | | 69,200 | | | | 1,614,436 | |
Reinsurance Group of America, Inc. | | | 4,597 | | | | 1,001,548 | |
Robinhood Markets, Inc. Class A (a) | | | 29,600 | | | | 693,232 | |
SEI Investments Co. | | | 9,900 | | | | 684,981 | |
State Street Corp. | | | 25,600 | | | | 2,264,832 | |
Stifel Financial Corp. | | | 7,800 | | | | 732,420 | |
Synchrony Financial | | | 32,400 | | | | 1,616,112 | |
T. Rowe Price Group, Inc. | | | 16,900 | | | | 1,840,917 | |
Travelers Cos., Inc. | | | 32,200 | | | | 7,538,664 | |
Unum Group | | | 15,000 | | | | 891,600 | |
W. R. Berkley Corp. | | | 29,850 | | | | 1,693,391 | |
Webster Financial Corp. | | | 13,000 | | | | 605,930 | |
Wells Fargo & Co. | | | 263,300 | | | | 14,873,817 | |
Willis Towers Watson PLC | | | 7,800 | | | | 2,297,334 | |
| | | | | | | 263,006,046 | |
Health Care — 16.3% | | | | | | | | |
AbbVie, Inc. | | | 155,300 | | | | 30,668,644 | |
Bio-Rad Laboratories, Inc. Class A (a) | | | 2,100 | | | | 702,618 | |
Cardinal Health, Inc. | | | 21,408 | | | | 2,366,012 | |
Cencora, Inc. | | | 19,000 | | | | 4,276,520 | |
Centene Corp. (a) | | | 40,300 | | | | 3,033,784 | |
Cigna Group | | | 24,900 | | | | 8,626,356 | |
DaVita, Inc. (a) (b) | | | 7,400 | | | | 1,213,082 | |
Elevance Health, Inc. | | | 22,370 | | | | 11,632,400 | |
Gilead Sciences, Inc. | | | 23,300 | | | | 1,953,472 | |
HCA Healthcare, Inc. | | | 30,000 | | | | 12,192,900 | |
Henry Schein, Inc. (a) (b) | | | 11,300 | | | | 823,770 | |
Johnson & Johnson | | | 149,400 | | | | 24,211,764 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Labcorp Holdings, Inc. | | | 8,800 | | | $ | 1,966,624 | |
McKesson Corp. | | | 15,010 | | | | 7,421,244 | |
Medtronic PLC | | | 112,800 | | | | 10,155,384 | |
Merck & Co., Inc. | | | 98,500 | | | | 11,185,660 | |
Molina Healthcare, Inc. (a) | | | 2,700 | | | | 930,312 | |
Quest Diagnostics, Inc. | | | 12,700 | | | | 1,971,675 | |
Teleflex, Inc. | | | 4,100 | | | | 1,014,012 | |
Tenet Healthcare Corp. (a) | | | 7,500 | | | | 1,246,500 | |
United Therapeutics Corp. (a) | | | 3,900 | | | | 1,397,565 | |
Universal Health Services, Inc. Class B | | | 6,900 | | | | 1,580,169 | |
Viatris, Inc. | | | 104,700 | | | | 1,215,567 | |
Zimmer Biomet Holdings, Inc. | | | 18,100 | | | | 1,953,895 | |
| | | | | | | 143,739,929 | |
Industrials — 12.4% | | | | | | | | |
Acuity Brands, Inc. | | | 2,700 | | | | 743,553 | |
Allegion PLC | | | 7,300 | | | | 1,063,902 | |
Allison Transmission Holdings, Inc. | | | 7,700 | | | | 739,739 | |
Builders FirstSource, Inc. (a) | | | 10,900 | | | | 2,113,074 | |
CACI International, Inc. Class A (a) | | | 1,200 | | | | 605,472 | |
Caterpillar, Inc. | | | 43,000 | | | | 16,818,160 | |
CSX Corp. | | | 172,000 | | | | 5,939,160 | |
Cummins, Inc. | | | 12,100 | | | | 3,917,859 | |
Deere & Co. | | | 20,400 | | | | 8,513,532 | |
Delta Air Lines, Inc. | | | 56,800 | | | | 2,884,872 | |
Dover Corp. | | | 9,400 | | | | 1,802,356 | |
FedEx Corp. | | | 21,500 | | | | 5,884,120 | |
Fortune Brands Innovations, Inc. | | | 10,400 | | | | 931,112 | |
Huntington Ingalls Industries, Inc. | | | 3,400 | | | | 898,892 | |
Johnson Controls International PLC | | | 47,600 | | | | 3,694,236 | |
L3Harris Technologies, Inc. | | | 15,700 | | | | 3,734,559 | |
Leidos Holdings, Inc. | | | 11,949 | | | | 1,947,687 | |
Lockheed Martin Corp. | | | 19,900 | | | | 11,632,744 | |
Masco Corp. | | | 23,500 | | | | 1,972,590 | |
Middleby Corp. (a) | | | 3,900 | | | | 542,607 | |
Oshkosh Corp. | | | 5,800 | | | | 581,218 | |
Owens Corning | | | 9,500 | | | | 1,676,940 | |
PACCAR, Inc. | | | 46,113 | | | | 4,550,431 | |
RTX Corp. | | | 108,700 | | | | 13,170,092 | |
Science Applications International Corp. | | | 2,900 | | | | 403,883 | |
Snap-on, Inc. | | | 4,600 | | | | 1,332,666 | |
Textron, Inc. | | | 20,600 | | | | 1,824,748 | |
U-Haul Holding Co. (UHAL US) (a) (b) | | | 1,300 | | | | 100,724 | |
U-Haul Holding Co. (UHAL/B US) | | | 17,400 | | | | 1,252,800 | |
UFP Industries, Inc. | | | 5,400 | | | | 708,534 | |
United Airlines Holdings, Inc. (a) | | | 28,900 | | | | 1,649,034 | |
United Rentals, Inc. | | | 5,530 | | | | 4,477,807 | |
WESCO International, Inc. | | | 4,400 | | | | 739,112 | |
| | | | | | | 108,848,215 | |
Information Technology — 4.4% | | | | | | | | |
Amkor Technology, Inc. | | | 18,600 | | | | 569,160 | |
Arrow Electronics, Inc. (a) | | | 6,900 | | | | 916,527 | |
Cisco Systems, Inc. | | | 156,600 | | | | 8,334,252 | |
Cognizant Technology Solutions Corp. Class A | | | 43,700 | | | | 3,372,766 | |
F5, Inc. (a) | | | 5,200 | | | | 1,145,040 | |
Gen Digital, Inc. | | | 55,100 | | | | 1,511,393 | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Hewlett Packard Enterprise Co. | | | 117,500 | | | $ | 2,404,050 | |
HP, Inc. | | | 117,300 | | | | 4,207,551 | |
International Business Machines Corp. | | | 60,300 | | | | 13,331,124 | |
ON Semiconductor Corp. (a) | | | 16,700 | | | | 1,212,587 | |
Skyworks Solutions, Inc. | | | 12,300 | | | | 1,214,871 | |
TD SYNNEX Corp. | | | 7,600 | | | | 912,608 | |
| | | | | | | 39,131,929 | |
Materials — 2.9% | | | | | | | | |
Amcor PLC | | | 127,100 | | | | 1,440,043 | |
Berry Global Group, Inc. | | | 8,800 | | | | 598,224 | |
Celanese Corp. | | | 8,200 | | | | 1,114,872 | |
CF Industries Holdings, Inc. | | | 13,800 | | | | 1,184,040 | |
Commercial Metals Co. | | | 3,600 | | | | 197,856 | |
Crown Holdings, Inc. | | | 12,700 | | | | 1,217,676 | |
Dow, Inc. | | | 61,800 | | | | 3,376,134 | |
Eagle Materials, Inc. (b) | | | 2,900 | | | | 834,185 | |
Eastman Chemical Co. | | | 10,300 | | | | 1,153,085 | |
Graphic Packaging Holding Co. (b) | | | 27,100 | | | | 801,889 | |
International Paper Co. (b) | | | 24,400 | | | | 1,191,940 | |
LyondellBasell Industries NV Class A | | | 28,608 | | | | 2,743,507 | |
Nucor Corp. | | | 27,700 | | | | 4,164,418 | |
PPG Industries, Inc. | | | 8,000 | | | | 1,059,680 | |
Reliance, Inc. | | | 5,400 | | | | 1,561,734 | |
Steel Dynamics, Inc. | | | 19,500 | | | | 2,458,560 | |
| | | | | | | 25,097,843 | |
Utilities — 4.2% | | | | | | | | |
Consolidated Edison, Inc. | | | 30,400 | | | | 3,165,552 | |
Dominion Energy, Inc. | | | 73,700 | | | | 4,259,123 | |
Duke Energy Corp. | | | 67,900 | | | | 7,828,870 | |
Edison International | | | 25,100 | | | | 2,185,959 | |
Evergy, Inc. | | | 20,200 | | | | 1,252,602 | |
NRG Energy, Inc. | | | 18,300 | | | | 1,667,130 | |
OGE Energy Corp. | | | 17,661 | | | | 724,454 | |
Pinnacle West Capital Corp. | | | 9,998 | | | | 885,723 | |
PPL Corp. | | | 64,900 | | | | 2,146,892 | |
Public Service Enterprise Group, Inc. | | | 47,300 | | | | 4,219,633 | |
Sempra | | | 46,500 | | | | 3,888,795 | |
Southern Co. | | | 42,700 | | | | 3,850,686 | |
WEC Energy Group, Inc. | | | 12,300 | | | | 1,183,014 | |
| | | | | | | 37,258,433 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $648,592,957) | | | | | | | 861,046,495 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $648,592,957) | | | | | | | 861,046,495 | |
| | | | | | | | |
EXCHANGE-TRADED FUNDS — 1.8% | | | | | | | | |
iShares Russell 1000 Value ETF (b) | | | 86,500 | | | | 16,417,700 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $16,291,053) | | | | | | | 16,417,700 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $664,884,010) | | | | | | | 877,464,195 | |
| | | | | | | | |
MML Equity Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
SHORT-TERM INVESTMENTS — 0.4% | | | | | | | | |
Repurchase Agreement — 0.4% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (c) | | $ | 3,305,298 | | | $ | 3,305,298 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,305,298) | | | | | | | 3,305,298 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9% (Cost $668,189,308) (d) | | | | | | | 880,769,493 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.1% | | | | | | | 733,852 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 881,503,345 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $12,685,856 or 1.44% of net assets. The Fund received $12,909,602 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 $3,305,437. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 5/31/26, and an aggregate market value, including accrued interest, of $3,371,608. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Equity Rotation Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 100.0% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 100.0% | | | | | | | | |
Communication Services — 10.9% | | | | | | | | |
Alphabet, Inc. Class A | | | 7,749 | | | $ | 1,285,172 | |
Alphabet, Inc. Class C | | | 6,885 | | | | 1,151,103 | |
AT&T, Inc. | | | 2,972 | | | | 65,384 | |
Comcast Corp. Class A | | | 1,085 | | | | 45,321 | |
Electronic Arts, Inc. | | | 180 | | | | 25,819 | |
ESC GCI Liberty, Inc. (a) (b) (c) | | | 2,102 | | | | — | |
Meta Platforms, Inc. Class A | | | 4,970 | | | | 2,845,027 | |
Netflix, Inc. (c) | | | 272 | | | | 192,921 | |
New York Times Co. Class A | | | 333 | | | | 18,538 | |
Spotify Technology SA (c) | | | 76 | | | | 28,008 | |
T-Mobile US, Inc. | | | 809 | | | | 166,945 | |
Verizon Communications, Inc. | | | 3,689 | | | | 165,673 | |
Walt Disney Co. | | | 288 | | | | 27,703 | |
| | | | | | | 6,017,614 | |
Consumer Discretionary — 10.6% | | | | | | | | |
Amazon.com, Inc. (c) | | | 13,988 | | | | 2,606,384 | |
AutoZone, Inc. (c) | | | 24 | | | | 75,601 | |
Booking Holdings, Inc. | | | 155 | | | | 652,879 | |
Chipotle Mexican Grill, Inc. (c) | | | 5,217 | | | | 300,604 | |
Deckers Outdoor Corp. (c) | | | 126 | | | | 20,091 | |
Domino's Pizza, Inc. | | | 68 | | | | 29,250 | |
DR Horton, Inc. | | | 455 | | | | 86,800 | |
eBay, Inc. | | | 390 | | | | 25,393 | |
Garmin Ltd. | | | 903 | | | | 158,955 | |
Gentex Corp. | | | 870 | | | | 25,830 | |
Grand Canyon Education, Inc. (c) | | | 131 | | | | 18,582 | |
H&R Block, Inc. | | | 579 | | | | 36,796 | |
Hilton Worldwide Holdings, Inc. | | | 486 | | | | 112,023 | |
Home Depot, Inc. | | | 1,784 | | | | 722,877 | |
Lennar Corp. Class A | | | 340 | | | | 63,743 | |
Lowe's Cos., Inc. | | | 167 | | | | 45,232 | |
Marriott International, Inc. Class A | | | 202 | | | | 50,217 | |
McDonald's Corp. | | | 152 | | | | 46,286 | |
NIKE, Inc. Class B | | | 258 | | | | 22,807 | |
NVR, Inc. (c) | | | 7 | | | | 68,683 | |
O'Reilly Automotive, Inc. (c) | | | 84 | | | | 96,734 | |
PulteGroup, Inc. | | | 380 | | | | 54,541 | |
Ross Stores, Inc. | | | 336 | | | | 50,571 | |
Texas Roadhouse, Inc. | | | 127 | | | | 22,428 | |
TJX Cos., Inc. | | | 3,269 | | | | 384,238 | |
Tractor Supply Co. | | | 384 | | | | 111,717 | |
Williams-Sonoma, Inc. | | | 96 | | | | 14,872 | |
| | | | | | | 5,904,134 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Consumer Staples — 10.9% | | | | | | | | |
Altria Group, Inc. | | | 3,194 | | | $ | 163,022 | |
Archer-Daniels-Midland Co. | | | 443 | | | | 26,465 | |
BellRing Brands, Inc. (c) | | | 601 | | | | 36,493 | |
BJ's Wholesale Club Holdings, Inc. (c) | | | 193 | | | | 15,919 | |
Casey's General Stores, Inc. | | | 262 | | | | 98,436 | |
Church & Dwight Co., Inc. | | | 360 | | | | 37,699 | |
Coca-Cola Co. | | | 1,942 | | | | 139,552 | |
Colgate-Palmolive Co. | | | 2,963 | | | | 307,589 | |
Costco Wholesale Corp. | | | 3,083 | | | | 2,733,141 | |
Dollar Tree, Inc. (c) | | | 187 | | | | 13,150 | |
Kimberly-Clark Corp. | | | 185 | | | | 26,322 | |
Kroger Co. | | | 601 | | | | 34,437 | |
Mondelez International, Inc. Class A | | | 345 | | | | 25,416 | |
PepsiCo, Inc. | | | 517 | | | | 87,916 | |
Philip Morris International, Inc. | | | 1,632 | | | | 198,125 | |
Procter & Gamble Co. | | | 4,053 | | | | 701,979 | |
Walmart, Inc. | | | 17,646 | | | | 1,424,914 | |
| | | | | | | 6,070,575 | |
Energy — 1.0% | | | | | | | | |
Chevron Corp. | | | 535 | | | | 78,789 | |
ConocoPhillips | | | 228 | | | | 24,004 | |
Exxon Mobil Corp. | | | 3,675 | | | | 430,784 | |
Williams Cos., Inc. | | | 397 | | | | 18,123 | |
| | | | | | | 551,700 | |
Financials — 15.0% | | | | | | | | |
Aflac, Inc. | | | 270 | | | | 30,186 | |
American Express Co. | | | 521 | | | | 141,295 | |
Aon PLC Class A | | | 48 | | | | 16,608 | |
Arch Capital Group Ltd. (c) | | | 1,629 | | | | 182,252 | |
Berkshire Hathaway, Inc. Class B (c) | | | 6,395 | | | | 2,943,363 | |
BlackRock, Inc. | | | 79 | | | | 75,011 | |
Blackstone, Inc. | | | 283 | | | | 43,336 | |
Brown & Brown, Inc. | | | 621 | | | | 64,336 | |
Cboe Global Markets, Inc. | | | 628 | | | | 128,658 | |
Chubb Ltd. | | | 472 | | | | 136,120 | |
Cincinnati Financial Corp. | | | 162 | | | | 22,051 | |
Corpay, Inc. (c) | | | 59 | | | | 18,453 | |
Evercore, Inc. Class A | | | 85 | | | | 21,534 | |
Everest Group Ltd. | | | 43 | | | | 16,849 | |
FactSet Research Systems, Inc. | | | 82 | | | | 37,708 | |
Fidelity National Information Services, Inc. | | | 324 | | | | 27,135 | |
Fiserv, Inc. (c) | | | 634 | | | | 113,898 | |
Houlihan Lokey, Inc. | | | 355 | | | | 56,097 | |
JP Morgan Chase & Co. | | | 404 | | | | 85,187 | |
Kinsale Capital Group, Inc. | | | 68 | | | | 31,659 | |
LPL Financial Holdings, Inc. | | | 118 | | | | 27,450 | |
Markel Group, Inc. (c) | | | 12 | | | | 18,823 | |
Marsh & McLennan Cos., Inc. | | | 1,413 | | | | 315,226 | |
Mastercard, Inc. Class A | | | 2,612 | | | | 1,289,806 | |
Moody's Corp. | | | 500 | | | | 237,295 | |
MSCI, Inc. | | | 67 | | | | 39,056 | |
PayPal Holdings, Inc. (c) | | | 329 | | | | 25,672 | |
Progressive Corp. | | | 1,649 | | | | 418,450 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
S&P Global, Inc. | | | 138 | | | $ | 71,294 | |
SEI Investments Co. | | | 228 | | | | 15,775 | |
T. Rowe Price Group, Inc. | | | 133 | | | | 14,488 | |
Tradeweb Markets, Inc. Class A | | | 342 | | | | 42,295 | |
Visa, Inc. Class A | | | 5,961 | | | | 1,638,977 | |
| | | | | | | 8,346,343 | |
Health Care — 11.2% | | | | | | | | |
Abbott Laboratories | | | 414 | | | | 47,200 | |
AbbVie, Inc. | | | 4,257 | | | | 840,672 | |
Agilent Technologies, Inc. | | | 677 | | | | 100,521 | |
Amgen, Inc. | | | 496 | | | | 159,816 | |
Boston Scientific Corp. (c) | | | 1,324 | | | | 110,951 | |
Cardinal Health, Inc. | | | 578 | | | | 63,881 | |
Cencora, Inc. | | | 330 | | | | 74,277 | |
Centene Corp. (c) | | | 634 | | | | 47,728 | |
Cigna Group | | | 248 | | | | 85,917 | |
CVS Health Corp. | | | 372 | | | | 23,391 | |
Danaher Corp. | | | 315 | | | | 87,576 | |
Elevance Health, Inc. | | | 343 | | | | 178,360 | |
Eli Lilly & Co. | | | 1,595 | | | | 1,413,074 | |
GE HealthCare Technologies, Inc. (c) | | | 408 | | | | 38,291 | |
Humana, Inc. | | | 126 | | | | 39,909 | |
IDEXX Laboratories, Inc. (c) | | | 42 | | | | 21,219 | |
Intuitive Surgical, Inc. (c) | | | 404 | | | | 198,473 | |
Johnson & Johnson | | | 1,106 | | | | 179,238 | |
McKesson Corp. | | | 859 | | | | 424,707 | |
Medpace Holdings, Inc. (c) | | | 39 | | | | 13,018 | |
Medtronic PLC | | | 227 | | | | 20,437 | |
Merck & Co., Inc. | | | 3,927 | | | | 445,950 | |
Mettler-Toledo International, Inc. (c) | | | 12 | | | | 17,996 | |
Neurocrine Biosciences, Inc. (c) | | | 192 | | | | 22,122 | |
Regeneron Pharmaceuticals, Inc. (c) | | | 353 | | | | 371,088 | |
Stryker Corp. | | | 218 | | | | 78,755 | |
Thermo Fisher Scientific, Inc. | | | 109 | | | | 67,424 | |
United Therapeutics Corp. (c) | | | 74 | | | | 26,518 | |
UnitedHealth Group, Inc. | | | 1,071 | | | | 626,192 | |
Vertex Pharmaceuticals, Inc. (c) | | | 686 | | | | 319,045 | |
West Pharmaceutical Services, Inc. | | | 85 | | | | 25,514 | |
Zoetis, Inc. | | | 96 | | | | 18,757 | |
| | | | | | | 6,188,017 | |
Industrials — 11.2% | | | | | | | | |
3M Co. | | | 661 | | | | 90,359 | |
A.O. Smith Corp. | | | 317 | | | | 28,476 | |
AAON, Inc. | | | 300 | | | | 32,352 | |
Acuity Brands, Inc. | | | 88 | | | | 24,234 | |
Allison Transmission Holdings, Inc. | | | 292 | | | | 28,052 | |
Amentum Holdings, Inc. (c) | | | 181 | | | | 5,837 | |
AMETEK, Inc. | | | 114 | | | | 19,575 | |
Ardagh Group SA (a) (b) (c) (d) | | | 463 | | | | 1,953 | |
Armstrong World Industries, Inc. | | | 131 | | | | 17,217 | |
Automatic Data Processing, Inc. | | | 481 | | | | 133,107 | |
Booz Allen Hamilton Holding Corp. | | | 251 | | | | 40,853 | |
Broadridge Financial Solutions, Inc. | | | 366 | | | | 78,701 | |
Carlisle Cos., Inc. | | | 140 | | | | 62,965 | |
Carrier Global Corp. | | | 1,383 | | | | 111,318 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Caterpillar, Inc. | | | 1,419 | | | $ | 554,999 | |
Cintas Corp. | | | 1,312 | | | | 270,115 | |
Comfort Systems USA, Inc. | | | 96 | | | | 37,474 | |
Copart, Inc. (c) | | | 1,489 | | | | 78,024 | |
Core & Main, Inc. Class A (c) | | | 1,088 | | | | 48,307 | |
Crane Co. | | | 269 | | | | 42,577 | |
CSX Corp. | | | 475 | | | | 16,402 | |
Cummins, Inc. | | | 447 | | | | 144,734 | |
Curtiss-Wright Corp. | | | 115 | | | | 37,799 | |
Deere & Co. | | | 70 | | | | 29,213 | |
Donaldson Co., Inc. | | | 223 | | | | 16,435 | |
Dover Corp. | | | 108 | | | | 20,708 | |
Eaton Corp. PLC | | | 1,313 | | | | 435,181 | |
EMCOR Group, Inc. | | | 247 | | | | 106,341 | |
Fastenal Co. | | | 1,530 | | | | 109,273 | |
FedEx Corp. | | | 93 | | | | 25,452 | |
Ferguson Enterprises, Inc. | | | 1,559 | | | | 309,571 | |
GE Vernova, Inc. (c) | | | 246 | | | | 62,725 | |
General Dynamics Corp. | | | 702 | | | | 212,144 | |
General Electric Co. | | | 2,147 | | | | 404,881 | |
Honeywell International, Inc. | | | 209 | | | | 43,202 | |
Howmet Aerospace, Inc. | | | 360 | | | | 36,090 | |
Illinois Tool Works, Inc. | | | 236 | | | | 61,848 | |
Ingersoll Rand, Inc. | | | 958 | | | | 94,037 | |
ITT, Inc. | | | 409 | | | | 61,150 | |
Jacobs Solutions, Inc. | | | 181 | | | | 23,693 | |
Johnson Controls International PLC | | | 378 | | | | 29,337 | |
Leidos Holdings, Inc. | | | 246 | | | | 40,098 | |
Lennox International, Inc. | | | 96 | | | | 58,012 | |
Lincoln Electric Holdings, Inc. | | | 86 | | | | 16,514 | |
Lockheed Martin Corp. | | | 115 | | | | 67,224 | |
Masco Corp. | | | 312 | | | | 26,189 | |
Old Dominion Freight Line, Inc. | | | 466 | | | | 92,566 | |
Otis Worldwide Corp. | | | 390 | | | | 40,537 | |
Owens Corning | | | 183 | | | | 32,303 | |
PACCAR, Inc. | | | 1,827 | | | | 180,288 | |
Paychex, Inc. | | | 1,046 | | | | 140,363 | |
Pentair PLC | | | 193 | | | | 18,873 | |
Quanta Services, Inc. | | | 217 | | | | 64,699 | |
Republic Services, Inc. | | | 547 | | | | 109,859 | |
Rockwell Automation, Inc. | | | 85 | | | | 22,819 | |
Rollins, Inc. | | | 1,327 | | | | 67,120 | |
RTX Corp. | | | 793 | | | | 96,080 | |
Simpson Manufacturing Co., Inc. | | | 142 | | | | 27,160 | |
Snap-on, Inc. | | | 123 | | | | 35,634 | |
Trane Technologies PLC | | | 1,049 | | | | 407,778 | |
Union Pacific Corp. | | | 245 | | | | 60,388 | |
United Rentals, Inc. | | | 42 | | | | 34,009 | |
Verisk Analytics, Inc. | | | 257 | | | | 68,866 | |
W.W. Grainger, Inc. | | | 197 | | | | 204,646 | |
Waste Management, Inc. | | | 930 | | | | 193,068 | |
Watsco, Inc. | | | 102 | | | | 50,172 | |
Westinghouse Air Brake Technologies Corp. | | | 305 | | | | 55,440 | |
| | | | | | | 6,197,416 | |
Information Technology — 26.4% | | | | | | | | |
Accenture PLC Class A | | | 516 | | | | 182,396 | |
Adobe, Inc. (c) | | | 711 | | | | 368,142 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Advanced Micro Devices, Inc. (c) | | | 186 | | | $ | 30,519 | |
Amphenol Corp. Class A | | | 2,553 | | | | 166,353 | |
Analog Devices, Inc. | | | 430 | | | | 98,973 | |
Apple, Inc. | | | 9,139 | | | | 2,129,387 | |
Applied Materials, Inc. | | | 1,978 | | | | 399,655 | |
Arista Networks, Inc. (c) | | | 884 | | | | 339,297 | |
Broadcom, Inc. | | | 11,675 | | | | 2,013,938 | |
Cadence Design Systems, Inc. (c) | | | 504 | | | | 136,599 | |
Cisco Systems, Inc. | | | 2,604 | | | | 138,585 | |
Cognizant Technology Solutions Corp. Class A | | | 257 | | | | 19,835 | |
Fair Isaac Corp. (c) | | | 54 | | | | 104,950 | |
Fortinet, Inc. (c) | | | 953 | | | | 73,905 | |
Gartner, Inc. (c) | | | 70 | | | | 35,473 | |
GoDaddy, Inc. Class A (c) | | | 166 | | | | 26,025 | |
International Business Machines Corp. | | | 632 | | | | 139,723 | |
Intuit, Inc. | | | 1,044 | | | | 648,324 | |
Keysight Technologies, Inc. (c) | | | 271 | | | | 43,070 | |
KLA Corp. | | | 379 | | | | 293,501 | |
Lam Research Corp. | | | 269 | | | | 219,526 | |
Microsoft Corp. | | | 5,927 | | | | 2,550,388 | |
Monolithic Power Systems, Inc. | | | 34 | | | | 31,433 | |
Motorola Solutions, Inc. | | | 638 | | | | 286,864 | |
NetApp, Inc. | | | 313 | | | | 38,659 | |
NVIDIA Corp. | | | 20,878 | | | | 2,535,424 | |
Palo Alto Networks, Inc. (c) | | | 149 | | | | 50,928 | |
QUALCOMM, Inc. | | | 3,042 | | | | 517,292 | |
Salesforce, Inc. | | | 1,736 | | | | 475,161 | |
ServiceNow, Inc. (c) | | | 237 | | | | 211,970 | |
Synopsys, Inc. (c) | | | 457 | | | | 231,420 | |
Texas Instruments, Inc. | | | 396 | | | | 81,802 | |
| | | | | | | 14,619,517 | |
Materials — 2.0% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 71 | | | | 21,140 | |
AptarGroup, Inc. | | | 121 | | | | 19,383 | |
CRH PLC | | | 1,795 | | | | 166,468 | |
DuPont de Nemours, Inc. | | | 380 | | | | 33,862 | |
Eagle Materials, Inc. | | | 108 | | | | 31,066 | |
Ecolab, Inc. | | | 268 | | | | 68,429 | |
International Flavors & Fragrances, Inc. | | | 294 | | | | 30,849 | |
Linde PLC (LIN US) | | | 729 | | | | 347,631 | |
Martin Marietta Materials, Inc. | | | 102 | | | | 54,902 | |
NewMarket Corp. | | | 33 | | | | 18,212 | |
Nucor Corp. | | | 144 | | | | 21,649 | |
Packaging Corp. of America | | | 146 | | | | 31,448 | |
RPM International, Inc. | | | 182 | | | | 22,022 | |
Sherwin-Williams Co. | | | 467 | | | | 178,240 | |
Southern Copper Corp. | | | 333 | | | | 38,518 | |
Vulcan Materials Co. | | | 135 | | | | 33,808 | |
| | | | | | | 1,117,627 | |
Real Estate — 0.1% | | | | | | | | |
Public Storage | | | 138 | | | | 50,214 | |
Utilities — 0.7% | | | | | | | | |
American Electric Power Co., Inc. | | | 237 | | | | 24,316 | |
Duke Energy Corp. | | | 569 | | | | 65,606 | |
MML Equity Rotation Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
NextEra Energy, Inc. | | | 930 | | | $ | 78,613 | |
NRG Energy, Inc. | | | 358 | | | | 32,614 | |
Public Service Enterprise Group, Inc. | | | 548 | | | | 48,887 | |
Sempra | | | 202 | | | | 16,893 | |
Southern Co. | | | 514 | | | | 46,353 | |
Vistra Corp. | | | 835 | | | | 98,981 | |
| | | | | | | 412,263 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $53,796,840) | | | | | | | 55,475,420 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $53,796,840) | | | | | | | 55,475,420 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $53,796,840) | | | | | | | 55,475,420 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.0% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 0.0% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (e) | | | 11,565 | | | | 11,565 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $11,565) | | | | | | | 11,565 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.0% (Cost $53,808,405) (f) | | | | | | | 55,486,985 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.0)% | | | | | | | (430) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 55,486,555 | |
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 September 30, 2024, these securities amounted to a value of $1,953 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 September 30, 2024, was $11,336 or 0.02% of net assets. (Note 2). |
