MML Blend Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EXCHANGE-TRADED FUNDS — 100.0%          
iShares 5-10 Year Investment Grade Corporate Bond ETF (a)   508,521   $26,239,684 
iShares Core S&P 500 ETF   366,455    192,656,387 
iShares Core S&P Mid-Cap ETF   257,631    15,648,507 
iShares Core S&P Small-Cap ETF   58,321    6,445,637 
iShares Core S&P Total US Stock Market ETF   1,837,112    211,819,013 
iShares Core Total USD Bond Market ETF (a)   2,403,295    109,566,219 
iShares Core U.S. Aggregate Bond ETF   1,118,540    109,549,808 
iShares iBoxx High Yield Corporate Bond ETF (a)   337,308    26,218,951 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $610,596,435)
        698,144,206 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $610,596,435)
        698,144,206 
           
           
SHORT-TERM INVESTMENTS — 5.4%          
Investment of Cash Collateral from Securities Loaned — 5.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (b)   37,579,372    37,579,372 
           
   Principal
Amount
    
Repurchase Agreement — 0.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c)  $211,174   211,174 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $37,790,546)
        37,790,546 
           
TOTAL INVESTMENTS — 105.4%
(Cost $648,386,981) (d)
        735,934,752 
           
Other Assets/(Liabilities) — (5.4)%        (37,387,528) 
           
NET ASSETS — 100.0%       $698,547,224 

 

Abbreviation Legend

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 March 31, 2024, was $38,963,152 or 5.58% of net assets. The Fund received $2,273,015 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Represents investment of security lending cash collateral. (Note 2).
(c) Maturity value of $211,211. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $215,458.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 98.8%          
           
BANK LOANS — 2.9%          
Beverages — 0.1%          
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250%,          
8.562% VRN 3/31/28  $215,673   $213,220 
Commercial Services — 0.1%          
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.180% VRN 5/12/28   226,925    226,555 
Computers — 0.0%          
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.180% VRN 2/01/28   64,713    64,592 
Diversified Financial Services — 0.2%          
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD Term SOFR + 2.500%          
7.829% VRN 10/22/26   101,881    101,862 
Citadel Securities LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.250%          
7.577% VRN 7/29/30   164,979    164,763 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%          
9.059% VRN 4/09/27   76,113    75,700 
Focus Financial Partners LLC, 2024 Term Loan B7, 1 mo. USD Term SOFR + 2.750%          
8.080% VRN 6/30/28   108,353    107,947 
         450,272 
Engineering & Construction — 0.1%          
Brown Group Holding LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.180% VRN 6/07/28   273,974    273,640 
Entertainment — 0.5%          
Caesars Entertainment, Inc.          
2024 Term Loan B1, 3 mo. USD Term SOFR + 2.750%          
8.040% VRN 2/06/31   260,000    260,000 
Term Loan B, 3 mo. USD Term SOFR + 3.250%          
8.663% VRN 2/06/30   19,800    19,833 
Flutter Financing BV, Term Loan B, 3 mo. USD Term SOFR + 2.250%          
7.559% VRN 11/25/30   239,400    239,271 
Light and Wonder International, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 2.750%          
8.075% VRN 4/14/29   265,950    266,208 
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.500%          
7.945% VRN 5/29/26   255,325    255,616 
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 2.750%          
8.336% VRN 4/29/26   142,703    142,881 
         1,183,809 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Health Care – Products — 0.1%          
Sotera Health Holdings LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 2.750%          
8.195% VRN 12/11/26  $270,000   $268,537 
Health Care – Services — 0.1%          
ICON Luxembourg SARL, 2024 LUX Term Loan B, 1 mo. USD Term SOFR + 2.000%          
7.302% VRN 7/03/28   41,042    41,113 
Phoenix Guarantor, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 3.250%          
8.577% VRN 2/21/31   228,211    225,105 
PRA Health Sciences, Inc., 2024 US Term Loan B, 3 mo. USD Term SOFR + 2.000%          
7.302% VRN 7/03/28   10,226    10,244 
         276,462 
Insurance — 0.2%          
Acrisure LLC          
2020 Term Loan B, 1 mo. USD LIBOR + 3.500%          
8.945% VRN 2/15/27   119,389    119,134 
2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250%          
9.695% VRN 2/15/27   122,188    122,340 
AmWINS Group, Inc.          
2021 Term Loan B, 1 mo. USD Term SOFR + 2.250%          
7.695% VRN 2/19/28   37,492    37,486 
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.195% VRN 2/19/28   29,625    29,654 
Asurion LLC          
2020 Term Loan B8, 1 mo. USD Term SOFR + 3.250%          
8.692% VRN 12/23/26   150,350    147,074 
2021 Term Loan B9, 1 mo. USD Term SOFR + 3.250%          
8.692% VRN 7/31/27   73,120    70,130 
         525,818 
Leisure Time — 0.1%          
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD Term SOFR + 3.500%          
8.945% VRN 8/17/28   155,965    156,421 
Lodging — 0.0%          
Four Seasons Hotels Ltd., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.000%          
7.430% VRN 11/30/29   89,773    89,807 
Machinery - Diversified — 0.1%          
TK Elevator US Newco, Inc., USD Term Loan B, 1 Week USD Term SOFR + 3.500%          
8.791% VRN 4/30/30   193,597    194,162 
Machinery – Diversified — 0.0%          
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000%          
7.445% VRN 7/30/29   96,165    96,129 
Media — 0.1%          
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.500%          
7.945% VRN 9/18/26   200,753    200,697 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pharmaceuticals — 0.2%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%          
9.409% VRN 10/01/27  $163,372   $155,938 
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD TERM SOFR + 3.000%          
8.445% 5/05/28   197,038    198,024 
         353,962 
Pipelines — 0.1%          
CQP Holdco LP, 2023 4th Amendment Term Loan, 3 mo. USD Term SOFR + 3.000%          
8.302% VRN 12/31/30   193,834    194,388 
Private Equity — 0.2%          
GTCR W Merger Sub LLC, USD Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.309% VRN 1/31/31   320,000    320,867 
Retail — 0.2%          
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.195% VRN 10/19/27   338,270    337,922 
Software — 0.3%          
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.580% VRN 2/15/29   140,929    139,410 
Cotiviti Corp., 2024 Term Loan,          
0.000% 2/21/31 (a)   350,000    349,125 
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500%          
8.814% VRN 2/10/31   92,633    93,073 
         581,608 
Transportation — 0.2%          
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%          
7.402% VRN 12/30/26   402,915    402,947 
           
TOTAL BANK LOANS
(Cost $6,387,149)
        6,411,815 
           
CORPORATE DEBT — 36.4%          
Advertising — 0.0%          
Clear Channel Outdoor Holdings, Inc.          
7.500% 6/01/29 (b)   95,000    78,569 
Aerospace & Defense — 1.1%          
Boeing Co.          
2.196% 2/04/26   80,000    74,896 
2.800% 3/01/27   290,000    267,794 
2.950% 2/01/30   270,000    233,187 
3.750% 2/01/50   40,000    27,826 
5.705% 5/01/40   60,000    57,428 
General Dynamics Corp.          
4.250% 4/01/40   20,000    18,133 
4.250% 4/01/50   50,000    43,548 
L3Harris Technologies, Inc.          
5.054% 4/27/45   80,000    75,537 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Lockheed Martin Corp.          
3.900% 6/15/32  $50,000   $46,922 
4.150% 6/15/53   320,000    269,925 
5.200% 2/15/64   40,000    39,552 
Northrop Grumman Corp.          
2.930% 1/15/25   160,000    157,016 
3.250% 1/15/28   150,000    141,738 
5.150% 5/01/40   280,000    274,309 
RTX Corp.          
2.250% 7/01/30   110,000    93,911 
3.030% 3/15/52   180,000    119,186 
4.125% 11/16/28   160,000    154,765 
4.500% 6/01/42   80,000    71,379 
6.000% 3/15/31   110,000    115,633 
TransDigm, Inc.          
6.375% 3/01/29 (b)   40,000    40,124 
6.625% 3/01/32 (b)   50,000    50,515 
7.125% 12/01/31 (b)   80,000    82,445 
         2,455,769 
Agriculture — 0.7%          
Altria Group, Inc.          
2.450% 2/04/32   140,000    113,606 
5.800% 2/14/39   240,000    243,196 
5.950% 2/14/49   130,000    132,305 
6.875% 11/01/33   290,000    315,480 
BAT Capital Corp.          
3.462% 9/06/29   405,000    369,647 
4.540% 8/15/47   130,000    100,372 
Philip Morris International, Inc.          
4.500% 3/20/42   80,000    69,895 
4.875% 2/13/29   60,000    59,618 
5.125% 2/13/31   20,000    19,869 
5.250% 2/13/34   50,000    49,557 
         1,473,545 
Airlines — 0.3%          
American Airlines, Inc.          
8.500% 5/15/29 (b)   90,000    95,081 
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.750% 10/20/28 (b)   400,000    391,223 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (b)   103,843    104,416 
United Airlines, Inc.          
4.625% 4/15/29 (b)   65,000    60,450 
         651,170 
Apparel — 0.0%          
NIKE, Inc.          
2.850% 3/27/30   60,000    54,214 
Auto Manufacturers — 1.2%          
Ford Motor Co.          
3.250% 2/12/32   1,530,000    1,272,662 
6.100% 8/19/32 (c)   90,000    91,199 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Ford Motor Credit Co. LLC          
4.950% 5/28/27  $200,000   $195,142 
General Motors Co.          
5.600% 10/15/32 (c)   125,000    126,502 
General Motors Financial Co., Inc.          
2.400% 10/15/28   275,000    243,378 
Hyundai Capital America          
1.800% 10/15/25 (b)   55,000    51,983 
Nissan Motor Co. Ltd.          
3.522% 9/17/25 (b)   410,000    395,226 
4.345% 9/17/27 (b)   300,000    285,199 
         2,661,291 
Banks — 11.2%          
ABN AMRO Bank NV          
4.750% 7/28/25 (b)   260,000    255,993 
Banco Santander SA          
3.496% 3/24/25   600,000    589,019 
Bank of America Corp.          
5 yr. CMT + 1.200% 2.482% VRN 9/21/36   520,000    415,913 
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32   190,000    157,628 
Secured Overnight Financing Rate + 1.330% 2.972% VRN 2/04/33   670,000    569,795 
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28   1,430,000    1,359,185 
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29   570,000    544,857 
4.000% 1/22/25   700,000    690,698 
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51   220,000    180,406 
4.200% 8/26/24   380,000    377,714 
3 mo. USD Term SOFR + 3.967% 6.250% VRN (d)   170,000    170,193 
Bank of Montreal 5 yr. USD Swap + 1.432%          
3.803% VRN 12/15/32   70,000    65,300 
Bank of Nova Scotia 5 yr. CMT + 2.050%          
4.588% VRN 5/04/37   180,000    163,168 
BNP Paribas SA          
Secured Overnight Financing Rate + 2.074% 2.219% VRN 6/09/26 (b)   200,000    192,301 
Secured Overnight Financing Rate + 1.507% 3.052% VRN 1/13/31 (b)   390,000    343,111 
4.625% 3/13/27 (b)   260,000    253,675 
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 (b)   350,000    349,360 
Secured Overnight Financing Rate + 1.866% 5.894% VRN 12/05/34 (b)   200,000    209,118 
5 yr. CMT + 4.354% 8.500% VRN (b) (c) (d)   200,000    209,050 
BPCE SA          
1.000% 1/20/26 (b)   250,000    231,713 
Citigroup, Inc.          
Secured Overnight Financing Rate + 0.694% 2.014% VRN 1/25/26   95,000    92,111 
Secured Overnight Financing Rate + 1.280% 3.070% VRN 2/24/28   845,000    794,825 
Secured Overnight Financing Rate + 1.939% 3.785% VRN 3/17/33   580,000    518,082 
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30   760,000    716,084 
4.650% 7/30/45   380,000    343,143 
3 mo. USD Term SOFR + 4.167% 5.950% VRN (d)   160,000    159,760 
Cooperatieve Rabobank UA          
1 yr. CMT + 1.220% 3.649% VRN 4/06/28 (b)   250,000    237,986 
4.375% 8/04/25   470,000    461,827 
Credit Agricole SA Secured Overnight Financing Rate + 1.676%          
1.907% VRN 6/16/26 (b)   270,000    258,121 
Credit Suisse AG          
7.500% 2/15/28   350,000    377,401 
7.950% 1/09/25   290,000    294,808 
Goldman Sachs Group, Inc.          
Secured Overnight Financing Rate + 1.472% 2.908% VRN 7/21/42   240,000    172,567 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.500% 11/16/26  $270,000   $259,042 
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29   500,000    481,267 
4.250% 10/21/25   200,000    196,241 
4.750% 10/21/45   70,000    64,490 
5.150% 5/22/45   290,000    280,386 
Secured Overnight Financing Rate + 0.820% 6.181% FRN 9/10/27   165,000    165,079 
3 mo. USD Term SOFR + 1.432% 6.739% FRN 5/15/26   555,000    559,873 
HSBC Holdings PLC          
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26   510,000    489,115 
3 mo. USD Term SOFR + 1.642% 6.963% FRN 9/12/26   310,000    313,260 
JP Morgan Chase & Co.          
Secured Overnight Financing Rate + 1.015% 2.069% VRN 6/01/29   215,000    190,717 
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31   320,000    276,570 
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32   270,000    228,268 
Secured Overnight Financing Rate + 0.915% 2.595% VRN 2/24/26   160,000    155,866 
Secured Overnight Financing Rate + 1.260% 2.963% VRN 1/25/33   25,000    21,346 
Secured Overnight Financing Rate + 2.440% 3.109% VRN 4/22/51   100,000    69,479 
3.875% 9/10/24   430,000    426,529 
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29   640,000    623,910 
Lloyds Banking Group PLC 3 mo. USD LIBOR + 1.205%          
3.574% VRN 11/07/28   200,000    187,496 
Mitsubishi UFJ Financial Group, Inc.          
1.412% 7/17/25   235,000    223,487 
Morgan Stanley          
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36   520,000    411,260 
Secured Overnight Financing Rate + 1.290% 2.943% VRN 1/21/33   115,000    97,741 
Secured Overnight Financing Rate + 1.160% 3.620% VRN 4/17/25   150,000    149,832 
Secured Overnight Financing Rate + 1.610% 4.210% VRN 4/20/28   205,000    199,205 
National Securities Clearing Corp.          
1.500% 4/23/25 (b)   250,000    240,830 
NatWest Markets PLC          
0.800% 8/12/24 (b)   200,000    196,472 
PNC Financial Services Group, Inc.          
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29   180,000    182,192 
Secured Overnight Financing Rate + 1.322% 5.812% VRN 6/12/26   60,000    60,200 
Royal Bank of Canada          
1.150% 6/10/25   310,000    295,704 
5.150% 2/01/34   100,000    100,096 
Santander Holdings USA, Inc. Secured Overnight Financing Rate + 1.249%          
2.490% VRN 1/06/28   135,000    122,690 
Toronto-Dominion Bank          
1.150% 6/12/25   190,000    180,978 
Truist Financial Corp. Secured Overnight Financing Rate + 2.050%          
6.047% VRN 6/08/27   120,000    121,620 
UBS Group AG          
Secured Overnight Financing Rate + 2.044% 2.193% VRN 6/05/26 (b)   480,000    460,195 
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 (b)   640,000    544,364 
4.253% 3/23/28 (b)   340,000    327,830 
Secured Overnight Financing Rate + 3.920% 6.537% VRN 8/12/33 (b)   300,000    316,287 
5 yr. CMT + 4.745% 9.250% VRN (b) (d)   200,000    216,695 
US Bancorp          
1.450% 5/12/25   210,000    201,327 
Secured Overnight Financing Rate + 0.730% 2.215% VRN 1/27/28   20,000    18,448 
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29   140,000    142,443 
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34   40,000    40,770 
Wells Fargo & Co.          
Secured Overnight Financing Rate + 2.000% 2.188% VRN 4/30/26   200,000    192,606 
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30   235,000    207,739 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.000% 10/23/26  $430,000   $407,054 
3 mo. USD Term SOFR + 1.432% 3.196% VRN 6/17/27   245,000    233,946 
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33   360,000    312,346 
Secured Overnight Financing Rate + 2.130% 4.611% VRN 4/25/53   1,680,000    1,484,450 
         24,432,653 
Beverages — 0.2%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
3.650% 2/01/26   78,000    76,221 
Anheuser-Busch InBev Worldwide, Inc.          
3.500% 6/01/30   130,000    121,092 
4.600% 4/15/48   65,000    59,399 
Constellation Brands, Inc.          
4.350% 5/09/27   80,000    78,329 
Molson Coors Beverage Co.          
3.000% 7/15/26   30,000    28,633 
         363,674 
Biotechnology — 0.1%          
Gilead Sciences, Inc.          
3.700% 4/01/24   130,000    130,000 
Chemicals — 0.5%          
MEGlobal BV          
4.250% 11/03/26 (b)   240,000    230,569 
OCP SA          
3.750% 6/23/31 (b)   260,000    221,260 
5.125% 6/23/51 (b)   220,000    165,385 
Orbia Advance Corp. SAB de CV          
2.875% 5/11/31 (b)   490,000    407,464 
         1,024,678 
Commercial Services — 0.4%          
Cintas Corp. No. 2          
3.700% 4/01/27   70,000    68,001 
DP World Ltd.          
5.625% 9/25/48 (b)   330,000    313,580 
Triton Container International Ltd.          
1.150% 6/07/24 (b)   90,000    89,194 
Triton Container International Ltd./TAL International Container Corp.          
3.250% 3/15/32   160,000    129,842 
United Rentals North America, Inc.          
6.125% 3/15/34 (b)   400,000    400,497 
         1,001,114 
Cosmetics & Personal Care — 0.2%          
Haleon US Capital LLC          
3.375% 3/24/29   260,000    241,806 
Kenvue, Inc.          
4.900% 3/22/33   140,000    139,882 
         381,688 
Diversified Financial Services — 0.8%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.450% 10/29/26   170,000    157,872 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.000% 10/29/28  $160,000   $144,771 
3.400% 10/29/33   420,000    353,791 
Air Lease Corp.          
1.875% 8/15/26   170,000    156,733 
5.300% 2/01/28   80,000    80,043 
American Express Co.          
3.375% 5/03/24   30,000    29,936 
4.050% 5/03/29   140,000    135,788 
Avolon Holdings Funding Ltd.          
3.250% 2/15/27 (b)   140,000    130,015 
Charles Schwab Corp.          
5.875% 8/24/26   260,000    264,333 
Secured Overnight Financing Rate + 2.010% 6.136% VRN 8/24/34   50,000    52,160 
CI Financial Corp.          
4.100% 6/15/51   115,000    71,835 
Mastercard, Inc.          
3.850% 3/26/50   50,000    41,373 
Nasdaq, Inc.          
3.950% 3/07/52   45,000    34,885 
Visa, Inc.          
4.300% 12/14/45   160,000    144,298 
         1,797,833 
Electric — 0.3%          
Consolidated Edison Co. of New York, Inc.          
3.350% 4/01/30   70,000    64,478 
3.950% 4/01/50   50,000    40,595 
Duke Energy Carolinas LLC          
2.850% 3/15/32   35,000    30,019 
Duke Energy Corp.          
3.950% 8/15/47   65,000    50,246 
Duke Energy Ohio, Inc.          
3.650% 2/01/29   70,000    66,487 
Exelon Corp.          
4.100% 3/15/52   65,000    51,708 
Monongahela Power Co.          
5.400% 12/15/43 (b)   145,000    138,439 
Pacific Gas & Electric Co.          
2.500% 2/01/31   185,000    153,842 
         595,814 
Electronics — 0.1%          
Honeywell International, Inc.          
5.000% 3/01/35   180,000    180,676 
Entertainment — 0.2%          
Caesars Entertainment, Inc.          
7.000% 2/15/30 (b)   30,000    30,794 
Warnermedia Holdings, Inc.          
3.755% 3/15/27   180,000    171,779 
4.279% 3/15/32   170,000    151,851 
5.050% 3/15/42   20,000    17,190 
6.412% 3/15/26   10,000    10,000 
         381,614 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Environmental Controls — 0.1%          
Waste Connections, Inc.          
5.000% 3/01/34  $110,000   $108,939 
Food — 0.1%          
Mars, Inc.          
3.200% 4/01/30 (b)   80,000    72,784 
Mondelez International, Inc.          
1.500% 5/04/25   220,000    210,938 
         283,722 
Forest Products & Paper — 0.2%          
Suzano Austria GmbH          
3.125% 1/15/32   10,000    8,307 
3.750% 1/15/31   430,000    380,114 
         388,421 
Gas — 0.2%          
Brooklyn Union Gas Co.          
4.487% 3/04/49 (b)   435,000    339,808 
East Ohio Gas Co.          
3.000% 6/15/50 (b)   45,000    28,466 
         368,274 
Health Care – Products — 0.3%          
Abbott Laboratories          
4.750% 11/30/36   10,000    9,918 
Medline Borrower LP/Medline Co.-Issuer, Inc.          
6.250% 4/01/29 (b)   70,000    70,313 
Solventum Corp.          
5.400% 3/01/29 (b)   140,000    140,282 
5.450% 3/13/31 (b)   140,000    139,638 
5.600% 3/23/34 (b)   180,000    180,589 
5.900% 4/30/54 (b)   150,000    149,631 
         690,371 
Health Care – Services — 0.7%          
Centene Corp.          
2.500% 3/01/31   285,000    234,419 
Elevance Health, Inc.          
2.375% 1/15/25   100,000    97,546 
3.650% 12/01/27   140,000    133,934 
HCA, Inc.          
4.125% 6/15/29   220,000    208,348 
Health Care Service Corp. A Mutual Legal Reserve Co.          
3.200% 6/01/50 (b)   145,000    98,236 
Humana, Inc.          
4.625% 12/01/42   140,000    122,536 
UnitedHealth Group, Inc.          
1.250% 1/15/26   110,000    103,068 
2.300% 5/15/31   220,000    186,373 
3.875% 8/15/59   240,000    185,795 
4.000% 5/15/29   100,000    96,703 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
4.200% 5/15/32  $80,000   $76,028 
         1,542,986 
Home Builders — 0.1%          
Lennar Corp.          
4.500% 4/30/24   100,000    99,885 
4.750% 11/29/27   40,000    39,494 
         139,379 
Insurance — 0.5%          
Aon North America, Inc.          
5.450% 3/01/34   230,000    232,655 
Athene Global Funding Secured Overnight Financing Rate Index + 0.560%          
5.916% FRN 8/19/24 (b)   465,000    465,284 
Berkshire Hathaway Finance Corp.          
2.850% 10/15/50   150,000    101,227 
3.850% 3/15/52   90,000    72,753 
Principal Life Global Funding II          
1.250% 6/23/25 (b)   110,000    104,686 
Teachers Insurance & Annuity Association of America          
4.900% 9/15/44 (b)   80,000    73,355 
         1,049,960 
Internet — 0.5%          
Amazon.com, Inc.          
3.150% 8/22/27   110,000    104,840 
3.600% 4/13/32   300,000    279,394 
3.875% 8/22/37   50,000    45,137 
3.950% 4/13/52   130,000    109,120 
Prosus NV          
3.061% 7/13/31 (b)   370,000    301,152 
3.832% 2/08/51 (b)   210,000    129,254 
4.027% 8/03/50 (b)   310,000    197,432 
         1,166,329 
Iron & Steel — 0.1%          
Vale Overseas Ltd.          
6.875% 11/21/36   170,000    181,699 
Leisure Time — 0.1%          
NCL Corp. Ltd.          
8.125% 1/15/29 (b)   80,000    84,655 
Royal Caribbean Cruises Ltd.          
6.250% 3/15/32 (b)   60,000    60,477 
         145,132 
Lodging — 0.5%          
Hilton Domestic Operating Co., Inc.          
6.125% 4/01/32 (b)   60,000    60,255 
Las Vegas Sands Corp.          
3.200% 8/08/24   620,000    613,190 
3.900% 8/08/29   40,000    36,405 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Sands China Ltd.          
5.125% STEP 8/08/25  $390,000   $384,732 
         1,094,582 
Media — 1.9%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 1/15/34 (b)   65,000    49,066 
4.500% 6/01/33 (b)   810,000    632,708 
4.750% 3/01/30 (b)   105,000    90,157 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.500% 3/01/42   240,000    160,136 
4.200% 3/15/28   450,000    424,138 
4.400% 4/01/33 (c)   290,000    257,003 
4.908% 7/23/25   240,000    237,079 
5.125% 7/01/49   140,000    108,479 
5.500% 4/01/63   150,000    117,635 
Comcast Corp.          
2.887% 11/01/51   550,000    357,018 
3.400% 4/01/30   525,000    485,509 
3.750% 4/01/40   120,000    99,749 
4.150% 10/15/28   270,000    263,521 
CSC Holdings LLC          
6.500% 2/01/29 (b)   700,000    593,118 
DISH DBS Corp.          
5.125% 6/01/29   60,000    25,025 
5.750% 12/01/28 (b)   70,000    48,108 
Fox Corp.          
5.476% 1/25/39   90,000    85,651 
6.500% 10/13/33   100,000    105,918 
         4,140,018 
Mining — 0.7%          
Anglo American Capital PLC          
4.750% 4/10/27 (b)   230,000    225,375 
Barrick North America Finance LLC          
5.700% 5/30/41   80,000    81,944 
5.750% 5/01/43   80,000    82,633 
BHP Billiton Finance USA Ltd.          
5.000% 9/30/43   100,000    96,277 
First Quantum Minerals Ltd.          
8.625% 6/01/31 (b)   200,000    194,416 
Freeport-McMoRan, Inc.          
4.625% 8/01/30   120,000    115,256 
5.450% 3/15/43   230,000    220,195 
Glencore Funding LLC          
1.625% 4/27/26 (b)   120,000    111,269 
3.375% 9/23/51 (b)   45,000    30,800 
4.000% 3/27/27 (b)   140,000    135,336 
Southern Copper Corp.          
5.250% 11/08/42   250,000    236,945 
         1,530,446 
Miscellaneous - Manufacturing — 0.2%          
3M Co.          
3.050% 4/15/30 (c)   290,000    260,459 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.700% 4/15/50  $170,000   $125,572 
         386,031 
Multi-National — 0.6%          
Inter-American Development Bank          
7.350% 10/06/30 INR (e)   104,000,000    1,267,141 
Oil & Gas — 2.6%          
BP Capital Markets America, Inc.          
2.939% 6/04/51   50,000    33,381 
3.001% 3/17/52   230,000    155,742 
3.633% 4/06/30   120,000    113,030 
Chesapeake Energy Corp.          
5.875% 2/01/29 (b)   100,000    99,178 
Continental Resources, Inc.          
2.268% 11/15/26 (b)   195,000    179,506 
5.750% 1/15/31 (b)   250,000    248,511 
Coterra Energy, Inc.          
3.900% 5/15/27   230,000    221,371 
4.375% 3/15/29   220,000    211,792 
Devon Energy Corp.          
5.000% 6/15/45   390,000    346,041 
5.600% 7/15/41   140,000    134,940 
5.850% 12/15/25   120,000    120,651 
Diamondback Energy, Inc.          
3.500% 12/01/29   160,000    148,006 
Ecopetrol SA          
5.875% 5/28/45   770,000    575,022 
EOG Resources, Inc.          
3.900% 4/01/35   200,000    182,107 
4.375% 4/15/30   60,000    58,696 
4.950% 4/15/50   30,000    28,538 
Exxon Mobil Corp.          
3.482% 3/19/30   190,000    179,085 
4.227% 3/19/40   85,000    77,434 
4.327% 3/19/50   20,000    17,698 
KazMunayGas National Co. JSC          
5.375% 4/24/30 (b) (c)   200,000    196,009 
Marathon Petroleum Corp.          
5.125% 12/15/26   185,000    185,109 
Occidental Petroleum Corp.          
6.125% 1/01/31   85,000    88,027 
6.450% 9/15/36   50,000    53,313 
6.600% 3/15/46 (c)   310,000    334,096 
6.625% 9/01/30   60,000    63,582 
Petrobras Global Finance BV          
5.999% 1/27/28   760,000    765,735 
Pioneer Natural Resources Co.          
1.900% 8/15/30   170,000    142,808 
Reliance Industries Ltd.          
3.625% 1/12/52 (b)   330,000    237,856 
Shell International Finance BV          
2.750% 4/06/30   240,000    215,842 
3.250% 4/06/50   280,000    203,264 
Southwestern Energy Co.          
4.750% 2/01/32   70,000    64,439 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.375% 2/01/29  $75,000   $72,843 
         5,753,652 
Oil & Gas Services — 0.1%          
Halliburton Co.          
2.920% 3/01/30   105,000    94,157 
5.000% 11/15/45   100,000    93,886 
         188,043 
Pharmaceuticals — 3.1%          
AbbVie, Inc.          
2.600% 11/21/24   880,000    864,153 
2.950% 11/21/26   260,000    247,624 
3.200% 11/21/29   600,000    552,898 
4.700% 5/14/45   25,000    23,377 
4.800% 3/15/29   130,000    130,191 
4.950% 3/15/31   60,000    60,428 
5.050% 3/15/34   80,000    80,992 
Bausch Health Cos., Inc.          
6.125% 2/01/27 (b)   50,000    31,155 
Becton Dickinson & Co.          
3.363% 6/06/24   80,000    79,648 
Bristol-Myers Squibb Co.          
4.350% 11/15/47   120,000    103,618 
5.100% 2/22/31   70,000    70,677 
5.200% 2/22/34   210,000    213,218 
5.550% 2/22/54   30,000    30,852 
5.650% 2/22/64   20,000    20,576 
Cigna Group          
4.375% 10/15/28   590,000    575,542 
4.900% 12/15/48   230,000    209,513 
CVS Health Corp.          
2.125% 9/15/31   330,000    269,373 
4.250% 4/01/50   70,000    56,721 
4.300% 3/25/28   580,000    566,008 
5.050% 3/25/48   220,000    199,799 
Eli Lilly & Co.          
4.700% 2/09/34   180,000    178,997 
5.000% 2/09/54   20,000    19,887 
5.100% 2/09/64   140,000    139,329 
Johnson & Johnson          
3.625% 3/03/37   160,000    141,988 
Merck & Co., Inc.          
1.450% 6/24/30   120,000    98,831 
Pfizer, Inc.          
1.700% 5/28/30 (c)   280,000    235,220 
Teva Pharmaceutical Finance Netherlands III BV          
3.150% 10/01/26   1,700,000    1,589,315 
         6,789,930 
Pipelines — 3.6%          
Cameron LNG LLC          
3.302% 1/15/35 (b)   150,000    124,816 
Columbia Pipelines Operating Co. LLC          
6.036% 11/15/33 (b)   260,000    269,372 
6.544% 11/15/53 (b)   30,000    32,503 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Energy Transfer LP          
3.750% 5/15/30  $230,000   $211,992 
3.900% 7/15/26   710,000    688,483 
4.750% 1/15/26   240,000    237,473 
5.550% 5/15/34   100,000    100,305 
6.250% 4/15/49   320,000    328,427 
Enterprise Products Operating LLC          
3.700% 1/31/51   140,000    108,164 
4.150% 10/16/28   1,030,000    1,001,924 
4.850% 1/31/34   220,000    216,704 
EQM Midstream Partners LP          
4.750% 1/15/31 (b)   140,000    130,194 
Kinder Morgan Energy Partners LP          
6.950% 1/15/38   125,000    136,784 
Kinder Morgan, Inc.          
4.300% 3/01/28   110,000    107,351 
MPLX LP          
4.700% 4/15/48   400,000    341,228 
ONEOK, Inc.          
5.550% 11/01/26   40,000    40,366 
5.800% 11/01/30   70,000    72,113 
6.050% 9/01/33   130,000    135,584 
6.625% 9/01/53   200,000    220,421 
Targa Resources Corp.          
4.950% 4/15/52   40,000    35,045 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.875% 2/01/31   140,000    134,020 
Western Midstream Operating LP          
3.100% STEP 2/01/25   240,000    234,826 
4.050% STEP 2/01/30   900,000    839,724 
5.250% STEP 2/01/50   1,610,000    1,440,185 
The Williams Cos., Inc.          
3.500% 11/15/30   70,000    63,618 
3.500% 10/15/51   125,000    88,832 
3.750% 6/15/27   250,000    240,579 
5.150% 3/15/34   170,000    168,468 
         7,749,501 
Real Estate Investment Trusts (REITS) — 0.1%          
Crown Castle, Inc.          
3.300% 7/01/30   35,000    31,104 
WEA Finance LLC/Westfield UK & Europe Finance PLC          
3.750% 9/17/24 (b)   220,000    217,125 
         248,229 
Retail — 0.4%          
Costco Wholesale Corp.          
1.375% 6/20/27   20,000    18,096 
1.600% 4/20/30   20,000    16,838 
Home Depot, Inc.          
2.700% 4/15/30   70,000    62,352 
3.300% 4/15/40   120,000    95,395 
3.350% 4/15/50   260,000    190,853 
Lowe's Cos., Inc.          
4.500% 4/15/30   50,000    48,890 
McDonald's Corp.          
3.500% 7/01/27   300,000    287,587 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
3.600% 7/01/30  $90,000   $83,937 
Walmart, Inc.          
1.500% 9/22/28   60,000    53,001 
1.800% 9/22/31   20,000    16,605 
         873,554 
Semiconductors — 0.3%          
Broadcom, Inc.          
3.419% 4/15/33 (b)   296,000    256,602 
Intel Corp.          
1.600% 8/12/28   120,000    105,301 
Micron Technology, Inc.          
5.300% 1/15/31   90,000    90,520 
5.875% 2/09/33   60,000    62,088 
NVIDIA Corp.          
3.700% 4/01/60   170,000    135,488 
NXP BV/NXP Funding LLC/NXP USA, Inc.          
3.875% 6/18/26   85,000    82,512 
         732,511 
Software — 0.2%          
Microsoft Corp.          
2.921% 3/17/52   30,000    21,209 
Oracle Corp.          
1.650% 3/25/26   230,000    214,665 
3.850% 4/01/60   250,000    177,930 
4.650% 5/06/30   20,000    19,612 
         433,416 
Telecommunications — 1.7%          
AT&T, Inc.          
2.750% 6/01/31   160,000    137,818 
3.500% 9/15/53   309,000    218,006 
3.550% 9/15/55   215,000    150,333 
Rogers Communications, Inc.          
5.300% 2/15/34   110,000    109,019 
T-Mobile USA, Inc.          
2.250% 2/15/26   205,000    193,983 
2.550% 2/15/31   60,000    51,109 
3.375% 4/15/29   50,000    46,242 
3.400% 10/15/52   230,000    163,138 
3.500% 4/15/25   130,000    127,456 
3.500% 4/15/31   700,000    632,154 
3.875% 4/15/30   430,000    402,816 
5.150% 4/15/34   80,000    79,732 
Telefonica Emisiones SA          
5.213% 3/08/47   150,000    138,023 
Verizon Communications, Inc.          
2.650% 11/20/40   15,000    10,570 
3.850% 11/01/42   430,000    353,598 
3.875% 2/08/29   550,000    526,552 
3.875% 3/01/52   435,000    341,923 
         3,682,472 
Transportation — 0.2%          
Union Pacific Corp.          

