MML Blend Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
MUTUAL FUNDS — 106.9%          
           
Diversified Financial Services — 106.9%          
iShares 5-10 Year Investment Grade Corporate Bond ETF (a)   526,843   $25,435,980 
iShares Core S&P 500 ETF   466,866    167,441,491 
iShares Core S&P Mid-Cap ETF   58,260    12,774,088 
iShares Core S&P Small-Cap ETF   65,700    5,728,383 
iShares Core S&P Total US Stock Market ETF   2,320,512    184,573,524 
iShares Core Total USD Bond Market ETF (a)   2,304,581    102,553,854 
iShares Core U.S. Aggregate Bond ETF   1,063,575    102,464,816 
iShares iBoxx High Yield Corporate Bond ETF (a)   352,123    25,138,061 
State Street Navigator Securities Lending Government Money Market Portfolio (b)   42,665,098    42,665,098 
           
TOTAL MUTUAL FUNDS
(Cost $731,849,409)
        668,775,295 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $731,849,409)
        668,775,295 
           
TOTAL INVESTMENTS — 106.9%
(Cost $731,849,409) (c)
        668,775,295 
           
Other Assets/(Liabilities) — (6.9)%        (42,973,458) 
           
NET ASSETS — 100.0%       $625,801,837 

 

Abbreviation Legend

ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $42,768,845 or 6.83% of net assets. The Fund received $1,065,025 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Represents investment of security lending cash collateral. (Note 2).
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 100.1%          
           
BANK LOANS — 6.1%          
Aerospace & Defense — 0.1%          
TransDigm, Inc., 2020 Term Loan F, 3 mo. USD LIBOR + 2.250%          
5.924% VRN 12/09/25  $157,041   $150,216 
Airlines — 0.2%          
Air Canada, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%          
6.421% VRN 8/11/28   74,813    71,006 
American Airlines, Inc.          
2017 Incremental Term Loan, 1 mo. USD LIBOR + 2.000%          
4.818% VRN 12/15/23   73,310    72,251 
2021 Term Loan, 3 mo. USD LIBOR + 4.750%          
7.460% VRN 4/20/28   120,000    116,040 
Kestrel Bidco, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000%          
5.993% VRN 12/11/26   68,189    59,853 
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
6.533% VRN 4/21/28   83,938    79,962 
         399,112 
Auto Parts & Equipment — 0.1%          
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 4/30/26   129,445    122,164 
Beverages — 0.1%          
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%          
7.174% VRN 3/31/28   279,295    250,008 
Chemicals — 0.1%          
Diamond (BC) B.V., 2021 Term Loan B, 1 mo. USD LIBOR + 0.000%, 3 mo. USD LIBOR + 2.750%          
5.556% VRN 9/29/28   173,688    159,706 
Kraton Corp., 2022 USD Term Loan, 3 mo. SOFR CME + 3.250%          
6.718% VRN 3/15/29   74,813    71,913 
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 3 mo. USD LIBOR + 3.750%          
7.438% VRN 11/09/28   99,500    90,545 
         322,164 
Commercial Services — 0.3%          
Allied Universal Holdco, LLC, 2021 USD Incremental Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.865% VRN 5/12/28   290,441    254,717 
CHG Healthcare Services, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.250%          
6.365% VRN 9/29/28   133,650    128,109 
Mister Car Wash Holdings, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.000%          
6.115% VRN 5/14/26   47,781    46,014 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Prime Security Services Borrower, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%          
5.303% VRN 9/23/26  $278,586   $269,401 
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
7.115% VRN 8/27/25   69,119    66,873 
         765,114 
Computers — 0.2%          
Magenta Buyer, LLC, 2021 USD 1st Lien Term Loan, 1 mo. USD LIBOR + 4.750%          
7.870% VRN 7/27/28   279,296    251,367 
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.865% VRN 2/01/28   116,054    109,786 
         361,153 
Diversified Financial Services — 0.4%          
Blackhawk Network Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. SOFR CME + 3.000%          
6.034% VRN 6/15/25   113,070    105,437 
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%          
6.043% VRN 10/22/26   143,550    138,496 
Citadel Securities LP, 2021 Term Loan B, 1 mo. SOFR CME + 2.500%          
5.649% VRN 2/02/28   278,586    270,159 
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 1 mo. SOFR CME + 3.750%          
6.784% VRN 4/09/27   117,325    110,481 
Jane Street Group, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%          
5.865% VRN 1/26/28   268,633    257,272 
         881,845 
Electronics — 0.0%          
Mirion Technologies, Inc., 2021 Term Loan, 6 mo. USD LIBOR + 2.750%          
5.627% VRN 10/20/28   94,525    90,232 
Engineering & Construction — 0.1%          
Brown Group Holding, LLC, Term Loan B, 1 mo. USD LIBOR + 2.500%          
5.615% VRN 6/07/28   278,494    264,104 
Entertainment — 0.3%          
PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500%          
5.615% VRN 5/29/26   270,000    261,900 
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. SOFR CME + 3.000%          
5.906% VRN 4/14/29   269,325    261,111 
UFC Holdings, LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%          
5.520% VRN 4/29/26   199,357    191,217 
         714,228 
Food — 0.2%          
CHG PPC Parent, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.000%          
6.125% VRN 12/08/28   119,400    114,027 
Froneri International PLC, 2020 USD Term Loan, 1 mo. USD LIBOR + 2.250%          
5.365% VRN 1/29/27   278,576    262,349 
         376,376 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Health Care – Products — 0.2%          
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 10/23/28  $244,388   $224,301 
Sotera Health Holdings, LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%          
5.865% VRN 12/11/26   270,000    236,250 
         460,551 
Health Care – Services — 0.4%          
Aveanna Healthcare, LLC          
2021 Term Loan B,          
0.000% 7/17/28 (a)   140,916    112,029 
2021 Delayed Draw Term Loan,          
0.000% 7/17/28 (a) (b)   33,019    26,250 
Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250%          
6.814% VRN 10/02/25   269,316    232,824 
ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD LIBOR + 2.250%          
5.938% VRN 7/03/28   60,693    59,236 
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 3/05/26   278,568    263,347 
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%          
7.302% - 7.334% VRN 7/09/25   75,000    62,625 
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.871% VRN 11/16/25   75,193    69,755 
         826,066 
Housewares — 0.1%          
Solis IV B.V., USD Term Loan B1, 3 mo. SOFR CME + 3.500%          
6.340% VRN 2/26/29   250,000    204,625 
Insurance — 0.3%          
Acrisure, LLC          
2020 Term Loan B, 1 mo. USD LIBOR + 3.500%          
6.615% VRN 2/15/27   121,255    110,594 
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250%          
7.365% VRN 2/15/27   124,063    116,308 
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%          
5.365% VRN 2/19/28   278,583    265,983 
Asurion, LLC          
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 12/23/26   152,288    128,779 
2021 Term Loan B9, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 7/31/27   74,060    62,322 
         683,986 
Leisure Time — 0.1%          
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500%          
6.615% VRN 8/17/28   268,643    259,912 
Lodging — 0.3%          
Caesars Resort Collection, LLC          
2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%          
5.865% VRN 12/23/24   262,590    256,052 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
2020 Term Loan B1, 1 mo. USD LIBOR + 3.500%          
6.615% VRN 7/21/25  $33,633   $33,090 
Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750%          
4.834% VRN 6/22/26   280,000    270,432 
Station Casinos, LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250%          
5.370% VRN 2/08/27   278,554    265,961 
         825,535 
Machinery – Diversified — 0.2%          
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000%          
5.149% VRN 7/30/29   245,400    236,075 
Vertical U.S. Newco, Inc., Term Loan B, 6 mo. USD LIBOR + 3.500%          
6.871% VRN 7/30/27   196,526    188,010 
         424,085 
Media — 0.3%          
DirecTV Financing, LLC, Term Loan, 1 mo. USD LIBOR + 5.000%          
8.115% VRN 8/02/27   66,544    61,828 
The E.W. Scripps Co., 2019 Term Loan B2, 1 mo. USD LIBOR + 2.563%          
5.678% VRN 5/01/26   114,215    110,179 
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500%          
5.615% VRN 9/18/26   364,105    358,512 
Radiate Holdco, LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 9/25/26   143,913    132,814 
         663,333 
Packaging & Containers — 0.0%          
TricorBraun Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.250%          
6.365% VRN 3/03/28   69,146    64,807 
Pharmaceuticals — 0.5%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%          
7.674% VRN 10/01/27   236,083    224,456 
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%          
5.115% VRN 11/15/27   560,000    530,522 
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%          
4.875% VRN 3/15/28   279,293    267,599 
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500%          
6.615% VRN 5/05/28   200,413    193,399 
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD LIBOR + 2.250%          
5.938% VRN 7/03/28   15,809    15,429 
         1,231,405 
Pipelines — 0.1%          
CQP Holdco LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
7.424% VRN 6/05/28   216,410    208,474 
Traverse Midstream Partners, LLC, 2017 Term Loan, 3 mo. SOFR CME + 4.250%          
5.950% VRN 9/27/24   50,471    49,209 
         257,683 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Retail — 0.5%          
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%          
4.871% VRN 11/19/26  $278,568   $265,784 
Great Outdoors Group, LLC, 2021 Term Loan B1, 1 mo. USD LIBOR + 3.750%          
6.865% VRN 3/06/28   171,951    158,453 
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750%          
5.865% VRN 10/19/27   278,582    251,421 
Petco Health and Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%          
6.924% VRN 3/03/28   123,125    116,007 
PetSmart, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.870% VRN 2/11/28   69,300    65,431 
Pilot Travel Centers, LLC, 2021 Term Loan B, 1 mo. SOFR CME + 2.000%          
5.134% VRN 8/04/28   278,593    266,106 
         1,123,202 
Software — 0.7%          
Athenahealth, Inc.          
2022 Delayed Draw Term Loan, 3 mo. SOFR + 3.500%          
3.500% VRN 2/15/29 (b)   28,986    25,913 
2022 Term Loan B, 1 mo. SOFR CME + 3.500%,          
6.576% VRN 2/15/29   170,587    152,505 
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000%          
6.115% VRN 10/30/26   117,900    113,773 
Castle U.S. Holding Corp., USD Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.865% VRN 1/29/27   156,667    125,333 
DCert Buyer, Inc., 2019 Term Loan B, 3 mo. USD LIBOR + 4.000%          
6.903% VRN 10/16/26   73,678    70,117 
Finastra USA, Inc., USD 2nd Lien Term Loan, 2 mo. USD LIBOR + 7.250%          
8.489% VRN 6/13/25   20,000    16,138 
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%          
6.615% VRN 7/01/24   218,727    211,319 
Mitchell International, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.734% VRN 10/15/28   259,350    234,323 
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
7.120% VRN 4/26/24   184,963    177,738 
Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%          
5.617% VRN 2/15/28   278,586    197,506 
The Ultimate Software Group, Inc., Term Loan B, 1 mo. USD LIBOR + 3.750%          
6.865% VRN 5/04/26   121,539    115,614 
Zelis Healthcare Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
6.064% VRN 9/30/26   192,375    184,980 
         1,625,259 
Telecommunications — 0.1%          
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. SOFR + 4.500%          
7.445% VRN 2/01/29   126,032    117,998 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%          
4.865% VRN 3/01/27  $216,988   $205,765 
         323,763 
Transportation — 0.2%          
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000%          
5.674% VRN 12/30/26   547,194    531,150 
           
TOTAL BANK LOANS
(Cost $15,049,720)
        14,202,078 
           
CORPORATE DEBT — 41.0%          
Advertising — 0.0%          
Clear Channel Outdoor Holdings, Inc.          
7.500% 6/01/29 (c) (d)   95,000    68,875 
Aerospace & Defense — 1.5%          
The Boeing Co.          
2.196% 2/04/26   300,000    266,743 
2.800% 3/01/27   290,000    254,837 
2.950% 2/01/30   270,000    216,988 
3.200% 3/01/29   300,000    250,474 
3.250% 2/01/35   330,000    233,281 
3.750% 2/01/50   140,000    91,185 
5.705% 5/01/40   130,000    113,565 
5.805% 5/01/50   350,000    304,859 
5.930% 5/01/60   50,000    42,776 
General Dynamics Corp.          
4.250% 4/01/40   20,000    17,505 
4.250% 4/01/50   50,000    43,369 
L3 Harris Technologies, Inc.          
5.054% 4/27/45   80,000    70,834 
Lockheed Martin Corp.          
3.550% 1/15/26   50,000    48,346 
3.900% 6/15/32   50,000    46,241 
4.150% 6/15/53   320,000    267,204 
Northrop Grumman Corp.          
2.930% 1/15/25   160,000    152,565 
3.250% 1/15/28   290,000    264,316 
5.150% 5/01/40   320,000    299,635 
Raytheon Technologies Corp.          
2.250% 7/01/30   110,000    88,879 
3.030% 3/15/52   240,000    156,600 
4.125% 11/16/28   160,000    149,576 
4.500% 6/01/42   80,000    68,969 
         3,448,747 
Agriculture — 0.7%          
Altria Group, Inc.          
2.450% 2/04/32   140,000    99,190 
4.400% 2/14/26   190,000    182,899 
5.800% 2/14/39   240,000    209,588 
5.950% 2/14/49   160,000    132,492 
BAT Capital Corp.          
3.462% 9/06/29   525,000    427,601 
4.540% 8/15/47   170,000    112,643 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Cargill, Inc.          
1.375% 7/23/23 (c)  $180,000   $175,322 
Philip Morris International, Inc.          
1.125% 5/01/23   190,000    186,151 
4.500% 3/20/42   80,000    58,608 
         1,584,494 
Airlines — 1.1%          
Delta Air Lines, Inc.          
7.000% 5/01/25 (c)   1,780,000    1,791,724 
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.750% 10/20/28 (c)   550,000    512,474 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (c)   313,500    305,793 
United Airlines, Inc.          
4.625% 4/15/29 (c)   65,000    53,950 
         2,663,941 
Apparel — 0.2%          
NIKE, Inc.          
2.850% 3/27/30   280,000    243,147 
3.250% 3/27/40   130,000    100,103 
3.375% 3/27/50   40,000    29,772 
         373,022 
Auto Manufacturers — 1.3%          
Ford Motor Co.          
3.250% 2/12/32   1,660,000    1,191,880 
6.100% 8/19/32   90,000    79,344 
Ford Motor Credit Co. LLC 3 mo. USD LIBOR + 1.235%          
4.140% FRN 2/15/23   410,000    408,001 
General Motors Financial Co., Inc.          
2.400% 10/15/28   275,000    217,467 
3.100% 1/12/32 (d)   285,000    214,856 
Hyundai Capital America          
1.800% 10/15/25 (c)   55,000    48,923 
Nissan Motor Co. Ltd.          
3.043% 9/15/23 (c)   200,000    194,432 
3.522% 9/17/25 (c)   410,000    377,138 
4.345% 9/17/27 (c)   300,000    257,667 
         2,989,708 
Banks — 11.3%          
ABN AMRO Bank NV          
4.750% 7/28/25 (c)   260,000    250,093 
Banco Santander SA          
3.496% 3/24/25   600,000    571,577 
3 mo. USD LIBOR + 1.120% 3.543% FRN 4/12/23   200,000    200,092 
Bank of America Corp.          
5 year CMT + 1.200% 2.482% VRN 9/21/36   520,000    375,871 
SOFR + 1.210% 2.572% VRN 10/20/32   190,000    145,249 
SOFR + 1.330% 2.972% VRN 2/04/33   1,080,000    843,893 
3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28   1,830,000    1,653,569 
4.000% 1/22/25   700,000    677,613 
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51   300,000    224,803 
4.200% 8/26/24   380,000    373,874 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3 mo. USD LIBOR + 3.705% 6.250% VRN (e)  $170,000   $164,262 
Bank of Montreal 5 year USD Swap + 1.432%          
3.803% VRN 12/15/32   350,000    303,646 
The Bank of Nova Scotia 5 year CMT + 2.050%          
4.588% VRN 5/04/37   440,000    368,751 
Barclays PLC 3 mo. USD LIBOR + 1.380%          
4.302% FRN 5/16/24   425,000    424,699 
BNP Paribas SA          
SOFR + 2.074% 2.219% VRN 6/09/26 (c)   200,000    179,855 
SOFR + 1.507% 3.052% VRN 1/13/31 (c)   390,000    310,119 
4.625% 3/13/27 (c)   260,000    240,348 
BPCE SA          
1.000% 1/20/26 (c)   250,000    216,057 
Citigroup, Inc.          
SOFR + .694% 2.014% VRN 1/25/26   95,000    87,310 
SOFR + 1.280% 3.070% VRN 2/24/28   995,000    886,106 
SOFR + 1.939% 3.785% VRN 3/17/33   580,000    485,965 
3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30   850,000    753,805 
3 mo. USD LIBOR + 1.100% 4.042% FRN 5/17/24   545,000    545,084 
4.650% 7/30/45   380,000    305,203 
3 mo. USD LIBOR + 3.905% 5.950% VRN (e)   160,000    144,808 
Cooperatieve Rabobank UA          
4.375% 8/04/25   470,000    449,171 
Credit Agricole SA SOFR + 1.676%          
1.907% VRN 6/16/26 (c)   270,000    241,504 
Credit Suisse Group AG          
SOFR + 2.044% 2.193% VRN 6/05/26 (c)   480,000    417,415 
SOFR + 1.730% 3.091% VRN 5/14/32 (c)   640,000    448,740 
SOFR + 3.920% 6.537% VRN 8/12/33 (c)   300,000    269,559 
5 year CMT + 6.383% 9.750% VRN (c) (e)   480,000    470,746 
Danske Bank A/S          
5.375% 1/12/24 (c)   240,000    238,695 
The Goldman Sachs Group, Inc.          
SOFR + 1.472% 2.908% VRN 7/21/42   240,000    154,332 
3.000% 3/15/24   550,000    534,535 
3.500% 11/16/26   270,000    249,205 
SOFR + .820% 3.687% FRN 9/10/27   165,000    157,331 
3 mo. USD LIBOR + 1.170% 4.075% FRN 5/15/26   555,000    550,639 
3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29   500,000    454,678 
4.250% 10/21/25   270,000    260,502 
4.750% 10/21/45   300,000    250,195 
5.150% 5/22/45   290,000    240,935 
HSBC Holdings PLC          
SOFR + 1.929% 2.099% VRN 6/04/26   510,000    456,756 
3 mo. USD LIBOR + 1.380% 4.616% FRN 9/12/26   510,000    497,584 
SOFR + 2.530% 4.762% VRN 3/29/33   200,000    164,083 
JP Morgan Chase & Co.          
SOFR + 1.015% 2.069% VRN 6/01/29   215,000    174,400 
SOFR + 2.040% 2.522% VRN 4/22/31   320,000    252,846 
SOFR + 1.250% 2.580% VRN 4/22/32   270,000    209,021 
SOFR + .915% 2.595% VRN 2/24/26   160,000    148,785 
SOFR + 1.260% 2.963% VRN 1/25/33   265,000    208,214 
SOFR + 2.440% 3.109% VRN 4/22/51   110,000    69,704 
3.875% 9/10/24   540,000    528,238 
3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29   940,000    860,831 
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%          
3.574% VRN 11/07/28   400,000    350,970 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Mitsubishi UFJ Financial Group, Inc.          
1.412% 7/17/25  $435,000   $389,902 
Morgan Stanley          
SOFR + 1.360% 2.484% VRN 9/16/36   520,000    372,455 
SOFR + 1.290% 2.943% VRN 1/21/33   115,000    90,774 
SOFR + 1.160% 3.620% VRN 4/17/25   270,000    262,071 
SOFR + 1.610% 4.210% VRN 4/20/28   205,000    191,906 
National Securities Clearing Corp.          
1.500% 4/23/25 (c)   250,000    230,288 
NatWest Markets PLC          
0.800% 8/12/24 (c)   200,000    183,738 
Royal Bank of Canada          
1.150% 6/10/25   310,000    279,780 
Santander Holdings SOFR + 1.249%          
2.490% VRN 1/06/28   135,000    112,627 
The Toronto-Dominion Bank          
1.150% 6/12/25   300,000    269,656 
UBS Group AG          
4.253% 3/23/28 (c)   340,000    314,036 
5 year USD Swap + 4.344% 7.000% VRN (c) (e)   500,000    473,100 
US Bancorp          
1.450% 5/12/25   280,000    257,064 
Wells Fargo & Co.          
SOFR + 2.000% 2.188% VRN 4/30/26   200,000    182,680 
3 mo. TSFR + 1.432% 2.879% VRN 10/30/30   235,000    193,013 
3.000% 10/23/26   430,000    389,676 
3 mo. USD LIBOR + 1.170% 3.196% VRN 6/17/27   245,000    222,856 
SOFR + 1.500% 3.350% VRN 3/02/33   360,000    291,812 
SOFR + 2.130% 4.611% VRN 4/25/53   2,050,000    1,670,310 
         26,420,010 
Beverages — 0.7%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
3.650% 2/01/26   680,000    653,407 
Anheuser-Busch InBev Worldwide, Inc.          
3.500% 6/01/30   130,000    116,001 
4.600% 4/15/48   460,000    380,995 
The Coca-Cola Co.          
1.450% 6/01/27 (d)   250,000    216,097 
2.600% 6/01/50   80,000    51,480 
Molson Coors Beverage Co.          
3.000% 7/15/26   50,000    45,684 
4.200% 7/15/46   50,000    37,073 
PepsiCo, Inc.          
1.625% 5/01/30   170,000    136,202 
         1,636,939 
Biotechnology — 0.1%          
Gilead Sciences, Inc.          
3.700% 4/01/24   130,000    127,988 
Illumina, Inc.          
0.550% 3/23/23 (d)   165,000    161,576 
         289,564 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Chemicals — 0.4%          
Equate Petrochemical BV          
4.250% 11/03/26 (c)  $240,000   $226,017 
OCP SA          
3.750% 6/23/31 (c)   260,000    196,928 
5.125% 6/23/51 (c)   220,000    139,700 
Orbia Advance Corp. SAB de CV          
2.875% 5/11/31 (c)   490,000    356,820 
         919,465 
Commercial Services — 0.4%          
Cintas Corp. No 2          
3.700% 4/01/27   160,000    151,740 
DP World Ltd.          
5.625% 9/25/48 (c)   330,000    288,071 
PayPal Holdings, Inc.          
1.650% 6/01/25   270,000    248,607 
Triton Container International Ltd.          
1.150% 6/07/24 (c)   90,000    81,989 
Triton Container International Ltd. / TAL International Container Corp.          
3.250% 3/15/32   160,000    118,163 
         888,570 
Computers — 0.3%          
Apple, Inc.          
2.450% 8/04/26   480,000    442,797 
International Business Machines Corp.          
3.000% 5/15/24   320,000    311,331 
         754,128 
Cosmetics & Personal Care — 0.1%          
GSK Consumer Healthcare Capital US LLC          
3.375% 3/24/29 (c)   260,000    226,742 
The Procter & Gamble Co.          
3.000% 3/25/30   100,000    89,527 
         316,269 
Diversified Financial Services — 1.0%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
2.450% 10/29/26   170,000    143,470 
3.000% 10/29/28   160,000    128,653 
3.150% 2/15/24   190,000    182,514 
3.400% 10/29/33   420,000    304,567 
Air Lease Corp.          
1.875% 8/15/26   170,000    144,182 
American Express Co.          
3.375% 5/03/24   130,000    126,790 
4.050% 5/03/29   210,000    192,685 
Aviation Capital Group LLC          
1.950% 9/20/26 (c)   395,000    320,156 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (c)   370,000    309,987 
CI Financial Corp.          
4.100% 6/15/51   115,000    68,418 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Mastercard, Inc.          
3.850% 3/26/50  $50,000   $40,225 
Nasdaq, Inc.          
3.950% 3/07/52   45,000    33,442 
SPARC EM SPC Panama Metro Line 2 SP          
0.000% 12/05/22 (c)   37,207    36,835 
Visa, Inc.          
3.150% 12/14/25   200,000    190,973 
4.300% 12/14/45   160,000    139,393 
         2,362,290 
Electric — 0.9%          
Berkshire Hathaway Energy Co.          
4.600% 5/01/53 (c)   255,000    214,734 
Consolidated Edison Co. of New York, Inc.          
3.350% 4/01/30   70,000    61,487 
3.950% 4/01/50   50,000    38,461 
Duke Energy Carolinas LLC          
2.850% 3/15/32   35,000    28,969 
Duke Energy Corp.          
3.950% 8/15/47   355,000    258,505 
Duke Energy Ohio, Inc.          
3.650% 2/01/29   260,000    237,501 
Exelon Corp.          
4.100% 3/15/52 (c)   65,000    50,157 
Monongahela Power Co.          
5.400% 12/15/43 (c)   145,000    132,269 
Pacific Gas and Electric Co.          
2.500% 2/01/31   255,000    185,471 
Sierra Pacific Power Co.          
2.600% 5/01/26   1,000,000    923,602 
         2,131,156 
Entertainment — 0.4%          
Warnermedia Holdings, Inc.          
3.755% 3/15/27 (c)   250,000    223,773 
4.279% 3/15/32 (c)   430,000    353,686 
5.050% 3/15/42 (c)   20,000    14,967 
5.141% 3/15/52 (c)   300,000    217,665 
         810,091 
Environmental Controls — 0.1%          
Republic Services, Inc.          
2.500% 8/15/24   230,000    219,654 
Food — 0.4%          
Danone SA          
2.589% 11/02/23 (c)   320,000    312,842 
Mars, Inc.          
2.700% 4/01/25 (c)   140,000    133,161 
3.200% 4/01/30 (c)   80,000    70,613 
Mondelez International, Inc.          
1.500% 5/04/25   390,000    356,509 
         873,125 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Forest Products & Paper — 0.2%          
Suzano Austria GmbH          
3.125% 1/15/32  $80,000   $57,576 
3.750% 1/15/31   430,000    336,883 
         394,459 
Gas — 0.2%          
The Brooklyn Union Gas Co.          
4.487% 3/04/49 (c)   435,000    326,932 
The East Ohio Gas Co.          
3.000% 6/15/50 (c)   45,000    28,345 
         355,277 
Health Care – Products — 0.1%          
Abbott Laboratories          
3.750% 11/30/26   140,000    135,836 
4.750% 11/30/36   80,000    77,982 
4.900% 11/30/46   100,000    95,771 
         309,589 
Health Care – Services — 0.7%          
Centene Corp.          
2.500% 3/01/31   285,000    214,978 
Elevance Health, Inc.          
2.375% 1/15/25   210,000    198,210 
3.650% 12/01/27   140,000    130,446 
HCA, Inc.          
4.125% 6/15/29   220,000    192,872 
Health Care Service Corp.          
3.200% 6/01/50 (c)   145,000    97,059 
Humana, Inc.          
4.625% 12/01/42   140,000    119,549 
UnitedHealth Group, Inc.          
1.250% 1/15/26   240,000    214,115 
2.300% 5/15/31   220,000    176,907 
3.875% 8/15/59   300,000    222,604 
4.000% 5/15/29   100,000    93,217 
4.200% 5/15/32   80,000    74,265 
         1,734,222 
Home Builders — 0.1%          
Lennar Corp.          
4.500% 4/30/24   100,000    98,164 
4.750% 11/29/27   40,000    36,978 
         135,142 
Insurance — 0.4%          
Athene Global Funding SOFR Index + .560%          
3.265% FRN 8/19/24 (c)   465,000    452,449 
Berkshire Hathaway Finance Corp.          
2.850% 10/15/50   150,000    96,440 
3.850% 3/15/52   90,000    68,773 
New York Life Global Funding          
0.950% 6/24/25 (c)   100,000    89,606 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Principal Life Global Funding II          
1.250% 6/23/25 (c)  $110,000   $98,830 
Prudential Financial, Inc.          
3.905% 12/07/47   190,000    144,417 
Teachers Insurance & Annuity Association of America          
4.900% 9/15/44 (c)   80,000    70,114 
         1,020,629 
Internet — 1.0%          
Alphabet, Inc.          
1.900% 8/15/40   100,000    64,200 
2.050% 8/15/50   60,000    35,263 
Amazon.com, Inc.          
3.150% 8/22/27   500,000    466,164 
3.600% 4/13/32   470,000    427,159 
3.875% 8/22/37   190,000    165,048 
3.950% 4/13/52   280,000    229,697 
Prosus NV          
3.061% 7/13/31 (c)   570,000    391,262 
3.832% 2/08/51 (c)   210,000    116,549 
4.027% 8/03/50 (c)   310,000    172,733 
Tencent Holdings Ltd.          
3.680% 4/22/41 (c)   210,000    150,633 
3.840% 4/22/51 (c)   320,000    208,993 
         2,427,701 
Iron & Steel — 0.1%          
Vale Overseas Ltd.          
6.875% 11/21/36   170,000    161,351 
Lodging — 0.5%          
Las Vegas Sands Corp.          
3.200% 8/08/24   860,000    810,903 
Sands China Ltd.          
5.625% STEP 8/08/25   390,000    353,312 
         1,164,215 
Machinery – Diversified — 0.2%          
Deere & Co.          
3.750% 4/15/50 (d)   260,000    212,067 
Otis Worldwide Corp.          
2.056% 4/05/25   140,000    129,516 
         341,583 
Media — 1.9%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 1/15/34 (c)   65,000    46,556 
4.500% 6/01/33 (c)   810,000    598,404 
4.750% 3/01/30 (c)   105,000    85,181 
4.750% 2/01/32 (c)   65,000    50,621 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.500% 3/01/42   240,000    151,478 
4.200% 3/15/28   560,000    503,019 
4.400% 4/01/33   290,000    239,315 
4.908% 7/23/25   240,000    234,073 
5.250% 4/01/53   450,000    343,925 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.500% 4/01/63  $150,000   $113,313 
Comcast Corp.          
2.887% 11/01/51   550,000    344,484 
3.400% 4/01/30   525,000    461,567 
3.750% 4/01/40   120,000    94,347 
3.950% 10/15/25   155,000    150,601 
4.150% 10/15/28   270,000    255,222 
CSC Holdings LLC          
6.500% 2/01/29 (c)   700,000    620,603 
DISH DBS Corp.          
5.125% 6/01/29   60,000    35,250 
5.750% 12/01/28 (c)   70,000    52,749 
Fox Corp.          
5.476% 1/25/39   90,000    78,044 
         4,458,752 
Mining — 0.9%          
Anglo American Capital PLC          
4.750% 4/10/27 (c)   230,000    217,573 
Barrick Gold Corp.          
5.250% 4/01/42   20,000    18,250 
Barrick North America Finance LLC          
5.700% 5/30/41   80,000    75,994 
5.750% 5/01/43   80,000    75,285 
BHP Billiton Finance USA Ltd.          
5.000% 9/30/43   100,000    94,793 
Freeport-McMoRan, Inc.          
4.625% 8/01/30   120,000    105,189 
5.450% 3/15/43   470,000    392,121 
Glencore Funding LLC          
1.625% 4/27/26 (c)   240,000    207,561 
3.375% 9/23/51 (c) (d)   175,000    105,953 
4.000% 3/27/27 (c)   140,000    130,465 
4.125% 3/12/24 (c)   270,000    265,324 
Southern Copper Corp.          
5.250% 11/08/42   450,000    394,258 
         2,082,766 
Miscellaneous - Manufacturing — 0.2%          
3M Co.          
3.050% 4/15/30 (d)   290,000    246,332 
3.700% 4/15/50 (d)   180,000    130,872 
         377,204 
Oil & Gas — 3.4%          
BP Capital Markets America, Inc.          
2.939% 6/04/51   175,000    111,159 
3.001% 3/17/52   230,000    147,341 
3.119% 5/04/26   410,000    383,437 
3.633% 4/06/30   120,000    107,676 
Chesapeake Energy Corp.          
5.875% 2/01/29 (c)   100,000    92,713 
Chevron Corp.          
1.995% 5/11/27   440,000    390,117 
Continental Resources, Inc.          
2.268% 11/15/26 (c)   195,000    166,404 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.750% 1/15/31 (c)  $250,000   $225,965 
Coterra Energy, Inc.          
3.900% 5/15/27 (c)   230,000    213,221 
4.375% 3/15/29 (c)   220,000    203,309 
Devon Energy Corp.          
5.000% 6/15/45   440,000    366,194 
5.600% 7/15/41   140,000    125,381 
5.850% 12/15/25   120,000    121,061 
Diamondback Energy, Inc.          
3.250% 12/01/26   140,000    129,166 
3.500% 12/01/29   160,000    138,051 
Ecopetrol SA          
5.875% 5/28/45   770,000    467,698 
EOG Resources, Inc.          
3.900% 4/01/35   200,000    170,313 
4.150% 1/15/26   70,000    68,211 
4.375% 4/15/30   60,000    57,116 
4.950% 4/15/50   40,000    37,216 
Exxon Mobil Corp.          
2.992% 3/19/25   340,000    326,168 
3.043% 3/01/26   130,000    122,876 
3.482% 3/19/30   190,000    172,469 
4.227% 3/19/40   205,000    178,013 
4.327% 3/19/50   20,000    17,035 
KazMunayGas National Co. JSC          
5.375% 4/24/30 (c)   200,000    158,350 
Marathon Petroleum Corp.          
5.125% 12/15/26   185,000    181,951 
Occidental Petroleum Corp.          
6.125% 1/01/31 (d)   85,000    83,846 
6.450% 9/15/36   50,000    49,812 
6.625% 9/01/30   60,000    60,906 
Petrobras Global Finance BV          
5.500% 6/10/51 (d)   610,000    433,595 
5.999% 1/27/28   900,000    868,730 
7.375% 1/17/27   260,000    267,518 
Pioneer Natural Resources Co.          
1.900% 8/15/30   170,000    129,917 
Reliance Industries Ltd.          
3.625% 1/12/52 (c)   330,000    206,884 
Shell International Finance BV          
2.750% 4/06/30   240,000    204,822 
2.875% 5/10/26   130,000    121,167 
3.250% 4/06/50   330,000    231,858 
Sinopec Group Overseas Development Ltd.          
4.375% 4/10/24 (c)   330,000    329,013 
Southwestern Energy Co.          
4.750% 2/01/32 (d)   70,000    58,667 
5.375% 2/01/29   75,000    68,010 
         7,993,356 
Oil & Gas Services — 0.1%          
Halliburton Co.          
2.920% 3/01/30 (d)   105,000    87,357 
5.000% 11/15/45   100,000    83,051 
         170,408 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pharmaceuticals — 2.9%          
AbbVie, Inc.          
2.600% 11/21/24  $880,000   $837,690 
2.950% 11/21/26   260,000    238,300 
3.200% 11/21/29   600,000    526,081 
4.700% 5/14/45   25,000    21,149 
Bausch Health Cos., Inc.          
6.125% 2/01/27 (c) (d)   50,000    34,608 
Becton Dickinson and Co.          
3.363% 6/06/24   80,000    77,761 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   220,000    187,902 
Cigna Corp.          
3.750% 7/15/23   160,000    158,822 
4.125% 11/15/25   100,000    97,138 
4.375% 10/15/28   760,000    717,503 
4.900% 12/15/48   230,000    198,636 
CVS Health Corp.          
2.125% 9/15/31   330,000    252,417 
4.250% 4/01/50   70,000    54,710 
4.300% 3/25/28   580,000    548,309 
5.050% 3/25/48   220,000    193,010 
Johnson & Johnson          
0.550% 9/01/25   120,000    107,164 
0.950% 9/01/27   40,000    33,870 
3.625% 3/03/37   320,000    276,478 
Merck & Co., Inc.          
0.750% 2/24/26   200,000    175,392 
1.450% 6/24/30   120,000    93,799 
Owens & Minor, Inc.          
6.625% 4/01/30 (c)   95,000    84,434 
Pfizer, Inc.          
0.800% 5/28/25   270,000    245,206 
1.700% 5/28/30   280,000    223,516 
Teva Pharmaceutical Finance Netherlands III BV          
3.150% 10/01/26   1,700,000    1,394,850 
         6,778,745 
Pipelines — 2.7%          
Cameron LNG LLC          
3.302% 1/15/35 (c)   150,000    117,905 
Energy Transfer LP          
3.900% 7/15/26   750,000    699,236 
4.750% 1/15/26   240,000    231,386 
6.250% 4/15/49   320,000    286,566 
Enterprise Products Operating LLC          
4.150% 10/16/28   1,030,000    958,148 
EQM Midstream Partners LP          
4.750% 1/15/31 (c)   140,000    111,125 
Kinder Morgan Energy Partners LP          
6.950% 1/15/38   355,000    353,015 
Kinder Morgan, Inc.          
4.300% 3/01/28   110,000    102,996 
MPLX LP          
4.700% 4/15/48   400,000    304,801 
Targa Resources Corp.          
4.950% 4/15/52   40,000    30,780 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.200% 7/01/27  $170,000   $163,636 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.875% 2/01/31   140,000    120,400 
Tennessee Gas Pipeline Co. LLC          
2.900% 3/01/30 (c)   30,000    24,547 
Western Midstream Operating LP          
3.350% STEP 2/01/25   240,000    223,123 
3 mo. USD LIBOR + 1.100% 3.555% FRN 1/13/23   90,000    89,339 
4.300% STEP 2/01/30   900,000    769,734 
5.500% STEP 2/01/50   1,740,000    1,405,050 
The Williams Cos., Inc.          
3.500% 10/15/51   125,000    83,190 
3.750% 6/15/27   250,000    230,077 
         6,305,054 
Real Estate Investment Trusts (REITS) — 0.1%          
Crown Castle, Inc.          
3.300% 7/01/30   35,000    29,295 
MPT Operating Partnership LP / MPT Finance Corp.          
3.500% 3/15/31   110,000    76,587 
WEA Finance LLC/Westfield UK & Europe Finance PLC          
3.750% 9/17/24 (c)   220,000    207,881 
         313,763 
Retail — 0.6%          
Costco Wholesale Corp.          
1.375% 6/20/27   190,000    164,067 
1.600% 4/20/30   110,000    88,164 
The Home Depot, Inc.          
2.700% 4/15/30   70,000    59,766 
3.300% 4/15/40   120,000    91,769 
3.350% 4/15/50   260,000    186,294 
Lowe's Cos., Inc.          
4.500% 4/15/30   50,000    46,681 
McDonald's Corp.          
3.500% 7/01/27   300,000    280,297 
3.600% 7/01/30   190,000    170,744 
4.450% 3/01/47   230,000    192,703 
Walmart, Inc.          
1.500% 9/22/28   80,000    66,935 
1.800% 9/22/31   40,000    31,763 
         1,379,183 
Semiconductors — 0.6%          
Broadcom, Inc.          
3.419% 4/15/33 (c)   396,000    302,081 
Intel Corp.          
1.600% 8/12/28   190,000    156,897 
3.050% 8/12/51 (d)   100,000    64,165 
NVIDIA Corp.          
2.850% 4/01/30   90,000    77,105 
3.500% 4/01/40   240,000    186,443 
3.500% 4/01/50   170,000    124,474 
3.700% 4/01/60   170,000    121,690 
NXP BV / NXP Funding LLC / NXP USA, Inc.          
3.875% 6/18/26   245,000    228,742 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Texas Instruments, Inc.          
1.750% 5/04/30  $110,000   $88,116 
         1,349,713 
Software — 0.6%          
Microsoft Corp.          
2.400% 8/08/26   770,000    713,057 
2.921% 3/17/52   260,000    183,637 
3.041% 3/17/62   70,000    47,771 
Oracle Corp.          
3.850% 4/01/60   340,000    205,504 
Workday, Inc.          
3.700% 4/01/29   95,000    85,504 
3.800% 4/01/32 (d)   100,000    86,897 
         1,322,370 
Telecommunications — 2.4%          
AT&T, Inc.          
1.650% 2/01/28   460,000    378,233 
2.750% 6/01/31   160,000    128,018 
3.500% 9/15/53   619,000    410,983 
3.550% 9/15/55   225,000    147,576 
T-Mobile USA, Inc.          
2.250% 2/15/26   205,000    183,430 
2.550% 2/15/31   500,000    395,972 
3.375% 4/15/29   50,000    43,163 
3.400% 10/15/52   230,000    151,867 
3.500% 4/15/25   350,000    334,564 
3.500% 4/15/31   770,000    649,811 
3.875% 4/15/30   430,000    381,270 
Telefonica Emisiones SA          
5.213% 3/08/47   150,000    114,096 
Verizon Communications, Inc.          
2.355% 3/15/32   1,290,000    988,719 
2.650% 11/20/40   25,000    16,297 
3.850% 11/01/42   610,000    467,457 
3.875% 2/08/29   550,000    501,918 
3.875% 3/01/52   525,000    385,334 
         5,678,708 
Transportation — 0.2%          
Union Pacific Corp.          
2.150% 2/05/27   50,000    44,642 
2.891% 4/06/36   270,000    205,222 
3.750% 7/15/25   70,000    68,281 
3.750% 2/05/70   150,000    104,707 
3.839% 3/20/60   120,000    88,811 
         511,663 
           
