MML SERIES INVESTMENT FUND


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 89.8%
MML Blue Chip Growth Fund, Initial Class (a)		474,186	$	8,075,384
MML Equity Income Fund, Initial Class (a)		818,213		9,376,721
MML Equity Index Fund, Class III (a)		231,443		7,510,335
MML Focused Equity Fund, Class II (a)		481,839		2,799,487
MML Foreign Fund, Initial Class (a)		731,874		7,823,732
MML Fundamental Growth Fund, Class II (a)		381,444		4,203,512
MML Fundamental Value Fund, Class II (a)		612,611		8,729,704
MML Global Fund, Class I (a)		760,298		8,865,071
MML Income & Growth Fund, Initial Class (a)		960,867		9,464,540
MML International Equity Fund, Class II (a)		739,786		7,900,915
MML Large Cap Growth Fund, Initial Class (a)		265,239		2,912,323
MML Mid Cap Growth Fund, Initial Class (a)		572,246		9,190,263
MML Mid Cap Value Fund, Initial Class (a)		797,770		8,775,472
MML Small Cap Growth Equity Fund, Initial Class (a)		143,317		2,314,195
MML Small Company Value Fund, Class II (a)		234,565		4,039,209
MML Small/Mid Cap Value Fund, Initial Class (a)		227,037		2,951,485
MML Strategic Emerging Markets Fund, Class II (a)		605,544		6,673,092
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		36,924		3,117,460
Oppenheimer Global Fund/VA, Non-Service Shares (a)		88,416		3,994,649
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		1,421,654		14,117,028
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		1,541,919		3,669,768
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		137,812		4,284,564

				140,788,909


	Number of Shares		Value
Fixed Income Funds — 10.3%
MML Dynamic Bond Fund, Class II (a)		256,809	$	2,501,320
MML Inflation-Protected and Income Fund, Initial Class (a)		430,731		4,264,237
MML Managed Bond Fund, Initial Class (a)		301,470		3,639,798
MML Short-Duration Bond Fund, Class II (a)		360,079		3,499,971
MML Total Return Bond Fund, Class II (a)		223,933		2,241,574

				16,146,900


TOTAL MUTUAL FUNDS (Cost $156,792,919)				156,935,809


TOTAL LONG-TERM INVESTMENTS (Cost $156,792,919)				156,935,809


TOTAL INVESTMENTS — 100.1% (Cost $156,792,919) (b)				156,935,809

Other Assets/(Liabilities) — (0.1)%				(129,078	)


NET ASSETS — 100.0%			$	156,806,731

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.


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 65.0%
American Funds Blue Chip Income and Growth Fund, Class 1		18,232,870	$	265,105,923
American Funds Growth-Income Fund, Class 1		5,636,490		295,577,557
American Funds International Fund, Class 1		6,633,512		134,461,286

				695,144,766

Fixed Income Funds — 35.1%
American Funds Bond Fund, Class 1		35,421,559		375,114,306


TOTAL MUTUAL FUNDS (Cost $1,024,798,429)				1,070,259,072


TOTAL LONG-TERM INVESTMENTS (Cost $1,024,798,429)				1,070,259,072


TOTAL INVESTMENTS — 100.1% (Cost $1,024,798,429) (a)				1,070,259,072

Other Assets/(Liabilities) — (0.1)%				(1,153,852	)


NET ASSETS — 100.0%			$	1,069,105,220

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.


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,291,293	$	187,473,626


TOTAL MUTUAL FUNDS (Cost $161,515,090)				187,473,626


TOTAL LONG-TERM INVESTMENTS (Cost $161,515,090)				187,473,626


TOTAL INVESTMENTS — 100.1% (Cost $161,515,090) (a)				187,473,626

Other Assets/(Liabilities) — (0.1)%				(209,132	)


NET ASSETS — 100.0%			$	187,264,494

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.


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds International Fund, Class 1		3,101,139	$	62,860,079


TOTAL MUTUAL FUNDS (Cost $57,873,539)				62,860,079


TOTAL LONG-TERM INVESTMENTS (Cost $57,873,539)				62,860,079


TOTAL INVESTMENTS — 100.1% (Cost $57,873,539) (a)				62,860,079

Other Assets/(Liabilities) — (0.1)%				(89,386	)


NET ASSETS — 100.0%			$	62,770,693

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.


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 49.9%
MML Blue Chip Growth Fund, Initial Class (a)		1,003,948	$	17,097,237
MML Equity Income Fund, Initial Class (a)		1,664,497		19,075,139
MML Equity Index Fund, Class III (a)		559,453		18,154,266
MML Focused Equity Fund, Class II (a)		498,187		2,894,464
MML Foreign Fund, Initial Class (a)		1,528,028		16,334,617
MML Fundamental Growth Fund, Class II (a)		995,144		10,966,489
MML Fundamental Value Fund, Class II (a)		1,305,170		18,598,673
MML Global Fund, Class I (a)		1,481,462		17,273,844
MML Income & Growth Fund, Initial Class (a)		1,936,371		19,073,253
MML International Equity Fund, Class II (a)		1,220,013		13,029,743
MML Large Cap Growth Fund, Initial Class (a)		511,261		5,613,642
MML Mid Cap Growth Fund, Initial Class (a)		917,304		14,731,900
MML Mid Cap Value Fund, Initial Class (a)		1,481,941		16,301,352
MML Small Cap Growth Equity Fund, Initial Class (a)		289,470		4,674,195
MML Small Company Value Fund, Class II (a)		424,865		7,316,178
MML Small/Mid Cap Value Fund, Initial Class (a)		353,688		4,597,942
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		61,470		5,189,939
Oppenheimer Global Fund/VA, Non-Service Shares (a)		233,750		10,560,840
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		4,251,829		42,220,664
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		5,194,190		12,362,172
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		204,945		6,371,737

				282,438,286

Fixed Income Funds — 50.2%
MML Dynamic Bond Fund, Class II (a)		6,920,221		67,402,948
MML High Yield Fund, Class II (a)		1,588,975		15,778,520
MML Inflation-Protected and Income Fund, Initial Class (a)		2,057,162		20,365,900


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		7,843,534	$	94,698,959
MML Short-Duration Bond Fund, Class II (a)		2,674,998		26,000,982
MML Total Return Bond Fund, Class II (a)		5,984,668		59,906,527

				284,153,836


TOTAL MUTUAL FUNDS (Cost $577,304,480)				566,592,122


TOTAL LONG-TERM INVESTMENTS (Cost $577,304,480)				566,592,122


TOTAL INVESTMENTS — 100.1% (Cost $577,304,480) (b)				566,592,122

Other Assets/(Liabilities) — (0.1)%				(432,233	)


NET ASSETS — 100.0%			$	566,159,889

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.


	Number of Shares		Value
EQUITIES — 99.9%

COMMON STOCK — 99.7%
Basic Materials — 0.4%
Chemicals — 0.4%
Air Products & Chemicals, Inc.		1,200	$	200,460
DowDuPont, Inc.		2,293		147,463
The Sherwin-Williams Co.		3,231		1,470,783

				1,818,706

Communications — 30.4%
Internet — 30.3%
Alibaba Group Holding Ltd. Sponsored ADR (a)		72,685		11,975,581
Alphabet, Inc. Class A (a)		5,579		6,734,299
Alphabet, Inc. Class C (a)		13,942		16,639,359
Amazon.com, Inc. (a)		23,062		46,193,186
Booking Holdings, Inc. (a)		6,890		13,669,760
Ctrip.com International Ltd. ADR (a)		1,540		57,242
Facebook, Inc. Class A (a)		95,957		15,781,088
IAC/InterActiveCorp (a)		223		48,329
Netflix, Inc. (a)		13,288		4,971,439
Tencent Holdings Ltd.		157,200		6,495,852

				122,566,135

Telecommunications — 0.1%
Motorola Solutions, Inc.		2,800		364,392

				122,930,527

Consumer, Cyclical — 7.8%
Airlines — 1.6%
Alaska Air Group, Inc.		10,285		708,225
American Airlines Group, Inc.		65,567		2,709,884
Delta Air Lines, Inc.		29,600		1,711,768
United Continental Holdings, Inc. (a)		14,800		1,318,088

				6,447,965

Auto Manufacturers — 0.8%
Ferrari NV		3,395		464,810
Tesla, Inc. (a)		11,016		2,916,706

				3,381,516

Auto Parts & Equipment — 0.4%
Aptiv PLC		21,000		1,761,900

Leisure Time — 0.7%
Norwegian Cruise Line Holdings Ltd. (a)		7,547		433,424
Royal Caribbean Cruises Ltd.		16,972		2,205,342

				2,638,766


	Number of Shares		Value
Lodging — 1.4%
Hilton Worldwide Holdings, Inc.		17,082	$	1,379,884
Marriott International, Inc. Class A		27,334		3,608,908
Wynn Resorts Ltd.		5,051		641,780

				5,630,572

Retail — 2.9%
Dollar General Corp.		30,086		3,288,400
The Home Depot, Inc.		8,413		1,742,753
McDonald’s Corp.		2,452		410,195
O’Reilly Automotive, Inc. (a)		144		50,014
Restaurant Brands International, Inc.		11,320		671,049
Ross Stores, Inc.		36,747		3,641,628
Ulta Salon Cosmetics & Fragrance, Inc. (a)		400		112,848
Yum! Brands, Inc.		20,770		1,888,201

				11,805,088

				31,665,807

Consumer, Non-cyclical — 22.0%
Agriculture — 0.0%
Philip Morris International, Inc.		500		40,770

Beverages — 0.0%
Constellation Brands, Inc. Class A		300		64,686

Biotechnology — 2.8%
Alexion Pharmaceuticals, Inc. (a)		29,623		4,117,893
Biogen, Inc. (a)		66		23,318
Celgene Corp. (a)		608		54,410
Illumina, Inc. (a)		226		82,956
Vertex Pharmaceuticals, Inc. (a)		35,540		6,849,980

				11,128,557

Commercial Services — 3.9%
Cintas Corp.		2,304		455,754
CoStar Group, Inc. (a)		1,881		791,600
FleetCor Technologies, Inc. (a)		4,881		1,112,087
Global Payments, Inc.		33,290		4,241,146
IHS Markit Ltd. (a)		1,148		61,946
PayPal Holdings, Inc. (a)		64,147		5,634,672
S&P Global, Inc.		7,135		1,394,108
Worldpay, Inc. Class A (a)		22,484		2,276,955

				15,968,268

Health Care – Products — 7.6%
Abbott Laboratories		10,928		801,678
Becton, Dickinson & Co.		30,996		8,089,956
Danaher Corp.		34,686		3,768,981
Intuitive Surgical, Inc. (a)		11,494		6,597,556
Stryker Corp.		41,155		7,312,420
Thermo Fisher Scientific, Inc.		16,986		4,145,943

				30,716,534


	Number of Shares		Value
Health Care – Services — 7.3%
Anthem, Inc.		18,785	$	5,148,029
Centene Corp. (a)		15,056		2,179,808
Cigna Corp.		28,921		6,022,798
HCA Healthcare, Inc.		4,760		662,211
Humana, Inc.		7,279		2,464,087
UnitedHealth Group, Inc.		43,919		11,684,211
WellCare Health Plans, Inc. (a)		3,635		1,164,981

				29,326,125

Pharmaceuticals — 0.4%
Merck & Co., Inc.		18,556		1,316,363
Zoetis, Inc.		1,700		155,652

				1,472,015

				88,716,955

Financial — 13.4%
Banks — 2.5%
Citigroup, Inc.		1,700		121,958
JP Morgan Chase & Co.		25,900		2,922,556
Morgan Stanley		106,412		4,955,607
Northern Trust Corp.		1,700		173,621
State Street Corp.		22,198		1,859,748

				10,033,490

Diversified Financial Services — 9.4%
Ameriprise Financial, Inc.		400		59,064
The Charles Schwab Corp.		56,403		2,772,208
Intercontinental Exchange, Inc.		40,052		2,999,494
Mastercard, Inc. Class A		53,934		12,006,248
Raymond James Financial, Inc.		5,900		543,095
TD Ameritrade Holding Corp.		108,675		5,741,300
Visa, Inc. Class A		92,136		13,828,692

				37,950,101

Insurance — 1.4%
American International Group, Inc.		17,002		905,186
Chubb Ltd.		5,900		788,476
Marsh & McLennan Cos., Inc.		6,861		567,542
The Progressive Corp.		12,807		909,809
Willis Towers Watson PLC		17,589		2,478,994

				5,650,007

Real Estate Investment Trusts (REITS) — 0.1%
American Tower Corp.		2,646		384,464
Equinix, Inc.		109		47,185

				431,649

				54,065,247

Industrial — 8.0%
Aerospace & Defense — 4.7%
The Boeing Co.		38,727		14,402,571
Harris Corp.		9,500		1,607,495
L3 Technologies, Inc.		1,000		212,620


	Number of Shares		Value
Northrop Grumman Corp.		8,103	$	2,571,649

				18,794,335

Electronics — 1.6%
Agilent Technologies, Inc.		800		56,432
Corning, Inc.		10,325		364,472
Fortive Corp.		18,644		1,569,825
Honeywell International, Inc.		26,049		4,334,554

				6,325,283

Hand & Machine Tools — 0.1%
Stanley Black & Decker, Inc.		4,072		596,304

Machinery – Diversified — 0.7%
Roper Technologies, Inc.		9,229		2,733,722

Miscellaneous – Manufacturing — 0.1%
Textron, Inc.		5,353		382,579

Packaging & Containers — 0.0%
Ball Corp.		2,721		119,697

Transportation — 0.8%
Canadian Pacific Railway Ltd.		2,597		550,408
CSX Corp.		22,573		1,671,531
FedEx Corp.		227		54,659
Kansas City Southern		1,841		208,549
Norfolk Southern Corp.		1,800		324,900
Union Pacific Corp.		2,500		407,075

				3,217,122

				32,169,042

Technology — 17.4%
Computers — 1.0%
Apple, Inc.		17,300		3,905,302

Semiconductors — 2.0%
ASML Holding NV		300		56,406
Broadcom, Inc.		1,394		343,942
Lam Research Corp.		400		60,680
Maxim Integrated Products, Inc.		27,600		1,556,364
Microchip Technology, Inc.		6,168		486,717
NVIDIA Corp.		8,271		2,324,316
Texas Instruments, Inc.		23,136		2,482,261
Xilinx, Inc.		8,646		693,150

				8,003,836

Software — 14.4%
Activision Blizzard, Inc.		26,501		2,204,618
Electronic Arts, Inc. (a)		13,298		1,602,276
Fidelity National Information Services, Inc.		17,973		1,960,315
Fiserv, Inc. (a)		38,655		3,184,399
Intuit, Inc.		27,082		6,158,447
Microsoft Corp.		187,617		21,457,756
Red Hat, Inc. (a)		20,954		2,855,611
salesforce.com, Inc. (a)		54,206		8,620,380
ServiceNow, Inc. (a)		32,824		6,421,359


	Number of Shares		Value
Splunk, Inc. (a)		2,000	$	241,820
VMware, Inc. Class A (a)		4,476		698,525
Workday, Inc. Class A (a)		19,316		2,819,750

				58,225,256

				70,134,394

Utilities — 0.3%
Electric — 0.3%
NextEra Energy, Inc.		5,300		888,280
Sempra Energy		1,734		197,243

				1,085,523


TOTAL COMMON STOCK (Cost $221,576,981)				402,586,201


PREFERRED STOCK — 0.2%
Consumer, Non-cyclical — 0.2%
Commercial Services — 0.2%
Ant International Co., Ltd. Class C (a) (b) (c)		138,153		775,038


TOTAL PREFERRED STOCK (Cost $775,038)				775,038


TOTAL EQUITIES (Cost $222,352,019)				403,361,239


TOTAL LONG-TERM INVESTMENTS (Cost $222,352,019)				403,361,239


SHORT-TERM INVESTMENTS — 0.6%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund, 0.010%, due 9/19/34		1,041		1,041


TOTAL MUTUAL FUND (Cost $1,041)				1,041


	Principal Amount
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	2,672,290		2,672,290


TOTAL SHORT-TERM INVESTMENTS (Cost $2,673,331)				2,673,331


	Value
TOTAL INVESTMENTS — 100.5% (Cost $225,025,350) (e)	$	406,034,570

Other Assets/(Liabilities) — (0.5)%		(2,163,602	)


NET ASSETS — 100.0%	$	403,870,968

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)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $775,038 or 0.19% of net assets.

(c)	Investment was valued using significant unobservable inputs.

(d)	Maturity value of $2,672,535. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $2,728,026.

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


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 40.0%
MML Blue Chip Growth Fund, Initial Class (a)		604,566	$	10,295,761
MML Equity Income Fund, Initial Class (a)		1,004,962		11,516,870
MML Equity Index Fund, Class III (a)		423,585		13,745,329
MML Focused Equity Fund, Class II (a)		379,262		2,203,511
MML Foreign Fund, Initial Class (a)		853,269		9,121,450
MML Fundamental Growth Fund, Class II (a)		673,555		7,422,573
MML Fundamental Value Fund, Class II (a)		774,462		11,036,083
MML Global Fund, Class I (a)		975,397		11,373,124
MML Income & Growth Fund, Initial Class (a)		1,260,931		12,420,166
MML International Equity Fund, Class II (a)		638,034		6,814,203
MML Large Cap Growth Fund, Initial Class (a)		255,611		2,806,604
MML Mid Cap Growth Fund, Initial Class (a)		486,890		7,819,454
MML Mid Cap Value Fund, Initial Class (a)		842,141		9,263,556
MML Small Cap Growth Equity Fund, Initial Class (a)		145,312		2,346,419
MML Small Company Value Fund, Class II (a)		278,340		4,793,012
MML Small/Mid Cap Value Fund, Initial Class (a)		168,844		2,194,972
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		32,723		2,762,843
Oppenheimer Global Fund/VA, Non-Service Shares (a)		159,275		7,196,049
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		3,108,719		30,869,575
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		2,335,571		5,558,659
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		97,003		3,015,822

				174,576,035

Fixed Income Funds — 60.1%
MML Dynamic Bond Fund, Class II (a)		6,806,017		66,290,610
MML High Yield Fund, Class II (a)		1,415,506		14,055,980
MML Inflation-Protected and Income Fund, Initial Class (a)		1,837,061		18,186,899


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		7,220,156	$	87,172,598
MML Short-Duration Bond Fund, Class II (a)		2,261,609		21,982,839
MML Total Return Bond Fund, Class II (a)		5,506,648		55,121,544

				262,810,470


TOTAL MUTUAL FUNDS (Cost $445,287,603)				437,386,505


TOTAL LONG-TERM INVESTMENTS (Cost $445,287,603)				437,386,505


TOTAL INVESTMENTS — 100.1% (Cost $445,287,603) (b)				437,386,505

Other Assets/(Liabilities) — (0.1)%				(350,471	)


NET ASSETS — 100.0%			$	437,036,034

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.


	Number of Shares		Value
EQUITIES — 98.5%

COMMON STOCK — 96.1%
Basic Materials — 4.9%
Chemicals — 3.4%
Akzo Nobel NV		7,977	$	745,835
CF Industries Holdings, Inc.		111,000		6,042,840
DowDuPont, Inc.		158,615		10,200,531

				16,989,206

Forest Products & Paper — 0.9%
International Paper Co.		90,300		4,438,245

Iron & Steel — 0.6%
Nucor Corp.		45,700		2,899,665

				24,327,116

Communications — 8.8%
Media — 4.2%
Comcast Corp. Class A		142,295		5,038,666
News Corp. Class A		260,486		3,435,810
Twenty-First Century Fox, Inc. Class B		231,400		10,602,748
The Walt Disney Co.		14,900		1,742,406

				20,819,630

Telecommunications — 4.6%
AT&T, Inc.		23,948		804,174
CenturyLink, Inc.		53,905		1,142,786
Cisco Systems, Inc.		179,800		8,747,270
Telefonica SA		297,256		2,342,685
Verizon Communications, Inc.		189,835		10,135,291
Vodafone Group PLC		45,482		97,512

				23,269,718

				44,089,348

Consumer, Cyclical — 5.4%
Airlines — 1.5%
Alaska Air Group, Inc.		42,900		2,954,094
Delta Air Lines, Inc.		40,400		2,336,332
Southwest Airlines Co.		34,100		2,129,545

				7,419,971

Auto Manufacturers — 0.2%
PACCAR, Inc.		14,000		954,660

Auto Parts & Equipment — 0.3%
Adient PLC		32,481		1,276,828

Lodging — 0.8%
Las Vegas Sands Corp.		71,900		4,265,827

Retail — 2.1%
Kohl’s Corp.		40,500		3,019,275
L Brands, Inc.		69,000		2,090,700
Walmart, Inc.		55,400		5,202,614

				10,312,589


	Number of Shares		Value
Toys, Games & Hobbies — 0.5%
Mattel, Inc.		170,700	$	2,679,990

				26,909,865

Consumer, Non-cyclical — 19.3%
Agriculture — 1.7%
Archer-Daniels-Midland Co.		60,400		3,036,308
Philip Morris International, Inc.		70,000		5,707,800

				8,744,108

Beverages — 0.5%
PepsiCo, Inc.		24,300		2,716,740

Biotechnology — 1.3%
Gilead Sciences, Inc.		81,800		6,315,778

Commercial Services — 0.9%
Nielsen Holdings PLC		171,154		4,734,120

Cosmetics & Personal Care — 0.2%
Coty, Inc. Class A		76,073		955,477

Foods — 1.8%
Conagra Brands, Inc.		58,300		1,980,451
Kellogg Co.		17,700		1,239,354
Tyson Foods, Inc. Class A		94,700		5,637,491

				8,857,296

Health Care – Products — 2.0%
Becton, Dickinson & Co.		8,000		2,088,000
Medtronic PLC		79,049		7,776,050

				9,864,050

Health Care – Services — 1.9%
Anthem, Inc.		34,900		9,564,345

Household Products & Wares — 1.5%
Kimberly-Clark Corp.		63,900		7,261,596

Pharmaceuticals — 7.5%
Bristol-Myers Squibb Co.		59,700		3,706,176
CVS Health Corp.		65,203		5,132,780
GlaxoSmithKline PLC		150,933		3,023,931
GlaxoSmithKline PLC Sponsored ADR		46,900		1,883,973
Johnson & Johnson		70,100		9,685,717
Merck & Co., Inc.		83,500		5,923,490
Pfizer, Inc.		190,454		8,393,308

				37,749,375

				96,762,885

Energy — 10.3%
Oil & Gas — 9.1%
Apache Corp.		83,986		4,003,613
Chevron Corp.		41,800		5,111,304
EQT Corp.		11,280		498,914
Exxon Mobil Corp.		158,442		13,470,739
Hess Corp.		89,400		6,399,252


	Number of Shares		Value
Occidental Petroleum Corp.		63,200	$	5,193,144
Total SA		170,666		11,018,957

				45,695,923

Pipelines — 1.2%
TransCanada Corp.		141,400		5,721,044

				51,416,967

Financial — 26.9%
Banks — 16.5%
Bank of America Corp.		24,677		726,984
The Bank of New York Mellon Corp.		71,100		3,625,389
Citigroup, Inc.		78,876		5,658,564
Fifth Third Bancorp		212,200		5,924,624
JP Morgan Chase & Co.		163,970		18,502,375
KeyCorp		169,966		3,380,624
Morgan Stanley		176,600		8,224,262
Northern Trust Corp.		13,300		1,358,329
The PNC Financial Services Group, Inc.		35,300		4,807,507
State Street Corp.		81,800		6,853,204
US Bancorp		164,200		8,671,402
Wells Fargo & Co.		282,100		14,827,176

				82,560,440

Diversified Financial Services — 1.0%
Ameriprise Financial, Inc.		6,200		915,492
Franklin Resources, Inc.		129,000		3,922,890

				4,838,382

Insurance — 6.9%
American International Group, Inc.		127,095		6,766,538
Brighthouse Financial, Inc. (a)		72,426		3,204,126
Chubb Ltd.		54,871		7,332,960
Loews Corp.		105,563		5,302,429
Marsh & McLennan Cos., Inc.		26,800		2,216,896
MetLife, Inc.		157,200		7,344,384
Willis Towers Watson PLC		15,541		2,190,349

				34,357,682

Real Estate Investment Trusts (REITS) — 2.5%
Equity Residential		63,200		4,187,632
Rayonier, Inc.		85,641		2,895,523
SL Green Realty Corp.		30,021		2,927,948
Weyerhaeuser Co.		86,571		2,793,646

				12,804,749

				134,561,253

Industrial — 9.2%
Aerospace & Defense — 3.6%
The Boeing Co.		25,000		9,297,500
Harris Corp.		49,035		8,297,212
Northrop Grumman Corp.		1,200		380,844

				17,975,556


	Number of Shares		Value
Building Materials — 2.1%
Johnson Controls International PLC		219,499	$	7,682,465
Vulcan Materials Co.		25,400		2,824,480

				10,506,945

Electrical Components & Equipment — 0.8%
Emerson Electric Co.		53,100		4,066,398

Electronics — 0.3%
nVent Electric PLC		27,700		752,332
TE Connectivity Ltd.		10,500		923,265

				1,675,597

Environmental Controls — 0.6%
Pentair PLC		38,700		1,677,645
Stericycle, Inc. (a)		23,002		1,349,757

				3,027,402

Machinery – Diversified — 0.1%
Flowserve Corp.		14,892		814,444

Miscellaneous – Manufacturing — 0.4%
General Electric Co.		142,800		1,612,212
Illinois Tool Works, Inc.		1,500		211,680

				1,823,892

Transportation — 1.3%
United Parcel Service, Inc. Class B		54,432		6,354,936

				46,245,170

Technology — 6.0%
Computers — 0.4%
Hewlett Packard Enterprise Co.		62,400		1,017,744
Western Digital Corp.		16,900		989,326

				2,007,070

Semiconductors — 3.5%
Applied Materials, Inc.		63,100		2,438,815
NXP Semiconductor NV		5,800		495,900
QUALCOMM, Inc.		150,400		10,833,312
Texas Instruments, Inc.		32,973		3,537,673

				17,305,700

Software — 2.1%
Microsoft Corp.		91,700		10,487,729

				29,800,499

Utilities — 5.3%
Electric — 4.1%
Duke Energy Corp.		21,713		1,737,475
Edison International		54,250		3,671,640
Evergy, Inc.		40,100		2,202,292
PG&E Corp.		63,704		2,931,021
Sempra Energy		10,540		1,198,925
The Southern Co.		197,327		8,603,457

				20,344,810


	Number of Shares		Value
Gas — 1.2%
NiSource, Inc.		224,780	$	5,601,517
NiSource, Inc. (a) (b)		20,142		501,939

				6,103,456

				26,448,266


TOTAL COMMON STOCK (Cost $382,465,019)				480,561,369


PREFERRED STOCK — 2.4%
Consumer, Non-cyclical — 0.9%
Health Care – Products — 0.9%
Becton Dickinson and Co. Convertible 6.125%		63,549		4,153,562

Utilities — 1.5%
Electric — 1.5%
DTE Energy Co. Convertible 6.500%		15,505		801,919
NextEra Energy, Inc. Convertible 6.123%		66,353		3,778,803
Sempra Energy Convertible 6.000%		22,022		2,220,699
Sempra Energy Convertible 6.750%		6,848		693,661

				7,495,082

				7,495,082


TOTAL PREFERRED STOCK (Cost $10,100,774)				11,648,644


TOTAL EQUITIES (Cost $392,565,793)				492,210,013


	Principal Amount
BONDS & NOTES — 0.5%

CORPORATE DEBT — 0.5%
Insurance — 0.2%
AXA SA Convertible 7.250% 5/15/21 (c)	$	895,000		959,845

Toys, Games & Hobbies — 0.3%
Mattel, Inc. (c)		1,717,000		1,682,660


TOTAL CORPORATE DEBT (Cost $2,584,236)				2,642,505


TOTAL BONDS & NOTES (Cost $2,584,236)				2,642,505


TOTAL LONG-TERM INVESTMENTS (Cost $395,150,029)				494,852,518


	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.0%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,041	$	1,041


	Principal Amount
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	5,096,393		5,096,393


TOTAL SHORT-TERM INVESTMENTS (Cost $5,097,434)				5,097,434


TOTAL INVESTMENTS — 100.0% (Cost $400,247,463) (e)				499,949,952

Other Assets/(Liabilities) — 0.0%				28,946


NET ASSETS — 100.0%			$	499,978,898

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)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $501,939 or 0.10% of net assets.

(c)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $2,642,505 or 0.53% of net assets.

(d)	Maturity value of $5,096,860. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $5,202,936.