(e) | Represents investment of security lending cash collateral. (Note 2). |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
MML High Yield Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 97.9% | | | | | | | | |
| | | | | | | | |
BANK LOANS — 10.1% | | | | | | | | |
Advertising — 0.2% | | | | | | | | |
Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | | | | | | | | |
10.404% VRN 4/11/29 | | $ | 135,000 | | | $ | 126,467 | |
Chemicals — 2.9% | | | | | | | | |
CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750% | | | | | | | | |
8.615% VRN 12/29/27 | | | 548,834 | | | | 476,459 | |
LSF11 A5 Holdco LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.460% VRN 10/15/28 | | | 396,152 | | | | 395,090 | |
PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.704% VRN 4/23/29 (a) | | | 390,725 | | | | 380,918 | |
Polar US Borrower LLC, 2024 Term Loan B1B, 3 mo. U.S. (Fed) Prime Rate + 4.500% | | | | | | | | |
13.000% VRN 10/16/28 (a) | | | 268,913 | | | | 196,306 | |
| | | | | | | 1,448,773 | |
Computers — 0.7% | | | | | | | | |
McAfee LLC, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 3.250% | | | | | | | | |
8.451% VRN 3/01/29 | | | 122,761 | | | | 122,186 | |
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | | | | | | | | |
9.514% VRN 4/24/28 | | | 259,551 | | | | 252,252 | |
| | | | | | | 374,438 | |
Diversified Financial Services — 0.3% | | | | | | | | |
Aretec Group, Inc., 2024 Term Loan B, | | | | | | | | |
0.000% 8/09/30 (a) | | | 137,310 | | | | 134,354 | |
Health Care - Services — 0.8% | | | | | | | | |
LifePoint Health, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.750% | | | | | | | | |
10.054% VRN 11/16/28 | | | 113,383 | | | | 113,156 | |
Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 3.500% | | | | | | | | |
8.883% - 8.883% VRN 1/31/29 (a) | | | 272,773 | | | | 266,466 | |
| | | | | | | 379,622 | |
Media — 0.8% | | | | | | | | |
A-L Parent LLC, 2023 Take Back Term Loan, 1 mo. USD Term SOFR + 5.500% | | | | | | | | |
10.345% VRN 6/30/28 | | | 305,168 | | | | 304,024 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Sinclair Television Group, Inc., Term Loan B2B, 3 mo. USD Term SOFR + 2.500% | | | | | | | | |
8.014% VRN 9/30/26 | | $ | 82,412 | | | $ | 79,527 | |
| | | | | | | 383,551 | |
Packaging & Containers — 0.3% | | | | | | | | |
Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.189% VRN 5/05/29 (a) | | | 135,000 | | | | 131,422 | |
Pharmaceuticals — 0.2% | | | | | | | | |
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 3 mo. USD Term SOFR + 2.000% | | | | | | | | |
7.402% VRN 11/15/27 | | | 82,119 | | | | 79,694 | |
Pipelines — 0.3% | | | | | | | | |
ITT Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | | | | | | | | |
7.945% VRN 10/11/30 | | | 147,825 | | | | 147,948 | |
Software — 3.4% | | | | | | | | |
Banff Merger Sub, Inc. | | | | | | | | |
2024 Term Loan B, 3 mo. USD Term SOFR + 3.750% | | | | | | | | |
9.005% VRN 7/30/31 (a) | | | 921,201 | | | | 918,742 | |
2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | | | | | | | | |
11.005% VRN 7/30/32 (a) | | | 206,094 | | | | 202,745 | |
Cloud Software Group, Inc., 2024 USD Term Loan B, 3 mo. USD Term SOFR + 4.000% | | | | | | | | |
8.604% VRN 3/30/29 | | | 254,363 | | | | 253,116 | |
Renaissance Holding Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 4.250% | | | | | | | | |
9.095% VRN 4/05/30 | | | 242,655 | | | | 242,407 | |
Veritas US, Inc., 2021 USD Term Loan B (Acquired 1/04/24, Cost $50,343), 1 mo. USD Term SOFR + 5.000% | | | | | | | | |
9.960% VRN 9/01/25 (b) | | | 55,914 | | | | 52,261 | |
| | | | | | | 1,669,271 | |
Telecommunications — 0.2% | | | | | | | | |
Coral-US Co-Borrower LLC, 2020 Term Loan B2, | | | | | | | | |
0.000% 1/31/28 (a) | | | 130,411 | | | | 128,763 | |
| | | | | | | | |
TOTAL BANK LOANS (Cost $4,984,683) | | | | | | | 5,004,303 | |
| | | | | | | | |
CORPORATE DEBT — 87.8% | | | | | | | | |
Advertising — 0.8% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. | | | | | | | | |
9.000% 9/15/28 (c) | | | 92,000 | | | | 97,807 | |
7.500% 6/01/29 (c) | | | 61,000 | | | | 52,537 | |
7.875% 4/01/30 (c) | | | 100,000 | | | | 104,569 | |
Stagwell Global LLC | | | | | | | | |
5.625% 8/15/29 (c) | | | 133,000 | | | | 128,587 | |
| | | | | | | 383,500 | |
Aerospace & Defense — 1.3% | | | | | | | | |
Boeing Co. | | | | | | | | |
6.388% 5/01/31 (c) | | | 48,000 | | | | 51,040 | |
6.528% 5/01/34 (c) | | | 126,000 | | | | 135,231 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Spirit AeroSystems, Inc. | | | | | | | | |
9.750% 11/15/30 (c) | | $ | 278,000 | | | $ | 309,970 | |
Triumph Group, Inc. | | | | | | | | |
9.000% 3/15/28 (c) | | | 132,000 | | | | 138,180 | |
| | | | | | | 634,421 | |
Airlines — 1.2% | | | | | | | | |
American Airlines, Inc. | | | | | | | | |
8.500% 5/15/29 (c) | | | 195,000 | | | | 206,898 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | | | | | | | | |
11.000% 4/15/29 (c) (d) | | | 133,367 | | | | 133,900 | |
United Airlines, Inc. | | | | | | | | |
4.375% 4/15/26 (c) | | | 259,000 | | | | 254,843 | |
| | | | | | | 595,641 | |
Auto Manufacturers — 0.4% | | | | | | | | |
JB Poindexter & Co., Inc. | | | | | | | | |
8.750% 12/15/31 (c) | | | 172,000 | | | | 181,849 | |
Auto Parts & Equipment — 0.6% | | | | | | | | |
Adient Global Holdings Ltd. | | | | | | | | |
4.875% 8/15/26 (c) | | | 277,000 | | | | 274,439 | |
Building Materials — 2.1% | | | | | | | | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc. | | | | | | | | |
6.625% 12/15/30 (c) | | | 326,000 | | | | 336,137 | |
Knife River Corp. | | | | | | | | |
7.750% 5/01/31 (c) | | | 152,000 | | | | 161,610 | |
New Enterprise Stone & Lime Co., Inc. | | | | | | | | |
9.750% 7/15/28 (c) | | | 240,000 | | | | 245,161 | |
Smyrna Ready Mix Concrete LLC | | | | | | | | |
8.875% 11/15/31 (c) | | | 171,000 | | | | 184,457 | |
Wilsonart LLC | | | | | | | | |
11.000% 8/15/32 (c) | | | 114,000 | | | | 114,034 | |
| | | | | | | 1,041,399 | |
Chemicals — 4.4% | | | | | | | | |
Consolidated Energy Finance SA | | | | | | | | |
5.625% 10/15/28 (c) | | | 595,000 | | | | 502,948 | |
LSF11 A5 HoldCo LLC | | | | | | | | |
6.625% 10/15/29 (c) | | | 294,000 | | | | 285,956 | |
Methanex Corp. | | | | | | | | |
5.125% 10/15/27 | | | 144,000 | | | | 142,489 | |
Olympus Water US Holding Corp. | | | | | | | | |
4.250% 10/01/28 (c) | | | 326,000 | | | | 311,295 | |
6.250% 10/01/29 (c) (d) | | | 459,000 | | | | 444,135 | |
Vibrantz Technologies, Inc. | | | | | | | | |
9.000% 2/15/30 (c) | | | 532,000 | | | | 496,989 | |
| | | | | | | 2,183,812 | |
Coal — 0.6% | | | | | | | | |
Coronado Finance Pty. Ltd. | | | | | | | | |
10.750% 5/15/26 (c) | | | 290,000 | | | | 301,679 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Commercial Services — 1.4% | | | | | | | | |
Alta Equipment Group, Inc. | | | | | | | | |
9.000% 6/01/29 (c) | | $ | 126,000 | | | $ | 112,829 | |
Prime Security Services Borrower LLC/Prime Finance, Inc. | | | | | | | | |
6.250% 1/15/28 (c) | | | 133,000 | | | | 133,036 | |
PROG Holdings, Inc. | | | | | | | | |
6.000% 11/15/29 (c) | | | 425,700 | | | | 419,952 | |
Service Corp. International | | | | | | | | |
4.000% 5/15/31 | | | 44,000 | | | | 40,715 | |
Vortex Opco LLC | | | | | | | | |
8.000% 4/30/30 (c) | | | 14,334 | | | | 5,734 | |
| | | | | | | 712,266 | |
Cosmetics & Personal Care — 0.7% | | | | | | | | |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | | | | | | | | |
6.625% 7/15/30 (c) | | | 53,000 | | | | 55,069 | |
Perrigo Finance Unlimited Co. | | | | | | | | |
4.900% STEP 6/15/30 | | | 280,000 | | | | 272,701 | |
| | | | | | | 327,770 | |
Distribution & Wholesale — 1.0% | | | | | | | | |
Resideo Funding, Inc. | | | | | | | | |
4.000% 9/01/29 (c) | | | 243,000 | | | | 228,894 | |
6.500% 7/15/32 (c) | | | 254,000 | | | | 260,734 | |
| | | | | | | 489,628 | |
Diversified Financial Services — 5.1% | | | | | | | | |
Aretec Group, Inc. | | | | | | | | |
10.000% 8/15/30 (c) | | | 144,000 | | | | 153,247 | |
Coinbase Global, Inc. | | | | | | | | |
3.375% 10/01/28 (c) | | | 38,000 | | | | 34,142 | |
3.625% 10/01/31 (c) | | | 50,000 | | | | 42,365 | |
GGAM Finance Ltd. | | | | | | | | |
6.875% 4/15/29 (c) | | | 73,000 | | | | 75,941 | |
8.000% 2/15/27 (c) | | | 248,000 | | | | 259,163 | |
Jefferson Capital Holdings LLC | | | | | | | | |
6.000% 8/15/26 (c) | | | 380,000 | | | | 380,042 | |
9.500% 2/15/29 (c) | | | 339,000 | | | | 361,947 | |
Macquarie Airfinance Holdings Ltd. | | | | | | | | |
8.125% 3/30/29 (c) | | | 119,000 | | | | 126,033 | |
8.375% 5/01/28 (c) | | | 106,000 | | | | 111,438 | |
Midcap Financial Issuer Trust | | | | | | | | |
5.625% 1/15/30 (c) | | | 339,000 | | | | 312,317 | |
PRA Group, Inc. | | | | | | | | |
5.000% 10/01/29 (c) | | | 583,000 | | | | 536,336 | |
8.875% 1/31/30 (c) | | | 146,000 | | | | 152,068 | |
| | | | | | | 2,545,039 | |
Electric — 3.1% | | | | | | | | |
Lightning Power LLC | | | | | | | | |
7.250% 8/15/32 (c) | | | 158,000 | | | | 166,143 | |
Pike Corp. | | | | | | | | |
5.500% 9/01/28 (c) | | | 593,000 | | | | 580,777 | |
8.625% 1/31/31 (c) | | | 140,000 | | | | 149,690 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Talen Energy Supply LLC | | | | | | | | |
8.625% 6/01/30 (c) | | $ | 592,000 | | | $ | 645,175 | |
| | | | | | | 1,541,785 | |
Electrical Components & Equipment — 0.3% | | | | | | | | |
Energizer Holdings, Inc. | | | | | | | | |
4.375% 3/31/29 (c) | | | 142,000 | | | | 134,474 | |
Electronics — 0.8% | | | | | | | | |
Atkore, Inc. | | | | | | | | |
4.250% 6/01/31 (c) | | | 460,000 | | | | 420,521 | |
Engineering & Construction — 1.7% | | | | | | | | |
Arcosa, Inc. | | | | | | | | |
4.375% 4/15/29 (c) | | | 273,000 | | | | 261,684 | |
6.875% 8/15/32 (c) | | | 97,000 | | | | 101,514 | |
Global Infrastructure Solutions, Inc. | | | | | | | | |
5.625% 6/01/29 (c) | | | 218,000 | | | | 213,898 | |
7.500% 4/15/32 (c) | | | 140,000 | | | | 144,061 | |
Railworks Holdings LP/Railworks Rally, Inc. | | | | | | | | |
8.250% 11/15/28 (c) | | | 117,000 | | | | 121,022 | |
| | | | | | | 842,179 | |
Entertainment — 1.0% | | | | | | | | |
Live Nation Entertainment, Inc. | | | | | | | | |
4.750% 10/15/27 (c) | | | 260,000 | | | | 256,324 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | | | | | | | | |
4.875% 5/01/29 (c) | | | 136,000 | | | | 130,447 | |
Ontario Gaming GTA LP/OTG Co-Issuer, Inc. | | | | | | | | |
8.000% 8/01/30 (c) | | | 88,000 | | | | 91,452 | |
| | | | | | | 478,223 | |
Environmental Controls — 0.2% | | | | | | | | |
Enviri Corp. | | | | | | | | |
5.750% 7/31/27 (c) | | | 116,000 | | | | 113,861 | |
Food — 1.9% | | | | | | | | |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | | | | | | | | |
4.875% 2/15/30 (c) | | | 127,000 | | | | 124,951 | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | | | | | | | | |
3.625% 1/15/32 | | | 527,000 | | | | 481,809 | |
Pilgrim's Pride Corp. | | | | | | | | |
4.250% 4/15/31 (c) | | | 283,000 | | | | 268,935 | |
US Foods, Inc. | | | | | | | | |
5.750% 4/15/33 (c) (e) | | | 73,000 | | | | 73,078 | |
| | | | | | | 948,773 | |
Hand & Machine Tools — 1.6% | | | | | | | | |
Regal Rexnord Corp. | | | | | | | | |
6.400% 4/15/33 | | | 741,800 | | | | 793,365 | |
Health Care - Products — 0.1% | | | | | | | | |
Medline Borrower LP/Medline Co-Issuer, Inc. | | | | | | | | |
6.250% 4/01/29 (c) | | | 43,000 | | | | 44,304 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Health Care - Services — 6.0% | | | | | | | | |
Centene Corp. | | | | | | | | |
3.375% 2/15/30 | | $ | 314,000 | | | $ | 289,356 | |
CHS/Community Health Systems, Inc. | | | | | | | | |
4.750% 2/15/31 (c) | | | 108,000 | | | | 94,937 | |
5.250% 5/15/30 (c) | | | 422,000 | | | | 388,369 | |
6.000% 1/15/29 (c) | | | 141,000 | | | | 136,881 | |
HCA, Inc. | | | | | | | | |
5.450% 9/15/34 | | | 81,000 | | | | 83,344 | |
LifePoint Health, Inc. | | | | | | | | |
9.875% 8/15/30 (c) | | | 274,000 | | | | 301,675 | |
10.000% 6/01/32 (c) | | | 174,000 | | | | 191,290 | |
11.000% 10/15/30 (c) | | | 129,000 | | | | 145,562 | |
Molina Healthcare, Inc. | | | | | | | | |
4.375% 6/15/28 (c) | | | 182,000 | | | | 176,936 | |
Radiology Partners, Inc. | | | | | | | | |
7.775% 1/31/29 (c) | | | 149,531 | | | | 148,410 | |
9.781% 2/15/30 (c) | | | 537,833 | | | | 508,252 | |
Tenet Healthcare Corp. | | | | | | | | |
4.375% 1/15/30 | | | 165,000 | | | | 158,306 | |
5.125% 11/01/27 | | | 179,000 | | | | 178,323 | |
6.125% 10/01/28 (d) | | | 152,000 | | | | 153,214 | |
| | | | | | | 2,954,855 | |
Home Builders — 1.9% | | | | | | | | |
Ashton Woods USA LLC/Ashton Woods Finance Co. | | | | | | | | |
4.625% 8/01/29 (c) | | | 183,000 | | | | 175,669 | |
Mattamy Group Corp. | | | | | | | | |
4.625% 3/01/30 (c) | | | 687,000 | | | | 657,736 | |
The New Home Co., Inc. | | | | | | | | |
9.250% 10/01/29 (c) | | | 95,000 | | | | 100,096 | |
| | | | | | | 933,501 | |
Housewares — 0.2% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
6.375% 9/15/27 (d) | | | 36,000 | | | | 36,411 | |
6.875% STEP 4/01/36 | | | 56,000 | | | | 53,364 | |
| | | | | | | 89,775 | |
Insurance — 0.9% | | | | | | | | |
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. | | | | | | | | |
7.625% 10/15/25 (c) | | | 430,269 | | | | 429,450 | |
Internet — 0.2% | | | | | | | | |
Getty Images, Inc. | | | | | | | | |
9.750% 3/01/27 (c) | | | 64,000 | | | | 63,975 | |
Wayfair LLC | | | | | | | | |
7.250% 10/31/29 (c) (e) | | | 55,000 | | | | 56,345 | |
| | | | | | | 120,320 | |
Investment Companies — 2.0% | | | | | | | | |
HA Sustainable Infrastructure Capital, Inc. | | | | | | | | |
6.375% 7/01/34 (c) | | | 261,000 | | | | 267,168 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | | | | | | |
6.250% 5/15/26 | | $ | 735,000 | | | $ | 729,267 | |
| | | | | | | 996,435 | |
Leisure Time — 1.9% | | | | | | | | |
NCL Corp. Ltd. | | | | | | | | |
5.875% 3/15/26 (c) | | | 118,000 | | | | 118,007 | |
5.875% 2/15/27 (c) | | | 49,000 | | | | 49,173 | |
8.375% 2/01/28 (c) | | | 100,000 | | | | 105,015 | |
7.750% 2/15/29 (c) (d) | | | 71,000 | | | | 76,084 | |
NCL Finance Ltd. | | | | | | | | |
6.125% 3/15/28 (c) | | | 94,000 | | | | 95,880 | |
Sabre GLBL, Inc. | | | | | | | | |
Convertible, 7.320% 8/01/26 | | | 60,000 | | | | 66,930 | |
8.625% 6/01/27 (c) (d) | | | 358,000 | | | | 352,137 | |
11.250% 12/15/27 (c) | | | 91,000 | | | | 94,427 | |
| | | | | | | 957,653 | |
Lodging — 1.5% | | | | | | | | |
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. | | | | | | | | |
6.625% 1/15/32 (c) | | | 166,000 | | | | 168,034 | |
MGM Resorts International | | | | | | | | |
6.500% 4/15/32 | | | 76,500 | | | | 77,956 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | | | | | | | | |
5.875% 5/15/25 (c) | | | 155,000 | | | | 154,482 | |
Travel & Leisure Co. | | | | | | | | |
6.625% 7/31/26 (c) | | | 213,000 | | | | 217,023 | |
Wyndham Hotels & Resorts, Inc. | | | | | | | | |
4.375% 8/15/28 (c) | | | 133,000 | | | | 128,294 | |
| | | | | | | 745,789 | |
Machinery - Construction & Mining — 0.2% | | | | | | | | |
Terex Corp. | | | | | | | | |
6.250% 10/15/32 (c) (e) | | | 107,000 | | | | 107,000 | |
Media — 5.2% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
4.250% 2/01/31 (c) | | | 196,000 | | | | 172,819 | |
4.250% 1/15/34 (c) | | | 381,000 | | | | 312,519 | |
4.500% 5/01/32 | | | 95,000 | | | | 82,142 | |
CSC Holdings LLC | | | | | | | | |
5.750% 1/15/30 (c) | | | 146,000 | | | | 75,575 | |
7.500% 4/01/28 (c) | | | 75,000 | | | | 50,134 | |
11.750% 1/31/29 (c) | | | 232,000 | | | | 224,249 | |
Cumulus Media New Holdings, Inc. | | | | | | | | |
8.000% 7/01/29 (c) | | | 120,000 | | | | 47,737 | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc. | | | | | | | | |
5.875% 8/15/27 (c) | | | 434,000 | | | | 426,115 | |
DISH DBS Corp. | | | | | | | | |
5.125% 6/01/29 | | | 105,000 | | | | 70,447 | |
7.375% 7/01/28 | | | 78,000 | | | | 58,457 | |
DISH Network Corp. | | | | | | | | |
11.750% 11/15/27 (c) | | | 112,000 | | | | 117,548 | |
Gray Television, Inc. | | | | | | | | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
5.375% 11/15/31 (c) | | $ | 98,000 | | | $ | 61,291 | |
7.000% 5/15/27 (c) (d) | | | 24,000 | | | | 23,590 | |
LCPR Senior Secured Financing DAC | | | | | | | | |
6.750% 10/15/27 (c) | | | 177,000 | | | | 161,960 | |
McGraw-Hill Education, Inc. | | | | | | | | |
5.750% 8/01/28 (c) | | | 177,000 | | | | 174,918 | |
8.000% 8/01/29 (c) | | | 130,000 | | | | 130,466 | |
Time Warner Cable Enterprises LLC | | | | | | | | |
8.375% 7/15/33 | | | 112,000 | | | | 128,902 | |
Virgin Media Vendor Financing Notes IV DAC | | | | | | | | |
5.000% 7/15/28 (c) | | | 277,000 | | | | 266,962 | |
| | | | | | | 2,585,831 | |
Mining — 1.3% | | | | | | | | |
Constellium SE | | | | | | | | |
3.750% 4/15/29 (c) | | | 300,000 | | | | 280,158 | |
Novelis Corp. | | | | | | | | |
3.250% 11/15/26 (c) | | | 48,000 | | | | 46,319 | |
3.875% 8/15/31 (c) | | | 341,000 | | | | 311,729 | |
| | | | | | | 638,206 | |
Miscellaneous - Manufacturing — 0.5% | | | | | | | | |
Amsted Industries, Inc. | | | | | | | | |
4.625% 5/15/30 (c) | | | 85,000 | | | | 81,187 | |
5.625% 7/01/27 (c) | | | 175,000 | | | | 174,532 | |
| | | | | | | 255,719 | |
Oil & Gas — 3.3% | | | | | | | | |
Apache Corp. | | | | | | | | |
4.750% 4/15/43 (d) | | | 65,000 | | | | 53,666 | |
5.350% 7/01/49 | | | 197,000 | | | | 170,764 | |
CVR Energy, Inc. | | | | | | | | |
5.750% 2/15/28 (c) | | | 134,000 | | | | 125,840 | |
Hilcorp Energy I LP/Hilcorp Finance Co. | | | | | | | | |
6.875% 5/15/34 (c) | | | 250,000 | | | | 249,071 | |
Occidental Petroleum Corp. | | | | | | | | |
6.200% 3/15/40 | | | 397,000 | | | | 412,144 | |
Parkland Corp. | | | | | | | | |
4.625% 5/01/30 (c) | | | 148,000 | | | | 139,572 | |
6.625% 8/15/32 (c) | | | 27,000 | | | | 27,410 | |
Sunoco LP/Sunoco Finance Corp. | | | | | | | | |
4.500% 4/30/30 | | | 86,000 | | | | 82,405 | |
6.000% 4/15/27 | | | 99,000 | | | | 99,329 | |
7.000% 9/15/28 (c) | | | 67,000 | | | | 69,437 | |
Transocean Poseidon Ltd. | | | | | | | | |
6.875% 2/01/27 (c) | | | 17,400 | | | | 17,371 | |
Transocean, Inc. | | | | | | | | |
8.250% 5/15/29 (c) | | | 132,000 | | | | 130,855 | |
8.500% 5/15/31 (c) | | | 64,000 | | | | 63,594 | |
| | | | | | | 1,641,458 | |
Oil & Gas Services — 0.5% | | | | | | | | |
Weatherford International Ltd. | | | | | | | | |
8.625% 4/30/30 (c) | | | 243,000 | | | | 253,211 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Packaging & Containers — 2.5% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc. | | | | | | | | |
8.750% 4/15/30 (c) | | $ | 272,000 | | | $ | 276,200 | |
Graphic Packaging International LLC | | | | | | | | |
3.750% 2/01/30 (c) | | | 90,000 | | | | 84,275 | |
Mauser Packaging Solutions Holding Co. | | | | | | | | |
7.875% 4/15/27 (c) | | | 312,000 | | | | 322,351 | |
9.250% 4/15/27 (c) | | | 446,000 | | | | 457,317 | |
Trident TPI Holdings, Inc. | | | | | | | | |
12.750% 12/31/28 (c) | | | 72,000 | | | | 79,929 | |
| | | | | | | 1,220,072 | |
Pharmaceuticals — 3.9% | | | | | | | | |
1375209 BC Ltd. | | | | | | | | |
9.000% 1/30/28 (c) (d) | | | 535,000 | | | | 530,246 | |
AdaptHealth LLC | | | | | | | | |
5.125% 3/01/30 (c) | | | 365,000 | | | | 341,655 | |
Bausch Health Cos., Inc. | | | | | | | | |
4.875% 6/01/28 (c) | | | 215,000 | | | | 168,238 | |
5.250% 1/30/30 (c) | | | 137,000 | | | | 76,720 | |
5.500% 11/01/25 (c) (d) | | | 109,000 | | | | 106,483 | |
11.000% 9/30/28 (c) | | | 66,000 | | | | 61,545 | |
Grifols SA | | | | | | | | |
4.750% 10/15/28 (c) (d) | | | 293,000 | | | | 274,444 | |
Herbalife Ltd., Convertible, | | | | | | | | |
4.250% 6/15/28 | | | 50,000 | | | | 36,582 | |
Herbalife Nutrition Ltd./HLF Financing, Inc. | | | | | | | | |
7.875% 9/01/25 (c) | | | 134,000 | | | | 133,503 | |
HLF Financing SARL LLC/Herbalife International, Inc. | | | | | | | | |
4.875% 6/01/29 (c) | | | 25,000 | | | | 15,730 | |
12.250% 4/15/29 (c) | | | 118,000 | | | | 117,618 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV | | | | | | | | |
6.750% 5/15/34 (c) | | | 92,000 | | | | 95,015 | |
| | | | | | | 1,957,779 | |
Pipelines — 8.0% | | | | | | | | |
CQP Holdco LP/BIP-V Chinook Holdco LLC | | | | | | | | |
5.500% 6/15/31 (c) | | | 815,000 | | | | 799,373 | |
Energy Transfer LP | | | | | | | | |
5 yr. CMT + 5.694% 6.500% VRN (f) | | | 350,000 | | | | 349,163 | |
5 yr. CMT + 5.306% 7.125% VRN (f) | | | 89,000 | | | | 90,916 | |
EnLink Midstream Partners LP | | | | | | | | |
5.450% 6/01/47 | | | 52,000 | | | | 49,174 | |
5.600% 4/01/44 | | | 257,000 | | | | 245,625 | |
EQM Midstream Partners LP | | | | | | | | |
6.375% 4/01/29 (c) | | | 137,000 | | | | 141,455 | |
6.500% 7/01/27 (c) | | | 151,000 | | | | 155,546 | |
Flex Intermediate Holdco LLC | | | | | | | | |
3.363% 6/30/31 (c) | | | 293,000 | | | | 256,743 | |
Global Partners LP/GLP Finance Corp. | | | | | | | | |
6.875% 1/15/29 | | | 53,000 | | | | 53,163 | |
8.250% 1/15/32 (c) | | | 246,000 | | | | 255,173 | |
Harvest Midstream I LP | | | | | | | | |
7.500% 9/01/28 (c) | | | 389,000 | | | | 398,073 | |
Hess Midstream Operations LP | | | | | | | | |
6.500% 6/01/29 (c) | | | 56,000 | | | | 57,963 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
ITT Holdings LLC | | | | | | | | |
6.500% 8/01/29 (c) | | $ | 524,000 | | | $ | 496,413 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. | | | | | | | | |
8.125% 2/15/29 (c) | | | 77,000 | | | | 78,952 | |
8.375% 2/15/32 (c) | | | 137,000 | | | | 141,186 | |
Northriver Midstream Finance LP | | | | | | | | |
6.750% 7/15/32 (c) (e) | | | 153,000 | | | | 157,914 | |
Venture Global Calcasieu Pass LLC | | | | | | | | |
3.875% 8/15/29 (c) | | | 133,000 | | | | 125,689 | |
4.125% 8/15/31 (c) | | | 152,000 | | | | 141,319 | |
| | | | | | | 3,993,840 | |
Private Equity — 1.0% | | | | | | | | |
HAT Holdings I LLC/HAT Holdings II LLC | | | | | | | | |
3.375% 6/15/26 (c) | | | 175,000 | | | | 169,468 | |
8.000% 6/15/27 (c) | | | 286,000 | | | | 302,983 | |
| | | | | | | 472,451 | |
Real Estate Investment Trusts (REITS) — 1.3% | | | | | | | | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (c) | | | 130,000 | | | | 121,185 | |
Necessity Retail REIT, Inc./American Finance Operating Partner LP | | | | | | | | |
4.500% 9/30/28 (c) | | | 22,000 | | | | 20,647 | |
RLJ Lodging Trust LP | | | | | | | | |
4.000% 9/15/29 (c) | | | 284,000 | | | | 261,430 | |
Service Properties Trust | | | | | | | | |
8.375% 6/15/29 | | | 142,000 | | | | 141,840 | |
8.875% 6/15/32 | | | 124,000 | | | | 118,447 | |
| | | | | | | 663,549 | |
Retail — 5.4% | | | | | | | | |
1011778 BC ULC/New Red Finance, Inc. | | | | | | | | |
5.625% 9/15/29 (c) | | | 52,000 | | | | 52,751 | |
6.125% 6/15/29 (c) | | | 211,000 | | | | 217,068 | |
Bath & Body Works, Inc. | | | | | | | | |
6.750% 7/01/36 | | | 97,000 | | | | 99,969 | |
6.875% 11/01/35 | | | 222,000 | | | | 231,324 | |
Carvana Co. | | | | | | | | |
13.000% 6/01/30 (c) | | | 43,979 | | | | 47,822 | |
14.000% 6/01/31 (c) | | | 192,600 | | | | 226,867 | |
CEC Entertainment LLC | | | | | | | | |
6.750% 5/01/26 (c) | | | 107,000 | | | | 106,104 | |
Michaels Cos., Inc. | | | | | | | | |
5.250% 5/01/28 (c) | | | 33,000 | | | | 24,358 | |
7.875% 5/01/29 (c) | | | 43,000 | | | | 25,016 | |
PetSmart, Inc./PetSmart Finance Corp. | | | | | | | | |
