MML Series Investment Fund

N-CSR 1 d468400dncsr.htm MML SERIES INVESTMENT FUND MML Series Investment Fund

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		811-02224

MML Series Investment Fund

(Exact name of registrant as specified in charter)


100 Bright Meadow Blvd., Enfield, CT		06082
(Address of principal executive offices)		(Zip code)

Tina Wilson


100 Bright Meadow Blvd., Enfield, CT		06082
(Name and address of agent for service)

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


Date of fiscal year end: 12/31/2017


Date of reporting period: 12/31/2017

Item 1. Reports to Stockholders.

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Economic and Market Review (Unaudited)			3

Portfolio Manager Report (Unaudited)			5

Portfolio of Investments
MML Conservative Allocation Fund			24
MML Balanced Allocation Fund			25
MML Moderate Allocation Fund			26
MML Growth Allocation Fund			27
MML Aggressive Allocation Fund			28
MML American Funds^® Growth Fund			29
MML American Funds^® International Fund			30
MML American Funds Core Allocation Fund			31

Statements of Assets and Liabilities			32

Statements of Operations			36

Statements of Changes in Net Assets			38

Financial Highlights			42

Notes to Financial Statements			50

Report of Independent Registered Public Accounting Firm			65

Trustees and Officers (Unaudited)			66

Federal Tax Information (Unaudited)			70

Other Information (Unaudited)
Proxy Voting			71
Quarterly Reporting			71
Fund Expenses			72

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MML Series Investment Fund. 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 – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

LOGO

Tina Wilson

“MassMutual believes that ever-changing market conditions have the potential to benefit people who maintain a long-term perspective on investing.”

December 31, 2017

Continued strength in U.S. markets benefits equity investors; global markets stabilize

I am pleased to present you with the MML Series Investment Fund Annual Report, covering the year ended December 31, 2017 (the “fiscal year”). Domestic stocks enjoyed strong performance during the fiscal year, as investor sentiment was buoyed by campaign promises focused on tax reforms, infrastructure spending, health care reform, and the creation of American jobs. One campaign promise fulfilled was the passage of tax reform, as President Trump signed sweeping tax legislation (i.e., the Tax Cuts and Jobs Act) into law on December 22, 2017.

Foreign stocks also performed well for investors, as European markets stabilized significantly with Brexit concerns shifting to the actual details of executing Great Britain’s separation from the European Union. Asian markets also stabilized, even though geopolitical tensions in the region escalated due to China’s disputed expansion in the South China Sea, North Korea’s increased nuclear and missile arsenal, and lingering suspicions regarding Russia’s covert involvement in the American political process and its participation in Middle Eastern conflicts. Japan’s economic policies also appeared to be helping that country overcome its long-term economic challenges.

While equity markets added to an impressive string of consecutive quarters with positive results, investment-grade bond investors found it more difficult to generate satisfying returns during the period.

In MassMutual’s view, the ongoing uncertainties associated with investing in today’s markets validate the importance of taking a long-term perspective and not reacting to current events or short-term market changes. We also believe investors preparing for retirement income who follow certain investment guidelines, such as the ones below, may increase their chances of reaching their long-term income goals.

Suggestions for retirement investors under any market conditions

Save as much as you can

There is no way to predict how the markets will perform. But you can control how often and how much you contribute to your retirement accounts. Contributing as much as you can and increasing your contribution level as often as possible may be one way to help you realize your retirement income goals.*

Invest in all market conditions

Many seasoned investors believe that retirement savers who can tolerate a market downturn have the potential to be rewarded by accumulating larger positions at more favorable prices (compared to those who do not invest during a down market). That’s why financial professionals often advise their clients to stay in the market, regardless of short-term results.

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)

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

Retirement investors have time on their side

For most, saving and investing for retirement occurs over many decades. While most retirement investors may be familiar with market volatility, savvy investors know that adopting a long-term view of the markets can help them withstand all market conditions.

Monitor your asset allocation regularly – and diversify

Stocks, bonds, and short-term/money market investments typically (although not always) behave differently, depending on the economic and market environment. Each of these asset classes contains an even greater array of sub-categories, such as small-cap stocks, international stocks, and high-yield bonds. Many financial professionals believe that investors can take advantage of different opportunities in the market and reduce the risk of over-exposure to one or two poorly performing investment types by maintaining retirement accounts that contain a mix of investment types and sub-categories.

Make informed choices and seek professional guidance

Many financial advisors suggest that retirement investors select an appropriate combination of investments that aligns with their retirement income goals. Doing so can help you withstand the inevitable ups and downs of the markets.

If you work with a financial professional, this may be an excellent time to contact him or her for assistance in assessing whether or not you:

•

may be saving enough for adequate retirement income based on your long-term needs;

•

are invested properly for all market conditions, based on your retirement income goals and objectives and where you are in your retirement planning journey; and

•

feel you are taking the right steps to help reduce your longevity risk, which is related to the possibility that you could “outlive” your retirement savings.

We’re people protecting people

MassMutual believes that nothing matters more than people. Our commitment has always been to help you care for the people you care about. We’ve helped people secure their future and protect the ones they love since 1851. And that’s why we consistently encourage retirement investors to maintain a long-term view toward retirement investing, and avoid reacting to short-term market movements. We believe that ever-changing market conditions have the potential to benefit people who maintain a long-term perspective on investing. Thank you for your continued confidence in MassMutual.

Sincerely,

LOGO

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/18 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.

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

December 31, 2017

Market Highlights

•

U.S. stock investors enjoyed strong performance during the fiscal year, bolstered by a rally which started after the November 2016 U.S. presidential election.

•

Data throughout the period pointed to sustained improvements in the global economic environment.

•

Foreign markets rebounded over the past 12 months, even though geopolitical turbulence increased in some regions.

•

The Federal Reserve Board (the “Fed”) raised short-term interest rates three times during the reporting period and introduced a plan to shrink its balance sheet, beginning in 2017.

•

Investment-grade bond investors saw the smallest returns during this annual reporting cycle.

Market Environment

U.S. stock investors enjoyed strong performance during the fiscal year ended December 31, 2017, bolstered by a rally which started after the November 2016 U.S. presidential election. All major domestic stock indexes registered positive returns during the period, though returns varied widely across asset classes and investment types.

Following the surprising election of Donald J. Trump as the 45th President of the United States, investor sentiment was buoyed by campaign promises focused on tax reforms, infrastructure spending, health care reform, and the creation of American jobs. While the Trump administration and the Republican-led Congress struggled, for a good bit of the year, to turn campaign promises into policy realities, investor sentiment remained high through the end of the reporting period. One campaign promise that the President was able to fulfill, however, was the passage of tax reform (i.e., the Tax Cuts and Jobs Act), which he signed into law on December 22, 2017.

Consecutive improved quarterly earnings reports fueled strong investor sentiment. For each quarterly reporting cycle of this fiscal year, the majority of American corporations reported earnings and sales that beat forecasts. (This, despite the fact that many companies cited the impact of hurricanes and high foreign exchange rates as negatively impacting earnings or revenue in the third quarter.) While the market generally acknowledges that stock valuations are high by historical standards, strong earnings and sales results appear to justify ongoing investor participation in equity markets.

Continued improving domestic economic data also supported investor confidence over the past 12 months. In 2017, the scope of improved economic data expanded to include developed international markets. European markets stabilized significantly as Brexit concerns shifted to the actual details of executing Great Britain’s separation from the European Union (EU). Prime Minister Teresa May triggered Article 50 of the Lisbon Treaty (which outlines the process for EU members to withdraw from the EU) on March 29, 2017 – setting the time frame for Britain to officially leave the EU as no later than April 2019. Continued German economic strength, bolstered by Angela Merkel’s re-election in September 2017, added stability to EU and global markets. Emmanuel Macron’s resounding victory in France’s May 2017 presidential election seemed to stem the populist political tide that had added turbulence to EU markets.

Asian markets also stabilized, even though geopolitical tensions in the region escalated due to China’s disputed expansion in the South China Sea, North Korea’s increased nuclear and missile arsenal, and lingering suspicions regarding Russia’s covert involvement in the American political process and its participation in Middle Eastern conflicts. China’s central bank managed to successfully navigate concerns about production declines, real estate, currency pricing, and the growing Chinese middle class. Japan’s economic policies also appeared to be helping that country overcome its long-term economic challenges.

The Fed continued to influence domestic and global markets during this annual reporting cycle, but generally improving economic conditions muted that influence. The Fed raised short-term interest rates three times during the fiscal year – in March, June and December of 2017. After starting the reporting period at 0.75%, the short-term interest rate ended the year at 1.50%. In September, the Fed introduced plans to begin selling down its balance sheet, ending the era of Quantitative Easing (i.e., the Fed’s program of encouraging economic growth by purchasing government bonds). In other Fed news, President Trump announced his

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

selection of Jerome Powell as the next Fed chair following current chair Janet Yellen’s term. The selection, which was largely anticipated, is expected to be supportive of markets. As noted earlier, the Fed’s impact on the markets in 2017 was relatively muted compared to recent years, when the mere threat of a rate hike added turbulence to markets. During this reporting period, Fed actions did not negatively disrupt markets.

During the one-year period ended December 31, 2017, the technology-focused NASDAQ Composite^® Index rose 29.64%, the S&P 500^® Index (S&P 500) of large-capitalization U.S. stocks gained 21.83%, the Dow Jones Industrial Average^SM grew 28.11%, and the Russell 2000^® Index of small-capitalization stocks added 14.65%. Notably, this marks the second consecutive year these indexes logged double-digit returns. Domestic large-cap growth stocks outperformed other domestic indexes for the reporting period, as the Russell 1000^® Growth Index reported a remarkable 30.21% return.

In foreign markets, the MSCI EAFE^® Index, a barometer for foreign stocks in developed markets, returned an impressive 25.03% for the fiscal year. Developing market companies also delivered strong performance for the period, as the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, rose an astounding 37.28%.*

Investment-grade bond investors were once again left largely on the sidelines, as the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, advanced only 3.54% for the period. Market yields generally accelerated following last November’s U.S. presidential election. Since bond prices typically fall during periods of rising interest rates, this was a particularly challenging time for the bond market.

Yield on the 2-year U.S. Treasury bond rose to end the reporting period at 1.88%. Yield on the 10-year Treasury bond dropped a modest 0.03%, ending the period at 2.41%. With equity markets returning double-digit growth for the second consecutive year, high-yield corporate bonds outperformed other fixed-income investments, as the Bloomberg Barclays U.S. Corporate High-Yield Index, which measures the performance of fixed-rate, below-investment-grade debt securities from corporate sectors, delivered a return of 7.50%.*

With nine consecutive quarters of positive returns for the S&P 500 now in the history books, thoughtful investors are asking themselves how long this upward climb can continue. We remain convinced that a broadly diversified portfolio aligned to a long-term strategy is, for those investors seeking retirement income, the wisest course. When one side of the market enjoys outsized growth for a long period of time, portfolios may become overweight in one asset class. Consequently, as we close out this fiscal year, you may find that this is the right time to evaluate your portfolio to ensure that it matches your overall risk tolerance, investment strategy and objectives.

*	Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

MML Allocation Series – Portfolio Manager Report (Unaudited)

What are the investment approaches of the Funds that constitute the MML Allocation Series (the “Series”), and who is the Series’ investment adviser?

The MML Allocation Series comprises five Funds – each of which has a “fund of funds” structure. The five Funds in the Series are MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund.

Each Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. Each Fund invests in a combination of domestic and international mutual funds (“MML Underlying Funds”) using an asset allocation strategy. MML Underlying Funds can include series of the MML Series Investment Fund and MML Series Investment Fund II (which are advised by MML Investment Advisers, LLC (MML Advisers)), Oppenheimer Funds (which are advised by OFI Global Asset Management, Inc. (OFI Global Asset Management), a majority owned, indirect subsidiary of MassMutual), and non-affiliated funds. The Series’ investment adviser is MML Advisers.

Through their investment in MML Underlying Funds, the Funds may be exposed to a wide range of securities and other instruments with differing characteristics (such as credit quality, duration, geography, industry, and market capitalization), including, but not limited to, equity securities of small-, mid-, or large-capitalization U.S. or non-U.S. issuers, fixed income securities of U.S. or non-U.S. private or governmental issuers (including “junk” or “high-yield” bonds, including securities in default), inflation-protected securities, bank loans, commodities, real estate, and short-term investments of any kind.

Each Fund’s assets are allocated to its MML Underlying Funds according to an asset allocation strategy stated below. However, a portion of each Fund’s allocation to equity and/or fixed income funds may be allocated to funds that invest in “alternative” investments, such as commodities, precious metals, real estate, and foreign currencies; such “alternative” investments are limited to 15% of the Fund’s total assets.

•

MML Conservative Allocation Fund: Approximately 35% to 45% in equity funds and 55% to 65% in fixed income funds, including money market funds.

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MML Balanced Allocation Fund: Approximately 45% to 55% in equity funds and 45% to 55% in fixed income funds, including money market funds.

•

MML Moderate Allocation Fund: Approximately 55% to 65% in equity funds and 35% to 45% in fixed income funds, including money market funds.

•

MML Growth Allocation Fund: Approximately 70% to 80% in equity funds and 20% to 30% in fixed income funds, including money market funds.

•

MML Aggressive Allocation Fund: Approximately 85% to 95% in equity funds and 5% to 15% in fixed income funds, including money market funds.

How did each Fund perform during the 12 months ended December 31, 2017?

The return of each Fund’s Initial Class shares is shown below. Also shown are the returns of each Fund’s Custom Index (defined below); the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market; the MSCI All Country World Index (ACWI) ex USA, which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets; and the Bloomberg Barclays U.S. Aggregate Bond Index, 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 ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

MML Allocation Fund Series – Portfolio Manager Report (Unaudited) (Continued)


	Fund’s Initial Class Return	Custom Index Return	Russell 3000 Index Return	MSCI ACWI ex USA Return	Bloomberg Barclays U.S. Aggregate Bond Index Return
MML Conservative Allocation Fund	9.62%	10.90%	21.13%	27.19%	3.54%*

MML Balanced Allocation Fund	11.48%	12.80%	21.13%*	27.19%	3.54%

MML Moderate Allocation Fund	13.33%	14.72%	21.13%*	27.19%	3.54%

MML Growth Allocation Fund	16.07%	17.64%	21.13%*	27.19%	3.54%

MML Aggressive Allocation Fund	18.77%	20.89%	21.13%*	27.19%	3.54%

* Benchmark return

Each of the MML Allocation Series Funds underperformed its respective Custom Index, the Russell 3000 Index, and the MSCI ACWI ex USA. All five Funds outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the full year.

MML Allocation Fund Series Custom Indexes

•

The Custom MML Conservative Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 60%, 30%, and 10%, respectively.

•

The Custom MML Balanced Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 50%, 37.5%, and 12.5%, respectively.

•

The Custom MML Moderate Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 40%, 45%, and 15%, respectively.

•

The Custom MML Growth Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 25%, 56.25%, and 18.75%, respectively.

•

The Custom MML Aggressive Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 10%, 67.5%, and 22.5%, respectively.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

Investment adviser discussion of factors that contributed to the Funds’ performance

For the year ended December 31, 2017, the MML Allocation Series Funds delivered strong returns. The five Funds maintain a graduated exposure to equities across the Series, which propelled returns in 2017’s strong equity environment. Consequently, those Funds with higher equity allocations outperformed their Series counterparts with higher fixed-income allocations.

Stock markets in 2017 experienced a combination of outstanding returns, with low volatility making for great rewards compared to other asset classes. So for equity investors, the year was an easy ride, as all 12 months of the S&P 500 Index total return were positive.

Equity markets across the globe were up significantly for the year. Allocations across various asset classes intended to diversify risks in the Funds were mixed, as international equities benefited the Funds and non-equity asset classes underperformed in their relative contribution to the Funds. Specifically, exposure to emerging-market equities – with synchronized global growth taking hold for the first time since 2011 – and additional return support by nearly a 10% decline in the U.S. dollar helped emerging-market equities record the top performance of the major sub-asset classes at 37.28%, as measured by the MSCI Emerging Markets Index.

MML Allocation Fund Series – Portfolio Manager Report (Unaudited) (Continued)

Highlighting the range of return outcomes compared to equities, the investment-grade bond benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, posted a 3.54% return in 2017, as interest rates were relatively stable, with bond yields (as measured by the 10-year Treasury bond) remaining flat for the year. Returns for alternative investments such as U.S. real estate investment trusts (REITs) and commodities were also modest, as a portfolio of 50 percent U.S. REITs (NAREIT Index) and 50 percent commodities (Bloomberg Commodity Index) returned only 5.21% for the year. As a result, diversification beyond traditional equities, which over the long term, has the potential to reduce portfolio volatility and make for a smoother ride for investors, did not pay off in 2017.

Investment adviser outlook

As we enter 2018, we continue to see the equity markets as extended and valuations high relative to market history. Although the economy continues to grow modestly and, in our view, could get a small boost in 2018 from tax reform, we expect that growth will settle back down again in 2019. Several factors are coming into play: We are getting later in the economic growth cycle, the U.S. Federal Reserve has been raising interest rates and tapering their balance sheet, there are diminishing tailwinds from a declining unemployment rate, high company profit margins have been reported, and there is historically low volatility. Against this backdrop, we feel that diversification across global assets could be a smart approach for what we believe could be a bumpier ride for the markets in 2018.

MML Allocation Fund Series – Portfolio Manager Report (Unaudited) (Continued)


MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 12/31/17

Fixed Income Funds	60.6	%
Equity Funds	39.5	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%


MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 12/31/17

Fixed Income Funds	50.5	%
Equity Funds	49.6	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%


*MML Moderate Allocation Fund* Asset Allocation (% of Net Assets) on 12/31/17

Equity Funds	59.8	%
Fixed Income Funds	40.3	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%


MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 12/31/17

Equity Funds	74.8	%
Fixed Income Funds	25.3	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%


MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 12/31/17

Equity Funds	89.9	%
Fixed Income Funds	10.2	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%

MML Conservative Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Conservative Allocation Fund Initial Class, the Bloomberg Barclays U.S. Aggregate Bond Index, the Russell 3000 Index, the MSCI ACWI ex USA, and the Custom MML Conservative Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		9.62%		6.21%		5.38%
Bloomberg Barclays U.S. Aggregate Bond Index*		3.54%		2.10%		4.01%
Russell 3000 Index		21.13%		15.58%		8.60%
MSCI ACWI ex USA		27.19%		6.80%		1.84%
Custom MML Conservative Allocation Index		10.90%		6.60%		5.62%

Hypothetical Investments in MML Conservative Allocation Fund Service Class, the Bloomberg Barclays U.S. Aggregate Bond Index, the Russell 3000 Index, the MSCI ACWI ex USA, and the Custom MML Conservative Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		9.33%		5.94%		5.83%
Bloomberg Barclays U.S. Aggregate Bond Index*		3.54%		2.10%		4.15%
Russell 3000 Index		21.13%		15.58%		10.39%
MSCI ACWI ex USA		27.19%		6.80%		4.06%
Custom MML Conservative Allocation Index		10.90%		6.60%		6.46%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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 www.massmutual.com.

Investors should note that the Fund is a professionally managed mutual fund, while the Bloomberg Barclays U.S. Aggregate Bond Index, the Russell 3000 Index, the MSCI ACWI ex USA, and the Custom MML Conservative Allocation 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.

MML Balanced Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Balanced Allocation Fund Initial Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Balanced Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		11.48%		7.30%		5.48%
Russell 3000 Index*		21.13%		15.58%		8.60%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%
MSCI ACWI ex USA		27.19%		6.80%		1.84%
Custom MML Balanced Allocation Index		12.80%		7.73%		5.93%

Hypothetical Investments in MML Balanced Allocation Fund Service Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Balanced Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		11.21%		7.02%		6.14%
Russell 3000 Index*		21.13%		15.58%		10.39%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%
MSCI ACWI ex USA		27.19%		6.80%		4.06%
Custom MML Balanced Allocation Index		12.80%		7.73%		6.95%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Balanced Allocation 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.

MML Moderate Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Moderate Allocation Fund Initial Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Moderate Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		13.33%		8.37%		5.84%
Russell 3000 Index*		21.13%		15.58%		8.60%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%
MSCI ACWI ex USA		27.19%		6.80%		1.84%
Custom MML Moderate Allocation Index		14.72%		8.86%		6.22%

Hypothetical Investments in MML Moderate Allocation Fund Service Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Moderate Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		12.99%		8.11%		6.68%
Russell 3000 Index*		21.13%		15.58%		10.39%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%
MSCI ACWI ex USA		27.19%		6.80%		4.06%
Custom MML Moderate Allocation Index		14.72%		8.86%		7.41%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Moderate Allocation 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.

MML Growth Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Growth Allocation Fund Initial Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Growth Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		16.07%		9.97%		6.14%
Russell 3000 Index*		21.13%		15.58%		8.60%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%
MSCI ACWI ex USA		27.19%		6.80%		1.84%
Custom MML Growth Allocation Index		17.64%		10.56%		6.57%

Hypothetical Investments in MML Growth Allocation Fund Service Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Growth Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		15.81%		9.68%		7.27%
Russell 3000 Index*		21.13%		15.58%		10.39%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%
MSCI ACWI ex USA		27.19%		6.80%		4.06%
Custom MML Growth Allocation Index		17.64%		10.56%		8.03%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Growth Allocation 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.

MML Aggressive Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Aggressive Allocation Fund Initial Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Aggressive Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		18.77%		11.50%		6.49%
Russell 3000 Index*		21.13%		15.58%		8.60%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%
MSCI ACWI ex USA		27.19%		6.80%		1.84%
Custom MML Aggressive Allocation Index		20.89%		12.38%		6.80%

Hypothetical Investments in MML Aggressive Allocation Fund Service Class, the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Aggressive Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		18.44%		11.24%		7.88%
Russell 3000 Index*		21.13%		15.58%		10.39%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%
MSCI ACWI ex USA		27.19%		6.80%		4.06%
Custom MML Aggressive Allocation Index		20.89%		12.38%		8.56%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the MSCI ACWI ex USA, and the Custom MML Aggressive Allocation 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.

MML American Funds Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML American Funds^® Growth Fund, and who is the Fund’s investment adviser?

The Fund seeks to provide investors with growth of capital through a “master feeder” relationship. (See page 50 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – Growth Fund (the “Master Growth Fund”), a series of the American Funds Insurance Series^®, a registered open-end investment company, managed by Capital Research and Management Company (Capital Research), which has substantially the same investment objective. The Master Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Master Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The Master Growth Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund returned 27.78%, outperforming, by a wide margin, the 21.83% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in U.S. equity market. The Fund underperformed the 30.21% return of the Russell 1000^® Growth Index, which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

Capital Research’s discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2017, U.S. equity markets continued to stage an impressive rally, as consumer optimism, healthy corporate earnings and an improving job market provided a boost to the economy. Strong consumer demand and rising optimism fueled stocks in the information technology sector.

Outside the U.S., European stocks rose, as a powerful combination of central bank stimulus and accelerating corporate earnings propelled their valuations. Emerging markets also advanced, led by rising prices for most commodities and robust profits from leading technology companies.

With respect to the Fund, larger-than-benchmark investments and stock selection in the information technology and consumer discretionary sectors boosted returns for the year. Among the Fund’s top contributors was consumer discretionary company Amazon.com, which posted a double-digit gain to its share price. Another standout performer was information technology company Facebook. This Fund holding outperformed analysts’ expectations as well as some of its own guidance – and surpassed, for the first time, two billion monthly active users.

Exposure to the energy sector detracted from performance for the year, despite OPEC’s decision to extend oil production cuts into 2018. Specifically, energy exploration and production company Noble Energy and oil-field services company Schlumberger were two Fund holdings that detracted from the Fund’s full-year results.

Capital Research’s outlook

Although U.S. economic growth remained strong with gross domestic product (GDP) growing at an annualized pace of 3.2% in the third quarter, we are keeping a close watch on economic indicators, such as wage growth and fiscal policy, including outcomes from U.S. tax reform. Fund management continues to favor well-positioned, growth-oriented companies that they believe have the potential to generate free cash flow in different economic environments.

MML American Funds Growth Fund – Portfolio Manager Report (Unaudited) (Continued)


MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 12/31/17

Equity Funds	100.1	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%

MML American Funds Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML American Funds Growth Fund Service Class I, the S&P 500 Index, and the Russell 1000 Growth Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class I		27.78%		15.71%		9.88%
S&P 500 Index*		21.83%		15.79%		10.42%
Russell 1000 Growth Index		30.21%		17.33%		11.76%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Growth 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.

MML American Funds International Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML American Funds^® International Fund, and who is the Fund’s investment adviser?

The Fund seeks long-term capital growth of assets through a “master-feeder” relationship. (See page 50 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – International Fund (the “Master International Fund”), a series of the American Funds Insurance Series^®, a registered open-end investment company managed by Capital Research and Management Company (Capital Research), which has substantially the same investment objective. The Master International Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that Capital Research believes have the potential for growth. The Master International Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund returned 31.65%, outperforming the 27.19% return of MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The Fund outperformed the 25.03% return of the MSCI EAFE Index, which measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

Capital Research’s discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2017, global stocks rallied, led by strong corporate earnings growth and accommodative monetary policy amid a backdrop of macroeconomic stability across most regions. A broad-based recovery and ultra-low interest rates across Europe, particularly in countries that have engaged in fiscal reform over the past few years, facilitated the continent’s growth trajectory, while helping combat deflationary pressures. Political fighting in the U.S. and elsewhere was essentially ignored by resilient financial markets.

The Fund’s investments in the information technology sector contributed the most to absolute and relative returns for the year. The Fund took advantage of the rally in the information technology sector, as two Chinese Fund holdings contributed the most. The first was Tencent (a multinational holding company whose subsidiaries specialize in internet-related services and products, entertainment, and artificial intelligence worldwide); the second, Alibaba Group Holding, a multinational conglomerate that provides consumer-to-consumer, business-to-consumer and business-to-business sales services through web portals, electronic payment services, shopping search engines, and cloud computing services. Accelerated revenue growth and strong Chinese consumption contributed to an increase in both companies’ stock prices.

The Fund’s investments in the financials sector were also among the top contributors to returns for the year. Specifically, Fund holding Indian bank HDFC Bank surged after the company reported healthy second-quarter profits, as it continued to gain market share from state-owned banks.

The Fund’s investments in the health care sector hindered returns the most during the year. Teva Pharmaceutical Industries, Ltd., an Israeli multinational pharmaceutical company that specializes primarily in generic drugs, was one Fund holding that was among the top detractors from relative returns for the year, as the company’s share price declined due to worse-than-expected results for the second quarter.

Capital Research’s outlook

We continue to monitor key indicators in advanced countries – from wage growth and inflation dynamics to the impact of technology and demographics on productivity – as they seek the flexibility to pivot to areas of opportunity. That is why we take a multilayered approach to research, and invest in different geographies, industries and ultimately companies that we believe can control their own destiny through efficiencies or innovative products.

MML American Funds International Fund – Portfolio Manager Report (Unaudited) (Continued)


MML American Funds International Fund Asset Allocation (% of Net Assets) on 12/31/17

Equity Funds	100.1	%

Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%

Net Assets	100.0	%

MML American Funds International Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML American Funds International Fund Service Class I, the MSCI ACWI ex USA, and the MSCI EAFE Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class I		31.65%		8.62%		5.16%
MSCI ACWI ex USA*		27.19%		6.80%		4.06%
MSCI EAFE Index		25.03%		7.90%		4.19%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI ACWI ex USA and the MSCI EAFE 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.

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML American Funds Core Allocation Fund, and who is the Fund’s investment adviser?

The Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. The Fund is a “fund of funds” and seeks to achieve its investment objective by principally investing in a combination of series of the American Funds Insurance Series^® (the “American Underlying Funds”), managed by Capital Research and Management Company (Capital Research), using a flexible asset allocation approach. The Fund’s investment adviser invests the Fund’s assets in a combination of domestic and international American Underlying Funds. As of the date of this report, it is expected that the American Underlying Funds will include Class 1 shares of the American Funds Insurance Series – Bond Fund, the American Funds Insurance Series – Blue Chip Income and Growth Fund, the American Funds Insurance Series – Growth-Income Fund, and the American Funds Insurance Series – International Fund. The Fund’s investment adviser allocates the Fund’s assets among a variety of different asset classes through investing in American Underlying Funds in response to changing market, economic, and investment conditions. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund returned 14.94%, underperforming the 21.83% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in U.S. equity market. The Fund underperformed the 27.19% return of the MSCI All Country World Index (ACWI) ex USA, which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The Fund outperformed the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index, 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 ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). Finally, the Fund’s 14.94% return underperformed the 15.70% return of the Custom MML Core Allocation Index, which comprises the benchmark (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the MSCI ACWI ex USA (10%).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

Capital Research’s discussion of factors that contributed to the Fund’s performance

The following paragraphs discuss the results of each of the Fund’s underlying portfolio components. Because the Fund invests in both stock- and bond-based portfolios, its overall performance may vary considerably from the broad market indexes listed above, which each measure the performance of a specific group of securities. These component-specific discussions focus on results and positioning versus each component’s main comparative index, not how the Fund as a whole performed or was positioned versus those indexes.

The American Funds Insurance Series – Bond Fund (the “Bond Fund”) outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) for the year, as bond returns were strong across most sectors. The Treasury curve flattened, as shorter-term rates rose, and longer-term rates fell. This occurred in part due to the Federal Reserve increasing short-term interest rates by 0.75% over the course of the year and strong demand persisting for longer-dated Treasuries. Credit flourished as corporate bond spreads also tightened 0.30% to 0.93%, nearing the lowest levels of the recovery. High-yield bonds returned 7.50% and investment-grade bonds rose 6.42%. Duration management throughout the year contributed significantly to the Bond Fund’s relative returns. (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.) The Bond Fund also benefited from sector allocation, with U.S. Treasuries contributing most to relative returns.

The American Funds Insurance Series – Blue Chip Income and Growth Fund (the “Income and Growth Fund”) underperformed the benchmark in 2017, as the Income and Growth Fund’s investments in the energy sector hindered returns, despite OPEC’s production cuts aimed at propping up oil prices. Specifically, energy exploration and production company Halliburton was one Income and Growth Fund holding that hampered performance. Telecommunication services company CenturyLink was another holding that proved to be a drag on returns, as the company missed third-quarter earnings and revenue estimates. A lack of investments in certain growth stocks in the information technology sector – such as Facebook and Alphabet – hampered relative

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

returns for the year. On a country basis, lower-than-benchmark investments in U.S.-domiciled companies also detracted from relative returns. Investments in information technology and health care companies boosted returns. Posting double-digit gains was health care company AbbVie, an Income and Growth Fund holding that reported third-quarter earnings above analyst estimates due in part to sales of its flagship drug, Humira. The stock price of Income and Growth Fund holding Intel also rose, as the company reported better-than-expected third quarter earnings and revenue from its data center.

The American Funds Insurance Series – Growth-Income Fund (the “Growth-Income Fund”) outperformed the benchmark for the year, as consumer discretionary and health care sectors contributed the most to the Growth-Income Fund’s relative returns. Among consumer discretionary companies, Amazon.com reported strong third-quarter earnings and acquired Whole Foods, which helped strengthen its retail platform and contributed to an increase in its stock price. Health care company AbbVie was a Growth-Income Fund holding that reported stellar third-quarter earnings, outperforming consensus estimates. Growth-Income Fund investments in the energy sector hindered absolute results, as two Growth-Income Fund holdings – energy exploration and production company Noble Energy and oil-field services company Schlumberger – detracted from returns.

The American Funds Insurance Series – International Fund (the “International Fund”) outperformed the MSCI ACWI ex USA (the “Index”) for the year, as the International Fund’s investments in the information technology sector contributed the most to absolute and relative returns. The International Fund took advantage of the rally in the information technology sector, as two of its Chinese holdings contributed the most. The first was Tencent (a multinational holding company whose subsidiaries specialize in internet-related services and products, entertainment, and artificial intelligence worldwide); the second, Alibaba Group Holding, a multinational conglomerate that provides consumer-to-consumer, business-to-consumer, and business-to-business sales services through web portals, electronic payment services, shopping search engines, and cloud computing services. Accelerated revenue growth and strong Chinese consumption contributed to an increase in both companies’ stock prices. The International Fund’s investments in the financials sector were also among the top contributors to returns for the year. Specifically, International Fund holding HDFC Bank surged after the company reported healthy second-quarter profits, as it continued to gain market share from state-owned banks. The International Fund’s investments in the health care sector hindered returns. Teva Pharmaceutical Industries, Ltd., an Israeli multinational pharmaceutical company that specializes primarily in generic drugs, was one holding that was among the top detractors from relative returns for the year, as the company’s share price declined due to worse-than-expected results for the second quarter.

Capital Research’s outlook

On the whole, in our view, the U.S. economy appears to be in good shape and has the potential to grow at a moderate pace in 2018. With respect to the Bond Fund, we believe that, as U.S. interest rates increase, investors may have the opportunity to reinvest at higher yields. Fund management expects there could be continued demand for relatively safe, income-producing securities.

Heading into 2018, the Income and Growth Fund’s portfolio managers are keeping a close watch on the U.S. economy. They continue to favor well-managed, high-quality companies that they estimate have the potential to generate positive cash flow in different economic environments. With respect to the Growth-Income Fund, Fund management believes that as equity markets continue to advance, the sustainability of this remarkable bull market is in question. Fund management exercises caution and continues to conduct global research and fundamental analysis to identify companies that, in their view, are reasonably valued for their growth prospects, while maintaining a long-term perspective on investing.

Finally, with respect to the International Fund, Fund management continues to monitor key indicators in advanced countries – from wage growth and inflation dynamics to the impact of technology and demographics on productivity – as they seek the flexibility to pivot to areas of opportunity. Fund management takes a multilayered approach to research, investing in different geographies, industries, and, ultimately, companies that they believe may be able to control their own destiny through efficiencies or innovative products.

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)


MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 12/31/17

Equity Funds	64.5	%
Fixed Income Funds	35.6	%

Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%

Net Assets	100.0	%

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML American Funds Core Allocation Fund Service Class I, the S&P 500 Index, the MSCI ACWI ex USA, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Custom MML Core Allocation Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class I		14.94%		9.62%		6.84%
S&P 500 Index*		21.83%		15.79%		10.42%
MSCI ACWI ex USA		27.19%		6.80%		4.06%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%
Custom MML Core Allocation Index		15.70%		10.07%		7.99%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the MSCI ACWI ex USA, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Custom MML Core Allocation 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.

MML Conservative Allocation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 39.5%
MML Blue Chip Growth Fund, Initial Class (a)		657,890	$	11,453,863
MML Equity Income Fund, Initial Class (a)		1,038,073		12,975,913
MML Equity Index Fund, Class III (a)		439,521		13,611,967
MML Focused Equity Fund, Class II (a)		187,702		2,381,942
MML Foreign Fund, Initial Class (a)		879,263		9,891,708
MML Fundamental Growth Fund, Class II (a)		657,075		8,502,554
MML Fundamental Value Fund, Class II (a)		814,783		12,563,957
MML Global Fund, Class I (a)		933,854		12,177,458
MML Income & Growth Fund, Initial Class (a)		1,068,223		13,587,795
MML International Equity Fund, Class II (a)		634,713		7,597,510
MML Large Cap Growth Fund, Initial Class (a)		369,697		3,952,062
MML Mid Cap Growth Fund, Initial Class (a)		491,804		7,962,302
MML Mid Cap Value Fund, Initial Class (a)		847,203		10,285,049
MML Small Cap Growth Equity Fund, Initial Class (a)		158,554		2,374,588
MML Small Company Value Fund, Class II (a)		284,935		4,815,407
MML Small/Mid Cap Value Fund, Initial Class (a)		178,471		2,496,808
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		31,750		2,673,680
Oppenheimer Global Fund/VA, Non-Service Shares (a)		168,251		7,978,470
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		3,177,122		31,262,882
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		2,592,094		6,713,523
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		87,544		2,823,284

				188,082,722

Fixed Income Funds — 60.6%
MML Dynamic Bond Fund, Class II (a)		6,816,148		67,820,671
MML High Yield Fund, Class II (a)		1,431,790		14,332,217
MML Inflation-Protected and Income Fund, Initial Class (a)		1,992,203		20,240,785


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		8,100,277	$	100,563,014
MML Short-Duration Bond Fund, Class II (a)		2,614,131		25,435,499
MML Total Return Bond Fund, Class II (a)		5,793,656		60,022,275

				288,414,461


TOTAL MUTUAL FUNDS (Cost $467,386,881)				476,497,183


TOTAL LONG-TERM INVESTMENTS (Cost $467,386,881)				476,497,183


TOTAL INVESTMENTS — 100.1% (Cost $467,386,881) (b)				476,497,183

Other Assets/(Liabilities) — (0.1)%				(360,104	)


NET ASSETS — 100.0%			$	476,137,079

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Balanced Allocation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 49.6%
MML Blue Chip Growth Fund, Initial Class (a)		1,031,521	$	17,958,778
MML Equity Income Fund, Initial Class (a)		1,610,456		20,130,705
MML Equity Index Fund, Class III (a)		631,258		19,550,073
MML Focused Equity Fund, Class II (a)		281,150		3,567,797
MML Foreign Fund, Initial Class (a)		1,528,592		17,196,665
MML Fundamental Growth Fund, Class II (a)		1,060,798		13,726,720
MML Fundamental Value Fund, Class II (a)		1,303,155		20,094,654
MML Global Fund, Class I (a)		1,391,985		18,151,487
MML Income & Growth Fund, Initial Class (a)		1,606,552		20,435,340
MML International Equity Fund, Class II (a)		1,184,432		14,177,648
MML Large Cap Growth Fund, Initial Class (a)		558,753		5,973,075
MML Mid Cap Growth Fund, Initial Class (a)		901,770		14,599,661
MML Mid Cap Value Fund, Initial Class (a)		1,426,284		17,315,093
MML Small Cap Growth Equity Fund, Initial Class (a)		282,916		4,237,103
MML Small Company Value Fund, Class II (a)		426,934		7,215,190
MML Small/Mid Cap Value Fund, Initial Class (a)		348,987		4,882,327
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		59,214		4,986,388
Oppenheimer Global Fund/VA, Non-Service Shares (a)		246,872		11,706,652
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		4,289,196		42,205,693
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		5,556,767		14,392,028
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		139,823		4,509,287

				297,012,364

Fixed Income Funds — 50.5%
MML Dynamic Bond Fund, Class II (a)		6,817,719		67,836,306
MML High Yield Fund, Class II (a)		1,606,252		16,078,587
MML Inflation-Protected and Income Fund, Initial Class (a)		2,171,277		22,060,179


	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		8,397,442	$	104,252,244
MML Short-Duration Bond Fund, Class II (a)		3,063,372		29,806,611
MML Total Return Bond Fund, Class II (a)		6,057,003		62,750,547

				302,784,474


TOTAL MUTUAL FUNDS (Cost $586,443,680)				599,796,838


TOTAL LONG-TERM INVESTMENTS (Cost $586,443,680)				599,796,838


TOTAL INVESTMENTS — 100.1% (Cost $586,443,680) (b)				599,796,838

Other Assets/(Liabilities) — (0.1)%				(443,018	)


NET ASSETS — 100.0%			$	599,353,820

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Moderate Allocation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 59.8%
MML Blue Chip Growth Fund, Initial Class (a)		4,965,972	$	86,457,565
MML Equity Income Fund, Initial Class (a)		7,899,749		98,746,858
MML Equity Index Fund, Class III (a)		2,983,088		92,386,239
MML Focused Equity Fund, Class II (a)		2,008,692		25,490,301
MML Foreign Fund, Initial Class (a)		8,247,826		92,788,041
MML Fundamental Growth Fund, Class II (a)		4,114,483		53,241,410
MML Fundamental Value Fund, Class II (a)		6,448,042		99,428,806
MML Global Fund, Class I (a)		6,631,669		86,476,962
MML Income & Growth Fund, Initial Class (a)		7,794,862		99,150,642
MML International Equity Fund, Class II (a)		6,851,208		82,008,958
MML Large Cap Growth Fund, Initial Class (a)		2,947,915		31,513,216
MML Mid Cap Growth Fund, Initial Class (a)		4,936,283		79,918,423
MML Mid Cap Value Fund, Initial Class (a)		7,311,502		88,761,637
MML Small Cap Growth Equity Fund, Initial Class (a)		1,415,657		21,201,651
MML Small Company Value Fund, Class II (a)		2,316,041		39,141,100
MML Small/Mid Cap Value Fund, Initial Class (a)		1,709,037		23,909,426
MML Strategic Emerging Markets Fund, Class II (a)		3,758,390		43,484,577
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		296,532		24,970,974
Oppenheimer Global Fund/VA, Non-Service Shares (a)		1,185,281		56,206,012
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		18,893,953		185,916,498
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		18,237,528		47,235,197
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		450,762		14,537,070

				1,472,971,563


	Number of Shares		Value
Fixed Income Funds — 40.3%
MML Dynamic Bond Fund, Class II (a)		22,222,002	$	221,108,920
MML High Yield Fund, Class II (a)		5,156,965		51,621,220
MML Inflation-Protected and Income Fund, Initial Class (a)		7,635,325		77,574,907
MML Managed Bond Fund, Initial Class (a)		27,120,586		336,695,620
MML Short-Duration Bond Fund, Class II (a)		10,756,921		104,664,844
MML Total Return Bond Fund, Class II (a)		19,502,355		202,044,395

				993,709,906


TOTAL MUTUAL FUNDS (Cost $2,376,504,360)				2,466,681,469


TOTAL LONG-TERM INVESTMENTS (Cost $2,376,504,360)				2,466,681,469


TOTAL INVESTMENTS — 100.1% (Cost $2,376,504,360) (b)				2,466,681,469

Other Assets/(Liabilities) — (0.1)%				(1,809,815	)


NET ASSETS — 100.0%			$	2,464,871,654

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Growth Allocation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 74.8%
MML Blue Chip Growth Fund, Initial Class (a)		4,320,727	$	75,223,853
MML Equity Income Fund, Initial Class (a)		6,749,823		84,372,793
MML Equity Index Fund, Class III (a)		2,636,899		81,664,763
MML Focused Equity Fund, Class II (a)		1,842,897		23,386,361
MML Foreign Fund, Initial Class (a)		7,276,037		81,855,412
MML Fundamental Growth Fund, Class II (a)		3,177,376		41,115,243
MML Fundamental Value Fund, Class II (a)		5,496,861		84,761,589
MML Global Fund, Class I (a)		5,733,335		74,762,688
MML Income & Growth Fund, Initial Class (a)		6,706,548		85,307,296
MML International Equity Fund, Class II (a)		6,294,471		75,344,818
MML Large Cap Growth Fund, Initial Class (a)		2,625,639		28,068,081
MML Mid Cap Growth Fund, Initial Class (a)		4,652,757		75,328,139
MML Mid Cap Value Fund, Initial Class (a)		6,322,176		76,751,221
MML Small Cap Growth Equity Fund, Initial Class (a)		1,204,698		18,042,210
MML Small Company Value Fund, Class II (a)		2,015,647		34,064,429
MML Small/Mid Cap Value Fund, Initial Class (a)		1,988,570		27,820,094
MML Strategic Emerging Markets Fund, Class II (a)		3,973,710		45,975,823
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		290,237		24,440,830
Oppenheimer Global Fund/VA, Non-Service Shares (a)		1,023,589		48,538,580
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		14,464,694		142,332,587
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		16,630,822		43,073,829
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		650,563		20,980,653

				1,293,211,292


	Number of Shares		Value
Fixed Income Funds — 25.3%
MML Dynamic Bond Fund, Class II (a)		8,839,233	$	87,950,370
MML High Yield Fund, Class II (a)		1,350,252		13,516,018
MML Inflation-Protected and Income Fund, Initial Class (a)		6,746,007		68,539,428
MML Managed Bond Fund, Initial Class (a)		10,860,296		134,827,992
MML Short-Duration Bond Fund, Class II (a)		5,175,208		50,354,773
MML Total Return Bond Fund, Class II (a)		7,820,296		81,018,266

				436,206,847


TOTAL MUTUAL FUNDS (Cost $1,615,844,467)				1,729,418,139


TOTAL LONG-TERM INVESTMENTS (Cost $1,615,844,467)				1,729,418,139


TOTAL INVESTMENTS — 100.1% (Cost $1,615,844,467) (b)				1,729,418,139

Other Assets/(Liabilities) — (0.1)%				(1,077,404	)


NET ASSETS — 100.0%			$	1,728,340,735

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML Aggressive Allocation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 89.9%
MML Blue Chip Growth Fund, Initial Class (a)		480,406	$	8,363,872
MML Equity Income Fund, Initial Class (a)		714,545		8,931,817
MML Equity Index Fund, Class III (a)		251,041		7,774,745
MML Focused Equity Fund, Class II (a)		200,768		2,547,743
MML Foreign Fund, Initial Class (a)		792,681		8,917,658
MML Fundamental Growth Fund, Class II (a)		314,081		4,064,203
MML Fundamental Value Fund, Class II (a)		577,684		8,907,887
MML Global Fund, Class I (a)		663,269		8,649,029
MML Income & Growth Fund, Initial Class (a)		710,497		9,037,523
MML International Equity Fund, Class II (a)		670,446		8,025,233
MML Large Cap Growth Fund, Initial Class (a)		288,365		3,082,620
MML Mid Cap Growth Fund, Initial Class (a)		546,898		8,854,279
MML Mid Cap Value Fund, Initial Class (a)		724,354		8,793,658
MML Small Cap Growth Equity Fund, Initial Class (a)		156,712		2,347,009
MML Small Company Value Fund, Class II (a)		237,016		4,005,568
MML Small/Mid Cap Value Fund, Initial Class (a)		221,615		3,100,389
MML Strategic Emerging Markets Fund, Class II (a)		498,392		5,766,400
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		36,076		3,037,934
Oppenheimer Global Fund/VA, Non-Service Shares (a)		110,178		5,224,658
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		1,424,712		14,019,162
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		1,647,253		4,266,387
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		99,838		3,219,789

				140,937,563

Fixed Income Funds — 10.2%
MML Dynamic Bond Fund, Class II (a)		245,120		2,438,947


	Number of Shares		Value
MML Inflation-Protected and Income Fund, Initial Class (a)		404,647	$	4,111,211
MML Managed Bond Fund, Initial Class (a)		303,332		3,765,799
MML Short-Duration Bond Fund, Class II (a)		341,574		3,323,519
MML Total Return Bond Fund, Class II (a)		221,525		2,295,000

				15,934,476


TOTAL MUTUAL FUNDS (Cost $146,344,970)				156,872,039


TOTAL LONG-TERM INVESTMENTS (Cost $146,344,970)				156,872,039


TOTAL INVESTMENTS — 100.1% (Cost $146,344,970) (b)				156,872,039

Other Assets/(Liabilities) — (0.1)%				(108,927	)


NET ASSETS — 100.0%			$	156,763,112

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

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

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

MML American Funds Growth Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,210,585	$	172,094,020


TOTAL MUTUAL FUNDS (Cost $149,473,435)				172,094,020


TOTAL LONG-TERM INVESTMENTS (Cost $149,473,435)				172,094,020


TOTAL INVESTMENTS — 100.1% (Cost $149,473,435) (a)				172,094,020

Other Assets/(Liabilities) — (0.1)%				(197,821	)


NET ASSETS — 100.0%			$	171,896,199

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML American Funds International Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds International Fund, Class 1		3,086,948	$	67,017,646


TOTAL MUTUAL FUNDS (Cost $56,667,401)				67,017,646


TOTAL LONG-TERM INVESTMENTS (Cost $56,667,401)				67,017,646


TOTAL INVESTMENTS — 100.1% (Cost $56,667,401) (a)				67,017,646

Other Assets/(Liabilities) — (0.1)%				(86,494	)


NET ASSETS — 100.0%			$	66,931,152

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML American Funds Core Allocation Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 64.5%
American Funds Blue Chip Income and Growth Fund, Class 1		16,977,705	$	253,986,463
American Funds Growth-Income Fund, Class 1		6,143,658		308,534,482
American Funds International Fund, Class 1		6,614,086		143,591,797

				706,112,742

Fixed Income Funds — 35.6%
American Funds Bond Fund, Class 1		35,987,372		389,383,366


TOTAL MUTUAL FUNDS (Cost $1,010,215,150)				1,095,496,108


TOTAL LONG-TERM INVESTMENTS (Cost $1,010,215,150)				1,095,496,108


TOTAL INVESTMENTS — 100.1% (Cost $1,010,215,150) (a)				1,095,496,108

Other Assets/(Liabilities) — (0.1)%				(1,222,278	)


NET ASSETS — 100.0%			$	1,094,273,830

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

December 31, 2017


	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Assets:
Investments, at value — unaffiliated issuers (Note 2) (a)	$	-	$	-
Investments, at value — affiliated issuers (Note 2 & 7) (b)		476,497,183		599,796,838

Total investments		476,497,183		599,796,838

Receivables from:
Investments sold		594,604		192,669
Investment adviser (Note 3)		-		-
Fund shares sold		206,091		94,852

Total assets		477,297,878		600,084,359

Liabilities:
Payables for:
Investments purchased		-		-
Fund shares repurchased		797,767		283,831
Trustees’ fees and expenses (Note 3)		60,519		73,351
Affiliates (Note 3):
Investment advisory fees		40,545		50,973
Administration fees		-		-
Service fees		234,581		294,091
Accrued expense and other liabilities		27,387		28,293

Total liabilities		1,160,799		730,539

Net assets	$	476,137,079	$	599,353,820

Net assets consist of:
Paid-in capital	$	453,903,013	$	556,159,333
Undistributed (accumulated) net investment income (loss)		10,268,085		11,989,816
Accumulated net realized gain (loss) on investments and foreign currency transactions		2,855,679		17,851,513
Net unrealized appreciation (depreciation) on investments and foreign currency translations		9,110,302		13,353,158

Net assets	$	476,137,079	$	599,353,820


(a) Cost of investments — unaffiliated issuers	$	-	$	-
(b) Cost of investments — affiliated issuers:	$	467,386,881	$	586,443,680

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


MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund

$	-	$	-	$	-	$	172,094,020	$	67,017,646	$	1,095,496,108
	2,466,681,469		1,729,418,139		156,872,039		-		-		-

	2,466,681,469		1,729,418,139		156,872,039		172,094,020		67,017,646		1,095,496,108


	188,405		146,671		-		-		-		8,057
	-		-		-		-		1,509		-
	48,306		41,320		64,533		101,253		155,968		109,938

	2,466,918,180		1,729,606,130		156,936,572		172,195,273		67,175,123		1,095,614,103



	-		-		58,944		94,661		151,204		-
	221,578		177,491		4,642		5,555		4,361		111,394
	267,176		221,934		15,486		15,327		7,478		101,727

	209,328		146,263		13,251		21,789		8,390		177,530
	-		-		-		36,315		13,984		230,864
	1,303,790		681,873		56,460		107,944		41,864		686,193
	44,654		37,834		24,677		17,483		16,690		32,565

	2,046,526		1,265,395		173,460		299,074		243,971		1,340,273

$	2,464,871,654	$	1,728,340,735	$	156,763,112	$	171,896,199	$	66,931,152	$	1,094,273,830


$	2,234,565,749	$	1,490,435,587	$	138,026,012	$	128,771,303	$	54,024,562	$	918,043,358
	44,411,862		26,448,630		1,903,413		476,348		512,758		18,092,335
	95,716,934		97,882,846		6,306,618		20,027,963		2,043,587		72,857,179
	90,177,109		113,573,672		10,527,069		22,620,585		10,350,245		85,280,958

$	2,464,871,654	$	1,728,340,735	$	156,763,112	$	171,896,199	$	66,931,152	$	1,094,273,830


$	-	$	-	$	-	$	149,473,435	$	56,667,401	$	1,010,215,150
$	2,376,504,360	$	1,615,844,467	$	146,344,970	$	-	$	-	$	-

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	107,293,685	$	139,772,858

Shares outstanding (a)		10,723,862		13,762,195

Net asset value, offering price and redemption price per share	$	10.01	$	10.16

Service Class shares:
Net assets	$	368,843,394	$	459,580,962

Shares outstanding (a)		37,244,818		45,651,407

Net asset value, offering price and redemption price per share	$	9.90	$	10.07

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

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

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


MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund

$	417,669,979	$	647,612,581	$	66,516,772	$	-	$	-	$	-

	37,979,144		66,441,871		6,225,285		-		-		-

$	11.00	$	9.75	$	10.68	$	-	$	-	$	-


$	2,047,201,675	$	1,080,728,154	$	90,246,340	$	-	$	-	$	-

	188,173,374		111,778,132		8,561,906		-		-		-

$	10.88	$	9.67	$	10.54	$	-	$	-	$	-


$	-	$	-	$	-	$	171,896,199	$	66,931,152	$	1,094,273,830

	-		-		-		11,961,270		6,123,807		86,876,145

$	-	$	-	$	-	$	14.37	$	10.93	$	12.60

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2017


	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends — unaffiliated issuers	$	-		$	-
Dividends — affiliated issuers (Note 7)		11,174,888			12,983,808
Interest		-			-

Total investment income		11,174,888			12,983,808

Expenses (Note 3):
Investment advisory fees		472,481			593,868
Custody fees		23,335			23,339
Audit fees		30,943			31,035
Legal fees		7,969			9,967
Proxy fees		976			976
Shareholder reporting fees		10,570			12,177
Trustees’ fees		32,439			40,769

		578,713			712,131
Administration fees:
Service Class I		-			-
Service fees:
Service Class		905,236			1,138,527
Service Class I		-			-

Total expenses		1,483,949			1,850,658
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		-			-

Net expenses		1,483,949			1,850,658

Net investment income (loss)		9,690,939			11,133,150

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		50			-
Investment transactions — affiliated issuers (Note 7)		(1,737,628	)		4,937,721
Realized gain distributions — unaffiliated issuers		-			-
Realized gain distributions — affiliated issuers (Note 7)		9,878,548			15,773,873

Net realized gain (loss)		8,140,970			20,711,594

Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		-			-
Investment transactions — affiliated issuers (Note 7)		24,561,837			30,903,077

Net change in unrealized appreciation (depreciation)		24,561,837			30,903,077

Net realized gain (loss) and change in unrealized appreciation (depreciation)		32,702,807			51,614,671

Net increase (decrease) in net assets resulting from operations	$	42,393,746		$	62,747,821

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


MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund			MML American Funds Core Allocation Fund

$	-	$	-	$	-	$	1,193,343	$	931,287		$	20,258,942
	47,892,667		27,501,735		1,968,642		-		-			-
	-		-		-		-		-			1

	47,892,667		27,501,735		1,968,642		1,193,343		931,287			20,258,943


	2,440,344		1,676,961		147,102		237,965		93,131			1,994,873
	24,356		24,381		24,357		2,215		2,216			6,730
	32,404		31,839		30,705		30,711		30,640			31,360
	39,834		27,272		2,435		2,678		1,054			17,685
	976		976		976		976		976			975
	40,409		28,115		5,442		4,479		3,611			15,114
	167,444		114,784		10,035		10,791		4,236			70,494

	2,745,767		1,904,328		221,052		289,815		135,864			2,137,231

	-		-		-		396,609		155,219			2,581,960

	5,058,008		2,614,459		210,442		-		-			-
	-		-		-		396,609		155,219			2,581,960

	7,803,775		4,518,787		431,494		1,083,033		446,302			7,301,151

	-		-		-		-		(11,691	)		-

	7,803,775		4,518,787		431,494		1,083,033		434,611			7,301,151

	40,088,892		22,982,948		1,537,148		110,310		496,676			12,957,792



	590		11		-		5,384,740		1,390,543			43,612,423
	27,083,488		38,801,319		510,874		-		-			-
	-		-		-		15,027,196		718,531			34,503,851
	78,121,599		66,640,550		7,163,202		-		-			-

	105,205,677		105,441,880		7,674,076		20,411,936		2,109,074			78,116,274


	-		-		-		17,691,154		14,131,377			51,746,035
	153,753,242		117,606,564		15,652,492		-		-			-

	153,753,242		117,606,564		15,652,492		17,691,154		14,131,377			51,746,035

	258,958,919		223,048,444		23,326,568		38,103,090		16,240,451			129,862,309

$	299,047,811	$	246,031,392	$	24,863,716	$	38,213,400	$	16,737,127		$	142,820,101

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Conservative Allocation Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	9,690,939		$	8,815,104
Net realized gain (loss)		8,140,970			11,855,964
Net change in unrealized appreciation (depreciation)		24,561,837			5,658,961

Net increase (decrease) in net assets resulting from operations		42,393,746			26,330,029

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(2,403,173	)		(2,692,993	)
Service Class		(7,118,539	)		(7,810,262	)

Total distributions from net investment income		(9,521,712	)		(10,503,255	)

From net realized gains:
Initial Class		(3,272,357	)		(5,991,228	)
Service Class		(10,920,916	)		(19,296,742	)

Total distributions from net realized gains		(14,193,273	)		(25,287,970	)

Net fund share transactions (Note 5):
Initial Class		(10,157,811	)		(2,460,478	)
Service Class		(9,736,334	)		32,960,765

Increase (decrease) in net assets from fund share transactions		(19,894,145	)		30,500,287

Total increase (decrease) in net assets		(1,215,384	)		21,039,091
Net assets
Beginning of year		477,352,463			456,313,372

End of year	$	476,137,079		$	477,352,463

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	10,268,085		$	9,472,309

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


MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	11,133,150		$	9,511,083		$	40,088,892		$	34,983,877		$	22,982,948		$	19,299,811
	20,711,594			24,558,771			105,205,677			117,554,816			105,441,880			116,462,293
	30,903,077			(1,121,085	)		153,753,242			(494,607	)		117,606,564			(23,017,750	)

	62,747,821			32,948,769			299,047,811			152,044,086			246,031,392			112,744,354



	(2,662,293	)		(3,170,342	)		(7,462,860	)		(8,560,018	)		(9,408,950	)		(11,364,240	)
	(7,790,707	)		(9,076,660	)		(31,997,619	)		(36,427,389	)		(13,200,957	)		(16,338,690	)

	(10,453,000	)		(12,247,002	)		(39,460,479	)		(44,987,407	)		(22,609,907	)		(27,702,930	)


	(5,768,559	)		(9,368,018	)		(19,598,715	)		(28,611,812	)		(43,216,570	)		(62,519,828	)
	(19,206,081	)		(30,031,130	)		(96,727,406	)		(137,512,376	)		(71,929,529	)		(104,164,195	)

	(24,974,640	)		(39,399,148	)		(116,326,121	)		(166,124,188	)		(115,146,099	)		(166,684,023	)


	(1,415,170	)		(5,081,384	)		(19,031,337	)		5,105,108			(442,345	)		31,458,137
	(263,281	)		25,725,103			(40,068,539	)		95,942,271			11,701,041			49,887,306

	(1,678,451	)		20,643,719			(59,099,876	)		101,047,379			11,258,696			81,345,443

	25,641,730			1,946,338			84,161,335			41,979,870			119,534,082			(297,156	)

	573,712,090			571,765,752			2,380,710,319			2,338,730,449			1,608,806,653			1,609,103,809

$	599,353,820		$	573,712,090		$	2,464,871,654		$	2,380,710,319		$	1,728,340,735		$	1,608,806,653

$	11,989,816		$	10,393,930		$	44,411,862		$	39,255,594		$	26,448,630		$	22,426,679

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Aggressive Allocation Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss) on investment transactions	$	1,537,148		$	1,189,624
Net realized gain (loss)		7,674,076			8,516,396
Net change in unrealized appreciation (depreciation)		15,652,492			635,660

Net increase (decrease) in net assets resulting from operations		24,863,716			10,341,680

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(703,424	)		(870,484	)
Service Class		(810,785	)		(924,943	)
Service Class I		-			-

Total distributions from net investment income		(1,514,209	)		(1,795,427	)

From net realized gains:
Initial Class		(3,695,389	)		(5,951,535	)
Service Class		(5,166,022	)		(7,461,136	)
Service Class I		-			-

Total distributions from net realized gains		(8,861,411	)		(13,412,671	)

Net fund share transactions (Note 5):
Initial Class		1,722,871			5,130,219
Service Class		8,497,216			8,398,579
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		10,220,087			13,528,798

Total increase (decrease) in net assets		24,708,183			8,662,380
Net assets
Beginning of year		132,054,929			123,392,549

End of year	$	156,763,112		$	132,054,929

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	1,903,413		$	1,502,566

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


MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	110,310		$	472,434		$	496,676		$	508,452		$	12,957,792		$	11,027,800
	20,411,936			14,235,317			2,109,074			5,126,012			78,116,274			74,881,291
	17,691,154			(3,419,681	)		14,131,377			(4,007,082	)		51,746,035			(12,582,717	)

	38,213,400			11,288,070			16,737,127			1,627,382			142,820,101			73,326,374



	-			-			-			-			-			-
	-			-			-			-			-			-
	(471,539	)		(267,323	)		(507,482	)		(632,920	)		(14,606,463	)		(16,088,756	)

	(471,539	)		(267,323	)		(507,482	)		(632,920	)		(14,606,463	)		(16,088,756	)


	-			-			-			-			-			-
	-			-			-			-			-			-
	(14,235,317	)		(29,068,974	)		(5,160,303	)		(3,955,087	)		(71,053,987	)		(66,430,452	)

	(14,235,317	)		(29,068,974	)		(5,160,303	)		(3,955,087	)		(71,053,987	)		(66,430,452	)


	-			-			-			-			-			-
	-			-			-			-			-			-
	8,548,926			30,222,393			1,889,945			1,343,819			95,664,276			137,539,582

	8,548,926			30,222,393			1,889,945			1,343,819			95,664,276			137,539,582

	32,055,470			12,174,166			12,959,287			(1,616,806	)		152,823,927			128,346,748

	139,840,729			127,666,563			53,971,865			55,588,671			941,449,903			813,103,155

$	171,896,199		$	139,840,729		$	66,931,152		$	53,971,865		$	1,094,273,830		$	941,449,903

$	476,348		$	460,508		$	512,758		$	501,528		$	18,092,335		$	14,532,415

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Conservative Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	9.63	$	0.22	$	0.70		$	0.92		$	(0.23	)	$	(0.31	)	$	(0.54	)	$	10.01		9.62%		$	107,294		0.12%		2.23%
12/31/16		9.83		0.20		0.37			0.57			(0.24	)		(0.53	)		(0.77	)		9.63		5.78%			112,989		0.12%		2.01%
12/31/15		10.94		0.21		(0.25	)		(0.04	)		(0.32	)		(0.75	)		(1.07	)		9.83		(0.38%	)		117,636		0.12%		1.96%
12/31/14		11.40		0.25		0.33			0.58			(0.29	)		(0.75	)		(1.04	)		10.94		5.13%			131,214		0.13%		2.22%
12/31/13		10.81		0.25		0.93			1.18			(0.26	)		(0.33	)		(0.59	)		11.40		11.32%			141,078		0.13%		2.19%
Service Class
12/31/17	$	9.53	$	0.20	$	0.68		$	0.88		$	(0.20	)	$	(0.31	)	$	(0.51	)	$	9.90		9.33%		$	368,843		0.37%		2.00%
12/31/16		9.74		0.18		0.35			0.53			(0.21	)		(0.53	)		(0.74	)		9.53		5.48%			364,364		0.37%		1.80%
12/31/15		10.85		0.19		(0.26	)		(0.07	)		(0.29	)		(0.75	)		(1.04	)		9.74		(0.63%	)		338,677		0.37%		1.76%
12/31/14		11.32		0.23		0.31			0.54			(0.26	)		(0.75	)		(1.01	)		10.85		4.83%			342,234		0.38%		2.01%
12/31/13		10.74		0.22		0.93			1.15			(0.24	)		(0.33	)		(0.57	)		11.32		11.07%			326,916		0.38%		1.96%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		14	%		24	%		29	%		33	%		33	%

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.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Balanced Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	9.70	$	0.21	$	0.88		$	1.09		$	(0.20	)	$	(0.43	)	$	(0.63	)	$	10.16		11.48%		$	139,773		0.12%		2.06%
12/31/16		10.05		0.18		0.43			0.61			(0.24	)		(0.72	)		(0.96	)		9.70		6.15%			134,716		0.12%		1.84%
12/31/15		11.23		0.19		(0.23	)		(0.04	)		(0.31	)		(0.83	)		(1.14	)		10.05		(0.36%	)		144,084		0.12%		1.77%
12/31/14		11.58		0.24		0.38			0.62			(0.25	)		(0.72	)		(0.97	)		11.23		5.35%			167,530		0.12%		2.05%
12/31/13		10.85		0.23		1.29			1.52			(0.28	)		(0.51	)		(0.79	)		11.58		14.49%			164,583		0.13%		1.99%
Service Class
12/31/17	$	9.62	$	0.18	$	0.88		$	1.06		$	(0.18	)	$	(0.43	)	$	(0.61	)	$	10.07		11.21%		$	459,581		0.37%		1.82%
12/31/16		9.98		0.16		0.42			0.58			(0.22	)		(0.72	)		(0.94	)		9.62		5.82%			438,996		0.37%		1.62%
12/31/15		11.16		0.17		(0.23	)		(0.06	)		(0.29	)		(0.83	)		(1.12	)		9.98		(0.61%	)		427,682		0.37%		1.56%
12/31/14		11.52		0.21		0.37			0.58			(0.22	)		(0.72	)		(0.94	)		11.16		5.07%			430,872		0.37%		1.81%
12/31/13		10.80		0.20		1.28			1.48			(0.25	)		(0.51	)		(0.76	)		11.52		14.23%			393,650		0.38%		1.75%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		15	%		18	%		26	%		23	%		22	%

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.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Moderate Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	10.38	$	0.20	$	1.15		$	1.35		$	(0.20	)	$	(0.53	)	$	(0.73	)	$	11.00		13.33%		$	417,670		0.11%		1.84%
12/31/16		10.66		0.18		0.54			0.72			(0.23	)		(0.77	)		(1.00	)		10.38		6.89%			411,730		0.11%		1.69%
12/31/15		11.83		0.18		(0.26	)		(0.08	)		(0.28	)		(0.81	)		(1.09	)		10.66		(0.64%	)		416,556		0.11%		1.59%
12/31/14		12.10		0.21		0.47			0.68			(0.21	)		(0.74	)		(0.95	)		11.83		5.61%			465,943		0.11%		1.76%
12/31/13		10.96		0.20		1.66			1.86			(0.21	)		(0.51	)		(0.72	)		12.10		17.57%			465,692		0.12%		1.74%
Service Class
12/31/17	$	10.28	$	0.17	$	1.14		$	1.31		$	(0.18	)	$	(0.53	)	$	(0.71	)	$	10.88		12.99%		$	2,047,202		0.36%		1.60%
12/31/16		10.57		0.15		0.53			0.68			(0.20	)		(0.77	)		(0.97	)		10.28		6.59%			1,968,981		0.36%		1.45%
12/31/15		11.74		0.16		(0.26	)		(0.10	)		(0.26	)		(0.81	)		(1.07	)		10.57		(0.86%	)		1,922,174		0.36%		1.38%
12/31/14		12.02		0.19		0.46			0.65			(0.19	)		(0.74	)		(0.93	)		11.74		5.37%			1,790,903		0.36%		1.55%
12/31/13		10.89		0.18		1.65			1.83			(0.19	)		(0.51	)		(0.70	)		12.02		17.37%			1,480,843		0.37%		1.51%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		13	%		14	%		19	%		19	%		19	%

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.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets^w		Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	9.16	$	0.15	$	1.28		$	1.43		$	(0.15	)	$	(0.69	)	$	(0.84	)	$	9.75		16.07%		$	647,613		0.11%		1.53%
12/31/16		9.69		0.13		0.58			0.71			(0.19	)		(1.05	)		(1.24	)		9.16		7.57%			607,088		0.11%		1.38%
12/31/15		11.28		0.13		(0.21	)		(0.08	)		(0.28	)		(1.23	)		(1.51	)		9.69		(0.71%	)		605,993		0.11%		1.22%
12/31/14		11.80		0.16		0.52			0.68			(0.19	)		(1.01	)		(1.20	)		11.28		5.77%			660,986		0.11%		1.39%
12/31/13		10.66		0.16		2.13			2.29			(0.21	)		(0.94	)		(1.15	)		11.80		22.64%			659,823		0.12%		1.36%
Service Class
12/31/17	$	9.09	$	0.12	$	1.28		$	1.40		$	(0.13	)	$	(0.69	)	$	(0.82	)	$	9.67		15.81%		$	1,080,728		0.36%		1.27%
12/31/16		9.63		0.11		0.56			0.67			(0.16	)		(1.05	)		(1.21	)		9.09		7.23%			1,001,718		0.36%		1.13%
12/31/15		11.22		0.11		(0.22	)		(0.11	)		(0.25	)		(1.23	)		(1.48	)		9.63		(0.97%	)		1,003,111		0.36%		0.98%
12/31/14		11.74		0.13		0.52			0.65			(0.16	)		(1.01	)		(1.17	)		11.22		5.56%			1,034,580		0.36%		1.14%
12/31/13		10.62		0.13		2.11			2.24			(0.18	)		(0.94	)		(1.12	)		11.74		22.25%			995,436		0.37%		1.11%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		16	%		17	%		22	%		25	%		22	%

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.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Aggressive Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w		Ratio of expenses to average daily net assets after expense waivers^w,j			Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	9.67	$	0.12	$	1.65		$	1.77		$	(0.12	)	$	(0.64	)	$	(0.76	)	$	10.68		18.77%		$	66,517		0.15%		N/A			1.17%
12/31/16		10.10		0.11		0.72			0.83			(0.16	)		(1.10	)		(1.26	)		9.67		8.54%			58,438		0.15%		N/A			1.09%
12/31/15		11.86		0.10		(0.20	)		(0.10	)		(0.25	)		(1.41	)		(1.66	)		10.10		(0.84%	)		55,420		0.16%		N/A			0.92%
12/31/14		12.38		0.12		0.60			0.72			(0.14	)		(1.10	)		(1.24	)		11.86		5.85%			57,996		0.17%		N/A			0.98%
12/31/13		10.47		0.11		2.65			2.76			(0.14	)		(0.71	)		(0.85	)		12.38		27.39%			56,721		0.19%		0.19%	^l		0.94%
Service Class
12/31/17	$	9.56	$	0.10	$	1.62		$	1.72		$	(0.10	)	$	(0.64	)	$	(0.74	)	$	10.54		18.44%		$	90,246		0.40%		N/A			0.95%
12/31/16		10.00		0.08		0.72			0.80			(0.14	)		(1.10	)		(1.24	)		9.56		8.28%			73,617		0.40%		N/A			0.84%
12/31/15		11.76		0.08		(0.21	)		(0.13	)		(0.22	)		(1.41	)		(1.63	)		10.00		(1.07%	)		67,973		0.41%		N/A			0.69%
12/31/14		12.29		0.09		0.59			0.68			(0.11	)		(1.10	)		(1.21	)		11.76		5.61%			62,711		0.42%		N/A			0.77%
12/31/13		10.40		0.08		2.64			2.72			(0.12	)		(0.71	)		(0.83	)		12.29		27.15%			51,320		0.44%		0.44%	^l		0.74%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		20	%		19	%		22	%		31	%		27	%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers and/or MassMutual 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.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Growth Fund


			Income (loss) from investment operations						Less distributions to shareholders													Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m		Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^u		Ratio of expenses to average daily net assets after expense waivers^u,j			Net investment income (loss) to average daily net assets
Service Class I
12/31/17	$	12.37	$	0.01	$	3.31	$	3.32	$	(0.04	)	$	(1.28	)	$	(1.32	)	$	14.37		27.78%	$	171,896		0.68%		0.68%	^l		0.07%
12/31/16		14.53		0.05		1.16		1.21		(0.03	)		(3.34	)		(3.37	)		12.37		9.00%		139,841		0.69%		0.69%	^l		0.37%
12/31/15		14.67		0.03		0.84		0.87		(0.10	)		(0.91	)		(1.01	)		14.53		6.41%		127,667		0.69%		0.69%^l			0.22%
12/31/14		14.14		0.12		1.00		1.12		(0.06	)		(0.53	)		(0.59	)		14.67		7.99%		111,927		0.70%		0.70%^l			0.83%
12/31/13		11.16		0.07		3.19		3.26		(0.04	)		(0.24	)		(0.28	)		14.14		29.56%		94,167		0.70%		0.70%	^k		0.55%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		11	%		8	%		7	%		4	%		8	%

c	Per share amount calculated on the average shares method.