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


	Number of Shares		Value
EQUITIES — 97.2%

COMMON STOCK — 97.2%
Basic Materials — 1.9%
Chemicals — 1.6%
Air Products & Chemicals, Inc.		6,542	$	1,092,841
Albemarle Corp.		3,179		317,201
CF Industries Holdings, Inc.		6,902		375,745
DowDuPont, Inc.		68,643		4,414,431
Eastman Chemical Co.		4,223		404,226
FMC Corp.		3,979		346,889
International Flavors & Fragrances, Inc.		2,725		379,102
LyondellBasell Industries NV Class A		9,509		974,768
The Mosaic Co.		10,692		347,276
PPG Industries, Inc.		7,193		784,972
Praxair, Inc.		8,563		1,376,331
The Sherwin-Williams Co.		2,435		1,108,436

				11,922,218

Forest Products & Paper — 0.1%
International Paper Co.		12,061		592,798

Iron & Steel — 0.1%
Nucor Corp.		9,409		597,001

Mining — 0.1%
Freeport-McMoRan, Inc.		43,098		599,924
Newmont Mining Corp.		15,778		476,496

				1,076,420

				14,188,437

Communications — 14.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		11,403		260,787
Omnicom Group, Inc.		6,722		457,230

				718,017

Internet — 9.1%
Alphabet, Inc. Class A (a)		8,884		10,723,699
Alphabet, Inc. Class C (a)		9,151		10,921,444
Amazon.com, Inc. (a)		12,177		24,390,531
Booking Holdings, Inc. (a)		1,411		2,799,424
eBay, Inc. (a)		27,668		913,597
Expedia Group, Inc.		3,575		466,466
F5 Networks, Inc. (a)		1,808		360,551
Facebook, Inc. Class A (a)		71,681		11,788,657
Netflix, Inc. (a)		12,943		4,842,365
Symantec Corp.		18,383		391,190
TripAdvisor, Inc. (a)		2,973		151,831
Twitter, Inc. (a)		21,404		609,158
VeriSign, Inc. (a)		3,195		511,584

				68,870,497


	Number of Shares		Value
Media — 2.1%
CBS Corp. Class B		10,100	$	580,245
Charter Communications, Inc. Class A (a)		5,307		1,729,445
Comcast Corp. Class A		135,825		4,809,563
Discovery, Inc. Class A (a)		4,616		147,712
Discovery, Inc. Class C (a)		10,700		316,506
DISH Network Corp. Class A (a)		6,772		242,167
News Corp. Class A		11,337		149,535
News Corp. Class B		3,597		48,919
Twenty-First Century Fox, Inc. Class A		31,400		1,454,762
Twenty-First Century Fox, Inc. Class B		14,477		663,336
Viacom, Inc. Class B		10,440		352,455
The Walt Disney Co.		44,200		5,168,748

				15,663,393

Telecommunications — 3.0%
Arista Networks, Inc. (a)		1,537		408,627
AT&T, Inc.		215,832		7,247,639
CenturyLink, Inc.		28,259		599,091
Cisco Systems, Inc.		135,889		6,611,000
Juniper Networks, Inc.		10,327		309,500
Motorola Solutions, Inc.		4,796		624,151
Verizon Communications, Inc.		122,795		6,556,025

				22,356,033

				107,607,940

Consumer, Cyclical — 8.1%
Airlines — 0.5%
Alaska Air Group, Inc.		3,646		251,064
American Airlines Group, Inc.		12,079		499,225
Delta Air Lines, Inc.		18,734		1,083,387
Southwest Airlines Co.		15,350		958,607
United Continental Holdings, Inc. (a)		6,816		607,033

				3,399,316

Apparel — 0.7%
Hanesbrands, Inc.		10,659		196,445
Michael Kors Holdings Ltd. (a)		4,433		303,926
NIKE, Inc. Class B		38,065		3,224,867
PVH Corp.		2,279		329,088
Ralph Lauren Corp.		1,647		226,545
Under Armour, Inc. Class A (a)		5,501		116,731
Under Armour, Inc. Class C (a)		5,571		108,412
VF Corp.		9,684		904,970

				5,410,984

Auto Manufacturers — 0.4%
Ford Motor Co.		116,807		1,080,465
General Motors Co.		38,995		1,312,962


	Number of Shares		Value
PACCAR, Inc.		10,406	$	709,585

				3,103,012

Auto Parts & Equipment — 0.1%
Aptiv PLC		7,831		657,021
BorgWarner, Inc.		6,225		266,305
The Goodyear Tire & Rubber Co.		7,094		165,929

				1,089,255

Distribution & Wholesale — 0.2%
Fastenal Co.		8,508		493,634
LKQ Corp. (a)		9,486		300,422
W.W. Grainger, Inc.		1,351		482,861

				1,276,917

Home Builders — 0.1%
D.R. Horton, Inc.		10,158		428,465
Lennar Corp. Class A		8,696		406,016
PulteGroup, Inc.		7,769		192,438

				1,026,919

Home Furnishing — 0.1%
Leggett & Platt, Inc.		3,883		170,037
Whirlpool Corp.		1,908		226,575

				396,612

Housewares — 0.0%
Newell Brands, Inc.		12,934		262,560

Leisure Time — 0.3%
Carnival Corp.		12,008		765,750
Harley-Davidson, Inc.		4,923		223,012
Norwegian Cruise Line Holdings Ltd. (a)		6,115		351,185
Royal Caribbean Cruises Ltd.		5,095		662,044

				2,001,991

Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		8,867		716,276
Marriott International, Inc. Class A		8,561		1,130,309
MGM Resorts International		15,200		424,232
Wynn Resorts Ltd.		2,907		369,363

				2,640,180

Retail — 5.2%
Advance Auto Parts, Inc.		2,190		368,643
AutoZone, Inc. (a)		789		612,027
Best Buy Co., Inc.		7,254		575,677
CarMax, Inc. (a)		5,267		393,287
Chipotle Mexican Grill, Inc. (a)		723		328,618
Copart, Inc. (a)		6,133		316,033
Costco Wholesale Corp.		13,037		3,062,131
Darden Restaurants, Inc.		3,662		407,178
Dollar General Corp.		7,894		862,814
Dollar Tree, Inc. (a)		7,033		573,541
Foot Locker, Inc.		3,494		178,124
The Gap, Inc.		6,418		185,159


	Number of Shares		Value
Genuine Parts Co.		4,340	$	431,396
The Home Depot, Inc.		33,998		7,042,686
Kohl’s Corp.		4,976		370,961
L Brands, Inc.		6,792		205,798
Lowe’s Cos., Inc.		24,103		2,767,506
Macy’s, Inc.		9,061		314,689
McDonald’s Corp.		23,055		3,856,871
Nordstrom, Inc.		3,474		207,780
O’Reilly Automotive, Inc. (a)		2,394		831,484
Ross Stores, Inc.		11,199		1,109,821
Starbucks Corp.		40,093		2,278,886
Tapestry, Inc.		8,513		427,948
Target Corp.		15,643		1,379,869
Tiffany & Co.		3,241		417,992
The TJX Cos., Inc.		18,639		2,087,941
Tractor Supply Co.		3,610		328,077
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,691		477,065
Walgreens Boots Alliance, Inc.		25,081		1,828,405
Walmart, Inc.		42,653		4,005,543
Yum! Brands, Inc.		9,429		857,190

				39,091,140

Textiles — 0.0%
Mohawk Industries, Inc. (a)		1,875		328,781

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		3,480		365,817
Mattel, Inc.		10,174		159,732

				525,549

				60,553,216

Consumer, Non-cyclical — 21.6%
Agriculture — 1.1%
Altria Group, Inc.		55,979		3,376,093
Archer-Daniels-Midland Co.		16,740		841,520
Philip Morris International, Inc.		46,203		3,767,393

				7,985,006

Beverages — 1.6%
Brown-Forman Corp. Class B		5,021		253,811
The Coca-Cola Co.		113,756		5,254,390
Constellation Brands, Inc. Class A		4,969		1,071,416
Molson Coors Brewing Co. Class B		5,630		346,245
Monster Beverage Corp. (a)		11,839		689,977
PepsiCo, Inc.		42,038		4,699,848

				12,315,687

Biotechnology — 2.2%
Alexion Pharmaceuticals, Inc. (a)		6,664		926,363
Amgen, Inc.		19,228		3,985,772
Biogen, Inc. (a)		5,986		2,114,914
Celgene Corp. (a)		20,906		1,870,878
Gilead Sciences, Inc.		38,594		2,979,843
Illumina, Inc. (a)		4,376		1,606,254


	Number of Shares		Value
Incyte Corp. (a)		5,204	$	359,492
Regeneron Pharmaceuticals, Inc. (a)		2,314		934,948
Vertex Pharmaceuticals, Inc. (a)		7,593		1,463,475

				16,241,939

Commercial Services — 1.9%
Automatic Data Processing, Inc.		13,029		1,962,949
Cintas Corp.		2,557		505,800
Ecolab, Inc.		7,552		1,184,003
Equifax, Inc.		3,558		464,568
FleetCor Technologies, Inc. (a)		2,651		604,004
Gartner, Inc. (a)		2,699		427,791
Global Payments, Inc.		4,719		601,201
H&R Block, Inc.		6,148		158,311
IHS Markit Ltd. (a)		10,534		568,415
Moody’s Corp.		4,938		825,634
Nielsen Holdings PLC		10,599		293,168
PayPal Holdings, Inc. (a)		35,184		3,090,563
Quanta Services, Inc. (a)		4,426		147,740
Robert Half International, Inc.		3,655		257,239
Rollins, Inc.		2,918		177,093
S&P Global, Inc.		7,480		1,461,517
Total System Services, Inc.		5,009		494,589
United Rentals, Inc. (a)		2,473		404,583
Verisk Analytics, Inc. (a)		4,901		590,815
The Western Union Co.		13,089		249,476

				14,469,459

Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co.		25,801		1,727,377
Coty, Inc. Class A		13,187		165,629
The Estee Lauder Cos., Inc. Class A		6,696		973,063
The Procter & Gamble Co.		73,949		6,154,775

				9,020,844

Foods — 1.2%
Campbell Soup Co.		5,691		208,461
Conagra Brands, Inc.		11,638		395,343
General Mills, Inc.		17,763		762,388
The Hershey Co.		4,133		421,566
Hormel Foods Corp.		7,988		314,727
The J.M. Smucker Co.		3,360		344,770
Kellogg Co.		7,543		528,161
The Kraft Heinz Co.		18,499		1,019,480
The Kroger Co.		23,688		689,558
McCormick & Co., Inc.		3,587		472,587
Mondelez International, Inc. Class A		43,628		1,874,259
Sysco Corp.		14,177		1,038,465
Tyson Foods, Inc. Class A		8,802		523,983

				8,593,748

Health Care – Products — 3.6%
Abbott Laboratories		52,132		3,824,404
ABIOMED, Inc. (a)		1,334		599,966
Align Technology, Inc. (a)		2,173		850,121


	Number of Shares		Value
Baxter International, Inc.		14,775	$	1,139,005
Becton, Dickinson & Co.		7,953		2,075,733
Boston Scientific Corp. (a)		41,110		1,582,735
The Cooper Cos., Inc.		1,450		401,867
Danaher Corp.		18,301		1,988,587
DENTSPLY SIRONA, Inc.		6,727		253,877
Edwards Lifesciences Corp. (a)		6,234		1,085,339
Henry Schein, Inc. (a)		4,556		387,397
Hologic, Inc. (a)		8,075		330,913
IDEXX Laboratories, Inc. (a)		2,569		641,377
Intuitive Surgical, Inc. (a)		3,381		1,940,694
Medtronic PLC		40,157		3,950,244
ResMed, Inc.		4,222		486,965
Stryker Corp.		9,227		1,639,453
Thermo Fisher Scientific, Inc.		11,966		2,920,661
Varian Medical Systems, Inc. (a)		2,706		302,883
Zimmer Biomet Holdings, Inc.		6,012		790,398

				27,192,619

Health Care – Services — 2.6%
Aetna, Inc.		9,724		1,972,513
Anthem, Inc.		7,727		2,117,584
Centene Corp. (a)		6,069		878,670
Cigna Corp.		7,245		1,508,771
DaVita, Inc. (a)		3,778		270,618
Envision Healthcare Corp. (a)		3,582		163,805
HCA Healthcare, Inc.		8,023		1,116,160
Humana, Inc.		4,102		1,388,609
IQVIA Holdings, Inc. (a)		4,787		621,065
Laboratory Corp. of America Holdings (a)		3,026		525,556
Quest Diagnostics, Inc.		4,017		433,475
UnitedHealth Group, Inc.		28,604		7,609,808
Universal Health Services, Inc. Class B		2,578		329,572
WellCare Health Plans, Inc. (a)		1,490		477,530

				19,413,736

Household Products & Wares — 0.3%
Avery Dennison Corp.		2,604		282,143
Church & Dwight Co., Inc.		7,238		429,720
The Clorox Co.		3,831		576,221
Kimberly-Clark Corp.		10,332		1,174,129

				2,462,213

Pharmaceuticals — 5.9%
AbbVie, Inc.		45,000		4,256,100
Allergan PLC		9,483		1,806,322
AmerisourceBergen Corp.		4,811		443,670
Bristol-Myers Squibb Co.		48,508		3,011,377
Cardinal Health, Inc.		9,189		496,206
CVS Health Corp.		30,261		2,382,146
Eli Lilly & Co.		28,400		3,047,604
Express Scripts Holding Co. (a)		16,719		1,588,472


	Number of Shares		Value
Johnson & Johnson		79,726	$	11,015,741
McKesson Corp.		5,901		782,768
Merck & Co., Inc.		79,032		5,606,530
Mylan NV (a)		15,246		558,004
Nektar Therapeutics (a)		5,126		312,481
Perrigo Co. PLC		3,809		269,677
Pfizer, Inc.		174,185		7,676,333
Zoetis, Inc.		14,311		1,310,315

				44,563,746

				162,258,997

Energy — 5.8%
Oil & Gas — 4.8%
Anadarko Petroleum Corp.		15,235		1,026,991
Andeavor		4,112		631,192
Apache Corp.		11,303		538,814
Cabot Oil & Gas Corp.		13,354		300,732
Chevron Corp.		56,938		6,962,379
Cimarex Energy Co.		2,823		262,370
Concho Resources, Inc. (a)		5,954		909,473
ConocoPhillips		34,474		2,668,288
Devon Energy Corp.		15,134		604,452
EOG Resources, Inc.		17,211		2,195,607
EQT Corp.		7,854		347,382
Exxon Mobil Corp.		125,820		10,697,216
Helmerich & Payne, Inc.		3,220		221,439
Hess Corp.		7,491		536,206
HollyFrontier Corp.		4,818		336,778
Marathon Oil Corp.		25,235		587,471
Marathon Petroleum Corp.		13,404		1,071,918
Newfield Exploration Co. (a)		5,908		170,328
Noble Energy, Inc.		14,329		446,921
Occidental Petroleum Corp.		22,776		1,871,504
Phillips 66		12,691		1,430,530
Pioneer Natural Resources Co.		5,041		878,092
Valero Energy Corp.		12,745		1,449,744

				36,145,827

Oil & Gas Services — 0.6%
Baker Hughes a GE Co.		12,316		416,650
Halliburton Co.		26,169		1,060,630
National Oilwell Varco, Inc.		11,299		486,761
Schlumberger Ltd.		41,140		2,506,249
TechnipFMC PLC		12,838		401,187

				4,871,477

Pipelines — 0.4%
Kinder Morgan, Inc.		56,667		1,004,706
ONEOK, Inc.		12,303		834,020
The Williams Cos., Inc.		35,947		977,399

				2,816,125

				43,833,429


	Number of Shares		Value
Financial — 17.1%
Banks — 6.8%
Bank of America Corp.		276,049	$	8,132,403
The Bank of New York Mellon Corp.		27,324		1,393,251
BB&T Corp.		23,064		1,119,526
Capital One Financial Corp.		14,219		1,349,810
Citigroup, Inc.		74,794		5,365,721
Citizens Financial Group, Inc.		14,086		543,297
Comerica, Inc.		5,085		458,667
Fifth Third Bancorp		19,844		554,044
The Goldman Sachs Group, Inc.		10,433		2,339,496
Huntington Bancshares, Inc.		32,685		487,660
JP Morgan Chase & Co.		99,874		11,269,782
KeyCorp		31,402		624,586
M&T Bank Corp.		4,296		706,864
Morgan Stanley		39,383		1,834,066
Northern Trust Corp.		6,632		677,326
The PNC Financial Services Group, Inc.		13,801		1,879,558
Regions Financial Corp.		32,691		599,880
State Street Corp.		11,273		944,452
SunTrust Banks, Inc.		13,749		918,296
SVB Financial Group (a)		1,567		487,071
US Bancorp		45,507		2,403,225
Wells Fargo & Co.		128,819		6,770,727
Zions Bancorp		5,831		292,425

				51,152,133

Diversified Financial Services — 3.8%
Affiliated Managers Group, Inc.		1,607		219,709
Alliance Data Systems Corp.		1,426		336,764
American Express Co.		20,985		2,234,693
Ameriprise Financial, Inc.		4,209		621,501
BlackRock, Inc.		3,648		1,719,412
Cboe Global Markets, Inc.		3,327		319,259
The Charles Schwab Corp.		35,733		1,756,277
CME Group, Inc.		10,129		1,724,057
Discover Financial Services		10,194		779,331
E*TRADE Financial Corp. (a)		7,806		408,956
Franklin Resources, Inc.		9,089		276,396
Intercontinental Exchange, Inc.		17,004		1,273,429
Invesco Ltd.		12,149		277,969
Jefferies Financial Group, Inc.		8,536		187,451
Mastercard, Inc. Class A		27,119		6,036,961
Nasdaq, Inc.		3,457		296,611
Raymond James Financial, Inc.		3,949		363,505
Synchrony Financial		20,270		629,992
T. Rowe Price Group, Inc.		7,254		791,992
Visa, Inc. Class A		52,830		7,929,255

				28,183,520

Insurance — 3.9%
Aflac, Inc.		22,897		1,077,762
The Allstate Corp.		10,269		1,013,550


	Number of Shares		Value
American International Group, Inc.		26,365	$	1,403,673
Aon PLC		7,232		1,112,137
Arthur J Gallagher & Co.		5,391		401,306
Assurant, Inc.		1,567		169,158
Berkshire Hathaway, Inc. Class B (a)		57,923		12,401,893
Brighthouse Financial, Inc. (a)		3,543		156,742
Chubb Ltd.		13,777		1,841,158
Cincinnati Financial Corp.		4,547		349,255
Everest Re Group Ltd.		1,212		276,906
The Hartford Financial Services Group, Inc.		10,593		529,226
Lincoln National Corp.		6,469		437,693
Loews Corp.		8,208		412,288
Marsh & McLennan Cos., Inc.		15,007		1,241,379
MetLife, Inc.		29,530		1,379,642
Principal Financial Group, Inc.		7,878		461,572
The Progressive Corp.		17,369		1,233,894
Prudential Financial, Inc.		12,423		1,258,698
Torchmark Corp.		3,125		270,906
The Travelers Cos., Inc.		7,917		1,026,914
Unum Group		6,543		255,635
Willis Towers Watson PLC		3,900		549,666

				29,261,053

Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		9,405		414,760

Real Estate Investment Trusts (REITS) — 2.5%
Alexandria Real Estate Equities, Inc.		3,128		393,471
American Tower Corp.		13,130		1,907,789
Apartment Investment & Management Co. Class A		4,642		204,851
AvalonBay Communities, Inc.		4,137		749,417
Boston Properties, Inc.		4,563		561,660
Crown Castle International Corp.		12,357		1,375,705
Digital Realty Trust, Inc.		6,090		685,003
Duke Realty Corp.		10,546		299,190
Equinix, Inc.		2,372		1,026,815
Equity Residential		11,029		730,781
Essex Property Trust, Inc.		1,952		481,578
Extra Space Storage, Inc.		3,727		322,907
Federal Realty Investment Trust		2,163		273,555
HCP, Inc.		13,884		365,427
Host Hotels & Resorts, Inc.		21,918		462,470
Iron Mountain, Inc.		8,603		296,976
Kimco Realty Corp.		12,560		210,254
The Macerich Co.		3,209		177,426
Mid-America Apartment Communities, Inc.		3,360		336,605
Prologis, Inc.		18,758		1,271,605
Public Storage		4,479		903,101
Realty Income Corp.		8,574		487,775
Regency Centers Corp.		5,020		324,643
SBA Communications Corp. (a)		3,406		547,106


	Number of Shares		Value
Simon Property Group, Inc.		9,213	$	1,628,398
SL Green Realty Corp.		2,612		254,748
UDR, Inc.		7,898		319,316
Ventas, Inc.		10,535		572,893
Vornado Realty Trust		5,113		373,249
Welltower, Inc.		10,999		707,456
Weyerhaeuser Co.		22,677		731,787

				18,983,957

Savings & Loans — 0.0%
People’s United Financial, Inc.		10,293		176,216

				128,171,639

Industrial — 9.2%
Aerospace & Defense — 2.6%
Arconic, Inc.		12,569		276,644
The Boeing Co.		15,876		5,904,284
General Dynamics Corp.		8,273		1,693,649
Harris Corp.		3,512		594,265
L3 Technologies, Inc.		2,321		493,491
Lockheed Martin Corp.		7,376		2,551,801
Northrop Grumman Corp.		5,189		1,646,833
Raytheon Co.		8,496		1,755,783
Rockwell Collins, Inc.		4,857		682,263
TransDigm Group, Inc. (a)		1,442		536,857
United Technologies Corp.		22,339		3,123,216

				19,259,086

Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		4,316		225,985
Johnson Controls International PLC		27,395		958,825
Martin Marietta Materials, Inc.		1,862		338,791
Masco Corp.		9,183		336,098
Vulcan Materials Co.		3,909		434,681

				2,294,380

Electrical Components & Equipment — 0.3%
AMETEK, Inc.		6,849		541,893
Emerson Electric Co.		18,636		1,427,145

				1,969,038

Electronics — 1.3%
Agilent Technologies, Inc.		9,463		667,520
Allegion PLC		2,809		254,411
Amphenol Corp. Class A		8,916		838,282
Corning, Inc.		24,107		850,977
FLIR Systems, Inc.		4,059		249,507
Fortive Corp.		9,186		773,461
Garmin Ltd.		3,604		252,460
Honeywell International, Inc.		22,092		3,676,109
Mettler-Toledo International, Inc. (a)		751		457,344
PerkinElmer, Inc.		3,272		318,268
TE Connectivity Ltd.		10,356		910,603


	Number of Shares		Value
Waters Corp. (a)		2,317	$	451,074

				9,700,016

Engineering & Construction — 0.1%
Fluor Corp.		4,159		241,638
Jacobs Engineering Group, Inc.		3,565		272,722

				514,360

Environmental Controls — 0.2%
Pentair PLC		4,801		208,123
Republic Services, Inc.		6,463		469,602
Stericycle, Inc. (a)		2,532		148,578
Waste Management, Inc.		11,766		1,063,176

				1,889,479

Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,674		307,347
Stanley Black & Decker, Inc.		4,564		668,352

				975,699

Machinery – Construction & Mining — 0.4%
Caterpillar, Inc.		17,684		2,696,633

Machinery – Diversified — 0.6%
Cummins, Inc.		4,460		651,472
Deere & Co.		9,524		1,431,743
Dover Corp.		4,386		388,293
Flowserve Corp.		3,870		211,650
Rockwell Automation, Inc.		3,661		686,511
Roper Technologies, Inc.		3,083		913,215
Xylem, Inc.		5,322		425,068

				4,707,952

Miscellaneous – Manufacturing — 1.5%
3M Co.		17,425		3,671,622
A.O. Smith Corp.		4,291		229,011
Eaton Corp. PLC		12,934		1,121,766
General Electric Co.		258,305		2,916,263
Illinois Tool Works, Inc.		9,159		1,292,518
Ingersoll-Rand PLC		7,334		750,268
Parker-Hannifin Corp.		3,933		723,397
Textron, Inc.		7,380		527,448

				11,232,293

Packaging & Containers — 0.2%
Ball Corp.		10,329		454,373
Packaging Corp. of America		2,791		306,145
Sealed Air Corp.		4,766		191,355
WestRock Co.		7,585		405,342

				1,357,215

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		1,277		327,014

Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		4,118		403,234
CSX Corp.		24,255		1,796,083


	Number of Shares		Value
Expeditors International of Washington, Inc.		5,166	$	379,856
FedEx Corp.		7,230		1,740,912
J.B. Hunt Transport Services, Inc.		2,615		311,028
Kansas City Southern		3,035		343,805
Norfolk Southern Corp.		8,303		1,498,691
Union Pacific Corp.		21,981		3,579,166
United Parcel Service, Inc. Class B		20,609		2,406,101

				12,458,876

				69,382,041

Technology — 16.5%
Computers — 5.8%
Accenture PLC Class A		19,021		3,237,374
Apple, Inc.		136,375		30,785,292
Cognizant Technology Solutions Corp. Class A		17,199		1,326,903
DXC Technology Co.		8,315		777,619
Hewlett Packard Enterprise Co.		43,745		713,481
HP, Inc.		47,025		1,211,834
International Business Machines Corp.		27,127		4,101,874
NetApp, Inc.		7,710		662,212
Seagate Technology PLC		7,769		367,862
Western Digital Corp.		8,664		507,191

				43,691,642

Office & Business Equipment — 0.0%
Xerox Corp.		6,684		180,334

Semiconductors — 3.8%
Advanced Micro Devices, Inc. (a)		25,503		787,788
Analog Devices, Inc.		11,079		1,024,364
Applied Materials, Inc.		29,229		1,129,701
Broadcom, Inc.		12,831		3,165,793
Intel Corp.		137,047		6,480,953
IPG Photonics Corp. (a)		1,049		163,717
KLA-Tencor Corp.		4,610		468,883
Lam Research Corp.		4,687		711,018
Microchip Technology, Inc.		6,952		548,582
Micron Technology, Inc. (a)		34,524		1,561,521
NVIDIA Corp.		18,072		5,078,593
Qorvo, Inc. (a)		3,741		287,645
QUALCOMM, Inc.		41,804		3,011,142
Skyworks Solutions, Inc.		5,270		478,042
Texas Instruments, Inc.		28,954		3,106,475
Xilinx, Inc.		7,495		600,874

				28,605,091

Software — 6.9%
Activision Blizzard, Inc.		22,677		1,886,500
Adobe Systems, Inc. (a)		14,566		3,932,092
Akamai Technologies, Inc. (a)		5,047		369,188
ANSYS, Inc. (a)		2,485		463,900
Autodesk, Inc. (a)		6,481		1,011,749


	Number of Shares		Value
Broadridge Financial Solutions, Inc.		3,487	$	460,110
CA, Inc.		9,241		407,990
Cadence Design Systems, Inc. (a)		8,339		377,923
Cerner Corp. (a)		9,795		630,896
Citrix Systems, Inc. (a)		3,808		423,297
Electronic Arts, Inc. (a)		9,075		1,093,447
Fidelity National Information Services, Inc.		9,790		1,067,795
Fiserv, Inc. (a)		11,985		987,324
Intuit, Inc.		7,700		1,750,980
Microsoft Corp.		227,926		26,067,897
MSCI, Inc.		2,633		467,121
Oracle Corp.		84,038		4,332,999
Paychex, Inc.		9,458		696,582
Red Hat, Inc. (a)		5,255		716,151
salesforce.com, Inc. (a)		22,511		3,579,924
Synopsys, Inc. (a)		4,408		434,673
Take-Two Interactive Software, Inc. (a)		3,383		466,820

				51,625,358

				124,102,425

Utilities — 2.7%
Electric — 2.6%
AES Corp.		19,562		273,868
Alliant Energy Corp.		6,849		291,562
Ameren Corp.		7,207		455,626
American Electric Power Co., Inc.		14,736		1,044,488
CenterPoint Energy, Inc.		14,626		404,409
CMS Energy Corp.		8,354		409,346
Consolidated Edison, Inc.		9,190		700,186
Dominion Energy, Inc.		19,456		1,367,368
DTE Energy Co.		5,367		585,701
Duke Energy Corp.		21,229		1,698,745
Edison International		9,637		652,232
Entergy Corp.		5,347		433,802
Evergy, Inc.		8,022		440,568
Eversource Energy		9,373		575,877
Exelon Corp.		28,780		1,256,535
FirstEnergy Corp.		14,513		539,448
NextEra Energy, Inc.		14,027		2,350,925
NRG Energy, Inc.		9,126		341,312
PG&E Corp.		15,275		702,803
Pinnacle West Capital Corp.		3,311		262,165
PPL Corp.		21,007		614,665
Public Service Enterprise Group, Inc.		15,131		798,765
SCANA Corp.		4,219		164,077
Sempra Energy		8,144		926,380
The Southern Co.		30,186		1,316,110
WEC Energy Group, Inc.		9,333		623,071
Xcel Energy, Inc.		15,050		710,510

				19,940,544


	Number of Shares		Value
Gas — 0.0%
NiSource, Inc.		10,907	$	271,802

Water — 0.1%
American Water Works Co., Inc.		5,383		473,543

				20,685,889


TOTAL COMMON STOCK (Cost $409,789,230)				730,784,013


TOTAL EQUITIES (Cost $409,789,230)				730,784,013


TOTAL LONG-TERM INVESTMENTS (Cost $409,789,230)				730,784,013


	Principal Amount
SHORT-TERM INVESTMENTS — 2.8%
Repurchase Agreement — 2.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	19,661,471		19,661,471

U.S. Treasury Bill — 0.2%
U.S. Treasury Bill 0.000% 1/10/19 (c)		1,085,000		1,078,387


TOTAL SHORT-TERM INVESTMENTS (Cost $20,740,096)				20,739,858


TOTAL INVESTMENTS — 100.0% (Cost $430,529,326) (d)				751,523,871

Other Assets/(Liabilities) — 0.0%				97,684


NET ASSETS — 100.0%			$	751,621,555

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $19,663,274. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $20,057,085.

(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.