4.750% 2/15/28 (c) | | | 78,000 | | | | 74,780 | |
7.750% 2/15/29 (c) | | | 141,000 | | | | 139,190 | |
Raising Cane's Restaurants LLC | | | | | | | | |
9.375% 5/01/29 (c) | | | 29,000 | | | | 31,402 | |
Specialty Building Products Holdings LLC/SBP Finance Corp. | | | | | | | | |
6.375% 9/30/26 (c) | | | 258,000 | | | | 257,031 | |
Staples, Inc. | | | | | | | | |
10.750% 9/01/29 (c) | | | 111,000 | | | | 107,703 | |
12.750% 1/15/30 (c) | | | 78,198 | | | | 64,232 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. | | | | | | | | |
5.000% 6/01/31 (c) | | $ | 192,000 | | | $ | 179,010 | |
Superior Plus LP/Superior General Partner, Inc. | | | | | | | | |
4.500% 3/15/29 (c) | | | 285,000 | | | | 270,221 | |
Walgreens Boots Alliance, Inc. | | | | | | | | |
3.450% 6/01/26 | | | 230,000 | | | | 221,263 | |
4.650% 6/01/46 | | | 52,000 | | | | 35,048 | |
4.800% 11/18/44 | | | 65,000 | | | | 48,638 | |
8.125% 8/15/29 | | | 225,000 | | | | 224,569 | |
| | | | | | | 2,684,366 | |
Software — 1.4% | | | | | | | | |
Cloud Software Group, Inc. | | | | | | | | |
6.500% 3/31/29 (c) | | | 208,000 | | | | 206,953 | |
8.250% 6/30/32 (c) | | | 60,000 | | | | 62,718 | |
9.000% 9/30/29 (c) | | | 152,000 | | | | 154,677 | |
Consensus Cloud Solutions, Inc. | | | | | | | | |
6.000% 10/15/26 (c) | | | 88,000 | | | | 87,759 | |
Veritas US, Inc./Veritas Bermuda Ltd., (Acquired 3/18/22, Cost $180,180), | | | | | | | | |
7.500% 9/01/25 (b) (c) | | | 198,000 | | | | 185,751 | |
| | | | | | | 697,858 | |
Telecommunications — 6.3% | | | | | | | | |
Altice Financing SA | | | | | | | | |
5.000% 1/15/28 (c) | | | 152,000 | | | | 128,576 | |
5.750% 8/15/29 (c) | | | 17,000 | | | | 13,662 | |
C&W Senior Finance Ltd. | | | | | | | | |
6.875% 9/15/27 (c) | | | 267,000 | | | | 266,072 | |
Connect Finco SARL/Connect US Finco LLC | | | | | | | | |
6.750% 10/01/26 (c) | | | 253,473 | | | | 253,473 | |
9.000% 9/15/29 (c) | | | 200,000 | | | | 193,547 | |
Consolidated Communications, Inc. | | | | | | | | |
5.000% 10/01/28 (c) | | | 245,000 | | | | 225,294 | |
6.500% 10/01/28 (c) | | | 144,000 | | | | 135,966 | |
Frontier Communications Holdings LLC | | | | | | | | |
6.000% 1/15/30 (c) | | | 964,000 | | | | 962,325 | |
Hughes Satellite Systems Corp. | | | | | | | | |
5.250% 8/01/26 | | | 151,000 | | | | 140,479 | |
Level 3 Financing, Inc. | | | | | | | | |
4.500% 4/01/30 (c) | | | 84,000 | | | | 65,059 | |
11.000% 11/15/29 (c) | | | 463,000 | | | | 512,807 | |
Sable International Finance Ltd. | | | | | | | | |
7.125% 10/15/32 (c) (e) | | | 205,000 | | | | 205,769 | |
Zayo Group Holdings, Inc. | | | | | | | | |
4.000% 3/01/27 (c) | | | 34,000 | | | | 30,411 | |
| | | | | | | 3,133,440 | |
Transportation — 2.1% | | | | | | | | |
Carriage Purchaser, Inc. | | | | | | | | |
7.875% 10/15/29 (c) | | | 191,000 | | | | 177,505 | |
Genesee & Wyoming, Inc. | | | | | | | | |
6.250% 4/15/32 (c) | | | 174,000 | | | | 178,933 | |
Seaspan Corp. | | | | | | | | |
5.500% 8/01/29 (c) | | | 605,000 | | | | 576,235 | |
MML High Yield Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Watco Cos. LLC/Watco Finance Corp. | | | | | | | | |
7.125% 8/01/32 (c) | | $ | 94,000 | | | $ | 97,974 | |
| | | | | | | 1,030,647 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $43,091,744) | | | | | | | 43,552,133 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $48,076,427) | | | | | | | 48,556,436 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $48,076,427) | | | | | | | 48,556,436 | |
| | | | | | | | |
| | Number of Shares | | | | |
SHORT-TERM INVESTMENTS — 8.2% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 4.5% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (g) | | | 2,247,465 | | | | 2,247,465 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 3.7% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (h) | | $ | 1,848,067 | | | | 1,848,067 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $4,095,532) | | | | | | | 4,095,532 | |
| | | | | | | | |
TOTAL INVESTMENTS — 106.1% (Cost $52,171,959) (i) | | | | | | | 52,651,968 | |
| | | | | | | | |
Other Assets/(Liabilities) — (6.1)% | | | | | | | (3,047,269) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 49,604,699 | |
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 September 30, 2024, where the rate will be determined at time of settlement. |
(b) | Restricted security. Certain securities are restricted to resale. At September 30, 2024, these securities amounted to a value of $238,012 or 0.48% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2024, the aggregate market value of these securities amounted to $36,750,127 or 74.09% of net assets. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $2,201,128 or 4.44% of net assets. (Note 2). |
(e) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(f) | Security is perpetual and has no stated maturity date. |
(g) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $1,848,145. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $1,885,200. |
(i) | See Note 3 for aggregate cost for federal tax purposes. |
MML Inflation-Protected and Income Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 86.2% | | | | | | | | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 59.5% | | | | | | | | |
Automobile Asset-Backed Securities — 11.2% | | | | | | | | |
American Credit Acceptance Receivables Trust, Series 2021-2, Class E | | | | | | | | |
2.540% 7/13/27 (a) | | $ | 3,800,000 | | | $ | 3,763,983 | |
BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2 | | | | | | | | |
5.542% 10/27/31 (a) | | | 672,002 | | | | 675,541 | |
Carvana Auto Receivables Trust, Series 2021-N3, Class B | | | | | | | | |
0.660% 6/12/28 | | | 646,623 | | | | 621,445 | |
Drive Auto Receivables Trust | | | | | | | | |
Series 2021-1, Class D, 1.450% 1/16/29 | | | 3,088,698 | | | | 3,037,573 | |
Series 2021-3, Class C, 1.470% 1/15/27 | | | 532,259 | | | | 529,530 | |
Exeter Automobile Receivables Trust | | | | | | | | |
Series 2021-2A, Class D, 1.400% 4/15/27 | | | 1,299,900 | | | | 1,264,587 | |
Series 2020-3A, Class E, 3.440% 8/17/26 (a) | | | 3,043,364 | | | | 3,014,750 | |
Series 2023-5A, Class A2, 6.200% 4/15/26 | | | 106,698 | | | | 106,756 | |
Flagship Credit Auto Trust, Series 2021-2, Class C | | | | | | | | |
1.270% 6/15/27 (a) | | | 3,368,760 | | | | 3,307,061 | |
Ford Credit Auto Owner Trust, Series 2018-1, Class C | | | | | | | | |
3.490% 7/15/31 (a) | | | 2,000,000 | | | | 1,988,627 | |
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C | | | | | | | | |
5.310% 6/14/29 (a) | | | 800,000 | | | | 802,783 | |
Westlake Automobile Receivables Trust, Series 2023-4A, Class A2 | | | | | | | | |
6.230% 1/15/27 (a) | | | 882,262 | | | | 886,922 | |
| | | | | | | 19,999,558 | |
Commercial Mortgage-Backed Securities — 3.7% | | | | | | | | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | | | | | | | | |
6.894% FRN 7/15/35 (a) | | | 1,000,000 | | | | 992,503 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047% | | | | | | | | |
7.144% FRN 12/15/37 (a) | | | 308,865 | | | | 308,479 | |
COMM Mortgage Trust, Series 2015-LC19, Class D | | | | | | | | |
2.867% 2/10/48 (a) | | | 1,700,000 | | | | 1,563,543 | |
Extended Stay America Trust | | | | | | | | |
Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 7.462% FRN 7/15/38 (a) | | | 801,932 | | | | 801,932 | |
Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 8.912% FRN 7/15/38 (a) | | | 1,069,242 | | | | 1,069,242 | |
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | | | | | | | | |
7.397% FRN 2/15/39 (a) | | | 700,000 | | | | 658,321 | |
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | | | | | | | | |
7.190% FRN 5/25/38 (a) | | | 1,247,166 | | | | 1,248,721 | |
| | | | | | | 6,642,741 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Home Equity Asset-Backed Securities — 1.3% | | | | | | | | |
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | | | | | | | | |
5.584% FRN 4/25/36 | | $ | 757,506 | | | $ | 747,250 | |
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | | | | | | | | |
5.229% FRN 3/25/37 | | | 113,949 | | | | 112,226 | |
Point Securitization Trust, Series 2024-1, Class A1 | | | | | | | | |
6.500% 6/25/54 (a) | | | 1,175,712 | | | | 1,180,182 | |
Structured Asset Securities Corp. Mortgage Loan Trust | | | | | | | | |
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.139% FRN 1/25/37 | | | 76,449 | | | | 75,397 | |
Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% 6.169% FRN 11/25/35 (a) | | | 156,770 | | | | 155,985 | |
| | | | | | | 2,271,040 | |
Other Asset-Backed Securities — 29.1% | | | | | | | | |
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | | | | | | | | |
5.411% FRN 9/15/41 (a) | | | 37,507 | | | | 37,088 | |
ACHV ABS Trust | | | | | | | | |
Series 2024-1PL, Class A, 5.900% 4/25/31 (a) | | | 956,071 | | | | 964,152 | |
Series 2023-4CP, Class B, 7.240% 11/25/30 (a) | | | 332,938 | | | | 334,264 | |
Affirm Asset Securitization Trust | | | | | | | | |
Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | | | 84,180 | | | | 83,307 | |
Series 2022-X1, Class A, 1.750% 2/15/27 (a) | | | 34,397 | | | | 34,355 | |
Series 2022-Z1, Class A, 4.550% 6/15/27 (a) | | | 99,806 | | | | 99,583 | |
Series 2023-A, Class 1A, 6.610% 1/18/28 (a) | | | 7,500,000 | | | | 7,531,627 | |
Series 2023-X1, Class A, 7.110% 11/15/28 (a) | | | 1,395,781 | | | | 1,401,221 | |
Series 2023-X1, Class B, 7.770% 11/15/28 (a) | | | 2,000,000 | | | | 2,024,623 | |
Alterna Funding III LLC | | | | | | | | |
Series 2024-1A, Class A, 6.260% 5/16/39 (a) | | | 1,488,226 | | | | 1,515,148 | |
Series 2024-1A, Class B, 7.136% 5/16/39 (a) | | | 893,602 | | | | 908,433 | |
BHG Securitization Trust | | | | | | | | |
Series 2021-B, Class A, 0.900% 10/17/34 (a) | | | 162,623 | | | | 161,204 | |
Series 2021-A, Class A, 1.420% 11/17/33 (a) | | | 1,081,959 | | | | 1,047,008 | |
Series 2022-C, Class A, 5.320% 10/17/35 (a) | | | 385,587 | | | | 385,561 | |
Series 2023-A, Class A, 5.550% 4/17/36 (a) | | | 818,914 | | | | 820,773 | |
Conn's Receivables Funding LLC, Series 2024-A, Class A | | | | | | | | |
7.050% 1/16/29 (a) | | | 281,121 | | | | 281,373 | |
FCI Funding LLC, Series 2024-1A, Class A | | | | | | | | |
5.440% 8/15/36 (a) | | | 968,903 | | | | 970,114 | |
FNA VI LLC, Series 2021-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 1,753,794 | | | | 1,642,811 | |
GreenSky Home Improvement Trust, Series 2024-1, Class A2 | | | | | | | | |
5.880% 6/25/59 (a) | | | 3,000,000 | | | | 3,038,219 | |
Hilton Grand Vacations Trust, Series 2022-2A, Class C | | | | | | | | |
5.570% 1/25/37 (a) | | | 366,616 | | | | 367,740 | |
LL ABS Trust, Series 2022-1A, Class B | | | | | | | | |
5.050% 11/15/29 (a) | | | 362,898 | | | | 362,556 | |
Marlette Funding Trust | | | | | | | | |
Series 2022-2A, Class B, 5.500% 8/15/32 (a) | | | 1,120,209 | | | | 1,120,452 | |
Series 2023-2A, Class A, 6.040% 6/15/33 (a) | | | 66,096 | | | | 66,126 | |
MCA Fund Holding LLC, Series 2020-1, Class A | | | | | | | | |
3.250% 11/15/35 (a) | | | 420,354 | | | | 407,317 | |
MVW Owner Trust, Series 2018-1A, Class A | | | | | | | | |
3.450% 1/21/36 (a) | | | 174,584 | | | | 173,488 | |
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) | | $ | 115,106 | | | $ | 111,939 | |
Oak Street Investment Grade Net Lease Fund | | | | | | | | |
Series 2021-1A, Class A1, 1.480% 1/20/51 (a) | | | 3,164,184 | | | | 3,003,557 | |
Series 2020-1A, Class A1, 1.850% 11/20/50 (a) | | | 2,299,571 | | | | 2,205,485 | |
Oxford Finance Funding LLC | | | | | | | | |
Series 2020-1A, Class A2, 3.101% 2/15/28 (a) | | | 2,653,101 | | | | 2,628,964 | |
Series 2020-1A, Class B, 4.037% 2/15/28 (a) | | | 538,020 | | | | 533,451 | |
Pagaya AI Debt Grantor Trust | | | | | | | | |
Series 2024-8, Class A, 5.331% 1/15/32 (a) | | | 5,000,000 | | | | 5,012,559 | |
Series 2024-5, Class A, 6.278% 10/15/31 (a) | | | 1,337,057 | | | | 1,355,290 | |
Pagaya AI Debt Trust | | | | | | | | |
Series 2024-4, Class B, 6.539% 8/15/31 (a) | | | 3,353,652 | | | | 3,400,806 | |
Series 2023-5, Class A, 7.179% 4/15/31 (a) | | | 285,951 | | | | 286,436 | |
PFS Financing Corp., Series 2022-A, Class B | | | | | | | | |
2.770% 2/15/27 (a) | | | 800,000 | | | | 790,832 | |
PVOne LLC, Series 2023-2A, Class A | | | | | | | | |
7.670% 9/17/35 (a) | | | 959,873 | | | | 969,135 | |
RAM LLC, Series 2024-1, Class A | | | | | | | | |
6.669% 2/15/39 (a) | | | 2,303,098 | | | | 2,324,842 | |
Reach ABS Trust, Series 2024-1A, Class A | | | | | | | | |
6.300% 2/18/31 (a) | | | 534,455 | | | | 537,406 | |
Reach Financial LLC, Series 2023-1A, Class A | | | | | | | | |
7.050% 2/18/31 (a) | | | 778,778 | | | | 780,983 | |
SBA Tower Trust, Series 2014-2A, Class C, | | | | | | | | |
3.869% STEP 10/15/49 (a) | | | 2,390,000 | | | | 2,389,206 | |
| | | | | | | 52,109,434 | |
Real Estate Investment Trusts (REITS) — 0.6% | | | | | | | | |
SBA Tower Trust | | | | | | | | |
2.836% 1/15/50 (a) | | | 1,000,000 | | | | 992,818 | |
Student Loans Asset-Backed Securities — 6.3% | | | | | | | | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | | | 105,408 | | | | 81,740 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 13,372 | | | | 11,761 | |
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 30 day USD SOFR Average + 0.914% | | | | | | | | |
6.195% FRN 10/25/56 (a) | | | 132,984 | | | | 129,606 | |
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | | | | | | | | |
5.971% FRN 6/28/39 (a) | | | 237,615 | | | | 212,234 | |
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | | | | | | | | |
2.340% 10/25/48 (a) | | | 38,998 | | | | 38,139 | |
Navient Private Education Refi Loan Trust | | | | | | | | |
Series 2021-A, Class A, 0.840% 5/15/69 (a) | | | 1,395,673 | | | | 1,269,589 | |
Series 2020-HA, Class A, 1.310% 1/15/69 (a) | | | 217,515 | | | | 203,697 | |
Navient Student Loan Trust, Series 2017-1A, Class A3, 30 day USD SOFR Average + 1.264% | | | | | | | | |
6.545% FRN 7/26/66 (a) | | | 239,350 | | | | 238,758 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.803% FRN 3/23/37 | | | 854,830 | | | | 826,373 | |
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.821% FRN 1/25/38 | | | 436,227 | | | | 371,652 | |
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.861% FRN 6/25/41 | | | 135,247 | | | | 120,909 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.971% FRN 10/25/40 | | $ | 870,503 | | | $ | 860,367 | |
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.895% FRN 6/25/41 (a) | | | 375,000 | | | | 364,962 | |
SLC Student Loan Trust | | | | | | | | |
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.861% FRN 12/15/39 | | | 553,074 | | | | 491,872 | |
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.911% FRN 3/15/40 | | | 791,806 | | | | 718,189 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.821% FRN 1/25/70 | | | 175,549 | | | | 163,580 | |
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.831% FRN 10/25/40 | | | 281,809 | | | | 264,075 | |
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.841% FRN 1/25/41 | | | 255,666 | | | | 238,239 | |
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.931% FRN 1/25/55 | | | 219,042 | | | | 207,637 | |
Series 2004-8, Class B, 90 day USD SOFR Average + 0.722% 6.081% FRN 1/25/40 | | | 227,479 | | | | 220,069 | |
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.091% FRN 10/25/64 | | | 135,403 | | | | 127,913 | |
SMB Asset-Backed Repackaging Trust, Series 2024-R1, Class M | | | | | | | | |
6.000% 9/15/54 (a) | | | 2,966,667 | | | | 2,952,317 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-B, Class A2B, 1 mo. USD Term SOFR + 0.834% 5.931% FRN 1/15/37 (a) | | | 343,000 | | | | 340,899 | |
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.081% FRN 7/15/36 (a) | | | 481,207 | | | | 479,559 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
5.240% VRN 1/25/45 (a) (b) | | | 416,050 | | | | 411,300 | |
| | | | | | | 11,345,436 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 7.3% | | | | | | | | |
Angel Oak Mortgage Trust | | | | | | | | |
Series 2020-6, Class A1, 1.261% VRN 5/25/65 (a) (b) | | | 783,210 | | | | 713,206 | |
Series 2022-2, Class A1, 3.353% VRN 1/25/67 (a) (b) | | | 1,737,552 | | | | 1,657,254 | |
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | | | | | | | | |
5.500% FRN 8/25/49 (a) | | | 689,273 | | | | 657,186 | |
COLT Mortgage Loan Trust, Series 2022-1, Class A1, | | | | | | | | |
2.284% VRN 12/27/66 (a) (b) | | | 5,475,962 | | | | 5,027,083 | |
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | | | | | | | | |
5.129% FRN 11/25/36 | | | 135,559 | | | | 136,402 | |
OBX Trust | | | | | | | | |
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) | | | 1,168,135 | | | | 976,394 | |
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 5.919% FRN 2/25/60 (a) | | | 248,162 | | | | 239,725 | |
PSMC Trust, Series 2020-2, Class A2, | | | | | | | | |
3.000% VRN 5/25/50 (a) (b) | | | 577,816 | | | | 520,517 | |
STAR Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (b) | | | 2,156,379 | | | | 1,950,538 | |
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3, | | | | | | | | |
2.916% VRN 9/27/49 (a) (b) | | | 540,752 | | | | 525,226 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b) | | | 637,083 | | | | 554,823 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (b) | | $ | 85,261 | | | $ | 84,799 | |
| | | | | | | 13,043,153 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $107,077,150) | | | | | | | 106,404,180 | |
| | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 5.6% | | | | | | | | |
Pass-Through Securities — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.143% 6.356% FRN 3/01/37 | | | 56,907 | | | | 57,682 | |
Whole Loans — 5.6% | | | | | | | | |
Federal Home Loan Mortgage Corp. STACR REMICS Trust | | | | | | | | |
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.080% FRN 10/25/41 (a) | | | 1,122,183 | | | | 1,122,178 | |
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.130% FRN 11/25/41 (a) | | | 1,242,818 | | | | 1,241,029 | |
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.580% FRN 2/25/42 (a) | | | 1,349,548 | | | | 1,353,190 | |
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.095% FRN 1/25/50 (a) | | | 328,513 | | | | 329,939 | |
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.280% FRN 4/25/42 (a) | | | 1,235,537 | | | | 1,251,129 | |
Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 7.495% FRN 9/25/48 (a) | | | 127,111 | | | | 127,618 | |
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.230% FRN 6/25/42 (a) | | | 392,533 | | | | 402,990 | |
Federal National Mortgage Association Connecticut Avenue Securities | | | | | | | | |
Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.163% FRN 6/25/43 (a) | | | 793,718 | | | | 801,733 | |
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.180% FRN 4/25/42 (a) | | | 729,447 | | | | 734,817 | |
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.780% FRN 4/25/43 (a) | | | 763,546 | | | | 777,037 | |
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.213% FRN 6/25/42 (a) | | | 1,821,432 | | | | 1,876,091 | |
| | | | | | | 10,017,751 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $10,006,350) | | | | | | | 10,075,433 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 21.1% | | | | | | | | |
U.S. Treasury Bonds & Notes — 21.1% | | | | | | | | |
U.S. Treasury Inflation-Indexed Bonds | | | | | | | | |
0.125% 2/15/51 | | | 483,236 | | | | 304,990 | |
0.125% 2/15/52 | | | 621,429 | | | | 386,318 | |
0.250% 2/15/50 | | | 734,034 | | | | 486,983 | |
0.625% 2/15/43 | | | 273,608 | | | | 219,549 | |
0.750% 2/15/42 | | | 821,256 | | | | 684,291 | |
0.750% 2/15/45 | | | 1,008,438 | | | | 805,779 | |
0.875% 2/15/47 | | | 586,337 | | | | 470,624 | |
1.000% 2/15/46 | | | 464,601 | | | | 386,992 | |
1.000% 2/15/48 | | | 446,418 | | | | 366,652 | |
1.000% 2/15/49 | | | 312,483 | | | | 254,811 | |
1.375% 2/15/44 | | | 877,214 | | | | 799,803 | |
1.500% 2/15/53 | | | 581,961 | | | | 525,966 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
2.125% 2/15/40 | | $ | 436,563 | | | $ | 455,492 | |
2.125% 2/15/41 | | | 430,878 | | | | 450,764 | |
2.125% 2/15/54 | | | 358,694 | | | | 372,928 | |
2.500% 1/15/29 | | | 366,243 | | | | 381,954 | |
3.375% 4/15/32 | | | 442,998 | | | | 500,374 | |
3.875% 4/15/29 | | | 1,549,741 | | | | 1,710,277 | |
U.S. Treasury Inflation-Indexed Notes | | | | | | | | |
0.125% 4/15/25 | | | 1,826,520 | | | | 1,793,974 | |
0.125% 1/15/30 | | | 1,650,362 | | | | 1,539,692 | |
0.125% 7/15/30 | | | 1,410,763 | | | | 1,311,756 | |
0.125% 1/15/31 | | | 1,395,529 | | | | 1,282,198 | |
0.125% 7/15/31 | | | 1,584,252 | | | | 1,449,207 | |
0.125% 1/15/32 | | | 1,475,045 | | | | 1,333,013 | |
0.250% 7/15/29 | | | 1,623,098 | | | | 1,539,816 | |
0.375% 7/15/27 | | | 257,158 | | | | 250,055 | |
0.500% 1/15/28 | | | 1,810,670 | | | | 1,753,112 | |
0.625% 7/15/32 | | | 2,056,807 | | | | 1,925,688 | |
0.750% 7/15/28 (d) | | | 1,534,950 | | | | 1,500,842 | |
0.875% 1/15/29 | | | 1,370,204 | | | | 1,337,613 | |
1.125% 1/15/33 | | | 1,900,620 | | | | 1,833,699 | |
1.250% 4/15/28 | | | 1,761,648 | | | | 1,744,931 | |
1.375% 7/15/33 | | | 2,019,479 | | | | 1,990,523 | |
1.625% 10/15/27 | | | 2,304,041 | | | | 2,319,115 | |
1.750% 1/15/34 | | | 1,534,830 | | | | 1,551,850 | |
2.375% 10/15/28 | | | 1,643,008 | | | | 1,706,325 | |
| | | | | | | 37,727,956 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $39,358,131) | | | | | | | 37,727,956 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $156,441,631) | | | | | | | 154,207,569 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $156,441,631) | | | | | | | 154,207,569 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 12.6% | | | | | | | | |
Commercial Paper — 11.1% | | | | | | | | |
American Honda Finance Corp. | | | | | | | | |
5.012% 11/12/24 | | | 3,000,000 | | | | 2,982,197 | |
Avangrid, Inc. | | | | | | | | |
5.044% 10/29/24 (a) | | | 3,000,000 | | | | 2,987,778 | |
EIDP, Inc. | | | | | | | | |
5.753% 12/02/24 (a) | | | 1,000,000 | | | | 991,616 | |
Evergy Kansas Central, Inc. | | | | | | | | |
4.959% 10/01/24 (a) | | | 3,000,000 | | | | 2,999,591 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
5.631% 10/04/24 (a) | | | 2,000,000 | | | | 1,998,904 | |
Penske Truck Leasing Co. LP | | | | | | | | |
5.665% 10/15/24 | | | 4,000,000 | | | | 3,991,543 | |
Volkswagen Financial Services | | | | | | | | |
5.376% 10/10/24 (a) | | | 2,000,000 | | | | 1,997,255 | |
Walt Disney Co. | | | | | | | | |
5.577% 10/28/24 (a) | | | 2,000,000 | | | | 1,992,377 | |
| | | | | | | 19,941,261 | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Repurchase Agreement — 1.5% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (e) | | $ | 2,603,190 | | | $ | 2,603,190 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $22,544,740) | | | | | | | 22,544,451 | |
| | | | | | | | |
TOTAL INVESTMENTS — 98.8% (Cost $178,986,371) (f) | | | | | | | 176,752,020 | |
| | | | | | | | |
Other Assets/(Liabilities) — 1.2% | | | | | | | 2,151,378 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 178,903,398 | |
Abbreviation Legend
CMT | Constant Maturity Treasury Index |
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 September 30, 2024, the aggregate market value of these securities amounted to $118,147,411 or 66.04% of net assets. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2024. |
