SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

MML Series Investment Fund II – ‘N-CSR/A’ for 12/31/17

On:  Tuesday, 2/27/18, at 2:04pm ET   ·   Effective:  2/27/18   ·   For:  12/31/17   ·   Accession #:  1193125-18-60464   ·   File #:  811-21714

Previous ‘N-CSR’:  ‘N-CSR’ on 2/26/18 for 12/31/17   ·   Next & Latest:  ‘N-CSR’ on 2/26/19 for 12/31/18

  in   Show  &   Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/27/18  MML Series Investment Fund II     N-CSR/A    12/31/17    4:8.7M                                   Donnelley...Solutions/FAMML Asset Momentum Fund Class IIService Class IMML Blend Fund Initial ClassService ClassMML Dynamic Bond Fund Class IIService Class IMML Equity Fund Initial ClassService ClassMML Equity Rotation Fund Class IIService Class IMML High Yield Fund Class IIService Class IMML Inflation-Protected and Income Fund Initial ClassService ClassMML Managed Bond Fund Initial ClassService ClassMML Short-Duration Bond Fund Class IIService Class IMML Small Cap Equity Fund Initial ClassService ClassMML Special Situations Fund Class IIService Class IMML Strategic Emerging Markets Fund Class IIService Class IMML U.S. Government Money Market Fund Initial Class

Amendment to Certified Annual Shareholder Report by a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR/A     Mml Series Investment Fund Ii                       HTML   4.61M 
 4: EX-99.906CERT  Certification Pursuant to Section 906            HTML      9K 
 3: EX-99.CERT  Certification Pursuant to Section 302               HTML     15K 
 2: EX-99.CODE  Code of Ethics                                      HTML     41K 


N-CSR/A   —   Mml Series Investment Fund Ii
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Table of Contents
"President's Letter to Shareholders (Unaudited)
"Economic and Market Overview (Unaudited)
"Portfolio Manager Report (Unaudited)
"MML Blend Fund
"MML Equity Fund
"MML Managed Bond Fund
"MML U.S. Government Money Market Fund
"Statements of Assets and Liabilities
"Statements of Operations
"Statements of Changes in Net Assets
"Financial Highlights
"Notes to Financial Statements
"Report of Independent Registered Public Accounting Firm
"Trustees and Officers (Unaudited)
"Federal Tax Information (Unaudited)
"Proxy Voting
"Quarterly Reporting
"Trustees' Approval of Investment Advisory Contracts
"Fund Expenses
"Portfolio Manager Reports (Unaudited)
"MML Asset Momentum Fund
"MML Dynamic Bond Fund
"MML Equity Rotation Fund
"MML High Yield Fund
"MML Inflation-Protected and Income Fund
"MML Short-Duration Bond Fund
"MML Small Cap Equity Fund
"MML Special Situations Fund
"MML Strategic Emerging Markets Fund
"Statement of Cash Flows
"Other Information (Unaudited)

This is an HTML Document rendered as filed.  [ Alternative Formats ]



  MML Series Investment Fund II  
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number        811-21714                                                                                                                                                  

 

                MML Series Investment Fund II

          (Exact name of registrant as specified in charter)

 

100 Bright Meadow Blvd., Enfield, CT                                06082

  (Address of principal executive offices)                                                     (Zip code)

Tina Wilson

 

100 Bright Meadow Blvd., Enfield, CT                            06082

                                                                   (Name and address of agent for service)

Registrant’s telephone number, including area code:    (860) 562-1000                    

Date of fiscal year end:      12/31/2017                  

Date of reporting period:     12/31/2017                

 


Table of Contents

Item 1. Reports to Stockholders.

 


Table of Contents

LOGO


Table of Contents

Table of Contents

 

President’s Letter to Shareholders (Unaudited)

     1  

Economic and Market Overview (Unaudited)

     3  

Portfolio Manager Report (Unaudited)

     5  

Portfolio of Investments

  

MML Blend Fund

     17  

MML Equity Fund

     42  

MML Managed Bond Fund

     47  

MML U.S. Government Money Market Fund

     69  

Statements of Assets and Liabilities

     70  

Statements of Operations

     72  

Statements of Changes in Net Assets

     74  

Financial Highlights

     76  

Notes to Financial Statements

     80  

Report of Independent Registered Public Accounting Firm

     101  

Trustees and Officers (Unaudited)

     102  

Federal Tax Information (Unaudited)

     106  

Other Information (Unaudited)

  

Proxy Voting

     107  

Quarterly Reporting

     107  

Trustees’ Approval of Investment Advisory Contracts

     107  

Fund Expenses

     108  

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MML Series Investment Fund II. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.


Table of Contents

MML Series Investment Fund II – President’s Letter to Shareholders (Unaudited)

 

To Our Shareholders

 

LOGO

Tina Wilson

“MassMutual believes that ever-changing market conditions have the potential to benefit people who maintain a long-term perspective on investing.”

December 31, 2017

Continued strength in U.S. markets benefits equity investors; global markets stabilize

I am pleased to present you with the MML Series Investment Fund II Annual Report, covering the year ended December 31, 2017 (the “fiscal year”). Domestic stocks enjoyed strong performance during the fiscal year, as investor sentiment was buoyed by campaign promises focused on tax reforms, infrastructure spending, health care reform, and the creation of American jobs. One campaign promise fulfilled was the passage of tax reform, as President Trump signed sweeping tax legislation (i.e., the Tax Cuts and Jobs Act) into law on December 22, 2017.

Foreign stocks also performed well for investors, as European markets stabilized significantly with Brexit concerns shifting to the actual details of executing Great Britain’s separation from the European Union. Asian markets also stabilized, even though geopolitical tensions in the region escalated due to China’s disputed expansion in the South China Sea, North Korea’s increased nuclear and missile arsenal, and lingering suspicions regarding Russia’s covert involvement in the American political process and its participation in Middle Eastern conflicts. Japan’s economic policies also appeared to be helping that country overcome its long-term economic challenges.

While equity markets added to an impressive string of consecutive quarters with positive results, investment-grade bond investors found it more difficult to generate satisfying returns during the period.

In MassMutual’s view, the ongoing uncertainties associated with investing in today’s markets validate the importance of taking a long-term perspective and not reacting to current events or short-term market changes. We also believe investors preparing for retirement who follow certain investment guidelines, such as the ones below, may increase their chances of reaching their long-term income retirement goals.

Suggestions for retirement investors under any market conditions

Save as much as you can

There is no way to predict how the markets will perform. But you can control how often and how much you contribute to your retirement accounts. Contributing as much as you can and increasing your contribution level as often as possible may be one way to help you realize your retirement income goals.*

Invest in all market conditions

Many seasoned investors believe that retirement savers who can tolerate a market downturn have the potential to be rewarded by accumulating larger positions at more favorable prices (compared to those who do not invest during a down market). That’s why financial professionals often advise their clients to stay in the market, regardless of short-term results.

Retirement investors have time on their side

For most, saving and investing for retirement occurs over many decades. While most retirement investors may be familiar with market volatility, savvy investors know that adopting a long-term view of the markets can help them withstand all market conditions.

 

 

  * Systematic investing and asset allocation do not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

(Continued)

 

1


Table of Contents

MML Series Investment Fund II – President’s Letter to Shareholders (Unaudited) (Continued)

 

Monitor your asset allocation regularly – and diversify

Stocks, bonds, and short-term/money market investments typically (although not always) behave differently, depending on the economic and market environment. Each of these asset classes contains an even greater array of sub-categories, such as small-cap stocks, international stocks, and high-yield bonds. Many financial professionals believe that investors can take advantage of different opportunities in the market and reduce the risk of over-exposure to one or two poorly performing investment types by maintaining retirement accounts that contain a mix of investment types and sub-categories.

Make informed choices and seek professional guidance

Many financial advisors suggest that retirement investors select an appropriate combination of investments that aligns with their retirement income goals. Doing so can help you withstand the inevitable ups and downs of the markets.

If you work with a financial professional, this may be an excellent time to contact him or her for assistance in assessing whether or not you:

 

    may be saving enough for adequate retirement income based on your long-term needs;

 

    are invested properly for all market conditions, based on your retirement income goals and objectives and where you are in your retirement planning journey; and

 

    feel you are taking the right steps to help reduce your longevity risk, which is related to the possibility that you could “outlive” your retirement savings.

We’re people protecting people

MassMutual believes that nothing matters more than people. Our commitment has always been to help you care for the people you care about. We’ve helped people secure their future and protect the ones they love since 1851. And that’s why we consistently encourage retirement investors to maintain a long-term view toward retirement investing, and avoid reacting to short-term market movements. We believe that ever-changing market conditions have the potential to benefit people who maintain a long-term perspective on investing. Thank you for your continued confidence in MassMutual.

Sincerely,

 

LOGO

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/18 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

 

2


Table of Contents

MML Series Investment Fund II – Economic and Market Overview (Unaudited)

 

December 31, 2017

Market Highlights

 

    U.S. stock investors enjoyed strong performance during the fiscal year, bolstered by a rally which started after the November 2016 U.S. presidential election.

 

    Data throughout the period pointed to sustained improvements in the global economic environment.

 

    Foreign markets rebounded over the past 12 months, even though geopolitical turbulence increased in some regions.

 

    The Federal Reserve Board (the “Fed”) raised short-term interest rates three times during the reporting period and introduced a plan to shrink its balance sheet, beginning in 2017.

 

    Investment-grade bond investors saw the smallest returns during this annual reporting cycle.

Market Environment

U.S. stock investors enjoyed strong performance during the fiscal year ended December 31, 2017, bolstered by a rally which started after the November 2016 U.S. presidential election. All major domestic stock indexes registered positive returns during the period, though returns varied widely across asset classes and investment types.

Following the surprising election of Donald J. Trump as the 45th President of the United States, investor sentiment was buoyed by campaign promises focused on tax reforms, infrastructure spending, health care reform, and the creation of American jobs. While the Trump administration and the Republican-led Congress struggled, for a good bit of the year, to turn campaign promises into policy realities, investor sentiment remained high through the end of the reporting period. One campaign promise that the President was able to fulfill, however, was the passage of tax reform (i.e., the Tax Cuts and Jobs Act), which he signed into law on December 22, 2017.

Consecutive improved quarterly earnings reports fueled strong investor sentiment. For each quarterly reporting cycle of this fiscal year, the majority of American corporations reported earnings and sales that beat forecasts. (This, despite the fact that many companies cited the impact of hurricanes and high foreign exchange rates as negatively impacting earnings or revenue in the third quarter.) While the market generally acknowledges that stock valuations are high by historical standards, strong earnings and sales results appear to justify ongoing investor participation in equity markets.

Continued improving domestic economic data also supported investor confidence over the past 12 months. In 2017, the scope of improved economic data expanded to include developed international markets. European markets stabilized significantly as Brexit concerns shifted to the actual details of executing Great Britain’s separation from the European Union (EU). Prime Minister Teresa May triggered Article 50 of the Lisbon Treaty (which outlines the process for EU members to withdraw from the EU) on March 29, 2017 – setting the time frame for Britain to officially leave the EU as no later than April 2019. Continued German economic strength, bolstered by Angela Merkel’s re-election in September 2017, added stability to EU and global markets. Emmanuel Macron’s resounding victory in France’s May 2017 presidential election seemed to stem the populist political tide that had added turbulence to EU markets.

Asian markets also stabilized, even though geopolitical tensions in the region escalated due to China’s disputed expansion in the South China Sea, North Korea’s increased nuclear and missile arsenal, and lingering suspicions regarding Russia’s covert involvement in the American political process and its participation in Middle Eastern conflicts. China’s central bank managed to successfully navigate concerns about production declines, real estate, currency pricing, and the growing Chinese middle class. Japan’s economic policies also appeared to be helping that country overcome its long-term economic challenges.

The Fed continued to influence domestic and global markets during this annual reporting cycle, but generally improving economic conditions muted that influence. The Fed raised short-term interest rates three times during the fiscal year – in March, June and December of 2017. After starting the reporting period at 0.75%, the short-term interest rate ended the year at 1.50%. In September, the Fed introduced plans to begin selling down its balance sheet, ending the era of Quantitative Easing (i.e., the Fed’s program of encouraging economic growth by purchasing government bonds). In other Fed news, President Trump announced his

 

3


Table of Contents

MML Series Investment Fund II – Economic and Market Overview (Unaudited) (Continued)

 

selection of Jerome Powell as the next Fed chair following current chair Janet Yellen’s term. The selection, which was largely anticipated, is expected to be supportive of markets. As noted earlier, the Fed’s impact on the markets in 2017 was relatively muted compared to recent years, when the mere threat of a rate hike added turbulence to markets. During this reporting period, Fed actions did not negatively disrupt markets.

During the one-year period ended December 31, 2017, the technology-focused NASDAQ Composite® Index rose 29.64%, the S&P 500® Index (S&P 500) of large-capitalization U.S. stocks gained 21.83%, the Dow Jones Industrial AverageSM grew 28.11%, and the Russell 2000® Index of small-capitalization stocks added 14.65%. Notably, this marks the second consecutive year these indexes logged double-digit returns. Domestic large-cap growth stocks outperformed other domestic indexes for the reporting period, as the Russell 1000® Growth Index reported a remarkable 30.21% return.

In foreign markets, the MSCI EAFE® Index, a barometer for foreign stocks in developed markets, returned an impressive 25.03% for the fiscal year. Developing market companies also delivered strong performance for the period, as the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, rose an astounding 37.28%.*

Investment-grade bond investors were once again left largely on the sidelines, as the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, advanced only 3.54% for the period. Market yields generally accelerated following last November’s U.S. presidential election. Since bond prices typically fall during periods of rising interest rates, this was a particularly challenging time for the bond market.

Yield on the 2-year U.S. Treasury bond rose to end the reporting period at 1.88%. Yield on the 10-year Treasury bond dropped a modest 0.03%, ending the period at 2.41%. With equity markets returning double-digit growth for the second consecutive year, high-yield corporate bonds outperformed other fixed-income investments, as the Bloomberg Barclays U.S. Corporate High-Yield Index, which measures the performance of fixed-rate, below-investment-grade debt securities from corporate sectors, delivered a return of 7.50%.*

With nine consecutive quarters of positive returns for the S&P 500 now in the history books, thoughtful investors are asking themselves how long this upward climb can continue. We remain convinced that a broadly diversified portfolio aligned to a long-term strategy is, for those investors seeking retirement income, the wisest course. When one side of the market enjoys outsized growth for a long period of time, portfolios may become overweight in one asset class. Consequently, as we close out this fiscal year, you may find that this is the right time to evaluate your portfolio to ensure that it matches your overall risk tolerance, investment strategy and objectives.

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/18 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

 

* Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

 

4


Table of Contents

MML Blend Fund – Portfolio Manager Report (Unaudited)

 

What is the investment approach of MML Blend Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve as high a level of total rate of return over an extended period of time as is considered consistent with prudent investment risk and the preservation of capital. The Fund invests across different asset classes (equity securities, fixed income securities, including bank loans and Rule 144A securities, and money market instruments), each represented by a different segment of the Fund’s portfolio. The subadviser typically adjusts the allocation among the three segments, based on its judgment about each segment’s potential for returns in comparison with those of other segments and corresponding risk. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 15.25%, significantly underperforming the 21.83% return of the S&P 500® Index (the “stock component’s benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund outperformed, by a wide margin, the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “bond component’s benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities. The Fund outperformed the 14.10% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. Finally, the Fund outperformed the 14.26% return of the Custom Balanced Index (the “blend benchmark”), which comprises the stock component’s benchmark and the bond component’s benchmark. The weightings of each index are 60% and 40%, respectively.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2017, the Fund had a substantial portion of its portfolio invested in equities, which rose over 21% in 2017. Within the equity investments in the Fund, a lower-than-benchmark allocation to strong-performing large-cap growth stocks, such as Amazon, detracted from the Fund’s relative performance during the year, since growth stocks outperformed their value counterparts by 16.5% in 2017. The companies that have been growing their earnings and revenues the most had the highest return in 2017. Often investors will favor value-oriented companies when the economy is accelerating, as they generally benefit from cyclical growth; in 2017, however, that was not the case. Instead, investors clamored to own companies that were growing rapidly, and many of these companies were beneficiaries of the use of data and artificial intelligence. Generally, these companies underperformed in 2016, so some of the 2017 gains were catch-up, but certainly not all. We believe the rest has been a realization by investors that these companies are extremely profitable, earning high margins – and may be able to maintain those growth levels for longer than many had previously believed. For example, Alphabet, the parent company of well-known web search company Google, collects massive amounts of data each day and makes the bulk of their money by selling that data. Alphabet rose over 32% in 2017, and their earnings are estimated to have risen over 16% in 2017. (The company’s share price rose only 1.8% in 2016, even as their earnings grew 22%.) On the opposite end of the spectrum, companies that pay high dividends generally underperformed the rest of the market, as investors have begun to question how much should be paid for these slow-growing companies.

In the Fund’s fixed-income investments, the Fund was more invested in corporate bonds than was the bond component’s benchmark, and this helped performance. (Corporate bonds often have performance that more similarly resembles equity performance, rather than bond performance.) The Fund was also able to successfully navigate between 30- and 15-year mortgages over the period, based on relative value pricing, proving that positive performance contributions can be found even in challenging periods.

The Fund is permitted to use derivative instruments. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. The equity portion of the Fund did not use derivatives during the year. The fixed-income component uses derivative instruments for yield curve, duration, downside hedging and to gain exposures. They may also be used as a substitute as a direct investment. In aggregate, these positions detracted from performance for the year.

 

5


Table of Contents

MML Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

 

Subadviser outlook

Looking to 2018, we continue to favor equities, as the fundamental reason for their higher than normal margins has not changed. Companies have had lower growth in wage cost due to the globalization of labor markets and the move to automation. These trends are in place, and we don’t see them changing dramatically in 2018. As for the high-growth companies, we remember a similar run by the internet companies in the late 1990s. We believe there are fundamental differences now because the current crop of big growers is making a tremendous amount of money. Valuation does ultimately matter, though, so our view is that these companies will need to continue to grow rapidly to support their high valuations. Some will not be able to, but the Fund is invested in some that Fund management believes will.

 

MML Blend Fund
Portfolio Characteristics
(% of Net Assets) on 12/31/17
 
   

Common Stock

     70.2

Corporate Debt

     10.2

Non-U.S. Government Agency Obligations

     8.5

U.S. Government Agency Obligations and Instrumentalities

     7.4

U.S. Treasury Obligations

     2.8

Sovereign Debt Obligations

     0.2

Municipal Obligations

     0.2

Purchased Options

     0.1

Preferred Stock

     0.1

Rights

     0.0
    

 

 

 

Total Long-Term Investments

     99.7

Short-Term Investments and Other Assets and Liabilities

     0.3
    

 

 

 

Net Assets

     100.0
    

 

 

 

 

6


Table of Contents

MML Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

 

Growth of a $10,000 Investment

Hypothetical Investments in MML Blend Fund Initial Class, the S&P 500 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Ten Year
Average
Annual
1/1/08 -
12/31/17
 
Initial Class     15.25%       11.00%       7.62%  
S&P 500 Index*     21.83%       15.79%       8.50%  

Bloomberg Barclays U.S. Aggregate Bond Index

    3.54%       2.10%       4.01%  
Lipper Balanced Fund Index     14.10%       8.73%       5.73%  
Custom Balanced Index     14.26%       10.25%       7.09%  

Hypothetical Investments in MML Blend Fund Service Class, the S&P 500 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Since
Inception
Average
Annual
8/15/08 -
12/31/17
 
Service Class     14.97%       10.73%       8.63%  
S&P 500 Index*     21.83%       15.79%       10.42%  

Bloomberg Barclays U.S. Aggregate Bond Index

    3.54%       2.10%       4.15%  
Lipper Balanced Fund Index     14.10%       8.73%       7.00%  
Custom Balanced Index     14.26%       10.25%       8.29%  

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

 

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

 

LOGO

 

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

* Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

 

7


Table of Contents

MML Equity Fund – Portfolio Manager Report (Unaudited)

 

What is the investment approach of MML Equity Fund, and who are the Fund’s subadvisers?

The Fund’s primary objective is to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. The Fund invests primarily in common stocks of companies that the subadvisers believe are undervalued in the marketplace, with a focus on securities of larger size companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks, preferred stocks, securities convertible into common or preferred stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. The Fund typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of its total assets in foreign securities and American Depositary Receipts (“ADRs”), including developed and emerging market securities. The Fund may invest up to 10% of its net assets in debt securities. The Fund’s two subadvisers are OppenheimerFunds, Inc. (OFI), which managed approximately 59% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which was responsible for approximately 41% of the Fund’s portfolio, as of December 31, 2017. Effective December 4, 2017, Brandywine Global replaced Loomis, Sayles & Company, L.P. (Loomis Sayles) as a co-subadviser of the MML Equity Fund.

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 15.79%, outperforming the 13.66% return of the Russell 1000® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the time that Loomis Sayles served as co-subadviser for the Fund (January 1 – December 3, 2017), the Fund component holdings that contributed most to performance were Bank of America and JPMorgan Chase. Solid earnings results plus various positive developments on the deregulation front served as positive catalysts for stocks within the financials sector, as did the beneficial outlook for these shares due to the prospects of tax reform passage. Two Fund component holdings detracted the most from full-year returns: Advance Auto Parts and Anadarko Petroleum. Shares of Advance Auto Parts came under severe pressure throughout the year, due to the combination of elevated expectations and industry deceleration. Anadarko underperformed in the wake of the Colorado home explosion that originated from a gas leak in a nearby well. While it is unclear who will ultimately be deemed responsible for the explosion, Anadarko, as the owner of the well at the time of the tragedy, saw its share price decline.

For the time that Brandywine Global served as co-subadviser for the Fund (December 4 – December 31, 2017), many of this Fund component’s lowest-momentum energy holdings performed extraordinarily well, as the price of crude oil moved markedly higher. This Fund component’s underweight allocation, relative to the benchmark, to the utilities sector (the worst-performing sector in December by a wide margin) benefited performance. Fund component holdings in the energy and technology sectors hindered performance.

