N-Q 1 d557415dnq.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)                                                                  (Zip code)
  Tina Wilson   
  100 Bright Meadow Blvd., Enfield, CT                                06082
(Name and address of agent for service)

 

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

 

  Date of fiscal year end:     12/31/2018   

 

  Date of reporting period:       3/31/2018   


Item 1. Schedule of Investments.


MML Aggressive Allocation Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%  
Equity Funds — 89.4%  

MML Blue Chip Growth Fund, Initial Class (a)

     444,870      $ 8,185,608  

MML Equity Income Fund, Initial Class (a)

     708,518        8,651,007  

MML Equity Index Fund, Class III (a)

     251,041        7,711,985  

MML Focused Equity Fund, Class II (a)

     197,492        2,492,344  

MML Foreign Fund, Initial Class (a)

     773,628        8,533,116  

MML Fundamental Growth Fund, Class II (a)

     305,603        4,070,638  

MML Fundamental Value Fund, Class II (a)

     571,536        8,618,765  

MML Global Fund, Class I (a)

     645,762        8,259,294  

MML Income & Growth Fund, Initial Class (a)

     702,568        8,564,306  

MML International Equity Fund, Class II (a)

     644,153        7,523,704  

MML Large Cap Growth Fund, Initial Class (a)

     278,320        2,997,502  

MML Mid Cap Growth Fund, Initial Class (a)

     526,651        8,879,333  

MML Mid Cap Value Fund, Initial Class (a)

     720,958        8,550,561  

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

     155,499        2,394,813  

MML Small Company Value Fund, Class II (a)

     235,764        3,890,113  

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

     220,579        3,006,487  

MML Strategic Emerging Markets Fund, Class II (a)

     592,117        7,052,114  

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

     35,467        3,057,927  

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

     106,682        5,058,850  

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

     1,442,080        14,161,223  

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

     1,603,202        4,152,294  

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

     101,200        3,159,455  
     

 

 

 
        138,971,439  
     

 

 

 
Fixed Income Funds — 10.7%  

MML Dynamic Bond Fund, Class II (a)

     252,561        2,492,780  
    Number of
Shares
    Value  

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

    436,093     $ 4,395,814  

MML Managed Bond Fund, Initial Class (a)

    311,733       3,820,782  

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

    366,144       3,558,917  

MML Total Return Bond Fund, Class II (a)

    227,594       2,326,007  
   

 

 

 
      16,594,300  
   

 

 

 
TOTAL MUTUAL FUNDS
(Cost $146,337,510)
      155,565,739  
   

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $146,337,510)
      155,565,739  
   

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $146,337,510) (b)
      155,565,739  
Other Assets/(Liabilities) — (0.1)%       (104,385
   

 

 

 
NET ASSETS — 100.0%     $ 155,461,354  
   

 

 

 

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) 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

 

March 31, 2018 (Unaudited)

 

    Number of
Shares
    Value  
MUTUAL FUNDS — 100.1%  
Equity Funds — 62.8%  

American Funds Blue Chip Income and Growth Fund, Class 1

    16,485,955     $ 238,551,773  

American Funds Growth-Income Fund, Class 1

    5,755,222       293,919,163  

American Funds International Fund, Class 1

    6,437,550       140,724,851  
   

 

 

 
      673,195,787  
   

 

 

 
Fixed Income Funds — 37.3%  

American Funds Bond Fund, Class 1

    37,539,063       400,166,408  
   

 

 

 
TOTAL MUTUAL FUNDS (Cost $1,007,745,333)       1,073,362,195  
   

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $1,007,745,333)
      1,073,362,195  
   

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $1,007,745,333) (a)
      1,073,362,195  
Other Assets/(Liabilities) — (0.1)%       (1,167,780
   

 

 

 
NET ASSETS — 100.0%     $ 1,072,194,415  
   

 

 

 

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

 

March 31, 2018 (Unaudited)

 

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

American Funds Growth Fund, Class 1

    2,119,704     $ 169,682,294  
   

 

 

 
      169,682,294  
   

 

 

 
TOTAL MUTUAL FUNDS
(Cost $144,847,407)
      169,682,294  
   

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $144,847,407) (a)
      169,682,294  
Other Assets/(Liabilities) — (0.1)%       (186,017
   

 

 

 
NET ASSETS — 100.0%     $ 169,496,277  
   

 

 

 

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

 

March 31, 2018 (Unaudited)

 

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

American Funds International Fund, Class 1

     2,964,441      $ 64,802,670  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $54,643,376)
        64,802,670  
     

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $54,643,376) (a)
        64,802,670  
Other Assets/(Liabilities) — (0.1)%         (77,270
     

 

 

 
NET ASSETS — 100.0%       $ 64,725,400  
     

 

 

 

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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%  
Equity Funds — 48.6%  

MML Blue Chip Growth Fund, Initial Class (a)

     939,397      $ 17,284,905  

MML Equity Income Fund, Initial Class (a)

     1,572,263        19,197,325  

MML Equity Index Fund, Class III (a)

     631,258        19,392,259  

MML Focused Equity Fund, Class II (a)

     262,792        3,316,441  

MML Foreign Fund, Initial Class (a)

     1,469,695        16,210,736  

MML Fundamental Growth Fund, Class II (a)

     856,468        11,408,159  

MML Fundamental Value Fund, Class II (a)

     1,259,348        18,990,962  

MML Global Fund, Class I (a)

     1,324,504        16,940,412  

MML Income & Growth Fund, Initial Class (a)

     1,563,729        19,061,851  

MML International Equity Fund, Class II (a)

     1,106,680        12,926,020  

MML Large Cap Growth Fund, Initial Class (a)

     546,852        5,889,595  

MML Mid Cap Growth Fund, Initial Class (a)

     842,808        14,209,742  

MML Mid Cap Value Fund, Initial Class (a)

     1,368,615        16,231,771  

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

     270,712        4,169,186  

MML Small Company Value Fund, Class II (a)

     414,509        6,839,400  

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

     337,505        4,600,198  

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

     56,464        4,868,358  

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

     235,453        11,165,186  

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

     4,236,617        41,603,580  

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

     5,320,869        13,781,051  

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

     139,823        4,365,270  
     

 

 

 
        282,452,407  
     

 

 

 
Fixed Income Funds — 51.5%  

MML Dynamic Bond Fund, Class II (a)

     6,845,365        67,563,756  

MML High Yield Fund, Class II (a)

     1,581,102        15,716,150  

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

     2,177,859        21,952,823  
    Number of
Shares
    Value  

MML Managed Bond Fund, Initial Class (a)

    8,407,962     $ 103,052,735  

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

    3,016,296       29,318,398  

MML Total Return Bond Fund, Class II (a)

    6,078,357       62,120,811  
   

 

 

 
      299,724,673  
   

 

 

 
TOTAL MUTUAL FUNDS
(Cost $574,083,582)
      582,177,080  
   

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $574,083,582)
      582,177,080  
   

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $574,083,582) (b)
      582,177,080  
Other Assets/(Liabilities) — (0.1)%       (416,893
   

 

 

 
NET ASSETS — 100.0%     $ 581,760,187  
   

 

 

 

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) 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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 99.2%  
COMMON STOCK — 99.2%  
Basic Materials — 0.5%  
Chemicals — 0.5%  

DowDuPont, Inc.

     6,784      $ 432,209  

The Sherwin-Williams Co.

     3,700        1,450,844  
     

 

 

 
        1,883,053  
     

 

 

 
Communications — 31.8%  
Internet — 31.8%  

Alibaba Group Holding Ltd. Sponsored ADR (a)

     75,966        13,942,800  

Alphabet, Inc. Class A (a)

     6,235        6,466,568  

Alphabet, Inc. Class C (a)

     14,631        15,096,119  

Amazon.com, Inc. (a)

     25,838        37,396,371  

Booking Holdings, Inc. (a)

     7,885        16,403,875  

Ctrip.com International Ltd. ADR (a)

     8,340        388,811  

Facebook, Inc. Class A (a)

     105,559        16,867,272  

Netflix, Inc. (a)

     17,637        5,209,088  

Symantec Corp.

     13,300        343,805  

Tencent Holdings Ltd.

     151,600        8,069,853  
     

 

 

 
        120,184,562  
     

 

 

 
Consumer, Cyclical — 8.9%  
Airlines — 2.3%  

Alaska Air Group, Inc.

     13,795        854,738  

American Airlines Group, Inc.

     110,395        5,736,124  

Delta Air Lines, Inc.

     27,800        1,523,718  

United Continental Holdings, Inc. (a)

     7,000        486,290  
     

 

 

 
        8,600,870  
     

 

 

 
Auto Manufacturers — 0.6%  

Ferrari NV

     6,295        758,674  

Tesla, Inc. (a)

     6,202        1,650,538  
     

 

 

 
        2,409,212  
     

 

 

 
Auto Parts & Equipment — 0.2%  

Aptiv PLC

     9,300        790,221  
     

 

 

 
Leisure Time — 0.7%  

Norwegian Cruise Line Holdings Ltd. (a)

     13,300        704,501  

Royal Caribbean Cruises Ltd.

     18,400        2,166,416  
     

 

 

 
        2,870,917  
     

 

 

 
Lodging — 1.7%  

Hilton Worldwide Holdings, Inc.

     12,290        967,960  

Marriott International, Inc. Class A

     29,174        3,967,081  

Wynn Resorts Ltd.

     8,243        1,503,193  
     

 

 

 
        6,438,234  
     

 

 

 
     Number of
Shares
     Value  
Retail — 3.4%  

Costco Wholesale Corp.

     700      $ 131,901  

Dollar General Corp.

     26,600        2,488,430  

The Home Depot, Inc.

     17,476        3,114,922  

Lowe’s Cos., Inc.

     419        36,767  

McDonald’s Corp.

     5,695        890,584  

O’Reilly Automotive, Inc. (a)

     144        35,623  

Ross Stores, Inc.

     37,252        2,904,911  

Tapestry, Inc.

     4,200        220,962  

The TJX Cos., Inc.

     400        32,624  

Ulta Salon Cosmetics & Fragrance, Inc. (a)

     100        20,427  

Yum! Brands, Inc.

     33,557        2,856,708  
     

 

 

 
        12,733,859  
     

 

 

 
        33,843,313  
     

 

 

 
Consumer, Non-cyclical — 19.3%  
Agriculture — 0.1%  

Philip Morris International, Inc.

     4,600        457,240  
     

 

 

 
Beverages — 0.2%  

Constellation Brands, Inc. Class A

     2,800        638,176  

Monster Beverage Corp. (a)

     1,900        108,699  
     

 

 

 
        746,875  
     

 

 

 
Biotechnology — 3.3%  

Alexion Pharmaceuticals, Inc. (a)

     32,382        3,609,298  

Biogen, Inc. (a)

     5,566        1,524,082  

Celgene Corp. (a)

     1,108        98,845  

Illumina, Inc. (a)

     626        147,999  

Incyte Corp. (a)

     2,900        241,657  

Regeneron Pharmaceuticals, Inc. (a)

     200        68,872  

Vertex Pharmaceuticals, Inc. (a)

     40,316        6,570,701  
     

 

 

 
        12,261,454  
     

 

 

 
Commercial Services — 3.7%  

Cintas Corp.

     3,800        648,204  

CoStar Group, Inc. (a)

     1,881        682,201  

FleetCor Technologies, Inc. (a)

     7,500        1,518,750  

Global Payments, Inc.

     30,400        3,390,208  

IHS Markit Ltd. (a)

     1,148        55,379  

PayPal Holdings, Inc. (a)

     61,211        4,644,079  

S&P Global, Inc.

     9,500        1,815,070  

Worldpay, Inc. Class A (a)

     16,172        1,329,985  
     

 

 

 
        14,083,876  
     

 

 

 
Health Care – Products — 6.7%  

Abbott Laboratories

     1,300        77,896  

Becton, Dickinson & Co.

     27,895        6,044,846  

Danaher Corp.

     43,325        4,241,951  

Intuitive Surgical, Inc. (a)

     12,289        5,073,268  

Stryker Corp.

     37,201        5,986,385  

Thermo Fisher Scientific, Inc.

     19,491        4,024,112  
     

 

 

 
        25,448,458  
     

 

 

 
 

 

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  
Health Care – Services — 5.2%  

Aetna, Inc.

     5,345      $ 903,305  

Anthem, Inc.

     16,200        3,559,140  

Cigna Corp.

     20,206        3,389,355  

Humana, Inc.

     8,692        2,336,670  

UnitedHealth Group, Inc.

     45,024        9,635,136  
     

 

 

 
        19,823,606  
     

 

 

 
Pharmaceuticals — 0.1%  

Merck & Co., Inc.

     700        38,129  

Zoetis, Inc.

     3,700        308,987  
     

 

 

 
        347,116  
     

 

 

 
        73,168,625  
     

 

 

 
Financial — 15.4%  
Banks — 4.1%  

The Bank of New York Mellon Corp.

     5,700        293,721  

Citigroup, Inc.

     4,000        270,000  

JP Morgan Chase & Co.

     30,700        3,376,079  

Morgan Stanley

     155,605        8,396,446  

Northern Trust Corp.

     700        72,191  

State Street Corp.

     32,147        3,206,020  
     

 

 

 
        15,614,457  
     

 

 

 
Diversified Financial Services — 9.3%  

Ameriprise Financial, Inc.

     4,100        606,554  

The Charles Schwab Corp.

     29,508        1,540,908  

Intercontinental Exchange, Inc.

     49,488        3,588,870  

Mastercard, Inc. Class A

     60,474        10,592,626  

Raymond James Financial, Inc.

     1,200        107,292  

TD Ameritrade Holding Corp.

     111,840        6,624,283  

Visa, Inc. Class A

     101,598        12,153,152  
     

 

 

 
        35,213,685  
     

 

 

 
Insurance — 1.5%  

American International Group, Inc.

     9,700        527,874  

Chubb Ltd.

     2,600        355,602  

Marsh & McLennan Cos., Inc.

     8,600        710,274  

The Progressive Corp.

     19,307        1,176,375  

Willis Towers Watson PLC

     18,193        2,768,793  
     

 

 

 
        5,538,918  
     

 

 

 
Real Estate Investment Trusts (REITS) — 0.5%  

American Tower Corp.

     11,545        1,677,951  

Equinix, Inc.

     109        45,577  
     

 

 

 
        1,723,528  
     

 

 

 
        58,090,588  
     

 

 

 
Industrial — 6.8%  
Aerospace & Defense — 4.1%  

The Boeing Co.

     37,051        12,148,282  

General Dynamics Corp.

     700        154,630  

Harris Corp.

     8,000        1,290,240  

Northrop Grumman Corp.

     5,000        1,745,600  

Raytheon Co.

     300        64,746  
     

 

 

 
        15,403,498  
     

 

 

 
     Number of
Shares
     Value  
Electronics — 1.3%  

Agilent Technologies, Inc.

     2,600      $ 173,940  

Corning, Inc.

     2,300        64,124  

Fortive Corp.

     24,593        1,906,449  

Honeywell International, Inc.

     19,000        2,745,690  
     

 

 

 
        4,890,203  
     

 

 

 
Hand & Machine Tools — 0.3%  

Stanley Black & Decker, Inc.

     7,072        1,083,431  
     

 

 

 
Machinery – Diversified — 0.6%  

Roper Technologies, Inc.

     8,744        2,454,353  
     

 

 

 
Miscellaneous – Manufacturing — 0.0%  

Textron, Inc.

     700        41,279  
     

 

 

 
Packaging & Containers — 0.1%  

Ball Corp.

     6,116        242,866  
     

 

 

 
Transportation — 0.4%  

Canadian Pacific Railway Ltd.

     4,300        758,950  

CSX Corp.

     11,170        622,281  

FedEx Corp.

     627        150,549  

Union Pacific Corp.

     800        107,544  
     

 

 

 
        1,639,324  
     

 

 

 
        25,754,954  
     

 

 

 
Technology — 16.1%  
Computers — 0.8%  

Apple, Inc.

     17,767        2,980,947  
     

 

 

 
Semiconductors — 2.1%  

ASML Holding NV

     2,400        476,544  

Broadcom Ltd.

     12,280        2,893,782  

Lam Research Corp.

     1,600        325,056  

Maxim Integrated Products, Inc.

     17,500        1,053,850  

Microchip Technology, Inc.

     13,500        1,233,360  

Texas Instruments, Inc.

     20,803        2,161,224  
     

 

 

 
        8,143,816  
     

 

 

 
Software — 13.2%  

Activision Blizzard, Inc.

     11,300        762,298  

Electronic Arts, Inc. (a)

     18,200        2,206,568  

Fidelity National Information Services, Inc.

     16,500        1,588,950  

Fiserv, Inc. (a)

     46,880        3,343,013  

Intuit, Inc.

     24,977        4,329,763  

Microsoft Corp.

     187,219        17,087,478  

Red Hat, Inc. (a)

     25,048        3,744,927  

salesforce.com, Inc. (a)

     65,500        7,617,650  

ServiceNow, Inc. (a)

     39,073        6,464,628  

VMware, Inc. Class A (a)

     1,472        178,509  

Workday, Inc. Class A (a)

     19,800        2,516,778  
     

 

 

 
        49,840,562  
     

 

 

 
        60,965,325  
     

 

 

 
 

 

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  
Utilities — 0.4%  
Electric — 0.4%  

NextEra Energy, Inc.

     4,400      $ 718,652  

Sempra Energy

     7,354        817,912  
     

 

 

 
        1,536,564  
     

 

 

 
TOTAL COMMON STOCK
(Cost $215,234,495)
        375,426,984  
     

 

 

 
TOTAL EQUITIES
(Cost $215,234,495)
        375,426,984  
     

 

 

 
MUTUAL FUNDS — 0.0%  
Diversified Financial Services — 0.0%  

T. Rowe Price Government Reserve Investment Fund

     1,031        1,031  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,031)
        1,031  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $215,235,526)
        375,428,015  
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 0.5%  
Repurchase Agreement — 0.5%  

Fixed Income Clearing Corp.,
Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

   $ 1,740,598        1,740,598  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,740,598)
        1,740,598  
     

 

 

 
TOTAL INVESTMENTS — 99.7%
(Cost $216,976,124) (c)
        377,168,613  
Other Assets/(Liabilities) — 0.3%         1,074,506  
     

 

 

 
NET ASSETS — 100.0%       $ 378,243,119  
     

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $1,740,741. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $1,776,765.
(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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%      
Equity Funds — 38.7%      

MML Blue Chip Growth Fund, Initial Class (a)

     593,611      $ 10,922,447  

MML Equity Income Fund, Initial Class (a)

     988,999        12,075,680  

MML Equity Index Fund, Class III (a)

     439,521        13,502,087  

MML Focused Equity Fund, Class II (a)

     174,767        2,205,553  

MML Foreign Fund, Initial Class (a)

     820,661        9,051,893  

MML Fundamental Growth Fund, Class II (a)

     560,421        7,464,803  

MML Fundamental Value Fund, Class II (a)

     790,386        11,919,026  

MML Global Fund, Class I (a)

     892,310        11,412,648  

MML Income & Growth Fund, Initial Class (a)

     995,422        12,134,191  

MML International Equity Fund, Class II (a)

     569,067        6,646,699  

MML Large Cap Growth Fund, Initial Class (a)

     339,638        3,657,900  

MML Mid Cap Growth Fund, Initial Class (a)

     452,759        7,633,523  

MML Mid Cap Value Fund, Initial Class (a)

     784,011        9,298,372  

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

     146,645        2,258,452  

MML Small Company Value Fund, Class II (a)

     270,557        4,464,184  

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

     165,223        2,251,987  

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

     29,916        2,579,354  

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

     158,650        7,523,188  

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

     3,097,596        30,418,395  

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

     2,454,877        6,358,131  

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

     87,544        2,733,114  
     

 

 

 
        176,511,627  
     

 

 

 
Fixed Income Funds — 61.4%      

MML Dynamic Bond Fund, Class II (a)

     6,786,835        66,986,059  

MML High Yield Fund, Class II (a)

     1,401,609        13,931,992  

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

     1,962,053        19,777,497  
    Number of
Shares
    Value  

MML Managed Bond Fund, Initial Class (a)

    7,853,718     $ 96,259,607  

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

    2,550,050       24,786,483  

MML Total Return Bond Fund, Class II (a)

    5,744,485       58,708,632  
   

 

 

 
      280,450,270  
   

 

 

 
TOTAL MUTUAL FUNDS (Cost $452,026,013)       456,961,897  
   

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $452,026,013)
      456,961,897  
   

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $452,026,013) (b)
      456,961,897  
Other Assets/(Liabilities) — (0.1)%       (337,718
   

 

 

 
NET ASSETS — 100.0%     $ 456,624,179  
   

 

 

 

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) 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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.6%  
COMMON STOCK — 95.4%  
Basic Materials — 4.5%  
Chemicals — 3.0%  

Akzo Nobel NV

     10,270      $ 970,897  

CF Industries Holdings, Inc.

     125,300        4,727,569  

DowDuPont, Inc.

     141,715        9,028,662  
     

 

 

 
        14,727,128  
     

 

 

 
Forest Products & Paper — 0.9%  

International Paper Co.

     83,600        4,466,748  
     

 

 

 
Iron & Steel — 0.6%  

Nucor Corp.

     50,600        3,091,154  
     

 

 

 
        22,285,030  
     

 

 

 
Communications — 8.3%  
Media — 3.8%  

Comcast Corp. Class A

     138,995        4,749,459  

News Corp. Class A

     247,900        3,916,820  

Twenty-First Century Fox, Inc. Class B

     240,100        8,732,437  

The Walt Disney Co.

     15,400        1,546,776  
     

 

 

 
        18,945,492  
     

 

 

 
Telecommunications — 4.5%  

CenturyLink, Inc.

     78,905        1,296,409  

Cisco Systems, Inc.

     189,100        8,110,499  

Telefonica SA

     285,662        2,831,208  

Verizon Communications, Inc.

     193,835        9,269,190  

Vodafone Group PLC

     174,084        476,676  
     

 

 

 
        21,983,982  
     

 

 

 
        40,929,474  
     

 

 

 
Consumer, Cyclical — 5.3%  
Airlines — 1.1%  

Alaska Air Group, Inc.

     22,800        1,412,688  

Delta Air Lines, Inc.

     39,500        2,164,995  

Southwest Airlines Co.

     32,300        1,850,144  
     

 

 

 
        5,427,827  
     

 

 

 
Auto Manufacturers — 0.1%  

Ford Motor Co.

     55,300        612,724  
     

 

 

 
Auto Parts & Equipment — 0.5%  

Adient PLC

     43,381        2,592,449  
     

 

 

 
Lodging — 1.0%  

Las Vegas Sands Corp.

     68,300        4,910,770  
     

 

 

 
Retail — 2.1%  

Kohl’s Corp.

     54,200        3,550,642  

L Brands, Inc.

     44,400        1,696,524  

Walmart, Inc.

     58,500        5,204,745  
     

 

 

 
        10,451,911  
     

 

 

 
     Number of
Shares
     Value  
Toys, Games & Hobbies — 0.5%  

Mattel, Inc.

     166,400      $ 2,188,160  
     

 

 

 
        26,183,841  
     

 

 

 
Consumer, Non-cyclical — 18.0%  
Agriculture — 2.1%  

Archer-Daniels-Midland Co.

     101,900        4,419,403  

Philip Morris International, Inc.

     58,000        5,765,200  
     

 

 

 
        10,184,603  
     

 

 

 
Beverages — 0.9%  

Diageo PLC

     8,140        275,377  

PepsiCo, Inc.

     39,100        4,267,765  
     

 

 

 
        4,543,142  
     

 

 

 
Biotechnology — 1.2%  

Gilead Sciences, Inc.

     77,200        5,820,108  
     

 

 

 
Cosmetics & Personal Care — 0.3%  

Coty, Inc. Class A

     83,873        1,534,876  
     

 

 

 
Foods — 1.7%  

Kellogg Co.

     29,700        1,930,797  

Tyson Foods, Inc. Class A

     87,600        6,411,444  
     

 

 

 
        8,342,241  
     

 

 

 
Health Care – Products — 2.0%  

Becton, Dickinson & Co.

     16,700        3,618,890  

Medtronic PLC

     77,849        6,245,047  
     

 

 

 
        9,863,937  
     

 

 

 
Health Care – Services — 1.7%  

Anthem, Inc.

     38,400        8,436,480  
     

 

 

 
Household Products & Wares — 1.3%  

Kimberly-Clark Corp.

     54,900        6,046,137  
     

 

 

 
Pharmaceuticals — 6.8%  

Bristol-Myers Squibb Co.

     64,400        4,073,300  

CVS Health Corp.

     54,903        3,415,516  

GlaxoSmithKline PLC

     164,680        3,199,397  

GlaxoSmithKline PLC Sponsored ADR

     58,400        2,281,688  

Johnson & Johnson

     69,900        8,957,685  

Merck & Co., Inc.

     85,500        4,657,185  

Pfizer, Inc.

     192,654        6,837,290  
     

 

 

 
        33,422,061  
     

 

 

 
        88,193,585  
     

 

 

 
Energy — 9.2%  
Oil & Gas — 8.5%  

Apache Corp.

     96,286        3,705,085  

Chevron Corp.

     45,600        5,200,224  

EQT Corp.

     11,280        535,913  

Exxon Mobil Corp.

     157,042        11,716,904  

Hess Corp.

     119,300        6,038,966  

Occidental Petroleum Corp.

     71,700        4,657,632  
 

 

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  

Total SA

     173,062      $ 9,835,743  
     

 

 

 
        41,690,467  
     

 

 

 
Pipelines — 0.7%  

TransCanada Corp.

     83,200        3,436,992  
     

 

 

 
        45,127,459  
     

 

 

 
Financial — 29.1%  
Banks — 18.0%  

Bank of America Corp.

     28,377        851,026  

The Bank of New York Mellon Corp.

     75,500        3,890,515  

Citigroup, Inc.

     91,600        6,183,000  

Fifth Third Bancorp

     232,000        7,366,000  

JP Morgan Chase & Co.

     179,400        19,728,618  

KeyCorp

     209,300        4,091,815  

Morgan Stanley

     199,800        10,781,208  

Northern Trust Corp.

     21,300        2,196,669  

The PNC Financial Services Group, Inc.

     35,600        5,384,144  

State Street Corp.

     73,800        7,360,074  

US Bancorp

     139,600        7,049,800  

Wells Fargo & Co.

     261,600        13,710,456  
     

 

 

 
        88,593,325  
     

 

 

 
Diversified Financial Services — 1.0%  

Ameriprise Financial, Inc.

     10,900        1,612,546  

Franklin Resources, Inc.

     92,100        3,194,028  
     

 

 

 
        4,806,574  
     

 

 

 
Insurance — 7.3%  

American International Group, Inc.

     108,004        5,877,578  

Brighthouse Financial, Inc. (a)

     69,181        3,555,903  

Chubb Ltd.

     47,371        6,478,932  

Loews Corp.

     131,263        6,527,709  

Marsh & McLennan Cos., Inc.

     31,900        2,634,621  

MetLife, Inc.

     145,600        6,681,584  

Willis Towers Watson PLC

     11,141        1,695,549  

XL Group Ltd.

     41,470        2,291,632  
     

 

 

 
        35,743,508  
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.8%  

Equity Residential

     64,000        3,943,680  

Rayonier, Inc.

     128,341        4,515,036  

SL Green Realty Corp.

     22,921        2,219,441  

Weyerhaeuser Co.

     91,771        3,211,985  
     

 

 

 
        13,890,142  
     

 

 

 
        143,033,549  
     

 

 

 
Industrial — 10.1%  
Aerospace & Defense — 3.6%  

The Boeing Co.

     26,300        8,623,244  

Harris Corp.

     56,935        9,182,477  
     

 

 

 
        17,805,721  
     

 

 

 
     Number of
Shares
     Value  
Building Materials — 2.2%  

Johnson Controls International PLC

     208,415      $ 7,344,545  

Vulcan Materials Co.

     29,100        3,322,347  
     

 

 

 
        10,666,892  
     

 

 

 
Electrical Components & Equipment — 0.9%  

Emerson Electric Co.

     61,700        4,214,110  
     

 

 

 
Electronics — 0.5%  

TE Connectivity Ltd.

     23,500        2,347,650  
     

 

 

 
Environmental Controls — 0.3%  

Stericycle, Inc. (a)

     22,302        1,305,336  
     

 

 

 
Machinery – Diversified — 0.4%  

Flowserve Corp.

     44,192        1,914,839  
     

 

 

 
Miscellaneous – Manufacturing — 1.1%  

General Electric Co.

     142,800        1,924,944  

Illinois Tool Works, Inc.

     6,600        1,033,956  

Pentair PLC

     37,400        2,548,062  
     

 

 

 
        5,506,962  
     

 

 

 
Transportation — 1.1%  

United Parcel Service, Inc. Class B

     53,632        5,613,125  
     

 

 

 
        49,374,635  
     

 

 

 
Technology — 6.2%  
Computers — 0.5%  

Hewlett Packard Enterprise Co.

     72,100        1,264,634  

Western Digital Corp.

     12,500        1,153,375  
     

 

 

 
        2,418,009  
     

 

 

 
Semiconductors — 3.3%  

Analog Devices, Inc.

     11,357        1,034,963  

Applied Materials, Inc.

     66,100        3,675,821  

QUALCOMM, Inc.

     149,800        8,300,418  

Texas Instruments, Inc.

     33,273        3,456,732  
     

 

 

 
        16,467,934  
     

 

 

 
Software — 2.4%  

CA, Inc.

     24,600        833,940  

Microsoft Corp.

     120,200        10,970,654  
     

 

 

 
        11,804,594  
     

 

 

 
        30,690,537  
     

 

 

 
Utilities — 4.7%  
Electric — 3.7%  

Edison International

     55,050        3,504,483  

PG&E Corp.

     64,804        2,846,839  

Sempra Energy

     10,040        1,116,649  

The Southern Co.

     189,927        8,482,140  

Westar Energy, Inc.

     39,300        2,066,787  
     

 

 

 
        18,016,898  
     

 

 

 
Gas — 1.0%  

NiSource, Inc.

     212,800        5,088,048  
     

 

 

 
        23,104,946  
     

 

 

 
TOTAL COMMON STOCK
(Cost $377,132,662)
        468,923,056  
     

 

 

 
 

 

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  
PREFERRED STOCK — 2.2%  
Consumer, Non-cyclical — 0.8%  
Health Care – Products — 0.8%  

Becton Dickinson and Co. Convertible 6.125%

     63,549      $ 3,713,168  
     

 

 

 
Utilities — 1.4%  
Electric — 1.4%  

DTE Energy Co. Convertible 6.500%

     15,505        807,656  

NextEra Energy, Inc. Convertible 6.123%

     66,353        3,825,914  

Sempra Energy Convertible 6.000%

     22,022        2,254,392  
     

 

 

 
        6,887,962  
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $9,415,975)
        10,601,130  
     

 

 

 
TOTAL EQUITIES
(Cost $386,548,637)
        479,524,186  
     

 

 

 
     Principal
Amount
        
BONDS & NOTES — 0.3%  
CORPORATE DEBT — 0.3%  
Toys, Games & Hobbies — 0.3%  

Mattel, Inc.
6.750% 12/31/25 (b)

   $ 1,612,000        1,575,730  
     

 

 

 
TOTAL CORPORATE DEBT
(Cost $1,611,611)
        1,575,730  
     

 

 

 
TOTAL BONDS & NOTES
(Cost $1,611,611)
        1,575,730  
     

 

 

 
     Number of
Shares
        
MUTUAL FUNDS — 0.0%  
Diversified Financial Services — 0.0%  

T. Rowe Price Government Reserve Investment Fund

     1,031        1,031  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,031)
        1,031  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $388,161,279)
        481,100,947  
     

 

 

 
     Principal
Amount
     Value  
SHORT-TERM INVESTMENTS — 1.3%  
Repurchase Agreement — 1.3%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (c)

   $ 6,241,442      $ 6,241,442  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,241,442)
        6,241,442  
     

 

 

 
TOTAL INVESTMENTS — 99.2% (Cost $394,402,721) (d)         487,342,389  
Other Assets/(Liabilities) — 0.8%         4,023,347  
     

 

 

 
NET ASSETS — 100.0%       $ 491,365,736  
     

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) 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 March 31, 2018, these securities amounted to a value of $1,575,730 or 0.32% of net assets.
(c) Maturity value of $6,241,955. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $6,370,338.
(d) 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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 99.1%  
COMMON STOCK — 99.1%  
Basic Materials — 2.6%  
Chemicals — 1.9%  

Air Products & Chemicals, Inc.

     6,900      $ 1,097,307  

Albemarle Corp.

     3,471        321,901  

CF Industries Holdings, Inc.

     7,328        276,485  

DowDuPont, Inc.

     73,673        4,693,707  

Eastman Chemical Co.

     4,514        476,588  

FMC Corp.

     4,218        322,972  

International Flavors & Fragrances, Inc.

     2,480        339,537  

LyondellBasell Industries NV Class A

     10,206        1,078,570  

Monsanto Co.

     13,876        1,619,191  

The Mosaic Co.

     11,030        267,808  

PPG Industries, Inc.

     7,993        892,019  

Praxair, Inc.

     9,047        1,305,482  

The Sherwin-Williams Co.

     2,606        1,021,865  
     

 

 

 
        13,713,432  
     

 

 

 
Forest Products & Paper — 0.1%  

International Paper Co.

     12,972        693,094  
     

 

 

 
Iron & Steel — 0.1%  

Nucor Corp.

     9,991        610,350  
     

 

 

 
Mining — 0.2%  

Freeport-McMoRan, Inc. (a)

     42,297        743,158  

Newmont Mining Corp.

     16,759        654,774  
     

 

 

 
        1,397,932  
     

 

 

 
Pharmaceuticals — 0.3%  

CVS Health Corp.

     31,943        1,987,174  
     

 

 

 
        18,401,982  
     

 

 

 
Communications — 13.9%  
Advertising — 0.1%  

The Interpublic Group of Cos., Inc.

     12,177        280,436  

Omnicom Group, Inc.

     7,228        525,259  
     

 

 

 
        805,695  
     

 

 

 
Internet — 8.4%  

Alphabet, Inc. Class A (a)

     9,396        9,744,968  

Alphabet, Inc. Class C (a)

     9,581        9,885,580  

Amazon.com, Inc. (a)

     12,648        18,305,956  

Booking Holdings, Inc. (a)

     1,535        3,193,399  

eBay, Inc. (a)

     29,639        1,192,673  

Expedia Group, Inc.

     3,861        426,293  

F5 Networks, Inc. (a)

     1,966        284,303  

Facebook, Inc. Class A (a)

     75,421        12,051,522  

Netflix, Inc. (a)

     13,661        4,034,776  

Symantec Corp.

     19,478        503,506  

TripAdvisor, Inc. (a)

     3,447        140,948  
     Number of
Shares
     Value  

VeriSign, Inc. (a)

     2,619      $ 310,509  
     

 

 

 
        60,074,433  
     

 

 

 
Media — 2.4%  

CBS Corp. Class B

     10,881        559,175  

Charter Communications, Inc. Class A (a)

     5,857        1,822,815  

Comcast Corp. Class A

     145,915        4,985,916  

Discovery Communications, Inc. Class A (a)

     4,906        105,136  

Discovery Communications, Inc. Class C (a)

     9,614        187,665  

DISH Network Corp. Class A (a)

     7,149        270,876  

News Corp. Class A

     11,976        189,221  

News Corp. Class B

     3,915        63,031  

Time Warner, Inc.

     24,550        2,321,939  

Twenty-First Century Fox, Inc. Class A

     33,229        1,219,172  

Twenty-First Century Fox, Inc. Class B

     13,781        501,215  

Viacom, Inc. Class B

     11,072        343,896  

The Walt Disney Co.

     47,336        4,754,428  
     

 

 

 
        17,324,485  
     

 

 

 
Telecommunications — 3.0%  

AT&T, Inc.

     193,302        6,891,216  

CenturyLink, Inc.

     30,560        502,101  

Cisco Systems, Inc.

     151,646        6,504,097  

Juniper Networks, Inc.

     10,843        263,810  

Motorola Solutions, Inc.

     5,086        535,556  

Verizon Communications, Inc.

     129,960        6,214,687  
     

 

 

 
        20,911,467  
     

 

 

 
        99,116,080  
     

 

 

 
Consumer, Cyclical — 8.2%  
Airlines — 0.5%  

Alaska Air Group, Inc.

     3,865        239,475  

American Airlines Group, Inc.

     13,265        689,249  

Delta Air Lines, Inc.

     20,480        1,122,509  

Southwest Airlines Co.

     17,030        975,479  

United Continental Holdings, Inc. (a)

     7,622        529,500  
     

 

 

 
        3,556,212  
     

 

 

 
Apparel — 0.6%  

Hanesbrands, Inc.

     11,465        211,185  

Michael Kors Holdings Ltd. (a)

     4,782        296,867  

NIKE, Inc. Class B

     40,865        2,715,071  

Ralph Lauren Corp.

     1,729        193,302  

Under Armour, Inc. Class A (a)

     5,715        93,440  

Under Armour, Inc. Class C (a)

     5,647        81,034  

VF Corp.

     10,381        769,440  
     

 

 

 
        4,360,339  
     

 

 

 
 

 

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  
Auto Manufacturers — 0.5%  

Ford Motor Co.

     123,033      $ 1,363,206  

General Motors Co.

     39,764        1,445,024  

PACCAR, Inc.

     11,121        735,876  
     

 

 

 
        3,544,106  
     

 

 

 
Auto Parts & Equipment — 0.1%  

Aptiv PLC

     8,350        709,499  

BorgWarner, Inc.

     6,225        312,682  

The Goodyear Tire & Rubber Co.

     7,560        200,945  
     

 

 

 
        1,223,126  
     

 

 

 
Distribution & Wholesale — 0.2%  

Fastenal Co.

     9,026        492,729  

LKQ Corp. (a)

     9,703        368,229  

W.W. Grainger, Inc.

     1,609        454,173  
     

 

 

 
        1,315,131  
     

 

 

 
Home Builders — 0.1%  

D.R. Horton, Inc.

     10,728        470,315  

Lennar Corp. Class A

     8,618        507,945  

PulteGroup, Inc.

     8,339        245,917  
     

 

 

 
        1,224,177  
     

 

 

 
Home Furnishing — 0.1%  

Leggett & Platt, Inc.

     4,213        186,889  

Whirlpool Corp.

     2,228        341,129  
     

 

 

 
        528,018  
     

 

 

 
Housewares — 0.1%  

Newell Brands, Inc.

     15,226        387,958  
     

 

 

 
Leisure Time — 0.3%  

Carnival Corp.

     12,811        840,145  

Harley-Davidson, Inc.

     5,286        226,664  

Norwegian Cruise Line Holdings Ltd. (a)

     6,466        342,504  

Royal Caribbean Cruises Ltd.

     5,380        633,441  
     

 

 

 
        2,042,754  
     

 

 

 
Lodging — 0.4%  

Hilton Worldwide Holdings, Inc.

     6,350        500,126  

Marriott International, Inc. Class A

     9,454        1,285,555  

MGM Resorts International

     16,007        560,565  

Wyndham Worldwide Corp.

     3,140        359,310  

Wynn Resorts Ltd.

     2,518        459,183  
     

 

 

 
        3,164,739  
     

 

 

 
Retail — 5.1%  

Advance Auto Parts, Inc.

     2,321        275,155  

AutoZone, Inc. (a)

     856        555,279  

Best Buy Co., Inc.

     7,989        559,150  

CarMax, Inc. (a)

     5,727        354,730  

Chipotle Mexican Grill, Inc. (a)

     781        252,349  

Costco Wholesale Corp.

     13,822        2,604,480  

Darden Restaurants, Inc.

     3,884        331,111  

Dollar General Corp.

     8,124        760,000  
     Number of
Shares
     Value  

Dollar Tree, Inc. (a)

     7,446      $ 706,626  

Foot Locker, Inc.

     3,874        176,422  

The Gap, Inc.

     6,835        213,252  

Genuine Parts Co.

     4,604        413,623  

The Home Depot, Inc.

     36,759        6,551,924  

Kohl’s Corp.

     5,294        346,810  

L Brands, Inc.

     7,758        296,433  

Lowe’s Cos., Inc.

     26,104        2,290,626  

Macy’s, Inc.

     9,568        284,552  

McDonald’s Corp.

     25,094        3,924,200  

Nordstrom, Inc.

     3,696        178,923  

O’Reilly Automotive, Inc. (a)

     2,635        651,846  

PVH Corp.

     2,438        369,186  

Ross Stores, Inc.

     12,033        938,333  

Starbucks Corp.

     44,237        2,560,880  

Tapestry, Inc.

     8,944        470,544  

Target Corp.

     17,144        1,190,308  

Tiffany & Co.

     3,207        313,196  

The TJX Cos., Inc.

     19,905        1,623,452  

Tractor Supply Co.

     3,944        248,551  

Ulta Salon Cosmetics & Fragrance, Inc. (a)

     1,833        374,427  

Walgreens Boots Alliance, Inc.

     26,826        1,756,298  

Walmart, Inc.

     45,691        4,065,128  

Yum! Brands, Inc.

     10,474        891,652  
     

 

 

 
        36,529,446  
     

 

 

 
Textiles — 0.1%  

Mohawk Industries, Inc. (a)

     1,986        461,189  
     

 

 

 
Toys, Games & Hobbies — 0.1%  

Hasbro, Inc.

     3,564        300,445  

Mattel, Inc.

     10,683        140,482  
     

 

 

 
        440,927  
     

 

 

 
        58,778,122  
     

 

 

 
Consumer, Non-cyclical — 21.2%  
Agriculture — 1.3%  

Altria Group, Inc.

     59,819        3,727,920  

Archer-Daniels-Midland Co.

     17,570        762,011  

Philip Morris International, Inc.

     48,889        4,859,567  
     

 

 

 
        9,349,498  
     

 

 

 
Beverages — 1.9%  

Brown-Forman Corp. Class B

     8,241        448,310  

The Coca-Cola Co.

     120,863        5,249,080  

Constellation Brands, Inc. Class A

     5,389        1,228,261  

Dr. Pepper Snapple Group, Inc.

     5,670        671,215  

Molson Coors Brewing Co. Class B

     5,804        437,215  

Monster Beverage Corp. (a)

     13,026        745,217  

PepsiCo, Inc.

