UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

  Investment Company Act file number     811-21714                                                                                                                                             

     MML Series Investment Fund II

(Exact name of registrant as specified in charter)

  100 Bright Meadow Blvd., Enfield, CT                                    06082

(Address of principal executive offices)                                                              (Zip code)

  Tina Wilson

  100 Bright Meadow Blvd., Enfield, CT                                    06082

(Name and address of agent for service)

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

  Date of fiscal year end:     12/31/2018                    

  Date of reporting period:     12/31/2018                 

Item 1. Reports to Stockholders.

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Economic and Market Overview (Unaudited)	3
Portfolio Manager Report (Unaudited)	5
Portfolio of Investments
MML Blend Fund	17
MML Equity Fund	40
MML Managed Bond Fund	45
MML U.S. Government Money Market Fund	63
Statements of Assets and Liabilities	64
Statements of Operations	66
Statements of Changes in Net Assets	68
Financial Highlights	70
Notes to Financial Statements	74
Report of Independent Registered Public Accounting Firm	96
Trustees and Officers (Unaudited)	97
Federal Tax Information (Unaudited)	101
Other Information (Unaudited)
Proxy Voting	102
Quarterly Reporting	102
Fund Expenses	103

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MML Series Investment Fund II. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

MML Series Investment Fund II – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Tina Wilson

“MassMutual believes that those who invest with an eye toward helping their retirement savings withstand all market conditions have the potential for more favorable long-term financial outcomes.”

December 31, 2018

Despite the intense volatility, markets remained strong overall

I am pleased to present you with the MML Series Investment Fund II Annual Report, covering the year ended December 31, 2018.

During the year, U.S. stocks encountered more volatility than investors experienced in 2017, varying widely throughout most of the year before dropping into negative return territory to end the year. Global economic optimism faded during the year under the weight of geopolitical tensions, indications of slowing global growth, trade war rhetoric, and a more hawkish Federal Reserve Board. Foreign stocks in developed markets trailed their U.S. counterparts for the year, but generally fared better than emerging-market stocks. U.S. bond investors struggled to find positive returns in a rising yield environment fueled by rate hikes, a strong U.S. dollar, falling oil prices, and central bank policy.

In MassMutual’s view, the dynamics of the investment markets during the year validate the importance of retirement investors maintaining a long-term perspective rather than reacting to current headlines. We also believe that individuals who follow certain investment guidelines, such as the ones below, may enhance their retirement income.

Suggestions for retirement investors under any market conditions

Save as much as possible

While you can’t control – or predict the direction of – the investment markets at any given time, you can control how often and how much you contribute to your retirement savings account. Contributing as much as possible and increasing contribution levels regularly is one way retirement investors can help themselves reach their retirement income goals, regardless of how the markets perform.*

Invest continually

Financial professionals often advise their clients to stay in the market, regardless of short-term results. Here’s why: Individuals who can invest in all market conditions have the potential to be rewarded even during market downturns, when more favorable prices may enable them to accumulate larger positions. This has the potential to put them at an advantage when the markets turn around.

Invest for the long run

Investing for retirement doesn’t happen overnight. Many people save and invest for retirement throughout their working years. It may help you to keep in mind that, although the financial markets will go up and down over time, taking a long-term approach to investing gives you more time to ride out the downturns as you work toward achieving your long-term investment goals. Even if you are approaching or in retirement, your retirement savings will likely remain invested for a number of years before being withdrawn.

* Systematic investing and asset allocation do not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

(Continued)

1

MML Series Investment Fund II – President’s Letter to Shareholders (Unaudited) (Continued)

Monitor your asset allocation regularly – and diversify

The most common retirement plan investments – stocks, bonds, and short-term/money market investments – typically (although not always) behave differently at any given time. Each of these asset classes contains an array of sub-categories, such as small-cap stocks, international stocks, and high-yield bonds. Many financial professionals believe that investors can reduce the risk of over-exposure to one or two poorly performing investment types by investing in a diverse mix of investment types and sub-categories.**

Choose the investments you feel are right for you – and seek professional guidance

Many financial advisors believe that retirement savers who select an appropriate combination of investments that aligns with both their retirement income goals and how they feel about investing can help them withstand the inevitable ups and downs of the markets.

If you work with a financial professional, you may wish to consider reaching out to him or her for assistance in helping you ensure:

• you are saving enough for retirement based on your long-term financial needs;

• your retirement account is invested properly for all market conditions, based on your goals and objectives, as well as your investment time horizon; and

• you are taking the right steps to help reduce your longevity risk, which is the risk that you could “run out” of retirement savings during your lifetime.

Why we do what we do

Acts of mutuality are happening all around us. Every day, people go out of their way to look out for each other, from lending a hand to making sure their loved ones are financially taken care of. MassMutual believes that your long-term financial security is crucial – and we recognize that you want to make sure your loved ones are financially taken care of. That’s why we’re committed to helping people financially protect their families and put themselves on the path to a more secure retirement. And that’s why we continually stress the importance of maintaining a long-term perspective on retirement planning. We believe that those who invest with an eye toward helping their retirement savings withstand all market conditions have the potential for more favorable long-term financial outcomes. Thank you for your continued confidence and trust in MassMutual.

Sincerely,

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/19 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

** Diversification and asset allocation do not ensure a profit or protect against loss in a declining market, but can be sound investment strategies.

2

MML Series Investment Fund II – Economic and Market Overview (Unaudited)

December 31, 2018

Market Highlights

• During 2018, U.S. stocks encountered more volatility than investors experienced in 2017, varying widely throughout most of the year before dropping into negative return territory to end the period.

• Global economic optimism faded during the year under the weight of geopolitical tensions, indications of slowing global growth, trade war rhetoric, and a more hawkish Federal Reserve Board (the “Fed”) tone.

• Foreign stocks in developed markets trailed their U.S. counterparts for the period, but generally fared better than emerging-market stocks.

• U.S. bond investors struggled to find positive returns in a rising yield environment fueled by rate hikes, a strong U.S. dollar, falling oil prices, and central bank policy.

Market Environment

U.S. equity investors encountered increased volatility in 2018. Through the first month of 2018, stocks hit record levels following a year of steady gains in 2017. However, after a two-and-a-half-year streak of positive quarterly results, both the S&P 500^® Index* (the “S&P 500”) and the Dow Jones Industrial Average^SM (the Dow) posted modest negative results for the first quarter of 2018.

During the first and second quarters of the year, markets fought to find their footing. Wage growth in the U.S. triggered a major sell-off in early February 2018, as investors sought to balance the likelihood of continued growth against Federal Open Market Committee (FOMC) intentions to raise the short-term federal funds rate several times in the year ahead. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.) Scrutiny concerning revelations about how social media companies use data, and in particular, how social media giant Facebook had allowed customer data to be mined without users’ knowledge, undercut investor confidence in the information technology sector, triggering several rounds of sell-offs. Political turbulence, which characterized the entire reporting period, unsettled markets as investors tried to assess the potential impacts of reduced taxes, increasing federal debt limits, and ongoing rhetoric over global trade wars.

Markets gained some traction through the third quarter of the year. The S&P 500 rebounded, ending the quarter in positive territory. Corporate earnings reports continued to show strong performance, markets seemingly shrugged off three Fed rate hikes, and progress seemed evident on the trade war front. By the end of September, both the Dow and the S&P 500 reached record territory again, but investors were unsettled.

In early October, Fed Chairman Jerome Powell’s statements that the central bank was “a long way” from neutral interest rates stoked fears of more frequent and higher rate hikes. Along with trade war concerns, international political jitters, a strengthening U.S. dollar, and declining oil prices, this seemed enough to trigger a broad market sell-off. October was the worst month for the S&P 500 since September 2011. Volatility continued through November, as investors looked for a lift following the U.S. midterm elections. Then, December brought another round of sell-offs, resulting in the worst performance for the month since 1931 for the Dow and S&P 500. By year-end, major equity markets dropped into negative return territory for the year for the first time since 2008.

At year-end, the broad market S&P 500 ended down 4.38% and the Dow followed a similar pattern, down 3.48%. The technology-heavy NASDAQ Composite Index ended down 2.84% for the year, as prominent technology companies like Facebook, Apple, Amazon, Netflix, and Google faced heavy sell-offs in the last quarter. Small- and mid-cap stocks underperformed their larger peers and growth stocks continued to outperform their value counterparts during the period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

3

MML Series Investment Fund II – Economic and Market Overview (Unaudited) (Continued)

The health care, information technology, and consumer discretionary sectors managed to end the year in positive territory and beat the S&P 500. The remaining sectors delivered negative returns, most lagging the S&P 500 and most falling below in the month of December. The reconfigured communication services and financials sectors delivered the worst performances for the year. (In September, the Global Industry Classification Standard (GICS) renamed the telecommunications sector and added media companies and internet services companies to the reconfigured communication services sector.)

Developed international markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers and ended the year down 13.79%. Developed international markets struggled to gain traction under the weight of a strong U.S. dollar, widespread local political issues, including floundering Brexit negotiations, and tariff speculations. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s referendum to leave the European Union.) Emerging-market stocks, as measured by the MSCI Emerging Markets Index, ended the year with a return of -14.58%.

The Fed reasserted its influence on markets through actual and forecasted rate hikes and a change in leadership during the year. Under new Fed Chairman Jerome Powell, the FOMC raised the target range for the federal funds rate four times. While investors had anticipated the rate hikes, the 1.00% total increase over the year – in tandem with prospects for additional hikes in 2019 – proved to be a headwind to overall market performance.

Bond yields rose during the fiscal year, with the 10-year U.S. Treasury bond crossing the 3.00% threshold multiple times. After starting the year at 2.46%, yields rose 0.22% to end at 2.68%. Since rising yields drive bond prices down, returns on the Bloomberg Barclays U.S. Aggregate Bond Index failed to move significantly through the year, ending at 0.01%. Investment-grade corporate bonds also fared poorly in the rising yield environment. The Bloomberg Barclays U.S. Corporate 10+ Year Bond Index, which tracks investment-grade corporate bonds, ended the year down 2.51%. The Bloomberg Barclays U.S. Corporate High Yield Index also ended in negative territory, down 2.08% for the year. In December, yield curve inversion added additional pessimism to investor sentiment. (Yield curve inversion occurs when yields on longer-term bonds drop below yields of shorter-term bonds.)

At the end of a volatile year in which returns fell well short of those enjoyed in 2017, investors generally feel compelled to evaluate their investment strategy. At MassMutual, we remain convinced that a broadly diversified portfolio aligned with a long-term strategy is the wisest course for those investors seeking retirement income. We remind you that it is important to maintain perspective and have realistic expectations about the future performance of your investment portfolio. As described in this report, financial markets can reverse suddenly, stumble along sideways, and reverse again. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to markets like these, with how long you have to save and invest, and with your specific financial goals and risk tolerance. Thank you for your confidence in MassMutual.

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/19 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

4

MML Blend Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Blend Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve as high a level of total rate of return over an extended period of time as is considered consistent with prudent investment risk and the preservation of capital. The Fund invests across different asset classes (equity securities, fixed income securities, including bank loans and Rule 144A securities, and money market instruments), each represented by a different segment of the Fund’s portfolio. The subadviser typically adjusts the allocation among the three segments, based on its judgment about each segment’s potential for returns in comparison with those of other segments and corresponding risk. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Initial Class shares returned -4.34%, modestly outperforming the -4.38% return of the S&P 500^® Index (the “stock component’s benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund underperformed the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “bond component’s benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable-rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). The Fund outperformed the -4.68% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. Finally, the Fund underperformed the -2.26% return of the Custom Balanced Index (the “blend benchmark”), which comprises the stock component’s benchmark and the bond component’s benchmark. The weightings of each index are 60% and 40%, respectively.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

It was a difficult year to make money in financial markets. No major asset class had positive returns in 2018. According to Ned Davis Research, this has not occurred since 1972. For many years, the Fund has been overweight, relative to the benchmark, in stocks because U.S. corporations have been extraordinarily profitable. In the fourth quarter of 2018, the Fund moved to a neutral stance due to slowing economic activity outside of the U.S. and tighter monetary policy within the U.S.

Within the Fund’s equity portfolio, it was a year of extremes. In the first nine months of the year, the companies that had been growing their earnings and revenues the most had the highest returns. In the last quarter, these growth stocks were among the worst performers. (Growth stocks often do well when investors are worried about a slowdown because they are more likely than cyclical stocks to deliver cash flow in a downturn.) When investors’ concern turned into a panic, they abandoned these high-flying issues for the safety of stocks that have lower volatility, such as utilities.

The Fund was overweight, relative to the stock component’s benchmark, in the pharmaceuticals industry for most of the year. This is generally considered a growth sector, but it has more stable earnings than other higher growth sectors. The Fund was overweight Express Scripts, the pharmacy benefits manager. Cigna’s decision to purchase Express Scripts during the period caused the pharmacy benefits manager’s shares to rise sharply, which aided the Fund’s performance.

The Fund held a significantly overweight stake in financial firms throughout the year. Despite the fact that banks had been growing their earnings and improving their balance sheets and loan quality, the share prices of these stocks fell throughout the year as short-term interest rates rose. Since banks borrow at the short rate and lend at the long rate, investors tend to believe that increases in rates may hurt earnings. The Fund was overweight Bank of America, which declined 15% for the year.

Within the fixed-income component of the Fund, ABS was the primary contributor to performance. (Bond issuers create securitized bonds by pooling various types of contractual debt – such as mortgages, auto loans, or credit card debt.) This asset class is generally shorter in duration and, as a result, less sensitive to increases in interest rates that can hurt a bond’s performance. Student loans were the largest contributor within the ABS sector and shipping containers were the largest detractor. The Fund’s positions in investment-grade corporate bonds detracted from performance.

5

MML Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

The equity portion of the Fund used derivatives, which resulted in a small gain to the Fund’s performance. (Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.) In the fixed-income segment, the Fund used derivative instruments for yield curve, duration, downside hedging, and to gain exposures. In aggregate, these positions positively contributed to performance.

Subadviser outlook

Fund management has long believed in U.S. equities for the fundamental reason that they consider them to be extremely profitable due to higher-than-average margins. However, the trade war is a threat to this regime because manufacturing companies in the U.S. have been significant beneficiaries of globalization and low tariffs. These manufacturers now face higher costs of intermediate goods. Over time, Fund management believes that companies will adapt to the tariffs by sourcing goods from cheaper locales or they will automate more processes, but this will take some time. In the interim, Fund managers believe that profits will suffer. Another threat, in their view, is that short-term interest rates have moved from 0.5% to over 2.5% in a little over a year and a half. Higher interest rates make it more expensive for companies to finance their operations, and this too, has the potential to harm profits. Against this backdrop, at year-end, the Fund was positioned to be neutral on equities and overweight bonds.

MML Blend Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
Common Stock	60.2	%
Corporate Debt	14.3	%
Non-U.S. Government Agency Obligations	11.8	%
U.S. Government Agency Obligations and Instrumentalities	10.3	%
U.S. Treasury Obligations	1.6	%
Municipal Obligations	0.3	%
Purchased Options	0.3	%
Sovereign Debt Obligations	0.3	%
Preferred Stock	0.1	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%
Net Assets	100.0	%

6

MML Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Blend Fund Initial Class, Service Class, the S&P 500 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-4.34%		6.03%		9.94%
Service Class		-4.58%		5.76%		9.67%
S&P 500 Index*		-4.38%		8.49%		13.12%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%
Lipper Balanced Fund Index		-4.68%		4.48%		8.47%
Custom Balanced Index		-2.26%		6.22%		9.48%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

* Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

7

MML Equity Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Equity Fund, and who are the Fund’s subadvisers?

The Fund’s primary objective is to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. The Fund invests primarily in common stocks of companies that the subadvisers believe are undervalued in the marketplace, with a focus on securities of larger size companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks, preferred stocks, securities convertible into common or preferred stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. The Fund typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of its total assets in foreign securities and American Depositary Receipts (“ADRs”), including developed and emerging market securities. The Fund may invest up to 10% of its net assets in debt securities. The Fund’s two subadvisers are OppenheimerFunds, Inc. (OFI), which managed approximately 57% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 43% of the Fund’s portfolio, as of December 31, 2018.

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Initial Class shares returned -9.99%, underperforming the -8.27% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the OFI component of the Fund, for the year ended December 31, 2018, the Fund component’s underperformance of the benchmark was largely due to stock selection in the energy, communication services, materials, and industrials sectors. Fund component holdings in the health care, consumer staples, and information technology sectors outperformed the benchmark. The top-performing Fund component holdings included health care holdings Merck & Co., Inc.; Pfizer, Inc.; and UnitedHealth Group, Inc. Merck, a leading American pharmaceutical company, continued to benefit from its industry-leading immune-oncology platform Keytruda. Pfizer Inc. – which engages in the discovery, development, and manufacturing of health care products – reported better-than-expected earnings, in part due to continued growth from key brands such as Prevnar (pneumonia vaccine) and Xeljanz (rheumatoid arthritis). UnitedHealth Group, which provides health care coverage and related services, continued to execute, delivering better-than-expected operating margins and continued strong growth in its Optum health care services business unit. Fund component holdings that were top detractors from performance included energy stocks Weatherford International plc and Suncor Energy Inc., and financial sector holding, Citigroup, Inc. Weatherford International, which provides drilling and related services to oil producers, fell due to lower oil prices. Suncor Energy, Inc., an integrated energy company that develops petroleum resource basins, struggled due to pipeline capacity shortages that resulted in a drop in the price of Canadian oil. Citigroup, Inc., along with bank shares generally, underperformed in the fourth quarter of 2018 when the U.S. yield curve flattened, which impacts bank profitability negatively.

For the Brandywine Global component, Fund component holdings within the financials sector were by far the largest detractors, as the sector steadily underperformed throughout the entire year. Asset management companies, diversified financial companies, and banks all lagged during 2018’s increasing interest rate environment. Fund component holdings that included higher-quality telecommunication, pharmaceutical, and biotechnology companies helped performance for the year, as did Brandywine Global’s avoidance of low-quality companies, primarily in the energy and industrials sectors (both of which were the weakest sectors in the benchmark). Finally, Brandywine Global benefited by selling of some of its health care positions at higher valuations earlier in the year – and repurchasing them later at lower prices and more reasonable valuations.

Subadviser outlook

Fund management at OFI notes that the U.S. equity market in 2018 was characterized by the increasing levels of concentration among the largest growth stocks, whose combined market capitalization by midyear represented a greater proportion of the

8

MML Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

overall equity market than at almost any time in the past 30 years. The equity market’s downturn in the fourth quarter reversed this concentration to some extent, but as contrarian investors, they prefer to look elsewhere to find overlooked opportunities. While many investors focus on a short-term view when considering potential investments, the OFI Fund component’s strategy utilizes in-depth fundamental research seeking to identify companies that have the potential for unanticipated acceleration in return on invested capital over a multi-year time horizon.

Fund management at Brandywine Global notes that early projections for fourth quarter gross domestic product (GDP) were near 2.5% following strong periods of growth in both the second and third quarters of 2018. They believe that economic growth may decelerate in the future; however, they expect continued strength in the underlying fundamentals of the economy – as consumer confidence remains high, consumer spending remains robust, and the labor market ended 2018 on a strong note (as employers added the most jobs in 10 months with the unemployment rate below 4%). At year-end, the Fund component’s sector weights remained more pro-cyclical and positively exposed to higher interest rates, with overweight allocations, relative to the benchmark, in financials, technology, and industrials – as well as a large underweight allocation in more defensive sectors, such as utilities and real estate.

MML Equity Fund Largest Holdings (% of Net Assets) on 12/31/18
JP Morgan Chase & Co.	3.5	%
Pfizer, Inc.	3.2	%
Chevron Corp.	3.0	%
Bank of America Corp.	3.0	%
Cisco Systems, Inc.	2.7	%
Merck & Co., Inc.	2.5	%
UnitedHealth Group, Inc.	2.4	%
Citigroup, Inc.	2.0	%
The Walt Disney Co.	1.7	%
Suncor Energy, Inc.	1.7	%
	25.7	%

MML Equity Fund Sector Table (% of Net Assets) on 12/31/18
Financial	25.4	%
Consumer, Non-cyclical	23.8	%
Energy	10.4	%
Industrial	8.6	%
Communications	8.3	%
Consumer, Cyclical	8.3	%
Technology	7.5	%
Utilities	3.3	%
Basic Materials	2.1	%
Mutual Funds	1.3	%
Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%
Net Assets	100.0	%

9

MML Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Equity Fund Initial Class, Service Class and the Russell 1000 Value Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-9.99%		4.80%		10.94%
Service Class		-10.22%		4.54%		10.66%
Russell 1000 Value Index		-8.27%		5.95%		11.18%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

10

MML Managed Bond Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Managed Bond Fund, and who is the Fund’s subadviser?

The Fund’s investment objective is to achieve as high a total rate of return on an annual basis as is considered consistent with the preservation of capital. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Initial Class shares returned -0.44%, underperforming the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable-rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2018, an overweight, relative to the benchmark, to investment-grade corporate bonds detracted from the Fund’s performance despite positive overall signs within that sector. Corporate fundamentals showed improvement throughout 2018, while new issuance slowed versus 2017, which are both positives for the sector. Corporate issuers showed solid revenue and EBITDA growth, strong profit margins, and a slow pace of debt growth. (Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company’s operating performance.) Additionally, the life insurance, automotive manufacturers, and banking sectors all detracted from performance over the period.

ABS was the primary contributor to performance for the year. The Fund was overweight in the sector. This asset class is generally shorter in duration and as a result, less sensitive to increases in interest rates that can hurt a bond’s performance. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.) Some sub-sectors, such as student loans, are floating-rate bonds tied to three-month LIBOR where their coupons reset on a quarterly basis. Student loans were the largest contributor within the ABS sector, whereas credit cards were the largest detractor. Within securitized asset classes, Agency MBS, where the Fund was overweight, detracted from performance. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) Residential MBS was a neutral contributor to performance, while CMBS detracted. The Fund’s small allocation to BB-rated high-yield bonds detracted from returns as well.

The Fund’s positions in electronics, electric utilities, and aerospace contributed to its full-year performance. Conversely, the gas pipelines, secondary oil and gas producers, and banking sectors all detracted from performance over the period.

The Fund uses derivative instruments for yield curve, duration, downside hedging and to gain exposures. They may also be used as a substitute for a direct investment. In aggregate, these positions positively contributed to performance. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

Looking forward, Fund management expects potential market turbulence as investors seek to interpret Federal Reserve Board policy, brace for potential Treasury yield curve inversion (meaning that the yields of shorter-term securities would be higher than those of longer-term issues), consider a growing BBB market, and evaluate slowing foreign demand. While these technicals present a wide range of potential outcomes for high-grade investors, Fund managers remain vigilant in both sector and issuer selection within the Fund. They believe the market may see a slowdown in corporate merger and acquisition (M&A) activity in

11

MML Managed Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

2019 due to the rising cost of funding. However, they do not anticipate a large-scale compression in corporate profit margins. Corporate and ABS issuance slowed in 2018, while CMBS issuance accelerated. Fund management will closely watch the volume of primary market issuance, on the belief that the level at which new deals come to market (along with price, and how those deals are received by the market) could be strong indications of 2019 sentiment.

MML Managed Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
Corporate Debt	38.3	%
Non-U.S. Government Agency Obligations	32.5	%
U.S. Government Agency Obligations and Instrumentalities	26.9	%
Purchased Options	1.0	%
Sovereign Debt Obligations	0.8	%
Municipal Obligations	0.7	%
U.S. Treasury Obligations	0.5	%
Preferred Stock	0.2	%
Mutual Funds	0.2	%
Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%
Net Assets	100.0	%

12

MML Managed Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Managed Bond Fund Initial Class, Service Class and the Bloomberg Barclays U.S. Aggregate Bond Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-0.44%		2.50%		4.06%
Service Class		-0.69%		2.25%		3.80%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		2.52%		3.48%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

13

MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML U.S. Government Money Market Fund, and who is the Fund’s subadviser?

The Fund’s investment objective is to achieve current income consistent with preservation of capital and liquidity. The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements fully collateralized by cash or U.S. Government securities. It is important to note that this Fund seeks to maintain, but does not guarantee, a stable $1.00 share price. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. Government securities and repurchase agreements that are fully collateralized by U.S. Government securities. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Initial Class shares returned 1.32%, underperforming the 1.86% return of the FTSE 3-Month Treasury Bill Index (the “benchmark”), which measures the performance of the last three three-month Treasury bill month-end rates.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The Federal Reserve Board (the Fed) increased the federal funds target rate four times over the last year. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.) Short-term interest rates responded in kind, moving off low levels as monetary policy continued to tighten. LIBOR (London Interbank Offered Rate) rates increased with one-month LIBOR, up 0.95% to 2.51% over the year and three-month LIBOR up 1.11% to 2.81% over the year. A large move in LIBOR occurred at the beginning of 2018 when three-month LIBOR increased 0.61% due to rate hike expectations, along with concerns about the impact of overseas corporate tax repatriation back to the U.S. as a result of tax reform enacted in 2017. Short-term rates such as three-month LIBOR rose slowly in the second and third quarters, with a steady incline in the fourth quarter.    

These rate moves benefited the Fund, as it purchased floating agency paper in order to maximize yield while keeping the Weighted Average Maturity (WAM) at a manageable level. (Agency paper is debt issued by the federal government for financing purposes.) These floating-rate bonds continued to provide an attractive yield advantage for the Fund over the period given the interest rate environment. The Fund held very little longer-dated fixed paper until December 2018, when longer fixed paper became more attractive and was purchased by the Fund.

The WAM of the Fund remained short for almost all of 2018, as the Fed raised rates every quarter and the Fund relied on floating-rate bonds to keep the WAM at a low level. However, the Fund extended its WAM during the month of December and ended 2018 with a WAM of 53 days. The Weighted Average Life (WAL) of the Fund, which takes into account a bond’s final maturity date, stayed within a range of 80–100 days throughout the year and ended 2018 at 91 days.

Subadviser outlook

The U.S. economy, fueled by tax cuts and stimulus spending, appears to be a key factor in helping investors look past negative contributing factors like the trade sparring between the U.S., China and other nations, which could be a hindrance to global growth if escalated. For context, economic output is growing at its fastest rate since 2014, the unemployment rate is at its lowest level in almost two decades, and initial jobs claims have fallen to the lowest level since 1969. Fund management believes that corporate fundamentals also continue to improve as both revenue and EBITDA growth are continuing to outpace debt growth as indicated by second quarter data. (Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company’s operating performance.)

14

MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)

Going forward, Fund management anticipates buying less floating-rate paper and more fixed-rate paper as they did in December 2018. They believe the pace of Fed increases in 2019 appears to be slowing and there is a decent chance that the Fed will be looking to pause in early 2019 until the effects of four hikes in the last year have been fully realized.    

MML U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
Discount Notes	69.4	%
Repurchase Agreement	11.2	%
U.S. Treasury Bonds & Notes	19.4	%
Total Short-Term Investments	100.0	%
Other Assets & Liabilities	0.0	%
Net Assets	100.0	%

15

MML U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML U.S. Government Money Market Fund Initial Class and the FTSE Treasury Bill 3-Month Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		1.32%		0.36%		0.18%
FTSE Treasury Bill 3-Month Index		1.86%		0.60%		0.35%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the FTSE Treasury Bill 3-Month Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here. An investment in the MML U.S. Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain a stable net asset value per share, it is possible to lose money by investing in the Fund.

16

MML Blend Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 60.3%
COMMON STOCK — 60.2%
Basic Materials — 1.4%
Chemicals — 0.9%
Air Products & Chemicals, Inc.		2,675	$	428,134
CF Industries Holdings, Inc.		37,790		1,644,243
DowDuPont, Inc.		20		1,070
Eastman Chemical Co.		6,070		443,778
Linde PLC		6,736		1,051,085
LyondellBasell Industries NV Class A		8,640		718,502
The Mosaic Co.		61,400		1,793,494
PPG Industries, Inc.		8		818
The Sherwin-Williams Co.		3		1,180
				6,082,304
Forest Products & Paper — 0.2%
International Paper Co.		38,787		1,565,443
Iron & Steel — 0.1%
Nucor Corp.		12,056		624,622
Mining — 0.2%
Freeport-McMoRan, Inc.		70,864		730,608
Newmont Mining Corp.		5,670		196,465
				927,073
				9,199,442
Communications — 9.4%
Advertising — 0.4%
The Interpublic Group of Cos., Inc.		31,722		654,425
Omnicom Group, Inc.		23,147		1,695,286
				2,349,711
Internet — 4.7%
Alphabet, Inc. Class A (a)		1,810		1,891,378
Alphabet, Inc. Class C (a)		5,731		5,935,081
Amazon.com, Inc. (a)		7,880		11,835,524
Booking Holdings, Inc. (a)		891		1,534,676
eBay, Inc. (a)		20,777		583,210
Expedia Group, Inc.		5,157		580,936
F5 Networks, Inc. (a)		10,360		1,678,631
Facebook, Inc. Class A (a)		29,700		3,893,373
Netflix, Inc. (a)		8,613		2,305,355
Symantec Corp.		55		1,039
TripAdvisor, Inc. (a)		37		1,996
VeriSign, Inc. (a)		2,991		443,535
				30,684,734
Media — 1.9%
CBS Corp. Class B		57		2,492
Charter Communications, Inc. Class A (a)		651		185,516
Comcast Corp. Class A		90,324		3,075,532

	Number of Shares		Value
Discovery, Inc. Class A (a)		49,400	$	1,222,156
Discovery, Inc. Class C (a)		58,243		1,344,248
DISH Network Corp. Class A (a)		52,600		1,313,422
News Corp. Class A		7,566		85,874
Twenty-First Century Fox, Inc. Class A		6,067		291,944
Twenty-First Century Fox, Inc. Class B		8,100		387,018
Viacom, Inc. Class B		52,610		1,352,077
The Walt Disney Co.		30,472		3,341,255
				12,601,534
Telecommunications — 2.4%
AT&T, Inc.		144,626		4,127,626
CenturyLink, Inc.		92,528		1,401,799
Cisco Systems, Inc.		145,642		6,310,668
Juniper Networks, Inc.		59,189		1,592,776
Motorola Solutions, Inc.		3,137		360,881
Verizon Communications, Inc.		25,055		1,408,592
				15,202,342
				60,838,321
Consumer, Cyclical — 6.2%
Airlines — 0.7%
Alaska Air Group, Inc.		300		18,255
American Airlines Group, Inc.		28,200		905,502
Delta Air Lines, Inc.		23,200		1,157,680
Southwest Airlines Co.		10,383		482,602
United Continental Holdings, Inc. (a)		22,100		1,850,433
				4,414,472
Apparel — 0.4%
Hanesbrands, Inc.		65,600		821,968
Michael Kors Holdings Ltd. (a)		18,900		716,688
NIKE, Inc. Class B		2,784		206,406
PVH Corp.		1,620		150,579
Ralph Lauren Corp.		2,960		306,241
VF Corp.		2,200		156,948
				2,358,830
Auto Manufacturers — 0.4%
Ford Motor Co.		128,513		983,125
General Motors Co.		29,000		970,050
PACCAR, Inc.		14,022		801,217
				2,754,392
Auto Parts & Equipment — 0.4%
Aptiv PLC		9,300		572,601
BorgWarner, Inc.		16,000		555,840
The Goodyear Tire & Rubber Co.		62,351		1,272,584
				2,401,025
Distribution & Wholesale — 0.1%
Fastenal Co.		82		4,288

The accompanying notes are an integral part of the financial statements.

17

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
W.W. Grainger, Inc.		1,072	$	302,690
				306,978
Home Builders — 0.1%
D.R. Horton, Inc.		4,747		164,531
PulteGroup, Inc.		22,973		597,068
				761,599
Home Furnishing — 0.1%
Leggett & Platt, Inc.		86		3,082
Whirlpool Corp.		6,543		699,251
				702,333
Leisure Time — 0.2%
Harley-Davidson, Inc.		10,002		341,268
Norwegian Cruise Line Holdings Ltd. (a)		25,800		1,093,662
				1,434,930
Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		12,700		911,860
Marriott International, Inc. Class A		921		99,984
MGM Resorts International		40,600		984,956
Wynn Resorts Ltd.		8		791
				1,997,591
Retail — 3.5%
Advance Auto Parts, Inc.		5,710		899,097
AutoZone, Inc. (a)		2,294		1,923,152
Best Buy Co., Inc.		22,992		1,217,656
Costco Wholesale Corp.		7,370		1,501,343
Darden Restaurants, Inc.		2,654		265,028
Dollar Tree, Inc. (a)		48		4,335
Foot Locker, Inc.		31,400		1,670,480
The Gap, Inc.		10,990		283,102
Genuine Parts Co.		34		3,265
The Home Depot, Inc.		7,617		1,308,753
Kohl’s Corp.		26,030		1,726,830
L Brands, Inc.		2,200		56,474
Lowe’s Cos., Inc.		95		8,774
Macy’s, Inc.		54,951		1,636,441
McDonald’s Corp.		2,040		362,243
Nordstrom, Inc.		26,008		1,212,233
O’Reilly Automotive, Inc. (a)		3,663		1,261,281
Ross Stores, Inc.		2,644		219,981
Starbucks Corp.		29,654		1,909,717
Tapestry, Inc.		6,220		209,925
Target Corp.		17,286		1,142,432
Tiffany & Co.		802		64,569
The TJX Cos., Inc.		6,212		277,925
Walgreens Boots Alliance, Inc.		16,557		1,131,340
Walmart, Inc.		25,562		2,381,100
Yum! Brands, Inc.		35		3,217
				22,680,693

	Number of Shares		Value
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		461	$	37,456
Mattel, Inc. (a) (b)		90		899
				38,355
				39,851,198
Consumer, Non-cyclical — 12.7%
Agriculture — 0.3%
Altria Group, Inc.		28,659		1,415,468
Archer-Daniels-Midland Co.		92		3,769
Philip Morris International, Inc.		4,686		312,838
				1,732,075
Beverages — 0.7%
Brown-Forman Corp. Class B		15		714
The Coca-Cola Co.		12,630		598,031
Constellation Brands, Inc. Class A		542		87,164
Molson Coors Brewing Co. Class B		21,100		1,184,976
PepsiCo, Inc.		24,860		2,746,533
				4,617,418
Biotechnology — 1.7%
Amgen, Inc.		23,331		4,541,846
Biogen, Inc. (a)		7,472		2,248,474
Celgene Corp. (a)		16,176		1,036,720
Gilead Sciences, Inc.		46,510		2,909,200
				10,736,240
Commercial Services — 1.6%
Automatic Data Processing, Inc.		10,699		1,402,853
Cintas Corp.		8		1,344
Ecolab, Inc.		2		295
Equifax, Inc.		132		12,293
H&R Block, Inc.		69,363		1,759,740
Moody’s Corp.		3,330		466,333
PayPal Holdings, Inc. (a)		26,977		2,268,496
Quanta Services, Inc.		28,813		867,271
Robert Half International, Inc.		17,426		996,767
S&P Global, Inc.		1,018		172,999
Total System Services, Inc.		8,207		667,147
United Rentals, Inc. (a)		1,990		204,035
The Western Union Co.		71,888		1,226,409
				10,045,982
Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co.		5,906		351,525
The Estee Lauder Cos., Inc. Class A		7,910		1,029,091
The Procter & Gamble Co.		70,029		6,437,066
				7,817,682
Foods — 0.5%
Campbell Soup Co. (b)		1,624		53,576
Conagra Brands, Inc.		7,774		166,053
General Mills, Inc.		1,962		76,400
The Hershey Co.		1,647		176,526

The accompanying notes are an integral part of the financial statements.

18

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Hormel Foods Corp.		3,232	$	137,942
The J.M. Smucker Co.		845		78,999
Kellogg Co.		8,428		480,480
The Kraft Heinz Co.		4,958		213,392
The Kroger Co.		34,958		961,345
McCormick & Co., Inc.		161		22,418
Mondelez International, Inc. Class A		75		3,002
Sysco Corp.		5,334		334,228
Tyson Foods, Inc. Class A		14,601		779,693
				3,484,054
Health Care – Products — 1.0%
Abbott Laboratories		19,601		1,417,740
Baxter International, Inc.		61		4,015
Becton, Dickinson & Co.		242		54,527
Boston Scientific Corp. (a)		300		10,602
The Cooper Cos., Inc.		1,240		315,580
Danaher Corp.		2,996		308,948
DENTSPLY SIRONA, Inc.		56		2,084
Hologic, Inc. (a)		1,400		57,540
Intuitive Surgical, Inc. (a)		288		137,929
Medtronic PLC		28,000		2,546,880
Stryker Corp.		4,550		713,212
Thermo Fisher Scientific, Inc.		3,971		888,670
Varian Medical Systems, Inc. (a)		7		793
Zimmer Biomet Holdings, Inc.		2,455		254,633
				6,713,153
Health Care – Services — 0.7%
Anthem, Inc.		5,796		1,522,203
Centene Corp. (a)		3,010		347,053
DaVita, Inc. (a)		3,030		155,924
HCA Healthcare, Inc.		2,600		323,570
Humana, Inc.		314		89,955
IQVIA Holdings, Inc. (a)		7,040		817,837
Laboratory Corp. of America Holdings (a)		2		253
Quest Diagnostics, Inc.		3,309		275,540
UnitedHealth Group, Inc.		2,954		735,900
Universal Health Services, Inc. Class B		50		5,828
				4,274,063
Household Products & Wares — 0.2%
Avery Dennison Corp.		1,915		172,025
The Clorox Co.		723		111,443
Kimberly-Clark Corp.		7,345		836,889
				1,120,357
Pharmaceuticals — 4.8%
AbbVie, Inc.		40,422		3,726,504
Allergan PLC		5,580		745,823
AmerisourceBergen Corp.		1,507		112,121
Bristol-Myers Squibb Co.		34,767		1,807,189
Cardinal Health, Inc.		15,778		703,699

	Number of Shares		Value
Cigna Corp. (a)		15,083	$	2,864,651
CVS Health Corp.		22,001		1,441,505
Eli Lilly & Co.		16,614		1,922,572
Johnson & Johnson		45,422		5,861,709
McKesson Corp.		15,085		1,666,440
Merck & Co., Inc.		51,583		3,941,457
Mylan NV (a)		12,047		330,088
Perrigo Co. PLC		2,200		85,250
Pfizer, Inc.		135,541		5,916,365
Zoetis, Inc.		2,100		179,634
				31,305,007
				81,846,031
Energy — 2.9%
Oil & Gas — 2.8%
Anadarko Petroleum Corp.		7,948		348,440
Apache Corp.		21		551
Cabot Oil & Gas Corp.		48		1,073
Chevron Corp.		39,758		4,325,273
Cimarex Energy Co.		11,900		733,635
ConocoPhillips		16,839		1,049,912
Devon Energy Corp.		40,847		920,691
EOG Resources, Inc.		978		85,291
EQT Corp.		97		1,832
Exxon Mobil Corp.		35,497		2,420,541
Helmerich & Payne, Inc.		60		2,876
Hess Corp.		16,932		685,746
HollyFrontier Corp.		27,300		1,395,576
Marathon Oil Corp.		106,627		1,529,031
Marathon Petroleum Corp.		27,900		1,646,379
Newfield Exploration Co. (a)		36,100		529,226
Noble Energy, Inc.		56		1,051
Occidental Petroleum Corp.		5,415		332,373
Phillips 66		12,369		1,065,589
Pioneer Natural Resources Co.		5,431		714,285
Valero Energy Corp.		10,440		782,687
				18,572,058
Oil & Gas Services — 0.1%
Baker Hughes a GE Co.		31		667
Halliburton Co.		167		4,439
National Oilwell Varco, Inc.		1,094		28,116
Schlumberger Ltd.		4,531		163,478
TechnipFMC PLC		8,340		163,297
				359,997
Pipelines — 0.0%
Kinder Morgan, Inc.		38		585
The Williams Cos., Inc.		48		1,058
				1,643
				18,933,698

The accompanying notes are an integral part of the financial statements.

19

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Financial — 11.0%
Banks — 4.8%
Bank of America Corp.		279,698	$	6,891,759
The Bank of New York Mellon Corp.		16,807		791,106
BB&T Corp.		3,166		137,151
Citigroup, Inc.		81,551		4,245,545
Citizens Financial Group, Inc.		44,600		1,325,958
Comerica, Inc.		3,021		207,513
Fifth Third Bancorp		11,821		278,148
The Goldman Sachs Group, Inc.		12,980		2,168,309
Huntington Bancshares, Inc.		6,800		81,056
JP Morgan Chase & Co.		68,562		6,693,023
KeyCorp		32,764		484,252
M&T Bank Corp.		6,045		865,221
Morgan Stanley		44,697		1,772,236
Northern Trust Corp.		3,459		289,138
The PNC Financial Services Group, Inc.		1,508		176,300
Regions Financial Corp.		79,715		1,066,587
State Street Corp.		6,576		414,748
SunTrust Banks, Inc.		8,400		423,696
SVB Financial Group (a)		3,870		734,990
US Bancorp		7,602		347,411
Wells Fargo & Co.		17,416		802,529
Zions Bancorp NA		21,141		861,284
				31,057,960
Diversified Financial Services — 2.3%
Alliance Data Systems Corp.		8,190		1,229,155
American Express Co.		2,519		240,111
Ameriprise Financial, Inc.		11,356		1,185,226
Capital One Financial Corp.		9,452		714,477
The Charles Schwab Corp.		21,112		876,781
Discover Financial Services		1,783		105,161
E*TRADE Financial Corp.		31,561		1,384,897
Franklin Resources, Inc.		35,887		1,064,408
Intercontinental Exchange, Inc.		10,115		761,963
Invesco Ltd.		2,112		35,355
Jefferies Financial Group, Inc.		37		642
Mastercard, Inc. Class A		5,610		1,058,327
Nasdaq, Inc.		45		3,671
Raymond James Financial, Inc.		4,900		364,609
Synchrony Financial		65,400		1,534,284
T. Rowe Price Group, Inc.		4,706		434,458
Visa, Inc. Class A		32,632		4,305,466
				15,298,991
Insurance — 2.7%
Aflac, Inc.		14,844		676,293
The Allstate Corp.		4,235		349,938
American International Group, Inc.		46		1,813
Aon PLC		3,445		500,765
Assurant, Inc.		5,216		466,519

	Number of Shares		Value
Berkshire Hathaway, Inc. Class B (a)		35,876	$	7,325,162
Brighthouse Financial, Inc. (a)		26		793
Chubb Ltd.		168		21,702
Cincinnati Financial Corp.		4,419		342,119
Everest Re Group Ltd.		3,000		653,280
The Hartford Financial Services Group, Inc.		5,952		264,566
Lincoln National Corp.		24,251		1,244,319
Loews Corp.		4,483		204,066
Marsh & McLennan Cos., Inc.		5,813		463,587
MetLife, Inc.		32,190		1,321,721
Principal Financial Group, Inc.		8,129		359,058
The Progressive Corp.		18,114		1,092,818
Prudential Financial, Inc.		9,337		761,432
Torchmark Corp.		3,282		244,607
The Travelers Cos., Inc.		2,287		273,868
Unum Group		43,731		1,284,817
				17,853,243
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		8,087		323,803
Real Estate Investment Trusts (REITS) — 1.0%
American Tower Corp.		119		18,825
Apartment Investment & Management Co. Class A		85		3,730
AvalonBay Communities, Inc.		2,081		362,198
Boston Properties, Inc.		3		338
Crown Castle International Corp.		8,230		894,025
Digital Realty Trust, Inc.		280		29,834
Duke Realty Corp.		9,000		233,100
Equinix, Inc.		120		42,307
Equity Residential		56		3,697
Essex Property Trust, Inc.		1,500		367,815
Extra Space Storage, Inc.		7,000		633,360
HCP, Inc.		35		977
Host Hotels & Resorts, Inc.		27,837		464,043
Iron Mountain, Inc.		48		1,556
Kimco Realty Corp.		2,767		40,536
Mid-America Apartment Communities, Inc.		60		5,742
Prologis, Inc.		738		43,335
Public Storage		203		41,089
Simon Property Group, Inc.		8,305		1,395,157
SL Green Realty Corp.		18,490		1,462,189
Ventas, Inc.		1,025		60,055
Vornado Realty Trust		1,373		85,167
Welltower, Inc.		2,100		145,761
Weyerhaeuser Co.		26		568
				6,335,404
Savings & Loans — 0.1%
People’s United Financial, Inc.		25,351		365,815
				71,235,216

The accompanying notes are an integral part of the financial statements.

20

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 4.5%
Aerospace & Defense — 0.9%
Arconic, Inc.		8	$	135
The Boeing Co.		9,802		3,161,145
General Dynamics Corp.		602		94,640
Harris Corp.		770		103,681
L3 Technologies, Inc.		970		168,450
Lockheed Martin Corp.		1,530		400,615
Northrop Grumman Corp.		348		85,225
Raytheon Co.		159		24,383
United Technologies Corp.		14,543		1,548,539
				5,586,813
Building Materials — 0.1%
Johnson Controls International PLC		19,765		586,032
Masco Corp.		25		731
Vulcan Materials Co.		5		494
				587,257
Electrical Components & Equipment — 0.1%
AMETEK, Inc.		7,700		521,290
Emerson Electric Co.		4,869		290,923
				812,213
Electronics — 0.4%
Agilent Technologies, Inc.		4,763		321,312
Allegion PLC		1,633		130,167
Amphenol Corp. Class A		4,264		345,469
Corning, Inc.		21,667		654,560
FLIR Systems, Inc.		2,852		124,176
Fortive Corp.		5,878		397,706
Garmin Ltd.		2,100		132,972
Honeywell International, Inc.		652		86,142
PerkinElmer, Inc.		20		1,571
Waters Corp. (a)		1,540		290,521
				2,484,596
Engineering & Construction — 0.2%
Fluor Corp.		1,809		58,250
Jacobs Engineering Group, Inc.		17,420		1,018,373
				1,076,623
Environmental Controls — 0.3%
Pentair PLC		38,323		1,447,843
Republic Services, Inc.		337		24,295
Stericycle, Inc. (a)		97		3,559
Waste Management, Inc.		1,973		175,577
				1,651,274
Hand & Machine Tools — 0.0%
Snap-on, Inc.		1,171		170,134
Stanley Black & Decker, Inc.		9		1,078
				171,212
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		11,225		1,426,361

	Number of Shares		Value
Machinery – Diversified — 0.4%
Cummins, Inc.		7,915	$	1,057,760
Dover Corp.		5,173		367,024
Flowserve Corp.		24,270		922,745
Rockwell Automation, Inc.		493		74,187
Roper Technologies, Inc.		663		176,703
Xylem, Inc.		3,355		223,846
				2,822,265
Miscellaneous – Manufacturing — 0.6%
3M Co.		2		381
Eaton Corp. PLC		13,566		931,442
General Electric Co.		86		651
Illinois Tool Works, Inc.		285		36,107
Ingersoll-Rand PLC		9,600		875,808
Parker-Hannifin Corp.		8,608		1,283,797
Textron, Inc.		20,572		946,106
				4,074,292
Packaging & Containers — 0.2%
Ball Corp.		4		184
Packaging Corp. of America		750		62,595
Sealed Air Corp.		53		1,846
WestRock Co.		36,267		1,369,442
				1,434,067
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		6,930		1,318,848
Transportation — 0.9%
C.H. Robinson Worldwide, Inc.		6,620		556,676
CSX Corp.		19,307		1,199,544
Expeditors International of Washington, Inc.		126		8,579
Norfolk Southern Corp.		7,813		1,168,356
Union Pacific Corp.		16,712		2,310,100
United Parcel Service, Inc. Class B		4,880		475,946
				5,719,201
				29,165,022
Technology — 10.4%
Computers — 4.6%
Accenture PLC Class A		12,730		1,795,057
Apple, Inc.		108,627		17,134,823
Cognizant Technology Solutions Corp. Class A		10,256		651,051
DXC Technology Co.		16,979		902,773
Fortinet, Inc. (a)		22,600		1,591,718
Hewlett Packard Enterprise Co.		111,874		1,477,855
HP, Inc.		71,974		1,472,588
International Business Machines Corp.		15,040		1,709,597
NetApp, Inc.		22,098		1,318,588
Seagate Technology PLC		32,100		1,238,739
Western Digital Corp.		7,147		264,225
				29,557,014

The accompanying notes are an integral part of the financial statements.

21

MML Blend Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Office & Business Equipment — 0.0%
Xerox Corp.		836	$	16,519
Semiconductors — 1.9%
Analog Devices, Inc.		1,072		92,010
Applied Materials, Inc.		1,939		63,483
Broadcom, Inc.		7,049		1,792,420
Intel Corp.		110,923		5,205,616
KLA-Tencor Corp.		2,179		194,999
Lam Research Corp.		1,193		162,451
Microchip Technology, Inc.		21		1,510
Micron Technology, Inc. (a)		29,817		946,093
NVIDIA Corp.		6		801
QUALCOMM, Inc.		45,900		2,612,169
Skyworks Solutions, Inc.		6,010		402,790
Texas Instruments, Inc.		5,974		564,543
Xilinx, Inc.		3,756		319,899
				12,358,784
Software — 3.9%
Activision Blizzard, Inc.		200		9,314
Adobe, Inc. (a)		9,350		2,115,344
Akamai Technologies, Inc. (a)		20,026		1,223,188
Autodesk, Inc. (a)		37		4,759
Broadridge Financial Solutions, Inc.		720		69,300
Cadence Design Systems, Inc. (a)		3,600		156,528
Citrix Systems, Inc.		17,837		1,827,579
Electronic Arts, Inc. (a)		867		68,415
Fidelity National Information Services, Inc.		5,500		564,025
Fiserv, Inc. (a)		3,352		246,338
Intuit, Inc.		2,470		486,219
Microsoft Corp.		145,735		14,802,304
Oracle Corp.		71,057		3,208,224
Paychex, Inc.		64		4,170
Red Hat, Inc. (a)		1		176
salesforce.com, Inc. (a)		664		90,948
Synopsys, Inc. (a)		600		50,544
				24,927,375
				66,859,692
Utilities — 1.7%
Electric — 1.7%
AES Corp.		55,887		808,126
Ameren Corp.		660		43,052
American Electric Power Co., Inc.		885		66,145
CenterPoint Energy, Inc.		23,731		669,926
CMS Energy Corp.		7,903		392,384
Consolidated Edison, Inc.		2,182		166,836
Dominion Energy, Inc.		1,716		122,625
DTE Energy Co.		3,020		333,106
Duke Energy Corp.		15,190		1,310,897
Edison International		426		24,184
Entergy Corp.		20,898		1,798,691

	Number of Shares		Value
Eversource Energy		812	$	52,812
Exelon Corp.		22,140		998,514
FirstEnergy Corp.		580		21,779
NextEra Energy, Inc.		3,040		528,413
NRG Energy, Inc.		43,900		1,738,440
Pinnacle West Capital Corp.		1,396		118,939
PPL Corp.		11,618		329,138
Public Service Enterprise Group, Inc.		1,424		74,119
SCANA Corp.		47		2,246
Sempra Energy		2,231		241,372
The Southern Co.		3,622		159,078
WEC Energy Group, Inc.		4,542		314,579
Xcel Energy, Inc.		5,472		269,605
				10,585,006
Gas — 0.0%
NiSource, Inc.		713		18,075
				10,603,081
TOTAL COMMON STOCK (Cost $311,808,541)				388,531,701
PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., 3 mo. USD LIBOR + 3.165% 5.100% VRN		20,000		476,800
TOTAL PREFERRED STOCK (Cost $500,000)				476,800
TOTAL EQUITIES (Cost $312,308,541)				389,008,501
	Principal Amount
BONDS & NOTES — 38.6%
CORPORATE DEBT — 14.3%
Advertising — 0.0%
WPP Finance 2010 5.625% 11/15/43	$	18,000		17,645
Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		80,000		91,658
Agriculture — 0.2%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		442,000		387,268
4.350% 3/15/24		350,000		343,390
Reynolds American, Inc. 5.850% 8/15/45		320,000		297,289
				1,027,947

The accompanying notes are an integral part of the financial statements.

22

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Airlines — 0.3%
American Airlines Group, Inc. 5.500% 10/01/19 (c)	$	1,379,000	$	1,382,447
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		29,616		29,302
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 10/01/29		282,540		277,397
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		95,000		95,040
WestJet Airlines Ltd. 3.500% 6/16/21 (c)		117,000		115,982
				1,900,168
Auto Manufacturers — 0.5%
Ford Motor Co. 5.291% 12/08/46		80,000		65,679
Ford Motor Credit Co. LLC 3.810% 1/09/24		450,000		415,288
4.140% 2/15/23		465,000		441,987
4.375% 8/06/23		475,000		449,939
General Motors Co. 4.200% 10/01/27		215,000		193,788
5.150% 4/01/38		130,000		111,067
General Motors Financial Co., Inc. 3.500% 11/07/24		740,000		676,619
4.150% 6/19/23		582,000		567,072
Volkswagen Group of America Finance LLC 4.625% 11/13/25 (c)		375,000		370,706
				3,292,145
Banks — 2.1%
Associated Banc-Corp. 4.250% 1/15/25		494,000		496,729
Banco Santander SA 3.125% 2/23/23		400,000		378,178
4.250% 4/11/27		200,000		186,860
Bank of America Corp. 4.183% 11/25/27		555,000		533,447
4.200% 8/26/24		225,000		223,155
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		200,000		190,259
4.750% 4/21/45		125,000		123,297
6.110% 1/29/37		220,000		241,788
7.750% 5/14/38		95,000		122,862
Bank of Montreal 3.803% VRN 12/15/32 (d)		395,000		365,770
The Bank of Nova Scotia 4.500% 12/16/25		200,000		199,144
4.650% VRN 12/31/99 (d) (e)		415,000		359,753

	Principal Amount		Value
Barclays Bank PLC 10.179% 6/12/21 (c)	$	190,000	$	213,588
Barclays PLC 4.009% FRN 5/16/24 (d)		345,000		328,516
4.337% 1/10/28		260,000		240,588
BPCE SA 3.500% 10/23/27 (c)		420,000		381,602
CIT Group, Inc. 4.750% 2/16/24		480,000		462,000
Citigroup, Inc. 3.875% 3/26/25		562,000		543,560
8.125% 7/15/39		90,000		124,862
Credit Suisse AG 6.500% 8/08/23 (c)		350,000		364,875
Credit Suisse Group AG 4.282% 1/09/28 (c)		500,000		482,353
Deutsche Bank AG 3.150% 1/22/21		310,000		299,578
Discover Bank 4.682% VRN 8/09/28 (d)		495,000		484,407
First Republic Bank 4.375% 8/01/46		935,000		864,588
Fulton Financial Corp. 3.600% 3/16/22		230,000		228,453
The Goldman Sachs Group, Inc. 3.814% VRN 4/23/29 (d)		260,000		242,743
5.950% 1/15/27		212,000		223,236
6.250% 2/01/41		60,000		68,433
6.750% 10/01/37		200,000		225,857
HSBC Holdings PLC 4.250% 3/14/24		200,000		198,482
4.583% VRN 6/19/29 (d)		455,000		451,013
ING Groep NV 4.100% 10/02/23		410,000		409,751
JP Morgan Chase & Co. 3.625% 12/01/27		205,000		190,766
5.600% 7/15/41		195,000		219,691
Morgan Stanley 4.350% 9/08/26		775,000		753,148
5.000% 11/24/25		275,000		280,409
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23		350,000		336,566
SVB Financial Group 3.500% 1/29/25		400,000		383,209
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (c)		445,000		438,948
Valley National Bancorp 5.125% 9/27/23		245,000		254,598
Wells Fargo & Co. 5.375% 11/02/43		159,000		165,928
5.606% 1/15/44		110,000		119,296
				13,402,286

The accompanying notes are an integral part of the financial statements.

23

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46 (c)	$	825,000	$	765,093
Molson Coors Brewing Co. 4.200% 7/15/46		285,000		236,779
5.000% 5/01/42		60,000		56,476
				1,058,348
Biotechnology — 0.1%
Amgen, Inc. 5.150% 11/15/41		90,000		92,714
Celgene Corp. 3.450% 11/15/27		790,000		718,895
4.350% 11/15/47		200,000		168,421
				980,030
Building Materials — 0.2%
CRH America Finance, Inc. 3.950% 4/04/28 (c)		520,000		495,486
Standard Industries, Inc. 5.000% 2/15/27 (c)		771,000		674,625
5.375% 11/15/24 (c)		246,000		230,933
5.500% 2/15/23 (c)		178,000		174,440
				1,575,484
Chemicals — 0.5%
DowDuPont, Inc. 5.319% 11/15/38		365,000		375,834
Huntsman International LLC 5.125% 11/15/22		197,000		198,477
Incitec Pivot Finance LLC 6.000% 12/10/19 (c)		185,000		189,085
LYB International Finance BV 5.250% 7/15/43		175,000		166,835
The Mosaic Co. 4.050% 11/15/27		167,000		158,388
RPM International, Inc. 3.750% 3/15/27		65,000		61,718
SABIC Capital II BV 4.000% 10/10/23 (c)		255,000		253,725
4.500% 10/10/28 (c)		249,000		247,606
The Sherwin-Williams Co. 4.500% 6/01/47		105,000		94,685
Syngenta Finance NV 3.698% 4/24/20 (c)		760,000		754,493
4.441% 4/24/23 (c)		400,000		385,491
Yara International ASA 4.750% 6/01/28 (c)		570,000		568,127
				3,454,464
Commercial Services — 0.2%
The ADT Security Corp. 6.250% 10/15/21		1,122,000		1,137,428

	Principal Amount		Value
ERAC USA Finance LLC 6.700% 6/01/34 (c)	$	78,000	$	92,648
				1,230,076
Computers — 0.1%
Dell International LLC/EMC Corp. 6.020% 6/15/26 (c)		76,000		76,344
Leidos Holdings, Inc. 4.450% 12/01/20		835,000		828,737
				905,081
Diversified Financial Services — 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.300% 1/23/23		395,000		375,531
3.875% 1/23/28		980,000		855,250
4.500% 5/15/21		290,000		290,837
Affiliated Managers Group, Inc. 3.500% 8/01/25		590,000		573,332
Aircastle Ltd. 4.400% 9/25/23		190,000		186,869
5.000% 4/01/23		525,000		527,063
Ally Financial, Inc. 4.125% 2/13/22		375,000		364,219
Antares Holdings LP 6.000% 8/15/23 (c)		495,000		489,329
Ares Finance Co. LLC 4.000% 10/08/24 (c)		355,000		339,206
Discover Financial Services 4.100% 2/09/27		485,000		452,781
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		200,000		167,513
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		360,000		357,262
High Street Funding Trust I 4.111% 2/15/28 (c)		500,000		491,020
International Lease Finance Corp. 5.875% 8/15/22		135,000		141,407
Lazard Group LLC 3.625% 3/01/27		184,000		173,048
4.500% 9/19/28		285,000		285,054
Legg Mason, Inc. 5.625% 1/15/44		175,000		172,702
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (c)		170,000		169,849
				6,412,272
Electric — 0.7%
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (c)		155,000		147,660
CMS Energy Corp. 4.700% 3/31/43		115,000		116,516
4.875% 3/01/44		390,000		407,098

The accompanying notes are an integral part of the financial statements.

24

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Duke Energy Corp. 3.750% 9/01/46	$	195,000	$	168,588
EDP Finance BV 3.625% 7/15/24 (c)		420,000		392,734
Entergy Louisiana LLC 4.950% 1/15/45		165,000		168,636
IPALCO Enterprises, Inc. 3.450% 7/15/20		615,000		614,217
3.700% 9/01/24		170,000		165,495
Israel Electric Corp. Ltd. 4.250% 8/14/28 (c)		425,000		403,716
7.250% 1/15/19 (c)		200,000		200,084
Nevada Power Co., Series N, 6.650% 4/01/36		135,000		175,122
Oncor Electric Delivery Co. 7.500% 9/01/38		40,000		55,927
Pacific Gas & Electric Co. 5.800% 3/01/37		120,000		111,211
Pennsylvania Electric Co. 4.150% 4/15/25 (c)		295,000		298,599
Puget Energy, Inc. 3.650% 5/15/25		350,000		342,146
Southwestern Electric Power Co. 6.200% 3/15/40		180,000		213,024
Xcel Energy, Inc. 6.500% 7/01/36		590,000		742,234
				4,723,007
Electronics — 0.1%
Arrow Electronics, Inc. 3.250% 9/08/24		555,000		516,766
3.875% 1/12/28		145,000		132,083
4.500% 3/01/23		80,000		81,020
Ingram Micro, Inc. 5.450% STEP 12/15/24		203,000		197,437
				927,306
Forest Products & Paper — 0.0%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		250,000		235,750
Gas — 0.1%
NiSource, Inc. 4.800% 2/15/44		285,000		275,926
5.800% 2/01/42		175,000		193,895
Spire, Inc. 4.700% 8/15/44		290,000		293,665
				763,486
Health Care – Products — 0.1%
Becton Dickinson & Co. 3.700% 6/06/27		295,000		279,022
Becton Dickinson and Co. 4.685% 12/15/44		225,000		210,592

	Principal Amount		Value
Zimmer Biomet Holdings, Inc. 4.450% 8/15/45	$	265,000	$	240,560
				730,174
Health Care – Services — 0.1%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		165,000		169,877
Humana, Inc. 3.950% 3/15/27		82,000		80,113
4.800% 3/15/47		125,000		125,098
				375,088
Home Builders — 0.2%
Lennar Corp. 4.500% 11/15/19		766,000		760,255
4.750% 5/30/25		200,000		187,500
PulteGroup, Inc. 5.000% 1/15/27		300,000		271,500
				1,219,255
Housewares — 0.0%
Newell Brands, Inc. 3.850% 4/01/23		225,000		221,703
Insurance — 1.3%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		990,000		965,250
American International Group, Inc. 4.200% 4/01/28		360,000		346,811
4.500% 7/16/44		200,000		178,486
4.750% 4/01/48		75,000		68,634
5.750% VRN 4/01/48 (d)		425,000		369,750
AmTrust Financial Services, Inc. 6.125% 8/15/23		495,000		447,304
Arch Capital Group US, Inc. 5.144% 11/01/43		170,000		178,061
The Athene Holding Ltd. 4.125% 1/12/28		1,405,000		1,276,246
AXIS Specialty Finance PLC 4.000% 12/06/27		665,000		636,409
CNA Financial Corp. 3.450% 8/15/27		185,000		172,124
CNO Financial Group, Inc. 4.500% 5/30/20		133,000		131,338
5.250% 5/30/25		465,000		442,913
Enstar Group Ltd. 4.500% 3/10/22		370,000		372,470
The Progressive Corp. 5.375% VRN 12/31/99 (d) (e)		200,000		187,410
Prudential Financial, Inc. 5.700% VRN 9/15/48 (d)		480,000		446,400
Trinity Acquisition PLC 4.400% 3/15/26		195,000		193,775

The accompanying notes are an integral part of the financial statements.

25

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
USF&G Capital I 8.500% 12/15/45 (c)	$	150,000	$	205,702
Voya Financial, Inc. 4.700% VRN 1/23/48 (d)		180,000		141,750
Willis North America, Inc. 4.500% 9/15/28		480,000		476,237
7.000% 9/29/19		97,000		99,226
XLIT Ltd. 4.450% 3/31/25		758,000		753,279
5.500% 3/31/45		100,000		103,404
				8,192,979
Internet — 0.1%
Amazon.com, Inc. 4.050% 8/22/47		425,000		415,267
Tencent Holdings Ltd. 3.595% 1/19/28 (c)		225,000		211,402
				626,669
Investment Companies — 0.3%
Ares Capital Corp. 3.500% 2/10/23		710,000		674,841
3.875% 1/15/20		525,000		526,102
BlackRock TCP Capital Corp. 4.125% 8/11/22		470,000		452,897
FS KKR Capital Corp. 4.000% 7/15/19		505,000		504,429
				2,158,269
Iron & Steel — 0.3%
ArcelorMittal 5.125% 6/01/20		320,000		325,311
5.250% STEP 8/05/20		718,000		728,563
Vale Overseas Ltd. 5.875% 6/10/21		475,000		498,156
6.875% 11/21/36		230,000		263,005
				1,815,035
Lodging — 0.1%
MGM Resorts International 6.625% 12/15/21		416,000		426,400
Machinery – Diversified — 0.1%
CNH Industrial Capital LLC 3.875% 10/15/21		700,000		695,310
Media — 0.3%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (c)		200,000		186,280
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20		470,000		469,493
6.484% 10/23/45		225,000		231,286
Comcast Corp. 3.400% 7/15/46		220,000		182,287

	Principal Amount		Value
Discovery Communications LLC 3.950% 3/20/28	$	400,000	$	370,895
5.000% 9/20/37		160,000		148,412
Time Warner Cable, Inc. 6.750% 6/15/39		110,000		111,774
8.250% 4/01/19		45,000		45,505
8.750% 2/14/19		65,000		65,363
Warner Media LLC 6.250% 3/29/41		25,000		26,989
				1,838,284
Mining — 0.3%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (c)		149,000		134,118
Glencore Funding LLC 3.875% 10/27/27 (c)		160,000		143,037
4.625% 4/29/24 (c)		600,000		594,744
Kinross Gold Corp. 4.500% 7/15/27		166,000		143,382
5.125% 9/01/21		900,000		897,750
				1,913,031
Miscellaneous – Manufacturing — 0.1%
General Electric Co. 2.700% 10/09/22		245,000		227,342
4.125% 10/09/42		520,000		406,298
				633,640
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc. 3.875% STEP 9/15/20		135,000		131,963
3.875% STEP 10/01/21		485,000		454,081
				586,044
Oil & Gas — 1.0%
Anadarko Petroleum Corp. 6.450% 9/15/36		250,000		269,999
6.600% 3/15/46		257,000		283,774
Antero Resources Corp. 5.375% 11/01/21		1,264,000		1,219,760
Cenovus Energy, Inc. 3.000% 8/15/22		200,000		189,862
4.250% 4/15/27		550,000		500,952
6.750% 11/15/39		100,000		97,591
Continental Resources, Inc. 4.375% 1/15/28		260,000		244,598
Diamondback Energy, Inc. 4.750% 11/01/24 (c)		428,000		413,020
Encana Corp. 6.500% 2/01/38		80,000		86,735
EQT Corp. 3.900% 10/01/27		840,000		724,149
Helmerich & Payne, Inc. 4.650% 3/15/25 (c)		190,000		193,734

The accompanying notes are an integral part of the financial statements.