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
2.150% 2/05/27  $50,000   $46,491 
2.891% 4/06/36   270,000    220,209 
3.750% 2/05/70   150,000    110,276 
3.839% 3/20/60   120,000    92,137 
         469,113 
           
TOTAL CORPORATE DEBT
(Cost $83,069,524)
        79,068,153 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.7%          
Automobile Asset-Backed Securities — 0.5%          
Avis Budget Rental Car Funding AESOP LLC          
Series 2024-3A, Class A, 5.230% 12/20/30 (b)   520,000    518,837 
Series 2024-1A, Class A, 5.360% 6/20/30 (b)   430,000    432,162 
         950,999 
Commercial Mortgage-Backed Securities — 5.3%          
Bank          
Series 2020-BN28, Class AS, 2.140% 3/15/63   380,000    312,220 
Series 2022-BNK39, Class AS, 3.181% 2/15/55   302,000    259,606 
Series 2017-BNK8, Class A3, 3.229% 11/15/50   266,465    249,986 
Benchmark Mortgage Trust          
Series 2020-B19, Class AS, 2.148% 9/15/53   380,000    300,009 
Series 2020-B18, Class AGNF, 4.139% 7/15/53 (b)   378,000    345,341 
BPR Trust          
Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.164% 6.491% FRN 9/15/38 (b)   550,000    546,564 
Series 2022-OANA, Class A, 1 mo. USD Term SOFR + 1.898% 7.223% FRN 4/15/37 (b)   460,000    462,300 
BX Commercial Mortgage Trust          
Series 2024-XL5, Class A, 1 mo. USD Term SOFR + 1.392% 6.692% FRN 3/15/41 (b)   170,000    170,000 
Series 2023-XL3, Class A, 1 mo. USD Term SOFR + 1.761% 7.087% FRN 12/09/40 (b)   220,000    221,237 
Series 2021-VOLT, Class F, 1 mo. USD Term SOFR + 2.514% 7.840% FRN 9/15/36 (b)   405,000    407,784 
Series 2021-21M, Class H, 1 mo. USD Term SOFR + 4.124% 9.450% FRN 10/15/36 (b)   277,200    261,515 
BX Trust          
Series 2019-OC11, Class E, 3.944% VRN 12/09/41 (b) (f)   374,000    320,999 
Series 2023-DELC, Class A, 1 mo. USD Term SOFR + 2.690% 8.015% FRN 5/15/38 (b)   440,000    445,499 
CD Mortgage Trust, Series 2017-CD3, Class A4          
3.631% 2/10/50   120,000    110,932 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA,          
0.980% VRN 1/10/48 (f)   5,132,198    67,379 
Citigroup Commercial Mortgage Trust          
Series 2019-GC41, Class B, 3.199% 8/10/56   163,000    137,128 
Series 2020-420K, Class D, 3.312% VRN 11/10/42 (b) (f)   200,000    165,080 
Series 2020-420K, Class E, 3.312% VRN 11/10/42 (b) (f)   200,000    159,561 
Series 2017-C4, Class B, 4.096% VRN 10/12/50 (f)   340,000    308,331 
CSAIL Commercial Mortgage Trust          
Series 2015-C1, Class XA, 0.803% VRN 4/15/50 (f)   7,523,228    21,589 
Series 2019-C16, Class B, 3.885% 6/15/52   334,000    282,456 
CSMC Trust, Series 2021-B33, Class B,          
3.645% VRN 10/10/43 (b) (f)   300,000    255,108 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
DTP Commercial Mortgage Trust, Series 2023-STE2, Class A,          
5.649% VRN 1/15/41 (b) (f)  $220,000   $220,077 
GS Mortgage Securities Corp. II, Series 2024-70P, Class E,          
8.666% VRN 3/10/41 (b) (f)   250,000    252,896 
GS Mortgage Securities Corp. Trust, Series 2018-RIVR, Class C, 1 mo. USD Term SOFR + 1.547%          
6.872% FRN 7/15/35 (b)   167,000    97,177 
GS Mortgage Securities Trust          
Series 2015-GS1, Class XA, 0.755% VRN 11/10/48 (f)   7,439,194    70,489 
Series 2014-GC26, Class D, 4.509% VRN 11/10/47 (b) (f)   763,000    530,737 
HPLY Trust, Series 2019-HIT, Class F, 1 mo. USD Term SOFR + 3.264%          
8.586% FRN 11/15/36 (b)   377,250    368,910 
JP Morgan Chase Commercial Mortgage Securities Trust          
Series 2015-JP1, Class XA, 0.882% VRN 1/15/49 (f)   3,228,230    47,723 
Series 2016-JP2, Class B, 3.460% 8/15/49   174,000    149,994 
JPMBB Commercial Mortgage Securities Trust          
Series 2015-C30, Class XA, 0.419% VRN 7/15/48 (f)   7,606,059    31,622 
Series 2015-C29, Class XA, 0.541% VRN 5/15/48 (f)   5,247,293    22,388 
Series 2014-C25, Class XA, 0.794% VRN 11/15/47 (f)   3,478,559    6,572 
Series 2015-C28, Class XA, 0.913% VRN 10/15/48 (f)   5,649,870    31,911 
Series 2014-C23, Class D, 3.980% VRN 9/15/47 (b) (f)   391,000    346,445 
Med Trust, Series 2021-MDLN, Class D, 1 mo. USD Term SOFR + 2.114%          
7.440% FRN 11/15/38 (b)   394,109    392,631 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A4          
2.600% 9/15/49   108,055    102,056 
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class XA,          
0.831% VRN 12/15/48 (f)   5,402,691    53,517 
MSWF Commercial Mortgage Trust          
Series 2023-1, Class A4, 5.472% 5/15/56   250,000    255,805 
Series 2023-2, Class A5, 6.014% VRN 12/15/56 (f)   250,000    267,697 
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397%          
6.727% FRN 3/15/39 (b)   540,000    532,069 
NJ Trust, Series 2023-GSP, Class A,          
6.481% VRN 1/06/29 (b) (f)   200,000    208,617 
NRTH Mortgage Trust, Series 2024-PARK, Class A, 1 mo. USD Term SOFR + 1.641%          
6.941% FRN 3/15/41 (b)   250,000    250,313 
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA,          
1.851% VRN 10/10/48 (f)   3,046,959    84,843 
SLG Office Trust, Series 2021-OVA, Class E          
2.851% 7/15/41 (b)   260,000    197,055 
TTAN, Series 2021-MHC, Class F, 1 mo. USD Term SOFR + 3.014%          
8.341% FRN 3/15/38 (b)   323,232    311,404 
Wells Fargo Commercial Mortgage Trust          
Series 2015-NXS2, Class XA, 0.580% VRN 7/15/58 (f)   8,829,548    44,992 
Series 2015-P2, Class XA, 0.923% VRN 12/15/48 (f)   3,408,472    38,185 
Series 2019-C53, Class XA, 0.986% VRN 10/15/52 (f)   4,212,151    166,205 
Series 2017-C38, Class A4, 3.190% 7/15/50   293,994    274,193 
Series 2016-C35, Class B, 3.438% 7/15/48   328,000    306,406 
         11,473,553 
Home Equity Asset-Backed Securities — 0.0%          
Washington Mutual Asset-Backed Certificates Trust, Series 2006-HE5, Class 2A2, 1 mo. USD Term SOFR + 0.474%          
4.485% FRN 10/25/36   53,073    17,662 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Other Asset-Backed Securities — 3.4%          
AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 3 mo. USD Term SOFR + 2.000%          
7.318% FRN 4/20/36 (b)  $200,000   $201,564 
AMMC CLO 23 Ltd., Series 2020-23A, Class A1R, 3 mo. USD Term SOFR + 1.302%          
6.618% FRN 10/17/31 (b)   150,000    150,072 
ARES Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, 3 mo. USD Term SOFR + 1.750%          
7.097% FRN 10/15/36 (b)   450,000    453,101 
Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1, 3 mo. USD Term SOFR + 1.800%          
7.178% FRN 10/20/36 (b)   200,000    201,450 
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B,          
5.682% STEP 12/16/41 (b)   530,935    516,334 
Cayuga Park CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.382%          
6.698% FRN 7/17/34 (b)   200,000    200,095 
CLI Funding VI LLC, Series 2020-3A, Class A          
2.070% 10/18/45 (b)   153,750    138,901 
Dividend Solar Loans LLC, Series 2018-1, Class B          
4.290% 7/20/38 (b)   471,336    418,961 
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 3 mo. USD Term SOFR + 1.282%          
6.596% FRN 4/15/31 (b)   252,824    252,976 
Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520%          
6.831% FRN 4/20/37 (b)   100,000    100,241 
Empower CLO Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.200%          
7.514% FRN 7/15/36 (b)   270,000    273,642 
Hero Funding Trust, Series 2016-4A, Class A2          
4.290% 9/20/47 (b)   85,339    77,866 
HPS Loan Management Ltd., Series 15A-19, Class A1R, 3 mo. USD Term SOFR + 1.320%          
6.638% FRN 1/22/35 (b)   250,000    249,893 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (b)   272,815    246,631 
Mosaic Solar Loan Trust, Series 2020-2A, Class B          
2.210% 8/20/46 (b)   240,812    200,632 
Mosaic Solar Loans LLC, Series 2017-1A, Class A          
4.450% 6/20/42 (b)   169,576    162,809 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422%          
6.736% FRN 7/15/34 (b)   250,000    250,153 
Neuberger Berman Loan Advisers CLO 29 Ltd., Series 2018-29A, Class A1, 3 mo. USD Term SOFR + 1.392%          
6.701% FRN 10/19/31 (b)   256,834    256,643 
Octagon 66 Ltd., Series 2022-1A, Class A1R, 3 mo. USD Term SOFR + 1.750%          
7.076% FRN 11/16/36 (b)   250,000    251,512 
Rad CLO 22 Ltd., Series 2023-22A, Class A1, 3 mo. USD Term SOFR + 1.830%          
7.202% FRN 1/20/37 (b)   400,000    402,995 
Storm King Park CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 2.050%          
7.364% FRN 10/15/35 (b)   250,000    251,377 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A          
2.980% 6/20/47 (b)  $345,130   $319,239 
Sunnova Helios VII Issuer LLC, Series 2021-C, Class C          
2.630% 10/20/48 (b)   424,240    326,918 
Symphony CLO 40 Ltd., Series 2023-40A, Class A1, 3 mo. USD Term SOFR + 1.640%          
6.984% FRN 1/14/34 (b)   380,000    380,202 
Textainer Marine Containers VII Ltd., Series 2020-2A, Class A          
2.100% 9/20/45 (b)   330,328    298,966 
Vault DI Issuer LLC, Series 2021-1A, Class A2          
2.804% 7/15/46 (b)   500,000    435,262 
Venture 41 CLO Ltd., Series 2021-41A, Class A1N, 3 mo. USD Term SOFR + 1.592%          
6.909% FRN 1/20/34 (b)   250,000    249,991 
Whitebox CLO II Ltd., Series 2020-2A, Class A1R, 3 mo. USD Term SOFR + 1.482%          
6.800% FRN 10/24/34 (b)   150,000    149,948 
         7,418,374 
Student Loans Asset-Backed Securities — 0.7%          
College Avenue Student Loans LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314%          
6.644% FRN 12/26/47 (b)   174,252    172,719 
ELFI Graduate Loan Program LLC, Series 2020-A, Class A          
1.730% 8/25/45 (b)   265,351    231,305 
SMB Private Education Loan Trust, Series 2024-A, Class A1A          
5.240% 3/15/56 (b)   290,000    290,130 
SoFi Professional Loan Program LLC          
Series 2017-D, Class BFX, 3.610% 9/25/40 (b)   350,000    315,287 
Series 2018-B, Class BFX, 3.830% 8/25/47 (b)   500,000    453,971 
         1,463,412 
Whole Loan Collateral Collateralized Mortgage Obligations — 3.5%          
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A,          
4.907% VRN 4/25/37 (f)   469,379    423,687 
Countrywide Home Loans Mortgage Pass-Through Trust          
Series 2007-HYB2, Class 3A1, 4.325% VRN 2/25/47 (f)   660,845    587,163 
Series 2007-3, Class A21, 6.000% 4/25/37   1,283,698    620,334 
Series 2007-14, Class A6, 6.000% 9/25/37   1,122,119    584,970 
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD Term SOFR + 0.454%          
5.781% FRN 12/19/36   360,391    315,796 
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1,          
2.489% VRN 9/25/56 (b) (f)   1,028,000    654,700 
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1,          
3.464% VRN 7/25/35 (f)   218,286    190,717 
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A1,          
5.000% STEP 6/25/62 (b)   438,991    440,018 
PRKCM Trust, Series 2023-AFC1, Class A1,          
6.598% STEP 2/25/58 (b)   372,834    375,359 
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3,          
6.500% VRN 10/26/37 (b) (f)   623,676    260,546 
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD Term SOFR + 0.714%          
6.000% FRN 4/25/37   141,787    113,982 
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2,          
4.664% VRN 10/25/37 (f)   502,082    397,306 
Verus Securitization Trust          

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2021-4, Class M1, 2.195% VRN 7/25/66 (b) (f)  $1,000,000   $607,290 
Series 2021-R1, Class M1, 2.338% 10/25/63 (b)   1,500,000    1,296,954 
Series 2022-6, Class A1, 4.910% STEP 6/25/67 (b)   249,014    248,423 
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5,          
6.850% STEP 5/25/36   596,681    499,109 
         7,616,354 
Whole Loan Collateral Planned Amortization Classes — 0.3%          
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15          
6.000% 8/25/36   1,245,727    698,359 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $37,406,042)
        29,638,713 
           
SOVEREIGN DEBT OBLIGATIONS — 6.3%          
Brazil Notas do Tesouro Nacional Serie F          
10.000% 1/01/27 BRL (e)   2,920,000    579,723 
10.000% 1/01/33 BRL (e)   3,249,000    615,848 
Brazilian Government International Bond          
3.750% 9/12/31   950,000    829,319 
5.625% 2/21/47 (c)   300,000    257,239 
Colombia Government International Bond          
3.250% 4/22/32   230,000    178,923 
4.125% 2/22/42   440,000    296,897 
Indonesia Government International Bond          
3.500% 1/11/28   320,000    303,498 
Israel Government International Bond          
2.750% 7/03/30   310,000    266,767 
Jamaica Government International Bond          
9.625% 11/03/30   22,000,000    151,343 
Mexican Bonos          
7.750% 11/23/34 MXN (e)   8,220,000    442,098 
7.750% 11/13/42 MXN (e)   152,850,000    7,805,100 
Mexico Government International Bond          
2.659% 5/24/31   200,000    166,842 
3.750% 1/11/28   205,000    194,635 
4.280% 8/14/41   450,000    360,847 
Nigeria Government International Bond          
7.143% 2/23/30 (b)   210,000    190,470 
Peruvian Government International Bond          
6.550% 3/14/37   260,000    282,100 
Provincia de Buenos Aires/Government Bond,          
6.375% STEP 9/01/37 (b)   530,118    215,998 
Republic of Kenya Government International Bond          
6.300% 1/23/34 (b)   370,000    301,637 
Uruguay Government International Bond          
3.875% 7/02/40   4,921,984    141,045 
         13,580,329 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $12,462,247)
        13,580,329 
           
U.S. Government Agency Obligations and Instrumentalities (g) — 34.3%          
Collateralized Mortgage Obligations — 4.1%          
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates          

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series K-157, Class X1, 0.254% VRN 5/25/33 (f)  $10,399,523   $233,543 
Series K-154, Class X1, 0.353% VRN 1/25/33 (f)   6,798,273    190,998 
Series K124, Class X1, 0.718% VRN 12/25/30 (f)   5,869,407    223,008 
Federal Home Loan Mortgage Corp. REMICS          
Series 5092, Class AP, 2.000% 4/25/41   76,719    66,073 
Series 4991, Class QV, 2.000% 9/25/45   92,218    75,019 
Series 5085, Class NI, 2.000% 3/25/51   1,327,136    165,345 
Series 5274, Class IO, 2.500% 1/25/51   643,451    105,511 
Series 5071, Class IH, 2.500% 2/25/51   242,636    31,363 
Series 4481, Class B, 3.000% 12/15/42   855,500    811,521 
Series 4483, Class CA, 3.000% 6/15/44   1,451,959    1,345,790 
Series 4391, Class MZ, 3.000% 9/15/44   132,929    113,117 
Federal National Mortgage Association REMICS          
Series 2018-21, Class PO, 0.000% 4/25/48   609,319    441,789 
Series 2021-48, Class NS, 30 day USD SOFR Average + 3.650% 0.000% FRN 8/25/51   998,460    27,864 
Series 2021-65, Class JA, 2.000% 1/25/46   71,568    61,682 
Series 2020-57, Class TA, 2.000% 4/25/50   240,767    203,190 
Series 2020-56, Class AQ, 2.000% 8/25/50   300,000    227,342 
Series 2014-6, Class Z, 2.500% 2/25/44   128,905    108,419 
Series 2012-118, Class VZ, 3.000% 11/25/42   126,519    111,987 
Series 2021-18, Class ZG, 3.000% 6/25/50   2,633,382    1,724,236 
Series 2020-96, Class IN, 3.000% 1/25/51   384,108    65,838 
Series 2015-65, Class CZ, 3.500% 9/25/45   134,983    113,439 
Government National Mortgage Association          
Series 2022-210, Class IO, 0.697% VRN 7/16/64 (f)   1,478,496    94,961 
Series 2022-216, Class IO, 0.750% VRN 7/16/65 (f)   1,485,914    91,278 
Series 2020-103, Class AD, 1.450% 1/16/63   289,168    210,262 
Series 2022-3, Class B, 1.850% 2/16/61   500,000    257,802 
Series 2020-175, Class GI, 2.000% 11/20/50   141,543    15,469 
Series 2022-113, Class Z, 2.000% 9/16/61   1,242,707    630,628 
Series 2023-92, Class AH, 2.000% 6/16/64   99,984    75,234 
Series 2022-220, Class E, 3.000% VRN 10/16/64 (f)   100,000    74,607 
Government National Mortgage Association REMICS          
Series 2021-103, Class SA, 30 day USD SOFR Average + 3.250% 0.000%FRN 4/20/51   1,131,058    17,033 
Series 2021-115, Class MI, 2.500% 5/20/51   450,702    48,654 
Series 2021-96, Class VI, 2.500% 6/20/51   416,113    57,140 
Series 2022-189, Class PT, 2.500% 10/20/51   92,038    76,158 
Series 2021-176, Class IN, 2.500% 10/20/51   497,380    69,018 
Series 2022-99, Class JW, 2.500% 1/20/52   100,000    78,447 
Series 2021-57, Class BI, 3.000% 3/20/51   617,408    96,467 
Series 2021-98, Class IG, 3.000% 6/20/51   906,064    146,719 
Series 2021-137, Class IQ, 3.000% 8/20/51   1,226,342    193,787 
Series 2021-117, Class ID, 3.500% 6/20/51   681,972    116,060 
Series 2020-H20, Class FA, 1 mo. USD Term SOFR + 0.464% 5.794% FRN 4/20/70   170,361    165,857 
         8,962,655 
Pass-Through Securities — 29.0%          
Federal Home Loan Mortgage Corp.          
Pool #RB5084 1.500% 11/01/40   430,370    353,843 
Pool #RB5110 1.500% 5/01/41   478,198    389,131 
Pool #RB5117 1.500% 7/01/41   406,825    331,052 
Pool #RA4537 1.500% 2/01/51   80,888    61,348 
Pool #RB5131 2.000% 10/01/41   572,916    479,313 
Pool #RB5138 2.000% 12/01/41   416,492    348,446 
Pool #RB0714 2.000% 12/01/41   84,129    70,647 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #SC0313 2.000% 1/01/42  $449,233   $375,277 
Pool #RB5145 2.000% 2/01/42   684,892    572,140 
Pool #QK1354 2.000% 2/01/42   85,249    71,214 
Pool #SC0384 2.000% 4/01/42   280,892    235,615 
Pool #RB5153 2.000% 4/01/42   784,735    654,319 
Pool #SC0319 2.000% 4/01/42   89,397    74,791 
Pool #QB3535 2.000% 9/01/50   502,336    400,015 
Pool #QB4985 2.000% 11/01/50   71,798    57,578 
Pool #SD0715 2.000% 9/01/51   1,725,761    1,392,036 
Pool #QD3960 2.000% 1/01/52   350,891    280,295 
Pool #RB5149 2.500% 3/01/42   85,572    74,067 
Pool #QK1449 2.500% 4/01/42   171,965    148,844 
Pool #G08520 2.500% 1/01/43   457,354    401,517 
Pool #SD7521 2.500% 7/01/50   191,672    161,919 
Pool #SD7525 2.500% 10/01/50   601,059    507,568 
Pool #RA3913 2.500% 11/01/50   221,712    187,226 
Pool #RA4142 2.500% 12/01/50   278,064    234,813 
Pool #SD7534 2.500% 2/01/51   141,427    119,915 
Pool #QC7086 2.500% 9/01/51   246,277    204,969 
Pool #SD2991 2.500% 9/01/51   92,890    78,209 
Pool #SD0777 2.500% 11/01/51   84,090    70,247 
Pool #SD0857 2.500% 1/01/52   438,394    366,095 
Pool #SD7554 2.500% 4/01/52   1,041,294    874,121 
Pool #SD1749 2.500% 4/01/52   90,168    75,466 
Pool #841703 1 yr. USD RFUCCT + 1.634% 2.635% FRN 12/01/50 (h)   296,936    272,467 
Pool #QK1512 3.000% 5/01/42   159,751    142,149 
Pool #RA2797 3.000% 6/01/50   53,802    46,579 
Pool #QC3242 3.000% 6/01/51   433,327    378,268 
Pool #SD8174 3.000% 10/01/51   1,308,368    1,131,086 
Pool #SD0781 3.000% 11/01/51   77,877    67,398 
Pool #QD6216 3.000% 2/01/52   82,671    71,779 
Pool #QD7333 3.000% 2/01/52   90,387    78,478 
Pool #G08632 3.500% 3/01/45   591,384    542,787 
Pool #SD1549 3.500% 4/01/52   89,407    80,301 
Pool #SD1936 3.500% 6/01/52   18,354    16,478 
Pool #SD1218 4.000% 7/01/49   310,082    291,875 
Pool #SD2866 4.000% 7/01/49   93,095    87,483 
Pool #RA7185 4.000% 4/01/52   344,933    322,281 
Pool #RA7186 4.000% 4/01/52   170,407    159,376 
Pool #SD7560 4.000% 2/01/53   184,114    172,714 
Pool #SD2792 4.500% 3/01/47   87,743    85,814 
Pool #SD1143 4.500% 9/01/50   1,119,502    1,080,953 
Pool #SD0615 4.500% 1/01/51   82,340    79,736 
Pool #SD1807 4.500% 7/01/52   91,820    88,170 
Pool #SD1775 4.500% 11/01/52   184,201    176,822 
Pool #SD2394 4.500% 11/01/52   91,951    87,664 
Pool #SD2355 4.500% 12/01/52   92,349    88,044 
Pool #SD1305 5.000% 7/01/52   613,806    602,270 
Pool #QF5465 5.000% 12/01/52   91,657    89,783 
Pool #SD2374 5.000% 1/01/53   92,709    90,813 
Pool #SD2591 5.000% 3/01/53   92,809    91,354 
Pool #RA8790 5.000% 4/01/53   194,105    189,790 
Pool #RA8694 5.000% 4/01/53   188,949    186,343 
Pool #SD3722 5.000% 5/01/53   93,742    92,303 
Pool #SD2245 5.500% 12/01/52   93,020    92,941 
Pool #SD2138 5.500% 1/01/53   95,309    95,317 
Pool #SD2723 5.500% 3/01/53   93,221    93,259 
Pool #SD2688 5.500% 4/01/53   93,975    94,072 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #SD2511 5.500% 4/01/53  $93,686   $93,476 
Pool #QF9985 5.500% 4/01/53   94,907    94,610 
Pool #QG1295 5.500% 4/01/53   95,619    95,442 
Pool #SD2762 5.500% 5/01/53   95,670    95,768 
Pool #SD2756 5.500% 5/01/53   92,252    92,189 
Pool #SD2892 5.500% 5/01/53   93,114    93,210 
Pool #RA9437 5.500% 7/01/53   96,617    96,536 
Pool #QG7311 5.500% 7/01/53   96,418    96,472 
Pool #SD3475 5.500% 8/01/53   95,120    94,980 
Pool #SD2284 6.000% 12/01/52   89,033    90,537 
Pool #SD2578 6.000% 3/01/53   183,239    185,876 
Pool #SD3432 6.000% 7/01/53   93,611    95,145 
Pool #SD3642 6.000% 9/01/53   96,214    98,471 
Pool #SD3737 6.000% 9/01/53   98,615    100,034 
Pool #SD2452 6.500% 2/01/53   90,066    92,793 
Pool #RA8904 6.500% 4/01/53   171,611    176,807 
Pool #RA9081 6.500% 5/01/53   91,853    94,778 
Federal National Mortgage Association          
Pool #MA4519 1.500% 1/01/42   86,014    69,671 
Pool #MA4236 1.500% 1/01/51   80,751    61,017 
Pool #MA4280 1.500% 3/01/51   16,459    12,421 
Pool #FP0028 2.000% 8/01/40   93,388    78,889 
Pool #MA4422 2.000% 9/01/41   802,321    672,994 
Pool #MA4446 2.000% 10/01/41   242,492    202,874 
Pool #MA4474 2.000% 11/01/41   164,618    137,723 
Pool #MA4501 2.000% 12/01/41   83,749    70,066 
Pool #MA4540 2.000% 2/01/42   84,948    70,963 
Pool #MA4606 2.000% 5/01/42   265,752    221,586 
Pool #BQ3331 2.000% 8/01/50   75,000    59,723 
Pool #CA7023 2.000% 9/01/50   71,707    57,414 
Pool #CA7224 2.000% 10/01/50   142,991    114,491 
Pool #BQ4926 2.000% 10/01/50   71,555    56,980 
Pool #MA4237 2.000% 1/01/51   224,752    178,691 
Pool #FS4654 2.000% 7/01/51   188,435    150,053 
Pool #FS4270 2.000% 3/01/52   93,650    75,013 
Pool #BS4941 2.460% 4/01/32   978,200    831,211 
Pool #MA4177 2.500% 11/01/40   57,153    50,076 
Pool #FS0697 2.500% 2/01/42   81,734    71,766 
Pool #MA4571 2.500% 3/01/42   84,422    73,071 
Pool #BV7697 2.500% 4/01/42   355,874    308,027 
Pool #MA4587 2.500% 4/01/42   173,736    150,377 
Pool #MA4607 2.500% 5/01/42   87,154    75,436 
Pool #FM4052 2.500% 9/01/50   2,355,919    1,989,471 
Pool #FM7673 2.500% 6/01/51   309,242    258,822 
Pool #FS0028 2.500% 9/01/51   84,051    70,584 
Pool #FM8786 2.500% 10/01/51   81,573    68,502 
Pool #BU3295 2.500% 10/01/51   168,358    139,803 
Pool #FS0549 2.500% 2/01/52   263,255    220,086 
Pool #FS3368 2.500% 3/01/52   91,023    76,012 
Pool #FS2595 2.500% 3/01/52   180,647    150,968 
Pool #FS1626 2.500% 4/01/52   175,737    146,645 
Pool #BF0546 2.500% 7/01/61   586,332    469,572 
Pool #BF0560 2.500% 9/01/61   86,778    69,497 
Pool #FS1542 3.000% 4/01/42   166,435    148,669 
Pool #CB3542 3.000% 5/01/42   87,167    77,781 
Pool #MA4643 3.000% 5/01/42   87,660    78,001 
Pool #MA4632 3.000% 6/01/42   354,843    315,744 
Pool #MA2248 3.000% 4/01/45   269,920    235,708 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #AS7661 3.000% 8/01/46  $265,043   $231,449 
Pool #FM9934 3.000% 12/01/48   824,948    728,378 
Pool #FM9564 3.000% 2/01/50   959,571    846,342 
Pool #CA7531 3.000% 10/01/50   70,882    62,075 
Pool #FM8480 3.000% 11/01/50   60,320    52,655 
Pool #FM9464 3.000% 11/01/51   159,880    139,666 
Pool #BU1421 3.000% 1/01/52   87,130    75,951 
Pool #FS2463 3.000% 2/01/52   536,007    465,389 
Pool #FS1289 3.000% 3/01/52   415,585    364,858 
Pool #CB3833 3.000% 6/01/52   90,133    78,195 
Pool #CB3386 3.500% 4/01/42   86,876    80,071 
Pool #MA3210 3.500% 12/01/47   175,557    159,775 
Pool #FM7100 3.500% 6/01/50   108,262    98,529 
Pool #FS1240 3.500% 12/01/51   82,780    74,609 
Pool #FS1237 3.500% 12/01/51   240,806    218,386 
Pool #FS1241 3.500% 1/01/52   88,639    79,888 
Pool #FS1462 3.500% 1/01/52   167,825    152,147 
Pool #FS2296 3.500% 1/01/52   417,119    375,677 
Pool #FS1092 3.500% 4/01/52   512,902    461,940 
Pool #FS1454 3.500% 4/01/52   172,700    155,642 
Pool #FS1555 3.500% 4/01/52   174,284    157,349 
Pool #CB3282 3.500% 4/01/52   172,080    154,554 
Pool #BV8546 3.500% 5/01/52   168,263    152,229 
Pool #FS1556 3.500% 5/01/52   701,147    634,554 
Pool #FS1866 3.500% 5/01/52   92,225    83,063 
Pool #FS3339 3.500% 6/01/52   271,416    243,687 
Pool #FM3049 4.000% 4/01/44   195,994    186,925 
Pool #AX2501 4.000% 10/01/44   549,176    520,192 
Pool #CA2472 4.000% 10/01/48   55,979    52,395 
Pool #CB3272 4.000% 4/01/52   172,570    161,399 
Pool #CB3320 4.000% 4/01/52   354,582    331,297 
Pool #CB3614 4.000% 5/01/52   86,844    81,223 
Pool #FS2023 4.000% 5/01/52   182,040    170,200 
Pool #FS2442 4.000% 7/01/52   18,175    16,970 
Pool #FM1263 4.500% 7/01/49   38,701    37,477 
Pool #FS4480 4.500% 3/01/50   88,564    86,373 
Pool #MA4031 4.500% 5/01/50   21,879    21,079 
Pool #FS0067 4.500% 9/01/51   66,847    64,566 
Pool #FS2914 4.500% 9/01/52   90,762    87,268 
Pool #BX2186 4.500% 11/01/52   76,077    72,506 
Pool #FS3977 4.500% 11/01/52   46,432    44,268 
Pool #FS3836 4.500% 1/01/53   92,622    88,304 
Pool #CB5892 4.500% 3/01/53   94,500    90,065 
Pool #CB3880 5.000% 6/01/52   83,963    82,858 
Pool #BW0048 5.000% 7/01/52   83,124    81,610 
Pool #CB4103 5.000% 7/01/52   172,131    171,263 
Pool #BW9916 5.000% 10/01/52   92,362    90,211 
Pool #FS3249 5.000% 11/01/52   87,070    85,080 
Pool #FS3941 5.000% 2/01/53   93,657    91,768 
Pool #FS5708 5.000% 6/01/53   95,744    94,393 
Pool #FS5155 5.000% 7/01/53   186,848    185,555 
Pool #CB5108 5.500% 11/01/52   184,725    184,742 
Pool #FS3672 5.500% 2/01/53   95,342    95,828 
Pool #FS4166 5.500% 4/01/53   93,648    93,452 
Pool #CB6322 5.500% 5/01/53   94,383    94,421 
Pool #FS4805 5.500% 5/01/53   96,455    96,578 
Pool #FS4979 5.500% 5/01/53   92,744    92,419 
Pool #FS5647 5.500% 7/01/53   95,456    95,450 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #CB7109 5.500% 9/01/53  $380,891   $380,332 
Pool #CB7114 5.500% 9/01/53   387,522    386,105 
Pool #CB5316 6.000% 12/01/52   174,558    177,288 
Pool #FS4454 6.000% 4/01/53   91,152    92,281 
Pool #FS4573 6.000% 5/01/53   185,986    188,721 
Pool #FS5306 6.000% 7/01/53   94,276    96,782 
Pool #CB6753 6.000% 7/01/53   282,889    287,137 
Pool #FS6242 6.000% 11/01/53   97,662    99,159 
Pool #CB5497 6.500% 1/01/53   265,648    274,107 
Pool #BX7702 6.500% 2/01/53   83,625    86,157 
Pool #FS7624 6.500% 3/01/54 (h)   100,000    102,903 
Government National Mortgage Association II          
Pool #MA6930 2.000% 10/20/50 (h)   517,436    424,262 
Pool #MA7135 2.000% 1/20/51   137,403    112,618 
Pool #BS8546 2.500% 12/20/50   69,535    58,269 
Pool #MA7312 2.500% 4/20/51 (h)   342,148    291,525 
Pool #785565 2.500% 6/20/51   79,949    67,245 
Pool #785568 2.500% 8/20/51   79,332    66,727 
Pool #785662 2.500% 10/20/51   2,183,392    1,818,726 
Pool #785657 2.500% 10/20/51   164,287    138,183 
Pool #785663 2.500% 10/20/51   80,989    68,120 
Pool #785667 2.500% 10/20/51   82,601    69,477 
Pool #785764 2.500% 11/20/51   617,461    519,350 
Pool #785762 2.500% 11/20/51   84,954    71,455 
Pool #785789 2.500% 12/20/51   82,662    69,528 
Pool #785821 2.500% 12/20/51   85,727    72,105 
Pool #MA7368 3.000% 5/20/51   190,054    167,949 
Pool #MA7590 3.000% 9/20/51   1,415,700    1,249,719 
Pool #MA7650 3.000% 10/20/51   232,301    205,138 
Pool #786150 3.000% 3/20/52   88,176    77,067 
Pool #786583 3.000% 3/20/52   187,366    163,993 
Pool #786843 3.000% 3/20/52   189,566    165,860 
Pool #MA5594 3.500% 11/20/48   155,263    142,592 
Pool #MA6711 3.500% 6/20/50   266,178    243,956 
Pool #MA6997 3.500% 11/20/50   324,319    297,040 
Pool #MA7883 3.500% 2/20/52   602,507    548,770 
Pool #786216 3.500% 6/20/52   178,956    160,772 
Pool #MA5078 4.000% 3/20/48   167,274    158,228 
Pool #MA5763 4.000% 2/20/49   145,641    137,673 
Pool #MA5817 4.000% 3/20/49   60,673    57,353 
Pool #MA5876 4.000% 4/20/49   48,419    45,770 
Pool #MA8045 4.000% 5/20/52   179,785    168,404 
Pool #CK9592 4.000% 6/20/52   88,460    82,653 
Pool #786429 4.000% 6/20/52   91,583    85,972 
Pool #MA5193 4.500% 5/20/48   26,823    26,117 
Pool #MA5265 4.500% 6/20/48   180,449    175,587 
Pool #MA5399 4.500% 8/20/48   67,643    65,778 
Pool #MA5652 4.500% 12/20/48   32,434    31,499 
Pool #MA5711 4.500% 1/20/49   535,920    520,308 
Pool #MA5764 4.500% 2/20/49   87,659    85,105 
Pool #MA5818 4.500% 3/20/49   144,474    140,265 
Pool #786366 4.500% 8/20/52   182,872    176,402 
Pool #786335 4.500% 9/20/52   181,670    174,845 
Pool #MA5194 5.000% 5/20/48   18,005    17,975 
Pool #MA5597 5.000% 11/20/48   36,146    35,906 
Pool #MA5653 5.000% 12/20/48   44,110    43,818 
Pool #MA5712 5.000% 1/20/49   35,009    34,766 
Pool #MA5878 5.000% 4/20/49   17,813    17,695 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #MA6287 5.000% 11/20/49  $15,545   $15,491 
Pool #MA6413 5.000% 1/20/50   35,054    34,932 
Pool #786340 5.000% 9/20/52   93,047    92,285 
Pool #MA8348 5.000% 10/20/52   91,653    90,215 
Pool #MA8428 5.000% 11/20/52   185,517    182,476 
Pool #MA8490 5.000% 12/20/52   558,334    549,008 
Pool #786474 5.000% 1/20/53   92,514    91,525 
Pool #MA8569 5.000% 1/20/53   375,957    369,795 
Pool #MA8725 5.000% 3/20/53   95,415    93,940 
Pool #MA8429 5.500% 11/20/52   272,549    272,613 
Pool #786535 5.500% 2/20/53   190,148    192,213 
Pool #MA8726 5.500% 3/20/53   186,745    186,730 
Pool #MA8801 5.500% 4/20/53   471,389    471,353 
Pool #786835 5.500% 8/20/53   98,065    98,885 
Pool #787228 6.000% 1/20/54   789,837    810,928 
Pool #787236 6.500% 1/20/54   199,776    205,868 
Government National Mortgage Association II, TBA          
2.000% 4/20/54 (h)   3,100,000    2,539,893 
3.500% 4/20/54 (h)   300,000    272,965 
4.000% 4/20/54 (h)   700,000    655,104 
4.500% 4/20/54 (h)   500,000    480,404 
5.000% 4/20/54 (h)   1,300,000    1,277,849 
5.500% 4/20/54 (h)   1,100,000    1,099,352 
6.500% 4/20/54 (h)   100,000    101,662 
Uniform Mortgage-Backed Security, TBA          
2.000% 4/01/54 (h)   700,000    553,803 
3.000% 4/01/54 (h)   800,000    688,438 
3.500% 4/01/54 (h)   100,000    89,473 
4.500% 4/01/54 (h)   900,000    857,004 
5.000% 4/01/54 (h)   600,000    585,609 
5.500% 4/01/54 (h)   100,000    99,520 
6.000% 4/01/54 (h)   500,000    504,746 
6.500% 4/01/54 (h)   400,000    408,594 
         62,843,908 
Whole Loans — 1.2%          
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750%          
9.070% FRN 2/25/42 (b)   420,000    441,788 
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100%          
8.420% FRN 3/25/42 (b)   2,000,000    2,077,358 
         2,519,146 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $79,207,066)
        74,325,709 
           