     44,770        4,886,646  
     

 

 

 
        13,665,944  
     

 

 

 
Biotechnology — 2.1%  

Alexion Pharmaceuticals, Inc. (a)

     6,977        777,657  

Amgen, Inc.

     21,040        3,586,899  
 

 

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  

Biogen, Inc. (a)

     6,660      $ 1,823,641  

Celgene Corp. (a)

     23,678        2,112,314  

Gilead Sciences, Inc.

     41,234        3,108,631  

Illumina, Inc. (a)

     4,629        1,094,388  

Incyte Corp. (a)

     5,555        462,898  

Regeneron Pharmaceuticals, Inc. (a)

     2,435        838,517  

Vertex Pharmaceuticals, Inc. (a)

     7,992        1,302,536  
     

 

 

 
        15,107,481  
     

 

 

 
Commercial Services — 1.8%  

Automatic Data Processing, Inc.

     13,975        1,585,883  

Cintas Corp.

     2,704        461,248  

Ecolab, Inc.

     8,204        1,124,522  

Equifax, Inc.

     3,771        444,262  

Gartner, Inc. (a)

     2,848        334,982  

Global Payments, Inc.

     4,999        557,488  

H&R Block, Inc.

     6,658        169,180  

IHS Markit Ltd. (a)

     11,408        550,322  

Moody’s Corp.

     5,243        845,696  

Nielsen Holdings PLC

     10,516        334,304  

PayPal Holdings, Inc. (a)

     35,493        2,692,854  

Quanta Services, Inc. (a)

     4,839        166,220  

Robert Half International, Inc.

     3,933        227,681  

S&P Global, Inc.

     8,001        1,528,671  

Total System Services, Inc.

     5,199        448,466  

United Rentals, Inc. (a)

     2,655        458,598  

Verisk Analytics, Inc. (a)

     4,879        507,416  

The Western Union Co.

     14,427        277,431  
     

 

 

 
        12,715,224  
     

 

 

 
Cosmetics & Personal Care — 1.3%  

Colgate-Palmolive Co.

     27,583        1,977,150  

Coty, Inc. Class A

     14,838        271,535  

The Estee Lauder Cos., Inc. Class A

     7,067        1,058,071  

The Procter & Gamble Co.

     79,332        6,289,441  
     

 

 

 
        9,596,197  
     

 

 

 
Foods — 1.3%  

Campbell Soup Co.

     6,042        261,679  

Conagra Brands, Inc.

     12,648        466,458  

General Mills, Inc.

     17,950        808,827  

The Hershey Co.

     4,431        438,492  

Hormel Foods Corp.

     8,456        290,210  

The J.M. Smucker Co.

     3,569        442,592  

Kellogg Co.

     7,814        507,988  

The Kraft Heinz Co.

     18,832        1,173,045  

The Kroger Co.

     27,734        663,952  

McCormick & Co., Inc.

     3,821        406,516  

Mondelez International, Inc. Class A

     46,832        1,954,299  

Sysco Corp.

     15,138        907,675  

Tyson Foods, Inc. Class A

     9,348        684,180  
     

 

 

 
        9,005,913  
     

 

 

 
Health Care – Products — 3.3%  

Abbott Laboratories

     54,793        3,283,197  
     Number of
Shares
     Value  

Align Technology, Inc. (a)

     2,267      $ 569,312  

Baxter International, Inc.

     15,649        1,017,811  

Becton, Dickinson & Co.

     8,384        1,816,813  

Boston Scientific Corp. (a)

     43,314        1,183,338  

The Cooper Cos., Inc.

     1,538        351,910  

Danaher Corp.

     19,324        1,892,013  

DENTSPLY SIRONA, Inc.

     7,216        363,037  

Edwards Lifesciences Corp. (a)

     6,612        922,506  

Henry Schein, Inc. (a)

     4,845        325,632  

Hologic, Inc. (a)

     8,659        323,500  

IDEXX Laboratories, Inc. (a)

     2,740        524,409  

Intuitive Surgical, Inc. (a)

     3,536        1,459,767  

Medtronic PLC

     42,666        3,422,666  

ResMed, Inc.

     4,508        443,903  

Stryker Corp.

     10,146        1,632,694  

Thermo Fisher Scientific, Inc.

     12,649        2,611,513  

Varian Medical Systems, Inc. (a)

     2,877        352,864  

Zimmer Biomet Holdings, Inc.

     6,403        698,183  
     

 

 

 
        23,195,068  
     

 

 

 
Health Care – Services — 2.3%  

Aetna, Inc.

     10,290        1,739,010  

Anthem, Inc.

     8,043        1,767,047  

Centene Corp. (a)

     5,467        584,258  

Cigna Corp.

     7,645        1,282,372  

DaVita, Inc. (a)

     4,588        302,533  

Envision Healthcare Corp. (a)

     3,815        146,611  

HCA Healthcare, Inc.

     8,814        854,958  

Humana, Inc.

     4,334        1,165,109  

IQVIA Holdings, Inc. (a)

     4,574        448,755  

Laboratory Corp. of America Holdings (a)

     3,196        516,953  

Quest Diagnostics, Inc.

     4,279        429,184  

UnitedHealth Group, Inc.

     30,463        6,519,082  

Universal Health Services, Inc. Class B

     2,752        325,864  
     

 

 

 
        16,081,736  
     

 

 

 
Household Products & Wares — 0.3%  

Avery Dennison Corp.

     2,776        294,950  

Church & Dwight Co., Inc.

     7,683        386,916  

The Clorox Co.

     4,087        544,021  

Kimberly-Clark Corp.

     11,050        1,216,936  
     

 

 

 
        2,442,823  
     

 

 

 
Pharmaceuticals — 5.6%  

AbbVie, Inc.

     50,179        4,749,442  

Allergan PLC

     10,400        1,750,216  

AmerisourceBergen Corp.

     5,120        441,395  

Bristol-Myers Squibb Co.

     51,413        3,251,872  

Cardinal Health, Inc.

     9,882        619,404  

Eli Lilly & Co.

     30,340        2,347,406  

Express Scripts Holding Co. (a)

     17,790        1,228,933  

Johnson & Johnson

     84,445        10,821,627  

McKesson Corp.

     6,497        915,233  
 

 

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  

Merck & Co., Inc.

     84,862      $ 4,622,433  

Mylan NV (a)

     16,207        667,242  

Nektar Therapeutics (a)

     5,066        538,313  

Perrigo Co. PLC

     4,115        342,944  

Pfizer, Inc.

     187,376        6,649,974  

Zoetis, Inc.

     15,364        1,283,048  
     

 

 

 
        40,229,482  
     

 

 

 
        151,389,366  
     

 

 

 
Energy — 5.7%  
Oil & Gas — 4.6%  

Anadarko Petroleum Corp.

     17,192        1,038,569  

Andeavor

     4,457        448,196  

Apache Corp.

     11,968        460,529  

Cabot Oil & Gas Corp.

     14,528        348,381  

Chevron Corp.

     60,133        6,857,567  

Cimarex Energy Co.

     2,992        279,752  

Concho Resources, Inc. (a)

     4,705        707,303  

ConocoPhillips

     36,989        2,193,078  

Devon Energy Corp.

     16,510        524,853  

EOG Resources, Inc.

     18,225        1,918,546  

EQT Corp.

     7,692        365,447  

Exxon Mobil Corp.

     133,384        9,951,780  

Helmerich & Payne, Inc.

     3,412        227,103  

Hess Corp.

     8,489        429,713  

Marathon Oil Corp.

     26,703        430,719  

Marathon Petroleum Corp.

     14,939        1,092,190  

Newfield Exploration Co. (a)

     6,226        152,039  

Noble Energy, Inc.

     15,522        470,317  

Occidental Petroleum Corp.

     24,117        1,566,640  

Phillips 66

     13,189        1,265,089  

Pioneer Natural Resources Co.

     5,375        923,317  

Range Resources Corp.

     7,269        105,691  

Valero Energy Corp.

     13,640        1,265,383  
     

 

 

 
        33,022,202  
     

 

 

 
Oil & Gas Services — 0.8%  

Baker Hughes a GE Co.

     13,289        369,035  

Halliburton Co.

     27,518        1,291,695  

National Oilwell Varco, Inc.

     11,944        439,659  

Schlumberger Ltd.

     43,592        2,823,890  

TechnipFMC PLC

     13,776        405,703  
     

 

 

 
        5,329,982  
     

 

 

 
Pipelines — 0.3%  

Kinder Morgan, Inc.

     59,766        900,076  

ONEOK, Inc.

     12,894        733,927  

The Williams Cos., Inc.

     25,971        645,639  
     

 

 

 
        2,279,642  
     

 

 

 
        40,631,826  
     

 

 

 
Financial — 18.7%  
Banks — 7.8%  

Bank of America Corp.

     301,144        9,031,309  
     Number of
Shares
     Value  

The Bank of New York Mellon Corp.

     31,777      $ 1,637,469  

BB&T Corp.

     24,474        1,273,627  

Capital One Financial Corp.

     15,312        1,467,196  

Citigroup, Inc.

     80,900        5,460,750  

Citizens Financial Group, Inc.

     15,347        644,267  

Comerica, Inc.

     5,461        523,874  

Fifth Third Bancorp

     21,862        694,118  

The Goldman Sachs Group, Inc.

     11,122        2,801,187  

Huntington Bancshares, Inc.

     34,784        525,238  

JP Morgan Chase & Co.

     108,023        11,879,289  

KeyCorp

     33,418        653,322  

M&T Bank Corp.

     4,726        871,285  

Morgan Stanley

     43,432        2,343,591  

Northern Trust Corp.

     6,747        695,818  

The PNC Financial Services Group, Inc.

     14,841        2,244,553  

Regions Financial Corp.

     35,374        657,249  

State Street Corp.

     11,573        1,154,175  

SunTrust Banks, Inc.

     14,751        1,003,658  

SVB Financial Group (a)

     1,667        400,097  

US Bancorp

     49,390        2,494,195  

Wells Fargo & Co.

     138,192        7,242,643  

Zions Bancorp

     6,182        325,977  
     

 

 

 
        56,024,887  
     

 

 

 
Diversified Financial Services — 3.8%  

Affiliated Managers Group, Inc.

     1,715        325,130  

Alliance Data Systems Corp.

     1,510        321,419  

American Express Co.

     22,673        2,114,937  

Ameriprise Financial, Inc.

     4,606        681,412  

BlackRock, Inc.

     3,894        2,109,458  

Cboe Global Markets, Inc.

     3,552        405,283  

The Charles Schwab Corp.

     37,718        1,969,634  

CME Group, Inc.

     10,709        1,732,074  

Discover Financial Services

     11,173        803,674  

E*TRADE Financial Corp. (a)

     8,387        464,724  

Franklin Resources, Inc.

     10,226        354,638  

Intercontinental Exchange, Inc.

     18,295        1,326,753  

Invesco Ltd.

     12,753        408,223  

Mastercard, Inc. Class A

     29,059        5,089,974  

Nasdaq, Inc.

     3,697        318,755  

Navient Corp.

     8,423        110,510  

Raymond James Financial, Inc.

     4,086        365,329  

Synchrony Financial

     22,505        754,593  

T. Rowe Price Group, Inc.

     7,697        831,045  

Visa, Inc. Class A

     56,745        6,787,837  
     

 

 

 
        27,275,402  
     

 

 

 
Insurance — 4.3%  

Aflac, Inc.

     24,528        1,073,345  

The Allstate Corp.

     11,157        1,057,684  

American International Group, Inc.

     28,337        1,542,099  

Aon PLC

     7,748        1,087,277  

Arthur J Gallagher & Co.

     5,744        394,785  
 

 

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  

Assurant, Inc.

     1,657      $ 151,466  

Berkshire Hathaway, Inc. Class B (a)

     60,571        12,082,703  

Brighthouse Financial, Inc. (a)

     2,987        153,532  

Chubb Ltd.

     14,618        1,999,304  

Cincinnati Financial Corp.

     4,688        348,131  

Everest Re Group Ltd.

     1,290        331,298  

The Hartford Financial Services Group, Inc.

     11,205        577,282  

Lincoln National Corp.

     6,874        502,214  

Loews Corp.

     8,511        423,252  

Marsh & McLennan Cos., Inc.

     15,971        1,319,045  

MetLife, Inc.

     32,637        1,497,712  

Principal Financial Group, Inc.

     8,513        518,527  

The Progressive Corp.

     18,349        1,118,004  

Prudential Financial, Inc.

     13,274        1,374,523  

Torchmark Corp.

     3,363        283,064  

The Travelers Cos., Inc.

     8,544        1,186,420  

Unum Group

     6,946        330,699  

Willis Towers Watson PLC

     4,147        631,132  

XL Group Ltd.

     8,046        444,622  
     

 

 

 
        30,428,120  
     

 

 

 
Investment Companies — 0.0%  

Leucadia National Corp.

     9,825        223,322  
     

 

 

 
Real Estate — 0.1%  

CBRE Group, Inc. Class A (a)

     9,484        447,834  
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.7%  

Alexandria Real Estate Equities, Inc.

     3,178        396,900  

American Tower Corp.

     13,882        2,017,610  

Apartment Investment & Management Co. Class A

     4,922        200,571  

AvalonBay Communities, Inc.

     4,338        713,427  

Boston Properties, Inc.

     4,848        597,371  

Crown Castle International Corp.

     13,059        1,431,397  

Digital Realty Trust, Inc.

     6,455        680,228  

Duke Realty Corp.

     11,186        296,205  

Equinix, Inc.

     2,495        1,043,259  

Equity Residential

     11,632        716,764  

Essex Property Trust, Inc.

     2,074        499,170  

Extra Space Storage, Inc.

     3,955        345,509  

Federal Realty Investment Trust

     2,324        269,840  

GGP, Inc.

     19,912        407,400  

HCP, Inc.

     14,737        342,340  

Host Hotels & Resorts, Inc.

     23,251        433,399  

Iron Mountain, Inc.

     8,842        290,548  

Kimco Realty Corp.

     13,375        192,600  

The Macerich Co.

     3,389        189,852  

Mid-America Apartment Communities, Inc.

     3,570        325,727  

Prologis, Inc.

     16,806        1,058,610  

Public Storage

     4,727        947,244  

Realty Income Corp.

     9,007        465,932  

Regency Centers Corp.

     4,649        274,198  
     Number of
Shares
     Value  

SBA Communications Corp. (a)

     3,664      $ 626,251  

Simon Property Group, Inc.

     9,801        1,512,784  

SL Green Realty Corp.

     2,864        277,321  

UDR, Inc.

     8,401        299,244  

Ventas, Inc.

     11,188        554,142  

Vornado Realty Trust

     5,415        364,429  

Welltower, Inc.

     11,636        633,347  

Weyerhaeuser Co.

     23,853        834,855  
     

 

 

 
        19,238,474  
     

 

 

 
Savings & Loans — 0.0%  

People’s United Financial, Inc.

     10,844        202,349  
     

 

 

 
        133,840,388  
     

 

 

 
Industrial — 10.0%  
Aerospace & Defense — 2.8%  

Arconic, Inc.

     13,308        306,616  

The Boeing Co.

     17,413        5,709,374  

General Dynamics Corp.

     8,694        1,920,505  

Harris Corp.

     3,743        603,671  

L3 Technologies, Inc.

     2,454        510,432  

Lockheed Martin Corp.

     7,821        2,642,951  

Northrop Grumman Corp.

     5,483        1,914,225  

Raytheon Co.

     9,080        1,959,646  

Rockwell Collins, Inc.

     5,161        695,961  

TransDigm Group, Inc.

     1,535        471,153  

United Technologies Corp.

     23,415        2,946,075  
     

 

 

 
        19,680,609  
     

 

 

 
Building Materials — 0.4%  

Fortune Brands Home & Security, Inc.

     4,759        280,257  

Johnson Controls International PLC

     29,204        1,029,149  

Martin Marietta Materials, Inc.

     1,976        409,625  

Masco Corp.

     9,884        399,709  

Vulcan Materials Co.

     4,198        479,286  
     

 

 

 
        2,598,026  
     

 

 

 
Electrical Components & Equipment — 0.3%  

Acuity Brands, Inc.

     1,324        184,287  

AMETEK, Inc.

     7,259        551,466  

Emerson Electric Co.

     20,012        1,366,820  
     

 

 

 
        2,102,573  
     

 

 

 
Electronics — 1.3%  

Agilent Technologies, Inc.

     10,181        681,109  

Allegion PLC

     2,984        254,505  

Amphenol Corp. Class A

     9,646        830,810  

Corning, Inc.

     27,302        761,180  

FLIR Systems, Inc.

     4,345        217,293  

Fortive Corp.

     9,671        749,696  

Garmin Ltd.

     3,478        204,959  

Honeywell International, Inc.

     23,680        3,421,997  

Mettler-Toledo International, Inc. (a)

     804        462,324  
 

 

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  

PerkinElmer, Inc.

     3,462      $ 262,143  

TE Connectivity Ltd.

     11,048        1,103,695  

Waters Corp. (a)

     2,474        491,460  
     

 

 

 
        9,441,171  
     

 

 

 
Engineering & Construction — 0.1%  

Fluor Corp.

     4,383        250,795  

Jacobs Engineering Group, Inc.

     3,788        224,060  
     

 

 

 
        474,855  
     

 

 

 
Environmental Controls — 0.2%  

Republic Services, Inc.

     7,065        467,915  

Stericycle, Inc. (a)

     2,669        156,216  

Waste Management, Inc.

     12,547        1,055,454  
     

 

 

 
        1,679,585  
     

 

 

 
Hand & Machine Tools — 0.1%  

Snap-on, Inc.

     1,791        264,244  

Stanley Black & Decker, Inc.

     4,818        738,118  
     

 

 

 
        1,002,362  
     

 

 

 
Machinery – Construction & Mining — 0.4%  

Caterpillar, Inc.

     18,818        2,773,397  
     

 

 

 
Machinery – Diversified — 0.6%  

Cummins, Inc.

     4,901        794,403  

Deere & Co.

     10,200        1,584,264  

Flowserve Corp.

     4,079        176,743  

Rockwell Automation, Inc.

     4,010        698,542  

Roper Technologies, Inc.

     3,244        910,558  

Xylem, Inc.

     5,641        433,906  
     

 

 

 
        4,598,416  
     

 

 

 
Miscellaneous – Manufacturing — 1.9%  

3M Co.

     18,747        4,115,341  

A.O. Smith Corp.

     4,581        291,306  

Dover Corp.

     4,844        475,778  

Eaton Corp. PLC

     13,842        1,106,114  

General Electric Co.

     273,354        3,684,812  

Illinois Tool Works, Inc.

     9,687        1,517,565  

Ingersoll-Rand PLC

     7,850        671,253  

Parker-Hannifin Corp.

     4,186        715,932  

Pentair PLC

     5,189        353,527  

Textron, Inc.

     8,274        487,918  
     

 

 

 
        13,419,546  
     

 

 

 
Packaging & Containers — 0.2%  

Ball Corp.

     10,997        436,691  

Packaging Corp. of America

     2,964        334,042  

Sealed Air Corp.

     5,258        224,990  

WestRock Co.

     8,000        513,360  
     

 

 

 
        1,509,083  
     

 

 

 
Shipbuilding — 0.1%  

Huntington Ingalls Industries, Inc.

     1,426        367,566  
     

 

 

 
Transportation — 1.6%  

C.H. Robinson Worldwide, Inc.

     4,379        410,356  
     Number of
Shares
     Value  

CSX Corp.

     27,938      $ 1,556,426  

Expeditors International of Washington, Inc.

     5,580        353,214  

FedEx Corp.

     7,750        1,860,853  

J.B. Hunt Transport Services, Inc.

     2,688        314,899  

Kansas City Southern

     3,252        357,232  

Norfolk Southern Corp.

     8,950        1,215,231  

Union Pacific Corp.

     24,780        3,331,176  

United Parcel Service, Inc. Class B

     21,673        2,268,296  
     

 

 

 
        11,667,683  
     

 

 

 
        71,314,872  
     

 

 

 
Technology — 16.0%  
Computers — 5.7%  

Accenture PLC Class A

     19,414        2,980,049  

Apple, Inc.

     159,723        26,798,325  

Cognizant Technology Solutions Corp. Class A

     18,522        1,491,021  

CSRA, Inc.

     5,219        215,179  

DXC Technology Co.

     8,962        900,950  

Hewlett Packard Enterprise Co.

     49,344        865,494  

HP, Inc.

     51,551        1,129,998  

International Business Machines Corp.

     26,970        4,138,007  

NetApp, Inc.

     8,474        522,761  

Seagate Technology PLC

     8,971        524,983  

Western Digital Corp.

     9,369        864,477  
     

 

 

 
        40,431,244  
     

 

 

 
Office & Business Equipment — 0.0%  

Xerox Corp.

     6,688        192,481  
     

 

 

 
Semiconductors — 4.2%  

Advanced Micro Devices, Inc. (a)

     25,763        258,918  

Analog Devices, Inc.

     11,651        1,061,756  

Applied Materials, Inc.

     33,090        1,840,135  

Broadcom Ltd.

     12,923        3,045,305  

Intel Corp.

     147,326        7,672,738  

IPG Photonics Corp. (a)

     1,198        279,589  

KLA-Tencor Corp.

     4,922        536,547  

Lam Research Corp.

     5,133        1,042,820  

Microchip Technology, Inc.

     7,398        675,881  

Micron Technology, Inc. (a)

     36,404        1,898,105  

NVIDIA Corp.

     19,037        4,408,779  

Qorvo, Inc. (a)

     3,998        281,659  

QUALCOMM, Inc.

     46,605        2,582,383  

Skyworks Solutions, Inc.

     5,727        574,189  

Texas Instruments, Inc.

     30,960        3,216,434  

Xilinx, Inc.

     8,031        580,160  
     

 

 

 
        29,955,398  
     

 

 

 
Software — 6.1%  

Activision Blizzard, Inc.

     23,889        1,611,552  

Adobe Systems, Inc. (a)

     15,486        3,346,215  

Akamai Technologies, Inc. (a)

     5,381        381,943  
 

 

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  

ANSYS, Inc. (a)

     2,635      $ 412,878  

Autodesk, Inc. (a)

     6,939        871,400  

CA, Inc.

     9,858        334,186  

Cadence Design Systems, Inc. (a)

     8,868        326,076  

Cerner Corp. (a)

     9,919        575,302  

Citrix Systems, Inc. (a)

     4,063        377,047  

Electronic Arts, Inc. (a)

     9,673        1,172,755  

Fidelity National Information Services, Inc.

     10,437        1,005,083  

Fiserv, Inc. (a)

     13,020        928,456  

Intuit, Inc.

     7,661        1,328,034  

Microsoft Corp.

     242,402        22,124,031  

Oracle Corp.

     95,132        4,352,289  

Paychex, Inc.

     10,046        618,733  

Red Hat, Inc. (a)

     5,559        831,126  

salesforce.com, Inc. (a)

     21,604        2,512,545  

Synopsys, Inc. (a)

     4,661        387,982  

Take-Two Interactive Software, Inc. (a)

     3,604        352,399  
     

 

 

 
        43,850,032  
     

 

 

 
        114,429,155  
     

 

 

 
Utilities — 2.8%  
Electric — 2.7%  

AES Corp.

     20,703        235,393  

Alliant Energy Corp.

     7,254        296,399  

Ameren Corp.

     7,623        431,691  

American Electric Power Co., Inc.

     15,453        1,059,921  

CenterPoint Energy, Inc.

     13,538        370,941  

CMS Energy Corp.

     8,853        400,952  

Consolidated Edison, Inc.

     9,745        759,525  

Dominion Energy, Inc.

     20,557        1,386,159  

DTE Energy Co.

     5,636        588,398  

Duke Energy Corp.

     22,096        1,711,777  

Edison International

     10,237        651,687  

Entergy Corp.

     5,667        446,446  

Eversource Energy

     9,952        586,372  

Exelon Corp.

     30,438        1,187,386  

FirstEnergy Corp.

     14,142        480,969  

NextEra Energy, Inc.

     14,817        2,420,061  

NRG Energy, Inc.

     9,454        288,631  

PG&E Corp.

     16,236        713,248  

Pinnacle West Capital Corp.

     3,506        279,779  

PPL Corp.

     21,929        620,371  

Public Service Enterprise Group, Inc.

     15,900        798,816  

SCANA Corp.

     4,468        167,773  

Sempra Energy

     8,057        896,100  

The Southern Co.

     31,770        1,418,848  

WEC Energy Group, Inc.

     9,914        621,608  

Xcel Energy, Inc.

     15,949        725,361  
     

 

 

 
        19,544,612  
     

 

 

 
     Number of
Shares
     Value  
Gas — 0.0%  

NiSource, Inc.

     10,582      $ 253,015  
     

 

 

 
Water — 0.1%  

American Water Works Co., Inc.

     5,599        459,846  
     

 

 

 
        20,257,473  
     

 

 

 
TOTAL COMMON STOCK (Cost $421,598,963)         708,159,264  
     

 

 

 
TOTAL EQUITIES (Cost $421,598,963)         708,159,264  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $421,598,963)
        708,159,264  
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 0.8%  
Repurchase Agreement — 0.7%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

   $ 4,792,370        4,792,370  
     

 

 

 
U.S. Treasury Bill — 0.1%  

U.S. Treasury Bill
0.000% 7/19/18) (c)

     655,000        651,572  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,444,256)
        5,443,942  
     

 

 

 
TOTAL INVESTMENTS — 99.9% (Cost $427,043,219) (d)         713,603,206  
Other Assets/(Liabilities) — 0.1%         598,879  
     

 

 

 
NET ASSETS — 100.0%       $ 714,202,085  
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $4,792,764. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $4,891,995.
(c) A portion of this security is pledged/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 Equity Index Fund – Portfolio of Investments (Continued)

 

The Fund had the following open Futures contracts at March 31, 2018:

 

 

     Expiration
Date
   Number of
Contracts
     Notional
Amount
    

 

Value/ Net
Unrealized
Appreciation/
(Depreciation)

 
Future Contract — Long  
S&P 500 E Mini Index    06/15/18      48      $ 6,589,375      $ (246,175
           

 

 

 

 

 

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

 

20


MML Focused Equity Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.4%  
COMMON STOCK — 96.4%  
Basic Materials — 3.0%  
Chemicals — 3.0%  

Praxair, Inc.

     12,881      $ 1,858,728  
     

 

 

 
Consumer, Cyclical — 15.2%  
Apparel — 5.4%  

NIKE, Inc. Class B

     51,125        3,396,745  
     

 

 

 
Retail — 9.8%  

Costco Wholesale Corp.

     9,057        1,706,611  

McDonald’s Corp.

     9,673        1,512,664  

The TJX Cos., Inc.

     35,615        2,904,759  
     

 

 

 
        6,124,034  
     

 

 

 
        9,520,779  
     

 

 

 
Consumer, Non-cyclical — 28.8%  
Beverages — 9.9%  

The Coca-Cola Co.

     49,610        2,154,562  

Diageo PLC

     75,008        2,537,527  

PepsiCo, Inc.

     14,091        1,538,033  
     

 

 

 
        6,230,122  
     

 

 

 
Cosmetics & Personal Care — 3.4%  

Colgate-Palmolive Co.

     30,078        2,155,991  
     

 

 

 
Health Care – Products — 4.2%  

Medtronic PLC

     32,487        2,606,107  
     

 

 

 
Health Care – Services — 1.9%  

UnitedHealth Group, Inc.

     5,543        1,186,202  
     

 

 

 
Pharmaceuticals — 9.4%  

Bristol-Myers Squibb Co.

     43,828        2,772,121  

Cardinal Health, Inc.

     24,741        1,550,766  

McKesson Corp.

     10,911        1,537,033  
     

 

 

 
        5,859,920  
     

 

 

 
        18,038,342  
     

 

 

 
Financial — 28.4%  
Banks — 4.2%  

The PNC Financial Services Group, Inc.

     17,392        2,630,366  
     

 

 

 
Diversified Financial Services — 9.1%  

American Express Co.

     27,955        2,607,643  

BlackRock, Inc.

     2,286        1,238,372  

Visa, Inc. Class A

     15,557        1,860,928  
     

 

 

 
        5,706,943  
     

 

 

 
Insurance — 7.7%  

Chubb Ltd.

     21,764        2,976,662  

Marsh & McLennan Cos., Inc.

     22,285        1,840,518  
     

 

 

 
        4,817,180  
     

 

 

 
     Number of
Shares
     Value  
Real Estate Investment Trusts (REITS) — 7.4%  

American Tower Corp.

     12,739      $ 1,851,486  

Public Storage

     13,742        2,753,760  
     

 

 

 
        4,605,246  
     

 

 

 
        17,759,735  
     

 

 

 
Industrial — 13.3%  
Aerospace & Defense — 2.0%  

Lockheed Martin Corp.

     3,619        1,222,969  
     

 

 

 
Transportation — 11.3%  

Canadian National Railway Co.

     38,013        2,778,208  

Union Pacific Corp.

     18,259        2,454,557  

United Parcel Service, Inc. Class B

     17,646        1,846,830  
     

 

 

 
        7,079,595  
     

 

 

 
        8,302,564  
     

 

 

 
Technology — 7.7%  
Computers — 3.5%  

Accenture PLC Class A

     14,332        2,199,962  
     

 

 

 
Software — 4.2%  

Microsoft Corp.

     28,815        2,629,945  
     

 

 

 
        4,829,907  
     

 

 

 
TOTAL COMMON STOCK
(Cost $55,602,116)
        60,310,055  
     

 

 

 
TOTAL EQUITIES
(Cost $55,602,116)
        60,310,055  
     

 

 

 

TOTAL LONG-TERM

INVESTMENTS
(Cost $55,602,116)

        60,310,055  
     

 

 

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

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (a)

   $ 726,264        726,264  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $726,264)
        726,264  
     

 

 

 
TOTAL INVESTMENTS — 97.6% (Cost $56,328,380) (b)         61,036,319  
Other Assets/(Liabilities) — 2.4%         1,505,821  
     

 

 

 
NET ASSETS — 100.0%       $ 62,542,140  
     

 

 

 
 

 

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

 

21


MML Focused Equity Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Maturity value of $726,324. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $744,639.
(b) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

22


MML Foreign Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.9%  
COMMON STOCK — 97.9%  
Bermuda — 0.4%  

Kunlun Energy Co. Ltd

     1,700,000      $ 1,477,447  
     

 

 

 
Canada — 2.0%  

Alamos Gold, Inc. Class A

     306,210        1,595,354  

Husky Energy, Inc.

     273,500        3,914,573  

Wheaton Precious Metals Corp.

     96,200        1,960,065  
     

 

 

 
        7,469,992  
     

 

 

 
Cayman Islands — 4.2%  

Baidu, Inc. Sponsored ADR (a)

     20,070        4,479,423  

CK Asset Holdings Ltd.

     452,254        3,827,023  

CK Hutchison Holdings Ltd.

     425,754        5,118,668  

NetEase, Inc. ADR

     7,300        2,046,847  
     

 

 

 
        15,471,961  
     

 

 

 
China — 3.1%  

China Life Insurance Co. Ltd. Class H

     1,251,000        3,475,728  

China Telecom Corp. Ltd. Class H

     11,037,643        4,894,588  

Sinopharm Group Co. Ltd. Class H

     568,800        2,861,331  
     

 

 

 
        11,231,647  
     

 

 

 
France — 9.6%  

AXA SA

     181,650        4,835,875  

BNP Paribas SA

     97,912        7,259,728  

Cie de Saint-Gobain

     77,198        4,077,682  

Cie Generale des Etablissements Michelin SCA

     27,433        4,054,978  

Credit Agricole SA

     112,057        1,823,276  

Sanofi

     74,190        5,961,553  

Total SA

     51,453        2,924,261  

Veolia Environnement SA

     172,122        4,081,800  
     

 

 

 
        35,019,153  
     

 

 

 
Germany — 11.4%  

Bayer AG Registered

     55,810        6,310,609  

HeidelbergCement AG

     46,022        4,521,765  

Infineon Technologies AG

     241,765        6,476,889  

Innogy SE (b)

     78,557        3,716,073  

LANXESS AG

     59,730        4,579,612  

Merck KGaA

     50,900        4,883,093  

MorphoSys AG (a)

     20,350        2,081,550  

Siemens AG Registered

     42,985        5,482,743  

Telefonica Deutschland Holding AG

     788,417        3,704,525  
     

 

 

 
        41,756,859  
     

 

 

 
Hong Kong — 2.2%  

AIA Group Ltd.

     485,200        4,142,091  

China Mobile Ltd.

     433,500        3,966,337  
     

 

 

 
        8,108,428  
     

 

 

 
     Number of
Shares
     Value  
Ireland — 2.2%  

Bank of Ireland Group PLC (a)

     384,672      $ 3,371,686  

CRH PLC

     141,012        4,794,311  
     

 

 

 
        8,165,997  
     

 

 

 
Israel — 1.0%  

Teva Pharmaceutical Industries Ltd. Sponsored ADR

     203,468        3,477,268  
     

 

 

 
Italy — 1.7%  

Eni SpA

     350,704        6,182,183  
     

 

 

 
Japan — 14.0%  

Astellas Pharma, Inc.

     265,800        4,081,807  

IHI Corp.

     88,700        2,772,479  

Inpex Corp.

     304,100        3,795,177  

Mitsui Fudosan Co. Ltd.

     173,300        4,179,608  

Omron Corp.

     95,900        5,627,946  

Panasonic Corp.

     345,400        4,933,818  

Ryohin Keikaku Co. Ltd.

     15,100        5,028,822  

Seven & i Holdings Co. Ltd.

     64,800        2,759,961  

SoftBank Group Corp.

     73,700        5,489,817  

Sumitomo Metal Mining Co. Ltd. (c)

     98,800        4,070,716  

Sumitomo Rubber Industries Ltd.

     121,700        2,243,783  

Suntory Beverage & Food Ltd.

     129,100        6,259,978  
     

 

 

 
        51,243,912  
     

 

 

 
Luxembourg — 0.9%  

SES SA (c)

     246,017        3,333,018  
     

 

 

 

Netherlands — 4.0%

 

Akzo Nobel NV

     32,182        3,042,395  

ING Groep NV

     199,694        3,372,777  

NN Group NV

     63,590        2,824,098  

QIAGEN NV (a)

     81,562        2,634,815  

SBM Offshore NV

     179,028        2,869,954  
     

 

 

 
        14,744,039  
     

 

 

 
Norway — 1.8%  

Telenor ASA

     162,793        3,702,639  

Yara International ASA

     65,009        2,761,678  
     

 

 

 
        6,464,317  
     

 

 

 
Portugal — 0.8%  

Galp Energia SGPS SA

     155,470        2,932,530  
     

 

 

 
Republic of Korea — 5.7%  

Hana Financial Group, Inc.

     79,353        3,408,027  

Hyundai Mobis Co. Ltd.

     12,368        2,952,887  

KB Financial Group, Inc. ADR (a)

     62,916        3,645,353  

Samsung Electronics Co. Ltd.

     4,706        10,966,660  
     

 

 

 
        20,972,927  
     

 

 

 
Singapore — 2.7%  

DBS Group Holdings, Ltd.

     127,479        2,689,161  

Singapore Telecommunications Ltd.

     2,089,100        5,385,380  
 

 

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

 

23


MML Foreign Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

United Overseas Bank Ltd.

     89,200      $ 1,880,966  
     

 

 

 
        9,955,507  
     

 

 

 
Sweden — 0.6%  

Arjo AB Class B (a)

     146,444        430,026  

Getinge AB Class B

     146,444        1,666,943  
     

 

 

 
        2,096,969  
     

 

 

 
Switzerland — 4.9%  

Landis+Gyr Group AG (a)

     25,523        1,978,640  

Novartis AG Registered

     54,480        4,407,544  

Roche Holding AG

     27,562        6,321,617  

UBS Group AG Registered

     306,210        5,391,803  
     

 

 

 
        18,099,604  
     

 

 

 
Taiwan — 1.5%  

Taiwan Semiconductor Manufacturing Co. Ltd.

     641,275        5,450,209  
     

 

 

 
Thailand — 1.5%  

Bangkok Bank PCL Foreign Registered

     792,100        5,428,984  
     

 

 

 
United Kingdom — 21.7%  

BAE Systems PLC

     599,614        4,897,921  

Barclays PLC

     1,995,343        5,827,333  

BP PLC

     1,542,293        10,385,023  

Cobham PLC (a)

     1,698,528        2,932,879  

GlaxoSmithKline PLC

     198,649        3,859,346  

HSBC Holdings PLC

     654,000        6,203,875  

Johnson Matthey PLC

     96,470        4,124,089  

Kingfisher PLC

     998,111        4,107,383  

LivaNova PLC (a)

     47,130        4,171,005  

Rolls-Royce Holdings PLC

     187,570        2,297,421  

Royal Dutch Shell PLC Class A

     2,397        75,217  

Royal Dutch Shell PLC Class B

     323,082        10,411,295  

Shire PLC

     89,624        4,467,687  

Standard Chartered PLC

     647,794        6,486,591  

Travis Perkins PLC

     149,165        2,585,525  

Vodafone Group PLC Sponsored ADR

     236,983        6,592,867  
     

 

 

 
        79,425,457  
     

 

 

 
TOTAL COMMON STOCK (Cost $308,777,277)         358,508,408  
     

 

 

 
TOTAL EQUITIES (Cost $308,777,277)         358,508,408  
     

 

 

 
MUTUAL FUNDS — 2.1%  
United States — 2.1%  

State Street Navigator Securities Lending Prime Portfolio (d)

     7,709,623        7,709,623  
     

 

 

 
    Number of
Shares
     Value  
TOTAL MUTUAL FUNDS
(Cost $7,709,623)
     $ 7,709,623  
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $316,486,900)
       366,218,031  
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.1%  
Repurchase Agreement — 2.1%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (e)

  $ 7,599,162        7,599,162  
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,599,162)
       7,599,162  
    

 

 

 
TOTAL INVESTMENTS — 102.1%
(Cost $324,086,062) (f)
       373,817,193  
Other Assets/(Liabilities) — (2.1)%        (7,679,693
    

 

 

 
NET ASSETS — 100.0%      $ 366,137,500  
    

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) 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 March 31, 2018, these securities amounted to a value of $3,716,073 or 1.01% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2018, was $7,334,964 or 2.00% 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).
(d) Represents investment of security lending collateral. (Note 2).
(e) Maturity value of $7,599,787. Collateralized by U.S. Government Agency obligations with rates ranging from 1.375% – 2.500%, maturity dates ranging from 8/15/23 – 9/23/23, and an aggregate market value, including accrued interest, of $7,755,097.
(f) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

24


MML Fundamental Growth Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 100.0%  
COMMON STOCK — 100.0%  
Basic Materials — 1.9%  
Iron & Steel — 0.2%  

Cleveland-Cliffs, Inc. (a)

     40,199      $ 279,383  
     

 

 

 

Mining — 1.7%

     

Rio Tinto PLC Sponsored ADR

     37,450        1,929,799  
     

 

 

 
        2,209,182  
     

 

 

 
Communications — 18.9%  
Internet — 17.2%  

Alibaba Group Holding Ltd. Sponsored ADR (a)

     2,323        426,363  

Alphabet, Inc. Class C (a)

     5,915        6,103,038  

Amazon.com, Inc. (a)

     3,743        5,417,394  

Booking Holdings, Inc. (a)

     435        904,970  

eBay, Inc. (a)

     25,036        1,007,449  

Facebook, Inc. Class A (a)

     24,288        3,880,979  

Okta, Inc. (a)

     8,065        321,390  

VeriSign, Inc. (a)

     11,579        1,372,806  

Yandex NV Class A (a)

     19,528        770,380  
     

 

 

 
        20,204,769  
     

 

 

 
Media — 0.7%  

FactSet Research Systems, Inc.

     4,124        822,408  
     

 

 

 
Telecommunications — 1.0%  

Cisco Systems, Inc.

     26,628        1,142,075  
     

 

 

 
        22,169,252  
     

 

 

 
Consumer, Cyclical — 6.4%  
Lodging — 0.9%  

Las Vegas Sands Corp.

     14,506        1,042,981  
     

 

 

 
Retail — 5.5%  

Domino’s Pizza, Inc.

     4,453        1,040,043  

The Home Depot, Inc.

     16,738        2,983,381  

O’Reilly Automotive, Inc. (a)

     2,733        676,090  

The TJX Cos., Inc.

     22,149        1,806,472  
     

 

 

 
        6,505,986  
     

 

 

 
        7,548,967  
     

 

 

 
Consumer, Non-cyclical — 14.4%      
Biotechnology — 1.7%      

Amgen, Inc.

     3,204        546,218  

Gilead Sciences, Inc.

     19,602        1,477,795  
     

 

 

 
        2,024,013  
     

 

 

 
Commercial Services — 5.8%      

Experian PLC

     20,430        441,328  

Gartner, Inc. (a)

     6,588        774,880  

Global Payments, Inc.

     11,275        1,257,388  

IHS Markit Ltd. (a)

     19,946        962,195  

PayPal Holdings, Inc. (a)

     17,540        1,330,760  
     Number of
Shares
     Value  

S&P Global, Inc.

     3,062      $ 585,026  

Worldpay, Inc. Class A (a)

     17,146        1,410,087  
     

 

 

 
        6,761,664  
     

 

 

 
Health Care – Products — 2.9%      

Danaher Corp.

     12,867        1,259,808  

Edwards Lifesciences Corp. (a)

     9,517        1,327,812  

Thermo Fisher Scientific, Inc.

     3,742        772,573  
     

 

 

 
        3,360,193  
     

 

 

 
Health Care – Services — 3.1%      

Aetna, Inc.

     8,696        1,469,624  

Anthem, Inc.

     5,474        1,202,638  

ICON PLC (a)

     7,948        938,976  
     

 

 

 
        3,611,238  
     

 

 

 
Pharmaceuticals — 0.9%      

Bristol-Myers Squibb Co.

     10,014        633,386  

McKesson Corp.

     3,074        433,034  
     

 

 

 
        1,066,420  
     

 

 

 
        16,823,528  
     

 

 

 
Energy — 4.0%      
Oil & Gas — 2.9%      

BP PLC Sponsored ADR

     27,396        1,110,634  

Chevron Corp.

     11,271        1,285,345  

Pioneer Natural Resources Co.

     5,883        1,010,581  
     

 

 

 
        3,406,560  
     

 

 

 
Oil & Gas Services — 1.1%      

Baker Hughes a GE Co.

     19,152        531,851  

Schlumberger Ltd.