26

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Marathon Petroleum Corp. 4.500% 4/01/48 (c)	$	85,000	$	71,347
4.750% 9/15/44		100,000		88,186
6.500% 3/01/41		170,000		183,386
Nabors Industries, Inc. 5.500% 1/15/23 (b)		215,000		170,650
Newfield Exploration Co. 5.750% 1/30/22		417,000		421,170
Patterson-UTI Energy, Inc. 3.950% 2/01/28		160,000		146,719
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		175,000		167,125
Petroleos Mexicanos 3.500% 1/30/23		100,000		90,500
4.625% 9/21/23		100,000		93,850
5.350% 2/12/28		190,000		165,775
5.500% 1/21/21		635,000		632,441
6.375% 1/23/45		80,000		64,400
6.500% 3/13/27		60,000		56,400
6.625% 6/15/38		37,000		31,635
				6,607,758
Oil & Gas Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337% 12/15/27		75,000		69,007
National Oilwell Varco, Inc. 3.950% 12/01/42		366,000		292,094
				361,101
Packaging & Containers — 0.1%
Amcor Finance USA, Inc. 3.625% 4/28/26 (c)		715,000		677,080
Pharmaceuticals — 0.6%
AbbVie, Inc. 4.700% 5/14/45		490,000		445,612
Bayer US Finance II LLC 4.400% 7/15/44 (c)		615,000		526,368
CVS Health Corp. 4.300% 3/25/28		173,000		169,126
5.050% 3/25/48		380,000		369,592
6.125% 9/15/39		175,000		193,839
CVS Pass-Through Trust 5.926% 1/10/34 (c)		263,486		283,778
Express Scripts Holding Co. 4.500% 2/25/26		280,000		283,789
4.800% 7/15/46		195,000		186,941
McKesson Corp. 4.883% 3/15/44		60,000		57,745
6.000% 3/01/41		125,000		138,399
Mylan, Inc. 3.125% 1/15/23 (c)		225,000		210,989
Teva Pharmaceutical Finance IV LLC 2.250% 3/18/20		200,000		194,629

	Principal Amount		Value
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19	$	51,000	$	50,208
2.200% 7/21/21		895,000		822,695
4.100% 10/01/46		75,000		49,573
				3,983,283
Pipelines — 1.0%
Andeavor Logistics LP 6.875% VRN 12/31/99 (d) (e)		300,000		267,000
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		97,000		98,940
Energy Transfer LP 5.875% 1/15/24		200,000		203,500
7.500% 10/15/20		425,000		442,000
Energy Transfer Operating LP 4.200% 4/15/27		440,000		410,050
6.125% 12/15/45		75,000		73,350
6.250% VRN 12/31/99 (d) (e)		540,000		451,913
6.500% 2/01/42		100,000		99,803
EnLink Midstream Partners LP 4.150% 6/01/25		475,000		428,230
4.850% 7/15/26		149,000		134,363
Enterprise Products Operating LLC 5.375% VRN 2/15/78 (d)		195,000		161,233
EQM Midstream Partners LP 4.750% 7/15/23		500,000		498,925
Kinder Morgan Energy Partners LP 6.375% 3/01/41		65,000		68,985
6.500% 2/01/37		120,000		129,275
6.550% 9/15/40		90,000		97,145
6.950% 1/15/38		10,000		11,154
MPLX LP 4.500% 4/15/38		195,000		170,303
4.800% 2/15/29		115,000		114,717
5.200% 3/01/47		35,000		32,217
Phillips 66 Partners LP 4.680% 2/15/45		28,000		25,215
Plains All American Pipeline LP 6.125% VRN 12/31/99 (d) (e)		585,000		491,400
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		320,000		308,224
4.700% 6/15/44		100,000		85,807
Sabine Pass Liquefaction LLC 4.200% 3/15/28		240,000		229,564
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		230,000		210,667
5.300% 4/01/44		75,000		66,226
Western Gas Partners LP 4.000% 7/01/22		781,000		774,312
4.500% 3/01/28		105,000		98,146
				6,182,664

The accompanying notes are an integral part of the financial statements.

27

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Private Equity — 0.1%
Hercules Capital, Inc. 4.625% 10/23/22	$	470,000	$	458,649
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		550,000		543,125
				1,001,774
Real Estate Investment Trusts (REITS) — 0.4%
American Tower Trust #1 3.652% 3/15/48 (c)		310,000		309,652
Healthcare Trust of America Holdings LP 3.500% 8/01/26		375,000		352,467
Host Hotels & Resorts LP 3.875% 4/01/24		245,000		241,696
Kimco Realty Corp. 3.300% 2/01/25		160,000		152,500
Mid-America Apartments LP 3.600% 6/01/27		155,000		149,578
National Retail Properties, Inc. 4.300% 10/15/28		155,000		155,764
SBA Tower Trust 2.877% 7/15/46 (c)		200,000		196,332
3.156% 10/10/45 (c)		210,000		207,906
3.168% 4/09/47 (c)		260,000		255,631
VEREIT Operating Partnership LP 4.625% 11/01/25		260,000		260,485
Weingarten Realty Investors 3.250% 8/15/26		85,000		78,665
				2,360,676
Retail — 0.3%
Dollar Tree, Inc. 4.000% 5/15/25		375,000		360,508
4.200% 5/15/28		320,000		303,103
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (c)		445,000		417,192
The Home Depot, Inc. 5.950% 4/01/41		150,000		184,066
QVC, Inc. 4.375% 3/15/23		260,000		249,479
5.125% 7/02/22		280,000		282,957
				1,797,305
Semiconductors — 0.1%
Marvell Technology Group Ltd. 4.200% 6/22/23		275,000		274,204
Microchip Technology, Inc. 3.922% 6/01/21 (c)		165,000		163,678
				437,882
Software — 0.1%
Microsoft Corp. 4.450% 11/03/45		530,000		562,139

	Principal Amount		Value
Telecommunications — 0.5%
AT&T, Inc. 3.400% 5/15/25	$	200,000	$	188,331
4.750% 5/15/46		600,000		532,736
5.250% 3/01/37		95,000		93,312
CenturyLink, Inc. 6.150% 9/15/19		140,000		141,789
Cisco Systems, Inc. 5.500% 1/15/40		55,000		64,896
Crown Castle Towers LLC 4.241% 7/15/48 (c)		250,000		248,788
Ericsson LM 4.125% 5/15/22		730,000		718,039
Hughes Satellite Systems Corp. 6.500% 6/15/19		175,000		176,531
Sprint Communications, Inc. 9.250% 4/15/22		410,000		468,425
Telefonica Emisiones SAU 4.665% 3/06/38		180,000		162,826
Verizon Communications, Inc. 6.550% 9/15/43		149,000		175,757
				2,971,430
Transportation — 0.1%
Autoridad del Canal de Panama 4.950% 7/29/35 (c)		210,000		213,677
CSX Corp. 4.750% 11/15/48		155,000		156,682
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (c)		105,000		106,332
				476,691
Trucking & Leasing — 0.2%
DAE Funding LLC 4.000% 8/01/20 (c)		173,000		168,675
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (c)		250,000		233,750
5.250% 8/15/22 (c)		1,005,000		972,337
				1,374,762
TOTAL CORPORATE DEBT (Cost $95,224,763)				92,223,579
MUNICIPAL OBLIGATIONS — 0.3%
JobsOhio Beverage System Series B 4.532% 1/01/35		325,000		346,850
Orange County Local Transportation Authority BAB 6.908% 2/15/41		230,000		304,440
Panhandle-Plains Student Finance Corp., Series 2001-A2, 3.700% FRN 12/01/31 (d)		300,000		297,864

The accompanying notes are an integral part of the financial statements.

28

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
State of California BAB 7.550% 4/01/39	$	650,000	$	931,157
7.600% 11/01/40		105,000		152,902
				2,033,213
TOTAL MUNICIPAL OBLIGATIONS (Cost $2,009,589)				2,033,213
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.8%
Automobile ABS — 0.5%
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.290% 2/25/24 (c)		1,240,000		1,219,627
Series 2018-1A, Class B, 3.600% 2/25/24 (c)		650,000		641,445
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (c)		248,343		247,597
Oscar US Funding Trust V, Series 2016-2A, Class A4 2.990% 12/15/23 (c)		690,000		686,830
Oscar US Funding Trust VI, Series 2017-1A, Class A4 3.300% 5/10/24 (c)		150,000		150,100
				2,945,599
Commercial MBS — 1.0%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.112% VRN 7/05/40 (c) (d)		710,000		703,894
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 3.805% FRN 9/15/34 (c) (d)		130,000		129,408
BANK, Series 2018-BN14, Class C, 4.598% VRN 9/15/60 (d)		210,000		206,172
BBCMS Mortgage Trust Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (c) (d)		350,000		347,447
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (c) (d)		280,000		271,633
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (c) (d)		210,000		198,808
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.955% FRN 7/15/35 (c) (d)		850,000		842,111
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.155% FRN 11/15/35 (c) (d)		419,374		413,223
Commercial Mortgage Pass-Through Certificates Series 2012-CR4, Class B, 3.703% 10/15/45 (c)		195,000		186,174

	Principal Amount		Value
Series 2014-UBS2, Class A5, 3.961% 3/10/47	$	319,000	$	327,032
Series 2015-CR23, Class C, 4.252% VRN 5/10/48 (d)		140,000		135,877
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47 (d)		290,000		291,449
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A 4.238% 1/10/34 (c)		165,000		168,881
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.471% VRN 11/10/46 (c) (d)		110,000		114,276
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.666% VRN 7/10/38 (d)		122,181		123,336
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS 4.948% 1/10/45 (c)		100,000		103,737
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class AS, 3.056% 8/15/49		490,000		459,894
Series 2007-CB18, Class AM, 5.466% VRN 6/12/47 (d)		1,001		1,001
Morgan Stanley Capital I Trust Series 2018-H3, Class B, 4.620% 7/15/51		120,000		122,978
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (c) (d)		250,000		256,742
MSCG Trust, Series 2018-SELF, Class C, 3.635% FRN 10/15/37 (c) (d)		90,000		88,396
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.481% VRN 8/15/39 (d)		10,422		10,447
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (d)		157,910		156,975
VNO Mortgage Trust, Series 2013-PENN, Class A 3.808% 12/13/29 (c)		240,000		242,238
Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A1, 3.349% 11/15/43 (c)		11,716		11,725
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d)		240,000		245,535
Series 2018-C45, Class B, 4.556% 6/15/51		60,000		61,714
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		190,000		191,512
				6,412,615

The accompanying notes are an integral part of the financial statements.

29

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Home Equity ABS — 0.0%
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% 3.226% FRN 3/25/35	$	24,049	$	24,095
Other ABS — 5.2%
321 Henderson Receivables LLC Series 2005-1A, Class A1, 1 mo. USD LIBOR + .230% 2.685% FRN 11/15/40 (c)		58,671		55,873
Series 2015-1A, Class A, 3.260% 9/15/72 (c)		47,358		46,618
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% 4.040% FRN 1/25/35		53,235		52,899
AASET Trust, Series 2017-1A, Class A 3.967% 5/16/42 (c)		1,252,822		1,250,667
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/16/38 (c)		337,654		341,088
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (c)		389,535		400,624
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 3.916% FRN 10/15/28 (c)		410,000		410,205
Alterna Funding II LLC, Series 2015-1A, Class A 2.500% 2/15/24 (c)		24,531		24,408
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (c)		310,400		321,302
Ascentium Equipment Receivables Trust, Series 2018-2A, Class D 4.150% 7/10/24 (c)		488,000		497,816
Assurant CLO III Ltd., Series 2018-2A, Class C, 4.409% FRN 10/20/31 (c) (d)		310,000		293,430
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3.987% FRN 11/27/31 (c) (d)		960,000		952,535
Atrium XV, Series 15A, Class B, 4.526% FRN 1/23/31 (c) (d)		250,000		246,466
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% 3.565% FRN 1/18/25 (c)		108,561		108,302
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 3.719% FRN 7/20/30 (c)		400,000		397,284

	Principal Amount		Value
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3.559% FRN 4/20/31 (c) (d)	$	260,000	$	256,674
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (c)		73,743		73,743
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (c)		130,755		129,066
CAL Funding II Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (c)		282,750		289,585
Capital Automotive REIT Series 2014-1A, Class A, 3.660% 10/15/44 (c)		160,000		159,671
Series 2017-1A, Class A2, 4.180% 4/15/47 (c)		137,667		138,721
Carlyle Global Market Strategies CLO Ltd. Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.834% FRN 8/14/30 (c)		750,000		741,903
Series 2018-4A, Class A2, 4.637% FRN 1/20/31 (c) (d)		720,000		712,379
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (c)		308,576		313,442
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (c)		10,178		10,121
CIFC Funding V Ltd., Series 2017-5A, Class A1, 3.629% FRN 11/16/30 (c) (d)		340,000		337,534
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3.669% FRN 10/20/30 (c) (d)		480,000		476,534
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.966% FRN 9/25/34		12,845		12,718
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3.925% FRN 10/23/31 (c) (d)		250,000		248,619
Cronos Containers Program I Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (c)		163,889		162,630
Diamond Resorts Owner Trust Series 2016-1, Class A, 3.080% 11/20/28 (c)		250,211		247,098
Series 2018-1, Class A, 3.700% 1/21/31 (c)		286,829		289,175
Domino’s Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.116% 7/25/48 (c)		308,450		304,610

The accompanying notes are an integral part of the financial statements.

30

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-1A, Class A23, 4.118% 7/25/47 (c)	$	108,625	$	109,625
Series 2015-1A, Class A2II, 4.474% 10/25/45 (c)		526,500		531,718
Drug Royalty Corp., Inc., Series 2012-1, Class A2 5.800% 7/15/24 (c)		4,872		4,865
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 4.200% FRN 10/15/30 (c) (d)		700,000		692,770
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		76,487		75,256
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725% 4.231% FRN 1/25/35		420,000		427,902
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.469% FRN 4/20/31 (c) (d)		500,000		493,715
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (c)		139,583		137,932
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (c)		337,117		331,657
Series 2017-2A, Class A, 3.260% 10/15/53 (c)		409,771		403,393
Series 2017-1A, Class A, 3.740% 10/15/52 (c)		156,933		158,584
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (c) (d)		296,990		302,139
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 3.151% FRN 4/25/35		14,048		13,949
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (c)		231,862		236,139
Hero Funding Trust Series 2016-3A, Class A1, 3.080% 9/20/42 (c)		187,746		183,724
Series 2017-3A, Class A1, 3.190% 9/20/48 (c)		223,372		221,037
Series 2016-4A, Class A1, 3.570% 9/20/47 (c)		195,107		197,394
Series 2018-1A, Class A2, 4.670% 9/20/48 (c)		424,976		442,438
Highbridge Loan Management Ltd. Series 12A-18, Class B, 4.222% FRN 7/18/31 (c) (d)		250,000		232,253
Series 13A-18, Class C, 4.586% FRN 10/15/30 (c) (d)		350,000		331,612

	Principal Amount		Value
Hilton Grand Vacations Trust Series 2013-A, Class A, 2.280% 1/25/26 (c)	$	26,695	$	26,569
Series 2018-AA, Class C, 4.000% 2/25/32 (c)		181,012		183,183
J.G. Wentworth XLII LLC, Series 2018-2A, Class A 3.960% 10/15/75 (c)		299,985		309,295
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A 3.870% 3/15/58 (c)		89,074		90,706
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B 5.430% 8/15/62 (c)		1,100,000		1,147,944
KDAC Aircraft Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (c)		385,002		385,508
KREF Ltd., Series 2018-FL1, Class C, 4.302% FRN 6/15/36 (c) (d)		210,000		205,847
Lendmark Funding Trust Series 2017-1A, Class A, 2.830% 12/22/25 (c)		200,000		197,400
Series 2018-1A, Class A, 3.810% 12/21/26 (c)		280,000		279,528
Madison Park Funding Ltd., Series 2018-29A, Class C, 4.448% FRN 10/18/30 (c) (d)		550,000		528,739
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 4.216% FRN 7/15/30 (c) (d)		430,000		421,556
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, 4.476% FRN 1/23/31 (c) (d)		250,000		244,800
Marble Point CLO XI Ltd., Series 2017-2A, Class A, 3.625% FRN 12/18/30 (c) (d)		1,000,000		987,510
Mariner Finance Issuance Trust Series 2017-BA, Class A, 2.920% 12/20/29 (c)		750,000		742,146
Series 2018-AA, Class A, 4.200% 11/20/30 (c)		602,000		608,705
Marlette Funding Trust, Series 2017-2A, Class B 3.190% 7/15/24 (c)		140,000		139,783
Mosaic Solar Loans LLC Series 2017-2A, Class A 3.820% 6/22/43 (c)		133,074		133,881
Series 2017-1A, Class A 4.450% 6/20/42 (c)		62,840		63,306
MP CLO III Ltd., Series 2013-1A, Class AR, 3.719% FRN 10/20/30 (c) (d)		300,000		297,817

The accompanying notes are an integral part of the financial statements.

31

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NP Ferrum LLC Series 15-1A, Class A1, 2.707% 2/19/45 (c) (f)	$	49,791	$	49,235
Series 16-1A, Class A1, 3.968% 3/19/46 (c) (f)		149,880		151,524
NP SPE II LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (c)		380,000		385,375
NRZ Advance Receivables Trust Series 2016-T3, Class AT3, 2.833% 10/16/51 (c)		1,650,000		1,627,732
Series 2016-T4, Class AT4, 3.107% 12/15/50 (c)		450,000		449,239
OHA Credit Partners XI Ltd., Series 2015-11A, Class CR, 4.652% FRN 1/20/32 (c) (d)		300,000		287,808
Orange Lake Timeshare Trust Series 2014-AA, Class A, 2.290% 7/09/29 (c)		25,591		25,173
Series 2016-A, Class B, 2.910% 3/08/29 (c)		125,191		124,335
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (c)		166,833		167,350
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.985% FRN 2/20/30 (c)		250,000		248,831
Sierra Timeshare Receivables Funding LLC Series 2015-3A, Class B, 3.080% 9/20/32 (c)		21,642		21,530
Series 2018-2A, Class C, 3.940% 6/20/35 (c)		226,957		228,747
SoFi Consumer Loan Program LLC, Series 2017-2, Class A 3.280% 2/25/26 (c)		232,853		232,332
Spirit Master Funding LLC, Series 2014-4A, Class A1 3.501% 1/20/45 (c)		159,450		158,728
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (c)		137,515		136,185
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 2.750% 11/15/49 (c)		670,000		668,753
Steele Creek CLO Ltd., Series 2018-2A, Class C, 4.573% FRN 8/18/31 (c) (d)		290,000		275,010
Store Master Funding I-VII, Series 2018-1A, Class A2 4.290% 10/20/48 (c)		259,105		266,351

	Principal Amount		Value
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (c)	$	74,671	$	73,301
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A 4.870% 7/20/48 (c)		118,000		120,460
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (c)		345,306		335,725
Taco Bell Funding LLC, Series 2018-1A, Class A2II 4.940% 11/25/48 (c)		240,000		242,114
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42 (c)		342,065		348,895
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 3.916% FRN 10/13/29 (c)		340,000		339,996
Textainer Marine Containers V Ltd., Series 2017-2A, Class A 3.520% 6/20/42 (c)		483,907		479,893
Trinity Rail Leasing L.P., Series 2018-1A, Class A2 4.620% 6/17/48 (c)		410,000		419,729
Trip Rail Master Funding LLC, Series 2017-1A, Class A2 3.736% 8/15/47 (c)		140,000		141,188
Triton Container Finance VI LLC Series 2017-1A, Class A, 3.520% 6/20/42 (c)		144,994		142,861
Series 2018-2A, Class A, 4.190% 6/22/43 (c)		446,500		449,413
Voya CLO Ltd., Series 2015-3A, Class A3R, 4.190% FRN 10/20/31 (c) (d)		300,000		293,826
VSE VOI Mortgage LLC, Series 2016-A, Class A 2.540% 7/20/33 (c)		196,197		192,987
WAVE Trust, Series 2017-1A, Class A 3.844% 11/15/42 (c)		641,690		642,457
Welk Resorts LLC Series 2015-AA, Class A, 2.790% 6/16/31 (c)		83,409		82,077
Series 2017-AA, Class B, 3.410% 6/15/33 (c)		217,253		213,670
Wendy’s Funding LLC Series 2015-1A, Class A2II, 4.080% 6/15/45 (c)		299,925		301,422
Series 2015-1A, Class A23, 4.497% 6/15/45 (c)		411,188		423,595
Wingstop Funding LLC, Series 2018-1, Class A2 4.970% 12/05/48 (c)		130,000		131,269
				33,705,181

The accompanying notes are an integral part of the financial statements.

32

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Student Loans ABS — 4.7%
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100% 3.606% FRN 12/27/44 (c)	$	438,985	$	441,153
AccessLex Institute Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		400,000		394,150
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.590% FRN 7/01/38		70,461		68,786
CIT Education Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .210% 2.998% FRN 6/15/43		772,809		724,017
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN1/25/47		130,000		103,360
DRB Prime Student Loan Trust Series 2016-R, Class A2, 3.070% 10/25/44 (c)		429,491		422,449
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.406% FRN 10/25/44 (c)		429,491		432,497
Earnest Student Loan Program LLC Series 2016-D, Class A2, 2.720% 1/25/41 (c)		172,718		170,805
Series 2016-B, Class A2, 3.020% 5/25/34 (c)		123,172		122,766
Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850% 4.356% FRN 10/27/36 (c)		175,111		176,519
ECMC Group Student Loan Trust Series 2018-2A, Class A, 3.306% FRN 9/25/68 (c) (d)		531,343		530,895
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.706% FRN 12/27/66 (c)		340,189		344,045
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.856% FRN 7/26/66 (c)		480,234		489,345
EdLinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $99,305), 3.350% FRN 12/01/47 (c) (d)		490,807		496,531
EdLinc Student Loan Funding Trust, Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 6.746% FRN 11/26/40 (c)		270,000		321,055
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450% 3.127% FRN 8/25/42		141,989		134,271

	Principal Amount		Value
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950% 3.639% FRN 2/25/42	$	142,436	$	142,865
Laurel Road Prime Student Loan Trust Series 2017-B, Class BFX, 3.020% 8/25/42 (c)		150,408		147,657
Series 2018-B, Class BFX, 3.720% 5/26/43 (c)		140,000		140,938
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 3.175% FRN 12/15/59 (c) (d)		150,000		150,420
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B 4.220% 6/16/42 (c)		250,000		246,357
Navient Student Loan Trust Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 3.206% FRN 2/25/70 (c)		423,203		424,370
Series 2018-1A, Class A3, 3.226% FRN 3/25/67 (c) (d)		710,000		706,022
Series 2018-2A, Class A3, 3.256% FRN 3/25/67 (c) (d)		550,000		550,389
Series 2017-5A, Class A, 3.306% FRN 7/26/66 (c) (d)		425,940		426,660
Series 2018-3A, Class A3, 3.306% FRN 3/25/67 (c) (d)		750,000		740,720
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.756% FRN 6/25/65 (c)		397,455		400,431
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.806% FRN 3/25/66 (c)		1,100,000		1,123,707
Series 2018-4A, Class B, 3.806% FRN 6/27/67 (c) (d)		750,000		749,999
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/48		220,000		216,779
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 7/26/49		155,000		155,873
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 10/25/58		150,000		152,139
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (c)		126,156		122,848
Nelnet Student Loan Trust Series 2005-4, Class A4R2, 28 day ARS 2.594% FRN 3/22/32		200,000		195,451
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.924% FRN 3/23/37		264,528		262,023

The accompanying notes are an integral part of the financial statements.

33

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 3.072% FRN 6/25/41	$	100,697	$	92,523
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% 3.136% FRN 1/25/37 (c)		156,912		156,630
Series 2018-3A, Class A3, 3.256% FRN 9/27/66 (c) (d)		600,000		600,759
Series 2018-1A, Class A2, 3.266% FRN 5/25/66 (c) (d)		650,000		643,503
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/54 (c)		150,000		147,968
North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800% 3.290% FRN 7/25/36		250,000		251,036
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.456% FRN 11/25/65 (c)		409,350		411,391
SLC Student Loan Trust, Series 2006-1, Class A6, 3 mo. USD LIBOR + .160% 2.948% FRN 3/15/55		1,550,000		1,469,837
SLM Student Loan Trust Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.630% FRN 10/25/28		300,213		298,010
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.630% FRN 1/27/42		150,000		144,344
Series 2005-3, Class B, 3 mo. USD LIBOR + .150% 2.640% FRN 4/25/40		171,009		157,476
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.640% FRN 3/25/44		1,740,000		1,692,115
Series 2006-2, Class A6, ABS, 3 mo. USD LIBOR + .170% 2.660% FRN 1/25/41		533,975		516,721
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 2.670% FRN 7/25/55		285,500		268,345
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.700% FRN 10/25/40		366,336		347,760
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.780% FRN 1/25/44		396,989		368,375
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 2.990% FRN 7/25/39		352,743		334,895

	Principal Amount		Value
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 3.090% FRN 1/25/41	$	610,000	$	604,878
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.090% FRN 10/25/65 (c)		2,950,000		2,941,792
Series 2005-5, Class A5, 3 mo. USD LIBOR + .750% 3.240% FRN 10/25/40		1,300,000		1,289,442
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		160,000		160,000
Series 2002-7, Class A10, 28 day ARS 4.088% FRN 3/15/28		129,000		129,000
Series 2003-5, Class A9, 28 day ARS 4.480% FRN 6/15/30		350,000		350,000
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		50,000		50,000
Series 2002-7, Class B, 28 day ARS 5.073% FRN 12/15/39		550,000		551,986
SMB Private Education Loan Trust Series 2016-B, Class A2A, 2.430% 2/17/32 (c)		194,355		190,908
Series 2017-A, Class B, 3.500% 6/17/41 (c)		300,000		290,940
Series 2017-B, Class B, 3.500% 12/16/41 (c)		150,000		146,487
Series 2015-B, Class A2B, 1 mo. USD LIBOR + 1.200% 3.655% FRN 7/15/27 (c)		133,026		133,838
Series 2018-C, Class B, 4.000% 11/17/42 (c)		300,000		297,062
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000% 3/25/33 (c)		100		103,750
Series 2017-D, Class R1, 0.000% 9/25/40 (c)		1,000,000		645,250
Series 2018-A, Class R1, 0.000% 2/25/42 (c)		1,000,000		718,200
Series 2018-D, Class R1, 0.000% 2/25/48 (c)		968,900		333,786
Series 2017-A, Class B, 3.440% VRN 3/26/40 (c) (d)		180,000		175,798
Series 2017-D, Class BFX, 3.610% 9/25/40 (c)		500,000		485,897
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 3.706% FRN 6/25/33 (c)		142,268		144,059
South Carolina Student Loan Corp. Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000% 3.349% FRN 1/03/33		290,000		292,578

The accompanying notes are an integral part of the financial statements.

34

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050% 3.540% FRN 10/27/36	$	170,000	$	171,363
				30,536,994
WL Collateral CMO — 0.4%
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.714% VRN 2/25/34 (d)		19,627		18,987
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (d)		4,205		3,809
Deephaven Residential Mortgage Trust Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (c) (d)		430,078		423,858
Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (c) (d)		122,879		121,575
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.104% VRN 8/25/34 (d)		5,963		5,709
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.944% VRN 8/25/34 (d)		41,144		38,789
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (c) (d)		471,427		460,290
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.792% VRN 2/25/34 (d)		3,598		3,333
Series 2003-A4, Class IA, 4.597% VRN 7/25/33 (d)		2,849		2,756
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 5.356% FRN 2/25/23 (c) (d)		200,000		200,430
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (c) (d)		628,656		615,907
Sequoia Mortgage Trust Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (c) (d)		539,082		540,563
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (c) (d)		394,377		400,638
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.347% VRN 3/25/34 (d)		23,097		22,239
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.557% FRN 4/25/44		63,711		61,510
				2,920,393
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $76,557,256)				76,544,877

	Principal Amount		Value
SOVEREIGN DEBT OBLIGATIONS — 0.3%
Colombia Government International Bond 6.125% 1/18/41	$	620,000	$	669,600
Mexico Government International Bond 4.750% 3/08/44		954,000		867,186
6.750% 9/27/34		160,000		182,256
				1,719,042
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,903,905)				1,719,042
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 10.3%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33		188,375		204,864
Series 2693, Class Z, 5.500% 10/15/33		344,415		369,385
				574,249
Pass-Through Securities — 10.2%
Federal Home Loan Mortgage Corp. Pool #Q42045 3.500% 7/01/46		98,570		99,013
Pool #Q41916 3.500% 7/01/46		243,689		244,784
Pool #Q44275 3.500% 11/01/46		203,154		204,003
Pool #Q44277 3.500% 11/01/46		93,323		93,596
Pool #Q52216 3.500% 11/01/47		618,277		618,156
Pool #V83764 4.000% 12/01/47		1,862,628		1,900,317
Pool #V83796 4.000% 12/01/47		2,715,844		2,770,797
Pool #Q52834 4.000% 12/01/47		235,391		240,081
Pool #V83962 4.000% 2/01/48		427,473		436,123
Pool #Q57232 4.000% 7/01/48		395,448		403,233
Pool #C55867 7.500% 2/01/30		37,528		41,534
Pool #C01079 7.500% 10/01/30		6,011		6,860
Pool #C01135 7.500% 2/01/31		19,251		21,905
Pool #C00470 8.000% 8/01/26		12,579		14,115
Pool #G00924 8.000% 3/01/28		12,646		14,164
Federal National Mortgage Association Pool #MA2806 3.000% 11/01/46		3,932,247		3,840,238
Pool #BM3564 3.000% 7/01/47		1,279,690		1,249,347
Pool #AV2325 3.500% 12/01/28		120,718		122,633
Pool #AV1897 3.500% 12/01/28		38,665		39,279
Pool #AS1304 3.500% 12/01/28		233,299		236,999
Pool #BF0196 3.500% 2/01/41		282,667		284,975
Pool #MA1356 3.500% 2/01/43		1,583,599		1,593,558
Pool #BM3994 3.500% 1/01/44		272,745		274,460
Pool #CA1073 3.500% 1/01/48		3,245,340		3,245,467
Pool #BJ0686 4.000% 4/01/48		801,684		817,812
Pool #CA2039 4.000% 7/01/48		905,146		923,780
Pool #CA1951 4.000% 7/01/48		732,027		747,210

The accompanying notes are an integral part of the financial statements.

35

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #725692 1 year CMT + 2.138% 4.318% FRN 10/01/33	$	34,301	$	35,971
Pool #888586 1 year CMT + 2.199% 4.379% FRN 10/01/34		59,972		63,042
Pool #CA1952 4.500% 6/01/48		536,918		557,388
Pool #CA1909 4.500% 6/01/48		2,140,231		2,217,146
Pool #BK7877 4.500% 7/01/48		318,544		330,689
Pool #AD6437 5.000% 6/01/40		80,377		85,539
Pool #AD6996 5.000% 7/01/40		544,828		578,114
Pool #AL8173 5.000% 2/01/44		211,390		223,975
Pool #564594 7.000% 1/01/31		9,733		10,912
Pool #572844 7.000% 4/01/31		22,175		25,284
Pool #253795 7.000% 5/01/31		47,087		53,370
Pool #499386 7.500% 9/01/29		1,155		1,314
Pool #521006 7.500% 12/01/29		441		503
Pool #522769 7.500% 12/01/29		62		70
Pool #252981 7.500% 1/01/30		6,749		7,655
Pool #531196 7.500% 2/01/30		859		970
Pool #530520 7.500% 3/01/30		10,521		11,857
Pool #530299 7.500% 3/01/30		235		260
Pool #524317 7.500% 3/01/30		1,011		1,155
Pool #253183 7.500% 4/01/30		2,782		3,152
Pool #253265 7.500% 5/01/30		1,350		1,518
Pool #536949 8.000% 5/01/30		1,390		1,617
Pool #526380 8.000% 5/01/30		3,323		3,867
Pool #535351 8.000% 6/01/30		2,501		2,882
Pool #253481 8.000% 10/01/30		1,747		2,015
Pool #190317 8.000% 8/01/31		741		855
Pool #602008 8.000% 8/01/31		2,348		2,697
Pool #596656 8.000% 8/01/31		397		407
Federal National Mortgage Association TBA Pool #1963 3.500% 2/01/48 (g)		3,875,000		3,873,183
Pool #9174 4.000% 5/01/48 (g)		12,500,000		12,741,211
Pool #18718 4.500% 6/01/48 (g)		9,325,000		9,652,832
Government National Mortgage Association Pool #783896 3.500% 5/15/44		755,561		764,828
Pool #337539 7.000% 7/15/23		386		409
Pool #363066 7.000% 8/15/23		3,333		3,547
Pool #362651 7.000% 10/15/23		2,146		2,186
Pool #354674 7.000% 10/15/23		3,022		3,213
Pool #352021 7.000% 11/15/23		1,796		1,907
Government National Mortgage Association II TBA Pool #188 3.000% 5/01/47 (g)		10,500,000		10,339,219
Pool #207 3.500% 12/01/47 (g)		2,565,000		2,582,434
Pool #232 4.000% 5/01/48 (g)		1,260,000		1,290,220
				65,963,852
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $66,507,098)				66,538,101

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Bonds & Notes — 1.6%
U.S. Treasury Bond 2.500% 5/15/46	$	4,630,000	$	4,174,958
3.500% 2/15/39 (h)		510,000		557,666
U.S. Treasury Note 1.625% 10/31/23		5,500,000		5,278,782
2.875% 8/15/28		400,000		406,162
				10,417,568
TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,150,992)				10,417,568
TOTAL BONDS & NOTES (Cost $252,353,603)				249,476,380
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $1,663,830)				1,738,493
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (i)		67,674		67,674
TOTAL MUTUAL FUNDS (Cost $67,674)				67,674
TOTAL LONG-TERM INVESTMENTS (Cost $566,393,648)				640,291,048
SHORT-TERM INVESTMENTS — 6.9%
Commercial Paper — 6.4%
Albemarle Corp. 2.798% 1/03/19 (c)		1,100,000		1,099,744
CBS Corp. 2.947% 1/29/19 (c)		1,300,000		1,296,963
CVS Corp. 2.738% 1/02/19 (c)		2,000,000		1,999,700
DTE Capital Corp. 2.906% 1/09/19 (c)		1,000,000		999,321
Entergy Corp. 3.049% 1/08/19 (c)		2,000,000		1,998,804
Experian Finance PLC 2.666% 1/03/19 (c)		1,000,000		999,783
First Abu Dhabi Bank PJSC 2.440% 1/04/19 (c)		1,625,000		1,624,569
Florida Power & Light Co. 2.898% 2/07/19		1,000,000		997,016
2.950% 1/22/19		1,000,000		998,321
FMC Technologies, Inc. 2.902% 1/14/19 (c)		2,000,000		1,997,833

The accompanying notes are an integral part of the financial statements.

36

MML Blend Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Harley-Davidson Funding Corp. 2.911% 1/28/19 (c)	$	1,300,000	$	1,297,081
Hyundai Capital America 2.901% 1/08/19 (c)		2,000,000		1,998,798
JM Smucker Co. 2.687% 1/02/19 (c)		2,000,000		1,999,709
Lyondellbasell Invest 2.915% 1/22/19 (c)		1,000,000		998,277
3.056% 2/12/19 (c)		1,000,000		996,525
Marriott International, Inc. 2.755% 1/09/19 (c)		1,500,000		1,498,981
Mondelez International, Inc. 2.821% 1/16/19 (c)		2,000,000		1,997,505
National Grid USA 2.821% 1/14/19 (c)		2,000,000		1,997,833
Ryder System, Inc. 2.947% 1/28/19		2,000,000		1,995,509
Schlumberger Holdings Corp. 2.906% 1/08/19 (c)		2,000,000		1,998,824
Spectra Energy Partners 2.897% 1/02/19 (c)		1,000,000		999,854
Suncor Energy, Inc. 2.698% 1/02/19 (c)		1,000,000		999,854
Tyco International Holding Sarl 2.789% 1/02/19 (c)		2,000,000		1,999,707
2.997% 1/03/19 (c)		1,000,000		999,779
Tyson Foods, Inc. 2.945% 1/04/19 (c)		2,000,000		1,999,409
VW Credit, Inc. 2.909% 2/22/19 (c)		1,550,000		1,543,147
Walgreens Boots Alliance, Inc. 2.863% 2/12/19		2,000,000		1,992,969
				41,325,815
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (j)		3,389,677		3,389,677
TOTAL SHORT-TERM INVESTMENTS (Cost $44,718,718)				44,715,492
TOTAL INVESTMENTS — 106.1% (Cost $611,112,366) (k)				685,006,540
Other Assets/(Liabilities) — (6.1)%				(39,395,407	)
NET ASSETS — 100.0%			$	645,611,133

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

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

PJSC Public Joint Stock Company

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) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $66,188 or 0.01% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to a value of $115,585,714 or 17.90% of net assets.

(d) 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 December 31, 2018.

(e) Security is perpetual and has no stated maturity date.

The accompanying notes are an integral part of the financial statements.

37

MML Blend Fund – Portfolio of Investments (Continued)

(f) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $200,759 or 0.03% of net assets.

(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(h) A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).

Notes to Portfolio of Investments (Continued)

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

(j) Maturity value of $3,389,912. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $3,464,233.

(k) See Note 6 for aggregate cost for federal tax purposes.

(#) Purchased Swaptions contracts at December 31, 2018:

OTC Counterparty	Units		Notional Amount			Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		5,300,000		USD	5,300,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	264,960	$	226,605	$	(38,355	)
Credit Suisse International*		5,990,000		USD	5,990,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		287,520		284,672		(2,848	)
												552,480		511,277		(41,203	)
Put
Barclays Bank PLC*		10,790,000		USD	10,790,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	539,424	$	611,355	$	71,931
Credit Suisse International*		11,940,000		USD	11,940,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		571,926		615,861		43,935
												1,111,350		1,227,216		115,866
											$	1,663,830	$	1,738,493	$	74,663

* Contracts are subject to a Master Netting Agreement.

The accompanying notes are an integral part of the financial statements.

38

MML Blend Fund – Portfolio of Investments (Continued)

Futures contracts at December 31, 2018:

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra 10 Year		3/20/19		3	$	387,056		$	3,178
U.S. Treasury Ultra Bond		3/20/19		79		12,051,683			640,161
U.S. Treasury Note 2 Year		3/29/19		110		23,227,988			126,387
U.S. Treasury Note 5 Year		3/29/19		126		14,235,101			215,524
								$	985,250
Short
U.S. Treasury Long Bond		3/20/19		36	$	(5,048,085	)	$	(207,915	)

Swap agreements at December 31, 2018:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate		Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		500,000		5/11/63	Monthly		3.000%	CMBX.NA.6† (Rating: BBB-)	$	(80,938	)	$	308		$	(80,630	)
Goldman Sachs International*	USD		160,000		5/11/63	Monthly		3.000%	CMBX.NA.6† (Rating: BBB-)		(12,982	)		(12,819	)		(25,801	)
Goldman Sachs International*	USD		430,000		5/11/63	Monthly		3.000%	CMBX.NA.6† (Rating: BBB-)		(32,104	)		(37,238	)		(69,342	)
										$	(126,024	)	$	(49,749	)	$	(175,773	)

* Contracts are subject to a Master Netting Agreement.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

39

MML Equity Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Basic Materials — 2.1%
Chemicals — 1.1%
Albemarle Corp.		2,400	$	184,968
Celanese Corp.		5,300		476,842
Eastman Chemical Co.		60,250		4,404,877
FMC Corp.		3,600		266,256
LyondellBasell Industries NV Class A		17,700		1,471,932
PPG Industries, Inc.		9,400		960,962
				7,765,837
Forest Products & Paper — 0.1%
International Paper Co.		15,200		613,472
Iron & Steel — 0.1%
Nucor Corp.		12,200		632,082
Reliance Steel & Aluminum Co.		2,900		206,393
Steel Dynamics, Inc.		9,100		273,364
				1,111,839
Mining — 0.8%
Alcoa Corp. (a)		130,140		3,459,121
Freeport-McMoRan, Inc.		181,460		1,870,853
Newmont Mining Corp.		16,300		564,795
				5,894,769
				15,385,917
Communications — 8.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		14,700		303,261
Omnicom Group, Inc.		7,000		512,680
				815,941
Internet — 0.1%
CDW Corp.		5,900		478,195
Media — 2.7%
CBS Corp. Class B (Non-Voting)		70,040		3,062,149
Comcast Corp. Class A		121,300		4,130,265
Viacom, Inc. Class B		10,800		277,560
The Walt Disney Co.		110,860		12,155,799
				19,625,773
Telecommunications — 5.4%
AT&T, Inc.		358,610		10,234,729
Cisco Systems, Inc.		443,790		19,229,421
Juniper Networks, Inc.		10,700		287,937
Verizon Communications, Inc.		155,900		8,764,698
				38,516,785
				59,436,694

	Number of Shares		Value
Consumer, Cyclical — 8.3%
Airlines — 0.5%
Alaska Air Group, Inc.		2,800	$	170,380
Delta Air Lines, Inc.		27,200		1,357,280
JetBlue Airways Corp. (a)		11,100		178,266
Southwest Airlines Co.		22,700		1,055,096
United Continental Holdings, Inc. (a)		8,500		711,705
				3,472,727
Apparel — 0.1%
Carter’s, Inc.		1,700		138,754
Hanesbrands, Inc.		9,600		120,288
PVH Corp.		3,100		288,145
Ralph Lauren Corp.		1,500		155,190
				702,377
Auto Manufacturers — 1.5%
Ford Motor Co.		104,400		798,660
General Motors Co.		268,170		8,970,286
PACCAR, Inc.		13,600		777,104
				10,546,050
Auto Parts & Equipment — 0.8%
Allison Transmission Holdings, Inc.		5,500		241,505
Aptiv PLC		9,800		603,386
BorgWarner, Inc.		129,570		4,501,262
The Goodyear Tire & Rubber Co.		5,300		108,173
WABCO Holdings, Inc. (a)		1,400		150,276
				5,604,602
Entertainment — 0.0%
Cinemark Holdings, Inc.		2,600		93,080
The Madison Square Garden Co. Class A (a)		900		240,930
				334,010
Home Builders — 0.3%
D.R. Horton, Inc.		11,600		402,056
Lennar Corp. Class A		32,600		1,276,290
NVR, Inc. (a)		100		243,699
PulteGroup, Inc.		7,500		194,925
Toll Brothers, Inc.		3,300		108,669
				2,225,639
Home Furnishing — 0.0%
Leggett & Platt, Inc.		4,100		146,944
Housewares — 0.0%
Newell Brands, Inc.		12,500		232,375
Leisure Time — 0.4%
Brunswick Corp.		3,600		167,220
Carnival Corp.		20,600		1,015,580
Harley-Davidson, Inc.		4,400		150,128
Norwegian Cruise Line Holdings Ltd. (a)		8,300		351,837

The accompanying notes are an integral part of the financial statements.

40

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Polaris Industries, Inc.		1,700	$	130,356
Royal Caribbean Cruises Ltd.		8,300		811,657
				2,626,778
Lodging — 0.1%
Hyatt Hotels Corp. Class A		1,500		101,400
Las Vegas Sands Corp.		8,800		458,040
				559,440
Retail — 4.6%
AutoZone, Inc. (a)		1,100		922,174
Best Buy Co., Inc.		11,200		593,152
CarMax, Inc. (a)		7,100		445,383
Dollar Tree, Inc. (a)		11,520		1,040,486
Foot Locker, Inc.		3,700		196,840
The Gap, Inc.		14,900		383,824
Genuine Parts Co.		4,600		441,692
Kohl’s Corp.		6,100		404,674
Lowe’s Cos., Inc.		56,810		5,246,972
Macy’s, Inc.		9,000		268,020
McDonald’s Corp.		23,170		4,114,297
Nordstrom, Inc.		6,500		302,965
Target Corp.		125,150		8,271,164
Walgreens Boots Alliance, Inc.		25,400		1,735,582
Walmart, Inc.		89,230		8,311,774
Williams-Sonoma, Inc. (b)		900		45,405
				32,724,404
				59,175,346
Consumer, Non-cyclical — 23.8%
Agriculture — 1.7%
Altria Group, Inc.		50,200		2,479,378
Archer-Daniels-Midland Co.		21,600		884,952
Bunge Ltd.		4,400		235,136
Philip Morris International, Inc.		129,080		8,617,381
				12,216,847
Beverages — 2.1%
The Coca-Cola Co.		194,440		9,206,734
Coca-Cola European Partners PLC (a)		128,890		5,909,607
Molson Coors Brewing Co. Class B		5,200		292,032
				15,408,373
Biotechnology — 2.1%
Amgen, Inc.		25,200		4,905,684
Biogen, Inc. (a)		8,200		2,467,544
Celgene Corp. (a)		15,900		1,019,031
Gilead Sciences, Inc.		108,540		6,789,177
United Therapeutics Corp. (a)		500		54,450
				15,235,886
Commercial Services — 0.1%
AMERCO		800		262,488
H&R Block, Inc.		5,500		139,535

	Number of Shares		Value
Quanta Services, Inc.		3,900	$	117,390
The Western Union Co.		17,700		301,962
				821,375
Cosmetics & Personal Care — 0.5%
The Procter & Gamble Co.		35,670		3,278,786
Foods — 0.9%
Campbell Soup Co. (b)		8,000		263,920
General Mills, Inc.		28,110		1,094,603
The J.M. Smucker Co.		4,600		430,054
Kellogg Co.		10,600		604,306
The Kraft Heinz Co.		27,600		1,187,904
The Kroger Co.		27,200		748,000
Mondelez International, Inc. Class A		45,300		1,813,359
US Foods Holding Corp. (a)		3,600		113,904
				6,256,050
Health Care – Products — 3.9%
Abbott Laboratories		105,610		7,638,771
Boston Scientific Corp. (a)		155,310		5,488,655
Danaher Corp.		62,278		6,422,107
Thermo Fisher Scientific, Inc.		21,230		4,751,062
Zimmer Biomet Holdings, Inc.		32,430		3,363,640
				27,664,235
Health Care – Services — 3.7%
Anthem, Inc.		25,590		6,720,702
DaVita, Inc. (a)		7,400		380,804
HCA Healthcare, Inc.		13,500		1,680,075
Laboratory Corp. of America Holdings (a)		4,200		530,712
Quest Diagnostics, Inc.		5,100		424,677
UnitedHealth Group, Inc.		68,800		17,139,456
				26,876,426
Household Products & Wares — 0.1%
Avery Dennison Corp.		2,000		179,660
Kimberly-Clark Corp.		5,700		649,458
				829,118
Pharmaceuticals — 8.7%
AbbVie, Inc.		48,700		4,489,653
AmerisourceBergen Corp.		5,900		438,960
Bristol-Myers Squibb Co.		101,840		5,293,643
Johnson & Johnson		49,000		6,323,450
McKesson Corp.		7,500		828,525
Merck & Co., Inc.		231,240		17,669,049
Mylan NV (a)		140,910		3,860,934
Perrigo Co. PLC		5,500		213,125
Pfizer, Inc.		532,440		23,241,006
				62,358,345
				170,945,441

The accompanying notes are an integral part of the financial statements.

41

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Energy — 10.4%
Oil & Gas — 9.5%
Anadarko Petroleum Corp.		81,350	$	3,566,384
Apache Corp.		10,100		265,125
Chevron Corp.		197,792		21,517,792
Concho Resources, Inc. (a)		29,620		3,044,640
ConocoPhillips		138,441		8,631,796
Continental Resources, Inc. (a)		8,500		341,615
Devon Energy Corp.		15,300		344,862
Exxon Mobil Corp.		129,400		8,823,786
Helmerich & Payne, Inc.		4,400		210,936
Hess Corp.		12,100		490,050
HollyFrontier Corp.		6,400		327,168
Marathon Oil Corp.		32,700		468,918
Murphy Oil Corp.		5,500		128,645
Noble Energy, Inc.		8,000		150,080
Occidental Petroleum Corp.		17,100		1,049,598
Phillips 66		59,659		5,139,623
Suncor Energy, Inc.		428,510		11,985,425
Transocean Ltd. (a)		89,640		622,101
Valero Energy Corp.		16,400		1,229,508
				68,338,052
Oil & Gas Services — 0.2%
National Oilwell Varco, Inc.		14,600		375,220
Weatherford International PLC (a) (b)		2,167,010		1,211,358
				1,586,578
Pipelines — 0.7%
Enbridge, Inc. (b)		121,787		3,785,140
Kinder Morgan, Inc.		59,000		907,420
				4,692,560
				74,617,190
Financial — 25.4%
Banks — 15.0%
Bank of America Corp.		869,920		21,434,829
The Bank of New York Mellon Corp.		39,100		1,840,437
BB&T Corp.		29,900		1,295,268
CIT Group, Inc.		75,200		2,877,904
Citigroup, Inc.		276,690		14,404,481
Citizens Financial Group, Inc.		18,700		555,951
Comerica, Inc.		5,600		384,664
Commerce Bancshares, Inc.		4,305		242,673
Cullen/Frost Bankers, Inc.		2,600		228,644
East West Bancorp, Inc.		5,700		248,121
Fifth Third Bancorp		27,100		637,663
The Goldman Sachs Group, Inc.		37,940		6,337,877
Huntington Bancshares, Inc.		41,400		493,488
JP Morgan Chase & Co.		258,460		25,230,865
KeyCorp		265,250		3,920,395
M&T Bank Corp.		5,900		844,467
Morgan Stanley		69,500		2,755,675
Northern Trust Corp.		7,600		635,284

	Number of Shares		Value
The PNC Financial Services Group, Inc.		18,200	$	2,127,762
Prosperity Bancshares, Inc.		2,800		174,440
Regions Financial Corp.		43,700		584,706
SunTrust Banks, Inc.		18,000		907,920
Umpqua Holdings Corp.		6,400		101,760
US Bancorp		63,700		2,911,090
Webster Financial Corp.		3,700		182,373
Wells Fargo & Co.		186,900		8,612,352
Western Alliance Bancorp (a)		3,500		138,215
Zions Bancorp NA		185,420		7,554,011
				107,663,315
Diversified Financial Services — 3.3%
Alliance Data Systems Corp.		2,200		330,176
Ally Financial, Inc.		16,500		373,890
American Express Co.		33,500		3,193,220
Ameriprise Financial, Inc.		24,560		2,563,327
BlackRock, Inc.		17,300		6,795,786
Capital One Financial Corp.		17,500		1,322,825
Credit Acceptance Corp. (a)		600		229,056
Discover Financial Services		14,600		861,108
E*TRADE Financial Corp.		9,500		416,860
Franklin Resources, Inc.		13,700		406,342
Lazard Ltd. Class A		5,100		188,241
LPL Financial Holdings, Inc.		2,300		140,484
Mastercard, Inc. Class A		8,420		1,588,433
Nasdaq, Inc.		39,140		3,192,650
Raymond James Financial, Inc.		5,100		379,491
Santander Consumer USA Holdings, Inc.		13,900		244,501
T. Rowe Price Group, Inc.		8,800		812,416
TD Ameritrade Holding Corp.		12,700		621,792
				23,660,598
Insurance — 3.9%
Aflac, Inc.		29,900		1,362,244
Alleghany Corp.		700		436,324
The Allstate Corp.		14,100		1,165,083
American Financial Group, Inc.		6,400		579,392
Aon PLC		26,390		3,836,050
Athene Holding Ltd. Class A (a)		4,400		175,252
Chubb Ltd.		17,900		2,312,322
Cincinnati Financial Corp.		6,400		495,488
Everest Re Group Ltd.		1,300		283,088
Fidelity National Financial, Inc.		8,600		270,384
The Hartford Financial Services Group, Inc.		151,690		6,742,621
Lincoln National Corp.		8,400		431,004
Loews Corp.		12,700		578,104
Markel Corp. (a)		600		622,830
MetLife, Inc.		40,600		1,667,036
The Progressive Corp.		15,600		941,148
Prudential Financial, Inc.		16,100		1,312,955
Reinsurance Group of America, Inc.		2,600		364,598

The accompanying notes are an integral part of the financial statements.

42

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
RenaissanceRe Holdings Ltd.		1,200	$	160,440
Torchmark Corp.		10,600		790,018
The Travelers Cos., Inc.		24,100		2,885,975
Voya Financial, Inc.		7,200		289,008
W.R. Berkley Corp.		4,900		362,159
				28,063,523
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		1,900		76,076
The Howard Hughes Corp. (a)		500		48,810
Jones Lang LaSalle, Inc.		1,800		227,880
				352,766
Real Estate Investment Trusts (REITS) — 3.1%
Crown Castle International Corp.		45,300		4,920,939
Digital Realty Trust, Inc.		28,540		3,040,937
Equity Residential		96,960		6,400,330
Prologis, Inc.		103,650		6,086,328
Public Storage		8,600		1,740,726
				22,189,260
				181,929,462
Industrial — 8.6%
Aerospace & Defense — 1.1%
General Dynamics Corp.		6,700		1,053,307
Lockheed Martin Corp.		21,171		5,543,415
Northrop Grumman Corp.		3,900		955,110
Spirit AeroSystems Holdings, Inc. Class A		4,800		346,032
				7,897,864
Building Materials — 0.1%
Johnson Controls International PLC		24,700		732,355
Electrical Components & Equipment — 0.0%
Acuity Brands, Inc.		1,100		126,445
Hubbell, Inc.		1,700		168,878
				295,323
Electronics — 1.2%
Arrow Electronics, Inc. (a)		3,600		248,220
Corning, Inc.		45,100		1,362,471
Garmin Ltd.		7,300		462,236
Gentex Corp.		10,400		210,184
Honeywell International, Inc.		27,600		3,646,512
TE Connectivity Ltd.		39,460		2,984,360
				8,913,983
Engineering & Construction — 0.3%
AECOM (a)		4,200		111,300
Fluor Corp.		55,620		1,790,964
				1,902,264
Environmental Controls — 0.7%
Pentair PLC		5,700		215,346
Waste Management, Inc.		55,070		4,900,679
				5,116,025

	Number of Shares		Value
Hand & Machine Tools — 0.1%
Lincoln Electric Holdings, Inc.		1,100	$	86,735
Snap-on, Inc.		2,300		334,167
Stanley Black & Decker, Inc.		3,400		407,116
				828,018
Machinery – Construction & Mining — 1.0%
Caterpillar, Inc.		54,650		6,944,376
Oshkosh Corp.		1,900		116,489
				7,060,865
Machinery – Diversified — 0.7%
Cummins, Inc.		4,300		574,652
Deere & Co.		26,990		4,026,098
Dover Corp.		4,900		347,655
				4,948,405
Miscellaneous – Manufacturing — 1.2%
Carlisle Cos., Inc.		2,500		251,300
Crane Co.		1,600		115,488
Eaton Corp. PLC		16,900		1,160,354
Ingersoll-Rand PLC		9,500		866,685
Parker-Hannifin Corp.		39,023		5,819,890
				8,213,717
Packaging & Containers — 0.5%
Packaging Corp. of America		3,500		292,110
Sealed Air Corp.		4,200		146,328
Sonoco Products Co.		3,900		207,207
WestRock Co.		74,170		2,800,659
				3,446,304
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		1,400		266,434
Transportation — 1.7%
FedEx Corp.		21,260		3,429,876
Kansas City Southern		49,130		4,689,458
Union Pacific Corp.		12,260		1,694,700
United Parcel Service, Inc. Class B		26,500		2,584,545
				12,398,579
				62,020,136
Technology — 7.5%
Computers — 2.4%
Apple, Inc.		58,000		9,148,920
Hewlett Packard Enterprise Co.		46,400		612,944
HP, Inc.		179,830		3,679,322
International Business Machines Corp.		35,700		4,058,019
				17,499,205
Office & Business Equipment — 0.3%
Xerox Corp.		6,400		126,464
Zebra Technologies Corp. Class A (a)		10,700		1,703,761
				1,830,225

The accompanying notes are an integral part of the financial statements.

43

MML Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Semiconductors — 2.0%
Intel Corp.		178,700	$	8,386,391
KLA-Tencor Corp.		6,200		554,838
Marvell Technology Group Ltd.		85,220		1,379,712
Qorvo, Inc. (a)		5,000		303,650
Teradyne, Inc.		7,600		238,488
Texas Instruments, Inc.		37,700		3,562,650
				14,425,729
Software — 2.8%
Fidelity National Information Services, Inc.		20,750		2,127,912
Microsoft Corp.		67,810		6,887,462
Oracle Corp.		144,800		6,537,720
Synopsys, Inc. (a)		49,710		4,187,570
				19,740,664
				53,495,823
Utilities — 3.3%
Electric — 3.3%
AES Corp.		20,500		296,430
Ameren Corp.		9,200		600,116
American Electric Power Co., Inc.		18,200		1,360,268
DTE Energy Co.		7,100		783,130
Duke Energy Corp.		21,500		1,855,450
Edison International		41,360		2,348,007
Entergy Corp.		66,850		5,753,780
Eversource Energy		11,300		734,952
NextEra Energy, Inc.		38,565		6,703,368
OGE Energy Corp.		6,200		242,978
Pinnacle West Capital Corp.		4,600		391,920
Public Service Enterprise Group, Inc.		19,400		1,009,770
WEC Energy Group, Inc.		12,100		838,046
Xcel Energy, Inc.		16,600		817,882
				23,736,097
TOTAL COMMON STOCK (Cost $659,650,835)				700,742,106
TOTAL EQUITIES (Cost $659,650,835)				700,742,106
MUTUAL FUNDS — 1.3%
Diversified Financial Services — 1.3%
iShares Russell 1000 Value ETF		43,500		4,830,675
State Street Navigator Securities Lending Prime Portfolio (c)		4,720,300		4,720,300
				9,550,975
TOTAL MUTUAL FUNDS (Cost $10,095,094)				9,550,975
TOTAL LONG-TERM INVESTMENTS (Cost $669,745,929)				710,293,081

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (d)	$	10,120,183	$	10,120,183
TOTAL SHORT-TERM INVESTMENTS (Cost $10,120,183)				10,120,183
TOTAL INVESTMENTS — 100.4% (Cost $679,866,112) (e)				720,413,264
Other Assets/(Liabilities) — (0.4)%				(2,733,128	)
NET ASSETS — 100.0%			$	717,680,136

Abbreviation Legend

ETF Exchange-Traded Fund

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 December 31, 2018, was $3,719,522 or 0.52% 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 $10,120,885. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $10,328,086.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

44

MML Managed Bond Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 0.2%
PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
The Allstate Corp. 3 mo. USD LIBOR + 3.165%, 5.100% VRN 1/15/53		95,000	$	2,264,800
TOTAL PREFERRED STOCK (Cost $2,375,000)				2,264,800
TOTAL EQUITIES (Cost $2,375,000)				2,264,800
	Principal Amount
BONDS & NOTES — 99.7%
CORPORATE DEBT — 38.3%
Advertising — 0.0%
WPP Finance 2010 5.625% 11/15/43	$	105,000		102,938
Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		350,000		401,002
Agriculture — 0.4%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		1,824,000		1,598,136
4.350% 3/15/24		1,910,000		1,873,930
Reynolds American, Inc. 5.850% 8/15/45		1,085,000		1,007,997
				4,480,063
Airlines — 1.0%
American Airlines Group, Inc. 5.500% 10/01/19 (a)		7,351,000		7,369,377
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		180,990		179,067
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 10/01/29		1,624,604		1,595,036
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		565,000		565,236
WestJet Airlines Ltd. 3.500% 6/16/21 (a)		735,000		728,604
				10,437,320
Auto Manufacturers — 1.2%
Ford Motor Co. 5.291% 12/08/46		530,000		435,120

	Principal Amount		Value
Ford Motor Credit Co. LLC 4.140% 2/15/23	$	2,760,000	$	2,623,408
4.375% 8/06/23		1,028,000		973,763
General Motors Co. 4.200% 10/01/27		565,000		509,258
5.150% 4/01/38		800,000		683,490
General Motors Financial Co., Inc. 3.500% 11/07/24		3,200,000		2,925,918
4.150% 6/19/23		2,493,000		2,429,057
Volkswagen Group of America Finance LLC 4.625% 11/13/25 (a)		1,850,000		1,828,813
				12,408,827
Banks — 5.5%
Associated Banc-Corp. 4.250% 1/15/25		2,991,000		3,007,520
Banco Santander SA 4.250% 4/11/27		1,200,000		1,121,162
Bank of America Corp. 4.183% 11/25/27		1,915,000		1,840,633
4.200% 8/26/24		1,150,000		1,140,570
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,150,000		1,093,990
6.110% 1/29/37		1,050,000		1,153,989
7.750% 5/14/38		400,000		517,312
Bank of Montreal 3.803% VRN 12/15/32 (b)		1,505,000		1,393,630
The Bank of Nova Scotia 4.500% 12/16/25		795,000		791,597
4.650% VRN 12/31/99 (b) (c)		2,575,000		2,232,203
Barclays PLC 4.009% FRN 5/16/24 (b)		2,085,000		1,985,377
4.337% 1/10/28		1,720,000		1,591,582
CIT Group, Inc. 4.750% 2/16/24		2,100,000		2,021,250
Citigroup, Inc. 4.125% 7/25/28		2,975,000		2,791,878
Credit Suisse AG 6.500% 8/08/23 (a)		1,550,000		1,615,875
Credit Suisse Group AG 3.869% VRN 1/12/29 (a) (b)		910,000		846,583
4.282% 1/09/28 (a)		1,325,000		1,278,234
Deutsche Bank AG 3.150% 1/22/21		1,805,000		1,744,314
Discover Bank 4.682% VRN 8/09/28 (b)		2,905,000		2,842,833
First Republic Bank 4.375% 8/01/46		4,360,000		4,031,659
Fulton Financial Corp. 3.600% 3/16/22		1,565,000		1,554,471

The accompanying notes are an integral part of the financial statements.

45

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
The Goldman Sachs Group, Inc. 3.814% VRN 4/23/29 (b)	$	960,000	$	896,280
5.950% 1/15/27		1,410,000		1,484,733
6.750% 10/01/37		1,145,000		1,293,030
HSBC Holdings PLC 4.250% 3/14/24		1,225,000		1,215,703
4.583% VRN 6/19/29 (b)		935,000		926,808
ING Groep NV 4.100% 10/02/23		2,060,000		2,058,748
JP Morgan Chase & Co. 5.600% 7/15/41		1,125,000		1,267,448
Morgan Stanley 4.350% 9/08/26		3,500,000		3,401,315
5.000% 11/24/25		975,000		994,175
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23		1,000,000		961,617
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (a)		3,010,000		2,969,064
Valley National Bancorp 5.125% 9/27/23		1,530,000		1,589,938
Wells Fargo & Co. 5.375% 11/02/43		909,000		948,609
				56,604,130
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46 (a)		3,225,000		2,990,818
Molson Coors Brewing Co. 4.200% 7/15/46		1,124,000		933,823
5.000% 5/01/42		360,000		338,859
				4,263,500
Biotechnology — 0.3%
Amgen, Inc. 5.150% 11/15/41		475,000		489,322
Celgene Corp. 3.450% 11/15/27		2,525,000		2,297,736
4.350% 11/15/47		730,000		614,736
				3,401,794
Building Materials — 0.7%
CRH America Finance, Inc. 3.950% 4/04/28 (a)		1,950,000		1,858,073
Standard Industries, Inc. 5.000% 2/15/27 (a)		3,037,000		2,657,375
5.375% 11/15/24 (a)		1,636,000		1,535,795
5.500% 2/15/23 (a)		1,238,000		1,213,240
				7,264,483
Chemicals — 1.2%
Ashland, Inc. 6.875% 5/15/43		302,000		297,470
Huntsman International LLC 5.125% 11/15/22		1,000,000		1,007,500

	Principal Amount		Value
Incitec Pivot Finance LLC 6.000% 12/10/19 (a)	$	1,160,000	$	1,185,614
The Mosaic Co. 4.050% 11/15/27		1,034,000		980,679
RPM International, Inc. 3.750% 3/15/27		426,000		404,490
SABIC Capital II BV 4.000% 10/10/23 (a)		1,304,000		1,297,480
4.500% 10/10/28 (a)		1,276,000		1,268,854
The Sherwin-Williams Co. 4.500% 6/01/47		700,000		631,235
Syngenta Finance NV 3.698% 4/24/20 (a)		1,870,000		1,856,450
4.441% 4/24/23 (a)		1,315,000		1,267,300
Yara International ASA 4.750% 6/01/28 (a)		2,100,000		2,093,100
				12,290,172
Commercial Services — 0.5%
The ADT Security Corp. 6.250% 10/15/21		4,613,000		4,676,429
ERAC USA Finance LLC 6.700% 6/01/34 (a)		125,000		148,474
				4,824,903
Computers — 0.6%
Dell International LLC/EMC Corp. 6.020% 6/15/26 (a)		487,000		489,202
Leidos Holdings, Inc. 4.450% 12/01/20		5,665,000		5,622,513
				6,111,715
Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.300% 1/23/23		2,405,000		2,286,461
3.875% 1/23/28		3,560,000		3,106,826
Affiliated Managers Group, Inc. 3.500% 8/01/25		2,080,000		2,021,238
Aircastle Ltd. 4.400% 9/25/23		970,000		954,017
5.000% 4/01/23		1,750,000		1,756,877
Ally Financial, Inc. 4.125% 2/13/22		1,425,000		1,384,031
Antares Holdings LP 6.000% 8/15/23 (a)		2,945,000		2,911,260
Ares Finance Co. LLC 4.000% 10/08/24 (a)		2,080,000		1,987,461
Discover Financial Services 4.100% 2/09/27		1,750,000		1,633,745
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		1,035,000		866,882
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		2,400,000		2,381,750

The accompanying notes are an integral part of the financial statements.

46

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
High Street Funding Trust I 4.111% 2/15/28 (a)	$	3,075,000	$	3,019,773
Lazard Group LLC 3.625% 3/01/27		1,253,000		1,178,423
4.500% 9/19/28		755,000		755,142
Legg Mason, Inc. 5.625% 1/15/44		1,195,000		1,179,308
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (a)		1,150,000		1,148,978
				28,572,172
Electric — 2.0%
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (a)		945,000		900,248
CMS Energy Corp. 4.875% 3/01/44		280,000		292,276
Duke Energy Corp. 3.750% 9/01/46		1,235,000		1,067,724
EDP Finance BV 3.625% 7/15/24 (a)		2,665,000		2,491,991
Entergy Louisiana LLC 4.950% 1/15/45		1,005,000		1,027,146
Infraestructura Energetica Nova SAB de CV 3.750% 1/14/28 (a)		820,000		712,375
IPALCO Enterprises, Inc. 3.450% 7/15/20		3,410,000		3,405,661
3.700% 9/01/24		1,060,000		1,031,909
Israel Electric Corp. Ltd. 4.250% 8/14/28 (a)		2,450,000		2,327,304
7.250% 1/15/19 (a)		417,000		417,175
Nevada Power Co., Series N, 6.650% 4/01/36		550,000		713,461
Oncor Electric Delivery Co. 7.500% 9/01/38		495,000		692,097
Pacific Gas & Electric Co. 5.800% 3/01/37		543,000		503,230
Pennsylvania Electric Co. 4.150% 4/15/25 (a)		1,860,000		1,882,693
Southwestern Electric Power Co. 6.200% 3/15/40		300,000		355,040
Tri-State Pass-Through Trust, Series 2003, Class B, 7.144% 7/31/33 (a)		480,000		562,608
Virginia Electric and Power Co. 6.350% 11/30/37		640,000		787,397
Xcel Energy, Inc. 6.500% 7/01/36		1,435,000		1,805,264
				20,975,599
Electronics — 0.3%
Arrow Electronics, Inc. 3.250% 9/08/24		965,000		898,521
3.875% 1/12/28		985,000		897,253

	Principal Amount		Value
Ingram Micro, Inc. 5.450% STEP 12/15/24	$	1,288,000	$	1,252,705
Tyco Electronics Group SA 7.125% 10/01/37		335,000		429,358
				3,477,837
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		1,250,000		1,178,750
Gas — 0.3%
NiSource, Inc. 4.800% 2/15/44		535,000		517,966
5.800% 2/01/42		950,000		1,052,572
Spire, Inc. 4.700% 8/15/44		1,840,000		1,863,256
				3,433,794
Health Care – Products — 0.1%
Becton Dickinson and Co. 4.685% 12/15/44		825,000		772,170
Health Care – Services — 0.2%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		965,000		993,522
Humana, Inc. 3.950% 3/15/27		547,000		534,410
4.800% 3/15/47		830,000		830,654
				2,358,586
Home Builders — 0.5%
Lennar Corp. 4.500% 11/15/19		3,390,000		3,364,575
4.750% 5/30/25		1,230,000		1,153,125
PulteGroup, Inc. 5.000% 1/15/27		1,025,000		927,625
				5,445,325
Housewares — 0.1%
Newell Brands, Inc. 3.850% 4/01/23		1,150,000		1,133,147
Insurance — 3.6%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		4,260,000		4,153,500
American International Group, Inc. 4.200% 4/01/28		1,525,000		1,469,129
4.500% 7/16/44		1,175,000		1,048,604
4.750% 4/01/48		505,000		462,137
5.750% VRN 4/01/48 (b)		2,285,000		1,987,950
AmTrust Financial Services, Inc. 6.125% 8/15/23		3,030,000		2,738,044
Arch Capital Group US, Inc. 5.144% 11/01/43		1,040,000		1,089,311
The Athene Holding Ltd. 4.125% 1/12/28		5,070,000		4,605,387

The accompanying notes are an integral part of the financial statements.