TOTAL CORPORATE DEBT
(Cost $107,121,102)
        95,515,901 
           

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.3%          
Automobile Asset-Backed Securities — 0.2%          
Hertz Vehicle Financing LLC, Series 2022-4A, Class A          
3.730% 9/25/26 (c)  $540,000   $514,883 
Commercial Mortgage-Backed Securities — 5.0%          
BANK          
Series 2020-BN28, Class AS, 2.140% 3/15/63   380,000    286,529 
Series 2022-BNK39, Class AS, 3.181% 2/15/55   302,000    246,916 
Series 2017-BNK5, Class C, 4.331% VRN 6/15/60 (f)   200,000    174,759 
Benchmark Mortgage Trust          
Series 2020-B19, Class AS, 2.148% 9/15/53   380,000    290,810 
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (c)   378,000    313,172 
BPR Trust, Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050%          
3.868% FRN 9/15/38 (c)   550,000    522,581 
BX Commercial Mortgage Trust          
Series 2021-VOLT, Class F, 1 mo. USD LIBOR + 2.400% 5.218% FRN 9/15/36 (c)   405,000    376,802 
Series 2021-21M, Class H, 1 mo. USD LIBOR + 4.010% 6.828% FRN 10/15/36 (c)   396,000    370,635 
BX Trust, Series 2019-OC11, Class E,          
4.076% VRN 12/09/41 (c) (f)   374,000    286,718 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,          
1.142% VRN 1/10/48 (f)   5,281,728    137,459 
Citigroup Commercial Mortgage Trust          
Series 2016-GC36, Class D, 2.850% 2/10/49 (c)   201,000    114,271 
Series 2019-GC41, Class B, 3.199% 8/10/56   163,000    133,231 
Series 2020-420K, Class E, 3.422% VRN 11/10/42 (c) (f)   200,000    144,324 
Series 2020-420K, Class D, 3.422% VRN 11/10/42 (c) (f)   200,000    150,813 
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f)   340,000    300,205 
CSAIL Commercial Mortgage Trust          
Series 2015-C1, Class XA, 0.961% VRN 4/15/50 (f)   7,872,560    109,707 
Series 2019-C16, Class B, 3.885% 6/15/52   334,000    282,862 
Series 2015-C4, Class C, 4.711% VRN 11/15/48 (f)   427,000    394,807 
CSMC Trust, Series 2021-B33, Class B,          
3.766% VRN 10/10/43 (c) (f)   300,000    241,021 
GS Mortgage Securities Trust          
Series 2015-GS1, Class XA, 0.906% VRN 11/10/48 (f)   7,672,188    152,480 
Series 2013-GC10, Class XA, 1.596% VRN 2/10/46 (f)   3,462,384    250 
Series 2018-RIVR, Class C, 1 mo. USD LIBOR + 1.250% 4.068% FRN 7/15/35 (c)   167,000    156,206 
Series 2014-GC26, Class D, 4.672% VRN 11/10/47 (c) (f)   763,000    540,018 
Hospitality Mortgage Trust, Series 2019-HIT, Class F, 1 mo. USD LIBOR + 3.150%          
5.968% FRN 11/15/36 (c)   385,138    363,256 
JP Morgan Chase Commercial Mortgage Securities Trust          
Series 2015-JP1, Class XA, 1.050% VRN 1/15/49 (f)   3,493,162    81,555 
Series 2016-JP2, Class B, 3.460% 8/15/49   174,000    152,039 
JPMBB Commercial Mortgage Securities Trust          
Series 2015-C30, Class XA, 0.579% VRN 7/15/48 (f)   8,058,459    83,861 
Series 2015-C29, Class XA, 0.716% VRN 5/15/48 (f)   5,942,749    77,585 
Series 2014-C25, Class XA, 0.958% VRN 11/15/47 (f)   3,670,722    51,313 
Series 2015-C28, Class XA, 1.091% VRN 10/15/48 (f)   6,166,481    97,861 
Series 2015-C27, Class D, 3.944% VRN 2/15/48 (c) (f)   704,000    590,071 
Series 2015-C28, Class B, 3.986% 10/15/48   340,000    314,680 
Series 2014-C23, Class D, 4.132% VRN 9/15/47 (c) (f)   391,000    345,108 
Series 2013-C17, Class C, 5.049% VRN 1/15/47 (f)   400,000    384,229 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD LIBOR + 2.000%          
4.818% FRN 11/15/38 (c)  $396,000   $374,724 
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,          
1.018% VRN 12/15/48 (f)   5,919,422    128,579 
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. TSFR + 1.397%          
4.242% FRN 3/15/39 (c)   540,000    528,869 
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA,          
2.040% VRN 10/10/48 (f)   3,245,822    152,439 
SLG Office Trust, Series 2021-OVA, Class E          
2.851% 7/15/41 (c)   260,000    183,261 
TTAN          
Series 2021-MHC, Class A, 1 mo. USD LIBOR + .850% 3.668% FRN 3/15/38 (c)   528,318    511,869 
Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.900% 5.718% FRN 3/15/38 (c)   383,778    356,338 
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class C,          
4.200% VRN 3/10/46 (c) (f)   393,000    352,188 
Wells Fargo Commercial Mortgage Trust          
Series 2015-NXS2, Class XA, 0.768% VRN 7/15/58 (f)   9,327,058    129,980 
Series 2015-P2, Class XA, 1.088% VRN 12/15/48 (f)   3,595,151    86,005 
Series 2019-C53, Class XA, 1.137% VRN 10/15/52 (f)   4,288,855    210,847 
Series 2016-C35, Class B, 3.438% 7/15/48   328,000    292,306 
         11,575,539 
Other Asset-Backed Securities — 2.1%          
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,          
5.682% STEP 12/16/41 (c)   711,025    543,114 
CLI Funding VI LLC, Series 2020-3A, Class A          
2.070% 10/18/45 (c)   193,333    170,784 
Dividend Solar Loans LLC, Series 2018-1, Class B          
4.290% 7/20/38 (c)   567,422    530,787 
Hero Funding Trust, Series 2016-4A, Class A2          
4.290% 9/20/47 (c)   105,465    101,053 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (c)   345,190    303,460 
Mosaic Solar Loans LLC          
Series 2021-3A, Class B, 1.920% 6/20/52 (c)   424,286    342,265 
Series 2020-1A, Class A, 2.100% 4/20/46 (c)   267,434    235,422 
Series 2020-2A, Class B, 2.210% 8/20/46 (c)   299,599    249,043 
Series 2017-1A, Class A, 4.450% 6/20/42 (c)   221,982    211,685 
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A          
2.980% 6/20/47 (c)   383,247    331,526 
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C          
2.630% 10/20/48 (c)   466,545    387,124 
Sunnova Sol III Issuer LLC, Series 2021-1, Class A          
2.580% 4/28/56 (c)   466,551    380,391 
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A          
2.100% 9/20/45 (c)   404,218    350,893 
Upstart Securitization Trust, Series 2021-3, Class C          
3.280% 7/20/31 (c)   500,000    431,322 
Vault DI Issuer LLC, Series 2021-1A, Class A2          
2.804% 7/15/46 (c)   500,000    432,719 
Washington Mutural Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD LIBOR + .180%          
3.264% FRN 10/25/36   56,465    24,126 
         5,025,714 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Student Loans Asset-Backed Securities — 0.5%          
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200%          
4.284% FRN 12/26/47 (c)  $231,810   $230,427 
Navient Private Education Loan Trust, Series 2020-A, Class A2A          
2.460% 11/15/68 (c)   259,651    240,209 
SoFi Professional Loan Program LLC          
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)   350,000    324,008 
Series 2018-B, Class BFX, 3.830% 8/25/47 (c)   500,000    461,852 
         1,256,496 
Whole Loan Collateral Collateralized Mortgage Obligations — 4.1%          
CHL GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.750%          
5.834% FRN 5/25/23 (c)   500,000    486,469 
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,          
3.124% VRN 4/25/37 (f)   638,536    561,679 
Countrywide Home Loans Mortgage Pass-Through Trust          
Series 2007-HYB2, Class 3A1, 2.879% VRN 2/25/47 (f)   833,113    719,460 
Series 2007-3, Class A21, 6.000% 4/25/37   1,344,584    732,227 
Series 2007-14, Class A6, 6.000% 9/25/37   1,188,760    693,583 
CSMC Trust, Series 2021-NQM8, Class A1,          
1.841% VRN 10/25/66 (c) (f)   139,671    119,102 
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .340%          
3.333% FRN 12/19/36   543,597    461,846 
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1,          
2.489% VRN 9/25/56 (c) (f)   1,028,000    684,669 
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,          
2.721% VRN 7/25/35 (f)   251,940    216,347 
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1,          
5.000% STEP 6/25/62 (c)   491,981    479,108 
PRKCM Trust          
Series 2021-AFC2, Class A1, 2.071% VRN 11/25/56 (c) (f)   136,903    111,880 
Series 2022-AFC1, Class A1, 4.100% VRN 4/25/57 (c) (f)   518,497    486,156 
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,          
6.500% VRN 10/26/37 (c) (f)   671,431    317,769 
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600%          
6.000% FRN 4/25/37   163,021    139,615 
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,          
3.237% VRN 10/25/37 (f)   576,291    457,680 
Verus Securitization Trust          
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (c) (f)   1,000,000    652,834 
Series 2021-R1, Class M1, 2.338% 10/25/63 (c)   1,500,000    1,309,969 
Series 2022 - 6, Class A1, 4.910% STEP 6/25/67 (c)   292,954    281,715 
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,          
6.850% STEP 5/25/36   685,342    588,288 
         9,500,396 
Whole Loan Collateral Planned Amortization Classes — 0.4%          
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15          
6.000% 8/25/36   1,334,172    861,585 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $37,034,862)
        28,734,613 
           

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
SOVEREIGN DEBT OBLIGATIONS — 6.0%          
Brazilian Government International Bond          
3.750% 9/12/31 (d)  $950,000   $767,070 
5.625% 2/21/47 (d)   300,000    231,508 
Colombia Government International Bond          
3.250% 4/22/32 (d)   430,000    290,608 
4.125% 2/22/42   440,000    250,096 
Indonesia Government International Bond          
3.500% 1/11/28   320,000    290,413 
6.500% 2/15/31 IDR (g)   59,120,000,000    3,669,652 
Israel Government International Bond          
2.750% 7/03/30   310,000    274,350 
Mexican Bonos          
7.750% 11/23/34 MXN (g)   8,220,000    351,877 
7.750% 11/13/42 MXN (g)   144,850,000    5,964,530 
Mexico Government International Bond          
2.659% 5/24/31 (d)   200,000    153,478 
3.750% 1/11/28   205,000    188,337 
4.280% 8/14/41   450,000    327,568 
Nigeria Government International Bond          
7.143% 2/23/30 (c)   210,000    136,899 
Panama Government International Bond          
2.252% 9/29/32   200,000    141,212 
4.300% 4/29/53   200,000    133,806 
Peruvian Government International Bond          
6.550% 3/14/37   460,000    471,045 
Provincia de Buenos Aires/Government Bonds,          
5.250% STEP 9/01/37 (c)   540,000    167,400 
Republic of Kenya Government International Bond          
6.300% 1/23/34 (c)   370,000    225,700 
         14,035,549 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $15,438,547)
        14,035,549 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 27.9%          
Collateralized Mortgage Obligations — 4.6%          
Federal Home Loan Mortgage Corp. REMICS          
Series 5085, Class NI, 2.000% 3/25/51   1,444,328    196,423 
Series 5071, Class IH, 2.500% 2/25/51   269,180    37,180 
Series 4481, Class B, 3.000% 12/15/42   1,157,896    1,110,995 
Series 4483, Class CA, 3.000% 6/15/44   1,842,727    1,722,642 
Federal National Mortgage Association REMICS          
Series 2018-21, Class PO, 0.000% 4/25/48   698,525    510,453 
Series 2021-48, Class NS, 30 day SOFR + 3.650% 1.369% FRN 8/25/51   1,062,936    45,934 
Series 2020-56, Class AQ, 2.000% 8/25/50   300,000    240,177 
Series 2018-18, Class ZG, 3.000% 6/25/50   2,517,648    1,831,621 
Series 2020-96, Class IN, 3.000% 1/25/51   418,738    70,847 
Series 2015-65, Class CZ, 3.500% 9/25/45   128,089    110,344 
Series 2018-44, Class PZ, 3.500% 6/25/48   3,025,140    2,728,866 
Government National Mortgage Association          
Series 2021-103, Class SA, 30 day SOFR + 3.250% 0.966% FRN 4/20/51   1,310,365    34,143 
Series 2020-103, Class AD, 1.450% 1/16/63   300,152    252,028 
Series 2022-3, Class B, 1.850% 2/16/61   500,000    300,867 
Series 2020-175, Class GI, 2.000% 11/20/50   163,432    18,851 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2022-113, Class Z, 2.000% 9/16/61  $1,206,010   $802,923 
Series 2022-115, Class MI, 2.500% 5/20/51   539,258    60,590 
Series 2021-96, Class VI, 2.500% 6/20/51   467,681    68,211 
Series 2021-176, Class IN, 2.500% 10/20/51   560,895    77,493 
Series 2021-58, Class BI, 3.000% 3/20/51   705,501    106,617 
Series 2021-98, Class IG, 3.000% 6/20/51   1,029,468    161,443 
Series 2021-137, Class IQ, 3.000% 8/20/51   1,451,061    223,624 
Series 2021-117, Class ID, 3.500% 6/20/51   792,757    95,550 
         10,807,822 
Pass-Through Securities — 21.7%          
Federal Home Loan Mortgage Corp.          
Pool #RB5138 2.000% 12/01/41   188,530    158,429 
Pool #RB5145 2.000% 2/01/42   574,458    482,200 
Pool #RA5731 2.000% 8/01/51   182,491    148,336 
Pool #SD0715 2.000% 9/01/51   1,955,191    1,596,584 
Pool #QK1449 2.500% 4/01/42   293,317    253,865 
Pool #G08520 2.500% 1/01/43   528,599    455,473 
Pool #SD7525 2.500% 10/01/50   689,847    586,767 
Pool #RA3913 2.500% 11/01/50   1,340,929    1,140,562 
Pool #RA4142 2.500% 12/01/50   78,970    67,121 
Pool #SD7534 2.500% 2/01/51   162,901    138,814 
Pool #RA4527 2.500% 2/01/51   71,253    60,228 
Pool #SD1345 2.500% 10/01/51   297,477    250,493 
Pool #SD7548 2.500% 11/01/51   843,006    714,340 
Pool #SD7552 2.500% 1/01/52   669,047    566,305 
Pool #QK1512 3.000% 5/01/42   191,470    170,218 
Pool #QC3242 3.000% 6/01/51   526,216    463,247 
Pool #SD8174 3.000% 10/01/51   2,326,563    2,029,890 
Pool #QD6216 3.000% 2/01/52   98,655    86,202 
Pool #G08632 3.500% 3/01/45   680,699    627,899 
Pool #SD0958 3.500% 4/01/52   677,236    614,277 
Pool #QE2057 3.500% 5/01/52   97,738    88,430 
Pool #RA7378 3.500% 5/01/52   193,372    174,957 
Pool #SD1218 4.000% 7/01/49   933,506    879,317 
Pool #SD1022 4.000% 5/01/52   98,142    91,341 
Pool #SD1132 4.000% 6/01/52   297,521    276,810 
Pool #QE6418 4.000% 7/01/52   99,718    92,657 
Pool #SD1143 4.500% 9/01/50   1,495,391    1,446,086 
Pool #SD1305 5.000% 7/01/52   681,149    665,677 
Federal National Mortgage Association          
Pool #FS2528 1.500% 1/01/51   99,491    76,561 
Pool #MA4280 1.500% 3/01/51   355,339    272,888 
Pool #FS0504 2.000% 2/01/42   194,677    163,594 
Pool #MA4606 2.000% 5/01/42   291,969    244,714 
Pool #CA7224 2.000% 10/01/50   79,264    64,652 
Pool #BR1035 2.000% 5/01/51   2,188,807    1,781,195 
Pool #FS0734 2.000% 2/01/52   96,498    78,497 
Pool #BS4941 2.460% 4/01/32   978,200    830,451 
Pool #BV7697 2.500% 4/01/42   777,831    671,510 
Pool #BP7887 2.500% 8/01/50   66,433    56,237 
Pool #FM4052 2.500% 9/01/50   2,567,709    2,184,032 
Pool #MA4256 2.500% 2/01/51   1,731,936    1,463,943 
Pool #FS1924 2.500% 3/01/51   96,619    81,729 
Pool #CB0414 2.500% 5/01/51   257,310    217,173 
Pool #CB0458 2.500% 5/01/51   431,263    363,318 
Pool #CB0517 2.500% 5/01/51   174,654    147,301 
Pool #CB1666 2.500% 9/01/51   278,283    235,375 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #FS0028 2.500% 9/01/51  $93,819   $79,412 
Pool #FM8786 2.500% 10/01/51   91,721    77,636 
Pool #FM9846 2.500% 12/01/51   618,428    520,706 
Pool #BT9482 2.500% 12/01/51   94,819    80,073 
Pool #FS0174 2.500% 1/01/52   550,583    463,409 
Pool #FS0439 2.500% 1/01/52 (i)   94,747    80,079 
Pool #FS1938 2.500% 2/01/52   194,237    164,166 
Pool #BF0546 2.500% 7/01/61   646,111    531,546 
Pool #BF0560 2.500% 9/01/61   97,292    80,041 
Pool #CA9344 3.000% 2/01/41   87,042    78,170 
Pool #CB2136 3.000% 11/01/41   96,286    86,171 
Pool #FS1542 3.000% 4/01/42   194,047    172,631 
Pool #CB3542 3.000% 5/01/42   98,324    87,411 
Pool #MA4643 3.000% 5/01/42   97,670    86,830 
Pool #MA4632 3.000% 6/01/42   979,409    869,478 
Pool #MA2248 3.000% 4/01/45   309,764    271,027 
Pool #AS7661 3.000% 8/01/46   307,630    269,160 
Pool #FM9934 3.000% 12/01/48   932,303    826,494 
Pool #FM9564 3.000% 2/01/50   1,085,163    960,988 
Pool #CB2164 3.000% 11/01/51   94,316    82,684 
Pool #CB2929 3.000% 2/01/52   653,678    569,941 
Pool #FS1289 3.000% 3/01/52   481,240    425,194 
Pool #FS1877 3.000% 5/01/52   392,623    342,328 
Pool #CB3833 3.000% 6/01/52   99,294    86,698 
Pool #CB3386 3.500% 4/01/42   97,575    89,739 
Pool #FM9993 3.500% 7/01/51   235,312    214,227 
Pool #FS1240 3.500% 12/01/51   93,225    84,250 
Pool #FS1241 3.500% 1/01/52   99,028    89,458 
Pool #FS1462 3.500% 1/01/52   189,062    171,914 
Pool #CB3126 3.500% 3/01/52   289,924    262,971 
Pool #FS1207 3.500% 3/01/52   96,346    87,238 
Pool #CB3255 3.500% 4/01/52   192,252    174,004 
Pool #FS1555 3.500% 4/01/52   193,744    175,051 
Pool #FS1092 3.500% 4/01/52   579,942    523,826 
Pool #FS1454 3.500% 4/01/52   196,316    177,274 
Pool #BV8546 3.500% 5/01/52   196,019    177,658 
Pool #FS1556 3.500% 5/01/52   780,336    708,462 
Pool #FS1866 3.500% 5/01/52   99,242    89,543 
Pool #BS6565 3.740% 9/01/32   100,000    93,468 
Pool #BS6215 3.840% 7/01/32   100,000    94,920 
Pool #BS6149 3.840% 8/01/32   100,000    96,209 
Pool #AX2501 4.000% 10/01/44   637,861    603,425 
Pool #CB3614 4.000% 5/01/52   96,849    90,470 
Pool #FS2023 4.000% 5/01/52   198,265    185,083 
Pool #FS2061 4.000% 6/01/52   394,342    367,261 
Pool #FS2066 4.000% 6/01/52   587,089    547,872 
Pool #FS2185 4.000% 6/01/52   98,518    91,660 
Pool #CB4121 4.000% 7/01/52   69,107    64,210 
Pool #BW1473 4.500% 6/01/52   98,207    93,649 
Pool #BW3446 4.500% 6/01/52   95,878    91,395 
Pool #CB3918 4.500% 6/01/52   394,011    375,971 
Pool #FS2172 4.500% 6/01/52   95,915    91,413 
Pool #BW1954 4.500% 7/01/52   99,521    94,903 
Pool #BW6145 4.500% 7/01/52   99,734    95,106 
Pool #FS2475 4.500% 8/01/52   196,186    186,973 
Government National Mortgage Association II          
Pool #785662 2.500% 10/20/51   2,395,001    2,051,277 
Pool #785764 2.500% 11/20/51   703,277    603,444 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #MA7590 3.000% 9/20/51  $2,073,956   $1,844,123 
Pool #MA7883 3.500% 2/20/52   777,250    707,768 
Pool #786216 3.500% 6/20/52   199,049    180,105 
Government National Mortgage Association II TBA          
2.500% 10/20/52 (i)   800,000    687,438 
3.000% 10/20/52 (i)   1,800,000    1,589,906 
3.500% 10/20/52 (i)   1,200,000    1,090,687 
4.000% 10/20/52 (i)   900,000    839,953 
4.500% 10/20/52 (i)   1,000,000    956,328 
5.000% 10/20/52 (i)   300,000    293,250 
Uniform Mortgage Backed Securities TBA          
2.000% 10/13/52 (i)   2,100,000    1,700,344 
2.500% 10/13/52 (i)   800,000    671,813 
3.000% 10/13/52 (i)   500,000    435,000 
         50,493,007 
Whole Loans — 1.6%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400%          
4.681% FRN 2/25/42 (c)   1,864,000    1,749,149 
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 30 day SOFR + 3.100%          
5.381% FRN 3/25/42 (c)   2,000,000    1,863,658 
         3,612,807 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $72,066,234)
        64,913,636 
           
U.S. TREASURY OBLIGATIONS — 6.8%          
U.S. Treasury Bonds & Notes — 6.8%          
U.S. Treasury Bond          
1.250% 5/15/50   13,710,000    7,669,031 
2.000% 8/15/51   410,000    280,017 
2.250% 5/15/41   2,110,000    1,595,028 
2.250% 2/15/52   1,780,000    1,293,003 
2.375% 2/15/42   3,000,000    2,299,688 
2.375% 5/15/51   200,000    149,625 
2.875% 5/15/52   1,730,000    1,451,308 
3.000% 8/15/52   1,220,000    1,053,585 
         15,791,285 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $20,346,034)
        15,791,285 
           
TOTAL BONDS & NOTES
(Cost $267,056,499)
        233,193,062 
           
TOTAL PURCHASED
OPTIONS(#) — 0.0%
(Cost $224,565)
        80,677 
           

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
MUTUAL FUNDS — 0.9%          
           
Diversified Financial Services — 0.9%          
State Street Navigator Securities Lending Government Money Market Portfolio (j)   2,084,183   $2,084,183 
           
TOTAL MUTUAL FUNDS
(Cost $2,084,183)
        2,084,183 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $269,365,247)
        235,357,922 
           
   Principal
Amount
    
SHORT-TERM INVESTMENTS — 0.1%          
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (k)  $100,962   $100,962 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $100,962)
        100,962 
           
TOTAL INVESTMENTS — 101.1%
(Cost $269,466,209) (l)
        235,458,884 
           
Less Unfunded Loan Commitments — (0.0)%        (52,041) 
           
NET INVESTMENTS — 101.1%
(Cost $269,414,168)
        235,406,843 
           
Other Assets/(Liabilities) — (1.1)%        (2,545,094) 
           
NET ASSETS — 100.0%       $232,861,749 

 

Abbreviation Legend

FRN Floating Rate Note
PO Principal Only
REMICS Real Estate Mortgage Investment Conduits
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at September 30, 2022 where the rate will be determined at time of settlement.
(b) Unfunded or partially unfunded loan commitments.
(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $41,908,327 or 18.00% of net assets.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $3,534,701 or 1.52% of net assets. The Fund received $1,538,844 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(e) Security is perpetual and has no stated maturity date.

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022.
(g) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(h) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(j) Represents investment of security lending cash collateral. (Note 2).
(k) Maturity value of $100,969. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $103,009.
(l) See Note 3 for aggregate cost for federal tax purposes.