	Number of Shares		Value
EQUITIES — 98.7%

COMMON STOCK — 98.7%
Basic Materials — 3.0%
Chemicals — 3.0%
Praxair, Inc.		11,619	$	1,867,522

Consumer, Cyclical — 17.8%
Apparel — 5.0%
NIKE, Inc. Class B		37,220		3,153,278

Retail — 12.8%
Costco Wholesale Corp.		10,748		2,524,490
McDonald’s Corp.		15,122		2,529,759
The TJX Cos., Inc.		26,721		2,993,287

				8,047,536

				11,200,814

Consumer, Non-cyclical — 24.9%
Beverages — 10.8%
The Coca-Cola Co.		47,925		2,213,656
Diageo PLC		70,712		2,504,220
PepsiCo, Inc.		18,371		2,053,878

				6,771,754

Cosmetics & Personal Care — 3.5%
Colgate-Palmolive Co.		32,933		2,204,864

Health Care – Products — 4.6%
Medtronic PLC		28,977		2,850,467

Health Care – Services — 2.0%
UnitedHealth Group, Inc.		4,798		1,276,460

Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co.		40,734		2,528,767

				15,632,312

Financial — 28.5%
Banks — 4.2%
The PNC Financial Services Group, Inc.		19,402		2,642,359

Diversified Financial Services — 9.5%
American Express Co.		24,867		2,648,087
BlackRock, Inc.		2,630		1,239,598
Visa, Inc. Class A		13,623		2,044,676

				5,932,361

Insurance — 7.2%
Chubb Ltd.		20,032		2,677,077
Marsh & McLennan Cos., Inc.		22,602		1,869,637

				4,546,714

Real Estate Investment Trusts (REITS) — 7.6%
American Tower Corp.		15,327		2,227,013
Public Storage		12,602		2,540,941

				4,767,954

				17,889,388


	Number of Shares		Value
Industrial — 17.0%
Aerospace & Defense — 4.8%
General Dynamics Corp.		7,024	$	1,437,954
Lockheed Martin Corp.		4,570		1,581,037

				3,018,991

Transportation — 12.2%
Canadian National Railway Co.		33,405		2,997,437
Union Pacific Corp.		17,291		2,815,494
United Parcel Service, Inc. Class B		16,186		1,889,715

				7,702,646

				10,721,637

Technology — 7.5%
Computers — 3.5%
Accenture PLC Class A		12,921		2,199,154

Software — 4.0%
Microsoft Corp.		21,968		2,512,480

				4,711,634


TOTAL COMMON STOCK (Cost $53,262,675)				62,023,307


TOTAL EQUITIES (Cost $53,262,675)				62,023,307


TOTAL LONG-TERM INVESTMENTS (Cost $53,262,675)				62,023,307


	Principal Amount
SHORT-TERM INVESTMENTS — 1.9%
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (a)	$	1,174,548		1,174,548


TOTAL SHORT-TERM INVESTMENTS (Cost $1,174,548)				1,174,548


TOTAL INVESTMENTS — 100.6% (Cost $54,437,223) (b)				63,197,855

Other Assets/(Liabilities) — (0.6)%				(346,652	)


NET ASSETS — 100.0%			$	62,851,203


	Number of Shares		Value
EQUITIES — 96.6%

COMMON STOCK — 96.6%
Canada — 1.9%
Alamos Gold, Inc. Class A (a)		306,210	$	1,411,629
Husky Energy, Inc.		207,400		3,641,723
Wheaton Precious Metals Corp.		96,200		1,683,212

				6,736,564

Cayman Islands — 4.2%
Baidu, Inc. Sponsored ADR (b)		20,070		4,589,607
CK Asset Holdings Ltd.		452,254		3,374,854
CK Hutchison Holdings Ltd.		425,754		4,881,659
NetEase, Inc. ADR		7,300		1,666,225

				14,512,345

China — 3.3%
China Life Insurance Co. Ltd. Class H		1,467,000		3,311,176
China Telecom Corp. Ltd. Class H		11,037,643		5,475,471
Sinopharm Group Co. Ltd. Class H		568,800		2,787,740

				11,574,387

Denmark — 1.3%
Vestas Wind Systems A/S		66,972		4,523,448

France — 9.9%
AXA SA		181,650		4,876,949
BNP Paribas SA		126,561		7,734,869
Cie de Saint-Gobain		84,080		3,625,821
Cie Generale des Etablissements Michelin SCA		27,433		3,275,290
Credit Agricole SA		112,057		1,609,872
Sanofi		74,190		6,617,727
Total SA		51,453		3,322,035
Veolia Environnement SA		172,122		3,433,421

				34,495,984

Germany — 11.5%
Bayer AG Registered		60,663		5,388,900
E.ON SE		486,062		4,954,927
HeidelbergCement AG		46,022		3,597,398
Infineon Technologies AG		241,765		5,493,002
Innogy SE (b)		18,831		799,156
LANXESS AG		59,730		4,374,569
Merck KGaA		50,900		5,259,549
MorphoSys AG (b)		14,383		1,538,058
Siemens AG Registered		42,985		5,503,969
Telefonica Deutschland Holding AG		788,417		3,332,942

				40,242,470

Hong Kong — 2.6%
AIA Group Ltd.		485,200		4,335,130
China Mobile Ltd.		480,000		4,710,853

				9,045,983


	Number of Shares		Value
Ireland — 2.6%
Bank of Ireland Group PLC		572,268	$	4,381,390
CRH PLC		141,012		4,609,825

				8,991,215

Israel — 1.8%
Teva Pharmaceutical Industries Ltd. Sponsored ADR		295,568		6,366,535

Italy — 2.6%
Eni SpA		350,704		6,614,385
UniCredit SpA		160,689		2,409,192

				9,023,577

Japan — 12.6%
Astellas Pharma, Inc.		356,700		6,223,080
IHI Corp.		66,500		2,519,553
Inpex Corp.		304,100		3,785,084
Mitsui Fudosan Co. Ltd.		173,300		4,102,321
Omron Corp.		67,500		2,851,468
Panasonic Corp.		345,400		4,024,306
Ryohin Keikaku Co. Ltd.		7,400		2,198,580
Seven & i Holdings Co. Ltd.		84,600		3,768,097
SoftBank Group Corp.		57,700		5,826,873
Sumitomo Metal Mining Co. Ltd.		44,200		1,550,526
Sumitomo Rubber Industries Ltd.		121,700		1,826,644
Suntory Beverage & Food Ltd.		129,100		5,456,063

				44,132,595

Luxembourg — 1.5%
SES SA		246,017		5,396,342

Netherlands — 5.5%
Akzo Nobel NV		32,182		3,008,959
ING Groep NV		364,978		4,731,763
NN Group NV		63,590		2,832,759
NXP Semiconductor NV		29,000		2,479,500
QIAGEN NV (b)		81,562		3,087,031
SBM Offshore NV		159,233		2,881,589

				19,021,601

Norway — 1.1%
Yara International ASA		77,872		3,816,653

Republic of Korea — 4.6%
Hana Financial Group, Inc.		79,353		3,186,901
KB Financial Group, Inc. ADR		64,016		3,090,692
Samsung Electronics Co. Ltd.		235,300		9,854,896

				16,132,489

Singapore — 1.4%
Singapore Telecommunications Ltd.		2,089,100		4,946,097

Sweden — 0.5%
Getinge AB Class B		146,444		1,683,960

Switzerland — 5.9%
Landis+Gyr Group AG (a) (b)		25,523		1,704,708


	Number of Shares		Value
Novartis AG Registered		59,896	$	5,160,546
Roche Holding AG		27,562		6,669,434
UBS Group AG Registered (b)		436,187		6,879,114

				20,413,802

Taiwan — 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.		641,275		5,475,495

Thailand — 1.5%
Bangkok Bank PCL Foreign Registered		792,100		5,340,523

United Kingdom — 18.7%
BAE Systems PLC		428,534		3,514,854
Barclays PLC		1,525,803		3,411,316
BP PLC		1,281,535		9,832,365
Cobham PLC (b)		1,698,528		2,584,553
GlaxoSmithKline PLC		87,969		1,762,452
HSBC Holdings PLC		578,800		5,094,644
Johnson Matthey PLC		96,470		4,473,105
Kingfisher PLC		998,111		3,354,295
LivaNova PLC (b)		24,430		3,028,587
Royal Dutch Shell PLC Class A		2,397		82,284
Royal Dutch Shell PLC Class B		270,523		9,467,109
Shire PLC		89,624		5,407,229
Standard Chartered PLC		730,507		6,049,755
Travis Perkins PLC		149,165		2,068,560
Vodafone Group PLC Sponsored ADR		236,983		5,142,531

				65,273,639


TOTAL COMMON STOCK (Cost $300,255,515)				337,145,704


TOTAL EQUITIES (Cost $300,255,515)				337,145,704


MUTUAL FUNDS — 0.6%
United States — 0.6%
State Street Navigator Securities Lending Prime Portfolio (c)		1,989,933		1,989,933


TOTAL MUTUAL FUNDS (Cost $1,989,933)				1,989,933


TOTAL LONG-TERM INVESTMENTS (Cost $302,245,448)				339,135,637


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.8%
Repurchase Agreement — 2.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	9,823,212	$	9,823,212


TOTAL SHORT-TERM INVESTMENTS (Cost $9,823,212)				9,823,212


TOTAL INVESTMENTS — 100.0% (Cost $312,068,660) (e)				348,958,849

Other Assets/(Liabilities) — (0.0)%				(89,981	)


NET ASSETS — 100.0%			$	348,868,868

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $1,896,581 or 0.54% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(b)	Non-income producing security.

(c)	Represents investment of security lending collateral. (Note 2).

(d)	Maturity value of $9,824,112. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $10,021,512.

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


	Number of Shares		Value
EQUITIES — 100.1%

COMMON STOCK — 100.1%
Basic Materials — 1.6%
Chemicals — 0.7%
CF Industries Holdings, Inc.		15,396	$	838,158

Mining — 0.9%
Rio Tinto PLC Sponsored ADR		18,769		957,595

				1,795,753

Communications — 17.1%
Internet — 15.4%
Alibaba Group Holding Ltd. Sponsored ADR (a)		1,881		309,913
Alphabet, Inc. Class C (a)		5,136		6,129,662
Amazon.com, Inc. (a)		3,290		6,589,870
Booking Holdings, Inc. (a)		859		1,704,256
Facebook, Inc. Class A (a)		7,859		1,292,491
VeriSign, Inc. (a)		7,439		1,191,133
Yandex NV Class A (a)		10,766		354,094

				17,571,419

Media — 0.6%
FactSet Research Systems, Inc.		3,374		754,797

Telecommunications — 1.1%
Cisco Systems, Inc.		25,952		1,262,565

				19,588,781

Consumer, Cyclical — 12.1%
Apparel — 2.1%
Michael Kors Holdings Ltd. (a)		6,973		478,069
NIKE, Inc. Class B		22,180		1,879,089

				2,357,158

Lodging — 0.3%
Las Vegas Sands Corp.		6,151		364,939

Retail — 9.7%
Domino’s Pizza, Inc.		3,934		1,159,743
The Home Depot, Inc.		15,201		3,148,887
Lowe’s Cos., Inc.		4,746		544,936
McDonald’s Corp.		8,214		1,374,120
O’Reilly Automotive, Inc. (a)		4,076		1,415,677
Ross Stores, Inc.		13,011		1,289,390
The TJX Cos., Inc.		19,265		2,158,065

				11,090,818

				13,812,915

Consumer, Non-cyclical — 21.6%
Beverages — 0.7%
Monster Beverage Corp. (a)		14,688		856,017

Biotechnology — 1.9%
Amgen, Inc.		7,794		1,615,618
Gilead Sciences, Inc.		6,993		539,930

				2,155,548


	Number of Shares		Value
Commercial Services — 7.7%
Experian PLC		20,430	$	524,696
FleetCor Technologies, Inc. (a)		4,734		1,078,595
Gartner, Inc. (a)		4,209		667,126
Global Payments, Inc.		11,775		1,500,135
IHS Markit Ltd. (a)		19,946		1,076,286
PayPal Holdings, Inc. (a)		17,492		1,536,497
S&P Global, Inc.		5,033		983,398
Worldpay, Inc. Class A (a)		14,580		1,476,517

				8,843,250

Cosmetics & Personal Care — 0.4%
The Procter & Gamble Co.		5,341		444,531

Foods — 0.3%
The Kroger Co.		9,800		285,278

Health Care – Products — 5.5%
Baxter International, Inc.		15,780		1,216,480
Danaher Corp.		13,225		1,437,029
Edwards Lifesciences Corp. (a)		11,650		2,028,265
Thermo Fisher Scientific, Inc.		6,524		1,592,378

				6,274,152

Health Care – Services — 3.6%
Aetna, Inc.		6,382		1,294,589
Anthem, Inc.		5,943		1,628,679
ICON PLC (a)		7,826		1,203,247

				4,126,515

Pharmaceuticals — 1.5%
Bristol-Myers Squibb Co.		27,843		1,728,493

				24,713,784

Energy — 4.5%
Oil & Gas — 2.8%
BP PLC Sponsored ADR		27,396		1,262,956
Chevron Corp.		8,503		1,039,747
Pioneer Natural Resources Co.		4,969		865,550

				3,168,253

Oil & Gas Services — 1.7%
Apergy Corp. (a)		8,509		370,652
Baker Hughes a GE Co.		20,777		702,886
National Oilwell Varco, Inc.		20,215		870,862

				1,944,400

				5,112,653

Financial — 10.9%
Banks — 0.8%
Bank of America Corp.		31,252		920,684

Diversified Financial Services — 9.3%
American Express Co.		16,089		1,713,318
Intercontinental Exchange, Inc.		19,115		1,431,522
Mastercard, Inc. Class A		13,013		2,896,824


	Number of Shares		Value
TD Ameritrade Holding Corp.		21,877	$	1,155,762
Visa, Inc. Class A		22,920		3,440,063

				10,637,489

Real Estate Investment Trusts (REITS) — 0.8%
American Tower Corp.		5,945		863,808

				12,421,981

Industrial — 5.7%
Aerospace & Defense — 1.6%
Raytheon Co.		8,578		1,772,729

Electrical Components & Equipment — 0.7%
Emerson Electric Co.		10,537		806,923

Electronics — 0.9%
Fortive Corp.		11,960		1,007,032

Machinery – Construction & Mining — 1.3%
Caterpillar, Inc.		9,667		1,474,121

Machinery – Diversified — 1.2%
Roper Technologies, Inc.		4,789		1,418,550

				6,479,355

Technology — 26.6%
Computers — 6.6%
Apple, Inc.		22,953		5,181,410
Check Point Software Technologies Ltd. (a)		9,557		1,124,572
NetApp, Inc.		15,083		1,295,479

				7,601,461

Semiconductors — 2.4%
Maxim Integrated Products, Inc.		11,979		675,496
QUALCOMM, Inc.		10,149		731,032
Texas Instruments, Inc.		12,940		1,388,333

				2,794,861

Software — 17.6%
Adobe Systems, Inc. (a)		6,290		1,697,986
Atlassian Corp. PLC Class A (a)		7,274		699,322
Autodesk, Inc. (a)		2,214		345,628
Cerner Corp. (a)		6,128		394,705
Electronic Arts, Inc. (a)		5,566		670,647
Fiserv, Inc. (a)		9,369		771,818
Guidewire Software, Inc. (a)		4,436		448,080
Intuit, Inc.		5,766		1,311,188
Microsoft Corp.		73,392		8,393,843
salesforce.com, Inc. (a)		13,287		2,113,032
ServiceNow, Inc. (a)		3,984		779,390
SS&C Technologies Holdings, Inc		18,365		1,043,683


	Number of Shares		Value
VMware, Inc. Class A (a)		4,002	$	624,552
Workday, Inc. Class A (a)		5,368		783,621

				20,077,495

				30,473,817


TOTAL COMMON STOCK (Cost $83,765,646)				114,399,039


TOTAL EQUITIES (Cost $83,765,646)				114,399,039


TOTAL LONG-TERM INVESTMENTS (Cost $83,765,646)				114,399,039


	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	146,668		146,668


TOTAL SHORT-TERM INVESTMENTS (Cost $146,668)				146,668


TOTAL INVESTMENTS — 100.2% (Cost $83,912,314) (c)				114,545,707

Other Assets/(Liabilities) — (0.2)%				(223,493	)


NET ASSETS — 100.0%			$	114,322,214

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 $146,681. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $153,653.

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


	Number of Shares		Value
EQUITIES — 99.3%

COMMON STOCK — 99.3%
Basic Materials — 4.1%
Chemicals — 2.9%
DowDuPont, Inc.		63,040	$	4,054,103
FMC Corp.		26,240		2,287,603

				6,341,706

Forest Products & Paper — 1.2%
International Paper Co.		50,980		2,505,667

				8,847,373

Communications — 9.2%
Media — 3.2%
Comcast Corp. Class A		152,360		5,395,068
Viacom, Inc. Class B		45,240		1,527,302

				6,922,370

Telecommunications — 6.0%
Cisco Systems, Inc.		118,410		5,760,646
Nokia OYJ Sponsored ADR		393,290		2,194,558
Verizon Communications, Inc.		98,230		5,244,500

				13,199,704

				20,122,074

Consumer, Cyclical — 6.2%
Apparel — 0.4%
Skechers U.S.A., Inc. Class A (a)		35,000		977,550

Housewares — 0.5%
Newell Brands, Inc.		52,380		1,063,314

Leisure Time — 0.9%
Norwegian Cruise Line Holdings Ltd. (a)		32,990		1,894,616

Lodging — 1.2%
Hilton Worldwide Holdings, Inc.		32,250		2,605,155

Retail — 3.2%
The Home Depot, Inc.		11,070		2,293,150
Qurate Retail, Inc. (a)		104,790		2,327,386
The TJX Cos., Inc.		20,180		2,260,564

				6,881,100

				13,421,735

Consumer, Non-cyclical — 21.0%
Agriculture — 2.3%
British American Tobacco PLC		31,070		1,450,541
Philip Morris International, Inc.		44,790		3,652,177

				5,102,718

Cosmetics & Personal Care — 0.8%
Unilever NV NY Shares		32,880		1,826,484

Foods — 2.8%
The Kraft Heinz Co.		31,196		1,719,211


	Number of Shares		Value
Mondelez International, Inc. Class A		55,760	$	2,395,450
US Foods Holding Corp. (a)		66,900		2,061,858

				6,176,519

Health Care – Products — 4.2%
Koninklijke Philips NV Sponsored ADR		56,980		2,593,160
Medtronic PLC		40,019		3,936,669
Zimmer Biomet Holdings, Inc.		19,980		2,626,770

				9,156,599

Health Care – Services — 2.2%
Anthem, Inc.		8,040		2,203,362
UnitedHealth Group, Inc.		9,290		2,471,512

				4,674,874

Pharmaceuticals — 8.7%
Allergan PLC		14,100		2,685,768
AstraZeneca PLC Sponsored ADR		64,060		2,534,854
Bristol-Myers Squibb Co.		47,980		2,978,598
Eli Lilly & Co.		30,180		3,238,616
Merck & Co., Inc.		64,270		4,559,314
Roche Holding AG		12,101		2,928,192

				18,925,342

				45,862,536

Energy — 11.9%
Oil & Gas — 10.8%
Canadian Natural Resources Ltd.		84,370		2,755,524
Chevron Corp.		51,410		6,286,415
Concho Resources, Inc. (a)		15,540		2,373,735
EOG Resources, Inc.		33,250		4,241,702
Exxon Mobil Corp.		32,650		2,775,903
Occidental Petroleum Corp.		36,040		2,961,407
Pioneer Natural Resources Co.		12,650		2,203,504

				23,598,190

Oil & Gas Services — 1.1%
Halliburton Co.		59,430		2,408,698

				26,006,888

Financial — 26.8%
Banks — 16.2%
Bank of America Corp.		193,980		5,714,651
Citigroup, Inc.		83,880		6,017,551
The Goldman Sachs Group, Inc.		10,710		2,401,610
JP Morgan Chase & Co.		83,570		9,430,039
M&T Bank Corp.		16,900		2,780,726
The PNC Financial Services Group, Inc.		29,840		4,063,910
Wells Fargo & Co.		94,600		4,972,176

				35,380,663

Diversified Financial Services — 1.9%
BlackRock, Inc.		4,770		2,248,244


	Number of Shares		Value
Invesco Ltd.		85,000	$	1,944,800

				4,193,044

Insurance — 5.6%
American International Group, Inc.		39,280		2,091,267
Chubb Ltd.		25,895		3,460,608
Intact Financial Corp.		24,810		2,062,938
Marsh & McLennan Cos., Inc.		30,830		2,550,257
MetLife, Inc.		43,980		2,054,746

				12,219,816

Real Estate Investment Trusts (REITS) — 3.1%
Brixmor Property Group, Inc.		74,110		1,297,666
Crown Castle International Corp.		24,050		2,677,486
Park Hotels & Resorts, Inc.		81,890		2,687,630

				6,662,782

				58,456,305

Industrial — 8.7%
Aerospace & Defense — 2.6%
Lockheed Martin Corp.		6,620		2,290,255
United Technologies Corp.		25,040		3,500,843

				5,791,098

Building Materials — 1.1%
Fortune Brands Home & Security, Inc.		45,940		2,405,418

Machinery – Construction & Mining — 1.3%
Caterpillar, Inc.		18,160		2,769,218

Miscellaneous – Manufacturing — 2.4%
Eaton Corp. PLC		33,620		2,915,863
Ingersoll-Rand PLC		22,260		2,277,198

				5,193,061

Transportation — 1.3%
Union Pacific Corp.		17,330		2,821,844

				18,980,639

Technology — 7.8%
Computers — 2.0%
Cognizant Technology Solutions Corp. Class A		23,880		1,842,342
NetApp, Inc.		29,710		2,551,792

				4,394,134

Semiconductors — 5.8%
Analog Devices, Inc.		24,350		2,251,401
Intel Corp.		98,200		4,643,878
Maxim Integrated Products, Inc.		40,750		2,297,892
QUALCOMM, Inc.		47,820		3,444,475

				12,637,646

				17,031,780


	Number of Shares		Value
Utilities — 3.6%
Electric — 3.6%
Dominion Energy, Inc.		16,430	$	1,154,700
Edison International		30,220		2,045,290
Eversource Energy		48,750		2,995,200
NextEra Energy, Inc.		9,660		1,619,016

				7,814,206


TOTAL COMMON STOCK (Cost $168,737,086)				216,543,536


TOTAL EQUITIES (Cost $168,737,086)				216,543,536


TOTAL LONG-TERM INVESTMENTS (Cost $168,737,086)				216,543,536


	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	1,714,902		1,714,902


TOTAL SHORT-TERM INVESTMENTS (Cost $1,714,902)				1,714,902


TOTAL INVESTMENTS — 100.1% (Cost $170,451,988) (c)				218,258,438

Other Assets/(Liabilities) — (0.1)%				(325,174	)


NET ASSETS — 100.0%			$	217,933,264

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 $1,715,059. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $1,750,712.

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


	Number of Shares		Value
EQUITIES — 99.2%

COMMON STOCK — 99.2%
Austria — 0.4%
Erste Group Bank AG		23,178	$	961,379

Brazil — 0.3%
Ambev SA		179,631		815,746

Canada — 2.0%
Canadian National Railway Co.		54,398		4,884,940

Cayman Islands — 0.2%
Sands China Ltd.		92,800		415,480

Denmark — 0.7%
Carlsberg A/S Class B		13,409		1,607,834

France — 9.9%
Air Liquide SA		18,504		2,430,466
Danone SA		53,260		4,123,207
Hermes International		848		561,165
Legrand SA		26,420		1,923,813
LVMH Moet Hennessy Louis Vuitton SE		15,826		5,587,607
Pernod Ricard SA		26,781		4,393,363
Schneider Electric SE		57,586		4,632,943

				23,652,564

Germany — 6.2%
Bayer AG Registered		62,558		5,557,239
Brenntag AG		21,305		1,314,975
Deutsche Boerse AG		7,478		1,001,942
Linde AG		13,699		3,239,704
Merck KGaA		17,927		1,852,415
MTU Aero Engines AG		7,995		1,800,933

				14,767,208

Ireland — 5.5%
Accenture PLC Class A		35,805		6,094,011
Medtronic PLC		70,771		6,961,743

				13,055,754

Israel — 1.3%
Check Point Software Technologies Ltd. (a)		27,030		3,180,620

Japan — 2.3%
Hoya Corp.		24,900		1,478,211
Kubota Corp.		162,900		2,756,452
Olympus Corp.		31,200		1,218,083

				5,452,746

Mexico — 0.4%
Grupo Financiero Banorte SAB de CV Class O		119,475		864,301

Netherlands — 2.9%
Akzo Nobel NV		36,150		3,379,960


	Number of Shares		Value
Heineken NV		21,950	$	2,055,317
Schlumberger Ltd.		25,284		1,540,301

				6,975,578

Republic of Korea — 0.9%
Samsung Electronics Co. Ltd.		48,471		2,030,075

Spain — 1.1%
Aena SME SA (b)		15,551		2,689,863

Sweden — 1.9%
Essity AB Class B		184,238		4,627,196

Switzerland — 7.4%
Adecco Group AG Registered		21,392		1,122,075
Cie Financiere Richemont SA Registered		26,476		2,155,486
Julius Baer Group Ltd.		22,744		1,136,742
Nestle SA Registered		70,988		5,913,732
Roche Holding AG		14,938		3,614,687
Sonova Holding AG Registered		4,257		846,987
UBS Group AG Registered		179,087		2,824,385

				17,614,094

Thailand — 0.2%
Kasikornbank PCL		81,600		549,829

United Kingdom — 9.4%
Aon PLC		15,910		2,446,640
Aptiv PLC		14,718		1,234,840
Burberry Group PLC		52,049		1,366,865
Compass Group PLC		113,349		2,520,296
Diageo PLC		133,087		4,713,191
Reckitt Benckiser Group PLC		61,971		5,661,317
Whitbread PLC		24,630		1,513,404
WPP PLC		211,750		3,095,461

				22,552,014

United States — 46.2%
3M Co.		18,877		3,977,573
Abbott Laboratories		50,742		3,722,433
American Express Co.		33,706		3,589,352
Amphenol Corp. Class A		14,165		1,331,793
AutoZone, Inc. (a)		1,513		1,173,634
The Bank of New York Mellon Corp.		72,776		3,710,848
Cisco Systems, Inc.		44,967		2,187,645
Cognizant Technology Solutions Corp. Class A		35,049		2,704,030
Colgate-Palmolive Co.		40,340		2,700,763
Comcast Corp. Class A		174,418		6,176,141
The Cooper Cos., Inc.		10,433		2,891,506
Coty, Inc. Class A		194,007		2,436,728
eBay, Inc. (a)		56,097		1,852,323
Franklin Resources, Inc.		33,108		1,006,814
The Goldman Sachs Group, Inc.		9,601		2,152,928
Harley-Davidson, Inc.		19,913		902,059


	Number of Shares		Value
Honeywell International, Inc.		37,359	$	6,216,538
Johnson & Johnson		6,933		957,933
Kansas City Southern		35,235		3,991,421
Kellogg Co.		33,884		2,372,558
Microchip Technology, Inc. (c)		11,576		913,462
National Oilwell Varco, Inc.		17,360		747,869
NOW, Inc. (a)		10,148		167,949
Omnicom Group, Inc.		16,695		1,135,594
Oracle Corp.		73,763		3,803,220
PayPal Holdings, Inc. (a)		16,565		1,455,070
PPG Industries, Inc.		19,247		2,100,425
Praxair, Inc.		6,181		993,472
Sally Beauty Holdings, Inc. (a)		44,938		826,410
State Street Corp.		50,525		4,232,984
Stryker Corp.		26,077		4,633,361
Thermo Fisher Scientific, Inc.		30,020		7,327,282
United Parcel Service, Inc. Class B		35,115		4,099,676
United Technologies Corp.		19,373		2,708,539
Visa, Inc. Class A		48,801		7,324,542
The Walt Disney Co.		41,116		4,808,105
Waters Corp. (a)		10,045		1,955,561
Wynn Resorts Ltd.		3,711		471,520
Zimmer Biomet Holdings, Inc.		36,564		4,807,069

				110,567,130


TOTAL COMMON STOCK (Cost $190,615,337)				237,264,351


TOTAL EQUITIES (Cost $190,615,337)				237,264,351


MUTUAL FUNDS — 0.4%
United States — 0.4%
State Street Navigator Securities Lending Prime Portfolio (d)		922,530		922,530


TOTAL MUTUAL FUNDS (Cost $922,530)				922,530


TOTAL LONG-TERM INVESTMENTS (Cost $191,537,867)				238,186,881


	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (e)	$	1,686,877		1,686,877


TOTAL SHORT-TERM INVESTMENTS (Cost $1,686,877)				1,686,877


	Value
TOTAL INVESTMENTS —100.3% (Cost $193,224,744) (f)	$	239,873,758

Other Assets/(Liabilities) — (0.3)%		(640,607	)


NET ASSETS — 100.0%	$	239,233,151

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 September 30, 2018, these securities amounted to a value of $2,689,863 or 1.12% of net assets.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $904,309 or 0.38% 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 $1,687,032. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $1,722,776.

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


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 74.8%
MML Blue Chip Growth Fund, Initial Class (a)		4,143,017	$	70,555,583
MML Equity Income Fund, Initial Class (a)		7,121,934		81,617,368
MML Equity Index Fund, Class III (a)		2,464,377		79,969,026
MML Focused Equity Fund, Class II (a)		3,475,408		20,192,123
MML Foreign Fund, Initial Class (a)		6,610,886		70,670,373
MML Fundamental Growth Fund, Class II (a)		3,235,784		35,658,338
MML Fundamental Value Fund, Class II (a)		5,387,760		76,775,580
MML Global Fund, Class I (a)		6,668,606		77,755,949
MML Income & Growth Fund, Initial Class (a)		8,407,719		82,816,032
MML International Equity Fund, Class II (a)		6,381,296		68,152,239
MML Large Cap Growth Fund, Initial Class (a)		2,094,389		22,996,394
MML Mid Cap Growth Fund, Initial Class (a)		4,745,268		76,209,008
MML Mid Cap Value Fund, Initial Class (a)		6,788,332		74,671,657
MML Small Cap Growth Equity Fund, Initial Class (a)		1,107,702		17,886,515
MML Small Company Value Fund, Class II (a)		1,970,192		33,926,710
MML Small/Mid Cap Value Fund, Initial Class (a)		1,928,246		25,067,202
MML Strategic Emerging Markets Fund, Class II (a)		4,574,682		50,412,991
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		314,467		26,550,439
Oppenheimer Global Fund/VA, Non-Service Shares (a)		853,340		38,553,908
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		14,164,613		140,654,609
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		14,300,162		34,034,386
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		791,111		24,595,644

				1,229,722,074


	Number of Shares		Value
Fixed Income Funds — 25.3%
MML Dynamic Bond Fund, Class II (a)		8,989,411	$	87,556,860
MML High Yield Fund, Class II (a)		1,345,551		13,361,320
MML Inflation-Protected and Income Fund, Initial Class (a)		6,741,048		66,736,373
MML Managed Bond Fund, Initial Class (a)		10,297,782		124,330,335
MML Short-Duration Bond Fund, Class II (a)		4,665,111		45,344,880
MML Total Return Bond Fund, Class II (a)		7,752,651		77,604,032

				414,933,800


TOTAL MUTUAL FUNDS (Cost $1,636,215,784)				1,644,655,874


TOTAL LONG-TERM INVESTMENTS (Cost $1,636,215,784)				1,644,655,874


TOTAL INVESTMENTS — 100.1% (Cost $1,636,215,784) (b)				1,644,655,874

Other Assets/(Liabilities) — (0.1)%				(1,031,095	)


NET ASSETS — 100.0%			$	1,643,624,779

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.


	Number of Shares		Value
EQUITIES — 99.3%

COMMON STOCK — 99.3%
Basic Materials — 2.4%
Chemicals — 2.4%
PPG Industries, Inc.		12,678	$	1,383,550
The Sherwin-Williams Co.		4,646		2,114,906

				3,498,456

Communications — 9.7%
Internet — 6.1%
Alphabet, Inc. Class A (a)		4,117		4,969,548
Alphabet, Inc. Class C (a)		1,633		1,948,936
Facebook, Inc. Class A (a)		12,910		2,123,179

				9,041,663

Media — 2.5%
Comcast Corp. Class A		81,520		2,886,623
The Walt Disney Co.		7,244		847,114

				3,733,737

Telecommunications — 1.1%
Cisco Systems, Inc.		31,178		1,516,810

				14,292,210

Consumer, Cyclical — 9.8%
Apparel — 2.3%
LVMH Moet Hennessy Louis Vuitton SE		4,671		1,649,167
NIKE, Inc. Class B		20,871		1,768,191

				3,417,358

Auto Parts & Equipment — 0.0%
Garrett Motion, Inc. (a)		494		9,146

Food Services — 0.8%
Aramark		26,294		1,131,168

Housewares — 0.9%
Newell Brands, Inc.		67,910		1,378,573

Retail — 5.8%
Costco Wholesale Corp.		7,130		1,674,694
Dollar Tree, Inc. (a)		9,421		768,283
Ross Stores, Inc.		20,396		2,021,244
Starbucks Corp.		36,961		2,100,863
Tractor Supply Co.		21,969		1,996,543

				8,561,627

				14,497,872

Consumer, Non-cyclical — 23.0%
Beverages — 2.1%
Diageo PLC		34,702		1,228,949
Pernod Ricard SA		11,325		1,857,841

				3,086,790


	Number of Shares		Value
Biotechnology — 1.1%
Biogen, Inc. (a)		4,602	$	1,625,933

Cosmetics & Personal Care — 2.1%
Colgate-Palmolive Co.		23,171		1,551,298
Coty, Inc. Class A		56,626		711,223
The Estee Lauder Cos., Inc. Class A		5,933		862,184

				3,124,705

Foods — 3.0%
Danone SA		25,005		1,935,802
Mondelez International, Inc. Class A		58,783		2,525,317

				4,461,119

Health Care – Products — 8.3%
Abbott Laboratories		21,145		1,551,197
Danaher Corp.		32,198		3,498,635
Medtronic PLC		36,162		3,557,256
Thermo Fisher Scientific, Inc.		15,061		3,676,089

				12,283,177

Household Products & Wares — 0.7%
Kimberly-Clark Corp.		9,107		1,034,919

Pharmaceuticals — 5.7%
Elanco Animal Health, Inc. (a)		1,834		63,988
Eli Lilly & Co.		14,860		1,594,627
Johnson & Johnson		30,842		4,261,439
McKesson Corp.		9,888		1,311,643
Zoetis, Inc.		13,822		1,265,542

				8,497,239

				34,113,882

Energy — 5.4%
Oil & Gas — 2.1%
EOG Resources, Inc.		24,615		3,140,136

Oil & Gas Services — 1.8%
Schlumberger Ltd.		41,982		2,557,543

Pipelines — 1.5%
Enterprise Products Partners LP (b)		78,444		2,253,696

				7,951,375

Financial — 22.1%
Banks — 10.4%
Bank of America Corp.		148,080		4,362,437
The Goldman Sachs Group, Inc.		9,989		2,239,933
JP Morgan Chase & Co.		47,693		5,381,678
Morgan Stanley		37,983		1,768,868
US Bancorp		30,271		1,598,612

				15,351,528

Diversified Financial Services — 7.2%
Mastercard, Inc. Class A		14,603		3,250,774
Nasdaq, Inc.		21,914		1,880,221
TD Ameritrade Holding Corp.		12,996		686,579


	Number of Shares		Value
Visa, Inc. Class A		32,261	$	4,842,053

				10,659,627

Insurance — 1.1%
Chubb Ltd.		11,619		1,552,763

Private Equity — 0.9%
The Blackstone Group LP (b)		35,691		1,359,113

Real Estate Investment Trusts (REITS) — 2.5%
American Tower Corp.		25,896		3,762,689

				32,685,720

Industrial — 9.7%
Aerospace & Defense — 1.5%
United Technologies Corp.		15,973		2,233,185

Electrical Components & Equipment — 1.1%
AMETEK, Inc.		19,597		1,550,515

Electronics — 3.5%
Fortive Corp.		13,696		1,153,202
Honeywell International, Inc. (a) (c) (d)		17,334		2,852,310
TE Connectivity Ltd.		13,361		1,174,833

				5,180,345

Engineering & Construction — 0.6%
Fluor Corp.		15,693		911,763

Packaging & Containers — 1.3%
Crown Holdings, Inc. (a)		41,136		1,974,528

Transportation — 1.7%
Canadian National Railway Co.		28,356		2,546,369

				14,396,705

Technology — 16.7%
Computers — 8.5%
Accenture PLC Class A		15,777		2,685,245
Amdocs Ltd.		24,373		1,608,131
Apple, Inc.		9,918		2,238,889
Cognizant Technology Solutions Corp. Class A		35,636		2,749,318
DXC Technology Co.		24,629		2,303,304
Hewlett Packard Enterprise Co.		63,810		1,040,741

				12,625,628

Semiconductors — 2.4%
Analog Devices, Inc.		13,151		1,215,941
Texas Instruments, Inc.		21,771		2,335,811

				3,551,752

Software — 5.8%
Adobe Systems, Inc. (a)		7,178		1,937,701
Electronic Arts, Inc. (a)		9,312		1,122,003
Fidelity National Information Services, Inc.		26,890		2,932,892
Microsoft Corp.		14,301		1,635,605
salesforce.com, Inc. (a)		6,013		956,248

				8,584,449

				24,761,829


	Number of Shares		Value
Utilities — 0.5%
Electric — 0.5%
American Electric Power Co., Inc.		10,703	$	758,629


TOTAL COMMON STOCK (Cost $94,734,619)				146,956,678


TOTAL EQUITIES (Cost $94,734,619)				146,956,678


TOTAL LONG-TERM INVESTMENTS (Cost $94,734,619)				146,956,678


	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (e)	$	1,002,620		1,002,620


TOTAL SHORT-TERM INVESTMENTS (Cost $1,002,620)				1,002,620


TOTAL INVESTMENTS — 100.0% (Cost $95,737,239) (f)				147,959,298

Other Assets/(Liabilities) — 0.0%				3,600


NET ASSETS — 100.0%			$	147,962,898

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)	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 September 30, 2018, these securities amounted to a value of $2,852,310 or 1.93% of net assets.