47

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
AXIS Specialty Finance PLC 4.000% 12/06/27	$	2,500,000	$	2,392,516
CNA Financial Corp. 3.450% 8/15/27		1,115,000		1,037,397
CNO Financial Group, Inc. 4.500% 5/30/20		1,602,000		1,581,975
5.250% 5/30/25		1,571,000		1,496,378
Enstar Group Ltd. 4.500% 3/10/22		920,000		926,143
The Progressive Corp. 5.375% VRN 12/31/99 (b) (c)		1,175,000		1,101,034
Prudential Financial, Inc. 5.700% VRN 9/15/48 (b)		2,440,000		2,269,200
Trinity Acquisition PLC 4.400% 3/15/26		445,000		442,203
USF&G Capital I 8.500% 12/15/45 (a)		885,000		1,213,644
Voya Financial, Inc. 4.700% VRN 1/23/48 (b)		1,080,000		850,500
Willis North America, Inc. 4.500% 9/15/28		1,965,000		1,949,596
7.000% 9/29/19		566,000		578,989
XLIT Ltd. 4.450% 3/31/25		3,525,000		3,503,045
				36,896,682
Internet — 0.2%
Amazon.com, Inc. 4.050% 8/22/47		1,840,000		1,797,862
Investment Companies — 0.8%
Ares Capital Corp. 3.500% 2/10/23		2,600,000		2,471,249
BlackRock TCP Capital Corp. 4.125% 8/11/22		2,870,000		2,765,563
FS KKR Capital Corp. 4.000% 7/15/19		3,095,000		3,091,500
				8,328,312
Iron & Steel — 0.8%
ArcelorMittal 5.125% 6/01/20		2,165,000		2,200,931
5.250% STEP 8/05/20		2,034,000		2,063,922
Vale Overseas Ltd. 5.875% 6/10/21		2,825,000		2,962,719
6.875% 11/21/36		630,000		720,405
				7,947,977
Lodging — 0.1%
MGM Resorts International 6.625% 12/15/21		1,103,000		1,130,575
Machinery – Diversified — 0.2%
CNH Industrial Capital LLC 3.875% 10/15/21		2,280,000		2,264,724

	Principal Amount		Value
Media — 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (a)	$	1,275,000	$	1,187,535
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		1,285,000		1,320,901
Comcast Corp. 3.400% 7/15/46		645,000		534,432
6.950% 8/15/37		515,000		633,281
Discovery Communications LLC 3.950% 3/20/28		950,000		880,877
5.000% 9/20/37		995,000		922,935
Grupo Televisa SAB 6.625% 3/18/25		711,000		780,304
Time Warner Cable, Inc. 6.750% 6/15/39		985,000		1,000,884
8.250% 4/01/19		75,000		75,842
8.750% 2/14/19		325,000		326,815
Warner Media LLC 6.250% 3/29/41		210,000		226,709
				7,890,515
Mining — 0.8%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (a)		894,000		804,707
Glencore Funding LLC 3.875% 10/27/27 (a)		975,000		871,631
4.625% 4/29/24 (a)		1,815,000		1,799,101
Kinross Gold Corp. 4.500% 7/15/27		1,020,000		881,025
5.125% 9/01/21		3,495,000		3,486,262
				7,842,726
Miscellaneous – Manufacturing — 0.3%
General Electric Co. 2.700% 10/09/22		1,210,000		1,122,791
6.875% 1/10/39		298,000		311,560
4.125% 10/09/42		1,430,000		1,117,319
				2,551,670
Office Equipment/Supplies — 0.3%
Pitney Bowes, Inc. 3.875% STEP 9/15/20		845,000		825,987
3.875% STEP 10/01/21		1,855,000		1,736,744
				2,562,731
Oil & Gas — 3.0%
Anadarko Petroleum Corp. 6.600% 3/15/46		1,258,000		1,389,057
Antero Resources Corp. 5.375% 11/01/21		5,459,000		5,267,935

The accompanying notes are an integral part of the financial statements.

48

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Cenovus Energy, Inc. 3.000% 8/15/22	$	1,275,000	$	1,210,370
4.250% 4/15/27		1,375,000		1,252,381
6.750% 11/15/39		550,000		536,752
Continental Resources, Inc. 4.375% 1/15/28		1,573,000		1,479,818
Diamondback Energy, Inc. 4.750% 11/01/24 (a)		2,196,000		2,119,140
Encana Corp. 6.500% 2/01/38		545,000		590,885
EQT Corp. 3.900% 10/01/27		4,085,000		3,521,603
Helmerich & Payne, Inc. 4.650% 3/15/25 (a)		935,000		953,377
Marathon Petroleum Corp. 4.500% 4/01/48 (a)		510,000		428,081
6.500% 3/01/41		1,120,000		1,208,187
Nabors Industries, Inc. 5.500% 1/15/23 (d)		1,415,000		1,123,115
Newfield Exploration Co. 5.750% 1/30/22		1,904,000		1,923,040
Patterson-UTI Energy, Inc. 3.950% 2/01/28		880,000		806,956
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		1,175,000		1,122,125
Petroleos Mexicanos 3.500% 1/30/23		675,000		610,875
4.625% 9/21/23		575,000		539,638
5.350% 2/12/28		665,000		580,212
5.500% 1/21/21		2,690,000		2,679,159
6.375% 1/23/45		595,000		478,975
6.500% 3/13/27		585,000		549,900
6.625% 6/15/35		140,000		122,220
				30,493,801
Oil & Gas Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337% 12/15/27		328,000		301,791
National Oilwell Varco, Inc. 3.950% 12/01/42		1,451,000		1,158,002
				1,459,793
Packaging & Containers — 0.4%
Amcor Finance USA, Inc. 3.625% 4/28/26 (a)		3,105,000		2,940,325
The WestRock MWV LLC 7.550% 3/01/47		1,000,000		1,221,301
				4,161,626
Pharmaceuticals — 1.4%
AbbVie, Inc. 4.700% 5/14/45		1,060,000		963,977

	Principal Amount		Value
Bayer US Finance II LLC 4.400% 7/15/44 (a)	$	650,000	$	556,324
4.625% 6/25/38 (a)		1,200,000		1,089,769
CVS Health Corp. 5.050% 3/25/48		705,000		685,690
6.125% 9/15/39		560,000		620,286
CVS Pass-Through Trust 5.926% 1/10/34 (a)		1,135,018		1,222,427
7.507% 1/10/32 (a)		996,404		1,151,791
Express Scripts Holding Co. 4.500% 2/25/26		814,000		825,016
4.800% 7/15/46		1,180,000		1,131,231
McKesson Corp. 6.000% 3/01/41		550,000		608,953
Mylan, Inc. 3.125% 1/15/23 (a)		1,175,000		1,101,833
Teva Pharmaceutical Finance IV LLC 2.250% 3/18/20		1,300,000		1,265,085
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		315,000		310,110
2.200% 7/21/21		3,293,000		3,026,965
4.100% 10/01/46		460,000		304,050
				14,863,507
Pipelines — 2.2%
Andeavor Logistics LP 6.875% VRN 12/31/99 (b) (c)		1,775,000		1,579,750
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		652,000		665,040
Energy Transfer LP 5.875% 1/15/24		1,150,000		1,170,125
7.500% 10/15/20		1,125,000		1,170,000
Energy Transfer Operating LP 4.200% 4/15/27		1,085,000		1,011,146
6.125% 12/15/45		800,000		782,398
6.250% VRN 12/31/99 (b) (c)		2,370,000		1,983,394
EnLink Midstream Partners LP 4.150% 6/01/25		2,075,000		1,870,690
4.850% 7/15/26		951,000		857,580
Enterprise Products Operating LLC 5.375% VRN 2/15/78 (b)		1,205,000		996,338
Kinder Morgan Energy Partners LP 6.375% 3/01/41		376,000		399,054
6.500% 2/01/37		150,000		161,594
6.550% 9/15/40		500,000		539,692
6.950% 1/15/38		175,000		195,186
MPLX LP 4.500% 4/15/38		1,195,000		1,043,650
4.800% 2/15/29		580,000		578,571
5.200% 3/01/47		245,000		225,522
Phillips 66 Partners LP 4.680% 2/15/45		178,000		160,293

The accompanying notes are an integral part of the financial statements.

49

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Plains All American Pipeline LP 6.125% VRN 12/31/99 (b) (c)	$	2,345,000	$	1,969,800
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		1,360,000		1,309,953
4.700% 6/15/44		675,000		579,198
Sabine Pass Liquefaction LLC 4.200% 3/15/28		1,585,000		1,516,082
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		1,375,000		1,259,423
5.300% 4/01/44		525,000		463,585
Western Gas Partners LP 4.500% 3/01/28		655,000		612,244
				23,100,308
Private Equity — 0.5%
Hercules Capital, Inc. 4.625% 10/23/22		2,910,000		2,839,723
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		2,775,000		2,740,312
				5,580,035
Real Estate Investment Trusts (REITS) — 0.9%
American Tower Trust #1 3.652% 3/15/48 (a)		1,910,000		1,907,856
Healthcare Trust of America Holdings LP 3.500% 8/01/26		1,265,000		1,188,987
Host Hotels & Resorts LP 3.875% 4/01/24		1,675,000		1,652,409
Kimco Realty Corp. 3.300% 2/01/25		960,000		914,999
Mid-America Apartments LP 3.600% 6/01/27		1,115,000		1,076,000
National Retail Properties, Inc. 4.300% 10/15/28		810,000		813,993
VEREIT Operating Partnership LP 4.625% 11/01/25		1,335,000		1,337,488
Weingarten Realty Investors 3.250% 8/15/26		535,000		495,129
				9,386,861
Retail — 0.7%
Dollar Tree, Inc. 4.000% 5/15/25		1,475,000		1,417,997
4.200% 5/15/28		1,915,000		1,813,884
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (a)		2,620,000		2,456,276
The Home Depot, Inc. 5.950% 4/01/41		600,000		736,266
QVC, Inc. 5.125% 7/02/22		545,000		550,757
				6,975,180

	Principal Amount		Value
Semiconductors — 0.1%
Microchip Technology, Inc. 3.922% 6/01/21 (a)	$	985,000	$	977,108
Software — 0.2%
Microsoft Corp. 4.450% 11/03/45		2,064,000		2,189,162
Telecommunications — 1.7%
AT&T, Inc. 3.400% 5/15/25		1,075,000		1,012,277
4.750% 5/15/46		2,080,000		1,846,820
5.250% 3/01/37		648,000		636,483
CenturyLink, Inc. 6.150% 9/15/19 (d)		560,000		567,156
Crown Castle Towers LLC 3.222% 5/15/42 (a)		1,700,000		1,671,729
4.241% 7/15/48 (a)		1,750,000		1,741,513
Embarq Corp. 7.995% 6/01/36		145,000		131,225
Ericsson LM 4.125% 5/15/22		3,075,000		3,024,616
Hughes Satellite Systems Corp. 6.500% 6/15/19		1,125,000		1,134,844
Sprint Communications, Inc. 9.250% 4/15/22		2,550,000		2,913,375
Telecom Italia SpA 5.303% 5/30/24 (a)		605,000		574,750
Telefonica Emisiones SAU 4.665% 3/06/38		1,105,000		999,573
Turk Telekomunikasyon AS 3.750% 6/19/19 (a)		240,000		236,595
Verizon Communications, Inc. 6.550% 9/15/43		885,000		1,043,925
				17,534,881
Transportation — 0.3%
Autoridad del Canal de Panama 4.950% 7/29/35 (a)		1,050,000		1,068,385
Burlington Northern Santa Fe LLC 6.150% 5/01/37		720,000		877,069
CSX Corp. 4.750% 11/15/48		650,000		657,054
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (a)		610,000		617,739
				3,220,247
Trucking & Leasing — 0.7%
DAE Funding LLC 4.000% 8/01/20 (a)		1,049,000		1,022,775
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (a)		1,550,000		1,449,250
5.250% 8/15/22 (a)		4,440,000		4,295,700
				6,767,725
TOTAL CORPORATE DEBT (Cost $411,086,015)				395,862,235

The accompanying notes are an integral part of the financial statements.

50

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 0.7%
JobsOhio Beverage System Series B 4.532% 1/01/35	$	3,950,000	$	4,215,558
New York City Water & Sewer System 5.882% 6/15/44		105,000		134,636
Orange County Local Transportation Authority BAB 6.908% 2/15/41		1,350,000		1,786,928
Panhandle-Plains Student Finance Corp., Series 2001-A2, 3.700% FRN 12/01/31 (b)		400,000		397,152
State of California BAB 7.550% 4/01/39		120,000		171,906
7.600% 11/01/40		515,000		749,948
				7,456,128
TOTAL MUNICIPAL OBLIGATIONS (Cost $7,346,760)				7,456,128
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.5%
Automobile ABS — 1.1%
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.290% 2/25/24 (a)		7,680,000		7,553,815
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		3,810,000		3,759,855
				11,313,670
Commercial MBS — 2.9%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.112% VRN 7/05/40 (a) (b)		4,270,000		4,233,277
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 3.805% FRN 9/15/34 (a) (b)		670,000		666,951
BBCMS Mortgage Trust Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (b)		2,250,000		2,233,590
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (b)		1,610,000		1,561,893
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (b)		1,370,000		1,296,985
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, 5.465% VRN 1/12/45 (b)		464,636		462,697
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.955% FRN 7/15/35 (a) (b)		4,950,000		4,904,059
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.155% FRN 11/15/35 (a) (b)		2,026,975		1,997,245

	Principal Amount		Value
Commercial Mortgage Pass-Through Certificates Series 2012-CR4, Class B, 3.703% 10/15/45 (a)	$	1,060,000	$	1,012,022
Series 2014-UBS2, Class AM, 4.199% 3/10/47		1,375,000		1,394,152
Series 2014-CR14, Class A4, 4.236% VRN 2/10/47 (b)		1,410,000		1,462,414
Series 2015-CR23, Class C, 4.252% VRN 5/10/48 (b)		1,000,000		970,551
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A 4.238% 1/10/34 (a)		995,000		1,018,406
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.666% VRN 7/10/38 (b)		851,149		859,197
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS 4.948% 1/10/45 (a)		488,000		506,235
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class AM, 5.466% VRN 6/12/47 (b)		6,121		6,117
Morgan Stanley Capital I Trust Series 2018-H3, Class B, 4.620% 7/15/51		760,000		778,860
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (b)		1,325,000		1,360,731
MSCG Trust, Series 2018-SELF, Class C, 3.635% FRN 10/15/37 (a) (b)		440,000		432,157
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.481% VRN 8/15/39 (b)		50,808		50,927
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (b)		1,091,013		1,084,552
Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A1, 3.349% 11/15/43 (a)		52,721		52,762
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (b)		1,450,000		1,483,442
Series 2018-C45, Class B, 4.556% 6/15/51		400,000		411,425
				30,240,647
Home Equity ABS — 0.1%
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% 3.406% FRN 2/25/35		541,680		528,496

The accompanying notes are an integral part of the financial statements.

51

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% 3.226% FRN 3/25/35	$	145,515	$	145,794
				674,290
Other ABS — 15.6%
321 Henderson Receivables LLC Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 3/15/42 (a)		525,620		495,584
Series 2015-1A, Class A, 3.260% 9/15/72 (a)		1,136,594		1,118,838
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% 4.040% FRN 1/25/35		184,273		183,113
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/16/38 (a)		1,708,132		1,725,503
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a)		1,987,626		2,044,211
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 3.916% FRN 10/15/28 (a)		2,620,000		2,621,310
Alterna Funding II LLC, Series 2015-1A, Class A 2.500% 2/15/24 (a)		152,258		151,497
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		1,843,000		1,907,734
Ascentium Equipment Receivables Trust, Series 2018-2A, Class D 4.150% 7/10/24 (a)		2,473,000		2,522,745
Assurant CLO III Ltd., Series 2018-2A, Class C, 4.409% FRN 10/20/31 (a) (b)		820,000		776,170
Atrium XV, Series 15A, Class B, 4.526% FRN 1/23/31 (a) (b)		1,190,000		1,173,178
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% 3.565% FRN 1/18/25 (a)		542,804		541,510
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 3.719% FRN 7/20/30 (a)		1,990,000		1,976,488
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (a)		435,203		435,203

	Principal Amount		Value
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)	$	853,023	$	841,999
CAL Funding II Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		1,482,000		1,517,825
Capital Automotive REIT Series 2014-1A, Class A, 3.660% 10/15/44 (a)		900,000		898,151
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)		983,333		990,865
Carlyle Global Market Strategies CLO Ltd. Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.834% FRN 8/14/30 (a)		4,000,000		3,956,816
Series 2015-3A, Class CR, 5.359% FRN 7/28/28 (a) (b)		330,000		313,426
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		1,648,953		1,674,953
CIFC Funding V Ltd., Series 2017-5A, Class A1, 3.629% FRN 11/16/30 (a) (b)		2,330,000		2,313,098
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3.669% FRN 10/20/30 (a) (b)		2,040,000		2,025,269
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.966% FRN 9/25/34		54,696		54,154
Cronos Containers Program I Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (a)		327,778		325,260
Diamond Resorts Owner Trust Series 2015-2, Class A, 2.990% 5/22/28 (a)		373,338		372,140
Series 2016-1, Class A, 3.080% 11/20/28 (a)		1,672,463		1,651,656
Series 2018-1, Class A, 3.700% 1/21/31 (a)		1,660,133		1,673,710
Domino’s Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		1,542,250		1,523,050
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)		770,250		777,341
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)		3,022,500		3,052,455
Drug Royalty Corp., Inc. Series 2014-1, Class A2, 3.484% 7/15/23 (a)		150,839		149,769
Series 2012-1, Class A2, 5.800% 7/15/24 (a)		19,487		19,461

The accompanying notes are an integral part of the financial statements.

52

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 4.200% FRN 10/15/30 (a) (b)	$	1,700,000	$	1,682,441
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A 2.730% 4/25/28 (a)		1,238,942		1,226,576
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		448,945		441,717
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.469% FRN 4/20/31 (a) (b)		3,000,000		2,962,293
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (a)		279,167		275,863
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		1,534,423		1,526,787
Goldentree Loan Management US CLO Ltd., Series 2017-2A, Class A, 3.619% FRN 11/28/30 (a) (b)		1,950,000		1,935,256
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (a)		2,230,712		2,194,581
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		1,043,604		1,054,586
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)		2,768,992		2,817,003
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 3.151% FRN 4/25/35		56,192		55,797
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 4.539% FRN 1/20/31 (a) (b)		1,290,000		1,263,066
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (a)		1,623,032		1,652,972
Hero Funding Trust Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		1,220,351		1,194,208
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		1,357,414		1,343,222
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		399,770		399,937
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		1,365,748		1,381,761
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		321,384		329,940
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		2,411,277		2,510,354
Highbridge Loan Management Ltd., Series 12A-18, Class B, 4.222% FRN 7/18/31 (a) (b)		1,200,000		1,114,814

	Principal Amount		Value
Hilton Grand Vacations Trust Series 2013-A, Class A, 2.280% 1/25/26 (a)	$	350,378	$	348,721
Series 2018-AA, Class C, 4.000% 2/25/32 (a) (b)		400,131		404,930
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A 4.458% 12/15/38 (a)		1,060,000		1,080,486
J.G. Wentworth XLII LLC, Series 2018-2A, Class A 3.960% 10/15/75 (a)		1,539,921		1,587,714
KREF Ltd., Series 2018-FL1, Class C, 4.302% FRN 6/15/36 (a) (b)		1,670,000		1,636,973
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 4.300% 1/15/42 (a)		2,482,188		2,529,875
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400% 3.869% FRN 10/20/29 (a)		3,030,000		3,023,667
Lendmark Funding Trust Series 2017-1A, Class A, 2.830% 12/22/25 (a)		1,270,000		1,253,488
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		1,730,000		1,727,082
Madison Park Funding Ltd., Series 2018-29A, Class C, 4.448% FRN 10/18/30 (a) (b)		620,000		596,033
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 4.216% FRN 7/15/30 (a) (b)		1,665,000		1,632,306
Marble Point CLO XI Ltd., Series 2017-2A, Class A, 3.625% FRN 12/18/30 (a) (b)		1,200,000		1,185,012
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A 2.510% 5/20/30 (a)		123,909		123,532
Mosaic Solar Loans LLC Series 2017-2A, Class A, 3.820% 6/22/43 (a)		864,982		870,226
Series 2018-1A, Class A, 4.010% 6/22/43 (a)		420,364		425,467
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		434,170		437,388
MP CLO III Ltd., Series 2013-1A, Class AR, 3.719% FRN 10/20/30 (a) (b)		1,750,000		1,737,265
MVW Owner Trust Series 2017-1A, Class A, 2.420% 12/20/34 (a)		356,772		350,001
Series 2015-1A, Class A, 2.520% 12/20/32 (a)		450,642		443,982

The accompanying notes are an integral part of the financial statements.

53

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
NP Ferrum LLC Series 15-1A, Class A1, 2.707% 2/19/45 (a) (e)	$	339,487	$	335,693
Series 16-1A, Class A1, 3.968% 3/19/46 (a) (e)		999,199		1,010,159
NP SPE II LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (a)		2,260,000		2,291,966
NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 2.833% 10/16/51 (a)		10,600,000		10,456,946
Orange Lake Timeshare Trust Series 2014-AA, Class A, 2.290% 7/09/29 (a)		159,945		157,334
Series 2016-A, Class B, 2.910% 3/08/29 (a)		818,557		812,958
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (a)		1,061,664		1,064,953
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 5.356% FRN 2/25/23 (a) (b)		1,270,000		1,272,728
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.985% FRN 2/20/30 (a)		700,000		696,728
RR 3 Ltd., Series 2018-3A, Class A1R2, 3.526% FRN 1/15/30 (a) (b)		2,450,000		2,406,290
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B 3.080% 9/20/32 (a)		137,722		137,008
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class D 5.200% 9/20/35 (a)		1,752,027		1,776,410
SoFi Consumer Loan Program LLC, Series 2017-2, Class A 3.280% 2/25/26 (a)		1,552,352		1,548,878
Spirit Master Funding LLC, Series 2014-4A, Class A1 3.501% 1/20/45 (a)		996,562		992,050
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (a)		886,737		878,161
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 2.750% 11/15/49 (a)		4,490,000		4,481,644
Steele Creek CLO Ltd. Series 2017-1A, Class A, 3.686% FRN 1/15/30 (a) (b)		660,000		652,069
Series 2018-2A, Class C, 4.573% FRN 8/18/31 (a) (b)		1,170,000		1,109,522

	Principal Amount		Value
Store Master Funding I-VII, Series 2018-1A, Class A2 4.290% 10/20/48 (a)	$	1,345,351	$	1,382,977
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (a)		209,078		205,242
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A 4.870% 7/20/48 (a)		472,000		481,841
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (a)		2,012,639		1,956,796
Taco Bell Funding LLC, Series 2018-1A, Class A2II 4.940% 11/25/48 (a)		1,140,000		1,150,040
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a)		2,260,969		2,306,114
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 3.916% FRN 10/13/29 (a)		2,150,000		2,149,972
THL Credit Wind River CLO Ltd. Series 2018-2A, Class B, 3.861% FRN 7/15/30 (a) (b)		1,150,000		1,129,260
Series 2016-2A, Class BR, 4.343% FRN 11/01/31 (a) (b)		900,000		890,622
Trinity Rail Leasing L.P., Series 2018-1A, Class A2 4.620% 6/17/48 (a)		2,420,000		2,477,427
Trip Rail Master Funding LLC Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		473,018		469,054
Series 2017-1A, Class A2, 3.736% 8/15/47 (a)		810,000		816,875
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (a)		3,014,717		3,004,496
Triton Container Finance VI LLC Series 2017-1A, Class A, 3.520% 6/20/42 (a)		818,792		806,745
Series 2018-2A, Class A, 4.190% 6/22/43 (a)		1,558,000		1,568,166
Vivint Solar Financing V LLC, Series 2018-1A, Class B 7.370% 4/30/48 (a)		2,991,869		3,051,233
VSE VOI Mortgage LLC, Series 2016-A, Class A 2.540% 7/20/33 (a)		1,288,657		1,267,577
WAVE Trust Series 2017-1A, Class A, 3.844% 11/15/42 (a)		3,721,802		3,726,250
Series 2017-1A, Class C, 6.656% 11/15/42 (a)		2,332,752		2,328,098

The accompanying notes are an integral part of the financial statements.

54

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Wendy’s Funding LLC Series 2015-1A, Class A2II, 4.080% 6/15/45 (a)	$	1,770,525	$	1,779,360
Series 2015-1A, Class A23, 4.497% 6/15/45 (a)		2,128,500		2,192,727
Westgate Resorts LLC, Series 2017-1A, Class A 3.050% 12/20/30 (a)		1,079,485		1,071,436
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		1,334,778		1,369,448
Wingstop Funding LLC, Series 2018-1, Class A2 4.970% 12/05/48 (a)		650,000		656,343
				160,881,400
Student Loans ABS — 12.2%
AccessLex Institute Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		2,950,000		2,906,854
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.590% FRN 7/01/38		232,520		226,995
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN1/25/47		900,000		715,566
Collegiate Funding Services Education Loan Trust, Series 2005-B, Class A4, 3 mo. USD LIBOR + .160% 2.973% FRN 3/28/35		1,284,781		1,269,714
DRB Prime Student Loan Trust, Series 2015-D, Class A2 3.200% 1/25/40 (a)		647,530		652,278
Earnest Student Loan Program LLC, Series 2016-B, Class A2 3.020% 5/25/34 (a)		802,482		799,840
ECMC Group Student Loan Trust Series 2018-2A, Class A, 3.306% FRN 9/25/68 (a) (b)		2,656,714		2,654,474
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.706% FRN 12/27/66 (a)		2,570,314		2,599,453
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.856% FRN 7/26/66 (a)		3,124,809		3,184,092
EdLinc Student Loan Funding, Series 2017-A, Class A, 3.350% FRN 12/01/47 (a) (b)		3,108,447		3,144,695
Education Services of America Series 2014-4, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/48 (a)		1,200,000		1,126,632

	Principal Amount		Value
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 10/25/56 (a)	$	1,100,000	$	1,045,340
Educational Funding of the South, Inc., Series 2011-1, Class B, 3 mo. USD LIBOR + 3.700% 6.190% FRN 4/25/46		625,000		655,695
Higher Education Funding I Series 2004-1, Class B1, 28 day ARS 0.000%FRN 1/01/44 (a)		450,000		396,173
Series 2004-1, Class B2, 28 day ARS 0.000%FRN 1/01/44 (a)		450,000		385,168
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 3.132% FRN 9/27/35		120,457		120,162
Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX 3.020% 8/25/42 (a)		957,860		940,340
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 3.175% FRN 12/15/59 (a) (b)		880,000		882,463
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B 4.220% 6/16/42 (a)		1,530,000		1,507,707
Navient Student Loan Trust Series 2018-1A, Class A3, 3.226% FRN 3/25/67 (a) (b)		4,150,000		4,126,751
Series 2014-1, Class A4, 1 mo. USD LIBOR + .750% 3.256% FRN 2/25/39		3,000,000		2,967,155
Series 2017-5A, Class A, 3.306% FRN 7/26/66 (a) (b)		1,744,717		1,747,665
Series 2018-3A, Class A3, 3.306% FRN 3/25/67 (a) (b)		4,700,000		4,641,848
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.756% FRN 6/25/65 (a)		2,487,777		2,506,401
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.806% FRN 3/25/66 (a)		7,050,000		7,201,942
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 10/25/58		940,000		953,404
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/65 (a)		2,370,000		2,448,780
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (a)		820,014		798,509

The accompanying notes are an integral part of the financial statements.

55

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Nelnet Student Loan Trust Series 2005-4, Class A4A, 7 day ARS, 0.000% 2.594% FRN 3/22/32	$	325,000	$	317,653
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 3.072% FRN 6/25/41		730,056		670,789
Series 2018-3A, Class A3, 3.256% FRN 9/27/66 (a) (b)		3,800,000		3,804,804
North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3 mo. USD LIBOR + .800% 3.290% FRN 7/25/36		1,600,000		1,606,633
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.456% FRN 11/25/65 (a)		2,635,192		2,648,328
SLM Student Loan Trust Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.630% FRN 1/27/42		550,000		529,260
Series 2005-3, Class B, 3 mo. USD LIBOR + .150% 2.640% FRN 4/25/40		961,926		885,800
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.640% FRN 3/25/44		5,310,000		5,163,869
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.700% FRN 10/25/40		2,258,162		2,143,657
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.780% FRN 1/25/44		2,357,122		2,187,226
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 3.090% FRN 1/25/41		3,530,000		3,500,357
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.090% FRN 10/25/65 (a)		15,050,000		15,008,126
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% 3.240% FRN 1/25/40		5,300,000		5,257,765
Series 2005-5, Class A5, 3 mo. USD LIBOR + .750% 3.240% FRN 10/25/40		1,056,000		1,047,424
Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/43		1,420,000		1,400,382
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		518,000		518,000

	Principal Amount		Value
Series 2002-7, Class A10, 28 day ARS 4.088% FRN 3/15/28	$	234,000	$	234,000
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		250,000		250,000
Series 2002-7, Class B, 28 day ARS 5.073% FRN 12/15/39		3,950,000		3,964,260
Series 2003-2, Class A7, 28 day ARS 5.083% FRN 9/15/28		650,000		650,000
SMB Private Education Loan Trust, Series 2016-B, Class A2A 2.430% 2/17/32 (a)		1,249,423		1,227,265
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000%3/25/33 (a)		1,200		1,245,000
Series 2017-D, Class R1, 0.000%9/25/40 (a)		4,688,500		3,025,255
Series 2018-A, Class R1, 0.000%2/25/42 (a)		3,759,800		2,700,288
Series 2018-B, Class R1, 0.000%8/26/47 (a)		3,324,300		1,823,732
Series 2018-D, Class R1, 0.000%2/25/48 (a)		4,961,600		1,709,271
Series 2016-D, Class A2B, 2.340% 4/25/33 (a)		1,300,000		1,272,326
Series 2017-A, Class B, 3.440% VRN 3/26/40 (a) (b)		1,220,000		1,191,518
Series 2017-C, Class C, 4.210% VRN 7/25/40 (a) (b)		990,000		965,087
South Carolina Student Loan Corp. Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000% 3.349% FRN 1/03/33		1,800,000		1,816,000
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 3.849% FRN 8/01/35		3,050,000		3,092,770
South Texas Higher Education Authority, Inc., Series 2012-1, Class A3, 3 mo. USD LIBOR + .850% 3.246% FRN 10/01/46		1,700,000		1,719,368
				126,182,309
WL Collateral CMO — 0.6%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.640% VRN 8/25/34 (b)		30,198		29,735
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.714% VRN 2/25/34 (b)		18,506		17,902
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)		4,141		3,752

The accompanying notes are an integral part of the financial statements.

56

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.104% VRN 8/25/34 (b)	$	5,855	$	5,605
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.944% VRN 8/25/34 (b)		40,157		37,858
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (a) (b)		3,085,702		3,012,804
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.792% VRN 2/25/34 (b)		3,461		3,206
Series 2003-A4, Class IA, 4.597% VRN 7/25/33 (b)		2,685		2,598
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (a) (b)		3,723,579		3,648,061
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.347% VRN 3/25/34 (b)		22,589		21,750
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.557% FRN 4/25/44		64,221		62,002
				6,845,273
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $337,041,358)				336,137,589
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Colombia Government International Bond 6.125% 1/18/41		2,580,000		2,786,400
Mexico Government International Bond 4.750% 3/08/44		4,727,000		4,296,843
6.750% 9/27/34		685,000		780,284
				7,863,527
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,257,423)				7,863,527
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 26.9%
Collateralized Mortgage Obligations — 0.3%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33		1,191,900		1,296,229
Series 2693, Class Z, 5.500% 10/15/33		2,155,904		2,312,210

	Principal Amount		Value
Series 2178, Class PB, 7.000% 8/15/29	$	48,710	$	53,442
				3,661,881
Pass-Through Securities — 26.2%
Federal Home Loan Mortgage Corp. Pool #G11630 3.500% 6/01/19		3,556		3,558
Pool #J13972 3.500% 1/01/26		47,461		48,173
Pool #C91344 3.500% 11/01/30		136,535		138,717
Pool #C91424 3.500% 1/01/32		92,806		94,230
Pool #Q41916 3.500% 7/01/46		1,576,813		1,583,896
Pool #Q42045 3.500% 7/01/46		668,869		671,873
Pool #Q44275 3.500% 11/01/46		1,328,315		1,333,867
Pool #Q44277 3.500% 11/01/46		388,845		389,984
Pool #Q52216 3.500% 11/01/47		3,590,763		3,590,061
Pool #V83764 4.000% 12/01/47		9,973,311		10,175,115
Pool #V83796 4.000% 12/01/47		8,966,967		9,148,408
Pool #Q52834 4.000% 12/01/47		1,478,257		1,507,707
Pool #V83962 4.000% 2/01/48		2,636,086		2,689,426
Pool #Q57232 4.000% 7/01/48		2,336,106		2,382,099
Pool #C91239 4.500% 3/01/29		6,896		7,172
Pool #C91251 4.500% 6/01/29		43,213		44,942
Pool #G05253 5.000% 2/01/39		209,238		222,030
Pool #C90939 5.500% 12/01/25		25,060		26,627
Pool #D97258 5.500% 4/01/27		14,063		14,943
Pool #C91026 5.500% 4/01/27		40,079		42,585
Pool #C91074 5.500% 8/01/27		4,194		4,459
Pool #D97417 5.500% 10/01/27		11,247		11,961
Pool #C91128 5.500% 12/01/27		2,061		2,192
Pool #C91148 5.500% 1/01/28		91,381		97,182
Pool #C91176 5.500% 5/01/28		31,856		33,878
Pool #C91217 5.500% 11/01/28		12,430		13,219
Pool #C01079 7.500% 10/01/30		1,682		1,919
Pool #C01135 7.500% 2/01/31		5,400		6,145
Federal National Mortgage Association Pool #AO8180 3.000% 9/01/42		36,837		36,182
Pool #AB7397 3.000% 12/01/42		174,913		171,804
Pool #AB7401 3.000% 12/01/42		163,173		160,273
Pool #AP8668 3.000% 12/01/42		200,840		197,271
Pool #AR1975 3.000% 12/01/42		45,372		44,565
Pool #AR0306 3.000% 1/01/43		13,672		13,429
Pool #AR5391 3.000% 1/01/43		109,472		107,526
Pool #AL3215 3.000% 2/01/43		149,458		146,661
Pool #AR4109 3.000% 2/01/43		146,690		143,946
Pool #AR4432 3.000% 3/01/43		59,108		58,002
Pool #AT0169 3.000% 3/01/43		265,880		261,155
Pool #AB8809 3.000% 3/01/43		81,511		79,985
Pool #MA1368 3.000% 3/01/43		274,813		269,671
Pool #AR2174 3.000% 4/01/43		296,577		291,028
Pool #MA2806 3.000% 11/01/46		14,687,725		14,344,055
Pool #BM3564 3.000% 7/01/47		7,257,802		7,085,713
Pool #AS1304 3.500% 12/01/28		1,497,002		1,520,743

The accompanying notes are an integral part of the financial statements.

57

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #AV1897 3.500% 12/01/28	$	270,657	$	274,950
Pool #AV2325 3.500% 12/01/28		742,882		754,663
Pool #BF0196 3.500% 2/01/41		1,435,080		1,446,796
Pool #MA1356 3.500% 2/01/43		10,402,357		10,467,778
Pool #BM3994 3.500% 1/01/44		1,613,739		1,623,888
Pool #CA1073 3.500% 1/01/48		13,922,037		13,922,582
Pool #BJ0686 4.000% 4/01/48		3,380,595		3,448,603
Pool #CA1951 4.000% 7/01/48		4,367,759		4,458,356
Pool #775539 12 mo. USD LIBOR + 1.645% 4.179% FRN 5/01/34		45,576		47,436
Pool #725692 1 year CMT + 2.138% 4.318% FRN 10/01/33		92,469		96,973
Pool #888586 1 year CMT + 2.199% 4.379% FRN 10/01/34		96,846		101,804
Pool #AA3980 4.500% 4/01/28		68,634		71,355
Pool #CA1952 4.500% 6/01/48		3,250,794		3,374,731
Pool #CA1909 4.500% 6/01/48		10,798,440		11,186,508
Pool #BK7877 4.500% 7/01/48		2,220,156		2,304,799
Pool #AD6437 5.000% 6/01/40		511,492		544,339
Pool #AD6996 5.000% 7/01/40		3,422,200		3,631,275
Pool #AL8173 5.000% 2/01/44		1,374,038		1,455,836
Pool #AD0836 5.500% 11/01/28		77,487		82,405
Pool #575667 7.000% 3/01/31		12,116		13,859
Pool #529453 7.500% 1/01/30		2,601		2,971
Pool #531196 7.500% 2/01/30		307		347
Pool #530299 7.500% 3/01/30		346		383
Pool #535996 7.500% 6/01/31		5,975		6,812
Pool #523499 8.000% 11/01/29		261		297
Pool #252926 8.000% 12/01/29		153		176
Pool #532819 8.000% 3/01/30		126		146
Pool #534703 8.000% 5/01/30		2,704		3,116
Pool #253437 8.000% 9/01/30		134		155
Pool #253481 8.000% 10/01/30		81		93
Pool #190317 8.000% 8/01/31		3,178		3,667
Pool #596656 8.000% 8/01/31		826		845
Pool #602008 8.000% 8/01/31		4,060		4,663
Pool #597220 8.000% 9/01/31		3,149		3,647
Federal National Mortgage Association TBA Pool #9174 4.000% 5/01/48 (g)		53,525,000		54,557,867
Pool #18718 4.500% 6/01/48 (g)		34,450,000		35,661,131
Government National Mortgage Association Pool #783896 3.500% 5/15/44		4,735,348		4,793,429
Pool #371146 7.000% 9/15/23		99		104
Pool #352022 7.000% 11/15/23		4,507		4,808
Pool #374440 7.000% 11/15/23		297		317
Pool #491089 7.000% 12/15/28		8,472		9,229
Pool #480539 7.000% 4/15/29		412		461
Pool #478658 7.000% 5/15/29		2,145		2,425
Pool #488634 7.000% 5/15/29		2,243		2,519

	Principal Amount		Value
Pool #500928 7.000% 5/15/29	$	4,212	$	4,748
Pool #499410 7.000% 7/15/29		1,248		1,415
Pool #510083 7.000% 7/15/29		922		1,035
Pool #493723 7.000% 8/15/29		2,537		2,877
Pool #516706 7.000% 8/15/29		57		59
Pool #581417 7.000% 7/15/32		12,112		13,763
Government National Mortgage Association II Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25		4,270		4,346
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27		837		855
Government National Mortgage Association II TBA Pool #188 3.000% 5/01/47 (g)		41,350,000		40,716,828
Pool #207 3.500% 12/01/47 (g)		10,875,000		10,948,916
Pool #232 4.000% 5/01/48 (g)		5,300,000		5,427,117
				270,708,880
Whole Loans — 0.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2016-HQA3, Class M1, 1 mo. USD LIBOR + .800% 3.306% FRN 3/25/29		94,579		94,601
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 3.856% FRN 3/25/29		790,000		793,927
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C06, Class 1M1, 1 mo. USD LIBOR + 1.300% 3.806% FRN 4/25/29		1,414,070		1,420,303
Series 2016-C05, Class 2M1, 1 mo. USD LIBOR + 1.350% 3.856% FRN 1/25/29		711,842		712,713
Series 2016-C04, Class 1M1, 1 mo. USD LIBOR + 1.450% 3.956% FRN 1/25/29		921,819		925,429
				3,946,973
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $278,810,742)				278,317,734

The accompanying notes are an integral part of the financial statements.

58

MML Managed Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds & Notes — 0.5%
U.S. Treasury Bond 2.500% 5/15/46	$	500,000	$	450,859
3.500% 2/15/39 (f)		3,900,000		4,264,508
				4,715,367
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,591,426)				4,715,367
TOTAL BONDS & NOTES (Cost $1,047,133,724)				1,030,352,580
TOTAL PURCHASED OPTIONS (#) — 1.0% (Cost $10,172,309)				10,628,513
MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Prime Portfolio (h)		1,752,085		1,752,085
TOTAL MUTUAL FUNDS (Cost $1,752,085)				1,752,085
TOTAL LONG-TERM INVESTMENTS (Cost $1,061,433,118)				1,044,997,978
SHORT-TERM INVESTMENTS — 13.7%
Commercial Paper — 13.7%
AT&T, Inc. 3.167% 3/15/19 (a)		8,000,000		7,949,236
CBS Corp. 3.109% 2/20/19 (a)		4,500,000		4,480,939
Duke Energy Corp. 3.077% 3/20/19 (a)		8,000,000		7,945,455
Entergy Corp. 3.216% 3/04/19 (a)		11,500,000		11,438,780
Experian Finance Plc 3.024% 1/31/19 (a)		10,000,000		9,975,863
FMC Tech, Inc. 3.218% 3/13/19 (a)		5,000,000		4,969,140
Glencore Funding LLC 3.094% 1/03/19 (a)		3,600,000		3,599,183
Harley-Davidson, Inc. 3.119% 3/25/19 (a)		5,000,000		4,963,577
Mondelez International, Inc. 3.119% 2/19/19 (a)		10,000,000		9,958,569
National Grid USA 2.861% 2/14/19 (a)		3,000,000		2,988,937

	Principal Amount		Value
Public Service Enterprise Group, Inc. 3.052% 1/23/19 (a)	$	7,091,000	$	7,078,075
Public Storage 3.052% 1/22/19 (a)		2,162,000		2,158,238
Southern Co. Gas Capital 3.160% 2/14/19 (a)		5,000,000		4,981,562
Spectra Energy Partners 3.098% 1/08/19 (a)		5,800,000		5,796,515
3.100% 1/15/19 (a)		6,000,000		5,993,000
Suncor Energy, Inc. 3.199% 3/19/19 (a)		6,600,000		6,555,613
Telus Corp. 3.116% 3/20/19 (a)		7,000,000		6,952,273
3.167% 3/19/19 (a)		4,000,000		3,973,099
Transcanada Pipelines Ltd. 3.117% 3/11/19 (a)		4,200,000		4,174,847
3.218% 3/15/19 (a)		5,000,000		4,968,221
Tyco International Holding Sarl 3.476% 3/21/19 (a)		5,000,000		4,966,078
Walgreens Boots Alliance, Inc. 3.289% 4/16/19		7,000,000		6,935,054
3.349% 5/31/19		4,000,000		3,946,814
Westar Energy, Inc. 3.045% 1/09/19 (a)		4,300,000		4,297,078
				141,046,146
TOTAL SHORT-TERM INVESTMENTS (Cost $141,045,972)				141,046,146
TOTAL INVESTMENTS — 114.8% (Cost $1,202,479,090) (i)				1,186,044,124
Other Assets/(Liabilities) — (14.8)%				(152,557,532	)
NET ASSETS — 100.0%			$	1,033,486,592

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

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

The accompanying notes are an integral part of the financial statements.

59

MML Managed Bond Fund – Portfolio of Investments (Continued)

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 December 31, 2018, these securities amounted to a value of $498,957,155 or 48.28% 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 December 31, 2018.

(c) Security is perpetual and has no stated maturity date.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was

$1,717,576 or 0.17% 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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $1,345,852 or 0.13% of net assets.

(f) A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2).

(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

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

(i) See Note 6 for aggregate cost for federal tax purposes.

(#) Purchased Swaptions contracts at December 31, 2018:

OTC Counterparty	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		32,720,000		USD 32,720,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	1,635,748	$	1,398,969	$	(236,779	)
Credit Suisse International*		36,280,000		USD 36,280,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		1,741,440		1,724,189		(17,251	)
											3,377,188		3,123,158		(254,030	)
Put
Barclays Bank PLC*		66,610,000		USD 66,610,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	3,330,035	$	3,774,085	$	444,050
Credit Suisse International*		72,340,000		USD 72,340,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		3,465,086		3,731,270		266,184
											6,795,121		7,505,355		710,234
										$	10,172,309	$	10,628,513	$	456,204

* Contracts are subject to a Master Netting Agreement.

The accompanying notes are an integral part of the financial statements.

60

MML Managed Bond Fund – Portfolio of Investments (Continued)

Futures contracts at December 31, 2018:

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		3/20/19		509	$	77,651,332		$	4,122,699
U.S. Treasury Note 2 Year		3/29/19		368		77,618,979			512,021
U.S. Treasury Note 5 Year		3/29/19		609		68,816,170			1,028,518
								$	5,663,238
Short
U.S. Treasury Long Bond		3/20/19		278	$	(38,836,980	)	$	(1,751,020	)
U.S. Treasury Ultra 10 Year		3/20/19		7		(907,024	)		(3,523	)
								$	(1,754,543	)

Swap agreements at December 31, 2018:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		3,200,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)	$	(518,001	)	$	1,972		$	(516,029	)
Goldman Sachs International*	USD		2,540,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(189,635	)		(219,964	)		(409,599	)
Goldman Sachs International*	USD		920,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(74,648	)		(73,711	)		(148,359	)
									$	(782,284	)	$	(291,703	)	$	(1,073,987	)

Collateral for swap agreements held by Goldman Sachs International amounted to $260,000 in cash at December 31, 2018; and collateral for swap agreements held by Goldman Sachs International amounted to $663,970 in securities at December 31, 2018.

* Contracts are subject to a Master Netting Agreement.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

61

MML Managed Bond Fund – Portfolio of Investments (Continued)

Country weightings, as a percentage of net assets, is as follows:

United States	85.2	%
Cayman Islands	6.2	%
Mexico	1.4	%
Canada	1.3	%
Netherlands	1.3	%
Bermuda	1.0	%
United Kingdom	0.9	%
Luxembourg	0.7	%
Ireland	0.6	%
Switzerland	0.4	%
Turkey	0.3	%
Sweden	0.3	%
Colombia	0.3	%
Israel	0.3	%
Spain	0.2	%
Norway	0.2	%
Germany	0.2	%
Panama	0.1	%
Australia	0.1	%
Italy	0.1	%
Barbados	0.0	%
Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

62

MML U.S. Government Money Market Fund – Portfolio of Investments

December 31, 2018

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.0%
Discount Notes — 69.4%
Federal Farm Credit Bank 1 mo. USD LIBOR + .150% 2.605% FRN 1/15/19, 3/15/19 (a)	$	5,000,000	$	5,002,825
1 mo. USD LIBOR + .175% 2.681% FRN 1/25/19, 2/25/19 (a)		1,500,000		1,500,691
2.729% 10/22/19, 10/22/19 (a)		655,000		640,932
2.758% 9/30/19, 9/30/19 (a)		1,000,000		979,902
Federal Home Loan Bank 2.258% FRN 1/07/19, 6/07/19 (a) (b)		6,000,000		5,999,998
3 mo. USD LIBOR - .220% 2.321% FRN 2/01/19, 2/01/19 (a)		3,000,000		3,000,328
2.325% 1/02/19, 1/02/19 (a)		3,400,000		3,399,784
2.365% FRN 1/17/19, 7/17/19 (a) (b)		10,000,000		10,000,041
2.375% 1/02/19, 1/02/19 (a)		5,000,000		4,999,675
2.379% FRN 1/21/19, 8/21/19 (a) (b)		4,000,000		4,000,000
2.390% FRN 1/20/19, 3/20/19 (a) (b)		3,450,000		3,449,880
2.394% FRN 1/22/19, 4/22/19 (a) (b)		2,500,000		2,500,104
2.400% 1/11/19, 1/11/19 (a)		3,000,000		2,998,029
2.405% FRN 1/17/19, 1/17/20 (a) (b)		4,500,000		4,500,000
2.407% 1/14/19, 1/14/19 (a)		5,000,000		4,995,721
2.407% 1/15/19, 1/15/19 (a)		5,000,000		4,995,392
2.408% 1/18/19, 1/18/19 (a)		700,000		699,216
2.409% 2/08/19, 2/08/19 (a)		600,000		598,499
1 mo. USD LIBOR - .090% 2.414% FRN 1/22/19, 1/22/19 (a)		1,600,000		1,600,033
2.416% 1/24/19, 1/24/19 (a)		1,600,000		1,597,569
2.416% 1/10/19, 1/10/19 (a)		4,000,000		3,997,620
1 mo. USD LIBOR - .090% 2.416% FRN 1/25/19, 1/25/19 (a)		5,000,000		5,000,053
2.416% 2/08/19, 2/08/19 (a)		4,162,000		4,151,566
2.418% 1/23/19, 1/23/19 (a)		3,715,000		3,709,597
2.421% 2/21/19, 2/21/19 (a)		6,640,000		6,617,612
2.428% 1/25/19, 1/25/19 (a)		1,200,000		1,198,088
2.428% 1/28/19, 1/28/19 (a)		1,160,000		1,157,921
2.431% FRN 1/28/19, 2/28/19 (a) (b)		5,000,000		4,999,968
2.446% 2/13/19, 2/13/19 (a)		6,850,000		6,830,322
2.468% 4/10/19, 4/10/19 (a)		2,000,000		1,986,772
1 mo. USD LIBOR - .035% 2.469% FRN 1/23/19, 1/23/19 (a)		1,400,000		1,400,064
2.486% 4/12/19, 4/12/19 (a)		500,000		496,591
3 mo. USD LIBOR - .235% 2.504% FRN 3/06/19, 3/06/19 (a)		2,000,000		1,999,751

	Principal Amount		Value
3 mo. USD LIBOR - .160% 2.517% FRN 2/24/19, 5/24/19 (a)	$	7,000,000	$	7,003,749
2.561% 5/22/19, 5/22/19 (a)		2,077,000		2,056,703
2.592% 6/13/19, 6/13/19 (a)		2,300,000		2,273,757
2.713% 9/12/19, 9/12/19 (a)		1,770,000		1,737,281
2.767% 9/26/19, 9/26/19 (a)		200,000		196,025
				124,272,059
Repurchase Agreement — 11.2%
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 12/31/18, 2.900%, due 1/02/19 (c)		20,000,000		20,000,000
U.S. Treasury Bonds & Notes — 19.4%
U.S. Treasury Note 0.750% 2/15/19, 2/15/19 (a)		5,000,000		4,990,973
1.000% 8/31/19, 8/31/19 (a)		5,500,000		5,441,064
1.000% 11/30/19, 11/30/19 (a)		3,500,000		3,445,574
1.125% 1/31/19, 1/31/19 (a)		8,000,000		7,992,992
1.500% 3/31/19, 3/31/19 (a)		8,000,000		7,982,920
1.625% 8/31/19, 8/31/19 (a)		5,000,000		4,966,877
				34,820,400
TOTAL SHORT-TERM INVESTMENTS (Cost $179,092,459)				179,092,459
TOTAL INVESTMENTS — 100.0% (Cost $179,092,459) (d)				179,092,459
Other Assets/(Liabilities) — 0.0%				10,032
NET ASSETS — 100.0%			$	179,102,491

Abbreviation Legend

FRN Floating Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) The stated maturity dates reflect demand date and stated maturity date, respectively.

(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 December 31, 2018.

(c) Maturity value of $20,003,222. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% – 3.125%, maturity dates ranging from 8/31/19 – 5/15/48, and an aggregate market value, including accrued interest, of $20,400,000.

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

63

MML Series Investment Fund II – Financial Statements

Statements of Assets and Liabilities

December 31, 2018

	MML Blend Fund		MML Equity Fund		MML Managed Bond Fund			MML U.S. Government Money Market Fund
Assets:
Investments, at value (Note 2) (a)	$	640,291,048	$	710,293,081	$	1,044,997,978		$	-
Repurchase agreements, at value (Note 2) (b)		3,389,677		10,120,183		-			20,000,000
Other short-term investments, at value (Note 2) (c)		41,325,815		-		141,046,146			159,092,459
Total investments (d)		685,006,540		720,413,264		1,186,044,124			179,092,459
Cash		5,287		5,155		2,846,400			26,455
Receivables from:
Investments sold		2,766,309		334,668		16,384,250			-
Investments sold on a when-issued basis (Note 2)		22,109,424		-		87,174,102			-
Fund shares sold		335,426		2,661,542		294,742			925,752
Collateral pledged for open swap agreements (Note 2)		-		-		260,000			-
Variation margin on open derivative instruments (Note 2)		79,030		-		362,198			-
Interest and dividends		2,099,415		998,099		7,140,730			211,143
Interest tax reclaim receivable		4,961		-		6,966			-
Foreign taxes withheld		-		12,094		-			-
Total assets		712,406,392		724,424,822		1,300,513,512			180,255,809
Liabilities:
Payables for:
Investments purchased		1,592,971		1,029,885		-			-
Collateral held for open purchased options (Note 2)		1,690,000		-		10,555,000			-
Collateral held for when-issued securities (Note 2)		128,874		-		727,000			-
Investments purchased on a when-issued basis (Note 2)		62,224,731		-		233,183,277			-
Fund shares repurchased		229,809		258,264		18,710,117			962,882
Securities on loan (Note 2)		67,674		4,720,300		1,752,085			-
Open swap agreements, at value (Note 2)		175,773		-		1,073,987			-
Trustees’ fees and expenses (Note 3)		218,397		274,014		263,709			56,460
Affiliates (Note 3):
Investment advisory fees		233,585		258,181		355,466			72,929
Service fees		77,029		56,903		172,686			-
Commitment and Contingent Liabilities (Note 9)		-		-		-			-
Accrued expense and other liabilities		156,416		147,139		233,593			61,047
Total liabilities		66,795,259		6,744,686		267,026,920			1,153,318
Net assets	$	645,611,133	$	717,680,136	$	1,033,486,592		$	179,102,491
Net assets consist of:
Paid-in capital	$	539,365,085	$	625,692,488	$	1,084,781,286		$	179,152,670
Accumulated Gain (Loss)		106,246,048		91,987,648		(51,294,694	)		(50,179	)
Net assets	$	645,611,133	$	717,680,136	$	1,033,486,592		$	179,102,491
(a)    Cost of investments:	$	566,393,648	$	669,745,929	$	1,061,433,118		$	-
(b)    Cost of repurchase agreements:	$	3,389,677	$	10,120,183	$	-		$	20,000,000
(c)    Cost of other short-term investments:	$	41,329,041	$	-	$	141,045,972		$	159,092,459
(d)    Securities on loan with market value of:	$	66,188	$	3,719,522	$	1,717,576		$	-

The accompanying notes are an integral part of the financial statements.

64

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018

	MML Blend Fund		MML Equity Fund		MML Managed Bond Fund		MML U.S. Government Money Market Fund
Initial Class shares:
Net assets	$	527,007,339	$	634,703,458	$	778,603,115	$	179,102,491
Shares outstanding (a)		25,900,189		26,268,320		65,240,508		179,105,668
Net asset value, offering price and redemption price per share	$	20.35	$	24.16	$	11.93	$	1.00
Service Class shares:
Net assets	$	118,603,794	$	82,976,678	$	254,883,477	$	-
Shares outstanding (a)		5,844,160		3,483,007		21,400,361		-
Net asset value, offering price and redemption price per share	$	20.29	$	23.82	$	11.91	$	-

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

65

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2018

	MML Blend Fund			MML Equity Fund			MML Managed Bond Fund			MML U.S. Government Money Market Fund
Investment income (Note 2):
Dividends (a)	$	10,164,072		$	20,251,499		$	121,125		$	-
Interest		7,772,777			107,940			43,771,655			3,233,205
Securities lending net income		25			30,288			1,891			-
Total investment income		17,936,874			20,389,727			43,894,671			3,233,205
Expenses (Note 3):
Investment advisory fees		2,887,407			3,377,250			4,534,099			821,910
Custody fees		72,698			72,339			112,709			18,322
Audit fees		37,419			36,653			38,425			31,881
Legal fees		20,919			13,108			35,979			19,532
Proxy fees		1,293			1,293			1,293			1,293
Shareholder reporting fees		69,662			104,585			113,509			16,552
Trustees’ fees		40,358			48,800			68,286			9,863
		3,129,756			3,654,028			4,904,300			919,353
Service fees:
Service Class		268,566			233,559			689,951			-
Total expenses		3,398,322			3,887,587			5,594,251			919,353
Net investment income (loss)		14,538,552			16,502,140			38,300,420			2,313,852
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		35,568,060			38,001,527			(13,456,104	)		360
Futures contracts		(820,832	)		-			(7,460,772	)		-
Swap agreements		75,062			-			458,075			-
Foreign currency transactions		-			(14,857	)		-			-
Net realized gain (loss)		34,822,290			37,986,670			(20,458,801	)		360
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(79,381,342	)		(133,765,394	)		(30,316,894	)		-
Futures contracts		852,187			-			4,498,984			-
Swap agreements		(16,285	)		-			(99,503	)		-
Net change in unrealized appreciation (depreciation)		(78,545,440	)		(133,765,394	)		(25,917,413	)		-
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(43,723,150	)		(95,778,724	)		(46,376,214	)		360
Net increase (decrease) in net assets resulting from operations	$	(29,184,598	)	$	(79,276,584	)	$	(8,075,794	)	$	2,314,212
(a)    Net of foreign withholding tax of:	$	-		$	129,304		$	-		$	-

The accompanying notes are an integral part of the financial statements.

66

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67

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Blend Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	14,538,552		$	12,535,897
Net realized gain (loss)		34,822,290			48,668,642
Net change in unrealized appreciation (depreciation)		(78,545,440	)		33,381,194
Net increase (decrease) in net assets resulting from operations		(29,184,598	)		94,585,733
Distributions to shareholders (Note 2):
Initial Class		(52,441,279	)		(36,251,636	)*
Service Class		(8,800,849	)		(4,094,882	)*
Total distributions		(61,242,128	)		(40,346,518	)
Net fund share transactions (Note 5):
Initial Class		(5,036,502	)		(22,711,107	)
Service Class		45,586,652			21,969,778
Increase (decrease) in net assets from fund share transactions		40,550,150			(741,329	)
Total increase (decrease) in net assets		(49,876,576	)		53,497,886
Net assets*
Beginning of year		695,487,709			641,989,823
End of year	$	645,611,133		$	695,487,709

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

The accompanying notes are an integral part of the financial statements.

68

MML Equity Fund						MML Managed Bond Fund						MML U.S. Government Money Market Fund
Year Ended December 31, 2018			Year Ended December 31,  2017			Year Ended December 31, 2018			Year Ended December 31,  2017			Year Ended December 31, 2018			Year Ended December 31, 2017
$	16,502,140		$	14,219,053		$	38,300,420		$	33,465,384		$	2,313,852		$	543,828
	37,986,670			117,572,295			(20,458,801	)		8,858,067			360			223
	(133,765,394	)		(9,508,654	)		(25,917,413	)		13,359,717			-			-
	(79,276,584	)		122,282,694			(8,075,794	)		55,683,168			2,314,212			544,051
	(116,978,081	)		(18,607,494	)*		(30,373,956	)		(30,212,037	)*		(2,314,775	)		(548,038	)*
	(14,830,448	)		(2,062,871	)*		(8,910,347	)		(8,142,837	)*		-			-
	(131,808,529	)		(20,670,365	)		(39,284,303	)		(38,354,874	)		(2,314,775	)		(548,038	)
	47,524,177			(44,354,184	)		(138,678,104	)		(1,563,502	)		29,832,220			(16,861,181	)
	12,148,379			2,249,122			(13,148,914	)		14,553,437			-			-
	59,672,556			(42,105,062	)		(151,827,018	)		12,989,935			29,832,220			(16,861,181	)
	(151,412,557	)		59,507,267			(199,187,115	)		30,318,229			29,831,657			(16,865,168	)
	869,092,693			809,585,426			1,232,673,707			1,202,355,478			149,270,834			166,136,002
$	717,680,136		$	869,092,693		$	1,033,486,592		$	1,232,673,707		$	179,102,491		$	149,270,834

69

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blend Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	23.33	$	0.47	$	(1.39	)	$	(0.92	)	$	(0.48	)	$	(1.58	)	$	(2.06	)	$	20.35		(4.34%	)	$	527,007		0.45%		2.12%
12/31/17		21.54		0.42		2.74			3.16			(0.47	)		(0.90	)		(1.37	)		23.33		15.25%			607,368		0.45%		1.91%
12/31/16		22.22		0.43		1.48			1.91			(0.46	)		(2.13	)		(2.59	)		21.54		9.42%			581,972		0.46%		2.03%
12/31/15		24.51		0.48		(0.45	)		0.03			(0.50	)		(1.82	)		(2.32	)		22.22		0.08%			586,082		0.45%		2.07%
12/31/14		22.78		0.45		2.01			2.46			(0.49	)		(0.24	)		(0.73	)		24.51		10.99%			644,881		0.45%		1.92%
Service Class
12/31/18	$	23.27	$	0.42	$	(1.40	)	$	(0.98	)	$	(0.42	)	$	(1.58	)	$	(2.00	)	$	20.29		(4.58%	)	$	118,604		0.70%		1.89%
12/31/17		21.50		0.37		2.72			3.09			(0.42	)		(0.90	)		(1.32	)		23.27		14.97%			88,119		0.70%		1.66%
12/31/16		22.18		0.37		1.48			1.85			(0.40	)		(2.13	)		(2.53	)		21.50		9.15%			60,018		0.71%		1.78%
12/31/15		24.48		0.42		(0.46	)		(0.04	)		(0.44	)		(1.82	)		(2.26	)		22.18		(0.17%	)		47,555		0.70%		1.83%
12/31/14		22.75		0.39		2.01			2.40			(0.43	)		(0.24	)		(0.67	)		24.48		10.71%			40,333		0.70%		1.68%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		86	%		134	%		175	%		209	%		183	%

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

70

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data:
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	31.69	$	0.60	$	(3.06	)	$	(2.46	)	$	(0.57	)	$	(4.50	)	$	(5.07	)	$	24.16		(9.99%	)	$	634,703		0.44%		2.00%
12/31/17		28.08		0.52		3.85			4.37			(0.55	)		(0.21	)		(0.76	)		31.69		15.79%			774,278		0.43%		1.73%
12/31/16		27.08		0.58		2.69			3.27			(0.49	)		(1.78	)		(2.27	)		28.08		12.59%			727,540		0.44%		2.15%
12/31/15		30.28		0.50		(1.67	)		(1.17	)		(0.64	)		(1.39	)		(2.03	)		27.08		(3.43%	)		709,315		0.43%		1.69%
12/31/14		27.55		0.61		2.57			3.18			(0.45	)		-			(0.45	)		30.28		11.57%			799,222		0.43%		2.12%
Service Class
12/31/18	$	31.31	$	0.52	$	(3.01	)	$	(2.49	)	$	(0.50	)	$	(4.50	)	$	(5.00	)	$	23.82		(10.22%	)	$	82,977		0.69%		1.75%
12/31/17		27.77		0.44		3.80			4.24			(0.49	)		(0.21	)		(0.70	)		31.31		15.50%			94,815		0.68%		1.49%
12/31/16		26.81		0.50		2.67			3.17			(0.43	)		(1.78	)		(2.21	)		27.77		12.31%			82,045		0.69%		1.90%
12/31/15		30.01		0.42		(1.65	)		(1.23	)		(0.58	)		(1.39	)		(1.97	)		26.81		(3.67%	)		69,098		0.68%		1.45%
12/31/14		27.34		0.52		2.56			3.08			(0.41	)		-			(0.41	)		30.01		11.29%			56,685		0.68%		1.82%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		41	%		70	%		47	%		39	%		38	%

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

71

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Bond Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	12.41	$	0.40	$	(0.46	)	$	(0.06	)	$	(0.42	)	$	-		$	(0.42	)	$	11.93		(0.44%	)	$	778,603		0.42%		3.34%
12/31/17		12.24		0.35		0.22			0.57			(0.40	)		-			(0.40	)		12.41		4.69%			953,592		0.40%		2.78%
12/31/16		12.31		0.33		0.02			0.35			(0.36	)		(0.06	)		(0.42	)		12.24		2.75%			941,621		0.39%		2.61%
12/31/15		12.82		0.33		(0.43	)		(0.10	)		(0.36	)		(0.05	)		(0.41	)		12.31		(0.75%	)		976,932		0.39%		2.59%
12/31/14		12.44		0.32		0.47			0.79			(0.41	)		-			(0.41	)		12.82		6.46%			1,218,504		0.39%		2.47%
Service Class
12/31/18	$	12.39	$	0.37	$	(0.46	)	$	(0.09	)	$	(0.39	)	$	-		$	(0.39	)	$	11.91		(0.69%	)	$	254,883		0.67%		3.10%
12/31/17		12.22		0.31		0.23			0.54			(0.37	)		-			(0.37	)		12.39		4.43%			279,082		0.65%		2.53%
12/31/16		12.29		0.29		0.03			0.32			(0.33	)		(0.06	)		(0.39	)		12.22		2.49%			260,735		0.64%		2.36%
12/31/15		12.80		0.30		(0.43	)		(0.13	)		(0.33	)		(0.05	)		(0.38	)		12.29		(1.00%	)		245,418		0.64%		2.36%
12/31/14		12.42		0.28		0.48			0.76			(0.38	)		-			(0.38	)		12.80		6.19%			217,495		0.64%		2.22%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		138	%		237	%		314	%		358	%		368	%

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

72

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML U. S. Government Money Market Fund

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	1.00	$	0.01		$	0.00	d	$	0.01		$	(0.01	)	$	-		$	(0.01	)	$	1.00		1.32%		$	179,102		0.54%		N/A		1.35	%
12/31/17		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		(0.00	)d		(0.00	)d		1.00		0.36%			149,271		0.54%		N/A		0.35	%
12/31/16		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.11%			166,136		0.54%		0.40%		0.00	%e
12/31/15		1.00		-			0.00	d		0.00	d		(0.00	)d		(0.00	)d		(0.00	)d		1.00		0.00%	e		167,900		0.52%		0.15%		-
12/31/14		1.00		-			0.00	d		0.00	d		(0.00	)d		(0.00	)d		(0.00	)d		1.00		0.00%	e		252,701		0.51%		0.11%		-

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

j Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

73

Notes to Financial Statements

1. The Funds

MML Series Investment Fund II (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 February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The following are four series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Blend Fund (“Blend Fund”)

MML Equity Fund (“Equity Fund”)

MML Managed Bond Fund (“Managed Bond Fund”)

MML U.S. Government Money Market Fund (“U.S. Government Money Market 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 MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, 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 shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

2. Significant Accounting Policies

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

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

New Disclosure Requirements

Pursuant to amendments to certain disclosure requirements in Regulation S-X adopted by the Securities and Exchange Commission, the presentation of certain disclosures within the Statements of Assets and Liabilities and the Statements of Changes in Net Assets have been conformed to meet these new requirements. There is no longer a requirement to present the components of distributable earnings on the Statements of Assets and Liabilities. Adjustments to the Statements of Changes in Net Assets include updates to prior year distributions to shareholders, distributions in excess of net investment income, and undistributed net investment income.