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.

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.

u	Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x	Amount does not include the portfolio activity of the Master Fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds International Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^u		Ratio of expenses to average daily net assets after expense waivers^u,j		Net investment income (loss) to average daily net assets
Service Class I
12/31/17	$	9.12	$	0.08	$	2.73		$	2.81		$	(0.09	)	$	(0.91	)	$	(1.00	)	$	10.93		31.65%		$	66,931		0.72%		0.70%		0.80%
12/31/16		9.63		0.09		0.21			0.30			(0.11	)		(0.70	)		(0.81	)		9.12		2.97%			53,972		0.72%		0.70%		0.94%
12/31/15		10.48		0.12		(0.63	)		(0.51	)		(0.10	)		(0.24	)		(0.34	)		9.63		(4.93%	)		55,589		0.72%		0.70%		1.14%
12/31/14		11.27		0.11		(0.43	)		(0.32	)		(0.10	)		(0.37	)		(0.47	)		10.48		(3.09%	)		51,341		0.73%		0.70%		1.02%
12/31/13		9.62		0.10		1.88			1.98			(0.10	)		(0.23	)		(0.33	)		11.27		21.09%			48,455		0.74%		0.70%		0.98%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		9	%		12	%		4	%		6	%		8	%

c	Per share amount calculated on the average shares method.

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.

u	Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x	Amount does not include the portfolio activity of the Master Fund.

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

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Core Allocation Fund


			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w		Ratio of expenses to average daily net assets after expense waivers^w,j			Net investment income (loss) to average daily net assets
Service Class I
12/31/17	$	11.94	$	0.16	$	1.56		$	1.72		$	(0.18	)	$	(0.88	)	$	(1.06	)	$	12.60		14.94%		$	1,094,274		0.71%		N/A			1.25%
12/31/16		12.08		0.16		0.92			1.08			(0.24	)		(0.98	)		(1.22	)		11.94		8.97%			941,450		0.71%		N/A			1.29%
12/31/15		12.72		0.16		(0.31	)		(0.15	)		(0.17	)		(0.32	)		(0.49	)		12.08		(1.12%	)		813,103		0.71%		N/A			1.28%
12/31/14		12.28		0.21		0.78			0.99			(0.13	)		(0.42	)		(0.55	)		12.72		8.05%			696,608		0.72%		N/A			1.71%
12/31/13		10.72		0.19		1.73			1.92			(0.15	)		(0.21	)		(0.36	)		12.28		18.30%			550,517		0.72%		0.72%	^l		1.68%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate^x		16	%		7	%		3	%		3	%		8	%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers and/or MassMutual 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.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

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

Notes to Financial Statements

The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The following are eight series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Conservative Allocation Fund (“Conservative Allocation Fund”)

MML Balanced Allocation Fund (“Balanced Allocation Fund”)

MML Moderate Allocation Fund (“Moderate Allocation Fund”)

MML Growth Allocation Fund (“Growth Allocation Fund”)

MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)

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

MML American Funds^® International Fund (“MML American Funds International Fund”)

MML American Funds Core Allocation Fund (“MML American Funds Core Allocation 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, and C.M. Life Insurance Company are the record owners of all of the outstanding shares of the Funds.

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

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of December 31, 2017, the MML American Funds Growth Fund and MML American Funds International Fund owned 0.69% and 0.69% of the Growth and International Master Funds, respectively. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying Funds”).

The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Funds’ and American Underlying Funds’ financial reports can be located on the SEC’s EDGAR database on its website at http://www.sec.gov.

Notes to Financial Statements (Continued)

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.

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.

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 an Underlying Fund or Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each Fund is based upon the net asset value(s) of its corresponding Master Fund or Underlying Funds. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

Certain Underlying Funds or Master Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day.

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

Various inputs may be used to determine the value of the Funds’ investments. The Funds categorize the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as summarized below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

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

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Each Fund characterized all investments at Level 1, as of December 31, 2017. For each Fund, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments

The Funds had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the year ended December 31, 2017. The Funds recognize transfers between the Levels as of the beginning of the year.

Notes to Financial Statements (Continued)

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 distributions including realized gain distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Allocation of Operating Activity

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

In addition, each Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or Master Funds. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

Certain Underlying Funds or Master 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 and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

Notes to Financial Statements (Continued)

Advisory Fees and Other Transactions

Investment Advisory Fees

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
Conservative Allocation Fund		0.10%
Balanced Allocation Fund		0.10%
Moderate Allocation Fund		0.10%
Growth Allocation Fund		0.10%
Aggressive Allocation Fund		0.10%
MML American Funds Growth Fund		0.15% on the first $500 million; and
		0.125% on any excess over $500 million
MML American Funds International Fund		0.15% on the first $500 million; and
		0.125% on any excess over $500 million
MML American Funds Core Allocation Fund		0.20% on the first $750 million; and
		0.175% on any excess over $750 million

Administration Fees

For the MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund, under a separate Administrative and Shareholder Services Agreement between the Funds and MML Advisers, MML Advisers is obligated to provide all necessary administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers 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:


	Service Class I
MML American Funds Growth Fund		0.25%
MML American Funds International Fund		0.25%
MML American Funds Core Allocation Fund		0.25%

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.

Notes to Financial Statements (Continued)

Expense Caps and Waivers

MML Advisers agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Master 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) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:


	Service Class I
MML American Funds Growth Fund*		0.70%
MML American Funds International Fund*		0.70%

#	Master 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, 2018.

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 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.

Elaine A. Sarsynski resigned as a Trustee of the Trust effective as of February 1, 2017. Teresa Hassara became a Trustee of the Trust effective as of June 6, 2017.

Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds or Master Funds (excluding short-term investments) for the year ended December 31, 2017, 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
Conservative Allocation Fund	$	-	$	67,075,500	$	-	$	91,106,226
Balanced Allocation Fund		-		88,968,784		-		99,134,849
Moderate Allocation Fund		-		317,603,985		-		414,150,898
Growth Allocation Fund		-		269,204,653		-		305,980,927
Aggressive Allocation Fund		-		37,343,036		-		28,781,605
MML American Funds Growth Fund		-		26,425,755		-		17,408,902
MML American Funds International Fund		-		5,645,851		-		8,195,695
MML American Funds Core Allocation Fund		-		219,274,094		-		161,608,086

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

Notes to Financial Statements (Continued)

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Conservative Allocation Fund Initial Class
Sold		1,066,692		$	10,625,566			1,356,985		$	13,299,244
Issued as reinvestment of dividends		582,703			5,675,530			901,788			8,684,221
Redeemed		(2,661,802	)		(26,458,907	)		(2,493,168	)		(24,443,943	)

Net increase (decrease)		(1,012,407	)	$	(10,157,811	)		(234,395	)	$	(2,460,478	)

Conservative Allocation Fund Service Class
Sold		3,521,990		$	34,679,532			7,357,528		$	71,400,199
Issued as reinvestment of dividends		1,869,374			18,039,455			2,841,405			27,107,004
Redeemed		(6,363,380	)		(62,455,321	)		(6,752,196	)		(65,546,438	)

Net increase (decrease)		(972,016	)	$	(9,736,334	)		3,446,737		$	32,960,765

Balanced Allocation Fund Initial Class
Sold		1,315,628		$	13,246,040			758,080		$	7,515,695
Issued as reinvestment of dividends		858,539			8,430,852			1,299,312			12,538,360
Redeemed		(2,295,300	)		(23,092,062	)		(2,510,382	)		(25,135,439	)

Net increase (decrease)		(121,133	)	$	(1,415,170	)		(452,990	)	$	(5,081,384	)

Balanced Allocation Fund Service Class
Sold		3,679,064		$	36,764,859			3,242,682		$	31,965,320
Issued as reinvestment of dividends		2,771,744			26,996,788			4,082,233			39,107,790
Redeemed		(6,410,824	)		(64,024,928	)		(4,585,592	)		(45,348,007	)

Net increase (decrease)		39,984		$	(263,281	)		2,739,323		$	25,725,103

Moderate Allocation Fund Initial Class
Sold		1,364,854		$	14,884,724			1,909,387		$	20,138,659
Issued as reinvestment of dividends		2,562,649			27,061,575			3,619,457			37,171,830
Redeemed		(5,613,792	)		(60,977,636	)		(4,934,301	)		(52,205,381	)

Net increase (decrease)		(1,686,289	)	$	(19,031,337	)		594,543		$	5,105,108

Moderate Allocation Fund Service Class
Sold		5,979,714		$	64,293,602			8,936,099		$	92,912,593
Issued as reinvestment of dividends		12,318,184			128,725,025			17,086,421			173,939,765
Redeemed		(21,716,011	)		(233,087,166	)		(16,363,697	)		(170,910,087	)

Net increase (decrease)		(3,418,113	)	$	(40,068,539	)		9,658,823		$	95,942,271

Growth Allocation Fund Initial Class
Sold		1,513,269		$	14,544,847			1,578,677		$	14,808,352
Issued as reinvestment of dividends		5,683,102			52,625,520			8,209,341			73,884,068
Redeemed		(7,026,762	)		(67,612,712	)		(6,047,828	)		(57,234,283	)

Net increase (decrease)		169,609		$	(442,345	)		3,740,190		$	31,458,137

Growth Allocation Fund Service Class
Sold		3,035,792		$	28,983,498			2,613,115		$	24,405,528
Issued as reinvestment of dividends		9,263,382			85,130,486			13,479,070			120,502,885
Redeemed		(10,675,133	)		(102,412,943	)		(10,131,162	)		(95,021,107	)

Net increase (decrease)		1,624,041		$	11,701,041			5,961,023		$	49,887,306

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Aggressive Allocation Fund Initial Class
Sold		577,723		$	6,004,822			597,830		$	5,824,037
Issued as reinvestment of dividends		437,693			4,398,813			723,438			6,822,019
Redeemed		(831,073	)		(8,680,764	)		(766,148	)		(7,515,837	)

Net increase (decrease)		184,343		$	1,722,871			555,120		$	5,130,219

Aggressive Allocation Fund Service Class
Sold		1,138,147		$	11,593,094			791,226		$	7,727,853
Issued as reinvestment of dividends		602,501			5,976,807			899,794			8,386,079
Redeemed		(881,981	)		(9,072,685	)		(787,999	)		(7,715,353	)

Net increase (decrease)		858,667		$	8,497,216			903,021		$	8,398,579

MML American Funds Growth Fund Service Class I
Sold		1,304,886		$	17,982,588			1,129,900		$	14,971,405
Issued as reinvestment of dividends		1,108,278			14,706,856			2,440,624			29,336,297
Redeemed		(1,755,361	)		(24,140,518	)		(1,053,380	)		(14,085,309	)

Net increase (decrease)		657,803		$	8,548,926			2,517,144		$	30,222,393

MML American Funds International Fund Service Class I
Sold		576,856		$	5,835,785			471,718		$	4,419,158
Issued as reinvestment of dividends		555,665			5,667,785			490,696			4,588,007
Redeemed		(923,562	)		(9,613,625	)		(822,096	)		(7,663,346	)

Net increase (decrease)		208,959		$	1,889,945			140,318		$	1,343,819

MML American Funds Core Allocation Fund Service Class I
Sold		8,498,879		$	105,750,324			9,222,514		$	111,618,224
Issued as reinvestment of dividends		7,210,476			85,660,450			6,975,419			82,519,208
Redeemed		(7,681,655	)		(95,746,498	)		(4,649,056	)		(56,597,850	)

Net increase (decrease)		8,027,700		$	95,664,276			11,548,877		$	137,539,582

Federal Income Tax Information

At December 31, 2017, 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)
Conservative Allocation Fund	$	473,303,453	$	9,001,054	$	(5,807,324	)	$	3,193,730
Balanced Allocation Fund		590,264,468		17,086,107		(7,553,737	)		9,532,370
Moderate Allocation Fund		2,387,039,384		106,435,656		(26,793,571	)		79,642,085
Growth Allocation Fund		1,622,299,451		120,889,616		(13,770,928	)		107,118,688
Aggressive Allocation Fund		147,775,162		9,809,610		(712,733	)		9,096,877
MML American Funds Growth Fund		149,473,528		22,620,492		-			22,620,492
MML American Funds International Fund		56,705,424		10,312,222		-			10,312,222
MML American Funds Core Allocation Fund		1,010,219,355		91,840,268		(6,563,515	)		85,276,753

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

Notes to Financial Statements (Continued)

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, 2017, for federal income tax purposes, there were no unused capital losses.

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, 2017, was as follows:


	Ordinary Income		Long Term Capital Gain		Return of Capital
Conservative Allocation Fund	$	9,521,712	$	14,193,273	$	-
Balanced Allocation Fund		10,453,000		24,974,640		-
Moderate Allocation Fund		39,460,479		116,326,121		-
Growth Allocation Fund		22,609,907		115,146,099		-
Aggressive Allocation Fund		1,514,209		8,861,411		-
MML American Funds Growth Fund		471,539		14,235,317		-
MML American Funds International Fund		507,482		5,160,303		-
MML American Funds Core Allocation Fund		14,606,463		71,053,987		-

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, 2016, was as follows:


	Ordinary Income		Long Term Capital Gain		Return of Capital
Conservative Allocation Fund	$	10,503,255	$	25,287,970	$	-
Balanced Allocation Fund		12,247,002		39,399,148		-
Moderate Allocation Fund		44,987,407		166,124,188		-
Growth Allocation Fund		27,702,930		166,684,023		-
Aggressive Allocation Fund		1,795,427		13,412,671		-
MML American Funds Growth Fund		267,323		29,068,974		-
MML American Funds International Fund		632,920		3,955,087		-
MML American Funds Core Allocation Fund		16,088,756		66,430,452		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2017:


	Amount
Conservative Allocation Fund	$	41,531
Balanced Allocation Fund		71,073
Moderate Allocation Fund		448,335
Growth Allocation Fund		404,821
Aggressive Allocation Fund		44,685
MML American Funds International Fund		85,497
MML American Funds Core Allocation Fund		131,621

Notes to Financial Statements (Continued)

differences will reverse in subsequent periods. At December 31, 2017, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, and deferred Trustee compensation.

At December 31, 2017, 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)
Conservative Allocation Fund	$	10,334,914	$	8,762,416	$	(56,994	)	$	3,193,730
Balanced Allocation Fund		12,058,710		21,672,301		(68,894	)		9,532,370
Moderate Allocation Fund		44,660,771		106,251,958		(248,909	)		79,642,085
Growth Allocation Fund		27,277,379		103,718,394		(209,313	)		107,118,688
Aggressive Allocation Fund		1,917,769		7,736,810		(14,356	)		9,096,877
MML American Funds Growth Fund		490,444		20,028,056		(14,096	)		22,620,492
MML American Funds International Fund		519,754		2,081,610		(6,996	)		10,312,222
MML American Funds Core Allocation Fund		18,186,168		72,861,384		(93,833	)		85,276,753

During the year ended December 31, 2017, 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)
Conservative Allocation Fund	$	204	$	(626,753	)	$	626,549
Balanced Allocation Fund		240		(915,976	)		915,736
Moderate Allocation Fund		843		(4,528,698	)		4,527,855
Growth Allocation Fund		746		(3,649,656	)		3,648,910
Aggressive Allocation Fund		49		(377,957	)		377,908
MML American Funds Growth Fund		47		(377,116	)		377,069
MML American Funds International Fund		23		(22,059	)		22,036
MML American Funds Core Allocation Fund		306		(5,208,897	)		5,208,591

The Funds did not have any unrecognized tax benefits at December 31, 2017, 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, 2017, 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.

Notes to Financial Statements (Continued)

Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended December 31, 2017, was as follows:


	Beginning Value as of 12/31/16		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation		Net Realized Gain (Loss)			Value as of 12/31/17		Number of Shares Held as of 12/31/17		Dividend Income		Realized Gains Distributions

Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	13,260,532	$	1,840,763	$	(6,419,583	)	$	3,168,406	$	(396,255	)	$	11,453,863		657,890	$	1,254	$	987,527
MML Dynamic Bond Fund, Class II		64,854,876		2,573,494		-			392,301		-			67,820,671		6,816,148		2,241,773		250,055
MML Equity Income Fund, Initial Class		12,803,678		2,950,027		(3,595,337	)		1,157,938		(340,393	)		12,975,913		1,038,073		270,136		818,439
MML Equity Index Fund, Class III		7,229,980		4,718,136		(120,000	)		1,774,015		9,836			13,611,967		439,521		163,623		333,811
MML Focused Equity Fund, Class II		7,656,425		1,052,147		(6,719,374	)		139,173		253,571			2,381,942		187,702		56,404		439,932
MML Foreign Fund, Initial Class		9,518,629		463,142		(1,791,469	)		1,615,574		85,832			9,891,708		879,263		202,852		-
MML Fundamental Growth Fund, Class II		9,957,354		1,672,388		(4,432,468	)		1,864,967		(559,687	)		8,502,554		657,075		84,170		874,267
MML Fundamental Value Fund, Class II		13,770,003		2,780,006		(4,663,582	)		698,028		(20,498	)		12,563,957		814,783		232,435		877,577
MML Global Fund, Class I		12,092,252		1,541,262		(3,000,288	)		1,286,207		258,025			12,177,458		933,854		148,999		968,743
MML High Yield Fund, Class II		15,364,330		1,029,464		(2,221,290	)		304,896		(145,183	)		14,332,217		1,431,790		1,029,464		-
MML Income & Growth Fund, Initial Class		13,577,928		1,992,512		(3,000,433	)		624,186		393,602			13,587,795		1,068,223		213,724		888,167
MML Inflation-Protected and Income Fund, Initial Class		20,227,497		2,743,748		(2,704,829	)		41,404		(67,035	)		20,240,785		1,992,203		662,792		-
MML International Equity Fund, Class II		7,419,548		383,417		(2,106,469	)		1,779,159		121,855			7,597,510		634,713		123,126		-
MML Large Cap Growth Fund, Initial Class		3,871,431		2,494,723		(2,539,696	)		97,116		28,488			3,952,062		369,697		14,801		988,743
MML Managed Bond Fund, Initial Class		102,593,023		16,624,684		(20,055,455	)		1,793,248		(392,486	)		100,563,014		8,100,277		3,142,206		-
MML Mid Cap Growth Fund, Initial Class		7,983,581		1,084,073		(2,136,336	)		935,973		95,011			7,962,302		491,804		2,759		755,951
MML Mid Cap Value Fund, Initial Class		10,064,752		1,517,016		(1,658,649	)		564,466		(202,536	)		10,285,049		847,203		156,624		601,136
MML Short-Duration Bond Fund, Class II		25,494,982		6,112,818		(6,131,354	)		70,178		(111,125	)		25,435,499		2,614,131		672,115		-
MML Small Cap Growth Equity Fund, Initial Class		2,433,051		260,472		(720,717	)		575,195		(173,413	)		2,374,588		158,554		-		90,513
MML Small Company Value Fund, Class II		4,991,538		793,132		(941,177	)		167,192		(195,278	)		4,815,407		284,935		26,701		531,264
MML Small/Mid Cap Value Fund, Initial Class		2,440,628		420,018		(518,843	)		154,452		553			2,496,808		178,471		11,957		144,807
MML Total Return Bond Fund, Class II		60,351,247		7,037,392		(7,886,588	)		867,853		(347,629	)		60,022,275		5,793,656		1,213,240		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		2,705,704		398,347		(853,148	)		342,073		80,704			2,673,680		31,750		867		284,838
Oppenheimer Global Fund/VA, Non-Service Shares*		8,048,345		394,551		(2,951,975	)		2,384,587		102,962			7,978,470		168,251		79,465		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		32,109,453		1,168,868		(1,904,860	)		39,510		(150,089	)		31,262,882		3,177,122		293,868		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		6,882,933		367,235		(2,032,306	)		1,562,121		(66,460	)		6,713,523		2,592,094		97,648		-
Oppenheimer Main Street Fund/VA, Non-Service Shares*		-		2,661,665		-			161,619		-			2,823,284		87,544		31,885		42,778

	$	477,703,700	$	67,075,500	$	(91,106,226	)	$	24,561,837	$	(1,737,628	)	$	476,497,183			$	11,174,888	$	9,878,548

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/16		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/17		Number of Shares Held as of 12/31/17		Dividend Income		Realized Gains Distributions

Balanced Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	21,327,777	$	2,674,303	$	(10,581,796	)	$	3,969,160		$	569,334		$	17,958,778		1,031,521	$	1,995	$	1,570,274
MML Dynamic Bond Fund, Class II		63,302,467		4,155,740		-			378,099			-			67,836,306		6,817,719		2,217,641		245,407
MML Equity Income Fund, Initial Class		17,938,855		4,495,056		(3,524,091	)		640,519			580,366			20,130,705		1,610,456		427,185		1,294,256
MML Equity Index Fund, Class III		9,135,303		7,903,804		-			2,510,966			-			19,550,073		631,258		235,002		479,433
MML Focused Equity Fund, Class II		10,912,847		1,385,002		(9,169,102	)		53,607			385,443			3,567,797		281,150		94,652		738,257
MML Foreign Fund, Initial Class		16,683,879		812,839		(3,311,581	)		2,736,511			275,017			17,196,665		1,528,592		357,715		-
MML Fundamental Growth Fund, Class II		15,247,502		2,412,089		(5,994,455	)		1,508,086			553,498			13,726,720		1,060,798		143,590		1,491,453
MML Fundamental Value Fund, Class II		17,927,067		4,307,807		(3,095,187	)		347,562			607,405			20,094,654		1,303,155		364,567		1,376,450
MML Global Fund, Class I		18,562,070		2,215,881		(5,010,060	)		951,609			1,431,987			18,151,487		1,391,985		214,638		1,395,510
MML High Yield Fund, Class II		15,856,493		1,124,541		(1,040,000	)		218,971			(81,418	)		16,078,587		1,606,252		1,124,541		-
MML Income & Growth Fund, Initial Class		20,264,000		3,633,093		(4,982,087	)		472,905			1,047,429			20,435,340		1,606,552		329,502		1,369,303
MML Inflation-Protected and Income Fund, Initial Class		21,300,226		2,850,926		(2,056,635	)		206,386			(240,724	)		22,060,179		2,171,277		730,212		-
MML International Equity Fund, Class II		13,649,330		683,408		(3,714,331	)		3,259,510			299,731			14,177,648		1,184,432		228,285		-
MML Large Cap Growth Fund, Initial Class		6,248,966		2,411,128		(2,960,570	)		478,220			(204,669	)		5,973,075		558,753		23,266		1,554,242
MML Managed Bond Fund, Initial Class		100,739,121		16,295,674		(14,241,438	)		2,323,251			(864,364	)		104,252,244		8,397,442		3,306,264		-
MML Mid Cap Growth Fund, Initial Class		13,992,109		1,921,800		(3,165,814	)		1,230,787			620,779			14,599,661		901,770		5,124		1,403,880
MML Mid Cap Value Fund, Initial Class		16,142,518		2,502,438		(1,901,657	)		481,097			90,697			17,315,093		1,426,284		265,002		1,017,104
MML Short-Duration Bond Fund, Class II		28,187,825		7,659,478		(5,985,496	)		102,426			(157,622	)		29,806,611		3,063,372		785,540		-
MML Small Cap Growth Equity Fund, Initial Class		4,060,581		419,737		(959,704	)		1,127,726			(411,237	)		4,237,103		282,916		-		167,118
MML Small Company Value Fund, Class II		7,049,106		1,118,369		(904,669	)		180,649			(228,265	)		7,215,190		426,934		39,919		794,252
MML Small/Mid Cap Value Fund, Initial Class		4,677,114		514,156		(599,754	)		286,153			4,658			4,882,327		348,987		23,160		280,480
MML Total Return Bond Fund, Class II		60,380,036		7,739,295		(5,901,841	)		566,181			(33,124	)		62,750,547		6,057,003		1,289,446		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		4,731,357		717,213		(1,220,218	)		630,756			127,280			4,986,388		59,214		1,606		527,702
Oppenheimer Global Fund/VA, Non-Service Shares*		12,410,533		619,469		(5,017,667	)		3,259,014			435,303			11,706,652		246,872		113,820		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		41,390,980		2,121,174		(1,135,000	)		(78,545	)		(92,916	)		42,205,693		4,289,196		401,174		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		12,004,043		2,030,955		(2,661,696	)		2,795,593			223,133			14,392,028		5,556,767		208,717		-
Oppenheimer Main Street Fund/VA, Non-Service Shares*		-		4,243,409		-			265,878			-			4,509,287		139,823		51,245		68,752

	$	574,122,105	$	88,968,784		$(99,134,849	)	$	30,903,077		$	4,937,721		$	599,796,838			$	12,983,808	$	15,773,873

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/16		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/17		Number of Shares Held as of 12/31/17		Dividend Income		Realized Gains Distributions

Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	111,761,373	$	7,980,905	$	(55,630,157	)	$	16,705,130		$	5,640,314		$	86,457,565		4,965,972	$	9,608	$	7,563,540
MML Dynamic Bond Fund, Class II		209,806,917		10,041,537		-			1,260,466			-			221,108,920		22,222,002		7,273,505		808,934
MML Equity Income Fund, Initial Class		90,787,429		17,885,370		(15,932,136	)		1,845,078			4,161,117			98,746,858		7,899,749		2,079,508		6,300,354
MML Equity Index Fund, Class III		38,270,712		42,474,158		-			11,641,369			-			92,386,239		2,983,088		1,110,532		2,265,618
MML Focused Equity Fund, Class II		51,634,038		5,844,607		(33,464,593	)		3,469,284			(1,993,035	)		25,490,301		2,008,692		637,813		4,974,726
MML Foreign Fund, Initial Class		80,340,727		5,800,175		(8,609,333	)		14,409,443			847,029			92,788,041		8,247,826		1,889,124		-
MML Fundamental Growth Fund, Class II		74,281,602		7,050,998		(37,632,787	)		7,726,076			1,815,521			53,241,410		4,114,483		593,886		6,168,639
MML Fundamental Value Fund, Class II		105,136,831		14,918,940		(25,930,112	)		(1,574,302	)		6,877,449			99,428,806		6,448,042		1,777,246		6,710,131
MML Global Fund, Class I		93,978,184		8,077,400		(27,755,682	)		7,824,930			4,352,130			86,476,962		6,631,669		1,015,658		6,603,485
MML High Yield Fund, Class II		50,237,180		4,212,430		(3,265,000	)		673,995			(237,385	)		51,621,220		5,156,965		3,635,430		-
MML Income & Growth Fund, Initial Class		86,310,801		19,937,153		(13,954,576	)		3,259,714			3,597,550			99,150,642		7,794,862		1,605,493		6,671,912
MML Inflation-Protected and Income Fund, Initial Class		76,056,166		8,412,000		(6,784,733	)		861,362			(969,888	)		77,574,907		7,635,325		2,558,692		-
MML International Equity Fund, Class II		61,668,017		11,473,561		(9,425,319	)		17,695,337			597,362			82,008,958		6,851,208		1,266,523		-
MML Large Cap Growth Fund, Initial Class		32,720,915		8,475,960		(11,071,532	)		3,730,708			(2,342,835	)		31,513,216		2,947,915		120,198		8,029,606
MML Managed Bond Fund, Initial Class		332,653,833		38,897,329		(39,632,792	)		6,881,146			(2,103,896	)		336,695,620		27,120,586		10,645,172		-
MML Mid Cap Growth Fund, Initial Class		76,753,279		7,833,137		(14,775,413	)		7,026,561			3,080,859			79,918,423		4,936,283		27,739		7,599,784
MML Mid Cap Value Fund, Initial Class		83,583,544		10,543,312		(8,340,173	)		2,088,998			885,956			88,761,637		7,311,502		1,341,507		5,148,835
MML Short-Duration Bond Fund, Class II		100,354,227		24,353,629		(19,860,014	)		435,741			(618,739	)		104,664,844		10,756,921		2,734,315		-
MML Small Cap Growth Equity Fund, Initial Class		20,843,827		925,647		(4,142,509	)		5,728,518			(2,153,832	)		21,201,651		1,415,657		-		821,555
MML Small Company Value Fund, Class II		39,458,682		4,667,337		(4,731,012	)		569,262			(823,169	)		39,141,100		2,316,041		217,379		4,325,049
MML Small/Mid Cap Value Fund, Initial Class		23,138,079		2,063,962		(2,727,757	)		1,421,867			13,275			23,909,426		1,709,037		112,270		1,359,669
MML Strategic Emerging Markets Fund, Class II		39,785,354		484,567		(9,467,246	)		12,219,558			462,344			43,484,577		3,758,390		37,790		-
MML Total Return Bond Fund, Class II		194,514,661		23,664,513		(17,866,736	)		1,392,613			339,344			202,044,395		19,502,355		4,144,257		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		23,832,076		2,718,334		(5,384,507	)		3,188,133			616,938			24,970,974		296,532		8,018		2,633,982
Oppenheimer Global Fund/VA, Non-Service Shares*		63,068,689		661,300		(25,849,416	)		13,144,271			5,181,168			56,206,012		1,185,281		513,994		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		180,028,457		7,021,837		(371,287	)		(759,862	)		(2,647	)		185,916,498		18,893,953		1,764,889		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		41,386,052		7,486,769		(11,546,076	)		10,047,894			(139,442	)		47,235,197		18,237,528		670,917		-
Oppenheimer Main Street Fund/VA, Non-Service Shares*		-		13,697,118		-			839,952			-			14,537,070		450,762		101,204		135,780

	$	2,382,391,652	$	317,603,985	$	(414,150,898	)	$	153,753,242		$	27,083,488		$	2,466,681,469			$	47,892,667	$	78,121,599

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/16		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/17		Number of Shares Held as of 12/31/17		Dividend Income		Realized Gains Distributions

Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	94,451,718	$	7,211,809	$	(45,255,780	)	$	5,973,819		$	12,842,287		$	75,223,853		4,320,727	$	8,056	$	6,342,236
MML Dynamic Bond Fund, Class II		81,516,332		5,943,969		-			490,069			-			87,950,370		8,839,233		2,871,561		315,633
MML Equity Income Fund, Initial Class		67,871,628		22,521,434		(10,840,753	)		1,986,559			2,833,925			84,372,793		6,749,823		1,741,612		5,276,619
MML Equity Index Fund, Class III		35,103,439		43,014,292		(7,075,000	)		10,002,596			619,436			81,664,763		2,636,899		981,654		2,002,692
MML Focused Equity Fund, Class II		53,840,824		5,860,800		(38,304,834	)		(63,858	)		2,053,429			23,386,361		1,842,897		552,918		4,312,579
MML Foreign Fund, Initial Class		68,065,982		7,472,151		(6,842,511	)		12,094,678			1,065,112			81,855,412		7,276,037		1,642,528		-
MML Fundamental Growth Fund, Class II		59,214,229		5,794,875		(31,258,280	)		5,088,569			2,275,850			41,115,243		3,177,376		454,395		4,719,759
MML Fundamental Value Fund, Class II		78,220,986		15,843,331		(13,414,451	)		(150,540	)		4,262,263			84,761,589		5,496,861		1,490,728		5,628,359
MML Global Fund, Class I		80,231,464		7,775,310		(23,741,090	)		6,571,290			3,925,714			74,762,688		5,733,335		861,843		5,603,428
MML High Yield Fund, Class II		13,683,936		1,021,341		(1,315,000	)		185,253			(59,512	)		13,516,018		1,350,252		942,051		-
MML Income & Growth Fund, Initial Class		71,145,461		18,863,854		(10,523,380	)		3,144,211			2,677,150			85,307,296		6,706,548		1,351,208		5,615,189
MML Inflation-Protected and Income Fund, Initial Class		64,962,883		8,141,045		(4,454,386	)		132,915			(243,029	)		68,539,428		6,746,007		2,232,579		-
MML International Equity Fund, Class II		61,802,842		4,117,472		(7,557,512	)		16,289,381			692,635			75,344,818		6,294,471		1,137,849		-
MML Large Cap Growth Fund, Initial Class		27,971,510		7,988,742		(9,183,281	)		3,236,277			(1,945,167	)		28,068,081		2,625,639		101,984		6,812,899
MML Managed Bond Fund, Initial Class		125,372,282		20,724,102		(13,091,088	)		2,490,523			(667,827	)		134,827,992		10,860,296		4,185,156		-
MML Mid Cap Growth Fund, Initial Class		69,792,352		7,528,362		(11,296,308	)		5,247,738			4,055,995			75,328,139		4,652,757		25,666		7,031,804
MML Mid Cap Value Fund, Initial Class		71,329,196		9,220,789		(6,371,441	)		1,298,107			1,274,570			76,751,221		6,322,176		1,142,214		4,383,929
MML Short-Duration Bond Fund, Class II		46,468,211		12,281,646		(8,297,982	)		139,904			(237,006	)		50,354,773		5,175,208		1,297,722		-
MML Small Cap Growth Equity Fund, Initial Class		17,309,649		899,657		(3,140,812	)		4,432,300			(1,458,584	)		18,042,210		1,204,698		-		677,217
MML Small Company Value Fund, Class II		33,640,005		4,126,540		(3,495,913	)		(205,916	)		(287	)		34,064,429		2,015,647		185,500		3,690,794
MML Small/Mid Cap Value Fund, Initial Class		25,711,368		2,714,671		(2,252,595	)		1,622,060			24,590			27,820,094		1,988,570		126,749		1,535,023
MML Strategic Emerging Markets Fund, Class II		41,857,835		394,215		(9,487,219	)		13,135,208			75,784			45,975,823		3,973,710		39,099		-
MML Total Return Bond Fund, Class II		76,296,552		10,779,280		(6,751,288	)		437,100			256,622			81,018,266		7,820,296		1,613,134		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		22,403,281		2,654,018		(4,274,309	)		3,116,187			541,653			24,440,830		290,237		7,568		2,485,919
Oppenheimer Global Fund/VA, Non-Service Shares*		53,980,750		687,260		(21,999,207	)		12,336,340			3,533,437			48,538,580		1,023,589		435,099		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		134,891,646		8,379,070		(360,000	)		(578,129	)		-			142,332,587		14,464,694		1,332,665		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		32,650,169		7,504,598		(5,396,507	)		7,913,290			402,279			43,073,829		16,630,822		586,304		-
Oppenheimer Main Street Fund/VA, Non-Service Shares*		-		19,740,020		-			1,240,633			-			20,980,653		650,563		153,893		206,471

	$	1,609,786,530	$	269,204,653	$	(305,980,927	)	$	117,606,564		$	38,801,319		$	1,729,418,139			$	27,501,735	$	66,640,550

Notes to Financial Statements (Continued)


	Beginning Value as of 12/31/16		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/17		Number of Shares Held as of 12/31/17		Dividend Income		Realized Gains Distributions

Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	8,493,383	$	1,783,580	$	(3,832,126	)	$	1,885,581		$	33,454		$	8,363,872		480,406	$	884	$	695,765
MML Dynamic Bond Fund, Class II		1,971,322		456,880		-			10,745			-			2,438,947		245,120		76,599		8,012
MML Equity Income Fund, Initial Class		6,612,376		2,807,927		(987,174	)		329,175			169,513			8,931,817		714,545		180,379		546,500
MML Equity Index Fund, Class III		1,811,405		5,073,132		-			890,208			-			7,774,745		251,041		93,456		190,663
MML Focused Equity Fund, Class II		4,923,483		1,277,489		(3,803,947	)		248,308			(97,590	)		2,547,743		200,768		59,208		461,809
MML Foreign Fund, Initial Class		6,744,490		1,371,161		(590,969	)		1,338,231			54,745			8,917,658		792,681		176,868		-
MML Fundamental Growth Fund, Class II		6,450,487		1,280,182		(4,447,370	)		962,701			(181,797	)		4,064,203		314,081		38,291		397,726
MML Fundamental Value Fund, Class II		8,740,349		1,710,370		(1,996,224	)		237,714			215,678			8,907,887		577,684		154,535		583,461
MML Global Fund, Class I		7,988,287		1,435,082		(1,831,306	)		929,517			127,449			8,649,029		663,269		99,616		647,673
MML Income & Growth Fund, Initial Class		7,022,740		2,398,678		(981,776	)		390,781			207,100			9,037,523		710,497		140,765		584,975
MML Inflation-Protected and Income Fund, Initial Class		3,563,490		866,534		(310,042	)		285			(9,056	)		4,111,211		404,647		132,252		-
MML International Equity Fund, Class II		6,224,953		778,015		(755,428	)		1,720,816			56,877			8,025,233		670,446		119,631		-
MML Large Cap Growth Fund, Initial Class		2,803,682		1,570,962		(1,441,695	)		242,467			(92,796	)		3,082,620		288,365		10,799		721,400
MML Managed Bond Fund, Initial Class		3,195,208		965,228		(440,756	)		51,318			(5,199	)		3,765,799		303,332		115,400		-
MML Mid Cap Growth Fund, Initial Class		7,417,192		1,487,259		(1,071,201	)		792,743			228,286			8,854,279		546,898		2,951		808,585
MML Mid Cap Value Fund, Initial Class		7,559,467		1,734,861		(777,821	)		323,613			(46,462	)		8,793,658		724,354		129,258		496,104
MML Short-Duration Bond Fund, Class II		2,818,672		765,724		(252,359	)		(4,734	)		(3,784	)		3,323,519		341,574		86,774		-
MML Small Cap Growth Equity Fund, Initial Class		1,966,841		411,670		(399,689	)		509,612			(141,425	)		2,347,009		156,712		-		86,812
MML Small Company Value Fund, Class II		3,598,307		805,479		(375,726	)		80,038			(102,530	)		4,005,568		237,016		21,344		424,665
MML Small/Mid Cap Value Fund, Initial Class		2,709,603		473,874		(263,669	)		172,798			7,783			3,100,389		221,615		14,091		170,657
MML Strategic Emerging Markets Fund, Class II		4,601,568		514,588		(903,287	)		1,529,274			24,257			5,766,400		498,392		4,687		-
MML Total Return Bond Fund, Class II		1,904,237		563,118		(189,284	)		19,153			(2,224	)		2,295,000		221,525		44,123		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		2,553,210		534,798		(481,741	)		371,873			59,794			3,037,934		36,076		915		300,416
Oppenheimer Global Fund/VA, Non-Service Shares*		5,407,235		381,915		(2,218,881	)		1,663,528			(9,139	)		5,224,658		110,178		53,151		-
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		11,772,547		2,308,973		-			(62,358	)		-			14,019,162		1,424,712		128,178		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		3,292,708		559,342		(429,134	)		825,531			17,940			4,266,387		1,647,253		56,179		-
Oppenheimer Main Street Fund/VA, Non-Service Shares*		-		3,026,215		-			193,574			-			3,219,789		99,838		28,308		37,979

	$	132,147,242	$	37,343,036	$	(28,781,605	)	$	15,652,492		$	510,874		$	156,872,039			$	1,968,642	$	7,163,202

*	Fund advised by OFI Global Asset Management, Inc.

Notes to Financial Statements (Continued)

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.

New Accounting Pronouncements

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. Management is still evaluating the impact of the Rule; however, the Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund and Shareholders of MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, MML Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund (collectively, the “Funds”):

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, 2017, 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 periods presented, 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 constituting the MML Series Investment Fund as of December 31, 2017, 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 periods presented, 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, 2017, by correspondence with the custodian and transfer agent; when replies were not received from the transfer agent, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2018

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

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 Statements of Additional Information include 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, 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: 69	Trustee	Since 2003	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).	93	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Nabil N. El-Hage Age: 59	Trustee	Since 2012	Founder and sole member of PR Academy of Executive Education, LLC (since 2016); Chairman (2011-2016), Academy of Executive Education, LLC (predecessor to PR Academy of Executive Education, LLC).	93	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 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).

Maria D. Furman Age: 63	Trustee	Since 2012	Retired.	93	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

R. Alan Hunter, Jr. Age: 71	Chairperson Trustee	Since 2016 Since 2003	Retired.	93	Director (since 2007), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

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: 66	Trustee	Since 2012	Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company).	93	Director (since 2015), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (since 2017) 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 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

Susan B. Sweeney Age: 65	Trustee	Since 2009	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company).	95^	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 2012), MML Series Investment Fund II (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: 55	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF	93	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund II (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).

Robert E. Joyal^^^ Age: 72	Trustee	Since 2003	Retired.	95^	Director (since 2013), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technologies, Inc. (provider of alternative and renewable 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 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

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: 42	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting & Strategy (since 2017), 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 II (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	93

Andrew M. Goldberg Age: 51	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Assistant Vice President and Counsel (since 2004), 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, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (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).	93

Renee Hitchcock Age: 47	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Assistant Vice President (since 2015), 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 II (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	93

Jill Nareau Robert Age: 45	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Assistant Vice President and Counsel (since 2009), 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 (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (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).	93

Douglas Steele Age: 42	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), Investment Director (2005-2013), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

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: 53	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (since 2014), 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 II (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	93

Eric H. Wietsma Age: 51	Vice President	Since 2006	Director and President (since 2013), MML Advisers; Senior Vice President (since 2010), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company); President (since 2008) Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	93

Tina Wilson Age: 47	President Vice President	Since 2017 2016- 2017	Vice President and Head of Investments (since 2016), MML Advisers; Senior Vice President (since 2014), 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 II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

*	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,” as that term is defined in the 1940 Act, 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.

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2017, qualified for the dividends received deduction, as follows:


	Dividends Received Deductions
Conservative Allocation Fund		15.45%
Balanced Allocation Fund		19.24%
Moderate Allocation Fund		24.24%
Growth Allocation Fund		33.03%
Aggressive Allocation Fund		95.69%
MML American Funds Growth Fund		100.00%
MML American Funds International Fund		0.55%
MML American Funds Core Allocation Fund		84.95%

For the year ended December 31, 2017, the following Fund(s) earned the following foreign sources of income:


	Amount
Conservative Allocation Fund	$	518,472
Balanced Allocation Fund		885,859
Moderate Allocation Fund		5,476,196
Growth Allocation Fund		4,930,206
Aggressive Allocation Fund		543,333
MML American Funds International Fund		4,872,434
MML American Funds Core Allocation Fund		6,966,931

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser uses 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.

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2017

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2017:

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, 2017.

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*
Conservative Allocation Fund
Initial Class	$	1,000		0.12	%	$	1,041.10	$	0.62	$	1,024.60	$	0.61
Service Class		1,000		0.37	%		1,038.80		1.90		1,023.30		1.89
Balanced Allocation Fund
Initial Class		1,000		0.12	%		1,049.90		0.62		1,024.60		0.61
Service Class		1,000		0.37	%		1,047.80		1.91		1,023.30		1.89
Moderate Allocation Fund
Initial Class		1,000		0.11	%		1,057.80		0.57		1,024.70		0.56
Service Class		1,000		0.36	%		1,056.90		1.87		1,023.40		1.84
Growth Allocation Fund
Initial Class		1,000		0.12	%		1,070.70		0.63		1,024.60		0.61
Service Class		1,000		0.37	%		1,069.80		1.93		1,023.30		1.89

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*
Aggressive Allocation Fund
Initial Class	$	1,000		0.15	%	$	1,082.50	$	0.79	$	1,024.40	$	0.77
Service Class		1,000		0.40	%		1,081.40		2.10		1,023.20		2.04
MML American Funds Growth Fund
Service Class I**		1,000		1.03	%		1,113.20		5.49		1,020.00		5.24
MML American Funds International Fund
Service Class I**		1,000		1.23	%		1,111.70		6.55		1,019.00		6.26
MML American Funds Core Allocation Fund
Service Class I		1,000		0.71	%		1,073.90		3.71		1,021.60		3.62

Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2017, multiplied by the average account value over the period, multiplied by 184 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.

**	The annualized expense ratio reflects the expenses of both the Feeder Fund and the Master Fund in which it invests.

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

LOGO

RS-44298-00

LOGO

Table of Contents



President’s Letter to Shareholders (Unaudited)			1

Economic and Market Review (Unaudited)			3

Portfolio Manager Report (Unaudited)			5

Portfolio of Investments
MML Blue Chip Growth Fund			62
MML Equity Income Fund			65
MML Equity Index Fund			68
MML Focused Equity Fund			76
MML Foreign Fund			78
MML Fundamental Growth Fund			81
MML Fundamental Value Fund			83
MML Global Fund			86
MML Growth & Income Fund			88
MML Income & Growth Fund			90
MML International Equity Fund			93
MML Large Cap Growth Fund			96
MML Managed Volatility Fund			98
MML Mid Cap Growth Fund			107
MML Mid Cap Value Fund			111
MML Small Cap Growth Equity Fund			114
MML Small Company Value Fund			118
MML Small/Mid Cap Value Fund			122
MML Total Return Bond Fund			125

Statements of Assets and Liabilities			138

Statements of Operations			150

Statements of Changes in Net Assets			156

Financial Highlights			169

Notes to Financial Statements			188

Report of Independent Registered Public Accounting Firm			223

Trustees and Officers (Unaudited)			224

Federal Tax Information (Unaudited)			228

Other Information (Unaudited)
Proxy Voting			229
Quarterly Reporting			229
Trustees’ Approval of Investment Advisory Contracts			229
Fund Expenses			231

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

LOGO

Tina Wilson

“MassMutual believes that ever-changing market conditions have the potential to benefit people who maintain a long-term perspective on investing.”

December 31, 2017

Continued strength in U.S. markets benefits equity investors; global markets stabilize

In MassMutual’s view, the ongoing uncertainties associated with investing in today’s markets validate the importance of taking a long-term perspective and not reacting to current events or short-term market changes. We also believe investors preparing for retirement who follow certain investment guidelines, such as the ones below, may increase their chances of reaching their long-term retirement income goals.

Suggestions for retirement investors under any market conditions

Save as much as you can

Invest in all market conditions

(Continued)

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

Retirement investors have time on their side

Monitor your asset allocation regularly – and diversify

Make informed choices and seek professional guidance

If you work with a financial professional, this may be an excellent time to contact him or her for assistance in assessing whether or not you:

•

may be saving enough for adequate retirement income based on your long-term needs;

•

are invested properly for all market conditions, based on your retirement income goals and objectives and where you are in your retirement planning journey; and

•

feel you are taking the right steps to help reduce your longevity risk, which is related to the possibility that you could “outlive” your retirement savings.

We’re people protecting people

Sincerely,

LOGO

Tina Wilson

President

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

December 31, 2017

Market Highlights

•

U.S. stock investors enjoyed strong performance during the fiscal year, bolstered by a rally which started after the November 2016 U.S. presidential election.

•

Data throughout the period pointed to sustained improvements in the global economic environment.

•

Foreign markets rebounded over the past 12 months, even though geopolitical turbulence increased in some regions.

•

The Federal Reserve Board (the “Fed”) raised short-term interest rates three times during the reporting period and introduced a plan to shrink its balance sheet, beginning in 2017.

•

Investment-grade bond investors saw the smallest returns during this annual reporting cycle.

Market Environment

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

June and December of 2017. After starting the reporting period at 0.75%, the short-term interest rate ended the year at 1.50%. In September, the Fed introduced plans to begin selling down its balance sheet, ending the era of Quantitative Easing (i.e., the Fed’s program of encouraging economic growth by purchasing government bonds). In other Fed news, President Trump announced his selection of Jerome Powell as the next Fed chair following current chair Janet Yellen’s term. The selection, which was largely anticipated, is expected to be supportive of markets. As noted earlier, the Fed’s impact on the markets in 2017 was relatively muted compared to recent years, when the mere threat of a rate hike added turbulence to markets. During this reporting period, Fed actions did not negatively disrupt markets.

*	Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

MML Blue Chip Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Blue Chip Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth. Income is a secondary objective. Under normal circumstances, the Fund invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The Fund’s subadviser currently defines blue chip growth companies to mean firms that, in its view, are well-established in their industries and have the potential for above-average earnings growth. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 36.22%, outperforming, by a wide margin, the 30.21% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. In addition, the Fund substantially outperformed the 21.83% return of the S&P 500^®Index, which measures the performance of 500 widely held stocks in U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Overview, beginning on page 3.

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

Overall, for the year ended December 31, 2017, stock selection was the primary reason for the Fund’s relative outperformance, but sector weighting was also notably positive. Information technology, consumer discretionary, and consumer staples were the leading relative outperformers. Financials and industrials and business services were the largest detractors.

The information technology sector was the leading relative outperformer, mainly due to stock selection, but overweighting the benchmark’s second-strongest performer also helped. Higher-than-expected revenue growth in its gaming and cloud-computing businesses has helped drive shares of Tencent Holdings higher over the past year. This Fund holding, which operates the dominant social media platform in China, is the best-positioned mobile internet player in the region, with its WeChat messaging service and portfolio of other promising assets. Its large traffic base affords the company significant opportunities to monetize efforts in online payments, internet finance, cloud computing, and subscription-based content. Shares of Alibaba Group Holding rallied sharply, with results consistently exceeding expectations, driven by the strength in this Fund holding’s core Chinese e-commerce business, which continues to benefit from improving user engagement and ongoing mobile monetization efforts.

The consumer discretionary sector outperformed on stock selection. Shares of Fund holding Amazon.com traded higher over the past year, as the company continues to disrupt the traditional retail business model, while also dominating in cloud computing with its highly profitable and rapidly growing Amazon Web Services unit. Shares of Marriott International rose, as this Fund holding continued to execute on strategic initiatives, including strategic investments to increase loyalty program participation and capture new revenue and cost-savings opportunities through the Starwood integration.

The consumer staples sector aided relative performance on significant underweighting against the benchmark. In our view, valuations remain stretched as investors have bid up the sector over the past several years for its defensive characteristics and dividend support against a backdrop of historically low yields in the fixed-income sector.

For the year, the financial sector was the largest relative detractor from the Fund’s performance due to stock selection. While an overweight to the sector was a slight contributor to the Fund’s results, the benefit was offset by unfavorable stock selection. In particular, Fund holdings within the capital markets industry, which comprises the bulk of the Fund’s exposure in the sector, continued to face increasing regulatory headwinds.

Subadviser outlook

In our view, the current environment is almost an ideal one for equities, with elevated prices for a range of assets and high expectations for profit and economic growth encouraging investors to accept a higher level of risk. The strong earnings

MML Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

performance of 2017 will set a higher bar for year-over-year profit comparisons – although we believe that investors are likely to look past some slowing in earnings growth if the overall economy remains healthy. Nevertheless, our opinion is that market leadership could narrow as the bull market continues to age. As always, unforeseen risks, such as geopolitical turmoil, also have the potential to present challenges. We are particularly on the lookout for a regulatory attack on leading technology and internet firms, which could have unintended consequences and result in widespread disruption in the markets.


MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 12/31/17

Amazon.com, Inc.	8.9	%
Facebook, Inc. Class A	5.3	%
Microsoft Corp.	4.5	%
Alphabet, Inc. Class C	4.4	%
Alibaba Group Holding Ltd. Sponsored ADR	3.7	%
The Priceline Group, Inc.	3.6	%
Visa, Inc. Class A	3.2	%
The Boeing Co.	2.9	%
UnitedHealth Group, Inc.	2.8	%
Mastercard, Inc. Class A	2.7	%

	42.0	%


MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 12/31/17

Communications	31.4	%
Consumer, Non-cyclical	20.2	%
Technology	16.1	%
Financial	15.4	%
Consumer, Cyclical	9.6	%
Industrial	6.2	%
Basic Materials	0.6	%
Utilities	0.2	%
Mutual Funds	0.0	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

MML Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Blue Chip Growth Fund Initial Class, the Russell 1000 Growth Index, and the S&P 500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		36.22%		18.69%		10.39%
Russell 1000 Growth Index*		30.21%		17.33%		10.00%
S&P 500 Index		21.83%		15.79%		8.50%

Hypothetical Investments in MML Blue Chip Growth Fund Service Class, the Russell 1000 Growth Index, and the S&P 500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		35.89%		18.39%		12.07%
Russell 1000 Growth Index*		30.21%		17.33%		11.76%
S&P 500 Index		21.83%		15.79%		10.42%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index and the S&P 500 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.

MML Equity Income Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks dividend income and long-term capital growth by investing primarily in common stocks, with an emphasis on large-capitalization companies that have a strong track record of paying dividends or that the Fund’s subadviser believes to be undervalued. 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. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 16.33%, underperforming, by a wide margin, the 21.83% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in U.S. equity market. The Fund outperformed the 13.66% return of the Russell 1000^® Value Index, 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.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

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

For the year ended December 31, 2017, Fund holdings in the utilities sector weighed on relative performance. On the other hand, both stock selection and sector weightings positively impacted relative returns overall. The leading contributor to Fund performance was a single Fund holding in the industrials and business services sector; Fund holdings in the information technology and real estate sectors also proved additive to the Fund’s full-year results.

Amid extensive wildfires in southern California, shares of two Fund holdings, PG&E and Edison International, suffered due to concerns that the electric utilities could be found liable for the multimillion-dollar fire damage. PG&E suspended its dividend in light of this potential headwind, a move that further weighed on its share price. The Fund sold shares of PG&E due to the uncertainty and is closely monitoring Edison International’s potential legal responsibility.

Turning to the positive, stock selection in the industrials and business services sector was by far the largest contributor to relative results, largely due the Fund’s position in Boeing. The company continued to benefit from cost reductions and productivity gains, which translated into increased earnings and cash flow. The Fund trimmed its position, but continued to hold Boeing because it operates in a market with only two major providers at this time and that is expected to see steady long-term global airline passenger growth.

The information technology sector also bolstered the Fund’s relative returns, driven by stock selection – particularly, the Fund’s investment in Applied Materials. This Fund holding, which produces manufacturing equipment for the semiconductor industry as well as supplies for flat-panel displays, benefited from smartphones transitioning to the next generation of memory and display technology – as well as growth in demand from China.

Subadviser outlook

We expect increased volatility and modest equity returns in the coming months, as investors assess the impact of U.S. tax reform on the economy and individual companies. In our view, the level of complacency in the market is a little concerning, and as a result, we believe a more thoughtful approach to balancing cyclical and defensive exposure is warranted. Valuations have remained elevated, making it challenging to identify areas of the market that could outperform over the long term. Given the higher potential for a choppy market environment, we believe a cautious approach that takes advantage of market gyrations is appropriate.

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


MML Equity Income Fund Largest Holdings (% of Net Assets) on 12/31/17

JP Morgan Chase & Co.	3.9	%
Wells Fargo & Co.	2.9	%
Exxon Mobil Corp.	2.6	%
Morgan Stanley	2.2	%
Microsoft Corp.	2.1	%
Verizon Communications, Inc.	2.0	%
Johnson & Johnson	1.9	%
Total SA	1.9	%
DowDuPont, Inc.	1.9	%
QUALCOMM, Inc.	1.8	%

	23.2	%


MML Equity Income Fund Sector Table (% of Net Assets) on 12/31/17

Financial	28.5	%
Consumer, Non-cyclical	17.9	%
Industrial	10.6	%
Energy	9.7	%
Communications	8.5	%
Technology	6.6	%
Consumer, Cyclical	6.2	%
Utilities	5.4	%
Basic Materials	4.7	%
Mutual Funds	0.0	%

Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML Equity Income Fund Initial Class, the S&P 500 Index, and the Russell 1000 Value Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		16.33%		12.43%		6.81%
S&P 500 Index*		21.83%		15.79%		8.50%
Russell 1000 Value Index		13.66%		14.04%		7.10%

Hypothetical Investments in MML Equity Income Fund Service Class, the S&P 500 Index, and the Russell 1000 Value Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		15.97%		12.13%		8.33%
S&P 500 Index*		21.83%		15.79%		10.42%
Russell 1000 Value Index		13.66%		14.04%		9.13%

GROWTH OF $10,000 FOR THE PAST 10 YEARS

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Value 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.

MML Equity Index Fund – Portfolio Manager Report (Unaudited)

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

The Fund’s investment objective is to provide investment results that correspond to the price and yield performance of publicly traded common stocks in the aggregate as represented by the S&P 500^® Index* (the “Index”). Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included within the Index. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class I shares returned 21.34%, underperforming the 21.83% return of the Index, which measures the performance of 500 widely held stocks in U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Overview, beginning on page 3.

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

The Fund’s underperformance versus the Index is mainly attributable to the impact of fees and expenses necessary for the management and operation of the Fund. The Index is not subject to fees, expenses, or taxes, and it is not possible to invest directly in the Index.

For the year ended December 31, 2017, information technology and materials were the strongest-performing sectors within the Index; the telecommunication services and energy sectors turned in the worst performances.

The year started off with a strong rally following the U.S. presidential election and never looked back. Markets posted positive gains each of the 12 months of 2017, a feat never achieved before.

The year was full of geopolitical risk, ranging from nuclear threats from North Korea to upheaval of royalty in Saudi Arabia. Throughout it all, however, investors focused on the continued global economic growth. During the year, U.S. equity markets continually posted new all-time highs, while volatility was suppressed to all-time lows.

In October, the Federal Reserve Board (the “Fed”) began the highly anticipated process of shrinking its balance sheet, as it let maturing bonds roll off without repurchasing new investments. In the same vein, the Fed continued its policy tightening – with three hikes to the federal funds rate throughout the year in March, June and December – despite the lack of any measurable inflation. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.)

With respect to the job market, the American unemployment rate continued to fall to what many are calling full employment. The yield curve flattened throughout the year to multi-year lows in spreads between the long and short ends of the curve, as the 10-year Treasury remained mostly unchanged from the previous year at just above 2.4%. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.)

During most of 2017, the U.S. dollar unexpectedly fell, relative to other developed market currencies, despite the Fed continuing to raise rates. This caused a rally in commodities – most notably, oil, which almost topped $60 a barrel at the end of the year.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by MML Advisers. Standard & Poor’s^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MML Advisers. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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

Subadviser outlook

In our view, U.S. earnings could get another boost in 2018 from the tax reform legislation that was signed into law in December 2017. We believe that the proposed reduction in the corporate tax rate could contribute an 8% boost in S&P 500 earnings per share, although we believe that U.S. share prices could face some headwind from their high valuations. Our return expectations for 2018 are more modest, but still show a healthy return outlook. We expect earnings to remain the primary driver of returns, led by U.S. earnings growth.


MML Equity Index Fund Largest Holdings (% of Net Assets) on 12/31/17

Apple, Inc.	3.8	%
Microsoft Corp.	2.9	%
Amazon.com, Inc.	2.0	%
Facebook, Inc. Class A	1.8	%
Berkshire Hathaway, Inc. Class B	1.6	%
Johnson & Johnson	1.6	%
JP Morgan Chase & Co.	1.6	%
Exxon Mobil Corp.	1.5	%
Alphabet, Inc. Class C	1.4	%
Alphabet, Inc. Class A	1.4	%

	19.6	%


MML Equity Index Fund Sector Table (% of Net Assets) on 12/31/17

Consumer, Non-cyclical	21.5	%
Financial	18.7	%
Technology	15.0	%
Communications	13.4	%
Industrial	10.0	%
Consumer, Cyclical	8.7	%
Energy	6.0	%
Utilities	2.9	%
Basic Materials	2.4	%
Diversified	0.0	%

Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Class I		21.34%		15.31%		8.05%
Class II		21.50%		15.47%		8.23%
Class III		21.69%		15.63%		8.37%
S&P 500 Index		21.83%		15.79%		8.50%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class I		21.05%		15.01%		9.69%
S&P 500 Index		21.83%		15.79%		10.42%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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.

