N-Q 1 d78252dnq.htm MML SERIES INVESTMENT FUND MML SERIES INVESTMENT FUND

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-02224

 

 

MML Series Investment Fund

(Exact name of registrant as specified in charter)

 

 

100 Bright Meadow Blvd., Enfield, CT 06082

(Address of principal executive offices) (Zipcode)

 

 

Jeffrey M. Dube

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: 12/31/2015

Date of reporting period: 9/30/2015

 

 

 


Item 1. Schedule of Investments.


MML Aggressive Allocation Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%   
Equity Funds — 89.8%   

MML Blue Chip Growth Fund, Initial Class (a)

     640,584       $ 9,205,186   

MML Equity Income Fund, Initial Class (a)

     527,788         5,631,500   

MML Focused Equity Fund, Class II (a)

     451,517         5,187,932   

MML Foreign Fund, Initial Class (a)

     624,884         5,817,670   

MML Fundamental Growth Fund, Class II (a)

     499,637         5,800,782   

MML Fundamental Value Fund, Class II (a)

     461,302         6,218,358   

MML Global Fund, Class I (a)

     662,129         7,482,054   

MML Income & Growth Fund, Initial Class (a)

     420,044         4,439,868   

MML International Equity Fund, Class II (a)

     668,551         5,662,631   

MML Large Cap Growth Fund, Initial Class (a)

     516,198         5,647,209   

MML Mid Cap Growth Fund, Initial Class (a)

     479,318         7,050,772   

MML Mid Cap Value Fund, Initial Class (a)

     654,320         6,732,952   

MML Small Cap Growth Equity Fund, Initial Class (a)

     130,768         1,741,172   

MML Small Company Value Fund, Class II (a)

     219,468         3,191,065   

MML Small/Mid Cap Value Fund, Initial Class (a)

     191,792         2,138,480   

MML Strategic Emerging Markets Fund, Class II (a)

     497,801         3,882,846   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a) (b)

     35,442         2,615,234   

Oppenheimer Global Fund/VA, Non-Service Shares (a)

     91,137         3,282,739   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)

     1,157,153         11,328,524   

Oppenheimer International Growth Fund/VA, Non-Service Shares (a)

     1,158,373         2,420,999   
     

 

 

 
        105,477,973   
     

 

 

 
Fixed Income Funds — 10.3%   

MML Dynamic Bond Fund, Class II (a)

     224,411         2,223,916   

MML Inflation-Protected and Income Fund, Initial Class (a)

     308,440         3,112,161   

MML Managed Bond Fund, Initial Class (a)

     201,933         2,544,409   
     Number of
Shares
     Value  

MML Short-Duration Bond Fund, Class II (a)

     259,954       $ 2,573,542   

MML Total Return Bond Fund, Class II (a)

     154,742         1,583,011   
     

 

 

 
        12,037,039   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $127,677,130)
        117,515,012   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $127,677,130)
        117,515,012   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $127,677,130) (c)
        117,515,012   
Other Assets/(Liabilities) — (0.1)%         (96,929
     

 

 

 
NET ASSETS — 100.0%       $ 117,418,083   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 4 for a summary of transactions in the investments of affiliated issuers.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1


MML American Funds Core Allocation Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%   
Equity Funds — 62.6%   

American Funds Blue Chip Income and Growth Fund, Class 1

     14,971,968       $ 181,310,536   

American Funds Growth-Income Fund, Class 1

     5,183,623         223,258,651   

American Funds International Fund, Class 1

     4,026,528         71,913,786   
     

 

 

 
        476,482,973   
     

 

 

 
Fixed Income Funds — 37.5%      

American Funds Bond Fund, Class 1

     26,186,886         285,960,799   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $729,522,846)
        762,443,772   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $729,522,846)
        762,443,772   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $729,522,846) (a)
        762,443,772   
Other Assets/(Liabilities) — (0.1)%         (880,202
     

 

 

 
NET ASSETS — 100.0%       $ 761,563,570   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2


MML American Funds Growth Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%      
Equity Funds — 100.1%      

American Funds Growth Fund, Class 1

     1,869,951       $ 118,611,012   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $116,946,412)
        118,611,012   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $116,946,412)
        118,611,012   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $116,946,412) (a)
        118,611,012   
Other Assets/(Liabilities) — (0.1)%         (154,918
     

 

 

 
NET ASSETS — 100.0%       $ 118,456,094   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3


MML American Funds International Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.2%   
Equity Funds — 100.2%   

American Funds International Fund, Class 1

     2,961,702       $ 52,896,003   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $53,193,976)
        52,896,003   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $53,193,976)
        52,896,003   
     

 

 

 
TOTAL INVESTMENTS — 100.2%
(Cost $53,193,976) (a)
        52,896,003   
Other Assets/(Liabilities) — (0.2)%         (83,817
     

 

 

 
NET ASSETS — 100.0%       $ 52,812,186   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

4


MML Balanced Allocation Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%      
Equity Funds — 50.9%      

MML Blue Chip Growth Fund, Initial Class (a)

     1,737,110       $ 24,962,269   

MML Equity Income Fund, Initial Class (a)

     1,761,754         18,797,912   

MML Focused Equity Fund, Class II (a)

     872,853         10,029,086   

MML Foreign Fund, Initial Class (a)

     1,587,647         14,780,992   

MML Fundamental Growth Fund, Class II (a)

     1,394,963         16,195,516   

MML Fundamental Value Fund, Class II (a)

     1,561,548         21,049,664   

MML Global Fund, Class I (a)

     1,366,591         15,442,483   

MML Income & Growth Fund, Initial Class (a)

     1,600,011         16,912,115   

MML International Equity Fund, Class II (a)

     1,698,420         14,385,614   

MML Large Cap Growth Fund, Initial Class (a)

     1,441,069         15,765,297   

MML Mid Cap Growth Fund, Initial Class (a)

     1,025,118         15,079,486   

MML Mid Cap Value Fund, Initial Class (a)

     1,599,588         16,459,760   

MML Small Cap Growth Equity Fund, Initial Class (a)

     308,221         4,103,963   

MML Small Company Value Fund, Class II (a)

     490,325         7,129,331   

MML Small/Mid Cap Value Fund, Initial Class (a)

     388,879         4,335,999   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a) (b)

     73,499         5,423,485   

Oppenheimer Global Fund/VA, Non-Service Shares (a)

     348,716         12,560,758   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)

     4,215,797         41,272,648   

Oppenheimer International Growth Fund/VA, Non-Service Shares (a)

     6,135,099         12,822,356   
     

 

 

 
        287,508,734   
     

 

 

 
Fixed Income Funds — 49.2%      

MML Dynamic Bond Fund, Class II (a)

     6,180,783         61,251,562   

MML High Yield Fund, Class II (a)

     2,080,270         20,074,608   

MML Inflation-Protected and Income Fund, Initial Class (a)

     1,998,259         20,162,431   

MML Managed Bond Fund, Initial Class (a)

     8,361,557         105,358,066   

MML Short-Duration Bond Fund, Class II (a)

     2,109,913         20,888,143   
     Number of
Shares
     Value  

MML Total Return Bond Fund, Class II (a)

     4,857,376       $ 49,690,959   
     

 

 

 
        277,425,769   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $588,080,003)
        564,934,503   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $588,080,003)
        564,934,503   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $588,080,003) (c)
        564,934,503   
Other Assets/(Liabilities) — (0.1)%         (432,434
     

 

 

 
NET ASSETS — 100.0%       $ 564,502,069   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 4 for a summary of transactions in the investments of affiliated issuers.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

5


MML Blue Chip Growth Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 99.7%      
COMMON STOCK — 99.7%      
Basic Materials — 1.5%      
Chemicals — 1.5%      

Ashland, Inc.

     10,300       $ 1,036,386   

Ecolab, Inc.

     24,200         2,655,224   

PPG Industries, Inc.

     300         26,307   

The Sherwin-Williams Co.

     9,200         2,049,576   
     

 

 

 
        5,767,493   
     

 

 

 
Communications — 26.0%      
Internet — 24.9%      

Akamai Technologies, Inc. (a)

     10,900         752,754   

Alibaba Group Holding Ltd. Sponsored ADR (Cayman Islands) (a)

     56,046         3,305,033   

Alphabet, Inc. Class A (a)

     15,300         9,767,061   

Alphabet, Inc. Class C (a)

     24,456         14,879,520   

Amazon.com, Inc. (a)

     48,650         24,903,448   

Baidu, Inc. Sponsored ADR (Cayman Islands) (a)

     15,400         2,116,114   

Ctrip.com International Ltd. ADR (Cayman Islands) (a)

     13,600         859,248   

Expedia, Inc.

     1,500         176,520   

Facebook, Inc. Class A (a)

     144,576         12,997,382   

JD.com, Inc. ADR (Cayman Islands) (a)

     18,300         476,898   

LinkedIn Corp. Class A (a)

     12,800         2,433,664   

Netflix, Inc. (a)

     57,700         5,958,102   

The Priceline Group, Inc. (a)

     11,100         13,729,146   

Tencent Holdings Ltd.

     280,600         4,726,581   

Vipshop Holdings Ltd. ADR (Cayman Islands) (a)

     93,600         1,572,480   
     

 

 

 
        98,653,951   
     

 

 

 
Media — 1.0%      

Time Warner, Inc.

     500         34,375   

The Walt Disney Co.

     36,300         3,709,860   
     

 

 

 
        3,744,235   
     

 

 

 
Telecommunications — 0.1%      

T-Mobile US, Inc. (a)

     10,700         425,967   
     

 

 

 
        102,824,153   
     

 

 

 
Consumer, Cyclical — 17.5%      
Airlines — 1.3%      

Alaska Air Group, Inc.

     9,200         730,940   

American Airlines Group, Inc.

     116,200         4,512,046   

Delta Air Lines, Inc.

     600         26,922   
     

 

 

 
        5,269,908   
     

 

 

 
Apparel — 1.6%      

Hanesbrands, Inc.

     99,200         2,870,848   

Nike, Inc. Class B

     26,940         3,312,812   
     Number of
Shares
     Value  

VF Corp.

     3,600       $ 245,556   
     

 

 

 
        6,429,216   
     

 

 

 
Auto Manufacturers — 0.7%      

Tesla Motors, Inc. (a)

     11,490         2,854,116   
     

 

 

 
Automotive & Parts — 0.1%      

BorgWarner, Inc.

     3,700         153,883   

Delphi Automotive PLC

     3,800         288,952   
     

 

 

 
        442,835   
     

 

 

 
Leisure Time — 1.2%      

Carnival Corp.

     4,600         228,620   

Norwegian Cruise Line Holdings Ltd. (a)

     42,700         2,446,710   

Royal Caribbean Cruises Ltd.

     23,000         2,049,070   
     

 

 

 
        4,724,400   
     

 

 

 
Lodging — 1.2%      

Hilton Worldwide Holdings, Inc.

     102,428         2,349,698   

Las Vegas Sands Corp.

     2,300         87,331   

Marriott International, Inc. Class A

     15,187         1,035,753   

MGM Resorts International (a)

     71,600         1,321,020   
     

 

 

 
        4,793,802   
     

 

 

 
Retail — 11.4%      

AutoZone, Inc. (a)

     3,400         2,461,022   

CarMax, Inc. (a)

     15,200         901,664   

Chipotle Mexican Grill, Inc. (a)

     3,100         2,232,775   

Costco Wholesale Corp.

     5,200         751,764   

CVS Health Corp.

     53,700         5,180,976   

The Home Depot, Inc.

     40,100         4,631,149   

L Brands, Inc.

     14,000         1,261,820   

Lowe’s Cos., Inc.

     81,100         5,589,412   

O’Reilly Automotive, Inc. (a)

     20,400         5,100,000   

PVH Corp.

     4,900         499,506   

Ross Stores, Inc.

     52,100         2,525,287   

Starbucks Corp.

     120,700         6,860,588   

Tractor Supply Co.

     32,800         2,765,696   

Walgreens Boots Alliance, Inc.

     48,900         4,063,590   
     

 

 

 
        44,825,249   
     

 

 

 
        69,339,526   
     

 

 

 
Consumer, Non-cyclical — 31.4%      
Beverages — 0.3%      

Constellation Brands, Inc. Class A

     9,500         1,189,495   

Monster Beverage Corp. (a)

     1,200         162,168   
     

 

 

 
        1,351,663   
     

 

 

 
Biotechnology — 9.0%      

Alexion Pharmaceuticals, Inc. (a)

     55,700         8,710,923   

Amgen, Inc.

     200         27,664   

Biogen, Inc. (a)

     14,300         4,172,883   

Celgene Corp. (a)

     76,000         8,220,920   

Gilead Sciences, Inc.

     77,400         7,599,906   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

6


MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Incyte Corp. (a)

     3,400       $ 375,122   

Regeneron Pharmaceuticals, Inc. (a)

     8,900         4,139,746   

Vertex Pharmaceuticals, Inc. (a)

     22,300         2,322,322   
     

 

 

 
        35,569,486   
     

 

 

 
Commercial Services — 8.0%      

MasterCard, Inc. Class A

     118,900         10,715,268   

McKesson Corp.

     49,500         9,158,985   

Verisk Analytics, Inc. (a)

     600         44,346   

Visa, Inc. Class A

     166,820         11,620,681   
     

 

 

 
        31,539,280   
     

 

 

 
Cosmetics & Personal Care — 0.4%      

The Estee Lauder Cos., Inc. Class A

     18,200         1,468,376   
     

 

 

 
Health Care – Products — 2.2%   

Becton, Dickinson & Co.

     21,100         2,799,126   

Henry Schein, Inc. (a)

     300         39,816   

Hologic, Inc. (a)

     12,300         481,299   

Intuitive Surgical, Inc. (a)

     6,000         2,757,480   

Medtronic PLC

     14,527         972,437   

Stryker Corp.

     18,930         1,781,313   
     

 

 

 
        8,831,471   
     

 

 

 
Health Care – Services — 4.7%   

Aetna, Inc.

     15,000         1,641,150   

Anthem, Inc.

     26,700         3,738,000   

Cigna Corp.

     5,500         742,610   

Humana, Inc.

     4,600         823,400   

Thermo Fisher Scientific, Inc.

     44,400         5,429,232   

UnitedHealth Group, Inc.

     52,200         6,055,722   
     

 

 

 
        18,430,114   
     

 

 

 
Pharmaceuticals — 6.8%      

AbbVie, Inc.

     2,300         125,143   

Allergan PLC (a)

     33,854         9,201,856   

AmerisourceBergen Corp.

     16,400         1,557,836   

Bristol-Myers Squibb Co.

     49,400         2,924,480   

Cardinal Health, Inc.

     33,300         2,558,106   

Eli Lilly & Co.

     35,800         2,996,102   

Perrigo Co. PLC

     300         47,181   

Shire PLC Sponsored ADR (Ireland)

     1,800         369,414   

Valeant Pharmaceuticals International, Inc. (a)

     39,300         7,010,334   
     

 

 

 
        26,790,452   
     

 

 

 
        123,980,842   
     

 

 

 
Energy — 0.5%      
Oil & Gas — 0.5%      

Cimarex Energy Co.

     4,800         491,904   

Concho Resources, Inc. (a)

     4,000         393,200   

EQT Corp.

     15,700         1,016,889   

Pioneer Natural Resources Co.

     1,800         218,952   
     

 

 

 
        2,120,945   
     

 

 

 
     Number of
Shares
     Value  
Financial — 6.5%      
Banks — 0.9%      

The Bank of New York Mellon Corp.

     19,500       $ 763,425   

Northern Trust Corp.

     6,200         422,592   

State Street Corp.

     35,500         2,385,955   
     

 

 

 
        3,571,972   
     

 

 

 
Diversified Financial — 3.6%      

Ameriprise Financial, Inc.

     22,200         2,422,686   

Citigroup, Inc.

     4,800         238,128   

Intercontinental Exchange, Inc.

     15,650         3,677,593   

Morgan Stanley

     149,100         4,696,650   

TD Ameritrade Holding Corp.

     105,500         3,359,120   
     

 

 

 
        14,394,177   
     

 

 

 
Insurance — 0.4%      

Aon PLC

     500         44,305   

Marsh & McLennan Cos., Inc.

     26,600         1,389,052   
     

 

 

 
        1,433,357   
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.6%   

American Tower Corp.

     69,870         6,147,163   
     

 

 

 
        25,546,669   
     

 

 

 
Industrial — 8.2%      
Aerospace & Defense — 1.6%      

The Boeing Co.

     46,600         6,102,270   

Lockheed Martin Corp.

     1,600         331,696   
     

 

 

 
        6,433,966   
     

 

 

 
Airlines — 0.8%      

United Continental Holdings, Inc. (a)

     59,600         3,161,780   
     

 

 

 
Machinery – Diversified — 1.3%   

Flowserve Corp.

     2,100         86,394   

Roper Technologies, Inc.

     16,000         2,507,200   

Wabtec Corp.

     27,100         2,386,155   
     

 

 

 
        4,979,749   
     

 

 

 
Manufacturing — 3.3%      

Danaher Corp.

     145,760         12,420,210   

Textron, Inc.

     20,400         767,856   
     

 

 

 
        13,188,066   
     

 

 

 
Transportation — 1.2%      

Canadian Pacific Railway Ltd.

     8,900         1,277,773   

FedEx Corp.

     18,000         2,591,640   

J.B. Hunt Transport Services, Inc.

     10,500         749,700   

Kansas City Southern

     600         54,528   

Union Pacific Corp.

     1,900         167,979   
     

 

 

 
        4,841,620   
     

 

 

 
        32,605,181   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

7


MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Technology — 8.1%      
Computers — 2.1%      

Apple, Inc.

     63,740       $ 7,030,522   

Cognizant Technology Solutions Corp. Class A (a)

     13,400         838,974   

IHS, Inc. Class A (a)

     5,400         626,400   
     

 

 

 
        8,495,896   
     

 

 

 
Software — 6.0%      

Electronic Arts, Inc. (a)

     21,100         1,429,525   

Fiserv, Inc. (a)

     41,840         3,623,763   

Microsoft Corp.

     179,200         7,931,392   

Red Hat, Inc. (a)

     34,648         2,490,498   

Salesforce.com, Inc. (a)

     89,400         6,207,042   

Servicenow, Inc. (a)

     27,900         1,937,655   
     

 

 

 
        23,619,875   
     

 

 

 
        32,115,771   
     

 

 

 
TOTAL COMMON STOCK
(Cost $280,899,958)
        394,300,580   
     

 

 

 
TOTAL EQUITIES
(Cost $280,899,958)
        394,300,580   
     

 

 

 
MUTUAL FUNDS — 0.0%   
Diversified Financial — 0.0%      

T. Rowe Price Reserve Investment Fund

     1,001         1,001   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,001)
        1,001   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $280,900,959)
        394,301,581   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 0.6%      
Repurchase Agreement — 0.6%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 2,203,557         2,203,557   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,203,557)
        2,203,557   
     

 

 

 
TOTAL INVESTMENTS — 100.3%
(Cost $283,104,516) (c)
        396,505,138   
Other Assets/(Liabilities) — (0.3)%         (998,123
     

 

 

 
NET ASSETS — 100.0%       $ 395,507,015   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Maturity value of $2,203,558. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $2,252,250.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

8


MML Conservative Allocation Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%      
Equity Funds — 41.7%      

MML Blue Chip Growth Fund, Initial Class (a)

     1,198,318       $ 17,219,828   

MML Equity Income Fund, Initial Class (a)

     1,340,706         14,305,331   

MML Focused Equity Fund, Class II (a)

     498,620         5,729,148   

MML Foreign Fund, Initial Class (a)

     949,862         8,843,218   

MML Fundamental Growth Fund, Class II (a)

     985,516         11,441,838   

MML Fundamental Value Fund, Class II (a)

     1,158,187         15,612,362   

MML Global Fund, Class I (a)

     930,667         10,516,538   

MML Income & Growth Fund, Initial Class (a)

     993,768         10,504,132   

MML International Equity Fund, Class II (a)

     1,016,118         8,606,520   

MML Large Cap Growth Fund, Initial Class (a)

     1,018,518         11,142,583   

MML Mid Cap Growth Fund, Initial Class (a)

     573,212         8,431,952   

MML Mid Cap Value Fund, Initial Class (a)

     1,026,661         10,564,342   

MML Small Cap Growth Equity Fund, Initial Class (a)

     173,366         2,308,364   

MML Small Company Value Fund, Class II (a)

     345,691         5,026,345   

MML Small/Mid Cap Value Fund, Initial Class (a)

     199,812         2,227,903   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a) (b)

     41,098         3,032,617   

Oppenheimer Global Fund/VA, Non-Service Shares (a)

     220,792         7,952,937   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)

     3,064,095         29,997,494   

Oppenheimer International Growth Fund/VA, Non-Service Shares (a)

     3,192,477         6,672,276   
     

 

 

 
        190,135,728   
     

 

 

 
Fixed Income Funds — 58.4%      

MML Dynamic Bond Fund, Class II (a)

     5,885,168         58,322,018   

MML High Yield Fund, Class II (a)

     1,869,921         18,044,742   

MML Inflation-Protected and Income Fund, Initial Class (a)

     1,838,131         18,546,738   

MML Managed Bond Fund, Initial Class (a)

     8,520,377         107,359,251   

MML Short-Duration Bond Fund, Class II (a)

     1,737,558         17,201,821   
     Number of
Shares
     Value  

MML Total Return Bond Fund, Class II (a)

     4,595,344       $ 47,010,368   
     

 

 

 
        266,484,938   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $480,731,076)
        456,620,666   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $480,731,076)
        456,620,666   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $480,731,076) (c)
        456,620,666   
Other Assets/(Liabilities) — (0.1)%         (355,176
     

 

 

 
NET ASSETS — 100.0%       $ 456,265,490   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 4 for a summary of transactions in the investments of affiliated issuers.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

9


MML Equity Income Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.4%      
COMMON STOCK — 96.4%      
Basic Materials — 5.0%      
Chemicals — 1.3%      

E.I. du Pont de Nemours & Co.

     93,600       $ 4,511,520   

Potash Corp. of Saskatchewan, Inc.

     73,400         1,508,370   
     

 

 

 
        6,019,890   
     

 

 

 
Forest Products & Paper — 1.5%      

International Paper Co.

     130,400         4,927,816   

Rayonier, Inc.

     88,800         1,959,816   
     

 

 

 
        6,887,632   
     

 

 

 
Iron & Steel — 0.8%      

Nucor Corp.

     98,900         3,713,695   
     

 

 

 
Mining — 1.4%      

Newmont Mining Corp.

     112,200         1,803,054   

Vulcan Materials Co.

     51,500         4,593,800   
     

 

 

 
        6,396,854   
     

 

 

 
        23,018,071   
     

 

 

 
Communications — 12.2%      
Media — 4.1%      

Cablevision Systems Corp. Class A

     119,200         3,870,424   

Comcast Corp. Class A

     51,600         2,935,008   

The New York Times Co. Class A

     83,600         987,316   

News Corp. Class A

     125,400         1,582,548   

Time Warner, Inc.

     30,833         2,119,769   

Twenty-First Century Fox Class A

     41,700         1,125,066   

Twenty-First Century Fox, Inc. Class B

     65,600         1,775,792   

Viacom, Inc. Class B

     27,400         1,182,310   

The Walt Disney Co.

     31,600         3,229,520   
     

 

 

 
        18,807,753   
     

 

 

 
Telecommunications — 8.1%      

AT&T, Inc.

     223,700         7,288,146   

CenturyLink, Inc.

     84,205         2,115,229   

Cisco Systems, Inc.

     176,500         4,633,125   

Corning, Inc.

     236,900         4,055,728   

Harris Corp.

     70,900         5,186,335   

QUALCOMM, Inc.

     88,600         4,760,478   

Telefonica SA

     181,022         2,194,048   

Verizon Communications, Inc.

     125,435         5,457,677   

Vodafone Group PLC

     332,563         1,051,577   
     

 

 

 
        36,742,343   
     

 

 

 
        55,550,096   
     

 

 

 
Consumer, Cyclical — 8.1%      
Auto Manufacturers — 1.1%      

Ford Motor Co.

     167,300         2,270,261   

General Motors Co.

     94,249         2,829,355   
     

 

 

 
        5,099,616   
     

 

 

 
     Number of
Shares
     Value  
Automotive & Parts — 0.8%      

Johnson Controls, Inc.

     85,100       $ 3,519,736   
     

 

 

 
Distribution & Wholesale — 0.7%   

Genuine Parts Co.

     37,500         3,108,375   
     

 

 

 
Leisure Time — 0.8%      

Carnival Corp.

     76,000         3,777,200   
     

 

 

 
Lodging — 0.6%      

Las Vegas Sands Corp.

     70,500         2,676,885   
     

 

 

 
Retail — 3.1%      

Coach, Inc.

     39,000         1,128,270   

Kohl’s Corp.

     83,800         3,880,778   

Macy’s, Inc.

     65,900         3,381,988   

Staples, Inc.

     277,800         3,258,594   

Wal-Mart Stores, Inc.

     38,100         2,470,404   
     

 

 

 
        14,120,034   
     

 

 

 
Toys, Games & Hobbies — 1.0%   

Mattel, Inc.

     217,400         4,578,444   
     

 

 

 
        36,880,290   
     

 

 

 
Consumer, Non-cyclical — 12.1%   
Agriculture — 1.1%      

Archer-Daniels-Midland Co.

     122,500         5,077,625   
     

 

 

 
Beverages — 1.0%      

PepsiCo, Inc.

     48,300         4,554,690   
     

 

 

 
Commercial Services — 0.3%      

Western Union Co.

     78,200         1,435,752   
     

 

 

 
Cosmetics & Personal Care — 0.2%   

Avon Products, Inc.

     200,700         652,275   
     

 

 

 
Foods — 1.6%      

Campbell Soup Co.

     49,000         2,483,320   

Kellogg Co.

     33,800         2,249,390   

McCormick & Co., Inc.

     32,300         2,654,414   
     

 

 

 
        7,387,124   
     

 

 

 
Health Care – Products — 2.0%      

Becton, Dickinson & Co.

     4,200         557,172   

Johnson & Johnson

     92,500         8,634,875   
     

 

 

 
        9,192,047   
     

 

 

 
Household Products — 0.8%      

The Clorox Co.

     33,200         3,835,596   
     

 

 

 
Pharmaceuticals — 5.1%      

Bristol-Myers Squibb Co.

     109,500         6,482,400   

GlaxoSmithKline PLC

     127,812         2,450,120   

Merck & Co., Inc.

     130,100         6,425,639   

Pfizer, Inc.

     248,854         7,816,504   
     

 

 

 
        23,174,663   
     

 

 

 
        55,309,772   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

10


MML Equity Income Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Energy — 10.7%      
Coal — 0.3%      

CONSOL Energy, Inc.

     121,400       $ 1,189,720   
     

 

 

 
Oil & Gas — 9.7%      

Anadarko Petroleum Corp.

     42,200         2,548,458   

Apache Corp.

     140,800         5,513,728   

BP PLC Sponsored ADR (United Kingdom)

     57,600         1,760,256   

Canadian Natural Resources Ltd.

     139,900         2,721,055   

Chevron Corp.

     93,800         7,398,944   

ConocoPhillips

     16,900         810,524   

Diamond Offshore Drilling, Inc.

     72,400         1,252,520   

Exxon Mobil Corp.

     111,000         8,252,850   

Hess Corp.

     103,700         5,191,222   

Occidental Petroleum Corp.

     53,200         3,519,180   

Royal Dutch Shell PLC A Shares Sponsored ADR (United Kingdom)

     112,500         5,331,375   
     

 

 

 
        44,300,112   
     

 

 

 
Pipelines — 0.7%      

Columbia Pipeline Group, Inc.

     168,500         3,081,865   
     

 

 

 
        48,571,697   
     

 

 

 
Financial — 22.4%      
Banks — 11.1%      

Bank of America Corp.

     579,077         9,022,020   

The Bank of New York Mellon Corp.

     50,500         1,977,075   

Northern Trust Corp.

     86,300         5,882,208   

PNC Financial Services Group, Inc.

     72,100         6,431,320   

Royal Bank of Scotland Group PLC (a)

     460,170         2,198,943   

State Street Corp.

     52,800         3,548,688   

SunTrust Banks, Inc.

     92,600         3,541,024   

U.S. Bancorp

     202,100         8,288,121   

Wells Fargo & Co.

     186,300         9,566,505   
     

 

 

 
        50,455,904   
     

 

 

 
Diversified Financial — 4.7%      

American Express Co.

     76,000         5,633,880   

JP Morgan Chase & Co.

     244,300         14,894,971   

Och-Ziff Capital Management Group LLC

     103,100         900,063   
     

 

 

 
        21,428,914   
     

 

 

 
Insurance — 5.2%   

The Chubb Corp.

     24,700         3,029,455   

Loews Corp.

     139,700         5,048,758   

Marsh & McLennan Cos., Inc.

     139,300         7,274,246   

MetLife, Inc.

     112,900         5,323,235   

Sun Life Financial, Inc.

     64,100         2,067,866   

Willis Group Holdings PLC

     23,800         975,086   
     

 

 

 
        23,718,646   
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.4%   

Digital Realty Trust, Inc.

     42,800         2,795,696   
     Number of
Shares
     Value  

Weyerhaeuser Co.

     133,542       $ 3,651,038   
     

 

 

 
        6,446,734   
     

 

 

 
        102,050,198   
     

 

 

 
Industrial — 13.2%   
Aerospace & Defense — 1.6%   

The Boeing Co.

     49,700         6,508,215   

United Technologies Corp.

     6,100         542,839   
     

 

 

 
        7,051,054   
     

 

 

 
Building Materials — 0.8%   

Masco Corp.

     65,300         1,644,254   

USG Corp. (a)

     76,400         2,033,768   
     

 

 

 
        3,678,022   
     

 

 

 
Electrical Components & Equipment — 1.0%   

Emerson Electric Co.

     100,100         4,421,417   
     

 

 

 
Electronics — 0.4%   

Tyco International PLC

     54,500         1,823,570   
     

 

 

 
Hand & Machine Tools — 0.2%   

Stanley Black & Decker, Inc.

     11,000         1,066,780   
     

 

 

 
Machinery – Construction & Mining — 0.2%   

Joy Global, Inc.

     61,400         916,702   
     

 

 

 
Machinery – Diversified — 1.4%   

Deere & Co.

     48,200         3,566,800   

Flowserve Corp.

     40,200         1,653,828   

Xylem, Inc.

     34,300         1,126,755   
     

 

 

 
        6,347,383   
     

 

 

 
Manufacturing — 5.8%   

Eaton Corp. PLC

     41,884         2,148,649   

General Electric Co.

     609,600         15,374,112   

Honeywell International, Inc.

     30,700         2,906,983   

Illinois Tool Works, Inc.

     72,500         5,967,475   
     

 

 

 
        26,397,219   
     

 

 

 
Packaging & Containers — 0.5%   

WestRock Co.

     45,094         2,319,636   
     

 

 

 
Transportation — 1.3%   

United Parcel Service, Inc. Class B

     61,100         6,029,959   
     

 

 

 
        60,051,742   
     

 

 

 
Technology — 5.8%   
Computers — 1.8%   

Computer Sciences Corp.

     26,800         1,644,984   

EMC Corp.

     94,600         2,285,536   

International Business Machines Corp.

     28,100         4,073,657   
     

 

 

 
        8,004,177   
     

 

 

 
Semiconductors — 2.5%   

Analog Devices, Inc.

     62,700         3,536,907   

Applied Materials, Inc.

     243,600         3,578,484   

Texas Instruments, Inc.

     90,400         4,476,608   
     

 

 

 
        11,591,999   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

11


MML Equity Income Fund – Portfolio of Investments (Continued)

 

    Number of
Shares
     Value  
Software — 1.5%   

CA, Inc.

    52,300       $ 1,427,790   

Microsoft Corp.

    125,800         5,567,908   
    

 

 

 
       6,995,698   
    

 

 

 
       26,591,874   
    

 

 

 
Utilities — 6.9%   
Electric — 6.0%   

The AES Corp.

    150,200         1,470,458   

Duke Energy Corp.

    80,033         5,757,574   

Edison International

    7,900         498,253   

Entergy Corp.

    76,200         4,960,620   

Exelon Corp.

    105,100         3,121,470   

FirstEnergy Corp.

    151,100         4,730,941   

PG&E Corp.

    55,000         2,904,000   

Xcel Energy, Inc.

    113,400         4,015,494   
    

 

 

 
       27,458,810   
    

 

 

 
Gas — 0.9%   

NiSource, Inc.

    215,700         4,001,235   
    

 

 

 
       31,460,045   
    

 

 

 
TOTAL COMMON STOCK
(Cost $371,402,190)
       439,483,785   
    

 

 

 
TOTAL EQUITIES
(Cost $371,402,190)
       439,483,785   
    

 

 

 
MUTUAL FUNDS — 0.0%     
Diversified Financial — 0.0%     

T. Rowe Price Reserve Investment Fund

    1,146         1,146   
    

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,146)
       1,146   
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $371,403,336)
       439,484,931   
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.0%   
Repurchase Agreement — 2.0%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

  $ 9,304,643         9,304,643   
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,304,643)
       9,304,643   
    

 

 

 
TOTAL INVESTMENTS — 98.4%      
(Cost $380,707,979) (c)        448,789,574   
Other Assets/(Liabilities) — 1.6%        7,068,674   
    

 

 

 
NET ASSETS — 100.0%      $ 455,858,248   
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Maturity value of $9,304,646. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $9,494,100.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

12


MML Equity Index Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.9%   
COMMON STOCK — 98.9%   
Basic Materials — 2.5%   
Chemicals — 2.1%   

Air Products & Chemicals, Inc.

     4,621       $ 589,547   

Airgas, Inc.

     1,597         142,660   

CF Industries Holdings, Inc.

     5,537         248,611   

The Dow Chemical Co.

     27,653         1,172,487   

E.I. du Pont de Nemours & Co.

     21,642         1,043,144   

Eastman Chemical Co.

     3,541         229,174   

Ecolab, Inc.

     6,348         696,503   

FMC Corp.

     3,191         108,207   

International Flavors & Fragrances, Inc.

     1,940         200,324   

LyondellBasell Industries NV Class A

     8,900         741,904   

Monsanto Co.

     11,174         953,589   

The Mosaic Co.

     8,053         250,529   

PPG Industries, Inc.

     6,492         569,283   

Praxair, Inc.

     6,844         697,130   

The Sherwin-Williams Co.

     1,893         421,723   

Sigma-Aldrich Corp.

     2,839         394,394   
     

 

 

 
        8,459,209   
     

 

 

 
Forest Products & Paper — 0.1%   

International Paper Co.

     9,969         376,728   
     

 

 

 
Iron & Steel — 0.1%   

Nucor Corp.

     7,621         286,169   
     

 

 

 
Mining — 0.2%   

Alcoa, Inc.

     31,216         301,547   

Freeport-McMoRan, Inc.

     27,156         263,142   

Newmont Mining Corp.

     12,629         202,948   

Vulcan Materials Co.

     3,162         282,050   
     

 

 

 
        1,049,687   
     

 

 

 
        10,171,793   
     

 

 

 
Communications — 13.2%   
Advertising — 0.2%   

The Interpublic Group of Companies, Inc.

     9,748         186,479   

Nielsen Holdings PLC

     8,767         389,869   

Omnicom Group, Inc.

     5,770         380,243   
     

 

 

 
        956,591   
     

 

 

 
Internet — 5.8%   

Akamai Technologies, Inc. (a)

     4,296         296,682   

Alphabet, Inc. Class A (a)

     6,924         4,420,074   

Alphabet, Inc. Class C (a)

     7,065         4,298,487   

Amazon.com, Inc. (a)

     9,160         4,688,912   

eBay, Inc. (a)

     26,763         654,088   

Equinix, Inc.

     1,352         369,637   

Expedia, Inc.

     2,372         279,137   
     Number of
Shares
     Value  

F5 Networks, Inc. (a)

     1,695       $ 196,281   

Facebook, Inc. Class A (a)

     53,971         4,851,993   

Netflix, Inc. (a)

     10,174         1,050,567   

The Priceline Group, Inc. (a)

     1,211         1,497,837   

Symantec Corp.

     16,339         318,120   

TripAdvisor, Inc. (a)

     2,725         171,730   

VeriSign, Inc. (a)

     2,384         168,215   

Yahoo!, Inc. (a)

     20,667         597,483   
     

 

 

 
        23,859,243   
     

 

 

 
Media — 3.2%      

Cablevision Systems Corp. Class A

     5,385         174,851   

CBS Corp. Class B

     10,612         423,419   

Comcast Corp. Class A

     50,507         2,872,838   

Comcast Corp. Special Class A

     8,788         503,025   

Discovery Communications, Inc.
Series A (a)

     3,603         93,786   

Discovery Communications, Inc.
Series C (a)

     6,134         148,995   

The McGraw Hill Financial, Inc.

     6,501         562,336   

News Corp. Class A

     9,094         114,766   

News Corp. Class B

     2,568         32,922   

Scripps Networks Interactive Class A

     2,281         112,202   

TEGNA, Inc.

     5,453         122,093   

Time Warner Cable, Inc.

     6,759         1,212,362   

Time Warner, Inc.

     19,478         1,339,112   

Twenty-First Century Fox Class A

     29,161         786,764   

Twenty-First Century Fox, Inc. Class B

     10,298         278,767   

Viacom, Inc. Class B

     8,297         358,016   

The Walt Disney Co.

     37,088         3,790,394   
     

 

 

 
        12,926,648   
     

 

 

 
Telecommunications — 4.0%      

AT&T, Inc.

     146,935         4,787,142   

CenturyLink, Inc.

     13,478         338,568   

Cisco Systems, Inc.

     121,465         3,188,456   

Corning, Inc.

     29,280         501,274   

Frontier Communications Corp.

     27,494         130,597   

Harris Corp.

     2,948         215,646   

Juniper Networks, Inc.

     8,469         217,738   

Level 3 Communications, Inc. (a)

     6,884         300,762   

Motorola Solutions, Inc.

     3,861         264,015   

QUALCOMM, Inc.

     37,525         2,016,218   

Verizon Communications, Inc.

     97,130         4,226,126   
     

 

 

 
        16,186,542   
     

 

 

 
        53,929,024   
     

 

 

 
Consumer, Cyclical — 10.6%      
Airlines — 0.5%      

American Airlines Group, Inc.

     16,054         623,377   

Delta Air Lines, Inc.

     19,022         853,517   

Southwest Airlines Co.

     15,701         597,266   
     

 

 

 
        2,074,160   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

13


MML Equity Index Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Apparel — 0.9%      

Hanesbrands, Inc.

     9,652       $ 279,329   

Michael Kors Holdings Ltd. (a)

     4,616         194,980   

Nike, Inc. Class B

     16,181         1,989,778   

Ralph Lauren Corp.

     1,429         168,851   

Under Armour, Inc. Class A (a)

     4,294         415,573   

VF Corp.

     8,136         554,956   
     

 

 

 
        3,603,467   
     

 

 

 
Auto Manufacturers — 0.7%      

Ford Motor Co.

     93,056         1,262,770   

General Motors Co.

     34,414         1,033,108   

Paccar, Inc.

     8,451         440,889   
     

 

 

 
        2,736,767   
     

 

 

 
Automotive & Parts — 0.4%      

BorgWarner, Inc.

     5,374         223,505   

Delphi Automotive PLC

     6,780         515,551   

The Goodyear Tire & Rubber Co.

     6,447         189,090   

Johnson Controls, Inc.

     15,688         648,856   
     

 

 

 
        1,577,002   
     

 

 

 
Distribution & Wholesale — 0.2%   

Fastenal Co.

     6,937         253,964   

Fossil Group, Inc. (a)

     967         54,036   

Genuine Parts Co.

     3,601         298,487   

W.W. Grainger, Inc.

     1,452         312,194   
     

 

 

 
        918,681   
     

 

 

 
Home Builders — 0.1%      

D.R. Horton, Inc.

     7,773         228,215   

Lennar Corp. Class A

     4,141         199,306   

PulteGroup, Inc.

     7,674         144,809   
     

 

 

 
        572,330   
     

 

 

 
Home Furnishing — 0.1%      

Harman International Industries, Inc.

     1,722         165,295   

Whirlpool Corp.

     1,886         277,732   
     

 

 

 
        443,027   
     

 

 

 
Housewares — 0.1%      

Newell Rubbermaid, Inc.

     6,424         255,097   
     

 

 

 
Leisure Time — 0.3%      

Carnival Corp.

     11,047         549,036   

Harley-Davidson, Inc.

     4,951         271,810   

Royal Caribbean Cruises Ltd.

     4,096         364,912   
     

 

 

 
        1,185,758   
     

 

 

 
Lodging — 0.2%      

Marriott International, Inc. Class A

     4,757         324,427   

Starwood Hotels & Resorts Worldwide, Inc.

     4,097         272,369   

Wyndham Worldwide Corp.

     2,817         202,542   

Wynn Resorts Ltd.

     1,934         102,734   
     

 

 

 
        902,072   
     

 

 

 
     Number of
Shares
     Value  
Retail — 6.9%      

Advance Auto Parts, Inc.

     1,744       $ 330,540   

AutoNation, Inc. (a)

     1,872         108,913   

AutoZone, Inc. (a)

     738         534,187   

Bed Bath & Beyond, Inc. (a)

     4,059         231,444   

Best Buy Co., Inc.

     7,329         272,052   

CarMax, Inc. (a)

     4,954         293,871   

Chipotle Mexican Grill, Inc. (a)

     747         538,027   

Coach, Inc.

     6,661         192,703   

Costco Wholesale Corp.

     10,500         1,517,985   

CVS Health Corp.