With respect to the OFI portion of the Fund, the top-performing Fund component holdings were in the financials sector, including Bank of America and JPMorgan Chase. The financials sector in general performed well in 2017, as investors became more optimistic about tax reform, which they viewed could positively impact banks. Bank of America and JPMorgan were both beneficiaries of the rally in financial stocks. Another top contributor was XPO Logistics, Inc. Shares of this Fund component holding, a vertically integrated logistics company providing both freight brokerage and trucking services, advanced strongly – due to solid margin improvement after integrating the 2015 acquisition of trucking company Con-Way. Top detractors from performance included energy Fund component holdings Hess Corporation (an American global energy company engaged in the exploration and production of crude oil and natural gas) and Weatherford International plc, one of the largest multinational oilfield service companies. Financial stock Synchrony Financial was another Fund component holding that detracted from results. Synchrony Financial, which provides private label credit cards to merchants, declined after reporting financial results that fell short of expectations. OFI eliminated the position from its portfolio.

 

8


Table of Contents

MML Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

 

Subadviser outlook

In the view of Brandywine Global, the economy remains quite strong as we head into 2018. Our bottom-up sector weighting remains more pro-cyclical and positively exposed to higher interest rates. At year end, our Fund component held overweight positions in consumer discretionary, technology, and banks and insurance companies within the finance sector, as well as large underweights in higher-yielding utilities and real estate companies. In our view, changes in tax policy have the potential to continue to benefit our Fund component holdings in the industrials, consumer discretionary and financial sectors, particularly if tax reform ultimately contributes to higher economic growth than expected.

OFI observes that 2017 was characterized by improving global economic activity. As bottom-up value investors, we believe there are attractively valued stocks that can benefit from these positive trends. While many investors focus on a short-term view when considering potential investments, we use in-depth fundamental research to identify companies that could be poised for an unanticipated acceleration in return on invested capital over a multi-year time horizon.

 

MML Equity Fund
Largest Holdings

(% of Net Assets) on 12/31/17
 
   

JP Morgan Chase & Co.

     4.7

Bank of America Corp.

     3.3

Chevron Corp.

     2.8

Citigroup, Inc.

     2.5

Wal-Mart Stores, Inc.

     2.4

Pfizer, Inc.

     2.2

Apple, Inc.

     2.0

UnitedHealth Group, Inc.

     1.8

Suncor Energy, Inc.

     1.7

Johnson & Johnson

     1.7
    

 

 

 
       25.1
    

 

 

 
MML Equity Fund
Sector Table

(% of Net Assets) on 12/31/17
 
   

Financial

     30.8

Consumer, Non-cyclical

     16.1

Industrial

     10.7

Consumer, Cyclical

     10.2

Technology

     9.7

Energy

     9.5

Communications

     6.5

Mutual Funds

     2.9

Utilities

     2.8

Basic Materials

     1.9
    

 

 

 

Total Long-Term Investments

     101.1

Short-Term Investments and Other Assets and Liabilities

     (1.1 )% 
    

 

 

 

Net Assets

     100.0
    

 

 

 

 

 

 

9


Table of Contents

MML Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

 

Growth of a $10,000 Investment

Hypothetical Investments in MML Equity Fund Initial Class and the Russell 1000 Value Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Ten Year
Average
Annual
1/1/08 -
12/31/17
 
Initial Class     15.79%       13.36%       6.24%  
Russell 1000 Value Index     13.66%       14.04%       7.10%  

Hypothetical Investments in MML Equity Fund Service Class and the Russell 1000 Value Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Since
Inception
Average
Annual
8/15/08 -
12/31/17
 
Service Class     15.50%       13.08%       8.05%  
Russell 1000 Value Index     13.66%       14.04%       9.13%  

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

 

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

 

LOGO

 

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

 

10


Table of Contents

MML Managed Bond Fund – Portfolio Manager Report (Unaudited)

 

What is the investment approach of MML Managed Bond Fund, and who is the Fund’s subadviser?

The Fund’s investment objective is to achieve as high a total rate of return on an annual basis as is considered consistent with the preservation of capital. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 4.69%, outperforming the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2017, the Fund’s overweight allocation, relative to the benchmark, to investment-grade corporate bonds was a positive contributor to performance. Security selection within the banking sector benefited full-year returns, despite the Fund being slightly underweight in this sector. The Fund’s exposure to the insurance sector also contributed positively to performance, as insurers continued to improve their earnings and capital positions.

An overweight to asset-backed securities (ABS) sector was the primary positive contributor within the securitized sector, with holdings concentrated in government-guaranteed FFELP (Federal Family Education Loan Program) student loans. Once rating review and action was taken by the Nationally Recognized Statistical Rating Organizations early in 2017, prices on these securities recovered.

Agency mortgage-backed securities (MBS) also contributed to performance. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.) The Fund held an underweight stake in this sector, on average, as it has provided relatively low returns. Tactical positioning in lower-coupon securities during the beginning of the period and rotating into higher coupons later helped performance. The Fund was also able to successfully navigate between 30- and 15-year mortgages over the period, based on relative value pricing, proving that positive performance contributions can be found even in challenging periods.

Fund holdings within the integrated oil sector detracted from performance. Within energy, the Fund was positioned in the pipeline and drilling sub-sectors, as those companies are diversified and less sensitive to the spot price of oil. Taxable municipal bonds also hampered performance. The Fund managed to avoid headline names in the municipal market, but overall sector performance lagged relative to the benchmark, as late in the year many of those troubled headline names rallied amid strong economic conditions.

The Fund uses derivative instruments – securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties – for yield curve, duration, downside hedging and to gain exposures. They may also be used as a substitute for a direct investment. In aggregate, these positions detracted from performance over the year.

Subadviser outlook

Our view is that global growth prospects remain relatively sound. This has pushed short-maturity government bond yields higher, as market participants have begun to reappraise future monetary policy expectations. Longer-dated maturity yields have fallen – reflecting the current benign inflation environment. Risk assets have performed well, suggesting that investors are increasingly taking note of a period of stronger, synchronized global growth.

 

11


Table of Contents

MML Managed Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

 

As we move into 2018, the Fund is focusing on yield opportunities away from Treasury and government bonds. In our view, ABS is attractive, relative to other shorter-duration fixed-income asset classes. The natural liquidity profile from monthly principal paydowns provides a frequent source of income. We believe that corporate fundamentals, though still stretched, are improving, and could continue with a tailwind from a weaker U.S. dollar and tax reform-fueled stronger earnings. For now, economic and market volatility remains subdued, but we believe it could tick upward as global central banks become more hawkish, suggesting that “credit picking” could continue to trump sector rotation strategies.

 

MML Managed Bond Fund
Portfolio Characteristics

(% of Net Assets) on 12/31/17
 
   

Corporate Debt

     35.2

Non-U.S. Government Agency Obligations

     28.7

U.S. Government Agency Obligations and Instrumentalities

     25.2

U.S. Treasury Obligations

     7.2

Municipal Obligations

     0.8

Sovereign Debt Obligations

     0.7

Purchased Options

     0.4

Preferred Stock

     0.2
    

 

 

 

Total Long-Term Investments

     98.4

Short-Term Investments and Other Assets and Liabilities

     1.6
    

 

 

 

Net Assets

     100.0
    

 

 

 

 

12


Table of Contents

MML Managed Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

 

Growth of a $10,000 Investment

Hypothetical Investments in MML Managed Bond Fund Initial Class and the Bloomberg Barclays U.S. Aggregate Bond Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Ten Year
Average
Annual
1/1/08 -
12/31/17
 
Initial Class     4.69%       2.26%       4.35%  

Bloomberg Barclays U.S. Aggregate Bond Index

    3.54%       2.10%       4.01%  

Hypothetical Investments in MML Managed Bond Fund Service Class and the Bloomberg Barclays U.S. Aggregate Bond Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Since
Inception
Average
Annual
8/15/08 -
12/31/17
 
Service Class     4.43%       2.00%       4.35%  

Bloomberg Barclays U.S. Aggregate Bond Index

    3.54%       2.10%       4.15%  

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

 

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

 

LOGO

 

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

 

13


Table of Contents

MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited)

 

What is the investment approach of MML U.S. Government Money Market Fund, and who is the Fund’s subadviser?

The Fund’s investment objective is to achieve current income consistent with preservation of capital and liquidity. The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements fully collateralized by cash or U.S. Government securities. It is important to note that this Fund seeks to maintain, but does not guarantee, a stable $1.00 share price. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. Government securities and repurchase agreements that are fully collateralized by U.S. Government securities. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 0.36%, underperforming the 0.84% return of the Citigroup 3-Month Treasury Bill Index (the “benchmark”), which measures the performance of the last three three-month Treasury bill month-end rates.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

Short-term interest rates have started to move off their historical lows, as monetary policy ever so slowly starts to tighten. LIBOR (London Interbank Offered Rate) rates increased over the last year, due to Federal Reserve (the “Fed”) rate hikes in March, June and December of 2017. One-month LIBOR has increased 0.73% to 1.50% over the year and three-month LIBOR increased 0.63% to 1.63% over the 12-month period.

In 2016, the Fund converted to a government-only fund from a prime fund. The Fund consists of United States government securities or those issued by one of the U.S. government agencies. The Fund bought a large amount of adjustable rate agency paper in order to maximize yield while keeping the Weighted Average Maturity (WAM) at a manageable level. These adjustable rate issues continued to provide an attractive yield advantage for the Fund, as the Fed raised rates three times in 2017, sending LIBOR higher. The Fund does have some exposure to longer-dated fixed-maturity agency paper. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) Almost all of that paper matures in the first quarter of 2018. These instruments trade slightly cheaper than U.S. Treasury bills.

The Fund underperformed its benchmark due to shortening of WAM during the period. The WAM of the Fund dropped quite a bit in 2017, but the Weighted Average Life (WAL), which takes into account a bond’s final maturity date, has not dropped nearly as much. Much of the drop in WAM can be attributed to many more one-month agency adjustable rate issues (instead of three-month issues) being purchased in 2017, as the Fund tried to capitalize on the flattening between the one-month and three-month LIBOR curve. The other component of the drop in WAM has been the Fund’s desire to keep fixed rate purchases short of, or right around, any Fed meeting that might be in play. In the last 12 months, we have seen the Fed hike rates three times. The decrease in WAM has allowed the Fund to react quickly to changing market conditions and to maintain its commitment to the objectives of stability and liquidity. In addition to WAM shortening, fund expenses also contributed to under performance compared to the benchmark.

Subadviser outlook

In our view, global growth prospects remain relatively sound. This has pushed short government bond yields and LIBOR higher, as market participants have begun to reappraise future monetary policy expectations across both domestic and international markets. Risk assets have performed well, suggesting that investors are looking at better global growth prospects.

The Fund is buying adjustable rate issues when it makes sense and keeping most fixed rate purchases short. In a rising rate environment, such as the one we are in, the WAM of the Fund should not rise meaningfully, and may even drop, as two to three

 

14


Table of Contents

MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)

 

more interest rate hikes could materialize in 2018. As a way to protect against these future hikes, the Fund will continue to purchase adjustable rate paper and short fixed rate paper.

 

MML U.S. Government Money
Market Fund
Portfolio Characteristics

(% of Net Assets) on 12/31/17
 
   

Discount Notes

     86.8

Repurchase Agreement

     13.4

Time Deposits

     0.1
    

 

 

 

Total Short-Term Investments

     100.3

Other Assets and Liabilities

     (0.3 )% 
    

 

 

 

Net Assets

     100.0
    

 

 

 

 

15


Table of Contents

MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)

 

Growth of a $10,000 Investment

Hypothetical Investments in MML U.S. Government Money Market Fund Initial Class and the Citigroup 3-Month Treasury Bill Index.

 

       
TOTAL RETURN   One Year
1/1/17 -
12/31/17
    Five Year
Average
Annual
1/1/13 -
12/31/17
    Ten Year
Average
Annual
1/1/08 -
12/31/17
 
Initial Class     0.36%       0.09%       0.26%  
Citigroup 3-Month Treasury Bill Index     0.84%       0.24%       0.34%  

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

 

LOGO

 

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Citigroup 3-Month Treasury Bill Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here. An investment in the MML U.S. Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain a stable net asset value per share, it is possible to lose money by investing in the Fund.

 

16


Table of Contents

MML Blend Fund – Portfolio of Investments

 

December 31, 2017

 

     Number of
Shares
     Value  
EQUITIES — 70.3%  
COMMON STOCK — 70.2%  
Basic Materials — 1.4%      
Chemicals — 1.1%      

Air Products & Chemicals, Inc.

     7,795      $ 1,279,004  

Albemarle Corp.

     5,110        653,518  

CF Industries Holdings, Inc.

     37,990        1,616,095  

DowDuPont, Inc.

     2,820        200,840  

Eastman Chemical Co.

     6,070        562,325  

LyondellBasell Industries NV Class A

     10,230        1,128,574  

Monsanto Co.

     6,694        781,725  

PPG Industries, Inc.

     8        934  

Praxair, Inc.

     6,736        1,041,924  

The Sherwin-Williams Co.

     3        1,230  
     

 

 

 
        7,266,169  
     

 

 

 
Forest Products & Paper — 0.0%      

International Paper Co.

     3,587        207,831  
     

 

 

 
Iron & Steel — 0.0%      

Nucor Corp.

     56        3,561  
     

 

 

 
Mining — 0.3%      

Freeport-McMoRan, Inc. (a)

     70,864        1,343,582  

Newmont Mining Corp.

     23,670        888,098  
     

 

 

 
        2,231,680  
     

 

 

 
        9,709,241  
     

 

 

 
Communications — 9.2%      
Advertising — 0.1%      

The Interpublic Group of Cos., Inc.

     6,922        139,548  

Omnicom Group, Inc.

     3,747        272,894  
     

 

 

 
        412,442  
     

 

 

 
Internet — 5.6%      

Alphabet, Inc. Class A (a)

     11,020        11,608,468  

Alphabet, Inc. Class C (a)

     6,591        6,896,823  

Amazon.com, Inc. (a)

     3,550        4,151,619  

eBay, Inc. (a)

     20,777        784,124  

Expedia, Inc.

     5,157        617,654  

F5 Networks, Inc. (a)

     6,200        813,564  

Facebook, Inc. Class A (a)

     60,670        10,705,828  

Netflix, Inc. (a)

     1,593        305,792  

The Priceline Group, Inc. (a)

     891        1,548,326  

Symantec Corp.

     55        1,543  

TripAdvisor, Inc. (a)

     37        1,275  

VeriSign, Inc. (a)

     16,091        1,841,454  
     

 

 

 
        39,276,470  
     

 

 

 
Media — 1.7%      

CBS Corp. Class B

     57        3,363  

Charter Communications, Inc. Class A (a)

     401        134,720  
     Number of
Shares
     Value  

Comcast Corp. Class A

     128,424      $ 5,143,381  

Discovery Communications, Inc. Class A (a)

     27,900        624,402  

Discovery Communications, Inc. Class C (a)

     6,900        146,073  

DISH Network Corp. Class A (a)

     12,200        582,550  

News Corp. Class A

     81,166        1,315,701  

Scripps Networks Interactive, Inc. Class A

     8,072        689,187  

Time Warner, Inc.

     18,005        1,646,917  

Twenty-First Century Fox, Inc. Class A

     19,567        675,649  

Twenty-First Century Fox, Inc. Class B

     8,100        276,372  

Viacom, Inc. Class B

     12,810        394,676  

The Walt Disney Co.

     2        215  
     

 

 

 
        11,633,206  
     

 

 

 
Telecommunications — 1.8%      

AT&T, Inc.

     184,253        7,163,757  

CenturyLink, Inc.

     28        467  

Cisco Systems, Inc.

     103,042        3,946,509  

Juniper Networks, Inc.

     25,489        726,436  

Motorola Solutions, Inc.

     3,137        283,396  

Verizon Communications, Inc.

     7,155        378,714  
     

 

 

 
        12,499,279  
     

 

 

 
        63,821,397  
     

 

 

 
Consumer, Cyclical — 6.8%      
Airlines — 0.9%      

Alaska Air Group, Inc.

     21,700        1,595,167  

American Airlines Group, Inc.

     28,200        1,467,246  

Delta Air Lines, Inc.

     23,200        1,299,200  

Southwest Airlines Co.

     10,383        679,567  

United Continental Holdings, Inc. (a)

     22,100        1,489,540  
     

 

 

 
        6,530,720  
     

 

 

 
Apparel — 0.5%      

Hanesbrands, Inc.

     6,900        144,279  

Michael Kors Holdings Ltd. (a)

     6,900        434,355  

NIKE, Inc. Class B

     84        5,254  

Ralph Lauren Corp.

     13,350        1,384,262  

VF Corp.

     14,900        1,102,600  
     

 

 

 
        3,070,750  
     

 

 

 
Auto Manufacturers — 0.7%      

Ford Motor Co.

     128,513        1,605,127  

General Motors Co.

     45,200        1,852,748  

PACCAR, Inc.

     14,022        996,684  
     

 

 

 
        4,454,559  
     

 

 

 
Auto Parts & Equipment — 0.4%      

Aptiv PLC

     9,300        788,919  

BorgWarner, Inc.

     33,300        1,701,297  
 

 

The accompanying notes are an integral part of the financial statements.

 

17


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Delphi Technologies PLC (a)

     3,100      $ 162,657  

The Goodyear Tire & Rubber Co.

     4,351        140,581  
     

 

 

 
        2,793,454  
     

 

 

 
Distribution & Wholesale — 0.1%      

Fastenal Co.

     82        4,485  

W.W. Grainger, Inc.

     3,402        803,722  
     

 

 

 
        808,207  
     

 

 

 
Home Builders — 0.2%      

D.R. Horton, Inc.

     21,747        1,110,620  

PulteGroup, Inc.

     16,873        561,027  
     

 

 

 
        1,671,647  
     

 

 

 
Home Furnishing — 0.0%      

Leggett & Platt, Inc.

     86        4,105  

Whirlpool Corp.

     1,243        209,619  
     

 

 

 
        213,724  
     

 

 

 
Leisure Time — 0.3%      

Harley-Davidson, Inc.

     34,902        1,775,814  

Royal Caribbean Cruises Ltd.

     3,720        443,721  
     

 

 

 
        2,219,535  
     

 

 

 
Lodging — 0.6%      

Hilton Worldwide Holdings, Inc.

     12,700        1,014,222  

Marriott International, Inc. Class A

     14,171        1,923,430  

Wyndham Worldwide Corp.

     5,709        661,502  

Wynn Resorts Ltd.

     3,038        512,176  
     

 

 

 
        4,111,330  
     

 

 

 
Retail — 3.1%      

AutoZone, Inc. (a)

     494        351,417  

Best Buy Co., Inc.

     11,892        814,245  

Costco Wholesale Corp.

     7,370        1,371,704  

CVS Health Corp.

     21,694        1,572,815  

Darden Restaurants, Inc.

     2,654        254,837  

Dollar Tree, Inc. (a)

     48        5,151  

Foot Locker, Inc.

     42,300        1,983,024  

The Gap, Inc.

     10,990        374,319  

Genuine Parts Co.

     34        3,230  

The Home Depot, Inc.

     11,887        2,252,943  

Kohl’s Corp.

     6,330        343,276  

L Brands, Inc.

     2,200        132,484  

Lowe’s Cos., Inc.

     95        8,829  

Macy’s, Inc.

     76,551        1,928,320  

McDonald’s Corp.

     7,350        1,265,082  

Nordstrom, Inc.

     2,308        109,353  

O’Reilly Automotive, Inc. (a)

     333        80,100  

PVH Corp.

     1,620        222,280  

Ross Stores, Inc.

     2,644        212,181  

Signet Jewelers Ltd.

     34,900        1,973,595  

Starbucks Corp.

     54        3,101  

Tapestry, Inc.

     6,220        275,111  

Target Corp.

     17,286        1,127,912  

Tiffany & Co.

     802        83,368  
     Number of
Shares
     Value  

The TJX Cos., Inc.

     3,106      $ 237,485  

Wal-Mart Stores, Inc.

     30,922        3,053,548  

Walgreens Boots Alliance, Inc.

     16,557        1,202,369  

Yum! Brands, Inc.

     35        2,856  
     

 

 

 
        21,244,935  
     

 

 

 
Toys, Games & Hobbies — 0.0%      

Hasbro, Inc.

     461        41,901  

Mattel, Inc.

     90        1,384  
     

 

 

 
        43,285  
     

 

 

 
        47,162,146  
     

 

 

 
Consumer, Non-cyclical — 15.4%      
Agriculture — 0.5%      

Altria Group, Inc.

     27,959        1,996,552  

Archer-Daniels-Midland Co.

     92        3,687  

Philip Morris International, Inc.

     16,486        1,741,746  
     

 

 

 
        3,741,985  
     

 

 

 
Beverages — 0.9%      

Brown-Forman Corp. Class B

     12        824  

The Coca-Cola Co.

     24,930        1,143,788  

Constellation Brands, Inc. Class A

     542        123,885  

Dr. Pepper Snapple Group, Inc.

     4,404        427,452  

PepsiCo, Inc.

     36,270        4,349,499  
     

 

 

 
        6,045,448  
     

 

 

 
Biotechnology — 1.7%      

Amgen, Inc.

     27,781        4,831,116  

Biogen, Inc. (a)

     3,662        1,166,603  

Celgene Corp. (a)

     16,176        1,688,127  

Gilead Sciences, Inc.

     54,610        3,912,261  
     

 

 

 
        11,598,107  
     

 

 

 
Commercial Services — 1.4%      

Automatic Data Processing, Inc.

     4,809        563,567  

Cintas Corp.

     1,878        292,649  

Ecolab, Inc.

     2        268  

Equifax, Inc.

     132        15,565  

H&R Block, Inc.

     29,063        762,032  

Moody’s Corp.

     3,330        491,541  

PayPal Holdings, Inc. (a)

     30,877        2,273,165  

Quanta Services, Inc. (a)

     13        508  

Robert Half International, Inc.

     26        1,444  

S&P Global, Inc.

     5,508        933,055  

Total System Services, Inc.

     26,107        2,064,803  

United Rentals, Inc. (a)

     7,110        1,222,280  

The Western Union Co.

     71,888        1,366,591  
     

 

 

 
        9,987,468  
     

 

 

 
Cosmetics & Personal Care — 1.1%      

Colgate-Palmolive Co.

     5,906        445,608  

The Estee Lauder Cos., Inc. Class A

     7,910        1,006,468  

The Procter & Gamble Co.

     68,829        6,324,009  
     

 

 

 
        7,776,085  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

18


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Foods — 0.8%      

Campbell Soup Co.