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Put       
USD Put JPY Call  Citigroup Global Markets, Inc.   10/06/22    131.39    463,667   USD   463,667   $   $6,952   $(6,952)
USD Put CAD Call  Citigroup Global Markets, Inc.   10/11/22    1.27    285,000   USD   285,000        2,154    (2,154)
USD Put CAD Call  Citigroup Global Markets, Inc.   10/11/22    1.27    285,000   USD   285,000        2,165    (2,165)
USD Put CAD Call  Citigroup Global Markets, Inc.   10/11/22    1.27    856,000   USD   856,000    1    6,506    (6,505)
USD Put JPY Call  Goldman Sachs & Co.   10/05/22    131.55    1,562,456   USD   1,562,456    1    24,355    (24,354)
USD Put JPY Call  Goldman Sachs & Co.   10/06/22    131.50    518,110   USD   518,110    1    7,910    (7,909)
USD Put CAD Call  Goldman Sachs & Co.   10/14/22    1.27    858,000   USD   858,000    1    6,484    (6,483)
USD Put CAD Call  Morgan Stanley & Co. LLC   10/07/22    1.27    587,000   USD   587,000    1    4,308    (4,307) 
                             $5   $60,834   $(60,829)

 

(#) Exchange-Traded Options Purchased
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Call       
U.S. Treasury Note 10 Year Future  10/21/22   112.50    59   USD   6,611,688   $52,547   $59,508   $(6,961)
U.S. Treasury Note 10 Year Future  10/21/22   116.50    58   USD   6,499,625    6,344    31,101    (24,757)
U.S. Treasury Note 5 Year Future  10/21/22   111.50    14   USD   1,505,109    437    6,313    (5,876)
SOFR 1 Year Mid Curve Future  12/16/22   95.75    71   USD   16,999,175    11,094    54,724    (43,630)
SOFR 1 Year Mid Curve Future  12/16/22   96.50    40   USD   9,577,000    10,250    12,084    (1,834) 
                        $80,672   $163,730   $(83,058)

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

OTC Options Written
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Put       
USD Put GBP Call  Citigroup Global Markets, inc.   10/27/22    1.21    1,275,646   USD   1,275,646   $(1,276)   $(12,597)   $11,321
USD Put GBP Call  Goldman Sachs & Co.   12/22/22    1.08    539,000   USD   539,000    (29,914)    (19,207)    (10,707)
USD Put GBP Call  JP Morgan Chase Bank N.A.   10/24/22    1.20    1,334,961   USD   1,334,961    (1,201)    (13,009)    11,808
USD Put GBP Call  JP Morgan Chase Bank N.A.   12/22/22    1.08    548,000   USD   548,000    (33,263)    (19,864)    (13,399)
USD Put GBP Call  Morgan Stanley & Co. LLC   12/22/22    1.12    1,082,000   USD   1,082,000    (35,273)    (23,332)    (11,941) 
                             $(100,927)   $(88,009)   $(12,918)

 

Exchange-Traded Options Written
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Call       
U.S. Treasury Note 10 Year Future  10/21/22   119.00    102   USD   11,430,375   $(4,781)   $(33,980)   $29,199
U.S. Treasury Note 10 Year Future  11/25/22   115.50    118   USD   13,223,375    (59,000)    (59,218)    218
U.S. Treasury Note 10 Year Future  11/25/22   119.50    116   USD   12,999,250    (14,500)    (32,456)    17,956
Eurodollar Future  12/19/22   96.50    51   USD   12,152,025    (3,188)    (33,680)    30,492
Eurodollar Future  12/19/22   97.00    204   USD   48,608,100    (8,925)    (159,897)    150,972
3 Month SOFR Future  12/15/23   96.50    71   USD   16,999,175    (76,769)    (69,101)    (7,668)
3 Month SOFR Future  12/15/23   96.63    14   USD   3,351,950    (13,913)    (14,196)    283 
                        $(181,076)   $(402,528)   $221,452
Put       
U.S. Treasury Note 10 Year Future  10/21/22   113.50    62   USD   6,947,875   $(122,063)   $(15,612)   $(106,451) 
                        $(303,139)   $(418,140)   $115,001

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
BNP Paribas SA  10/18/22  USD  561,606   EUR  554,000   $18,138 
BNP Paribas SA  10/18/22  JPY  645,054,205   USD  4,768,017   (305,323) 
BNP Paribas SA  10/18/22  NOK  12,348,502   EUR  1,193,228    (36,416) 
Citibank N.A.  10/11/22  USD  136,009   JPY  18,339,724    9,211 
Citibank N.A.  10/12/22  USD  610,330   CAD  778,870    46,491 
Citibank N.A.  10/18/22  USD  588,666   CNH  3,940,000    36,747 
Citibank N.A.  10/18/22  CAD  12,289,980   USD  9,485,508    (588,742) 
Citibank N.A.  10/18/22  AUD  12,228,983   USD  8,322,461    (499,120) 
Citibank N.A.  10/18/22  MXN  24,704,610   USD  1,165,791    57,731 
Citibank N.A.  10/18/22  USD  2,108   IDR  31,730,000    25 
Goldman Sachs International  10/07/22  USD  479,153   JPY  64,647,346    32,356 
Goldman Sachs International  10/11/22  USD  155,433   JPY  20,960,140    10,518 
Goldman Sachs International  10/17/22  USD  367,500   CAD  470,400    26,974 
Goldman Sachs International  10/18/22  USD  1,170,053   GBP  1,060,000    (13,847) 
Goldman Sachs International  10/18/22  GBP  2,198,870   USD  2,650,694    (194,805) 
Goldman Sachs International  10/18/22  JPY  173,287,503   USD  1,256,812    (57,953) 
Goldman Sachs International  10/18/22  EUR  507,000   USD  507,482    (10,120) 
Goldman Sachs International  10/18/22  USD  1,785,171   CAD  2,372,798    67,493 
Goldman Sachs International  10/18/22  USD  113,513   JPY  15,886,000    3,608 
Goldman Sachs International  12/28/22  GBP  295,000   USD  319,338    10,488 
Goldman Sachs International  12/28/22  USD  480,452   GBP  433,000    (3,666) 
JP Morgan Chase Bank N.A.  10/18/22  USD  772,722   CNH  5,175,681    47,707 
JP Morgan Chase Bank N.A.  10/18/22  CNH  4,685,681   USD  657,732    (1,357) 
JP Morgan Chase Bank N.A.  10/18/22  IDR  13,598,570,000   USD  896,412    (3,757) 
JP Morgan Chase Bank N.A.  10/18/22  USD  2,228,941   AUD  3,316,264    107,402 
JP Morgan Chase Bank N.A.  10/18/22  USD  1,441,616   IDR  21,624,930,000    22,086 
JP Morgan Chase Bank N.A.  12/28/22  GBP  296,000   USD  318,259    12,685 
JP Morgan Chase Bank N.A.  1/18/23  USD  659,361   CNH  4,685,681    1,568 
JP Morgan Chase Bank N.A.  1/18/23  USD  891,417   IDR  13,598,570,000    1,497 
Morgan Stanley & Co. LLC  10/11/22  USD  252,119   CAD  321,780    19,176 
Morgan Stanley & Co. LLC  10/18/22  CNH  4,430,000   USD  615,107    5,452 
Morgan Stanley & Co. LLC  10/18/22  ZAR  6,598,022   USD  393,893    (29,824) 
Morgan Stanley & Co. LLC  10/18/22  USD  431,576   CAD  570,000    18,951 
Morgan Stanley & Co. LLC  10/18/22  USD  1,402,372   MXN  28,483,958    (8,326) 
Morgan Stanley & Co. LLC  12/28/22  GBP  471,187   USD  522,287    4,526 
Morgan Stanley & Co. LLC  12/28/22  USD  40,856   GBP  37,000    (511) 
Morgan Stanley & Co. LLC  1/18/23  USD  616,734   CNH  4,430,000    (5,164)
                    $(1,198,101)

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long               
Euro-OAT  12/08/22   13   $1,761,332  $(78,037) 
Australia Treasury Bond 10 Year  12/15/22   36    2,771,202   (74,314) 
3 Month Euribor  12/19/22   51    12,406,796   (191,684) 
90 Day Eurodollar  12/19/22   246    59,486,392   (870,742) 
U.S. Treasury Ultra Bond  12/20/22   220    32,611,533   (2,471,533) 
UK Long Gilt  12/28/22   13    1,594,218   (194,958) 
U.S. Treasury Note 5 Year  12/30/22   690    76,761,595   (2,581,204) 
90 Day Eurodollar  3/13/23   36    8,556,337   20,213 
90 Day Eurodollar  6/19/23   47    11,320,049   (118,186) 
3 Month SOFR  9/19/23   1    241,415   (2,377) 
90 Day Eurodollar  12/18/23   23    5,551,386   (59,561) 
3 Month SOFR  3/18/25   100    24,233,058    (154,308) 
                $(6,776,691) 
Short               
Euro-Bund  12/08/22   10   $(1,415,572)  $58,301 
Euro-Buxl 30 Year Bond  12/08/22   2    (314,339)   26,910 
Japanese 10 Year Bond  12/13/22   4    (4,098,575)   (91) 
U.S. Treasury Long Bond  12/20/22   45    (6,174,619)   486,338 
U.S. Treasury Note 10 Year  12/20/22   247    (28,925,637)   1,246,199 
U.S. Treasury Ultra 10 Year  12/20/22   72    (9,086,330)   555,455 
U.S. Treasury Note 2 Year  12/30/22   35    (7,176,454)   (12,218) 
3 Month SOFR  3/19/24   197    (47,412,177)   245,452 
90 Day Eurodollar  3/17/25   58    (14,042,404)    105,004 
                $2,711,350 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

Centrally Cleared Credit Default Swaps - Buy Protection
Reference
Obligation/Index
  Rate Paid by Fund  Payment Frequency   Termination Date   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.HY Series 39†  5.000%   Quarterly    12/20/2027   USD   1,412,200   $59,192   $57,815   $1,377 

 

Centrally Cleared Credit Default Swaps - Sell Protection††
Reference
Obligation/ Index
  Rate Received by Fund  Payment Frequency   Termination Date   Credit Rating   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.HY Series 38†  5.000%   Quarterly    6/20/27    NR   USD   1,070,400   $(25,256)   $18,878   $(44,134)
CDX.NA.IG Series 39†  1.000%   Quarterly    12/20/27    BBB+   USD   52,479,000    (186,195)    (39,195)    (147,000) 
                             $(211,451)   $(20,317)   $(191,134)

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Fixed 1.220%  Annually   12 Month SOFR    Annually    8/15/28   USD   22,000,000   $2,902,400   $1,925,763   $976,637
Fixed 2.850%  Annually   12 Month SOFR    Annually    2/15/29   USD   948,000    46,039    (12,109)    58,148
Fixed 2.000%  Annually   12 Month SOFR    Annually    3/18/32   USD   1,600,000    201,453    100,525    100,928
Fixed 1.650%  Annually   12 Month SOFR    Annually    8/15/47   USD   11,450,000    2,993,115    1,932,942    1,060,173
Fixed 2.600%  Annually   12 Month SOFR    Annually    2/15/48   USD   996,000    98,557    68,463    30,094
Fixed 3.050%  Annually   12 Month SOFR    Annually    2/15/48   USD   1,112,000    26,484    34,279    (7,795) 
                             $6,268,048   $4,049,863   $2,218,185

 

Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

 

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company's rating category, as applicable. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

 

Currency Legend

AUD Australian Dollar
CAD Canadian Dollar
CNH Offshore Chinese Yuan
EUR Euro
GBP British Pound
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
USD U.S. Dollar
ZAR South African Rand

 

 

 

MML Equity Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 95.8%          
           
COMMON STOCK — 95.8%          
Basic Materials — 2.8%          
Chemicals — 1.5%          
Celanese Corp.   8,800   $794,992 
Dow, Inc.   35,300    1,550,729 
DuPont de Nemours, Inc.   28,400    1,431,360 
Eastman Chemical Co.   10,200    724,710 
FMC Corp.   7,000    739,900 
Huntsman Corp.   6,398    157,007 
LyondellBasell Industries NV Class A   15,808    1,190,026 
The Mosaic Co.   28,100    1,358,073 
Nutrien Ltd.   36,671    3,057,628 
Olin Corp.   7,402    317,398 
         11,321,823 
Forest Products & Paper — 0.1%          
International Paper Co.   18,000    570,600 
Iron & Steel — 0.6%          
Nucor Corp.   22,400    2,396,576 
Reliance Steel & Aluminum Co.   4,700    819,727 
Steel Dynamics, Inc.   15,700    1,113,915 
         4,330,218 
Mining — 0.6%          
Alcoa Corp.   9,000    302,940 
Freeport-McMoRan, Inc.   70,353    1,922,747 
Newmont Corp.   44,000    1,849,320 
         4,075,007 
         20,297,648 
Communications — 5.4%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   18,300    468,480 
Omnicom Group, Inc.   16,000    1,009,440 
         1,477,920 
Internet — 1.3%          
Alphabet, Inc. Class C (a)   82,422    7,924,875 
Meta Platforms, Inc. Class A (a)   14,800    2,008,064 
         9,932,939 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Media — 1.4%          
Comcast Corp. Class A   266,400   $7,813,512 
Fox Corp. Class A   25,200    773,136 
News Corp. Class A   18,000    271,980 
Nexstar Media Group, Inc. Class A   2,000    333,700 
The Walt Disney Co. (a)   10,200    962,166 
         10,154,494 
Telecommunications — 2.5%          
AT&T, Inc.   333,300    5,112,822 
Cisco Systems, Inc.   245,100    9,804,000 
Corning, Inc.   42,668    1,238,225 
Motorola Solutions, Inc.   8,653    1,938,013 
         18,093,060 
         39,658,413 
Consumer, Cyclical — 6.6%          
Apparel — 0.2%          
Capri Holdings Ltd. (a)   8,300    319,052 
Ralph Lauren Corp.   2,250    191,093 
Skechers U.S.A., Inc. Class A (a)   6,900    218,868 
Tapestry, Inc.   12,200    346,846 
         1,075,859 
Auto Manufacturers — 0.8%          
Cummins, Inc.   6,800    1,383,868 
Ford Motor Co.   290,400    3,252,480 
PACCAR, Inc.   16,842    1,409,507 
         6,045,855 
Auto Parts & Equipment — 0.1%          
BorgWarner, Inc.   11,700    367,380 
Lear Corp.   3,500    418,915 
         786,295 
Distribution & Wholesale — 0.1%          
LKQ Corp.   22,600    1,065,590 
Home Builders — 0.7%          
D.R. Horton, Inc.   27,300    1,838,655 
Lennar Corp. Class A   20,600    1,535,730 
NVR, Inc. (a)   200    797,416 
PulteGroup, Inc.   20,100    753,750 
         4,925,551 
Home Furnishing — 0.1%          
Whirlpool Corp.   4,600    620,126 
Housewares — 0.0%          
Newell Brands, Inc.   20,100    279,189 
Leisure Time — 0.1%          
Brunswick Corp.   5,700    373,065 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Polaris, Inc. (b)   3,000   $286,950 
         660,015 
Lodging — 0.1%          
Boyd Gaming Corp.   3,298    157,150 
Hilton Worldwide Holdings, Inc.   376    45,353 
Marriott International, Inc. Class A   2,376    332,972 
         535,475 
Retail — 4.4%          
AutoNation, Inc. (a)   6,500    662,155 
AutoZone, Inc. (a)   1,500    3,212,895 
Best Buy Co., Inc.   10,500    665,070 
Darden Restaurants, Inc.   3,600    454,752 
Dick's Sporting Goods, Inc. (b)   2,400    251,136 
Dollar General Corp.   9,219    2,211,269 
Lithia Motors, Inc.   1,300    278,915 
Lowe's Cos., Inc.   54,600    10,254,426 
McDonald's Corp.   14,400    3,322,656 
Penske Automotive Group, Inc.   4,700    462,621 
Ross Stores, Inc.   9,823    827,784 
The TJX Cos., Inc.   18,995    1,179,970 
Walgreens Boots Alliance, Inc.   50,200    1,576,280 
Walmart, Inc.   33,277    4,316,027 
Williams-Sonoma, Inc.   3,100    365,335 
Yum! Brands, Inc.   16,756    1,781,833 
         31,823,124 
         47,817,079 
Consumer, Non-cyclical — 28.5%          
Agriculture — 3.0%          
Altria Group, Inc.   107,500    4,340,850 
Archer-Daniels-Midland Co.   41,500    3,338,675 
Darling Ingredients, Inc. (a)   7,900    522,585 
Philip Morris International, Inc.   167,632    13,915,132 
         22,117,242 
Beverages — 0.9%          
The Coca-Cola Co.   17,400    974,748 
Keurig Dr Pepper, Inc.   107,250    3,841,695 
Molson Coors Beverage Co. Class B   9,746    467,711 
Monster Beverage Corp. (a)   14,989    1,303,443 
         6,587,597 
Biotechnology — 2.3%          
Amgen, Inc.   26,000    5,860,400 
Biogen, Inc. (a)   6,200    1,655,400 
Gilead Sciences, Inc.   69,100    4,262,779 
Regeneron Pharmaceuticals, Inc. (a)   7,006    4,826,223 
         16,604,802 
Commercial Services — 0.6%          
AMERCO   1,700    865,674 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
FleetCor Technologies, Inc. (a)   3,500   $616,595 
Global Payments, Inc.   4,000    432,200 
Robert Half International, Inc.   5,100    390,150 
Service Corp. International   13,100    756,394 
United Rentals, Inc. (a)   4,200    1,134,504 
         4,195,517 
Cosmetics & Personal Care — 0.4%          
The Procter & Gamble Co.   25,100    3,168,875 
Food — 1.6%          
Campbell Soup Co.   9,036    425,776 
Conagra Brands, Inc.   23,255    758,811 
Ingredion, Inc.   1,400    112,728 
The J.M. Smucker Co.   6,300    865,683 
Kellogg Co.   18,700    1,302,642 
The Kraft Heinz Co.   71,400    2,381,190 
The Kroger Co.   43,400    1,898,750 
Mondelez International, Inc. Class A   52,157    2,859,768 
Tyson Foods, Inc. Class A   17,100    1,127,403 
         11,732,751 
Health Care – Products — 1.8%          
Abbott Laboratories   25,096    2,428,289 
Danaher Corp.   15,028    3,881,582 
Henry Schein, Inc. (a)   8,100    532,737 
Hologic, Inc. (a)   13,900    896,828 
PerkinElmer, Inc.   8,675    1,043,863 
Steris PLC   457    75,990 
Stryker Corp.   5,800    1,174,732 
Thermo Fisher Scientific, Inc.   6,609    3,352,019 
         13,386,040 
Health Care – Services — 5.3%          
Centene Corp. (a)   92,534    7,200,071 
DaVita, Inc. (a)   8,400    695,268 
Elevance Health, Inc.   40,025    18,180,956 
HCA Healthcare, Inc.   33,760    6,204,750 
Laboratory Corp. of America Holdings   7,300    1,495,113 
Quest Diagnostics, Inc.   10,100    1,239,169 
UnitedHealth Group, Inc.   5,713    2,885,294 
Universal Health Services, Inc. Class B   5,700    502,626 
         38,403,247 
Pharmaceuticals — 12.6%          
AbbVie, Inc.   130,037    17,452,266 
AmerisourceBergen Corp.   15,400    2,084,082 
AstraZeneca PLC Sponsored ADR   68,519    3,757,582 
Becton Dickinson and Co.   46,843    10,438,026 
Bristol-Myers Squibb Co.   103,300    7,343,597 
Cardinal Health, Inc.   13,208    880,709 
Cigna Corp.   24,601    6,826,040 
CVS Health Corp.   72,785    6,941,505 
Johnson & Johnson   42,604    6,959,789 
McKesson Corp.   12,000    4,078,440 
Merck & Co., Inc.   132,200    11,385,064 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Pfizer, Inc.   272,100   $11,907,096 
Sanofi ADR   32,908    1,251,162 
         91,305,358 
         207,501,429 
Energy — 8.1%          
Energy – Alternate Sources — 0.1%          
First Solar, Inc. (a)   6,200    820,074 
Oil & Gas — 7.2%          
APA Corp.   20,000    683,800 
Chevron Corp.   38,639    5,551,265 
ConocoPhillips   18,200    1,862,588 
Devon Energy Corp.   30,600    1,839,978 
Diamondback Energy, Inc.   8,400    1,011,864 
EOG Resources, Inc.   43,700    4,882,601 
Exxon Mobil Corp.   311,868    27,229,195 
Marathon Oil Corp.   42,915    969,021 
Ovintiv, Inc.   14,500    667,000 
PDC Energy, Inc.   4,100    236,939 
Pioneer Natural Resources Co.   11,200    2,425,136 
TotalEnergies SE   57,076    2,686,563 
Valero Energy Corp.   23,800    2,543,030 
         52,588,980 
Pipelines — 0.8%          
Kinder Morgan, Inc.   131,900    2,194,816 
ONEOK, Inc.   24,500    1,255,380 
TC Energy Corp.   39,706    1,599,755 
The Williams Cos., Inc.   24,807    710,224 
         5,760,175 
         59,169,229 
Financial — 20.7%          
Banks — 10.9%          
Bank of America Corp.   724,842    21,890,228 
The Bank of New York Mellon Corp.   51,800    1,995,336 
BOK Financial Corp.   3,100    275,466 
Comerica, Inc.   8,100    575,910 
Commerce Bancshares, Inc.   7,130    471,721 
East West Bancorp, Inc.   8,300    557,262 
Fifth Third Bancorp   41,400    1,323,144 
First Horizon Corp.   23,813    545,318 
The Goldman Sachs Group, Inc.   19,800    5,802,390 
Huntington Bancshares, Inc.   67,500    889,650 
JP Morgan Chase & Co.   165,598    17,304,991 
KeyCorp.   56,900    911,538 
Morgan Stanley   80,400    6,352,404 
Northern Trust Corp.   12,100    1,035,276 
Pinnacle Financial Partners, Inc.   2,000    162,200 
The PNC Financial Services Group, Inc.   24,600    3,675,732 
Prosperity Bancshares, Inc.   4,400    293,392 
Regions Financial Corp.   55,900    1,121,913 
Synovus Financial Corp.   3,600    135,036 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Truist Financial Corp.   77,900   $3,391,766 
US Bancorp   86,873    3,502,719 
Wells Fargo & Co.   164,354    6,610,318 
Zions Bancorp NA   9,500    483,170 
         79,306,880 
Diversified Financial Services — 1.5%          
American Express Co.   45,200    6,097,932 
Ameriprise Financial, Inc.   6,600    1,662,870 
The Charles Schwab Corp.   7,119    511,643 
Credit Acceptance Corp. (a)   1,000    438,000 
Discover Financial Services   17,100    1,554,732 
SEI Investments Co.   8,400    412,020 
The Western Union Co.   18,800    253,800 
         10,930,997 
Insurance — 7.4%          
Aflac, Inc.   40,800    2,292,960 
The Allstate Corp.   21,900    2,727,207 
American Financial Group, Inc.   5,000    614,650 
American International Group, Inc.   33,129    1,572,965 
Arch Capital Group Ltd. (a)   23,300    1,061,082 
Assurant, Inc.   3,500    508,445 
Chubb Ltd.   60,841    11,065,761 
Cincinnati Financial Corp.   9,400    841,958 
Corebridge Financial, Inc. (a)   13,163    259,179 
Equitable Holdings, Inc.   25,800    679,830 
Everest Re Group Ltd.   2,800    734,832 
Fidelity National Financial, Inc.   16,600    600,920 
First American Financial Corp.   6,400    295,040 
Globe Life, Inc.   5,400    538,380 
The Hartford Financial Services Group, Inc.   35,811    2,218,133 
Lincoln National Corp.   11,300    496,183 
Loews Corp.   15,600    777,504 
Markel Corp. (a)   890    964,956 
MetLife, Inc.   90,675    5,511,227 
Old Republic International Corp.   12,100    253,253 
Principal Financial Group, Inc.   16,000    1,154,400 
The Progressive Corp.   34,600    4,020,866 
Prudential Financial, Inc.   22,900    1,964,362 
Reinsurance Group of America, Inc.   3,197    402,215 
RenaissanceRe Holdings Ltd.   2,700    379,053 
The Travelers Cos., Inc.   54,601    8,364,873 
Unum Group   9,700    376,360 
Voya Financial, Inc.   7,700    465,850 
W.R. Berkley Corp.   15,600    1,007,448 
Willis Towers Watson PLC   7,500    1,507,050 
         53,656,942 
Real Estate — 0.2%          
CBRE Group, Inc. Class A (a)   13,646    921,241 
Jones Lang LaSalle, Inc. (a)   3,800    574,066 
         1,495,307 
Real Estate Investment Trusts (REITS) — 0.7%          
AvalonBay Communities, Inc.   4,400    810,436 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Equity Residential   9,900   $665,478 
Prologis, Inc.   28,347    2,880,055 
Weyerhaeuser Co.   25,200    719,712 
         5,075,681 
         150,465,807 
Industrial — 9.5%          
Aerospace & Defense — 2.1%          
L3 Harris Technologies, Inc.   32,161    6,684,021 
Lockheed Martin Corp.   15,300    5,910,237 
Northrop Grumman Corp.   6,200    2,915,984 
         15,510,242 
Building Materials — 0.5%          
Builders FirstSource, Inc. (a)   8,400    494,928 
Carrier Global Corp.   39,307    1,397,757 
Masco Corp.   19,600    915,124 
Owens Corning   8,100    636,741 
         3,444,550 
Electronics — 0.9%          
Arrow Electronics, Inc. (a)   5,600    516,264 
Honeywell International, Inc.   13,748    2,295,504 
Hubbell, Inc.   11,846    2,641,658 
Jabil, Inc.   11,300    652,123 
Sensata Technologies Holding PLC   8,200    305,696 
TE Connectivity Ltd.   414    45,689 
         6,456,934 
Engineering & Construction — 0.0%          
TopBuild Corp. (a)   500    82,390 
Environmental Controls — 0.3%          
Republic Services, Inc.   14,428    1,962,785 
Hand & Machine Tools — 0.1%          
Snap-on, Inc.   4,000    805,400 
Machinery – Construction & Mining — 0.6%          
Caterpillar, Inc.   24,700    4,052,776 
Oshkosh Corp.   3,600    253,044 
         4,305,820 
Machinery – Diversified — 1.1%          
AGCO Corp.   3,650    351,021 
Deere & Co.   18,000    6,010,020 
Dover Corp.   7,000    816,060 
Ingersoll Rand, Inc.   14,001    605,683 
         7,782,784 
Miscellaneous - Manufacturing — 1.4%          
Eaton Corp. PLC   23,171    3,090,084 
General Electric Co.   55,437    3,432,105 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Parker-Hannifin Corp.   7,500   $1,817,325 
Siemens AG Registered   11,797    1,167,590 
Textron, Inc.   17,000    990,420 
         10,497,524 
Packaging & Containers — 0.6%          
Amcor PLC   117,100    1,256,483 
Berry Global Group, Inc. (a)   6,600    307,098 
Crown Holdings, Inc.   10,100    818,403 
Packaging Corp. of America   7,000    786,030 
Sealed Air Corp.   11,700    520,767 
WestRock Co.   12,300    379,947 
         4,068,728 
Shipbuilding — 0.1%          
Huntington Ingalls Industries, Inc.   2,500    553,750 
Transportation — 1.8%          
C.H. Robinson Worldwide, Inc.   7,200    693,432 
CSX Corp.   87,657    2,335,182 
Expeditors International of Washington, Inc.   9,400    830,114 
FedEx Corp.   12,500    1,855,875 
Knight-Swift Transportation Holdings, Inc.   9,700    474,621 
Norfolk Southern Corp.   2,484    520,771 
Union Pacific Corp.   1,277    248,785 
United Parcel Service, Inc. Class B   40,200    6,493,908 
         13,452,688 
         68,923,595 
Technology — 7.3%          
Computers — 1.8%          
CACI International, Inc. Class A (a)   1,200    313,272 
Cognizant Technology Solutions Corp. Class A   24,200    1,390,048 
Dell Technologies, Inc. Class C   12,900    440,793 
DXC Technology Co. (a)   11,200    274,176 
Hewlett Packard Enterprise Co.   96,500    1,156,070 
HP, Inc.   96,300    2,399,796 
International Business Machines Corp.   49,400    5,869,214 
Leidos Holdings, Inc.   6,649    581,588 
NetApp, Inc.   10,100    624,685 
         13,049,642 
Semiconductors — 2.1%          
Analog Devices, Inc.   1,722    239,943 
Broadcom, Inc.   3,900    1,731,639 
KLA Corp.   18,276    5,530,866 
QUALCOMM, Inc.   69,520    7,854,370 
Texas Instruments, Inc.   2,100    325,038 
         15,681,856 
Software — 3.4%          
Fidelity National Information Services, Inc.   28,400    2,146,188 
Fiserv, Inc. (a)   64,313    6,017,767 
Microsoft Corp.   13,155    3,063,800 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Oracle Corp.   219,300   $13,392,651 
         24,620,406 
         53,351,904 
Utilities — 6.9%          
Electric — 6.7%          
Alliant Energy Corp.   14,700    778,953 
Ameren Corp.   18,000    1,449,900 
American Electric Power Co., Inc.   33,936    2,933,767 
Dominion Energy, Inc.   128,318    8,868,057 
DTE Energy Co.   10,700    1,231,035 
Duke Energy Corp.   43,268    4,024,789 
Edison International   20,900    1,182,522 
Entergy Corp.   11,800    1,187,434 
Evergy, Inc.   13,400    795,960 
Eversource Energy   18,900    1,473,444 
Exelon Corp.   104,660    3,920,564 
FirstEnergy Corp.   11,100    410,700 
OGE Energy Corp.   9,661    352,240 
Pinnacle West Capital Corp.   5,398    348,225 
PPL Corp.   41,400    1,049,490 
Public Service Enterprise Group, Inc.   39,400    2,215,462 
Sempra Energy   38,182    5,725,009 
The Southern Co.   128,127    8,712,636 
Vistra Corp.   26,700    560,700 
WEC Energy Group, Inc.   2,800    250,404 
Xcel Energy, Inc.   23,095    1,478,080 
         48,949,371 
Gas — 0.2%          
National Fuel Gas Co.   4,400    270,820 
NiSource, Inc.   26,200    659,978 
UGI Corp.   9,800    316,834 
         1,247,632 
         50,197,003 
           
TOTAL COMMON STOCK
(Cost $656,423,791)
        697,382,107 
           
TOTAL EQUITIES
(Cost $656,423,791)
        697,382,107 
           
           
MUTUAL FUNDS — 1.3%          
Diversified Financial Services — 1.3%          
iShares Russell 1000 Value ETF   67,839    9,225,425 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
State Street Navigator Securities Lending Government Money Market Portfolio (c)   126,926   $126,926 
         9,352,351 
           
TOTAL MUTUAL FUNDS
(Cost $9,447,522)
        9,352,351 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $665,871,313)
        706,734,458 
           
           
SHORT-TERM INVESTMENTS — 3.0%          
Mutual Fund — 2.4%          
T. Rowe Price Government Reserve Investment Fund   17,149,227    17,149,227 
           
   Principal
Amount
    
Repurchase Agreement — 0.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (d)  $4,685,297    4,685,297 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,834,524)
        21,834,524 
           
TOTAL INVESTMENTS — 100.1%
(Cost $687,705,837) (e)
        728,568,982 
           
Other Assets/(Liabilities) — (0.1)%        (639,142) 
           
NET ASSETS — 100.0%       $727,929,840 

 

Abbreviation Legend

ADR American Depositary Receipt
ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $414,437 or 0.06% of net assets. The Fund received $297,509 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $4,685,622. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 9/15/25, and an aggregate market value, including accrued interest, of $4,779,162.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 100.0%          
           
COMMON STOCK — 100.0%          
Basic Materials — 1.1%          
Chemicals — 0.8%          
CF Industries Holdings, Inc.   1,805   $173,731 
The Mosaic Co.   2,227    107,631 
         281,362 
Iron & Steel — 0.3%          
Nucor Corp.   1,145    122,504 
         403,866 
Communications — 0.2%          
Media — 0.2%          
FactSet Research Systems, Inc.   184    73,620 
Consumer, Cyclical — 5.0%          
Distribution & Wholesale — 0.3%          
W.W. Grainger, Inc.   227    111,046 
Retail — 4.7%          
AutoZone, Inc. (a)   109    233,470 
Costco Wholesale Corp.   2,247    1,061,191 
Dollar Tree, Inc. (a)   1,386    188,635 
Genuine Parts Co.   748    111,691 
O'Reilly Automotive, Inc. (a)   256    180,058 
         1,775,045 
         1,886,091 
Consumer, Non-cyclical — 42.4%          
Agriculture — 0.8%          
Archer-Daniels-Midland Co.   3,780    304,101 
Beverages — 6.1%          
The Coca-Cola Co.   19,157    1,073,175 
Keurig Dr Pepper, Inc.   3,493    125,119 
Molson Coors Beverage Co. Class B   958    45,974 
PepsiCo, Inc.   6,602    1,077,843 
         2,322,111 
Biotechnology — 1.9%          
Corteva, Inc.   4,386    250,660 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Vertex Pharmaceuticals, Inc. (a)   1,657   $479,768 
         730,428 
Commercial Services — 1.4%          
Automatic Data Processing, Inc.   1,801    407,368 
Quanta Services, Inc.   906    115,416 
         522,784 
Food — 2.1%          
Campbell Soup Co.   901    42,455 
General Mills, Inc.   3,931    301,154 
The Hershey Co.   1,008    222,234 
Kellogg Co.   1,381    96,200 
Lamb Weston Holdings, Inc.   612    47,357 
Tyson Foods, Inc. Class A   1,525    100,543 
         809,943 
Health Care – Services — 10.4%          
Centene Corp. (a)   2,896    225,338 
Elevance Health, Inc.   1,212    550,539 
Molina Healthcare, Inc. (a)   247    81,470 
UnitedHealth Group, Inc.   6,109    3,085,289 
         3,942,636 
Pharmaceuticals — 19.7%          
AbbVie, Inc.   11,155    1,497,113 
AmerisourceBergen Corp.   802    108,535 
Bristol-Myers Squibb Co.   9,205    654,383 
Cigna Corp.   1,415    392,620 
CVS Health Corp.   6,158    587,289 
Eli Lilly & Co.   5,018    1,622,570 
McKesson Corp.   1,312    445,909 
Merck & Co., Inc.   12,220    1,052,386 
Pfizer, Inc.   24,655    1,078,903 
         7,439,708 
         16,071,711 
Energy — 28.8%          
Energy – Alternate Sources — 0.4%          
Enphase Energy, Inc. (a)   582    161,487 
Oil & Gas — 26.6%          
APA Corp.   2,453    83,868 
Chevron Corp.   16,408    2,357,338 
ConocoPhillips   10,659    1,090,842 
Coterra Energy, Inc.   7,207    188,247 
Devon Energy Corp.   5,977    359,397 
Diamondback Energy, Inc.   1,218    146,720 
EOG Resources, Inc.   4,001    447,032 
Exxon Mobil Corp.   37,971    3,315,248 
Hess Corp.   1,581    172,313 
Marathon Oil Corp.   6,138    138,596 
Marathon Petroleum Corp.   4,291    426,225 
Occidental Petroleum Corp.   6,802    417,983 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Phillips 66   2,094   $169,028 
Pioneer Natural Resources Co.   2,012    435,658 
Valero Energy Corp.   2,972    317,558 
         10,066,053 
Oil & Gas Services — 0.9%          
Halliburton Co.   4,588    112,957 
Schlumberger NV   6,056    217,410 
         330,367 
Pipelines — 0.9%          
ONEOK, Inc.   1,979    101,404 
The Williams Cos., Inc.   9,182    262,881 
         364,285 
         10,922,192 
Financial — 9.8%          
Banks — 0.5%          
Comerica, Inc.   490    34,839 
M&T Bank Corp.   973    171,560 
         206,399 
Diversified Financial Services — 0.2%          
Raymond James Financial, Inc.   727    71,842 
Insurance — 8.2%          
Arthur J Gallagher & Co.   1,277    218,648 
Assurant, Inc.   222    32,250 
Berkshire Hathaway, Inc. Class B (a)   6,493    1,733,761 
Brown & Brown, Inc.   1,066    64,472 
Chubb Ltd.   1,738    316,107 
Marsh & McLennan Cos., Inc.   1,999    298,431 
The Progressive Corp.   3,078    357,694 
W.R. Berkley Corp.   1,304    84,212 
         3,105,575 
Real Estate Investment Trusts (REITS) — 0.9%          
Public Storage   581    170,123 
Realty Income Corp.   2,628    152,949 
         323,072 
         3,706,888 
Industrial — 3.1%          
Aerospace & Defense — 1.7%          
General Dynamics Corp.   1,099    233,175 
Northrop Grumman Corp.   871    409,649 
         642,824 
Environmental Controls — 1.0%          
Republic Services, Inc.   1,011    137,536 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Waste Management, Inc.   1,560   $249,928 
         387,464 
Packaging & Containers — 0.2%          
Amcor PLC   6,576    70,560 
Transportation — 0.2%          
C.H. Robinson Worldwide, Inc.   609    58,653 
         1,159,501 
Technology — 2.2%          
Computers — 0.2%          
HP, Inc.   3,365    83,856 
Semiconductors — 0.4%          
ON Semiconductor Corp. (a)   2,632    164,052 
Software — 1.6%          
Cadence Design Systems, Inc. (a)   1,168    190,886 
Jack Henry & Associates, Inc.   361    65,799 
Paychex, Inc.   1,288    144,527 
Synopsys, Inc. (a)   664    202,859 
         604,071 
         851,979 
Utilities — 7.4%          
Electric — 7.0%          
Ameren Corp.   1,176    94,727 
American Electric Power Co., Inc.   2,483    214,655 
CenterPoint Energy, Inc.   3,940    111,029 
CMS Energy Corp.   1,306    76,062 
Consolidated Edison, Inc.   3,015    258,566 
Dominion Energy, Inc.   3,642    251,699 
DTE Energy Co.   915    105,271 
Edison International   2,442    138,168 
Entergy Corp.   908    91,372 
Exelon Corp.   8,611    322,568 
FirstEnergy Corp.   2,194    81,178 
Sempra Energy   2,140    320,872 
The Southern Co.   6,827    464,236 
WEC Energy Group, Inc.   1,366    122,161 
         2,652,564 
Gas — 0.4%          
Atmos Energy Corp.   874    89,017 