     11,055        716,143  
     

 

 

 
        1,247,994  
     

 

 

 
        4,654,554  
     

 

 

 
Financial — 12.0%  
Banks — 2.7%  

Bank of America Corp.

     41,798        1,253,522  

Citigroup, Inc.

     16,500        1,113,750  

JP Morgan Chase & Co.

     7,421        816,088  
     

 

 

 
        3,183,360  
     

 

 

 
Diversified Financial Services — 8.2%  

American Express Co.

     16,089        1,500,782  

Intercontinental Exchange, Inc.

     18,228        1,321,895  

Mastercard, Inc. Class A

     14,740        2,581,858  

TD Ameritrade Holding Corp.

     18,697        1,107,423  

Visa, Inc. Class A

     25,701        3,074,354  
     

 

 

 
        9,586,312  
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.1%  

American Tower Corp.

     8,848        1,285,968  
     

 

 

 
        14,055,640  
     

 

 

 
 

 

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

 

25


MML Fundamental Growth Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  
Industrial — 10.7%  
Aerospace & Defense — 0.7%  

Raytheon Co.

     3,687      $ 795,728  
     

 

 

 
Electrical Components & Equipment — 1.2%  

Emerson Electric Co.

     20,222        1,381,163  
     

 

 

 
Electronics — 1.4%  

Fortive Corp.

     13,831        1,072,179  

Honeywell International, Inc.

     4,360        630,064  
     

 

 

 
        1,702,243  
     

 

 

 
Machinery – Construction & Mining — 1.8%  

Caterpillar, Inc.

     14,702        2,166,781  
     

 

 

 
Machinery – Diversified — 3.5%  

Cummins, Inc.

     8,367        1,356,207  

The Middleby Corp. (a)

     1,579        195,464  

Rockwell Automation, Inc.

     8,663        1,509,095  

Roper Technologies, Inc.

     3,576        1,003,747  
     

 

 

 
        4,064,513  
     

 

 

 
Miscellaneous – Manufacturing — 2.1%  

Dover Corp.

     13,835        1,358,874  

Parker-Hannifin Corp.

     6,501        1,111,866  
     

 

 

 
        2,470,740  
     

 

 

 
        12,581,168  
     

 

 

 
Technology — 31.7%  
Computers — 7.5%  

Apple, Inc.

     33,926        5,692,104  

Check Point Software Technologies Ltd. (a)

     5,139        510,508  

International Business Machines Corp.

     9,797        1,503,154  

NetApp, Inc.

     16,703        1,030,408  
     

 

 

 
        8,736,174  
     

 

 

 
Semiconductors — 7.1%      

Analog Devices, Inc.

     7,473        681,015  

Applied Materials, Inc.

     29,097        1,618,084  

KLA-Tencor Corp.

     7,553        823,353  

Maxim Integrated Products, Inc.

     17,234        1,037,831  

QUALCOMM, Inc.

     17,502        969,786  

Teradyne, Inc.

     17,293        790,463  

Texas Instruments, Inc.

     15,297        1,589,205  

Xilinx, Inc.

     11,245        812,339  
     

 

 

 
        8,322,076  
     

 

 

 
Software — 17.1%      

Adobe Systems, Inc. (a)

     7,473        1,614,766  

Atlassian Corp. PLC Class A (a)

     8,569        462,040  

Autodesk, Inc. (a)

     5,294        664,821  

Electronic Arts, Inc. (a)

     6,905        837,162  

Fiserv, Inc. (a)

     6,814        485,906  

Guidewire Software, Inc. (a)

     5,594        452,163  

Intuit, Inc.

     7,400        1,282,790  
    Number of
Shares
     Value  

Microsoft Corp.

    86,639      $ 7,907,542  

Oracle Corp.

    46,223        2,114,702  

salesforce.com, Inc. (a)

    9,518        1,106,943  

ServiceNow, Inc. (a)

    5,869        971,026  

SS&C Technologies Holdings, Inc

    21,545        1,155,674  

Workday, Inc. Class A (a)

    8,001        1,017,007  
    

 

 

 
       20,072,542  
    

 

 

 
       37,130,792  
    

 

 

 
TOTAL COMMON STOCK (Cost $92,366,338)        117,173,083  
    

 

 

 
TOTAL EQUITIES (Cost $92,366,338)        117,173,083  
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $92,366,338)
       117,173,083  
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 0.3%  
Repurchase Agreement — 0.3%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

  $ 406,371        406,371  
    

 

 

 
TOTAL SHORT-TERM
INVESTMENTS
(Cost $406,371)
       406,371  
    

 

 

 
TOTAL INVESTMENTS — 100.3%
(Cost $92,772,709) (c)
       117,579,454  
Other Assets/(Liabilities) — (0.3)%        (405,926
    

 

 

 
NET ASSETS — 100.0%      $ 117,173,528  
    

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $406,404. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $414,736.
(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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.7%  
COMMON STOCK — 96.7%  
Basic Materials — 2.8%  
Chemicals — 1.5%  

DowDuPont, Inc.

     51,970      $ 3,311,009  
     

 

 

 
Forest Products & Paper — 1.3%  

International Paper Co.

     52,730        2,817,364  
     

 

 

 
        6,128,373  
     

 

 

 
Communications — 8.0%  
Media — 2.6%  

CBS Corp. Class B

     31,050        1,595,659  

Comcast Corp. Class A

     64,530        2,204,990  

Thomson Reuters Corp.

     15,370        594,051  

Viacom, Inc. Class B

     46,800        1,453,608  
     

 

 

 
        5,848,308  
     

 

 

 
Telecommunications — 5.4%  

Cisco Systems, Inc.

     162,580        6,973,056  

Nokia OYJ Sponsored ADR

     290,900        1,591,223  

Verizon Communications, Inc.

     69,360        3,316,795  
     

 

 

 
        11,881,074  
     

 

 

 
        17,729,382  
     

 

 

 
Consumer, Cyclical — 7.2%  
Home Builders — 0.9%  

PulteGroup, Inc.

     66,640        1,965,214  
     

 

 

 
Housewares — 0.4%  

Newell Brands, Inc.

     38,050        969,514  
     

 

 

 
Leisure Time — 0.8%  

Norwegian Cruise Line Holdings Ltd. (a)

     34,120        1,807,336  
     

 

 

 
Lodging — 1.2%  

Hilton Worldwide Holdings, Inc.

     33,810        2,662,876  
     

 

 

 
Retail — 3.9%  

The Home Depot, Inc.

     12,570        2,240,477  

L Brands, Inc.

     35,550        1,358,365  

Qurate Retail Group, Inc. (a)

     98,090        2,468,925  

The TJX Cos., Inc.

     29,900        2,438,644  
     

 

 

 
        8,506,411  
     

 

 

 
        15,911,351  
     

 

 

 
Consumer, Non-cyclical — 16.6%  
Agriculture — 2.3%  

British American Tobacco PLC

     32,140        1,865,764  

Philip Morris International, Inc.

     31,530        3,134,082  
     

 

 

 
        4,999,846  
     

 

 

 
Commercial Services — 0.5%  

Nielsen Holdings PLC

     38,720        1,230,909  
     

 

 

 
Cosmetics & Personal Care — 0.8%  

Unilever NV NY Shares

     30,110        1,697,903  
     

 

 

 
     Number of
Shares
     Value  
Foods — 1.4%  

The Kraft Heinz Co.

     18,606      $ 1,158,968  

Mondelez International, Inc. Class A

     46,520        1,941,279  
     

 

 

 
        3,100,247  
     

 

 

 
Health Care – Products — 2.3%  

Medtronic PLC

     38,639        3,099,621  

Zimmer Biomet Holdings, Inc.

     18,710        2,040,138  
     

 

 

 
        5,139,759  
     

 

 

 
Health Care – Services — 1.5%  

UnitedHealth Group, Inc.

     15,220        3,257,080  
     

 

 

 
Pharmaceuticals — 7.8%  

Allergan PLC

     14,590        2,455,351  

AstraZeneca PLC Sponsored ADR

     66,270        2,317,462  

Bristol-Myers Squibb Co.

     49,630        3,139,097  

Eli Lilly & Co.

     28,500        2,205,045  

Merck & Co., Inc.

     78,640        4,283,521  

Roche Holding AG

     12,511        2,869,522  
     

 

 

 
        17,269,998  
     

 

 

 
        36,695,742  
     

 

 

 
Energy — 9.4%  
Oil & Gas — 8.2%  

Canadian Natural Resources Ltd.

     71,860        2,261,434  

Chevron Corp.

     42,140        4,805,645  

EOG Resources, Inc.

     30,680        3,229,684  

Exxon Mobil Corp.

     33,770        2,519,580  

Marathon Oil Corp.

     138,354        2,231,650  

Occidental Petroleum Corp.

     18,260        1,186,170  

Pioneer Natural Resources Co.

     11,890        2,042,464  
     

 

 

 
        18,276,627  
     

 

 

 
Oil & Gas Services — 1.2%  

Halliburton Co.

     57,010        2,676,049  
     

 

 

 
        20,952,676  
     

 

 

 
Financial — 29.3%  
Banks — 17.8%  

Bank of America Corp.

     162,750        4,880,872  

Citigroup, Inc.

     86,770        5,856,975  

The Goldman Sachs Group, Inc.

     11,080        2,790,609  

JP Morgan Chase & Co.

     96,200        10,579,114  

M&T Bank Corp.

     17,470        3,220,769  

The PNC Financial Services Group, Inc.

     38,690        5,851,476  

Wells Fargo & Co.

     118,930        6,233,121  
     

 

 

 
        39,412,936  
     

 

 

 
Diversified Financial Services — 3.7%  

BlackRock, Inc.

     5,580        3,022,798  

Invesco Ltd.

     76,130        2,436,921  

Nasdaq, Inc.

     30,840        2,659,025  
     

 

 

 
        8,118,744  
     

 

 

 
 

 

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  
Insurance — 6.1%  

American International Group, Inc.

     32,360      $ 1,761,031  

Chubb Ltd.

     25,075        3,429,508  

Marsh & McLennan Cos., Inc.

     31,890        2,633,795  

MetLife, Inc.

     45,490        2,087,536  

Principal Financial Group, Inc.

     18,930        1,153,026  

Unum Group

     20,680        984,575  

XL Group Ltd.

     29,060        1,605,856  
     

 

 

 
        13,655,327  
     

 

 

 
Real Estate Investment Trusts (REITS) — 1.7%  

Brixmor Property Group, Inc.

     76,670        1,169,218  

Park Hotels & Resorts, Inc.

     98,310        2,656,336  
     

 

 

 
        3,825,554  
     

 

 

 
        65,012,561  
     

 

 

 
Industrial — 11.1%  
Aerospace & Defense — 1.8%  

Triumph Group, Inc.

     31,340        789,768  

United Technologies Corp.

     25,900        3,258,738  
     

 

 

 
        4,048,506  
     

 

 

 
Building Materials — 1.2%  

Fortune Brands Home & Security, Inc.

     43,340        2,552,293  
     

 

 

 
Electronics — 1.0%  

Koninklijke Philips NV Sponsored ADR

     58,940        2,257,991  
     

 

 

 
Machinery – Construction & Mining — 1.0%  

Caterpillar, Inc.

     15,710        2,315,340  
     

 

 

 
Miscellaneous – Manufacturing — 4.0%  

3M Co.

     9,720        2,133,734  

Eaton Corp. PLC

     45,420        3,629,512  

Ingersoll-Rand PLC

     36,740        3,141,638  
     

 

 

 
        8,904,884  
     

 

 

 
Transportation — 2.1%  

Schneider National, Inc. Class B

     51,390        1,339,223  

Union Pacific Corp.

     23,980        3,223,632  
     

 

 

 
        4,562,855  
     

 

 

 
        24,641,869  
     

 

 

 
Technology — 9.0%  
Computers — 2.4%  

Cognizant Technology Solutions Corp. Class A

     30,210        2,431,905  

NetApp, Inc.

     47,770        2,946,931  
     

 

 

 
        5,378,836  
     

 

 

 
Semiconductors — 5.4%  

Analog Devices, Inc.

     15,900        1,448,967  

Intel Corp.

     101,590        5,290,807  

Maxim Integrated Products, Inc.

     42,150        2,538,273  

QUALCOMM, Inc.

     49,470        2,741,133  
     

 

 

 
        12,019,180  
     

 

 

 
     Number of
Shares
     Value  
Software — 1.2%  

Microsoft Corp.

     28,880      $ 2,635,878  
     

 

 

 
        20,033,894  
     

 

 

 
Utilities — 3.3%  
Electric — 3.3%  

Dominion Energy, Inc.

     17,000        1,146,310  

Edison International

     31,260        1,990,011  

Eversource Energy

     43,110        2,540,041  

NextEra Energy, Inc.

     9,990        1,631,667  
     

 

 

 
        7,308,029  
     

 

 

 
TOTAL COMMON STOCK (Cost $163,557,288)         214,413,877  
     

 

 

 
TOTAL EQUITIES (Cost $163,557,288)         214,413,877  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $163,557,288)
        214,413,877  
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.1%  
Repurchase Agreement — 2.1%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

   $ 4,527,829        4,527,829  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,527,829)
        4,527,829  
     

 

 

 
TOTAL INVESTMENTS — 98.8% (Cost $168,085,117) (c)         218,941,706  
Other Assets/(Liabilities) — 1.2%         2,692,511  
     

 

 

 
NET ASSETS — 100.0%       $ 221,634,217  
     

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $4,528,201. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $4,618,647.
(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

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.6%  
COMMON STOCK — 97.6%  
Austria — 0.5%  

Erste Group Bank AG

     23,004      $ 1,156,930  
     

 

 

 
Brazil — 0.6%  

Ambev SA

     178,331        1,300,164  
     

 

 

 
Canada — 1.7%  

Canadian National Railway Co.

     53,469        3,910,188  
     

 

 

 
Cayman Islands — 0.2%  

Sands China Ltd.

     92,000        499,560  
     

 

 

 
Denmark — 0.7%  

Carlsberg A/S Class B

     13,307        1,590,172  
     

 

 

 
France — 9.5%  

Air Liquide SA

     17,397        2,133,211  

Danone SA

     51,436        4,166,032  

Hermes International

     851        504,590  

Legrand SA

     26,220        2,057,887  

LVMH Moet Hennessy Louis Vuitton SE

     16,094        4,963,212  

Pernod Ricard SA

     27,324        4,551,752  

Schneider Electric SE

     38,645        3,399,247  
     

 

 

 
        21,775,931  
     

 

 

 
Germany — 6.1%  

Bayer AG Registered

     51,905        5,869,059  

Brenntag AG

     17,093        1,017,227  

Deutsche Boerse AG

     7,422        1,011,066  

Linde AG (a)

     13,597        2,862,409  

Merck KGaA

     16,930        1,624,180  

MTU Aero Engines AG

     9,677        1,631,178  
     

 

 

 
        14,015,119  
     

 

 

 
Ireland — 4.9%  

Accenture PLC Class A

     36,376        5,583,716  

Medtronic PLC

     70,237        5,634,412  
     

 

 

 
        11,218,128  
     

 

 

 
Israel — 1.0%  

Check Point Software Technologies Ltd. (a)

     22,993        2,284,125  
     

 

 

 
Japan — 1.4%  

Hoya Corp.

     24,600        1,245,832  

Kubota Corp.

     118,200        2,083,008  
     

 

 

 
        3,328,840  
     

 

 

 
Mexico — 0.3%  

Grupo Financiero Banorte SAB de CV Class O

     118,572        722,402  
     

 

 

 
Netherlands — 3.2%  

Akzo Nobel NV

     35,877        3,391,710  

Heineken NV

     21,784        2,344,443  
     Number of
Shares
     Value  

Schlumberger Ltd.

     25,092      $ 1,625,460  
     

 

 

 
        7,361,613  
     

 

 

 
Republic of Korea — 1.0%  

Samsung Electronics Co. Ltd.

     962        2,241,803  
     

 

 

 
Spain — 1.1%  

Aena SME SA (b)

     12,016        2,421,476  
     

 

 

 
Sweden — 2.0%  

Essity AB Class B (a)

     167,958        4,644,348  
     

 

 

 
Switzerland — 7.7%  

Adecco Group AG Registered

     21,229        1,512,583  

Cie Financiere Richemont SA Registered

     26,276        2,360,380  

Julius Baer Group Ltd. (a)

     22,572        1,389,871  

Nestle SA Registered

     66,934        5,298,923  

Roche Holding AG

     14,825        3,400,260  

Sonova Holding AG Registered

     4,759        756,440  

UBS Group AG Registered (a)

     177,733        3,129,556  
     

 

 

 
        17,848,013  
     

 

 

 
Thailand — 0.2%  

Kasikornbank PCL

     81,000        552,778  
     

 

 

 
United Kingdom — 9.0%  

Aon PLC

     8,042        1,128,534  

Aptiv PLC

     14,606        1,241,072  

Burberry Group PLC

     59,102        1,407,465  

Compass Group PLC

     112,492        2,298,683  

Diageo PLC

     132,081        4,468,312  

Reckitt Benckiser Group PLC

     58,433        4,951,550  

Sky PLC

     29,355        534,479  

Whitbread PLC

     24,444        1,272,293  

WPP PLC

     210,151        3,340,141  
     

 

 

 
        20,642,529  
     

 

 

 
United States — 46.5%  

3M Co.

     17,240        3,784,525  

Abbott Laboratories

     50,359        3,017,511  

American Express Co.

     35,144        3,278,232  

Amphenol Corp. Class A

     14,059        1,210,902  

AutoZone, Inc. (a)

     1,844        1,196,184  

The Bank of New York Mellon Corp.

     72,225        3,721,754  

Cisco Systems, Inc.

     44,628        1,914,095  

Cognizant Technology Solutions Corp. Class A

     28,554        2,298,597  

Colgate-Palmolive Co.

     34,492        2,472,387  

Comcast Corp. Class A

     151,783        5,186,425  

The Cooper Cos., Inc.

     8,911        2,038,926  

Coty, Inc. Class A

     188,781        3,454,692  

eBay, Inc. (a)

     51,771        2,083,265  

Franklin Resources, Inc.

     44,786        1,553,178  

The Goldman Sachs Group, Inc.

     9,529        2,399,974  

Harley-Davidson, Inc. (c)

     19,763        847,437  
 

 

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

 

29


MML Global Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Honeywell International, Inc.

     38,219      $ 5,523,028  

Johnson & Johnson

     6,881        881,800  

Kansas City Southern

     31,762        3,489,056  

Kellogg Co.

     33,140        2,154,431  

Microchip Technology, Inc. (c)

     11,489        1,049,635  

Monsanto Co.

     19,920        2,324,465  

National Oilwell Varco, Inc.

     17,228        634,163  

NOW, Inc. (a) (c)

     10,072        102,936  

Omnicom Group, Inc.

     16,569        1,204,069  

Oracle Corp.

     72,294        3,307,451  

PayPal Holdings, Inc. (a)

     16,440        1,247,303  

Praxair, Inc.

     6,930        999,999  

Sally Beauty Holdings, Inc. (a)

     44,599        733,654  

State Street Corp.

     45,594        4,547,090  

Stryker Corp.

     29,844        4,802,496  

Thermo Fisher Scientific, Inc.

     32,490        6,707,885  

Time Warner, Inc.

     30,148        2,851,398  

United Parcel Service, Inc. Class B

     33,572        3,513,646  

United Technologies Corp.

     19,226        2,419,015  

Urban Outfitters, Inc. (a)

     21,428        791,979  

Visa, Inc. Class A

     49,028        5,864,729  

W.W. Grainger, Inc.

     2,913        822,253  

The Walt Disney Co.

     40,805        4,098,454  

Waters Corp. (a)

     9,969        1,980,342  

Wynn Resorts Ltd.

     3,683        671,632  

Zimmer Biomet Holdings, Inc.

     36,287        3,956,734  
     

 

 

 
        107,137,727  
     

 

 

 
TOTAL COMMON STOCK
(Cost $181,039,029)
        224,651,846  
     

 

 

 
TOTAL EQUITIES
(Cost $181,039,029)
        224,651,846  
     

 

 

 
MUTUAL FUNDS — 0.9%  
United States — 0.9%  

State Street Navigator Securities Lending Prime Portfolio (d)

     2,021,290        2,021,290  
     

 

 

 
TOTAL MUTUAL FUNDS (Cost $2,021,290)         2,021,290  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS (Cost $183,060,319)         226,673,136  
     

 

 

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

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (e)

   $ 1,866,013      $ 1,866,013  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,866,013)
        1,866,013  
     

 

 

 
TOTAL INVESTMENTS — 99.3% (Cost $184,926,332) (f)         228,539,149  
Other Assets/(Liabilities) — 0.7%         1,712,453  
     

 

 

 
NET ASSETS — 100.0%       $ 230,251,602  
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $2,421,476 or 1.05% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2018, was $1,979,979 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).
(d) Represents investment of security lending collateral. (Note 2).
(e) Maturity value of $1,866,167. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $1,904,123.
(f) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

30


MML Growth Allocation Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%  
Equity Funds — 73.6%  

MML Blue Chip Growth Fund, Initial Class (a)

     3,925,029      $ 72,220,535  

MML Equity Income Fund, Initial Class (a)

     6,375,902        77,849,764  

MML Equity Index Fund, Class III (a)

     2,636,899        81,005,538  

MML Focused Equity Fund, Class II (a)

     1,722,760        21,741,235  

MML Foreign Fund, Initial Class (a)

     6,779,304        74,775,728  

MML Fundamental Growth Fund, Class II (a)

     2,874,451        38,287,691  

MML Fundamental Value Fund, Class II (a)

     5,163,227        77,861,462  

MML Global Fund, Class I (a)

     5,551,488        71,003,536  

MML Income & Growth Fund, Initial Class (a)

     6,347,035        77,370,361  

MML International Equity Fund, Class II (a)

     6,113,110        71,401,122  

MML Large Cap Growth Fund, Initial Class (a)

     2,405,707        25,909,463  

MML Mid Cap Growth Fund, Initial Class (a)

     4,380,183        73,849,882  

MML Mid Cap Value Fund, Initial Class (a)

     6,161,662        73,077,307  

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

     1,152,454        17,748,737  

MML Small Company Value Fund, Class II (a)

     1,955,526        32,266,185  

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

     1,940,461        26,448,480  

MML Strategic Emerging Markets Fund, Class II (a)

     4,371,717        52,067,147  

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

     280,811        24,211,504  

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

     963,591        45,693,490  

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

     14,398,706        141,395,289  

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

     15,144,335        39,223,827  

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

     650,563        20,310,573  
     

 

 

 
        1,235,718,856  
     

 

 

 
    Number of
Shares
     Value  
Fixed Income Funds — 26.5%  

MML Dynamic Bond Fund, Class II (a)

    9,266,209      $ 91,457,481  

MML High Yield Fund, Class II (a)

    1,335,161        13,271,500  

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

    6,998,440        70,544,272  

MML Managed Bond Fund, Initial Class (a)

    11,249,665        137,882,259  

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

    5,187,243        50,419,998  

MML Total Return Bond Fund, Class II (a)

    8,026,396        82,029,772  
    

 

 

 
       445,605,282  
    

 

 

 
TOTAL MUTUAL FUNDS
(Cost $1,587,845,249)
       1,681,324,138  
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $1,587,845,249)
       1,681,324,138  
    

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $1,587,845,249) (b)
       1,681,324,138  
Other Assets/(Liabilities) — (0.1)%        (1,035,371
    

 

 

 
NET ASSETS — 100.0%      $ 1,680,288,767  
    

 

 

 

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) 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 & Income Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.9%  
COMMON STOCK — 98.9%  
Basic Materials — 2.4%  
Chemicals — 2.4%  

PPG Industries, Inc.

     12,509      $ 1,396,005  

The Sherwin-Williams Co.

     4,909        1,924,917  
     

 

 

 
        3,320,922  
     

 

 

 
Communications — 9.7%  
Internet — 6.3%  

Alphabet, Inc. Class A (a)

     4,062        4,212,863  

Alphabet, Inc. Class C (a)

     2,621        2,704,322  

Facebook, Inc. Class A (a)

     11,913        1,903,578  
     

 

 

 
        8,820,763  
     

 

 

 
Media — 2.6%  

Comcast Corp. Class A

     80,433        2,748,395  

The Walt Disney Co.

     8,413        845,002  
     

 

 

 
        3,593,397  
     

 

 

 
Telecommunications — 0.8%  

Cisco Systems, Inc.

     27,487        1,178,917  
     

 

 

 
        13,593,077  
     

 

 

 
Consumer, Cyclical — 9.7%  
Apparel — 2.5%  

LVMH Moet Hennessy Louis Vuitton SE

     5,844        1,802,225  

NIKE, Inc. Class B

     25,350        1,684,254  
     

 

 

 
        3,486,479  
     

 

 

 
Food Services — 0.8%  

Aramark

     25,943        1,026,305  
     

 

 

 
Housewares — 1.2%  

Newell Brands, Inc.

     67,004        1,707,262  
     

 

 

 
Retail — 5.2%  

Costco Wholesale Corp.

     7,705        1,451,853  

Dollar Tree, Inc. (a)

     9,295        882,095  

Ross Stores, Inc.

     20,124        1,569,270  

Starbucks Corp.

     36,468        2,111,133  

Tractor Supply Co.

     19,804        1,248,048  
     

 

 

 
        7,262,399  
     

 

 

 
        13,482,445  
     

 

 

 
Consumer, Non-cyclical — 23.6%  
Beverages — 2.2%  

Diageo PLC

     34,239        1,158,309  

Pernod Ricard SA

     11,174        1,861,414  
     

 

 

 
        3,019,723  
     

 

 

 
Biotechnology — 1.1%  

Biogen, Inc. (a)

     5,596        1,532,297  
     

 

 

 
Cosmetics & Personal Care — 2.7%  

Colgate-Palmolive Co.

     22,862        1,638,748  
     Number of
Shares
     Value  

Coty, Inc. Class A

     55,871      $ 1,022,439  

The Estee Lauder Cos., Inc. Class A

     7,264        1,087,566  
     

 

 

 
        3,748,753  
     

 

 

 
Foods — 3.0%  

Danone SA

     23,995        1,943,462  

Mondelez International, Inc. Class A

     52,612        2,195,499  
     

 

 

 
        4,138,961  
     

 

 

 
Health Care – Products — 8.4%  

Abbott Laboratories

     20,863        1,250,111  

Danaher Corp.

     31,769        3,110,503  

Medtronic PLC

     35,680        2,862,250  

Stryker Corp.

     5,483        882,324  

Thermo Fisher Scientific, Inc.

     17,148        3,540,376  
     

 

 

 
        11,645,564  
     

 

 

 
Household Products & Wares — 0.4%  

Kimberly-Clark Corp.

     5,598        616,508  
     

 

 

 
Pharmaceuticals — 5.8%  

Eli Lilly & Co.

     23,591        1,825,235  

Johnson & Johnson

     27,033        3,464,279  

McKesson Corp.

     9,756        1,374,328  

Zoetis, Inc.

     17,874        1,492,658  
     

 

 

 
        8,156,500  
     

 

 

 
        32,858,306  
     

 

 

 
Energy — 5.0%  
Oil & Gas — 1.8%  

EOG Resources, Inc.

     24,287        2,556,693  
     

 

 

 
Oil & Gas Services — 1.8%  

Schlumberger Ltd.

     39,212        2,540,153  
     

 

 

 
Pipelines — 1.4%  

Enterprise Products Partners LP (b)

     77,398        1,894,703  
     

 

 

 
        6,991,549  
     

 

 

 
Financial — 23.3%  
Banks — 12.0%  

Bank of America Corp.

     150,679        4,518,863  

The Goldman Sachs Group, Inc.

     11,848        2,984,037  

JP Morgan Chase & Co.

     51,459        5,658,946  

Morgan Stanley

     37,476        2,022,205  

US Bancorp

     29,867        1,508,284  
     

 

 

 
        16,692,335  
     

 

 

 
Diversified Financial Services — 6.7%  

BlackRock, Inc.

     1,335        723,196  

Mastercard, Inc. Class A

     15,125        2,649,295  

Nasdaq, Inc.

     23,251        2,004,701  

Visa, Inc. Class A

     33,485        4,005,476  
     

 

 

 
        9,382,668  
     

 

 

 
Insurance — 1.1%  

Chubb Ltd.

     11,464        1,567,931  
     

 

 

 
 

 

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

 

32


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

 

     Number of
Shares
     Value  
Private Equity — 0.8%  

The Blackstone Group LP (b)

     35,215      $ 1,125,119  
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.7%  

American Tower Corp.

     25,551        3,713,583  
     

 

 

 
        32,481,636  
     

 

 

 
Industrial — 8.6%  
Aerospace & Defense — 1.3%  

United Technologies Corp.

     14,568        1,832,946  
     

 

 

 
Electrical Components & Equipment — 1.1%  

AMETEK, Inc.

     19,336        1,468,956  
     

 

 

 
Electronics — 2.4%  

Fortive Corp.

     11,560        896,131  

Honeywell International, Inc.

     17,103        2,471,555  
     

 

 

 
        3,367,686  
     

 

 

 
Engineering & Construction — 0.6%  

Fluor Corp.

     15,484        885,994  
     

 

 

 
Packaging & Containers — 1.5%  

Crown Holdings, Inc. (a)

     40,587        2,059,790  
     

 

 

 
Transportation — 1.7%  

Canadian National Railway Co.

     32,846        2,402,028  
     

 

 

 
        12,017,400  
     

 

 

 
Technology — 16.1%  
Computers — 9.5%  

Accenture PLC Class A

     18,842        2,892,247  

Amdocs Ltd.

     18,852        1,257,806  

Apple, Inc.

     9,786        1,641,895  

Cognizant Technology Solutions Corp. Class A

     45,558        3,667,419  

DXC Technology Co.

     22,632        2,275,195  

Hewlett Packard Enterprise Co.

     84,900        1,489,146  
     

 

 

 
        13,223,708  
     

 

 

 
Semiconductors — 3.3%  

Broadcom Ltd.

     9,686        2,282,506  

Texas Instruments, Inc.

     22,850        2,373,886  
     

 

 

 
        4,656,392  
     

 

 

 
Software — 3.3%  

Adobe Systems, Inc. (a)

     7,643        1,651,500  

Fidelity National Information Services, Inc.

     30,171        2,905,467  
     

 

 

 
        4,556,967  
     

 

 

 
        22,437,067  
     

 

 

 
     Number of
Shares
     Value  
Utilities — 0.5%  
Electric — 0.5%  

American Electric Power Co., Inc.

     10,560      $ 724,310  
     

 

 

 
TOTAL COMMON STOCK (Cost $90,078,273)         137,906,712  
     

 

 

 
TOTAL EQUITIES (Cost $90,078,273)         137,906,712  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $90,078,273)
        137,906,712  
     

 

 

 
     Principal
Amount
        
SHORT-TERM INVESTMENTS — 1.1%  
Repurchase Agreement — 1.1%  

Fixed Income Clearing Corp., Repurchase Agreement , dated 3/29/18, 0.740%, due 4/02/18 (c)

   $ 1,480,320        1,480,320  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,480,320)
        1,480,320  
     

 

 

 
TOTAL INVESTMENTS — 100.0% (Cost $91,558,593) (d)         139,387,032  
Other Assets/(Liabilities) — 0.0%         66,882  
     

 

 

 
NET ASSETS — 100.0%       $ 139,453,914  
     

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Security is a Master Limited Partnership.
(c) Maturity value of $1,480,442. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $1,510,338.
(d) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

33


MML Income & Growth Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 97.9%  
COMMON STOCK — 97.9%  
Basic Materials — 5.8%  
Chemicals — 5.6%  

Air Products & Chemicals, Inc.

     14,462      $ 2,299,892  

Celanese Corp. Series A

     42,512        4,260,127  

DowDuPont, Inc.

     112,698        7,179,990  

LyondellBasell Industries NV Class A

     13,992        1,478,675  

Versum Materials, Inc.

     25,059        942,970  
     

 

 

 
        16,161,654  
     

 

 

 
Mining — 0.2%  

Fairmount Santrol Holdings, Inc. (a)

     120,752        513,196  
     

 

 

 
        16,674,850  
     

 

 

 
Communications — 4.1%  
Media — 1.4%  

Comcast Corp. Class A

     47,949        1,638,417  

Twenty-First Century Fox, Inc. Class A

     70,127        2,572,960  
     

 

 

 
        4,211,377  
     

 

 

 
Telecommunications — 2.7%  

AT&T, Inc.

     72,629        2,589,224  

Verizon Communications, Inc.

     108,780        5,201,859  
     

 

 

 
        7,791,083  
     

 

 

 
        12,002,460  
     

 

 

 
Consumer, Cyclical — 7.3%  
Airlines — 0.5%  

Southwest Airlines Co.

     27,461        1,572,966  
     

 

 

 
Apparel — 0.4%  

Hanesbrands, Inc.

     63,576        1,171,070  
     

 

 

 
Auto Parts & Equipment — 0.6%  

Adient PLC

     26,562        1,587,345  
     

 

 

 
Home Furnishing — 0.6%  

Whirlpool Corp.

     11,987        1,835,330  
     

 

 

 
Housewares — 0.2%  

Newell Brands, Inc.

     24,782        631,445  
     

 

 

 
Leisure Time — 1.8%  

Carnival Corp.

     21,190        1,389,640  

Norwegian Cruise Line Holdings Ltd. (a)

     29,103        1,541,586  

Royal Caribbean Cruises Ltd.

     18,194        2,142,162  
     

 

 

 
        5,073,388  
     

 

 

 
Retail — 3.2%  

Dollar General Corp.

     26,274        2,457,933  

Lowe’s Cos., Inc.

     27,616        2,423,304  

Walmart, Inc.

     48,914        4,351,878  
     

 

 

 
        9,233,115  
     

 

 

 
        21,104,659  
     

 

 

 
     Number of
Shares
     Value  
Consumer, Non-cyclical — 20.0%  
Agriculture — 3.9%  

Altria Group, Inc.

     87,238      $ 5,436,672  

Philip Morris International, Inc.

     59,236        5,888,058  
     

 

 

 
        11,324,730  
     

 

 

 
Beverages — 0.8%  

Coca-Cola European Partners PLC

     58,912        2,454,274  
     

 

 

 
Commercial Services — 0.9%  

AMERCO

     4,761        1,643,021  

Nielsen Holdings PLC

     31,654        1,006,281  
     

 

 

 
        2,649,302  
     

 

 

 
Foods — 0.6%  

Tyson Foods, Inc. Class A

     25,546        1,869,712  
     

 

 

 
Health Care – Products — 0.8%  

Medtronic PLC

     27,909        2,238,860  
     

 

 

 
Health Care – Services — 2.6%  

Anthem, Inc.

     11,584        2,545,005  

Cigna Corp.

     13,199        2,214,000  

UnitedHealth Group, Inc.

     12,325        2,637,550  
     

 

 

 
        7,396,555  
     

 

 

 
Pharmaceuticals — 10.4%  

Cardinal Health, Inc.

     46,852        2,936,683  

CVS Health Corp.

     52,662        3,276,103  

Express Scripts Holding Co. (a)

     22,764        1,572,537  

Johnson & Johnson

     52,479        6,725,184  

Merck & Co., Inc.

     79,449        4,327,587  

Pfizer, Inc.

     195,899        6,952,456  

Sanofi ADR

     88,272        3,537,942  

Teva Pharmaceutical Industries Ltd. Sponsored ADR

     42,679        729,384  
     

 

 

 
        30,057,876  
     

 

 

 
        57,991,309  
     

 

 

 
Energy — 12.5%  
Oil & Gas — 12.5%  

BP PLC Sponsored ADR

     191,799        7,775,532  

Chevron Corp.

     55,301        6,306,526  

ConocoPhillips

     99,578        5,903,980  

Hess Corp.

     38,259        1,936,671  

Kosmos Energy Ltd. (a)

     167,418        1,054,733  

Occidental Petroleum Corp.

     80,272        5,214,469  

Phillips 66

     70,807        6,791,807  

Vermilion Energy, Inc.

     40,193        1,297,430  
     

 

 

 
        36,281,148  
     

 

 

 
Financial — 27.6%  
Banks — 16.5%  

Bank of America Corp.

     351,811        10,550,812  

The Bank of New York Mellon Corp.

     27,086        1,395,742  

Capital One Financial Corp.

     16,246        1,556,692  
 

 

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

 

34


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

 

     Number of
Shares
     Value  

Citigroup, Inc.

     89,473      $ 6,039,427  

JP Morgan Chase & Co.

     84,781        9,323,366  

KeyCorp

     236,769        4,628,834  

The PNC Financial Services Group, Inc.

     10,731        1,622,956  

State Street Corp.

     51,978        5,183,766  

Wells Fargo & Co.

     143,449        7,518,162  
     

 

 

 
        47,819,757  
     

 

 

 
Diversified Financial Services — 5.1%  

American Express Co.

     73,993        6,902,067  

E*TRADE Financial Corp. (a)

     42,440        2,351,600  

FNF Group

     36,645        1,466,533  

Navient Corp.

     91,375        1,198,840  

SLM Corp. (a)

     248,217        2,782,513  
     

 

 

 
        14,701,553  
     

 

 

 
Insurance — 4.8%  

Berkshire Hathaway, Inc. Class B (a)

     11,634        2,320,750  

Loews Corp.

     115,766        5,757,043  

Willis Towers Watson PLC

     11,087        1,687,331  

XL Group Ltd.

     73,418        4,057,079  
     

 

 

 
        13,822,203  
     

 

 

 
Real Estate Investment Trusts (REITS) — 0.6%  

HCP, Inc.

     70,715        1,642,709  
     

 

 

 
Savings & Loans — 0.6%  

New York Community Bancorp, Inc.

     136,760        1,781,983  
     

 

 

 
        79,768,205  
     

 

 

 
Industrial — 11.2%  
Aerospace & Defense — 4.4%  

General Dynamics Corp.

     7,202        1,590,922  

Raytheon Co.

     10,478        2,261,362  

Spirit AeroSystems Holdings, Inc. Class A

     27,296        2,284,675  

United Technologies Corp.

     51,591        6,491,179  
     

 

 

 
        12,628,138  
     

 

 

 
Building Materials — 2.7%  

Johnson Controls International PLC

     164,289        5,789,544  

Owens Corning

     24,792        1,993,277  
     

 

 

 
        7,782,821  
     

 

 

 
Hand & Machine Tools — 1.6%  

Stanley Black & Decker, Inc.

     31,413        4,812,472  
     

 

 

 
Miscellaneous – Manufacturing — 1.6%  

General Electric Co.

     338,479        4,562,697  
     

 

 

 
Transportation — 0.9%  

Norfolk Southern Corp.

     18,927        2,569,908  
     

 

 

 
        32,356,036  
     

 

 

 
     Number of
Shares
     Value  
Technology — 8.2%  
Computers — 2.0%  

Hewlett Packard Enterprise Co.

     131,698      $ 2,309,983  

International Business Machines Corp.

     22,993        3,527,816  
     

 

 

 
        5,837,799  
     

 

 

 
Semiconductors — 3.7%  

Broadcom Ltd.

     5,477        1,290,655  

Microchip Technology, Inc.

     27,590        2,520,622  

QUALCOMM, Inc.

     84,726        4,694,668  

Texas Instruments, Inc.

     20,363        2,115,512  
     

 

 

 
        10,621,457  
     

 

 

 
Software — 2.5%  

Microsoft Corp.

     26,820        2,447,862  

Oracle Corp.

     106,691        4,881,113  
     

 

 

 
        7,328,975  
     

 

 

 
        23,788,231  
     

 

 

 
Utilities — 1.2%  
Electric — 1.2%  

Entergy Corp.

     43,343        3,414,561  
     

 

 

 
TOTAL COMMON STOCK
(Cost $273,042,664)
        283,381,459  
     

 

 

 
TOTAL EQUITIES
(Cost $273,042,664)
        283,381,459  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $273,042,664)
        283,381,459  
     

 

 

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

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

   $ 3,396,328        3,396,328  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS (Cost $3,396,328)         3,396,328  
     

 

 

 
TOTAL INVESTMENTS — 99.1% (Cost $276,438,992) (c)         286,777,787  
Other Assets/(Liabilities) — 0.9%         2,604,179  
     

 

 

 
NET ASSETS — 100.0%       $ 289,381,966  
     

 

 

 
     

 

 

 
 

 

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

 

35


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

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $3,396,607. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% – 2.500%, maturity dates ranging from 8/15/23 – 7/15/24, and an aggregate market value, including accrued interest, of $3,469,043.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

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

 

36


MML International Equity Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.2%  
COMMON STOCK — 96.2%  
Australia — 2.7%      

AMP Ltd.

     626,934      $ 2,415,146  

Orica Ltd.

     180,111        2,467,471  
     

 

 

 
        4,882,617  
     

 

 

 
Canada — 0.1%      

Cenovus Energy, Inc.

     30,300        257,997  
     

 

 

 
Cayman Islands — 1.0%      

Baidu, Inc. Sponsored ADR (a)

     8,380        1,870,332  
     

 

 

 
France — 13.3%      

BNP Paribas SA

     113,320        8,402,161  

Bureau Veritas SA

     74,800        1,945,182  

Danone SA

     23,994        1,943,382  

Pernod Ricard SA

     7,145        1,190,245  

Publicis Groupe SA

     57,691        4,019,594  

Safran SA

     23,470        2,487,141  

Sanofi

     2,900        233,030  

Valeo SA

     54,910        3,631,163  
     

 

 

 
        23,851,898  
     

 

 

 
Germany — 18.9%      

Allianz SE Registered

     35,650        8,056,700  

Bayer AG Registered

     38,000        4,296,778  

Bayerische Motoren Werke AG

     74,080        8,039,555  

Continental AG

     15,555        4,296,680  

Daimler AG Registered

     110,700        9,406,755  
     

 

 

 
        34,096,468  
     

 

 

 
India — 1.4%      

Axis Bank Ltd.

     329,102        2,592,822  
     

 

 

 
Indonesia — 1.0%      

Bank Mandiri Persero Tbk PT

     3,114,700        1,742,093  
     

 

 

 
Ireland — 2.0%      

Ryanair Holdings PLC Sponsored ADR (a)

     2,115        259,828  

Willis Towers Watson PLC

     22,419        3,411,947  
     

 

 

 
        3,671,775  
     

 

 

 
Italy — 3.8%      

Intesa Sanpaolo SpA

     1,858,100        6,776,088  
     

 

 

 
Japan — 4.5%      

Olympus Corp.