     26,620         2,568,298   

Darden Restaurants, Inc.

     2,720         186,429   

Dollar General Corp.

     7,062         511,571   

Dollar Tree, Inc. (a)

     5,608         373,829   

GameStop Corp. Class A

     2,559         105,456   

The Gap, Inc.

     5,695         162,307   

The Home Depot, Inc.

     30,675         3,542,656   

Kohl’s Corp.

     4,686         217,009   

L Brands, Inc.

     6,136         553,038   

Lowe’s Cos., Inc.

     22,102         1,523,270   

Macy’s, Inc.

     7,886         404,709   

McDonald’s Corp.

     22,488         2,215,743   

Nordstrom, Inc.

     3,328         238,651   

O’Reilly Automotive, Inc. (a)

     2,375         593,750   

PVH Corp.

     1,988         202,657   

Ross Stores, Inc.

     9,843         477,090   

Signet Jewelers Ltd.

     1,909         259,872   

Staples, Inc.

     15,451         181,240   

Starbucks Corp.

     35,440         2,014,410   

Target Corp.

     15,016         1,181,159   

Tiffany & Co.

     2,651         204,710   

The TJX Cos., Inc.

     16,095         1,149,505   

Tractor Supply Co.

     3,265         275,305   

Urban Outfitters, Inc. (a)

     2,267         66,604   

Wal-Mart Stores, Inc.

     37,695         2,444,144   

Walgreens Boots Alliance, Inc.

     20,843         1,732,053   

Yum! Brands, Inc.

     10,314         824,604   
     

 

 

 
        28,229,791   
     

 

 

 
Textiles — 0.1%      

Cintas Corp.

     2,132         182,819   

Mohawk Industries, Inc. (a)

     1,516         275,594   
     

 

 

 
        458,413   
     

 

 

 
Toys, Games & Hobbies — 0.1%   

Hasbro, Inc.

     2,666         192,325   

Mattel, Inc.

     8,140         171,429   
     

 

 

 
        363,754   
     

 

 

 
        43,320,319   
     

 

 

 
Consumer, Non-cyclical — 24.5%   
Agriculture — 1.7%      

Altria Group, Inc.

     46,853         2,548,803   

Archer-Daniels-Midland Co.

     14,547         602,973   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

14


MML Equity Index Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Philip Morris International, Inc.

     37,007       $ 2,935,766   

Reynolds American, Inc.

     19,786         875,926   
     

 

 

 
        6,963,468   
     

 

 

 
Beverages — 2.3%      

Brown-Forman Corp. Class B

     2,536         245,738   

The Coca-Cola Co.

     93,491         3,750,859   

Coca-Cola Enterprises, Inc.

     5,048         244,071   

Constellation Brands, Inc. Class A

     4,108         514,363   

Dr. Pepper Snapple Group, Inc.

     4,570         361,258   

Keurig Green Mountain, Inc.

     2,870         149,642   

Molson Coors Brewing Co. Class B

     3,778         313,650   

Monster Beverage Corp. (a)

     3,631         490,693   

PepsiCo, Inc.

     35,086         3,308,610   
     

 

 

 
        9,378,884   
     

 

 

 
Biotechnology — 2.9%      

Alexion Pharmaceuticals, Inc. (a)

     5,399         844,350   

Amgen, Inc.

     18,107         2,504,560   

Biogen, Inc. (a)

     5,613         1,637,929   

Celgene Corp. (a)

     18,895         2,043,872   

Gilead Sciences, Inc.

     35,074         3,443,916   

Regeneron Pharmaceuticals, Inc. (a)

     1,846         858,648   

Vertex Pharmaceuticals, Inc. (a)

     5,847         608,907   
     

 

 

 
        11,942,182   
     

 

 

 
Commercial Services — 2.6%      

The ADT Corp.

     3,989         119,271   

Alliance Data Systems Corp. (a)

     1,468         380,183   

Automatic Data Processing, Inc.

     11,128         894,246   

Equifax, Inc.

     2,824         274,436   

H&R Block, Inc.

     6,653         240,839   

MasterCard, Inc. Class A

     23,839         2,148,371   

McKesson Corp.

     5,552         1,027,286   

Moody’s Corp.

     4,160         408,512   

Paychex, Inc.

     7,676         365,608   

PayPal Holdings, Inc. (a)

     26,497         822,467   

Quanta Services, Inc. (a)

     4,868         117,854   

Robert Half International, Inc.

     3,173         162,331   

Total System Services, Inc.

     4,045         183,764   

United Rentals, Inc. (a)

     2,308         138,595   

Visa, Inc. Class A

     46,610         3,246,853   

Western Union Co.

     12,086         221,899   
     

 

 

 
        10,752,515   
     

 

 

 
Cosmetics & Personal Care — 1.6%   

Colgate-Palmolive Co.

     21,489         1,363,692   

The Estee Lauder Cos., Inc. Class A

     5,403         435,914   

The Procter & Gamble Co.

     64,788         4,660,849   
     

 

 

 
        6,460,455   
     

 

 

 
Foods — 1.8%      

Campbell Soup Co.

     4,303         218,076   

ConAgra Foods, Inc.

     10,271         416,078   

General Mills, Inc.

     14,309         803,164   
     Number of
Shares
     Value  

The Hershey Co.

     3,493       $ 320,937   

Hormel Foods Corp.

     3,209         203,162   

The J.M. Smucker Co.

     2,459         280,547   

Kellogg Co.

     6,100         405,955   

The Kraft Heinz Co.

     14,225         1,004,001   

The Kroger Co.

     23,202         836,896   

McCormick & Co., Inc.

     2,774         227,967   

Mondelez International, Inc. Class A

     38,489         1,611,535   

Sysco Corp.

     13,220         515,183   

Tyson Foods, Inc. Class A

     7,269         313,294   

Whole Foods Market, Inc.

     8,612         272,570   
     

 

 

 
        7,429,365   
     

 

 

 
Health Care – Products — 3.2%   

Baxter International, Inc.

     13,053         428,791   

Becton, Dickinson & Co.

     5,026         666,749   

Boston Scientific Corp. (a)

     32,043         525,826   

C.R. Bard, Inc.

     1,773         330,328   

Edwards Lifesciences Corp. (a)

     2,574         365,946   

Henry Schein, Inc. (a)

     1,982         263,051   

Intuitive Surgical, Inc. (a)

     885         406,728   

Johnson & Johnson

     66,154         6,175,476   

Medtronic PLC

     33,779         2,261,166   

St. Jude Medical, Inc.

     6,728         424,469   

Stryker Corp.

     7,555         710,925   

Varian Medical Systems, Inc. (a)

     2,329         171,834   

Zimmer Biomet Holdings, Inc.

     4,083         383,516   
     

 

 

 
        13,114,805   
     

 

 

 
Health Care – Services — 2.2%   

Aetna, Inc.

     8,336         912,042   

Anthem, Inc.

     6,250         875,000   

Cigna Corp.

     6,151         830,508   

DaVita HealthCare Partners, Inc. (a)

     4,056         293,370   

HCA Holdings, Inc. (a)

     7,637         590,798   

Humana, Inc.

     3,539         633,481   

Laboratory Corporation of America Holdings (a)

     2,389         259,135   

Quest Diagnostics, Inc.

     3,461         212,748   

Tenet Healthcare Corp. (a)

     2,326         85,876   

Thermo Fisher Scientific, Inc.

     9,534         1,165,817   

UnitedHealth Group, Inc.

     22,775         2,642,128   

Universal Health Services, Inc. Class B

     2,192         273,584   
     

 

 

 
        8,774,487   
     

 

 

 
Household Products — 0.4%      

Avery Dennison Corp.

     2,190         123,888   

The Clorox Co.

     3,070         354,677   

Kimberly-Clark Corp.

     8,711         949,848   
     

 

 

 
        1,428,413   
     

 

 

 
Pharmaceuticals — 5.8%      

Abbott Laboratories

     35,653         1,433,964   

AbbVie, Inc.

     39,540         2,151,371   

Allergan PLC (a)

     9,402         2,555,558   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

15


MML Equity Index Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

AmerisourceBergen Corp.

     4,908       $ 466,211   

Baxalta, Inc.

     12,915         406,952   

Bristol-Myers Squibb Co.

     39,843         2,358,706   

Cardinal Health, Inc.

     7,822         600,886   

DENTSPLY International, Inc.

     3,342         169,005   

Eli Lilly & Co.

     23,281         1,948,387   

Endo International PLC (a)

     4,972         344,460   

Express Scripts Holding Co. (a)

     16,166         1,308,799   

Mallinckrodt PLC (a)

     2,811         179,735   

Mead Johnson Nutrition Co.

     4,813         338,835   

Merck & Co., Inc.

     67,242         3,321,082   

Mylan NV (a)

     9,871         397,406   

Patterson Cos., Inc.

     2,026         87,625   

Perrigo Co. PLC

     3,485         548,086   

Pfizer, Inc.

     147,324         4,627,447   

Zoetis, Inc.

     10,963         451,456   
     

 

 

 
        23,695,971   
     

 

 

 
        99,940,545   
     

 

 

 
Diversified — 0.0%      
Holding Company – Diversified — 0.0%   

Leucadia National Corp.

     8,071         163,518   
     

 

 

 
Energy — 6.9%      
Coal — 0.0%      

CONSOL Energy, Inc.

     5,456         53,469   
     

 

 

 
Energy – Alternate Sources — 0.0%   

First Solar, Inc. (a)

     1,828         78,147   
     

 

 

 
Oil & Gas — 5.2%      

Anadarko Petroleum Corp.

     12,145         733,436   

Apache Corp.

     9,064         354,946   

Cabot Oil & Gas Corp.

     9,942         217,332   

Chesapeake Energy Corp.

     12,218         89,558   

Chevron Corp.

     44,959         3,546,366   

Cimarex Energy Co.

     2,241         229,658   

ConocoPhillips

     29,479         1,413,813   

Devon Energy Corp.

     9,166         339,967   

Diamond Offshore Drilling, Inc.

     1,495         25,863   

Ensco PLC Class A

     5,621         79,144   

EOG Resources, Inc.

     13,126         955,573   

EQT Corp.

     3,611         233,884   

Exxon Mobil Corp.

     99,606         7,405,706   

Helmerich & Payne, Inc.

     2,610         123,349   

Hess Corp.

     5,793         289,998   

Marathon Oil Corp.

     16,058         247,293   

Marathon Petroleum Corp.

     12,760         591,171   

Murphy Oil Corp.

     3,883         93,969   

Newfield Exploration Co. (a)

     3,954         130,087   

Noble Energy, Inc.

     10,202         307,896   

Occidental Petroleum Corp.

     18,227         1,205,716   

Phillips 66

     11,443         879,280   

Pioneer Natural Resources Co.

     3,575         434,863   

Range Resources Corp.

     4,088         131,307   

Southwestern Energy Co. (a)

     9,054         114,895   
     Number of
Shares
     Value  

Tesoro Corp.

     2,964       $ 288,219   

Valero Energy Corp.

     11,877         713,808   
     

 

 

 
        21,177,097   
     

 

 

 
Oil & Gas Services — 1.1%   

Baker Hughes, Inc.

     10,371         539,707   

Cameron International Corp. (a)

     4,551         279,067   

FMC Technologies, Inc. (a)

     5,450         168,950   

Halliburton Co.

     20,456         723,119   

National Oilwell Varco, Inc.

     9,155         344,686   

Schlumberger Ltd.

     30,211         2,083,653   

Transocean Ltd.

     8,277         106,939   
     

 

 

 
        4,246,121   
     

 

 

 
Pipelines — 0.6%      

Columbia Pipeline Group, Inc.

     7,615         139,278   

Kinder Morgan, Inc.

     42,966         1,189,299   

ONEOK, Inc.

     4,936         158,939   

Spectra Energy Corp.

     15,987         419,979   

The Williams Cos., Inc.

     16,299         600,618   
     

 

 

 
        2,508,113   
     

 

 

 
        28,062,947   
     

 

 

 
Financial — 16.0%      
Banks — 4.5%      

Bank of America Corp.

     249,987         3,894,797   

The Bank of New York Mellon Corp.

     26,402         1,033,638   

BB&T Corp.

     18,657         664,189   

Capital One Financial Corp.

     12,956         939,569   

Comerica, Inc.

     4,286         176,155   

Fifth Third Bancorp

     19,230         363,639   

Huntington Bancshares, Inc.

     19,156         203,054   

KeyCorp

     19,959         259,667   

M&T Bank Corp.

     3,182         388,045   

Northern Trust Corp.

     5,477         373,312   

PNC Financial Services Group, Inc.

     12,266         1,094,127   

Regions Financial Corp.

     31,596         284,680   

State Street Corp.

     9,732         654,088   

SunTrust Banks, Inc.

     12,377         473,297   

U.S. Bancorp

     39,524         1,620,879   

Wells Fargo & Co.

     111,556         5,728,401   

Zions Bancorp

     4,952         136,378   
     

 

 

 
        18,287,915   
     

 

 

 
Diversified Financial — 4.7%   

Affiliated Managers Group, Inc. (a)

     1,298         221,945   

American Express Co.

     20,330         1,507,063   

Ameriprise Financial, Inc.

     4,249         463,693   

BlackRock, Inc.

     3,055         908,771   

The Charles Schwab Corp.

     28,559         815,645   

Citigroup, Inc.

     71,888         3,566,364   

CME Group, Inc.

     8,066         748,041   

Discover Financial Services

     10,399         540,644   

E*TRADE Financial Corp. (a)

     6,886         181,308   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

16


MML Equity Index Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Franklin Resources, Inc.

     9,186       $ 342,270   

The Goldman Sachs Group, Inc.

     9,611         1,670,007   

Intercontinental Exchange, Inc.

     2,638         619,904   

Invesco Ltd.

     10,238         319,733   

JP Morgan Chase & Co.

     88,326         5,385,236   

Legg Mason, Inc.

     2,610         108,602   

Morgan Stanley

     36,355         1,145,183   

The Nasdaq, Inc.

     2,825         150,657   

Navient Corp.

     8,856         99,541   

T. Rowe Price Group, Inc.

     6,097         423,742   
     

 

 

 
        19,218,349   
     

 

 

 
Insurance — 4.1%   

ACE Ltd.

     7,748         801,143   

Aflac, Inc.

     10,270         596,995   

The Allstate Corp.

     9,563         556,949   

American International Group, Inc.

     30,901         1,755,795   

Aon PLC

     6,709         594,484   

Assurant, Inc.

     1,575         124,441   

Berkshire Hathaway, Inc. Class B (a)

     44,751         5,835,530   

The Chubb Corp.

     5,430         665,990   

Cincinnati Financial Corp.

     3,504         188,515   

Genworth Financial, Inc. Class A (a)

     12,309         56,868   

The Hartford Financial Services Group, Inc.

     9,899         453,176   

Lincoln National Corp.

     6,009         285,187   

Loews Corp.

     6,842         247,270   

Marsh & McLennan Cos., Inc.

     12,652         660,687   

MetLife, Inc.

     26,665         1,257,255   

Principal Financial Group, Inc.

     6,551         310,124   

The Progressive Corp.

     13,984         428,470   

Prudential Financial, Inc.

     10,765         820,401   

Torchmark Corp.

     2,775         156,510   

The Travelers Cos., Inc.

     7,434         739,906   

Unum Group

     5,972         191,582   

XL Group PLC

     7,230         262,594   
     

 

 

 
        16,989,872   
     

 

 

 
Real Estate — 0.1%      

CBRE Group, Inc. (a)

     6,912         221,184   
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.5%   

American Tower Corp.

     10,084         887,190   

Apartment Investment & Management Co. Class A

     3,749         138,788   

AvalonBay Communities, Inc.

     3,181         556,102   

Boston Properties, Inc.

     3,683         436,067   

Crown Castle International Corp.

     7,975         628,988   

Equity Residential

     8,705         653,920   

Essex Property Trust, Inc.

     1,566         349,876   

General Growth Properties, Inc.

     13,974         362,905   

HCP, Inc.

     11,090         413,103   

Host Hotels & Resorts, Inc.

     18,045         285,292   

Iron Mountain, Inc.

     4,622         143,374   
     Number of
Shares
     Value  

Kimco Realty Corp.

     9,915       $ 242,223   

The Macerich Co.

     3,215         246,976   

Plum Creek Timber Co., Inc.

     4,202         166,021   

Prologis, Inc.

     12,534         487,573   

Public Storage

     3,513         743,456   

Realty Income Corp.

     5,590         264,910   

Simon Property Group, Inc.

     7,393         1,358,242   

SL Green Realty Corp.

     2,362         255,474   

Ventas, Inc.

     7,905         443,154   

Vornado Realty Trust

     4,237         383,110   

Welltower, Inc.

     8,389         568,103   

Weyerhaeuser Co.

     12,203         333,630   
     

 

 

 
        10,348,477   
     

 

 

 
Savings & Loans — 0.1%      

Hudson City Bancorp, Inc.

     11,583         117,799   

People’s United Financial, Inc.

     7,247         113,995   
     

 

 

 
        231,794   
     

 

 

 
        65,297,591   
     

 

 

 
Industrial — 9.5%      
Aerospace & Defense — 2.0%      

The Boeing Co.

     15,247         1,996,595   

General Dynamics Corp.

     7,243         999,172   

L-3 Communications Holdings, Inc.

     1,919         200,574   

Lockheed Martin Corp.

     6,376         1,321,809   

Northrop Grumman Corp.

     4,472         742,128   

Raytheon Co.

     7,248         791,916   

Rockwell Collins, Inc.

     3,138         256,814   

United Technologies Corp.

     19,811         1,762,981   
     

 

 

 
        8,071,989   
     

 

 

 
Airlines — 0.1%      

United Continental Holdings, Inc. (a)

     9,027         478,882   
     

 

 

 
Building Materials — 0.1%      

Martin Marietta Materials, Inc.

     1,606         244,032   

Masco Corp.

     8,173         205,796   
     

 

 

 
        449,828   
     

 

 

 
Electrical Components & Equipment — 0.2%   

AMETEK, Inc.

     5,756         301,154   

Emerson Electric Co.

     15,705         693,690   
     

 

 

 
        994,844   
     

 

 

 
Electronics — 0.5%      

Agilent Technologies, Inc.

     7,846         269,353   

Allegion PLC

     2,268         130,773   

Amphenol Corp. Class A

     7,358         374,964   

FLIR Systems, Inc.

     3,300         92,367   

Garmin Ltd.

     2,815         101,002   

PerkinElmer, Inc.

     2,726         125,287   

TE Connectivity Ltd.

     9,608         575,423   

Tyco International PLC

     10,114         338,414   

Waters Corp. (a)

     1,950         230,510   
     

 

 

 
        2,238,093   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

17


MML Equity Index Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Engineering & Construction — 0.1%   

Fluor Corp.

     3,432       $ 145,345   

Jacobs Engineering Group, Inc. (a)

     2,961         110,830   
     

 

 

 
        256,175   
     

 

 

 
Environmental Controls — 0.3%   

Republic Services, Inc.

     5,762         237,394   

Stericycle, Inc. (a)

     2,043         284,610   

Waste Management, Inc.

     10,101         503,131   
     

 

 

 
        1,025,135   
     

 

 

 
Hand & Machine Tools — 0.1%   

Snap-on, Inc.

     1,385         209,052   

Stanley Black & Decker, Inc.

     3,650         353,977   
     

 

 

 
        563,029   
     

 

 

 
Machinery – Construction & Mining — 0.3%   

Caterpillar, Inc.

     14,369         939,158   

Ingersoll-Rand PLC

     6,345         322,136   

Joy Global, Inc.

     2,356         35,175   
     

 

 

 
        1,296,469   
     

 

 

 
Machinery – Diversified — 0.5%   

Cummins, Inc.

     3,964         430,411   

Deere & Co.

     7,450         551,300   

Flowserve Corp.

     3,209         132,018   

Rockwell Automation, Inc.

     3,200         324,704   

Roper Technologies, Inc.

     2,410         377,647   

Xylem, Inc.

     4,284         140,730   
     

 

 

 
        1,956,810   
     

 

 

 
Manufacturing — 3.3%   

3M Co.

     14,924         2,115,775   

Danaher Corp.

     14,202         1,210,152   

Dover Corp.

     3,716         212,481   

Eaton Corp. PLC

     11,200         574,560   

General Electric Co.

     241,158         6,082,005   

Honeywell International, Inc.

     18,673         1,768,146   

Illinois Tool Works, Inc.

     7,877         648,356   

Leggett & Platt, Inc.

     3,276         135,135   

Parker Hannifin Corp.

     3,332         324,204   

Pentair PLC

     4,346         221,820   

Textron, Inc.

     6,633         249,666   
     

 

 

 
        13,542,300   
     

 

 

 
Metal Fabricate & Hardware — 0.2%   

Precision Castparts Corp.

     3,292         756,205   
     

 

 

 
Packaging & Containers — 0.2%   

Ball Corp.

     3,270         203,394   

Owens-Illinois, Inc. (a)

     3,777         78,260   

Sealed Air Corp.

     4,941         231,634   

WestRock Co.

     6,298         323,969   
     

 

 

 
        837,257   
     

 

 

 
Transportation — 1.6%      

American ExpressNorfolk Southern Corp.

     7,195         549,698   
     Number of
Shares
     Value  

C.H. Robinson Worldwide, Inc.

     3,385       $ 229,435   

CSX Corp.

     23,543         633,307   

Expeditors International of Washington, Inc.

     4,555         214,313   

FedEx Corp.

     6,269         902,611   

J.B. Hunt Transport Services, Inc.

     2,192         156,509   

Kansas City Southern

     2,623         238,378   

Ryder System, Inc.

     1,246         92,254   

Union Pacific Corp.

     20,728         1,832,562   

United Parcel Service, Inc. Class B

     16,683         1,646,445   
     

 

 

 
        6,495,512   
     

 

 

 
        38,962,528   
     

 

 

 
Technology — 12.6%      
Computers — 5.9%      

Accenture PLC Class A

     14,935         1,467,513   

Apple, Inc.

     136,213         15,024,294   

Cognizant Technology Solutions Corp. Class A (a)

     14,532         909,849   

Computer Sciences Corp.

     3,308         203,045   

EMC Corp.

     45,971         1,110,660   

Hewlett-Packard Co.

     43,230         1,107,120   

International Business Machines Corp.

     21,526         3,120,624   

NetApp, Inc.

     7,170         212,232   

SanDisk Corp.

     4,849         263,446   

Seagate Technology PLC

     7,214         323,187   

Teradata Corp. (a)

     3,309         95,829   

Western Digital Corp.

     5,503         437,158   
     

 

 

 
        24,274,957   
     

 

 

 
Office Equipment/Supplies — 0.1%   

Pitney Bowes, Inc.

     4,911         97,483   

Xerox Corp.

     23,995         233,472   
     

 

 

 
        330,955   
     

 

 

 
Semiconductors — 2.4%      

Altera Corp.

     7,209         361,027   

Analog Devices, Inc.

     7,489         422,454   

Applied Materials, Inc.

     28,656         420,957   

Avago Technologies Ltd.

     6,201         775,187   

Broadcom Corp. Class A

     13,349         686,539   

Intel Corp.

     113,537         3,422,005   

KLA-Tencor Corp.

     3,748         187,400   

Lam Research Corp.

     3,781         247,013   

Linear Technology Corp.

     5,684         229,349   

Microchip Technology, Inc.

     5,035         216,958   

Micron Technology, Inc. (a)

     25,852         387,263   

NVIDIA Corp.

     12,330         303,935   

Qorvo, Inc. (a)

     3,555         160,153   

Skyworks Solutions, Inc.

     4,568         384,671   

Texas Instruments, Inc.

     24,499         1,213,190   

Xilinx, Inc.

     6,217         263,601   
     

 

 

 
        9,681,702   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

18


MML Equity Index Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Software — 4.2%      

Activision Blizzard, Inc.

     11,943       $ 368,919   

Adobe Systems, Inc. (a)

     11,882         976,938   

Autodesk, Inc. (a)

     5,420         239,239   

CA, Inc.

     7,436         203,003   

Cerner Corp. (a)

     7,337         439,926   

Citrix Systems, Inc. (a)

     3,867         267,906   

The Dun & Bradstreet Corp.

     847         88,935   

Electronic Arts, Inc. (a)

     7,451         504,805   

Fidelity National Information Services, Inc.

     6,712         450,241   

Fiserv, Inc. (a)

     5,610         485,882   

Intuit, Inc.

     6,622         587,702   

Microsoft Corp.

     191,033         8,455,121   

Oracle Corp.

     77,674         2,805,585   

Red Hat, Inc. (a)

     4,393         315,769   

Salesforce.com, Inc. (a)

     14,817         1,028,744   
     

 

 

 
        17,218,715   
     

 

 

 
        51,506,329   
     

 

 

 
Utilities — 3.1%      
Electric — 2.9%      

The AES Corp.

     16,331         159,880   

Ameren Corp.

     5,851         247,322   

American Electric Power Co., Inc.

     11,737         667,366   

CenterPoint Energy, Inc.

     10,414         187,869   

CMS Energy Corp.

     6,604         233,253   

Consolidated Edison, Inc.

     6,970         465,945   

Dominion Resources, Inc.

     14,188         998,551   

DTE Energy Co.

     4,273         343,421   

Duke Energy Corp.

     16,436         1,182,406   

Edison International

     7,777         490,495   

Entergy Corp.

     4,282         278,758   

Eversource Energy

     7,554         382,383   

Exelon Corp.

     20,652         613,364   

FirstEnergy Corp.

     10,120         316,857   

NextEra Energy, Inc.

     10,992         1,072,270   

NRG Energy, Inc.

     7,852         116,602   

Pepco Holdings, Inc.

     6,057         146,701   

PG&E Corp.

     11,671         616,229   

Pinnacle West Capital Corp.

     2,618         167,919   

PPL Corp.

     16,000         526,240   

Public Service Enterprise Group, Inc.

     12,058         508,365   

SCANA Corp.

     3,400         191,284   

The Southern Co.

     21,674         968,828   

TECO Energy, Inc.

     5,672         148,947   

WEC Energy Group, Inc.

     7,547         394,104   

Xcel Energy, Inc.

     12,173         431,046   
     

 

 

 
        11,856,405   
     

 

 

 
Gas — 0.2%      

AGL Resources, Inc.

     2,834         172,988   

NiSource, Inc.

     7,615         141,258   
    Number of
Shares
     Value  

Sempra Energy

    5,621       $ 543,663   
    

 

 

 
       857,909   
    

 

 

 
       12,714,314   
    

 

 

 
TOTAL COMMON STOCK
(Cost $240,694,389)
       404,068,908   
    

 

 

 
TOTAL EQUITIES
(Cost $240,694,389)
       404,068,908   
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $240,694,389)
       404,068,908   
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 1.0%   
Repurchase Agreement — 0.8%     

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

  $ 3,291,749         3,291,749   
    

 

 

 
Time Deposits — 0.0%     

Euro Time Deposit
0.010% 10/01/15

    4,048         4,048   
    

 

 

 
U.S. Treasury Bills — 0.2%     

U.S. Treasury Bill (c)
0.000% 10/08/15

    605,000         604,995   
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,900,792)
       3,900,792   
    

 

 

 
TOTAL INVESTMENTS — 99.9%   
(Cost $244,595,181) (d)        407,969,700   
Other Assets/(Liabilities) — 0.1%        479,439   
    

 

 

 
NET ASSETS — 100.0%      $ 408,449,139   
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $3,291,750. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $3,361,050.
(c) A portion of this security is held as collateral for open futures contracts. (Note 2).
(d) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

19


MML Focused Equity Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 92.5%      
COMMON STOCK — 92.5%   
Basic Materials — 2.1%      
Mining — 2.1%      

Glencore PLC ADR (Switzerland)

     1,109,100       $ 3,061,116   
     

 

 

 
Communications — 5.5%   
Internet — 2.0%   

Amazon.com, Inc. (a)

     5,600         2,866,584   
     

 

 

 
Media — 3.5%   

Tribune Media Co.

     145,000         5,162,000   
     

 

 

 
        8,028,584   
     

 

 

 
Consumer, Cyclical — 13.4%   
Auto Manufacturers — 6.6%   

General Motors Co.

     320,000         9,606,400   
     

 

 

 
Retail — 6.8%   

CarMax, Inc. (a)

     63,700         3,778,684   

Tiffany & Co.

     80,500         6,216,210   
     

 

 

 
        9,994,894   
     

 

 

 
        19,601,294   
     

 

 

 
Energy — 7.2%   
Oil & Gas — 4.0%   

Anadarko Petroleum Corp.

     98,000         5,918,220   
     

 

 

 
Oil & Gas Services — 3.2%   

Halliburton Co.

     44,000         1,555,400   

NOW, Inc. (a)

     210,519         3,115,681   
     

 

 

 
        4,671,081   
     

 

 

 
        10,589,301   
     

 

 

 
Financial — 36.9%   
Banks — 7.0%   

Wells Fargo & Co.

     201,000         10,321,350   
     

 

 

 
Diversified Financial — 12.6%   

BlackRock, Inc.

     23,800         7,079,786   

Franklin Resources, Inc.

     90,000         3,353,400   

JP Morgan Chase & Co.

     131,000         7,987,070   
     

 

 

 
        18,420,256   
     

 

 

 
Insurance — 12.9%   

American International Group, Inc.

     190,000         10,795,800   

Aon PLC

     91,500         8,107,816   
     

 

 

 
        18,903,616   
     

 

 

 
Real Estate — 4.4%   

CBRE Group, Inc. (a)

     200,500         6,416,000   
     

 

 

 
        54,061,222   
     

 

 

 
Industrial — 8.2%   
Machinery – Construction & Mining — 4.0%   

Caterpillar, Inc.

     90,500         5,915,080   
     

 

 

 
Machinery – Diversified — 4.2%   

Cummins, Inc.

     55,900         6,069,622   
     

 

 

 
        11,984,702   
     

 

 

 
     Number of
Shares
     Value  
Technology — 19.2%   
Computers — 2.5%   

Apple, Inc.

     33,000       $ 3,639,900   
     

 

 

 
Semiconductors — 10.9%   

Applied Materials, Inc.

     363,670         5,342,312   

Intel Corp.

     350,000         10,549,000   
     

 

 

 
        15,891,312   
     

 

 

 
Software — 5.8%   

Microsoft Corp.

     193,000         8,542,180   
     

 

 

 
        28,073,392   
     

 

 

 
TOTAL COMMON STOCK
(Cost $133,459,840)
        135,399,611   
     

 

 

 
TOTAL EQUITIES
(Cost $133,459,840)
        135,399,611   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $133,459,840)
        135,399,611   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 9.8%   
Repurchase Agreement — 9.8%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 14,292,484         14,292,484   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $14,292,484)
        14,292,484   
     

 

 

 
TOTAL INVESTMENTS — 102.3%
(Cost $147,752,324) (c)
        149,692,095   
Other Assets/(Liabilities) — (2.3)%         (3,420,343
     

 

 

 
NET ASSETS — 100.0%       $ 146,271,752   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Maturity value of $14,292,488. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 9/30/22, and an aggregate market value, including accrued interest, of $14,580,119.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

20


MML Foreign Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 94.7%      
COMMON STOCK — 94.7%      
Bermuda — 0.7%   

Kunlun Energy Co. Ltd

     1,700,000       $ 1,221,131   

Noble Group Ltd. (a)

     4,670,400         1,366,200   
     

 

 

 
        2,587,331   
     

 

 

 
Brazil — 0.8%   

Embraer SA Sponsored ADR (Brazil)

     84,639         2,165,066   

Petroleo Brasileiro SA Sponsored ADR (Brazil) (b)

     164,712         606,140   
     

 

 

 
        2,771,206   
     

 

 

 
Cayman Islands — 2.1%   

Cheung Kong Property Holdings Ltd.

     367,254         2,691,549   

CK Hutchison Holdings Ltd.

     367,254         4,801,772   
     

 

 

 
        7,493,321   
     

 

 

 
China — 3.9%   

China Life Insurance Co. Ltd.

     1,251,000         4,366,732   

China Telecom Corp. Ltd. Class H

     9,617,643         4,635,124   

CRRC Corp. Ltd. (b)

     1,616,100         2,072,303   

Sinopharm Group Co. Ltd. Class H

     568,800         2,004,444   

Weichai Power Co. Ltd. Class H

     1,090,000         1,020,743   
     

 

 

 
        14,099,346   
     

 

 

 
France — 12.2%   

AXA SA

     234,467         5,692,191   

BNP Paribas

     128,360         7,558,572   

Cie Generale des Etablissements Michelin Class B

     56,000         5,110,105   

Compagnie de Saint-Gobain

     96,920         4,210,172   

Credit Agricole SA

     223,230         2,561,341   

Sanofi

     93,118         8,870,946   

Technip SA

     49,930         2,359,007   

Total SA

     112,762         5,083,884   

Vivendi SA

     77,292         1,829,884   
     

 

 

 
        43,276,102   
     

 

 

 
Germany — 11.5%   

Bayer AG

     55,480         7,090,801   

Deutsche Boerse AG

     45,950         3,955,594   

Deutsche Lufthansa AG (b)

     128,000         1,776,776   

Deutsche Post AG

     66,911         1,851,867   

HeidelbergCement AG

     72,710         4,978,725   

Infineon Technologies AG

     308,437         3,466,243   

Lanxess AG

     36,220         1,692,193   

Merck KGaA

     58,070         5,140,976   

Metro AG

     83,660         2,307,905   

MorphoSys AG (b)

     20,350         1,356,083   

Muenchener Rueckversicherungs AG

     10,850         2,021,306   

SAP AG Sponsored ADR (Germany)

     20,068         1,300,206   

Siemens AG

     43,856         3,918,237   
     

 

 

 
        40,856,912   
     

 

 

 
     Number of
Shares
     Value  
Hong Kong — 1.8%   

AIA Group Ltd.

     485,200       $ 2,526,215   

China Mobile Ltd.

     342,000         4,068,464   
     

 

 

 
        6,594,679   
     

 

 

 
Ireland — 1.6%   

CRH PLC

     215,342         5,696,560   
     

 

 

 
Israel — 1.9%   

Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)

     118,139         6,670,128   
     

 

 

 
Italy — 3.0%   

ENI SpA

     276,870         4,356,369   

Intesa Sanpaolo SpA

     616,558         2,177,374   

UniCredit SpA

     647,756         4,036,993   
     

 

 

 
        10,570,736   
     

 

 

 
Japan — 7.3%   

ITOCHU Corp. (a)

     235,300         2,495,779   

Konica Minolta Holdings, Inc.

     344,300         3,634,488   

Nissan Motor Co. Ltd. (a)

     593,270         5,464,888   

SoftBank Group Corp.

     69,200         3,183,920   

Suntory Beverage & Food Ltd.

     112,800         4,340,926   

Toshiba Corp. (a) (b)

     667,000         1,684,389   

Toyota Motor Corp. Sponsored ADR (Japan)

     45,239         5,305,630   
     

 

 

 
        26,110,020   
     

 

 

 
Luxembourg — 0.5%   

Subsea 7 SA (a) (b)

     231,820         1,743,975   
     

 

 

 
Netherlands — 6.6%   

Akzo Nobel NV

     82,060         5,334,775   

ING Groep NV

     464,630         6,595,742   

Koninklijke Philips Electronics NV

     97,720         2,304,214   

NN Group NV

     63,590         1,824,143   

QIAGEN NV (b)

     69,390         1,789,763   

SBM Offshore NV (a) (b)

     167,468         2,120,348   

TNT Express NV

     461,170         3,513,539   
     

 

 

 
        23,482,524   
     

 

 

 
Norway — 1.8%   

StatoilHydro ASA

     90,840         1,325,078   

Telenor ASA

     268,156         5,016,178   
     

 

 

 
        6,341,256   
     

 

 

 
Portugal — 0.7%   

Galp Energia SGPS SA

     242,320         2,390,545   
     

 

 

 
Republic of Korea — 5.0%   

Hana Financial Group, Inc.

     79,353         1,772,857   

Hyundai Mobis

     16,941         3,291,144   

KB Financial Group, Inc. Sponsored ADR (Republic of Korea)

     80,916         2,378,121   

POSCO ADR (Republic of Korea)

     76,271         2,671,010   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

21


MML Foreign Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Samsung Electronics Co., Ltd.

     8,124       $ 7,812,824   
     

 

 

 
        17,925,956   
     

 

 

 
Russia — 0.6%   

MMC Norilsk Nickel PJSC ADR (Russia)

     145,469         2,090,430   
     

 

 

 
Singapore — 2.5%   

DBS Group Holdings, Ltd.

     385,379         4,402,992   

Singapore Telecommunications Ltd.

     1,468,000         3,723,878   

Singapore Telecommunications Ltd.

     340,700         854,979   
     

 

 

 
        8,981,849   
     

 

 

 
Spain — 1.7%   

Repsol YPF SA

     81,144         945,547   

Telefonica SA Sponsored ADR (Spain) (a)

     419,792         5,054,296   
     

 

 

 
        5,999,843   
     

 

 

 
Sweden — 1.2%   

Getinge AB Class B

     128,140         2,861,507   

Telefonaktiebolaget LM Ericsson Sponsored ADR (Sweden)

     133,854         1,309,092   
     

 

 

 
        4,170,599   
     

 

 

 
Switzerland — 6.4%   

Credit Suisse Group

     229,021         5,509,717   

Novartis AG

     39,920         3,677,221   

Roche Holding AG

     33,660         8,898,156   

Swiss Re AG

     53,250         4,577,335   
     

 

 

 
        22,662,429   
     

 

 

 
Taiwan — 0.5%   

Taiwan Semiconductor Manufacturing Co. Ltd.

     416,275         1,661,148   
     

 

 

 
Thailand — 0.7%   

Bangkok Bank PCL

     565,500         2,482,269   
     

 

 

 
United Kingdom — 19.7%   

Aviva PLC

     691,025         4,737,020   

BAE Systems PLC

     585,150         3,972,715   

Barclays PLC

     1,139,640         4,213,309   

BP PLC

     861,244         4,365,365   

GlaxoSmithKline PLC

     355,714         6,818,936   

Glencore PLC

     922,750         1,285,852   

HSBC Holdings PLC

     781,600         5,844,413   

Kingfisher PLC

     1,039,414         5,652,101   

Lloyds Banking Group PLC

     3,390,640         3,865,239   

Marks & Spencer Group PLC

     725,600         5,513,875   

Petrofac Ltd. (a)

     190,850         2,224,549   

Rexam PLC

     328,524         2,604,281   

Royal Dutch Shell PLC Class A

     2,397         56,525   

Royal Dutch Shell PLC Class B

     178,194         4,226,700   

Sky PLC

     290,060         4,589,945   
     Number of
Shares
     Value  

Standard Chartered PLC

     230,980       $ 2,245,564   

Tesco PLC

     1,243,680         3,455,834   

Vodafone Group PLC Sponsored ADR (United Kingdom)

     144,110         4,574,051   
     

 

 

 
        70,246,274   
     

 

 

 
TOTAL COMMON STOCK
(Cost $345,907,891)
        336,905,438   
     

 

 

 
TOTAL EQUITIES
(Cost $345,907,891)
        336,905,438   
     

 

 

 
MUTUAL FUNDS — 5.2%      
United States — 5.2%      

State Street Navigator Securities Lending Prime Portfolio (c)

     18,306,009         18,306,009   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $18,306,009)
        18,306,009   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $364,213,900)
        355,211,447   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 3.4%      
Repurchase Agreement — 3.4%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%,
due 10/01/15 (d)

   $ 11,992,434         11,992,434   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,992,434)
        11,992,434   
     

 

 

 
TOTAL INVESTMENTS — 103.3%
(Cost $376,206,334) (e)
        367,203,881   
Other Assets/(Liabilities) — (3.3)%         (11,611,567
     

 

 

 
NET ASSETS — 100.0%       $ 355,592,314   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2015, was $17,286,373 or 4.86% 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).
(b) Non-income producing security.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

22


MML Foreign Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments (Continued)

(c) Represents investment of security lending collateral. (Note 2).
(d) Maturity value of $11,992,438. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $12,236,400.
(e) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

23


MML Fundamental Growth Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.9%   
COMMON STOCK — 97.9%   
Basic Materials — 0.5%   
Chemicals — 0.5%   

The Sherwin-Williams Co.

     4,203       $ 936,344   
     

 

 

 
Communications — 19.7%      
Advertising — 0.3%      

Nielsen Holdings PLC

     10,427         463,689   
     

 

 

 
Internet — 13.9%      

Alibaba Group Holding Ltd. Sponsored ADR (Cayman Islands) (a)

     11,941         704,161   

Alphabet, Inc. Class C (a)

     12,117         7,372,225   

Amazon.com, Inc. (a)

     10,166         5,203,874   

Baidu, Inc. Sponsored ADR (Cayman Islands) (a)

     4,175         573,687   

CDW Corp.

     16,111         658,295   

eBay, Inc. (a)

     30,401         743,000   

Expedia, Inc.

     10,835         1,275,063   

F5 Networks, Inc. (a)

     9,694         1,122,565   

Facebook, Inc. Class A (a)

     53,756         4,832,664   

The Priceline Group, Inc. (a)

     1,831         2,264,691   
     

 

 

 
        24,750,225   
     

 

 

 
Media — 2.5%      

Comcast Corp. Class A

     58,693         3,338,458   

Discovery Communications, Inc. Series A (a)

     10,296         268,005   

FactSet Research Systems, Inc.

     4,339         693,416   

Scripps Networks Interactive Class A

     4,870         239,555   
     

 

 

 
        4,539,434   
     

 

 

 
Telecommunications — 3.0%      

Cisco Systems, Inc.

     102,773         2,697,791   

QUALCOMM, Inc.

     14,553         781,933   

Verizon Communications, Inc.