 

 

 

 

MML Equity Momentum Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
NiSource, Inc.   2,621   $66,023 
         155,040 
         2,807,604 
           
TOTAL COMMON STOCK
(Cost $39,616,863)
        37,883,452 
           
TOTAL EQUITIES
(Cost $39,616,863)
        37,883,452 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $39,616,863)
        37,883,452 
           
TOTAL INVESTMENTS — 100.0%
(Cost $39,616,863) (b)
        37,883,452 
           
Other Assets/(Liabilities) — 0.0%        (16,007) 
           
NET ASSETS — 100.0%       $37,867,445 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 100.0%          
           
COMMON STOCK — 100.0%          
Basic Materials — 2.0%          
Chemicals — 1.4%          
Air Products & Chemicals, Inc.   61   $14,196 
Celanese Corp.   129    11,654 
CF Industries Holdings, Inc.   358    34,457 
Dow, Inc.   451    19,812 
DuPont de Nemours, Inc.   245    12,348 
Huntsman Corp.   396    9,718 
Linde PLC   1,506    406,003 
LyondellBasell Industries NV Class A   338    25,445 
The Sherwin-Williams Co.   273    55,897 
         589,530 
Iron & Steel — 0.4%          
Nucor Corp.   861    92,118 
Reliance Steel & Aluminum Co.   226    39,417 
Steel Dynamics, Inc.   368    26,110 
         157,645 
Mining — 0.2%          
Newmont Corp.   1,280    53,798 
Royal Gold, Inc.   107    10,039 
         63,837 
         811,012 
Communications — 6.1%          
Advertising — 0.0%          
The Interpublic Group of Cos., Inc.   461    11,802 
Internet — 4.6%          
Alphabet, Inc. Class A (a)   10,576    1,011,594 
Alphabet, Inc. Class C (a)   7,746    744,778 
Amazon.com, Inc. (a)   311    35,143 
Booking Holdings, Inc. (a)   20    32,864 
Meta Platforms, Inc. Class A (a)   120    16,282 
Palo Alto Networks, Inc. (a)   87    14,250 
         1,854,911 
Media — 0.3%          
Comcast Corp. Class A   885    25,957 
FactSet Research Systems, Inc.   219    87,624 
         113,581 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Telecommunications — 1.2%          
Arista Networks, Inc. (a)   305   $34,432 
AT&T, Inc.   5,353    82,115 
Cisco Systems, Inc.   5,284    211,360 
Corning, Inc.   346    10,041 
Juniper Networks, Inc.   511    13,347 
Motorola Solutions, Inc.   255    57,112 
T-Mobile US, Inc. (a)   147    19,723 
Verizon Communications, Inc.   1,838    69,789 
         497,919 
         2,478,213 
Consumer, Cyclical — 9.4%          
Apparel — 0.2%          
NIKE, Inc. Class B   978    81,291 
Auto Manufacturers — 0.1%          
Cummins, Inc.   130    26,456 
PACCAR, Inc.   255    21,341 
         47,797 
Auto Parts & Equipment — 0.0%          
Gentex Corp.   562    13,398 
Distribution & Wholesale — 0.4%          
Copart, Inc. (a)   236    25,110 
Fastenal Co.   1,762    81,123 
W.W. Grainger, Inc.   88    43,049 
Watsco, Inc.   61    15,705 
         164,987 
Retail — 8.7%          
Advance Auto Parts, Inc.   90    14,071 
AutoZone, Inc. (a)   108    231,328 
Chipotle Mexican Grill, Inc. (a)   17    25,547 
Costco Wholesale Corp.   2,518    1,189,176 
Dollar General Corp.   272    65,242 
Dollar Tree, Inc. (a)   235    31,984 
Genuine Parts Co.   292    43,601 
The Home Depot, Inc.   2,413    665,843 
Lowe's Cos., Inc.   1,149    215,794 
McDonald's Corp.   1,299    299,731 
O'Reilly Automotive, Inc. (a)   248    174,431 
Starbucks Corp.   234    19,717 
Target Corp.   85    12,613 
The TJX Cos., Inc.   2,144    133,185 
Tractor Supply Co.   376    69,891 
Walgreens Boots Alliance, Inc.   280    8,792 
Walmart, Inc.   1,925    249,672 
Yum! Brands, Inc.   708    75,289 
         3,525,907 
         3,833,380 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Consumer, Non-cyclical — 37.3%          
Agriculture — 2.2%          
Altria Group, Inc.   5,329   $215,185 
Archer-Daniels-Midland Co.   3,878    311,985 
Bunge Ltd.   145    11,973 
Darling Ingredients, Inc. (a)   187    12,370 
Philip Morris International, Inc.   4,224    350,634 
         902,147 
Beverages — 3.0%          
The Coca-Cola Co.   9,758    546,643 
Constellation Brands, Inc. Class A   137    31,466 
Keurig Dr Pepper, Inc.   512    18,340 
Monster Beverage Corp. (a)   767    66,699 
PepsiCo, Inc.   3,257    531,738 
         1,194,886 
Biotechnology — 2.9%          
Amgen, Inc.   1,012    228,105 
Corteva, Inc.   2,278    130,188 
Gilead Sciences, Inc.   1,544    95,249 
Incyte Corp. (a)   155    10,329 
Regeneron Pharmaceuticals, Inc. (a)   436    300,347 
United Therapeutics Corp. (a)   61    12,772 
Vertex Pharmaceuticals, Inc. (a)   1,329    384,799 
         1,161,789 
Commercial Services — 2.1%          
Automatic Data Processing, Inc.   1,849    418,225 
Cintas Corp.   117    45,418 
FTI Consulting, Inc. (a)   154    25,519 
Gartner, Inc. (a)   145    40,120 
Moody's Corp.   192    46,677 
Robert Half International, Inc.   311    23,792 
Rollins, Inc.   973    33,744 
S&P Global, Inc.   590    180,156 
Service Corp. International   263    15,186 
Verisk Analytics, Inc.   181    30,866 
         859,703 
Cosmetics & Personal Care — 3.0%          
Colgate-Palmolive Co.   1,788    125,607 
The Estee Lauder Cos., Inc. Class A   81    17,488 
The Procter & Gamble Co.   8,529    1,076,786 
         1,219,881 
Food — 0.8%          
General Mills, Inc.   656    50,256 
The Hershey Co.   341    75,180 
The J.M. Smucker Co.   105    14,428 
Kellogg Co.   285    19,853 
The Kroger Co.   1,584    69,300 
McCormick & Co., Inc.   182    12,971 
Mondelez International, Inc. Class A   1,294    70,950 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Tyson Foods, Inc. Class A   393   $25,911 
         338,849 
Health Care – Products — 2.7%          
Abbott Laboratories   5,197    502,862 
Boston Scientific Corp. (a)   409    15,841 
Danaher Corp.   548    141,543 
Edwards Lifesciences Corp. (a)   850    70,235 
Henry Schein, Inc. (a)   474    31,175 
Hologic, Inc. (a)   960    61,939 
Intuitive Surgical, Inc. (a)   97    18,182 
Medtronic PLC   487    39,325 
ResMed, Inc.   119    25,978 
Stryker Corp.   161    32,609 
Thermo Fisher Scientific, Inc.   206    104,481 
Waters Corp. (a)   91    24,527 
West Pharmaceutical Services, Inc.   93    22,885 
         1,091,582 
Health Care – Services — 4.1%          
Chemed Corp.   61    26,630 
Elevance Health, Inc.   321    145,811 
HCA Healthcare, Inc.   92    16,909 
Laboratory Corp. of America Holdings   114    23,348 
Molina Healthcare, Inc. (a)   137    45,188 
Quest Diagnostics, Inc.   434    53,248 
UnitedHealth Group, Inc.   2,646    1,336,336 
         1,647,470 
Household Products & Wares — 0.2%          
Church & Dwight Co., Inc.   442    31,577 
Kimberly-Clark Corp.   502    56,495 
         88,072 
Pharmaceuticals — 16.3%          
AbbVie, Inc.   4,091    549,053 
Becton Dickinson and Co.   336    74,871 
Bristol-Myers Squibb Co.   5,146    365,829 
Cigna Corp.   195    54,107 
CVS Health Corp.   2,345    223,643 
Eli Lilly & Co.   2,781    899,236 
Johnson & Johnson   10,764    1,758,407 
McKesson Corp.   1,054    358,223 
Merck & Co., Inc.   4,680    403,041 
Pfizer, Inc.   42,613    1,864,745 
Premier, Inc. Class A   339    11,506 
Zoetis, Inc.   338    50,122 
         6,612,783 
         15,117,162 
Energy — 9.8%          
Oil & Gas — 9.6%          
Chesapeake Energy Corp. (b)   159    14,979 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Chevron Corp.   10,162   $1,459,975 
ConocoPhillips   2,013    206,010 
EOG Resources, Inc.   716    79,999 
Exxon Mobil Corp.   21,787    1,902,223 
Hess Corp.   106    11,553 
Marathon Petroleum Corp.   529    52,546 
Phillips 66   749    60,459 
Pioneer Natural Resources Co.   167    36,161 
Valero Energy Corp.   577    61,652 
         3,885,557 
Oil & Gas Services — 0.0%          
Baker Hughes Co.   351    7,357 
Pipelines — 0.2%          
Cheniere Energy, Inc.   167    27,707 
Kinder Morgan, Inc.   1,027    17,089 
The Williams Cos., Inc.   803    22,990 
         67,786 
         3,960,700 
Financial — 10.9%          
Banks — 0.1%          
JP Morgan Chase & Co.   104    10,868 
Wells Fargo & Co.   279    11,222 
         22,090 
Diversified Financial Services — 1.8%          
American Express Co.   216    29,141 
Apollo Global Management, Inc.   281    13,066 
Cboe Global Markets, Inc.   141    16,549 
Mastercard, Inc. Class A   1,181    335,806 
SEI Investments Co.   222    10,889 
Visa, Inc. Class A   1,925    341,976 
         747,427 
Insurance — 6.9%          
The Allstate Corp.   235    29,264 
Aon PLC Class A   182    48,752 
Arch Capital Group Ltd. (a)   452    20,584 
Arthur J Gallagher & Co.   150    25,683 
Berkshire Hathaway, Inc. Class B (a)   7,379    1,970,341 
Brown & Brown, Inc.   400    24,192 
Chubb Ltd.   570    103,672 
Cincinnati Financial Corp.   451    40,396 
Markel Corp. (a)   20    21,684 
Marsh & McLennan Cos., Inc.   2,221    331,573 
The Progressive Corp.   989    114,932 
The Travelers Cos., Inc.   140    21,448 
W.R. Berkley Corp.   202    13,045 
Willis Towers Watson PLC   188    37,777 
         2,803,343 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Private Equity — 0.5%          
Blackstone, Inc.   2,267   $189,748 
Real Estate — 0.0%          
CBRE Group, Inc. Class A (a)   251    16,945 
Real Estate Investment Trusts (REITS) — 1.6%          
American Tower Corp.   195    41,867 
AvalonBay Communities, Inc.   119    21,919 
Crown Castle, Inc.   118    17,057 
Digital Realty Trust, Inc.   95    9,422 
Equity Residential   433    29,106 
Extra Space Storage, Inc.   402    69,429 
Mid-America Apartment Communities, Inc.   113    17,523 
Prologis, Inc.   1,190    120,904 
Public Storage   757    221,657 
Weyerhaeuser Co.   2,774    79,225 
         628,109 
         4,407,662 
Industrial — 5.4%          
Aerospace & Defense — 1.8%          
General Dynamics Corp.   402    85,292 
L3 Harris Technologies, Inc.   278    57,777 
Lockheed Martin Corp.   947    365,817 
Northrop Grumman Corp.   289    135,922 
Raytheon Technologies Corp.   791    64,751 
         709,559 
Building Materials — 0.0%          
Masco Corp.   318    14,847 
Electrical Components & Equipment — 0.1%          
AMETEK, Inc.   116    13,156 
Emerson Electric Co.   382    27,970 
         41,126 
Electronics — 0.5%          
Agilent Technologies, Inc.   226    27,470 
Amphenol Corp. Class A   463    31,003 
Honeywell International, Inc.   333    55,601 
Hubbell, Inc.   58    12,934 
Keysight Technologies, Inc. (a)   281    44,218 
Mettler-Toledo International, Inc. (a)   36    39,028 
         210,254 
Environmental Controls — 0.9%          
Republic Services, Inc.   645    87,746 
Tetra Tech, Inc.   133    17,095 
Waste Management, Inc.   1,544    247,364 
         352,205 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Hand & Machine Tools — 0.1%          
Lincoln Electric Holdings, Inc.   116   $14,583 
Snap-on, Inc.   122    24,565 
         39,148 
Machinery – Construction & Mining — 0.1%          
Caterpillar, Inc.   275    45,122 
Machinery – Diversified — 0.2%          
Deere & Co.   88    29,382 
Graco, Inc.   236    14,148 
Nordson Corp.   76    16,133 
Otis Worldwide Corp.   375    23,925 
         83,588 
Miscellaneous - Manufacturing — 0.3%          
3M Co.   232    25,636 
Eaton Corp. PLC   216    28,806 
Illinois Tool Works, Inc.   377    68,105 
         122,547 
Packaging & Containers — 0.1%          
Amcor PLC   1,198    12,855 
Ardagh Group SA (a) (b) (c) (d)   463    4,915 
Packaging Corp. of America   208    23,356 
         41,126 
Transportation — 1.3%          
C.H. Robinson Worldwide, Inc.   224    21,573 
CSX Corp.   1,858    49,497 
Expeditors International of Washington, Inc.   302    26,670 
J.B. Hunt Transport Services, Inc.   295    46,144 
Landstar System, Inc.   107    15,447 
Norfolk Southern Corp.   134    28,093 
Old Dominion Freight Line, Inc.   219    54,481 
Union Pacific Corp.   768    149,622 
United Parcel Service, Inc. Class B   785    126,809 
         518,336 
         2,177,858 
Technology — 16.4%          
Computers — 7.1%          
Accenture PLC Class A   1,850    476,005 
Amdocs Ltd.   506    40,202 
Apple, Inc.   15,394    2,127,451 
Cognizant Technology Solutions Corp. Class A   1,388    79,727 
Fortinet, Inc. (a)   1,127    55,369 
HP, Inc.   3,008    74,959 
International Business Machines Corp.   233    27,683 
         2,881,396 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Semiconductors — 2.3%          
Advanced Micro Devices, Inc. (a)   467   $29,589 
Applied Materials, Inc.   325    26,627 
Broadcom, Inc.   473    210,017 
Intel Corp.   933    24,043 
KLA Corp.   233    70,513 
Lam Research Corp.   28    10,248 
Micron Technology, Inc.   212    10,621 
Monolithic Power Systems, Inc.   68    24,711 
NVIDIA Corp.   491    59,603 
QUALCOMM, Inc.   1,119    126,425 
Texas Instruments, Inc.   2,290    354,446 
         946,843 
Software — 7.0%          
Activision Blizzard, Inc.   451    33,527 
Adobe, Inc. (a)   143    39,354 
Aspen Technology, Inc. (a)   72    17,150 
Broadridge Financial Solutions, Inc.   135    19,483 
Cadence Design Systems, Inc. (a)   915    149,538 
Electronic Arts, Inc.   360    41,656 
Fiserv, Inc. (a)   148    13,848 
Intuit, Inc.   39    15,106 
Jack Henry & Associates, Inc.   368    67,075 
Microsoft Corp.   8,426    1,962,415 
MSCI, Inc.   81    34,165 
Oracle Corp.   561    34,260 
Paychex, Inc.   1,800    201,978 
Roper Technologies, Inc.   33    11,868 
ServiceNow, Inc. (a)   46    17,370 
Synopsys, Inc. (a)   539    164,670 
         2,823,463 
         6,651,702 
Utilities — 2.7%          
Electric — 2.6%          
Alliant Energy Corp.   246    13,036 
Ameren Corp.   336    27,065 
American Electric Power Co., Inc.   817    70,630 
CMS Energy Corp.   612    35,643 
Consolidated Edison, Inc.   621    53,257 
Dominion Energy, Inc.   982    67,866 
DTE Energy Co.   542    62,357 
Duke Energy Corp.   1,048    97,485 
Edison International   293    16,578 
Entergy Corp.   245    24,654 
Evergy, Inc.   258    15,325 
Eversource Energy   440    34,302 
Exelon Corp.   1,750    65,555 
FirstEnergy Corp.   532    19,684 
NextEra Energy, Inc.   1,379    108,127 
NRG Energy, Inc.   388    14,849 
OGE Energy Corp.   305    11,120 
PPL Corp.   1,055    26,744 
Public Service Enterprise Group, Inc.   576    32,388 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Sempra Energy   336   $50,380 
The Southern Co.   1,893    128,724 
WEC Energy Group, Inc.   520    46,504 
Xcel Energy, Inc.   717    45,888 
         1,068,161 
Gas — 0.1%          
National Fuel Gas Co.   343    21,112 
NiSource, Inc.   548    13,804 
         34,916 
Water — 0.0%          
American Water Works Co., Inc.   98    12,756 
         1,115,833 
           
TOTAL COMMON STOCK
(Cost $44,062,622)
        40,553,522 
           
TOTAL EQUITIES
(Cost $44,062,622)
        40,553,522 
           
           
MUTUAL FUNDS — 0.0%          
Diversified Financial Services — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (e)   15,111    15,111 
           
TOTAL MUTUAL FUNDS
(Cost $15,111)
        15,111 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $44,077,733)
        40,568,633 
           
TOTAL INVESTMENTS — 100.0%
(Cost $44,077,733) (f)
        40,568,633 
           
Other Assets/(Liabilities) — (0.0)%        (10,540) 
           
NET ASSETS — 100.0%       $40,558,093 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $26,126 or 0.06% of net assets. The Fund received $11,596 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2022, these securities amounted to a value of $4,915 or 0.01% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) Represents investment of security lending cash collateral. (Note 2).
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML High Yield Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

  

   Principal
Amount
   Value 
BONDS & NOTES — 92.9%          
BANK LOANS — 2.9%          
Food — 0.3%          
Florida Food Products, LLC, Term Loan, 1 mo. USD LIBOR + 5.000%          
8.115% VRN 10/18/28  $166,444   $152,296 
Internet — 0.4%          
TouchTunes Interactive Networks, Inc., 2022 Term Loan, 6 mo. SOFR CME + 5.000%          
8.981% VRN 4/02/29   217,223    207,991 
Packaging & Containers — 0.1%          
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175%          
7.309% VRN 4/13/29   95,726    90,156 
Pharmaceuticals — 0.2%          
Perrigo Investments, LLC, Term Loan B, 1 mo. SOFR CME + 2.500%          
5.634% VRN 4/20/29   128,993    126,736 
Software — 1.9%          
Finastra USA, Inc., USD 2nd Lien Term Loan,          
0.000% 6/13/25 (a)   950,532    766,965 
Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%          
7.332% VRN 12/01/27   169,150    130,986 
Quest Software US Holdings, Inc., 2022 2nd Lien Term Loan,          
0.000% 2/01/30 (a)   342,316    196,404 
         1,094,355 
           
TOTAL BANK LOANS
(Cost $2,020,155)
        1,671,534 
           

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
CORPORATE DEBT — 90.0%          
Advertising — 1.3%          
CMG Media Corp.          
8.875% 12/15/27 (b)  $712,000   $543,943 
Stagwell Global LLC          
5.625% 8/15/29 (b)   220,000    180,965 
         724,908 
Agriculture — 0.2%          
Darling Ingredients, Inc.          
6.000% 6/15/30 (b)   130,000    123,720 
Airlines — 2.7%          
American Airlines, Inc.          
11.750% 7/15/25 (b)   379,000    395,805 
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.          
5.500% 4/20/26 (b)   535,000    502,456 
5.750% 4/20/29 (b)   229,000    199,802 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (b)   251,750    245,561 
United Airlines, Inc.          
4.375% 4/15/26 (b)   122,000    108,885 
4.625% 4/15/29 (b)   121,000    100,430 
         1,552,939 
Auto Manufacturers — 1.4%          
Ford Motor Co.          
3.250% 2/12/32   434,000    311,612 
7.450% 7/16/31   153,000    149,997 
Ford Motor Credit Co. LLC          
4.000% 11/13/30   402,000    313,560 
         775,169 
Auto Parts & Equipment — 0.4%          
Adient Global Holdings Ltd.          
4.875% 8/15/26 (b)   277,000    242,771 
Biotechnology — 0.4%          
Emergent BioSolutions, Inc.          
3.875% 8/15/28 (b)   347,000    230,755 
Building Materials — 1.3%          
Jeld-Wen, Inc.          
4.875% 12/15/27 (b)   68,000    48,450 
New Enterprise Stone & Lime Co., Inc.          
5.250% 7/15/28 (b)   222,000    181,909 
9.750% 7/15/28 (b)   602,000    507,796 
         738,155 
Chemicals — 4.4%          
Avient Corp.          
7.125% 8/01/30 (b)   187,000    172,588 
Celanese US Holdings LLC          
6.379% 7/15/32   637,000    591,185 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Consolidated Energy Finance SA          
5.625% 10/15/28 (b)  $595,000   $477,309 
LSF11 A5 HoldCo LLC          
6.625% 10/15/29 (b) (c)   294,000    220,500 
Methanex Corp.          
5.125% 10/15/27   144,000    120,960 
Olympus Water US Holding Corp.          
4.250% 10/01/28 (b)   326,000    250,612 
6.250% 10/01/29 (b) (c)   459,000    314,415 
Polar US Borrower LLC / Schenectady International Group, Inc.          
6.750% 5/15/26 (b) (c)   180,000    98,998 
Tronox, Inc.          
4.625% 3/15/29 (b)   196,000    145,040 
Vibrantz Technologies, Inc.          
9.000% 2/15/30 (b)   230,000    149,660 
         2,541,267 
Coal — 0.6%          
Coronado Finance Pty Ltd.          
10.750% 5/15/26 (b)   327,000    340,077 
Commercial Services — 3.7%          
Alta Equipment Group, Inc.          
5.625% 4/15/26 (b)   378,000    316,753 
APi Group DE, Inc.          
4.750% 10/15/29 (b)   372,000    311,859 
Ashtead Capital, Inc.          
5.500% 8/11/32 (b)   172,000    158,401 
CoreLogic, Inc.          
4.500% 5/01/28 (b)   251,000    179,465 
The Hertz Corp.          
5.000% 12/01/29 (b)   315,000    234,993 
Prime Security Services Borrower LLC / Prime Finance, Inc.          
6.250% 1/15/28 (b)   418,000    357,083 
PROG Holdings, Inc.          
6.000% 11/15/29 (b)   304,000    242,901 
Sabre GLBL, Inc.          
7.375% 9/01/25 (b)   172,000    154,053 
9.250% 4/15/25 (b)   171,000    163,717 
         2,119,225 
Computers — 1.9%          
CA Magnum Holdings          
5.375% 10/31/26 (b)   105,000    88,209 
Condor Merger Sub, Inc.          
7.375% 2/15/30 (b)   637,000    512,785 
Presidio Holdings, Inc.          
8.250% 2/01/28 (b)   462,000    398,122 
Seagate HDD Cayman          
3.125% 7/15/29   129,000    94,522 
         1,093,638 
Cosmetics & Personal Care — 0.7%          
Coty, Inc. /HFC Prestige Products, Inc. /HFC Prestige International US LLC          
4.750% 1/15/29 (b)   446,000    381,954 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Distribution & Wholesale — 0.8%          
American Builders & Contractors Supply Co., Inc.          
3.875% 11/15/29 (b)  $185,000   $144,938 
Resideo Funding, Inc.          
4.000% 9/01/29 (b)   372,000    299,824 
         444,762 
Diversified Financial Services — 5.7%          
Coinbase Global, Inc.          
3.375% 10/01/28 (b)   168,000    105,076 
3.625% 10/01/31 (b)   136,000    75,412 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (b)   1,498,293    1,127,466 
Jefferson Capital Holdings LLC          
6.000% 8/15/26 (b)   380,000    316,350 
Midcap Financial Issuer Trust          
5.625% 1/15/30 (b)   339,000    259,582 
6.500% 5/01/28 (b)   270,000    230,729 
OneMain Finance Corp.          
4.000% 9/15/30   169,000    118,589 
5.375% 11/15/29   552,000    427,800 
PRA Group, Inc.          
5.000% 10/01/29 (b)   583,000    471,380 
7.375% 9/01/25 (b)   168,000    162,002 
         3,294,386 
Electric — 1.7%          
PG&E Corp.          
5.000% 7/01/28 (c)   567,000    487,569 
Pike Corp.          
5.500% 9/01/28 (b)   593,000    480,330 
         967,899 
Electrical Components & Equipment — 0.3%          
Energizer Holdings, Inc.          
6.500% 12/31/27 (b)   215,000    190,853 
Electronics — 0.8%          
Atkore, Inc.          
4.250% 6/01/31 (b)   587,000    469,424 
Engineering & Construction — 1.2%          
Arcosa, Inc.          
4.375% 4/15/29 (b)   230,000    195,500 
Dycom Industries, Inc.          
4.500% 4/15/29 (b)   99,000    83,424 
Global Infrastructure Solutions, Inc.          
5.625% 6/01/29 (b)   126,000    93,142 
7.500% 4/15/32 (b)   140,000    106,400 
MasTec, Inc.          
4.500% 8/15/28 (b)   130,000    113,533 
Railworks Holdings LP / Railworks Rally, Inc.          
8.250% 11/15/28 (b)   117,000    108,846 
         700,845 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Entertainment — 0.6%          
Live Nation Entertainment, Inc.          
4.750% 10/15/27 (b)  $260,000   $225,728 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.          
4.875% 5/01/29 (b)   136,000    112,034 
         337,762 
Environmental Controls — 0.2%          
Harsco Corp.          
5.750% 7/31/27 (b)   188,000    117,460 
Food — 0.6%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.625% 1/15/32 (b)   420,000    328,125 
Forest Products & Paper — 0.2%          
Clearwater Paper Corp.          
4.750% 8/15/28 (b)   134,000    117,334 
Health Care – Products — 0.4%          
Garden Spinco Corp.          
8.625% 7/20/30 (b)   248,000    256,216 
Health Care – Services — 7.4%          
Centene Corp.          
4.625% 12/15/29   629,000    565,219 
Charles River Laboratories International, Inc.          
3.750% 3/15/29 (b)   40,000    33,272 
4.250% 5/01/28 (b)   329,000    286,516 
CHS/Community Health Systems, Inc.          
4.750% 2/15/31 (b)   108,000    72,360 
5.250% 5/15/30 (b)   468,000    325,845 
6.000% 1/15/29 (b)   184,000    135,207 
6.125% 4/01/30 (b)   213,000    100,451 
HCA, Inc.          
3.500% 9/01/30   776,000    640,759 
5.625% 9/01/28   673,000    641,657 
Molina Healthcare, Inc.          
4.375% 6/15/28 (b)   187,000    168,768 
Radiology Partners, Inc.          
9.250% 2/01/28 (b)   655,000    426,985 
Tenet Healthcare Corp.          
4.375% 1/15/30 (b)   165,000    137,726 
4.875% 1/01/26 (b)   179,000    166,339 
6.125% 10/01/28 (b)   493,000    431,705 
6.125% 6/15/30 (b)   96,000    88,171 
         4,220,980 
Home Builders — 1.7%          
Ashton Woods USA LLC / Ashton Woods Finance Co.          
4.625% 8/01/29 (b)   198,000    143,758 
M/I Homes, Inc.          
4.950% 2/01/28   368,000    306,443 
Mattamy Group Corp.          
4.625% 3/01/30 (b)   668,000    510,148 
         960,349 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Insurance — 0.7%          
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc.          
7.625% 10/15/25 (b)  $430,269   $405,529 
Internet — 1.6%          
Getty Images, Inc.          
9.750% 3/01/27 (b)   74,000    73,445 
ION Trading Technologies Sarl          
5.750% 5/15/28 (b)   298,000    242,870 
Millennium Escrow Corp.          
6.625% 8/01/26 (b)   342,000    270,366 
Twitter, Inc.          
5.000% 3/01/30 (b)   272,000    261,120 
Uber Technologies, Inc.          
4.500% 8/15/29 (b)   78,000    65,569 
         913,370 
Investment Companies — 0.3%          
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.          
4.750% 9/15/24   178,000    166,419 
Leisure Time — 1.5%          
Carnival Corp.          
5.750% 3/01/27 (b)   487,000    340,900 
6.000% 5/01/29 (b)   87,000    58,725 
NCL Corp. Ltd.          
5.875% 3/15/26 (b)   118,000    90,492 
5.875% 2/15/27 (b)   49,000    40,833 
NCL Finance Ltd.          
6.125% 3/15/28 (b) (c)   94,000    69,539 
Royal Caribbean Cruises Ltd.          
Convertible, 4.250% 6/15/23   20,000    19,450 
5.500% 8/31/26 (b)   343,000    259,770 
         879,709 
Lodging — 1.0%          
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc          
4.875% 7/01/31 (b)   199,000    151,948 
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp.          
5.875% 5/15/25 (b)   225,000    208,132 
Travel & Leisure Co.          
6.625% 7/31/26 (b)   213,000    199,447 
         559,527 
Machinery – Diversified — 0.2%          
OT Merger Corp.          
7.875% 10/15/29 (b)   180,000    121,950 
Media — 7.0%          
Altice Financing SA          
5.000% 1/15/28 (b)   152,000    117,083 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 1/15/34 (b)   486,000    348,098 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.000% 2/01/28 (b)  $130,000   $114,049 
5.375% 6/01/29 (b)   39,000    34,137 
6.375% 9/01/29 (b)   123,000    112,926 
CSC Holdings LLC          
4.625% 12/01/30 (b)   311,000    211,122 
Cumulus Media New Holdings, Inc.          
6.750% 7/01/26 (b) (c)   230,000    194,049 
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc.          
5.875% 8/15/27 (b)   543,000    468,126 
DISH DBS Corp.          
5.250% 12/01/26 (b)   53,000    43,399 
5.750% 12/01/28 (b)   68,000    51,242 
7.375% 7/01/28   32,000    21,547 
DISH Network Corp.          
3.375% 8/15/26   680,000    467,840 
Gray Escrow II, Inc.          
5.375% 11/15/31 (b)   246,000    192,969 
iHeartCommunications, Inc.          
8.375% 5/01/27   172,710    145,720 
LCPR Senior Secured Financing DAC          
5.125% 7/15/29 (b)   223,000    167,934 
6.750% 10/15/27 (b)   283,000    234,890 
Radiate Holdco LLC / Radiate Finance, Inc.          
6.500% 9/15/28 (b)   336,000    234,360 
Sinclair Television Group Inc          
5.125% 2/15/27 (b) (c)   178,000    147,221 
Sirius XM Radio, Inc.          
3.875% 9/01/31 (b)   333,000    258,222 
Univision Communications, Inc.          
7.375% 6/30/30 (b)   71,000    67,755 
Virgin Media Secured Finance PLC          
4.500% 8/15/30 (b)   280,000    218,526 
Virgin Media Vendor Financing Notes IV DAC          
5.000% 7/15/28 (b)   200,000    161,750 
         4,012,965 
Mining — 2.7%          
Arconic Corp.          
6.125% 2/15/28 (b)   178,000    157,233 
Compass Minerals International, Inc.          
4.875% 7/15/24 (b)   294,000    276,363 
6.750% 12/01/27 (b)   192,000    180,437 
First Quantum Minerals Ltd.          
6.875% 10/15/27 (b)   400,000    359,216 
Hecla Mining Co.          
7.250% 2/15/28   320,000    296,864 
Novelis Corp.          
3.250% 11/15/26 (b)   48,000    40,380 
3.875% 8/15/31 (b)   341,000    254,359 
         1,564,852 
Miscellaneous - Manufacturing — 0.3%          
Amsted Industries, Inc.          
5.625% 7/01/27 (b)   175,000    161,000 
Oil & Gas — 8.7%          
Apache Corp.          