     1,624      $ 78,131  

Conagra Brands, Inc.

     45,174        1,701,705  

General Mills, Inc.

     1,962        116,327  

The Hershey Co.

     1,647        186,951  

Hormel Foods Corp.

     15,732        572,487  

The J.M. Smucker Co.

     845        104,983  

Kellogg Co.

     8,428        572,935  

The Kraft Heinz Co.

     4,958        385,534  

The Kroger Co.

     34,958        959,597  

McCormick & Co., Inc.

     161        16,407  

Mondelez International, Inc. Class A

     75        3,210  

Sysco Corp.

     5,334        323,934  

Tyson Foods, Inc. Class A

     4,301        348,682  
     

 

 

 
        5,370,883  
     

 

 

 
Health Care – Products — 1.9%      

Abbott Laboratories

     31,601        1,803,469  

Align Technology, Inc. (a)

     2,440        542,144  

Baxter International, Inc.

     37,161        2,402,087  

Becton, Dickinson & Co.

     5,653        1,209,986  

Boston Scientific Corp. (a)

     46,600        1,155,214  

The Cooper Cos., Inc.

     1,240        270,171  

Danaher Corp.

     11,256        1,044,782  

DENTSPLY SIRONA, Inc.

     56        3,686  

Edwards Lifesciences Corp. (a)

     30        3,381  

Hologic, Inc. (a)

     1,400        59,850  

Intuitive Surgical, Inc. (a)

     288        105,103  

Medtronic PLC

     36,300        2,931,225  

Patterson Cos., Inc.

     86        3,107  

Stryker Corp.

     4,630        716,909  

Thermo Fisher Scientific, Inc.

     3,971        754,014  

Varian Medical Systems, Inc. (a)

     2,097        233,082  

Zimmer Biomet Holdings, Inc.

     2,455        296,245  
     

 

 

 
        13,534,455  
     

 

 

 
Health Care – Services — 1.8%      

Aetna, Inc.

     6,227        1,123,289  

Anthem, Inc.

     5,796        1,304,158  

Centene Corp. (a)

     17,600        1,775,488  

Cigna Corp.

     6,512        1,322,522  

DaVita, Inc. (a)

     3,030        218,917  

HCA Healthcare, Inc. (a)

     2,600        228,384  

Humana, Inc.

     1,084        268,908  

Laboratory Corp. of America Holdings (a)

     2        319  

Quest Diagnostics, Inc.

     3,309        325,903  

UnitedHealth Group, Inc.

     26,944        5,940,074  

Universal Health Services, Inc. Class B

     50        5,668  
     

 

 

 
        12,513,630  
     

 

 

 
Household Products & Wares — 0.2%  

Avery Dennison Corp.

     1,915        219,957  
     Number of
Shares
     Value  

The Clorox Co.

     723      $ 107,539  

Kimberly-Clark Corp.

     7,345        886,248  
     

 

 

 
        1,213,744  
     

 

 

 
Pharmaceuticals — 5.1%      

AbbVie, Inc.

     49,322        4,769,931  

Allergan PLC

     9,790        1,601,448  

AmerisourceBergen Corp.

     1,507        138,373  

Bristol-Myers Squibb Co.

     20,767        1,272,602  

Cardinal Health, Inc.

     15,778        966,718  

Eli Lilly & Co.

     16,614        1,403,218  

Express Scripts Holding Co. (a)

     23,301        1,739,187  

Johnson & Johnson

     57,122        7,981,086  

McKesson Corp.

     7,525        1,173,524  

Merck & Co., Inc.

     51,583        2,902,575  

Mylan NV (a)

     32,247        1,364,370  

Perrigo Co. PLC

     20,600        1,795,496  

Pfizer, Inc.

     207,241        7,506,269  

Zoetis, Inc.

     11,400        821,256  
     

 

 

 
        35,436,053  
     

 

 

 
        107,217,858  
     

 

 

 
Diversified — 0.0%      
Holding Company – Diversified — 0.0%  

Leucadia National Corp.

     37        980  
     

 

 

 
Energy — 3.1%      
Oil & Gas — 2.9%      

Anadarko Petroleum Corp.

     48        2,575  

Andeavor

     2,517        287,794  

Apache Corp.

     21        886  

Cabot Oil & Gas Corp.

     48        1,373  

Chesapeake Energy Corp. (a)

     90        356  

Chevron Corp.

     17,788        2,226,880  

ConocoPhillips

     39        2,141  

Devon Energy Corp.

     43,647        1,806,986  

EOG Resources, Inc.

     6,478        699,041  

EQT Corp.

     97        5,521  

Exxon Mobil Corp.

     63,897        5,344,345  

Helmerich & Payne, Inc.

     60        3,878  

Hess Corp.

     32        1,519  

Marathon Oil Corp.

     106,627        1,805,195  

Marathon Petroleum Corp.

     37,706        2,487,842  

Newfield Exploration Co. (a)

     36,100        1,138,233  

Noble Energy, Inc.

     56        1,632  

Occidental Petroleum Corp.

     13,315        980,783  

Phillips 66

     2,869        290,199  

Pioneer Natural Resources Co.

     1        173  

Range Resources Corp.

     99        1,689  

Valero Energy Corp.

     33,500        3,078,985  
     

 

 

 
        20,168,026  
     

 

 

 
Oil & Gas Services — 0.2%      

Baker Hughes a GE Co.

     31        981  

Halliburton Co.

     17,867        873,160  
 

 

The accompanying notes are an integral part of the financial statements.

 

19


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

National Oilwell Varco, Inc.

     5,594      $ 201,496  

Schlumberger Ltd.

     4,531        305,344  

TechnipFMC PLC

     8,340        261,126  
     

 

 

 
        1,642,107  
     

 

 

 
Pipelines — 0.0%      

Kinder Morgan, Inc.

     38        687  

The Williams Cos., Inc.

     48        1,463  
     

 

 

 
        2,150  
     

 

 

 
        21,812,283  
     

 

 

 
Financial — 14.1%      
Banks — 7.1%      

Bank of America Corp.

     278,498        8,221,261  

The Bank of New York Mellon Corp.

     29,707        1,600,019  

BB&T Corp.

     3,166        157,414  

Capital One Financial Corp.

     9,142        910,360  

Citigroup, Inc.

     95,251        7,087,627  

Citizens Financial Group, Inc.

     57,900        2,430,642  

Comerica, Inc.

     8,721        757,070  

Fifth Third Bancorp

     67,621        2,051,621  

The Goldman Sachs Group, Inc.

     12,980        3,306,785  

Huntington Bancshares, Inc.

     6,800        99,008  

JP Morgan Chase & Co.

     109,722        11,733,671  

KeyCorp

     32,764        660,850  

M&T Bank Corp.

     1,355        231,691  

Morgan Stanley

     61,597        3,231,995  

Northern Trust Corp.

     5,059        505,343  

The PNC Financial Services Group, Inc.

     12,918        1,863,938  

Regions Financial Corp.

     26,415        456,451  

State Street Corp.

     17,476        1,705,832  

SunTrust Banks, Inc.

     12,100        781,539  

US Bancorp

     7,602        407,315  

Wells Fargo & Co.

     17,416        1,056,629  

Zions Bancorp

     4,241        215,570  
     

 

 

 
        49,472,631  
     

 

 

 
Diversified Financial Services — 2.5%  

Alliance Data Systems Corp.

     880        223,062  

American Express Co.

     23,549        2,338,651  

Ameriprise Financial, Inc.

     11,356        1,924,501  

BlackRock, Inc.

     3,180        1,633,598  

The Charles Schwab Corp.

     4,612        236,919  

Discover Financial Services

     1,783        137,148  

E*TRADE Financial Corp. (a)

     12,761        632,563  

Franklin Resources, Inc.

     6,387        276,749  

Intercontinental Exchange, Inc.

     15        1,058  

Invesco Ltd.

     37,212        1,359,727  

Mastercard, Inc. Class A

     17,840        2,700,262  

Nasdaq, Inc.

     45        3,457  

Navient Corp.

     142,991        1,904,640  

Raymond James Financial, Inc.

     4,900        437,570  

Synchrony Financial

     20,100        776,061  
     Number of
Shares
     Value  

T. Rowe Price Group, Inc.

     15,606      $ 1,637,538  

Visa, Inc. Class A

     11,872        1,353,646  
     

 

 

 
        17,577,150  
     

 

 

 
Insurance — 2.9%      

Aflac, Inc.

     14,472        1,270,352  

The Allstate Corp.

     12,035        1,260,185  

American International Group, Inc.

     46        2,741  

Aon PLC

     3,445        461,630  

Assurant, Inc.

     5,216        525,981  

Berkshire Hathaway, Inc. Class B (a)

     13,486        2,673,195  

Brighthouse Financial, Inc. (a)

     26        1,525  

Chubb Ltd.

     7,568        1,105,912  

Cincinnati Financial Corp.

     4,419        331,292  

Everest Re Group Ltd.

     3,000        663,780  

The Hartford Financial Services Group, Inc.

     5,952        334,979  

Lincoln National Corp.

     30,851        2,371,516  

Loews Corp.

     20,783        1,039,774  

Marsh & McLennan Cos., Inc.

     5,813        473,120  

MetLife, Inc.

     32,190        1,627,526  

Principal Financial Group, Inc.

     8,129        573,582  

The Progressive Corp.

     18,114        1,020,180  

Prudential Financial, Inc.

     15,737        1,809,440  

Torchmark Corp.

     3,282        297,710  

The Travelers Cos., Inc.

     2,287        310,209  

Unum Group

     36,931        2,027,143  

XL Group Ltd.

     3,788        133,186  
     

 

 

 
        20,314,958  
     

 

 

 
Real Estate — 0.2%      

CBRE Group, Inc. Class A (a)

     24,287        1,051,870  
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.3%  

American Tower Corp.

     119        16,978  

Apartment Investment & Management Co. Class A

     685        29,941  

AvalonBay Communities, Inc.

     2,081        371,271  

Boston Properties, Inc.

     3        390  

Digital Realty Trust, Inc.

     280        31,892  

Duke Realty Corp.

     68,100        1,853,001  

Equinix, Inc.

     120        54,387  

Equity Residential

     56        3,571  

Essex Property Trust, Inc.

     1,500        362,055  

Extra Space Storage, Inc.

     7,000        612,150  

GGP, Inc.

     19,700        460,783  

HCP, Inc.

     35        913  

Host Hotels & Resorts, Inc.

     27,837        552,565  

Iron Mountain, Inc.

     48        1,811  

Kimco Realty Corp.

     2,767        50,221  

Mid-America Apartment Communities, Inc.

     60        6,034  

Prologis, Inc.

     27,038        1,744,221  

Public Storage

     203        42,427  

Simon Property Group, Inc.

     645        110,772  
 

 

The accompanying notes are an integral part of the financial statements.

 

20


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Ventas, Inc.

     28,825      $ 1,729,788  

Vornado Realty Trust

     1,373        107,341  

Welltower, Inc.

     2,100        133,917  

Weyerhaeuser Co.

     20,626        727,273  
     

 

 

 
        9,003,702  
     

 

 

 
Savings & Loans — 0.1%      

People’s United Financial, Inc.

     25,351        474,064  
     

 

 

 
        97,894,375  
     

 

 

 
Industrial — 6.1%      
Aerospace & Defense — 1.1%      

Arconic, Inc.

     8        218  

The Boeing Co.

     18,292        5,394,494  

General Dynamics Corp.

     602        122,477  

Harris Corp.

     770        109,070  

L3 Technologies, Inc.

     970        191,914  

Lockheed Martin Corp.

     1,530        491,206  

Northrop Grumman Corp.

     3,968        1,217,819  

Raytheon Co.

     889        166,999  

Rockwell Collins, Inc.

     8        1,085  

United Technologies Corp.

     1,410        179,874  
     

 

 

 
        7,875,156  
     

 

 

 
Building Materials — 0.0%      

Johnson Controls International PLC

     65        2,477  

Masco Corp.

     25        1,098  

Vulcan Materials Co.

     5        642  
     

 

 

 
        4,217  
     

 

 

 
Electrical Components & Equipment — 0.3%  

AMETEK, Inc.

     25,500        1,847,985  

Emerson Electric Co.

     4,869        339,321  
     

 

 

 
        2,187,306  
     

 

 

 
Electronics — 0.9%      

Agilent Technologies, Inc.

     15,163        1,015,466  

Allegion PLC

     1,633        129,922  

Amphenol Corp. Class A

     4,264        374,379  

Corning, Inc.

     6,667        213,277  

FLIR Systems, Inc.

     2,852        132,960  

Fortive Corp.

     5,878        425,273  

Garmin Ltd.

     2,100        125,097  

Honeywell International, Inc.

     14,922        2,288,438  

PerkinElmer, Inc.

     2,720        198,887  

TE Connectivity Ltd.

     14,300        1,359,072  

Waters Corp. (a)

     1,540        297,513  
     

 

 

 
        6,560,284  
     

 

 

 
Engineering & Construction — 0.4%  

Fluor Corp.

     16,809        868,185  

Jacobs Engineering Group, Inc.

     27,320        1,802,027  
     

 

 

 
        2,670,212  
     

 

 

 
     Number of
Shares
     Value  
Environmental Controls — 0.0%      

Republic Services, Inc.

     337      $ 22,784  

Stericycle, Inc. (a)

     97        6,595  

Waste Management, Inc.

     1,973        170,270  
     

 

 

 
        199,649  
     

 

 

 
Hand & Machine Tools — 0.0%      

Snap-on, Inc.

     1        175  

Stanley Black & Decker, Inc.

     9        1,527  
     

 

 

 
        1,702  
     

 

 

 
Machinery – Construction & Mining — 0.5%  

Caterpillar, Inc.

     20,655        3,254,815  
     

 

 

 
Machinery – Diversified — 0.5%      

Cummins, Inc.

     11,795        2,083,469  

Deere & Co.

     5,870        918,714  

Flowserve Corp.

     70        2,949  

Rockwell Automation, Inc.

     493        96,800  

Roper Technologies, Inc.

     663        171,717  

Xylem, Inc.

     3,355        228,811  
     

 

 

 
        3,502,460  
     

 

 

 
Miscellaneous – Manufacturing — 1.7%  

3M Co.

     11,212        2,638,968  

Dover Corp.

     5,173        522,421  

Eaton Corp. PLC

     13,566        1,071,850  

General Electric Co.

     86        1,501  

Illinois Tool Works, Inc.

     14,905        2,486,899  

Ingersoll-Rand PLC

     9,600        856,224  

Parker-Hannifin Corp.

     12,218        2,438,468  

Pentair PLC

     18,023        1,272,784  

Textron, Inc.

     4,672        264,389  
     

 

 

 
        11,553,504  
     

 

 

 
Packaging & Containers — 0.1%      

Ball Corp.

     4        151  

Packaging Corp. of America

     750        90,413  

Sealed Air Corp.

     53        2,613  

WestRock Co.

     9,167        579,446  
     

 

 

 
        672,623  
     

 

 

 
Transportation — 0.6%      

C.H. Robinson Worldwide, Inc.

     120        10,691  

CSX Corp.

     3,507        192,920  

Expeditors International of Washington, Inc.

     126        8,151  

Norfolk Southern Corp.

     7,813        1,132,104  

Union Pacific Corp.

     16,712        2,241,079  

United Parcel Service, Inc. Class B

     4,880        581,452  
     

 

 

 
        4,166,397  
     

 

 

 
        42,648,325  
     

 

 

 
Technology — 12.4%      
Computers — 4.7%      

Accenture PLC Class A

     8,860        1,356,377  

Apple, Inc.

     119,897        20,290,169  
 

 

The accompanying notes are an integral part of the financial statements.

 

21


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Cognizant Technology Solutions Corp. Class A

     10,256      $ 728,381  

CSRA, Inc.

     3,126        93,530  

DXC Technology Co.

     16,979        1,611,307  

Hewlett Packard Enterprise Co.

     67,274        966,055  

HP, Inc.

     21,274        446,967  

International Business Machines Corp.

     15,040        2,307,437  

NetApp, Inc.

     35,798        1,980,345  

Seagate Technology PLC

     17,400        728,016  

Western Digital Corp.

     25,647        2,039,706  
     

 

 

 
        32,548,290  
     

 

 

 
Office & Business Equipment — 0.2%  

Xerox Corp.

     55,436        1,615,959  
     

 

 

 
Semiconductors — 3.3%      

Analog Devices, Inc.

     1,072        95,440  

Applied Materials, Inc.

     41,339        2,113,250  

Broadcom Ltd.

     219        56,261  

Intel Corp.

     165,423        7,635,926  

KLA-Tencor Corp.

     19,689        2,068,723  

Lam Research Corp.

     10,423        1,918,562  

Microchip Technology, Inc.

     12,421        1,091,557  

Micron Technology, Inc. (a)

     29,817        1,226,075  

NVIDIA Corp.

     7,486        1,448,541  

QUALCOMM, Inc.

     35,100        2,247,102  

Skyworks Solutions, Inc.

     6,010        570,649  

Texas Instruments, Inc.

     22,274        2,326,297  

Xilinx, Inc.

     3,756        253,230  
     

 

 

 
        23,051,613  
     

 

 

 
Software — 4.2%      

Activision Blizzard, Inc.

     23,800        1,507,016  

Adobe Systems, Inc. (a)

     12,600        2,208,024  

Akamai Technologies, Inc. (a)

     26        1,691  

ANSYS, Inc. (a)

     2,350        346,837  

Autodesk, Inc. (a)

     37        3,879  

CA, Inc.

     15,073        501,629  

Cadence Design Systems, Inc. (a)

     32,500        1,359,150  

Citrix Systems, Inc. (a)

     77        6,776  

Electronic Arts, Inc. (a)

     867        91,087  

Fidelity National Information Services, Inc.

     5,500        517,495  

Fiserv, Inc. (a)

     1,676        219,774  

Intuit, Inc.

     9,710        1,532,044  

Microsoft Corp.

     167,695        14,344,630  

Oracle Corp.

     87,557        4,139,695  

Paychex, Inc.

     64        4,357  

Red Hat, Inc. (a)

     15,181        1,823,238  

salesforce.com, Inc. (a)

     7,004        716,019  

Synopsys, Inc. (a)

     600        51,144  
     

 

 

 
        29,374,485  
     

 

 

 
        86,590,347  
     

 

 

 
     Number of
Shares
     Value  
Utilities — 1.7%      
Electric — 1.6%      

AES Corp.

     55,887      $ 605,256  

Ameren Corp.

     660        38,933  

American Electric Power Co., Inc.

     8,385        616,885  

CenterPoint Energy, Inc.

     23,731        673,011  

CMS Energy Corp.

     7,903        373,812  

Consolidated Edison, Inc.

     2,182        185,361  

Dominion Energy, Inc.

     1,716        139,099  

DTE Energy Co.

     3,020        330,569  

Duke Energy Corp.

     5,790        486,997  

Edison International

     17,526        1,108,344  

Entergy Corp.

     21,498        1,749,722  

Eversource Energy

     812        51,302  

Exelon Corp.

     22,140        872,538  

FirstEnergy Corp.

     44,980        1,377,288  

NextEra Energy, Inc.

     3,040        474,818  

NRG Energy, Inc.

     1,200        34,176  

PG&E Corp.

     13,916        623,854  

Pinnacle West Capital Corp.

     1,396        118,911  

PPL Corp.

     11,618        359,577  

Public Service Enterprise Group, Inc.

     1,424        73,336  

SCANA Corp.

     2,947        117,232  

The Southern Co.

     7,922        380,969  

WEC Energy Group, Inc.

     4,542        301,725  

Xcel Energy, Inc.

     5,472        263,258  
     

 

 

 
        11,356,973  
     

 

 

 
Gas — 0.1%      

NiSource, Inc.

     713        18,303  

Sempra Energy

     2,231        238,538  
     

 

 

 
        256,841  
     

 

 

 
        11,613,814  
     

 

 

 
TOTAL COMMON STOCK
(Cost $337,553,089)
        488,470,766  
     

 

 

 
PREFERRED STOCK — 0.1%  
Financial — 0.1%      
Insurance — 0.1%      

The Allstate Corp.
5.100%, 3 mo. USD LIBOR + 3.165%, VRN

     20,000        524,800  
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $500,000)
        524,800  
     

 

 

 
TOTAL EQUITIES
(Cost $338,053,089)
        488,995,566  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

22


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
BONDS & NOTES — 29.3%  
CORPORATE DEBT — 10.2%  
Advertising — 0.0%      

WPP Finance 2010
5.625% 11/15/43

   $ 204,000      $ 233,979  
     

 

 

 
Aerospace & Defense — 0.0%      

United Technologies Corp.
6.125% 7/15/38

     80,000        106,057  
     

 

 

 
Agriculture — 0.1%      

Bunge Ltd. Finance Corp.
3.250% 8/15/26

     165,000        157,686  

Bunge Ltd. Finance Corp.
3.500% 11/24/20

     160,000        163,338  

Reynolds American, Inc.
5.850% 8/15/45

     120,000        149,852  
     

 

 

 
        470,876  
     

 

 

 
Airlines — 0.2%      

American Airlines Group, Inc. (b)
5.500% 10/01/19

     879,000        903,172  

American Airlines Pass-Through Trust, Series 2014-1, Class B
4.375% 4/01/24

     33,202        33,912  

Spirit Airlines Pass-Through Trust, Series 2015-1, Class A
4.100% 10/01/29

     304,927        316,483  

WestJet Airlines Ltd. (b)
3.500% 6/16/21

     117,000        118,091  
     

 

 

 
        1,371,658  
     

 

 

 
Auto Manufacturers — 0.2%      

Ford Motor Co.
5.291% 12/08/46

     80,000        87,057  

Ford Motor Credit Co. LLC
4.375% 8/06/23

     200,000        210,601  

General Motors Co.
4.200% 10/01/27

     215,000        222,785  

General Motors Co.
5.150% 4/01/38

     130,000        138,600  

General Motors Financial Co., Inc.
3.500% 11/07/24

     315,000        314,356  

Hyundai Capital America (b)
2.550% 2/06/19

     170,000        169,701  

Hyundai Capital America (b)
2.875% 8/09/18

     135,000        135,281  
     

 

 

 
        1,278,381  
     

 

 

 
Auto Parts & Equipment — 0.0%      

Lear Corp.
5.375% 3/15/24

     85,000        89,909  
     

 

 

 
Banks — 1.3%      

Associated Banc-Corp.
2.750% 11/15/19

     460,000        461,563  
     Principal
Amount
     Value  

Associated Banc-Corp.
4.250% 1/15/25

   $ 494,000      $ 508,647  

Banco Santander SA
3.125% 2/23/23

     400,000        397,964  

Banco Santander SA
4.250% 4/11/27

     200,000        207,338  

Bank of America Corp.
4.183% 11/25/27

     465,000        485,584  

Bank of America Corp. 3 mo. USD LIBOR + 1.814%, VRN
4.244% 4/24/38

     240,000        260,287  

Bank of America Corp.
6.110% 1/29/37

     100,000        127,846  

Bank of America Corp.
7.750% 5/14/38

     95,000        142,347  

Bank of Montreal VRN (c)
3.803% 12/15/32

     245,000        242,214  

The Bank of Nova Scotia
4.500% 12/16/25

     200,000        210,391  

The Bank of Nova Scotia VRN (c)
4.650% 12/31/99

     190,000        188,870  

Barclays PLC
4.337% 1/10/28

     260,000        269,091  

BPCE SA (b)
3.500% 10/23/27

     420,000        413,276  

Citigroup, Inc.
3.875% 3/26/25

     562,000        575,291  

Citigroup, Inc.
8.125% 7/15/39

     90,000        143,903  

Credit Suisse Group AG (b)
4.282% 1/09/28

     250,000        260,650  

First Horizon National Corp.
3.500% 12/15/20

     625,000        638,238  

First Republic Bank
4.375% 8/01/46

     685,000        700,292  

Fulton Financial Corp.
3.600% 3/16/22

     230,000        230,915  

The Goldman Sachs Group, Inc.
5.950% 1/15/27

     212,000        247,653  

The Goldman Sachs Group, Inc.
6.250% 2/01/41

     60,000        80,856  

The Goldman Sachs Group, Inc.
6.750% 10/01/37

     75,000        100,398  

ICICI Bank Ltd. (b)
4.700% 2/21/18

     395,000        396,010  

JP Morgan Chase & Co.
3.375% 5/01/23

     140,000        142,305  

JP Morgan Chase & Co.
3.625% 12/01/27

     205,000        207,209  

JP Morgan Chase & Co.
5.600% 7/15/41

     195,000        250,828  

Regions Bank
7.500% 5/15/18

     130,000        132,603  
 

 

The accompanying notes are an integral part of the financial statements.