     42,716         1,858,573   
     

 

 

 
        5,338,297   
     

 

 

 
        35,091,645   
     

 

 

 
Consumer, Cyclical — 17.3%   
Apparel — 0.1%      

Ralph Lauren Corp.

     948         112,016   
     

 

 

 
Home Builders — 0.8%      

PulteGroup, Inc.

     73,458         1,386,152   
     

 

 

 
Lodging — 1.2%      

Hilton Worldwide Holdings, Inc.

     43,827         1,005,391   

Wyndham Worldwide Corp.

     15,381         1,105,894   
     

 

 

 
        2,111,285   
     

 

 

 
Retail — 15.2%      

Advance Auto Parts, Inc.

     11,226         2,127,664   

Chipotle Mexican Grill, Inc. (a)

     3,420         2,463,255   

Costco Wholesale Corp.

     16,827         2,432,680   
     Number of
Shares
     Value  

CVS Health Corp.

     31,984       $ 3,085,816   

Dunkin’ Brands Group, Inc.

     20,930         1,025,570   

The Home Depot, Inc.

     42,262         4,880,838   

Lowe’s Cos., Inc.

     44,189         3,045,506   

O’Reilly Automotive, Inc. (a)

     9,799         2,449,750   

Ross Stores, Inc.

     48,530         2,352,249   

The TJX Cos., Inc.

     45,390         3,241,754   
     

 

 

 
        27,105,082   
     

 

 

 
        30,714,535   
     

 

 

 
Consumer, Non-cyclical — 31.0%   
Beverages — 1.1%      

Anheuser-Busch InBev SA/NV Sponsored ADR (Belgium)

     4,788         509,060   

Monster Beverage Corp. (a)

     10,628         1,436,268   
     

 

 

 
        1,945,328   
     

 

 

 
Biotechnology — 6.5%      

Amgen, Inc.

     22,389         3,096,846   

Biogen, Inc. (a)

     3,176         926,789   

Celgene Corp. (a)

     22,974         2,485,098   

Gilead Sciences, Inc.

     37,485         3,680,652   

Vertex Pharmaceuticals, Inc. (a)

     13,328         1,387,978   
     

 

 

 
        11,577,363   
     

 

 

 
Commercial Services — 7.6%      

Alliance Data Systems Corp. (a)

     5,019         1,299,821   

MasterCard, Inc. Class A

     20,297         1,829,166   

Moody’s Corp.

     14,427         1,416,731   

Paychex, Inc.

     38,354         1,826,801   

PayPal Holdings, Inc. (a)

     38,273         1,187,994   

Vantiv, Inc. Class A (a)

     22,261         999,964   

Verisk Analytics, Inc. (a)

     18,418         1,361,274   

Visa, Inc. Class A

     51,368         3,578,295   
     

 

 

 
        13,500,046   
     

 

 

 
Cosmetics & Personal Care — 1.7%   

Colgate-Palmolive Co.

     18,619         1,181,562   

The Estee Lauder Cos., Inc. Class A

     23,386         1,886,782   
     

 

 

 
        3,068,344   
     

 

 

 
Foods — 1.1%      

Mondelez International, Inc. Class A

     47,697         1,997,074   
     

 

 

 
Health Care – Products — 4.5%   

Becton, Dickinson & Co.

     14,259         1,891,599   

C.R. Bard, Inc.

     9,819         1,829,378   

Johnson & Johnson

     7,629         712,167   

Medtronic PLC

     26,372         1,765,341   

Varian Medical Systems, Inc. (a)

     9,492         700,320   

Zimmer Biomet Holdings, Inc.

     11,988         1,126,033   
     

 

 

 
        8,024,838   
     

 

 

 
Health Care – Services — 2.2%      

Aetna, Inc.

     19,827         2,169,272   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

24


MML Fundamental Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Anthem, Inc.

     6,613       $ 925,820   

HCA Holdings, Inc. (a)

     10,065         778,629   
     

 

 

 
        3,873,721   
     

 

 

 
Pharmaceuticals — 6.3%      

Allergan PLC (a)

     5,649         1,535,455   

AstraZeneca PLC Sponsored ADR (United Kingdom)

     27,936         888,923   

Bristol-Myers Squibb Co.

     54,364         3,218,349   

Cardinal Health, Inc.

     23,462         1,802,351   

Eli Lilly & Co.

     27,036         2,262,643   

Merck & Co., Inc.

     28,053         1,385,537   
     

 

 

 
        11,093,258   
     

 

 

 
        55,079,972   
     

 

 

 
Financial — 5.2%      
Banks — 0.9%      

Bank of America Corp.

     101,055         1,574,437   
     

 

 

 
Diversified Financial — 2.6%      

The Goldman Sachs Group, Inc.

     9,764         1,696,593   

Intercontinental Exchange, Inc.

     7,322         1,720,597   

JP Morgan Chase & Co.

     21,433         1,306,770   
     

 

 

 
        4,723,960   
     

 

 

 
Insurance — 0.7%      

American International Group, Inc.

     21,609         1,227,823   
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.0%   

Public Storage

     8,373         1,771,978   
     

 

 

 
        9,298,198   
     

 

 

 
Industrial — 4.7%      
Aerospace & Defense — 1.2%      

The Boeing Co.

     16,324         2,137,628   
     

 

 

 
Electronics — 0.3%      

Agilent Technologies, Inc.

     18,249         626,488   
     

 

 

 
Machinery – Diversified — 0.5%      

Rockwell Automation, Inc.

     8,557         868,279   
     

 

 

 
Manufacturing — 2.1%      

Danaher Corp.

     18,851         1,606,293   

Honeywell International, Inc.

     21,981         2,081,381   
     

 

 

 
        3,687,674   
     

 

 

 
Transportation — 0.6%      

United Parcel Service, Inc. Class B

     10,820         1,067,826   
     

 

 

 
        8,387,895   
     

 

 

 
Technology — 19.5%      
Computers — 6.8%      

Amdocs Ltd.

     17,381         988,631   

Apple, Inc.

     89,891         9,914,977   

IHS, Inc. Class A (a)

     9,996         1,159,536   

Jack Henry & Associates, Inc.

     1,788         124,463   
     

 

 

 
        12,187,607   
     

 

 

 
    Number of
Shares
     Value  
Internet — 1.5%     

Check Point Software Technologies Ltd. (a)

    33,554       $ 2,661,839   
    

 

 

 
Semiconductors — 2.4%     

Altera Corp.

    26,211         1,312,647   

Broadcom Corp. Class A

    5,645         290,322   

Linear Technology Corp.

    27,672         1,116,565   

Maxim Integrated Products, Inc.

    45,127         1,507,242   
    

 

 

 
       4,226,776   
    

 

 

 
Software — 8.8%     

Activision Blizzard, Inc.

    33,525         1,035,587   

Fiserv, Inc. (a)

    15,199         1,316,385   

Intuit, Inc.

    14,735         1,307,731   

Microsoft Corp.

    116,267         5,145,978   

Oracle Corp.

    146,720         5,299,527   

Salesforce.com, Inc. (a)

    23,073         1,601,958   
    

 

 

 
       15,707,166   
    

 

 

 
       34,783,388   
    

 

 

 
TOTAL COMMON STOCK
(Cost $151,959,985)
       174,291,977   
    

 

 

 
TOTAL EQUITIES
(Cost $151,959,985)
       174,291,977   
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $151,959,985)
       174,291,977   
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 1.6%   
Repurchase Agreement — 1.6%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

  $ 2,845,825         2,845,825   
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,845,825)
       2,845,825   
    

 

 

 
TOTAL INVESTMENTS — 99.5%   
(Cost $154,805,810) (c)        177,137,802   
Other Assets/(Liabilities) — 0.5%        809,735   
    

 

 

 
NET ASSETS — 100.0%      $ 177,947,537   
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

25


MML Fundamental Growth Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments (Continued)

(b) Maturity value of $2,845,825. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 9/30/22, and an aggregate market value, including accrued interest, of $2,904,069.
(c) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

26


MML Fundamental Value Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.3%      
COMMON STOCK — 96.3%      
Basic Materials — 3.0%      
Chemicals — 1.2%      

The Dow Chemical Co.

     57,040       $ 2,418,496   
     

 

 

 
Forest Products & Paper — 0.7%      

International Paper Co.

     41,050         1,551,279   
     

 

 

 
Iron & Steel — 1.1%      

Nucor Corp.

     23,830         894,817   

Steel Dynamics, Inc.

     84,140         1,445,525   
     

 

 

 
        2,340,342   
     

 

 

 
        6,310,117   
     

 

 

 
Communications — 9.9%      
Advertising — 1.2%      

Nielsen Holdings PLC

     55,400         2,463,638   
     

 

 

 
Internet — 1.1%      

Symantec Corp.

     122,840         2,391,695   
     

 

 

 
Media — 2.9%      

CBS Corp. Class B

     40,980         1,635,102   

Comcast Corp. Class A

     40,140         2,283,163   

Thomson Reuters Corp.

     55,400         2,230,404   
     

 

 

 
        6,148,669   
     

 

 

 
Telecommunications — 4.7%      

Cisco Systems, Inc.

     263,540         6,917,925   

Verizon Communications, Inc.

     72,640         3,160,566   
     

 

 

 
        10,078,491   
     

 

 

 
        21,082,493   
     

 

 

 
Consumer, Cyclical — 10.8%      
Home Builders — 1.0%      

PulteGroup, Inc.

     107,310         2,024,940   
     

 

 

 
Leisure Time — 1.4%      

Norwegian Cruise Line Holdings Ltd. (a)

     51,130         2,929,749   
     

 

 

 
Lodging — 0.9%      

Hilton Worldwide Holdings, Inc.

     85,610         1,963,893   
     

 

 

 
Retail — 7.5%      

CVS Health Corp.

     27,500         2,653,200   

Dollar General Corp.

     31,300         2,267,372   

The Home Depot, Inc.

     25,610         2,957,699   

Lowe’s Cos., Inc.

     32,720         2,255,062   

Nordstrom, Inc.

     25,980         1,863,026   

PVH Corp.

     20,130         2,052,052   

Signet Jewelers Ltd.

     14,800         2,014,724   
     

 

 

 
        16,063,135   
     

 

 

 
        22,981,717   
     

 

 

 
Consumer, Non-cyclical — 17.3%      
Agriculture — 1.1%      

British American Tobacco PLC

     42,042         2,323,520   
     

 

 

 
     Number of
Shares
     Value  
Beverages — 1.6%      

Anheuser-Busch InBev SA/NV Sponsored ADR (Belgium)

     21,360       $ 2,270,995   

Diageo PLC Sponsored ADR (United Kingdom)

     11,340         1,222,339   
     

 

 

 
        3,493,334   
     

 

 

 
Biotechnology — 1.8%      

Amgen, Inc.

     15,200         2,102,464   

Gilead Sciences, Inc.

     17,610         1,729,126   
     

 

 

 
        3,831,590   
     

 

 

 
Foods — 1.9%      

Ingredion, Inc.

     18,600         1,623,966   

The Kraft Heinz Co.

     33,026         2,330,975   
     

 

 

 
        3,954,941   
     

 

 

 
Health Care – Products — 2.0%      

Baxter International, Inc.

     28,960         951,336   

Medtronic PLC

     48,109         3,220,416   
     

 

 

 
        4,171,752   
     

 

 

 
Health Care – Services — 1.4%      

UnitedHealth Group, Inc.

     25,760         2,988,418   
     

 

 

 
Pharmaceuticals — 7.5%      

AstraZeneca PLC Sponsored ADR (United Kingdom)

     73,140         2,327,315   

Baxalta, Inc.

     28,960         912,529   

Bristol-Myers Squibb Co.

     50,890         3,012,688   

Merck & Co., Inc.

     105,010         5,186,444   

Pfizer, Inc.

     57,449         1,804,473   

Roche Holding AG

     10,658         2,817,485   
     

 

 

 
        16,060,934   
     

 

 

 
        36,824,489   
     

 

 

 
Energy — 9.4%      
Oil & Gas — 8.2%      

Anadarko Petroleum Corp.

     22,120         1,335,827   

Chevron Corp.

     45,490         3,588,251   

EOG Resources, Inc.

     38,220         2,782,416   

Exxon Mobil Corp.

     41,950         3,118,982   

Marathon Oil Corp.

     122,050         1,879,570   

Occidental Petroleum Corp.

     22,790         1,507,559   

Pioneer Natural Resources Co.

     16,570         2,015,575   

Southwestern Energy Co. (a)

     104,490         1,325,978   
     

 

 

 
        17,554,158   
     

 

 

 
Oil & Gas Services — 1.2%      

Halliburton Co.

     70,900         2,506,315   
     

 

 

 
        20,060,473   
     

 

 

 
Financial — 25.4%      
Banks — 7.6%      

M&T Bank Corp.

     21,990         2,681,680   

PNC Financial Services Group, Inc.

     54,470         4,858,724   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

27


MML Fundamental Value Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Wells Fargo & Co.

     168,080       $ 8,630,908   
     

 

 

 
        16,171,312   
     

 

 

 
Diversified Financial — 11.6%      

Ameriprise Financial, Inc.

     5,780         630,771   

BlackRock, Inc.

     10,630         3,162,106   

Citigroup, Inc.

     108,210         5,368,298   

The Goldman Sachs Group, Inc.

     13,810         2,399,626   

Intercontinental Exchange, Inc.

     13,350         3,137,117   

Invesco Ltd.

     55,900         1,745,757   

JP Morgan Chase & Co.

     136,290         8,309,601   
     

 

 

 
        24,753,276   
     

 

 

 
Insurance — 6.2%      

ACE Ltd.

     33,110         3,423,574   

American International Group, Inc.

     40,450         2,298,369   

Marsh & McLennan Cos., Inc.

     43,090         2,250,160   

MetLife, Inc.

     56,690         2,672,934   

Principal Financial Group, Inc.

     35,010         1,657,373   

Unum Group

     25,650         822,852   
     

 

 

 
        13,125,262   
     

 

 

 
        54,049,850   
     

 

 

 
Industrial — 9.7%      
Aerospace & Defense — 1.4%      

United Technologies Corp.

     32,380         2,881,496   
     

 

 

 
Building Materials — 1.4%      

Fortune Brands Home & Security, Inc.

     65,160         3,093,145   
     

 

 

 
Machinery – Construction & Mining — 0.8%   

Ingersoll-Rand PLC

     33,150         1,683,026   
     

 

 

 
Manufacturing — 5.2%      

3M Co.

     15,690         2,224,371   

Eaton Corp. PLC

     55,820         2,863,566   

General Electric Co.

     168,970         4,261,424   

Illinois Tool Works, Inc.

     22,100         1,819,051   
     

 

 

 
        11,168,412   
     

 

 

 
Transportation — 0.9%      

Union Pacific Corp.

     22,000         1,945,020   
     

 

 

 
        20,771,099   
     

 

 

 
Technology — 7.5%      
Semiconductors — 5.1%      

Analog Devices, Inc.

     28,090         1,584,557   

Intel Corp.

     142,250         4,287,415   

Marvell Technology Group Ltd.

     176,450         1,596,873   

Maxim Integrated Products, Inc.

     102,480         3,422,832   
     

 

 

 
        10,891,677   
     

 

 

 
Software — 2.4%      

Microsoft Corp.

     115,490         5,111,587   
     

 

 

 
        16,003,264   
     

 

 

 
     Number of
Shares
     Value  
Utilities — 3.3%      
Electric — 3.3%      

Dominion Resources, Inc.

     17,100       $ 1,203,498   

Edison International

     31,580         1,991,751   

Eversource Energy

     53,570         2,711,713   

NextEra Energy, Inc.

     12,690         1,237,910   
     

 

 

 
        7,144,872   
     

 

 

 
TOTAL COMMON STOCK
(Cost $174,189,882)
        205,228,374   
     

 

 

 
TOTAL EQUITIES
(Cost $174,189,882)
        205,228,374   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $174,189,882)
        205,228,374   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 3.3%   
Repurchase Agreement — 3.3%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 7,099,735         7,099,735   
     

 

 

 
Time Deposits — 0.0%      

Euro Time Deposit
0.010% 10/01/15

     9,614         9,614   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,109,349)
        7,109,349   
     

 

 

 
TOTAL INVESTMENTS — 99.6%
(Cost $181,299,231) (c)
        212,337,723   
Other Assets/(Liabilities) — 0.4%         827,361   
     

 

 

 
NET ASSETS — 100.0%       $ 213,165,084   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Maturity value of $7,099,737. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 9/30/22, and an aggregate market value, including accrued interest, of $7,242,738.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

28


MML Global Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.6%      
COMMON STOCK — 98.6%      
Austria — 0.5%      

Erste Group Bank AG (a)

     38,369       $ 1,115,442   
     

 

 

 
Bermuda — 0.2%   

Credicorp Ltd.

     3,962         421,398   
     

 

 

 
Brazil — 0.7%   

AMBEV SA

     233,531         1,143,946   

Itau Unibanco Holding SA Sponsored ADR (Brazil)

     99,841         660,947   
     

 

 

 
        1,804,893   
     

 

 

 
Canada — 1.8%   

Canadian National Railway Co. (b)

     75,193         4,267,955   
     

 

 

 
Cayman Islands — 0.2%   

Sands China Ltd.

     131,600         399,402   
     

 

 

 
Czech Republic — 0.2%   

Komercni Banka AS

     1,991         431,903   
     

 

 

 
Denmark — 0.8%   

Carlsberg A/S Class B

     25,062         1,928,718   
     

 

 

 
France — 7.7%   

Air Liquide

     11,058         1,310,357   

Danone SA

     63,959         4,045,021   

Hermes International

     1,235         449,631   

Legrand SA

     44,654         2,374,074   

LVMH Moet Hennessy Louis Vuitton SE

     26,880         4,586,858   

Pernod-Ricard SA

     33,053         3,337,553   

Schneider Electric SE

     44,750         2,509,531   
     

 

 

 
        18,613,025   
     

 

 

 
Germany — 6.2%   

Bayer AG

     41,817         5,344,557   

Brenntag AG

     19,653         1,057,642   

Deutsche Boerse AG

     16,243         1,398,275   

Linde AG

     23,762         3,849,077   

Merck KGaA

     22,417         1,984,592   

MTU Aero Engines AG

     18,426         1,539,035   
     

 

 

 
        15,173,178   
     

 

 

 
Ireland — 4.2%   

Accenture PLC Class A

     66,958         6,579,293   

Medtronic PLC

     54,210         3,628,817   
     

 

 

 
        10,208,110   
     

 

 

 
Israel — 0.5%   

Check Point Software Technologies Ltd. (a)

     15,447         1,225,410   
     

 

 

 
Japan — 1.3%   

Hoya Corp.

     55,100         1,810,568   

Inpex Corp.

     90,600         809,434   
     Number of
Shares
     Value  

Lawson, Inc.

     8,600       $ 635,970   
     

 

 

 
        3,255,972   
     

 

 

 
Mexico — 0.3%   

Grupo Financiero Banorte SAB de CV Class O

     171,536         841,399   
     

 

 

 
Netherlands — 2.5%   

Akzo Nobel NV

     43,459         2,825,298   

Heineken NV

     40,121         3,247,343   
     

 

 

 
        6,072,641   
     

 

 

 
Netherlands Antilles — 1.0%   

Schlumberger Ltd.

     34,665         2,390,845   
     

 

 

 
Republic of Korea — 0.5%   

Samsung Electronics Co., Ltd.

     1,389         1,335,797   
     

 

 

 
Russia — 0.1%   

Sberbank of Russia Sponsored ADR (Russia)

     37,145         182,754   

Sberbank of Russia Sponsored ADR (Russia)

     966         4,780   
     

 

 

 
        187,534   
     

 

 

 
Spain — 0.2%   

Aena SA (a) (c)

     4,587         506,538   
     

 

 

 
Sweden — 1.7%   

Svenska Cellulosa AB Class B

     143,620         4,024,524   
     

 

 

 
Switzerland — 8.3%   

Adecco SA

     31,422         2,304,013   

Cie Financiere Richemont SA

     32,000         2,493,046   

Julius Baer Group Ltd.

     23,913         1,087,996   

Nestle SA

     89,840         6,765,536   

Roche Holding AG

     7,760         2,051,387   

Sonova Holding AG

     10,241         1,320,638   

Swiss Re AG

     8,867         762,202   

UBS Group AG

     184,408         3,417,287   
     

 

 

 
        20,202,105   
     

 

 

 
Thailand — 0.2%   

Kasikornbank PCL

     117,100         550,502   
     

 

 

 
United Kingdom — 10.8%   

Burberry Group PLC

     63,151         1,310,625   

Compass Group PLC

     183,459         2,928,940   

Delphi Automotive PLC

     22,245         1,691,510   

Diageo PLC

     183,970         4,950,720   

Reckitt Benckiser Group PLC

     76,563         6,949,707   

Sky PLC

     153,007         2,421,201   

Standard Chartered PLC

     125,031         1,215,538   

Whitbread PLC

     7,035         497,596   

William Hill PLC

     140,199         745,293   

WPP PLC

     171,010         3,561,253   
     

 

 

 
        26,272,383   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

29


MML Global Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
United States — 48.7%   

3M Co.

     27,154       $ 3,849,623   

American Express Co.

     50,840         3,768,769   

Amphenol Corp. Class A

     33,347         1,699,363   

AutoZone, Inc. (a)

     3,216         2,327,837   

The Bank of New York Mellon Corp.

     105,137         4,116,114   

Cisco Systems, Inc.

     64,564         1,694,805   

Colgate-Palmolive Co.

     52,610         3,338,631   

DENTSPLY International, Inc.

     40,214         2,033,622   

eBay, Inc. (a)

     34,182         835,408   

Franklin Resources, Inc.

     64,792         2,414,150   

The Goldman Sachs Group, Inc.

     16,488         2,864,955   

Harley-Davidson, Inc.

     7,815         429,043   

Honeywell International, Inc.

     65,938         6,243,669   

International Flavors & Fragrances, Inc.

     17,358         1,792,387   

Johnson & Johnson

     17,157         1,601,606   

Kellogg Co.

     54,686         3,639,353   

McDonald’s Corp.

     18,621         1,834,727   

Microchip Technology, Inc. (b)

     44,227         1,905,741   

Monsanto Co.

     17,202         1,468,019   

National Oilwell Varco, Inc.

     24,922         938,313   

NOW, Inc. (a) (b)

     14,569         215,621   

Omnicom Group, Inc.

     33,764         2,225,048   

Oracle Corp.

     115,491         4,171,535   

PayPal Holdings, Inc. (a)

     34,182         1,061,009   

Praxair, Inc.

     20,639         2,102,288   

Rockwell Automation, Inc.

     5,570         565,188   

Sally Beauty Holdings, Inc. (a)

     63,918         1,518,052   

St. Jude Medical, Inc.

     51,382         3,241,690   

State Street Corp.

     77,175         5,186,932   

Stryker Corp.

     38,286         3,602,713   

Thermo Fisher Scientific, Inc.

     49,570         6,061,420   

Time Warner Cable, Inc.

     15,289         2,742,388   

Time Warner, Inc.

     86,286         5,932,162   

Union Pacific Corp.

     13,698         1,211,040   

United Parcel Service, Inc. Class B

     39,559         3,904,078   

United Technologies Corp.

     40,063         3,565,206   

Urban Outfitters, Inc. (a)

     52,605         1,545,535   

Viacom, Inc. Class B

     11,351         489,796   

Visa, Inc. Class A

     84,492         5,885,713   

W.W. Grainger, Inc. (b)

     8,265         1,777,058   

The Walt Disney Co.

     67,533         6,901,873   

Waters Corp. (a)

     20,008         2,365,146   

Wynn Resorts Ltd.

     5,329         283,076   

Zimmer Biomet Holdings, Inc.

     29,577         2,778,168   
     

 

 

 
        118,128,870   
     

 

 

 
TOTAL COMMON STOCK
(Cost $210,193,538)
        239,358,544   
     

 

 

 
     Number of
Shares
     Value  
TOTAL EQUITIES
(Cost $210,193,538)
      $ 239,358,544   
     

 

 

 
MUTUAL FUNDS — 3.1%      
United States — 3.1%      

State Street Navigator Securities Lending Prime Portfolio (d)

     7,541,860         7,541,860   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $7,541,860)
        7,541,860   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $217,735,398)
        246,900,404   
     

 

 

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

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (e)

   $ 2,892,500         2,892,500   
     

 

 

 
Time Deposits — 0.0%   

Euro Time Deposit
0.010% 10/01/15

     14,015         14,015   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,906,515)
        2,906,515   
     

 

 

 
TOTAL INVESTMENTS — 102.9%
(Cost $220,641,913) (f)
        249,806,919   
Other Assets/(Liabilities) — (2.9)%         (6,996,949
     

 

 

 
NET ASSETS — 100.0%       $ 242,809,970   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2015, was $7,381,189 or 3.04% 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) 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 September 30, 2015, these securities amounted to a value of $506,538 or 0.21% of net assets.
(d) Represents investment of security lending collateral. (Note 2).
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

30


MML Global Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments (Continued)

(e) Maturity value of $2,892,501. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $2,955,150.
(f) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

31


MML Growth Allocation Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%   
Equity Funds — 74.9%   

MML Blue Chip Growth Fund, Initial Class (a)

     7,411,866       $ 106,508,512   

MML Equity Income Fund, Initial Class (a)

     6,064,260         64,705,658   

MML Focused Equity Fund, Class II (a)

     5,094,873         58,540,096   

MML Foreign Fund, Initial
Class (a)

     6,637,291         61,793,175   

MML Fundamental Growth Fund,
Class II (a)

     5,765,845         66,941,465   

MML Fundamental Value Fund,
Class II (a)

     5,342,267         72,013,755   

MML Global Fund, Class I (a)

     7,681,987         86,806,454   

MML Income & Growth Fund,
Initial Class (a)

     4,788,733         50,616,905   

MML International Equity Fund,
Class II (a)

     7,100,615         60,142,210   

MML Large Cap Growth Fund,
Initial Class (a)

     5,956,067         65,159,376   

MML Mid Cap Growth Fund, Initial Class (a)

     4,987,532         73,366,597   

MML Mid Cap Value Fund, Initial Class (a)

     6,833,289         70,314,545   

MML Small Cap Growth Equity Fund, Initial Class (a)

     1,350,938         17,987,715   

MML Small Company Value Fund, Class II (a)

     2,261,634         32,884,157   

MML Small/Mid Cap Value Fund, Initial Class (a)

     1,986,711         22,151,828   

MML Strategic Emerging Markets Fund, Class II (a)

     4,973,640         38,794,393   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a) (b)

     357,421         26,374,090   

Oppenheimer Global Fund/VA, Non-Service Shares (a)

     1,054,566         37,985,475   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)

     14,241,437         139,423,673   

Oppenheimer International Growth Fund/VA, Non-Service Shares (a)

     13,642,925         28,513,713   
     

 

 

 
        1,181,023,792   
     

 

 

 
Fixed Income Funds — 25.2%   

MML Dynamic Bond Fund,
Class II (a)

     8,597,054         85,196,802   

MML High Yield Fund,
Class II (a)

     1,698,204         16,387,668   

MML Inflation-Protected and Income Fund, Initial Class (a)

     6,164,268         62,197,464   
     Number of
Shares
     Value  

MML Managed Bond Fund, Initial Class (a)

     9,630,396       $ 121,345,810   

MML Short-Duration Bond Fund,
Class II (a)

     4,146,341         41,048,776   

MML Total Return Bond Fund,
Class II (a)

     6,947,320         71,071,081   
     

 

 

 
        397,247,601   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,602,058,380)
        1,578,271,393   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $1,602,058,380)
        1,578,271,393   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $1,602,058,380) (c)
        1,578,271,393   
Other Assets/(Liabilities) — (0.1)%         (1,075,656
     

 

 

 
NET ASSETS — 100.0%       $ 1,577,195,737   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 4 for a summary of transactions in the investments of affiliated issuers.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

32


MML Growth & Income Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 99.5%   
COMMON STOCK — 99.2%   
Basic Materials — 3.5%   
Chemicals — 3.5%   

Monsanto Co.

     11,239       $ 959,136   

Praxair, Inc.

     8,239         839,225   

The Sherwin-Williams Co.

     5,197         1,157,788   

W.R. Grace & Co. (a)

     13,560         1,261,758   
     

 

 

 
        4,217,907   
     

 

 

 
Communications — 9.8%      
Internet — 3.7%      

Alphabet, Inc. Class A (a)

     3,998         2,552,203   

Alphabet, Inc. Class C (a)

     3,209         1,952,420   
     

 

 

 
        4,504,623   
     

 

 

 
Media — 6.1%      

Comcast Corp. Class A

     36,701         2,087,553   

Time Warner, Inc.

     27,480         1,889,250   

Twenty-First Century Fox Class A

     52,525         1,417,124   

The Walt Disney Co.

     19,905         2,034,291   
     

 

 

 
        7,428,218   
     

 

 

 
        11,932,841   
     

 

 

 
Consumer, Cyclical — 10.6%      
Apparel — 1.5%      

Nike, Inc. Class B

     5,575         685,558   

VF Corp.

     17,225         1,174,917   
     

 

 

 
        1,860,475   
     

 

 

 
Distribution & Wholesale — 1.2%   

W.W. Grainger, Inc.

     6,688         1,437,987   
     

 

 

 
Housewares — 1.6%      

Newell Rubbermaid, Inc.

     49,535         1,967,035   
     

 

 

 
Retail — 6.3%      

AutoZone, Inc. (a)

     2,169         1,569,987   

Bed Bath & Beyond, Inc. (a)

     15,138         863,169   

Costco Wholesale Corp.

     4,567         660,251   

Kohl’s Corp.

     23,859         1,104,910   

L Brands, Inc.

     7,371         664,348   

Ross Stores, Inc.

     32,810         1,590,301   

Target Corp.

     16,516         1,299,149   
     

 

 

 
        7,752,115   
     

 

 

 
        13,017,612   
     

 

 

 
Consumer, Non-cyclical — 26.7%   
Beverages — 1.7%      

Diageo PLC

     32,772         881,910   

Pernod-Ricard SA

     12,456         1,257,754   
     

 

 

 
        2,139,664   
     

 

 

 
Commercial Services — 6.4%      

Gartner, Inc. (a)

     8,036         674,462   
     Number of
Shares
     Value  

MasterCard, Inc. Class A

     23,744       $ 2,139,809   

McKesson Corp.

     7,264         1,344,058   

Visa, Inc. Class A

     52,017         3,623,504   
     

 

 

 
        7,781,833   
     

 

 

 
Cosmetics & Personal Care — 2.0%   

Colgate-Palmolive Co.

     18,855         1,196,538   

The Procter & Gamble Co.

     16,604         1,194,492   
     

 

 

 
        2,391,030   
     

 

 

 
Foods — 3.3%      

Danone SA

     23,043         1,457,331   

General Mills, Inc.

     9,903         555,855   

Mondelez International, Inc. Class A

     48,941         2,049,160   
     

 

 

 
        4,062,346   
     

 

 

 
Health Care – Products — 4.7%   

Johnson & Johnson

     26,958         2,516,529   

Medtronic PLC

     14,411         964,672   

St. Jude Medical, Inc.

     14,552         918,086   

Stryker Corp.

     13,789         1,297,545   
     

 

 

 
        5,696,832   
     

 

 

 
Health Care – Services — 1.9%   

Thermo Fisher Scientific, Inc.

     19,178         2,345,086   
     

 

 

 
Pharmaceuticals — 6.7%      

Abbott Laboratories

     15,838         637,004   

Allergan PLC (a)

     4,972         1,351,439   

Bristol-Myers Squibb Co.

     27,501         1,628,059   

Eli Lilly & Co.

     19,819         1,658,652   

Endo International PLC (a)

     16,395         1,135,846   

Valeant Pharmaceuticals International, Inc. (a)

     9,972         1,778,806   
     

 

 

 
        8,189,806   
     

 

 

 
        32,606,597   
     

 

 

 
Diversified — 1.2%      
Holding Company – Diversified — 1.2%   

LVMH Moet Hennessy Louis Vuitton SE

     8,687         1,482,367   
     

 

 

 
Energy — 4.9%      
Oil & Gas — 2.4%      

EOG Resources, Inc.

     23,903         1,740,138   

Noble Energy, Inc.

     26,726         806,591   

Occidental Petroleum Corp.

     6,672         441,353   
     

 

 

 
        2,988,082   
     

 

 

 
Oil & Gas Services — 2.5%   

Cameron International Corp. (a)

     18,424         1,129,760   

National Oilwell Varco, Inc.

     13,874         522,356   

Schlumberger Ltd.

     20,432         1,409,195   
     

 

 

 
        3,061,311   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

33


MML Growth & Income Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Financial — 18.8%      
Banks — 5.0%      

Bank of America Corp.

     160,114       $ 2,494,576   

BB&T Corp.

     12,173         433,359   

State Street Corp.

     10,467         703,487   

Wells Fargo & Co.

     48,503         2,490,629   
     

 

 

 
        6,122,051   
     

 

 

 
Diversified Financial — 11.0%   

American Express Co.

     33,434         2,478,462   

BlackRock, Inc.

     6,001         1,785,118   

The Blackstone Group LP

     14,379         455,383   

The Goldman Sachs Group, Inc.

     12,836         2,230,383   

JP Morgan Chase & Co.

     64,076         3,906,714   

Morgan Stanley

     32,278         1,016,757   

The Nasdaq, Inc.

     29,891         1,594,087   
     

 

 

 
        13,466,904   
     

 

 

 
Insurance — 1.0%      

ACE Ltd.

     11,276         1,165,938   
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.8%   

American Tower Corp.

     25,573         2,249,913   
     

 

 

 
        23,004,806   
     

 

 

 
Industrial — 9.9%      
Aerospace & Defense — 1.5%      

United Technologies Corp.

     20,819         1,852,683   
     

 

 

 
Engineering & Construction — 0.6%   

Fluor Corp.

     16,471         697,547   
     

 

 

 
Manufacturing — 4.5%      

Danaher Corp.

     40,382         3,440,950   

Honeywell International, Inc.

     22,333         2,114,712   
     

 

 

 
        5,555,662   
     

 

 

 
Metal Fabricate & Hardware — 0.8%   

Precision Castparts Corp.

     4,018         922,975   
     

 

 

 
Packaging & Containers — 1.1%   

Crown Holdings, Inc. (a)

     30,311         1,386,728   
     

 

 

 
Transportation — 1.4%      

Canadian National Railway Co.

     30,472         1,729,590   
     

 

 

 
        12,145,185   
     

 

 

 
Technology — 12.2%      
Computers — 7.5%      

Accenture PLC Class A

     22,982         2,258,211   

Apple, Inc.

     12,650         1,395,295   

Cognizant Technology Solutions Corp. Class A (a)

     37,007         2,317,008   

EMC Corp.

     98,028         2,368,357   

Hewlett-Packard Co.

     33,145         848,844   
     

 

 

 
        9,187,715   
     

 

 

 
Semiconductors — 2.1%   

Avago Technologies Ltd.

     14,016         1,752,140   
    Number of
Shares
     Value  

Microchip Technology, Inc.

    18,636       $ 803,025   
    

 

 

 
       2,555,165   
    

 

 

 
Software — 2.6%     

Adobe Systems, Inc. (a)

    6,840         562,385   

Citrix Systems, Inc. (a)

    7,131         494,036   

Fidelity National Information Services, Inc.

    32,092         2,152,731   
    

 

 

 
       3,209,152   
    

 

 

 
       14,952,032   
    

 

 

 
Utilities — 1.6%     
Electric — 1.6%     

American Electric Power Co., Inc.

    15,130         860,292   

CMS Energy Corp.

    29,464         1,040,668   
    

 

 

 
       1,900,960   
    

 

 

 
TOTAL COMMON STOCK
(Cost $93,848,758)
       121,309,700   
    

 

 

 
PREFERRED STOCK — 0.3%   
Utilities — 0.3%     
Electric — 0.3%     

Exelon Corp.
6.500%

    7,560         329,994   
    

 

 

 
TOTAL PREFERRED STOCK
(Cost $382,467)
       329,994   
    

 

 

 
TOTAL EQUITIES
(Cost $94,231,225)
       121,639,694   
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $94,231,225)
       121,639,694   
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 0.6%   
Repurchase Agreement — 0.6%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

  $ 685,543         685,543   
    

 

 

 
Time Deposits — 0.0%     

Euro Time Deposit
0.010% 10/01/15

    6,039         6,039   
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $691,582)
       691,582   
    

 

 

 

TOTAL INVESTMENTS — 100.1%

(Cost $94,922,807) (c)

       122,331,276   
Other Assets/(Liabilities) — (0.1)%        (107,839
    

 

 

 
NET ASSETS — 100.0%      $ 122,223,437   
    

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

34


MML Growth & Income Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $685,543. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $702,900.
(c) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

35


MML Income & Growth Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.0%      
COMMON STOCK — 97.0%      
Basic Materials — 3.7%      
Chemicals — 2.5%      

The Chemours Co.

     10,570       $ 68,388   

The Dow Chemical Co.

     41,610         1,764,264   

E.I. du Pont de Nemours & Co.

     52,860         2,547,852   

Praxair, Inc.

     13,120         1,336,403   
     

 

 

 
        5,716,907   
     

 

 

 
Forest Products & Paper — 0.9%      

International Paper Co.

     49,590         1,874,006   
     

 

 

 
Mining — 0.3%      

BHP Billiton Ltd.

     46,530         733,858   
     

 

 

 
        8,324,771   
     

 

 

 
Communications — 6.7%      
Advertising — 0.5%      

Nielsen Holdings PLC

     25,260         1,123,312   
     

 

 

 
Media — 1.5%      

Comcast Corp. Special Class A

     60,380         3,456,152   
     

 

 

 
Telecommunications — 4.7%      

BCE, Inc.

     16,190         663,142   

Motorola Solutions, Inc.

     28,420         1,943,360   

QUALCOMM, Inc.

     52,680         2,830,496   

SK Telecom Co. Ltd. ADR (South Korea)

     48,600         1,185,840   

Verizon Communications, Inc.

     90,670         3,945,052   
     

 

 

 
        10,567,890   
     

 

 

 
        15,147,354   
     

 

 

 
Consumer, Cyclical — 5.7%      
Retail — 5.7%      

Dollar General Corp.

     52,450         3,799,478   

The Gap, Inc.

     68,900         1,963,650   

The Home Depot, Inc.

     45,690         5,276,738   

McDonald’s Corp.

     19,202         1,891,973   
     

 

 

 
        12,931,839   
     

 

 

 
Consumer, Non-cyclical — 20.6%      
Agriculture — 1.9%      

Altria Group, Inc.

     28,720         1,562,368   

Philip Morris International, Inc.

     13,670         1,084,441   

Reynolds American, Inc.

     37,818         1,674,203   
     

 

 

 
        4,321,012   
     

 

 

 
Beverages — 1.9%      

The Coca-Cola Co.

     60,390         2,422,847   

Diageo PLC

     65,770         1,769,902   
     

 

 

 
        4,192,749   
     

 

 

 
Cosmetics & Personal Care — 1.8%      

The Procter & Gamble Co.

     56,350         4,053,819   
     

 

 

 
     Number of
Shares
     Value  
Foods — 2.1%      

The Kroger Co.

     84,880       $ 3,061,622   

Mondelez International, Inc. Class A

     31,160         1,304,669   

Unilever NV NY Shares

     11,810         474,762   
     

 

 

 
        4,841,053   
     

 

 

 
Health Care – Products — 2.3%      

Becton, Dickinson & Co.

     10,420         1,382,317   

Johnson & Johnson

     40,740         3,803,079   
     

 

 

 
        5,185,396   
     

 

 

 
Health Care – Services — 4.0%      

Anthem, Inc.

     13,000         1,820,000   

Quest Diagnostics, Inc.

     33,300         2,046,951   

UnitedHealth Group, Inc.

     43,833         5,085,066   
     

 

 

 
        8,952,017   
     

 

 

 
Pharmaceuticals — 6.6%      

Abbott Laboratories

     21,130         849,849   

AbbVie, Inc.

     21,130         1,149,683   

AstraZeneca PLC

     8,800         558,477   

Bristol-Myers Squibb Co.

     31,190         1,846,448   

Merck & Co., Inc.

     90,610         4,475,228   

Pfizer, Inc.

     196,290         6,165,469   
     

 

 

 
        15,045,154   
     

 

 

 
        46,591,200   
     

 

 

 
Energy — 9.0%      
Oil & Gas — 8.2%      

Chevron Corp.

     28,258         2,228,991   

ConocoPhillips

     18,100         868,076   

Exxon Mobil Corp.

     75,880         5,641,678   

Marathon Oil Corp.

     53,310         820,974   

Marathon Petroleum Corp.

     54,340         2,517,572   

Occidental Petroleum Corp.

     50,844         3,363,330   

Total SA Sponsored ADR (France)

     71,353         3,190,193   
     

 

 

 
        18,630,814   
     

 

 

 
Oil & Gas Services — 0.4%      

Schlumberger Ltd.

     14,580         1,005,583   
     

 

 

 
Pipelines — 0.4%      

Spectra Energy Corp.

     30,120         791,252   
     

 

 

 
Financial — 25.2%      
Banks — 8.6%      

Bank of America Corp.

     210,070         3,272,891   

SunTrust Banks, Inc.

     103,442         3,955,622   

U.S. Bancorp

     91,430         3,749,544   

Wells Fargo & Co.

     163,370         8,389,049   
     

 

 

 
        19,367,106   
     

 

 

 
Diversified Financial — 10.5%      

American Express Co.

     14,513         1,075,849   

Citigroup, Inc.

     139,300         6,910,673   

CME Group, Inc.