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
4.750% 4/15/43  $65,000   $48,411 
5.100% 9/01/40   130,000    105,788 
5.350% 7/01/49   197,000    154,645 
Chesapeake Energy Corp.          
5.500% 2/01/26 (b)   90,000    86,175 
5.875% 2/01/29 (b)   205,000    190,061 
Comstock Resources, Inc.          
5.875% 1/15/30 (b)   114,000    99,289 
6.750% 3/01/29 (b)   126,000    116,220 
CVR Energy, Inc.          
5.750% 2/15/28 (b)   350,000    298,967 
Hilcorp Energy I LP / Hilcorp Finance Co.          
6.250% 11/01/28 (b)   365,000    336,778 
Murphy Oil Corp.          
6.375% 7/15/28   182,000    171,990 
Nabors Industries Ltd.          
7.250% 1/15/26 (b)   339,000    294,980 
7.500% 1/15/28 (b)   169,000    137,943 
Nabors Industries, Inc.          
5.750% 2/01/25   55,000    50,003 
7.375% 5/15/27 (b)   227,000    209,510 
Neptune Energy Bondco PLC          
6.625% 5/15/25 (b)   594,000    558,471 
Occidental Petroleum Corp.          
6.125% 1/01/31 (c)   387,000    381,745 
6.200% 3/15/40   397,000    384,097 
6.450% 9/15/36   215,000    214,194 
6.950% 7/01/24   88,000    90,420 
Parkland Corp.          
4.625% 5/01/30 (b)   105,000    84,954 
5.875% 7/15/27 (b)   269,000    249,363 
Range Resources Corp. Co.          
8.250% 1/15/29   123,000    125,153 
Southwestern Energy Co.          
4.750% 2/01/32   109,000    91,353 
Sunoco LP/Sunoco Finance Corp.          
6.000% 4/15/27   172,000    163,948 
Transocean Guardian Ltd.          
5.875% 1/15/24 (b)   25,512    24,022 
Transocean Poseidon Ltd.          
6.875% 2/01/27 (b)   25,375    23,218 
Transocean, Inc.          
7.250% 11/01/25 (b)   172,000    131,759 
7.500% 1/15/26 (b)   241,000    178,340 
         5,001,797 
Oil & Gas Services — 0.8%          
Weatherford International Ltd.          
6.500% 9/15/28 (b)   126,000    113,715 
8.625% 4/30/30 (b)   368,000    320,845 
         434,560 
Packaging & Containers — 1.4%          
Clydesdale Acquisition Holdings, Inc.          
6.625% 4/15/29 (b)   79,000    71,885 
8.750% 4/15/30 (b)   263,000    217,509 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Mauser Packaging Solutions Holding Co.          
5.500% 4/15/24 (b)  $164,000   $155,800 
Trident TPI Holdings, Inc.          
9.250% 8/01/24 (b)   386,000    354,214 
         799,408 
Pharmaceuticals — 2.3%          
1375209 BC Ltd.          
9.000% 1/30/28   81,513    80,698 
AdaptHealth LLC          
5.125% 3/01/30 (b)   365,000    300,952 
Bausch Health Cos., Inc.          
4.875% 6/01/28 (b)   215,000    138,610 
5.000% 1/30/28 (b)   446,000    166,388 
5.250% 1/30/30 (b)   19,000    7,086 
11.000% 9/30/28   120,156    95,825 
14.000% 10/15/30   28,982    16,809 
Jazz Securities DAC          
4.375% 1/15/29 (b)   187,000    161,521 
Organon & Co. / Organon Foreign Debt Co-Issuer BV          
4.125% 4/30/28 (b)   200,000    170,106 
Perrigo Finance Unlimited Co.          
4.400% STEP 6/15/30   194,000    161,065 
         1,299,060 
Pipelines — 7.0%          
Antero Midstream Partners LP / Antero Midstream Finance Corp.          
5.375% 6/15/29 (b)   779,000    687,779 
CQP Holdco LP / BIP-V Chinook Holdco LLC          
5.500% 6/15/31 (b)   379,000    320,909 
EnLink Midstream LLC          
5.375% 6/01/29   173,000    158,295 
EnLink Midstream Partners LP          
4.850% 7/15/26   56,000    51,489 
5.450% 6/01/47   97,000    70,855 
5.600% 4/01/44   257,000    195,506 
EQM Midstream Partners LP          
4.500% 1/15/29 (b)   157,000    126,430 
4.750% 1/15/31 (b)   142,000    112,713 
6.000% 7/01/25 (b)   67,000    61,972 
6.500% 7/01/27 (b)   151,000    139,536 
Harvest Midstream I LP          
7.500% 9/01/28 (b)   514,000    480,418 
ITT Holdings LLC          
6.500% 8/01/29 (b)   565,000    438,302 
NGL Energy Operating LLC / NGL Energy Finance Corp.          
7.500% 2/01/26 (b)   350,000    311,363 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp          
7.500% 10/01/25 (b)   171,000    168,008 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.875% 2/01/31   295,000    253,700 
5.500% 3/01/30   28,000    25,267 
Venture Global Calcasieu Pass LLC          
3.875% 8/15/29 (b)   133,000    114,098 
4.125% 8/15/31 (b)   152,000    126,079 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Western Midstream Operating LP          
5.450% 4/01/44  $202,000   $165,709 
         4,008,428 
Real Estate — 0.4%          
Realogy Group LLC / Realogy Co-Issuer Corp.          
5.750% 1/15/29 (b)   311,000    224,309 
Real Estate Investment Trusts (REITS) — 1.9%          
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.          
4.750% 6/15/29 (b)   425,000    318,176 
RLJ Lodging Trust LP          
3.750% 7/01/26 (b)   107,000    91,384 
4.000% 9/15/29 (b)   126,000    98,705 
Service Properties Trust          
3.950% 1/15/28   73,000    49,595 
4.375% 2/15/30   115,000    75,464 
4.950% 2/15/27   58,000    42,995 
7.500% 9/15/25   267,000    249,645 
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC          
4.750% 4/15/28 (b)   180,000    142,195 
7.875% 2/15/25 (b)   25,000    24,400 
         1,092,559 
Retail — 3.2%          
Asbury Automotive Group, Inc.          
4.625% 11/15/29 (b)   148,000    118,307 
Bath & Body Works, Inc.          
6.750% 7/01/36   97,000    79,927 
6.875% 11/01/35   299,000    249,779 
BCPE Ulysses Intermediate, Inc.          
7.750% 4/01/27 (b)   405,000    275,545 
Macy's Retail Holdings LLC          
5.875% 4/01/29 (b) (c)   40,000    32,624 
5.875% 3/15/30 (b) (c)   71,000    56,157 
6.125% 3/15/32 (b)   78,000    59,672 
Nordstrom, Inc.          
5.000% 1/15/44 (c)   331,000    204,806 
Sonic Automotive, Inc.          
4.625% 11/15/29 (b)   149,000    116,965 
4.875% 11/15/31 (b) (c)   63,000    47,723 
Staples, Inc.          
7.500% 4/15/26 (b)   160,000    133,990 
10.750% 4/15/27 (b) (c)   216,000    159,840 
Suburban Propane Partners LP / Suburban Energy Finance Corp.          
5.000% 6/01/31 (b)   192,000    156,962 
Superior Plus LP / Superior General Partner, Inc.          
4.500% 3/15/29 (b)   145,000    119,016 
         1,811,313 
Semiconductors — 0.3%          
Entegris Escrow Corp.          
5.950% 6/15/30 (b)   204,000    186,193 
Software — 1.4%          
Avaya Holdings Corp., Convertible,          
2.250% 6/15/23   335,000    143,212 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Consensus Cloud Solutions, Inc.          
6.000% 10/15/26 (b)  $94,000   $82,832 
Open Text Corp.          
3.875% 2/15/28 (b)   43,000    35,562 
Open Text Holdings, Inc.          
4.125% 2/15/30 (b)   196,000    156,528 
4.125% 12/01/31 (b)   72,000    54,672 
Veritas US, Inc./Veritas Bermuda Ltd.          
7.500% 9/01/25 (b)   402,000    307,870 
         780,676 
Telecommunications — 5.1%          
Altice France SA          
5.125% 7/15/29 (b)   368,000    274,936 
Avaya, Inc.          
6.125% 9/15/28 (b)   219,000    108,952 
Connect Finco SARL / Connect US Finco LLC          
6.750% 10/01/26 (b)   122,000    106,729 
Consolidated Communications, Inc.          
6.500% 10/01/28 (b)   391,000    292,358 
Frontier Communications Holdings LLC          
6.000% 1/15/30 (b) (c)   572,000    449,598 
GoTo Group, Inc.          
5.500% 9/01/27 (b)   210,000    128,791 
Sprint Capital Corp.          
6.875% 11/15/28   476,000    489,091 
8.750% 3/15/32   671,000    777,522 
T-Mobile USA, Inc.          
3.375% 4/15/29   357,000    308,186 
         2,936,163 
Transportation — 1.6%          
Carriage Purchaser, Inc.          
7.875% 10/15/29 (b)   191,000    142,261 
First Student Bidco, Inc./First Transit Parent, Inc.          
4.000% 7/31/29 (b)   425,000    344,335 
Seaspan Corp.          
5.500% 8/01/29 (b)   571,000    439,708 
         926,304 
           
TOTAL CORPORATE DEBT
(Cost $61,889,825)
        51,557,064 
           
TOTAL BONDS & NOTES
(Cost $63,909,980)
        53,228,598 
           
   Number of
Shares
    
MUTUAL FUNDS — 4.4%          
Diversified Financial Services — 4.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   2,499,913    2,499,913 
           
TOTAL MUTUAL FUNDS
(Cost $2,499,913)
        2,499,913 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $66,409,893)
        55,728,511 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
SHORT-TERM INVESTMENTS — 5.5%          
Repurchase Agreement — 5.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (e)  $3,149,850   $3,149,850 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,149,850)
        3,149,850 
           
TOTAL INVESTMENTS — 102.8%
(Cost $69,559,743) (f)
        58,878,361 
           
Other Assets/(Liabilities) — (2.8)%        (1,617,891) 
           
NET ASSETS — 100.0%       $57,260,470 

 

Abbreviation Legend

STEP Step Up Bond
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at September 30, 2022 where the rate will be determined at time of settlement.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $39,742,165 or 69.41% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $2,594,407 or 4.53% of net assets. The Fund received $149,296 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $3,150,068. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $3,212,899.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 92.6%          
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 57.2%          
Automobile Asset-Backed Securities — 5.3%          
Avis Budget Rental Car Funding, Series 2017-2A, Class D          
4.560% 3/20/24 (a)  $2,000,000   $1,992,401 
Carvana Auto Receivables Trust, Series 2020-N3, Class B          
0.660% 6/12/28   2,230,601    2,142,257 
Drive Auto Receivables Trust, Series 2021-1, Class C          
1.020% 6/15/27   1,200,000    1,162,187 
Hertz Vehicle Financing LLC, Series 2021-1A, Class D          
3.980% 12/26/25 (a)   3,400,000    2,972,557 
Onemain Direct Auto Receivable Trust, Series 2022-1A, Class C          
5.310% 6/14/29 (a)   800,000    778,508 
Westlake Automobile Receivables Trust, Series 2020-3A, Class D          
1.650% 2/17/26 (a)   2,306,000    2,199,016 
         11,246,926 
Commercial Mortgage-Backed Securities — 3.3%          
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%, FRN          
4.318% 7/15/35 (a)   1,000,000    950,295 
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000%, FRN          
4.818% 10/15/36 (a)   1,487,500    1,436,686 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%, FRN          
4.568% 12/15/37 (a)   308,865    293,140 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%, FRN          
4.418% 5/15/36 (a)   4,000,000    3,827,659 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%, FRN          
4.618% 5/15/36 (a)  $476,000   $456,234 
         6,964,014 
Home Equity Asset-Backed Securities — 1.2%          
Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450%, FRN          
3.534% 6/25/36   194,667    192,966 
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435%, FRN          
3.519% 8/25/36   366,949    363,758 
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%, FRN          
3.699% 4/25/36   1,560,975    1,525,460 
Residential Asset Securities Trust, Series 2005-EMX1, Class M1, 1 mo. USD LIBOR + .645%, FRN          
3.729% 3/25/35   431,160    430,384 
         2,512,568 
Other Asset-Backed Securities — 26.4%          
321 Henderson Receivables LLC           
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200%, FRN          
3.018% 3/15/41 (a)   49,572    49,221 
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200%, FRN          
3.018% 9/15/41 (a)   63,614    62,501 
Affirm Asset Securitization Trust           
Series 2021-Z1, Class A          
1.070% 8/15/25 (a)   1,900,796    1,843,879 
Series 2021-Z2, Class A          
1.170% 11/16/26 (a)   998,732    962,477 
Series 2022-X1, Class A          
1.750% 2/15/27 (a)   1,146,093    1,120,952 
Series 2020-Z2, Class A          
1.900% 1/15/25 (a)   877,913    861,271 
Series 2021-A, Class D          
3.490% 8/15/25 (a)   1,600,000    1,567,280 
BHG Securitization Trust, Series 2021-B, Class A          
0.900% 10/17/34 (a)   1,082,251    1,027,125 
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, VRN          
0.985% 11/25/50 (a) (b)   1,294,420    1,234,802 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%, FRN          
3.489% 8/25/36  $151,455   $151,380 
Crossroads Asset Trust, Series 2021-A, Class A2          
0.820% 3/20/24 (a)   190,315    188,639 
FCI Funding LLC           
Series 2021-1A, Class A          
1.130% 4/15/33 (a)   1,804,675    1,750,251 
Series 2021-1A, Class B          
1.530% 4/15/33 (a)   1,203,259    1,168,263 
Series 2019-1A, Class A          
3.630% 2/18/31 (a)   17,626    17,617 
First Franklin Mortgage Loan Trust           
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160%, FRN          
3.244% 11/25/36   397,100    390,409 
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720%, FRN          
3.804% 10/25/35   154,791    154,639 
FNA VI LLC, Series 21-1A, Class A          
1.350% 1/10/32 (a)   2,955,560    2,702,165 
FREED ABS Trust, Series 2021-2, Class B          
1.030% 6/19/28 (a)   1,083,219    1,078,570 
Gracie Point International Funding           
Series 2021-1A, Class A, 1 mo. USD LIBOR + .750%, FRN          
3.314% 11/01/23 (a)   5,830,758    5,789,641 
Series 2022-1A, Class C, 30 day SOFR + 3.500%, FRN          
5.947% 4/01/24 (a)   1,700,000    1,699,996 
Series 2022-1A, Class E, 30 day SOFR + 5.750%, FRN          
8.197% 4/01/24 (a)   800,000    799,997 
Hilton Grand Vacations Trust, Series 2022-2A, Class C          
5.570% 1/25/37 (a)   676,695    649,698 
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%, FRN          
3.344% 3/25/37   175,352    172,684 
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200%, FRN          
5.139% 2/15/39 (a)   700,000    656,380 
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%, FRN          
3.752% 7/15/27 (a)   376,425    373,784 
Lendmark Funding Trust, Series 2019-2A, Class A          
2.780% 4/20/28 (a)   6,600,000    6,441,712 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
New Residential Advance Receivables Trust Advance Receivables Backed           
Series 2020-T1, Class AT1, ABS, 144A          
1.426% 8/15/53 (a)  $2,250,000   $2,095,197 
Series 2020-T1, Class BT1          
1.823% 8/15/53 (a)   1,100,000    1,046,788 
NP SPE II LP, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)   204,782    192,628 
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3          
1.814% 10/15/52 (a)   357,600    356,272 
Oportun Funding LLC, Series 2022-1, Class A          
3.250% 6/15/29 (a)   1,888,743    1,860,313 
Orange Lake Timeshare Trust, Series 2016-A, Class A          
2.610% 3/08/29 (a)   68,934    68,788 
Pagaya AI Debt Selection Trust           
Series 2021-3, Class A          
1.150% 5/15/29 (a)   2,032,051    1,979,785 
Series 2022-1, Class A          
2.030% 10/15/29 (a)   8,768,856    8,462,615 
Sierra Receivables Funding LLC           
Series 2019-3A, Class C          
3.000% 8/20/36 (a)   856,206    813,330 
Series 2019-2A, Class C          
3.120% 5/20/36 (a)   1,469,868    1,402,043 
Series 2019-1A, Class C          
3.770% 1/20/36 (a)   196,980    190,681 
Series 2019-3A, Class D          
4.180% 8/20/36 (a)   219,237    211,212 
Series 2019-1A, Class D          
4.750% 1/20/36 (a)   178,220    172,583 
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%, FRN          
3.819% 3/25/35   494,287    490,879 
Structured Asset Securities Corp. Mortgage Loan Trust           
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170%, FRN          
3.254% 1/25/37   185,553    180,815 
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645%, FRN          
3.729% 2/25/36   274,538    274,176 
Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%, FRN          
4.284% 11/25/35 (a)   492,872    479,671 
Upstart Securitization Trust           
Series 2021-4, Class A          
0.840% 9/20/31 (a)   2,929,914    2,812,265 
Series 2020-3, Class A           
1.702% 11/20/30 (a)   114,277    114,084
         56,119,458 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Student Loans Asset-Backed Securities — 7.9%          
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%, FRN          
3.741% 3/28/68 $1,974,841   $1,917,580 
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%, FRN          
3.002% 1/15/37   296,164    256,384 
Commonbond Student Loan Trust           
Series 2021-AGS, Class B          
1.400% 3/25/52 (a)   145,788    123,142 
Series 2018-CGS, Class C          
4.350% 2/25/46 (a)   14,925    13,343 
DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850%, FRN          
3.934% 5/27/42 (a)   472,735    472,861 
Edsouth Indenture, No.9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800%, FRN          
3.884% 10/25/56 (a)   238,561    238,001 
Edsouth Indenture, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%, FRN          
4.584% 12/25/58 (a)   1,000,000    998,996 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%, FRN          
3.834% 8/25/42 (a)   221,359    220,742 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%, FRN          
3.697% 8/25/48 (a)   138,324    138,069 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%, FRN          
3.143% 6/28/39 (a)   346,055    316,333 
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730%, FRN          
4.358% 9/27/38   96,731    96,557 
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX          
2.340% 10/25/48 (a)   135,681    133,363 
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200%, FRN          
4.018% 12/15/28 (a)   93,241    93,260 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Navient Private Education Refi Loan Trust           
Series 2021-A, Class A          
0.840% 5/15/69 (a)  $2,143,027   $1,896,109 
Series 2020-HA, Class A          
1.310% 1/15/69 (a)   411,801    369,812 
Navient Student Loan Trust           
Series 2017-3A, Class A2, 1 mo. USD LIBOR + .600%, FRN          
3.684% 7/26/66 (a)   140,730    140,677 
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%, FRN          
4.234% 7/26/66 (a)   365,633    365,174 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%, FRN          
4.834% 12/26/40 (a)   28,347    28,339 
Nelnet Student Loan Trust           
Series 2006-2, Class B, 3 mo. USD LIBOR + .200%, FRN          
2.983% 1/25/38   476,137    421,933 
Series 2004-3, Class B, 3 mo. USD LIBOR + .350%, FRN          
3.133% 10/25/40   870,503    806,995 
Series 2005-2, Class B, 3 mo. USD LIBOR + .170%, FRN          
3.772% 3/23/37   854,830    777,745 
Series 2006-3, Class B, 3 mo. USD LIBOR + .250%, FRN          
3.891% 6/25/41   223,356    202,635 
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500%, FRN          
4.584% 6/25/41 (a)   375,000    374,996 
SLC Student Loan Trust           
Series 2006-2, Class B, 3 mo. USD LIBOR + .230%, FRN          
3.523% 12/15/39   848,085    769,969 
Series 2005-2, Class B, 3 mo. USD LIBOR + .280%, FRN          
3.573% 3/15/40   1,279,520    1,196,993 
SLM Student Loan Trust           
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140%, FRN          
2.923% 10/25/28   129,148    127,853 
Series 2006-4, Class B, 3 mo. USD LIBOR + .200%, FRN          
2.983% 1/25/70   261,032    245,277 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN          
2.993% 10/25/40   310,956    291,570 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2006-2, Class B, 3 mo. USD LIBOR + .220%, FRN          
3.003% 1/25/41  $304,550   $285,659 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300%, FRN          
3.083% 7/25/25   50,845    50,812 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310%, FRN          
3.093% 1/25/55   274,391    260,328 
Series 2004-8, Class B, 3 mo. USD LIBOR + .460%, FRN          
3.243% 1/25/40   300,248    283,644 
Series 2004-3, Class B, 3 mo. USD LIBOR + .470%, FRN          
3.253% 10/25/64   209,809    200,383 
Series 2003-11, Class B, 3 mo. USD LIBOR + .650%, FRN          
3.943% 12/15/38   296,481    282,472 
SMB Private Education Loan Trust           
Series 2018-B, Class A2B, 1 mo. USD LIBOR + .720%, FRN          
3.538% 1/15/37 (a)   752,159    738,723 
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870%, FRN          
3.688% 7/15/36 (a)   951,353    937,519 
SoFi Alternative Trust, Series 2019-C, Class PT, VRN          
5.511% 1/25/45 (a) (b)   643,384    614,095 
SoFi Professional Loan Program LLC           
Series 2016-B, Class A2B          
2.740% 10/25/32 (a)   132,046    131,841 
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700%, FRN          
3.784% 3/26/40 (a)   58,729    58,584 
         16,878,768 
Whole Loan Collateral Collateralized Mortgage Obligations — 13.1%          
Angel Oak Mortgage Trust           
Series 2020-6, Class A1, VRN          
1.261% 5/25/65 (a) (b)   1,074,318    962,189 
Series 2022-2, Class A1, VRN          
3.353% 1/25/67 (a) (b)   2,104,412    1,879,052 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%, FRN          
3.394% 8/25/49 (a)   871,348    832,241 
COLT Mortgage Loan Trust, Series 2022-1, Class A1, VRN          
2.284% 12/27/66 (a) (b)   6,917,379    5,950,594 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Lakeview Trust           
Series 2022-1, Class M3          
4.585% 4/25/52 (a)  $700,000   $673,456 
Series 2022-3, Class M3          
5.437% 5/29/52 (a)   1,300,000    1,265,290 
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750%, FRN          
3.834% 5/25/55 (a)   4,667,000    4,573,849 
Oceanview Trust           
Series 2021-1, Class A          
1.219% 12/29/51 (a)   2,324,311    2,255,638 
Series 2021-1, Class M3          
3.090% 12/29/51 (a)   2,000,000    1,915,493 
Onslow Bay Financial LLC           
Series 2021-NQM2, Class A2, VRN          
1.357% 5/25/61 (a) (b)   1,404,822    1,117,724 
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950%, FRN          
4.034% 2/25/60 (a)   393,683    374,430 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%, FRN          
5.934% 2/25/23 (a)   440,000    435,546 
PSMC Trust, Series 2020-2, Class A2, VRN          
3.000% 5/25/50 (a) (b)   753,626    701,633 
Starwood Mortgage Residential Trust           
Series 2019-INV1, Class A3, VRN          
2.916% 9/27/49 (a) (b)   919,707    877,343 
Series 2021-1, Class A3, VRN          
1.528% 5/25/65 (a) (b)   3,359,109    3,017,161 
Verus Securitization Trust           
Series 2021-3, Class A3, VRN          
1.437% 6/25/66 (a) (b)   836,938    677,829 
Series 2019-INV2, Class A3, VRN          
3.219% 7/25/59 (a) (b)   372,662    362,985 
         27,872,453 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $126,321,094)
        121,594,187 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 11.9%          
Pass-Through Securities — 0.1%          
Federal Home Loan Mortgage Corp.
Pool #1Q0239, 1 year CMT + 2.189%, FRN 2.399% 3/01/37
   105,246    107,747 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Whole Loans — 11.8%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes           
Series 2021-DNA6, Class M1, 30 day SOFR + .800%, FRN          
3.081% 10/25/41 (a)  $6,550,000   $6,421,086 
Series 2021-HQA3, Class M1, 30 day SOFR + .850%, FRN          
3.131% 9/25/41 (a)   7,066,762    6,869,454 
Series 2021-DNA7, Class M1, 30 day SOFR + .850%, FRN          
3.131% 11/25/41 (a)   2,700,000    2,628,834 
Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000%, FRN          
4.281% 4/25/42 (a)   2,134,402    2,118,412 
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700%, FRN          
4.784% 1/25/50 (a)   1,238,972    1,228,874 
Series 2020-DNA5, Class M2, 30 day SOFR + 2.800%, FRN          
5.081% 10/25/50 (a)   218,777    218,900 
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100%, FRN          
5.184% 9/25/48 (a)   833,610    834,892 
Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950%, FRN          
5.231% 6/25/42 (a)   654,824    654,654 
Federal National Mortgage Association Connecticut Avenue Securities Trust           
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150%, FRN          
5.234% 9/25/31 (a)   1,012,720    1,006,848 
Series 2022-R07, Class 1M1, 30 day SOFR + 2.950%, FRN          
5.255% 6/25/42 (a)   2,813,815    2,831,853 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300%, FRN          
5.384% 8/25/31 (a)   504,928    503,678 
         25,317,485 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $25,907,074)
        25,425,232 
           

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
U.S. TREASURY OBLIGATIONS — 23.5%          
U.S. Treasury Bonds & Notes — 23.5%          
U.S. Treasury Inflation Index          
0.125% 2/15/52  $1,011,095   $635,449 
0.125% 4/15/25   2,064,636    1,959,146 
0.125% 10/15/25   3,825,231    3,615,964 
0.125% 4/15/26   1,016,775    949,573 
0.125% 7/15/26   1,730,442    1,618,053 
0.125% 10/15/26   2,005,844    1,868,569 
0.125% 4/15/27 (d)   1,836,345    1,693,861 
0.125% 1/15/30   1,439,450    1,272,311 
0.125% 7/15/30   1,733,355    1,525,262 
0.125% 1/15/31   2,247,827    1,961,082 
0.125% 7/15/31   1,658,145    1,443,407 
0.125% 1/15/32   1,496,334    1,292,254 
0.125% 2/15/51   739,694    461,528 
0.250% 1/15/25   2,533,052    2,424,260 
0.250% 7/15/29   1,216,184    1,095,848 
0.250% 2/15/50   691,440    450,813 
0.375% 7/15/25 (e)   3,304,557    3,159,273 
0.375% 1/15/27   429,282    401,555 
0.375% 7/15/27   1,392,857    1,299,583 
0.500% 1/15/28   1,531,441    1,421,169 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
0.625% 1/15/26  $1,527,453   $1,457,961 
0.625% 7/15/32   3,772,964    3,419,764 
0.625% 2/15/43   1,030,928    789,734 
0.750% 7/15/28   1,740,968    1,635,580 
0.750% 2/15/42   590,036    472,789 
0.750% 2/15/45   1,163,817    893,578 
0.875% 1/15/29   1,173,360    1,103,081 
0.875% 2/15/47   859,159    670,625 
1.000% 2/15/46   625,205    504,682 
1.000% 2/15/48   600,735    484,562 
1.000% 2/15/49   529,835    429,318 
1.375% 2/15/44   699,188    619,828 
1.750% 1/15/28   1,131,384    1,120,070 
2.000% 1/15/26   895,650    893,148 
2.125% 2/15/40   411,231    426,620 
2.125% 2/15/41   879,398    904,440 
2.375% 1/15/27   440,748    447,884 
2.500% 1/15/29   827,976    856,330 
3.375% 4/15/32   417,293    474,915 
3.625% 4/15/28   824,315    896,168 
3.875% 4/15/29   901,125    1,009,225 
         50,059,262  

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $59,323,083)
       $50,059,262 
           
TOTAL BONDS & NOTES
(Cost $211,551,251)
        197,078,681 
           
           
   Number of
Shares
    
MUTUAL FUNDS — 0.8%          
Diversified Financial Services — 0.8%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   1,734,688    1,734,688 
           
TOTAL MUTUAL FUNDS
(Cost $1,734,688)
        1,734,688 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $213,285,939)
        198,813,369 
           
           
   Principal
Amount
    
SHORT-TERM INVESTMENTS — 7.6%          
Commercial Paper — 5.2%          
Penske Truck Leasing Co. LP          
3.450% 10/07/22  $5,000,000    4,996,616 
Southern Power Co.          
3.607% 10/21/22   6,000,000    5,987,914 
         10,984,530 
Repurchase Agreement — 2.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (g)   5,084,488    5,084,488 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,069,822)
        16,069,018 
           

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
TOTAL INVESTMENTS — 101.0%
(Cost $229,355,761) (h)
       $214,882,387 
           
Other Assets/(Liabilities) — (1.0)%        (2,127,660) 
           
NET ASSETS — 100.0%       $212,754,727 

 

Abbreviation Legend

FRN Floating Rate Note
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $130,804,889 or 61.48% of net assets.
(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022.
(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $1,700,064 or 0.80% of net assets. (Note 2).
(e) All or a portion of this security is pledged/held as collateral for open derivatives.
(f) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $5,084,840. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $5,186,257.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts

   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long                  
U.S. Treasury Ultra Bond  12/20/22   1   $138,753   $(1,753)
U.S. Treasury Note 5 Year  12/30/22   16    1,725,127    (5,002)
                $(6,755)
Short                  
U.S. Treasury Long Bond  12/20/22   1   $(135,871)  $9,465 
U.S. Treasury Ultra 10 Year  12/20/22   14    (1,679,611)   20,830 
U.S. Treasury Note 2 Year  12/30/22   325    (67,888,448)   1,136,495 
                $1,166,790 

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
12-Month SOFR  Annually   Fixed 3.552%    Annually    12/07/24   USD   7,500,000   $(96,673)   $   $(96,673)
12-Month SOFR  Annually   Fixed 4.062%    Annually    12/22/24   USD   7,500,000    (23,131)        (23,131)
Fixed 3.082%  Annually   12-Month SOFR    Annually    12/07/32   USD   1,680,000    67,882        67,882
Fixed 3.352%  Annually   12-Month SOFR    Annually    12/22/32   USD   1,694,000    30,112        30,112 
                             $(21,810)   $   $(21,810)

 

OTC Total Return Swaps
Paid by the Fund  Received by the Fund   
Rate/
Reference
  Frequency   Rate/ Reference  Frequency  Counterparty  Termination Date  No. of Contracts/
Notional
  Value   Upfront Premium Received (Paid)/ Received   Unrealized
Appreciation
(Depreciation)
 
3.170%  Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  1/31/23  31,823,920   $(2,896,174)  $   $(2,896,174)
3.165%  Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  2/28/23  41,153,453    (2,723,189)       (2,723,189)
3.170%  Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  1/31/23  40,149,212    (3,653,828)       (3,653,828)
3.165%  Maturity   Bloomberg Barclays US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  2/28/23  43,355,974    (2,868,933)       (2,868,933)
                         $(12,142,124)   $   $(12,142,124) 

 

 

Currency Legend

USD U.S. Dollar

 

 

 

MML iShares® 60/40 Allocation Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
MUTUAL FUNDS — 106.3%          
           
Diversified Financial Services — 106.3%          
iShares 1-5 Year Investment Grade Corporate Bond ETF (a)   26,515   $1,306,659 
iShares 20+ Year Treasury Bond ETF   4,763    487,969 
iShares Broad USD High Yield Corporate Bond ETF (a)   7,762    260,958 
iShares Core Dividend Growth ETF   16,779    746,162 
iShares Core International Aggregate Bond ETF   2,692    130,091 
iShares Core MSCI Emerging Markets ETF   10,760    462,465 
iShares Core MSCI International Developed Markets ETF   63,620    3,073,482 
iShares Core S&P 500 ETF   6,269    2,248,377 
iShares Core S&P Mid-Cap ETF   2,317    508,025 
iShares Core S&P Total US Stock Market ETF   97,729    7,773,365 
iShares Core U.S. Aggregate Bond ETF    83,573    8,051,423 
State Street Navigator Securities Lending Government Money Market Portfolio (b)   1,587,775    1,587,775 
           
TOTAL MUTUAL FUNDS
(Cost $31,716,357)
        26,636,751 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $31,716,357)
        26,636,751 
           
TOTAL INVESTMENTS — 106.3%
(Cost $31,716,357) (c)
        26,636,751 
           
Other Assets/(Liabilities) — (6.3)%        (1,583,270) 
           
NET ASSETS — 100.0%       $25,053,481 

 

Abbreviation Legend

ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $1,549,063 or 6.18% of net assets. (Note 2).
(b) Represents investment of security lending cash collateral. (Note 2).
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML iShares® 80/20 Allocation Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

    Number of
Shares
    Value  
MUTUAL FUNDS — 106.4%                
                 
Diversified Financial Services — 106.4%                
iShares 1-5 Year Investment Grade Corporate Bond ETF (a)     36,386     $ 1,793,102  
iShares 20+ Year Treasury Bond ETF     3,262       334,192  
iShares Broad USD High Yield Corporate Bond ETF (a)     10,636       357,582  
iShares Core Dividend Growth ETF     23,005       1,023,033  
iShares Core International Aggregate Bond ETF     7,384       356,832  
iShares Core MSCI Emerging Markets ETF     36,974       1,589,143  
iShares Core MSCI International Developed Markets ETF     100,803       4,869,793  
iShares Core S&P 500 ETF     7,637       2,739,010  
iShares Core S&P Mid-Cap ETF     6,354       1,393,178  
iShares Core S&P Total US Stock Market ETF     194,332       15,457,167  
iShares Core U.S. Aggregate Bond ETF     43,660       4,206,204  
State Street Navigator Securities Lending Government Money Market Portfolio (b)     2,178,328       2,178,328  
                 
TOTAL MUTUAL FUNDS
(Cost $43,428,936)
            36,297,564  
                 
TOTAL LONG-TERM INVESTMENTS
(Cost $43,428,936)
            36,297,564  
                 
TOTAL INVESTMENTS — 106.4%
(Cost $43,428,936) (c)
            36,297,564  
                 
Other Assets/(Liabilities) — (6.4)%             (2,193,309)  
                 
NET ASSETS — 100.0%           $ 34,104,255  

 

Abbreviation Legend

ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $2,125,213 or 6.23% of net assets. (Note 2).
(b) Represents investment of security lending cash collateral. (Note 2).
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Managed Bond Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 98.6%          
           