     59,300        2,273,020  

Toyota Motor Corp.

     89,100        5,807,043  
     

 

 

 
        8,080,063  
     

 

 

 
Mexico — 1.3%      

Grupo Televisa SAB Sponsored ADR

     141,100        2,251,956  
     

 

 

 
Netherlands — 7.2%      

Akzo Nobel NV

     7,561        714,796  

ASML Holding NV

     7,035        1,391,853  
     Number of
Shares
     Value  

CNH Industrial NV

     431,600      $ 5,339,730  

EXOR NV

     61,400        4,386,831  

Koninklijke Philips NV

     28,015        1,076,617  
     

 

 

 
        12,909,827  
     

 

 

 
Republic of Korea — 0.1%      

Samsung Electronics Co. Ltd.

     75        174,777  
     

 

 

 
South Africa — 0.9%      

Naspers Ltd.

     6,455        1,581,195  
     

 

 

 
Sweden — 5.1%      

Hennes & Mauritz AB Class B (b)

     421,000        6,315,321  

SKF AB Class B (b)

     107,100        2,189,768  

Volvo AB Class B

     37,470        684,097  
     

 

 

 
        9,189,186  
     

 

 

 
Switzerland — 10.2%      

Cie Financiere Richemont SA Registered

     35,140        3,156,636  

Credit Suisse Group AG Registered

     401,123        6,730,623  

Kuehne & Nagel International AG Registered

     9,535        1,501,384  

LafargeHolcim Ltd. Registered

     88,580        4,851,553  

Nestle SA Registered

     5,470        433,040  

The Swatch Group AG

     3,950        1,742,838  
     

 

 

 
        18,416,074  
     

 

 

 
Taiwan — 0.2%      

Taiwan Semiconductor Manufacturing Co. Ltd.

     45,000        382,456  
     

 

 

 
United Kingdom — 22.5%      

Ashtead Group PLC

     72,100        1,966,056  

Diageo PLC

     65,300        2,209,105  

Experian PLC

     108,700        2,348,133  

Ferguson PLC

     6,200        466,360  

G4S PLC

     393,200        1,370,857  

Glencore PLC

     1,237,900        6,159,548  

Liberty Global PLC Series A (a)

     39,900        1,249,269  

Liberty Global PLC Series C (a)

     106,300        3,234,709  

Lloyds Banking Group PLC

     8,905,000        8,091,971  

Meggitt PLC

     173,738        1,053,870  

Royal Bank of Scotland Group
PLC (a)

     1,008,100        3,668,663  

Schroders PLC

     76,100        3,412,664  

Smiths Group PLC

     71,300        1,516,236  

WPP PLC

     233,700        3,714,429  
     

 

 

 
        40,461,870  
     

 

 

 
TOTAL COMMON STOCK
(Cost $154,815,947)
        173,189,494  
     

 

 

 
TOTAL EQUITIES
(Cost $154,815,947)
        173,189,494  
     

 

 

 
 

 

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

 

37


MML International Equity Fund – Portfolio of Investments (Continued)

 

    Number of
Shares
     Value  
MUTUAL FUNDS — 3.1%  
United States — 3.1%     

State Street Navigator Securities Lending Prime Portfolio (c)

    5,563,070      $ 5,563,070  
    

 

 

 
TOTAL MUTUAL FUNDS
(Cost $5,563,070)
       5,563,070  
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $160,379,017)
       178,752,564  
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 2.4%  
Repurchase Agreement — 2.4%     

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (d)

  $ 4,259,449        4,259,449  
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,259,449)
       4,259,449  
    

 

 

 
TOTAL INVESTMENTS — 101.7% (Cost $164,638,466) (e)        183,012,013  
Other Assets/(Liabilities) — (1.7)%        (2,986,215
    

 

 

 
NET ASSETS — 100.0%      $ 180,025,798  
    

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2018, was $5,295,744 or 2.94% 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 $4,259,799. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $4,346,584.
(e) See Note 3 for aggregate cost for federal tax purposes.
 

 

The Fund had the following open Forward contracts at March 31, 2018:

 

 

 

      

Counterparty

  

Settlement
Date

   In Exchange
for
     Unrealized
Appreciation/
(Depreciation)
 
Contract to Deliver  
CHF         3,574,000     

State Street Bank and Trust Co.

   09/19/18    $ 3,804,698      $ 10,525  
          

 

 

    

 

 

 

Currency Legend

CHF Swiss Franc

 

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

 

38


MML Large Cap Growth Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 95.7%  
COMMON STOCK — 95.7%  
Communications — 31.2%      
Internet — 25.4%      

Alibaba Group Holding Ltd. Sponsored ADR (a)

     38,965      $ 7,151,636  

Alphabet, Inc. Class A (a)

     3,034        3,146,683  

Alphabet, Inc. Class C (a)

     3,042        3,138,705  

Amazon.com, Inc. (a)

     5,452        7,890,898  

Facebook, Inc. Class A (a)

     40,076        6,403,744  
     

 

 

 
        27,731,666  
     

 

 

 
Media — 1.7%      

FactSet Research Systems, Inc.

     9,226        1,839,849  
     

 

 

 
Telecommunications — 4.1%      

Cisco Systems, Inc.

     103,585        4,442,760  
     

 

 

 
        34,014,275  
     

 

 

 
Consumer, Cyclical — 3.5%      
Retail — 3.5%      

Starbucks Corp.

     8,766        507,464  

Yum China Holdings, Inc.

     33,266        1,380,539  

Yum! Brands, Inc.

     22,590        1,923,087  
     

 

 

 
        3,811,090  
     

 

 

 
Consumer, Non-cyclical — 25.0%      
Beverages — 6.1%      

The Coca-Cola Co.

     61,522        2,671,900  

Monster Beverage Corp. (a)

     69,066        3,951,266  
     

 

 

 
        6,623,166  
     

 

 

 
Biotechnology — 4.6%      

Amgen, Inc.

     10,626        1,811,520  

Regeneron Pharmaceuticals, Inc. (a)

     9,360        3,223,210  
     

 

 

 
        5,034,730  
     

 

 

 
Commercial Services — 0.8%      

Automatic Data Processing, Inc.

     7,716        875,612  
     

 

 

 
Cosmetics & Personal Care — 2.8%      

Colgate-Palmolive Co.

     4,404        315,679  

The Procter & Gamble Co.

     34,109        2,704,161  
     

 

 

 
        3,019,840  
     

 

 

 
Foods — 3.0%      

Danone SA Sponsored ADR

     203,923        3,315,788  
     

 

 

 
Health Care – Products — 2.1%      

Varian Medical Systems, Inc. (a)

     19,080        2,340,162  
     

 

 

 
Pharmaceuticals — 5.6%      

Merck & Co., Inc.

     18,188        990,701  

Novartis AG Sponsored ADR

     22,591        1,826,482  

Novo Nordisk A/S Sponsored ADR

     66,136        3,257,198  
     

 

 

 
        6,074,381  
     

 

 

 
        27,283,679  
     

 

 

 
     Number of
Shares
     Value  
Energy — 3.0%      
Oil & Gas Services — 3.0%      

Schlumberger Ltd.

     50,046      $ 3,241,980  
     

 

 

 
Financial — 9.9%      
Diversified Financial Services — 9.9%  

American Express Co.

     12,520        1,167,866  

SEI Investments Co.

     48,044        3,598,976  

Visa, Inc. Class A

     50,708        6,065,691  
     

 

 

 
        10,832,533  
     

 

 

 
Industrial — 7.0%      
Machinery – Diversified — 2.9%      

Deere & Co.

     19,910        3,092,421  
     

 

 

 
Transportation — 4.1%      

Expeditors International of Washington, Inc.

     46,324        2,932,309  

United Parcel Service, Inc. Class B

     14,930        1,562,574  
     

 

 

 
        4,494,883  
     

 

 

 
        7,587,304  
     

 

 

 
Technology — 16.1%      
Semiconductors — 2.6%      

QUALCOMM, Inc.

     52,218        2,893,399  
     

 

 

 
Software — 13.5%      

Autodesk, Inc. (a)

     33,110        4,157,954  

Cerner Corp. (a)

     39,131        2,269,598  

Microsoft Corp.

     35,257        3,217,906  

Oracle Corp.

     110,457        5,053,408  
     

 

 

 
        14,698,866  
     

 

 

 
        17,592,265  
     

 

 

 
TOTAL COMMON STOCK
(Cost $75,673,249)
       104,363,126  
     

 

 

 
TOTAL EQUITIES
(Cost $75,673,249)
        104,363,126  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $75,673,249)
        104,363,126  
     

 

 

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

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

   $ 2,143,754        2,143,754  
     

 

 

 
 

 

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

 

39


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

 

     Value  
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,143,754)
   $ 2,143,754  
  

 

 

 
TOTAL INVESTMENTS — 97.7%
(Cost $77,817,003) (c)
     106,506,880  
Other Assets/(Liabilities) — 2.3%      2,482,973  
  

 

 

 
NET ASSETS — 100.0%    $ 108,989,853  
  

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $2,143,930. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $2,186,788.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

40


MML Managed Volatility Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.1%  
COMMON STOCK — 98.1%  
Basic Materials — 2.3%  
Chemicals — 1.9%  

Air Products & Chemicals, Inc. (a)

     1,675      $ 266,375  

Albemarle Corp. (a)

     867        80,405  

CF Industries Holdings, Inc. (a)

     1,850        69,800  

DowDuPont, Inc. (a)

     17,942        1,143,085  

Eastman Chemical Co. (a)

     1,127        118,989  

FMC Corp. (a)

     1,063        81,394  

International Flavors & Fragrances, Inc. (a)

     626        85,706  

LyondellBasell Industries NV Class A (a)

     2,432        257,014  

Monsanto Co. (a)

     3,355        391,495  

The Mosaic Co. (a)

     2,738        66,479  

PPG Industries, Inc. (a)

     1,896        211,593  

Praxair, Inc. (a)

     2,226        321,212  

The Sherwin-Williams Co. (a)

     617        241,938  
     

 

 

 
        3,335,485  
     

 

 

 
Forest Products & Paper — 0.1%  

International Paper Co. (a)

     3,058        163,389  
     

 

 

 
Iron & Steel — 0.1%  

Nucor Corp. (a)

     2,526        154,313  
     

 

 

 
Mining — 0.2%  

Freeport-McMoRan, Inc. (a) (b)

     10,617        186,541  

Newmont Mining Corp. (a)

     4,239        165,618  
     

 

 

 
        352,159  
     

 

 

 
        4,005,346  
     

 

 

 
Communications — 13.7%  
Advertising — 0.1%  

The Interpublic Group of Cos., Inc. (a)

     3,159        72,752  

Omnicom Group, Inc. (a)

     1,659        120,559  
     

 

 

 
        193,311  
     

 

 

 
Internet — 8.3%  

Alphabet, Inc. Class A (a) (b)

     2,290        2,375,051  

Alphabet, Inc. Class C (a) (b)

     2,349        2,423,675  

Amazon.com, Inc. (a) (b)

     3,096        4,480,965  

Booking Holdings, Inc. (a) (b)

     372        773,905  

eBay, Inc. (a) (b)

     7,367        296,448  

Expedia Group, Inc. (a)

     976        107,760  

F5 Networks, Inc. (a) (b)

     495        71,582  

Facebook, Inc. Class A (a) (b)

     18,281        2,921,121  

Netflix, Inc. (a) (b)

     3,311        977,904  

Symantec Corp. (a)

     4,880        126,148  

TripAdvisor, Inc. (a) (b)

     845        34,552  

VeriSign, Inc. (a) (b)

     674        79,909  
     

 

 

 
        14,669,020  
     

 

 

 
     Number of
Shares
     Value  
Media — 2.4%  

CBS Corp. Class B (a)

     2,846      $ 146,256  

Charter Communications, Inc. Class A (a) (b)

     1,475        459,049  

Comcast Corp. Class A (a)

     35,728        1,220,826  

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

     1,248        26,745  

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

     2,276        44,427  

DISH Network Corp. Class A (a) (b)

     1,796        68,050  

News Corp. Class A (a)

     3,310        52,298  

News Corp. Class B (a)

     778        12,526  

Time Warner, Inc. (a)

     5,953        563,035  

Twenty-First Century Fox, Inc. Class A (a)

     7,794        285,962  

Twenty-First Century Fox, Inc. Class B (a)

     3,546        128,968  

Viacom, Inc. Class B (a)

     2,767        85,943  

The Walt Disney Co. (a)

     11,563        1,161,388  
     

 

 

 
        4,255,473  
     

 

 

 
Telecommunications — 2.9%  

AT&T, Inc. (a)

     47,047        1,677,225  

CenturyLink, Inc. (a)

     7,795        128,072  

Cisco Systems, Inc. (a)

     37,031        1,588,260  

Juniper Networks, Inc. (a)

     2,597        63,185  

Motorola Solutions, Inc. (a)

     1,277        134,468  

Verizon Communications, Inc. (a)

     31,265        1,495,092  
     

 

 

 
        5,086,302  
     

 

 

 
        24,204,106  
     

 

 

 
Consumer, Cyclical — 8.2%  
Airlines — 0.5%  

Alaska Air Group, Inc. (a)

     929        57,561  

American Airlines Group, Inc. (a)

     3,197        166,116  

Delta Air Lines, Inc. (a)

     4,865        266,651  

Southwest Airlines Co. (a)

     4,344        248,824  

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

     2,007        139,426  
     

 

 

 
        878,578  
     

 

 

 
Apparel — 0.6%  

Hanesbrands, Inc. (a)

     2,974        54,781  

Michael Kors Holdings Ltd. (a) (b)

     1,200        74,496  

NIKE, Inc. Class B (a)

     9,974        662,672  

Ralph Lauren Corp. (a)

     411        45,950  

Under Armour, Inc. Class A (a) (b)

     1,616        26,422  

Under Armour, Inc. Class C (a) (b)

     1,292        18,540  

VF Corp. (a)

     2,582        191,378  
     

 

 

 
        1,074,239  
     

 

 

 
Auto Manufacturers — 0.5%  

Ford Motor Co. (a)

     29,543        327,336  
 

 

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

 

41


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

General Motors Co. (a)

     9,696      $ 352,353  

PACCAR, Inc. (a)

     2,760        182,629  
     

 

 

 
        862,318  
     

 

 

 
Auto Parts & Equipment — 0.2%  

Aptiv PLC (a)

     2,072        176,058  

BorgWarner, Inc. (a)

     1,559        78,309  

The Goodyear Tire & Rubber Co. (a)

     1,923        51,113  
     

 

 

 
        305,480  
     

 

 

 
Distribution & Wholesale — 0.2%  

Fastenal Co. (a)

     2,306        125,885  

LKQ Corp. (a) (b)

     2,470        93,736  

W.W. Grainger, Inc. (a)

     406        114,602  
     

 

 

 
        334,223  
     

 

 

 
Home Builders — 0.1%  

D.R. Horton, Inc. (a)

     2,568        112,581  

Lennar Corp. Class A (a)

     1,904        112,222  

PulteGroup, Inc. (a)

     2,142        63,168  
     

 

 

 
        287,971  
     

 

 

 
Home Furnishing — 0.1%  

Leggett & Platt, Inc. (a)

     967        42,896  

Whirlpool Corp. (a)

     506        77,474  
     

 

 

 
        120,370  
     

 

 

 
Housewares — 0.1%  

Newell Brands, Inc. (a)

     3,826        97,487  
     

 

 

 
Leisure Time — 0.3%  

Carnival Corp. (a)

     3,225        211,495  

Harley-Davidson, Inc. (a)

     1,334        57,202  

Norwegian Cruise Line Holdings Ltd. (a) (b)

     1,401        74,211  

Royal Caribbean Cruises Ltd. (a)

     1,346        158,478  
     

 

 

 
        501,386  
     

 

 

 
Lodging — 0.4%  

Hilton Worldwide Holdings, Inc. (a)

     1,608        126,646  

Marriott International, Inc. Class A (a)

     2,295        312,074  

MGM Resorts International (a)

     4,064        142,321  

Wyndham Worldwide Corp. (a)

     793        90,743  

Wynn Resorts Ltd. (a)

     650        118,534  
     

 

 

 
        790,318  
     

 

 

 
Retail — 5.0%  

Advance Auto Parts, Inc. (a)

     579        68,640  

AutoZone, Inc. (a) (b)

     217        140,766  

Best Buy Co., Inc. (a)

     1,971        137,950  

CarMax, Inc. (a) (b)

     1,488        92,167  

Chipotle Mexican Grill, Inc. (a) (b)

     190        61,391  

Costco Wholesale Corp. (a)

     3,334        628,226  

Darden Restaurants, Inc. (a)

     977        83,289  

Dollar General Corp. (a)

     1,902        177,932  

Dollar Tree, Inc. (a) (b)

     1,741        165,221  
     Number of
Shares
     Value  

Foot Locker, Inc. (a)

     994      $ 45,267  

The Gap, Inc. (a)

     1,661        51,823  

Genuine Parts Co. (a)

     1,135        101,968  

The Home Depot, Inc. (a)

     8,942        1,593,822  

Kohl’s Corp. (a)

     1,337        87,587  

L Brands, Inc. (a)

     1,941        74,166  

Lowe’s Cos., Inc. (a)

     6,318        554,404  

Macy’s, Inc. (a)

     2,426        72,149  

McDonald’s Corp. (a)

     6,118        956,733  

Nordstrom, Inc. (a)

     995        48,168  

O’Reilly Automotive, Inc. (a) (b)

     670        165,745  

PVH Corp. (a)

     535        81,015  

Ross Stores, Inc. (a)

     2,820        219,904  

Starbucks Corp. (a)

     10,858        628,570  

Tapestry, Inc. (a)

     2,258        118,793  

Target Corp. (a)

     4,191        290,981  

Tiffany & Co. (a)

     814        79,495  

The TJX Cos., Inc. (a)

     4,961        404,619  

Tractor Supply Co. (a)

     1,033        65,100  

Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)

     465        94,985  

Walgreens Boots Alliance, Inc. (a)

     6,612        432,888  

Walmart, Inc. (a)

     11,232        999,311  

Yum! Brands, Inc. (a)

     2,614        222,530  
     

 

 

 
        8,945,605  
     

 

 

 
Textiles — 0.1%  

Mohawk Industries, Inc. (a) (b)

     501        116,342  
     

 

 

 
Toys, Games & Hobbies — 0.1%  

Hasbro, Inc. (a)

     888        74,858  

Mattel, Inc. (a)

     2,703        35,545  
     

 

 

 
        110,403  
     

 

 

 
        14,424,720  
     

 

 

 
Consumer, Non-cyclical — 21.3%  
Agriculture — 1.3%  

Altria Group, Inc. (a)

     14,590        909,249  

Archer-Daniels-Midland Co. (a)

     4,424        191,869  

Philip Morris International, Inc. (a)

     11,914        1,184,251  
     

 

 

 
        2,285,369  
     

 

 

 
Beverages — 1.9%  

Brown-Forman Corp. Class B (a)

     1,987        108,093  

The Coca-Cola Co. (a)

     29,581        1,284,703  

Constellation Brands, Inc. Class A (a)

     1,298        295,840  

Dr. Pepper Snapple Group, Inc. (a)

     1,263        149,514  

Molson Coors Brewing Co. Class B (a)

     1,456        109,681  

Monster Beverage Corp. (a) (b)

     3,248        185,818  

PepsiCo, Inc. (a)

     10,962        1,196,502  
     

 

 

 
        3,330,151  
     

 

 

 
Biotechnology — 2.1%  

Alexion Pharmaceuticals, Inc. (a) (b)

     1,761        196,281  
 

 

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

 

42


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

     Number of
Shares
     Value  

Amgen, Inc. (a)

     5,077      $ 865,527  

Biogen, Inc. (a) (b)

     1,611        441,124  

Celgene Corp. (a) (b)

     5,996        534,903  

Gilead Sciences, Inc. (a)

     9,995        753,523  

Illumina, Inc. (a) (b)

     1,151        272,119  

Incyte Corp. (a) (b)

     1,397        116,412  

Regeneron Pharmaceuticals, Inc. (a) (b)

     607        209,027  

Vertex Pharmaceuticals, Inc. (a) (b)

     1,994        324,982  
     

 

 

 
        3,713,898  
     

 

 

 
Commercial Services — 1.8%  

Automatic Data Processing, Inc. (a)

     3,380        383,563  

Cintas Corp. (a)

     623        106,271  

Ecolab, Inc. (a)

     2,003        274,551  

Equifax, Inc. (a)

     966        113,805  

Gartner, Inc. (a) (b)

     725        85,275  

Global Payments, Inc. (a)

     1,254        139,846  

H&R Block, Inc. (a)

     1,648        41,876  

IHS Markit Ltd. (a) (b)

     2,649        127,788  

Moody’s Corp. (a)

     1,314        211,948  

Nielsen Holdings PLC (a)

     2,718        86,405  

PayPal Holdings, Inc. (a) (b)

     8,613        653,468  

Quanta Services, Inc. (a) (b)

     1,344        46,166  

Robert Half International, Inc. (a)

     1,002        58,006  

S&P Global, Inc. (a)

     1,936        369,892  

Total System Services, Inc. (a)

     1,202        103,685  

United Rentals, Inc. (a) (b)

     677        116,938  

Verisk Analytics, Inc. (a) (b)

     1,151        119,704  

The Western Union Co. (a)

     3,614        69,497  
     

 

 

 
        3,108,684  
     

 

 

 
Cosmetics & Personal Care — 1.3%  

Colgate-Palmolive Co. (a)

     6,696        479,969  

Coty, Inc. Class A (a)

     3,719        68,058  

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

     1,773        265,454  

The Procter & Gamble Co. (a)

     19,662        1,558,803  
     

 

 

 
        2,372,284  
     

 

 

 
Foods — 1.3%  

Campbell Soup Co. (a)

     1,341        58,079  

Conagra Brands, Inc. (a)

     2,916        107,542  

General Mills, Inc. (a)

     4,260        191,956  

The Hershey Co. (a)

     1,140        112,814  

Hormel Foods Corp. (a)

     2,185        74,989  

The J.M. Smucker Co. (a)

     895        110,989  

Kellogg Co. (a)

     1,989        129,305  

The Kraft Heinz Co. (a)

     4,706        293,137  

The Kroger Co. (a)

     7,021        168,083  

McCormick & Co., Inc. (a)

     783        83,303  

Mondelez International, Inc. Class A (a)

     11,395        475,513  

Sysco Corp. (a)

     3,714        222,691  

Tyson Foods, Inc. Class A (a)

     2,384        174,485  
     

 

 

 
        2,202,886  
     

 

 

 
     Number of
Shares
     Value  
Health Care – Products — 3.2%  

Abbott Laboratories (a)

     13,320      $ 798,134  

Align Technology, Inc. (a) (b)

     531        133,350  

Baxter International, Inc. (a)

     3,881        252,420  

Becton, Dickinson & Co. (a)

     2,015        436,650  

Boston Scientific Corp. (a) (b)

     10,335        282,352  

The Cooper Cos., Inc. (a)

     344        78,711  

Danaher Corp. (a)

     4,674        457,631  

DENTSPLY SIRONA, Inc. (a)

     1,799        90,508  

Edwards Lifesciences Corp. (a) (b)

     1,585        221,139  

Henry Schein, Inc. (a) (b)

     1,262        84,819  

Hologic, Inc. (a) (b)

     2,239        83,649  

IDEXX Laboratories, Inc. (a) (b)

     687        131,485  

Intuitive Surgical, Inc. (a) (b)

     869        358,749  

Medtronic PLC (a)

     10,366        831,561  

ResMed, Inc. (a)

     1,112        109,499  

Stryker Corp. (a)

     2,450        394,254  

Thermo Fisher Scientific, Inc. (a)

     3,060        631,768  

Varian Medical Systems, Inc. (a) (b)

     743        91,129  

Zimmer Biomet Holdings, Inc. (a)

     1,596        174,028  
     

 

 

 
        5,641,836  
     

 

 

 
Health Care – Services — 2.2%  

Aetna, Inc. (a)

     2,494        421,486  

Anthem, Inc. (a)

     1,959        430,392  

Centene Corp. (a) (b)

     1,358        145,129  

Cigna Corp. (a)

     1,876        314,680  

DaVita, Inc. (a) (b)

     1,224        80,711  

Envision Healthcare Corp. (a) (b)

     1,006        38,661  

HCA Healthcare, Inc. (a)

     2,200        213,400  

Humana, Inc. (a)

     1,084        291,412  

IQVIA Holdings, Inc. (a) (b)

     1,056        103,604  

Laboratory Corp. of America Holdings (a) (b)

     802        129,723  

Quest Diagnostics, Inc. (a)

     1,080        108,324  

UnitedHealth Group, Inc. (a)

     7,458        1,596,012  

Universal Health Services, Inc. Class B (a)

     680        80,519  
     

 

 

 
        3,954,053  
     

 

 

 
Household Products & Wares — 0.3%  

Avery Dennison Corp. (a)

     690        73,312  

Church & Dwight Co., Inc. (a)

     1,910        96,188  

The Clorox Co. (a)

     933        124,192  

Kimberly-Clark Corp. (a)

     2,645        291,294  
     

 

 

 
        584,986  
     

 

 

 
Pharmaceuticals — 5.9%  

AbbVie, Inc. (a)

     12,222        1,156,812  

Allergan PLC (a)

     2,524        424,764  

AmerisourceBergen Corp. (a)

     1,152        99,314  

Bristol-Myers Squibb Co. (a)

     12,482        789,487  

Cardinal Health, Inc. (a)

     2,318        145,292  

CVS Health Corp. (a)

     7,732        481,008  
 

 

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  

Eli Lilly & Co. (a)

     7,405      $ 572,925  

Express Scripts Holding Co. (a) (b)

     4,242        293,037  

Johnson & Johnson (a)

     20,641        2,645,144  

McKesson Corp. (a)

     1,639        230,886  

Merck & Co., Inc. (a)

     20,950        1,141,146  

Mylan NV (a) (b)

     4,228        174,067  

Nektar Therapeutics (a) (b)

     1,216        129,212  

Perrigo Co. PLC (a)

     1,077        89,757  

Pfizer, Inc. (a)

     45,761        1,624,058  

Zoetis, Inc. (a)

     3,827        319,593  
     

 

 

 
        10,316,502  
     

 

 

 
        37,510,649  
     

 

 

 
Energy — 5.6%  
Oil & Gas — 4.6%  

Anadarko Petroleum Corp. (a)

     4,098        247,560  

Andeavor (a)

     1,150        115,644  

Apache Corp. (a)

     2,774        106,744  

Cabot Oil & Gas Corp. (a)

     3,643        87,359  

Chevron Corp. (a)

     14,585        1,663,273  

Cimarex Energy Co. (a)

     769        71,902  

Concho Resources, Inc. (a) (b)

     1,171        176,036  

ConocoPhillips (a)

     9,118        540,606  

Devon Energy Corp. (a)

     4,142        131,674  

EOG Resources, Inc. (a)

     4,513        475,084  

EQT Corp. (a)

     1,897        90,126  

Exxon Mobil Corp. (a)

     32,571        2,430,122  

Helmerich & Payne, Inc. (a)

     913        60,769  

Hess Corp. (a)

     2,120        107,314  

Marathon Oil Corp. (a)

     6,174        99,587  

Marathon Petroleum Corp. (a)

     3,815        278,915  

Newfield Exploration Co. (a) (b)

     1,266        30,916  

Noble Energy, Inc. (a)

     3,832        116,110  

Occidental Petroleum Corp. (a)

     5,827        378,522  

Phillips 66 (a)

     3,253        312,028  

Pioneer Natural Resources Co. (a)

     1,341        230,357  

Range Resources Corp. (a)

     1,772        25,765  

Valero Energy Corp. (a)

     3,313        307,347  
     

 

 

 
        8,083,760  
     

 

 

 
Oil & Gas Services — 0.7%  

Baker Hughes a GE Co. (a)

     3,407        94,612  

Halliburton Co. (a)

     6,534        306,706  

National Oilwell Varco, Inc. (a)

     2,764        101,743  

Schlumberger Ltd. (a)

     10,582        685,502  

TechnipFMC PLC (a)

     3,472        102,250  
     

 

 

 
        1,290,813  
     

 

 

 
Pipelines — 0.3%  

Kinder Morgan, Inc. (a)

     14,490        218,220  

ONEOK, Inc. (a)

     3,022        172,012  

The Williams Cos., Inc. (a)

     6,528        162,286  
     

 

 

 
        552,518  
     

 

 

 
        9,927,091  
     

 

 

 
     Number of
Shares
     Value  
Financial — 18.5%  
Banks — 7.8%  

Bank of America Corp. (a)

     73,293      $ 2,198,057  

The Bank of New York Mellon Corp. (a)

     7,787        401,264  

BB&T Corp. (a)

     6,165        320,827  

Capital One Financial Corp. (a)

     3,650        349,743  

Citigroup, Inc. (a)

     19,542        1,319,085  

Citizens Financial Group, Inc. (a)

     3,898        163,638  

Comerica, Inc. (a)

     1,384        132,767  

Fifth Third Bancorp (a)

     5,434        172,530  

The Goldman Sachs Group, Inc. (a)

     2,680        674,985  

Huntington Bancshares, Inc. (a)

     7,669        115,802  

JP Morgan Chase & Co. (a)

     26,188        2,879,894  

KeyCorp (a)

     8,493        166,038  

M&T Bank Corp. (a)

     1,152        212,383  

Morgan Stanley (a)

     10,638        574,026  

Northern Trust Corp. (a)

     1,691        174,393  

The PNC Financial Services Group, Inc. (a)

     3,650        552,026  

Regions Financial Corp. (a)

     8,456        157,112  

State Street Corp. (a)

     2,800        279,244  

SunTrust Banks, Inc. (a)

     3,711        252,496  

SVB Financial Group (a) (b)

     360        86,404  

US Bancorp (a)

     12,124        612,262  

Wells Fargo & Co. (a)

     34,063        1,785,242  

Zions Bancorp (a)

     1,567        82,628  
     

 

 

 
        13,662,846  
     

 

 

 
Diversified Financial Services — 3.8%  

Affiliated Managers Group, Inc. (a)

     443        83,984  

Alliance Data Systems Corp. (a)

     373        79,397  

American Express Co. (a)

     5,486        511,734  

Ameriprise Financial, Inc. (a)

     1,166        172,498  

BlackRock, Inc. (a)

     946        512,467  

Cboe Global Markets, Inc. (a)

     888        101,321  

The Charles Schwab Corp. (a)

     9,095        474,941  

CME Group, Inc. (a)

     2,598        420,200  

Discover Financial Services (a)

     2,819        202,771  

E*TRADE Financial Corp. (a) (b)

     2,153        119,298  

Franklin Resources, Inc. (a)

     2,621        90,896  

Intercontinental Exchange, Inc. (a)

     4,424        320,828  

Invesco Ltd. (a)

     3,209        102,720  

Mastercard, Inc. Class A (a)

     7,123        1,247,665  

Nasdaq, Inc. (a)

     921        79,409  

Navient Corp. (a)

     2,064        27,080  

Raymond James Financial, Inc. (a)

     866        77,429  

Synchrony Financial (a)

     5,759        193,099  

T. Rowe Price Group, Inc. (a)

     1,910        206,223  

Visa, Inc. Class A (a)

     13,913        1,664,273  
     

 

 

 
        6,688,233  
     

 

 

 
Insurance — 4.2%  

Aflac, Inc. (a)

     5,996        262,385  
 

 

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  

The Allstate Corp. (a)

     2,774      $ 262,975  

American International Group, Inc. (a)

     7,062        384,314  

Aon PLC (a)

     1,980        277,853  

Arthur J Gallagher & Co. (a)

     1,225        84,194  

Assurant, Inc. (a)

     459        41,957  

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

     14,805        2,953,301  

Brighthouse Financial, Inc. (a) (b)

     765        39,321  

Chubb Ltd. (a)

     3,554        486,081  

Cincinnati Financial Corp. (a)

     1,225        90,969  

Everest Re Group Ltd. (a)

     314        80,641  

The Hartford Financial Services Group, Inc. (a)

     2,605        134,210  

Lincoln National Corp. (a)

     1,739        127,051  

Loews Corp. (a)

     1,886        93,791  

Marsh & McLennan Cos., Inc. (a)

     3,879        320,367  

MetLife, Inc. (a)

     8,046        369,231  

Principal Financial Group, Inc. (a)

     1,973        120,175  

The Progressive Corp. (a)

     4,607        280,705  

Prudential Financial, Inc. (a)

     3,246        336,123  

Torchmark Corp. (a)

     812        68,346  

The Travelers Cos., Inc. (a)

     2,075        288,135  

Unum Group (a)

     1,794        85,412  

Willis Towers Watson PLC (a)

     1,045        159,039  

XL Group Ltd. (a)

     1,708        94,384  
     

 

 

 
        7,440,960  
     

 

 

 
Investment Companies — 0.0%  

Leucadia National Corp. (a)

     2,549        57,939  
     

 

 

 
Real Estate — 0.1%  

CBRE Group, Inc. Class A (a) (b)

     2,406        113,611  
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.6%  

Alexandria Real Estate Equities, Inc. (a)

     801        100,037  

American Tower Corp. (a)

     3,257        473,372  

Apartment Investment & Management Co. Class A (a)

     1,248        50,856  

AvalonBay Communities, Inc. (a)

     1,008        165,776  

Boston Properties, Inc. (a)

     1,105        136,158  

Crown Castle International Corp. (a)

     3,069        336,393  

Digital Realty Trust, Inc. (a)

     1,620        170,716  

Duke Realty Corp. (a)

     2,766        73,244  

Equinix, Inc. (a)

     608        254,229  

Equity Residential (a)

     2,686        165,511  

Essex Property Trust, Inc. (a)

     475        114,323  

Extra Space Storage, Inc. (a)

     1,011        88,321  

Federal Realty Investment Trust (a)

     576        66,879  

GGP, Inc. (a)

     4,979        101,870  

HCP, Inc. (a)

     3,316        77,031  

Host Hotels & Resorts, Inc. (a)

     6,006        111,952  

Iron Mountain, Inc. (a)

     2,212        72,686  

Kimco Realty Corp. (a)

     3,267        47,045  

The Macerich Co. (a)

     680        38,094  
     Number of
Shares
     Value  

Mid-America Apartment Communities, Inc. (a)

     888      $ 81,021  

Prologis, Inc. (a)

     4,109        258,826  

Public Storage (a)

     1,183        237,061  

Realty Income Corp. (a)

     2,250        116,392  

Regency Centers Corp. (a)

     1,155        68,122  

SBA Communications Corp. (a) (b)

     927        158,443  

Simon Property Group, Inc. (a)

     2,348        362,414  

SL Green Realty Corp. (a)

     783        75,818  

UDR, Inc. (a)

     1,703        60,661  

Ventas, Inc. (a)

     2,847        141,012  

Vornado Realty Trust (a)

     1,365        91,864  

Welltower, Inc. (a)

     2,923        159,099  

Weyerhaeuser Co. (a)

     5,963        208,705  
     

 

 

 
        4,663,931  
     

 

 

 
Savings & Loans — 0.0%  

People’s United Financial, Inc. (a)

     1,778        33,177  
     

 

 

 
        32,660,697  
     

 

 

 
Industrial — 9.9%  
Aerospace & Defense — 2.7%  

Arconic, Inc. (a)

     3,130        72,115  

The Boeing Co. (a)

     4,292        1,407,261  

General Dynamics Corp. (a)

     2,123        468,971  

Harris Corp. (a)

     952        153,539  

L3 Technologies, Inc. (a)

     618        128,544  

Lockheed Martin Corp. (a)

     1,921        649,164  

Northrop Grumman Corp. (a)

     1,327        463,282  

Raytheon Co. (a)

     2,204        475,667  

Rockwell Collins, Inc. (a)

     1,286        173,417  

TransDigm Group, Inc. (a)

     378        116,023  

United Technologies Corp. (a)

     5,695        716,545  
     

 

 

 
        4,824,528  
     

 

 

 
Building Materials — 0.4%  

Fortune Brands Home & Security, Inc. (a)

     1,174        69,137  

Johnson Controls International PLC (a)

     7,213        254,186  

Martin Marietta Materials, Inc. (a)

     436        90,383  

Masco Corp. (a)

     2,226        90,019  

Vulcan Materials Co. (a)

     1,028        117,367  
     

 

 

 
        621,092  
     

 

 

 
Electrical Components & Equipment — 0.3%  

Acuity Brands, Inc. (a)

     333        46,350  

AMETEK, Inc. (a)

     1,827        138,797  

Emerson Electric Co. (a)

     4,848        331,119  
     

 

 

 
        516,266  
     

 

 

 
Electronics — 1.3%  

Agilent Technologies, Inc. (a)

     2,534        169,524  

Allegion PLC (a)

     640        54,586  

Amphenol Corp. Class A (a)

     2,206        190,003  
 

 

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  

Corning, Inc. (a)

     6,659      $ 185,653  

FLIR Systems, Inc. (a)

     1,108        55,411  

Fortive Corp. (a)

     2,412        186,978  

Garmin Ltd. (a)

     872        51,387  

Honeywell International, Inc. (a)

     5,843        844,372  

Mettler-Toledo International, Inc. (a) (b)

     189        108,681  

PerkinElmer, Inc. (a)

     860        65,119  

TE Connectivity Ltd. (a)

     2,722        271,928  

Waters Corp. (a) (b)

     587        116,607  
     

 

 

 
        2,300,249  
     

 

 

 
Engineering & Construction — 0.1%  

Fluor Corp. (a)

     1,022        58,479  

Jacobs Engineering Group, Inc. (a)

     1,015        60,037  
     

 

 

 
        118,516  
     

 

 

 
Environmental Controls — 0.2%  

Republic Services, Inc. (a)

     1,662        110,074  

Stericycle, Inc. (a) (b)

     712        41,674  

Waste Management, Inc. (a)

     3,161        265,903  
     

 

 

 
        417,651  
     

 

 

 
Hand & Machine Tools — 0.1%  

Snap-on, Inc. (a)

     442        65,213  

Stanley Black & Decker, Inc. (a)

     1,128        172,809  
     

 

 

 
        238,022  
     

 

 

 
Machinery – Construction & Mining — 0.4%  

Caterpillar, Inc. (a)

     4,541        669,252  
     

 

 

 
Machinery – Diversified — 0.6%  

Cummins, Inc. (a)

     1,154        187,052  

Deere & Co. (a)

     2,436        378,360  

Flowserve Corp. (a)

     794        34,404  

Rockwell Automation, Inc. (a)

     1,012        176,290  

Roper Technologies, Inc. (a)

     807        226,517  

Xylem, Inc. (a)

     1,448        111,380  
     

 

 

 
        1,114,003  
     

 

 

 
Miscellaneous – Manufacturing — 1.9%  

3M Co. (a)

     4,569        1,002,987  

A.O. Smith Corp. (a)

     1,181        75,100  

Dover Corp. (a)

     1,104        108,435  

Eaton Corp. PLC (a)

     3,425        273,692  

General Electric Co. (a)

     66,274        893,373  

Illinois Tool Works, Inc. (a)

     2,438        381,937  

Ingersoll-Rand PLC (a)

     1,960        167,600  

Parker-Hannifin Corp. (a)

     983        168,122  

Pentair PLC (a)

     1,307        89,046  

Textron, Inc. (a)

     2,071        122,127  
     

 

 

 
        3,282,419  
     

 

 

 
Packaging & Containers — 0.2%  

Ball Corp. (a)

     2,766        109,838  

Packaging Corp. of America (a)

     748        84,300  

Sealed Air Corp. (a)

     1,481        63,372  
     Number of
Shares
     Value  

WestRock Co. (a)

     2,001      $ 128,404  
     

 

 

 
        385,914  
     

 

 

 
Shipbuilding — 0.1%  

Huntington Ingalls Industries, Inc. (a)

     317        81,710  
     

 

 

 
Transportation — 1.6%  

C.H. Robinson Worldwide, Inc. (a)

     990        92,773  

CSX Corp. (a)

     6,810        379,385  

Expeditors International of Washington, Inc. (a)

     1,436        90,899  

FedEx Corp. (a)

     1,886        452,847  

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

     653        76,499  

Kansas City Southern (a)

     819        89,967  

Norfolk Southern Corp. (a)

     2,175        295,322  

Union Pacific Corp. (a)

     6,044        812,495  

United Parcel Service, Inc. Class B (a)

     5,271        551,663  
     

 

 

 
        2,841,850  
     

 

 

 
        17,411,472  
     

 

 

 
Technology — 15.8%  
Computers — 5.6%  

Accenture PLC Class A (a)

     4,749        728,971  

Apple, Inc. (a)

     38,993        6,542,246  

Cognizant Technology Solutions Corp. Class A (a)

     4,478        360,479  

CSRA, Inc. (a)

     1,196        49,311  

DXC Technology Co. (a)

     2,251        226,293  

Hewlett Packard Enterprise Co. (a)

     12,514        219,496  

HP, Inc. (a)

     12,672        277,770  

International Business Machines Corp. (a)

     6,606        1,013,559  

NetApp, Inc. (a)

     2,130        131,400  

Seagate Technology PLC (a)

     2,272        132,957  

Western Digital Corp. (a)

     2,335        215,450  
     

 

 

 
        9,897,932  
     

 

 

 
Office & Business Equipment — 0.0%  

Xerox Corp. (a)

     1,698        48,869  
     

 

 

 
Semiconductors — 4.1%  

Advanced Micro Devices, Inc. (a) (b)

     6,465        64,973  

Analog Devices, Inc. (a)

     2,758        251,336  

Applied Materials, Inc. (a)

     8,070        448,773  

Broadcom Ltd. (a)

     3,105        731,693  

Intel Corp. (a)

     35,909        1,870,141  

IPG Photonics Corp. (a) (b)

     294        68,614  

KLA-Tencor Corp. (a)

     1,260        137,353  

Lam Research Corp. (a)

     1,206        245,011  

Microchip Technology, Inc. (a)

     1,850        169,016  

Micron Technology, Inc. (a) (b)

     8,990        468,738  

NVIDIA Corp. (a)

     4,641        1,074,809  

Qorvo, Inc. (a) (b)

     1,004        70,732  

QUALCOMM, Inc. (a)

     11,275        624,748  

Skyworks Solutions, Inc. (a)

     1,450        145,377  
 

 

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  

Texas Instruments, Inc. (a)

     7,554      $ 784,785  

Xilinx, Inc. (a)

     1,984        143,324  
     

 

 

 
        7,299,423  
     

 

 

 
Software — 6.1%  

Activision Blizzard, Inc. (a)

     5,725        386,209  

Adobe Systems, Inc. (a) (b)

     3,756        811,596  

Akamai Technologies, Inc. (a) (b)

     1,357        96,320  

ANSYS, Inc. (a) (b)

     669        104,826  

Autodesk, Inc. (a) (b)

     1,630        204,695  

CA, Inc. (a)

     2,503        84,852  

Cadence Design Systems, Inc. (a) (b)

     2,199        80,857  

Cerner Corp. (a) (b)

     2,489        144,362  

Citrix Systems, Inc. (a) (b)

     1,063        98,646  

Electronic Arts, Inc. (a) (b)

     2,420        293,401  

Fidelity National Information Services, Inc. (a)

     2,598        250,187  

Fiserv, Inc. (a) (b)

     3,236        230,759  

Intuit, Inc. (a)

     1,928        334,219  

Microsoft Corp. (a)

     59,244        5,407,200  

Oracle Corp. (a)

     23,382        1,069,727  

Paychex, Inc. (a)

     2,529        155,761  

Red Hat, Inc. (a) (b)

     1,344        200,941  

salesforce.com, Inc. (a) (b)

     5,224        607,551  

Synopsys, Inc. (a) (b)

     1,024        85,238  

Take-Two Interactive Software, Inc. (a) (b)

     827        80,864  
     

 

 

 
        10,728,211  
     

 

 

 
        27,974,435  
     

 

 

 
Utilities — 2.8%  
Electric — 2.7%  

AES Corp. (a)

     5,187        58,976  

Alliant Energy Corp. (a)

     1,733        70,810  

Ameren Corp. (a)

     1,885        106,747  

American Electric Power Co., Inc. (a)

     3,961        271,685  

CenterPoint Energy, Inc. (a)

     2,934        80,392  

CMS Energy Corp. (a)

     1,770        80,163  

Consolidated Edison, Inc. (a)

     2,297        179,028  

Dominion Energy, Inc. (a)

     4,918        331,621  

DTE Energy Co. (a)

     1,392        145,325  

Duke Energy Corp. (a)

     5,417        419,655  

Edison International (a)

     2,186        139,161  

Entergy Corp. (a)

     1,411        111,159  

Eversource Energy (a)

     2,514        148,125  

Exelon Corp. (a)

     7,254        282,978  

FirstEnergy Corp. (a)

     3,208        109,104  

NextEra Energy, Inc. (a)

     3,729        609,058  

NRG Energy, Inc. (a)

     2,433        74,279  

PG&E Corp. (a)

     3,904        171,503  

Pinnacle West Capital Corp. (a)

     653        52,109  

PPL Corp. (a)

     5,416        153,219  

Public Service Enterprise Group, Inc. (a)

     3,762        189,003  

SCANA Corp. (a)

     1,111        41,718  
     Number of
Shares
     Value  

Sempra Energy (a)

     1,982      $ 220,438  

The Southern Co. (a)

     7,960        355,494  

WEC Energy Group, Inc. (a)

     2,453        153,803  

Xcel Energy, Inc. (a)

     4,092        186,104  
     

 

 

 
        4,741,657  
     

 

 

 
Gas — 0.0%  

NiSource, Inc. (a)

     2,737        65,442  
     

 

 

 
Water — 0.1%  

American Water Works Co., Inc. (a)

     1,417        116,378  
     

 

 

 
        4,923,477  
     

 

 

 
TOTAL COMMON STOCK
(Cost $124,646,660)
        173,041,993  
     

 

 

 
TOTAL EQUITIES
(Cost $124,646,660)
        173,041,993  
     

 

 

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

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

   $ 359,000        -  
     

 

 

 
TOTAL CORPORATE DEBT
(Cost $0)
        -  
     

 

 

 
TOTAL BONDS & NOTES
(Cost $0)
        -  
     

 

 

 
TOTAL PURCHASED OPTIONS (#) — 0.9% (Cost $1,552,465)        1,623,595  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $126,199,125)
        174,665,588  
     

 

 

 
SHORT-TERM INVESTMENTS — 2.1%  
Repurchase Agreement — 2.1%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (e)

     3,684,263        3,684,263  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,684,263)
        3,684,263  
     

 

 

 
TOTAL INVESTMENTS — 101.1%
(Cost $129,883,388) (f)
        178,349,851  
     

 

 

 
Other Assets/(Liabilities) — (1.1)%         (1,927,172
NET ASSETS — 100.0%       $ 176,422,679  
     

 

 

 
 

 

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

 

47


MML Managed Volatility Fund – Portfolio of Investments (Continued)

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of these securities are pledged/held as collateral for written options. (Note 2).
(b) Non-income producing security.
(c) Investment was valued using significant unobservable inputs.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2018, these securities amounted to a value of $0 or 0.00% of net assets.
(e) Maturity value of $3,684,566. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $3,760,898.
(f) See Note 3 for aggregate cost for federal tax purposes.
 