     23,200         2,151,568   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

36


MML Income & Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

The Goldman Sachs Group, Inc.

     12,830       $ 2,229,341   

JP Morgan Chase & Co.

     149,230         9,098,553   

Morgan Stanley

     72,200         2,274,300   
     

 

 

 
        23,740,284   
     

 

 

 
Insurance — 5.7%      

ACE Ltd.

     13,620         1,408,308   

American International Group, Inc.

     52,550         2,985,891   

MetLife, Inc.

     63,700         3,003,455   

Prudential Financial, Inc.

     38,670         2,947,040   

The Travelers Cos., Inc.

     26,760         2,663,423   
     

 

 

 
        13,008,117   
     

 

 

 
Real Estate Investment Trusts (REITS) — 0.4%   

Weyerhaeuser Co.

     34,390         940,223   
     

 

 

 
        57,055,730   
     

 

 

 
Industrial — 13.8%      

Aerospace & Defense — 6.0%

     

Lockheed Martin Corp.

     16,720         3,466,223   

Northrop Grumman Corp.

     21,640         3,591,158   

Raytheon Co.

     44,720         4,886,107   

United Technologies Corp.

     18,370         1,634,747   
     

 

 

 
        13,578,235   
     

 

 

 
Electronics — 0.4%      

Tyco International PLC

     27,230         911,116   
     

 

 

 
Machinery – Diversified — 0.3%      

Rockwell Automation, Inc.

     8,220         834,083   
     

 

 

 
Manufacturing — 5.1%      

3M Co.

     11,320         1,604,836   

General Electric Co.

     260,080         6,559,218   

Honeywell International, Inc.

     34,910         3,305,628   
     

 

 

 
        11,469,682   
     

 

 

 
Transportation — 2.0%      

Union Pacific Corp.

     21,349         1,887,465   

United Parcel Service, Inc. Class B

     26,200         2,585,678   
     

 

 

 
        4,473,143   
     

 

 

 
        31,266,259   
     

 

 

 
Technology — 6.7%      
Computers — 0.5%      

International Business Machines Corp.

     3,770         546,537   

Lenovo Group Ltd.

     596,000         506,063   
     

 

 

 
        1,052,600   
     

 

 

 
Semiconductors — 3.0%      

Intel Corp.

     170,210         5,130,129   

Samsung Electronics Co., Ltd. (a)

     3,690         1,746,716   
     

 

 

 
        6,876,845   
     

 

 

 
Software — 3.2%      

Microsoft Corp.

     112,400         4,974,824   
     Number of
Shares
     Value  

Oracle Corp.

     61,880       $ 2,235,106   
     

 

 

 
        7,209,930   
     

 

 

 
        15,139,375   
     

 

 

 
Utilities — 5.6%      
Electric — 4.3%      

CMS Energy Corp.

     37,710         1,331,917   

Dominion Resources, Inc.

     36,670         2,580,835   

Eversource Energy

     4,800         242,976   

Exelon Corp.

     19,400         576,180   

ITC Holdings Corp.

     18,680         622,791   

NextEra Energy, Inc.

     27,450         2,677,747   

Public Service Enterprise Group, Inc.

     13,297         560,602   

WEC Energy Group, Inc.

     22,210         1,159,806   
     

 

 

 
        9,752,854   
     

 

 

 
Gas — 0.4%      

Sempra Energy

     9,480         916,906   
     

 

 

 
Water — 0.9%      

American Water Works Co., Inc.

     35,750         1,969,110   
     

 

 

 
        12,638,870   
     

 

 

 
TOTAL COMMON STOCK
(Cost $192,991,666)
        219,523,047   
     

 

 

 
TOTAL EQUITIES
(Cost $192,991,666)
        219,523,047   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $192,991,666)
        219,523,047   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 3.1%   
Repurchase Agreement — 3.1%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 7,074,774         7,074,774   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,074,774)
        7,074,774   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $200,066,440) (c)
        226,597,821   
Other Assets/(Liabilities) — (0.1)%         (322,323
     

 

 

 
NET ASSETS — 100.0%       $ 226,275,498   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

37


MML Income & Growth Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2015, these securities amounted to a value of $1,746,716 or 0.77% of net assets.
(b) Maturity value of $7,074,776. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $7,217,100.
(c) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

38


MML International Equity Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.9%   
COMMON STOCK — 96.9%   
Australia — 2.4%   

AMP Ltd.

     571,100       $ 2,237,121   

Orica Ltd. (a)

     150,279         1,591,823   
     

 

 

 
        3,828,944   
     

 

 

 
Cayman Islands — 3.8%      

Baidu, Inc. Sponsored ADR (Cayman Islands) (b)

     28,100         3,861,221   

Melco Crown Entertainment Ltd. ADR (Cayman Islands) (a)

     159,500         2,194,720   
     

 

 

 
        6,055,941   
     

 

 

 
France — 14.0%      

BNP Paribas

     106,100         6,247,776   

Bureau Veritas SA

     89,600         1,890,309   

Danone SA

     50,675         3,204,888   

Kering

     25,110         4,109,923   

LVMH Moet Hennessy Louis Vuitton SE

     11,750         2,005,044   

Pernod-Ricard SA

     27,000         2,726,346   

Safran SA

     7,270         548,543   

Valeo SA

     11,360         1,538,378   
     

 

 

 
        22,271,207   
     

 

 

 
Germany — 11.5%      

Adidas AG

     5,800         466,847   

Allianz SE

     43,280         6,783,506   

Bayerische Motoren Werke AG

     62,350         5,516,884   

Daimler AG

     73,100         5,298,947   

SAP SE

     4,900         317,012   
     

 

 

 
        18,383,196   
     

 

 

 
Indonesia — 1.0%      

Bank Mandari Tbk PT

     3,005,100         1,630,477   
     

 

 

 
Ireland — 3.5%      

Experian PLC

     163,900         2,630,444   

Willis Group Holdings PLC

     71,800         2,941,646   
     

 

 

 
        5,572,090   
     

 

 

 
Israel — 0.2%      

Check Point Software Technologies Ltd. (b)

     3,500         277,655   
     

 

 

 
Italy — 4.7%      

Exor SpA

     54,400         2,376,854   

Intesa Sanpaolo SpA

     608,800         2,149,977   

Prada SpA

     754,900         2,896,870   
     

 

 

 
        7,423,701   
     

 

 

 
Japan — 18.1%      

Daiwa Securities Group, Inc.

     726,000         4,705,076   

Honda Motor Co. Ltd.

     195,600         5,832,537   
     Number of
Shares
     Value  

Komatsu Ltd.

     205,300       $ 3,021,583   

Meitec Corp.

     3,200         112,113   

Nomura Holdings, Inc.

     883,700         5,127,422   

Olympus Corp.

     28,500         887,511   

Omron Corp.

     87,400         2,641,719   

Secom Co. Ltd.

     9,800         590,546   

Toyota Motor Corp.

     100,900         5,934,367   
     

 

 

 
        28,852,874   
     

 

 

 
Netherlands — 5.6%      

Akzo Nobel NV

     7,561         491,546   

CNH Industrial NV

     671,200         4,381,420   

Koninklijke Philips Electronics NV

     170,200         4,013,274   
     

 

 

 
        8,886,240   
     

 

 

 
Republic of Korea — 3.7%      

Samsung Electronics Co., Ltd.

     6,065         5,832,690   
     

 

 

 
Sweden — 4.4%      

Atlas Copco AB Class B

     73,900         1,656,847   

Hennes & Mauritz AB Class B

     42,200         1,542,982   

SKF AB Class B

     143,500         2,643,807   

Swedish Match AB

     40,100         1,213,964   
     

 

 

 
        7,057,600   
     

 

 

 
Switzerland — 12.5%      

Cie Financiere Richemont SA

     58,100         4,526,437   

Credit Suisse Group

     287,151         6,908,191   

Kuehne & Nagel International AG

     14,800         1,904,693   

LafargeHolcim Ltd.

     59,570         3,129,653   

Nestle SA

     6,350         478,196   

Schindler Holding AG

     7,100         1,022,224   

Swatch Group AG

     5,115         1,899,625   
     

 

 

 
        19,869,019   
     

 

 

 
United Kingdom — 11.5%      

Ashtead Group PLC

     46,000         649,243   

Burberry Group PLC

     28,000         581,107   

Diageo PLC

     139,900         3,764,775   

G4S PLC

     70,900         247,957   

GlaxoSmithKline PLC

     25,000         479,243   

Glencore PLC

     2,523,700         3,516,774   

Lloyds Banking Group PLC

     2,456,300         2,800,116   

Meggitt PLC

     236,538         1,707,886   

Schroders PLC

     34,600         1,472,412   

Smiths Group PLC

     138,000         2,102,599   

WPP PLC

     47,000         978,767   
     

 

 

 
        18,300,879   
     

 

 

 
TOTAL COMMON STOCK
(Cost $184,217,953)
        154,242,513   
     

 

 

 
TOTAL EQUITIES
(Cost $184,217,953)
        154,242,513   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

39


MML International Equity Fund – Portfolio of Investments (Continued)

 

    Number of
Shares
     Value  
MUTUAL FUNDS — 0.9%     
United States — 0.9%     

State Street Navigator Securities Lending Prime Portfolio (c)

    1,432,910       $ 1,432,910   
    

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,432,910)
       1,432,910   
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $185,650,863)
       155,675,423   
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.3%   
Repurchase Agreement — 2.3%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (d)

  $ 3,704,780         3,704,780   
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,704,780)
       3,704,780   
    

 

 

 

TOTAL INVESTMENTS — 100.1%

(Cost $189,355,643) (e)

       159,380,203   
Other Assets/(Liabilities) — (0.1)%        (106,047
    

 

 

 
NET ASSETS — 100.0%      $ 159,274,156   
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2015, was $1,367,732 or 0.86% 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).
(b) Non-income producing security.
(c) Represents investment of security lending collateral. (Note 2).
(d) Maturity value of $3,704,781. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 9/30/22, and an aggregate market value, including accrued interest, of $3,780,769.
(e) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

40


MML Large Cap Growth Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.6%   
COMMON STOCK — 97.6%   
Basic Materials — 2.3%      
Chemicals — 1.5%      

The Sherwin-Williams Co.

     13,930       $ 3,103,325   
     

 

 

 
Mining — 0.8%      

Vulcan Materials Co.

     18,350         1,636,820   
     

 

 

 
        4,740,145   
     

 

 

 
Communications — 22.4%      
Internet — 15.3%      

Alphabet, Inc. Class A (a)

     12,730         8,126,450   

Amazon.com, Inc. (a)

     10,920         5,589,839   

Facebook, Inc. Class A (a)

     76,050         6,836,895   

FireEye, Inc. (a)

     66,530         2,116,985   

LinkedIn Corp. Class A (a)

     18,380         3,494,589   

The Priceline Group, Inc. (a)

     4,260         5,269,023   
     

 

 

 
        31,433,781   
     

 

 

 
Media — 5.7%      

The McGraw Hill Financial, Inc.

     13,610         1,177,265   

Time Warner, Inc.

     42,090         2,893,688   

The Walt Disney Co.

     76,280         7,795,816   
     

 

 

 
        11,866,769   
     

 

 

 
Telecommunications — 1.4%      

Palo Alto Networks, Inc. (a)

     16,710         2,874,120   
     

 

 

 
        46,174,670   
     

 

 

 
Consumer, Cyclical — 21.8%      
Airlines — 1.9%      

Delta Air Lines, Inc.

     84,930         3,810,809   
     

 

 

 

Apparel — 4.8%

     

Nike, Inc. Class B

     28,290         3,478,821   

Under Armour, Inc. Class A (a)

     23,950         2,317,881   

VF Corp.

     60,650         4,136,937   
     

 

 

 
        9,933,639   
     

 

 

 
Leisure Time — 1.4%      

Royal Caribbean Cruises Ltd.

     33,200         2,957,788   
     

 

 

 
Retail — 13.7%      

Chipotle Mexican Grill, Inc. (a)

     4,400         3,169,100   

Costco Wholesale Corp.

     24,940         3,605,576   

CVS Health Corp.

     48,400         4,669,632   

Dollar General Corp.

     43,430         3,146,069   

The Home Depot, Inc.

     58,050         6,704,194   

Starbucks Corp.

     77,140         4,384,638   

Ulta Salon Cosmetics & Fragrance, Inc. (a)

     15,540         2,538,459   
     

 

 

 
        28,217,668   
     

 

 

 
        44,919,904   
     

 

 

 
     Number of
Shares
     Value  
Consumer, Non-cyclical — 30.3%   
Beverages — 3.3%      

Constellation Brands, Inc. Class A

     27,380       $ 3,428,250   

Monster Beverage Corp. (a)

     24,980         3,375,797   
     

 

 

 
        6,804,047   
     

 

 

 
Biotechnology — 7.6%      

Alexion Pharmaceuticals, Inc. (a)

     15,800         2,470,962   

Biogen, Inc. (a)

     10,680         3,116,531   

Celgene Corp. (a)

     44,500         4,813,565   

Illumina, Inc. (a)

     8,540         1,501,503   

Regeneron Pharmaceuticals, Inc. (a)

     8,080         3,758,331   
     

 

 

 
        15,660,892   
     

 

 

 
Commercial Services — 9.7%      

FleetCor Technologies, Inc. (a)

     12,070         1,661,073   

MasterCard, Inc. Class A

     42,980         3,873,358   

McKesson Corp.

     19,560         3,619,187   

Verisk Analytics, Inc. (a)

     38,890         2,874,360   

Visa, Inc. Class A

     115,030         8,012,990   
     

 

 

 
        20,040,968   
     

 

 

 
Cosmetics & Personal Care — 1.8%   

The Estee Lauder Cos., Inc. Class A

     45,560         3,675,781   
     

 

 

 
Health Care – Products — 0.5%      

The Cooper Cos., Inc.

     7,590         1,129,847   
     

 

 

 
Health Care – Services — 1.2%      

Cigna Corp.

     18,050         2,437,111   
     

 

 

 
Pharmaceuticals — 6.2%      

Allergan PLC (a)

     24,290         6,602,265   

BioMarin Pharmaceutical, Inc. (a)

     31,460         3,313,367   

Shire PLC Sponsored ADR (Ireland)

     13,500         2,770,605   
     

 

 

 
        12,686,237   
     

 

 

 
        62,434,883   
     

 

 

 
Financial — 4.9%      
Diversified Financial — 3.7%      

The Charles Schwab Corp.

     93,920         2,682,355   

CME Group, Inc.

     33,360         3,093,807   

Intercontinental Exchange, Inc.

     7,780         1,828,222   
     

 

 

 
        7,604,384   
     

 

 

 
Real Estate — 1.2%      

CBRE Group, Inc. (a)

     75,480         2,415,360   
     

 

 

 
        10,019,744   
     

 

 

 
Industrial — 1.5%      
Transportation — 1.5%      

FedEx Corp.

     21,440         3,086,931   
     

 

 

 
Technology — 14.4%      
Computers — 5.5%      

Apple, Inc.

     103,800         11,449,140   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

41


MML Large Cap Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Semiconductors — 2.4%      

NXP Semiconductor NV (a)

     26,310       $ 2,290,812   

Skyworks Solutions, Inc.

     31,870         2,683,773   
     

 

 

 
        4,974,585   
     

 

 

 
Software — 6.5%      

Cerner Corp. (a)

     53,090         3,183,276   

Salesforce.com, Inc. (a)

     61,910         4,298,411   

Servicenow, Inc. (a)

     38,270         2,657,852   

Workday, Inc. Class A (a)

     46,450         3,198,547   
     

 

 

 
        13,338,086   
     

 

 

 
        29,761,811   
     

 

 

 
TOTAL COMMON STOCK
(Cost $176,151,101)
        201,138,088   
     

 

 

 
TOTAL EQUITIES
(Cost $176,151,101)
        201,138,088   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $176,151,101)
        201,138,088   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.3%   
Repurchase Agreement — 2.3%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 4,691,199         4,691,199   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,691,199)
        4,691,199   
     

 

 

 
TOTAL INVESTMENTS — 99.9%
(Cost $180,842,300) (c)
        205,829,287   
Other Assets/(Liabilities) — 0.1%         113,391   
     

 

 

 
NET ASSETS — 100.0%       $ 205,942,678   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Maturity value of $4,691,200. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $4,786,650.
(c) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

42


MML Managed Volatility Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.4%   
COMMON STOCK — 98.4%   
Basic Materials — 2.5%   
Chemicals — 2.1%   

Air Products & Chemicals, Inc. (a)

     2,177       $ 277,743   

Airgas, Inc. (a)

     763         68,159   

CF Industries Holdings, Inc. (a)

     2,705         121,454   

The Chemours Co. (a)

     2,044         13,225   

The Dow Chemical Co. (a)

     12,286         520,926   

E.I. du Pont de Nemours & Co. (a)

     10,222         492,700   

Eastman Chemical Co. (a)

     1,678         108,600   

Ecolab, Inc. (a)

     3,040         333,549   

FMC Corp. (a)

     1,505         51,034   

International Flavors & Fragrances, Inc. (a)

     911         94,070   

LyondellBasell Industries NV Class A (a)

     4,471         372,703   

Monsanto Co. (a)

     5,456         465,615   

The Mosaic Co. (a)

     3,511         109,227   

PPG Industries, Inc. (a)

     3,072         269,384   

Praxair, Inc. (a)

     3,260         332,064   

The Sherwin-Williams Co. (a)

     911         202,953   

Sigma-Aldrich Corp. (a)

     1,348         187,264   
     

 

 

 
        4,020,670   
     

 

 

 
Forest Products & Paper — 0.1%   

International Paper Co. (a)

     4,774         180,409   
     

 

 

 
Iron & Steel — 0.1%      

Nucor Corp. (a)

     3,602         135,255   
     

 

 

 
Mining — 0.2%      

Alcoa, Inc. (a)

     13,798         133,289   

Freeport-McMoRan, Inc. (a)

     11,739         113,751   

Newmont Mining Corp. (a)

     5,632         90,506   

Vulcan Materials Co. (a)

     1,491         132,997   
     

 

 

 
        470,543   
     

 

 

 
        4,806,877   
     

 

 

 
Communications — 13.1%   
Advertising — 0.2%      

The Interpublic Group of Companies, Inc. (a)

     4,655         89,050   

Nielsen Holdings PLC (a)

     3,562         158,402   

Omnicom Group, Inc. (a)

     2,785         183,532   
     

 

 

 
        430,984   
     

 

 

 
Internet — 5.7%      

Akamai Technologies, Inc. (a) (b)

     2,019         139,432   

Alphabet, Inc. Class A (a) (b)

     3,224         2,058,105   

Alphabet, Inc. Class C (a) (b)

     3,238         1,970,064   

Amazon.com, Inc. (a) (b)

     4,299         2,200,615   

eBay, Inc. (a) (b)

     12,431         303,814   

Equinix, Inc. (a)

     638         174,429   
     Number of
Shares
     Value  

Expedia, Inc. (a)

     1,116       $ 131,331   

F5 Networks, Inc. (a) (b)

     814         94,261   

Facebook, Inc. Class A (a) (b)

     23,698         2,130,450   

Netflix, Inc. (a) (b)

     4,781         493,686   

The Priceline Group, Inc. (a) (b)

     586         724,800   

Symantec Corp. (a)

     7,704         149,997   

TripAdvisor, Inc. (a) (b)

     1,259         79,342   

VeriSign, Inc. (a) (b)

     1,188         83,825   

Yahoo!, Inc. (a) (b)

     9,829         284,157   
     

 

 

 
        11,018,308   
     

 

 

 
Media — 3.2%      

Cablevision Systems Corp. Class A (a)

     2,477         80,428   

CBS Corp. Class B (a)

     5,165         206,084   

Comcast Corp. Class A (a)

     28,688         1,631,773   

Discovery Communications, Inc.
Series A (a) (b)

     1,678         43,678   

Discovery Communications, Inc.
Series C (a) (b)

     3,051         74,109   

Gannett Co., Inc. (a)

     1,280         18,854   

The McGraw Hill Financial, Inc. (a)

     3,088         267,112   

News Corp. Class A (a)

     5,638         71,152   

Scripps Networks Interactive Class A (a)

     1,100         54,109   

TEGNA, Inc. (a)

     2,561         57,341   

Time Warner Cable, Inc. (a)

     3,171         568,782   

Time Warner, Inc. (a)

     9,376         644,600   

Twenty-First Century Fox Class A (a)

     20,643         556,948   

Viacom, Inc. Class B (a)

     4,123         177,908   

The Walt Disney Co. (a)

     17,652         1,804,034   
     

 

 

 
        6,256,912   
     

 

 

 
Telecommunications — 4.0%      

AT&T, Inc. (a)

     69,333         2,258,869   

CenturyLink, Inc. (a)

     6,395         160,642   

Cisco Systems, Inc. (a)

     57,630         1,512,787   

Corning, Inc. (a)

     14,353         245,723   

Frontier Communications Corp.

     11,317         53,756   

Harris Corp. (a)

     1,175         85,951   

Juniper Networks, Inc. (a)

     4,089         105,128   

Level 3 Communications, Inc. (a) (b)

     3,237         141,425   

Motorola Solutions, Inc. (a)

     2,152         147,154   

QUALCOMM, Inc. (a)

     18,623         1,000,614   

Verizon Communications, Inc. (a)

     46,913         2,041,185   
     

 

 

 
        7,753,234   
     

 

 

 
        25,459,438   
     

 

 

 
Consumer, Cyclical — 10.6%   
Airlines — 0.5%      

American Airlines Group, Inc. (a)

     8,097         314,407   

Delta Air Lines, Inc. (a)

     9,305         417,515   

Southwest Airlines Co. (a)

     7,632         290,321   
     

 

 

 
        1,022,243   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

43


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

 

     Number of
Shares
     Value  
Apparel — 0.9%      

Hanesbrands, Inc. (a)

     4,525       $ 130,953   

Michael Kors Holdings Ltd. (a) (b)

     2,266         95,716   

Nike, Inc. Class B (a)

     7,900         971,463   

Ralph Lauren Corp. (a)

     680         80,349   

Under Armour, Inc. Class A (a) (b)

     1,884         182,333   

VF Corp. (a)

     3,865         263,632   
     

 

 

 
        1,724,446   
     

 

 

 
Auto Manufacturers — 0.7%      

Ford Motor Co. (a)

     44,661         606,050   

General Motors Co. (a)

     15,271         458,436   

Paccar, Inc. (a)

     4,002         208,784   
     

 

 

 
        1,273,270   
     

 

 

 
Automotive & Parts — 0.4%      

BorgWarner, Inc. (a)

     2,556         106,304   

Delphi Automotive PLC (a)

     3,277         249,183   

The Goodyear Tire & Rubber Co. (a)

     3,043         89,251   

Johnson Controls, Inc. (a)

     7,421         306,933   
     

 

 

 
        751,671   
     

 

 

 
Distribution & Wholesale — 0.2%   

Fastenal Co. (a)

     3,069         112,356   

Fossil Group, Inc. (a) (b)

     500         27,940   

Genuine Parts Co. (a)

     1,724         142,902   

W.W. Grainger, Inc. (a)

     677         145,562   
     

 

 

 
        428,760   
     

 

 

 
Home Builders — 0.1%      

D.R. Horton, Inc. (a)

     3,754         110,217   

Lennar Corp. Class A (a)

     2,016         97,030   

PulteGroup, Inc. (a)

     3,741         70,593   
     

 

 

 
        277,840   
     

 

 

 
Home Furnishing — 0.1%      

Harman International Industries, Inc. (a)

     775         74,392   

Whirlpool Corp. (a)

     882         129,884   
     

 

 

 
        204,276   
     

 

 

 
Housewares — 0.1%      

Newell Rubbermaid, Inc. (a)

     3,061         121,552   
     

 

 

 
Leisure Time — 0.3%      

Carnival Corp. (a)

     5,085         252,725   

Harley-Davidson, Inc. (a)

     2,388         131,101   

Royal Caribbean Cruises Ltd. (a)

     1,860         165,707   
     

 

 

 
        549,533   
     

 

 

 
Lodging — 0.2%      

Marriott International, Inc. Class A (a)

     2,341         159,656   

Starwood Hotels & Resorts Worldwide, Inc. (a)

     1,938         128,838   

Wyndham Worldwide Corp. (a)

     1,361         97,856   

Wynn Resorts Ltd.

     915         48,605   
     

 

 

 
        434,955   
     

 

 

 
     Number of
Shares
     Value  
Retail — 6.9%      

Advance Auto Parts, Inc. (a)

     840       $ 159,205   

AutoNation, Inc. (a) (b)

     846         49,220   

AutoZone, Inc. (a) (b)

     360         260,579   

Bed Bath & Beyond, Inc. (a) (b)

     2,095         119,457   

Best Buy Co., Inc. (a)

     3,287         122,013   

CarMax, Inc. (a) (b)

     2,371         140,648   

Chipotle Mexican Grill, Inc. (a) (b)

     350         252,088   

Coach, Inc. (a)

     3,114         90,088   

Costco Wholesale Corp. (a)

     4,967         718,079   

CVS Health Corp. (a)

     12,704         1,225,682   

Darden Restaurants, Inc. (a)

     1,400         95,956   

Dollar General Corp. (a)

     3,426         248,180   

Dollar Tree, Inc. (a) (b)

     2,591         172,716   

GameStop Corp. Class A (a)

     1,225         50,482   

The Gap, Inc. (a)

     2,994         85,329   

The Home Depot, Inc. (a)

     14,878         1,718,260   

Kohl’s Corp. (a)

     2,280         105,587   

L Brands, Inc. (a)

     2,776         250,201   

Lowe’s Cos., Inc. (a)

     10,984         757,017   

Macy’s, Inc. (a)

     3,845         197,325   

McDonald’s Corp. (a)

     10,851         1,069,149   

Nordstrom, Inc. (a)

     1,588         113,876   

O’Reilly Automotive, Inc. (a) (b)

     1,148         287,000   

PVH Corp. (a)

     931         94,906   

Ross Stores, Inc. (a)

     4,674         226,549   

Signet Jewelers Ltd. (a)

     900         122,517   

Staples, Inc. (a)

     7,231         84,820   

Starbucks Corp. (a)

     16,930         962,301   

Target Corp. (a)

     7,191         565,644   

Tiffany & Co. (a)

     1,271         98,147   

The TJX Cos., Inc. (a)

     7,707         550,434   

Tractor Supply Co. (a)

     1,538         129,684   

Urban Outfitters, Inc. (a) (b)

     1,129         33,170   

Wal-Mart Stores, Inc. (a)

     17,830         1,156,097   

Walgreens Boots Alliance, Inc. (a)

     9,844         818,036   

Yum! Brands, Inc. (a)

     4,890         390,956   
     

 

 

 
        13,521,398   
     

 

 

 
Textiles — 0.1%      

Cintas Corp. (a)

     1,099         94,239   

Mohawk Industries, Inc. (a) (b)

     701         127,435   
     

 

 

 
        221,674   
     

 

 

 
Toys, Games & Hobbies — 0.1%   

Hasbro, Inc. (a)

     1,263         91,113   

Mattel, Inc. (a)

     3,819         80,428   
     

 

 

 
        171,541   
     

 

 

 
        20,703,159   
     

 

 

 
Consumer, Non-cyclical — 24.3%   
Agriculture — 1.7%      

Altria Group, Inc. (a)

     22,233         1,209,475   

Archer-Daniels-Midland Co. (a)

     7,161         296,824   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

44


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Philip Morris International, Inc. (a)

     17,464       $ 1,385,419   

Reynolds American, Inc. (a)

     9,322         412,685   
     

 

 

 
        3,304,403   
     

 

 

 
Beverages — 2.3%      

Brown-Forman Corp. Class B (a)

     1,759         170,447   

The Coca-Cola Co. (a)

     44,364         1,779,884   

Coca-Cola Enterprises, Inc. (a)

     2,450         118,458   

Constellation Brands, Inc. Class A (a)

     1,900         237,899   

Dr. Pepper Snapple Group, Inc. (a)

     2,178         172,171   

Keurig Green Mountain, Inc. (a)

     1,369         71,380   

Molson Coors Brewing Co. Class B (a)

     1,805         149,851   

Monster Beverage Corp. (a) (b)

     1,651         223,116   

PepsiCo, Inc. (a)

     16,735         1,578,110   
     

 

 

 
        4,501,316   
     

 

 

 
Biotechnology — 2.9%      

Alexion Pharmaceuticals, Inc. (a) (b)

     2,282         356,882   

Amgen, Inc. (a)

     8,567         1,184,987   

Biogen, Inc. (a) (b)

     2,649         773,005   

Celgene Corp. (a) (b)

     9,038         977,640   

Gilead Sciences, Inc. (a)

     16,815         1,651,065   

Regeneron Pharmaceuticals, Inc. (a) (b)

     832         386,996   

Vertex Pharmaceuticals, Inc. (a) (b)

     2,733         284,615   
     

 

 

 
        5,615,190   
     

 

 

 
Commercial Services — 2.6%      

The ADT Corp. (a)

     1,932         57,767   

Alliance Data Systems Corp. (a) (b)

     709         183,617   

Automatic Data Processing, Inc. (a)

     5,364         431,051   

Equifax, Inc. (a)

     1,349         131,096   

H&R Block, Inc. (a)

     3,107         112,473   

MasterCard, Inc. Class A (a)

     11,021         993,213   

McKesson Corp. (a)

     2,629         486,444   

Moody’s Corp. (a)

     2,007         197,087   

Paychex, Inc. (a)

     3,689         175,707   

PayPal Holdings, Inc. (a) (b)

     12,431         385,858   

Quanta Services, Inc. (a) (b)

     2,387         57,789   

Robert Half International, Inc. (a)

     1,526         78,070   

Total System Services, Inc. (a)

     1,859         84,454   

United Rentals, Inc. (a) (b)

     1,090         65,455   

Visa, Inc. Class A (a)

     21,901         1,525,624   

Western Union Co. (a)

     5,887         108,085   
     

 

 

 
        5,073,790   
     

 

 

 
Cosmetics & Personal Care — 1.5%   

Colgate-Palmolive Co. (a)

     9,626         610,866   

The Estee Lauder Cos., Inc. Class A (a)

     2,518         203,152   

The Procter & Gamble Co. (a)

     30,488         2,193,307   
     

 

 

 
        3,007,325   
     

 

 

 
Foods — 1.8%      

Campbell Soup Co. (a)

     2,006         101,664   

ConAgra Foods, Inc. (a)

     4,808         194,772   
     Number of
Shares
     Value  

General Mills, Inc. (a)

     6,816       $ 382,582   

The Hershey Co. (a)

     1,670         153,440   

Hormel Foods Corp. (a)

     1,520         96,231   

The J.M. Smucker Co. (a)

     1,149         131,089   

Kellogg Co. (a)

     2,858         190,200   

The Kraft Heinz Co. (a)

     6,638         468,510   

The Kroger Co. (a)

     11,094         400,161   

McCormick & Co., Inc. (a)

     1,448         118,997   

Mondelez International, Inc. Class A (a)

     18,619         779,578   

Sysco Corp. (a)

     6,687         260,592   

Tyson Foods, Inc. Class A (a)

     3,299         142,187   

Whole Foods Market, Inc. (a)

     4,073         128,910   
     

 

 

 
        3,548,913   
     

 

 

 
Health Care – Products — 3.2%   

Baxter International, Inc. (a)

     6,126         201,239   

Becton, Dickinson & Co. (a)

     2,357         312,680   

Boston Scientific Corp. (a) (b)

     15,021         246,494   

C.R. Bard, Inc. (a)

     838         156,128   

Edwards Lifesciences Corp. (a) (b)

     1,217         173,021   

Henry Schein, Inc. (a) (b)

     946         125,553   

Intuitive Surgical, Inc. (a) (b)

     413         189,806   

Johnson & Johnson (a)

     31,391         2,930,350   

Medtronic PLC (a)

     16,088         1,076,931   

St. Jude Medical, Inc. (a)

     3,176         200,374   

Stryker Corp. (a)

     3,378         317,870   

Varian Medical Systems, Inc. (a) (b)

     1,130         83,371   

Zimmer Biomet Holdings, Inc. (a)

     1,918         180,158   
     

 

 

 
        6,193,975   
     

 

 

 
Health Care – Services — 2.1%   

Aetna, Inc. (a)

     3,970         434,358   

Anthem, Inc. (a)

     3,012         421,680   

Cigna Corp. (a)

     2,917         393,853   

DaVita HealthCare Partners, Inc. (a) (b)

     1,949         140,971   

HCA Holdings, Inc. (a) (b)

     3,324         257,145   

Humana, Inc. (a)

     1,689         302,331   

Laboratory Corporation of America Holdings (a) (b)

     1,132         122,788   

Quest Diagnostics, Inc. (a)

     1,629         100,134   

Tenet Healthcare Corp. (a) (b)

     1,112         41,055   

Thermo Fisher Scientific, Inc. (a)

     4,479         547,692   

UnitedHealth Group, Inc. (a)

     10,767         1,249,080   

Universal Health Services, Inc. Class B (a)

     1,028         128,305   
     

 

 

 
        4,139,392   
     

 

 

 
Household Products — 0.4%      

Avery Dennison Corp. (a)

     1,022         57,814   

The Clorox Co. (a)

     1,481         171,100   

Kimberly-Clark Corp. (a)

     4,126         449,899   
     

 

 

 
        678,813   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

45


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Pharmaceuticals — 5.8%      

Abbott Laboratories (a)

     17,036       $ 685,188   

AbbVie, Inc. (a)

     19,424         1,056,860   

Allergan PLC (a) (b)

     4,408         1,198,139   

AmerisourceBergen Corp. (a)

     2,355         223,701   

Baxalta, Inc. (a)

     6,126         193,030   

Bristol-Myers Squibb Co. (a)

     18,764         1,110,829   

Cardinal Health, Inc. (a)

     3,727         286,308   

DENTSPLY International, Inc. (a)

     1,585         80,153   

Eli Lilly & Co. (a)

     11,039         923,854   

Endo International PLC (a) (b)

     2,004         138,837   

Express Scripts Holding Co. (a) (b)

     8,206         664,358   

Mallinckrodt PLC (a) (b)

     1,315         84,081   

Mead Johnson Nutrition Co. (a)

     2,284         160,794   

Merck & Co., Inc. (a)

     32,042         1,582,554   

Mylan NV (a) (b)

     4,593         184,914   

Patterson Cos., Inc. (a)

     967         41,823   

Perrigo Co. PLC (a)

     1,589         249,902   

Pfizer, Inc. (a)

     69,192         2,173,321   

Zoetis, Inc. (a)

     5,654         232,832   
     

 

 

 
        11,271,478   
     

 

 

 
        47,334,595   
     

 

 

 
Diversified — 0.0%      
Holding Company – Diversified — 0.0%   

Leucadia National Corp. (a)

     3,560         72,126   
     

 

 

 
Energy — 6.8%      
Coal — 0.0%      

CONSOL Energy, Inc. (a)

     2,600         25,480   
     

 

 

 
Energy – Alternate Sources — 0.0%   

First Solar, Inc. (a) (b)

     849         36,295   
     

 

 

 
Oil & Gas — 5.2%      

Anadarko Petroleum Corp. (a)

     5,720         345,431   

Apache Corp. (a)

     4,254         166,587   

Cabot Oil & Gas Corp. (a)

     4,664         101,955   

Chesapeake Energy Corp. (a)

     5,841         42,814   

Chevron Corp. (a)

     21,227         1,674,386   

Cimarex Energy Co. (a)

     989         101,353   

ConocoPhillips (a)

     13,903         666,788   

Devon Energy Corp. (a)

     4,363         161,824   

Diamond Offshore Drilling, Inc. (a)

     758         13,113   

Ensco PLC Class A (a)

     2,645         37,242   

EOG Resources, Inc. (a)

     6,192         450,778   

EQT Corp. (a)

     1,715         111,080   

Exxon Mobil Corp. (a)

     47,356         3,520,919   

Helmerich & Payne, Inc. (a)

     1,215         57,421   

Hess Corp. (a)

     2,743         137,314   

Marathon Oil Corp. (a)

     7,620         117,348   

Marathon Petroleum Corp. (a)

     6,166         285,671   

Murphy Oil Corp. (a)

     1,884         45,593   

Newfield Exploration Co. (a) (b)

     1,815         59,713   

Noble Corp. PLC (a)

     2,732         29,806   

Noble Energy, Inc. (a)

     4,366         131,766   
     Number of
Shares
     Value  

Occidental Petroleum Corp. (a)

     8,699       $ 575,439   

Phillips 66 (a)

     6,136         471,490   

Pioneer Natural Resources Co. (a)

     1,682         204,598   

Range Resources Corp. (a)

     1,872         60,129   

Southwestern Energy Co. (a) (b)

     4,340         55,075   

Tesoro Corp. (a)

     1,410         137,108   

Valero Energy Corp. (a)

     5,813         349,361   
     

 

 

 
        10,112,102   
     

 

 

 
Oil & Gas Services — 1.0%      

Baker Hughes, Inc. (a)

     4,906         255,308   

Cameron International Corp. (a) (b)

     2,187         134,107   

FMC Technologies, Inc. (a) (b)

     2,613         81,003   

Halliburton Co. (a)

     9,592         339,077   

National Oilwell Varco, Inc. (a)

     4,628         174,244   

Schlumberger Ltd. (a)

     14,398         993,030   

Transocean Ltd. (a)

     3,845         49,678   
     

 

 

 
        2,026,447   
     

 

 

 
Pipelines — 0.6%      

Columbia Pipeline Group, Inc. (a)

     3,570         65,295   

Kinder Morgan, Inc. (a)

     19,238         532,508   

ONEOK, Inc. (a)

     2,353         75,767   

Spectra Energy Corp. (a)

     7,576         199,021   

The Williams Cos., Inc. (a)

     7,599         280,023   
     

 

 

 
        1,152,614   
     

 

 

 
        13,352,938   
     

 

 

 
Financial — 15.9%      
Banks — 4.4%      

Bank of America Corp. (a)

     118,762         1,850,312   

The Bank of New York Mellon Corp. (a)

     12,575         492,311   

BB&T Corp. (a)

     8,138         289,713   

Capital One Financial Corp. (a)

     6,227         451,582   

Comerica, Inc. (a)

     2,013         82,734   

Fifth Third Bancorp (a)

     9,196         173,896   

Huntington Bancshares, Inc. (a)

     9,141         96,895   

KeyCorp (a)

     9,656         125,625   

M&T Bank Corp. (a)

     1,501         183,047   

Northern Trust Corp. (a)

     2,478         168,900   

PNC Financial Services Group, Inc. (a)

     5,878         524,318   

Regions Financial Corp. (a)

     15,161         136,601   

State Street Corp. (a)

     4,654         312,795   

SunTrust Banks, Inc. (a)

     5,922         226,457   

U.S. Bancorp (a)

     20,109         824,670   

Wells Fargo & Co. (a)

     52,932         2,718,058   

Zions Bancorp (a)

     2,291         63,094   
     

 

 

 
        8,721,008   
     

 

 

 
Diversified Financial — 4.7%      

Affiliated Managers Group, Inc. (a) (b)

     616         105,330   

American Express Co. (a)

     9,895         733,516   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

46


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Ameriprise Financial, Inc. (a)

     2,060       $ 224,808   

BlackRock, Inc. (a)

     1,432         425,977   

The Charles Schwab Corp. (a)

     13,025         371,994   

Citigroup, Inc. (a)

     34,251         1,699,192   

CME Group, Inc. (a)

     3,580         332,009   

Discover Financial Services (a)

     5,049         262,498   

E*TRADE Financial Corp. (a) (b)

     3,260         85,836   

Franklin Resources, Inc. (a)

     4,423         164,801   

The Goldman Sachs Group, Inc. (a)

     4,573         794,604   

Intercontinental Exchange, Inc. (a)

     1,264         297,027   

Invesco Ltd. (a)

     4,846         151,341   

JP Morgan Chase & Co. (a)

     42,091         2,566,288   

Legg Mason, Inc. (a)

     1,119         46,562   

Morgan Stanley (a)

     17,406         548,289   

The Nasdaq, Inc. (a)

     1,334         71,142   

Navient Corp. (a)

     4,532         50,940   

T. Rowe Price Group, Inc. (a)

     2,944         204,608   
     

 

 

 
        9,136,762   
     

 

 

 
Insurance — 4.1%      

ACE Ltd. (a)

     3,696         382,166   

Aflac, Inc. (a)

     4,955         288,034   

The Allstate Corp. (a)

     4,701         273,786   

American International Group, Inc. (a)

     15,494         880,369   

Aon PLC (a)

     3,164         280,362   

Assurant, Inc.