 

23


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

SVB Financial Group
3.500% 1/29/25

   $ 460,000      $ 461,100  

SVB Financial Group
5.375% 9/15/20

     75,000        80,158  

Turkiye Garanti Bankasi AS (b)
4.750% 10/17/19

     445,000        451,684  

Valley National Bancorp
5.125% 9/27/23

     245,000        262,267  
     

 

 

 
        9,277,778  
     

 

 

 
Beverages — 0.1%      

Anheuser-Busch InBev Finance, Inc.
4.900% 2/01/46

     575,000        666,419  

Molson Coors Brewing Co.
4.200% 7/15/46

     90,000        91,712  
     

 

 

 
        758,131  
     

 

 

 
Biotechnology — 0.1%      

Amgen, Inc.
5.150% 11/15/41

     115,000        138,012  

Baxalta, Inc.
5.250% 6/23/45

     140,000        163,160  

Celgene Corp.
3.450% 11/15/27

     380,000        379,717  

Celgene Corp.
4.350% 11/15/47

     305,000        316,813  
     

 

 

 
        997,702  
     

 

 

 
Building Materials — 0.1%      

Standard Industries, Inc. (b)
5.000% 2/15/27

     471,000        481,597  

Standard Industries, Inc. (b)
5.375% 11/15/24

     246,000        257,144  

Standard Industries, Inc. (b)
5.500% 2/15/23

     178,000        185,565  
     

 

 

 
        924,306  
     

 

 

 
Chemicals — 0.2%      

Incitec Pivot Finance LLC (b)
6.000% 12/10/19

     185,000        195,970  

LYB International Finance BV
5.250% 7/15/43

     175,000        203,529  

Monsanto Co.
4.400% 7/15/44

     100,000        106,555  

The Mosaic Co.
3.250% 11/15/22

     185,000        183,382  

The Mosaic Co.
4.050% 11/15/27

     190,000        190,498  

RPM International, Inc.
3.750% 3/15/27

     110,000        111,307  

The Sherwin-Williams Co.
4.500% 6/01/47

     105,000        114,801  

The Sherwin-Williams Co. (b)
7.250% 6/15/19

     125,000        133,636  
     

 

 

 
        1,239,678  
     

 

 

 
     Principal
Amount
     Value  
Commercial Services — 0.1%      

The ADT Corp.
6.250% 10/15/21

   $ 440,000      $ 481,800  

ERAC USA Finance LLC (b)
6.700% 6/01/34

     78,000        98,452  
     

 

 

 
        580,252  
     

 

 

 
Computers — 0.3%      

Dell International LLC/EMC Corp. (b)
3.480% 6/01/19

     450,000        455,637  

Dell International LLC/EMC Corp. (b)
6.020% 6/15/26

     76,000        83,799  

DXC Technology Co.
2.875% 3/27/20

     90,000        90,438  

DXC Technology Co.
4.750% 4/15/27

     275,000        292,438  

Leidos Holdings, Inc.
4.450% 12/01/20

     835,000        866,313  
     

 

 

 
        1,788,625  
     

 

 

 
Diversified Financial Services — 0.7%      

AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 5/15/21

     290,000        304,563  

Affiliated Managers Group, Inc.
3.500% 8/01/25

     290,000        293,247  

Aircastle Ltd.
5.000% 4/01/23

     275,000        289,781  

Ally Financial, Inc.
3.250% 11/05/18

     485,000        486,213  

Ally Financial, Inc.
4.750% 9/10/18

     360,000        364,500  

Ares Finance Co. LLC (b)
4.000% 10/08/24

     355,000        341,492  

Brookfield Finance LLC
4.000% 4/01/24

     455,000        471,028  

Discover Financial Services
4.100% 2/09/27

     265,000        271,448  

Genpact Luxembourg Sarl (b)
3.700% 4/01/22

     360,000        357,799  

International Lease Finance Corp.
3.875% 4/15/18

     270,000        271,236  

International Lease Finance Corp.
6.250% 5/15/19

     15,000        15,719  

Lazard Group LLC
3.625% 3/01/27

     184,000        183,620  

Lazard Group LLC
4.250% 11/14/20

     600,000        624,948  

Legg Mason, Inc.
5.625% 1/15/44

     175,000        195,103  

Neuberger Berman Group LLC/Neuberger Berman Finance Corp. (b)
4.500% 3/15/27

     170,000        178,806  
     

 

 

 
        4,649,503  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

24


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Electric — 0.6%      

The Cleveland Electric Illuminating Co. (b)
3.500% 4/01/28

   $ 155,000      $ 155,169  

Duke Energy Corp.
3.750% 9/01/46

     195,000        192,838  

EDP Finance BV (b)
3.625% 7/15/24

     420,000        422,992  

Entergy Louisiana LLC
4.950% 1/15/45

     165,000        173,376  

Florida Power & Light Co.
4.950% 6/01/35

     125,000        148,116  

IPALCO Enterprises, Inc.
3.450% 7/15/20

     615,000        621,150  

IPALCO Enterprises, Inc. (b)
3.700% 9/01/24

     170,000        169,846  

Israel Electric Corp. Ltd. (b)
7.250% 1/15/19

     200,000        208,376  

Majapahit Holding BV (b)
7.750% 1/20/20

     195,000        213,291  

Nevada Power Co., Series N
6.650% 4/01/36

     135,000        187,618  

Oncor Electric Delivery Co.
7.500% 9/01/38

     40,000        60,508  

Pacific Gas & Electric Co.
5.800% 3/01/37

     120,000        149,750  

Pennsylvania Electric Co. (b)
4.150% 4/15/25

     295,000        308,855  

Progress Energy, Inc.
7.000% 10/30/31

     25,000        33,407  

Puget Energy, Inc.
3.650% 5/15/25

     350,000        358,810  

Puget Energy, Inc.
6.500% 12/15/20

     271,000        299,999  

Transelec SA (b)
4.625% 7/26/23

     175,000        186,154  

Tri-State Pass-Through Trust, Series 2003, Class A (b)
6.040% 1/31/18

     16,620        16,666  
     

 

 

 
        3,906,921  
     

 

 

 
Electronics — 0.2%      

Arrow Electronics, Inc.
3.250% 9/08/24

     155,000        151,882  

Arrow Electronics, Inc.
3.500% 4/01/22

     255,000        258,416  

Arrow Electronics, Inc.
3.875% 1/12/28

     145,000        144,565  

Arrow Electronics, Inc.
4.500% 3/01/23

     80,000        84,147  

Avnet, Inc.
3.750% 12/01/21

     30,000        30,431  

Avnet, Inc.
4.875% 12/01/22

     123,000        130,759  
     Principal
Amount
     Value  

FLIR Systems, Inc.
3.125% 6/15/21

   $ 195,000      $ 196,443  

Ingram Micro, Inc. STEP
5.450% 12/15/24

     203,000        201,617  

Tech Data Corp.
3.700% 2/15/22

     130,000        130,403  
     

 

 

 
        1,328,663  
     

 

 

 
Engineering & Construction — 0.1%      

SBA Tower Trust (b)
2.877% 7/10/46

     200,000        198,500  

SBA Tower Trust (b)
3.156% 10/10/45

     210,000        211,575  

SBA Tower Trust (b)
3.168% 4/09/47

     260,000        258,815  
     

 

 

 
        668,890  
     

 

 

 
Foods — 0.0%      

Kraft Heinz Foods Co.
3.000% 6/01/26

     315,000        303,118  
     

 

 

 
Gas — 0.1%      

NiSource Finance Corp.
5.800% 2/01/42

     175,000        216,829  

Spire, Inc.
4.700% 8/15/44

     290,000        321,943  
     

 

 

 
        538,772  
     

 

 

 
Hand & Machine Tools — 0.0%      

Kennametal, Inc.
2.650% 11/01/19

     150,000        150,119  
     

 

 

 
Health Care – Products — 0.2%      

Abbott Laboratories
3.750% 11/30/26

     125,000        128,358  

Abbott Laboratories
4.900% 11/30/46

     115,000        131,847  

Becton Dickinson & Co.
3.363% 6/06/24

     240,000        240,670  

Becton Dickinson & Co.
3.700% 6/06/27

     295,000        297,275  

Becton Dickinson & Co.
4.685% 12/15/44

     225,000        246,037  
     

 

 

 
        1,044,187  
     

 

 

 
Health Care – Services — 0.1%      

Humana, Inc.
3.950% 3/15/27

     250,000        258,846  

Humana, Inc.
4.800% 3/15/47

     125,000        140,942  

UnitedHealth Group, Inc.
3.950% 10/15/42

     55,000        57,169  

UnitedHealth Group, Inc.
6.875% 2/15/38

     110,000        159,547  
     

 

 

 
        616,504  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

25


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Home Builders — 0.1%      

Lennar Corp.
4.500% 11/15/19

   $ 516,000      $ 529,545  
     

 

 

 
Household Products & Wares — 0.0%      

Church & Dwight Co., Inc.
3.150% 8/01/27

     85,000        83,745  
     

 

 

 
Insurance — 0.8%      

The Allstate Corp. 3 mo. USD LIBOR +
2.938%, VRN
5.750% 8/15/53

     345,000        376,395  

American International Group, Inc.
4.500% 7/16/44

     200,000        215,420  

AmTrust Financial Services, Inc.
6.125% 8/15/23

     495,000        475,448  

Arch Capital Group US, Inc.
5.144% 11/01/43

     170,000        198,291  

Athene Global Funding (b)
3.000% 7/01/22

     365,000        361,267  

AXIS Specialty Finance PLC
2.650% 4/01/19

     95,000        94,683  

AXIS Specialty Finance PLC
4.000% 12/06/27

     265,000        266,195  

Brown & Brown, Inc.
4.200% 9/15/24

     69,000        72,330  

The Chubb Corp. 3 mo. USD LIBOR +
2.250%, VRN
3.609% 3/29/67

     50,000        49,625  

CNA Financial Corp.
3.450% 8/15/27

     185,000        182,310  

CNO Financial Group, Inc.
5.250% 5/30/25

     465,000        490,575  

Enstar Group Ltd.
4.500% 3/10/22

     140,000        142,585  

Five Corners Funding Trust (b)
4.419% 11/15/23

     215,000        230,400  

Reinsurance Group of America, Inc.
3.950% 9/15/26

     360,000        367,924  

Trinity Acquisition PLC
3.500% 9/15/21

     270,000        275,265  

Trinity Acquisition PLC
4.400% 3/15/26

     70,000        74,031  

USF&G Capital I (b)
8.500% 12/15/45

     150,000        220,115  

Willis North America, Inc.
7.000% 9/29/19

     97,000        104,029  

Willis Towers Watson PLC
5.750% 3/15/21

     230,000        250,277  

XLIT Ltd.
4.450% 3/31/25

     395,000        404,007  

XLIT Ltd.
5.500% 3/31/45

     100,000        106,250  

XLIT Ltd.
5.750% 10/01/21

     115,000        126,217  
     Principal
Amount
     Value  

XLIT Ltd.
6.375% 11/15/24

   $ 325,000      $ 378,596  
     

 

 

 
        5,462,235  
     

 

 

 
Internet — 0.1%      

Amazon.com, Inc. (b)
4.050% 8/22/47

     300,000        323,315  

Expedia, Inc.
7.456% 8/15/18

     425,000        438,333  
     

 

 

 
        761,648  
     

 

 

 
Investment Companies — 0.2%      

Ares Capital Corp.
3.500% 2/10/23

     510,000        502,438  

Ares Capital Corp.
3.875% 1/15/20

     255,000        259,505  

FS Investment Corp.
4.000% 7/15/19

     390,000        394,623  

TCP Capital Corp.
4.125% 8/11/22

     470,000        462,599  
     

 

 

 
        1,619,165  
     

 

 

 
Iron & Steel — 0.2%      

ArcelorMittal
5.125% 6/01/20

     320,000        334,400  

ArcelorMittal STEP
5.750% 8/05/20

     618,000        651,990  

Reliance Steel & Aluminum Co.
4.500% 4/15/23

     37,000        39,001  

Vale Overseas Ltd.
5.875% 6/10/21

     475,000        517,275  

Vale Overseas Ltd.
6.875% 11/21/36

     95,000        116,375  
     

 

 

 
        1,659,041  
     

 

 

 
Machinery – Diversified — 0.1%      

CNH Industrial Capital LLC
3.375% 7/15/19

     230,000        231,725  

CNH Industrial Capital LLC
3.625% 4/15/18

     116,000        116,601  

CNH Industrial Capital LLC
3.875% 10/15/21

     500,000        508,770  
     

 

 

 
        857,096  
     

 

 

 
Media — 0.2%      

Charter Communications Operating LLC/Charter Communications Operating Capital
3.579% 7/23/20

     270,000        275,033  

Charter Communications Operating LLC/Charter Communications Operating Capital
4.464% 7/23/22

     244,000        254,577  

Charter Communications Operating LLC/Charter Communications Operating Capital
6.484% 10/23/45

     225,000        262,334  
 

 

The accompanying notes are an integral part of the financial statements.

 

26


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Comcast Corp.
3.400% 7/15/46

   $ 220,000      $ 208,154  

Discovery Communications LLC
5.000% 9/20/37

     160,000        165,775  

Time Warner Cable, Inc.
6.750% 6/15/39

     110,000        131,987  

Time Warner Cable, Inc.
8.250% 4/01/19

     45,000        48,095  

Time Warner Cable, Inc.
8.750% 2/14/19

     65,000        69,305  

Time Warner, Inc.
6.250% 3/29/41

     25,000        30,875  

Viacom, Inc.
4.250% 9/01/23

     123,000        125,581  
     

 

 

 
        1,571,716  
     

 

 

 
Mining — 0.2%      

Glencore Funding LLC (b)
3.000% 10/27/22

     140,000        138,635  

Glencore Funding LLC (b)
3.875% 10/27/27

     160,000        157,882  

Glencore Funding LLC (b)
4.625% 4/29/24

     355,000        374,809  

Kinross Gold Corp. (b)
4.500% 7/15/27

     166,000        167,038  

Kinross Gold Corp.
5.125% 9/01/21

     375,000        390,937  
     

 

 

 
        1,229,301  
     

 

 

 
Miscellaneous – Manufacturing — 0.0%      

General Electric Co.
4.125% 10/09/42

     270,000        282,852  
     

 

 

 
Office Equipment/Supplies — 0.1%      

Pitney Bowes, Inc.
3.625% 9/15/20

     135,000        133,650  

Pitney Bowes, Inc. STEP
3.625% 10/01/21

     485,000        451,050  
     

 

 

 
        584,700  
     

 

 

 
Office Furnishings — 0.0%      

Steelcase, Inc.
6.375% 2/15/21

     100,000        109,440  
     

 

 

 
Oil & Gas — 0.7%      

Anadarko Petroleum Corp.
6.450% 9/15/36

     250,000        306,203  

Andeavor
3.800% 4/01/28

     135,000        135,323  

Andeavor
4.500% 4/01/48

     85,000        85,963  

Antero Resources Corp.
5.375% 11/01/21

     475,000        486,875  

Cenovus Energy, Inc.
3.000% 8/15/22

     200,000        198,753  

Cenovus Energy, Inc.
4.250% 4/15/27

     300,000        299,277  
     Principal
Amount
     Value  

Continental Resources, Inc. (b)
4.375% 1/15/28

   $ 260,000      $ 256,672  

Encana Corp.
6.500% 5/15/19

     125,000        131,343  

Encana Corp.
6.500% 2/01/38

     80,000        100,956  

EQT Corp.
3.900% 10/01/27

     515,000        511,978  

Helmerich & Payne International Drilling Co.
4.650% 3/15/25

     190,000        200,003  

Marathon Petroleum Corp.
4.750% 9/15/44

     100,000        104,483  

Marathon Petroleum Corp.
6.500% 3/01/41

     170,000        213,069  

Nabors Industries, Inc.
5.500% 1/15/23

     215,000        208,550  

Newfield Exploration Co.
5.750% 1/30/22

     200,000        213,500  

PBF Holding Co. LLC/PBF Finance Corp.
7.000% 11/15/23

     175,000        182,000  

Petroleos Mexicanos
3.125% 1/23/19

     50,000        50,250  

Petroleos Mexicanos
3.500% 1/30/23

     100,000        97,900  

Petroleos Mexicanos
4.625% 9/21/23

     100,000        102,875  

Petroleos Mexicanos
5.500% 1/21/21

     285,000        302,385  

Petroleos Mexicanos
6.375% 1/23/45

     80,000        80,428  

Petroleos Mexicanos (b)
6.500% 3/13/27

     60,000        65,580  

Petroleos Mexicanos
6.625% 6/15/38

     37,000        38,480  

QEP Resources, Inc.
6.875% 3/01/21

     260,000        280,800  
     

 

 

 
        4,653,646  
     

 

 

 
Oil & Gas Services — 0.0%      

National Oilwell Varco, Inc.
3.950% 12/01/42

     216,000        190,513  

Weatherford International Ltd.
6.000% 3/15/18

     75,000        75,090  
     

 

 

 
        265,603  
     

 

 

 
Packaging & Containers — 0.1%      

Amcor Finance USA, Inc. (b)
3.625% 4/28/26

     490,000        482,837  

Brambles USA, Inc. (b)
4.125% 10/23/25

     134,000        138,968  

Brambles USA, Inc. (b)
5.350% 4/01/20

     90,000        94,701  
     

 

 

 
        716,506  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

27


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Pharmaceuticals — 0.3%      

AbbVie, Inc.
4.700% 5/14/45

   $ 165,000      $ 185,010  

Allergan Funding SCS
4.550% 3/15/35

     100,000        105,817  

Allergan Funding SCS
4.750% 3/15/45

     190,000        202,266  

Express Scripts Holding Co.
4.500% 2/25/26

     180,000        191,017  

Express Scripts Holding Co.
4.800% 7/15/46

     195,000        207,439  

Johnson & Johnson
5.850% 7/15/38

     40,000        54,194  

McKesson Corp.
4.883% 3/15/44

     60,000        65,294  

McKesson Corp.
6.000% 3/01/41

     125,000        152,693  

Shire Acquisitions Investments Ireland DAC
2.875% 9/23/23

     95,000        93,392  

Teva Pharmaceutical Finance Netherlands III BV
1.700% 7/19/19

     100,000        97,160  

Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21

     445,000        406,494  

Teva Pharmaceutical Finance Netherlands III BV
4.100% 10/01/46

     75,000        57,113  
     

 

 

 
        1,817,889  
     

 

 

 
Pipelines — 0.8%      

Andeavor Logistics LP VRN (c)
6.875% 12/31/99

     250,000        253,800  

Andeavor Logistics LP/Tesoro Logistics Finance Corp.
3.500% 12/01/22

     75,000        74,858  

Energy Transfer LP
4.200% 4/15/27

     165,000        164,142  

Energy Transfer LP
6.125% 12/15/45

     75,000        81,444  

Energy Transfer LP
6.500% 2/01/42

     100,000        113,231  

Energy Transfer Partners LP VRN (c)
6.250% 12/31/99

     385,000        373,931  

EnLink Midstream Partners LP
4.150% 6/01/25

     125,000        126,304  

EnLink Midstream Partners LP
4.850% 7/15/26

     149,000        156,132  

Enterprise Products Operating LLC
5.700% 2/15/42

     5,000        6,047  

Enterprise Products Operating LLC
5.950% 2/01/41

     150,000        185,138  
     Principal
Amount
     Value  

Enterprise Products Operating LLC
6.125% 10/15/39

   $ 4,000      $ 5,032  

Kinder Morgan Energy Partners LP
5.300% 9/15/20

     475,000        506,271  

Kinder Morgan Energy Partners LP
6.375% 3/01/41

     65,000        75,554  

Kinder Morgan Energy Partners LP
6.500% 2/01/37

     120,000        140,433  

Kinder Morgan Energy Partners LP
6.550% 9/15/40

     90,000        105,222  

Kinder Morgan Energy Partners LP
6.950% 1/15/38

     10,000        12,433  

Kinder Morgan Finance Co. LLC (b)
6.000% 1/15/18

     150,000        150,264  

Magellan Midstream Partners LP
5.150% 10/15/43

     170,000        192,296  

MPLX LP
4.875% 6/01/25

     372,000        398,680  

MPLX LP
5.200% 3/01/47

     35,000        38,410  

MPLX LP
5.500% 2/15/23

     136,000        139,955  

Phillips 66 Partners LP
3.750% 3/01/28

     135,000        135,062  

Phillips 66 Partners LP
4.680% 2/15/45

     28,000        28,760  

Plains All American Pipeline LP VRN (c)
6.125% 12/31/99

     385,000        384,422  

Plains All American Pipeline LP/PAA Finance Corp.
3.650% 6/01/22

     191,000        192,113  

Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26

     210,000        212,877  

Plains All American Pipeline LP/PAA Finance Corp.
4.700% 6/15/44

     100,000        93,485  

Sabine Pass Liquefaction LLC (b)
4.200% 3/15/28

     240,000        242,827  

Sunoco Logistics Partners Operations LP
4.000% 10/01/27

     230,000        225,527  

Sunoco Logistics Partners Operations LP
5.300% 4/01/44

     75,000        74,017  

Tesoro Logistics LP/Tesoro Logistics Finance Corp.
6.250% 10/15/22

     97,000        102,914  

Western Gas Partners LP
4.000% 7/01/22

     481,000        490,705  
     

 