 

(#) The Fund had the following open Purchased Options contracts at March 31, 2018:

 

 

 

     Units      Notional
Amount
     Expiration
Date
    

Description

   Premiums
Purchased
     Value      Unrealized
Appreciation/
(Depreciation)
 
Put   
     92        USD        21,850,000        5/18/18      S&P 500 Index, Strike 2,375    $ 239,430      $ 113,988      $ (125,442
     79        USD        19,355,000        5/18/18      S&P 500 Index, Strike 2,450      218,238        158,000        (60,238
     78        USD        19,305,000        5/18/18      S&P 500 Index, Strike 2,475      213,915        173,472        (40,443
     80        USD        19,400,000        6/15/18      S&P 500 Index, Strike 2,425      228,200        240,000        11,800  
     91        USD        22,295,000        6/15/18      S&P 500 Index, Strike 2,450      231,367        312,130        80,763  
     91        USD        22,522,500        6/15/18      S&P 500 Index, Strike 2,475      218,627        312,130        93,503  
     75        USD        18,750,000        6/15/18      S&P 500 Index, Strike 2,500      202,688        313,875        111,187  
                 

 

 

    

 

 

    

 

 

 
                  $ 1,552,465      $ 1,623,595      $ 71,130  
                 

 

 

    

 

 

    

 

 

 

 

The Fund had the following open Written Options contracts at March 31, 2018:

 

 

 

     Units      Notional
Amount
     Expiration
Date
    

Description

   Premiums
Received
     Value      Unrealized
Appreciation/
(Depreciation)
 
Call   
     72        USD        19,260,000        4/06/18      S&P 500 Index, Strike 2,675    $ 170,460      $ 95,040      $ 75,420  
     70        USD        18,900,000        4/13/18      S&P 500 Index, Strike 2,700      206,325        85,400        120,925  
     149        USD        39,485,000        4/20/18      S&P 500 Index, Strike 2,650      451,757        587,060        (135,303
     75        USD        20,250,000        4/20/18      S&P 500 Index, Strike 2,700      389,813        153,000        236,813  
     69        USD        18,285,000        5/18/18      S&P 500 Index, Strike 2,650      336,892        462,645        (125,753
     74        USD        19,795,000        5/18/18      S&P 500 Index, Strike 2,675      361,675        386,946        (25,271
     71        USD        19,525,000        5/18/18      S&P 500 Index, Strike 2,750      545,529        154,709        390,820  
     73        USD        20,440,000        5/18/18      S&P 500 Index, Strike 2,800      430,518        69,131        361,387  
                 

 

 

    

 

 

    

 

 

 
                  $ 2,892,969      $ 1,993,931      $ 899,038  
                 

 

 

    

 

 

    

 

 

 

 

 

Currency Legend        
USD   U.S. Dollar        

 

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

 

48


MML Mid Cap Growth Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 92.8%  
COMMON STOCK — 92.3%  
Basic Materials — 3.0%  
Chemicals — 2.6%  

Air Products & Chemicals, Inc.

     31,000      $ 4,929,930  

Ashland Global Holdings, Inc.

     5,000        348,950  

RPM International, Inc.

     63,000        3,003,210  

Valvoline, Inc.

     171,000        3,784,230  
     

 

 

 
        12,066,320  
     

 

 

 
Mining — 0.4%  

Franco-Nevada Corp.

     31,000        2,120,090  
     

 

 

 
        14,186,410  
     

 

 

 
Communications — 3.7%  
Internet — 3.4%  

Dropbox, Inc. (a)

     4,638        144,937  

Dropbox, Inc. Class B (LockUp) (a) (b)

     50,111        1,565,958  

Expedia Group, Inc.

     26,000        2,870,660  

IAC/InterActiveCorp (a)

     33,000        5,160,540  

Match Group, Inc. (a) (c)

     37,000        1,644,280  

Shopify, Inc. Class A (a)

     8,000        996,720  

Symantec Corp.

     98,000        2,533,300  

VeriSign, Inc. (a) (c)

     3,787        448,987  

Zillow Group, Inc. Class A (a)

     8,000        432,000  

Zillow Group, Inc. Class C (a)

     8,000        430,400  
     

 

 

 
        16,227,782  
     

 

 

 
Telecommunications — 0.3%  

Maxar Technologies Ltd.

     25,000        1,156,250  
     

 

 

 
        17,384,032  
     

 

 

 
Consumer, Cyclical — 16.0%  
Airlines — 0.6%  

United Continental Holdings, Inc. (a)

     39,000        2,709,330  
     

 

 

 
Auto Manufacturers — 0.2%  

Ferrari NV (c)

     8,000        964,160  
     

 

 

 
Auto Parts & Equipment — 0.4%  

Aptiv PLC

     22,000        1,869,340  
     

 

 

 
Distribution & Wholesale — 1.6%  

HD Supply Holdings, Inc. (a)

     108,000        4,097,520  

KAR Auction Services, Inc.

     62,000        3,360,400  
     

 

 

 
        7,457,920  
     

 

 

 
Entertainment — 0.8%  

Vail Resorts, Inc.

     17,000        3,768,900  
     

 

 

 
Food Services — 0.6%  

Aramark

     75,000        2,967,000  
     

 

 

 
Leisure Time — 1.9%  

Norwegian Cruise Line Holdings Ltd. (a)

     131,000        6,939,070  

Royal Caribbean Cruises Ltd.

     15,000        1,766,100  
     

 

 

 
        8,705,170  
     

 

 

 
     Number of
Shares
     Value  
Lodging — 2.1%  

Marriott International, Inc. Class A

     46,000      $ 6,255,080  

MGM Resorts International

     110,000        3,852,200  
     

 

 

 
        10,107,280  
     

 

 

 
Retail — 7.8%  

Burlington Stores, Inc. (a)

     23,000        3,062,450  

CarMax, Inc. (a)

     51,000        3,158,940  

Casey’s General Stores, Inc.

     25,000        2,744,250  

Dollar General Corp.

     85,000        7,951,750  

Dunkin’ Brands Group, Inc. (c)

     41,000        2,447,290  

The Michaels Cos., Inc. (a)

     60,000        1,182,600  

O’Reilly Automotive, Inc. (a)

     15,000        3,710,700  

PVH Corp.

     12,000        1,817,160  

Tapestry, Inc.

     177,000        9,311,970  

Ulta Salon Cosmetics & Fragrance, Inc. (a)

     8,000        1,634,160  
     

 

 

 
        37,021,270  
     

 

 

 
        75,570,370  
     

 

 

 
Consumer, Non-cyclical — 24.0%  
Biotechnology — 1.7%  

Alnylam Pharmaceuticals, Inc. (a)

     27,000        3,215,700  

Illumina, Inc. (a)

     6,000        1,418,520  

Incyte Corp. (a)

     19,000        1,583,270  

Sage Therapeutics, Inc. (a)

     3,025        487,237  

Seattle Genetics, Inc. (a)

     28,000        1,465,520  
     

 

 

 
        8,170,247  
     

 

 

 
Commercial Services — 8.7%  

CoreLogic, Inc. (a)

     78,000        3,527,940  

CoStar Group, Inc. (a)

     8,200        2,973,976  

Equifax, Inc.

     12,000        1,413,720  

FleetCor Technologies, Inc. (a)

     15,000        3,037,500  

Gartner, Inc. (a)

     15,000        1,764,300  

Global Payments, Inc.

     50,000        5,576,000  

IHS Markit Ltd. (a)

     58,000        2,797,920  

MarketAxess Holdings, Inc.

     7,000        1,522,080  

ServiceMaster Global Holdings, Inc. (a)

     59,606        3,030,965  

TransUnion (a)

     65,000        3,690,700  

Verisk Analytics, Inc. (a)

     47,000        4,888,000  

WeWork Companies, Inc. Class A (a) (b) (d)

     8,764        401,829  

Worldpay, Inc. Class A (a)

     77,000        6,332,480  
     

 

 

 
        40,957,410  
     

 

 

 
Foods — 1.3%  

Conagra Brands, Inc.

     55,000        2,028,400  

Sprouts Farmers Market, Inc. (a)

     86,000        2,018,420  

TreeHouse Foods, Inc. (a)

     51,000        1,951,770  
     

 

 

 
        5,998,590  
     

 

 

 
Health Care – Products — 7.3%  

Bruker Corp.

     154,500        4,622,640  
 

 

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

 

49


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

 

     Number of
Shares
     Value  

The Cooper Cos., Inc.

     33,000      $ 7,550,730  

DENTSPLY SIRONA, Inc.

     18,000        905,580  

Hologic, Inc. (a)

     191,000        7,135,760  

IDEXX Laboratories, Inc. (a)

     6,000        1,148,340  

Teleflex, Inc.

     43,000        10,964,140  

West Pharmaceutical Services, Inc.

     23,000        2,030,670  
     

 

 

 
        34,357,860  
     

 

 

 
Health Care – Services — 2.5%  

Acadia Healthcare Co., Inc. (a) (c)

     54,000        2,115,720  

Envision Healthcare Corp. (a)

     100,232        3,851,916  

IQVIA Holdings, Inc. (a)

     26,000        2,550,860  

MEDNAX, Inc. (a)

     57,000        3,170,910  
     

 

 

 
        11,689,406  
     

 

 

 
Pharmaceuticals — 2.5%  

Alkermes PLC (a)

     89,000        5,158,440  

Catalent, Inc. (a)

     93,000        3,818,580  

DexCom, Inc. (a) (c)

     27,000        2,002,320  

TESARO, Inc. (a) (c)

     5,000        285,700  

Zoetis, Inc.

     9,598        801,529  
     

 

 

 
        12,066,569  
     

 

 

 
        113,240,082  
     

 

 

 
Energy — 1.3%  
Oil & Gas — 1.3%  

ARC Resources Ltd. (c)

     82,000        893,608  

Centennial Resource Development, Inc. (a) (b)

     36,204        664,343  

Centennial Resource Development, Inc. Class A (a) (c)

     42,796        785,307  

Concho Resources, Inc. (a)

     23,000        3,457,590  

Venture Global LNG (a) (b) (d)

     165        498,300  
     

 

 

 
        6,299,148  
     

 

 

 
Financial — 7.9%  
Banks — 0.8%  

Fifth Third Bancorp

     76,000        2,413,000  

Webster Financial Corp.

     24,000        1,329,600  
     

 

 

 
        3,742,600  
     

 

 

 
Diversified Financial Services — 4.2%  

Cboe Global Markets, Inc.

     39,000        4,449,900  

FNF Group

     163,000        6,523,260  

SLM Corp. (a)

     136,000        1,524,560  

TD Ameritrade Holding Corp.

     128,000        7,581,440  
     

 

 

 
        20,079,160  
     

 

 

 
Insurance — 2.9%  

Axis Capital Holdings Ltd.

     394        22,683  

The Progressive Corp.

     108,000        6,580,440  

Willis Towers Watson PLC

     46,000        7,000,740  
     

 

 

 
        13,603,863  
     

 

 

 
        37,425,623  
     

 

 

 
     Number of
Shares
     Value  
Industrial — 21.5%  
Aerospace & Defense — 1.6%  

Harris Corp.

     46,000      $ 7,418,880  
     

 

 

 
Building Materials — 0.5%  

Martin Marietta Materials, Inc.

     12,000        2,487,600  
     

 

 

 
Electrical Components & Equipment — 0.4%  

Acuity Brands, Inc.

     12,000        1,670,280  
     

 

 

 
Electronics — 8.2%  

ADT, Inc.

     89,000        705,770  

Agilent Technologies, Inc.

     108,000        7,225,200  

Allegion PLC

     46,000        3,923,340  

Coherent, Inc. (a)

     9,000        1,686,600  

Corning, Inc.

     126,000        3,512,880  

Fortive Corp.

     58,000        4,496,160  

Keysight Technologies, Inc. (a)

     157,000        8,225,230  

National Instruments Corp.

     32,000        1,618,240  

Sensata Technologies Holding PLC (a)

     146,000        7,567,180  
     

 

 

 
        38,960,600  
     

 

 

 
Environmental Controls — 1.0%  

Waste Connections, Inc.

     69,000        4,950,060  
     

 

 

 
Machinery – Construction & Mining — 0.4%  

BWX Technologies, Inc.

     28,000        1,778,840  
     

 

 

 
Machinery – Diversified — 4.7%  

Gardner Denver Holdings, Inc. (a)

     52,000        1,595,360  

IDEX Corp.

     54,000        7,695,540  

Roper Technologies, Inc.

     30,000        8,420,700  

Xylem, Inc.

     57,000        4,384,440  
     

 

 

 
        22,096,040  
     

 

 

 
Miscellaneous – Manufacturing — 2.7%  

Colfax Corp. (a)

     77,000        2,456,300  

Textron, Inc.

     176,000        10,378,720  
     

 

 

 
        12,835,020  
     

 

 

 
Packaging & Containers — 1.2%  

Ardagh Group SA

     9,000        168,120  

Ball Corp.

     139,000        5,519,690  
     

 

 

 
        5,687,810  
     

 

 

 
Transportation — 0.8%  

J.B. Hunt Transport Services, Inc.

     8,000        937,200  

Kansas City Southern

     27,000        2,965,950  
     

 

 

 
        3,903,150  
     

 

 

 
        101,788,280  
     

 

 

 
Technology — 14.0%  
Computers — 0.8%  

CSRA, Inc.

     97,000        3,999,310  
     

 

 

 
Semiconductors — 4.9%  

Marvell Technology Group Ltd.

     167,000        3,507,000  

Maxim Integrated Products, Inc.

     39,000        2,348,580  

Microchip Technology, Inc. (c)

     105,000        9,592,800  
 

 

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

 

50


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

 

     Number of
Shares
     Value  

Microsemi Corp. (a)

     27,000      $ 1,747,440  

Qorvo, Inc. (a)

     15,000        1,056,750  

Xilinx, Inc.

     65,000        4,695,600  
     

 

 

 
        22,948,170  
     

 

 

 
Software — 8.3%  

athenahealth, Inc. (a)

     7,000        1,001,210  

Atlassian Corp. PLC Class A (a)

     56,000        3,019,520  

Black Knight, Inc. (a)

     71,000        3,344,100  

CDK Global, Inc.

     36,000        2,280,240  

Electronic Arts, Inc. (a)

     15,000        1,818,600  

Fidelity National Information Services, Inc.

     27,000        2,600,100  

Fiserv, Inc. (a)

     77,000        5,490,870  

Guidewire Software, Inc. (a)

     19,000        1,535,770  

MSCI, Inc.

     4,000        597,880  

Red Hat, Inc. (a)

     31,000        4,634,810  

ServiceNow, Inc. (a)

     6,000        992,700  

Splunk, Inc. (a)

     12,000        1,180,680  

SS&C Technologies Holdings, Inc

     47,000        2,521,080  

Tableau Software, Inc. Class A (a)

     28,000        2,262,960  

Veeva Systems, Inc. Class A (a)

     19,000        1,387,380  

Workday, Inc. Class A (a)

     35,000        4,448,850  
     

 

 

 
        39,116,750  
     

 

 

 
        66,064,230  
     

 

 

 
Utilities — 0.9%  
Electric — 0.6%  

Sempra Energy

     23,000        2,558,060  
     

 

 

 
Gas — 0.3%  

Atmos Energy Corp.

     19,001        1,600,560  
     

 

 

 
        4,158,620  
     

 

 

 
TOTAL COMMON STOCK
(Cost $298,349,115)
        436,116,795  
     

 

 

 
PREFERRED STOCK — 0.5%  
Communications — 0.1%  
Internet — 0.1%  

Roofoods Ltd. Series F (a) (b) (d)

     1,915        677,088  
     

 

 

 
Consumer, Non-cyclical — 0.4%  
Commercial Services — 0.4%  

WeWork Companies, Inc.
Series D 1 (a) (b) (d)

     22,197        1,017,732  

WeWork Companies, Inc.
Series D 2 (a) (b) (d)

     17,440        799,624  
     

 

 

 
        1,817,356  
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $1,337,090)
        2,494,444  
     

 

 

 
TOTAL EQUITIES (Cost $299,686,205)         438,611,239  
     

 

 

 
    Number of
Shares
     Value  
MUTUAL FUNDS — 5.9%  
Diversified Financial Services — 5.9%  

State Street Navigator Securities Lending Prime Portfolio (e)

    19,060,962      $ 19,060,962  

T. Rowe Price Government Reserve Investment Fund

    8,580,211        8,580,211  
    

 

 

 
       27,641,173  
    

 

 

 
TOTAL MUTUAL FUNDS
(Cost $27,641,173)
       27,641,173  
    

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $327,327,378)
       466,252,412  
    

 

 

 
    Principal
Amount
        
SHORT-TERM INVESTMENTS — 5.4%  
Repurchase Agreement — 5.4%  

Fixed Income Clearing Corp.,
Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (f)

  $ 25,701,274        25,701,274  
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,701,274)
       25,701,274  
    

 

 

 
TOTAL INVESTMENTS — 104.1%
(Cost $353,028,652) (g)
       491,953,686  
Other Assets/(Liabilities) — (4.1)%        (19,356,585
    

 

 

 
NET ASSETS — 100.0%      $ 472,597,101  
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2018, these securities amounted to a value of $5,624,874 or 1.19% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2018, was $18,638,951 or 3.94% 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).
(d) Investment was valued using significant unobservable inputs.
(e) Represents investment of security lending collateral. (Note 2).
(f) Maturity value of $25,703,388. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $26,217,891.
(g) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

51


MML Mid Cap Value Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 96.8%  
COMMON STOCK — 96.8%  
Consumer, Cyclical — 7.8%  
Airlines — 0.9%  

Southwest Airlines Co.

     75,146      $ 4,304,363  
     

 

 

 
Auto Manufacturers — 1.4%  

Honda Motor Co. Ltd. Sponsored ADR

     120,935        4,200,073  

PACCAR, Inc.

     35,402        2,342,550  
     

 

 

 
        6,542,623  
     

 

 

 
Auto Parts & Equipment — 0.3%  

Aptiv PLC

     14,418        1,225,097  
     

 

 

 
Home Builders — 0.7%  

PulteGroup, Inc.

     110,036        3,244,961  
     

 

 

 
Leisure Time — 0.5%  

Carnival Corp.

     31,803        2,085,641  
     

 

 

 
Retail — 4.0%  

Advance Auto Parts, Inc.

     45,546        5,399,479  

Genuine Parts Co.

     35,936        3,228,490  

MSC Industrial Direct Co., Inc. Class A

     61,200        5,612,652  

Target Corp.

     58,405        4,055,059  
     

 

 

 
        18,295,680  
     

 

 

 
        35,698,365  
     

 

 

 
Consumer, Non-cyclical — 21.7%  
Beverages — 0.9%  

Dr. Pepper Snapple Group, Inc.

     11,198        1,325,619  

Molson Coors Brewing Co. Class B

     40,259        3,032,711  
     

 

 

 
        4,358,330  
     

 

 

 
Foods — 10.5%  

Conagra Brands, Inc.

     247,233        9,117,953  

General Mills, Inc.

     140,803        6,344,583  

The J.M. Smucker Co.

     35,370        4,386,234  

Kellogg Co.

     108,567        7,057,941  

Mondelez International, Inc. Class A

     164,205        6,852,275  

Orkla ASA

     440,301        4,733,171  

Sysco Corp.

     117,147        7,024,134  

US Foods Holding Corp. (a)

     78,054        2,557,829  
     

 

 

 
        48,074,120  
     

 

 

 
Health Care – Products — 4.7%  

Henry Schein, Inc. (a)

     47,021        3,160,281  

Siemens Healthineers AG (a) (b)

     56,727        2,331,311  

STERIS PLC

     46,871        4,375,877  

Zimmer Biomet Holdings, Inc.

     109,474        11,937,045  
     

 

 

 
        21,804,514  
     

 

 

 
Health Care – Services — 2.9%  

HCA Healthcare, Inc.

     34,909        3,386,173  
     Number of
Shares
     Value  

LifePoint Health, Inc. (a)

     118,151      $ 5,553,097  

Quest Diagnostics, Inc.

     43,628        4,375,888  
     

 

 

 
        13,315,158  
     

 

 

 
Pharmaceuticals — 2.7%  

Cardinal Health, Inc.

     83,277        5,219,802  

Express Scripts Holding Co. (a)

     44,372        3,065,218  

McKesson Corp.

     27,827        3,919,990  
     

 

 

 
        12,205,010  
     

 

 

 
        99,757,132  
     

 

 

 
Energy — 12.3%  
Oil & Gas — 8.7%  

Anadarko Petroleum Corp.

     68,019        4,109,028  

Cimarex Energy Co.

     41,562        3,886,047  

Devon Energy Corp.

     168,421        5,354,104  

EQT Corp.

     135,510        6,438,080  

Helmerich & Payne, Inc.

     13,692        911,339  

Imperial Oil Ltd.

     217,356        5,756,345  

Marathon Petroleum Corp.

     45,321        3,313,418  

Noble Energy, Inc.

     193,020        5,848,506  

Occidental Petroleum Corp.

     68,676        4,461,193  
     

 

 

 
        40,078,060  
     

 

 

 
Oil & Gas Services — 3.0%  

Baker Hughes a GE Co.

     210,819        5,854,444  

Halliburton Co.

     38,485        1,806,486  

National Oilwell Varco, Inc.

     163,435        6,016,042  
     

 

 

 
        13,676,972  
     

 

 

 
Pipelines — 0.6%  

Spectra Energy Partners LP (c)

     83,591        2,812,001  
     

 

 

 
        56,567,033  
     

 

 

 
Financial — 25.6%  
Banks — 11.4%  

Bank of Hawaii Corp.

     59,885        4,976,444  

BB&T Corp.

     168,528        8,770,197  

Comerica, Inc.

     14,787        1,418,517  

Commerce Bancshares, Inc.

     84,175        5,042,924  

M&T Bank Corp.

     35,358        6,518,601  

Northern Trust Corp.

     108,345        11,173,620  

The PNC Financial Services Group, Inc.

     15,223        2,302,327  

SunTrust Banks, Inc.

     69,752        4,745,926  

UMB Financial Corp.

     34,646        2,508,024  

Westamerica Bancorp.

     82,203        4,774,350  
     

 

 

 
        52,230,930  
     

 

 

 
Diversified Financial Services — 3.6%  

Ameriprise Financial, Inc.

     36,984        5,471,413  

Invesco Ltd.

     279,914        8,960,047  

T. Rowe Price Group, Inc.

     16,920        1,826,853  
     

 

 

 
        16,258,313  
     

 

 

 
 

 

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

 

52


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

 

     Number of
Shares
     Value  
Insurance — 5.3%  

Aflac, Inc.

     74,426      $ 3,256,882  

Arthur J Gallagher & Co.

     50,884        3,497,257  

Brown & Brown, Inc.

     93,002        2,365,971  

Chubb Ltd.

     45,444        6,215,376  

ProAssurance Corp.

     36,336        1,764,113  

Reinsurance Group of America, Inc.

     23,655        3,642,870  

Torchmark Corp.

     18,742        1,577,514  

The Travelers Cos., Inc.

     10,003        1,389,016  

Unum Group

     16,944        806,704  
     

 

 

 
        24,515,703  
     

 

 

 
Real Estate Investment Trusts (REITS) — 4.5%  

American Tower Corp.

     23,376        3,397,468  

Empire State Realty Trust, Inc. Class A

     86,617        1,454,299  

MGM Growth Properties LLC Class A

     119,550        3,172,857  

Piedmont Office Realty Trust, Inc. Class A

     179,283        3,153,588  

Weyerhaeuser Co.

     275,281        9,634,835  
     

 

 

 
        20,813,047  
     

 

 

 
Savings & Loans — 0.8%  

Capitol Federal Financial, Inc.

     292,932        3,617,710  
     

 

 

 
        117,435,703  
     

 

 

 
Industrial — 18.8%  
Building Materials — 2.4%  

Johnson Controls International PLC

     313,665        11,053,555  
     

 

 

 
Electrical Components & Equipment — 2.8%  

Emerson Electric Co.

     84,100        5,744,030  

Hubbell, Inc.

     59,475        7,242,865  
     

 

 

 
        12,986,895  
     

 

 

 
Electronics — 2.2%  

Keysight Technologies, Inc. (a)

     115,537        6,052,984  

TE Connectivity Ltd.

     38,867        3,882,813  
     

 

 

 
        9,935,797  
     

 

 

 
Environmental Controls — 0.7%  

Republic Services, Inc.

     45,400        3,006,842  
     

 

 

 
Machinery – Diversified — 0.6%  

Cummins, Inc.

     17,625        2,856,836  
     

 

 

 
Miscellaneous – Manufacturing — 3.7%  

Eaton Corp. PLC

     55,240        4,414,228  

IMI PLC

     172,898        2,624,327  

Ingersoll-Rand PLC

     43,158        3,690,441  

Parker-Hannifin Corp.

     5,968        1,020,707  

Textron, Inc.

     89,178        5,258,827  
     

 

 

 
        17,008,530  
     

 

 

 
Packaging & Containers — 5.0%  

Bemis Co., Inc.

     74,740        3,252,685  

Graphic Packaging Holding Co.

     420,829        6,459,725  
     Number of
Shares
     Value  

Sonoco Products Co.

     102,540      $ 4,973,190  

WestRock Co.

     131,241        8,421,735  
     

 

 

 
        23,107,335  
     

 

 

 
Transportation — 1.4%  

Heartland Express, Inc.

     218,974        3,939,342  

Norfolk Southern Corp.

     17,213        2,337,181  
     

 

 

 
        6,276,523  
     

 

 

 
        86,232,313  
     

 

 

 
Technology — 4.4%  
Computers — 0.5%  

HP, Inc.

     108,195        2,371,634  
     

 

 

 
Semiconductors — 3.9%  

Applied Materials, Inc.

     70,423        3,916,223  

Maxim Integrated Products, Inc.

     95,231        5,734,811  

Microchip Technology, Inc.

     33,168        3,030,229  

Teradyne, Inc.

     106,823        4,882,879  
     

 

 

 
        17,564,142  
     

 

 

 
        19,935,776  
     

 

 

 
Utilities — 6.2%  
Electric — 5.0%  

Ameren Corp.

     30,068        1,702,751  

Edison International

     66,163        4,211,937  

Eversource Energy

     37,486        2,208,675  

NorthWestern Corp.

     84,619        4,552,502  

Pinnacle West Capital Corp.

     42,673        3,405,305  

Xcel Energy, Inc.

     145,845        6,633,031  
     

 

 

 
        22,714,201  
     

 

 

 
Gas — 1.2%  

Atmos Energy Corp.

     27,996        2,358,383  

Spire, Inc.

     46,526        3,363,902  
     

 

 

 
        5,722,285  
     

 

 

 
        28,436,486  
     

 

 

 
TOTAL COMMON STOCK
(Cost $403,131,811)
        444,062,808  
     

 

 

 
TOTAL EQUITIES
(Cost $403,131,811)
        444,062,808  
     

 

 

 
MUTUAL FUNDS — 1.2%  
Diversified Financial Services — 1.2%  

iShares Russell Mid-Cap Value ETF

     66,595        5,755,806  
     

 

 

 
        5,755,806  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $6,025,031)
        5,755,806  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $409,156,842)
        449,818,614  
     

 

 

 
 

 

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

 

53


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

 

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

Fixed Income Clearing Corp.,
Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (d)

   $ 7,844,575      $ 7,844,575  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,844,575)
        7,844,575  
     

 

 

 
TOTAL INVESTMENTS — 99.7% (Cost $417,001,417) (e)         457,663,189  
Other Assets/(Liabilities) — 0.3%         1,170,996  
     

 

 

 
NET ASSETS — 100.0%       $ 458,834,185  
     

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) 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 March 31, 2018, these securities amounted to a value of $2,331,311 or 0.51% of net assets.
(c) Security is a Master Limited Partnership.
(d) Maturity value of $7,845,220. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $8,005,292.
(e) See Note 3 for aggregate cost for federal tax purposes.
 

 

The Fund had the following open Forward contracts at March 31, 2018:

 

 

 

      

Counterparty

  

Settlement
Date

       In Exchange
for
     Unrealized
Appreciation/
(Depreciation)
 
Contracts to Buy  
JPY     16,180,618      Credit Suisse International    06/29/18      $ 155,030      $ (2,075
            

 

 

    

 

 

 
NOK     1,014,580      JP Morgan Chase Bank N.A.    06/29/18        132,518        (2,732
            

 

 

    

 

 

 
CAD     179,210      Morgan Stanley & Co. LLC    06/29/18        139,896        (566
GBP     58,785      Morgan Stanley & Co. LLC    06/29/18        83,470        (695
            

 

 

    

 

 

 
       223,366        (1,261
            

 

 

    

 

 

 
     $ 510,914      $ (6,068
            

 

 

    

 

 

 
Contracts to Deliver  
JPY     283,355,989      Credit Suisse International    06/29/18      $ 2,683,341      $ 4,790  
            

 

 

    

 

 

 
NOK     33,008,772      JP Morgan Chase Bank N.A.    06/29/18        4,273,976        51,454  
            

 

 

    

 

 

 
CAD     6,566,107      Morgan Stanley & Co. LLC    06/29/18        5,076,856        (28,083
GBP     1,632,762      Morgan Stanley & Co. LLC    06/29/18        2,308,448        9,369  
            

 

 

    

 

 

 
       7,385,304        (18,714
            

 

 

    

 

 

 
EUR     1,570,218      UBS AG    06/29/18        1,962,783        18,280  
            

 

 

    

 

 

 
     $ 16,305,404      $ 55,810  
            

 

 

    

 

 

 

 

Currency Legend

CAD Canadian Dollar
EUR Euro
GBP British Pound
JPY Japanese Yen
NOK Norwegian Krone

 

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

 

54


MML Moderate Allocation Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
MUTUAL FUNDS — 100.1%  
Equity Funds — 58.6%  

MML Blue Chip Growth Fund, Initial Class (a)

     4,449,931      $ 81,878,724  

MML Equity Income Fund, Initial Class (a)

     7,380,177        90,111,964  

MML Equity Index Fund, Class III (a)

     2,983,088        91,640,467  

MML Focused Equity Fund, Class II (a)

     1,816,806        22,928,089  

MML Foreign Fund, Initial Class (a)

     7,563,398        83,424,281  

MML Fundamental Growth Fund, Class II (a)

     3,651,577        48,639,009  

MML Fundamental Value Fund, Class II (a)

     5,976,061        90,119,007  

MML Global Fund, Class I (a)

     6,525,993        83,467,446  

MML Income & Growth Fund, Initial Class (a)

     7,309,050        89,097,322  

MML International Equity Fund, Class II (a)

     6,582,363        76,882,000  

MML Large Cap Growth Fund, Initial Class (a)

     2,660,303        28,651,465  

MML Mid Cap Growth Fund, Initial Class (a)

     4,574,203        77,121,066  

MML Mid Cap Value Fund, Initial Class (a)

     6,854,034        81,288,839  

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

     1,337,840        20,603,830  

MML Small Company Value Fund, Class II (a)

     2,231,031        36,812,010  

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

     1,645,602        22,429,556  

MML Strategic Emerging Markets Fund, Class II (a)

     4,195,101        49,963,653  

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

     282,963        24,397,071  

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

     1,114,228        52,836,710  

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

     18,762,584        184,248,579  

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

     16,621,229        43,048,982  

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

     450,762        14,072,785  
     

 

 

 
        1,393,662,855  
     

 

 

 
    Number of
Shares
    Value  
Fixed Income Funds — 41.5%  

MML Dynamic Bond Fund, Class II (a)

    22,447,197     $ 221,553,834  

MML High Yield Fund, Class II (a)

    5,094,088       50,635,232  

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

    7,747,709       78,096,903  

MML Managed Bond Fund, Initial Class (a)

    26,994,757       330,863,025  

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

    10,549,372       102,539,898  

MML Total Return Bond Fund, Class II (a)

    19,780,247       202,154,126  
   

 

 

 
      985,843,018  
   

 

 

 
TOTAL MUTUAL FUNDS
(Cost $2,312,233,132)
      2,379,505,873  
   

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $2,312,233,132)
      2,379,505,873  
   

 

 

 
TOTAL INVESTMENTS — 100.1%
(Cost $2,312,233,132) (b)
      2,379,505,873  
Other Assets/(Liabilities) — (0.1)%       (1,716,754
   

 

 

 
NET ASSETS — 100.0%     $ 2,377,789,119  
   

 

 

 

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

 

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

 

55


MML Small Cap Growth Equity Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.3%      
COMMON STOCK — 97.9%  
Basic Materials — 4.9%      
Chemicals — 3.7%      

Ferro Corp. (a)

     115,336      $ 2,678,101  

Ingevity Corp. (a)

     13,857        1,021,122  

Methanex Corp.

     18,210        1,104,437  

Minerals Technologies, Inc.

     15,346        1,027,415  

Orion Engineered Carbons SA

     42,005        1,138,335  

PolyOne Corp.

     19,565        831,904  
     

 

 

 
        7,801,314  
     

 

 

 
Iron & Steel — 1.2%  

Carpenter Technology Corp.

     57,413        2,533,061  
     

 

 

 
        10,334,375  
     

 

 

 
Communications — 9.7%  
Internet — 7.0%  

DraftKings Inc. (a) (b) (c)

     78,904        104,942  

Dropbox, Inc. Class B (Lockup) (a) (c)

     3,294        102,938  

GoDaddy, Inc. Class A (a)

     23,148        1,421,750  

GrubHub, Inc. (a) (d)

     8,262        838,345  

Mimecast Ltd. (a)

     50,872        1,802,395  

Okta, Inc. (a)

     39,384        1,569,452  

Proofpoint, Inc. (a)

     7,074        803,960  

Shutterfly, Inc. (a)

     18,891        1,534,894  

The Trade Desk, Inc. Class A (a) (d)

     21,028        1,043,409  

Veracode, Inc. (Escrow Shares) (a) (b) (c)

     10,688        42,966  

Wayfair, Inc. Class A (a) (d)

     13,388        904,092  

Wix.com Ltd. (a)

     29,070        2,312,519  

Zendesk, Inc. (a)

     47,860        2,291,058  

Zillow Group, Inc. Class C (a)

     1,013        54,499  
     

 

 

 
        14,827,219  
     

 

 

 
Media — 0.7%  

The New York Times Co. Class A

     63,438        1,528,856  
     

 

 

 
Telecommunications — 2.0%  

Acacia Communications, Inc. (a) (d)

     16,365        629,398  

Ciena Corp. (a)

     51,008        1,321,107  

Oclaro, Inc. (a)

     91,770        877,321  

Vonage Holdings Corp. (a)

     141,833        1,510,522  
     

 

 

 
        4,338,348  
     

 

 

 
        20,694,423  
     

 

 

 
Consumer, Cyclical — 14.6%  
Airlines — 1.0%  

JetBlue Airways Corp. (a)

     73,044        1,484,254  

Spirit Airlines, Inc. (a)

     16,206        612,263  
     

 

 

 
        2,096,517  
     

 

 

 
Apparel — 2.6%  

Carter’s, Inc.

     13,420        1,397,022  
     Number of
Shares
     Value  

Deckers Outdoor Corp. (a)

     9,654      $ 869,149  

Oxford Industries, Inc.

     6,341        472,785  

Skechers U.S.A., Inc. Class A (a)

     36,067        1,402,646  

Under Armour, Inc. Class A (a) (d)

     23,151        378,519  

Under Armour, Inc. Class C (a) (d)

     65,995        947,028  
     

 

 

 
        5,467,149  
     

 

 

 
Auto Manufacturers — 0.0%  

Wabash National Corp.

     1,465        30,487  
     

 

 

 
Auto Parts & Equipment — 0.7%  

Cooper Tire & Rubber Co.

     15,987        468,419  

Tenneco, Inc.

     17,641        967,962  
     

 

 

 
        1,436,381  
     

 

 

 
Entertainment — 1.3%  

Cinemark Holdings, Inc.

     32,556        1,226,384  

Marriott Vacations Worldwide Corp.

     11,209        1,493,039  
     

 

 

 
        2,719,423  
     

 

 

 
Home Builders — 1.0%  

TRI Pointe Group, Inc. (a)

     133,030        2,185,683  
     

 

 

 
Leisure Time — 2.4%  

Acushnet Holdings Corp. (d)

     48,763        1,125,937  

Lindblad Expeditions Holdings, Inc. (a)

     90,584        930,298  

Planet Fitness, Inc. Class A (a)

     78,934        2,981,337  
     

 

 

 
        5,037,572  
     

 

 

 
Lodging — 0.8%  

Boyd Gaming Corp.

     51,792        1,650,093  
     

 

 

 
Retail — 4.8%  

Beacon Roofing Supply, Inc. (a)

     21,677        1,150,398  

BMC Stock Holdings, Inc. (a)

     49,942        976,366  

The Cheesecake Factory, Inc. (d)

     22,180        1,069,520  

Chico’s FAS, Inc.

     113,966        1,030,253  

FirstCash, Inc.

     13,262        1,077,537  

Floor & Decor Holdings, Inc. Class A (a)

     23,942        1,247,857  

La-Z-Boy, Inc.

     29,017        869,059  

Nu Skin Enterprises, Inc. Class A

     13,653        1,006,363  

Papa John’s International, Inc. (d)

     17,970        1,029,681  

Wingstop, Inc.