(c) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(d) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(e) | Maturity value of $2,603,300. Collateralized by U.S. Government Agency obligations with a rate of 0.750%, maturity date of 5/31/26, and an aggregate market value, including accrued interest, of $2,655,402. |
(f) | See Note 3 for aggregate cost for federal tax purposes. |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/Net Unrealized Appreciation (Depreciation) | |
Short | | | | | | | | | | | |
U.S. Treasury Long Bond | | 12/19/24 | | | 9 | | | $ | (1,137,095) | | | $ | 19,407 | |
U.S. Treasury Note 10 Year | | 12/19/24 | | | 15 | | | | (1,731,279) | | | | 17,060 | |
U.S. Treasury Ultra 10 Year | | 12/19/24 | | | 5 | | | | (588,890) | | | | (2,594) | |
U.S. Treasury Ultra Bond | | 12/19/24 | | | 2 | | | | (273,370) | | | | 7,182 | |
U.S. Treasury Note 2 Year | | 12/31/24 | | | 208 | | | | (43,238,159) | | | | (76,216) | |
U.S. Treasury Note 5 Year | | 12/31/24 | | | 20 | | | | (2,192,969) | | | | (4,687) | |
| | | | | | | | | | | | $ | (39,848) | |
MML Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
Centrally Cleared Interest Rate Swaps |
Paid by the Fund | | Received by the Fund | | | | | | | | | | | | | | | | |
Rate/ Reference | | Frequency | | Rate/ Reference | | | Frequency | | | Termination Date | | | Notional Amount | | Value | | | Upfront Premium Paid/ (Received) | | | Unrealized Appreciation (Depreciation) | |
Fixed 2.490% | | Maturity | | | U.S. Consumer Price Index | | | | Maturity | | | | 7/31/26 | | | USD | | | 2,000,000 | | | $ | 427 | | | $ | — | | | $ | 427 | |
Fixed 2.482% | | Maturity | | | U.S. Consumer Price Index | | | | Maturity | | | | 9/07/26 | | | USD | | | 2,000,000 | | | | (1,320) | | | | — | | | | (1,320) | |
Fixed 2.164% | | Maturity | | | U.S. Consumer Price Index | | | | Maturity | | | | 9/19/26 | | | USD | | | 4,000,000 | | | | 3,656 | | | | — | | | | 3,656 | |
| | | | | | | | | | | | | | | | | | | | | | $ | 2,763 | | | $ | — | | | $ | 2,763 | |
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 + 16.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 11/26/24 | | USD | 30,642,940 | | | $ | 1,513,483 | | | $ | — | | | $ | 1,513,483 | |
Fed Funds + 23.5 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | BNP Paribas SA | | 1/30/25 | | USD | 37,598,528 | | | | 863,793 | | | | — | | | | 863,793 | |
Fed Funds + 18.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 10/31/24 | | USD | 38,000,000 | | | | 2,561,878 | | | | — | | | | 2,561,878 | |
Fed Funds + 25.0 BP | | Maturity | | | Bloomberg US Treasury Inflation Notes TR Index | | Maturity | | Goldman Sachs International | | 2/28/25 | | USD | 31,881,878 | | | | 478,602 | | | | — | | | | 478,602 | |
| | | | | | | | | | | | | | | | | $ | 5,417,756 | | | $ | — | | | $ | 5,417,756 | |
Currency Legend
MML iShares® 60/40 Allocation Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EXCHANGE-TRADED FUNDS — 99.9% | | | | | | | | |
iShares 1-5 Year Investment Grade Corporate Bond ETF | | | 46,307 | | | $ | 2,438,527 | |
iShares 20+ Year Treasury Bond ETF | | | 9,905 | | | | 971,681 | |
iShares Broad USD High Yield Corporate Bond ETF | | | 12,956 | | | | 487,793 | |
iShares Core Dividend Growth ETF | | | 23,470 | | | | 1,471,334 | |
iShares Core International Aggregate Bond ETF | | | 4,704 | | | | 243,761 | |
iShares Core MSCI Emerging Markets ETF | | | 16,770 | | | | 962,766 | |
iShares Core MSCI International Developed Markets ETF | | | 89,358 | | | | 6,329,227 | |
iShares Core S&P 500 ETF | | | 7,653 | | | | 4,414,403 | |
iShares Core S&P Mid-Cap ETF | | | 15,679 | | | | 977,115 | |
iShares Core S&P Total U.S. Stock Market ETF | | | 120,911 | | | | 15,188,840 | |
iShares Core U.S. Aggregate Bond ETF | | | 151,503 | | | | 15,342,709 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $44,016,122) | | | | | | | 48,828,156 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $44,016,122) | | | | | | | 48,828,156 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.9% (Cost $44,016,122) (a) | | | | | | | 48,828,156 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.1% | | | | | | | 24,485 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 48,852,641 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | See Note 3 for aggregate cost for federal tax purposes. |
MML iShares® 80/20 Allocation Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EXCHANGE-TRADED FUNDS — 99.9% | | | | | | | | |
iShares 1-5 Year Investment Grade Corporate Bond ETF (a) | | | 81,947 | | | $ | 4,315,329 | |
iShares 20+ Year Treasury Bond ETF | | | 8,764 | | | | 859,748 | |
iShares Broad USD High Yield Corporate Bond ETF | | | 22,927 | | | | 863,201 | |
iShares Core Dividend Growth ETF (a) | | | 41,533 | | | | 2,603,704 | |
iShares Core International Aggregate Bond ETF (a) | | | 16,650 | | | | 862,803 | |
iShares Core MSCI Emerging Markets ETF | | | 74,191 | | | | 4,259,305 | |
iShares Core MSCI International Developed Markets ETF (a) | | | 182,459 | | | | 12,923,571 | |
iShares Core S&P 500 ETF | | | 12,039 | | | | 6,944,336 | |
iShares Core S&P Mid-Cap ETF | | | 55,493 | | | | 3,458,324 | |
iShares Core S&P Total U.S. Stock Market ETF | | | 310,601 | | | | 39,017,698 | |
iShares Core U.S. Aggregate Bond ETF | | | 102,134 | | | | 10,343,110 | |
| | | | | | | | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $73,397,816) | | | | | | | 86,451,129 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $73,397,816) | | | | | | | 86,451,129 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 1.8% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 1.7% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (b) | | | 1,432,575 | | | | 1,432,575 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.1% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (c) | | $ | 106,745 | | | | 106,745 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,539,320) | | | | | | | 1,539,320 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.7% (Cost $74,937,136) (d) | | | | | | | 87,990,449 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.7)% | | | | | | | (1,478,766) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 86,511,683 | |
Abbreviation Legend
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $1,416,110 or 1.64% of net assets. The Fund received $12,764 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 $106,749. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $109,049. |
(d) | See Note 3 for aggregate cost for federal tax purposes. |
MML Managed Bond Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 99.2% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 39.8% | | | | | | | | |
Aerospace & Defense — 0.5% | | | | | | | | |
Boeing Co. | | | | | | | | |
5.930% 5/01/60 | | $ | 605,000 | | | $ | 579,510 | |
6.858% 5/01/54 (a) | | | 714,000 | | | | 783,693 | |
Embraer Netherlands Finance BV | | | | | | | | |
7.000% 7/28/30 (a) | | | 1,525,000 | | | | 1,660,768 | |
| | | | | | | 3,023,971 | |
Agriculture — 0.3% | | | | | | | | |
Imperial Brands Finance PLC | | | | | | | | |
5.875% 7/01/34 (a) | | | 750,000 | | | | 779,719 | |
Reynolds American, Inc. | | | | | | | | |
5.850% 8/15/45 | | | 985,000 | | | | 985,458 | |
| | | | | | | 1,765,177 | |
Airlines — 0.2% | | | | | | | | |
United Airlines Pass-Through Trust | | | | | | | | |
Series 2018-1, Class B, 4.600% 9/01/27 | | | 249,760 | | | | 246,314 | |
Series 2024-1, Class AA, 5.450% 8/15/38 | | | 834,000 | | | | 867,943 | |
| | | | | | | 1,114,257 | |
Auto Manufacturers — 0.4% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
5.303% 9/06/29 | | | 1,565,000 | | | | 1,557,632 | |
General Motors Co. | | | | | | | | |
5.150% 4/01/38 | | | 800,000 | | | | 766,935 | |
| | | | | | | 2,324,567 | |
Banks — 6.9% | | | | | | | | |
Bank of America Corp. | | | | | | | | |
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | | | 2,635,000 | | | | 2,223,415 | |
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28 | | | 1,475,000 | | | | 1,434,883 | |
5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | | | 2,145,000 | | | | 1,982,809 | |
Barclays PLC | | | | | | | | |
5 yr. CMT + 5.867% 6.125% VRN (b) | | | 1,300,000 | | | | 1,295,620 | |
5 yr. CMT + 5.431% 8.000% VRN (b) | | | 1,382,000 | | | | 1,455,372 | |
BNP Paribas SA 5 yr. CMT + 3.196% | | | | | | | | |
4.625% VRN (a) (b) | | | 1,075,000 | | | | 1,018,696 | |
BPCE SA, (Acquired 10/12/21, Cost $1,860,000), 1 day USD SOFR + 1.730% | | | | | | | | |
3.116% VRN 10/19/32 (a) (c) | | | 1,860,000 | | | | 1,602,500 | |
Citigroup, Inc. 10 yr. CMT + 2.757% | | | | | | | | |
7.000% VRN (b) | | | 1,167,000 | | | | 1,248,816 | |
Discover Bank 5 yr. USD SOFR ICE Swap Rate + 1.730% | | | | | | | | |
5.974% VRN 8/09/28 | | | 3,105,000 | | | | 3,206,280 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
The Goldman Sachs Group, Inc. 1 day USD SOFR + 1.210% | | | | | | | | |
5.049% VRN 7/23/30 | | $ | 800,000 | | | $ | 820,860 | |
HSBC Holdings PLC | | | | | | | | |
1 day USD SOFR + 1.520% 5.733% VRN 5/17/32 | | | 1,224,000 | | | | 1,289,396 | |
5 yr. CMT + 3.298% 6.875% VRN (b) | | | 754,000 | | | | 776,701 | |
ING Groep NV 5 yr. USD Swap + 4.446% | | | | | | | | |
6.500% VRN (b) | | | 1,950,000 | | | | 1,951,632 | |
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | | | | | | | | |
2.956% VRN 5/13/31 | | | 1,000,000 | | | | 919,749 | |
Lloyds Banking Group PLC | | | | | | | | |
5 yr. USD ICE Swap + 4.496% 7.500% VRN (b) | | | 900,000 | | | | 908,229 | |
5 yr. CMT + 3.913% 8.000% VRN (b) (d) | | | 975,000 | | | | 1,044,583 | |
Macquarie Bank Ltd. 5 yr. CMT + 1.700% | | | | | | | | |
3.052% VRN 3/03/36 (a) | | | 3,440,000 | | | | 3,007,846 | |
Morgan Stanley | | | | | | | | |
1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 | | | 1,270,000 | | | | 1,062,671 | |
1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 | | | 2,320,000 | | | | 2,337,553 | |
National Australia Bank Ltd. 5 yr. CMT + 1.700% | | | | | | | | |
3.347% VRN 1/12/37 (a) | | | 2,960,000 | | | | 2,638,038 | |
NatWest Group PLC 5 yr. CMT + 5.625% | | | | | | | | |
6.000% VRN (b) | | | 1,950,000 | | | | 1,948,989 | |
Nordea Bank Abp 5 yr. CMT + 2.660% | | | | | | | | |
6.300% VRN (a) (b) | | | 545,000 | | | | 540,145 | |
Societe Generale SA | | | | | | | | |
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | | | 1,400,000 | | | | 1,337,592 | |
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b) (d) | | | 1,900,000 | | | | 1,919,158 | |
SVB Financial Group, 5 yr. CMT + 3.074%, | | | | | | | | |
4.250% (b) (e) | | | 298,000 | | | | 372 | |
Synovus Bank | | | | | | | | |
5.625% 2/15/28 | | | 1,563,000 | | | | 1,571,448 | |
Toronto-Dominion Bank 5 yr. CMT + 4.075% | | | | | | | | |
8.125% VRN 10/31/82 | | | 2,781,000 | | | | 2,983,490 | |
Wells Fargo & Co. 5 yr. CMT + 2.767% | | | | | | | | |
6.850% VRN (b) | | | 1,044,000 | | | | 1,089,626 | |
| | | | | | | 43,616,469 | |
Beverages — 0.4% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
5.150% 5/15/38 (a) | | | 450,000 | | | | 438,817 | |
Bacardi Ltd./Bacardi-Martini BV | | | | | | | | |
5.900% 6/15/43 (a) | | | 396,000 | | | | 407,586 | |
Molson Coors Beverage Co. | | | | | | | | |
4.200% 7/15/46 | | | 1,859,000 | | | | 1,603,773 | |
5.000% 5/01/42 | | | 360,000 | | | | 352,484 | |
| | | | | | | 2,802,660 | |
Biotechnology — 0.3% | | | | | | | | |
Amgen, Inc. | | | | | | | | |
5.600% 3/02/43 | | | 982,000 | | | | 1,031,677 | |
5.750% 3/02/63 | | | 700,000 | | | | 738,870 | |
| | | | | | | 1,770,547 | |
Chemicals — 0.3% | | | | | | | | |
Dow Chemical Co. | | | | | | | | |
5.600% 2/15/54 | | | 700,000 | | | | 722,996 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
LYB International Finance III LLC | | | | | | | | |
4.200% 5/01/50 | | $ | 1,475,000 | | | $ | 1,211,206 | |
| | | | | | | 1,934,202 | |
Computers — 0.3% | | | | | | | | |
Kyndryl Holdings, Inc. | | | | | | | | |
2.700% 10/15/28 | | | 1,150,000 | | | | 1,065,103 | |
6.350% 2/20/34 | | | 568,000 | | | | 607,241 | |
| | | | | | | 1,672,344 | |
Diversified Financial Services — 2.4% | | | | | | | | |
AerCap Holdings NV 5 yr. CMT + 4.535% | | | | | | | | |
5.875% VRN 10/10/79 (d) | | | 1,350,000 | | | | 1,349,974 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | | | | | | | |
3.300% 1/30/32 | | | 1,965,000 | | | | 1,773,410 | |
5 yr. CMT + 2.720% 6.950% VRN 3/10/55 | | | 211,000 | | | | 218,762 | |
Apollo Global Management, Inc. | | | | | | | | |
5.800% 5/21/54 | | | 1,196,000 | | | | 1,275,049 | |
ARES Finance Co. III LLC 5 yr. CMT + 3.237% | | | | | | | | |
4.125% VRN 6/30/51 (a) | | | 1,585,000 | | | | 1,511,052 | |
ARES Finance Co. LLC | | | | | | | | |
4.000% 10/08/24 (a) | | | 2,080,000 | | | | 2,079,216 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.528% 11/18/27 (a) | | | 1,680,000 | | | | 1,568,793 | |
BGC Group, Inc. | | | | | | | | |
6.600% 6/10/29 | | | 1,575,000 | | | | 1,629,241 | |
Blue Owl Finance LLC | | | | | | | | |
3.125% 6/10/31 (a) | | | 1,195,000 | | | | 1,047,030 | |
4.125% 10/07/51 (a) | | | 462,000 | | | | 347,687 | |
Charles Schwab Corp. 5 yr. CMT + 3.168% | | | | | | | | |
4.000% VRN (b) | | | 2,000,000 | | | | 1,918,378 | |
Voya Financial, Inc. | | | | | | | | |
5.000% 9/20/34 | | | 415,000 | | | | 412,683 | |
| | | | | | | 15,131,275 | |
Electric — 2.2% | | | | | | | | |
AES Corp. 5 yr. CMT + 3.201% | | | | | | | | |
7.600% VRN 1/15/55 | | | 1,554,000 | | | | 1,634,871 | |
Dominion Energy South Carolina, Inc. | | | | | | | | |
6.250% 10/15/53 | | | 239,000 | | | | 278,593 | |
Duke Energy Florida LLC | | | | | | | | |
6.200% 11/15/53 | | | 660,000 | | | | 758,400 | |
Emera, Inc. 3 mo. USD LIBOR + 5.440% | | | | | | | | |
6.750% VRN 6/15/76 | | | 1,625,000 | | | | 1,634,376 | |
Entergy Mississippi LLC | | | | | | | | |
5.850% 6/01/54 | | | 765,000 | | | | 828,798 | |
Entergy Texas, Inc. | | | | | | | | |
5.800% 9/01/53 | | | 1,185,000 | | | | 1,265,762 | |
IPALCO Enterprises, Inc. | | | | | | | | |
5.750% 4/01/34 | | | 547,000 | | | | 572,999 | |
MidAmerican Energy Co. | | | | | | | | |
5.300% 2/01/55 | | | 492,000 | | | | 508,535 | |
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | | | | | | | | |
3.800% VRN 3/15/82 | | | 1,250,000 | | | | 1,190,612 | |
RWE Finance US LLC | | | | | | | | |
5.875% 4/16/34 (a) | | | 1,575,000 | | | | 1,646,696 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Sempra | | | | | | | | |
5 yr. CMT + 2.868% 4.125% VRN 4/01/52 | | $ | 1,366,000 | | | $ | 1,298,806 | |
5 yr. CMT + 4.550% 4.875% VRN (b) | | | 1,025,000 | | | | 1,013,998 | |
Tampa Electric Co. | | | | | | | | |
4.450% 6/15/49 | | | 450,000 | | | | 405,922 | |
Virginia Electric & Power Co. | | | | | | | | |
5.350% 1/15/54 | | | 931,000 | | | | 952,021 | |
| | | | | | | 13,990,389 | |
Entertainment — 0.4% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.279% 3/15/32 | | | 2,100,000 | | | | 1,865,497 | |
5.141% 3/15/52 | | | 825,000 | | | | 636,302 | |
| | | | | | | 2,501,799 | |
Food — 1.0% | | | | | | | | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | | | | | | | | |
3.625% 1/15/32 | | | 2,300,000 | | | | 2,102,774 | |
The Kroger Co. | | | | | | | | |
5.000% 9/15/34 | | | 976,000 | | | | 984,139 | |
Smithfield Foods, Inc. | | | | | | | | |
2.625% 9/13/31 (a) | | | 1,730,000 | | | | 1,465,952 | |
3.000% 10/15/30 (a) | | | 943,000 | | | | 845,202 | |
4.250% 2/01/27 (a) | | | 1,145,000 | | | | 1,125,993 | |
| | | | | | | 6,524,060 | |
Gas — 0.4% | | | | | | | | |
CenterPoint Energy Resources Corp. | | | | | | | | |
6.625% 11/01/37 | | | 1,250,000 | | | | 1,418,387 | |
NiSource, Inc. | | | | | | | | |
5.800% 2/01/42 | | | 950,000 | | | | 976,211 | |
| | | | | | | 2,394,598 | |
Health Care - Services — 0.6% | | | | | | | | |
Cigna Group | | | | | | | | |
4.800% 7/15/46 | | | 880,000 | | | | 823,979 | |
HCA, Inc. | | | | | | | | |
5.900% 6/01/53 | | | 1,470,000 | | | | 1,533,445 | |
Humana, Inc. | | | | | | | | |
5.750% 4/15/54 | | | 808,000 | | | | 827,050 | |
UnitedHealth Group, Inc. | | | | | | | | |
5.750% 7/15/64 | | | 914,000 | | | | 986,669 | |
| | | | | | | 4,171,143 | |
Insurance — 7.7% | | | | | | | | |
Allianz SE 5 yr. CMT + 2.973% | | | | | | | | |
3.500% VRN (a) (b) | | | 4,200,000 | | | | 4,045,774 | |
Allstate Corp., (Acquired 11/30/18, Cost $2,909,256), 3 mo. USD Term SOFR + 3.200% | | | | | | | | |
8.318% VRN 8/15/53 (c) | | | 2,885,000 | | | | 2,899,425 | |
Arthur J Gallagher & Co. | | | | | | | | |
5.750% 7/15/54 | | | 565,000 | | | | 589,760 | |
Ascot Group Ltd. | | | | | | | | |
4.250% 12/15/30 (a) | | | 1,990,000 | | | | 1,725,648 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Athene Global Funding | | | | | | | | |
2.673% 6/07/31 (a) | | $ | 2,505,000 | | | $ | 2,166,915 | |
AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | | | | | | | | |
4.900% VRN 1/15/40 | | | 1,315,000 | | | | 1,258,387 | |
CNO Financial Group, Inc. | | | | | | | | |
6.450% 6/15/34 | | | 1,520,000 | | | | 1,606,818 | |
CNO Global Funding | | | | | | | | |
2.650% 1/06/29 (a) | | | 1,376,000 | | | | 1,259,208 | |
Corebridge Financial, Inc. 5 yr. CMT + 3.846% | | | | | | | | |
6.875% VRN 12/15/52 | | | 3,281,000 | | | | 3,396,360 | |
Enstar Finance LLC | | | | | | | | |
HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 | | | 1,977,000 | | | | 1,844,113 | |
5 yr. CMT + 5.468% 5.750% VRN 9/01/40 (d) | | | 2,200,000 | | | | 2,174,007 | |
Equitable Holdings, Inc. 5 yr. CMT + 4.736% | | | | | | | | |
4.950% VRN (b) (d) | | | 885,000 | | | | 876,597 | |
Fairfax Financial Holdings Ltd. | | | | | | | | |
6.100% 3/15/55 (a) | | | 1,545,000 | | | | 1,608,772 | |
Global Atlantic Fin Co. | | | | | | | | |
3.125% 6/15/31 (a) | | | 987,000 | | | | 867,178 | |
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | | | 3,060,000 | | | | 2,929,551 | |
6.750% 3/15/54 (a) | | | 408,000 | | | | 434,117 | |
5 yr. CMT + 3.608% 7.950% VRN 10/15/54 (a) | | | 678,000 | | | | 707,718 | |
Hill City Funding Trust | | | | | | | | |
4.046% 8/15/41 (a) | | | 2,400,000 | | | | 1,982,850 | |
Jackson National Life Global Funding | | | | | | | | |
4.600% 10/01/29 (a) (f) | | | 900,000 | | | | 897,634 | |
5.600% 4/10/26 (a) | | | 1,392,000 | | | | 1,411,975 | |
Kemper Corp. | | | | | | | | |
3.800% 2/23/32 | | | 875,000 | | | | 795,381 | |
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | | | | | | | | |
4.125% VRN 12/15/51 (a) | | | 1,381,000 | | | | 1,306,432 | |
Markel Group, Inc. | | | | | | | | |
6.000% 5/16/54 | | | 1,380,000 | | | | 1,467,321 | |
MetLife Capital Trust IV | | | | | | | | |
7.875% 12/15/67 (a) | | | 725,000 | | | | 806,566 | |
Pine Street Trust III | | | | | | | | |
6.223% 5/15/54 (a) | | | 1,615,000 | | | | 1,750,736 | |
Sammons Financial Group, Inc. | | | | | | | | |
3.350% 4/16/31 (a) | | | 3,805,000 | | | | 3,317,118 | |
4.450% 5/12/27 (a) | | | 231,000 | | | | 228,554 | |
4.750% 4/08/32 (a) | | | 805,000 | | | | 756,987 | |
USF&G Capital I | | | | | | | | |
8.500% 12/15/45 (a) | | | 885,000 | | | | 917,563 | |
Vitality Re XV Ltd. 3 mo. U.S. T-Bill Rate + 2.500% | | | | | | | | |
7.102% FRN 1/08/29 (a) | | | 3,016,000 | | | | 3,012,381 | |
| | | | | | | 49,041,846 | |
Internet — 0.1% | | | | | | | | |
Netflix, Inc. | | | | | | | | |
5.400% 8/15/54 (d) | | | 503,000 | | | | 532,485 | |
Investment Companies — 3.3% | | | | | | | | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 1,275,000 | | | | 1,194,006 | |
3.950% 7/15/26 (a) | | | 3,005,000 | | | | 2,921,622 | |
8.500% 5/18/25 (a) | | | 720,000 | | | | 730,200 | |
ARES Capital Corp. | | | | | | | | |
5.875% 3/01/29 | | | 990,000 | | | | 1,013,786 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
ARES Strategic Income Fund | | | | | | | | |
6.350% 8/15/29 (a) | | $ | 1,918,000 | | | $ | 1,960,633 | |
Blackstone Private Credit Fund | | | | | | | | |
2.625% 12/15/26 | | | 3,425,000 | | | | 3,238,512 | |
Blackstone Secured Lending Fund | | | | | | | | |
2.750% 9/16/26 | | | 875,000 | | | | 836,119 | |
5.875% 11/15/27 | | | 720,000 | | | | 732,124 | |
Blue Owl Credit Income Corp. | | | | | | | | |
4.700% 2/08/27 | | | 1,945,000 | | | | 1,908,434 | |
5.800% 3/15/30 (a) | | | 1,625,000 | | | | 1,609,541 | |
Blue Owl Technology Finance Corp. II | | | | | | | | |
6.750% 4/04/29 (a) | | | 1,295,000 | | | | 1,301,063 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 880,000 | | | | 834,575 | |
6.000% 7/15/29 | | | 1,322,000 | | | | 1,343,249 | |
HPS Corporate Lending Fund | | | | | | | | |
6.250% 9/30/29 (a) (d) | | | 1,115,000 | | | | 1,135,095 | |
| | | | | | | 20,758,959 | |
Lodging — 0.1% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
6.200% 8/15/34 | | | 775,000 | | | | 811,524 | |
Media — 0.8% | | | | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
2.300% 2/01/32 | | | 1,250,000 | | | | 1,006,937 | |
6.484% 10/23/45 | | | 1,485,000 | | | | 1,432,571 | |
Paramount Global | | | | | | | | |
5 yr. CMT + 3.999% 6.375% VRN 3/30/62 | | | 836,000 | | | | 773,288 | |
6.875% 4/30/36 | | | 1,100,000 | | | | 1,114,612 | |
Time Warner Cable LLC | | | | | | | | |
6.750% 6/15/39 | | | 985,000 | | | | 986,432 | |
| | | | | | | 5,313,840 | |
Mining — 0.1% | | | | | | | | |
Anglo American Capital PLC | | | | | | | | |
5.750% 4/05/34 (a) | | | 971,000 | | | | 1,013,649 | |
Oil & Gas — 2.0% | | | | | | | | |
BP Capital Markets PLC 5 yr. CMT + 2.153% | | | | | | | | |
6.450% VRN (b) (d) | | | 663,000 | | | | 697,431 | |
EQT Corp. | | | | | | | | |
7.000% STEP 2/01/30 | | | 1,420,000 | | | | 1,550,379 | |
Helmerich & Payne, Inc. | | | | | | | | |
5.500% 12/01/34 (a) | | | 1,600,000 | | | | 1,558,527 | |
Occidental Petroleum Corp. | | | | | | | | |
6.050% 10/01/54 | | | 1,598,000 | | | | 1,622,371 | |
Ovintiv, Inc. | | | | | | | | |
6.500% 8/15/34 | | | 1,050,000 | | | | 1,133,631 | |
6.500% 2/01/38 | | | 545,000 | | | | 584,017 | |
7.100% 7/15/53 | | | 1,403,000 | | | | 1,581,204 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 1,435,000 | | | | 1,381,715 | |
5.150% 11/15/29 | | | 1,225,000 | | | | 1,209,698 | |
Petroleos Mexicanos | | | | | | | | |
5.350% 2/12/28 | | | 665,000 | | | | 621,449 | |
6.375% 1/23/45 | | | 595,000 | | | | 414,736 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
6.500% 3/13/27 | | $ | 585,000 | | | $ | 573,664 | |
6.625% 6/15/35 | | | 140,000 | | | | 114,311 | |
| | | | | | | 13,043,133 | |
Oil & Gas Services — 0.2% | | | | | | | | |
Nov, Inc. | | | | | | | | |
3.950% 12/01/42 | | | 1,506,000 | | | | 1,189,536 | |
Pharmaceuticals — 0.9% | | | | | | | | |
CVS Health Corp. | | | | | | | | |
5.050% 3/25/48 | | | 455,000 | | | | 415,292 | |
5.875% 6/01/53 | | | 1,050,000 | | | | 1,068,523 | |
6.125% 9/15/39 | | | 560,000 | | | | 590,468 | |
CVS Pass-Through Trust | | | | | | | | |
5.926% 1/10/34 (a) | | | 815,385 | | | | 829,043 | |
7.507% 1/10/32 (a) | | | 654,776 | | | | 698,105 | |
Utah Acquisition Sub, Inc. | | | | | | | | |
5.250% 6/15/46 | | | 2,325,000 | | | | 2,040,931 | |
| | | | | | | 5,642,362 | |
Pipelines — 1.6% | | | | | | | | |
Energy Transfer LP | | | | | | | | |
5.950% 5/15/54 | | | 660,000 | | | | 675,478 | |
5 yr. CMT + 5.306% 7.125% VRN (b) | | | 1,575,000 | | | | 1,608,902 | |
EnLink Midstream LLC | | | | | | | | |
5.650% 9/01/34 | | | 921,000 | | | | 951,645 | |