74

Notes to Financial Statements (Continued)

The following is a summary of the previously disclosed amounts, as reported at December 31 2017:

	Blend Fund			Equity Fund			Managed Bond Fund			U.S. Government Money Market Fund
Distributions to shareholders
From net investment income:
Initial Class	$	(12,531,025	)	$	(13,519,486	)	$	(30,212,037	)	$	(546,360	)
Service Class		(1,429,608	)		(1,449,726	)		(8,142,837	)		-
Total distributions from net investment income		(13,960,633	)		(14,969,212	)		(38,354,874	)		(546,360	)
From net realized gains:
Initial Class		(23,720,611	)		(5,088,008	)		-			(1,678	)
Service Class		(2,665,274	)		(613,145	)		-			-
Total distributions from net realized gains		(26,385,885	)		(5,701,153	)		-			(1,678	)
Accumulated undistributed (distributions in excess of) net investment income at end of year	$	(97,146	)	$	14,674,449		$	1,192,188		$	(49,379	)

Investment Valuation

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

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 (with the exception of debt securities held by the U.S. Government Money Market Fund) 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. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

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,

75

Notes to Financial Statements (Continued)

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 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.

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

76

Notes to Financial Statements (Continued)

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

77

Notes to Financial Statements (Continued)

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 U.S. Government Money Market Fund characterized all investments at Level 2, as of December 31, 2018. The Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2018. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2018, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3		Total
Blend Fund
Asset Investments
Common Stock	$	388,531,701		$	-		$	-	$	388,531,701
Preferred Stock		476,800			-			-		476,800
Corporate Debt		-			92,223,579			-		92,223,579
Municipal Obligations		-			2,033,213			-		2,033,213
Non-U.S. Government Agency Obligations		-			76,544,877			-		76,544,877
Sovereign Debt Obligations		-			1,719,042			-		1,719,042
U.S. Government Agency Obligations and Instrumentalities		-			66,538,101			-		66,538,101
U.S. Treasury Obligations		-			10,417,568			-		10,417,568
Purchased Options		-			1,738,493			-		1,738,493
Mutual Funds		67,674			-			-		67,674
Short-Term Investments		-			44,715,492			-		44,715,492
Total Investments	$	389,076,175		$	295,930,365		$	-	$	685,006,540
Asset Derivatives
Futures Contracts	$	985,250		$	-		$	-	$	985,250
Liability Derivatives
Futures Contracts	$	(207,915	)	$	-		$	-	$	(207,915	)
Swap Agreements		-			(175,773	)		-		(175,773	)
Total	$	(207,915	)	$	(175,773	)	$	-	$	(383,688	)

78

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3		Total
Managed Bond Fund
Asset Investments
Preferred Stock	$	2,264,800		$	-		$	-	$	2,264,800
Corporate Debt		-			395,862,235			-		395,862,235
Municipal Obligations		-			7,456,128			-		7,456,128
Non-U.S. Government Agency Obligations		-			336,137,589			-		336,137,589
Sovereign Debt Obligations		-			7,863,527			-		7,863,527
U.S. Government Agency Obligations and Instrumentalities		-			278,317,734			-		278,317,734
U.S. Treasury Obligations		-			4,715,367			-		4,715,367
Purchased Options		-			10,628,513			-		10,628,513
Mutual Funds		1,752,085			-			-		1,752,085
Short-Term Investments		-			141,046,146			-		141,046,146
Total Investments	$	4,016,885		$	1,182,027,239		$	-	$	1,186,044,124
Asset Derivatives
Futures Contracts	$	5,663,238		$	-		$	-	$	5,663,238
Liability Derivatives
Futures Contracts	$	(1,754,543	)	$	-		$	-	$	(1,754,543	)
Swap Agreements		-			(1,073,987	)		-		(1,073,987	)
Total	$	(1,754,543	)	$	(1,073,987	)	$	-	$	(2,828,530	)

The following table shows Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of December 31, 2018.

Statements of Assets and Liabilities location:	Blend Fund	Equity Fund	Managed Bond Fund
Receivables from:
Investments sold on a when-issued basis	X		X
Collateral pledged for open swap agreements			X
Payables for:
Investments purchased on a when-issued basis	X		X
Securities on loan	X	X	X
Collateral held for when-issued securities	X		X
Collateral held for open purchased options	X		X

The Funds, with the exception of the Blend Fund and Managed Bond Fund, had no transfers between Levels of the fair value hierarchy during the year ended December 31, 2018. The Blend Fund and the Managed Bond Fund had transfers between Level 2 and Level 3 of the fair value hierarchy during the year ended December 31, 2018; however, none of the transfers collectively had a material impact on the Fund. The Funds recognize transfers between the Levels as of the beginning of the year.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the year ended December 31,

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Notes to Financial Statements (Continued)

2018, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

Type of Derivative and Objective for Use	Blend Fund	Managed Bond Fund
Futures Contracts*
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Substitution for Direct Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M
Interest Rate Swaps**
Hedging/Risk Management	A	A
Duration Management	A	A
Asset/Liability Management	M	A
Substitution for Direct Investment	M	A
Intention to Create Investment Leverage in Portfolio	M	M
Credit Default Swaps (Protection Seller)
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Income	A	A
Substitution for Direct Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M
Options (Purchased)
Hedging/Risk Management	A	A
Duration/Credit Quality Management	A	A
Substitution for Direct Investment	A	A
Directional Investment	A	A
Intention to Create Investment Leverage in Portfolio	M	M

* Includes any options purchased or written on futures contracts, if applicable.

** Includes any caps, floors, and collars, and related purchased or written options, if applicable.

At December 31, 2018, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk		Interest Rate Risk			Total
Blend Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	1,738,493		$	1,738,493
Futures Contracts^^		-			-		985,250			985,250
Total Value	$	-		$	-	$	2,723,743		$	2,723,743
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	(207,915	)	$	(207,915	)
Swap Agreements^		(175,773	)		-		-			(175,773	)
Total Value	$	(175,773	)	$	-	$	(207,915	)	$	(383,688	)

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Notes to Financial Statements (Continued)

	Credit Risk			Equity Risk		Interest Rate Risk			Total
Blend Fund (Continued)
Realized Gain (Loss)#
Futures Contracts	$	-		$	331,999	$	(1,152,831	)	$	(820,832	)
Swap Agreements		33,154			-		41,908			75,062
Total Realized Gain (Loss)	$	33,154		$	331,999	$	(1,110,923	)	$	(745,770	)
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	111,468		$	111,468
Futures Contracts		-			-		852,187			852,187
Swap Agreements		(16,285	)		-		-			(16,285	)
Total Change in Appreciation (Depreciation)	$	(16,285	)	$	-	$	963,655		$	947,370
Managed Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	10,628,513		$	10,628,513
Futures Contracts^^		-			-		5,663,238			5,663,238
Total Value	$	-		$	-	$	16,291,751		$	16,291,751
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	(1,754,543	)	$	(1,754,543	)
Swap Agreements^		(1,073,987	)		-		-			(1,073,987	)
Total Value	$	(1,073,987	)	$	-	$	(1,754,543	)	$	(2,828,530	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	(7,460,772	)	$	(7,460,772	)
Swap Agreements		202,575			-		255,500			458,075
Total Realized Gain (Loss)	$	202,575		$	-	$	(7,205,272	)	$	(7,002,697	)
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	683,416		$	683,416
Futures Contracts		-			-		4,498,984			4,498,984
Swap Agreements		(99,503	)		-		-			(99,503	)
Total Change in Appreciation (Depreciation)	$	(99,503	)	$	-	$	5,182,400		$	5,082,897

* Statements of Assets and Liabilities location: Investments, at value.

^ Statements of Assets and Liabilities location: Payables for: open swap agreements, at value.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: futures contracts or swap agreements, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts or swap agreements, as applicable.

For the year ended December 31, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
	Futures Contracts		Swap Agreements		Purchased Swaptions
Blend Fund		315	$	1,215,000	$	34,020,000
Managed Bond Fund		2,009		7,418,333		207,950,000

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Notes to Financial Statements (Continued)

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for swap agreements and purchased swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2018.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of December 31, 2018.

Asset Valuation Inputs

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset		Collateral Received***			Net Amount*
Blend Fund
Barclays Bank PLC	$	837,960	$	-	$	(790,000	)	$	47,960
Credit Suisse International		900,533		-		(900,000	)		533
	$	1,738,493	$	-	$	(1,690,000	)	$	48,493
Managed Bond Fund
Barclays Bank PLC	$	5,173,054	$	-	$	(5,155,000	)	$	18,054
Credit Suisse International		5,455,459		-		(5,400,000	)		55,459
	$	10,628,513	$	-	$	(10,555,000	)	$	73,513

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Fund(s) as of December 31, 2018.

Liability Valuation Inputs

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Blend Fund
Goldman Sachs International	$	(175,773	)	$	-	$	-	$	(175,773	)
Managed Bond Fund
Goldman Sachs International	$	(1,073,987	)	$	-	$	923,970	$	(150,017	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within the master netting agreements.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2018, are discussed below.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its

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Notes to Financial Statements (Continued)

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.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the

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Notes to Financial Statements (Continued)

value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

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Notes to Financial Statements (Continued)

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

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

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

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

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

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

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

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Notes to Financial Statements (Continued)

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

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.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may 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.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund,

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Notes to Financial Statements (Continued)

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. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

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.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

The Blend Fund, Equity Fund, and Managed Bond Fund may lend their securities; however, lending cannot exceed 10% of the total assets of the Managed Bond Fund taken at current value, and 33% of the total assets of the Blend Fund and Equity Fund,

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Notes to Financial Statements (Continued)

respectively, taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (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 December 31, 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 December 31, 2018.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. For the year ended December 31, 2018, the Fund(s) earned securities lending net income as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Blend Fund	$	29	$	4	$	25
Equity Fund		35,608		5,320		30,288
Managed Bond Fund		2,221		330		1,891

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling

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Notes to Financial Statements (Continued)

rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among classes to which the expense relates based on relative net assets.

Foreign Securities

The Funds may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and paid quarterly for the Blend Fund and Managed Bond Fund and annually for the Equity Fund and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the U.S. Government Money Market Fund. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers

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Notes to Financial Statements (Continued)

receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

0.50% on the first $100 million;

0.45% on the next $200 million;

0.40% on the next $200 million; and

0.35% on any excess over $500 million

MML Advisers has entered into investment subadvisory agreements with Barings LLC (“Barings”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets at the following annual rates:

Blend Fund	0.13% (Equity Segment) 0.09% (Money Market and Bond Segments)
Managed Bond Fund	0.10%
U.S. Government Money Market Fund	0.05%

MML Advisers has entered into an investment subadvisory agreement with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, pursuant to which OFI serves as one of the subadvisers to the Equity Fund. This agreement provides that OFI manage the investment and reinvestment of a portion of the assets of the Fund. OFI receives a subadvisory fee from MML Advisers, based upon the average daily net assets of the portion of the Fund that OFI manages, at the following annual rate:

Equity Fund 0.23%

MML Advisers has entered into an investment subadvisory agreement with the unaffiliated subadviser, Brandywine Global Investment, LLC (“Brandywine Global”), pursuant to which Brandywine Global serves as one of the subadvisers to the Equity Fund. This agreement provides that Brandywine Global manage the investment and reinvestment of a portion of the assets of the Fund. Brandywine Global receives a subadvisory fee from MassMutual based upon the average daily net assets of the portion of the Fund that Brandywine Global manages.

The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees previously disclosed above.

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares, if available, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

For the U.S. Government Money Market Fund, MML Advisers has agreed to voluntarily waive some or all of its advisory fees and, if necessary, reimburse some or all of the Fund’s other expenses, in an attempt to allow the Initial Class shares of the Fund to maintain a 1-day yield of at least approximately 0.00%. MML Advisers may amend or discontinue this waiver at any time without advance notice.

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Notes to Financial Statements (Continued)

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended December 31, 2018, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Blend Fund	$	321,579,837	$	271,155,388	$	311,688,788	$	287,496,430
Equity Fund		-		336,798,848		-		390,276,853
Managed Bond Fund		1,212,851,425		380,704,769		1,301,131,879		413,862,232

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases		Sales
Equity Fund	$	2,500,916	$	1,958,364

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Blend Fund Initial Class
Sold		625,785		$	14,006,821			589,688		$	13,074,798
Issued as reinvestment of dividends		2,429,485			52,441,279			1,674,930			36,251,636
Redeemed		(3,190,937	)		(71,484,602	)		(3,243,006	)		(72,037,541	)
Net increase (decrease)		(135,667	)	$	(5,036,502	)		(978,388	)	$	(22,711,107	)
Blend Fund Service Class
Sold		2,039,495		$	45,474,149			1,146,791		$	25,446,915
Issued as reinvestment of dividends		408,906			8,800,849			189,349			4,094,882
Redeemed		(390,358	)		(8,688,346	)		(341,691	)		(7,572,019	)
Net increase (decrease)		2,058,043		$	45,586,652			994,449		$	21,969,778

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Notes to Financial Statements (Continued)

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Equity Fund Initial Class
Sold		484,231		$	14,394,766			516,163		$	15,345,297
Issued as reinvestment of dividends		4,161,219			116,978,081			639,529			18,607,495
Redeemed		(2,813,597	)		(83,848,670	)		(2,630,242	)		(78,306,976	)
Net increase (decrease)		1,831,853		$	47,524,177			(1,474,550	)	$	(44,354,184	)
Equity Fund Service Class
Sold		386,041		$	10,944,880			436,476		$	12,912,046
Issued as reinvestment of dividends		534,608			14,830,448			71,682			2,062,870
Redeemed		(465,617	)		(13,626,949	)		(434,797	)		(12,725,794	)
Net increase (decrease)		455,032		$	12,148,379			73,361		$	2,249,122
Managed Bond Fund Initial Class
Sold		8,678,243		$	105,617,099			11,771,449		$	146,212,529
Issued as reinvestment of dividends		2,532,822			30,373,956			2,440,386			30,212,037
Redeemed		(22,781,672	)		(274,669,159	)		(14,315,792	)		(177,988,068	)
Net increase (decrease)		(11,570,607	)	$	(138,678,104	)		(103,957	)	$	(1,563,502	)
Managed Bond Fund Service Class
Sold		2,464,470		$	30,033,415			2,870,161		$	35,490,830
Issued as reinvestment of dividends		744,727			8,910,347			659,027			8,142,837
Redeemed		(4,332,865	)		(52,092,676	)		(2,343,314	)		(29,080,230	)
Net increase (decrease)		(1,123,668	)	$	(13,148,914	)		1,185,874		$	14,553,437
U.S. Government Money Market Fund Initial Class
Sold		126,020,751		$	126,020,751			52,121,545		$	52,121,863
Issued as reinvestment of dividends		2,314,774			2,314,774			548,038			548,038
Redeemed		(98,503,306	)		(98,503,305	)		(69,530,642	)		(69,531,082	)
Net increase (decrease)		29,832,219		$	29,832,220			(16,861,059	)	$	(16,861,181	)

6. Federal Income Tax Information

At December 31, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blend Fund	$	614,051,674	$	98,146,782	$	(26,540,605	)	$	71,606,177
Equity Fund		685,633,676		99,190,582		(64,410,994	)		34,779,588
Managed Bond Fund		1,207,020,135		10,906,133		(28,755,733	)		(17,849,600	)

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at December 31, 2018, is the same for financial reporting and federal income tax purposes.

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be

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Notes to Financial Statements (Continued)

carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At December 31, 2018, for federal income tax purposes, there were no unused capital losses.

At December 31, 2018, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long term Capital Loss Carryforward
Managed Bond Fund	$	11,246,804	$	23,861,744

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2018, was as follows:

	Ordinary Income		Long Term Capital Gain
Blend Fund	$	25,569,926	$	35,672,202
Equity Fund		14,740,597		117,067,932
Managed Bond Fund		39,284,303		-
U.S. Government Money Market Fund		2,314,775		-

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2017, was as follows:

	Ordinary Income		Long Term Capital Gain
Blend Fund	$	18,645,802	$	21,700,716
Equity Fund		14,969,212		5,701,153
Managed Bond Fund		38,354,874		-
U.S. Government Money Market Fund		548,038		-

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2018, temporary book and tax accounting differences were primarily attributable to investments in futures contracts, swap agreements, premium amortization accruals, corporate action basis adjustments, non-taxable dividends basis adjustments, the deferral of wash sale losses, and deferred Trustee compensation.

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Notes to Financial Statements (Continued)

At December 31, 2018, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Blend Fund	$	4,513,255	$	30,341,809		$	(215,193	)	$	71,606,177
Equity Fund		16,413,558		41,062,716			(268,214	)		34,779,588
Managed Bond Fund		1,919,131		(35,108,548	)		(255,677	)		(17,849,600	)
U.S. Government Money Market Fund		5,068		-			(55,247	)		-

During the year ended December 31, 2018, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital		Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Blend Fund	$	1,771	$	(838,536	)	$	836,765
Equity Fund		2,231		895,540			(897,771	)
Managed Bond Fund		2,071		(2,229,834	)		2,227,763
U.S. Government Money Market Fund		460		(223	)		(237	)

The Funds did not have any unrecognized tax benefits at December 31, 2018, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2018, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

In October 2016, the Securities and Exchange Commission (“SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. 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.

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Notes to Financial Statements (Continued)

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.

9. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amount sought to be recovered from the Blend Fund is approximately $207,400, plus interest and the Official Committee’s court costs.

In addition, on June 2, 2011, the Blend Fund was named as a defendant in a closely related, parallel adversary proceeding 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”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

The Fund cannot predict the outcome of these proceedings. Accordingly, the Fund has not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Fund, or if the Fund was to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Fund’s net asset value depending on the net assets of the Fund at the time of such judgment or settlement.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund II and Shareholders of MML Blend Fund, MML Equity Fund, MML Managed Bond Fund, and MML U.S. Government Money Market Fund (collectively, the “Funds,” certain of the funds constituting MML Series Investment Fund II):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds, including the portfolios of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 22, 2019

We have served as the auditor of one or more MassMutual investment companies since 1995.

96

Trustees and Officers (Unaudited)

The following table lists the Trust’s Trustees and Officers; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MML Series Investment Fund II, c/o Massachusetts Mutual Life Insurance Company, 100 Bright Meadow Blvd., Enfield, Connecticut 06082-1981, Attention: MassMutual U.S. Product and Marketing.

Disinterested Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Age: 70	Trustee	Since 2012	Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company).	111	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).
Nabil N. El-Hage Age: 60	Trustee Chairman	Since 2005 2006-2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC); Chairman (2011-2016), Academy of Executive Education, LLC (a Massachusetts LLC).	111	Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).
Maria D. Furman Age: 64	Trustee	Since 2005	Retired.	111	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).
R. Alan Hunter, Jr. Age: 72	Chairperson Trustee	Since 2016 Since 2012	Retired.	111	Director (2007-2018), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2003), MML Series Investment Fund (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

97

Trustees and Officers (Unaudited) (Continued)

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Age: 67	Trustee	Since 2005	Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company).	111	Director (2015-2018), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (2017-2018) and Director (since 2014), InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).
Susan B. Sweeney Age: 66	Trustee	Since 2012	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company).	113^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2009), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Teresa Hassara^^ Age: 56	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF.	111	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).
Robert E. Joyal^^^ Age: 73	Trustee	Since 2012	Retired.	113^	Director (since 2018), Jeffries Financial Group Inc. (holding company); Director (2013-2018), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technology, Inc. (provider of alternative energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings Participation Investors (closed-end investment company); Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

98

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Age: 43	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting (since 2018), Head of Investment Consulting & Strategy (2017-2018), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	111
Andrew M. Goldberg Age: 52	Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer Assistant Clerk	Since 2008 2005- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	111
Renee Hitchcock Age: 48	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), Director (2007-2015), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	111
Jill Nareau Robert Age: 46	Vice President and Assistant Secretary Assistant Secretary (formerly known as “Assistant Clerk”)	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	111
Douglas Steele Age: 43	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

99

Trustees and Officers (Unaudited) (Continued)

Name, Address*, and Age	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Philip S. Wellman Age: 54	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds and RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	111
Eric H. Wietsma Age: 52	Vice President	Since 2006	Vice President (since 2018), Director (since 2013), and President (2013-2018), MML Advisers; Head of Workplace Operations (since 2018), Senior Vice President (2010-2018), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund (open-end investment company); President (since 2008), Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	111
Tina Wilson Age: 48	Vice President	Since 2016	President (since 2018), Head of Investments (since 2016), and Vice President (2016-2018), MML Advisers; Head of Investment Solutions Innovation, Product Management (since 2018), Senior Vice President (2014-2018), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

* The address of each Trustee and Principal Officer is the same as that for the Trust; 100 Bright Meadow Blvd., Enfield, CT 06082-1981.

** Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, with the exception of Mr. Robert E. Joyal, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified. The Chairperson shall hold office at the pleasure of the Trustees.

^ Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^ Ms. Hassara is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^ Mr. Joyal is an Interested Person through his position as a director of Leucadia National Corporation, which controls Jefferies Group LLC, a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MML Advisers or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MML Advisers has brokerage placement discretion.

# The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each officer shall hold office at the pleasure of the Trustees.

100

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2018, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
Blend Fund		43.07%
Equity Fund		99.30%
Managed Bond Fund		0.30%

101

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s EDGAR database on its website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

102

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2018

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2018:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended December 31, 2018.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Blend Fund
Initial Class	$	1,000		0.45	%	$	948.80	$	2.22	$	1,023.10	$	2.31
Service Class		1,000		0.70	%		947.60		3.45		1,021.80		3.59
Equity Fund
Initial Class		1,000		0.44	%		912.20		2.13		1,023.10		2.26
Service Class		1,000		0.69	%		911.10		3.34		1,021.80		3.54
Managed Bond Fund
Initial Class		1,000		0.42	%		1,009.80		2.14		1,023.20		2.15
Service Class		1,000		0.67	%		1,008.50		3.41		1,021.90		3.43
U.S. Government Money Market Fund
Initial Class		1,000		0.54	%		1,007.80		2.75		1,022.60		2.77

* Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2018, multiplied by the average account value over the period, multiplied by 185 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

103

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-45236-01

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Economic and Market Overview (Unaudited)	3
Portfolio Manager Reports (Unaudited)	5
Portfolio of Investments
MML Asset Momentum Fund	32
MML Dynamic Bond Fund	34
MML Equity Rotation Fund	48
MML High Yield Fund	51
MML Inflation-Protected and Income Fund	57
MML Short-Duration Bond Fund	68
MML Small Cap Equity Fund	83
MML Special Situations Fund	86
MML Strategic Emerging Markets Fund	88
Statements of Assets and Liabilities	92
Statements of Operations	96
Statements of Changes in Net Assets	98
Statement of Cash Flows	104
Financial Highlights	105
Notes to Financial Statements	114
Report of Independent Registered Public Accounting Firm	145
Trustees and Officers (Unaudited)	146
Federal Tax Information (Unaudited)	150
Other Information (Unaudited)
Proxy Voting	151
Quarterly Reporting	151
Fund Expenses	152

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MML Series Investment Fund II. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

MML Series Investment Fund II – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Tina Wilson

“MassMutual believes that those who invest with an eye toward helping their retirement savings withstand all market conditions have the potential for more favorable long-term financial outcomes.”

December 31, 2018

Despite the intense volatility, markets remained strong overall

I am pleased to present you with the MML Series Investment Fund II Annual Report, covering the year ended December 31, 2018.

During the year, U.S. stocks encountered more volatility than investors experienced in 2017, varying widely throughout most of the year before dropping into negative return territory to end the year. Global economic optimism faded during the year under the weight of geopolitical tensions, indications of slowing global growth, trade war rhetoric, and a more hawkish Federal Reserve Board. Foreign stocks in developed markets trailed their U.S. counterparts for the year, but generally fared better than emerging-market stocks. U.S. bond investors struggled to find positive returns in a rising yield environment fueled by rate hikes, a strong U.S. dollar, falling oil prices, and central bank policy.

In MassMutual’s view, the dynamics of the investment markets during the year validate the importance of retirement investors maintaining a long-term perspective rather than reacting to current headlines. We also believe that individuals who follow certain investment guidelines, such as the ones below, may enhance their retirement income.

Suggestions for retirement investors under any market conditions

Save as much as possible

While you can’t control – or predict the direction of – the investment markets at any given time, you can control how often and how much you contribute to your retirement savings account. Contributing as much as possible and increasing contribution levels regularly is one way retirement investors can help themselves reach their retirement income goals, regardless of how the markets perform.*

Invest continually

Financial professionals often advise their clients to stay in the market, regardless of short-term results. Here’s why: Individuals who can invest in all market conditions have the potential to be rewarded even during market downturns, when more favorable prices may enable them to accumulate larger positions. This has the potential to put them at an advantage when the markets turn around.

Invest for the long run

Investing for retirement doesn’t happen overnight. Many people save and invest for retirement throughout their working years. It may help you to keep in mind that, although the financial markets will go up and down over time, taking a long-term approach to investing gives you more time to ride out the downturns as you work toward achieving your long-term investment goals. Even if you are approaching or in retirement, your retirement savings will likely remain invested for a number of years before being withdrawn.

* Systematic investing and asset allocation do not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

(Continued)

1

MML Series Investment Fund II – President’s Letter to Shareholders (Unaudited) (Continued)

Monitor your asset allocation regularly – and diversify

The most common retirement plan investments – stocks, bonds, and short-term/money market investments – typically (although not always) behave differently at any given time. Each of these asset classes contains an array of sub-categories, such as small-cap stocks, international stocks, and high-yield bonds. Many financial professionals believe that investors can reduce the risk of over-exposure to one or two poorly performing investment types by investing in a diverse mix of investment types and sub-categories.**

Choose the investments you feel are right for you – and seek professional guidance

Many financial advisors believe that retirement savers who select an appropriate combination of investments that aligns with both their retirement income goals and how they feel about investing can help them withstand the inevitable ups and downs of the markets.

If you work with a financial professional, you may wish to consider reaching out to him or her for assistance in helping you ensure:

• you are saving enough for retirement based on your long-term financial needs;

• your retirement account is invested properly for all market conditions, based on your goals and objectives, as well as your investment time horizon; and

• you are taking the right steps to help reduce your longevity risk, which is the risk that you could “run out” of retirement savings during your lifetime.

Why we do what we do

Acts of mutuality are happening all around us. Every day, people go out of their way to look out for each other, from lending a hand to making sure their loved ones are financially taken care of. MassMutual believes that your long-term financial security is crucial – and we recognize that you want to make sure your loved ones are financially taken care of. That’s why we’re committed to helping people financially protect their families and put themselves on the path to a more secure retirement. And that’s why we continually stress the importance of maintaining a long-term perspective on retirement planning. We believe that those who invest with an eye toward helping their retirement savings withstand all market conditions have the potential for more favorable long-term financial outcomes. Thank you for your continued confidence and trust in MassMutual.

Sincerely,

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/19 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

** Diversification and asset allocation do not ensure a profit or protect against loss in a declining market, but can be sound investment strategies.

2

MML Series Investment Fund II – Economic and Market Overview (Unaudited)

December 31, 2018

Market Highlights

• During 2018, U.S. stocks encountered more volatility than investors experienced in 2017, varying widely throughout most of the year before dropping into negative return territory to end the period.

• Global economic optimism faded during the year under the weight of geopolitical tensions, indications of slowing global growth, trade war rhetoric, and a more hawkish Federal Reserve Board (the “Fed”) tone.

• Foreign stocks in developed markets trailed their U.S. counterparts for the period, but generally fared better than emerging-market stocks.

• U.S. bond investors struggled to find positive returns in a rising yield environment fueled by rate hikes, a strong U.S. dollar, falling oil prices, and central bank policy.

Market Environment

U.S. equity investors encountered increased volatility in 2018. Through the first month of 2018, stocks hit record levels following a year of steady gains in 2017. However, after a two-and-a-half-year streak of positive quarterly results, both the S&P 500^® Index* (the “S&P 500”) and the Dow Jones Industrial Average^SM (the Dow) posted modest negative results for the first quarter of 2018.

During the first and second quarters of the year, markets fought to find their footing. Wage growth in the U.S. triggered a major sell-off in early February 2018, as investors sought to balance the likelihood of continued growth against Federal Open Market Committee (FOMC) intentions to raise the short-term federal funds rate several times in the year ahead. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.) Scrutiny concerning revelations about how social media companies use data, and in particular, how social media giant Facebook had allowed customer data to be mined without users’ knowledge, undercut investor confidence in the information technology sector, triggering several rounds of sell-offs. Political turbulence, which characterized the entire reporting period, unsettled markets as investors tried to assess the potential impacts of reduced taxes, increasing federal debt limits, and ongoing rhetoric over global trade wars.

Markets gained some traction through the third quarter of the year. The S&P 500 rebounded, ending the quarter in positive territory. Corporate earnings reports continued to show strong performance, markets seemingly shrugged off three Fed rate hikes, and progress seemed evident on the trade war front. By the end of September, both the Dow and the S&P 500 reached record territory again, but investors were unsettled.

In early October, Fed Chairman Jerome Powell’s statements that the central bank was “a long way” from neutral interest rates stoked fears of more frequent and higher rate hikes. Along with trade war concerns, international political jitters, a strengthening U.S. dollar, and declining oil prices, this seemed enough to trigger a broad market sell-off. October was the worst month for the S&P 500 since September 2011. Volatility continued through November, as investors looked for a lift following the U.S. midterm elections. Then, December brought another round of sell-offs, resulting in the worst performance for the month since 1931 for the Dow and S&P 500. By year-end, major equity markets dropped into negative return territory for the year for the first time since 2008.

At year-end, the broad market S&P 500 ended down 4.38% and the Dow followed a similar pattern, down 3.48%. The technology-heavy NASDAQ Composite Index ended down 2.84% for the year, as prominent technology companies like Facebook, Apple, Amazon, Netflix, and Google faced heavy sell-offs in the last quarter. Small- and mid-cap stocks underperformed their larger peers and growth stocks continued to outperform their value counterparts during the period.

The health care, information technology, and consumer discretionary sectors managed to end the year in positive territory and beat the S&P 500. The remaining sectors delivered negative returns, most lagging the S&P 500 and most falling below in the

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

3

MML Series Investment Fund II – Economic and Market Overview (Unaudited) (Continued)

month of December. The reconfigured communication services and financials sectors delivered the worst performances for the year. (In September, the Global Industry Classification Standard (GICS) renamed the telecommunications sector and added media companies and internet services companies to the reconfigured communication services sector.)

Developed international markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers and ended the year down 13.79%. Developed international markets struggled to gain traction under the weight of a strong U.S. dollar, widespread local political issues, including floundering Brexit negotiations, and tariff speculations. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s referendum to leave the European Union.) Emerging-market stocks, as measured by the MSCI Emerging Markets Index, ended the year with a return of -14.58%.

The Fed reasserted its influence on markets through actual and forecasted rate hikes and a change in leadership during the year. Under new Fed Chairman Jerome Powell, the FOMC raised the target range for the federal funds rate four times. While investors had anticipated the rate hikes, the 1.00% total increase over the year – in tandem with prospects for additional hikes in 2019 – proved to be a headwind to overall market performance.

Bond yields rose during the fiscal year, with the 10-year U.S. Treasury bond crossing the 3.00% threshold multiple times. After starting the year at 2.46%, yields rose 0.22% to end at 2.68%. Since rising yields drive bond prices down, returns on the Bloomberg Barclays U.S. Aggregate Bond Index failed to move significantly through the year, ending at 0.01%. Investment-grade corporate bonds also fared poorly in the rising yield environment. The Bloomberg Barclays U.S. Corporate 10+ Year Bond Index, which tracks investment-grade corporate bonds, ended the year down 2.51%. The Bloomberg Barclays U.S. Corporate High Yield Index also ended in negative territory, down 2.08% for the year. In December, yield curve inversion added additional pessimism to investor sentiment. (Yield curve inversion occurs when yields on longer-term bonds drop below yields of shorter-term bonds.)

At the end of a volatile year in which returns fell well short of those enjoyed in 2017, investors generally feel compelled to evaluate their investment strategy. At MassMutual, we remain convinced that a broadly diversified portfolio aligned with a long-term strategy is the wisest course for those investors seeking retirement income. We remind you that it is important to maintain perspective and have realistic expectations about the future performance of your investment portfolio. As described in this report, financial markets can reverse suddenly, stumble along sideways, and reverse again. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to markets like these, with how long you have to save and invest, and with your specific financial goals and risk tolerance. Thank you for your confidence in MassMutual.

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/19 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

4

MML Asset Momentum Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Asset Momentum Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing in asset classes the Fund’s subadviser considers to exhibit “bull market” characteristics. These “bull market” characteristics may include, for example, upward trending prices and relatively low volatility. The Fund expects that it will allocate its investments among the following asset classes: equity investments, debt investments, property investments, alternative investments, currency, and cash on deposit, excluding short term instruments. The Fund may invest in securities of issuers anywhere in the world, including emerging market countries. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II shares returned -16.69%, significantly underperforming the -4.38% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2018, U.S. stocks detracted the most from the Fund’s performance. The Fund’s holdings in technology, homebuilders, banks, defense, and industrials suffered significant losses. With respect to specific Fund holdings, key detractors included Facebook and homebuilder NVR Inc., which went down 30% in 2018 due to rising mortgage rates. Defense contractors Lockheed Martin and Raytheon were both down 17% in 2018 on growth concerns. Fears of an economic slowdown sent the KBW Bank Index down 18% in 2018, and the Fund’s bank stocks went down by about the same amount. Trade tariffs and higher shipping costs hurt the Fund’s industrial stocks. Not owning shares of companies in the health care and utilities sectors also proved detrimental to the Fund’s performance, as they were the best-performing sectors in 2018. The Fund’s international stocks suffered a loss as foreign stocks fell into a bear market.

One bright spot during the year was the Fund’s investment in Brazil. The Brazilian stock market went up in anticipation of what President Bolsonaro would do to deregulate, privatize, and improve fiscal sustainability.

With respect to currencies, the U.S. dollar strengthened in 2018, which hurt the value of the Fund’s international holdings. The British pound dropped in value due to the increasing probability of Brexit without a deal with the European Union (EU). (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s referendum to leave the EU.) The Fund lost money on the British pound, the Malaysian ringgit, and the Thai baht.

The fixed-income securities of the Fund were short-duration bonds, which are less sensitive to rising inflation and interest rates. The return was flat for the Fund’s bond holdings for the year.

The Fund uses derivative instruments to gain exposure to global assets and to hedge the downside risk of securities. In 2018, derivatives were detractors from the Fund’s performance. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

Fund management believes that the market seems to be driven by two opposing forces. On one side, are tariffs and rates that weigh on the market and growth, and on the other side are valuations that support the market. They believe that a compromise on trade regulation is likely, as the trade war starts to hit the U.S. stock market and the real economy. Their view is that President Trump would prefer to have a good economy in place ahead of the 2020 election. They also believe it is possible that the latest market turbulence could keep the U.S. Federal Reserve Board in a dovish stance with respect to interest rate increases in the near term.

5

MML Asset Momentum Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Asset Momentum Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
Mutual Funds	53.0	%
Common Stock	20.3	%
U.S. Treasury Obligations	12.1	%
Total Long-Term Investments	85.4	%
Short-Term Investments and Other Assets and Liabilities	14.6	%
Net Assets	100.0	%

6

MML Asset Momentum Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Asset Momentum Fund Class II, Service Class I, and the S&P 500 Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Since Inception 5/15/15 - 12/31/18
Class II		-16.69%		4.18%
Service Class I		-16.93%		3.92%
S&P 500 Index		-4.38%		6.87%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

7

MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Dynamic Bond Fund, and who is the Fund’s subadviser?

The Fund seeks to maximize current income and total return by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds, which 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 Fund’s subadviser and its affiliates. The Fund’s subadviser is DoubleLine Capital LP (DoubleLine).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II shares returned -0.10%, underperforming the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable-rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

2018 was a volatile year for the bond market, with the 10-year U.S. Treasury yield ranging from 2.41% to 3.26%, closing the year at 2.68%. With interest rates trending up and corporate credit spreads (i.e., the difference in yields between comparable bonds) ending the year materially wider, the Fund benefited by maintaining a duration that was shorter than the benchmark, specifically aided by performance from structured products sectors, such as non-Agency mortgage-backed securities, CMBS, and ABS. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.) In addition, the Fund maintained an overall underweight positioning, relative to the benchmark, in corporate credit.

Various corners of the corporate credit market detracted from the Fund’s overall performance; however, the Fund maintained an overall underweight position across the combined targeted allocations to investment-grade credit, high-yield credit, bank loans, and emerging-market debt, which contributed to the Fund’s performance.

While bank loans were one of the top performers throughout the year as they rode a combination of rising short rates and stable credit, returns stumbled in the final two months to end the year flat as spreads widened significantly and the asset class began pricing in relatively large default expectations. On the other hand, the investment-grade credit, high-yield credit, and emerging-market debt sectors all underperformed, posting negative returns. These sectors were all influenced by a combination of the return of general market volatility, pricing of geopolitical risk following the trade friction between the U.S. and China, and volatility in the oil market. These factors were all in addition to historically rich valuations entering the year.

Non-Agency MBS was the best-performing sector for the year. This sector achieved positive returns the entire year, until a general flight to quality and rate rally took place in November and December. The strong performance can be attributed to a combination of relatively stable spreads, a duration that was less than half that of the overall benchmark, and a material weighting to floating-rate coupons. CMBS was the next-best-performing sector. Similar to non-Agency MBS, this sector maintained a duration significantly below the overall benchmark, while also carrying a meaningful allocation to floating-rate coupons.

Subadviser outlook

Fund management is starting to see pockets of value in the market, such as the emerging markets, where they increased the Fund’s allocation for the New Year. They believe that the overall credit cycle seems to be nearing the later stages, while the Federal Reserve Board finds itself needing to walk back the hawkish rhetoric of 2018 as it continues the experiment of quantitative tightening. Fund management still believes that a combination of higher rates in the future and limited upside to most spread products merits slightly defensive positioning. As a result, they are positioning the Fund so as to stay shorter in duration and higher in credit quality relative to other points in the cycle.

8

MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Dynamic Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
U.S. Treasury Obligations	26.8	%
Non-U.S. Government Agency Obligations	26.1	%
Corporate Debt	24.7	%
U.S. Government Agency Obligations and Instrumentalities	15.5	%
Mutual Funds	3.7	%
Sovereign Debt Obligations	1.3	%
Municipal Obligations	0.1	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

9

MML Dynamic Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Dynamic Bond Fund Class II, Service Class I, and the Bloomberg Barclays U.S. Aggregate Bond Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Since Inception 5/15/15 - 12/31/18
Class II		-0.10%		2.15%
Service Class I		-0.33%		1.89%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%		1.61%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

10

MML Equity Rotation Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Equity Rotation Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing primarily in common stocks of large- and medium-capitalization U.S. companies. The Fund’s subadviser does not typically invest in companies with market capitalizations, at the time of purchase, of less than $1 billion. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II shares returned -8.86%, underperforming the -4.38% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

Within the equity investments in the Fund, it was a year of extremes. In the first nine months of the year, the companies with the highest earnings and revenue rates had the highest returns. In the last quarter, these growth stocks were among the worst performers. (Growth stocks often do well when investors are worried about a slowdown because they are more likely than cyclical stocks to deliver cash flow in a downturn.) In the fourth quarter, investors’ worry turned into a panic. They abandoned these high-flying issues for the safety of stocks that have lower volatility, such as utilities.

The Fund was underweight, relative to the benchmark, in pharmaceutical industries for most of the year, but in August, the Fund moved to a significant overweight in these companies. Pharmaceuticals is considered a growth area, but it has more stable earnings than other higher growth areas. The Fund was overweight in Merck, a drug company that has stable earnings, and this contributed to the Fund’s performance for the year.

The Fund held a significantly overweight stake in banks throughout the year. Despite the fact that banks had been growing their earnings and improving their balance sheets and loan quality, the share prices of these stocks fell throughout the year as short-term interest rates rose. Since banks borrow at the short rate and lend at the long rate, investors seemed concerned that the increase in rates may hurt their earnings. The Fund was overweight Bank of America, which declined 15% for the year.

The Fund had a small loss due to its derivatives use in 2018. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

Fund management believes that the past few years make a great case for the Fund’s investment strategy. The market has been fixated on growth stocks, and they were able to take advantage of that for a while. When more opportunities arose in value and stability, the Fund moved into those stocks. Overall, the Fund has significantly outperformed its benchmark since inception by rotating its factor exposures.

Rising interest rates and a trade war make the selection of factor portfolios difficult, but Fund management believes that stocks with stable earnings may be favored as we move into 2019. Given that both of the threats to the outlook can be changed at any time (the trade war may end, and the Federal Reserve Board may decide to stop raising rates), the Fund has investments in other areas outside of stable stocks. For example, Fund management continues to favor certain growth stocks, particularly those that have been able to use “free” resources (data) to build new products. In their view, these are self-financing, cash flow-generating companies that are somewhat different from most growth stocks due to their low need for outside capital to grow.

11

MML Equity Rotation Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Equity Rotation Fund Largest Holdings (% of Net Assets) on 12/31/18
US Foods Holding Corp.	4.8	%
Amgen, Inc.	4.5	%
Mastercard, Inc. Class A	4.1	%
Pfizer, Inc.	4.1	%
Alphabet, Inc. Class A	3.6	%
Berkshire Hathaway, Inc. Class B	3.4	%
HCA Healthcare, Inc.	3.2	%
Workday, Inc. Class A	3.0	%
Verizon Communications, Inc.	2.7	%
Herbalife Nutrition Ltd.	2.7	%
	36.1	%

MML Equity Rotation Fund Sector Table (% of Net Assets) on 12/31/18
Consumer, Non-cyclical	32.8	%
Financial	14.6	%
Communications	10.6	%
Technology	9.5	%
Consumer, Cyclical	6.8	%
Industrial	6.4	%
Energy	4.9	%
Basic Materials	0.7	%
Utilities	0.6	%
Total Long-Term Investments	86.9	%
Short-Term Investments and Other Assets and Liabilities	13.1	%
Net Assets	100.0	%

12

MML Equity Rotation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Equity Rotation Fund Class II, Service Class I, and the S&P 500 Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Since Inception 5/15/15 - 12/31/18
Class II		-8.86%		8.89%
Service Class I		-9.10%		8.61%
S&P 500 Index		-4.38%		6.87%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

13

MML High Yield Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML High Yield Fund, and who is the Fund’s subadviser?

The 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. The Fund invests primarily in lower rated U.S. debt securities (“junk” or “high yield” bonds), including securities in default. 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 Moody’s, below BBB- by Standard & Poor’s or the equivalent by any NRSRO (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser). The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II shares returned -3.40%, underperforming the -2.08% return of the Bloomberg Barclays U.S. Corporate High-Yield Bond Index (the “benchmark”), which measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2018, credit selection led to the notable underperformance of the basic industry sector, due to the credit events related to Fund holdings Pinnacle Operating Corporation and Appvion. Fund holdings that were the largest detractors from performance for the year included Pinnacle Operating Corporation, one of the largest agricultural input supply and distribution businesses in the Mid-South; Jupiter Resources, a Western Canadian natural gas producer; and Veritas, an information management software provider offering backup and recovery, appliances, and storage management.

Fund holdings in the consumer cyclicals and energy sectors outperformed, relative to the benchmark, due to favorable credit selection within each. Since the consumer cyclicals sector underperformed during the period, the Fund’s underweight allocation to the sector contributed to the Fund’s relative performance.

The Fund’s top-performing holdings during the year were Fieldwood Energy, a private exploration and production company with operations focused in the Gulf of Mexico; Carlson Travel, a global market leader specializing in business travel management; and Caelus Energy, a privately held energy exploration and production company with operations primarily in the North Slope of Alaska.

From a ratings perspective, the Fund’s performance was negative across ratings categories during the year; however, the Fund outperformed relative to the benchmark in the single-B and double-B categories. Credit selection drove outperformance in each, although an underweight allocation to double-Bs and an overweight allocation to single-Bs were slight detractors. Credit selection within the triple-C sector was a drag on relative performance, while an overweight allocation to that sector proved beneficial to the Fund’s full-year returns.

Subadviser outlook

Fund management believes that technical factors drove the volatility in the high-yield market as geopolitical and headline events propelled a risk-off sentiment. They believe that issuers continue to generate modest top- and bottom-line growth, with leverage remaining at healthy and sustainable levels. Default rates are below historical averages, and Fund management expects that this could continue into 2019. While crude oil prices and geopolitical events may continue to cause further market price volatility, they believe this represents an opportunity for investors in high yield.

14

MML High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)

MML High Yield Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
Corporate Debt	91.8	%
Bank Loans	4.1	%
Mutual Funds	3.3	%
Common Stock	0.5	%
Preferred Stock	0.1	%
Warrants	0.0	%
Total Long-Term Investments	99.8	%
Short-Term Investments and Other Assets and Liabilities	0.2	%
Net Assets	100.0	%

15

MML High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML High Yield Fund Class II, Service Class I, and the Bloomberg Barclays U.S. Corporate High-Yield Bond Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/3/10 - 12/31/18
Class II		-3.40%		4.00%		6.90%
Service Class I		-3.54%		3.74%		6.64%
Bloomberg Barclays U.S. Corporate High-Yield Bond Index		-2.08%		3.83%		6.28%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Corporate High-Yield Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

16

MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Inflation-Protected and Income Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-indexed bonds and other income-producing securities. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Initial Class shares returned -1.29%, modestly underperforming the -1.26% return of the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “benchmark”), which measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L).

How do inflation-indexed bonds protect against inflation?

Like many other fixed-income securities, inflation-indexed bonds pay income twice a year, based on a stated coupon rate. However, both the principal and the interest payment are adjusted for the level of inflation. The inflation rate – as measured by the Consumer Price Index for All Urban Consumers (CPI-U) – results in an adjustment to the principal amount of an inflation-protected security. The coupon rate is then applied to the adjusted principal amount to determine the interest payment. For example, assuming an inflation rate of 3%, a security with a par value of $1,000 and an annual coupon rate of 1.75%, the adjusted principal amount after one year would be $1,030 ($1,000 increased by 3%). The semi-annual interest payment would be calculated by multiplying $1,030 by 1.75% and dividing by 2 instead of using the original $1,000 par value to calculate the amount of interest.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2018, generally speaking, inflation-protected securities did not perform as well as conventional U.S. Treasury bonds. As of November 2018, consumer prices, as measured by the U.S. Bureau of Labor Statistics, were up for the year, as unadjusted Headline CPI came in at 2.2%, up from 2.1% at 2017 year end. (CPI measures changes in the price of a market basket of consumer goods and services; Core CPI does not include food and energy prices. Headline CPI includes food and energy.) While shelter costs continued to be a major driver of inflation, the headline year-to-date increase was driven, in large part, by service prices. As of November 2018, Core CPI increased to 2.2%, up from 1.8% at 2017 year end. Core CPI was running modestly above the 2% inflation objective of the Federal Open Market Committee (FOMC).

TIPS positioning in aggregate contributed to Fund performance during the period. Notably, the Fund’s underweight positioning in short-maturity inflation securities was offset by allocations to high-quality income-producing assets that earned higher yields than U.S. Treasuries.

In addition to TIPS, the Fund also invested in high-quality income-producing securities, including asset-backed and money market securities. The income earned by these asset classes contributed positively to the Fund’s performance during the year. Asset-backed securities (ABS) were the main drivers of performance. Security selections in auto loans and student loans within the ABS sector were the primary contributors. An allocation to high-quality commercial paper also contributed to performance over the year. (Commercial paper is the commonly used name for short-term unsecured promissory notes sold by banks and corporations to meet short-term debt obligations.)

The Fund may use derivative instruments for yield curve and duration management, as well as for replicating cash bonds and gaining market exposure in order to implement manager views. During the period, these derivative positions detracted modestly from the Fund’s performance. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

17

MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Despite recent weakness in energy markets and volatility in risk assets, Fund management ended 2018 constructive on inflation market performance as CPI and PCE edged higher to meet central bank objectives. (The “core” PCE price index is defined as personal consumption expenditures (PCE) prices, excluding food and energy prices. The core PCE price index measures the prices paid by consumers for goods and services without the volatility caused by movements in food and energy prices to reveal underlying inflation trends.) They believe inflation markets have priced in much of the recent weakness and softer sentiment. In 2019, Fund management expects seasonal strength in energy prices, continued stability in consumer fundamentals, and a more balanced Federal Reserve policy to lend support to inflation markets.

MML Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
U.S. Treasury Obligations	85.4	%
Non-U.S. Government Agency Obligations	51.2	%
Corporate Debt	2.5	%
Purchased Options	0.8	%
U.S. Government Agency Obligations and Instrumentalities	0.7	%
Municipal Obligations	0.0	%
Total Long-Term Investments	140.6	%
Short-Term Investments and Other Assets and Liabilities	(40.6	)%
Net Assets	100.0	%

18

MML Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Inflation-Protected and Income Fund Initial Class, Service Class, and the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-1.29%		1.78%		3.66%
Service Class		-1.54%		1.53%		3.40%
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)		-1.26%		1.69%		3.64%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

19

MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Short-Duration Bond Fund, and who is the Fund’s subadviser?

The Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II shares returned 1.53%, modestly underperforming the 1.58% return of the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “benchmark”), which measures the performance of the U.S. Treasury and U.S. Agency Indexes with maturities of 1-3 years, including Treasuries and U.S. agency debentures. It is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The Federal Reserve Board (the Fed) raised interest rates a total of four times in 2018, starting at the March Federal Open Market Committee (FOMC) meeting. The U.S. economic outlook remained positive throughout 2018, with the headlines of tariffs and trade wars weighing on investor sentiment near the end of the year. The rise in front-end rates caused the yield curve to flatten as a direct result of Fed action, ultimately resulting in the flattening of the entire curve over the 12-month period. (When the yield curve is flattening, that means the yield spread between long-term and short-term rates is decreasing.) Bond duration and maturity positioning benefited the Fund as it shifted duration in accordance with its duration management process. Duration of the Fund was targeted at 1.0 years.

An allocation to corporate credit detracted from the Fund’s performance. Investment-grade and BB-rated high-yield bonds detracted. Information/data technology, pharmaceuticals, and diversified telecommunications were the best-performing sub-sectors. Banking, automotive manufacturers, and chemical sectors underperformed. During 2018, investment-grade corporate fundamentals showed signs of improvement, while both gross and net issuance declined for the year. December’s volatility caused spreads to widen, impacting corporate performance for the period.

The securitized sector was the top contributor to performance, led by asset-backed securities (ABS), where allocations to government-guaranteed Federal Family Education Loan Program (FFELP) student loans and automobile ABS collateral were the largest contributors. The Fund increased its allocation to ABS over the year as the sector continued to have a natural liquidity profile, and remained attractive on a relative basis to other asset classes. The Fund’s holdings in residential mortgage-backed securities (RMBS) were modest contributors to performance.

The Fund uses derivative instruments on occasion for yield curve, duration, downside risk management, and to gain exposures. The Fund’s use of derivatives contributed to the Fund’s relative performance during 2018. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

Looking forward, Fund management expects potential market turbulence as investors seek to interpret Fed policy, brace for potential Treasury yield curve inversion, consider a growing BBB market, and evaluate slowing foreign demand. While these technicals present a wide range of potential outcomes for high-grade investors, Fund management remains vigilant in both sector and issuer selection within the Fund. They believe the market may see a slowdown in corporate merger and acquisition (M&A) activity due to the rising cost of funding. However, they do not anticipate a large-scale compression in corporate profit margins. Corporate and ABS issuance slowed in 2018, while commercial mortgage-backed securities (CMBS) issuance accelerated. Fund management continues to find value in FFELP student loans, and single-name ABS. They will closely watch the volume of primary market issuance, on the belief that the level at which new deals come to market (along with price, and how those deals are received by the market) could be indicators of 2019 sentiment.

20

MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/18
Non-U.S. Government Agency Obligations	50.5	%
Corporate Debt	45.3	%
U.S. Treasury Obligations	1.7	%
U.S. Government Agency Obligations and Instrumentalities	1.1	%
Purchased Options	1.0	%
Municipal Obligations	0.0	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

21

MML Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Short-Duration Bond Fund Class II, Service Class I, and the Bloomberg Barclays U.S. 1-3 Year Government Bond Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/3/10 - 12/31/18
Class II		1.53%		1.85%		2.26%
Service Class I		1.29%		1.58%		2.01%
Bloomberg Barclays U.S. 1-3 Year Government Bond Index		1.58%		0.82%		0.93%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. 1-3 Year Government Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

22

MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Small Cap Equity Fund, and who is the Fund’s subadviser?

The Fund seeks capital appreciation by investing primarily in common stocks of small-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Initial Class shares returned -10.19%, outperforming the -11.01% return of the Russell 2000 Index (the “benchmark), which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2018, the Fund outperformed the benchmark primarily within the energy, health care, and information technology sectors, due to stronger relative stock selection. Underperforming sectors for the Fund included financials, industrials, and materials, where stock selection detracted from results.

Fund holdings that contributed to the Fund’s relative performance included Renewable Energy Group, Inc. (energy); Amedisys, Inc. (health care); and Etsy, Inc. (consumer discretionary). Renewable Energy Group rallied as investors cheered the company’s second-quarter earnings report, which showed improved profitability and a strengthening balance sheet. Home health provider Amedisys continued its strong run with better-than-expected second-quarter earnings due to operational improvements, notably in labor cost management. Investors also warmed to the home health space, as the reimbursement environment has improved. The Fund exited Amedisys late in the reporting period due to valuation, as the stock exceeded Fund management’s upside price target. Etsy’s stock moved substantially higher after raising their “take rate” significantly. (Take rate refers to the percentage of each sale the company keeps for itself.) This was interpreted by the market as a sign of confidence that the marketplace has developed enough stickiness with sellers to support pricing power.

Fund holdings that were top detractors from the Fund’s relative performance included Visteon Corporation (consumer discretionary); Summit Materials, Inc. (materials); and Prestige Consumer Healthcare, Inc. (health care). Visteon designs, engineers, and manufactures cockpit electronics products and connected car solutions for most of the world’s major vehicle manufacturers. After a strong two- to three-year run of meeting or beating analyst earnings estimates, the company reported disappointing second-quarter 2018 results in late July, and lowered its previous 2018 guidance. Specifically, the company has been facing increasing headwinds related to softening vehicle production, diesel demand, and tariffs. Summit Materials is one of the fastest-growing construction materials companies, which supplies aggregates, cement, ready-mix concrete, and asphalt paving mix within the U.S. and western Canada. In early August, the company reported softer-than-expected second-quarter 2018 results and lowered its full-year EBITDA guidance. (Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company’s operating performance.) In addition to the negative impact from poor weather in several of its key end markets, the company noted higher costs for raw materials, freight, labor, and fuel. Prestige Consumer Healthcare markets, sells, and distributes various over-the-counter health care and consumer products. In 2017 and into 2018, the consumer staples sector as a group was under pressure due to a variety of factors, and Prestige was no exception. Organic sales trends slowed and cost pressures increased, especially for transportation. Despite an attractive valuation, the Fund exited the stock during the second quarter of 2018.

Subadviser outlook

In the short term, Fund management expects that the U.S. economy has the potential to continue to show economic growth, albeit at slower rates than experienced in 2018, as the “sugar high” from tax cuts wears off. Fund management believes this may be driven by favorable ongoing consumer confidence, falling regulatory hurdles, and technological innovation. They believe that the biggest macro risks are trade tariffs and higher interest rates.

23

MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Small Cap Equity Fund Largest Holdings (% of Net Assets) on 12/31/18
Korn/Ferry International	2.1	%
CACI International, Inc. Class A	2.1	%
Four Corners Property Trust, Inc.	2.1	%
ASGN, Inc.	1.9	%
Jack in the Box, Inc.	1.8	%
National Storage Affiliates Trust	1.8	%
Zynga, Inc. Class A	1.8	%
Generac Holdings, Inc.	1.8	%
j2 Global, Inc.	1.6	%
Visteon Corp.	1.5	%
	18.5	%

MML Small Cap Equity Fund Sector Table (% of Net Assets) on 12/31/18
Financial	23.5	%
Consumer, Non-cyclical	19.1	%
Industrial	15.2	%
Consumer, Cyclical	15.2	%
Technology	12.1	%
Utilities	3.6	%
Basic Materials	3.4	%
Communications	2.9	%
Energy	2.9	%
Mutual Funds	2.8	%
Total Long-Term Investments	100.7	%
Short-Term Investments and Other Assets and Liabilities	(0.7	)%
Net Assets	100.0	%

24

MML Small Cap Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Small Cap Equity Fund Initial Class, Service Class, and the Russell 2000 Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Initial Class		-10.19%		5.15%		13.46%
Service Class		-10.41%		4.88%		13.18%
Russell 2000 Index		-11.01%		4.41%		11.97%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

25

MML Special Situations Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Special Situations Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing primarily in common stocks of U.S. companies that are involved in “special situations.” A special situation might include, for example, a recently announced spin-off or divestiture, a change in dividend policy, involvement in a merger or acquisition transaction, a change in management, a significant change in ownership, or changes due to bankruptcy or insolvency process. The Fund’s subadviser expects that the Fund’s portfolio will initially emphasize “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000^® Index, although the Fund’s holdings of securities of different market capitalizations will vary over time, depending on market conditions generally and on the companies involved at the time (or that the subadviser expects to be involved) in special situations. The Fund will typically invest primarily in common stocks. When the subadviser determines that there are an insufficient number of companies involved (or likely to be involved) in special situations, it may invest in any equity securities it considers to be consistent with the Fund’s objective of growth of capital over the long term. It may also invest in exchange-traded funds (ETFs) providing broad equity exposures or in derivatives, including swaps, futures contracts, and options, to gain broad exposures to equity markets. The Fund’s subadviser is Barings LLC (Barings).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II shares returned -4.83%, underperforming the -4.38% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The Fund invests in many spin-offs, since when a company spins off a division into a separate company, it tends to unlock value in the shares. The pace of corporations spinning off divisions slowed dramatically in 2017 and 2018. There was a total of 26 spin-offs in the past two years, relative to an average of 29 spin-offs per year in the previous four years.

Spin-offs are owned disproportionately by hedge funds, so when the market turns, spin-offs tend to be the “canary in the coal mine.” The year 2018 was no different. Spin-offs started to underperform the market in July, and by October, they were down significantly relative to the rest of the market.

Companies that were created by spin-offs over the past two years fell, on average, 21% in 2018. In spin-offs, there are often big winners, but there are big losers as well. In 2018, there were only two big winners. The Fund was heavily invested in one of them, but not the other. There were many big losers.

The Fund was invested in Bioverativ, the biotechnology firm, before Sanofi, the French drug company, acquired it. The stock was up 94% in 2018, which helped performance. The Fund did not invest in the second big winner in the spin-off universe, the commercial real estate company Rafael Holdings. This company was spun off by IDT, the communications company, and the stock rose 70% during the year.

Two companies that were spun off a few years ago, PayPal and Zoetis, are still in the Fund’s portfolio, and these both turned in positive returns in 2018. Another Fund holding is Fortive, the industrial automation company that was spun off by Danaher, the industrial conglomerate in 2016; it declined over 40% in 2018.

The Fund had a small loss from the use of derivative securities in 2018. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both.

Subadviser outlook

The Fund owns many spin-offs, which tend to be small- and mid-size companies in the industrials sector. The trade war hurt the prospects of these companies in 2018 because they are reliant on overseas sales, or they use the global supply chain for intermediate goods in their manufacturing processes. Given these dependencies, Fund management is cautious on the outlook for special situations. They still believe there are opportunities, but currently, are holding more cash than normal in the Fund until some of the uncertainty has, in their view, been resolved.

26

MML Special Situations Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Special Situations Fund Largest Holdings (% of Net Assets) on 12/31/18
PayPal Holdings, Inc.	12.9	%
Zoetis, Inc.	7.4	%
Hewlett Packard Enterprise Co.	4.7	%
Keysight Technologies, Inc.	4.0	%
Lamb Weston Holdings, Inc.	3.8	%
Liberty Latin America Ltd. Class A	3.4	%
Allegion PLC	3.0	%
ONE Gas, Inc.	2.6	%
AbbVie, Inc.	2.6	%
Danaher Corp.	2.5	%
	46.9	%

MML Special Situations Fund Sector Table (% of Net Assets) on 12/31/18
Consumer, Non-cyclical	33.4	%
Industrial	11.7	%
Communications	10.0	%
Technology	8.4	%
Financial	4.7	%
Energy	2.9	%
Basic Materials	2.7	%
Utilities	2.6	%
Consumer, Cyclical	1.7	%
Total Long-Term Investments	78.1	%
Short-Term Investments and Other Assets and Liabilities	21.9	%
Net Assets	100.0	%

27

MML Special Situations Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Special Situations Fund Class II, Service Class I, and the S&P 500 Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Since Inception 5/15/15 - 12/31/18
Class II		-4.83%		2.78%
Service Class I		-5.13%		2.51%
S&P 500 Index		-4.38%		6.87%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

28

MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Strategic Emerging Markets Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth by investing mainly in common stocks of issuers in developing and emerging markets throughout the world and, at times, up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers whose principal activities are in a developing (or emerging) market, i.e., are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets. The Fund focuses on companies with above-average earnings growth. In general, countries may be considered developing or emerging markets if they are included in any one of the MSCI emerging markets indices, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries, and stock markets with similar characteristics. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).

How did the Fund perform during the 12 months ended December 31, 2018?

The Fund’s Class II Shares returned -12.40%, outperforming the -14.58% return of the MSCI EM Index (the “benchmark”), which measures the performance of the large and mid cap segments of emerging market equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2018, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2018, the Fund outperformed the benchmark due to stock selection in the information technology, consumer discretionary, financials, health care, and energy sectors. Stock selection in the materials, consumer staples, communication services, and industrials sectors detracted from performance. In terms of countries, stock selection in India contributed positively to relative performance, as did an overweight position, relative to the benchmark, in France and an underweight stake in South Korea. Detractors from performance included overweight positions in the U.K. and U.S., and stock selection in the United Arab Emirates.

Top-performing Fund holdings included Novatek (energy, Russia), Housing Development Finance Corporation (HDFC) (financials, India), and Kotak Mahindra Bank Ltd. (financials, India). Novatek, a Russian energy company, has always stood at the forefront of technological and business innovation, finding creative ways to add value to its constantly expanding natural gas and condensate resource base. The company posted a 75% year-over-year increase in EBITDA during the third quarter of 2018. (Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company’s operating performance.) HDFC is a financial institution that provides housing finance in India to low- and middle-income individuals, as well as to corporations. The company released strong second-quarter fiscal year 2019 results at the beginning of November. Kotak Mahindra Bank, the fourth-largest private bank in India, has about 1,400 branches, and owns 100% of its various subsidies, which enables it to provide a full range of financial services.

Fund holdings that were top detractors from performance included Alibaba Group Holding Ltd. (consumer discretionary, China), Tencent Holdings Ltd. (communication services, China), and Glencore plc (materials, U.K.). Alibaba is one of China’s most dominant internet companies and holds the leading position in the sizable ecommerce market. During the year, the company saw its share price pull back as trade rhetoric between the United States and China negatively impacted all U.S.-listed Chinese companies. Tencent is a Chinese internet company that dominates the Chinese consumer market through a broad ecosystem built on gaming, messaging, payment, and content. Although Tencent continues to diversify, the company still derives 65% of gross profits from gaming, which has had slowing growth as a result of a very large base of comparison. Additionally, approvals for new PC and mobile games have been delayed due to changes in administrative procedures at the regulators. These factors, along with the escalated trade rhetoric between the United States and China noted above, hampered Tencent’s performance. Glencore is one of the world’s leading producers and marketers of commodities and one of the most diversified. Its stock price was adversely impacted by developments at the Katanga mine in the Democratic Republic of Congo, including ongoing political and policy controversies and a six-month suspension of Katanga cobalt sales announced November 6, due to the detection of low-level radioactivity. This proved highly disruptive to global cobalt prices.

29

MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Fund management continues to believe that emerging markets (EM) should be an increasingly core allocation for global investors. EM now represents a meaningful portion of global gross domestic product (GDP) and is the largest contributor to global growth. Fund management believes most investors are still under-allocated to EM and, especially for those who invest through passive vehicles, to the areas of EM that exhibit the most attractive growth characteristics. Fund management’s approach to investing and the positioning of the Fund remain unchanged – they strive to focus on long-term investments in extraordinary companies that they believe have the potential to possess competitive advantages that could manifest themselves over the course of many years. This results in exposure to various sectors and industries – including e-commerce, cloud computing, internet services, health care, travel, and education.

MML Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 12/31/18
Alibaba Group Holding Ltd. Sponsored ADR	5.8	%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.4	%
Novatek PJSC Sponsored GDR Registered	4.3	%
Kering SA	3.9	%
Housing Development Finance Corp. Ltd.	3.9	%
Tencent Holdings Ltd.	3.8	%
Glencore PLC	3.7	%
Kotak Mahindra Bank Ltd.	3.4	%
AIA Group Ltd.	2.9	%
LVMH Moet Hennessy Louis Vuitton SE	2.3	%
	39.4	%

MML Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 12/31/18
Financial	25.6	%
Communications	16.2	%
Consumer, Cyclical	16.1	%
Consumer, Non-cyclical	13.8	%
Technology	7.6	%
Basic Materials	6.1	%
Energy	5.2	%
Industrial	3.2	%
Diversified	1.4	%
Mutual Funds	1.3	%
Total Long-Term Investments	96.5	%
Short-Term Investments and Other Assets and Liabilities	3.5	%
Net Assets	100.0	%

30

MML Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Strategic Emerging Markets Fund Service Class I and the MSCI EM Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Ten Year Average Annual 1/1/09 - 12/31/18
Service Class I		-12.60%		0.06%		5.81%
MSCI EM Index		-14.58%		1.65%		8.02%

Hypothetical Investments in MML Strategic Emerging Markets Fund Class II and the MSCI EM Index.