(e)	Maturity value of $1,002,712. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $1,026,525.

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


	Number of Shares		Value
EQUITIES — 97.5%

COMMON STOCK — 97.5%
Basic Materials — 5.7%
Chemicals — 5.7%
Air Products & Chemicals, Inc.		14,462	$	2,415,876
DowDuPont, Inc.		112,698		7,247,608
LyondellBasell Industries NV Class A		13,992		1,434,320
Praxair, Inc.		33,635		5,406,154
Versum Materials, Inc.		25,059		902,375

				17,406,333

Communications — 3.0%
Media — 0.8%
Comcast Corp. Class A		67,411		2,387,023

Telecommunications — 2.2%
AT&T, Inc.		91,671		3,078,312
Verizon Communications, Inc.		67,419		3,599,501

				6,677,813

				9,064,836

Consumer, Cyclical — 8.4%
Airlines — 0.6%
Southwest Airlines Co.		27,461		1,714,939

Apparel — 0.4%
Hanesbrands, Inc.		63,576		1,171,706

Auto Parts & Equipment — 0.4%
Adient PLC		35,627		1,400,497

Home Builders — 0.4%
Lennar Corp. Class A		27,861		1,300,830

Home Furnishing — 0.5%
Whirlpool Corp.		12,470		1,480,813

Leisure Time — 2.1%
Carnival Corp.		21,190		1,351,286
Norwegian Cruise Line Holdings Ltd. (a)		41,748		2,397,588
Royal Caribbean Cruises Ltd.		19,940		2,591,004

				6,339,878

Retail — 4.0%
Advance Auto Parts, Inc.		12,700		2,137,791
Dollar General Corp.		26,274		2,871,748
Lowe’s Cos., Inc.		27,616		3,170,869
O’Reilly Automotive, Inc. (a)		5,357		1,860,594
Walmart, Inc.		22,531		2,115,886

				12,156,888

				25,565,551

Consumer, Non-cyclical — 20.3%
Agriculture — 3.2%
Altria Group, Inc.		83,209		5,018,335


	Number of Shares		Value
Philip Morris International, Inc.		58,092	$	4,736,822

				9,755,157

Beverages — 0.9%
Coca-Cola European Partners PLC		58,912		2,678,729

Commercial Services — 1.1%
AMERCO		4,761		1,698,011
Nielsen Holdings PLC		56,813		1,571,447

				3,269,458

Foods — 0.5%
Tyson Foods, Inc. Class A		25,546		1,520,753

Health Care – Products — 0.9%
Medtronic PLC		27,909		2,745,408

Health Care – Services — 2.9%
Anthem, Inc.		11,584		3,174,595
Cigna Corp.		10,919		2,273,882
UnitedHealth Group, Inc.		12,325		3,278,943

				8,727,420

Pharmaceuticals — 10.8%
Cardinal Health, Inc.		46,852		2,530,008
CVS Health Corp.		94,635		7,449,667
Express Scripts Holding Co. (a)		22,764		2,162,808
Johnson & Johnson		23,695		3,273,938
Merck & Co., Inc.		66,627		4,726,519
Pfizer, Inc.		195,899		8,633,269
Sanofi ADR		69,026		3,083,391
Teva Pharmaceutical Industries Ltd. Sponsored ADR		42,679		919,306

				32,778,906

				61,475,831

Energy — 15.0%
Oil & Gas — 13.6%
BP PLC Sponsored ADR		109,039		5,026,698
Chevron Corp.		55,301		6,762,207
ConocoPhillips		99,578		7,707,337
Hess Corp.		38,259		2,738,579
Kosmos Energy Ltd. (a)		194,884		1,822,166
Occidental Petroleum Corp.		80,272		6,595,950
Parsley Energy, Inc. Class A (a)		59,972		1,754,181
Phillips 66		59,910		6,753,055
Vermilion Energy, Inc.		65,248		2,149,269

				41,309,442

Oil & Gas Services — 1.4%
Schlumberger Ltd.		67,597		4,118,009

				45,427,451

Financial — 23.3%
Banks — 12.7%
Bank of America Corp.		283,718		8,358,332
The Bank of New York Mellon Corp.		38,921		1,984,582


	Number of Shares		Value
JP Morgan Chase & Co.		73,275	$	8,268,351
KeyCorp		101,420		2,017,244
The PNC Financial Services Group, Inc.		10,663		1,452,194
State Street Corp.		51,978		4,354,717
US Bancorp		87,663		4,629,483
Wells Fargo & Co.		143,449		7,539,679

				38,604,582

Diversified Financial Services — 4.6%
American Express Co.		73,993		7,879,515
E*TRADE Financial Corp. (a)		37,535		1,966,459
Navient Corp.		91,375		1,231,735
SLM Corp. (a)		248,217		2,767,619

				13,845,328

Insurance — 3.9%
Berkshire Hathaway, Inc. Class B (a)		11,634		2,490,956
Fidelity National Financial, Inc.		36,645		1,441,981
Loews Corp.		115,766		5,814,926
Willis Towers Watson PLC		14,706		2,072,663

				11,820,526

Real Estate Investment Trusts (REITS) — 1.6%
HCP, Inc.		128,140		3,372,645
MGM Growth Properties LLC Class A		50,304		1,483,465

				4,856,110

Savings & Loans — 0.5%
New York Community Bancorp, Inc.		136,760		1,418,201

				70,544,747

Industrial — 9.8%
Aerospace & Defense — 3.7%
Raytheon Co.		7,607		1,572,063
Spirit AeroSystems Holdings, Inc. Class A		27,296		2,502,224
United Technologies Corp.		51,591		7,212,938

				11,287,225

Building Materials — 2.5%
Johnson Controls International PLC		170,897		5,981,395
Owens Corning		27,656		1,500,891

				7,482,286

Hand & Machine Tools — 1.7%
Stanley Black & Decker, Inc.		35,237		5,160,106

Miscellaneous – Manufacturing — 1.9%
General Electric Co.		499,421		5,638,463

				29,568,080

Technology — 7.8%
Computers — 1.4%
Hewlett Packard Enterprise Co.		74,720		1,218,683


	Number of Shares		Value
International Business Machines Corp.		20,244	$	3,061,095

				4,279,778

Semiconductors — 3.8%
Broadcom, Inc.		8,779		2,166,043
Microchip Technology, Inc.		21,919		1,729,628
QUALCOMM, Inc.		74,861		5,392,238
Texas Instruments, Inc.		20,363		2,184,746

				11,472,655

Software — 2.6%
Microsoft Corp.		21,356		2,442,486
Oracle Corp.		106,691		5,500,988

				7,943,474

				23,695,907

Utilities — 4.2%
Electric — 4.2%
Dominion Energy, Inc.		32,573		2,289,231
Entergy Corp.		53,418		4,333,802
Exelon Corp.		139,453		6,088,518

				12,711,551


TOTAL COMMON STOCK (Cost $274,265,725)				295,460,287


TOTAL EQUITIES (Cost $274,265,725)				295,460,287


TOTAL LONG-TERM INVESTMENTS (Cost $274,265,725)				295,460,287


	Principal Amount
SHORT-TERM INVESTMENTS — 2.5%
Repurchase Agreement — 2.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	7,696,659		7,696,659


TOTAL SHORT-TERM INVESTMENTS (Cost $7,696,659)				7,696,659


TOTAL INVESTMENTS — 100.0% (Cost $281,962,384) (c)				303,156,946

Other Assets/(Liabilities) — (0.0)%				(113,926	)


NET ASSETS — 100.0%			$	303,043,020


	Number of Shares		Value
EQUITIES — 97.9%

COMMON STOCK — 97.9%
Australia — 2.5%
AMP Ltd.		788,694	$	1,818,305
Brambles Ltd.		38,000		299,429
Orica Ltd.		182,167		2,233,434

				4,351,168

Canada — 1.7%
Alimentation Couche-Tard, Inc. Class B		15,100		755,321
Cenovus Energy, Inc.		220,900		2,218,150

				2,973,471

Cayman Islands — 0.5%
Baidu, Inc. Sponsored ADR (a)		3,630		830,108

France — 10.7%
Accor SA		37,600		1,927,547
BNP Paribas SA		122,435		7,482,705
Bureau Veritas SA		54,800		1,412,927
Danone SA		16,591		1,284,419
Pernod Ricard SA		2,705		443,749
Publicis Groupe SA		59,102		3,525,001
Valeo SA		61,610		2,675,129

				18,751,477

Germany — 16.8%
Allianz SE Registered		26,165		5,828,716
Bayer AG Registered		49,194		4,370,070
Bayerische Motoren Werke AG		65,630		5,911,617
Continental AG		26,855		4,674,802
Daimler AG Registered		122,800		7,735,576
thyssenkrupp AG		38,600		975,102

				29,495,883

India — 1.2%
Axis Bank Ltd. (a)		251,002		2,134,794

Indonesia — 1.6%
Bank Mandiri Persero Tbk PT		6,231,500		2,810,504

Ireland — 3.3%
Ryanair Holdings PLC Sponsored ADR (a)		28,870		2,772,675
Willis Towers Watson PLC		21,489		3,028,660

				5,801,335

Italy — 3.7%
Intesa Sanpaolo SpA		2,527,400		6,432,522

Japan — 4.5%
Komatsu Ltd.		61,600		1,874,468
Olympus Corp.		53,000		2,069,179


	Number of Shares		Value
Omron Corp.		1,000	$	42,244
Toyota Motor Corp.		61,600		3,821,774

				7,807,665

Mexico — 1.3%
Grupo Televisa SAB Sponsored ADR		132,800		2,355,872

Netherlands — 6.8%
Akzo Nobel NV		7,561		706,940
ASML Holding NV		8,400		1,568,550
CNH Industrial NV		457,608		5,488,491
EXOR NV		61,400		4,115,034

				11,879,015

Republic of Korea — 1.2%
Samsung Electronics Co. Ltd.		48,650		2,037,572

South Africa — 2.8%
Naspers Ltd.		22,765		4,899,577

Sweden — 6.7%
Hennes & Mauritz AB Class B (b)		404,600		7,468,732
SKF AB Class B		107,100		2,110,605
Volvo AB Class B		127,770		2,256,480

				11,835,817

Switzerland — 9.3%
Cie Financiere Richemont SA Registered		29,340		2,388,653
Credit Suisse Group AG Registered		382,523		5,740,571
Kuehne & Nagel International AG Registered		9,535		1,509,326
LafargeHolcim Ltd. Registered		89,780		4,427,246
Nestle SA Registered		26,550		2,211,776

				16,277,572

Taiwan — 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.		337,000		2,877,458

United Kingdom — 21.7%
Ashtead Group PLC		73,959		2,347,300
Diageo PLC		33,600		1,189,923
Experian PLC		42,500		1,091,511
Ferguson PLC		3,373		286,132
G4S PLC		393,200		1,238,610
Glencore PLC		1,458,600		6,287,595
Liberty Global PLC Series A (a)		46,000		1,330,780
Liberty Global PLC Series C (a)		124,200		3,497,472
Lloyds Banking Group PLC		9,077,200		7,004,760
Meggitt PLC		110,238		813,261
Reckitt Benckiser Group PLC		10,400		950,085
Royal Bank of Scotland Group PLC		1,074,900		3,475,060
Schroders PLC		94,000		3,787,022


	Number of Shares		Value
Smiths Group PLC		74,600	$	1,454,025
WPP PLC		222,100		3,246,762

				38,000,298


TOTAL COMMON STOCK (Cost $173,790,903)				171,552,108


TOTAL EQUITIES (Cost $173,790,903)				171,552,108


MUTUAL FUNDS — 3.1%
United States — 3.1%
State Street Navigator Securities Lending Prime Portfolio (c)		5,497,029		5,497,029


TOTAL MUTUAL FUNDS (Cost $5,497,029)				5,497,029


TOTAL LONG-TERM INVESTMENTS (Cost $179,287,932)				177,049,137


	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	3,732,511		3,732,511


TOTAL SHORT-TERM INVESTMENTS (Cost $3,732,511)				3,732,511


TOTAL INVESTMENTS — 103.1% (Cost $183,020,443) (e)				180,781,648

Other Assets/(Liabilities) — (3.1)%				(5,499,795	)


NET ASSETS — 100.0%			$	175,281,853

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)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $5,231,772 or 2.98% 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 $3,732,853. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $3,808,731.

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


	Number of Shares		Value
EQUITIES — 98.5%

COMMON STOCK — 98.5%
Communications — 29.6%
Internet — 25.0%
Alibaba Group Holding Ltd. Sponsored ADR (a)		34,334	$	5,656,870
Alphabet, Inc. Class A (a)		2,672		3,225,318
Alphabet, Inc. Class C (a)		2,679		3,197,306
Amazon.com, Inc. (a)		4,033		8,078,099
Facebook, Inc. Class A (a)		35,349		5,813,496

				25,971,089

Media — 1.7%
FactSet Research Systems, Inc.		8,034		1,797,286

Telecommunications — 2.9%
Cisco Systems, Inc.		61,930		3,012,895

				30,781,270

Consumer, Cyclical — 5.6%
Retail — 5.6%
Starbucks Corp.		49,211		2,797,153
Yum China Holdings, Inc.		35,497		1,246,300
Yum! Brands, Inc.		19,673		1,788,472

				5,831,925

Consumer, Non-cyclical — 26.2%
Beverages — 5.7%
The Coca-Cola Co.		53,577		2,474,722
Monster Beverage Corp. (a)		60,276		3,512,885

				5,987,607

Biotechnology — 5.4%
Amgen, Inc.		9,252		1,917,847
Regeneron Pharmaceuticals, Inc. (a)		9,120		3,684,845

				5,602,692

Commercial Services — 1.0%
Automatic Data Processing, Inc.		6,716		1,011,832

Cosmetics & Personal Care — 4.5%
Colgate-Palmolive Co.		31,428		2,104,105
The Procter & Gamble Co.		31,650		2,634,229

				4,738,334

Foods — 2.7%
Danone SA Sponsored ADR		182,873		2,828,131

Health Care – Products — 1.6%
Varian Medical Systems, Inc. (a)		14,431		1,615,262

Pharmaceuticals — 5.3%
Merck & Co., Inc.		15,845		1,124,044
Novartis AG Sponsored ADR		19,674		1,695,112
Novo Nordisk A/S Sponsored ADR		57,600		2,715,264

				5,534,420

				27,318,278


	Number of Shares		Value
Energy — 2.5%
Oil & Gas Services — 2.5%
Schlumberger Ltd.		43,342	$	2,640,395

Financial — 10.0%
Diversified Financial Services — 10.0%
American Express Co.		10,714		1,140,934
SEI Investments Co.		41,850		2,557,035
Visa, Inc. Class A		44,682		6,706,321

				10,404,290

Industrial — 6.3%
Machinery – Diversified — 2.5%
Deere & Co.		17,341		2,606,873

Transportation — 3.8%
Expeditors International of Washington, Inc.		40,349		2,966,862
United Parcel Service, Inc. Class B		8,826		1,030,435

				3,997,297

				6,604,170

Technology — 18.3%
Semiconductors — 3.2%
QUALCOMM, Inc.		45,475		3,275,564

Software — 15.1%
Autodesk, Inc. (a)		28,939		4,517,667
Cerner Corp. (a)		35,941		2,314,960
Microsoft Corp.		30,709		3,512,189
Oracle Corp.		105,114		5,419,678

				15,764,494

				19,040,058


TOTAL COMMON STOCK (Cost $70,338,521)				102,620,386


TOTAL EQUITIES (Cost $70,338,521)				102,620,386


TOTAL LONG-TERM INVESTMENTS (Cost $70,338,521)				102,620,386


	Principal Amount
SHORT-TERM INVESTMENTS — 1.6%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	1,680,403		1,680,403


TOTAL SHORT-TERM INVESTMENTS (Cost $1,680,403)				1,680,403


	Value
TOTAL INVESTMENTS — 100.1% (Cost $72,018,924) (c)	$	104,300,789

Other Assets/(Liabilities) — (0.1)%		(105,763	)


NET ASSETS — 100.0%	$	104,195,026

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 $1,680,557. Collateralized by U.S. Government Agency obligations with a rate of 3.125%, maturity date of 2/15/43, and an aggregate market value, including accrued interest, of $1,714,065.

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


	Number of Shares		Value
EQUITIES — 100.1%

COMMON STOCK — 100.1%
Basic Materials — 1.9%
Chemicals — 1.6%
Air Products & Chemicals, Inc. (a)		1,545	$	258,092
Albemarle Corp. (a)		780		77,828
CF Industries Holdings, Inc. (a)		1,644		89,499
DowDuPont, Inc. (a)		16,354		1,051,726
Eastman Chemical Co. (a)		1,005		96,199
FMC Corp. (a)		947		82,560
International Flavors & Fragrances, Inc. (a)		555		77,212
LyondellBasell Industries NV Class A (a)		2,265		232,185
The Mosaic Co. (a)		2,471		80,258
PPG Industries, Inc. (a)		1,752		191,196
Praxair, Inc. (a)		2,025		325,478
The Sherwin-Williams Co. (a)		583		265,387

				2,827,620

Forest Products & Paper — 0.1%
International Paper Co. (a)		2,922		143,616

Iron & Steel — 0.1%
Nucor Corp. (a)		2,239		142,065

Mining — 0.1%
Freeport-McMoRan, Inc. (a)		9,492		132,129
Newmont Mining Corp. (a)		3,763		113,642

				245,771

				3,359,072

Communications — 14.7%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		2,717		62,138
Omnicom Group, Inc. (a)		1,603		109,036

				171,174

Internet — 9.4%
Alphabet, Inc. Class A (a) (b)		2,105		2,540,903
Alphabet, Inc. Class C (a) (b)		2,199		2,624,441
Amazon.com, Inc. (a) (b)		2,909		5,826,727
Booking Holdings, Inc. (a) (b)		339		672,576
eBay, Inc. (a) (b)		6,511		214,993
Expedia Group, Inc. (a)		855		111,560
F5 Networks, Inc. (a) (b)		431		85,950
Facebook, Inc. Class A (a) (b)		17,113		2,814,404
Netflix, Inc. (a) (b)		3,063		1,145,960
Symantec Corp. (a)		4,375		93,100
TripAdvisor, Inc. (a) (b)		787		40,192
Twitter, Inc. (a) (b)		4,614		131,315
VeriSign, Inc. (a) (b)		674		107,921

				16,410,042


	Number of Shares		Value
Media — 2.1%
CBS Corp. Class B (a)		2,407	$	138,282
Charter Communications, Inc. Class A (a) (b)		1,305		425,273
Comcast Corp. Class A (a)		32,366		1,146,080
Discovery, Inc. Class A (a) (b)		1,098		35,136
Discovery, Inc. Class C (a) (b)		2,410		71,288
DISH Network Corp. Class A (a) (b)		1,613		57,681
News Corp. Class A (a)		2,786		36,747
News Corp. Class B (a)		778		10,581
Twenty-First Century Fox, Inc. Class A (a)		7,427		344,093
Twenty-First Century Fox, Inc. Class B (a)		3,099		141,996
Viacom, Inc. Class B (a)		2,489		84,029
The Walt Disney Co. (a)		10,478		1,225,297

				3,716,483

Telecommunications — 3.1%
Arista Networks, Inc. (a) (b)		335		89,063
AT&T, Inc. (a)		51,180		1,718,624
CenturyLink, Inc. (a)		6,918		146,662
Cisco Systems, Inc. (a)		32,503		1,581,271
Juniper Networks, Inc. (a)		2,465		73,876
Motorola Solutions, Inc. (a)		1,135		147,709
Verizon Communications, Inc. (a)		29,122		1,554,824

				5,312,029

				25,609,728

Consumer, Cyclical — 8.3%
Airlines — 0.5%
Alaska Air Group, Inc. (a)		869		59,839
American Airlines Group, Inc. (a)		2,937		121,386
Delta Air Lines, Inc. (a)		4,526		261,739
Southwest Airlines Co. (a)		3,772		235,561
United Continental Holdings, Inc. (a) (b)		1,662		148,018

				826,543

Apparel — 0.7%
Hanesbrands, Inc. (a)		2,536		46,739
Michael Kors Holdings Ltd. (a) (b)		1,057		72,468
NIKE, Inc. Class B (a)		9,042		766,038
PVH Corp. (a)		535		77,254
Ralph Lauren Corp. (a)		392		53,920
Under Armour, Inc. Class A (a) (b)		1,341		28,456
Under Armour, Inc. Class C (a) (b)		1,292		25,142
VF Corp. (a)		2,309		215,776

				1,285,793

Auto Manufacturers — 0.4%
Ford Motor Co. (a)		27,699		256,216
General Motors Co. (a)		8,929		300,639
PACCAR, Inc. (a)		2,476		168,838

				725,693


	Number of Shares		Value
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		1,876	$	157,396
BorgWarner, Inc. (a)		1,381		59,079
The Goodyear Tire & Rubber Co. (a)		1,678		39,249

				255,724

Distribution & Wholesale — 0.2%
Fastenal Co. (a)		2,024		117,432
LKQ Corp. (a) (b)		2,179		69,009
W.W. Grainger, Inc. (a)		359		128,310

				314,751

Home Builders — 0.1%
D.R. Horton, Inc. (a)		2,420		102,076
Lennar Corp. Class A (a)		1,904		88,898
PulteGroup, Inc. (a)		1,867		46,245

				237,219

Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		920		40,287
Whirlpool Corp. (a)		454		53,912

				94,199

Housewares — 0.0%
Newell Brands, Inc. (a)		3,469		70,421

Leisure Time — 0.3%
Carnival Corp. (a)		2,879		183,594
Harley-Davidson, Inc. (a)		1,169		52,956
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,454		83,503
Royal Caribbean Cruises Ltd. (a)		1,200		155,928

				475,981

Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		1,965		158,733
Marriott International, Inc. Class A (a)		2,089		275,810
MGM Resorts International (a)		3,525		98,383
Wynn Resorts Ltd. (a)		596		75,728

				608,654

Retail — 5.4%
Advance Auto Parts, Inc. (a)		520		87,532
AutoZone, Inc. (a) (b)		187		145,056
Best Buy Co., Inc. (a)		1,737		137,848
CarMax, Inc. (a) (b)		1,272		94,980
Chipotle Mexican Grill, Inc. (a) (b)		172		78,178
Copart, Inc. (a) (b)		1,421		73,224
Costco Wholesale Corp. (a)		3,090		725,779
Darden Restaurants, Inc. (a)		872		96,958
Dollar General Corp. (a)		1,796		196,303
Dollar Tree, Inc. (a) (b)		1,678		136,841
Foot Locker, Inc. (a)		832		42,415
The Gap, Inc. (a)		1,532		44,198
Genuine Parts Co. (a)		1,033		102,680
The Home Depot, Inc. (a)		8,125		1,683,094


	Number of Shares		Value
Kohl’s Corp. (a)		1,184	$	88,267
L Brands, Inc. (a)		1,710		51,813
Lowe’s Cos., Inc. (a)		5,789		664,693
Macy’s, Inc. (a)		2,157		74,913
McDonald’s Corp. (a)		5,534		925,783
Nordstrom, Inc. (a)		827		49,463
O’Reilly Automotive, Inc. (a) (b)		581		201,793
Ross Stores, Inc. (a)		2,671		264,696
Starbucks Corp. (a)		9,725		552,769
Tapestry, Inc. (a)		2,029		101,998
Target Corp. (a)		3,756		331,317
Tiffany & Co. (a)		719		92,729
The TJX Cos., Inc. (a)		4,421		495,240
Tractor Supply Co. (a)		846		76,885
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		403		113,694
Walgreens Boots Alliance, Inc. (a)		6,007		437,910
Walmart, Inc. (a)		10,193		957,225
Yum! Brands, Inc. (a)		2,285		207,729

				9,334,003

Textiles — 0.0%
Mohawk Industries, Inc. (a) (b)		445		78,031

Toys, Games & Hobbies — 0.1%
Hasbro, Inc. (a)		802		84,306
Mattel, Inc. (a)		2,425		38,073

				122,379

				14,429,391

Consumer, Non-cyclical — 22.2%
Agriculture — 1.1%
Altria Group, Inc. (a)		13,335		804,234
Archer-Daniels-Midland Co. (a)		3,944		198,265
Philip Morris International, Inc. (a)		10,954		893,189

				1,895,688

Beverages — 1.7%
Brown-Forman Corp. Class B (a)		1,361		68,799
The Coca-Cola Co. (a)		26,990		1,246,668
Constellation Brands, Inc. Class A (a)		1,183		255,078
Molson Coors Brewing Co. Class B (a)		1,303		80,135
Monster Beverage Corp. (a) (b)		2,917		170,003
PepsiCo, Inc. (a)		9,994		1,117,329

				2,938,012

Biotechnology — 2.2%
Alexion Pharmaceuticals, Inc. (a) (b)		1,567		217,829
Amgen, Inc. (a)		4,693		972,812
Biogen, Inc. (a) (b)		1,487		525,372
Celgene Corp. (a) (b)		4,980		445,660
Gilead Sciences, Inc. (a)		9,162		707,398
Illumina, Inc. (a) (b)		1,036		380,274
Incyte Corp. (a) (b)		1,239		85,590


	Number of Shares		Value
Regeneron Pharmaceuticals, Inc. (a) (b)		545	$	220,202
Vertex Pharmaceuticals, Inc. (a) (b)		1,795		345,968

				3,901,105

Commercial Services — 2.0%
Automatic Data Processing, Inc. (a)		3,104		467,649
Cintas Corp. (a)		609		120,466
Ecolab, Inc. (a)		1,830		286,907
Equifax, Inc. (a)		853		111,376
FleetCor Technologies, Inc. (a) (b)		633		144,223
Gartner, Inc. (a) (b)		643		101,916
Global Payments, Inc. (a)		1,121		142,815
H&R Block, Inc. (a)		1,471		37,878
IHS Markit Ltd. (a) (b)		2,498		134,792
Moody’s Corp. (a)		1,176		196,627
Nielsen Holdings PLC (a)		2,358		65,222
PayPal Holdings, Inc. (a) (b)		8,466		743,654
Quanta Services, Inc. (a) (b)		1,053		35,149
Robert Half International, Inc. (a)		870		61,231
Rollins, Inc.		705		42,787
S&P Global, Inc. (a)		1,771		346,036
Total System Services, Inc. (a)		1,168		115,328
United Rentals, Inc. (a) (b)		589		96,360
Verisk Analytics, Inc. (a) (b)		1,088		131,158
The Western Union Co. (a)		3,244		61,831

				3,443,405

Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co. (a)		6,150		411,743
Coty, Inc. Class A (a)		3,329		41,812
The Estee Lauder Cos., Inc. Class A (a)		1,578		229,315
The Procter & Gamble Co. (a)		17,723		1,475,085

				2,157,955

Foods — 1.2%
Campbell Soup Co. (a)		1,341		49,121
Conagra Brands, Inc. (a)		2,780		94,437
General Mills, Inc. (a)		4,184		179,577
The Hershey Co. (a)		983		100,266
Hormel Foods Corp. (a)		1,910		75,254
The J.M. Smucker Co. (a)		788		80,857
Kellogg Co. (a)		1,761		123,305
The Kraft Heinz Co. (a)		4,217		232,399
The Kroger Co. (a)		5,769		167,935
McCormick & Co., Inc. (a)		849		111,856
Mondelez International, Inc. Class A (a)		10,405		446,999
Sysco Corp. (a)		3,376		247,292
Tyson Foods, Inc. Class A (a)		2,099		124,953

				2,034,251

Health Care – Products — 3.7%
Abbott Laboratories (a)		12,354		906,289


	Number of Shares		Value
ABIOMED, Inc. (a) (b)		297	$	133,576
Align Technology, Inc. (a) (b)		512		200,305
Baxter International, Inc. (a)		3,470		267,502
Becton, Dickinson & Co. (a)		1,882		491,202
Boston Scientific Corp. (a) (b)		9,719		374,181
The Cooper Cos., Inc. (a)		344		95,340
Danaher Corp. (a)		4,331		470,606
DENTSPLY SIRONA, Inc. (a)		1,600		60,384
Edwards Lifesciences Corp. (a) (b)		1,485		258,538
Henry Schein, Inc. (a) (b)		1,070		90,982
Hologic, Inc. (a) (b)		1,921		78,723
IDEXX Laboratories, Inc. (a) (b)		612		152,792
Intuitive Surgical, Inc. (a) (b)		798		458,052
Medtronic PLC (a)		9,542		938,647
ResMed, Inc. (a)		1,005		115,917
Stryker Corp. (a)		2,264		402,268
Thermo Fisher Scientific, Inc. (a)		2,835		691,967
Varian Medical Systems, Inc. (a) (b)		640		71,635
Zimmer Biomet Holdings, Inc. (a)		1,432		188,265

				6,447,171

Health Care – Services — 2.7%
Aetna, Inc. (a)		2,305		467,569
Anthem, Inc. (a)		1,798		492,742
Centene Corp. (a) (b)		1,445		209,207
Cigna Corp. (a)		1,714		356,941
DaVita, Inc. (a) (b)		1,006		72,060
Envision Healthcare Corp. (a) (b)		851		38,916
HCA Healthcare, Inc. (a)		1,967		273,649
Humana, Inc. (a)		970		328,365
IQVIA Holdings, Inc. (a) (b)		1,149		149,071
Laboratory Corp. of America Holdings (a) (b)		721		125,223
Quest Diagnostics, Inc. (a)		954		102,946
UnitedHealth Group, Inc. (a)		6,772		1,801,623
Universal Health Services, Inc. Class B (a)		612		78,238
WellCare Health Plans, Inc. (a) (b)		347		111,210