EnLink Midstream Partners LP | | | | | | | | |
5.050% 4/01/45 | | | 625,000 | | | | 562,130 | |
5.450% 6/01/47 | | | 1,125,000 | | | | 1,063,871 | |
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | | | | | | | | |
5.250% VRN 8/16/77 | | | 1,250,000 | | | | 1,232,995 | |
Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | | | | | | | | |
9.490% VRN (b) | | | 2,345,000 | | | | 2,334,897 | |
Western Midstream Operating LP | | | | | | | | |
5.450% 11/15/34 | | | 1,590,000 | | | | 1,593,361 | |
| | | | | | | 10,023,279 | |
Private Equity — 1.4% | | | | | | | | |
Apollo Management Holdings LP 5 yr. CMT + 3.266% | | | | | | | | |
4.950% VRN 1/14/50 (a) | | | 1,505,000 | | | | 1,493,713 | |
Brookfield Finance, Inc. | | | | | | | | |
5.968% 3/04/54 | | | 1,371,000 | | | | 1,489,032 | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 3,284,000 | | | | 3,103,454 | |
3.375% 1/20/27 | | | 1,745,000 | | | | 1,661,350 | |
KKR Group Finance Co. VIII LLC | | | | | | | | |
3.500% 8/25/50 (a) | | | 710,000 | | | | 520,206 | |
KKR Group Finance Co. X LLC | | | | | | | | |
3.250% 12/15/51 (a) | | | 1,271,000 | | | | 896,845 | |
| | | | | | | 9,164,600 | |
Real Estate Investment Trusts (REITS) — 3.4% | | | | | | | | |
Agree LP | | | | | | | | |
5.625% 6/15/34 | | | 550,000 | | | | 575,371 | |
Broadstone Net Lease LLC | | | | | | | | |
2.600% 9/15/31 | | | 2,120,000 | | | | 1,783,169 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
EPR Properties | | | | | | | | |
3.600% 11/15/31 | | $ | 876,000 | | | $ | 780,893 | |
3.750% 8/15/29 | | | 675,000 | | | | 631,203 | |
4.500% 6/01/27 | | | 2,565,000 | | | | 2,527,537 | |
Equinix Europe 2 Financing Corp. LLC | | | | | | | | |
5.500% 6/15/34 (d) | | | 1,132,000 | | | | 1,187,843 | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) | | | 2,625,000 | | | | 2,446,999 | |
Kimco Realty OP LLC | | | | | | | | |
4.125% 12/01/46 | | | 460,000 | | | | 379,753 | |
4.450% 9/01/47 | | | 800,000 | | | | 692,550 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
3.625% 10/01/29 | | | 1,900,000 | | | | 1,790,664 | |
Piedmont Operating Partnership LP | | | | | | | | |
2.750% 4/01/32 | | | 1,035,000 | | | | 839,490 | |
9.250% 7/20/28 | | | 772,000 | | | | 864,007 | |
Service Properties Trust | | | | | | | | |
4.950% 10/01/29 (d) | | | 1,155,000 | | | | 917,388 | |
Store Capital LLC | | | | | | | | |
4.500% 3/15/28 | | | 2,075,000 | | | | 2,036,106 | |
4.625% 3/15/29 | | | 1,700,000 | | | | 1,666,417 | |
WEA Finance LLC | | | | | | | | |
2.875% 1/15/27 (a) | | | 2,420,000 | | | | 2,314,555 | |
| | | | | | | 21,433,945 | |
Semiconductors — 0.1% | | | | | | | | |
Intel Corp. | | | | | | | | |
5.600% 2/21/54 | | | 650,000 | | | | 633,510 | |
Software — 0.6% | | | | | | | | |
Electronic Arts, Inc. | | | | | | | | |
2.950% 2/15/51 | | | 1,100,000 | | | | 759,223 | |
Microsoft Corp. | | | | | | | | |
2.921% 3/17/52 | | | 2,064,000 | | | | 1,515,368 | |
Oracle Corp. | | | | | | | | |
5.375% 9/27/54 | | | 1,625,000 | | | | 1,624,007 | |
| | | | | | | 3,898,598 | |
Telecommunications — 0.9% | | | | | | | | |
AT&T, Inc. | | | | | | | | |
3.550% 9/15/55 | | | 3,953,000 | | | | 2,891,361 | |
Cisco Systems, Inc. | | | | | | | | |
5.300% 2/26/54 | | | 248,000 | | | | 263,125 | |
Sprint Capital Corp. | | | | | | | | |
8.750% 3/15/32 | | | 1,250,000 | | | | 1,549,901 | |
T-Mobile USA, Inc. | | | | | | | | |
6.000% 6/15/54 | | | 974,000 | | | | 1,073,139 | |
| | | | | | | 5,777,526 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $257,156,569) | | | | | | | 253,016,250 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 24.9% | | | | | | | | |
Commercial Mortgage-Backed Securities — 8.2% | | | | | | | | |
Bank, Series 2020-BN30, Class MCDF, | | | | | | | | |
3.016% VRN 12/15/53 (g) | | | 2,100,000 | | | | 1,165,385 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Benchmark Mortgage Trust | | | | | | | | |
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (g) | | $ | 2,200,000 | | | $ | 1,698,413 | |
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (g) | | | 3,587,000 | | | | 2,559,900 | |
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (g) | | | 2,500,000 | | | | 1,560,692 | |
BGME Trust | | | | | | | | |
Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (g) | | | 12,518,000 | | | | 10,257,970 | |
Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (g) | | | 2,800,000 | | | | 2,194,605 | |
BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914% | | | | | | | | |
7.012% FRN 6/15/38 (a) | | | 1,665,802 | | | | 1,655,409 | |
BX Trust, Series 2023-LIFE, Class C | | | | | | | | |
5.884% 2/15/28 (a) | | | 500,000 | | | | 476,727 | |
COLEM Mortgage Trust, Series 2022-HLNE, Class D, | | | | | | | | |
2.543% VRN 4/12/42 (a) (g) | | | 1,600,000 | | | | 1,212,478 | |
COMM Mortgage Trust | | | | | | | | |
Series 2012-CR4, Class B, 3.703% 10/15/45 (a) | | | 1,060,000 | | | | 724,758 | |
Series 2015-CR23, Class C, 4.408% VRN 5/10/48 (g) | | | 1,000,000 | | | | 944,390 | |
Series 2014-LC17, Class C, 4.684% VRN 10/10/47 (g) | | | 2,106,252 | | | | 2,055,386 | |
DROP Mortgage Trust | | | | | | | | |
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.462% FRN 10/15/43 (a) | | | 2,629,000 | | | | 2,330,935 | |
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 7.962% FRN 10/15/43 (a) | | | 908,000 | | | | 746,148 | |
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% | | | | | | | | |
7.462% FRN 7/15/38 (a) | | | 1,782,071 | | | | 1,782,071 | |
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% | | | | | | | | |
6.965% FRN 8/15/38 (a) | | | 1,586,968 | | | | 1,552,170 | |
KREF Ltd. | | | | | | | | |
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 6.847% FRN 2/15/39 (a) | | | 2,900,000 | | | | 2,810,571 | |
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.197% FRN 2/15/39 (a) | | | 5,000,000 | | | | 4,826,468 | |
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.397% FRN 2/15/39 (a) | | | 4,100,000 | | | | 3,855,882 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | | | | | | | | |
6.962% FRN 3/15/38 (a) | | | 1,534,715 | | | | 1,487,795 | |
MFT Mortgage Trust | | | | | | | | |
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | | | 919,000 | | | | 623,496 | |
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (g) | | | 2,253,000 | | | | 1,416,800 | |
MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD Term SOFR + 1.715% | | | | | | | | |
6.812% FRN 4/15/38 (a) | | | 1,342,203 | | | | 1,334,708 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | | | | | | | | |
7.312% FRN 7/15/39 (a) | | | 3,761,000 | | | | 2,626,136 | |
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | | | | | | | | |
4.556% 6/16/51 | | | 400,000 | | | | 377,438 | |
| | | | | | | 52,276,731 | |
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% | | | | | | | | |
6.169% FRN 11/25/35 (a) | | | 443,281 | | | | 441,062 | |
Other Asset-Backed Securities — 11.4% | | | | | | | | |
AASET Trust, Series 2021-2A, Class B | | | | | | | | |
3.538% 1/15/47 (a) | | | 772,504 | | | | 694,007 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Anchorage Capital CLO 19 Ltd., Series 2021-19A, Class A, 3 mo. USD Term SOFR + 1.472% | | | | | | | | |
6.773% FRN 10/15/34 (a) | | $ | 2,000,000 | | | $ | 2,000,866 | |
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | | | | | | | | |
7.829% FRN 4/26/35 (a) | | | 1,750,000 | | | | 1,755,056 | |
Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440% | | | | | | | | |
6.755% FRN 7/25/37 (a) | | | 2,000,000 | | | | 2,006,048 | |
Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, 3 mo. USD Term SOFR + 1.500% | | | | | | | | |
6.782% FRN 1/20/33 (a) | | | 1,250,000 | | | | 1,250,531 | |
ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, 3 mo. USD Term SOFR + 1.470% | | | | | | | | |
6.789% FRN 7/10/37 (a) | | | 1,000,000 | | | | 1,002,650 | |
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | | | | | | | | |
6.599% FRN 4/18/35 (a) | | | 750,000 | | | | 750,187 | |
Ballyrock CLO 26 Ltd., Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510% | | | | | | | | |
6.844% FRN 7/25/37 (a) | | | 1,700,000 | | | | 1,704,359 | |
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, 3 mo. USD Term SOFR + 1.530% | | | | | | | | |
6.827% FRN 7/20/37 (a) | | | 2,000,000 | | | | 2,013,544 | |
Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% | | | | | | | | |
6.901% FRN 10/15/31 (a) | | | 2,000,000 | | | | 2,002,674 | |
Carlyle US CLO Ltd., Series 2021-6A, Class B, 3 mo. USD Term SOFR + 1.962% | | | | | | | | |
7.263% FRN 7/15/34 (a) | | | 1,400,000 | | | | 1,402,569 | |
CARS-DB4 LP | | | | | | | | |
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | | | 451,269 | | | | 409,050 | |
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | | | 391,450 | | | | 348,541 | |
CAUTO, Series 2024-3A, Class A1 | | | | | | | | |
4.400% 10/15/54 (a) (f) (h) | | | 1,000,000 | | | | 983,209 | |
CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% | | | | | | | | |
6.778% FRN 7/16/37 (a) | | | 2,650,000 | | | | 2,656,736 | |
Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482% | | | | | | | | |
6.783% FRN 10/15/36 (a) | | | 2,000,000 | | | | 2,001,394 | |
Eaton Vance CLO Ltd., Series 2020-2A, Class BR, 3 mo. USD Term SOFR + 1.962% | | | | | | | | |
7.263% FRN 1/15/35 (a) | | | 1,400,000 | | | | 1,400,000 | |
Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920% | | | | | | | | |
7.048% FRN 5/20/36 (a) | | | 500,000 | | | | 501,111 | |
Galaxy XXVI CLO Ltd., Series 2018-26A, Class BR, 3 mo. USD Term SOFR + 1.600% | | | | | | | | |
6.721% FRN 11/22/31 (a) | | | 1,000,000 | | | | 1,000,571 | |
GoldenTree Loan Management US CLO 11 Ltd., Series 2021-11A, Class A, 3 mo. USD Term SOFR + 1.392% | | | | | | | | |
6.674% FRN 10/20/34 (a) | | | 1,000,000 | | | | 1,001,553 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 1,431,697 | | | | 1,262,262 | |
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | | | 371,666 | | | | 347,750 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 621,686 | | | | 579,276 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Harbor Park CLO 18-1 Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.700% | | | | | | | | |
6.982% FRN 1/20/31 (a) | | $ | 1,290,000 | | | $ | 1,290,645 | |
Hero Funding Trust | | | | | | | | |
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | | | 293,100 | | | | 265,940 | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 338,154 | | | | 301,458 | |
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | | | 98,597 | | | | 88,445 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 380,079 | | | | 349,012 | |
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | | | 79,264 | | | | 72,995 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 596,709 | | | | 564,348 | |
Invesco CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.194% FRN 10/22/34 (a) | | | 2,000,000 | | | | 2,002,950 | |
Juniper Valley Park CLO Ltd., Series 2023-1A, Class BR, 3 mo. USD Term SOFR + 1.550% | | | | | | | | |
6.832% FRN 7/20/36 (a) | | | 1,350,000 | | | | 1,351,459 | |
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | | | | | | | | |
4.300% 1/15/42 (a) | | | 1,414,142 | | | | 1,308,143 | |
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | | | | | | | | |
7.163% FRN 7/15/30 (a) | | | 1,665,000 | | | | 1,668,205 | |
Marble Point CLO XIX Ltd., Series 2020-3A, Class AR, 3 mo. USD Term SOFR + 1.400% | | | | | | | | |
6.680% FRN 1/19/34 (a) | | | 2,250,000 | | | | 2,252,545 | |
Mariner Finance Issuance Trust | | | | | | | | |
Series 2021-AA, Class B, 2.330% 3/20/36 (a) | | | 1,336,000 | | | | 1,262,275 | |
Series 2021-AA, Class C, 2.960% 3/20/36 (a) | | | 637,000 | | | | 594,774 | |
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | | | | | | | | |
7.729% FRN 4/18/36 (a) | | | 700,000 | | | | 702,206 | |
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | | | | | | | | |
6.881% FRN 4/15/37 (a) | | | 1,000,000 | | | | 1,005,520 | |
Mosaic Solar Loan Trust, Series 2018-1A, Class A | | | | | | | | |
4.010% 6/22/43 (a) | | | 131,489 | | | | 124,933 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A | | | | | | | | |
4.450% 6/20/42 (a) | | | 115,446 | | | | 113,011 | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.213% FRN 7/15/34 (a) | | | 1,800,000 | | | | 1,802,986 | |
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class B, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.213% FRN 10/14/35 (a) | | | 1,350,000 | | | | 1,353,241 | |
NP SPE II LLC, Series 2017-1A, Class A2 | | | | | | | | |
4.219% 10/21/47 (a) | | | 2,260,000 | | | | 2,157,914 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5 | | | | | | | | |
3.390% 11/20/50 (a) | | | 1,195,000 | | | | 1,127,409 | |
OCP CLO Ltd. | | | | | | | | |
Series 2018-15A, Class A1, 3 mo. USD Term SOFR + 1.362% 6.644% FRN 7/20/31 (a) | | | 210,975 | | | | 211,039 | |
Series 2023-27A, Class BR, 3 mo. USD Term SOFR + 1.700% 7.024% FRN 7/16/35 (a) | | | 1,750,000 | | | | 1,751,752 | |
Oxford Finance Funding LLC, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 266,350 | | | | 263,927 | |
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | | | | | | | | |
7.394% FRN 10/20/34 (a) | | | 450,000 | | | | 450,679 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | | | | | | | | |
6.687% FRN 10/30/34 (a) | | $ | 1,000,000 | | | $ | 1,002,319 | |
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD Term SOFR + 1.812% | | | | | | | | |
7.094% FRN 4/20/34 (a) | | | 1,500,000 | | | | 1,501,303 | |
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | | | | | | | | |
6.703% FRN 10/15/35 (a) | | | 1,000,000 | | | | 1,001,286 | |
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD Term SOFR + 1.352% | | | | | | | | |
6.653% FRN 1/15/30 (a) | | | 993,980 | | | | 995,188 | |
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | | | | | | | | |
7.151% FRN 1/15/37 (a) | | | 750,000 | | | | 750,581 | |
RRX 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term SOFR + 2.012% | | | | | | | | |
7.313% FRN 1/15/37 (a) | | | 500,000 | | | | 500,580 | |
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D | | | | | | | | |
3.170% 11/20/37 (a) | | | 335,028 | | | | 321,243 | |
Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250% | | | | | | | | |
7.532% FRN 4/20/35 (a) | | | 1,500,000 | | | | 1,510,350 | |
Structured Receivables Finance LLC, Series 2010-B, Class A | | | | | | | | |
3.730% 8/15/36 (a) | | | 25,994 | | | | 25,792 | |
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | | | | | | | | |
4.870% 7/20/48 (a) | | | 374,362 | | | | 340,845 | |
Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A | | | | | | | | |
5.630% 7/20/51 (a) | | | 1,070,961 | | | | 1,102,421 | |
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 | | | | 2,009,362 | |
Thrust Engine Leasing DAC | | | | | | | | |
Series 2021-1A, Class A, 4.163% 7/15/40 (a) | | | 2,347,366 | | | | 2,245,354 | |
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | | | 1,121,453 | | | | 1,042,633 | |
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | | | 442,487 | | | | 401,813 | |
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | | | | | | | | |
7.194% FRN 10/20/32 (a) | | | 1,000,000 | | | | 1,000,806 | |
Vivint Solar Financing V LLC, Series 2018-1A, Class B | | | | | | | | |
7.370% 4/30/48 (a) | | | 1,425,798 | | | | 1,354,026 | |
Voya CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% | | | | | | | | |
7.144% FRN 1/20/35 (a) | | | 500,000 | | | | 500,342 | |
WAVE Trust, Series 2017-1A, Class C | | | | | | | | |
6.656% 11/15/42 (a) | | | 2,403,935 | | | | 697,366 | |
Willis Engine Structured Trust IV, Series 2018-A, Class A, | | | | | | | | |
4.750% STEP 9/15/43 (a) | | | 477,889 | | | | 473,059 | |
| | | | | | | 72,288,424 | |
Student Loans Asset-Backed Securities — 2.5% | | | | | | | | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2019-A, Class B, 3.810% 12/28/48 (a) | | | 991,637 | | | | 922,557 | |
Series 2019-A, Class C, 4.460% 12/28/48 (a) | | | 665,957 | | | | 633,720 | |
Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 30 day USD SOFR Average + 1.614% | | | | | | | | |
6.895% FRN 6/25/48 (a) | | | 1,200,000 | | | | 1,203,834 | |
Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614% | | | | | | | | |
6.895% FRN 10/25/56 (a) | | | 1,100,000 | | | | 1,064,880 | |
EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A | | | | | | | | |
3.580% 11/25/38 (a) | | | 374,434 | | | | 362,373 | |
Higher Education Funding I | | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2004-1, Class B1, 5.784% FRN 1/01/44 (a) (g) | | $ | 450,000 | | | $ | 387,252 | |
Series 2004-1, Class B2, 5.793% FRN 1/01/44 (a) (g) | | | 450,000 | | | | 387,149 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2019-5, Class B, 3.450% 10/25/67 (a) | | | 2,150,000 | | | | 1,735,159 | |
Series 2005-4, Class A4R1, 6.448% FRN 3/22/32 (g) | | | 110,000 | | | | 109,228 | |
Series 2019-1A, Class B, 30 day USD SOFR Average + 1.514% 6.795% FRN 4/25/67 (a) | | | 3,250,000 | | | | 3,111,089 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.831% FRN 10/25/40 | | | 1,454,838 | | | | 1,363,285 | |
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.911% FRN 1/25/44 | | | 932,336 | | | | 888,071 | |
SMB Private Education Loan Trust, Series 2024-E, Class B | | | | | | | | |
5.710% 10/16/56 (a) | | | 2,500,000 | | | | 2,510,931 | |
SoFi Alternative Trust, Series 2019-C, Class PT, | | | | | | | | |
5.240% VRN 1/25/45 (a) (g) | | | 1,303,622 | | | | 1,288,740 | |
| | | | | | | 15,968,268 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 2.5% | | | | | | | | |
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | | | | | | | | |
6.643% VRN 8/25/34 (g) | | | 3,441 | | | | 3,427 | |
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1, | | | | | | | | |
2.317% VRN 4/25/66 (a) (g) | | | 1,330,000 | | | | 978,086 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (g) | | | 3,415,002 | | | | 2,842,322 | |
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, | | | | | | | | |
2.500% VRN 2/25/52 (a) (g) | | | 1,881,829 | | | | 1,581,545 | |
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | | | | | | | | |
2.500% VRN 6/25/51 (a) (g) | | | 2,208,826 | | | | 1,838,416 | |
NMLT Trust, Series 2021-INV1, Class M1, | | | | | | | | |
2.711% VRN 5/25/56 (a) (g) | | | 5,400,000 | | | | 4,149,709 | |
Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | | | | | | | | |
2.491% VRN 6/25/56 (a) (g) | | | 2,448,000 | | | | 1,818,921 | |
Verus Securitization Trust, Series 2021-3, Class M1, | | | | | | | | |
2.397% VRN 6/25/66 (a) (g) | | | 3,640,000 | | | | 2,672,768 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | | | | | | | | |
3.925% VRN 11/25/48 (a) (g) | | | 21,824 | | | | 21,105 | |
| | | | | | | 15,906,299 | |
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) | | | 1,249,848 | | | | 1,040,255 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $175,187,388) | | | | | | | 157,921,039 | |
| | | | | | | | |
SOVEREIGN DEBT OBLIGATIONS — 0.2% | | | | | | | | |
Mexico Government International Bond | | | | | | | | |
4.750% 3/08/44 | | | 1,652,000 | | | | 1,397,226 | |
| | | | | | | | |
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,645,899) | | | | | | | 1,397,226 | |
| | | | | | | | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (i) — 31.5% | | | | | | | | |
Collateralized Mortgage Obligations — 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | | $ | 8,727 | | | $ | 9,048 | |
Pass-Through Securities — 31.5% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Pool #RA4245 2.000% 12/01/50 | | | 1,940,402 | | | | 1,625,802 | |
Pool #RA4255 2.000% 1/01/51 | | | 3,944,910 | | | | 3,310,248 | |
Pool #RA5576 2.500% 7/01/51 | | | 7,012,951 | | | | 6,124,636 | |
Pool #SD0905 3.000% 3/01/52 | | | 3,040,508 | | | | 2,745,460 | |
Pool #J13972 3.500% 1/01/26 | | | 2,266 | | | | 2,248 | |
Pool #C91344 3.500% 11/01/30 | | | 27,082 | | | | 26,702 | |
Pool #C91424 3.500% 1/01/32 | | | 18,500 | | | | 18,216 | |
Pool #RA2483 3.500% 6/01/50 | | | 3,320,587 | | | | 3,118,049 | |
Pool #SD1523 4.000% 8/01/52 | | | 4,740,408 | | | | 4,592,281 | |
Pool #SD1603 4.000% 9/01/52 | | | 3,069,903 | | | | 2,960,545 | |
Pool #C91239 4.500% 3/01/29 | | | 1,189 | | | | 1,194 | |
Pool #C91251 4.500% 6/01/29 | | | 8,323 | | | | 8,364 | |
Pool #SD8266 4.500% 11/01/52 | | | 1,793,236 | | | | 1,763,378 | |
Pool #C90939 5.500% 12/01/25 | | | 1,603 | | | | 1,622 | |
Pool #D97258 5.500% 4/01/27 | | | 992 | | | | 1,003 | |
Pool #C91026 5.500% 4/01/27 | | | 5,373 | | | | 5,437 | |
Pool #C91074 5.500% 8/01/27 | | | 600 | | | | 608 | |
Pool #D97417 5.500% 10/01/27 | | | 4,503 | | | | 4,578 | |
Pool #C91128 5.500% 12/01/27 | | | 457 | | | | 465 | |
Pool #C91148 5.500% 1/01/28 | | | 13,418 | | | | 13,634 | |
Pool #C91176 5.500% 5/01/28 | | | 5,163 | | | | 5,263 | |
Pool #C91217 5.500% 11/01/28 | | | 2,314 | | | | 2,358 | |
Pool #SD4364 5.500% 10/01/53 | | | 5,195,721 | | | | 5,292,511 | |
Federal National Mortgage Association | | | | | | | | |
Pool #CB0414 2.500% 5/01/51 | | | 5,843,062 | | | | 5,099,283 | |
Pool #FM8596 2.500% 9/01/51 | | | 1,855,647 | | | | 1,620,597 | |
Pool #FM9104 2.500% 10/01/51 | | | 5,392,018 | | | | 4,705,653 | |
Pool #FM9227 2.500% 10/01/51 | | | 3,911,276 | | | | 3,401,176 | |
Pool #FS3035 2.500% 4/01/52 | | | 8,209,180 | | | | 7,182,168 | |
Pool #MA3029 3.000% 6/01/32 | | | 828,199 | | | | 806,953 | |
Pool #MA3090 3.000% 8/01/32 | | | 341,997 | | | | 333,033 | |
Pool #AO8180 3.000% 9/01/42 | | | 8,562 | | | | 7,951 | |
Pool #AB7397 3.000% 12/01/42 | | | 55,173 | | | | 51,200 | |
Pool #AB7401 3.000% 12/01/42 | | | 44,279 | | | | 41,134 | |
Pool #AP8668 3.000% 12/01/42 | | | 65,993 | | | | 61,222 | |
Pool #AR1975 3.000% 12/01/42 | | | 12,516 | | | | 11,628 | |
Pool #AR0306 3.000% 1/01/43 | | | 3,608 | | | | 3,349 | |
Pool #AR5391 3.000% 1/01/43 | | | 14,963 | | | | 13,870 | |
Pool #AL3215 3.000% 2/01/43 | | | 43,087 | | | | 39,978 | |
Pool #AR4109 3.000% 2/01/43 | | | 50,182 | | | | 46,517 | |
Pool #AR4432 3.000% 3/01/43 | | | 20,266 | | | | 18,791 | |
Pool #AT0169 3.000% 3/01/43 | | | 97,338 | | | | 90,278 | |
Pool #AB8809 3.000% 3/01/43 | | | 22,754 | | | | 21,121 | |
Pool #MA1368 3.000% 3/01/43 | | | 85,431 | | | | 79,246 | |
Pool #AR2174 3.000% 4/01/43 | | | 84,644 | | | | 78,485 | |
Pool #FS1075 3.000% 3/01/52 | | | 3,110,270 | | | | 2,826,009 | |
Pool #CB3304 3.000% 4/01/52 | | | 4,799,703 | | | | 4,361,037 | |
Pool #CB3305 3.000% 4/01/52 | | | 5,782,028 | | | | 5,246,355 | |
Pool #AS1304 3.500% 12/01/28 | | | 259,242 | | | | 256,141 | |
Pool #MA1356 3.500% 2/01/43 | | | 3,096,251 | | | | 2,947,317 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Pool #CA6096 3.500% 6/01/50 | | $ | 3,686,707 | | | $ | 3,437,644 | |
Pool #FM4017 3.500% 8/01/50 | | | 242,701 | | | | 227,898 | |
Pool #CB3842 3.500% 6/01/52 | | | 9,458,760 | | | | 8,876,654 | |
Pool #AA3980 4.500% 4/01/28 | | | 7,091 | | | | 7,059 | |
Pool #CA1909 4.500% 6/01/48 | | | 1,685,389 | | | | 1,681,554 | |
Pool #CB3866 4.500% 6/01/52 | | | 5,310,488 | | | | 5,255,257 | |
Pool #CB4129 4.500% 7/01/52 | | | 4,780,409 | | | | 4,711,271 | |
Pool #AD6437 5.000% 6/01/40 | | | 146,069 | | | | 149,949 | |