CORPORATE DEBT — 38.3%          
Aerospace & Defense — 0.3%          
The Boeing Co.          
5.150% 5/01/30  $2,200,000   $2,032,552 
5.930% 5/01/60   605,000    517,591 
         2,550,143 
Agriculture — 1.1%          
Altria Group, Inc.          
5.800% 2/14/39   1,375,000    1,200,768 
BAT Capital Corp.          
2.259% 3/25/28   725,000    576,976 
3.462% 9/06/29   1,075,000    875,563 
4.700% 4/02/27   2,365,000    2,206,254 
4.758% 9/06/49   540,000    368,053 
Imperial Brands Finance PLC          
3.875% 7/26/29 (a)   1,739,000    1,476,224 
Reynolds American, Inc.          
5.850% 8/15/45   985,000    772,815 
Viterra Finance BV          
3.200% 4/21/31 (a)   1,315,000    978,522 
         8,455,175 
Airlines — 0.2%          
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,          
4.100% 4/01/28   1,242,719    1,075,096 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 3/01/26   357,512    325,791 
         1,400,887 
Auto Manufacturers — 0.7%          
Ford Motor Co.          
6.100% 8/19/32   1,155,000    1,018,248 
General Motors Co.          
5.150% 4/01/38   800,000    643,762 
6.800% 10/01/27   1,890,000    1,909,650 
General Motors Financial Co., Inc.          
3.100% 1/12/32   1,750,000    1,319,294 
         4,890,954 
Auto Parts & Equipment — 0.1%          
Lear Corp.          
3.550% 1/15/52 (b)   1,325,000    787,198 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Banks — 7.1%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)  $1,875,000   $1,803,555 
Bank Hapoalim BM 5 year CMT + 2.155%          
3.255% VRN 1/21/32 (a)   2,600,000    2,157,891 
Bank of America Corp.          
SOFR + 1.220% 2.299% VRN 7/21/32   1,355,000    1,011,227 
5 year CMT + 1.200% 2.482% VRN 9/21/36   2,635,000    1,904,656 
5 year CMT + 2.000% 3.846% VRN 3/08/37   2,145,000    1,730,156 
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38   1,150,000    946,840 
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29   475,000    431,622 
6.110% 1/29/37   1,550,000    1,492,552 
7.750% 5/14/38   400,000    443,740 
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%          
4.650% VRN (c)   3,575,000    3,064,149 
Barclays PLC          
4.337% 1/10/28   920,000    820,108 
5.200% 5/12/26   1,320,000    1,254,754 
5 year CMT + 5.431% 8.000% VRN (c)   1,382,000    1,209,526 
BPCE SA SOFR + 1.730%          
3.116% VRN 10/19/32 (a)   1,860,000    1,320,967 
Citigroup, Inc.          
4.450% 9/29/27   1,825,000    1,688,806 
3 mo. USD LIBOR + 4.068% 5.950% VRN (c)   890,000    879,427 
6.625% 6/15/32   1,525,000    1,541,286 
Credit Suisse AG          
6.500% 8/08/23 (a)   1,630,000    1,608,810 
Credit Suisse Group AG          
SOFR + .980% 1.305% VRN 2/02/27 (a)   2,500,000    2,029,600 
SOFR + 3.340% 6.373% VRN 7/15/26 (a)   892,000    862,007 
Deutsche Bank AG SOFR + 1.318%          
2.552% VRN 1/07/28   2,580,000    2,095,433 
Discover Bank 5 year USD Swap + 1.730%          
4.682% VRN 8/09/28   1,955,000    1,874,357 
First Republic Bank          
4.375% 8/01/46   1,700,000    1,321,150 
The Goldman Sachs Group, Inc.          
SOFR + 1.410% 3.102% VRN 2/24/33   1,500,000    1,190,275 
6.750% 10/01/37   1,795,000    1,788,252 
HSBC Holdings PLC          
SOFR + 1.285% 2.206% VRN 8/17/29   1,203,000    931,327 
4.375% 11/23/26   699,000    650,910 
JP Morgan Chase & Co.          
SOFR + 2.515% 2.956% VRN 5/13/31   1,000,000    791,703 
5.600% 7/15/41   1,125,000    1,066,937 
Macquarie Group Ltd. SOFR + 1.069%          
1.340% VRN 1/12/27 (a)   950,000    813,353 
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%          
3.077% VRN 4/07/31 (a)   2,780,000    2,331,725 
Morgan Stanley          
SOFR + 1.360% 2.484% VRN 9/16/36   1,270,000    909,650 
4.350% 9/08/26   3,200,000    3,048,935 
SOFR + 2.620% 5.297% VRN 4/20/37   2,320,000    2,080,602 
National Australia Bank Ltd. 5 year CMT + 1.700%          
3.347% VRN 1/12/37 (a) (b)   2,960,000    2,271,365 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Societe Generale SA 1 year CMT + 1.000%          
1.792% VRN 6/09/27 (a)  $2,010,000   $1,674,000 
         53,041,653 
Beverages — 0.6%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900% 2/01/46   2,775,000    2,404,967 
Bacardi Ltd.          
5.150% 5/15/38 (a)   450,000    385,487 
Molson Coors Beverage Co.          
4.200% 7/15/46   1,859,000    1,378,371 
5.000% 5/01/42   360,000    302,348 
         4,471,173 
Biotechnology — 0.1%          
Amgen, Inc.          
3.000% 1/15/52   840,000    527,747 
Chemicals — 0.8%          
Celanese US Holdings LLC          
6.050% 3/15/25   2,025,000    1,978,952 
DuPont de Nemours, Inc.          
5.319% 11/15/38   1,200,000    1,088,123 
Syngenta Finance NV          
4.441% 4/24/23 (a)   1,183,000    1,176,054 
Yara International ASA          
3.800% 6/06/26 (a)   1,850,000    1,697,631 
         5,940,760 
Computers — 0.2%          
Dell International LLC / EMC Corp.          
8.100% 7/15/36   325,000    342,848 
Leidos, Inc.          
2.300% 2/15/31   1,260,000    936,227 
         1,279,075 
Diversified Financial Services — 3.3%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
3.300% 1/30/32   4,115,000    3,090,504 
Antares Holdings LP          
2.750% 1/15/27 (a)   1,275,000    1,015,583 
3.950% 7/15/26 (a)   2,555,000    2,185,338 
6.000% 8/15/23 (a)   1,330,000    1,316,294 
8.500% 5/18/25 (a)   720,000    734,912 
Ares Finance Co. III LLC 5 year CMT + 3.237%          
4.125% VRN 6/30/51 (a)   1,585,000    1,235,792 
Ares Finance Co. LLC          
4.000% 10/08/24 (a)   2,080,000    1,993,888 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (a)   2,755,000    2,164,822 
3.250% 2/15/27 (a)   1,610,000    1,348,861 
4.250% 4/15/26 (a)   2,976,000    2,669,411 
5.500% 1/15/26 (a)   190,000    178,751 
Blue Owl Finance LLC          
3.125% 6/10/31 (a)   3,120,000    2,214,682 
4.125% 10/07/51 (a)   1,675,000    967,853 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (a)  $1,502,197   $1,130,403 
Lazard Group LLC          
3.625% 3/01/27   1,253,000    1,150,694 
Synchrony Financial          
3.950% 12/01/27   1,475,000    1,280,082 
         24,677,870 
Electric — 1.1%          
CMS Energy Corp.          
4.875% 3/01/44   780,000    673,562 
Duke Energy Corp.          
3.750% 9/01/46   1,500,000    1,062,372 
Enel Finance International NV          
5.000% 6/15/32 (a)   1,700,000    1,449,930 
NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547%          
3.800% VRN 3/15/82   1,250,000    981,537 
Pacific Gas and Electric Co.          
2.500% 2/01/31   775,000    563,686 
PG&E Wildfire Recovery Funding LLC          
4.674% 12/01/51   1,200,000    1,061,150 
Puget Energy, Inc.          
2.379% 6/15/28   840,000    699,296 
Texas Electric Market Stabilization Funding N LLC          
5.167% 2/01/50 (a)   2,000,000    1,972,160 
         8,463,693 
Entertainment — 0.2%          
Warnermedia Holdings, Inc.          
4.279% 3/15/32 (a)   2,060,000    1,694,402 
Food — 1.1%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.625% 1/15/32 (a)   5,300,000    4,140,625 
5.500% 1/15/30 (a) (b)   776,000    715,100 
Kraft Heinz Foods Co.          
4.875% 10/01/49   1,440,000    1,186,987 
Smithfield Foods, Inc.          
2.625% 9/13/31 (a)   1,730,000    1,271,575 
3.000% 10/15/30 (a)   943,000    727,828 
         8,042,115 
Gas — 0.4%          
CenterPoint Energy Resources Corp.          
6.625% 11/01/37   1,250,000    1,254,093 
NiSource, Inc.          
4.800% 2/15/44   1,035,000    862,405 
5.800% 2/01/42   950,000    890,810 
         3,007,308 
Health Care – Services — 0.1%          
City of Hope          
4.378% 8/15/48   1,050,000    890,654 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Housewares — 0.2%          
Newell Brands, Inc.          
6.375% 9/15/27  $1,165,000   $1,153,618 
Insurance — 6.4%          
Allianz SE 5 year CMT + 2.973%          
3.500% VRN (a) (c)   4,200,000    3,214,848 
The Allstate Corp. 3 mo. USD LIBOR + 2.938%          
5.750% VRN 8/15/53   2,885,000    2,656,167 
American International Group, Inc. 3 mo. USD LIBOR + 2.868%          
5.750% VRN 4/01/48 (b)   2,177,000    2,006,122 
AmTrust Financial Services, Inc.          
6.125% 8/15/23   3,370,000    3,330,076 
Ascot Group Ltd.          
4.250% 12/15/30 (a)   1,990,000    1,659,666 
Athene Global Funding          
2.673% 6/07/31 (a)   2,505,000    1,872,892 
AXIS Specialty Finance LLC 5 year CMT + 3.186%          
4.900% VRN 1/15/40   1,315,000    1,068,438 
Brighthouse Financial, Inc.          
4.700% 6/22/47   1,125,000    796,716 
5.625% 5/15/30   2,061,000    1,931,136 
CNO Financial Group, Inc.          
5.250% 5/30/29   2,619,000    2,438,054 
Corebridge Financial, Inc. 5 year CMT + 3.846%          
6.875% VRN 12/15/52 (a)   576,000    525,374 
Enstar Finance LLC 5 year CMT + 5.468%          
5.750% VRN 9/01/40   2,200,000    1,961,377 
Enstar Group Ltd.          
4.950% 6/01/29   2,480,000    2,225,522 
Global Atlantic Fin Co.          
3.125% 6/15/31 (a)   4,487,000    3,284,468 
5 year CMT + 3.796% 4.700% VRN 10/15/51 (a)   3,060,000    2,301,955 
Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850%          
3.379% VRN 2/04/32 (a)   2,485,000    2,075,764 
Hill City Funding Trust          
4.046% 8/15/41 (a)   4,000,000    2,692,322 
Jackson Financial, Inc.          
3.125% 11/23/31   1,024,000    770,095 
Liberty Mutual Group, Inc. 5 year CMT + 3.315%          
4.125% VRN 12/15/51 (a)   1,220,000    945,981 
Markel Corp. 5 year CMT + 5.662%          
6.000% VRN (c)   1,580,000    1,533,722 
MetLife Capital Trust IV          
7.875% 12/15/37 (a)   725,000    773,938 
Prudential Financial, Inc.          
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43   1,025,000    1,009,892 
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48   1,740,000    1,624,725 
Sammons Financial Group, Inc.          
3.350% 4/16/31 (a)   3,805,000    2,852,813 
4.450% 5/12/27 (a)   270,000    246,792 
4.750% 4/08/32 (a)   805,000    656,661 
Teachers Insurance & Annuity Association of America          
4.270% 5/15/47 (a)   750,000    609,133 
USF&G Capital I          
8.500% 12/15/45 (a)   885,000    1,010,718 
         48,075,367 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Internet — 0.4%          
Expedia Group, Inc.          
4.625% 8/01/27  $1,330,000   $1,245,387 
Netflix, Inc.          
5.875% 11/15/28   1,687,000    1,642,328 
         2,887,715 
Investment Companies — 1.7%          
Ares Capital Corp.          
2.150% 7/15/26   1,850,000    1,551,028 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   1,316,000    1,260,479 
Blackstone Private Credit Fund          
1.750% 9/15/24   335,000    305,364 
2.625% 12/15/26   3,425,000    2,812,792 
Golub Capital BDC, Inc.          
2.500% 8/24/26   880,000    737,948 
3.375% 4/15/24   2,438,000    2,340,298 
OWL Rock Core Income Corp.          
4.700% 2/08/27   1,945,000    1,704,285 
Sixth Street Specialty Lending, Inc.          
3.875% 11/01/24   2,440,000    2,322,249 
         13,034,443 
Iron & Steel — 0.1%          
Vale Overseas Ltd.          
6.875% 11/21/36   1,030,000    977,598 
Lodging — 0.3%          
Las Vegas Sands Corp.          
3.200% 8/08/24   2,070,000    1,951,824 
Media — 0.7%          
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.900% 6/01/52   765,000    473,686 
6.484% 10/23/45   1,485,000    1,305,201 
Comcast Corp.          
2.887% 11/01/51   350,000    219,217 
2.937% 11/01/56   1,184,000    706,821 
3.969% 11/01/47   630,000    481,770 
Discovery Communications LLC          
4.000% 9/15/55   1,210,000    713,404 
4.650% 5/15/50   490,000    335,320 
Time Warner Cable, Inc.          
6.750% 6/15/39   985,000    880,590 
         5,116,009 
Metal Fabricate & Hardware — 0.2%          
The Timken Co.          
4.500% 12/15/28   1,655,000    1,512,191 
Mining — 0.2%          
Glencore Finance Canada Ltd.          
5.550% STEP 10/25/42 (a)   894,000    757,862 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Teck Resources Ltd.          
6.000% 8/15/40  $808,000   $712,715 
         1,470,577 
Oil & Gas — 2.3%          
BP Capital Markets PLC          
5 year CMT + 4.036% 4.375% VRN (c)   2,400,000    2,220,000 
5 year CMT + 4.398% 4.875% VRN (c)   1,475,000    1,264,463 
Cenovus Energy, Inc.          
6.750% 11/15/39   765,000    759,736 
Devon Energy Corp.          
5.600% 7/15/41   800,000    716,465 
EQT Corp.          
3.900% 10/01/27   2,160,000    1,965,877 
7.000% STEP 2/01/30   1,795,000    1,852,260 
Occidental Petroleum Corp.          
6.600% 3/15/46   1,258,000    1,295,740 
Ovintiv, Inc.          
6.500% 8/15/34   1,050,000    1,022,278 
6.500% 2/01/38   545,000    528,954 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   2,435,000    1,997,901 
5.150% 11/15/29   1,225,000    1,011,107 
Petroleos Mexicanos          
5.350% 2/12/28   665,000    505,859 
6.375% 1/23/45   595,000    328,738 
6.500% 3/13/27   585,000    489,938 
6.625% 6/15/35   140,000    89,460 
Santos Finance Ltd.          
3.649% 4/29/31 (a)   1,490,000    1,157,415 
         17,206,191 
Oil & Gas Services — 0.5%          
NOV, Inc.          
3.600% 12/01/29 (b)   3,123,000    2,639,248 
3.950% 12/01/42   1,506,000    1,002,644 
         3,641,892 
Pharmaceuticals — 0.7%          
AbbVie, Inc.          
4.700% 5/14/45   860,000    727,520 
Cigna Corp.          
4.800% 7/15/46   880,000    753,301 
CVS Health Corp.          
5.050% 3/25/48   455,000    399,180 
6.125% 9/15/39   560,000    571,452 
CVS Pass-Through Trust          
5.926% 1/10/34 (a)   939,069    928,885 
7.507% 1/10/32 (a)   784,296    829,764 
Utah Acquisition Sub, Inc.          
5.250% 6/15/46   1,375,000    969,479 
         5,179,581 
Pipelines — 2.1%          
Energy Transfer LP          
4.200% 4/15/27   885,000    818,782 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
6.125% 12/15/45  $1,000,000   $877,089 
3 mo. USD LIBOR + 4.028% 6.250% VRN (c)   2,370,000    1,943,400 
EnLink Midstream Partners LP          
4.150% 6/01/25   1,162,000    1,078,627 
4.850% 7/15/26   951,000    874,399 
Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033%          
5.250% VRN 8/16/77   2,475,000    2,068,101 
MPLX LP 3 mo. USD LIBOR + 4.652%          
6.875% VRN (c)   1,775,000    1,743,937 
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%          
6.125% VRN (c)   2,345,000    1,911,665 
Plains All American Pipeline LP/PAA Finance Corp.          
3.800% 9/15/30   1,150,000    963,904 
4.700% 6/15/44   1,195,000    856,307 
6.650% 1/15/37   375,000    348,192 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
6.875% 1/15/29   2,020,000    1,993,760 
         15,478,163 
Private Equity — 0.9%          
Apollo Management Holdings LP 5 year CMT + 3.266%          
4.950% VRN 1/14/50 (a)   1,505,000    1,279,250 
Hercules Capital, Inc.          
2.625% 9/16/26   3,284,000    2,688,390 
3.375% 1/20/27   1,745,000    1,464,541 
KKR Group Finance Co. VIII LLC          
3.500% 8/25/50 (a)   710,000    487,442 
KKR Group Finance Co. X LLC          
3.250% 12/15/51 (a)   1,035,000    673,482 
         6,593,105 
Real Estate Investment Trusts (REITS) — 2.3%          
Broadstone Net Lease LLC          
2.600% 9/15/31   1,835,000    1,350,334 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   2,625,000    2,048,553 
Host Hotels & Resorts LP          
2.900% 12/15/31   580,000    425,456 
3.500% 9/15/30   2,120,000    1,690,054 
Invitation Homes Operating Partnership LP          
4.150% 4/15/32   505,000    426,562 
Kimco Realty Corp.          
4.125% 12/01/46   710,000    528,404 
4.450% 9/01/47   800,000    622,459 
Omega Healthcare Investors, Inc.          
3.375% 2/01/31   1,625,000    1,238,449 
Piedmont Operating Partnership LP          
2.750% 4/01/32   1,035,000    736,578 
Rexford Industrial Realty LP          
2.125% 12/01/30   1,137,000    866,542 
Service Properties Trust          
4.500% 6/15/23   760,000    741,950 
4.950% 10/01/29   1,155,000    791,048 
Spirit Realty LP          
2.700% 2/15/32   550,000    397,184 
3.200% 1/15/27   2,280,000    2,000,888 
3.400% 1/15/30   515,000    418,288 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
4.000% 7/15/29  $1,290,000   $1,110,421 
WEA Finance LLC          
2.875% 1/15/27 (a)   2,420,000    2,056,293 
         17,449,463 
Software — 0.3%          
Electronic Arts, Inc.          
2.950% 2/15/51 (b)   1,100,000    718,803 
Microsoft Corp.          
2.921% 3/17/52   2,064,000    1,457,796 
         2,176,599 
Telecommunications — 1.5%          
AT&T, Inc.          
3.550% 9/15/55   5,153,000    3,379,828 
British Telecommunications PLC          
9.625% STEP 12/15/30   700,000    808,461 
Crown Castle Towers LLC          
4.241% 7/15/28 (a)   2,750,000    2,510,665 
Sprint Capital Corp.          
8.750% 3/15/32   1,600,000    1,854,000 
Verizon Communications, Inc.          
2.987% 10/30/56   2,292,000    1,362,646 
Vodafone Group PLC          
5.250% 5/30/48   1,150,000    952,358 
         10,867,958 
Transportation — 0.1%          
Norfolk Southern Corp.          
4.050% 8/15/52   860,000    660,764 
           
TOTAL CORPORATE DEBT
(Cost $345,586,704)
        285,553,865 
           
MUNICIPAL OBLIGATIONS — 0.3%          
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bond          
4.475% 8/01/39   2,200,000    1,987,454 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,200,000)
        1,987,454 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.7%          
Automobile Asset-Backed Securities — 0.6%          
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
3.450% 1/26/32 (a)   1,087,000    1,022,872 
Westlake Automobile Receivables Trust, Series 2021-1A, Class E          
2.330% 8/17/26 (a)   3,226,000    3,021,707 
         4,044,579 
Commercial Mortgage-Backed Securities — 9.0%          
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%          
4.168% FRN 9/15/34 (a)   670,000    640,755 
BANK, Series 2020-BN30, Class MCDF,          
3.016% VRN 12/15/53 (d)   2,100,000    1,404,194 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
BBCMS Mortgage Trust          
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (d)  $2,250,000   $1,981,525 
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (d)   1,610,000    1,368,281 
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (d)   1,370,000    1,095,655 
Benchmark Mortgage Trust          
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (d)   2,200,000    1,663,157 
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (d)   3,587,000    2,537,393 
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (d)   2,500,000    1,842,673 
BGME Trust          
Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (d)   12,518,000    9,959,446 
Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (d)   2,800,000    2,154,004 
BX Commercial Mortgage Trust          
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 10/15/36 (a)   1,469,650    1,414,839 
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 6/15/38 (a)   1,885,715    1,729,037 
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 4.818% FRN 9/15/36 (a)   4,999,000    4,610,179 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 4.818% FRN 10/15/36 (a)   1,774,800    1,714,171 
COLEM Mortgage Trust, Series 2022-HLNE,          
2.543% VRN 4/12/42 (a) (d)   1,600,000    1,253,587 
Commercial Mortgage Pass-Through Certificates          
Series 2012-CR4, Class B, 3.703% 10/15/45 (a)   1,060,000    847,588 
Series 2014-UBS2, Class AM, 4.199% 3/10/47   1,375,000    1,327,767 
Series 2015-CR23, Class C, 4.428% VRN 5/10/48 (d)   1,000,000    934,070 
Series 2014-LC17, Class C, 4.696% VRN 10/10/47 (d)   2,908,000    2,733,430 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%          
4.968% FRN 5/15/36 (a)   570,000    554,340 
DROP Mortgage Trust          
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 5.070% FRN 10/15/43 (a)   2,629,000    2,499,077 
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 5.570% FRN 10/15/43 (a)   908,000    850,015 
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250%          
5.068% FRN 7/15/38 (a)   1,987,766    1,898,425 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C,          
3.565% VRN 1/05/39 (a) (d)   2,500,000    2,053,309 
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750%          
4.568% FRN 8/15/38 (a)   2,581,344    2,460,316 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
4.618% FRN 5/15/36 (a)   1,505,000    1,442,505 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%          
4.568% FRN 3/15/38 (a)   1,902,047    1,755,897 
MFT Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)   919,000    730,946 
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (d)   2,253,000    1,748,114 
MHC Commercial Mortgage Trust          
Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601% 4.419% FRN 4/15/38 (a)   1,600,000    1,496,046 
Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% 4.919% FRN 4/15/38 (a)   4,000,000    3,723,875 
MKT Mortgage Trust          

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2020-525M, Class D, 3.039% VRN 2/12/40 (a) (d)  $475,000   $340,996 
Series 2020-525M, Class E, 3.039% VRN 2/12/40 (a) (d)   976,000    723,739 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%          
4.918% FRN 7/15/39 (a)   3,761,000    3,539,511 
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B          
4.556% 6/16/51   400,000    356,451 
         67,385,313 
Other Asset-Backed Securities — 13.1%          
522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050%          
4.760% FRN 10/20/31 (a)   950,000    866,014 
AASET Trust          
Series 2020-1A, Class A, 3.351% 1/16/40 (a)   861,174    694,800 
Series 2021-2A, Class B, 3.538% 1/15/47 (a)   1,024,976    771,930 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   1,753,145    1,658,850 
Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210%          
3.722% FRN 10/15/34 (a)   2,000,000    1,913,072 
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%          
4.533% FRN 1/23/31 (a)   1,190,000    1,135,129 
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%          
6.134% FRN 11/20/30 (a)   400,000    354,542 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
2.940% 5/25/29 (a)   259,328    251,454 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36 (a)   1,256,708    1,103,502 
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   434,523    396,310 
Series 2021-1A, Class C, 5.067% 4/15/36 (a)   803,572    732,633 
Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150%          
4.662% FRN 10/15/34 (a)   700,000    624,348 
Capital Automotive REIT          
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)   456,109    396,398 
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)   395,430    347,965 
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A          
3.967% 4/15/39 (a)   400,052    345,081 
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. TSFR + 2.362%          
4.690% FRN 1/15/31 (a)   900,000    882,219 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%          
3.690% FRN 4/20/31 (a)   750,000    731,938 
Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220%          
3.732% FRN 10/15/36 (a)   2,000,000    1,904,732 
Eaton Vance CLO Ltd.          
Series 2020-2A, Class BR, 3 mo. USD LIBOR + 1.700% 4.212% FRN 1/15/35 (a)   1,400,000    1,312,751 
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 4.262% FRN 10/15/30 (a)   1,700,000    1,614,801 
Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 4.562% FRN 10/15/34 (a)   350,000    316,110 
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150%          
3.860% FRN 4/20/34 (a)   2,800,000    2,702,050 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650%          
4.360% FRN 10/20/34 (a)  $350,000   $327,956 
FCI Funding LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   28,411    28,397 
Flexential Issuer          
Series 2021-1A, Class B, 3.720% 11/27/51 (a)   4,000,000    3,500,449 
Series 2021-1A, Class C, 6.930% 11/27/51 (a)   4,000,000    3,440,851 
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050%          
4.760% FRN 10/20/32 (a)   1,000,000    922,628 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   1,803,049    1,528,650 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   979,306    879,647 
Series 2017-1A, Class A, 3.740% 10/15/52 (a)   473,728    435,602 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   818,286    753,749 
Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750%          
4.262% FRN 1/15/37 (a)   500,000    467,430 
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%          
4.410% FRN 1/20/31 (a)   1,290,000    1,226,020 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)   407,176    382,631 
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   460,578    415,369 
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)   132,848    121,973 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   527,325    500,463 
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)   106,801    99,119 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   816,172    779,064 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A          
4.458% 12/15/38 (a)   845,410    680,800 
Horizon Aircraft Finance II Ltd, Series 2019-1, Class A          
3.721% 7/15/39 (a)   1,148,506    959,629 
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A          
3.425% 11/15/39 (a)   2,649,911    2,218,602 
KKR CLO Ltd.          
Series 28A, Class A, 3 mo. USD LIBOR + 1.140% 4.433% FRN 3/15/31 (a)   900,000    878,042 
Series 36A, Class C, 3 mo. USD LIBOR + 2.150% 4.662% FRN 10/15/34 (a)   500,000    447,500 
KREF Ltd.          
Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 4.589% FRN 2/15/39 (a)   2,900,000    2,757,942 
Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 4.939% FRN 2/15/39 (a)   5,000,000    4,753,846 
Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 5.139% FRN 2/15/39 (a)   4,100,000    3,844,512 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1          
4.300% 1/15/42 (a)   1,875,685    1,463,034 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   1,529,880    1,344,937 
Madison Park Funding Ltd.          
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 4.112% FRN 7/15/30 (a)   1,665,000    1,585,440 
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 4.759% FRN 1/22/31 (a)   1,000,000    922,791 
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 4.940% FRN 10/18/30 (a)   620,000    578,030 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Mariner Finance Issuance Trust          
Series 2021-AA, Class B, 2.330% 3/20/36 (a)  $1,336,000   $1,187,291 
Series 2021-AA, Class C, 2.960% 3/20/36 (a)   637,000    553,131 
Mosaic Solar Loans LLC          
Series 2018-1A, Class A, 4.010% 6/22/43 (a)   178,383    167,892 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)   168,706    160,880 
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650%          
4.162% FRN 7/15/34 (a)   1,800,000    1,687,754 
Neuberger Berman Loan Advisers CLO Ltd., Series 2015-45A, Class B, 3 mo. USD LIBOR + 1.650%          
4.133% FRN 10/14/35 (a)   1,350,000    1,265,564 
NP SPE LLC, Series 2017-1A, Class A2          
4.219% 10/21/47 (a)   2,260,000    2,019,068 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5          
3.390% 11/20/50 (a)   1,200,000    1,099,948 
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD LIBOR + 1.100%          
3.810% FRN 7/20/31 (a)   250,000    243,477 
Oxford Finance Funding Trust, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)   896,989    887,738 
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850%          
4.560% FRN 10/20/34 (a)   450,000    413,824 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A          
3.967% 6/15/44 (a)   1,293,659    1,162,271 
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2          
3.858% 12/05/49 (a)   2,258,145    1,967,048 
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170%          
3.952% FRN 10/30/34 (a)   1,000,000    953,089 
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD LIBOR + 1.550%          
4.260% FRN 4/20/34 (a)   1,500,000    1,384,510 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%          
3.602% FRN 1/15/30 (a)   2,450,000    2,405,525 
Sierra Receivables Funding LLC          
Series 2021-1A, Class D, 3.170% 11/20/37 (a)   709,659    656,748 
Series 2018-3A, Class D, 5.200% 9/20/35 (a)   299,104    293,715 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%          
5.261% FRN 8/18/31 (a)   1,170,000    1,059,025 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%          
4.284% FRN 11/25/35 (a)   1,393,638    1,356,312 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (a)   75,858    72,801 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (a)   403,147    366,892 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (a)   1,785,419    1,584,061 
Thrust Engine Leasing          
Series 2021-1A, Class A, 4.163% 7/15/40 (a)   2,571,180    2,148,143 
Series 2021-1A, Class B, 6.121% 7/15/40 (a)   1,228,453    993,145 
Series 2021-1A, Class C, 7.386% 7/15/40 (a)   925,851    760,164 
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650%          
4.360% FRN 10/20/32 (a)   1,000,000    947,136 
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280%          
3.990% FRN 4/20/33 (a)   2,500,000    2,423,190 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Vivint Solar Financing V LLC, Series 2018-1A, Class B          
7.370% 4/30/48 (a)  $2,280,219   $2,112,319 
WAVE LLC          
Series 2019-1A, Class A, 3.597% 9/15/44 (a)   3,403,600    2,692,970 
Series 2017-1A, Class A, 3.844% 11/15/42 (a)   344,210    262,322 
Series 2017-1A, Class C, 6.656% 11/15/42 (a)   2,070,502    672,685 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   1,026,799    737,972 
Wind River CLO Ltd.          
Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.750% 4.262% FRN 7/15/30 (a)   1,150,000    1,081,416 
Series 2016-2A, Class BR, 3 mo. USD LIBOR + 1.800% 4.582% FRN 11/01/31 (a)   900,000    849,583 
         97,931,341 
Student Loans Asset-Backed Securities — 3.2%          
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48 (a)   1,453,565    1,360,725 
Series 2019-A, Class C, 4.460% 12/28/48 (a)   969,289    919,942 
Education Services of America          
Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 4.584% FRN 6/25/48 (a)   1,200,000    1,191,368 
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 4.584% FRN 10/25/56 (a)   1,100,000    1,095,012 
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700%          
6.483% FRN 4/25/46   625,000    657,320 
EDvestinU Private Education Loan Issue No 1 LLC, Series 2019-A, Class A          
3.580% 11/25/38 (a)   666,875    627,236 
Higher Education Funding I          
Series 2004-1, Class B2, 0.000%FRN 1/01/44 (a) (d)   450,000    392,204 
Series 2004-1, Class B1, 1.796% FRN 1/01/44 (a) (d)   450,000    405,152 
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX          
3.020% 8/25/42 (a)   547,785    534,697 
Navient Student Loan Trust          
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 4.434% FRN 2/25/70 (a)   2,330,000    2,297,811 
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 4.584% FRN 10/25/58   940,000    930,317 
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 4.584% FRN 6/25/65 (a)   2,218,314    2,218,318 
Nelnet Student Loan Trust          
Series 2005-4, Class A4A, 1.145% FRN 3/22/32 (d)   195,000    192,649 
Series 2019-5, Class B, 3.450% 10/25/67 (a)   2,150,000    1,800,859 
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 3.891% FRN 6/25/41   415,212    376,693 
Series 2019-1A, Class B, 1 mo. USD LIBOR + 1.400% 4.484% FRN 4/25/67 (a)   3,250,000    3,130,737 
SLM Student Loan Trust          
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.993% FRN 10/25/40   1,605,311    1,505,228 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.073% FRN 1/25/44   1,453,245    1,324,113 
SoFi Alternative Trust, Series 2019-C, Class PT,          
5.511% VRN 1/25/45 (a) (d)   2,015,937    1,924,166 
SoFi Professional Loan Program LLC, Series 2017-C, Class C,          
4.210% VRN 7/25/40 (a) (d)   990,000    896,591 
         23,781,138 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Whole Loan Collateral Collateralized Mortgage Obligations — 2.8%          
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,          
3.986% VRN 8/25/34 (d)  $6,898   $6,550 
CSMC, Series 2021-NQM3, Class M1,          
2.317% VRN 4/25/66 (a) (d)   1,330,000    982,072 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (d)   3,870,458    2,991,743 
GS Mortgage-Backed Securities Trust          
Series 2021-GR2, Class A2, 2.500% VRN 2/25/52 (a) (d)   2,128,395    1,688,416 
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (a) (d)   1,413,609    1,100,627 
JP Morgan Mortgage Trust, Series 2017-1, Class A11,          
3.450% VRN 1/25/47 (a) (d)   552,339    496,640 
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,          
2.500% VRN 6/25/51 (a) (d)   2,518,764    1,946,926 
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400%          
4.484% FRN 5/25/55 (a)   2,606,000    2,503,264 
NMLT Trust, Series 2021-INV1, Class M1,          
2.711% VRN 5/25/56 (a) (d)   5,400,000    3,988,542 
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,          
2.491% VRN 6/25/56 (a) (d)   2,448,000    1,713,070 
Verus Securitization Trust          
Series 2021-3, Class M1, 2.397% VRN 6/25/66 (a) (d)   3,640,000    2,363,492 
Series 2021-R3, Class M1, 2.411% VRN 4/25/64 (a) (d)   1,147,000    1,058,359 
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,          
3.946% VRN 11/25/48 (a) (d)   53,437    52,433 
         20,892,134 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $242,695,203)
        214,034,505 
           
SOVEREIGN DEBT OBLIGATIONS — 0.6%          
Mexico Government International Bond          
3.500% 2/12/34   1,965,000    1,494,480 
4.750% 3/08/44   3,727,000    2,853,369 
         4,347,849 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,696,201)
        4,347,849 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 24.8%          
Collateralized Mortgage Obligations — 0.0%          
Federal Home Loan Mortgage Corp.
Series 2178, Class PB 7.000% 8/15/29
   17,264    17,730 
Pass-Through Securities — 24.8%          
Federal Home Loan Mortgage Corp.          
Pool #RA4245 2.000% 12/01/50   2,208,453    1,801,324 
Pool #RA4255 2.000% 1/01/51   4,624,978    3,775,252 
Pool #SD0905 3.000% 3/01/52   3,597,929    3,149,397 
Pool #J13972 3.500% 1/01/26   8,649    8,267 
Pool #C91344 3.500% 11/01/30   44,400    41,566 
Pool #C91424 3.500% 1/01/32   24,972    23,440 
Pool #RA2483 3.500% 6/01/50   4,186,398    3,803,425 
Pool #SD1523 4.000% 8/01/52   5,436,926    5,069,922 
Pool #SD1603 4.000% 9/01/52   3,350,000    3,110,887 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #C91239 4.500% 3/01/29  $2,218   $2,196 
Pool #C91251 4.500% 6/01/29   14,533    14,380 
Pool #C90939 5.500% 12/01/25   6,663    6,650 
Pool #D97258 5.500% 4/01/27   3,038    3,039 
Pool #C91026 5.500% 4/01/27   12,792    12,794 
Pool #C91074 5.500% 8/01/27   1,380    1,380 
Pool #D97417 5.500% 10/01/27   7,127    7,131 
Pool #C91128 5.500% 12/01/27   852    852 
Pool #C91148 5.500% 1/01/28   30,400    30,416 
Pool #C91176 5.500% 5/01/28   12,142    12,148 
Pool #C91217 5.500% 11/01/28   4,130    4,134 
Federal National Mortgage Association          
Pool #FM8596 2.500% 9/01/51   2,196,365    1,859,082 
Pool #FM9104 2.500% 10/01/51   6,220,761    5,261,585 
Pool #FM9227 2.500% 10/01/51   4,588,816    3,862,627 
Pool #MA3029 3.000% 6/01/32   1,248,318    1,178,014 
Pool #MA3090 3.000% 8/01/32   504,829    476,397 
Pool #AO8180 3.000% 9/01/42   10,628    9,508 
Pool #AB7397 3.000% 12/01/42   67,127    60,054 
Pool #AB7401 3.000% 12/01/42   55,523    49,673 
Pool #AP8668 3.000% 12/01/42   82,804    74,079 
Pool #AR1975 3.000% 12/01/42   15,621    13,975 
Pool #AR0306 3.000% 1/01/43   4,457    3,987 
Pool #AR5391 3.000% 1/01/43   16,186    14,480 
Pool #AL3215 3.000% 2/01/43   53,540    47,899 
Pool #AR4109 3.000% 2/01/43   55,830    49,948 
Pool #AR4432 3.000% 3/01/43   24,564    21,976 
Pool #AT0169 3.000% 3/01/43   122,874    109,927 
Pool #AB8809 3.000% 3/01/43   28,221    25,247 
Pool #MA1368 3.000% 3/01/43   105,433    94,324 
Pool #AR2174 3.000% 4/01/43   102,965    92,116 
Pool #FS1075 3.000% 3/01/52   3,634,565    3,184,873 
Pool #CB3305 3.000% 4/01/52   6,565,149    5,744,660 
Pool #CB3304 3.000% 4/01/52   5,501,446    4,820,772 
Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34   11,834    11,990 
Pool #AS1304 3.500% 12/01/28   479,436    457,321 
Pool #MA1356 3.500% 2/01/43   3,913,553    3,584,586 
Pool #CA6096 3.500% 6/01/50   4,372,153    3,970,820 
Pool #FM4017 3.500% 8/01/50   301,920    274,017 
Pool #CB3842 3.500% 6/01/52   10,530,706    9,511,407 
Pool #AA3980 4.500% 4/01/28   26,441    26,172 
Pool #CA1909 4.500% 6/01/48   2,044,853    1,978,709 
Pool #CB3866 4.500% 6/01/52   6,210,114    5,929,671 
Pool #CB4129 4.500% 7/01/52   5,499,716    5,249,635 
Pool #AD6437 5.000% 6/01/40   201,103    202,018 
Pool #AD6996 5.000% 7/01/40   1,244,329    1,250,509 
Pool #AL8173 5.000% 2/01/44   425,916    429,684 
Pool #AD0836 5.500% 11/01/28   24,827    24,818 
Government National Mortgage Association          
Pool #352022 7.000% 11/15/23   448    452 
Pool #374440 7.000% 11/15/23   40    40 
Pool #491089 7.000% 12/15/28   3,671    3,741 
Pool #480539 7.000% 4/15/29   67    70 
Pool #488634 7.000% 5/15/29   1,510    1,564 
Pool #500928 7.000% 5/15/29   2,512    2,612 
Pool #510083 7.000% 7/15/29   272    282 
Pool #493723 7.000% 8/15/29   1,862    1,939 
Pool #581417 7.000% 7/15/32   3,495    3,621 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25  $1,102   $1,075 
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27   331    323 
Pool #MA6038 3.000% 7/20/49   2,259,947    2,029,807 
Pool #MA6283 3.000% 11/20/49   4,033,014    3,610,342 
Pool #MA6409 3.000% 1/20/50   4,150,264    3,709,793 
Pool #MA4321 3.500% 3/20/47   2,494,471    2,298,373 
Government National Mortgage Association II TBA          
2.500% 12/01/51 (f)   2,000,000    1,718,594 
3.000% 1/01/52 (f)   13,125,000    11,593,066 
3.500% 3/01/52 (f)   5,770,000    5,244,389 
4.500% 6/01/52 (f)   2,000,000    1,912,656 
Uniform Mortgage Backed Securities TBA          
2.000% 12/01/51 (f)   8,925,000    7,226,461 
2.500% 12/01/51 (f)   5,125,000    4,303,799 
3.000% 2/01/52 (f)   15,525,000    13,506,750 
3.500% 3/01/52 (f)   2,000,000    1,799,375 
4.000% 5/01/52 (f)   26,150,000    24,250,040 
4.500% 6/01/52 (f)   15,875,000    15,111,016 
5.000% 7/01/52 (f)   6,500,000    6,327,344 
         185,492,684 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $201,439,672)
        185,510,414 
           