				4,607,760

Household Products & Wares — 0.3%
Avery Dennison Corp. (a)		620		67,177
Church & Dwight Co., Inc. (a)		1,723		102,294
The Clorox Co. (a)		912		137,174
Kimberly-Clark Corp. (a)		2,462		279,782

				586,427

Pharmaceuticals — 6.1%
AbbVie, Inc. (a)		10,680		1,010,114
Allergan PLC (a)		2,389		455,057
AmerisourceBergen Corp. (a)		1,152		106,237
Bristol-Myers Squibb Co. (a)		11,520		715,162
Cardinal Health, Inc. (a)		2,189		118,206
CVS Health Corp. (a)		7,162		563,793


	Number of Shares		Value
Eli Lilly & Co. (a)		6,731	$	722,304
Express Scripts Holding Co. (a) (b)		3,956		375,859
Johnson & Johnson (a)		18,903		2,611,827
McKesson Corp. (a)		1,436		190,485
Merck & Co., Inc. (a)		18,960		1,345,022
Mylan NV (a) (b)		3,631		132,895
Nektar Therapeutics (a) (b)		1,135		69,190
Perrigo Co. PLC (a)		907		64,216
Pfizer, Inc. (a)		41,227		1,816,874
Zoetis, Inc. (a)		3,409		312,128

				10,609,369

				38,621,143

Energy — 6.0%
Oil & Gas — 4.9%
Anadarko Petroleum Corp. (a)		3,629		244,631
Andeavor		979		150,277
Apache Corp. (a)		2,693		128,375
Cabot Oil & Gas Corp. (a)		3,181		71,636
Chevron Corp. (a)		13,702		1,675,481
Cimarex Energy Co. (a)		665		61,805
Concho Resources, Inc. (a) (b)		1,339		204,532
ConocoPhillips (a)		8,245		638,163
Devon Energy Corp. (a)		3,687		147,259
EOG Resources, Inc. (a)		4,080		520,486
EQT Corp. (a)		1,786		78,995
Exxon Mobil Corp. (a)		30,194		2,567,094
Helmerich & Payne, Inc. (a)		778		53,503
Hess Corp. (a)		1,848		132,280
HollyFrontier Corp. (a)		1,244		86,956
Marathon Oil Corp. (a)		6,008		139,866
Marathon Petroleum Corp. (a)		3,254		260,222
Newfield Exploration Co. (a) (b)		1,405		40,506
Noble Energy, Inc. (a)		3,426		106,857
Occidental Petroleum Corp. (a)		5,397		443,471
Phillips 66 (a)		2,958		333,426
Pioneer Natural Resources Co. (a)		1,201		209,202
Valero Energy Corp. (a)		3,036		345,345

				8,640,368

Oil & Gas Services — 0.7%
Baker Hughes a GE Co. (a)		2,932		99,190
Halliburton Co. (a)		6,174		250,232
National Oilwell Varco, Inc. (a)		2,689		115,842
Schlumberger Ltd. (a)		9,758		594,457
TechnipFMC PLC (a)		3,054		95,438

				1,155,159

Pipelines — 0.4%
Kinder Morgan, Inc. (a)		13,375		237,139
ONEOK, Inc. (a)		2,897		196,387
The Williams Cos., Inc. (a)		8,357		227,227

				660,753

				10,456,280


	Number of Shares		Value
Financial — 17.6%
Banks — 7.0%
Bank of America Corp. (a)		65,385	$	1,926,242
The Bank of New York Mellon Corp. (a)		6,524		332,659
BB&T Corp. (a)		5,496		266,776
Capital One Financial Corp. (a)		3,428		325,420
Citigroup, Inc. (a)		17,972		1,289,311
Citizens Financial Group, Inc. (a)		3,415		131,717
Comerica, Inc. (a)		1,215		109,593
Fifth Third Bancorp (a)		4,838		135,077
The Goldman Sachs Group, Inc. (a)		2,476		555,218
Huntington Bancshares, Inc. (a)		7,779		116,063
JP Morgan Chase & Co. (a)		23,660		2,669,794
KeyCorp (a)		7,479		148,757
M&T Bank Corp. (a)		1,024		168,489
Morgan Stanley (a)		9,604		447,258
Northern Trust Corp. (a)		1,489		152,072
The PNC Financial Services Group, Inc. (a)		3,310		450,789
Regions Financial Corp. (a)		7,961		146,084
State Street Corp. (a)		2,575		215,734
SunTrust Banks, Inc. (a)		3,276		218,804
SVB Financial Group (a) (b)		374		116,250
US Bancorp (a)		10,999		580,857
Wells Fargo & Co. (a)		30,909		1,624,577
Zions Bancorp (a)		1,363		68,355

				12,195,896

Diversified Financial Services — 3.9%
Affiliated Managers Group, Inc. (a)		383		52,364
Alliance Data Systems Corp. (a)		339		80,058
American Express Co. (a)		5,032		535,858
Ameriprise Financial, Inc. (a)		1,027		151,647
BlackRock, Inc. (a)		869		409,586
Cboe Global Markets, Inc. (a)		792		76,000
The Charles Schwab Corp. (a)		8,459		415,760
CME Group, Inc. (a)		2,400		408,504
Discover Financial Services (a)		2,481		189,672
E*TRADE Financial Corp. (a) (b)		1,856		97,236
Franklin Resources, Inc. (a)		2,243		68,210
Intercontinental Exchange, Inc. (a)		4,082		305,701
Invesco Ltd. (a)		2,841		65,002
Jefferies Financial Group, Inc. (a)		2,137		46,929
Mastercard, Inc. Class A (a)		6,461		1,438,283
Nasdaq, Inc. (a)		823		70,613
Raymond James Financial, Inc. (a)		909		83,673
Synchrony Financial (a)		5,023		156,115
T. Rowe Price Group, Inc. (a)		1,705		186,152
Visa, Inc. Class A (a)		12,588		1,889,333

				6,726,696

Insurance — 4.0%
Aflac, Inc. (a)		5,460		257,002


	Number of Shares		Value
The Allstate Corp. (a)		2,477	$	244,480
American International Group, Inc. (a)		6,329		336,956
Aon PLC (a)		1,723		264,963
Arthur J Gallagher & Co. (a)		1,286		95,730
Assurant, Inc. (a)		369		39,834
Berkshire Hathaway, Inc. Class B (a) (b)		13,818		2,958,572
Brighthouse Financial, Inc. (a) (b)		843		37,294
Chubb Ltd. (a)		3,283		438,740
Cincinnati Financial Corp. (a)		1,053		80,881
Everest Re Group Ltd. (a)		288		65,799
The Hartford Financial Services Group, Inc. (a)		2,524		126,099
Lincoln National Corp. (a)		1,526		103,249
Loews Corp. (a)		1,848		92,825
Marsh & McLennan Cos., Inc. (a)		3,576		295,807
MetLife, Inc. (a)		7,164		334,702
Principal Financial Group, Inc. (a)		1,875		109,856
The Progressive Corp. (a)		4,104		291,548
Prudential Financial, Inc. (a)		2,961		300,008
Torchmark Corp. (a)		745		64,584
The Travelers Cos., Inc. (a)		1,905		247,098
Unum Group (a)		1,555		60,754
Willis Towers Watson PLC (a)		935		131,779

				6,978,560

Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		2,130		93,933

Real Estate Investment Trusts (REITS) — 2.6%
Alexandria Real Estate Equities, Inc. (a)		724		91,072
American Tower Corp. (a)		3,114		452,464
Apartment Investment & Management Co. Class A (a)		1,111		49,029
AvalonBay Communities, Inc. (a)		975		176,621
Boston Properties, Inc. (a)		1,088		133,922
Crown Castle International Corp. (a)		2,924		325,529
Digital Realty Trust, Inc. (a)		1,466		164,896
Duke Realty Corp. (a)		2,511		71,237
Equinix, Inc. (a)		560		242,418
Equity Residential (a)		2,596		172,011
Essex Property Trust, Inc. (a)		465		114,720
Extra Space Storage, Inc. (a)		889		77,023
Federal Realty Investment Trust (a)		517		65,385
HCP, Inc. (a)		3,316		87,277
Host Hotels & Resorts, Inc. (a)		5,224		110,226
Iron Mountain, Inc. (a)		1,984		68,488
Kimco Realty Corp. (a)		2,944		49,283
The Macerich Co. (a)		765		42,297
Mid-America Apartment Communities, Inc. (a)		794		79,543
Prologis, Inc. (a)		4,434		300,581
Public Storage (a)		1,056		212,921


	Number of Shares		Value
Realty Income Corp. (a)		2,008	$	114,235
Regency Centers Corp. (a)		1,516		98,040
SBA Communications Corp. (a) (b)		812		130,432
Simon Property Group, Inc. (a)		2,183		385,845
SL Green Realty Corp. (a)		623		60,761
UDR, Inc. (a)		1,868		75,523
Ventas, Inc. (a)		2,511		136,548
Vornado Realty Trust (a)		1,220		89,060
Welltower, Inc. (a)		2,622		168,647
Weyerhaeuser Co. (a)		5,383		173,709

				4,519,743

Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		2,459		42,098

				30,556,926

Industrial — 9.5%
Aerospace & Defense — 2.6%
Arconic, Inc. (a)		2,993		65,876
The Boeing Co. (a)		3,859		1,435,162
General Dynamics Corp. (a)		1,947		398,590
Harris Corp. (a)		837		141,629
L3 Technologies, Inc. (a)		550		116,941
Lockheed Martin Corp. (a)		1,751		605,776
Northrop Grumman Corp. (a)		1,229		390,048
Raytheon Co. (a)		2,025		418,486
Rockwell Collins, Inc. (a)		1,158		162,664
TransDigm Group, Inc. (a) (b)		343		127,699
United Technologies Corp. (a)		5,243		733,024

				4,595,895

Building Materials — 0.3%
Fortune Brands Home & Security, Inc. (a)		1,021		53,459
Johnson Controls International PLC (a)		6,522		228,270
Martin Marietta Materials, Inc. (a)		444		80,786
Masco Corp. (a)		2,226		81,472
Vulcan Materials Co. (a)		932		103,638

				547,625

Electrical Components & Equipment — 0.3%
AMETEK, Inc. (a)		1,630		128,966
Emerson Electric Co. (a)		4,438		339,862

				468,828

Electronics — 1.3%
Agilent Technologies, Inc. (a)		2,252		158,856
Allegion PLC (a)		667		60,410
Amphenol Corp. Class A (a)		2,127		199,981
Corning, Inc. (a)		5,890		207,917
FLIR Systems, Inc. (a)		966		59,380
Fortive Corp. (a)		2,172		182,882
Garmin Ltd. (a)		782		54,779
Honeywell International, Inc. (a)		5,259		875,098


	Number of Shares		Value
Mettler-Toledo International, Inc. (a) (b)		179	$	109,007
PerkinElmer, Inc. (a)		777		75,579
TE Connectivity Ltd. (a)		2,465		216,748
Waters Corp. (a) (b)		556		108,242

				2,308,879

Engineering & Construction — 0.1%
Fluor Corp. (a)		990		57,519
Jacobs Engineering Group, Inc. (a)		848		64,872

				122,391

Environmental Controls — 0.3%
Pentair PLC (a)		1,140		49,419
Republic Services, Inc. (a)		1,571		114,149
Stericycle, Inc. (a) (b)		602		35,325
Waste Management, Inc. (a)		2,803		253,279

				452,172

Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		398		73,073
Stanley Black & Decker, Inc. (a)		1,083		158,594

				231,667

Machinery – Construction & Mining — 0.4%
Caterpillar, Inc. (a)		4,211		642,135

Machinery – Diversified — 0.7%
Cummins, Inc. (a)		1,100		160,677
Deere & Co. (a)		2,283		343,203
Dover Corp. (a)		1,104		97,737
Flowserve Corp. (a)		900		49,221
Rockwell Automation, Inc. (a)		894		167,643
Roper Technologies, Inc. (a)		732		216,826
Xylem, Inc. (a)		1,266		101,116

				1,136,423

Miscellaneous – Manufacturing — 1.5%
3M Co. (a)		4,181		880,979
A.O. Smith Corp. (a)		1,016		54,224
Eaton Corp. PLC (a)		3,080		267,128
General Electric Co. (a)		61,194		690,880
Illinois Tool Works, Inc. (a)		2,147		302,985
Ingersoll-Rand PLC (a)		1,746		178,616
Parker-Hannifin Corp. (a)		938		172,526
Textron, Inc. (a)		1,804		128,932

				2,676,270

Packaging & Containers — 0.2%
Ball Corp. (a)		2,460		108,215
Packaging Corp. of America (a)		664		72,834
Sealed Air Corp. (a)		1,110		44,567
WestRock Co. (a)		1,805		96,459

				322,075

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		317		81,177


	Number of Shares		Value
Transportation — 1.7%
C.H. Robinson Worldwide, Inc. (a)		990	$	96,941
CSX Corp. (a)		5,810		430,231
Expeditors International of Washington, Inc. (a)		1,227		90,221
FedEx Corp. (a)		1,731		416,807
J.B. Hunt Transport Services, Inc. (a)		597		71,007
Kansas City Southern (a)		738		83,601
Norfolk Southern Corp. (a)		1,990		359,195
Union Pacific Corp. (a)		5,229		851,438
United Parcel Service, Inc. Class B (a)		4,857		567,055

				2,966,496

				16,552,033

Technology — 17.0%
Computers — 6.0%
Accenture PLC Class A (a)		4,533		771,517
Apple, Inc. (a)		32,511		7,339,033
Cognizant Technology Solutions Corp. Class A (a)		4,129		318,553
DXC Technology Co. (a)		2,006		187,601
Hewlett Packard Enterprise Co. (a)		10,836		176,735
HP, Inc. (a)		11,561		297,927
International Business Machines Corp. (a)		6,481		979,992
NetApp, Inc. (a)		1,891		162,418
Seagate Technology PLC (a)		2,021		95,694
Western Digital Corp. (a)		2,108		123,402

				10,452,872

Office & Business Equipment — 0.0%
Xerox Corp. (a)		1,505		40,605

Semiconductors — 3.9%
Advanced Micro Devices, Inc. (a) (b)		5,804		179,286
Analog Devices, Inc. (a)		2,613		241,598
Applied Materials, Inc. (a)		7,094		274,183
Broadcom, Inc. (a)		3,062		755,487
Intel Corp. (a)		32,841		1,553,051
IPG Photonics Corp. (a) (b)		264		41,203
KLA-Tencor Corp. (a)		1,096		111,474
Lam Research Corp. (a)		1,162		176,275
Microchip Technology, Inc. (a)		1,654		130,517
Micron Technology, Inc. (a) (b)		8,171		369,574
NVIDIA Corp. (a)		4,277		1,201,923
Qorvo, Inc. (a) (b)		891		68,509
QUALCOMM, Inc. (a)		9,976		718,571
Skyworks Solutions, Inc. (a)		1,294		117,379
Texas Instruments, Inc. (a)		6,898		740,086
Xilinx, Inc. (a)		1,784		143,023

				6,822,139

Software — 7.1%
Activision Blizzard, Inc. (a)		5,363		446,148


	Number of Shares		Value
Adobe Systems, Inc. (a) (b)		3,470	$	936,726
Akamai Technologies, Inc. (a) (b)		1,202		87,926
ANSYS, Inc. (a) (b)		592		110,515
Autodesk, Inc. (a) (b)		1,553		242,439
Broadridge Financial Solutions, Inc. (a)		821		108,331
CA, Inc. (a)		2,190		96,689
Cadence Design Systems, Inc. (a) (b)		1,986		90,006
Cerner Corp. (a) (b)		2,239		144,214
Citrix Systems, Inc. (a) (b)		907		100,822
Electronic Arts, Inc. (a) (b)		2,161		260,379
Fidelity National Information Services, Inc. (a)		2,332		254,351
Fiserv, Inc. (a) (b)		2,906		239,396
Intuit, Inc. (a)		1,875		426,375
Microsoft Corp. (a)		54,147		6,192,792
MSCI, Inc. (a)		630		111,768
Oracle Corp. (a)		20,153		1,039,089
Paychex, Inc. (a)		2,253		165,933
Red Hat, Inc. (a) (b)		1,256		171,168
salesforce.com, Inc. (a) (b)		5,492		873,393
Synopsys, Inc. (a) (b)		1,049		103,442
Take-Two Interactive Software, Inc. (a) (b)		805		111,082

				12,312,984

				29,628,600

Utilities — 2.9%
Electric — 2.7%
AES Corp. (a)		4,650		65,100
Alliant Energy Corp. (a)		1,630		69,389
Ameren Corp. (a)		1,724		108,991
American Electric Power Co., Inc. (a)		3,470		245,954
CenterPoint Energy, Inc. (a)		3,038		84,001
CMS Energy Corp. (a)		1,982		97,118
Consolidated Edison, Inc. (a)		2,187		166,628
Dominion Energy, Inc. (a)		4,598		323,147
DTE Energy Co. (a)		1,284		140,123
Duke Energy Corp. (a)		4,942		395,459
Edison International (a)		2,302		155,799
Entergy Corp. (a)		1,270		103,035
Evergy, Inc. (a)		1,905		104,623
Eversource Energy (a)		2,232		137,134
Exelon Corp. (a)		6,801		296,932
FirstEnergy Corp. (a)		3,898		144,889
NextEra Energy, Inc. (a)		3,322		556,767
NRG Energy, Inc. (a)		2,106		78,764
PG&E Corp. (a)		3,639		167,430
Pinnacle West Capital Corp. (a)		786		62,236
PPL Corp. (a)		4,920		143,959
Public Service Enterprise Group, Inc. (a)		3,588		189,411
SCANA Corp. (a)		970		37,723


	Number of Shares		Value
Sempra Energy (a)		2,095	$	238,306
The Southern Co. (a)		7,132		310,955
WEC Energy Group, Inc. (a)		2,244		149,809
Xcel Energy, Inc. (a)		3,613		170,570

				4,744,252

Gas — 0.1%
NiSource, Inc. (a)		3,493		87,046

Water — 0.1%
American Water Works Co., Inc. (a)		1,251		110,050

				4,941,348


TOTAL COMMON STOCK (Cost $114,693,185)				174,154,521


TOTAL EQUITIES (Cost $114,693,185)				174,154,521


	Principal Amount
BONDS & NOTES — 0.0%

CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (c) (d)	$	359,000		—


TOTAL CORPORATE DEBT (Cost $0)				—


TOTAL BONDS & NOTES (Cost $0)				—


TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $1,112,432)				581,365


TOTAL LONG-TERM INVESTMENTS (Cost $115,805,617)				174,735,886


SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (e)		1,773,836		1,773,836


TOTAL SHORT-TERM INVESTMENTS (Cost $1,773,836)				1,773,836


	Number of Shares		Value
EQUITIES — 93.5%

COMMON STOCK — 92.7%
Basic Materials — 2.9%
Chemicals — 2.5%
Air Products & Chemicals, Inc.		30,000	$	5,011,501
RPM International, Inc.		60,000		3,896,400
Valvoline, Inc.		157,000		3,377,070

				12,284,971

Mining — 0.4%
Franco-Nevada Corp.		30,000		1,876,500

				14,161,471

Communications — 3.0%
Internet — 2.9%
Expedia Group, Inc.		14,000		1,826,720
Farfetch Ltd. Class A (a)		6,426		174,980
IAC/InterActiveCorp (a)		35,000		7,585,200
Shopify, Inc. Class A (a)		5,000		822,300
Symantec Corp.		120,000		2,553,600
Zillow Group, Inc. Class A (a)		7,000		309,400
Zillow Group, Inc. Class C (a)		23,000		1,017,750

				14,289,950

Telecommunications — 0.1%
Maxar Technologies Ltd. (b)		18,682		617,814

				14,907,764

Consumer, Cyclical — 17.2%
Airlines — 0.9%
Alaska Air Group, Inc.		19,000		1,308,340
United Continental Holdings, Inc. (a)		37,000		3,295,220

				4,603,560

Auto Manufacturers — 0.1%
Ferrari NV (b)		5,000		684,550

Auto Parts & Equipment — 1.1%
Aptiv PLC		49,000		4,111,100
Visteon Corp. (a)		15,000		1,393,500

				5,504,600

Distribution & Wholesale — 1.5%
HD Supply Holdings, Inc. (a)		90,000		3,851,100
KAR Auction Services, Inc.		60,000		3,581,400

				7,432,500

Entertainment — 1.0%
Vail Resorts, Inc.		17,000		4,665,140

Food Services — 0.8%
Aramark		90,000		3,871,800

Leisure Time — 1.5%
Norwegian Cruise Line Holdings Ltd. (a)		128,000		7,351,040


	Number of Shares		Value
Lodging — 2.4%
Hilton Worldwide Holdings, Inc.		38,000	$	3,069,640
Marriott International, Inc. Class A		30,000		3,960,900
MGM Resorts International		166,000		4,633,060

				11,663,600

Retail — 7.9%
Burlington Stores, Inc. (a)		21,000		3,421,320
CarMax, Inc. (a)		42,000		3,136,140
Casey’s General Stores, Inc.		29,000		3,744,190
Darden Restaurants, Inc.		13,000		1,445,470
Dollar General Corp.		60,000		6,558,000
Dollar Tree, Inc. (a)		38,000		3,098,900
Dunkin’ Brands Group, Inc.		38,000		2,801,360
The Michaels Cos., Inc. (a)		60,000		973,800
O’Reilly Automotive, Inc. (a)		7,000		2,431,240
Tapestry, Inc.		181,000		9,098,870
Ulta Salon Cosmetics & Fragrance, Inc. (a)		7,000		1,974,840

				38,684,130

				84,460,920

Consumer, Non-cyclical — 25.2%
Biotechnology — 1.8%
Alnylam Pharmaceuticals, Inc. (a)		20,000		1,750,400
Exact Sciences Corp. (a)		25,000		1,973,000
Incyte Corp. (a)		30,000		2,072,400
Sage Therapeutics, Inc. (a)		6,025		851,031
Seattle Genetics, Inc. (a) (b)		30,000		2,313,600

				8,960,431

Commercial Services — 9.1%
CoreLogic, Inc. (a)		87,000		4,298,670
CoStar Group, Inc. (a)		7,000		2,945,880
Equifax, Inc.		10,896		1,422,691
FleetCor Technologies, Inc. (a)		18,000		4,101,120
Gartner, Inc. (a)		15,000		2,377,500
Global Payments, Inc.		25,259		3,217,997
IHS Markit Ltd. (a)		56,000		3,021,760
MarketAxess Holdings, Inc.		8,000		1,427,920
ServiceMaster Global Holdings, Inc. (a)		60,741		3,767,764
TransUnion		59,825		4,401,923
Verisk Analytics, Inc. (a)		45,000		5,424,750
WeWork Companies, Inc. Class A (a) (c) (d)		8,764		576,145
Worldpay, Inc. Class A (a)		75,000		7,595,250

				44,579,370

Foods — 1.9%
Conagra Brands, Inc.		76,000		2,581,720
The Kroger Co.		83,000		2,416,130
Sprouts Farmers Market, Inc. (a)		83,000		2,275,030


	Number of Shares		Value
TreeHouse Foods, Inc. (a)		49,000	$	2,344,650

				9,617,530

Health Care – Products — 7.8%
Bruker Corp.		154,500		5,168,025
The Cooper Cos., Inc.		34,000		9,423,100
DENTSPLY SIRONA, Inc.		15,000		566,100
Hologic, Inc. (a)		191,000		7,827,180
IDEXX Laboratories, Inc. (a)		6,000		1,497,960
Teleflex, Inc.		41,000		10,909,690
West Pharmaceutical Services, Inc.		22,000		2,716,340

				38,108,395

Health Care – Services — 3.0%
Acadia Healthcare Co., Inc. (a)		55,000		1,936,000
Catalent, Inc. (a)		115,000		5,238,250
Envision Healthcare Corp. (a)		53,000		2,423,690
IQVIA Holdings, Inc. (a)		23,000		2,984,020
MEDNAX, Inc. (a)		45,000		2,099,700

				14,681,660

Pharmaceuticals — 1.6%
Alkermes PLC (a)		90,000		3,819,600
Amneal Pharmaceuticals, Inc. (a)		56,456		1,252,759
DexCom, Inc. (a)		13,000		1,859,520
Elanco Animal Health, Inc. (a) (b)		12,000		418,680
Madrigal Pharmaceuticals, Inc. (a) (b)		1,000		214,130
TESARO, Inc. (a) (b)		5,000		195,050

				7,759,739

				123,707,125

Energy — 2.0%
Oil & Gas — 2.0%
ARC Resources Ltd. (b)		78,000		869,586
Cabot Oil & Gas Corp.		91,000		2,049,320
Centennial Resource Development, Inc. Class A (a) (b)		74,000		1,616,900
Concho Resources, Inc. (a)		30,000		4,582,500
Venture Global LNG, Inc. Series B (a) (c) (d)		21		109,200
Venture Global LNG, Inc. Series C (a) (c) (d)		144		748,800

				9,976,306

Financial — 7.9%
Banks — 0.9%
Fifth Third Bancorp		113,000		3,154,960
Webster Financial Corp.		23,000		1,356,080

				4,511,040

Diversified Financial Services — 2.4%
Cboe Global Markets, Inc.		37,000		3,550,520
SLM Corp. (a)		136,000		1,516,400


	Number of Shares		Value
TD Ameritrade Holding Corp.		124,000	$	6,550,920

				11,617,840

Insurance — 4.1%
Assurant, Inc.		22,000		2,374,900
Axis Capital Holdings Ltd.		23,000		1,327,330
Fidelity National Financial, Inc.		128,000		5,036,800
The Progressive Corp.		68,000		4,830,720
Willis Towers Watson PLC		46,244		6,517,629

				20,087,379

Private Equity — 0.5%
KKR & Co., Inc. Class A		89,000		2,427,030

				38,643,289

Industrial — 21.8%
Aerospace & Defense — 2.0%
Harris Corp.		49,000		8,291,290
L3 Technologies, Inc.		7,882		1,675,871

				9,967,161

Building Materials — 0.4%
Martin Marietta Materials, Inc.		11,000		2,001,450

Electronics — 8.3%
Agilent Technologies, Inc.		105,000		7,406,700
Allegion PLC		46,000		4,166,220
Coherent, Inc. (a)		11,000		1,894,090
Corning, Inc.		150,000		5,295,000
Fortive Corp. (b)		56,000		4,715,200
Keysight Technologies, Inc. (a)		128,000		8,483,840
National Instruments Corp.		35,000		1,691,550
Sensata Technologies Holding PLC (a)		141,000		6,986,550

				40,639,150

Environmental Controls — 0.9%
Waste Connections, Inc.		55,000		4,387,350

Machinery – Construction & Mining — 0.5%
BWX Technologies, Inc.		38,000		2,376,520

Machinery – Diversified — 4.3%
Gardner Denver Holdings, Inc. (a)		100,000		2,834,000
IDEX Corp.		46,000		6,930,360
Roper Technologies, Inc.		23,000		6,812,830
Xylem, Inc.		56,000		4,472,720

				21,049,910

Miscellaneous – Manufacturing — 2.8%
Colfax Corp. (a)		75,000		2,704,500
Textron, Inc.		158,000		11,292,260

				13,996,760

Packaging & Containers — 1.8%
Ardagh Group SA		6,000		100,140
Ball Corp.		162,000		7,126,380
Sealed Air Corp.		38,000		1,525,700

				8,752,220


	Number of Shares		Value
Transportation — 0.8%
J.B. Hunt Transport Services, Inc.		8,000	$	951,520
Kansas City Southern		26,000		2,945,280

				3,896,800

				107,067,321

Technology — 11.8%
Semiconductors — 4.4%
Marvell Technology Group Ltd.		166,000		3,203,800
Maxim Integrated Products, Inc.		53,000		2,988,670
Microchip Technology, Inc. (b)		109,000		8,601,190
Skyworks Solutions, Inc.		26,000		2,358,460
Xilinx, Inc.		52,000		4,168,840

				21,320,960

Software — 7.4%
athenahealth, Inc. (a)		4,000		534,400
Atlassian Corp. PLC Class A (a)		37,000		3,557,180
Black Knight, Inc. (a)		68,000		3,532,600
CDK Global, Inc.		37,000		2,314,720
Electronic Arts, Inc. (a)		6,000		722,940
Fidelity National Information Services, Inc.		30,000		3,272,100
Fiserv, Inc. (a)		64,000		5,272,320
Guidewire Software, Inc. (a)		10,000		1,010,100
Red Hat, Inc. (a)		29,137		3,970,790
Splunk, Inc. (a)		11,000		1,330,010
SS&C Technologies Holdings, Inc		41,000		2,330,030
Tableau Software, Inc. Class A (a)		27,000		3,016,980
Workday, Inc. Class A (a)		38,000		5,547,240

				36,411,410

				57,732,370

Utilities — 0.9%
Electric — 0.5%
Sempra Energy		23,000		2,616,250

Gas — 0.4%
Atmos Energy Corp.		18,000		1,690,380

				4,306,630


TOTAL COMMON STOCK (Cost $312,222,686)				454,963,196


PREFERRED STOCK — 0.8%
Communications — 0.2%
Internet — 0.2%
Roofoods Ltd. Series F (a) (c) (d)		1,915		976,516

Consumer, Non-cyclical — 0.5%
Commercial Services — 0.5%
WeWork Companies, Inc. Series D 1 (a) (c) (d)		22,197		1,459,231
WeWork Companies, Inc. Series D 2 (a) (c) (d)		17,440		1,146,506

				2,605,737


	Number of Shares		Value
Technology — 0.1%
Software — 0.1%
Slack Technologies, Inc. Series H (a) (c) (d)		26,680	$	317,633


TOTAL PREFERRED STOCK (Cost $1,654,723)				3,899,886


TOTAL EQUITIES (Cost $313,877,409)				458,863,082


MUTUAL FUNDS — 3.3%
Diversified Financial Services — 3.3%
State Street Navigator Securities Lending Prime Portfolio (e)		16,076,249		16,076,249

				16,076,249


TOTAL MUTUAL FUNDS (Cost $16,076,249)				16,076,249


TOTAL LONG-TERM INVESTMENTS (Cost $329,953,658)				474,939,331


SHORT-TERM INVESTMENTS — 6.3%
Mutual Fund — 2.9%
T. Rowe Price Government Reserve Investment Fund, 1.000%, due 9/19/39		14,380,110		14,380,110


TOTAL MUTUAL FUND (Cost $14,380,110)				14,380,110


	Principal Amount
Repurchase Agreement — 3.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (f)	$	16,717,054		16,717,054


TOTAL SHORT-TERM INVESTMENTS (Cost $31,097,164)				31,097,164


TOTAL INVESTMENTS — 103.1% (Cost $361,050,822) (g)				506,036,495

Other Assets/(Liabilities) — (3.1)%				(15,423,065	)


NET ASSETS — 100.0%			$	490,613,430

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

Notes to Portfolio of Investments (Continued)

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $15,720,977 or 3.20% 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)	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 September 30, 2018, these securities amounted to a value of $5,334,031 or 1.09% of net assets.

(e)	Represents investment of security lending collateral. (Note 2).

(f)	Maturity value of $16,718,586. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $17,052,507.