     777         61,391   

Berkshire Hathaway, Inc. Class B (a) (b)

     20,589         2,684,806   

The Chubb Corp. (a)

     2,606         319,626   

Cincinnati Financial Corp. (a)

     1,668         89,738   

Genworth Financial, Inc. Class A (a) (b)

     5,608         25,909   

The Hartford Financial Services Group, Inc. (a)

     4,752         217,547   

Lincoln National Corp. (a)

     2,895         137,397   

Loews Corp. (a)

     3,370         121,792   

Marsh & McLennan Cos., Inc. (a)

     6,082         317,602   

MetLife, Inc. (a)

     12,615         594,797   

Principal Financial Group, Inc. (a)

     3,088         146,186   

The Progressive Corp. (a)

     6,050         185,372   

Prudential Financial, Inc. (a)

     5,125         390,576   

Torchmark Corp. (a)

     1,435         80,934   

The Travelers Cos., Inc. (a)

     3,628         361,095   

Unum Group (a)

     2,838         91,043   

XL Group PLC (a)

     2,882         104,674   
     

 

 

 
        8,035,202   
     

 

 

 
Real Estate — 0.1%      

CBRE Group, Inc. (a) (b)

     3,158         101,056   
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.5%   

American Tower Corp. (a)

     4,771         419,753   

Apartment Investment & Management Co. Class A (a)

     1,764         65,303   

AvalonBay Communities, Inc. (a)

     1,490         260,482   
     Number of
Shares
     Value  

Boston Properties, Inc. (a)

     1,729       $ 204,714   

Crown Castle International Corp. (a)

     3,769         297,261   

Equity Residential (a)

     4,107         308,518   

Essex Property Trust, Inc. (a)

     735         164,214   

General Growth Properties, Inc. (a)

     7,093         184,205   

HCP, Inc. (a)

     5,202         193,775   

Host Hotels & Resorts, Inc. (a)

     8,552         135,207   

Iron Mountain, Inc. (a)

     2,111         65,483   

Kimco Realty Corp. (a)

     4,658         113,795   

The Macerich Co. (a)

     1,589         122,067   

Plum Creek Timber Co., Inc. (a)

     1,988         78,546   

Prologis, Inc. (a)

     5,782         224,920   

Public Storage (a)

     1,638         346,650   

Realty Income Corp. (a)

     2,519         119,375   

Simon Property Group, Inc. (a)

     3,509         644,673   

SL Green Realty Corp. (a)

     1,113         120,382   

Ventas, Inc. (a)

     3,735         209,384   

Vornado Realty Trust (a)

     1,973         178,399   

Welltower, Inc. (a)

     3,945         267,155   

Weyerhaeuser Co. (a)

     5,927         162,044   
     

 

 

 
        4,886,305   
     

 

 

 
Savings & Loans — 0.1%      

Hudson City Bancorp, Inc. (a)

     5,434         55,264   

People’s United Financial, Inc. (a)

     3,480         54,740   
     

 

 

 
        110,004   
     

 

 

 
        30,990,337   
     

 

 

 
Industrial — 9.5%      
Aerospace & Defense — 2.0%   

The Boeing Co. (a)

     7,396         968,506   

General Dynamics Corp. (a)

     3,558         490,826   

L-3 Communications Holdings, Inc. (a)

     931         97,308   

Lockheed Martin Corp. (a)

     3,028         627,735   

Northrop Grumman Corp. (a)

     2,240         371,728   

Raytheon Co. (a)

     3,470         379,132   

Rockwell Collins, Inc. (a)

     1,501         122,842   

United Technologies Corp. (a)

     9,329         830,188   
     

 

 

 
        3,888,265   
     

 

 

 
Airlines — 0.1%      

United Continental Holdings, Inc. (a) (b)

     3,680         195,224   
     

 

 

 
Building Materials — 0.1%      

Martin Marietta Materials, Inc. (a)

     698         106,061   

Masco Corp. (a)

     3,946         99,360   
     

 

 

 
        205,421   
     

 

 

 
Electrical Components & Equipment — 0.2%   

AMETEK, Inc. (a)

     2,722         142,415   

Emerson Electric Co. (a)

     7,735         341,655   
     

 

 

 
        484,070   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

47


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Electronics — 0.5%      

Agilent Technologies, Inc. (a)

     3,791       $ 130,145   

Allegion PLC (a)

     1,084         62,504   

Amphenol Corp. Class A (a)

     3,502         178,462   

FLIR Systems, Inc. (a)

     1,578         44,168   

Garmin Ltd. (a)

     1,364         48,940   

PerkinElmer, Inc. (a)

     1,276         58,645   

TE Connectivity Ltd. (a)

     4,586         274,656   

Tyco International PLC (a)

     4,742         158,667   

Waters Corp. (a) (b)

     937         110,763   
     

 

 

 
        1,066,950   
     

 

 

 
Engineering & Construction — 0.1%   

Fluor Corp. (a)

     1,668         70,640   

Jacobs Engineering Group, Inc. (b)

     1,449         54,236   

TopBuild Corp. (a) (b)

     438         13,565   
     

 

 

 
        138,441   
     

 

 

 
Environmental Controls — 0.3%   

Republic Services, Inc. (a)

     2,830         116,596   

Stericycle, Inc. (a) (b)

     959         133,598   

Waste Management, Inc. (a)

     4,820         240,084   
     

 

 

 
        490,278   
     

 

 

 
Hand & Machine Tools — 0.1%      

Snap-on, Inc. (a)

     656         99,017   

Stanley Black & Decker, Inc. (a)

     1,777         172,333   
     

 

 

 
        271,350   
     

 

 

 
Machinery – Construction & Mining — 0.3%   

Caterpillar, Inc. (a)

     6,843         447,259   

Ingersoll-Rand PLC (a)

     2,973         150,939   

Joy Global, Inc. (a)

     1,099         16,408   
     

 

 

 
        614,606   
     

 

 

 
Machinery – Diversified — 0.5%   

Cummins, Inc. (a)

     1,901         206,411   

Deere & Co. (a)

     3,833         283,642   

Flowserve Corp. (a)

     1,521         62,574   

Rockwell Automation, Inc. (a)

     1,530         155,249   

Roper Technologies, Inc. (a)

     1,133         177,541   

Xylem, Inc. (a)

     2,058         67,605   
     

 

 

 
        953,022   
     

 

 

 
Manufacturing — 3.3%      

3M Co. (a)

     7,166         1,015,924   

Danaher Corp. (a)

     6,932         590,676   

Dover Corp. (a)

     1,840         105,211   

Eaton Corp. PLC (a)

     5,358         274,865   

General Electric Co. (a)

     113,629         2,865,723   

Honeywell International, Inc. (a)

     8,836         836,681   

Illinois Tool Works, Inc. (a)

     3,941         324,384   

Leggett & Platt, Inc. (a)

     1,562         64,433   

Parker Hannifin Corp. (a)

     1,608         156,458   

Pentair PLC (a)

     2,060         105,142   

Textron, Inc. (a)

     3,125         117,625   
     

 

 

 
        6,457,122   
     

 

 

 
     Number of
Shares
     Value  
Metal Fabricate & Hardware — 0.2%   

Precision Castparts Corp. (a)

     1,601       $ 367,766   
     

 

 

 
Packaging & Containers — 0.2%   

Ball Corp. (a)

     1,551         96,472   

Owens-Illinois, Inc. (a) (b)

     1,854         38,415   

Sealed Air Corp. (a)

     2,373         111,246   

WestRock Co. (a)

     2,948         151,645   
     

 

 

 
        397,778   
     

 

 

 
Transportation — 1.6%      

American ExpressNorfolk Southern Corp. (a)

     3,471         265,184   

C.H. Robinson Worldwide, Inc. (a)

     1,652         111,973   

CSX Corp. (a)

     11,183         300,823   

Expeditors International of Washington, Inc. (a)

     2,164         101,816   

FedEx Corp. (a)

     2,974         428,197   

J.B. Hunt Transport Services, Inc. (a)

     1,050         74,970   

Kansas City Southern (a)

     1,246         113,236   

Ryder System, Inc. (a)

     598         44,276   

Union Pacific Corp. (a)

     9,949         879,591   

United Parcel Service, Inc. Class B (a)

     7,846         774,322   
     

 

 

 
        3,094,388   
     

 

 

 
        18,624,681   
     

 

 

 
Technology — 12.6%      
Computers — 6.0%      

Accenture PLC Class A (a)

     7,091         696,762   

Apple, Inc. (a)

     65,759         7,253,218   

Cognizant Technology Solutions Corp. Class A (a) (b)

     6,882         430,882   

Computer Sciences Corp. (a)

     1,592         97,717   

EMC Corp. (a)

     22,445         542,271   

Hewlett-Packard Co. (a)

     20,520         525,517   

International Business Machines Corp. (a)

     10,378         1,504,499   

NetApp, Inc. (a)

     3,520         104,192   

SanDisk Corp. (a)

     2,405         130,664   

Seagate Technology PLC (a)

     3,707         166,073   

Teradata Corp. (a) (b)

     1,638         47,436   

Western Digital Corp. (a)

     2,452         194,787   
     

 

 

 
        11,694,018   
     

 

 

 
Office Equipment/Supplies — 0.1%   

Pitney Bowes, Inc. (a)

     2,276         45,179   

Xerox Corp. (a)

     11,802         114,833   
     

 

 

 
        160,012   
     

 

 

 
Semiconductors — 2.3%      

Altera Corp. (a)

     3,397         170,122   

Analog Devices, Inc. (a)

     3,518         198,450   

Applied Materials, Inc. (a)

     13,872         203,780   

Avago Technologies Ltd. (a)

     2,896         362,029   

Broadcom Corp. Class A (a)

     6,154         316,500   

Intel Corp. (a)

     53,468         1,611,526   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

48


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

KLA-Tencor Corp. (a)

     1,836       $ 91,800   

Lam Research Corp. (a)

     1,799         117,529   

Linear Technology Corp. (a)

     2,700         108,945   

Microchip Technology, Inc. (a)

     2,274         97,987   

Micron Technology, Inc. (a) (b)

     12,162         182,187   

NVIDIA Corp. (a)

     5,830         143,709   

Qorvo, Inc. (a) (b)

     1,660         74,783   

Skyworks Solutions, Inc. (a)

     2,154         181,388   

Texas Instruments, Inc. (a)

     11,821         585,376   

Xilinx, Inc. (a)

     2,951         125,122   
     

 

 

 
        4,571,233   
     

 

 

 
Software — 4.2%      

Activision Blizzard, Inc. (a)

     5,600         172,984   

Adobe Systems, Inc. (a) (b)

     5,372         441,686   

Autodesk, Inc. (a) (b)

     2,559         112,954   

CA, Inc. (a)

     3,599         98,253   

Cerner Corp. (a) (b)

     3,442         206,382   

Citrix Systems, Inc. (a) (b)

     1,804         124,981   

The Dun & Bradstreet Corp. (a)

     406         42,630   

Electronic Arts, Inc. (a) (b)

     3,510         237,803   

Fidelity National Information Services, Inc. (a)

     3,218         215,863   

Fiserv, Inc. (a) (b)

     2,695         233,414   

Intuit, Inc. (a)

     3,124         277,255   

Microsoft Corp. (a)

     92,617         4,099,228   

Oracle Corp. (a)

     36,191         1,307,219   

Red Hat, Inc. (a) (b)

     2,070         148,792   

Salesforce.com, Inc. (a) (b)

     6,831         474,276   
     

 

 

 
        8,193,720   
     

 

 

 
        24,618,983   
     

 

 

 
Utilities — 3.1%      
Electric — 2.9%      

The AES Corp. (a)

     7,298         71,448   

Ameren Corp. (a)

     2,739         115,778   

American Electric Power Co., Inc. (a)

     5,527         314,265   

CenterPoint Energy, Inc. (a)

     4,852         87,530   

CMS Energy Corp. (a)

     3,110         109,845   

Consolidated Edison, Inc. (a)

     3,307         221,073   

Dominion Resources, Inc. (a)

     6,640         467,323   

DTE Energy Co. (a)

     2,001         160,820   

Duke Energy Corp. (a)

     7,988         574,657   

Edison International (a)

     3,678         231,972   

Entergy Corp. (a)

     2,037         132,609   

Eversource Energy (a)

     3,577         181,068   

Exelon Corp. (a)

     9,707         288,298   

FirstEnergy Corp. (a)

     4,755         148,879   

NextEra Energy, Inc. (a)

     5,006         488,335   

NRG Energy, Inc.

     3,812         56,608   

Pepco Holdings, Inc. (a)

     2,854         69,124   

PG&E Corp. (a)

     5,378         283,958   

Pinnacle West Capital Corp. (a)

     1,248         80,047   

PPL Corp. (a)

     7,529         247,629   
     Number of
Shares
     Value  

Public Service Enterprise Group, Inc. (a)

     5,715       $ 240,944   

SCANA Corp. (a)

     1,613         90,747   

The Southern Co. (a)

     10,272         459,158   

TECO Energy, Inc. (a)

     2,659         69,825   

WEC Energy Group, Inc. (a)

     4,558         238,019   

Xcel Energy, Inc. (a)

     5,712         202,262   
     

 

 

 
        5,632,221   
     

 

 

 
Gas — 0.2%      

AGL Resources, Inc. (a)

     1,350         82,404   

NiSource, Inc. (a)

     3,570         66,224   

Sempra Energy (a)

     2,614         252,826   
     

 

 

 
        401,454   
     

 

 

 
        6,033,675   
     

 

 

 
TOTAL COMMON STOCK
(Cost $180,941,031)
        191,996,809   
     

 

 

 
TOTAL EQUITIES
(Cost $180,941,031)
        191,996,809   
     

 

 

 
     Principal
Amount
        
BONDS & NOTES — 0.0%      
CORPORATE DEBT — 0.0%      
Forest Products & Paper — 0.0%   

Sino Forest Corp. (c)
5.000% 8/01/49

   $ 359,000         -   
     

 

 

 
TOTAL CORPORATE DEBT
(Cost $0)
        -   
     

 

 

 
TOTAL BONDS & NOTES
(Cost $0)
        -   
     

 

 

 
     Units         
PURCHASED OPTIONS — 0.5%   
Financial — 0.5%      
Diversified Financial — 0.5%      

S&P 500 Index, Put, Expires 10/16/15, Strike 1,700.00

     152         30,400   

S&P 500 Index, Put, Expires 10/16/15, Strike 1,725.00

     155         42,625   

S&P 500 Index, Put, Expires 11/20/15, Strike 1,700.00

     167         226,118   

S&P 500 Index, Put, Expires 11/20/15, Strike 1,725.00

     104         166,400   

S&P 500 Index, Put, Expires 12/19/15, Strike 1,725.00

     155         449,500   
     

 

 

 
        915,043   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

49


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

            Value  
TOTAL PURCHASED OPTIONS
(Cost $1,991,043)
      $ 915,043   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $182,932,074)
        192,911,852   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 5.6%   
Repurchase Agreement — 5.6%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (d)

   $ 10,969,452         10,969,452   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,969,452)
        10,969,452   
     

 

 

 

TOTAL INVESTMENTS — 104.5%

(Cost $193,901,526) (e)

        203,881,304   
Other Assets/(Liabilities) — (4.5)%         (8,854,997
     

 

 

 
NET ASSETS — 100.0%       $ 195,026,307   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of these securities are held as collateral for written options. (Note 2).
(b) Non-income producing security.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2015, these securities amounted to a value of $0 or 0.00% of net assets.
(d) Maturity value of $10,969,455. Collateralized by U.S. Government Agency obligations with a rate of 2.000%, maturity date of 10/31/21, and an aggregate market value, including accrued interest, of $11,191,256.
(e) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

50


MML Mid Cap Growth Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 92.6%      

COMMON STOCK — 92.1%

     
Basic Materials — 3.1%      
Chemicals — 2.2%      

Ashland, Inc.

     20,000       $ 2,012,400   

Celanese Corp. Series A

     37,000         2,189,290   

Cytec Industries, Inc.

     25,000         1,846,250   

RPM International, Inc.

     79,000         3,309,310   
     

 

 

 
        9,357,250   
     

 

 

 
Mining — 0.9%      

Franco-Nevada Corp.

     10,000         440,200   

Franco-Nevada Corp. (a)

     78,000         3,437,377   
     

 

 

 
        3,877,577   
     

 

 

 
        13,234,827   
     

 

 

 
Communications — 6.5%      
Internet — 3.9%      

Akamai Technologies, Inc. (b)

     48,000         3,314,880   

Coupons.com, Inc. (a) (b)

     53,900         485,100   

Dropbox, Inc. (c)

     9,011         120,117   

GrubHub, Inc. (a) (b)

     25,000         608,500   

LinkedIn Corp. Class A (b)

     4,000         760,520   

Rackspace Hosting, Inc. (b)

     39,500         974,860   

TripAdvisor, Inc. (b)

     26,000         1,638,520   

VeriSign, Inc. (a) (b)

     88,000         6,209,280   

Zillow Group, Inc. Class A (a) (b)

     26,000         746,980   

Zillow Group, Inc. Class C (a) (b)

     52,000         1,404,000   
     

 

 

 
        16,262,757   
     

 

 

 
Media — 0.5%      

FactSet Research Systems, Inc.

     14,000         2,237,340   
     

 

 

 
Telecommunications — 2.1%      

DigitalGlobe, Inc. (b)

     96,000         1,825,920   

Palo Alto Networks, Inc. (b)

     6,000         1,032,000   

T-Mobile US, Inc. (b)

     141,000         5,613,210   

Viavi Solutions, Inc. (b)

     70,000         375,900   
     

 

 

 
        8,847,030   
     

 

 

 
        27,347,127   
     

 

 

 
Consumer, Cyclical — 16.3%   
Apparel — 1.1%      

Hanesbrands, Inc.

     140,000         4,051,600   

Wolverine World Wide, Inc.

     35,000         757,400   
     

 

 

 
        4,809,000   
     

 

 

 
Auto Manufacturers — 0.2%   

Tesla Motors, Inc. (a) (b)

     3,000         745,200   
     

 

 

 
Automotive & Parts — 1.0%      

BorgWarner, Inc.

     70,000         2,911,300   

WABCO Holdings, Inc. (b)

     13,000         1,362,790   
     

 

 

 
        4,274,090   
     

 

 

 
     Number of
Shares
     Value  
Distribution & Wholesale — 0.1%   

Fastenal Co. (a)

     18,000       $ 658,980   
     

 

 

 
Home Furnishing — 0.4%   

Harman International Industries, Inc.

     17,000         1,631,830   
     

 

 

 
Leisure Time — 2.9%      

Harley-Davidson, Inc.

     34,000         1,866,600   

Norwegian Cruise Line Holdings Ltd. (b)

     133,000         7,620,900   

Royal Caribbean Cruises Ltd.

     31,000         2,761,790   
     

 

 

 
        12,249,290   
     

 

 

 
Lodging — 1.7%      

Choice Hotels International, Inc.

     52,000         2,477,800   

Marriott International, Inc. Class A

     44,000         3,000,800   

MGM Resorts International (b)

     88,000         1,623,600   
     

 

 

 
        7,102,200   
     

 

 

 
Retail — 8.9%      

AutoZone, Inc. (b)

     9,000         6,514,470   

CarMax, Inc. (b)

     127,000         7,533,640   

Chipotle Mexican Grill, Inc. (b)

     2,000         1,440,500   

Dollar General Corp.

     61,000         4,418,840   

L Brands, Inc.

     39,000         3,515,070   

The Michaels Cos., Inc. (b)

     101,000         2,333,100   

O’Reilly Automotive, Inc. (b)

     26,000         6,500,000   

PVH Corp.

     22,000         2,242,680   

Rite Aid Corp. (b)

     481,000         2,919,670   
     

 

 

 
        37,417,970   
     

 

 

 
        68,888,560   
     

 

 

 
Consumer, Non-cyclical — 23.9%   
Biotechnology — 3.0%      

Alkermes PLC (b)

     92,000         5,397,640   

Illumina, Inc. (b)

     10,000         1,758,200   

Incyte Corp. (b)

     31,000         3,420,230   

Vertex Pharmaceuticals, Inc. (b)

     18,000         1,874,520   
     

 

 

 
        12,450,590   
     

 

 

 
Commercial Services — 8.6%   

Aramark

     96,000         2,845,440   

CoreLogic, Inc. (b)

     94,200         3,507,066   

Equifax, Inc.

     53,000         5,150,540   

Gartner, Inc. (b)

     35,000         2,937,550   

Global Payments, Inc.

     52,000         5,965,960   

Manpower, Inc.

     31,000         2,538,590   

Towers Watson & Co. Class A

     26,000         3,051,880   

TransUnion (b)

     26,000         653,120   

Vantiv, Inc. Class A (b)

     105,000         4,716,600   

Verisk Analytics, Inc. (b)

     61,000         4,508,510   

Wework Cos., Inc. Class A (c)

     12,099         397,931   
     

 

 

 
        36,273,187   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

51


MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Foods — 2.0%      

Blue Buffalo Pet Products, Inc. (b)

     10,000       $ 179,100   

Sprouts Farmers Market, Inc. (b)

     87,000         1,835,700   

TreeHouse Foods, Inc. (b)

     22,000         1,711,380   

The WhiteWave Foods Co. (b)

     79,000         3,171,850   

Whole Foods Market, Inc.

     53,000         1,677,450   
     

 

 

 
        8,575,480   
     

 

 

 
Health Care – Products — 5.8%   

Bruker Corp. (b)

     165,000         2,710,950   

The Cooper Cos., Inc.

     32,000         4,763,520   

Henry Schein, Inc. (b)

     35,000         4,645,200   

Hologic, Inc. (b)

     52,000         2,034,760   

IDEXX Laboratories, Inc. (b)

     44,000         3,267,000   

Intuitive Surgical, Inc. (b)

     12,000         5,514,960   

West Pharmaceutical Services, Inc.

     26,400         1,428,768   
     

 

 

 
        24,365,158   
     

 

 

 
Health Care – Services — 2.5%   

Catalent, Inc. (b)

     115,000         2,794,500   

Envision Healthcare Holdings, Inc. (b)

     60,000         2,207,400   

MEDNAX, Inc. (b)

     44,000         3,378,760   

Universal Health Services, Inc. Class B

     17,000         2,121,770   
     

 

 

 
        10,502,430   
     

 

 

 
Pharmaceuticals — 2.0%      

Alnylam Pharmaceuticals, Inc. (b)

     9,000         723,240   

Baxalta, Inc.

     90,000         2,835,900   

DENTSPLY International, Inc.

     87,000         4,399,590   

Mallinckrodt PLC (b)

     9,000         575,460   
     

 

 

 
        8,534,190   
     

 

 

 
        100,701,035   
     

 

 

 
Energy — 2.4%      
Oil & Gas — 2.4%      

Cimarex Energy Co.

     18,000         1,844,640   

Concho Resources, Inc. (b)

     26,000         2,555,800   

EQT Corp.

     51,000         3,303,270   

Pioneer Natural Resources Co.

     9,000         1,094,760   

Range Resources Corp.

     44,000         1,413,280   
     

 

 

 
        10,211,750   
     

 

 

 
Financial — 9.7%      
Diversified Financial — 5.4%   

CBOE Holdings, Inc.

     70,000         4,695,600   

E*TRADE Financial Corp. (b)

     52,000         1,369,160   

FNF Group

     176,000         6,242,720   

Intercontinental Exchange, Inc.

     19,000         4,464,810   

LPL Financial Holdings, Inc. (a)

     61,000         2,425,970   

TD Ameritrade Holding Corp.

     123,000         3,916,320   
     

 

 

 
        23,114,580   
     

 

 

 
     Number of
Shares
     Value  
Insurance — 3.4%      

HCC Insurance Holdings, Inc.

     70,000       $ 5,422,900   

The Progressive Corp.

     136,000         4,167,040   

Willis Group Holdings PLC

     114,000         4,670,580   
     

 

 

 
        14,260,520   
     

 

 

 
Real Estate — 0.9%      

Jones Lang LaSalle, Inc.

     26,000         3,738,020   
     

 

 

 
        41,113,120   
     

 

 

 
Industrial — 17.6%      
Building Materials — 0.8%   

Martin Marietta Materials, Inc.

     22,000         3,342,900   
     

 

 

 
Electrical Components & Equipment — 2.0%   

Acuity Brands, Inc.

     16,000         2,809,280   

AMETEK, Inc.

     80,000         4,185,600   

Mobileye NV (a) (b)

     32,000         1,455,360   
     

 

 

 
        8,450,240   
     

 

 

 
Electronics — 5.0%      

Agilent Technologies, Inc.

     123,000         4,222,590   

Allegion PLC

     66,000         3,805,560   

FEI Co.

     37,000         2,702,480   

Keysight Technologies, Inc. (b)

     131,000         4,040,040   

Mettler-Toledo International, Inc. (b)

     4,000         1,138,960   

Sensata Technologies Holding NV (b)

     105,000         4,655,700   

Trimble Navigation Ltd. (b)

     26,000         426,920   
     

 

 

 
        20,992,250   
     

 

 

 
Environmental Controls — 0.8%   

Waste Connections, Inc.

     70,000         3,400,600   
     

 

 

 
Machinery – Diversified — 3.4%      

Cognex Corp.

     26,000         893,620   

IDEX Corp.

     73,000         5,204,900   

Nordson Corp.

     13,000         818,220   

Roper Technologies, Inc.

     35,000         5,484,500   

Xylem, Inc.

     66,000         2,168,100   
     

 

 

 
        14,569,340   
     

 

 

 
Manufacturing — 3.3%      

Colfax Corp. (b)

     63,000         1,884,330   

Teleflex, Inc.

     44,000         5,465,240   

Textron, Inc.

     175,000         6,587,000   
     

 

 

 
        13,936,570   
     

 

 

 
Metal Fabricate & Hardware — 0.2%   

Rexnord Corp. (b)

     62,100         1,054,458   
     

 

 

 
Packaging & Containers — 0.8%   

Ball Corp.

     52,000         3,234,400   
     

 

 

 
Transportation — 1.3%      

J.B. Hunt Transport Services, Inc.

     31,000         2,213,400   

Kansas City Southern

     36,000         3,271,680   
     

 

 

 
        5,485,080   
     

 

 

 
        74,465,838   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

52


MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Technology — 12.5%      
Computers — 2.0%      

Fortinet, Inc. (b)

     18,000       $ 764,640   

IHS, Inc. Class A (b)

     61,000         7,076,000   

Lumentum Holdings, Inc. (b)

     28,000         474,600   
     

 

 

 
        8,315,240   
     

 

 

 
Semiconductors — 2.7%      

Altera Corp.

     61,000         3,054,880   

Atmel Corp.

     297,000         2,396,790   

Microchip Technology, Inc. (a)

     92,000         3,964,280   

Xilinx, Inc.

     48,000         2,035,200   
     

 

 

 
        11,451,150   
     

 

 

 
Software — 7.8%      

Atlassian Corp. Depository Receipt (c)

     15,775         299,725   

Atlassian Corp. PLC A Depository Receipt (c)

     5,668         107,692   

Atlassian Corp. PLC Series 1 Depository Receipt (c)

     12,075         229,425   

Atlassian Series 1 Restricted Depository Receipt (c)

     5,892         111,948   

Atlassian Series A Preference Depository Receipt (c)

     11,666         221,654   

Fidelity National Information Services, Inc.

     44,000         2,951,520   

Fiserv, Inc. (b)

     123,000         10,653,030   

Guidewire Software, Inc. (b)

     6,000         315,480   

IMS Health Holdings, Inc. (b)

     79,000         2,298,900   

MSCI, Inc.

     74,000         4,400,040   

NetSuite, Inc. (a) (b)

     9,000         755,100   

Red Hat, Inc. (b)

     74,000         5,319,120   

Servicenow, Inc. (b)

     16,000         1,111,200   

SS&C Technologies Holdings, Inc

     35,000         2,451,400   

Veeva Systems, Inc. Class A (b)

     53,000         1,240,730   

Workday, Inc. Class A (b)

     6,000         413,160   
     

 

 

 
        32,880,124   
     

 

 

 
        52,646,514   
     

 

 

 
Utilities — 0.1%      
Gas — 0.1%      

Atmos Energy Corp.

     7,700         447,986   
     

 

 

 
TOTAL COMMON STOCK
(Cost $280,504,480)
        389,056,757   
     

 

 

 
PREFERRED STOCK — 0.5%   
Communications — 0.2%      
Internet — 0.2%      

Dropbox, Inc. Series A (b) (c)

     11,190         149,163   

Dropbox, Inc. Series A 1 (b) (c)

     54,965         732,683   
     Number of
Shares
     Value  

Living Social (b) (c)

     158,890       $ 12,679   
     

 

 

 
        894,525   
     

 

 

 
Consumer, Non-cyclical — 0.3%   
Commercial Services — 0.3%   

Wework, Inc. Series D 1 (b) (c)

     22,197         730,050   

Wework, Inc. Series D 2 (b) (c)

     17,440         573,594   
     

 

 

 
        1,303,644   
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $2,156,533)
        2,198,169   
     

 

 

 
TOTAL EQUITIES
(Cost $282,661,013)
        391,254,926   
     

 

 

 
MUTUAL FUNDS — 6.0%   
Diversified Financial — 6.0%   

State Street Navigator Securities Lending Prime Portfolio (d)

     15,296,304         15,296,304   

T. Rowe Price Government Reserve Investment Fund

     10,000,394         10,000,394   
     

 

 

 
        25,296,698   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $25,296,698)
        25,296,698   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $307,957,711)
        416,551,624   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 4.9%   
Repurchase Agreement — 4.9%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (e)

   $ 20,728,073         20,728,073   
     

 

 

 
Time Deposits — 0.0%      

Euro Time Deposit
0.010% 10/01/15

     15,049         15,049   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $20,743,122)
        20,743,122   
     

 

 

 
TOTAL INVESTMENTS — 103.5%
(Cost $328,700,833) (f)
        437,294,746   
Other Assets/(Liabilities) — (3.5)%         (14,792,948
     

 

 

 
NET ASSETS — 100.0%       $ 422,501,798   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

53


MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2015, was $14,914,125 or 3.53% 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).
(b) Non-income producing security.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2015, these securities amounted to a value of $3,686,661 or 0.87% of net assets.
(d) Represents investment of security lending collateral. (Note 2).
(e) Maturity value of $20,728,078. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $21,146,400.
(f) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

54


MML Mid Cap Value Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.7%   
COMMON STOCK — 98.7%   
Basic Materials — 1.6%   
Chemicals — 0.7%   

The Mosaic Co.

     101,054       $ 3,143,790   
     

 

 

 
Iron & Steel — 0.9%      

Nucor Corp.

     104,853         3,937,230   
     

 

 

 
        7,081,020   
     

 

 

 
Communications — 2.6%      
Media — 0.7%      

Markit, Ltd. (a)

     116,206         3,369,974   
     

 

 

 
Telecommunications — 1.9%   

CenturyLink, Inc.

     205,457         5,161,080   

Harris Corp.

     21,674         1,585,453   

Level 3 Communications, Inc. (a)

     41,874         1,829,475   
     

 

 

 
        8,576,008   
     

 

 

 
        11,945,982   
     

 

 

 
Consumer, Cyclical — 7.9%      
Apparel — 0.8%      

Ralph Lauren Corp.

     30,675         3,624,558   
     

 

 

 
Auto Manufacturers — 1.1%   

Honda Motor Co. Ltd. Sponsored ADR (Japan)

     88,274         2,639,392   

Oshkosh Corp.

     60,687         2,204,759   
     

 

 

 
        4,844,151   
     

 

 

 
Home Builders — 1.7%      

PulteGroup, Inc.

     157,168         2,965,760   

Thor Industries, Inc.

     48,590         2,516,962   

Toll Brothers, Inc. (a)

     56,445         1,932,677   
     

 

 

 
        7,415,399   
     

 

 

 
Leisure Time — 0.5%      

Carnival Corp.

     47,596         2,365,521   
     

 

 

 
Retail — 2.9%      

Advance Auto Parts, Inc.

     20,935         3,967,811   

Bed Bath & Beyond, Inc. (a)

     39,357         2,244,136   

CST Brands, Inc.

     101,209         3,406,695   

Lowe’s Cos., Inc.

     23,661         1,630,716   

Target Corp.

     25,166         1,979,558   
     

 

 

 
        13,228,916   
     

 

 

 
Toys, Games & Hobbies — 0.9%   

Mattel, Inc.

     197,816         4,166,005   
     

 

 

 
        35,644,550   
     

 

 

 
Consumer, Non-cyclical — 18.1%   
Commercial Services — 1.9%   

The ADT Corp.

     139,855         4,181,665   

Corrections Corporation of America

     148,934         4,399,510   
     

 

 

 
        8,581,175   
     

 

 

 
     Number of
Shares
     Value  
Foods — 9.1%      

Campbell Soup Co.

     36,574       $ 1,853,570   

ConAgra Foods, Inc.

     175,523         7,110,437   

Danone SA

     18,784         1,187,975   

General Mills, Inc.

     61,495         3,451,714   

The J.M. Smucker Co.

     47,793         5,452,703   

Kellogg Co.

     79,972         5,322,137   

Mondelez International, Inc. Class A

     104,988         4,395,848   

Sysco Corp.

     318,563         12,414,400   
     

 

 

 
        41,188,784   
     

 

 

 
Health Care – Products — 3.5%   

Becton, Dickinson & Co.

     18,803         2,494,406   

Boston Scientific Corp. (a)

     284,066         4,661,523   

Zimmer Biomet Holdings, Inc.

     88,698         8,331,403   
     

 

 

 
        15,487,332   
     

 

 

 
Health Care – Services — 3.0%   

LifePoint Health, Inc. (a)

     115,289         8,173,990   

Quest Diagnostics, Inc.

     88,143         5,418,150   
     

 

 

 
        13,592,140   
     

 

 

 
Pharmaceuticals — 0.6%      

Cardinal Health, Inc.

     17,571         1,349,804   

Express Scripts Holding Co. (a)

     16,719         1,353,571   
     

 

 

 
        2,703,375   
     

 

 

 
        81,552,806   
     

 

 

 
Energy — 11.6%      
Oil & Gas — 9.3%      

Anadarko Petroleum Corp.

     39,648         2,394,343   

Cimarex Energy Co.

     45,421         4,654,744   

Devon Energy Corp.

     114,966         4,264,089   

EQT Corp.

     83,918         5,435,369   

Helmerich & Payne, Inc.

     74,808         3,535,426   

Imperial Oil Ltd.

     293,698         9,305,022   

Noble Energy, Inc.

     205,364         6,197,885   

Occidental Petroleum Corp.

     95,329         6,306,013   
     

 

 

 
        42,092,891   
     

 

 

 
Oil & Gas Services — 2.3%   

Cameron International Corp. (a)

     121,984         7,480,059   

FMC Technologies, Inc. (a)

     93,608         2,901,848   
     

 

 

 
        10,381,907   
     

 

 

 
        52,474,798   
     

 

 

 
Financial — 25.5%      
Banks — 11.3%      

Bank of Hawaii Corp.

     47,787         3,033,997   

BB&T Corp.

     87,881         3,128,564   

BOK Financial Corp.

     39,884         2,580,894   

Comerica, Inc.

     61,298         2,519,348   

Commerce Bancshares, Inc.

     113,115         5,153,519   

Cullen/Frost Bankers, Inc.

     37,232         2,367,211   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

55


MML Mid Cap Value Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

M&T Bank Corp.

     42,672       $ 5,203,850   

Northern Trust Corp.

     183,116         12,481,186   

PNC Financial Services Group, Inc.

     44,289         3,950,579   

State Street Corp.

     45,701         3,071,564   

SunTrust Banks, Inc.

     78,080         2,985,779   

Westamerica Bancorp.

     103,495         4,599,318   
     

 

 

 
        51,075,809   
     

 

 

 
Diversified Financial — 2.1%   

Franklin Resources, Inc.

     80,938         3,015,750   

LPL Financial Holdings, Inc.

     85,703         3,408,408   

T. Rowe Price Group, Inc.

     40,508         2,815,306   
     

 

 

 
        9,239,464   
     

 

 

 
Insurance — 7.6%      

ACE Ltd.

     54,611         5,646,777   

Aflac, Inc.

     37,729         2,193,187   

The Allstate Corp.

     27,116         1,579,236   

Brown & Brown, Inc.

     101,553         3,145,097   

The Chubb Corp.

     22,366         2,743,190   

HCC Insurance Holdings, Inc.

     14,803         1,146,788   

MetLife, Inc.

     45,713         2,155,368   

ProAssurance Corp.

     51,733         2,538,538   

Reinsurance Group of America, Inc.

     52,407         4,747,550   

Torchmark Corp.

     35,231         1,987,028   

The Travelers Cos., Inc.

     21,582         2,148,057   

Unum Group

     128,235         4,113,779   
     

 

 

 
        34,144,595   
     

 

 

 
Real Estate Investment Trusts (REITS) — 3.8%   

Boston Properties, Inc.

     14,239         1,685,898   

Empire State Realty Trust, Inc. Class A

     103,058         1,755,078   

Host Hotels & Resorts, Inc.

     129,240         2,043,284   

Piedmont Office Realty Trust, Inc. Class A

     271,005         4,848,279   

Weyerhaeuser Co.

     255,726         6,991,549   
     

 

 

 
        17,324,088   
     

 

 

 
Savings & Loans — 0.7%      

Capitol Federal Financial, Inc.

     256,492         3,108,683   
     

 

 

 
        114,892,639   
     

 

 

 
Industrial — 13.9%      
Aerospace & Defense — 0.6%   

L-3 Communications Holdings, Inc.

     24,610         2,572,237   
     

 

 

 
Electrical Components & Equipment — 1.5%   

Emerson Electric Co.

     147,606         6,519,757   
     

 

 

 
Electronics — 4.5%      

Keysight Technologies, Inc. (a)

     155,230         4,787,293   

Koninklijke Philips Electronics NV

     246,061         5,802,058   

TE Connectivity Ltd.

     72,032         4,313,997   

Tyco International PLC

     164,274         5,496,608   
     

 

 

 
        20,399,956   
     

 

 

 
     Number of
Shares
     Value  
Environmental Controls — 3.7%   

Clean Harbors, Inc. (a)

     76,534       $ 3,365,200   

Republic Services, Inc.

     326,971         13,471,205   
     

 

 

 
        16,836,405   
     

 

 

 
Manufacturing — 1.3%      

Parker Hannifin Corp.

     18,758         1,825,153   

Pentair PLC

     32,867         1,677,532   

Textron, Inc.

     67,721         2,549,019   
     

 

 

 
        6,051,704   
     

 

 

 
Packaging & Containers — 1.3%   

Bemis Co., Inc.

     52,246         2,067,374   

Sonoco Products Co.

     97,327         3,673,121   
     

 

 

 
        5,740,495   
     

 

 

 
Transportation — 1.0%      

Heartland Express, Inc.

     228,844         4,563,149   
     

 

 

 
        62,683,703   
     

 

 

 
Technology — 7.0%      
Computers — 1.9%      

SanDisk Corp.

     85,458         4,642,933   

Western Digital Corp.

     51,087         4,058,351   
     

 

 

 
        8,701,284   
     

 

 

 
Semiconductors — 5.1%      

Applied Materials, Inc.

     387,397         5,690,862   

Lam Research Corp.

     76,503         4,997,941   

Maxim Integrated Products, Inc.

     120,213         4,015,114   

Microchip Technology, Inc.

     104,127         4,486,832   

Teradyne, Inc.

     208,162         3,748,998   
     

 

 

 
        22,939,747   
     

 

 

 
        31,641,031   
     

 

 

 
Utilities — 10.5%      
Electric — 8.3%      

Ameren Corp.

     59,683         2,522,800   

Consolidated Edison, Inc.

     46,604         3,115,477   

Edison International

     111,266         7,017,547   

Great Plains Energy, Inc.

     155,732         4,207,879   

NorthWestern Corp.

     44,223         2,380,524   

OGE Energy Corp.

     65,292         1,786,389   

PG&E Corp.

     78,124         4,124,947   

Westar Energy, Inc.

     159,252         6,121,647   

Xcel Energy, Inc.

     170,107         6,023,489   
     

 

 

 
        37,300,699   
     

 

 

 
Gas — 2.2%      

Atmos Energy Corp.

     75,526         4,394,103   

The Laclede Group, Inc.

     105,644         5,760,767   
     

 

 

 
        10,154,870   
     

 

 

 
        47,455,569   
     

 

 

 
TOTAL COMMON STOCK
(Cost $455,745,981)
        445,372,098   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

56


MML Mid Cap Value Fund – Portfolio of Investments (Continued)

 

            Value  
TOTAL EQUITIES
(Cost $455,745,981)
      $ 445,372,098   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $455,745,981)
        445,372,098   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 1.6%   
Repurchase Agreement — 1.6%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 7,408,962         7,408,962   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,408,962)
        7,408,962   
     

 

 

 

TOTAL INVESTMENTS — 100.3%

(Cost $463,154,943) (c)

        452,781,060   
Other Assets/(Liabilities) — (0.3)%         (1,517,302
     

 

 

 
NET ASSETS — 100.0%       $ 451,263,758   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Non-income producing security.
(b) Maturity value of $7,408,964. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $7,558,650.
(c) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

57


MML Moderate Allocation Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%   
Equity Funds — 60.3%   

MML Blue Chip Growth Fund, Initial Class (a)

     8,247,844       $ 118,521,518   

MML Equity Income Fund, Initial Class (a)

     7,791,682         83,137,252   

MML Focused Equity Fund, Class II (a)

     5,275,003         60,609,783   

MML Foreign Fund, Initial Class (a)

     7,655,909         71,276,513   

MML Fundamental Growth Fund, Class II (a)

     6,449,638         74,880,297   

MML Fundamental Value Fund, Class II (a)

     6,847,764         92,307,857   

MML Global Fund, Class I (a)

     8,032,725         90,769,797   

MML Income & Growth Fund, Initial Class (a)

     6,989,974         73,884,025   

MML International Equity Fund, Class II (a)

     8,191,026         69,377,990   

MML Large Cap Growth Fund, Initial Class (a)

     6,664,650         72,911,272   

MML Mid Cap Growth Fund, Initial Class (a)

     5,192,345         76,379,398   

MML Mid Cap Value Fund, Initial Class (a)

     8,125,568         83,612,096   

MML Small Cap Growth Equity Fund, Initial Class (a)

     1,509,873         20,103,937   

MML Small Company Value Fund, Class II (a)

     2,624,026         38,153,341   

MML Small/Mid Cap Value Fund, Initial Class (a)

     1,733,077         19,323,808   

MML Strategic Emerging Markets Fund, Class II (a)

     4,912,206         38,315,208   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a) (b)

     370,066         27,307,178   

Oppenheimer Global Fund/VA, Non-Service Shares (a)

     1,361,235         49,031,677   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)

     17,793,960         174,202,865   

Oppenheimer International Growth Fund/VA, Non-Service Shares (a)

     16,421,330         34,320,579   
     

 

 

 
        1,368,426,391   
     

 

 

 
Fixed Income Funds — 39.8%   

MML Dynamic Bond Fund, Class II (a)

     19,630,808         194,541,306   

MML High Yield Fund, Class II (a)

     6,431,351         62,062,540   

MML Inflation-Protected and Income Fund, Initial Class (a)

     6,928,752         69,911,112   
     Number of
Shares
     Value  

MML Managed Bond Fund, Initial Class (a)

     27,031,569       $ 340,605,685   

MML Short-Duration Bond Fund, Class II (a)

     7,520,136         74,449,343   

MML Total Return Bond Fund, Class II (a)

     15,686,564         160,473,549   
     

 

 

 
        902,043,535   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $2,375,495,481)
        2,270,469,926   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $2,375,495,481)
        2,270,469,926   
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $2,375,495,481) (c)
        2,270,469,926   
Other Assets/(Liabilities) — (0.1)%         (1,682,123
     

 

 

 
NET ASSETS — 100.0%       $ 2,268,787,803   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 4 for a summary of transactions in the investments of affiliated issuers.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

58


MML Small Cap Growth Equity Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 94.3%      
COMMON STOCK — 93.0%      
Basic Materials — 1.4%      
Chemicals — 0.8%      

Methanex Corp. (a)

     13,370       $ 443,349   

Minerals Technologies, Inc.

