MML High Yield Fund
Data updated: 2025-05-30
C000086552 — MML High Yield Fund. Short Corporate Bond · $47.06M AUM · 0.89% expense ratio · 8.0% 1-yr return. Holdings, fees, performance and SEC filings.
C000086552 Fund Overview
MML High Yield Fund is a US mutual fund managed by MML Series Investment Fund II, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: MML Series Investment Fund II
- Category: Short Corporate Bond
- Assets under management: $47.06M
- 1-year return: 8.0%
- SEC CIK: 0001317146
- SEC series ID: S000028329
- Share class ID: C000086552
C000086552 Investment Objective and Strategy
MML High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by MML Series Investment Fund II.
Investment objective
This Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities.
Principal investment strategy
The Fund invests primarily in lower rated U.S. debt securities (junk or high yield bonds), including securities in default. Debt securities may include, for example, corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. Government or its agencies or instrumentalities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moodys, below BBB- by Standard & Poors or the equivalent by any NRSRO (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Funds subadviser, Barings LLC (Barings)). The Fund may also invest in convertible securities, preferred stocks, warrants, bank loans, and other fixed income securities, including Rule 144A securities, of both U.S.
and foreign issuers. Currently, Barings does not expect that the Fund will invest more than 20% of its total assets in bank loans. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate bonds, government and agency issues, Rule 144A securities, convertible securities, bank loans, mortgage-backed, and asset-backed securities. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including futures contracts (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Funds portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments); total return swaps (for hedging purposes); and credit default swaps (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Funds portfolio, or as a substitute for direct investments).
Use of derivatives by the Fund may create investment leverage. The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may enter into reverse repurchase agreement transactions. Under normal market conditions, the Fund expects to have a dollar-weighted average portfolio maturity ranging from 4 to 10 years. The Funds portfolio may include securities with maturities outside this range, and the range may change from time to time. In selecting the Funds investments, Barings employs a bottom-up, fundamental approach to its credit analysis, which focuses first on a specific issuers financial strength, among other things, before considering trends or macro economic factors.
Barings prefers companies that it believes possess one or more of the following characteristics: strong business position, ability to generate free cash flow to repay debt, favorable capital structure, high level of fixed assets, conservative accounting, and respected management or equity sponsor(s) (such management and sponsors would have a good reputation and/or have had prior positive relations with Barings). The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.
C000086552 Holdings
Top 10 holdings of MML High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Repurchase Agreement | 5.95% |
| State Street Navigator Securities Lending Trust | 5.01% |
| Talen Energy Supply LLC | 1.60% |
| Itt Holdings LLC | 1.54% |
| Mattamy Group Corp. | 1.34% |
| Pra Group, Inc. | 1.26% |
| Seaspan Corp. | 1.26% |
| Regal Rexnord Corp. | 1.23% |
| 1375209 Bc Ltd. | 1.14% |
| Superior Plus/gen Prtnr | 1.13% |
C000086552 Portfolio Allocation
Asset-class allocation of MML High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 85.7% |
| Cash & Equivalents | 11.0% |
| Loans | 0.7% |
C000086552 Performance
Total returns for C000086552 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.0% |
| 3 years (annualised) | 4.4% |
| 5 years (annualised) | 7.5% |
C000086552 Risk Information
Risk metrics for C000086552, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.8%
C000086552 Costs and Fees
C000086552 costs about $89 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.89%
- Gross expense ratio: 1.00%
- Portfolio turnover: 69%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000086552 Cashflows
Over the 12 months to 2025-03, MML High Yield Fund had net outflows of $6.78M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-03 | −$469.92K |
| 2025-02 | −$1.01M |
| 2025-01 | −$788.41K |
| 2024-12 | −$417.34K |
| 2024-11 | $26.72K |
| 2024-10 | $106.53K |
C000086552 Debt Constituents
Largest debt holdings of MML High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Talen Energy Supply LLC | 1.60% |
| Itt Holdings LLC | 1.54% |
| Mattamy Group Corp. | 1.34% |
| Pra Group, Inc. | 1.26% |
| Seaspan Corp. | 1.26% |
| Regal Rexnord Corp. | 1.23% |
| 1375209 Bc Ltd. | 1.14% |
| Superior Plus/gen Prtnr | 1.13% |
| Radiology Partners, Inc. | 1.11% |
| Consolidated Energy Fin | 1.09% |
C000086552 Prospectus and SEC Filings
Official MML High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-30
- Prospectus (485BPOS) — filed 2023-04-28
- Prospectus supplement (497) — filed 2024-07-01
- Portfolio holdings (N-PORT) — filed 2025-05-30
- Portfolio holdings (N-PORT) — filed 2025-02-28
- Portfolio holdings (N-PORT) — filed 2024-11-27
- Annual census (N-CEN) — filed 2025-03-13
- Annual census (N-CEN) — filed 2024-03-12
Related Funds
Other Short Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.