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


	Number of Shares		Value
EQUITIES — 94.7%

COMMON STOCK — 94.7%
Consumer, Cyclical — 10.0%
Airlines — 1.2%
Southwest Airlines Co.		88,159	$	5,505,530

Auto Manufacturers — 1.5%
Honda Motor Co. Ltd. Sponsored ADR		130,247		3,917,830
PACCAR, Inc.		41,399		2,822,998

				6,740,828

Auto Parts & Equipment — 1.0%
Aptiv PLC		12,761		1,070,648
BorgWarner, Inc.		85,093		3,640,278

				4,710,926

Food Services — 0.6%
Sodexo SA		26,244		2,779,734

Home Builders — 1.6%
PulteGroup, Inc.		184,351		4,566,374
Thor Industries, Inc.		32,237		2,698,237

				7,264,611

Retail — 4.1%
Advance Auto Parts, Inc.		28,657		4,823,833
Genuine Parts Co.		46,828		4,654,703
MSC Industrial Direct Co., Inc. Class A		76,198		6,713,806
Target Corp.		29,948		2,641,713

				18,834,055

				45,835,684

Consumer, Non-cyclical — 17.2%
Beverages — 0.5%
Molson Coors Brewing Co. Class B		37,529		2,308,034

Foods — 7.4%
Conagra Brands, Inc.		197,579		6,711,759
General Mills, Inc.		51,790		2,222,827
The J.M. Smucker Co.		23,901		2,452,482
Kellogg Co.		63,878		4,472,737
Mondelez International, Inc. Class A		112,527		4,834,160
Orkla ASA		682,551		5,766,328
Sysco Corp.		75,507		5,530,888
US Foods Holding Corp. (a)		60,021		1,849,847

				33,841,028

Health Care – Products — 5.4%
Henry Schein, Inc. (a)		55,298		4,701,989
Siemens Healthineers AG (a) (b)		46,447		2,042,497
STERIS PLC		24,417		2,793,305
Zimmer Biomet Holdings, Inc.		112,410		14,778,542

				24,316,333


	Number of Shares		Value
Health Care – Services — 0.6%
LifePoint Health, Inc. (a)		2,101	$	135,304
Quest Diagnostics, Inc.		23,847		2,573,330

				2,708,634

Household Products & Wares — 0.9%
Kimberly-Clark Corp.		36,659		4,165,929

Pharmaceuticals — 2.4%
Cardinal Health, Inc.		119,216		6,437,664
McKesson Corp.		34,616		4,591,812

				11,029,476

				78,369,434

Energy — 9.5%
Oil & Gas — 7.3%
Anadarko Petroleum Corp.		69,302		4,671,648
Cimarex Energy Co.		53,741		4,994,688
Devon Energy Corp.		135,606		5,416,104
EQT Corp.		150,530		6,657,942
Helmerich & Payne, Inc.		28,934		1,989,791
Imperial Oil Ltd.		103,823		3,359,889
Noble Energy, Inc.		202,441		6,314,135

				33,404,197

Oil & Gas Services — 2.2%
Baker Hughes a GE Co.		179,337		6,066,971
Halliburton Co.		61,794		2,504,511
National Oilwell Varco, Inc.		33,579		1,446,583

				10,018,065

				43,422,262

Financial — 26.7%
Banks — 12.6%
Bank of Hawaii Corp.		77,002		6,076,228
BB&T Corp.		188,862		9,167,361
Comerica, Inc.		21,410		1,931,182
Commerce Bancshares, Inc.		77,392		5,109,420
M&T Bank Corp.		37,211		6,122,698
Northern Trust Corp.		96,900		9,896,397
Prosperity Bancshares, Inc.		20,675		1,433,811
State Street Corp.		30,552		2,559,647
SunTrust Banks, Inc.		73,160		4,886,356
UMB Financial Corp.		73,438		5,206,754
Westamerica Bancorp.		82,698		4,975,112

				57,364,966

Diversified Financial Services — 3.6%
Ameriprise Financial, Inc.		48,020		7,090,633
Invesco Ltd.		407,126		9,315,043

				16,405,676

Insurance — 5.8%
Aflac, Inc.		71,473		3,364,234
Arthur J Gallagher & Co.		50,787		3,780,584


	Number of Shares		Value
Brown & Brown, Inc.		96,284	$	2,847,118
Chubb Ltd.		50,031		6,686,143
ProAssurance Corp.		71,249		3,345,140
Reinsurance Group of America, Inc.		27,062		3,912,083
Torchmark Corp.		18,165		1,574,724
The Travelers Cos., Inc.		9,652		1,251,961

				26,761,987

Real Estate Investment Trusts (REITS) — 3.8%
American Tower Corp.		9,944		1,444,863
Empire State Realty Trust, Inc. Class A		90,239		1,498,870
MGM Growth Properties LLC Class A		132,713		3,913,706
Piedmont Office Realty Trust, Inc. Class A		179,283		3,393,827
Weyerhaeuser Co.		220,883		7,127,895

				17,379,161

Savings & Loans — 0.9%
Capitol Federal Financial, Inc.		313,022		3,987,901

				121,899,691

Industrial — 19.3%
Building Materials — 1.5%
Johnson Controls International PLC		197,655		6,917,925

Electrical Components & Equipment — 4.2%
Emerson Electric Co.		71,591		5,482,439
Hubbell, Inc.		78,989		10,550,560
Schneider Electric SE		40,765		3,279,650

				19,312,649

Electronics — 1.8%
Keysight Technologies, Inc. (a)		32,525		2,155,757
nVent Electric PLC		71,279		1,935,937
TE Connectivity Ltd.		48,033		4,223,542

				8,315,236

Environmental Controls — 0.7%
Republic Services, Inc.		42,020		3,053,173

Machinery – Construction & Mining — 0.6%
Atlas Copco AB Class B		96,764		2,579,074

Machinery – Diversified — 1.2%
Cummins, Inc.		36,005		5,259,250

Miscellaneous – Manufacturing — 3.5%
Eaton Corp. PLC		53,049		4,600,940
IMI PLC		299,046		4,269,859
Ingersoll-Rand PLC		35,472		3,628,786
Textron, Inc.		49,929		3,568,426

				16,068,011

Packaging & Containers — 4.4%
Bemis Co., Inc.		9,179		446,099
Graphic Packaging Holding Co.		447,315		6,266,883
Sonoco Products Co.		99,007		5,494,889


	Number of Shares		Value
WestRock Co.		148,756	$	7,949,521

				20,157,392

Transportation — 1.4%
Heartland Express, Inc.		219,839		4,337,424
Norfolk Southern Corp.		10,346		1,867,453

				6,204,877

				87,867,587

Technology — 4.8%
Computers — 0.7%
HP, Inc.		127,780		3,292,890

Semiconductors — 3.7%
Applied Materials, Inc.		42,270		1,633,735
Lam Research Corp.		20,271		3,075,111
Maxim Integrated Products, Inc.		112,717		6,356,112
Microchip Technology, Inc.		56,255		4,439,082
Teradyne, Inc.		34,609		1,279,841

				16,783,881

Software — 0.4%
Cerner Corp. (a)		28,312		1,823,576

				21,900,347

Utilities — 7.2%
Electric — 6.0%
Ameren Corp.		62,355		3,942,083
Edison International		60,537		4,097,144
Eversource Energy		37,486		2,303,140
NorthWestern Corp.		100,173		5,876,148
Pinnacle West Capital Corp.		55,839		4,421,332
Xcel Energy, Inc.		145,845		6,885,343

				27,525,190

Gas — 1.2%
Atmos Energy Corp.		27,996		2,629,104
Spire, Inc.		39,597		2,912,359

				5,541,463

				33,066,653


TOTAL COMMON STOCK (Cost $396,136,406)				432,361,658


TOTAL EQUITIES (Cost $396,136,406)				432,361,658


MUTUAL FUNDS — 2.8%
Diversified Financial Services — 2.8%
iShares Russell Mid-Cap Value ETF		143,364		12,940,035

				12,940,035


TOTAL MUTUAL FUNDS (Cost $12,803,798)				12,940,035

TOTAL LONG-TERM INVESTMENTS (Cost $408,940,204)				445,301,693

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $2,042,497 or 0.45% of net assets.

(c)	Maturity value of $11,622,597. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of , and an aggregate market value, including accrued interest, of $11,854,258.

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


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 60.0%
MML Blue Chip Growth Fund, Initial Class (a)		4,600,571	$	78,347,732
MML Equity Income Fund, Initial Class (a)		8,114,852		92,996,207
MML Equity Index Fund, Class III (a)		2,729,938		88,586,477
MML Focused Equity Fund, Class II (a)		3,999,162		23,235,129
MML Foreign Fund, Initial Class (a)		7,168,178		76,627,819
MML Fundamental Growth Fund, Class II (a)		4,097,042		45,149,404
MML Fundamental Value Fund, Class II (a)		6,156,265		87,726,772
MML Global Fund, Class I (a)		7,241,602		84,437,084
MML Income & Growth Fund, Initial Class (a)		9,564,639		94,211,695
MML International Equity Fund, Class II (a)		6,952,557		74,253,303
MML Large Cap Growth Fund, Initial Class (a)		2,230,057		24,486,031
MML Mid Cap Growth Fund, Initial Class (a)		5,005,963		80,395,769
MML Mid Cap Value Fund, Initial Class (a)		7,250,905		79,759,952
MML Small Cap Growth Equity Fund, Initial Class (a)		1,204,912		19,456,200
MML Small Company Value Fund, Class II (a)		2,112,313		36,374,028
MML Small/Mid Cap Value Fund, Initial Class (a)		2,008,527		26,110,852
MML Strategic Emerging Markets Fund, Class II (a)		4,759,008		52,444,271
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		334,922		28,277,469
Oppenheimer Global Fund/VA, Non-Service Shares (a)		1,003,454		45,336,030
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		18,237,618		181,099,545
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		16,134,048		38,399,035
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		703,806		21,881,342

				1,379,592,146


	Number of Shares		Value
Fixed Income Funds — 40.1%
MML Dynamic Bond Fund, Class II (a)		22,626,734	$	220,384,386
MML High Yield Fund, Class II (a)		5,012,612		49,775,242
MML Inflation-Protected and Income Fund, Initial Class (a)		7,359,883		72,862,847
MML Managed Bond Fund, Initial Class (a)		24,749,121		298,808,667
MML Short-Duration Bond Fund, Class II (a)		9,467,834		92,027,344
MML Total Return Bond Fund, Class II (a)		18,855,623		188,744,787

				922,603,273


TOTAL MUTUAL FUNDS (Cost $2,329,569,878)				2,302,195,419


TOTAL LONG-TERM INVESTMENTS (Cost $2,329,569,878)				2,302,195,419


TOTAL INVESTMENTS — 100.1% (Cost $2,329,569,878) (b)				2,302,195,419

Other Assets/(Liabilities) — (0.1)%				(1,683,767	)


NET ASSETS — 100.0%			$	2,300,511,652

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.


	Number of Shares		Value
EQUITIES — 98.5%

COMMON STOCK — 98.1%
Basic Materials — 5.7%
Chemicals — 4.2%
Cabot Corp.		21,216	$	1,330,668
Ferro Corp. (a)		136,783		3,176,101
Ingevity Corp. (a)		9,577		975,705
Methanex Corp.		11,234		888,609
Minerals Technologies, Inc.		14,210		960,596
Orion Engineered Carbons SA		35,318		1,133,708
PolyOne Corp.		17,850		780,402

				9,245,789

Iron & Steel — 1.5%
Carpenter Technology Corp.		57,080		3,364,866

				12,610,655

Communications — 9.1%
Internet — 6.9%
Boingo Wireless, Inc. (a)		26,730		932,877
DraftKings Inc. (a) (b) (c)		78,904		201,170
Etsy, Inc. (a)		23,579		1,211,489
Mimecast Ltd. (a)		39,920		1,671,850
Proofpoint, Inc. (a)		4,407		468,596
Shutterfly, Inc. (a)		19,678		1,296,583
Stitch Fix, Inc. Class A (a) (d)		22,248		973,795
The Trade Desk, Inc. Class A (a)		9,719		1,466,694
TrueCar, Inc. (a)		67,400		950,340
Twilio, Inc. Class A (a)		13,292		1,146,834
Veracode, Inc. (Escrow Shares) (a) (b) (c)		10,688		42,966
Wayfair, Inc. Class A (a)		7,678		1,133,810
Wix.com Ltd. (a)		22,094		2,644,652
Yelp, Inc. (a)		6,363		313,060
Zendesk, Inc. (a)		12,144		862,224

				15,316,940

Media — 0.5%
The New York Times Co. Class A		49,406		1,143,749

Telecommunications — 1.7%
Acacia Communications, Inc. (a)		15,003		620,674
Ciena Corp. (a)		38,673		1,208,145
Vonage Holdings Corp. (a)		132,834		1,880,929

				3,709,748

				20,170,437

Consumer, Cyclical — 13.6%
Airlines — 1.0%
JetBlue Airways Corp. (a)		57,028		1,104,062
Spirit Airlines, Inc. (a)		24,817		1,165,655

				2,269,717


	Number of Shares		Value
Apparel — 1.3%
Deckers Outdoor Corp. (a)		7,433	$	881,405
Skechers U.S.A., Inc. Class A (a)		20,100		561,393
Under Armour, Inc. Class A (a) (d)		8,424		178,757
Under Armour, Inc. Class C (a)		58,510		1,138,605

				2,760,160

Auto Parts & Equipment — 0.8%
Altra Industrial Motion Corp.		16,459		679,757
Tenneco, Inc.		25,278		1,065,215

				1,744,972

Distribution & Wholesale — 0.3%
SiteOne Landscape Supply, Inc. (a)		8,929		672,711

Entertainment — 1.3%
Cinemark Holdings, Inc.		34,350		1,380,870
Marriott Vacations Worldwide Corp.		13,808		1,543,044

				2,923,914

Home Builders — 1.3%
Skyline Champion Corp.		64,945		1,855,479
TRI Pointe Group, Inc. (a)		81,894		1,015,485

				2,870,964

Home Furnishing — 0.4%
Sleep Number Corp. (a)		24,146		888,090

Leisure Time — 1.9%
Acushnet Holdings Corp.		43,521		1,193,781
Lindblad Expeditions Holdings, Inc. (a)		83,280		1,238,373
Planet Fitness, Inc. Class A (a)		33,531		1,811,680

				4,243,834

Lodging — 0.8%
Boyd Gaming Corp.		49,652		1,680,720

Retail — 4.5%
BMC Stock Holdings, Inc. (a)		48,815		910,400
The Cheesecake Factory, Inc. (d)		18,792		1,006,124
Chico’s FAS, Inc.		104,777		908,417
The Children’s Place, Inc.		2,900		370,620
FirstCash, Inc.		14,916		1,223,112
Five Below, Inc. (a)		6,138		798,308
Floor & Decor Holdings, Inc. Class A (a)		35,793		1,079,875
La-Z-Boy, Inc.		37,074		1,171,538
MarineMax, Inc. (a)		33,625		714,531
Nu Skin Enterprises, Inc. Class A		12,754		1,051,185
Wingstop, Inc.		11,691		798,144

				10,032,254

				30,087,336

Consumer, Non-cyclical — 25.2%
Beverages — 0.5%
MGP Ingredients, Inc. (d)		14,795		1,168,509


	Number of Shares		Value
Biotechnology — 4.4%
Abeona Therapeutics, Inc. (a) (d)		32,605	$	417,344
Aduro Biotech, Inc. (a) (d)		37,479		275,471
Amicus Therapeutics, Inc. (a) (d)		36,313		439,024
Arena Pharmaceuticals, Inc. (a)		16,776		772,032
Blueprint Medicines Corp. (a)		17,854		1,393,683
CRISPR Therapeutics AG (a) (d)		16,021		710,531
Exact Sciences Corp. (a)		21,996		1,735,924
Karyopharm Therapeutics, Inc. (a)		29,872		508,720
Loxo Oncology, Inc. (a)		4,838		826,476
Nightstar Therapeutics PLC ADR (a)		29,655		605,852
REGENXBIO, Inc. (a)		8,177		617,363
Sage Therapeutics, Inc. (a)		2,235		315,694
Sangamo Therapeutics, Inc. (a)		18,204		308,558
Spark Therapeutics, Inc. (a)		14,095		768,882

				9,695,554

Commercial Services — 5.0%
The Brink’s Co.		21,163		1,476,119
Cardtronics PLC Class A (a)		34,016		1,076,266
CoStar Group, Inc. (a)		2,614		1,100,076
Green Dot Corp. Class A (a)		10,752		954,993
HMS Holdings Corp. (a)		85,006		2,789,047
TriNet Group, Inc. (a)		48,203		2,714,793
TrueBlue, Inc. (a)		39,906		1,039,551

				11,150,845

Foods — 1.2%
Performance Food Group Co. (a)		82,253		2,739,025

Health Care – Products — 6.3%
Globus Medical, Inc. Class A (a)		46,297		2,627,818
Haemonetics Corp. (a)		21,063		2,413,398
Hill-Rom Holdings, Inc.		12,995		1,226,728
Inogen, Inc. (a)		2,275		555,373
Insulet Corp. (a)		42,556		4,508,808
Merit Medical Systems, Inc. (a)		26,619		1,635,738
MiMedx Group, Inc. (a) (d)		53,218		328,887
Penumbra, Inc. (a)		3,733		558,830

				13,855,580

Health Care – Services — 4.0%
Amedisys, Inc. (a)		19,456		2,431,222
LHC Group, Inc. (a)		11,794		1,214,664
LifePoint Health, Inc. (a)		16,930		1,090,292
Molina Healthcare, Inc. (a)		15,566		2,314,664
Syneos Health, Inc. (a)		23,849		1,229,416
Teladoc Health, Inc. (a) (d)		6,182		533,816

				8,814,074

Pharmaceuticals — 3.8%
Aerie Pharmaceuticals, Inc. (a)		18,106		1,114,424
DexCom, Inc. (a)		7,151		1,022,879
G1 Therapeutics, Inc. (a)		7,692		402,215
Galapagos NV Sponsored ADR (a)		4,685		526,735


	Number of Shares		Value
Heron Therapeutics, Inc. (a)		19,814	$	627,113
Ironwood Pharmaceuticals, Inc. (a)		24,771		457,273
MyoKardia, Inc. (a)		12,735		830,322
Neurocrine Biosciences, Inc. (a)		6,917		850,445
Portola Pharmaceuticals, Inc. (a) (d)		12,031		320,385
PRA Health Sciences, Inc. (a)		15,775		1,738,247
Revance Therapeutics, Inc. (a)		9,622		239,107
Rhythm Pharmaceuticals, Inc. (a)		12,500		364,625

				8,493,770

				55,917,357

Energy — 3.8%
Energy – Alternate Sources — 1.0%
First Solar, Inc. (a)		21,464		1,039,287
Pattern Energy Group, Inc. Class A		57,272		1,137,995

				2,177,282

Oil & Gas — 2.8%
Callon Petroleum Co. (a)		101,943		1,222,296
Centennial Resource Development, Inc. Class A (a)		78,277		1,710,352
Delek US Holdings, Inc.		18,727		794,587
Viper Energy Partners LP		60,927		2,565,027

				6,292,262

				8,469,544

Financial — 18.9%
Banks — 5.9%
BancorpSouth Bank		71,924		2,351,915
CenterState Bank Corp.		34,902		979,001
First Financial Bancorp		35,778		1,062,607
First Interstate BancSystem, Inc. Class A		24,655		1,104,544
National Bank Holdings Corp. Class A		29,802		1,122,045
Seacoast Banking Corp. of Florida (a)		42,281		1,234,605
South State Corp.		13,260		1,087,320
Texas Capital Bancshares, Inc. (a)		24,095		1,991,452
Union Bankshares Corp.		56,057		2,159,876

				13,093,365

Diversified Financial Services — 2.4%
Air Lease Corp.		28,436		1,304,644
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		95,772		2,056,225
OneMain Holdings, Inc. (a)		25,196		846,837
PRA Group, Inc. (a)		29,519		1,062,684

				5,270,390

Insurance — 3.8%
Assured Guaranty Ltd.		32,633		1,378,091
eHealth, Inc. (a)		55,758		1,575,721
Horace Mann Educators Corp.		20,823		934,953
James River Group Holdings Ltd.		26,300		1,120,906
Kemper Corp.		13,853		1,114,474


	Number of Shares		Value
MGIC Investment Corp. (a)		79,000	$	1,051,490
NMI Holdings, Inc. Class A (a)		58,175		1,317,664

				8,493,299

Private Equity — 1.0%
Kennedy-Wilson Holdings, Inc.		101,956		2,192,054

Real Estate — 0.2%
Five Point Holdings LLC Class A (a) (d)		47,150		443,681

Real Estate Investment Trusts (REITS) — 4.5%
Agree Realty Corp.		17,974		954,779
Corporate Office Properties Trust		31,977		953,874
Life Storage, Inc.		11,231		1,068,742
MFA Financial, Inc.		110,566		812,660
PotlatchDeltic Corp.		22,936		939,229
PS Business Parks, Inc.		8,624		1,096,024
Redwood Trust, Inc.		64,712		1,050,923
Rexford Industrial Realty, Inc.		33,994		1,086,449
Xenia Hotels & Resorts, Inc.		91,426		2,166,796

				10,129,476

Savings & Loans — 1.1%
Sterling Bancorp		109,487		2,408,714

				42,030,979

Industrial — 10.6%
Aerospace & Defense — 0.5%
Aerojet Rocketdyne Holdings, Inc. (a)		28,309		962,223
Teledyne Technologies, Inc. (a)		782		192,904

				1,155,127

Electrical Components & Equipment — 0.6%
EnerSys		15,613		1,360,361

Electronics — 0.8%
II-VI, Inc. (a)		15,181		718,061
Watts Water Technologies, Inc. Class A		13,535		1,123,405

				1,841,466

Engineering & Construction — 0.3%
Argan, Inc.		13,600		584,800

Environmental Controls — 0.5%
Clean Harbors, Inc. (a)		17,264		1,235,757

Machinery – Diversified — 1.9%
Chart Industries, Inc. (a)		18,807		1,473,152
SPX FLOW, Inc. (a)		51,371		2,671,292

				4,144,444

Metal Fabricate & Hardware — 1.5%
Advanced Drainage Systems, Inc.		45,015		1,390,964
Rexnord Corp. (a)		37,193		1,145,544
The Timken Co.		14,762		735,886

				3,272,394


	Number of Shares		Value
Miscellaneous – Manufacturing — 3.2%
Actuant Corp. Class A		93,576	$	2,610,770
Ambarella, Inc. (a) (d)		13,841		535,370
Axon Enterprise, Inc. (a)		9,654		660,623
ITT, Inc.		29,376		1,799,574
John Bean Technologies Corp.		12,167		1,451,523

				7,057,860

Packaging & Containers — 0.3%
Graphic Packaging Holding Co.		54,075		757,591

Transportation — 0.6%
Kirby Corp. (a)		16,079		1,322,498

Trucking & Leasing — 0.4%
GATX Corp.		9,804		848,928

				23,581,226

Technology — 10.7%
Computers — 1.4%
Carbonite, Inc. (a)		26,828		956,418
EPAM Systems, Inc. (a)		6,354		874,946
Globant SA (a)		22,100		1,303,679

				3,135,043

Office & Business Equipment — 0.5%
Zebra Technologies Corp. Class A (a)		6,638		1,173,797

Semiconductors — 1.2%
Cohu, Inc.		45,336		1,137,934
Entegris, Inc.		53,353		1,544,569

				2,682,503

Software — 7.6%
2U, Inc. (a)		29,783		2,239,384
Castlight Health, Inc. Class B (a)		110,900		299,430
Cloudera, Inc. (a)		68,008		1,200,341
Docusign, Inc. (Escrow Shares) (a) (b) (c)		2,601		5,852
Everbridge, Inc. (a)		15,548		896,187
Fair Isaac Corp. (a)		5,083		1,161,720
Five9, Inc. (a)		25,338		1,107,017
Guidewire Software, Inc. (a)		7,517		759,292
HubSpot, Inc. (a)		14,767		2,229,079
Liveramp Holdings, Inc.		26,633		1,315,936
ManTech International Corp. Class A		13,540		857,082
Omnicell, Inc. (a)		24,096		1,732,502
SailPoint Technologies Holding, Inc. (a)		33,331		1,133,921
SendGrid, Inc. (a)		26,609		978,945
Veeva Systems, Inc. Class A (a)		8,764		954,137

				16,870,825

				23,862,168


	Number of Shares		Value
Utilities — 0.5%
Electric — 0.5%
Black Hills Corp.		18,419	$	1,069,960


TOTAL COMMON STOCK (Cost $170,269,774)				217,799,662


PREFERRED STOCK — 0.4%
Communications — 0.3%
Internet — 0.3%
The Honest Company, Inc. Series D (a) (b) (c)		4,027		150,328
Zuora, Inc. Class B (Lock Up) (a) (c)		26,226		606,083

				756,411

Technology — 0.1%
Software — 0.1%
MarkLogic Corp. Series F (a) (b) (c)		22,966		229,201


TOTAL PREFERRED STOCK (Cost $650,271)				985,612


TOTAL EQUITIES (Cost $170,920,045)				218,785,274


MUTUAL FUNDS — 3.0%
Diversified Financial Services — 3.0%
iShares Russell 2000 Index Fund		8,343		1,406,212
State Street Navigator Securities Lending Prime Portfolio (e)		5,255,823		5,255,823

				6,662,035


TOTAL MUTUAL FUNDS (Cost $6,658,819)				6,662,035


TOTAL LONG-TERM INVESTMENTS (Cost $177,578,864)				225,447,309


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (f)	$	2,812,320	$	2,812,320


TOTAL SHORT-TERM INVESTMENTS (Cost $2,812,320)				2,812,320


TOTAL INVESTMENTS — 102.8% (Cost $180,391,184) (g)				228,259,629

Other Assets/(Liabilities) — (2.8)%				(6,257,620	)


NET ASSETS — 100.0%			$	222,002,009

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 September 30, 2018, these securities amounted to a value of $1,235,600 or 0.56% of net assets.

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $5,126,857 or 2.31% 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 $2,812,578. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $2,877,501.

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


	Number of Shares		Value
EQUITIES — 98.4%

COMMON STOCK — 98.4%
Basic Materials — 3.8%
Chemicals — 1.8%
American Vanguard Corp.		18,200	$	327,599
KMG Chemicals, Inc.		14,084		1,064,187
Minerals Technologies, Inc.		8,500		574,600

				1,966,386

Forest Products & Paper — 0.3%
Clearwater Paper Corp. (a)		9,300		276,210

Iron & Steel — 1.2%
Carpenter Technology Corp.		16,100		949,095
Reliance Steel & Aluminum Co.		4,900		417,921

				1,367,016

Mining — 0.5%
Constellium NV Class A (a)		35,100		433,485
New Gold, Inc. (a)		110,400		87,580

				521,065

				4,130,677

Communications — 3.2%
Internet — 0.9%
Q2 Holdings, Inc. (a)		7,800		472,290
Zendesk, Inc. (a)		6,800		482,800

				955,090

Media — 1.1%
Cable One, Inc.		1,004		887,144
Scholastic Corp.		8,500		396,865

				1,284,009

Telecommunications — 1.2%
GTT Communications, Inc. (a) (b)		14,000		607,600
Harmonic, Inc. (a)		132,731		730,021

				1,337,621

				3,576,720

Consumer, Cyclical — 8.8%
Apparel — 1.1%
Crocs, Inc. (a)		21,200		451,348
Steven Madden Ltd.		14,500		767,050

				1,218,398

Auto Manufacturers — 0.4%
Blue Bird Corp. (a) (b)		16,400		401,800

Auto Parts & Equipment — 1.3%
Dorman Products, Inc. (a)		10,300		792,276
Methode Electronics, Inc.		12,100		438,020
Visteon Corp. (a)		1,900		176,510

				1,406,806


	Number of Shares		Value
Distribution & Wholesale — 0.9%
Pool Corp.		6,300	$	1,051,344

Entertainment — 0.3%
Marriott Vacations Worldwide Corp.		3,432		383,526

Home Builders — 1.2%
Cavco Industries, Inc. (a)		5,100		1,290,300

Leisure Time — 0.5%
LCI Industries		6,500		538,200

Retail — 2.8%
Beacon Roofing Supply, Inc. (a)		15,000		542,850
BJ’s Wholesale Club Holdings, Inc. (a)		8,557		229,157
Boot Barn Holdings, Inc. (a)		11,560		328,420
Express, Inc. (a)		38,200		422,492
Lumber Liquidators Holdings, Inc. (a) (b)		26,356		408,254
Party City Holdco, Inc. (a)		29,755		403,180
PriceSmart, Inc.		6,500		526,175
Red Robin Gourmet Burgers, Inc. (a)		6,500		260,975

				3,121,503

Textiles — 0.3%
Culp, Inc.		13,200		319,440

				9,731,317

Consumer, Non-cyclical — 16.9%
Commercial Services — 6.1%
Aaron’s, Inc.		23,700		1,290,702
American Public Education, Inc. (a)		15,800		522,190
FTI Consulting, Inc. (a)		12,500		914,875
Green Dot Corp. Class A (a)		19,580		1,739,096
Huron Consulting Group, Inc. (a)		3,816		188,510
Matthews International Corp. Class A		7,900		396,185
Monro, Inc.		1,800		125,280
Navigant Consulting, Inc.		19,200		442,752
Strategic Education, Inc.		8,331		1,141,597

				6,761,187

Foods — 2.7%
Nomad Foods Ltd. (a)		67,900		1,375,654
Post Holdings, Inc. (a)		7,500		735,300
The Simply Good Foods Co. (a)		25,356		493,174
SpartanNash Co.		16,500		330,990

				2,935,118

Health Care – Products — 4.9%
Atrion Corp.		1,895		1,316,646
Avanos Medical, Inc. (a)		19,100		1,308,350
Haemonetics Corp. (a)		4,800		549,984
Quidel Corp. (a)		22,400		1,459,808
West Pharmaceutical Services, Inc.		6,300		777,861

				5,412,649


	Number of Shares		Value
Health Care – Services — 2.5%
The Ensign Group, Inc.		24,200	$	917,664
Molina Healthcare, Inc. (a)		7,400		1,100,380
Select Medical Holdings Corp. (a)		38,200		702,880

				2,720,924

Household Products & Wares — 0.5%
CSS Industries, Inc.		14,393		204,813
Rosetta Stone, Inc. (a)		19,172		381,331

				586,144

Pharmaceuticals — 0.2%
Momenta Pharmaceuticals, Inc. (a)		9,200		241,960

				18,657,982

Energy — 7.0%
Oil & Gas — 4.1%
Centennial Resource Development, Inc. Class A (a)		56,100		1,225,785
Jagged Peak Energy, Inc. (a) (b)		33,442		462,503
Kosmos Energy Ltd. (a)		43,600		407,660
Matador Resources Co. (a)		35,700		1,179,885
WPX Energy, Inc. (a)		60,900		1,225,308

				4,501,141

Oil & Gas Services — 2.9%
Frank’s International NV (b)		104,600		907,928
Keane Group, Inc. (a)		49,272		609,495
Oceaneering International, Inc.		25,000		690,000
TETRA Technologies, Inc. (a)		140,400		633,204
Thermon Group Holdings, Inc. (a)		16,200		417,636