     15,335         738,535   

Platform Specialty Products Corp. (b)

     38,848         491,427   
Forest Products & Paper — 0.6%   

KapStone Paper and Packaging Corp.

     73,914         1,220,320   
     

 

 

 
        2,893,631   
     

 

 

 
Communications — 4.7%      
Internet — 1.9%      

Comscore, Inc. (b)

     8,987         414,750   

Dropbox, Inc. (c)

     10,469         139,552   

GoDaddy, Inc. Class A (a) (b)

     5,600         141,176   

GrubHub, Inc. (b)

     44,200         1,075,828   

Q2 Holdings, Inc. (b)

     37,600         929,472   

SPS Commerce, Inc. (b)

     9,600         651,744   

Zillow Group, Inc. Class A (a) (b)

     6,791         195,105   

Zillow Group, Inc. Class C (a) (b)

     13,582         366,714   
     

 

 

 
        3,914,341   
     

 

 

 
Media — 1.0%      

FactSet Research Systems, Inc.

     7,862         1,256,426   

The New York Times Co. Class A

     64,050         756,431   
     

 

 

 
        2,012,857   
     

 

 

 
Telecommunications — 1.8%   

Arista Networks, Inc. (a) (b)

     9,659         591,034   

Ciena Corp. (b)

     60,339         1,250,224   

DigitalGlobe, Inc. (b)

     13,267         252,338   

Ruckus Wireless, Inc. (b)

     11,910         141,491   

Vonage Holdings Corp. (b)

     248,380         1,460,475   
     

 

 

 
        3,695,562   
     

 

 

 
        9,622,760   
     

 

 

 
Consumer, Cyclical — 15.7%   
Apparel — 1.5%      

Carter’s, Inc.

     17,043         1,544,778   

Crocs, Inc. (b)

     30,008         387,853   

Skechers U.S.A., Inc. Class A (b)

     2,590         347,267   

Steven Madden Ltd. (b)

     23,671         866,832   
     

 

 

 
        3,146,730   
     

 

 

 
Automotive & Parts — 0.4%   

Tenneco, Inc. (b)

     18,740         838,990   
     

 

 

 
Distribution & Wholesale — 0.2%   

HD Supply Holdings, Inc. (b)

     12,365         353,886   
     

 

 

 
Entertainment — 1.5%      

Churchill Downs, Inc.

     5,110         683,769   

Cinemark Holdings, Inc.

     23,000         747,270   
     Number of
Shares
     Value  

DreamWorks Animation SKG, Inc. Class A (a) (b)

     46,160       $ 805,492   

National CineMedia, Inc.

     58,770         788,694   
     

 

 

 
        3,025,225   
     

 

 

 
Home Builders — 0.4%   

Standard Pacific Corp. (b)

     99,375         795,000   
     

 

 

 
Home Furnishing — 0.4%      

La-Z-Boy, Inc.

     36,100         958,816   
     

 

 

 
Housewares — 1.1%      

The Toro Co.

     33,300         2,348,982   
     

 

 

 
Leisure Time — 1.0%      

ClubCorp Holdings, Inc.

     26,389         566,308   

Diamond Resorts International, Inc. (b)

     45,381         1,061,462   

Lindblad Expeditions Holdings, Inc. (b)

     39,600         386,892   
     

 

 

 
        2,014,662   
     

 

 

 
Retail — 8.8%      

Bloomin’ Brands, Inc.

     38,900         707,202   

Boot Barn Holdings, Inc. (b)

     60,070         1,107,090   

Buffalo Wild Wings, Inc. (b)

     1,723         333,280   

Burlington Stores, Inc. (b)

     26,600         1,357,664   

The Cheesecake Factory, Inc.

     18,885         1,019,034   

Chico’s FAS, Inc.

     55,800         877,734   

CST Brands, Inc.

     10,989         369,890   

Destination Maternity Corp.

     40,340         371,935   

DSW, Inc. Class A

     31,100         787,141   

Five Below, Inc. (b)

     66,900         2,246,502   

Freshpet, Inc. (a) (b)

     18,776         197,148   

Haverty Furniture Cos., Inc.

     41,900         983,812   

HSN, Inc.

     24,041         1,376,107   

Jack in the Box, Inc.

     11,028         849,597   

Kate Spade & Co. (b)

     111,961         2,139,574   

Krispy Kreme Doughnuts, Inc. (b)

     76,700         1,122,121   

Panera Bread Co. Class A (b)

     4,429         856,613   

Pier 1 Imports, Inc. (a)

     76,900         530,610   

Texas Roadhouse, Inc.

     20,499         762,563   
     

 

 

 
        17,995,617   
     

 

 

 
Textiles — 0.4%      

Tumi Holdings, Inc. (b)

     46,485         819,066   
     

 

 

 
        32,296,974   
     

 

 

 
Consumer, Non-cyclical — 21.5%   
Biotechnology — 1.0%      

BioCryst Pharmaceuticals, Inc. (b)

     33,946         386,984   

Five Prime Therapeutics, Inc. (b)

     10,791         166,074   

Ironwood Pharmaceuticals, Inc. (b)

     21,144         220,321   

Novavax, Inc. (b)

     51,691         365,455   

PTC Therapeutics, Inc. (b)

     10,484         279,923   

Ultragenyx Pharmaceutical, Inc. (b)

     6,007         578,534   
     

 

 

 
        1,997,291   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

59


MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Commercial Services — 5.6%   

The Advisory Board Co. (b)

     18,588       $ 846,498   

Cardtronics, Inc. (b)

     26,650         871,455   

Convergys Corp.

     37,565         868,127   

CoStar Group, Inc. (b)

     7,303         1,263,857   

ExamWorks Group, Inc. (b)

     77,600         2,269,024   

Healthcare Services Group, Inc.

     34,800         1,172,760   

Heartland Payment Systems, Inc.

     9,153         576,731   

Rent-A-Center, Inc.

     12,955         314,159   

Team Health Holdings, Inc. (b)

     10,717         579,039   

TriNet Group, Inc. (b)

     30,328         509,510   

WEX, Inc. (b)

     14,499         1,259,093   

WNS Holdings Ltd. Sponsored ADR (India) (b)

     34,326         959,412   
     

 

 

 
        11,489,665   
     

 

 

 
Foods — 1.0%      

Greencore Group PLC

     221,658         917,874   

SunOpta, Inc. (b)

     91,625         445,298   

The Hain Celestial Group, Inc. (b)

     15,000         774,000   
     

 

 

 
        2,137,172   
     

 

 

 
Health Care – Products — 7.8%   

AtriCure, Inc. (b)

     43,110         944,540   

Bio-Techne Corp.

     9,280         858,029   

Cardiovascular Systems, Inc. (b)

     12,862         203,734   

Cepheid, Inc. (b)

     28,031         1,267,001   

ConforMIS, Inc. (a) (b)

     5,100         92,106   

Cyberonics, Inc. (b)

     6,400         388,992   

Dexcom, Inc. (b)

     26,555         2,280,012   

Endologix, Inc. (b)

     107,521         1,318,208   

Globus Medical, Inc. Class A (b)

     41,495         857,287   

HeartWare International, Inc. (a) (b)

     9,524         498,200   

Insulet Corp. (b)

     72,975         1,890,782   

Intersect ENT, Inc. (b)

     48,507         1,135,064   

LDR Holding Corp. (b)

     88,334         3,050,173   

Novadaq Technologies, Inc. (a) (b)

     76,000         792,680   

Quidel Corp. (b)

     20,100         379,488   
     

 

 

 
        15,956,296   
     

 

 

 
Health Care – Services — 3.7%   

Acadia Healthcare Co., Inc. (b)

     37,450         2,481,811   

Adeptus Health, Inc. (a) (b)

     4,468         360,836   

Envision Healthcare Holdings, Inc. (b)

     20,550         756,035   

Kindred Healthcare, Inc.

     52,350         824,512   

LifePoint Health, Inc. (b)

     18,391         1,303,922   

Surgical Care Affiliates, Inc. (b)

     26,370         862,035   

WellCare Health Plans, Inc. (b)

     11,850         1,021,233   
     

 

 

 
        7,610,384   
     

 

 

 
Pharmaceuticals — 2.1%      

Achillion Pharmaceuticals, Inc. (a) (b)

     29,936         206,858   

Aerie Pharmaceuticals, Inc. (b)

     14,029         248,874   
     Number of
Shares
     Value  

Agios Pharmaceuticals, Inc. (a) (b)

     4,649       $ 328,173   

Anacor Pharmaceuticals, Inc. (b)

     6,068         714,264   

Aratana Therapeutics, Inc. (b)

     18,211         154,065   

Flexion Therapeutics, Inc. (b)

     13,531         201,071   

Galapagos NV (b)

     6,165         250,977   

Otonomy, Inc. (b)

     11,162         198,795   

Portola Pharmaceuticals, Inc. (b)

     12,951         551,972   

Relypsa, Inc. (b)

     15,199         281,333   

TESARO, Inc. (a) (b)

     17,810         714,181   

Tetraphase Pharmaceuticals, Inc. (a) (b)

     13,869         103,463   

Zafgen, Inc. (a) (b)

     10,820         345,699   
     

 

 

 
        4,299,725   
     

 

 

 
Textiles — 0.3%      

Samsonite International SA

     159,170         521,405   
     

 

 

 
        44,011,938   
     

 

 

 
Diversified — 0.7%      
Holding Company – Diversified — 0.7%   

FCB Financial Holdings, Inc. (b)

     26,160         853,339   

Nomad Foods Ltd. (b)

     34,994         551,231   
     

 

 

 
        1,404,570   
     

 

 

 
        1,404,570   
     

 

 

 
Energy — 3.1%      
Energy – Alternate Sources — 1.4%   

First Solar, Inc. (b)

     18,360         784,890   

Headwaters, Inc. (b)

     68,770         1,292,876   

Pattern Energy Group, Inc. (a)

     40,600         775,054   
     

 

 

 
        2,852,820   
     

 

 

 
Oil & Gas — 1.3%      

Diamondback Energy, Inc. (b)

     16,045         1,036,507   

Patterson-UTI Energy, Inc.

     37,540         493,276   

RSP Permian, Inc. (b)

     57,970         1,173,892   
     

 

 

 
        2,703,675   
     

 

 

 
Oil & Gas Services — 0.4%   

Dril-Quip, Inc. (b)

     4,500         261,990   

Flotek Industries, Inc. (a) (b)

     35,200         587,840   
     

 

 

 
        849,830   
     

 

 

 
        6,406,325   
     

 

 

 
Financial — 14.2%      
Banks — 3.0%      

Associated Banc-Corp.

     91,029         1,635,791   

ConnectOne Bancorp, Inc.

     36,600         706,380   

PacWest Bancorp

     15,814         676,997   

PrivateBancorp, Inc.

     22,160         849,393   

South State Corp.

     13,460         1,034,670   

Texas Capital Bancshares, Inc. (b)

     15,900         833,478   

United Community Banks, Inc.

     23,976         490,070   
     

 

 

 
        6,226,779   
     

 

 

 
Diversified Financial — 3.5%   

Financial Engines, Inc. (a)

     20,249         596,738   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

60


MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)

     85,110       $ 1,465,594   

MarketAxess Holdings, Inc.

     11,847         1,100,350   

PRA Group, Inc. (a) (b)

     54,400         2,878,848   

WageWorks, Inc. (b)

     9,621         433,715   

WisdomTree Investments, Inc. (a)

     42,056         678,363   
     

 

 

 
        7,153,608   
     

 

 

 
Insurance — 3.2%      

Argo Group International Holdings Ltd.

     15,029         850,491   

Assurant, Inc.

     7,600         600,476   

Assured Guaranty Ltd.

     57,148         1,428,700   

eHealth, Inc. (b)

     33,180         425,036   

First American Financial Corp.

     21,947         857,469   

Horace Mann Educators Corp.

     25,260         839,137   

MGIC Investment Corp. (b)

     66,700         617,642   

Stewart Information Services Corp.

     24,260         992,477   
     

 

 

 
        6,611,428   
     

 

 

 
Investment Companies — 0.3%   

Solar Capital Ltd.

     36,305         574,345   
     

 

 

 
Real Estate — 1.5%      

HFF, Inc.

     40,198         1,357,084   

Kennedy-Wilson Holdings, Inc.

     71,999         1,596,218   
     

 

 

 
        2,953,302   
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.1%   

First Industrial Realty Trust, Inc.

     34,200         716,490   

MFA Financial, Inc.

     117,635         801,094   

Pebblebrook Hotel Trust

     27,637         979,732   

Redwood Trust, Inc.

     63,455         878,217   

Sovran Self Storage, Inc.

     10,200         961,860   
     

 

 

 
        4,337,393   
     

 

 

 
Savings & Loans — 0.6%      

EverBank Financial Corp.

     27,600         532,680   

Sterling Bancorp

     43,400         645,358   
     

 

 

 
        1,178,038   
     

 

 

 
        29,034,893   
     

 

 

 
Industrial — 15.8%      
Aerospace & Defense — 1.4%      

Astronics Corp. (b)

     6,812         275,409   

Curtiss-Wright Corp.

     13,000         811,460   

HEICO Corp. Class A

     18,000         817,380   

Teledyne Technologies, Inc. (b)

     9,805         885,392   
     

 

 

 
        2,789,641   
     

 

 

 
Building Materials — 2.2%      

Apogee Enterprises, Inc.

     13,700         611,705   

Armstrong World Industries, Inc. (b)

     12,850         613,459   

Boise Cascade Co. (b)

     29,700         749,034   

Lennox International, Inc.

     5,685         644,281   

Masonite International Corp. (b)

     12,623         764,701   
     Number of
Shares
     Value  

Trex Co., Inc. (b)

     33,163       $ 1,105,323   
     

 

 

 
        4,488,503   
     

 

 

 
Electrical Components & Equipment — 1.5%   

Acuity Brands, Inc.

     8,503         1,492,957   

Generac Holdings, Inc. (a) (b)

     15,170         456,465   

SunPower Corp. (a) (b)

     58,849         1,179,334   
     

 

 

 
        3,128,756   
     

 

 

 
Electronics — 2.4%      

Imax Corp. (a) (b)

     56,876         1,921,840   

Rogers Corp. (b)

     12,915         686,820   

Watts Water Technologies, Inc. Class A

     23,522         1,242,432   

Woodward, Inc.

     28,100         1,143,670   
     

 

 

 
        4,994,762   
     

 

 

 
Environmental Controls — 0.5%   

Clean Harbors, Inc. (b)

     20,830         915,895   
     

 

 

 
Machinery – Diversified — 2.8%      

Altra Industrial Motion Corp.

     14,082         325,576   

Cognex Corp.

     58,200         2,000,334   

The Middleby Corp. (b)

     19,700         2,072,243   

Tennant Co.

     24,600         1,382,028   
     

 

 

 
        5,780,181   
     

 

 

 
Manufacturing — 0.5%      

John Bean Technologies Corp.

     26,345         1,007,696   
     

 

 

 
Metal Fabricate & Hardware — 0.6%   

Advanced Drainage Systems, Inc. (a)

     42,625         1,233,141   
     

 

 

 
Miscellaneous – Manufacturing — 0.6%   

Hexcel Corp.

     27,600         1,238,136   
     

 

 

 
Packaging & Containers — 0.9%   

Graphic Packaging Holding Co.

     147,385         1,885,054   
     

 

 

 
Transportation — 1.5%      

Hub Group, Inc. Class A (b)

     23,210         845,076   

Landstar System, Inc.

     13,529         858,686   

Swift Transportation Co. (b)

     73,860         1,109,377   

XPO Logistics, Inc. (a) (b)

     12,846         306,120   
     

 

 

 
        3,119,259   
     

 

 

 
Trucking & Leasing — 0.9%      

Aircastle Ltd.

     48,190         993,196   

GATX Corp.

     19,420         857,393   
     

 

 

 
        1,850,589   
     

 

 

 
        32,431,613   
     

 

 

 
Technology — 15.3%      
Computers — 3.6%      

Cadence Design Systems, Inc. (b)

     35,630         736,829   

FleetMatics Group PLC (a) (b)

     11,426         560,902   

Manhattan Associates, Inc. (b)

     18,800         1,171,240   

MAXIMUS, Inc.

     8,327         495,956   

Nimble Storage, Inc. (a) (b)

     14,232         343,276   

Stratasys Ltd. (a) (b)

     14,900         394,701   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

61


MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Syntel, Inc. (b)

     18,200       $ 824,642   

Virtusa Corp. (b)

     55,156         2,830,054   
     

 

 

 
        7,357,600   
     

 

 

 
Semiconductors — 1.8%      

Entegris, Inc. (b)

     88,700         1,169,953   

Mellanox Technologies Ltd. (b)

     20,070         758,445   

Microsemi Corp. (b)

     16,585         544,320   

Monolithic Power Systems, Inc.

     9,150         468,480   

Nanometrics, Inc. (b)

     3,415         41,458   

ON Semiconductor Corp. (b)

     89,075         837,305   
     

 

 

 
        3,819,961   
     

 

 

 
Software — 9.9%      

Allscripts Healthcare Solutions, Inc. (b)

     82,760         1,026,224   

Demandware, Inc. (b)

     21,098         1,090,345   

Fair Isaac Corp.

     7,795         658,678   

Guidewire Software, Inc. (b)

     30,468         1,602,007   

HubSpot, Inc. (b)

     51,100         2,369,507   

Imperva, Inc. (b)

     6,530         427,584   

Monotype Imaging Holdings, Inc.

     43,200         942,624   

Paycom Software, Inc. (b)

     19,942         716,117   

Proofpoint, Inc. (b)

     16,800         1,013,376   

Telogis (c)

     80,369         155,112   

TiVo, Inc. (b)

     94,070         814,646   

Tyler Technologies, Inc. (b)

     21,158         3,159,101   

The Ultimate Software Group, Inc. (b)

     10,300         1,843,803   

Veeva Systems, Inc. Class A (b)

     135,520         3,172,523   

Verint Systems, Inc. (b)

     28,550         1,231,933   
     

 

 

 
        20,223,580   
     

 

 

 
        31,401,141   
     

 

 

 
Utilities — 0.6%      
Electric — 0.1%      

8Point3 Energy Partners LP (b)

     24,071         255,393   
     

 

 

 
Gas — 0.5%      

Southwest Gas Corp.

     15,580         908,626   
     

 

 

 
        1,164,019   
     

 

 

 
TOTAL COMMON STOCK
(Cost $191,073,541)
        190,667,864   
     

 

 

 
PREFERRED STOCK — 1.3%      
Communications — 0.3%      
Internet — 0.3%      

Veracode, Inc. (b) (c)

     10,688         283,125   

Zuora, Inc. . Series F (b) (c)

     69,937         265,712   
     

 

 

 
        548,837   
     

 

 

 
Consumer, Cyclical — 0.2%      
Auto Manufacturers — 0.2%      

Draftkings Series D (b) (c)

     14,868         113,969   
     Number of
Shares
     Value  

Draftkings, Inc. Series D 1 (b) (c)

     28,744       $ 220,335   

The Honest Co. (b) (c)

     4,027         184,255   
     

 

 

 
        518,559   
     

 

 

 
Technology — 0.8%      
Software — 0.8%      

Cloudera, Inc. Series F (b) (c)

     12,068         348,524   

Docusign, Inc. Series B (b) (c)

     456         8,463   

Docusign, Inc. Series B 1 (b) (c)

     136         2,524   

Docusign, Inc. Series D (b) (c)

     327         6,069   

Docusign, Inc. Series E (b) (c)

     8,460         157,018   

Docusign, Inc. Series F (b) (c)

     1,224         22,717   

Marklogic Corp. Series F (b) (c)

     22,966         269,851   

NUTANIX, Inc. Series E (b) (c)

     14,135         282,700   

Telogis (b) (c)

     109,450         485,958   
     

 

 

 
        1,583,824   
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $1,967,004)
        2,651,220   
     

 

 

 
TOTAL EQUITIES
(Cost $193,040,545)
        193,319,084   
     

 

 

 
MUTUAL FUNDS — 9.5%   
Diversified Financial — 9.5%   

iShares Russell 2000 Index Fund (a)

     7,611         831,121   

State Street Navigator Securities Lending Prime Portfolio (d)

     18,603,756         18,603,756   
     

 

 

 
        19,434,877   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $19,479,100)
        19,434,877   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $212,519,645)
        212,753,961   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.5%   
Repurchase Agreement — 2.5%   

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (e)

   $ 5,128,412         5,128,412   
     

 

 

 
Time Deposits — 0.0%      

Euro Time Deposit
0.010% 10/01/15

     3,639         3,639   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,132,051)
        5,132,051   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

62


MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

 

              
Value
 
TOTAL INVESTMENTS — 106.3%
(Cost $217,651,696) (f)
      $ 217,886,012   
Other Assets/(Liabilities) — (6.3)%         (12,992,072
     

 

 

 
NET ASSETS — 100.0%       $ 204,893,940   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt
(a) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2015, was $18,138,915 or 8.85% 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).
(b) Non-income producing security.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2015, these securities amounted to a value of $2,945,884 or 1.44% of net assets.
(d) Represents investment of security lending collateral. (Note 2).
(e) Maturity value of $5,128,413. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $5,242,050.
(f) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

63


MML Small Company Value Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.6%   
COMMON STOCK — 97.6%   
Basic Materials — 5.3%   
Chemicals — 2.3%   

American Vanguard Corp.

     27,600       $ 319,056   

Innospec, Inc.

     22,700         1,055,777   

Minerals Technologies, Inc.

     16,900         813,904   
     

 

 

 
        2,188,737   
     

 

 

 
Forest Products & Paper — 1.7%   

Clearwater Paper Corp. (a)

     15,700         741,668   

Potlatch Corp.

     18,200         523,978   

Wausau Paper Corp.

     67,100         429,440   
     

 

 

 
        1,695,086   
     

 

 

 
Iron & Steel — 0.9%      

Carpenter Technology Corp.

     18,100         538,837   

Reliance Steel & Aluminum Co.

     6,400         345,664   
     

 

 

 
        884,501   
     

 

 

 
Mining — 0.4%      

Stillwater Mining Co. (a)

     34,400         355,352   
     

 

 

 
        5,123,676   
     

 

 

 
Communications — 2.8%      
Internet — 1.0%      

New Media Investment Group, Inc.

     39,200         606,032   

Safeguard Scientifics, Inc. (a)

     24,800         385,392   
     

 

 

 
        991,424   
     

 

 

 
Media — 0.9%      

Cable One, Inc. (a)

     950         398,449   

Scholastic Corp.

     11,200         436,352   
     

 

 

 
        834,801   
     

 

 

 
Telecommunications — 0.9%   

Ixia (a)

     50,300         728,847   

Sonus Networks, Inc. (a)

     22,680         129,730   
     

 

 

 
        858,577   
     

 

 

 
        2,684,802   
     

 

 

 
Consumer, Cyclical — 10.1%      
Apparel — 0.9%      

Crocs, Inc. (a)

     20,900         270,133   

Steven Madden Ltd. (a)

     16,300         596,906   
     

 

 

 
        867,039   
     

 

 

 
Automotive & Parts — 0.8%      

Dorman Products, Inc. (a) (b)

     15,900         809,151   
     

 

 

 
Distribution & Wholesale — 2.0%   

Beacon Roofing Supply, Inc. (a)

     28,600         929,214   

Pool Corp.

     13,500         976,050   
     

 

 

 
        1,905,264   
     

 

 

 
     Number of
Shares
     Value  
Home Builders — 1.1%      

Cavco Industries, Inc. (a)

     7,600       $ 517,484   

Meritage Home Corp. (a)

     14,700         536,844   
     

 

 

 
        1,054,328   
     

 

 

 
Home Furnishing — 0.6%      

Ethan Allen Interiors, Inc. (b)

     22,100         583,661   
     

 

 

 
Leisure Time — 0.3%      

Interval Leisure Group, Inc.

     14,100         258,876   
     

 

 

 
Retail — 2.7%      

Fred’s, Inc. Class A

     29,100         344,835   

Party City Holdco, Inc. (a)

     14,400         229,968   

Pier 1 Imports, Inc. (b)

     66,300         457,470   

PriceSmart, Inc.

     10,000         773,400   

Red Robin Gourmet Burgers, Inc. (a)

     5,000         378,700   

Sportsman’s Warehouse Holdings, Inc. (a) (b)

     38,400         473,088   
     

 

 

 
        2,657,461   
     

 

 

 
Textiles — 1.7%      

Culp, Inc.

     21,200         679,884   

G&K Services, Inc. Class A

     14,950         995,969   
     

 

 

 
        1,675,853   
     

 

 

 
        9,811,633   
     

 

 

 
Consumer, Non-cyclical — 14.0%   
Agriculture — 0.5%      

Vector Group Ltd. (b)

     19,530         441,573   
     

 

 

 
Commercial Services — 5.3%   

Aaron’s, Inc.

     39,900         1,440,789   

American Public Education, Inc. (a)

     16,200         379,890   

Capella Education Co.

     5,400         267,408   

Electro Rent Corp.

     43,700         453,606   

FTI Consulting, Inc. (a)

     14,500         601,895   

Hillenbrand, Inc.

     13,130         341,511   

McGrath RentCorp

     35,600         950,164   

Navigant Consulting, Inc. (a)

     43,000         684,130   
     

 

 

 
        5,119,393   
     

 

 

 
Foods — 1.5%      

Pinnacle Foods, Inc.

     12,100         506,748   

Post Holdings, Inc. (a)

     7,600         449,160   

SpartanNash Co.

     20,200         522,170   
     

 

 

 
        1,478,078   
     

 

 

 
Health Care – Products — 3.8%   

Atrion Corp.

     2,630         986,145   

Halyard Health, Inc. (a)

     24,200         688,248   

Quidel Corp. (a)

     30,500         575,840   

West Pharmaceutical Services, Inc.

     27,300         1,477,476   
     

 

 

 
        3,727,709   
     

 

 

 
Health Care – Services — 2.4%   

The Ensign Group, Inc.

     5,300         225,939   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

64


MML Small Company Value Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

National Healthcare Corp.

     12,200       $ 742,858   

Select Medical Holdings Corp.

     34,500         372,255   

Triple-S Management Corp. Class B (a)

     18,400         327,704   

WellCare Health Plans, Inc. (a)

     7,400         637,732   
     

 

 

 
        2,306,488   
     

 

 

 
Household Products — 0.5%      

CSS Industries, Inc.

     18,300         482,022   
     

 

 

 
        13,555,263   
     

 

 

 
Diversified — 0.7%      
Holding Company – Diversified — 0.7%   

National Bank Holdings Corp. Class A

     33,700         691,861   
     

 

 

 
Energy — 3.7%      
Oil & Gas — 2.7%      

Atwood Oceanics, Inc. (b)

     20,700         306,567   

Clayton Williams Energy, Inc. (a) (b)

     12,100         469,601   

Matador Resources Co. (a)

     46,000         954,040   

PDC Energy, Inc. (a)

     9,100         482,391   

WPX Energy, Inc. (a)

     53,400         353,508   
     

 

 

 
        2,566,107   
     

 

 

 
Oil & Gas Services — 1.0%      

RPC, Inc. (b)

     42,500         376,125   

Tesco Corp.

     31,800         227,052   

TETRA Technologies, Inc. (a)

     68,200         403,062   
     

 

 

 
        1,006,239   
     

 

 

 
        3,572,346   
     

 

 

 
Financial — 29.6%      
Banks — 11.5%      

BBCN Bancorp, Inc.

     36,800         552,736   

Columbia Banking System, Inc.

     33,600         1,048,656   

East West Bancorp, Inc.

     42,926         1,649,217   

Glacier Bancorp, Inc.

     38,700         1,021,293   

Home Bancshares, Inc.

     57,675         2,335,838   

Popular, Inc.

     25,200         761,796   

Sandy Spring Bancorp, Inc.

     24,350         637,483   

Signature Bank (a)

     3,550         488,338   

SVB Financial Group (a)

     12,550         1,450,027   

Wintrust Financial Corp.

     22,700         1,212,861   
     

 

 

 
        11,158,245   
     

 

 

 
Diversified Financial — 1.0%   

Houlihan Lokey, Inc. (a)

     5,600         122,080   

Janus Capital Group, Inc. (b)

     30,700         417,520   

Waddell & Reed Financial, Inc. Class A

     12,000         417,240   
     

 

 

 
        956,840   
     

 

 

 
Insurance — 5.8%   

Assured Guaranty Ltd.

     20,382         509,550   

Employers Holdings, Inc.

     28,700         639,723   
     Number of
Shares
     Value  

National Interstate Corp.

     21,800       $ 581,624   

ProAssurance Corp.

     40,700         1,997,149   

Radian Group, Inc.

     47,700         758,907   

RenaissanceRe Holdings Ltd.

     2,600         276,432   

Safety Insurance Group, Inc.

     6,300         341,145   

State Auto Financial Corp. Class A

     20,200         460,762   

Third Point Reinsurance Ltd. (a)

     3,300         44,385   
     

 

 

 
        5,609,677   
     

 

 

 
Real Estate — 0.3%      

Forestar Real Esate Group, Inc. (a) (b)

     22,700         298,505   
     

 

 

 
Real Estate Investment Trusts (REITS) — 8.5%   

Acadia Realty Trust

     29,100         875,037   

American Assets Trust, Inc.

     7,200         294,192   

American Campus Communities, Inc.

     16,700         605,208   

Catchmark Timber Trust, Inc. Class A

     27,610         283,831   

Cedar Realty Trust, Inc.

     76,700         476,307   

Corporate Office Properties Trust

     18,200         382,746   

Douglas Emmett, Inc.

     10,300         295,816   

First Potomac Realty Trust

     51,800         569,800   

Home Properties, Inc.

     5,700         426,075   

Kilroy Realty Corp.

     11,500         749,340   

LaSalle Hotel Properties

     26,350         748,076   

PS Business Parks, Inc.

     7,100         563,598   

RLJ Lodging Trust

     25,400         641,858   

Rouse Properties, Inc.

     3,100         48,298   

Saul Centers, Inc.

     14,100         729,675   

Washington Real Estate Investment Trust (b)

     22,100         550,953   
     

 

 

 
        8,240,810   
     

 

 

 
Savings & Loans — 2.5%   

BankUnited, Inc.

     18,200         650,650   

Beneficial Bancorp, Inc. (a)

     46,600         617,916   

United Financial Bancorp, Inc.

     46,500         606,825   

WSFS Financial Corp.

     18,500         532,985   
     

 

 

 
        2,408,376   
     

 

 

 
        28,672,453   
     

 

 

 
Industrial — 19.2%      
Aerospace & Defense — 0.9%      

Cubic Corp.

     8,300         348,102   

Kaman Corp.

     15,000         537,750   
     

 

 

 
        885,852   
     

 

 

 
Building Materials — 2.3%      

Comfort Systems USA, Inc.

     21,600         588,816   

Drew Industries, Inc.

     16,500         901,065   

Universal Forest Products, Inc.

     12,200         703,696   
     

 

 

 
        2,193,577   
     

 

 

 
Electrical Components & Equipment — 3.2%   

Advanced Energy Industries, Inc. (a)

     25,600         673,280   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

65


MML Small Company Value Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Belden, Inc.

     16,700       $ 779,723   

Energizer Holdings, Inc.

     12,700         491,617   

Littelfuse, Inc.

     12,900         1,175,835   
     

 

 

 
        3,120,455   
     

 

 

 
Electronics — 2.9%      

Analogic Corp.

     6,900         566,076   

Badger Meter, Inc.

     9,800         568,988   

Brady Corp. Class A

     21,800         428,588   

Fabrinet (a)

     25,000         458,250   

Methode Electronics, Inc.

     17,000         542,300   

Newport Corp. (a)

     19,500         268,125   
     

 

 

 
        2,832,327   
     

 

 

 
Engineering & Construction — 0.5%   

Aegion Corp. (a)

     29,400         484,512   
     

 

 

 
Environmental Controls — 0.4%   

MSA Safety, Inc.

     11,000         439,670   
     

 

 

 
Machinery – Diversified — 0.5%   

Nordson Corp.

     7,100         446,874   
     

 

 

 
Manufacturing — 2.0%      

ESCO Technologies, Inc.

     22,300         800,570   

Matthews International Corp. Class A

     12,400         607,228   

Myers Industries, Inc.

     37,700         505,180   
     

 

 

 
        1,912,978   
     

 

 

 
Metal Fabricate & Hardware — 1.4%   

Circor International, Inc.

     12,400         497,488   

RBC Bearings, Inc. (a)

     6,400         382,272   

Sun Hydraulics Corp.

     16,800         461,496   
     

 

 

 
        1,341,256   
     

 

 

 
Transportation — 5.1%      

Bristow Group, Inc.

     9,700         253,752   

Genesee & Wyoming, Inc. Class A (a)

     20,450         1,208,186   

Kirby Corp. (a)

     10,250         634,987   

Landstar System, Inc.

     24,300         1,542,321   

Teekay Tankers Ltd. Class A

     73,900         509,910   

Universal Truckload Services, Inc.

     19,900         309,843   

UTI Worldwide, Inc. (a)

     101,500         465,885   
     

 

 

 
        4,924,884   
     

 

 

 
        18,582,385   
     

 

 

 
Technology — 4.4%      
Semiconductors — 2.2%      

Brooks Automation, Inc.

     39,400         461,374   

Cabot Microelectronics Corp. (a)

     19,800         767,052   

Intersil Corp. Class A

     32,200         376,740   

Veeco Instruments, Inc. (a)

     24,600         504,546   
     

 

 

 
        2,109,712   
     

 

 

 
Software — 2.2%      

Progress Software Corp. (a)

     23,300         601,839   
     Number of
Shares
     Value  

SYNNEX Corp.

     17,700       $ 1,505,562   
     

 

 

 
        2,107,401   
     

 

 

 
        4,217,113   
     

 

 

 
Utilities — 7.8%      
Electric — 3.2%      

Cleco Corp.

     8,450         449,878   

El Paso Electric Co.

     24,400         898,408   

NorthWestern Corp.

     19,200         1,033,536   

Portland General Electric Co.

     19,800         732,006   
     

 

 

 
        3,113,828   
     

 

 

 
Gas — 4.6%      

ONE Gas, Inc.

     19,800         897,534   

PNM Resources, Inc.

     43,500         1,220,175   

Southwest Gas Corp.

     22,000         1,283,040   

Vectren Corp.

     14,000         588,140   

WGL Holdings, Inc.

     8,000         461,360   
     

 

 

 
        4,450,249   
     

 

 

 
        7,564,077   
     

 

 

 
TOTAL COMMON STOCK
(Cost $82,618,118)
        94,475,609   
     

 

 

 
TOTAL EQUITIES
(Cost $82,618,118)
        94,475,609   
     

 

 

 
MUTUAL FUNDS — 4.6%      
Diversified Financial — 4.6%   

State Street Navigator Securities Lending Prime Portfolio (c)

     4,468,915         4,468,915   

T. Rowe Price Reserve Investment Fund

     1,002         1,002   
     

 

 

 
        4,469,917   
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $4,469,917)
        4,469,917   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $87,088,035)
        98,945,526   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.2%   
Repurchase Agreement — 2.2%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (d)

   $ 2,156,247         2,156,247   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,156,247)
        2,156,247   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

66


MML Small Company Value Fund – Portfolio of Investments (Continued)

 

        Value   

TOTAL INVESTMENTS — 104.4%

(Cost $89,244,282) (e)

      $ 101,101,773   
Other Assets/(Liabilities) — (4.4)%         (4,259,564
     

 

 

 
NET ASSETS — 100.0%       $ 96,842,209   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2015, was $4,338,828 or 4.48% 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 $2,156,248. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 9/30/22, and an aggregate market value, including accrued interest, of $2,201,713.
(e) See Note 3 for aggregate cost for federal tax purposes.

    

 

 

The accompanying notes are an integral part of the portfolio of investments.

 

67


MML Small/Mid Cap Value Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.6%      
COMMON STOCK — 97.6%      
Basic Materials — 2.4%      
Chemicals — 1.6%      

A. Schulman, Inc.

     72,770       $ 2,362,841   

Huntsman Corp.

     97,570         945,453   
     

 

 

 
        3,308,294   
     

 

 

 
Iron & Steel — 0.8%      

Steel Dynamics, Inc.

     97,709         1,678,641   
     

 

 

 
        4,986,935   
     

 

 

 
Communications — 4.7%      
Internet — 1.6%      

CDW Corp.

     82,000         3,350,520   
     

 

 

 
Media — 1.3%      

Cable One, Inc. (a)

     3,685         1,545,563   

Scholastic Corp.

     32,260         1,256,849   
     

 

 

 
        2,802,412   
     

 

 

 
Telecommunications — 1.8%      

Finisar Corp. (a)

     178,250         1,983,923   

Polycom, Inc. (a)

     164,850         1,727,628   
     

 

 

 
        3,711,551   
     

 

 

 
        9,864,483   
     

 

 

 
Consumer, Cyclical — 18.3%      
Apparel — 1.3%      

Crocs, Inc. (a)

     210,500         2,720,712   
     

 

 

 
Auto Manufacturers — 1.1%      

Oshkosh Corp.

     66,230         2,406,136   
     

 

 

 
Automotive & Parts — 3.1%      

Dana Holding Corp.

     145,253         2,306,617   

Lear Corp.

     22,846         2,485,188   

Tenneco, Inc. (a)

     41,931         1,877,251   
     

 

 

 
        6,669,056   
     

 

 

 
Distribution & Wholesale — 1.9%      

MRC Global, Inc. (a)

     182,640         2,036,436   

WESCO International, Inc. (a)

     41,580         1,932,223   
     

 

 

 
        3,968,659   
     

 

 

 
Home Builders — 2.0%      

Meritage Home Corp. (a)

     65,354         2,386,728   

PulteGroup, Inc.

     100,710         1,900,398   
     

 

 

 
        4,287,126   
     

 

 

 
Retail — 8.9%      

Big Lots, Inc.

     68,210         3,268,623   

Bloomin’ Brands, Inc.

     148,830         2,705,729   

Caleres, Inc.

     58,420         1,783,563   

The Children’s Place Retail Store, Inc.

     48,284         2,784,538   

Dillard’s, Inc. Class A

     19,640         1,716,340   

GameStop Corp. Class A

     56,273         2,319,010   
     Number of
Shares
     Value  

Insight Enterprises, Inc. (a)

     44,920       $ 1,161,182   

Office Depot, Inc. (a)

     290,897         1,867,559   

Pier 1 Imports, Inc.

     171,230         1,181,487   
     

 

 

 
        18,788,031   
     

 

 

 
        38,839,720   
     

 

 

 
Consumer, Non-cyclical — 11.1%      
Commercial Services — 3.6%      

Booz Allen Hamilton Holding Corp.

     119,030         3,119,776   

Genpact Ltd. (a)

     99,757         2,355,263   

Quanta Services, Inc. (a)

     89,940         2,177,447   
     

 

 

 
        7,652,486   
     

 

 

 
Foods — 2.3%      

Dean Foods Co.

     88,374         1,459,938   

Ingredion, Inc.

     39,480         3,446,999   
     

 

 

 
        4,906,937   
     

 

 

 
Health Care – Services — 3.3%      

LifePoint Health, Inc. (a)

     37,550         2,662,295   

Molina Healthcare, Inc. (a)

     25,570         1,760,495   

WellCare Health Plans, Inc. (a)

     30,180         2,600,912   
     

 

 

 
        7,023,702   
     

 

 

 
Household Products — 1.9%      

Avery Dennison Corp.

     36,375         2,057,734   

Helen of Troy Ltd. (a)

     21,800         1,946,740   
     

 

 

 
        4,004,474   
     

 

 

 
        23,587,599   
     

 

 

 
Energy — 4.2%      
Oil & Gas — 4.2%      

Murphy Oil Corp.

     79,920         1,934,064   

Murphy USA, Inc. (a)

     32,990         1,812,801   

QEP Resources, Inc.

     201,070         2,519,407   

SM Energy Co.

     79,830         2,557,753   
     

 

 

 
        8,824,025   
     

 

 

 
Financial — 29.2%      
Banks — 8.7%      

Associated Banc-Corp.

     92,907         1,669,539   

Comerica, Inc.