 

 
        5,482,286  
     

 

 

 
Private Equity — 0.1%      

Hercules Capital, Inc.
4.625% 10/23/22

     470,000        476,551  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

28


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Real Estate Investment Trusts (REITS) — 0.3%  

American Tower Corp.
4.400% 2/15/26

   $ 140,000      $ 147,222  

Crown Castle International Corp.
3.200% 9/01/24

     265,000        262,252  

Crown Castle International Corp.
4.000% 3/01/27

     120,000        122,691  

Healthcare Trust of America Holdings LP
3.500% 8/01/26

     200,000        196,916  

Highwoods Realty LP
7.500% 4/15/18

     265,000        269,010  

Host Hotels & Resorts LP
3.875% 4/01/24

     245,000        249,265  

Kimco Realty Corp.
3.300% 2/01/25

     160,000        158,753  

Mid-America Apartments LP
3.600% 6/01/27

     155,000        155,264  

UDR, Inc.
3.500% 7/01/27

     220,000        219,949  

Weingarten Realty Investors
3.250% 8/15/26

     85,000        81,582  
     

 

 

 
        1,862,904  
     

 

 

 
Retail — 0.3%      

CVS Health Corp.
6.125% 9/15/39

     175,000        219,935  

CVS Pass-Through Trust (b)
5.926% 1/10/34

     274,008        312,354  

Dollar Tree, Inc.
5.750% 3/01/23

     470,000        492,325  

El Puerto de Liverpool SAB de CV (b)
3.950% 10/02/24

     445,000        447,225  

The Home Depot, Inc.
5.950% 4/01/41

     150,000        203,134  

QVC, Inc.
3.125% 4/01/19

     155,000        155,579  

QVC, Inc.
4.375% 3/15/23

     150,000        153,816  

QVC, Inc.
4.450% 2/15/25

     245,000        249,917  

QVC, Inc.
5.125% 7/02/22

     30,000        31,729  

Tiffany & Co.
4.900% 10/01/44

     165,000        166,551  
     

 

 

 
        2,432,565  
     

 

 

 
Semiconductors — 0.0%      

QUALCOMM, Inc.
4.300% 5/20/47

     205,000        206,518  
     

 

 

 
Software — 0.1%      

Microsoft Corp.
4.450% 11/03/45

     330,000        386,792  
     Principal
Amount
     Value  

Oracle Corp.
4.000% 7/15/46

   $ 270,000      $ 287,283  
     

 

 

 
        674,075  
     

 

 

 
Telecommunications — 0.6%      

AT&T, Inc.
3.400% 8/14/24

     330,000        331,694  

AT&T, Inc.
3.800% 3/01/24

     255,000        261,148  

AT&T, Inc.
3.900% 8/14/27

     305,000        307,038  

AT&T, Inc.
4.750% 5/15/46

     260,000        254,292  

AT&T, Inc.
4.900% 8/14/37

     200,000        202,519  

AT&T, Inc.
5.250% 3/01/37

     190,000        200,949  

CenturyLink, Inc.
6.150% 9/15/19

     140,000        144,900  

Cisco Systems, Inc.
5.500% 1/15/40

     55,000        72,776  

Crown Castle Towers LLC (b)
6.113% 1/15/40

     170,000        179,204  

Hughes Satellite Systems Corp.
6.500% 6/15/19

     175,000        182,875  

Sprint Communications, Inc.
9.250% 4/15/22

     410,000        488,925  

Ericsson LM
4.125% 5/15/22

     500,000        503,510  

Verizon Communications, Inc.
4.125% 3/16/27

     175,000        182,475  

Verizon Communications, Inc.
4.862% 8/21/46

     372,000        387,484  

Verizon Communications, Inc.
6.550% 9/15/43

     149,000        194,508  
     

 

 

 
        3,894,297  
     

 

 

 
Toys, Games & Hobbies — 0.0%      

Mattel, Inc.
1.700% 3/15/18

     290,000        288,913  
     

 

 

 
Transportation — 0.1%      

Asciano Finance Ltd. (b)
4.625% 9/23/20

     105,000        108,530  

Asciano Finance Ltd. (b)
5.000% 4/07/18

     250,000        251,590  

Autoridad del Canal de Panama (b)
4.950% 7/29/35

     210,000        234,150  
     

 

 

 
        594,270  
     

 

 

 
Trucking & Leasing — 0.1%      

DAE Funding LLC (b)
4.000% 8/01/20

     173,000        174,730  

Park Aerospace Holdings Ltd. (b)
4.500% 3/15/23

     250,000        238,750  
 

 

The accompanying notes are an integral part of the financial statements.

 

29


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Park Aerospace Holdings Ltd. (b)
5.250% 8/15/22

   $ 350,000      $ 347,813  
     

 

 

 
        761,293  
     

 

 

 
TOTAL CORPORATE DEBT
(Cost $69,301,658)
        71,201,809  
     

 

 

 
MUNICIPAL OBLIGATIONS — 0.2%  

JobsOhio Beverage System Series B
4.532% 1/01/35

     325,000        363,785  

Orange County Local Transportation Authority BAB
6.908% 2/15/41

     230,000        324,282  

Panhandle-Plains Student Finance Corp., Series 2001-A2, FRN (c)
3.052% 12/01/31

     300,000        294,813  

State of California BAB
7.550% 4/01/39

     120,000        188,833  

State of California BAB
7.600% 11/01/40

     105,000        167,678  
     

 

 

 
        1,339,391  
     

 

 

 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $1,241,286)
        1,339,391  
     

 

 

 
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.5%  
Automobile ABS — 0.3%      

CPS Auto Trust, Series 2016-C, Class A (b)
1.620% 1/15/20

     44,462        44,398  

Drive Auto Receivables Trust, Series 2016-BA, Class B (b)
2.560% 6/15/20

     73,067        73,136  

First Investors Auto Owner Trust, Series 2016-2A, Class B (b)
2.210% 7/15/22

     450,000        444,669  

GLS Auto Receivables Trust, Series 2015-1A, Class A (b)
2.250% 12/15/20

     11,348        11,342  

Oscar US Funding Trust II, Series 2015-1A, Class A4 (b)
2.440% 6/15/22

     350,000        348,921  

Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700%, FRN (b)
2.950% 7/15/20

     82,020        82,444  

Oscar US Funding Trust V, Series 2016-2A, Class A4 (b)
2.990% 12/15/23

     690,000        687,141  

Oscar US Funding Trust VI, Series 2017-1A, Class A4 (b)
3.300% 5/10/24

     150,000        150,497  
     Principal
Amount
     Value  

Santander Drive Auto Receivables Trust, Series 2015-4, Class C
2.970% 3/15/21

   $ 250,000      $ 251,698  
     

 

 

 
        2,094,246  
     

 

 

 
Commercial MBS — 0.4%      

Banc of America Commercial Mortgage, Inc., Series 2008-1, Class AM, VRN (c)
6.184% 2/10/51

     99,582        99,541  

Commercial Mortgage Pass-Through Certificates, Series 2012-CR4, Class B (b)
3.703% 10/15/45

     195,000        195,255  

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class A5
3.961% 3/10/47

     319,000        335,211  

Commercial Mortgage Pass-Through Certificates, Series 2015-CR23, Class C, VRN (c)
4.254% 5/10/48

     140,000        137,926  

DBCCRE Mortgage Trust, Series 2014-ARCP, Class A (b)
4.238% 1/10/34

     165,000        169,771  

DBUBS Mortgage Trust, Series 2011-LC1A, Class B, VRN (b) (c)
5.471% 11/10/46

     110,000        118,116  

GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN (c)
5.767% 7/10/38

     183,840        185,673  

GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS (b)
4.948% 1/10/45

     100,000        106,863  

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, VRN (c)
5.466% 6/12/47

     81,858        81,725  

Morgan Stanley Capital I Trust, Series 2011-C2, Class B, VRN (b) (c)
5.200% 6/15/44

     250,000        263,560  

TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN (c)
5.476% 8/15/39

     25,863        25,805  

VNO Mortgage Trust, Series 2013-PENN, Class A (b)
3.808% 12/13/29

     240,000        247,380  

Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN (c)
6.011% 2/15/51

     122,654        123,016  

Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (b)
3.349% 11/15/43

     21,753        22,020  
 

 

The accompanying notes are an integral part of the financial statements.

 

30


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B
4.311% 8/15/45

   $ 190,000      $ 196,897  
     

 

 

 
        2,308,759  
     

 

 

 
Home Equity ABS — 0.0%      

Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN
2.272% 3/25/35

     92,686        92,873  
     

 

 

 
Other ABS — 4.5%      

321 Henderson Receivables I LLC, Series 2015-1A, Class A (b)
3.260% 9/15/72

     51,131        50,491  

321 Henderson Receivables LLC, Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230%, FRN (b)
1.707% 11/15/40

     77,423        73,678  

Aames Mortgage Investment Trust, Series 2005-1, Class M4, 1 mo. USD LIBOR + 1.125%, FRN
2.453% 6/25/35

     45,606        45,479  

Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725%, FRN
3.053% 1/25/35

     110,812        110,400  

AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100%, FRN (b)
2.463% 7/20/26

     250,000        250,417  

ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR +
1.480%, FRN (b)
2.839% 10/15/28

     410,000        413,422  

Alterna Funding II LLC, Series 2015-1A, Class A (b)
2.500% 2/15/24

     88,679        88,513  

Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460%, FRN (b)
2.823% 10/20/28

     250,000        250,770  

Arbys Funding LLC, Series 2015-1A, Class A2 (b)
4.969% 10/30/45

     313,600        320,289  

ARL Second LLC, Series 2014-1A, Class A1 (b)
2.920% 6/15/44

     574,284        566,172  

Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR +
1.120%, FRN (b)
2.474% 1/18/25

     250,000        250,647  

Avery Point VI CLO Ltd., Series 2015-6A, Class A, 3 mo. USD LIBOR +
1.450%, FRN (b)
2.841% 8/05/27

     570,000        571,714  
     Principal
Amount
     Value  

Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR +
1.250%, FRN (b)
2.564% 7/20/30

   $ 400,000      $ 401,226  

Birchwood Park CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR +
1.180%, FRN (b)
2.539% 7/15/26

     345,000        346,150  

BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR +
1.430%, FRN (b)
2.784% 7/18/27

     380,000        381,790  

BlueVirgo Trust, Series 2015-1A, Class NOTE (b)
3.000% 12/15/22

     213,895        214,369  

BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A (b)
2.940% 5/25/29

     175,741        173,853  

Capital Automotive REIT, Series 2014-1A, Class A (b)
3.660% 10/15/44

     160,000        160,072  

Capital Automotive REIT, Series 2017-1A, Class A2 (b)
4.180% 4/15/47

     139,067        141,289  

Carlyle Global Market Strategies CLO Ltd., Series 2014-4A, Class A1R, 3 mo. USD LIBOR + 1.200%, FRN (b)
2.559% 10/15/26

     250,000        250,485  

Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220%, FRN (b)
2.633% 8/14/30

     750,000        753,035  

Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (b)
2.000% 12/10/23

     37,469        37,329  

CIFC Funding V Ltd., Series 2017-5A, Class A1, FRN (b) (c)
2.543% 11/16/30

     340,000        340,112  

CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (b)
4.474% 3/20/43

     155,092        155,599  

Clear Creek CLO Ltd., Series 2015-1A, Class AR, FRN (b) (c)
2.563% 10/20/30

     480,000        483,253  

Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN
2.012% 9/25/34

     36,692        36,559  

Cronos Containers Program I Ltd., Series 2014-2A, Class A (b)
3.270% 11/18/29

     197,222        195,913  

Diamond Resorts Owner Trust, Series 2013-2, Class A (b)
2.270% 5/20/26

     307,886        307,043  
 

 

The accompanying notes are an integral part of the financial statements.

 

31


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Diamond Resorts Owner Trust, Series 2014-1, Class A (b)
2.540% 5/20/27

   $ 46,901      $ 46,857  

Diamond Resorts Owner Trust, Series 2016-1, Class A (b)
3.080% 11/20/28

     441,276        434,420  

Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (b)
3.484% 10/25/45

     502,350        504,940  

Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23 (b)
4.118% 7/25/47

     109,725        112,072  

Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II (b)
4.474% 10/25/45

     531,900        542,775  

Drug Royalty Corp., Inc., Series 2012-1, Class A2 (b)
5.800% 7/15/24

     13,462        13,489  

Element Rail Leasing II LLC, Series 2015-1A, Class A1 (b)
2.707% 2/19/45

     65,141        63,597  

Element Rail Leasing II LLC, Series 2016-1A, Class A1 (b)
3.968% 3/19/46

     181,963        184,793  

Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A
2.670% 6/01/27

     89,348        89,147  

Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (b)
4.212% 10/15/42

     379,590        387,082  

First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725%, FRN
3.277% 1/25/35

     420,000        429,424  

Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR +
1.450%, FRN (b)
2.813% 7/20/27

     425,000        425,442  

Global SC Finance II SRL, Series 2014-1A, Class A1 (b)
3.190% 7/17/29

     164,583        163,389  

Global SC Finance II SRL, Series 2013-2A, Class A (b)
3.670% 11/17/28

     154,495        151,960  

GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (b)
2.517% 4/25/25

     490,052        490,154  

Goodgreen Trust, Series 2016-1A, Class A (b)
3.230% 10/15/52

     419,902        418,802  

Goodgreen Trust, Series 2017-2A, Class A (b)
3.260% 10/15/53

     477,115        473,452  
     Principal
Amount
     Value  

Goodgreen Trust, Series 2017-1A, Class A (b)
3.740% 10/15/52

   $ 191,903      $ 190,555  

GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR +
.645%, FRN
2.197% 4/25/35

     23,650        23,760  

Helios Issuer LLC, Series 2017-1A, Class A (b)
4.940% 9/20/49

     244,469        250,508  

Hero Funding, Series 2017-3A, Class A1 (b)
3.190% 9/20/48

     258,552        257,846  

HERO Funding Trust, Series 2016-3A, Class A1 (b)
3.080% 9/20/42

     251,982        248,684  

HERO Funding Trust, Series 2016-4A, Class A1 (b)
3.570% 9/20/47

     257,135        261,319  

Hilton Grand Vacations Trust, Series 2013-A, Class A (b)
2.280% 1/25/26

     43,583        43,283  

J.G. Wentworth XXXV LLC, Series 2015-2A, Class A (b)
3.870% 3/15/58

     94,620        98,049  

KDAC Aircraft Finance Ltd., Series 2017-1A, Class A (b) (d) (e)
4.212% 12/15/42

     440,000        439,985  

Lendmark Funding Trust, Series 2017-1A, Class A (b)
2.830% 12/22/25

     200,000        199,477  

Long Beach Mortgage Loan Trust, Series 2005-1, Class M2, 1 mo. USD LIBOR + .795%, FRN
2.347% 2/25/35

     48,880        49,013  

Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN
2.377% 6/25/35

     94,801        94,877  

Marble Point CLO XI Ltd., Series 2017-2A, Class A, FRN (b) (c)
2.793% 12/18/30

     1,000,000        1,000,396  

Mariner Finance Issuance Trust, Series 2017-BA, Class A (b)
2.920% 12/20/29

     750,000        748,530  

Marlette Funding Trust, Series 2016-1A, Class A (b)
3.060% 1/17/23

     100,873        101,051  

Marlette Funding Trust, Series 2017-2A, Class B (b)
3.190% 7/15/24

     140,000        140,279  

Miramax LLC, Series 2014-1A, Class A2 (b)
3.340% 7/20/26

     139,328        139,442  
 

 

The accompanying notes are an integral part of the financial statements.

 

32


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Mosaic Solar Loans LLC, Series 2017-2A, Class A (b)
3.820% 9/20/42

   $ 173,075      $ 173,734  

Mosaic Solar Loans LLC, Series 2017-1A, Class A (b)
4.450% 6/20/42

     80,618        82,256  

MP CLO III Ltd., Series 2013-1A, Class AR, FRN (b) (c)
2.613% 10/20/30

     300,000        302,247  

Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (b)
1.558% 7/20/18

     2,422        2,421  

New Residential Advance Receivables Trust, Series 2016-T4, Class AT4 (b)
3.107% 12/15/50

     450,000        447,996  

NP SPE II LLC, Series 2017-1A, Class A2 (b)
4.219% 10/21/47

     380,000        386,501  

NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 (b)
2.833% 10/16/51

     1,650,000        1,620,638  

OHA Credit Partners VIII Ltd., Series 2013-8A, Class A, 3 mo. USD LIBOR + 1.120%, FRN (b)
2.483% 4/20/25

     312,239        312,696  

OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A (b)
4.210% 5/17/20

     130,000        130,481  

Oportun Funding VI LLC, Series 2017-A, Class A (b)
3.230% 6/08/23

     280,000        278,600  

Orange Lake Timeshare Trust, Series 2014-AA, Class A (b)
2.290% 7/09/29

     37,899        37,371  

Orange Lake Timeshare Trust, Series 2016-A, Class B (b)
2.910% 3/08/29

     171,101        168,252  

Oxford Finance Funding Trust, Series 2016-1A, Class A (b)
3.968% 6/17/24

     220,000        220,835  

Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340%, FRN (b)
2.776% 2/20/30

     250,000        251,893  

Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (b)
3.080% 9/20/32

     33,686        33,502  

SoFi Consumer Loan Program LLC, Series 2016-3, Class A (b)
3.050% 12/26/25

     225,136        226,216  

SoFi Consumer Loan Program LLC, Series 2016-5, Class A (b)
3.060% 9/25/28

     1,078,273        1,080,958  
     Principal
Amount
     Value  

SoFi Consumer Loan Program LLC, Series 2016-2A, Class A (b)
3.090% 10/27/25

   $ 348,663      $ 350,393  

SoFi Consumer Loan Program LLC, Series 2016-1A, Class A (b)
3.260% 8/25/25

     513,110        516,104  

SoFi Consumer Loan Program LLC, Series 2017-2, Class A (b)
3.280% 2/25/26

     402,400        404,973  

Spirit Master Funding LLC, Series 2014-4A, Class A1 (b)
3.501% 1/20/45

     160,000        160,449  

SpringCastle America Funding LLC, Series 2016-AA, Class A (b)
3.050% 4/25/29

     195,728        196,941  

SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 (b)
2.750% 11/15/49

     670,000        669,163  

Structured Receivables Finance LLC, Series 2010-B, Class A (b)
3.730% 8/15/36

     90,830        90,086  

SuttonPark Structured Settlements LLC, Series 2017-1A, Class A (b)
4.190% 1/15/71

     347,562        346,788  

Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR +
1.180%, FRN (b)
2.533% 10/17/26

     430,000        431,271  

Taco Bell Funding LLC, Series 2016-1A, Class A2I (b)
3.832% 5/25/46

     385,125        390,523  

TAL Advantage VI LLC, Series 2017-1A, Class A
4.500% 4/20/42

     384,317        394,125  

TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR +
1.480%, FRN (b)
2.839% 10/13/29

     340,000        345,864  

Textainer Marine Containers Ltd., Series 2017-2A, Class A (b)
3.520% 6/20/42

     240,271        238,727  

Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR +
1.370%, FRN (b)
2.733% 4/20/27

     490,000        490,814  

Trip Rail Master Funding LLC, Series 2017-1A, Class A2 (b)
3.736% 8/15/47

     140,000        138,697  

Triton Container Finance IV LLC, Series 2017-2A, Class A (b)
3.620% 8/20/42

     834,357        835,246  

Triton Container Finance VI LLC, Series 2017-1A, Class A (b)
3.520% 6/20/42

     161,896        159,557  
 

 

The accompanying notes are an integral part of the financial statements.