U.S. TREASURY OBLIGATIONS — 5.9%          
U.S. Treasury Bonds & Notes — 5.9%          
U.S. Treasury Bond          
2.250% 8/15/49 (g)   30,850,000    22,573,525 
3.500% 2/15/39   11,900,000    11,321,735 
U.S. Treasury Note          
0.500% 2/28/26   2,050,000    1,809,125 
3.000% 7/15/25   9,000,000    8,700,469 
         44,404,854 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $54,616,324)
        44,404,854 
           
TOTAL BONDS & NOTES
(Cost $852,234,104)
        735,838,941 
           
   Number of
Shares
    
MUTUAL FUNDS — 0.5%          
Diversified Financial Services — 0.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (h)   3,471,600    3,471,600 
           
TOTAL MUTUAL FUNDS
(Cost $3,471,600)
        3,471,600 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $855,705,704)
        739,310,541 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
SHORT-TERM INVESTMENTS — 13.9%          
           
Commercial Paper — 13.5%          
Amcor Finance USA, Inc.          
3.663% 11/01/22 (a)  $3,000,000   $2,990,571 
Amcor Flexibles North America, Inc.          
3.578% 10/12/22 (a)   1,000,000    998,873 
3.722% 10/20/22 (a)   6,000,000    5,988,600 
American Electric Power Co., Inc.          
3.766% 11/03/22 (a)   10,000,000    9,966,453 
Evergy Kansas Central, Inc.          
3.766% 11/03/22 (a)   10,000,000    9,966,453 
HP, Inc.          
3.711% 10/24/22 (a)   11,000,000    10,974,920 
National Grid PLC          
2.955% 10/07/22 (a)   3,000,000    2,998,046 
3.026% 10/14/22 (a)   5,000,000    4,993,385 
Nutrien Ltd.          
3.719% 11/10/22 (a)   9,000,000    8,963,284 
Spire, Inc.          
3.018% 10/05/22 (a)   7,000,000    6,996,757 
Suncor Energy, Inc.          
3.712% 10/27/22 (a)   10,000,000    9,973,765 
TransCanada PipeLines Ltd.          
2.954% 10/07/22 (a)   3,000,000    2,998,046 
2.975% 10/04/22 (a)   1,000,000    999,630 
3.681% 10/27/22 (a)   10,000,000    9,973,765 
VF Corp.          
3.611% 11/01/22 (a)   9,000,000    8,974,176 
Vulcan Materials Co.          
3.507% 10/13/22 (a)   3,000,000    2,996,161 
         100,752,885 
Repurchase Agreement — 0.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (i)  3,291,636   3,291,636 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $104,045,402)
        104,044,521 
           
TOTAL INVESTMENTS — 113.0%
(Cost $959,751,106) (j)
        843,355,062 
           
Other Assets/(Liabilities) — (13.0)%        (96,809,367) 
           
NET ASSETS — 100.0%       $746,545,695 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
FRN Floating Rate Note
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $394,206,945 or 52.80% of net assets.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $4,729,352 or 0.63% of net assets. The Fund received $1,366,528 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Security is perpetual and has no stated maturity date.
(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022.
(e) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(f) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(g) All or a portion of this security is pledged/held as collateral for open derivatives.
(h) Represents investment of security lending cash collateral. (Note 2).
(i) Maturity value of $3,291,864. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.500%, maturity dates ranging from 3/30/23 - 9/15/25, and an aggregate market value, including accrued interest, of $3,357,555.
(j) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Long               
U.S. Treasury Long Bond  12/20/22   150   $20,382,641  $(1,421,703) 
U.S. Treasury Ultra Bond  12/20/22   143    21,125,379   (1,534,379) 
U.S. Treasury Note 2 Year  12/30/22   412    85,738,238   (1,131,393) 
U.S. Treasury Note 5 Year  12/30/22   291    32,424,681    (1,139,907) 
                $(5,227,382) 
Short               
U.S. Treasury Ultra 10 Year  12/20/22   177   $(22,014,750)   $1,043,016 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 92.7%          
           
CORPORATE DEBT — 48.7%          
Aerospace & Defense — 0.4%          
The Boeing Co.          
2.196% 2/04/26  $575,000   $511,258 
Agriculture — 1.7%          
BAT Capital Corp.          
4.700% 4/02/27   1,185,000    1,105,459 
Imperial Brands Finance PLC          
3.125% 7/26/24 (a)   400,000    382,700 
Wens Foodstuffs Group Co. Ltd.          
2.349% 10/29/25 (a)   900,000    783,448 
         2,271,607 
Auto Manufacturers — 2.9%          
Ford Motor Credit Co. LLC          
2.300% 2/10/25 (b)   645,000    571,713 
3.350% 11/01/22   500,000    498,694 
General Motors Co.          
6.125% 10/01/25   605,000    605,354 
Harley-Davidson Financial Services, Inc.          
3.350% 6/08/25 (a)   449,000    420,745 
Hyundai Capital America          
1.500% 6/15/26 (a)   850,000    722,276 
Nissan Motor Acceptance Co. LLC          
1.850% 9/16/26 (a)   1,235,000    1,003,428 
         3,822,210 
Banks — 9.9%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)   625,000    601,185 
Arab National Bank 5 year CMT + 2.974%          
3.326% VRN 10/28/30 (a)   650,000    607,002 
Banco Santander SA          
1.849% 3/25/26   600,000    518,272 
Bank of America Corp.          
SOFR + .960% 1.734% VRN 7/22/27   265,000    227,229 
3.950% 4/21/25   178,000    171,646 
The Bank of Nova Scotia          
4.500% 12/16/25   329,000    317,525 
Barclays PLC          
5.200% 5/12/26   1,055,000    1,002,852 
BPCE SA          
4.625% 7/11/24 (a)   200,000    193,701 
5.700% 10/22/23 (a)   805,000    795,906 
Citigroup, Inc.          
4.450% 9/29/27   465,000    430,299 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Credit Suisse AG          
6.500% 8/08/23 (a)  $930,000   $917,910 
Credit Suisse Group AG SOFR + .980%          
1.305% VRN 2/02/27 (a)   450,000    365,328 
Danske Bank A/S 1 year CMT + .730%          
1.549% VRN 9/10/27 (a)   485,000    406,917 
Deutsche Bank AG          
SOFR + 2.159% 2.222% VRN 9/18/24   435,000    414,699 
SOFR + 1.219% 2.311% VRN 11/16/27   430,000    348,944 
SOFR + 1.318% 2.552% VRN 1/07/28   425,000    345,178 
FNB Corp.          
5.150% 8/25/25   150,000    147,978 
The Goldman Sachs Group, Inc.          
4.250% 10/21/25   710,000    685,023 
HSBC Holdings PLC          
SOFR + 1.430% 2.999% VRN 3/10/26   430,000    397,634 
4.375% 11/23/26   73,000    67,978 
JP Morgan Chase & Co. SOFR + .765%          
1.470% VRN 9/22/27   445,000    376,460 
Macquarie Group Ltd. SOFR + 1.069%          
1.340% VRN 1/12/27 (a)   845,000    723,456 
Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.550%          
5.063% VRN 9/12/25   345,000    341,384 
Morgan Stanley          
SOFR + 1.610% 4.210% VRN 4/20/28   245,000    229,352 
4.350% 9/08/26   1,150,000    1,095,711 
Natwest Group PLC 1 year CMT + .900%          
1.642% VRN 6/14/27   345,000    289,755 
Santander UK Group Holdings PLC SOFR + 1.220%          
2.469% VRN 1/11/28   370,000    308,109 
Societe Generale SA          
1 year CMT + 1.100% 1.488% VRN 12/14/26 (a)   525,000    444,416 
1 year CMT + 1.300% 2.797% VRN 1/19/28 (a)   200,000    168,675 
Synovus Financial Corp.          
5.200% 8/11/25   246,000    241,371 
         13,181,895 
Beverages — 0.5%          
Bacardi Ltd.          
4.450% 5/15/25 (a)   378,000    362,410 
JDE Peet's NV          
1.375% 1/15/27 (a)   407,000    336,419 
         698,829 
Chemicals — 1.7%          
Celanese US Holdings LLC          
1.400% 8/05/26   250,000    203,920 
6.050% 3/15/25   370,000    361,586 
MEGlobal Canada ULC          
5.000% 5/18/25 (a)   450,000    439,449 
Syngenta Finance NV          
4.441% 4/24/23 (a)   183,000    181,925 
4.892% 4/24/25 (a)   335,000    323,915 
Yara International ASA          
3.800% 6/06/26 (a)   325,000    298,233 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
4.750% 6/01/28 (a)  $450,000   $409,867 
         2,218,895 
Commercial Services — 0.6%          
Triton Container International Ltd.          
2.050% 4/15/26 (a)   950,000    806,646 
Distribution & Wholesale — 1.1%          
Ferguson Finance PLC          
4.250% 4/20/27 (a)   355,000    332,551 
Li & Fung Ltd.          
4.500% STEP 8/18/25 (a)   1,350,000    1,162,501 
         1,495,052 
Diversified Financial Services — 4.3%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
2.450% 10/29/26   555,000    468,387 
6.500% 7/15/25   300,000    299,502 
Aircastle Ltd.          
4.125% 5/01/24   740,000    711,241 
Antares Holdings LP          
2.750% 1/15/27 (a)   310,000    246,926 
3.950% 7/15/26 (a)   605,000    517,468 
6.000% 8/15/23 (a)   323,000    319,671 
Avolon Holdings Funding Ltd.          
2.875% 2/15/25 (a)   1,000,000    904,717 
4.250% 4/15/26 (a)   250,000    224,245 
BGC Partners, Inc.          
4.375% 12/15/25   505,000    471,753 
LeasePlan Corp. NV          
2.875% 10/24/24 (a)   280,000    262,783 
Nomura Holdings, Inc.          
5.099% 7/03/25   420,000    413,336 
SPARC EM SPC Panama Metro Line 2 SP          
0.000% 12/05/22 (a)   86,196    85,335 
Synchrony Financial          
3.950% 12/01/27   1,025,000    889,549 
         5,814,913 
Electric — 1.1%          
Alliant Energy Finance LLC          
1.400% 3/15/26 (a)   260,000    221,844 
Enel Finance International NV          
1.375% 7/12/26 (a)   620,000    523,994 
4.625% 6/15/27 (a)   377,000    350,440 
Pacific Gas and Electric Co.          
4.950% 6/08/25   380,000    368,926 
         1,465,204 
Electronics — 0.2%          
Jabil, Inc.          
4.250% 5/15/27   285,000    265,777 
Energy – Alternate Sources — 0.4%          
Contemporary Ruiding Development Ltd.          
1.500% 9/09/26 (a)   682,000    582,728 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Entertainment — 0.5%          
Warnermedia Holdings, Inc.          
3.638% 3/15/25 (a)  $750,000   $710,360 
Food — 1.5%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
2.500% 1/15/27 (a)   860,000    737,089 
Pilgrim's Pride Corp.          
5.875% 9/30/27 (a)   112,000    108,920 
Sigma Alimentos SA de CV          
4.125% 5/02/26 (a)   450,000    404,775 
Smithfield Foods, Inc.          
4.250% 2/01/27 (a)   775,000    718,131 
         1,968,915 
Forest Products & Paper — 0.7%          
Fibria Overseas Finance Ltd.          
4.000% 1/14/25   1,000,000    952,500 
Health Care – Services — 0.3%          
HCA, Inc.          
5.375% 2/01/25   365,000    360,543 
Home Builders — 0.3%          
Toll Brothers Finance Corp.          
4.875% 3/15/27   375,000    344,346 
Housewares — 0.2%          
Newell Brands, Inc.          
6.375% 9/15/27   200,000    198,046 
Insurance — 3.3%          
AmTrust Financial Services, Inc.          
6.125% 8/15/23   620,000    612,655 
Athene Global Funding          
1.730% 10/02/26 (a)   445,000    377,675 
2.500% 1/14/25 (a)   420,000    391,764 
3.205% 3/08/27 (a) (b)   212,000    187,467 
CNO Financial Group, Inc.          
5.250% 5/30/25   266,000    262,594 
CNO Global Funding          
1.750% 10/07/26 (a)   714,000    617,940 
Corebridge Financial, Inc.          
3.650% 4/05/27 (a)   235,000    214,710 
GA Global Funding Trust          
2.250% 1/06/27 (a)   685,000    593,506 
Jackson Financial, Inc.          
5.170% 6/08/27 (b)   181,000    173,668 
Sammons Financial Group, Inc.          
4.450% 5/12/27 (a)   1,140,000    1,042,012 
         4,473,991 
Internet — 0.5%          
Expedia Group, Inc.          
4.625% 8/01/27   309,000    289,342 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Netflix, Inc.          
5.875% 11/15/28  $430,000   $418,613 
         707,955 
Investment Companies — 2.6%          
Ares Capital Corp.          
3.875% 1/15/26   535,000    486,906 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   163,000    156,123 
Blackstone Private Credit Fund          
2.625% 12/15/26   890,000    730,915 
2.700% 1/15/25   325,000    294,632 
Golub Capital BDC, Inc.          
2.500% 8/24/26   270,000    226,416 
3.375% 4/15/24   330,000    316,775 
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.          
4.750% 9/15/24   445,000    416,047 
OWL Rock Core Income Corp.          
4.700% 2/08/27   500,000    438,120 
Sixth Street Specialty Lending, Inc.          
3.875% 11/01/24   410,000    390,214 
         3,456,148 
Iron & Steel — 0.8%          
Vale Overseas Ltd.          
6.250% 8/10/26 (b)   1,030,000    1,038,814 
Lodging — 0.6%          
Las Vegas Sands Corp.          
3.200% 8/08/24   875,000    825,046 
Machinery – Construction & Mining — 0.6%          
The Weir Group PLC          
2.200% 5/13/26 (a)   880,000    739,609 
Media — 0.4%          
Cable Onda SA          
4.500% 1/30/30 (a)   630,000    495,962 
Mining — 1.1%          
Alcoa Nederland Holding BV          
6.125% 5/15/28 (a)   395,000    373,272 
Glencore Funding LLC          
1.625% 4/27/26 (a)   470,000    406,475 
Indonesia Asahan Aluminium Persero PT          
4.750% 5/15/25 (a)   750,000    726,938 
         1,506,685 
Multi-National — 0.6%          
Africa Finance Corp.          
3.125% 6/16/25 (a)   957,000    862,735 
Oil & Gas — 2.6%          
EQT Corp.          
6.125% STEP 2/01/25   869,000    870,112 
Ovintiv Exploration, Inc.          
5.375% 1/01/26   275,000    272,075 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28  $685,000   $562,038 
Petroleos Mexicanos          
4.625% 9/21/23   1,215,000    1,181,521 
Ras Laffan Liquefied Natural Gas Co. Ltd.          
5.838% 9/30/27 (a)   610,725    613,467 
         3,499,213 
Pharmaceuticals — 0.9%          
Bayer US Finance II LLC          
4.250% 12/15/25 (a)   400,000    382,884 
Viatris, Inc.          
2.300% 6/22/27   1,025,000    837,296 
         1,220,180 
Pipelines — 1.3%          
Energy Transfer LP          
4.950% 6/15/28   975,000    908,582 
Plains All American Pipeline LP/PAA Finance Corp.          
4.500% 12/15/26   90,000    85,028 
4.650% 10/15/25   760,000    733,051 
         1,726,661 
Private Equity — 0.5%          
Hercules Capital, Inc.          
2.625% 9/16/26   560,000    458,435 
3.375% 1/20/27   270,000    226,605 
         685,040 
Real Estate — 0.6%          
Country Garden Holdings Co. Ltd.          
8.000% 1/27/24 (a)   457,000    175,925 
MAF Sukuk Ltd.          
4.500% 11/03/25 (a)   625,000    606,250 
Shimao Group Holdings Ltd.          
6.125% 2/21/24 (a)   400,000    48,136 
         830,311 
Real Estate Investment Trusts (REITS) — 2.0%          
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   335,000    261,434 
GLP Capital LP/GLP Financing II, Inc.          
5.375% 4/15/26   348,000    332,866 
Omega Healthcare Investors, Inc.          
4.750% 1/15/28   779,000    714,391 
SBA Tower Trust          
1.884% 1/15/26 (a)   287,000    252,402 
Service Properties Trust          
4.350% 10/01/24   935,000    822,298 
Vornado Realty LP          
2.150% 6/01/26   310,000    259,529 
         2,642,920 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Retail — 0.2%          
Nordstrom, Inc.          
2.300% 4/08/24  $268,000   $249,240 
4.000% 3/15/27 (b)   86,000    71,648 
         320,888 
Telecommunications — 1.3%          
Telecom Italia SpA          
5.303% 5/30/24 (a)   430,000    406,063 
Tower Bersama Infrastructure Tbk PT          
4.250% 1/21/25 (a)   1,445,000    1,366,417 
         1,772,480 
Toys, Games & Hobbies — 0.5%          
Mattel, Inc.          
3.375% 4/01/26 (a)   750,000    669,328 
           
TOTAL CORPORATE DEBT
(Cost $73,607,004)
        65,143,690 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 42.0%          
Automobile Asset-Backed Securities — 2.9%          
Avis Budget Rental Car Funding AESOP LLC          
Series 2019-3A, Class C, 3.150% 3/20/26 (a)   1,083,000    994,426 
Series 2018-1A, Class C, 4.730% 9/20/24 (a)   500,000    494,224 
Carmax Auto Owner Trust, Series 2021-4, Class D          
1.480% 3/15/28   250,000    227,424 
Carvana Auto Receivables Trust          
Series 2021-N1, Class D, 1.500% 1/10/28   1,243,000    1,214,930 
Series 2021-P3, Class D, 2.250% 9/11/28   855,000    743,827 
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
3.450% 1/26/32 (a)   215,000    202,316 
         3,877,147 
Commercial Mortgage-Backed Securities — 6.2%          
BAMLL Commercial Mortgage Securities Trust          
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (c)   370,000    322,147 
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (c)   450,000    388,602 
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 4.168% FRN 9/15/34 (a)   130,000    124,326 
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%          
4.318% FRN 7/15/35 (a)   500,000    475,147 
BX Commercial Mortgage Trust          
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 10/15/36 (a)   268,600    258,583 
Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800% 4.618% FRN 6/15/38 (a)   324,542    297,576 
Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% 4.818% FRN 9/15/36 (a)   792,000    730,398 
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 4.818% FRN 10/15/36 (a)   753,100    727,373 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%          
4.968% FRN 12/15/37 (a)   545,194    514,541 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Commercial Mortgage Trust, Series 2014-CR14, Class A2          
3.147% 2/10/47  $74,480   $74,774 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%          
4.418% FRN 5/15/36 (a)   200,000    191,383 
KIND Trust          
Series 2021-KIND, Class B, 1 mo. USD LIBOR + 1.350% 4.168% FRN 8/15/38 (a)   546,053    525,605 
Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% 4.568% FRN 8/15/38 (a)   595,695    567,765 
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%          
4.618% FRN 5/15/36 (a)   251,000    240,577 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%          
4.568% FRN 3/15/38 (a)   365,665    337,568 
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101%          
4.919% FRN 4/15/38 (a)   620,000    577,201 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B          
3.769% 2/15/46   250,000    247,062 
One New York Plaza Trust          
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 5.018% FRN 1/15/36 (a)   616,000    583,773 
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 5.568% FRN 1/15/36 (a)   414,000    387,360 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%          
4.918% FRN 7/15/39 (a)   711,000    669,128 
         8,240,889 
Home Equity Asset-Backed Securities — 0.0%          
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480%          
3.564% FRN 10/25/34 (a)   14,341    14,379 
Other Asset-Backed Securities — 19.3%          
321 Henderson Receivables LLC          
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 3.018% FRN 3/15/41 (a)   6,101    6,058 
Series 2010-3A, Class A, 3.820% 12/15/48 (a)   98,969    95,715 
Adams Outdoor Advertising LP, Series 2018-1, Class A          
4.810% 11/15/48 (a)   352,391    333,437 
Affirm Asset Securitization Trust, Series 2021-A, Class D          
3.490% 8/15/25 (a)   950,000    930,573 
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060%          
3.819% FRN 7/22/32 (a)   1,000,000    964,112 
Apidos CLO XXVI, Series 2017-26A, Class A2R, 3 mo. USD LIBOR + 1.500%          
4.240% FRN 7/18/29 (a)   500,000    477,152 
Aqua Finance Trust, Series 2021-A, Class A          
1.540% 7/17/46 (a)   1,123,634    1,020,645 
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550%          
4.260% FRN 10/20/31 (a)   800,000    752,742 
BHG Securitization Trust, Series 2021-B, Class C          
2.240% 10/17/34 (a)   448,000    384,351 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
BHG Securitization Trust, Series 2022-C, Class A          
5.320% 10/17/35 (a)  $800,000   $799,978 
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%          
3.690% FRN 7/20/29 (a)   550,000    537,432 
BRE Grand Islander Timeshare Issuer LLC          
Series 2017-1A, Class A, 2.940% 5/25/29 (a)   51,108    49,557 
Series 2019-A, Class B, 3.780% 9/26/33 (a)   158,710    151,121 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36 (a)   524,860    460,874 
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   142,056    129,563 
Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000%          
4.512% FRN 7/15/30 (a)   300,000    275,833 
Capital Automotive REIT          
Series 2020-1A, Class B1, 4.170% 2/15/50 (a)   484,000    442,136 
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)   583,285    565,833 
Castlelake Aircraft Structured Trust, Series 2018-1, Class A          
4.125% 6/15/43 (a)   143,574    125,622 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%          
3.690% FRN 4/20/31 (a)   250,000    243,979 
CF Hippolyta Issuer LLC, Series 2020-1, Class B1          
2.280% 7/15/60 (a)   92,971    82,575 
CIFC Funding Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550%          
4.333% FRN 10/24/30 (a)   500,000    477,423 
DataBank Issuer, Series 2021-1A, Class A2          
2.060% 2/27/51 (a)   991,000    851,728 
Diamond Resorts Owner Trust, Series 2018-1, Class A          
3.700% 1/21/31 (a)   59,743    58,210 
Elara HGV Timeshare Issuer LLC          
Series 2017-A, Class A, 2.690% 3/25/30 (a)   52,058    50,465 
Series 2016-A, Class A, 2.730% 4/25/28 (a)   88,763    85,494 
Series 2017-A, Class B, 2.960% 3/25/30 (a)   154,247    149,021 
Series 2019-A, Class C, 3.450% 1/25/34 (a)   351,131    336,030 
FCI Funding LLC, Series 2019-1A, Class A          
3.630% 2/18/31 (a)   9,598    9,594 
Firstkey Homes Trust, Series 2021, Class E2          
2.489% 8/17/38 (a)   460,000    382,669 
FNA VI LLC, Series 21-1A, Class A          
1.350% 1/10/32 (a)   1,334,472    1,220,061 
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A          
1.150% 6/25/51 (a)   683,273    631,183 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   372,132    315,499 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   179,487    161,221 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   176,453    162,536 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c)   159,744    145,775 
Hero Funding Trust          
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   90,367    81,496 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   87,536    83,077 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)   186,225    182,829 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   162,609    155,216 
HIN Timeshare Trust, Series 2020-A, Class B          
2.230% 10/09/39 (a)   502,686    461,774 
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A          
4.458% 12/15/38 (a)   478,534    385,359 
Horizon Aircraft Finance III Ltd.          

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2019-2, Class A, 3.425% 11/15/39 (a)  $357,613   $299,406 
Series 2019-2, Class B, 4.458% 11/15/39 (a)   683,333    468,387 
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%          
4.433% FRN 3/15/31 (a)   250,000    243,901 
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD LIBOR + 1.300%          
4.239% FRN 2/15/39 (a)   900,000    857,781 
Lendingpoint Asset Securitization, Series 2021-A, Class B          
1.110% 2/15/29 (a)   406,860    399,351 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   277,532    243,982 
Mosaic Solar Loans LLC          
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)   141,363    130,763 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)   33,297    31,753 
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%          
4.090% FRN 10/18/29 (a)   1,000,000    943,332 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%          
4.183% FRN 7/25/30 (a)   250,000    237,441 
NP SPE II LP, Series 2017-1A, Class A1          
3.372% 10/21/47 (a)   101,013    94,816 
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3          
2.458% 10/15/52 (a)   164,400    163,729 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3          
2.260% 11/20/50 (a)   400,000    344,103 
Orange Lake Timeshare Trust, Series 2016-A, Class B          
2.910% 3/08/29 (a)   55,336    55,326 
Oxford Finance Funding Trust, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)   164,098    162,405 
Palmer Square CLO Ltd., Series 2020-3A, Class A2R, 3 mo. USD LIBOR + 1.600%          
4.505% FRN 11/15/31 (a)   500,000    474,253 
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400%          
3.912% FRN 7/15/31 (a)   350,000    331,378 
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%          
4.059% FRN 5/25/35   228,751    225,660 
SBA Tower Trust, Series 2014-2A, Class C,          
3.869% STEP 10/15/49 (a)   430,000    415,957 
Sierra Receivables Funding LLC          
Series 2020-2A, Class C, 3.510% 7/20/37 (a)   43,383    40,549 
Series 2018-1A, Class B, 4.036% 4/20/35   138,072    134,781 
Store Master Funding I-VII, Series 2018-1A, Class A3          
4.400% 10/20/48 (a)   504,833    483,742 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%          
4.284% FRN 11/25/35 (a)   101,974    99,242 
TAL Advantage VII LLC, Series 2020-1A, Class B          
3.290% 9/20/45 (a)   711,000    651,581 
Thrust Engine Leasing, Series 2021-1A, Class A          
4.163% 7/15/40 (a)   571,373    477,365 
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%          
3.890% FRN 10/20/31 (a)   400,000    390,665 
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280%          
3.990% FRN 4/20/33 (a)   1,000,000    969,276 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2          
1.645% 9/15/45 (a)   675,000    594,498 
VERDE CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.100%          
3.612% FRN 4/15/32 (a)   500,000    479,973 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Welk Resorts LLC, Series 2017-AA, Class B          
3.410% 6/15/33 (a)  $48,333   $48,108 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   197,754    142,128 
         25,851,580 
Student Loans Asset-Backed Securities — 6.0%          
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%          
4.584% FRN 7/25/58 (a)   140,000    128,154 
College Avenue Student Loans LLC          
Series 2021-A, Class B, 2.320% 7/25/51 (a)   998,844    908,185 
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 4.284% FRN 12/26/47 (a)   278,172    276,513 
Series 2017-A, Class B, 4.500% 11/26/46 (a)   311,298    273,094 
Series 2017-A, Class A1, 1 mo. USD LIBOR + 1.650% 4.734% FRN 11/26/46 (a)   205,559    193,717 
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%          
3.002% FRN 1/15/37   118,466    102,553 
Commonbond Student Loan Trust          
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)   17,939    15,800 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)   19,482    17,316 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   9,392    8,396 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)   38,224    35,101 
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B          
2.500% 1/25/30 (a)   39,208    36,929 
DRB Prime Student Loan Trust, Series 2017-B, Class CFX          
3.610% 8/25/42 (a)   172,101    165,205 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B          
4.000% 8/25/42 (a)   49,231    45,638 
Higher Education Funding I, Series 2004-1, Class B1,          
FRN 1/01/44 (a) (c)       855,320 
Laurel Road Prime Student Loan Trust          
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)   256,646    243,846 
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)   191,151    181,123 
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B          
2.770% 1/15/69 (a)   2,200,000    1,876,198 
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%          
4.834% FRN 12/26/40 (a)   11,249    11,246 
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500%          
4.584% FRN 6/25/54 (a)   130,000    124,357 
Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class B,          
2.320% FRN 10/25/42 (c)   300,000    287,224 
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%          
3.105% FRN 2/15/45   219,897    204,863 
SLM Student Loan Trust          
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 2.983% FRN 1/27/42   682,375    621,628 
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.993% FRN 10/25/40   310,956    291,570 
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.073% FRN 1/25/44   367,136    334,513 
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 3.083% FRN 7/25/25   19,067    19,054 
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 3.083% FRN 1/25/41   283,294    265,852 
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 3.093% FRN 1/25/55   110,387    104,729 
SMB Private Education Loan Trust          
Series 2018-C, Class A2B, 1 mo. USD LIBOR + .750% 3.568% FRN 11/15/35 (a)   263,131    251,313 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 3.918% FRN 9/15/34 (a)  $79,925   $80,221 
SoFi Professional Loan Program LLC          
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 4.034% FRN 1/25/39 (a)   9,935    9,906 
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 4.284% FRN 6/25/33 (a)   18,401    18,405 
         7,987,969 
Whole Loan Collateral Collateralized Mortgage Obligations — 7.5%          
Angel Oak Mortgage Trust          
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (c)   97,229    87,330 
Series 2021-1, Class M1, 2.215% VRN 1/25/66 (a) (c)   314,000    265,987 
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,          
3.986% VRN 8/25/34 (c)   1,314    1,248 
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,          
2.406% VRN 5/25/60 (a) (c)   79,211    76,623 
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%          
3.394% FRN 8/25/49 (a)   326,755    312,090 
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1,          
2.472% VRN 5/25/66 (a) (c)   500,000    357,702 
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,          
1.538% VRN 2/25/66 (a) (c)   539,262    466,849 
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,          
1.128% VRN 5/25/65 (a) (c)   157,173    147,888 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (c)   588,852    455,164 
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1,          
1.657% VRN 5/25/65 (a) (c)   18,785    18,611 
Lakeview Trust, Series 2022-1, Class M3          
4.585% 4/25/52 (a)   1,600,000    1,539,327 
MFRA Trust, Series 2021-NQM2, Class A3,          
1.472% VRN 11/25/64 (a) (c)   422,197    339,370 
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,          
3.750% VRN 11/25/56 (a) (c)   125,831    119,238 
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050%          
4.134% FRN 5/25/55 (a)   927,000    902,195 
NLT Trust          
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (c)   747,840    613,166 
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (c)   700,000    464,527 
Onslow Bay Financial LLC          
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (c)   842,734    625,034 
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (c)   333,000    258,904 
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%          
5.934% FRN 2/25/23 (a)   250,000    247,470 
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3,          
3.000% VRN 10/25/31 (a) (c)   217,901    198,551 
Starwood Mortgage Residential Trust          
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (c)   222,932    186,321 
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (c)   532,984    508,433 
Starwood Residential Mortgage Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (c)   646,554    580,737 
Verus Securitization Trust          
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (c)   214,743    166,619 
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (c)   338,784    329,987 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c)   265,000    251,195 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c)  $548,000   $467,095 
         9,987,661 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%          
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,          
3.500% VRN 12/25/49 (a) (c)   150,465    134,163 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $61,189,215)
        56,093,788 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (d) — 1.5%          
Pass-Through Securities — 0.0%          
Federal National Mortgage Association
Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34
   2,254    2,284 
Government National Mortgage Association          
Pool #352022 7.000% 11/15/23   90    91 
Pool #491089 7.000% 12/15/28   708    721 
Pool #500928 7.000% 5/15/29   465    484 
Pool #510083 7.000% 7/15/29   52    54 
Pool #493723 7.000% 8/15/29   350    364 
Pool #581417 7.000% 7/15/32   666    690 
Government National Mortgage Association II          
Pool #008746 1 year CMT + 1.500% 1.750% FRN 11/20/25   211    205 
Pool #080136 1 year CMT + 1.500% 1.750% FRN 11/20/27   61    59 
         4,952 
Whole Loans — 1.5%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2021-DNA6, Class M2, 30 day SOFR + 1.500% 3.781% FRN 10/25/41 (a)   1,046,000    969,709 
Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 4.581% FRN 8/25/33 (a)   1,121,000    1,080,200 
         2,049,909 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $2,171,596)
        2,054,861 
           