MML Focused Equity Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadviser believes are financially sound, valued conservatively by the market, and have improving prospects. 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 Wellington Management Company LLP (Wellington Management). Effective May 1, 2017, Wellington Management replaced Harris Associates L.P. (Harris) as subadviser of the Fund.

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class II shares returned 21.99%, outperforming the 21.69% return of the Russell 1000^® Index (the “benchmark”), which measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest 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, 2017, please see the Economic and Market Overview, beginning on page 3.

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

For the time that Harris served as subadviser for the Fund (January 1–April 30, 2017), stock selection and sector weightings both contributed to results. All six invested sectors delivered positive collective absolute returns for the period, with the health care sector leading the way. All three of the Fund’s health care holdings gained value for the period; health care equipment company Baxter International generated the largest return. The health care sector also delivered the best result relative to the benchmark. The financials sector supplied the smallest positive collective return, as six of the Fund’s eight underlying holdings within the sector advanced for the period. Credit ratings provider Moody’s and insurance firm Aon were the Fund holdings that were the top performers. Insurance company American International Group and financial company Wells Fargo were the two Fund holdings that detracted the most from returns for the period.

For the time that Wellington Management served as subadviser for the Fund (May 1–December 31, 2017), BlackRock (in the financials sector) and Microsoft (information technology) were among the top Fund holdings that contributed to relative performance for the period. BlackRock, a global asset manager serving retail and institutional clients across asset classes, continued to benefit from a diversified product suite and perception as a best-in-class firm. Shares of Microsoft, the world’s largest software company, jumped after the company reported strong revenue and earnings growth. A third Fund holding, North American railroad operator Union Pacific, was the top contributor in the strong-performing industrials sector during the period. Top relative detractors for the period included Cardinal Health and Medtronic (both in the health care sector). Cardinal Health, a drug distributor for large pharmaceutical companies, faced headwinds from generic drug-price deflation and competitive pressures in their drug wholesaling business. Medtronic, the world’s largest medical device manufacturer, reported disappointing revenue growth due to a week-long computer system outage and a capacity constraint in the diabetes division, which weighed on the stock price.

Subadviser outlook

Overall, as has been the case over the last few years, Wellington Management remains highly cautious in our investment posture. Whatever view we may have over the next month, next year – or even the next five years – will have little bearing on our portfolio decisions. We continue to believe in the power of compounding and in a growing dividend as the tool through which this power is expressed. We believe time is our friend, whereas many investors believe it to be the enemy. We believe a long-term outlook characterized by patience and low turnover is our best approach for managing the portfolio. As has always been the case, we are agnostic about sector positioning versus a benchmark, as the Fund’s weightings result from this bottom-up stock selection. At the end of the period, the Fund held its most overweight stake, relative to the benchmark, in the health care and consumer staples sectors, and its largest underweight position in the information technology and energy sectors.

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


MML Focused Equity Fund Largest Holdings (% of Net Assets) on 12/31/17

NIKE, Inc. Class B	5.8	%
Microsoft Corp.	5.7	%
Chubb Ltd.	4.8	%
The PNC Financial Services Group, Inc.	4.8	%
Bristol-Myers Squibb Co.	4.7	%
United Parcel Service, Inc. Class B	4.6	%
American Express Co.	4.3	%
Public Storage	4.2	%
Diageo PLC	4.2	%
The TJX Cos., Inc.	4.1	%

	47.2	%


MML Focused Equity Fund Sector Table (% of Net Assets) on 12/31/17

Consumer, Non-cyclical	30.2	%
Financial	27.3	%
Consumer, Cyclical	15.3	%
Industrial	14.1	%
Technology	9.4	%
Basic Materials	2.0	%

Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML Focused Equity Fund Class II and the Russell 1000 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 12/8/11 - 12/31/17
Class II		21.99%		15.22%		16.00%
Russell 1000 Index		21.69%		15.71%		15.59%

Hypothetical Investments in MML Focused Equity Fund Service Class I and the Russell 1000 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/1/12 - 12/31/17
Service Class I		21.61%		14.92%		13.96%
Russell 1000 Index		21.69%		15.71%		14.47%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 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.

MML Foreign Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments of issuers located outside of the U.S., including those in emerging markets. Under normal market conditions, the Fund invests predominantly in equity securities, primarily to predominantly common stocks, and, while there are no set percentage targets, the Fund invests predominantly in large- to medium-capitalization companies with market capitalization values greater than $2 billion and may invest a portion in smaller companies. The Fund’s subadviser is Templeton Investment Counsel, LLC (Templeton).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 21.73%, underperforming, by a wide margin, the 27.19% return of the MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The MSCI ACWI ex USA became the Fund’s benchmark on December 14, 2017 – because the MSCI ACWI ex USA more closely represents the Fund’s investment strategy than does the Fund’s former benchmark, the MSCI EAFE Index. The Fund underperformed the 25.03% return of the MSCI EAFE Index, which measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, stock selection and an overweighting (relative to the benchmark) in Europe, particularly in the U.K., hindered the Fund’s performance relative to the benchmark. Within the region, security selection in France and Switzerland also hurt results. Additionally, stock selection and an underweighting in China weighed on results in Asia.

From a sector perspective, stock selection and an overweighted position in the health care sector detracted from the Fund’s relative performance, as did security selection in the consumer discretionary and industrials sectors. Within health care, generic drug manufacturer Teva Pharmaceutical Industries (Israel) was one Fund holding that significantly hindered results. In the consumer discretionary sector, Fund holding SES (Luxembourg), a satellite-based data transmission capacity provider, was a notable detractor. Electronics manufacturer Toshiba (Japan) was a Fund holding that detracted within industrials. Other Fund holdings that hampered the Fund’s full-year performance included U.K.-based oilfield services company Petrofac in the energy sector, and Japanese office equipment company Konica Minolta in the information technology sector.

During the period, the U.S. dollar rose in value relative to many currencies in which the Fund’s investments were traded. This hurt the Fund’s performance because investments in securities with non-U.S. currency lost value as the dollar rose.

In contrast, a lack of exposure to Australia and New Zealand benefited the Fund’s relative results. In North America, the benefit of an underweighted position in Canada more than offset the negative effect of stock selection there. Additionally, an overweighting and stock selection in South Korea contributed to relative performance.

From a sector perspective, stock selection in the financials sectors benefited the Fund’s relative performance. Within the sector, South Korean banks KB Financial Group and Hana Financial Group were two Fund holdings that helped results. Positioning in the utilities sector boosted the Fund’s relative performance to a lesser extent. Other notable Fund holdings that contributed included South Korea-based semiconductor manufacturer Samsung Electronics in the information technology sector, Japanese mining business Sumitomo Metal Mining in the materials sector, and German airline Deutsche Lufthansa in the industrials sector.

Subadviser outlook

One counterintuitive characteristic of financial markets is that the better things seem, the riskier they may be. Risks appear elevated to us at this point in the cycle, as policy makers begin raising rates against a backdrop of broadly high asset prices and historically low volatility. We plan to continue to take profits at this point in the cycle where and when it appears fundamentally warranted. However, we plan to also remain invested in equity markets, with a focus, in the words of founder, Sir John Templeton, on “those stocks having the lowest prices in relation to possible earning power of future years.”

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


MML Foreign Fund Largest Holdings (% of Net Assets) on 12/31/17

Samsung Electronics Co. Ltd.	3.2	%
Royal Dutch Shell PLC Class B	2.8	%
BP PLC	2.8	%
Roche Holding AG	2.0	%
Vodafone Group PLC Sponsored ADR	1.9	%
BNP Paribas SA	1.9	%
HSBC Holdings PLC	1.8	%
Bayer AG Registered	1.8	%
Standard Chartered PLC	1.7	%
SoftBank Group Corp.	1.7	%

	21.6	%


MML Foreign Fund Sector Table (% of Net Assets) on 12/31/17

Financial	22.5	%
Consumer, Non-cyclical	16.2	%
Energy	12.8	%
Communications	11.2	%
Industrial	9.9	%
Technology	7.3	%
Consumer, Cyclical	7.1	%
Basic Materials	6.5	%
Utilities	2.2	%
Diversified	1.4	%
Mutual Funds	1.0	%

Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML Foreign Fund Initial Class, MSCI ACWI ex USA, and the MSCI EAFE Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		21.73%		5.87%		1.30%
MSCI ACWI ex USA*		27.19%		6.80%		1.84%
MSCI EAFE Index		25.03%		7.90%		1.94%

Hypothetical Investments in MML Foreign Fund Service Class, MSCI ACWI ex USA, and the MSCI EAFE Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		21.45%		5.60%		3.19%
MSCI ACWI ex USA*		27.19%		6.80%		4.06%
MSCI EAFE Index		25.03%		7.90%		4.19%

GROWTH OF $10,000 FOR THE PAST 10 YEARS

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI ACWI ex USA and the MSCI EAFE Index are 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.

MML Fundamental Growth Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term growth of capital by investing primarily in domestic equity securities that the Fund’s subadviser believes offer the potential for long-term growth. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class II shares returned 27.67%, underperforming the 30.21% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, security selection within the health care and information technology sectors primarily drove the Fund’s underperformance. Selection within the financials sector also detracted from relative returns, as did the Fund’s overweight exposure, relative to the benchmark, to the energy sector. Positive selection within the industrials sector helped to partially offset these negative results. The Fund also benefited from its overweight allocation to the information technology sector and its underweight exposure to consumer staples.

With respect to individual Fund holdings, top detractors from relative performance included Allergan (in the health care sector) and Schlumberger (energy). Allergan, a multinational pharmaceuticals company, underperformed due to investor concerns over competitive pressures for some key products. Schlumberger, an oil and gas services company, struggled through an extended period of lower oil prices in 2017. Fund holding Qualcomm (a semiconductor and telecommunications equipment company) was the top detractor in the struggling information technology sector. The Fund trimmed its positions in all three of these stocks, but continued to hold them at the end of the period. Not owning benchmark constituent Boeing (an aerospace manufacturing company), which performed well during the period, also weighed on the Fund’s relative full-year results.

Fund holdings that were leading contributors to benchmark-relative returns included Alibaba Group Holding (Alibaba) and PayPal (both in information technology). Alibaba, the dominant Chinese online and mobile commerce company, outperformed after the company reported strong earnings ahead of consensus across multiple metrics and increased guidance. The company continued to execute on its advertising model and redeployed profits into cloud services. We believe they could become a leading cloud provider in China. PayPal, a digital payments company that enables digital and mobile payments on behalf of consumers and merchants, outperformed after the company reported strong earnings and announced that it was beginning to partner with major financial institutions. Caterpillar, a construction machinery and equipment company, was the Fund holding that contributed the most in the strong-performing industrials sector.

Subadviser outlook

As we turn to 2018, a new variable in our investment process will be the impact on demand over the next several years due to substantial changes in the tax bill and the multiplier effects from the tax savings to corporations and consumers. This is in addition to the recovery in demand throughout the world. From the Fund’s bottom-up investment perspective, we continue to expect the demand for productivity tools to increase, driven by business model disruptions across industries. As the pressure to grow while being more productive continues, companies are increasing their demand for these tools, which can help improve revenue or control costs. We believe many of the companies in the Fund’s portfolio have the potential to benefit from this secular trend.

Consumer discretionary continues to be an area of the Fund that we have been trimming over the past couple of years, as we continue to struggle to find attractive opportunities based on our investment process. We find it difficult to justify the high valuation of these low-growth, low-return-on-capital consumer companies – which we believe is partly driven by investors who are willing to pay a premium for low-volatility dividend-paying companies. At year end, the Fund’s largest overweight positions were in the information technology and financials sectors. The Fund’s most significant underweight stakes were in the consumer discretionary and consumer staples sectors.

MML Fundamental Growth Fund – Portfolio Manager Report (Unaudited) (Continued)


MML Fundamental Growth Fund Largest Holdings (% of Net Assets) on 12/31/17

Apple, Inc.	7.4	%
Microsoft Corp.	6.7	%
Alphabet, Inc. Class C	6.6	%
Facebook, Inc. Class A	4.0	%
Amazon.com, Inc.	3.5	%
Visa, Inc. Class A	2.5	%
The Home Depot, Inc.	2.1	%
Caterpillar, Inc.	2.0	%
Mastercard, Inc. Class A	1.9	%
Texas Instruments, Inc.	1.9	%

	38.6	%


MML Fundamental Growth Fund Sector Table (% of Net Assets) on 12/31/17

Technology	33.2	%
Communications	19.5	%
Consumer, Non-cyclical	15.4	%
Financial	11.6	%
Industrial	10.8	%
Consumer, Cyclical	4.3	%
Energy	3.3	%
Basic Materials	2.0	%

Total Long-Term Investments	100.1	%
Short-Term Investments and Other Assets and Liabilities	(0.1	)%

Net Assets	100.0	%

MML Fundamental Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Fundamental Growth Fund Class II and the Russell 1000 Growth Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 12/8/11 - 12/31/17
Class II		27.67%		15.63%		14.94%
Russell 1000 Growth Index		30.21%		17.33%		16.61%

Hypothetical Investments in MML Fundamental Growth Fund Service Class I and the Russell 1000 Growth Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/1/12 - 12/31/17
Service Class I		27.32%		15.35%		12.95%
Russell 1000 Growth Index		30.21%		17.33%		15.26%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth 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.

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. 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, with a focus on companies with large market capitalizations (which the subadviser believes are generally above $2 billion). The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class II shares returned 15.10%, outperforming the 13.66% 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.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, security selection within the industrials and consumer discretionary sectors contributed the most to relative performance. The Fund’s overweight allocation, relative to the benchmark, to the strong-performing information technology sector and underweight stake in telecommunication services were also additive. These results were partially offset by weak security selection within the health care and financials sectors, as well as an overweight allocation to industrials. A frictional cash position in an upward trending market also detracted from returns. Sector allocation, a residual of our bottom-up stock selection process, contributed modestly to performance.

With respect to individual Fund holdings, top contributors to benchmark-relative results included Pulte Group (in the consumer discretionary sector) and Caterpillar (industrials). Pulte Group, an American home construction company, was another Fund holding that benefited from positive investor sentiment. Caterpillar, an American construction equipment and machinery company, had a strong year of beating earnings estimates and raising earnings guidance. The Fund maintained its positions in both stocks as of the end of the period.

Fund holdings that were top detractors from benchmark-relative performance included Signet Jewelers and Viacom (both consumer discretionary), and Allergan (health care). Signet Jewelers, a diamond jewelry retailer that is domiciled in Bermuda and headquartered in the U.S., struggled to perform under scrutiny from federal and state agencies regarding its financing and credit practices. The Fund eliminated its position in the stock near the end of the period. The Fund initiated a position in Viacom, an American media company, at the beginning of the period. The stock had underperformed in an environment of increasing negative sentiment toward the advertising sector. The company was also the subject of scrutiny regarding the funding of their Paramount studio. We maintained our position in the stock as of the end of the period. Allergan, an Ireland-based specialty pharmaceutical company, was the top detractor in the health care sector. Shares of this Fund holding underperformed due to investor concerns over competitive pressures for some key products.

Subadviser outlook

With U.S. tax reform now enacted into law, we see the potential for a further acceleration in U.S. gross domestic product (GDP) growth, driven by increases in consumer expenditures, corporate profits, and business spending. We are watching for a pick-up in inflation, as tax stimulus pulls forward growth in an economy with a low unemployment rate and decent current growth. During 2017, the Federal Reserve (the “Fed”) continued to raise rates and shrink its balance sheet at a very measured pace. The consensus view sees the potential for multiple federal funds rate increases during 2018. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.)

In our view, the macro environment looks favorable for markets over the next few quarters, although we believe risks remain. Equity markets closed out the year with historically low volatility in the face of the North Korean nuclear threat, Russian

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited) (Continued)

meddling in the U.S. presidential election, and multiple hurricanes hitting the U.S. this fall. Interest rates are low and are likely moving higher across the globe, while the European Central bank has been tapering its quantitative easing program, and the U.K. is proceeding with its planned exit from the European Union. We believe the potential exists for a year of strong earnings growth in the U.S. market, led by benefits of tax reform, and solid underlying fundamentals in the economy.


MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 12/31/17

JP Morgan Chase & Co.	4.5	%
Wells Fargo & Co.	3.2	%
Citigroup, Inc.	2.8	%
Cisco Systems, Inc.	2.7	%
Intel Corp.	2.6	%
The PNC Financial Services Group, Inc.	2.5	%
Chevron Corp.	2.3	%
Bank of America Corp.	2.1	%
Merck & Co., Inc.	2.0	%
DowDuPont, Inc.	1.6	%

	26.3	%


MML Fundamental Value Fund Sector Table (% of Net Assets) on 12/31/17

Financial	28.8	%
Consumer, Non-cyclical	16.4	%
Industrial	10.9	%
Energy	10.1	%
Communications	9.0	%
Technology	8.8	%
Consumer, Cyclical	7.1	%
Utilities	3.4	%
Basic Materials	3.0	%

Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%

Net Assets	100.0	%

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Fundamental Value Fund Class II and the Russell 1000 Value Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/10/10 - 12/31/17
Class II		15.10%		13.00%		12.26%
Russell 1000 Value Index		13.66%		14.04%		13.41%

Hypothetical Investments in MML Fundamental Value Fund Service Class I and the Russell 1000 Value Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/1/12 - 12/31/17
Service Class I		14.78%		12.73%		11.89%
Russell 1000 Value Index		13.66%		14.04%		13.60%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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.

MML Global Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in the equity securities of U.S. and foreign companies, including companies in developed and emerging markets. The Fund may invest a significant percentage of its assets in issuers in a single country, a small number of countries, or a particular geographic region. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class I shares returned 24.16%, outperforming the 22.40% return of the MSCI World Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of world equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, the Fund’s avoidance of the poor-performing utilities and communications sector was a primary factor that benefited performance relative to the benchmark. Strong security selection in both the health care and consumer staples sectors also lifted relative returns. Within the health care sector, the Fund’s overweight position, relative to the benchmark, in life sciences supply company Thermo Fisher Scientific contributed positively to relative results. Within the consumer staples sector, overweight positions in two Fund holdings – alcoholic beverage companies Pernod Ricard (France) and Diageo (United Kingdom) – further aided relative performance.

Stocks in other sectors that supported relative returns included not owning diversified industrial conglomerate General Electric and integrated oil and gas company ExxonMobil. Overweight positions in four Fund holdings – luxury goods company LVMH Moet Hennessy Louis Vuitton (France), global payments technology company Visa, pulp and paper manufacturer and consumer goods company Svenska Cellulosa (Sweden), and paint and specialty chemicals manufacturer Akzo Nobel (Netherlands) also helped drive Fund performance for the year. Holding shares of microchip and electronics manufacturer Samsung Electronics (South Korea), which is not a benchmark constituent, also aided relative results.

During the reporting period, the Fund’s relative currency exposure, resulting primarily from differences between the Fund’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was a contributor to relative performance. All of MFS’s investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for the Fund to have different currency exposure than its benchmark.

Security selection in the leisure sector detracted from the Fund’s performance for the year, as the Fund’s overweight positions in four holdings – advertising and marketing firms WPP Group (United Kingdom) and Omnicom Group, media firm Time Warner and diversified entertainment company Walt Disney – hindered relative returns. An underweight allocation to – and, to a lesser extent, security selection within – the technology sector also hampered relative results. Not holding shares of computer and personal electronics maker Apple and software giant Microsoft also held back relative returns within the technology sector. Elsewhere, the Fund’s overweight positions in convenience foods manufacturer Kellogg and in oil field services company Schlumberger detracted from relative returns. Holding shares of professional beauty supplier retailer Sally Beauty, which is not a benchmark constituent, and not owning shares of internet retailer Amazon.com also hurt relative results, as both of these companies were strong performers for the year.

Subadviser outlook

Our present business cycle is now in its ninth year. This compares with an average post-World War II cycle of about five years. We believe that one area of concern is the potential for labor markets to run too hot. Wages have not taken off yet, but the U.S. Federal Reserve is watching closely for that possibility. Further, we believe that surging private sector credit growth is a cause for concern, with debt-to-asset levels approaching peaks last seen in 2007, on the eve of the global financial crisis. A surge in credit utilization is typical late-cycle behavior.

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

We monitor the shape of the yield curve because an inversion of the curve has preceded the last seven U.S. recessions. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.) The curve is quite flat, though it has steepened a bit lately, and this suggests, in our view, that the market believes the uptick in growth we have been experiencing recently might not last a year or two down the road. In summary, while MFS does not believe that we appear to be in near-term danger of recession, there are growing indications that we are late in the business cycle.


MML Global Fund Largest Holdings (% of Net Assets) on 12/31/17

Thermo Fisher Scientific, Inc.	2.8	%
Bayer AG Registered	2.6	%
Honeywell International, Inc.	2.6	%
Nestle SA Registered	2.4	%
Accenture PLC Class A	2.4	%
Visa, Inc. Class A	2.4	%
Medtronic PLC	2.3	%
Comcast Corp. Class A	2.2	%
Reckitt Benckiser Group PLC	2.2	%
Diageo PLC	2.1	%

	24.0	%


MML Global Fund Sector Table (% of Net Assets) on 12/31/17

Consumer, Non-cyclical	36.3	%
Industrial	17.0	%
Financial	13.2	%
Communications	9.6	%
Consumer, Cyclical	9.1	%
Technology	7.0	%
Basic Materials	5.7	%
Mutual Funds	1.8	%
Energy	1.0	%

Total Long-Term Investments	100.7	%
Short-Term Investments and Other Assets and Liabilities	(0.7	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML Global Fund Class I, Class II, and the MSCI World Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Class I		24.16%		11.90%		5.70%
Class II		24.30%		11.97%		5.84%
MSCI World Index		22.40%		11.64%		5.03%

Hypothetical Investments in MML Global Fund Service Class I and the MSCI World Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class I		23.95%		11.64%		7.79%
MSCI World Index		22.40%		11.64%		7.07%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI World 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.

MML Growth & Income Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Growth & Income Fund, and who is the Fund’s subadviser?

The Fund seeks capital appreciation and income by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities and equity-related securities, including convertible securities, preferred stocks, options, and warrants, of U.S. companies with market capitalizations at the time of purchase greater than $1 billion. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 23.70%, outperforming the 21.83% return of the S&P 500^®Index (the “benchmark”), which measures the performance of 500 widely held stocks in U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, stock selection in the financial services sector contributed to the Fund’s benchmark-relative performance. Most notably, the Fund’s overweight positions, relative to the benchmark, in global payments technology company Visa and debit and credit transaction processing company Mastercard aided relative results. Stock selection and an underweight position in the utilities and communications sector further helped the Fund’s relative performance. Within that sector, the Fund’s overweight position in broadcast and communication tower management firm American Tower and avoiding poor-performing telecommunication services provider AT&T further supported relative results. Elsewhere, not owning shares of diversified industrial conglomerate General Electric and integrated oil and gas company ExxonMobil boosted relative returns, as both companies underperformed the benchmark. The Fund’s overweight positions in broadband communications and networking services Broadcom and paint and coating manufacturer Sherwin-Williams contributed to relative returns. Additionally, the Fund’s holdings of luxury goods company LVMH Moet Hennessy (France) and wine and alcoholic beverage producer Pernod Ricard (France) – neither of which are benchmark constituents – helped performance relative to the benchmark.

An underweight position in the technology sector hurt relative performance. The Fund’s underweight holdings of computer and personal electronics maker Apple and social networking service provider Facebook detracted from relative returns, as did not owning strong-performing software giant Microsoft. In other sectors, the Fund’s overweight positions in commercial products manufacturer Newell Brands, oil field services company Schlumberger, snack food and beverage producer Mondelez International, and financial services firm Goldman Sachs Group weighed on relative performance. Not owning shares of internet retailer Amazon.com and aerospace company Boeing further hurt relative results, as both companies outperformed the benchmark during the year.

The Fund’s cash and/or cash equivalents position was also a detractor from relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a strong equity market, however, holding cash hurt relative performance, since the benchmark has no cash position.

Subadviser outlook

MML Growth & Income Fund – Portfolio Manager Report (Unaudited) (Continued)

We monitor the shape of the yield curve because an inversion of the curve has preceded the last seven U.S. recessions. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.) The curve is quite flat, though it has steepened a bit lately, and this suggests, in our view, that the market believes the uptick in growth we’ve been experiencing recently might not last a year or two down the road. In summary, while we don’t believe that we appear to be in near-term danger of recession, there are growing indications that we’re late in the business cycle.


MML Growth & Income Fund Largest Holdings (% of Net Assets) on 12/31/17

JP Morgan Chase & Co.	3.9	%
Bank of America Corp.	3.1	%
Visa, Inc. Class A	3.1	%
Alphabet, Inc. Class A	3.0	%
Thermo Fisher Scientific, Inc.	2.8	%
American Tower Corp.	2.6	%
Broadcom Ltd.	2.5	%
Alphabet, Inc. Class C	2.4	%
Cognizant Technology Solutions Corp. Class A	2.4	%
Comcast Corp. Class A	2.3	%

	28.1	%


MML Growth & Income Fund Sector Table (% of Net Assets) on 12/31/17

Consumer, Non-cyclical	23.7	%
Financial	23.3	%
Technology	15.4	%
Communications	10.5	%
Consumer, Cyclical	9.6	%
Industrial	8.1	%
Energy	5.0	%
Basic Materials	2.4	%
Utilities	0.6	%

Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%

Net Assets	100.0	%

MML Growth & Income Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Growth & Income Fund Initial Class and the S&P 500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		23.70%		14.78%		7.14%
S&P 500 Index		21.83%		15.79%		8.50%

Hypothetical Investments in MML Growth & Income Fund Service Class and the S&P 500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		23.41%		14.49%		8.87%
S&P 500 Index		21.83%		15.79%		10.42%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

MML Income & Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Income & Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return and current income by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Although the Fund may invest in companies of any size, the Fund will tend to focus on companies with large market capitalizations (which the Fund’s subadviser believes are generally above $2 billion). The Fund’s subadviser is Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley). Effective December 4, 2017, Barrow Hanley replaced BlackRock Investment Management, LLC (BlackRock) as subadviser of the Fund.

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 17.43%, outperforming the 13.66% 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. The Russell 1000 Value Index became the Fund’s benchmark on December 14, 2017 – because the Russell 1000 Value Index more closely represents the Fund’s investment strategy than does the Fund’s former benchmark, the S&P 500^®Index. The Fund underperformed the 21.83% return of the S&P 500Index, which measures the performance of 500 widely held stocks in U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

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

For the time that BlackRock served as subadviser for the Fund (January 1–December 3, 2017), the Fund generated relative outperformance in nine out of 11 sectors during the period. The largest contributor to the Fund’s relative performance was a combination of stock selection and allocation decisions in the energy sector. Notably, the Fund’s underweight position, relative to the S&P 500Index, to the energy equipment and services industry proved beneficial for performance. Further, the Fund’s underweight stake in U.S. integrated oil and gas operators and its overweight in their non-U.S. domiciled peers boosted relative returns within the oil, gas, and consumable fuels industry. In health care, stock selection and an overweight to the health care providers and services industry and stock selection in pharmaceuticals added to relative performance. Lastly, a combination of stock selection in, and an underweight to, the telecommunication services sector contributed to relative performance, as did stock selection in the industrials sector. The largest detractor from relative performance was the Fund’s cash position, which averaged 4.5% during the period. In utilities, a combination of stock selection and an underweight to the electric utilities industry negatively impacted relative returns. Within financials, stock selection in the insurance industry and an underweight allocation to the diversified financial services industry also hampered relative performance. At the industry level, stock selection in food and staples retailing was a notable detractor.

For the time that Barrow Hanley served as subadviser for the Fund (December 4–31, 2017), on a sector-level basis, an underweight to utilities and real estate, as well as stock selection in industrials, added to performance. Within industrials, Fund holding Owens Corning added to performance. Owens Corning manufactures asphalt shingles for residential roofs, insulation for residential and commercial use, and fiberglass composites for a wide variety of industrial applications. The company reported strong results as the year progressed and earnings forecasts continued to see upward revisions. Detracting from the Fund’s performance for the period was QUALCOMM, a smartphone chipset manufacturer, and Oracle, a software, hardware, and services company. Both of these Fund holdings fell slightly late in the fourth quarter due primarily to a sell-off in the technology sector.

Subadviser outlook

We have been expecting a sustained turn in favor of value stocks for some time now. After 8¹⁄₂ years of growth stock dominance (with a brief reprieve in 2016), the patience of value investors is being tested. Yet this is not the first growth cycle Barrow Hanley has endured in our 38-year history and we are confident that the environment for value investing is a ripe one. If markets cannot rely on continued easy monetary policies as an incentive to drive valuations higher, investors must once again look at earnings and fundamentals of the underlying companies. We remain confident that our conservative, defensive style of investing has the potential to provide downside protection due to the Fund’s focus on undervalued companies with strong fundamentals and a meaningful and growing dividend.

MML Income & Growth Fund – Portfolio Manager Report (Unaudited) (Continued)


MML Income & Growth Fund Largest Holdings (% of Net Assets) on 12/31/17

Bank of America Corp.	3.4	%
JP Morgan Chase & Co.	3.0	%
American Express Co.	2.8	%
Wells Fargo & Co.	2.8	%
BP PLC Sponsored ADR	2.6	%
DowDuPont, Inc.	2.6	%
Johnson & Johnson	2.4	%
Phillips 66	2.3	%
Pfizer, Inc.	2.3	%
Chevron Corp.	2.2	%

	26.4	%


MML Income & Growth Fund Sector Table (% of Net Assets) on 12/31/17

Financial	26.6	%
Consumer, Non-cyclical	18.3	%
Energy	12.9	%
Industrial	11.2	%
Consumer, Cyclical	8.9	%
Technology	8.7	%
Basic Materials	6.0	%
Communications	4.2	%
Utilities	1.4	%

Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%

Net Assets	100.0	%

MML Income & Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Income & Growth Fund Initial Class, the Russell 1000 Value Index, and the S&P 500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		17.43%		13.20%		6.58%
Russell 1000 Value Index*		13.66%		14.04%		7.10%
S&P 500 Index		21.83%		15.79%		8.50%

Hypothetical Investments in MML Income & Growth Fund Service Class, the Russell 1000 Value Index, and the S&P 500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		17.21%		12.91%		8.13%
Russell 1000 Value Index*		13.66%		14.04%		9.13%
S&P 500 Index		21.83%		15.79%		10.42%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index and the S&P 500 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.

MML International Equity Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of non-U.S. companies located in non-U.S. markets throughout the world, including emerging markets. The Fund may invest a substantial portion of its assets in just one region or country and may, but does not currently intend to, invest in U.S. companies. Ordinarily, the Fund’s portfolio typically holds thirty to sixty stocks and the Fund invests in the securities of at least five countries outside the U.S. The Fund’s subadviser is Harris Associates L.P. (Harris).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class II shares returned 30.35%, outperforming, by a wide margin, the 24.21% return of the MSCI World Index ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of world, excluding U.S. equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, Fund holdings in Switzerland, the U.K. and France contributed most to the Fund’s performance compared with the benchmark for the year. All but one of the 31 underlying holdings in these countries produced positive absolute returns. Switzerland’s materials metals and mining company Glencore, U.K.-based industrials firm CNH Industrial, and France’s luxury goods company Kering were the three Fund holdings that supplied the largest positive returns in these respective locations.

From a sector perspective, the best relative performance for the reporting period came from Fund holdings in the financials sector, as all 14 underlying holdings advanced for the year. Technology produced the largest positive absolute return, which stemmed from all of the sector’s underlying holdings generating double-digit positive returns, led by Samsung Electronics. The industrials sector was the next-largest positive relative performer and also generated the second-highest absolute return.

The Fund’s positions in Sweden, Japan, and Mexico hindered its full-year relative performance. However, the absolute collective returns from Sweden and Japan were positive for the year, as only one holding in each of these countries lost value. Mexico’s absolute return of -10% came from its single underlying holding, Grupo Televisa, which declined for the period. From a sector perspective, Fund holdings in consumer discretionary weighed on relative results even though the sector’s absolute return was positive for the period. No other sectors detracted from relative performance during the year.

The Fund is permitted to use derivative instruments. 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. Most derivatives are used for hedging, speculation, or both. The Fund currently holds hedges on the Swiss franc. Approximately 15% of the underlying franc is hedged. We believe this currency has appreciated above the range of its intrinsic value as measured by purchasing power parity and other economic fundamentals. Currency hedges detracted 0.04% from the Fund’s cumulative performance for the year.

Subadviser outlook

A confluence of positive economic news, including low volatility, paved the way for stock market growth around the globe. Economic improvements in the United States prompted the Federal Reserve to raise key interest rates in December for the third time in 2017. In addition, Congress passed a new tax bill that lowers the corporate tax rate from 35% to 21%, a move that investors see as business friendly. In Japan, unemployment continued to fall, while core consumer prices increased in November from a year ago. The Bank of Japan plans to continue its monetary easing policy into 2018. In December, the European Central Bank left interest rates unchanged and sees this trend continuing. Although market prices of companies march higher in the short term, our perception of a business’s intrinsic value is measured over the long term. The Fund seeks to own stocks that are trading at the largest current discount to fair value in all market environments.

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


MML International Equity Fund Largest Holdings (% of Net Assets) on 12/31/17

Lloyds Banking Group PLC	5.1	%
Daimler AG Registered	4.9	%
Glencore PLC	4.7	%
BNP Paribas SA	4.6	%
Bayerische Motoren Werke AG	4.2	%
Credit Suisse Group AG Registered	3.9	%
Hennes & Mauritz AB Class B	3.8	%
Intesa Sanpaolo SpA	3.8	%
Toyota Motor Corp.	3.6	%
CNH Industrial NV	3.4	%

	42.0	%


MML International Equity Fund Sector Table (% of Net Assets) on 12/31/17

Financial	33.8	%
Consumer, Cyclical	24.2	%
Industrial	12.9	%
Communications	9.6	%
Consumer, Non-cyclical	9.5	%
Basic Materials	5.0	%
Technology	2.2	%
Mutual Funds	0.4	%

Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML International Equity Fund Class II and the MSCI World Index ex USA.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Since Inception Average Annual 1/7/14 - 12/31/17
Class II		30.35%		6.42%
MSCI World Index ex USA		24.21%		4.65%

Hypothetical Investments in MML International Equity Fund Service Class I and the MSCI World Index ex USA.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Since Inception Average Annual 5/1/14 - 12/31/17
Service Class I		30.16%		5.91%
MSCI World Index ex USA		24.21%		4.05%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI World Index ex USA 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.

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index. The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 33.51%, outperforming the 30.21% return of the Russell 1000 Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, please see the Economic and Market Review, beginning on page 3.

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

For the year ended December 31, 2017, stock selection in the consumer discretionary, consumer staples, health care, and financials sectors – and the Fund’s allocation to the information technology and consumer discretionary sectors – contributed positively to relative returns. Fund holdings Alibaba Group Holding (Alibaba) and Amazon.com were the top contributors for the year.

Fund holding Alibaba, China’s e-commerce leader, reported fundamentally strong results during the period, with revenue growth exceeding consensus expectations. Demonstrating the power of its brands and network ecosystem, Alibaba’s revenue growth accelerated to the fastest rate since the IPO for what is now a much larger company. Benefiting from strong customer engagement and innovation, Alibaba’s gross merchandise volume (GMV) increased at a higher rate than the growth in China’s retail sector. Alibaba continued to execute well on its business model, allowing it to expand its already dominant market position and to invest to strengthen its competitive advantages. Online retailer Amazon.com reported healthy fundamentals and strong growth in revenue. With GMV growing, this Fund holding continued to take market share. Amazon Web Services also posted impressive revenue growth. Amazon.com continued rapid investment in key areas that capitalize on its strength, focusing on businesses with high, durable growth prospects and strong financial returns.

Stock selection in the energy, industrials and information technology sectors – as well as the Fund’s allocation to the consumer staples, energy, industrials, and health care sectors – detracted from relative performance. Fund holdings Schlumberger and Qualcomm were the largest detractors. Schlumberger, the world’s leading oil field services company, reported global sales that were lower compared to the same period last year. In markets outside of North America, the company continued to experience low demand. However, Schlumberger reported improved results in North America, with strong growth in regional rig-count as well as in hydraulic fracturing revenue. Qualcomm, the pioneer developer of 3G and 4G technology, continued to benefit from its difficult-to-replicate skill in designing and manufacturing the chipsets used in mobile devices for wireless communication. A lawsuit filed in early 2017 by Apple alleging unfair practices resulted in a substantial near-term decline in royalty revenues and associated segment margins, which led to a decline in share value. Shares rebounded sharply in November after an unsolicited bid from Broadcom to acquire Qualcomm for $70 per share. The bid was unanimously rejected by Qualcomm’s Board of Directors on the grounds that it substantially undervalued the company relative to its leadership position and growth prospects in mobile technology.

Subadviser outlook

We remain positive on global equities looking out at 2018. Earnings rose at a double-digit rate in most major equity markets in 2017, and we anticipate a similar growth rate for 2018. U.S. earnings growth will likely be further boosted in future years by tax reform. The prospect of a lower and more globally competitive corporate tax structure in the U.S., coupled with the prospect of repatriated earnings, could provide a foundation for significant earnings-per-share (EPS) growth. The two primary risks to

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

our equity market outlook are if the current trajectory of improved earnings growth is derailed, and/or there is an unexpected shift in the Federal Reserve’s accommodative monetary policy. Both developments would put downward pressure on equity valuations and impede earnings growth. We are optimistic about 2018, but recognize volatility could increase somewhat. With valuations already reflecting expectations for the strong earnings trend to continue and meaningful benefits from tax reform, any related disappointments could weigh on sentiment.


MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 12/31/17

Amazon.com, Inc.	7.3	%
Facebook, Inc. Class A	6.6	%
Alibaba Group Holding Ltd. Sponsored ADR	6.3	%
Visa, Inc. Class A	5.4	%
Oracle Corp.	4.9	%
Cisco Systems, Inc.	4.8	%
Monster Beverage Corp.	4.1	%
Novo Nordisk A/S Sponsored ADR	3.3	%
Autodesk, Inc.	3.3	%
SEI Investments Co.	3.3	%

	49.3	%


MML Large Cap Growth Fund Sector Table (% of Net Assets) on 12/31/17

Communications	32.6	%
Consumer, Non-cyclical	26.0	%
Technology	16.7	%
Financial	10.2	%
Industrial	8.0	%
Energy	3.2	%
Consumer, Cyclical	3.0	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Large Cap Growth Fund Initial Class and the Russell 1000 Growth Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		33.51%		15.38%		7.77%
Russell 1000 Growth Index		30.21%		17.33%		10.00%

Hypothetical Investments in MML Large Cap Growth Fund Service Class and the Russell 1000 Growth Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		33.00%		15.08%		9.64%
Russell 1000 Growth Index		30.21%		17.33%		11.76%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth 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.

MML Managed Volatility Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. The Fund’s stock portfolio will have approximately 500 stocks, and seeks to duplicate the investment composition and return of the S&P 500^® Index* (the “Index”) by holding each stock included in the Index in approximately the same proportion as each stock’s relative weighting in the Index. The Fund’s subadviser is Gateway Investment Advisers, LLC (Gateway).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 9.03%, underperforming, by a wide margin, the 21.83% return of the Index, which measures the performance of 500 widely held stocks in U.S. equity market. The Index is the Fund’s benchmark. The Fund significantly outperformed the 3.54% return of the Bloomberg Barclays U.S. Aggregate Bond Index, 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 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, 2017, please see the Economic and Market Overview, beginning on page 3.

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

The Fund underperformed its primary benchmark, the Index, for the year – which is to be expected during a period when the equity market advanced at an above-average rate with well-below-average volatility. Throughout 2017, the Fund’s two-part option strategy delivered equity market participation during market advances and protection during market declines.

Like the Index, the total return of the Fund was positive in each month of the year. In addition, the Fund had two months of outperformance during 2017, but underperformed the Index in each of the four quarters.

Equity market declines in 2017 were brief, shallow and infrequent, but the Fund delivered downside protection during the market’s largest peak-to-trough decline for the year. Specifically, from March 1 through April 13, the Fund declined 0.41%, delivering 2.17% of downside protection relative to the loss of 2.58% for the Index.

The Fund’s equity portfolio returned 21.89% for the year, a performance differential of +0.06% versus the Index, which contributed to the Fund’s return. Consistent with its investment objective, the measured risk of the Fund was low relative to the U.S. equity market, as its standard deviation for 2017 was 2.93% versus 6.78% for the Index.

Subadviser outlook

Gateway’s investment philosophy maintains that the U.S. equity market is the most reliable source of attractive long-term returns, despite its high volatility and tendency to periodically deliver significant losses over shorter periods of time. Our investment philosophy also holds that consistency is the key to long-term investment success and that generating cash flow, rather than seeking to forecast the rise and fall of the market, can be a lower-risk means to participate in equity markets. By staying true to our philosophy and continuing to manage the Fund consistently with the firm’s historical approach, Gateway will continue to assist investors in managing risk while pursuing long-term return in this positive, yet uncertain, environment.

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


MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 12/31/17

Apple, Inc.	3.8	%
Microsoft Corp.	2.9	%
Amazon.com, Inc.	2.0	%
Facebook, Inc. Class A	1.8	%
Berkshire Hathaway, Inc. Class B	1.7	%
Johnson & Johnson	1.6	%
JP Morgan Chase & Co.	1.6	%
Exxon Mobil Corp.	1.5	%
Alphabet, Inc. Class C	1.4	%
Alphabet, Inc. Class A	1.4	%

	19.7	%


MML Managed Volatility Fund Sector Table (% of Net Assets) on 12/31/17

Consumer, Non-cyclical	21.6	%
Financial	18.9	%
Technology	15.1	%
Communications	13.4	%
Industrial	10.0	%
Consumer, Cyclical	8.9	%
Energy	6.0	%
Utilities	2.9	%
Basic Materials	2.5	%
Diversified	0.0	%

Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

Hypothetical Investments in MML Managed Volatility Fund Initial Class, the S&P 500 Index, and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		9.03%		7.45%		3.33%
S&P 500 Index*		21.83%		15.79%		8.50%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.01%

Hypothetical Investments in MML Managed Volatility Fund Service Class, the S&P 500 Index, and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		8.76%		7.19%		4.78%
S&P 500 Index*		21.83%		15.79%		10.42%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		4.15%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond 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.

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the subadviser expects to grow at a faster rate than the average company. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 24.81%, underperforming the 25.27% return of the Russell Midcap^® Growth Index (the “benchmark”), which measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s 24.81% return outperformed, by a wide margin, the 16.24% return of the S&P MidCap 400^® Index, which measures the performance of mid-sized U.S. companies, reflecting the distinctive risk and return characteristics of this market segment. It comprises stocks in the middle capitalization range, covering approximately 7% of the of U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, Fund holdings in the information technology and health care sectors detracted from the Fund’s full-year returns, while stock selection in the consumer discretionary, industrials and business services, and financials sectors helped the Fund’s results relative to the benchmark.

The information technology sector detracted from relative results, due to stock selection and an underweight position, relative to the benchmark. CSRA provides information technology solutions and services to the U.S. government. This Fund holding’s shares fell, due to slower-than-expected ramp-ups of new programs and margin pressure from contract transitions. Security selection in the health care sector also hindered relative performance. Shares of health care services provider Envision Healthcare came under pressure, as this Fund holding announced a class action lawsuit alleging unfair billing practices, several unexpected management changes, and disappointing guidance. Shares of MEDNAX, a leading provider of physician-outsourced services to hospitals, fell as declining neonatal volume growth and an unfavorable anesthesia mix-shift toward government payors pressured pricing and caused margins to deteriorate for this Fund holding.

The consumer discretionary sector was the largest contributor to relative performance, due to an underweight position and stock selection. Among the sector contributors was hotel developer and operator Marriott. Shares of this Fund holding advanced, thanks to steady increases in revenue per available room in Europe and the Asia Pacific region, the resumption of share repurchases, and the acquisition of Starwood Hotels & Resorts Worldwide. Stock selection in the industrials and business services sector also benefited relative results. The share price of Fund holding IDEX, which designs, manufactures, and sells pumps, flow meters, and engineered components advanced, as broad improvement across end markets fueled organic growth.

The financials sector also contributed to the Fund’s relative performance, due to security selection and an overweight position. Fund holding FNF is a leading provider of title insurance and mortgage services, which benefited from strengthening residential and commercial trends that produced better-than-expected topline results and pretax title margin expansion.

Subadviser outlook

The stock market has continued to rise rapidly in recent months, extending an already exceptional bull market, both in magnitude and duration. While a sense that the good times cannot continue forever might call for some caution, we are also moderately concerned about valuations, which seem to be higher than underlying fundamentals may merit. The market’s steady advance has also made it more difficult to find entry points to add new positions to the Fund’s portfolio.

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)


MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 12/31/17

Teleflex, Inc.	2.3	%
Textron, Inc.	2.2	%
T. Rowe Price Government Reserve Investment Fund 0.010% 9/19/34	1.8	%
Microchip Technology, Inc.	1.8	%
Roper Technologies, Inc.	1.7	%
Fiserv, Inc.	1.7	%
Hologic, Inc.	1.7	%
Dollar General Corp.	1.7	%
Tapestry, Inc.	1.7	%
IDEX Corp.	1.6	%

	18.2	%


MML Mid Cap Growth Fund Sector Table *(% of Net Assets) on 12/31/17*

Consumer, Non-cyclical	27.5	%
Industrial	20.7	%
Consumer, Cyclical	15.4	%
Technology	14.4	%
Financial	8.2	%
Mutual Funds	5.8	%
Communications	4.3	%
Basic Materials	3.7	%
Energy	1.4	%

Total Long-Term Investments	101.4	%
Short-Term Investments and Other Assets and Liabilities	(1.4	)%

Net Assets	100.0	%

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Mid Cap Growth Fund Initial Class, the Russell Midcap Growth Index, and the S&P MidCap 400 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		24.81%		17.01%		10.62%
Russell Midcap Growth Index*		25.27%		15.30%		9.10%
S&P MidCap 400 Index		16.24%		15.01%		9.97%

Hypothetical Investments in MML Mid Cap Growth Fund Service Class, the Russell Midcap Growth Index, and the S&P MidCap 400 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		24.47%		16.72%		11.87%
Russell Midcap Growth Index*		25.27%		15.30%		10.78%
S&P MidCap 400 Index		16.24%		15.01%		11.06%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap Growth Index and the S&P MidCap 400 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.

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital growth. Income is a secondary objective. The Fund invests primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer prospects for long-term capital growth. 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 of medium-size companies. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 11.70%, underperforming the 13.34% return of Russell Midcap^® Value Index (the “benchmark”), which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2017, 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, 2017, on an absolute basis, the portfolio benefited from upbeat earnings reports, improving growth prospects, moderate inflation, and the passage of the largest corporate tax cut in decades. On a relative basis, stock selection in energy (and the Fund’s allocation to that poorly performing sector) and consumer discretionary hampered full-year relative returns, whereas stock selection in real estate and technology companies helped to drive Fund performance for the year.

Energy stocks detracted for the year – driven in part by an overweight position, relative to the benchmark, as well as by stock selection in the sector. Oil prices declined, and energy stocks generally sold off in the first half of the year due to concerns about increased oil supplies in 2018 and increased capital expenditures within the sector. Fund holding Anadarko Petroleum was a top detractor within the sector. Stock selection in consumer discretionary also dampened the Fund’s relative performance, due largely to an overweight position in automotive and accessories retailer Advance Auto Parts, a prominent detractor. An overweight stake in Fund holding Johnson Controls International was another disappointment. The stock declined as the building products company reported disappointing 2018 guidance, profitability and growth challenges, and an unexpected tax headwind that will pressure free cash flow.

From the equity real estate investment trust (REIT) industry, Fund holding American Tower, an owner and operator of wireless communications towers, performed particularly well. The Fund’s underweight position in real estate also aided relative performance, as that sector underperformed the broader market. Stock selection in information technology was also a positive, as robust earnings growth and a healthy cycle for semiconductor stocks helped fuel gains. Fund holdings in the semiconductor industry, including overweight positions in Applied Materials, Lam Research, and Teradyne, turned in particularly strong performances due to continued robust demand trends.

The Fund is permitted to use derivative instruments. 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. Most derivatives are used for hedging, speculation, or both. Though the use of derivatives is not a principal investment strategy, the Fund can use index futures to equitize cash in the portfolio and foreign currency exchange contracts to hedge any foreign currency exposure. The use of derivatives did not have a material impact on the Fund’s performance for the year.

Subadviser outlook

Value stocks have underperformed for a decade or so, but we believe the underlying characteristics of value stocks, namely their lower valuations and the lowered expectations held by the market for higher quality companies that are temporarily out of favor, will stand the test of time once again. Over time, equity returns tend to be revert to their mean as investor preferences for one style of asset over another tends to push both growth and value stocks back toward their long-term averages. A market correction seems inevitable at some point, but we can only speculate when it will occur and the magnitude of the decline. It is worth

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

remembering that investing in growth stocks, which tend to have higher market expectations and higher valuations, is fraught with risk. Indexes also tend to grow heavier weights in these securities as their prices appreciate. Our value approach focuses on higher quality companies, which have lower market expectations and valuations which, we believe, are below their true value. This approach to investing can help us avoid some of the risks that occur in a market decline.


MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/17

Northern Trust Corp.	2.6	%
Johnson Controls International PLC	2.6	%
Zimmer Biomet Holdings, Inc.	2.5	%
Weyerhaeuser Co.	2.2	%
iShares Russell Mid-Cap Value ETF	2.0	%
Invesco Ltd.	1.8	%
Conagra Brands, Inc.	1.8	%
WestRock Co.	1.8	%
BB&T Corp.	1.7	%
Imperial Oil Ltd.	1.7	%

	20.7	%


MML Mid Cap Value Fund Sector Table (% of Net Assets) on 12/31/17

Financial	25.8	%
Consumer, Non-cyclical	20.4	%
Industrial	19.0	%
Energy	13.7	%
Utilities	6.5	%
Consumer, Cyclical	5.4	%
Technology	4.2	%
Mutual Funds	2.0	%
Communications	0.2	%

Total Long-Term Investments	97.2	%
Short-Term Investments and Other Assets and Liabilities	2.8	%

Net Assets	100.0	%

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Mid Cap Value Fund Initial Class and the Russell Midcap Value Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		11.70%		15.60%		10.95%
Russell Midcap Value Index		13.34%		14.68%		9.10%

Hypothetical Investments in MML Mid Cap Value Fund Service Class and the Russell Midcap Value Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		11.46%		15.32%		11.60%
Russell Midcap Value Index		13.34%		14.68%		10.55%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap 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.

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

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadviser believes offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity 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 or the S&P SmallCap 600 Index. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class shares returned 22.81%, outperforming the 22.17% return of the Russell 2000 Growth Index (the “benchmark”), which measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s 22.81% return outperformed, by a wide margin, the 14.65% return of the Russell 2000 Index, 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, 2017, 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, 2017, security selection within the consumer discretionary, information technology, and consumer staples sectors contributed the most to relative returns. These results were partially offset by weaker selection within the financials and industrials sectors, underweight exposure (relative to the benchmark) to the health care sector, and an overweight position in the energy sector.

On an individual basis, Fund holdings that were top relative contributors to performance for the period included Insulet (in the health care sector), Arista Networks and HubSpot (both in information technology), and Panera Bread (consumer discretionary). Insulet, a medical device company, delivered above-consensus results and raised guidance, citing strong sales gains for its Omnipod insulin pumps, particularly in international markets. Arista Networks, a provider of cloud networking solutions – such as operating systems and Ethernet switching technology – also contributed, as it continued to take market share from competitors such as Cisco. The Fund eliminated its position in Arista Networks near the end of the period. HubSpot, a provider of cloud-based integrated sales and marketing software for small to medium-sized businesses, outperformed, as some lingering concerns about the firm’s growth trajectory eased. Panera Bread (a chain of bakery-café fast casual restaurants) was the top contributor in the well-performing consumer discretionary sector.

Fund holdings that detracted the most from the Fund’s relative returns included Nektar Therapeutics (health care), QEP Resources (energy), MB Financial (financials), and Spirit Airlines (industrials). The Fund initiated a position in Nektar Therapeutics, a biopharmaceutical company with a promising pipeline, toward the end of the period. Nektar had performed well prior to the Fund’s purchase of the stock, but detracted from performance, based on the timing of the Fund’s purchase. QEP Resources, an oil and gas producer with assets in the Bakken and Permian shale oil basins, was a detractor as well, as execution disappointed against expectations set by management. The Fund subsequently eliminated its position in the company. MB Financial (a banking company) was the top detractor in the poorly performing financials sector. Finally, low-cost commercial airline Spirit Airlines was the top detractor in the underperforming industrials sector.

Subadviser outlook

The U.S. economy continues to expand at a steady pace and we believe growth in 2018 could be bolstered by an expansionary fiscal stance. Consumer confidence is high as the job market is strong, wage gains are reasonable, and home prices are rising. Business investment is also starting to rebound. Against this backdrop, our view is that some combination of tax relief and hurricane-recovery spending could add to growth in 2018. Further, many expect deregulation to be a tailwind for investment spending and growth. That said, uncertainties and risks related to Washington politics as well as potential international developments (North Korea, Iran) could possibly increase market volatility. As of the end of the period, the Fund held its largest overweight allocations in the materials and financials sectors – and its greatest underweights in health care and information technology.

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


*MML Small* *Cap* *Growth* *Equity* *Fund* *Largest* Holdings (% of Net Assets) on 12/31/17

Insulet Corp.	1.7	%
2U, Inc.	1.6	%
Sterling Bancorp	1.5	%
HubSpot, Inc.	1.4	%
MGIC Investment Corp.	1.4	%
Performance Food Group Co.	1.4	%
MB Financial, Inc.	1.3	%
Western Alliance Bancorp	1.2	%
Ferro Corp.	1.2	%
Planet Fitness, Inc. Class A	1.2	%

	13.9	%


MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 12/31/17

Consumer, Non-cyclical	20.7	%
Financial	19.0	%
Consumer, Cyclical	16.8	%
Mutual Funds	15.3	%
Industrial	13.9	%
Technology	12.1	%
Communications	6.8	%
Basic Materials	4.7	%
Energy	3.1	%
Utilities	0.9	%

Total Long-Term Investments	113.3	%
Short-Term Investments and Other Assets and Liabilities	(13.3	)%

Net Assets	100.0	%

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

Growth of a $10,000 Investment

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		22.81%		15.63%		8.73%
Russell 2000 Growth Index*		22.17%		15.21%		9.19%
Russell 2000 Index		14.65%		14.12%		8.71%

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



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		22.51%		15.34%		9.94%
Russell 2000 Growth Index*		22.17%		15.21%		10.11%
Russell 2000 Index		14.65%		14.12%		9.40%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Growth Index and the Russell 2000 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.

MML Small Company Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the 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 T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class II shares returned 11.69%, outperforming the 7.84% return of the Russell 2000 Value Index (the “benchmark”), which measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Fund underperformed the 14.65% return of the Russell 2000 Index, 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, 2017, 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, 2017, generally speaking, stock selection and sector allocation accounted for the Fund’s outperformance relative to the benchmark. Fund holdings in the financials, information technology, utilities, and energy sectors all contributed. Fund holdings in the industrials and business services hurt performance.

In the financials sector, financial technology innovator Green Dot was the Fund holding that was the largest contributor to performance. This firm, which is the leading provider of general-purpose reloadable cards in the U.S., has begun to focus on operational improvements to address a significant market opportunity. Additionally, Fund holding SVB Financial Group, a California-based financial services company, was a market leader within the venture capital banking niche, where it has demonstrated pricing power. The information technology, utilities, and energy sectors were also sources of relative strength, due to Fund holdings within those market segments.

Both stock choices and an overweight, relative to the benchmark, to the health care sector also contributed to the Fund’s performance. One notable Fund holding in the health care group was Quidel, a diagnostic testing solutions firm whose share price surged mid-summer 2017 and has risen through much of late 2017, due to positive developments from the firm’s opportunity to purchase assets at a favorable price.

The industrials and business services sector was the only source of relative weakness for the Fund, due to less-than-favorable stock selection. CIRCOR International, which designs, manufactures, and markets engineered products and subsystems, was one Fund holding within that sector that detracted – due to its exposure to oil end markets, which continued to weigh on share prices. Despite a slight uptick in oil prices over the past year, the companies operating in this space have been experiencing a challenging environment.

The Fund is permitted to use derivative instruments. 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. Most derivatives are used for hedging, speculation, or both. As of December 31, 2017, the Fund held warrants that generated minimal exposure. These were held at various points during year – and the estimated return impact on the Fund from employing warrants was 0.01% for the full year.

Subadviser outlook

Small-cap shares, as measured by various indexes, touched new highs in early December, amid expectations that the U.S. tax reform legislation would become law. Now that this new law is in effect, we expect smaller companies – and small-cap value

MML Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

companies in particular – to benefit from the lower tax rates that will, in some cases, disproportionately impact smaller companies (which generally pay a higher effective tax rate than their larger counterparts). We believe passage of the legislation improves the prospects of companies in a wide range of industries to book higher earnings, particularly as the benefits of lower taxes potentially work their way through to consumers in many market segments. However, while the benefits of tax reform may prove stimulative for small-cap value shares, it’s worth noting that longer-term benefits may prove fleeting. In our view, return on capital is determined primarily by industry competitive structure and pricing power, not tax policy.


*MML Small Company Value Fund* *Largest Holdings* *(% of Net Assets) on 12/31/17*

East West Bancorp, Inc.	1.7	%
Home BancShares, Inc.	1.6	%
Littelfuse, Inc.	1.6	%
Landstar System, Inc.	1.5	%
SVB Financial Group	1.3	%
Belden, Inc.	1.3	%
BankUnited, Inc.	1.3	%
Atrion Corp.	1.2	%
Green Dot Corp. Class A	1.2	%
PNM Resources, Inc.	1.2	%

	13.9	%


*MML Small Company Value Fund* *Sector Table* *(% of Net Assets) on 12/31/17*

Financial	36.1	%
Industrial	16.5	%
Consumer, Non-cyclical	15.9	%
Consumer, Cyclical	9.1	%
Utilities	6.3	%
Energy	5.5	%
Basic Materials	4.6	%
Mutual Funds	3.8	%
Technology	2.6	%
Communications	1.7	%

Total Long-Term Investments	102.1	%
Short-Term Investments and Other Assets and Liabilities	(2.1	)%

Net Assets	100.0	%

MML Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Small Company Value Fund Class II, Service Class I, the Russell 2000 Value Index, and the Russell 2000 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 2/27/09 - 12/31/17
Class II		11.69%		13.13%		17.32%
Service Class I		11.42%		12.84%		17.02%
Russell 2000 Value Index*		7.84%		13.01%		17.43%
Russell 2000 Index		14.65%		14.12%		18.28%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Value Index and the Russell 2000 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.

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks long-term total return by investing primarily in securities that the Fund’s subadviser believes to be undervalued. 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 small- and mid-cap companies. The Fund’s subadviser is AllianceBernstein L.P. (AllianceBernstein).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Initial Class Shares returned 13.44%, outperforming the 10.36% return of the Russell 2500^TM Value Index (the “benchmark”), which measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes Russell 2500 Index companies with lower price-to-book and lower forecasted growth values. The Russell 2500 Value Index became the Fund’s benchmark on December 14, 2017 – because the Russell 2500 Value Index more closely represents the Fund’s investment strategy than does the Fund’s former benchmark, the Russell 2500 Index. The Fund underperformed the 16.81% return of the Russell 2500 Index, which measures the performance of the small- to mid-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2500 of the smallest securities based on the 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, 2017, 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, 2017, overall stock selection contributed to the Fund’s performance, primarily owing to Fund holdings in the financials and consumer discretionary sectors. An underweight position, relative to the benchmark, in real estate – and overweight stakes in technology and consumer discretionary – also contributed. The Fund’s technology and real estate holdings and an overweight position in the energy sector detracted.

Leading contributors for the period included homebuilder CalAtlantic Group, Inc., which rose as the company agreed to be acquired by Lennar, a large competitor, for cash and Lennar shares.

Diverging from broader energy sector performance for the year, Fund holding HollyFrontier’s shares rose as this petroleum refiner and distributor of petroleum products continued to benefit from wider spreads between the cost of its oil inputs and prices for the gasoline and other refined products it sells.

In contrast, several energy names were among those Fund holdings that were the biggest detractors for the year amid broader underperformance in the energy sector. Among the underperformers were QEP Resources (a leading independent crude oil and natural gas exploration and production company) and Oasis Petroleum (a petroleum and natural gas exploration and production company). Both of these Fund holdings saw their share prices pressured in light of investor concerns over the impact on shareholders from raising additional capital to purchase acreage.

Subadviser outlook

The end of 2017 marked the ninth year of the economic recovery following the global financial crisis. Over this period, small-cap companies have significantly improved their profits through a mix of solid revenue growth and strong cost discipline. Their valuations have appreciated, and the market has recognized this improved profitability. Entering 2018, investors are now asking whether the asset class remains attractive. We believe the opportunity for small-cap stocks rests on looking at individual companies rather than the aggregated small cap sectors. While the economic expansion has benefited smaller companies overall, its effects have not been evenly distributed. Left behind have been numerous small-cap companies that remain unrewarded by investors, despite having created significant value. It is these types of companies that we seek to identify through the use of the Fund’s value-with-a-catalyst approach.

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)


*MML Small/Mid* *Cap* *Value* *Fund* *Largest* Holdings (% of Net Assets) on 12/31/17

Reinsurance Group of America, Inc.	1.8	%
CalAtlantic Group, Inc.	1.8	%
Alcoa Corp.	1.6	%
Zions Bancorp	1.6	%
HollyFrontier Corp.	1.5	%
Huntington Bancshares, Inc.	1.5	%
Comerica, Inc.	1.4	%
RPC, Inc.	1.4	%
American Financial Group, Inc.	1.4	%
SkyWest, Inc.	1.4	%

	15.4	%


MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 12/31/17

Financial	25.5	%
Consumer, Cyclical	17.2	%
Industrial	15.9	%
Consumer, Non-cyclical	10.6	%
Energy	9.5	%
Technology	9.3	%
Communications	4.0	%
Utilities	3.9	%
Basic Materials	2.2	%

Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%

Net Assets	100.0	%

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Small/Mid Cap Value Fund Initial Class, the Russell 2500 Value Index, and the Russell 2500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Ten Year Average Annual 1/1/08 - 12/31/17
Initial Class		13.44%		15.18%		9.56%
Russell 2500 Value Index*		10.36%		13.27%		8.82%
Russell 2500 Index		16.81%		14.33%		9.22%

Hypothetical Investments in MML Small/Mid Cap Value Fund Service Class, the Russell 2500 Value Index, and the Russell 2500 Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/15/08 - 12/31/17
Service Class		13.08%		14.89%		10.43%
Russell 2500 Value Index*		10.36%		13.27%		9.72%
Russell 2500 Index		16.81%		14.33%		10.32%

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

LOGO

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

* Benchmark

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2500 Value Index and the Russell 2500 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.

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited)

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

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).

How did the Fund perform during the 12 months ended December 31, 2017?

The Fund’s Class II shares returned 2.96%, underperforming the 3.54% 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 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, 2017, please see the Economic and Market Overview, beginning on page 3.

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

A “Goldilocks” scenario of open markets, ongoing global central bank accommodation – notwithstanding Federal Reserve Board (the “Fed”) rate hikes and balance sheet reduction of mortgage-backed securities (CMBS) and largely inflation-free growth combined to propel risk assets higher in 2017. Most economic data were decidedly positive to end the year. Additionally, the political apparatus in Washington finally agreed on a comprehensive tax reform bill, providing for a substantial cut in corporate taxes as well as lower personal income tax rates. This new law comes at a time when unemployment is relatively low at 4%, thereby providing stimulus to an economy that is already showing momentum. To this point, the third-quarter gross domestic product (GDP) reported in December came in at 3.2% – bringing the year-over-year growth rate to 2.3%, up from 1.8% at the end of 2016. Despite this increase, consumer price pressures remained muted, with the latest core CPI and core personal consumption expenditures (PCE) coming in at an annualized rate of 1.7% and 1.5% respectively, well below the Fed’s 2% target. (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.) Above all, volatility remained dormant, with both the Volatility Index and Merrill Lynch Option Volatility Estimate Index at all-time lows, notwithstanding headline risks (i.e., political uncertainties, escalating North Korea rhetoric, and Fed composition changes) and a flatter yield curve, with the 2-year and 10-year spreads (i.e., yield disparity) at the tightest level in a decade.

For the year ended December 31, 2017, the Fund’s returns were held back by underweight positions, relative to the benchmark, in credit and non-U.S. sovereigns – as those sectors outpaced the benchmark. Specifically, the underweight to technology- and commodity-related sectors, such as energy and metals, detracted – though issue selection among financials, utilities, and consumer non-cyclicals somewhat offset the drag.

On a positive note, securitized products with government-guaranteed student loan asset-backed securities – largely adjustable rate issues – boosted returns, due in part to the conclusion of rating agency reviews. Adding to performance was the overweight position in commercial mortgage-backed securities, which led the benchmark by nearly 0.40% on a duration-adjusted basis. The Fund’s off-benchmark allocation to non-agency mortgage-backed securities was also additive, particularly subprime and alt-A collateral, as the sector gained approximately 10% on solid demand and improving fundamentals. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.) Finally, the Fund continued to see small contributions from its position in Japanese government issued T-bills, with the yen exposure fully hedged using a dollar-yen cross currency swap.

The Fund is permitted to use derivative instruments. 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. The Fund utilized derivatives to manage duration and yield curve, but the use of derivatives had no material impact on the Fund’s performance for the reporting period.