 

33


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, VRN (c)
2.997% 10/25/46

   $ 257,942      $ 257,918  

VSE VOI Mortgage LLC, Series 2016-A, Class A (b)
2.540% 7/20/33

     286,137        283,702  

WAVE Trust, Series 2017-1A, Class A (b)
3.844% 11/15/42

     695,520        696,981  

Welk Resorts LLC, Series 2015-AA, Class A (b)
2.790% 6/16/31

     117,816        115,652  

Welk Resorts LLC, Series 2017-AA, Class B (b)
3.410% 6/15/33

     269,125        266,475  

Wendys Funding LLC, Series 2015-1A, Class A2I (b)
3.371% 6/15/45

     464,313        465,016  

Wendys Funding LLC, Series 2015-1A, Class A2II (b)
4.080% 6/15/45

     303,025        310,201  

Wendys Funding LLC, Series 2015-1A, Class A23 (b)
4.497% 6/15/45

     415,438        423,173  
     

 

 

 
        31,324,354  
     

 

 

 
Student Loans ABS — 3.2%      

Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100%, FRN (b)
2.428% 12/27/44

     495,000        494,412  

AccessLex Institute, Series 2004-A, Class A3, 28 day ARS, FRN
1.699% 7/01/39

     400,000        394,609  

AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury +
1.200%, FRN
2.550% 7/01/38

     133,318        125,689  

CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210%, FRN
1.799% 6/15/43

     507,608        469,209  

College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS, FRN
1.182% 1/25/47

     130,000        105,478  

DRB Prime Student Loan Trust, Series 2016-B, Class A2 (b)
2.890% 6/25/40

     252,221        252,748  

DRB Prime Student Loan Trust, Series 2016-R, Class A2 (b)
3.070% 10/25/44

     712,581        719,707  
     Principal
Amount
     Value  

DRB Prime Student Loan Trust, Series 2015-B, Class A2 (b)
3.170% 7/25/31

   $ 160,035      $ 160,768  

DRB Prime Student Loan Trust, Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (b)
3.238% 10/27/31

     45,822        46,800  

DRB Prime Student Loan Trust, Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900%, FRN (b)
3.464% 10/25/44

     712,581        719,707  

Earnest Student Loan Program LLC, Series 2016-D, Class A2 (b)
2.720% 1/25/41

     267,958        265,115  

Earnest Student Loan Program LLC, Series 2016-B, Class A2 (b)
3.020% 5/25/34

     190,497        189,536  

Earnest Student Loan Program LLC, Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850%, FRN (b) 3.402% 10/27/36

     415,257        421,637  

ECMC Group Student Loan Trust, Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200%, FRN (b)
2.752% 12/27/66

     405,653        410,328  

ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350%, FRN (b) 2.902% 7/26/66

     548,216        553,281  

Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $595,828), FRN (b) (c) (d) (e) (f)
3.350% 12/01/47

     600,000        595,828  

EdLinc Student Loan Funding Trust, Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240%, FRN (b) 5.792% 11/26/40

     270,000        312,641  

Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%, FRN
1.912% 8/25/42

     160,748        149,446  

Goal Structured Solutions Trust, Series 2016-B, Class A2, Prime — 1.250%, FRN (b)
3.250% 8/25/51

     500,000        504,146  

KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950%, FRN
2.412% 2/25/42

     168,726        169,629  

Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX (b)
3.020% 8/25/42

     190,000        187,154  
 

 

The accompanying notes are an integral part of the financial statements.

 

34


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Navient Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + .700%, FRN (b)
2.252% 2/25/70

   $ 472,316      $ 473,769  

Navient Student Loan Trust, Series 2017-5A, Class A, FRN (b) (c)
2.352% 7/26/66

     504,936        506,676  

Navient Student Loan Trust, Series 2017-4A, Class A3, 1 mo. USD LIBOR + 1.000%, FRN (b) 2.552% 9/27/66

     700,000        706,677  

Navient Student Loan Trust, Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050%, FRN (b) 2.602% 7/26/66

     300,000        307,840  

Navient Student Loan Trust, Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150%, FRN (b) 2.702% 7/26/66

     750,000        767,846  

Navient Student Loan Trust, Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250%, FRN (b) 2.802% 6/25/65

     452,042        462,883  

Navient Student Loan Trust, Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500%, FRN 2.828% 6/25/48

     220,000        193,091  

Navient Student Loan Trust, Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300%, FRN (b) 2.852% 3/25/66

     2,150,000        2,210,715  

Navient Student Loan Trust, Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500%, FRN
3.052% 7/26/49

     155,000        152,344  

Navient Student Loan Trust, Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500%, FRN 3.052% 10/25/58

     150,000        150,000  

Nelnet Private Education Loan Trust, Series 2016-A, Class A1B (b)
3.600% 12/26/40

     185,833        183,429  

Nelnet Student Loan Trust, Series 2005-2, Class A5, 3 mo. USD LIBOR + .100%, FRN 1.758% 3/23/37

     301,926        298,702  

Nelnet Student Loan Trust, Series 2006-3, Class B, 3 mo. USD LIBOR + .250%, FRN 1.925% 6/25/41

     116,553        100,229  

Nelnet Student Loan Trust, Series 2013-5A, Class A, 1 mo. USD LIBOR + .630%, FRN (b) 2.182% 1/25/37

     182,843        181,937  
     Principal
Amount
     Value  

Nelnet Student Loan Trust, Series 2005-4, Class A4R2, 28 day ARS, FRN
2.347% 3/22/32

   $ 200,000      $ 187,803  

Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500%, FRN (b)
2.828% 6/25/54

     150,000        135,763  

North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800%, FRN
2.167% 7/25/36

     250,000        246,954  

PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950%, FRN (b) 2.502% 11/25/65

     497,061        497,950  

SLC Private Student Loan Trust, Series 2006-A, Class A5, 3 mo. USD LIBOR + .170%, FRN
1.529% 7/15/36

     10,859        10,859  

SLC Private Student Loan Trust, Series 2006-A, Class C, 3 mo. USD LIBOR + .450%, FRN
1.809% 7/15/36

     230,000        219,006  

SLC Student Loan Trust, Series 2006-A, Class B, 3 mo. USD LIBOR + .300%, FRN
1.659% 7/15/36

     125,000        123,722  

SLM Student Loan Trust, Series 2002-7, Class A10, 28 day ARS, FRN
0.500% 3/15/28

     136,000        136,000  

SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN
0.500% 3/15/28

     160,000        160,000  

SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN
0.500% 6/17/30

     50,000        50,000  

SLM Student Loan Trust, Series 2003-5, Class A9, 28 day ARS, FRN
0.500% 6/17/30

     350,000        350,000  

SLM Student Loan Trust, Series 2005-5, Class A4, 3 mo. USD LIBOR + .140%, FRN
1.507% 10/25/28

     330,000        328,742  

SLM Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .150%, FRN
1.517% 4/25/40

     180,067        164,984  

SLM Student Loan Trust, Series 2006-5, Class B, 3 mo. USD LIBOR + .210%, FRN
1.577% 10/25/40

     409,864        386,445  

SLM Student Loan Trust, Series 2004-3A, Class A6A, 3 mo. USD LIBOR +
.550%, FRN (b)
1.917% 10/25/64

     750,000        741,829  
 

 

The accompanying notes are an integral part of the financial statements.

 

35


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

SLM Student Loan Trust, Series 2005-5, Class A5, 3 mo. USD LIBOR + .750%, FRN
2.117% 10/25/40

   $ 300,000      $ 298,081  

SLM Student Loan Trust, Series 2002-7, Class B, 28 day ARS, FRN
4.892% 12/15/39

     550,000        549,622  

SMB Private Education Loan Trust, Series 2016-B, Class A2A (b)
2.430% 2/17/32

     245,000        240,721  

SMB Private Education Loan Trust, Series 2015-B, Class A2B, 1 mo. USD LIBOR + 1.200%, FRN (b)
2.677% 7/15/27

     192,124        193,518  

SMB Private Education Loan Trust, Series 2016-A, Class A2A (b)
2.700% 5/15/31

     450,000        447,453  

SMB Private Education Loan Trust, Series 2017-A, Class B (b)
3.500% 6/17/41

     300,000        289,667  

SMB Private Education Loan Trust, Series 2017-B, Class B (b)
3.500% 12/16/41

     150,000        149,084  

SoFi Professional Loan Program LLC, Series 2015-A, Class RC, (Acquired 4/19/17, Cost $281,375) (b) (d) (f) 0.000% 3/25/33

     100        200,000  

SoFi Professional Loan Program LLC, Series 2017-D, Class R1 (Acquired 7/19/17, Cost $565,900) (b) (d) (f)
0.000% 9/25/40

     1,000,000        565,900  

SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1 mo. USD LIBOR + .950%, FRN (b)
2.502% 1/25/39

     107,156        108,242  

SoFi Professional Loan Program LLC, Series 2016-B, Class A2B (b)
2.740% 10/25/32

     300,000        296,656  

SoFi Professional Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200%, FRN (b)
2.752% 6/25/33

     273,110        277,553  

SoFi Professional Loan Program LLC, Series 2017-A, Class B, VRN (b) (c)
3.440% 3/26/40

     180,000        176,807  

SoFi Professional Loan Program LLC, Series 2017-D, Class BFX (b)
3.610% 9/25/40

     500,000        485,721  

South Carolina Student Loan Corp., Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000%, FRN 2.361% 1/03/33

     290,000        287,082  
     Principal
Amount
     Value  

South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050%, FRN
2.417% 10/27/36

   $ 170,000      $ 171,941  
     

 

 

 
        22,422,111  
     

 

 

 
WL Collateral CMO — 0.1%      

Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, VRN (c)
3.445% 2/25/34

     19,777        20,298  

Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, VRN (c)
3.887% 9/25/33

     7,502        6,987  

GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN (c)
3.596% 8/25/34

     7,725        7,780  

IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN (c)
3.190% 8/25/34

     49,390        48,142  

JP Morgan Mortgage Trust, Series 2017-1, Class A11, VRN (b) (c)
3.500% 1/25/47

     509,993        513,034  

Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, VRN (c)
3.525% 2/25/34

     5,418        5,277  

Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, VRN (c)
3.588% 7/25/33

     3,544        3,649  

Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, VRN (c)
3.500% 2/25/34

     237        252  

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, VRN (c)
3.494% 3/25/34

     30,484        31,433  

Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN
2.463% 4/25/44

     75,650        76,208  
     

 

 

 
        713,060  
     

 

 

 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $58,617,297)
        58,955,403  
     

 

 

 
SOVEREIGN DEBT OBLIGATIONS — 0.2%  

Colombia Government International Bond
6.125% 1/18/41

     620,000        748,650  

Mexico Government International Bond
4.750% 3/08/44

     724,000        731,964  
 

 

The accompanying notes are an integral part of the financial statements.

 

36


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Mexico Government International Bond
6.750% 9/27/34

   $ 160,000      $ 208,000  
     

 

 

 
        1,688,614  
     

 

 

 
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $1,559,023)
        1,688,614  
     

 

 

 
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 7.4%  
Collateralized Mortgage Obligations — 0.4%  

Federal Home Loan Mortgage Corp.
Series 4303, Class AP
3.000% 8/15/43

     415,961        421,538  

Series 4290, Class CA
3.500% 12/15/38

     287,557        294,897  

Series 2617, Class Z
5.500% 5/15/33

     226,536        249,788  

Series 2693, Class Z
5.500% 10/15/33

     404,026        435,379  

Series 3423, Class PB
5.500% 3/15/38

     82,590        89,568  

Federal National Mortgage Association Series 2014-7, Class VA
3.500% 5/25/25

     211,571        218,671  

Series 2014-48, Class AB
4.000% 10/25/40

     385,409        399,865  

Series 2007-32, Class Z
5.500% 4/25/37

     129,745        140,897  

Series 2010-60, Class HJ
5.500% 5/25/40

     88,669        94,750  

Federal National Mortgage Association REMIC Series 2007-B2, Class ZA
5.500% 6/25/37

     109,093        117,690  
     

 

 

 
        2,463,043  
     

 

 

 
Pass-Through Securities — 7.0%      

Federal Home Loan Mortgage Corp.

     

Pool #Q41916 3.500%
7/01/46

     294,840        305,344  

Pool #Q42045 3.500%
7/01/46

     116,916        121,081  

Pool #Q44275 3.500%
11/01/46

     236,086        244,497  

Pool #Q44277 3.500%
11/01/46

     106,577        110,091  

Pool #Q52216 3.500%
11/01/47

     647,226        665,227  

Pool #V83655 3.500%
12/01/47

     1,921,558        1,975,002  

Pool #V83763 3.500%
12/01/47

     2,322,494        2,387,089  
     Principal
Amount
     Value  

Pool #Q52868 3.500%
12/01/47

   $ 975,000      $ 1,002,117  

Pool #Q47742 4.000%
4/01/47

     193,747        204,940  

Pool #Q47730 4.000%
4/01/47

     238,916        252,718  

Pool #V83764 4.000%
12/01/47

     1,973,134        2,071,405  

Pool #V83796 4.000%
12/01/47

     2,900,000        3,038,996  

Pool #Q52834 4.000%
12/01/47

     250,000        261,982  

Pool #C03537 4.500%
8/01/40

     231,458        248,817  

Pool #G06057 4.500%
10/01/40

     167,493        179,689  

Pool #G60485 4.500%
10/01/41

     212,546        227,955  

Pool #G60172 4.500%
9/01/43

     215,513        231,778  

Pool #Q48208 4.500%
5/01/47

     119,468        127,476  

Pool #Q48869 4.500%
6/01/47

     903,767        961,947  

Pool #C55867 7.500%
2/01/30

     49,739        56,174  

Pool #C01079 7.500%
10/01/30

     7,124        8,316  

Pool #C01135 7.500%
2/01/31

     20,639        24,039  

Pool #C00470 8.000%
8/01/26

     14,995        17,249  

Pool #G00924 8.000%
3/01/28

     15,267        17,577  

Federal Home Loan Mortgage Corp. TBA (g)
Pool #648 3.500%
1/01/45

     1,150,000        1,181,266  

Federal National Mortgage Association Pool #725692 1 year CMT + 2.140%, FRN 3.229%
10/01/33

     49,793        51,470  

Pool #888586 1 year CMT + 2.210%, FRN 3.282%
10/01/34

     84,247        88,675  

Pool #AS1304 3.500%
12/01/28

     279,762        289,947  

Pool #AV1897 3.500%
12/01/28

     44,804        46,435  

Pool #AV2325 3.500%
12/01/28

     153,760        159,358  

Pool #BH5155 3.500%
9/01/47

     2,680,763        2,754,693  
 

 

The accompanying notes are an integral part of the financial statements.

 

37


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Pool #CA0770 3.500%
11/01/47

   $ 2,195,491      $ 2,256,382  

Pool #MA3210 3.500%
12/01/47

     323,966        332,951  

Pool #BH9008 4.000%
8/01/47

     49,742        52,064  

Pool #CA0181 4.000%
8/01/47

     2,425,855        2,539,093  

Pool #BH9011 4.000%
9/01/47

     49,791        52,115  

Pool #CA0620 4.000%
10/01/47

     2,267,711        2,374,276  

Pool #BF0094 4.000%
5/01/56

     1,058,981        1,114,371  

Pool #BF0105 4.000%
6/01/56

     268,252        282,283  

Pool #AH6787 4.500%
3/01/41

     181,647        195,321  

Pool #CA0185 4.500%
8/01/47

     491,781        524,881  

Pool #AD6437 5.000%
6/01/40

     97,807        106,755  

Pool #AD6996 5.000%
7/01/40

     655,744        709,075  

Pool #AL8173 5.000%
2/01/44

     259,219        279,977  

Pool #564594 7.000%
1/01/31

     10,437        11,952  

Pool #572844 7.000%
4/01/31

     23,373        27,163  

Pool #253795 7.000%
5/01/31

     58,051        66,900  

Pool #499386 7.500%
9/01/29

     1,369        1,591  

Pool #521006 7.500%
12/01/29

     639        742  

Pool #522769 7.500%
12/01/29

     65        76  

Pool #252981 7.500%
1/01/30

     8,068        9,368  

Pool #531196 7.500%
2/01/30

     963        1,121  

Pool #524317 7.500%
3/01/30

     1,066        1,247  

Pool #530520 7.500%
3/01/30

     11,277        13,025  

Pool #530299 7.500%
3/01/30

     260        294  

Pool #253183 7.500%
4/01/30

     3,324        3,860  

Pool #253265 7.500%
5/01/30

     1,964        2,257  
     Principal
Amount
     Value  

Pool #536949 8.000%
5/01/30

   $ 1,459      $ 1,743  

Pool #526380 8.000%
5/01/30

     5,847        6,952  

Pool #535351 8.000%
6/01/30

     2,794        3,306  

Pool #253481 8.000%
10/01/30

     2,306        2,729  

Pool #602008 8.000%
8/01/31

     2,572        3,032  

Pool #596656 8.000%
8/01/31

     718        758  

Pool #190317 8.000%
8/01/31

     897        1,057  

Federal National Mortgage Association TBA

     

Pool #1963 3.500%
10/01/44 (g)

     5,875,000        6,034,268  

Pool #9174 4.000%
3/01/44 (g)

     1,500,000        1,568,906  

Government National Mortgage Association
Pool #783896 3.500%
5/15/44

     795,015        826,101  

Pool #BF1053 3.500%
12/15/47

     300,000        310,840  

Pool #359587 7.000%
6/15/23

     31        31  

Pool #337539 7.000%
7/15/23

     492        537  

Pool #363066 7.000%
8/15/23

     3,996        4,385  

Pool #354674 7.000%
10/15/23

     4,046        4,413  

Pool #368814 7.000%
10/15/23

     470        481  

Pool #362651 7.000%
10/15/23

     4,121        4,328  

Pool #352021 7.000%
11/15/23

     2,273        2,485  

Government National Mortgage Association II
Pool #82462 1 year CMT + 1.500%, FRN 2.375%
1/20/40

     78,314        80,695  

Pool #82488 1 year CMT + 1.500%, FRN 2.375%
3/20/40

     104,191        107,264  

Pool #784026 3.500%
12/20/44

     220,456        228,353  

Pool #BC4641 3.500%
9/20/47

     447,940        463,740  
 

 

The accompanying notes are an integral part of the financial statements.

 

38


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Pool #MA4778 3.500%
10/20/47

   $ 2,189,358      $ 2,267,269  

Pool #BC4885 3.500%
11/20/47

     673,922        698,799  

Pool #BD6940 3.500%
12/20/47

     425,000        440,058  

Pool #AC2985 4.000%
10/20/47

     124,658        130,624  

Government National Mortgage Association II TBA
Pool #207 3.500%
5/01/45 (g)

     3,125,000        3,231,934  

Pool #232 4.000%
12/01/44 (g)

     1,800,000        1,876,781  
     

 

 

 
        48,574,359  
     

 

 

 
Whole Loans — 0.0%      

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2016-DNA1, Class M1, 1 mo. USD LIBOR +
1.450%, FRN
3.002% 7/25/28

     32,664        32,709  
     

 

 

 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $51,286,741)         51,070,111  
     

 

 

 
U.S. TREASURY OBLIGATIONS — 2.8%  
U.S. Treasury Bonds & Notes — 2.8%  

U.S. Treasury Bond
2.500% 5/15/46

     5,870,000        5,585,213  

U.S. Treasury Bond (h)
3.500% 2/15/39

     2,580,000        2,946,038  

U.S. Treasury Note
1.625% 11/30/20

     750,000        742,500  

U.S. Treasury Note
1.625% 8/31/22

     5,650,000        5,510,737  

U.S. Treasury Note
2.000% 11/15/26

     2,260,000        2,187,521  

U.S. Treasury Note
2.250% 8/15/27

     2,440,000        2,405,878  
     

 

 

 
        19,377,887  
     

 

 

 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $19,255,876)
        19,377,887  
     

 

 

 
TOTAL BONDS & NOTES
(Cost $201,261,881)
        203,633,215  
     

 

 

 
TOTAL PURCHASED OPTIONS (#) — 0.1%
(Cost $804,384)
        767,579  
     

 

 

 
     Number of
Shares
     Value  
RIGHTS — 0.0%  
Consumer, Cyclical — 0.0%      
Retail — 0.0%      

Safeway Casa Ley (CVR) (a) (d) (e)

     18,800      $ 18,988  

Safeway PDC, LLC. (CVR) (a) (d) (e)

     18,800        940  
     

 

 

 
        19,928  
     

 

 

 
TOTAL RIGHTS
(Cost $19,608)
        19,928  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $540,138,962)
        693,416,288  
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 3.7%  
Commercial Paper — 3.6%      

Ameren Corp.
1.775% 1/04/18

   $ 2,000,000        1,999,442  

Bell Canada (b)
1.936% 3/19/18

     2,000,000        1,991,911  

Carnival Corp. (b)
1.915% 3/14/18

     2,000,000        1,992,542  

Dominion Resources, Inc. (b)
1.535% 1/02/18

     2,000,000        1,999,629  

Fortive Corp. (b)
1.608% 1/16/18

     1,500,000        1,498,712  

Glencore Funding LLC (b)
1.629% 1/10/18

     2,000,000        1,998,810  

HP, Inc. (b)
1.566% 1/08/18

     2,000,000        1,999,203  

Marriott International, Inc. (b)
1.596% 1/16/18

     1,000,000        999,141  

Molex Electronic Technologies (b)
2.038% 3/13/18

     2,000,000        1,991,728  

Nasdaq, Inc. (b)
1.650% 1/24/18

     400,000        399,503  

Nasdaq, Inc. (b)
1.682% 2/20/18

     1,600,000        1,595,890  

Public Service Enterprise Group, Inc. (b)
2.137% 2/20/18

     2,000,000        1,994,803  

Spectra Energy Partners (b)
1.849% 1/25/18

     2,000,000        1,997,387  

Telus Corp. (b)
2.089% 3/28/18

     1,500,000        1,493,292  

Thomson Reuters Corp. (b)
1.649% 2/13/18

     1,250,000        1,247,139  
     

 

 

 
        25,199,132  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

39


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Repurchase Agreement — 0.1%      

Fixed Income Clearing Corp. Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (i)

   $ 400,810      $ 400,810  
     

 

 

 
Time Deposit — 0.0%      

Euro Time Deposit
0.120% 1/02/18

     36,208        36,208  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,637,960)
        25,636,150  
     

 

 

 
TOTAL INVESTMENTS — 103.4% (Cost $565,776,922) (j)         719,052,438  
Other Assets/(Liabilities) — (3.4)%         (23,564,729
     

 

 

 
NET ASSETS — 100.0%       $ 695,487,709  
     

 

 

 

Abbreviation Legend

ABS Asset-Backed Security
ARS Auction Rate Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
CVR Contingent Value Rights
FRN Floating Rate Note
MBS Mortgage-Backed Security
MTA Monthly Treasury Average Index
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note
WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $86,581,990 or 12.45% of net assets.
(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2017.
(d) Investment was valued using significant unobservable inputs.
(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $1,055,741 or 0.15% of net assets.
(f) Restricted security. Certain securities are restricted as to resale. At December 31, 2017, these securities amounted to a value of $1,361,728 or 0.20% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(h) A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).
(i) Maturity value of $400,834. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $413,955.
(j) See Note 6 for aggregate cost for federal tax purposes.
 