Pool #AD6996 5.000% 7/01/40 | | | 921,760 | | | | 946,582 | �� |
Pool #AL8173 5.000% 2/01/44 | | | 372,203 | | | | 382,562 | |
Pool #AD0836 5.500% 11/01/28 | | | 11,205 | | | | 11,374 | |
Government National Mortgage Association | | | | | | | | |
Pool #491089 7.000% 12/15/28 | | | 504 | | | | 503 | |
Pool #480539 7.000% 4/15/29 | | | 46 | | | | 47 | |
Pool #488634 7.000% 5/15/29 | | | 1,005 | | | | 1,026 | |
Pool #500928 7.000% 5/15/29 | | | 1,859 | | | | 1,907 | |
Pool #510083 7.000% 7/15/29 | | | 96 | | | | 98 | |
Pool #493723 7.000% 8/15/29 | | | 1,417 | | | | 1,457 | |
Pool #581417 7.000% 7/15/32 | | | 2,388 | | | | 2,436 | |
Government National Mortgage Association II | | | | | | | | |
Pool #MA6038 3.000% 7/20/49 | | | 1,798,915 | | | | 1,648,093 | |
Pool #MA6283 3.000% 11/20/49 | | | 3,262,445 | | | | 2,986,880 | |
Pool #MA6409 3.000% 1/20/50 | | | 3,367,361 | | | | 3,082,934 | |
Pool #MA4321 3.500% 3/20/47 | | | 2,011,161 | | | | 1,908,884 | |
Pool #8746 1 yr. CMT + 1.500% 3.750% FRN 11/20/25 | | | 331 | | | | 329 | |
Pool #80136 1 yr. CMT + 1.500% 3.750% FRN 11/20/27 | | | 183 | | | | 182 | |
Pool #MA8429 5.500% 11/20/52 | | | 5,127,429 | | | | 5,184,401 | |
Government National Mortgage Association II, TBA | | | | | | | | |
2.500% 10/20/54 (f) | | | 13,050,000 | | | | 11,494,906 | |
3.000% 10/20/54 (f) | | | 9,125,000 | | | | 8,321,745 | |
3.500% 10/20/54 (f) | | | 5,770,000 | | | | 5,423,698 | |
4.500% 10/20/54 (f) | | | 2,000,000 | | | | 1,974,528 | |
5.000% 10/20/54 (f) | | | 10,000,000 | | | | 10,018,441 | |
Uniform Mortgage-Backed Security, TBA | | | | | | | | |
2.000% 10/01/54 (f) | | | 6,925,000 | | | | 5,726,109 | |
3.500% 10/01/54 (f) | | | 2,000,000 | | | | 1,863,047 | |
4.000% 10/01/54 (f) | | | 4,650,000 | | | | 4,465,635 | |
5.000% 10/01/54 (f) | | | 19,600,000 | | | | 19,584,688 | |
5.500% 10/01/54 (f) | | | 13,400,000 | | | | 13,556,508 | |
6.000% 10/01/54 (f) | | | 6,000,000 | | | | 6,131,485 | |
| | | | | | | 200,042,865 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $206,861,194) | | | | | | | 200,051,913 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 2.8% | | | | | | | | |
U.S. Treasury Bonds & Notes — 2.8% | | | | | | | | |
U.S. Treasury Bonds | | | | | | | | |
2.250% 8/15/49 (j) | | | 12,500,000 | | | | 8,656,455 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
U.S. Treasury Notes | | | | | | | | |
1.375% 10/31/28 | | $ | 10,300,000 | | | $ | 9,442,308 | |
| | | | | | | 18,098,763 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,519,991) | | | | | | | 18,098,763 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $658,371,041) | | | | | | | 630,485,191 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $658,371,041) | | | | | | | 630,485,191 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 15.4% | | | | | | | | |
Commercial Paper — 14.2% | | | | | | | | |
Alimentation Couche-Tard, Inc. | | | | | | | | |
5.039% 10/11/24 (a) | | | 7,500,000 | | | | 7,488,514 | |
American Honda Finance Corp. | | | | | | | | |
5.012% 11/12/24 | | | 5,000,000 | | | | 4,970,330 | |
Avangrid, Inc. | | | | | | | | |
5.025% 11/04/24 (a) | | | 8,000,000 | | | | 7,960,616 | |
CRH America Finance, Inc. | | | | | | | | |
5.676% 10/07/24 (a) | | | 8,000,000 | | | | 7,992,331 | |
EIDP, Inc. | | | | | | | | |
5.753% 12/02/24 (a) | | | 1,000,000 | | | | 991,616 | |
Evergy Kansas Central, Inc. | | | | | | | | |
4.959% 10/01/24 (a) | | | 7,000,000 | | | | 6,999,045 | |
Magna International, Inc. | | | | | | | | |
5.026% 10/29/24 (a) | | | 10,000,000 | | | | 9,959,746 | |
Microchip Technology, Inc. | | | | | | | | |
5.460% 10/18/24 (a) | | | 7,000,000 | | | | 6,982,169 | |
Mosaic Co. | | | | | | | | |
5.054% 10/15/24 (a) | | | 2,000,000 | | | | 1,995,855 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
5.631% 10/04/24 (a) | | | 5,000,000 | | | | 4,997,260 | |
Penske Truck Leasing Co. LP | | | | | | | | |
5.665% 10/15/24 | | | 13,000,000 | | | | 12,972,516 | |
Volkswagen Financial Services | | | | | | | | |
5.040% 10/23/24 (a) | | | 10,000,000 | | | | 9,968,146 | |
Walt Disney Co. | | | | | | | | |
5.577% 10/28/24 (a) | | | 3,000,000 | | | | 2,988,565 | |
WRKCo, Inc. | | | | | | | | |
5.402% 10/03/24 (a) | | | 4,000,000 | | | | 3,998,361 | |
| | | | | | | 90,265,070 | |
| | | | | | | | |
| | Number of Shares | | | | |
Investment of Cash Collateral from Securities Loaned — 0.9% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (k) | | | 5,475,695 | | | | 5,475,695 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 0.3% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (l) | | $ | 1,937,818 | | | | 1,937,818 | |
MML Managed Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
TOTAL SHORT-TERM INVESTMENTS (Cost $97,686,812) | | | | | | $ | 97,678,583 | |
| | | | | | | | |
TOTAL INVESTMENTS — 114.6% (Cost $756,057,853) (m) | | | | | | | 728,163,774 | |
| | | | | | | | |
Other Assets/(Liabilities) — (14.6)% | | | | | | | (92,873,762) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 635,290,012 | |
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 September 30, 2024, the aggregate market value of these securities amounted to $305,866,311 or 48.15% of net assets. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | Restricted security. Certain securities are restricted to resale. At September 30, 2024, these securities amounted to a value of $4,501,925 or 0.71% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $6,598,744 or 1.04% of net assets. The Fund received $1,270,040 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(e) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2024, these securities amounted to a value of $372 or 0.00% of net assets. |
(f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2024. |
(h) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2024, these securities amounted to a value of $983,209 or 0.15% of net assets. |
(i) | 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. |
(j) | All or a portion of this security is pledged/held as collateral for open derivatives. |
(k) | Represents investment of security lending cash collateral. (Note 2). |
(l) | Maturity value of $1,937,900. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $1,976,681. |
(m) | See Note 3 for aggregate cost for federal tax purposes. |
Futures contracts | | | | | | | | | | | |
| | Expiration Date | | Number of Contracts | | | Notional Amount | | | Value/Net Unrealized Appreciation (Depreciation) | |
Long | | | | | | | | | | | |
U.S. Treasury Long Bond | | 12/19/24 | | | 231 | | | $ | 28,820,413 | | | $ | (133,100) | |
U.S. Treasury Ultra 10 Year | | 12/19/24 | | | 37 | | | | 4,372,369 | | | | 4,615 | |
U.S. Treasury Ultra Bond | | 12/19/24 | | | 91 | | | | 12,202,842 | | | | (91,311) | |
U.S. Treasury Note 2 Year | | 12/31/24 | | | 79 | | | | 16,434,120 | | | | 17,013 | |
U.S. Treasury Note 5 Year | | 12/31/24 | | | 337 | | | | 36,995,380 | | | | 35,128 | |
| | | | | | | | | | | | $ | (167,655) | |
Short | | | | | | | | | | | |
U.S. Treasury Ultra 10 Year | | 12/19/24 | | | 27 | | | $ | (3,183,749) | | | $ | (10,267) | |
MML Short-Duration Bond Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Principal Amount | | | Value | |
BONDS & NOTES — 86.4% | | | | | | | | |
| | | | | | | | |
CORPORATE DEBT — 45.9% | | | | | | | | |
Aerospace & Defense — 0.5% | | | | | | | | |
Boeing Co. | | | | | | | | |
6.298% 5/01/29 (a) | | $ | 615,000 | | | $ | 647,034 | |
Agriculture — 0.2% | | | | | | | | |
Imperial Brands Finance PLC | | | | | | | | |
5.500% 2/01/30 (a) | | | 218,000 | | | | 225,048 | |
Auto Manufacturers — 1.3% | | | | | | | | |
Ford Motor Credit Co. LLC | | | | | | | | |
5.303% 9/06/29 | | | 295,000 | | | | 293,611 | |
General Motors Financial Co., Inc. | | | | | | | | |
5.800% 1/07/29 | | | 305,000 | | | | 317,233 | |
Hyundai Capital America | | | | | | | | |
6.100% 9/21/28 (a) | | | 305,000 | | | | 321,768 | |
Nissan Motor Acceptance Co. LLC | | | | | | | | |
1.850% 9/16/26 (a) | | | 685,000 | | | | 641,979 | |
| | | | | | | 1,574,591 | |
Auto Parts & Equipment — 0.1% | | | | | | | | |
BorgWarner, Inc. | | | | | | | | |
4.950% 8/15/29 (b) | | | 109,000 | | | | 110,814 | |
Banks — 9.2% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
4.750% 7/28/25 (a) | | | 625,000 | | | | 622,220 | |
1 yr. CMT + 1.550% 6.575% VRN 10/13/26 (a) | | | 300,000 | | | | 305,406 | |
ANB Sukuk Ltd. 5 yr. CMT + 2.974% | | | | | | | | |
3.326% VRN 10/28/30 (a) | | | 650,000 | | | | 635,245 | |
Bank Negara Indonesia Persero Tbk. PT | | | | | | | | |
5.280% 4/05/29 (a) | | | 350,000 | | | | 357,913 | |
Bank of America Corp. | | | | | | | | |
3.950% 4/21/25 | | | 178,000 | | | | 177,115 | |
Barclays PLC | | | | | | | | |
5.200% 5/12/26 | | | 305,000 | | | | 306,903 | |
1 day USD SOFR + 1.740% 5.690% VRN 3/12/30 | | | 295,000 | | | | 306,873 | |
BPCE SA, (Acquired 10/10/23, Cost $500,000), 1 day USD SOFR + 1.980% | | | | | | | | |
6.612% VRN 10/19/27 (a) (c) | | | 500,000 | | | | 519,055 | |
Credit Agricole SA 1 day USD SOFR + 1.860% | | | | | | | | |
6.316% VRN 10/03/29 (a) | | | 375,000 | | | | 398,750 | |
Danske Bank AS | | | | | | | | |
1 yr. CMT + 0.730% 1.549% VRN 9/10/27 (a) | | | 485,000 | | | | 459,818 | |
1 yr. CMT + 2.100% 6.466% VRN 1/09/26 (a) | | | 275,000 | | | | 275,911 | |
Discover Bank 5 yr. USD SOFR ICE Swap Rate + 1.730% | | | | | | | | |
5.974% VRN 8/09/28 | | | 450,000 | | | | 464,678 | |
HDFC Bank Ltd. | | | | | | | | |
5.196% 2/15/27 (a) | | | 250,000 | | | | 253,658 | |
HSBC Holdings PLC | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
1 day USD SOFR + 1.430% 2.999% VRN 3/10/26 | | $ | 430,000 | | | $ | 425,990 | |
1 day USD SOFR + 3.350% 7.390% VRN 11/03/28 | | | 310,000 | | | | 335,605 | |
ING Groep NV 1 day USD SOFR + 1.440% | | | | | | | | |
5.335% VRN 3/19/30 | | | 295,000 | | | | 305,326 | |
JP Morgan Chase & Co. 1 day USD SOFR + 0.765% | | | | | | | | |
1.470% VRN 9/22/27 | | | 445,000 | | | | 421,498 | |
Macquarie Group Ltd. 1 day USD SOFR + 1.069% | | | | | | | | |
1.340% VRN 1/12/27 (a) | | | 845,000 | | | | 810,482 | |
Morgan Stanley | | | | | | | | |
1 day USD SOFR + 1.610% 4.210% VRN 4/20/28 | | | 245,000 | | | | 244,502 | |
4.350% 9/08/26 | | | 400,000 | | | | 400,960 | |
NatWest Group PLC 1 yr. CMT + 0.900% | | | | | | | | |
1.642% VRN 6/14/27 | | | 345,000 | | | | 328,856 | |
Santander UK Group Holdings PLC 1 day USD SOFR Index + 1.554% | | | | | | | | |
4.858% VRN 9/11/30 | | | 310,000 | | | | 312,462 | |
Societe Generale SA | | | | | | | | |
1 yr. CMT + 1.100% 1.488% VRN 12/14/26 (a) | | | 525,000 | | | | 502,860 | |
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | | | 200,000 | | | | 191,085 | |
Synovus Bank | | | | | | | | |
5.625% 2/15/28 | | | 523,000 | | | | 525,827 | |
Truist Financial Corp. 1 day USD SOFR + 2.446% | | | | | | | | |
7.161% VRN 10/30/29 | | | 305,000 | | | | 334,318 | |
UBS Group AG 1 yr. CMT + 1.080% | | | | | | | | |
1.364% VRN 1/30/27 (a) | | | 400,000 | | | | 382,914 | |
Wells Fargo & Co. 1 day USD SOFR + 1.740% | | | | | | | | |
5.574% VRN 7/25/29 | | | 310,000 | | | | 322,525 | |
| | | | | | | 10,928,755 | |
Beverages — 0.6% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
4.450% 5/15/25 (a) | | | 378,000 | | | | 376,316 | |
JDE Peet's NV | | | | | | | | |
1.375% 1/15/27 (a) | | | 407,000 | | | | 379,989 | |
| | | | | | | 756,305 | |
Chemicals — 1.7% | | | | | | | | |
Celanese US Holdings LLC | | | | | | | | |
6.165% 7/15/27 | | | 200,000 | | | | 207,241 | |
6.350% 11/15/28 | | | 305,000 | | | | 322,027 | |
MEGlobal Canada ULC | | | | | | | | |
5.000% 5/18/25 (a) | | | 450,000 | | | | 449,437 | |
Orbia Advance Corp. SAB de CV | | | | | | | | |
1.875% 5/11/26 (a) | | | 657,000 | | | | 622,014 | |
Yara International ASA | | | | | | | | |
4.750% 6/01/28 (a) | | | 450,000 | | | | 448,660 | |
| | | | | | | 2,049,379 | |
Commercial Services — 1.1% | | | | | | | | |
Element Fleet Management Corp. | | | | | | | | |
5.643% 3/13/27 (a) | | | 356,000 | | | | 365,072 | |
Triton Container International Ltd. | | | | | | | | |
2.050% 4/15/26 (a) | | | 950,000 | | | | 908,647 | |
| | | | | | | 1,273,719 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Computers — 0.8% | | | | | | | | |
Genpact Luxembourg SARL/Genpact USA, Inc. | | | | | | | | |
6.000% 6/04/29 | | $ | 577,000 | | | $ | 604,247 | |
Kyndryl Holdings, Inc. | | | | | | | | |
2.700% 10/15/28 | | | 350,000 | | | | 324,162 | |
| | | | | | | 928,409 | |
Diversified Financial Services — 1.8% | | | | | | | | |
Ally Financial, Inc. 1 day USD SOFR + 3.260% | | | | | | | | |
6.992% VRN 6/13/29 | | | 275,000 | | | | 290,706 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
4.250% 4/15/26 (a) | | | 325,000 | | | | 321,638 | |
5.750% 11/15/29 (a) | | | 305,000 | | | | 314,796 | |
BGC Group, Inc. | | | | | | | | |
4.375% 12/15/25 | | | 505,000 | | | | 500,215 | |
LeasePlan Corp. NV | | | | | | | | |
2.875% 10/24/24 (a) | | | 280,000 | | | | 279,541 | |
Macquarie Airfinance Holdings Ltd. | | | | | | | | |
6.400% 3/26/29 (a) | | | 74,000 | | | | 77,019 | |
REC Ltd. | | | | | | | | |
2.250% 9/01/26 (a) | | | 400,000 | | | | 382,467 | |
| | | | | | | 2,166,382 | |
Electric — 1.4% | | | | | | | | |
Adani Transmission Step-One Ltd. | | | | | | | | |
4.000% 8/03/26 (a) | | | 350,000 | | | | 339,455 | |
Alliant Energy Finance LLC | | | | | | | | |
1.400% 3/15/26 (a) | | | 260,000 | | | | 247,406 | |
Engie SA | | | | | | | | |
5.250% 4/10/29 (a) | | | 600,000 | | | | 619,925 | |
FirstEnergy Pennsylvania Electric Co. | | | | | | | | |
5.150% 3/30/26 (a) | | | 226,000 | | | | 227,977 | |
Pacific Gas & Electric Co. | | | | | | | | |
5.550% 5/15/29 | | | 275,000 | | | | 285,652 | |
| | | | | | | 1,720,415 | |
Engineering & Construction — 0.1% | | | | | | | | |
MasTec, Inc. | | | | | | | | |
5.900% 6/15/29 | | | 148,000 | | | | 154,452 | |
Entertainment — 0.6% | | | | | | | | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.054% 3/15/29 | | | 750,000 | | | | 710,501 | |
Food — 1.6% | | | | | | | | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | | | | | | | | |
2.500% 1/15/27 | | | 860,000 | | | | 822,786 | |
The Kroger Co. | | | | | | | | |
4.650% 9/15/29 | | | 308,000 | | | | 309,701 | |
Smithfield Foods, Inc. | | | | | | | | |
4.250% 2/01/27 (a) | | | 775,000 | | | | 762,135 | |
| | | | | | | 1,894,622 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Forest Products & Paper — 0.6% | | | | | | | | |
Suzano International Finance BV | | | | | | | | |
4.000% 1/14/25 | | $ | 700,000 | | | $ | 696,894 | |
Hand & Machine Tools — 0.5% | | | | | | | | |
Regal Rexnord Corp. | | | | | | | | |
6.050% 2/15/26 | | | 325,000 | | | | 330,014 | |
6.050% 4/15/28 | | | 300,000 | | | | 311,916 | |
| | | | | | | 641,930 | |
Home Furnishing — 0.2% | | | | | | | | |
LG Electronics, Inc. | | | | | | | | |
5.625% 4/24/27 (a) | | | 200,000 | | | | 205,520 | |
Housewares — 0.2% | | | | | | | | |
Newell Brands, Inc. | | | | | | | | |
6.375% 9/15/27 (b) | | | 200,000 | | | | 202,281 | |
Insurance — 4.3% | | | | | | | | |
Athene Global Funding | | | | | | | | |
2.500% 1/14/25 (a) | | | 420,000 | | | | 416,718 | |
3.205% 3/08/27 (a) | | | 212,000 | | | | 203,400 | |
Brighthouse Financial Global Funding | | | | | | | | |
5.650% 6/10/29 (a) | | | 275,000 | | | | 284,060 | |
CNO Global Funding | | | | | | | | |
1.750% 10/07/26 (a) | | | 714,000 | | | | 676,460 | |
2.650% 1/06/29 (a) | | | 350,000 | | | | 320,293 | |
Enstar Group Ltd. | | | | | | | | |
4.950% 6/01/29 | | | 625,000 | | | | 628,456 | |
GA Global Funding Trust | | | | | | | | |
2.250% 1/06/27 (a) | | | 685,000 | | | | 652,154 | |
Jackson National Life Global Funding | | | | | | | | |
4.600% 10/01/29 (a) (d) | | | 155,000 | | | | 154,593 | |
Lincoln National Corp., (Acquired 4/19/23, Cost $310,303), | | | | | | | | |
3.800% 3/01/28 (b) (c) | | | 350,000 | | | | 343,594 | |
RGA Global Funding | | | | | | | | |
5.448% 5/24/29 (a) | | | 381,000 | | | | 396,643 | |
Sammons Financial Group, Inc. | | | | | | | | |
4.450% 5/12/27 (a) | | | 1,063,000 | | | | 1,051,744 | |
| | | | | | | 5,128,115 | |
Investment Companies — 5.3% | | | | | | | | |
Antares Holdings LP | | | | | | | | |
2.750% 1/15/27 (a) | | | 310,000 | | | | 290,307 | |
3.950% 7/15/26 (a) | | | 605,000 | | | | 588,213 | |
ARES Capital Corp. | | | | | | | | |
2.875% 6/15/28 | | | 250,000 | | | | 230,589 | |
5.875% 3/01/29 | | | 100,000 | | | | 102,403 | |
5.950% 7/15/29 | | | 305,000 | | | | 313,066 | |
ARES Strategic Income Fund | | | | | | | | |
6.350% 8/15/29 (a) | | | 538,000 | | | | 549,959 | |
Blackstone Private Credit Fund | | | | | | | | |
2.625% 12/15/26 | | | 490,000 | | | | 463,320 | |
Blackstone Secured Lending Fund | | | | | | | | |
2.750% 9/16/26 | | | 350,000 | | | | 334,448 | |
5.875% 11/15/27 | | | 139,000 | | | | 141,341 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Blue Owl Credit Income Corp. | | | | | | | | |
4.700% 2/08/27 | | $ | 650,000 | | | $ | 637,780 | |
Blue Owl Technology Finance Corp. II | | | | | | | | |
6.750% 4/04/29 (a) | | | 627,000 | | | | 629,936 | |
Golub Capital BDC, Inc. | | | | | | | | |
2.500% 8/24/26 | | | 270,000 | | | | 256,063 | |
6.000% 7/15/29 | | | 621,000 | | | | 630,981 | |
HPS Corporate Lending Fund | | | | | | | | |
6.250% 9/30/29 (a) (b) | | | 305,000 | | | | 310,497 | |
6.750% 1/30/29 (a) | | | 368,000 | | | | 381,175 | |
Sixth Street Specialty Lending, Inc. | | | | | | | | |
3.875% 11/01/24 | | | 410,000 | | | | 409,336 | |
| | | | | | | 6,269,414 | |
Lodging — 0.4% | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
6.000% 8/15/29 | | | 516,000 | | | | 536,229 | |
Machinery - Construction & Mining — 0.5% | | | | | | | | |
Weir Group PLC | | | | | | | | |
2.200% 5/13/26 (a) | | | 680,000 | | | | 654,036 | |
Media — 1.2% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | | | | | |
5.125% 5/01/27 (a) (b) | | | 350,000 | | | | 344,476 | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | | | | | | |
2.250% 1/15/29 | | | 475,000 | | | | 422,919 | |
Paramount Global | | | | | | | | |
3.700% 6/01/28 | | | 675,000 | | | | 640,467 | |
| | | | | | | 1,407,862 | |
Mining — 0.5% | | | | | | | | |
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | | | | | | | | |
4.750% 5/15/25 (a) | | | 550,000 | | | | 548,673 | |
Office & Business Equipment — 0.3% | | | | | | | | |
CDW LLC/CDW Finance Corp. | | | | | | | | |
5.100% 3/01/30 | | | 295,000 | | | | 298,991 | |
Oil & Gas — 2.0% | | | | | | | | |
Helmerich & Payne, Inc. | | | | | | | | |
4.850% 12/01/29 (a) | | | 585,000 | | | | 577,000 | |
Occidental Petroleum Corp. | | | | | | | | |
5.200% 8/01/29 | | | 295,000 | | | | 299,897 | |
Ovintiv, Inc. | | | | | | | | |
5.375% 1/01/26 | | | 275,000 | | | | 276,835 | |
Parkland Corp. | | | | | | | | |
5.875% 7/15/27 (a) | | | 193,000 | | | | 192,503 | |
Patterson-UTI Energy, Inc. | | | | | | | | |
3.950% 2/01/28 | | | 685,000 | | | | 659,564 | |
QatarEnergy LNG S3 | | | | | | | | |
5.838% 9/30/27 (a) | | | 411,450 | | | | 417,222 | |
| | | | | | | 2,423,021 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Packaging & Containers — 0.3% | | | | | | | | |
Smurfit Kappa Treasury ULC | | | | | | | | |
5.200% 1/15/30 (a) | | $ | 290,000 | | | $ | 299,589 | |
Pharmaceuticals — 1.3% | | | | | | | | |
Bayer US Finance II LLC | | | | | | | | |
4.375% 12/15/28 (a) | | | 325,000 | | | | 320,749 | |
Hikma Finance USA LLC | | | | | | | | |
3.250% 7/09/25 (a) | | | 675,000 | | | | 664,372 | |
Viatris, Inc. | | | | | | | | |
2.300% 6/22/27 | | | 650,000 | | | | 612,473 | |
| | | | | | | 1,597,594 | |
Pipelines — 1.0% | | | | | | | | |
Columbia Pipelines Holding Co. LLC | | | | | | | | |
6.055% 8/15/26 (a) | | | 280,000 | | | | 286,837 | |
Enbridge, Inc. | | | | | | | | |
5.300% 4/05/29 | | | 300,000 | | | | 310,630 | |
EQM Midstream Partners LP | | | | | | | | |
5.500% 7/15/28 | | | 300,000 | | | | 304,022 | |
Harvest Midstream I LP | | | | | | | | |
7.500% 9/01/28 (a) | | | 234,000 | | | | 239,458 | |
| | | | | | | 1,140,947 | |
Private Equity — 0.7% | | | | | | | | |
Hercules Capital, Inc. | | | | | | | | |
2.625% 9/16/26 | | | 560,000 | | | | 529,213 | |
3.375% 1/20/27 | | | 270,000 | | | | 257,057 | |
| | | | | | | 786,270 | |
Real Estate Investment Trusts (REITS) — 4.3% | | | | | | | | |
CubeSmart LP | | | | | | | | |
2.250% 12/15/28 | | | 390,000 | | | | 358,672 | |
EPR Properties | | | | | | | | |
3.750% 8/15/29 | | | 125,000 | | | | 116,890 | |
4.500% 6/01/27 | | | 650,000 | | | | 640,507 | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | | | | | | | | |
3.750% 12/15/27 (a) (b) | | | 335,000 | | | | 312,284 | |
GLP Capital LP/GLP Financing II, Inc. | | | | | | | | |
5.375% 4/15/26 | | | 348,000 | | | | 349,410 | |
Omega Healthcare Investors, Inc. | | | | | | | | |
4.750% 1/15/28 | | | 779,000 | | | | 777,685 | |
Piedmont Operating Partnership LP | | | | | | | | |
9.250% 7/20/28 | | | 575,000 | | | | 643,528 | |
Store Capital LLC | | | | | | | | |
4.500% 3/15/28 | | | 650,000 | | | | 637,816 | |
Sun Communities Operating LP | | | | | | | | |
5.500% 1/15/29 | | | 295,000 | | | | 303,663 | |
VICI Properties LP/VICI Note Co., Inc. | | | | | | | | |
3.750% 2/15/27 (a) | | | 325,000 | | | | 316,978 | |
Vornado Realty LP | | | | | | | | |
2.150% 6/01/26 | | | 310,000 | | | | 295,182 | |
WEA Finance LLC | | | | | | | | |
3.500% 6/15/29 (a) | | | 350,000 | | | | 328,229 | |
| | | | | | | 5,080,844 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Retail — 0.1% | | | | | | | | |
Advance Auto Parts, Inc. | | | | | | | | |
5.900% 3/09/26 | | $ | 144,000 | | | $ | 145,486 | |
Savings & Loans — 0.2% | | | | | | | | |
Nationwide Building Society | | | | | | | | |
4.000% 9/14/26 (a) | | | 260,000 | | | | 256,300 | |
Semiconductors — 0.4% | | | | | | | | |
Intel Corp. | | | | | | | | |
3.750% 3/25/27 | | | 250,000 | | | | 245,634 | |
SK Hynix, Inc. | | | | | | | | |
5.500% 1/16/27 (a) | | | 200,000 | | | | 204,250 | |
| | | | | | | 449,884 | |
Software — 0.1% | | | | | | | | |
Take-Two Interactive Software, Inc. | | | | | | | | |
5.400% 6/12/29 | | | 85,000 | | | | 88,078 | |
Telecommunications — 0.5% | | | | | | | | |
Tower Bersama Infrastructure Tbk. PT | | | | | | | | |
4.250% 1/21/25 (a) | | | 645,000 | | | | 642,904 | |
| | | | | | | | |
TOTAL CORPORATE DEBT (Cost $54,398,805) | | | | | | | 54,641,288 | |
| | | | | | | | |
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 39.9% | | | | | | | | |
Automobile Asset-Backed Securities — 6.9% | | | | | | | | |
American Credit Acceptance Receivables Trust, Series 2022-1, Class D | | | | | | | | |
2.460% 3/13/28 (a) | | | 1,214,854 | | | | 1,201,687 | |
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C | | | | | | | | |
3.150% 3/20/26 (a) | | | 1,083,000 | | | | 1,074,641 | |
Carmax Auto Owner Trust, Series 2021-4, Class D | | | | | | | | |
1.480% 3/15/28 | | | 250,000 | | | | 238,536 | |
Carvana Auto Receivables Trust | | | | | | | | |
Series 2021-N1, Class D, 1.500% 1/10/28 | | | 175,892 | | | | 169,202 | |
Series 2021-P3, Class D, 2.250% 9/11/28 | | | 855,000 | | | | 778,538 | |
Exeter Automobile Receivables Trust | | | | | | | | |
Series 2021-2A, Class D, 1.400% 4/15/27 | | | 866,600 | | | | 843,058 | |
Series 2024-3A, Class B, 5.570% 9/15/28 | | | 500,000 | | | | 507,570 | |
FCCU Auto Receivables Trust, Series 2024-1A, Class A4 | | | | | | | | |