TOTAL RETURN	One Year 1/1/18 - 12/31/18		Five Year Average Annual 1/1/14 - 12/31/18		Since Inception Average Annual 5/1/09 - 12/31/18
Class II		-12.40%		0.28%		4.60%
MSCI EM Index		-14.58%		1.65%		6.49%

GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by accessing the website at www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI EM Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

31

MML Asset Momentum Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 20.3%
COMMON STOCK — 20.3%
Communications — 1.3%
Internet — 0.8%
Rightmove PLC		35,000	$	192,322
Telecommunications — 0.5%
NTT DOCOMO, Inc.		5,600		125,748
				318,070
Consumer, Cyclical — 3.1%
Distribution & Wholesale — 3.1%
Pool Corp.		5,100		758,115
Consumer, Non-cyclical — 3.0%
Health Care – Products — 0.8%
Advanced Medical Solutions Group PLC		54,425		189,816
Health Care – Services — 1.1%
Fresenius SE & Co. KGaA		5,900		285,192
Household Products & Wares — 1.1%
Henkel AG & Co. KGaA		2,000		196,688
Portmeirion Group PLC		5,600		67,809
				264,497
				739,505
Financial — 5.3%
Diversified Financial Services — 5.3%
Mastercard, Inc. Class A		5,300		999,845
Visa, Inc. Class A		2,200		290,268
				1,290,113
Industrial — 4.1%
Building Materials — 0.3%
Breedon Group PLC (a)		88,437		66,506
Electronics — 1.2%
Halma PLC		17,600		304,662
Hand & Machine Tools — 0.6%
Schindler Holding AG		700		139,071
Machinery – Diversified — 2.0%
Keyence Corp.		400		201,592
Roper Technologies, Inc.		1,100		293,172
				494,764
				1,005,003
Technology — 3.5%
Computers — 2.5%
Fortinet, Inc. (a)		8,800		619,784

	Number of Shares		Value
Software — 1.0%
EMIS Group PLC		11,800	$	137,263
Nexus AG		3,400		95,732
				232,995
				852,779
TOTAL COMMON STOCK (Cost $4,680,976)				4,963,585
TOTAL EQUITIES (Cost $4,680,976)				4,963,585
	Principal Amount
BONDS & NOTES — 12.1%
U.S. TREASURY OBLIGATIONS — 12.1%
U.S. Treasury Bonds & Notes — 12.1%
U.S. Treasury Note 1.750% 11/30/19 (b)	$	3,000,000		2,976,309
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,991,914)				2,976,309
TOTAL BONDS & NOTES (Cost $2,991,914)				2,976,309
	Number of Shares
MUTUAL FUNDS — 53.0%
Diversified Financial Services — 53.0%
iShares MSCI Brazil Capped Index Fund (c)		36,000		1,375,200
iShares MSCI India ETF		6,600		220,044
iShares MSCI Mexico ETF		17,000		700,060
State Street Navigator Securities Lending Prime Portfolio (d)		1,389,960		1,389,960
Vanguard Short-Term Bond ETF		82,000		6,442,740
Vanguard Total Stock Market ETF		22,200		2,833,386
				12,961,390
TOTAL MUTUAL FUNDS (Cost $13,134,439)				12,961,390
TOTAL LONG-TERM INVESTMENTS (Cost $20,807,329)				20,901,284

The accompanying notes are an integral part of the financial statements.

32

MML Asset Momentum Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 21.0%
Repurchase Agreement — 21.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (e)	$	5,136,732	$	5,136,732
TOTAL SHORT-TERM INVESTMENTS (Cost $5,136,732)				5,136,732
TOTAL INVESTMENTS — 106.4% (Cost $25,944,061) (f)				26,038,016
Other Assets/(Liabilities) — (6.4)%				(1,570,986	)
NET ASSETS — 100.0%			$	24,467,030

Abbreviation Legend

ETF Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $1,361,448 or 5.56% 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 $5,137,089. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $5,243,566.

(f) See Note 6 for aggregate cost for federal tax purposes.

Forward contracts at December 31, 2018:

		Counterparty	Settlement Date	In Exchange for				Unrealized Appreciation/ (Depreciation)
Contract to Buy
GBP	1,016,335	HSBC Bank USA*	6/21/19			$	1,400,000	$	(94,061	)
Cross Currency Forwards
MYR	6,000,000	Barclays Bank PLC*	2/22/19		JPY		159,300,000	$	(7,762	)
GBP	995,000	HSBC Bank USA*	4/05/19		AUD		1,846,464		(28,626	)
								$	(36,388	)

* Contracts are subject to a Master Netting Agreement.

Futures contracts at December 31, 2018:

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Mexican Bolsa Index		3/15/19		11	$	236,120	$	(2,269	)
NASDAQ 100 E-Mini Index		3/15/19		51		6,930,559		(470,644	)
S&P 500 E-Mini Index		3/15/19		111		14,742,834		(838,974	)
							$	(1,311,887	)

Currency Legend

AUD Australian Dollar

GBP British Pound

JPY Japanese Yen

MYR Malaysian Ringgit

The accompanying notes are an integral part of the financial statements.

33

MML Dynamic Bond Fund – Portfolio of Investments

December 31, 2018

	Principal Amount		Value
BONDS & NOTES — 94.5%
CORPORATE DEBT — 24.7%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 5.400% 10/01/48	$	545,000	$	516,116
Aerospace & Defense — 0.2%
Lockheed Martin Corp. 4.700% 5/15/46		505,000		526,226
TransDigm, Inc. 6.375% 6/15/26		165,000		153,450
				679,676
Agriculture — 0.2%
BAT Capital Corp. 3.496% FRN 8/15/22 (a)		180,000		178,189
JBS Investments II GmbH 7.000% 1/15/26 (b)		200,000		196,000
Reynolds American, Inc. 4.000% 6/12/22		335,000		331,389
				705,578
Airlines — 0.2%
Delta Air Lines, Inc. 3.800% 4/19/23		570,000		560,882
Guanay Finance Ltd. 6.000% 12/15/20 (c)		327,017		329,061
Latam Finance Ltd. 6.875% 4/11/24 (c)		200,000		196,952
				1,086,895
Auto Manufacturers — 0.7%
Daimler Finance North America LLC 3.422% FRN 5/04/23 (a) (b)		985,000		974,814
Ford Motor Co. 7.450% 7/16/31		485,000		500,047
General Motors Co. 3 mo. USD LIBOR + .800% 3.389% FRN 8/07/20		210,000		207,882
General Motors Financial Co., Inc. 3.398% FRN 1/05/23 (a)		505,000		479,068
3.950% 4/13/24		115,000		109,217
Volkswagen Group of America Finance LLC 4.250% 11/13/23 (b)		700,000		694,264
				2,965,292
Banks — 3.9%
Banco Bilbao Vizcaya Argentaria Colombia SA 4.875% 4/21/25 (c)		300,000		291,750
Banco de Credito e Inversiones 4.000% 2/11/23 (c)		200,000		197,771

	Principal Amount		Value
Banco de Reservas de la Republica Dominicana 7.000% 2/01/23 (b)	$	200,000	$	200,000
Banco do Brasil SA 10 year CMT + 4.398% 6.250% VRN 10/29/49 (c) (d)		600,000		514,500
Banco Macro SA 5 year USD Swap + 5.463% 6.750% VRN 11/04/26 (c)		350,000		282,625
Banco Mercantil del Norte SA 5 year CMT + 4.447% 5.750% VRN 10/04/31 (c)		200,000		179,796
10 year CMT + 5.353% 7.625% VRN 12/31/99 (c) (d)		400,000		387,000
Banco Santander Chile 3.875% 9/20/22 (c)		150,000		149,295
Banco Santander Mexico SA 5.950% VRN 10/01/28 (a) (b)		250,000		250,938
Banco Santander SA 3.767% FRN 2/23/23 (a)		600,000		587,471
Bancolombia SA 4.875% VRN 10/18/27 (a)		400,000		385,504
Banistmo SA 3.650% 9/19/22 (b)		200,000		190,000
Bank of Montreal 3.803% VRN 12/15/32 (a)		450,000		416,700
Barclays PLC 4.009% FRN 5/16/24 (a)		425,000		404,693
BBVA Bancomer SA 5.125% VRN 1/18/33 (a) (c)		800,000		694,000
BDO Unibank, Inc. 2.625% 10/24/21 (c)		300,000		288,090
2.950% 3/06/23 (c)		300,000		283,560
BNP Paribas SA 3.375% 1/09/25 (b)		595,000		559,941
Citigroup, Inc. 3 mo. USD LIBOR + 1.100% 3.740% FRN 5/17/24		845,000		824,390
Credit Agricole SA 3.750% 4/24/23 (b)		535,000		523,519
Credit Suisse Group AG 4.016% FRN 6/12/24 (a) (b)		430,000		423,518
DBS Group Holdings Ltd. 5 year USD Swap + 2.390% 3.600% VRN 12/29/49 (c) (d)		600,000		573,000
Global Bank Corp. 5.125% 10/30/19 (c)		700,000		700,350
The Goldman Sachs Group, Inc. 3.307% FRN 10/31/22 (a)		370,000		360,521
3.786% FRN 5/15/26 (a)		360,000		345,519
HSBC Holdings PLC 4.156% FRN 9/12/26 (a)		835,000		822,243
Industrial Senior Trust 5.500% 11/01/22 (c)		100,000		97,250

The accompanying notes are an integral part of the financial statements.

34

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Itau Unibanco Holding SA 6.500% VRN 12/31/99 (a) (c) (d)	$	350,000	$	331,187
Lloyds Banking Group PLC 3.574% VRN 11/07/28 (a)		600,000		533,714
Macquarie Group Ltd. 3.189% VRN 11/28/23 (a) (b)		260,000		249,897
4.150% VRN 3/27/24 (a) (b)		280,000		280,032
Malayan Banking Bhd 5 year USD Swap + 2.542% 3.905% VRN 10/29/26 (c)		600,000		592,416
Mitsubishi UFJ Financial Group, Inc. 3.478% FRN 3/02/23 (a)		495,000		486,797
Morgan Stanley 3 mo. USD LIBOR + 1.340% 3.591% VRN 7/22/28		585,000		553,120
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23		285,000		274,061
Sumitomo Mitsui Financial Group, Inc. 3.189% FRN 1/17/23 (a)		815,000		804,777
Union Bank of the Philippines 3.369% 11/29/22 (c)		400,000		380,600
United Overseas Bank Ltd. 3.875% VRN 12/31/99 (a) (c) (d)		500,000		460,553
Westpac Banking Corp. 3.336% FRN 5/15/23 (a)		850,000		841,074
				16,722,172
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46 (b)		250,000		231,846
Anheuser-Busch InBev Worldwide, Inc. 4.600% 4/15/48		290,000		259,915
Embotelladora Andina SA 5.000% 10/01/23 (c)		310,000		318,280
				810,041
Biotechnology — 0.1%
Celgene Corp. 4.350% 11/15/47		595,000		501,052
Building Materials — 0.2%
Builders FirstSource, Inc. 5.625% 9/01/24 (b)		250,000		231,875
Owens Corning 4.400% 1/30/48		350,000		264,563
Votorantim Cimentos SA 7.250% 4/05/41 (c)		200,000		204,500
				700,938
Chemicals — 0.5%
Ashland LLC 4.750% 8/15/22		155,000		152,675
Braskem Finance Ltd. 6.450% 2/03/24		200,000		210,002

	Principal Amount		Value
DowDuPont, Inc. 5.419% 11/15/48	$	435,000	$	451,940
Grupo Idesa SA de CV 7.875% 12/18/20 (c)		400,000		279,500
Hexion, Inc. 6.625% 4/15/20		80,000		63,800
10.375% 2/01/22 (b)		95,000		75,762
The Mosaic Co. 4.050% 11/15/27		600,000		569,059
UPL Corp. Ltd. 3.250% 10/13/21 (c)		200,000		193,374
				1,996,112
Coal — 0.1%
Peabody Energy Corp. 6.000% 3/31/22 (b)		405,000		392,850
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (b)		230,000		217,925
				610,775
Commercial Services — 0.3%
Adani Ports & Special Economic Zone Ltd. 3.950% 1/19/22 (c)		375,000		368,836
ENA Norte Trust 4.950% 4/25/23 (c)		133,149		133,416
Garda World Security Corp. 8.750% 5/15/25 (b)		210,000		191,100
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.250% 5/15/23 (b)		223,000		229,969
Refinitiv US Holdings, Inc. 6.250% 5/15/26 (b)		195,000		188,175
United Rentals North America, Inc. 6.500% 12/15/26		190,000		187,150
Verscend Escrow Corp. 9.750% 8/15/26 (b)		237,000		222,780
				1,521,426
Diversified Financial Services — 2.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.500% 1/15/25		600,000		547,424
Air Lease Corp. 3.750% 2/01/22		470,000		465,090
Ally Financial, Inc. 4.125% 3/30/20		480,000		474,600
4.250% 4/15/21		30,000		29,442
American Express Co. 2.500% 8/01/22		1,115,000		1,076,175
ASP AMC Merger Sub, Inc. 8.000% 5/15/25 (b)		170,000		90,100

The accompanying notes are an integral part of the financial statements.

35

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Banco BTG Pactual SA 5 year CMT + 6.978% 8.750% VRN 12/29/49 (c) (d)	$	200,000	$	202,040
BOC Aviation Ltd. 3.947% FRN 9/26/23 (a) (b)		565,000		562,024
Capital One Financial Corp. 3.240% FRN 1/30/23 (a)		140,000		136,189
The Charles Schwab Corp. 3.550% 2/01/24		550,000		550,127
Credito Real SAB de CV SOFOM ER 9.125% VRN 12/31/99 (a) (c) (d)		200,000		187,752
Discover Financial Services 4.100% 2/09/27		720,000		672,169
Interoceanica IV Finance Ltd. 0.010% 11/30/25 (c)		975,178		824,026
Nationstar Mortgage Holdings, Inc. 8.125% 7/15/23 (b)		145,000		141,375
NFP Corp. 6.875% 7/15/25 (b)		320,000		286,400
SPARC EM SPC Panama Metro Line 2 SP 0.010% 12/05/22 (b)		597,914		541,866
0.010% 12/05/22 (c)		512,498		464,456
SURA Asset Management SA 4.875% 4/17/24 (c)		200,000		198,002
Synchrony Financial 3.000% 8/15/19		530,000		526,502
3.950% 12/01/27		25,000		21,057
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.750% 6/01/25 (b)		150,000		138,750
Unifin Financiera SAB de CV SOFOM ENR 8.875% VRN 12/31/99 (a) (c) (d)		400,000		330,000
				8,465,566
Electric — 2.7%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It 7.950% 5/11/26 (b)		500,000		505,000
American Electric Power Co., Inc. 2.950% 12/15/22		313,000		306,916
Cometa Energia SA de CV 6.375% 4/24/35 (c)		394,800		365,190
DTE Energy Co. 3.800% 3/15/27		500,000		487,843
Duke Energy Corp. 3.750% 9/01/46		215,000		185,879
3.950% 8/15/47		240,000		216,611
Duke Energy Florida LLC 3.200% 1/15/27		1,000,000		967,579

	Principal Amount		Value
Duke Energy Progress, Inc. 4.150% 12/01/44	$	415,000	$	402,887
Edison International 4.125% 3/15/28		260,000		246,080
Empresa Electrica Angamos SA 4.875% 5/25/29 (c)		182,600		174,601
Empresa Electrica Guacolda SA 4.560% 4/30/25 (c)		200,000		176,869
Enel Finance International NV 4.250% 9/14/23 (b)		565,000		552,449
Energuate Trust 5.875% 5/03/27 (c)		200,000		185,000
Engie Energia Chile SA 5.625% 1/15/21 (c)		100,000		102,252
Eversource Energy 2.750% 3/15/22		1,000,000		982,650
Exelon Corp. 3.400% 4/15/26		750,000		713,044
Fortis, Inc. 2.100% 10/04/21		505,000		485,490
Inkia Energy Ltd. 5.875% 11/09/27 (c)		400,000		370,504
Israel Electric Corp. Ltd. 5.000% 11/12/24 (b)		200,000		201,456
Mexico Generadora de Energia S. de R.L. 5.500% 12/06/32 (c)		172,140		164,394
NextEra Energy Capital Holdings, Inc. 3.550% 5/01/27		280,000		267,189
NextEra Energy Operating Partners LP 4.500% 9/15/27 (b)		170,000		151,300
Pampa Energia SA 7.500% 1/24/27 (c)		600,000		502,620
PSEG Power LLC 3.850% 6/01/23		430,000		430,350
Sierra Pacific Power Co. 2.600% 5/01/26		1,000,000		931,626
The Southern Co. 1.850% 7/01/19		65,000		64,682
Vistra Operations Co. LLC 5.500% 9/01/26 (b)		235,000		226,188
Xcel Energy, Inc. 3.300% 6/01/25		1,000,000		977,200
				11,343,849
Electronics — 0.2%
Arrow Electronics, Inc. 3.875% 1/12/28		290,000		264,166
Corning, Inc. 4.375% 11/15/57		595,000		499,384
				763,550

The accompanying notes are an integral part of the financial statements.

36

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Engineering & Construction — 0.2%
Mexico City Airport Trust 4.250% 10/31/26 (b)	$	500,000	$	445,630
Sydney Airport Finance Co. Pty Ltd. 3.375% 4/30/25 (b)		300,000		287,928
3.625% 4/28/26 (b)		300,000		286,928
				1,020,486
Entertainment — 0.1%
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250% 10/15/25 (b)		210,000		180,600
Eldorado Resorts, Inc. 6.000% 9/15/26 (b)		80,000		75,600
Eldorado Resorts, Inc. 6.000% 4/01/25		235,000		226,690
				482,890
Environmental Controls — 0.1%
Tervita Escrow Corp. 7.625% 12/01/21 (b)		235,000		223,838
Food Services — 0.1%
Aramark Services, Inc. 5.000% 4/01/25 (b)		230,000		224,825
Foods — 1.1%
Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC 5.750% 3/15/25		175,000		153,125
B&G Foods, Inc. 5.250% 4/01/25		160,000		148,800
Cosan Overseas Ltd. 8.250% 11/29/49 (c) (d)		500,000		503,750
ESAL GmbH 6.250% 2/05/23 (c)		400,000		396,004
JBS Investments GmbH 7.250% 4/03/24 (c)		200,000		201,602
JBS USA LUX SA/JBS USA Finance, Inc. 6.750% 2/15/28 (b)		260,000		253,500
The Kroger Co. 3.400% 4/15/22		565,000		559,185
MARB BondCo PLC 6.875% 1/19/25 (c)		200,000		185,352
7.000% 3/15/24 (c)		200,000		188,952
Marfrig Holdings Europe BV 8.000% 6/08/23 (b)		200,000		200,500
Minerva Luxembourg SA 5.875% 1/19/28 (c)		400,000		348,000
6.500% 9/20/26 (c)		400,000		372,500
Pilgrim’s Pride Corp. 5.750% 3/15/25 (b)		255,000		239,063
Post Holdings, Inc. 5.500% 3/01/25 (b)		240,000		230,354

	Principal Amount		Value
Smithfield Foods, Inc. 4.250% 2/01/27 (b)	$	595,000	$	554,644
				4,535,331
Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA 4.750% 1/11/22		200,000		202,202
Health Care – Products — 0.4%
Avantor, Inc. 9.000% 10/01/25 (b)		270,000		270,000
Becton Dickinson and Co. 2.894% 6/06/22		810,000		784,501
Zimmer Biomet Holdings, Inc. 2.700% 4/01/20		570,000		564,561
				1,619,062
Health Care – Services — 0.2%
Centene Corp. 4.750% 1/15/25		310,000		296,050
5.375% 6/01/26 (b)		35,000		34,038
HCA, Inc. 5.375% 9/01/26		320,000		311,200
MPH Acquisition Holdings LLC 7.125% 6/01/24 (b)		150,000		139,875
WellCare Health Plans, Inc. 5.375% 8/15/26 (b)		200,000		193,000
				974,163
Home Furnishing — 0.1%
Tempur Sealy International, Inc. 5.500% 6/15/26		248,000		226,300
Insurance — 0.7%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 8.250% 8/01/23 (b)		265,000		261,025
Athene Global Funding 3.000% 7/01/22 (b)		485,000		473,768
AXA Equitable Holdings, Inc. 3.900% 4/20/23 (b)		490,000		483,928
Brighthouse Financial, Inc. 3.700% 6/22/27		575,000		485,859
Liberty Mutual Group, Inc. 6.500% 5/01/42 (b)		690,000		818,281
Willis North America, Inc. 4.500% 9/15/28		565,000		560,571
				3,083,432
Internet — 0.2%
Expedia, Inc. Co. 3.800% 2/15/28		595,000		539,566
Match Group, Inc. 5.000% 12/15/27 (b)		165,000		151,388
				690,954

The accompanying notes are an integral part of the financial statements.

37

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Leisure Time — 0.1%
Royal Caribbean Cruises Ltd. 3.700% 3/15/28	$	295,000	$	272,800
Viking Cruises Ltd. 5.875% 9/15/27 (b)		235,000		219,137
				491,937
Lodging — 0.3%
Gohl Capital Ltd. 4.250% 1/24/27 (c)		600,000		564,439
Hilton Domestic Operating Co., Inc. 5.125% 5/01/26 (b)		565,000		542,400
				1,106,839
Media — 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000% 2/01/28 (b)		175,000		161,000
5.750% 2/15/26 (b)		160,000		156,800
Cengage Learning, Inc. 9.500% 6/15/24 (b)		185,000		125,800
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% 7/23/25		525,000		522,039
Comcast Corp. 3.950% 10/15/25		555,000		561,570
CSC Holdings LLC 5.250% 6/01/24		170,000		155,762
Gray Escrow, Inc. 7.000% 5/15/27 (b)		265,000		257,890
Sirius XM Radio, Inc. 5.375% 7/15/26 (b)		160,000		149,600
VTR Finance BV 6.875% 1/15/24 (c)		200,000		200,000
6.875% 1/15/24 (b)		200,000		200,000
				2,490,461
Mining — 0.4%
Anglo American Capital PLC 4.500% 3/15/28 (b)		585,000		543,872
Fresnillo PLC 5.500% 11/13/23 (c) (e)		500,000		508,130
Nexa Resources SA 5.375% 5/04/27 (c)		200,000		193,500
Vedanta Resources PLC 6.125% 8/09/24 (c)		400,000		331,595
				1,577,097
Oil & Gas — 2.1%
Bharat Petroleum Corp. Ltd. 4.625% 10/25/22 (c)		200,000		201,248
BPRL International Singapore Pte Ltd. 4.375% 1/18/27 (c)		500,000		472,448

	Principal Amount		Value
Canacol Energy Ltd. 7.250% 5/03/25 (b)	$	200,000	$	184,002
7.250% 5/03/25 (c)		400,000		368,004
CNOOC Finance 2015 USA LLC 3.750% 5/02/23		570,000		569,627
Continental Resources, Inc. 4.375% 1/15/28		265,000		249,302
Delek & Avner Tamar Bond Ltd. 5.082% 12/30/23 (b)		100,000		99,855
5.412% 12/30/25 (b)		100,000		99,872
EP Energy LLC/Everest Acquisition Finance, Inc. 7.750% 5/15/26 (b)		160,000		141,600
EQT Corp. 3.900% 10/01/27		610,000		525,870
Geopark Ltd. 6.500% 9/21/24 (c)		400,000		370,000
Gran Tierra Energy International Holdings Ltd. 6.250% 2/15/25 (c)		400,000		371,500
Gulfport Energy Corp. 6.375% 5/15/25		250,000		221,250
Hilcorp Energy I LP / Hilcorp Finance Co. 6.250% 11/01/28 (b)		165,000		145,200
Indian Oil Corp. Ltd. 5.750% 8/01/23 (c)		600,000		631,866
Indigo Natural Resources LLC 6.875% 2/15/26 (b)		165,000		141,900
Marathon Petroleum Corp. 5.125% 12/15/26 (b)		530,000		542,885
Nabors Industries, Inc. 5.750% 2/01/25		200,000		151,414
ONGC Videsh Vankorneft Pte Ltd. 3.750% 7/27/26 (c)		850,000		789,109
Petrobras Global Finance BV 5.750% 2/01/29		500,000		462,500
7.250% 3/17/44		100,000		98,551
Petronas Capital Ltd. 3.500% 3/18/25 (c)		800,000		785,802
QEP Resources, Inc. 5.625% 3/01/26		165,000		136,950
Sinopec Group Overseas Development Ltd. 2.750% 9/29/26 (c)		500,000		454,224
Sunoco LP / Sunoco Finance Corp. 5.500% 2/15/26		165,000		156,337
Transocean Guardian Ltd. 5.875% 1/15/24 (b)		85,000		81,388
Transocean, Inc. 7.250% 11/01/25 (b)		210,000		183,225
YPF Sociedad Anonima 6.950% 7/21/27 (c)		350,000		285,250
8.500% 7/28/25 (c)		300,000		269,250
				9,190,429

The accompanying notes are an integral part of the financial statements.

38

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Oil & Gas Services — 0.0%
USA Compression Partners LP/USA Compression Finance Corp. 6.875% 4/01/26 (b)	$	160,000	$	153,600
Packaging & Containers — 0.3%
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750% 2/01/26 (b) (e)		325,000		306,312
Flex Acquisition Co., Inc. 6.875% 1/15/25 (b)		210,000		186,900
Packaging Corp. of America 3.400% 12/15/27		290,000		271,964
WRKCo, Inc. 3.750% 3/15/25 (b)		530,000		520,060
				1,285,236
Pharmaceuticals — 0.8%
AbbVie, Inc. 4.700% 5/14/45		580,000		527,459
AstraZeneca PLC 2.375% 6/12/22		600,000		575,538
Bausch Health Cos., Inc. 7.000% 3/15/24 (b)		150,000		151,500
Cigna Corp. 3.326% FRN 7/15/23 (a) (b)		500,000		492,381
CVS Health Corp. 5.050% 3/25/48		520,000		505,757
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23		580,000		548,284
Teva Pharmaceutical Finance Netherlands III BV 2.800% 7/21/23		465,000		400,479
Valeant Pharmaceuticals International 9.250% 4/01/26 (b)		150,000		150,000
				3,351,398
Pipelines — 1.0%
Cheniere Energy Partners LP 5.250% 10/01/25		240,000		223,800
Enable Midstream Partners LP 4.400% 3/15/27		590,000		550,906
Energy Transfer Operating LP 4.200% 4/15/27		80,000		74,555
4.750% 1/15/26		470,000		456,680
EQM Midstream Partners LP 4.750% 7/15/23		660,000		658,581
Fermaca Enterprises S de RL de CV 6.375% 3/30/38 (b)		225,447		225,167
Kinder Morgan Energy Partners LP 6.950% 1/15/38		700,000		780,744
Sabine Pass Liquefaction LLC 5.000% 3/15/27		660,000		662,204

	Principal Amount		Value
Sunoco Logistics Partners Operations LP 3.900% 7/15/26	$	750,000	$	692,637
				4,325,274
Real Estate Investment Trusts (REITS) — 1.3%
Alexandria Real Estate Equities, Inc. 4.000% 1/15/24		420,000		424,830
American Tower Corp. 3.600% 1/15/28		570,000		532,572
4.400% 2/15/26		950,000		949,258
Boston Properties LP 4.125% 5/15/21		520,000		527,046
Crown Castle International Corp. 3.650% 9/01/27		575,000		533,048
3.700% 6/15/26		700,000		672,877
4.000% 3/01/27		225,000		219,142
Digital Realty Trust LP 3.700% 8/15/27		250,000		235,955
ESH Hospitality, Inc. 5.250% 5/01/25 (b)		240,000		223,200
GLP Capital LP/GLP Financing II, Inc. 5.300% 1/15/29		215,000		210,276
5.750% 6/01/28		325,000		328,250
MPT Operating Partnership LP/MPT Finance Corp. 5.250% 8/01/26		320,000		301,600
Welltower, Inc. 3.950% 9/01/23		560,000		561,395
				5,719,449
Retail — 0.4%
1011778 BC ULC/New Red Finance, Inc. 5.000% 10/15/25 (b)		335,000		308,200
Beacon Roofing Supply, Inc. 4.875% 11/01/25 (b)		270,000		237,262
Dollar Tree, Inc. 4.000% 5/15/25		555,000		533,551
Golden Nugget, Inc. 6.750% 10/15/24 (b)		200,000		188,500
McDonald’s Corp. 4.450% 3/01/47		235,000		224,684
PetSmart, Inc. 5.875% 6/01/25 (b)		40,000		28,900
7.125% 3/15/23 (b)		185,000		107,763
				1,628,860
Semiconductors — 0.3%
Marvell Technology Group Ltd. 4.200% 6/22/23		560,000		558,379
Microchip Technology, Inc. 4.333% 6/01/23 (b)		565,000		551,109
				1,109,488

The accompanying notes are an integral part of the financial statements.

39

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Software — 0.3%
Fidelity National Information Services, Inc. 3.625% 10/15/20	$	415,000	$	416,887
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho 10.000% 11/30/24 (b)		220,000		230,450
Informatica LLC 7.125% 7/15/23 (b)		230,000		223,995
Oracle Corp. 4.125% 5/15/45		285,000		269,669
Solera LLC/ Solera Finance, Inc. 10.500% 3/01/24 (b)		70,000		74,550
Sophia LP/Sophia Finance, Inc. 9.000% 9/30/23 (b)		310,000		310,000
				1,525,551
Telecommunications — 1.4%
AT&T, Inc. 5.250% 3/01/37		750,000		736,671
Axiata SPV2 Bhd 3.466% 11/19/20 (c)		300,000		299,475
Bharti Airtel International Netherlands BV 5.125% 3/11/23 (c)		400,000		393,195
Bharti Airtel Ltd. 4.375% 6/10/25 (c)		500,000		454,863
C&W Senior Financing DAC 6.875% 9/15/27 (c)		800,000		734,000
Colombia Telecomunicacio SA 8.500% 12/29/49 (c)		200,000		205,502
Comunicaciones Celulares SA Via Comcel Trust 6.875% 2/06/24 (c)		200,000		203,648
Digicel Group Ltd. 7.125% 4/01/22 (c)		500,000		232,500
Empresa Nacional de Telecomunicaciones SA 4.750% 8/01/26 (c)		200,000		187,859
GTT Communications, Inc. 7.875% 12/31/24 (b)		255,000		220,575
Level 3 Financing, Inc. 5.375% 1/15/24		330,000		314,325
Millicom International Cellular SA 5.125% 1/15/28 (c)		200,000		178,000
6.625% 10/15/26 (b)		200,000		202,520
Sprint Capital Corp. 6.875% 11/15/28		80,000		75,600
Sprint Corp. 7.125% 6/15/24		165,000		163,406
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738% 3/20/25 (b)		565,000		554,406

	Principal Amount		Value
Telesat Canada/Telesat LLC 8.875% 11/15/24 (b)	$	185,000	$	192,400
Verizon Communications, Inc. 4.400% 11/01/34		565,000		544,542
				5,893,487
Toys, Games & Hobbies — 0.1%
Hasbro, Inc. 3.500% 9/15/27		610,000		565,605
Transportation — 0.4%
CSX Corp. 3.800% 11/01/46		600,000		528,467
Empresa de Transporte de Pasajeros Metro SA 5.000% 1/25/47 (b)		750,000		733,132
FedEx Corp. 4.750% 11/15/45		545,000		513,846
				1,775,445
Trucking & Leasing — 0.1%
Avolon Holdings Funding Ltd. 5.125% 10/01/23 (b)		315,000		300,825
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.200% 4/01/27 (b)		275,000		268,932
				569,757
TOTAL CORPORATE DEBT (Cost $110,212,769)				105,432,434
MUNICIPAL OBLIGATIONS — 0.1%
Missouri Highway & Transportation Commission 5.063% 5/01/24		135,000		147,270
State of California BAB 7.550% 4/01/39		190,000		272,184
				419,454
TOTAL MUNICIPAL OBLIGATIONS (Cost $428,519)				419,454
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.1%
Automobile ABS — 0.1%
GLS Auto Receivables Trust, Series 2018-2A, Class B 3.710% 3/15/23 (b)		500,000		501,490
Commercial MBS — 7.8%
BBCMS Mortgage Trust, Series 2017-C1, Class XA, 1.513% VRN 2/15/50 (a)		4,553,938		410,027
BHMS, Series 2018-ATLS, Class C, 4.355% FRN 7/15/35 (a) (b)		552,000		546,606

The accompanying notes are an integral part of the financial statements.

40

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
CD Mortgage Trust, Series 2017-CD4, Class XA, 1.320% VRN 5/10/50 (a)	$	5,778,929	$	447,436
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class XA, 1.053% VRN 1/10/48 (a)		5,728,556		335,570
CHT Mortgage Trust Series 2017-CSMO, Class E, 5.455% FRN 11/15/36 (a) (b)		378,000		371,839
Series 2017-CSMO, Class F, 6.196% FRN 11/15/36 (a) (b)		754,000		739,412
Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA, 0.873% VRN 11/10/48 (a)		5,266,135		207,391
Series 2016-P4, Class XA, 1.995% VRN 7/10/49 (a)		2,876,845		304,193
Series 2016-GC36, Class D, 2.850% 2/10/49 (b)		519,000		406,334
Series 2016-P4, Class A4, 2.902% 7/10/49		547,000		518,711
Series 2016-P6, Class A5, 3.720% VRN 12/10/49 (a)		435,000		435,006
Series 2015-GC31, Class C, 4.059% VRN 6/10/48 (a)		700,000		667,388
Series 2015-GC35, Class C, 4.499% VRN 11/10/48 (a)		413,000		402,612
CLNS Trust Series 2017-IKPR, Class D, 1 mo. LIBOR + 2.050% 4.450% FRN 6/11/32 (b)		190,000		188,136
Series 2017-IKPR, Class E, 1 mo. LIBOR + 3.500% 5.900% FRN 6/11/32 (b)		190,000		187,815
Series 2017-IKPR, Class F, 1 mo. LIBOR + 4.500% 6.900% FRN 6/11/32 (b)		190,000		187,563
COMM Mortgage Trust Series 2016-DC2, Class XA, 1.038% VRN 2/10/49 (a)		973,480		53,341
Series 2016-GCT, Class E, 3.461% VRN 8/10/29 (a) (b)		210,000		202,637
Series 2015-CR22, Class D, 4.121% VRN 3/10/48 (a) (b)		650,000		587,395
Series 2012-CR4, Class D (Acquired 2/7/2017, Cost $ 697,492), 4.573% VRN 10/15/45 (a) (b) (f) (g)		738,000		370,651
Series 2015-LC23, Class C, 4.645% VRN 10/10/48 (a)		470,000		463,265
Commercial Mortgage Trust, Series 2016-CR28, Class C, 4.647% VRN 2/10/49 (a)		517,000		506,295
CSAIL Commercial Mortgage Trust Series 2015-C1, Class XA, 0.916% VRN 4/15/50 (a)		9,073,948		361,171

	Principal Amount		Value
Series 2017-C8, Class XA, 1.251% VRN 6/15/50 (a)	$	6,671,582	$	450,417
Series 2015-C4, Class C, 4.581% VRN 11/15/48 (a)		427,000		418,925
Series 2018-C14, Class C, 4.894% VRN 11/15/51 (a)		405,000		396,990
CSMC Trust Series 2017-LSTK, Class C, 3.229% 4/05/33 (b)		257,000		253,012
Series 2017-LSTK, Class D, 3.331% VRN 4/05/33 (a) (b)		306,000		299,548
Series 2017-CHOP, Class D, 1 mo. LIBOR + 1.900% 4.355% FRN 7/15/32 (b)		285,000		282,106
Series 2017-CHOP, Class E, 1 mo. LIBOR + 3.300% 5.755% FRN 7/15/32 (b)		285,000		281,176
DBGS Mortgage Trust Series 2018-5BP, Class D, 3.805% FRN 6/15/33 (a) (b)		550,000		532,426
Series 2018-5BP, Class F, 4.905% FRN 6/15/33 (a) (b)		550,000		530,192
Great Wolf Trust Series 2017-WOLF, Class D, 4.705% FRN 9/15/34 (a) (b)		286,000		279,807
Series 2017-WOLF, Class E, 5.705% FRN 9/15/34 (a) (b)		443,000		436,205
Series 2017-WOLF, Class F, 6.675% FRN 9/15/34 (a) (b)		236,000		232,528
GS Mortgage Securities Corp. II, Series 2013-GC10, Class XA, 1.518% VRN 2/10/46 (a)		4,965,339		251,791
GS Mortgage Securities Corp. Trust, Series 2018-3PCK, Class A, 3.905% FRN 9/15/21 (a) (b)		551,000		547,920
GS Mortgage Securities Trust Series 2015-GS1, Class XA, 0.806% VRN 11/10/48 (a)		8,054,827		362,180
Series 2014-GC20, Class XA, 1.065% VRN 4/10/47 (a)		5,357,785		211,232
Series 2017-GS7, Class XA, 1.136% VRN 8/10/50 (a)		6,694,177		486,940
Series 2014-GC26, Class D, 4.510% VRN 11/10/47 (a) (b)		1,450,000		1,219,161
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2018-LAQ, Class C, 4.055% FRN 6/15/32 (a) (b)		551,000		545,533
Series 2018-LAQ, Class D, 4.555% FRN 6/15/32 (a) (b)		551,000		541,001
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class XA, 1.121% VRN 1/15/49 (a)		5,315,104		236,430

The accompanying notes are an integral part of the financial statements.

41

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2016-JP2, Class B, 3.460% 8/15/49	$	174,000	$	165,361
Series 2017-MAUI, Class C, 1 mo. LIBOR + 1.250% 3.637% FRN 7/15/34 (b)		145,000		143,792
Series 2016-JP2, Class C, 3.792% VRN 8/15/49 (a)		134,000		125,500
Series 2017-MAUI, Class D, 1 mo. LIBOR + 1.950% 4.337% FRN 7/15/34 (b)		136,000		134,547
Series 2017-MAUI, Class E, 1 mo. LIBOR + 2.950% 5.337% FRN 7/15/34 (b)		121,000		119,444
Series 2007-LDPX, Class AM, 5.464% VRN 1/15/49 (a)		68,372		67,972
Series 2017-MAUI, Class F, 1 mo. LIBOR + 3.750% 6.137% FRN 7/15/34 (b)		170,000		168,644
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA, 0.608% VRN 7/15/48 (a)		10,295,151		285,296
Series 2015-C29, Class XA, 0.805% VRN 5/15/48 (a)		11,226,111		326,665
Series 2014-C25, Class XA, 0.942% VRN 11/15/47 (a)		5,052,145		189,119
Series 2015-C28, Class XA, 1.117% VRN 10/15/48 (a)		8,415,634		353,674
Series 2015-C27, Class D, 3.843% VRN 2/15/48 (a) (b)		704,000		629,176
Series 2015-C29, Class C, 4.170% VRN 5/15/48 (a)		325,000		311,777
Series 2015-C33, Class C, 4.617% VRN 12/15/48 (a)		527,000		520,341
Series 2015-C32, Class C, 4.667% VRN 11/15/48 (a)		100,000		98,318
Series 2016-C1, Class C, 4.738% VRN 3/15/49 (a)		466,000		463,541
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D, 3.060% 10/15/48 (b)		368,000		308,492
Series 2015-C27, Class D, 3.237% VRN 12/15/47 (a) (b)		504,000		417,889
Series 2016-C32, Class A4, 3.720% 12/15/49		454,000		457,126
Series 2014-C19, Class C, 4.000% 12/15/47		650,000		615,490
Series 2015-C23, Class C, 4.132% VRN 7/15/50 (a)		650,000		624,742
Series 2015-C27, Class C, 4.532% VRN 12/15/47 (a)		351,000		339,512
Series 2016-C29, Class C, 4.751% VRN 5/15/49 (a)		475,000		477,374

	Principal Amount		Value
Morgan Stanley Capital I Trust Series 2015-UBS8, Class XA, 0.916% VRN 12/15/48 (a)	$	6,422,339	$	321,338
Series 2016-UB11, Class XA, 1.643% VRN 8/15/49 (a)		1,557,685		130,619
MSCG Trust Series 2016-SNR, Class C, 5.205% 11/15/34 (b)		458,150		452,251
Series 2018-SELF, Class F, 5.505% FRN 10/15/37 (a) (b)		733,000		722,496
Natixis Commercial Mortgage Securities Trust Series 2018-FL1, Class A, 3.257% FRN 6/15/35 (a) (b)		368,000		366,654
Series 2018-FL1, Class C, 4.507% FRN 6/15/35 (a) (b)		368,000		365,537
PFP Ltd. Series 2017-3, Class AS, 1 mo. LIBOR + 1.300% 3.755% FRN 1/14/35 (b)		164,000		163,973
Series 2017-3, Class B, 1 mo. LIBOR + 1.750% 4.205% FRN 1/14/35 (b)		94,000		92,818
Series 2017-3, Class C, 1 mo. LIBOR + 2.500% 4.955% FRN 1/14/35 (b)		99,000		97,708
RAIT Trust, Series 2017-FL7, Class AS, 1 mo. LIBOR + 1.300% 3.755% FRN 6/15/37 (b)		141,000		140,977
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, 2.000% VRN 10/10/48 (a)		3,908,614		392,216
UBS Commercial Mortgage Trust Series 2018-C9, Class XA, 0.900% VRN 3/15/51 (a)		5,135,545		343,752
Series 2017-C6, Class C, 4.453% VRN 12/15/50 (a)		580,000		557,087
Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA, 0.749% VRN 7/15/58 (a)		12,612,517		398,103
Series 2015-P2, Class XA, 1.007% VRN 12/15/48 (a)		5,428,457		258,279
Series 2015-C31, Class XA, 1.067% VRN 11/15/48 (a)		6,591,685		365,488
Series 2016-NXS6, Class XA, 1.642% VRN 11/15/49 (a)		2,364,745		196,204
Series 2015-P2, Class A4, 3.809% 12/15/48		392,000		397,579
Series 2014-LC16, Class D, 3.938% 8/15/50 (b)		560,000		451,595
Series 2015-LC22, Class C, 4.543% VRN 9/15/58 (a)		390,000		382,662
Series 2015-NXS4, Class C, 4.599% VRN 12/15/48 (a)		421,000		419,591

The accompanying notes are an integral part of the financial statements.

42

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2015-C31, Class C, 4.607% VRN 11/15/48 (a)	$	468,000	$	456,150
Series 2018-C46, Class C, 5.146% 8/15/51		270,000		267,909
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class XA, 1.071% VRN 8/15/47 (a)		12,166,297		508,805
				33,289,897
Home Equity ABS — 0.7%
GSAA Home Equity Trust, Series 2007-10, Class A2A 6.500% 11/25/37		4,475,150		3,117,550
Other ABS — 9.2%
AASET US Ltd., Series 2018-1A, Class A 3.844% 1/16/38 (b)		910,589		913,812
ALM VII R Ltd., Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.040% 6.476% FRN 10/15/28 (b)		1,000,000		999,962
ALM XIX LLC Series 2016-19A, Class B, 3 mo. USD LIBOR + 3.000% 5.436% FRN 7/15/28 (b)		500,000		500,060
Series 2016-19A, Class C, 3 mo. USD LIBOR + 4.350% 6.786% FRN 7/15/28 (b)		500,000		499,990
Anchorage Capital CLO Ltd., Series 2014-5RA, Class A, 3 mo. USD LIBOR + .990% 3.426% FRN 1/15/30 (a) (b)		1,000,000		984,809
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.682% STEP 12/16/41 (b)		880,208		923,740
BlueMountain CLO Ltd. Series 2015-3A, Class CR, 5.069% FRN 4/20/31 (a) (b)		1,000,000		909,286
Series 2013-1A, Class CR, 3 mo. USD LIBOR + 4.150% 6.619% FRN 1/20/29 (b)		1,000,000		995,002
CAL Funding III Ltd., Series 2018-1A, Class A 3.960% 2/25/43 (b)		458,333		460,322
Castle Aircraft SecuritizationTrust, Series 2015-1A, Class A, 4.703% STEP 12/15/40 (b)		807,384		816,750
CLI Funding V LLC, Series 2014-2A, Class A 3.380% 10/18/29 (b)		393,234		390,380
Dryden 40 Senior Loan Fund, Series 2015-40A, Class DR, 5.716% FRN 8/15/31 (a) (b)		500,000		471,847

	Principal Amount		Value
Gilbert Park Clo Ltd., Series 2017-1A, Class D, 5.386% FRN 10/15/30 (a) (b)	$	500,000	$	470,636
Gilbert Park CLO Ltd., Series 2017-1A, Class E, 8.836% FRN 10/15/30 (a) (b)		1,000,000		948,623
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (b)		396,417		391,726
Global SC Finance IV Ltd., Series 2018-1A, Class A 4.290% 5/17/38 (b)		560,220		572,921
Grippen Park CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.300% 5.769% FRN 1/20/30 (b)		1,000,000		965,815
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (b)		231,862		236,139
Hero Funding Trust, Series 2016-4A, Class A2 4.290% 9/20/47 (b)		325,178		339,438
Highbridge Loan Management Ltd., Series 13A-18, Class D, 5.436% FRN 10/15/30 (a) (b)		500,000		461,186
Invitation Homes Trust Series 2018-SFR1, Class C, 3.705% FRN 3/17/37 (a) (b)		1,145,000		1,138,599
Series 2018-SFR1, Class D, 3.905% FRN 3/17/37 (a) (b)		750,000		747,910
LCM XVIII LP, Series 19A, Class D, 3 mo. USD LIBOR + 3.450% 5.886% FRN 7/15/27 (b)		1,000,000		981,410
Madison Park Funding XIV Ltd., Series 2014-14A, Class DRR, 5.419% FRN 10/22/30 (a) (b)		500,000		466,242
Madison Park Funding XV Ltd., Series 2014-15A, Class DR, 3 mo. USD LIBOR + 5.440% 7.949% FRN 1/27/26 (b)		1,000,000		969,275
Merrill Lynch Mortgage Investors Trust, Series 2006-OPT1, Class A2C, 1 mo. USD LIBOR + .150% 2.656% FRN 8/25/37		2,533,149		2,364,869
Mosaic Solar Loans LLC Series 2018-2GS, Class A, 4.200% 2/22/44 (b)		916,769		915,485
Series 2017-1A, Class A, 4.450% 6/20/42 (b)		571,276		575,510
Oak Hill Credit Partners Ltd., Series 2018-1A, Class D, 5.689% FRN 10/20/30 (a) (b)		500,000		470,170

The accompanying notes are an integral part of the financial statements.

43

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Octagon Investment Partners Ltd. Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.500% 5.969% FRN 3/17/30 (b)	$	1,000,000	$	959,728
Series 2017-1A, Class D, 3 mo. USD LIBOR + 6.200% 8.669% FRN 3/17/30 (b)		500,000		462,561
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class CR, 3 mo. USD LIBOR + 4.000% 6.436% FRN 7/15/29 (b)		1,000,000		990,344
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class ERR, 3 mo. USD LIBOR + 5.450% 7.919% FRN 1/22/30 (b)		1,000,000		878,476
OneMain Financial Issuance Trust, Series 2015-1A, Class A 3.190% 3/18/26 (b)		583,155		582,743
Springleaf Funding Trust, Series 2015-AA, Class A 3.160% 11/15/24 (b)		753,752		752,913
Sprite Ltd., Series 2017-1, Class A 4.250% 12/15/37 (b)		461,111		457,681
Symphony CLO XVI Ltd., Series 2015-16A, Class DR, 5.400% FRN 10/15/31 (a) (b)		500,000		469,800
TAL Advantage V LLC Series 2013-1A, Class A, 2.830% 2/22/38 (b)		208,333		204,629
Series 2014-1A, Class A, 3.510% 2/22/39 (b)		355,467		353,256
TCI-Cent CLO Income Note Issuer Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.650% 6.140% FRN 7/25/30 (b)		500,000		484,058
TCI-Cent CLO Ltd., Series 2016-1A, Class C, 3 mo. USD LIBOR + 4.000% 6.509% FRN 12/21/29 (b)		1,000,000		990,797
Thacher Park CLO Ltd., Series 2014-1A, Class D1R, 3 mo. USD LIBOR + 3.400% 5.869% FRN 10/20/26 (b)		1,000,000		991,669
THL Credit Wind River CLO Ltd. Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.750% 6.195% FRN 4/18/29 (b)		1,000,000		980,358
Series 2012-1A, Class DR, 3 mo. USD LIBOR + 4.100% 6.536% FRN 1/15/26 (b)		1,000,000		995,546
Thunderbolt II Aircraft Lease Ltd., Series 2018-A, Class A, 4.147% STEP 9/15/38 (b)		491,071		495,441
Towd Point Mortgage Trust, Series 2015-2, Class 1A13, 2.500% VRN 11/25/60 (a) (b)		2,560,974		2,498,629

	Principal Amount		Value
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (b)	$	375,411	$	372,265
Triton Container Finance V LLC, Series 2018-1A, Class A 3.950% 3/20/43 (b)		462,500		465,741
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2 (Acquired 2/9/2018, Cost $750,000)) 4.072% 2/16/43 (b) (f) (g)		743,750		745,238
Venture VII CDO Ltd., Series 2006-7A, Class A1A, 3 mo. USD LIBOR + .230% 2.699% FRN 1/20/22 (b)		715,390		714,857
Westcott Park Clo Ltd., Series 2016-1A, Class D, 3 mo. USD LIBOR + 4.350% 6.819% FRN 7/20/28 (b)		500,000		500,278
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (b)		889,852		912,965
				39,141,887
Student Loans ABS — 0.3%
College Ave Student Loans LLC, Series 2018-A, Class A1, 3.706% FRN 12/26/47 (a) (b)		486,532		482,702
SoFi Professional Loan Program LLC Series 2017-D, Class BFX, 3.610% 9/25/40 (b)		350,000		340,128
Series 2018-B, Class BFX, 3.830% 8/25/47 (b)		500,000		499,574
				1,322,404
WL Collateral CMO — 7.5%
CIM Trust, Series 2017-6, Class A1, 3.015% VRN 6/25/57 (a) (b)		2,380,922		2,308,066
Citigroup Mortgage Loan Trust, Series 2007-AR5, Class 1A2A, 4.191% VRN 4/25/37 (a)		2,168,062		2,055,883
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 1A5 5.500% 4/25/36		2,935,285		2,786,329
Countrywide Alternative Loan Trust Series 2006-13T1, Class A11, 6.000% 5/25/36		2,510,253		1,914,866
Series 2006-36T2, Class 2A1, 6.250% 12/25/36		4,181,611		2,828,063
Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-HYB2, Class 3A1, 3.791% VRN 2/25/47 (a)		1,770,559		1,538,976

The accompanying notes are an integral part of the financial statements.

44

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2007-14, Class A6, 6.000% 9/25/37	$	1,848,346	$	1,553,065
HarborView Mortgage Loan Trust, Series 2006-11, Class A1A, 1 mo. USD LIBOR + .170% 2.640% FRN 12/19/36		1,446,982		1,276,771
IndyMac INDX Mortgage Loan Trust, Series 2007-AR5, Class 2A1, 3.595% VRN 5/25/37 (a)		2,981,479		2,697,248
Lehman XS Trust, Series 2007-12N, Class 1A3A, 1 mo. LIBOR + .200% 2.706% FRN 7/25/47		3,652,503		3,381,711
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 2A1, 3.683% VRN 7/25/35 (a)		640,809		559,858
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR1, Class 2A1, 4.304% VRN 2/25/36 (a)		2,935,387		2,606,203
RBSSP Resecuritization Trust, Series 2009-5, Class 2A3, 6.500% VRN 10/26/37 (a) (b)		1,162,116		924,361
RFMSI Trust, Series 2007-S4, Class A5, 1 mo. USD LIBOR + .600% 6.000% FRN 4/25/37		483,751		442,495
Seasoned Credit Risk Transfer Trust, Series 2018-2, Class HV, 3.000% VRN 11/25/57 (a)		2,947,105		2,771,882
Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1, Class A2, 4.158% VRN 10/25/37 (a)		1,469,448		1,338,104
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-4, Class 3A5, 6.350% STEP 5/25/36		1,310,867		1,053,591
				32,037,472
WL Collateral PAC — 0.5%
Countrywide Alternative Loan Trust, Series 2006-19CB, Class A15 6.000% 8/25/36		2,267,827		1,920,553
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $116,534,796)				111,331,253
SOVEREIGN DEBT OBLIGATIONS — 1.3%
Argentine Republic Government International Bond 5.875% 1/11/28		200,000		143,750
6.625% 7/06/28		150,000		110,550
6.875% 1/26/27		550,000		419,375

	Principal Amount		Value
Fondo MIVIVIENDA SA 3.500% 1/31/23 (b)	$	150,000	$	144,227
3.500% 1/31/23 (c)		200,000		192,302
Israel Government International Bond 2.875% 3/16/26		400,000		384,448
Malaysia Sovereign Sukuk Bhd 3.043% 4/22/25 (c)		500,000		488,055
Mexico Government International Bond 3.750% 1/11/28		735,000		687,967
4.150% 3/28/27		643,000		621,723
Panama Government International Bond 4.000% 9/22/24		200,000		201,702
Perusahaan Penerbit SBSN Indonesia III 4.150% 3/29/27 (b)		400,000		384,400
4.150% 3/29/27 (c)		200,000		192,200
Philippine Government International Bond 4.200% 1/21/24		900,000		925,025
Provincia de Buenos Aires 7.875% 6/15/27 (c)		700,000		504,007
				4,895,724
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $5,961,268)				5,399,731
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 15.5%
Collateralized Mortgage Obligations — 9.4%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Series K722, Class X1, 1.307% VRN 3/25/23 (a)		6,539,008		287,520
Series K053, Class A2, 2.995% 12/25/25		463,000		458,926
Series K050, Class A2, 3.334% VRN 8/25/25 (a)		350,000		354,513
Federal Home Loan Mortgage Corp. REMICS Series 4093, Class PA, 3.000% 8/15/42		4,802,918		4,707,711
Series 4481, Class B, 3.000% 12/15/42		6,575,192		6,512,816
Series 4483, Class CA, 3.000% 6/15/44		6,045,524		5,985,452
Series 4750, Class PA, 3.000% 7/15/46		2,830,329		2,800,202
Federal Home Loan Mortgage Corp. STRIPS Series 355, Class 300, 3.000% 8/15/47		3,371,006		3,300,752

The accompanying notes are an integral part of the financial statements.

45

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 358, Class 300, 3.000% 10/15/47	$	2,971,648	$	2,908,274
Federal National Mortgage Association ACES Series 2016-M3, Class A2 2.702% 2/25/26		465,000		450,055
Federal National Mortgage Association REMICS Series 2018-21, Class PO, 0.010% 4/25/48		3,792,503		3,004,159
Series 2015-9, Class HA, 3.000% 1/25/45		862,644		859,013
Government National Mortgage Association Series 2015-74, Class LZ, 3.500% 5/20/45		3,246,371		3,179,461
Series 2015-92, Class CZ, 3.500% 6/20/45		5,165,468		5,068,642
				39,877,496
Pass-Through Securities — 6.1%
Federal Home Loan Mortgage Corp. Pool #G08520 2.500% 1/01/43		1,268,526		1,206,190
Pool #G08658 3.000% 8/01/45		3,645,353		3,567,034
Pool #G08632 3.500% 3/01/45		2,762,177		2,769,407
Pool #G61645 4.000% 10/01/48		2,862,606		2,918,852
Federal National Mortgage Association Pool #AL9238 3.000% 10/01/41		4,023,643		3,942,070
Pool #MA2248 3.000% 4/01/45		2,527,006		2,467,088
Pool #MA2711 3.000% 8/01/46		5,665,172		5,529,075
Pool #AS7661 3.000% 8/01/46		1,638,867		1,599,496
Pool #AX2501 4.000% 10/01/44		2,142,254		2,195,392
				26,194,604
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $66,917,779)				66,072,100
U.S. TREASURY OBLIGATIONS — 26.8%
U.S. Treasury Bonds & Notes — 26.8%
U.S. Treasury Bond 2.750% 11/15/42		455,000		434,916
2.750% 8/15/47		2,500,000		2,367,774
2.750% 11/15/47		3,190,000		3,019,368
3.000% 8/15/48		1,870,000		1,861,429
3.125% 2/15/43		3,970,000		4,049,090
3.625% 8/15/43		4,080,000		4,515,200
3.750% 11/15/43		4,130,000		4,663,458
U.S. Treasury Note 1.125% 1/31/19		395,000		394,540
1.125% 2/28/21		5,710,000		5,545,986
1.375% 2/15/20		5,050,000		4,980,234

	Principal Amount		Value
1.625% 11/30/20	$	3,230,000	$	3,176,713
1.750% 10/31/20		5,060,000		4,990,590
1.875% 1/31/22		695,000		682,602
1.875% 8/31/24		5,700,000		5,502,355
2.000% 9/30/20		4,430,000		4,390,718
2.000% 5/31/21		5,530,000		5,468,579
2.125% 8/31/20		5,170,000		5,135,230
2.125% 9/30/24		5,710,000		5,580,261
2.250% 10/31/24		6,480,000		6,372,507
2.250% 8/15/27		6,125,000		5,927,772
2.250% 11/15/27		5,310,000		5,129,336
2.500% 3/31/23		5,530,000		5,530,864
2.625% 2/28/23		4,640,000		4,663,925
2.750% 8/15/21		5,360,000		5,396,013
2.750% 9/15/21		5,420,000		5,457,263
2.750% 4/30/23		5,420,000		5,476,176
3.000% 9/30/25		3,670,000		3,764,187
				114,477,086
TOTAL U.S. TREASURY OBLIGATIONS (Cost $113,962,750)				114,477,086
TOTAL BONDS & NOTES (Cost $414,017,881)				403,132,058
	Number of Shares
MUTUAL FUNDS — 3.7%
Diversified Financial Services — 3.7%
DoubleLine Floating Rate Fund		1,605,088		15,200,181
State Street Navigator Securities Lending Prime Portfolio (h)		487,358		487,358
				15,687,539
TOTAL MUTUAL FUNDS (Cost $16,642,295)				15,687,539
TOTAL LONG-TERM INVESTMENTS (Cost $430,660,176)				418,819,597
	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (i)	$	1,834,838		1,834,838
U.S. Treasury Bill — 0.3%
U.S. Treasury Bill 0.000% 3/07/19		210,000		209,111
0.000% 3/07/19		1,110,000		1,105,301
				1,314,412

The accompanying notes are an integral part of the financial statements.

46

MML Dynamic Bond Fund – Portfolio of Investments (Continued)

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost $3,149,330)	$	3,149,250
TOTAL INVESTMENTS — 98.9% (Cost $433,809,506) (j)		421,968,847
Other Assets/(Liabilities) — 1.1%		4,647,510
NET ASSETS — 100.0%	$	426,616,357

Abbreviation Legend

ABS Asset-Backed Security

BAB Build America Bonds

CDO Collateralized Debt Obligation

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

PAC Planned Amortization Class

STEP Step Up Bond

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) 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 December 31, 2018.

(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 December 31, 2018, these securities amounted to a value of $83,976,853 or 19.68% of net assets.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2018, these securities amounted to a value of $25,933,499 or 6.08% of net assets.

(d) Security is perpetual and has no stated maturity date.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $477,288 or 0.11% 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).

(f) Investment was valued using significant unobservable inputs.

(g) Restricted security. Certain securities are restricted as to resale. At December 31, 2018, these securities amounted to a value of $1,115,889 or 0.26% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

(i) Maturity value of $1,834,965. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,873,767.

(j) See Note 6 for aggregate cost for federal tax purposes.

Currency Legend

USD U.S. Dollar

Country weightings, as a percentage of net assets, is as follows:

United States	81.3	%
Cayman Islands	6.0	%
Mexico	1.1	%
United Kingdom	1.0	%
Netherlands	0.7	%
Singapore	0.7	%
Malaysia	0.6	%
Canada	0.6	%
Argentina	0.6	%
Chile	0.5	%
Bermuda	0.5	%
Australia	0.5	%
Philippines	0.4	%
Ireland	0.4	%
India	0.4	%
Luxembourg	0.3	%
Japan	0.3	%
Brazil	0.3	%
Panama	0.3	%
France	0.3	%
Colombia	0.3	%
Austria	0.2	%
Israel	0.2	%
Spain	0.1	%
Indonesia	0.1	%
British Virgin Islands	0.1	%
Switzerland	0.1	%
Barbados	0.1	%
Peru	0.1	%
Liberia	0.1	%
Dominican Republic	0.0	%
Mauritius	0.0	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

47

MML Equity Rotation Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 86.9%
COMMON STOCK — 86.9%
Basic Materials — 0.7%
Chemicals — 0.2%
Eastman Chemical Co.		300	$	21,933
Linde PLC		200		31,208
				53,141
Iron & Steel — 0.5%
Reliance Steel & Aluminum Co.		2,100		149,457
				202,598
Communications — 10.6%
Internet — 6.1%
Alphabet, Inc. Class A (a)		990		1,034,510
Alphabet, Inc. Class C (a)		50		51,780
Amazon.com, Inc. (a)		447		671,381
				1,757,671
Media — 0.8%
News Corp. Class A		2,400		27,240
Viacom, Inc. Class B		8,000		205,600
				232,840
Telecommunications — 3.7%
Cisco Systems, Inc.		6,000		259,980
Verizon Communications, Inc.		13,900		781,458
				1,041,438
				3,031,949
Consumer, Cyclical — 6.8%
Airlines — 0.6%
Delta Air Lines, Inc.		3,700		184,630
Apparel — 0.4%
Columbia Sportswear Co.		1,200		100,908
Auto Manufacturers — 0.8%
General Motors Co.		6,800		227,460
Auto Parts & Equipment — 1.5%
Allison Transmission Holdings, Inc.		4,200		184,422
Magna International, Inc.		5,300		240,885
				425,307
Distribution & Wholesale — 0.5%
HD Supply Holdings, Inc. (a)		3,900		146,328
Home Builders — 0.7%
Toll Brothers, Inc.		6,000		197,580
Retail — 2.3%
Dollar General Corp.		970		104,838
Foot Locker, Inc.		2,600		138,320
Genuine Parts Co.		1,470		141,149
Ulta Salon Cosmetics & Fragrance, Inc. (a)		320		78,349

	Number of Shares		Value
Yum! Brands, Inc.		2,200	$	202,224
				664,880
				1,947,093
Consumer, Non-cyclical — 32.8%
Agriculture — 0.7%
Archer-Daniels-Midland Co.		5,100		208,947
Biotechnology — 8.7%
Amgen, Inc.		6,650		1,294,555
Biogen, Inc. (a)		680		204,626
Celgene Corp. (a)		3,940		252,515
Gilead Sciences, Inc.		7,600		475,380
United Therapeutics Corp. (a)		2,450		266,805
				2,493,881
Commercial Services — 2.0%
Grand Canyon Education, Inc. (a)		1,060		101,908
ManpowerGroup, Inc.		4,900		317,520
Quanta Services, Inc.		5,400		162,540
				581,968
Foods — 5.3%
Hormel Foods Corp.		3,200		136,576
US Foods Holding Corp. (a)		43,700		1,382,668
				1,519,244
Health Care – Products — 0.6%
Patterson Cos., Inc.		9,100		178,906
Health Care – Services — 3.6%
HCA Healthcare, Inc.		7,440		925,908
Universal Health Services, Inc. Class B		940		109,566
				1,035,474
Pharmaceuticals — 11.9%
Cigna Corp.		243		46,227
CVS Health Corp.		1,449		94,938
Herbalife Nutrition Ltd. (a)		13,200		778,140
Horizon Pharma PLC (a)		16,700		326,318
Johnson & Johnson		2,610		336,821
Merck & Co., Inc.		4,900		374,409
Pfizer, Inc.		26,800		1,169,820
Teva Pharmaceutical Industries Ltd. Sponsored ADR		18,300		282,186
				3,408,859
				9,427,279
Energy — 4.9%
Oil & Gas — 4.9%
Apache Corp.		400		10,500
Chevron Corp.		3,320		361,183
Devon Energy Corp.		16,000		360,640
Exxon Mobil Corp.		300		20,457

The accompanying notes are an integral part of the financial statements.

48

MML Equity Rotation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Marathon Petroleum Corp.		7,317	$	431,776
Occidental Petroleum Corp.		2,700		165,726
Rowan Cos. PLC Class A (a)		7,000		58,730
				1,409,012
Financial — 14.6%
Banks — 3.1%
JP Morgan Chase & Co.		7,200		702,864
State Street Corp.		3,100		195,517
				898,381
Diversified Financial Services — 6.4%
Mastercard, Inc. Class A		6,260		1,180,949
Visa, Inc. Class A		4,860		641,228
				1,822,177
Insurance — 4.7%
Aflac, Inc.		3,600		164,016
Berkshire Hathaway, Inc. Class B (a)		4,770		973,939
The Progressive Corp.		2,500		150,825
Torchmark Corp.		700		52,171
				1,340,951
Real Estate Investment Trusts (REITS) — 0.4%
EPR Properties		1,900		121,657
				4,183,166
Industrial — 6.4%
Aerospace & Defense — 2.3%
Lockheed Martin Corp.		1,830		479,167
Spirit AeroSystems Holdings, Inc. Class A		2,500		180,225
				659,392
Electronics — 0.4%
Gentex Corp.		4,600		92,966
KEMET Corp.		2,300		40,342
				133,308
Machinery – Diversified — 0.9%
AGCO Corp.		4,400		244,948
GrafTech International Ltd.		900		10,296
				255,244
Miscellaneous – Manufacturing — 1.1%
3M Co.		400		76,216
Eaton Corp. PLC		3,400		233,444
				309,660
Transportation — 1.4%
Norfolk Southern Corp.		2,500		373,850
Union Pacific Corp.		200		27,646
				401,496
Trucking & Leasing — 0.3%
AerCap Holdings NV (a)		2,000		79,200
				1,838,300

	Number of Shares		Value
Technology — 9.5%
Computers — 1.6%
Apple, Inc.		720	$	113,573
Check Point Software Technologies Ltd. (a)		1,400		143,710
Seagate Technology PLC		5,100		196,809
				454,092
Semiconductors — 1.6%
ASML Holding NV		810		126,052
Broadcom, Inc.		500		127,140
Micron Technology, Inc. (a)		6,800		215,764
				468,956
Software — 6.3%
Intuit, Inc.		1,360		267,716
Microsoft Corp.		6,680		678,488
Workday, Inc. Class A (a)		5,440		868,659
				1,814,863
				2,737,911
Utilities — 0.6%
Gas — 0.6%
Atmos Energy Corp.		1,800		166,896
TOTAL COMMON STOCK (Cost $24,611,809)				24,944,204
TOTAL EQUITIES (Cost $24,611,809)				24,944,204
TOTAL LONG-TERM INVESTMENTS (Cost $24,611,809)				24,944,204
	Principal Amount
SHORT-TERM INVESTMENTS — 13.1%
Repurchase Agreement — 13.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (b)	$	3,778,231		3,778,231
TOTAL SHORT-TERM INVESTMENTS (Cost $3,778,231)				3,778,231
TOTAL INVESTMENTS — 100.0% (Cost $28,390,040) (c)				28,722,435
Other Assets/(Liabilities) — (0.0)%				(12,366	)
NET ASSETS — 100.0%			$	28,710,069

The accompanying notes are an integral part of the financial statements.

49

MML Equity Rotation Fund – Portfolio of Investments (Continued)

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $3,778,493. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $3,856,879.