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Looking to 2018, notwithstanding the apparent tranquility in markets, we believe that risks are abundant below the surface, particularly within the below-investment-grade universe, where there are increasingly aggressive underwriting standards. Investors appear far too complacent with regard to these risks, and are willing to accept lower and lower compensation in the form of compressing yield spreads. With compensation near historical lows, risk appears meaningfully mispriced, with limited potential for upside going forward. In this environment, we look for opportunities to add yield, with a focus on higher-quality, more defensive areas of the market and a relatively short duration profile. (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.) Securitized products, which offer opportunities for attractive risk-adjusted returns, remain an emphasis for the Fund and the Fund’s positioning favors high-quality, more senior issues, while its selection among credit remains conservative.


*MML Total* *Return* *Bond* *Fund* *Portfolio* Characteristics (% of Net Assets) on 12/31/17

U.S. Government Agency Obligations and Instrumentalities	30.3	%
Corporate Debt	27.5	%
U.S. Treasury Obligations	27.0	%
Non-U.S. Government Agency Obligations	14.2	%
Municipal Obligations	1.3	%
Bank Loans	0.4	%

Total Long-Term Investments	100.7	%
Short-Term Investments and Other Assets and Liabilities	(0.7	)%

Net Assets	100.0	%

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MML Total Return Bond Fund Class II and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 8/10/10 - 12/31/17
Class II		2.96%		1.74%		2.71%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		3.00%

Hypothetical Investments in MML Total Return Bond Fund Service Class I and the Bloomberg Barclays U.S. Aggregate Bond Index.



TOTAL RETURN	One Year 1/1/17 - 12/31/17		Five Year Average Annual 1/1/13 - 12/31/17		Since Inception Average Annual 5/1/12 - 12/31/17
Service Class I		2.73%		1.49%		2.18%
Bloomberg Barclays U.S. Aggregate Bond Index		3.54%		2.10%		2.34%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

LOGO

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.

MML Blue Chip Growth Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 99.7%

COMMON STOCK — 99.7%
Basic Materials — 0.6%
Chemicals — 0.6%
DowDuPont, Inc.		4,184	$	297,984
The Sherwin-Williams Co.		4,900		2,009,196

				2,307,180

Communications — 31.4%
Internet — 31.4%
Alibaba Group Holding Ltd. Sponsored ADR (a)		81,946		14,129,949
Alphabet, Inc. Class A (a)		6,805		7,168,387
Alphabet, Inc. Class C (a)		15,781		16,513,238
Amazon.com, Inc. (a)		28,643		33,497,129
Ctrip.com International Ltd. ADR (a)		19,840		874,945
Facebook, Inc. Class A (a)		113,459		20,020,975
Netflix, Inc. (a)		18,200		3,493,672
The Priceline Group, Inc. (a)		7,778		13,516,142
Symantec Corp.		21,200		594,872
Tencent Holdings Ltd.		175,800		9,087,978

				118,897,287

Consumer, Cyclical — 9.6%
Airlines — 2.5%
Alaska Air Group, Inc.		26,100		1,918,611
American Airlines Group, Inc.		119,500		6,217,585
Delta Air Lines, Inc.		22,300		1,248,800
United Continental Holdings, Inc. (a)		3,500		235,900

				9,620,896

Auto Manufacturers — 0.9%
Ferrari NV		9,800		1,027,432
Tesla, Inc. (a)		7,202		2,242,343

				3,269,775

Auto Parts & Equipment — 0.2%
Aptiv PLC		7,300		619,259

Leisure Time — 0.6%
Norwegian Cruise Line Holdings Ltd. (a)		4,600		244,950
Royal Caribbean Cruises Ltd.		17,000		2,027,760

				2,272,710

Lodging — 1.5%
Hilton Worldwide Holdings, Inc.		16,076		1,283,829
Marriott International, Inc. Class A		31,887		4,328,023
MGM Resorts International		700		23,373

				5,635,225


	Number of Shares		Value
Retail — 3.9%
Costco Wholesale Corp.		300	$	55,836
Dollar General Corp.		20,400		1,897,404
The Home Depot, Inc.		20,076		3,805,004
Lowe’s Cos., Inc.		900		83,646
McDonald’s Corp.		11,400		1,962,168
O’Reilly Automotive, Inc. (a)		144		34,638
Ross Stores, Inc.		37,900		3,041,475
Starbucks Corp.		1,000		57,430
Tapestry, Inc.		2,100		92,883
The TJX Cos., Inc.		1,000		76,460
Ulta Salon Cosmetics & Fragrance, Inc. (a)		300		67,098
Yum! Brands, Inc.		42,900		3,501,069

				14,675,111

				36,092,976

Consumer, Non-cyclical — 20.2%
Agriculture — 0.4%
Philip Morris International, Inc.		13,200		1,394,580

Beverages — 0.3%
Constellation Brands, Inc. Class A		3,600		822,852
Monster Beverage Corp. (a)		3,100		196,199

				1,019,051

Biotechnology — 3.7%
Alexion Pharmaceuticals, Inc. (a)		31,527		3,770,314
Biogen, Inc. (a)		9,300		2,962,701
Celgene Corp. (a)		8,113		846,672
Illumina, Inc. (a)		626		136,775
Incyte Corp. (a)		2,900		274,659
Regeneron Pharmaceuticals, Inc. (a)		200		75,192
Vertex Pharmaceuticals, Inc. (a)		39,200		5,874,512

				13,940,825

Commercial Services — 3.1%
Cintas Corp.		3,800		592,154
CoStar Group, Inc. (a)		600		178,170
FleetCor Technologies, Inc. (a)		6,200		1,193,066
Global Payments, Inc.		26,500		2,656,360
IHS Markit Ltd. (a)		1,148		51,832
PayPal Holdings, Inc. (a)		68,816		5,066,234
S&P Global, Inc.		6,600		1,118,040
Vantiv, Inc. Class A (a)		11,600		853,180

				11,709,036

Health Care – Products — 6.6%
Becton, Dickinson & Co.		27,395		5,864,174
Danaher Corp.		47,360		4,395,955
Intuitive Surgical, Inc. (a)		14,180		5,174,849
Stryker Corp.		36,601		5,667,299
Thermo Fisher Scientific, Inc.		20,771		3,943,997

				25,046,274

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

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Health Care – Services — 6.0%
Aetna, Inc.		19,339	$	3,488,562
Anthem, Inc.		9,300		2,092,593
Cigna Corp.		21,287		4,323,177
Humana, Inc.		9,400		2,331,858
UnitedHealth Group, Inc.		48,151		10,615,370

				22,851,560

Pharmaceuticals — 0.1%
Allergan PLC		154		25,192
Merck & Co., Inc.		700		39,389
Shire PLC ADR		319		49,483
Zoetis, Inc.		4,800		345,792

				459,856

				76,421,182

Financial — 15.4%
Banks — 4.0%
The Bank of New York Mellon Corp.		5,700		307,002
Citigroup, Inc.		5,400		401,814
First Republic Bank		469		40,634
JP Morgan Chase & Co.		25,100		2,684,194
Morgan Stanley		164,578		8,635,408
State Street Corp.		32,600		3,182,086

				15,251,138

Diversified Financial Services — 9.0%
American Express Co.		400		39,724
Ameriprise Financial, Inc.		3,700		627,039
The Charles Schwab Corp.		29,500		1,515,415
Intercontinental Exchange, Inc.		56,194		3,965,049
Mastercard, Inc. Class A		66,339		10,041,071
TD Ameritrade Holding Corp.		109,884		5,618,369
Visa, Inc. Class A		107,475		12,254,299

				34,060,966

Insurance — 1.2%
Chubb Ltd.		2,000		292,260
Marsh & McLennan Cos., Inc.		7,900		642,981
The Progressive Corp.		11,500		647,680
Willis Towers Watson PLC		18,593		2,801,779

				4,384,700

Real Estate Investment Trusts (REITS) — 1.2%
American Tower Corp.		22,394		3,194,952
Equinix, Inc.		2,509		1,137,129
SBA Communications Corp. (a)		1,400		228,704

				4,560,785

				58,257,589

Industrial — 6.2%
Aerospace & Defense — 3.4%
The Boeing Co.		37,058		10,928,775
Harris Corp.		5,900		835,735


	Number of Shares		Value
Northrop Grumman Corp.		3,000	$	920,730
Raytheon Co.		300		56,355

				12,741,595

Electronics — 1.5%
Agilent Technologies, Inc.		2,600		174,122
Fortive Corp.		33,180		2,400,573
Honeywell International, Inc.		19,800		3,036,528

				5,611,223

Hand & Machine Tools — 0.4%
Stanley Black & Decker, Inc.		8,300		1,408,427

Machinery – Diversified — 0.6%
Roper Technologies, Inc.		8,700		2,253,300

Miscellaneous – Manufacturing — 0.0%
Textron, Inc.		700		39,613

Packaging & Containers — 0.0%
Ball Corp.		1,716		64,950

Transportation — 0.3%
Canadian Pacific Railway Ltd.		4,300		785,868
CSX Corp.		6,900		379,569
FedEx Corp.		400		99,816
Union Pacific Corp.		400		53,640

				1,318,893

				23,438,001

Technology — 16.1%
Computers — 2.2%
Apple, Inc.		49,167		8,320,531

Semiconductors — 1.7%
Analog Devices, Inc.		200		17,806
ASML Holding NV		2,000		347,640
Broadcom Ltd.		14,500		3,725,050
Lam Research Corp.		1,100		202,477
Microchip Technology, Inc.		11,900		1,045,772
Texas Instruments, Inc.		10,000		1,044,400
Xilinx, Inc.		1,976		133,222

				6,516,367

Software — 12.2%
Activision Blizzard, Inc.		10,400		658,528
Electronic Arts, Inc. (a)		18,200		1,912,092
Fidelity National Information Services, Inc.		19,250		1,811,233
Fiserv, Inc. (a)		24,640		3,231,043
Intuit, Inc.		24,577		3,877,759
Microsoft Corp.		200,558		17,155,731
Red Hat, Inc. (a)		22,948		2,756,055
salesforce.com, Inc. (a)		64,900		6,634,727
ServiceNow, Inc. (a)		42,586		5,552,789
VMware, Inc. Class A (a)		5,200		651,664
Workday, Inc. Class A (a)		17,400		1,770,276

				46,011,897

				60,848,795

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

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Utilities — 0.2%
Electric — 0.1%
NextEra Energy, Inc.		2,600	$	406,094

Gas — 0.1%
Sempra Energy		2,900		310,068

				716,162


TOTAL COMMON STOCK (Cost $218,639,765)				376,979,172


TOTAL EQUITIES (Cost $218,639,765)				376,979,172


MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
T. Rowe Price Reserve Investment Fund		1,027		1,027


TOTAL MUTUAL FUNDS (Cost $1,027)				1,027


TOTAL LONG-TERM INVESTMENTS (Cost $218,640,792)				376,980,199


	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	1,084,037		1,084,037


TOTAL SHORT-TERM INVESTMENTS (Cost $1,084,037)				1,084,037


TOTAL INVESTMENTS — 100.0% (Cost $219,724,829) (c)				378,064,236

Other Assets/(Liabilities) — 0.0%				81,228


NET ASSETS — 100.0%			$	378,145,464

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $1,084,102. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $1,107,330.

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

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


United States	90.0	%
Cayman Islands	6.4	%
Singapore	1.0	%
Ireland	0.8	%
Liberia	0.5	%
Netherlands	0.4	%
Canada	0.2	%
United Kingdom	0.2	%
Bermuda	0.1	%
Switzerland	0.1	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

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

MML Equity Income Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 97.6%

COMMON STOCK — 96.1%
Basic Materials — 4.7%
Chemicals — 3.1%
Akzo Nobel NV		11,456	$	1,002,050
CF Industries Holdings, Inc.		135,300		5,755,662
DowDuPont, Inc.		138,115		9,836,550

				16,594,262

Forest Products & Paper — 1.0%
International Paper Co.		87,300		5,058,162

Iron & Steel — 0.6%
Nucor Corp.		51,600		3,280,728

				24,933,152

Communications — 8.5%
Media — 4.1%
Comcast Corp. Class A		155,595		6,231,580
News Corp. Class A		281,700		4,566,357
Twenty-First Century Fox, Inc. Class B		263,700		8,997,444
The Walt Disney Co.		15,900		1,709,409

				21,504,790

Telecommunications — 4.4%
CenturyLink, Inc.		88,905		1,482,935
Cisco Systems, Inc.		199,600		7,644,680
Telefonica SA		270,540		2,634,147
Verizon Communications, Inc.		203,035		10,746,643
Vodafone Group PLC		243,613		769,591

				23,277,996

				44,782,786

Consumer, Cyclical — 5.9%
Airlines — 0.8%
Delta Air Lines, Inc.		39,500		2,212,000
Southwest Airlines Co.		34,100		2,231,845

				4,443,845

Auto Manufacturers — 0.3%
Ford Motor Co.		106,300		1,327,687

Auto Parts & Equipment — 0.6%
Adient PLC		43,381		3,414,085

Lodging — 1.0%
Las Vegas Sands Corp.		72,800		5,058,872

Retail — 2.7%
CVS Health Corp.		22,403		1,624,217
Kohl’s Corp.		74,900		4,061,827
L Brands, Inc.		22,000		1,324,840
Macy’s, Inc.		30,900		778,371
Wal-Mart Stores, Inc.		64,700		6,389,125

				14,178,380


	Number of Shares		Value
Toys, Games & Hobbies — 0.5%
Mattel, Inc.		166,400	$	2,559,232

				30,982,101

Consumer, Non-cyclical — 17.2%
Agriculture — 1.7%
Archer-Daniels-Midland Co.		107,100		4,292,568
Philip Morris International, Inc.		45,100		4,764,815

				9,057,383

Beverages — 1.3%
Diageo PLC		34,936		1,278,599
PepsiCo, Inc.		44,400		5,324,448

				6,603,047

Biotechnology — 1.1%
Gilead Sciences, Inc.		79,500		5,695,380

Cosmetics & Personal Care — 0.4%
Coty, Inc. Class A		111,573		2,219,187

Foods — 1.8%
Kellogg Co.		32,300		2,195,754
Tyson Foods, Inc. Class A		88,800		7,199,016

				9,394,770

Health Care – Products — 1.9%
Becton, Dickinson & Co.		18,700		4,002,922
Medtronic PLC		76,049		6,140,957

				10,143,879

Health Care – Services — 1.8%
Anthem, Inc.		42,400		9,540,424

Household Products & Wares — 1.1%
Kimberly-Clark Corp.		49,500		5,972,670

Pharmaceuticals — 6.1%
Bristol-Myers Squibb Co.		71,400		4,375,392
GlaxoSmithKline PLC		172,502		3,051,189
GlaxoSmithKline PLC Sponsored ADR		58,400		2,071,448
Johnson & Johnson		72,800		10,171,616
Merck & Co., Inc.		89,500		5,036,165
Pfizer, Inc.		200,054		7,245,956

				31,951,766

				90,578,506

Energy — 9.7%
Oil & Gas — 9.0%
Apache Corp.		103,286		4,360,735
Canadian Natural Resources Ltd.		14,600		521,512
Chevron Corp.		49,000		6,134,310
EQT Corp.		11,280		642,058
Exxon Mobil Corp.		164,942		13,795,749
Hess Corp.		112,200		5,326,134
Occidental Petroleum Corp.		86,400		6,364,224

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

MML Equity Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Total SA		184,298	$	10,168,696

				47,313,418

Pipelines — 0.7%
TransCanada Corp.		73,800		3,589,632

				50,903,050

Financial — 28.5%
Banks — 18.4%
Bank of America Corp.		34,477		1,017,761
The Bank of New York Mellon Corp.		81,500		4,389,590
Citigroup, Inc.		108,000		8,036,280
Fifth Third Bancorp		232,000		7,038,880
JP Morgan Chase & Co.		190,700		20,393,458
KeyCorp		213,000		4,296,210
Morgan Stanley		219,800		11,532,906
Northern Trust Corp.		36,500		3,645,985
The PNC Financial Services Group, Inc.		35,600		5,136,724
State Street Corp.		92,600		9,038,686
US Bancorp		138,200		7,404,756
Wells Fargo & Co.		247,600		15,021,892

				96,953,128

Diversified Financial Services — 1.2%
Ameriprise Financial, Inc.		28,400		4,812,948
Franklin Resources, Inc.		31,500		1,364,895

				6,177,843

Insurance — 6.8%
American International Group, Inc.		103,000		6,136,740
Brighthouse Financial, Inc. (a)		65,181		3,822,214
Chubb Ltd.		37,108		5,422,592
Loews Corp.		151,700		7,589,551
Marsh & McLennan Cos., Inc.		33,900		2,759,121
MetLife, Inc.		126,500		6,395,840
Willis Towers Watson PLC		11,541		1,739,114
XL Group Ltd.		60,570		2,129,641

				35,994,813

Real Estate Investment Trusts (REITS) — 2.1%
Equity Residential		48,400		3,086,468
Rayonier, Inc.		139,541		4,413,682
Weyerhaeuser Co.		96,971		3,419,197

				10,919,347

				150,045,131

Industrial — 10.6%
Aerospace & Defense — 3.4%
The Boeing Co.		28,500		8,404,935
Harris Corp.		62,135		8,801,423
United Technologies Corp.		5,794		739,140

				17,945,498


	Number of Shares		Value
Building Materials — 2.2%
Johnson Controls International PLC		208,615	$	7,950,318
Vulcan Materials Co.		29,700		3,812,589

				11,762,907

Electrical Components & Equipment — 1.0%
Emerson Electric Co.		71,900		5,010,711

Electronics — 0.4%
TE Connectivity Ltd.		24,500		2,328,480

Environmental Controls — 0.2%
Stericycle, Inc. (a)		17,802		1,210,358

Machinery – Diversified — 0.5%
Flowserve Corp.		62,992		2,653,853

Miscellaneous – Manufacturing — 1.7%
General Electric Co.		146,900		2,563,405
Illinois Tool Works, Inc.		19,400		3,236,890
Pentair PLC		40,900		2,888,358

				8,688,653

Transportation — 1.2%
United Parcel Service, Inc. Class B		53,300		6,350,695

				55,951,155

Technology — 6.4%
Computers — 0.6%
Apple, Inc.		5,400		913,842
Hewlett Packard Enterprise Co.		83,400		1,197,624
Western Digital Corp.		17,100		1,359,963

				3,471,429

Semiconductors — 3.5%
Analog Devices, Inc.		15,457		1,376,137
Applied Materials, Inc.		79,400		4,058,928
QUALCOMM, Inc.		150,500		9,635,010
Texas Instruments, Inc.		32,073		3,349,704

				18,419,779

Software — 2.3%
CA, Inc.		27,000		898,560
Microsoft Corp.		130,100		11,128,754

				12,027,314

				33,918,522

Utilities — 4.6%
Electric — 3.5%
Edison International		60,950		3,854,478
Exelon Corp.		50,717		1,998,757
PG&E Corp.		66,004		2,958,959
The Southern Co.		176,927		8,508,419
Westar Energy, Inc.		25,500		1,346,400

				18,667,013

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

MML Equity Income Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Gas — 1.1%
NiSource, Inc.		200,200	$	5,139,134
Sempra Energy		4,240		453,341

				5,592,475

				24,259,488


TOTAL COMMON STOCK (Cost $385,185,597)				506,353,891


PREFERRED STOCK — 1.5%
Consumer, Non-cyclical — 0.7%
Health Care – Products — 0.7%
Becton Dickinson and Co. 6.125%		63,549		3,679,487

Utilities — 0.8%
Electric — 0.8%
DTE Energy Co. Convertible 6.500%		15,505		836,650
NextEra Energy, Inc. Convertible 6.123%		64,753		3,639,119

				4,475,769


TOTAL PREFERRED STOCK (Cost $7,120,268)				8,155,256


TOTAL EQUITIES (Cost $392,305,865)				514,509,147


	Principal Amount
BONDS & NOTES — 0.5%

CORPORATE DEBT — 0.5%
Computers — 0.2%
Western Digital Corp. 10.500% 4/01/24	$	695,000		805,331

Toys, Games & Hobbies — 0.3%
Mattel, Inc. 6.750% 12/31/25 (b)		1,575,000		1,596,184


TOTAL CORPORATE DEBT (Cost $2,258,554)				2,401,515


TOTAL BONDS & NOTES (Cost $2,258,554)				2,401,515


	Number of Shares		Value
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
T. Rowe Price Reserve Investment Fund		1,027	$	1,027


TOTAL MUTUAL FUNDS (Cost $1,027)				1,027


TOTAL LONG-TERM INVESTMENTS (Cost $394,565,446)				516,911,689


	Principal Amount
SHORT-TERM INVESTMENTS — 1.7%
Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (c)	$	9,036,108		9,036,108


TOTAL SHORT-TERM INVESTMENTS (Cost $9,036,108)				9,036,108


TOTAL INVESTMENTS — 99.8% (Cost $403,601,554) (d)				525,947,797

Other Assets/(Liabilities) — 0.2%				852,766


NET ASSETS — 100.0%			$	526,800,563

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to a value of $1,596,184 or 0.30% of net assets.

(c)	Maturity value of $9,036,650. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $9,220,852.

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

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

MML Equity Index Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.6%

COMMON STOCK — 98.6%
Basic Materials — 2.4%
Chemicals — 2.0%
Air Products & Chemicals, Inc.		6,993	$	1,147,411
Albemarle Corp.		3,546		453,498
CF Industries Holdings, Inc.		7,485		318,412
DowDuPont, Inc.		75,086		5,347,625
Eastman Chemical Co.		4,612		427,256
FMC Corp.		4,308		407,795
International Flavors & Fragrances, Inc.		2,534		386,714
LyondellBasell Industries NV Class A		10,379		1,145,011
Monsanto Co.		14,095		1,646,014
The Mosaic Co.		11,266		289,086
PPG Industries, Inc.		8,165		953,835
Praxair, Inc.		9,187		1,421,045
The Sherwin-Williams Co.		2,641		1,082,916

				15,026,618

Forest Products & Paper — 0.1%
International Paper Co.		13,248		767,589

Iron & Steel — 0.1%
Nucor Corp.		10,202		648,643

Mining — 0.2%
Freeport-McMoRan, Inc. (a)		43,202		819,110
Newmont Mining Corp.		17,116		642,192

				1,461,302

				17,904,152

Communications — 13.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		12,457		251,133
Omnicom Group, Inc.		7,392		538,360

				789,493

Internet — 7.7%
Alphabet, Inc. Class A (a)		9,564		10,074,718
Alphabet, Inc. Class C (a)		9,686		10,135,430
Amazon.com, Inc. (a)		12,834		15,008,978
eBay, Inc. (a)		31,172		1,176,431
Expedia, Inc.		3,945		472,493
F5 Networks, Inc. (a)		2,008		263,490
Facebook, Inc. Class A (a)		76,523		13,503,248
Netflix, Inc. (a)		13,886		2,665,556
The Priceline Group, Inc. (a)		1,565		2,719,563
Symantec Corp.		19,894		558,226
TripAdvisor, Inc. (a)		3,447		118,784
VeriSign, Inc. (a)		2,721		311,391

				57,008,308


	Number of Shares		Value
Media — 2.6%
CBS Corp. Class B		11,629	$	686,111
Charter Communications, Inc. Class A (a)		6,222		2,090,343
Comcast Corp. Class A		149,660		5,993,883
Discovery Communications, Inc. Class A (a)		4,906		109,796
Discovery Communications, Inc. Class C (a)		6,518		137,986
DISH Network Corp. Class A (a)		7,309		349,005
News Corp. Class A		12,273		198,945
News Corp. Class B		3,915		64,989
Scripps Networks Interactive, Inc. Class A		3,150		268,947
Time Warner, Inc.		24,978		2,284,738
Twenty-First Century Fox, Inc. Class A		33,815		1,167,632
Twenty-First Century Fox, Inc. Class B		14,086		480,614
Viacom, Inc. Class B		11,319		348,738
The Walt Disney Co.		48,456		5,209,505

				19,391,232

Telecommunications — 3.0%
AT&T, Inc.		197,016		7,659,982
CenturyLink, Inc.		31,216		520,683
Cisco Systems, Inc.		158,627		6,075,414
Juniper Networks, Inc.		12,031		342,884
Motorola Solutions, Inc.		5,196		469,407
Verizon Communications, Inc.		130,894		6,928,219

				21,996,589

				99,185,622

Consumer, Cyclical — 8.7%
Airlines — 0.5%
Alaska Air Group, Inc.		3,949		290,291
American Airlines Group, Inc.		13,666		711,042
Delta Air Lines, Inc.		21,049		1,178,744
Southwest Airlines Co.		17,517		1,146,488
United Continental Holdings, Inc. (a)		8,081		544,659

				3,871,224

Apparel — 0.6%
Hanesbrands, Inc.		11,697		244,585
Michael Kors Holdings Ltd. (a)		4,879		307,133
NIKE, Inc. Class B		42,158		2,636,983
Ralph Lauren Corp.		1,777		184,257
Under Armour, Inc. Class A (a)		6,028		86,984
Under Armour, Inc. Class C (a)		5,985		79,720
VF Corp.		10,520		778,480

				4,318,142

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Auto Manufacturers — 0.5%
Ford Motor Co.		125,195	$	1,563,685
General Motors Co.		41,021		1,681,451
PACCAR, Inc.		11,283		801,996

				4,047,132

Auto Parts & Equipment — 0.2%
Aptiv PLC		8,530		723,600
BorgWarner, Inc.		6,358		324,830
The Goodyear Tire & Rubber Co.		7,904		255,378

				1,303,808

Distribution & Wholesale — 0.1%
Fastenal Co.		9,221		504,297
LKQ Corp. (a)		9,918		403,365
W.W. Grainger, Inc.		1,664		393,120

				1,300,782

Home Builders — 0.1%
D.R. Horton, Inc.		10,952		559,319
Lennar Corp. Class A		6,563		415,044
PulteGroup, Inc.		8,682		288,676

				1,263,039

Home Furnishing — 0.1%
Leggett & Platt, Inc.		4,211		200,991
Whirlpool Corp.		2,306		388,884

				589,875

Housewares — 0.1%
Newell Brands, Inc.		15,728		485,995

Leisure Time — 0.3%
Carnival Corp.		13,087		868,584
Harley-Davidson, Inc.		5,401		274,803
Norwegian Cruise Line Holdings Ltd. (a)		5,718		304,483
Royal Caribbean Cruises Ltd.		5,496		655,563

				2,103,433

Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		6,488		518,131
Marriott International, Inc. Class A		9,827		1,333,819
MGM Resorts International		16,351		545,960
Wyndham Worldwide Corp.		3,253		376,925
Wynn Resorts Ltd.		2,573		433,782

				3,208,617

Retail — 5.6%
Advance Auto Parts, Inc.		2,372		236,465
AutoZone, Inc. (a)		882		627,428
Best Buy Co., Inc.		8,161		558,784
CarMax, Inc. (a)		5,851		375,225
Chipotle Mexican Grill, Inc. (a)		797		230,357
Costco Wholesale Corp.		14,022		2,609,775
CVS Health Corp.		32,506		2,356,685
Darden Restaurants, Inc.		3,969		381,103


	Number of Shares		Value
Dollar General Corp.		8,362	$	777,750
Dollar Tree, Inc. (a)		7,610		816,629
Foot Locker, Inc.		3,980		186,582
The Gap, Inc.		6,990		238,079
Genuine Parts Co.		4,705		447,022
The Home Depot, Inc.		37,471		7,101,879
Kohl’s Corp.		5,414		293,601
L Brands, Inc.		7,925		477,244
Lowe’s Cos., Inc.		26,724		2,483,729
Macy’s, Inc.		9,781		246,383
McDonald’s Corp.		25,580		4,402,830
Nordstrom, Inc.		3,696		175,116
O’Reilly Automotive, Inc. (a)		2,728		656,193
PVH Corp.		2,483		340,692
Ross Stores, Inc.		12,373		992,933
Signet Jewelers Ltd.		1,925		108,859
Starbucks Corp.		45,654		2,621,909
Tapestry, Inc.		9,123		403,510
Target Corp.		17,446		1,138,352
Tiffany & Co.		3,277		340,644
The TJX Cos., Inc.		20,417		1,561,084
Tractor Supply Co.		4,030		301,243
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,873		418,915
Wal-Mart Stores, Inc.		46,968		4,638,090
Walgreens Boots Alliance, Inc.		27,860		2,023,193
Yum! Brands, Inc.		10,813		882,449

				41,450,732

Textiles — 0.1%
Mohawk Industries, Inc. (a)		2,028		559,525

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		3,637		330,567
Mattel, Inc.		10,999		169,165

				499,732

				65,002,036

Consumer, Non-cyclical — 21.5%
Agriculture — 1.4%
Altria Group, Inc.		61,229		4,372,363
Archer-Daniels-Midland Co.		17,946		719,275
Philip Morris International, Inc.		49,838		5,265,385

				10,357,023

Beverages — 2.0%
Brown-Forman Corp. Class B		6,283		431,454
The Coca-Cola Co.		123,044		5,645,259
Constellation Brands, Inc. Class A		5,528		1,263,535
Dr. Pepper Snapple Group, Inc.		5,793		562,268
Molson Coors Brewing Co. Class B		5,930		486,675
Monster Beverage Corp. (a)		13,209		835,998
PepsiCo, Inc.		45,634		5,472,429

				14,697,618

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Biotechnology — 2.2%
Alexion Pharmaceuticals, Inc. (a)		7,169	$	857,341
Amgen, Inc.		23,293		4,050,653
Biogen, Inc. (a)		6,784		2,161,179
Celgene Corp. (a)		25,263		2,636,447
Gilead Sciences, Inc.		41,916		3,002,862
Illumina, Inc. (a)		4,685		1,023,625
Incyte Corp. (a)		5,620		532,270
Regeneron Pharmaceuticals, Inc. (a)		2,472		929,373
Vertex Pharmaceuticals, Inc. (a)		8,115		1,216,114

				16,409,864

Commercial Services — 1.7%
Automatic Data Processing, Inc.		14,230		1,667,614
Cintas Corp.		2,763		430,558
Ecolab, Inc.		8,342		1,119,330
Equifax, Inc.		3,853		454,346
Gartner, Inc. (a)		2,909		358,243
Global Payments, Inc.		5,106		511,826
H&R Block, Inc.		6,658		174,573
IHS Markit Ltd. (a)		11,655		526,223
Moody’s Corp.		5,329		786,614
Nielsen Holdings PLC		10,743		391,045
PayPal Holdings, Inc. (a)		36,253		2,668,946
Quanta Services, Inc. (a)		4,967		194,259
Robert Half International, Inc.		4,021		223,326
S&P Global, Inc.		8,177		1,385,184
Total System Services, Inc.		5,368		424,555
United Rentals, Inc. (a)		2,712		466,220
Verisk Analytics, Inc. (a)		4,985		478,560
The Western Union Co.		14,740		280,207

				12,541,629

Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co.		28,175		2,125,804
Coty, Inc. Class A		15,153		301,393
The Estee Lauder Cos., Inc. Class A		7,183		913,965
The Procter & Gamble Co.		81,761		7,512,201

				10,853,363

Foods — 1.4%
Campbell Soup Co.		6,172		296,935
Conagra Brands, Inc.		13,106		493,703
General Mills, Inc.		18,237		1,081,272
The Hershey Co.		4,527		513,860
Hormel Foods Corp.		8,636		314,264
The J.M. Smucker Co.		3,645		452,855
Kellogg Co.		7,982		542,616
The Kraft Heinz Co.		19,157		1,489,648
The Kroger Co.		28,544		783,533
McCormick & Co., Inc.		3,842		391,538
Mondelez International, Inc. Class A		47,950		2,052,260
Sysco Corp.		15,382		934,149
Tyson Foods, Inc. Class A		9,549		774,137

				10,120,770


	Number of Shares		Value
Health Care – Products — 3.0%
Abbott Laboratories		55,853	$	3,187,531
Align Technology, Inc. (a)		2,316		514,592
Baxter International, Inc.		16,084		1,039,670
Becton, Dickinson & Co.		8,503		1,820,153
Boston Scientific Corp. (a)		44,065		1,092,371
The Cooper Cos., Inc.		1,571		342,289
Danaher Corp.		19,641		1,823,078
DENTSPLY SIRONA, Inc.		7,370		485,167
Edwards Lifesciences Corp. (a)		6,790		765,301
Henry Schein, Inc. (a)		5,038		352,055
Hologic, Inc. (a)		8,847		378,209
IDEXX Laboratories, Inc. (a)		2,799		437,708
Intuitive Surgical, Inc. (a)		3,595		1,311,959
Medtronic PLC		43,434		3,507,296
Patterson Cos., Inc.		2,642		95,455
ResMed, Inc.		4,553		385,594
Stryker Corp.		10,327		1,599,033
Thermo Fisher Scientific, Inc.		12,867		2,443,186
Varian Medical Systems, Inc. (a)		2,940		326,781
Zimmer Biomet Holdings, Inc.		6,497		783,993

				22,691,421

Health Care – Services — 2.3%
Aetna, Inc.		10,465		1,887,781
Anthem, Inc.		8,239		1,853,857
Centene Corp. (a)		5,535		558,371
Cigna Corp.		7,912		1,606,848
DaVita, Inc. (a)		4,859		351,063
Envision Healthcare Corp. (a)		3,815		131,846
HCA Healthcare, Inc. (a)		9,090		798,466
Humana, Inc.		4,584		1,137,153
IQVIA Holdings, Inc. (a)		4,672		457,389
Laboratory Corp. of America Holdings (a)		3,267		521,119
Quest Diagnostics, Inc.		4,375		430,894
UnitedHealth Group, Inc.		31,096		6,855,424
Universal Health Services, Inc. Class B		2,813		318,854

				16,909,065

Household Products & Wares — 0.4%
Avery Dennison Corp.		2,836		325,743
Church & Dwight Co., Inc.		8,018		402,263
The Clorox Co.		4,137		615,337
Kimberly-Clark Corp.		11,288		1,362,010

				2,705,353

Pharmaceuticals — 5.7%
AbbVie, Inc.		51,151		4,946,813
Allergan PLC		10,672		1,745,726
AmerisourceBergen Corp.		5,179		475,536
Bristol-Myers Squibb Co.		52,517		3,218,242

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Cardinal Health, Inc.		10,097	$	618,643
Eli Lilly & Co.		31,087		2,625,608
Express Scripts Holding Co. (a)		18,175		1,356,582
Johnson & Johnson		86,204		12,044,423
McKesson Corp.		6,690		1,043,306
Merck & Co., Inc.		87,765		4,938,537
Mylan NV (a)		17,208		728,070
Perrigo Co. PLC		4,203		366,333
Pfizer, Inc.		191,261		6,927,473
Zoetis, Inc.		15,635		1,126,345

				42,161,637

				159,447,743

Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp.		10,050		266,225

Energy — 6.0%
Oil & Gas — 4.9%
Anadarko Petroleum Corp.		17,558		941,811
Andeavor		4,605		526,536
Apache Corp.		12,224		516,097
Cabot Oil & Gas Corp.		14,841		424,453
Chesapeake Energy Corp. (a)		29,084		115,173
Chevron Corp.		60,947		7,629,955
Cimarex Energy Co.		3,057		372,985
Concho Resources, Inc. (a)		4,772		716,850
ConocoPhillips		38,362		2,105,690
Devon Energy Corp.		16,864		698,170
EOG Resources, Inc.		18,553		2,002,054
EQT Corp.		7,857		447,220
Exxon Mobil Corp.		135,964		11,372,029
Helmerich & Payne, Inc.		3,486		225,335
Hess Corp.		8,668		411,470
Marathon Oil Corp.		27,268		461,647
Marathon Petroleum Corp.		15,672		1,034,039
Newfield Exploration Co. (a)		6,370		200,846
Noble Energy, Inc.		15,617		455,079
Occidental Petroleum Corp.		24,555		1,808,721
Phillips 66		13,787		1,394,555
Pioneer Natural Resources Co.		5,460		943,761
Range Resources Corp.		7,245		123,600
Valero Energy Corp.		14,041		1,290,508

				36,218,584

Oil & Gas Services — 0.8%
Baker Hughes a GE Co.		13,741		434,765
Halliburton Co.		27,999		1,368,311
National Oilwell Varco, Inc.		12,197		439,336
Schlumberger Ltd.		44,451		2,995,553
TechnipFMC PLC		14,072		440,595

				5,678,560


	Number of Shares		Value
Pipelines — 0.3%
Kinder Morgan, Inc.		61,633	$	1,113,708
ONEOK, Inc.		12,305		657,702
The Williams Cos., Inc.		26,530		808,900

				2,580,310

				44,477,454

Financial — 18.7%
Banks — 7.9%
Bank of America Corp.		311,265		9,188,543
The Bank of New York Mellon Corp.		32,832		1,768,332
BB&T Corp.		25,311		1,258,463
Capital One Financial Corp.		15,554		1,548,867
Citigroup, Inc.		84,841		6,313,019
Citizens Financial Group, Inc.		15,787		662,738
Comerica, Inc.		5,578		484,226
Fifth Third Bancorp		22,636		686,776
The Goldman Sachs Group, Inc.		11,254		2,867,069
Huntington Bancshares, Inc.		34,675		504,868
JP Morgan Chase & Co.		111,335		11,906,165
KeyCorp		34,502		695,905
M&T Bank Corp.		4,828		825,540
Morgan Stanley		44,652		2,342,890
Northern Trust Corp.		7,173		716,511
The PNC Financial Services Group, Inc.		15,264		2,202,443
Regions Financial Corp.		37,216		643,093
State Street Corp.		11,890		1,160,583
SunTrust Banks, Inc.		15,271		986,354
US Bancorp		50,580		2,710,076
Wells Fargo & Co.		142,207		8,627,699
Zions Bancorp		6,409		325,769

				58,425,929

Diversified Financial Services — 3.6%
Affiliated Managers Group, Inc.		1,780		365,345
Alliance Data Systems Corp.		1,542		390,866
American Express Co.		23,114		2,295,451
Ameriprise Financial, Inc.		4,742		803,627
BlackRock, Inc.		3,959		2,033,778
Cboe Global Markets, Inc.		3,633		452,635
The Charles Schwab Corp.		38,270		1,965,930
CME Group, Inc.		10,911		1,593,552
Discover Financial Services		11,658		896,733
E*TRADE Financial Corp. (a)		8,673		429,921
Franklin Resources, Inc.		10,461		453,275
Intercontinental Exchange, Inc.		18,762		1,323,847
Invesco Ltd.		13,042		476,555
Mastercard, Inc. Class A		29,803		4,510,982
Nasdaq, Inc.		3,723		286,038
Navient Corp.		8,423		112,194
Raymond James Financial, Inc.		4,110		367,023

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Synchrony Financial		23,603	$	911,312
T. Rowe Price Group, Inc.		7,768		815,096
Visa, Inc. Class A		58,189		6,634,710

				27,118,870

Insurance — 4.3%
Aflac, Inc.		12,615		1,107,345
The Allstate Corp.		11,514		1,205,631
American International Group, Inc.		28,849		1,718,823
Aon PLC		8,018		1,074,412
Arthur J Gallagher & Co.		5,803		367,214
Assurant, Inc.		1,713		172,739
Berkshire Hathaway, Inc. Class B (a)		61,743		12,238,697
Brighthouse Financial, Inc. (a)		3,070		180,025
Chubb Ltd.		14,896		2,176,752
Cincinnati Financial Corp.		4,791		359,181
Everest Re Group Ltd.		1,318		291,621
The Hartford Financial Services Group, Inc.		11,447		644,237
Lincoln National Corp.		7,022		539,781
Loews Corp.		8,858		443,166
Marsh & McLennan Cos., Inc.		16,376		1,332,843
MetLife, Inc.		33,767		1,707,259
Principal Financial Group, Inc.		8,616		607,945
The Progressive Corp.		18,661		1,050,987
Prudential Financial, Inc.		13,606		1,564,418
Torchmark Corp.		3,443		312,315
The Travelers Cos., Inc.		8,783		1,191,326
Unum Group		7,200		395,208
Willis Towers Watson PLC		4,237		638,474
XL Group Ltd.		8,219		288,980

				31,609,379

Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		9,692		419,761

Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc.		3,071		401,042
American Tower Corp.		13,761		1,963,282
Apartment Investment & Management Co. Class A		5,039		220,255
AvalonBay Communities, Inc.		4,430		790,356
Boston Properties, Inc.		4,951		643,778
Crown Castle International Corp.		13,036		1,447,126
Digital Realty Trust, Inc.		6,593		750,943
Duke Realty Corp.		11,429		310,983
Equinix, Inc.		2,510		1,137,582
Equity Residential		11,790		751,848
Essex Property Trust, Inc.		2,119		511,463
Extra Space Storage, Inc.		4,041		353,385
Federal Realty Investment Trust		2,328		309,182
GGP, Inc.		20,035		468,619
HCP, Inc.		15,055		392,634
Host Hotels & Resorts, Inc.		23,748		471,398


	Number of Shares		Value
Iron Mountain, Inc.		9,034	$	340,853
Kimco Realty Corp.		13,664		248,002
The Macerich Co.		3,466		227,647
Mid-America Apartment Communities, Inc.		3,646		366,642
Prologis, Inc.		17,073		1,101,379
Public Storage		4,803		1,003,827
Realty Income Corp.		9,043		515,632
Regency Centers Corp.		4,749		328,536
SBA Communications Corp. (a)		3,772		616,194
Simon Property Group, Inc.		9,975		1,713,106
SL Green Realty Corp.		3,154		318,333
UDR, Inc.		8,586		330,733
Ventas, Inc.		11,429		685,854
Vornado Realty Trust		5,532		432,492
Welltower, Inc.		11,885		757,906
Weyerhaeuser Co.		24,218		853,927

				20,764,939

Savings & Loans — 0.0%
People’s United Financial, Inc.		11,112		207,794

				138,546,672

Industrial — 10.0%
Aerospace & Defense — 2.5%
Arconic, Inc.		13,593		370,409
The Boeing Co.		17,965		5,298,058
General Dynamics Corp.		8,910		1,812,739
Harris Corp.		3,823		541,528
L3 Technologies, Inc.		2,507		496,010
Lockheed Martin Corp.		8,005		2,570,005
Northrop Grumman Corp.		5,585		1,714,092
Raytheon Co.		9,276		1,742,497
Rockwell Collins, Inc.		5,224		708,479
TransDigm Group, Inc.		1,551		425,936
United Technologies Corp.		23,831		3,040,121

				18,719,874

Building Materials — 0.4%
Fortune Brands Home & Security, Inc.		4,942		338,230
Johnson Controls International PLC		29,696		1,131,715
Martin Marietta Materials, Inc.		2,018		446,059
Masco Corp.		10,092		443,442
Vulcan Materials Co.		4,245		544,931

				2,904,377

Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		1,353		238,128
AMETEK, Inc.		7,414		537,293
Emerson Electric Co.		20,595		1,435,265

				2,210,686

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Electronics — 1.3%
Agilent Technologies, Inc.		10,327	$	691,599
Allegion PLC		3,049		242,578
Amphenol Corp. Class A		9,795		860,001
Corning, Inc.		27,886		892,073
FLIR Systems, Inc.		4,446		207,273
Fortive Corp.		9,812		709,898
Garmin Ltd.		3,561		212,129
Honeywell International, Inc.		24,445		3,748,885
Mettler-Toledo International, Inc. (a)		821		508,626
PerkinElmer, Inc.		3,537		258,626
TE Connectivity Ltd.		11,283		1,072,336
Waters Corp. (a)		2,552		493,021

				9,897,045

Engineering & Construction — 0.1%
Fluor Corp.		4,476		231,186
Jacobs Engineering Group, Inc.		3,867		255,067

				486,253

Environmental Controls — 0.2%
Republic Services, Inc.		7,293		493,080
Stericycle, Inc. (a)		2,740		186,293
Waste Management, Inc.		12,818		1,106,193

				1,785,566

Hand & Machine Tools — 0.2%
Snap-on, Inc.		1,829		318,795
Stanley Black & Decker, Inc.		4,921		835,044

				1,153,839

Machinery – Construction & Mining — 0.4%
Caterpillar, Inc.		19,091		3,008,360

Machinery – Diversified — 0.6%
Cummins, Inc.		5,006		884,260
Deere & Co.		10,264		1,606,419
Flowserve Corp.		4,193		176,651
Rockwell Automation, Inc.		4,123		809,551
Roper Technologies, Inc.		3,284		850,556
Xylem, Inc.		5,762		392,968

				4,720,405

Miscellaneous – Manufacturing — 2.1%
3M Co.		19,149		4,507,100
A.O. Smith Corp.		4,678		286,668
Dover Corp.		4,999		504,849
Eaton Corp. PLC		14,139		1,117,122
General Electric Co.		278,272		4,855,846
Illinois Tool Works, Inc.		9,893		1,650,647
Ingersoll-Rand PLC		8,018		715,126
Parker-Hannifin Corp.		4,275		853,205
Pentair PLC		5,299		374,215
Textron, Inc.		8,452		478,299

				15,343,077


	Number of Shares		Value
Packaging & Containers — 0.2%
Ball Corp.		11,231	$	425,093
Packaging Corp. of America		3,028		365,025
Sealed Air Corp.		5,789		285,398
WestRock Co.		8,170		516,426

				1,591,942

Transportation — 1.7%
C.H. Robinson Worldwide, Inc.		4,473		398,499
CSX Corp.		28,678		1,577,577
Expeditors International of Washington, Inc.		5,700		368,733
FedEx Corp.		7,915		1,975,109
J.B. Hunt Transport Services, Inc.		2,746		315,735
Kansas City Southern		3,323		349,646
Norfolk Southern Corp.		9,181		1,330,327
Union Pacific Corp.		25,258		3,387,098
United Parcel Service, Inc. Class B		22,046		2,626,781

				12,329,505

				74,150,929

Technology — 15.0%
Computers — 5.5%
Accenture PLC Class A		19,829		3,035,622
Apple, Inc.		164,749		27,880,473
Cognizant Technology Solutions Corp. Class A		18,918		1,343,556
CSRA, Inc.		5,257		157,290
DXC Technology Co.		9,154		868,715
Hewlett Packard Enterprise Co.		51,183		734,988
HP, Inc.		53,594		1,126,010
International Business Machines Corp.		27,627		4,238,534
NetApp, Inc.		8,656		478,850
Seagate Technology PLC		9,285		388,484
Western Digital Corp.		9,492		754,899

				41,007,421

Office & Business Equipment — 0.0%
Xerox Corp.		6,853		199,765

Semiconductors — 3.9%
Advanced Micro Devices, Inc. (a)		26,316		270,528
Analog Devices, Inc.		11,829		1,053,136
Applied Materials, Inc.		34,223		1,749,480
Broadcom Ltd.		13,047		3,351,774
Intel Corp.		150,171		6,931,893
KLA-Tencor Corp.		5,029		528,397
Lam Research Corp.		5,197		956,612
Microchip Technology, Inc.		7,505		659,539
Micron Technology, Inc. (a)		37,007		1,521,728
NVIDIA Corp.		19,445		3,762,608
Qorvo, Inc. (a)		4,085		272,061
QUALCOMM, Inc.		47,303		3,028,338
Skyworks Solutions, Inc.		5,896		559,825

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

MML Equity Index Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Texas Instruments, Inc.		31,624	$	3,302,811
Xilinx, Inc.		8,052		542,866

				28,491,596

Software — 5.6%
Activision Blizzard, Inc.		24,262		1,536,270
Adobe Systems, Inc. (a)		15,817		2,771,771
Akamai Technologies, Inc. (a)		5,428		353,037
ANSYS, Inc. (a)		2,723		401,888
Autodesk, Inc. (a)		7,034		737,374
CA, Inc.		10,072		335,196
Cadence Design Systems, Inc. (a)		9,060		378,889
Cerner Corp. (a)		10,133		682,863
Citrix Systems, Inc. (a)		4,593		404,184
Electronic Arts, Inc. (a)		9,880		1,037,993
Fidelity National Information Services, Inc.		10,712		1,007,892
Fiserv, Inc. (a)		6,685		876,604
Intuit, Inc.		7,793		1,229,579
Microsoft Corp.		247,544		21,174,914
Oracle Corp.		97,760		4,622,093
Paychex, Inc.		10,260		698,501
Red Hat, Inc. (a)		5,678		681,928
salesforce.com, Inc. (a)		22,018		2,250,900
Synopsys, Inc. (a)		4,819		410,771

				41,592,647

				111,291,429

Utilities — 2.9%
Electric — 2.7%
AES Corp.		21,163		229,195
Alliant Energy Corp.		7,422		316,251
Ameren Corp.		7,786		459,296
American Electric Power Co., Inc.		15,781		1,161,008
CenterPoint Energy, Inc.		13,831		392,247
CMS Energy Corp.		9,048		427,970
Consolidated Edison, Inc.		9,951		845,337
Dominion Energy, Inc.		20,648		1,673,727
DTE Energy Co.		5,756		630,052
Duke Energy Corp.		22,460		1,889,111
Edison International		10,455		661,174
Entergy Corp.		5,786		470,923
Eversource Energy		10,165		642,225
Exelon Corp.		30,810		1,214,222
FirstEnergy Corp.		14,277		437,162
NextEra Energy, Inc.		15,093		2,357,376
NRG Energy, Inc.		9,656		275,003
PG&E Corp.		16,458		737,812
Pinnacle West Capital Corp.		3,587		305,541
PPL Corp.		21,926		678,610
Public Service Enterprise Group, Inc.		16,239		836,308
SCANA Corp.		4,578		182,113


	Number of Shares		Value
The Southern Co.		32,206	$	1,548,786
WEC Energy Group, Inc.		10,125		672,604
Xcel Energy, Inc.		16,291		783,760

				19,827,813

Gas — 0.1%
NiSource, Inc.		10,814		277,595
Sempra Energy		8,057		861,455

				1,139,050

Water — 0.1%
American Water Works Co., Inc.		5,723		523,597

				21,490,460


TOTAL COMMON STOCK (Cost $426,265,111)				731,762,722


TOTAL EQUITIES (Cost $426,265,111)				731,762,722


TOTAL LONG-TERM INVESTMENTS (Cost $426,265,111)				731,762,722


	Principal Amount
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	8,673,848		8,673,848

U.S. Treasury Bill — 0.1%
U.S. Treasury Bill (c) 0.000% 2/01/18		655,000		654,309


TOTAL SHORT-TERM INVESTMENTS (Cost $9,328,244)				9,328,157


TOTAL INVESTMENTS — 99.9% (Cost $435,593,355) (d)				741,090,879

Other Assets/(Liabilities) — 0.1%				910,958


NET ASSETS — 100.0%			$	742,001,837

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

MML Equity Index Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $8,674,368. Collateralized by U.S. Government Agency obligations with a rate of 2.000%, maturity date of 4/30/24, and an aggregate market value, including accrued interest, of $8,847,950.

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

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

The Fund had the following open Futures contracts at December 31, 2017:

Futures


	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Future Contract — Long
S&P 500 E Mini Index		3/16/18		75	$	9,915,671	$	119,329

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

MML Focused Equity Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.3%

COMMON STOCK — 98.3%
Basic Materials — 2.0%
Chemicals — 2.0%
Praxair, Inc.		8,818	$	1,363,968

Consumer, Cyclical — 15.3%
Apparel — 5.8%
NIKE, Inc. Class B		62,119		3,885,543

Retail — 9.5%
Costco Wholesale Corp.		10,700		1,991,484
McDonald’s Corp.		9,748		1,677,826
The TJX Cos., Inc.		35,713		2,730,616

				6,399,926

				10,285,469

Consumer, Non-cyclical — 30.2%
Beverages — 7.2%
The Coca-Cola Co.		43,845		2,011,609
Diageo PLC		77,094		2,821,512

				4,833,121

Cosmetics & Personal Care — 3.6%
Colgate-Palmolive Co.		31,837		2,402,102

Health Care – Products — 4.0%
Medtronic PLC		33,422		2,698,826

Health Care – Services — 2.5%
UnitedHealth Group, Inc.		7,674		1,691,810

Pharmaceuticals — 12.9%
Bristol-Myers Squibb Co.		51,656		3,165,480
Cardinal Health, Inc.		33,804		2,071,171
McKesson Corp.		13,614		2,123,103
Merck & Co., Inc.		24,161		1,359,540

				8,719,294

				20,345,153

Financial — 27.3%
Banks — 4.7%
The PNC Financial Services Group, Inc.		22,196		3,202,661

Diversified Financial Services — 10.7%
American Express Co.		28,874		2,867,477
BlackRock, Inc.		4,278		2,197,651
Visa, Inc. Class A		18,639		2,125,219

				7,190,347

Insurance — 7.7%
Chubb Ltd.		22,157		3,237,802
Marsh & McLennan Cos., Inc.		23,751		1,933,094

				5,170,896

Real Estate Investment Trusts (REITS) — 4.2%
Public Storage		13,595		2,841,355

				18,405,259


	Number of Shares		Value
Industrial — 14.1%
Aerospace & Defense — 2.1%
Lockheed Martin Corp.		4,320	$	1,386,936

Transportation — 12.0%
Canadian National Railway Co.		29,724		2,450,989
Union Pacific Corp.		18,541		2,486,348
United Parcel Service, Inc. Class B		26,255		3,128,283

				8,065,620

				9,452,556

Technology — 9.4%
Computers — 3.7%
Accenture PLC Class A		16,028		2,453,727

Software — 5.7%
Microsoft Corp.		45,219		3,868,033

				6,321,760


TOTAL COMMON STOCK (Cost $59,159,390)				66,174,165


TOTAL EQUITIES (Cost $59,159,390)				66,174,165


TOTAL LONG-TERM INVESTMENTS (Cost $59,159,390)				66,174,165


	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (a)	$	1,230,285		1,230,285


TOTAL SHORT-TERM INVESTMENTS (Cost $1,230,285)				1,230,285


TOTAL INVESTMENTS — 100.1% (Cost $60,389,675) (b)				67,404,450

Other Assets/(Liabilities) — (0.1)%				(41,575	)


NET ASSETS — 100.0%			$	67,362,875

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

MML Focused Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Maturity value of $1,230,359. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $1,257,389.

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

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


United States	78.1	%
Ireland	7.6	%
Switzerland	4.8	%
United Kingdom	4.2	%
Canada	3.6	%

Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%

Net Assets	100.0	%

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

MML Foreign Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 97.1%

COMMON STOCK — 97.1%
Bermuda — 0.4%
Kunlun Energy Co. Ltd		1,700,000	$	1,771,636

Canada — 2.1%
Alamos Gold, Inc. Class A		306,210		1,993,427
Husky Energy, Inc. (a)		273,500		3,862,073
Tahoe Resources, Inc.		100,806		483,580
Wheaton Precious Metals Corp.		96,200		2,126,808

				8,465,888

Cayman Islands — 4.2%
Baidu, Inc. Sponsored ADR (a)		20,070		4,700,594
CK Asset Holdings Ltd.		452,254		3,953,110
CK Hutchison Holdings Ltd.		425,754		5,345,334
NetEase, Inc. ADR		7,300		2,519,011

				16,518,049

China — 2.9%
China Life Insurance Co. Ltd. Class H		1,251,000		3,905,293
China Telecom Corp. Ltd. Class H		11,037,643		5,251,712
Sinopharm Group Co. Ltd. Class H		568,800		2,449,916

				11,606,921

France — 9.8%
AXA SA		216,747		6,424,044
BNP Paribas SA		97,912		7,301,678
Cie de Saint-Gobain		77,198		4,248,648
Cie Generale des Etablissements Michelin		27,433		3,929,621
Credit Agricole SA		112,057		1,851,150
Sanofi		76,358		6,574,696
Total SA		73,362		4,047,770
Veolia Environnement SA		172,122		4,391,495

				38,769,102

Germany — 11.2%
Bayer AG Registered		55,810		6,941,371
HeidelbergCement AG		46,022		4,981,977
Infineon Technologies AG		241,765		6,603,153
Innogy SE (c)		107,200		4,177,626
LANXESS AG		74,400		5,915,711
Merck KGaA		50,900		5,481,395
MorphoSys AG (a)		20,350		1,862,859
SAP SE Sponsored ADR		18,178		2,042,480
Siemens AG Registered		42,985		5,964,127

				43,970,699

Hong Kong — 2.2%
AIA Group Ltd.		485,200		4,137,940
China Mobile Ltd.		433,500		4,387,993

				8,525,933


	Number of Shares		Value
Ireland — 1.4%
Bank of Ireland Group PLC (a)		71,800	$	610,786
CRH PLC		141,012		5,072,945

				5,683,731

Israel — 1.0%
Teva Pharmaceutical Industries Ltd. Sponsored ADR (b)		203,468		3,855,719

Italy — 1.5%
Eni SpA		350,704		5,799,536

Japan — 12.3%
Astellas Pharma, Inc.		150,100		1,906,436
IHI Corp.		88,700		2,952,641
Inpex Corp.		304,100		3,805,422
Mitsui Fudosan Co. Ltd.		173,300		3,885,030
Omron Corp.		95,900		5,711,991
Panasonic Corp.		380,000		5,564,905
Ryohin Keikaku Co. Ltd.		15,100		4,701,465
SoftBank Group Corp.		83,700		6,612,562
Sumitomo Metal Mining Co. Ltd.		118,400		5,431,947
Sumitomo Rubber Industries Ltd.		121,700		2,261,132
Suntory Beverage & Food Ltd.		129,100		5,741,105

				48,574,636

Luxembourg — 1.0%
SES SA		246,017		3,833,653

Netherlands — 4.2%
Akzo Nobel NV		32,182		2,814,943
ING Groep NV		283,019		5,207,776
NN Group NV		63,590		2,749,571
QIAGEN NV		81,562		2,546,864
SBM Offshore NV		191,128		3,363,226

				16,682,380

Norway — 2.3%
Telenor ASA		288,124		6,171,811
Yara International ASA		65,009		2,975,579

				9,147,390

Portugal — 1.1%
Galp Energia SGPS SA		242,320		4,451,686

Republic of Korea — 6.5%
Hana Financial Group, Inc.		79,353		3,692,285
Hyundai Mobis Co. Ltd.		18,195		4,472,734
KB Financial Group, Inc. ADR (a)		80,916		4,734,395
Samsung Electronics Co. Ltd.		5,373		12,765,306

				25,664,720

Singapore — 3.5%
DBS Group Holdings, Ltd.		258,279		4,782,235
Singapore Telecommunications Ltd.		621,100		1,662,397
Singapore Telecommunications Ltd.		1,468,000		3,918,298
United Overseas Bank Ltd.		168,300		3,320,111

				13,683,041

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

MML Foreign Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Sweden — 0.6%
Arjo AB Class B (a)		146,444	$	417,922
Getinge AB Class B		146,444		2,115,931

				2,533,853

Switzerland — 5.5%
Landis+Gyr Group AG (a)		16,800		1,334,373
Novartis AG Registered		54,480		4,605,835
Roche Holding AG		31,790		8,041,065
Swiss Re AG		20,349		1,904,805
UBS Group AG Registered		306,210		5,626,366

				21,512,444

Taiwan — 1.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		641,275		4,927,598

Thailand — 1.4%
Bangkok Bank PCL Foreign Registered		792,100		5,321,145

United Kingdom — 20.7%
BAE Systems PLC		654,597		5,034,676
Barclays PLC		1,995,343		5,440,529
BP PLC		1,542,293		10,877,035
Cobham PLC (a)		1,698,528		2,885,788
GlaxoSmithKline PLC		198,649		3,513,673
HSBC Holdings PLC		702,000		7,171,273
Johnson Matthey PLC		96,470		3,988,653
Kingfisher PLC		889,844		4,056,566
LivaNova PLC (a)		47,130		3,766,630
Rolls-Royce Holdings PLC		187,570		2,134,719
Royal Dutch Shell PLC Class A		2,397		80,244
Royal Dutch Shell PLC Class B		323,082		10,896,563
Shire PLC		79,386		4,117,622
Standard Chartered PLC (a)		647,794		6,816,984
Travis Perkins PLC		149,165		3,153,951
Vodafone Group PLC Sponsored ADR (b)		236,983		7,559,758

				81,494,664


TOTAL COMMON STOCK (Cost $316,306,125)				382,794,424


TOTAL EQUITIES (Cost $316,306,125)				382,794,424


MUTUAL FUNDS — 1.0%
United States — 1.0%
State Street Navigator Securities Lending Prime Portfolio (d)		4,039,373		4,039,373


TOTAL MUTUAL FUNDS (Cost $4,039,373)				4,039,373


TOTAL LONG-TERM INVESTMENTS (Cost $320,345,498)				386,833,797



	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.3%
Repurchase Agreement — 3.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (e)	$	13,002,320	$	13,002,320


TOTAL SHORT-TERM INVESTMENTS (Cost $13,002,320)				13,002,320


TOTAL INVESTMENTS — 101.4% (Cost $333,347,818) (f)				399,836,117

Other Assets/(Liabilities) — (1.4)%				(5,535,402	)


NET ASSETS — 100.0%			$	394,300,715

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $3,923,282 or 0.99% 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, 2017, these securities amounted to a value of $4,177,626 or 1.06% of net assets.

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

(e)	Maturity value of $13,003,100. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $13,267,264.