U.S. TREASURY OBLIGATIONS — 5.2%          
U.S. Treasury Bonds & Notes — 5.2%          
U.S. Treasury Bonds          
4.125% 8/15/53   250,000    240,372 
4.500% 2/15/44 (c)   30,000    30,206 
4.750% 11/15/53   270,000    288,225 
U.S. Treasury Inflation-Indexed Notes          
1.125% 1/15/33   1,604,576    1,504,790 
U.S. Treasury Notes          
3.750% 12/31/28   30,000    29,370 

 

 

 

 

MML Dynamic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
4.000% 1/31/31  $1,390,000   $1,372,231 
4.000% 2/15/34   270,000    265,528 
4.125% 3/31/31   5,700,000    5,672,391 
4.250% 2/28/29 (c)   280,000    280,447 
4.250% 2/28/31   1,380,000    1,382,884 
4.625% 2/28/26 (c)   190,000    189,844 
         11,256,288 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,346,093)
        11,256,288 
           
TOTAL BONDS & NOTES
(Cost $229,878,121)
        214,281,007 
           
TOTAL PURCHASED
OPTIONS(#) — 0.1%
(Cost $199,482)
        109,996 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $230,077,603)
        214,391,003 
           
SHORT-TERM INVESTMENTS — 7.6%          
Discount Notes — 0.3%          
Federal Home Loan Banks, 5.380%, due 4/16/24   570,000    568,566 
           
   Number of
Shares
    
Investment of Cash Collateral from Securities Loaned — 0.9%          
State Street Navigator Securities Lending Government Money Market Portfolio (i)   1,961,290    1,961,290 
           
   Principal
Amount
    
Repurchase Agreement — 4.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (j)  $10,704,759    10,704,759 
U.S. Treasury Bill — 1.5%          
U.S. Treasury Bills          
5.349% 5/28/24 (k)   1,120,000    1,110,193 
5.370% 7/30/24 (k)   960,000    943,487 
5.377% 5/02/24 (k)   810,000    806,317 
5.379% 5/09/24 (k)   410,000    407,720 
         3,267,717 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,503,188)
        16,502,332 
           
TOTAL INVESTMENTS — 106.5%
(Cost $246,580,791) (l)
        230,893,335 
           
Other Assets/(Liabilities) — (6.5)%        (14,009,327) 
           
NET ASSETS — 100.0%       $216,884,008 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
LIBOR London InterBank Offered Rate
REMICS Real Estate Mortgage Investment Conduits
RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks Term.
SOFR Secured Overnight Financing Rate
STEP Step Coupon Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled bank loan commitments at March 31, 2024 where the rate will be determined at time of settlement.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $39,847,651 or 18.37% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $2,081,440 or 0.96% of net assets. The Fund received $165,199 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Security is perpetual and has no stated maturity date.
(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(g) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(h) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(i) Represents investment of security lending cash collateral. (Note 2).
(j) Maturity value of $10,706,662. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $10,918,880.
(k) The rate shown represents yield-to-maturity.
(l) See Note 3 for aggregate cost for federal tax purposes.

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Put       
USD Put AUD Call  BNP Paribas S.A.   4/17/24    0.67    1,678,112   USD   1,678,112   $1,007   $18,728   $(17,721)
USD Put JPY Call  BNP Paribas S.A.   4/18/24    143.42    1,820,000   USD   1,820,000    546    21,203    (20,657) 
                             $1,553   $39,931   $(38,378)

 

(#) Exchange-Traded Options Purchased
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Call       
U.S. Treasury Note 5 Year Future  4/05/24   107.50    62   USD   6,634,969   $6,782   $7,475   $(693)
U.S. Treasury Note 5 Year Future  4/05/24   107.75    31   USD   3,317,484    1,938    2,039    (101)
U.S. Treasury Note 6-7 Year Future  4/05/24   111.50    135   USD   14,957,578    18,985    19,218    (233)
U.S. Treasury Note 5 Year Future  4/26/24   108.00    59   USD   6,313,922    9,219    19,907    (10,688)
3 Month SOFR Future  6/14/24   96.00    148   USD   35,100,050    3,700    31,761    (28,061) 
                        $40,624   $80,400   $(39,776)
Put       
U.S. Treasury Note 5 Year Future  4/05/24   106.25    31   USD   3,317,484   $1,695   $1,459   $236
U.S. Treasury Note 5 Year Future  4/05/24   106.50    62   USD   6,634,969    5,812    5,435    377
U.S. Treasury Note 6-7 Year Future  4/05/24   110.00    135   USD   14,957,578    16,875    17,108    (233)
3 Month SOFR Future  4/12/24   94.75    43   USD   10,197,988    537    6,290    (5,753)
3 Month SOFR Future  12/13/24   95.50    52   USD   12,405,900    42,900    48,859    (5,959) 
                        $67,819   $79,151   $(11,332)
                        $108,443   $159,551   $(51,108)

 

OTC Options Written
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums
Paid/
(Received)
   Unrealized Appreciation (Depreciation) 
Put       
USD Put MXN Call  Citigroup Global Markets, Inc.   6/03/24    16.80    805,468   USD   805,468   $(11,035)   $(4,567)   $(6,468) 

 

Exchange-Traded Options Written
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount
  Value   Premiums Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Call       
U.S. Treasury Note 5 Year Future  4/05/24   107.00    31   USD   3,317,484   $(8,961)   $(8,884)   $(77)
U.S. Treasury Note 6-7 Year Future  4/05/24   110.75    45   USD   4,985,859    (18,985)    (18,798)    (187)
U.S. Treasury Note 5 Year Future  4/26/24   108.00    79   USD   8,454,234    (26,539)    (41,199)    14,660
3 Month SOFR Future  9/13/24   96.88    31   USD   7,372,963    (1,938)    (13,510)    11,572
3 Month SOFR Future  9/13/24   97.00    147   USD   34,962,113    (8,269)    (31,567)    23,298
3 Month SOFR Future  12/13/24   97.12    52   USD   12,405,900    (6,500)    (28,241)    21,741 
                        $(71,192)   $(142,199)   $71,007
Put       
U.S. Treasury Note 5 Year Future  4/05/24   107.00    31   USD   3,317,484   $(8,477)   $(8,134)   $(343)
U.S. Treasury Note 6-7 Year Future  4/05/24   110.75    45   USD   4,985,859    (16,875)    (16,907)    32
3 Month SOFR Future  12/13/24   95.00    52   USD   12,405,900    (13,975)    (21,341)    7,366 
                        $(39,327)   $(46,382)   $7,055
                        $(110,519)   $(188,581)   $78,062

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
BNP Paribas SA  4/19/24  NOK  12,348,502   EUR  1,089,114   $(37,839) 
BNP Paribas SA  4/19/24  EUR  644,000   USD  701,999    (6,778) 
BNP Paribas SA  4/19/24  USD  125,816   NOK  1,310,000    5,101 
Citibank N.A.  4/19/24  EUR  677,220   USD  746,284    (15,200) 
Citibank N.A.  4/19/24  AUD  6,232,927   USD  4,179,078    (115,546) 
Citibank N.A.  4/19/24  IDR  5,822,697,290   USD  375,513    (8,451) 
Citibank N.A.  4/19/24  USD  48,502   JPY  7,130,000    1,280 
Citibank N.A.  4/19/24  USD  1,953,401   GBP  1,532,007    19,610 
Citibank N.A.  4/19/24  USD  2,008,295   EUR  1,850,000    11,155 
Citibank N.A.  4/19/24  USD  259,559   IDR  4,069,368,399    3,027 
Goldman Sachs & Co.  4/19/24  EUR  24,600   USD  26,850    (293) 
Goldman Sachs & Co.  4/19/24  BRL  5,160,362   USD  1,031,633    (4,518) 
Goldman Sachs & Co.  4/19/24  USD  1,343,792   MXN  22,848,710    (26,990) 
Goldman Sachs & Co.  4/19/24  CHF  1,480,000   USD  1,666,287    (22,311) 
Goldman Sachs & Co.  4/19/24  USD  3,021,778   CHF  2,655,600    71,951 
Goldman Sachs & Co.  4/19/24  USD  696,045   EUR  640,000    5,143 
JP Morgan Chase Bank N.A.  4/19/24  USD  113,264   IDR  1,753,328,891    2,735 
JP Morgan Chase Bank N.A.  4/19/24  USD  1,568,636   CNH  11,159,745    31,328 
JP Morgan Chase Bank N.A.  4/19/24  USD  1,160,337   MXN  19,968,506    (37,650) 
Morgan Stanley & Co. LLC  4/19/24  JPY  748,109,864   USD  5,244,202    (289,443) 
Morgan Stanley & Co. LLC  4/19/24  CAD  2,166,165   USD  1,617,890    (18,293) 
Morgan Stanley & Co. LLC  4/19/24  USD  2,216,051   JPY  323,290,000    74,890 
Morgan Stanley & Co. LLC  4/19/24  USD  1,019,649   CAD  1,380,000    593
                    $(356,499)

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/Net Unrealized
Appreciation
(Depreciation)
 
Long               
Euro-OAT  6/06/24   17   $2,330,909  $19,786 
U.S. Treasury Note 10 Year  6/18/24   193    21,344,350   39,447 
U.S. Treasury Ultra Bond  6/18/24   214    27,153,765   452,235 
UK Long Gilt  6/26/24   16    1,967,770   50,458 
U.S. Treasury Note 2 Year  6/28/24   31    6,343,417   (4,401) 
U.S. Treasury Note 5 Year  6/28/24   117    12,521,323   (495) 
3 Month SOFR  3/18/25   90    21,521,316   (49,566) 
3 Month SOFR  3/17/26   163    39,167,262    52,576 
                $560,040 
Short               
Euro-Bund  6/06/24   21   $(2,994,849)  $(26,988) 
Euro-Buxl 30 Year Bond  6/06/24   2    (284,944)   (8,072) 
Japanese 10 Year Bond  6/13/24   4    (3,844,806)   (4,315) 
3 Month SOFR  6/18/24   17    (4,019,372)   (4,209) 
U.S. Treasury Long Bond  6/18/24   15    (1,780,068)   (26,495) 
U.S. Treasury Ultra 10 Year  6/18/24   65    (7,392,350)    (57,259) 
                $(127,338) 

 

Centrally Cleared Credit Default Swaps - Buy Protection
Reference
Obligation/Index
  Rate Paid by Fund  Payment Frequency   Termination Date   Notional
Amount
  Value   Upfront
Premium
Paid/
(Received)
   Unrealized Appreciation (Depreciation) 
CDX.NA.HY Series 42†  5.000%   Quarterly    6/20/29   USD   239,800   $(17,248)   $(16,786)   $(462) 

 

Centrally Cleared Credit Default Swaps - Sell Protection††
Reference
Obligation/ Index
  Rate Received by Fund  Payment Frequency   Termination Date   Credit Rating   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.IG Series 42†  1.000%   Quarterly    6/20/29    BBB*   USD   34,823,000   $788,636   $770,433   $18,203

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
12-Month USD SOFR  Annually   Fixed 4.100%    Annually    3/10/26   USD   18,692,000   $(155,880)   $225,325   $(381,205)
Fixed 3.870%  Annually   12-Month USD SOFR    Annually    2/28/31   USD   11,806,000    (29,174)    (33,269)    4,095
Fixed 3.400%  Annually   12-Month USD SOFR    Annually    3/10/34   USD   4,169,000    145,327    (70,098)    215,425
Fixed 3.050%  Annually   12-Month USD SOFR    Annually    2/15/48   USD   10,646,000    1,104,965    208,368    896,597 
                             $1,065,238   $330,326   $734,912

 

OTC Interest Rate Swaps
Paid by the Fund  Received by the Fund   
Rate/ Reference  Frequency   Rate/
Reference
  Frequency  Counterparty  Termination Date  Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
BRL-CDI  Maturity   Fixed 10.230%  Maturity  JP Morgan Chase Bank N.A.  1/02/29  BRL 17,860,000   $(65,597)  $   $(65,597)

 

* Rating is determined by Western Asset Management Company and represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody's Investors Service Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.
Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.
†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company's rating category, as applicable. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

 

Currency Legend

AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CNH Offshore Chinese Yuan
EUR Euro
GBP British Pound
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
USD U.S. Dollar

 

 

 

 

 

MML Equity Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 99.0%          
           
COMMON STOCK — 99.0%          
Communication Services — 3.6%          
AT&T, Inc.   309,800   $5,452,481 
Charter Communications, Inc. Class A (a)   4,600    1,336,898 
Comcast Corp. Class A   253,300    10,980,555 
Fox Corp. Class A   21,500    672,305 
Omnicom Group, Inc.   13,800    1,335,288 
T-Mobile US, Inc.   18,451    3,011,572 
Verizon Communications, Inc.   205,500    8,622,780 
         31,411,879 
Consumer Discretionary — 6.8%          
AutoNation, Inc. (a)   5,000    827,900 
AutoZone, Inc. (a)   570    1,796,440 
Bath & Body Works, Inc.   9,800    490,196 
Best Buy Co., Inc.   11,500    943,345 
Booking Holdings, Inc.   899    3,261,464 
Boyd Gaming Corp.   5,298    356,661 
Brunswick Corp.   4,700    453,644 
CarMax, Inc. (a)   6,800    592,348 
Cie Financiere Richemont SA Registered Class A   8,987    1,374,779 
Crocs, Inc. (a)   2,600    373,880 
Darden Restaurants, Inc.   3,300    551,595 
Dick's Sporting Goods, Inc.   1,900    427,234 
Dillard's, Inc. Class A (b)   500    235,820 
DR Horton, Inc.   23,300    3,834,015 
eBay, Inc.   26,000    1,372,280 
Expedia Group, Inc. (a)   5,700    785,175 
Ford Motor Co.   250,400    3,325,312 
General Motors Co.   74,200    3,364,970 
H&R Block, Inc.   4,200    206,262 
Hilton Worldwide Holdings, Inc.   4,800    1,023,888 
Home Depot, Inc.   7,671    2,942,596 
Lear Corp.   2,900    420,152 
Lennar Corp. Class A   17,500    3,009,650 
Levi Strauss & Co. Class A   4,700    93,953 
Lithia Motors, Inc.   1,400    421,204 
Lowe's Cos., Inc.   46,900    11,946,837 
Mattel, Inc. (a)   15,300    303,093 
McDonald's Corp.   5,100    1,437,945 
MGM Resorts International (a)   13,800    651,498 
Murphy USA, Inc.   1,100    461,120 
Norwegian Cruise Line Holdings Ltd. (a) (b)   43,200    904,176 
NVR, Inc. (a)   100    809,996 
Penske Automotive Group, Inc.   3,700    599,363 
PulteGroup, Inc.   17,100    2,062,602 
PVH Corp.   1,700    239,037 
Ralph Lauren Corp.   2,350    441,236 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Service Corp. International   24,436   $1,813,396 
Skechers USA, Inc. Class A (a)   6,700    410,442 
Toll Brothers, Inc.   2,900    375,173 
Tractor Supply Co.   4,900    1,282,428 
Ulta Beauty, Inc. (a)   3,000    1,568,640 
Williams-Sonoma, Inc.   3,400    1,079,602 
         58,871,347 
Consumer Staples — 5.5%          
Altria Group, Inc.   91,900    4,008,678 
BJ's Wholesale Club Holdings, Inc. (a)   3,700    279,905 
Bunge Global SA   5,000    512,600 
Coca-Cola Co.   59,200    3,621,856 
Coca-Cola Consolidated, Inc.   400    338,564 
Colgate-Palmolive Co.   37,600    3,385,880 
Dollar Tree, Inc. (a)   1,424    189,606 
Ingredion, Inc.   3,400    397,290 
Kenvue, Inc.   323,305    6,938,125 
Keurig Dr Pepper, Inc.   19,600    601,132 
Kraft Heinz Co.   63,800    2,354,220 
Kroger Co.   36,600    2,090,958 
Molson Coors Beverage Co. Class B   10,546    709,219 
Mondelez International, Inc. Class A   46,770    3,273,900 
Philip Morris International, Inc.   77,400    7,091,388 
Procter & Gamble Co.   26,169    4,245,920 
Sysco Corp.   15,800    1,282,644 
Target Corp.   12,800    2,268,288 
Walmart, Inc.   64,794    3,898,655 
         47,488,828 
Energy — 12.6%          
APA Corp.   17,100    587,898 
Baker Hughes Co.   43,300    1,450,550 
Cheniere Energy, Inc.   11,800    1,903,104 
Chevron Corp.   98,577    15,549,536 
Chord Energy Corp.   1,200    213,888 
ConocoPhillips   109,649    13,956,125 
Coterra Energy, Inc.   36,900    1,028,772 
Devon Energy Corp.   17,500    878,150 
Diamondback Energy, Inc.   7,900    1,565,543 
EOG Resources, Inc.   36,800    4,704,512 
EQT Corp.   90,381    3,350,424 
Exxon Mobil Corp.   229,053    26,625,121 
Halliburton Co.   179,138    7,061,620 
Kinder Morgan, Inc.   170,100    3,119,634 
Marathon Oil Corp.   36,015    1,020,665 
Marathon Petroleum Corp.   19,500    3,929,250 
Murphy Oil Corp.   4,300    196,510 
New Fortress Energy, Inc. (b)   6,400    195,776 
Nov, Inc.   12,400    242,048 
Occidental Petroleum Corp.   47,400    3,080,526 
Phillips 66   27,500    4,491,850 
Pioneer Natural Resources Co.   2,500    656,250 
Range Resources Corp.   118,259    4,071,657 
Schlumberger NV   68,094    3,732,232 
Valero Energy Corp.   20,300    3,465,007 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Williams Cos., Inc.   77,583   $3,023,409 
         110,100,057 
Financials — 25.8%          
Aflac, Inc.   34,800    2,987,928 
Allstate Corp.   16,947    2,932,000 
Ally Financial, Inc.   14,700    596,673 
American Express Co.   57,055    12,990,853 
American Financial Group, Inc.   3,700    504,976 
American International Group, Inc.   34,800    2,720,316 
Ameriprise Financial, Inc.   5,500    2,411,420 
Arch Capital Group Ltd. (a)   20,000    1,848,800 
Assurant, Inc.   2,400    451,776 
Bank of America Corp.   481,872    18,272,586 
Bank of New York Mellon Corp.   44,000    2,535,280 
Berkshire Hathaway, Inc. Class B (a)   25,044    10,531,503 
Capital One Financial Corp.   18,700    2,784,243 
Carlyle Group, Inc.   17,600    825,616 
Charles Schwab Corp.   40,000    2,893,600 
Chubb Ltd.   27,241    7,058,960 
Cincinnati Financial Corp.   8,200    1,018,194 
Citigroup, Inc.   141,000    8,916,840 
Citizens Financial Group, Inc.   19,900    722,171 
CME Group, Inc.   8,200    1,765,378 
Commerce Bancshares, Inc.   3,800    202,160 
Corebridge Financial, Inc.   37,635    1,081,254 
Corpay, Inc. (a)   4,193    1,293,708 
Cullen/Frost Bankers, Inc.   2,800    315,196 
Discover Financial Services   14,800    1,940,132 
East West Bancorp, Inc.   14,115    1,116,638 
Equitable Holdings, Inc.   22,100    840,021 
Fidelity National Financial, Inc.   14,200    754,020 
Fifth Third Bancorp   29,500    1,097,695 
First American Financial Corp.   5,000    305,250 
Fiserv, Inc. (a)   73,762    11,788,643 
Global Payments, Inc.   12,700    1,697,482 
Globe Life, Inc.   4,600    535,302 
Goldman Sachs Group, Inc.   23,363    9,758,491 
Hartford Financial Services Group, Inc.   22,876    2,357,372 
Huntington Bancshares, Inc.   45,400    633,330 
JP Morgan Chase & Co.   200,839    40,228,052 
KeyCorp.   29,300    463,233 
Loews Corp.   13,300    1,041,257 
LPL Financial Holdings, Inc.   3,700    977,540 
M&T Bank Corp.   7,200    1,047,168 
Markel Group, Inc. (a)   610    928,103 
MetLife, Inc.   94,635    7,013,400 
Morgan Stanley   88,400    8,323,744 
Northern Trust Corp.   8,900    791,388 
Old Republic International Corp.   15,300    470,016 
PayPal Holdings, Inc. (a)   29,600    1,982,904 
PNC Financial Services Group, Inc.   23,487    3,795,499 
Primerica, Inc.   1,600    404,736 
Principal Financial Group, Inc.   13,800    1,191,078 
Progressive Corp.   7,300    1,509,786 
Prudential Financial, Inc.   19,500    2,289,300 
Raymond James Financial, Inc.   10,200    1,309,884 
Regions Financial Corp.   39,800    837,392 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Reinsurance Group of America, Inc.   3,197   $616,637 
Robinhood Markets, Inc. Class A (a)   21,400    430,782 
SEI Investments Co.   3,100    222,890 
State Street Corp.   18,000    1,391,760 
Stifel Financial Corp.   5,200    406,484 
Synchrony Financial   23,000    991,760 
T. Rowe Price Group, Inc.   11,300    1,377,696 
Travelers Cos., Inc.   35,318    8,128,085 
Unum Group   10,300    552,698 
Visa, Inc. Class A   6,488    1,810,671 
W. R. Berkley Corp.   13,800    1,220,472 
Webster Financial Corp.   7,500    380,775 
Wells Fargo & Co.   197,389    11,440,666 
Willis Towers Watson PLC   3,200    880,000 
         224,941,663 
Health Care — 16.3%          
AbbVie, Inc.   87,700    15,970,170 
Agilent Technologies, Inc.   2,000    291,020 
Amgen, Inc.   27,800    7,904,096 
AstraZeneca PLC Sponsored ADR   54,519    3,693,662 
Bristol-Myers Squibb Co.   6,400    347,072 
Cardinal Health, Inc.   13,808    1,545,115 
Cencora, Inc.   32,689    7,943,100 
Centene Corp. (a)   23,200    1,820,736 
Cigna Group   23,941    8,695,132 
CVS Health Corp.   54,500    4,346,920 
Danaher Corp.   9,218    2,301,919 
DaVita, Inc. (a)   4,400    607,420 
Elevance Health, Inc.   31,577    16,373,938 
GE HealthCare Technologies, Inc. (a)   24,991    2,271,932 
Gilead Sciences, Inc.   65,400    4,790,550 
HCA Healthcare, Inc.   28,260    9,425,558 
Henry Schein, Inc. (a)   6,900    521,088 
Hologic, Inc. (a)   11,676    910,261 
Jazz Pharmaceuticals PLC (a)   2,700    325,134 
Johnson & Johnson   139,671    22,094,555 
Laboratory Corp. of America Holdings   6,100    1,332,606 
McKesson Corp.   10,300    5,529,555 
Medtronic PLC   76,062    6,628,803 
Merck & Co., Inc.   30,969    4,086,360 
Molina Healthcare, Inc. (a)   1,900    780,577 
Quest Diagnostics, Inc.   8,700    1,158,057 
Tenet Healthcare Corp. (a)   24,634    2,589,280 
Thermo Fisher Scientific, Inc.   5,109    2,969,402 
UnitedHealth Group, Inc.   7,413    3,667,211 
Universal Health Services, Inc. Class B   4,700    857,562 
Viatris, Inc.   58,600    699,684 
         142,478,475 
Industrials — 12.0%          
AGCO Corp.   3,650    449,023 
Allegion PLC   4,200    565,782 
AMETEK, Inc.   15,352    2,807,881 
Builders FirstSource, Inc. (a)   7,700    1,605,835 
CACI International, Inc. Class A (a)   800    303,064 
Caterpillar, Inc.   25,200    9,234,036 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
CSX Corp.   223,538   $8,286,554 
Cummins, Inc.   18,506    5,452,793 
Deere & Co.   16,800    6,900,432 
Delta Air Lines, Inc.   20,100    962,187 
Dover Corp.   12,800    2,268,032 
FedEx Corp.   13,300    3,853,542 
Ferguson PLC   5,300    1,157,679 
Fortune Brands Innovations, Inc.   6,900    584,223 
General Dynamics Corp.   9,605    2,713,316 
General Electric Co.   25,687    4,508,839 
Honeywell International, Inc.   8,300    1,703,575 
Huntington Ingalls Industries, Inc.   2,100    612,087 
IDEX Corp.   7,443    1,816,241 
Johnson Controls International PLC   33,300    2,175,156 
L3Harris Technologies, Inc.   20,070    4,276,917 
Leidos Holdings, Inc.   7,049    924,053 
Lockheed Martin Corp.   12,300    5,594,901 
Masco Corp.   16,600    1,309,408 
Middleby Corp. (a)   2,700    434,133 
Norfolk Southern Corp.   7,745    1,973,968 
Oshkosh Corp.   3,100    386,601 
Owens Corning   6,900    1,150,920 
PACCAR, Inc.   27,213    3,371,418 
Parker-Hannifin Corp.   6,600    3,668,214 
Pentair PLC   8,400    717,696 
Regal Rexnord Corp.   2,100    378,210 
Robert Half, Inc.   5,200    412,256 
Rockwell Automation, Inc.   9,000    2,621,970 
RTX Corp.   36,700    3,579,351 
Science Applications International Corp.   2,300    299,897 
Siemens AG Registered   11,444    2,184,718 
Snap-on, Inc.   2,900    859,038 
Textron, Inc.   14,500    1,390,985 
Timken Co.   2,900    253,547 
U-Haul Holding Co. (UHAL US) (a) (b)   1,100    74,294 
U-Haul Holding Co. (UHAL/B US)   9,800    653,464 
UFP Industries, Inc.   2,700    332,127 
Union Pacific Corp.   13,585    3,340,959 
United Rentals, Inc.   3,400    2,451,774 
Veralto Corp.   2,897    256,848 
WESCO International, Inc.   1,400    239,792 
Westinghouse Air Brake Technologies Corp.   25,316    3,688,035 
         104,785,771 
Information Technology — 8.9%          
Adobe, Inc. (a)   4,312    2,175,835 
Amkor Technology, Inc.   6,800    219,232 
Amphenol Corp. Class A   14,912    1,720,099 
Analog Devices, Inc.   10,600    2,096,574 
Applied Materials, Inc.   9,309    1,919,795 
Arrow Electronics, Inc. (a)   4,700    608,462 
Cisco Systems, Inc.   215,300    10,745,623 
Cognizant Technology Solutions Corp. Class A   24,700    1,810,263 
Corning, Inc.   44,000    1,450,240 
Dell Technologies, Inc. Class C   12,400    1,414,964 
Gen Digital, Inc.   27,600    618,240 
Hewlett Packard Enterprise Co.   82,900    1,469,817 
HP, Inc.   82,200    2,484,084 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Intel Corp.   59,200   $2,614,864 
International Business Machines Corp.   41,800    7,982,128 
Jabil, Inc.   9,500    1,272,525 
Keysight Technologies, Inc. (a)   11,500    1,798,370 
Lam Research Corp.   2,146    2,084,989 
Microchip Technology, Inc.   23,400    2,099,214 
Micron Technology, Inc.   30,732    3,622,996 
Microsoft Corp.   3,455    1,453,588 
NetApp, Inc.   10,300    1,081,191 
NXP Semiconductors NV   6,860    1,699,702 
QUALCOMM, Inc.   76,975    13,031,868 
Salesforce, Inc.   4,300    1,295,074 
Skyworks Solutions, Inc.   8,400    909,888 
TD SYNNEX Corp.   4,700    531,570 
TE Connectivity Ltd.   17,156    2,491,737 
Texas Instruments, Inc.   24,661    4,296,193 
Twilio, Inc. Class A (a)   5,700    348,555 
         77,347,680 
Materials — 3.4%          
Berry Global Group, Inc.   6,100    368,928 
CF Industries Holdings, Inc.   8,200    682,322 
Cleveland-Cliffs, Inc. (a)   24,800    563,952 
Commercial Metals Co.   2,500    146,925 
Crown Holdings, Inc.   8,700    689,562 
Dow, Inc.   35,300    2,044,929 
Eagle Materials, Inc.   1,700    461,975 
Eastman Chemical Co.   6,100    611,342 
Franco-Nevada Corp.   9,300    1,108,188 
Freeport-McMoRan, Inc.   56,900    2,675,438 
Graphic Packaging Holding Co.   16,000    466,880 
International Paper Co.   16,900    659,438 
Linde PLC   6,857    3,183,842 
LyondellBasell Industries NV Class A   17,008    1,739,578 
Martin Marietta Materials, Inc.   1,620    994,583 
Mosaic Co.   25,900    840,714 
Nucor Corp.   19,300    3,819,470 
Nutrien Ltd.   11,428    620,655 
Olin Corp.   6,902    405,838 
Packaging Corp. of America   5,800    1,100,724 
PPG Industries, Inc.   6,500    941,850 
Reliance, Inc.   3,700    1,236,466 
Southern Copper Corp.   7,723    822,654 
Steel Dynamics, Inc.   13,500    2,001,105 
US Steel Corp.   11,900    485,282 
Wheaton Precious Metals Corp.   27,400    1,291,362 
         29,964,002 
Real Estate — 0.8%          
Equity LifeStyle Properties, Inc.   22,100    1,423,240 
Jones Lang LaSalle, Inc. (a)   1,400    273,126 
Prologis, Inc.   7,095    923,911 
Public Storage   8,361    2,425,192 
Weyerhaeuser Co.   63,594    2,283,660 
         7,329,129 