     72,685         2,987,353   

Fulton Financial Corp.

     163,970         1,984,037   

Huntington Bancshares, Inc.

     265,025         2,809,265   

Synovus Financial Corp.

     68,390         2,024,344   

Texas Capital Bancshares, Inc. (a)

     36,090         1,891,838   

Webster Financial Corp.

     54,470         1,940,766   

Zions Bancorp

     112,935         3,110,230   
     

 

 

 
        18,417,372   
     

 

 

 
Diversified Financial — 1.8%      

E*TRADE Financial Corp. (a)

     81,324         2,141,261   

SLM Corp. (a)

     231,501         1,713,107   
     

 

 

 
        3,854,368   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

68


MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Insurance — 12.0%      

American Financial Group, Inc.

     47,440       $ 3,269,090   

Aspen Insurance Holdings Ltd.

     68,610         3,188,307   

CNO Financial Group, Inc.

     171,570         3,227,232   

Essent Group Ltd. (a)

     106,920         2,656,962   

First American Financial Corp.

     82,350         3,217,415   

The Hanover Insurance Group, Inc.

     39,720         3,086,244   

StanCorp Financial Group, Inc.

     30,510         3,484,242   

Validus Holdings Ltd.

     71,430         3,219,350   
     

 

 

 
        25,348,842   
     

 

 

 
Real Estate Investment Trusts (REITS) — 5.8%   

DDR Corp.

     118,220         1,818,224   

Gramercy Property Trust, Inc.

     118,790         2,467,268   

LTC Properties, Inc.

     64,230         2,740,694   

Mid-America Apartment Communities, Inc.

     25,270         2,068,855   

RLJ Lodging Trust

     79,210         2,001,637   

STAG Industrial, Inc.

     68,580         1,248,842   
     

 

 

 
        12,345,520   
     

 

 

 
Savings & Loans — 0.9%      

First Niagara Financial Group, Inc.

     189,468         1,934,468   
     

 

 

 
        61,900,570   
     

 

 

 
Industrial — 15.8%      
Aerospace & Defense — 1.0%      

Spirit AeroSystems Holdings, Inc. Class A (a)

     43,980         2,125,993   
     

 

 

 
Electrical Components & Equipment — 0.4%   

General Cable Corp.

     76,601         911,552   
     

 

 

 
Electronics — 5.2%      

Avnet, Inc.

     79,030         3,373,000   

Celestica, Inc. (a)

     119,160         1,535,972   

Keysight Technologies, Inc. (a)

     83,090         2,562,496   

TTM Technologies, Inc. (a)

     159,846         995,841   

Vishay Intertechnology, Inc.

     267,906         2,596,009   
     

 

 

 
        11,063,318   
     

 

 

 
Engineering & Construction — 4.1%   

AECOM (a)

     108,443         2,983,267   

EMCOR Group, Inc.

     66,290         2,933,332   

Granite Construction, Inc.

     74,685         2,215,904   

Tutor Perini Corp. (a)

     34,406         566,323   
     

 

 

 
        8,698,826   
     

 

 

 
Hand & Machine Tools — 1.2%   

Regal Beloit Corp.

     42,910         2,422,270   
     

 

 

 
Manufacturing — 0.9%      

ITT Corp.

     56,840         1,900,161   
     

 

 

 
Packaging & Containers — 0.8%   

Graphic Packaging Holding Co.

     134,160         1,715,907   
     

 

 

 
Transportation — 2.2%      

Con-way, Inc.

     46,930         2,226,828   
     Number of
Shares
     Value  

Ryder System, Inc.

     31,990       $ 2,368,540   
     

 

 

 
        4,595,368   
     

 

 

 
        33,433,395   
     

 

 

 
Technology — 6.3%      
Computers — 3.1%      

Amdocs Ltd.

     38,988         2,217,637   

Brocade Communications Systems, Inc.

     144,460         1,499,495   

NCR Corp. (a)

     124,740         2,837,835   
     

 

 

 
        6,554,967   
     

 

 

 
Semiconductors — 2.4%      

Advanced Micro Devices, Inc. (a)

     314,070         540,200   

Fairchild Semiconductor International, Inc. (a)

     225,690         3,168,688   

Lam Research Corp.

     22,315         1,457,839   
     

 

 

 
        5,166,727   
     

 

 

 
Software — 0.8%      

Electronic Arts, Inc. (a)

     23,360         1,582,640   
     

 

 

 
        13,304,334   
     

 

 

 
Utilities — 5.6%      
Electric — 1.2%      

Westar Energy, Inc.

     67,270         2,585,859   
     

 

 

 
Gas — 4.4%      

PNM Resources, Inc.

     110,123         3,088,950   

Southwest Gas Corp.

     50,570         2,949,242   

UGI Corp.

     91,235         3,176,803   
     

 

 

 
        9,214,995   
     

 

 

 
        11,800,854   
     

 

 

 
TOTAL COMMON STOCK
(Cost $204,490,667)
        206,541,915   
     

 

 

 
TOTAL EQUITIES
(Cost $204,490,667)
        206,541,915   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $204,490,667)
        206,541,915   
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 1.7%   
Repurchase Agreement — 1.7%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (b)

   $ 3,494,297         3,494,297   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,494,297)
        3,494,297   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

69


MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

 

        Value   
TOTAL INVESTMENTS — 99.3%
(Cost $207,984,964) (c)
      $ 210,036,212   
Other Assets/(Liabilities) — 0.7%         1,571,863   
     

 

 

 
NET ASSETS — 100.0%       $ 211,608,075   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $3,494,298. Collateralized by U.S. Government Agency obligations with a rate of 1.500%, maturity date of 1/31/22, and an aggregate market value, including accrued interest, of $3,568,950.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

70


MML Total Return Bond Fund – Portfolio of Investments

 

September 30, 2015 (Unaudited)

 

     Principal
Amount
     Value  
BONDS & NOTES — 101.4%      
BANK LOANS — 0.3%      
Diversified Financial — 0.3%      

Delos Finance SARL, Term Loan B
3.500% 3/06/21

   $ 840,000       $ 836,850   
     

 

 

 
TOTAL BANK LOANS
(Cost $836,194)
        836,850   
     

 

 

 
CORPORATE DEBT — 21.3%      
Airlines — 0.8%      

Continental Airlines Pass Through Trust
7.250% 5/10/21

     1,951,890         2,190,996   

Northwest Airlines Pass Through Trust
7.041% 10/01/23

     389,293         443,794   
     

 

 

 
        2,634,790   
     

 

 

 
Auto Manufacturers — 0.4%      

General Motors Financial Co., Inc.
2.750% 5/15/16

     750,000         754,597   

General Motors Financial Co., Inc.
4.750% 8/15/17

     500,000         518,997   
     

 

 

 
        1,273,594   
     

 

 

 
Banks — 3.2%      

Bank of America Corp. FRN
0.617% 6/15/16

     2,500,000         2,492,977   

CIT Group, Inc. (a)
6.625% 4/01/18

     350,000         370,125   

Citigroup, Inc. FRN
1.255% 7/25/16

     2,800,000         2,808,204   

Credit Suisse FRN
0.984% 1/29/18

     1,750,000         1,744,718   

The Goldman Sachs Group, Inc.
3.750% 5/22/25

     600,000         601,245   

HBOS PLC (a)
6.750% 5/21/18

     1,100,000         1,212,405   

JP Morgan Chase & Co. FRN
0.845% 4/25/18

     700,000         696,790   

Morgan Stanley FRN
1.575% 4/25/18

     1,000,000         1,014,078   
     

 

 

 
        10,940,542   
     

 

 

 
Biotechnology — 0.2%      

Gilead Sciences, Inc.
3.250% 9/01/22

     600,000         604,705   
     

 

 

 
Commercial Services — 0.3%      

Catholic Health Initiatives
2.950% 11/01/22

     500,000         494,257   

Catholic Health Initiatives
4.350% 11/01/42

     625,000         580,992   
     

 

 

 
        1,075,249   
     

 

 

 
     Principal
Amount
     Value  
Diversified Financial — 6.7%      

Capital One Bank USA NA
2.250% 2/13/19

   $ 1,000,000       $ 996,445   

Federal Home Loan Banks STEP
1.250% 6/28/30

     2,010,000         2,006,229   

Federal Home Loan Mortgage Corp.
1.250% 10/02/19

     700,000         697,150   

Ford Motor Credit Co. LLC FRN
0.761% 11/08/16

     1,400,000         1,391,537   

General Electric Capital Corp.
5.875% 1/14/38

     850,000         1,060,016   

The Goldman Sachs Group, Inc.
3.500% 1/23/25

     500,000         492,079   

The Goldman Sachs Group, Inc.
5.950% 1/18/18

     1,750,000         1,911,889   

International Lease Finance Corp. (a)
7.125% 9/01/18

     1,000,000         1,099,900   

JP Morgan Chase & Co. FRN
0.841% 2/15/17

     2,700,000         2,697,899   

JP Morgan Chase & Co.
5.875% 6/13/16

     3,100,000         3,202,387   

Macquarie Bank Ltd. (a)
6.625% 4/07/21

     975,000         1,092,865   

Merrill Lynch & Co., Inc.
6.875% 4/25/18

     4,400,000         4,917,598   

Morgan Stanley
2.375% 7/23/19

     500,000         500,053   

Morgan Stanley
5.450% 1/09/17

     1,000,000         1,050,340   
     

 

 

 
        23,116,387   
     

 

 

 
Electric — 2.1%      

Duquesne Light Holdings, Inc. (a)
6.400% 9/15/20

     1,500,000         1,723,232   

Florida Power & Light Co.
3.800% 12/15/42

     1,200,000         1,144,801   

Jersey Central Power & Light Co. (a)
4.700% 4/01/24

     800,000         837,215   

Jersey Central Power & Light Co.
6.400% 5/15/36

     425,000         478,578   

MidAmerican Energy Co.
4.800% 9/15/43

     1,400,000         1,532,632   

Southern California Edison Co.
3.600% 2/01/45

     700,000         643,381   

Southwestern Electric Power Co.
6.200% 3/15/40

     800,000         976,646   
     

 

 

 
        7,336,485   
     

 

 

 
Foods — 0.2%      

Kraft Heinz Foods Co. (a)
1.600% 6/30/17

     558,000         558,859   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

71


MML Total Return Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Gas — 1.0%      

CenterPoint Energy Resources Corp.
6.250% 2/01/37

   $ 1,095,000       $ 1,309,675   

Florida Gas Transmission Co. LLC (a)
7.900% 5/15/19

     1,000,000         1,159,815   

Southern California Gas Co.
3.750% 9/15/42

     1,000,000         948,410   
     

 

 

 
        3,417,900   
     

 

 

 
Health Care – Services — 0.5%      

CHS/Community Health Systems, Inc.
7.125% 7/15/20

     340,000         353,600   

DaVita HealthCare Partners, Inc.
5.000% 5/01/25

     415,000         398,400   

HCA, Inc.
5.000% 3/15/24

     800,000         802,000   

Tenet Healthcare Corp. FRN (a)
3.837% 6/15/20

     350,000         347,594   
     

 

 

 
        1,901,594   
     

 

 

 
Insurance — 0.6%      

Berkshire Hathaway Finance Corp.
4.300% 5/15/43

     500,000         481,661   

Berkshire Hathaway Finance Corp.
4.400% 5/15/42

     750,000         739,424   

Farmers Exchange Capital III VRN (a)
5.454% 10/15/54

     970,000         961,908   
     

 

 

 
        2,182,993   
     

 

 

 
Lodging — 0.1%      

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.625% 10/15/21

     345,000         356,213   
     

 

 

 
Media — 0.5%      

CCO Holdings LLC/CCO Holdings Capital Corp.
6.500% 4/30/21

     475,000         477,375   

CCO Safari II LLC (a)
4.464% 7/23/22

     525,000         525,277   

DISH DBS Corp.
6.750% 6/01/21

     170,000         163,730   

Neptune Finco Corp. (a) (b)
6.625% 10/15/25

     350,000         351,750   

Sirius XM Radio, Inc. (a)
4.250% 5/15/20

     165,000         161,288   

Univision Communications, Inc. (a)
5.125% 5/15/23

     170,000         161,500   
     

 

 

 
        1,840,920   
     

 

 

 
Oil & Gas — 0.3%      

Exxon Mobil Corp.
3.567% 3/06/45

     400,000         377,335   

Noble Energy, Inc.
5.250% 11/15/43

     140,000         124,391   
     Principal
Amount
     Value  

Shell International Finance BV
4.375% 5/11/45

   $ 415,000       $ 410,374   
     

 

 

 
        912,100   
     

 

 

 
Packaging & Containers — 0.1%      

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. FRN (a)
3.337% 12/15/19

     200,000         193,000   

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.750% 10/15/20

     345,000         348,450   
     

 

 

 
        541,450   
     

 

 

 
Pharmaceuticals — 0.4%      

Actavis Funding SCS
4.750% 3/15/45

     600,000         544,772   

Endo Finance LLC/Endo Ltd./Endo Finco, Inc. (a)
6.000% 7/15/23

     200,000         197,500   

Valeant Pharmaceuticals International, Inc. (a)
5.500% 3/01/23

     800,000         760,000   
     

 

 

 
        1,502,272   
     

 

 

 
Pipelines — 1.2%      

Boardwalk Pipelines LLC
5.500% 2/01/17

     1,000,000         1,029,285   

Energy Transfer Partners LP
3.600% 2/01/23

     1,250,000         1,125,328   

Energy Transfer Partners LP
5.150% 3/15/45

     400,000         312,032   

Rockies Express Pipeline LLC (a)
5.625% 4/15/20

     700,000         679,000   

Sabine Pass Liquefaction LLC, Series WI
5.750% 5/15/24

     300,000         267,000   

Spectra Energy Partners LP
4.500% 3/15/45

     800,000         678,604   
     

 

 

 
        4,091,249   
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.1%      

HCP, Inc.
3.400% 2/01/25

     1,000,000         936,605   

HCP, Inc.
3.875% 8/15/24

     500,000         489,172   

Ventas Realty LP
3.500% 2/01/25

     1,500,000         1,449,622   

Welltower, Inc.
4.000% 6/01/25

     830,000         829,753   
     

 

 

 
        3,705,152   
     

 

 

 
Retail — 0.1%      

Wal-Mart Stores, Inc.
4.000% 4/11/43

     400,000         388,769   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

72


MML Total Return Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
Software — 0.2%      

Microsoft Corp.
3.750% 2/12/45

   $ 635,000       $ 586,729   
     

 

 

 
Telecommunications — 1.2%      

Altice US Finance I Corp. (a)
5.375% 7/15/23

     350,000         336,000   

Sprint Communications, Inc. (a)
9.000% 11/15/18

     700,000         734,510   

T-Mobile USA, Inc.
6.250% 4/01/21

     345,000         343,793   

Verizon Communications, Inc. FRN
1.867% 9/15/16

     1,000,000         1,009,493   

Verizon Communications, Inc. FRN
2.086% 9/14/18

     200,000         205,636   

Verizon Communications, Inc.
2.500% 9/15/16

     1,509,000         1,529,734   
     

 

 

 
        4,159,166   
     

 

 

 
Transportation — 0.1%      

Burlington Northern Santa Fe LLC
4.150% 4/01/45

     525,000         489,136   
     

 

 

 
TOTAL CORPORATE DEBT
(Cost $75,139,411)
        73,616,254   
     

 

 

 
MUNICIPAL OBLIGATIONS — 0.9%   

City of New York NY
5.206% 10/01/31

     750,000         839,520   

Los Angeles Community College District BAB
6.750% 8/01/49

     900,000         1,242,603   

New York State Dormitory Authority
5.289% 3/15/33

     750,000         871,777   
     

 

 

 
        2,953,900   
     

 

 

 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,736,448)
        2,953,900   
     

 

 

 
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.0%   
Commercial MBS — 2.3%      

BAMLL Commercial Mortgage Securities Trust,
Series 2012-PARK, Class A (a)
2.959% 12/10/30

     375,000         378,615   

Banc of America Large Loan, Inc., Series 2009-UB2, Class A4AA VRN (a)
5.811% 2/24/51

     825,920         853,948   

Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2 VRN
5.843% 6/11/40

     126,256         126,650   
     Principal
Amount
     Value  

GS Mortgage Securities Trust, Series 2011-GC3, Class A3 (a)
4.473% 3/10/44

   $ 1,570,000       $ 1,587,968   

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 (a)
3.341% 7/15/46

     1,298,194         1,308,008   

JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2010-C2, Class A2 (a)
3.616% 11/15/43

     1,200,000         1,249,231   

JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2011-C3, Class A2 (a)
3.673% 2/15/46

     288,151         291,985   

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C1, Class A1 (a)
3.853% 6/15/43

     56,516         56,517   

LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4
5.156% 2/15/31

     749,607         750,164   

Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2 (a)
4.393% 11/15/43

     500,000         548,786   

WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4 VRN (a)
4.902% 6/15/44

     800,000         905,308   
     

 

 

 
        8,057,180   
     

 

 

 
Credit Card ABS — 0.2%      

Citibank Credit Card Issuance Trust, Series 2014-A3, Class A3 FRN
0.403% 5/09/18

     865,000         864,594   
     

 

 

 
Home Equity ABS — 1.5%      

Bear Stearns I Trust, Series 2006-HE1, Class 1M1 FRN
0.604% 12/25/35

     2,000,000         1,904,095   

New Century Home Equity Loan Trust, Series 2005-2, Class M1 FRN
0.624% 6/25/35

     1,505,436         1,499,829   

Wells Fargo Home Equity Trust, Series 2004-2, Class M3 FRN
0.894% 10/25/34

     1,992,891         1,826,335   
     

 

 

 
        5,230,259   
     

 

 

 
Other ABS — 3.2%      

Betony CLO Ltd., Series 2015-1A, Class A FRN (a)
1.799% 4/15/27

     1,060,000         1,054,962   

Blue Hill CLO Ltd., Series 2013-1A, Class A FRN (a)
1.769% 1/15/26

     950,000         944,139   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

73


MML Total Return Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Cedar Funding CLO Ltd.,
Series 2014-3A, Class A1 FRN (a)
1.863% 5/20/26

   $ 1,175,000       $ 1,166,358   

Countrywide Asset-Backed Certificates, Series 2006-15, Class A3 VRN
5.089% 10/25/46

     2,343,816         2,203,806   

First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2 FRN
0.664% 7/25/35

     1,006,274         956,549   

Magnetite CLO Ltd., Series 2015-12A, Class A FRN (a)
1.789% 4/15/27

     1,060,000         1,056,001   

RAMP Trust, Series 2005-RS2, Class M2 FRN
0.674% 2/25/35

     1,602,355         1,592,358   

Saxon Asset Securities Trust, Series 2005-1, Class M1 FRN
0.884% 5/25/35

     1,106,678         1,046,824   

Voya CLO Ltd., Series 2015-1A, Class A1 FRN (a)
1.755% 4/18/27

     1,020,000         1,014,667   
     

 

 

 
        11,035,664   
     

 

 

 
Student Loans ABS — 6.9%      

Access Group, Inc., Series 2015-1, Class A FRN (a)
0.894% 7/25/56

     1,333,753         1,294,176   

Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4 FRN
0.526% 3/28/35

     1,500,000         1,384,060   

Nelnet Student Loan Trust, Series 2015-1A, Class A FRN (a)
0.784% 4/25/41

     1,984,625         1,925,387   

Nelnet Student Loan Trust, Series 2015-3A, Class A2 FRN (a)
0.794% 2/26/46

     2,075,000         1,994,196   

Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A FRN (a)
0.944% 11/25/42

     1,879,452         1,815,567   

SLC Student Loan Trust, Series 2006-2, Class A6 FRN
0.497% 9/15/39

     2,300,000         1,952,101   

SLC Student Loan Trust, Series 2005-2, Class B FRN
0.617% 3/15/40

     443,206         375,363   

SLM Student Loan Trust,
Series 2007-1, Class A5 FRN
0.385% 1/26/26

     2,140,000         2,033,229   

SLM Student Loan Trust,
Series 2005-4, Class B FRN
0.475% 7/25/40

     232,221         194,407   
     Principal
Amount
     Value  

SLM Student Loan Trust,
Series 2005-9, Class B FRN
0.595% 1/25/41

   $ 225,424       $ 187,428   

SLM Student Loan Trust,
Series 2012-1, Class A2 FRN
0.644% 11/25/20

     1,387,282         1,383,684   

SLM Student Loan Trust,
Series 2007-6, Class A4 FRN
0.675% 10/25/24

     2,120,000         2,002,573   

SLM Student Loan Trust,
Series 2011-1, Class A1 FRN
0.714% 3/25/26

     1,581,210         1,560,437   

SLM Student Loan Trust,
Series 2012-2, Class A FRN
0.894% 1/25/29

     1,824,626         1,787,752   

SLM Student Loan Trust,
Series 2007-6, Class B FRN
1.145% 4/27/43

     639,382         530,211   

SLM Student Loan Trust,
Series 2007-8, Class B FRN
1.295% 4/27/43

     219,690         186,757   

SLM Student Loan Trust,
Series 2008-9, Class A FRN
1.795% 4/25/23

     1,794,363         1,797,426   

SLM Student Loan Trust,
Series 2008-5, Class B FRN
2.145% 7/25/29

     700,000         645,546   

SLM Student Loan Trust,
Series 2008-9, Class B FRN
2.545% 10/25/29

     680,000         653,180   
     

 

 

 
        23,703,480   
     

 

 

 
WL Collateral CMO — 7.9%      

Banc of America Funding Ltd.,
Series 2012-R5, Class A FRN (a)
0.459% 10/03/39

     615,970         611,820   

Chase Mortgage Finance Corp.,
Series 2006-A1, Class 4A1 FRN
5.455% 9/25/36

     62,802         55,639   

Chase Mortgage Finance Trust,
Series 2007-A1, Class 11A4 FRN
2.465% 3/25/37

     1,075,172         968,171   

Citigroup Mortgage Loan Trust,
Series 2005-11, Class A2A FRN
2.730% 10/25/35

     1,591,985         1,564,200   

First Horizon Mortgage Pass-Through Trust, Series 2005-AR5,
Class 2A1 FRN
2.619% 11/25/35

     1,987,382         1,826,211   

GSR Mortgage Loan Trust,
Series 2005-AR6, Class 1A1 FRN
2.726% 9/25/35

     381,783         381,532   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

74


MML Total Return Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Impac CMB Trust, Series 2005-1,
Class 1A1 FRN
0.714% 4/25/35

   $ 1,995,775       $ 1,785,320   

IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 1A3 FRN
0.464% 10/25/36

     2,978,808         1,957,133   

IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1 FRN
2.852% 10/25/35

     2,019,388         1,673,657   

JP Morgan Alternative Loan Trust, Series 2005-A2, Class 1A1 FRN
0.714% 1/25/36

     360,395         322,527   

Morgan Stanley Resecuritization Trust, Series 2014-R9,
Class 3A FRN (a)
1.023% 11/26/46

     1,931,511         1,872,495   

Nomura Asset Acceptance Corp. Alternative Loan Trust,
Series 2005-AR1, Class M1 FRN
0.764% 2/25/35

     3,200,000         2,898,895   

Nomura Resecuritization Trust,
Series 2015-1R,
Class 6A1 FRN (a)
0.426% 5/26/47

     1,481,941         1,435,708   

Opteum Mortgage Acceptance Corp., Series 2005-5, Class 1APT FRN
0.474% 12/25/35

     891,115         769,356   

Springleaf Mortgage Loan Trust,
Series 2012-3A, Class A VRN (a)
1.570% 12/25/59

     1,288,355         1,281,415   

WaMu Mortgage Pass-Through Certificates, Series 2005-AR13,
Class A1A1 FRN
0.484% 10/25/45

     1,703,097         1,592,725   

Washington Mutual Mortgage Pass-Through Certificates,
Series 2005-AR2,
Class 2A21 FRN
0.524% 1/25/45

     1,603,130         1,482,154   

Washington Mutual Mortgage Pass-Through Certificates,
Series 2006-1 Class 3A2
5.750% 2/25/36

     2,025,466         1,809,180   

Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 3A1 FRN
2.599% 4/25/36

     2,003,693         1,917,109   

Wells Fargo Mortgage Backed Securities Trust, Series 2004-DD, Class 2A6 FRN
2.619% 1/25/35

     654,141         652,524   

Wells Fargo Mortgage Backed Securities Trust,
Series 2006-AR10, Class 1A1 FRN
2.695% 7/25/36

     457,172         442,854   
     

 

 

 
        27,300,625   
     

 

 

 
     Principal
Amount
     Value  
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $76,601,916)
      $ 76,191,802   
     

 

 

 
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 28.2%    
Collateralized Mortgage Obligations — 1.2%   

Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series KF03, Class A
0.539% 1/25/21 FRN

   $ 1,646,552         1,646,010   

Series KSCT, Class A2
4.285% 1/25/20

     570,000         631,516   

Federal National Mortgage Association-Aces,
Series 2015-M10,
Class FA FRN
0.455% 3/25/19

     1,830,843         1,830,302   
     

 

 

 
        4,107,828   
     

 

 

 
Pass-Through Securities — 27.0%      

Federal Home Loan Mortgage Corp.
Pool #G18568 2.500%
9/01/30

     2,000,000         2,041,719   

Pool #G18565 3.000%
8/01/30

     1,073,384         1,118,206   

Pool #U99114 3.500%
2/01/44

     2,183,295         2,277,961   

Pool #G07848 3.500%
4/01/44

     3,735,406         3,921,884   

Pool #G07924 3.500%
1/01/45

     3,847,479         4,026,327   

Pool #G60023 3.500%
4/01/45

     3,843,092         4,028,942   

Pool #G08641 3.500%
5/01/45

     3,665,388         3,816,299   

Pool #G08650 3.500%
6/01/45

     2,759,259         2,872,863   

Federal National Mortgage Association
Pool #AM0359 2.310%
8/01/22

     500,000         501,466   

Pool #AM0992 2.340%
11/01/22

     820,000         819,396   

Pool #AM1402 2.420%
11/01/22

     945,000         949,297   

Pool #AM0827 2.600%
11/01/22

     1,025,510         1,050,784   

Pool #AM2808 2.700%
3/01/23

     375,000         382,691   

Pool #AL6829 2.965%
5/01/27

     1,386,207         1,405,865   

Pool #MA1607 3.000%
10/01/33

     1,074,538         1,114,330   

Pool #AB4262 3.500%
1/01/32

     1,189,181         1,259,092   
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

75


MML Total Return Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  

Pool #MA1512 3.500%
7/01/33

   $ 546,178       $ 577,263   

Pool #MA1148 3.500%
8/01/42

     3,550,409         3,713,645   

Pool #469621 3.650%
11/01/21

     1,636,209         1,765,827   

Pool #AM4108 3.850%
8/01/25

     388,229         421,042   

Pool #AM4109 3.850%
8/01/25

     431,905         468,409   

Pool #466960 3.890%
12/01/20

     1,169,845         1,271,993   

Pool #466919 3.930%
1/01/21

     1,504,022         1,637,937   

Pool #AM4236 3.940%
8/01/25

     641,993         699,874   

Pool #468551 3.980%
7/01/21

     1,230,000         1,345,848   

Pool #AM5165 4.080%
1/01/29

     664,264         726,985   

Pool #931504 4.500%
7/01/39

     168,836         185,436   

Pool #986268 5.000%
7/01/38

     2,172         2,399   

Pool #AB0057 5.000%
4/01/39

     1,749,539         1,932,762   

Pool #AD6374 5.000%
5/01/40

     65,491         72,329   

Pool #AE6338 5.000%
11/01/40

     71,467         78,952   

Pool #AI2733 5.000%
5/01/41

     537,093         593,845   

Pool #977014 5.500%
5/01/38

     72,522         81,553   

Pool #985524 5.500%
6/01/38

     61,774         68,965   

Pool #988578 5.500%
8/01/38

     481,164         539,129   

Pool #995482 5.500%
1/01/39

     333,364         374,826   

Federal National Mortgage Association TBA
Pool #9768 3.000%
12/01/42 (b)

     9,425,000         9,550,175   

Pool #17115 3.500%
5/01/43 (b)

     5,855,000         6,106,582   

Pool #18388 4.000%
7/01/42 (b)

     670,000         714,597   

Pool #18388 4.000%
7/01/42 (b)

     6,930,000         7,377,743   

Pool #21133 4.500%
4/01/40 (b)

     3,250,000         3,523,203   
     Principal
Amount
     Value  

Government National Mortgage Association II
Pool #MA3033 3.000%
8/20/45

   $ 3,397,133       $ 3,471,711   

Pool #MA2826 3.500%
5/20/45

     1,940,073         2,034,500   

Pool #MA2961 3.500%
7/20/45

     1,831,241         1,921,516   

Government National Mortgage Association II
TBA Pool #1635 3.500%
9/01/43 (b)

     7,090,000         7,426,775   

Pool #1367 4.000%
4/01/43 (b)

     1,975,000         2,103,684   

Pool #1523 4.500%
3/01/41 (b)

     1,000,000         1,074,375   
     

 

 

 
        93,451,002   
     

 

 

 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $97,190,674)
        97,558,830   
     

 

 

 
U.S. TREASURY OBLIGATIONS — 27.0%   
U.S. Treasury Bonds & Notes — 27.0%   

U.S. Treasury Bond
2.875% 8/15/45

     6,165,000         6,161,267   

U.S. Treasury Inflation Index
0.125% 4/15/16

     1,173,102         1,161,584   

U.S. Treasury Inflation Index
0.125% 7/15/24

     3,276,593         3,126,247   

U.S. Treasury Inflation Index
0.250% 1/15/25

     5,939,802         5,693,164   

U.S. Treasury Inflation Index
0.750% 2/15/45

     3,922,129         3,401,274   

U.S. Treasury Inflation Index
1.375% 2/15/44

     4,817,920         4,888,368   

U.S. Treasury Inflation Index
2.500% 7/15/16

     691,283         702,642   

U.S. Treasury Note
0.625% 8/31/17

     10,885,000         10,885,426   

U.S. Treasury Note
0.750% 12/31/17

     100,000         100,039   

U.S. Treasury Note
0.875% 11/15/17

     16,500,000         16,558,007   

U.S. Treasury Note
1.375% 8/31/20

     15,240,000         15,257,860   

U.S. Treasury Note
1.375% 9/30/20

     6,970,000         6,970,000   

U.S. Treasury Note
2.000% 8/15/25

     5,310,000         5,282,205   

U.S. Treasury Note
2.125% 9/30/21

     12,895,000         13,268,754   
     

 

 

 
        93,456,837   
     

 

 

 
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

76


MML Total Return Bond Fund – Portfolio of Investments (Continued)

 

     Principal
Amount
     Value  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $94,219,194)
      $ 93,456,837   
     

 

 

 
TOTAL BONDS & NOTES
(Cost $346,723,837)
        344,614,473   
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $346,723,837)
        344,614,473   
     

 

 

 
SHORT-TERM INVESTMENTS — 11.4%   
Discount Notes — 8.1%   

Federal Home Loan Bank Discount Note
0.000% 10/23/15

   $ 3,135,000         3,134,986   

Federal National Mortgage Association Discount Note
0.000% 1/05/16

     2,610,000         2,609,685   

Federal Home Loan Bank Discount Note
0.010% 10/02/15

     5,115,000         5,114,990   

Federal Home Loan Bank Discount Note
0.100% 10/15/15

     17,000,000         16,999,339   
TOTAL DISCOUNT NOTES
(Cost $27,856,599)
        27,859,000   
     

 

 

 
Repurchase Agreement — 3.3%      

State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/15, 0.010%, due 10/01/15 (c)

     11,336,762         11,336,762   
     

 

 

 
Time Deposits — 0.0%      

Euro Time Deposit
0.010% 10/01/15

     119,453         119,453   
     

 

 

 
U.S. Treasury Bills — 0.0%      

U.S. Treasury Bill (d)
0.000% 10/15/15

     135,000         134,999   
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,447,813)
        39,450,214   
     

 

 

 
TOTAL INVESTMENTS — 111.1%
(Cost $386,171,650) (e)
        384,064,687   
Other Assets/
(Liabilities) — (11.1)%
        (38,276,806
     

 

 

 
NET ASSETS — 100.0%       $ 345,787,881   
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ABS Asset-Backed Security
BAB Build America Bonds
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
FRN Floating Rate Note
MBS Mortgage-Backed Security
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note
WL Whole Loan
(a) 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 September 30, 2015, these securities amounted to a value of $38,111,000 or 11.02% of net assets.
(b) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(c) Maturity value of $11,336,766. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 9/30/22, and an aggregate market value, including accrued interest, of $11,566,463.
(d) A portion of this security is held as collateral for open futures contracts. (Note 2).
(e) See Note 3 for aggregate cost for federal tax purposes.
 

 

The accompanying notes are an integral part of the portfolio of investments.

 

77


Notes to Portfolio of Investments (Unaudited)

 

1.   The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)

MML American Funds® Core Allocation Fund (“American Funds Core Allocation Fund”)

MML American Funds® Growth Fund (“American Funds Growth Fund”)

MML American Funds® International Fund (“American Funds International Fund”)

MML Balanced Allocation Fund (“Balanced Allocation Fund”)

MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MML Conservative Allocation Fund (“Conservative Allocation Fund”)

MML Equity Income Fund (“Equity Income Fund”)

MML Equity Index Fund (“Equity Index Fund”)

MML Focused Equity Fund (“Focused Equity Fund”)

MML Foreign Fund (“Foreign Fund”)

MML Fundamental Growth Fund (“Fundamental Growth Fund”)

MML Fundamental Value Fund (“Fundamental Value Fund”)

MML Global Fund (“Global Fund”)

MML Growth Allocation Fund (“Growth Allocation Fund”)

MML Growth & Income Fund (“Growth & Income Fund”)

MML Income & Growth Fund (“Income & Growth Fund”)

MML International Equity Fund (“International Equity Fund”)

MML Large Cap Growth Fund (“Large Cap Growth Fund”)

MML Managed Volatility Fund (“Managed Volatility Fund”)

MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)

MML Mid Cap Value Fund (“Mid Cap Value Fund”)

MML Moderate Allocation Fund (“Moderate Allocation Fund”)

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

MML Small Company Value Fund (“Small Company Value Fund”)

MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)

MML Total Return Bond Fund (“Total Return Bond Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, and C.M. Life Insurance Company are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

 

2.   Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

 

78


Notes to Portfolio of Investments (Unaudited) (Continued)

 

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.

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

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

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee1 in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

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

 

1  The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such alternate members as the Trustees may from time to time designate. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

 

79


Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

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

The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.

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

The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned significant inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.

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

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

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

The Aggressive Allocation Fund, American Funds Core Allocation Fund, American Funds Growth Fund, American Funds International Fund, Balanced Allocation Fund, Conservative Allocation Fund, Growth Allocation Fund, and Moderate Allocation Fund characterized all investments at Level 1, as of September 30, 2015. The Fundamental Growth Fund, Large Cap Growth

 

80


Notes to Portfolio of Investments (Unaudited) (Continued)

 

Fund, Small Company Value Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2015. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of September 30, 2015, for the remaining Funds’ investments:

 

 

 

     Level 1     Level 2     Level 3      Total  

Blue Chip Growth Fund

         

Asset Investments

         

Common Stock

   $ 389,573,999      $ 4,726,581   $         -       $ 394,300,580   

Mutual Funds

     1,001        -        -         1,001   

Short-Term Investments

     -        2,203,557        -         2,203,557   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 389,575,000      $ 6,930,138      $ -       $ 396,505,138   
  

 

 

   

 

 

   

 

 

    

 

 

 

Equity Income Fund

         

Asset Investments

         

Common Stock

   $ 431,589,097      $ 7,894,688   $ -       $ 439,483,785   

Mutual Funds

     1,146        -        -         1,146   

Short-Term Investments

     -        9,304,643        -         9,304,643   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 431,590,243      $ 17,199,331      $ -       $ 448,789,574   
  

 

 

   

 

 

   

 

 

    

 

 

 

Equity Index Fund

         

Asset Investments

         

Common Stock

   $ 404,068,908      $ -      $ -       $ 404,068,908   

Short-Term Investments

     -        3,900,792        -         3,900,792   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 404,068,908      $ 3,900,792      $ -       $ 407,969,700   
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Futures Contracts

   $ (72,010   $ -      $ -       $ (72,010
  

 

 

   

 

 

   

 

 

    

 

 

 

Focused Equity Fund

         

Asset Investments

         

Common Stock

   $ 132,338,495      $ 3,061,116      $         -       $ 135,399,611   

Short-Term Investments

     -        14,292,484        -         14,292,484   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 132,338,495      $ 17,353,600      $ -       $ 149,692,095   
  

 

 

   

 

 

   

 

 

    

 

 

 

Foreign Fund

         

Asset Investments

         

Common Stock

   $ 32,033,740      $ 304,871,698   $ -       $ 336,905,438   

Mutual Funds

     18,306,009        -        -         18,306,009   

Short-Term Investments

     -        11,992,434        -         11,992,434   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 50,339,749      $ 316,864,132      $ -       $ 367,203,881   
  

 

 

   

 

 

   

 

 

    

 

 

 

Fundamental Value Fund

         

Asset Investments

         

Common Stock

   $ 200,087,369      $ 5,141,005   $ -       $ 205,228,374   

Short-Term Investments

     -        7,109,349        -         7,109,349   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 200,087,369      $ 12,250,354      $ -       $ 212,337,723   
  

 

 

   

 

 

   

 

 

    

 

 

 

 

81


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Level 1     Level 2     Level 3     Total  

Global Fund

        

Asset Investments

        

Common Stock

   $ 139,836,444      $ 99,522,100      $ -      $ 239,358,544   

Mutual Funds

     7,541,860        -        -        7,541,860   

Short-Term Investments

     -        2,906,515        -        2,906,515   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments    $ 147,378,304      $ 102,428,615      $ -      $ 249,806,919   
  

 

 

   

 

 

   

 

 

   

 

 

 

Growth & Income Fund

        

Asset Investments

        

Common Stock

   $ 116,230,338      $ 5,079,362   $ -      $ 121,309,700   

Preferred Stock

     329,994        -        -        329,994   

Short-Term Investments

     -        691,582        -        691,582   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments    $ 116,560,332      $ 5,770,944      $ -      $ 122,331,276   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income & Growth Fund

        

Asset Investments

        

Common Stock

   $ 214,208,031      $ 5,315,016   $ -      $ 219,523,047   

Short-Term Investments

     -        7,074,774        -        7,074,774   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments    $ 214,208,031      $ 12,389,790      $ -      $ 226,597,821   
  

 

 

   

 

 

   

 

 

   

 

 

 

International Equity Fund

        

Asset Investments

        

Common Stock

   $ 9,275,242      $ 144,967,271   $ -      $ 154,242,513   

Mutual Funds

     1,432,910        -        -        1,432,910   

Short-Term Investments

     -        3,704,780        -        3,704,780   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments    $ 10,708,152      $ 148,672,051      $ -      $ 159,380,203   
  

 

 

   

 

 

   

 

 

   

 

 

 

Asset Derivatives

        

Forward Contracts

   $ -      $ 99,057      $ -      $ 99,057   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liability Derivatives

        

Forward Contracts

   $ -      $ (15,577   $ -      $ (15,577
  

 

 

   

 

 

   

 

 

   

 

 

 

Managed Volatility Fund

        

Asset Investments

        

Common Stock

   $ 191,996,809      $ -      $ -      $ 191,996,809   

Corporate Debt

     -        -        -     -   

Purchased Options

     915,043        -        -        915,043   

Short-Term Investments

     -        10,969,452        -        10,969,452   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments    $ 192,911,852      $ 10,969,452      $ -      $ 203,881,304   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liability Description

        

Written Options

   $ (2,832,545   $ -      $ -      $ (2,832,545
  

 

 

   

 

 

   

 

 

   

 

 

 

Mid Cap Growth Fund

        

Asset Investments

        

Common Stock

   $ 387,568,265      $ -      $ 1,488,492      $ 389,056,757   

Preferred Stock

     -        -        2,198,169        2,198,169   

Mutual Funds

     25,296,698        -        -        25,296,698   

Short-Term Investments

     -        20,743,122        -        20,743,122   
  

 

 

   

 

 

   

 

 

   

 

 

 
Total Investments    $ 412,864,963      $ 20,743,122      $ 3,686,661      $ 437,294,746   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

82


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Level 1      Level 2     Level 3      Total  

Mid Cap Value Fund

          

Asset Investments

          

Common Stock

   $ 438,382,065       $ 6,990,033      $ -       $ 445,372,098   

Short-Term Investments

     -         7,408,962        -         7,408,962   
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 438,382,065       $ 14,398,995      $ -       $ 452,781,060   
  

 

 

    

 

 

   

 

 

    

 

 

 

Asset Derivatives

          

Forward Contracts

   $ -       $ 17,111      $ -       $ 17,111   
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

          

Forward Contracts

   $ -       $ (12,152   $ -       $ (12,152
  

 

 

    

 

 

   

 

 

    

 

 

 

Small Cap Growth Equity Fund

          

Asset Investments

          

Common Stock

   $ 188,382,690       $ 1,990,510      $ 294,664       $ 190,667,864   

Preferred Stock

     -         -        2,651,220         2,651,220   

Mutual Funds

     19,434,877         -        -         19,434,877   

Short-Term Investments

     -         5,132,051        -         5,132,051   
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 207,817,567       $ 7,122,561      $ 2,945,884       $ 217,886,012   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Return Bond Fund

          

Asset Investments

          

Bank Loans

   $ -       $ 836,850      $ -       $ 836,850   

Corporate Debt

     -         73,616,254        -         73,616,254   

Municipal Obligations

     -         2,953,900        -         2,953,900   

Non-U.S. Government Agency Obligations

     -         76,191,802        -         76,191,802   

U.S. Government Agency Obligations and Instrumentalities

     -         97,558,830        -         97,558,830   

U.S. Treasury Obligations

     -         93,456,837        -         93,456,837   

Short-Term Investments

     -         39,450,214        -         39,450,214   
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ -       $ 384,064,687      $ -       $ 384,064,687   
  

 

 

    

 

 

   

 

 

    

 

 

 

Asset Derivatives

          

Futures Contracts

   $ 18,206       $ -      $ -       $ 18,206   
  

 

 

    

 

 

   

 

 

    

 

 

 

 

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their applicable foreign markets.
+ Represents a security at $0 value as of September 30, 2015.