(c) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

50

MML High Yield Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 0.6%
COMMON STOCK — 0.5%
Energy — 0.5%
Oil & Gas — 0.5%
Fieldwood Energy LLC Restricted Common Equity (a)		3,193	$	114,948
Fieldwood Energy LLC Common Equity (a)		13,011		468,396
				583,344
TOTAL COMMON STOCK (Cost $392,368)				583,344
PREFERRED STOCK — 0.1%
Consumer, Non-cyclical — 0.1%
Agriculture — 0.1%
Pinnacle Agriculture Holdings LLC (a)		1,144,535		114,453
TOTAL PREFERRED STOCK (Cost $733,962)				114,453
TOTAL EQUITIES (Cost $1,126,330)				697,797
	Principal Amount
BONDS & NOTES — 95.9%
BANK LOANS — 4.1%
Advertising — 0.7%
Getty Images, Inc., Term Loan B, 1 mo. LIBOR + 3.500% 6.022% VRN 10/18/19	$	906,053		878,872
Electronics — 0.8%
Vertafore, Inc., 2018 1st Lien Term Loan, 3.250% 7/02/25		950,000		900,419
Oil & Gas — 0.8%
Fieldwood Energy LLC Exit 1st Lien Term Loan, 1 mo. LIBOR + 5.250% 7.772% VRN 4/11/22		674,554		628,604
Exit 2nd Lien Term Loan, 1 mo. LIBOR + 7.250% 9.772% VRN 4/11/23		387,384		336,636
				965,240
Retail — 0.8%
Michaels Stores, Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.500% 5.008% VRN 1/30/23		950,000		906,062

	Principal Amount		Value
Telecommunications — 1.0%
CenturyLink, Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.750% 5.272% VRN 1/31/25	$	1,343,467	$	1,250,768
TOTAL BANK LOANS (Cost $4,826,161)				4,901,361
CORPORATE DEBT — 91.8%
Aerospace & Defense — 2.1%
TransDigm UK Holdings PLC 6.875% 5/15/26 (b)		393,000		374,333
TransDigm, Inc. 6.375% 6/15/26		1,219,000		1,133,670
Triumph Group, Inc. 4.875% 4/01/21		422,000		378,745
5.250% 6/01/22		305,000		265,350
7.750% 8/15/25		471,000		415,657
				2,567,755
Agriculture — 0.9%
Pinnacle Operating Corp. 9.000% 5/15/23 (b)		1,667,522		1,083,889
Airlines — 3.3%
Allegiant Travel Co. 5.500% 7/15/19		1,350,000		1,350,000
American Airlines Group, Inc. 5.500% 10/01/19 (b)		1,891,000		1,895,727
VistaJet Malta Finance PLC / VistaJet Co. Finance LLC 7.750% 6/01/20 (b)		688,000		658,760
				3,904,487
Auto Manufacturers — 1.1%
Deck Chassis Acquisition, Inc. 10.000% 6/15/23 (b)		1,371,000		1,316,160
Building Materials — 1.7%
Griffon Corp. 5.250% 3/01/22		174,000		157,470
James Hardie International Finance DAC 5.000% 1/15/28 (b)		485,000		414,675
PGT Escrow Issuer, Inc. 6.750% 8/01/26 (b)		368,000		362,480
Standard Industries, Inc. 4.750% 1/15/28 (b)		1,345,000		1,129,800
				2,064,425
Chemicals — 2.8%
Consolidated Energy Finance SA 6.875% 6/15/25 (b)		655,000		623,887

The accompanying notes are an integral part of the financial statements.

51

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA 8.375% 12/01/22 (b)	$	1,225,000	$	1,218,875
Platform Specialty Products Corp. 5.875% 12/01/25 (b)		414,000		387,090
6.500% 2/01/22 (b)		423,000		423,000
Starfruit Finco BV/Starfruit US Holdco LLC 8.000% 10/01/26 (b) (c)		705,000		652,125
				3,304,977
Coal — 2.8%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 7.500% 5/01/25 (b)		669,000		670,672
Peabody Energy Corp. 6.000% 3/31/22 (b)		1,383,000		1,341,510
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (b)		1,013,000		959,817
Warrior Met Coal, Inc. 8.000% 11/01/24 (b)		339,000		336,458
				3,308,457
Commercial Services — 3.3%
Nielsen Finance LLC/Nielsen Finance Co. 5.000% 4/15/22 (b)		625,000		596,875
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.250% 5/15/23 (b)		1,830,000		1,887,187
Refinitiv US Holdings, Inc. 8.250% 11/15/26 (b)		314,000		286,918
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary 7.875% 6/01/21		680,000		620,500
United Rentals North America, Inc. 4.625% 10/15/25		249,000		222,233
4.875% 1/15/28		365,000		320,287
				3,934,000
Computers — 1.6%
Dell, Inc. 6.500% 4/15/38		501,000		445,890
GCI LLC 6.875% 4/15/25		1,550,000		1,503,500
				1,949,390
Diversified Financial Services — 2.8%
LPL Holdings, Inc. 5.750% 9/15/25 (b)		1,364,000		1,278,750
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.750% 6/01/25 (b)		704,000		651,200

	Principal Amount		Value
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750% 6/15/22 (b)	$	1,477,000	$	1,435,600
				3,365,550
Electric — 0.6%
NRG Energy, Inc. 6.625% 1/15/27		702,000		707,265
Engineering & Construction — 1.2%
Zachry Holdings, Inc. 7.500% 2/01/20 (b) (c)		1,510,000		1,479,800
Entertainment — 0.3%
Eldorado Resorts, Inc. 6.000% 9/15/26 (b)		324,000		306,180
Foods — 4.8%
C&S Group Enterprises LLC 5.375% 7/15/22 (b)		1,030,000		986,225
JBS USA LUX SA/JBS USA Finance, Inc. 5.875% 7/15/24 (b)		646,000		636,310
6.750% 2/15/28 (b)		824,000		803,400
KeHE Distributors LLC/KeHE Finance Corp. 7.625% 8/15/21 (b)		650,000		617,500
Pilgrim’s Pride Corp. 5.750% 3/15/25 (b)		247,000		231,563
5.875% 9/30/27 (b)		877,000		795,877
Post Holdings, Inc. 5.500% 3/01/25 (b)		309,000		296,581
5.625% 1/15/28 (b)		468,000		430,560
5.750% 3/01/27 (b)		382,000		358,125
Simmons Foods, Inc. 5.750% 11/01/24 (b)		483,000		342,930
7.750% 1/15/24 (b)		189,000		189,945
				5,689,016
Forest Products & Paper — 0.0%
Appvion Inc. (Escrow Shares) 9.000% 6/01/20 (d) (e)		2,157,000		-
Gas — 0.8%
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (b)		1,111,000		988,790
Hand & Machine Tools — 0.8%
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.000% 2/15/23 (b)		1,138,000		961,610
Health Care – Products — 5.5%
Avanos Medical, Inc. 6.250% 10/15/22		1,300,000		1,290,250
Avantor, Inc. 6.000% 10/01/24 (b)		652,000		640,590
9.000% 10/01/25 (b)		1,397,000		1,397,000

The accompanying notes are an integral part of the financial statements.

52

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.500% 4/15/25 (b)	$	398,000	$	274,620
5.625% 10/15/23 (b)		202,000		153,520
5.750% 8/01/22 (b) (c)		355,000		305,300
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.625% 5/15/22 (b)		2,784,000		2,505,600
				6,566,880
Health Care – Services — 2.7%
Envision Healthcare Corp. 8.750% 10/15/26 (b)		789,000		682,485
HCA, Inc. 5.875% 2/15/26		1,138,000		1,132,310
RegionalCare Hospital Partners Holdings, Inc. 8.250% 5/01/23 (b)		719,000		726,190
Tenet Healthcare Corp. 4.625% 7/15/24		400,000		372,000
8.125% 4/01/22		340,000		340,850
				3,253,835
Home Builders — 0.5%
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (b)		491,000		448,038
William Lyon Homes, Inc. 6.000% 9/01/23		194,000		174,600
				622,638
Insurance — 1.8%
Acrisure LLC/Acrisure Finance, Inc. 7.000% 11/15/25 (b)		791,000		674,327
USIS Merger Sub, Inc. 6.875% 5/01/25 (b)		836,000		767,532
York Risk Services Holding Corp. 8.500% 10/01/22 (b)		992,000		689,440
				2,131,299
Internet — 0.5%
Netflix, Inc. 5.875% 11/15/28 (b)		595,000		578,162
Iron & Steel — 1.0%
Allegheny Technologies, Inc. 5.950% 1/15/21		1,192,000		1,168,160
Leisure Time — 3.4%
Brunswick Corp. 7.375% 9/01/23		285,000		309,226
7.125% 8/01/27		2,245,000		2,480,356
Carlson Travel, Inc. 6.750% 12/15/23 (b)		496,000		478,020
9.500% 12/15/24 (b)		862,000		782,265
				4,049,867

	Principal Amount		Value
Lodging — 0.5%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250% 5/15/27 (b)	$	492,000	$	432,960
5.500% 3/01/25 (b)		140,000		130,550
				563,510
Media — 7.5%
Altice Financing SA 6.625% 2/15/23 (b)		600,000		576,000
Altice Luxembourg SA 7.625% 2/15/25 (b)		700,000		523,250
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000% 2/01/28 (b)		1,086,000		999,120
5.750% 2/15/26 (b)		550,000		539,000
5.875% 4/01/24 (b)		1,500,000		1,492,500
5.875% 5/01/27 (b)		822,000		797,340
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20		1,476,000		1,439,100
CSC Holdings LLC 7.500% 4/01/28 (b)		565,000		563,587
DISH DBS Corp. 7.750% 7/01/26		681,000		563,528
Midcontinent Communications/Midcontinent Finance Corp. 6.875% 8/15/23 (b)		864,000		885,600
Sirius XM Radio, Inc. 5.375% 7/15/26 (b)		167,000		156,145
Ziggo BV 5.500% 1/15/27 (b)		489,000		437,655
				8,972,825
Mining — 4.8%
Compass Minerals International, Inc. 4.875% 7/15/24 (b)		294,000		266,070
First Quantum Minerals Ltd. 7.250% 4/01/23 (b)		659,000		579,920
7.500% 4/01/25 (b)		652,000		537,900
Hecla Mining Co. 6.875% 5/01/21		1,271,000		1,245,580
Kinross Gold Corp. 4.500% 7/15/27		640,000		552,800
5.950% 3/15/24		441,000		438,795
6.875% 9/01/41		476,000		454,580
New Gold, Inc. 6.250% 11/15/22 (b)		998,000		838,320
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125% 11/01/22 (b)		884,000		873,215
				5,787,180
Miscellaneous – Manufacturing — 0.5%
General Electric Co. 4.650% 10/17/21		559,000		560,677

The accompanying notes are an integral part of the financial statements.

53

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Oil & Gas — 7.6%
Calumet Specialty Products Partners LP/Calumet Finance Corp. 7.625% 1/15/22	$	362,000	$	292,315
7.750% 4/15/23 (c)		204,000		155,040
Chesapeake Energy Corp. 8.000% 1/15/25		251,000		221,508
8.000% 6/15/27		25,000		21,000
Citgo Holding, Inc. 10.750% 2/15/20 (b)		1,677,000		1,710,540
Ensco PLC 7.750% 2/01/26		234,000		173,160
EP Energy LLC/Everest Acquisition Finance, Inc. 8.000% 2/15/25 (b)		637,000		262,762
Jonah Energy LLC/Jonah Energy Finance Corp. 7.250% 10/15/25 (b) (c)		985,000		630,400
Jupiter Resources, Inc. 8.500% 10/01/22 (b) (d) (e)		2,607		11,082
8.500% 10/01/22 (b) (f)		2,310,000		785,400
Kosmos Energy Ltd. 7.875% 8/01/21 (b)		1,823,000		1,804,770
7.875% 8/01/21 (b)		800,000		796,000
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		47,000		44,885
SM Energy Co. 6.625% 1/15/27		188,000		166,380
Transocean Guardian Ltd. 5.875% 1/15/24 (b)		269,000		257,567
Transocean, Inc. 6.800% 3/15/38		483,000		321,195
9.350% STEP 12/15/41		150,000		124,875
Tullow Oil PLC 6.250% 4/15/22 (b)		1,364,000		1,312,850
				9,091,729
Oil & Gas Services — 1.0%
KCA Deutag UK Finance PLC 9.625% 4/01/23 (b)		341,000		274,505
Welltec A/S 9.500% 12/01/22 (b)		1,000,000		987,500
				1,262,005
Packaging & Containers — 0.2%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 7.250% 5/15/24 (b)		200,000		199,500
Pharmaceuticals — 3.6%
Bausch Health Cos., Inc 6.125% 4/15/25 (b)		1,643,000		1,433,517
Bausch Health Cos., Inc. 6.500% 3/15/22 (b)		171,000		171,855

	Principal Amount		Value
Bausch Health Cos., Inc. 5.500% 3/01/23 (b)	$	452,000	$	413,580
5.875% 5/15/23 (b)		193,000		178,525
7.000% 3/15/24 (b)		290,000		292,900
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000% STEP 2/01/25 (b)		981,000		703,868
Endo Finance LLC/Endo Finco, Inc. 5.375% STEP 1/15/23 (b)		139,000		105,640
7.250% STEP 1/15/22 (b)		112,000		96,880
Teva Pharmaceutical Finance Netherlands III BV 6.000% 4/15/24		315,000		303,412
Valeant Pharmaceuticals International 9.250% 4/01/26 (b)		600,000		600,000
				4,300,177
Pipelines — 2.3%
Cheniere Energy Partners LP 5.625% 10/01/26 (b)		725,000		677,875
Energy Transfer LP 4.250% 3/15/23		1,364,000		1,312,850
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23		765,000		707,625
				2,698,350
Private Equity — 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.375% 12/15/25		761,000		732,463
Real Estate Investment Trusts (REITS) — 1.0%
MPT Operating Partnership LP/MPT Finance Corp. 5.000% 10/15/27		539,000		492,848
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23		789,000		769,275
				1,262,123
Retail — 2.4%
Ferrellgas LP/Ferrellgas Finance Corp. 6.750% 1/15/22		500,000		407,500
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625% 6/15/20		449,000		321,035
8.625% 6/15/20		742,000		530,530
Golden Nugget, Inc. 8.750% 10/01/25 (b)		242,000		232,320
KGA Escrow LLC 7.500% 8/15/23 (b)		426,000		419,610
Penske Automotive Group, Inc. 5.500% 5/15/26		1,000,000		930,000

The accompanying notes are an integral part of the financial statements.

54

MML High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sonic Automotive, Inc. 5.000% 5/15/23	$	72,000	$	65,340
				2,906,335
Software — 3.5%
RP Crown Parent LLC 7.375% 10/15/24 (b)		191,000		192,433
TIBCO Software, Inc. 11.375% 12/01/21 (b)		2,877,000		3,013,657
Veritas US, Inc./Veritas Bermuda Ltd. 10.500% 2/01/24 (b)		1,500,000		982,500
				4,188,590
Telecommunications — 7.1%
CenturyLink, Inc. 6.750% 12/01/23		500,000		481,875
Frontier Communications Co. 7.125% 3/15/19 (c)		1,250,000		1,215,625
Hughes Satellite Systems Corp. 5.250% 8/01/26		805,000		737,581
6.625% 8/01/26		272,000		249,220
Intelsat Connect Finance SA 9.500% 2/15/23 (b)		412,000		354,320
Intelsat Jackson Holdings SA 8.500% 10/15/24 (b)		889,000		862,330
9.750% 7/15/25 (b)		132,000		132,370
Sprint Corp. 7.250% 9/15/21		745,000		762,508
7.625% 3/01/26		422,000		416,725
7.875% 9/15/23		1,578,000		1,619,422
T-Mobile USA, Inc. 6.000% 4/15/24		453,000		453,000
6.500% 1/15/26		679,000		692,580
Telecom Italia SpA 5.303% 5/30/24 (b)		512,000		486,400
				8,463,956
Toys, Games & Hobbies — 0.1%
Mattel, Inc. 6.750% 12/31/25 (b)		147,000		131,152
Transportation — 2.6%
The Kenan Advantage Group, Inc. 7.875% 7/31/23 (b)		3,200,000		3,064,000
Trucking & Leasing — 0.2%
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (b)		249,000		240,908
TOTAL CORPORATE DEBT (Cost $120,788,772)				109,728,072
TOTAL BONDS & NOTES (Cost $125,614,933)				114,629,433

	Number of Shares		Value
WARRANTS — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Holding Corp. (a) (d) (e)		2,106	$	-
Appvion Holding Corp. (a) (d) (e)		2,106		22,426
				22,426
TOTAL WARRANTS (Cost $0)				22,426
MUTUAL FUNDS — 3.3%
Diversified Financial Services — 3.3%
State Street Navigator Securities Lending Prime Portfolio (g)		3,990,143		3,990,143
TOTAL MUTUAL FUNDS (Cost $3,990,143)				3,990,143
TOTAL LONG-TERM INVESTMENTS (Cost $130,731,406)				119,339,799
	Principal Amount
SHORT-TERM INVESTMENTS — 1.7%
Commercial Paper — 1.7%
Cox Enterprises, Inc. 2.738% 1/02/19 (b)	$	2,000,000		1,999,705
TOTAL SHORT-TERM INVESTMENTS (Cost $1,999,850)				1,999,705
TOTAL INVESTMENTS — 101.5% (Cost $132,731,256) (h)				121,339,504
Other Assets/(Liabilities) — (1.5)%				(1,814,811	)
NET ASSETS — 100.0%			$	119,524,693

Abbreviation Legend

STEP Step Up Bond

VRN Variable Rate Note

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 December 31, 2018, these securities amounted to a value of $76,962,626 or 64.39% of net assets.

The accompanying notes are an integral part of the financial statements.

55

MML High Yield Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $3,905,647 or 3.27% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(d) Investment was valued using significant unobservable inputs.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $33,508 or 0.03% of net assets.

(f) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2018, these securities amounted to a value of $785,400 or 0.66% of net assets.

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

(h) See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	79.8	%
Canada	7.7	%
Luxembourg	3.2	%
Bermuda	2.2	%
Netherlands	2.0	%
United Kingdom	1.8	%
Denmark	0.8	%
Cayman Islands	0.8	%
Malta	0.6	%
Ireland	0.5	%
Italy	0.4	%
Total Long-Term Investments	99.8	%
Short-Term Investments and Other Assets and Liabilities	0.2	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

56

MML Inflation-Protected and Income Fund – Portfolio of Investments

December 31, 2018

	Principal Amount		Value
BONDS & NOTES — 139.8%
CORPORATE DEBT — 2.5%
Auto Manufacturers — 1.0%
Ford Motor Credit Co. LLC 3.851% FRN 2/15/23 (a)	$	2,060,000	$	1,905,789
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 2.060% 4.496% FRN 1/15/19		1,720,000		1,720,852
				3,626,641
Computers — 0.3%
Dell International LLC/EMC Corp. 3.480% 6/01/19 (b)		1,100,000		1,096,749
Health Care – Products — 0.6%
Becton Dickinson & Co. 3.678% FRN 12/29/20 (a)		2,060,000		2,039,296
Pharmaceuticals — 0.6%
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 3.558% FRN 6/15/22		2,060,000		2,037,420
TOTAL CORPORATE DEBT (Cost $6,282,330)				8,800,106
MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.900%, 3.390% FRN 4/26/27		96,041		96,129
TOTAL MUNICIPAL OBLIGATIONS (Cost $96,041)				96,129
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.2%
Auto Floor Plan ABS — 1.0%
Ally Master Owner Trust, Series 2015-2, Class A1, 1 mo. LIBOR + .570% 3.025% FRN 1/15/21		1,200,000		1,200,124
NextGear Floorplan Master Owner Trust Series 2018-2A, Class A1, 3.055% FRN 10/16/23 (a) (b)		470,000		470,220
Series 2018-1A, Class A1, 3.095% FRN 2/15/23 (a) (b)		850,000		849,257
Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% 4.155% FRN 4/15/21 (b)		960,000		963,598
				3,483,199
Automobile ABS — 12.8%
American Credit Acceptance Receivables Trust Series 2017-4, Class A, 2.000% 7/10/20 (b)		96,929		96,895

	Principal Amount		Value
Series 2018-3, Class A, 2.920% 8/12/21 (b)	$	291,164	$	290,831
Series 2018-2, Class A, 2.940% 1/10/22 (b)		639,699		638,759
Series 2017-4, Class C, 2.940% 1/10/24 (b)		1,450,000		1,443,448
Series 2018-4, Class A, 3.380% 12/13/21 (b)		1,950,000		1,950,705
ARI Fleet Lease Trust, Series 2018-A, Class A1 1.950% 3/15/19 (b)		224,318		224,230
Chesapeake Funding II LLC Series 2018-1A, Class A2, 2.905% FRN 4/15/30 (a) (b)		1,067,310		1,069,803
Series 2016-2A, Class A2, 1 mo. USD LIBOR + 1.000% 3.455% FRN 6/15/28 (b)		679,010		680,650
CPS Auto Trust Series 2017-D, Class A, 1.870% 3/15/21 (b)		545,658		543,827
Series 2018-A, Class A, 2.160% 5/17/21 (b)		157,993		157,326
Series 2017-A, Class B, 2.680% 5/17/21 (b)		2,000,000		1,993,952
Series 2018-C, Class A, 2.870% 9/15/21 (b)		579,076		577,989
Series 2018-C, Class B, 3.430% 7/15/22 (b)		260,000		260,047
Drive Auto Receivables Trust Series 2018-4, Class A1, 2.451% P-1 9/16/19		740,068		740,060
Series 2018-5, Class A1, 2.685% P-1 11/15/19		435,017		434,921
Series 2017-1, Class C, 2.840% 4/15/22		650,000		649,483
Series 2018-2, Class B, 3.220% 4/15/22		350,000		349,639
DT Auto Owner Trust Series 2017-4A, Class A, 1.850% 8/17/20 (b)		130,419		130,358
Series 2017-3A, Class B, 2.400% 5/17/21 (b)		723,374		722,134
Series 2018-1A, Class A, 2.590% 5/17/21 (b)		600,890		599,802
Series 2018 2A ,Class A, 2.840% 9/15/21 (b)		885,892		883,468
Series 2018-1A, Class B, 3.040% 1/18/22 (b)		520,000		518,685
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 1.830% 9/20/21 (b)		10,534		10,528

The accompanying notes are an integral part of the financial statements.

57

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Exeter Automobile Receivables Trust Series 2018-1A, Class A, 2.210% 5/17/21 (b)	$	294,158	$	293,443
Series 2018-1A, Class B, 2.750% 4/15/22 (b)		450,000		447,791
Series 2016-3A, Class B, 2.840% 8/16/21 (b)		415,549		415,003
Series 2018-3A, Class A, 2.900% 1/18/22 (b)		735,500		734,550
Series 2017-1A, Class B, 3.000% 12/15/21 (b)		700,000		698,856
Series 2018-4A, Class A, 3.050% 12/15/21 (b)		1,118,142		1,117,783
First Investors Auto Owner Trust Series 2017-3A, Class A1, 2.000% 3/15/22 (b)		836,965		832,789
Series 2018-1A, Class A1, 2.840% 5/16/22 (b)		826,617		825,904
Flagship Credit Auto Trust Series 2017-4, Class A, 2.070% 4/15/22 (b)		1,210,458		1,202,309
Series 2015-3, Class A, 2.380% 10/15/20 (b)		249,226		249,084
Series 2018-1, Class A, 2.590% 6/15/22 (b)		1,411,201		1,404,699
Series 2017-4, Class B, 2.660% 10/17/22 (b)		2,190,000		2,168,633
Series 2016-4, Class C, 2.710% 11/15/22 (b)		680,000		675,360
Series 2016-1, Class A, 2.770% 12/15/20 (b)		75,023		74,992
Series 2017-1, Class B, 2.830% 3/15/23 (b)		1,320,000		1,316,360
Series 2018-2, Class A, 2.970% 10/17/22 (b)		2,572,097		2,567,173
Hertz Fleet Lease Funding LP Series 2018-1, Class A1, 2.887% FRN 5/10/32 (a) (b)		2,530,000		2,532,944
Series 2016-1, Class A1, 1 mo. USD LIBOR + 1.100% 3.487% FRN 4/10/30 (b)		524,337		524,634
Hertz Vehicle Financing II LP, Series 2017-1A, Class B 3.560% 10/25/21 (b)		730,000		728,047
OneMain Direct Auto Receivables Trust, Series 2017-2A, Class A 2.310% 12/14/21 (b)		940,000		934,325
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (b)		532,163		530,564
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A2B, 2.857% FRN 8/10/21 (a) (b)		1,500,000		1,499,555

	Principal Amount		Value
Oscar US Funding Trust VI Series 2017-1A, Class A3, 2.820% 6/10/21 (b)	$	500,000	$	498,374
Series 2017-1A, Class A4, 3.300% 5/10/24 (b)		420,000		420,280
Oscar US Funding Trust VII LLC, Series 2017-2A, Class A2A 2.130% 11/10/20 (b)		463,201		461,213
Oscar US Funding Trust VIII LLC, Series 2018-1A, Class A2A 2.910% 4/12/21 (b)		420,736		419,777
Prestige Auto Receivables Trust, Series 2018-1A, Class A1 2.528% 10/15/19 (b)		387,211		387,049
Santander Drive Auto Receivables Trust, Series 2015-2, Class C 2.440% 4/15/21		218,261		218,091
Securitized Equipment Receivable 3.760% 10/11/24		400,000		401,338
4.200% 10/11/24		430,000		431,560
Tesla Auto Lease Trust Series 2018-A, Class A, 2.320% 12/20/19 (b)		477,768		475,848
Series 2018-A, Class B, 2.750% 2/20/20 (b)		265,000		264,162
Series 2018-B, Class A, 3.710% 8/20/21 (b)		770,000		772,687
Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 2.575% FRN 8/16/21 (a)		1,920,000		1,919,998
Westlake Automobile Receivables Trust, Series 2018-2A, Class A2A 2.840% 9/15/21 (b)		1,298,069		1,296,072
World Omni Select Auto Trust, Series 2018-1A, Class A1 2.782% 11/15/19 (b)		713,285		712,960
				45,421,747
Commercial MBS — 1.9%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.955% FRN 7/15/35 (a) (b)		1,700,000		1,684,222
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.155% FRN 11/15/35 (a) (b)		758,868		747,737
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.666% VRN 7/10/38 (a)		274,564		277,160
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 3.455% FRN 6/15/32 (a) (b)		1,150,000		1,145,635

The accompanying notes are an integral part of the financial statements.

58

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
RETL, Series 2018-RVP, Class A, 3.555% FRN 3/15/33 (a) (b)	$	774,848	$	766,993
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, 3.205% FRN 2/15/35 (a) (b)		1,108,013		1,093,543
VMC Finance LLC, Series 2018-FL1, Class A, 3.275% FRN 3/15/35 (a) (b)		1,094,613		1,085,331
				6,800,621
Credit Card ABS — 0.3%
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + .770% 3.210% FRN 5/14/29		1,100,000		1,097,561
Other ABS — 14.7%
321 Henderson Receivables I LLC Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 3/15/41 (b)		521,376		512,793
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 6/15/41 (b)		1,619,848		1,588,975
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 12/15/41 (b)		287,901		282,527
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 9/15/41 (b)		164,978		157,677
321 Henderson Receivables LLC, Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 3/15/42 (b)		675,798		637,180
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/16/38 (b)		575,998		581,856
AIMCO CLO, Series 2015-AA, Class AR, 3.286% FRN 1/15/28 (a) (b)		2,450,000		2,410,187
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 3.605% FRN 6/15/28 (a) (b)		780,000		767,413
Ascentium Equipment Receivables Trust, Series 2018-2A, Class A1 2.731% 11/12/19 (b)		3,701,758		3,699,253
Avant Loans Funding Trust Series 2018-A, Class A, 3.090% 6/15/21 (b)		848,503		847,133
Series 2018-B, Class A, 3.420% 1/18/22 (b)		1,213,571		1,211,902

	Principal Amount		Value
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100% 3.590% FRN 4/25/26 (b)	$	1,699,664	$	1,694,660
BCC Funding XIV LLC, Series 2018-1A, Class A2 2.960% 6/20/23 (b)		961,934		959,259
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (b)		265,957		265,957
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (b)		103,667		103,084
CCG Receivables Trust, Series 2018-2, Class A2 3.090% 12/15/25 (b)		1,120,000		1,119,814
CIFC Funding II Ltd., Series 2015-2A, Class AR, 3.216% FRN 4/15/27 (a) (b)		2,450,000		2,420,617
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.966% FRN 9/25/34		25,380		25,128
Diamond Resorts Owner Trust, Series 2015-2, Class B 3.540% 5/22/28 (b)		94,579		94,225
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% 5.286% FRN 7/15/23 (b)		154,610		155,600
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)		157,940		153,933
Hilton Grand Vacations Trust, Series 2014-AA, Class A 1.770% 11/25/26 (b)		98,616		97,161
KREF Ltd., Series 2018-FL1, Class AS, 3.652% FRN 6/15/36 (a) (b)		2,000,000		1,969,141
Lendmark Funding Trust, Series 2018-1A, Class A 3.810% 12/21/26 (b)		630,000		628,937
Mariner Finance Issuance Trust Series 2017-BA, Class A, 2.920% 12/20/29 (b)		1,600,000		1,583,246
Series 2017-AA, Class A, 3.620% 2/20/29 (b)		770,000		773,323
Marlette Funding Trust Series 2017-3A, Class A, 2.360% 12/15/24 (b)		206,773		206,103
Series 2017-2A, Class A, 2.390% 7/15/24 (b)		138,950		138,761

The accompanying notes are an integral part of the financial statements.

59

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-1A, Class A, 2.610% 3/15/28 (b)	$	1,033,191	$	1,030,502
Series 2017-1A, Class A, 2.827% 3/15/24 (b)		236,289		236,195
Series 2018-2A, Class A, 3.060% 7/17/28 (b)		799,446		798,840
Series 2018-3A, Class A, 3.200% 9/15/28 (b)		870,879		869,652
MVW Owner Trust, Series 2017-1A, Class A 2.420% 12/20/34 (b)		156,980		154,000
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3.236% FRN 1/15/28 (a) (b)		2,450,000		2,408,713
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 2.575% 10/15/49 (b)		1,900,000		1,888,150
NP Ferrum LLC, Series 16-1A, Class A1 3.968% 3/19/46 (b) (c)		337,230		340,929
OCP CLO Ltd., Series 2015-10A, Class A1R, 3.328% FRN 10/26/27 (a) (b)		2,450,000		2,425,106
Orange Lake Timeshare Trust, Series 2016-A, Class A 2.610% 3/08/29 (b)		341,870		337,298
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (b)		379,166		380,340
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 5.356% FRN 2/25/23 (a) (b)		440,000		440,945
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + .250% 2.756% FRN 2/25/37 (b)		1,535		1,535
Sierra Timeshare Receivables Funding LLC Series 2014-2A, Class A, 2.050% VRN 6/20/31 (a) (b)		164,292		164,150
Series 2014-3A, Class A 2.300% 10/20/31 (b)		185,123		184,284
Series 2015-2A, Class A, 2.430% 6/20/32 (b)		409,428		404,331
Series 2014-3A, Class B, 2.800% 10/20/31 (b)		453,233		451,515
Series 2015-2A, Class B, 3.020% 6/20/32 (b)		1,188,980		1,183,254
Series 2015-1A, Class B, 3.050% 3/22/32 (b)		512,107		510,206
Series 2015-3A, Class B, 3.080% 9/20/32 (b)		39,349		39,145

	Principal Amount		Value
SoFi Consumer Loan Program LLC Series 2016-3, Class A, 3.050% 12/26/25 (b)	$	276,767	$	276,592
Series 2016-5, Class A, 3.060% 9/25/28 (b)		1,425,805		1,418,297
Series 2016-2A, Class A, 3.090% 10/27/25 (b)		383,722		383,182
Series 2018-3, Class A1, 3.200% 8/25/27 (b)		1,510,678		1,507,744
Series 2016-1A, Class A, 3.260% 8/25/25 (b)		722,540		722,557
Series 2017-2, Class A, 3.280% 2/25/26 (b)		582,132		580,829
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (b)		758,706		751,367
Springleaf Funding Trust, Series 2016-AA, Class A 2.900% 11/15/29 (b)		1,787,403		1,777,013
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (b)		922,348		919,872
Trafigura Securitisation Finance PLC Series 2017-1A, Class A1, 1 mo. USD LIBOR + .850% 3.305% FRN 12/15/20 (b)		1,000,000		1,005,104
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 4.155% FRN 12/15/20 (b)		1,330,000		1,328,956
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 2.709% 8/15/47 (b)		240,263		238,250
Westgate Resorts LLC Series 2014-1A, Class A, 2.150% 12/20/26 (b)		111,861		111,647
Series 2017-1A, Class A, 3.050% 12/20/30 (b)		539,743		535,718
Series 2015-2A, Class A, 3.200% 7/20/28 (b)		247,167		246,671
Series 2018-1A, Class A, 3.380% 12/20/31 (b)		676,267		675,068
				51,813,802
Student Loans ABS — 16.3%
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800% 3.306% FRN 12/26/44 (b)		2,005,924		1,999,093
AccessLex Institute Series 2005-2, Class A3, 3 mo. USD LIBOR + .180% 2.857% FRN 11/22/24		26,612		26,572
Series 2005-1, Class B, 3 mo. USD LIBOR + .570% 3.394% FRN 9/22/37		693,864		667,430

The accompanying notes are an integral part of the financial statements.

60

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.590% FRN 7/01/38	$	70,461	$	68,786
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + .120% 2.942% FRN 6/25/26		1,132,105		1,121,762
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 2.926% FRN 1/15/37		522,580		492,695
Commonbond Student Loan Trust, Series 2018-CGS, Class C 4.350% 2/25/46 (b)		321,000		320,969
DRB Prime Student Loan Trust Series 2015-A, Class A3, 2.320% 4/25/30		21,839		21,715
Series 2015-B, Class A3, 2.540% 4/27/26 (b)		73,374		72,541
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.406% FRN 10/25/44 (b)		954,424		961,105
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 4.506% FRN 4/25/40 (b)		109,188		111,499
Earnest Student Loan Program LLC Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850% 4.356% FRN 10/27/36 (b)		396,303		399,490
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 4.556% FRN 2/26/35 (b)		323,734		328,331
ECMC Group Student Loan Trust Series 2018-1A, Class A, 3.256% FRN 2/27/68 (a) (b)		3,891,085		3,885,786
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.706% FRN 12/27/66 (b)		1,587,547		1,605,545
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.856% FRN 7/26/66 (b)		1,065,724		1,085,943
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, 3.350% FRN 12/01/47 (a) (b)		1,063,416		1,075,817
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 1 mo. USD LIBOR + .800% 3.306% FRN 10/25/56 (b)		513,261		513,264
Edsouth Indenture No. 10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 12/25/58 (b)		1,000,000		1,014,124

	Principal Amount		Value
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 3.256% FRN 8/25/42 (a) (b)	$	889,177	$	883,578
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% 3.389% FRN 8/25/48 (b)		358,281		358,408
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% 2.859% FRN 6/28/39 (b)		581,722		556,009
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% 3.099% FRN 12/01/31		390,691		391,301
KeyCorp Student Loan Trust Series 2000-A, Class A2, 3 mo. USD LIBOR + .320% 3.009% FRN 5/25/29		301,054		298,635
Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 3.132% FRN 9/27/35		151,344		150,973
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2A 1.870% 11/25/42 (b)		248,945		248,256
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% 3.655% FRN 12/15/28 (b)		606,403		609,167
Navient Private Education Refi Loan Trust, Series 2018-A, Class A1 2.530% 2/18/42 (b)		2,150,135		2,135,358
Navient Student Loan Trust Series 2018-1A, Class A1, 2.696% FRN 3/25/67 (a) (b)		570,074		570,073
Series 2018-1A, Class A3, 3.226% FRN 3/25/67 (a) (b)		1,120,000		1,113,725
Series 2016-3A, Class A2, 1 mo. USD LIBOR + .850% 3.356% FRN 6/25/65 (b)		633,131		636,117
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.756% FRN 6/25/65 (b)		2,318,490		2,335,847
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.806% FRN 3/25/66 (b)		2,200,000		2,247,415
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 4.256% FRN 12/26/40 (b)		567,648		565,862
Nelnet Student Loan Trust Series 2005-1, Class A5, 3 mo. USD LIBOR + .110% 2.600% FRN 10/25/33		710,120		700,508

The accompanying notes are an integral part of the financial statements.

61

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 2.690% FRN 1/25/38	$	859,632	$	817,097
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 2.840% FRN 10/25/40		1,345,532		1,288,643
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.924% FRN 3/23/37		1,247,060		1,235,253
Series 2018-3A, Class A2, 2.946% FRN 9/27/66 (a) (b)		900,000		901,029
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 2.994% FRN 3/23/37		992,853		947,220
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 3.072% FRN 6/25/41		392,720		360,838
Series 2018-1A, Class A2, 3.266% FRN 5/25/66 (a) (b)		1,790,000		1,772,109
Series 2010-4A, Class A, 1 mo. USD LIBOR + .800% 3.306% FRN 4/25/46 (b)		73,518		74,049
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/41 (b)		375,000		374,623
SLC Student Loan Trust Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 3.018% FRN 12/15/39		1,388,193		1,307,907
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 3.068% FRN 3/15/40		2,077,926		1,947,666
SLM Private Education Loan Trust, Series 2011-A, Class A3, 1 mo. USD LIBOR + 2.500% 4.955% FRN 1/15/43 (b)		428,352		434,349
SLM Student Loan Trust Series 2007-5, Class A6, 3 mo. USD LIBOR + .110% 2.600% FRN 1/26/43		580,267		560,586
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.630% FRN 10/25/28		636,816		632,143
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.640% FRN 3/25/44		1,760,000		1,711,565
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 2.690% FRN 1/25/70		404,491		384,518
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.700% FRN 10/25/40		437,416		415,236
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 2.710% FRN 1/25/41		448,614		420,406

	Principal Amount		Value
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.710% FRN 3/25/44	$	968,333	$	907,667
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 2.790% FRN 7/25/25		391,800		390,844
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 2.800% FRN 1/25/55		438,674		414,899
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 2.960% FRN 10/25/64		333,050		316,853
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.090% FRN 10/25/65 (b)		2,550,000		2,542,905
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 3.438% FRN 12/15/38		489,322		468,503
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		240,000		240,000
Series 2003-5, Class A9, 28 day ARS 4.480% FRN 6/15/30		700,000		700,000
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		550,000		550,000
Series 2003-2, Class A7, 28 day ARS 5.083% FRN 9/15/28		750,000		750,000
SMB Private Education Loan Trust Series 2017-B, Class A1, 2.725% FRN 6/17/24 (a) (b)		296,606		296,223
Series 2018-C, Class A1, 2.755% FRN 9/15/25 (a) (b)		940,387		938,814
Series 2014-A, Class A2A, 3.050% 5/15/26 (b)		479,109		478,217
Series 2018-B, Class A2B, 3.175% FRN 1/15/37 (a) (b)		1,500,000		1,489,771
SoFi Professional Loan Program LLC Series 2016-C, Class A2A, 1.480% 5/26/31 (b)		3,107		3,104
Series 2017-F, Class A1FX, 2.050% 1/25/41 (b)		718,959		713,194
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 3.206% FRN 3/26/40 (b)		621,829		621,404
Series 2015-A, Class A1, 1 mo. USD LIBOR + 1.200% 3.706% FRN 3/25/33 (b)		122,219		122,791
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 4.256% FRN 8/25/36 (b)		422,063		427,353
				57,531,478

The accompanying notes are an integral part of the financial statements.

62

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
WL Collateral CMO — 4.2%
Deephaven Residential Mortgage Trust Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (a) (b)	$	749,564	$	738,725
Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)		749,564		739,375
Series 2018-2A, Class A1, 3.479% VRN 4/25/58 (a) (b)		2,044,993		2,049,812
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		3,188,021		3,207,796
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		689,116		679,994
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		1,020,107		1,003,463
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		997,331		984,750
PSMC Trust, Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		951,457		939,304
Sequoia Mortgage Trust Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		756,844		730,922
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		922,684		910,462
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)		699,599		703,225
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		1,196,547		1,202,801
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		811,594		820,932
				14,711,561
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $180,607,460)				180,859,969
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.7%
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.234% 4.183% 3/01/37		348,919		368,438
Whole Loans — 0.6%
Federal National Mortgage Association Connecticut Avenue Securities Series 2018-C03, Class 1M1, 3.186% FRN 10/25/30 (a)		1,123,719		1,121,729
Series 2016-C06, Class 1M1, 1 mo. USD LIBOR + 1.300% 3.806% FRN 4/25/29		511,110		513,362
Series 2016-C05, Class 2M1, 1 mo. USD LIBOR + 1.350% 3.856% FRN 1/25/29		114,430		114,570

	Principal Amount		Value
Series 2016-C04, Class 1M1, 1 mo. USD LIBOR + 1.450% 3.956% FRN 1/25/29	$	315,741	$	316,978
				2,066,639
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,420,570)				2,435,077
U.S. TREASURY OBLIGATIONS — 85.4%
U.S. Treasury Bonds & Notes — 85.4%
U.S. Treasury Inflation Index 0.125% 4/15/21 (d)		18,031,117		17,533,148
0.125% 4/15/22 (d)		18,716,040		18,105,332
0.125% 7/15/22 (d)		22,542,005		21,894,709
0.125% 1/15/23 (d)		20,289,030		19,596,174
0.125% 7/15/24 (d)		13,312,000		12,765,240
0.125% 7/15/26 (d)		10,549,400		9,904,073
0.250% 1/15/25 (d)		19,217,160		18,402,048
0.375% 7/15/25 (d) (e) (f)		20,851,888		20,101,980
0.375% 7/15/27 (d)		19,279,251		18,289,432
0.500% 1/15/28 (d)		12,455,694		11,886,754
0.625% 4/15/23 (d) (f)		11,839,689		11,642,977
0.625% 1/15/24 (d)		12,463,010		12,268,192
0.625% 2/15/43 (d)		5,939,244		5,204,727
0.750% 7/15/28 (d)		12,214,604		11,955,521
0.750% 2/15/42		2,383,662		2,162,552
0.750% 2/15/45 (d)		8,880,657		7,939,400
0.875% 2/15/47 (d)		6,285,300		5,769,300
1.000% 2/15/48 (d)		9,690,408		9,183,050
1.375% 2/15/44 (d)		8,137,575		8,400,775
1.750% 1/15/28 (d)		6,638,720		7,049,577
2.000% 1/15/26 (d)		7,644,300		8,158,483
2.125% 2/15/40		1,462,425		1,718,692
2.125% 2/15/41 (d)		4,630,387		5,467,474
2.375% 1/15/25 (d)		10,061,325		10,878,541
2.375% 1/15/27 (d)		6,520,384		7,198,054
3.375% 4/15/32 (d)		2,849,240		3,653,520
3.625% 4/15/28 (d)		4,690,320		5,755,597
3.875% 4/15/29 (d)		6,891,136		8,766,009
				301,651,331
TOTAL U.S. TREASURY OBLIGATIONS (Cost $311,333,387)				301,651,331
TOTAL BONDS & NOTES (Cost $500,739,788)				493,842,612
TOTAL PURCHASED OPTIONS (#) — 0.8% (Cost $2,611,695)				2,726,210
TOTAL LONG-TERM INVESTMENTS (Cost $503,351,483)				496,568,822

The accompanying notes are an integral part of the financial statements.

63

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 39.9%
Commercial Paper — 39.9%
AT&T, Inc. 3.167% 3/15/19 (b)	$	5,200,000	$	5,167,003
Bell Canada 3.121% 3/28/19 (b)		3,600,000		3,573,831
CBS Corp. 2.998% 1/29/19 (b)		6,000,000		5,985,983
Cox Enterprises, Inc. 2.738% 1/02/19 (b)		900,000		899,867
E.I. du Point Nemours & Co. 3.146% 3/14/19 (b)		6,000,000		5,962,977
Entergy Corp. 3.216% 3/04/19 (b)		3,200,000		3,182,965
3.218% 3/08/19 (b)		2,100,000		2,088,048
Experian Finance PLC 3.116% 2/19/19 (b)		6,000,000		5,976,108
FMC Technologies, Inc. 3.219% 3/19/19 (b)		6,000,000		5,959,648
Glencore Funding LLC 3.094% 1/03/19 (b)		3,500,000		3,499,205
Harley-Davidson, Inc. 3.120% 3/25/19 (b)		6,000,000		5,956,292
Hyundai Capital America 3.044% 2/14/19 (b)		3,000,000		2,988,938
Keurig Dr Pepper, Inc. 2.979% 1/15/19 (b)		3,200,000		3,196,307
Mondelez International, Inc. 3.119% 2/19/19 (b)		6,000,000		5,975,142
National Grid PLC 3.102% 1/25/19 (b)		4,000,000		3,992,036
Public Service Company of Colorado 3.027% 1/07/19 (b)		3,800,000		3,798,012
Public Sevice Enterprise Group, Inc. 3.197% 2/27/19 (b)		6,000,000		5,970,642
Rogers Communications, Inc. 3.100% 1/17/19 (b)		5,100,000		5,093,225
Schlumberger Holdings Corp. 3.092% 2/21/19 (b)		6,000,000		5,974,546
Spectra Energy Partners 2.892% 1/09/19 (b)		1,000,000		999,321
3.149% 1/15/19 (b)		2,000,000		1,997,667
Suncor Energy, Inc. 3.199% 3/19/19 (b)		6,000,000		5,959,648
Telus Corp. 3.116% 3/13/19 (b)		5,000,000		4,969,140
The Southern Co. 3.151% 1/18/19 (b)		6,000,000		5,991,540
Transcanada Pipelines Ltd. 3.116% 3/06/19 (b)		6,000,000		5,966,796
Tyco International Holding Sarl 3.476% 3/21/19 (b)		6,000,000		5,959,293

	Principal Amount		Value
United Technologies Corp. 3.089% 1/25/19 (b)	$	6,000,000	$	5,988,054
VW Credit, Inc. 3.057% 2/07/19 (b)		6,000,000		5,981,462
Walgreens Boots Alliance, Inc. 2.863% 2/12/19 (b)		6,000,000		5,978,909
Xcel Energy, Inc. 3.096% 1/09/19 (b)		6,000,000		5,995,923
				141,028,528
Repurchase Agreement — 0.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (g)		107,905		107,905
TOTAL SHORT-TERM INVESTMENTS (Cost $141,134,901)				141,136,433
TOTAL INVESTMENTS — 180.5% (Cost $644,486,384) (h)				637,705,255
Other Assets/(Liabilities) — (80.5)%				(284,399,326	)
NET ASSETS — 100.0%			$	353,305,929

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) 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 December 31, 2018.

(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 December 31, 2018, these securities amounted to a value of $294,531,962 or 83.36% of net assets.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $340,929 or 0.10% of net assets.

(d) All or portion of this security is pledged as collateral for open reverse repurchase agreements. (Note 2).

The accompanying notes are an integral part of the financial statements.

64

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(e) A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).

(f) A portion of this security is pledged/held as collateral for open swap agreements. (Note 2).

(g) Maturity value of $107,912. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $114,315.

(h) See Note 6 for aggregate cost for federal tax purposes.

(#) Purchased Swaptions contracts at December 31, 2018:

OTC Counterparty	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		11,240,000	USD	11,240,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	561,914	$	480,575	$	(81,339	)
Credit Suisse International*		6,310,000	USD	6,310,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		302,880		299,879		(3,001	)
											864,794		780,454		(84,340	)
Put
Barclays Bank PLC*		22,880,000	USD	22,880,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	1,143,840	$	1,296,368	$	152,528
Credit Suisse International*		12,590,000	USD	12,590,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		603,061		649,388		46,327
											1,746,901		1,945,756		198,855
										$	2,611,695	$	2,726,210	$	114,515

* Contracts are subject to a Master Netting Agreement.

The accompanying notes are an integral part of the financial statements.

65

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

Futures contracts at December 31, 2018:

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		3/20/19		1	$	139,390		$	6,610
U.S. Treasury Note 5 Year		3/29/19		13		1,487,827			3,111
								$	9,721
Short
U.S. Treasury Note 2 Year		3/29/19		57	$	(12,021,242	)	$	(80,570	)

Swap agreements at December 31, 2018:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		450,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)	$	(72,844	)	$	277		$	(72,567	)
Goldman Sachs International*	USD		890,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(66,447	)		(77,074	)		(143,521	)
Goldman Sachs International*	USD		330,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(26,776	)		(26,439	)		(53,215	)
JP Morgan Chase Bank N.A.*	USD		690,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(112,119	)		850			(111,269	)
									$	(278,186	)	$	(102,386	)	$	(380,572	)

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Payments Made by Fund	Payments Received by Fund	Unrealized Appreciation (Depreciation)			Premium Received (Paid)		Value
Interest Rate Swaps
Centrally Cleared Swaps
	USD		24,300,000		7/02/20	Quarterly/ Semi-Annually	3-Month USD-LIBOR-BBA	Fixed 2.775%	$	24,535		$	-	$	24,535
	USD		10,160,000		12/04/21	Quarterly/ Semi-Annually	3-Month USD-LIBOR-BBA	Fixed 2.988%		114,792			-		114,792
									$	139,327		$	-	$	139,327
OTC Swaps
Bank of America N.A.*	USD		8,500,000		11/20/19	Pay at Maturity	2.012%	U.S. Consumer Price Index	$	(50,568	)	$	-	$	(50,568	)
Bank of America N.A.*	USD		8,500,000		1/11/20	Pay at Maturity	2.057%	U.S. Consumer Price Index		(78,179	)		-		(78,179	)
Bank of America N.A.*	USD		5,300,000		1/19/20	Pay at Maturity	2.095%	U.S. Consumer Price Index		(54,892	)		-		(54,892	)
Bank of America N.A.*	USD		27,600,000		10/01/20	Pay at Maturity	2.314%	U.S. Consumer Price Index		(488,900	)		-		(488,900	)
JP Morgan Chase Bank N.A.*	USD		17,000,000		12/20/19	Pay at Maturity	1.910%	U.S. Consumer Price Index		(94,059	)		-		(94,059	)
									$	(766,598	)	$	-	$	(766,598	)

The accompanying notes are an integral part of the financial statements.

66

MML Inflation-Protected and Income Fund – Portfolio of Investments (Continued)

Collateral for swap agreements held by Bank of America N.A. amounted to $540,000 in cash at December 31, 2018; and collateral for swap agreements held by Goldman Sachs International, and Credit Suisse International amounted to $373,261 and $142,245 in securities, respectively, at December 31, 2018.

* Contracts are subject to a Master Netting Agreement.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Reverse Repurchase agreements at December 31, 2018:

Description	Value		Value Including Accrued Interest
Agreement with BNP Paribas SA, dated 12/04/18, 2.680%, to be repurchased on demand until 3/04/19 at value plus accrued interest.	$	59,763,375	$	59,887,948
Agreement with CIBC, dated 11/02/18, 2.500%, to be repurchased on demand until 2/05/19 at value plus accrued interest.		9,566,989		9,606,851
Agreement with Daiwa Securities, dated 12/11/18, 2.680%, to be repurchased on demand until 3/08/19 at value plus accrued interest.		50,001,250		50,079,419
Agreement with Goldman Sachs & Co., dated 11/20/18, 2.650%, to be repurchased on demand until 2/20/19 at value plus accrued interest.		33,243,316		33,346,094
Agreement with HSBC Bank USA, dated 12/18/18, 2.700%, to be repurchased on demand until 3/18/19 at value plus accrued interest.		21,697,500		21,720,282
Agreement with HSBC Bank USA, dated 12/06/18, 2.600%, to be repurchased on demand until 1/04/19 at value plus accrued interest.		61,420,625		61,535,959
Agreement with Morgan Stanley & Co. LLC, dated 11/02/18, 2.560%, to be repurchased on demand until 2/05/19 at value plus accrued interest.		32,763,750		32,903,542
	$	268,456,805	$	269,080,095

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

67

MML Short-Duration Bond Fund – Portfolio of Investments

December 31, 2018

	Principal Amount		Value
BONDS & NOTES — 98.6%
CORPORATE DEBT — 45.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 3.750% 10/01/21	$	200,000	$	201,248
Aerospace & Defense — 0.5%
Harris Corp. 2.700% 4/27/20		954,000		945,875
Agriculture — 1.3%
Bunge Ltd. Finance Corp. 3.500% 11/24/20		1,080,000		1,077,388
Imperial Brands Finance PLC 2.950% 7/21/20 (a)		1,087,000		1,070,766
Reynolds American, Inc. 4.000% 6/12/22		540,000		534,179
				2,682,333
Airlines — 0.4%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		26,326		26,046
Delta Air Lines, Inc. 3.625% 3/15/22		750,000		733,943
				759,989
Auto Manufacturers — 1.7%
Ford Motor Credit Co. LLC 3.218% FRN 4/05/21 (b)		405,000		394,612
3.851% FRN 2/15/23 (b)		575,000		531,956
General Motors Financial Co., Inc. 3.250% 1/05/23		1,290,000		1,214,821
Hyundai Capital America 2.000% 7/01/19 (a)		65,000		64,582
2.550% 2/06/19 (a)		140,000		139,919
3.000% 10/30/20 (a)		800,000		790,988
Nissan Motor Acceptance Corp. 1.900% 9/14/21 (a)		380,000		361,875
				3,498,753
Auto Parts & Equipment — 0.5%
Lear Corp. 5.375% 3/15/24		920,000		946,392
Banks — 7.9%
Banco Santander SA 3.500% 4/11/22		1,200,000		1,177,608
Bancolombia SA 5.950% 6/03/21		195,000		202,313
Bank of America Corp. 3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23		2,150,000		2,079,635
Barclays PLC 4.009% FRN 5/16/24 (b)		485,000		461,826

	Principal Amount		Value
Citigroup, Inc. 3.142% VRN 1/24/23 (b)	$	995,000	$	977,340
Compass Bank 5.500% 4/01/20		1,150,000		1,175,576
Discover Bank 3.350% 2/06/23		923,000		898,411
4.200% 8/08/23		310,000		310,071
First Horizon National Corp. 3.500% 12/15/20		1,130,000		1,129,931
The Goldman Sachs Group, Inc. 3.200% 2/23/23		2,105,000		2,041,775
JP Morgan Chase & Co. 4.500% 1/24/22		990,000		1,020,082
Macquarie Bank Ltd. 2.850% 1/15/21 (a)		130,000		128,566
Mitsubishi UFJ Financial Group, Inc. 2.665% 7/25/22		1,170,000		1,137,044
Morgan Stanley 3.750% 2/25/23		1,220,000		1,217,849
Sumitomo Mitsui Financial Group, Inc. 2.058% 7/14/21		585,000		566,550
2.846% 1/11/22		150,000		147,244
SVB Financial Group 5.375% 9/15/20		75,000		77,366
Synchrony Bank 3.000% 6/15/22		1,105,000		1,032,544
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (a)		370,000		364,968
				16,146,699
Beverages — 1.1%
Anheuser-Busch InBev Worldwide, Inc. 3.500% 1/12/24		1,075,000		1,051,506
Keurig Dr Pepper, Inc. 4.057% 5/25/23 (a)		625,000		622,837
Molson Coors Brewing Co. 2.100% 7/15/21		330,000		318,170
3.500% 5/01/22		197,000		195,821
				2,188,334
Biotechnology — 0.4%
Celgene Corp. 3.250% 2/20/23		510,000		497,991
4.000% 8/15/23		330,000		331,502
				829,493
Building Materials — 1.1%
Holcim US Finance Sarl & Co. 6.000% 12/30/19 (a)		960,000		983,164
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650% 3.327% FRN 5/22/20		395,000		392,869

The accompanying notes are an integral part of the financial statements.

68

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Masco Corp. 3.500% 4/01/21	$	270,000	$	268,740
7.125% 3/15/20		65,000		67,900
Standard Industries, Inc. 5.500% 2/15/23 (a)		560,000		548,800
				2,261,473
Chemicals — 2.4%
Huntsman International LLC 5.125% 11/15/22		1,250,000		1,259,375
Incitec Pivot Finance LLC 6.000% 12/10/19 (a)		902,000		921,917
LyondellBasell Industries NV 5.000% 4/15/19		365,000		365,397
6.000% 11/15/21		500,000		528,509
RPM International, Inc. 3.450% 11/15/22		8,000		7,925
6.125% 10/15/19		728,000		741,254
The Sherwin-Williams Co. 2.750% 6/01/22		535,000		517,885
Syngenta Finance NV 3.698% 4/24/20 (a)		440,000		436,812
				4,779,074
Commercial Services — 0.2%
S&P Global, Inc. 3.300% 8/14/20		435,000		435,857
Computers — 0.9%
Dell International LLC/EMC Corp. 4.420% 6/15/21 (a)		725,000		723,804
DXC Technology Co. 2.875% 3/27/20		230,000		228,012
Leidos Holdings, Inc. 4.450% 12/01/20		835,000		828,738
				1,780,554
Diversified Financial Services — 2.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		1,010,000		1,012,915
Aircastle Ltd. 5.000% 4/01/23		1,210,000		1,214,755
Antares Holdings LP 6.000% 8/15/23 (a)		660,000		652,439
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		1,035,000		1,027,129
Lazard Group LLC 4.250% 11/14/20		457,000		463,079
				4,370,317
Electric — 1.5%
Ameren Corp. 2.700% 11/15/20		455,000		448,917
EDP Finance BV 4.125% 1/15/20 (a)		452,000		452,470

	Principal Amount		Value
Enel Finance International NV 2.875% 5/25/22 (a)	$	485,000	$	456,970
Entergy Texas, Inc. 2.550% 6/01/21		95,000		93,469
7.125% 2/01/19		798,000		800,204
Israel Electric Corp. Ltd. 7.250% 1/15/19 (a)		283,000		283,119
Puget Energy, Inc. 6.000% 9/01/21		260,000		275,036
6.500% 12/15/20		255,000		269,398
				3,079,583
Electronics — 0.2%
FLIR Systems, Inc. 3.125% 6/15/21		230,000		226,763
Tech Data Corp. 3.700% 2/15/22		240,000		235,468
				462,231
Foods — 0.3%
McCormick & Co., Inc. 2.700% 8/15/22		570,000		552,705
Health Care – Products — 0.5%
Becton Dickinson & Co. 3.678% FRN 12/29/20 (b)		1,085,000		1,074,095
Health Care – Services — 0.6%
Cigna Holding Co. 4.000% 2/15/22		316,000		319,234
4.500% 3/15/21		790,000		807,209
				1,126,443
Home Builders — 0.5%
Lennar Corp. 4.500% 11/15/19		1,028,000		1,020,290
Household Products & Wares — 0.3%
Church & Dwight Co., Inc. 2.875% 10/01/22		565,000		555,666
Insurance — 3.2%
American International Group, Inc. 3.300% 3/01/21		550,000		548,135
AmTrust Financial Services, Inc. 6.125% 8/15/23		585,000		528,632
Athene Global Funding 4.000% 1/25/22 (a)		1,240,000		1,252,697
CNA Financial Corp. 5.750% 8/15/21		443,000		467,516
Enstar Group Ltd. 4.500% 3/10/22		575,000		578,839
Jackson National Life Global Funding 2.500% 6/27/22 (a)		945,000		913,621
Lincoln National Corp. 4.000% 9/01/23		122,000		124,370
6.250% 2/15/20		500,000		516,075

The accompanying notes are an integral part of the financial statements.

69

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Reinsurance Group of America, Inc. 5.000% 6/01/21	$	600,000	$	622,929
Trinity Acquisition PLC 3.500% 9/15/21		470,000		465,433
Willis Towers Watson PLC 5.750% 3/15/21		370,000		386,948
				6,405,195
Investment Companies — 0.9%
Ares Capital Corp. 3.625% 1/19/22		30,000		29,125
3.875% 1/15/20		678,000		679,423
BlackRock TCP Capital Corp. 4.125% 8/11/22		675,000		650,437
FS KKR Capital Corp. 4.000% 7/15/19		470,000		469,468
				1,828,453
Leisure Time — 0.5%
Brunswick Corp. 4.625% 5/15/21 (a)		1,088,000		1,068,510
Lodging — 0.4%
Marriott International, Inc. 2.300% 1/15/22		30,000		28,842
2.875% 3/01/21		775,000		764,244
				793,086
Machinery – Diversified — 1.0%
CNH Industrial Capital LLC 3.375% 7/15/19		353,000		350,353
3.875% 10/15/21		635,000		630,745
4.875% 4/01/21		115,000		116,852
Wabtec Corp. 4.150% 3/15/24		870,000		840,721
				1,938,671
Media — 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20		505,000		504,455
Discovery Communications LLC 2.950% 3/20/23		435,000		416,183
Sirius XM Radio, Inc. 3.875% 8/01/22 (a)		1,147,000		1,089,650
				2,010,288
Mining — 1.3%
Glencore Finance Canada Ltd. 4.250% STEP 10/25/22 (a)		254,000		253,196
Glencore Funding LLC 3.000% 10/27/22 (a)		260,000		246,844
4.125% 5/30/23 (a)		590,000		579,373
Kinross Gold Corp. 5.125% 9/01/21		470,000		468,825
5.950% 3/15/24		550,000		547,250

	Principal Amount		Value
Newcrest Finance Pty Ltd. 4.200% 10/01/22 (a)	$	565,000	$	568,014
				2,663,502
Office Equipment/Supplies — 0.6%
Pitney Bowes, Inc. 3.875% STEP 10/01/21		1,340,000		1,254,575
Oil & Gas — 0.7%
Antero Resources Corp. 5.375% 11/01/21		246,000		237,390
Continental Resources, Inc. 5.000% 9/15/22		568,000		563,970
EQT Corp. 3.000% 10/01/22		565,000		535,748
				1,337,108
Packaging & Containers — 0.5%
Graphic Packaging International LLC 4.750% 4/15/21		944,000		941,640
Pharmaceuticals — 2.9%
Bayer US Finance II LLC 3.798% FRN 12/15/23 (a) (b)		980,000		938,023
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 3.558% FRN 6/15/22		1,090,000		1,078,052
CVS Health Corp. 2.125% 6/01/21		840,000		810,486
3.700% 3/09/23		305,000		301,735
Express Scripts Holding Co. 3.300% 2/25/21		1,195,000		1,190,613
Shire Acquisitions Investments Ireland DAC 2.400% 9/23/21		235,000		227,241
2.875% 9/23/23		360,000		340,314
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		1,125,000		1,034,114
				5,920,578
Pipelines — 0.5%
Energy Transfer Operating LP 4.200% 9/15/23		1,060,000		1,044,672
Private Equity — 0.5%
Hercules Capital, Inc. 4.625% 10/23/22		1,110,000		1,083,193
Real Estate Investment Trusts (REITS) — 1.3%
American Tower Corp. 2.250% 1/15/22		415,000		397,158
3.000% 6/15/23		640,000		615,759
Crown Castle International Corp. 3.400% 2/15/21		514,000		513,821
Digital Realty Trust LP 3.400% 10/01/20		220,000		219,298

The accompanying notes are an integral part of the financial statements.

70

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Healthcare Trust of America Holdings LP 2.950% 7/01/22	$	275,000	$	267,292
Simon Property Group LP 2.350% 1/30/22		450,000		437,030
Weyerhaeuser Co. 7.375% 10/01/19		135,000		138,716
				2,589,074
Retail — 1.5%
Advance Auto Parts, Inc. 4.500% 12/01/23		306,000		313,193
Dollar Tree, Inc. 3.700% 5/15/23		1,090,000		1,071,835
O’Reilly Automotive, Inc. 3.800% 9/01/22		123,000		124,324
3.850% 6/15/23		503,000		505,478
QVC, Inc. 4.375% 3/15/23		1,060,000		1,017,105
				3,031,935
Semiconductors — 0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.000% 1/15/22		740,000		711,661
Microchip Technology, Inc. 3.922% 6/01/21 (a)		390,000		386,875
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		570,000		562,875
				1,661,411
Telecommunications — 1.6%
Ericsson LM 4.125% 5/15/22		1,500,000		1,475,423
Hughes Satellite Systems Corp. 6.500% 6/15/19		883,000		890,726
Sprint Communications, Inc. 9.250% 4/15/22		430,000		491,275
Verizon Communications, Inc. 2.946% 3/15/22		480,000		474,943
				3,332,367
Transportation — 0.3%
Ryder System, Inc. 3.400% 3/01/23		175,000		172,696
3.750% 6/09/23		482,000		479,038
				651,734
Trucking & Leasing — 1.3%
DAE Funding LLC 4.000% 8/01/20 (a)		205,000		199,875
GATX Corp. 2.600% 3/30/20		455,000		450,577
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (a)		1,045,000		1,011,037

	Principal Amount		Value
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.300% 4/01/21 (a)	$	150,000	$	148,982
3.375% 2/01/22 (a)		20,000		19,777
4.875% 7/11/22 (a)		860,000		890,407
				2,720,655
TOTAL CORPORATE DEBT (Cost $93,946,448)				91,974,051
MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.900%, 3.390% FRN 4/26/27		40,551		40,588
TOTAL MUNICIPAL OBLIGATIONS (Cost $40,551)				40,588
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 50.5%
Auto Floor Plan ABS — 0.6%
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1, Class C, 3.556% FRN 9/25/23 (a) (b)		160,000		160,318
Series 2018-1, Class D, 4.056% FRN 9/25/23 (a) (b)		230,000		231,559
NextGear Floorplan Master Owner Trust Series 2016-2A, Class A2, 2.190% 9/15/21 (a)		480,000		476,630
Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% 4.155% FRN 4/15/21 (a)		370,000		371,387
				1,239,894
Automobile ABS — 7.4%
American Credit Acceptance Receivables Trust, Series 2017-4, Class C 2.940% 1/10/24 (a)		770,000		766,520
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B 3.630% 1/19/24 (a)		180,000		182,590
CPS Auto Trust Series 2018-A, Class A, 2.160% 5/17/21 (a)		97,584		97,172
Series 2017-A, Class B, 2.680% 5/17/21 (a)		1,150,000		1,146,523
Series 2018-C, Class B, 3.430% 7/15/22 (a)		180,000		180,033

The accompanying notes are an integral part of the financial statements.

71

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Drive Auto Receivables Trust Series 2017-2, Class C, 2.750% 9/15/23	$	140,000	$	139,761
Series 2017-1, Class C, 2.840% 4/15/22		270,000		269,785
Series 2018-2, Class B, 3.220% 4/15/22		200,000		199,794
Series 2018-4, Class C, 3.660% 11/15/24		230,000		231,003
DT Auto Owner Trust, Series 2018-1A, Class B 3.040% 1/18/22 (a)		290,000		289,267
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 1.830% 9/20/21 (a)		4,647		4,644
Exeter Automobile Receivables Trust Series 2018-1A, Class B, 2.750% 4/15/22 (a)		270,000		268,674
Series 2016-3A, Class B, 2.840% 8/16/21 (a)		257,245		256,907
Series 2018-2A, Class B, 3.270% 5/16/22 (a)		250,000		249,715
Series 2015-2A, Class C, 3.900% 3/15/21 (a)		535,407		536,717
First Investors Auto Owner Trust Series 2017-3A, Class B, 2.720% 4/17/23 (a)		340,000		337,019
Series 2018-1A, Class A2, 3.220% 1/17/23 (a)		290,000		290,767
Flagship Credit Auto Trust Series 2015-3, Class A, 2.380% 10/15/20 (a)		7,979		7,974
Series 2016-4, Class B, 2.410% 10/15/21 (a)		910,000		904,343
Series 2018-1, Class A, 2.590% 6/15/22 (a)		501,760		499,448
Series 2016-1, Class A, 2.770% 12/15/20 (a)		34,101		34,087
Series 2017-1, Class B, 2.830% 3/15/23 (a)		615,000		613,304
Series 2017-4, Class C, 2.920% 11/15/23 (a)		650,000		640,838
Series 2018-1, Class B, 3.130% 1/17/23 (a)		1,250,000		1,245,851
GLS Auto Receivables Trust, Series 2018-3A, Class A 3.350% 8/15/22 (a)		304,015		304,079
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.290% 2/25/24 (a)		1,560,000		1,534,369
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		910,000		907,565
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		770,000		759,866

	Principal Amount		Value
Hertz Vehicle Financing LLC, Series 2018-3A, Class B 4.370% 7/25/24 (a)	$	330,000	$	334,475
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (a)		212,865		212,226
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A4 3.630% 9/10/25 (a)		260,000		262,612
Oscar US Funding Trust VI, Series 2017-1A, Class A3 2.820% 6/10/21 (a)		240,000		239,219
Oscar US Funding Trust VIII LLC, Series 2018-1A, Class A2A 2.910% 4/12/21 (a)		249,325		248,756
Securitized Equipment Receivable 3.760% 10/11/24		270,000		270,903
4.200% 10/11/24		310,000		311,125
Tesla Auto Lease Trust Series 2018-A, Class B, 2.750% 2/20/20 (a)		150,000		149,526
Series 2018-B, Class A, 3.710% 8/20/21 (a)		175,000		175,611
				15,103,068
Commercial MBS — 1.9%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 3.805% FRN 9/15/34 (a) (b)		130,000		129,408
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.955% FRN 7/15/35 (a) (b)		950,000		941,183
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.155% FRN 11/15/35 (a) (b)		419,374		413,223
Commercial Mortgage Pass-Through Certificates, Series 2014-CR14, Class A2 3.147% 2/10/47		98,073		97,017
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.666% VRN 7/10/38 (b)		109,826		110,864
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 3.455% FRN 6/15/32 (a) (b)		850,000		846,774
MSCG Trust, Series 2018-SELF, Class C, 3.635% FRN 10/15/37 (a) (b)		90,000		88,396
RETL, Series 2018-RVP, Class A, 3.555% FRN 3/15/33 (a) (b)		457,865		453,223

The accompanying notes are an integral part of the financial statements.