 

 

 

 

MML Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Utilities — 3.3%          
Ameren Corp.   32,994   $2,440,236 
CenterPoint Energy, Inc.   21,500    612,535 
Consolidated Edison, Inc.   16,900    1,534,689 
Constellation Energy Corp.   24,549    4,537,883 
Duke Energy Corp.   38,900    3,762,019 
Edison International   17,500    1,237,775 
NextEra Energy, Inc.   46,745    2,987,473 
OGE Energy Corp.   10,261    351,952 
Pinnacle West Capital Corp.   6,098    455,703 
PPL Corp.   38,600    1,062,658 
Public Service Enterprise Group, Inc.   33,000    2,203,740 
Sempra   32,600    2,341,658 
Southern Co.   34,324    2,462,404 
Vistra Corp.   22,100    1,539,265 
Xcel Energy, Inc.   24,900    1,338,375 
         28,868,365 
           
TOTAL COMMON STOCK
(Cost $629,126,960)
        863,587,196 
           
TOTAL EQUITIES
(Cost $629,126,960)
        863,587,196 
           
EXCHANGE-TRADED FUNDS — 0.5%          
iShares Russell 1000 Value ETF (b)   23,300    4,173,263 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,852,618)
        4,173,263 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $632,979,578)
        867,760,459 
           
SHORT-TERM INVESTMENTS — 0.4%          
Investment of Cash Collateral from Securities Loaned — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   436,219    436,219 
Mutual Fund — 0.2%          
T. Rowe Price Government Reserve Investment Fund   1,339,997    1,339,997 
           
   Principal
Amount
    
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d)  $2,114,455   2,114,455 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,890,671)
        3,890,671 
           
TOTAL INVESTMENTS — 99.9%
(Cost $636,870,249) (e)
        871,651,130 
           
Other Assets/(Liabilities) — 0.1%        823,768 
           
NET ASSETS — 100.0%       $872,474,898 

 

Abbreviation Legend

ADR American Depositary Receipt
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 March 31, 2024, was $2,718,314 or 0.31% of net assets. The Fund received $2,355,079 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $2,114,831. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,156,844.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 99.8%          
           
COMMON STOCK — 99.8%          
Communication Services — 2.1%          
Cable One, Inc.   137   $57,969 
ESC GCI Liberty Inc (a) (b) (c)   2,102     
Fox Corp. Class A   2,754    86,118 
Fox Corp. Class B   1,381    39,524 
Frontier Communications Parent, Inc. (c)   5,953    145,849 
Liberty Media Corp-Liberty Live Class C (c)   937    41,059 
Liberty Media Corp-Liberty SiriusXM Class C (c)   3,748    111,353 
Liberty Media Corp.-Liberty Live Class A (c)   453    19,185 
Liberty Media Corp.-Liberty SiriusXM Class A (c)   1,812    53,816 
News Corp. Class A   6,503    170,249 
News Corp. Class B   2,089    56,528 
Nexstar Media Group, Inc.   831    143,173 
Paramount Global Class B   14,034    165,180 
Sirius XM Holdings, Inc. (d)   8,464    32,840 
TripAdvisor, Inc. (c)   2,710    75,311 
         1,198,154 
Consumer Discretionary — 16.0%          
ADT, Inc.   5,129    34,467 
Advance Auto Parts, Inc.   1,449    123,295 
Aramark   3,706    120,519 
AutoNation, Inc. (c)   740    122,529 
Bath & Body Works, Inc.   5,615    280,862 
Best Buy Co., Inc.   4,341    356,092 
BorgWarner, Inc.   5,674    197,115 
Boyd Gaming Corp.   1,793    120,705 
Brunswick Corp.   1,729    166,883 
Burlington Stores, Inc. (c)   572    132,813 
Capri Holdings Ltd. (c)   2,976    134,813 
CarMax, Inc. (c)   3,843    334,764 
Carter's, Inc.   898    76,043 
Choice Hotels International, Inc.   243    30,703 
Columbia Sportswear Co.   453    36,775 
Crocs, Inc. (c)   962    138,336 
Dick's Sporting Goods, Inc.   1,458    327,846 
Expedia Group, Inc. (c)   2,186    301,121 
Gap, Inc.   4,743    130,670 
Gentex Corp.   2,003    72,348 
Grand Canyon Education, Inc. (c)   408    55,574 
H&R Block, Inc.   3,693    181,363 
Harley-Davidson, Inc.   3,197    139,837 
Hyatt Hotels Corp. Class A   405    64,646 
Kohl's Corp.   2,697    78,618 
Lear Corp.   1,428    206,889 
Leggett & Platt, Inc.   3,233    61,912 
Lithia Motors, Inc.   659    198,267 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
LKQ Corp.   2,974   $158,841 
Macy's, Inc.   6,603    131,994 
Marriott Vacations Worldwide Corp.   891    95,987 
Mattel, Inc. (c)   6,933    137,343 
MGM Resorts International (c)   3,995    188,604 
Mister Car Wash, Inc. (c) (d)   1,205    9,339 
Mohawk Industries, Inc. (c)   1,289    168,717 
Murphy USA, Inc.   480    201,216 
Newell Brands, Inc.   9,284    74,551 
Nordstrom, Inc.   2,785    56,452 
Ollie's Bargain Outlet Holdings, Inc. (c)   608    48,379 
Penn Entertainment, Inc. (c)   3,741    68,124 
Penske Automotive Group, Inc.   487    78,889 
Petco Health & Wellness Co., Inc. (c) (d)   2,001    4,562 
Phinia, Inc.   1,139    43,772 
Polaris, Inc.   1,318    131,958 
PulteGroup, Inc.   3,673    443,037 
PVH Corp.   1,458    205,009 
Ralph Lauren Corp.   988    185,507 
Restoration Hardware, Inc. (c)   384    133,732 
Service Corp. International   1,335    99,070 
Skechers USA, Inc. Class A (c)   1,536    94,095 
Tapestry, Inc.   3,846    182,608 
Tempur Sealy International, Inc.   3,144    178,642 
Texas Roadhouse, Inc.   663    102,414 
Thor Industries, Inc.   1,246    146,206 
Toll Brothers, Inc.   2,704    349,816 
TopBuild Corp. (c)   688    303,222 
Travel & Leisure Co.   1,819    89,058 
Under Armour, Inc. Class A (c)   4,600    33,948 
Under Armour, Inc. Class C (c)   4,522    32,287 
Victoria's Secret & Co. (c)   1,909    36,996 
Wendy's Co.   1,780    33,535 
Whirlpool Corp.   1,271    152,050 
Williams-Sonoma, Inc.   1,593    505,825 
Wyndham Hotels & Resorts, Inc.   830    63,702 
YETI Holdings, Inc. (c)   811    31,264 
         9,226,556 
Consumer Staples — 4.7%          
Albertsons Cos., Inc. Class A   10,132    217,230 
BJ's Wholesale Club Holdings, Inc. (c)   3,241    245,182 
Boston Beer Co., Inc. Class A (c)   86    26,180 
Bunge Global SA   1,831    187,714 
Casey's General Stores, Inc.   900    286,605 
Darling Ingredients, Inc. (c)   1,891    87,950 
Flowers Foods, Inc.   3,445    81,819 
Grocery Outlet Holding Corp. (c)   2,316    66,654 
Ingredion, Inc.   1,194    139,519 
Olaplex Holdings, Inc. (c)   3,180    6,106 
Performance Food Group Co. (c)   3,727    278,183 
Pilgrim's Pride Corp. (c)   1,002    34,389 
Post Holdings, Inc. (c)   1,304    138,589 
Reynolds Consumer Products, Inc.   597    17,050 
Seaboard Corp.   6    19,344 
Spectrum Brands Holdings, Inc.   484    43,081 
Tyson Foods, Inc. Class A   6,799    399,305 
US Foods Holding Corp (c)   5,551    299,587 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Walgreens Boots Alliance, Inc.   7,378   $160,029 
         2,734,516 
Energy — 7.2%          
Antero Midstream Corp.   6,513    91,573 
Antero Resources Corp. (c)   6,878    199,462 
APA Corp.   7,546    259,432 
Chesapeake Energy Corp. (d)   3,086    274,129 
Coterra Energy, Inc.   14,496    404,149 
Diamondback Energy, Inc.   2,032    402,681 
DT Midstream, Inc. (c)   2,368    144,685 
EQT Corp.   8,770    325,104 
HF Sinclair Corp.   3,433    207,250 
Marathon Oil Corp.   15,204    430,881 
New Fortress Energy, Inc. (d)   666    20,373 
Nov, Inc.   4,462    87,098 
Ovintiv, Inc.   5,943    308,442 
Range Resources Corp.   5,693    196,010 
Southwestern Energy Co. (c)   26,683    202,257 
Targa Resources Corp.   3,460    387,485 
TechnipFMC PLC   8,177    205,325 
         4,146,336 
Financials — 21.9%          
Affiliated Managers Group, Inc.   866    145,029 
Ally Financial, Inc.   6,581    267,123 
American Financial Group, Inc.   991    135,252 
Annaly Capital Management, Inc.   12,009    236,457 
Assurant, Inc.   1,163    218,923 
Assured Guaranty Ltd.   1,387    121,016 
Axis Capital Holdings Ltd.   1,897    123,343 
Bank OZK   2,689    122,242 
Blue Owl Capital, Inc.   4,070    76,760 
BOK Financial Corp.   691    63,572 
Brighthouse Financial, Inc. (c)   452    23,296 
Citizens Financial Group, Inc.   10,157    368,597 
CNA Financial Corp.   612    27,797 
Columbia Banking System, Inc.   5,074    98,182 
Comerica, Inc.   3,201    176,023 
Commerce Bancshares, Inc.   1,230    65,436 
Corebridge Financial, Inc.   3,610    103,715 
Credit Acceptance Corp. (c)   152    83,836 
Cullen/Frost Bankers, Inc.   724    81,501 
Discover Financial Services   1,553    203,583 
East West Bancorp, Inc.   3,422    270,714 
Equitable Holdings, Inc.   6,204    235,814 
Euronet Worldwide, Inc. (c)   949    104,324 
Evercore, Inc. Class A   867    166,976 
Everest Group Ltd.   478    190,005 
Fidelity National Financial, Inc.   6,353    337,344 
Fifth Third Bancorp   9,927    369,384 
First American Financial Corp.   2,441    149,023 
First Hawaiian, Inc.   3,104    68,164 
First Horizon Corp.   12,998    200,169 
FNB Corp.   8,725    123,022 
Franklin Resources, Inc.   3,674    103,276 
Globe Life, Inc.   976    113,577 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Hanover Insurance Group, Inc.   862   $117,379 
Hartford Financial Services Group, Inc.   2,076    213,932 
Huntington Bancshares, Inc.   20,693    288,667 
Interactive Brokers Group, Inc. Class A   2,431    271,567 
Invesco Ltd.   7,711    127,925 
Janus Henderson Group PLC   2,307    75,877 
Jefferies Financial Group, Inc.   1,358    59,888 
KeyCorp.   22,812    360,658 
Lazard, Inc.   2,671    111,835 
Lincoln National Corp.   4,124    131,679 
Loews Corp.   3,151    246,692 
LPL Financial Holdings, Inc.   421    111,228 
M&T Bank Corp.   1,151    167,401 
MGIC Investment Corp.   7,005    156,632 
NCR Atleos Corp. (c)   1,557    30,751 
New York Community Bancorp, Inc. (d)   8,748    28,169 
Northern Trust Corp.   1,625    144,495 
Old Republic International Corp.   6,611    203,090 
OneMain Holdings, Inc.   2,735    139,731 
Pinnacle Financial Partners, Inc.   1,836    157,676 
Popular, Inc.   1,710    150,634 
Primerica, Inc.   370    93,595 
Principal Financial Group, Inc.   3,850    332,293 
Prosperity Bancshares, Inc.   1,186    78,015 
Regions Financial Corp.   9,318    196,051 
Reinsurance Group of America, Inc.   1,479    285,269 
Rithm Capital Corp.   11,716    130,751 
RLI Corp.   397    58,943 
Rocket Cos., Inc. Class A (c) (d)   3,054    44,436 
Ryan Specialty Holdings, Inc.   630    34,965 
SEI Investments Co.   655    47,094 
SLM Corp.   3,690    80,405 
Starwood Property Trust, Inc. (d)   5,382    109,416 
State Street Corp.   2,872    222,063 
Stifel Financial Corp.   2,497    195,190 
Synchrony Financial   10,432    449,828 
Synovus Financial Corp.   3,516    140,851 
TPG, Inc.   1,566    70,000 
Unum Group   4,779    256,441 
UWM Holdings Corp.   2,265    16,444 
Virtu Financial, Inc. Class A   2,180    44,734 
Voya Financial, Inc.   2,384    176,225 
W. R. Berkley Corp.   1,986    175,642 
Webster Financial Corp.   4,223    214,402 
Western Alliance Bancorp   2,630    168,820 
Western Union Co.   9,132    127,665 
WEX, Inc. (c)   366    86,936 
Wintrust Financial Corp.   1,479    154,393 
Zions Bancorp NA   3,538    153,549 
         12,613,797 
Health Care — 5.8%          
Acadia Healthcare Co., Inc. (c)   764    60,524 
Amedisys, Inc. (c)   743    68,475 
Azenta, Inc. (c)   1,543    93,012 
Cardinal Health, Inc.   2,962    331,448 
Catalent, Inc. (c)   3,045    171,890 
DaVita, Inc. (c)   1,318    181,950 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Elanco Animal Health, Inc. (c)   9,576   $155,897 
Encompass Health Corp.   1,826    150,791 
Enovis Corp. (c)   1,280    79,936 
Envista Holdings Corp. (c)   1,547    33,075 
Henry Schein, Inc. (c)   2,206    166,597 
Integra LifeSciences Holdings Corp. (c)   1,419    50,303 
Jazz Pharmaceuticals PLC (c)   497    59,849 
Maravai LifeSciences Holdings, Inc. Class A (c)   2,681    23,244 
Molina Healthcare, Inc. (c)   760    312,231 
Organon & Co.   6,235    117,218 
Perrigo Co. PLC   1,523    49,025 
Premier, Inc. Class A   2,894    63,957 
Quest Diagnostics, Inc.   981    130,581 
Quidelortho Corp. (c)   1,304    62,514 
Tenet Healthcare Corp. (c)   2,458    258,360 
United Therapeutics Corp. (c)   358    82,240 
Universal Health Services, Inc. Class B   1,473    268,764 
Viatris, Inc.   29,286    349,675 
         3,321,556 
Industrials — 18.9%          
Acuity Brands, Inc.   769    206,653 
Advanced Drainage Systems, Inc.   724    124,702 
AECOM   1,529    149,964 
AGCO Corp.   1,521    187,113 
Air Lease Corp.   2,525    129,886 
Alaska Air Group, Inc. (c)   3,067    131,850 
Allison Transmission Holdings, Inc.   2,217    179,932 
American Airlines Group, Inc. (c)   15,800    242,530 
Ardagh Group SA (a) (b) (c) (d)   463    2,180 
Armstrong World Industries, Inc.   840    104,345 
Avis Budget Group, Inc.   500    61,230 
Builders FirstSource, Inc. (c)   3,109    648,382 
BWX Technologies, Inc.   780    80,044 
C.H. Robinson Worldwide, Inc.   2,796    212,887 
CACI International, Inc. Class A (c)   549    207,978 
Carlisle Cos., Inc.   649    254,311 
Clean Harbors, Inc. (c)   684    137,696 
CNH Industrial NV   14,921    193,376 
Concentrix Corp.   1,071    70,922 
Core & Main, Inc. Class A (c)   2,069    118,450 
Curtiss-Wright Corp.   347    88,811 
Delta Air Lines, Inc.   7,734    370,227 
Dun & Bradstreet Holdings, Inc.   6,648    66,746 
EMCOR Group, Inc.   1,032    361,406 
Esab Corp.   1,194    132,021 
Expeditors International of Washington, Inc.   1,637    199,010 
Flowserve Corp.   1,421    64,911 
Fortune Brands Innovations, Inc.   3,080    260,784 
Gates Industrial Corp. PLC (c)   2,890    51,182 
Generac Holdings, Inc. (c)   514    64,836 
Genpact Ltd.   2,308    76,049 
GXO Logistics, Inc. (c)   2,626    141,174 
Hayward Holdings, Inc. (c)   2,386    36,530 
Hertz Global Holdings, Inc. (c)   3,282    25,698 
Huntington Ingalls Industries, Inc.   954    278,062 
ITT, Inc.   832    113,177 
KBR, Inc.   2,351    149,665 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Kirby Corp. (c)   809   $77,114 
Knight-Swift Transportation Holdings, Inc.   3,799    209,021 
Landstar System, Inc.   871    167,894 
Leidos Holdings, Inc.   3,338    437,578 
ManpowerGroup, Inc.   1,229    95,420 
Masco Corp.   2,877    226,938 
MasTec, Inc. (c)   694    64,715 
MDU Resources Group, Inc.   4,931    124,261 
Middleby Corp. (c)   580    93,258 
MSC Industrial Direct Co., Inc. Class A   858    83,260 
nVent Electric PLC   1,472    110,989 
Oshkosh Corp.   1,584    197,541 
Owens Corning   2,197    366,460 
Regal Rexnord Corp.   626    112,743 
Robert Half, Inc.   2,559    202,877 
Ryder System, Inc.   1,118    134,372 
Saia, Inc. (c)   214    125,190 
Schneider National, Inc. Class B   1,337    30,270 
Science Applications International Corp.   1,310    170,811 
Sensata Technologies Holding PLC   2,102    77,227 
SiteOne Landscape Supply, Inc. (c)   423    73,835 
Southwest Airlines Co.   7,680    224,179 
Stericycle, Inc. (c)   1,030    54,332 
Textron, Inc.   3,073    294,793 
Timken Co.   1,385    121,090 
U-Haul Holding Co.   945    63,013 
U-Haul Holding Co. (c) (d)   219    14,791 
United Airlines Holdings, Inc. (c)   7,999    382,992 
Valmont Industries, Inc.   317    72,365 
Vestis Corp.   1,853    35,707 
WESCO International, Inc.   1,076    184,297 
XPO, Inc. (c)   2,787    340,098 
         10,894,151 
Information Technology — 6.7%          
Arrow Electronics, Inc. (c)   1,394    180,467 
Avnet, Inc.   2,224    110,266 
Cirrus Logic, Inc. (c)   1,347    124,678 
Coherent Corp. (c)   2,899    175,737 
Crane NXT Co.   1,174    72,671 
Dropbox, Inc. Class A (c)   6,367    154,718 
DXC Technology Co. (c)   5,524    117,164 
Gen Digital, Inc.   11,333    253,859 
Hewlett Packard Enterprise Co.   31,598    560,233 
HP, Inc.   13,098    395,822 
Jabil, Inc.   3,165    423,952 
Kyndryl Holdings, Inc. (c)   5,005    108,909 
Littelfuse, Inc.   263    63,738 
Lumentum Holdings, Inc. (c)   1,604    75,949 
MKS Instruments, Inc.   879    116,907 
NCR Voyix Corp. (c)   3,113    39,317 
TD SYNNEX Corp.   1,014    114,684 
Teradata Corp. (c)   1,666    64,424 
Viasat, Inc. (c) (d)   1,756    31,766 
Vontier Corp.   3,642    165,201 
Western Digital Corp. (c)   7,809    532,886 
         3,883,348 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Materials — 10.9%          
Alcoa Corp.   4,339   $146,615 
Amcor PLC   13,058    124,182 
Ardagh Metal Packaging SA   3,500    12,005 
Ashland, Inc.   1,055    102,725 
Avery Dennison Corp.   525    117,206 
Axalta Coating Systems Ltd. (c)   2,298    79,028 
Berry Global Group, Inc.   2,954    178,658 
Celanese Corp.   2,289    393,388 
CF Industries Holdings, Inc.   4,782    397,910 
Chemours Co.   3,628    95,271 
Cleveland-Cliffs, Inc. (c)   12,360    281,066 
Crown Holdings, Inc.   2,581    204,570 
Eagle Materials, Inc.   579    157,343 
Eastman Chemical Co.   2,346    235,116 
Element Solutions, Inc.   2,749    68,670 
Graphic Packaging Holding Co.   7,405    216,078 
Huntsman Corp.   4,262    110,940 
International Paper Co.   8,485    331,085 
Louisiana-Pacific Corp.   1,561    130,983 
LyondellBasell Industries NV Class A   1,879    192,184 
Mosaic Co.   8,052    261,368 
MP Materials Corp. (c) (d)   1,458    20,849 
NewMarket Corp.   96    60,924 
Olin Corp.   3,147    185,044 
Packaging Corp. of America   1,568    297,575 
Reliance, Inc.   1,064    355,568 
Sealed Air Corp.   3,496    130,051 
Silgan Holdings, Inc.   2,039    99,014 
Sonoco Products Co.   2,386    138,006 
SSR Mining, Inc.   2,332    10,401 
Steel Dynamics, Inc.   3,291    487,825 
US Steel Corp.   5,470    223,067 
Westlake Corp.   763    116,586 
Westrock Co.   6,223    307,727 
         6,269,028 
Real Estate — 3.0%          
Apartment Income REIT Corp.   3,618    117,476 
Boston Properties, Inc.   3,816    249,223 
Brixmor Property Group, Inc.   3,461    81,160 
Cousins Properties, Inc.   2,941    70,702 
EPR Properties   1,472    62,486 
Highwoods Properties, Inc.   2,539    66,471 
Host Hotels & Resorts, Inc.   6,195    128,113 
Howard Hughes Holdings, Inc. (c)   545    39,578 
Jones Lang LaSalle, Inc. (c)   1,155    225,329 
Kilroy Realty Corp.   2,847    103,716 
Medical Properties Trust, Inc. (d)   14,487    68,089 
National Storage Affiliates Trust   1,306    51,143 
Omega Healthcare Investors, Inc.   2,171    68,756 
Park Hotels & Resorts, Inc.   5,361    93,764 
Vornado Realty Trust   3,122    89,820 
Zillow Group, Inc. Class A (c)   1,319    63,127 
Zillow Group, Inc. Class C (c)   3,673    179,169 
         1,758,122 

 

 

 

 

MML Equity Rotation Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares
   Value 
Utilities — 2.6%          
AES Corp.   6,631   $118,894 
Brookfield Renewable Corp. Class A   3,102    76,216 
Clearway Energy, Inc. Class A   846    18,197 
Clearway Energy, Inc. Class C   1,999    46,077 
Evergy, Inc.   1,993    106,386 
Hawaiian Electric Industries, Inc.   2,674    30,136 
IDACORP, Inc.   512    47,560 
National Fuel Gas Co.   2,168    116,465 
NiSource, Inc.   5,083    140,596 
NRG Energy, Inc.   5,646    382,178 
OGE Energy Corp.   4,197    143,957 
Pinnacle West Capital Corp.   1,651    123,379 
UGI Corp.   5,099    125,130 
         1,475,171 
           
TOTAL COMMON STOCK
(Cost $51,318,332)
        57,520,735 
           
TOTAL EQUITIES
(Cost $51,318,332)
        57,520,735 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $51,318,332)
        57,520,735 
           
SHORT-TERM INVESTMENTS — 0.2%          
Investment of Cash Collateral from Securities Loaned — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (e)   104,941    104,941 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $104,941)
        104,941 
           
TOTAL INVESTMENTS — 100.0%
(Cost $51,423,273) (f)
        57,625,676 
           
Other Assets/(Liabilities) — (0.0)%        (5,887) 
           
NET ASSETS — 100.0%       $57,619,789 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Investment is valued using significant unobservable inputs.
(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $2,180 or 0.00% of net assets.
(c) Non-income producing security.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $357,918 or 0.62% of net assets. The Fund received $264,918 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(e) Represents investment of security lending cash collateral. (Note 2).
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 96.2%          
           
BANK LOANS — 9.1%          
Aerospace & Defense — 0.3%          
Barnes Group, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 2.500%          
7.827% VRN 9/03/30  $142,561   $142,632 
Building Materials — 0.1%          
MI Windows and Doors, LLC, 2024 Term Loan B2,          
0.000% 3/21/31 (a)   70,461    70,725 
Chemicals — 1.5%          
CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750%          
9.321% VRN 12/29/27   223,834    188,132 
LSF11 A5 Holdco LLC          
Term Loan, 1 mo. USD Term SOFR + 3.500%          
8.942% VRN 10/15/28   126,854    126,791 
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250%          
9.677% VRN 10/15/28   272,336    272,472 
PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250%          
9.723% VRN 4/23/29 (a)   157,128    155,391 
         742,786 
Commercial Services — 0.3%          
APi Group DE, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 2.500%          
7.942% VRN 1/03/29   153,640    153,864 
Computers — 0.8%          
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.176% VRN 3/01/29   259,340    258,513 
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000%          
9.586% VRN 4/24/28   167,337    167,198 
         425,711 
Diversified Financial Services — 0.5%          
Aretec Group, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.500%          
9.927% VRN 8/09/30   255,310    256,586 
Engineering & Construction — 0.2%          
Artera Services LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.500%          
9.809% VRN 2/15/31   127,547    127,930 
Food — 0.7%          
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.192% VRN 10/01/25   238,023    233,427 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Fiesta Purchaser, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.000%          
9.327% VRN 2/12/31  $109,461   $109,583 
         343,010 
Gas — 0.3%          
NGL Energy Partners LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500%          
9.830% VRN 2/02/31   179,279    179,638 
Health Care – Services — 0.8%          
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, 1 mo. USD Term SOFR + 2.000%          
7.443% VRN 2/22/28   226,728    226,444 
LifePoint Health, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 5.500%          
11.087% VRN 11/16/28   113,952    114,216 
Radiology Partners, Inc., 2024 Extended Term Loan B,          
0.000% 1/31/29 (a)   52,889    50,981 
         391,641 
Lodging — 0.3%          
Four Seasons Hotels Ltd., 2024 Term Loan B, 3 mo. USD Term SOFR + 2.000%          
7.430% VRN 11/30/29   178,972    179,040 
Media — 0.8%          
A-L Parent LLC, 2023 Take Back Term Loan, 1 mo. USD Term SOFR + 5.500%          
10.827% VRN 6/30/28   307,480    305,654 
Sinclair Television Group, Inc., Term Loan B2B,          
0.000% 9/30/26 (a)   83,094    78,752 
         384,406 
Packaging & Containers — 0.2%          
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.675%          
9.105% VRN 4/13/29   94,287    94,384 
Pipelines — 0.3%          
ITT Holdings LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.677% VRN 10/05/30   148,941    149,016 
Software — 2.0%          
Banff Merger Sub, Inc., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%          
9.580% VRN 12/29/28 (a)   501,083    503,904 
Cloud Software Group, Inc., 2022 USD Term Loan B,          
0.000% 3/30/29 (a)   255,000    253,651 
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500%          
8.814% VRN 2/10/31   199,793    200,742 
Veritas US, Inc., 2021 USD Term Loan B, 1 mo. USD Term SOFR + 5.000%          
10.445% VRN 9/01/25   56,195    51,855 
         1,010,152 
           