     18,350        866,671  
     

 

 

 
        10,323,705  
     

 

 

 
        30,947,010  
     

 

 

 
Consumer, Non-cyclical — 20.4%  
Biotechnology — 5.1%  

Aduro Biotech, Inc. (a) (d)

     40,312        374,902  

Amicus Therapeutics, Inc. (a) (d)

     37,878        569,685  

Arena Pharmaceuticals, Inc. (a)

     12,284        485,218  

Audentes Therapeutics, Inc. (a)

     14,400        432,720  

BeiGene Ltd. (a) (d)

     1,900        319,200  

Bluebird Bio, Inc. (a)

     3,818        651,923  

Blueprint Medicines Corp. (a)

     16,404        1,504,247  
 

 

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

 

56


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

 

     Number of
Shares
     Value  

CRISPR Therapeutics AG (a)

     21,818      $ 997,301  

Dermira, Inc. (a) (d)

     27,801        222,130  

Exact Sciences Corp. (a)

     38,306        1,544,881  

Ionis Pharmaceuticals, Inc. (a)

     9,602        423,256  

Loxo Oncology, Inc. (a)

     4,237        488,823  

Momenta Pharmaceuticals, Inc. (a)

     30,351        550,871  

Sage Therapeutics, Inc. (a)

     5,850        942,259  

Spark Therapeutics, Inc. (a) (d)

     14,605        972,547  

Ultragenyx Pharmaceutical, Inc. (a)

     5,964        304,104  
     

 

 

 
        10,784,067  
     

 

 

 
Commercial Services — 3.7%  

The Brink’s Co.

     21,544        1,537,164  

Cardtronics PLC Class A (a)

     42,082        938,849  

CoStar Group, Inc. (a)

     4,332        1,571,130  

HealthEquity, Inc. (a)

     10,707        648,202  

HMS Holdings Corp. (a)

     59,618        1,003,967  

TriNet Group, Inc. (a)

     30,041        1,391,499  

TrueBlue, Inc. (a)

     33,083        856,850  
     

 

 

 
        7,947,661  
     

 

 

 
Foods — 1.3%  

Performance Food Group Co. (a)

     88,481        2,641,158  
     

 

 

 
Health Care – Products — 4.9%  

Globus Medical, Inc. Class A (a)

     50,766        2,529,162  

Haemonetics Corp. (a)

     20,580        1,505,633  

Hill-Rom Holdings, Inc.

     4,700        408,900  

Inogen, Inc. (a)

     2,373        291,499  

Insulet Corp. (a)

     49,688        4,306,956  

MiMedx Group, Inc. (a) (d)

     79,857        556,603  

OraSure Technologies, Inc. (a)

     53,040        895,846  
     

 

 

 
        10,494,599  
     

 

 

 
Health Care – Services — 1.4%  

LifePoint Health, Inc. (a)

     18,414        865,458  

Molina Healthcare, Inc. (a)

     19,170        1,556,221  

Teladoc, Inc. (a) (d)

     14,175        571,252  
     

 

 

 
        2,992,931  
     

 

 

 
Pharmaceuticals — 4.0%  

Aerie Pharmaceuticals, Inc. (a)

     18,886        1,024,565  

Aimmune Therapeutics, Inc. (a) (d)

     8,500        270,555  

DexCom, Inc. (a) (d)

     10,686        792,474  

Galapagos NV Sponsored ADR (a)

     7,583        756,480  

Global Blood Therapeutics, Inc. (a)

     8,331        402,387  

Ironwood Pharmaceuticals, Inc. (a)

     25,839        398,696  

MyoKardia, Inc. (a)

     8,476        413,629  

Nektar Therapeutics (a)

     14,962        1,589,862  

Neurocrine Biosciences, Inc. (a)

     10,157        842,320  

Portola Pharmaceuticals, Inc. (a)

     12,549        409,850  

PRA Health Sciences, Inc. (a)

     14,146        1,173,552  

Revance Therapeutics, Inc. (a)

     10,037        309,140  

TESARO, Inc. (a) (d)

     3,105        177,420  
     

 

 

 
        8,560,930  
     

 

 

 
        43,421,346  
     

 

 

 
     Number of
Shares
     Value  
Energy — 3.2%  
Energy – Alternate Sources — 1.1%  

First Solar, Inc. (a)

     17,908      $ 1,271,110  

Pattern Energy Group, Inc. (d)

     55,322        956,517  
     

 

 

 
        2,227,627  
     

 

 

 
Oil & Gas — 2.1%  

Alta Mesa Resources, Inc. (a) (d)

     62,672        501,376  

Callon Petroleum Co. (a)

     97,808        1,294,978  

Centennial Resource Development, Inc. Class A (a)

     55,669        1,021,526  

Delek US Holdings, Inc.

     41,209        1,677,207  
     

 

 

 
        4,495,087  
     

 

 

 
        6,722,714  
     

 

 

 
Financial — 16.8%  
Banks — 6.1%  

Ameris Bancorp

     22,101        1,169,143  

BancorpSouth Bank

     32,664        1,038,715  

FCB Financial Holdings, Inc. Class A (a)

     19,072        974,579  

First Financial Bancorp

     33,500        983,225  

MB Financial, Inc.

     27,883        1,128,704  

National Bank Holdings Corp. Class A

     32,215        1,071,149  

South State Corp.

     12,043        1,027,268  

State Bank Financial Corp.

     37,534        1,126,395  

Texas Capital Bancshares, Inc. (a)

     21,989        1,976,811  

Union Bankshares Corp.

     49,181        1,805,434  

Western Alliance Bancorp (a)

     10,425        605,797  
     

 

 

 
        12,907,220  
     

 

 

 
Diversified Financial Services — 1.7%  

Air Lease Corp.

     23,267        991,640  

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (d)

     77,443        1,510,138  

PRA Group, Inc. (a)

     29,401        1,117,238  
     

 

 

 
        3,619,016  
     

 

 

 
Insurance — 3.2%  

Assured Guaranty Ltd.

     25,190        911,878  

eHealth, Inc. (a)

     65,081        931,309  

Horace Mann Educators Corp.

     25,875        1,106,156  

James River Group Holdings Ltd.

     25,135        891,539  

Kemper Corp.

     16,951        966,207  

MGIC Investment Corp. (a)

     84,029        1,092,377  

NMI Holdings, Inc. Class A (a)

     58,096        961,489  
     

 

 

 
        6,860,955  
     

 

 

 
Private Equity — 0.6%  

Kennedy-Wilson Holdings, Inc.

     70,155        1,220,697  
     

 

 

 
Real Estate — 0.4%  

Five Point Holdings LLC Class A (a) (d)

     64,781        923,777  
     

 

 

 
 

 

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

 

57


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

 

     Number of
Shares
     Value  
Real Estate Investment Trusts (REITS) — 3.7%  

CoreSite Realty Corp.

     5,368      $ 538,196  

Corporate Office Properties Trust

     24,672        637,278  

LaSalle Hotel Properties

     47,092        1,366,139  

Life Storage, Inc.

     13,444        1,122,843  

MFA Financial, Inc.

     120,263        905,580  

Outfront Media, Inc.

     18,621        348,957  

PotlatchDeltic Corp.

     20,933        1,089,563  

Redwood Trust, Inc.

     60,684        938,781  

Rexford Industrial Realty, Inc.

     34,582        995,616  
     

 

 

 
        7,942,953  
     

 

 

 
Savings & Loans — 1.1%  

Sterling Bancorp

     104,560        2,357,828  
     

 

 

 
        35,832,446  
     

 

 

 
Industrial — 15.3%  
Aerospace & Defense — 0.9%  

Aerojet Rocketdyne Holdings, Inc. (a)

     31,000        867,070  

Teledyne Technologies, Inc. (a)

     6,206        1,161,577  
     

 

 

 
        2,028,647  
     

 

 

 
Building Materials — 0.7%  

JELD-WEN Holding, Inc. (a)

     22,768        697,156  

Summit Materials, Inc. Class A (a)

     29,559        895,047  
     

 

 

 
        1,592,203  
     

 

 

 
Electrical Components & Equipment — 0.5%  

EnerSys

     14,941        1,036,457  
     

 

 

 
Electronics — 1.1%  

II-VI, Inc. (a)

     27,375        1,119,637  

Watts Water Technologies, Inc. Class A

     14,721        1,143,822  
     

 

 

 
        2,263,459  
     

 

 

 
Engineering & Construction — 0.6%  

TopBuild Corp. (a)

     15,807        1,209,552  
     

 

 

 
Environmental Controls — 0.4%  

Clean Harbors, Inc. (a)

     17,146        836,896  
     

 

 

 
Machinery – Construction & Mining — 0.4%  

Astec Industries, Inc.

     13,867        765,181  
     

 

 

 
Machinery – Diversified — 3.6%  

Altra Industrial Motion Corp.

     17,168        788,870  

Chart Industries, Inc. (a)

     27,968        1,650,951  

SPX FLOW, Inc. (a)

     51,815        2,548,780  

Zebra Technologies Corp. Class A (a)

     19,048        2,651,291  
     

 

 

 
        7,639,892  
     

 

 

 
Metal Fabricate & Hardware — 2.3%  

Advanced Drainage Systems, Inc.

     48,963        1,268,142  

Rexnord Corp. (a)

     83,763        2,486,086  

The Timken Co.

     23,916        1,090,569  
     

 

 

 
        4,844,797  
     

 

 

 
     Number of
Shares
     Value  
Miscellaneous – Manufacturing — 2.0%  

Actuant Corp. Class A

     71,166      $ 1,654,610  

ITT, Inc.

     28,485        1,395,195  

John Bean Technologies Corp.

     10,377        1,176,752  
     

 

 

 
        4,226,557  
     

 

 

 
Packaging & Containers — 0.4%  

Graphic Packaging Holding Co.

     58,817        902,841  
     

 

 

 
Transportation — 1.9%  

Kirby Corp. (a)

     17,504        1,346,933  

Knight-Swift Transportation Holdings, Inc. (d)

     20,386        937,960  

Schneider National, Inc. Class B (d)

     36,732        957,236  

Werner Enterprises, Inc.

     23,067        841,945  
     

 

 

 
        4,084,074  
     

 

 

 
Trucking & Leasing — 0.5%  

GATX Corp. (d)

     16,646        1,140,084  
     

 

 

 
        32,570,640  
     

 

 

 
Technology — 12.2%  
Computers — 1.5%  

EPAM Systems, Inc. (a)

     12,009        1,375,271  

ForeScout Technologies, Inc. (a)

     29,580        959,575  

Science Applications International Corp.

     11,332        892,962  
     

 

 

 
        3,227,808  
     

 

 

 
Semiconductors — 2.1%  

Ambarella, Inc. (a) (d)

     10,800        529,092  

Entegris, Inc.

     68,751        2,392,535  

Rambus, Inc. (a)

     44,000        590,920  

Tower Semiconductor Ltd. (a)

     36,535        983,157  
     

 

 

 
        4,495,704  
     

 

 

 
Software — 8.6%  

2U, Inc. (a)

     49,795        4,184,274  

Acxiom Corp. (a)

     13,828        314,034  

Callidus Software, Inc. (a)

     27,274        980,500  

Cloudera, Inc. (a)

     108,636        2,344,365  

Docusign, Inc. (Escrow Shares) (a) (b) (c)

     2,601        -  

Everbridge, Inc. (a)

     16,304        596,726  

Fair Isaac Corp.

     8,515        1,442,186  

Five9, Inc. (a)

     29,510        879,103  

Guidewire Software, Inc. (a)

     17,447        1,410,241  

HubSpot, Inc. (a)

     29,188        3,161,060  

ManTech International Corp. Class A

     22,787        1,263,995  

Twilio, Inc. Class A (a) (d)

     22,567        861,608  

Veeva Systems, Inc. Class A (a)

     10,615        775,107  
     

 

 

 
        18,213,199  
     

 

 

 
        25,936,711  
     

 

 

 
 

 

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

 

58


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

 

     Number of
Shares
     Value  
Utilities — 0.8%  
Electric — 0.8%  

8Point3 Energy Partners LP

     58,286      $ 708,175  

Black Hills Corp.

     19,858        1,078,289  
     

 

 

 
        1,786,464  
     

 

 

 
TOTAL COMMON STOCK
(Cost $169,667,568)
        208,246,129  
     

 

 

 
PREFERRED STOCK — 0.4%  
Communications — 0.3%  
Internet — 0.3%  

The Honest Company, Inc.
Series D (a) (b) (c)

     4,027        142,435  

Zuora, Inc. Series F (a) (b) (c)

     69,937        451,094  
     

 

 

 
        593,529  
     

 

 

 
Technology — 0.1%  
Software — 0.1%  

MarkLogic Corp. Series F (a) (b) (c)

     22,966        227,823  
     

 

 

 
TOTAL PREFERRED STOCK
(Cost $716,698)
        821,352  
     

 

 

 
TOTAL EQUITIES
(Cost $170,384,266)
        209,067,481  
     

 

 

 
MUTUAL FUNDS — 8.6%  
Diversified Financial Services — 8.6%  

iShares Russell 2000 Index Fund

     4,965        753,836  

State Street Navigator Securities Lending Prime Portfolio (e)

     17,545,320        17,545,320  
     

 

 

 
        18,299,156  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $18,313,402)
        18,299,156  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $188,697,668)
        227,366,637  
     

 

 

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

Fixed Income Clearing Corp.,
Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (f)

   $ 2,614,988        2,614,988  
     

 

 

 
     Value  
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,614,988)
   $ 2,614,988  
  

 

 

 
TOTAL INVESTMENTS — 108.1%
(Cost $191,312,656) (g)
     229,981,625  
Other Assets/(Liabilities) — (8.1)%      (17,195,736
  

 

 

 
NET ASSETS — 100.0%    $ 212,785,889  
  

 

 

 

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Investment was valued using significant unobservable inputs.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2018, these securities amounted to a value of $1,072,198 or 0.50% of net assets.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2018, was $17,125,314 or 8.05% 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).
(e) Represents investment of security lending collateral. (Note 2).
(f) Maturity value of $2,615,203. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $2,676,738.
(g) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

59


MML Small Company Value Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 98.9%  
COMMON STOCK — 98.9%  
Basic Materials — 4.3%  
Chemicals — 1.9%  

American Vanguard Corp.

     19,600      $ 395,920  

KMG Chemicals, Inc.

     16,684        1,000,206  

Minerals Technologies, Inc.

     9,300        622,635  
     

 

 

 
        2,018,761  
     

 

 

 
Forest Products & Paper — 0.7%  

Clearwater Paper Corp. (a)

     19,800        774,180  
     

 

 

 
Iron & Steel — 1.2%  

Carpenter Technology Corp.

     17,100        754,452  

Reliance Steel & Aluminum Co.

     5,300        454,422  
     

 

 

 
        1,208,874  
     

 

 

 
Mining — 0.5%  

Constellium NV Class A (a)

     35,100        380,835  

New Gold, Inc. (a)

     67,600        174,408  
     

 

 

 
        555,243  
     

 

 

 
        4,557,058  
     

 

 

 
Communications — 2.4%  
Internet — 0.6%  

Q2 Holdings, Inc. (a)

     7,000        318,850  

Zendesk, Inc. (a)

     6,100        292,007  
     

 

 

 
        610,857  
     

 

 

 
Media — 0.9%  

Cable One, Inc.

     980        673,368  

Scholastic Corp.

     8,200        318,488  
     

 

 

 
        991,856  
     

 

 

 
Telecommunications — 0.9%  

GTT Communications, Inc. (a) (b)

     7,600        430,920  

Harmonic, Inc. (a)

     131,709        500,494  
     

 

 

 
        931,414  
     

 

 

 
        2,534,127  
     

 

 

 
Consumer, Cyclical — 8.7%  
Apparel — 1.0%  

Crocs, Inc. (a)

     21,200        344,500  

Steven Madden Ltd.

     16,100        706,790  
     

 

 

 
        1,051,290  
     

 

 

 
Auto Manufacturers — 0.4%  

Blue Bird Corp. (a) (b)

     16,400        388,680  
     

 

 

 
Auto Parts & Equipment — 0.7%  

Dorman Products, Inc. (a)

     10,800        715,068  
     

 

 

 
Distribution & Wholesale — 0.9%  

Pool Corp.

     6,700        979,674  
     

 

 

 
Home Builders — 0.9%  

Cavco Industries, Inc. (a)

     5,300        920,875  
     

 

 

 
     Number of
Shares
     Value  
Leisure Time — 0.8%  

LCI Industries

     8,200      $ 854,030  
     

 

 

 
Lodging — 0.6%  

ILG, Inc.

     20,500        637,755  
     

 

 

 
Retail — 3.0%  

Beacon Roofing Supply, Inc. (a)

     15,900        843,813  

Express, Inc. (a)

     34,300        245,588  

Lumber Liquidators Holdings, Inc. (a) (b)

     25,156        601,732  

Party City Holdco, Inc. (a) (b)

     29,255        456,378  

PriceSmart, Inc.

     6,900        576,495  

Red Robin Gourmet Burgers, Inc. (a)

     6,500        377,000  
     

 

 

 
        3,101,006  
     

 

 

 
Textiles — 0.4%  

Culp, Inc.

     14,100        430,755  
     

 

 

 
        9,079,133  
     

 

 

 
Consumer, Non-cyclical — 16.1%  
Agriculture — 0.3%  

Vector Group Ltd. (b)

     13,367        272,553  
     

 

 

 
Commercial Services — 6.1%  

Aaron’s, Inc.

     24,900        1,160,340  

American Public Education, Inc. (a)

     16,400        705,200  

Capella Education Co.

     10,250        895,338  

FTI Consulting, Inc. (a)

     12,600        609,966  

Green Dot Corp. Class A (a)

     21,280        1,365,325  

Matthews International Corp. Class A

     7,900        399,740  

McGrath RentCorp

     12,499        671,071  

Navigant Consulting, Inc. (a)

     29,000        557,960  
     

 

 

 
        6,364,940  
     

 

 

 
Foods — 2.6%  

Nomad Foods Ltd. (a)

     70,000        1,101,800  

Pinnacle Foods, Inc.

     8,400        454,440  

Post Holdings, Inc. (a)

     7,800        590,928  

The Simply Good Foods Co. (a)

     23,256        319,305  

SpartanNash Co.

     16,500        283,965  
     

 

 

 
        2,750,438  
     

 

 

 
Health Care – Products — 4.8%  

Atrion Corp.

     1,951        1,231,666  

Haemonetics Corp. (a)

     8,800        643,808  

Halyard Health, Inc. (a)

     20,700        953,856  

Quidel Corp. (a)

     23,100        1,196,811  

West Pharmaceutical Services, Inc.

     11,200        988,848  
     

 

 

 
        5,014,989  
     

 

 

 
Health Care – Services — 2.1%  

The Ensign Group, Inc.

     20,700        544,410  

Molina Healthcare, Inc. (a)

     6,000        487,080  

Select Medical Holdings Corp. (a)

     27,900        481,275  

WellCare Health Plans, Inc. (a)

     3,700        716,431  
     

 

 

 
        2,229,196  
     

 

 

 
 

 

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

 

60


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

 

     Number of
Shares
     Value  
Household Products & Wares — 0.2%  

CSS Industries, Inc.

     14,393      $ 251,878  
     

 

 

 
        16,883,994  
     

 

 

 
Energy — 5.2%  
Oil & Gas — 3.5%  

Andeavor

     6,221        625,584  

Centennial Resource Development, Inc. Class A (a)

     41,800        767,030  

Jagged Peak Energy, Inc. (a) (b)

     25,442        359,495  

Matador Resources Co. (a)

     33,700        1,007,967  

WPX Energy, Inc. (a)

     58,900        870,542  
     

 

 

 
        3,630,618  
     

 

 

 
Oil & Gas Services — 1.7%  

Frank’s International NV

     66,100        358,923  

Keane Group, Inc. (a)

     23,680        350,464  

Oceaneering International, Inc.

     18,200        337,428  

TETRA Technologies, Inc. (a)

     100,400        376,500  

Thermon Group Holdings, Inc. (a)

     15,900        356,319  
     

 

 

 
        1,779,634  
     

 

 

 
        5,410,252  
     

 

 

 
Financial — 36.1%  
Banks — 19.6%  

Atlantic Capital Bancshares, Inc. (a)

     17,622        318,958  

BankUnited, Inc.

     33,800        1,351,324  

CoBiz Financial, Inc.

     40,800        799,680  

Columbia Banking System, Inc.

     27,600        1,157,820  

East West Bancorp, Inc.

     24,726        1,546,364  

FB Financial Corp. (a)

     10,500        426,195  

First Hawaiian, Inc.

     12,842        357,393  

Glacier Bancorp, Inc.

     25,800        990,204  

Heritage Financial Corp.

     15,300        468,180  

Home BancShares, Inc.

     78,850        1,798,568  

Hope Bancorp, Inc.

     34,100        620,279  

Howard Bancorp, Inc. (a)

     13,942        276,052  

Live Oak Bancshares, Inc.

     13,569        377,218  

National Bank Holdings Corp. Class A

     26,300        874,475  

PCSB Financial Corp. (a)

     17,513        367,423  

Pinnacle Financial Partners, Inc.

     7,500        481,500  

Ponce de Leon Federal Bank (a) (b)

     18,384        269,326  

Popular, Inc.

     23,400        973,908  

Premier Commercial Bancorp (a)

     3,669        54,118  

Prosperity Bancshares, Inc.

     16,200        1,176,606  

South State Corp.

     3,668        312,880  

Sterling Bancorp, Inc.

     19,322        261,040  

SVB Financial Group (a)

     5,350        1,284,053  

Synovus Financial Corp.

     8,200        409,508  

Texas Capital Bancshares, Inc. (a)

     9,800        881,020  

Towne Bank

     33,000        943,800  

Webster Financial Corp.

     15,475        857,315  

Wintrust Financial Corp.

     11,100        955,155  
     

 

 

 
        20,590,362  
     

 

 

 
     Number of
Shares
     Value  
Diversified Financial Services — 2.1%  

Cboe Global Markets, Inc.

     7,821      $ 892,376  

Houlihan Lokey, Inc.

     10,726        478,380  

Stifel Financial Corp.

     6,800        402,764  

Virtus Investment Partners, Inc.

     3,100        383,780  
     

 

 

 
        2,157,300  
     

 

 

 
Insurance — 3.9%  

Assured Guaranty Ltd.

     14,182        513,388  

Employers Holdings, Inc.

     12,400        501,580  

Kinsale Capital Group, Inc.

     8,069        414,182  

ProAssurance Corp.

     17,300        839,915  

Radian Group, Inc.

     48,100        915,824  

Safety Insurance Group, Inc.

     5,400        414,990  

State Auto Financial Corp.

     15,500        442,835  
     

 

 

 
        4,042,714  
     

 

 

 
Private Equity — 0.2%  

Safeguard Scientifics, Inc. (a)

     19,200        235,200  
     

 

 

 
Real Estate Investment Trusts (REITS) — 8.0%  

Acadia Realty Trust

     17,600        432,960  

American Campus Communities, Inc.

     9,500        366,890  

Cedar Realty Trust, Inc.

     148,200        583,908  

Douglas Emmett, Inc.

     13,500        496,260  

EastGroup Properties, Inc.

     10,400        859,664  

Healthcare Realty Trust, Inc.

     17,100        473,841  

JBG SMITH Properties

     19,527        658,255  

Kilroy Realty Corp.

     8,300        588,968  

PotlatchDeltic Corp.

     16,000        832,800  

PS Business Parks, Inc.

     5,700        644,328  

Retail Opportunity Investments Corp.

     16,700        295,089  

Saul Centers, Inc.

     10,700        545,379  

Sunstone Hotel Investors, Inc.

     26,200        398,764  

Terreno Realty Corp.

     23,900        824,789  

Washington Real Estate Investment Trust

     13,500        368,550  
     

 

 

 
        8,370,445  
     

 

 

 
Savings & Loans — 2.3%  

Beneficial Bancorp, Inc.

     42,823        665,898  

Meridian Bancorp, Inc.

     24,200        487,630  

United Financial Bancorp, Inc.

     40,700        659,340  

WSFS Financial Corp.

     13,600        651,440  
     

 

 

 
        2,464,308  
     

 

 

 
        37,860,329  
     

 

 

 
Industrial — 17.0%  
Aerospace & Defense — 1.3%  

Cubic Corp.

     7,200        457,920  

Triumph Group, Inc.

     34,050        858,060  
     

 

 

 
        1,315,980  
     

 

 

 
Building Materials — 0.6%  

Universal Forest Products, Inc.

     19,200        623,040  
     

 

 

 
 

 

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

 

61


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

 

     Number of
Shares
     Value  
Electrical Components & Equipment — 3.6%  

Belden, Inc.

     18,160      $ 1,251,950  

Energizer Holdings, Inc.

     10,800        643,464  

Littelfuse, Inc.

     8,900        1,852,802  
     

 

 

 
        3,748,216  
     

 

 

 
Electronics — 3.7%  

Badger Meter, Inc.

     7,200        339,480  

Brady Corp. Class A

     10,700        397,505  

ESCO Technologies, Inc.

     16,400        960,220  

Knowles Corp. (a)

     45,900        577,881  

Mesa Laboratories, Inc. (b)

     2,000        296,880  

Methode Electronics, Inc.

     13,200        516,120  

SYNNEX Corp.

     6,800        805,120  
     

 

 

 
        3,893,206  
     

 

 

 
Engineering & Construction — 0.7%  

Aegion Corp. (a)

     32,800        751,448  
     

 

 

 
Environmental Controls — 0.4%  

MSA Safety, Inc.

     5,600        466,144  
     

 

 

 
Metal Fabricate & Hardware — 1.7%  

CIRCOR International, Inc.

     10,400        443,664  

RBC Bearings, Inc. (a)

     5,600        695,520  

Sun Hydraulics Corp.

     11,649        623,920  
     

 

 

 
        1,763,104  
     

 

 

 
Miscellaneous – Manufacturing — 1.6%  

Hillenbrand, Inc.

     10,230        469,557  

Lydall, Inc. (a)

     7,000        337,750  

Myers Industries, Inc.

     41,450        876,668  
     

 

 

 
        1,683,975  
     

 

 

 
Transportation — 3.4%  

Genesee & Wyoming, Inc. Class A (a)

     10,050        711,439  

International Seaways, Inc. (a) (b)

     19,200        337,920  

Kirby Corp. (a)

     5,950        457,853  

Landstar System, Inc.

     15,300        1,677,645  

Universal Logistics Holdings, Inc.

     18,500        391,275  
     

 

 

 
        3,576,132  
     

 

 

 
        17,821,245  
     

 

 

 
Technology — 3.1%  
Computers — 1.3%  

Conduent, Inc. (a)

     29,700        553,608  

CSRA, Inc.

     15,700        647,311  

Lumentum Holdings, Inc. (a) (b)

     2,300        146,740  
     

 

 

 
        1,347,659  
     

 

 

 
Semiconductors — 1.2%  

Cabot Microelectronics Corp.

     5,900        631,949  

MaxLinear, Inc. (a)

     12,800        291,200  

Rudolph Technologies, Inc. (a)

     11,900        329,630  
     

 

 

 
        1,252,779  
     

 

 

 
     Number of
Shares
     Value  
Software — 0.6%  

Callidus Software, Inc. (a)

     17,200      $ 618,340  
     

 

 

 
        3,218,778  
     

 

 

 
Utilities — 6.0%  
Electric — 3.0%  

El Paso Electric Co.

     10,300        525,300  

MGE Energy, Inc.

     2,600        145,860  

NorthWestern Corp.

     13,800        742,440  

PNM Resources, Inc.

     30,100        1,151,325  

Portland General Electric Co.

     12,200        494,222  

SCANA Corp.

     1,400        52,570  
     

 

 

 
        3,111,717  
     

 

 

 
Gas — 2.6%  

Atmos Energy Corp.

     7,200        606,528  

Chesapeake Utilities Corp.

     13,600        956,760  

ONE Gas, Inc.

     15,900        1,049,718  

RGC Resources, Inc.

     3,256        82,702  
     

 

 

 
        2,695,708  
     

 

 

 
Water — 0.4%  

California Water Service Group

     12,300        458,175  
     

 

 

 
        6,265,600  
     

 

 

 
TOTAL COMMON STOCK
(Cost $73,824,083)
        103,630,516  
     

 

 

 
TOTAL EQUITIES
(Cost $73,824,083)
        103,630,516  
     

 

 

 
WARRANTS — 0.0%  
Consumer, Non-cyclical — 0.0%  
Foods — 0.0%  

The Simply Good Foods Co. (a)

     4,866        17,031  
     

 

 

 
TOTAL WARRANTS
(Cost $9,781)
        17,031  
     

 

 

 
MUTUAL FUNDS — 2.6%  
Diversified Financial Services — 2.6%  

State Street Navigator Securities Lending Prime Portfolio (c)

     2,688,844        2,688,844  

T. Rowe Price Government Reserve Investment Fund

     1,020        1,020  
     

 

 

 
        2,689,864  
     

 

 

 
TOTAL MUTUAL FUNDS
(Cost $2,689,864)
        2,689,864  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $76,523,728)
        106,337,411  
     

 

 

 
 

 

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

 

62


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

 

    Principal
Amount
     Value  
SHORT-TERM INVESTMENTS — 1.1%  
Repurchase Agreement — 1.1%  

Fixed Income Clearing Corp.,
Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (d)

  $ 1,210,960      $ 1,210,960  
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,210,960)
       1,210,960  
    

 

 

 
TOTAL INVESTMENTS — 102.6%
(Cost $77,734,688) (e)
       107,548,371  
Other Assets/(Liabilities) — (2.6)%        (2,746,985
    

 

 

 
NET ASSETS — 100.0%      $ 104,801,386  
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2018, was $2,624,327 or 2.50% 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 $1,211,059. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $1,236,185.
(e) 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/Mid Cap Value Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Number of
Shares
     Value  
EQUITIES — 99.0%  
COMMON STOCK — 99.0%  
Basic Materials — 2.2%      
Chemicals — 0.8%      

Ingevity Corp. (a)

     13,105      $ 965,707  

Orion Engineered Carbons SA

     30,500        826,550  
     

 

 

 
        1,792,257  
     

 

 

 
Mining — 1.4%      

Alcoa Corp. (a)

     67,330        3,027,157  
     

 

 

 
        4,819,414  
     

 

 

 
Communications — 3.7%      
Internet — 1.2%      

CDW Corp.

     37,840        2,660,531  
     

 

 

 
Media — 1.2%      

Houghton Mifflin Harcourt Co. (a)

     145,560        1,011,642  

Scholastic Corp.

     40,680        1,580,011  
     

 

 

 
        2,591,653  
     

 

 

 
Telecommunications — 1.3%      

Finisar Corp. (a)

     91,760        1,450,726  

Infinera Corp. (a)

     136,510        1,482,498  
     

 

 

 
        2,933,224  
     

 

 

 
        8,185,408  
     

 

 

 
Consumer, Cyclical — 17.2%      
Airlines — 2.7%      

Alaska Air Group, Inc.

     22,310        1,382,328  

Hawaiian Holdings, Inc.

     37,570        1,453,959  

SkyWest, Inc.

     55,046        2,994,502  
     

 

 

 
        5,830,789  
     

 

 

 
Apparel — 2.2%      

Crocs, Inc. (a)

     161,700        2,627,625  

Deckers Outdoor Corp. (a)

     23,590        2,123,808  
     

 

 

 
        4,751,433  
     

 

 

 
Auto Parts & Equipment — 3.3%      

Cooper-Standard Holding, Inc. (a)

     24,357        2,991,283  

Dana, Inc.

     58,953        1,518,629  

Lear Corp.

     8,252        1,535,615  

Tenneco, Inc.

     22,531        1,236,276  
     

 

 

 
        7,281,803  
     

 

 

 
Distribution & Wholesale — 1.3%      

Anixter International, Inc. (a)

     38,490        2,915,617  
     

 

 

 
Home Builders — 1.4%      

Lennar Corp. Class A

     52,374        3,086,924  
     

 

 

 
Office Furnishings — 1.2%      

Steelcase, Inc. Class A

     190,910        2,596,376  
     

 

 

 
Retail — 5.1%      

Bloomin’ Brands, Inc.

     123,170        2,990,567  

Brinker International, Inc.

     39,039        1,409,308  
     Number of
Shares
     Value  

Burlington Stores, Inc. (a)

     12,499      $ 1,664,242  

Caleres, Inc.

     41,466        1,393,258  

The Michaels Cos., Inc. (a)

     97,160        1,915,023  

Signet Jewelers Ltd.

     45,100        1,737,252  
     

 

 

 
        11,109,650  
     

 

 

 
        37,572,592  
     

 

 

 
Consumer, Non-cyclical — 11.1%      
Beverages — 1.0%      

Cott Corp.

     144,347        2,124,788  
     

 

 

 
Commercial Services — 4.3%      

ABM Industries, Inc.

     30,280        1,013,774  

Booz Allen Hamilton Holding Corp.

     80,640        3,122,381  

Quanta Services, Inc. (a)

     74,908        2,573,090  

Sotheby’s (a)

     53,110        2,725,074  
     

 

 

 
        9,434,319  
     

 

 

 
Foods — 1.4%      

Ingredion, Inc.

     11,934        1,538,531  

Nomad Foods Ltd. (a)

     94,540        1,488,060  
     

 

 

 
        3,026,591  
     

 

 

 
Health Care – Services — 4.4%      

ICON PLC (a)

     25,262        2,984,453  

LifePoint Health, Inc. (a)

     47,100        2,213,700  

Molina Healthcare, Inc. (a)

     30,580        2,482,484  

WellCare Health Plans, Inc. (a)

     10,221        1,979,092  
     

 

 

 
        9,659,729  
     

 

 

 
        24,245,427  
     

 

 

 
Energy — 8.4%      
Oil & Gas — 5.1%      

HollyFrontier Corp.

     49,360        2,411,729  

Oasis Petroleum, Inc. (a)

     237,830        1,926,423  

QEP Resources, Inc. (a)

     272,120        2,664,055  

SM Energy Co.

     109,410        1,972,662  

SRC Energy, Inc. (a)

     230,490        2,173,521  
     

 

 

 
        11,148,390  
     

 

 

 
Oil & Gas Services — 3.3%      

Helix Energy Solutions Group, Inc. (a)

     108,750        629,663  

MRC Global, Inc. (a)

     122,580        2,015,215  

Oil States International, Inc. (a)

     87,900        2,302,980  

RPC, Inc.

     128,237        2,312,113  
     

 

 

 
        7,259,971  
     

 

 

 
        18,408,361  
     

 

 

 
Financial — 28.9%      
Banks — 12.1%      

Associated Banc-Corp.

     106,147        2,637,753  

BankUnited, Inc.

     65,930        2,635,881  

Comerica, Inc.

     32,430        3,111,010  

Fulton Financial Corp.

     116,350        2,065,213  
 

 

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

 

64


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

 

     Number of
Shares
     Value  

Huntington Bancshares, Inc.

     170,835      $ 2,579,609  

Synovus Financial Corp.

     46,300        2,312,222  

Texas Capital Bancshares, Inc. (a)

     26,390        2,372,461  

Umpqua Holdings Corp.

     110,880        2,373,941  

Webster Financial Corp.

     47,693        2,642,192  

Zions Bancorp

     71,055        3,746,730  
     

 

 

 
        26,477,012  
     

 

 

 
Diversified Financial Services — 0.8%  

OneMain Holdings, Inc. (a)

     55,660        1,666,460  
     

 

 

 
Insurance — 9.9%      

American Financial Group, Inc.

     29,781        3,342,024  

Essent Group Ltd. (a)

     51,500        2,191,840  

Everest Re Group Ltd.

     8,490        2,180,402  

First American Financial Corp.

     33,600        1,971,648  

The Hanover Insurance Group, Inc.

     13,180        1,553,790  

Old Republic International Corp.

     114,350        2,452,807  

Reinsurance Group of America, Inc.

     25,720        3,960,880  

Selective Insurance Group, Inc.

     36,020        2,186,414  

Validus Holdings Ltd.

     26,170        1,765,167  
     

 

 

 
        21,604,972  
     

 

 

 
Real Estate Investment Trusts (REITS) — 5.4%     

American Campus Communities, Inc.

     51,470        1,987,771  

Education Realty Trust, Inc.

     58,080        1,902,120  

Empire State Realty Trust, Inc. Class A

     106,996        1,796,463  

Gramercy Property Trust

     105,788        2,298,773  

STAG Industrial, Inc.

     85,370        2,042,051  

Sun Communities, Inc.

     18,660        1,704,964  
     

 

 

 
        11,732,142  
     

 

 

 
Savings & Loans — 0.7%      

Sterling Bancorp

     68,800        1,551,440  
     

 

 

 
        63,032,026  
     

 

 

 
Industrial — 15.4%      
Electrical Components & Equipment — 1.3%  

EnerSys

     39,550        2,743,583  
     

 

 

 
Electronics — 1.7%      

Avnet, Inc.

     59,230        2,473,445  

Sanmina Corp. (a)

     49,980        1,306,977  
     

 

 

 
        3,780,422  
     

 

 

 
Engineering & Construction — 2.8%      

AECOM (a)

     64,683        2,304,655  

Granite Construction, Inc.

     32,340        1,806,513  

Tutor Perini Corp. (a)

     93,120        2,053,296  
     

 

 

 
        6,164,464  
     

 

 

 
Hand & Machine Tools — 1.3%      

Regal Beloit Corp.

     37,310        2,736,688  
     

 

 

 
Machinery – Construction & Mining — 1.8%  

Oshkosh Corp.

     30,280        2,339,736  

Terex Corp.

     45,630        1,707,018  
     

 

 

 
        4,046,754  
     

 

 

 
     Number of
Shares
     Value  
Machinery – Diversified — 0.8%      

SPX FLOW, Inc. (a)

     36,019      $ 1,771,775  
     

 

 

 
Miscellaneous – Manufacturing — 1.2%  

Trinseo SA

     36,420        2,696,901  
     

 

 

 
Packaging & Containers — 1.3%      

Graphic Packaging Holding Co.

     184,980        2,839,443  
     

 

 

 
Transportation — 3.2%      

Atlas Air Worldwide Holdings, Inc. (a)

     36,670        2,216,702  

Ryder System, Inc.

     30,160        2,195,346  

Werner Enterprises, Inc.

     70,030        2,556,095  
     

 

 

 
        6,968,143  
     

 

 

 
        33,748,173  
     

 

 

 
Technology — 8.4%      
Computers — 4.5%      

Amdocs Ltd.

     35,788        2,387,775  

Genpact Ltd.

     79,107        2,530,633  

NCR Corp. (a)

     88,359        2,785,076  

VeriFone Systems, Inc. (a)

     133,800        2,057,844  
     

 

 

 
        9,761,328  
     

 

 

 
Semiconductors — 2.6%      

Cypress Semiconductor Corp.

     144,010        2,442,410  

Mellanox Technologies Ltd. (a)

     27,430        1,998,275  

Qorvo, Inc. (a)

     16,313        1,149,251  
     

 

 

 
        5,589,936  
     

 

 

 
Software — 1.3%      

Verint Systems, Inc. (a)

     68,005        2,897,013  
     

 

 

 
        18,248,277  
     

 

 

 
Utilities — 3.7%      
Electric — 3.2%      

Alliant Energy Corp.

     48,987        2,001,609  

Black Hills Corp.

     25,455        1,382,206  

PNM Resources, Inc.

     48,963        1,872,835  

Portland General Electric Co.

     44,890        1,818,494  
     

 

 

 
        7,075,144  
     

 

 

 
Gas — 0.5%      

Southwest Gas Holdings, Inc.

     15,570        1,052,999  
     

 

 

 
        8,128,143  
     

 

 

 
TOTAL COMMON STOCK
(Cost $183,473,494)
        216,387,821  
     

 

 

 
TOTAL EQUITIES
(Cost $183,473,494)
        216,387,821  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $183,473,494)
        216,387,821  
     

 

 

 
 

 

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

 

65


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

 

    Principal
Amount
     Value  
SHORT-TERM INVESTMENTS — 1.3%  
Repurchase Agreement — 1.3%     

Fixed Income Clearing Corp.,
Repurchase Agreement, dated 3/29/18, 0.740%, due 4/02/18 (b)

  $ 2,724,793      $ 2,724,793  
    

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,724,793)
       2,724,793  
    

 

 

 
TOTAL INVESTMENTS — 100.3%
(Cost $186,198,287) (c)
       219,112,614  
Other Assets/(Liabilities) — (0.3)%        (633,087
    

 

 

 
NET ASSETS — 100.0%      $ 218,479,527  
    

 

 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $2,725,017. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 8/15/23, and an aggregate market value, including accrued interest, of $2,781,415.
(c) See Note 3 for aggregate cost for federal tax purposes.
 