72

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.481% VRN 8/15/39 (b)	$	10,422	$	10,447
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, 3.205% FRN 2/15/35 (a) (b)		311,021		306,959
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (b)		224,902		223,570
VMC Finance LLC, Series 2018-FL1, Class A, 3.275% FRN 3/15/35 (a) (b)		338,173		335,306
				3,956,370
Home Equity ABS — 0.1%
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% 3.406% FRN 2/25/35		102,644		100,146
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% 2.746% FRN 10/25/34 (a)		104,438		103,995
				204,141
Other ABS — 19.8%
321 Henderson Receivables I LLC Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 2.655% FRN 3/15/41 (a)		64,169		63,113
Series 2010-3A, Class A, 3.820% 12/15/48 (a)		221,059		224,178
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/18/38 (a)		337,654		341,088
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a)		399,523		410,897
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 3.916% FRN 10/15/28 (a)		370,000		370,185
American Tower Trust #1, Series 13, Class 2A 3.070% 3/15/48 (a)		500,000		489,749
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		291,000		301,221
Ascentium Equipment Receivables Trust Series 2018-2A, Class B, 3.760% 5/10/24 (a)		709,000		721,969
Series 2018-2A, Class E, 5.180% 7/10/26 (a)		640,000		652,567
Avant Loans Funding Trust, Series 2018-A, Class A 3.090% 6/15/21 (a)		193,518		193,206

	Principal Amount		Value
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% 3.565% FRN 1/18/25 (a)	$	251,861	$	251,261
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 3.719% FRN 7/20/30 (a)		350,000		347,624
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (a)		111,219		111,219
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)		168,114		165,941
CAL Funding II Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		282,750		289,585
Capital Automotive LLC, Series 2012-1A, Class A1 3.870% 4/15/47 (a)		255,667		256,784
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		356,791		362,417
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (a)		22,618		22,491
CLI Funding VI LLC, Series 2017-1A, Class A 3.620% 5/18/42 (a)		496,841		494,994
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.966% FRN 9/25/34		10,463		10,359
Denali Capital CLO X LLC, Series 2013-1A, Class A1, 3.558% FRN 10/26/27 (a) (b)		350,000		348,082
Diamond Resorts Owner Trust Series 2015-2, Class A, 2.990% 5/22/28 (a)		61,393		61,196
Series 2016-1, Class A, 3.080% 11/20/28 (a)		355,563		351,139
Series 2015-2, Class B, 3.540% 5/22/28 (a)		41,482		41,327
Series 2018-1, Class A, 3.700% 1/21/31 (a)		330,288		332,989
Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I 4.116% 7/25/48 (a)		358,200		353,741
Drug Royalty Corp., Inc., Series 2012-1, Class A1, 3 mo. USD LIBOR + 5.250% 7.322% FRN 7/15/24 (a)		12,667		12,696
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% 5.286% FRN 7/15/23 (a)		52,794		53,132

The accompanying notes are an integral part of the financial statements.

73

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A, 2.690% 3/25/30 (a)	$	192,070	$	189,871
Series 2016-A, Class A, 2.730% 4/25/28 (a)		344,151		340,716
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)		63,928		62,306
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		66,510		65,440
FRS I LLC, Series 2013-1A, Class A1 1.800% 4/15/43 (a)		8,945		8,917
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.469% FRN 4/20/31 (a) (b)		600,000		592,459
Global SC Finance II SRL, Series 2013-1A, Class A 2.980% 4/17/28 (a)		127,833		125,981
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		273,708		272,346
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (a)		408,844		402,222
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)		340,665		346,571
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 3.151% FRN 4/25/35		14,048		13,949
Hero Funding Trust Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		266,328		263,544
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		269,898		273,062
Series 2015-1A, Class A, 3.840% 9/21/40 (a)		595,362		604,213
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		480,408		500,147
Hilton Grand Vacations Trust Series 2014-AA, Class A, 1.770% 11/25/26 (a)		83,929		82,690
Series 2013-A, Class A, 2.280% 1/25/26 (a)		64,069		63,766
Series 2017-AA, Class B, 2.960% 12/26/28 (a) (b)		217,769		212,924
KREF Ltd., Series 2018-FL1, Class AS, 3.652% FRN 6/15/36 (a) (b)		1,150,000		1,132,256
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400% 3.869% FRN 10/20/29 (a)		590,000		588,767

	Principal Amount		Value
Lendmark Funding Trust Series 2017-1A, Class A, 2.830% 12/22/25 (a)	$	240,000	$	236,880
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		350,000		349,410
Madison Park Funding XXII Ltd., Series 2016-22A, Class A, 3 mo. USD LIBOR + 1.480% 3.970% FRN 10/25/29 (a)		420,000		420,214
Magnetite XI Ltd., Series 2014-11A, Class A1R, 3 mo. USD LIBOR + 1.120% 3.565% FRN 1/18/27 (a)		700,000		697,166
Mariner Finance Issuance Trust Series 2017-BA, Class A, 2.920% 12/20/29 (a)		900,000		890,576
Series 2017-AA, Class A, 3.620% 2/20/29 (a)		400,000		401,726
Series 2018-AA, Class A, 4.200% 11/20/30 (a)		903,000		913,058
Marlette Funding Trust Series 2017-2A, Class A, 2.390% 7/15/24 (a)		52,411		52,340
Series 2017-1A, Class A, 2.827% 3/15/24 (a)		78,178		78,146
Series 2018-2A, Class A, 3.060% 7/17/28 (a)		201,435		201,283
Series 2018-3A, Class A, 3.200% 9/15/28 (a)		510,515		509,796
Mosaic Solar Loans LLC Series 2017-2A, Class D, 0.000% 6/22/43 (a)		243,849		227,791
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		330,037		329,575
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		85,691		86,327
MVW Owner Trust Series 2013-1A, Class A, 2.150% 4/22/30 (a)		63,941		63,219
Series 2014-2, Class A, 2.250% 9/22/31 (a)		108,710		106,825
Series 2016-1A, Class A, 2.250% 12/20/33 (a)		43,384		42,430
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 3 mo. USD LIBOR + 1.250% 3.686% FRN 1/15/28 (a) (b)		250,000		242,101
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 2.575% 10/15/49 (a)		975,000		968,919
NP Ferrum LLC Series 15-1A, Class A1, 2.707% 2/19/45 (a) (c)		45,265		44,759

The accompanying notes are an integral part of the financial statements.

74

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 16-1A, Class A1, 3.968% 3/19/46 (a) (c)	$	131,145	$	132,583
NP SPE II LLC, Series 2017-1A, Class A1 3.372% 10/21/47 (a)		167,025		164,964
NRZ Advance Receivables Trust, Series 2016-T4, Class AT4 3.107% 12/15/50 (a)		700,000		698,816
OCP CLO Ltd., Series 2015-8A, Class A2AR, 3.899% FRN 4/17/27 (a) (b)		650,000		636,442
OHA Loan Funding Ltd. Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410% 4.026% FRN 8/15/29 (a)		590,000		589,984
Series 2012-1A, Class B1R, 3 mo. USD LIBOR + 1.850% 4.327% FRN 1/23/27 (a)		600,000		598,836
Orange Lake Timeshare Trust Series 2014-AA, Class A, 2.290% 7/09/29 (a)		25,591		25,173
Series 2016-A, Class A, 2.610% 3/08/29 (a)		669,294		660,344
Series 2016-A, Class B, 2.910% 3/08/29 (a)		274,457		272,580
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (a)		151,666		152,136
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + .250% 2.756% FRN 2/25/37 (a)		890		890
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.985% FRN 2/20/30 (a)		700,000		696,728
Sierra Receivables Funding Co. LLC Series 2014-3A, Class A, 2.300% 10/20/31 (a)		120,011		119,467
Series 2015-1A, Class A, 2.400% 3/22/32 (a)		240,406		237,451
Sierra Timeshare Receivables Funding LLC Series 2014-2A, Class A, 2.050% VRN 6/20/31 (a) (b)		76,347		76,281
Series 2015-3A, Class A, 2.580% 9/20/32 (a)		51,154		50,641
Series 2016-2A, Class B, 2.780% 7/20/33 (a)		191,747		190,374
Series 2017-1A, Class A, 2.910% 3/20/34 (a)		316,652		313,677
Series 2015-1A, Class B, 3.050% 3/22/32 (a)		293,039		291,951
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		19,675		19,573
Series 2018-2A, Class C, 3.940% 6/20/35 (a)		258,261		260,298

	Principal Amount		Value
SoFi Consumer Loan Program LLC Series 2016-3, Class A, 3.050% 12/26/25 (a)	$	135,308	$	135,223
Series 2016-2A, Class A, 3.090% 10/27/25 (a)		148,945		148,735
Series 2018-3, Class A1, 3.200% 8/25/27 (a)		248,022		247,540
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		427,117		427,127
Series 2015-2, Class A, 3.280% 9/15/23 (a)		163,868		163,874
Series 2017-2, Class A, 3.280% 2/25/26 (a)		310,470		309,776
Springleaf Funding Trust, Series 2016-AA, Class A 2.900% 11/15/29 (a)		1,426,015		1,417,726
Store Master Funding I-VII, Series 2018-1A, Class A3 4.400% 10/20/48 (a)		319,733		326,228
Taco Bell Funding LLC, Series 2018-1A, Class A2I 4.318% 11/25/48 (a)		1,000,000		1,009,886
TAL Advantage V LLC, Series 2014-2A, Class A2 3.330% 5/20/39 (a)		375,833		374,636
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a)		417,153		425,482
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 3.916% FRN 10/13/29 (a)		300,000		299,996
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (a)		373,331		372,329
Trafigura Securitisation Finance PLC Series 2018-1A, Class A1, 3.185% FRN 3/15/22 (a) (b)		610,000		610,159
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 4.155% FRN 12/15/20 (a)		260,000		259,796
Series 2018-1A, Class B, 4.290% 3/15/22 (a)		920,000		928,356
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3.535% FRN 10/20/28 (a) (b)		1,000,000		989,652
Trinity Rail Leasing LP, Series 2018-1A, Class A1 3.820% 6/17/48 (a)		569,884		578,787
Trip Rail Master Funding LLC Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		135,148		134,015
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)		668,991		711,236

The accompanying notes are an integral part of the financial statements.

75

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (a)	$	914,083	$	910,984
Triton Container Finance VI LLC, Series 2018-2A, Class A 4.190% 6/22/43 (a)		522,500		525,909
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.540% 7/20/33 (a)		392,394		385,975
Series 2018-A, Class C, 4.020% 2/20/36 (a)		288,552		290,747
Welk Resorts LLC Series 2015-AA, Class A, 2.790% 6/16/31 (a)		72,529		71,372
Series 2017-AA, Class B, 3.410% 6/15/33 (a)		217,253		213,670
Westgate Resorts LLC Series 2014-1A, Class A, 2.150% 12/20/26 (a)		53,632		53,529
Series 2017-1A, Class A, 3.050% 12/20/30 (a)		202,403		200,894
Series 2015-2A, Class A, 3.200% 7/20/28 (a)		108,283		108,065
Series 2018-1A, Class A, 3.380% 12/20/31 (a)		363,494		362,849
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		257,068		263,746
Wingstop Funding LLC, Series 2018-1, Class A2 4.970% 12/05/48 (a)		130,000		131,269
				40,218,595
Student Loans ABS — 15.0%
Access Group, Inc. Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 3.206% FRN 7/25/56 (a)		223,322		223,255
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 7/25/58 (a)		140,000		126,044
AccessLex Institute Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		1,250,000		1,231,718
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.590% FRN 7/01/38		35,230		34,393
College Ave Student Loans LLC, Series 2018-A, Class A1, 3.706% FRN 12/26/47 (a) (b)		583,838		579,242
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 2.926% FRN 1/15/37		209,032		197,078

	Principal Amount		Value
Commonbond Student Loan Trust Series 2018-AGS, Class C, 3.820% 2/25/44 (a)	$	230,000	$	229,350
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)		230,000		230,665
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		202,000		201,981
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		168,219		168,214
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500% 1/25/30 (a)		82,410		77,160
DRB Prime Student Loan Trust Series 2015-A, Class A3, 2.320% 4/25/30		17,472		17,372
Series 2015-B, Class A3, 2.540% 4/27/26 (a)		29,808		29,470
Series 2015-A, Class A2, 3.060% 7/25/31 (a)		78,181		77,910
Series 2015-D, Class A2, 3.200% 1/25/40 (a)		548,602		552,625
Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700% 4.206% FRN 1/25/40 (a)		125,356		127,061
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.406% FRN 10/25/44 (a)		524,933		528,608
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 4.506% FRN 4/25/40 (a)		99,482		101,588
Earnest Student Loan Program LLC Series 2016-C, Class A2, 2.680% 7/25/35 (a)		270,561		269,052
Series 2016-D, Class A2, 2.720% 1/25/41 (a)		239,148		236,499
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 4.556% FRN 2/26/35 (a)		131,892		133,765
ECMC Group Student Loan Trust Series 2018-1A, Class A, 3.256% FRN 2/27/68 (a) (b)		805,052		803,956
Series 2018-2A, Class A, 3.306% FRN 9/25/68 (a) (b)		531,343		530,895
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.706% FRN 12/27/66 (a)		869,371		879,227
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.856% FRN 7/26/66 (a)		440,763		449,125
EdLinc Student Loan Funding, Series 2017-A, Class A,, 3.350% FRN 12/01/47 (a) (b)		572,609		579,286

The accompanying notes are an integral part of the financial statements.

76

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Education Loan Asset-Backed Trust I, Series 2013-1, Class A1, 1 mo. USD LIBOR + .800% 3.306% FRN 6/25/26 (a)	$	320,715	$	320,824
ELFI Graduate Loan Program LLC Series 2018-A, Class A1, 3.256% FRN 8/25/42 (a) (b)		516,296		513,045
Series 2018-A, Class B, 4.000% 8/25/42 (a)		250,000		245,725
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS 0.000% FRN 1/01/44 (a)		950,000		836,366
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 3.132% FRN 9/27/35		20,076		20,027
Laurel Road Prime Student Loan Trust, Series 2017-B, Class CFX 3.610% 8/25/42 (a)		300,912		290,149
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 3.175% FRN 12/15/59 (a) (b)		170,000		170,476
Navient Private Education Refi Loan Trust, Series 2018-A, Class A1 2.530% 2/18/42 (a)		372,779		370,217
Navient Student Loan Trust Series 2018-1A, Class A3, 3.226% FRN 3/25/67 (a) (b)		850,000		845,238
Series 2017-5A, Class A, 3.306% FRN 7/26/66 (a) (b)		360,411		361,020
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 3.656% FRN 7/26/66 (a)		750,000		758,344
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.756% FRN 6/25/65 (a)		662,426		667,385
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.806% FRN 3/25/66 (a)		560,000		572,069
Nelnet Private Education Loan Trust Series 2016-A, Class A1B, 3.600% 12/26/40 (a)		162,201		157,947
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 4.256% FRN 12/26/40 (a)		225,257		224,548
Nelnet Student Loan Trust Series 2005-1, Class A5, 3 mo. USD LIBOR + .110% 2.600% FRN 10/25/33		217,384		214,441
Series 2007-2A, Class A4A2, 28 day ARS 2.856% FRN 6/25/35 (a)		600,000		596,109
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.924% FRN 3/23/37		226,738		224,591

	Principal Amount		Value
Series 2018-3A, Class A3, 3.256% FRN 9/27/66 (a) (b)	$	700,000	$	700,885
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 10/25/47 (a)		170,000		163,359
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 6/25/54 (a)		130,000		128,239
Northstar Education Finance, Inc., Series 2005-1, Class A5, 3 mo. USD LIBOR + .750% 3.259% FRN 10/30/45		198,587		197,097
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.456% FRN 11/25/65 (a)		518,084		520,666
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 2.816% FRN 2/15/45		365,431		339,071
SLM Student Loan Trust Series 2007-5, Class A6, 3 mo. USD LIBOR + .110% 2.600% FRN 1/26/43		116,053		112,117
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.630% FRN 10/25/28		254,726		252,857
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.640% FRN 3/25/44		940,000		914,131
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 2.690% FRN 1/27/42		1,161,621		1,106,998
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.700% FRN 10/25/40		437,416		415,236
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.710% FRN 3/25/44		689,225		646,045
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 2.780% FRN 1/25/44		595,483		552,562
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 2.790% FRN 7/25/25		146,925		146,566
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 2.790% FRN 1/25/41		440,546		421,276
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 2.800% FRN 1/25/55		176,478		166,913
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% 3.040% FRN 10/25/64 (a)		850,000		838,296

The accompanying notes are an integral part of the financial statements.

77

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 3.090% FRN 1/25/41	$	710,000	$	704,038
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.090% FRN 10/25/65 (a)		2,150,000		2,144,018
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% 3.240% FRN 1/25/40		770,000		763,864
Series 2013-4, Class B, 1 mo. USD LIBOR + 1.500% 4.006% FRN 12/28/70		120,000		116,853
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		50,000		50,000
SMB Private Education Loan Trust Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 3.555% FRN 9/15/34 (a)		279,272		281,292
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 3.605% FRN 5/15/26 (a)		426,929		429,422
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 3.905% FRN 2/17/32 (a)		114,233		115,946
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000%3/25/33 (a)		200		207,500
Series 2017-D, Class R1, 0.000%9/25/40 (a)		1,000,000		645,250
Series 2018-A, Class R1, 0.000%2/25/42 (a)		1,000,000		718,200
Series 2018-D, Class R1, 0.000% 2/25/48 (a)		956,000		329,342
Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 3.456% FRN 1/25/39 (a)		73,814		73,874
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 3.706% FRN 6/25/33 (a)		126,461		128,052
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 4.256% FRN 8/25/36 (a)		136,359		138,068
				30,472,093
WL Collateral CMO — 5.7%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.640% VRN 8/25/34 (b)		5,752		5,664
Countrywide Home Loans, Inc. Series 2004-2, Class 1A1, 3.714% VRN 2/25/34 (b)		3,525		3,410
Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)		777		704

	Principal Amount		Value
Deephaven Residential Mortgage Trust Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)	$	430,078	$	424,232
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b)		785,328		787,179
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b)		712,255		717,334
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		915,080		920,756
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.104% VRN 8/25/34 (b)		1,117		1,069
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.944% VRN 8/25/34 (b)		7,570		7,137
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		400,132		394,835
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		602,791		592,955
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b)		543,550		535,992
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		556,034		549,020
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 3.792% VRN 2/25/34 (b)		651		603
Series 2003-A4, Class IA, 4.597% VRN 7/25/33 (b)		509		493
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b)		317,258		318,249
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 5.356% FRN 2/25/23 (a) (b)		250,000		250,537
PSMC Trust Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		585,512		578,033
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b)		611,979		604,283
Sequoia Mortgage Trust Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		423,833		409,316
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		710,467		701,056
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b)		565,880		558,386
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)		349,799		351,613
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		854,677		859,144
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		598,016		604,897

The accompanying notes are an integral part of the financial statements.

78

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b)	$	230,789	$	232,134
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, 3.000% VRN 10/25/31 (a) (b)		767,792		746,327
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.347% VRN 3/25/34 (b)		4,315		4,155
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4, 3.500% VRN 7/25/48 (a) (b)		325,361		320,928
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.557% FRN 4/25/44		12,233		11,810
				11,492,251
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $102,848,494)				102,686,412
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.1%
Collateralized Mortgage Obligations — 1.0%
Federal Home Loan Mortgage Corp. Series 4740, Class CA, 3.000% 5/15/39		274,491		272,242
Series 4491, Class B, 3.000% 8/15/40		433,452		430,319
Series 4720, Class A, 3.000% 3/15/41		370,003		367,387
Federal National Mortgage Association Series 2015-80, Class CA, 3.000% 4/25/40		606,048		600,565
Series 2015-63, Class KA, 3.000% 1/25/41		290,188		288,761
Government National Mortgage Association (b) Series 2014-131, Class BW 3.883% 5/20/41		125,080		133,016
				2,092,290
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #C01079 7.500% 10/01/30		321		367
Pool #C01135 7.500% 2/01/31		1,018		1,159
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.645% 4.179% FRN 5/01/34		8,681		9,035
Pool #725692 1 year CMT + 2.138% 4.318% FRN 10/01/33		17,579		18,435

	Principal Amount		Value
Pool #888586 1 year CMT + 2.199% 4.379% FRN 10/01/34	$	18,321	$	19,259
Pool #575667 7.000% 3/01/31		2,308		2,640
Pool #529453 7.500% 1/01/30		496		566
Pool #531196 7.500% 2/01/30		61		69
Pool #530299 7.500% 3/01/30		65		72
Pool #535996 7.500% 6/01/31		1,135		1,294
Pool #523499 8.000% 11/01/29		52		59
Pool #252926 8.000% 12/01/29		24		27
Pool #532819 8.000% 3/01/30		30		34
Pool #534703 8.000% 5/01/30		503		580
Pool #253437 8.000% 9/01/30		27		31
Pool #253481 8.000% 10/01/30		12		14
Pool #602008 8.000% 8/01/31		772		887
Pool #596656 8.000% 8/01/31		160		164
Pool #190317 8.000% 8/01/31		593		685
Pool #597220 8.000% 9/01/31		613		710
Government National Mortgage Association Pool #371146 7.000% 9/15/23		61		64
Pool #352022 7.000% 11/15/23		907		968
Pool #491089 7.000% 12/15/28		1,633		1,779
Pool #500928 7.000% 5/15/29		780		880
Pool #478658 7.000% 5/15/29		409		462
Pool #510083 7.000% 7/15/29		176		197
Pool #499410 7.000% 7/15/29		238		270
Pool #493723 7.000% 8/15/29		476		540
Pool #581417 7.000% 7/15/32		2,307		2,621
Government National Mortgage Association II Pool #008746 1 year CMT + 1.500% 3.125% FRN 11/20/25		816		831
Pool #080136 1 year CMT + 1.500% 3.125% FRN 11/20/27		154		157
				64,856
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,195,831)				2,157,146
U.S. TREASURY OBLIGATIONS — 1.7%
U.S. Treasury Bonds & Notes — 1.7%
U.S. Treasury Note 8.000% 11/15/21 (d)		3,020,000		3,477,129
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,488,091)				3,477,129
TOTAL BONDS & NOTES (Cost $202,519,415)				200,335,326

The accompanying notes are an integral part of the financial statements.

79

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
TOTAL PURCHASED OPTIONS (#) — 1.0% (Cost $2,011,623)			$	2,101,980
TOTAL LONG-TERM INVESTMENTS (Cost $204,531,038)				202,437,306
SHORT-TERM INVESTMENTS — 0.9%
Commercial Paper — 0.9%
Schlumberger Holdings Corp. 2.906% 1/08/19 (a)	$	500,000		499,706
Tyson Foods, Inc. 2.945% 1/04/19 (a)		1,400,000		1,399,586
				1,899,292
TOTAL SHORT-TERM INVESTMENTS (Cost $1,899,384)				1,899,292
TOTAL INVESTMENTS — 100.5% (Cost $206,430,422) (e)				204,336,598
Other Assets/(Liabilities) — (0.5)%				(1,073,291	)
NET ASSETS — 100.0%			$	203,263,307

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate 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

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 December 31, 2018, these securities amounted to a value of $112,740,245 or 55.47% 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 December 31, 2018.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $177,342 or 0.09% of net assets.

(d) A portion of this security is pledged/held as collateral for open futures contracts. (Note 2).

(e) See Note 6 for aggregate cost for federal tax purposes.

(#) Purchased Swaptions contracts at December 31, 2018:

OTC Counterparty	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		6,340,000		USD 6,340,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying Swap terminates 12/15/42, Exercise Rate 2.44%	$	316,951	$	271,072	$	(45,879	)
Credit Suisse International*		7,310,000		USD 7,310,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying Swap terminates 2/02/43, Exercise Rate 2.61%		350,880		347,404		(3,476	)
											667,831		618,476		(49,355	)

The accompanying notes are an integral part of the financial statements.

80

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

OTC Counterparty	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Put
Barclays Bank PLC*		12,910,000	USD	12,910,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying Swap terminates 12/15/42, Exercise Rate 2.94%	$	645,410	$	731,473	$	86,063
Credit Suisse International*		14,580,000	USD	14,580,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying Swap terminates 2/02/43, Exercise Rate 3.11%		698,382		752,031		53,649
											1,343,792		1,483,504		139,712
										$	2,011,623	$	2,101,980	$	90,357

*    Contracts are subject to a Master Netting Agreement.

Futures contracts at December 31, 2018:

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 10 Year		3/20/19		218	$	25,942,484		$	656,922
U.S. Treasury Note 2 Year		3/29/19		76		16,039,910			95,840
								$	752,762
Short
U.S. Treasury Ultra 10 Year		3/20/19		80	$	(10,069,742	)	$	(336,508	)
U.S. Treasury Note 5 Year		3/29/19		619		(69,858,233	)		(1,133,330	)
								$	(1,469,838	)

Swap agreements at December 31, 2018:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		150,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)	$	(12,171	)	$	(12,018	)	$	(24,189	)
Goldman Sachs International*	USD		410,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(66,369	)		253			(66,116	)
Goldman Sachs International*	USD		410,000		5/11/63	Monthly	3.000%	CMBX.NA.6† (Rating: BBB-)		(30,610	)		(35,506	)		(66,116	)
									$	(109,150	)	$	(47,271	)	$	(156,421	)

* Contracts are subject to a Master Netting Agreement.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

The accompanying notes are an integral part of the financial statements.

81

MML Short-Duration Bond Fund – Portfolio of Investments (Continued)

Currency Legend

USD U.S. Dollar

Country weightings, as a percentage of net assets, is as follows:

United States	83.3	%
Cayman Islands	5.5	%
Netherlands	1.9	%
Ireland	1.9	%
Japan	1.2	%
Bermuda	1.0	%
Luxembourg	1.0	%
United Kingdom	1.0	%
Sweden	0.7	%
Canada	0.7	%
Spain	0.6	%
Australia	0.3	%
Turkey	0.2	%
Israel	0.1	%
Colombia	0.1	%
Barbados	0.1	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

82

MML Small Cap Equity Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Basic Materials — 3.4%
Iron & Steel — 1.1%
Allegheny Technologies, Inc. (a)		51,525	$	1,121,699
Mining — 2.3%
Compass Minerals International, Inc.		19,310		805,034
Kaiser Aluminum Corp.		16,975		1,515,698
				2,320,732
				3,442,431
Communications — 2.9%
Internet — 1.8%
Etsy, Inc. (a)		17,110		813,923
Q2 Holdings, Inc. (a)		20,970		1,039,063
				1,852,986
Media — 1.1%
Houghton Mifflin Harcourt Co. (a)		123,360		1,092,970
				2,945,956
Consumer, Cyclical — 15.2%
Airlines — 1.3%
Spirit Airlines, Inc. (a)		22,350		1,294,512
Auto Manufacturers — 0.7%
Navistar International Corp. (a)		28,090		728,936
Auto Parts & Equipment — 1.6%
Visteon Corp. (a)		25,680		1,547,990
Distribution & Wholesale — 1.3%
Dorman Products, Inc. (a)		14,820		1,334,096
Retail — 10.3%
AutoNation, Inc. (a)		32,410		1,157,037
The Children’s Place, Inc.		16,710		1,505,404
Jack in the Box, Inc.		23,790		1,846,818
The Michaels Cos., Inc. (a)		52,880		715,995
Nu Skin Enterprises, Inc. Class A		18,750		1,149,938
Suburban Propane Partners LP (b)		78,580		1,514,237
Texas Roadhouse, Inc.		20,880		1,246,536
The Wendy’s Co.		82,850		1,293,288
				10,429,253
				15,334,787
Consumer, Non-cyclical — 19.1%
Biotechnology — 2.0%
Emergent BioSolutions, Inc. (a)		20,770		1,231,245
Ligand Pharmaceuticals, Inc. (a)		6,160		835,912
				2,067,157
Commercial Services — 5.8%
ASGN, Inc. (a)		35,851		1,953,879
Korn/Ferry International		54,601		2,158,924
Paylocity Holding Corp. (a)		14,930		898,935

	Number of Shares		Value
Weight Watchers International, Inc. (a)		22,990	$	886,265
				5,898,003
Health Care – Products — 5.0%
AtriCure, Inc. (a)		20,710		633,726
Inogen, Inc. (a)		3,440		427,145
Inspire Medical Systems, Inc. (a)		15,779		666,663
Intersect ENT, Inc. (a)		24,510		690,692
Quidel Corp. (a)		16,470		804,065
Repligen Corp. (a)		17,140		903,963
Wright Medical Group NV (a)		34,940		951,067
				5,077,321
Health Care – Services — 3.3%
Addus HomeCare Corp. (a)		12,832		871,036
LHC Group, Inc. (a)		15,630		1,467,344
Teladoc Health, Inc. (a) (c)		19,210		952,240
				3,290,620
Household Products & Wares — 1.0%
Acco Brands Corp.		143,570		973,405
Pharmaceuticals — 2.0%
Diplomat Pharmacy, Inc. (a)		46,820		630,197
Senseonics Holdings, Inc. (a) (c)		121,350		314,297
TherapeuticsMD, Inc. (a) (c)		119,150		453,961
uniQure NV (a)		11,440		329,701
Zogenix, Inc. (a)		7,950		289,857
				2,018,013
				19,324,519
Energy — 2.9%
Energy – Alternate Sources — 1.0%
Renewable Energy Group, Inc. (a) (c)		39,879		1,024,890
Oil & Gas — 1.1%
Matador Resources Co. (a)		68,195		1,059,069
Pipelines — 0.8%
Noble Midstream Partners LP (b)		27,500		793,100
				2,877,059
Financial — 23.5%
Banks — 6.7%
The Bank of NT Butterfield & Son Ltd.		31,809		997,212
BankUnited, Inc.		35,789		1,071,523
Cathay General Bancorp		19,740		661,882
Chemical Financial Corp.		25,022		916,055
Columbia Banking System, Inc.		23,040		836,122
Customers Bancorp, Inc. (a)		27,450		499,590
Heritage Financial Corp.		22,720		675,238
IBERIABANK Corp.		17,160		1,103,045
				6,760,667

The accompanying notes are an integral part of the financial statements.

83

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

	Number of Shares		Value
Diversified Financial Services — 2.2%
Federated Investors, Inc. Class B		25,400	$	674,370
Focus Financial Partners, Inc. Class A (a)		15,700		413,381
Stifel Financial Corp.		27,030		1,119,583
				2,207,334
Insurance — 1.9%
James River Group Holdings Ltd.		20,155		736,464
ProAssurance Corp.		28,250		1,145,820
				1,882,284
Real Estate Investment Trusts (REITS) — 7.6%
Brandywine Realty Trust		103,330		1,329,857
DiamondRock Hospitality Co.		169,570		1,539,695
EPR Properties		15,090		966,213
Four Corners Property Trust, Inc.		79,540		2,083,948
National Storage Affiliates Trust		68,630		1,815,950
				7,735,663
Savings & Loans — 5.1%
Beneficial Bancorp, Inc.		52,520		750,511
Berkshire Hills Bancorp, Inc.		28,000		755,160
OceanFirst Financial Corp.		39,690		893,422
Pacific Premier Bancorp, Inc. (a)		21,260		542,555
Sterling Bancorp		55,060		909,040
WSFS Financial Corp.		35,170		1,333,295
				5,183,983
				23,769,931
Industrial — 15.2%
Building Materials — 1.9%
Masonite International Corp. (a)		24,103		1,080,537
Summit Materials, Inc. Class A (a)		70,679		876,420
				1,956,957
Electrical Components & Equipment — 3.2%
Energizer Holdings, Inc.		32,480		1,466,472
Generac Holdings, Inc. (a)		35,650		1,771,805
				3,238,277
Electronics — 0.4%
Atkore International Group, Inc. (a)		20,170		400,173
Engineering & Construction — 2.7%
Dycom Industries, Inc. (a)		15,270		825,191
KBR, Inc.		75,216		1,141,779
TopBuild Corp. (a)		16,910		760,950
				2,727,920
Environmental Controls — 2.0%
Advanced Disposal Services, Inc. (a)		52,158		1,248,662
Evoqua Water Technologies Corp. (a)		74,950		719,520
				1,968,182

	Number of Shares		Value
Machinery – Diversified — 0.4%
The Manitowoc Co., Inc. (a)		29,187	$	431,092
Metal Fabricate & Hardware — 1.2%
Rexnord Corp. (a)		53,040		1,217,268
Miscellaneous – Manufacturing — 0.9%
EnPro Industries, Inc.		14,630		879,263
Transportation — 1.4%
CryoPort, Inc. (a) (c)		25,370		279,831
Genesee & Wyoming, Inc. Class A (a)		15,800		1,169,516
				1,449,347
Trucking & Leasing — 1.1%
The Greenbrier Cos., Inc.		27,770		1,098,026
				15,366,505
Technology — 12.1%
Computers — 3.0%
CACI International, Inc. Class A (a)		14,531		2,092,900
Perspecta, Inc.		52,028		895,922
				2,988,822
Semiconductors — 2.3%
Brooks Automation, Inc.		36,880		965,518
MKS Instruments, Inc.		21,480		1,387,823
				2,353,341
Software — 6.8%
Blackline, Inc. (a)		24,780		1,014,741
Envestnet, Inc. (a)		14,350		705,876
j2 Global, Inc.		23,561		1,634,662
Pegasystems, Inc.		23,966		1,146,294
SendGrid, Inc. (a)		12,804		552,749
Zynga, Inc. Class A (a)		454,702		1,786,979
				6,841,301
				12,183,464
Utilities — 3.6%
Electric — 2.6%
Black Hills Corp.		23,970		1,504,837
NorthWestern Corp.		19,680		1,169,779
				2,674,616
Gas — 1.0%
South Jersey Industries, Inc.		35,800		995,240
				3,669,856
TOTAL COMMON STOCK (Cost $97,510,148)				98,914,508
TOTAL EQUITIES (Cost $97,510,148)				98,914,508

The accompanying notes are an integral part of the financial statements.

84

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

	Number of Shares		Value
MUTUAL FUNDS — 2.8%
Diversified Financial Services — 2.8%
State Street Navigator Securities Lending Prime Portfolio (d)		2,813,007	$	2,813,007
TOTAL MUTUAL FUNDS (Cost $2,813,007)				2,813,007
TOTAL LONG-TERM INVESTMENTS (Cost $100,323,155)				101,727,515
	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (e)	$	2,125,869		2,125,869
TOTAL SHORT-TERM INVESTMENTS (Cost $2,125,869)				2,125,869
TOTAL INVESTMENTS — 102.8% (Cost $102,449,024) (f)				103,853,384
Other Assets/(Liabilities) — (2.8)%				(2,818,785	)
NET ASSETS — 100.0%			$	101,034,599

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) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2018, was $2,726,837 or 2.70% 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 $2,126,017. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $2,171,980.

(f) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

85

MML Special Situations Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 78.1%
COMMON STOCK — 78.1%
Basic Materials — 2.7%
Chemicals — 2.7%
Ingevity Corp. (a)		6,639	$	555,618
Rayonier Advanced Materials, Inc.		4,600		48,990
				604,608
Communications — 10.0%
Internet — 0.2%
Liberty Expedia Holdings, Inc. Class A (a)		1,360		53,190
Media — 5.7%
Cable One, Inc.		500		410,050
Liberty Broadband Corp. Class A (a)		3,500		251,335
Liberty Media Corp-Liberty Formula One Class C (a)		5,300		162,710
Liberty Media Corp-Liberty SiriusXM Class A (a)		5,600		206,080
Liberty Media Corp-Liberty SiriusXM Class C (a)		5,600		207,088
News Corp. Class A		5,800		65,830
				1,303,093
Telecommunications — 4.1%
GCI Liberty, Inc. Class A (a)		3,440		141,590
Liberty Latin America Ltd. Class A (a)		54,100		783,368
				924,958
				2,281,241
Consumer, Cyclical — 1.7%
Auto Parts & Equipment — 1.3%
Aptiv PLC		4,679		288,087
Garrett Motion, Inc. (a)		306		3,776
				291,863
Retail — 0.4%
J Alexander’s Holdings, Inc. (a)		11,500		94,645
				386,508
Consumer, Non-cyclical — 33.4%
Commercial Services — 12.9%
PayPal Holdings, Inc. (a)		35,000		2,943,150
Foods — 3.8%
Lamb Weston Holdings, Inc.		11,733		863,079
Health Care – Products — 5.8%
Avanos Medical, Inc. (a)		6,100		273,219
Danaher Corp.		5,400		556,848
Varex Imaging Corp. (a)		7,500		177,600
West Pharmaceutical Services, Inc.		3,100		303,893
				1,311,560

	Number of Shares		Value
Household Products & Wares — 0.9%
Avery Dennison Corp.		2,400	$	215,592
Pharmaceuticals — 10.0%
AbbVie, Inc.		6,300		580,797
Zoetis, Inc.		19,700		1,685,138
				2,265,935
				7,599,316
Energy — 2.9%
Oil & Gas — 2.5%
Marathon Petroleum Corp.		3,091		182,400
Murphy USA, Inc. (a)		5,000		383,200
				565,600
Oil & Gas Services — 0.4%
KLX Energy Services Holdings, Inc. (a)		3,600		84,420
				650,020
Financial — 4.7%
Banks — 0.5%
City Holding Co.		1,809		122,270
Diversified Financial Services — 1.0%
Synchrony Financial		9,540		223,809
Real Estate Investment Trusts (REITS) — 3.2%
Four Corners Property Trust, Inc.		10,300		269,860
Gaming and Leisure Properties, Inc.		13,900		449,109
				718,969
				1,065,048
Industrial — 11.7%
Electronics — 9.0%
Allegion PLC		8,500		677,535
Honeywell International, Inc.		3,060		404,287
Keysight Technologies, Inc. (a)		14,570		904,506
nVent Electric PLC		2,340		52,556
Resideo Technologies, Inc. (a)		510		10,481
				2,049,365
Engineering & Construction — 1.5%
TopBuild Corp. (a)		7,600		342,000
Environmental Controls — 0.4%
Pentair PLC		2,340		88,405
Machinery – Construction & Mining — 0.5%
Oshkosh Corp.		2,002		122,742
Metal Fabricate & Hardware — 0.3%
TimkenSteel Corp. (a)		7,100		62,054
				2,664,566
Technology — 8.4%
Computers — 8.4%
DXC Technology Co.		3,874		205,981
Hewlett Packard Enterprise Co.		81,600		1,077,936

The accompanying notes are an integral part of the financial statements.

86

MML Special Situations Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Lumentum Holdings, Inc. (a)		4,500	$	189,045
Perspecta, Inc.		25,437		438,025
				1,910,987
Utilities — 2.6%
Gas — 2.6%
ONE Gas, Inc.		7,300		581,080
TOTAL COMMON STOCK (Cost $16,361,102)				17,743,374
TOTAL EQUITIES (Cost $16,361,102)				17,743,374
TOTAL LONG-TERM INVESTMENTS (Cost $16,361,102)				17,743,374
	Principal Amount
SHORT-TERM INVESTMENTS — 21.9%
Repurchase Agreement — 21.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (b)	$	4,985,125		4,985,125
TOTAL SHORT-TERM INVESTMENTS (Cost $4,985,125)				4,985,125
TOTAL INVESTMENTS — 100.0% (Cost $21,346,227) (c)				22,728,499
Other Assets/(Liabilities) — (0.0)%				(674	)
NET ASSETS — 100.0%			$	22,727,825

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $4,985,471. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $5,089,490.

(c) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

87

MML Strategic Emerging Markets Fund – Portfolio of Investments

December 31, 2018

	Number of Shares		Value
EQUITIES — 95.2%
COMMON STOCK — 93.9%
Bermuda — 2.8%
Credicorp Ltd.		7,680	$	1,702,425
Jardine Strategic Holdings Ltd.		49,289		1,800,756
				3,503,181
Brazil — 4.6%
Atacadao Distribuicao Comercio e Industria Ltda		356,500		1,670,822
B3 SA — Brasil Bolsa Balcao		306,565		2,117,681
Itau Unibanco Holding SA Sponsored ADR		75,545		690,481
Vale SA Sponsored ADR		104,770		1,381,916
				5,860,900
Cayman Islands — 15.9%
Alibaba Group Holding Ltd. Sponsored ADR (a)		53,829		7,378,341
Huazhu Group Ltd. ADR		84,975		2,432,834
Hutchison China MediTech Ltd. ADR (a) (b)		13,367		308,644
Innovent Biologics, Inc. (a) (c)		47,000		145,235
Meituan Dianping Class B (a) (d)		101,200		569,227
Meituan Dianping Class B (a) (e)		159,800		851,090
Pinduoduo, Inc. ADR (a) (b)		49,780		1,117,063
Ping An Healthcare and Technology Co. Ltd. (a) (c)		8,670		30,631
Sunny Optical Technology Group Co. Ltd.		73,900		648,378
Tencent Holdings Ltd.		121,759		4,826,408
Wuxi Biologics Cayman, Inc. (a) (c)		85,500		540,946
ZTO Express Cayman, Inc. ADR		80,910		1,280,805
				20,129,602
Chile — 0.9%
Banco de Chile		1,489,731		213,158
SACI Falabella		134,893		985,117
				1,198,275
China — 3.8%
China International Capital Corp. Ltd. Class H (c)		312,800		582,567
Dong-E-E-Jiao Co. Ltd.		86,899		500,257
Jiangsu Hengrui Medicine Co. Ltd. Class A		192,450		1,486,926
Shanghai Junshi Bioscience Class H (a) (c)		56,000		172,709
Sinopharm Group Co. Ltd. Class H		484,600		2,029,122
				4,771,581
Colombia — 0.5%
Grupo Aval Acciones y Valores SA ADR		99,060		584,454

	Number of Shares		Value
Grupo de Inversiones Suramericana SA		9,010	$	88,984
				673,438
Egypt — 0.4%
Commercial International Bank Egypt SAE		134,115		561,546
France — 6.2%
Kering SA		10,585		4,953,933
LVMH Moet Hennessy Louis Vuitton SE		9,916		2,913,775
				7,867,708
Hong Kong — 4.6%
AIA Group Ltd.		447,400		3,680,428
Hong Kong Exchanges & Clearing Ltd.		76,236		2,187,739
				5,868,167
India — 11.9%
Apollo Hospitals Enterprise Ltd.		25,593		460,516
Biocon Ltd.		94,547		850,175
Cholamandalam Investment & Finance Co. Ltd.		25,312		456,412
Housing Development Finance Corp. Ltd.		174,766		4,920,353
Kotak Mahindra Bank Ltd.		237,473		4,253,558
Oberoi Realty Ltd.		15,775		100,342
Odisha Cement Ltd. (a) (e)		9,774		153,998
Tata Consultancy Services Ltd.		53,483		1,452,403
UltraTech Cement Ltd.		13,159		750,648
Zee Entertainment Enterprises Ltd.		250,928		1,706,938
				15,105,343
Indonesia — 1.1%
Bank Central Asia Tbk PT		410,600		742,265
Indocement Tunggal Prakarsa Tbk PT		458,500		588,129
				1,330,394
Italy — 1.1%
Moncler SpA		1,853		61,919
PRADA SpA		397,900		1,300,358
				1,362,277
Malaysia — 0.0%
Genting Bhd		15,300		22,598
Mexico — 5.9%
Alsea SAB de CV		125,422		327,026
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		455,337		564,429
Fomento Economico Mexicano SAB de CV		236,467		2,033,315
Fomento Economico Mexicano SAB de CV Sponsored ADR		11,310		973,225

The accompanying notes are an integral part of the financial statements.

88

MML Strategic Emerging Markets Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Grupo Aeroportuario del Sureste SAB de CV Class B		44,166	$	666,184
Grupo Financiero Inbursa SAB de CV Class O		756,788		1,092,527
Grupo Mexico SAB de CV Series B		600,176		1,239,032
Wal-Mart de Mexico SAB de CV		196,185		498,954
				7,394,692
Netherlands — 1.3%
Steinhoff International Holdings NV (a)		423,383		50,294
Yandex NV Class A (a)		56,419		1,543,060
				1,593,354
Philippines — 3.9%
Ayala Corp.		27,500		470,625
Ayala Land, Inc.		1,140,100		882,283
BDO Unibank, Inc.		58,700		146,331
Jollibee Foods Corp.		156,890		870,497
SM Investments Corp.		97,445		1,699,937
SM Prime Holdings, Inc.		1,205,900		820,871
				4,890,544
Republic of Korea — 5.9%
Amorepacific Corp.		5,186		968,223
AMOREPACIFIC Group		4,617		299,585
Kakao Corp. (a)		3,790		348,225
LG Household & Health Care Ltd.		2,068		2,041,805
NAVER Corp.		11,387		1,240,702
Samsung Biologics Co. Ltd. (a) (c)		3,682		1,281,318
Samsung Electronics Co. Ltd.		37,799		1,307,871
				7,487,729
Russia — 6.4%
LUKOIL PJSC Sponsored ADR (b)		3,230		230,428
LUKOIL PJSC Sponsored ADR		13,446		959,846
Novatek PJSC Sponsored GDR Registered (d)		31,664		5,407,104
Polyus PJSC GDR (c) (e)		8,900		347,990
Sberbank of Russia PJSC		426,599		1,134,536
				8,079,904
South Africa — 2.6%
FirstRand Ltd.		499,892		2,277,576
Shoprite Holdings Ltd.		76,531		1,006,007
				3,283,583
Taiwan — 5.4%
Taiwan Semiconductor Manufacturing Co. Ltd.		934,000		6,780,165
Thailand — 0.5%
Siam Commercial Bank PCL		158,300		649,049
Turkey — 1.6%
Akbank T.A.S.		435,978		563,639

	Number of Shares		Value
Anadolu Efes Biracilik Ve Malt Sanayii AS		140,145	$	545,358
BIM Birlesik Magazalar AS		24,202		397,919
Turkiye Garanti Bankasi AS		314,571		466,129
				1,973,045
United Arab Emirates — 1.5%
DP World Ltd.		80,142		1,370,272
Emaar Properties PJSC		461,797		519,490
				1,889,762
United Kingdom — 3.7%
Glencore PLC		1,271,791		4,690,824
United States — 1.4%
MercadoLibre, Inc.		3,150		922,477
Yum China Holdings, Inc.		26,550		890,222
				1,812,699
TOTAL COMMON STOCK (Cost $114,675,271)				118,780,360
PREFERRED STOCK — 1.3%
Brazil — 1.3%
Lojas Americanas SA 0.410%		318,700		1,627,138
India — 0.0%
Zee Entertainment Enterprises Ltd. 6.000%		503,840		55,136
TOTAL PREFERRED STOCK (Cost $1,593,286)				1,682,274
TOTAL EQUITIES (Cost $116,268,557)				120,462,634
MUTUAL FUNDS — 1.3%
United States — 1.3%
State Street Navigator Securities Lending Prime Portfolio (f)		1,601,070		1,601,070
TOTAL MUTUAL FUNDS (Cost $1,601,070)				1,601,070
TOTAL LONG-TERM INVESTMENTS (Cost $117,869,627)				122,063,704

The accompanying notes are an integral part of the financial statements.

89

MML Strategic Emerging Markets Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 5.5%
Repurchase Agreement — 5.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/18, 1.250%, due 1/02/19 (g)	$	6,912,729	$	6,912,729
TOTAL SHORT-TERM INVESTMENTS (Cost $6,912,729)				6,912,729
TOTAL INVESTMENTS — 102.0% (Cost $124,782,356) (h)				128,976,433
Other Assets/(Liabilities) — (2.0)%				(2,523,970	)
NET ASSETS — 100.0%			$	126,452,463

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

PJSC Public Joint Stock Company

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 December 31, 2018, was $1,561,252 or 1.23% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to a value of $3,101,396 or 2.45% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2018, these securities amounted to a value of $5,976,331 or 4.73% of net assets.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2018, these securities amounted to a value of $1,353,078 or 1.07% of net assets.

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

(g) Maturity value of $6,913,209. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $7,052,721.

(h) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Financial	25.6	%
Communications	16.2	%
Consumer, Cyclical	16.1	%
Consumer, Non-cyclical	13.8	%
Technology	7.6	%
Basic Materials	6.1	%
Energy	5.2	%
Industrial	3.2	%
Diversified	1.4	%
Mutual Funds	1.3	%
Total Long-Term Investments	96.5	%
Short-Term Investments and Other Assets and Liabilities	3.5	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

90

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91

MML Series Investment Fund II – Financial Statements

Statements of Assets and Liabilities

December 31, 2018

	MML Asset Momentum Fund			MML Dynamic Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	20,901,284		$	418,819,597
Repurchase agreements, at value (Note 2) (b)		5,136,732			1,834,838
Other short-term investments, at value (Note 2) (c)		-			1,314,412
Total investments (d)		26,038,016			421,968,847
Cash		-			2,784
Foreign currency, at value (e)		-			-
Receivables from:
Investments sold		-			2,318,399
Collateral pledged for futures contracts (Note 2)		21,277			-
Collateral pledged for reverse repurchase agreements (Note 2)		-			-
Investment adviser (Note 3)		4,618			-
Fund shares sold		-			20,456
Collateral pledged for open swap agreements (Note 2)		-			-
Variation margin on open derivative instruments (Note 2)		126,334			-
Interest and dividends		7,523			3,149,626
Interest tax reclaim receivable		-			365
Foreign taxes withheld		8,505			-
Total assets		26,206,273			427,460,477
Liabilities:
Payables for:
Investments purchased		-			-
Collateral held for reverse repurchase agreements (Note 2)		-			-
Collateral held for open purchased options (Note 2)		-			-
Collateral held for futures contracts (Note 2)		-			-
Reverse repurchase agreements (Note 2)		-			-
Open forward contracts (Note 2)		130,449			-
Foreign currency overdraft		327			-
Fund shares repurchased		114			50
Securities on loan (Note 2)		1,389,960			487,358
Open swap agreements, at value (Note 2)		-			-
Trustees’ fees and expenses (Note 3)		2,070			36,745
Variation margin on open derivative instruments (Note 2)		-			-
Affiliates (Note 3):
Investment advisory fees		12,980			147,711
Administration fees		3,245			55,392
Service fees		963			3,869
Due to custodian		159,811			-
Commitment and Contingent Liabilities (Note 9)		-			-
Accrued expense and other liabilities		39,324			112,995
Total liabilities		1,739,243			844,120
Net assets	$	24,467,030		$	426,616,357
Net assets consist of:
Paid-in capital	$	26,874,653		$	444,245,926
Accumulated Gain (Loss)		(2,407,623	)		(17,629,569	)
Net assets	$	24,467,030		$	426,616,357
(a)    Cost of investments:	$	20,807,329		$	430,660,176
(b)    Cost of repurchase agreements:	$	5,136,732		$	1,834,838
(c)    Cost of other short-term investments:	$	-		$	1,314,492
(d)    Securities on loan with market value of:	$	1,361,448		$	477,288
(e)    Cost of foreign currency:	$	-		$	-

The accompanying notes are an integral part of the financial statements.

92

MML Equity Rotation Fund		MML High Yield Fund			MML Inflation- Protected and Income Fund			MML Short- Duration Bond Fund			MML Small Cap Equity Fund		MML Special Situations Fund		MML Strategic Emerging Markets Fund
$	24,944,204	$	119,339,799		$	496,568,822		$	202,437,306		$	101,727,515	$	17,743,374	$	122,063,704
	3,778,231		-			107,905			-			2,125,869		4,985,125		6,912,729
	-		1,999,705			141,028,528			1,899,292			-		-		-
	28,722,435		121,339,504			637,705,255			204,336,598			103,853,384		22,728,499		128,976,433
	-		1,384,410			22,382			622,064			-		90,010		4
	-		-			-			-			-		-		17,124
	-		-			-			-			-		-		56,382
	2,585		-			-			-			-		-		-
	-		-			328,087			-			-		-		-
	4,216		10,395			-			7,163			-		4,315		32,210
	20,946		3,200			43,364			15,837			252,612		20,800		55,646
	-		-			540,000			-			-		-		-
	-		-			-			-			-		-		-
	13,772		2,178,393			1,648,308			1,233,246			51,740		12,225		72,444
	-		608			-			2,103			-		-		-
	-		-			-			-			-		-		8,588
	28,763,954		124,916,510			640,287,396			206,217,011			104,157,736		22,855,849		129,218,831
	-		1,147,581			-			-			74,687		-		404,010
	-		-			582,725			-			-		-		-
	-		-			2,720,000			2,150,000			-		-		-
	-		-			-			-			-		75,365		-
	-		-			269,080,095			-			-		-		-
	-		-			-			-			-		-		-
	-		-			-			-			-		-		-
	4		20,514			12,836,665			311,327			70,538		1		78,659
	-		3,990,143			-			-			2,813,007		-		1,601,070
	-		-			1,147,170			156,421			-		-		-
	2,188		22,464			93,356			37,755			34,339		1,831		14,721
	-		-			179,063			96,548			-		-		-
	11,216		62,369			174,676			62,230			57,698		11,845		108,125
	3,739		15,592			-			26,670			-		2,961		15,446
	1,066		26,555			27,588			19,574			12,782		471		8,924
	-		-			-			-			-		-		-
	-		-			-			-			-		-		-
	35,672		106,599			140,129			93,179			60,086		35,550		535,413
	53,885		5,391,817			286,981,467			2,953,704			3,123,137		128,024		2,766,368
$	28,710,069	$	119,524,693		$	353,305,929		$	203,263,307		$	101,034,599	$	22,727,825	$	126,452,463
$	27,806,594	$	134,669,097		$	374,362,974		$	211,386,556		$	88,929,684	$	21,658,354	$	127,286,363
	903,475		(15,144,404	)		(21,057,045	)		(8,123,249	)		12,104,915		1,069,471		(833,900	)
$	28,710,069	$	119,524,693		$	353,305,929		$	203,263,307		$	101,034,599	$	22,727,825	$	126,452,463
$	24,611,809	$	130,731,406		$	503,351,483		$	204,531,038		$	100,323,155	$	16,361,102	$	117,869,627
$	3,778,231	$	-		$	107,905		$	-		$	2,125,869	$	4,985,125	$	6,912,729
$	-	$	1,999,850		$	141,026,996		$	1,899,384		$	-	$	-	$	-
$	-	$	3,905,647		$	-		$	-		$	2,726,837	$	-	$	1,561,252
$	-	$	-		$	-		$	-		$	-	$	-	$	17,134

93

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2018

	MML Asset Momentum Fund		MML Dynamic Bond Fund
Initial Class shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-
Class II shares:
Net assets	$	23,086,870	$	420,344,282
Shares outstanding (a)		2,474,970		43,726,216
Net asset value, offering price and redemption price per share	$	9.33	$	9.61
Service Class shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-
Service Class I shares:
Net assets	$	1,380,160	$	6,272,075
Shares outstanding (a)		148,773		653,792
Net asset value, offering price and redemption price per share	$	9.28	$	9.59

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

94

MML Equity Rotation Fund		MML High Yield Fund		MML Inflation- Protected and Income Fund		MML Short- Duration Bond Fund		MML Small Cap Equity Fund		MML Special Situations Fund		MML Strategic Emerging Markets Fund
$	-	$	-	$	311,926,608	$	-	$	82,609,331	$	-	$	-
	-		-		32,101,413		-		10,114,649		-		-
$	-	$	-	$	9.72	$	-	$	8.17	$	-	$	-
$	27,112,456	$	79,542,054	$	-	$	172,577,114	$	-	$	21,975,721	$	112,363,302
	2,489,690		8,770,262		-		17,996,620		-		2,091,402		11,098,677
$	10.89	$	9.07	$	-	$	9.59	$	-	$	10.51	$	10.12
$	-	$	-	$	41,379,321	$	-	$	18,425,268	$	-	$	-
	-		-		4,276,779		-		2,300,065		-		-
$	-	$	-	$	9.68	$	-	$	8.01	$	-	$	-
$	1,597,613	$	39,982,639	$	-	$	30,686,193	$	-	$	752,104	$	14,089,161
	147,225		4,424,800		-		3,203,555		-		71,812		1,391,318
$	10.85	$	9.04	$	-	$	9.58	$	-	$	10.47	$	10.13

95

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2018

	MML Asset Momentum Fund			MML Dynamic Bond Fund
Investment income (Note 2):
Dividends (a)	$	305,042		$	791,754
Interest (b)		97,319			17,683,037
Securities lending net income		1,122			1,048
Total investment income		403,483			18,475,839
Expenses (Note 3):
Investment advisory fees		175,169			1,798,222
Custody fees		6,995			39,913
Interest expense		-			-
Audit fees		31,570			54,563
Legal fees		408			6,132
Proxy fees		1,292			1,292
Shareholder reporting fees		9,369			48,272
Trustees’ fees		1,717			26,079
		226,520			1,974,473
Administration fees:
Class II		41,438			666,304
Service Class I		2,354			8,030
Service fees:
Service Class		-			-
Service Class I		3,923			13,383
Total expenses		274,235			2,662,190
Expenses waived (Note 3):
Class II fees reimbursed by adviser		(34,772	)		-
Service Class I fees reimbursed by adviser		(1,983	)		-
Class II advisory fees waived		-			-
Service Class I advisory fees waived		-			-
Net expenses:		237,480			2,662,190
Net investment income (loss)		166,003			15,813,649
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		813,200			(5,234,890	)
Futures contracts		257,108			-
Swap agreements		-			-
Foreign currency transactions		(532	)		-
Forward contracts		64,597			-
Net realized gain (loss)		1,134,373			(5,234,890	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(4,318,160	)		(11,038,461	)
Futures contracts		(1,650,947	)		-
Swap agreements		-			-
Translation of assets and liabilities in foreign currencies		(856	)		-
Forward contracts		(249,694	)		-
Net change in unrealized appreciation (depreciation)		(6,219,657	)		(11,038,461	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(5,085,284	)		(16,273,351	)
Net increase (decrease) in net assets resulting from operations	$	(4,919,281	)	$	(459,702	)
(a)    Net of foreign withholding tax of:	$	4,526		$	-
(b)    Net of foreign withholding tax of:	$	-		$	1,548
*    Net of net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

The accompanying notes are an integral part of the financial statements.

96

MML Equity Rotation Fund			MML High Yield Fund			MML Inflation- Protected and Income Fund			MML Short- Duration Bond Fund			MML Small Cap Equity Fund			MML Special Situations Fund			MML Strategic Emerging Markets Fund
$	467,172		$	-		$	-		$	-		$	1,560,351		$	322,043		$	2,062,814
	12,274			9,317,830			20,398,247			7,356,839			19,818			16,288			49,463
	-			8,515			-			-			71,010			-			39,399
	479,446			9,326,345			20,398,247			7,356,839			1,651,179			338,331			2,151,676
	142,989			795,019			2,221,772			802,943			773,515			150,805			1,285,196
	4,589			59,262			79,351			38,094			19,170			4,581			359,201
	-			-			5,984,205			47			-			-			-
	31,571			37,759			39,363			38,376			36,985			31,567			65,368
	443			1,821			5,637			7,016			1,661			351			3,608
	1,293			1,293			1,293			1,293			1,293			1,293			1,293
	8,965			21,902			43,622			31,166			17,493			8,755			20,496
	1,856			7,719			23,634			13,425			7,113			1,465			7,123
	191,706			924,775			8,398,877			932,360			857,230			198,817			1,742,285
	45,264			137,637			-			298,900			-			36,679			161,301
	2,399			61,118			-			45,218			-			1,022			22,298
	-			-			111,838			-			49,039			-			-
	3,998			101,864			-			75,363			-			1,703			37,164
	243,367			1,225,394			8,510,715			1,351,841			906,269			238,221			1,963,048
	(31,155	)		-			-			(12,606	)		-			(34,468	)		(197,588	)
	(1,674	)		-			-			(2,058	)		-			(977	)		(26,940	)
	-			(91,733	)		-			-			-			-			(43,014	)
	-			(40,770	)		-			-			-			-			(5,946	)
	210,538			1,092,891			8,510,715			1,337,177			906,269			202,776			1,689,560
	268,908			8,233,454			11,887,532			6,019,662			744,910			135,555			462,116
	2,923,119			(1,643,044	)		(3,723,704	)		(665,142	)		9,417,033			2,190,854			3,123,441
	(44,377	)		-			124,972			804,396			-			(169,816	)		-
	-			-			530,512			79,854			-			-			-
	1			-			-			-			(2,362	)		-			(70,909	)
	-			-			-			-			-			-			-
	2,878,743			(1,643,044	)		(3,068,220	)		219,108			9,414,671			2,021,038			3,052,532
	(5,948,845	)		(10,924,124	)		(13,693,086	)		(1,982,597	)		(21,256,999	)		(3,325,522	)		(20,262,811	)*
	-			-			(75,517	)		(927,946	)		-			-			-
	-			-			(770,508	)		(14,492	)		-			-			-
	-			-			-			-			-			-			(801	)
	-			-			-			-			-			-			-
	(5,948,845	)		(10,924,124	)		(14,539,111	)		(2,925,035	)		(21,256,999	)		(3,325,522	)		(20,263,612	)
	(3,070,102	)		(12,567,168	)		(17,607,331	)		(2,705,927	)		(11,842,328	)		(1,304,484	)		(17,211,080	)
$	(2,801,194	)	$	(4,333,714	)	$	(5,719,799	)	$	3,313,735		$	(11,097,418	)	$	(1,168,929	)	$	(16,748,964	)
$	1,396		$	-		$	-		$	-		$	-		$	-		$	258,168
$	-		$	-		$	9		$	55		$	-		$	-		$	-
$	-		$	-		$	-		$	-		$	-		$	-		$	(101,840	)

97

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Asset Momentum Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	166,003		$	109,441
Net realized gain (loss)		1,134,373			2,641,364
Net change in unrealized appreciation (depreciation)		(6,219,657	)		4,645,665
Net increase (decrease) in net assets resulting from operations		(4,919,281	)		7,396,470
Distributions to shareholders (Note 2):
Class II		(2,557,803	)		(2,729,754	)*
Service Class I		(151,157	)		(144,546	)*
Total distributions		(2,708,960	)		(2,874,300	)
Net fund share transactions (Note 5):
Class II		2,557,803			2,729,754
Service Class I		291,123			378,001
Increase (decrease) in net assets from fund share transactions		2,848,926			3,107,755
Total increase (decrease) in net assets		(4,779,315	)		7,629,925
Net assets*
Beginning of year		29,246,345			21,616,420
End of year	$	24,467,030		$	29,246,345

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

The accompanying notes are an integral part of the financial statements.

98

MML Dynamic Bond Fund						MML Equity Rotation Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
$	15,813,649		$	13,207,885		$	268,908		$	211,064
	(5,234,890	)		(65,571	)		2,878,743			4,309,221
	(11,038,461	)		5,649,537			(5,948,845	)		2,588,946
	(459,702	)		18,791,851			(2,801,194	)		7,109,231
	(14,819,194	)		(16,309,191	)*		(4,188,659	)		(1,587,623	)*
	(177,628	)		(132,594	)*		(231,195	)		(73,519	)*
	(14,996,822	)		(16,441,785	)		(4,419,854	)		(1,661,142	)
	(11,521,018	)		23,178,616			4,188,659			1,587,623
	2,036,291			1,497,883			562,287			834,850
	(9,484,727	)		24,676,499			4,750,946			2,422,473
	(24,941,251	)		27,026,565			(2,470,102	)		7,870,562
	451,557,608			424,531,043			31,180,171			23,309,609
$	426,616,357		$	451,557,608		$	28,710,069		$	31,180,171

99

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML High Yield Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	8,233,454		$	8,742,451
Net realized gain (loss)		(1,643,044	)		3,040,160
Net change in unrealized appreciation (depreciation)		(10,924,124	)		(1,659,266	)
Net increase (decrease) in net assets resulting from operations		(4,333,714	)		10,123,345
Distributions to shareholders (Note 2):
Initial Class		-			-
Class II		(5,680,654	)		(6,309,725	)*
Service Class		-			-
Service Class I		(2,513,438	)		(2,363,997	)*
Total distributions		(8,194,092	)		(8,673,722	)
Tax return of capital:
Initial Class		-			-
Class II		(6,656	)		(423,400	)
Service Class		-			-
Service Class I		(2,945	)		(158,631	)
Total tax return of capital		(9,601	)		(582,031	)
Net fund share transactions (Note 5):
Initial Class		-			-
Class II		(7,539,088	)		(372,155	)
Service Class		-			-
Service Class I		5,034,958			7,944,985
Increase (decrease) in net assets from fund share transactions		(2,504,130	)		7,572,830
Total increase (decrease) in net assets		(15,041,537	)		8,440,422
Net assets*
Beginning of year		134,566,230			126,125,808
End of year	$	119,524,693		$	134,566,230

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

The accompanying notes are an integral part of the financial statements.