TOTAL BANK LOANS
(Cost $4,596,160)
        4,651,521 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
CORPORATE DEBT — 87.1%          
Advertising — 0.8%          
Clear Channel Outdoor Holdings, Inc.          
9.000% 9/15/28 (b)  $92,000   $95,829 
7.500% 6/01/29 (b)   61,000    50,449 
7.875% 4/01/30 (b)   47,000    46,725 
Stagwell Global LLC          
5.625% 8/15/29 (b)   220,000    199,784 
         392,787 
Aerospace & Defense — 0.9%          
Spirit AeroSystems, Inc.          
9.750% 11/15/30 (b)   278,000    310,962 
Triumph Group, Inc.          
9.000% 3/15/28 (b)   148,000    156,026 
         466,988 
Agriculture — 0.3%          
Darling Ingredients, Inc.          
6.000% 6/15/30 (b)   130,000    128,830 
Airlines — 2.6%          
Allegiant Travel Co.          
7.250% 8/15/27 (b)   334,000    332,222 
American Airlines, Inc.          
8.500% 5/15/29 (b)   195,000    206,009 
American Airlines, Inc./AAdvantage Loyalty IP Ltd.          
5.500% 4/20/26 (b)   401,250    398,518 
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.          
5.750% 1/20/26 (b)   271,022    254,342 
United Airlines, Inc.          
4.375% 4/15/26 (b)   122,000    117,942 
         1,309,033 
Auto Manufacturers — 0.4%          
JB Poindexter & Co., Inc.          
8.750% 12/15/31 (b)   172,000    177,785 
Auto Parts & Equipment — 0.5%          
Adient Global Holdings Ltd.          
4.875% 8/15/26 (b)   277,000    270,042 
Building Materials — 2.6%          
EMRLD Borrower LP/Emerald Co.-Issuer, Inc.          
6.625% 12/15/30 (b)   326,000    329,127 
Knife River Corp.          
7.750% 5/01/31 (b)   152,000    159,121 
New Enterprise Stone & Lime Co., Inc.          
9.750% 7/15/28 (b)   602,000    615,891 
Smyrna Ready Mix Concrete LLC          
8.875% 11/15/31 (b)   211,000    225,536 
         1,329,675 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Chemicals — 3.6%          
Consolidated Energy Finance SA          
5.625% 10/15/28 (b)  $595,000   $499,348 
LSF11 A5 HoldCo LLC          
6.625% 10/15/29 (b)   294,000    264,729 
Methanex Corp.          
5.125% 10/15/27   144,000    139,281 
Olympus Water US Holding Corp.          
4.250% 10/01/28 (b)   326,000    295,761 
6.250% 10/01/29 (b) (c)   459,000    420,121 
Polar US Borrower LLC/Schenectady International Group, Inc.          
6.750% 5/15/26 (b)   171,000    40,185 
Vibrantz Technologies, Inc.          
9.000% 2/15/30 (b) (c)   178,000    164,382 
         1,823,807 
Coal — 0.6%          
Coronado Finance Pty. Ltd.          
10.750% 5/15/26 (b)   290,000    302,144 
Commercial Services — 2.8%          
Alta Equipment Group, Inc.          
5.625% 4/15/26 (b)   378,000    369,499 
PECF USS Intermediate Holding III Corp.          
8.000% 11/15/29 (b)   77,000    40,441 
Prime Security Services Borrower LLC/Prime Finance, Inc.          
6.250% 1/15/28 (b)   367,000    359,505 
PROG Holdings, Inc.          
6.000% 11/15/29 (b)   339,000    316,841 
Sabre GLBL, Inc.          
8.625% 6/01/27 (b)   358,000    314,153 
Sabre Global, Inc., Convertible,          
7.320% 8/01/26   10,000    8,620 
         1,409,059 
Computers — 0.5%          
Presidio Holdings, Inc.          
8.250% 2/01/28 (b)   137,000    136,630 
Western Digital Corp.          
4.750% 2/15/26   133,000    129,926 
         266,556 
Distribution & Wholesale — 0.4%          
Resideo Funding, Inc.          
4.000% 9/01/29 (b)   243,000    217,274 
Diversified Financial Services — 6.4%          
Aretec Group, Inc.          
10.000% 8/15/30 (b)   144,000    157,287 
Coinbase Global, Inc.          
3.375% 10/01/28 (b)   38,000    32,559 
3.625% 10/01/31 (b)   50,000    40,378 
GGAM Finance Ltd.          
8.000% 2/15/27 (b)   248,000    256,065 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (b)   696,839    662,784 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Jefferson Capital Holdings LLC          
6.000% 8/15/26 (b)  $380,000   $372,866 
9.500% 2/15/29 (b)   244,000    249,767 
Macquarie Airfinance Holdings Ltd.          
8.125% 3/30/29 (b)   119,000    125,857 
8.375% 5/01/28 (b)   106,000    112,356 
Midcap Financial Issuer Trust          
5.625% 1/15/30 (b)   339,000    291,722 
OneMain Finance Corp.          
4.000% 9/15/30   107,000    91,576 
5.375% 11/15/29   177,000    166,418 
PRA Group, Inc.          
5.000% 10/01/29 (b)   583,000    491,284 
7.375% 9/01/25 (b)   231,000    230,589 
         3,281,508 
Electric — 2.9%          
PG&E Corp.          
5.000% 7/01/28   497,000    478,642 
Pike Corp.          
5.500% 9/01/28 (b)   593,000    567,587 
8.625% 1/31/31 (b)   140,000    148,773 
Talen Energy Supply LLC          
8.625% 6/01/30 (b)   261,000    279,101 
         1,474,103 
Electrical Components & Equipment — 0.3%          
Energizer Holdings, Inc.          
4.375% 3/31/29 (b)   142,000    127,241 
Electronics — 0.6%          
Atkore, Inc.          
4.250% 6/01/31 (b)   360,000    319,253 
Engineering & Construction — 2.3%          
Arcosa, Inc.          
4.375% 4/15/29 (b)   230,000    211,953 
Artera Services LLC          
8.500% 2/15/31 (b)   123,000    126,105 
Global Infrastructure Solutions, Inc.          
5.625% 6/01/29 (b)   377,000    345,680 
7.500% 4/15/32 (b)   140,000    136,957 
MasTec, Inc.          
4.500% 8/15/28 (b) (c)   235,000    223,455 
Railworks Holdings LP/Railworks Rally, Inc.          
8.250% 11/15/28 (b)   117,000    116,083 
         1,160,233 
Entertainment — 0.9%          
Live Nation Entertainment, Inc.          
4.750% 10/15/27 (b)   260,000    248,255 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.          
4.875% 5/01/29 (b)   136,000    125,930 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.          
8.000% 8/01/30 (b)  $88,000   $90,638 
         464,823 
Environmental Controls — 0.2%          
Enviri Corp.          
5.750% 7/31/27 (b)   116,000    109,223 
Food — 1.5%          
Fiesta Purchaser, Inc.          
7.875% 3/01/31 (b)   78,000    80,550 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.625% 1/15/32   527,000    450,920 
Pilgrim's Pride Corp.          
4.250% 4/15/31 (b)   283,000    255,108 
         786,578 
Gas — 0.2%          
AmeriGas Partners LP/AmeriGas Finance Corp.          
9.375% 6/01/28 (b)   111,000    114,942 
Hand & Machine Tools — 1.3%          
Regal Rexnord Corp.          
6.400% 4/15/33 (b)   650,000    674,132 
Health Care – Products — 0.5%          
Neogen Food Safety Corp.          
8.625% 7/20/30 (b)   248,000    267,159 
Health Care – Services — 4.8%          
CHS/Community Health Systems, Inc.          
4.750% 2/15/31 (b)   108,000    83,349 
5.250% 5/15/30 (b)   422,000    344,104 
6.000% 1/15/29 (b)   141,000    123,177 
LifePoint Health, Inc.          
9.875% 8/15/30 (b)   274,000    286,616 
11.000% 10/15/30 (b)   129,000    137,874 
Molina Healthcare, Inc.          
4.375% 6/15/28 (b)   167,000    156,985 
Radiology Partners, Inc.          
8.500% 1/31/29 (b)   147,907    137,228 
9.781% 2/15/30 (b)   515,306    414,821 
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.          
9.750% 12/01/26 (b)   299,000    299,402 
Tenet Healthcare Corp.          
4.375% 1/15/30   165,000    152,505 
5.125% 11/01/27   179,000    175,085 
6.125% 10/01/28 (c)   152,000    151,455 
         2,462,601 
Home Builders — 1.6%          
Ashton Woods USA LLC/Ashton Woods Finance Co.          
4.625% 8/01/29 (b)   183,000    168,802 
Mattamy Group Corp.          
4.625% 3/01/30 (b)   687,000    623,275 
         792,077 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Housewares — 0.1%          
Newell Brands, Inc.          
6.375% 9/15/27  $36,000   $35,402 
Insurance — 1.2%          
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer          
6.750% 4/15/28 (b)   128,000    128,904 
7.000% 1/15/31 (b)   48,000    48,481 
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.          
7.625% 10/15/25 (b)   430,269    425,150 
         602,535 
Internet — 0.7%          
Getty Images, Inc.          
9.750% 3/01/27 (b)   367,000    366,804 
Investment Companies — 1.3%          
Icahn Enterprises LP/Icahn Enterprises Finance Corp.          
4.750% 9/15/24   178,000    177,180 
6.250% 5/15/26   505,000    487,489 
         664,669 
Leisure Time — 2.9%          
Carnival Corp.          
5.750% 3/01/27 (b)   205,000    202,896 
6.000% 5/01/29 (b)   288,000    284,172 
7.000% 8/15/29 (b)   24,000    25,032 
Life Time, Inc.          
5.750% 1/15/26 (b)   24,000    23,805 
NCL Corp. Ltd.          
5.875% 3/15/26 (b)   118,000    116,484 
5.875% 2/15/27 (b)   49,000    48,412 
8.375% 2/01/28 (b)   100,000    105,632 
NCL Finance Ltd.          
6.125% 3/15/28 (b) (c)   94,000    92,827 
Royal Caribbean Cruises Ltd.          
5.500% 8/31/26 (b)   266,000    263,610 
5.500% 4/01/28 (b)   121,000    119,597 
Viking Cruises Ltd.          
7.000% 2/15/29 (b)   175,000    175,757 
         1,458,224 
Lodging — 1.5%          
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.          
4.875% 7/01/31 (b)   199,000    178,172 
6.625% 1/15/32 (b)   117,000    117,472 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.          
5.875% 5/15/25 (b)   155,000    154,606 
Travel & Leisure Co.          
6.625% 7/31/26 (b)   213,000    214,490 
Wyndham Hotels & Resorts, Inc.          
4.375% 8/15/28 (b)   133,000    123,640 
         788,380 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Media — 6.2%          
Altice Financing SA          
5.000% 1/15/28 (b)  $152,000   $125,103 
5.750% 8/15/29 (b)   17,000    13,621 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 2/01/31 (b)   196,000    160,063 
4.250% 1/15/34 (b)   486,000    366,859 
4.500% 5/01/32   95,000    76,341 
CSC Holdings LLC          
5.750% 1/15/30 (b)   146,000    77,289 
7.500% 4/01/28 (b)   75,000    50,554 
11.750% 1/31/29 (b)   232,000    232,362 
Cumulus Media New Holdings, Inc.          
6.750% 7/01/26 (b)   126,000    67,393 
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.          
5.875% 8/15/27 (b)   434,000    410,580 
DISH DBS Corp.          
5.125% 6/01/29   105,000    43,794 
7.375% 7/01/28   78,000    37,551 
DISH Network Corp.          
11.750% 11/15/27 (b)   112,000    114,344 
Gray Television, Inc.          
5.375% 11/15/31 (b)   246,000    161,307 
7.000% 5/15/27 (b) (c)   30,000    27,901 
LCPR Senior Secured Financing DAC          
6.750% 10/15/27 (b)   177,000    166,118 
McGraw-Hill Education, Inc.          
5.750% 8/01/28 (b)   112,000    105,499 
Sirius XM Radio, Inc.          
3.875% 9/01/31 (b)   76,000    63,370 
Time Warner Cable Enterprises LLC          
8.375% 7/15/33   343,000    382,818 
Virgin Media Secured Finance PLC          
4.500% 8/15/30 (b)   265,000    228,523 
Virgin Media Vendor Financing Notes IV DAC          
5.000% 7/15/28 (b)   277,000    254,142 
         3,165,532 
Mining — 1.2%          
Constellium SE          
3.750% 4/15/29 (b)   300,000    269,909 
Novelis Corp.          
3.250% 11/15/26 (b)   48,000    44,726 
3.875% 8/15/31 (b)   341,000    292,921 
         607,556 
Miscellaneous - Manufacturing — 0.5%          
Amsted Industries, Inc.          
4.625% 5/15/30 (b)   64,000    58,448 
5.625% 7/01/27 (b)   175,000    172,372 
         230,820 
Oil & Gas — 4.8%          
Apache Corp.          
4.750% 4/15/43 (c)   65,000    51,243 
5.100% 9/01/40   130,000    111,562 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.350% 7/01/49  $197,000   $166,524 
CVR Energy, Inc.          
5.750% 2/15/28 (b)   134,000    125,657 
Nabors Industries, Inc.          
7.375% 5/15/27 (b)   87,000    86,840 
Neptune Energy Bondco PLC          
6.625% 5/15/25 (b)   594,000    593,993 
Occidental Petroleum Corp.          
6.200% 3/15/40   397,000    407,371 
6.950% 7/01/24   42,000    42,062 
Parkland Corp.          
4.625% 5/01/30 (b)   105,000    96,799 
5.875% 7/15/27 (b)   269,000    266,669 
Sunoco LP/Sunoco Finance Corp.          
6.000% 4/15/27   114,000    113,545 
7.000% 9/15/28 (b)   67,000    68,457 
Transocean Poseidon Ltd.          
6.875% 2/01/27 (b)   19,575    19,598 
Transocean, Inc.          
7.250% 11/01/25 (b)   172,000    171,272 
7.500% 1/15/26 (b)   140,000    139,124 
         2,460,716 
Oil & Gas Services — 0.5%          
Weatherford International Ltd.          
8.625% 4/30/30 (b)   243,000    253,684 
Packaging & Containers — 2.8%          
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC          
4.000% 9/01/29 (b)   157,000    126,550 
Clydesdale Acquisition Holdings, Inc.          
8.750% 4/15/30 (b)   272,000    267,251 
Graham Packaging Co., Inc.          
7.125% 8/15/28 (b)   209,000    189,499 
Mauser Packaging Solutions Holding Co.          
7.875% 8/15/26 (b)   312,000    317,850 
9.250% 4/15/27 (b)   446,000    442,447 
Trident TPI Holdings, Inc.          
12.750% 12/31/28 (b)   72,000    76,820 
         1,420,417 
Pharmaceuticals — 3.8%          
1375209 BC Ltd.          
9.000% 1/30/28 (b)   535,000    524,302 
AdaptHealth LLC          
5.125% 3/01/30 (b)   365,000    318,330 
Bausch Health Cos., Inc.          
4.875% 6/01/28 (b)   215,000    117,326 
5.500% 11/01/25 (b)   109,000    102,886 
6.125% 2/01/27 (b)   59,000    36,762 
14.000% 10/15/30 (b)   47,000    27,039 
Grifols SA          
4.750% 10/15/28 (b) (c)   293,000    242,417 
Herbalife Ltd., Convertible,          
4.250% 6/15/28 (b)   50,000    43,155 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Herbalife Nutrition Ltd./HLF Financing, Inc.          
7.875% 9/01/25 (b)  $268,000   $267,963 
HLF Financing SARL LLC/Herbalife International, Inc.          
4.875% 6/01/29 (b)   31,000    21,545 
Perrigo Finance Unlimited Co.          
4.650% STEP 6/15/30   280,000    257,392 
         1,959,117 
Pipelines — 6.8%          
CQP Holdco LP/BIP-V Chinook Holdco LLC          
5.500% 6/15/31 (b)   565,000    533,991 
Energy Transfer LP          
5 yr. CMT + 5.694% 6.500% VRN (d)   100,000    98,014 
5 yr. CMT + 5.306% 7.125% VRN (d)   89,000    86,890 
EnLink Midstream Partners LP          
5.450% 6/01/47   52,000    45,255 
5.600% 4/01/44 (c)   257,000    228,820 
EQM Midstream Partners LP          
6.000% 7/01/25 (b)   67,000    67,085 
6.375% 4/01/29 (b)   137,000    138,006 
6.500% 7/01/27 (b)   151,000    152,335 
Genesis Energy LP/Genesis Energy Finance Corp.          
8.000% 1/15/27   300,000    303,488 
8.250% 1/15/29   25,000    25,665 
8.875% 4/15/30   105,000    109,909 
Harvest Midstream I LP          
7.500% 9/01/28 (b)   389,000    394,419 
ITT Holdings LLC          
6.500% 8/01/29 (b)   524,000    478,202 
NGL Energy Operating LLC/NGL Energy Finance Corp.          
8.125% 2/15/29 (b)   77,000    78,862 
8.375% 2/15/32 (b)   137,000    140,440 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.          
7.375% 2/15/29 (b)   129,000    129,771 
7.500% 10/01/25 (b)   171,000    171,685 
Venture Global Calcasieu Pass LLC          
3.875% 8/15/29 (b)   133,000    119,720 
4.125% 8/15/31 (b)   152,000    135,158 
         3,437,715 
Private Equity — 0.2%          
HAT Holdings I LLC/HAT Holdings II LLC          
3.375% 6/15/26 (b)   105,000    98,900 
Real Estate Investment Trusts (REITS) — 1.9%          
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (b)   32,000    27,382 
HAT Holdings I LLC/HAT Holdings II LLC          
8.000% 6/15/27 (b)   56,000    58,391 
RHP Hotel Properties LP/RHP Finance Corp.          
6.500% 4/01/32 (b)   165,000    165,557 
RLJ Lodging Trust LP          
3.750% 7/01/26 (b)   107,000    101,897 
4.000% 9/15/29 (b)   284,000    250,351 
Service Properties Trust          
4.375% 2/15/30   115,000    87,783 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
7.500% 9/15/25  $267,000   $270,599 
         961,960 
Retail — 3.8%          
Bath & Body Works, Inc.          
6.750% 7/01/36   97,000    97,971 
6.875% 11/01/35   222,000    227,008 
BlueLinx Holdings, Inc.          
6.000% 11/15/29 (b)   221,000    214,646 
Brinker International, Inc.          
8.250% 7/15/30 (b)   127,000    133,829 
CEC Entertainment LLC          
6.750% 5/01/26 (b)   107,000    105,989 
Nordstrom, Inc.          
5.000% 1/15/44   93,000    72,070 
PetSmart, Inc./PetSmart Finance Corp.          
4.750% 2/15/28 (b)   78,000    73,027 
7.750% 2/15/29 (b)   141,000    137,269 
Raising Cane's Restaurants LLC          
9.375% 5/01/29 (b)   39,000    42,149 
Sonic Automotive, Inc.          
4.875% 11/15/31 (b) (c)   174,000    152,322 
Specialty Building Products Holdings LLC/SBP Finance Corp.          
6.375% 9/30/26 (b)   155,000    153,961 
Staples, Inc.          
7.500% 4/15/26 (b)   152,000    148,348 
10.750% 4/15/27 (b)   89,000    84,598 
Suburban Propane Partners LP/Suburban Energy Finance Corp.          
5.000% 6/01/31 (b)   192,000    175,043 
Superior Plus LP/Superior General Partner, Inc.          
4.500% 3/15/29 (b)   145,000    134,059 
         1,952,289 
Software — 1.0%          
Consensus Cloud Solutions, Inc.          
6.000% 10/15/26 (b) (c)   165,000    156,825 
UKG, Inc.          
6.875% 2/01/31 (b)   152,000    154,846 
Veritas US, Inc./Veritas Bermuda Ltd.          
7.500% 9/01/25 (b)   198,000    181,539 
         493,210 
Telecommunications — 5.1%          
Altice France Holding SA          
10.500% 5/15/27 (b)   74,000    27,689 
Altice France SA          
5.125% 7/15/29 (b)   10,000    6,760 
C&W Senior Finance Ltd.          
6.875% 9/15/27 (b)   267,000    252,152 
Connect Finco SARL/Connect US Finco LLC          
6.750% 10/01/26 (b)   570,000    558,757 
Consolidated Communications, Inc.          
5.000% 10/01/28 (b)   90,000    75,014 
6.500% 10/01/28 (b)   91,000    79,491 
Frontier Communications Holdings LLC          
6.000% 1/15/30 (b)   964,000    816,534 

 

 

 

 

MML High Yield Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Intelsat Jackson Holdings SA          
6.500% 3/15/30 (b)  $158,000   $146,793 
Level 3 Financing, Inc.          
4.250% 7/01/28 (b)   68,000    31,960 
11.000% 11/15/29 (b)   463,000    481,520 
Viasat, Inc.          
6.500% 7/15/28 (b) (c)   175,000    135,138 
         2,611,808 
Transportation — 1.3%          
Carriage Purchaser, Inc.          
7.875% 10/15/29 (b)   191,000    169,700 
Seaspan Corp.          
5.500% 8/01/29 (b)   571,000    497,921 
         667,621 
           
TOTAL CORPORATE DEBT
(Cost $45,674,019)
        44,365,212 
           
TOTAL BONDS & NOTES
(Cost $50,270,179)
        49,016,733 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $50,270,179)
        49,016,733 
           
SHORT-TERM INVESTMENTS — 5.9%          
Commercial Paper — 2.0%          
Eversource Energy          
5.681% 4/01/24 (b)   1,000,000    999,397 
         999,397 
           
   Number of
Shares
    
Investment of Cash Collateral from Securities Loaned — 3.3%          
State Street Navigator Securities Lending Government Money Market Portfolio (e)   1,652,695    1,652,695 
           
   Principal
Amount
    
Repurchase Agreement — 0.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (f)  $292,504   292,504 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,945,199)
        2,944,596 
           
TOTAL INVESTMENTS — 102.1%
(Cost $53,215,378) (g)
        51,961,329 
           
Other Assets/(Liabilities) — (2.1)%        (1,048,392) 
           
NET ASSETS — 100.0%       $50,912,937 

 

Abbreviation Legend

CMT Constant Maturity Treasury Index
SOFR Secured Overnight Financing Rate
STEP Step Coupon 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 bank loan commitments at March 31, 2024 where the rate will be determined at time of settlement.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $39,376,435 or 77.34% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $1,778,387 or 3.49% of net assets. The Fund received $164,007 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Security is perpetual and has no stated maturity date.
(e) Represents investment of security lending cash collateral. (Note 2).
(f) Maturity value of $292,556. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $298,414.
(g) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

 

MML Inflation-Protected and Income Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 83.1%          
           
CORPORATE DEBT — 0.5%          
Real Estate Investment Trusts (REITS) — 0.5%          
SBA Tower Trust          
2.836% 1/15/50 (a)  $1,000,000   $976,026 
           
TOTAL CORPORATE DEBT
(Cost $975,233)
        976,026 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 53.0%          
Automobile Asset-Backed Securities — 11.9%          
American Credit Acceptance Receivables Trust, Series 2021-2, Class E          
2.540% 7/13/27 (a)   3,800,000    3,667,579 
BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2          
5.542% 10/27/31 (a)   900,855    896,294 
Carvana Auto Receivables Trust, Series 2021-N3, Class B          
0.660% 6/12/28   815,667    763,318 
Drive Auto Receivables Trust          
Series 2021-1, Class C, 1.020% 6/15/27   31,906    31,844 
Series 2021-1, Class D, 1.450% 1/16/29   4,500,000    4,361,202 
Series 2021-3, Class C, 1.470% 1/15/27   1,618,951    1,594,293 
Exeter Automobile Receivables Trust          
Series 2020-2A, Class D, 4.730% 4/15/26 (a)   331,523    330,471 
Series 2023-5A, Class A2, 6.200% 4/15/26   588,787    589,703 
Flagship Credit Auto Trust, Series 2021-2, Class C          
1.270% 6/15/27 (a)   4,000,000    3,827,670 
Ford Credit Auto Owner Trust, Series 2018-1, Class C          
3.490% 7/15/31 (a)   2,000,000    1,959,320 
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C          
5.310% 6/14/29 (a)   800,000    764,140 
Westlake Automobile Receivables Trust          
Series 2020-3A, Class D, 1.650% 2/17/26 (a)   1,555,943    1,540,052 

 

 

 

 

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

 

   Principal
Amount
   Value 
Series 2023-4A, Class A2, 6.230% 1/15/27 (a)  $1,200,000   $1,204,409 
         21,530,295 
Commercial Mortgage-Backed Securities — 7.4%          
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797%          
7.122% FRN 7/15/35 (a)   1,000,000    995,122 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047%          
7.373% FRN 12/15/37 (a)   308,865    308,672 
COMM Mortgage Trust, Series 2015-LC19, Class D          
2.867% 2/10/48 (a)   1,700,000    1,498,060 
Credit Suisse Mortgage Capital Certificates          
Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% 6.973% FRN 5/15/36 (a)   3,990,073    3,986,334 
Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% 7.523% FRN 5/15/36 (a)   2,493,796    2,490,679 
Extended Stay America Trust          
Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 7.690% FRN 7/15/38 (a)   822,830   821,801 
Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 9.140% FRN 7/15/38 (a)   1,097,107    1,095,735 
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314%          
7.640% FRN 2/15/39 (a)   700,000    624,591 
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335%          
7.664% FRN 5/25/38 (a)   1,604,690    1,606,694 
         13,427,688 
Home Equity Asset-Backed Securities — 0.9%          
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729%          
6.059% FRN 4/25/36   1,002,556    976,125 
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374%          
5.704% FRN 3/25/37   133,374    129,766 
Residential Asset Securities Corporation Trust, Series 2005-EMX1, Class M1, 1 mo. USD Term SOFR + 0.759%          
6.089% FRN 3/25/35   63,361    63,273 
Structured Asset Securities Corp. Mortgage Loan Trust          

 

 

 

 

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

 

   Principal
Amount
   Value 
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.614% FRN 1/25/37  $115,139   $113,304 
Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759% 6.089% FRN 2/25/36   51,080    51,002 
Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% 6.644% FRN 11/25/35 (a)   302,158    297,671 
         1,631,141 
Other Asset-Backed Securities — 17.3%          
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%          
5.640% FRN 9/15/41 (a)   43,544    42,985 
ACHV ABS Trust          
Series 2024-1PL, Class A, 5.900% 4/25/31 (a)   1,800,000    1,799,963 
Series 2023-4CP, Class A, 6.810% 11/25/30 (a)   481,996    482,675 
Series 2023-4CP, Class B, 7.240% 11/25/30 (a)   500,000    504,098 
Affirm Asset Securitization Trust          
Series 2021-Z1, Class A, 1.070% 8/15/25 (a)   140,803    139,761 
Series 2021-Z2, Class A, 1.170% 11/16/26 (a)   237,559    236,855 
Series 2022-X1, Class A, 1.750% 2/15/27 (a)   207,660    204,796 
Series 2022-Z1, Class A, 4.550% 6/15/27 (a)   198,105    196,477 
Series 2023-X1, Class A, 7.110% 11/15/28 (a)   3,542,411    3,559,259 
BHG Securitization Trust          
Series 2021-B, Class A, 0.900% 10/17/34 (a)   371,332    362,190 
Series 2021-A, Class A, 1.420% 11/17/33 (a)   1,432,624    1,366,756 
Series 2022-C, Class A, 5.320% 10/17/35 (a)   1,105,234    1,099,937 
Series 2023-A, Class A, 5.550% 4/17/36 (a)   1,120,073    1,113,254 
Conn's Receivables Funding LLC, Series 2024-A, Class A          
7.050% 1/16/29 (a)   1,704,075    1,706,816 
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C          
3.310% 3/25/30 (a)   103,544    103,292 
FCI Funding LLC          
Series 2021-1A, Class A, 1.130% 4/15/33 (a)   312,818    309,807 
Series 2021-1A, Class B, 1.530% 4/15/33 (a)   208,570    206,393 
FNA VI LLC, Series 2021-1A, Class A          
1.350% 1/10/32 (a)   1,963,480   1,811,285 
Hilton Grand Vacations Trust, Series 2022-2A, Class C          
5.570% 1/25/37 (a)   441,675    433,508 
Marlette Funding Trust, Series 2023-2A, Class A          
6.040% 6/15/33 (a)   481,472    481,810 
MVW Owner Trust, Series 2018-1A, Class A          
3.450% 1/21/36 (a)   221,817    220,106 

 

 

 

 

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

 

   Principal
Amount
   Value 
NP SPE II LLC, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)  $127,508   $122,362 
Pagaya AI Debt Trust, Series 2022-1, Class A          
2.030% 10/15/29 (a)   1,537,992    1,522,713 
PFS Financing Corp.          
Series 2021-B, Class B, 1.090% 8/15/26 (a)   1,300,000    1,274,545 
Series 2022-A, Class B, 2.770% 2/15/27 (a)   800,000    777,455 
PVONE 2023-1, LLC, Series 2023-2A, Class A          
7.670% 9/17/35 (a)   1,084,710    1,093,107 
RAM, Series 2024-1, Class A, Series 2024-1, Class A          
6.669% 2/15/39 (a) (b) (c)   3,133,055    3,133,055 
Reach Financial LLC, Series 2023-1A, Class A          
7.050% 2/18/31 (a)   2,121,023    2,126,767 
SBA Tower Trust, Series 2014-2A, Class C,          
3.869% STEP 10/15/49 (a)   2,390,000    2,362,754 
Sierra Timeshare Receivables Funding LLC          
Series 2019-3A, Class C, 3.000% 8/20/36 (a)   418,388    408,162 
Series 2019-2A, Class C, 3.120% 5/20/36 (a)   713,779    703,567 
Series 2019-3A, Class D, 4.180% 8/20/36 (a)   248,558    242,108 
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B          
1.780% 1/15/25 (a)   1,200,000    1,158,762 
         31,307,380 
Student Loans Asset-Backed Securities — 5.3%          
Commonbond Student Loan Trust          
Series 2021-AGS, Class B, 1.400% 3/25/52 (a)   114,374    85,022 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   13,372    11,698 
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 30 day USD SOFR Average + 0.914%          
6.235% FRN 10/25/56 (a)   165,922    163,346 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 0.864%          
6.194% FRN 8/25/42 (a)   73,559    73,111 
Goal Capital Funding Trust, Series 2010-1, Class A, 90 day USD SOFR Average + 0.962%          
6.320% FRN 8/25/48 (a)   54,991    54,989 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612%          
5.973% FRN 6/28/39 (a)   263,727    236,494 
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX          
2.340% 10/25/48 (a)   60,094    57,943 
Navient Private Education Refi Loan Trust          

 

 

 

 

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

 

   Principal
Amount
   Value 
Series 2021-A, Class A, 0.840% 5/15/69 (a)  $1,564,780   $1,368,568 
Series 2020-HA, Class A, 1.310% 1/15/69 (a)   254,672    232,704 
Navient Student Loan Trust, Series 2017-1A, Class A3, 30 day USD SOFR Average + 1.264%          
6.585% FRN 7/26/66 (a)   281,397    283,468 
Nelnet Student Loan Trust          
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.785% FRN 3/23/37   854,830    812,138 
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/38   436,227   370,073 
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.865% FRN 6/25/41   146,968    129,299 
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.973% FRN 10/25/40   870,503    788,857 
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 6/25/41 (a)   375,000    361,164 
SLC Student Loan Trust          
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.845% FRN 12/15/39   629,113    554,896 
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.895% FRN 3/15/40   940,913    859,415 
SLM Student Loan Trust          
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/70   199,472    186,079 
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40   281,809    263,764 
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.843% FRN 1/25/41   283,922    264,893 
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55   252,933    239,756 
Series 2004-8, Class B, 90 day USD SOFR Average + 0.722% 6.083% FRN 1/25/40   263,016    235,914 
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.093% FRN 10/25/64   157,930    149,058 
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 12/15/38   222,371    212,988 
SMB Private Education Loan Trust          
Series 2018-B, Class A2B, 1 mo. USD Term SOFR + 0.834% 6.160% FRN 1/15/37 (a)   429,100    426,595 
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.310% FRN 7/15/36 (a)   590,204    585,696 
Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614% 6.940% FRN 4/15/32 (a)   47,237    47,249 

 

 

 

 

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

 

   Principal
Amount
   Value 
SoFi Alternative Trust, Series 2019-C, Class PT,          
5.370% VRN 1/25/45 (a) (d)  $466,749   $449,281 
         9,504,458 
Whole Loan Collateral Collateralized Mortgage Obligations — 10.2%          
Angel Oak Mortgage Trust          
Series 2020-6, Class A1, 1.261% VRN 5/25/65 (a) (d)   834,999    725,928 
Series 2022-2, Class A1, 3.353% VRN 1/25/67 (a) (d)   1,824,492    1,678,885 
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A,          
0.985% VRN 11/25/50 (a) (d)   477,722    451,942 
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%          
5.500% FRN 8/25/49 (a)   748,639    714,406 
COLT Mortgage Loan Trust, Series 2022-1, Class A1,          
2.284% VRN 12/27/66 (a) (d)   5,971,457    5,236,234 
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274%          
5.604% FRN 11/25/36   208,471    203,623 
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864%          
6.194% FRN 5/25/55 (a)   4,044,733    4,045,552 
OBX Trust          
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (d)   1,217,608    971,655 
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.394% FRN 2/25/60 (a)   304,668   291,090 
PSMC Trust, Series 2020-2, Class A2,          
3.000% VRN 5/25/50 (a) (d)   632,180    554,693 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (d)   2,475,519    2,164,585 
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,          
2.916% VRN 9/27/49 (a) (d)   807,233    775,431 
Verus Securitization Trust          
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (d)   672,251    562,164 
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (d)   167,348    163,467 
         18,539,655 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $98,195,467)
        95,940,617 
           

 

 

 

 

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

 

   Principal
Amount
   Value 
U.S. Government Agency Obligations and Instrumentalities (e) — 10.6%          
Pass-Through Securities — 0.0%          
Federal Home Loan Mortgage Corp.
Pool #1Q0239 1 yr. CMT + 2.159% 6.377% FRN 3/01/37
  $68,367   $68,937 
Whole Loans — 10.6%          
Federal Home Loan Mortgage Corp. STACR REMICS Trust          
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.120% FRN 10/25/41 (a)   2,768,912    2,768,736 
Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 9/25/41 (a)   5,220,172    5,195,446 
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 11/25/41 (a)   1,629,537    1,628,230 
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.620% FRN 2/25/42 (a)   1,725,561    1,729,563 
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.135% FRN 1/25/50 (a)   548,335    552,168 
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.320% FRN 4/25/42 (a)   1,478,302    1,498,067 
Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 7.535% FRN 9/25/48 (a)   293,224    295,105 
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.270% FRN 6/25/42 (a)   462,010    475,361 
Federal National Mortgage Association Connecticut Avenue Securities          
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.220% FRN 4/25/42 (a)   963,939    970,198 
Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.221% FRN 6/25/43 (a)   927,830    937,532 
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.820% FRN 4/25/43 (a)   886,605    903,587 
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.271% FRN 6/25/42 (a)   2,078,737    2,137,994 
         19,091,987 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $19,100,656)
        19,160,924 
           
U.S. TREASURY OBLIGATIONS — 19.0%          
U.S. Treasury Bonds & Notes — 19.0%          
U.S. Treasury Inflation-Indexed Bonds          

 

 

 

 

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

 

   Principal
Amount
   Value 
0.125% 2/15/51  $473,764   $283,083 
0.125% 2/15/52   609,252    358,280 
0.250% 2/15/50   719,646    454,120 
0.625% 2/15/43   268,246    205,867 
0.750% 2/15/42   805,161    642,282 
0.750% 2/15/45   988,673    758,340 
0.875% 2/15/47   574,844    443,052 
1.000% 2/15/46   455,494    364,497 
1.000% 2/15/48   437,668    344,515 
1.000% 2/15/49   306,360    239,949 
1.375% 2/15/44   860,022    753,976 
1.500% 2/15/53   570,554    497,972 
2.125% 2/15/40   428,007    433,069 
2.125% 2/15/41   281,622    285,186 
2.125% 2/15/54   351,666    355,340 
2.500% 1/15/29   359,063    368,852 
3.375% 4/15/32   434,315    481,032 
3.875% 4/15/29   1,519,366    1,661,077 
U.S. Treasury Inflation-Indexed Notes          
0.125% 4/15/25   1,790,715    1,746,346 
0.125% 1/15/30   1,618,016    1,464,578 
0.125% 7/15/30   1,383,117    1,245,971 
0.125% 1/15/31   1,368,178    1,217,146 
0.125% 7/15/31   1,553,202    1,374,089 
0.125% 1/15/32   1,446,133    1,263,234 
0.250% 7/15/29   1,832,375    1,689,502 
0.375% 7/15/27   1,197,561    1,139,477 
0.500% 1/15/28   1,775,185    1,679,648 
0.625% 7/15/32   2,016,489    1,828,456 
0.750% 7/15/28 (f)   1,504,864    1,437,581 
0.875% 1/15/29   366,369    349,223 
1.125% 1/15/33   1,863,378    1,747,498 
1.250% 4/15/28   1,727,124    1,677,730 
1.375% 7/15/33   1,979,894    1,900,062 
1.625% 10/15/27   1,686,355    1,670,095 
1.750% 1/15/34   351,106    346,609 

 

 

 

 

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

 

   Principal
Amount
   Value 
2.375% 10/15/28  $1,610,816   $1,648,133 
         34,355,867 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $36,963,761)
        34,355,867 
           
TOTAL BONDS & NOTES
(Cost $155,235,117)
        150,433,434 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $155,235,117)
        150,433,434 
           
SHORT-TERM INVESTMENTS — 16.3%          
Commercial Paper — 14.9%          
American Honda Finance Corp.          
5.620% 4/03/24   3,000,000    2,997,296 
Avangrid, Inc.          
5.573% 4/08/24 (a)   3,000,000    2,994,870 
CRH America Finance, Inc.          
5.671% 4/29/24 (a)   3,000,000    2,985,168 
CVS Health Corp.          
5.659% 4/03/24 (a)   3,000,000    2,997,301 
Dominion Energy, Inc.          
5.638% 4/10/24 (a)   3,000,000    2,994,102 
Entergy Corp.          
5.769% 4/22/24 (a)   3,000,000    2,988,464 
Fortive Corp.          
5.604% 4/08/24 (a)   3,000,000    2,995,002 
L3Harris Technologies, Inc.          
5.917% 4/17/24 (a)   3,000,000    2,990,865 
Spire, Inc.          
5.628% 4/22/24 (a)   3,000,000    2,988,476 
         26,931,544 
Repurchase Agreement — 1.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (g)   2,647,925    2,647,925 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $29,595,535)
        29,579,469 
           