 

(#) The Fund had the following open Purchased Swaptions contracts at December 31, 2017:

Purchased Swaptions

 

OTC Counterparty*   Units     Notional
Amount
    Expiration
Date
    Pay/
Receive
Exercise
Rate
    Description   Premiums
Purchased
    Value     Unrealized
Appreciation/
(Depreciation)
 
Call                                              

Barclays Bank PLC

    5,300,000     USD 5,300,000       12/13/32       Receive     3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.44   $ 264,960     $ 257,630     $ (7,330
Put                                              

Barclays Bank PLC

    10,790,000     USD  10,790,000       12/13/32       Pay     3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Strike 2.94   $ 539,424     $ 509,949     $ (29,475
           

 

 

   

 

 

   

 

 

 
            $ 804,384     $ 767,579     $ (36,805
           

 

 

   

 

 

   

 

 

 

 

* Contracts are subject to a Master Netting Agreement.

 

The accompanying notes are an integral part of the financial statements.

 

40


Table of Contents

MML Blend Fund – Portfolio of Investments (Continued)

 

The Fund had the following open Futures contracts at December 31, 2017:

Futures

 

      Expiration
Date
     Number of
Contracts
     Notional
Amount
     Value/Net
Unrealized
Appreciation/
(Depreciation)
 
Futures Contracts — Long                            
U.S. Treasury Ultra Long Bond      3/20/18        18      $ 2,990,310      $ 27,503  
U.S. Treasury Note 2 Year      3/29/18        59        12,659,913        (27,460
U.S. Treasury Note 5 Year      3/29/18        150        17,499,504        (74,895
           

 

 

 
            $ (74,852
           

 

 

 

The Fund had the following open Swap agreements at December 31, 2017:

Swaps

 

 

Counterparty   Currency     Notional
Amount
    Expiration
Date
  Payment
Frequency
    Receive (Pay)
Fixed Rate
    Deliverable on Default   Unrealized
Appreciation
(Depreciation)
    Premium
(Received)
Paid
    Value  

Credit Default Swaps — Sell Protection††

 

OTC Swaps*

 

Goldman Sachs International     USD       500,000     5/11/63     Monthly       3.000%     CMBX.NA.BBB-.6† (Rating: BBB-)   $ (73,468   $ 308     $ (73,160
Goldman Sachs International     USD       430,000     5/11/63     Monthly       3.000%     CMBX.NA.BBB-.6† (Rating: BBB-)     (25,679     (37,238     (62,917
Goldman Sachs International     USD       160,000     5/11/63     Monthly       3.000%     CMBX.NA.BBB-.6† (Rating: BBB-)     (10,592     (12,819     (23,411
               

 

 

   

 

 

   

 

 

 
                $ (109,739   $ (49,749   $ (159,488
               

 

 

   

 

 

   

 

 

 

 

* Contracts are subject to a Master Netting Agreement.
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. 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

USD U.S. Dollar

 

The accompanying notes are an integral part of the financial statements.

 

41


Table of Contents

MML Equity Fund – Portfolio of Investments

 

December 31, 2017

 

     Number of
Shares
     Value  
EQUITIES — 98.2%  
COMMON STOCK — 98.2%  
Basic Materials — 1.9%  
Chemicals — 1.6%  

Ashland Global Holdings, Inc.

     1,700      $ 121,040  

Celanese Corp. Series A

     5,400        578,232  

Eastman Chemical Co.

     96,380        8,928,643  

Huntsman Corp.

     8,800        292,952  

LyondellBasell Industries NV Class A

     18,800        2,074,016  

PPG Industries, Inc.

     9,300        1,086,426  

RPM International, Inc.

     4,600        241,132  

Westlake Chemical Corp.

     4,900        521,997  
     

 

 

 
        13,844,438  
     

 

 

 
Forest Products & Paper — 0.1%  

International Paper Co.

     16,200        938,628  
     

 

 

 
Iron & Steel — 0.1%  

Nucor Corp.

     12,300        782,034  

Reliance Steel & Aluminum Co.

     2,200        188,738  

Steel Dynamics, Inc.

     9,500        409,735  
     

 

 

 
        1,380,507  
     

 

 

 
Mining — 0.1%  

Newmont Mining Corp.

     13,500        506,520  
     

 

 

 
        16,670,093  
     

 

 

 
Communications — 6.5%  
Internet — 0.5%  

Alphabet, Inc. Class A (a)

     3,390        3,571,026  

CDW Corp.

     6,100        423,889  
     

 

 

 
        3,994,915  
     

 

 

 
Media — 3.0%  

Comcast Corp. Class A

     167,200        6,696,360  

DISH Network Corp. Class A (a)

     63,940        3,053,135  

News Corp. Class A

     14,600        236,666  

Time Warner, Inc.

     47,200        4,317,384  

Twenty-First Century Fox, Inc. Class A

     39,900        1,377,747  

The Walt Disney Co.

     96,740        10,400,517  
     

 

 

 
        26,081,809  
     

 

 

 
Telecommunications — 3.0%  

ARRIS International PLC (a)

     7,000        179,830  

AT&T, Inc.

     251,350        9,772,488  

Cisco Systems, Inc.

     189,000        7,238,700  

Juniper Networks, Inc.

     14,300        407,550  

Motorola Solutions, Inc.

     6,600        596,244  

Verizon Communications, Inc.

     148,700        7,870,691  
     

 

 

 
        26,065,503  
     

 

 

 
        56,142,227  
     

 

 

 
     Number of
Shares
     Value  
Consumer, Cyclical — 10.2%  
Airlines — 1.0%  

American Airlines Group, Inc.

     19,700      $ 1,024,991  

Delta Air Lines, Inc.

     28,800        1,612,800  

JetBlue Airways Corp. (a)

     11,900        265,846  

Southwest Airlines Co.

     92,470        6,052,161  
     

 

 

 
        8,955,798  
     

 

 

 
Apparel — 0.7%  

Carter’s, Inc.

     1,700        199,733  

Hanesbrands, Inc. (b)

     245,140        5,125,877  

Michael Kors Holdings Ltd. (a)

     4,400        276,980  

Ralph Lauren Corp. (b)

     1,900        197,011  
     

 

 

 
        5,799,601  
     

 

 

 
Auto Manufacturers — 0.9%  

Ford Motor Co.

     142,600        1,781,074  

General Motors Co.

     58,400        2,393,816  

PACCAR, Inc.

     49,810        3,540,495  
     

 

 

 
        7,715,385  
     

 

 

 
Auto Parts & Equipment — 0.3%  

Adient PLC

     2,600        204,620  

Allison Transmission Holdings, Inc.

     5,200        223,964  

Aptiv PLC

     10,600        899,198  

BorgWarner, Inc.

     8,200        418,938  

The Goodyear Tire & Rubber Co.

     9,900        319,869  

Lear Corp.

     2,600        459,316  
     

 

 

 
        2,525,905  
     

 

 

 
Entertainment — 0.0%  

The Madison Square Garden Co. Class A (a)

     900        189,765  
     

 

 

 
Home Builders — 0.2%  

NVR, Inc. (a)

     100        350,822  

PulteGroup, Inc.

     12,100        402,325  

Thor Industries, Inc.

     2,000        301,440  

Toll Brothers, Inc.

     6,800        326,536  
     

 

 

 
        1,381,123  
     

 

 

 
Home Furnishing — 0.5%  

Leggett & Platt, Inc.

     5,000        238,650  

Whirlpool Corp.

     23,580        3,976,531  
     

 

 

 
        4,215,181  
     

 

 

 
Leisure Time — 0.8%  

Brunswick Corp.

     3,300        182,226  

Carnival Corp.

     78,500        5,210,045  

Norwegian Cruise Line Holdings Ltd. (a)

     8,900        473,925  

Royal Caribbean Cruises Ltd.

     8,500        1,013,880  
     

 

 

 
        6,880,076  
     

 

 

 
Lodging — 0.6%  

Hyatt Hotels Corp. Class A (a)

     1,500        110,310  
 

 

The accompanying notes are an integral part of the financial statements.

 

42


Table of Contents

MML Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Wyndham Worldwide Corp.

     47,580      $ 5,513,095  
     

 

 

 
        5,623,405  
     

 

 

 
Retail — 5.0%  

AutoNation, Inc. (a) (b)

     2,600        133,458  

Best Buy Co., Inc.

     10,800        739,476  

CarMax, Inc. (a)

     7,400        474,562  

CVS Health Corp.

     26,700        1,935,750  

Dollar General Corp.

     10,100        939,401  

The Gap, Inc.

     11,000        374,660  

Genuine Parts Co.

     4,100        389,541  

Kohl’s Corp.

     6,300        341,649  

L Brands, Inc.

     10,500        632,310  

Lowe’s Cos., Inc.

     30,200        2,806,788  

Nordstrom, Inc. (b)

     4,700        222,686  

PVH Corp.

     3,000        411,630  

Tapestry, Inc.

     89,420        3,955,047  

Target Corp.

     115,450        7,533,113  

Tractor Supply Co.

     3,500        261,625  

Wal-Mart Stores, Inc.

     211,610        20,896,487  

Walgreens Boots Alliance, Inc.

     21,350        1,550,437  

Williams-Sonoma, Inc. (b)

     3,400        175,780  
     

 

 

 
        43,774,400  
     

 

 

 
Textiles — 0.1%  

Mohawk Industries, Inc. (a)

     3,000        827,700  
     

 

 

 
Toys, Games & Hobbies — 0.1%  

Hasbro, Inc.

     4,600        418,094  
     

 

 

 
        88,306,433  
     

 

 

 
Consumer, Non-cyclical — 16.1%  
Agriculture — 0.6%  

Philip Morris International, Inc.

     53,180        5,618,467  
     

 

 

 
Beverages — 1.1%  

The Coca-Cola Co.

     104,400        4,789,872  

Coca-Cola European Partners PLC

     117,150        4,668,427  

Dr. Pepper Snapple Group, Inc.

     4,800        465,888  
     

 

 

 
        9,924,187  
     

 

 

 
Biotechnology — 2.0%  

Amgen, Inc.

     55,570        9,663,623  

Biogen, Inc. (a)

     8,400        2,675,988  

Gilead Sciences, Inc.

     72,540        5,196,766  
     

 

 

 
        17,536,377  
     

 

 

 
Commercial Services — 0.3%  

AMERCO

     600        226,746  

Booz Allen Hamilton Holding Corp.

     5,400        205,902  

H&R Block, Inc.

     8,000        209,760  

ManpowerGroup, Inc.

     2,600        327,886  

Robert Half International, Inc.

     5,100        283,254  

United Rentals, Inc. (a)

     3,500        601,685  

The Western Union Co.

     17,400        330,774  
     

 

 

 
        2,186,007  
     

 

 

 
     Number of
Shares
     Value  
Cosmetics & Personal Care — 0.7%  

The Procter & Gamble Co.

     67,560      $ 6,207,413  
     

 

 

 
Foods — 0.2%  

Ingredion, Inc.

     2,600        363,480  

Pilgrim’s Pride Corp. (a) (b)

     9,500        295,070  

Tyson Foods, Inc. Class A

     8,000        648,560  
     

 

 

 
        1,307,110  
     

 

 

 
Health Care – Products — 2.3%  

Boston Scientific Corp. (a)

     102,010        2,528,828  

Danaher Corp.

     61,938        5,749,085  

Thermo Fisher Scientific, Inc.

     22,660        4,302,681  

Zimmer Biomet Holdings, Inc.

     57,910        6,988,000  
     

 

 

 
        19,568,594  
     

 

 

 
Health Care – Services — 2.9%  

Aetna, Inc.

     12,600        2,272,914  

Anthem, Inc.

     9,700        2,182,597  

Cigna Corp.

     10,000        2,030,900  

DaVita, Inc. (a)

     7,800        563,550  

HCA Healthcare, Inc. (a)

     14,300        1,256,112  

Laboratory Corp. of America Holdings (a)

     4,200        669,942  

Quest Diagnostics, Inc.

     5,200        512,148  

UnitedHealth Group, Inc.

     70,840        15,617,386  
     

 

 

 
        25,105,549  
     

 

 

 
Household Products & Wares — 0.1%  

Kimberly-Clark Corp.

     9,100        1,098,006  
     

 

 

 
Pharmaceuticals — 5.9%  

AbbVie, Inc.

     61,900        5,986,349  

AmerisourceBergen Corp.

     6,100        560,102  

Bristol-Myers Squibb Co.

     147,360        9,030,221  

Herbalife Ltd. (a) (b)

     3,700        250,564  

Johnson & Johnson

     102,700        14,349,244  

McKesson Corp.

     7,900        1,232,005  

Perrigo Co. PLC

     5,200        453,232  

Pfizer, Inc.

     530,950        19,231,009  
     

 

 

 
        51,092,726  
     

 

 

 
        139,644,436  
     

 

 

 
Energy — 9.5%  
Oil & Gas — 7.3%  

Chevron Corp.

     191,742        24,004,181  

Concho Resources, Inc. (a)

     33,920        5,095,462  

ConocoPhillips

     164,201        9,012,993  

Energen Corp. (a)

     3,600        207,252  

HollyFrontier Corp.

     6,700        343,174  

Marathon Oil Corp.

     23,800        402,934  

Marathon Petroleum Corp.

     20,400        1,345,992  

Phillips 66

     66,129        6,688,948  

Suncor Energy, Inc.

     398,290        14,625,209  

Valero Energy Corp.

     17,500        1,608,425  
     

 

 

 
        63,334,570  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

43


Table of Contents

MML Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Oil & Gas Services — 1.5%  

Halliburton Co.

     119,117      $ 5,821,248  

Weatherford International PLC (a) (b)

     1,719,890        7,171,941  
     

 

 

 
        12,993,189  
     

 

 

 
Pipelines — 0.7%  

Enbridge, Inc. (b)

     164,477        6,432,696  
     

 

 

 
        82,760,455  
     

 

 

 
Financial — 30.8%  
Banks — 18.8%  

Bank of America Corp.

     960,960        28,367,539  

The Bank of New York Mellon Corp.

     40,000        2,154,400  

BB&T Corp.

     28,900        1,436,908  

BOK Financial Corp.

     2,400        221,568  

Capital One Financial Corp.

     18,600        1,852,188  

CIT Group, Inc.

     4,800        236,304  

Citigroup, Inc.

     287,620        21,401,804  

Citizens Financial Group, Inc.

     19,600        822,808  

Comerica, Inc.

     5,800        503,498  

Commerce Bancshares, Inc.

     4,100        228,944  

Cullen/Frost Bankers, Inc.

     2,400        227,160  

East West Bancorp, Inc.

     5,400        328,482  

Fifth Third Bancorp

     28,800        873,792  

The Goldman Sachs Group, Inc.

     51,120        13,023,331  

Huntington Bancshares, Inc.

     30,100        438,256  

JP Morgan Chase & Co.

     378,980        40,528,122  

KeyCorp

     396,730        8,002,044  

M&T Bank Corp.

     6,000        1,025,940  

Morgan Stanley

     181,480        9,522,256  

Northern Trust Corp.

     8,000        799,120  

The PNC Financial Services Group, Inc.

     18,700        2,698,223  

Prosperity Bancshares, Inc.

     2,600        182,182  

Regions Financial Corp.

     46,000        794,880  

State Street Corp.

     14,400        1,405,584  

SunTrust Banks, Inc.

     18,600        1,201,374  

Synovus Financial Corp.

     4,800        230,112  

US Bancorp

     65,200        3,493,416  

Wells Fargo & Co.

     191,200        11,600,104  

Western Alliance Bancorp (a)

     3,000        169,860  

Zions Bancorp

     177,140        9,004,026  
     

 

 

 
        162,774,225  
     

 

 

 
Diversified Financial Services — 3.9%  

Alliance Data Systems Corp.

     1,600        405,568  

Ally Financial, Inc.

     17,600        513,216  

American Express Co.

     34,400        3,416,264  

Ameriprise Financial, Inc.

     40,280        6,826,252  

BlackRock, Inc.

     13,570        6,971,045  

Credit Acceptance Corp. (a) (b)

     600        194,088  

Discover Financial Services

     15,600        1,199,952  
     Number of
Shares
     Value  

E*TRADE Financial Corp. (a)

     10,300      $ 510,571  

FNF Group

     9,200        361,008  

Franklin Resources, Inc.

     21,700        940,261  

Invesco Ltd.

     15,700        573,678  

Lazard Ltd. Class A

     4,800        252,000  

Nasdaq, Inc.

     118,110        9,074,391  

Raymond James Financial, Inc.

     5,200        464,360  

Santander Consumer USA Holdings, Inc.

     13,200        245,784  

Synchrony Financial

     31,000        1,196,910  

T. Rowe Price Group, Inc.

     9,400        986,342  
     

 

 

 
        34,131,690  
     

 

 

 
Insurance — 5.8%  

Aflac, Inc.

     15,500        1,360,590  

Alleghany Corp. (a)

     700        417,263  

The Allstate Corp.

     15,000        1,570,650  

American Financial Group, Inc.

     6,700        727,218  

American International Group, Inc.

     48,000        2,859,840  

Aon PLC

     43,030        5,766,020  

Assurant, Inc.

     2,200        221,848  

Chubb Ltd.

     17,000        2,484,210  

Cincinnati Financial Corp.

     6,100        457,317  

Everest Re Group Ltd.

     1,500        331,890  

The Hartford Financial Services Group, Inc.

     142,900        8,042,412  

Lincoln National Corp.

     8,300        638,021  

Loews Corp.

     12,800        640,384  

Markel Corp. (a)

     600        683,478  

MetLife, Inc.

     170,820        8,636,659  

Old Republic International Corp.

     10,300        220,214  

Principal Financial Group, Inc.

     11,200        790,272  

Prudential Financial, Inc.

     16,600        1,908,668  

Reinsurance Group of America, Inc.

     2,600        405,418  

Torchmark Corp.

     11,400        1,034,094  

The Travelers Cos., Inc.

     25,400        3,445,256  

Unum Group

     9,000        494,010  

Voya Financial, Inc.

     7,500        371,025  

W.R. Berkley Corp.

     4,700        336,755  

Willis Towers Watson PLC

     4,900        738,381  

XL Group Ltd.

     170,850        6,007,086  
     

 

 

 
        50,588,979  
     

 

 

 
Real Estate — 0.0%  

Jones Lang LaSalle, Inc.

     1,700        253,181  
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.3%  

Crown Castle International Corp.

     68,700        7,626,387  

Digital Realty Trust, Inc.

     28,150        3,206,285  

Invitation Homes, Inc.

     100,160        2,360,771  

Prologis, Inc.

     102,220        6,594,212  
     

 

 

 
        19,787,655  
     

 

 

 
Savings & Loans — 0.0%  

Investors Bancorp, Inc.

     11,400        158,232  
     

 

 

 
        267,693,962  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

44


Table of Contents

MML Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Industrial — 10.7%  
Aerospace & Defense — 2.0%  

General Dynamics Corp.

     12,500      $ 2,543,125  

L3 Technologies, Inc.

     3,100        613,335  

Lockheed Martin Corp.

     31,791        10,206,501  

Spirit AeroSystems Holdings, Inc. Class A

     4,800        418,800  

United Technologies Corp.

     30,900        3,941,913  
     

 

 

 
        17,723,674  
     

 

 

 
Building Materials — 0.1%  

Owens Corning

     4,600        422,924  

USG Corp. (a)

     5,400        208,224  
     

 

 

 
        631,148  
     

 

 

 
Electrical Components & Equipment — 0.0%  

Hubbell, Inc.

     1,500        203,010  
     

 

 

 
Electronics — 1.3%  

Arrow Electronics, Inc. (a)

     3,300        265,353  

Corning, Inc.

     47,900        1,532,321  

Garmin Ltd.

     7,700        458,689  

Gentex Corp.

     11,100        232,545  

Honeywell International, Inc.

     29,500        4,524,120  

Jabil, Inc.

     6,600        173,250  

SYNNEX Corp.

     1,100        149,545  

TE Connectivity Ltd.

     40,410        3,840,566  
     

 

 

 
        11,176,389  
     

 

 

 
Engineering & Construction — 0.5%  

Fluor Corp.

     75,070        3,877,365  

Jacobs Engineering Group, Inc.

     4,600        303,416  
     

 

 

 
        4,180,781  
     

 

 

 
Environmental Controls — 0.7%  

Waste Management, Inc.

     65,780        5,676,814  
     

 

 

 
Hand & Machine Tools — 0.0%  

Snap-on, Inc.

     2,200        383,460  
     

 

 

 
Machinery – Construction & Mining — 1.1%  

Caterpillar, Inc.

     61,470        9,686,443  
     

 

 

 
Machinery – Diversified — 0.4%  

AGCO Corp.

     3,000        214,290  

Cummins, Inc.

     6,800        1,201,152  

Zebra Technologies Corp. Class A (a)

     23,380        2,426,844  
     

 

 

 
        3,842,286  
     

 

 

 
Manufacturing — 0.4%  

Siemens AG Sponsored ADR

     46,280        3,205,816  
     

 

 

 
Miscellaneous – Manufacturing — 1.3%  

Carlisle Cos., Inc.

     2,400        272,760  

Eaton Corp. PLC

     17,200        1,358,972  

Ingersoll-Rand PLC

     9,400        838,386  

Parker-Hannifin Corp.

     37,093        7,403,021  

Pentair PLC

     5,900        416,658  

Textron, Inc.

     10,700        605,513  
     Number of
Shares
     Value  

Trinity Industries, Inc.

     5,700      $ 213,522  
     

 

 

 
        11,108,832  
     

 

 

 
Packaging & Containers — 0.7%  

Crown Holdings, Inc. (a)

     5,200        292,500  

Packaging Corp. of America

     3,500        421,925  

Sonoco Products Co.

     3,900        207,246  

WestRock Co.

     86,770        5,484,732  
     

 

 

 
        6,406,403  
     

 

 

 
Shipbuilding — 0.1%  

Huntington Ingalls Industries, Inc.

     1,800        424,260  
     

 

 

 
Transportation — 2.1%  

FedEx Corp.

     14,490        3,615,835  

Kansas City Southern

     30,010        3,157,652  

Norfolk Southern Corp.

     7,600        1,101,240  

United Parcel Service, Inc. Class B

     25,400        3,026,410  

XPO Logistics, Inc. (a) (b)

     84,640        7,752,177  
     

 

 

 
        18,653,314  
     

 

 

 
        93,302,630  
     

 

 

 
Technology — 9.7%  
Computers — 3.5%  

Apple, Inc.

     100,200        16,956,846  

Check Point Software Technologies Ltd. (a)

     18,080        1,873,450  

CSRA, Inc.

     4,600        137,632  

HP, Inc.

     277,060        5,821,030  

International Business Machines Corp.