U.S. TREASURY OBLIGATIONS — 0.5%          
U.S. Treasury Bonds & Notes — 0.5%          
U.S. Treasury Note          
1.750% 12/31/24 (e)   700,000    663,195 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $711,922)
        663,195 
           
TOTAL BONDS & NOTES
(Cost $137,679,737)
        123,955,534 
           

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
MUTUAL FUNDS — 1.5%          
           
Diversified Financial Services — 1.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   1,997,305   $1,997,305 
           
TOTAL MUTUAL FUNDS
(Cost $1,997,305)
        1,997,305 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $139,677,042)
        125,952,839 
           
   Principal
Amount
    
SHORT-TERM INVESTMENTS — 5.7%          
Commercial Paper — 3.7%          
National Grid PLC          
2.955% 10/07/22 (a)  $3,000,000    2,998,046 
Tampa Electric Co.          
3.508% 10/14/22 (a)   2,000,000    1,997,608 
         4,995,654 
Repurchase Agreement — 2.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (g)  2,663,567   2,663,567 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,659,625)
        7,659,221 
           
TOTAL INVESTMENTS — 99.9%
(Cost $147,336,667) (h)
        133,612,060 
           
Other Assets/(Liabilities) — 0.1%        138,810 
           
NET ASSETS — 100.0%       $133,750,870 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
FRN Floating Rate Note
STEP Step Up Bond
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $89,960,465 or 67.26% of net assets.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $1,957,853 or 1.46% of net assets. (Note 2).
(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2022.
(d) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(e) All or a portion of this security is pledged/held as collateral for open derivatives.
(f) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $2,663,751. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $2,716,887.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net Unrealized
Appreciation/
(Depreciation)
 
Short               
U.S. Treasury Ultra 10 Year  12/20/22   5   $(630,023)  $37,601 
U.S. Treasury Note 2 Year  12/30/22   46    (9,570,739)   122,770 
U.S. Treasury Note 5 Year  12/30/22   282    (31,418,911)    1,101,708 
                $1,262,079 

 

Currency Legend

USD U.S. Dollar

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 98.9%          
           
COMMON STOCK — 98.9%          
Basic Materials — 2.3%          
Chemicals — 0.7%          
NewMarket Corp.   2,358   $709,357 
Mining — 1.6%          
Compass Minerals International, Inc.   23,917    921,522 
Kaiser Aluminum Corp.   13,392    821,599 
         1,743,121 
         2,452,478 
Communications — 2.6%          
Internet — 2.6%          
Q2 Holdings, Inc. (a)   32,218    1,037,420 
Ziff Davis, Inc. (a)   25,329    1,734,530 
         2,771,950 
         2,771,950 
Consumer, Cyclical — 13.9%          
Airlines — 0.6%          
Spirit Airlines, Inc. (a)   34,801    654,955 
Auto Parts & Equipment — 3.3%          
Allison Transmission Holdings, Inc.   22,733    767,466 
Dorman Products, Inc. (a)   16,719    1,372,964 
Visteon Corp. (a)   13,439    1,425,341 
         3,565,771 
Entertainment — 1.0%          
Cedar Fair LP (b)   26,828    1,103,972 
Home Builders — 0.6%          
Skyline Champion Corp. (a)   12,251    647,710 
Home Furnishing — 0.5%          
Tempur Sealy International, Inc.   21,992    530,887 
Leisure Time — 0.6%          
Topgolf Callaway Brands Corp. (a) (c)   33,081    637,140 
Lodging — 0.8%          
Boyd Gaming Corp.   17,680    842,452 

 

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Retail — 6.5%          
AutoNation, Inc. (a)   20,444   $2,082,630 
BJ's Wholesale Club Holdings, Inc. (a)   31,253    2,275,531 
Suburban Propane Partners LP (b)   79,046    1,189,642 
Texas Roadhouse, Inc.   15,857    1,383,682 
         6,931,485 
         14,914,372 
Consumer, Non-cyclical — 19.8%          
Biotechnology — 2.7%          
ADMA Biologics, Inc. (a)   133,541    324,505 
Avid Bioservices, Inc. (a) (c)   58,676    1,121,885 
Gossamer Bio, Inc. (a) (c)   24,815    297,284 
Intra-Cellular Therapies, Inc. (a)   17,472    812,972 
TransMedics Group, Inc. (a)   7,769    324,278 
         2,880,924 
Commercial Services — 4.6%          
ASGN, Inc. (a)   20,523    1,854,664 
Korn Ferry   32,479    1,524,889 
Paya Holdings, Inc. (a)   86,482    528,405 
Payoneer Global, Inc. (a)   160,921    973,572 
         4,881,530 
Food — 0.5%          
Lancaster Colony Corp.   3,911    587,745 
Health Care – Products — 4.7%          
AtriCure, Inc. (a)   25,443    994,821 
Azenta, Inc.   26,652    1,142,305 
BioLife Solutions, Inc. (a)   26,301    598,348 
Inspire Medical Systems, Inc. (a)   9,863    1,749,400 
Tandem Diabetes Care, Inc. (a)   11,160    534,006 
         5,018,880 
Health Care – Services — 5.1%          
Acadia Healthcare Co., Inc. (a)   30,800    2,407,944 
Addus HomeCare Corp. (a)   16,966    1,615,842 
Tenet Healthcare Corp. (a)   26,645    1,374,349 
         5,398,135 
Pharmaceuticals — 2.2%          
BellRing Brands, Inc. (a)   60,614    1,249,255 
Collegium Pharmaceutical, Inc. (a)   33,757    540,787 
Heska Corp. (a)   1,546    112,734 
Prometheus Biosciences, Inc. (a)   7,721    455,616 
         2,358,392 
         21,125,606 

 

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Energy — 5.2%          
Oil & Gas — 3.7%          
Chesapeake Energy Corp. (c)   16,193   $1,525,542 
CNX Resources Corp. (a)   91,173    1,415,917 
Helmerich & Payne, Inc.   26,391    975,675 
         3,917,134 
Oil & Gas Services — 0.8%          
Nov, Inc.   55,843    903,540 
Pipelines — 0.7%          
Equitrans Midstream Corp.   93,612    700,218 
         5,520,892 
Financial — 22.1%          
Banks — 7.2%          
The Bank of NT Butterfield & Son Ltd.   19,271    625,537 
BankUnited, Inc.   40,777    1,393,350 
Cathay General Bancorp   34,134    1,312,794 
Columbia Banking System, Inc.   32,153    928,900 
FB Financial Corp.   13,738    524,929 
Heritage Financial Corp.   34,035    900,907 
Silvergate Capital Corp. Class A (a)   5,987    451,120 
Webster Financial Corp.   33,731    1,524,641 
         7,662,178 
Diversified Financial Services — 4.0%          
Federated Hermes, Inc.   39,827    1,319,070 
Focus Financial Partners, Inc. Class A (a)   34,993    1,102,630 
Stifel Financial Corp.   37,078    1,924,719 
         4,346,419 
Insurance — 1.5%          
Definity Financial Corp.   56,423    1,585,652 
Real Estate Investment Trusts (REITS) — 5.1%          
DiamondRock Hospitality Co.   168,675    1,266,749 
Four Corners Property Trust, Inc.   70,587    1,707,500 
National Storage Affiliates Trust   39,181    1,629,146 
Sabra Health Care REIT, Inc.   64,829    850,556 
         5,453,951 
Savings & Loans — 4.3%          
Berkshire Hills Bancorp, Inc. (c)   34,356    937,919 
OceanFirst Financial Corp.   41,713    777,530 
Pacific Premier Bancorp, Inc.   42,448    1,314,190 
WSFS Financial Corp.   33,595    1,560,824 
         4,590,463 
         23,638,663 

 

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Industrial — 18.3%          
Aerospace & Defense — 1.5%          
Curtiss-Wright Corp.   11,652   $1,621,492 
Building Materials — 2.2%          
Masonite International Corp. (a)   14,028    1,000,056 
Summit Materials, Inc. Class A (a)   57,932    1,388,051 
         2,388,107 
Electrical Components & Equipment — 0.7%          
Belden, Inc.   13,086    785,422 
Electronics — 1.8%          
Atkore, Inc. (a)   17,047    1,326,427 
Itron, Inc. (a)   14,171    596,741 
         1,923,168 
Engineering & Construction — 1.8%          
Primoris Services Corp.   29,609    481,146 
TopBuild Corp. (a)   8,967    1,477,583 
         1,958,729 
Environmental Controls — 1.2%          
Evoqua Water Technologies Corp. (a)   40,025    1,323,627 
Hand & Machine Tools — 1.3%          
Regal Rexnord Corp.   9,636    1,352,509 
Machinery – Construction & Mining — 1.2%          
BWX Technologies, Inc.   15,862    798,969 
Vertiv Holdings Co.   51,778    503,282 
         1,302,251 
Machinery – Diversified — 1.3%          
Zurn Elkay Water Solutions Corp.   54,149    1,326,650 
Metal Fabricate & Hardware — 1.3%          
Valmont Industries, Inc.   4,944    1,328,057 
Miscellaneous - Manufacturing — 1.3%          
EnPro Industries, Inc.   15,589    1,324,753 
Packaging & Containers — 1.0%          
Silgan Holdings, Inc.   25,731    1,081,731 
Transportation — 1.7%          
CryoPort, Inc. (a)   35,520    865,267 
Hub Group, Inc. Class A (a)   13,761    949,234 
         1,814,501 
         19,530,997 
Technology — 11.0%          
Computers — 3.0%          
CACI International, Inc. Class A (a)   6,261    1,634,497 

 

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
KBR, Inc.   36,038   $1,557,562 
         3,192,059 
Semiconductors — 2.7%          
Allegro MicroSystems, Inc. (a)   35,305    771,414 
Ambarella, Inc. (a)   10,111    568,036 
MACOM Technology Solutions Holdings, Inc. (a)   14,063    728,323 
MKS Instruments, Inc.   10,245    846,647 
         2,914,420 
Software — 5.3%          
Consensus Cloud Solutions, Inc. (a)   13,297    628,948 
Coupa Software, Inc. (a)   8,205    482,454 
Envestnet, Inc. (a)   11,685    518,814 
HashiCorp, Inc. Class A (a) (c)   18,711    602,307 
Paycor HCM, Inc. (a)   60,377    1,784,744 
Progress Software Corp.   15,411    655,738 
Sprout Social, Inc. Class A (a)   15,861    962,446 
         5,635,451 
         11,741,930 
Utilities — 3.7%          
Electric — 1.2%          
Avista Corp.   34,292    1,270,518 
Gas — 2.5%          
National Fuel Gas Co.   26,109    1,607,009 
Northwest Natural Holding Co.   25,865    1,122,024 
         2,729,033 
         3,999,551 
           
TOTAL COMMON STOCK
(Cost $84,676,772)
        105,696,439 
           
TOTAL EQUITIES
(Cost $84,676,772)
        105,696,439 
           
           
MUTUAL FUNDS — 0.7%          
Diversified Financial Services — 0.7%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   785,975    785,975 
           
TOTAL MUTUAL FUNDS
(Cost $785,975)
        785,975 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $85,462,747)
        106,482,414 
           

 

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
SHORT-TERM INVESTMENTS — 1.9%          
           
Repurchase Agreement — 1.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (e)  $1,997,482   $1,997,482 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,997,482)
        1,997,482 
           
TOTAL INVESTMENTS — 101.5%
(Cost $87,460,229) (f)
        108,479,896 
           
Other Assets/(Liabilities) — (1.5)%        (1,600,052) 
           
NET ASSETS — 100.0%       $106,879,844 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Security is a Master Limited Partnership.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2022, was $3,484,445 or 3.26% of net assets. The Fund received $2,784,838 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $1,997,620. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $2,037,518.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Special Situations Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 100.2%          
           
COMMON STOCK — 100.2%          
Basic Materials — 5.8%          
Chemicals — 5.8%          
Dow, Inc.   31,486   $1,383,180 
Communications — 20.7%          
Internet — 20.7%          
Airbnb, Inc. Class A (a)   16,530    1,736,311 
Bumble, Inc. Class A (a)   3,137    67,414 
Chewy, Inc. Class A (a)   3,923    120,515 
DoorDash, Inc., Class A (a)   7,218    356,930 
Lyft, Inc. Class A (a)   13,062    172,027 
Marqeta, Inc. Class A (a)   15,721    111,933 
Pinterest, Inc. Class A (a)   24,852    579,052 
Uber Technologies, Inc. (a)   65,677    1,740,440 
         4,884,622 
         4,884,622 
Consumer, Cyclical — 5.6%          
Apparel — 0.3%          
Kontoor Brands, Inc.   2,011    67,590 
Auto Manufacturers — 1.0%          
Rivian Automotive, Inc. Class A (a)   6,950    228,724 
Distribution & Wholesale — 1.3%          
IAA, Inc. (a)   5,795    184,571 
Resideo Technologies, Inc. (a)   6,288    119,849 
         304,420 
Entertainment — 1.5%          
Madison Square Garden Entertainment Corp. (a)   1,100    48,499 
Penn Entertainment, Inc. (a)   7,069    194,468 
Warner Music Group Corp. Class A   4,984    115,679 
         358,646 
Lodging — 1.0%          
Wyndham Hotels & Resorts, Inc.   3,983    244,357 
Retail — 0.5%          
Petco Health & Wellness Co., Inc. (a)   3,541    39,518 

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Victoria's Secret & Co. (a)   2,937   $85,525 
         125,043 
         1,328,780 
Consumer, Non-cyclical — 18.9%          
Biotechnology — 10.7%          
Corteva, Inc.   31,296    1,788,566 
Maravai LifeSciences Holdings, Inc. Class A (a)   4,721    120,527 
Royalty Pharma PLC Class A   15,625    627,813 
         2,536,906 
Commercial Services — 2.2%          
Affirm Holdings, Inc. (a)   7,143    134,003 
Driven Brands Holdings, Inc. (a)   2,390    66,872 
GXO Logistics, Inc. (a)   4,400    154,264 
Toast, Inc., Class A (a)   10,537    176,178 
         531,317 
Cosmetics & Personal Care — 0.1%          
Olaplex Holdings, Inc. (a)   3,062    29,242 
Health Care – Products — 2.2%          
Avantor, Inc. (a)   26,393    517,303 
Health Care – Services — 0.5%          
agilon health, Inc. (a)   2,111    49,440 
Enhabit, Inc. (a)   2,158    30,298 
Sotera Health Co. (a)   4,281    29,196 
         108,934 
Household Products & Wares — 0.3%          
Reynolds Consumer Products, Inc.   2,360    61,384 
Pharmaceuticals — 2.9%          
Covetrus, Inc. (a)   4,521    94,399 
Elanco Animal Health, Inc. (a)   20,502    254,430 
Embecta Corp.   2,499    71,946 
Organon & Co.   10,968    256,651 
         677,426 
         4,462,512 
Energy — 3.0%          
Energy – Alternate Sources — 0.8%          
Array Technologies, Inc. (a)   5,780    95,832 
Shoals Technologies Group, Inc. Class A (a)   4,855    104,625 
         200,457 
Oil & Gas — 0.9%          
DTE Midstream LLC (a)   4,183    217,056 
Oil & Gas Services — 0.7%          
ChampionX Corp.   8,796    172,138 

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Pipelines — 0.6%          
Equitrans Midstream Corp.   17,591   $131,581 
         721,232 
Financial — 9.5%          
Diversified Financial Services — 1.4%          
Rocket Cos., Inc. Class A   5,085    32,137 
TPG, Inc.   1,488    41,426 
Tradeweb Markets, Inc. Class A   4,652    262,466 
         336,029 
Insurance — 2.2%          
Equitable Holdings, Inc.   15,323    403,761 
Ryan Specialty Holdings, Inc. (a)   2,529    102,728 
         506,489 
Real Estate — 0.2%          
Newmark Group, Inc. Class A   6,639    53,510 
Real Estate Investment Trusts (REITS) — 5.7%          
Apartment Income REIT Corp.   6,793    262,346 
Orion Office REIT, Inc.   2,429    21,254 
VICI Properties, Inc.   35,324    1,054,421 
         1,338,021 
         2,234,049 
Industrial — 12.8%          
Building Materials — 5.9%          
The AZEK Co., Inc (a)   4,831    80,291 
Carrier Global Corp.   36,681    1,304,377 
         1,384,668 
Electronics — 1.5%          
nVent Electric PLC   7,193    227,371 
Vontier Corp.   6,963    116,352 
         343,723 
Engineering & Construction — 0.8%          
Arcosa, Inc.   2,090    119,506 
frontdoor, Inc. (a)   3,557    72,527 
         192,033 
Machinery – Diversified — 4.6%          
Esab Corp.   1,973    65,819 
Otis Worldwide Corp.   16,120    1,028,456 
         1,094,275 
         3,014,699 

 

 

 

 

MML Special Situations Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Technology — 18.9%          
Computers — 0.3%          
Kyndryl Holdings, Inc. (a)   7,768   $64,241 
Semiconductors — 0.5%          
Globalfoundries, Inc. (a)   2,300    111,205 
Software — 18.1%          
AppLovin Corp. (a)   1,541    30,034 
C3.ai, Inc. Class A (a)   3,089    38,612 
Concentrix Corp.   1,861    207,743 
Consensus Cloud Solutions, Inc. (a)   686    32,448 
Doximity, Inc. Class A (a)   4,007    121,092 
Dropbox, Inc. Class A (a)   11,582    239,979 
Playtika Holding Corp. (a)   4,423    41,532 
PowerSchool Holdings, Inc. Class A (a)   1,782    29,742 
Qualtrics International Inc (a)   4,474    45,545 
ROBLOX Corp. Class A (a)   1,875    67,200 
SentinelOne Inc. Class A (a)   8,028    205,196 
Snowflake, Inc. Class A (a)   10,475    1,780,331 
UiPath, Inc. Class A (a)   11,998    151,295 
Vimeo, Inc. (a)   6,730    26,920 
Zoom Video Communications, Inc. Class A (a)   9,827    723,169 
ZoomInfo Technologies, Inc. (a)   13,083    545,038 
         4,285,876 
         4,461,322 
Utilities — 5.0%          
Electric — 5.0%          
Constellation Energy Corp.   14,128    1,175,308 
           
TOTAL COMMON STOCK
(Cost $35,337,717)
        23,665,704 
           
TOTAL EQUITIES
(Cost $35,337,717)
        23,665,704 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $35,337,717)
        23,665,704 
           
TOTAL INVESTMENTS — 100.2%
(Cost $35,337,717) (b)
        23,665,704 
           
Other Assets/(Liabilities) — (0.2)%        (40,847) 
           
NET ASSETS — 100.0%       $23,624,857 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments

 

September 30, 2022 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 95.3%          
           
COMMON STOCK — 93.6%          
Belgium — 0.2%          
Anheuser-Busch InBev SA   2,251   $101,831 
Bermuda — 0.7%          
Credicorp Ltd.   2,511    308,351 
Brazil — 4.3%          
Ambev SA   264,112    760,852 
Lojas Renner SA   66,336    342,480 
Vale SA Sponsored ADR   57,152    761,264 
WEG SA   19,184    114,300 
         1,978,896 
Cayman Islands — 20.6%          
BeiGene Ltd. ADR (a)   4,247    572,581 
Brii Biosciences Ltd. (a)   83,500    55,989 
H World Group Ltd.   3,900    13,280 
H World Group Ltd. ADR   45,376    1,521,911 
JD.com, Inc. ADR   1,295    65,139 
Meituan Class B (a) (b)   75,000    1,571,931 
NetEase, Inc. ADR   21,169    1,600,376 
New Horizon Health Ltd. (a) (b)   25,000    46,101 
NU Holdings Ltd/Cayman Islands Class A (a)   77,397    340,547 
Silergy Corp.   17,000    222,842 
Sunny Optical Technology Group Co. Ltd.   19,900    187,043 
Tencent Holdings Ltd.   16,409    554,165 
Wuxi Biologics Cayman, Inc. (a) (b)   93,000    557,205 
Zai Lab Ltd. ADR (a)   13,762    470,660 
ZTO Express Cayman, Inc.   4,687    113,014 
ZTO Express Cayman, Inc. ADR   63,944    1,536,574 
         9,429,358 
Chile — 0.1%          
Banco Santander Chile   1,234,229    43,121 
China — 0.0%          
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b)   14,600    13,454 
Cyprus — 0.0%          
TCS Group Holding PLC (a) (c) (d)   4,183     
France — 5.9%          
Kering SA   1,307    577,980 
L'Oreal SA   94    29,931 
Pernod Ricard SA   10,178    1,860,365 
TotalEnergies SE         5,030    236,762  
         2,705,038 

  

 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Hong Kong — 1.9%          
AIA Group Ltd.   105,600   $876,750 
India — 22.4%          
Housing Development Finance Corp. Ltd.   129,853    3,617,326 
Infosys Ltd.   57,482    985,232 
Kotak Mahindra Bank Ltd.   119,616    2,645,822 
Oberoi Realty Ltd.   28,049    312,773 
Tata Consultancy Services Ltd.   59,026    2,160,385 
Zee Entertainment Enterprises Ltd.   161,369    508,523 
         10,230,061 
Indonesia — 0.8%          
Bank Central Asia Tbk PT   668,200    373,015 
Italy — 1.4%          
PRADA SpA   138,800    637,180 
Japan — 0.1%          
Daiichi Sankyo Co. Ltd.   1,500    41,725 
Mexico — 8.3%          
America Movil SAB de CV Sponsored ADR   32,535    535,851 
Fomento Economico Mexicano SAB de CV   32,851    206,050 
Grupo Mexico SAB de CV Series B   539,471    1,822,032 
Wal-Mart de Mexico SAB de CV   344,130    1,208,586 
         3,772,519 
Netherlands — 0.0%          
Yandex N.V. (a) (c) (d)   34,725     
Philippines — 1.4%          
SM Investments Corp.   50,015    616,690 
SM Prime Holdings, Inc.   17,760    9,135 
         625,825 
Republic of Korea — 7.6%          
LG Chem Ltd.   2,467    914,209 
LG H&H Co. Ltd.   193    84,646 
NAVER Corp.   2,928    390,233 
Samsung Biologics Co. Ltd. (a) (b)   1,366    765,024 
Samsung Electronics Co. Ltd.   36,428    1,338,486 
         3,492,598 
Russia — 0.0%          
Novatek PJSC (c) (d)   12,096     
Polyus PJSC (a) (c) (d)   776     
Polyus PJSC GDR (b) (c) (d)   1,904     
Polyus PJSC GDR (b) (c) (d)   40     
Sberbank of Russia PJSC (a) (c) (d)   7,525     
          
South Africa — 1.0%          
FirstRand Ltd.   134,350   447,036 

 

 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Switzerland — 1.9%          
Cie Financiere Richemont SA Registered   9,040   $848,253 
Taiwan — 8.6%          
MediaTek, Inc.   54,000    939,824 
Taiwan Semiconductor Manufacturing Co. Ltd.   229,000    3,010,041 
         3,949,865 
United Kingdom — 0.4%          
Antofagasta PLC   11,555    142,534 
AstraZeneca PLC Sponsored ADR   791    43,378 
         185,912 
United States — 6.0%          
Coupang, Inc. (a)   6,828    113,823 
Yum China Holdings, Inc.   56,024    2,651,616 
         2,765,439 
           
TOTAL COMMON STOCK
(Cost $55,103,608)
        42,826,227 
           
PREFERRED STOCK — 1.7%          
Brazil — 1.7%          
Banco Bradesco SA           
3.168%   207,771    764,166 
           
TOTAL PREFERRED STOCK
(Cost $745,443)
        764,166 
           
TOTAL EQUITIES
(Cost $55,849,051)
        43,590,393 
           
           
WARRANTS — 0.0%          
Switzerland — 0.0%          
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a)   22,580    10,069 
           
TOTAL WARRANTS
(Cost $0)
        10,069 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $55,849,051)
        43,600,462 
           
           
   Principal
Amount
    
SHORT-TERM INVESTMENTS — 4.7%          
Repurchase Agreement — 4.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/22, 0.830%, due 10/03/22 (e)  $2,170,229   2,170,229 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,170,229)
        2,170,229 
           

 

 

 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
TOTAL INVESTMENTS — 100.0%
(Cost $58,019,280) (f)
       $45,770,691 
           
Other Assets/(Liabilities) — (0.0)%        (19,225) 
           
NET ASSETS — 100.0%       $45,751,466 

 

Abbreviation Legend

ADR American Depositary Receipt
GDR Global Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $2,953,715 or 6.46% of net assets.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2022, these securities amounted to a value of $0 or 0.00% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) Maturity value of $2,170,379. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 3/30/23, and an aggregate market value, including accrued interest, of $2,213,712.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

Notes to Portfolio of Investments (Unaudited)

 

1.The Funds

 

MML Series Investment Fund II (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of 15 series, including the following 14 series listed below (each individually referred to as a “Fund” or collectively as the “Funds”):

 

MML Blend Fund (“Blend Fund”)

MML Dynamic Bond Fund (“Dynamic Bond Fund”)

MML Equity Fund (“Equity Fund”)

MML Equity Momentum Fund (“Equity Momentum Fund”)

MML Equity Rotation Fund (“Equity Rotation Fund”)

MML High Yield Fund (“High Yield Fund”)

MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MML iShares® 60/40 Allocation Fund (“iShares 60/40 Allocation Fund”)

MML iShares® 80/20 Allocation Fund (“iShares 80/20 Allocation Fund”)

MML Managed Bond Fund (“Managed Bond Fund”)

MML Short-Duration Bond Fund (“Short-Duration Bond Fund”)

MML Small Cap Equity Fund (“Small Cap Equity Fund”)

MML Special Situations Fund (“Special Situations Fund”)

MML Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

 

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund, which are “funds of funds” series of MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.

 

The Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund invest substantially all of their investable assets in shares of ETFs advised by an affiliate of the Funds’ subadviser, BlackRock Investment Management, LLC (“Underlying ETFs”).

 

2.Significant Accounting Policies

 

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Investment Valuation

 

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Investment Advisers, LLC (“MML Advisers”) will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

 

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

 

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

 

The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day.  The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

 

Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using one or a combination of, but not limited to, the following inputs:

 

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

 

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

 

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indexes or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

 

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

 

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

 

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The Blend Fund, Equity Momentum Fund, iShares 60/40 Allocation Fund, iShares 80/20 Allocation Fund, Small Cap Equity Fund, and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2022. For each Fund noted in the preceding sentence the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 

The following is the aggregate value by input level, as of September 30, 2022, for the remaining Funds’ investments:

 

Dynamic Bond Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans (Less Unfunded Loan Commitments)  $   $14,157,790   $   $14,157,790 
Corporate Debt       95,515,901        95,515,901 
Non-U.S. Government Agency Obligations       28,734,613        28,734,613 
Sovereign Debt Obligations       14,035,549        14,035,549 
U.S. Government Agency Obligations and Instrumentalities       64,913,636        64,913,636 
U.S. Treasury Obligations       15,791,285        15,791,285 
Purchased Options   80,672    5        80,677 
Mutual Funds   2,084,183            2,084,183 
Short-Term Investments       100,962        100,962 
Unfunded Loan Commitments**       (7,753)       (7,753)
Total Investments  $2,164,855   $233,241,988   $   $235,406,843 
                     
Asset Derivatives                    
Forward Contracts  $   $560,830   $   $560,830 
Futures Contracts   2,743,872            2,743,872 
Swap Agreements       6,327,240        6,327,240 
Total  $2,743,872   $6,888,070   $   $9,631,942 
Liability Derivatives                    
Forward Contracts  $   $(1,758,931)  $   $(1,758,931)
Futures Contracts   (6,809,213)           (6,809,213)
Swap Agreements       (211,451)       (211,451)
Written Options   (303,139)   (100,927)       (404,066)
Total  $(7,112,352)  $(2,071,309)  $   $(9,183,661)

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $693,527,954   $3,854,153*  $   $697,382,107 
Mutual Funds   9,352,351            9,352,351 
Short-Term Investments   17,149,227    4,685,297        21,834,524 
Total Investments  $720,029,532   $8,539,450   $   $728,568,982 

 

Equity Rotation Fund

 

Asset Investments            
Common Stock  $40,548,607   $   $4,915   $40,553,522 
Mutual Funds   15,111            15,111 
Total Investments  $40,563,718   $   $4,915   $40,568,633 

 

High Yield Fund

 

Asset Investments            
Bank Loans  $   $1,671,534   $   $1,671,534 
Corporate Debt       51,557,064        51,557,064 
Mutual Funds   2,499,913            2,499,913 
Short-Term Investments       3,149,850        3,149,850 
Total Investments  $2,499,913   $56,378,448   $   $58,878,361 

 

Inflation-Protected and Income Fund

 

Asset Investments            
Non-U.S. Government Agency Obligations  $   $121,594,187   $   $121,594,187 
U.S. Government Agency Obligations and Instrumentalities       25,425,232        25,425,232 
U.S. Treasury Obligations       50,059,262        50,059,262 
Mutual Funds   1,734,688            1,734,688 
Short-Term Investments       16,069,018        16,069,018 
Total Investments  $1,734,688   $213,147,699   $   $214,882,387 
Asset Derivatives                    
Futures Contracts   1,166,790            1,166,790 
Swap Agreements       97,994        97,994 
Total  $1,166,790   $97,994   $   $1,264,784 
Liability Derivatives                    
Futures Contracts   (6,755)           (6,755)
Swap Agreements       (12,261,928)       (12,261,928)
Total  $(6,755)  $(12,261,928)  $   $(12,268,683)

 

Managed Bond Fund

 

Asset Investments            
Corporate Debt  $   $285,553,865   $   $285,553,865 
Municipal Obligations       1,987,454        1,987,454 
Non-U.S. Government Agency Obligations       214,034,505        214,034,505 
Sovereign Debt Obligations       4,347,849        4,347,849 
U.S. Government Agency Obligations and Instrumentalities       185,510,414        185,510,414 
U.S. Treasury Obligations       44,404,854        44,404,854 
Mutual Funds   3,471,600            3,471,600 
Short-Term Investments       104,044,521        104,044,521 
Total Investments  $3,471,600   $839,883,462   $   $843,355,062 
Asset Derivatives                    
Futures Contracts  $1,043,016   $   $   $1,043,016 
Liability Derivatives                    
Futures Contracts  $(5,227,382)  $   $   $(5,227,382)

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Short-Duration Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $65,143,690   $   $65,143,690 
Non-U.S. Government Agency Obligations       56,093,788        56,093,788 
U.S. Government Agency Obligations and Instrumentalities       2,054,861        2,054,861 
U.S. Treasury Obligations       663,195        663,195 
Mutual Funds   1,997,305            1,997,305 
Short-Term Investments       7,659,221        7,659,221 
Total Investments  $1,997,305   $131,614,755   $   $133,612,060 
Asset Derivatives                    
Futures Contracts  $1,262,079   $   $   $1,262,079 

 

Strategic Emerging Markets Fund

 

Asset Investments            
Common Stock*                    
Belgium  $   $101,831   $   $101,831 
Bermuda   308,351            308,351 
Brazil   1,978,896            1,978,896 
Cayman Islands   6,107,788    3,321,570        9,429,358 
Chile   43,121            43,121 
China       13,454        13,454 
Cyprus           +    
France       2,705,038        2,705,038 
Hong Kong       876,750        876,750 
India       10,230,061        10,230,061 
Indonesia       373,015        373,015 
Italy       637,180        637,180 
Japan       41,725        41,725 
Mexico   3,772,519            3,772,519 
Netherlands           +    
Philippines       625,825        625,825 
Republic of Korea       3,492,598        3,492,598 
Russia           +    
South Africa       447,036        447,036 
Switzerland       848,253        848,253 
Taiwan       3,949,865        3,949,865 
United Kingdom   43,378    142,534        185,912 
United States   2,765,439            2,765,439 
Preferred Stock                    
Brazil   764,166            764,166 
Warrants   10,069            10,069 
Short-Term Investments       2,170,229        2,170,229 
Total Investments  $15,793,727   $29,976,964   $   $45,770,691 

 

*Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

**Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+Represents a security at $0 value as of September 30, 2022.

 

Derivative Instruments

 

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Please refer to the Funds’ most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission’s EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).

 

Securities Lending

 

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

 

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2022, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

 

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

 

Accounting for Investment Transactions

 

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

 

Foreign Currency Translation

 

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Foreign Securities

 

The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Blend Fund, iShares 60/40 Allocation Fund, and iShares 80/20 Allocation Fund, may also invest in foreign securities. In addition, certain Underlying ETFs may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

 

Federal Income Tax

 

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

 

Dividends and Distributions to Shareholders

 

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

 

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

 

3.Federal Income Tax Information

 

At September 30, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

 

   Federal Income Tax Cost   Tax Basis Unrealized Appreciation   Tax Basis Unrealized (Depreciation)   Net Unrealized Appreciation (Depreciation) 
Blend Fund  $731,849,409   $316,770   $(63,390,884)  $(63,074,114)
Dynamic Bond Fund   269,414,168    255,559    (34,262,884)   (34,007,325)
Equity Fund   687,705,837    85,331,982    (44,468,837)   40,863,145 
Equity Momentum Fund   39,616,863    506,610    (2,240,021)   (1,733,411)
Equity Rotation Fund   44,077,733    220,442    (3,729,542)   (3,509,100)
High Yield Fund   69,559,743    145,312    (10,826,694)   (10,681,382)
Inflation-Protected and Income Fund   229,355,761    1,005,123    (15,478,497)   (14,473,374)
iShares 60/40 Allocation Fund   31,716,357        (5,079,606)   (5,079,606)
iShares 80/20 Allocation Fund   43,428,936        (7,131,372)   (7,131,372)
Managed Bond Fund   959,751,106    1,809,784    (118,205,828)   (116,396,044)
Short-Duration Bond Fund   147,336,667    813,439    (14,538,046)   (13,724,607)
Small Cap Equity Fund   87,460,229    28,670,399    (7,650,732)   21,019,667 
Special Situations Fund   35,337,717    1,967,580    (13,639,593)   (11,672,013)
Strategic Emerging Markets Fund   58,019,280    956,059    (13,204,648)   (12,248,589)

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

4.New Accounting Pronouncements

 

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.

 

In June 2022, FASB issued Accounting Standards Update 2022-03 Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

5.Coronavirus (COVID-19) Pandemic

 

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

 

6.Russia-Ukraine War

 

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Underlying Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund’s ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

 

7.Subsequent Events

 

In preparation of these financial statements, management has evaluated the events and transactions subsequent to September 30, 2022, through the date when the Portfolios of Investments were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds' Portfolios of Investments other than those disclosed below.

 

Effective November 4, 2022, the Equity Momentum Fund and the Special Situations Fund were liquidated.