 

 

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

 

   Principal
Amount
   Value 
TOTAL INVESTMENTS — 99.4%
(Cost $184,830,652) (h)
       $180,012,903 
           
Other Assets/(Liabilities) — 0.6%        1,045,106 
           
NET ASSETS — 100.0%       $181,058,009 

 

Abbreviation Legend

CMT Constant Maturity Treasury Index
FRN Floating Rate Note
ICE Inter-Continental Exchange
REMICS Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
STEP Step Coupon 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 March 31, 2024, the aggregate market value of these securities amounted to $125,998,295 or 69.59% of net assets.
(b) Investment is valued using significant unobservable inputs.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $3,133,055 or 1.73% of net assets.
(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(e) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(f) All or a portion of this security is pledged/held as collateral for open derivatives.
(g) Maturity value of $2,648,396. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,700,937.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/Net Unrealized
Appreciation
(Depreciation)
 
Long               
U.S. Treasury Ultra 10 Year  6/18/24   1   $114,643  $(34) 
U.S. Treasury Ultra Bond  6/18/24   1    128,003    997 
                $963 
Short               
U.S. Treasury Long Bond  6/18/24   3   $(357,249)  $(4,064) 
U.S. Treasury Note 2 Year  6/28/24   210    (42,976,037)   34,318 
U.S. Treasury Note 5 Year  6/28/24   40    (4,285,485)    4,860 
                $35,114 

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount
  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
12-Month USD SOFR  Annually   Fixed 4.706%    Annually    11/07/25   USD   10,000,000   $(2,672)   $   $(2,672)
Fixed 2.114%  Maturity   U.S. Consumer Price Index    Maturity    1/04/26   USD   3,500,000    22,076        22,076
12-Month USD SOFR  Annually   Fixed 4.077%    Annually    2/02/26   USD   10,000,000    (91,697)        (91,697)
12-Month USD SOFR  Annually   Fixed 4.213%    Annually    2/06/26   USD   10,000,000    (67,315)        (67,315)
Fixed 2.490%  Maturity   U.S. Consumer Price Index    Maturity    7/31/26   USD   4,000,000    10,598        10,598
Fixed 2.482%  Maturity   U.S. Consumer Price Index    Maturity    9/07/26   USD   2,000,000    3,607        3,607 
                             $(125,403)   $   $(125,403)

 

OTC Total Return Swaps
Paid by the Fund  Received by the Fund   
Rate/
Reference
  Frequency   Rate/ Reference  Frequency  Counterparty  Termination Date  No. of Contracts/
Notional
  Value   Upfront Premium Paid/ (Received)   Unrealized
Appreciation
(Depreciation)
 
Fed Funds
+ 23.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  5/31/24  USD 29,863,762   $778,362  $   $778,362
Fed Funds
+ 18.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  7/31/24  USD 36,351,911    299,149       299,149
Fed Funds
+ 22.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  4/30/24  USD 36,682,467    1,975,784       1,975,784
Fed Funds
+ 20.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  8/30/24  USD 30,584,877    251,691       251,691
                         $3,304,986   $   $3,304,986 

  

Currency Legend

USD U.S. Dollar

 

 

 

 

 

MML iShares 60/40 Allocation Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EXCHANGE-TRADED FUNDS — 102.2%          
iShares 1-5 Year Investment Grade Corporate Bond ETF   41,649   $2,135,761 
iShares 20+ Year Treasury Bond ETF   9,030    854,419 
iShares Broad USD High Yield Corporate Bond ETF   11,663    426,749 
iShares Core Dividend Growth ETF   22,161    1,286,668 
iShares Core International Aggregate Bond ETF   4,278    213,686 
iShares Core MSCI Emerging Markets ETF   16,637    858,469 
iShares Core MSCI International Developed Markets ETF   82,627    5,546,750 
iShares Core S&P 500 ETF   7,320    3,848,343 
iShares Core S&P Mid-Cap ETF   14,116    857,406 
iShares Core S&P Total US Stock Market ETF   114,987    13,258,001 
iShares Core U.S. Aggregate Bond ETF   137,366    13,453,626 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $40,700,194)
        42,739,878 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $40,700,194)
        42,739,878 
           
SHORT-TERM INVESTMENTS — 3.1%          
           
   Principal
Amount
    
Repurchase Agreement — 3.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (a)  $1,309,702   1,309,702 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,309,702)
        1,309,702 
           
TOTAL INVESTMENTS — 105.3%
(Cost $42,009,896) (b)
        44,049,580 
           
Other Assets/(Liabilities) — (5.3)%        (2,232,928) 
           
NET ASSETS — 100.0%       $41,816,652 

 

Abbreviation Legend

ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Maturity value of $1,309,935. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,335,923.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

 

MML iShares 80/20 Allocation Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EXCHANGE-TRADED FUNDS — 99.9%          
iShares 1-5 Year Investment Grade Corporate Bond ETF   67,852   $3,479,451 
iShares 20+ Year Treasury Bond ETF   7,413    701,418 
iShares Broad USD High Yield Corporate Bond ETF   19,064    697,552 
iShares Core Dividend Growth ETF   36,532    2,121,048 
iShares Core International Aggregate Bond ETF   13,960    697,302 
iShares Core MSCI Emerging Markets ETF   67,787    3,497,809 
iShares Core MSCI International Developed Markets ETF (a)   156,034    10,474,562 
iShares Core S&P 500 ETF   10,669    5,609,013 
iShares Core S&P Mid-Cap ETF   46,673    2,834,918 
iShares Core S&P Total US Stock Market ETF   274,013    31,593,699 
iShares Core U.S. Aggregate Bond ETF   85,505    8,374,360 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $62,511,707)
        70,081,132 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $62,511,707)
        70,081,132 
           
SHORT-TERM INVESTMENTS — 0.3%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (b)   47,950    47,950 
           
   Principal
Amount
    
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c)  $141,907   141,907 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $189,857)
        189,857 
           
TOTAL INVESTMENTS — 100.2%
(Cost $62,701,564) (d)
        70,270,989 
           
Other Assets/(Liabilities) — (0.2)%        (112,326) 
           
NET ASSETS — 100.0%       $70,158,663 

 

Abbreviation Legend

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 March 31, 2024, was $46,991 or 0.07% of net assets. (Note 2).
(b) Represents investment of security lending cash collateral. (Note 2).
(c) Maturity value of $141,932. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $144,838.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 99.1%          
           
CORPORATE DEBT — 38.3%          
Aerospace & Defense — 0.1%          
Boeing Co.          
5.930% 5/01/60  $605,000   $567,209 
Agriculture — 0.3%          
Reynolds American, Inc.          
5.850% 8/15/45   985,000    913,633 
Viterra Finance BV          
3.200% 4/21/31 (a)   1,315,000    1,138,389 
         2,052,022 
Airlines — 0.2%          
Spirit Airlines Pass-Through Trust, Series 2015-1A, Class A,          
4.100% 10/01/29   1,101,122    1,009,977 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   276,698    266,968 
         1,276,945 
Auto Manufacturers — 0.7%          
Ford Motor Credit Co. LLC          
5.800% 3/05/27   1,276,000    1,280,719 
General Motors Co.          
5.150% 4/01/38   800,000    750,897 
General Motors Financial Co., Inc.          
3.100% 1/12/32   750,000    635,250 
5.400% 5/08/27   337,000    337,881 
Hyundai Capital America          
1.650% 9/17/26 (a)   1,425,000    1,303,385 
         4,308,132 
Banks — 7.8%          
AIB Group PLC Secured Overnight Financing Rate + 2.330%          
6.608% VRN 9/13/29 (a)   1,576,000    1,642,924 
Bank of America Corp.          
5 yr. CMT + 1.200% 2.482% VRN 9/21/36   2,635,000    2,107,560 
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28   1,475,000    1,383,757 
5 yr. CMT + 2.000% 3.846% VRN 3/08/37   2,145,000    1,896,324 
3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38   1,150,000    1,034,478 
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620%          
5.601% VRN 3/20/30 (a)   654,000    651,398 
Bank of Montreal 5 yr. CMT + 2.979%          
4.800% VRN (b)   1,475,000    1,441,402 
Barclays PLC          
5 yr. CMT + 5.867% 6.125% VRN (b)   1,300,000    1,254,670 
5 yr. CMT + 5.431% 8.000% VRN (b)   1,382,000    1,379,152 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
BNP Paribas SA Secured Overnight Financing Rate + 1.590%          
5.497% VRN 5/20/30 (a)  $970,000   $972,120 
BPCE SA Secured Overnight Financing Rate + 1.730%          
3.116% VRN 10/19/32 (a)   1,860,000    1,524,254 
Citigroup, Inc. Secured Overnight Financing Rate + 3.813%          
5.000% VRN (b)   1,155,000    1,147,864 
Danske Bank AS 1 yr. CMT + 1.400%          
5.705% VRN 3/01/30 (a)   582,000    585,718 
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730%          
5.974% VRN 8/09/28   3,105,000    3,088,766 
Goldman Sachs Group, Inc. Secured Overnight Financing Rate + 1.410%          
3.102% VRN 2/24/33   1,500,000    1,282,869 
HSBC Holdings PLC Secured Overnight Financing Rate + 1.285%          
2.206% VRN 8/17/29   1,203,000    1,054,342 
ING Groep NV          
5 yr. USD Swap + 4.446% 6.500% VRN (b)   1,950,000    1,925,779 
5 yr. USD ICE Swap + 4.204% 6.750% VRN (a) (b)   1,200,000    1,200,000 
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515%          
2.956% VRN 5/13/31   1,000,000    874,158 
Lloyds Banking Group PLC          
5 yr. USD Swap + 4.760% 7.500% VRN (b)   2,100,000    2,087,374 
1 yr. CMT + 3.750% 7.953% VRN 11/15/33   1,030,000    1,159,661 
5 yr. CMT + 3.913% 8.000% VRN (b)   975,000    981,694 
Macquarie Bank Ltd. 5 yr. CMT + 1.700%          
3.052% VRN 3/03/36 (a)   3,440,000    2,843,988 
Morgan Stanley          
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36   1,270,000    1,004,423 
Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37   2,320,000    2,225,806 
National Australia Bank Ltd. 5 yr. CMT + 1.700%          
3.347% VRN 1/12/37 (a)   2,960,000    2,503,489 
NatWest Group PLC          
5 yr. CMT + 2.100% 3.754% VRN 11/01/29   700,000    688,113 
5 yr. CMT + 5.625% 6.000% VRN (b)   825,000    805,605 
Societe Generale SA          
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a)   1,400,000    1,292,728 
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b)   1,900,000    1,908,803 
SVB Financial Group          
4.250% (b) (c)   298,000    4,479 
Swedbank AB 5 yr. CMT + 4.134%          
5.625% VRN (a) (b)   1,200,000    1,192,500 
Synovus Bank          
5.625% 2/15/28   1,563,000    1,517,827 
Toronto-Dominion Bank 5 yr. CMT + 4.075%          
8.125% VRN 10/31/82   2,781,000    2,916,860 
UBS Group AG 1 yr. CMT + 1.800%          
6.246% VRN 9/22/29 (a)   788,000    812,988 
         50,393,873 
Beverages — 0.4%          
Bacardi Ltd.          
5.150% 5/15/38 (a)   450,000    427,936 
Bacardi Ltd./Bacardi-Martini BV          
5.900% 6/15/43 (a)   396,000    398,125 
Molson Coors Beverage Co.          
4.200% 7/15/46   1,859,000    1,553,337 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
5.000% 5/01/42  $360,000   $340,846 
         2,720,244 
Biotechnology — 0.3%          
Amgen, Inc.          
5.600% 3/02/43   982,000    999,111 
5.750% 3/02/63   700,000    713,964 
         1,713,075 
Chemicals — 0.3%          
Dow Chemical Co.          
5.600% 2/15/54   700,000    697,237 
LYB International Finance III LLC          
4.200% 5/01/50   1,475,000    1,153,812 
         1,851,049 
Computers — 0.1%          
Kyndryl Holdings, Inc.          
6.350% 2/20/34   568,000    583,030 
Diversified Financial Services — 3.4%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
3.300% 1/30/32   1,965,000    1,685,295 
Antares Holdings LP          
2.750% 1/15/27 (a)   1,275,000    1,142,250 
3.950% 7/15/26 (a)   3,005,000    2,824,041 
8.500% 5/18/25 (a)   720,000    732,388 
ARES Finance Co. III LLC 5 yr. CMT + 3.237%          
4.125% VRN 6/30/51 (a)   1,585,000    1,470,472 
ARES Finance Co. LLC          
4.000% 10/08/24 (a)   2,080,000    2,046,254 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (a)   2,755,000    2,450,271 
3.250% 2/15/27 (a)   1,610,000    1,495,175 
4.250% 4/15/26 (a)   1,976,000    1,907,081 
Blue Owl Finance LLC          
3.125% 6/10/31 (a)   1,195,000    1,000,568 
4.125% 10/07/51 (a)   1,089,000    744,623 
Charles Schwab Corp.          
5 yr. CMT + 3.168% 4.000% VRN (b)   2,000,000    1,871,147 
Secured Overnight Financing Rate + 2.500% 5.853% VRN 5/19/34   921,000    943,148 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (a)   1,556,651    1,480,575 
         21,793,288 
Electric — 1.7%          
CMS Energy Corp.          
4.875% 3/01/44   780,000    724,568 
Dominion Energy South Carolina, Inc.          
6.250% 10/15/53   239,000    267,544 
Dominion Energy, Inc.          
5.950% 6/15/35   650,000    669,154 
Duke Energy Florida LLC          
6.200% 11/15/53   660,000    727,642 
Emera, Inc. 3 mo. USD LIBOR + 5.440%          
6.750% VRN 6/15/76   1,625,000    1,604,889 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Entergy Texas, Inc.          
5.800% 9/01/53  $1,185,000   $1,223,342 
Indianapolis Power & Light Co.          
5.700% 4/01/54 (a)   358,000    358,949 
IPALCO Enterprises, Inc.          
5.750% 4/01/34 (a)   547,000    545,265 
MidAmerican Energy Co.          
5.300% 2/01/55   492,000    486,686 
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%          
3.800% VRN 3/15/82   1,250,000    1,134,039 
Pacific Gas & Electric Co.          
2.500% 2/01/31   775,000    644,473 
Sempra          
5 yr. CMT + 2.868% 4.125% VRN 4/01/52   1,025,000    945,610 
6.000% 10/15/39   166,000    169,058 
Tampa Electric Co.          
4.450% 6/15/49   450,000    385,396 
Virginia Electric & Power Co.          
5.350% 1/15/54   931,000    912,581 
         10,799,196 
Entertainment — 0.2%          
Warnermedia Holdings, Inc.          
4.279% 3/15/32   1,275,000    1,138,879 
Food — 0.7%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.625% 1/15/32   2,300,000    1,967,961 
Smithfield Foods, Inc.          
2.625% 9/13/31 (a)   1,730,000    1,354,796 
3.000% 10/15/30 (a)   943,000    780,670 
4.250% 2/01/27 (a)   800,000    768,234 
         4,871,661 
Gas — 0.3%          
CenterPoint Energy Resources Corp.          
6.625% 11/01/37   1,250,000    1,361,026 
NiSource, Inc.          
5.800% 2/01/42   950,000    925,506 
         2,286,532 
Hand & Machine Tools — 0.3%          
Regal Rexnord Corp.          
6.050% 4/15/28 (a)   1,860,000    1,885,600 
Health Care – Services — 0.5%          
City of Hope          
4.378% 8/15/48   1,050,000    863,807 
HCA, Inc.          
5.900% 6/01/53   1,470,000    1,478,117 
Humana, Inc.          
5.750% 4/15/54   808,000    813,265 
         3,155,189 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Insurance — 7.0%          
Allianz SE 5 yr. CMT + 2.973%          
3.500% VRN (a) (b)  $4,200,000   $3,895,512 
Allstate Corp., (Acquired 11/30/18, Cost $2,909,256) 3 mo. USD Term SOFR + 3.200%          
8.507% VRN 8/15/53 (d)   2,885,000    2,885,854 
Arthur J Gallagher & Co.          
5.750% 7/15/54   565,000    565,774 
Ascot Group Ltd.          
4.250% 12/15/30 (a)   1,990,000    1,636,352 
Athene Global Funding          
2.673% 6/07/31 (a)   2,505,000    2,075,222 
5.684% 2/23/26 (a)   1,815,000    1,821,753 
AXIS Specialty Finance LLC 5 yr. CMT + 3.186%          
4.900% VRN 1/15/40   1,315,000    1,172,926 
Brighthouse Financial, Inc.          
4.700% 6/22/47   1,350,000    1,070,521 
CNO Global Funding          
2.650% 1/06/29 (a)   1,376,000    1,198,193 
Corebridge Financial, Inc. 5 yr. CMT + 3.846%          
6.875% VRN 12/15/52   3,281,000    3,284,932 
Enstar Finance LLC          
HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42   1,110,000    1,034,063 
5 yr. CMT + 5.468% 5.750% VRN 9/01/40   2,200,000    2,133,790 
Equitable Holdings, Inc. 5 yr. CMT + 4.736%          
4.950% VRN (b)   885,000    864,901 
Global Atlantic Fin Co.          
3.125% 6/15/31 (a)   3,312,000    2,742,801 
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a)   3,060,000    2,757,745 
6.750% 3/15/54 (a)   408,000    418,532 
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850%          
3.379% VRN 2/04/32 (a)   2,485,000    2,303,077 
Hill City Funding Trust          
4.046% 8/15/41 (a)   3,800,000    2,772,180 
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%          
4.125% VRN 12/15/51 (a)   1,381,000    1,246,700 
MetLife Capital Trust IV          
7.875% 12/15/67 (a)   725,000    777,292 
Sammons Financial Group, Inc.          
3.350% 4/16/31 (a)   3,805,000    3,106,986 
4.450% 5/12/27 (a)   270,000    257,395 
4.750% 4/08/32 (a)   805,000    707,813 
6.875% 4/15/34 (a)   626,000    630,273 
USF&G Capital I          
8.500% 12/15/45 (a)   885,000    1,001,928 
Vitality Re XV Ltd. 3 mo. U.S. Treasury Bill Rate + 2.500%          
7.862% FRN 1/08/29 (a)   3,016,000    3,011,778 
         45,374,293 
Investment Companies — 2.0%          
ARES Capital Corp.          
2.150% 7/15/26   1,850,000    1,703,535 
5.875% 3/01/29   990,000    987,039 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   1,316,000    1,303,693 
Blackstone Private Credit Fund          
2.625% 12/15/26   3,425,000    3,125,047 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Blue Owl Credit Income Corp.          
4.700% 2/08/27  $1,945,000   $1,845,157 
Blue Owl Technology Finance Corp. II          
6.750% 4/04/29 (a) (e)   1,295,000    1,278,936 
Golub Capital BDC, Inc.          
2.500% 8/24/26   880,000    808,527 
6.000% 7/15/29   1,322,000    1,298,362 
HPS Corporate Lending Fund          
6.750% 1/30/29 (a)   623,000    621,859 
         12,972,155 
Media — 1.1%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.125% 5/01/27 (a)   975,000    928,952 
Charter Communications Operating LLC/Charter Communications Operating Capital          
2.300% 2/01/32   1,250,000    964,385 
6.484% 10/23/45   1,485,000    1,376,332 
Discovery Communications LLC          
4.000% 9/15/55   1,210,000    828,089 
Paramount Global          
5 yr. CMT + 3.999% 6.375% VRN 3/30/62   1,100,000    1,016,372 
6.875% 4/30/36   1,100,000    1,038,914 
Time Warner Cable LLC          
6.750% 6/15/39   985,000    938,183 
         7,091,227 
Oil & Gas — 2.0%          
BP Capital Markets PLC          
5 yr. CMT + 4.398% 4.875% VRN (b)   1,475,000    1,407,180 
5 yr. CMT + 2.153% 6.450% VRN (b)   663,000    686,596 
EQT Corp.          
3.900% 10/01/27   835,000    793,696 
7.000% STEP 2/01/30 (f)   1,795,000    1,907,091 
Ovintiv, Inc.          
6.500% 8/15/34   1,050,000    1,113,829 
6.500% 2/01/38   545,000    567,768 
7.100% 7/15/53   1,403,000    1,569,725 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   2,435,000    2,301,373 
5.150% 11/15/29 (f)   1,225,000    1,198,558 
Petroleos Mexicanos          
5.350% 2/12/28   665,000    589,113 
6.375% 1/23/45   595,000    383,652 
6.500% 3/13/27   585,000    551,010 
6.625% 6/15/35   140,000    106,208 
         13,175,799 
Oil & Gas Services — 0.2%          
Nov, Inc.          
3.950% 12/01/42   1,506,000    1,148,481 
Pharmaceuticals — 1.1%          
AbbVie, Inc.          
4.700% 5/14/45   860,000    804,181 
Cigna Group          
4.800% 7/15/46   880,000    799,939 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
CVS Health Corp.          
5.050% 3/25/48  $455,000   $413,221 
5.875% 6/01/53   1,050,000    1,068,174 
6.125% 9/15/39   560,000    579,556 
CVS Pass-Through Trust          
5.926% 1/10/34 (a)   847,690    832,303 
7.507% 1/10/32 (a)   688,995    713,307 
Utah Acquisition Sub, Inc.          
5.250% 6/15/46   2,325,000    1,928,856 
         7,139,537 
Pipelines — 1.4%          
Cheniere Energy, Inc.          
5.650% 4/15/34 (a)   432,000    435,085 
Energy Transfer LP          
5.950% 5/15/54   660,000    658,644 
3 mo. USD Term SOFR + 4.290% 9.597% VRN (b)   2,370,000    2,359,919 
EnLink Midstream Partners LP          
5.450% 6/01/47   1,125,000    979,065 
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295%          
5.250% VRN 8/16/77   1,250,000    1,186,132 
Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%          
9.679% VRN (b)   2,345,000    2,330,172 
Plains All American Pipeline LP/PAA Finance Corp.          
4.700% 6/15/44   1,195,000    1,014,268 
         8,963,285 
Private Equity — 0.6%          
Apollo Management Holdings LP 5 yr. CMT + 3.266%          
4.950% VRN 1/14/50 (a)   1,505,000    1,424,022 
Brookfield Finance, Inc.          
5.968% 3/04/54   1,371,000    1,418,168 
KKR Group Finance Co. VIII LLC          
3.500% 8/25/50 (a)   710,000    498,721 
KKR Group Finance Co. X LLC          
3.250% 12/15/51 (a)   1,271,000    855,087 
         4,195,998 
Real Estate — 0.1%          
CBRE Services, Inc.          
5.500% 4/01/29   604,000    607,647 
Real Estate Investment Trusts (REITS) — 2.9%          
Broadstone Net Lease LLC          
2.600% 9/15/31   2,120,000    1,675,148 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   2,625,000    2,246,179 
GLP Capital LP/GLP Financing II, Inc.          
5.750% 6/01/28   1,050,000    1,050,776 
Kimco Realty OP LLC          
4.125% 12/01/46   460,000    352,093 
4.450% 9/01/47   800,000    651,063 
Omega Healthcare Investors, Inc.          
3.375% 2/01/31   1,625,000    1,387,039 
3.625% 10/01/29   650,000    580,199 
4.500% 4/01/27   608,000    588,377 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Piedmont Operating Partnership LP          
2.750% 4/01/32  $1,035,000   $743,759 
9.250% 7/20/28   772,000    822,108 
Rexford Industrial Realty LP          
2.125% 12/01/30   1,137,000    929,328 
Service Properties Trust          
4.950% 10/01/29   1,155,000    945,567 
Store Capital LLC          
4.500% 3/15/28   2,075,000    1,966,701 
4.625% 3/15/29   1,700,000    1,601,618 
VICI Properties LP/VICI Note Co., Inc.          
3.750% 2/15/27 (a)   900,000    852,976 
WEA Finance LLC          
2.875% 1/15/27 (a)   2,420,000    2,213,143 
         18,606,074 
Retail — 0.0%          
Alimentation Couche-Tard, Inc.          
5.617% 2/12/54 (a)   196,000    197,839 
Software — 0.5%          
Electronic Arts, Inc.          
2.950% 2/15/51   1,100,000    735,298 
Microsoft Corp.          
2.921% 3/17/52   2,064,000    1,459,196 
Oracle Corp.          
6.900% 11/09/52   712,000    819,265 
         3,013,759 
Telecommunications — 1.4%          
AT&T, Inc.          
3.550% 9/15/55   3,953,000    2,764,038 
British Telecommunications PLC          
9.625% STEP 12/15/30   1,280,000    1,570,087 
Cisco Systems, Inc.          
5.300% 2/26/54   248,000    254,568 
Motorola Solutions, Inc.          
5.400% 4/15/34   722,000    720,574 
Sprint Capital Corp.          
8.750% 3/15/32   1,250,000    1,515,690 
T-Mobile USA, Inc.          
6.000% 6/15/54   974,000    1,041,056 
Vodafone Group PLC          
4.250% 9/17/50   1,150,000    928,280 
         8,794,293 
Venture Capital — 0.7%          
Hercules Capital, Inc.          
2.625% 9/16/26   3,284,000    2,982,125 
3.375% 1/20/27   1,745,000    1,602,505 
         4,584,630 
           
TOTAL CORPORATE DEBT
(Cost $263,374,324)
        247,260,941 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.8%          
Commercial Mortgage-Backed Securities — 8.5%          
Bank, Series 2020-BN30, Class MCDF,          
2.918% VRN 12/15/53 (g)  $2,100,000   $1,163,582 
Benchmark Mortgage Trust          
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (g)   3,587,000    2,494,122 
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (g)   2,200,000    1,657,249 
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (g)   2,500,000    1,821,051 
BGME Trust          
Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (g)   2,800,000    2,097,641 
Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (g)   12,518,000    9,836,984 
BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914%          
7.241% FRN 6/15/38 (a)   1,677,213    1,658,348 
BX Trust, Series 2023-LIFE, Class C          
5.884% 2/15/28 (a)   1,100,000    1,057,718 
CARS-DB4 LP          
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)   452,479    396,709 
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)   392,445    334,363 
COLEM Mortgage Trust, Series 2022-HLNE, Class D,          
2.461% VRN 4/12/42 (a) (g)   1,600,000    1,280,374 
COMM Mortgage Trust          
Series 2012-CR4, Class B, 3.703% 10/15/45 (a)   1,060,000    643,560 
Series 2015-CR23, Class C, 4.283% VRN 5/10/48 (g)   1,000,000    913,733 
Series 2014-LC17, Class C, 4.537% VRN 10/10/47 (g)   2,908,000    2,764,351 
DROP Mortgage Trust          
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.690% FRN 10/15/43 (a)   2,629,000    2,315,844 
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 8.190% FRN 10/15/43 (a)   908,000    718,183 
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364%          
7.690% FRN 7/15/38 (a)   1,828,511    1,826,225 
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864%          
7.195% FRN 8/15/38 (a)   1,586,968    1,524,935 
KREF Ltd.          
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 7.090% FRN 2/15/39 (a)   2,900,000    2,749,661 
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.440% FRN 2/15/39 (a)   5,000,000    4,656,679 
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.640% FRN 2/15/39 (a)   4,100,000    3,658,319 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%          
7.190% FRN 3/15/38 (a)   1,902,047    1,859,254 
MFT Mortgage Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)   919,000    626,261 
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (g)   2,253,000    1,445,484 
MHC Commercial Mortgage Trust, Series 2021-MHC, Class D, 1 mo. USD Term SOFR + 1.715%          
7.040% FRN 4/15/38 (a)   1,342,203    1,332,136 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A5          
3.390% 11/20/50 (a)   1,198,000    1,092,145 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214%          
7.541% FRN 7/15/39 (a)   3,761,000    2,544,081 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B          
4.556% 6/16/51  $400,000   $365,319 
         54,834,311 
Home Equity Asset-Backed Securities — 0.1%          
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%          
6.644% FRN 11/25/35 (a)   854,379    841,690 
Other Asset-Backed Securities — 9.3%          
AASET Trust, Series 2021-2A, Class B          
3.538% 1/15/47 (a)   857,087    721,195 
Anchorage Capital CLO 19 Ltd., Series 2021-19A, Class A, 3 mo. USD Term SOFR + 1.472%          
6.786% FRN 10/15/34 (a)   2,000,000    2,000,092 
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550%          
7.874% FRN 4/26/35 (a)   1,750,000    1,757,548 
Atrium XV, Series 15A, Class B, 3 mo. USD Term SOFR + 2.012%          
7.327% FRN 1/23/31 (a)   1,190,000    1,190,630 
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%          
6.618% FRN 4/18/35 (a)   750,000    750,130 
Business Jet Securities LLC          
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   140,087    136,138 
Series 2021-1A, Class C, 5.067% 4/15/36 (a)   412,125    396,285 
Carlyle US CLO Ltd., Series 2021-6A, Class B, 3 mo. USD Term SOFR + 1.962%          
7.276% FRN 7/15/34 (a)   1,400,000    1,400,189 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242%          
6.559% FRN 4/20/31 (a)   654,371    654,762 
Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482%          
6.796% FRN 10/15/36 (a)   2,000,000    2,000,384 
Eaton Vance CLO Ltd.          
Series 2020-2A, Class BR, 3 mo. USD Term SOFR + 1.962% 7.276% FRN 1/15/35 (a)   1,400,000    1,399,969 
Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012% 7.326% FRN 10/15/30 (a)   1,700,000    1,700,185 
Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312% 7.626% FRN 10/15/34 (a)   350,000    349,985 
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912%          
7.229% FRN 10/20/34 (a)   350,000    350,322 
Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920%          
7.220% FRN 5/20/36 (a) (e)   500,000    500,090 
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-11A, Class A, 3 mo. USD Term SOFR + 1.392%          
6.709% FRN 10/20/34 (a)   1,000,000    1,000,518 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   1,482,702    1,251,684 
Series 2017-1A, Class A, 3.740% 10/15/52 (a)   392,215    354,728 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   645,047    579,088 
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD Term SOFR + 1.962%          
7.279% FRN 1/20/31 (a)   1,290,000    1,290,141 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)  $332,141   $293,791 
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   375,714    323,131 
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)   109,401    95,246 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   426,694    381,740 
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)   87,950    78,614 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   664,561    618,471 
Invesco CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.912%          
7.229% FRN 10/22/34 (a)   2,000,000    1,999,968 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1          
4.300% 1/15/42 (a)   1,604,719    1,429,162 
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462%          
7.760% FRN 10/18/30 (a)   620,000    620,108 
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862%          
7.176% FRN 7/15/30 (a)   1,665,000    1,665,058 
Madison Park Funding XXXII Ltd., Series 2018-32A, Class CR, 3 mo. USD Term SOFR + 2.262%          
7.579% FRN 1/22/31 (a)   1,000,000    1,000,012 
Mariner Finance Issuance Trust          
Series 2021-AA, Class B, 2.330% 3/20/36 (a)   1,336,000    1,184,701 
Series 2021-AA, Class C, 2.960% 3/20/36 (a)   637,000    550,453 
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450%          
1.000% FRN 4/18/36 (a) (e)   700,000    700,123 
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%          
6.878% FRN 4/15/37 (a)   1,000,000    1,000,675 
Mosaic Solar Loan Trust, Series 2018-1A, Class A          
4.010% 6/22/43 (a)   142,734    133,569 
Mosaic Solar Loans LLC, Series 2017-1A, Class A          
4.450% 6/20/42 (a)   128,878    123,735 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912%          
7.226% FRN 7/15/34 (a)   1,800,000    1,801,282 
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class B, 3 mo. USD Term SOFR + 1.912%          
7.226% FRN 10/14/35 (a)   1,350,000    1,350,921 
NP SPE II LLC, Series 2017-1A, Class A2          
4.219% 10/21/47 (a)   2,260,000    2,102,477 
OCP CLO Ltd., Series 2018-15A, Class A1, 3 mo. USD Term SOFR + 1.362%          
6.679% FRN 7/20/31 (a)   244,596    244,720 
Oxford Finance Funding LLC, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)   289,005    282,669 
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112%          
7.429% FRN 10/20/34 (a)   450,000    450,032 
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432%          
6.749% FRN 10/30/34 (a)   1,000,000    1,000,829 
Rockford Tower CLO Ltd., Series 2019-1A, Class B1R, 3 mo. USD Term SOFR + 1.812%          
7.129% FRN 4/20/34 (a)   1,500,000    1,483,912 
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402%          
6.716% FRN 10/15/35 (a)   1,000,000    1,000,522 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD Term SOFR + 1.352%          
6.666% FRN 1/15/30 (a)  $1,787,868   $1,788,143 
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%          
7.167% FRN 1/15/37 (a)   750,000    749,977 
RRX 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term SOFR + 2.012%          
7.326% FRN 1/15/37 (a)   500,000    500,027 
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D          
3.170% 11/20/37 (a)   430,483    400,340 
Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250%          
7.568% FRN 4/20/35 (a)   1,500,000    1,516,090 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (a)   38,572    37,887 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (a)   381,394    360,569 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (a)   1,628,422    1,484,384 
Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530%          
6.837% FRN 4/17/37 (a)   2,000,000    1,999,244 
THL Credit Wind River CLO Ltd., Series 2018-2A, Class B, 3 mo. USD Term SOFR + 2.012%          
7.326% FRN 7/15/30 (a)   1,150,000    1,150,021 
Thrust Engine Leasing DAC          
Series 2021-1A, Class A, 4.163% 7/15/40 (a)   2,385,919    2,198,767 
Series 2021-1A, Class B, 6.121% 7/15/40 (a)   1,139,871    1,038,822 
Series 2021-1A, Class C, 7.386% 7/15/40 (a)   520,573    458,120 
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912%          
7.229% FRN 10/20/32 (a)   1,000,000    1,000,460 
Vivint Solar Financing V LLC, Series 2018-1A, Class B          
7.370% 4/30/48 (a)   1,577,724    1,471,247 
Voya CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862%          
7.179% FRN 1/20/35 (a)   500,000    496,395 
WAVE Trust, Series 2017-1A, Class C          
6.656% 11/15/42 (a)   2,312,635    464,864 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   492,386    469,992 
Wind River CLO Ltd., Series 2016-2A, Class BR, 3 mo. USD Term SOFR + 2.062%          
7.368% FRN 11/01/31 (a)   900,000    899,374 
         60,184,707 
Student Loans Asset-Backed Securities — 2.4%          
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48 (a)   1,103,575    1,003,821 
Series 2019-A, Class C, 4.460% 12/28/48 (a)   735,903    668,971 
Edsouth Indenture No. 8 LLC, Series 2014-4, Class B, 30 day USD SOFR Average + 1.614%          
6.935% FRN 6/25/48 (a)   1,200,000    1,185,214 
Edsouth Indenture No. 9 LLC, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614%          
6.935% FRN 10/25/56 (a)   1,100,000    1,063,462 
Educational Funding of the South, Inc., Series 2011-1, Class B, 90 day USD SOFR Average + 3.962%          
9.323% FRN 4/25/46   625,000    625,143 
EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A          
3.580% 11/25/38 (a)   452,646    429,104 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Higher Education Funding I          
Series 2004-1, Class B1, 5.784% FRN 1/01/44 (a) (g)  $450,000   $387,302 
Series 2004-1, Class B2, 5.793% FRN 1/01/44 (a) (g)   450,000    387,279 
Nelnet Student Loan Trust          
Series 2005-4, Class A4R1, 1.658% FRN 3/22/32 (g)   110,000    109,156 
Series 2019-5, Class B, 3.450% 10/25/67 (a)   2,150,000    1,622,446 
Series 2019-1A, Class B, 30 day USD SOFR Average + 1.514% 6.835% FRN 4/25/67 (a)   3,250,000    3,092,515 
SLM Student Loan Trust          
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40   1,454,838    1,361,679 
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.913% FRN 1/25/44   1,069,190    1,012,298 
SoFi Alternative Trust, Series 2019-C, Class PT,          
5.370% VRN 1/25/45 (a) (g)   1,462,479    1,407,748 
SoFi Professional Loan Program LLC, Series 2017-C, Class C,          
4.210% VRN 7/25/40 (a) (g)   990,000    914,569 
         15,270,707 
Whole Loan Collateral Collateralized Mortgage Obligations — 2.3%          
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,          
5.258% VRN 8/25/34 (g)   4,893    4,773 
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1,          
2.317% VRN 4/25/66 (a) (g)   1,330,000    842,319 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (g)   3,531,037    2,801,105 
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2,          
2.500% VRN 2/25/52 (a) (g)   1,955,152    1,576,646 
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,          
2.500% VRN 6/25/51 (a) (g)   2,291,760    1,816,578 
NMLT Trust, Series 2021-INV1, Class M1,          
2.711% VRN 5/25/56 (a) (g)   5,400,000    3,739,145 
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,          
2.491% VRN 6/25/56 (a) (g)   2,448,000    1,660,617 
Verus Securitization Trust, Series 2021-3, Class M1,          
2.397% VRN 6/25/66 (a) (g)   3,640,000    2,442,079 
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1,          
3.933% VRN 11/25/48 (a) (g)   32,762    30,664 
         14,913,926 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.2%          
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A4,          
2.500% VRN 2/25/52 (a) (g)   1,298,547    1,030,113 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $168,401,690)
        147,075,454 
           