				3,258,263

				7,759,404

Financial — 32.7%
Banks — 16.7%
Atlantic Capital Bancshares, Inc. (a)		18,622		311,919
BankUnited, Inc.		31,200		1,104,480
CoBiz Financial, Inc.		37,500		830,250
Columbia Banking System, Inc.		25,800		1,000,266
East West Bancorp, Inc.		13,426		810,528
FB Financial Corp.		15,750		617,085
Glacier Bancorp, Inc.		23,200		999,688
Heritage Commerce Corp.		22,800		340,176
Heritage Financial Corp.		17,147		602,717
Home BancShares, Inc.		82,450		1,805,655
Hope Bancorp, Inc.		31,800		514,206
Howard Bancorp, Inc. (a)		16,242		287,483
Live Oak Bancshares, Inc.		12,922		346,310
National Bank Holdings Corp. Class A		25,100		945,015
Origin Bancorp, Inc.		8,300		312,495
PCSB Financial Corp.		18,813		382,656
Pinnacle Financial Partners, Inc.		7,400		445,110
Ponce de Leon Federal Bank (a)		18,784		283,826


	Number of Shares		Value
Popular, Inc.		22,200	$	1,137,750
Prosperity Bancshares, Inc.		12,200		846,070
Sterling Bancorp, Inc.		21,022		237,759
SVB Financial Group (a)		2,550		792,616
Texas Capital Bancshares, Inc. (a)		9,300		768,645
Towne Bank		31,900		984,115
Webster Financial Corp.		13,975		823,966
Wintrust Financial Corp.		10,400		883,376

				18,414,162

Diversified Financial Services — 1.2%
Cboe Global Markets, Inc.		3,721		357,067
Focus Financial Partners, Inc. Class A (a) (b)		2,982		141,526
Houlihan Lokey, Inc.		10,526		472,933
Virtus Investment Partners, Inc.		3,200		364,000

				1,335,526

Insurance — 3.2%
Assured Guaranty Ltd.		13,282		560,899
Employers Holdings, Inc.		11,900		539,070
ProAssurance Corp.		16,400		769,980
Radian Group, Inc.		38,600		797,862
Safety Insurance Group, Inc.		4,900		439,040
State Auto Financial Corp.		15,300		467,262

				3,574,113

Real Estate — 0.6%
McGrath RentCorp		12,099		659,033

Real Estate Investment Trusts (REITS) — 8.8%
Acadia Realty Trust		16,500		462,495
American Campus Communities, Inc.		12,500		514,500
Cedar Realty Trust, Inc.		153,200		713,912
Douglas Emmett, Inc.		13,000		490,360
EastGroup Properties, Inc.		10,100		965,762
Healthcare Realty Trust, Inc.		27,200		795,872
JBG SMITH Properties		18,327		674,983
Kilroy Realty Corp.		7,600		544,844
PotlatchDeltic Corp.		14,400		589,680
PS Business Parks, Inc.		5,500		698,995
Retail Opportunity Investments Corp.		20,100		375,267
Saul Centers, Inc.		9,900		554,400
Sunstone Hotel Investors, Inc.		49,200		804,912
Terreno Realty Corp.		24,100		908,570
Washington Real Estate Investment Trust		19,300		591,545

				9,686,097

Savings & Loans — 2.2%
Beneficial Bancorp, Inc.		40,023		676,389
Meridian Bancorp, Inc.		27,000		459,000
United Financial Bancorp, Inc.		37,900		637,857
WSFS Financial Corp.		12,900		608,235

				2,381,481

				36,050,412


	Number of Shares		Value
Industrial — 16.1%
Aerospace & Defense — 2.1%
Cubic Corp.		11,700	$	854,685
MSA Safety, Inc.		5,100		542,844
Triumph Group, Inc.		38,750		902,875

				2,300,404

Building Materials — 0.6%
Universal Forest Products, Inc.		18,400		650,072

Electrical Components & Equipment — 3.1%
Belden, Inc.		18,260		1,303,947
Energizer Holdings, Inc.		8,700		510,255
Littelfuse, Inc.		8,300		1,642,487

				3,456,689

Electronics — 1.5%
Brady Corp. Class A		10,700		468,125
Knowles Corp. (a)		43,500		722,970
Mesa Laboratories, Inc.		2,400		445,488

				1,636,583

Engineering & Construction — 0.8%
Aegion Corp. (a)		33,000		837,540

Environmental Controls — 0.2%
Stericycle, Inc. (a)		3,700		217,116

Machinery – Construction & Mining — 0.1%
Bloom Energy Corp. (a) (b)		2,232		76,066

Metal Fabricate & Hardware — 1.9%
CIRCOR International, Inc.		14,949		710,078
RBC Bearings, Inc. (a)		5,300		796,908
Sun Hydraulics Corp.		11,049		605,264

				2,112,250

Miscellaneous – Manufacturing — 2.4%
ESCO Technologies, Inc.		12,200		830,210
Hillenbrand, Inc.		9,130		477,499
Lydall, Inc. (a)		8,500		366,350
Myers Industries, Inc.		40,094		932,185

				2,606,244

Transportation — 3.4%
Genesee & Wyoming, Inc. Class A (a)		8,950		814,360
International Seaways, Inc. (a)		26,300		526,526
Kirby Corp. (a)		5,550		456,488
Landstar System, Inc.		11,600		1,415,200
Universal Logistics Holdings, Inc.		16,100		592,480

				3,805,054

				17,698,018

Technology — 3.5%
Computers — 0.8%
Conduent, Inc. (a)		37,300		839,996


	Number of Shares		Value
Semiconductors — 1.4%
Cabot Microelectronics Corp.		6,100	$	629,337
Cree, Inc. (a)		6,800		257,516
MaxLinear, Inc. (a)		19,300		383,684
Rudolph Technologies, Inc. (a)		11,200		273,840

				1,544,377

Software — 1.3%
Ceridian HCM Holding, Inc. (a) (b)		8,430		354,313
Cision Ltd. (a)		39,165		657,972
RealPage, Inc. (a)		6,100		401,990
SVMK, Inc. (a)		1,817		29,126

				1,443,401

				3,827,774

Utilities — 6.4%
Electric — 2.7%
MGE Energy, Inc.		5,200		332,020
NorthWestern Corp.		12,900		756,714
PNM Resources, Inc.		27,000		1,065,150
Portland General Electric Co.		11,600		529,076
SCANA Corp.		8,200		318,898

				3,001,858

Gas — 3.2%
Atmos Energy Corp.		6,400		601,024
Chesapeake Utilities Corp.		13,500		1,132,650
ONE Gas, Inc.		15,200		1,250,656
RGC Resources, Inc.		4,064		108,549
South Jersey Industries, Inc. (b)		13,565		478,438

				3,571,317

Water — 0.5%
California Water Service Group		11,500		493,350

				7,066,525


TOTAL COMMON STOCK (Cost $76,016,771)				108,498,829


TOTAL EQUITIES (Cost $76,016,771)				108,498,829


WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Foods — 0.0%
The Simply Good Foods Co. (a)		4,866		41,118


TOTAL WARRANTS (Cost $9,781)				41,118


	Number of Shares		Value
MUTUAL FUNDS — 2.4%
Diversified Financial Services — 2.4%
State Street Navigator Securities Lending Prime Portfolio (c)		2,664,190	$	2,664,190


TOTAL MUTUAL FUNDS (Cost $2,664,190)				2,664,190


TOTAL LONG-TERM INVESTMENTS (Cost $78,690,742)				111,204,137


SHORT-TERM INVESTMENTS — 1.7%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,030		1,030


	Principal Amount
Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	1,877,136		1,877,136


TOTAL SHORT-TERM INVESTMENTS (Cost $1,878,166)				1,878,166


TOTAL INVESTMENTS — 102.5% (Cost $80,568,908) (e)				113,082,303

Other Assets/(Liabilities) — (2.5)%				(2,767,754	)


NET ASSETS — 100.0%			$	110,314,549

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $2,597,567 or 2.35% 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 $1,877,308. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $1,918,334.

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


	Number of Shares		Value
EQUITIES — 98.1%

COMMON STOCK — 98.1%
Basic Materials — 2.1%
Chemicals — 0.9%
Orion Engineered Carbons SA		53,980	$	1,732,758
Stepan Co.		4,215		366,747

				2,099,505

Mining — 1.2%
Alcoa Corp. (a)		63,420		2,562,168

				4,661,673

Communications — 3.1%
Internet — 0.5%
CDW Corp.		12,730		1,131,952

Media — 1.1%
Houghton Mifflin Harcourt Co. (a)		145,560		1,018,920
Scholastic Corp.		28,170		1,315,257

				2,334,177

Telecommunications — 1.5%
Finisar Corp. (a)		122,470		2,333,053
Infinera Corp. (a)		136,510		996,523

				3,329,576

				6,795,705

Consumer, Cyclical — 13.4%
Airlines — 3.5%
Alaska Air Group, Inc.		41,530		2,859,756
Hawaiian Holdings, Inc.		57,180		2,292,918
SkyWest, Inc.		42,859		2,524,395

				7,677,069

Apparel — 0.6%
Skechers U.S.A., Inc. Class A (a)		48,120		1,343,992

Auto Parts & Equipment — 1.6%
Cooper-Standard Holding, Inc. (a)		19,527		2,342,849
Lear Corp.		8,252		1,196,540

				3,539,389

Distribution & Wholesale — 1.0%
Anixter International, Inc. (a)		29,600		2,080,880

Home Builders — 1.8%
Lennar Corp. Class A		52,374		2,445,342
Taylor Morrison Home Corp. Class A (a)		83,310		1,502,913

				3,948,255

Office Furnishings — 1.0%
Steelcase, Inc. Class A		122,044		2,257,814

Retail — 3.9%
Bloomin’ Brands, Inc.		126,730		2,507,987
BMC Stock Holdings, Inc. (a)		70,740		1,319,301


	Number of Shares		Value
The Michaels Cos., Inc. (a)		106,090	$	1,721,841
Signet Jewelers Ltd.		43,120		2,842,901

				8,392,030

				29,239,429

Consumer, Non-cyclical — 12.4%
Beverages — 1.2%
Cott Corp.		158,587		2,561,180

Commercial Services — 3.1%
Booz Allen Hamilton Holding Corp.		46,258		2,295,785
Quanta Services, Inc. (a)		68,188		2,276,115
Sotheby’s (a)		47,780		2,350,298

				6,922,198

Foods — 3.3%
Ingredion, Inc.		19,295		2,025,203
Nomad Foods Ltd. (a)		134,700		2,729,022
US Foods Holding Corp. (a)		77,570		2,390,708

				7,144,933

Health Care – Services — 4.8%
ICON PLC (a)		19,682		3,026,108
LifePoint Health, Inc. (a)		42,580		2,742,152
Molina Healthcare, Inc. (a)		16,222		2,412,211
WellCare Health Plans, Inc. (a)		7,000		2,243,430

				10,423,901

				27,052,212

Energy — 10.5%
Oil & Gas — 6.4%
HollyFrontier Corp.		22,670		1,584,633
Oasis Petroleum, Inc. (a)		205,070		2,907,892
Patterson-UTI Energy, Inc.		93,270		1,595,850
QEP Resources, Inc. (a)		276,290		3,127,603
SM Energy Co.		88,890		2,802,702
SRC Energy, Inc. (a)		220,450		1,959,800

				13,978,480

Oil & Gas Services — 4.1%
Dril-Quip, Inc. (a)		30,792		1,608,882
Helix Energy Solutions Group, Inc. (a)		95,970		948,184
MRC Global, Inc. (a)		111,090		2,085,159
Oil States International, Inc. (a)		73,270		2,432,564
RPC, Inc.		128,237		1,985,109

				9,059,898

				23,038,378

Financial — 30.2%
Banks — 10.5%
Associated Banc-Corp.		88,137		2,291,562
BankUnited, Inc.		74,680		2,643,672
Comerica, Inc.		29,620		2,671,724


	Number of Shares		Value
Huntington Bancshares, Inc.		136,205	$	2,032,179
Synovus Financial Corp.		47,350		2,168,157
Texas Capital Bancshares, Inc. (a)		32,391		2,677,116
Umpqua Holdings Corp.		135,698		2,822,518
Webster Financial Corp.		36,783		2,168,726
Zions Bancorp		71,443		3,582,866

				23,058,520

Diversified Financial Services — 0.8%
OneMain Holdings, Inc. (a)		51,970		1,746,712

Insurance — 9.5%
American Financial Group, Inc.		23,051		2,557,969
Essent Group Ltd. (a)		61,920		2,739,960
Everest Re Group Ltd.		16,350		3,735,485
First American Financial Corp.		37,880		1,954,229
The Hanover Insurance Group, Inc.		12,280		1,514,984
Old Republic International Corp.		119,030		2,663,891
Reinsurance Group of America, Inc.		26,690		3,858,306
Selective Insurance Group, Inc.		27,617		1,753,680

				20,778,504

Real Estate Investment Trusts (REITS) — 8.1%
American Campus Communities, Inc.		64,698		2,662,970
Camden Property Trust		32,942		3,082,383
CubeSmart		88,183		2,515,861
Empire State Realty Trust, Inc. Class A		147,004		2,441,736
Gramercy Property Trust		52,298		1,435,057
STAG Industrial, Inc.		100,300		2,758,250
Sun Communities, Inc.		27,267		2,768,691

				17,664,948

Savings & Loans — 1.3%
Sterling Bancorp		134,620		2,961,640

				66,210,324

Industrial — 13.2%
Electrical Components & Equipment — 1.3%
EnerSys		32,380		2,821,269

Electronics — 2.1%
Avnet, Inc.		61,980		2,774,845
Sanmina Corp. (a)		63,410		1,750,116

				4,524,961

Engineering & Construction — 2.4%
AECOM (a)		54,693		1,786,273
Granite Construction, Inc.		40,270		1,840,339
Tutor Perini Corp. (a)		87,080		1,637,104

				5,263,716

Hand & Machine Tools — 1.1%
Regal Beloit Corp.		28,390		2,340,756

Machinery – Construction & Mining — 1.8%
Oshkosh Corp.		32,560		2,319,575
Terex Corp.		43,020		1,716,928

				4,036,503


	Number of Shares		Value
Machinery – Diversified — 0.7%
SPX FLOW, Inc. (a)		27,609	$	1,435,668

Miscellaneous – Manufacturing — 1.2%
Trinseo SA		34,530		2,703,699

Packaging & Containers — 1.1%
Graphic Packaging Holding Co.		178,520		2,501,065

Transportation — 1.5%
Atlas Air Worldwide Holdings, Inc. (a)		25,690		1,637,737
Werner Enterprises, Inc.		44,860		1,585,801

				3,223,538

				28,851,175

Technology — 8.7%
Computers — 4.8%
Amdocs Ltd.		33,598		2,216,796
Genpact Ltd.		100,157		3,065,806
NCR Corp. (a)		108,619		3,085,866
NetScout Systems, Inc. (a)		83,250		2,102,062

				10,470,530

Semiconductors — 2.5%
Cypress Semiconductor Corp.		128,450		1,861,240
MaxLinear, Inc. (a)		71,559		1,422,593
Mellanox Technologies Ltd. (a)		13,070		959,991
Qorvo, Inc. (a)		17,413		1,338,886

				5,582,710

Software — 1.4%
Verint Systems, Inc. (a)		61,485		3,080,399

				19,133,639

Utilities — 4.5%
Electric — 3.6%
Alliant Energy Corp.		58,255		2,479,915
Black Hills Corp.		26,477		1,538,049
PNM Resources, Inc.		46,163		1,821,130
Portland General Electric Co.		42,550		1,940,706

				7,779,800

Gas — 0.9%
Southwest Gas Holdings, Inc.		25,300		1,999,459

				9,779,259


TOTAL COMMON STOCK (Cost $183,425,007)				214,761,794


TOTAL EQUITIES (Cost $183,425,007)				214,761,794


TOTAL LONG-TERM INVESTMENTS (Cost $183,425,007)				214,761,794


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b)	$	3,835,373	$	3,835,373


TOTAL SHORT-TERM INVESTMENTS (Cost $3,835,373)				3,835,373


TOTAL INVESTMENTS — 99.9% (Cost $187,260,380) (c)				218,597,167

Other Assets/(Liabilities) — 0.1%				244,937


NET ASSETS — 100.0%			$	218,842,104

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $3,835,724. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $3,913,921.

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


	Principal Amount		Value
BONDS & NOTES — 99.1%

BANK LOANS — 0.2%
Advertising — 0.0%
Lamar Media Corp., 2018 Term Loan B, 1 mo. LIBOR + 1.750% 3.938% VRN 3/14/25	$	99,750	$	100,124

Computers — 0.1%
Dell, Inc., 2017 Term Loan A3, 1 mo. LIBOR + 1.500% 3.750% VRN 12/31/18		231,531		231,602

Diversified Financial Services — 0.1%
Delos Finance Sarl, 2018 Term Loan B, 3 mo. LIBOR + 1.750% 4.136% VRN 10/06/23		591,000		592,726


TOTAL BANK LOANS (Cost $922,165)				924,452


CORPORATE DEBT — 31.8%
Advertising — 0.0%
Clear Channel International BV 8.750% 12/15/20 (a)		80,000		82,576

Aerospace & Defense — 0.3%
L3 Technologies, Inc. 4.400% 6/15/28		640,000		638,126
Northrop Grumman Corp. 3.250% 1/15/28		640,000		601,806

				1,239,932

Airlines — 0.5%
Continental Airlines Pass-Through Trust 7.250% 5/10/21		1,590,340		1,652,442
Northwest Airlines Pass-Through Trust 7.041% 10/01/23		351,451		376,053

				2,028,495

Auto Manufacturers — 0.7%
Ford Motor Credit Co. LLC 2.425% 6/12/20		575,000		563,345
8.125% 1/15/20		805,000		850,424
General Motors Co. 3.500% 10/02/18		500,000		500,000
General Motors Financial Co., Inc. 2.350% 10/04/19		500,000		496,770
2.400% 5/09/19		505,000		503,677

				2,914,216

Banks — 10.3%
Bank of America Corp. 3 mo. USD LIBOR + .660% 2.369% VRN 7/21/21		515,000		505,962
2.738% VRN 1/23/22 (b)		1,085,000		1,067,021


	Principal Amount		Value
3.004% VRN 12/20/23 (b)	$	1,079,000	$	1,047,100
3.093% VRN 10/01/25 (b)		860,000		819,253
4.271% VRN 7/23/29 (b)		1,750,000		1,747,890
6.875% 11/15/18		750,000		753,983
Citibank NA 3.050% 5/01/20		2,205,000		2,203,815
3.400% 7/23/21		250,000		249,959
Citigroup, Inc. 2.050% 12/07/18		1,000,000		999,090
2.450% 1/10/20		1,000,000		991,270
3.142% VRN 1/24/23 (b)		750,000		735,568
8.500% 5/22/19		1,200,000		1,242,618
Cooperatieve Rabobank UA 3.125% 4/26/21		850,000		844,651
Goldman Sachs Bank 3.200% 6/05/20		1,000,000		1,003,353
The Goldman Sachs Group, Inc. 2.550% 10/23/19		2,000,000		1,990,968
3.272% VRN 9/29/25 (b)		645,000		616,298
3.814% VRN 4/23/29 (b)		650,000		620,042
JP Morgan Chase & Co. 2.950% 10/01/26		895,000		832,063
3 mo. USD LIBOR + 1.380% 3.540% VRN 5/01/28		2,000,000		1,910,293
3 mo. USD LIBOR + 1.337% 3.782% VRN 2/01/28		500,000		486,584
JP Morgan Chase Bank NA 2.588% FRN 2/13/20 (b)		1,765,000		1,765,954
2.604% VRN 2/01/21 (b)		2,215,000		2,198,392
3.086% VRN 4/26/21 (b)		485,000		483,583
Lloyds Banking Group PLC 2.907% VRN 11/07/23 (b)		430,000		410,226
Macquarie Bank Ltd. 2.600% 6/24/19 (a)		750,000		748,130
Morgan Stanley 3 mo. USD LIBOR + .800% 3.119% FRN 2/14/20		3,395,000		3,403,010
3 mo. USD LIBOR + .930% 3.277% FRN 7/22/22		510,000		514,384
5.500% 7/24/20		250,000		259,383
5.625% 9/23/19		500,000		512,438
PNC Bank NA 2.500% 1/22/21		1,090,000		1,070,590
Santander UK Group Holdings PLC 3.373% VRN 1/05/24 (b)		645,000		620,013
Santander UK PLC 3.400% 6/01/21		1,250,000		1,245,101
Wells Fargo & Co. 3.000% 4/22/26		475,000		442,044
3.000% 10/23/26		345,000		320,142
3.550% 9/29/25		725,000		706,618
3 mo. USD LIBOR + 1.310% 3.584% VRN 5/22/28		1,865,000		1,789,427


	Principal Amount		Value
Wells Fargo Bank NA 2.150% 12/06/19	$	2,500,000	$	2,475,950
2.400% 1/15/20		1,500,000		1,488,165
3.325% VRN 7/23/21 (b)		760,000		759,112

				41,880,443

Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		600,000		606,793
Anheuser-Busch InBev Worldwide, Inc. 4.000% 4/13/28		435,000		428,768
Bacardi Ltd. 5.300% 5/15/48 (a)		210,000		205,909
Constellation Brands, Inc. 3.875% 11/15/19		500,000		504,123

				1,745,593

Biotechnology — 0.7%
Amgen, Inc. 2.125% 5/01/20		200,000		196,864
4.400% 5/01/45		500,000		484,017
Baxalta, Inc. 2.875% 6/23/20		216,000		214,209
Celgene Corp. 3.900% 2/20/28		440,000		423,528
5.000% 8/15/45		750,000		745,322
Gilead Sciences, Inc. 3.650% 3/01/26		525,000		515,550
4.150% 3/01/47		445,000		421,594

				3,001,084

Chemicals — 0.1%
Axalta Coating Systems LLC 4.875% 8/15/24 (a)		150,000		147,000
Valvoline, Inc. 5.500% 7/15/24		200,000		200,500

				347,500

Commercial Services — 0.2%
IHS Markit Ltd. 4.000% 3/01/26 (a)		253,000		242,089
4.750% 8/01/28		385,000		386,282
Service Corp. International 4.625% 12/15/27		210,000		201,560

				829,931

Computers — 0.3%
Apple, Inc. 4.650% 2/23/46		850,000		918,287
Dell International LLC/EMC Corp. 3.480% 6/01/19 (a)		400,000		401,011

				1,319,298

Cosmetics & Personal Care — 0.0%
First Quality Finance Co., Inc. 5.000% 7/01/25 (a)		174,000		162,690


	Principal Amount		Value
Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21	$	490,000	$	497,604
Air Lease Corp. 3.500% 1/15/22		575,000		570,824
4.750% 3/01/20		855,000		869,409
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		780,000		734,101
Raymond James Financial, Inc. 4.950% 7/15/46		400,000		406,040

				3,077,978

Electric — 2.9%
AEP Transmission Co. LLC 3.100% 12/01/26		855,000		813,353
Dominion Energy, Inc. 1.875% 12/15/18 (a)		1,000,000		998,339
Duke Energy Carolinas LLC 4.000% 9/30/42		1,000,000		968,467
Duquesne Light Holdings, Inc. 6.400% 9/15/20 (a)		1,000,000		1,046,955
Emera US Finance LP 2.150% 6/15/19		1,068,000		1,061,084
Jersey Central Power & Light Co. 4.700% 4/01/24 (a)		800,000		829,477
6.400% 5/15/36		425,000		500,171
Kansas City Power & Light Co. 3.150% 3/15/23		500,000		488,215
LG&E & KU Energy LLC 4.375% 10/01/21		1,200,000		1,223,262
MidAmerican Energy Co. 4.800% 9/15/43		1,400,000		1,515,592
NextEra Energy Capital Holdings, Inc. 2.821% FRN 5/04/21 (b)		2,000,000		2,005,552
NextEra Energy Operating Partners LP 4.500% 9/15/27 (a)		177,000		169,477

				11,619,944

Electronics — 0.0%
Itron, Inc. 5.000% 1/15/26 (a)		108,000		103,680

Entertainment — 0.2%
GLP Capital LP/GLP Financing II, Inc. 5.300% 1/15/29		310,000		310,899
5.375% 4/15/26		505,000		512,833

				823,732

Foods — 1.3%
Campbell Soup Co. 3.300% 3/15/21		650,000		643,812
Chobani LLC/Chobani Finance Corp., Inc. 7.500% 4/15/25 (a)		139,000		126,316


	Principal Amount		Value
General Mills, Inc. 4.200% 4/17/28	$	630,000	$	620,361
Kraft Heinz Foods Co. 2.761% FRN 8/09/19 (b)		750,000		751,085
3.950% 7/15/25		500,000		492,714
4.625% 1/30/29		1,020,000		1,018,302
Mondelez International Holdings Netherlands BV 1.625% 10/28/19 (a)		1,195,000		1,178,007
Pilgrim’s Pride Corp. 5.875% 9/30/27 (a)		152,000		143,640
Post Holdings, Inc. 5.625% 1/15/28 (a)		175,000		168,438

				5,142,675

Gas — 0.2%
CenterPoint Energy Resources Corp. 6.250% 2/01/37		595,000		682,014
Southern Co. Gas Capital Corp. 2.450% 10/01/23		100,000		93,821

				775,835

Health Care – Products — 0.6%
Becton Dickinson & Co. 2.404% 6/05/20		440,000		433,321
Becton Dickinson and Co. 2.894% 6/06/22		400,000		388,898
Boston Scientific Corp. 6.000% 1/15/20		650,000		672,687
Hologic, Inc. 4.625% 2/01/28 (a)		60,000		56,475
Teleflex, Inc. 4.625% 11/15/27		107,000		101,650
Zimmer Biomet Holdings, Inc. 3.089% FRN 3/19/21 (b)		655,000		655,606

				2,308,637

Health Care – Services — 1.4%
Aetna, Inc. 2.800% 6/15/23		485,000		464,707
Anthem, Inc. 3.125% 5/15/22		500,000		492,124
3.300% 1/15/23		530,000		522,962
Catalent Pharma Solutions, Inc. 4.875% 1/15/26 (a)		80,000		77,000
Centene Corp. 4.750% 1/15/25		57,000		56,858
5.625% 2/15/21		200,000		203,500
CHS/Community Health Systems, Inc. 8.625% 1/15/24 (a)		60,000		62,175
Cigna Corp. 3.050% 10/15/27		945,000		851,531
Fresenius Medical Care US Finance II, Inc. 5.625% 7/31/19 (a)		485,000		494,589


	Principal Amount		Value
Halfmoon Parent, Inc. 4.125% 11/15/25 (a)	$	800,000	$	797,720
HCA, Inc. 5.000% 3/15/24		371,000		380,275
5.250% 4/15/25		83,000		85,594
6.500% 2/15/20		196,000		203,938
Providence St. Joseph Health Obligated Group 2.746% 10/01/26		845,000		773,675
Tenet Healthcare Corp. 4.500% 4/01/21		26,000		25,870
4.625% 7/15/24		184,000		178,940
WellCare Health Plans, Inc. 5.250% 4/01/25		163,000		165,649
5.375% 8/15/26 (a)		40,000		40,700

				5,877,807

Household Products & Wares — 0.1%
Central Garden & Pet Co. 6.125% 11/15/23		36,000		37,125
5.125% 2/01/28		153,000		145,350
Spectrum Brands, Inc. 5.750% 7/15/25		85,000		85,850

				268,325

Insurance — 0.7%
Berkshire Hathaway Finance Corp. 4.300% 5/15/43		500,000		505,359
4.400% 5/15/42		750,000		764,514
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (a)		970,000		957,635
New York Life Global Funding 1.550% 11/02/18 (a)		750,000		749,456

				2,976,964

Internet — 0.0%
Zayo Group LLC/Zayo Capital, Inc. 5.750% 1/15/27 (a)		120,000		120,000

Media — 0.5%
Altice US Finance I Corp. 5.500% 5/15/26 (a)		200,000		199,750
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000% 2/01/28 (a)		227,000		213,357
5.125% 5/01/27 (a)		170,000		161,075
Charter Communications Operating LLC/Charter Communications Operating Capital 3.750% 2/15/28		450,000		414,380
6.484% 10/23/45		200,000		214,997
CSC Holdings LLC 5.375% 2/01/28 (a)		200,000		190,500
8.625% 2/15/19		100,000		101,500


	Principal Amount		Value
DISH DBS Corp. 5.875% 7/15/22	$	100,000	$	97,606
Sirius XM Radio, Inc. 3.875% 8/01/22 (a)		220,000		216,399
Virgin Media Secured Finance PLC 5.250% 1/15/26 (a)		200,000		195,558

				2,005,122

Miscellaneous – Manufacturing — 0.2%
General Electric Co. 5.875% 1/14/38		244,000		272,364
Siemens Financieringsmaatschappij NV 2.000% 9/15/23 (a)		550,000		511,825

				784,189

Oil & Gas — 0.3%
Antero Resources Corp. 5.125% 12/01/22		125,000		126,938
Canadian Natural Resources Ltd. 3.850% 6/01/27		171,000		166,532
Diamondback Energy, Inc. 4.750% 11/01/24		64,000		64,080
Gulfport Energy Corp. 6.375% 5/15/25		47,000		46,060
Noble Energy, Inc. 5.250% 11/15/43		140,000		138,086
Parsley Energy LLC / Parsley Finance Corp. 5.375% 1/15/25 (a)		210,000		210,525
Shell International Finance BV 4.375% 5/11/45		415,000		430,962
Transocean Guardian Ltd. 5.875% 1/15/24 (a)		91,000		91,796
Transocean Pontus Ltd. 6.125% 8/01/25 (a)		84,000		85,364

				1,360,343

Oil & Gas Services — 0.0%
Transocean Proteus Ltd. 6.250% 12/01/24 (a)		70,550		71,785

Packaging & Containers — 0.5%
Amcor Finance USA, Inc. 3.625% 4/28/26 (a)		650,000		615,019
Ball Corp. 4.375% 12/15/20		350,000		354,375
Graphic Packaging International LLC 4.125% 8/15/24		200,000		194,500
Multi-Color Corp. 4.875% 11/01/25 (a)		130,000		121,550
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.750% 10/15/20		397,334		398,328


	Principal Amount		Value
Sealed Air Corp. 5.500% 9/15/25 (a)	$	190,000	$	192,850
Silgan Holdings, Inc. 4.750% 3/15/25		250,000		239,687

				2,116,309

Pharmaceuticals — 1.5%
AbbVie, Inc. 3.600% 5/14/25		500,000		483,934
Allergan Funding SCS 4.550% 3/15/35		440,000		427,992
Bausch Health Cos., Inc. 5.500% 3/01/23 (a)		268,000		257,950
5.500% 11/01/25 (a)		161,000		161,000
9.250% 4/01/26 (a)		65,000		70,119
Bayer US Finance Il LLC 4.375% 12/15/28 (a)		850,000		832,786
Bayer US Finance LLC 2.375% 10/08/19 (a)		850,000		844,361
CVS Health Corp. 5.050% 3/25/48		1,090,000		1,114,900
Novartis Securities Investment Ltd. 5.125% 2/10/19		1,000,000		1,008,598
Shire Acquisitions Investments Ireland DAC 1.900% 9/23/19		500,000		494,654
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		277,000		272,495

				5,968,789

Pipelines — 1.6%
Energy Transfer Equity LP 5.500% 6/01/27		254,000		263,601
Energy Transfer Partners LP 5.150% 3/15/45		400,000		377,615
Florida Gas Transmission Co. LLC 7.900% 5/15/19 (a)		1,000,000		1,029,769
Kinder Morgan, Inc. 4.300% 3/01/28		500,000		495,744
Plains All American Pipeline LP/PAA Finance Corp. 4.650% 10/15/25		600,000		606,263
Rockies Express Pipeline LLC 5.625% 4/15/20 (a)		381,000		391,478
6.000% 1/15/19 (a)		228,000		229,653
Ruby Pipeline LLC 6.000% 4/01/22 (a)		670,455		688,904
Sunoco Logistics Partners Operations LP 5.400% 10/01/47		644,000		637,024
TC PipeLines LP 3.900% 5/25/27		500,000		474,652