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

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

MML Foreign Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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


Financial	22.5	%
Consumer, Non-cyclical	16.2	%
Energy	12.8	%
Communications	11.2	%
Industrial	9.9	%
Technology	7.3	%
Consumer, Cyclical	7.1	%
Basic Materials	6.5	%
Utilities	2.2	%
Diversified	1.4	%
Mutual Funds	1.0	%

Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%

Net Assets	100.0	%

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

MML Fundamental Growth Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 100.1%

COMMON STOCK — 100.1%
Basic Materials — 2.0%
Iron & Steel — 0.2%
Cleveland-Cliffs, Inc. (a)		40,199	$	289,835

Mining — 1.8%
Rio Tinto PLC Sponsored ADR		41,998		2,222,954

				2,512,789

Communications — 19.5%
Internet — 18.9%
Alibaba Group Holding Ltd. Sponsored ADR (a)		3,691		636,439
Alphabet, Inc. Class C (a)		8,074		8,448,634
Amazon.com, Inc. (a)		3,767		4,405,393
eBay, Inc. (a)		33,077		1,248,326
Facebook, Inc. Class A (a)		28,854		5,091,577
Okta, Inc. (a)		8,065		206,545
The Priceline Group, Inc. (a)		1,058		1,838,529
VeriSign, Inc. (a)		13,650		1,562,106
Yandex NV Class A (a)		19,528		639,542

				24,077,091

Media — 0.6%
FactSet Research Systems, Inc.		4,124		794,942

				24,872,033

Consumer, Cyclical — 4.3%
Lodging — 0.8%
Las Vegas Sands Corp.		14,227		988,634

Retail — 3.5%
Domino’s Pizza, Inc.		2,505		473,345
The Home Depot, Inc.		13,862		2,627,265
O’Reilly Automotive, Inc. (a)		1,046		251,605
The TJX Cos., Inc.		14,762		1,128,702

				4,480,917

				5,469,551

Consumer, Non-cyclical — 15.4%
Biotechnology — 3.2%
Amgen, Inc.		7,285		1,266,861
Celgene Corp. (a)		14,146		1,476,277
Gilead Sciences, Inc.		18,115		1,297,759

				4,040,897

Commercial Services — 5.3%
Experian PLC		34,894		766,873
Gartner, Inc. (a)		6,588		811,312
Global Payments, Inc.		12,425		1,245,482
IHS Markit Ltd. (a)		19,946		900,562
PayPal Holdings, Inc. (a)		22,326		1,643,640
Vantiv, Inc. Class A (a)		19,336		1,422,163

				6,790,032


	Number of Shares		Value
Health Care – Products — 1.7%
Danaher Corp.		10,255	$	951,869
Edwards Lifesciences Corp. (a)		10,607		1,195,515

				2,147,384

Health Care – Services — 2.8%
Aetna, Inc.		8,696		1,568,671
Anthem, Inc.		5,265		1,184,678
ICON PLC (a)		7,372		826,770

				3,580,119

Pharmaceuticals — 2.4%
Allergan PLC		2,795		457,206
Bristol-Myers Squibb Co.		13,190		808,283
Johnson & Johnson		7,736		1,080,874
McKesson Corp.		4,696		732,341

				3,078,704

				19,637,136

Energy — 3.3%
Oil & Gas — 2.4%
BP PLC Sponsored ADR		29,039		1,220,509
Chevron Corp.		7,740		968,971
Pioneer Natural Resources Co.		5,192		897,437

				3,086,917

Oil & Gas Services — 0.9%
Baker Hughes a GE Co.		19,152		605,969
Schlumberger Ltd.		8,335		561,696

				1,167,665

				4,254,582

Financial — 11.6%
Banks — 2.7%
Bank of America Corp.		45,766		1,351,012
Citigroup, Inc.		18,129		1,348,979
JP Morgan Chase & Co.		7,421		793,602

				3,493,593

Diversified Financial Services — 7.3%
Alliance Data Systems Corp.		2,043		517,860
American Express Co.		17,907		1,778,344
Intercontinental Exchange, Inc.		19,741		1,392,925
Mastercard, Inc. Class A		16,287		2,465,200
Visa, Inc. Class A		27,752		3,164,283

				9,318,612

Insurance — 0.6%
MetLife, Inc.		15,354		776,298

Real Estate Investment Trusts (REITS) — 1.0%
American Tower Corp.		8,923		1,273,045

				14,861,548

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

MML Fundamental Growth Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Industrial — 10.8%
Electrical Components & Equipment — 1.1%
Emerson Electric Co.		19,982	$	1,392,546

Electronics — 1.8%
Fortive Corp.		15,768		1,140,815
Honeywell International, Inc.		7,487		1,148,206

				2,289,021

Machinery – Construction & Mining — 2.0%
Caterpillar, Inc.		15,899		2,505,364

Machinery – Diversified — 3.4%
Cummins, Inc.		9,531		1,683,556
Rockwell Automation, Inc.		8,663		1,700,980
Roper Technologies, Inc.		3,812		987,308

				4,371,844

Miscellaneous – Manufacturing — 2.5%
Dover Corp.		15,047		1,519,597
Parker-Hannifin Corp.		8,390		1,674,476

				3,194,073

				13,752,848

Technology — 33.2%
Computers — 10.3%
Apple, Inc.		55,690		9,424,419
Check Point Software Technologies Ltd. (a)		7,051		730,625
International Business Machines Corp.		11,001		1,687,773
NetApp, Inc.		22,954		1,269,815

				13,112,632

Semiconductors — 7.7%
Analog Devices, Inc.		11,689		1,040,672
Applied Materials, Inc.		31,496		1,610,076
KLA-Tencor Corp.		3,638		382,245
Maxim Integrated Products, Inc.		22,572		1,180,064
QUALCOMM, Inc.		18,518		1,185,522
Teradyne, Inc.		23,021		963,889
Texas Instruments, Inc.		23,550		2,459,562
Xilinx, Inc.		14,810		998,490

				9,820,520

Software — 15.2%
Adobe Systems, Inc. (a)		7,402		1,297,126
Atlassian Corp. PLC Class A (a)		7,730		351,870
Autodesk, Inc. (a)		6,392		670,073
Electronic Arts, Inc. (a)		8,041		844,787
Fiserv, Inc. (a)		2,222		291,371
Guidewire Software, Inc. (a)		3,877		287,906
Intuit, Inc.		7,400		1,167,572
Microsoft Corp.		100,422		8,590,098
Oracle Corp.		46,223		2,185,423
salesforce.com, Inc. (a)		7,511		767,850


	Number of Shares		Value
ServiceNow, Inc. (a)		7,489	$	976,491
SS&C Technologies Holdings, Inc		24,131		976,823
Workday, Inc. Class A (a)		9,695		986,369

				19,393,759

				42,326,911


TOTAL COMMON STOCK (Cost $100,381,527)				127,687,398


TOTAL EQUITIES (Cost $100,381,527)				127,687,398


TOTAL LONG-TERM INVESTMENTS (Cost $100,381,527)				127,687,398


	Principal Amount
SHORT-TERM INVESTMENTS — 0.0%
Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18	$	34,522		34,522


TOTAL SHORT-TERM INVESTMENTS (Cost $34,522)				34,522


TOTAL INVESTMENTS — 100.1% (Cost $100,416,049) (b)				127,721,920

Other Assets/(Liabilities) — (0.1)%				(181,183	)


NET ASSETS — 100.0%			$	127,540,737

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

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

MML Fundamental Value Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 97.5%

COMMON STOCK — 97.5%
Basic Materials — 3.0%
Chemicals — 1.6%
DowDuPont, Inc.		54,780	$	3,901,432

Forest Products & Paper — 1.4%
International Paper Co.		55,640		3,223,782

				7,125,214

Communications — 9.0%
Internet — 0.9%
eBay, Inc. (a)		59,130		2,231,566

Media — 3.1%
CBS Corp. Class B		32,680		1,928,120
Comcast Corp. Class A		67,990		2,723,000
Thomson Reuters Corp.		27,880		1,215,289
Viacom, Inc. Class B		49,390		1,521,706

				7,388,115

Telecommunications — 5.0%
Cisco Systems, Inc.		171,540		6,569,982
Nokia OYJ Sponsored ADR		306,780		1,429,595
Verizon Communications, Inc.		73,240		3,876,593

				11,876,170

				21,495,851

Consumer, Cyclical — 7.1%
Home Builders — 1.0%
PulteGroup, Inc.		70,210		2,334,483

Leisure Time — 0.9%
Norwegian Cruise Line Holdings Ltd. (a)		40,060		2,133,195

Lodging — 1.2%
Hilton Worldwide Holdings, Inc.		35,650		2,847,009

Retail — 4.0%
The Home Depot, Inc.		13,220		2,505,586
L Brands, Inc.		37,490		2,257,648
Liberty Interactive Corp. QVC Group Class A (a)		103,490		2,527,226
The TJX Cos., Inc.		31,520		2,410,019

				9,700,479

				17,015,166

Consumer, Non-cyclical — 16.4%
Agriculture — 2.4%
British American Tobacco PLC		33,900		2,287,927
Philip Morris International, Inc.		33,260		3,513,919

				5,801,846

Biotechnology — 1.0%
Amgen, Inc.		13,160		2,288,524


	Number of Shares		Value
Commercial Services — 0.6%
Nielsen Holdings PLC		40,880	$	1,488,032

Cosmetics & Personal Care — 0.7%
Unilever NV NY Shares		31,730		1,787,034

Foods — 1.5%
The Kraft Heinz Co.		19,576		1,522,230
Mondelez International, Inc. Class A		49,110		2,101,908

				3,624,138

Health Care – Products — 1.9%
Medtronic PLC		40,799		3,294,519
Zimmer Biomet Holdings, Inc.		9,840		1,187,393

				4,481,912

Health Care – Services — 1.5%
UnitedHealth Group, Inc.		16,020		3,531,769

Pharmaceuticals — 6.8%
Allergan PLC		15,350		2,510,953
AstraZeneca PLC Sponsored ADR		69,840		2,423,448
Bristol-Myers Squibb Co.		52,230		3,200,654
Merck & Co., Inc.		82,860		4,662,532
Roche Holding AG		13,195		3,337,586

				16,135,173

				39,138,428

Energy — 10.1%
Oil & Gas — 8.9%
Canadian Natural Resources Ltd.		75,750		2,705,790
Chevron Corp.		44,410		5,559,688
EOG Resources, Inc.		32,300		3,485,493
Exxon Mobil Corp.		35,610		2,978,420
Marathon Oil Corp.		145,914		2,470,324
Occidental Petroleum Corp.		19,230		1,416,482
Pioneer Natural Resources Co.		12,540		2,167,539
Southwestern Energy Co. (a)		89,240		497,959

				21,281,695

Oil & Gas Services — 1.2%
Halliburton Co.		60,140		2,939,042

				24,220,737

Financial — 28.8%
Banks — 17.7%
Bank of America Corp.		171,710		5,068,879
Citigroup, Inc.		91,520		6,810,003
The Goldman Sachs Group, Inc.		11,720		2,985,787
JP Morgan Chase & Co.		101,390		10,842,647
M&T Bank Corp.		18,440		3,153,056
The PNC Financial Services Group, Inc.		40,850		5,894,246
Wells Fargo & Co.		125,410		7,608,625

				42,363,243

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Diversified Financial Services — 3.5%
BlackRock, Inc.		5,800	$	2,979,518
Invesco Ltd.		80,340		2,935,623
Nasdaq, Inc.		32,460		2,493,902

				8,409,043

Insurance — 6.6%
American International Group, Inc.		34,190		2,037,040
Chubb Ltd.		26,475		3,868,792
Marsh & McLennan Cos., Inc.		33,620		2,736,332
MetLife, Inc.		47,970		2,425,363
Principal Financial Group, Inc.		19,910		1,404,850
Unum Group		21,860		1,199,895
XL Group Ltd.		55,230		1,941,887

				15,614,159

Real Estate Investment Trusts (REITS) — 1.0%
Park Hotels & Resorts, Inc.		85,440		2,456,400

				68,842,845

Industrial — 10.9%
Aerospace & Defense — 1.8%
Triumph Group, Inc.		32,970		896,784
United Technologies Corp.		27,300		3,482,661

				4,379,445

Building Materials — 1.1%
Fortune Brands Home & Security, Inc.		38,010		2,601,404

Machinery – Construction & Mining — 1.1%
Caterpillar, Inc.		16,570		2,611,101

Miscellaneous – Manufacturing — 4.8%
3M Co.		10,360		2,438,433
Eaton Corp. PLC		47,900		3,784,579
General Electric Co.		111,620		1,947,769
Ingersoll-Rand PLC		38,690		3,450,761

				11,621,542

Transportation — 2.1%
Schneider National, Inc. Class B		54,200		1,547,952
Union Pacific Corp.		25,280		3,390,048

				4,938,000

				26,151,492

Technology — 8.8%
Computers — 2.1%
Cognizant Technology Solutions Corp. Class A		31,830		2,260,567
NetApp, Inc.		50,360		2,785,915

				5,046,482

Semiconductors — 5.6%
Analog Devices, Inc.		16,760		1,492,143
Intel Corp.		133,800		6,176,208


	Number of Shares		Value
Maxim Integrated Products, Inc.		44,420	$	2,322,278
QUALCOMM, Inc.		52,070		3,333,521

				13,324,150

Software — 1.1%
Microsoft Corp.		30,500		2,608,970

				20,979,602

Utilities — 3.4%
Electric — 3.4%
Dominion Energy, Inc.		17,970		1,456,648
Edison International		32,890		2,079,964
Eversource Energy		45,480		2,873,426
NextEra Energy, Inc.		10,630		1,660,300

				8,070,338


TOTAL COMMON STOCK (Cost $172,306,238)				233,039,673


TOTAL EQUITIES (Cost $172,306,238)				233,039,673


TOTAL LONG-TERM INVESTMENTS (Cost $172,306,238)				233,039,673


	Principal Amount
SHORT-TERM INVESTMENTS — 2.4%
Repurchase Agreement — 2.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	5,893,795		5,893,795


TOTAL SHORT-TERM INVESTMENTS (Cost $5,893,795)				5,893,795


TOTAL INVESTMENTS — 99.9% (Cost $178,200,033) (c)				238,933,468

Other Assets/(Liabilities) — 0.1%				160,892


NET ASSETS — 100.0%			$	239,094,360

Abbreviation Legend

ADR	American Depositary Receipt

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $5,894,149. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $6,012,699.

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

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


United States	80.6	%
Ireland	5.5	%
Switzerland	3.0	%
Bermuda	2.9	%
United Kingdom	2.6	%
Canada	1.6	%
Netherlands	0.7	%
Finland	0.6	%

Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%

Net Assets	100.0	%

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

MML Global Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.9%

COMMON STOCK — 98.9%
Austria — 0.4%
Erste Group Bank AG		23,868	$	1,029,309

Brazil — 0.5%
Ambev SA		202,431		1,312,033

Canada — 1.7%
Canadian National Railway Co.		50,216		4,142,820

Cayman Islands — 0.2%
Sands China Ltd.		95,200		489,982

Denmark — 0.7%
Carlsberg A/S Class B		14,790		1,771,492

France — 9.2%
Air Liquide SA		16,157		2,032,085
Danone SA		53,372		4,474,578
Hermes International		884		473,199
Legrand SA		27,206		2,091,652
LVMH Moet Hennessy Louis Vuitton SE		16,700		4,905,623
Pernod Ricard SA		30,927		4,895,455
Schneider Electric SE		38,794		3,290,164

				22,162,756

Germany — 6.7%
Bayer AG Registered		51,089		6,354,196
Brenntag AG		17,736		1,118,811
Deutsche Boerse AG		13,028		1,510,131
Linde AG (a)		15,312		3,582,039
Merck KGaA		16,080		1,731,647
MTU Aero Engines AG		10,041		1,795,896

				16,092,720

Ireland — 4.8%
Accenture PLC Class A		38,355		5,871,767
Medtronic PLC		69,467		5,609,460

				11,481,227

Israel — 0.8%
Check Point Software Technologies Ltd. (a)		19,416		2,011,886

Japan — 1.4%
Hoya Corp.		25,500		1,274,181
Kubota Corp.		101,700		1,991,460

				3,265,641

Mexico — 0.3%
Grupo Financiero Banorte SAB de CV Class O		123,032		675,339

Netherlands — 3.1%
Akzo Nobel NV		37,225		3,256,052
Heineken NV		22,603		2,356,009
Schlumberger Ltd.		26,036		1,754,566

				7,366,627


	Number of Shares		Value
Republic of Korea — 1.0%
Samsung Electronics Co. Ltd.		999	$	2,373,449

Spain — 1.0%
Aena SME SA (b)		12,467		2,523,854

Sweden — 1.9%
Essity AB Class B (a)		160,482		4,544,685

Switzerland — 8.3%
Adecco Group AG Registered		21,798		1,666,013
Cie Financiere Richemont SA Registered		27,264		2,468,562
Julius Baer Group Ltd.		23,421		1,431,890
Nestle SA Registered		68,628		5,897,350
Roche Holding AG		14,846		3,755,195
Sonova Holding AG Registered		4,938		770,976
Swiss Re AG		6,361		595,433
UBS Group AG Registered		184,418		3,388,535

				19,973,954

Thailand — 0.3%
Kasikornbank PCL		84,000		613,924

United Kingdom — 9.4%
Aptiv PLC		15,156		1,285,684
Burberry Group PLC		61,325		1,482,589
Compass Group PLC		116,723		2,523,896
Delphi Technologies PLC (a)		5,052		265,078
Diageo PLC		141,168		5,166,515
Reckitt Benckiser Group PLC		56,873		5,312,455
Sky PLC (a)		100,089		1,364,817
Whitbread PLC		25,363		1,369,750
WPP PLC		215,795		3,910,765

				22,681,549

United States — 47.2%
3M Co.		18,568		4,370,350
Abbott Laboratories		52,253		2,982,079
American Express Co.		36,466		3,621,438
Amphenol Corp. Class A		15,950		1,400,410
AutoZone, Inc. (a)		1,915		1,362,274
The Bank of New York Mellon Corp.		74,942		4,036,376
Cisco Systems, Inc.		46,307		1,773,558
Cognizant Technology Solutions Corp. Class A		27,885		1,980,393
Colgate-Palmolive Co.		35,789		2,700,280
Comcast Corp. Class A		132,786		5,318,079
The Cooper Cos., Inc.		8,497		1,851,326
Coty, Inc. Class A (c)		195,882		3,896,093
eBay, Inc. (a)		53,718		2,027,317
Franklin Resources, Inc.		46,471		2,013,588
The Goldman Sachs Group, Inc.		9,888		2,519,067
Harley-Davidson, Inc. (c)		20,507		1,043,396
Honeywell International, Inc.		40,602		6,226,723
Johnson & Johnson		7,141		997,741

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

MML Global Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Kansas City Southern		24,997	$	2,630,184
Kellogg Co.		34,387		2,337,628
Marriott International, Inc. Class A		5,525		749,908
Microchip Technology, Inc.		11,921		1,047,617
Monsanto Co.		20,670		2,413,843
National Oilwell Varco, Inc.		17,875		643,858
NOW, Inc. (a)		10,451		115,275
Omnicom Group, Inc.		17,191		1,252,021
Oracle Corp.		74,344		3,514,984
PayPal Holdings, Inc. (a)		17,058		1,255,810
Praxair, Inc.		7,899		1,221,817
Sally Beauty Holdings, Inc. (a)		46,277		868,157
State Street Corp.		46,601		4,548,724
Stryker Corp.		30,967		4,794,930
Thermo Fisher Scientific, Inc.		35,693		6,777,387
Time Warner, Inc.		31,283		2,861,456
Union Pacific Corp.		3,897		522,588
United Parcel Service, Inc. Class B		32,802		3,908,358
United Technologies Corp.		19,948		2,544,766
Urban Outfitters, Inc. (a)		25,965		910,333
Visa, Inc. Class A		50,871		5,800,311
W.W. Grainger, Inc.		4,345		1,026,506
The Walt Disney Co.		42,339		4,551,866
Waters Corp. (a)		10,982		2,121,613
Wynn Resorts Ltd.		3,821		644,182
Zimmer Biomet Holdings, Inc.		37,652		4,543,467

				113,728,077


TOTAL COMMON STOCK (Cost $184,393,249)				238,241,324


TOTAL EQUITIES (Cost $184,393,249)				238,241,324


MUTUAL FUNDS — 1.8%
United States — 1.8%
State Street Navigator Securities Lending Prime Portfolio (d)		4,245,862		4,245,862


TOTAL MUTUAL FUNDS (Cost $4,245,862)				4,245,862


TOTAL LONG-TERM INVESTMENTS (Cost $188,639,111)				242,487,186


	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (e)	$	1,418,260		1,418,260



	Principal Amount		Value
Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18	$	16,797	$	16,797


TOTAL SHORT-TERM INVESTMENTS (Cost $1,435,057)				1,435,057


TOTAL INVESTMENTS — 101.3% (Cost $190,074,168) (f)				243,922,243

Other Assets/(Liabilities) — (1.3)%				(3,056,004	)


NET ASSETS — 100.0%			$	240,866,239

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, 2017, these securities amounted to a value of $2,523,854 or 1.05% of net assets.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $4,128,197 or 1.71% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(e)	Maturity value of $1,418,345. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $1,448,843.

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

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


Consumer, Non-cyclical	36.3	%
Industrial	17.0	%
Financial	13.2	%
Communications	9.6	%
Consumer, Cyclical	9.1	%
Technology	7.0	%
Basic Materials	5.7	%
Mutual Funds	1.8	%
Energy	1.0	%

Total Long-Term Investments	100.7	%
Short-Term Investments and Other Assets and Liabilities	(0.7	)%

Net Assets	100.0	%

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

MML Growth & Income Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.6%

COMMON STOCK — 98.6%
Basic Materials — 2.4%
Chemicals — 2.4%
PPG Industries, Inc.		12,450	$	1,454,409
The Sherwin-Williams Co.		4,924		2,019,037

				3,473,446

Communications — 10.5%
Advertising — 0.2%
The Interpublic Group of Cos., Inc.		19,234		387,757

Internet — 6.9%
Alphabet, Inc. Class A (a)		4,074		4,291,552
Alphabet, Inc. Class C (a)		3,270		3,421,728
Facebook, Inc. Class A (a)		11,961		2,110,638

				9,823,918

Media — 3.4%
Comcast Corp. Class A		80,660		3,230,433
Twenty-First Century Fox, Inc. Class A		19,405		670,055
The Walt Disney Co.		8,399		902,976

				4,803,464

				15,015,139

Consumer, Cyclical — 9.6%
Apparel — 2.5%
LVMH Moet Hennessy Louis Vuitton SE		6,889		2,023,643
NIKE, Inc. Class B		23,319		1,458,604

				3,482,247

Food Services — 0.8%
Aramark		26,145		1,117,437

Housewares — 1.4%
Newell Brands, Inc.		66,461		2,053,645

Retail — 4.9%
AutoZone, Inc. (a)		847		602,530
Costco Wholesale Corp.		7,713		1,435,544
Ross Stores, Inc.		19,356		1,553,319
Starbucks Corp.		36,688		2,106,992
Tractor Supply Co.		17,718		1,324,420

				7,022,805

				13,676,134

Consumer, Non-cyclical — 23.7%
Beverages — 2.4%
Diageo PLC		34,366		1,257,739
Pernod Ricard SA		13,845		2,191,534

				3,449,273


	Number of Shares		Value
Biotechnology — 1.2%
Biogen, Inc. (a)		5,121	$	1,631,397

Cosmetics & Personal Care — 2.7%
Colgate-Palmolive Co.		22,934		1,730,370
Coty, Inc. Class A		56,073		1,115,292
The Estee Lauder Cos., Inc. Class A		7,840		997,562

				3,843,224

Foods — 3.0%
Danone SA		24,056		2,016,796
Mondelez International, Inc. Class A		52,803		2,259,968

				4,276,764

Health Care – Products — 8.4%
Abbott Laboratories		25,814		1,473,205
Danaher Corp.		31,101		2,886,795
Medtronic PLC		34,882		2,816,721
Stryker Corp.		5,464		846,046
Thermo Fisher Scientific, Inc.		20,803		3,950,074

				11,972,841

Household Products & Wares — 0.5%
Kimberly-Clark Corp.		5,581		673,403

Pharmaceuticals — 5.5%
Eli Lilly & Co.		23,681		2,000,097
Johnson & Johnson		19,257		2,690,588
McKesson Corp.		9,789		1,526,595
Zoetis, Inc.		23,024		1,658,649

				7,875,929

				33,722,831

Energy — 5.0%
Oil & Gas — 1.8%
EOG Resources, Inc.		23,994		2,589,193

Oil & Gas Services — 1.9%
Schlumberger Ltd.		39,339		2,651,055

Pipelines — 1.3%
Enterprise Products Partners LP (b)		71,771		1,902,649

				7,142,897

Financial — 23.3%
Banks — 11.6%
Bank of America Corp.		151,198		4,463,365
The Goldman Sachs Group, Inc.		11,878		3,026,039
JP Morgan Chase & Co.		51,547		5,512,436
Morgan Stanley		37,627		1,974,289
US Bancorp		30,113		1,613,455

				16,589,584

Diversified Financial Services — 7.1%
BlackRock, Inc.		1,765		906,698
Mastercard, Inc. Class A		19,935		3,017,362

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

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


	Number of Shares		Value
Nasdaq, Inc.		23,324	$	1,791,983
Visa, Inc. Class A		38,411		4,379,622

				10,095,665

Insurance — 1.2%
Chubb Ltd.		11,489		1,678,888

Private Equity — 0.8%
The Blackstone Group LP (b)		35,373		1,132,643

Real Estate Investment Trusts (REITS) — 2.6%
American Tower Corp.		25,636		3,657,488

				33,154,268

Industrial — 8.1%
Aerospace & Defense — 1.3%
United Technologies Corp.		14,392		1,835,987

Electrical Components & Equipment — 0.9%
AMETEK, Inc.		17,414		1,261,993

Electronics — 1.8%
Honeywell International, Inc.		17,151		2,630,277

Engineering & Construction — 0.6%
Fluor Corp.		15,535		802,383

Packaging & Containers — 1.6%
Crown Holdings, Inc. (a)		40,720		2,290,500

Transportation — 1.9%
Canadian National Railway Co.		32,924		2,716,230

				11,537,370

Technology — 15.4%
Computers — 8.4%
Accenture PLC Class A		20,715		3,171,259
Amdocs Ltd.		13,450		880,706
Apple, Inc.		9,789		1,656,593
Cognizant Technology Solutions Corp. Class A		47,438		3,369,047
DXC Technology Co.		20,541		1,949,341
Hewlett Packard Enterprise Co.		67,242		965,595

				11,992,541

Semiconductors — 3.9%
Broadcom Ltd.		13,721		3,524,925
Texas Instruments, Inc.		19,513		2,037,938

				5,562,863

Software — 3.1%
Adobe Systems, Inc. (a)		7,631		1,337,256
Fidelity National Information Services, Inc.		29,829		2,806,611
Micro Focus International PLC Sponsered ADR (a)		6,580		221,022

				4,364,889

				21,920,293


	Number of Shares		Value
Utilities — 0.6%
Electric — 0.6%
American Electric Power Co., Inc.		10,568	$	777,488


TOTAL COMMON STOCK (Cost $87,396,083)				140,419,866


TOTAL EQUITIES (Cost $87,396,083)				140,419,866


TOTAL LONG-TERM INVESTMENTS (Cost $87,396,083)				140,419,866


	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement , dated 12/29/17, 0.540%, due 1/02/18 (c)	$	1,989,656		1,989,656

Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18		9,210		9,210


TOTAL SHORT-TERM INVESTMENTS (Cost $1,998,866)				1,998,866


TOTAL INVESTMENTS — 100.0% (Cost $89,394,949) (d)				142,418,732

Other Assets/(Liabilities) — 0.0%				21,658


NET ASSETS — 100.0%			$	142,440,390

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)	Security is a Master Limited Partnership.

(c)	Maturity value of $1,989,775. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $2,033,555.

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

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

MML Income & Growth Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.2%

COMMON STOCK — 98.2%
Basic Materials — 6.0%
Chemicals — 5.8%
Air Products & Chemicals, Inc.		15,441	$	2,533,558
Celanese Corp. Series A		43,911		4,701,990
DowDuPont, Inc.		117,152		8,343,565
LyondellBasell Industries NV Class A		14,939		1,648,071
Versum Materials, Inc.		26,755		1,012,677

				18,239,861

Mining — 0.2%
Fairmount Santrol Holdings, Inc. (a)		128,926		674,283

				18,914,144

Communications — 4.2%
Media — 1.5%
Comcast Corp. Class A		51,195		2,050,360
Twenty-First Century Fox, Inc. Class A		74,875		2,585,433

				4,635,793

Telecommunications — 2.7%
AT&T, Inc.		72,629		2,823,816
Verizon Communications, Inc.		111,580		5,905,929

				8,729,745

				13,365,538

Consumer, Cyclical — 8.9%
Airlines — 0.6%
Southwest Airlines Co.		27,461		1,797,322

Apparel — 0.4%
Hanesbrands, Inc.		67,879		1,419,350

Auto Parts & Equipment — 0.7%
Adient PLC		26,562		2,090,429

Home Furnishing — 0.6%
Whirlpool Corp.		11,987		2,021,488

Housewares — 0.3%
Newell Brands, Inc.		26,460		817,614

Leisure Time — 1.6%
Carnival Corp.		22,624		1,501,555
Norwegian Cruise Line Holdings Ltd. (a)		31,073		1,654,637
Royal Caribbean Cruises Ltd.		15,098		1,800,890

				4,957,082

Retail — 4.7%
CVS Health Corp.		21,524		1,560,490
Dollar General Corp.		28,053		2,609,210
Lowe’s Cos., Inc.		29,486		2,740,429


	Number of Shares		Value
Target Corp.		39,506	$	2,577,766
Wal-Mart Stores, Inc.		56,350		5,564,562

				15,052,457

				28,155,742

Consumer, Non-cyclical — 18.3%
Agriculture — 3.9%
Altria Group, Inc.		91,529		6,536,086
Philip Morris International, Inc.		55,998		5,916,189

				12,452,275

Beverages — 0.6%
Coca-Cola European Partners PLC		49,981		1,991,743

Commercial Services — 1.0%
AMERCO		5,083		1,920,916
Nielsen Holdings PLC		33,797		1,230,211

				3,151,127

Foods — 0.7%
Tyson Foods, Inc. Class A		25,546		2,071,014

Health Care – Products — 0.7%
Medtronic PLC		27,983		2,259,627

Health Care – Services — 2.6%
Anthem, Inc.		12,368		2,782,924
Cigna Corp.		12,645		2,568,073
UnitedHealth Group, Inc.		13,159		2,901,033

				8,252,030

Pharmaceuticals — 8.8%
Cardinal Health, Inc.		20,099		1,231,466
Express Scripts Holding Co. (a)		24,305		1,814,125
Johnson & Johnson		53,378		7,457,974
Merck & Co., Inc.		98,316		5,532,241
Pfizer, Inc.		199,986		7,243,493
Sanofi ADR		90,482		3,890,726
Teva Pharmaceutical Industries Ltd. Sponsored ADR		45,569		863,533

				28,033,558

				58,211,374

Energy — 12.9%
Oil & Gas — 12.9%
BP PLC Sponsored ADR		199,796		8,397,426
Chevron Corp.		56,603		7,086,130
ConocoPhillips		128,081		7,030,366
Hess Corp.		40,849		1,939,102
Kosmos Energy Ltd. (a)		178,752		1,224,451
Occidental Petroleum Corp.		85,266		6,280,694
Phillips 66		72,392		7,322,451
Vermilion Energy, Inc.		42,914		1,558,636

				40,839,256

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

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


	Number of Shares		Value
Financial — 26.6%
Banks — 15.6%
Bank of America Corp.		360,525	$	10,642,698
Capital One Financial Corp.		17,346		1,727,315
Citigroup, Inc.		93,115		6,928,687
JP Morgan Chase & Co.		88,780		9,494,133
KeyCorp		243,636		4,914,138
The PNC Financial Services Group, Inc.		11,458		1,653,275
State Street Corp.		53,591		5,231,017
Wells Fargo & Co.		146,589		8,893,555

				49,484,818

Diversified Financial Services — 5.4%
American Express Co.		89,846		8,922,606
E*TRADE Financial Corp. (a)		45,313		2,246,166
FNF Group		39,126		1,535,304
Navient Corp.		97,561		1,299,513
SLM Corp. (a)		265,020		2,994,726

				16,998,315

Insurance — 4.5%
Berkshire Hathaway, Inc. Class B (a)		12,422		2,462,289
Loews Corp.		118,794		5,943,264
Willis Towers Watson PLC		11,838		1,783,868
XL Group Ltd.		120,509		4,237,096

				14,426,517

Real Estate Investment Trusts (REITS) — 0.6%
HCP, Inc.		70,715		1,844,247

Savings & Loans — 0.5%
New York Community Bancorp, Inc.		123,278		1,605,080

				84,358,977

Industrial — 11.2%
Aerospace & Defense — 4.1%
General Dynamics Corp.		7,689		1,564,327
Raytheon Co.		10,478		1,968,292
Spirit AeroSystems Holdings, Inc. Class A		29,143		2,542,727
United Technologies Corp.		55,074		7,025,790

				13,101,136

Building Materials — 2.8%
Johnson Controls International PLC		167,514		6,383,958
Owens Corning		26,470		2,433,652

				8,817,610

Hand & Machine Tools — 1.7%
Stanley Black & Decker, Inc.		32,282		5,477,933

Miscellaneous – Manufacturing — 1.7%
General Electric Co.		317,217		5,535,437

Transportation — 0.9%
Norfolk Southern Corp.		18,927		2,742,522

				35,674,638


	Number of Shares		Value
Technology — 8.7%
Computers — 1.7%
Hewlett Packard Enterprise Co.		140,614	$	2,019,217
International Business Machines Corp.		22,993		3,527,586

				5,546,803

Semiconductors — 3.9%
Broadcom Ltd.		5,848		1,502,351
Microchip Technology, Inc.		29,458		2,588,769
QUALCOMM, Inc.		87,334		5,591,123
Texas Instruments, Inc.		24,537		2,562,644

				12,244,887

Software — 3.1%
Black Knight, Inc. (a)		12,685		560,043
Micro Focus International PLC Sponsered ADR (a)		45,196		1,518,134
Microsoft Corp.		28,636		2,449,523
Oracle Corp.		109,706		5,186,900

				9,714,600

				27,506,290

Utilities — 1.4%
Electric — 1.4%
Entergy Corp.		53,227		4,332,147


TOTAL COMMON STOCK (Cost $285,860,910)				311,358,106


TOTAL EQUITIES (Cost $285,860,910)				311,358,106


TOTAL LONG-TERM INVESTMENTS (Cost $285,860,910)				311,358,106


	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	5,662,073		5,662,073


TOTAL SHORT-TERM INVESTMENTS (Cost $5,662,073)				5,662,073


TOTAL INVESTMENTS — 100.0% (Cost $291,522,983) (c)				317,020,179

Other Assets/(Liabilities) — (0.0)%				(26,669	)


NET ASSETS — 100.0%			$	316,993,510

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

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

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages

are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $5,662,413. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% – 2.750%, maturity dates ranging from 4/15/19 – 2/15/24, and an aggregate market value, including accrued interest, of $5,781,052.

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

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

MML International Equity Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 97.2%

COMMON STOCK — 97.2%
Australia — 3.0%
AMP Ltd.		870,900	$	3,518,833
Orica Ltd.		161,111		2,273,541

				5,792,374

Cayman Islands — 1.0%
Baidu, Inc. Sponsored ADR (a)		8,495		1,989,614

France — 14.1%
BNP Paribas SA		117,620		8,771,379
Bureau Veritas SA		91,800		2,509,849
Danone SA		25,094		2,103,820
Kering		405		190,927
Pernod Ricard SA		12,890		2,040,367
Publicis Groupe SA		62,791		4,265,807
Safran SA		27,270		2,804,157
Sanofi		4,000		344,414
Valeo SA		52,210		3,890,790

				26,921,510

Germany — 14.9%
Allianz SE Registered		28,105		6,436,427
Bayerische Motoren Werke AG		77,740		8,075,052
Continental AG		17,215		4,647,620
Daimler AG Registered		110,700		9,399,819

				28,558,918

India — 2.6%
Axis Bank Ltd.		335,100		2,953,755
Infosys Ltd.		6,103		99,434
Infosys Ltd. Sponsored ADR (b)		114,700		1,860,434

				4,913,623

Indonesia — 1.8%
Bank Mandiri Persero Tbk PT		5,820,200		3,427,860

Ireland — 1.9%
Willis Towers Watson PLC		24,619		3,709,837

Italy — 3.8%
Intesa Sanpaolo SpA		2,164,200		7,177,647

Japan — 4.8%
Komatsu Ltd.		5,600		202,851
Olympus Corp.		53,700		2,056,069
Toyota Motor Corp.		107,300		6,871,037

				9,129,957

Mexico — 1.4%
Grupo Televisa SAB Sponsored ADR		141,100		2,634,337

Netherlands — 7.2%
Akzo Nobel NV		7,561		661,357
ASML Holding NV		9,725		1,687,170


	Number of Shares		Value
CNH Industrial NV		489,100	$	6,538,738
EXOR NV		61,400		3,763,427
Koninklijke Philips NV		30,415		1,150,642

				13,801,334

Republic of Korea — 0.1%
Samsung Electronics Co. Ltd.		110		261,341

Sweden — 5.7%
Hennes & Mauritz AB Class B		350,200		7,216,066
SKF AB Class B		130,800		2,900,438
Volvo AB Class B		42,470		790,216

				10,906,720

Switzerland — 10.1%
Cie Financiere Richemont SA Registered		33,050		2,992,443
Credit Suisse Group AG Registered		423,423		7,537,057
Kuehne & Nagel International AG Registered		9,035		1,596,699
LafargeHolcim Ltd. Registered		88,680		4,996,399
Nestle SA Registered		5,470		470,049
The Swatch Group AG		4,180		1,703,979

				19,296,626

Taiwan — 0.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		45,000		345,783

United Kingdom — 24.6%
Ashtead Group PLC		67,900		1,812,109
Diageo PLC		70,700		2,587,503
Experian PLC		117,300		2,577,929
Ferguson PLC		6,200		443,627
G4S PLC		442,700		1,591,452
Glencore PLC		1,709,500		8,994,176
Liberty Global PLC Series A (a)		42,700		1,530,368
Liberty Global PLC Series C (a)		106,300		3,597,192
Lloyds Banking Group PLC		10,621,300		9,725,874
Meggitt PLC		188,238		1,218,845
Royal Bank of Scotland Group PLC (a)		1,035,100		3,860,760
Schroders PLC		79,900		3,779,409
Smiths Group PLC		49,000		980,253
WPP PLC		237,800		4,309,553

				47,009,050


TOTAL COMMON STOCK (Cost $156,528,904)				185,876,531


TOTAL EQUITIES (Cost $156,528,904)				185,876,531

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

MML International Equity Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
MUTUAL FUNDS — 0.4%
United States — 0.4%
State Street Navigator Securities Lending Prime Portfolio (c)		686,750	$	686,750


TOTAL MUTUAL FUNDS (Cost $686,750)				686,750


TOTAL LONG-TERM INVESTMENTS (Cost $157,215,654)				186,563,281


	Principal Amount
SHORT-TERM INVESTMENTS — 2.0%
Repurchase Agreement — 2.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (d)	$	3,874,880		3,874,880


TOTAL SHORT-TERM INVESTMENTS (Cost $3,874,880)				3,874,880


TOTAL INVESTMENTS — 99.6% (Cost $161,090,534) (e)				190,438,161

Other Assets/(Liabilities) — 0.4%				774,820


NET ASSETS — 100.0%			$	191,212,981

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $665,020 or 0.35% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d)	Maturity value of $3,875,112. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $3,953,272.

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

The Fund had the following open Forward contracts at December 31, 2017:

Forward Contracts

Counterparty

Settlement
Date

In Exchange for

Unrealized
Appreciation/
(Depreciation)

Contract to Deliver

CHF

2,909,000

State Street Bank and Trust Co.*

3/21/18

3,064,334

62,572

* Contracts are subject to a Master Netting Agreement.

Currency Legend

CHF

Swiss Franc

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

MML International Equity Fund – Portfolio of Investments (Continued)

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


Financial	33.8	%
Consumer, Cyclical	24.2	%
Industrial	12.9	%
Communications	9.6	%
Consumer, Non-cyclical	9.5	%
Basic Materials	5.0	%
Technology	2.2	%
Mutual Funds	0.4	%

Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%

Net Assets	100.0	%

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

MML Large Cap Growth Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 99.7%

COMMON STOCK — 99.7%
Communications — 32.6%
Internet — 26.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		41,649	$	7,181,537
Alphabet, Inc. Class A (a)		3,241		3,414,069
Alphabet, Inc. Class C (a)		3,249		3,399,754
Amazon.com, Inc. (a)		7,175		8,390,947
Facebook, Inc. Class A (a)		42,893		7,568,899

				29,955,206

Media — 1.7%
FactSet Research Systems, Inc.		9,967		1,921,239

Telecommunications — 4.8%
Cisco Systems, Inc.		143,403		5,492,335

				37,368,780

Consumer, Cyclical — 3.0%
Retail — 3.0%
Yum China Holdings, Inc.		35,920		1,437,518
Yum! Brands, Inc.		24,406		1,991,774

				3,429,292

Consumer, Non-cyclical — 26.0%
Beverages — 6.8%
The Coca-Cola Co.		66,456		3,049,001
Monster Beverage Corp. (a)		74,615		4,722,384

				7,771,385

Biotechnology — 4.1%
Amgen, Inc.		11,481		1,996,546
Regeneron Pharmaceuticals, Inc. (a)		7,271		2,733,605

				4,730,151

Commercial Services — 0.9%
Automatic Data Processing, Inc.		8,340		977,365

Cosmetics & Personal Care — 2.7%
The Procter & Gamble Co.		33,348		3,064,014

Foods — 3.2%
Danone SA Sponsored ADR		220,287		3,694,213

Health Care – Products — 2.2%
Varian Medical Systems, Inc. (a)		22,649		2,517,436

Pharmaceuticals — 6.1%
Merck & Co., Inc.		19,700		1,108,519
Novartis AG Sponsored ADR		24,407		2,049,211
Novo Nordisk A/S Sponsored ADR		71,446		3,834,507

				6,992,237

				29,746,801

Energy — 3.2%
Oil & Gas Services — 3.2%
Schlumberger Ltd.		54,392		3,665,477


	Number of Shares		Value
Financial — 10.2%
Diversified Financial Services — 10.2%
American Express Co.		17,113	$	1,699,492
SEI Investments Co.		51,906		3,729,965
Visa, Inc. Class A		54,207		6,180,682

				11,610,139

Industrial — 8.0%
Machinery – Diversified — 2.9%
Deere & Co.		21,511		3,366,687

Transportation — 5.1%
Expeditors International of Washington, Inc.		50,046		3,237,476
United Parcel Service, Inc. Class B		21,362		2,545,282

				5,782,758

				9,149,445

Technology — 16.7%
Semiconductors — 3.6%
Analog Devices, Inc.		5,628		501,061
QUALCOMM, Inc.		56,415		3,611,688

				4,112,749

Software — 13.1%
Autodesk, Inc. (a)		35,690		3,741,383
Cerner Corp. (a)		35,691		2,405,217
Microsoft Corp.		38,089		3,258,133
Oracle Corp.		118,768		5,615,351

				15,020,084

				19,132,833


TOTAL COMMON STOCK (Cost $81,737,825)				114,102,767


TOTAL EQUITIES (Cost $81,737,825)				114,102,767


TOTAL LONG-TERM INVESTMENTS (Cost $81,737,825)				114,102,767

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

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


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	496,080	$	496,080


TOTAL SHORT-TERM INVESTMENTS (Cost $496,080)				496,080


TOTAL INVESTMENTS — 100.1% (Cost $82,233,905) (c)				114,598,847

Other Assets/(Liabilities) — (0.1)%				(99,739	)


NET ASSETS — 100.0%			$	114,499,108

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 $496,110. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $507,095.

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

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


United States	81.9	%
Cayman Islands	6.3	%
Denmark	3.3	%
France	3.2	%
Netherlands	3.2	%
Switzerland	1.8	%

Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%

Net Assets	100.0	%

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

MML Managed Volatility Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 99.2%

COMMON STOCK — 99.2%
Basic Materials — 2.5%
Chemicals — 2.1%
Air Products & Chemicals, Inc. (a)		1,675	$	274,834
Albemarle Corp. (a)		902		115,357
CF Industries Holdings, Inc. (a)		1,971		83,846
DowDuPont, Inc. (a)		18,912		1,346,913
Eastman Chemical Co. (a)		1,127		104,405
FMC Corp. (a)		1,063		100,624
International Flavors & Fragrances, Inc. (a)		675		103,012
LyondellBasell Industries NV Class A (a)		2,633		290,472
Monsanto Co. (a)		3,561		415,854
The Mosaic Co. (a)		2,738		70,257
PPG Industries, Inc. (a)		2,059		240,532
Praxair, Inc. (a)		2,226		344,318
The Sherwin-Williams Co. (a)		659		270,216

				3,760,640

Forest Products & Paper — 0.1%
International Paper Co. (a)		3,361		194,736

Iron & Steel — 0.1%
Nucor Corp. (a)		2,526		160,603

Mining — 0.2%
Freeport-McMoRan, Inc. (a) (b)		11,274		213,755
Newmont Mining Corp. (a)		4,444		166,739

				380,494

				4,496,473

Communications — 13.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		3,159		63,685
Omnicom Group, Inc. (a)		1,859		135,391

				199,076

Internet — 7.7%
Alphabet, Inc. Class A (a) (b)		2,385		2,512,359
Alphabet, Inc. Class C (a) (b)		2,426		2,538,566
Amazon.com, Inc. (a) (b)		3,203		3,745,812
eBay, Inc. (a) (b)		7,721		291,391
Expedia, Inc. (a)		976		116,896
F5 Networks, Inc. (a) (b)		552		72,433
Facebook, Inc. Class A (a) (b)		19,102		3,370,739
Netflix, Inc. (a) (b)		3,503		672,436
The Priceline Group, Inc. (a) (b)		387		672,505
Symantec Corp. (a)		5,042		141,478
TripAdvisor, Inc. (a) (b)		845		29,119
VeriSign, Inc. (a) (b)		674		77,133

				14,240,867


	Number of Shares		Value
Media — 2.6%
CBS Corp. Class B (a)		2,951	$	174,109
Charter Communications, Inc. Class A (a) (b)		1,535		515,699
Comcast Corp. Class A (a)		37,270		1,492,663
Discovery Communications, Inc. Class A (a) (b)		1,248		27,930
Discovery Communications, Inc. Class C (a) (b)		1,480		31,332
DISH Network Corp. Class A (a) (b)		1,796		85,759
News Corp. Class A (a)		3,310		53,655
News Corp. Class B (a)		778		12,915
Scripps Networks Interactive, Inc. Class A (a)		856		73,085
Time Warner, Inc. (a)		6,210		568,029
Twenty-First Century Fox, Inc. Class A (a)		8,486		293,022
Twenty-First Century Fox, Inc. Class B (a)		3,546		120,990
Viacom, Inc. Class B (a)		3,051		94,001
The Walt Disney Co. (a)		12,073		1,297,968

				4,841,157

Telecommunications — 3.0%
AT&T, Inc. (a)		49,158		1,911,263
CenturyLink, Inc. (a)		7,795		130,021
Cisco Systems, Inc. (a)		39,457		1,511,203
Juniper Networks, Inc. (a)		3,066		87,381
Motorola Solutions, Inc. (a)		1,338		120,875
Verizon Communications, Inc. (a)		32,665		1,728,958

				5,489,701

				24,770,801

Consumer, Cyclical — 8.9%
Airlines — 0.5%
Alaska Air Group, Inc. (a)		929		68,291
American Airlines Group, Inc. (a)		3,197		166,340
Delta Air Lines, Inc. (a)		5,308		297,248
Southwest Airlines Co. (a)		4,497		294,329
United Continental Holdings, Inc. (a) (b)		2,161		145,651

				971,859

Apparel — 0.6%
Hanesbrands, Inc. (a)		2,974		62,186
Michael Kors Holdings Ltd. (a) (b)		1,200		75,540
NIKE, Inc. Class B (a)		10,596		662,780
Ralph Lauren Corp. (a)		411		42,616
Under Armour, Inc. Class A (a) (b)		1,616		23,319
Under Armour, Inc. Class C (a) (b)		1,787		23,803
VF Corp. (a)		2,682		198,468

				1,088,712

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Auto Manufacturers — 0.5%
Ford Motor Co. (a)		31,344	$	391,487
General Motors Co. (a)		10,146		415,885
PACCAR, Inc. (a)		2,831		201,227

				1,008,599

Auto Parts & Equipment — 0.2%
Aptiv PLC (a)		2,072		175,768
BorgWarner, Inc. (a)		1,559		79,649
Delphi Technologies PLC (a) (b)		756		39,668
The Goodyear Tire & Rubber Co. (a)		2,062		66,623

				361,708

Distribution & Wholesale — 0.2%
Fastenal Co. (a)		2,306		126,115
LKQ Corp. (a) (b)		2,625		106,759
W.W. Grainger, Inc. (a)		406		95,917

				328,791

Home Builders — 0.2%
D.R. Horton, Inc. (a)		2,825		144,273
Lennar Corp. Class A (a)		1,496		94,607
PulteGroup, Inc. (a)		2,438		81,063

				319,943

Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		967		46,155
Whirlpool Corp. (a)		585		98,654

				144,809

Housewares — 0.1%
Newell Brands, Inc. (a)		3,972		122,735

Leisure Time — 0.3%
Carnival Corp. (a)		3,361		223,070
Harley-Davidson, Inc. (a)		1,334		67,874
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,524		81,153
Royal Caribbean Cruises Ltd. (a)		1,409		168,065

				540,162

Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		1,608		128,415
Marriott International, Inc. Class A (a)		2,395		325,073
MGM Resorts International (a)		4,064		135,697
Wyndham Worldwide Corp. (a)		837		96,983
Wynn Resorts Ltd. (a)		650		109,584

				795,752

Retail — 5.6%
Advance Auto Parts, Inc. (a)		623		62,107
AutoZone, Inc. (a) (b)		225		160,058
Best Buy Co., Inc. (a)		1,971		134,954
CarMax, Inc. (a) (b)		1,488		95,425
Chipotle Mexican Grill, Inc. (a) (b)		190		54,916
Costco Wholesale Corp. (a)		3,541		659,051


	Number of Shares		Value
CVS Health Corp. (a)		8,020	$	581,450
Darden Restaurants, Inc. (a)		1,057		101,493
Dollar General Corp. (a)		2,121		197,274
Dollar Tree, Inc. (a) (b)		1,872		200,884
Foot Locker, Inc. (a)		994		46,599
The Gap, Inc. (a)		1,661		56,574
Genuine Parts Co. (a)		1,135		107,836
The Home Depot, Inc. (a)		9,344		1,770,968
Kohl’s Corp. (a)		1,471		79,772
L Brands, Inc. (a)		2,034		122,488
Lowe’s Cos., Inc. (a)		6,564		610,058
Macy’s, Inc. (a)		2,426		61,111
McDonald’s Corp. (a)		6,393		1,100,363
Nordstrom, Inc. (a)		995		47,143
O’Reilly Automotive, Inc. (a) (b)		702		168,859
PVH Corp. (a)		632		86,717
Ross Stores, Inc. (a)		3,159		253,510
Signet Jewelers Ltd. (a)		459		25,957
Starbucks Corp. (a)		11,333		650,854
Tapestry, Inc. (a)		2,258		99,871
Target Corp. (a)		4,191		273,463
Tiffany & Co. (a)		814		84,615
The TJX Cos., Inc. (a)		4,961		379,318
Tractor Supply Co. (a)		1,033		77,217
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		465		104,002
Wal-Mart Stores, Inc. (a)		11,881		1,173,249
Walgreens Boots Alliance, Inc. (a)		6,998		508,195
Yum! Brands, Inc. (a)		2,614		213,329

				10,349,680

Textiles — 0.1%
Mohawk Industries, Inc. (a) (b)		501		138,226

Toys, Games & Hobbies — 0.1%
Hasbro, Inc. (a)		961		87,345
Mattel, Inc. (a)		3,075		47,294

				134,639

				16,305,615

Consumer, Non-cyclical — 21.6%
Agriculture — 1.4%
Altria Group, Inc. (a)		15,222		1,087,003
Archer-Daniels-Midland Co. (a)		4,636		185,811
Philip Morris International, Inc. (a)		12,417		1,311,856

				2,584,670

Beverages — 2.0%
Brown-Forman Corp. Class B (a)		1,590		109,185
The Coca-Cola Co. (a)		30,769		1,411,682
Constellation Brands, Inc. Class A (a)		1,358		310,398
Dr. Pepper Snapple Group, Inc. (a)		1,487		144,328
Molson Coors Brewing Co. Class B (a)		1,456		119,494

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Monster Beverage Corp. (a) (b)		3,385	$	214,237
PepsiCo, Inc. (a)		11,425		1,370,086

				3,679,410

Biotechnology — 2.2%
Alexion Pharmaceuticals, Inc. (a) (b)		1,830		218,850
Amgen, Inc. (a)		5,772		1,003,751
Biogen, Inc. (a) (b)		1,713		545,710
Celgene Corp. (a) (b)		6,339		661,538
Gilead Sciences, Inc. (a)		10,382		743,766
Illumina, Inc. (a) (b)		1,198		261,751
Incyte Corp. (a) (b)		1,397		132,310
Regeneron Pharmaceuticals, Inc. (a) (b)		635		238,735
Vertex Pharmaceuticals, Inc. (a) (b)		2,042		306,014

				4,112,425

Commercial Services — 1.7%
Automatic Data Processing, Inc. (a)		3,598		421,650
Cintas Corp. (a)		707		110,172
Ecolab, Inc. (a)		2,003		268,762
Equifax, Inc. (a)		966		113,911
Gartner, Inc. (a) (b)		725		89,284
Global Payments, Inc. (a)		1,254		125,701
H&R Block, Inc. (a)		1,881		49,320
IHS Markit Ltd. (a) (b)		2,944		132,922
Moody’s Corp. (a)		1,365		201,488
Nielsen Holdings PLC (a)		2,718		98,935
PayPal Holdings, Inc. (a) (b)		9,162		674,506
Quanta Services, Inc. (a) (b)		1,344		52,564
Robert Half International, Inc. (a)		1,002		55,651
S&P Global, Inc. (a)		2,071		350,827
Total System Services, Inc. (a)		1,371		108,432
United Rentals, Inc. (a) (b)		677		116,383
Verisk Analytics, Inc. (a) (b)		1,151		110,496
The Western Union Co. (a)		3,614		68,702

				3,149,706

Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co. (a)		6,922		522,265
Coty, Inc. Class A (a)		4,013		79,819
The Estee Lauder Cos., Inc. Class A (a)		1,839		233,994
The Procter & Gamble Co. (a)		20,461		1,879,957

				2,716,035

Foods — 1.3%
Campbell Soup Co. (a)		1,341		64,516
Conagra Brands, Inc. (a)		3,361		126,609
General Mills, Inc. (a)		4,260		252,575
The Hershey Co. (a)		1,140		129,401
Hormel Foods Corp. (a)		2,185		79,512
The J.M. Smucker Co. (a)		955		118,649
Kellogg Co. (a)		1,989		135,212
The Kraft Heinz Co. (a)		4,788		372,315


	Number of Shares		Value
The Kroger Co. (a)		7,342	$	201,538
McCormick & Co., Inc. (a)		992		101,095
Mondelez International, Inc. Class A (a)		12,152		520,106
Sysco Corp. (a)		3,714		225,551
Tyson Foods, Inc. Class A (a)		2,384		193,271

				2,520,350

Health Care – Products — 3.1%
Abbott Laboratories (a)		14,088		804,002
Align Technology, Inc. (a) (b)		581		129,092
Baxter International, Inc. (a)		3,881		250,868
Becton, Dickinson & Co. (a)		2,132		456,397
Boston Scientific Corp. (a) (b)		11,299		280,102
The Cooper Cos., Inc. (a)		401		87,370
Danaher Corp. (a)		4,953		459,737
DENTSPLY SIRONA, Inc. (a)		1,872		123,234
Edwards Lifesciences Corp. (a) (b)		1,693		190,818
Henry Schein, Inc. (a) (b)		1,262		88,189
Hologic, Inc. (a) (b)		2,239		95,717
IDEXX Laboratories, Inc. (a) (b)		725		113,376
Intuitive Surgical, Inc. (a) (b)		869		317,133
Medtronic PLC (a)		10,750		868,063
Patterson Cos., Inc. (a)		663		23,954
ResMed, Inc. (a)		1,171		99,172
Stryker Corp. (a)		2,536		392,674
Thermo Fisher Scientific, Inc. (a)		3,242		615,591
Varian Medical Systems, Inc. (a) (b)		743		82,584
Zimmer Biomet Holdings, Inc. (a)		1,666		201,036

				5,679,109

Health Care – Services — 2.3%
Aetna, Inc. (a)		2,602		469,375
Anthem, Inc. (a)		2,058		463,071
Centene Corp. (a) (b)		1,416		142,846
Cigna Corp. (a)		1,970		400,087
DaVita, Inc. (a) (b)		1,224		88,434
Envision Healthcare Corp. (a) (b)		1,006		34,767
HCA Healthcare, Inc. (a) (b)		2,329		204,579
Humana, Inc. (a)		1,132		280,815
IQVIA Holdings, Inc. (a) (b)		1,184		115,914
Laboratory Corp. of America Holdings (a) (b)		802		127,927
Quest Diagnostics, Inc. (a)		1,080		106,369
UnitedHealth Group, Inc. (a)		7,789		1,717,163
Universal Health Services, Inc. Class B (a)		680		77,078

				4,228,425

Household Products & Wares — 0.4%
Avery Dennison Corp. (a)		729		83,733
Church & Dwight Co., Inc. (a)		1,910		95,825
The Clorox Co. (a)		1,034		153,797
Kimberly-Clark Corp. (a)		2,840		342,674

				676,029

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

100

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Pharmaceuticals — 5.7%
AbbVie, Inc. (a)		12,729	$	1,231,022
Allergan PLC (a)		2,704		442,320
AmerisourceBergen Corp. (a)		1,303		119,641
Bristol-Myers Squibb Co. (a)		13,034		798,723
Cardinal Health, Inc. (a)		2,527		154,829
Eli Lilly & Co. (a)		7,860		663,856
Express Scripts Holding Co. (a) (b)		4,481		334,462
Johnson & Johnson (a)		21,544		3,010,128
McKesson Corp. (a)		1,639		255,602
Merck & Co., Inc. (a)		21,828		1,228,262
Mylan NV (a) (b)		4,392		185,826
Perrigo Co. PLC (a)		1,077		93,871
Pfizer, Inc. (a)		47,712		1,728,129
Zoetis, Inc. (a)		3,827		275,697

				10,522,368

				39,868,527

Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp. (a)		2,549		67,523

Energy — 6.0%
Oil & Gas — 4.9%
Anadarko Petroleum Corp. (a)		4,479		240,254
Andeavor (a)		1,150		131,491
Apache Corp. (a)		3,092		130,544
Cabot Oil & Gas Corp. (a)		3,885		111,111
Chesapeake Energy Corp. (a) (b)		7,048		27,910
Chevron Corp. (a)		15,179		1,900,259
Cimarex Energy Co. (a)		769		93,826
Concho Resources, Inc. (a) (b)		1,230		184,771
ConocoPhillips (a)		9,421		517,119
Devon Energy Corp. (a)		4,253		176,074
EOG Resources, Inc. (a)		4,513		486,998
EQT Corp. (a)		1,897		107,977
Exxon Mobil Corp. (a)		33,928		2,837,738
Helmerich & Payne, Inc. (a)		913		59,016
Hess Corp. (a)		2,120		100,636
Marathon Oil Corp. (a)		6,864		116,208
Marathon Petroleum Corp. (a)		3,815		251,714
Newfield Exploration Co. (a) (b)		1,681		53,002
Noble Energy, Inc. (a)		4,058		118,250
Occidental Petroleum Corp. (a)		6,172		454,630
Phillips 66 (a)		3,450		348,967
Pioneer Natural Resources Co. (a)		1,394		240,953
Range Resources Corp. (a)		1,772		30,230
Valero Energy Corp. (a)		3,550		326,280

				9,045,958

Oil & Gas Services — 0.8%
Baker Hughes a GE Co. (a)		3,407		107,797
Halliburton Co. (a)		7,027		343,410
National Oilwell Varco, Inc. (a)		2,764		99,559


	Number of Shares		Value
Schlumberger Ltd. (a)		11,232	$	756,925
TechnipFMC PLC (a)		3,472		108,708

				1,416,399

Pipelines — 0.3%
Kinder Morgan, Inc. (a)		15,498		280,049
ONEOK, Inc. (a)		3,131		167,352
The Williams Cos., Inc. (a)		6,791		207,057

				654,458

				11,116,815

Financial — 18.8%
Banks — 7.9%
Bank of America Corp. (a)		77,811		2,296,981
The Bank of New York Mellon Corp. (a)		8,341		449,246
BB&T Corp. (a)		6,165		306,524
Capital One Financial Corp. (a)		3,831		381,491
Citigroup, Inc. (a)		21,235		1,580,096
Citizens Financial Group, Inc. (a)		4,051		170,061
Comerica, Inc. (a)		1,384		120,145
Fifth Third Bancorp (a)		5,434		164,868
The Goldman Sachs Group, Inc. (a)		2,795		712,054
Huntington Bancshares, Inc. (a)		8,743		127,298
JP Morgan Chase & Co. (a)		27,865		2,979,883
KeyCorp (a)		8,796		177,415
M&T Bank Corp. (a)		1,152		196,981
Morgan Stanley (a)		11,086		581,682
Northern Trust Corp. (a)		1,735		173,309
The PNC Financial Services Group, Inc. (a)		3,890		561,288
Regions Financial Corp. (a)		9,541		164,869
State Street Corp. (a)		2,925		285,509
SunTrust Banks, Inc. (a)		3,711		239,694
US Bancorp (a)		12,595		674,840
Wells Fargo & Co. (a)		35,554		2,157,061
Zions Bancorp (a)		1,567		79,651

				14,580,946

Diversified Financial Services — 3.7%
Affiliated Managers Group, Inc. (a)		443		90,926
Alliance Data Systems Corp. (a)		373		94,548
American Express Co. (a)		5,707		566,762
Ameriprise Financial, Inc. (a)		1,231		208,618
BlackRock, Inc. (a)		985		506,004
Cboe Global Markets, Inc. (a)		888		110,636
The Charles Schwab Corp. (a)		9,646		495,515
CME Group, Inc. (a)		2,744		400,761
Discover Financial Services (a)		2,819		216,837
E*TRADE Financial Corp. (a) (b)		2,153		106,724
Franklin Resources, Inc. (a)		2,621		113,568
Intercontinental Exchange, Inc. (a)		4,609		325,211
Invesco Ltd. (a)		3,209		117,257
Mastercard, Inc. Class A (a)		7,429		1,124,453

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

101

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Nasdaq, Inc. (a)		989	$	75,985
Navient Corp. (a)		2,663		35,471
Raymond James Financial, Inc. (a)		1,032		92,158
Synchrony Financial (a)		5,759		222,355
T. Rowe Price Group, Inc. (a)		1,961		205,768
Visa, Inc. Class A (a)		14,508		1,654,202

				6,763,759

Insurance — 4.3%
Aflac, Inc. (a)		3,305		290,113
The Allstate Corp. (a)		2,774		290,466
American International Group, Inc. (a)		7,062		420,754
Aon PLC (a)		2,051		274,834
Arthur J Gallagher & Co. (a)		1,492		94,414
Assurant, Inc. (a)		459		46,286
Berkshire Hathaway, Inc. Class B (a) (b)		15,451		3,062,697
Brighthouse Financial, Inc. (a) (b)		849		49,785
Chubb Ltd. (a)		3,756		548,864
Cincinnati Financial Corp. (a)		1,225		91,838
Everest Re Group Ltd. (a)		314		69,476
The Hartford Financial Services Group, Inc. (a)		2,605		146,609
Lincoln National Corp. (a)		1,825		140,288
Loews Corp. (a)		1,886		94,357
Marsh & McLennan Cos., Inc. (a)		4,128		335,978
MetLife, Inc. (a)		8,616		435,625
Principal Financial Group, Inc. (a)		2,161		152,480
The Progressive Corp. (a)		4,781		269,266
Prudential Financial, Inc. (a)		3,434		394,841
Torchmark Corp. (a)		812		73,656
The Travelers Cos., Inc. (a)		2,224		301,663
Unum Group (a)		1,794		98,473
Willis Towers Watson PLC (a)		1,112		167,567
XL Group Ltd. (a)		2,136		75,102

				7,925,432

Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		2,406		104,204

Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc. (a)		801		104,603
American Tower Corp. (a)		3,471		495,208
Apartment Investment & Management Co. Class A (a)		1,362		59,533
AvalonBay Communities, Inc. (a)		1,104		196,965
Boston Properties, Inc. (a)		1,251		162,667
Crown Castle International Corp. (a)		3,337		370,440
Digital Realty Trust, Inc. (a)		1,690		192,491
Duke Realty Corp. (a)		2,766		75,263
Equinix, Inc. (a)		608		275,558
Equity Residential (a)		2,987		190,481
Essex Property Trust, Inc. (a)		538		129,857
Extra Space Storage, Inc. (a)		1,011		88,412
Federal Realty Investment Trust (a)		618		82,077


	Number of Shares		Value
GGP, Inc. (a)		4,979	$	116,459
HCP, Inc. (a)		3,863		100,747
Host Hotels & Resorts, Inc. (a)		6,006		119,219
Iron Mountain, Inc. (a)		2,212		83,459
Kimco Realty Corp. (a)		3,267		59,296
The Macerich Co. (a)		680		44,662
Mid-America Apartment Communities, Inc. (a)		888		89,297
Prologis, Inc. (a)		4,109		265,072
Public Storage (a)		1,230		257,070
Realty Income Corp. (a)		2,250		128,295
Regency Centers Corp. (a)		1,155		79,903
SBA Communications Corp. (a) (b)		957		156,335
Simon Property Group, Inc. (a)		2,501		429,522
SL Green Realty Corp. (a)		783		79,028
UDR, Inc. (a)		1,703		65,600
Ventas, Inc. (a)		2,847		170,848
Vornado Realty Trust (a)		1,452		113,517
Welltower, Inc. (a)		3,036		193,606
Weyerhaeuser Co. (a)		6,205		218,788

				5,194,278

Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		2,973		55,595

				34,624,214

Industrial — 10.0%
Aerospace & Defense — 2.5%
Arconic, Inc. (a)		3,130		85,293
The Boeing Co. (a)		4,512		1,330,634
General Dynamics Corp. (a)		2,192		445,962
Harris Corp. (a)		952		134,851
L3 Technologies, Inc. (a)		618		122,271
Lockheed Martin Corp. (a)		1,984		636,963
Northrop Grumman Corp. (a)		1,403		430,595
Raytheon Co. (a)		2,345		440,508
Rockwell Collins, Inc. (a)		1,361		184,579
TransDigm Group, Inc. (a)		394		108,200
United Technologies Corp. (a)		5,903		753,046

				4,672,902

Building Materials — 0.4%
Fortune Brands Home & Security, Inc. (a)		1,174		80,349
Johnson Controls International PLC (a)		7,213		274,887
Martin Marietta Materials, Inc. (a)		514		113,614
Masco Corp. (a)		2,537		111,476
Vulcan Materials Co. (a)		1,089		139,795

				720,121

Electrical Components & Equipment — 0.3%
Acuity Brands, Inc. (a)		370		65,120
AMETEK, Inc. (a)		1,827		132,403
Emerson Electric Co. (a)		5,155		359,252

				556,775

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

102

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Electronics — 1.3%
Agilent Technologies, Inc. (a)		2,600	$	174,122
Allegion PLC (a)		810		64,444
Amphenol Corp. Class A (a)		2,430		213,354
Corning, Inc. (a)		6,659		213,021
FLIR Systems, Inc. (a)		1,108		51,655
Fortive Corp. (a)		2,477		179,211
Garmin Ltd. (a)		965		57,485
Honeywell International, Inc. (a)		6,084		933,042
Mettler-Toledo International, Inc. (a) (b)		189		117,089
PerkinElmer, Inc. (a)		920		67,270
TE Connectivity Ltd. (a)		2,722		258,699
Waters Corp. (a) (b)		650		125,574

				2,454,966

Engineering & Construction — 0.1%
Fluor Corp. (a)		1,022		52,786
Jacobs Engineering Group, Inc. (a)		1,015		66,950

				119,736

Environmental Controls — 0.2%
Republic Services, Inc. (a)		1,662		112,368
Stericycle, Inc. (a) (b)		712		48,409
Waste Management, Inc. (a)		3,243		279,871

				440,648

Hand & Machine Tools — 0.2%
Snap-on, Inc. (a)		442		77,041
Stanley Black & Decker, Inc. (a)		1,247		211,603

				288,644

Machinery – Construction & Mining — 0.4%
Caterpillar, Inc. (a)		4,783		753,705

Machinery – Diversified — 0.6%
Cummins, Inc. (a)		1,283		226,629
Deere & Co. (a)		2,532		396,283
Flowserve Corp. (a)		1,113		46,891
Rockwell Automation, Inc. (a)		1,052		206,560
Roper Technologies, Inc. (a)		827		214,193
Xylem, Inc. (a)		1,448		98,754

				1,189,310

Miscellaneous – Manufacturing — 2.1%
3M Co. (a)		4,769		1,122,480
A.O. Smith Corp. (a)		1,181		72,372
Dover Corp. (a)		1,245		125,733
Eaton Corp. PLC (a)		3,425		270,609
General Electric Co. (a)		69,010		1,204,224
Illinois Tool Works, Inc. (a)		2,500		417,125
Ingersoll-Rand PLC (a)		2,030		181,056
Parker-Hannifin Corp. (a)		1,068		213,151
Pentair PLC (a)		1,307		92,300
Textron, Inc. (a)		2,161		122,291

				3,821,341


	Number of Shares		Value
Packaging & Containers — 0.2%
Ball Corp. (a)		2,887	$	109,273
Packaging Corp. of America (a)		787		94,873
Sealed Air Corp. (a)		1,481		73,013
WestRock Co. (a)		2,001		126,483

				403,642

Transportation — 1.7%
C.H. Robinson Worldwide, Inc. (a)		990		88,199
CSX Corp. (a)		7,068		388,811
Expeditors International of Washington, Inc. (a)		1,436		92,895
FedEx Corp. (a)		1,987		495,836
J.B. Hunt Transport Services, Inc. (a)		653		75,082
Kansas City Southern (a)		910		95,750
Norfolk Southern Corp. (a)		2,263		327,909
Union Pacific Corp. (a)		6,294		844,025
United Parcel Service, Inc. Class B (a)		5,570		663,665

				3,072,172

				18,493,962

Technology — 15.1%
Computers — 5.6%
Accenture PLC Class A (a)		5,013		767,440
Apple, Inc. (a)		41,151		6,963,984
Cognizant Technology Solutions Corp. Class A (a)		4,780		339,476
CSRA, Inc. (a)		1,196		35,784
DXC Technology Co. (a)		2,346		222,635
Hewlett Packard Enterprise Co. (a)		12,514		179,701
HP, Inc. (a)		13,785		289,623
International Business Machines Corp. (a)		6,883		1,055,990
NetApp, Inc. (a)		2,266		125,355
Seagate Technology PLC (a)		2,367		99,035
Western Digital Corp. (a)		2,430		193,258

				10,272,281

Office & Business Equipment — 0.0%
Xerox Corp. (a)		1,879		54,773

Semiconductors — 3.9%
Advanced Micro Devices, Inc. (a) (b)		6,954		71,487
Analog Devices, Inc. (a)		2,998		266,912
Applied Materials, Inc. (a)		8,440		431,453
Broadcom Ltd. (a)		3,230		829,787
Intel Corp. (a)		37,487		1,730,400
KLA-Tencor Corp. (a)		1,260		132,388
Lam Research Corp. (a)		1,276		234,873
Microchip Technology, Inc. (a)		1,904		167,324
Micron Technology, Inc. (a) (b)		8,990		369,669
NVIDIA Corp. (a)		4,863		940,990
Qorvo, Inc. (a) (b)		1,124		74,858
QUALCOMM, Inc. (a)		11,763		753,067

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

103

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Number of Shares		Value
Skyworks Solutions, Inc. (a)		1,505	$	142,900
Texas Instruments, Inc. (a)		7,995		834,998
Xilinx, Inc. (a)		2,056		138,616

				7,119,722

Software — 5.6%
Activision Blizzard, Inc. (a)		5,967		377,830
Adobe Systems, Inc. (a) (b)		3,986		698,507
Akamai Technologies, Inc. (a) (b)		1,357		88,259
ANSYS, Inc. (a) (b)		669		98,738
Autodesk, Inc. (a) (b)		1,755		183,977
CA, Inc. (a)		2,689		89,490
Cadence Design Systems, Inc. (a) (b)		2,199		91,962
Cerner Corp. (a) (b)		2,609		175,821
Citrix Systems, Inc. (a) (b)		1,063		93,544
Electronic Arts, Inc. (a) (b)		2,420		254,245
Fidelity National Information Services, Inc. (a)		2,598		244,446
Fiserv, Inc. (a) (b)		1,618		212,168
Intuit, Inc. (a)		2,004		316,191
Microsoft Corp. (a)		61,848		5,290,478
Oracle Corp. (a)		24,511		1,158,880
Paychex, Inc. (a)		2,641		179,799
Red Hat, Inc. (a) (b)		1,344		161,414
salesforce.com, Inc. (a) (b)		5,534		565,741
Synopsys, Inc. (a) (b)		1,209		103,055

				10,384,545

				27,831,321

Utilities — 2.9%
Electric — 2.7%
AES Corp. (a)		5,869		63,561
Alliant Energy Corp. (a)		1,733		73,843
Ameren Corp. (a)		1,885		111,196
American Electric Power Co., Inc. (a)		3,961		291,411
CenterPoint Energy, Inc. (a)		2,934		83,208
CMS Energy Corp. (a)		2,412		114,088
Consolidated Edison, Inc. (a)		2,498		212,205
Dominion Energy, Inc. (a)		5,198		421,350
DTE Energy Co. (a)		1,392		152,368
Duke Energy Corp. (a)		5,791		487,081
Edison International (a)		2,664		168,471
Entergy Corp. (a)		1,411		114,841
Eversource Energy (a)		2,514		158,835
Exelon Corp. (a)		7,762		305,900
FirstEnergy Corp. (a)		3,630		111,151
NextEra Energy, Inc. (a)		3,803		593,991
NRG Energy, Inc. (a)		2,433		69,292
PG&E Corp. (a)		3,904		175,016
Pinnacle West Capital Corp. (a)		653		55,623
PPL Corp. (a)		5,601		173,351
Public Service Enterprise Group, Inc. (a)		4,041		208,111
SCANA Corp. (a)		1,266		50,361


	Number of Shares		Value
The Southern Co. (a)		8,117	$	390,347
WEC Energy Group, Inc. (a)		2,453		162,953
Xcel Energy, Inc. (a)		4,092		196,866

				4,945,420

Gas — 0.1%
NiSource, Inc. (a)		2,737		70,259
Sempra Energy (a)		2,056		219,827

				290,086

Water — 0.1%
American Water Works Co., Inc. (a)		1,417		129,642

				5,365,148


TOTAL COMMON STOCK (Cost $129,962,595)				182,940,399


TOTAL EQUITIES (Cost $129,962,595)				182,940,399


	Principal Amount
BONDS & NOTES — 0.0%

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


TOTAL CORPORATE DEBT (Cost $0)				-


TOTAL BONDS & NOTES (Cost $0)				-


TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $817,165)				290,725


TOTAL LONG-TERM INVESTMENTS (Cost $130,779,760)				183,231,124

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

104

MML Managed Volatility Fund – Portfolio of Investments (Continued)


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.5%
Repurchase Agreement — 2.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (e)	$	4,573,145	$	4,573,145


TOTAL SHORT-TERM INVESTMENTS (Cost $4,573,145)				4,573,145


TOTAL INVESTMENTS — 101.8% (Cost $135,352,905) (f)				187,804,269

Other Assets/(Liabilities) — (1.8)%				(3,368,944	)


NET ASSETS — 100.0%			$	184,435,325

Notes to Portfolio of Investments

Percentages

are stated as a percent of net assets.