5.460% 4/15/30 (a) | | | 500,000 | | | | 516,690 | |
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B | | | | | | | | |
5.310% 5/15/28 (a) | | | 400,000 | | | | 403,895 | |
LAD Auto Receivables Trust, Series 2024-2A, Class B | | | | | | | | |
5.500% 7/16/29 (a) | | | 500,000 | | | | 512,603 | |
PenFed Auto Receivables Owner Trust, Series 2024-A, Class C | | | | | | | | |
5.200% 9/16/30 (a) | | | 300,000 | | | | 302,221 | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D | | | | | | | | |
3.450% 1/26/32 (a) | | | 215,000 | | | | 218,970 | |
Westlake Automobile Receivables Trust, Series 2022-2A, Class D | | | | | | | | |
5.480% 9/15/27 (a) | | | 1,400,000 | | | | 1,408,620 | |
| | | | | | | 8,176,231 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Commercial Mortgage-Backed Securities — 5.4% | | | | | | | | |
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP, | | | | | | | | |
4.024% VRN 11/05/32 (a) (e) | | $ | 370,000 | | | $ | 344,115 | |
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | | | | | | | | |
6.894% FRN 7/15/35 (a) | | | 500,000 | | | | 496,251 | |
BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914% | | | | | | | | |
7.012% FRN 6/15/38 (a) | | | 286,693 | | | | 284,905 | |
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447% | | | | | | | | |
7.544% FRN 12/15/37 (a) | | | 545,194 | | | | 544,513 | |
ELM Trust, Series 2024-ELM, Class A15, | | | | | | | | |
5.994% VRN 6/10/39 (a) (e) | | | 1,100,000 | | | | 1,123,029 | |
KIND Trust, Series 2021-KIND, Class B, 1 mo. USD Term SOFR + 1.464% | | | | | | | | |
6.565% FRN 8/15/38 (a) | | | 545,520 | | | | 533,844 | |
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD Term SOFR + 1.414% | | | | | | | | |
6.497% FRN 2/15/39 (a) | | | 900,000 | | | | 881,160 | |
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | | | | | | | | |
6.962% FRN 3/15/38 (a) | | | 295,046 | | | | 286,026 | |
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215% | | | | | | | | |
7.312% FRN 4/15/38 (a) | | | 520,104 | | | | 517,200 | |
One New York Plaza Trust | | | | | | | | |
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.412% FRN 1/15/36 (a) | | | 616,000 | | | | 572,221 | |
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 7.962% FRN 1/15/36 (a) | | | 414,000 | | | | 358,869 | |
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | | | | | | | | |
7.312% FRN 7/15/39 (a) | | | 711,000 | | | | 496,459 | |
| | | | | | | 6,438,592 | |
Home Equity Asset-Backed Securities — 0.1% | | | | | | | | |
Residential Asset Mortgage Products Trust, Series 2005-EFC1, Class M5, 1 mo. USD Term SOFR + 0.764% | | | | | | | | |
5.944% FRN 5/25/35 | | | 59,585 | | | | 59,176 | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | | | | | | | | |
6.169% FRN 11/25/35 (a) | | | 32,435 | | | | 32,273 | |
| | | | | | | 91,449 | |
Other Asset-Backed Securities — 16.2% | | | | | | | | |
Apidos CLO XXVI Ltd., Series 2017-26A, Class A2R, 3 mo. USD Term SOFR + 1.762% | | | | | | | | |
7.041% FRN 7/18/29 (a) | | | 500,000 | | | | 500,153 | |
Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term SOFR + 1.500% | | | | | | | | |
6.695% FRN 10/18/31 (a) | | | 500,000 | | | | 500,347 | |
Aqua Finance Trust, Series 2021-A, Class A | | | | | | | | |
1.540% 7/17/46 (a) | | | 608,010 | | | | 561,158 | |
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | | | | | | | | |
6.599% FRN 4/18/35 (a) | | | 500,000 | | | | 500,125 | |
BHG Securitization Trust | | | | | | | | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Series 2021-B, Class C, 2.240% 10/17/34 (a) | | $ | 448,000 | | | $ | 415,786 | |
Series 2022-C, Class A, 5.320% 10/17/35 (a) | | | 93,476 | | | | 93,469 | |
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.242% | | | | | | | | |
6.524% FRN 7/20/29 (a) | | | 326,917 | | | | 327,158 | |
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B | | | | | | | | |
3.780% 9/26/33 (a) | | | 83,614 | | | | 81,207 | |
Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% | | | | | | | | |
6.901% FRN 10/15/31 (a) | | | 500,000 | | | | 500,668 | |
Canyon Capital CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.442% | | | | | | | | |
6.743% FRN 7/15/34 (a) | | | 600,000 | | | | 600,225 | |
Cedar Funding VIII CLO Ltd., Series 2017-8A, Class A1R, 3 mo. USD Term SOFR + 1.412% | | | | | | | | |
6.697% FRN 10/17/34 (a) | | | 500,000 | | | | 500,623 | |
CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | | | | | | | | |
2.280% 7/15/60 (a) | | | 90,845 | | | | 86,829 | |
CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD Term SOFR + 1.812% | | | | | | | | |
7.095% FRN 10/24/30 (a) | | | 500,000 | | | | 500,543 | |
DataBank Issuer LLC, Series 2021-1A, Class A2 | | | | | | | | |
2.060% 2/27/51 (a) | | | 991,000 | | | | 945,628 | |
Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C | | | | | | | | |
3.450% 1/25/34 (a) | | | 172,194 | | | | 166,404 | |
Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380% | | | | | | | | |
6.508% FRN 5/20/36 (a) | | | 500,000 | | | | 501,120 | |
FNA VI LLC, Series 2021-1A, Class A | | | | | | | | |
1.350% 1/10/32 (a) | | | 758,135 | | | | 710,159 | |
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A | | | | | | | | |
1.150% 6/25/51 (a) | | | 200,463 | | | | 193,464 | |
Goodgreen Trust | | | | | | | | |
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | | | 295,489 | | | | 260,519 | |
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | | | 141,658 | | | | 131,605 | |
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | | | 134,058 | | | | 124,913 | |
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e) | | | 123,795 | | | | 115,659 | |
GreenSky Home Improvement Trust, Series 2024-1, Class A4 | | | | | | | | |
5.670% 6/25/59 (a) | | | 500,000 | | | | 507,266 | |
Hero Funding Trust | | | | | | | | |
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | | | 66,347 | | | | 59,147 | |
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | | | 63,093 | | | | 57,936 | |
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | | | 127,164 | | | | 119,145 | |
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | | | 118,885 | | | | 112,437 | |
Hilton Grand Vacations Trust, Series 2024-2A, Class A | | | | | | | | |
5.500% 3/25/38 (a) | | | 266,320 | | | | 272,389 | |
HIN Timeshare Trust, Series 2020-A, Class B | | | | | | | | |
2.230% 10/09/39 (a) | | | 296,112 | | | | 280,780 | |
Horizon Aircraft Finance III Ltd., Series 2019-2, Class B | | | | | | | | |
4.458% 11/15/39 (a) | | | 683,333 | | | | 416,821 | |
JG Wentworth XXII LLC, Series 2010-3A, Class A | | | | | | | | |
3.820% 12/15/48 (a) | | | 50,381 | | | | 49,470 | |
Juniper Valley Park CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.250% | | | | | | | | |
6.532% FRN 7/20/36 (a) | | | 500,000 | | | | 500,500 | |
KKR CLO 20 Ltd., Series 20, Class BR, 3 mo. USD Term SOFR + 1.550% | | | | | | | | |
6.643% FRN 10/16/30 (a) | | | 500,000 | | | | 500,180 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Mosaic Solar Loan Trust, Series 2018-2GS, Class A | | | | | | | | |
4.200% 2/22/44 (a) | | $ | 109,015 | | | $ | 102,724 | |
Mosaic Solar Loans LLC, Series 2017-1A, Class A | | | | | | | | |
4.450% 6/20/42 (a) | | | 22,785 | | | | 22,305 | |
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | | | | | | | | |
6.946% FRN 7/25/30 (a) | | | 250,000 | | | | 250,288 | |
NP SPE II LLC, Series 2017-1A, Class A1 | | | | | | | | |
3.372% 10/21/47 (a) | | | 62,091 | | | | 60,513 | |
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3 | | | | | | | | |
2.260% 11/20/50 (a) | | | 398,333 | | | | 380,889 | |
Oxford Finance Funding LLC, Series 2020-1A, Class A2 | | | | | | | | |
3.101% 2/15/28 (a) | | | 48,727 | | | | 48,284 | |
Pagaya AI Debt Grantor Trust, Series 2024-5, Class A | | | | | | | | |
6.278% 10/15/31 (a) | | | 865,154 | | | | 876,952 | |
PFS Financing Corp., Series 2022-A, Class B | | | | | | | | |
2.770% 2/15/27 (a) | | | 500,000 | | | | 494,270 | |
PVOne LLC, Series 2023-2A, Class A | | | | | | | | |
7.670% 9/17/35 (a) | | | 443,019 | | | | 447,293 | |
Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750% | | | | | | | | |
7.035% FRN 4/25/32 (a) | | | 500,000 | | | | 500,620 | |
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | | | | | | | | |
6.703% FRN 10/15/35 (a) | | | 500,000 | | | | 500,643 | |
RR 8 Ltd., Series 2020-8A, Class A1R, 3 mo. USD Term SOFR + 1.350% | | | | | | | | |
6.675% FRN 7/15/37 (a) | | | 500,000 | | | | 500,140 | |
SBA Tower Trust, Series 2014-2A, Class C, | | | | | | | | |
3.869% STEP 10/15/49 (a) | | | 430,000 | | | | 429,857 | |
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | | | | | | | | |
3.510% 7/20/37 (a) | | | 17,045 | | | | 16,784 | |
Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680% | | | | | | | | |
6.531% FRN 4/18/33 (a) | | | 500,000 | | | | 500,088 | |
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, 3 mo. USD Term SOFR + 1.402% | | | | | | | | |
6.685% FRN 10/23/34 (a) | | | 500,000 | | | | 500,290 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542% | | | | | | | | |
6.824% FRN 4/20/33 (a) | | | 1,000,000 | | | | 1,002,012 | |
Verdant Receivables LLC, Series 2024-1A, Class A2 | | | | | | | | |
5.680% 12/12/31 (a) | | | 900,000 | | | | 919,166 | |
Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | | | | | | | | |
1.000% FRN 10/15/35 (a) (d) | | | 500,000 | | | | 500,000 | |
| | | | | | | 19,246,951 | |
Real Estate Investment Trusts (REITS) — 0.2% | | | | | | | | |
SBA Tower Trust | | | | | | | | |
1.884% 7/15/50 (a) | | | 287,000 | | | | 276,971 | |
Student Loans Asset-Backed Securities — 5.4% | | | | | | | | |
College Avenue Student Loans LLC | | | | | | | | |
Series 2021-A, Class B, 2.320% 7/25/51 (a) | | | 584,658 | | | | 534,641 | |
Series 2017-A, Class B, 4.500% 11/26/46 (a) | | | 191,504 | | | | 184,957 | |
Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% 6.169% FRN 12/26/47 (a) | | | 187,082 | | | | 187,067 | |
Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% 6.619% FRN 11/26/46 (a) | | | 126,456 | | | | 126,058 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Commonbond Student Loan Trust | | | | | | | | |
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | | $ | 15,872 | | | $ | 13,132 | |
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | | | 17,651 | | | | 15,015 | |
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | | | 8,415 | | | | 7,401 | |
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | | | 38,224 | | | | 35,140 | |
Laurel Road Prime Student Loan Trust | | | | | | | | |
Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | | | 256,646 | | | | 245,626 | |
Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | | | 624,997 | | | | 612,307 | |
Navient Private Education Refi Loan Trust | | | | | | | | |
Series 2021-CA, Class A, 1.060% 10/15/69 (a) | | | 1,165,626 | | | | 1,052,427 | |
Series 2020-BA, Class B, 2.770% 1/15/69 (a) | | | 2,200,000 | | | | 1,892,114 | |
SLM Student Loan Trust | | | | | | | | |
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.831% FRN 10/25/40 | | | 281,809 | | | | 264,075 | |
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.911% FRN 1/25/44 | | | 235,538 | | | | 224,355 | |
Series 2005-9, Class B, 90 day USD SOFR Average + 0.562% 5.921% FRN 1/25/41 | | | 266,601 | | | | 251,601 | |
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.931% FRN 1/25/55 | | | 88,120 | | | | 83,532 | |
SMB Private Education Loan Trust | | | | | | | | |
Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864% 5.961% FRN 11/15/35 (a) | | | 124,117 | | | | 122,869 | |
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.311% FRN 9/15/34 (a) | | | 10,162 | | | | 10,146 | |
Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.992% FRN 9/15/53 (a) | | | 531,470 | | | | 538,838 | |
| | | | | | | 6,401,301 | |
Whole Loan Collateral Collateralized Mortgage Obligations — 5.6% | | | | | | | | |
A&D Mortgage Trust, Series 2023-NQM3, Class A1, | | | | | | | | |
6.733% STEP 7/25/68 (a) | | | 1,014,380 | | | | 1,032,224 | |
Angel Oak Mortgage Trust, Series 2020-5, Class A3, | | | | | | | | |
2.041% VRN 5/25/65 (a) (e) | | | 55,865 | | | | 52,716 | |
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | | | | | | | | |
6.643% VRN 8/25/34 (e) | | | 655 | | | | 653 | |
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, | | | | | | | | |
2.406% VRN 5/25/60 (a) (e) | | | 41,097 | | | | 39,864 | |
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | | | | | | | | |
5.500% FRN 8/25/49 (a) | | | 258,477 | | | | 246,445 | |
Credit Suisse Mortgage Trust | | | | | | | | |
Series 2021-NQM2, Class A3, 1.538% VRN 2/25/66 (a) (e) | | | 397,521 | | | | 362,094 | |
Series 2021-NQM4, Class M1, 2.472% VRN 5/25/66 (a) (e) | | | 500,000 | | | | 368,883 | |
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | | | | | | | | |
1.128% VRN 5/25/65 (a) (e) | | | 100,450 | | | | 94,461 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | | | | | | | | |
2.500% VRN 8/25/51 (a) (e) | | | 519,559 | | | | 432,432 | |
MFA Trust, Series 2021-NQM2, Class A3, | | | | | | | | |
1.472% VRN 11/25/64 (a) (e) | | | 302,020 | | | | 268,113 | |
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, | | | | | | | | |
3.750% VRN 11/25/56 (a) (e) | | | 89,601 | | | | 85,847 | |
NLT Trust | | | | | | | | |
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (e) | | | 587,336 | | | | 509,518 | |
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (e) | | | 700,000 | | | | 521,125 | |
OBX Trust | | | | | | | | |
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (e) | | | 683,007 | | | | 569,715 | |
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (e) | | | 333,000 | | | | 235,041 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
STAR Trust, Series 2021-1, Class A3, | | | | | | | | |
1.528% VRN 5/25/65 (a) (e) | | $ | 415,055 | | | $ | 375,435 | |
Starwood Mortgage Residential Trust | | | | | | | | |
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (e) | | | 181,256 | | | | 158,666 | |
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (e) | | | 313,374 | | | | 304,376 | |
Verus Securitization Trust | | | | | | | | |
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (e) | | | 167,372 | | | | 143,985 | |
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (e) | | | 265,000 | | | | 259,951 | |
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (e) | | | 548,000 | | | | 531,587 | |
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (e) | | | 77,510 | | | | 77,090 | |
| | | | | | | 6,670,221 | |
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1% | | | | | | | | |
OBX Trust, Series 2020-INV1, Class A21, | | | | | | | | |
3.500% VRN 12/25/49 (a) (e) | | | 117,786 | | | | 106,896 | |
| | | | | | | | |
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $49,560,118) | | | | | | | 47,408,612 | |
| | | | | | | | |
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 | | | 97 | | | | 97 | |
Pool #500928 7.000% 5/15/29 | | | 344 | | | | 353 | |
Pool #510083 7.000% 7/15/29 | | | 18 | | | | 19 | |
Pool #493723 7.000% 8/15/29 | | | 266 | | | | 274 | |
Pool #581417 7.000% 7/15/32 | | | 455 | | | | 464 | |
Government National Mortgage Association II | | | | | | | | |
Pool #8746 1 yr. CMT + 1.500% 3.750% FRN 11/20/25 | | | 63 | | | | 63 | |
Pool #80136 1 yr. CMT + 1.500% 3.750% FRN 11/20/27 | | | 34 | | | | 33 | |
| | | | | | | 1,303 | |
| | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $1,411) | | | | | | | 1,303 | |
| | | | | | | | |
U.S. TREASURY OBLIGATIONS — 0.6% | | | | | | | | |
U.S. Treasury Bonds & Notes — 0.6% | | | | | | | | |
U.S. Treasury Notes | | | | | | | | |
1.750% 12/31/24 | | | 700,000 | | | | 694,808 | |
| | | | | | | | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $701,006) | | | | | | | 694,808 | |
| | | | | | | | |
TOTAL BONDS & NOTES (Cost $104,661,340) | | | | | | | 102,746,011 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $104,661,340) | | | | | | | 102,746,011 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 13.7% | | | | | | | | |
Commercial Paper — 10.9% | | | | | | | | |
Avangrid, Inc. | | | | | | | | |
5.037% 10/15/24 (a) | | | 2,000,000 | | | | 1,995,796 | |
MML Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| | Principal Amount | | | Value | |
Evergy Kansas Central, Inc. | | | | | | | | |
4.959% 10/01/24 (a) | | $ | 5,000,000 | | | $ | 4,999,318 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
5.631% 10/04/24 (a) | | | 2,000,000 | | | | 1,998,904 | |
Wisconsin Gas LLC | | | | | | | | |
4.918% 10/01/24 | | | 4,000,000 | | | | 3,999,454 | |
| | | | | | | 12,993,472 | |
| | | | | | | | |
| | Number of Shares | | | | |
Investment of Cash Collateral from Securities Loaned — 0.7% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (g) | | | 893,265 | | | | 893,265 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 2.1% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (h) | | $ | 2,446,858 | | | | 2,446,858 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $16,335,356) | | | | | | | 16,333,595 | |
| | | | | | | | |
TOTAL INVESTMENTS — 100.1% (Cost $120,996,696) (i) | | | | | | | 119,079,606 | |
| | | | | | | | |
Other Assets/(Liabilities) — (0.1)% | | | | | | | (158,562) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 118,921,044 | |
Abbreviation Legend
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury Index |
ICE | Inter-Continental Exchange |
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 September 30, 2024, the aggregate market value of these securities amounted to $81,373,506 or 68.43% of net assets. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $1,529,431 or 1.29% of net assets. The Fund received $672,632 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) | Restricted security. Certain securities are restricted to resale. At September 30, 2024, these securities amounted to a value of $862,649 or 0.73% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
(e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 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 $2,446,961. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $2,495,998. |
(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 | | 12/31/24 | | | 298 | | | $ | 61,938,424 | | | $ | 117,748 | |
Short | | | | | | | | | | | |
U.S. Treasury Long Bond | | 12/19/24 | | | 2 | | | $ | (249,571) | | | $ | 1,196 | |
U.S. Treasury Ultra 10 Year | | 12/19/24 | | | 22 | | | | (2,603,843) | | | | 1,312 | |
U.S. Treasury Note 5 Year | | 12/31/24 | | | 191 | | | | (20,970,611) | | | | (17,006) | |
| | | | | | | | | | | | $ | (14,498) | |
MML Small Cap Equity Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 98.7% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 98.7% | | | | | | | | |
Consumer Discretionary — 9.6% | | | | | | | | |
AutoNation, Inc. (a) | | | 13,428 | | | $ | 2,402,538 | |
Dorman Products, Inc. (a) | | | 16,713 | | | | 1,890,574 | |
Dutch Bros, Inc. Class A (a) | | | 17,897 | | | | 573,241 | |
KB Home | | | 29,848 | | | | 2,557,675 | |
Steven Madden Ltd. | | | 32,900 | | | | 1,611,771 | |
Stride, Inc. (a) (b) | | | 13,936 | | | | 1,188,880 | |
Texas Roadhouse, Inc. | | | 5,708 | | | | 1,008,033 | |
Visteon Corp. (a) | | | 15,474 | | | | 1,473,744 | |
| | | | | | | 12,706,456 | |
Consumer Staples — 1.1% | | | | | | | | |
BellRing Brands, Inc. (a) | | | 22,755 | | | | 1,381,684 | |
Energy — 5.1% | | | | | | | | |
Civitas Resources, Inc. | | | 25,016 | | | | 1,267,561 | |
CNX Resources Corp. (a) (b) | | | 53,570 | | | | 1,744,775 | |
Helmerich & Payne, Inc. (b) | | | 49,906 | | | | 1,518,140 | |
Northern Oil & Gas, Inc. | | | 41,290 | | | | 1,462,079 | |
Nov, Inc. | | | 43,134 | | | | 688,850 | |
| | | | | | | 6,681,405 | |
Financials — 14.7% | | | | | | | | |
Bank of NT Butterfield & Son Ltd. | | | 21,189 | | | | 781,450 | |
Berkshire Hills Bancorp, Inc. | | | 27,869 | | | | 750,512 | |
Cathay General Bancorp | | | 36,298 | | | | 1,558,999 | |
Columbia Banking System, Inc. (b) | | | 56,255 | | | | 1,468,818 | |
Definity Financial Corp. (b) | | | 38,687 | | | | 1,559,265 | |
Federated Hermes, Inc. | | | 37,389 | | | | 1,374,794 | |
Marqeta, Inc. Class A (a) | | | 140,597 | | | | 691,737 | |
OceanFirst Financial Corp. | | | 43,326 | | | | 805,430 | |
Pacific Premier Bancorp, Inc. | | | 53,972 | | | | 1,357,936 | |
PennyMac Financial Services, Inc. | | | 20,088 | | | | 2,289,429 | |
Skyward Specialty Insurance Group, Inc. (a) | | | 14,766 | | | | 601,419 | |
Stifel Financial Corp. | | | 11,517 | | | | 1,081,446 | |
United Community Banks, Inc. | | | 30,244 | | | | 879,496 | |
Webster Financial Corp. | | | 26,498 | | | | 1,235,072 | |
Wintrust Financial Corp. | | | 18,880 | | | | 2,049,047 | |
WSFS Financial Corp. (b) | | | 19,007 | | | | 969,167 | |
| | | | | | | 19,454,017 | |
Health Care — 19.4% | | | | | | | | |
Acadia Healthcare Co., Inc. (a) (b) | | | 23,646 | | | | 1,499,393 | |
Addus HomeCare Corp. (a) | | | 7,203 | | | | 958,215 | |
ADMA Biologics, Inc. (a) | | | 174,157 | | | | 3,481,398 | |
Ascendis Pharma AS ADR (a) | | | 9,737 | | | | 1,453,831 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
BioLife Solutions, Inc. (a) (b) | | | 39,153 | | | $ | 980,391 | |
Bridgebio Pharma, Inc. (a) | | | 23,609 | | | | 601,085 | |
BrightSpring Health Services, Inc. (a) (b) | | | 43,536 | | | | 639,108 | |
Collegium Pharmaceutical, Inc. (a) | | | 27,736 | | | | 1,071,719 | |
Encompass Health Corp. | | | 11,149 | | | | 1,077,439 | |
Evolent Health, Inc. Class A (a) (b) | | | 35,253 | | | | 996,955 | |
Guardant Health, Inc. (a) | | | 36,773 | | | | 843,573 | |
Immunovant, Inc. (a) (b) | | | 13,488 | | | | 384,543 | |
Inspire Medical Systems, Inc. (a) (b) | | | 6,440 | | | | 1,359,162 | |
Instil Bio, Inc. (a) (b) | | | 4,399 | | | | 296,141 | |
Integer Holdings Corp. (a) (b) | | | 10,622 | | | | 1,380,860 | |
Intra-Cellular Therapies, Inc. (a) | | | 20,963 | | | | 1,533,863 | |
Merus NV (a) | | | 7,762 | | | | 387,789 | |
Repligen Corp. (a) | | | 7,511 | | | | 1,117,787 | |
Structure Therapeutics, Inc. ADR (a) (b) | | | 10,847 | | | | 476,075 | |
Surgery Partners, Inc. (a) | | | 39,329 | | | | 1,267,967 | |
TransMedics Group, Inc. (a) | | | 8,649 | | | | 1,357,893 | |
Twist Bioscience Corp. (a) | | | 34,416 | | | | 1,554,915 | |
Ultragenyx Pharmaceutical, Inc. (a) | | | 14,972 | | | | 831,695 | |
| | | | | | | 25,551,797 | |
Industrials — 19.2% | | | | | | | | |
AAR Corp. (a) | | | 17,336 | | | | 1,133,081 | |
ABM Industries, Inc. | | | 23,669 | | | | 1,248,776 | |
Air Lease Corp. (b) | | | 25,197 | | | | 1,141,172 | |
Allison Transmission Holdings, Inc. | | | 24,791 | | | | 2,381,671 | |
Atkore, Inc. | | | 17,751 | | | | 1,504,220 | |
BWX Technologies, Inc. | | | 10,702 | | | | 1,163,307 | |
CACI International, Inc. Class A (a) | | | 3,010 | | | | 1,518,726 | |
Casella Waste Systems, Inc. Class A (a) | | | 18,592 | | | | 1,849,718 | |
Enpro, Inc. | | | 10,797 | | | | 1,751,058 | |
Esab Corp. | | | 17,816 | | | | 1,894,019 | |
Gates Industrial Corp. PLC (a) | | | 61,920 | | | | 1,086,696 | |
Hub Group, Inc. Class A | | | 41,603 | | | | 1,890,856 | |
Korn Ferry | | | 28,375 | | | | 2,134,935 | |
Paycor HCM, Inc. (a) | | | 79,130 | | | | 1,122,855 | |
Regal Rexnord Corp. | | | 5,485 | | | | 909,852 | |