SOVEREIGN DEBT OBLIGATION — 0.2%          
Mexico Government International Bond          
4.750% 3/08/44   1,652,000    1,374,990 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $1,645,806)
        1,374,990 
           

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (H) — 29.9%          
Collateralized Mortgage Obligations — 0.0%          
Federal Home Loan Mortgage Corp. REMICS
Series 2178, Class PB 7.000% 8/15/29
  $10,562   $10,880 
Pass-Through Securities — 29.9%          
Federal Home Loan Mortgage Corp.          
Pool #RA4245 2.000% 12/01/50   2,020,070    1,620,594 
Pool #RA4255 2.000% 1/01/51   4,113,213    3,308,808 
Pool #RA5576 2.500% 7/01/51   7,331,910    6,147,948 
Pool #SD0905 3.000% 3/01/52   3,189,317    2,762,201 
Pool #J13972 3.500% 1/01/26   3,445    3,387 
Pool #C91344 3.500% 11/01/30   31,186    30,008 
Pool #C91424 3.500% 1/01/32   19,878    19,108 
Pool #RA2483 3.500% 6/01/50   3,494,373    3,163,032 
Pool #SD1523 4.000% 8/01/52   4,934,362    4,611,872 
Pool #SD1603 4.000% 9/01/52   3,108,276    2,878,906 
Pool #C91239 4.500% 3/01/29   1,390    1,372 
Pool #C91251 4.500% 6/01/29   9,804    9,678 
Pool #C90939 5.500% 12/01/25   2,783    2,774 
Pool #C91026 5.500% 4/01/27   6,979    6,974 
Pool #D97258 5.500% 4/01/27   1,211    1,210 
Pool #C91074 5.500% 8/01/27   738    737 
Pool #D97417 5.500% 10/01/27   5,190    5,196 
Pool #C91128 5.500% 12/01/27   533    534 
Pool #C91148 5.500% 1/01/28   16,502    16,512 
Pool #C91176 5.500% 5/01/28   6,664    6,679 
Pool #C91217 5.500% 11/01/28   2,728    2,733 
Pool #SD4364 5.500% 10/01/53   5,400,309    5,402,502 
Federal National Mortgage Association          
Pool #CB0414 2.500% 5/01/51   6,030,175    5,028,151 
Pool #FM8596 2.500% 9/01/51   1,930,613    1,618,253 
Pool #FM9227 2.500% 10/01/51   4,111,940    3,440,231 
Pool #FM9104 2.500% 10/01/51   5,612,890    4,701,254 
Pool #FS3035 2.500% 4/01/52   8,574,350    7,192,436 
Pool #MA3029 3.000% 6/01/32   923,324    875,593 
Pool #MA3090 3.000% 8/01/32   378,931    358,634 
Pool #AO8180 3.000% 9/01/42   9,138    8,231 
Pool #AP8668 3.000% 12/01/42   70,407    63,354 
Pool #AR1975 3.000% 12/01/42   13,132    11,832 
Pool #AB7401 3.000% 12/01/42   47,316    42,637 
Pool #AB7397 3.000% 12/01/42   58,358    52,544 
Pool #AR0306 3.000% 1/01/43   3,693    3,326 
Pool #AR5391 3.000% 1/01/43   15,273    13,730 
Pool #AR4109 3.000% 2/01/43   51,644    46,434 
Pool #AL3215 3.000% 2/01/43   45,495    40,943 
Pool #AR4432 3.000% 3/01/43   21,612    19,437 
Pool #AT0169 3.000% 3/01/43   107,079    96,264 
Pool #MA1368 3.000% 3/01/43   89,652    80,662 
Pool #AB8809 3.000% 3/01/43   23,938    21,553 
Pool #AR2174 3.000% 4/01/43   88,944    79,968 
Pool #FS1075 3.000% 3/01/52   3,273,780    2,853,717 
Pool #CB3304 3.000% 4/01/52   5,014,306    4,370,913 
Pool #CB3305 3.000% 4/01/52   6,011,758    5,232,866 
Pool #AS1304 3.500% 12/01/28   302,048    293,038 
Pool #MA1356 3.500% 2/01/43   3,288,750    3,016,588 
Pool #CA6096 3.500% 6/01/50   3,894,640    3,508,307 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #FM4017 3.500% 8/01/50  $266,336   $241,081 
Pool #CB3842 3.500% 6/01/52   9,768,649    8,810,321 
Pool #AA3980 4.500% 4/01/28   10,016    9,899 
Pool #CA1909 4.500% 6/01/48   1,790,583    1,730,605 
Pool #CB3866 4.500% 6/01/52   5,623,916    5,400,388 
Pool #CB4129 4.500% 7/01/52   4,916,389    4,687,182 
Pool #AD6437 5.000% 6/01/40   157,890    159,049 
Pool #AD6996 5.000% 7/01/40   1,051,820    1,060,038 
Pool #AL8173 5.000% 2/01/44   380,286    383,004 
Pool #AD0836 5.500% 11/01/28   13,967    13,957 
Government National Mortgage Association          
Pool #491089 7.000% 12/15/28   1,340    1,339 
Pool #480539 7.000% 4/15/29   51    52 
Pool #500928 7.000% 5/15/29   2,031    2,070 
Pool #488634 7.000% 5/15/29   1,134    1,151 
Pool #510083 7.000% 7/15/29   104    106 
Pool #493723 7.000% 8/15/29   1,534    1,566 
Pool #581417 7.000% 7/15/32   2,670    2,709 
Government National Mortgage Association II          
Pool #MA6038 3.000% 7/20/49   1,894,347    1,685,272 
Pool #MA6283 3.000% 11/20/49   3,433,021    3,051,980 
Pool #MA6409 3.000% 1/20/50   3,543,023    3,149,773 
Pool #MA4321 3.500% 3/20/47   2,109,337    1,943,124 
Pool #8746 1 yr. CMT + 1.500% 3.750% FRN 11/20/25   503    495 
Pool #80136 1 yr. CMT + 1.500% 3.750% FRN 11/20/27   214    209 
Government National Mortgage Association II, TBA          
2.500% 4/20/54 (e)   13,050,000    11,114,303 
3.000% 4/20/54 (e)   9,125,000    8,048,419 
3.500% 4/20/54 (e)   5,770,000    5,250,028 
4.500% 4/20/54 (e)   2,000,000    1,921,617 
Uniform Mortgage-Backed Security, TBA          
2.000% 4/01/54 (e)   6,925,000    5,478,689 
2.500% 4/01/54 (e)   14,750,000    12,192,374 
3.000% 4/01/54 (e)   7,525,000    6,475,615 
3.500% 4/01/54 (e)   2,000,000    1,789,453 
4.000% 4/01/54 (e)   4,650,000    4,305,973 
4.500% 4/01/54 (e)   1,975,000    1,880,648 
5.000% 4/01/39 (e)   6,300,000    6,288,434 
5.000% 4/01/54 (e)   10,300,000    10,052,961 
5.500% 4/01/54 (e)   13,400,000    13,335,617 
         193,543,162 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $204,818,253)
        193,554,042 
           
U.S. TREASURY OBLIGATIONS — 7.9%          
U.S. Treasury Bonds & Notes — 7.9%          
U.S. Treasury Bonds          
2.250% 8/15/49 (i)   14,200,000    9,468,830 
U.S. Treasury Notes          
0.250% 10/31/25   38,500,000    35,862,434 

 

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
1.375% 10/31/28  $6,300,000   $5,550,652 
         50,881,916 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $50,885,977)
        50,881,916 
           
TOTAL BONDS & NOTES
(Cost $689,126,050)
        640,147,343 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $689,126,050)
        640,147,343 
           
SHORT-TERM INVESTMENTS — 14.6%          
Commercial Paper — 14.2%          
Amcor Flexibles North America, Inc.          
5.588% 4/05/24 (a)   10,000,000    9,987,847 
American Electric Power Co., Inc.          
5.582% 4/08/24 (a)   7,000,000    6,988,338 
American Honda Finance Corp.          
5.620% 4/03/24   8,000,000    7,992,789 
Avangrid, Inc.          
5.600% 4/16/24 (a)   11,000,000    10,967,209 
CRH America Finance, Inc.          
5.630% 4/09/24 (a)   6,000,000    5,989,084 
Dominion Energy, Inc.          
5.638% 4/10/24 (a)   2,000,000    1,996,068 
Fortive Corp.          
5.604% 4/08/24 (a)   2,000,000    1,996,668 
L3Harris Technologies, Inc.          
5.917% 4/17/24 (a)   10,000,000    9,969,550 
Mosaic Co.          
5.633% 4/18/24 (a)   8,000,000    7,974,310 
NextEra Energy Capital Holdings, Inc.          
5.654% 4/08/24 (a)   3,000,000    2,994,997 
NiSource, Inc.          
5.620% 4/03/24 (a)   6,000,000    5,994,571 
Nutrien Ltd.          
5.618% 4/24/24 (a)   12,000,000    11,950,065 
OGE Energy Corp.          
5.657% 4/10/24 (a)   7,000,000    6,986,189 
         91,787,685 
           
   Number of
Shares
    
Investment of Cash Collateral from Securities Loaned — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (j)   1,233,210    1,233,210 
           
   Principal
Amount
    
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (k)  $1,143,258   1,143,258 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $94,219,562)
        94,164,153 
           

 

 

 

MML Managed Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
TOTAL INVESTMENTS — 113.7%
(Cost $783,345,612) (l)
       $734,311,496 
           
Other Assets/(Liabilities) — (13.7)%        (88,273,022) 
           
NET ASSETS — 100.0%       $646,038,474 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
ICE Inter-Continental Exchange
LIBOR London InterBank Offered Rate
REMICS Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
STEP Step Coupon 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 March 31, 2024, the aggregate market value of these securities amounted to $311,396,214 or 48.20% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2024, these securities amounted to a value of $4,479 or 0.00% of net assets.
(d) Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $2,885,854 or 0.45% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(e) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(f) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $1,339,923 or 0.21% of net assets. The Fund received $133,908 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(g) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(h) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i) All or a portion of this security is pledged/held as collateral for open derivatives.
(j) Represents investment of security lending cash collateral. (Note 2).
(k) Maturity value of $1,143,462. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,166,209.
(l) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/Net Unrealized
Appreciation
(Depreciation)
 
Long               
U.S. Treasury Long Bond  6/18/24   310   $37,054,357  $281,268 
U.S. Treasury Ultra Bond  6/18/24   139    17,752,288   178,712 
U.S. Treasury Note 2 Year  6/28/24   168    34,379,255   (25,880) 
U.S. Treasury Note 5 Year  6/28/24   348    37,196,293    45,144 
                $479,244 
Short               
U.S. Treasury Ultra 10 Year  6/18/24   106   $(12,148,473)   $(119) 

 

 

 

 

 

MML Short-Duration Bond Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 80.1%          
           
CORPORATE DEBT — 44.8%          
Agriculture — 0.3%          
BAT Capital Corp.          
4.700% 4/02/27  $315,000   $309,759 
Apparel — 0.3%          
Tapestry, Inc.          
7.000% 11/27/26   297,000    306,006 
Auto Manufacturers — 1.0%          
General Motors Financial Co., Inc.          
5.800% 1/07/29   305,000    310,373 
Hyundai Capital America          
6.100% 9/21/28 (a)   305,000    314,212 
Nissan Motor Acceptance Co. LLC          
1.850% 9/16/26 (a)   685,000    619,827 
         1,244,412 
Banks — 10.1%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)   625,000    615,368 
1 yr. CMT + 1.550% 6.575% VRN 10/13/26 (a)   300,000    302,941 
ANB Sukuk Ltd. 5 yr. CMT + 2.974%          
3.326% VRN 10/28/30 (a)   650,000    621,087 
Bank Negara Indonesia Persero Tbk. PT          
5.280% 4/05/29 (a) (b)   350,000    349,562 
Bank of America Corp.          
Secured Overnight Financing Rate + 0.960% 1.734% VRN 7/22/27   265,000    244,317 
3.950% 4/21/25   178,000    175,150 
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620%          
5.601% VRN 3/20/30 (a)   238,000    237,053 
Barclays PLC          
5.200% 5/12/26   305,000    301,859 
Secured Overnight Financing Rate + 1.740% 5.690% VRN 3/12/30   295,000    296,536 
BPCE SA Secured Overnight Financing Rate + 1.980%          
6.612% VRN 10/19/27 (a)   500,000    510,544 
Cooperatieve Rabobank UA 1 yr. CMT + 1.120%          
5.447% VRN 3/05/30 (a)   300,000    301,357 
Credit Agricole SA Secured Overnight Financing Rate + 1.860%          
6.316% VRN 10/03/29 (a)   375,000    388,770 
Danske Bank AS          
1 yr. CMT + 0.730% 1.549% VRN 9/10/27 (a) (c)   485,000    442,197 
1 yr. CMT + 2.100% 6.466% VRN 1/09/26 (a)   275,000    275,999 
Deutsche Bank AG Secured Overnight Financing Rate + 1.219%          
2.311% VRN 11/16/27   430,000    393,133 
HDFC Bank Ltd.          
5.196% 2/15/27 (a)   250,000    247,903 
HSBC Holdings PLC          

 

 

 

 

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

 

   Principal
Amount
   Value 
Secured Overnight Financing Rate + 1.430% 2.999% VRN 3/10/26  $430,000   $418,885 
Secured Overnight Financing Rate + 3.350% 7.390% VRN 11/03/28   310,000    329,813 
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020%          
6.208% VRN 8/21/29   310,000    317,289 
ING Groep NV Secured Overnight Financing Rate + 1.440%          
5.335% VRN 3/19/30   295,000    294,279 
JP Morgan Chase & Co. Secured Overnight Financing Rate + 0.765%          
1.470% VRN 9/22/27   445,000    406,041 
Lloyds Banking Group PLC 1 yr. CMT + 1.700%          
5.871% VRN 3/06/29   325,000    330,256 
Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069%          
1.340% VRN 1/12/27 (a)   845,000    783,741 
Morgan Stanley          
Secured Overnight Financing Rate + 1.610% 4.210% VRN 4/20/28   245,000    238,074 
4.350% 9/08/26   400,000    391,366 
Natwest Group PLC 1 yr. CMT + 0.900%          
1.642% VRN 6/14/27   345,000    317,183 
Santander UK Group Holdings PLC Secured Overnight Financing Rate + 1.220%          
2.469% VRN 1/11/28   370,000    340,019 
Societe Generale SA          
1 yr. CMT + 1.100% 1.488% VRN 12/14/26 (a)   525,000    487,719 
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a)   200,000    184,675 
Swedbank AB          
5.407% 3/14/29 (a)   295,000    294,995 
Synovus Bank          
5.625% 2/15/28   273,000    265,110 
Truist Financial Corp. Secured Overnight Financing Rate + 2.446%          
7.161% VRN 10/30/29   305,000    325,252 
UBS Group AG 1 yr. CMT + 1.080%          
1.364% VRN 1/30/27 (a)   400,000    370,160 
Wells Fargo & Co. Secured Overnight Financing Rate + 1.740%          
5.574% VRN 7/25/29   310,000    313,674 
         12,112,307 
Beverages — 0.6%          
Bacardi Ltd.          
4.450% 5/15/25 (a)   378,000    372,716 
JDE Peet's NV          
1.375% 1/15/27 (a)   407,000    366,028 
         738,744 
Chemicals — 2.7%          
Celanese US Holdings LLC          
1.400% 8/05/26   250,000    227,914 
6.165% 7/15/27   200,000    203,702 
6.350% 11/15/28   305,000    315,967 
International Flavors & Fragrances, Inc.          
1.832% 10/15/27 (a)   400,000    354,686 
MEGlobal Canada ULC          
5.000% 5/18/25 (a)   450,000    443,961 
Orbia Advance Corp. SAB de CV          
1.875% 5/11/26 (a)   657,000    603,393 
Syngenta Finance NV          
4.892% 4/24/25 (a)   335,000    330,296 
Yara International ASA          
3.800% 6/06/26 (a)   325,000    312,491 

 

 

 

 

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

 

   Principal
Amount
   Value 
4.750% 6/01/28 (a)  $450,000   $437,634 
         3,230,044 
Commercial Services — 1.0%          
Element Fleet Management Corp.          
5.643% 3/13/27 (a)   356,000    357,104 
Triton Container International Ltd.          
2.050% 4/15/26 (a)   950,000    875,393 
         1,232,497 
Diversified Financial Services — 3.9%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.450% 10/29/26   405,000    376,107 
6.500% 7/15/25   300,000    302,892 
Aircastle Ltd.          
4.125% 5/01/24   740,000    738,807 
Antares Holdings LP          
2.750% 1/15/27 (a)   310,000    277,723 
3.950% 7/15/26 (a)   605,000    568,567 
Avolon Holdings Funding Ltd.          
4.250% 4/15/26 (a)   925,000    892,738 
BGC Group, Inc.          
4.375% 12/15/25   505,000    491,101 
Charles Schwab Corp. Secured Overnight Financing Rate + 1.878%          
6.196% VRN 11/17/29   285,000    296,229 
LeasePlan Corp. NV          
2.875% 10/24/24 (a)   280,000    275,437 
Macquarie Airfinance Holdings Ltd.          
6.400% 3/26/29 (a)   74,000    75,171 
REC Ltd.          
2.250% 9/01/26 (a)   400,000    369,052 
         4,663,824 
Electric — 1.1%          
Adani Transmission Step-One Ltd.          
4.000% 8/03/26 (a)   350,000    328,998 
Alliant Energy Finance LLC          
1.400% 3/15/26 (a)   260,000    236,456 
DTE Energy Co.          
5.100% 3/01/29   300,000    298,790 
FirstEnergy Pennsylvania Electric Co.          
5.150% 3/30/26 (a)   226,000    224,122 
Pacific Gas & Electric Co.          
5.550% 5/15/29   275,000    277,401 
         1,365,767 
Electronics — 0.2%          
Jabil, Inc.          
4.250% 5/15/27   285,000    276,196 
Entertainment — 0.4%          
Warnermedia Holdings, Inc.          
4.054% 3/15/29   500,000    468,063 

 

 

 

 

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

 

   Principal
Amount
   Value 
Food — 1.7%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
2.500% 1/15/27  $860,000   $792,732 
Sigma Alimentos SA de CV          
4.125% 5/02/26 (a)   450,000    435,484 
Smithfield Foods, Inc.          
4.250% 2/01/27 (a)   775,000    744,227 
Tyson Foods, Inc.          
5.400% 3/15/29   111,000    111,992 
         2,084,435 
Forest Products & Paper — 0.6%          
Suzano International Finance BV          
4.000% 1/14/25   700,000    689,329 
Hand & Machine Tools — 0.5%          
Regal Rexnord Corp.          
6.050% 2/15/26 (a)   325,000    326,679 
6.050% 4/15/28 (a)   300,000    304,129 
         630,808 
Home Builders — 0.3%          
Toll Brothers Finance Corp.          
4.875% 3/15/27   375,000    370,663 
Housewares — 0.2%          
Newell Brands, Inc.          
6.375% 9/15/27 (c)   200,000    196,680 
Insurance — 3.5%          
Athene Global Funding          
1.730% 10/02/26 (a)   445,000    403,837 
2.500% 1/14/25 (a)   420,000    409,510 
3.205% 3/08/27 (a)   212,000    198,011 
CNO Global Funding          
1.750% 10/07/26 (a)   714,000    650,740 
2.650% 1/06/29 (a)   350,000    304,773 
Corebridge Financial, Inc.          
3.650% 4/05/27   235,000    224,276 
GA Global Funding Trust          
2.250% 1/06/27 (a)   685,000    626,809 
Lincoln National Corp., (Acquired 4/19/23, Cost $310,303),          
3.800% 3/01/28 (d)   350,000    334,879 
Sammons Financial Group, Inc.          
4.450% 5/12/27 (a)   1,140,000    1,086,780 
         4,239,615 
Internet — 0.3%          
Expedia Group, Inc.          
4.625% 8/01/27   309,000    303,117 
Investment Companies — 3.3%          
Ares Capital Corp.          
3.875% 1/15/26   535,000    517,472 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   163,000    161,476 
Blackstone Private Credit Fund          

 

 

 

 

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

 

   Principal
Amount
   Value 
2.625% 12/15/26  $490,000   $447,087 
2.700% 1/15/25   325,000    317,246 
Blue Owl Credit Income Corp.          
4.700% 2/08/27   500,000    474,333 
Blue Owl Technology Finance Corp. II          
6.750% 4/04/29 (a) (b)   477,000    471,083 
Golub Capital BDC, Inc.          
2.500% 8/24/26   270,000    248,071 
3.375% 4/15/24 (c)   330,000    329,846 
6.000% 7/15/29   296,000    290,707 
HPS Corporate Lending Fund          
6.750% 1/30/29 (a)   368,000    367,326 
Sixth Street Specialty Lending, Inc.          
3.875% 11/01/24   410,000    404,845 
         4,029,492 
Lodging — 0.7%          
Las Vegas Sands Corp.          
3.200% 8/08/24   875,000    865,389 
Machinery – Construction & Mining — 0.5%          
Weir Group PLC          
2.200% 5/13/26 (a)   680,000    631,202 
Machinery – Diversified — 0.1%          
AGCO Corp.          
5.450% 3/21/27   57,000    57,255 
Media — 0.5%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.125% 5/01/27 (a)   350,000    333,470 
Paramount Global          
3.700% 6/01/28   350,000    310,115 
         643,585 
Mining — 0.5%          
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT          
4.750% 5/15/25 (a)   550,000    542,929 
Oil & Gas — 1.9%          
EQT Corp.          
6.125% STEP 2/01/25   360,000    360,429 
Ovintiv, Inc.          
5.375% 1/01/26   275,000    273,880 
5.650% 5/15/28   320,000    325,291 
Parkland Corp.          
5.875% 7/15/27 (a)   193,000    191,327 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   685,000    647,409 
Ras Laffan Liquefied Natural Gas Co. Ltd. 3          
5.838% 9/30/27 (a)   518,550    523,930 
         2,322,266 
Packaging & Containers — 0.2%          
Smurfit Kappa Treasury ULC          
5.200% 1/15/30 (a) (b)   290,000    289,637 

 

 

 

 

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

 

   Principal
Amount
   Value 
Pharmaceuticals — 1.3%          
Bayer US Finance II LLC          
4.375% 12/15/28 (a)  $325,000   $305,901 
Hikma Finance USA LLC          
3.250% 7/09/25 (a)   675,000    650,119 
Viatris, Inc.          
2.300% 6/22/27   650,000    590,219 
         1,546,239 
Pipelines — 1.5%          
Columbia Pipelines Holding Co. LLC          
6.055% 8/15/26 (a)   280,000    283,060 
Energy Transfer LP          
4.950% 6/15/28   975,000    967,167 
EQM Midstream Partners LP          
5.500% 7/15/28   300,000    295,884 
Harvest Midstream I LP          
7.500% 9/01/28 (a)   234,000    237,260 
         1,783,371 
Real Estate Investment Trusts (REITS) — 3.1%          
CubeSmart LP          
2.250% 12/15/28   390,000    342,054 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   335,000    286,655 
GLP Capital LP/GLP Financing II, Inc.          
5.375% 4/15/26   348,000    344,969 
Omega Healthcare Investors, Inc.          
4.750% 1/15/28   779,000    752,076 
Piedmont Operating Partnership LP          
9.250% 7/20/28   275,000    292,850 
SBA Tower Trust          
1.884% 7/15/50 (a)   287,000    267,909 
Store Capital LLC          
4.500% 3/15/28   325,000    308,037 
Sun Communities Operating LP          
5.500% 1/15/29   295,000    294,228 
VICI Properties LP/VICI Note Co., Inc.          
3.750% 2/15/27 (a)   325,000    308,019 
Vornado Realty LP          
2.150% 6/01/26   310,000    281,811 
WEA Finance LLC          
3.500% 6/15/29 (a)   350,000    309,221 
         3,787,829 
Retail — 0.3%          
Advance Auto Parts, Inc.          
5.900% 3/09/26   144,000    143,772 
Nordstrom, Inc.          
2.300% 4/08/24   268,000    267,279 
         411,051 
Semiconductors — 0.2%          
SK Hynix, Inc.          
5.500% 1/16/27 (a)   200,000    199,979 

 

 

 

 

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

 

   Principal
Amount
   Value 
Telecommunications — 1.1%          
Rogers Communications, Inc.          
5.000% 2/15/29  $305,000   $302,882 
Sprint Capital Corp.          
6.875% 11/15/28   310,000    330,348 
Tower Bersama Infrastructure Tbk. PT          
4.250% 1/21/25 (a)   645,000    635,364 
         1,268,594 
Trucking & Leasing — 0.3%          
GATX Corp.          
5.400% 3/15/27   310,000    312,120 
Venture Capital — 0.6%          
Hercules Capital, Inc.          
2.625% 9/16/26   560,000    508,523 
3.375% 1/20/27   270,000    247,952 
         756,475 
           
TOTAL CORPORATE DEBT
(Cost $55,500,662)
        53,909,679 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.7%          
Automobile Asset-Backed Securities — 3.5%          
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class C          
3.150% 3/20/26 (a)   1,083,000    1,053,304 
Carmax Auto Owner Trust, Series 2021-4, Class D          
1.480% 3/15/28   250,000    230,879 
Carvana Auto Receivables Trust          
Series 2021-N1, Class D, 1.500% 1/10/28   226,911    215,310 
Series 2021-P3, Class D, 2.250% 9/11/28   855,000    743,645 
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B          
5.310% 5/15/28 (a)   400,000    397,437 
Santander Revolving Auto Loan Trust, Series 2019-A, Class D          
3.450% 1/26/32 (a)   215,000    209,627 
Westlake Automobile Receivables Trust, Series 2022-2A, Class D          
5.480% 9/15/27 (a)   1,400,000    1,390,397 
         4,240,599 
Commercial Mortgage-Backed Securities — 6.5%          
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP,          
3.895% VRN 11/05/32 (a) (e)   370,000    332,861 
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797%          
7.122% FRN 7/15/35 (a)   500,000    497,561 
BX Commercial Mortgage Trust, Series 2021-SOAR, Class E, 1 mo. USD Term SOFR + 1.914%          
7.241% FRN 6/15/38 (a)   288,657    285,410 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447%          
7.773% FRN 12/15/37 (a)   545,194    543,831 
CARS-DB4 LP, Series 2020-1A, Class B1          
4.170% 2/15/50 (a)   484,000    463,705 
CF Hippolyta Issuer LLC, Series 2020-1, Class B1          
2.280% 7/15/60 (a)   90,845    83,633 

 

 

 

 

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

 

   Principal
Amount
   Value 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647%          
6.973% FRN 5/15/36 (a)  $199,504   $199,317 
DataBank Issuer LLC, Series 2021-1A, Class A2          
2.060% 2/27/51 (a)   991,000    899,258 
KIND Trust, Series 2021-KIND, Class B, 1 mo. USD Term SOFR + 1.464%          
6.795% FRN 8/15/38 (a)   545,520    526,865 
KREF Ltd., Series 2021-FL2, Class AS, 1 mo. USD Term SOFR + 1.414%          
6.740% FRN 2/15/39 (a)   900,000    867,664 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%          
7.190% FRN 3/15/38 (a)   365,665    357,438 
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.215%          
7.540% FRN 4/15/38 (a)   520,104    516,204 
Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A3          
2.260% 11/20/50 (a)   399,333    370,905 
One New York Plaza Trust          
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.641% FRN 1/15/36 (a)   616,000    567,064 
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 8.191% FRN 1/15/36 (a)   414,000    341,432 
Store Master Funding I-VII, Series 2018-1A, Class A3          
4.400% 10/20/48 (a)   497,033    489,018 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214%          
7.541% FRN 7/15/39 (a)   711,000    480,947 
         7,823,113 
Home Equity Asset-Backed Securities — 0.1%          
Residential Asset Mortgage Products Trust, Series 2005-EFC1, Class M5, 1 mo. USD Term SOFR + 0.764%          
6.419% FRN 5/25/35   119,235    116,964 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%          
6.644% FRN 11/25/35 (a)   62,516    61,587 
         178,551 
Other Asset-Backed Securities — 13.9%          
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322%          
6.639% FRN 7/22/32 (a)   1,000,000    1,000,064 
Apidos CLO XXVI Ltd., Series 2017-26A, Class A2R, 3 mo. USD Term SOFR + 1.762%          
7.060% FRN 7/18/29 (a)   500,000    498,874 
Aqua Finance Trust, Series 2021-A, Class A          
1.540% 7/17/46 (a)   720,196    643,429 
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%          
6.618% FRN 4/18/35 (a)   500,000    500,087 
BHG Securitization Trust          
Series 2021-B, Class C, 2.240% 10/17/34 (a)   448,000    396,761 
Series 2022-C, Class A, 5.320% 10/17/35 (a)   267,935    266,651 
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.242%          
6.559% FRN 7/20/29 (a)   453,434    453,591 
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B          
3.780% 9/26/33 (a)   101,777    96,978 

 

 

 

 

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

 