(a)	All or a portion of these securities are pledged/held as collateral for written options. (Note 2).

(b)	Non-income producing security.

(c)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $0 or 0.00% of net assets.

(e)	Maturity value of $4,573,419. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $4,667,345.

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

(#) The Fund had the following open Purchased Options contracts at December 31, 2017:

Purchased Options


	Units		Notional Amount			Expiration Date		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Put
		114		USD	27,075,000		1/19/18	S&P 500 Index, Strike 2,375	$	118,845	$	17,100	$	(101,745	)

		81		USD	19,440,000		1/19/18	S&P 500 Index, Strike 2,400		86,873		13,365		(73,508	)

		67		USD	15,577,500		2/16/18	S&P 500 Index, Strike 2,325		78,223		20,100		(58,123	)

		78		USD	18,330,000		2/16/18	S&P 500 Index, Strike 2,350		128,895		22,230		(106,665	)

		97		USD	23,037,500		2/16/18	S&P 500 Index, Strike 2,375		113,248		33,465		(79,783	)

		79		USD	18,960,000		2/16/18	S&P 500 Index, Strike 2,400		83,937		32,390		(51,547	)

		85		USD	20,400,000		3/16/18	S&P 500 Index, Strike 2,400		107,312		73,100		(34,212	)

		81		USD	19,642,500		3/16/18	S&P 500 Index, Strike 2,425		99,832		78,975		(20,857	)

									$	817,165	$	290,725	$	(526,440	)

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

105

MML Managed Volatility Fund – Portfolio of Investments (Continued)

The Fund had the following open Written Options contracts at December 31, 2017:

Written Options


	Units		Notional Amount			Expiration Date		Description	Premiums Received		Value		Unrealized Appreciation/ (Depreciation)
Call
		76		USD	20,140,000		1/05/18	S&P 500 Index, Strike 2,650	$	159,410	$	197,220	$	(37,810	)

		77		USD	20,020,000		1/19/18	S&P 500 Index, Strike 2,600		237,507		616,770		(379,263	)

		75		USD	19,875,000		1/19/18	S&P 500 Index, Strike 2,650		329,813		262,500		67,313

		76		USD	20,520,000		1/26/18	S&P 500 Index, Strike 2,700		113,810		67,640		46,170

		77		USD	20,020,000		2/16/18	S&P 500 Index, Strike 2,600		415,607		751,135		(335,528	)

		80		USD	21,000,000		2/16/18	S&P 500 Index, Strike 2,625		439,800		617,600		(177,800	)

		71		USD	18,815,000		2/16/18	S&P 500 Index, Strike 2,650		326,422		332,635		(6,213	)

		72		USD	19,260,000		2/16/18	S&P 500 Index, Strike 2,675		259,020		259,128		(108	)

		78		USD	21,060,000		3/16/18	S&P 500 Index, Strike 2,700		350,805		228,150		122,655

									$	2,632,194	$	3,332,778	$	(700,584	)

Currency Legend

USD	U.S. Dollar

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

106

MML Mid Cap Growth Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 95.6%

COMMON STOCK — 94.9%
Basic Materials — 3.7%
Chemicals — 3.1%
Air Products & Chemicals, Inc.		32,000	$	5,250,560
Ashland Global Holdings, Inc.		25,000		1,780,000
RPM International, Inc.		64,000		3,354,880
Valvoline, Inc.		175,000		4,385,500

				14,770,940

Mining — 0.6%
Franco-Nevada Corp.		32,000		2,558,400

				17,329,340

Communications — 4.0%
Internet — 3.4%
Dropbox, Inc. Class B (a) (b) (c)		9,011		119,126
Expedia, Inc.		20,000		2,395,400
IAC/InterActiveCorp (b)		32,000		3,912,960
Match Group, Inc. (b) (d)		39,000		1,221,090
Shopify, Inc. Class A (b)		9,000		909,000
Symantec Corp.		95,000		2,665,700
TripAdvisor, Inc. (b) (d)		36,000		1,240,560
VeriSign, Inc. (b) (d)		24,000		2,746,560
Zillow Group, Inc. Class A (b)		8,000		325,920
Zillow Group, Inc. Class C (b) (d)		8,000		327,360

				15,863,676

Telecommunications — 0.6%
Maxar Technologies Ltd.		12,793		822,846
Maxar Technologies Ltd.		32,000		2,060,016

				2,882,862

				18,746,538

Consumer, Cyclical — 15.4%
Airlines — 0.6%
United Continental Holdings, Inc. (b)		40,000		2,696,000

Auto Manufacturers — 0.4%
Ferrari NV		16,000		1,677,440

Distribution & Wholesale — 0.8%
HD Supply Holdings, Inc. (b)		95,000		3,802,850

Entertainment — 0.6%
Vail Resorts, Inc.		14,000		2,974,580

Food Services — 0.7%
Aramark		77,000		3,290,980

Leisure Time — 1.9%
Norwegian Cruise Line Holdings Ltd. (b)		135,000		7,188,750
Royal Caribbean Cruises Ltd.		16,000		1,908,480

				9,097,230


	Number of Shares		Value
Lodging — 2.3%
Marriott International, Inc. Class A		51,000	$	6,922,230
MGM Resorts International		114,000		3,806,460

				10,728,690

Retail — 8.1%
Burlington Stores, Inc. (b)		24,000		2,952,720
CarMax, Inc. (b)		52,000		3,334,760
Casey’s General Stores, Inc. (d)		25,000		2,798,500
Dollar General Corp.		87,000		8,091,870
Dunkin’ Brands Group, Inc.		42,000		2,707,740
L Brands, Inc.		20,000		1,204,400
The Michaels Cos., Inc. (b)		79,000		1,911,010
O’Reilly Automotive, Inc. (b)		16,000		3,848,640
PVH Corp.		14,000		1,920,940
Tapestry, Inc.		182,000		8,049,860
Ulta Salon Cosmetics & Fragrance, Inc. (b)		8,000		1,789,280

				38,609,720

				72,877,490

Consumer, Non-cyclical — 27.1%
Biotechnology — 2.5%
Alnylam Pharmaceuticals, Inc. (b)		28,000		3,557,400
Bioverativ, Inc. (b)		20,000		1,078,400
Illumina, Inc. (b)		12,000		2,621,880
Incyte Corp. (b)		17,456		1,653,258
Sage Therapeutics, Inc. (b)		150		24,706
Seattle Genetics, Inc. (b)		20,000		1,070,000
Vertex Pharmaceuticals, Inc. (b)		12,000		1,798,320

				11,803,964

Commercial Services — 9.2%
CoreLogic, Inc. (b)		80,000		3,696,800
CoStar Group, Inc. (b)		8,200		2,434,990
Equifax, Inc.		24,000		2,830,080
FleetCor Technologies, Inc. (b)		16,000		3,078,880
Gartner, Inc. (b)		16,000		1,970,400
Global Payments, Inc.		51,000		5,112,240
IHS Markit Ltd. (b)		71,000		3,205,650
KAR Auction Services, Inc.		64,000		3,232,640
MarketAxess Holdings, Inc.		6,967		1,405,592
ServiceMaster Global Holdings, Inc. (b)		39,472		2,023,730
TransUnion (b)		66,000		3,627,360
Vantiv, Inc. Class A (b) (d)		79,000		5,810,450
Verisk Analytics, Inc. (b)		49,000		4,704,000
WeWork Companies, Inc. Class A (a) (b) (c)		8,764		401,829

				43,534,641

Foods — 1.5%
Conagra Brands, Inc.		55,000		2,071,850
Sprouts Farmers Market, Inc. (b)		95,000		2,313,250
TreeHouse Foods, Inc. (b)		56,000		2,769,760

				7,154,860

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

107

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


	Number of Shares		Value
Health Care – Products — 8.6%
Bruker Corp.		154,500	$	5,302,440
The Cooper Cos., Inc.		32,000		6,972,160
DENTSPLY SIRONA, Inc.		43,000		2,830,690
Henry Schein, Inc. (b)		40,000		2,795,200
Hologic, Inc. (b)		190,000		8,122,500
IDEXX Laboratories, Inc. (b)		5,000		781,900
Intuitive Surgical, Inc. (b)		3,000		1,094,820
Teleflex, Inc.		44,000		10,948,080
West Pharmaceutical Services, Inc.		23,000		2,269,410

				41,117,200

Health Care – Services — 2.4%
Acadia Healthcare Co., Inc. (b) (d)		44,000		1,435,720
Envision Healthcare Corp. (b)		111,000		3,836,160
IQVIA Holdings, Inc. (b)		28,000		2,741,200
MEDNAX, Inc. (b)		63,000		3,366,720

				11,379,800

Pharmaceuticals — 2.9%
Alkermes PLC (b)		87,000		4,761,510
Catalent, Inc. (b)		95,000		3,902,600
DexCom, Inc. (b) (d)		28,000		1,606,920
TESARO, Inc. (b) (d)		6,000		497,220
Zoetis, Inc.		40,000		2,881,600

				13,649,850

				128,640,315

Energy — 1.4%
Oil & Gas — 1.4%
ARC Resources Ltd. (d)		79,000		927,009
Centennial Resource Development, Inc. (b) (c)		36,204		716,839
Centennial Resource Development, Inc. Class A (b) (d)		36,796		728,561
Concho Resources, Inc. (b)		24,000		3,605,280
Venture Global LNG (a) (b) (c)		127		478,917

				6,456,606

Financial — 8.2%
Banks — 0.8%
Fifth Third Bancorp		79,000		2,396,860
Webster Financial Corp.		25,000		1,404,000

				3,800,860

Diversified Financial Services — 4.5%
Cboe Global Markets, Inc.		48,000		5,980,320
FNF Group		174,000		6,827,760
SLM Corp. (b)		151,000		1,706,300
TD Ameritrade Holding Corp.		131,000		6,698,030

				21,212,410

Insurance — 2.9%
The Progressive Corp.		119,000		6,702,080
Willis Towers Watson PLC		48,000		7,233,120

				13,935,200

				38,948,470


	Number of Shares		Value
Industrial — 20.7%
Aerospace & Defense — 1.7%
Harris Corp.		48,000	$	6,799,200
Rockwell Collins, Inc.		8,000		1,084,960

				7,884,160

Building Materials — 0.5%
Martin Marietta Materials, Inc.		12,000		2,652,480

Electrical Components & Equipment — 0.4%
Acuity Brands, Inc. (d)		12,000		2,112,000

Electronics — 7.1%
Agilent Technologies, Inc.		111,000		7,433,670
Allegion PLC		48,000		3,818,880
Coherent, Inc. (b)		7,000		1,975,540
Corning, Inc.		16,000		511,840
Fortive Corp.		59,000		4,268,650
Keysight Technologies, Inc. (b)		158,000		6,572,800
National Instruments Corp.		32,000		1,332,160
Sensata Technologies Holding NV (b)		149,000		7,615,390

				33,528,930

Environmental Controls — 1.1%
Waste Connections, Inc.		72,000		5,107,680

Machinery – Construction & Mining — 0.3%
BWX Technologies, Inc.		26,423		1,598,327

Machinery – Diversified — 4.6%
Gardner Denver Holdings, Inc. (b)		54,000		1,832,220
IDEX Corp.		58,260		7,688,572
Roper Technologies, Inc.		32,000		8,288,000
Xylem, Inc.		60,000		4,092,000

				21,900,792

Miscellaneous – Manufacturing — 2.9%
Colfax Corp. (b)		74,719		2,960,367
Textron, Inc.		188,000		10,638,920

				13,599,287

Packaging & Containers — 1.2%
Ardagh Group SA		9,000		189,900
Ball Corp.		143,000		5,412,550

				5,602,450

Transportation — 0.9%
J.B. Hunt Transport Services, Inc.		11,000		1,264,780
Kansas City Southern		28,000		2,946,160

				4,210,940

				98,197,046

Technology — 14.4%
Computers — 0.6%
CSRA, Inc.		99,000		2,962,080

Semiconductors — 4.1%
KLA-Tencor Corp.		12,000		1,260,840
Marvell Technology Group Ltd.		170,000		3,649,900

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

108

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


	Number of Shares		Value
Microchip Technology, Inc.		95,000	$	8,348,600
Microsemi Corp. (b)		28,000		1,446,200
Xilinx, Inc.		71,000		4,786,820

				19,492,360

Software — 9.7%
athenahealth, Inc. (b)		7,000		931,280
Atlassian Corp. PLC Class A (b)		58,000		2,640,160
Black Knight, Inc. (b)		71,000		3,134,650
CDK Global, Inc.		37,000		2,637,360
Electronic Arts, Inc. (b)		30,000		3,151,800
Fidelity National Information Services, Inc.		28,000		2,634,520
Fiserv, Inc. (b)		63,000		8,261,190
Guidewire Software, Inc. (b)		20,000		1,485,200
MSCI, Inc.		16,000		2,024,640
Red Hat, Inc. (b)		47,000		5,644,700
ServiceNow, Inc. (b)		8,000		1,043,120
Splunk, Inc. (b)		35,000		2,899,400
SS&C Technologies Holdings, Inc		63,000		2,550,240
Tableau Software, Inc. Class A (b)		29,000		2,006,800
Veeva Systems, Inc. Class A (b)		20,000		1,105,600
Workday, Inc. Class A (b)		37,000		3,764,380

				45,915,040

				68,369,480


TOTAL COMMON STOCK (Cost $306,622,761)				449,565,285


PREFERRED STOCK — 0.7%
Communications — 0.3%
Internet — 0.3%
Dropbox, Inc. Series A 1, Convertible (a) (b) (c)		54,965		726,637
Dropbox, Inc. Series A, Convertible (a) (b) (c)		11,190		147,932
Roofoods Ltd. Series F (a) (b) (c)		1,915		677,088

				1,551,657

Consumer, Non-cyclical — 0.4%
Commercial Services — 0.4%
WeWork Companies, Inc. Series D 1 (a) (b) (c)		22,197		1,017,732
WeWork Companies, Inc. Series D 2 (a) (b) (c)		17,440		799,624

				1,817,356


TOTAL PREFERRED STOCK (Cost $1,935,733)				3,369,013


TOTAL EQUITIES (Cost $308,558,494)				452,934,298


	Number of Shares		Value
MUTUAL FUNDS — 5.8%
Diversified Financial Services — 5.8%
State Street Navigator Securities Lending Prime Portfolio (e)		18,846,121	$	18,846,121
T. Rowe Price Government Reserve Investment Fund		8,551,094		8,551,094

				27,397,215


TOTAL MUTUAL FUNDS (Cost $27,397,215)				27,397,215


TOTAL LONG-TERM INVESTMENTS (Cost $335,955,709)				480,331,513


	Principal Amount
SHORT-TERM INVESTMENTS — 2.6%
Repurchase Agreement — 2.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (f)	$	12,502,566		12,502,566

Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18		15,350		15,350


TOTAL SHORT-TERM INVESTMENTS (Cost $12,517,916)				12,517,916


TOTAL INVESTMENTS — 104.0% (Cost $348,473,625) (g)				492,849,429

Other Assets/(Liabilities) — (4.0)%				(19,037,761	)


NET ASSETS — 100.0%			$	473,811,668

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

109

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Investment was valued using significant unobservable inputs.

(b)	Non-income producing security.

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $5,085,724 or 1.07% of net assets.

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $18,406,489 or 3.88% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(f)	Maturity value of $12,503,316. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $12,754,995.

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

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

110

MML Mid Cap Value Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 95.2%

COMMON STOCK — 95.2%
Communications — 0.2%
Telecommunications — 0.2%
CenturyLink, Inc.		67,237	$	1,121,513

Consumer, Cyclical — 5.4%
Auto Manufacturers — 1.5%
Honda Motor Co. Ltd. Sponsored ADR		144,533		4,925,684
PACCAR, Inc.		30,774		2,187,416

				7,113,100

Auto Parts & Equipment — 0.2%
Aptiv PLC		14,418		1,223,079

Home Builders — 0.7%
PulteGroup, Inc.		110,036		3,658,697

Retail — 3.0%
Advance Auto Parts, Inc.		53,645		5,347,870
MSC Industrial Direct Co., Inc. Class A		54,140		5,233,173
Target Corp.		59,733		3,897,578

				14,478,621

				26,473,497

Consumer, Non-cyclical — 20.4%
Beverages — 0.9%
Dr. Pepper Snapple Group, Inc.		46,515		4,514,746

Foods — 9.6%
Conagra Brands, Inc.		236,932		8,925,229
General Mills, Inc.		128,710		7,631,216
The J.M. Smucker Co.		34,122		4,239,317
Kellogg Co.		93,178		6,334,241
Mondelez International, Inc. Class A		182,475		7,809,930
Orkla ASA		484,663		5,137,878
Sysco Corp.		112,769		6,848,461

				46,926,272

Health Care – Products — 3.7%
Henry Schein, Inc. (a)		34,569		2,415,682
STERIS PLC		42,789		3,742,754
Zimmer Biomet Holdings, Inc.		99,790		12,041,659

				18,200,095

Health Care – Services — 3.0%
HCA Healthcare, Inc. (a)		59,388		5,216,642
LifePoint Health, Inc. (a)		111,461		5,550,758
Quest Diagnostics, Inc.		40,847		4,023,021

				14,790,421

Pharmaceuticals — 3.2%
Cardinal Health, Inc.		103,473		6,339,791
Express Scripts Holding Co. (a)		62,769		4,685,078


	Number of Shares		Value
McKesson Corp.		27,448	$	4,280,515

				15,305,384

				99,736,918

Energy — 13.7%
Oil & Gas — 9.9%
Anadarko Petroleum Corp.		93,866		5,034,972
Cimarex Energy Co.		22,670		2,765,967
Devon Energy Corp.		110,934		4,592,667
EQT Corp.		113,863		6,481,082
Helmerich & Payne, Inc.		55,231		3,570,132
Imperial Oil Ltd.		260,829		8,140,272
Marathon Petroleum Corp.		61,717		4,072,088
Noble Energy, Inc.		227,035		6,615,800
Occidental Petroleum Corp.		95,016		6,998,878

				48,271,858

Oil & Gas Services — 3.3%
Baker Hughes a GE Co.		200,134		6,332,240
Halliburton Co.		63,327		3,094,791
National Oilwell Varco, Inc.		179,709		6,473,118

				15,900,149

Pipelines — 0.5%
Spectra Energy Partners LP (b)		67,734		2,678,202

				66,850,209

Financial — 25.8%
Banks — 10.4%
Bank of Hawaii Corp.		43,146		3,697,612
BB&T Corp.		167,906		8,348,286
Comerica, Inc.		15,577		1,352,239
Commerce Bancshares, Inc.		78,475		4,382,044
M&T Bank Corp.		36,548		6,249,343
Northern Trust Corp.		125,842		12,570,357
The PNC Financial Services Group, Inc.		23,755		3,427,609
SunTrust Banks, Inc.		63,888		4,126,526
UMB Financial Corp.		22,780		1,638,338
Westamerica Bancorp.		82,203		4,895,189

				50,687,543

Diversified Financial Services — 3.7%
Ameriprise Financial, Inc.		39,881		6,758,633
Invesco Ltd.		244,914		8,949,158
T. Rowe Price Group, Inc.		24,301		2,549,904

				18,257,695

Insurance — 5.5%
Aflac, Inc.		33,530		2,943,263
Arthur J Gallagher & Co.		50,884		3,219,939
Brown & Brown, Inc.		45,180		2,324,963
Chubb Ltd.		50,522		7,382,780
ProAssurance Corp.		36,284		2,073,631

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

111

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


	Number of Shares		Value
Reinsurance Group of America, Inc.		23,291	$	3,631,766
Torchmark Corp.		18,742		1,700,087
The Travelers Cos., Inc.		10,003		1,356,807
Unum Group		36,928		2,026,978

				26,660,214

Real Estate Investment Trusts (REITS) — 5.4%
American Tower Corp.		31,938		4,556,594
Boston Properties, Inc.		21,863		2,842,846
Empire State Realty Trust, Inc. Class A		78,374		1,609,018
MGM Growth Properties LLC Class A		105,905		3,087,131
Piedmont Office Realty Trust, Inc. Class A		182,967		3,587,983
Weyerhaeuser Co.		305,328		10,765,865

				26,449,437

Savings & Loans — 0.8%
Capitol Federal Financial, Inc.		292,932		3,928,218

				125,983,107

Industrial — 19.0%
Building Materials — 2.6%
Johnson Controls International PLC		329,814		12,569,212

Electrical Components & Equipment — 3.0%
Emerson Electric Co.		99,638		6,943,772
Hubbell, Inc.		56,498		7,646,439

				14,590,211

Electronics — 2.4%
Keysight Technologies, Inc. (a)		140,254		5,834,566
Koninklijke Philips NV		22,820		863,313
TE Connectivity Ltd.		51,185		4,864,622

				11,562,501

Environmental Controls — 0.8%
Republic Services, Inc.		53,924		3,645,802

Machinery – Diversified — 0.7%
Cummins, Inc.		20,167		3,562,299

Miscellaneous – Manufacturing — 3.3%
Eaton Corp. PLC		59,284		4,684,029
Ingersoll-Rand PLC		51,169		4,563,763
Parker-Hannifin Corp.		7,041		1,405,243
Textron, Inc.		98,216		5,558,043

				16,211,078

Packaging & Containers — 4.7%
Bemis Co., Inc.		70,847		3,385,778
Graphic Packaging Holding Co.		408,568		6,312,376
Sonoco Products Co.		91,311		4,852,266
WestRock Co.		135,919		8,591,440

				23,141,860


	Number of Shares		Value
Transportation — 1.5%
Heartland Express, Inc.		208,507	$	4,866,553
Norfolk Southern Corp.		18,416		2,668,479

				7,535,032

				92,817,995

Technology — 4.2%
Semiconductors — 4.2%
Applied Materials, Inc.		107,925		5,517,126
Lam Research Corp.		17,142		3,155,328
Maxim Integrated Products, Inc.		130,600		6,827,768
Teradyne, Inc.		114,334		4,787,165

				20,287,387

Utilities — 6.5%
Electric — 5.1%
Ameren Corp.		40,553		2,392,221
Edison International		56,562		3,576,981
Eversource Energy		35,217		2,225,010
NorthWestern Corp.		81,358		4,857,073
PG&E Corp.		29,363		1,316,343
Pinnacle West Capital Corp.		41,807		3,561,120
Xcel Energy, Inc.		148,398		7,139,428

				25,068,176

Gas — 1.4%
Atmos Energy Corp.		34,073		2,926,530
Spire, Inc.		48,181		3,620,802

				6,547,332

				31,615,508


TOTAL COMMON STOCK (Cost $399,853,903)				464,886,134


TOTAL EQUITIES (Cost $399,853,903)				464,886,134


MUTUAL FUNDS — 2.0%
Diversified Financial Services — 2.0%
iShares Russell Mid-Cap Value ETF		107,082		9,546,360


TOTAL MUTUAL FUNDS (Cost $9,112,406)				9,546,360


TOTAL LONG-TERM INVESTMENTS (Cost $408,966,309)				474,432,494

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

112

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


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.7%
Repurchase Agreement — 2.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (c)	$	13,347,640	$	13,347,640


TOTAL SHORT-TERM INVESTMENTS (Cost $13,347,640)				13,347,640


TOTAL INVESTMENTS — 99.9% (Cost $422,313,949) (d)				487,780,134

Other Assets/(Liabilities) — 0.1%				544,703


NET ASSETS — 100.0%			$	488,324,837

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)	Maturity value of $13,348,440. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $13,619,126.

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

The Fund had the following open Forward contracts at December 31, 2017:

Forward Contracts


		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Deliver
JPY	331,724,629	Credit Suisse International	3/30/18	$	2,963,679	$	6,586

NOK	35,455,640	JP Morgan Chase Bank N.A.	3/28/18		4,242,323		(86,094	)

CAD	8,546,671	Morgan Stanley & Co. LLC	3/29/18		6,651,200		(155,707	)

EUR	630,887	UBS AG	3/29/18		747,387		(13,519	)

				$	14,604,589	$	(248,734	)

Currency Legend

CAD	Canadian Dollar

EUR

Euro

JPY	Japanese Yen

NOK	Norwegian Krone

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

113

MML Small Cap Growth Equity Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.0%

COMMON STOCK — 97.7%
Basic Materials — 4.7%
Chemicals — 3.6%
Ferro Corp. (a)		107,033	$	2,524,909
Ingevity Corp. (a)		8,205		578,205
Methanex Corp.		24,410		1,478,026
Minerals Technologies, Inc.		13,479		928,029
Orion Engineered Carbons SA		43,439		1,112,038
PolyOne Corp.		23,765		1,033,778

				7,654,985

Iron & Steel — 1.1%
Carpenter Technology Corp.		47,161		2,404,739

				10,059,724

Communications — 6.6%
Internet — 4.3%
DraftKings, Inc. (b) (c)		78,904		112,044
Dropbox, Inc. Class B (b) (c)		6,694		88,495
GoDaddy, Inc. Class A (a)		28,500		1,432,980
GrubHub, Inc. (a) (d)		8,262		593,212
Mimecast Ltd. (a)		50,872		1,458,500
Okta, Inc. (a)		29,103		745,328
Proofpoint, Inc. (a)		7,074		628,242
Quotient Technology, Inc. (a)		43,602		512,323
The Trade Desk, Inc. Class A (a) (d)		17,538		802,013
Veracode, Inc. (Escrow Shares) (a) (b) (c)		10,688		42,966
Wayfair, Inc. Class A (a) (d)		13,750		1,103,712
Zendesk, Inc. (a)		28,904		978,111
Zillow Group, Inc. Class C (a) (d)		18,877		772,447

				9,270,373

Media — 0.6%
The New York Times Co. Class A		65,046		1,203,351

Telecommunications — 1.7%
Acacia Communications, Inc. (a) (d)		16,836		609,968
Ciena Corp. (a)		47,808		1,000,621
Oclaro, Inc. (a) (d)		77,470		522,148
Vonage Holdings Corp. (a)		156,671		1,593,344

				3,726,081

				14,199,805

Consumer, Cyclical — 16.8%
Airlines — 1.1%
JetBlue Airways Corp. (a)		73,044		1,631,803
Spirit Airlines, Inc. (a) (d)		14,262		639,651

				2,271,454

Apparel — 3.3%
Carter’s, Inc.		15,594		1,832,139
Deckers Outdoor Corp. (a)		14,854		1,192,034


	Number of Shares		Value
Oxford Industries, Inc.		15,149	$	1,139,053
Skechers U.S.A., Inc. Class A (a)		36,067		1,364,775
Under Armour, Inc. Class C (a) (d)		38,947		518,774
Wolverine World Wide, Inc.		33,903		1,080,828

				7,127,603

Auto Manufacturers — 0.4%
Wabash National Corp. (d)		37,081		804,658

Auto Parts & Equipment — 0.8%
Cooper Tire & Rubber Co. (d)		16,640		588,224
Tenneco, Inc.		18,088		1,058,871

				1,647,095

Distribution & Wholesale — 0.7%
Beacon Roofing Supply, Inc. (a)		25,434		1,621,672

Entertainment — 1.2%
Cinemark Holdings, Inc.		33,469		1,165,391
Marriott Vacations Worldwide Corp.		10,467		1,415,243

				2,580,634

Home Builders — 1.0%
TRI Pointe Group, Inc. (a)		125,486		2,248,709

Leisure Time — 2.4%
Acushnet Holdings Corp. (d)		53,895		1,136,107
Lindblad Expeditions Holdings, Inc. (a)		92,879		909,285
Nautilus, Inc. (a)		39,986		533,813
Planet Fitness, Inc. Class A (a)		72,185		2,499,767

				5,078,972

Lodging — 0.7%
Boyd Gaming Corp. (d)		41,204		1,444,200

Retail — 5.2%
BMC Stock Holdings, Inc. (a)		85,578		2,165,123
The Cheesecake Factory, Inc. (d)		22,799		1,098,456
Chico’s FAS, Inc.		116,854		1,030,652
Dave & Buster’s Entertainment, Inc. (a)		20,962		1,156,473
FirstCash, Inc.		17,607		1,187,592
Floor & Decor Holdings, Inc. Class A (a)		20,490		997,453
La-Z-Boy, Inc.		30,313		945,766
Nu Skin Enterprises, Inc. Class A		16,355		1,115,902
Papa John’s International, Inc. (d)		8,700		488,157
Wingstop, Inc. (d)		24,921		971,421

				11,156,995

				35,981,992

Consumer, Non-cyclical — 20.7%
Biotechnology — 4.1%
Aduro Biotech, Inc. (a) (d)		40,312		302,340
Bluebird Bio, Inc. (a)		3,818		679,986
Blueprint Medicines Corp. (a)		16,404		1,237,026

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

114

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


	Number of Shares		Value
Dermira, Inc. (a)		42,113	$	1,171,162
Exact Sciences Corp. (a)		37,296		1,959,532
Ionis Pharmaceuticals, Inc. (a)		9,602		482,981
Loxo Oncology, Inc. (a) (d)		4,237		356,671
Momenta Pharmaceuticals, Inc. (a)		40,451		564,291
Sage Therapeutics, Inc. (a)		5,195		855,668
Spark Therapeutics, Inc. (a)		17,228		885,864
Ultragenyx Pharmaceutical, Inc. (a) (d)		5,964		276,610

				8,772,131

Commercial Services — 3.9%
The Brink’s Co.		20,174		1,587,694
Cardtronics PLC Class A (a)		32,446		600,900
CoStar Group, Inc. (a)		4,929		1,463,666
HealthEquity, Inc. (a)		12,642		589,876
HMS Holdings Corp. (a)		57,176		969,133
Nutrisystem, Inc.		18,721		984,724
Paylocity Holding Corp. (a)		18,092		853,219
TriNet Group, Inc. (a)		30,802		1,365,761

				8,414,973

Foods — 2.1%
Blue Buffalo Pet Products, Inc. (a) (d)		50,315		1,649,829
Performance Food Group Co. (a)		87,763		2,904,955

				4,554,784

Health Care – Products — 4.2%
Globus Medical, Inc. Class A (a)		29,514		1,213,025
Haemonetics Corp. (a)		26,480		1,537,958
Inogen, Inc. (a)		3,256		387,725
Insulet Corp. (a)		53,074		3,662,106
MiMedx Group, Inc. (a) (d)		85,706		1,080,753
OraSure Technologies, Inc. (a)		61,740		1,164,416

				9,045,983

Health Care – Services — 1.9%
Kindred Healthcare, Inc.		123,791		1,200,773
LifePoint Health, Inc. (a)		18,881		940,274
Molina Healthcare, Inc. (a)		17,455		1,338,449
Teladoc, Inc. (a) (d)		14,175		493,999

				3,973,495

Pharmaceuticals — 4.5%
Aerie Pharmaceuticals, Inc. (a)		18,886		1,128,438
Amicus Therapeutics, Inc. (a) (d)		37,878		545,064
DexCom, Inc. (a) (d)		10,686		613,270
Galapagos NV Sponsored ADR (a)		8,673		813,180
Global Blood Therapeutics, Inc. (a)		13,399		527,251
Ignyta, Inc. (a)		32,200		859,740
Ironwood Pharmaceuticals, Inc. (a)		25,839		387,327
MyoKardia, Inc. (a)		11,563		486,802
Nektar Therapeutics (a)		14,962		893,531
Neurocrine Biosciences, Inc. (a)		10,157		788,082
Portola Pharmaceuticals, Inc. (a)		15,926		775,278


	Number of Shares		Value
PRA Health Sciences, Inc. (a)		14,146	$	1,288,276
Revance Therapeutics, Inc. (a) (d)		10,037		358,823
TESARO, Inc. (a) (d)		3,105		257,311

				9,722,373

				44,483,739

Energy — 3.1%
Energy – Alternate Sources — 1.1%
First Solar, Inc. (a)		18,510		1,249,795
Pattern Energy Group, Inc. (d)		45,958		987,638

				2,237,433

Oil & Gas — 2.0%
Callon Petroleum Co. (a) (d)		99,818		1,212,789
Centennial Resource Development, Inc. Class A (a) (d)		82,778		1,639,004
Delek US Holdings, Inc.		42,496		1,484,810

				4,336,603

				6,574,036

Financial — 19.0%
Banks — 5.2%
Ameris Bancorp		22,661		1,092,260
FCB Financial Holdings, Inc. Class A (a)		26,150		1,328,420
MB Financial, Inc.		65,035		2,895,358
South State Corp.		10,811		942,179
State Bank Financial Corp.		38,485		1,148,392
Texas Capital Bancshares, Inc. (a)		13,492		1,199,439
Western Alliance Bancorp (a)		46,169		2,614,089

				11,220,137

Diversified Financial Services — 2.2%
Air Lease Corp.		23,981		1,153,246
Blackhawk Network Holdings, Inc. (a)		12,859		458,423
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (d)		86,204		2,074,068
PRA Group, Inc. (a) (d)		27,647		917,881
WageWorks, Inc. (a)		3,481		215,822

				4,819,440

Insurance — 3.4%
Assured Guaranty Ltd.		26,266		889,630
eHealth, Inc. (a)		38,681		671,889
Horace Mann Educators Corp.		22,224		980,078
James River Group Holdings Ltd.		15,018		600,870
Kemper Corp.		17,463		1,203,201
MGIC Investment Corp. (a)		208,571		2,942,937

				7,288,605

Private Equity — 0.8%
Kennedy-Wilson Holdings, Inc.		92,490		1,604,702

Real Estate — 0.3%
Five Point Holdings LLC Class A (a)		45,023		634,824

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

115

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


	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 4.8%
CoreSite Realty Corp.		5,368	$	611,415
Corporate Office Properties Trust		24,672		720,422
LaSalle Hotel Properties		55,496		1,557,773
Life Storage, Inc.		13,785		1,227,830
MFA Financial, Inc.		123,310		976,615
Outfront Media, Inc.		40,728		944,890
Potlatch Corp.		17,698		883,130
QTS Realty Trust, Inc. Class A		26,708		1,446,505
Redwood Trust, Inc.		62,222		922,130
Rexford Industrial Realty, Inc.		35,636		1,039,146

				10,329,856

Savings & Loans — 2.3%
Banc of California, Inc. (d)		23,370		482,591
Pacific Premier Bancorp, Inc. (a)		27,329		1,093,160
Sterling Bancorp		134,024		3,296,990

				4,872,741

				40,770,305

Industrial — 13.9%
Aerospace & Defense — 1.2%
Kaman Corp.		22,475		1,322,429
Teledyne Technologies, Inc. (a)		6,363		1,152,657

				2,475,086

Building Materials — 0.7%
JELD-WEN Holding, Inc. (a)		40,705		1,602,556

Electronics — 1.3%
II-VI, Inc. (a)		25,240		1,185,018
Itron, Inc. (a)		7,860		536,052
Watts Water Technologies, Inc. Class A		15,094		1,146,389

				2,867,459

Engineering & Construction — 0.5%
TopBuild Corp. (a)		13,589		1,029,231

Environmental Controls — 0.5%
Clean Harbors, Inc. (a)		17,726		960,749

Hand & Machine Tools — 0.4%
Regal Beloit Corp.		9,988		765,081

Machinery – Diversified — 2.8%
Altra Industrial Motion Corp.		28,847		1,453,889
Chart Industries, Inc. (a)		28,677		1,343,804
SPX FLOW, Inc. (a)		27,400		1,302,870
Zebra Technologies Corp. Class A (a)		19,048		1,977,182

				6,077,745

Metal Fabricate & Hardware — 2.1%
Advanced Drainage Systems, Inc.		50,203		1,197,342
Rexnord Corp. (a)		83,763		2,179,513
The Timken Co.		24,522		1,205,256

				4,582,111


	Number of Shares		Value
Miscellaneous – Manufacturing — 1.3%
ITT, Inc.		28,485	$	1,520,245
John Bean Technologies Corp.		10,640		1,178,912

				2,699,157

Packaging & Containers — 0.4%
Graphic Packaging Holding Co.		60,307		931,743

Transportation — 2.2%
Kirby Corp. (a)		17,948		1,198,927
Knight-Swift Transportation Holdings, Inc. (d)		31,081		1,358,861
Schneider National, Inc. Class B (d)		42,391		1,210,687
Werner Enterprises, Inc.		23,800		919,870

				4,688,345

Trucking & Leasing — 0.5%
GATX Corp. (d)		17,068		1,060,947

				29,740,210

Technology — 12.0%
Computers — 1.3%
EPAM Systems, Inc. (a)		12,967		1,393,045
Science Applications International Corp.		9,872		755,899
VeriFone Systems, Inc. (a)		33,870		599,838

				2,748,782

Semiconductors — 3.7%
Ambarella, Inc. (a)		8,300		487,625
Axcelis Technologies, Inc. (a)		29,889		857,814
Cavium, Inc. (a)		15,790		1,323,676
Entegris, Inc.		76,361		2,325,192
MACOM Technology Solutions Holdings, Inc. (a) (d)		11,048		359,502
Rambus, Inc. (a)		44,000		625,680
Tower Semiconductor Ltd. (a) (d)		60,199		2,051,582

				8,031,071

Software — 7.0%
2U, Inc. (a) (d)		52,913		3,413,418
BroadSoft, Inc. (a) (d)		19,667		1,079,718
Callidus Software, Inc. (a)		29,588		847,696
Cloudera, Inc. (a)		90,600		1,496,712
Docusign, Inc. (Escrow Shares) (a) (b) (c)		2,601		-
Fair Isaac Corp.		8,515		1,304,498
Five9, Inc. (a)		28,294		703,955
Guidewire Software, Inc. (a)		14,641		1,087,241
HubSpot, Inc. (a)		34,101		3,014,528
ManTech International Corp. Class A		21,189		1,063,476
Veeva Systems, Inc. Class A (a)		6,924		382,759
Zynga, Inc. Class A (a)		173,823		695,292

				15,089,293

				25,869,146

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

116

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


	Number of Shares		Value
Utilities — 0.9%
Electric — 0.9%
8Point3 Energy Partners LP		60,701	$	923,262
Black Hills Corp. (d)		15,747		946,552

				1,869,814


TOTAL COMMON STOCK (Cost $170,623,043)				209,548,771


PREFERRED STOCK — 0.3%
Communications — 0.2%
Internet — 0.2%
The Honest Company, Inc. Series D (a) (b) (c)		4,027		142,435
Zuora, Inc. Series F, Convertible (a) (b) (c)		69,937		372,764

				515,199

Technology — 0.1%
Software — 0.1%
MarkLogic Corp. Series F (a) (b) (c)		22,966		225,067


TOTAL PREFERRED STOCK (Cost $716,699)				740,266


TOTAL EQUITIES (Cost $171,339,742)				210,289,037


MUTUAL FUNDS — 15.3%
Diversified Financial Services — 15.3%
iShares Russell 2000 Index Fund		6,546		998,003
State Street Navigator Securities Lending Prime Portfolio (e)		31,758,905		31,758,905


TOTAL MUTUAL FUNDS (Cost $32,759,250)				32,756,908


TOTAL LONG-TERM INVESTMENTS (Cost $204,098,992)				243,045,945


	Principal Amount
SHORT-TERM INVESTMENTS — 1.5%
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (f)	$	3,259,445		3,259,445



	Principal Amount		Value
Time Deposit — 0.0%
Euro Time Deposit 0.120% 1/02/18	$	7,373	$	7,373


TOTAL SHORT-TERM INVESTMENTS (Cost $3,266,818)				3,266,818


TOTAL INVESTMENTS — 114.8% (Cost $207,365,810) (g)				246,312,763

Other Assets/(Liabilities) — (14.8)%				(31,784,760	)


NET ASSETS — 100.0%			$	214,528,003

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Investment was valued using significant unobservable inputs.

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2017, these securities amounted to a value of $983,771 or 0.46% of net assets.

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2017, was $31,000,863 or 14.45% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(f)	Maturity value of $3,259,641. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $3,332,339.

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

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

117

MML Small Company Value Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.3%

COMMON STOCK — 98.3%
Basic Materials — 4.6%
Chemicals — 2.2%
American Vanguard Corp.		21,600	$	424,440
Innospec, Inc.		4,683		330,620
KMG Chemicals, Inc.		15,784		1,043,007
Minerals Technologies, Inc.		9,300		640,305

				2,438,372

Forest Products & Paper — 0.7%
Clearwater Paper Corp. (a)		16,300		740,020

Iron & Steel — 1.2%
Carpenter Technology Corp.		17,100		871,929
Reliance Steel & Aluminum Co.		5,300		454,687

				1,326,616

Mining — 0.5%
Constellium NV Class A (a)		25,500		284,325
New Gold, Inc. (a)		69,800		229,642

				513,967

				5,018,975

Communications — 1.7%
Internet — 0.0%
Cargurus, Inc. (a) (b)		1,362		40,833

Media — 0.9%
Cable One, Inc.		980		689,283
Scholastic Corp.		8,200		328,902

				1,018,185

Telecommunications — 0.8%
GTT Communications, Inc. (a) (b)		6,800		319,260
Harmonic, Inc. (a)		124,380		522,396

				841,656

				1,900,674

Consumer, Cyclical — 9.1%
Apparel — 0.9%
Crocs, Inc. (a)		21,200		267,968
Steven Madden Ltd. (a)		16,100		751,870

				1,019,838

Auto Manufacturers — 0.3%
Blue Bird Corp. (a)		16,400		326,360

Auto Parts & Equipment — 0.6%
Dorman Products, Inc. (a)		11,400		696,996

Distribution & Wholesale — 1.8%
Beacon Roofing Supply, Inc. (a)		15,900		1,013,784
Pool Corp.		7,200		933,480

				1,947,264


	Number of Shares		Value
Home Builders — 0.8%
Cavco Industries, Inc. (a)		5,600	$	854,560

Leisure Time — 1.1%
LCI Industries		8,900		1,157,000

Lodging — 0.5%
ILG, Inc.		21,000		598,080

Retail — 2.6%
Express, Inc. (a)		34,300		348,145
Lumber Liquidators Holdings, Inc. (a) (b)		25,156		789,647
Party City Holdco, Inc. (a) (b)		30,255		422,057
PriceSmart, Inc.		7,300		628,530
Red Robin Gourmet Burgers, Inc. (a) (b)		7,000		394,800
Sportsman’s Warehouse Holdings, Inc. (a) (b)		38,233		252,720

				2,835,899

Textiles — 0.5%
Culp, Inc.		15,200		509,200

				9,945,197

Consumer, Non-cyclical — 15.9%
Agriculture — 0.3%
Vector Group Ltd. (b)		14,467		323,771

Biotechnology — 0.3%
Puma Biotechnology, Inc. (a)		3,800		375,630

Commercial Services — 5.1%
Aaron’s, Inc.		25,900		1,032,115
American Public Education, Inc. (a)		16,800		420,840
Capella Education Co.		10,250		793,350
FTI Consulting, Inc. (a)		12,600		541,296
Green Dot Corp. Class A (a)		21,280		1,282,333
Matthews International Corp. Class A		5,700		300,960
McGrath RentCorp		14,199		667,069
Navigant Consulting, Inc. (a)		29,000		562,890

				5,600,853

Foods — 2.8%
Nomad Foods Ltd. (a)		73,300		1,239,503
Pinnacle Foods, Inc.		8,400		499,548
Post Holdings, Inc. (a)		6,700		530,841
The Simply Good Foods Co. (a)		21,700		309,442
SpartanNash Co.		18,500		493,580

				3,072,914

Health Care – Products — 5.0%
Analogic Corp.		5,300		443,875
Atrion Corp.		2,050		1,292,730
Haemonetics Corp. (a)		11,300		656,304
Halyard Health, Inc. (a)		20,700		955,926

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

118

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


	Number of Shares		Value
Quidel Corp. (a)		24,500	$	1,062,075
West Pharmaceutical Services, Inc.		11,200		1,105,104

				5,516,014

Health Care – Services — 2.0%
The Ensign Group, Inc.		20,700		459,540
Molina Healthcare, Inc. (a)		6,000		460,080
Select Medical Holdings Corp. (a)		30,600		540,090
WellCare Health Plans, Inc. (a)		3,900		784,329

				2,244,039

Household Products & Wares — 0.4%
CSS Industries, Inc.		14,000		389,620

				17,522,841

Energy — 5.5%
Oil & Gas — 3.8%
Andeavor		6,521		745,611
Centennial Resource Development, Inc. Class A (a) (b)		37,100		734,580
Jagged Peak Energy, Inc. (a) (b)		23,900		377,142
Matador Resources Co. (a)		32,600		1,014,838
Parsley Energy, Inc. Class A (a)		17,800		524,032
WPX Energy, Inc. (a)		57,300		806,211

				4,202,414

Oil & Gas Services — 1.7%
Frank’s International NV (b)		54,100		359,765
Keane Group, Inc. (a) (b)		17,880		339,899
Oceaneering International, Inc.		16,400		346,696
TETRA Technologies, Inc. (a)		94,500		403,515
Thermon Group Holdings, Inc. (a)		15,900		376,353

				1,826,228

				6,028,642

Financial — 36.1%
Banks — 18.7%
Atlantic Capital Bancshares, Inc. (a)		17,622		310,147
BankUnited, Inc.		33,800		1,376,336
CoBiz Financial, Inc.		40,800		815,592
Columbia Banking System, Inc.		27,600		1,198,944
East West Bancorp, Inc.		29,826		1,814,316
First Hawaiian, Inc.		13,442		392,238
Glacier Bancorp, Inc.		25,800		1,016,262
Heritage Financial Corp.		15,300		471,240
Home BancShares, Inc.		77,650		1,805,362
Hope Bancorp, Inc.		36,200		660,650
Howard Bancorp, Inc. (a)		13,583		298,826
Live Oak Bancshares, Inc.		13,569		323,621
National Bank Holdings Corp. Class A		27,300		885,339
PCSB Financial Corp. (a) (b)		14,813		282,188
Pinnacle Financial Partners, Inc.		7,500		497,250
Ponce de Leon Federal Bank (a)		16,569		251,517
Popular, Inc.		24,500		869,505
Prosperity Bancshares, Inc.		17,100		1,198,197


	Number of Shares		Value
South State Corp.		3,668	$	319,666
Sterling Bancorp, Inc. (a)		8,922		113,309
SVB Financial Group (a)		6,150		1,437,686
Synovus Financial Corp.		10,200		488,988
Texas Capital Bancshares, Inc. (a)		10,200		906,780
Towne Bank		33,000		1,014,750
Webster Financial Corp.		15,475		869,076
Wintrust Financial Corp.		11,600		955,492

				20,573,277

Diversified Financial Services — 2.3%
Cboe Global Markets, Inc.		7,821		974,418
Houlihan Lokey, Inc.		11,326		514,540
Janus Henderson Group PLC		14,298		547,042
Stifel Financial Corp.		7,400		440,744

				2,476,744

Insurance — 4.1%
Assured Guaranty Ltd.		15,682		531,149
Employers Holdings, Inc.		13,800		612,720
Kinsale Capital Group, Inc.		9,413		423,585
ProAssurance Corp.		18,600		1,062,990
Radian Group, Inc.		48,100		991,341
Safety Insurance Group, Inc.		5,400		434,160
State Auto Financial Corp.		16,900		492,128

				4,548,073

Private Equity — 0.2%
Safeguard Scientifics, Inc. (a)		19,200		215,040

Real Estate Investment Trusts (REITS) — 8.5%
Acadia Realty Trust		22,400		612,864
American Assets Trust, Inc.		6,800		260,032
American Campus Communities, Inc.		9,900		406,197
Cedar Realty Trust, Inc.		155,700		946,656
Douglas Emmett, Inc.		13,500		554,310
EastGroup Properties, Inc.		12,100		1,069,398
Healthcare Realty Trust, Inc.		17,100		549,252
JBG SMITH Properties		19,527		678,173
Kilroy Realty Corp.		8,300		619,595
Potlatch Corp.		16,000		798,400
PS Business Parks, Inc.		5,700		713,013
Retail Opportunity Investments Corp.		18,000		359,100
Saul Centers, Inc.		10,700		660,725
Sunstone Hotel Investors, Inc.		26,200		433,086
Washington Real Estate Investment Trust		21,000		653,520

				9,314,321

Savings & Loans — 2.3%
Beneficial Bancorp, Inc.		42,823		704,438
Meridian Bancorp, Inc.		24,200		498,520
United Financial Bancorp, Inc.		40,700		717,948
WSFS Financial Corp.		13,600		650,760

				2,571,666

				39,699,121

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

119

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


	Number of Shares		Value
Industrial — 16.5%
Aerospace & Defense — 1.1%
Kaman Corp.		6,400	$	376,576
Triumph Group, Inc.		30,950		841,840

				1,218,416

Building Materials — 0.6%
Universal Forest Products, Inc.		19,200		722,304

Electrical Components & Equipment — 3.4%
Belden, Inc.		18,160		1,401,407
Energizer Holdings, Inc.		11,700		561,366
Littelfuse, Inc.		9,100		1,800,162

				3,762,935

Electronics — 3.8%
Badger Meter, Inc.		12,300		587,940
Brady Corp. Class A		11,900		451,010
ESCO Technologies, Inc.		17,200		1,036,300
Knowles Corp. (a)		45,900		672,894
Methode Electronics, Inc.		13,200		529,320
SYNNEX Corp.		6,800		924,460

				4,201,924

Engineering & Construction — 0.8%
Aegion Corp. (a)		32,800		834,104

Environmental Controls — 0.4%
MSA Safety, Inc.		5,600		434,112

Metal Fabricate & Hardware — 1.8%
CIRCOR International, Inc.		10,300		501,404
RBC Bearings, Inc. (a)		5,900		745,760
Sun Hydraulics Corp.		11,500		743,935

				1,991,099

Miscellaneous – Manufacturing — 1.6%
Colfax Corp. (a)		11,500		455,630
Hillenbrand, Inc.		10,230		457,281
Myers Industries, Inc.		41,450		808,275

				1,721,186

Transportation — 3.0%
Genesee & Wyoming, Inc. Class A (a)		10,050		791,237
Kirby Corp. (a)		5,950		397,460
Landstar System, Inc.		15,900		1,655,190
Universal Logistics Holdings, Inc.		19,200		456,000

				3,299,887

				18,185,967

Technology — 2.6%
Computers — 0.9%
Conduent, Inc. (a)		17,500		282,800
CSRA, Inc.		19,700		589,424
Lumentum Holdings, Inc. (a) (b)		2,300		112,470

				984,694


	Number of Shares		Value
Semiconductors — 1.1%
Cabot Microelectronics Corp.		6,300	$	592,704
MaxLinear, Inc. (a)		11,100		293,262
Rudolph Technologies, Inc. (a)		12,800		305,920

				1,191,886

Software — 0.6%
Callidus Software, Inc. (a)		24,300		696,195

				2,872,775

Utilities — 6.3%
Electric — 3.2%
El Paso Electric Co.		11,100		614,385
MGE Energy, Inc.		2,600		164,060
NorthWestern Corp.		13,800		823,860
PNM Resources, Inc.		31,600		1,278,220
Portland General Electric Co.		12,700		578,866

				3,459,391

Gas — 2.6%
Atmos Energy Corp.		7,200		618,408
Chesapeake Utilities Corp.		13,600		1,068,280
ONE Gas, Inc.		16,600		1,216,116

				2,902,804

Water — 0.5%
California Water Service Group		12,300		557,805

				6,920,000


TOTAL COMMON STOCK (Cost $73,612,060)				108,094,192


TOTAL EQUITIES (Cost $73,612,060)				108,094,192


WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Foods — 0.0%
The Simply Good Foods Co. (a)		4,866		18,880


TOTAL WARRANTS (Cost $9,781)				18,880


MUTUAL FUNDS — 3.8%
Diversified Financial Services — 3.8%
State Street Navigator Securities Lending Prime Portfolio (c)		4,160,883		4,160,883
T. Rowe Price Reserve Investment Fund		1,017		1,017

				4,161,900


TOTAL MUTUAL FUNDS (Cost $4,161,900)				4,161,900


TOTAL LONG-TERM INVESTMENTS (Cost $77,783,741)				112,274,972

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

120

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


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.6%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (d)	$	1,761,372	$	1,761,372


TOTAL SHORT-TERM INVESTMENTS (Cost $1,761,372)				1,761,372


TOTAL INVESTMENTS — 103.7% (Cost $79,545,113) (e)				114,036,344

Other Assets/(Liabilities) — (3.7)%				(4,109,719	)


NET ASSETS — 100.0%			$	109,926,625

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, 2017, was $4,051,218 or 3.69% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(d)	Maturity value of $1,761,478. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $1,800,705.

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

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

121

MML Small/Mid Cap Value Fund – Portfolio of Investments

December 31, 2017


	Number of Shares		Value
EQUITIES — 98.1%

COMMON STOCK — 98.1%
Basic Materials — 2.2%
Chemicals — 0.6%
Ingevity Corp. (a)		13,105	$	923,509
Orion Engineered Carbons SA		16,000		409,600

				1,333,109

Mining — 1.6%
Alcoa Corp. (a)		69,690		3,754,200

				5,087,309

Communications — 4.0%
Internet — 1.2%
CDW Corp.		39,770		2,763,617

Media — 1.3%
Houghton Mifflin Harcourt Co. (a)		145,560		1,353,708
Scholastic Corp.		40,680		1,631,675

				2,985,383

Telecommunications — 1.5%
Finisar Corp. (a)		73,850		1,502,848
Infinera Corp. (a)		136,510		864,108
NETGEAR, Inc. (a)		21,375		1,255,781

				3,622,737

				9,371,737

Consumer, Cyclical — 17.2%
Airlines — 1.9%
Hawaiian Holdings, Inc.		31,580		1,258,463
SkyWest, Inc.		60,862		3,231,772

				4,490,235

Apparel — 1.7%
Crocs, Inc. (a)		161,700		2,043,888
Deckers Outdoor Corp. (a)		22,460		1,802,415

				3,846,303

Auto Parts & Equipment — 3.8%
Cooper-Standard Holding, Inc. (a)		23,297		2,853,883
Dana, Inc.		98,313		3,146,999
Lear Corp.		9,012		1,592,060
Tenneco, Inc.		22,531		1,318,965

				8,911,907

Distribution & Wholesale — 0.9%
Anixter International, Inc. (a)		28,530		2,168,280

Home Builders — 2.6%
CalAtlantic Group, Inc.		72,530		4,089,967
PulteGroup, Inc.		55,570		1,847,702

				5,937,669

Office Furnishings — 1.0%
Steelcase, Inc. Class A		153,100		2,327,120


	Number of Shares		Value
Retail — 5.3%
Bloomin’ Brands, Inc.		125,920	$	2,687,133
Brinker International, Inc.		50,249		1,951,671
Burlington Stores, Inc. (a)		12,499		1,537,752
Caleres, Inc.		48,486		1,623,311
The Michaels Cos., Inc. (a)		125,270		3,030,281
Signet Jewelers Ltd.		25,970		1,468,604

				12,298,752

				39,980,266

Consumer, Non-cyclical — 10.6%
Beverages — 1.0%
Cott Corp.		135,397		2,255,714

Commercial Services — 4.6%
ABM Industries, Inc.		36,280		1,368,482
Booz Allen Hamilton Holding Corp.		80,640		3,074,803
Quanta Services, Inc. (a)		78,098		3,054,413
Sotheby’s (a)		62,010		3,199,716

				10,697,414

Foods — 0.8%
Ingredion, Inc.		12,894		1,802,581

Health Care – Services — 4.2%
ICON PLC (a)		26,942		3,021,545
LifePoint Health, Inc. (a)		47,100		2,345,580
Molina Healthcare, Inc. (a)		30,580		2,344,875
WellCare Health Plans, Inc. (a)		10,221		2,055,545

				9,767,545

				24,523,254

Energy — 9.5%
Oil & Gas — 5.9%
Helmerich & Payne, Inc.		21,940		1,418,201
HollyFrontier Corp.		68,990		3,533,668
Oasis Petroleum, Inc. (a)		210,310		1,768,707
QEP Resources, Inc. (a)		268,500		2,569,545
SM Energy Co.		109,410		2,415,773
SRC Energy, Inc. (a)		248,090		2,116,208

				13,822,102

Oil & Gas Services — 3.6%
Helix Energy Solutions Group, Inc. (a)		85,030		641,126
MRC Global, Inc. (a)		129,260		2,187,079
Oil States International, Inc. (a)		75,920		2,148,536
RPC, Inc.		128,237		3,273,891

				8,250,632

				22,072,734

Financial — 25.5%
Banks — 11.4%
Associated Banc-Corp.		106,147		2,696,134
BankUnited, Inc.		50,660		2,062,875

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

122

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


	Number of Shares		Value
Comerica, Inc.		38,270	$	3,322,219
Fulton Financial Corp.		122,250		2,188,275
Huntington Bancshares, Inc.		236,465		3,442,930
Synovus Financial Corp.		46,300		2,219,622
Texas Capital Bancshares, Inc. (a)		26,390		2,346,071
Umpqua Holdings Corp.		87,420		1,818,336
Webster Financial Corp.		47,693		2,678,439
Zions Bancorp		73,085		3,714,910

				26,489,811

Diversified Financial Services — 0.6%
OneMain Holdings, Inc. (a)		49,030		1,274,290

Insurance — 8.7%
American Financial Group, Inc.		29,781		3,232,430
Essent Group Ltd. (a)		51,500		2,236,130
Everest Re Group Ltd.		5,310		1,174,891
First American Financial Corp.		40,570		2,273,543
The Hanover Insurance Group, Inc.		13,180		1,424,494
Old Republic International Corp.		115,530		2,470,032
Reinsurance Group of America, Inc.		26,440		4,122,789
Selective Insurance Group, Inc.		36,020		2,114,374
Validus Holdings Ltd.		26,170		1,227,896

				20,276,579

Real Estate Investment Trusts (REITS) — 4.8%
American Campus Communities, Inc.		39,700		1,628,891
Education Realty Trust, Inc.		58,080		2,028,154
Empire State Realty Trust, Inc. Class A		116,516		2,392,073
Gramercy Property Trust		105,788		2,820,308
STAG Industrial, Inc.		85,370		2,333,162

				11,202,588

				59,243,268

Industrial — 15.9%
Aerospace & Defense — 0.6%
Esterline Technologies Corp. (a)		18,780		1,402,866

Electrical Components & Equipment — 1.2%
EnerSys		41,430		2,884,771

Electronics — 1.1%
Avnet, Inc.		62,940		2,493,683

Engineering & Construction — 2.7%
AECOM (a)		67,303		2,500,306
Granite Construction, Inc.		32,340		2,051,326
Tutor Perini Corp. (a)		66,710		1,691,099

				6,242,731

Hand & Machine Tools — 1.1%
Regal Beloit Corp.		33,130		2,537,758

Machinery – Construction & Mining — 2.2%
Oshkosh Corp.		30,280		2,752,149
Terex Corp.		50,540		2,437,039

				5,189,188


	Number of Shares		Value
Machinery – Diversified — 1.1%
SPX FLOW, Inc. (a)		53,500	$	2,543,925

Miscellaneous – Manufacturing — 1.3%
Trinseo SA		41,370		3,003,462

Packaging & Containers — 1.2%
Graphic Packaging Holding Co.		184,980		2,857,941

Transportation — 3.4%
Atlas Air Worldwide Holdings, Inc. (a)		33,700		1,976,505
Ryder System, Inc.		34,350		2,891,240
Werner Enterprises, Inc.		76,750		2,966,387

				7,834,132

				36,990,457

Technology — 9.3%
Computers — 5.4%
Amdocs Ltd.		35,788		2,343,398
Convergys Corp.		69,059		1,622,887
Genpact Ltd.		98,827		3,136,769
NCR Corp. (a)		88,359		3,003,322
VeriFone Systems, Inc. (a)		141,230		2,501,183

				12,607,559

Semiconductors — 2.7%
Cypress Semiconductor Corp.		161,670		2,463,851
Integrated Device Technology, Inc. (a)		25,780		766,439
Mellanox Technologies Ltd. (a)		27,430		1,774,721
Qorvo, Inc. (a)		20,123		1,340,192

				6,345,203

Software — 1.2%
Verint Systems, Inc. (a)		62,995		2,636,341

				21,589,103

Utilities — 3.9%
Electric — 3.4%
Alliant Energy Corp.		51,797		2,207,070
Black Hills Corp.		25,455		1,530,100
PNM Resources, Inc.		52,093		2,107,162
Portland General Electric Co.		44,890		2,046,086

				7,890,418

Gas — 0.5%
Southwest Gas Holdings, Inc.		15,570		1,253,074

				9,143,492


TOTAL COMMON STOCK (Cost $182,978,929)				228,001,620


TOTAL EQUITIES (Cost $182,978,929)				228,001,620


TOTAL LONG-TERM INVESTMENTS (Cost $182,978,929)				228,001,620

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

123

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


	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp, Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (b)	$	4,868,316	$	4,868,316


TOTAL SHORT-TERM INVESTMENTS (Cost $4,868,316)				4,868,316


TOTAL INVESTMENTS — 100.2% (Cost $187,847,245) (c)				232,869,936

Other Assets/(Liabilities) — (0.2)%				(453,172	)


NET ASSETS — 100.0%			$	232,416,764

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $4,868,609. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $4,967,462.