     34,000        5,216,280  

NetApp, Inc.

     7,600        420,432  
     

 

 

 
        30,425,670  
     

 

 

 
Office & Business Equipment — 0.0%  

Xerox Corp.

     9,900        288,585  
     

 

 

 
Semiconductors — 3.1%  

Applied Materials, Inc.

     37,800        1,932,336  

Broadcom Ltd.

     12,032        3,091,021  

Intel Corp.

     180,400        8,327,264  

KLA-Tencor Corp.

     5,700        598,899  

Marvell Technology Group Ltd.

     324,490        6,966,800  

Qorvo, Inc. (a)

     5,100        339,660  

Skyworks Solutions, Inc.

     7,100        674,145  

Teradyne, Inc.

     5,700        238,659  

Texas Instruments, Inc.

     46,610        4,867,948  
     

 

 

 
        27,036,732  
     

 

 

 
Software — 3.1%  

CA, Inc.

     15,400        512,512  

First Data Corp. Class A (a)

     332,060        5,548,723  

Microsoft Corp.

     86,980        7,440,269  

Oracle Corp.

     155,100        7,333,128  

Synopsys, Inc. (a)

     68,100        5,804,844  
     

 

 

 
        26,639,476  
     

 

 

 
        84,390,463  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

45


Table of Contents

MML Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Utilities — 2.8%  
Electric — 2.7%  

AES Corp.

     8,900      $ 96,387  

Ameren Corp.

     9,500        560,405  

American Electric Power Co., Inc.

     19,300        1,419,901  

DTE Energy Co.

     7,400        810,004  

Duke Energy Corp.

     22,500        1,892,475  

Edison International

     119,790        7,575,520  

Entergy Corp.

     68,660        5,588,237  

Eversource Energy

     12,100        764,478  

NextEra Energy, Inc.

     15,325        2,393,612  

OGE Energy Corp.

     8,000        263,280  

Pinnacle West Capital Corp.

     4,600        391,828  

Public Service Enterprise Group, Inc.

     19,600        1,009,400  

Westar Energy, Inc.

     5,200        274,560  

Xcel Energy, Inc.

     17,700        851,547  
     

 

 

 
        23,891,634  
     

 

 

 
Gas — 0.1%  

National Fuel Gas Co. (b)

     3,200        175,712  

UGI Corp.

     6,500        305,175  
     

 

 

 
        480,887  
     

 

 

 
        24,372,521  
     

 

 

 
TOTAL COMMON STOCK
(Cost $678,973,133)
        853,283,220  
     

 

 

 
TOTAL EQUITIES
(Cost $678,973,133)
        853,283,220  
     

 

 

 
MUTUAL FUNDS — 2.9%      
Diversified Financial Services — 2.9%  

iShares Russell 1000 Value Index Fund

     42,900        5,334,186  

State Street Navigator Securities Lending Prime Portfolio (c)

     20,307,925        20,307,925  
     

 

 

 
        25,642,111  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $25,639,652)
        25,642,111  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $704,612,785)
        878,925,331  
     

 

 

 
    Principal
Amount
    Value  
SHORT-TERM INVESTMENTS — 1.2%  
Repurchase Agreement — 1.2%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (d)

  $ 10,361,349     $ 10,361,349  
   

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,361,349)
      10,361,349  
   

 

 

 
TOTAL INVESTMENTS — 102.3%
(Cost $714,974,134) (e)
      889,286,680  
Other Assets/(Liabilities) — (2.3)%       (20,193,987
   

 

 

 
NET ASSETS — 100.0%     $ 869,092,693  
   

 

 

 

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 December 31, 2017, was $19,709,581 or 2.27% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).
(c) Represents investment of security lending collateral. (Note 2).
(d) Maturity value of $10,361,970. Collateralized by U.S. Government Agency obligations with rates ranging from 2.000% – 2.750%, maturity dates ranging from 2/15/24 – 4/30/24, and an aggregate market value, including accrued interest, of $10,571,498.
(e) See Note 6 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the financial statements.

 

46


Table of Contents

MML Managed Bond Fund – Portfolio of Investments

 

December 31, 2017

 

     Number of
Shares
     Value  
EQUITIES — 0.2%  
PREFERRED STOCK — 0.2%  
Financial — 0.2%      
Insurance — 0.2%      

The Allstate Corp., 3 mo. USD LIBOR +
3.165%, VRN
5.100%

     95,000      $ 2,492,800  
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $2,375,000)
        2,492,800  
     

 

 

 
TOTAL EQUITIES
(Cost $2,375,000)
        2,492,800  
     

 

 

 
     Principal
Amount
        
BONDS & NOTES — 97.8%  
CORPORATE DEBT — 35.2%  
Advertising — 0.1%      

WPP Finance 2010
5.625% 11/15/43

   $ 1,205,000        1,382,084  
     

 

 

 
Aerospace & Defense — 0.0%      

United Technologies Corp.
6.125% 7/15/38

     350,000        463,999  
     

 

 

 
Agriculture — 0.2%      

Bunge Ltd. Finance Corp.
3.250% 8/15/26

     1,050,000        1,003,452  

Bunge Ltd. Finance Corp.
3.500% 11/24/20

     955,000        974,923  

Reynolds American, Inc.
5.850% 8/15/45

     760,000        949,065  
     

 

 

 
        2,927,440  
     

 

 

 
Airlines — 0.7%      

American Airlines Group, Inc. (a)
5.500% 10/01/19

     5,926,000        6,088,965  

American Airlines Pass-Through Trust, Series 2014-1, Class B
4.375% 4/01/24

     202,902        207,238  

Spirit Airlines Pass-Through Trust, Series 2015-1, Class A
4.100% 10/01/29

     1,753,329        1,819,780  

WestJet Airlines Ltd. (a)
3.500% 6/16/21

     735,000        741,852  
     

 

 

 
        8,857,835  
     

 

 

 
Auto Manufacturers — 0.7%      

Ford Motor Co.
5.291% 12/08/46

     530,000        576,751  

Ford Motor Credit Co. LLC
2.681% 1/09/20

     1,340,000        1,343,233  

Ford Motor Credit Co. LLC
4.375% 8/06/23

     340,000        358,021  
     Principal
Amount
     Value  

General Motors Co.
4.200% 10/01/27

   $ 1,315,000      $ 1,362,616  

General Motors Co.
5.150% 4/01/38

     800,000        852,923  

General Motors Financial Co., Inc.
3.500% 11/07/24

     1,925,000        1,921,066  

Hyundai Capital America (a)
2.550% 2/06/19

     1,045,000        1,043,162  

Hyundai Capital America (a)
2.875% 8/09/18

     800,000        801,666  
     

 

 

 
        8,259,438  
     

 

 

 
Auto Parts & Equipment — 0.0%      

Lear Corp.
5.375% 3/15/24

     535,000        565,895  
     

 

 

 
Banks — 4.4%      

Associated Banc-Corp.
2.750% 11/15/19

     2,805,000        2,814,530  

Associated Banc-Corp.
4.250% 1/15/25

     2,991,000        3,079,685  

Banco Santander SA
3.125% 2/23/23

     1,800,000        1,790,840  

Banco Santander SA
4.250% 4/11/27

     1,800,000        1,866,041  

Bank of America Corp.
4.183% 11/25/27

     3,015,000        3,148,463  

Bank of America Corp. 3 mo. USD LIBOR + 1.814%, VRN
4.244% 4/24/38

     1,625,000        1,762,362  

Bank of America Corp.
5.875% 2/07/42

     470,000        622,355  

Bank of America Corp.
7.750% 5/14/38

     400,000        599,354  

Bank of Montreal VRN (b)
3.803% 12/15/32

     1,505,000        1,487,888  

The Bank of Nova Scotia
4.500% 12/16/25

     1,295,000        1,362,284  

The Bank of Nova Scotia VRN (b)
4.650% 12/31/99

     1,175,000        1,168,009  

Barclays PLC
4.337% 1/10/28

     1,720,000        1,780,140  

BPCE SA (a)
3.500% 10/23/27

     2,570,000        2,528,857  

Citigroup, Inc.
4.125% 7/25/28

     2,975,000        3,066,199  

Credit Suisse Group AG (a)
4.282% 1/09/28

     1,325,000        1,381,445  

First Horizon National Corp.
3.500% 12/15/20

     3,580,000        3,655,828  

First Republic Bank
4.375% 8/01/46

     4,360,000        4,457,331  
 

 

The accompanying notes are an integral part of the financial statements.

 

47


Table of Contents

MML Managed Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Fulton Financial Corp.
3.600% 3/16/22

   $ 1,565,000      $ 1,571,227  

The Goldman Sachs Group, Inc.
5.750% 1/24/22

     950,000        1,053,389  

The Goldman Sachs Group, Inc.
5.950% 1/15/27

     1,410,000        1,647,124  

The Goldman Sachs Group, Inc.
6.125% 2/15/33

     335,000        426,977  

The Goldman Sachs Group, Inc.
6.750% 10/01/37

     345,000        461,832  

ICICI Bank Ltd. (a)
4.700% 2/21/18

     1,250,000        1,253,198  

JP Morgan Chase & Co.
3.625% 12/01/27

     1,235,000        1,248,308  

JP Morgan Chase & Co.
5.600% 7/15/41

     1,125,000        1,447,085  

SVB Financial Group
3.500% 1/29/25

     2,960,000        2,967,078  

SVB Financial Group
5.375% 9/15/20

     475,000        507,667  

Turkiye Garanti Bankasi AS (a)
4.750% 10/17/19

     3,010,000        3,055,210  

Valley National Bancorp
5.125% 9/27/23

     1,530,000        1,637,831  
     

 

 

 
        53,848,537  
     

 

 

 
Beverages — 0.4%      

Anheuser-Busch InBev Finance, Inc.
4.900% 2/01/46

     3,825,000        4,433,133  

Molson Coors Brewing Co.
4.200% 7/15/46

     620,000        631,794  
     

 

 

 
        5,064,927  
     

 

 

 
Biotechnology — 0.5%      

Amgen, Inc.
5.150% 11/15/41

     475,000        570,050  

Baxalta, Inc.
5.250% 6/23/45

     885,000        1,031,406  

Celgene Corp.
3.450% 11/15/27

     2,330,000        2,328,264  

Celgene Corp.
4.350% 11/15/47

     1,890,000        1,963,198  
     

 

 

 
        5,892,918  
     

 

 

 
Building Materials — 0.5%      

Standard Industries, Inc. (a)
5.000% 2/15/27

     3,037,000        3,105,332  

Standard Industries, Inc. (a)
5.375% 11/15/24

     1,636,000        1,710,111  

Standard Industries, Inc. (a)
5.500% 2/15/23

     1,238,000        1,290,615  
     

 

 

 
        6,106,058  
     

 

 

 
     Principal
Amount
     Value  
Chemicals — 0.5%      

Ashland, Inc.
6.875% 5/15/43

   $ 302,000      $ 335,220  

Incitec Pivot Finance LLC (a)
6.000% 12/10/19

     1,160,000        1,228,783  

Monsanto Co.
4.400% 7/15/44

     650,000        692,606  

The Mosaic Co.
3.250% 11/15/22

     1,150,000        1,139,940  

The Mosaic Co.
4.050% 11/15/27

     1,170,000        1,173,067  

RPM International, Inc.
3.750% 3/15/27

     725,000        733,617  

The Sherwin-Williams Co.
4.500% 6/01/47

     700,000        765,341  

The Sherwin-Williams Co. (a)
7.250% 6/15/19

     315,000        336,762  
     

 

 

 
        6,405,336  
     

 

 

 
Commercial Services — 0.3%      

The ADT Corp.
6.250% 10/15/21

     2,875,000        3,148,125  

ERAC USA Finance LLC (a)
6.700% 6/01/34

     125,000        157,776  
     

 

 

 
        3,305,901  
     

 

 

 
Computers — 1.0%      

Dell International LLC/EMC Corp. (a)
3.480% 6/01/19

     2,975,000        3,012,269  

Dell International LLC/EMC Corp. (a)
6.020% 6/15/26

     487,000        536,975  

DXC Technology Co.
2.875% 3/27/20

     610,000        612,967  

DXC Technology Co.
4.750% 4/15/27

     1,845,000        1,961,995  

Enterprise Services LLC
7.450% 10/15/29

     300,000        372,858  

Leidos Holdings, Inc.
4.450% 12/01/20

     5,665,000        5,877,438  
     

 

 

 
        12,374,502  
     

 

 

 
Diversified Financial Services — 2.3%  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 5/15/21

     1,810,000        1,900,896  

Affiliated Managers Group, Inc.
3.500% 8/01/25

     2,080,000        2,103,292  

Aircastle Ltd.
5.000% 4/01/23

     1,750,000        1,844,063  

Ally Financial, Inc.
3.250% 11/05/18

     3,060,000        3,067,650  

Ally Financial, Inc.
4.750% 9/10/18

     2,165,000        2,192,062  
 

 

The accompanying notes are an integral part of the financial statements.

 

48


Table of Contents

MML Managed Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Ares Finance Co. LLC (a)
4.000% 10/08/24

   $ 2,080,000      $ 2,000,856  

Brookfield Finance LLC
4.000% 4/01/24

     3,030,000        3,136,737  

Discover Financial Services
4.100% 2/09/27

     1,750,000        1,792,580  

Genpact Luxembourg Sarl (a)
3.700% 4/01/22

     2,400,000        2,385,327  

Lazard Group LLC
3.625% 3/01/27

     1,253,000        1,250,410  

Lazard Group LLC
4.250% 11/14/20

     3,710,000        3,864,259  

Legg Mason, Inc.
5.625% 1/15/44

     1,195,000        1,332,277  

Neuberger Berman Group LLC/Neuberger Berman Finance Corp. (a)
4.500% 3/15/27

     1,150,000        1,209,570  
     

 

 

 
        28,079,979  
     

 

 

 
Electric — 2.1%      

The Cleveland Electric Illuminating Co. (a)
3.500% 4/01/28

     945,000        946,032  

Duke Energy Corp.
3.750% 9/01/46

     1,235,000        1,221,305  

EDP Finance BV (a)
3.625% 7/15/24

     2,665,000        2,683,985  

Entergy Louisiana LLC
4.950% 1/15/45

     1,005,000        1,056,016  

Florida Power & Light Co.
4.950% 6/01/35

     630,000        746,507  

Infraestructura Energetica Nova SAB de CV (a)
3.750% 1/14/28

     820,000        808,930  

IPALCO Enterprises, Inc.
3.450% 7/15/20

     4,160,000        4,201,600  

IPALCO Enterprises, Inc. (a)
3.700% 9/01/24

     1,060,000        1,059,037  

Israel Electric Corp. Ltd. (a)
7.250% 1/15/19

     1,250,000        1,302,350  

Majapahit Holding BV (a)
7.750% 1/20/20

     1,220,000        1,334,436  

Nevada Power Co., Series N
6.650% 4/01/36

     550,000        764,369  

Oncor Electric Delivery Co.
7.500% 9/01/38

     495,000        748,786  

Pacific Gas & Electric Co.
5.800% 3/01/37

     543,000        677,617  

Pennsylvania Electric Co. (a)
4.150% 4/15/25

     1,860,000        1,947,360  

Progress Energy, Inc.
7.000% 10/30/31

     485,000        648,099  

Puget Energy, Inc.
3.650% 5/15/25

     2,345,000        2,404,029  
     Principal
Amount
     Value  

Puget Energy, Inc.
6.500% 12/15/20

   $ 1,580,000      $ 1,749,071  

Tri-State Pass-Through Trust, Series 2003, Class A (a)
6.040% 1/31/18

     20,291        20,348  

Tri-State Pass-Through Trust, Series 2003, Class B (a)
7.144% 7/31/33

     480,000        593,328  

Virginia Electric and Power Co.
6.350% 11/30/37

     640,000        882,260  
     

 

 

 
        25,795,465  
     

 

 

 
Electronics — 0.6%      

Arrow Electronics, Inc.
3.250% 9/08/24

     965,000        945,589  

Arrow Electronics, Inc.
3.500% 4/01/22

     1,680,000        1,702,503  

Arrow Electronics, Inc.
3.875% 1/12/28

     985,000        982,047  

Avnet, Inc.
3.750% 12/01/21

     405,000        410,826  

FLIR Systems, Inc.
3.125% 6/15/21

     1,235,000        1,244,137  

Ingram Micro, Inc. STEP
5.450% 12/15/24

     1,288,000        1,279,222  

Tech Data Corp.
3.700% 2/15/22

     855,000        857,651  

Tyco Electronics Group SA
7.125% 10/01/37

     335,000        485,034  
     

 

 

 
        7,907,009  
     

 

 

 
Engineering & Construction — 0.4%      

SBA Tower Trust (a)
3.156% 10/10/45

     1,200,000        1,209,000  

SBA Tower Trust (a)
2.877% 7/10/46

     1,200,000        1,191,000  

SBA Tower Trust (a)
3.168% 4/09/47

     1,930,000        1,921,202  
     

 

 

 
        4,321,202  
     

 

 

 
Foods — 0.2%      

Kraft Heinz Foods Co.
3.000% 6/01/26

     1,915,000        1,842,767  
     

 

 

 
Gas — 0.3%      

NiSource Finance Corp.
5.800% 2/01/42

     950,000        1,177,070  

Spire, Inc.
4.700% 8/15/44

     1,840,000        2,042,673  
     

 

 

 
        3,219,743  
     

 

 

 
Hand & Machine Tools — 0.1%      

Kennametal, Inc.
2.650% 11/01/19

     800,000        800,633  
     

 

 

 
 

 

The accompanying notes are an integral part of the financial statements.

 

49


Table of Contents

MML Managed Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Health Care – Products — 0.5%      

Abbott Laboratories
3.750% 11/30/26

   $ 810,000      $ 831,762  

Abbott Laboratories
4.900% 11/30/46

     755,000        865,605  

Becton Dickinson & Co.
3.363% 6/06/24

     1,625,000        1,629,540  

Becton Dickinson & Co.
3.700% 6/06/27

     1,705,000        1,718,146  

Becton Dickinson & Co.
4.685% 12/15/44

     825,000        902,134  
     

 

 

 
        5,947,187  
     

 

 

 
Health Care – Services — 0.3%      

Humana, Inc.
3.950% 3/15/27

     1,660,000        1,718,738  

Humana, Inc.
4.800% 3/15/47

     830,000        935,859  

UnitedHealth Group, Inc.
3.950% 10/15/42

     350,000        363,801  

UnitedHealth Group, Inc.
6.875% 2/15/38

     580,000        841,247  
     

 

 

 
        3,859,645  
     

 

 

 
Home Builders — 0.3%      

Lennar Corp.
4.500% 11/15/19

     3,390,000        3,478,987  

Lennar Corp.
6.950% 6/01/18

     45,000        45,844  
     

 

 

 
        3,524,831  
     

 

 

 
Household Products & Wares — 0.0%      

Church & Dwight Co., Inc.
3.150% 8/01/27

     520,000        512,319  
     

 

 

 
Insurance — 2.8%      

The Allstate Corp. 3 mo. USD LIBOR + 2.938%, VRN
5.750% 8/15/53

     2,260,000        2,465,660  

American International Group, Inc.
4.500% 7/16/44

     1,175,000        1,265,594  

AmTrust Financial Services, Inc.
6.125% 8/15/23

     3,030,000        2,910,315  

Arch Capital Group US, Inc.
5.144% 11/01/43

     1,040,000        1,213,074  

Athene Global Funding (a)
3.000% 7/01/22

     2,280,000        2,256,683  

AXIS Specialty Finance PLC
2.650% 4/01/19

     590,000        588,029  

AXIS Specialty Finance PLC
4.000% 12/06/27

     1,625,000        1,632,328  

Brown & Brown, Inc.
4.200% 9/15/24

     456,000        478,009  

The Chubb Corp. 3 mo. USD LIBOR + 2.250%, VRN
3.609% 3/29/67

     374,000        371,195  
     Principal
Amount
     Value  

CNA Financial Corp.
3.450% 8/15/27

   $ 1,115,000      $ 1,098,785  

CNO Financial Group, Inc.
4.500% 5/30/20

     1,602,000        1,650,060  

CNO Financial Group, Inc.
5.250% 5/30/25

     2,321,000        2,448,655  

Enstar Group Ltd.
4.500% 3/10/22

     920,000        936,984  

Five Corners Funding Trust (a)
4.419% 11/15/23

     1,315,000        1,409,192  

Reinsurance Group of America, Inc.
3.950% 9/15/26

     2,260,000        2,309,747  

Trinity Acquisition PLC
3.500% 9/15/21

     1,540,000        1,570,031  

Trinity Acquisition PLC
4.400% 3/15/26

     445,000        470,627  

USF&G Capital I (a)
8.500% 12/15/45

     885,000        1,298,680  

Willis North America, Inc.
7.000% 9/29/19

     566,000        607,014  

Willis Towers Watson PLC
5.750% 3/15/21

     1,690,000        1,838,994  

XLIT Ltd.
4.450% 3/31/25

     1,200,000        1,227,363  

XLIT Ltd.
5.750% 10/01/21

     1,260,000        1,382,900  

XLIT Ltd.
6.375% 11/15/24

     2,590,000        3,017,121  
     

 

 

 
        34,447,040  
     

 

 

 
Internet — 0.4%      

Amazon.com, Inc. (a)
4.050% 8/22/47

     1,840,000        1,982,999  

Expedia, Inc.
7.456% 8/15/18

     2,550,000        2,629,997  
     

 

 

 
        4,612,996  
     

 

 

 
Investment Companies — 0.8%      

Ares Capital Corp.
3.500% 2/10/23

     3,100,000        3,054,034  

Ares Capital Corp.
3.875% 1/15/20

     1,850,000        1,882,684  

FS Investment Corp.
4.000% 7/15/19

     2,450,000        2,479,044  

TCP Capital Corp.
4.125% 8/11/22

     2,870,000        2,824,805  
     

 

 

 
        10,240,567  
     

 

 

 
Iron & Steel — 0.8%      

ArcelorMittal
5.125% 6/01/20

     2,165,000        2,262,425  

ArcelorMittal STEP
5.750% 8/05/20

     2,034,000        2,145,870  

ArcelorMittal STEP
6.750% 2/25/22

     1,201,000        1,336,113  
 

 

The accompanying notes are an integral part of the financial statements.

 

50


<