100

MML Inflation-Protected and Income Fund						MML Short-Duration Bond Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
$	11,887,532		$	9,831,505		$	6,019,662		$	4,876,569
	(3,068,220	)		678,129			219,108			248,421
	(14,539,111	)		2,851,949			(2,925,035	)		822,273
	(5,719,799	)		13,361,583			3,313,735			5,947,263
	(11,103,254	)		(10,186,007	)*		-			-
	-			-			(5,711,370	)		(5,513,771	)*
	(1,280,315	)		(1,173,425	)*		-			-
	-			-			(824,955	)		(759,787	)*
	(12,383,569	)		(11,359,432	)		(6,536,325	)		(6,273,558	)
	-			(2,405,566	)		-			-
	-			-			-			(62,704	)
	-			(277,120	)		-			-
	-			-			-			(8,640	)
	-			(2,682,686	)		-			(71,344	)
	(49,944,538	)		3,444,088			-			-
	-			-			(38,248,832	)		10,647,155
	(2,734,289	)		(834,974	)		-			-
	-			-			181,713			(776,783	)
	(52,678,827	)		2,609,114			(38,067,119	)		9,870,372
	(70,782,195	)		1,928,579			(41,289,709	)		9,472,733
	424,088,124			422,159,545			244,553,016			235,080,283
$	353,305,929		$	424,088,124		$	203,263,307		$	244,553,016

101

MML Series Investment Fund II – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small Cap Equity Fund
	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	744,910		$	697,612
Net realized gain (loss)		9,414,671			14,830,900
Net change in unrealized appreciation (depreciation)		(21,256,999	)		(153,349	)
Net increase (decrease) in net assets resulting from operations		(11,097,418	)		15,375,163
Distributions to shareholders (Note 2):
Initial Class		(12,792,106	)		(4,581,957	)*
Class II		-			-
Service Class		(2,569,206	)		(706,144	)*
Service Class I		-			-
Total distributions		(15,361,312	)		(5,288,101	)
Net fund share transactions (Note 5):
Initial Class		2,243,475			(4,513,036	)
Class II		-			-
Service Class		5,572,732			3,077,402
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		7,816,207			(1,435,634	)
Total increase (decrease) in net assets		(18,642,523	)		8,651,428
Net assets*
Beginning of year		119,677,122			111,025,694
End of year	$	101,034,599		$	119,677,122

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

The accompanying notes are an integral part of the financial statements.

102

MML Special Situations Fund						MML Strategic Emerging Markets Fund
Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
$	135,555		$	26,192		$	462,116		$	213,954
	2,021,038			1,093,015			3,052,532			6,505,472
	(3,325,522	)		2,617,462			(20,263,612	)		24,400,825
	(1,168,929	)		3,736,669			(16,748,964	)		31,120,251
	-			-			-			-
	(930,068	)		(34,572	)*		(170,692	)		(81,649	)*
	-			-			-			-
	(28,951	)		-			-			-
	(959,019	)		(34,572	)		(170,692	)		(81,649	)
	-			-			-			-
	930,068			34,572			31,922,391			(18,421,567	)
	-			-			-			-
	231,795			157,510			1,317,632			1,312,964
	1,161,863			192,082			33,240,023			(17,108,603	)
	(966,085	)		3,894,179			16,320,367			13,929,999
	23,693,910			19,799,731			110,132,096			96,202,097
$	22,727,825		$	23,693,910		$	126,452,463		$	110,132,096

103

MML Series Investment Fund II – Financial Statements (Continued)

Statement of Cash Flows

For the Year Ended December 31, 2018

	MML Inflation- Protected and Income Fund
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(5,719,799	)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(285,415,777	)
Investments sold		346,710,321
(Increase) Decrease to the principal amount of inflation-indexed bonds		(8,799,665	)
(Purchase) Sale of short-term investments, net		57,282,318
Amortization (Accretion) of discount and premium, net		400,994
(Increase) Decrease in receivable from interest and dividends		(255,175	)
(Increase) Decrease in receivable from open swap agreements, at value		317,357
Increase (Decrease) in payable for Trustees’ fees and expenses		5,792
Increase (Decrease) in payable for investment advisory fees		(22,190	)
Increase (Decrease) in payable for service fees		(2,172	)
Increase (Decrease) in payable for open swap agreements, at value		593,186
Increase (Decrease) in collateral held for purchased options		1,060,000
Increase (Decrease) in payable for variation margin on open derivative instruments		164,351
Increase (Decrease) in payable for accrued expenses and other liabilities		76,647
Net change in unrealized (appreciation) depreciation on investments		13,693,086
Net realized (gain) loss from investments		3,723,704
Net cash from (used in) operating activities		123,812,978
Cash flows from (used in) financing activities:
Proceeds from shares sold		40,814,617
Payment on shares redeemed		(93,226,662	)
Net Increase (Decrease) in reverse repurchase agreements		(67,925,141	)
Increase (Decrease) in collateral held for reverse repurchase agreements		(2,585,323	)
Net cash from (used in) financing activities		(122,922,509	)
Net increase (decrease) in cash and restricted cash		890,469
Cash and restricted cash at beginning of period		-
Cash and restricted cash at end of period	$	890,469
Non cash financing activities not included herein consist of:
Reinvestment of distributions	$	12,383,569
Cash paid out for interest on reverse repurchase agreements	$	6,073,266

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

	December 31, 2017		December 31, 2018
Cash	$	-	$	22,382
Collateral pledged for open swap agreements		-		540,000
Collateral pledged for reverse repurchase agreements		-		328,087
Total cash and restricted cash as shown in the Statement of Cash Flows	$	-	$	890,469

The accompanying notes are an integral part of the financial statements.

104

MML Series Investment Fund II – Financial Statements

Financial Highlights (For a share outstanding throughout each period)

MML Asset Momentum Fund

			Income (loss) from investment operations									Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily  net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	12.44	$	0.07		$	(2.05	)	$	(1.98	)	$	(0.02	)	$	(1.11	)	$	-		$	(1.13	)	$	9.33		(16.69%	)	$	23,087		0.93%			0.80%			0.58%
12/31/17		10.32		0.05			3.40			3.45			(0.18	)		(1.15	)		-			(1.33	)		12.44		33.92%			27,728		0.93%			0.80%			0.45%
12/31/16		9.43		0.02			0.94			0.96			(0.07	)		-			-			(0.07	)		10.32		10.20%			20,688		0.97%			0.80%			0.25%
12/31/15g		10.00		0.00	d		(0.56	)		(0.56	)		(0.00	)d		-			(0.01	)		(0.01	)		9.43		(5.62%	)b		18,773		1.25%	a		0.80%	a		0.01%	a
Service Class I
12/31/18	$	12.41	$	0.04		$	(2.05	)	$	(2.01	)	$	(0.01	)	$	(1.11	)	$	-		$	(1.12	)	$	9.28		(16.93%	)	$	1,380		1.18%			1.05%			0.35%
12/31/17		10.29		0.02			3.41			3.43			(0.16	)		(1.15	)		-			(1.31	)		12.41		33.77%			1,519		1.18%			1.05%			0.21%
12/31/16		9.42		0.01			0.92			0.93			(0.06	)		-			-			(0.06	)		10.29		9.85%			929		1.22%			1.05%			0.13%
12/31/15g		10.00		(0.02	)		(0.56	)		(0.58	)		-			-			-			-			9.42		(5.80%	)b		232		1.50%	a		1.05%	a		(0.25%	)a

	Year ended December 31									Period ended December 31, 2015b
	2018			2017			2016
Portfolio turnover rate		115	%		19	%		82	%		141	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period May 15, 2015 (commencement of operations) through December 31, 2015.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

105

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Dynamic Bond Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily  net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	9.95	$	0.34	$	(0.35	)	$	(0.01	)	$	(0.33	)	$	-		$	(0.33	)	$	9.61		(0.10%	)	$	420,344		0.59%			0.59%	l		3.52%
12/31/17		9.89		0.30		0.14			0.44			(0.34	)		(0.04	)		(0.38	)		9.95		4.45%			447,146		0.59%			0.59%	l		3.00%
12/31/16		9.71		0.33		0.15			0.48			(0.30	)		-			(0.30	)		9.89		4.94%			421,624		0.59%			0.59%	l		3.27%
12/31/15g		10.00		0.17		(0.30	)		(0.13	)		(0.16	)		-			(0.16	)		9.71		(1.34%	)b		400,385		0.61%	a		0.60%	a		2.78%	a
Service Class I
12/31/18	$	9.93	$	0.32	$	(0.35	)	$	(0.03	)	$	(0.31	)	$	-		$	(0.31	)	$	9.59		(0.33%	)	$	6,272		0.84%			0.84%	l		3.30%
12/31/17		9.88		0.28		0.12			0.40			(0.31	)		(0.04	)		(0.35	)		9.93		4.11%			4,412		0.84%			0.84%	l		2.77%
12/31/16		9.71		0.31		0.14			0.45			(0.28	)		-			(0.28	)		9.88		4.67%			2,907		0.84%			0.84%	l		3.14%
12/31/15g		10.00		0.15		(0.29	)		(0.14	)		(0.15	)		-			(0.15	)		9.71		(1.45%	)b		382		0.86%	a		0.85%	a		2.39%	a

	Year ended December 31									Period ended December 31,  2015b
	2018			2017			2016
Portfolio turnover rate		68	%		100	%		79	%		106	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period May 15, 2015 (commencement of operations) through December 31, 2015.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

106

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Rotation Fund

			Income (loss) from investment operations								Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	13.89	$	0.12	$	(1.23	)	$	(1.11	)	$	(0.12	)	$	(1.77	)	$	-		$	(1.89	)	$	10.89		(8.86%	)	$	27,112		0.75%			0.65%			0.86%
12/31/17		11.28		0.10		3.30			3.40			(0.10	)		(0.69	)		-			(0.79	)		13.89		30.09%			29,745		0.76%			0.65%			0.79%
12/31/16		9.71		0.13		1.57			1.70			(0.13	)		-			-			(0.13	)		11.28		17.48%			22,878		0.76%			0.65%			1.28%
12/31/15g		10.00		0.07		(0.29	)		(0.22	)		(0.06	)		-			(0.01	)		(0.07	)		9.71		(2.18%	)b		19,462		0.96%	a		0.65%	a		1.06%	a
Service Class I
12/31/18	$	13.85	$	0.08	$	(1.22	)	$	(1.14	)	$	(0.09	)	$	(1.77	)	$	-		$	(1.86	)	$	10.85		(9.10%	)	$	1,598		1.00%			0.90%			0.61%
12/31/17		11.27		0.07		3.28			3.35			(0.08	)		(0.69	)		-			(0.77	)		13.85		29.68%			1,435		1.01%			0.90%			0.57%
12/31/16		9.71		0.09		1.58			1.67			(0.11	)		-			-			(0.11	)		11.27		17.22%			431		1.01%			0.90%			0.92%
12/31/15g		10.00		0.05		(0.28	)		(0.23	)		(0.06	)		-			(0.00	)d		(0.06	)		9.71		(2.32%	)b		127		1.21%	a		0.90%	a		0.80%	a

	Year ended December 31									Period ended December 31,  2015b
	2018			2017			2016
Portfolio turnover rate		102	%		63	%		90	%		39	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period May 15, 2015 (commencement of operations) through December 31, 2015.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

107

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML High Yield Fund

			Income (loss) from investment operations								Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class II
12/31/18	$	10.01	$	0.62	$	(0.94	)	$	(0.32	)	$	(0.62	)	$	-		$	(0.00	)d	$	(0.62	)	$	9.07		(3.40%	)	$	79,542		0.85%		0.75%		6.29%
12/31/17		9.93		0.69		0.11			0.80			(0.67	)		-			(0.05	)		(0.72	)		10.01		8.22%			95,599		0.84%		0.74%		6.71%
12/31/16		9.17		0.71		0.76			1.47			(0.71	)		-			-			(0.71	)		9.93		16.48%			95,180		0.84%		0.74%		7.42%
12/31/15		9.98		0.65		(0.74	)		(0.09	)		(0.66	)		(0.06	)		(0.00	)d		(0.72	)		9.17		(1.13%	)		113,880		0.83%		0.71%		6.56%
12/31/14		11.03		0.72		(0.57	)		0.15			(0.74	)		(0.46	)		-			(1.20	)		9.98		1.05%			116,277		0.83%		0.69%		6.62%
Service Class I
12/31/18	$	9.97	$	0.59	$	(0.92	)	$	(0.33	)	$	(0.60	)	$	-		$	(0.00	)d	$	(0.60	)	$	9.04		(3.54%	)	$	39,983		1.10%		1.00%		6.04%
12/31/17		9.90		0.66		0.11			0.77			(0.66	)		-			(0.04	)		(0.70	)		9.97		7.88%			38,967		1.09%		0.99%		6.45%
12/31/16		9.14		0.69		0.75			1.44			(0.68	)		-			-			(0.68	)		9.90		16.25%			30,946		1.09%		0.99%		7.19%
12/31/15		9.95		0.62		(0.73	)		(0.11	)		(0.64	)		(0.06	)		(0.00	)d		(0.70	)		9.14		(1.39%	)		26,416		1.08%		0.97%		6.31%
12/31/14		11.01		0.69		(0.58	)		0.11			(0.71	)		(0.46	)		-			(1.17	)		9.95		0.71%			25,255		1.08%		0.94%		6.38%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		39	%		63	%		59	%		70	%		79	%

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

108

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Inflation-Protected and Income Fund

			Income (loss) from investment operations								Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets (including Interest Expense)p		Ratio of expenses to average daily net assets (excluding Interest Expense)		Net investment income (loss) to average daily net assets (including Interest Expense)p
Initial Class
12/31/18	$	10.16	$	0.30	$	(0.43	)	$	(0.13	)	$	(0.31	)	$	-		$	-		$	(0.31	)	$	9.72		(1.29%	)	$	311,927		2.08%		0.60%		2.97%
12/31/17		10.18		0.24		0.08			0.32			(0.28	)		-			(0.06	)		(0.34	)		10.16		3.21%			377,984		1.50%		0.59%		2.33%
12/31/16		9.92		0.21		0.30			0.51			(0.25	)		-			-			(0.25	)		10.18		5.10%			375,135		1.13%		0.60%		2.00%
12/31/15		10.18		0.06		(0.20	)		(0.14	)		(0.12	)		-			-			(0.12	)		9.92		(1.41%	)		380,221		0.84%		0.59%		0.58%
12/31/14		10.35		0.19		0.16			0.35			(0.29	)		(0.23	)		-			(0.52	)		10.18		3.45%			412,861		0.73%		0.60%		1.85%
Service Class
12/31/18	$	10.12	$	0.27	$	(0.42	)	$	(0.15	)	$	(0.29	)	$	-		$	-		$	(0.29	)	$	9.68		(1.54%	)	$	41,379		2.33%		0.85%		2.72%
12/31/17		10.14		0.21		0.09			0.30			(0.26	)		-			(0.06	)		(0.32	)		10.12		2.96%			46,104		1.75%		0.84%		2.08%
12/31/16		9.87		0.18		0.31			0.49			(0.22	)		-			-			(0.22	)		10.14		4.90%			47,025		1.38%		0.85%		1.77%
12/31/15		10.14		0.03		(0.20	)		(0.17	)		(0.10	)		-			-			(0.10	)		9.87		(1.65%	)		47,818		1.09%		0.84%		0.33%
12/31/14		10.32		0.18		0.14			0.32			(0.27	)		(0.23	)		-			(0.50	)		10.14		3.16%			52,008		0.98%		0.85%		1.75%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		51	%		34	%		41	%		50	%		67	%

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

p Interest expense incurred as a result of entering into reverse repurchase agreements is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements is included in interest income in the Statements of Operations.

The accompanying notes are an integral part of the financial statements.

109

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Short-Duration Bond Fund

			Income (loss) from investment operations							Less distributions to shareholders																Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations		From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm		Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	9.73	$	0.26	$	(0.11	)	$	0.15	$	(0.29	)	$	-		$	-		$	(0.29	)	$	9.59		1.53%	$	172,577		0.56%		0.55%			2.66%
12/31/17		9.75		0.20		0.05			0.25		(0.27	)		-			(0.00	)d		(0.27	)		9.73		2.55%		213,602		0.55%		0.55%	k		2.08%
12/31/16		9.70		0.18		0.09			0.27		(0.22	)		-			-			(0.22	)		9.75		2.80%		203,294		0.56%		0.55%			1.84%
12/31/15		9.84		0.17		(0.08	)		0.09		(0.23	)		-			-			(0.23	)		9.70		0.93%		155,210		0.55%		0.55%	k		1.73%
12/31/14		9.94		0.15		(0.01	)		0.14		(0.24	)		(0.00	)d		-			(0.24	)		9.84		1.46%		166,438		0.55%		0.55%	k		1.50%
Service Class I
12/31/18	$	9.72	$	0.23	$	(0.11	)	$	0.12	$	(0.26	)	$	-		$	-		$	(0.26	)	$	9.58		1.29%	$	30,686		0.81%		0.80%			2.42%
12/31/17		9.74		0.18		0.04			0.22		(0.24	)		-			(0.00	)d		(0.24	)		9.72		2.29%		30,951		0.80%		0.80%	k		1.83%
12/31/16		9.69		0.16		0.09			0.25		(0.20	)		-			-			(0.20	)		9.74		2.55%		31,787		0.81%		0.80%			1.60%
12/31/15		9.83		0.15		(0.08	)		0.07		(0.21	)		-			-			(0.21	)		9.69		0.68%		24,101		0.80%		0.80%	k		1.48%
12/31/14		9.94		0.12		(0.01	)		0.11		(0.22	)		(0.00	)d		-			(0.22	)		9.83		1.11%		24,288		0.80%		0.80%	k		1.26%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		54	%		51	%		96	%		51	%		86	%

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

110

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Equity Fund

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
12/31/18	$	10.30	$	0.07	$	(0.82	)	$	(0.75	)	$	(0.05	)	$	(1.33	)	$	(1.38	)	$	8.17		(10.19	%)	$	82,609		0.71	%		0.66	%
12/31/17		9.45		0.06		1.27			1.33			(0.09	)		(0.39	)		(0.48	)		10.30		14.37	%		102,033		0.71	%		0.64	%
12/31/16		8.27		0.10		1.37			1.47			(0.09	)		(0.20	)		(0.29	)		9.45		18.21	%		97,747		0.72	%		1.21	%
12/31/15		10.64		0.09		(0.73	)		(0.64	)		(0.09	)		(1.64	)		(1.73	)		8.27		(5.63	%)		89,557		0.71	%		0.89	%
12/31/14		10.97		0.13		1.11			1.24			(0.11	)		(1.46	)		(1.57	)		10.64		12.16	%		104,745		0.70	%		1.19	%
Service Class
12/31/18	$	10.13	$	0.04	$	(0.80	)	$	(0.76	)	$	(0.03	)	$	(1.33	)	$	(1.36	)	$	8.01		(10.41	%)	$	18,425		0.96	%		0.41	%
12/31/17		9.31		0.04		1.24			1.28			(0.07	)		(0.39	)		(0.46	)		10.13		14.08	%		17,644		0.96	%		0.40	%
12/31/16		8.15		0.08		1.35			1.43			(0.07	)		(0.20	)		(0.27	)		9.31		17.92	%		13,279		0.97	%		0.96	%
12/31/15		10.52		0.06		(0.72	)		(0.66	)		(0.07	)		(1.64	)		(1.71	)		8.15		(5.87	%)		11,155		0.96	%		0.67	%
12/31/14		10.87		0.10		1.10			1.20			(0.09	)		(1.46	)		(1.55	)		10.52		11.88	%		9,916		0.95	%		0.94	%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		50	%		47	%		63	%		40	%		65	%

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

111

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Special Situations Fund

			Income (loss) from investment operations									Less distributions to shareholders																	Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Tax return of capital			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
12/31/18	$	11.52	$	0.07		$	(0.62	)	$	(0.55	)	$	(0.06	)	$	(0.40	)	$	-		$	(0.46	)	$	10.51		(4.83%	)	$	21,976		0.94%			0.80%			0.55%
12/31/17		9.71		0.01			1.82			1.83			(0.02	)		-			-			(0.02	)		11.52		18.82%			23,093		0.94%			0.80%			0.13%
12/31/16		8.43		0.04			1.30			1.34			(0.04	)		-			(0.02	)		(0.06	)		9.71		15.84%			19,441		0.93%			0.80%			0.43%
12/31/15g		10.00		(0.00	)d		(1.57	)		(1.57	)		-			-			(0.00	)d		(0.00	)d		8.43		(15.67%	)b		16,776		1.13%	a		0.80%	a		(0.07%	)a
Service Class I
12/31/18	$	11.49	$	0.03		$	(0.61	)	$	(0.58	)	$	(0.04	)	$	(0.40	)	$	-		$	(0.44	)	$	10.47		(5.13%	)	$	752		1.19%			1.05%			0.29%
12/31/17		9.69		(0.01	)		1.81			1.80			-			-			-			-			11.49		18.58%			601		1.19%			1.05%			(0.13%	)
12/31/16		8.42		0.02			1.29			1.31			(0.03	)		-			(0.01	)		(0.04	)		9.69		15.54%			359		1.18%			1.05%			0.18%
12/31/15g		10.00		(0.02	)		(1.56	)		(1.58	)		-			-			-			-			8.42		(15.80%	)b		183		1.38%	a		1.05%	a		(0.30%	)a

	Year ended December 31									Period ended December 31,  2015b
	2018			2017			2016
Portfolio turnover rate		33	%		48	%		74	%		87	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period May 15, 2015 (commencement of operations) through December 31, 2015.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

112

MML Series Investment Fund II – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Strategic Emerging Markets Fund

			Income (loss) from investment operations									Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class II
12/31/18	$	11.57	$	0.05		$	(1.48	)	$	(1.43	)	$	(0.02	)	$	(0.02	)	$	10.12		(12.40%	)	$	112,363		1.57%		1.35%		0.41%
12/31/17		8.64		0.02			2.92			2.94			(0.01	)		(0.01	)		11.57		34.02%			95,374		1.50%		1.37%		0.23%
12/31/16		8.15		0.02			0.51			0.53			(0.04	)		(0.04	)		8.64		6.49%			86,289		1.50%		1.40%		0.29%
12/31/15		9.63		0.03			(1.41	)		(1.38	)		(0.10	)		(0.10	)		8.15		(14.23%	)		84,356		1.60%		1.40%		0.34%
12/31/14		10.21		0.04			(0.59	)		(0.55	)		(0.03	)		(0.03	)		9.63		(5.41%	)		85,833		1.70%		1.40%		0.42%
Service Class I
12/31/18	$	11.59	$	0.02		$	(1.48	)	$	(1.46	)	$	-		$	-		$	10.13		(12.60%	)	$	14,089		1.82%		1.60%		0.15%
12/31/17		8.66		(0.00	)d		2.93			2.93			-			-			11.59		33.83%			14,758		1.75%		1.62%		(0.04%	)
12/31/16		8.17		0.00	d		0.51			0.51			(0.02	)		(0.02	)		8.66		6.24%			9,913		1.75%		1.65%		0.03%
12/31/15		9.65		0.01			(1.41	)		(1.40	)		(0.08	)		(0.08	)		8.17		(14.46%	)		8,409		1.85%		1.65%		0.09%
12/31/14		10.23		0.01			(0.59	)		(0.58	)		(0.00	)d		(0.00	)d		9.65		(5.63%	)		9,120		1.95%		1.65%		0.14%

	Year ended December 31
	2018			2017			2016			2015			2014
Portfolio turnover rate		38	%		36	%		32	%		39	%		44	%

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

113

Notes to Financial Statements

1. The Funds

MML Series Investment Fund II (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 February 8, 2005, which was amended and restated as of February 28, 2005 and December 15, 2011, as it may be further amended from time to time. The following are nine series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Asset Momentum Fund (“Asset Momentum Fund”)

MML Dynamic Bond Fund (“Dynamic Bond Fund”)

MML Equity Rotation Fund (“Equity Rotation Fund”)

MML High Yield Fund (“High Yield Fund”)

MML Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MML Short-Duration Bond Fund (“Short-Duration Bond Fund”)

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

MML Special Situations Fund (“Special Situations Fund”)

MML Strategic Emerging Markets Fund (“Strategic Emerging Markets 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 MML Series Investment Fund, another open-end management investment company sponsored by MassMutual, are the record owners of all of the outstanding shares of the Funds.

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

2. Significant Accounting Policies

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

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.

New Disclosure Requirements

Pursuant to amendments to certain disclosure requirements in Regulation S-X adopted by the Securities and Exchange Commission, the presentation of certain disclosures within the Statements of Assets and Liabilities and the Statements of Changes in Net Assets have been conformed to meet these new requirements. There is no longer a requirement to present the components of distributable earnings on the Statements of Assets and Liabilities. Adjustments to the Statements of Changes in Net Assets include updates to prior year distributions to shareholders, distributions in excess of net investment income, and undistributed net investment income.

114

Notes to Financial Statements (Continued)

The following is a summary of the previously disclosed amounts, as reported at December 31 2017:

	Asset Momentum Fund			Dynamic Bond Fund			Equity Rotation Fund			High Yield Fund			Inflation- Protected and Income Fund
Distributions to shareholders
From net investment income:
Initial Class	$	-		$	-		$	-		$	-		$	(10,186,007	)
Class II		(372,224	)		(14,681,150	)		(194,875	)		(6,309,725	)		-
Service Class		-			-			-			-			(1,173,425	)
Service Class I		(17,150	)		(120,184	)		(7,436	)		(2,363,997	)		-
Total distributions from net investment income		(389,374	)		(14,801,334	)		(202,311	)		(8,673,722	)		(11,359,432	)
From net realized gains:
Initial Class		-			-			-			-			-
Class II		(2,357,530	)		(1,628,041	)		(1,392,748	)		-			-
Service Class		-			-			-			-			-
Service Class I		(127,396	)		(12,410	)		(66,083	)		-			-
Total distributions from net realized gains		(2,484,926	)		(1,640,451	)		(1,458,831	)		-			-
Accumulated undistributed (distributions in excess of) net investment income at end of year	$	(71,250	)	$	164,570		$	8,036		$	(19,309	)	$	323,767
	Short- Duration Bond Fund			Small Cap Equity Fund			Special Situations Fund			Strategic Emerging Markets Fund
Distributions to shareholders
From net investment income:
Initial Class	$	-		$	(831,020	)	$	-		$	-
Class II		(5,513,771	)		-			(34,572	)		(81,649	)
Service Class		-			(104,656	)		-			-
Service Class I		(759,787	)		-			-			-
Total distributions from net investment income		(6,273,558	)		(935,676	)		(34,572	)		(81,649	)
From net realized gains:
Initial Class		-			(3,750,937	)		-			-
Class II		-			-			-			-
Service Class		-			(601,488	)		-			-
Service Class I		-			-			-			-
Total distributions from net realized gains		-			(4,352,425	)		-			-
Accumulated undistributed (distributions in excess of) net investment income at end of year	$	61,372		$	999,566		$	(1,142	)	$	(216,374	)

115

Notes to Financial Statements (Continued)

Investment Valuation

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

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.

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

116

Notes to Financial Statements (Continued)

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

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

117

Notes to Financial Statements (Continued)

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 Equity Rotation Fund, Small Cap Equity Fund and Special Situations Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2018. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

118

Notes to Financial Statements (Continued)

The following is the aggregate value by input level, as of December 31, 2018, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3			Total
Asset Momentum Fund
Asset Investments
Common Stock	$	2,961,184		$	2,002,401	*	$	-		$	4,963,585
U.S. Treasury Obligations		-			2,976,309			-			2,976,309
Mutual Funds		12,961,390			-			-			12,961,390
Short-Term Investments		-			5,136,732			-			5,136,732
Total Investments	$	15,922,574		$	10,115,442		$	-		$	26,038,016
Liability Derivatives
Futures Contracts	$	(1,311,887	)	$	-		$	-		$	(1,311,887	)
Forward Contracts		-			(130,449	)		-			(130,449	)
Total	$	(1,311,887	)	$	(130,449	)	$	-		$	(1,442,336	)
Dynamic Bond Fund
Asset Investments
Corporate Debt	$	-		$	105,432,434		$	-		$	105,432,434
Municipal Obligations		-			419,454			-			419,454
Non-U.S. Government Agency Obligations		-			110,215,364			1,115,889	**		111,331,253
Sovereign Debt Obligations		-			5,399,731			-			5,399,731
U.S. Government Agency Obligations and Instrumentalities		-			66,072,100			-			66,072,100
U.S. Treasury Obligations		-			114,477,086			-			114,477,086
Mutual Funds		15,687,539			-			-			15,687,539
Short-Term Investments		-			3,149,250			-			3,149,250
Total Investments	$	15,687,539		$	405,165,419		$	1,115,889		$	421,968,847
High Yield Fund
Asset Investments
Common Stock	$	-		$	583,344		$	-		$	583,344
Preferred Stock		114,453			-			-			114,453
Bank Loans		-			4,901,361			-			4,901,361
Corporate Debt		-			109,716,990			11,082	**		109,728,072
Warrants		-			-			22,426	**		22,426
Mutual Funds		3,990,143			-			-			3,990,143
Short-Term Investments		-			1,999,705			-			1,999,705
Total Investments	$	4,104,596		$	117,201,400		$	33,508		$	121,339,504
Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	-		$	8,800,106		$	-		$	8,800,106
Municipal Obligations		-			96,129			-			96,129
Non-U.S. Government Agency Obligations		-			180,859,969			-			180,859,969
U.S. Government Agency Obligations and Instrumentalities		-			2,435,077			-			2,435,077
U.S. Treasury Obligations		-			301,651,331			-			301,651,331
Purchased Options		-			2,726,210			-			2,726,210
Short-Term Investments		-			141,136,433			-			141,136,433
Total Investments	$	-		$	637,705,255		$	-		$	637,705,255

119

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3		Total
Inflation-Protected and Income Fund (Continued)
Asset Derivatives
Futures Contracts	$	9,721		$	-		$	-	$	9,721
Swap Agreements		-			139,327			-		139,327
Total	$	9,721		$	139,327		$	-	$	149,048
Liability Derivatives
Futures Contracts	$	(80,570	)	$	-		$	-	$	(80,570	)
Swap Agreements		-			(1,147,170	)		-		(1,147,170	)
Total	$	(80,570	)	$	(1,147,170	)	$	-	$	(1,227,740	)
Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	-		$	91,974,051		$	-	$	91,974,051
Municipal Obligations		-			40,588			-		40,588
Non-U.S. Government Agency Obligations		-			102,686,412			-		102,686,412
U.S. Government Agency Obligations and Instrumentalities		-			2,157,146			-		2,157,146
U.S. Treasury Obligations		-			3,477,129			-		3,477,129
Purchased Options		-			2,101,980			-		2,101,980
Short-Term Investments		-			1,899,292			-		1,899,292
Total Investments	$	-		$	204,336,598		$	-	$	204,336,598
Asset Derivatives
Futures Contracts	$	752,762		$	-		$	-	$	752,762
Liability Derivatives
Futures Contracts	$	(1,469,838	)	$	-		$	-	$	(1,469,838	)
Swap Agreements		-			(156,421	)		-		(156,421	)
Total	$	(1,469,838	)	$	(156,421	)	$	-	$	(1,626,259	)
Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	1,702,425		$	1,800,756		$	-	$	3,503,181
Brazil		2,072,397			3,788,503			-		5,860,900
Cayman Islands		12,517,687			7,611,915			-		20,129,602
Chile		-			1,198,275			-		1,198,275
China		172,709			4,598,872			-		4,771,581
Colombia		584,454			88,984			-		673,438
Egypt		-			561,546			-		561,546
France		-			7,867,708			-		7,867,708
Hong Kong		-			5,868,167			-		5,868,167
India		-			15,105,343			-		15,105,343
Indonesia		-			1,330,394			-		1,330,394
Italy		-			1,362,277			-		1,362,277
Malaysia		-			22,598			-		22,598
Mexico		7,394,692			-			-		7,394,692
Netherlands		1,543,060			50,294			-		1,593,354
Philippines		-			4,890,544			-		4,890,544
Republic of Korea		-			7,487,729			-		7,487,729
Russia		-			8,079,904			-		8,079,904
South Africa		-			3,283,583			-		3,283,583

120

Notes to Financial Statements (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund (Continued)
Asset Investments (Continued)
Taiwan	$	-	$	6,780,165	$	-	$	6,780,165
Thailand		649,049		-		-		649,049
Turkey		-		1,973,045		-		1,973,045
United Arab Emirates		-		1,889,762		-		1,889,762
United Kingdom		-		4,690,824		-		4,690,824
United States		1,812,699		-		-		1,812,699
Preferred Stock*
Brazil		-		1,627,138		-		1,627,138
India		55,136		-		-		55,136
Mutual Funds		1,601,070		-		-		1,601,070
Short-Term Investments		-		6,912,729		-		6,912,729
Total Investments	$	30,105,378	$	98,871,055	$	-	$	128,976,433

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their applicable foreign markets, as applicable.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2018 is not presented.

The following table shows Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of December 31, 2018.

	Asset Momentum Fund	Dynamic Bond Fund	Equity Rotation Fund	High Yield Fund	Inflation- Protected and Income Fund	Short- Duration Bond Fund	Small Cap Equity Fund	Special Situations Fund	Strategic Emerging Markets Fund
Statement of Assets and Liabilities location:
Receivable for:
Collateral pledged for futures contracts	X		X
Collateral pledged for reverse repurchase agreements					X
Collateral pledged for open swap agreements					X
Payables for:
Collateral held for reverse repurchase agreements					X
Collateral held for open purchased options					X	X
Collateral held for futures contracts								X
Reverse repurchase agreements					X
Securities on loan	X	X		X			X		X
Due to custodian	X

The Funds, with the exception of the Dynamic Bond Fund, High Yield Fund, Inflation-Protected and Income Fund, Short-Duration Bond Fund and Strategic Emerging Markets Fund, had no transfers between Levels of the fair value hierarchy during the year ended December 31, 2018. The Dynamic Bond Fund, High Yield Fund, Inflation-Protected and Income Fund, Short-Duration Bond Fund and Strategic Emerging Markets Fund had transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the year ended December 31, 2018; however, none of the transfers individually or collectively had a material impact on the Funds. The Funds recognize transfers between the Levels as of the beginning of the year.

121

Notes to Financial Statements (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the year ended December 31, 2018, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

Type of Derivative and Objective for Use	Asset Momentum Fund	Equity Rotation Fund	Inflation- Protected and Income Fund	Short- Duration Bond Fund	Special Situations Fund
Foreign Currency Exchange Transaction*
Hedging/Risk Management	M
Directional Exposures to Currencies	A
Intention to Create Investment Leverage in Portfolio	M
Future Contracts**
Hedging/Risk Management	A	A	A	A	A
Duration/Credit Quality Management	M	A	A	A	A
Substitution for Direct Investment	A	A	A	A	A
Intention to Create Investment Leverage in Portfolio	M	M	M	M	M
Interest Rate Swaps***
Hedging/Risk Management			A	A
Duration Management			A	A
Asset/Liability Management			M	A
Substitution for Direct Investment			M	A
Intention to Create Investment Leverage in Portfolio			M	M
Credit Default Swaps (Protection Seller)
Hedging/Risk Management			A	A
Duration/Credit Quality Management			A	A
Income			A	A
Substitution for Direct Investment			A	A
Intention to Create Investment Leverage in Portfolio			M	M
Options (Purchased)
Hedging/Risk Management			A	A
Duration/Credit Quality Management			A	A
Substitution for Direct Investment			A	A
Directional Investment			A	A
Intention to Create Investment Leverage in Portfolio			M	M

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

** Includes any options purchased or written on futures contracts, if applicable.

*** Includes any caps, floors, and collars, and related purchased or written options, if applicable.

122

Notes to Financial Statements (Continued)

At December 31, 2018, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
Asset Momentum Fund
Liability Derivatives
Forward Contracts^	$	-		$	-		$	(130,449	)	$	-		$	(130,449	)
Futures Contracts^^		-			(1,311,887	)		-			-			(1,311,887	)
Total Value	$	-		$	(1,311,887	)	$	(130,449	)	$	-		$	(1,442,336	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	-		$	64,597		$	-		$	64,597
Futures Contracts		-			257,108			-			-			257,108
Total Realized Gain (Loss)	$	-		$	257,108		$	64,597		$	-		$	321,705
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	-		$	(249,694	)	$	-		$	(249,694	)
Futures Contracts		-			(1,650,947	)		-			-			(1,650,947	)
Total Change in Appreciation (Depreciation)	$	-		$	(1,650,947	)	$	(249,694	)	$	-		$	(1,900,641	)
Equity Rotation Fund
Realized Gain (Loss)#
Futures Contracts	$	-		$	(44,377	)	$	-		$	-		$	(44,377	)
Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options*	$	-		$	-		$	-		$	2,726,210		$	2,726,210
Futures Contracts^^		-			-			-			9,721			9,721
Swap Agreements^^,^^^		-			-			-			139,327			139,327
Total Value	$	-		$	-		$	-		$	2,875,258		$	2,875,258
Liability Derivatives
Futures Contracts^^	$	-		$	-		$	-		$	(80,570	)	$	(80,570	)
Swap Agreements^		(380,572	)		-			-			(766,598	)		(1,147,170	)
Total Value	$	(380,572	)	$	-		$	-		$	(847,168	)	$	(1,227,740	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-		$	-		$	124,972		$	124,972
Swap Agreements		(73,779	)		-			-			604,291			530,512
Total Realized Gain (Loss)	$	(73,779	)	$	-		$	-		$	729,263		$	655,484

123

Notes to Financial Statements (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk		Interest Rate Risk			Total
Inflation-Protected and Income Fund (Continued)
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-		$	-	$	192,562		$	192,562
Futures Contracts		-			-			-		(75,517	)		(75,517	)
Swap Agreements		133,716			-			-		(904,224	)		(770,508	)
Total Change in Appreciation (Depreciation)	$	133,716		$	-		$	-	$	(787,179	)	$	(653,463	)
Short-Duration Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-		$	-	$	2,101,980		$	2,101,980
Futures Contracts^^		-			-			-		752,762			752,762
Total Value	$	-		$	-		$	-	$	2,854,742		$	2,854,742
Liability Derivatives
Futures Contracts^^	$	-		$	-		$	-	$	(1,469,838	)	$	(1,469,838	)
Swap Agreements^		(156,421	)		-			-		-			(156,421	)
Total Value	$	(156,421	)	$	-		$	-	$	(1,469,838	)	$	(1,626,259	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-		$	-	$	804,396		$	804,396
Swap Agreements		29,504			-			-		50,350			79,854
Total Realized Gain (Loss)	$	29,504		$	-		$	-	$	854,746		$	884,250
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-		$	-	$	134,392		$	134,392
Futures Contracts		-			-			-		(927,946	)		(927,946	)
Swap Agreements		(14,492	)		-			-		-			(14,492	)
Total Change in Appreciation (Depreciation)	$	(14,492	)	$	-		$	-	$	(793,554	)	$	(808,046	)
Special Situations Fund
Realized Gain (Loss)#
Futures Contracts	$	-		$	(169,816	)	$	-	$	-		$	(169,816	)

* Statements of Assets and Liabilities location: Investments, at value.

^ Statements of Assets and Liabilities location: Payables for: open forward contracts or open swap agreements, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps which are not subject to a master netting agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: forward contracts, futures contracts or swap agreements, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts or swap agreements, as applicable.

124

Notes to Financial Statements (Continued)

For the year ended December 31, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Swaptions
Asset Momentum Fund		156	$	4,850,245	$	-	$	-
Equity Rotation Fund		6		-		-		-
Inflation-Protected and Income Fund		111		-		72,240,833		53,020,000
Short-Duration Bond Fund		1,311		-		1,120,000		41,140,000
Special Situations Fund		9		-		-		-

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements and purchased swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2018.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of December 31, 2018.

Asset Valuation Inputs

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset		Collateral Received***			Net Amount*
Inflation-Protected and Income Fund
Barclays Bank PLC	$	1,776,943	$	-	$	(1,770,000	)	$	6,943
Credit Suisse International		949,267		-		(949,267	)		-
	$	2,726,210	$	-	$	(2,719,267	)	$	6,943
Short-Duration Bond Fund
Barclays Bank PLC	$	1,002,545	$	-	$	(1,002,545	)	$	-
Credit Suisse International		1,099,435		-		(1,099,435	)		-
	$	2,101,980	$	-	$	(2,101,980	)	$	-

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Fund(s) as of December 31, 2018.

Liability Valuation Inputs

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Asset Momentum Fund
Barclays Bank PLC	$	(7,762	)	$	-	$	-	$	(7,762	)
HSBC Bank USA		(122,687	)		-		-		(122,687	)
	$	(130,449	)	$	-	$	-	$	(130,449	)
Inflation-Protected and Income Fund
Bank of America N.A.	$	(672,539	)	$	-	$	540,000	$	(132,539	)
Goldman Sachs International		(269,303	)		-		269,303		-
JP Morgan Chase Bank N.A.		(205,328	)		-		-		(205,328	)
	$	(1,147,170	)	$	-	$	809,303	$	(337,867	)

125

Notes to Financial Statements (Continued)

Liability Valuation Inputs

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Short-Duration Bond Fund
Goldman Sachs International	$	(156,421	)	$	-	$	-	$	(156,421	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within the master netting agreements.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2018, are discussed below.

Foreign Currency Exchange Transactions

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

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

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

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

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

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Notes to Financial Statements (Continued)

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, 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.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would

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Notes to Financial Statements (Continued)

trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

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Notes to Financial Statements (Continued)

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

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

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

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

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

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

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

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Notes to Financial Statements (Continued)

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.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

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.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may 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.

130

Notes to Financial Statements (Continued)

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At December 31, 2018, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

Reverse Repurchase Agreements

Each Fund may enter into reverse repurchase agreements with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty.

Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements generally create investment leverage and involve the risk that the market value of the security that a Fund is obligated to repurchase under the agreement may decline below the repurchase price. For financial reporting purposes, cash received in exchange for securities delivered plus accrued interest payments to be made to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short term nature of reverse repurchase agreements, face value approximates fair value. Interest payments made by a Fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for a security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

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Notes to Financial Statements (Continued)

Reverse repurchase transactions are entered into by a Fund under a Master Repurchase Agreement (“MRA”), which permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and creates one single net payment due to or from the Fund. With reverse repurchase transactions, typically a Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund.

The following table is a summary of the Fund(s) open reverse repurchase transactions which are subject to an MRA on a net basis at December 31, 2018:

Counterparty	Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral*		Cash Collateral Pledged*		Net Amount
Inflation-Protected and Income Fund
BNP Paribas S.A.	$	(59,763,375	)	$	59,763,375	$	-	$	-
CIBC		(9,566,989	)		9,566,989		-		-
Daiwa Securities		(50,001,250	)		50,001,250		-		-
Goldman Sachs & Co.		(33,243,316	)		33,243,316		-		-
HSBC Bank USA		(83,118,125	)		83,118,125		-		-
Morgan Stanley & Co. LLC		(32,763,750	)		32,763,750		-		-
	$	(268,456,805	)	$	268,456,805	$	-	$	-

* Collateral with a value of $273,785,704 has been pledged in connection with open reverse repurchase transactions. Excess collateral pledged to the individual counterparty is not shown for financial reporting purposes.

At December 31, 2018, the average balance outstanding for open reverse repurchase agreements for the Inflation-Protected and Income Fund was $292,569,175. The maximum balance outstanding for the Inflation-Protected and Income Fund was $349,736,919 during the year ended December 31, 2018. The weighted average maturity was 48 days, at a weighted average interest rate of 2.045%.

Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase transactions.

The type of underlying collateral and the remaining maturity of open reverse repurchase transactions in relation to the reverse repurchase agreements on the Statements of Assets and Liabilities is as follows:

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Inflation-Protected and Income Fund
U.S. Treasury Obligations	$	-	$	61,420,625	$	207,036,180	$	-	$	268,456,805
Total Borrowings	$	-	$	61,420,625	$	207,036,180	$	-	$	268,456,805

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Notes to Financial Statements (Continued)

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.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend 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 December 31, 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 December 31, 2018.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending

133

Notes to Financial Statements (Continued)

its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. For the year ended December 31, 2018, the Fund(s) earned securities lending net income as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Asset Momentum Fund	$	1,320	$	198	$	1,122
Dynamic Bond Fund		1,227		179		1,048
High Yield Fund		9,981		1,466		8,515
Small Cap Equity Fund		83,311		12,301		71,010
Strategic Emerging Markets Fund		46,237		6,838		39,399

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

Foreign Securities

The Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to

134

Notes to Financial Statements (Continued)

securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and paid quarterly for the Dynamic Bond Fund, High Yield Fund, Inflation-Protected and Income Fund, and Short-Duration Bond Fund and annually for the Asset Momentum Fund, Equity Rotation Fund, Small Cap Equity Fund, Special Situations Fund, and Strategic Emerging Markets Fund and at other times as may be required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

Fund	Investment Advisory Fee
Asset Momentum Fund	0.60% on the first $500 million; and
	0.55% on any excess over $500 million
Dynamic Bond Fund	0.40% on the first $1 billion; and
	0.35% on any excess over $1 billion
Equity Rotation Fund	0.45% on the first $500 million; and
	0.40% on any excess over $500 million
High Yield Fund	0.60% on the first $300 million; and
	0.575% on any excess over $300 million
Inflation-Protected and Income Fund	0.60% on the first $100 million;
	0.55% on the next $200 million;
	0.50% on the next $200 million; and
	0.45% on any excess over $500 million
Short-Duration Bond Fund	0.35% on the first $300 million; and
	0.30% on any excess over $300 million

135

Notes to Financial Statements (Continued)

Fund	Investment Advisory Fee
Small Cap Equity Fund	0.65% on the first $100 million;
	0.60% on the next $100 million;
	0.55% on the next $300 million; and
	0.50% on any excess over $500 million
Special Situations Fund	0.60% on the first $500 million; and
	0.55% on any excess over $500 million
Strategic Emerging Markets Fund	1.05% on the first $500 million; and
	1.00% on any excess over $500 million

MML Advisers has entered into investment subadvisory agreements with Barings LLC (“Barings”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers based upon each Fund’s average daily net assets, at the following annual rates:

Asset Momentum Fund	0.475%
Equity Rotation Fund	0.30%
High Yield Fund	0.20%
Inflation-Protected and Income Fund	0.08%
Short-Duration Bond Fund	0.08%
Special Situations Fund	0.45%

MML Advisers has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, on behalf of the Small Cap Equity Fund and the Strategic Emerging Markets Fund. These agreements provide that OFI manage the investment and reinvestment of the assets of the Funds. OFI receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:

Small Cap Equity Fund	0.25%
Strategic Emerging Markets Fund	0.70%

MML Advisers has entered into an investment subadvisory agreement with the unaffiliated investment subadviser, DoubleLine Capital, LP (“DoubleLine”), pursuant to which DoubleLine serves as the subadviser to the Dynamic Bond Fund. This agreement provides that DoubleLine manage the investment and reinvestment of the assets of the Fund. DoubleLine receives a subadvisory fee from MassMutual based upon the average daily net assets of the Fund.

The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees previously disclosed above.

Administration Fees

For the Asset Momentum Fund, Dynamic Bond Fund, Equity Rotation Fund, High Yield Fund, Short-Duration Bond Fund, Special Situations Fund, and Strategic Emerging Markets Fund, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers

136

Notes to Financial Statements (Continued)

receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class II	Service Class I
Asset Momentum Fund	0.15%	0.15%
Dynamic Bond Fund	0.15%	0.15%
Equity Rotation Fund	0.15%	0.15%
High Yield Fund	0.15%	0.15%
Short-Duration Bond Fund	0.15%	0.15%
Special Situations Fund	0.15%	0.15%
Strategic Emerging Markets Fund	0.15%	0.15%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class II		Service Class I
Asset Momentum Fund*		0.80%		1.05%
Dynamic Bond Fund*		0.60%		0.85%
Equity Rotation Fund*		0.65%		0.90%
Short-Duration Bond Fund*		0.55%		0.80%
Special Situations Fund*		0.80%		1.05%
Strategic Emerging Markets Fund*		1.35%		1.60%

# Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through April 30, 2019.

MML Advisers has agreed to waive 0.10% of the advisory fee of the High Yield Fund through April 30, 2019.

MML Advisers has agreed to voluntarily waive 0.04% of the advisory fee of the Strategic Emerging Markets Fund. MML Advisers may amend or discontinue this waiver at any time without advance notice.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and

137

Notes to Financial Statements (Continued)

shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended December 31, 2018, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Asset Momentum Fund	$	-	$	28,008,015	$	-	$	30,465,188
Dynamic Bond Fund		188,093,675		111,258,108		177,353,658		117,324,864
Equity Rotation Fund		-		30,803,002		-		32,542,734
High Yield Fund		-		49,576,114		-		51,692,300
Inflation-Protected and Income Fund		128,483,519		154,482,256		203,803,809		140,956,195
Short-Duration Bond Fund		10,988,927		113,581,207		13,555,263		101,299,959
Small Cap Equity Fund		-		58,851,878		-		65,081,500
Special Situations Fund		-		7,636,860		-		12,743,858
Strategic Emerging Markets Fund		-		75,122,770		-		44,641,218

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases		Sales
Small Cap Equity Fund	$	797,767	$	60,929
Strategic Emerging Markets Fund	$	-	$	94,343

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended December 31, 2018				Year Ended December 31, 2017
	Shares		Amount		Shares		Amount
Asset Momentum Fund Class II
Sold		-	$	-		-	$	-
Issued as reinvestment of dividends		246,853		2,557,803		222,641		2,729,754
Redeemed		-		-		-		-
Net increase (decrease)		246,853	$	2,557,803		222,641	$	2,729,754

138

Notes to Financial Statements (Continued)

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Asset Momentum Fund Service Class I
Sold		25,716		$	309,067			47,139		$	540,352
Issued as reinvestment of dividends		14,727			151,157			11,829			144,546
Redeemed		(14,056	)		(169,101	)		(26,810	)		(306,897	)
Net increase (decrease)		26,387		$	291,123			32,158		$	378,001
Dynamic Bond Fund Class II
Sold		1,466,284		$	14,480,002			687,953		$	6,869,531
Issued as reinvestment of dividends		1,532,895			14,819,194			1,639,034			16,309,191
Redeemed		(4,213,885	)		(40,820,214	)		(10	)		(106	)
Net increase (decrease)		(1,214,706	)	$	(11,521,018	)		2,326,977		$	23,178,616
Dynamic Bond Fund Service Class I
Sold		281,696		$	2,740,006			180,547		$	1,803,315
Issued as reinvestment of dividends		18,425			177,628			13,347			132,594
Redeemed		(90,546	)		(881,343	)		(43,886	)		(438,026	)
Net increase (decrease)		209,575		$	2,036,291			150,008		$	1,497,883
Equity Rotation Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		347,932			4,188,659			114,382			1,587,623
Redeemed		-			-			-			-
Net increase (decrease)		347,932		$	4,188,659			114,382		$	1,587,623
Equity Rotation Fund Service Class I
Sold		35,629		$	484,337			67,346		$	852,925
Issued as reinvestment of dividends		19,355			231,195			5,312			73,519
Redeemed		(11,388	)		(153,245	)		(7,287	)		(91,594	)
Net increase (decrease)		43,596		$	562,287			65,371		$	834,850
High Yield Fund Class II
Sold		431		$	4,247			72,493		$	736,500
Issued as reinvestment of dividends		591,969			5,687,310			666,037			6,733,125
Redeemed		(1,375,346	)		(13,230,645	)		(766,585	)		(7,841,780	)
Net increase (decrease)		(782,946	)	$	(7,539,088	)		(28,055	)	$	(372,155	)
High Yield Fund Service Class I
Sold		915,670		$	8,967,463			1,123,560		$	11,449,809
Issued as reinvestment of dividends		263,189			2,516,383			250,466			2,522,628
Redeemed		(661,278	)		(6,448,888	)		(591,403	)		(6,027,452	)
Net increase (decrease)		517,581		$	5,034,958			782,623		$	7,944,985
Inflation-Protected and Income Fund Initial Class
Sold		3,487,180		$	34,922,361			4,320,401		$	44,155,126
Issued as reinvestment of dividends		1,122,241			11,103,254			1,242,674			12,591,573
Redeemed		(9,718,069	)		(95,970,153	)		(5,205,339	)		(53,302,611	)
Net increase (decrease)		(5,108,648	)	$	(49,944,538	)		357,736		$	3,444,088
Inflation-Protected and Income Fund Service Class
Sold		596,678		$	5,917,708			566,179		$	5,768,415
Issued as reinvestment of dividends		129,905			1,280,315			143,782			1,450,545
Redeemed		(1,007,377	)		(9,932,312	)		(790,642	)		(8,053,934	)
Net increase (decrease)		(280,794	)	$	(2,734,289	)		(80,681	)	$	(834,974	)

139

Notes to Financial Statements (Continued)

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Short-Duration Bond Fund Class II
Sold		1,481,517		$	14,402,901			4,891,268		$	47,856,521
Issued as reinvestment of dividends		592,658			5,711,370			570,980			5,576,475
Redeemed		(6,028,871	)		(58,363,103	)		(4,364,667	)		(42,785,841	)
Net increase (decrease)		(3,954,696	)	$	(38,248,832	)		1,097,581		$	10,647,155
Short-Duration Bond Fund Service Class I
Sold		1,226,437		$	11,855,406			1,194,751		$	11,699,414
Issued as reinvestment of dividends		85,713			824,955			78,763			768,427
Redeemed		(1,292,508	)		(12,498,648	)		(1,353,260	)		(13,244,624	)
Net increase (decrease)		19,642		$	181,713			(79,746	)	$	(776,783	)
Small Cap Equity Fund Initial Class
Sold		405,551		$	4,090,986			748,535		$	7,413,356
Issued as reinvestment of dividends		1,219,087			12,792,106			488,738			4,581,957
Redeemed		(1,420,496	)		(14,639,617	)		(1,666,648	)		(16,508,349	)
Net increase (decrease)		204,142		$	2,243,475			(429,375	)	$	(4,513,036	)
Small Cap Equity Fund Service Class
Sold		551,091		$	5,383,342			498,369		$	4,891,993
Issued as reinvestment of dividends		249,416			2,569,206			76,502			706,144
Redeemed		(242,579	)		(2,379,816	)		(258,722	)		(2,520,735	)
Net increase (decrease)		557,928		$	5,572,732			316,149		$	3,077,402
Special Situations Fund Class II
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		86,549			930,068			2,999			34,572
Redeemed		-			-			-			-
Net increase (decrease)		86,549		$	930,068			2,999		$	34,572
Special Situations Fund Service Class I
Sold		26,412		$	320,267			17,958		$	185,012
Issued as reinvestment of dividends		2,702			28,951			-			-
Redeemed		(9,618	)		(117,423	)		(2,646	)		(27,502	)
Net increase (decrease)		19,496		$	231,795			15,312		$	157,510
Strategic Emerging Markets Fund Class II
Sold		4,375,527		$	49,023,980			428,946		$	4,394,256
Issued as reinvestment of dividends		15,159			170,692			7,498			81,649
Redeemed		(1,533,517	)		(17,272,281	)		(2,184,104	)		(22,897,472	)
Net increase (decrease)		2,857,169		$	31,922,391			(1,747,660	)	$	(18,421,567	)
Strategic Emerging Markets Fund Service Class I
Sold		414,288		$	4,680,720			340,961		$	3,526,710
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(296,650	)		(3,363,088	)		(211,553	)		(2,213,746	)
Net increase (decrease)		117,638		$	1,317,632			129,408		$	1,312,964

140

Notes to Financial Statements (Continued)

6. Federal Income Tax Information

At December 31, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Asset Momentum Fund	$	24,511,757	$	796,992	$	(703,037	)	$	93,955
Dynamic Bond Fund		433,890,791		4,101,673		(16,023,617	)		(11,921,944	)
Equity Rotation Fund		28,390,040		1,933,374		(1,600,979	)		332,395
High Yield Fund		132,437,975		1,547,224		(12,645,695	)		(11,098,471	)
Inflation-Protected and Income Fund		647,626,452		5,987,244		(16,257,475	)		(10,270,231	)
Short-Duration Bond Fund		206,524,970		1,746,324		(4,760,922	)		(3,014,598	)
Small Cap Equity Fund		101,835,803		14,313,940		(12,296,359	)		2,017,581
Special Situations Fund		21,466,894		3,166,941		(1,905,336	)		1,261,605
Strategic Emerging Markets Fund		125,766,305		12,566,210		(9,356,193	)		3,210,017

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At December 31, 2018, for federal income tax purposes, there were no unused capital losses.

At December 31, 2018, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long term Capital Loss Carryforward
Dynamic Bond Fund	$	4,355,770	$	2,250,509
High Yield Fund		273,225		3,751,173
Inflation-Protected and Income Fund		1,879,589		8,619,300
Short-Duration Bond Fund		145,230		5,050,975
Strategic Emerging Markets Fund		3,860,933		366,071

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

The following Fund(s) elected to defer to the fiscal year beginning January 1, 2019, post-October capital losses:

	Post-October Loss		Post October Currency Loss
Asset Momentum Fund	$	2,488,740	$	-
Special Situations Fund		190,711		-

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The following Fund(s) elected to defer to the fiscal year beginning January 1, 2019, late year ordinary losses:

	Amount
Asset Momentum Fund	$	414

141

Notes to Financial Statements (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2018, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Asset Momentum Fund	$	347,841	$	2,361,119	$	-
Dynamic Bond Fund		14,996,822		-		-
Equity Rotation Fund		278,900		4,140,954		-
High Yield Fund		8,194,092		-		9,601
Inflation-Protected and Income Fund		12,383,569		-		-
Short-Duration Bond Fund		6,536,325		-		-
Small Cap Equity Fund		3,814,954		11,546,358		-
Special Situations Fund		132,626		826,393		-
Strategic Emerging Markets Fund		170,692		-		-

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2017, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Asset Momentum Fund	$	926,326	$	1,947,974	$	-
Dynamic Bond Fund		15,868,305		573,480		-
Equity Rotation Fund		202,311		1,458,831		-
High Yield Fund		8,673,722		-		582,031
Inflation-Protected and Income Fund		11,359,432		-		2,682,686
Short-Duration Bond Fund		6,273,558		-		71,344
Small Cap Equity Fund		935,676		4,352,425		-
Special Situations Fund		34,572		-		-
Strategic Emerging Markets Fund		81,649		-		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2018:

	Amount
Strategic Emerging Markets Fund	$	177,382

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2018, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, futures contracts, swap agreements, premium amortization accruals, passive foreign investment companies, non-taxable dividends basis adjustments, partnership basis adjustments, the deferral of wash sale losses, and deferred Trustee compensation.

At December 31, 2018, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Asset Momentum Fund	$	-	$	-		$	(2,491,020	)	$	83,397
Dynamic Bond Fund		932,273		(6,606,279	)		(33,619	)		(11,921,944	)

142

Notes to Financial Statements (Continued)

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Equity Rotation Fund	$	-	$	573,047		$	(1,967	)	$	332,395
High Yield Fund		-		(4,024,398	)		(21,535	)		(11,098,471	)
Inflation-Protected and Income Fund		429,910		(10,498,889	)		(90,563	)		(10,897,503	)
Short-Duration Bond Fund		123,742		(5,196,205	)		(36,188	)		(3,014,598	)
Small Cap Equity Fund		1,617,822		8,503,002			(33,490	)		2,017,581
Special Situations Fund		231		-			(192,365	)		1,261,605
Strategic Emerging Markets Fund		321,803		(4,227,004	)		(13,882	)		3,085,183

During the year ended December 31, 2018, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Asset Momentum Fund	$	12		$	(64,062	)	$	64,050
Dynamic Bond Fund		226			82,517			(82,743	)
Equity Rotation Fund		11			(4,675	)		4,664
High Yield Fund		(9,432	)		41,419			(31,987	)
Inflation-Protected and Income Fund		734			(787,007	)		786,273
Short-Duration Bond Fund		283			(650,708	)		650,425
Small Cap Equity Fund		(1,510	)		25,105			(23,595	)
Special Situations Fund		603			2,609			(3,212	)
Strategic Emerging Markets Fund		104			(159,336	)		159,232

The Funds did not have any unrecognized tax benefits at December 31, 2018, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2018, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

In October 2016, the Securities and Exchange Commission (“SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In

143

Notes to Financial Statements (Continued)

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.

9. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amount sought to be recovered from the Small Cap Equity Fund is approximately $93,500, plus interest and the Official Committee’s court costs.

The Fund cannot predict the outcome of this proceeding. Accordingly, the Fund has not accrued any amounts related to this proceeding. If the proceeding were to be decided in a manner adverse to the Fund, or if the Fund was to enter into a settlement agreement with the Trustee, the payment of such judgment or settlement could potentially have a material adverse effect on the Fund’s net asset value depending on the net assets of the Fund at the time of such judgment or settlement.

144

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund II and Shareholders of MML Asset Momentum Fund, MML Dynamic Bond Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, MML Special Situations Fund, and MML Strategic Emerging Markets Fund (collectively, the “Funds,” certain of the funds constituting MML Series Investment Fund II):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Funds as of December 31, 2018, the related statements of operations of the Funds for the year then ended, the statement of cash flows for MML Inflation-Protected and Income Fund for the year then ended, the statements of changes in net assets of the Funds for each of the two years in the period then ended, and the financial highlights of the Funds for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, and the results of their operations for the year then ended, the cash flows of MML Inflation-Protected and Income Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the period listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds	Financial Highlights
MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, and MML Strategic Emerging Markets Fund	For the years ended December 31, 2018, 2017, 2016, 2015, and 2014
MML Asset Momentum Fund, MML Dynamic Bond Fund, MML Equity Rotation Fund, and MML Special Situations Fund	For the years ended December 31, 2018, 2017, 2016, and the period from May 15, 2015 (commencement of operations) through December 31, 2015

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 22, 2019

We have served as the auditor of one or more MassMutual investment companies since 1995.

145

Trustees and Officers (Unaudited)

The following table lists the Trust’s Trustees and Officers; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MML Series Investment Fund II, c/o Massachusetts Mutual Life Insurance Company, 100 Bright Meadow Blvd., Enfield, Connecticut 06082-1981, Attention: MassMutual U.S. Product and Marketing.

Disinterested Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Age: 70	Trustee	Since 2012	Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company).	111	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).
Nabil N. El-Hage Age: 60	Trustee Chairman	Since 2005 2006-2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC); Chairman (2011-2016), Academy of Executive Education, LLC (a Massachusetts LLC).	111	Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).
Maria D. Furman Age: 64	Trustee	Since 2005	Retired.	111	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).
R. Alan Hunter, Jr. Age: 72	Chairperson Trustee	Since 2016 Since 2012	Retired.	111	Director (2007-2018), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2003), MML Series Investment Fund (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

146

Trustees and Officers (Unaudited) (Continued)

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Age: 67	Trustee	Since 2005	Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company).	111	Director (2015-2018), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (2017-2018) and Director (since 2014), InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).
Susan B. Sweeney Age: 66	Trustee	Since 2012	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company.	113^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2009), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Teresa Hassara^^ Age: 56	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF.	111	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).
Robert E. Joyal^^^ Age: 73	Trustee	Since 2012	Retired.	113^	Director (since 2018), Jeffries Financial Group Inc. (holding company); Director (2013-2018), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technology, Inc. (provider of alternative energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings Participation Investors (closed-end investment company); Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

147

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Age: 43	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting (since 2018), Head of Investment Consulting & Strategy (2017-2018), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	111
Andrew M. Goldberg Age: 52	Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer Assistant Clerk	Since 2008 2005- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	111
Renee Hitchcock Age: 48	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), Director (2007-2015), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	111
Jill Nareau Robert Age: 46	Vice President and Assistant Secretary Assistant Secretary (formerly known as “Assistant Clerk”)	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	111
Douglas Steele Age: 43	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

148

Trustees and Officers (Unaudited) (Continued)

Name, Address*, and Age	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Philip S. Wellman Age: 54	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds and RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	111
Eric H. Wietsma Age: 52	Vice President	Since 2006	Vice President (since 2018), Director (since 2013), and President (2013-2018), MML Advisers; Head of Workplace Operations (since 2018), Senior Vice President (2010-2018), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund (open-end investment company); President (since 2008), Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	111
Tina Wilson Age: 48	Vice President	Since 2016	President (since 2018), Head of Investments (since 2016), and Vice President (2016-2018), MML Advisers; Head of Investment Solutions Innovation, Product Management (since 2018), Senior Vice President (2014-2018), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	111

* The address of each Trustee and Principal Officer is the same as that for the Trust; 100 Bright Meadow Blvd., Enfield, CT 06082-1981.

** Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, with the exception of Mr. Robert E. Joyal, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified. The Chairperson shall hold office at the pleasure of the Trustees.

^ Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^ Ms. Hassara is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^ Mr. Joyal is an Interested Person through his position as a director of Leucadia National Corporation, which controls Jefferies Group LLC, a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MML Advisers or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MML Advisers has brokerage placement discretion.

# The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each officer shall hold office at the pleasure of the Trustees.

149

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2018, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
Asset Momentum Fund		7.93%
Equity Rotation Fund		100.00%
Small Cap Equity Fund		17.66%
Special Situations Fund		100.00%
Strategic Emerging Markets Fund		1.57%

For the year ended December 31, 2018, the following Fund(s) earned the following foreign sources of income:

	Amount
Strategic Emerging Markets Fund	$	1,986,173

150

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s EDGAR database on its website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

151

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2018

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2018:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended December 31, 2018.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Asset Momentum Fund
Class II	$	1,000		0.80	%	$	843.90	$	3.74	$	1,021.30	$	4.10
Service Class I		1,000		1.05	%		842.90		4.90		1,020.00		5.38
Dynamic Bond Fund
Class II		1,000		0.59	%		1,007.20		3.00		1,022.40		3.02
Service Class I		1,000		0.84	%		1,005.40		4.27		1,021.10		4.30
Equity Rotation Fund
Class II		1,000		0.65	%		911.40		3.15		1,022.00		3.33
Service Class I		1,000		0.90	%		909.70		4.36		1,020.80		4.61
High Yield Fund
Class II		1,000		0.76	%		965.00		3.78		1,021.50		3.89
Service Class I		1,000		1.01	%		964.10		5.03		1,020.20		5.17
Inflation-Protected and Income Fund
Initial Class		1,000		0.60	%		986.60		3.02		1,022.30		3.08
Service Class		1,000		0.85	%		985.60		4.28		1,021.00		4.35

152

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Short-Duration Bond Fund
Class II	$	1,000		0.55	%	$	1,010.20	$	2.80	$	1,022.60	$	2.82
Service Class I		1,000		0.80	%		1,008.30		4.07		1,021.30		4.10
Small Cap Equity Fund
Initial Class		1,000		0.72	%		831.10		3.34		1,021.70		3.69
Service Class		1,000		0.97	%		830.00		4.50		1,020.40		4.97
Special Situations Fund
Class II		1,000		0.80	%		897.20		3.85		1,021.30		4.10
Service Class I		1,000		1.05	%		895.70		5.04		1,020.00		5.38
Strategic Emerging Markets Fund
Class II		1,000		1.35	%		888.30		6.46		1,018.50		6.91
Service Class I		1,000		1.60	%		887.80		7.65		1,017.20		8.18

* Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2018, multiplied by the average account value over the period, multiplied by 185 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

153

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-45235-01

Item 2. Code of Ethics.

As of December 31, 2018, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2018, there were no reportable amendments to a provision of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Susan B. Sweeney and Nabil N. El-Hage, both members of the Audit Committee, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Ms. Sweeney and Mr. El-Hage are both “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a) AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended 2018 and 2017 were $207,072 and $405,855, respectively.

(b) AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2018 and 2017. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2018 and 2017.

(c) TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the fiscal years ended 2018 and 2017 were $90,918 and $82,164, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2018 and 2017.

(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2018 and 2017. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2018 and 2017.

(e) (1) AUDIT COMMITTEE PRE-APPOVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2018 and 2017 were pre-approved by the committee.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2018 and 2017 were $8,455,558 and $12,495,135, respectively.

(h) The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP’s independence.

* Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is attached.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-

14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  MML Series Investment Fund II

By (Signature and Title)	/s/ Tina Wilson
Tina Wilson, President and Principal Executive Officer

Date   2/22/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Tina Wilson
Tina Wilson, President and Principal Executive Officer

Date   2/22/2019

By (Signature and Title)	/s/ Renee Hitchcock
Renee Hitchcock, Treasurer and Principal Financial Officer

Date   2/22/2019