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

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

124

MML Total Return Bond Fund – Portfolio of Investments

December 31, 2017


	Principal Amount		Value
BONDS & NOTES — 100.7%

BANK LOANS — 0.4%
Biotechnology — 0.1%
Gilead Sciences, Inc., 5 Year Term Loan, VRN 3 mo. LIBOR + 1.000% 2.343% 9/08/22	$	500,000	$	499,375

Computers — 0.1%
Dell, Inc., 2017 Term Loan A3, VRN 1 mo. LIBOR + 1.500% 3.070% 12/31/18		543,197		542,969

Diversified Financial Services — 0.1%
Delos Finance Sarl, 2017 Term Loan B, VRN 3 mo. LIBOR + 2.000% 3.693% 10/06/23		591,000		595,220

Real Estate Investment Trusts (REITS) — 0.1%
Ventas Realty Ltd., Term Loan A, VRN (a) 0.975% 8/03/20		210,000		207,900


TOTAL BANK LOANS (Cost $1,843,934)				1,845,464


CORPORATE DEBT — 27.5%
Aerospace & Defense — 0.6%
L3 Technologies, Inc. 5.200% 10/15/19		750,000		785,561
Northrop Grumman Corp. 3.250% 1/15/28		640,000		640,935
United Technologies Corp. STEP 1.778% 5/04/18		1,000,000		998,471

				2,424,967

Agriculture — 0.2%
BAT International Finance PLC (b) 1.850% 6/15/18		750,000		749,362

Airlines — 0.5%
Continental Airlines Pass-Through Trust 7.250% 5/10/21		1,644,551		1,773,031
Northwest Airlines Pass-Through Trust 7.041% 10/01/23		376,604		427,916

				2,200,947

Auto Manufacturers — 0.3%
Ford Motor Credit Co. LLC 2.145% 1/09/18		500,000		500,010
General Motors Co. 3.500% 10/02/18		500,000		505,201
General Motors Financial Co., Inc. 2.350% 10/04/19		500,000		498,530

				1,503,741


	Principal Amount		Value
Auto Parts & Equipment — 0.0%
The Goodyear Tire & Rubber Co. 4.875% 3/15/27	$	93,000	$	95,209

Banks — 9.1%
Bank of America Corp. 3 mo. USD LIBOR + .660%, VRN 2.369% 7/21/21		515,000		514,098
Bank of America Corp. VRN (a) (b) 3.004% 12/20/23		1,079,000		1,081,770
Bank of America Corp. VRN (a) 3.093% 10/01/25		860,000		858,028
Bank of America Corp. 5.650% 5/01/18		500,000		505,967
Bank of America Corp. 6.875% 4/25/18		4,950,000		5,025,622
Bank of America Corp. 6.875% 11/15/18		750,000		781,046
Citigroup, Inc. 1.800% 2/05/18		1,000,000		999,895
Citigroup, Inc. 2.050% 12/07/18		1,000,000		998,954
Citigroup, Inc. 6.125% 5/15/18		2,720,000		2,761,216
Discover Bank 2.000% 2/21/18		1,500,000		1,500,104
The Goldman Sachs Group, Inc. 2.375% 1/22/18		1,000,000		1,000,204
The Goldman Sachs Group, Inc. VRN (a) 3.272% 9/29/25		645,000		642,401
The Goldman Sachs Group, Inc. 5.950% 1/18/18		2,100,000		2,103,312
The Goldman Sachs Group, Inc. 6.150% 4/01/18		1,860,000		1,879,576
The Goldman Sachs Group, Inc. 7.500% 2/15/19		1,000,000		1,056,835
HBOS PLC (b) 6.750% 5/21/18		1,100,000		1,118,649
JP Morgan Chase & Co. 3 mo. USD LIBOR + .550%, FRN 1.917% 4/25/18		700,000		700,798
JP Morgan Chase & Co. 2.950% 10/01/26		895,000		879,105
JP Morgan Chase & Co. 3 mo. USD LIBOR + 1.380%, VRN 3.540% 5/01/28		2,000,000		2,034,693
JP Morgan Chase & Co. 3 mo. USD LIBOR + 1.337%, VRN 3.782% 2/01/28		500,000		518,125
JP Morgan Chase & Co. 6.000% 1/15/18		1,000,000		1,001,391

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

125

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


	Principal Amount		Value
Lloyds Banking Group PLC VRN (a) 2.907% 11/07/23	$	430,000	$	426,315
Morgan Stanley 3 mo. USD LIBOR + .800%, FRN 2.213% 2/14/20		3,395,000		3,408,532
Morgan Stanley 3 mo. USD LIBOR + .930%, FRN 2.293% 7/22/22		510,000		514,096
Morgan Stanley 3 mo. USD LIBOR + 1.280%, FRN 2.647% 4/25/18		1,000,000		1,003,266
Morgan Stanley 5.500% 7/24/20		250,000		268,045
Morgan Stanley 6.625% 4/01/18		895,000		904,805
Wells Fargo & Co. 3.000% 4/22/26		475,000		466,022
Wells Fargo & Co. 3.000% 10/23/26		345,000		338,154
Wells Fargo & Co. 3.550% 9/29/25		725,000		744,187
Wells Fargo & Co. 3 mo. USD LIBOR + 1.310%, VRN 3.584% 5/22/28		1,865,000		1,901,288
Wells Fargo Bank NA 2.150% 12/06/19		1,000,000		998,458

				38,934,957

Beverages — 0.2%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		600,000		695,393
Constellation Brands, Inc. 6.000% 5/01/22		325,000		365,279

				1,060,672

Biotechnology — 0.7%
Amgen, Inc. 4.400% 5/01/45		500,000		544,019
Baxalta, Inc. 2.875% 6/23/20		725,000		729,683
Celgene Corp. 5.000% 8/15/45		750,000		850,942
Gilead Sciences, Inc. 3.650% 3/01/26		525,000		544,635
Gilead Sciences, Inc. 4.150% 3/01/47		445,000		473,336

				3,142,615

Chemicals — 0.1%
Axalta Coating Systems LLC (b) 4.875% 8/15/24		150,000		157,500
Valvoline, Inc. 5.500% 7/15/24		200,000		212,500

				370,000


	Principal Amount		Value
Commercial Services — 0.1%
IHS Markit Ltd. (b) 4.000% 3/01/26	$	53,000	$	52,934
Service Corp. International 4.625% 12/15/27		210,000		213,070

				266,004

Computers — 0.2%
Apple, Inc. 4.650% 2/23/46		850,000		995,380

Cosmetics & Personal Care — 0.1%
First Quality Finance Co., Inc. (b) 4.625% 5/15/21		132,000		132,990
First Quality Finance Co., Inc. (b) 5.000% 7/01/25		80,000		81,600

				214,590

Diversified Financial Services — 0.8%
Citigroup, Inc. 8.500% 5/22/19		1,200,000		1,299,986
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		780,000		844,160
International Lease Finance Corp. (b) 7.125% 9/01/18		1,000,000		1,031,868
Raymond James Financial, Inc. 4.950% 7/15/46		400,000		452,222

				3,628,236

Electric — 2.5%
AEP Transmission Co. LLC (b) 3.100% 12/01/26		855,000		856,698
Dominion Energy, Inc. (b) 1.875% 12/15/18		1,000,000		996,812
Duke Energy Carolinas LLC 4.000% 9/30/42		1,000,000		1,066,908
Duquesne Light Holdings, Inc. (b) 6.400% 9/15/20		1,000,000		1,093,541
Emera US Finance LP 2.150% 6/15/19		1,068,000		1,063,845
Jersey Central Power & Light Co. (b) 4.700% 4/01/24		800,000		866,239
Jersey Central Power & Light Co. 6.400% 5/15/36		425,000		519,516
Kansas City Power & Light Co. 3.150% 3/15/23		500,000		502,282
LG&E & KU Energy LLC 4.375% 10/01/21		1,200,000		1,268,180
MidAmerican Energy Co. 4.800% 9/15/43		1,400,000		1,681,580
The Southern Co. 1.550% 7/01/18		750,000		748,480

				10,664,081

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

126

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


	Principal Amount		Value
Electronics — 0.0%
Itron, Inc. (b) 5.000% 1/15/26	$	125,000	$	125,469

Entertainment — 0.1%
GLP Capital LP/GLP Financing II, Inc. 5.375% 4/15/26		200,000		214,500

Foods — 0.6%
Chobani LLC/Chobani Finance Corp., Inc. (b) 7.500% 4/15/25		53,000		56,180
Kraft Heinz Foods Co. FRN (a) 1.823% 8/09/19		750,000		751,771
Kraft Heinz Foods Co. 3.950% 7/15/25		500,000		516,436
Mondelez International Holdings Netherlands BV (b) 1.625% 10/28/19		1,195,000		1,177,755
Pilgrim’s Pride Corp. (b) 5.875% 9/30/27		107,000		110,210

				2,612,352

Gas — 0.2%
CenterPoint Energy Resources Corp. 6.250% 2/01/37		595,000		751,833
Southern Co. Gas Capital Corp. 2.450% 10/01/23		100,000		96,778

				848,611

Health Care – Products — 0.2%
Abbott Laboratories 4.900% 11/30/46		600,000		687,898
Teleflex, Inc. 4.625% 11/15/27		107,000		107,915

				795,813

Health Care – Services — 1.8%
Aetna, Inc. 2.800% 6/15/23		485,000		477,328
Anthem, Inc. 3.125% 5/15/22		500,000		504,417
Anthem, Inc. 3.300% 1/15/23		530,000		537,773
Centene Corp. 4.750% 1/15/25		259,000		263,532
CHS/Community Health Systems, Inc. 6.250% 3/31/23		135,000		121,500
Cigna Corp. 3.050% 10/15/27		945,000		928,212
DaVita, Inc. 5.000% 5/01/25		88,000		87,974
Fresenius Medical Care US Finance II, Inc. (b) 6.500% 9/15/18		805,000		830,043


	Principal Amount		Value
HCA, Inc. 5.000% 3/15/24	$	600,000	$	624,000
Kaiser Foundation Hospitals 3.150% 5/01/27		1,000,000		1,000,942
NYU Hospitals Center 4.368% 7/01/47		400,000		431,013
Providence St. Joseph Health Obligated Group 2.746% 10/01/26		845,000		818,566
Tenet Healthcare Corp. 4.500% 4/01/21		26,000		26,130
Tenet Healthcare Corp. (b) 4.625% 7/15/24		204,000		198,900
UnitedHealth Group, Inc. 3.750% 10/15/47		645,000		658,073
WellCare Health Plans, Inc. 5.250% 4/01/25		122,000		128,710

				7,637,113

Household Products & Wares — 0.1%
Central Garden & Pet Co. 6.125% 11/15/23		205,000		216,787
Spectrum Brands, Inc. 5.750% 7/15/25		85,000		89,463

				306,250

Insurance — 0.7%
Berkshire Hathaway Finance Corp. 4.300% 5/15/43		500,000		558,993
Berkshire Hathaway Finance Corp. 4.400% 5/15/42		750,000		845,154
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454%, VRN (b) 5.454% 10/15/54		970,000		1,045,466
New York Life Global Funding (b) 1.550% 11/02/18		750,000		747,395

				3,197,008

Internet — 0.2%
Amazon.com, Inc. (b) 3.150% 8/22/27		645,000		645,972
Zayo Group LLC / Zayo Capital, Inc. (b) 5.750% 1/15/27		80,000		81,600

				727,572

Media — 0.6%
Altice US Finance I Corp. (b) 5.375% 7/15/23		425,000		434,563
CCO Holdings LLC/CCO Holdings Capital Corp. (b) 5.000% 2/01/28		127,000		123,508
CCO Holdings LLC/CCO Holdings Capital Corp. (b) 5.125% 5/01/27		170,000		167,450

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

127

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


	Principal Amount		Value
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464% 7/23/22	$	875,000	$	912,930
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		200,000		233,186
CSC Holdings LLC (b) 5.500% 4/15/27		200,000		204,000
CSC Holdings LLC 8.625% 2/15/19		100,000		105,500
DISH DBS Corp. 5.875% 7/15/22		100,000		100,500
DISH DBS Corp. 6.750% 6/01/21		70,000		73,500
Sirius XM Radio, Inc. (b) 3.875% 8/01/22		220,000		220,550
Virgin Media Secured Finance PLC (b) 5.250% 1/15/26		200,000		202,000

				2,777,687

Miscellaneous – Manufacturing — 0.2%
General Electric Co. 5.875% 1/14/38		244,000		315,538
Siemens Financieringsmaatschappij NV (b) 2.000% 9/15/23		550,000		527,185

				842,723

Oil & Gas — 0.3%
Antero Resources Corp. 5.000% 3/01/25		125,000		127,500
Canadian Natural Resources Ltd. 3.850% 6/01/27		171,000		174,534
Diamondback Energy, Inc. 4.750% 11/01/24		84,000		84,315
Gulfport Energy Corp. 6.375% 5/15/25		47,000		47,235
Noble Energy, Inc. 5.250% 11/15/43		140,000		154,947
Parsley Energy LLC / Parsley Finance Corp. (b) 5.375% 1/15/25		210,000		212,100
QEP Resources, Inc. 5.250% 5/01/23		39,000		39,463
QEP Resources, Inc. 5.375% 10/01/22		39,000		39,877
Shell International Finance BV 4.375% 5/11/45		415,000		466,615

				1,346,586


	Principal Amount		Value
Packaging & Containers — 0.4%
Amcor Finance USA, Inc. (b) 3.625% 4/28/26	$	650,000	$	640,499
Ball Corp. 4.375% 12/15/20		350,000		362,250
Graphic Packaging International, Inc. 4.125% 8/15/24		200,000		207,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.750% 10/15/20		397,334		403,294
Sealed Air Corp. (b) 5.500% 9/15/25		190,000		207,100

				1,820,143

Pharmaceuticals — 1.0%
AbbVie, Inc. 1.800% 5/14/18		500,000		499,755
AbbVie, Inc. 3.600% 5/14/25		500,000		514,038
Allergan Funding SCS 2.350% 3/12/18		500,000		500,396
Allergan Funding SCS 3.800% 3/15/25		850,000		865,340
Shire Acquisitions Investments Ireland DAC 1.900% 9/23/19		500,000		495,473
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		550,000		534,378
Valeant Pharmaceuticals International, Inc. (b) 5.500% 3/01/23		400,000		366,000
Valeant Pharmaceuticals International, Inc. (b) 5.500% 11/01/25		124,000		126,170
Valeant Pharmaceuticals International, Inc. (b) 5.625% 12/01/21		100,000		97,750
Valeant Pharmaceuticals International, Inc. (b) 6.125% 4/15/25		100,000		91,500

				4,090,800

Pipelines — 1.2%
Cheniere Corpus Christi Holdings LLC (b) 5.125% 6/30/27		75,000		77,580
Energy Transfer LP 5.150% 3/15/45		400,000		388,939
Florida Gas Transmission Co. LLC (b) 7.900% 5/15/19		1,000,000		1,070,774
Kinder Morgan Energy Partners LP 3.500% 9/01/23		567,000		567,365

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

128

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


	Principal Amount		Value
Plains All American Pipeline LP/PAA Finance Corp. 4.650% 10/15/25	$	600,000	$	618,295
Rockies Express Pipeline LLC (b) 5.625% 4/15/20		155,000		162,362
Rockies Express Pipeline LLC (b) 6.000% 1/15/19		75,000		77,063
Sabine Pass Liquefaction LLC (b) 4.200% 3/15/28		500,000		505,890
Sunoco Logistics Partners Operations LP 5.400% 10/01/47		644,000		648,349
TC PipeLines LP 3.900% 5/25/27		500,000		502,498
Williams Partners LP 3.600% 3/15/22		683,000		698,648

				5,317,763

Real Estate Investment Trusts (REITS) — 2.1%
Alexandria Real Estate Equities, Inc. 3.450% 4/30/25		450,000		448,505
American Tower Corp. 3.000% 6/15/23		430,000		428,874
Boston Properties LP 3.200% 1/15/25		430,000		428,630
Crown Castle International Corp. 3.200% 9/01/24		625,000		618,519
Duke Realty LP 3.875% 2/15/21		1,000,000		1,033,498
HCP, Inc. 3.875% 8/15/24		500,000		511,774
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625% 5/01/24		100,000		106,500
Realty Income Corp. 2.000% 1/31/18		750,000		749,933
SBA Communications Corp. (b) 4.000% 10/01/22		213,000		213,266
SBA Communications Corp. 4.875% 9/01/24		98,000		100,695
SL Green Operating Partnership LP 3.250% 10/15/22		500,000		498,084
Ventas Realty LP 3.500% 2/01/25		1,500,000		1,511,164
WEA Finance LLC / Westfield UK & Europe Finance PLC (b) 3.250% 10/05/20		700,000		712,258
Welltower, Inc. 4.000% 6/01/25		830,000		858,257
Welltower, Inc. 4.125% 4/01/19		750,000		763,362

				8,983,319


	Principal Amount		Value
Retail — 0.3%
1011778 BC ULC/New Red Finance, Inc. (b) 4.250% 5/15/24	$	299,000	$	298,253
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (b) 4.750% 6/01/27		210,000		214,725
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		400,000		408,502
Walgreens Boots Alliance, Inc. 4.800% 11/18/44		275,000		296,077

				1,217,557

Semiconductors — 0.0%
NXP BV/NXP Funding LLC (b) 4.125% 6/01/21		200,000		204,000

Software — 0.4%
CDK Global, Inc. (b) 4.875% 6/01/27		62,000		62,775
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (b) 5.750% 3/01/25		210,000		210,000
First Data Corp. (b) 5.000% 1/15/24		193,000		198,549
Microsoft Corp. 3.750% 2/12/45		635,000		668,969
Oracle Corp. 3.250% 11/15/27		430,000		437,295
Quintiles IMS, Inc. (b) 4.875% 5/15/23		175,000		180,250

				1,757,838

Telecommunications — 1.6%
AT&T, Inc. 3.950% 1/15/25		160,000		163,818
AT&T, Inc. 4.125% 2/17/26		500,000		511,428
AT&T, Inc. 4.500% 3/09/48		540,000		505,970
AT&T, Inc. 4.800% 6/15/44		760,000		751,702
AT&T, Inc. 4.900% 8/14/37		425,000		430,353
AT&T, Inc. (b) 5.150% 11/15/46		530,000		541,677
Intelsat Jackson Holdings SA (b) 9.750% 7/15/25		78,000		75,075
Level 3 Financing, Inc. 5.375% 1/15/24		46,000		45,942
Level 3 Financing, Inc. 5.625% 2/01/23		175,000		176,312
SoftBank Group Corp. (b) 4.500% 4/15/20		200,000		204,306

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

129

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


	Principal Amount		Value
Sprint Communications, Inc. (b) 9.000% 11/15/18	$	148,000	$	155,785
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC STEP (b) 3.360% 3/20/23		604,688		608,467
T-Mobile USA, Inc. 6.625% 4/01/23		415,000		432,637
Verizon Communications, Inc. 4.522% 9/15/48		600,000		590,789
Verizon Communications, Inc. 4.862% 8/21/46		600,000		624,974
Verizon Communications, Inc. 5.150% 9/15/23		500,000		556,322
Verizon Communications, Inc. 5.250% 3/16/37		630,000		692,800

				7,068,357

Transportation — 0.1%
Burlington Northern Santa Fe LLC 4.150% 4/01/45		265,000		287,974


TOTAL CORPORATE DEBT (Cost $117,158,142)				118,430,196


MUNICIPAL OBLIGATIONS — 1.3%
Alabama Economic Settlement Authority 3.163% 9/15/25		1,000,000		1,011,140
City of New York NY 5.206% 10/01/31		750,000		876,758
Commonwealth of Massachusetts 4.910% 5/01/29		550,000		645,618
Los Angeles Unified School District 5.755% 7/01/29		1,000,000		1,223,850
New York State Dormitory Authority 5.289% 3/15/33		750,000		879,727
State of California 7.950% 3/01/36		850,000		949,212

				5,586,305


TOTAL MUNICIPAL OBLIGATIONS (Cost $5,640,756)				5,586,305


NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.2%
Commercial MBS — 1.5%
7 WTC Depositor LLC Trust, Series 2012-7WTC, Class A (b) 4.082% 3/13/31		47,468		47,521
BAMLL Commercial Mortgage Securities Trust, Series 2012-PARK, Class A (b) 2.959% 12/10/30		375,000		379,246


	Principal Amount		Value
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A (b) 3.369% 3/13/35	$	420,000	$	429,599
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class A (b) 3.251% 5/10/35		340,000		345,974
COMM Mortgage Trust, Series 2013-WWP, Class A2 (b) 3.424% 3/10/31		390,000		404,460
COMM Mortgage Trust, Series 2016-787S, Class A (b) 3.545% 2/10/36		340,000		347,034
COMM Mortgage Trust, Series 2013-300P, Class A1 (b) 4.353% 8/10/30		325,000		348,204
GS Mortgage Securities Corp Trust, Series 2012-SHOP, Class A, 144A (b) 2.933% 6/05/31		210,000		211,389
GS Mortgage Securities Corp., Series 2012-ALOH, Class A (b) 3.551% 4/10/34		370,000		381,511
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class A2 (b) 3.616% 11/15/43		122,427		123,383
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4 2.858% 11/15/45		1,780,000		1,788,137
Morgan Stanley Capital I Trust, Series 2015-420, Class A (b) 3.727% 10/11/50		400,000		413,306
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, VRN (a) (b) 3.834% 1/13/32		330,000		341,511
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, VRN (a) (b) 3.872% 1/05/43		370,000		372,120
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2 (b) 4.393% 11/15/43		500,000		522,581

				6,455,976

Home Equity ABS — 1.1%
Bear Stearns I Trust, Series 2006-HE1, Class 1M1, 1 mo. USD LIBOR + .410%, FRN 1.962% 12/25/35		946,745		946,672
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290%, FRN 1.842% 8/25/36		2,400,000		2,342,796

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

130

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


	Principal Amount		Value
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050%, FRN 2.602% 10/25/34	$	1,262,135	$	1,267,310

				4,556,778

Other ABS — 1.9%
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100%, FRN (b) 2.463% 7/20/26		330,000		330,550
Blue Hill CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 1.180%, FRN (b) 2.539% 1/15/26		960,000		960,329
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, VRN (a) 4.804% 10/25/46		1,324,034		1,271,891
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2, 1 mo. USD LIBOR + .470%, FRN 2.022% 7/25/35		578,324		579,801
Magnetite CLO Ltd., Series 2015-12A, Class AR, 3 mo. USD LIBOR + 1.330%, FRN (b) 2.689% 4/15/27		1,060,000		1,066,937
Saxon Asset Securities Trust, Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240%, FRN 1.792% 5/25/47		2,564,516		2,066,258
Saxon Asset Securities Trust, Series 2005-1, Class M1, 1 mo. USD LIBOR + .690%, FRN 2.018% 5/25/35		980,236		982,151
Voya CLO Ltd., Series 2014-3A, Class A1R, FRN (a) (b) (c) (i) 2.236% 7/25/26		1,000,000		1,000,000

				8,257,917

Student Loans ABS — 4.9%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%, FRN (b) 2.252% 7/25/56		838,950		839,957
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200%, FRN 1.886% 3/28/35		1,500,000		1,424,605
Navient Student Loan Trust, Series 2015-1, Class A2, 1 mo. USD LIBOR + .600%, FRN 2.152% 4/25/40		1,100,000		1,099,999


	Principal Amount		Value
Navient Student Loan Trust, Series 2017-3A, Class A3, 1 mo. USD LIBOR + 1.050%, FRN (b) 2.602% 7/26/66	$	1,100,000	$	1,128,747
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + .590%, FRN (b) 1.918% 4/25/46		1,427,920		1,426,655
Nelnet Student Loan Trust, Series 2015-3A, Class A2, 1 mo. USD LIBOR + .600%, FRN (b) 1.928% 2/27/51		1,742,809		1,738,870
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750%, FRN (b) 2.302% 11/25/42		1,272,087		1,275,561
SLC Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .160%, FRN 1.749% 9/15/39		2,300,000		2,184,425
SLM Student Loan Trust, Series 2005-9, Class B, 3 mo. USD LIBOR + .300%, FRN 1.667% 1/25/41		184,402		169,242
SLM Student Loan Trust, Series 2007-6, Class A4, 3 mo. USD LIBOR + .380%, FRN 1.747% 10/25/24		1,442,383		1,441,831
SLM Student Loan Trust, Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550%, FRN (b) 1.917% 10/25/64		1,100,000		1,088,016
SLM Student Loan Trust, Series 2012-7, Class A3, 1 mo. USD LIBOR + .650%, FRN 1.978% 5/26/26		1,100,000		1,092,349
SLM Student Loan Trust, Series 2008-1, Class A4, 3 mo. USD LIBOR + .650%, FRN 2.017% 1/25/22		1,077,174		1,072,082
SLM Student Loan Trust, Series 2003-10A, Class A3, 3 mo. LIBOR + .550%, FRN (b) 2.059% 12/15/27		1,125,088		1,124,373
SLM Student Loan Trust, Series 2012-2, Class A, 1 mo. USD LIBOR + .700%, FRN 2.252% 1/25/29		1,286,328		1,291,021
SLM Student Loan Trust, Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500%, FRN 2.867% 4/25/23		1,213,024		1,240,989

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

131

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


	Principal Amount		Value
SLM Student Loan Trust, Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850%, FRN 3.217% 7/25/73	$	700,000	$	712,801
SLM Student Loan Trust, Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250%, FRN 3.617% 10/25/83		680,000		704,441

				21,055,964

WL Collateral CMO — 4.8%
American Home Mortgage Investment Trust Series 2005-1, 3.561% 6/25/45 Class 6A 6 mo. USD LIBOR + 2.000%, FRN		1,829,294		1,859,830
Banc of America Funding Trust, Series 2016-R1, Class A1, VRN (a) (b) 2.500% 3/25/40		1,571,474		1,549,388
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, VRN (a) 3.394% 3/25/37		659,491		658,045
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400%, FRN 3.630% 10/25/35		780,070		798,665
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, VRN (a) 3.673% 11/25/35		1,091,318		1,073,288
HarborView Mortgage Loan Trust Series 2006-10, 1.695% 11/19/36 Class 1A1A 1 mo. USD LIBOR + .200%, FRN		2,219,795		1,964,549
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520%, FRN 2.072% 4/25/35		1,437,545		1,381,328
IndyMac Index Mortgage Loan Trust, Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270%, FRN 1.822% 10/25/36		2,260,776		1,488,882
IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1, VRN (a) 3.326% 10/25/35		1,316,173		1,148,141
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840%, FRN (b) 1.842% 11/26/46		1,150,422		1,109,994
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070%, FRN 2.622% 2/25/35		2,296,558		2,249,077


	Principal Amount		Value
Nomura Resecuritization Trust, Series 2015-1R, Class 6A1, 1 mo. USD LIBOR + .210%, FRN (b) 1.544% 5/26/47	$	568,318	$	560,697
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .290%, FRN 1.842% 10/25/45		1,189,839		1,163,011
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .330%, FRN 1.882% 1/25/45		1,153,924		1,138,304
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1 Class 3A2 5.750% 2/25/36		1,205,731		1,160,607
Wells Fargo Mortgage Backed Securities Trust, Series 2004-DD, Class 2A6, VRN (a) 3.581% 1/25/35		275,266		278,488
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 3A1, VRN (a) 3.612% 4/25/36		1,096,708		1,109,598

				20,691,892


TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $59,634,079)				61,018,527


U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 30.3%
Collateralized Mortgage Obligations — 1.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series KF34, 1.732% 8/25/24 Class A FRN (a)		859,977		861,262
Series S8FX, 3.291% 3/25/27 Class A2		1,775,000		1,804,670
Federal Home Loan Mortgage Corp. REMICS Series 4639, 1.750% 4/15/53 Class HZ STEP		1,389,080		1,300,782
Federal National Mortgage Association Series 2017-M11, 1.708% 9/25/24 Class FA FRN (a)		1,072,231		1,070,778

				5,037,492

Pass-Through Securities — 29.2%
Federal Home Loan Mortgage Corp.
Pool #G18622 2.500% 12/01/31		999,498		998,483

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

132

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


	Principal Amount		Value
Pool #G18626 2.500% 1/01/32	$	970,509	$	969,524
Pool #G18592 3.000% 3/01/31		659,086		671,521
Pool #G18627 3.000% 1/01/32		1,922,734		1,959,011
Pool #G08710 3.000% 6/01/46		421,078		421,653
Pool #G08715 3.000% 8/01/46		3,214,652		3,219,047
Pool #G08726 3.000% 10/01/46		3,078,436		3,081,682
Pool #G08732 3.000% 11/01/46		1,079,857		1,080,996
Pool #G08737 3.000% 12/01/46		387,606		388,015
Pool #G08741 3.000% 1/01/47		2,670,012		2,671,994
Pool #G08747 3.000% 2/01/47		764,385		764,952
Pool #G08791 3.000% 12/01/47		997,163		997,903
Pool #G07848 3.500% 4/01/44		2,786,355		2,890,843
Pool #G60023 3.500% 4/01/45		2,917,643		3,024,319
Pool #G08698 3.500% 3/01/46		2,726,707		2,803,396
Pool #G08711 3.500% 6/01/46		1,723,663		1,771,064
Pool #G08716 3.500% 8/01/46		2,380,220		2,445,676
Pool #G67700 3.500% 8/01/46		1,584,322		1,637,050
Pool #G08722 3.500% 9/01/46		413,704		425,081
Pool #G08742 3.500% 1/01/47		1,657,854		1,703,575
Pool #G67703 3.500% 4/01/47		2,257,094		2,331,508
Pool #G08757 3.500% 4/01/47		565,389		580,981
Pool #G67706 3.500% 12/01/47		1,516,595		1,567,069
Pool #G08677 4.000% 11/01/45		1,453,873		1,522,194
Pool #G60344 4.000% 12/01/45		1,934,216		2,042,940
Pool #G08707 4.000% 5/01/46		1,891,293		1,978,396
Federal Home Loan Mortgage Corp. TBA Pool #648 3.500% 1/01/45 (d)		1,185,000		1,217,217


	Principal Amount		Value
Federal National Mortgage Association
Pool #AM0359 2.310% 8/01/22	$	500,000	$	496,071
Pool #AM0992 2.340% 11/01/22		820,000		813,588
Pool #AM1402 2.420% 11/01/22		945,000		941,095
Pool #AM0827 2.600% 11/01/22		977,706		982,251
Pool #AM2808 2.700% 3/01/23		375,000		378,110
Pool #AN1089 2.740% 3/01/26		690,000		685,112
Pool #AL6829 2.964% 5/01/27		1,353,192		1,361,575
Pool #MA2915 3.000% 2/01/27		1,003,895		1,025,267
Pool #MA1607 3.000% 10/01/33		793,907		809,351
Pool #AM9188 3.120% 6/01/35		780,000		774,027
Pool #FN0039 3.201% 9/01/27		819,524		838,514
Pool #AN4431 3.220% 1/01/27		805,000		823,973
Pool #AM9623 3.340% 7/01/30		755,000		777,848
Pool #AB4262 3.500% 1/01/32		814,846		847,377
Pool #MA1512 3.500% 7/01/33		375,540		390,532
Pool #MA1148 3.500% 8/01/42		2,588,742		2,658,516
Pool #469621 3.650% 11/01/21		1,563,109		1,629,551
Pool #AM4109 3.850% 8/01/25		416,097		442,702
Pool #AM4108 3.850% 8/01/25		374,019		397,935
Pool #466960 3.890% 12/01/20		1,116,422		1,162,928
Pool #466919 3.930% 1/01/21		1,451,913		1,515,585
Pool #AM4236 3.940% 8/01/25		620,075		663,031
Pool #468551 3.980% 7/01/21		1,230,000		1,293,670
Pool #MA3027 4.000% 6/01/47		1,281,450		1,341,067
Pool #AS9830 4.000% 6/01/47		1,258,267		1,319,951
Pool #AS9972 4.000% 7/01/47		1,092,740		1,146,310

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

133

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


	Principal Amount		Value
Pool #MA3088 4.000% 8/01/47	$	1,814,111	$	1,898,793
Pool #931504 4.500% 7/01/39		109,759		118,089
Pool #986268 5.000% 7/01/38		1,616		1,753
Pool #AD6374 5.000% 5/01/40		34,247		37,069
Pool #AI2733 5.000% 5/01/41		276,204		298,322
Pool #977014 5.500% 5/01/38		42,783		47,540
Pool #985524 5.500% 6/01/38		34,419		38,193
Pool #988578 5.500% 8/01/38		229,125		254,248
Pool #995482 5.500% 1/01/39		178,278		198,049
Federal National Mortgage Association TBA
Pool #4241 3.000% 5/01/44 (d)		2,145,000		2,145,503
Pool #1963 3.500% 10/01/44 (d)		9,360,000		9,613,744
Pool #9174 4.000% 3/01/44 (d)		290,000		303,322
Pool #18718 4.500% 11/01/41 (d)		7,920,000		8,426,137
Government National Mortgage Association
Pool #MA4719 3.500% 9/20/47		595,013		616,187
Pool #MA4838 4.000% 11/20/47		1,082,582		1,135,654
Pool #MA3666 5.000% 5/20/46		362,564		386,967
Pool #MA4199 5.000% 1/20/47		411,670		439,377
Pool #MA4722 5.000% 9/20/47		1,174,555		1,258,013
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		2,726,931		2,754,307
Pool #MA3521 3.500% 3/20/46		1,151,583		1,192,114
Pool #MA3597 3.500% 4/20/46		745,159		771,385
Pool #MA3663 3.500% 5/20/46		536,004		554,702
Pool #MA3736 3.500% 6/20/46		1,045,565		1,082,038
Pool #MA3937 3.500% 9/20/46		422,409		437,144


	Principal Amount		Value
Pool #MA4127 3.500% 12/20/46	$	1,417,046	$	1,466,477
Pool #MA4262 3.500% 2/20/47		1,662,450		1,720,441
Pool #MA4382 3.500% 4/20/47		461,164		477,251
Pool #MA4454 5.000% 5/20/47		943,849		1,015,043
Government National Mortgage Association II TBA
Pool #188 3.000% 4/01/45 (d)		2,445,000		2,467,540
Pool #207 3.500% 5/01/45 (d)		2,100,000		2,171,860
Pool #232 4.000% 1/24/48 (d)		1,015,000		1,058,296
Pool #872 4.500% 7/01/42 (d)		9,910,000		10,397,758

				125,465,343


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $131,666,070)				130,502,835


U.S. TREASURY OBLIGATIONS — 27.0%
U.S. Treasury Bonds & Notes — 27.0%
U.S. Treasury Bond 2.750% 11/15/47		21,580,000		21,615,404
U.S. Treasury Inflation Index 0.125% 4/15/22		2,687,842		2,668,914
U.S. Treasury Inflation Index 0.125% 7/15/26		3,128,342		3,056,675
U.S. Treasury Inflation Index 0.375% 7/15/27		2,223,478		2,211,639
U.S. Treasury Inflation Index 0.875% 2/15/47		4,342,863		4,512,869
U.S. Treasury Note 1.500% 10/31/19		11,250,000		11,173,315
U.S. Treasury Note 1.750% 12/31/19		1,395,000		1,394,399
U.S. Treasury Note 2.000% 10/31/22		9,980,000		9,893,454
U.S. Treasury Note 2.000% 11/30/22		30,070,000		29,799,839
U.S. Treasury Note 2.125% 12/31/22		19,110,000		19,030,126
U.S. Treasury Note 2.250% 11/15/27		10,935,000		10,782,080

				116,138,714


TOTAL U.S. TREASURY OBLIGATIONS (Cost $115,837,091)				116,138,714

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

134

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


	Principal Amount		Value
TOTAL BONDS & NOTES (Cost $431,780,072)			$	433,522,041


TOTAL LONG-TERM INVESTMENTS (Cost $431,780,072)				433,522,041


SHORT-TERM INVESTMENTS — 13.1%
Repurchase Agreement — 6.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/17, 0.540%, due 1/02/18 (e)	$	27,331,719		27,331,719

Sovereign Debt Obligations — 4.4%
Japan Treasury Discount Bill, JPY, 0.000%, due 1/10/18 (f)		840,000,000		7,455,226
Japan Treasury Discount Bill, JPY, 0.000%, due 2/26/18 (f)		340,000,000		3,018,186
Japan Treasury Discount Bill, JPY, 0.000%, due 3/26/18 (f)		925,000,000		8,212,186

				18,685,598

U.S. Treasury Bill — 2.3%
U.S. Treasury Bill (g) 0.000% 3/01/18		211,000		210,568
U.S. Treasury Bill (g) 0.000% 3/01/18		52,000		51,893
U.S. Treasury Bill 0.000% 4/19/18		9,780,000		9,739,450

				10,001,911


TOTAL SHORT-TERM INVESTMENTS (Cost $56,047,224)				56,019,228


TOTAL INVESTMENTS — 113.8% (Cost $487,827,296) (h)				489,541,269

Other Assets/(Liabilities) — (13.8)%				(59,483,701	)


NET ASSETS — 100.0%			$	430,057,568

Abbreviation Legend

ABS	Asset-Backed Security

CLO	Collateralized Loan Obligation

CMO	Collateralized Mortgage Obligation

CMT	Constant Maturity Treasury Index

FRN	Floating Rate Note

MBS	Mortgage-Backed Security

MTA	Monthly Treasury Average Index

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

WL	Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

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 12/31/17.

(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, 2017, these securities amounted to a value of $42,500,296 or 9.88% 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, 2017, these securities amounted to a value of $1,000,000 or 0.23% of net assets.

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

(e)	Maturity value of $27,333,359. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 2/15/24, and an aggregate market value, including accrued interest, of $27,879,883.

(f)	The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

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

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

(i)	Investment was valued using significant unobservable inputs.

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

135

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

The Fund had the following open Forward contracts at December 31, 2017:

Forward Contracts


		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Deliver
JPY	840,000,000	Goldman Sachs International*	1/10/18	$	7,489,101	$	32,140
JPY	340,000,000	Goldman Sachs International*	2/26/18		3,036,646		11,466
JPY	925,000,000	Goldman Sachs International*	3/26/18		8,283,632		39,932

				$	18,809,379	$	83,538

*	Contracts are subject to a Master Netting Agreement.

The Fund had the following open Futures contracts at December 31, 2017:

Futures


	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Futures Contracts — Long
U.S. Treasury Ultra Long Bond		3/20/18		3	$	493,888		$	9,081
U.S. Treasury Note 2 Year		3/29/18		212		45,472,072			(80,884	)
U.S. Treasury Note 5 Year		3/29/18		145		16,893,494			(49,705	)

								$	(121,508	)

Future Contract — Short
Euro-BOBL		3/08/18		55	$	(8,714,285	)	$	29,116

Currency Legend

EUR

Euro

JPY	Japanese Yen

USD	U.S. Dollar

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

136

THIS PAGE INTENTIONALLY LEFT BLANK

137

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

December 31, 2017


	MML Blue Chip Growth Fund			MML Equity Income Fund
Assets:
Investments, at value (Note 2) (a)	$	376,980,199		$	516,911,689
Repurchase agreements, at value (Note 2) (b)		1,084,037			9,036,108
Other short-term investments, at value (Note 2) (c)		-			-

Total investments (d)		378,064,236			525,947,797

Foreign currency, at value (e)		-			50,085
Receivables from:
Investments sold		469,233			668,242
Fund shares sold		153,371			25,221
Interest and dividends		103,571			999,970
Foreign taxes withheld		-			2,473

Total assets		378,790,411			527,693,788

Liabilities:
Payables for:
Investments purchased		127,742			179,128
Foreign currency overdraft		-			-
Fund shares repurchased		108,910			189,768
Securities on loan (Note 2)		-			-
Trustees’ fees and expenses (Note 3)		58,476			87,947
Variation margin on open derivative instruments (Note 2)		-			-
Affiliates (Note 3):
Investment advisory fees		242,673			335,501
Administration fees		-			-
Service fees		46,731			53,680
Commitment and Contingent Liabilities (Note 9)		-			-
Accrued expense and other liabilities		60,415			47,201

Total liabilities		644,947			893,225

Net assets	$	378,145,464		$	526,800,563

Net assets consist of:
Paid-in capital	$	147,873,944		$	346,890,342
Undistributed (accumulated) net investment income (loss)		(55,713	)		9,475,861
Accumulated net realized gain (loss) on investments and foreign currency transactions		71,987,823			48,084,157
Net unrealized appreciation (depreciation) on investments and foreign currency translations		158,339,410			122,350,203

Net assets	$	378,145,464		$	526,800,563


(a) Cost of investments:	$	218,640,792		$	394,565,446
(b) Cost of repurchase agreements:	$	1,084,037		$	9,036,108
(c) Cost of other short-term investments:	$	-		$	-
(d) Securities on loan with market value of:	$	-		$	-
(e) Cost of foreign currency:	$	-		$	49,589

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

138


MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund			MML Fundamental Growth Fund		MML Fundamental Value Fund

$	731,762,722	$	66,174,165	$	386,833,797		$	127,687,398	$	233,039,673
	8,673,848		1,230,285		13,002,320			-		5,893,795
	654,309		-		-			34,522		-

	741,090,879		67,404,450		399,836,117			127,721,920		238,933,468

	-		8,291		-			-		-

	778,042		-		12,624			-		-
	5,011		15,547		10,993			20,483		110,067
	757,255		76,346		497,222			13,583		294,767
	-		-		518,028			-		52,894

	742,631,187		67,504,634		400,874,984			127,755,986		239,391,196



	256,832		-		1,781,496			-		-
	-		-		35			-		-
	15,446		40,034		140,211			64,579		81,414
	-		-		4,039,373			-		-
	113,192		16,805		63,769			22,839		29,366
	36,370		-		-			-		-

	59,976		40,232		295,752			68,665		121,482
	55,280		8,621		-			16,613		30,370
	30,134		6,100		7,228			4,131		7,943
	-		-		-			-		-
	62,120		29,967		246,405			38,422		26,261

	629,350		141,759		6,574,269			215,249		296,836

$	742,001,837	$	67,362,875	$	394,300,715		$	127,540,737	$	239,094,360


$	404,879,657	$	22,803,193	$	332,834,147		$	67,871,639	$	155,230,944
	12,530,229		1,670,547		6,148,272			1,224,164		3,690,269
	18,975,098		35,874,361		(11,026,943	)		31,139,063		19,438,646
	305,616,853		7,014,774		66,345,239			27,305,871		60,734,501

$	742,001,837	$	67,362,875	$	394,300,715		$	127,540,737	$	239,094,360


$	426,265,111	$	59,159,390	$	320,345,498		$	100,381,527	$	172,306,238
$	8,673,848	$	1,230,285	$	13,002,320		$	-	$	5,893,795
$	654,396	$	-	$	-		$	34,522	$	-
$	-	$	-	$	3,923,282		$	-	$	-
$	-	$	8,291	$	-		$	-	$	-

139

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Blue Chip Growth Fund		MML Equity Income Fund
Initial Class shares:
Net assets	$	301,054,472	$	440,607,206

Shares outstanding (a)		17,295,038		35,255,317

Net asset value, offering price and redemption price per share	$	17.41	$	12.50

Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Class II shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Class III shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Service Class shares:
Net assets	$	77,090,992	$	86,193,357

Shares outstanding (a)		4,565,881		6,969,081

Net asset value, offering price and redemption price per share	$	16.88	$	12.37

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

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

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

140


MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Growth Fund		MML Fundamental Value Fund

$	-	$	-	$	382,812,978	$	-	$	-

	-		-		34,018,102		-		-

$	-	$	-	$	11.25	$	-	$	-


$	66,373,554	$	-	$	-	$	-	$	-

	2,140,595		-		-		-		-

$	31.01	$	-	$	-	$	-	$	-


$	186,673,763	$	57,382,092	$	-	$	120,665,625	$	225,882,552

	6,019,002		4,522,790		-		9,328,100		14,648,295

$	31.01	$	12.69	$	-	$	12.94	$	15.42


$	440,242,392	$	-	$	-	$	-	$	-

	14,215,975		-		-		-		-

$	30.97	$	-	$	-	$	-	$	-


$	-	$	-	$	11,487,737	$	-	$	-

	-		-		1,027,219		-		-

$	-	$	-	$	11.18	$	-	$	-


$	48,712,128	$	9,980,783	$	-	$	6,875,112	$	13,211,808

	1,616,841		797,273		-		539,830		869,195

$	30.13	$	12.52	$	-	$	12.74	$	15.20

141

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Global Fund		MML Growth & Income Fund
Assets:
Investments, at value (Note 2) (a)	$	242,487,186	$	140,419,866
Repurchase agreements, at value (Note 2) (b)		1,418,260		1,989,656
Other short-term investments, at value (Note 2) (c)		16,797		9,210

Total investments (d)		243,922,243		142,418,732

Foreign currency, at value (e)		16,327		-
Receivables from:
Investments sold		1,003,168		-
Open forward contracts (Note 2)		-		-
Investment adviser (Note 3)		-		-
Fund shares sold		23,561		57,257
Interest and dividends		202,507		128,024
Foreign taxes withheld		366,519		-

Total assets		245,534,325		142,604,013

Liabilities:
Payables for:
Investments purchased		73,573		-
Written options outstanding, at value (Note 2) (f)		-		-
Fund shares repurchased		48,703		25,046
Securities on loan (Note 2)		4,245,862		-
Trustees’ fees and expenses (Note 3)		28,977		29,894
Affiliates (Note 3):
Investment advisory fees		122,524		60,403
Administration fees		30,631		-
Service fees		9,918		18,596
Due to custodian		16,796		-
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		91,102		29,684

Total liabilities		4,668,086		163,623

Net assets	$	240,866,239	$	142,440,390

Net assets consist of:
Paid-in capital	$	155,496,499	$	88,172,872
Undistributed (accumulated) net investment income (loss)		2,602,686		1,276,731
Accumulated net realized gain (loss) on investments and foreign currency transactions		28,943,620		(32,996	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		53,823,434		53,023,783

Net assets	$	240,866,239	$	142,440,390


(a) Cost of investments:	$	188,639,111	$	87,396,083
(b) Cost of repurchase agreements:	$	1,418,260	$	1,989,656
(c) Cost of other short-term investments:	$	16,797	$	9,210
(d) Securities on loan with market value of:	$	4,128,197	$	-
(e) Cost of foreign currency:	$	16,321	$	-
(f) Premiums on written options:	$	-	$	-

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

142


MML Income & Growth Fund		MML International Equity Fund			MML Large Cap Growth Fund		MML Managed Volatility Fund			MML Mid Cap Growth Fund

$	311,358,106	$	186,563,281		$	114,102,767	$	183,231,124		$	480,331,513
	5,662,073		3,874,880			496,080		4,573,145			12,502,566
	-		-			-		-			15,350

	317,020,179		190,438,161			114,598,847		187,804,269			492,849,429

	-		96,586			-		18,930			2,671

	-		1,808,877			-		312,480			318,009
	-		62,572			-		-			-
	-		19,572			-		-			-
	69,531		20,093			20,633		11,458			22,426
	480,713		65,899			70,977		187,312			239,645
	-		406,116			16,217		-			-

	317,570,423		192,917,876			114,706,674		188,334,449			493,432,180



	232,347		662,621			-		65,581			172,293
	-		-			-		3,332,778			-
	65,190		54,136			78,001		98,665			87,500
	-		686,750			-		-			18,846,121
	38,213		14,299			26,685		50,807			68,023

	174,443		128,803			63,832		117,848			311,857
	-		24,151			-		-			-
	16,752		2,095			4,365		21,434			56,972
	-		-			-		113,799			15,851
	-		-			-		-			-
	49,968		132,040			34,683		98,212			61,895

	576,913		1,704,895			207,566		3,899,124			19,620,512

$	316,993,510	$	191,212,981		$	114,499,108	$	184,435,325		$	473,811,668


$	216,655,660	$	160,016,276		$	74,213,597	$	144,261,713		$	270,035,825
	5,247,136		2,677,223			608,991		2,033,496			(275,603	)
	69,593,510		(842,823	)		7,311,578		(13,611,342	)		59,675,489
	25,497,204		29,362,305			32,364,942		51,751,458			144,375,957

$	316,993,510	$	191,212,981		$	114,499,108	$	184,435,325		$	473,811,668


$	285,860,910	$	157,215,654		$	81,737,825	$	130,779,760		$	335,955,709
$	5,662,073	$	3,874,880		$	496,080	$	4,573,145		$	12,502,566
$	-	$	-		$	-	$	-		$	15,350
$	-	$	665,020		$	-	$	-		$	18,406,489
$	-	$	95,329		$	-	$	18,250		$	2,632
$	-	$	-		$	-	$	2,632,194		$	-

143

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Global Fund		MML Growth & Income Fund
Initial Class shares:
Net assets	$	-	$	111,830,261

Shares outstanding (a)		-		6,431,714

Net asset value, offering price and redemption price per share	$	-	$	17.39

Class I shares:
Net assets	$	206,794,918	$	-

Shares outstanding (a)		15,854,481		-

Net asset value, offering price and redemption price per share	$	13.04	$	-

Class II shares:
Net assets	$	18,082,094	$	-

Shares outstanding (a)		1,359,989		-

Net asset value, offering price and redemption price per share	$	13.30	$	-

Service Class shares:
Net assets	$	-	$	30,610,129

Shares outstanding (a)		-		1,772,656

Net asset value, offering price and redemption price per share	$	-	$	17.27

Service Class I shares:
Net assets	$	15,989,227	$	-

Shares outstanding (a)		1,239,748		-

Net asset value, offering price and redemption price per share	$	12.90	$	-

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

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

144


MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund

$	289,310,290	$	-	$	106,988,733	$	150,737,313	$	382,666,185

	22,739,092		-		10,011,172		11,930,279		23,635,218

$	12.72	$	-	$	10.69	$	12.63	$	16.19


$	-	$	-	$	-	$	-	$	-

	-		-		-		-		-

$	-	$	-	$	-	$	-	$	-


$	-	$	187,213,127	$	-	$	-	$	-

	-		15,637,440		-		-		-

$	-	$	11.97	$	-	$	-	$	-


$	27,683,220	$	-	$	7,510,375	$	33,698,012	$	91,145,483

	2,200,716		-		723,899		2,689,474		5,823,068

$	12.58	$	-	$	10.37	$	12.53	$	15.65


$	-	$	3,999,854	$	-	$	-	$	-

	-		336,006		-		-		-

$	-	$	11.90	$	-	$	-	$	-

145

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	474,432,494	$	243,045,945
Repurchase agreements, at value (Note 2) (b)		13,347,640		3,259,445
Other short-term investments, at value (Note 2) (c)		-		7,373

Total investments (d)		487,780,134		246,312,763

Cash		-		-
Foreign currency, at value (e)		1		11
Receivables from:
Investments sold		924,813		604,048
Investments sold on a when-issued basis (Note 2)		-		-
Open forward contracts (Note 2)		6,586		-
Investment adviser (Note 3)		-		-
Fund shares sold		31,682		107,981
Variation margin on open derivative instruments (Note 2)		-		-
Interest and dividends		1,058,038		227,550
Interest tax reclaim receivable		-		-

Total assets		489,801,254		247,252,353

Liabilities:
Payables for:
Investments purchased		561,315		587,963
Open forward contracts (Note 2)		255,320		-
Investments purchased on a when-issued basis (Note 2)		-		-
Fund shares repurchased		139,672		97,662
Securities on loan (Note 2)		-		31,758,905
Trustees’ fees and expenses (Note 3)		80,500		49,880
Affiliates (Note 3):
Investment advisory fees		347,315		188,894
Administration fees		-		-
Service fees		30,852		9,875
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		61,443		31,171

Total liabilities		1,476,417		32,724,350

Net assets	$	488,324,837	$	214,528,003

Net assets consist of:
Paid-in capital	$	373,001,432	$	153,233,960
Undistributed (accumulated) net investment income (loss)		7,226,444		(48,314	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		42,878,850		22,395,404
Net unrealized appreciation (depreciation) on investments and foreign currency translations		65,218,111		38,946,953

Net assets	$	488,324,837	$	214,528,003


(a) Cost of investments:	$	408,966,309	$	204,098,992
(b) Cost of repurchase agreements:	$	13,347,640	$	3,259,445
(c) Cost of other short-term investments:	$	-	$	7,373
(d) Securities on loan with market value of:	$	-	$	31,000,863
(e) Cost of foreign currency:	$	1	$	11

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

146


MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	112,274,972	$	228,001,620	$	433,522,041
	1,761,372		4,868,316		27,331,719
	-		-		28,687,509

	114,036,344		232,869,936		489,541,269

	-		-		5,748
	-		-		1

	-		-		-
	-		-		2,475,921
	-		-		83,538
	1		-		14,112
	100,998		6,808		44,779
	-		-		27,142
	181,542		250,800		1,899,898
	-		-		101

	114,318,885		233,127,544		494,092,509



	-		379,259		23,156,830
	-		-		-
	-		-		40,329,316
	89,228		96,231		159,085
	4,160,883		-		-
	15,320		38,551		50,361

	75,345		147,563		145,646
	14,127		-		54,617
	12,530		13,652		13,643
	-		-		-
	24,827		35,524		125,443

	4,392,260		710,780		64,034,941

$	109,926,625	$	232,416,764	$	430,057,568


$	69,020,991	$	163,420,975	$	424,011,578
	288,981		951,221		7,545,522
	6,125,422		23,021,877		(3,204,651	)
	34,491,231		45,022,691		1,705,119

$	109,926,625	$	232,416,764	$	430,057,568


$	77,783,741	$	182,978,929	$	431,780,072
$	1,761,372	$	4,868,316	$	27,331,719
$	-	$	-	$	28,715,505
$	4,051,218	$	-	$	-
$	-	$	-	$	1

147

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2017


	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Initial Class shares:
Net assets	$	438,601,435	$	198,403,664

Shares outstanding (a)		36,118,771		13,247,317

Net asset value, offering price and redemption price per share	$	12.14	$	14.98

Class II shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

Service Class shares:
Net assets	$	49,723,402	$	16,124,339

Shares outstanding (a)		4,158,898		1,130,224

Net asset value, offering price and redemption price per share	$	11.96	$	14.27

Service Class I shares:
Net assets	$	-	$	-

Shares outstanding (a)		-		-

Net asset value, offering price and redemption price per share	$	-	$	-

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

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

148


MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	-	$	210,030,404	$	-

	-		15,014,963		-

$	-	$	13.99	$	-


$	89,256,042	$	-	$	408,199,459

	5,281,654		-		39,398,453

$	16.90	$	-	$	10.36


$	-	$	22,386,360	$	-

	-		1,615,850		-

$	-	$	13.85	$	-


$	20,670,583	$	-	$	21,858,109

	1,257,963		-		2,128,425

$	16.43	$	-	$	10.27

149

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2017


	MML Blue Chip Growth Fund			MML Equity Income Fund
Investment income (Note 2):
Dividends (a)	$	2,960,312		$	13,379,991
Interest		2,120			88,365
Securities lending net income		-			-

Total investment income		2,962,432			13,468,356

Expenses (Note 3):
Investment advisory fees		2,777,607			3,760,416
Custody fees		57,796			58,026
Audit fees		36,229			35,685
Legal fees		3,039			4,657
Proxy fees		976			976
Shareholder reporting fees		46,305			57,451
Trustees’ fees		25,369			34,353

		2,947,321			3,951,564
Administration fees:
Class I		-			-
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		154,344			199,005
Service Class I		-			-

Total expenses		3,101,665			4,150,569
Expenses waived:
Initial Class advisory fees waived		-			(126,697	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(23,884	)
Service Class I advisory fees waived		-			-

Net expenses		3,101,665			3,999,988

Net investment income (loss)		(139,233	)		9,468,368

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		72,878,094			49,556,881
Futures contracts		-			-
Foreign currency transactions		406			9,587

Net realized gain (loss)		72,878,500			49,566,468

Net change in unrealized appreciation (depreciation) on:
Investment transactions		42,058,451			17,112,411
Futures contracts		-			-
Translation of assets and liabilities in foreign currencies		(29	)		3,640

Net change in unrealized appreciation (depreciation)		42,058,422			17,116,051

Net realized gain (loss) and change in unrealized appreciation (depreciation)		114,936,922			66,682,519

Net increase (decrease) in net assets resulting from operations	$	114,797,689		$	76,150,887


(a) Net of foreign withholding tax of:	$	1,142		$	152,125
* Net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

150


MML Equity Index Fund		MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Growth Fund		MML Fundamental Value Fund

$	13,856,954	$	2,516,000		$	10,498,535		$	2,513,863	$	5,537,046
	14,636		2,354			3,789			196		4,826
	-		-			130,198			-		-

	13,871,590		2,518,354			10,632,522			2,514,059		5,541,872


	654,949		608,296			3,425,092			927,214		1,361,763
	75,427		12,229			191,277			34,413		27,349
	36,465		35,378			41,516			35,426		35,481
	5,319		1,047			3,120			1,357		1,881
	976		976			976			976		976
	68,283		18,697			43,849			22,097		29,975
	46,882		6,658			26,439			10,564		15,445

	888,301		683,281			3,732,269			1,032,047		1,472,870

	197,068		-			-			-		-
	286,655		117,491			-			216,080		323,701
	136,515		12,859			-			8,246		16,739

	-		-			27,139			-		-
	113,763		21,431			-			13,743		27,899

	1,622,302		835,062			3,759,408			1,270,116		1,841,209

	-		-			-			-		-
	-		-			-			-		(11,183	)
	-		-			-			-		-
	-		-			-			-		(584	)

	1,622,302		835,062			3,759,408			1,270,116		1,829,442

	12,249,288		1,683,292			6,873,114			1,243,943		3,712,430



	24,070,873		35,904,705			4,499,409			31,280,948		19,462,414
	1,672,991		-			-			-		-
	-		2,583			(74,273	)		253		2,012

	25,743,864		35,907,288			4,425,136			31,281,201		19,464,426


	96,178,429		(19,195,107	)		63,806,023	*		4,712,494		9,095,583
	243,447		-			-			-		-
	-		(1	)		32,902			-		5,067

	96,421,876		(19,195,108	)		63,838,925			4,712,494		9,100,650

	122,165,740		16,712,180			68,264,061			35,993,695		28,565,076

$	134,415,028	$	18,395,472		$	75,137,175		$	37,237,638	$	32,277,506


$	-	$	4,204		$	1,024,488		$	527	$	44,355
$	-	$	-		$	(141,034	)	$	-	$	-

151

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2017


	MML Global Fund			MML Growth & Income Fund
Investment income (Note 2):
Dividends (a)	$	4,688,545		$	2,125,572
Interest		1,408			1,706
Securities lending net income		25,083			-
Non cash income		-			-

Total investment income		4,715,036			2,127,278

Expenses (Note 3):
Investment advisory fees		1,464,190			674,635
Custody fees		102,562			16,296
Audit fees		44,545			35,414
Legal fees		2,066			1,098
Proxy fees		976			976
Shareholder reporting fees		31,637			17,466
Trustees’ fees		16,778			9,208

		1,662,754			755,093
Administration fees:
Class I		318,718			-
Class II		25,686			-
Service Class I		21,644			-
Service fees:
Service Class		-			66,959
Service Class I		36,073			-

Total expenses		2,064,875			822,052
Expenses waived:
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-

Net expenses		2,064,875			822,052

Net investment income (loss)		2,650,161			1,305,226

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		28,876,764			9,536,539
Written options		-			-
Foreign currency transactions		(21,219	)		(297	)
Forward contracts		-			-

Net realized gain (loss)		28,855,545			9,536,242

Net change in unrealized appreciation (depreciation) on:
Investment transactions		21,850,079	*		17,668,759
Written options		-			-
Translation of assets and liabilities in foreign currencies		20,887			-
Forward contracts		-			-

Net change in unrealized appreciation (depreciation)		21,870,966			17,668,759

Net realized gain (loss) and change in unrealized appreciation (depreciation)		50,726,511			27,205,001

Net increase (decrease) in net assets resulting from operations	$	53,376,672		$	28,510,227


(a) Net of foreign withholding tax of:	$	277,299		$	23,661
* Net increase (decrease) in accrued foreign capital gains tax of:	$	(23,639	)	$	-

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

152


MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund		MML Managed Volatility Fund			MML Mid Cap Growth Fund

$	7,389,831		$	4,043,457		$	1,371,073	$	3,743,993		$	3,169,172
	14,278			1,795			1,224		4,399			79,567
	-			55,796			-		-			92,506
	-			547,469			94,971		-			-

	7,404,109			4,648,517			1,467,268		3,748,392			3,341,245


	1,924,037			1,422,892			730,744		1,389,351			3,517,812
	53,391			162,861			17,884		198,393			61,478
	36,174			40,740			35,391		35,451			36,291
	2,374			1,404			1,640		1,540			3,706
	976			976			976		976			976
	35,105			22,743			25,278		22,176			52,773
	20,421			12,149			7,804		12,724			31,222

	2,072,478			1,663,765			819,717		1,660,611			3,704,258

	-			-			-		-			-
	-			263,591			-		-			-
	-			3,202			-		-			-

	58,412			-			13,077		83,402			205,175
	-			5,336			-		-			-

	2,130,890			1,935,894			832,794		1,744,013			3,909,433

	-			(150,109	)		-		-			-
	-			(1,842	)		-		-			-

	2,130,890			1,783,943			832,794		1,744,013			3,909,433

	5,273,219			2,864,574			634,474		2,004,379			(568,188	)



	69,866,154			15,992,654			7,311,742		3,844,803			60,271,717
	-			-			-		(13,105,498	)		-
	5,322			(11,055	)		-		-			(420	)
	-			194,046			-		-			-

	69,871,476			16,175,645			7,311,742		(9,260,695	)		60,271,297


	(27,080,867	)		27,068,163	*		24,299,190		23,669,414			40,371,557
	-			-			-		(475,605	)		-
	182			50,632			-		1,207			139
	-			(231,452	)		-		-			-

	(27,080,685	)		26,887,343			24,299,190		23,195,016			40,371,696

	42,790,791			43,062,988			31,610,932		13,934,321			100,642,993

$	48,064,010		$	45,927,562		$	32,245,406	$	15,938,700		$	100,074,805


$	190,588		$	445,692		$	41,628	$	-		$	21,448
$	-		$	(51,702	)	$	-	$	-		$	-

153

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2017


	MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends (a)	$	12,158,071		$	1,694,219
Interest (b)		16,083			3,458
Securities lending net income		-			144,467

Total investment income		12,174,154			1,842,144

Expenses (Note 3):
Investment advisory fees		3,980,273			2,167,049
Custody fees		58,374			36,804
Audit fees		36,307			38,106
Legal fees		3,943			1,718
Proxy fees		976			976
Shareholder reporting fees		57,430			25,038
Trustees’ fees		32,453			14,303

		4,169,756			2,283,994
Administration fees:
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		116,115			35,949
Service Class I		-			-

Total expenses		4,285,871			2,319,943
Expenses waived:
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Initial Class advisory fees waived		-			(9,939	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(782	)
Service Class I advisory fees waived		-			-

Net expenses		4,285,871			2,309,222

Net investment income (loss)		7,888,283			(467,078	)

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		47,556,258			23,786,765
Futures contracts		-			-
Swap agreements		-			-
Foreign currency transactions		3,509			(1,488	)
Forward contracts		(566,119	)		-

Net realized gain (loss)		46,993,648			23,785,277

Net change in unrealized appreciation (depreciation) on:
Investment transactions		(2,166,009	)		19,597,256
Futures contracts		-			-
Translation of assets and liabilities in foreign currencies		135			286
Forward contracts		(174,420	)		-

Net change in unrealized appreciation (depreciation)		(2,340,294	)		19,597,542

Net realized gain (loss) and change in unrealized appreciation (depreciation)		44,653,354			43,382,819

Net increase (decrease) in net assets resulting from operations	$	52,541,637		$	42,915,741


(a) Net of foreign withholding tax of:	$	127,490		$	6,236
(b) Net of foreign withholding tax of:	$	-		$	-