The Funds had no transfers between Level 1 and Level 2 of the fair value hierarchy at September 30, 2015. The Funds recognize transfers between the Levels as of the beginning of the year.

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

 

 

    Investments in Securities  
    Balance
as of
12/31/14
    Accrued
Discounts
(Premiums)
    Realized
Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Purchases     (Sales)     Transfers
into
Level 3*
    Transfers
(out)

of Level 3*
    Balance
as of
9/30/15
    Net Change
in Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held

as of 9/30/15
 

Managed Volatility Fund

                   

Corporate Debt

  $         -  ***    $         -      $         -      $         -      $         -      $         -      $         -      $         -      $         - ††    $         -   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

83


Notes to Portfolio of Investments (Unaudited) (Continued)

 

    Investments in Securities  
    Balance
as of
12/31/14
    Accrued
Discounts
(Premiums)
    Realized
Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Purchases     (Sales)     Transfers
into
Level 3*
    Transfers
(out)

of Level 3*
    Balance
as of
9/30/15
    Net Change
in Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held

as of 9/30/15
 

Mid Cap Growth Fund

                   

Common Stock

  $ 1,216,929      $ -      $ -      $ 163,394      $ 108,169      $ -      $ -      $ -      $ 1,488,492      $ 163,394   

Preferred Stock

    1,961,775        -        -        236,394        -        -        -        -        2,198,169        236,394   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 3,178,704      $ -      $ -      $ 399,788      $ 108,169      $ -      $ -      $ -      $ 3,686,661      $ 399,788   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Small Cap Growth Equity Fund

  

                 

Common Stock

  $ 240,155      $ -      $ -      $ 54,509      $ -      $ -      $ -      $ -      $ 294,664      $ 54,509   

Preferred Stock

    3,653,969        -        209,397        (1,636,365     1,040,480        (616,261     -        -        2,651,220        202,802   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 3,894,124      $         -      $ 209,397      $ (1,581,856   $ 1,040,480      $ (616,261   $         -      $         -      $ 2,945,884      $ 257,311   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return Bond Fund

                   

Non-U.S. Government Agency Obligations

  $ -      $ -      $ -      $ -      $ 1,018,957      $ -      $ -      $ (1,018,957 )**    $ -      $ -   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* The Fund(s) recognize transfers between the Levels as of the beginning of the year.
** Transfers occurred between Level 3 and Level 2 as inputs were more observable.
*** Represents a security at $0 value as of December 31, 2014.
†† Represents a security at $0 value as of September 30, 2015.

None of the unobservable inputs, individually or collectively, had a material impact on the Fund(s) other than those disclosed below.

The Small Cap Growth Equity Fund initially fair valued certain of its Level 3 investments using acquisition cost. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

 

    Fair Value
Amount
   

Valuation
Technique

 

Unobservable Input Description

  Value/
Weighted
Average Range
 

Small Cap Growth Equity

       

Common stock

  $ 294,664         

Dropbox, Inc.

    139,552      Market Approach   EV/Multiple     6.56x   
      Discount for Lack of Marketability     10%   

Telogis

    155,112      Market Approach   Market Observed Transaction - Option Pricing Method   $ 2.25   

Preferred stock

    2,651,220         

Cloudera, Inc.

    348,524      Market Approach   EV/Multiple     10.10x   
      Discount for Lack of Marketability     10%   

 

84


Notes to Portfolio of Investments (Unaudited) (Continued)

 

    Fair Value
Amount
   

Valuation
Technique

 

Unobservable Input Description

  Value/
Weighted
Average Range
 

Small Cap Growth Equity (Continued)

  

     

Docusign Series F

  $ 22,717      Market Approach  

EV/Multiple

    6.50x   
      Discount for Lack of Marketability     10%   

Docusign Series E

    157,018      Market Approach   EV/Multiple     6.50x   
      Discount for Lack of Marketability     10%   

Docusign Series D

    6,069      Market Approach   EV/Multiple     6.50x   
      Discount for Lack of Marketability     10%   

Docusign Series B

    8,463      Market Approach   EV/Multiple     6.50x   
      Discount for Lack of Marketability     10%   

Docusign Series B1

    2,524      Market Approach   EV/Multiple     6.50x   
      Discount for Lack of Marketability     10%   

DraftKings, Inc. Series D-1

    220,335      Cost   Acquisition Cost   $ 7.67   

DraftKings, Inc. Series D

    113,969      Cost   Acquisition Cost   $ 7.67   

MarkLogic Corp. Series F

    269,851      Market Approach   EV/Multiple     3.30x   
      Discount for Lack of Marketability     10%   

NUTANIX, Inc.

    282,700      Market Approach   Market Observed Transaction   $ 20.00   

Telogis

    485,958      Market Approach   Market Observed Transaction - Option Pricing Method   $ 2.25   

The Honest Co. Series D

    184,255      Cost   Acquisition Cost   $ 45.76   

Veracode, Inc

    283,125      Market Approach   EV/Multiple     7.43x   
      Discount for Lack of Marketability     10%   

Zuora, Inc. Series F

    265,712      Cost   Acquisition Cost   $ 3.80   
 

 

 

       

Total

  $ 2,945,884         
 

 

 

       

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Gains or losses from derivatives can be substantially greater than the derivatives original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives at September 30, 2015, the following tables shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

 

Type of Derivative and Objective for Use

 

Equity
Index
Fund

 

International
Equity
Fund

 

Managed

Volatility

Fund

 

Mid Cap

Value
Fund

 

Total

Return

Bond

Fund

Foreign Currency Exchange Transactions*

           

Hedging/Risk Management

     

A

     

A

   

Futures Contracts**

           

Hedging/Risk Management

                 

A

Duration/Credit Quality Management

                 

M

Substitution for Direct Investment

 

A

             

M

           

Options (Purchased)

           

Hedging/Risk Management

         

A

       
           

Options (Written)

           

Hedging/Risk Management

         

A

       

Income

         

A

       

 

* Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable.
** Includes any options purchased or written on futures contracts, if applicable.

 

85


Notes to Portfolio of Investments (Unaudited) (Continued)

 

At September 30, 2015, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

 

 

 

     Equity
Risk
     Foreign
Exchange
Risk
     Interest
Rate
Risk
     Total  
Equity Index Fund            
Liability Derivatives            

Futures Contracts

   $ (72,010    $ -       $ -       $ (72,010
  

 

 

    

 

 

    

 

 

    

 

 

 
Number of Contracts, Notional Amounts or
Shares/Units†
           

Futures Contracts

     46         -         -         46   
International Equity Fund            
Asset Derivatives            

Forward Contracts

   $ -       $ 99,057       $ -       $ 99,057   
  

 

 

    

 

 

    

 

 

    

 

 

 
Liability Derivatives            

Forward Contracts

   $ -       $ (15,577    $ -       $ (15,577
  

 

 

    

 

 

    

 

 

    

 

 

 
Number of Contracts, Notional Amounts or
Shares/Units†
           

Forward Contracts

   $ -       $ 5,931,409       $ -       $ 5,931,409   
Managed Volatility Fund            
Asset Derivatives            

Purchased Options

   $ 915,043       $         -       $         -       $ 915,043   
  

 

 

    

 

 

    

 

 

    

 

 

 
Liability Derivatives            

Written Options

   $ (2,832,545    $ -       $ -       $ (2,832,545
  

 

 

    

 

 

    

 

 

    

 

 

 
Number of Contracts, Notional Amounts or
Shares/Units†
           

Purchased Options

     733         -         -         733   

Written Options

     996         -         -         996   
Mid Cap Value Fund            
Asset Derivatives            

Forward Contracts

   $         -       $ 17,111       $ -       $ 17,111   
  

 

 

    

 

 

    

 

 

    

 

 

 
Liability Derivatives            

Forward Contracts

   $ -       $ (12,152    $ -       $ (12,152
  

 

 

    

 

 

    

 

 

    

 

 

 
Number of Contracts, Notional Amounts or Shares/Units†            

Forward Contracts

   $ -       $ 15,763,736       $ -       $ 15,763,736   
  

 

 

    

 

 

    

 

 

    

 

 

 
Total Return Bond Fund            
Asset Derivatives            

Futures Contracts

   $ -       $ -       $ 18,206       $ 18,206   
  

 

 

    

 

 

    

 

 

    

 

 

 
Number of Contracts, Notional Amounts or Shares/Units†            

Futures Contracts

     -         -         84         84   

 

Amount(s) disclosed represent number of contracts for futures contracts, notional amounts for forward contracts, or shares/units outstanding for written options and purchased options at September 30, 2015.

 

86


Notes to Portfolio of Investments (Unaudited) (Continued)

 

Further details regarding the derivatives and other investments held by the Fund(s) at September 30, 2015, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

The Fund(s) listed in the following table had open forward foreign currency contracts at September 30, 2015. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

 

 

 

      

Counterparty

  

Settlement
Date

       In Exchange
for
     Unrealized
Appreciation/
(Depreciation)
 
International Equity Fund   
Contracts to Buy   
AUD     660,000       State Street Bank and Trust    03/16/16      $ 475,011       $ (15,577
            

 

 

    

 

 

 
Contracts to Deliver   
AUD     1,234,000       State Street Bank and Trust    03/16/16      $ 935,199       $ 76,197   
CHF     4,355,000       State Street Bank and Trust    03/16/16        4,521,199         22,860   
            

 

 

    

 

 

 
     $ 5,456,398       $ 99,057   
            

 

 

    

 

 

 
Mid Cap Value Fund   
Contracts to Buy   
JPY     7,622,144       Credit Suisse International    10/30/15      $ 63,575       $ (17
            

 

 

    

 

 

 
EUR     151,251       UBS AG    10/30/15        168,972         107   
            

 

 

    

 

 

 
     $ 232,547       $ 90   
            

 

 

    

 

 

 

 

87


Notes to Portfolio of Investments (Unaudited) (Continued)

 

      

Counterparty

  

Settlement
Date

       In Exchange
for
     Unrealized
Appreciation/
(Depreciation)
 
Mid Cap Value Fund (Continued)   
Contracts to Deliver   
JPY     196,030,219       Credit Suisse International    10/30/15      $ 1,622,471       $ (12,135
            

 

 

    

 

 

 
CAD     10,538,717       JPMorgan Chase Bank    10/30/15        7,911,498         15,506   
            

 

 

    

 

 

 
EUR     5,363,532       UBS AG    10/30/15        5,997,220         1,498   
            

 

 

    

 

 

 
     $ 15,531,189       $ 4,869   
            

 

 

    

 

 

 

 

 

AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
EUR Euro
JPY Japanese Yen
 

 

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

The Fund(s) listed in the following table had open futures contracts at September 30, 2015:

 

 

 

       Expiration
Date
       Number of
Contracts
       Notional
Amount
       Net Unrealized
Appreciation/
(Depreciation)
 
Equity Index Fund                    
Futures Contracts — Long                    

S&P 500 E Mini Index

       12/18/15           46         $ 4,390,010         $ (72,010
                   

 

 

 
Total Return Bond Fund                    
Futures Contracts — Long                    

U.S. Treasury Note 10 Year

       12/21/15           84         $ 10,813,687         $ 18,206   
                   

 

 

 

 

 

88


Notes to Portfolio of Investments (Unaudited) (Continued)

 

Options

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find

 

89


Notes to Portfolio of Investments (Unaudited) (Continued)

 

it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

The Fund(s) listed in the following table had open written option contracts at September 30, 2015:

 

 

 

   

Units

  Expiration
Date
   

Description

  Premiums
Received
    Value  
Managed Volatility Fund          
 

94

    10/02/15      S&P 500 Index Call, Strike 1,930.00   $ 187,876      $ 81,780   
 

117

    10/09/15      S&P 500 Index Call, Strike 1,950.00     339,329        138,060   
 

112

    10/16/15      S&P 500 Index Call, Strike 1,900.00     373,800        487,760   
 

112

    10/16/15      S&P 500 Index Call, Strike 1,925.00     537,320        327,040   
 

118

    10/16/15      S&P 500 Index Call, Strike 1,950.00     352,835        211,220   
 

106

    10/16/15      S&P 500 Index Call, Strike 1,975.00     423,735        95,930   
 

112

    11/20/15      S&P 500 Index Call, Strike 1,900.00     570,920        732,480   
 

113

    11/20/15      S&P 500 Index Call, Strike 1,925.00     1,022,368        573,475   
 

112

    11/20/15      S&P 500 Index Call, Strike 2,000.00     580,928        184,800   
       

 

 

   

 

 

 
        $ 4,389,111      $ 2,832,545   
       

 

 

   

 

 

 

 

Transactions in written option contracts during the period ended September 30, 2015, were as follows:

 

 

 

     Number of
Contracts
    Premiums
Received
 
Managed Volatility Fund     

Options outstanding at December 31, 2014

     1,779      $ 7,831,873   

Options written

     7,930        39,482,736   

Options terminated in closing purchase transactions

     (8,576     (42,728,370

Options expired

     (137     (197,128
  

 

 

   

 

 

 

Options outstanding at September 30, 2015

     996      $ 4,389,111   
  

 

 

   

 

 

 

 

Inflation-Indexed Bonds

The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation, as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) (for U.S. Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. Any adjustments to the principal amount of an inflation-indexed bond due to inflation will be reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions.

 

90


Notes to Portfolio of Investments (Unaudited) (Continued)

 

The value of inflation-indexed bonds is generally based on changes in real interest rates, which in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation, or that the rate of inflation in a foreign country will correlate to the rate of inflation in the United States. Additionally, if interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

Bank Loans

Certain of the Funds may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At September 30, 2015, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of

 

91


Notes to Portfolio of Investments (Unaudited) (Continued)

 

these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Securities Lending

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash or securities adjusted daily to have market value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral should the Borrower of the securities fail financially. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2015, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Accounting for Investment Transactions

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

Foreign Currency Translation

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

 

92


Notes to Portfolio of Investments (Unaudited) (Continued)

 

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

In addition, the Aggressive Allocation Fund, American Funds Core Allocation Fund, American Funds Growth Fund, American Funds International Fund, Balanced Allocation Fund, Conservative Allocation Fund, Growth Allocation Fund, and Moderate Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the underlying funds. Because the underlying funds have varied expense and fee levels and each Fund, except American Funds Growth Fund and American Funds International Fund, may own different proportions of underlying funds at different times, the amount of fees and expenses indirectly incurred by each Fund will vary.

Foreign Securities

Each of the Foreign Fund and the International Equity Fund invests substantially all of its assets and the Global Fund invests a significant amount of its assets in foreign securities.

The other Funds and certain underlying funds or Master Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

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

Dividends and Distributions to Shareholders

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

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

 

93


Notes to Portfolio of Investments (Unaudited) (Continued)

 

 

3.   Federal Income Tax Information

At September 30, 2015, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

 

 

 

     Federal Income
Tax Cost
     Tax Basis
Unrealized
Appreciation
     Tax Basis
Unrealized
(Depreciation)
    Net Unrealized
Appreciation
(Depreciation)
 

Aggressive Allocation Fund

   $ 127,677,130       $ 120,217       $ (10,282,335   $ (10,162,118

American Funds Core Allocation Fund

     729,522,846         33,757,647         (836,721     32,920,926   

American Funds Growth Fund

     116,946,412         1,664,600         -        1,664,600   

American Funds International Fund

     53,193,976         -         (297,973     (297,973

Balanced Allocation Fund

     588,080,003         2,891,122         (26,036,622     (23,145,500

Blue Chip Growth Fund

     283,104,516         120,879,810         (7,479,188     113,400,622   

Conservative Allocation Fund

     480,731,076         4,715         (24,115,125     (24,110,410

Equity Income Fund

     380,707,979         109,020,631         (40,939,036     68,081,595   

Equity Index Fund

     244,595,181         175,707,533         (12,333,014     163,374,519   

Focused Equity Fund

     147,752,324         20,059,960         (18,120,189     1,939,771   

Foreign Fund

     376,206,334         42,707,448         (51,709,901     (9,002,453

Fundamental Growth Fund

     154,805,810         27,067,167         (4,735,175     22,331,992   

Fundamental Value Fund

     181,299,231         42,437,098         (11,398,606     31,038,492   

Global Fund

     220,641,913         39,592,590         (10,427,584     29,165,006   

Growth Allocation Fund

     1,602,058,380         42,280,753         (66,067,740     (23,786,987

Growth & Income Fund

     94,922,807         31,109,461         (3,700,992     27,408,469   

Income & Growth Fund

     200,066,440         35,707,107         (9,175,726     26,531,381   

International Equity Fund

     189,355,643         450,383         (30,425,823     (29,975,440

Large Cap Growth Fund

     180,842,300         32,405,755         (7,418,768     24,986,987   

Managed Volatility Fund

     193,901,526         25,004,475         (15,024,697     9,979,778   

Mid Cap Growth Fund

     328,700,833         121,361,320         (12,767,407     108,593,913   

Mid Cap Value Fund

     463,154,943         27,725,973         (38,099,856     (10,373,883

Moderate Allocation Fund

     2,375,495,481         11,048,573         (116,074,128     (105,025,555

Small Cap Growth Equity Fund

     217,651,696         21,165,256         (20,930,940     234,316   

Small Company Value Fund

     89,244,282         18,047,592         (6,190,101     11,857,491   

Small/Mid Cap Value Fund

     207,984,964         23,456,713         (21,405,465     2,051,248   

Total Return Bond Fund

     386,171,650         3,292,145         (5,399,108     (2,106,963

 

 

4.   Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended September 30, 2015, was as follows:

 

 

 

     Number of
Shares Held
as of
12/31/14
     Purchases      Sales      Number of
Shares Held
as of
9/30/15
     Value as of
9/30/15
     Dividend
Income
     Realized
Gains
Distributions
     Net
Realized
Gain (Loss)
 

Aggressive Allocation Fund

                       

MML Blue Chip Growth Fund, Initial Class

     564,279         152,424         76,119         640,584       $ 9,205,186       $ -       $ 1,592,402       $ 578,133   

MML Dynamic Bond Fund, Class ll

     -         226,427         2,016         224,411         2,223,916         6,078         -         (101

MML Equity Income Fund, Initial Class

     458,450         129,162         59,824         527,788         5,631,500         117,873         622,015         273,401   

MML Focused Equity Fund, Class II

     366,280         136,747         51,510         451,517         5,187,932         107,250         767,726         222,703   

MML Foreign Fund, Initial Class

     453,685         195,318         24,119         624,884         5,817,670         182,220         -         28,035   

MML Fundamental Growth Fund, Class II

     453,726         142,520         96,609         499,637         5,800,782         50,357         1,172,259         376,553   

MML Fundamental Value Fund, Class II

     390,143         104,933         33,774         461,302         6,218,358         91,704         520,727         144,733   

 

94


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Number of
Shares Held
as of
12/31/14
     Purchases      Sales      Number of
Shares Held
as of
9/30/15
     Value as of
9/30/15
     Dividend
Income
     Realized
Gains
Distributions
     Net
Realized
Gain (Loss)
 

Aggressive Allocation Fund (Continued)

  

                    

MML Global Fund, Class I

     499,894         242,696         80,461         662,129       $ 7,482,054       $ 88,520       $ 339,235       $ 442,287   

MML High Yield Fund, Class II

     5,880         -         5,880         -         -         -         -         (5,263

MML Income & Growth Fund, Initial Class

     381,619         96,514         58,089         420,044         4,439,868         90,643         295,935         190,452   

MML Inflation-Protected and Income Fund, Initial Class

     291,882         37,537         20,979         308,440         3,112,161         2,315         -         (25,204

MML International Equity Fund, Class II

     520,644         172,917         25,010         668,551         5,662,631         11,915         -         (15,422

MML Large Cap Growth Fund, Initial Class

     475,358         147,203         106,363         516,198         5,647,209         -         1,204,342         454,440   

MML Managed Bond Fund, Initial Class

     333,211         46,903         178,181         201,933         2,544,409         50,847         18,439         (41,320

MML Managed Volatility Fund, Initial Class

     363,799         5,654         369,453         -         -         -         -         (28,867

MML Mid Cap Growth Fund, Initial Class

     429,121         102,437         52,240         479,318         7,050,772         -         828,306         349,866   

MML Mid Cap Value Fund, Initial Class

     557,787         155,716         59,183         654,320         6,732,952         136,318         1,011,188         174,350   

MML Short-Duration Bond Fund, Class II

     242,510         32,488         15,044         259,954         2,573,542         29,782         -         (2,491

MML Small Cap Growth Equity Fund, Initial Class

     176,916         38,786         84,934         130,768         1,741,172         -         371,057         105,712   

MML Small Company Value Fund, Class II

     195,361         38,058         13,951         219,468         3,191,065         10,790         331,876         8,583   

MML Small/Mid Cap Value Fund, Initial Class

     163,877         47,351         19,436         191,792         2,138,480         16,614         379,540         30,953   

MML Strategic Emerging Markets Fund, Class II

     419,279         116,936         38,414         497,801         3,882,846         51,145         -         (54,128

MML Total Return Bond Fund, Class II

     173,768         19,349         38,375         154,742         1,583,011         52,971         17,273         (7,444

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

     30,702         10,355         5,615         35,442         2,615,234         -         251,558         52,577   

Oppenheimer Global Fund/VA, Non-Service Shares*

     64,709         59,176         32,748         91,137         3,282,739         41,715         207,973         247,893   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

     590,256         566,897         -         1,157,153         11,328,524         -         -         -   

Oppenheimer Global Strategic Income Fund/VA, Non-Service Shares*

     14,638         -         14,638         -         -         -         -         (962

Oppenheimer International Growth Fund/VA, Non-Service Shares*

     1,559,480         297,232         698,339         1,158,373         2,420,999         32,649         199,273         201,235   
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 117,515,012       $ 1,171,706       $ 10,131,124       $ 3,700,704   
              

 

 

    

 

 

    

 

 

    

 

 

 

Balanced Allocation Fund

  

                    

MML Blue Chip Growth Fund, Initial Class

     1,672,364         350,929         286,183         1,737,110       $ 24,962,269       $ -       $ 4,333,731       $ 2,522,729   

MML Dynamic Bond Fund, Class ll

     -         6,231,186         50,403         6,180,783         61,251,562         167,267         -         (2,520

MML Equity Income Fund, Initial Class

     1,761,921         292,389         292,556         1,761,754         18,797,912         395,108         2,084,991         1,486,714   

MML Focused Equity Fund, Class II

     779,283         216,020         122,450         872,853         10,029,086         208,256         1,490,757         522,548   

MML Foreign Fund, Initial Class

     1,184,484         507,531         104,368         1,587,647         14,780,992         464,140         -         204,949   

MML Fundamental Growth Fund, Class II

     1,285,251         338,174         228,462         1,394,963         16,195,516         141,149         3,285,808         909,256   

MML Fundamental Value Fund, Class II

     1,455,693         240,415         134,560         1,561,548         21,049,664         311,544         1,769,054         571,050   

MML Global Fund, Class I

     1,119,769         387,928         141,106         1,366,591         15,442,483         183,240         702,232         675,397   

MML High Yield Fund, Class II

     2,009,508         88,124         17,362         2,080,270         20,074,608         670,642         114,970         (5,757

MML Income & Growth Fund, Initial Class

     1,466,044         305,774         171,807         1,600,011         16,912,115         346,544         1,131,416         567,135   

MML Inflation-Protected and Income Fund, Initial Class

     2,027,046         126,296         155,083         1,998,259         20,162,431         15,176         -         (80,040

MML International Equity Fund, Class II

     1,365,174         456,296         123,050         1,698,420         14,385,614         30,346         -         (59,476

MML Large Cap Growth Fund, Initial Class

     1,350,440         364,681         274,052         1,441,069         15,765,297         -         3,375,660         1,331,115   

MML Managed Bond Fund, Initial Class

     10,638,276         805,732         3,082,451         8,361,557         105,358,066         1,753,068         554,713         101,152   

 

95


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Number of
Shares Held
as of
12/31/14
     Purchases      Sales      Number of
Shares Held
as of
9/30/15
     Value as of
9/30/15
     Dividend
Income
     Realized
Gains
Distributions
     Net
Realized
Gain (Loss)
 

Balanced Allocation Fund (Continued)

  

                    

MML Managed Volatility Fund, Initial Class

     1,000,281         5,151         1,005,432         -       $ -       $ -       $ -       $ (89,172

MML Mid Cap Growth Fund, Initial Class

     989,339         158,549         122,770         1,025,118         15,079,486         -         1,776,328         728,533   

MML Mid Cap Value Fund, Initial Class

     1,325,557         388,201         114,170         1,599,588         16,459,760         334,186         2,478,948         329,556   

MML Short-Duration Bond Fund, Class II

     2,514,332         46,470         450,889         2,109,913         20,888,143         269,273         -         (109,624

MML Small Cap Growth Equity Fund, Initial Class

     408,657         74,031         174,467         308,221         4,103,963         -         878,590         461,650   

MML Small Company Value Fund, Class II

     462,499         65,958         38,132         490,325         7,129,331         24,178         743,698         (3,779

MML Small/Mid Cap Value Fund, Initial Class

     410,739         83,175         105,035         388,879         4,335,999         33,809         772,341         166,698   

MML Total Return Bond Fund, Class II

     5,910,819         385,499         1,438,942         4,857,376         49,690,959         1,668,571         544,076         968,307   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

     70,294         12,075         8,870         73,499         5,423,485         -         505,704         82,527   

Oppenheimer Global Fund/VA, Non-Service Shares*

     307,582         134,436         93,302         348,716         12,560,758         172,417         859,566         1,025,257   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

     2,919,619         1,296,178         -         4,215,797         41,272,648         -         -         -   

Oppenheimer Global Strategic Income Fund/VA, Non-Service Shares*

     3,999,649         79,840         4,079,489         -         -         403,990         -         (644,856

Oppenheimer International Growth Fund/VA, Non-Service Shares*

     5,346,658         2,130,621         1,342,180         6,135,099         12,822,356         166,457         1,015,981         725,877   
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 564,934,503       $ 7,759,361       $ 28,418,564       $ 12,385,226   
              

 

 

    

 

 

    

 

 

    

 

 

 

Conservative Allocation Fund

                       

MML Blue Chip Growth Fund, Initial Class

     1,108,468         306,050         216,200         1,198,318       $ 17,219,828       $ -       $ 3,030,533       $ 1,399,225   

MML Dynamic Bond Fund, Class ll

     -         5,935,571         50,403         5,885,168         58,322,018         159,332         -         (2,520

MML Equity Income Fund, Initial Class

     1,305,812         287,369         252,475         1,340,706         14,305,331         304,319         1,605,896         1,325,545   

MML Focused Equity Fund, Class II

     426,033         148,820         76,233         498,620         5,729,148         119,025         852,012         305,204   

MML Foreign Fund, Initial Class

     680,114         321,838         52,090         949,862         8,843,218         279,070         -         49,037   

MML Fundamental Growth Fund, Class II

     862,515         280,809         157,808         985,516         11,441,838         100,945         2,349,907         550,789   

MML Fundamental Value Fund, Class II

     1,051,603         251,427         144,843         1,158,187         15,612,362         234,863         1,333,631         828,716   

MML Global Fund, Class I

     753,705         300,294         123,332         930,667         10,516,538         125,615         481,394         616,657   

MML High Yield Fund, Class II

     1,856,018         71,386         57,483         1,869,921         18,044,742         611,171         106,188         (19,133

MML Income & Growth Fund, Initial Class

     849,973         238,173         94,378         993,768         10,504,132         215,833         704,664         283,161   

MML Inflation-Protected and Income Fund, Initial Class

     1,833,931         171,096         166,896         1,838,131         18,546,738         13,661         -         (232,644

MML International Equity Fund, Class II

     781,144         296,587         61,613         1,016,118         8,606,520         18,247         -         (31,903

MML Large Cap Growth Fund, Initial Class

     910,651         294,574         186,707         1,018,518         11,142,583         -         2,415,743         777,242   

MML Managed Bond Fund, Initial Class

     10,091,028         1,318,504         2,889,155         8,520,377         107,359,251         1,692,839         530,402         (706,980

MML Managed Volatility Fund, Initial Class

     647,599         -         647,599         -         -         -         -         (61,874

MML Mid Cap Growth Fund, Initial Class

     489,785         146,688         63,261         573,212         8,431,952         -         1,000,303         266,808   

MML Mid Cap Value Fund, Initial Class

     799,616         312,221         85,176         1,026,661         10,564,342         216,086         1,602,903         162,304   

MML Short-Duration Bond Fund, Class II

     2,318,005         24,113         604,560         1,737,558         17,201,821         238,434         -         (129,266

MML Small Cap Growth Equity Fund, Initial Class

     238,652         50,857         116,143         173,366         2,308,364         -         500,824         201,117   

MML Small Company Value Fund, Class II

     317,539         60,406         32,254         345,691         5,026,345         17,188         528,691         63,151   

 

96


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Number of
Shares Held
as of
12/31/14
     Purchases      Sales      Number of
Shares Held
as of
9/30/15
     Value as of
9/30/15
     Dividend
Income
     Realized
Gains
Distributions
     Net
Realized
Gain (Loss)
 

Conservative Allocation Fund (Continued)

  

                    

MML Small/Mid Cap Value Fund, Initial Class

     234,751         51,895         86,834         199,812       $ 2,227,903       $ 17,566       $ 401,275       $ 136,859   

MML Total Return Bond Fund, Class II

     5,752,757         559,754         1,717,167         4,595,344         47,010,368         1,593,815         519,700         670,533   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

     35,830         9,979         4,711         41,098         3,032,617         -         271,446         53,738   

Oppenheimer Global Fund/VA, Non-Service Shares*

     180,730         81,236         41,174         220,792         7,952,937         113,287         564,780         507,127   

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

     2,359,705         704,390         -         3,064,095         29,997,494         -         -         -   

Oppenheimer Global Strategic Income Fund/VA, Non-Service Shares*

     3,912,966         78,368         3,991,334         -         -         396,541         -         (579,113

Oppenheimer International Growth Fund/VA, Non-Service Shares*

     3,030,603         1,140,983         979,109         3,192,477         6,672,276         84,785         517,488         171,461   
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 456,620,666       $ 6,552,622       $ 19,317,780       $ 6,605,241   
              

 

 

    

 

 

    

 

 

    

 

 

 

Growth Allocation Fund

  

                 

MML Blue Chip Growth Fund, Initial Class

     6,943,503         1,352,612         884,249         7,411,866       $ 106,508,512       $ -       $ 18,550,886       $ 7,358,897   

MML Dynamic Bond Fund, Class ll

     -         8,697,860         100,806         8,597,054         85,196,802         233,482         -         (5,040

MML Equity Income Fund, Initial Class

     5,747,051         1,080,048         762,839         6,064,260         64,705,658         1,365,197         7,204,162         3,951,873   

MML Focused Equity Fund, Class II

     4,410,908         1,264,410         580,445         5,094,873         58,540,096         1,219,742         8,731,267         2,560,320   

MML Foreign Fund, Initial Class

     4,702,623         2,333,056         398,388         6,637,291         61,793,175         1,943,773         -         890,530   

MML Fundamental Growth Fund, Class II

     5,462,334         1,277,755         974,244         5,765,845         66,941,465         585,709         13,634,736         3,878,726   

MML Fundamental Value Fund, Class II

     4,909,630         776,510         343,873         5,342,267         72,013,755         1,069,660         6,073,899         2,207,511   

MML Global Fund, Class I

     6,544,819         2,142,920         1,005,752         7,681,987         86,806,454         1,032,829         3,958,121         6,722,860   

MML High Yield Fund, Class II

     1,699,715         65,146         66,657         1,698,204         16,387,668         557,419         97,246         (18,829

MML Income & Growth Fund, Initial Class

     4,593,643         659,897         464,807         4,788,733         50,616,905         1,041,684         3,400,949         1,538,050   

MML Inflation-Protected and Income Fund, Initial Class

     6,199,487         340,943         376,162         6,164,268         62,197,464         46,852         -         (172,663

MML International Equity Fund, Class II

     5,397,692         2,035,051         332,128         7,100,615         60,142,210         127,101         -         (135,094

MML Large Cap Growth Fund, Initial Class

     5,731,581         1,324,640         1,100,154         5,956,067         65,159,376         -         14,008,088         6,047,715   

MML Managed Bond Fund, Initial Class

     15,187,866         467,311         6,024,781         9,630,396         121,345,810         2,293,871         794,391         130,503   

MML Managed Volatility Fund, Initial Class

     4,282,220         13,789         4,296,009         -         -         -         -         (379,254

MML Mid Cap Growth Fund, Initial Class

     4,778,861         800,397         591,726         4,987,532         73,366,597         -         8,665,653         5,622,836   

MML Mid Cap Value Fund, Initial Class

     6,102,725         1,351,402         620,838         6,833,289         70,314,545         1,432,026         10,622,597         3,634,426   

MML Short-Duration Bond Fund, Class II

     4,208,966         408,522         471,147         4,146,341         41,048,776         503,094         -         (79,152

MML Small Cap Growth Equity Fund, Initial Class

     1,897,224         296,498         842,784         1,350,938         17,987,715         -         3,871,203         2,401,144   

MML Small Company Value Fund, Class II

     2,137,814         265,618         141,798         2,261,634         32,884,157         111,875         3,441,164         295,082   

MML Small/Mid Cap Value Fund, Initial Class

     1,838,275         386,064         237,628         1,986,711         22,151,828         173,223         3,957,166         373,785   

MML Strategic Emerging Markets Fund, Class II

     4,473,421         888,910         388,691         4,973,640         38,794,393         514,567         -         (625,327

MML Total Return Bond Fund,
Class II

     8,276,281         395,314         1,724,275         6,947,320         71,071,081         2,393,903         780,588         1,382,911   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares *

     324,794         72,021         39,394         357,421         26,374,090         -         2,531,441         326,216   

Oppenheimer Global Fund/VA, Non-Service Shares *

     796,419         503,677         245,530         1,054,566         37,985,475         496,840         2,476,945         2,783,064   

 

97


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Number of
Shares Held
as of
12/31/14
     Purchases      Sales      Number of
Shares Held
as of
9/30/15
     Value as of
9/30/15
     Dividend
Income
     Realized
Gains
Distributions
     Net
Realized
Gain (Loss)
 

Growth Allocation Fund (Continued)

  

                 

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares *

     8,331,471         5,909,966         -         14,241,437       $ 139,423,673       $ -       $ -       $ -   

Oppenheimer Global Strategic Income Fund/VA, Non-Service Shares *

     3,289         -         3,289         -         -         -         -         (126

Oppenheimer International Growth Fund/VA, Non-Service Shares *

     18,560,470         2,688,330         7,605,875         13,642,925         28,513,713         390,085         2,380,917         4,409,714   
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 1,578,271,393       $ 17,532,932       $ 115,181,419       $ 55,100,678   
              

 

 

    

 

 

    

 

 

    

 

 

 

Moderate Allocation Fund

  

                 

MML Blue Chip Growth Fund, Initial Class

     7,469,514         1,773,766         995,436         8,247,844       $ 118,521,518       $ -       $ 20,358,498       $ 9,000,594   

MML Dynamic Bond Fund, Class ll

     -         19,731,614         100,806         19,630,808         194,541,306         529,667         -         (5,040

MML Equity Income Fund, Initial Class

     6,690,847         1,676,455         575,620         7,791,682         83,137,252         1,726,721         9,111,931         3,081,272   

MML Focused Equity Fund, Class II

     4,049,828         1,591,581         366,406         5,275,003         60,609,783         1,243,317         8,900,029         1,694,326   

MML Foreign Fund, Initial Class

     4,619,959         3,182,575         146,625         7,655,909         71,276,513         2,223,518         -         385,020   

MML Fundamental Growth Fund, Class II

     5,840,289         1,643,760         1,034,411         6,449,638         74,880,297         644,772         15,009,676         4,191,409   

MML Fundamental Value Fund, Class II

     5,753,191         1,254,843         160,270         6,847,764         92,307,857         1,352,067         7,677,506         891,689   

MML Global Fund, Class I

     7,253,182         1,662,470         882,927         8,032,725         90,769,797         1,067,364         4,090,473         5,046,199   

MML High Yield Fund, Class II

     6,081,792         349,559         -         6,431,351         62,062,540         2,051,403         347,958         -   

MML Income & Growth Fund, Initial Class

     6,201,946         1,110,150         322,122         6,989,974         73,884,025         1,497,042         4,887,630         1,129,961   

MML Inflation-Protected and Income Fund, Initial Class

     6,555,075         552,417         178,740         6,928,752         69,911,112         51,307         -         (126,783

MML International Equity Fund, Class II

     5,300,929         3,008,611         118,514         8,191,026         69,377,990         145,382         -         (47,369

MML Large Cap Growth Fund, Initial Class

     6,137,665         1,705,662         1,178,677         6,664,650         72,911,272         -         15,421,543         6,044,919   

MML Managed Bond Fund, Initial Class

     32,590,196         3,473,091         9,031,718         27,031,569         340,605,685         5,534,128         1,773,185         421,925   

MML Managed Volatility Fund, Initial Class

     4,503,232         90,261         4,593,493         -         -         -         -         (328,528

MML Mid Cap Growth Fund, Initial Class

     4,635,039         971,302         413,996         5,192,345         76,379,398         -         8,922,738         3,182,346   

MML Mid Cap Value Fund, Initial Class

     6,305,478         2,067,236         247,146         8,125,568         83,612,096         1,683,426         12,487,450         599,098   

MML Short-Duration Bond Fund, Class II

     7,627,141         463,485         570,490         7,520,136         74,449,343         889,194         -         (149,980

MML Small Cap Growth Equity Fund, Initial Class

     1,870,987         386,665         747,779         1,509,873         20,103,937         -         4,245,327         1,939,039   

MML Small Company Value Fund, Class II

     2,331,749         385,028         92,751         2,624,026         38,153,341         128,220         3,943,908         72,498   

MML Small/Mid Cap Value Fund, Initial Class

     1,864,400         398,407         529,730         1,733,077         19,323,808         148,927         3,402,134         1,052,092   

MML Strategic Emerging Markets Fund, Class II

     4,014,300         1,047,404         149,498         4,912,206         38,315,208         500,232         -         (189,908

MML Total Return Bond Fund, Class II

     17,821,385         1,481,102         3,615,923         15,686,564         160,473,549         5,333,378         1,739,071         2,625,068   

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

     319,778         74,563         24,275         370,066         27,307,178         -         2,514,704         231,003   

Oppenheimer Global Fund/VA, Non-Service Shares*

     1,037,262         445,504         121,531         1,361,235         49,031,677         632,409         3,152,809         1,438,198   

 

98


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Number of
Shares Held
as of
12/31/14
     Purchases      Sales      Number of
Shares Held
as of
9/30/15
     Value as of
9/30/15
     Dividend
Income
     Realized
Gains
Distributions
     Net
Realized
Gain (Loss)
 

Moderate Allocation Fund (Continued)

  

                 

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

     10,946,823         6,847,137         -         17,793,960       $ 174,202,865       $ -       $ -       $ -   

Oppenheimer Global Strategic Income Fund/VA, Non-Service Shares*

     9,723,403         178,384         9,901,787         -         -         902,621         -         (1,307,209

Oppenheimer International Growth Fund/VA, Non-Service Shares*

     17,855,247         6,702,085         8,136,002         16,421,330         34,320,579         453,438         2,767,563         2,113,518   
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 2,270,469,926       $ 28,738,533       $ 130,754,133       $ 42,985,357   
              

 

 

    

 

 

    

 

 

    

 

 

 

 

* Fund advised by OFI Global Asset Management, Inc.

 

5.   New Accounting Pronouncements

In May 2015, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-07, Fair Value Measurement (Topic 820): “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” (“ASU 2015-07”) to address the diversity in practice of how investments measured at net asset value with redemption dates in the future (including periodic redemption dates) are categorized within the fair value hierarchy. ASU 2015-07 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. Management is currently evaluating the implications of these changes and their impact to the financial statements.

 

6.   Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds.

The potential amounts sought to be recovered from the Equity Income Fund and Equity Index Fund, plus interest and the Official Committee’s court costs, are approximately $4,562,800 and $207,706, respectively.

In addition, on June 2, 2011, the Equity Income Fund was named as a defendant in two closely related, parallel adversary proceedings brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), one in the United States District Court for the District of Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Official Committee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

 

7.   Subsequent Events

Management has evaluated the events and transactions subsequent to September 30, 2015, through the date when the Portfolios of Investments were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds’ Portfolios of Investments.

 

99


Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))), are effective, as of a date within 90 days of the filing date of this Form N-Q, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by
Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)  

  MML Series Investment Fund

 

By  

/s/ Jeffrey M. Dube                                                                                                                                                                                    

  Jeffrey M. Dube, President and Principal Executive Officer
Date   11/20/15

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By  

/s/ Jeffrey M. Dube                                                                                                                                                                                    

  Jeffrey M. Dube, President and Principal Executive Officer
Date   11/20/15
By  

/s/ Nicholas H. Palmerino

  Nicholas H. Palmerino, Treasurer and Principal Financial Officer
Date   11/20/15