MML Dynamic Bond Fund
Data updated: 2025-05-30
C000155847 — MML Dynamic Bond Fund. Long Total / Aggregate Bond · $195.09M AUM · 0.57% expense ratio. Holdings, fees, performance and SEC filings.
C000155847 Fund Overview
MML Dynamic Bond Fund is a US mutual fund managed by MML Series Investment Fund II, categorised as Long Total / Aggregate 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: Long Total / Aggregate Bond
- Assets under management: $195.09M
- 1-year return: 3.5%
- SEC CIK: 0001317146
- SEC series ID: S000049313
- Share class ID: C000155847
C000155847 Investment Objective and Strategy
MML Dynamic Bond 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 maximize current income and total return.
Principal investment strategy
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. Bonds may include securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities, or sponsored corporations; corporate obligations (including foreign hybrid securities); mortgage-backed securities; asset-backed securities; foreign securities (corporate and government); emerging market securities (corporate and government); bank loans and assignments; and other securities bearing fixed or variable interest rates of any maturity. The Fund may invest a portion of its net assets in inverse floaters and interest-only and principal-only securities, which may experience high volatility in response to changes in interest rates. The Fund may invest in other investment companies, including other open-end or closed-end investment companies, exchange-traded funds (ETFs), and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Funds Subadviser, DoubleLine Capital LP (DoubleLine) and its affiliates.
The Fund may invest any amount of its assets in securities issued or guaranteed by private or governmental entities outside the U.S., including in emerging market countries. An emerging market country is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as the International Bank of Reconstruction and Development or any affiliate thereof or the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Fund may invest in bonds of any credit quality and may invest up to one-third of its assets in bonds rated below investment grade or unrated but determined by DoubleLine to be of comparable quality.
These junk or high yield bonds include those that are at the time of investment rated BB+ or lower by S&P or Ba1 or lower by Moodys or the equivalent by any other nationally recognized statistical rating organization or unrated and considered by DoubleLine to be of comparable quality. This limit will not apply to any mortgage-backed securities or any other asset-backed securities, regardless of their credit rating or credit quality. The Fund may invest up to 5% of its net assets in defaulted corporate securities. The Fund might do so, for example, where DoubleLine believes the restructured enterprise valuations or liquidation valuations may exceed current market values. 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.
DoubleLine uses a controlled risk approach to managing the Funds portfolio. DoubleLine attempts to control for the principal risk components of the fixed income markets and considers such factors as: relative performance of the various market sectors; security selection within a given sector; the shape of the yield curve; and fluctuations in the overall level of interest rates. DoubleLine uses active asset allocation in managing the Funds investments and monitors the duration of the Funds portfolio securities to adjust the Funds exposure to interest rate risk. DoubleLine intends, under normal market conditions, to seek to construct an investment portfolio for the Fund with a weighted average effective duration of no less than two years and no more than eight years. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the securitys value to changes in interest rates.
For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. Effective duration is a measure of the Funds portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. The effective duration of the Funds investment portfolio may vary materially from its target from time to time, and there is no assurance that the effective duration of the Funds investment portfolio will not exceed its target. DoubleLine may sell an investment for the Fund when it determines to take advantage of what it considers to be a better investment opportunity, when DoubleLine believes the investment no longer represents a relatively attractive investment opportunity, when DoubleLine perceives deterioration in the credit fundamentals of the issuer, or when the investment has reached DoubleLines sell target.
The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.
C000155847 Holdings
Top 10 holdings of MML Dynamic Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Repurchase Agreement | 4.82% |
| US Treasury N/b | 2.94% |
| US Treasury N/b | 1.13% |
| Fannie Mae Cas | 1.06% |
| Fnma Pool Fm4052 | 0.91% |
| Fannie Mae | 0.90% |
| Gnma Ii Pool 785662 | 0.86% |
| Teva Pharmaceuticals Ne | 0.85% |
| Wells Fargo + Company | 0.73% |
| Bank Of America Corp. | 0.72% |
C000155847 Portfolio Allocation
Asset-class allocation of MML Dynamic Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 49.4% |
| Fixed Income | 46.7% |
| Cash & Equivalents | 5.2% |
| Derivatives | 0.1% |
C000155847 Performance
Total returns for C000155847 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.5% |
| 3 years (annualised) | 0.0% |
| 5 years (annualised) | 0.6% |
C000155847 Risk Information
Risk metrics for C000155847, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.8%
C000155847 Costs and Fees
C000155847 costs about $57 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.57%
- Gross expense ratio: 0.69%
- Portfolio turnover: 166%
- Brokerage commissions: 4.96 bps of average net assets (SEC N-CEN)
C000155847 Cashflows
Over the 12 months to 2025-03, MML Dynamic Bond Fund had net outflows of $21.08M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-03 | −$3.41M |
| 2025-02 | −$2.28M |
| 2025-01 | −$3.25M |
| 2024-12 | $3.65M |
| 2024-11 | −$6.99M |
| 2024-10 | −$3.64M |
C000155847 Debt Constituents
Largest debt holdings of MML Dynamic Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| US Treasury N/b | 2.94% |
| US Treasury N/b | 1.13% |
| Teva Pharmaceuticals Ne | 0.85% |
| Wells Fargo + Company | 0.73% |
| Bank Of America Corp. | 0.72% |
| Western Midstream Operat | 0.70% |
| Ford Motor Company | 0.65% |
| Inter American Devel Bk | 0.64% |
| Tsy Infl Ix N/b | 0.58% |
| Enterprise Products Oper | 0.52% |
C000155847 Prospectus and SEC Filings
Official MML Dynamic Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-30
- Prospectus (485BPOS) — filed 2023-04-28
- Prospectus (485BPOS) — filed 2022-04-29
- 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 Long Total / Aggregate 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.