 

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

 

66


MML Total Return Bond Fund – Portfolio of Investments

 

March 31, 2018 (Unaudited)

 

     Principal
Amount
     Value  
BONDS & NOTES — 103.5%      
BANK LOANS — 0.3%      
Advertising — 0.0%      

Lamar Media Corp., 2018 Term Loan B 1 mo. LIBOR + 1.750% VRN
3.563% 3/14/25

   $ 100,000      $ 100,125  
     

 

 

 
Computers — 0.1%      

Dell, Inc., 2017 Term Loan A3,
1 mo. LIBOR + 1.500% VRN
3.380% 12/31/18

     458,197        457,790  
     

 

 

 
Diversified Financial Services — 0.1%      

Delos Finance Sarl, 2018 Term Loan B 3 mo. LIBOR + 1.750% VRN
4.052% 10/06/23

     591,000        593,340  
     

 

 

 
Real Estate Investment Trusts (REITS) — 0.1%      

Ventas Realty Ltd., Term Loan A,
1 mo. LIBOR + 0.975% VRN
2.645% 8/03/20

     210,000        207,900  
     

 

 

 
TOTAL BANK LOANS
(Cost $1,358,826)
        1,359,155  
     

 

 

 
CORPORATE DEBT — 31.4%  
Aerospace & Defense — 0.6%      

L3 Technologies, Inc.
5.200% 10/15/19

     750,000        773,117  

Northrop Grumman Corp.
3.250% 1/15/28

     640,000        610,901  

United Technologies Corp. STEP
1.778% 5/04/18

     1,000,000        999,144  
     

 

 

 
        2,383,162  
     

 

 

 
Agriculture — 0.2%      

BAT International Finance PLC (a)
1.850% 6/15/18

     750,000        748,918  
     

 

 

 
Airlines — 0.5%      

Continental Airlines Pass-Through Trust
7.250% 11/10/19

     1,644,551        1,735,988  

Northwest Airlines Pass-Through Trust
7.041% 4/01/22

     376,604        416,147  
     

 

 

 
        2,152,135  
     

 

 

 
Auto Manufacturers — 0.6%      

Ford Motor Credit Co. LLC
8.125% 1/15/20

     805,000        871,498  

General Motors Co.
3.500% 10/02/18

     500,000        500,732  

General Motors Financial Co., Inc.
2.350% 10/04/19

     500,000        495,413  

General Motors Financial Co., Inc.
2.400% 5/09/19

     505,000        502,455  
     

 

 

 
        2,370,098  
     

 

 

 
     Principal
Amount
     Value  
Auto Parts & Equipment — 0.0%      

The Goodyear Tire & Rubber Co.
4.875% 3/15/27

   $ 93,000      $ 89,463  
     

 

 

 
Banks — 11.2%      

Bank of America Corp. 3 mo. USD LIBOR + .660%, VRN
2.369% 7/21/21

     515,000        505,364  

Bank of America Corp. VRN (b)
2.738% 1/23/22

     1,085,000        1,069,744  

Bank of America Corp. VRN (a) (b)
3.004% 12/20/23

     1,079,000        1,058,345  

Bank of America Corp. VRN (b)
3.093% 10/01/25

     860,000        826,795  

Bank of America Corp.
5.650% 5/01/18

     500,000        501,260  

Bank of America Corp.
6.875% 4/25/18

     4,950,000        4,962,829  

Bank of America Corp.
6.875% 11/15/18

     750,000        769,551  

Citigroup, Inc.
2.050% 12/07/18

     1,000,000        996,265  

Citigroup, Inc.
2.450% 1/10/20

     1,000,000        990,707  

Citigroup, Inc. VRN (b)
3.142% 1/24/23

     750,000        740,947  

Citigroup, Inc.
6.125% 5/15/18

     2,720,000        2,730,610  

Citigroup, Inc.
8.500% 5/22/19

     1,200,000        1,274,912  

The Goldman Sachs Group, Inc.
2.550% 10/23/19

     2,000,000        1,989,140  

The Goldman Sachs Group, Inc. VRN (b)
3.272% 9/29/25

     645,000        620,910  

The Goldman Sachs Group, Inc. VRN (b)
3.814% 4/23/29

     650,000        637,179  

The Goldman Sachs Group, Inc.
6.150% 4/01/18

     1,860,000        1,860,000  

The Goldman Sachs Group, Inc.
7.500% 2/15/19

     1,000,000        1,040,234  

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

     1,100,000        1,105,755  

JP Morgan Chase & Co. 3 mo. USD LIBOR + .550%, FRN
2.295% 4/25/18

     700,000        700,127  

JP Morgan Chase & Co.
2.950% 10/01/26

     895,000        842,205  

JP Morgan Chase & Co. 3 mo. USD LIBOR + 1.380%, VRN
3.540% 5/01/28

     2,000,000        1,954,684  

JP Morgan Chase & Co. 3 mo. USD LIBOR + 1.337%, VRN
3.782% 2/01/28

     500,000        496,999  
 

 

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

 

67


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

 

     Principal
Amount
     Value  

JP Morgan Chase Bank NA FRN (b)
2.070% 2/13/20

   $ 1,765,000      $ 1,765,040  

JP Morgan Chase Bank NA VRN (b)
2.604% 2/01/21

     2,215,000        2,202,962  

Lloyds Banking Group PLC VRN (b)
2.907% 11/07/23

     430,000        414,532  

Macquarie Bank Ltd. (a)
2.600% 6/24/19

     750,000        746,856  

Morgan Stanley 3 mo. USD LIBOR +
.800%, FRN
2.633% 2/14/20

     3,395,000        3,405,299  

Morgan Stanley 3 mo. USD LIBOR +
.930%, FRN
2.675% 7/22/22

     510,000        511,933  

Morgan Stanley 3 mo. USD LIBOR +
1.280%, FRN
3.025% 4/25/18

     1,000,000        1,000,576  

Morgan Stanley
5.500% 7/24/20

     250,000        262,602  

Morgan Stanley
5.625% 9/23/19

     500,000        519,026  

Morgan Stanley
6.625% 4/01/18

     895,000        895,000  

PNC Bank NA
2.500% 1/22/21

     1,090,000        1,074,086  

Santander UK Group Holdings PLC VRN (b)
3.373% 1/05/24

     645,000        630,982  

Wells Fargo & Co.
3.000% 4/22/26

     475,000        445,954  

Wells Fargo & Co.
3.000% 10/23/26

     345,000        323,077  

Wells Fargo & Co.
3.550% 9/29/25

     725,000        711,726  

Wells Fargo & Co. 3 mo. USD LIBOR + 1.310%, VRN
3.584% 5/22/28

     1,865,000        1,819,830  

Wells Fargo Bank NA
2.150% 12/06/19

     2,500,000        2,473,071  

Wells Fargo Bank NA
2.400% 1/15/20

     1,500,000        1,487,632  
     

 

 

 
        48,364,746  
     

 

 

 
Beverages — 0.4%      

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

     600,000        647,107  

Anheuser-Busch InBev Worldwide, Inc. (c)
4.000% 4/13/28

     435,000        440,310  

Constellation Brands, Inc.
3.875% 11/15/19

     500,000        506,743  
     

 

 

 
        1,594,160  
     

 

 

 
     Principal
Amount
     Value  
Biotechnology — 0.8%      

Amgen, Inc.
2.125% 5/01/20

   $ 200,000      $ 196,503  

Amgen, Inc.
4.400% 5/01/45

     500,000        499,294  

Baxalta, Inc.
2.875% 6/23/20

     725,000        719,902  

Celgene Corp.
3.900% 2/20/28

     440,000        433,195  

Celgene Corp.
5.000% 8/15/45

     750,000        781,358  

Gilead Sciences, Inc.
3.650% 3/01/26

     525,000        526,873  

Gilead Sciences, Inc.
4.150% 3/01/47

     445,000        435,734  
     

 

 

 
        3,592,859  
     

 

 

 
Chemicals — 0.1%      

Axalta Coating Systems LLC (a)
4.875% 8/15/24

     150,000        150,562  

Valvoline, Inc.
5.500% 7/15/24

     200,000        205,250  
     

 

 

 
        355,812  
     

 

 

 
Commercial Services — 0.1%      

IHS Markit Ltd. (a)
4.000% 3/01/26

     253,000        242,880  

Service Corp. International
4.625% 12/15/27

     210,000        202,650  
     

 

 

 
        445,530  
     

 

 

 
Computers — 0.3%      

Apple, Inc.
4.650% 2/23/46

     850,000        936,017  

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

     400,000        401,809  
     

 

 

 
        1,337,826  
     

 

 

 
Cosmetics & Personal Care — 0.1%      

First Quality Finance Co., Inc. (a)
4.625% 5/15/21

     90,000        89,550  

First Quality Finance Co., Inc. (a)
5.000% 7/01/25

     174,000        166,605  
     

 

 

 
        256,155  
     

 

 

 
Diversified Financial Services — 0.7%      

Air Lease Corp
4.750% 3/01/20

     855,000        879,027  

GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35

     780,000        762,490  

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

     1,000,000        1,016,655  

Raymond James Financial, Inc.
4.950% 7/15/46

     400,000        432,538  
     

 

 

 
        3,090,710  
     

 

 

 
 

 

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

 

68


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

 

     Principal
Amount
     Value  
Electric — 2.5%      

AEP Transmission Co. LLC (a)
3.100% 12/01/26

   $ 855,000      $ 825,021  

Dominion Energy, Inc. (a)
1.875% 12/15/18

     1,000,000        993,154  

Duke Energy Carolinas LLC
4.000% 9/30/42

     1,000,000        1,007,000  

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

     1,000,000        1,070,062  

Emera US Finance LP
2.150% 6/15/19

     1,068,000        1,055,122  

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

     800,000        849,274  

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

     425,000        509,207  

Kansas City Power & Light Co.
3.150% 3/15/23

     500,000        493,708  

LG&E & KU Energy LLC
4.375% 10/01/21

     1,200,000        1,244,374  

MidAmerican Energy Co.
4.800% 9/15/43

     1,400,000        1,589,020  

NextEra Energy Operating Partners LP (a)
4.500% 9/15/27

     210,000        197,925  

The Southern Co.
1.550% 7/01/18

     750,000        747,808  
     

 

 

 
        10,581,675  
     

 

 

 
Electronics — 0.0%      

Itron, Inc. (a)
5.000% 1/15/26

     125,000        123,163  
     

 

 

 
Entertainment — 0.1%      

GLP Capital LP/GLP Financing II, Inc.
5.375% 4/15/26

     200,000        203,000  
     

 

 

 
Food Service — 0.1%      

Aramark Services, Inc. (a)
5.000% 2/01/28

     210,000        205,537  
     

 

 

 
Foods — 0.7%      

Campbell Soup Co.
3.300% 3/15/21

     650,000        653,856  

Kraft Heinz Foods Co. FRN (b)
2.220% 8/09/19

     750,000        750,316  

Kraft Heinz Foods Co.
3.950% 7/15/25

     500,000        497,803  

Mondelez International Holdings Netherlands BV (a)
1.625% 10/28/19

     1,195,000        1,170,379  

Pilgrim’s Pride Corp. (a)
5.875% 9/30/27

     107,000        100,826  
     

 

 

 
        3,173,180  
     

 

 

 
Gas — 0.2%      

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

     595,000        716,738  
     Principal
Amount
     Value  

Southern Co. Gas Capital Corp.
2.450% 10/01/23

   $ 100,000      $ 94,945  
     

 

 

 
        811,683  
     

 

 

 
Health Care – Products — 0.5%      

Abbott Laboratories
2.350% 11/22/19

     315,000        312,285  

Becton Dickinson & Co.
2.404% 6/05/20

     440,000        431,482  

Boston Scientific Corp.
6.000% 1/15/20

     650,000        682,083  

Hologic, Inc. (a)
4.625% 2/01/28

     60,000        57,600  

Teleflex, Inc.
4.625% 11/15/27

     107,000        102,989  

Zimmer Biomet Holdings, Inc. FRN (b)
2.928% 3/19/21

     655,000        655,794  
     

 

 

 
        2,242,233  
     

 

 

 
Health Care – Services — 1.6%      

Aetna, Inc.
2.800% 6/15/23

     485,000        466,010  

Anthem, Inc.
3.125% 5/15/22

     500,000        493,367  

Anthem, Inc.
3.300% 1/15/23

     530,000        524,205  

Centene Corp.
4.750% 1/15/25

     259,000        252,525  

Centene Corp.
5.625% 2/15/21

     75,000        77,063  

CHS/Community Health Systems, Inc.
6.250% 3/31/23

     135,000        124,369  

Cigna Corp.
3.050% 10/15/27

     945,000        867,095  

DaVita, Inc.
5.000% 5/01/25

     88,000        85,056  

Fresenius Medical Care US Finance II, Inc. (a)
5.625% 7/31/19

     485,000        500,501  

Fresenius Medical Care US Finance II, Inc. (a)
6.500% 9/15/18

     805,000        817,083  

HCA, Inc.
5.000% 3/15/24

     600,000        606,000  

Kaiser Foundation Hospitals
3.150% 5/01/27

     1,000,000        967,897  

Providence St. Joseph Health Obligated Group
2.746% 10/01/26

     845,000        797,721  

Tenet Healthcare Corp.
4.500% 4/01/21

     26,000        25,773  

Tenet Healthcare Corp. (a)
4.625% 7/15/24

     254,000        244,157  
 

 

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

 

69


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

 

     Principal
Amount
     Value  

WellCare Health Plans, Inc.
5.250% 4/01/25

   $ 122,000      $ 122,457  
     

 

 

 
        6,971,279  
     

 

 

 
Household Products & Wares — 0.1%      

Central Garden & Pet Co.
6.125% 11/15/23

     205,000        213,969  

Central Garden & Pet Co.
5.125% 2/01/28

     181,000        171,950  

Spectrum Brands, Inc.
5.750% 7/15/25

     85,000        86,700  
     

 

 

 
        472,619  
     

 

 

 
Insurance — 0.7%      

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

     500,000        528,829  

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

     750,000        796,548  

Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454%, VRN (a)
5.454% 10/15/54

     970,000        1,006,375  

New York Life Global Funding (a)
1.550% 11/02/18

     750,000        745,860  
     

 

 

 
        3,077,612  
     

 

 

 
Internet — 0.0%      

Zayo Group LLC/Zayo Capital, Inc. (a)
5.750% 1/15/27

     120,000        117,300  
     

 

 

 
Media — 0.6%      

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

     425,000        430,525  

CCO Holdings LLC/CCO Holdings Capital Corp. (a)
5.000% 2/01/28

     227,000        212,812  

CCO Holdings LLC/CCO Holdings Capital Corp. (a)
5.125% 5/01/27

     170,000        161,398  

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

     875,000        893,803  

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

     200,000        219,537  

CSC Holdings LLC (a)
5.375% 2/01/28

     200,000        188,918  

CSC Holdings LLC
8.625% 2/15/19

     100,000        104,317  

DISH DBS Corp.
5.875% 7/15/22

     100,000        95,625  

DISH DBS Corp.
6.750% 6/01/21

     70,000        70,438  
     Principal
Amount
     Value  

Sirius XM Radio, Inc. (a)
3.875% 8/01/22

   $ 220,000      $ 210,760  

Virgin Media Secured Finance PLC (a)
5.250% 1/15/26

     200,000        192,500  
     

 

 

 
        2,780,633  
     

 

 

 
Miscellaneous – Manufacturing — 0.2%  

General Electric Co.
5.875% 1/14/38

     244,000        284,305  

Siemens Financieringsmaatschappij NV (a)
2.000% 9/15/23

     550,000        514,457  
     

 

 

 
        798,762  
     

 

 

 
Oil & Gas — 0.3%      

Antero Resources Corp.
5.125% 12/01/22

     125,000        125,937  

Canadian Natural Resources Ltd.
3.850% 6/01/27

     171,000        167,217  

Diamondback Energy, Inc.
4.750% 11/01/24

     84,000        83,055  

Gulfport Energy Corp.
6.375% 5/15/25

     47,000        45,003  

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

     140,000        149,281  

Parsley Energy LLC / Parsley Finance Corp. (a)
5.375% 1/15/25

     210,000        209,475  

Shell International Finance BV
4.375% 5/11/45

     415,000        441,022  

Sunoco LP / Sunoco Finance Corp. (a)
4.875% 1/15/23

     125,000        120,469  
     

 

 

 
        1,341,459  
     

 

 

 
Packaging & Containers — 0.4%      

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

     650,000        626,679  

Ball Corp.
4.375% 12/15/20

     350,000        355,688  

Graphic Packaging International LLC
4.125% 8/15/24

     200,000        196,500  

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

     397,334        402,301  

Sealed Air Corp. (a)
5.500% 9/15/25

     190,000        196,650  
     

 

 

 
        1,777,818  
     

 

 

 
Pharmaceuticals — 1.5%      

AbbVie, Inc.
1.800% 5/14/18

     500,000        499,635  

AbbVie, Inc.
3.600% 5/14/25

     500,000        492,762  
 

 

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

 

70


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

 

     Principal
Amount
     Value  

Allergan Funding SCS
3.800% 3/15/25

   $ 850,000      $ 835,026  

Bayer US Finance LLC (a)
2.375% 10/08/19

     850,000        842,646  

CVS Health Corp.
5.050% 3/25/48

     1,090,000        1,146,448  

Novartis Securities Investment Ltd.
5.125% 2/10/19

     1,000,000        1,020,461  

Shire Acquisitions Investments Ireland DAC
1.900% 9/23/19

     500,000        491,748  

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

     550,000        531,838  

Valeant Pharmaceuticals International (a) 9.250% 4/01/26

     65,000        64,753  

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

     268,000        234,500  

Valeant Pharmaceuticals International, Inc. (a)
5.500% 11/01/25

     124,000        120,714  

Valeant Pharmaceuticals International, Inc. (a)
6.125% 4/15/25

     100,000        86,300  
     

 

 

 
        6,366,831  
     

 

 

 
Pipelines — 1.4%      

Cheniere Corpus Christi Holdings LLC (a)
5.125% 6/30/27

     75,000        74,437  

Energy Transfer Partners LP
5.150% 3/15/45

     400,000        365,545  

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

     1,000,000        1,054,772  

Kinder Morgan Energy Partners LP
3.500% 9/01/23

     567,000        554,499  

Plains All American Pipeline LP/PAA Finance Corp.
4.650% 10/15/25

     600,000        603,599  

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

     155,000        160,427  

Rockies Express Pipeline LLC (a)
6.000% 1/15/19

     228,000        231,990  

Ruby Pipeline LLC (a)
6.000% 4/01/22

     710,227        741,117  

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

     500,000        492,728  

Sunoco Logistics Partners Operations LP
5.400% 10/01/47

     644,000        613,517  

TC PipeLines LP
3.900% 5/25/27

     500,000        478,273  
     Principal
Amount
     Value  

Williams Partners LP
3.600% 3/15/22

   $ 683,000      $ 679,909  
     

 

 

 
        6,050,813  
     

 

 

 
Real Estate Investment Trusts (REITS) — 2.4%      

Alexandria Real Estate Equities, Inc.
3.450% 4/30/25

     450,000        435,328  

American Campus Communities Operating Partnership LP
3.350% 10/01/20

     500,000        500,606  

American Campus Communities Operating Partnership LP
3.750% 4/15/23

     650,000        649,853  

American Tower Corp.
3.000% 6/15/23

     430,000        415,303  

Boston Properties LP
3.200% 1/15/25

     430,000        415,082  

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

     625,000        599,245  

Duke Realty LP
3.875% 2/15/21

     1,000,000        1,016,034  

HCP, Inc.
2.625% 2/01/20

     500,000        494,802  

HCP, Inc.
3.875% 8/15/24

     500,000        495,715  

Healthcare Realty Trust, Inc.
3.750% 4/15/23

     235,000        235,432  

MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.
4.500% 1/15/28

     80,000        75,024  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.625% 5/01/24

     100,000        103,000  

SBA Communications Corp. (a)
4.000% 10/01/22

     213,000        203,947  

SBA Communications Corp.
4.875% 9/01/24

     98,000        96,040  

SL Green Operating Partnership LP
3.250% 10/15/22

     500,000        487,636  

Ventas Realty LP
3.500% 2/01/25

     1,500,000        1,460,556  

WEA Finance LLC / Westfield UK & Europe Finance PLC (a)
2.700% 9/17/19

     500,000        497,614  

WEA Finance LLC/Westfield UK & Europe Finance PLC (a)
3.250% 10/05/20

     700,000        700,831  

Welltower, Inc.
4.000% 6/01/25

     830,000        829,332  
 

 

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  

Welltower, Inc.
4.125% 4/01/19

   $ 750,000      $ 758,922  
     

 

 

 
        10,470,302  
     

 

 

 
Retail — 0.3%      

1011778 BC ULC/New Red Finance, Inc. (a)
4.250% 5/15/24

     299,000        285,994  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a)
4.750% 6/01/27

     210,000        202,125  

Walgreens Boots Alliance, Inc.
3.800% 11/18/24

     400,000        393,936  

Walgreens Boots Alliance, Inc.
4.800% 11/18/44

     275,000        272,090  
     

 

 

 
        1,154,145  
     

 

 

 
Semiconductors — 0.2%      

Broadcom Corp./Broadcom Cayman Finance Ltd.
2.375% 1/15/20

     750,000        739,535  

NXP BV/NXP Funding LLC (a)
4.125% 6/01/21

     200,000        202,000  
     

 

 

 
        941,535  
     

 

 

 
Software — 0.1%      

Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (a)
5.750% 3/01/25

     122,000        120,969  

First Data Corp. (a)
5.000% 1/15/24

     193,000        193,000  
     

 

 

 
        313,969  
     

 

 

 
Telecommunications — 1.9%      

AT&T, Inc.
3.950% 1/15/25

     160,000        159,901  

AT&T, Inc.
4.125% 2/17/26

     500,000        501,211  

AT&T, Inc.
4.500% 3/09/48

     540,000        501,894  

AT&T, Inc.
4.800% 6/15/44

     760,000        741,810  

AT&T, Inc. (a)
5.150% 11/15/46

     530,000        541,670  

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

     425,000        449,597  

Intelsat Jackson Holdings SA (a)
9.750% 7/15/25

     223,000        208,226  

Level 3 Financing, Inc.
5.375% 1/15/24

     136,000        132,516  

SoftBank Group Corp. (a)
4.500% 4/15/20

     200,000        203,960  

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

     348,000        358,875  
     Principal
Amount
     Value  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC STEP (a)
3.360% 9/20/21

   $ 564,375      $ 560,848  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a)
4.738% 3/20/25

     870,000        873,262  

T-Mobile USA, Inc.
4.500% 2/01/26

     104,000        99,840  

T-Mobile USA, Inc.
4.750% 2/01/28

     156,000        149,955  

T-Mobile USA, Inc.
6.625% 4/01/23

     415,000        428,749  

Verizon Communications, Inc.
4.522% 9/15/48

     600,000        578,123  

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

     600,000        605,506  

Verizon Communications, Inc.
5.150% 9/15/23

     500,000        539,445  

Verizon Communications, Inc.
5.250% 3/16/37

     630,000        679,335  
     

 

 

 
        8,314,723  
     

 

 

 
TOTAL CORPORATE DEBT
(Cost $136,611,092)
        135,071,845  
     

 

 

 
MUNICIPAL OBLIGATIONS — 1.3%  

Alabama Economic Settlement Authority
3.163% 9/15/25

     1,000,000        998,390  

City of New York NY
5.206% 10/01/31

     750,000        866,250  

Jersey City Municipal Utilities Authority
5.470% 5/15/27

     850,000        942,412  

Los Angeles Unified School District
5.755% 7/01/29

     1,000,000        1,191,220  

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

     750,000        851,205  

State of California
7.950% 3/01/36

     850,000        930,725  
     

 

 

 
        5,780,202  
     

 

 

 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $5,946,956)
        5,780,202  
     

 

 

 
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.1%  
Commercial MBS — 1.7%  

7 WTC Depositor LLC Trust,
Series 2012-7WTC, Class A (a)
4.082% 3/13/31

     31,545        31,516  
 

 

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  

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

   $ 375,000      $ 371,452  

CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A (a)
3.369% 3/13/35

     420,000        420,429  

Citigroup Commercial Mortgage Trust, Series 2013-375P, Class A (a)
3.251% 5/10/35

     340,000        337,927  

COMM Mortgage Trust,
Series 2013-WWP, Class A2 (a)
3.424% 3/10/31

     390,000        397,501  

COMM Mortgage Trust,
Series 2016-787S, Class A (a)
3.545% 2/10/36

     340,000        338,448  

COMM Mortgage Trust,
Series 2013-300P, Class A1 (a)
4.353% 8/10/30

     325,000        340,635  

Core Industrial Trust,
Series 2015-CALW, Class A (a)
3.040% 2/10/34

     435,000        433,834  

Core Industrial Trust 2015-TEXW, Series 2015-TEXW, Class A (a)
3.077% 2/10/34

     255,000        255,022  

GS Mortgage Securities Corp Trust, Series 2012-SHOP, Class A, (a)
2.933% 6/05/31

     400,000        401,003  

GS Mortgage Securities Corp., Series 2012-ALOH, Class A (a)
3.551% 4/10/34

     370,000        373,362  

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858% 11/15/45

     1,780,000        1,755,576  

Morgan Stanley Capital I Trust, Series 2015-420, Class A (a)
3.727% 10/11/50

     400,000        403,082  

RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, VRN (a) (b)
3.834% 1/13/32

     330,000        334,412  

SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, VRN (a) (b)
3.872% 1/05/43

     370,000        357,353  

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

     500,000        515,527  
     

 

 

 
        7,067,079  
     

 

 

 
Home Equity ABS — 1.0%  

Bear Stearns I Trust,
Series 2006-HE1, Class 1M1, 1 mo. USD LIBOR + .410%, FRN
2.282% 12/25/35

     831,583        834,910  
     Principal
Amount
     Value  

Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290%, FRN
2.162% 8/25/36

   $ 2,400,000      $ 2,386,972  

Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050%, FRN
2.922% 10/25/34

     1,208,440        1,230,071  
     

 

 

 
        4,451,953  
     

 

 

 
Other ABS — 1.8%  

AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100%, FRN (a)
2.845% 7/20/26

     330,000        330,100  

Blue Hill CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (a)
2.902% 1/15/26

     739,913        740,160  

Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, VRN (b)
4.769% 10/25/46

     1,245,682        1,204,982  

First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2, 1 mo. USD LIBOR + .470%, FRN
2.342% 7/25/35

     507,148        509,749  

Magnetite CLO Ltd., Series 2015-12A, Class AR, 3 mo. USD LIBOR + 1.330%, FRN (a)
3.052% 4/15/27

     1,060,000        1,065,392  

Saxon Asset Securities Trust, Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240%, FRN
2.112% 5/25/47

     2,495,211        2,107,103  

Saxon Asset Securities Trust, Series 2005-1, Class M1, 1 mo. USD LIBOR + .690%, FRN
2.562% 5/25/35

     878,713        879,604  

Voya CLO Ltd., Series 2014-3A, Class A1R, FRN (a) (b)
2.465% 7/25/26

     1,000,000        999,992  
     

 

 

 
        7,837,082  
     

 

 

 
Student Loans ABS — 5.0%      

Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%, FRN (a)
2.572% 7/25/56

     801,896        807,508  

Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200%, FRN
2.495% 3/28/35

     1,500,000        1,469,852  
 

 

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  

Navient Student Loan Trust,
Series 2015-1, Class A2, 1 mo. USD LIBOR + .600%, FRN
2.472% 4/25/40

   $ 1,100,000      $ 1,102,441  

Navient Student Loan Trust, Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050%, FRN (a)
2.922% 7/26/66

     1,100,000        1,125,061  

Nelnet Student Loan Trust,
Series 2015-3A, Class A2, 1 mo. USD LIBOR + .600%, FRN (a)
2.221% 2/27/51

     1,667,293        1,665,115  

Nelnet Student Loan Trust,
Series 2015-1A, Class A, 1 mo. USD LIBOR + .590%, FRN (a)
2.462% 4/25/46

     1,380,102        1,379,602  

Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750%, FRN (a)
2.622% 11/25/42

     1,220,974        1,224,051  

SLC Student Loan Trust,
Series 2006-2, Class A6, 3 mo. USD LIBOR + .160%, FRN
2.285% 9/15/39

     2,300,000        2,216,387  

SLM Student Loan Trust,
Series 2007-6, Class A4, 3 mo. USD LIBOR + .380%, FRN
2.125% 10/25/24

     1,337,731        1,338,581  

SLM Student Loan Trust,
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550%, FRN (a)
2.295% 10/25/64

     1,100,000        1,092,556  

SLM Student Loan Trust,
Series 2008-1, Class A4, 3 mo. USD LIBOR + .650%, FRN
2.395% 1/25/22

     1,036,377        1,031,835  

SLM Student Loan Trust,
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650%, FRN
2.522% 5/26/26

     1,088,871        1,080,746  

SLM Student Loan Trust,
Series 2012-2, Class A, 1 mo. USD LIBOR + .700%, FRN
2.572% 1/25/29

     1,239,638        1,236,505  

SLM Student Loan Trust,
Series 2003-10A, Class A3, 3 mo. LIBOR + .550%, FRN (a)
2.595% 12/15/27

     1,051,379        1,051,196  

SLM Student Loan Trust,
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950%, FRN
2.822% 9/25/28

     1,062,010        1,067,354  
     Principal
Amount
     Value  

SLM Student Loan Trust,
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500%, FRN
3.245% 4/25/23

   $ 1,167,228      $ 1,191,196  

SLM Student Loan Trust,
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850%, FRN
3.595% 7/25/73

     700,000        721,481  

SLM Student Loan Trust,
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250%, FRN
3.995% 10/25/83

     680,000        701,089  
     

 

 

 
        21,502,556  
     

 

 

 
WL Collateral CMO — 4.6%      

American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000%, FRN
4.168% 6/25/45

     1,740,096        1,769,844  

Banc of America Funding Trust, Series 2016-R1, Class A1, VRN (a) (b)
2.500% 3/25/40

     1,434,009        1,400,468  

Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, VRN (b)
3.580% 3/25/37

     643,652        642,732  

Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400%, FRN
3.630% 10/25/35

     747,042        769,724  

First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, VRN (b)
3.692% 11/25/35

     1,055,581        1,042,674  

HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200%, FRN
2.008% 11/19/36

     2,181,201        1,923,243  

Impac CMB Trust,
Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520%, FRN
2.392% 4/25/35

     1,372,492        1,317,980  

IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270%, FRN
2.142% 10/25/36

     2,193,325        1,514,524  

IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1, VRN (b)
3.448% 10/25/35

     1,255,187        1,081,729  

Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840%, FRN (a)
2.041% 11/26/46

     1,095,831        1,064,641  
 

 

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  

Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070%, FRN
2.942% 2/25/35

   $ 2,200,772      $ 2,158,916  

Nomura Resecuritization Trust, Series 2015-1R, Class 6A1, 1 mo. USD LIBOR + .210%, FRN (a)
1.800% 5/26/47

     439,690        434,991  

Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .290%, FRN
2.162% 10/25/45

     1,111,128        1,097,902  

Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .330%, FRN
2.202% 1/25/45

     1,076,141        1,069,880  

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

     1,182,647        1,135,532  

Wells Fargo Mortgage Backed Securities Trust, Series 2004-DD, Class 2A6, VRN (b)
3.768% 1/25/35

     260,963        264,930  

Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 3A1, VRN (b)
3.772% 4/25/36

     1,032,513        1,051,386  
     

 

 

 
        19,741,096  
     

 

 

 
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $59,077,359)
        60,599,766  
     

 

 

 
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 30.3%  
Collateralized Mortgage Obligations — 1.1%  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates (b)
Series KF34, Class A FRN
2.030% 8/25/24

     859,937        860,673  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series S8FX, Class A2
3.291% 3/25/27

     1,775,000        1,745,504  

Federal Home Loan Mortgage Corp. REMICS
Series 4639, Class HZ STEP
1.750% 4/15/53

     1,395,166        1,232,396  
     Principal
Amount
     Value  

Federal National Mortgage Association (b)
Series 2017-M11, Class FA FRN
2.058% 9/25/24

   $ 1,069,473      $ 1,065,381  
     

 

 

 
        4,903,954  
     

 

 

 
Pass-Through Securities — 29.2%      

Federal Home Loan Mortgage Corp.

     

Pool #G18622 2.500%
12/01/31

     970,277        951,667  

Pool #V61427 2.500%
12/01/31

     473,032        463,960  

Pool #G18626 2.500%
1/01/32

     475,421        466,303  

Pool #G18592 3.000%
3/01/31

     632,330        633,343  

Pool #G18627 3.000%
1/01/32

     1,859,102        1,858,303  

Pool #G08710 3.000%
6/01/46

     412,751        403,626  

Pool #G08715 3.000%
8/01/46

     3,150,229        3,077,626  

Pool #G08726 3.000%
10/01/46

     3,015,092        2,945,603  

Pool #G08732 3.000%
11/01/46

     1,058,744        1,034,343  

Pool #G08737 3.000%
12/01/46

     380,311        371,546  

Pool #G08741 3.000%
1/01/47

     2,623,850        2,560,918  

Pool #G08747 3.000%
2/01/47

     751,155        733,139  

Pool #G08791 3.000%
12/01/47

     985,066        961,132  

Pool #G07848 3.500%
4/01/44

     2,709,516        2,743,702  

Pool #G60023 3.500%
4/01/45

     2,828,510        2,859,337  

Pool #G08711 3.500%
6/01/46

     1,667,357        1,675,629  

Pool #G08716 3.500%
8/01/46

     2,309,504        2,320,240  

Pool #G67700 3.500%
8/01/46

     1,544,660        1,557,150  

Pool #G08722 3.500%
9/01/46

     401,528        403,394  

Pool #G08742 3.500%
1/01/47

     1,612,888        1,619,378  

Pool #G08757 3.500%
4/01/47

     552,041        554,262  

Pool #G67703 3.500%
4/01/47

     2,209,004        2,225,485  

Pool #G67706 3.500%
12/01/47

     2,029,728        2,044,238  
 

 

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 #G67707 3.500%
1/01/48

   $ 4,773,156      $ 4,814,734  

Pool #G67708 3.500%
3/01/48

     4,381,221        4,407,063  

Pool #G60344 4.000%
12/01/45

     1,870,102        1,931,976  

Federal Home Loan Mortgage Corp. TBA

     

Pool #270 3.500%
2/01/48 (c)

     2,405,000        2,410,355  

Pool #2789 4.000%
2/01/48 (c)

     1,515,000        1,554,828  

Federal National Mortgage Association

     

Pool #AM0359 2.310%
8/01/22

     500,000        488,036  

Pool #AM0992 2.340%
11/01/22

     820,000        799,915  

Pool #AM1402 2.420%
11/01/22

     945,000        924,738  

Pool #AM0827 2.600%
11/01/22

     971,980        958,790  

Pool #AM2808 2.700%
3/01/23

     375,000        370,338  

Pool #AN1089 2.740%
3/01/26

     690,000        669,834  

Pool #AL6829 2.964%
5/01/27

     1,348,613        1,323,099  

Pool #MA2915 3.000%
2/01/27

     950,944        958,114  

Pool #MA1607 3.000%
10/01/33

     770,560        769,417  

Pool #AM9188 3.120%
6/01/35

     780,000        753,460  

Pool #FN0039 3.201%
9/01/27

     816,663        810,820  

Pool #AN4431 3.220%
1/01/27

     805,000        798,354  

Pool #AM9623 3.340%
7/01/30

     755,000        749,335  

Pool #AB4262 3.500%
1/01/32

     792,265        808,729  

Pool #MA1512 3.500%
7/01/33

     360,201        367,461  

Pool #MA1148 3.500%
8/01/42

     2,510,312        2,532,277  

Pool #MA3210 3.500%
12/01/47

     3,465,771        3,475,518  

Pool #MA3238 3.500%
1/01/48

     628,028        629,746  

Pool #MA3305 3.500%
3/01/48

     438,730        439,895  

Pool #MA3332 3.500%
4/01/48

     4,350,000        4,361,554  
     Principal
Amount
     Value  

Pool #469621 3.650%
11/01/21

   $ 1,554,260      $ 1,593,406  

Pool #466960 3.890%
12/01/20

     1,109,914        1,138,943  

Pool #466919 3.930%
1/01/21

     1,445,450        1,485,708  

Pool #AM4236 3.940%
8/01/25

     617,342        645,851  

Pool #468551 3.980%
7/01/21

     1,230,000        1,271,860  

Pool #MA3027 4.000%
6/01/47

     1,235,687        1,269,283  

Pool #AS9830 4.000%
6/01/47

     1,231,017        1,266,312  

Pool #AS9972 4.000%
7/01/47

     1,071,791        1,102,186  

Pool #MA3088 4.000%
8/01/47

     1,760,993        1,807,769  

Pool #931504 4.500%
7/01/39

     106,977        113,129  

Pool #986268 5.000%
7/01/38

     1,605        1,735  

Pool #AD6374 5.000%
5/01/40

     32,350        34,942  

Pool #AI2733 5.000%
5/01/41

     274,710        296,633  

Pool #977014 5.500%
5/01/38

     42,450        46,700  

Pool #985524 5.500%
6/01/38

     32,220        35,310  

Pool #988578 5.500%
8/01/38

     212,959        233,382  

Pool #995482 5.500%
1/01/39

     167,507        184,277  

Federal National Mortgage Association TBA

     

Pool #6237 3.000%
3/01/48 (c)

     2,145,000        2,092,213  

Pool #1058 3.500%
2/01/48 (c)

     1,925,000        1,929,061  

Pool #11192 4.000%
2/01/48 (c)

     2,860,000        2,934,628  

Pool #20567 4.500%
1/01/48 (c)

     7,920,000        8,292,487  

Government National Mortgage Association

     

Pool #MA4719 3.500%
9/20/47

     585,776        591,863  

Pool #MA4838 4.000%
11/20/47

     1,063,550        1,095,166  

Pool #MA4588 4.500%
7/20/47

     543,641        566,661  
 

 

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  

Pool #MA3666 5.000%
5/20/46

   $ 326,473      $ 343,408  

Pool #MA4199 5.000%
1/20/47

     364,501        383,409  

Pool #MA4722 5.000%
9/20/47

     1,112,944        1,170,678  

Government National Mortgage Association II

     

Pool #MA4126 3.000%
12/20/46

     2,652,558        2,616,292  

Pool #MA3521 3.500%
3/20/46

     1,101,943        1,115,803  

Pool #MA3597 3.500%
4/20/46

     341,786        346,085  

Pool #MA3663 3.500%
5/20/46

     514,432        520,903  

Pool #MA3937 3.500%
9/20/46

     406,581        411,187  

Pool #MA4127 3.500%
12/20/46

     1,365,560        1,381,029  

Pool #MA4262 3.500%
2/20/47

     1,602,456        1,619,107  

Pool #MA4382 3.500%
4/20/47

     443,761        448,372  

Pool #MA4454 5.000%
5/20/47

     738,872        777,201  

Government National Mortgage Association II TBA

     

Pool #587 3.000%
1/01/48 (c)

     2,445,000        2,405,651  

Pool #304 3.500%
1/01/48 (c)

     2,125,000        2,145,420  

Pool #1235 4.000%
1/01/48 (c)

     1,015,000        1,043,388  

Government National Mortgage Association TBA

     

Pool #1019 4.500%
11/01/47 (c)

     6,130,000        6,364,425  
     

 

 

 
        125,694,573  
     

 

 

 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $133,209,060)
        130,598,527  
     

 

 

 
U.S. TREASURY OBLIGATIONS — 26.1%  
U.S. Treasury Bonds & Notes — 26.1%  

U.S. Treasury Bond
3.000% 2/15/48

     30,260,000        30,431,986  

U.S. Treasury Inflation Index
1.000% 2/15/48

     1,562,200        1,602,634  

U.S. Treasury Note
2.250% 3/31/20

     5,575,000        5,572,386  
     Principal
Amount
     Value  

U.S. Treasury Note
2.250% 11/15/27

   $ 15,020,000      $ 14,387,957  

U.S. Treasury Note
2.375% 1/31/23

     19,705,000        19,544,320  

U.S. Treasury Note
2.500% 3/31/23

     1,540,000        1,535,308  

U.S. Treasury Note
2.625% 2/28/23

     32,215,000        32,315,356  

U.S. Treasury Note
2.750% 2/15/28

     6,790,000        6,793,183  
     

 

 

 
        112,183,130  
     

 

 

 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $111,011,966)
        112,183,130  
     

 

 

 
TOTAL BONDS & NOTES
(Cost $447,215,259)
        445,592,625  
     

 

 

 
TOTAL LONG-TERM INVESTMENTS
(Cost $447,215,259)
        445,592,625  
     

 

 

 

SHORT-TERM INVESTMENTS — 7.9%

 

Repurchase Agreement — 6.3%  

Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/18,
0.740%, due 4/02/18 (d)

     27,127,457        27,127,457  
     

 

 

 
U.S. Treasury Bill — 1.6%      

U.S. Treasury Bill
0.000% 6/14/18 (e)

     316,000        314,938  

U.S. Treasury Bill
0.000% 7/05/18

     1,336,000        1,330,033  

U.S. Treasury Bill
0.000% 7/12/18

     3,050,000        3,035,105  

U.S. Treasury Bill
0.000% 7/26/18

     2,220,000        2,207,506  
     

 

 

 
        6,887,582  
     

 

 

 
TOTAL SHORT-TERM INVESTMENTS
(Cost $34,015,129)
        34,015,039  
     

 

 

 
TOTAL
INVESTMENTS —111.4%
(Cost $481,230,388) (f)
        479,607,664  
Other Assets/
(Liabilities) — (11.4)%
        (48,941,200
     

 

 

 
NET ASSETS — 100.0%       $ 430,666,464  
     

 

 

 
 

 

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

 

77


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

 

Abbreviation Legend

ABS Asset-Backed Security
CLO Collateralized Loan Obligation
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
MBS Mortgage-Backed Security
MTA Monthly Treasury Average Index
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note
WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) 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 March 31, 2018, these securities amounted to a value of $46,766,836 or 10.86% of net assets.
(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2018.
(c) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(d) Maturity value of $27,129,688. Collateralized by U.S. Government Agency obligations with a rate of 1.375%, maturity date of 9/30/23, and an aggregate market value, including accrued interest, of $27,674,178.
(e) A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).
(f) See Note 3 for aggregate cost for federal tax purposes.
 

 

The Fund had the following open Futures contracts at March 31, 2018:

 

 

 

     Expiration
Date
   Number of
Contracts
     Notional
Amount
    Value/ Net
Unrealized
Appreciation/
(Depreciation)
 
Futures Contracts — Long  
U.S. Treasury Note 2 Year    06/29/18      233      $ 49,516,686     $ 21,299  
U.S. Treasury Note 5 Year    06/29/18      255        29,061,625       125,914  
          

 

 

 
  $ 147,213  
          

 

 

 
Future Contract — Short  
Euro-BOBL    06/07/18      52      $ (8,340,460   $ (57,359
          

 

 

 

Currency Legend

USD U.S. Dollar

 

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

 

78


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 (“MML American Funds Core Allocation Fund”)

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

MML American Funds® International Fund (“MML 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, C.M. Life Insurance Company, and the MML Allocation Funds, which are “funds of funds” series of the Trust, are the record owners of all of the outstanding shares of the Funds.

The Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the “Allocation Funds”) invest their investable assets in shares of series of the Trust and MML Series Investment Fund II (which are advised by MML Investment Advisers, LLC (“MML Advisers”)), Oppenheimer Funds (which are advised by OFI Global Asset Management, Inc., a majority-owned, indirect subsidiary of MassMutual), and non-affiliated funds (together, the “MML Underlying Funds”). The financial statements included herein are those of the Funds. The financial statements of the applicable MML Underlying Funds are presented separately and can be obtained from the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov or by calling MML Advisers at 1-888-309-3539. The assets of each of the five Allocation Funds listed above are diversified and a shareholder’s interest is limited to the MML Underlying Funds in which the shares are invested.

 

79


Notes to Portfolio of Investments (Unaudited) (Continued)

 

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying 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.

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

Investment Valuation

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

The net asset value of the Aggressive Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, Balanced Allocation Fund, Conservative Allocation Fund, Growth Allocation Fund, and Moderate Allocation Fund is based upon the net asset value(s) of its corresponding Master Fund or Underlying Funds. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds and Master Funds, as applicable, explain the valuation methods for the Underlying Funds and Master Funds, including the circumstances under which the Underlying Funds or Master Funds, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

 

80


Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

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

 

81


Notes to Portfolio of Investments (Unaudited) (Continued)

 

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

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

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

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

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

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

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

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

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.