   Principal
Amount
   Value 
Business Jet Securities LLC          
Series 2021-1A, Class A, 2.162% 4/15/36 (a)  $309,614   $289,673 
Series 2020-1A, Class A, 2.981% 11/15/35 (a)   45,798    44,507 
Canyon Capital CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.442%          
6.756% FRN 7/15/34 (a)   600,000    600,203 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242%          
6.559% FRN 4/20/31 (a)   218,124    218,254 
Cedar Funding VIII CLO Ltd., Series 2017-8A, Class A1R, 3 mo. USD Term SOFR + 1.412%          
6.728% FRN 10/17/34 (a)   500,000    500,374 
CIFC Funding Ltd.          
Series 2021-1A, Class A1, 3 mo. USD Term SOFR + 1.372% 6.696% FRN 4/25/33 (a)   500,000    500,264 
Series 2017-4A, Class A2R, 3 mo. USD Term SOFR + 1.812% 7.130% FRN 10/24/30 (a)   500,000    500,353 
Elara HGV Timeshare Issuer LLC          
Series 2017-A, Class B, 2.960% 3/25/30 (a)   75,305    75,136 
Series 2019-A, Class C, 3.450% 1/25/34 (a)   210,400    200,061 
Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380%          
1.000% FRN 5/20/36 (a) (b)   500,000    500,090 
FNA VI LLC, Series 2021-1A, Class A          
1.350% 1/10/32 (a)   886,536    817,818 
Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A          
1.150% 6/25/51 (a)   279,097    261,611 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   306,016    258,336 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   150,182    135,117 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   139,096    124,873 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e)   129,959    118,379 
Hero Funding Trust          
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   73,716    63,399 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   70,831    63,369 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)   148,698    135,666 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   132,403    123,220 
HIN Timeshare Trust, Series 2020-A, Class B          
2.230% 10/09/39 (a)   320,717    296,339 
Horizon Aircraft Finance III Ltd., Series 2019-2, Class B          
4.458% 11/15/39 (a)   683,333    341,665 
JG Wentworth XXII LLC, Series 2010-3A, Class A          
3.820% 12/15/48 (a)   58,732    56,884 
Madison Park Funding XXXII Ltd., Series 2018-32A, Class BR, 3 mo. USD Term SOFR + 1.662%          
6.979% FRN 1/22/31 (a)   500,000    498,435 
Mosaic Solar Loan Trust, Series 2018-2GS, Class A          
4.200% 2/22/44 (a)   117,770    109,400 
Mosaic Solar Loans LLC, Series 2017-1A, Class A          
4.450% 6/20/42 (a)   25,436    24,421 
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD Term SOFR + 1.612%          
6.910% FRN 10/18/29 (a)   1,000,000    998,150 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662%          
6.986% FRN 7/25/30 (a)   250,000    250,029 
NP SPE II LLC, Series 2017-1A, Class A1          
3.372% 10/21/47 (a)   72,181    69,136 

 

 

 

 

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

 

   Principal
Amount
   Value 
Oxford Finance Funding LLC, Series 2020-1A, Class A2          
3.101% 2/15/28 (a)  $52,871   $51,712 
PFS Financing Corp., Series 2022-A, Class B          
2.770% 2/15/27 (a)   500,000    485,909 
PVONE 2023-1, LLC, Series 2023-2A, Class A          
7.670% 9/17/35 (a)   500,635    504,511 
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662%          
6.976% FRN 7/15/31 (a)   350,000    348,435 
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402%          
6.716% FRN 10/15/35 (a)   500,000    500,261 
SBA Tower Trust, Series 2014-2A, Class C,          
3.869% STEP 10/15/49 (a)   430,000    425,098 
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C          
3.510% 7/20/37 (a)   21,867    21,224 
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, 3 mo. USD Term SOFR + 1.402%          
6.717% FRN 10/23/34 (a)   500,000    500,416 
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD Term SOFR + 1.442%          
6.759% FRN 10/20/31 (a)   354,835    354,938 
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542%          
6.859% FRN 4/20/33 (a)   1,000,000    1,000,999 
Verde CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.362%          
6.676% FRN 4/15/32 (a)   500,000    500,170 
         16,725,270 
Student Loans Asset-Backed Securities — 4.2%          
College Avenue Student Loans LLC          
Series 2021-A, Class B, 2.320% 7/25/51 (a)   648,143    571,314 
Series 2017-A, Class B, 4.500% 11/26/46 (a)   217,727    207,733 
Series 2018-A, Class A1, 1 mo. USD Term SOFR + 1.314% 6.644% FRN 12/26/47 (a)   209,103    207,263 
Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% 7.094% FRN 11/26/46 (a)   143,772    144,918 
Commonbond Student Loan Trust          
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)   15,872    13,120 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)   17,651    13,765 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   8,415    7,361 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)   38,224    34,054 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B          
4.000% 8/25/42 (a)   49,231    44,536 
Laurel Road Prime Student Loan Trust          
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)   256,646    238,623 
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)   172,101    164,870 
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B          
2.770% 1/15/69 (a)   2,200,000    1,758,816 
SLM Student Loan Trust          
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40   281,809    263,764 
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.913% FRN 1/25/44   270,111    255,738 
Series 2005-9, Class B, 90 day USD SOFR Average + 0.562% 5.923% FRN 1/25/41   266,601    250,662 
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55   101,755    96,454 

 

 

 

 

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

 

   Principal
Amount
   Value 
SMB Private Education Loan Trust          
Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864% 6.190% FRN 11/15/35 (a)  $155,039   $153,407 
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.540% FRN 9/15/34 (a)   22,896    22,867 
Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.969% FRN 9/15/53 (a)   569,639    577,606 
         5,026,871 
Whole Loan Collateral Collateralized Mortgage Obligations — 6.4%          
A&D Mortgage Trust, Series 2023-NQM3, Class A1,          
6.733% STEP 7/25/68 (a)   1,109,626    1,115,767 
Angel Oak Mortgage Trust, Series 2020-5, Class A3,          
2.041% VRN 5/25/65 (a) (e)   63,598    58,109 
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,          
5.258% VRN 8/25/34 (e)   932    909 
BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3,          
2.406% VRN 5/25/60 (a) (e)   45,667    43,814 
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%          
5.500% FRN 8/25/49 (a)   280,740    267,902 
Credit Suisse Mortgage Trust          
Series 2021-NQM2, Class A3, 1.538% VRN 2/25/66 (a) (e)   441,061    373,702 
Series 2021-NQM4, Class M1, 2.472% VRN 5/25/66 (a) (e)   500,000    325,056 
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,          
1.128% VRN 5/25/65 (a) (e)   111,716    102,815 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (e)   537,213    426,161 
MFA Trust, Series 2021-NQM2, Class A3,          
1.472% VRN 11/25/64 (a) (e)   333,054    283,245 
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1,          
3.750% VRN 11/25/56 (a) (e)   99,465    91,935 
NewRez Warehouse Securitization Trust, Series 2021-1, Class C, 1 mo. USD Term SOFR + 1.164%          
6.494% FRN 5/25/55 (a)   803,400    803,786 
NLT Trust          
Series 2021-INV2, Class A3, 1.520% VRN 8/25/56 (a) (e)   617,071    504,937 
Series 2021-INV2, Class M1, 2.569% VRN 8/25/56 (a) (e)   700,000    470,965 
OBX Trust          
Series 2021-NQM3, Class A3, 1.362% VRN 7/25/61 (a) (e)   729,492    575,943 
Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (e)   333,000    223,277 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (e)   476,483    416,635 
Starwood Mortgage Residential Trust          
Series 2021-3, Class A3, 1.518% VRN 6/25/56 (a) (e)   194,034    158,677 
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (e)   467,803    449,374 
Verus Securitization Trust          
Series 2021-5, Class A3, 1.373% VRN 9/25/66 (a) (e)   178,426    148,498 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (e)   265,000    238,463 
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (e)   548,000    499,672 
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (e)   152,135    148,606 
         7,728,248 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%          
OBX Trust, Series 2020-INV1, Class A21,          
3.500% VRN 12/25/49 (a) (e)   125,028    108,959 

 

 

 

 

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

 

   Principal
Amount
   Value 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $45,207,264)
       $41,831,611 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 0.0%          
Pass-Through Securities — 0.0%          
Government National Mortgage Association          
Pool #491089 7.000% 12/15/28  $258   258 
Pool #500928 7.000% 5/15/29   376    384 
Pool #510083 7.000% 7/15/29   20    20 
Pool #493723 7.000% 8/15/29   288    294 
Pool #581417 7.000% 7/15/32   509    516 
Government National Mortgage Association II          
Pool #8746 1 yr. CMT + 1.500% 3.750% FRN 11/20/25   96    95 
Pool #80136 1 yr. CMT + 1.500% 3.750% FRN 11/20/27   39    38 
         1,605 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $1,751)
        1,605 
           
U.S. TREASURY OBLIGATIONS — 0.6%          
U.S. Treasury Bonds & Notes — 0.6%          
U.S. Treasury Notes          
1.750% 12/31/24   700,000    682,561 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $703,034)
        682,561 
           
TOTAL BONDS & NOTES
(Cost $101,412,711)
        96,425,456 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $101,412,711)
        96,425,456 
           
SHORT-TERM INVESTMENTS — 18.4%          
Commercial Paper — 16.6%          
Amcor Flexibles North America, Inc.          
5.621% 4/16/24 (a)   3,000,000    2,991,106 
American Honda Finance Corp.          
5.620% 4/03/24   3,000,000    2,997,296 
Avangrid, Inc.          
5.573% 4/08/24 (a)   3,000,000    2,994,870 
5.600% 4/16/24 (a)   2,000,000    1,994,038 
L3Harris Technologies, Inc.          
5.917% 4/17/24 (a)   3,000,000    2,990,865 
NextEra Energy Capital Holdings, Inc.          
5.690% 5/07/24 (a)   2,000,000    1,987,622 
NiSource, Inc.          
5.620% 4/03/24 (a)   2,000,000    1,998,190 
VW Credit, Inc.          
5.656% 4/23/24 (a)   2,000,000    1,992,002 
         19,945,989 

 

 

 

 

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

 

   Number of
Shares
   Value 
Investment of Cash Collateral from Securities Loaned — 0.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   554,000   $554,000 
           
   Principal
Amount
    
Repurchase Agreement — 1.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (h)  $1,687,726   1,687,726 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,199,942)
        22,187,715 
           
TOTAL INVESTMENTS — 98.5%
(Cost $123,612,653) (i)
        118,613,171 
           
Other Assets/(Liabilities) — 1.5%        1,798,690 
           
NET ASSETS — 100.0%       $120,411,861 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
SOFR Secured Overnight Financing Rate
STEP Step Coupon 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 March 31, 2024, the aggregate market value of these securities amounted to $83,981,425 or 69.75% of net assets.
(b) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $542,441 or 0.45% of net assets. (Note 2).
(d) Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $334,879 or 0.28% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(f) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $1,688,026. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,721,507.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/Net Unrealized
Appreciation
(Depreciation)
 
Long               
U.S. Treasury Note 2 Year  6/28/24   339   $69,398,926  $(78,723) 
Short               
U.S. Treasury Long Bond  6/18/24   2   $(238,166)  $(2,709) 
U.S. Treasury Ultra 10 Year  6/18/24   21    (2,395,572)   (11,225) 
U.S. Treasury Note 5 Year  6/28/24   180    (19,254,001)    (8,812) 
                $(22,746) 

 

 

 

 

 

MML Small Cap Equity Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 98.9%          
           
COMMON STOCK — 98.9%          
Communication Services — 0.9%          
Ziff Davis, Inc. (a)   19,581   $1,234,386 
Consumer Discretionary — 9.7%          
AutoNation, Inc. (a)   15,890    2,631,066 
Dorman Products, Inc. (a)   15,951    1,537,517 
KB Home   25,416    1,801,486 
Papa John's International, Inc.   9,711    646,753 
Steven Madden Ltd. (b)   30,389    1,284,847 
Texas Roadhouse, Inc.   10,652    1,645,414 
TopBuild Corp. (a)   3,509    1,546,522 
Visteon Corp. (a)   13,115    1,542,455 
         12,636,060 
Consumer Staples — 3.0%          
BellRing Brands, Inc. (a)   42,631    2,516,508 
BJ's Wholesale Club Holdings, Inc. (a)   17,607    1,331,969 
         3,848,477 
Energy — 5.2%          
Chesapeake Energy Corp. (b)   15,232    1,353,059 
CNX Resources Corp. (a)   80,798    1,916,528 
Helmerich & Payne, Inc.   43,072    1,811,608 
Northern Oil & Gas, Inc.   22,073    875,857 
Nov, Inc.   43,134    841,976 
         6,799,028 
Financials — 12.9%          
Bank of NT Butterfield & Son Ltd.   20,865    667,471 
Berkshire Hills Bancorp, Inc.   33,515    768,164 
Cathay General Bancorp   30,910    1,169,325 
Columbia Banking System, Inc.   48,550    939,442 
Definity Financial Corp.   36,836    1,173,161 
Federated Hermes, Inc.   43,343    1,565,549 
Marqeta, Inc. Class A (a)   130,041    775,044 
OceanFirst Financial Corp.   43,326    710,980 
Pacific Premier Bancorp, Inc.   45,959    1,103,016 
PennyMac Financial Services, Inc.   17,117    1,559,188 
Stifel Financial Corp.   23,875    1,866,309 
United Community Banks, Inc.   27,516    724,221 
Webster Financial Corp.   24,568    1,247,317 
Wintrust Financial Corp.   16,294    1,700,931 
WSFS Financial Corp.   17,190    775,957 
         16,746,075 

 

 

 

 

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

 

   Number of
Shares
   Value 
Health Care — 17.0%          
Acadia Healthcare Co., Inc. (a)   27,041   $2,142,188 
Addus HomeCare Corp. (a)   10,766    1,112,558 
ADMA Biologics, Inc. (a)   201,977    1,333,048 
Ascendis Pharma AS ADR (a)   9,576    1,447,604 
BioLife Solutions, Inc. (a) (b)   34,252    635,375 
Bridgebio Pharma, Inc. (a)   25,860    799,591 
BrightSpring Health Services, Inc. (a)   53,419    580,665 
Cabaletta Bio, Inc. (a)   23,553    401,814 
Collegium Pharmaceutical, Inc. (a)   33,346    1,294,492 
CryoPort, Inc. (a) (b)   43,253    765,578 
Encompass Health Corp.   17,804    1,470,254 
Evolent Health, Inc. Class A (a) (b)   35,753    1,172,341 
Guardant Health, Inc. (a)   41,182    849,585 
Immunovant, Inc. (a)   12,176    393,407 
Integer Holdings Corp. (a)   10,942    1,276,713 
Intra-Cellular Therapies, Inc. (a)   19,437    1,345,040 
SI-BONE, Inc. (a)   23,604    386,397 
Structure Therapeutics, Inc. ADR (a)   6,778    290,505 
Tenet Healthcare Corp. (a)   23,697    2,490,792 
TransMedics Group, Inc. (a) (b)   10,878    804,319 
Twist Bioscience Corp. (a)   31,904    1,094,626 
         22,086,892 
Industrials — 22.4%          
ABM Industries, Inc.   18,528    826,719 
Air Lease Corp.   21,558    1,108,944 
Allison Transmission Holdings, Inc.   29,969    2,432,284 
ASGN, Inc. (a)   19,285    2,020,297 
Atkore, Inc.   16,457    3,132,755 
BWX Technologies, Inc.   14,969    1,536,119 
CACI International, Inc. Class A (a)   4,647    1,760,423 
Casella Waste Systems, Inc. Class A (a)   17,237    1,704,222 
Curtiss-Wright Corp.   7,229    1,850,190 
Enpro, Inc.   13,268    2,239,240 
Esab Corp.   15,170    1,677,347 
Hub Group, Inc. Class A   38,574    1,667,168 
KBR, Inc.   18,273    1,163,259 
Korn Ferry   26,285    1,728,502 
Paycor HCM, Inc. (a) (b)   67,382    1,309,906 
Regal Rexnord Corp.   5,485    987,848 
Zurn Elkay Water Solutions Corp. Class C   60,433    2,022,693 
         29,167,916 
Information Technology — 13.4%          
Allegro MicroSystems, Inc. (a)   42,271    1,139,626 
Astera Labs, Inc. (a)   4,482    332,520 
Belden, Inc.   14,605    1,352,569 
Endava PLC Sponsored ADR (a)   20,409    776,358 
Envestnet, Inc. (a)   19,073    1,104,517 
Gitlab, Inc. Class A (a)   27,860    1,624,795 
HashiCorp, Inc. Class A (a)   26,670    718,756 
Itron, Inc. (a)   18,556    1,716,801 
MACOM Technology Solutions Holdings, Inc. (a)   18,004    1,721,903 
MKS Instruments, Inc.   11,434    1,520,722 
Progress Software Corp.   19,476    1,038,266 

 

 

 

 

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

 

   Number of
Shares
   Value 
Silicon Laboratories, Inc. (a)   9,054   $1,301,241 
Sprout Social, Inc. Class A (a) (b)   31,414    1,875,730 
Vishay Intertechnology, Inc.   53,160    1,205,669 
         17,429,473 
Materials — 6.6%          
ATI, Inc. (a)   28,299    1,448,060 
Century Aluminum Co. (a)   55,779    858,439 
Commercial Metals Co.   19,757    1,161,119 
Kaiser Aluminum Corp.   8,538    762,955 
Silgan Holdings, Inc.   28,714    1,394,352 
Summit Materials, Inc. Class A (a)   65,750    2,930,477 
         8,555,402 
Real Estate — 6.1%          
DiamondRock Hospitality Co.   188,246    1,809,044 
DigitalBridge Group, Inc.   71,533    1,378,441 
Four Corners Property Trust, Inc.   62,112    1,519,881 
Outfront Media, Inc.   99,466    1,670,034 
Terreno Realty Corp.   24,116    1,601,302 
         7,978,702 
Utilities — 1.7%          
Chesapeake Utilities Corp.   10,212    1,095,748 
Portland General Electric Co. (b)   27,836    1,169,112 
         2,264,860 
           
TOTAL COMMON STOCK
(Cost $84,418,455)
        128,747,271 
           
TOTAL EQUITIES
(Cost $84,418,455)
        128,747,271 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $84,418,455)
        128,747,271 
           
SHORT-TERM INVESTMENTS — 0.4%          
           
   Principal
Amount
    
Repurchase Agreement — 0.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c)  $494,683   494,683 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $494,683)
        494,683 
           
TOTAL INVESTMENTS — 99.3%
(Cost $84,913,138) (d)
        129,241,954 
           
Other Assets/(Liabilities) — 0.7%        872,764 
           
NET ASSETS — 100.0%       $130,114,718 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $9,023,786 or 6.94% of net assets. The Fund received $9,227,738 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Maturity value of $494,771. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $504,620.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

 

MML Strategic Emerging Markets Fund —  Portfolio of Investments

 

March 31, 2024 (Unaudited)

 

   Number of
Shares
   Value 
EQUITIES — 99.0%          
           
COMMON STOCK — 97.9%          
Brazil — 5.9%          
Ambev SA   321,712   $801,169 
Arezzo Industria e Comercio SA   7,336    94,007 
B3 SA - Brasil Bolsa Balcao   161,300    385,610 
Localiza Rent a Car SA   24,159    263,392 
NU Holdings Ltd. Class A (a)   49,449    589,927 
Raia Drogasil SA   3,800    20,737 
Vale SA Sponsored ADR   22,844    278,468 
WEG SA   47,984    365,472 
         2,798,782 
Chile — 1.5%          
Antofagasta PLC   13,474    347,830 
Banco de Chile   1,484,704    165,174 
Banco Santander Chile   4,345,517    216,440 
         729,444 
China — 17.2%          
Budweiser Brewing Co. APAC Ltd. (b)   90,000    132,703 
H World Group Ltd.   4,500    17,442 
H World Group Ltd. ADR   57,319    2,218,245 
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b)   8,100    4,331 
NetEase, Inc. ADR   4,140    428,366 
New Horizon Health Ltd. (a) (b) (d)   63,000    113,393 
PDD Holdings, Inc. ADR (a)   4,924    572,415 
Tencent Holdings Ltd.   52,009    2,029,635 
WuXi Biologicals Cayman, Inc. (a) (b)   28,501    51,226 
WuXi XDC Cayman, Inc. (a)   68,000    159,011 
Yum China Holdings, Inc.   30,562    1,216,062 
ZTO Express Cayman, Inc.   3,073    65,257 
ZTO Express Cayman, Inc. ADR   52,553    1,100,460 
         8,108,546 
France — 5.6%          
L'Oreal SA   597    283,134 
Pernod Ricard SA   10,276    1,661,519 
TotalEnergies SE   10,348    711,529 
         2,656,182 
Hong Kong — 0.1%          
AIA Group Ltd.   3,400    22,817 
India — 15.9%          
Havells India Ltd.   15,527    284,275 
HCL Technologies Ltd.   12,509    232,131 

 

 

 

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

 

   Number of
Shares
   Value 
HDFC Bank Ltd.   116,518   $2,025,863 
Kotak Mahindra Bank Ltd.   121,906    2,617,115 
Macrotech Developers Ltd. (b)   14,112    191,196 
Oberoi Realty Ltd.   36,448    642,679 
Tata Consultancy Services Ltd.   32,972    1,537,577 
         7,530,836 
Indonesia — 1.4%          
Bank Central Asia Tbk. PT   843,200    535,855 
Bank Rakyat Indonesia Persero Tbk. PT   309,800    118,411 
         654,266 
Italy — 2.1%          
Ermenegildo Zegna NV   7,504    109,933 
PRADA SpA   112,500    891,377 
         1,001,310 
Japan — 2.2%          
Chugai Pharmaceutical Co. Ltd.   6,400    244,616 
Daiichi Sankyo Co. Ltd.   25,300    804,126 
         1,048,742 
Mexico — 14.2%          
America Movil SAB de CV ADR   55,640    1,038,242 
Fomento Economico Mexicano SAB de CV   104,624    1,367,806 
Grupo Financiero Banorte SAB de CV Class O   9,732    104,724 
Grupo Mexico SAB de CV Series B   482,423    2,862,629 
Wal-Mart de Mexico SAB de CV   329,222    1,341,170 
         6,714,571 
Netherlands — 0.6%          
Argenx SE ADR (a)   773    304,346 
Peru — 1.3%          
Credicorp Ltd.   3,531    598,257 
Philippines — 1.6%          
SM Investments Corp.   38,155    662,731 
SM Prime Holdings, Inc.   147,100    85,702 
         748,433 
Poland — 0.2%          
Allegro.eu SA (a) (b)   8,439    69,936 
Portugal — 1.6%          
Galp Energia SGPS SA   45,920    760,112 
Republic of Korea — 11.2%          
Kakao Corp.   4,534    183,302 
LG Chem Ltd.   1,331    435,197 
LG H&H Co. Ltd.   388    111,418 
NAVER Corp.   1,639    227,875 
Samsung Biologics Co. Ltd. (a) (b)   1,431    885,611 
Samsung Electronics Co. Ltd.   51,030    3,055,412 

 

 

 

 

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

 

   Number of
Shares
   Value 
SK Hynix, Inc.   3,054   $405,868 
         5,304,683 
Russia — 0.0%          
Novatek PJSC GDR (a) (b) (c) (d)   1,820     
Sberbank of Russia PJSC (c) (d)   7,525     
          
South Africa — 0.8%          
FirstRand Ltd. (e)   121,811    397,013 
Switzerland — 2.2%          
Cie Financiere Richemont SA Registered Class A   6,252    956,395 
Galderma Group AG (a)   1,398    98,202 
         1,054,597 
Taiwan — 9.9%          
MediaTek, Inc.   2,000    72,655 
Taiwan Semiconductor Manufacturing Co. Ltd.   188,000    4,529,659 
Voltronic Power Technology Corp.   1,000    51,613 
         4,653,927 
Turkey — 1.0%          
Akbank TAS   96,254    139,357 
BIM Birlesik Magazalar AS   7,427    80,720 
KOC Holding AS   24,692    155,313 
Migros Ticaret AS   5,038    63,665 
Yapi ve Kredi Bankasi AS   63,869    54,326 
         493,381 
United Arab Emirates — 0.3%          
Americana Restaurants International PLC   160,569    145,160 
United Kingdom — 1.1%          
AstraZeneca PLC   3,667    493,729 
           
TOTAL COMMON STOCK
(Cost $42,207,909)
        46,289,070 
           
PREFERRED STOCK — 1.1%          
Brazil — 1.1%          
Itau Unibanco Holding SA 3.699%          
   72,419    500,178 
           
TOTAL PREFERRED STOCK
(Cost $393,733)
        500,178 
           
TOTAL EQUITIES
(Cost $42,601,642)
        46,789,248 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $42,601,642)
        46,789,248 
           

 

 

 

 

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

 

   Principal
Amount
   Value 
SHORT-TERM INVESTMENTS — 0.7%          
Repurchase Agreement — 0.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (f)  $328,039   $328,039 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $328,039)
        328,039 
           
TOTAL INVESTMENTS — 99.7%
(Cost $42,929,681) (g)
        47,117,287 
           
Other Assets/(Liabilities) — 0.3%        144,622 
           
NET ASSETS — 100.0%       $47,261,909 

 

Abbreviation Legend

ADR American Depositary Receipt
GDR Global Depositary Receipt
PJSC Public Joint Stock Company

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $1,448,396 or 3.06% of net assets.
(c) Investment is valued using significant unobservable inputs.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $113,393 or 0.24% of net assets.
(e) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $318,320 or 0.67% of net assets. The Fund received $332,007 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(f) Maturity value of $328,098. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $334,700.
(g) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

Notes to Portfolio of Investments (Unaudited)

 

1. The Funds

 

MML Series Investment Fund II (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The Trust consists of 13 series, including the following 12 series listed below (each individually referred to as a "Fund" or collectively as the "Funds"):

 

MML Blend Fund ("Blend Fund")

MML Dynamic Bond Fund ("Dynamic Bond Fund")

MML Equity Fund ("Equity Fund")

MML Equity Rotation Fund ("Equity Rotation Fund")

MML High Yield Fund ("High Yield Fund")

MML Inflation-Protected and Income Fund ("Inflation-Protected and Income Fund")

MML iShares® 60/40 Allocation Fund ("iShares 60/40 Allocation Fund")

MML iShares® 80/20 Allocation Fund ("iShares 80/20 Allocation Fund")

MML Managed Bond Fund ("Managed Bond Fund")

MML Short-Duration Bond Fund ("Short-Duration Bond Fund")

MML Small Cap Equity Fund ("Small Cap Equity Fund")

MML Strategic Emerging Markets Fund ("Strategic Emerging Markets Fund")

 

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

 

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

 

2. Significant Accounting Policies

 

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

 

Investment Valuation

 

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

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

 

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

 

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

 

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

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including the following:

 

Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.

 

Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.

 

Cost approach: considers factors including the value of the security's underlying assets and liabilities.

 

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

 

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

 

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

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

 

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

 

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

 

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

 

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

 

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

 

The iShares 60/40 Allocation Fund and Small Cap Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2024. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The following is the aggregate value by input level, as of March 31, 2024, for the remaining Funds' investments:

 

Blend Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Exchange-Traded Funds  $698,144,206   $   $   $698,144,206 
Short-Term Investments   37,579,372    211,174        37,790,546 
Total Investments  $735,723,578   $211,174   $   $735,934,752 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Dynamic Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans  $   $6,411,815   $   $6,411,815 
Corporate Debt       79,068,153        79,068,153 
Non-U.S. Government Agency Obligations       29,638,713        29,638,713 
Sovereign Debt Obligations       13,580,329        13,580,329 
U.S. Government Agency Obligations and Instrumentalities       74,325,709        74,325,709 
U.S. Treasury Obligations       11,256,288        11,256,288 
Purchased Options   108,443    1,553        109,996 
Short-Term Investments   1,961,290    14,541,042        16,502,332 
Total Investments  $2,069,733   $228,823,602   $   $230,893,335 
                     
Asset Derivatives                    
Forward Contracts  $   $226,813   $   $226,813 
Futures Contracts   614,502            614,502 
Swap Agreements       2,038,928        2,038,928 
Total  $614,502   $2,265,741   $   $2,880,243 
                     
Liability Derivatives                    
Forward Contracts  $   $(583,312)  $   $(583,312)
Futures Contracts   (181,800)           (181,800)
Swap Agreements       (267,899)       (267,899)
Written Options   (110,519)   (11,035)       (121,554)
Total  $(292,319)  $(862,246)  $   $(1,154,565)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $860,027,699   $3,559,497*  $   $863,587,196 
Exchange-Traded Funds   4,173,263            4,173,263 
Short-Term Investments   1,776,216    2,114,455        3,890,671 
Total Investments  $865,977,178   $5,673,952   $   $871,651,130 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Rotation Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $57,518,555   $   $2,180   $57,520,735 
Short-Term Investments   104,941            104,941 
Total Investments  $57,623,496   $   $2,180   $57,625,676 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

High Yield Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans  $   $4,651,521   $   $4,651,521 
Corporate Debt       44,365,212        44,365,212 
Short-Term Investments   1,652,695    1,291,901        2,944,596 
Total Investments  $1,652,695   $50,308,634   $   $51,961,329 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Inflation-Protected and Income Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $976,026   $   $976,026 
Non-U.S. Government Agency Obligations       92,807,562    3,133,055    95,940,617 
U.S. Government Agency Obligations and Instrumentalities       19,160,924        19,160,924 
U.S. Treasury Obligations       34,355,867        34,355,867 
Short-Term Investments       29,579,469        29,579,469 
Total Investments  $   $176,879,848   $3,133,055   $180,012,903 
                     
Asset Derivatives                    
Futures Contracts  $40,175   $   $   $40,175 
Swap Agreements       3,341,267        3,341,267 
Total  $40,175   $3,341,267   $   $3,381,442 
                     
Liability Derivatives                    
Futures Contracts  $(4,098)  $   $   $(4,098)
Swap Agreements       (161,684)       (161,684)
Total  $(4,098)  $(161,684)  $   $(165,782)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

iShares 80/20 Allocation Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Exchange-Traded Funds  $70,081,132   $   $   $70,081,132 
Short-Term Investments   47,950    141,907        189,857 
Total Investments  $70,129,082   $141,907   $   $70,270,989 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Managed Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $247,260,941   $   $247,260,941 
Non-U.S. Government Agency Obligations       147,075,454        147,075,454 
Sovereign Debt Obligations       1,374,990        1,374,990 
U.S. Government Agency Obligations and Instrumentalities       193,554,042        193,554,042 
U.S. Treasury Obligations       50,881,916        50,881,916 
Short-Term Investments   1,233,210    92,930,943        94,164,153 
Total Investments  $1,233,210   $733,078,286   $   $734,311,496 
                     
Asset Derivatives                    
Futures Contracts  $505,124   $   $   $505,124 
                     
Liability Derivatives                    
Futures Contracts  $(25,999)  $   $   $(25,999)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Short-Duration Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $   $53,909,679   $   $53,909,679 
Non-U.S. Government Agency Obligations       41,831,611        41,831,611 
U.S. Government Agency Obligations and Instrumentalities       1,605        1,605 
U.S. Treasury Obligations       682,561        682,561 
Short-Term Investments   554,000    21,633,715        22,187,715 
Total Investments  $554,000   $118,059,171   $   $118,613,171 
                     
Liability Derivatives                    
Futures Contracts  $(101,469)  $   $   $(101,469)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Emerging Markets Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Brazil  $1,903,606   $895,176   $   $2,798,782 
Chile   381,614    347,830        729,444 
China   5,535,548    2,572,998        8,108,546 
France       2,656,182        2,656,182 
Hong Kong       22,817        22,817 
India       7,530,836        7,530,836 
Indonesia       654,266        654,266 
Italy   109,933    891,377        1,001,310 
Japan       1,048,742        1,048,742 
Mexico   1,038,242    5,676,329        6,714,571 
Netherlands   304,346            304,346 
Peru   598,257            598,257 
Philippines       748,433        748,433 
Poland       69,936        69,936 
Portugal       760,112        760,112 
Republic of Korea       5,304,683        5,304,683 
Russia           +    
South Africa       397,013        397,013 
Switzerland       1,054,597        1,054,597 
Taiwan       4,653,927        4,653,927 
Turkey       493,381        493,381 
United Arab Emirates       145,160        145,160 
United Kingdom       493,729        493,729 
Preferred Stock*                    
Brazil       500,178        500,178 
Short-Term Investments       328,039        328,039 
Total Investments  $9,871,546   $37,245,741   $   $47,117,287 

 

*Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.
+Represents a security at $0 value as of March 31, 2024.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Derivative Instruments

 

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

 

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

 

Securities Lending

 

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

 

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2024, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

 

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

 

Accounting for Investment Transactions

 

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

 

Foreign Currency Translation

 

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

 

Foreign Securities

 

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

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Federal Income Tax

 

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

 

Dividends and Distributions to Shareholders

 

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

 

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

 

3. Federal Income Tax Information

 

At March 31, 2024, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

 

   Federal Income
Tax Cost
   Tax Basis
Unrealized
Appreciation
   Tax Basis
Unrealized
(Depreciation)
   Net Unrealized
Appreciation
(Depreciation)
 
Blend Fund  $648,386,981   $126,633,393   $(39,085,622)  $87,547,771 
Dynamic Bond Fund   246,580,791    2,473,135    (18,160,591)   (15,687,456)
Equity Fund   636,870,249    237,766,230    (2,985,349)   234,780,881 
Equity Rotation Fund   51,423,273    7,237,847    (1,035,444)   6,202,403 
High Yield Fund   53,215,378    838,387    (2,092,436)   (1,254,049)
Inflation-Protected and Income Fund   184,830,652    722,445    (5,540,194)   (4,817,749)
iShares 60/40 Allocation Fund   42,009,896    3,151,213    (1,111,529)   2,039,684 
iShares 80/20 Allocation Fund   62,701,564    8,103,774    (534,349)   7,569,425 
Managed Bond Fund   783,345,612    4,147,204    (53,181,320)   (49,034,116)
Short-Duration Bond Fund   123,612,653    368,162    (5,367,644)   (4,999,482)
Small Cap Equity Fund   84,913,138    48,479,513    (4,150,697)   44,328,816 
Strategic Emerging Markets Fund   42,929,681    6,643,272    (2,455,666)   4,187,606 

 

4. New Accounting Pronouncements

 

In December 2022, FASB issued Accounting Standards Update 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). ASU 2022-06 is an update of ASU 2020-04, which responded to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

5. Russia-Ukraine War

 

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