Zurn Elkay Water Solutions Corp. (b) | | | 70,969 | | | | 2,550,626 | |
| | | | | | | 25,281,568 | |
Information Technology — 14.1% | | | | | | | | |
Allegro MicroSystems, Inc. (a) (b) | | | 55,493 | | | | 1,292,987 | |
ASGN, Inc. (a) | | | 16,205 | | | | 1,510,792 | |
Astera Labs, Inc. (a) (b) | | | 11,644 | | | | 610,029 | |
Belden, Inc. | | | 17,151 | | | | 2,008,897 | |
Gitlab, Inc. Class A (a) | | | 23,548 | | | | 1,213,664 | |
Informatica, Inc. Class A (a) | | | 40,670 | | | | 1,028,138 | |
Itron, Inc. (a) | | | 18,921 | | | | 2,020,952 | |
MACOM Technology Solutions Holdings, Inc. (a) | | | 15,883 | | | | 1,767,143 | |
MARA Holdings, Inc. (a) (b) | | | 54,787 | | | | 888,645 | |
MKS Instruments, Inc. | | | 12,334 | | | | 1,340,829 | |
Progress Software Corp. (b) | | | 17,533 | | | | 1,181,198 | |
Silicon Laboratories, Inc. (a) (b) | | | 10,529 | | | | 1,216,837 | |
Unity Software, Inc. (a) (b) | | | 58,391 | | | | 1,320,804 | |
Vishay Intertechnology, Inc. | | | 62,428 | | | | 1,180,513 | |
| | | | | | | 18,581,428 | |
MML Small Cap Equity Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Materials — 6.7% | | | | | | | | |
ATI, Inc. (a) | | | 30,773 | | | $ | 2,059,021 | |
Century Aluminum Co. (a) | | | 37,905 | | | | 615,198 | |
Commercial Metals Co. | | | 23,201 | | | | 1,275,127 | |
Kaiser Aluminum Corp. | | | 10,009 | | | | 725,853 | |
Silgan Holdings, Inc. | | | 30,971 | | | | 1,625,978 | |
Summit Materials, Inc. Class A (a) | | | 65,907 | | | | 2,572,350 | |
| | | | | | | 8,873,527 | |
Real Estate — 6.7% | | | | | | | | |
DiamondRock Hospitality Co. | | | 221,065 | | | | 1,929,897 | |
DigitalBridge Group, Inc. | | | 88,744 | | | | 1,253,953 | |
Four Corners Property Trust, Inc. | | | 72,474 | | | | 2,124,213 | |
Outfront Media, Inc. | | | 93,484 | | | | 1,718,236 | |
Terreno Realty Corp. | | | 27,944 | | | | 1,867,498 | |
| | | | | | | 8,893,797 | |
Utilities — 2.1% | | | | | | | | |
Chesapeake Utilities Corp. | | | 11,051 | | | | 1,372,202 | |
Portland General Electric Co. (b) | | | 30,022 | | | | 1,438,054 | |
| | | | | | | 2,810,256 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $90,965,138) | | | | | | | 130,215,935 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $90,965,138) | | | | | | | 130,215,935 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $90,965,138) | | | | | | | 130,215,935 | |
| | | | | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 2.3% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 1.0% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (c) | | | 1,396,218 | | | | 1,396,218 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 1.3% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (d) | | $ | 1,711,693 | | | | 1,711,693 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,107,911) | | | | | | | 3,107,911 | |
| | | | | | | | |
TOTAL INVESTMENTS — 101.0% (Cost $94,073,049) (e) | | | | | | | 133,323,846 | |
| | | | | | | | |
Other Assets/(Liabilities) — (1.0)% | | | | | | | (1,381,248) | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 131,942,598 | |
Abbreviation Legend
ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $23,354,589 or 17.70% of net assets. The Fund received $22,370,048 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 $1,711,765. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $1,746,126. |
(e) | See Note 3 for aggregate cost for federal tax purposes. |
MML Strategic Emerging Markets Fund — Portfolio of Investments |
September 30, 2024 (Unaudited)
| | Number of Shares | | | Value | |
EQUITIES — 97.8% | | | | | | | | |
| | | | | | | | |
COMMON STOCK — 97.0% | | | | | | | | |
Brazil — 4.7% | | | | | | | | |
Azzas 2154 SA | | | 4,420 | | | $ | 34,215 | |
Banco BTG Pactual SA | | | 67,600 | | | | 412,844 | |
Localiza Rent a Car SA | | | 60,408 | | | | 454,637 | |
NU Holdings Ltd. Class A (a) | | | 33,445 | | | | 456,524 | |
Raia Drogasil SA | | | 69,300 | | | | 324,258 | |
Vale SA Sponsored ADR | | | 1,868 | | | | 21,818 | |
WEG SA | | | 53,284 | | | | 531,989 | |
| | | | | | | 2,236,285 | |
Chile — 1.1% | | | | | | | | |
Antofagasta PLC | | | 9,551 | | | | 257,915 | |
Banco de Chile | | | 2,135,497 | | | | 272,369 | |
| | | | | | | 530,284 | |
China — 21.2% | | | | | | | | |
Airtac International Group | | | 8,000 | | | | 232,190 | |
Alibaba Group Holding Ltd. Sponsored ADR | | | 12,190 | | | | 1,293,603 | |
Budweiser Brewing Co. APAC Ltd. (b) | | | 101,800 | | | | 134,381 | |
Contemporary Amperex Technology Co. Ltd. Class A | | | 2,500 | | | | 88,796 | |
H World Group Ltd. | | | 4,900 | | | | 18,497 | |
H World Group Ltd. ADR | | | 65,687 | | | | 2,443,556 | |
Meituan Class B (a) (b) | | | 66,700 | | | | 1,419,634 | |
NetEase, Inc. ADR | | | 2,355 | | | | 220,216 | |
New Horizon Health Ltd. (a) (b) (c) (d) | | | 63,000 | | | | 28,648 | |
PDD Holdings, Inc. ADR (a) | | | 4,088 | | | | 551,103 | |
Tencent Holdings Ltd. | | | 48,709 | | | | 2,727,358 | |
WuXi XDC Cayman, Inc. (a) | | | 15,199 | | | | 45,707 | |
Yum China Holdings, Inc. | | | 6,278 | | | | 282,636 | |
ZTO Express Cayman, Inc. ADR | | | 24,732 | | | | 612,612 | |
| | | | | | | 10,098,937 | |
France — 3.8% | | | | | | | | |
Pernod Ricard SA | | | 6,180 | | | | 934,106 | |
TotalEnergies SE (e) | | | 13,441 | | | | 871,182 | |
| | | | | | | 1,805,288 | |
Hong Kong — 1.1% | | | | | | | | |
AIA Group Ltd. | | | 62,000 | | | | 548,254 | |
India — 16.7% | | | | | | | | |
Adani Ports & Special Economic Zone Ltd. | | | 13,982 | | | | 241,330 | |
Bajaj Finance Ltd. | | | 680 | | | | 62,610 | |
Bajaj Finserv Ltd. | | | 1,330 | | | | 31,312 | |
Bharti Airtel Ltd. | | | 10,514 | | | | 215,434 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Havells India Ltd. | | | 12,724 | | | $ | 307,555 | |
HCL Technologies Ltd. | | | 13,902 | | | | 298,944 | |
HDFC Bank Ltd. | | | 68,177 | | | | 1,411,136 | |
Infosys Ltd. | | | 23,822 | | | | 531,719 | |
Kotak Mahindra Bank Ltd. | | | 104,478 | | | | 2,318,497 | |
Macrotech Developers Ltd. (b) | | | 19,944 | | | | 294,534 | |
Mahindra & Mahindra Ltd. | | | 4,510 | | | | 168,045 | |
Maruti Suzuki India Ltd. | | | 586 | | | | 92,603 | |
Oberoi Realty Ltd. | | | 33,094 | | | | 742,682 | |
Sun Pharmaceutical Industries Ltd. | | | 1,453 | | | | 33,441 | |
Tata Consultancy Services Ltd. | | | 23,375 | | | | 1,193,515 | |
| | | | | | | 7,943,357 | |
Indonesia — 1.5% | | | | | | | | |
Bank Central Asia Tbk. PT | | | 1,025,200 | | | | 698,983 | |
Italy — 3.1% | | | | | | | | |
Ermenegildo Zegna NV (e) | | | 12,397 | | | | 121,987 | |
Moncler SpA | | | 7,140 | | | | 453,346 | |
PRADA SpA | | | 117,100 | | | | 904,381 | |
| | | | | | | 1,479,714 | |
Japan — 2.1% | | | | | | | | |
Chugai Pharmaceutical Co. Ltd. | | | 6,300 | | | | 304,682 | |
Daiichi Sankyo Co. Ltd. | | | 20,900 | | | | 687,112 | |
| | | | | | | 991,794 | |
Mexico — 8.6% | | | | | | | | |
America Movil SAB de CV ADR | | | 46,275 | | | | 757,059 | |
Fomento Economico Mexicano SAB de CV | | | 152,916 | | | | 1,507,648 | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | | | 5,055 | | | | 87,611 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | | | 4,885 | | | | 138,043 | |
Grupo Mexico SAB de CV Series B | | | 212,226 | | | | 1,185,620 | |
Wal-Mart de Mexico SAB de CV | | | 143,157 | | | | 431,943 | |
| | | | | | | 4,107,924 | |
Netherlands — 0.9% | | | | | | | | |
Argenx SE ADR (a) | | | 845 | | | | 458,058 | |
Peru — 1.1% | | | | | | | | |
Credicorp Ltd. | | | 2,836 | | | | 513,231 | |
Philippines — 1.9% | | | | | | | | |
SM Investments Corp. | | | 42,395 | | | | 724,595 | |
SM Prime Holdings, Inc. | | | 313,200 | | | | 180,832 | |
| | | | | | | 905,427 | |
Poland — 0.8% | | | | | | | | |
Allegro.eu SA (a) (b) | | | 40,650 | | | | 367,334 | |
Portugal — 2.1% | | | | | | | | |
Galp Energia SGPS SA | | | 53,516 | | | | 1,004,835 | |
Republic of Korea — 7.0% | | | | | | | | |
Kakao Corp. | | | 669 | | | | 18,494 | |
NAVER Corp. | | | 933 | | | | 121,480 | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
Samsung Biologics Co. Ltd. (a) (b) | | | 1,077 | | | $ | 806,499 | |
Samsung Electronics Co. Ltd. | | | 41,418 | | | | 1,963,020 | |
SK Hynix, Inc. | | | 3,194 | | | | 430,259 | |
| | | | | | | 3,339,752 | |
Russia — 0.0% | | | | | | | | |
Novatek PJSC GDR (a) (b) (c) (d) | | | 600 | | | | — | |
Sberbank of Russia PJSC (a) (c) (d) | | | 7,525 | | | | — | |
| | | | | | | — | |
South Africa — 1.2% | | | | | | | | |
FirstRand Ltd. | | | 118,788 | | | | 572,529 | |
Switzerland — 0.5% | | | | | | | | |
Cie Financiere Richemont SA Registered Class A | | | 1,578 | | | | 250,180 | |
Taiwan — 14.5% | | | | | | | | |
Global Unichip Corp. | | | 3,000 | | | | 105,120 | |
Hon Hai Precision Industry Co. Ltd. | | | 33,000 | | | | 197,235 | |
MediaTek, Inc. | | | 24,000 | | | | 896,246 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 179,000 | | | | 5,464,813 | |
Voltronic Power Technology Corp. | | | 4,000 | | | | 255,171 | |
| | | | | | | 6,918,585 | |
Turkey — 0.9% | | | | | | | | |
Akbank TAS | | | 39,850 | | | | 71,876 | |
BIM Birlesik Magazalar AS | | | 8,253 | | | | 119,876 | |
KOC Holding AS | | | 36,393 | | | | 200,532 | |
Migros Ticaret AS | | | 3,960 | | | | 52,072 | |
| | | | | | | 444,356 | |
United Arab Emirates — 0.3% | | | | | | | | |
Americana Restaurants International PLC - Foreign Co. | | | 179,395 | | | | 130,935 | |
United Kingdom — 1.4% | | | | | | | | |
AstraZeneca PLC | | | 4,166 | | | | 648,917 | |
United States — 0.5% | | | | | | | | |
Legend Biotech Corp. ADR (a) | | | 4,927 | | | | 240,093 | |
| | | | | | | | |
TOTAL COMMON STOCK (Cost $40,513,344) | | | | | | | 46,235,052 | |
| | | | | | | | |
PREFERRED STOCK — 0.8% | | | | | | | | |
Brazil — 0.8% | | | | | | | | |
Itau Unibanco Holding SA 6.508% | | | | | | | | |
| | | 59,619 | | | | 395,183 | |
| | | | | | | | |
TOTAL PREFERRED STOCK (Cost $339,350) | | | | | | | 395,183 | |
| | | | | | | | |
TOTAL EQUITIES (Cost $40,852,694) | | | | | | | 46,630,235 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS (Cost $40,852,694) | | | | | | | 46,630,235 | |
| | | | | | | | |
MML Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| | Number of Shares | | | Value | |
SHORT-TERM INVESTMENTS — 1.7% | | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 0.1% | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (f) | | | 56,804 | | | $ | 56,804 | |
| | | | | | | | |
| | Principal Amount | | | | |
Repurchase Agreement — 1.6% | | | | | | | | |
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/24, 1.520%, due 10/01/24 (g) | | $ | 730,961 | | | | 730,961 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $787,765) | | | | | | | 787,765 | |
| | | | | | | | |
TOTAL INVESTMENTS — 99.5% (Cost $41,640,459) (h) | | | | | | | 47,418,000 | |
| | | | | | | | |
Other Assets/(Liabilities) — 0.5% | | | | | | | 249,178 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | $ | 47,667,178 | |
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 September 30, 2024, the aggregate market value of these securities amounted to $3,051,030 or 6.40% of net assets. |
(c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2024, these securities amounted to a value of $28,648 or 0.06% of net assets. |
(d) | Investment is valued using significant unobservable inputs. |
(e) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2024, was $893,849 or 1.88% of net assets. The Fund received $899,248 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
(f) | Represents investment of security lending cash collateral. (Note 2). |
(g) | Maturity value of $730,992. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 4/30/26, and an aggregate market value, including accrued interest, of $745,642. |
(h) | See Note 3 for aggregate cost for federal tax purposes. |
Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MML Series Investment Fund II (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of 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
MML 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, MML iShares® 60/40 Allocation Fund, and MML 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 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, but not limited to, 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 fair value factors, 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 MML iShares® 60/40 Allocation Fund characterized all investments at Level 1, as of September 30, 2024. The Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2024. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
Notes to Portfolio of Investments (Unaudited) (Continued) |
The following is the aggregate value by input level, as of September 30, 2024, for the remaining Funds' investments:
Blend Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange-Traded Funds | | $ | 709,308,025 | | | $ | — | | | $ | — | | | $ | 709,308,025 | |
Short-Term Investments | | | 18,180,650 | | | | 1,254,214 | | | | — | | | | 19,434,864 | |
Total Investments | | $ | 727,488,675 | | | $ | 1,254,214 | | | $ | — | | | $ | 728,742,889 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank Loans | | $ | — | | | $ | 4,398,296 | | | $ | — | | | $ | 4,398,296 | |
Corporate Debt | | | — | | | | 78,362,575 | | | | — | | | | 78,362,575 | |
Non-U.S. Government Agency Obligations | | | — | | | | 30,802,046 | | | | — | | | | 30,802,046 | |
Sovereign Debt Obligations | | | — | | | | 12,231,304 | | | | — | | | | 12,231,304 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 71,181,995 | | | | — | | | | 71,181,995 | |
U.S. Treasury Obligations | | | — | | | | 12,293,184 | | | | — | | | | 12,293,184 | |
Purchased Options | | | 17,531 | | | | 26,135 | | | | — | | | | 43,666 | |
Short-Term Investments | | | 1,955,185 | | | | 2,181,353 | | | | — | | | | 4,136,538 | |
Total Investments | | $ | 1,972,716 | | | $ | 211,476,888 | | | $ | — | | | $ | 213,449,604 | |
| | | | | | | | | | | | | | | | |
Liability Investments | | | | | | | | | | | | | | | | |
Unfunded Loan Commitments | | $ | — | | | $ | (93 | ) | | $ | — | | | $ | (93 | ) |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Forward Contracts | | $ | — | | | $ | 672,929 | | | $ | — | | | $ | 672,929 | |
Futures Contracts | | | 400,470 | | | | — | | | | — | | | | 400,470 | |
Swap Agreements | | | — | | | | 843,439 | | | | — | | | | 843,439 | |
Total | | $ | 400,470 | | | $ | 1,516,368 | | | $ | — | | | $ | 1,916,838 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Forward Contracts | | $ | — | | | $ | (642,410 | ) | | $ | — | | | $ | (642,410 | ) |
Futures Contracts | | | (174,142 | ) | | | — | | | | — | | | | (174,142 | ) |
Swap Agreements | | | — | | | | (1,298,862 | ) | | | — | | | | (1,298,862 | ) |
Written Options | | | (278,479 | ) | | | — | | | | — | | | | (278,479 | ) |
Total | | $ | (452,621 | ) | | $ | (1,941,272 | ) | | $ | — | | | $ | (2,393,893 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 55,473,467 | | | $ | — | | | $ | 1,953 | | | $ | 55,475,420 | |
Short-Term Investments | | | 11,565 | | | | — | | | | — | | | | 11,565 | |
Total Investments | | $ | 55,485,032 | | | $ | — | | | $ | 1,953 | | | $ | 55,486,985 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank Loans | | $ | — | | | $ | 5,004,303 | | | $ | — | | | $ | 5,004,303 | |
Corporate Debt | | | — | | | | 43,552,133 | | | | — | | | | 43,552,133 | |
Short-Term Investments | | | 2,247,465 | | | | 1,848,067 | | | | — | | | | 4,095,532 | |
Total Investments | | $ | 2,247,465 | | | $ | 50,404,503 | | | $ | — | | | $ | 52,651,968 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund |
|
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Non-U.S. Government Agency Obligations | | $ | — | | | $ | 106,404,180 | | | $ | — | | | $ | 106,404,180 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 10,075,433 | | | | — | | | | 10,075,433 | |
U.S. Treasury Obligations | | | — | | | | 37,727,956 | | | | — | | | | 37,727,956 | |
Short-Term Investments | | | — | | | | 22,544,451 | | | | — | | | | 22,544,451 | |
Total Investments | | $ | — | | | $ | 176,752,020 | | | $ | — | | | $ | 176,752,020 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 43,649 | | | $ | — | | | $ | — | | | $ | 43,649 | |
Swap Agreements | | | — | | | | 5,421,839 | | | | — | | | | 5,421,839 | |
Total | | $ | 43,649 | | | $ | 5,421,839 | | | $ | — | | | $ | 5,465,488 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (83,497 | ) | | $ | — | | | $ | — | | | $ | (83,497 | ) |
Swap Agreements | | | — | | | | (1,320 | ) | | | — | | | | (1,320 | ) |
Total | | $ | (83,497 | ) | | $ | (1,320 | ) | | $ | — | | | $ | (84,817 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
MML iShares® 80/20 Allocation Fund |
|
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange-Traded Funds | | $ | 86,451,129 | | | $ | — | | | $ | — | | | $ | 86,451,129 | |
Short-Term Investments | | | 1,432,575 | | | | 106,745 | | | | — | | | | 1,539,320 | |
Total Investments | | $ | 87,883,704 | | | $ | 106,745 | | | $ | — | | | $ | 87,990,449 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Managed Bond Fund | | | |
| | | |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 253,016,250 | | | $ | — | | | $ | 253,016,250 | |
Non-U.S. Government Agency Obligations | | | — | | | | 157,921,039 | | | | — | | | | 157,921,039 | |
Sovereign Debt Obligations | | | — | | | | 1,397,226 | | | | — | | | | 1,397,226 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 200,051,913 | | | | — | | | | 200,051,913 | |
U.S. Treasury Obligations | | | — | | | | 18,098,763 | | | | — | | | | 18,098,763 | |
Short-Term Investments | | | 5,475,695 | | | | 92,202,888 | | | | — | | | | 97,678,583 | |
Total Investments | | $ | 5,475,695 | | | $ | 722,688,079 | | | $ | — | | | $ | 728,163,774 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 56,756 | | | $ | — | | | $ | — | | | $ | 56,756 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (234,678 | ) | | $ | — | | | $ | — | | | $ | (234,678 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Short-Duration Bond Fund | | | |
| | | |
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Debt | | $ | — | | | $ | 54,641,288 | | | $ | — | | | $ | 54,641,288 | |
Non-U.S. Government Agency Obligations | | | — | | | | 47,408,612 | | | | — | | | | 47,408,612 | |
U.S. Government Agency Obligations and Instrumentalities | | | — | | | | 1,303 | | | | — | | | | 1,303 | |
U.S. Treasury Obligations | | | — | | | | 694,808 | | | | — | | | | 694,808 | |
Short-Term Investments | | | 893,265 | | | | 15,440,330 | | | | — | | | | 16,333,595 | |
Total Investments | | $ | 893,265 | | | $ | 118,186,341 | | | $ | — | | | $ | 119,079,606 | |
| | | | | | | | | | | | | | | | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 120,256 | | | $ | — | | | $ | — | | | $ | 120,256 | |
| | | | | | | | | | | | | | | | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (17,006 | ) | | $ | — | | | $ | — | | | $ | (17,006 | ) |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Small Cap Equity Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock | | $ | 130,215,935 | | | $ | — | | | $ | — | | | $ | 130,215,935 | |
Short-Term Investments | | | 1,396,218 | | | | 1,711,693 | | | | — | | | | 3,107,911 | |
Total Investments | | $ | 131,612,153 | | | $ | 1,711,693 | | | $ | — | | | $ | 133,323,846 | |
Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund
Asset Investments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stock* | | | | | | | | | | | | | | | | |
Brazil | | $ | 2,236,285 | | | $ | — | | | $ | — | | | $ | 2,236,285 | |
Chile | | | 272,369 | | | | 257,915 | | | | — | | | | 530,284 | |
China | | | 5,403,726 | | | | 4,666,563 | | | | 28,648 | | | | 10,098,937 | |
France | | | — | | | | 1,805,288 | | | | — | | | | 1,805,288 | |
Hong Kong | | | — | | | | 548,254 | | | | — | | | | 548,254 | |
India | | | — | | | | 7,943,357 | | | | — | | | | 7,943,357 | |
Indonesia | | | — | | | | 698,983 | | | | — | | | | 698,983 | |
Italy | | | 121,987 | | | | 1,357,727 | | | | — | | | | 1,479,714 | |
Japan | | | — | | | | 991,794 | | | | — | | | | 991,794 | |
Mexico | | | 4,107,924 | | | | — | | | | — | | | | 4,107,924 | |
Netherlands | | | 458,058 | | | | — | | | | — | | | | 458,058 | |
Peru | | | 513,231 | | | | — | | | | — | | | | 513,231 | |
Philippines | | | — | | | | 905,427 | | | | — | | | | 905,427 | |
Poland | | | — | | | | 367,334 | | | | — | | | | 367,334 | |
Portugal | | | — | | | | 1,004,835 | | | | — | | | | 1,004,835 | |
Republic of Korea | | | 18,494 | | | | 3,321,258 | | | | — | | | | 3,339,752 | |
Russia | | | — | | | | — | | | | — | + | | | — | |
South Africa | | | — | | | | 572,529 | | | | — | | | | 572,529 | |
Switzerland | | | — | | | | 250,180 | | | | — | | | | 250,180 | |
Taiwan | | | — | | | | 6,918,585 | | | | — | | | | 6,918,585 | |
Turkey | | | — | | | | 444,356 | | | | — | | | | 444,356 | |
United Arab Emirates | | | — | | | | 130,935 | | | | — | | | | 130,935 | |
United Kingdom | | | — | | | | 648,917 | | | | — | | | | 648,917 | |
United States | | | 240,093 | | | | — | | | | — | | | | 240,093 | |
Preferred Stock | | | | | | | | | | | | | | | | |
Brazil | | | 395,183 | | | | — | | | | — | | | | 395,183 | |
Short-Term Investments | | | 56,804 | | | | 730,961 | | | | — | | | | 787,765 | |
Total Investments | | $ | 13,824,154 | | | $ | 33,565,198 | | | $ | 28,648 | | | $ | 47,418,000 | |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| + | Represents a security at $0 value as of September 30, 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").
Notes to Portfolio of Investments (Unaudited) (Continued) |
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 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 are 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, MML iShares® 60/40 Allocation Fund, and MML 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.
Market Risk
The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
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 September 30, 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 | $ | 602,866,477 | | $ | 152,791,190 | | $ | (26,914,778) | | $ | 125,876,412 | |
Dynamic Bond Fund | | 223,989,689 | | | 2,681,042 | | | (13,221,127) | | | (10,540,085) | |
Equity Fund | | 668,189,308 | | | 216,436,173 | | | (3,855,988) | | | 212,580,185 | |
Equity Rotation Fund | | 53,808,405 | | | 3,295,900 | | | (1,617,320) | | | 1,678,580 | |
High Yield Fund | | 52,171,959 | | | 1,371,520 | | | (891,511) | | | 480,009 | |
Inflation-Protected and Income Fund | | 178,986,371 | | | 1,521,254 | | | (3,755,605) | | | (2,234,351) | |
MML iShares® 60/40 Allocation Fund | | 44,016,122 | | | 5,233,721 | | | (421,687) | | | 4,812,034 | |
MML iShares® 80/20 Allocation Fund | | 74,937,136 | | | 13,124,579 | | | (71,266) | | | 13,053,313 | |
Managed Bond Fund | | 756,057,853 | | | 9,080,954 | | | (36,975,033) | | | (27,894,079) | |
Short-Duration Bond Fund | | 120,996,696 | | | 1,252,541 | | | (3,169,631) | | | (1,917,090) | |
Small Cap Equity Fund | | 94,073,049 | | | 42,500,365 | | | (3,249,568) | | | 39,250,797 | |
Strategic Emerging Markets Fund | | 41,640,459 | | | 7,240,502 | | | (1,462,961) | | | 5,777,541 | |
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 has evaluated ASU 2022-06 and there is no material impact on the financial statements.