 

82


Notes to Portfolio of Investments (Unaudited) (Continued)

 

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, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, MML 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 March 31, 2018. The Income & Growth 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 March 31, 2018. 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 March 31, 2018, for the remaining Funds’ investments:

 

 

 

     Level 1      Level 2     Level 3      Total  

Blue Chip Growth Fund

          

Asset Investments

          

Common Stock

   $ 367,357,131      $ 8,069,853   $         -      $ 375,426,984  

Mutual Funds

     1,031        -       -        1,031  

Short-Term Investments

     -        1,740,598       -        1,740,598  
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 367,358,162      $ 9,810,451     $ -      $ 377,168,613  
  

 

 

    

 

 

   

 

 

    

 

 

 

 

83


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Level 1     Level 2     Level 3      Total  

Equity Income Fund

         

Asset Investments

         

Common Stock

   $ 451,333,758     $ 17,589,298   $         -      $ 468,923,056  

Preferred Stock

     10,601,130       -       -        10,601,130  

Corporate Debt

     -       1,575,730       -        1,575,730  

Mutual Funds

     1,031       -       -        1,031  

Short-Term Investments

     -       6,241,442       -        6,241,442  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 461,935,919     $ 25,406,470     $ -      $ 487,342,389  
  

 

 

   

 

 

   

 

 

    

 

 

 

Equity Index Fund

         

Asset Investments

         

Common Stock

   $ 708,159,264     $ -     $         -      $ 708,159,264  

Short-Term Investments

     -       5,443,942       -        5,443,942  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 708,159,264     $ 5,443,942     $ -      $ 713,603,206  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Futures Contracts

   $ (246,175   $ -     $ -      $ (246,175
  

 

 

   

 

 

   

 

 

    

 

 

 

Focused Equity Fund

         

Asset Investments

         

Common Stock

   $ 57,772,528     $ 2,537,527   $         -      $ 60,310,055  

Short-Term Investments

     -       726,264       -        726,264  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 57,772,528     $ 3,263,791     $ -      $ 61,036,319  
  

 

 

   

 

 

   

 

 

    

 

 

 

Foreign Fund

         

Asset Investments

         

Common Stock*

         

Bermuda

   $ -     $ 1,477,447     $         -      $ 1,477,447  

Canada

     7,469,992       -       -        7,469,992  

Cayman Islands

     6,526,270       8,945,691       -        15,471,961  

China

     -       11,231,647       -        11,231,647  

France

     -       35,019,153       -        35,019,153  

Germany

     -       41,756,859       -        41,756,859  

Hong Kong

     -       8,108,428       -        8,108,428  

Ireland

     -       8,165,997       -        8,165,997  

Israel

     3,477,268       -       -        3,477,268  

Italy

     -       6,182,183       -        6,182,183  

Japan

     -       51,243,912       -        51,243,912  

Luxembourg

     -       3,333,018       -        3,333,018  

Netherlands

     -       14,744,039       -        14,744,039  

Norway

     -       6,464,317       -        6,464,317  

Portugal

     -       2,932,530       -        2,932,530  

Republic of Korea

     3,645,353       17,327,574       -        20,972,927  

Singapore

     -       9,955,507       -        9,955,507  

Sweden

     -       2,096,969       -        2,096,969  

Switzerland

     -       18,099,604       -        18,099,604  

Taiwan

     -       5,450,209       -        5,450,209  

Thailand

     -       5,428,984       -        5,428,984  

United Kingdom

     10,763,872       68,661,585       -        79,425,457  
Mutual Funds      7,709,623       -       -        7,709,623  
Short-Term Investments      -       7,599,162       -        7,599,162  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 39,592,378     $ 334,224,815     $ -      $ 373,817,193  
  

 

 

   

 

 

   

 

 

    

 

 

 

 

84


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Level 1      Level 2     Level 3      Total  

Fundamental Growth Fund

          

Asset Investments

          

Common Stock

   $ 116,731,755      $ 441,328   $         -      $ 117,173,083  

Short-Term Investments

     -        406,371       -        406,371  
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 116,731,755      $ 847,699     $ -      $ 117,579,454  
  

 

 

    

 

 

   

 

 

    

 

 

 

Fundamental Value Fund

          

Asset Investments

          

Common Stock

   $ 209,678,591      $ 4,735,286   $         -      $ 214,413,877  

Short-Term Investments

     -        4,527,829       -        4,527,829  
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 209,678,591      $ 9,263,115     $ -      $ 218,941,706  
  

 

 

    

 

 

   

 

 

    

 

 

 

Global Fund

          

Asset Investments

          
Common Stock*           

Austria

   $ -      $ 1,156,930     $         -      $ 1,156,930  

Brazil

     1,300,164        -       -        1,300,164  

Canada

     3,910,188        -       -        3,910,188  

Cayman Islands

     -        499,560       -        499,560  

Denmark

     -        1,590,172       -        1,590,172  

France

     -        21,775,931       -        21,775,931  

Germany

     -        14,015,119       -        14,015,119  

Ireland

     11,218,128        -       -        11,218,128  

Israel

     2,284,125        -       -        2,284,125  

Japan

     -        3,328,840       -        3,328,840  

Mexico

     -        722,402       -        722,402  

Netherlands

     1,625,460        5,736,153       -        7,361,613  

Republic of Korea

     -        2,241,803       -        2,241,803  

Spain

     -        2,421,476       -        2,421,476  

Sweden

     -        4,644,348       -        4,644,348  

Switzerland

     -        17,848,013       -        17,848,013  

Thailand

     -        552,778       -        552,778  

United Kingdom

     2,369,606        18,272,923       -        20,642,529  

United States

     107,137,727        -       -        107,137,727  
Mutual Funds      2,021,290        -       -        2,021,290  
Short-Term Investments      -        1,866,013       -        1,866,013  
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 131,866,688      $ 96,672,461     $ -      $ 228,539,149  
  

 

 

    

 

 

   

 

 

    

 

 

 

Growth & Income Fund

          

Asset Investments

          

Common Stock

   $ 131,141,302      $ 6,765,410   $         -      $ 137,906,712  

Short-Term Investments

     -        1,480,320       -        1,480,320  
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments    $ 131,141,302      $ 8,245,730     $ -      $ 139,387,032  
  

 

 

    

 

 

   

 

 

    

 

 

 

 

85


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Level 1     Level 2     Level 3      Total  

International Equity Fund

         

Asset Investments

         

Common Stock*

         

Australia

   $ -     $ 4,882,617     $         -      $ 4,882,617  

Canada

     257,997       -       -        257,997  

Cayman Islands

     1,870,332       -       -        1,870,332  

France

     -       23,851,898       -        23,851,898  

Germany

     -       34,096,468       -        34,096,468  

India

     -       2,592,822       -        2,592,822  

Indonesia

     -       1,742,093       -        1,742,093  

Ireland

     3,671,775       -       -        3,671,775  

Italy

     -       6,776,088       -        6,776,088  

Japan

     -       8,080,063       -        8,080,063  

Mexico

     2,251,956       -       -        2,251,956  

Netherlands

     -       12,909,827       -        12,909,827  

Republic of Korea

     -       174,777       -        174,777  

South Africa

     -       1,581,195       -        1,581,195  

Sweden

     -       9,189,186       -        9,189,186  

Switzerland

     -       18,416,074       -        18,416,074  

Taiwan

     -       382,456       -        382,456  

United Kingdom

     4,483,978       35,977,892       -        40,461,870  
Mutual Funds      5,563,070       -       -        5,563,070  
Short-Term Investments      -       4,259,449       -        4,259,449  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 18,099,108     $ 164,912,905     $ -      $ 183,012,013  
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Forwards Contracts

   $ -     $ 10,525     $ -      $ 10,525  
  

 

 

   

 

 

   

 

 

    

 

 

 

Large Cap Growth Fund

         

Asset Investments

         

Common Stock

   $ 101,047,338     $ 3,315,788   $ -      $ 104,363,126  

Short-Term Investments

     -       2,143,754       -        2,143,754  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 101,047,338     $ 5,459,542     $ -      $ 106,506,880  
  

 

 

   

 

 

   

 

 

    

 

 

 

Managed Volatility Fund

         

Asset Investments

         

Common Stock

   $ 173,041,993     $ -     $         -      $ 173,041,993  

Corporate Debt

     -       -       - +,**       -  

Purchased Options

     1,623,595       -       -        1,623,595  

Short-Term Investments

     -       3,684,263       -        3,684,263  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 174,665,588     $ 3,684,263     $ -      $ 178,349,851  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Written Options

   $ (1,993,931   $ -     $ -      $ (1,993,931
  

 

 

   

 

 

   

 

 

    

 

 

 

Mid Cap Growth Fund

         

Asset Investments

         

Common Stock

   $ 432,986,365     $ 2,230,301     $ 900,129 **     $ 436,116,795  

Preferred Stock

     -       -       2,494,444 **       2,494,444  

Mutual Funds

     27,641,173       -       -        27,641,173  

Short-Term Investments

     -       25,701,274       -        25,701,274  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 460,627,538     $ 27,931,575     $ 3,394,573      $ 491,953,686  
  

 

 

   

 

 

   

 

 

    

 

 

 

 

86


Notes to Portfolio of Investments (Unaudited) (Continued)

 

     Level 1     Level 2     Level 3      Total  

Mid Cap Value Fund

         

Asset Investments

         

Common Stock

   $ 436,705,310     $ 7,357,498   $ -      $ 444,062,808  

Mutual Funds

     5,755,806       -       -        5,755,806  

Short-Term Investments

     -       7,844,575       -        7,844,575  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 442,461,116     $ 15,202,073     $ -      $ 457,663,189  
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Forward Contracts

   $ -     $ 83,893     $ -      $ 83,893  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Forward Contracts

   $ -     $ (34,151   $ -      $ (34,151
  

 

 

   

 

 

   

 

 

    

 

 

 

Small Cap Growth Equity Fund

         

Asset Investments

         

Common Stock

   $ 207,995,283     $ 102,938     $ 147,908 **     $ 208,246,129  

Preferred Stock

     -       -       821,352 **       821,352  

Mutual Funds

     18,299,156       -       -        18,299,156  

Short-Term Investments

     -       2,614,988       -        2,614,988  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 226,294,439     $ 2,717,926     $ 969,260      $ 229,981,625  
  

 

 

   

 

 

   

 

 

    

 

 

 

Small Company Value Fund

         

Asset Investments

         

Common Stock

   $ 103,576,398     $ 54,118     $         -      $ 103,630,516  

Warrants

     17,031       -       -        17,031  

Mutual Funds

     2,689,864       -       -        2,689,864  

Short-Term Investments

     -       1,210,960       -        1,210,960  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ 106,283,293     $ 1,265,078     $ -      $ 107,548,371  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Return Bond Fund

         

Asset Investments

         

Bank Loans

   $ -     $ 1,359,155     $         -      $ 1,359,155  

Corporate Debt

     -       135,071,845       -        135,071,845  

Municipal Obligations

     -       5,780,202       -        5,780,202  

Non-U.S. Government Agency Obligations

     -       60,599,766       -        60,599,766  

U.S. Government Agency Obligations and Instrumentalities

     -       130,598,527       -        130,598,527  

U.S. Treasury Obligations

     -       112,183,130       -        112,183,130  

Short-Term Investments

     -       34,015,039       -        34,015,039  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $ -     $ 479,607,664     $ -      $ 479,607,664  
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Futures Contracts

   $ 147,213     $ -     $ -      $ 147,213  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Futures Contracts

   $ (57,359   $ -     $ -      $ (57,359
  

 

 

   

 

 

   

 

 

    

 

 

 

 

* 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, as applicable.
** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2018 is not presented.
+ Represents a security at $0 value as of March 31, 2018.

 

87


Notes to Portfolio of Investments (Unaudited) (Continued)

 

The Funds, with the exception of the Foreign Fund, Global Fund, and Total Return Bond Fund, had no transfers between Levels of the fair value hierarchy during the period ended March 31, 2018. The Foreign Fund, Global Fund, and Total Return Bond Fund had transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended March 31, 2018; however, none of the transfers individually or collectively had a material impact on the Funds. The Funds recognize transfers between the Levels as of the beginning of the year.

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. Losses from derivatives can be substantially greater than their 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 March 31, 2018, the following table 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

   

Directional Exposures to Currencies

                   
           

Futures Contracts**

           

Hedging/Risk Management

                 

A

Duration/Credit Quality Management

                 

A

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.

 

88


Notes to Portfolio of Investments (Unaudited) (Continued)

 

At March 31, 2018, 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

   $ (246,175    $ -      $ -      $ (246,175
  

 

 

    

 

 

    

 

 

    

 

 

 
International Equity Fund            
Asset Derivatives            

Forward Contracts

   $ -      $ 10,525      $ -      $ 10,525  
  

 

 

    

 

 

    

 

 

    

 

 

 
Managed Volatility Fund            
Asset Derivatives            

Purchased Options

   $ 1,623,595      $ -      $ -      $ 1,623,595  
  

 

 

    

 

 

    

 

 

    

 

 

 
Liability Derivatives            

Written Options

   $ (1,993,931    $ -      $ -      $ (1,993,931
  

 

 

    

 

 

    

 

 

    

 

 

 
Mid Cap Value Fund            
Asset Derivatives            

Forward Contracts

   $ -      $ 83,893      $ -      $ 83,893  
  

 

 

    

 

 

    

 

 

    

 

 

 
Liability Derivatives            

Forward Contracts

   $ -      $ (34,151    $ -      $ (34,151
  

 

 

    

 

 

    

 

 

    

 

 

 
Total Return Bond Fund            
Asset Derivatives            

Futures Contracts

   $ -      $ -      $ 147,213      $ 147,213  
  

 

 

    

 

 

    

 

 

    

 

 

 
Liability Derivatives            

Futures Contracts

   $ -      $ -      $ (57,359    $ (57,359
  

 

 

    

 

 

    

 

 

    

 

 

 

 

At March 31, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

 

 

 

     Number of Contracts, Notional Amounts or Shares/Units†  

Fund Name

   Futures Contracts      Forward Contracts      Purchased Options      Written Options  

Equity Index Fund

     48      $ -        -        -  

International Equity Fund

     -        3,804,698        -        -  

Managed Volatility Fund

     -        -        586        653  

Mid Cap Value Fund

     -        16,816,318        -        -  

Total Return Bond Fund

     540        -        -        -  

 

Amount(s) disclosed represent number of contracts for futures contracts, notional amounts for forward contracts, and shares/units outstanding for purchased options and written options, based on absolute values, at March 31, 2018.

Further details regarding the derivatives and other investments held by the Fund(s) at March 31, 2018, are discussed below.

 

 

89


Notes to Portfolio of Investments (Unaudited) (Continued)

 

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.

Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

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 contracts 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 contracts 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

 

90


Notes to Portfolio of Investments (Unaudited) (Continued)

 

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 a 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.

Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Options, Rights, and Warrants

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

 

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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 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.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Written option contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may

 

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cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

 

Bank   Loans

A Fund 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 March 31, 2018, 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 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.

 

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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.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

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. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2018, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Security loans can be terminated at the discretion of either the Agent or the Fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at March 31, 2018.

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

 

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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 determine the classification of distributions received as 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.

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, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, MML 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 or the Master Funds. Because the Underlying Funds have varied expense and fee levels and each Fund, except MML American Funds Growth Fund and MML 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, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income

 

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Notes to Portfolio of Investments (Unaudited) (Continued)

 

taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

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

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

 

3.   Federal Income Tax Information

At March 31, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

 

 

 

     Federal Income
Tax Cost
     Tax Basis
Unrealized
Appreciation
     Tax Basis
Unrealized
(Depreciation)
    Net Unrealized
Appreciation
(Depreciation)
 

Aggressive Allocation Fund

   $ 146,337,510      $ 10,117,377      $ (889,148   $ 9,228,229  

MML American Funds Core Allocation Fund

     1,007,745,333        77,783,657        (12,166,795     65,616,862  

MML American Funds Growth Fund

     144,847,407        24,834,887        -       24,834,887  

MML American Funds International Fund

     54,643,376        10,159,294        -       10,159,294  

Balanced Allocation Fund

     574,083,582        18,011,827        (9,918,329     8,093,498  

Blue Chip Growth Fund

     216,976,124        162,547,795        (2,355,306     160,192,489  

Conservative Allocation Fund

     452,026,013        12,998,709        (8,062,825     4,935,884  

Equity Income Fund

     394,402,721        110,351,520        (17,411,852     92,939,668  

Equity Index Fund

     427,043,219        298,741,263        (12,181,276     286,559,987  

Focused Equity Fund

     56,328,380        5,247,153        (539,214     4,707,939  

Foreign Fund

     324,086,062        67,555,711        (17,824,580     49,731,131  

Fundamental Growth Fund

     92,772,709        25,983,094        (1,176,349     24,806,745  

Fundamental Value Fund

     168,085,117        56,334,191        (5,477,602     50,856,589  

Global Fund

     184,926,332        48,875,819        (5,263,002     43,612,817  

Growth Allocation Fund

     1,587,845,249        110,943,989        (17,465,100     93,478,889  

Growth & Income Fund

     91,558,593        49,748,112        (1,919,673     47,828,439  

Income & Growth Fund

     276,438,992        22,683,896        (12,345,101     10,338,795  

International Equity Fund

     164,638,466        25,920,369        (7,546,822     18,373,547  

Large Cap Growth Fund

     77,817,003        30,404,902        (1,715,025     28,689,877  

Managed Volatility Fund

     129,883,388        56,301,322        (7,834,859     48,466,463  

Mid Cap Growth Fund

     353,028,652        149,153,774        (10,228,740     138,925,034  

Mid Cap Value Fund

     417,001,417        59,679,717        (19,017,945     40,661,772  

Moderate Allocation Fund

     2,312,233,132        101,619,275        (34,346,534     67,272,741  

Small Cap Growth Equity Fund

     191,312,656        45,421,441        (6,752,472     38,668,969  

Small Company Value Fund

     77,734,688        31,764,455        (1,950,772     29,813,683  

Small/Mid Cap Value Fund

     186,198,287        42,757,000        (9,842,673     32,914,327  

Total Return Bond Fund

     481,230,388        5,718,122        (7,340,846     (1,622,724

 

 

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Notes to Portfolio of Investments (Unaudited) (Continued)

 

 

4.   Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended March 31, 2018, was as follows:

 

 

 

    Beginning
Value as of
12/31/17
    Purchases     Sales     Change in
Unrealized
Appreciation/
Depreciation
    Net
Realized
Gain (Loss)
    Value as of
3/31/18
    Number of
Shares Held
as of
3/31/18
    Dividend
Income
    Realized
Gains
Distributions
 

Aggressive Allocation Fund

 

MML Blue Chip Growth Fund, Initial Class

  $ 8,363,872     $ 311,595     $ (998,451   $ 381,494     $ 127,098     $ 8,185,608       444,870     $        -     $        -  

MML Dynamic Bond Fund, Class II

    2,438,947       174,275       (100,000     (20,239     (203     2,492,780       252,561       -       -  

MML Equity Income Fund, Initial Class

    8,931,817       320,411       (405,727     (239,425     43,931       8,651,007       708,518       -       -  

MML Equity Index Fund, Class III

    7,774,745       -       -       (62,760     -       7,711,985       251,041       -       -  

MML Focused Equity Fund, Class II

    2,547,743       233,605       (277,772     (29,928     18,696       2,492,344       197,492       -       -  

MML Foreign Fund, Initial Class

    8,917,658       146,727       (369,467     (221,468     59,666       8,533,116       773,628       -       -  

MML Fundamental Growth Fund, Class II

    4,064,203       308,133       (429,909     66,714       61,497       4,070,638       305,603       -       -  

MML Fundamental Value Fund, Class II

    8,907,887       322,119       (428,842     (205,791     23,392       8,618,765       571,536       -       -  

MML Global Fund, Class I

    8,649,029       220,090       (461,703     (192,969     44,847       8,259,294       645,762       -       -  

MML Income & Growth Fund, Initial Class

    9,037,523       308,062       (424,564     (435,829     79,114       8,564,306       702,568       -       -  

MML Inflation-Protected and Income Fund, Initial Class

    4,111,211       403,160       (85,112     (29,022     (4,423     4,395,814       436,093       -       -  

MML International Equity Fund, Class II

    8,025,233       146,727       (481,867     (258,100     91,711       7,523,704       644,153       -       -  

MML Large Cap Growth Fund, Initial Class

    3,082,620       256,772       (375,318     30,783       2,645       2,997,502       278,320       -       -  

MML Managed Bond Fund, Initial Class

    3,765,799       297,447       (192,846     (44,927     (4,691     3,820,782       311,733       -       -  

MML Mid Cap Growth Fund, Initial Class

    8,854,279       216,229       (567,111     234,241       141,695       8,879,333       526,651       -       -  

MML Mid Cap Value Fund, Initial Class

    8,793,658       227,813       (270,885     (179,521     (20,504     8,550,561       720,958       -       -  

MML Short-Duration Bond Fund, Class II

    3,323,519       307,349       (68,090     (2,439     (1,422     3,558,917       366,144       -       -  

MML Small Cap Growth Equity Fund, Initial Class

    2,347,009       100,392       (119,373     80,200       (13,415     2,394,813       155,499       -       -  

MML Small Company Value Fund, Class II

    4,005,568       110,045       (130,852     (48,285     (46,363     3,890,113       235,764       -       -  

MML Small/Mid Cap Value Fund, Initial Class

    3,100,389       77,225       (91,826     (86,237     6,936       3,006,487       220,579       -       -  

MML Strategic Emerging Markets Fund, Class II

    5,766,400       1,312,611       (187,543     126,910       33,736       7,052,114       592,117       -       -  

MML Total Return Bond Fund, Class II

    2,295,000       203,116       (139,791     (31,802     (516     2,326,007       227,594       -       -  

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

    3,037,934       77,225       (131,826     50,434       24,160       3,057,927       35,467       -       -  

Oppenheimer Global Fund/VA, Non-Service Shares*

    5,224,658       102,323       (281,669     (23,571     37,109       5,058,850       106,682       -       -  

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

    14,019,162       560,000       (375,001     (40,265     (2,673     14,161,223       1,442,080       -       -  

Oppenheimer International Growth Fund/VA, Non-Service Shares*

    4,266,387       108,114       (228,556     (14,203     20,552       4,152,294       1,603,202       -       -  

Oppenheimer Main Street Fund/VA, Non-Service Shares*

    3,219,789       42,500       -       (102,834     -       3,159,455       101,200       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
  $ 156,872,039     $ 6,894,065     $ (7,624,101   $ (1,298,839   $ 722,575     $ 155,565,739       $        -     $        -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

97


Notes to Portfolio of Investments (Unaudited) (Continued)

 

    Beginning
Value as of
12/31/17
    Purchases     Sales     Change in
Unrealized
Appreciation/
Depreciation
    Net
Realized
Gain (Loss)
    Value as of
3/31/18
    Number of
Shares Held
as of
3/31/18
    Dividend
Income
    Realized
Gains
Distributions
 

Balanced Allocation Fund

 

MML Blue Chip Growth Fund, Initial Class

  $ 17,958,778     $ 569,674     $ (2,341,716   $ 813,937     $ 284,232     $ 17,284,905       939,397     $        -     $        -  

MML Dynamic Bond Fund, Class II

    67,836,306       1,255,000       (975,001     (542,671     (9,878     67,563,756       6,845,365       -       -  

MML Equity Income Fund, Initial Class

    20,130,705       946,632       (1,470,774     (608,565     199,327       19,197,325       1,572,263       -       -  

MML Equity Index Fund, Class III

    19,550,073       -       -       (157,814     -       19,392,259       631,258       -       -  

MML Focused Equity Fund, Class II

    3,567,797       240,687       (481,708     (52,203     41,868       3,316,441       262,792       -       -  

MML Foreign Fund, Initial Class

    17,196,665       544,360       (1,264,782     (484,663     219,156       16,210,736       1,469,695       -       -  

MML Fundamental Growth Fund, Class II

    13,726,720       401,087       (3,239,888     641,109       (120,869     11,408,159       856,468       -       -  

MML Fundamental Value Fund, Class II

    20,094,654       990,303       (1,724,004     (571,713     201,722       18,990,962       1,259,348       -       -  

MML Global Fund, Class I

    18,151,487       94,582       (1,000,602     (495,394     190,339       16,940,412       1,324,504       -       -  

MML High Yield Fund, Class II

    16,078,587       -       (250,000     (89,047     (23,390     15,716,150       1,581,102       -       -  

MML Income & Growth Fund, Initial Class

    20,435,340       1,051,825       (1,670,046     (1,053,851     298,583       19,061,851       1,563,729       -       -  

MML Inflation-Protected and Income Fund, Initial Class

    22,060,179       1,130,696       (1,060,897     (120,225     (56,930     21,952,823       2,177,859       -       -  

MML International Equity Fund, Class II

    14,177,648       147,988       (1,130,409     (479,764     210,557       12,926,020       1,106,680       -       -  

MML Large Cap Growth Fund, Initial Class

    5,973,075       527,280       (676,082     66,950       (1,628     5,889,595       546,852       -       -  

MML Managed Bond Fund, Initial Class

    104,252,244       5,011,047       (4,862,923     (1,003,984     (343,649     103,052,735       8,407,962       -       -  

MML Mid Cap Growth Fund, Initial Class

    14,599,661       86,432       (1,088,152     412,023       199,778       14,209,742       842,808       -       -  

MML Mid Cap Value Fund, Initial Class

    17,315,093       94,742       (800,763     (320,652     (56,649     16,231,771       1,368,615       -       -  

MML Short-Duration Bond Fund, Class II

    29,806,611       1,227,504       (1,683,638     11,176       (43,255     29,318,398       3,016,296       -       -  

MML Small Cap Growth Equity Fund, Initial Class

    4,237,103       40,037       (229,677     147,063       (25,340     4,169,186       270,712       -       -  

MML Small Company Value Fund, Class II

    7,215,190       45,041       (255,262     (105,634     (59,935     6,839,400       414,509       -       -  

MML Small/Mid Cap Value Fund, Initial Class

    4,882,327       33,364       (195,565     (131,470     11,542       4,600,198       337,505       -       -  

MML Total Return Bond Fund, Class II

    62,750,547       2,870,151       (2,633,955     (753,587     (112,345     62,120,811       6,078,357       -       -  

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

    4,986,388       29,919       (273,400     68,854       56,597       4,868,358       56,464       -       -  

Oppenheimer Global Fund/VA, Non-Service Shares*

    11,706,652       382,271       (968,992     (146,879     192,134       11,165,186       235,453       -       -  

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

    42,205,693       -       (530,000     (37,936     (34,177     41,603,580       4,236,617       -       -  

Oppenheimer International Growth Fund/VA, Non-Service Shares*

    14,392,028       309,360       (941,782     (120,700     142,145       13,781,051       5,320,869       -       -  

Oppenheimer Main Street Fund/VA, Non-Service Shares*

    4,509,287       -       -       (144,017     -       4,365,270       139,823       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
  $ 599,796,838     $ 18,029,982     $ (31,750,018   $ (5,259,657   $ 1,359,935     $ 582,177,080       $ -     $ -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

Conservative Allocation Fund

 

MML Blue Chip Growth Fund, Initial Class

  $ 11,453,863     $ 620,829     $ (1,843,218   $ 296,278     $ 394,695     $ 10,922,447       593,611     $        -     $        -  

MML Dynamic Bond Fund, Class II

    67,820,671       715,000       (1,000,000     (539,480     (10,132     66,986,059       6,786,835       -       -  

MML Equity Income Fund, Initial Class

    12,975,913       858,299       (1,517,800     (140,548     (100,184     12,075,680       988,999       -       -  

MML Equity Index Fund, Class III

    13,611,967       -       -       (109,880     -       13,502,087       439,521       -       -  

 

98


Notes to Portfolio of Investments (Unaudited) (Continued)

 

    Beginning
Value as of
12/31/17
    Purchases     Sales     Change in
Unrealized
Appreciation/
Depreciation
    Net
Realized
Gain (Loss)
    Value as of
3/31/18
    Number of
Shares Held
as of
3/31/18
    Dividend
Income
    Realized
Gains
Distributions
 

Conservative Allocation Fund (Continued)

 

MML Focused Equity Fund, Class II

  $ 2,381,942     $ 163,242     $ (331,712   $ (23,804   $ 15,885     $ 2,205,553       174,767     $ -     $ -  

MML Foreign Fund, Initial Class

    9,891,708       226,657       (914,229     (273,438     121,195       9,051,893       820,661       -       -  

MML Fundamental Growth Fund, Class II

    8,502,554       465,019       (1,811,412     47,010       261,632       7,464,803       560,421       -       -  

MML Fundamental Value Fund, Class II

    12,563,957       978,333       (1,385,680     (243,130     5,546       11,919,026       790,386       -       -  

MML Global Fund, Class I

    12,177,458       344,889       (913,247     (250,924     54,472       11,412,648       892,310       -       -  

MML High Yield Fund, Class II

    14,332,217       -       (300,000     (71,553     (28,672     13,931,992       1,401,609       -       -  

MML Income & Growth Fund, Initial Class

    13,587,795       702,814       (1,700,182     (658,966     202,730       12,134,191       995,422       -       -  

MML Inflation-Protected and Income Fund, Initial Class

    20,240,785       890,443       (1,189,934     (105,719     (58,078     19,777,497       1,962,053       -       -  

MML International Equity Fund, Class II

    7,597,510       87,055       (912,626     (296,790     171,550       6,646,699       569,067       -       -  

MML Large Cap Growth Fund, Initial Class

    3,952,062       592,423       (943,380     33,624       23,171       3,657,900       339,638       -       -  

MML Managed Bond Fund, Initial Class

    100,563,014       5,130,038       (8,131,879     (1,090,795     (210,771     96,259,607       7,853,718       -       -  

MML Mid Cap Growth Fund, Initial Class

    7,962,302       100,565       (767,531     309,895       28,292       7,633,523       452,759       -       -  

MML Mid Cap Value Fund, Initial Class

    10,285,049       129,297       (911,824     (185,485     (18,665     9,298,372       784,011       -       -  

MML Short-Duration Bond Fund, Class II

    25,435,499       1,432,231       (2,053,425     16,743       (44,565     24,786,483       2,550,050       -       -  

MML Small Cap Growth Equity Fund, Initial Class

    2,374,588       55,964       (240,974     93,952       (25,078     2,258,452       146,645       -       -  

MML Small Company Value Fund, Class II

    4,815,407       74,618       (317,965     (97,584     (10,292     4,464,184       270,557       -       -  

MML Small/Mid Cap Value Fund, Initial Class

    2,496,808       40,226       (228,012     (57,309     274       2,251,987       165,223       -       -  

MML Total Return Bond Fund, Class II

    60,022,275       3,197,009       (3,681,043     (657,052     (172,557     58,708,632       5,744,485       -       -  

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

    2,673,680       34,479       (196,153     36,035       31,313       2,579,354       29,916       -       -  

Oppenheimer Global Fund/VA, Non-Service Shares*

    7,978,470       313,127       (803,979     (109,161     144,731       7,523,188       158,650       -       -  

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

    31,262,882       -       (800,000     8,826       (53,313     30,418,395       3,097,596       -       -  

Oppenheimer International Growth Fund/VA, Non-Service Shares*

    6,713,523       186,233       (554,862     (14,993     28,230       6,358,131       2,454,877       -       -  

Oppenheimer Main Street Fund/VA, Non-Service Shares*

    2,823,284       -       -       (90,170     -       2,733,114       87,544       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
  $ 476,497,183     $ 17,338,790     $ (33,451,067   $ (4,174,418   $ 751,409     $ 456,961,897       $ -     $ -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

Growth Allocation Fund

 

MML Blue Chip Growth Fund, Initial Class

  $ 75,223,853     $ 707,788     $ (8,272,000   $ 2,567,809     $ 1,993,085     $ 72,220,535       3,925,029     $        -     $        -  

MML Dynamic Bond Fund, Class II

    87,950,370       4,740,000       (500,000     (727,823     (5,066     91,457,481       9,266,209       -       -  

MML Equity Income Fund, Initial Class

    84,372,793       952,471       (5,811,694     (3,725,363     2,061,557       77,849,764       6,375,902       -       -  

MML Equity Index Fund, Class III

    81,664,763       -       -       (659,225     -       81,005,538       2,636,899       -       -  

MML Focused Equity Fund, Class II

    23,386,361       815,369       (2,377,043     (223,044     139,592       21,741,235       1,722,760       -       -  

MML Foreign Fund, Initial Class

    81,855,412       184,171       (5,958,071     (2,553,252     1,247,468       74,775,728       6,779,304       -       -  

MML Fundamental Growth Fund, Class II

    41,115,243       368,342       (4,532,991     1,558,528       (221,431     38,287,691       2,874,451       -       -  

MML Fundamental Value Fund, Class II

    84,761,589       952,471       (6,296,695     (3,297,332     1,741,429       77,861,462       5,163,227       -       -  

 

99


Notes to Portfolio of Investments (Unaudited) (Continued)

 

    Beginning
Value as of
12/31/17
    Purchases     Sales     Change in
Unrealized
Appreciation/
Depreciation
    Net
Realized
Gain (Loss)
    Value as of
3/31/18
    Number of
Shares Held
as of
3/31/18
    Dividend
Income
    Realized
Gains
Distributions
 

Growth Allocation Fund (Continued)

 

MML Global Fund, Class I

  $ 74,762,688     $ 923,920     $ (3,366,869   $ (1,651,279   $ 335,076     $ 71,003,536       5,551,488     $ -     $ -  

MML High Yield Fund, Class II

    13,516,018       -       (150,000     (79,729     (14,789     13,271,500       1,335,161       -       -  

MML Income & Growth Fund, Initial Class

    85,307,296       875,175       (5,634,086     (4,777,940     1,599,916       77,370,361       6,347,035       -       -  

MML Inflation-Protected and Income Fund, Initial Class

    68,539,428       4,879,353       (2,318,095     (462,621     (93,793     70,544,272       6,998,440       -       -  

MML International Equity Fund, Class II

    75,344,818       1,779,327       (4,204,986     (2,383,334     865,297       71,401,122       6,113,110       -       -  

MML Large Cap Growth Fund, Initial Class

    28,068,081       858,655       (3,363,304     512,516       (166,485     25,909,463       2,405,707       -       -  

MML Managed Bond Fund, Initial Class

    134,827,992       10,020,723       (5,187,579     (1,445,360     (333,517     137,882,259       11,249,665       -       -  

MML Mid Cap Growth Fund, Initial Class

    75,328,139       279,432       (4,958,132     1,728,115       1,472,328       73,849,882       4,380,183       -       -  

MML Mid Cap Value Fund, Initial Class

    76,751,221       288,958       (2,253,294     (2,254,141     544,563       73,077,307       6,161,662       -       -  

MML Short-Duration Bond Fund, Class II

    50,354,773       2,902,683       (2,781,860     39,928       (95,526     50,419,998       5,187,243       -       -  

MML Small Cap Growth Equity Fund, Initial Class

    18,042,210       127,014       (935,513     805,331       (290,305     17,748,737       1,152,454       -       -  

MML Small Company Value Fund, Class II

    34,064,429       142,891       (1,152,453     (753,591     (35,091     32,266,185       1,955,526       -       -  

MML Small/Mid Cap Value Fund, Initial Class

    27,820,094       101,611       (773,411     (740,515     40,701       26,448,480       1,940,461       -       -  

MML Strategic Emerging Markets Fund, Class II

    45,975,823       6,253,225       (1,467,038     1,052,962       252,175       52,067,147       4,371,717       -       -  

MML Total Return Bond Fund, Class II

    81,018,266       5,164,612       (3,015,862     (1,145,652     8,408       82,029,772       8,026,396       -       -  

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

    24,440,830       95,261       (926,636     436,176       165,873       24,211,504       280,811       -       -  

Oppenheimer Global Fund/VA, Non-Service Shares*

    48,538,580       152,417       (3,172,616     (312,643     487,752       45,693,490       963,591       -       -  

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

    142,332,587       2,310,000       (2,900,001     (326,625     (20,672     141,395,289       14,398,706       -       -  

Oppenheimer International Growth Fund/VA, Non-Service Shares*

    43,073,829       158,768       (4,149,393     (606,598     747,221       39,223,827       15,144,335       -       -  

Oppenheimer Main Street Fund/VA, Non-Service Shares*

    20,980,653       -       -       (670,080     -       20,310,573       650,563       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
  $ 1,729,418,139     $ 46,034,637     $ (86,459,622   $ (20,094,782   $ 12,425,766     $ 1,681,324,138       $        -     $ -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

Moderate Allocation Fund

 

MML Blue Chip Growth Fund, Initial Class

  $ 86,457,565     $ 560,419     $ (10,383,028   $ 4,239,496     $ 1,004,272     $ 81,878,724       4,449,931     $        -     $        -  

MML Dynamic Bond Fund, Class II

    221,108,920       3,695,000       (1,450,000     (1,785,395     (14,691     221,553,834       22,447,197       -       -  

MML Equity Income Fund, Initial Class

    98,746,858       667,363       (7,343,259     (3,576,467     1,617,469       90,111,964       7,380,177       -       -  

MML Equity Index Fund, Class III

    92,386,239       -       -       (745,772     -       91,640,467       2,983,088       -       -  

MML Focused Equity Fund, Class II

    25,490,301       271,034       (2,730,098     (273,262     170,114       22,928,089       1,816,806       -       -  

MML Foreign Fund, Initial Class

    92,788,041       23,636       (7,956,648     (2,736,600     1,305,852       83,424,281       7,563,398       -       -  

MML Fundamental Growth Fund, Class II

    53,241,410       48,300       (6,337,042     2,124,983       (438,642     48,639,009       3,651,577       -       -  

MML Fundamental Value Fund, Class II

    99,428,806       616,842       (8,097,910     (3,674,293     1,845,562       90,119,007       5,976,061       -       -  

MML Global Fund, Class I

    86,476,962       2,514,759       (4,006,520     (1,879,237     361,482       83,467,446       6,525,993       -       -  

MML High Yield Fund, Class II

    51,621,220       -       (625,000     (302,512     (58,476     50,635,232       5,094,088       -       -  

 

100


Notes to Portfolio of Investments (Unaudited) (Continued)

 

    Beginning
Value as of
12/31/17
    Purchases     Sales     Change in
Unrealized
Appreciation/
Depreciation
    Net
Realized
Gain (Loss)
    Value as of
3/31/18
    Number of
Shares Held
as of
3/31/18
    Dividend
Income
    Realized
Gains
Distributions
 

Moderate Allocation Fund (Continued)

 

MML Income & Growth Fund, Initial Class

  $ 99,150,642     $ 864,759     $ (7,231,520   $ (5,707,282   $ 2,020,723     $ 89,097,322       7,309,050     $ -     $ -  

MML Inflation-Protected and Income Fund, Initial Class

    77,574,907       4,206,113       (3,051,813     (216,342     (415,962     78,096,903       7,747,709       -       -  

MML International Equity Fund, Class II

    82,008,958       807,987       (4,191,999     (2,474,948     732,002       76,882,000       6,582,363       -       -  

MML Large Cap Growth Fund, Initial Class

    31,513,216       276,718       (3,467,960     367,871       (38,380     28,651,465       2,660,303       -       -  

MML Managed Bond Fund, Initial Class

    336,695,620       13,292,401       (14,724,619     (3,181,641     (1,218,736     330,863,025       26,994,757       -       -  

MML Mid Cap Growth Fund, Initial Class

    79,918,423       34,427       (6,212,227     1,787,599       1,592,844       77,121,066       4,574,203       -       -  

MML Mid Cap Value Fund, Initial Class

    88,761,637       36,996       (5,672,840     (2,169,448     332,494       81,288,839       6,854,034       -       -  

MML Short-Duration Bond Fund, Class II

    104,664,844       4,502,820       (6,515,557     111,358       (223,567     102,539,898       10,549,372       -       -  

MML Small Cap Growth Equity Fund, Initial Class

    21,201,651       15,415       (1,213,683     1,035,862       (435,415     20,603,830       1,337,840       -       -  

MML Small Company Value Fund, Class II

    39,141,100       18,498       (1,436,421     (493,923     (417,244     36,812,010       2,231,031       -       -  

MML Small/Mid Cap Value Fund, Initial Class

    23,909,426       12,332       (890,947     (636,525     35,270       22,429,556       1,645,602       -       -  

MML Strategic Emerging Markets Fund, Class II

    43,484,577       7,020,664       (1,744,021     891,726       310,707       49,963,653       4,195,101       -       -  

MML Total Return Bond Fund, Class II

    202,044,395       10,485,683       (7,554,984     (2,648,097     (172,871     202,154,126       19,780,247       -       -  

Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*

    24,970,974       11,304       (1,201,700     402,368       214,125       24,397,071       282,963       -       -  

Oppenheimer Global Fund/VA, Non-Service Shares*

    56,206,012       19,355       (3,561,585     (482,878     655,806       52,836,710       1,114,228       -       -  

Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*

    185,916,498       -       (1,305,001     (368,683     5,765       184,248,579       18,762,584       -       -  

Oppenheimer International Growth Fund/VA, Non-Service Shares*

    47,235,197       16,129       (4,330,486     (48,041     176,183       43,048,982       16,621,229       -       -  

Oppenheimer Main Street Fund/VA, Non-Service Shares*

    14,537,070       -       -       (464,285     -       14,072,785       450,762       -       -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
  $ 2,466,681,469     $ 50,018,954     $ (123,236,868   $ (22,904,368   $ 8,946,686     $ 2,379,505,873       $         -     $         -  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

* Fund advised by OFI Global Asset Management, Inc.

 

5.   New Accounting Pronouncements

In October 2016, the Securities and Exchange Commission (“SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. Management is still evaluating the impact of the Rule; however, the Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments.

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 would

 

101


Notes to Portfolio of Investments (Unaudited) (Continued)

 

first be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ 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.

 

102


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/ Tina Wilson

 

 Tina Wilson, President and Principal Executive Officer

Date

 

 5/24/2018

 

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/ Tina Wilson

 

 Tina Wilson, President and Principal Executive Officer

Date

 

 5/24/2018

 

 

By

 

 /s/ Renee Hitchcock

 

 Renee Hitchcock, Treasurer and Principal Financial Officer

Date

 

 5/24/2018