	Principal Amount		Value
TransMontaigne Partners LP/TLP Finance Corp. 6.125% 2/15/26	$	130,000	$	122,525
Williams Cos., Inc. 3.600% 3/15/22		683,000		678,556
4.500% 11/15/23		570,000		580,522

				6,576,306

Real Estate Investment Trusts (REITS) — 2.7%
Alexandria Real Estate Equities, Inc. 3.450% 4/30/25		450,000		430,306
American Campus Communities Operating Partnership LP 3.350% 10/01/20		500,000		498,161
3.750% 4/15/23		650,000		642,306
American Tower Corp. 3.000% 6/15/23		430,000		413,974
Boston Properties LP 3.200% 1/15/25		430,000		411,422
Crown Castle International Corp. 3.200% 9/01/24		625,000		593,918
Duke Realty LP 3.875% 2/15/21		1,000,000		1,008,939
HCP, Inc. 2.625% 2/01/20		500,000		495,700
3.875% 8/15/24		500,000		488,885
4.250% 11/15/23		500,000		501,234
Healthcare Realty Trust, Inc. 3.750% 4/15/23		235,000		229,855
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.500% 1/15/28		80,000		73,208
5.625% 5/01/24		100,000		102,500
SBA Communications Corp. 4.000% 10/01/22		213,000		208,740
4.875% 9/01/24		98,000		96,897
SL Green Operating Partnership LP 3.250% 10/15/22		500,000		484,898
Ventas Realty LP 3.500% 2/01/25		1,500,000		1,432,147
WEA Finance LLC/Westfield UK & Europe Finance PLC 2.700% 9/17/19 (a)		500,000		498,736
3.250% 10/05/20 (a)		700,000		697,763
Welltower, Inc. 4.000% 6/01/25		830,000		818,859
4.125% 4/01/19		750,000		752,454

				10,880,902

Retail — 0.6%
1011778 BC ULC/New Red Finance, Inc. 4.250% 5/15/24 (a)		299,000		283,302


	Principal Amount		Value
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750% 6/01/27 (a)	$	210,000	$	201,863
Rite Aid Corp. 6.125% 4/01/23 (a)		191,000		171,184
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		400,000		395,030
4.800% 11/18/44		275,000		266,966
Walmart, Inc. 3.550% 6/26/25		930,000		934,629

				2,252,974

Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.375% 1/15/20		750,000		741,201
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		200,000		199,784

				940,985

Software — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750% 3/01/25 (a)		122,000		121,084
First Data Corp. 5.000% 1/15/24 (a)		193,000		194,206
IQVIA, Inc. 5.000% 10/15/26 (a)		200,000		196,500

				511,790

Telecommunications — 1.8%
AT&T, Inc. 3.950% 1/15/25		160,000		157,535
4.350% 6/15/45		250,000		215,368
4.800% 6/15/44		1,300,000		1,198,919
5.150% 11/15/46 (a)		530,000		507,413
5.250% 3/01/37		425,000		423,576
Intelsat Jackson Holdings SA 5.500% 8/01/23		15,000		13,819
8.500% 10/15/24 (a)		105,000		106,155
9.750% 7/15/25 (a)		223,000		236,101
Level 3 Financing, Inc. 5.375% 1/15/24		136,000		135,897
Sprint Capital Corp. 6.875% 11/15/28		71,000		71,355
Sprint Communications, Inc. 9.000% 11/15/18 (a)		348,000		350,158
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360% STEP 3/20/23 (a)		483,750		481,936
4.738% 9/20/29 (a)		870,000		869,608
T-Mobile USA, Inc. 4.500% 2/01/26		104,000		99,254
4.750% 2/01/28		269,000		253,196


	Principal Amount		Value
Verizon Communications, Inc. 4.125% 8/15/46	$	640,000	$	574,157
4.329% 9/21/28 (a)		300,000		301,607
4.862% 8/21/46		300,000		299,254
5.250% 3/16/37		630,000		671,687
Vodafone Group PLC 4.375% 5/30/28		420,000		413,795

				7,380,790

Transportation — 0.1%
Union Pacific Corp. 3.950% 9/10/28		425,000		426,867


TOTAL CORPORATE DEBT (Cost $132,181,374)				129,924,486


MUNICIPAL OBLIGATIONS — 1.1%
City of New York NY 5.206% 10/01/31		750,000		832,140
Jersey City Municipal Utilities Authority 5.470% 5/15/27		850,000		921,519
Los Angeles Unified School District 5.755% 7/01/29		1,000,000		1,146,410
New York State Dormitory Authority 5.289% 3/15/33		750,000		846,233
State of California 7.950% 3/01/36		850,000		906,015

				4,652,317


TOTAL MUNICIPAL OBLIGATIONS (Cost $4,946,956)				4,652,317


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.6%
Commercial MBS — 2.2%
BAMLL Commercial Mortgage Securities Trust Series 2012-PARK, Class A, 2.959% 12/10/30 (a)		375,000		370,776
Series 2018-PARK, Class A, 4.091% VRN 8/10/38 (a) (b)		620,000		632,094
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A 3.369% 3/13/35 (a)		420,000		416,839
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class A 3.251% 5/10/35 (a)		340,000		335,622
COMM Mortgage Trust Series 2013-WWP, Class A2, 3.424% 3/10/31 (a)		390,000		392,496
Series 2016-787S, Class A, 3.545% 2/10/36 (a)		340,000		334,320


	Principal Amount		Value
Series 2013-300P, Class A1, 4.353% 8/10/30 (a)	$	325,000	$	336,765
Core Industrial Trust, Series 2015-CALW, Class A 3.040% 2/10/34 (a)		412,672		408,220
Core Industrial Trust 2015-TEXW, Series 2015-TEXW, Class A 3.077% 2/10/34 (a)		416,849		412,837
GS Mortgage Securities Corp Trust Series 2012-SHOP, Class A,, 2.933% 6/05/31 (a)		400,000		400,117
Series 2012-ALOH, Class A, 3.551% 4/10/34 (a)		370,000		371,183
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4 2.858% 11/15/45		1,780,000		1,744,171
Morgan Stanley Capital I Trust, Series 2015-420, Class A 3.727% 10/12/50 (a)		400,000		401,320
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, 3.961% VRN 1/13/32 (a) (b)		330,000		333,264
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, 3.872% VRN 1/05/43 (a) (b)		370,000		350,783
Fannie Mae CMBS PT 3.820% 11/25/30 (c)		1,000,000		1,008,495
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2 4.393% 11/15/43 (a)		500,000		509,270

				8,758,572

Home Equity ABS — 1.0%
Bear Stearns I Trust, Series 2006-HE1, Class 1M1, 1 mo. USD LIBOR + .410% 2.626% FRN 12/25/35		431,463		433,938
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290% 2.506% FRN 8/25/36		2,400,000		2,397,180
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050% 3.266% FRN 10/25/34		1,135,123		1,136,939

				3,968,057

Other ABS — 1.7%
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100% 3.448% FRN 7/20/26 (a)		330,000		330,028


	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, 4.709% VRN 10/25/46 (b)	$	1,060,212	$	1,048,633
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2, 1 mo. USD LIBOR + .470% 2.686% FRN 7/25/35		267,197		267,463
LCM XXI LP, Series 21A, Class AR, 3.228% FRN 4/20/28 (a) (b)		740,000		738,266
Magnetite VII Ltd., Series 2012-7A, Class A1R2, 3.139% FRN 1/15/28 (a) (b)		1,000,000		994,132
Saxon Asset Securities Trust Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240% 2.456% FRN 5/25/47		2,379,047		1,919,139
Series 2005-1, Class M1, 1 mo. USD LIBOR + .690% 2.906% FRN 5/25/35		759,001		754,306
Voya CLO Ltd., Series 2014-3A, Class A1R, 3.055% FRN 7/25/26 (a) (b)		1,000,000		996,500

				7,048,467

Student Loans ABS — 5.5%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 2.916% FRN 7/25/56 (a)		722,460		720,242
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200% 2.586% FRN 3/28/35		1,500,000		1,460,488
Navient Student Loan Trust Series 2015-1, Class A2, 1 mo. USD LIBOR + .600% 2.816% FRN 4/25/40		1,056,957		1,059,792
Series 2018-3A, Class A3, 3.016% FRN 3/25/67 (a) (b)		630,000		635,920
Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050% 3.266% FRN 7/26/66 (a)		1,100,000		1,124,710
Nelnet Student Loan Trust Series 2015-1A, Class A, 1 mo. USD LIBOR + .590% 2.806% FRN 4/25/46 (a)		1,282,563		1,282,562
Series 2015-3A, Class A2, 1 mo. USD LIBOR + .600% 2.816% FRN 2/27/51 (a)		1,516,691		1,514,614
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750% 2.966% FRN 11/25/42 (a)		1,138,825		1,143,273


	Principal Amount		Value
SLC Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .160% 2.494% FRN 9/15/39	$	2,300,000	$	2,238,248
SLM Student Loan Trust Series 2007-6, Class A4, 3 mo. USD LIBOR + .380% 2.715% FRN 10/25/24		1,106,932		1,109,436
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 2.866% FRN 5/26/26		1,002,909		992,888
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% 2.885% FRN 10/25/64 (a)		1,100,000		1,104,771
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 2.916% FRN 1/25/29		1,149,297		1,143,500
Series 2008-1, Class A4, 3 mo. USD LIBOR + .650% 2.985% FRN 1/25/22		959,995		953,139
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 3.166% FRN 9/25/28		982,471		984,696
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 3.435% FRN 7/25/23		1,502,282		1,512,515
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 3.835% FRN 4/25/23		2,080,466		2,124,160
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 4.185% FRN 7/25/73		700,000		716,444
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 4.585% FRN 10/25/83		680,000		705,730

				22,527,128

WL Collateral CMO — 4.2%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000% 4.516% FRN 6/25/45		1,514,403		1,534,236
Banc of America Funding Trust, Series 2016-R1, Class A1, 2.500% VRN 3/25/40 (a) (b)		1,199,353		1,161,409
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, 3.785% VRN 3/25/37 (b)		589,364		580,132
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400% 4.820% FRN 10/25/35		563,471		583,493


	Principal Amount		Value
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, 3.689% VRN 11/25/35 (b)	$	800,384	$	783,374
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 2.368% FRN 11/19/36		2,076,993		1,828,732
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520% 2.736% FRN 4/25/35		1,280,905		1,232,103
IndyMac Index Mortgage Loan Trust Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270% 2.486% FRN 10/25/36		2,059,427		1,395,116
Series 2005-AR19, Class A1, 3.785% VRN 10/25/35 (b)		1,147,753		981,773
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840% 2.587% FRN 11/26/46 (a)		919,196		897,715
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070% 3.286% FRN 2/25/35		1,884,602		1,874,565
Nomura Resecuritization Trust, Series 2015-1R, Class 6A1, 1 mo. USD LIBOR + .210% 2.445% FRN 5/26/47 (a)		244,162		242,549
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .290% 2.506% FRN 10/25/45		989,345		1,005,038
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .330% 2.546% FRN 1/25/45		982,601		978,156
Series 2006-1 Class 3A2, 5.750% 2/25/36		1,004,007		960,530
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR8, Class 3A1, 3.776% VRN 4/25/36 (b)		829,422		856,281
Series 2004-DD, Class 2A6, 3.808% VRN 1/25/35 (b)		219,107		224,428

				17,119,630


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $58,250,400)				59,421,854


	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 30.7%
Collateralized Mortgage Obligations — 2.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Series KF34, Class A, 2.474% FRN 8/25/24 (b)	$	716,285	$	715,915
Series K157, Class A3, 3.990% VRN 8/25/33 (b)		1,000,000		1,013,265
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series S8FX, Class A2 3.291% 3/25/27		1,775,000		1,738,514
Federal Home Loan Mortgage Corp. REMICS Series 4639, Class HZ 2.750% 4/15/53		1,410,935		1,228,477
Federal National Mortgage Association Series 2017-M11, Class FA, 2.539% FRN 9/25/24 (b)		887,976		894,143
Series 2018-57, Class QA, 3.500% 5/25/46		1,327,785		1,325,009
Series 2018-55, Class PA, 3.500% 1/25/47		767,511		764,990
Government National Mortgage Association Series 2018-124, Class NW 3.500% 9/20/48		835,000		826,650

				8,506,963

Pass-Through Securities — 28.6%
Federal Home Loan Mortgage Corp. Pool #V61427 2.500% 12/01/31		436,098		421,090
Pool #G18592 3.000% 3/01/31		577,685		569,832
Pool #G18627 3.000% 1/01/32		1,722,161		1,698,751
Pool #G08710 3.000% 6/01/46		390,289		373,869
Pool #G08715 3.000% 8/01/46		2,986,088		2,860,462
Pool #G08726 3.000% 10/01/46		2,856,554		2,736,378
Pool #G08732 3.000% 11/01/46		1,005,328		963,033
Pool #G08737 3.000% 12/01/46		361,811		346,589
Pool #G08741 3.000% 1/01/47		2,508,867		2,403,318
Pool #G08791 3.000% 12/01/47		954,634		913,876
Pool #G08795 3.000% 1/01/48		1,811,383		1,734,046
Pool #G07848 3.500% 4/01/44		2,525,389		2,505,857
Pool #G60023 3.500% 4/01/45		2,601,802		2,580,866
Pool #G08711 3.500% 6/01/46		1,542,295		1,521,208
Pool #G08716 3.500% 8/01/46		2,139,766		2,110,511
Pool #G67700 3.500% 8/01/46		1,441,312		1,425,661
Pool #G08722 3.500% 9/01/46		371,623		366,542
Pool #G08742 3.500% 1/01/47		1,508,573		1,487,948
Pool #G08757 3.500% 4/01/47		526,494		518,802
Pool #G67703 3.500% 4/01/47		2,070,158		2,047,030
Pool #G67706 3.500% 12/01/47		1,938,807		1,916,238


	Principal Amount		Value
Pool #G67707 3.500% 1/01/48	$	4,552,484	$	4,508,026
Pool #G67708 3.500% 3/01/48		4,217,080		4,162,719
Pool #G67710 3.500% 3/01/48		2,970,265		2,929,191
Pool #G08816 3.500% 6/01/48		2,331,727		2,296,204
Pool #G60344 4.000% 12/01/45		1,706,334		1,736,595
Pool #G67711 4.000% 3/01/48		1,895,493		1,926,739
Pool #G67713 4.000% 6/01/48		1,128,114		1,144,948
Pool #G08843 4.500% 10/01/48		1,000,000		1,032,813
Pool #G08833 5.000% 7/01/48		585,981		615,509
Federal Home Loan Mortgage Corp. TBA Pool # 3376 3.500% 2/29/48 (c)		205,000		201,765
Pool #1513 4.000% 3/29/48 (c)		215,000		217,100
Pool #E5548 4.500% 4/29/48 (c)		2,000,000		2,063,984
Federal National Mortgage Association Pool #AM0359 2.310% 8/01/22		500,000		484,439
Pool #AM1402 2.420% 11/01/22		945,000		916,536
Pool #AM0827 2.600% 11/01/22		960,783		940,343
Pool #AM2808 2.700% 3/01/23		375,000		367,074
Pool #AL6829 2.964% 5/01/27		1,339,011		1,293,408
Pool #MA1607 3.000% 10/01/33		710,152		696,726
Pool #AM9188 3.120% 6/01/35		780,000		712,715
Pool #FN0039 3.201% 9/01/27		811,126		793,462
Pool #AN4431 3.220% 1/01/27		805,000		786,530
Pool #AM9623 3.340% 7/01/30		755,000		730,714
Pool #AB4262 3.500% 1/01/32		724,322		726,727
Pool #MA1512 3.500% 7/01/33		335,789		337,114
Pool #MA1148 3.500% 8/01/42		2,345,547		2,323,283
Pool #MA3210 3.500% 12/01/47		846,914		834,111
Pool #CA0996 3.500% 1/01/48		370,260		365,357
Pool #MA3305 3.500% 3/01/48		425,141		418,715
Pool #MA3332 3.500% 4/01/48		4,235,338		4,169,988
Pool #469621 3.650% 11/01/21		1,537,031		1,559,033
Pool #466960 3.890% 12/01/20		1,097,256		1,114,980
Pool #466919 3.930% 1/01/21		1,433,107		1,458,532
Pool #AM4236 3.940% 8/01/25		612,138		628,697
Pool #468551 3.980% 7/01/21		1,230,000		1,256,318
Pool #AS9830 4.000% 6/01/47		1,179,957		1,193,369
Pool #MA3027 4.000% 6/01/47		1,165,457		1,178,341
Pool #AS9972 4.000% 7/01/47		1,023,231		1,034,862
Pool #MA3088 4.000% 8/01/47		1,661,244		1,679,608
Pool #BM2007 4.000% 9/01/48		1,038,924		1,049,516
Pool #931504 4.500% 7/01/39		100,815		105,072
Pool #CA1710 4.500% 5/01/48		2,598,566		2,683,121
Pool #CA1711 4.500% 5/01/48		860,390		888,386
Pool #CA2208 4.500% 8/01/48		1,666,070		1,720,153
Pool #MA3444 4.500% 8/01/48		1,904,606		1,966,432
Pool #986268 5.000% 7/01/38		1,584		1,682
Pool #AD6374 5.000% 5/01/40		29,114		30,867
Pool #AI2733 5.000% 5/01/41		237,162		251,438
Pool #977014 5.500% 5/01/38		41,765		45,388
Pool #985524 5.500% 6/01/38		31,483		34,214
Pool #988578 5.500% 8/01/38		194,857		211,762
Pool #995482 5.500% 1/01/39		149,902		162,907


	Principal Amount		Value
Federal National Mortgage Association TBA Pool #7180 3.000% 1/29/33 (c)	$	625,000	$	617,334
Pool #17115 3.500% 1/29/48 (c)		1,925,000		1,894,320
Pool #18388 4.000% 3/29/48 (c)		1,910,000		1,928,503
Government National Mortgage Association Pool #MA4719 3.500% 9/20/47		558,313		555,892
Pool #MA4838 4.000% 11/20/47		987,201		1,005,249
Pool #MA3666 5.000% 5/20/46		287,249		300,086
Pool #MA4199 5.000% 1/20/47		308,045		321,811
Pool #MA4722 5.000% 9/20/47		861,759		903,500
Government National Mortgage Association II Pool #MA4126 3.000% 12/20/46		2,476,722		2,405,516
Pool #MA4718 3.000% 9/20/47		281,742		273,290
Pool #MA4836 3.000% 11/20/47		2,237,830		2,169,996
Pool #MA3521 3.500% 3/20/46		1,004,795		1,002,322
Pool #MA3597 3.500% 4/20/46		311,498		310,439
Pool #MA3663 3.500% 5/20/46		469,803		468,206
Pool #MA3937 3.500% 9/20/46		376,289		375,010
Pool #MA4127 3.500% 12/20/46		1,268,810		1,264,498
Pool #MA4262 3.500% 2/20/47		1,497,964		1,491,937
Pool #MA4382 3.500% 4/20/47		417,757		416,076
Pool #MA4454 5.000% 5/20/47		619,890		648,948
Government National Mortgage Association II TBA Pool #1635 3.500% 11/29/47 (c)		1,225,000		1,217,727
Pool #1367 4.000% 3/29/48 (c)		1,015,000		1,031,970
Pool #1523 4.500% 4/29/48 (c)		4,465,000		4,613,950

				116,706,000


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $129,267,012)				125,212,963


U.S. TREASURY OBLIGATIONS — 20.7%
U.S. Treasury Bonds & Notes — 20.7%
U.S. Treasury Bond 3.000% 8/15/48		11,260,000		10,838,629
3.125% 5/15/48		16,770,000		16,546,749
U.S. Treasury Inflation Index 1.000% 2/15/48		1,047,478		1,034,371
U.S. Treasury Note 2.625% 7/31/20		275,000		274,111
2.750% 7/31/23		29,170,000		28,913,167
2.875% 9/30/23		12,935,000		12,891,546
2.875% 8/15/28		14,170,000		13,953,022

				84,451,595


TOTAL U.S. TREASURY OBLIGATIONS (Cost $85,037,289)				84,451,595


	Principal Amount		Value
TOTAL BONDS & NOTES (Cost $410,605,196)			$	404,587,667


TOTAL LONG-TERM INVESTMENTS (Cost $410,605,196)				404,587,667


SHORT-TERM INVESTMENTS — 8.4%
Repurchase Agreement — 3.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (d)	$	15,653,646		15,653,646

Sovereign Debt Obligations — 2.5%
Japan Treasury Discount Bill JPY (e) 0.000%10/15/18		475,000,000		4,180,773
0.000%11/05/18		680,000,000		5,985,598

				10,166,371

U.S. Treasury Bill — 2.1%
U.S. Treasury Bill 0.000%10/11/18		314,000		313,821
0.000%12/13/18 (f)		531,000		528,711
0.000%1/03/19		5,610,000		5,577,810
0.000%1/31/19		2,306,000		2,288,622

				8,708,964


TOTAL SHORT-TERM INVESTMENTS (Cost $34,721,604)				34,528,981


TOTAL INVESTMENTS — 107.5% (Cost $445,326,800) (g)				439,116,648

Other Assets/(Liabilities) — (7.5)%				(30,702,560	)


NET ASSETS — 100.0%			$	408,414,088

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 September 30, 2018, these securities amounted to a value of $42,002,854 or 10.28% of net assets.

(b)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 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 $15,655,081. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $15,970,595.

(e)	The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(f)	A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).

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

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

MML American Funds^® International Fund (“MML American Funds International 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.

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.

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”)), a wholly-owned subsidiary of MassMutual, 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”).

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”).

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.

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.

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.

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.

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 September 30, 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 September 30, 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 September 30, 2018, for the remaining Funds’ investments:

The Funds, with the exception of the Global Fund and Total Return Bond Fund, had no transfers between Levels of the fair value hierarchy during the period ended September 30, 2018. The Global Fund and Total Return Bond Fund had transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the period ended September 30, 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.

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

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

The Mid Cap Growth Fund fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational

information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment and the fact that comparable public companies are not identical to the investments being fair valued by the Mid Cap Growth Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

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 September 30, 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”).

At September 30, 2018, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

At September 30, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

Further details regarding the derivatives and other investments held by the Fund(s) at September 30, 2018, are discussed below.

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.

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, including commodities and precious metals. 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 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.

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

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

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

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

put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

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

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

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

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

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.

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.

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.

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.

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2018, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at September 30, 2018.

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

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.

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.

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and the International Equity Fund invests substantially all 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.

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

Dividends 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.

At September 30, 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:

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended September 30, 2018, was as follows:

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. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In

December 2017, the SEC issued a temporary final rule (“Temporary Rule”) that provides for a nine-month delay of N-PORT filing with the SEC. Under the Temporary Rule, those funds subject to the original June 1, 2018 compliance date will still be required to gather and maintain all of the data required by Form N-PORT as of the original reporting date and such information will be subject to examination by the SEC staff.

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 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.

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments modify fair value measurement disclosures and are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

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.


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)


	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E-Mini Index		12/21/18		145	$	21,035,856	$	126,894


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


	Value
TOTAL INVESTMENTS — 101.4% (Cost $117,579,453) (f)	$	176,509,722

Other Assets/(Liabilities) — (1.4)%		(2,429,620	)


NET ASSETS — 100.0%	$	174,080,102


	Units		Notional Amount			Expiration Date		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Put
		72		USD	18,720,000		10/19/18	S&P 500 Index, Strike 2,600	$	121,140	$	12,240	$	(108,900	)
		85		USD	22,525,000		10/19/18	S&P 500 Index, Strike 2,650		127,482		19,720		(107,762	)
		84		USD	22,680,000		10/19/18	S&P 500 Index, Strike 2,700		135,450		22,680		(112,770	)
		71		USD	18,460,000		11/16/18	S&P 500 Index, Strike 2,600		117,328		42,600		(74,728	)
		65		USD	17,062,500		11/16/18	S&P 500 Index, Strike 2,625		135,298		43,550		(91,748	)
		85		USD	22,525,000		12/21/18	S&P 500 Index, Strike 2,650		170,212		130,900		(39,312	)
		64		USD	17,280,000		12/21/18	S&P 500 Index, Strike 2,700		121,120		120,960		(160	)
		69		USD	18,630,000		1/18/19	S&P 500 Index, Strike 2,700		184,402		188,715		4,313

									$	1,112,432	$	581,365	$	(531,067	)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.6%
Repurchase Agreement — 2.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (c)	$	11,621,531	$	11,621,531


TOTAL SHORT-TERM INVESTMENTS (Cost $11,621,531)				11,621,531


TOTAL INVESTMENTS — 100.1% (Cost $420,561,735) (d)				456,923,224

Other Assets/(Liabilities) — (0.1)%				(442,944	)


NET ASSETS — 100.0%			$	456,480,280


Counterparty			Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contract to Buy
GBP	87,957	Morgan Stanley & Co. LLC	12/31/18	$	116,510	$	(1,349	)


Contracts to Deliver
JPY	265,620,262	Bank of America N.A.	12/28/18	$	2,375,448	$	20,918


EUR	5,955,920	Credit Suisse International	12/31/18		7,054,198		84,971


NOK	40,785,835	Goldman Sachs International	12/28/18		5,016,785		(13,838	)
SEK	18,590,300	Goldman Sachs International	12/28/18		2,132,124		23,912

					7,148,909		10,074


CAD	3,730,308	Morgan Stanley & Co. LLC	12/31/18		2,893,384		(457	)
GBP	2,881,495	Morgan Stanley & Co. LLC	12/31/18		3,830,445		57,723

					6,723,829		57,266

				$	23,302,384	$	173,229


	Level 1		Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	396,090,349	$	6,495,852	*	$	-		$	402,586,201
Preferred Stock		-		-			775,038	**		775,038
Short-Term Investments		1,041		2,672,290			-			2,673,331

Total Investments	$	396,091,390	$	9,168,142		$	775,038		$	406,034,570


Equity Income Fund
Asset Investments
Common Stock	$	462,830,510	$	17,730,859	*	$	-		$	480,561,369
Preferred Stock		10,954,983		693,661	*		-			11,648,644


	Investments in Securities
	Balance as of 12/31/17		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		(Sales)			Transfers into Level 3		Transfers (out) of Level 3		Balance as of 9/30/18		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 9/30/18
Growth & Income Fund
Common Stock	$	-	$	-	$	-	$	1,746,679	$	1,105,631	$	-		$	-	$	-	$	2,852,310	$	1,746,679

Mid Cap Growth Fund
Common Stock	$	999,872	$	-	$	-	$	401,054	$	114,760	$	(81,541	)	$	-	$	-	$	1,434,145	$	438,639
Preferred Stock		3,369,013		-		-		811,883		317,633		(598,643	)		-		-		3,899,886		1,087,808

	$	4,368,885	$	-	$	-	$	1,212,937	$	432,393	$	(680,184	)	$	-	$	-	$	5,334,031	$	1,526,447


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	A
Directional Exposures to Currencies					M


	Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
Equity Index Fund
Asset Derivatives
Futures Contracts	$	126,894		$	-		$	-		$	126,894


International Equity Fund
Asset Derivatives
Forward Contracts	$	-		$	40,197		$	-		$	40,197


Managed Volatility Fund
Asset Derivatives
Purchased Options	$	581,365		$	-		$	-		$	581,365

Liability Derivatives
Written Options	$	(2,130,685	)	$	-		$	-		$	(2,130,685	)


Mid Cap Value Fund
Asset Derivatives
Forward Contracts	$	-		$	187,524		$	-		$	187,524

Liability Derivatives
Forward Contracts	$	-		$	(15,644	)	$	-		$	(15,644	)


Total Return Bond Fund
Asset Derivatives
Forward Contracts	$	-		$	235,137		$	-		$	235,137
Futures Contracts		-			-			56,723			56,723

Total Value	$	-		$	235,137		$	56,723		$	291,860

Liability Derivatives
Futures Contracts	$	-		$	-		$	(447,946	)	$	(447,946	)


	Number of Contracts, Notional Amounts or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Purchased Options		Written Options
Equity Index Fund		145	$	-		-		-
International Equity Fund		-		3,318,198		-		-
Managed Volatility Fund		-		-		595		595
Mid Cap Value Fund		-		23,418,893		-		-
Total Return Bond Fund		681		10,419,249		-		-


Date of reporting period:		9/30/2018


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Aggressive Allocation Fund	$	156,792,919	$	5,310,024	$	(5,167,134	)	$	142,890
MML American Funds Core Allocation Fund		1,024,798,429		59,212,870		(13,752,227	)		45,460,643
MML American Funds Growth Fund		161,515,090		25,958,536		-			25,958,536
MML American Funds International Fund		57,873,539		4,986,540		-			4,986,540
Balanced Allocation Fund		577,304,480		8,936,406		(19,648,764	)		(10,712,358	)
Blue Chip Growth Fund		225,025,350		182,623,643		(1,614,423	)		181,009,220
Conservative Allocation Fund		445,287,603		6,533,724		(14,434,822	)		(7,901,098	)
Equity Income Fund		400,247,463		116,033,990		(16,331,501	)		99,702,489
Equity Index Fund		430,529,326		332,822,167		(11,827,622	)		320,994,545


	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/18		Number of Shares Held as of 9/30/18		Dividend Income		Realized Gains Distributions
Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	8,363,872	$	2,125,962	$	(2,445,889	)	$	(281,788	)	$	313,227		$	8,075,384		474,186	$	-	$	1,419,812
MML Dynamic Bond Fund, Class II		2,438,947		313,954		(200,001	)		(51,073	)		(507	)		2,501,320		256,809		39,678		-
MML Equity Income Fund, Initial Class		8,931,817		2,263,549		(1,066,781	)		(799,327	)		47,463			9,376,721		818,213		174,215		900,289
MML Equity Index Fund, Class III		7,774,745		385,502		(1,000,000	)		179,855			170,233			7,510,335		231,443		131,638		253,864
MML Focused Equity Fund, Class II		2,547,743		2,424,091		(834,765	)		(1,340,429	)		2,847			2,799,487		481,839		71,901		1,527,112
MML Foreign Fund, Initial Class		8,917,658		483,486		(1,185,643	)		(549,668	)		157,899			7,823,732		731,874		175,041		-
MML Fundamental Growth Fund, Class II		4,064,203		1,804,812		(1,205,352	)		(615,242	)		155,091			4,203,512		381,444		41,608		1,120,310
MML Fundamental Value Fund, Class II		8,907,887		1,555,417		(1,097,819	)		(639,085	)		3,304			8,729,704		612,611		138,755		774,915
MML Global Fund, Class I		8,649,029		2,109,139		(986,472	)		(968,526	)		61,901			8,865,071		760,298		97,219		1,068,747
MML Income & Growth Fund, Initial Class		9,037,523		3,470,226		(984,014	)		(2,187,489	)		128,294			9,464,540		960,867		161,592		2,150,145
MML Inflation-Protected and Income Fund, Initial Class		4,111,211		590,229		(326,016	)		(94,199	)		(16,988	)		4,264,237		430,731		80,676		-
MML International Equity Fund, Class II		8,025,233		1,611,305		(829,725	)		(1,033,805	)		127,907			7,900,915		739,786		125,591		60,587


By		/s/ Tina Wilson
		Tina Wilson, President and Principal Executive Officer
Date		11/21/2018