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

154


MML Small Company Value Fund			MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	1,311,958		$	2,818,777	$	-
	2,454			4,288		10,377,692
	19,962			-		-

	1,334,374			2,823,065		10,377,692


	837,623			1,666,440		1,694,293
	17,102			19,814		102,063
	36,034			35,475		98,788
	863			1,850		3,456
	976			976		976
	14,947			28,019		56,944
	7,137			15,180		29,167

	914,682			1,767,754		1,985,687

	130,808			-		605,151
	26,247			-		30,208

	-			50,522		-
	43,744			-		50,347

	1,115,481			1,818,276		2,671,393

	-			-		(75,762	)
	-			-		(3,860	)
	-			-		-
	(43,593	)		-		-
	-			-		-
	(8,758	)		-		-

	1,063,130			1,818,276		2,591,771

	271,244			1,004,789		7,785,921



	6,262,328			23,444,864		(429,812	)
	-			-		(137,589	)
	-			-		(1,097	)
	-			-		197,620
	-			-		(153,710	)

	6,262,328			23,444,864		(524,588	)


	5,180,820			3,802,915		5,591,275
	-			-		(31,325	)
	-			-		-
	-			-		(281,145	)

	5,180,820			3,802,915		5,278,805

	11,443,148			27,247,779		4,754,217

$	11,714,392		$	28,252,568	$	12,540,138


$	3,270		$	2,928	$	-
$	-		$	-	$	190

155

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Blue Chip Growth Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(139,233	)	$	(2,321	)
Net realized gain (loss)		72,878,500			31,710,233
Net change in unrealized appreciation (depreciation)		42,058,422			(29,103,596	)

Net increase (decrease) in net assets resulting from operations		114,797,689			2,604,316

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(32,493	)		-
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		-			-
Service Class I		-			-

Total distributions from net investment income		(32,493	)		-

From net realized gains:
Initial Class		(25,580,003	)		(44,016,658	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		(5,770,103	)		(5,513,029	)
Service Class I		-			-

Total distributions from net realized gains		(31,350,106	)		(49,529,687	)

Net fund share transactions (Note 5):
Initial Class		(102,659,338	)		(14,216,357	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		17,290,881			10,100,450
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(85,368,457	)		(4,115,907	)

Total increase (decrease) in net assets		(1,953,367	)		(51,041,278	)
Net assets
Beginning of year		380,098,831			431,140,109

End of year	$	378,145,464		$	380,098,831

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	(55,713	)	$	(33,171	)

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

156


MML Equity Income Fund						MML Equity Index Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	9,468,368		$	10,635,854		$	12,249,288		$	8,729,346
	49,566,468			35,667,359			25,743,864			20,006,619
	17,116,051			32,950,785			96,421,876			21,401,004

	76,150,887			79,253,998			134,415,028			50,136,969



	(9,221,700	)		(8,080,286	)		-			-
	-			-			(624,117	)		(1,138,655	)
	-			-			(2,272,325	)		(3,098,350	)
	-			-			(5,304,119	)		(3,556,322	)
	(1,575,413	)		(1,211,150	)		-			-
	-			-			(395,720	)		(617,842	)

	(10,797,113	)		(9,291,436	)		(8,596,281	)		(8,411,169	)


	(27,939,287	)		(40,910,962	)		-			-
	-			-			(1,703,715	)		(1,622,191	)
	-			-			(5,142,562	)		(3,906,075	)
	-			-			(10,821,040	)		(4,183,965	)
	(5,273,575	)		(6,930,496	)		-			-
	-			-			(1,247,272	)		(962,234	)

	(33,212,862	)		(47,841,458	)		(18,914,589	)		(10,674,465	)


	304,296			(14,762,650	)		-			-
	-			-			(10,341,658	)		(13,086,785	)
	-			-			(18,748,239	)		(384,062	)
	-			-			100,677,105			94,690,407
	3,404,774			11,031,372			-			-
	-			-			(464,084	)		874,480

	3,709,070			(3,731,278	)		71,123,124			82,094,040

	35,849,982			18,389,826			178,027,282			113,145,375

	490,950,581			472,560,755			563,974,555			450,829,180

$	526,800,563		$	490,950,581		$	742,001,837		$	563,974,555

$	9,475,861		$	10,818,884		$	12,530,229		$	8,699,279

157

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Focused Equity Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,683,292		$	1,625,429
Net realized gain (loss)		35,907,288			12,576,129
Net change in unrealized appreciation (depreciation)		(19,195,108	)		10,422,355

Net increase (decrease) in net assets resulting from operations		18,395,472			24,623,913

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			-
Class II		(1,400,996	)		(2,228,977	)
Service Class		-			-
Service Class I		(222,205	)		(75,702	)

Total distributions from net investment income		(1,623,201	)		(2,304,679	)

From net realized gains:
Class II		(10,927,302	)		(9,579,688	)
Service Class I		(1,679,164	)		(406,428	)

Total distributions from net realized gains		(12,606,466	)		(9,986,116	)

Net fund share transactions (Note 5):
Initial Class		-			-
Class II		(76,022,756	)		(30,259,067	)
Service Class		-			-
Service Class I		3,401,694			(715,507	)

Increase (decrease) in net assets from fund share transactions		(72,621,062	)		(30,974,574	)

Total increase (decrease) in net assets		(68,455,257	)		(18,641,456	)
Net assets
Beginning of year		135,818,132			154,459,588

End of year	$	67,362,875		$	135,818,132

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	1,670,547		$	1,607,936

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

158


MML Foreign Fund						MML Fundamental Growth Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	6,873,114		$	7,698,670		$	1,243,943		$	1,396,083
	4,425,136			(10,744,191	)		31,281,201			14,186,025
	63,838,925			7,900,012			4,712,494			(9,193,322	)

	75,137,175			4,854,491			37,237,638			6,388,786



	(7,849,280	)		(6,733,929	)		-			-
	-			-			(1,314,332	)		(1,164,469	)
	(200,743	)		(193,084	)		-			-
	-			-			(55,714	)		(18,624	)

	(8,050,023	)		(6,927,013	)		(1,370,046	)		(1,183,093	)


	-			-			(13,651,844	)		(20,436,093	)
	-			-			(599,932	)		(412,071	)

	-			-			(14,251,776	)		(20,848,164	)


	(31,216,352	)		3,739,806			-			-
	-			-			(65,501,533	)		(2,566,740	)
	(637,618	)		(1,068,302	)		-			-
	-			-			1,980,177			1,606,362

	(31,853,970	)		2,671,504			(63,521,356	)		(960,378	)

	35,233,182			598,982			(41,905,540	)		(16,602,849	)

	359,067,533			358,468,551			169,446,277			186,049,126

$	394,300,715		$	359,067,533		$	127,540,737		$	169,446,277

$	6,148,272		$	7,399,681		$	1,224,164		$	1,372,286

159

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Fundamental Value Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,712,430		$	4,228,593
Net realized gain (loss)		19,464,426			15,832,600
Net change in unrealized appreciation (depreciation)		9,100,650			10,958,344

Net increase (decrease) in net assets resulting from operations		32,277,506			31,019,537

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			-
Class I		-			-
Class II		(4,019,511	)		(3,177,117	)
Service Class		-			-
Service Class I		(204,734	)		(97,403	)

Total distributions from net investment income		(4,224,245	)		(3,274,520	)

From net realized gains:
Class I		-			-
Class II		(15,175,978	)		(16,431,141	)
Service Class I		(825,157	)		(574,567	)

Total distributions from net realized gains		(16,001,135	)		(17,005,708	)

Net fund share transactions (Note 5):
Initial Class		-			-
Class I		-			-
Class II		(9,424,599	)		(3,697,842	)
Service Class		-			-
Service Class I		3,346,211			1,213,663

Increase (decrease) in net assets from fund share transactions		(6,078,388	)		(2,484,179	)

Total increase (decrease) in net assets		5,973,738			8,255,130
Net assets
Beginning of year		233,120,622			224,865,492

End of year	$	239,094,360		$	233,120,622

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	3,690,269		$	4,200,172

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

160


MML Global Fund						MML Growth & Income Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	2,650,161		$	2,891,952		$	1,305,226		$	1,304,043
	28,855,545			18,214,796			9,536,242			4,898,883
	21,870,966			(2,058,580	)		17,668,759			4,121,853

	53,376,672			19,048,168			28,510,227			10,324,779



	-			-			(991,174	)		(1,079,085	)
	(2,418,638	)		(2,547,594	)		-			-
	(206,465	)		(177,958	)		-			-
	-			-			(208,011	)		(171,221	)
	(158,628	)		(116,936	)		-			-

	(2,783,731	)		(2,842,488	)		(1,199,185	)		(1,250,306	)


	(15,725,213	)		(17,521,108	)		-			-
	(1,314,771	)		(1,198,304	)		-			-
	(1,168,589	)		(941,843	)		-			-

	(18,208,573	)		(19,661,255	)		-			-


	-			-			(12,980,668	)		(11,230,669	)
	(40,436,076	)		(3,174,455	)		-			-
	175,037			113,343			-			-
	-			-			2,055,683			2,835,766
	2,159,339			1,770,763			-			-

	(38,101,700	)		(1,290,349	)		(10,924,985	)		(8,394,903	)

	(5,717,332	)		(4,745,924	)		16,386,057			679,570

	246,583,571			251,329,495			126,054,333			125,374,763

$	240,866,239		$	246,583,571		$	142,440,390		$	126,054,333

$	2,602,686		$	2,804,692		$	1,276,731		$	1,261,399

161

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Income & Growth Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	5,273,219		$	5,010,804
Net realized gain (loss)		69,871,476			20,795,313
Net change in unrealized appreciation (depreciation)		(27,080,685	)		15,591,554

Net increase (decrease) in net assets resulting from operations		48,064,010			41,397,671

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(4,623,698	)		(4,279,358	)
Class II		-			-
Service Class		(355,159	)		(277,905	)
Service Class I		-			-

Total distributions from net investment income		(4,978,857	)		(4,557,263	)

From net realized gains:
Initial Class		(19,214,600	)		(21,028,191	)
Class II		-			-
Service Class		(1,661,119	)		(1,563,913	)
Service Class I		-			-

Total distributions from net realized gains		(20,875,719	)		(22,592,104	)

Net fund share transactions (Note 5):
Initial Class		11,012,736			22,805,308
Class II		-			-
Service Class		5,271,619			2,776,981
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		16,284,355			25,582,289

Total increase (decrease) in net assets		38,493,789			39,830,593
Net assets
Beginning of year		278,499,721			238,669,128

End of year	$	316,993,510		$	278,499,721

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	5,247,136		$	4,967,449

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

162


MML International Equity Fund						MML Large Cap Growth Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	2,864,574		$	2,708,054		$	634,474		$	414,374
	16,175,645			(15,801,369	)		7,311,742			27,762,845
	26,887,343			25,824,924			24,299,190			(29,371,491	)

	45,927,562			12,731,609			32,245,406			(1,194,272	)



	-			-			(391,609	)		(231,013	)
	(2,875,413	)		(3,276,084	)		-			-
	-			-			(12,785	)		-
	(37,585	)		(19,857	)		-			-

	(2,912,998	)		(3,295,941	)		(404,394	)		(231,013	)


	-			-			(26,160,819	)		(16,047,562	)
	-			(366,284	)		-			-
	-			-			(1,411,660	)		(316,827	)
	-			(2,464	)		-			-

	-			(368,748	)		(27,572,479	)		(16,364,389	)


	-			-			(607,361	)		(93,549,683	)
	(6,097,450	)		(22,358,626	)		-			-
	-			-			3,918,089			459,219
	2,479,792			(488,347	)		-			-

	(3,617,658	)		(22,846,973	)		3,310,728			(93,090,464	)

	39,396,906			(13,780,053	)		7,579,261			(110,880,138	)

	151,816,075			165,596,128			106,919,847			217,799,985

$	191,212,981		$	151,816,075		$	114,499,108		$	106,919,847

$	2,677,223		$	2,549,717		$	608,991		$	379,013

163

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Managed Volatility Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,004,379		$	2,324,904
Net realized gain (loss)		(9,260,695	)		(2,400,749	)
Net change in unrealized appreciation (depreciation)		23,195,016			6,540,486

Net increase (decrease) in net assets resulting from operations		15,938,700			6,464,641

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		(1,918,611	)		(2,685,854	)
Service Class		(348,002	)		(494,437	)

Total distributions from net investment income		(2,266,613	)		(3,180,291	)

From net realized gains:
Initial Class		-			(28,897,380	)
Service Class		-			(6,196,954	)

Total distributions from net realized gains		-			(35,094,334	)

Net fund share transactions (Note 5):
Initial Class		(12,023,577	)		15,411,463
Service Class		(1,319,141	)		4,991,636

Increase (decrease) in net assets from fund share transactions		(13,342,718	)		20,403,099

Total increase (decrease) in net assets		329,369			(11,406,885	)
Net assets
Beginning of year		184,105,956			195,512,841

End of year	$	184,435,325		$	184,105,956

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	2,033,496		$	2,303,224

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

164


MML Mid Cap Growth Fund						MML Mid Cap Value Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	(568,188	)	$	(246,544	)	$	7,888,283		$	7,213,214
	60,271,297			44,833,334			46,993,648			27,659,591
	40,371,696			(19,044,476	)		(2,340,294	)		64,330,831

	100,074,805			25,542,314			52,541,637			99,203,636



	(130,181	)		-			(6,665,180	)		(6,934,131	)
	-			-			(656,987	)		(550,572	)

	(130,181	)		-			(7,322,167	)		(7,484,703	)


	(35,666,242	)		(47,049,556	)		(25,581,613	)		(41,783,431	)
	(8,306,713	)		(9,296,846	)		(2,878,531	)		(3,795,883	)

	(43,972,955	)		(56,346,402	)		(28,460,144	)		(45,579,314	)


	(16,756,988	)		2,845,685			(9,668,318	)		(37,553,607	)
	10,616,432			9,674,951			4,039,848			7,738,309

	(6,140,556	)		12,520,636			(5,628,470	)		(29,815,298	)

	49,831,113			(18,283,452	)		11,130,856			16,324,321

	423,980,555			442,264,007			477,193,981			460,869,660

$	473,811,668		$	423,980,555		$	488,324,837		$	477,193,981

$	(275,603	)	$	(153,367	)	$	7,226,444		$	7,414,131

165

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Small Cap Growth Equity Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(467,078	)	$	(9,127	)
Net realized gain (loss)		23,785,277			8,366,596
Net change in unrealized appreciation (depreciation)		19,597,542			15,347,479

Net increase (decrease) in net assets resulting from operations		42,915,741			23,704,948

Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			-
Class II		-			-
Service Class		-			-
Service Class I		-			-

Total distributions from net investment income		-			-

From net realized gains:
Initial Class		(7,444,016	)		(32,147,623	)
Class II		-			-
Service Class		(591,748	)		(2,198,947	)
Service Class I		-			-

Total distributions from net realized gains		(8,035,764	)		(34,346,570	)

Net fund share transactions (Note 5):
Initial Class		(25,383,985	)		6,283,248
Class II		-			-
Service Class		818,278			2,308,313
Service Class I		-			-

Increase (decrease) in net assets from fund share transactions		(24,565,707	)		8,591,561

Total increase (decrease) in net assets		10,314,270			(2,050,061	)
Net assets
Beginning of year		204,213,733			206,263,794

End of year	$	214,528,003		$	204,213,733

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	(48,314	)	$	27,553

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

166


MML Small Company Value Fund						MML Small/Mid Cap Value Fund
Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016


$	271,244		$	645,054		$	1,004,789		$	1,059,731
	6,262,328			11,762,787			23,444,864			13,034,233
	5,180,820			16,968,232			3,802,915			36,465,058

	11,714,392			29,376,073			28,252,568			50,559,022



	-			-			(1,001,313	)		(1,124,385	)
	(490,843	)		(555,663	)		-			-
	-			-			(60,317	)		(53,616	)
	(83,665	)		(49,139	)		-			-

	(574,508	)		(604,802	)		(1,061,630	)		(1,178,001	)


	-			-			(12,126,596	)		(13,026,952	)
	(9,766,024	)		(11,625,602	)		-			-
	-			-			(1,233,402	)		(1,081,940	)
	(2,055,613	)		(1,548,667	)		-			-

	(11,821,637	)		(13,174,269	)		(13,359,998	)		(14,108,892	)


	-			-			(14,368,459	)		(18,016,276	)
	1,080,128			(12,961,576	)		-			-
	-			-			1,541,770			940,646
	5,333,990			2,661,360			-			-

	6,414,118			(10,300,216	)		(12,826,689	)		(17,075,630	)

	5,732,365			5,296,786			1,004,251			18,196,499

	104,194,260			98,897,474			231,412,513			213,216,014

$	109,926,625		$	104,194,260		$	232,416,764		$	231,412,513

$	288,981		$	633,459		$	951,221		$	1,008,202

167

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets


	MML Total Return Bond Fund
	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	7,785,921		$	6,105,819
Net realized gain (loss)		(524,588	)		935,899
Net change in unrealized appreciation (depreciation)		5,278,805			530,812

Net increase (decrease) in net assets resulting from operations		12,540,138			7,572,530

Distributions to shareholders (Note 2):
From net investment income:
Class II		(8,304,200	)		(5,873,606	)
Service Class I		(372,986	)		(333,516	)

Total distributions from net investment income		(8,677,186	)		(6,207,122	)

From net realized gains:
Net fund share transactions (Note 5):
Class II		11,225,248			63,034,175
Service Class I		2,614,895			1,865,939

Increase (decrease) in net assets from fund share transactions		13,840,143			64,900,114

Total increase (decrease) in net assets		17,703,095			66,265,522
Net assets
Beginning of year		412,354,473			346,088,951

End of year	$	430,057,568		$	412,354,473

Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	7,545,522		$	8,272,525

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

168

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blue Chip Growth 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 return^m		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
12/31/17	$	13.98	$	0.00	^d	$	4.93	$	4.93	$	(0.00	)^d	$	(1.50	)	$	(1.50	)	$	17.41		36.22%	$	301,054		0.80%		0.00%	^e
12/31/16		15.79		0.00	^d		0.13		0.13		-			(1.94	)		(1.94	)		13.98		0.91%		332,688		0.79%		0.03%
12/31/15		17.09		(0.01	)		1.70		1.69		-			(2.99	)		(2.99	)		15.79		11.10%		388,654		0.79%		(0.06%	)
12/31/14		17.35		(0.01	)		1.55		1.54		-			(1.80	)		(1.80	)		17.09		9.13%		390,322		0.79%		(0.09%	)
12/31/13		13.50		(0.00	)^d		5.28		5.28		(0.04	)		(1.39	)		(1.43	)		17.35		41.33%		429,689		0.79%		(0.01%	)
Service Class
12/31/17	$	13.62	$	(0.04	)	$	4.80	$	4.76	$	-		$	(1.50	)	$	(1.50	)	$	16.88		35.89%	$	77,091		1.05%		(0.25%	)
12/31/16		15.47		(0.03	)		0.12		0.09		-			(1.94	)		(1.94	)		13.62		0.65%		47,411		1.04%		(0.22%	)
12/31/15		16.85		(0.05	)		1.66		1.61		-			(2.99	)		(2.99	)		15.47		10.76%		42,486		1.04%		(0.31%	)
12/31/14		17.17		(0.06	)		1.54		1.48		-			(1.80	)		(1.80	)		16.85		8.87%		31,721		1.04%		(0.34%	)
12/31/13		13.38		(0.04	)		5.23		5.19		(0.01	)		(1.39	)		(1.40	)		17.17		41.00%		23,273		1.04%		(0.26%	)


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		25	%		29	%		31	%		30	%		35	%

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%.

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.

169

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity 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,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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiver		Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	11.78	$	0.23	$	1.58		$	1.81		$	(0.27	)	$	(0.82	)	$	(1.09	)	$	12.50		16.33%		$	440,607		0.79%		0.76	%		1.93%
12/31/16		11.29		0.27		1.73			2.00			(0.25	)		(1.26	)		(1.51	)		11.78		18.68%			413,304		0.79%		0.77	%		2.33%
12/31/15		13.93		0.25		(1.28	)		(1.03	)		(0.26	)		(1.35	)		(1.61	)		11.29		(6.88%	)		409,298		0.78%		N/A			1.96%
12/31/14		13.47		0.25		0.76			1.01			(0.24	)		(0.31	)		(0.55	)		13.93		7.54%			472,989		0.78%		N/A			1.84%
12/31/13		10.57		0.20		2.93			3.13			(0.23	)		-			(0.23	)		13.47		29.93%			556,649		0.78%		N/A			1.64%
Service Class
12/31/17	$	11.68	$	0.20	$	1.56		$	1.76		$	(0.25	)	$	(0.82	)	$	(1.07	)	$	12.37		15.97%		$	86,193		1.04%		1.01	%		1.68%
12/31/16		11.20		0.24		1.72			1.96			(0.22	)		(1.26	)		(1.48	)		11.68		18.46%			77,647		1.04%		1.02	%		2.10%
12/31/15		13.83		0.22		(1.27	)		(1.05	)		(0.23	)		(1.35	)		(1.58	)		11.20		(7.10%	)		63,263		1.03%		N/A			1.72%
12/31/14		13.39		0.22		0.74			0.96			(0.21	)		(0.31	)		(0.52	)		13.83		7.23%			63,751		1.03%		N/A			1.58%
12/31/13		10.52		0.17		2.91			3.08			(0.21	)		-			(0.21	)		13.39		29.55%			54,576		1.03%		N/A			1.39%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		25	%		22	%		39	%		9	%		15	%

c	Per share amount calculated on the average shares method.

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.

170

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Index 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 return^m		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 waivers^j			Net investment income (loss) to average daily net assets
Class I
12/31/17	$	26.53	$	0.45	$	5.11		$	5.56	$	(0.29	)	$	(0.79	)	$	(1.08	)	$	31.01		21.34%	$	66,374		0.43%		N/A			1.57%
12/31/16		24.76		0.44		2.37			2.81		(0.43	)		(0.61	)		(1.04	)		26.53		11.48%		66,343		0.43%		N/A			1.76%
12/31/15		25.52		0.42		(0.23	)		0.19		(0.38	)		(0.57	)		(0.95	)		24.76		0.95%		74,631		0.43%		N/A			1.67%
12/31/14		23.14		0.38		2.65			3.03		(0.33	)		(0.32	)		(0.65	)		25.52		13.17%		84,445		0.44%		N/A			1.58%
12/31/13		17.89		0.34		5.30			5.64		(0.33	)		(0.06	)		(0.39	)		23.14		31.84%		92,853		0.44%		0.44	%^l		1.65%
Class II
12/31/17	$	26.55	$	0.50	$	5.10		$	5.60	$	(0.35	)	$	(0.79	)	$	(1.14	)	$	31.01		21.50%	$	186,674		0.28%		N/A			1.72%
12/31/16		24.80		0.48		2.36			2.84		(0.48	)		(0.61	)		(1.09	)		26.55		11.62%		175,525		0.28%		N/A			1.91%
12/31/15		25.56		0.47		(0.23	)		0.24		(0.43	)		(0.57	)		(1.00	)		24.80		1.17%		164,515		0.30%		0.28	%		1.83%
12/31/14		23.19		0.42		2.65			3.07		(0.38	)		(0.32	)		(0.70	)		25.56		13.35%		154,210		0.33%		0.28	%		1.74%
12/31/13		17.93		0.37		5.31			5.68		(0.36	)		(0.06	)		(0.42	)		23.19		32.02%		141,468		0.33%		0.28	%		1.81%
Class III
12/31/17	$	26.51	$	0.54	$	5.10		$	5.64	$	(0.39	)	$	(0.79	)	$	(1.18	)	$	30.97		21.69%	$	440,242		0.13%		N/A			1.87%
12/31/16		24.78		0.52		2.34			2.86		(0.52	)		(0.61	)		(1.13	)		26.51		11.69%		279,941		0.13%		N/A			2.05%
12/31/15		25.54		0.50		(0.22	)		0.28		(0.47	)		(0.57	)		(1.04	)		24.78		1.32%		172,992		0.15%		0.13	%		1.97%
12/31/14		23.16		0.46		2.65			3.11		(0.41	)		(0.32	)		(0.73	)		25.54		13.54%		173,459		0.19%		0.14	%		1.88%
12/31/13		17.91		0.40		5.29			5.69		(0.38	)		(0.06	)		(0.44	)		23.16		32.17%		155,356		0.19%		0.14	%		1.95%
Service Class I
12/31/17	$	25.84	$	0.37	$	4.96		$	5.33	$	(0.25	)	$	(0.79	)	$	(1.04	)	$	30.13		21.01%	$	48,712		0.68%		N/A			1.32%
12/31/16		24.16		0.37		2.31			2.68		(0.39	)		(0.61	)		(1.00	)		25.84		11.24%		42,165		0.68%		N/A			1.51%
12/31/15		24.98		0.35		(0.23	)		0.12		(0.37	)		(0.57	)		(0.94	)		24.16		0.70%		38,691		0.68%		N/A			1.43%
12/31/14		22.72		0.32		2.59			2.91		(0.33	)		(0.32	)		(0.65	)		24.98		12.92%		32,075		0.69%		N/A			1.34%
12/31/13		17.62		0.29		5.20			5.49		(0.33	)		(0.06	)		(0.39	)		22.72		31.49%		21,443		0.69%		0.69	%^l		1.40%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		7	%		8	%		4	%		3	%		4	%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers and/or MassMutual 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.

171

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Focused 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^,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gain			Total distributions			Net asset value, end of the period		Total return^m			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 waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	13.20	$	0.27	$	2.35		$	2.62		$	(0.36	)	$	(2.77	)	$	(3.13	)	$	12.69		21.99%		$	57,382		0.94%		N/A			2.00%
12/31/16		12.15		0.13		1.96			2.09			(0.20	)		(0.84	)		(1.04	)		13.20		17.96%			128,990		0.90%		N/A			1.11%
12/31/15		15.97		0.21		(1.71	)		(1.50	)		(0.28	)		(2.04	)		(2.32	)		12.15		(8.93%	)		147,436		0.90%		N/A			1.43%
12/31/14		15.64		0.29		1.59			1.88			(0.06	)		(1.49	)		(1.55	)		15.97		12.24%			160,206		0.90%		N/A			1.86%
12/31/13		11.49		0.05		4.29			4.34			-			(0.19	)		(0.19	)		15.64		38.05%			166,655		0.90%		0.90	%^l		0.40%
Service Class I
12/31/17	$	13.11	$	0.18	$	2.37		$	2.55		$	(0.37	)	$	(2.77	)	$	(3.14	)	$	12.52		21.61%		$	9,981		1.19%		N/A			1.39%
12/31/16		12.06		0.10		1.95			2.05			(0.16	)		(0.84	)		(1.00	)		13.11		17.74%			6,829		1.15%		N/A			0.87%
12/31/15		15.87		0.17		(1.69	)		(1.52	)		(0.25	)		(2.04	)		(2.29	)		12.06		(9.16%	)		7,023		1.15%		N/A			1.20%
12/31/14		15.58		0.22		1.61			1.83			(0.05	)		(1.49	)		(1.54	)		15.87		11.97%			7,289		1.15%		N/A			1.39%
12/31/13		11.48		0.02		4.27			4.29			-			(0.19	)		(0.19	)		15.58		37.64%			4,960		1.15%		1.15	%^k		0.18%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		108	%		37	%		52	%		35	%		28	%

c	Per share amount calculated on the average shares method.

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.

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.

172

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Foreign 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			Total distributions			Net asset value, end of the period		Total return^m			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
12/31/17	$	9.44	$	0.19	$	1.85		$	2.04		$	(0.23	)	$	(0.23	)	$	11.25		21.73%		$	382,813		0.97%		1.79%
12/31/16		9.49		0.20		(0.07	)		0.13			(0.18	)		(0.18	)		9.44		1.44%			348,836		0.97%		2.22%
12/31/15		10.22		0.20		(0.63	)		(0.43	)		(0.30	)		(0.30	)		9.49		(4.26%	)		347,072		0.97%		1.89%
12/31/14		11.22		0.34		(1.09	)		(0.75	)		(0.25	)		(0.25	)		10.22		(6.97%	)		328,045		0.97%		3.09%
12/31/13		9.47		0.20		1.75			1.95			(0.20	)		(0.20	)		11.22		20.80%			412,363		0.97%		2.00%
Service Class
12/31/17	$	9.38	$	0.16	$	1.84		$	2.00		$	(0.20	)	$	(0.20	)	$	11.18		21.45%		$	11,488		1.22%		1.53%
12/31/16		9.43		0.18		(0.07	)		0.11			(0.16	)		(0.16	)		9.38		1.18%			10,231		1.22%		2.02%
12/31/15		10.16		0.17		(0.62	)		(0.45	)		(0.28	)		(0.28	)		9.43		(4.51%	)		11,396		1.22%		1.59%
12/31/14		11.16		0.30		(1.07	)		(0.77	)		(0.23	)		(0.23	)		10.16		(7.07%	)		11,089		1.22%		2.72%
12/31/13		9.43		0.17		1.74			1.91			(0.18	)		(0.18	)		11.16		20.42%			8,350		1.22%		1.71%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		15	%		19	%		12	%		13	%^t		20	%

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.

t	The portfolio turnover rate was not impacted as a result of the cash merger.

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

173

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Growth 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 return^m		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 waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	11.42	$	0.11	$	2.92	$	3.03	$	(0.13	)	$	(1.38	)	$	(1.51	)	$	12.94		27.67%	$	120,666		0.84%		0.84%	^l		0.84%
12/31/16		12.53		0.09		0.36		0.45		(0.08	)		(1.48	)		(1.56	)		11.42		3.73%		165,183		0.83%		0.83%	^l		0.79%
12/31/15		14.89		0.09		0.64		0.73		(0.13	)		(2.96	)		(3.09	)		12.53		6.22%		183,094		0.84%		0.84%	^l		0.63%
12/31/14		14.46		0.12		1.44		1.56		(0.11	)		(1.02	)		(1.13	)		14.89		11.06%		207,086		0.86%		0.85%			0.81%
12/31/13		10.94		0.09		3.44		3.53		-			(0.01	)		(0.01	)		14.46		32.29%		236,837		0.86%		0.85%			0.72%
Service Class I
12/31/17	$	11.29	$	0.07	$	2.89	$	2.96	$	(0.13	)	$	(1.38	)	$	(1.51	)	$	12.74		27.32%	$	6,875		1.09%		1.09%	^l		0.57%
12/31/16		12.41		0.06		0.37		0.43		(0.07	)		(1.48	)		(1.55	)		11.29		3.54%		4,263		1.08%		1.08%	^l		0.54%
12/31/15		14.80		0.05		0.63		0.68		(0.11	)		(2.96	)		(3.07	)		12.41		5.91%		2,955		1.09%		1.09%	^l		0.36%
12/31/14		14.40		0.09		1.43		1.52		(0.10	)		(1.02	)		(1.12	)		14.80		10.81%		2,214		1.11%		1.10%			0.59%
12/31/13		10.92		0.06		3.43		3.49		-			(0.01	)		(0.01	)		14.40		31.98%		1,353		1.11%		1.10%			0.45%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		40	%		49	%		44	%		51	%		61	%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers and/or MassMutual 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.

174

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Value 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 return^m			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 waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	14.74	$	0.25	$	1.83		$	2.08		$	(0.29	)	$	(1.11	)	$	(1.40	)	$	15.42		15.10%		$	225,883		0.80%		0.79	%		1.65%
12/31/16		14.20		0.26		1.56			1.82			(0.21	)		(1.07	)		(1.28	)		14.74		13.25%			223,801		0.79%		N/A			1.81%
12/31/15		16.20		0.23		(0.76	)		(0.53	)		(0.22	)		(1.25	)		(1.47	)		14.20		(2.88%	)		217,109		0.79%		N/A			1.51%
12/31/14		15.46		0.23		1.47			1.70			(0.25	)		(0.71	)		(0.96	)		16.20		11.19%			219,679		0.79%		N/A			1.47%
12/31/13		12.45		0.23		3.54			3.77			(0.25	)		(0.51	)		(0.76	)		15.46		30.91%			233,724		0.79%		0.79	%^l		1.61%
Service Class I
12/31/17	$	14.57	$	0.21	$	1.80		$	2.01		$	(0.27	)	$	(1.11	)	$	(1.38	)	$	15.20		14.78%		$	13,212		1.05%		1.04	%		1.39%
12/31/16		14.05		0.22		1.55			1.77			(0.18	)		(1.07	)		(1.25	)		14.57		13.05%			9,319		1.04%		N/A			1.55%
12/31/15		16.07		0.19		(0.76	)		(0.57	)		(0.20	)		(1.25	)		(1.45	)		14.05		(3.18%	)		7,757		1.04%		N/A			1.26%
12/31/14		15.37		0.19		1.47			1.66			(0.25	)		(0.71	)		(0.96	)		16.07		10.98%			5,611		1.04%		N/A			1.21%
12/31/13		12.42		0.19		3.52			3.71			(0.25	)		(0.51	)		(0.76	)		15.37		30.55%			2,650		1.04%		1.04	%^l		1.28%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		18	%		20	%		19	%		14	%		22	%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers and/or MassMutual 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.

175

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Global 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 return^m			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 waivers^j			Net investment income (loss) to average daily net assets
Class I
12/31/17	$	11.54	$	0.14	$	2.56		$	2.70		$	(0.16	)	$	(1.04	)	$	(1.20	)	$	13.04		24.16%		$	206,795		0.83%		N/A			1.10%
12/31/16		11.74		0.14		0.76			0.90			(0.14	)		(0.96	)		(1.10	)		11.54		7.55%			218,698		0.82%		N/A			1.18%
12/31/15		12.61		0.14		(0.33	)		(0.19	)		(0.14	)		(0.54	)		(0.68	)		11.74		(1.36%	)		224,808		0.86%		0.85	%		1.13%
12/31/14		12.44		0.16		0.33			0.49			(0.11	)		(0.21	)		(0.32	)		12.61		3.95%			210,395		0.95%		0.90	%		1.29%
12/31/13		9.82		0.12		2.63			2.75			(0.13	)		-			(0.13	)		12.44		28.13%			149,796		0.96%		0.90	%		1.10%
Class II
12/31/17	$	11.74	$	0.14	$	2.62		$	2.76		$	(0.16	)	$	(1.04	)	$	(1.20	)	$	13.30		24.30%		$	18,082		0.83%		N/A			1.09%
12/31/16		11.93		0.14		0.77			0.91			(0.14	)		(0.96	)		(1.10	)		11.74		7.54%			15,757		0.82%		N/A			1.17%
12/31/15		12.81		0.15		(0.34	)		(0.19	)		(0.15	)		(0.54	)		(0.69	)		11.93		(1.35%	)		15,876		0.83%		0.81	%		1.13%
12/31/14		12.63		0.17		0.33			0.50			(0.11	)		(0.21	)		(0.32	)		12.81		4.00%			17,481		0.85%		0.80	%		1.35%
12/31/13		9.96		0.14		2.66			2.80			(0.13	)		-			(0.13	)		12.63		28.34%			18,681		0.86%		0.80	%		1.21%
Service Class I
12/31/17	$	11.43	$	0.11	$	2.54		$	2.65		$	(0.14	)	$	(1.04	)	$	(1.18	)	$	12.90		23.95%		$	15,989		1.08%		N/A			0.84%
12/31/16		11.65		0.10		0.76			0.86			(0.12	)		(0.96	)		(1.08	)		11.43		7.25%			12,129		1.07%		N/A			0.89%
12/31/15		12.52		0.10		(0.31	)		(0.21	)		(0.12	)		(0.54	)		(0.66	)		11.65		(1.55%	)		10,646		1.11%		1.10	%		0.84%
12/31/14		12.38		0.12		0.32			0.44			(0.09	)		(0.21	)		(0.30	)		12.52		3.57%			9,220		1.20%		1.15	%		1.00%
12/31/13		9.78		0.09		2.63			2.72			(0.12	)		-			(0.12	)		12.38		27.94%			6,657		1.21%		1.15	%		0.82%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		10	%		15	%		17	%		12	%		11	%

c	Per share amount calculated on the average shares method.

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.

176

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth & 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			Total distributions			Net asset value, end of the period		Total return^m		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
12/31/17	$	14.19	$	0.16	$	3.19		$	3.35	$	(0.15	)	$	(0.15	)	$	17.39		23.70%	$	111,830		0.56%		1.02%
12/31/16		13.18		0.15		1.00			1.15		(0.14	)		(0.14	)		14.19		8.77%		102,858		0.56%		1.10%
12/31/15		13.28		0.14		(0.08	)		0.06		(0.16	)		(0.16	)		13.18		0.49%		106,578		0.56%		1.01%
12/31/14		12.08		0.14		1.20			1.34		(0.14	)		(0.14	)		13.28		11.19%		121,667		0.56%		1.16%
12/31/13		9.24		0.13		2.85			2.98		(0.14	)		(0.14	)		12.08		32.53%		129,107		0.57%		1.22%
Service Class
12/31/17	$	14.10	$	0.12	$	3.17		$	3.29	$	(0.12	)	$	(0.12	)	$	17.27		23.41%	$	30,610		0.81%		0.77%
12/31/16		13.10		0.11		1.00			1.11		(0.11	)		(0.11	)		14.10		8.50%		23,197		0.81%		0.85%
12/31/15		13.21		0.10		(0.08	)		0.02		(0.13	)		(0.13	)		13.10		0.18%		18,797		0.81%		0.76%
12/31/14		12.02		0.11		1.20			1.31		(0.12	)		(0.12	)		13.21		10.94%		18,929		0.81%		0.91%
12/31/13		9.20		0.10		2.84			2.94		(0.12	)		(0.12	)		12.02		32.20%		17,142		0.82%		0.97%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		12	%		17	%		17	%		20	%		19	%

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.

177

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Income & Growth 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 return^m			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
12/31/17	$	11.86	$	0.22	$	1.74		$	1.96		$	(0.21	)	$	(0.89	)	$	(1.10	)	$	12.72		17.43%		$	289,310		0.70%		1.80%
12/31/16		11.35		0.22		1.55			1.77			(0.21	)		(1.05	)		(1.26	)		11.86		16.40%			257,874		0.69%		1.97%
12/31/15		12.44		0.23		(0.31	)		(0.08	)		(0.24	)		(0.77	)		(1.01	)		11.35		(0.09%	)		221,763		0.69%		1.90%
12/31/14		11.60		0.23		0.83			1.06			(0.22	)		-			(0.22	)		12.44		9.22%			232,187		0.70%		1.91%
12/31/13		9.48		0.22		2.09			2.31			(0.19	)		-			(0.19	)		11.60		24.62%			228,095		0.70%		2.07%
Service Class
12/31/17	$	11.74	$	0.19	$	1.73		$	1.92		$	(0.19	)	$	(0.89	)	$	(1.08	)	$	12.58		17.21%		$	27,683		0.95%		1.55%
12/31/16		11.25		0.19		1.54			1.73			(0.19	)		(1.05	)		(1.24	)		11.74		16.10%			20,626		0.94%		1.71%
12/31/15		12.34		0.20		(0.31	)		(0.11	)		(0.21	)		(0.77	)		(0.98	)		11.25		(0.35%	)		16,906		0.94%		1.65%
12/31/14		11.51		0.20		0.83			1.03			(0.20	)		-			(0.20	)		12.34		8.96%			16,131		0.95%		1.66%
12/31/13		9.42		0.20		2.06			2.26			(0.17	)		-			(0.17	)		11.51		24.22%			14,775		0.95%		1.82%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		110	%		30	%		27	%		19	%		15	%

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.

178

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML International 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,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 return^m			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 waivers^j			Net investment income (loss) to average daily net assets
Class II
12/31/17	$	9.33	$	0.18	$	2.64		$	2.82		$	(0.18	)	$	-		$	(0.18	)	$	11.97		30.35%		$	187,213		1.09%			1.00%			1.62%
12/31/16		8.81		0.15		0.56			0.71			(0.17	)		(0.02	)		(0.19	)		9.33		8.27%			150,753		1.07%			1.00%			1.70%
12/31/15		9.27		0.15		(0.59	)		(0.44	)		(0.02	)		-			(0.02	)		8.81		(4.77%	)		164,083		1.09%			1.00%			1.59%
12/31/14^g		10.00		0.18		(0.65	)		(0.47	)		(0.20	)		(0.06	)		(0.26	)		9.27		(4.67%	)^b		123,915		1.15%	^a		1.00%	^a		1.79%	^a
Service Class I
12/31/17	$	9.29	$	0.11	$	2.67		$	2.78		$	(0.17	)	$	-		$	(0.17	)	$	11.90		30.05%		$	4,000		1.34%			1.25%			0.95%
12/31/16		8.78		0.13		0.56			0.69			(0.16	)		(0.02	)		(0.18	)		9.29		7.97%			1,063		1.32%			1.25%			1.50%
12/31/15		9.27		0.10		(0.57	)		(0.47	)		(0.02	)		-			(0.02	)		8.78		(5.10%	)		1,513		1.35%			1.25%			1.11%
12/31/14^h		10.29		0.07		(0.83	)		(0.76	)		(0.20	)		(0.06	)		(0.26	)		9.27		(7.44%	)^b		298		1.36%	^a		1.25%	^a		1.08%	^a


	Year ended December 31
	2017			2016			2015			2014
Portfolio turnover rate		45	%		50	%		46	%		39	%^b,g

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 January 7, 2014 (commencement of operations) through December 31, 2014.

h	For the period May 1, 2014 (commencement of operations) through December 31, 2014.

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.

179

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Large Cap Growth 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 return^m			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
12/31/17	$	10.63	$	0.07		$	3.23		$	3.30		$	(0.05	)	$	(3.19	)	$	(3.24	)	$	10.69		33.51%		$	106,989		0.73%		0.58%
12/31/16		11.70		0.03			(0.06	)		(0.03	)		(0.01	)		(1.03	)		(1.04	)		10.63		(0.38%	)		103,315		0.70%		0.24%
12/31/15		14.06		0.01			0.58			0.59			-			(2.95	)		(2.95	)		11.70		5.12%			214,299		0.69%		0.10%
12/31/14		14.63		(0.01	)		1.36			1.35			-			(1.92	)		(1.92	)		14.06		9.51%			242,229		0.69%		(0.07%	)
12/31/13		11.62		0.00	^d		3.76			3.76			(0.05	)		(0.70	)		(0.75	)		14.63		33.54%			268,330		0.70%		0.00%	^e
Service Class
12/31/17	$	10.41	$	0.03		$	3.15		$	3.18		$	(0.03	)	$	(3.19	)	$	(3.22	)	$	10.37		33.00%		$	7,510		0.98%		0.29%
12/31/16		11.48		(0.00	)^d		(0.04	)		(0.04	)		-			(1.03	)		(1.03	)		10.41		(0.52%	)		3,604		0.95%		(0.02%	)
12/31/15		13.89		(0.02	)		0.56			0.54			-			(2.95	)		(2.95	)		11.48		4.80%			3,501		0.94%		(0.15%	)
12/31/14		14.51		(0.04	)		1.34			1.30			-			(1.92	)		(1.92	)		13.89		9.23%			2,726		0.94%		(0.29%	)
12/31/13		11.53		(0.03	)		3.73			3.70			(0.02	)		(0.70	)		(0.72	)		14.51		33.24%			1,849		0.95%		(0.25%	)


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		3	%		134	%		73	%		77	%		89	%

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%.

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.

180

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Volatility 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 return^m		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
12/31/17	$	11.74	$	0.14	$	0.91	$	1.05	$	(0.16	)	$	-		$	(0.16	)	$	12.63		9.03%	$	150,737		0.90%		1.13%
12/31/16		14.27		0.17		0.31		0.48		(0.26	)		(2.75	)		(3.01	)		11.74		3.69%		151,537		0.91%		1.29%
12/31/15		14.11		0.17		0.25		0.42		(0.26	)		-			(0.26	)		14.27		3.01%		162,332		0.89%		1.18%
12/31/14		14.33		0.16		0.46		0.62		(0.10	)		(0.74	)		(0.84	)		14.11		4.41%		336,931		0.90%		1.14%
12/31/13		12.34		0.16		2.02		2.18		(0.19	)		-			(0.19	)		14.33		17.78%		203,330		0.88%		1.19%
Service Class
12/31/17	$	11.64	$	0.11	$	0.91	$	1.02	$	(0.13	)	$	-		$	(0.13	)	$	12.53		8.76%	$	33,698		1.15%		0.88%
12/31/16		14.18		0.14		0.29		0.43		(0.22	)		(2.75	)		(2.97	)		11.64		3.42%		32,569		1.16%		1.04%
12/31/15		14.02		0.14		0.24		0.38		(0.22	)		-			(0.22	)		14.18		2.79%		33,180		1.14%		0.95%
12/31/14		14.25		0.13		0.45		0.58		(0.07	)		(0.74	)		(0.81	)		14.02		4.14%		31,812		1.15%		0.88%
12/31/13		12.27		0.13		2.02		2.15		(0.17	)		-			(0.17	)		14.25		17.56%		28,423		1.13%		0.95%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		2	%		4	%		3	%		14	%		94	%

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.

181

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Growth 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 return^m		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
12/31/17	$	14.35	$	(0.01	)	$	3.45	$	3.44	$	(0.01	)	$	(1.59	)	$	(1.60	)	$	16.19		24.81%	$	382,666		0.81%		(0.08%	)
12/31/16		15.50		(0.00	)^d		0.97		0.97		-			(2.12	)		(2.12	)		14.35		6.29%		352,754		0.81%		(0.02%	)
12/31/15		16.41		(0.01	)		1.05		1.04		-			(1.95	)		(1.95	)		15.50		6.78%		375,328		0.81%		(0.07%	)
12/31/14		16.59		(0.03	)		2.11		2.08		-			(2.26	)		(2.26	)		16.41		13.27%		377,028		0.81%		(0.17%	)
12/31/13		12.96		(0.03	)		4.65		4.62		(0.04	)		(0.95	)		(0.99	)		16.59		36.69%		371,803		0.81%		(0.21%	)
Service Class
12/31/17	$	13.95	$	(0.05	)	$	3.34	$	3.29	$	-		$	(1.59	)	$	(1.59	)	$	15.65		24.47%	$	91,145		1.06%		(0.33%	)
12/31/16		15.16		(0.04	)		0.95		0.91		-			(2.12	)		(2.12	)		13.95		6.02%		71,227		1.06%		(0.27%	)
12/31/15		16.12		(0.05	)		1.04		0.99		-			(1.95	)		(1.95	)		15.16		6.59%		66,936		1.06%		(0.31%	)
12/31/14		16.38		(0.07	)		2.07		2.00		-			(2.26	)		(2.26	)		16.12		12.93%		56,457		1.06%		(0.42%	)
12/31/13		12.81		(0.07	)		4.61		4.54		(0.02	)		(0.95	)		(0.97	)		16.38		36.40%		43,873		1.06%		(0.45%	)


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		28	%		29	%		35	%		25	%		26	%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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.

182

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Value 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 return^m			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
12/31/17	$	11.79	$	0.20	$	1.09		$	1.29		$	(0.19	)	$	(0.75	)	$	(0.94	)	$	12.14		11.70%		$	438,601		0.88%		1.69%
12/31/16		10.74		0.17		2.22			2.39			(0.19	)		(1.15	)		(1.34	)		11.79		23.23%			433,046		0.88%		1.55%
12/31/15		13.12		0.16		(0.43	)		(0.27	)		(0.25	)		(1.86	)		(2.11	)		10.74		(1.45%	)		427,920		0.88%		1.26%
12/31/14		13.65		0.19		1.97			2.16			(0.24	)		(2.45	)		(2.69	)		13.12		16.66%			465,533		0.88%		1.39%
12/31/13		11.11		0.20		3.09			3.29			(0.24	)		(0.51	)		(0.75	)		13.65		30.43%			467,386		0.88%		1.57%
Service Class
12/31/17	$	11.63	$	0.17	$	1.08		$	1.25		$	(0.17	)	$	(0.75	)	$	(0.92	)	$	11.96		11.46%		$	49,723		1.13%		1.46%
12/31/16		10.62		0.15		2.18			2.33			(0.17	)		(1.15	)		(1.32	)		11.63		22.86%			44,148		1.13%		1.35%
12/31/15		12.99		0.12		(0.41	)		(0.29	)		(0.22	)		(1.86	)		(2.08	)		10.62		(1.60%	)		32,950		1.13%		1.03%
12/31/14		13.55		0.16		1.94			2.10			(0.21	)		(2.45	)		(2.66	)		12.99		16.33%			30,017		1.13%		1.16%
12/31/13		11.04		0.17		3.07			3.24			(0.22	)		(0.51	)		(0.73	)		13.55		30.11%			23,348		1.13%		1.33%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		42	%		52	%		68	%		66	%		71	%

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.

183

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Growth 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,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net realized gains			Total distributions			Net asset value, end of the period		Total return^m			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 waivers^j			Net investment income (loss) to average daily net assets
Initial Class
12/31/17	$	12.69	$	(0.03	)	$	2.87		$	2.84		$	(0.55	)	$	(0.55	)	$	14.98		22.81	%	$	198,404		1.09	%		1.09	%^k		(0.21	%)
12/31/16		13.51		0.00	^d		1.59			1.59			(2.41	)		(2.41	)		12.69		12.74	%		191,245		1.10	%		N/A			0.01	%
12/31/15		17.85		(0.04	)		(0.74	)		(0.78	)		(3.56	)		(3.56	)		13.51		(5.11	%)		194,889		1.09	%		N/A			(0.22	%)
12/31/14		22.81		(0.09	)		1.21			1.12			(6.08	)		(6.08	)		17.85		5.92	%		253,096		1.08	%		N/A			(0.43	%)
12/31/13		16.30		(0.08	)		7.79			7.71			(1.20	)		(1.20	)		22.81		48.54	%		273,041		1.10	%		1.08	%		(0.43	%)
Service Class
12/31/17	$	12.14	$	(0.06	)	$	2.74		$	2.68		$	(0.55	)	$	(0.55	)	$	14.27		22.51	%	$	16,124		1.35	%		1.34	%		(0.45	%)
12/31/16		13.05		(0.03	)		1.53			1.50			(2.41	)		(2.41	)		12.14		12.46	%		12,969		1.35	%		N/A			(0.23	%)
12/31/15		17.40		(0.07	)		(0.72	)		(0.79	)		(3.56	)		(3.56	)		13.05		(5.33	%)		11,375		1.34	%		N/A			(0.46	%)
12/31/14		22.44		(0.13	)		1.17			1.04			(6.08	)		(6.08	)		17.40		5.62	%		9,977		1.33	%		N/A			(0.67	%)
12/31/13		16.09		(0.13	)		7.68			7.55			(1.20	)		(1.20	)		22.44		48.17	%		7,871		1.35	%		1.34	%		(0.69	%)


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		74	%		105	%		78	%		78	%		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.

184

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Company Value 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 return^m			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 waivers^j		Net investment income (loss) to average daily net assets
Class II
12/31/17	$	17.23	$	0.05		$	1.73		$	1.78		$	(0.10	)	$	(2.01	)	$	(2.11	)	$	16.90		11.69%		$	89,256		1.02%		0.97%		0.30%
12/31/16		14.88		0.10			4.44			4.54			(0.10	)		(2.09	)		(2.19	)		17.23		32.46%			88,729		1.02%		0.97%		0.66%
12/31/15		17.59		0.10			(1.06	)		(0.96	)		(0.06	)		(1.69	)		(1.75	)		14.88		(5.36%	)		88,068		1.09%		1.05%		0.62%
12/31/14		23.88		0.05			(0.01	)		0.04			-			(6.33	)		(6.33	)		17.59		0.47%			95,788		1.17%		1.15%		0.26%
12/31/13		18.86		(0.01	)		5.87			5.86			(0.26	)		(0.58	)		(0.84	)		23.88		31.71%			97,840		1.16%		1.15%		(0.04%	)
Service Class I
12/31/17	$	16.83	$	0.01		$	1.68		$	1.69		$	(0.08	)	$	(2.01	)	$	(2.09	)	$	16.43		11.42%		$	20,671		1.27%		1.22%		0.06%
12/31/16		14.58		0.07			4.34			4.41			(0.07	)		(2.09	)		(2.16	)		16.83		32.16%			15,465		1.27%		1.22%		0.44%
12/31/15		17.29		0.06			(1.06	)		(1.00	)		(0.02	)		(1.69	)		(1.71	)		14.58		(5.65%	)		10,829		1.33%		1.30%		0.37%
12/31/14		23.63		0.00	^d		(0.01	)		(0.01	)		-			(6.33	)		(6.33	)		17.29		0.24%			10,726		1.42%		1.40%		0.02%
12/31/13		18.70		(0.05	)		5.79			5.74			(0.23	)		(0.58	)		(0.81	)		23.63		31.34%			9,944		1.41%		1.40%		(0.23%	)


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		14	%		23	%		44	%		22	%		12	%

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.

185

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small/Mid Cap Value 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 return^m			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
12/31/17	$	13.23	$	0.06	$	1.60		$	1.66		$	(0.07	)	$	(0.83	)	$	(0.90	)	$	13.99		13.44%		$	210,030		0.80%		0.47%
12/31/16		11.34		0.06		2.70			2.76			(0.07	)		(0.80	)		(0.87	)		13.23		25.10%			211,849		0.79%		0.51%
12/31/15		14.69		0.07		(0.89	)		(0.82	)		(0.11	)		(2.42	)		(2.53	)		11.34		(5.53%	)		197,297		0.79%		0.50%
12/31/14		13.80		0.11		1.19			1.30			(0.09	)		(0.32	)		(0.41	)		14.69		9.45%			236,399		0.79%		0.80%
12/31/13		10.06		0.09		3.74			3.83			(0.09	)		-			(0.09	)		13.80		38.18%			257,210		0.80%		0.74%
Service Class
12/31/17	$	13.12	$	0.03	$	1.57		$	1.60		$	(0.04	)	$	(0.83	)	$	(0.87	)	$	13.85		13.08%		$	22,386		1.05%		0.23%
12/31/16		11.25		0.03		2.68			2.71			(0.04	)		(0.80	)		(0.84	)		13.12		24.83%			19,563		1.04%		0.26%
12/31/15		14.59		0.04		(0.89	)		(0.85	)		(0.07	)		(2.42	)		(2.49	)		11.25		(5.74%	)		15,919		1.04%		0.27%
12/31/14		13.72		0.08		1.18			1.26			(0.07	)		(0.32	)		(0.39	)		14.59		9.16%			15,484		1.04%		0.56%
12/31/13		10.01		0.06		3.72			3.78			(0.07	)		-			(0.07	)		13.72		37.82%			12,729		1.05%		0.47%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		34	%		58	%		42	%		46	%		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.

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

186

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Total Return 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 return^m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including interest expense)			Ratio of expenses to average daily net assets after expense waivers (including interest expense)^j			Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)^j			Net investment income (loss) to average daily net assets (including interest expense)
Class II
12/31/17	$	10.27	$	0.19	$	0.11		$	0.30		$	(0.21	)	$	-		$	(0.21	)	$	10.36		2.96%		$	408,199		0.62%			0.60%			N/A			1.85%
12/31/16		10.19		0.17		0.09			0.26			(0.18	)		-			(0.18	)		10.27		2.52%			393,276		0.62%			0.60%			N/A			1.67%
12/31/15		10.64		0.14		(0.11	)		0.03			(0.36	)		(0.12	)		(0.48	)		10.19		0.24%			328,928		0.66%			0.60%			N/A			1.32%
12/31/14		10.34		0.13		0.36			0.49			(0.19	)		-			(0.19	)		10.64		4.75%			403,732		0.70%	^p		0.65%	^p		0.65%	ⁿ		1.27%
12/31/13		10.82		0.13		(0.31	)		(0.18	)		(0.21	)		(0.09	)		(0.30	)		10.34		(1.63%	)		401,127		0.69%	^p		0.65%	^p		0.65%	ⁿ		1.23%
Service Class I
12/31/17	$	10.18	$	0.16	$	0.12		$	0.28		$	(0.19	)	$	-		$	(0.19	)	$	10.27		2.73%		$	21,858		0.87%			0.85%			N/A			1.60%
12/31/16		10.11		0.15		0.09			0.24			(0.17	)		-			(0.17	)		10.18		2.30%			19,079		0.87%			0.85%			N/A			1.43%
12/31/15		10.57		0.11		(0.11	)		(0.00	)^d		(0.34	)		(0.12	)		(0.46	)		10.11		(0.05%	)		17,161		0.90%			0.85%			N/A			1.09%
12/31/14		10.29		0.10		0.35			0.45			(0.17	)		-			(0.17	)		10.57		4.43%			14,435		0.95%	^p		0.90%	^p		0.90%	ⁿ		1.00%
12/31/13		10.79		0.10		(0.30	)		(0.20	)		(0.21	)		(0.09	)		(0.30	)		10.29		(1.85%	)		11,404		0.94%	^p		0.90%	^p		0.90%	ⁿ		1.00%


	Year ended December 31
	2017			2016			2015			2014			2013
Portfolio turnover rate		313	%		278	%		322	%		447	%^u		550	%^u

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.

n	Amount of interest expense had no impact on the ratio of expenses to average daily net assets.

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.

u	Excludes Treasury roll transactions. Including these transactions, the portfolio turnover would have been 479% and 574%, respectively, for the years ended December 31, 2014 and December 31, 2013.

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

187

Notes to Financial Statements

The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no-load, open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The following are 19 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MML Equity Income Fund (“Equity Income Fund”)

MML Equity Index Fund (“Equity Index Fund”)

MML Focused Equity Fund (“Focused Equity Fund”)

MML Foreign Fund (“Foreign Fund”)

MML Fundamental Growth Fund (“Fundamental Growth Fund”)

MML Fundamental Value Fund (“Fundamental Value Fund”)

MML Global Fund (“Global Fund”)

MML Growth & Income Fund (“Growth & Income Fund”)

MML Income & Growth Fund (“Income & Growth Fund”)

MML International Equity Fund (“International Equity Fund”)

MML Large Cap Growth Fund (“Large Cap Growth Fund”)

MML Managed Volatility Fund (“Managed Volatility Fund”)

MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)

MML Mid Cap Value Fund (“Mid Cap Value Fund”)

MML Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)

MML Small Company Value Fund (“Small Company Value Fund”)

MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)

MML Total Return Bond Fund (“Total Return Bond Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the MML Allocation Funds, which are “funds of funds” series of the Trust, are the record owners of all of the outstanding shares of the Funds.

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.

Significant Accounting Policies

Investment Valuation

188

Notes to Financial Statements (Continued)

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.

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

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.

189

Notes to Financial Statements (Continued)

moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

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

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

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

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

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

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

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

190

Notes to Financial Statements (Continued)

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 Income & Growth Fund, Small Company Value Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2017. 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.

The following is the aggregate value by input level, as of December 31, 2017, for the remaining Funds’ investments:


	Level 1		Level 2			Level 3		Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	367,891,194	$	9,087,978	*	$	-	$	376,979,172
Mutual Funds		1,027		-			-		1,027
Short-Term Investments		-		1,084,037			-		1,084,037

Total Investments	$	367,892,221	$	10,172,015		$	-	$	378,064,236

191

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3		Total
Equity Income Fund
Asset Investments
Common Stock	$	487,449,619	$	18,904,272	*	$	-	$	506,353,891
Preferred Stock		8,155,256		-			-		8,155,256
Corporate Debt		-		2,401,515			-		2,401,515
Mutual Funds		1,027		-			-		1,027
Short-Term Investments		-		9,036,108			-		9,036,108

Total Investments	$	495,605,902	$	30,341,895		$	-	$	525,947,797


Equity Index Fund
Asset Investments
Common Stock	$	731,762,722	$	-		$	-	$	731,762,722
Short-Term Investments		-		9,328,157			-		9,328,157

Total Investments	$	731,762,722	$	9,328,157		$	-	$	741,090,879

Asset Derivatives
Futures Contracts	$	119,329	$	-		$	-	$	119,329


Focused Equity Fund
Asset Investments
Common Stock	$	63,352,653	$	2,821,512	*	$	-	$	66,174,165
Short-Term Investments		-		1,230,285			-		1,230,285

Total Investments	$	63,352,653	$	4,051,797		$	-	$	67,404,450


Foreign Fund
Asset Investments
Common Stock*
Bermuda	$	-	$	1,771,636		$	-	$	1,771,636
Canada		8,465,888		-			-		8,465,888
Cayman Islands		7,219,605		9,298,444			-		16,518,049
China		-		11,606,921			-		11,606,921
France		-		38,769,102			-		38,769,102
Germany		2,042,480		41,928,219			-		43,970,699
Hong Kong		-		8,525,933			-		8,525,933
Ireland		-		5,683,731			-		5,683,731
Israel		3,855,719		-			-		3,855,719
Italy		-		5,799,536			-		5,799,536
Japan		-		48,574,636			-		48,574,636
Luxembourg		-		3,833,653			-		3,833,653
Netherlands		-		16,682,380			-		16,682,380
Norway		-		9,147,390			-		9,147,390
Portugal		-		4,451,686			-		4,451,686
Republic of Korea		4,734,395		20,930,325			-		25,664,720
Singapore		-		13,683,041			-		13,683,041
Sweden		417,922		2,115,931			-		2,533,853
Switzerland		-		21,512,444			-		21,512,444
Taiwan		-		4,927,598			-		4,927,598
Thailand		-		5,321,145			-		5,321,145
United Kingdom		11,326,388		70,168,276			-		81,494,664
Mutual Funds		4,039,373		-			-		4,039,373
Short-Term Investments		-		13,002,320			-		13,002,320

Total Investments	$	42,101,770	$	357,734,347		$	-	$	399,836,117

192

Notes to Financial Statements (Continued)


	Level 1		Level 2			Level 3		Total
Fundamental Growth Fund
Asset Investments
Common Stock	$	126,920,525	$	766,873	*	$	-	$	127,687,398
Short-Term Investments		-		34,522			-		34,522

Total Investments	$	126,920,525	$	801,395		$	-	$	127,721,920


Fundamental Value Fund
Asset Investments
Common Stock	$	227,414,160	$	5,625,513	*	$	-	$	233,039,673
Short-Term Investments		-		5,893,795			-		5,893,795

Total Investments	$	227,414,160	$	11,519,308		$	-	$	238,933,468


Global Fund
Asset Investments
Common Stock*
Austria	$	-	$	1,029,309		$	-	$	1,029,309
Brazil		-		1,312,033			-		1,312,033
Canada		4,142,820		-			-		4,142,820
Cayman Islands		-		489,982			-		489,982
Denmark		-		1,771,492			-		1,771,492
France		-		22,162,756			-		22,162,756
Germany		-		16,092,720			-		16,092,720
Ireland		11,481,227		-			-		11,481,227
Israel		2,011,886		-			-		2,011,886
Japan		-		3,265,641			-		3,265,641
Mexico		675,339		-			-		675,339
Netherlands		1,754,566		5,612,061			-		7,366,627
Republic of Korea		-		2,373,449			-		2,373,449
Spain		-		2,523,854			-		2,523,854
Sweden		-		4,544,685			-		4,544,685
Switzerland		-		19,973,954			-		19,973,954
Thailand		-		613,924			-		613,924
United Kingdom		1,550,762		21,130,787			-		22,681,549
United States		113,728,077		-			-		113,728,077
Mutual Funds		4,245,862		-			-		4,245,862
Short-Term Investments		-		1,435,057			-		1,435,057

Total Investments	$	139,590,539	$	104,331,704		$	-	$	243,922,243


Growth & Income Fund
Asset Investments
Common Stock	$	132,930,154	$	7,489,712	*	$	-	$	140,419,866
Short-Term Investments		-		1,998,866			-		1,998,866

Total Investments	$	132,930,154	$	9,488,578		$	-	$	142,418,732

193

Notes to Financial Statements (Continued)


	Level 1			Level 2		Level 3			Total
International Equity Fund
Asset Investments
Common Stock*
Australia	$	-		$	5,792,374	$	-		$	5,792,374
Cayman Islands		1,989,614			-		-			1,989,614
France		-			26,921,510		-			26,921,510
Germany		-			28,558,918		-			28,558,918
India		1,860,434			3,053,189		-			4,913,623
Indonesia		-			3,427,860		-			3,427,860
Ireland		3,709,837			-		-			3,709,837
Italy		-			7,177,647		-			7,177,647
Japan		-			9,129,957		-			9,129,957
Mexico		2,634,337			-		-			2,634,337
Netherlands		-			13,801,334		-			13,801,334
Republic of Korea		-			261,341		-			261,341
Sweden		-			10,906,720		-			10,906,720
Switzerland		-			19,296,626		-			19,296,626
Taiwan		-			345,783		-			345,783
United Kingdom		5,127,560			41,881,490		-			47,009,050
Mutual Funds		686,750			-		-			686,750
Short-Term Investments		-			3,874,880		-			3,874,880

Total Investments	$	16,008,532		$	174,429,629	$	-		$	190,438,161

Asset Derivatives
Forwards Contracts	$	-		$	62,572	$	-		$	62,572


Large Cap Growth Fund
Asset Investments
Common Stock	$	110,408,554		$	3,694,213	$	-		$	114,102,767
Short-Term Investments		-			496,080		-			496,080

Total Investments	$	110,408,554		$	4,190,293	$	-		$	114,598,847


Managed Volatility Fund
Asset Investments
Common Stock	$	182,940,399		$	-	$	-		$	182,940,399
Corporate Debt		-			-		-	+,**		-
Purchased Options		290,725			-		-			290,725
Short-Term Investments		-			4,573,145		-			4,573,145

Total Investments	$	183,231,124		$	4,573,145	$	-		$	187,804,269

Liability Derivatives
Written Options	$	(3,332,778	)	$	-	$	-		$	(3,332,778	)


Mid Cap Growth Fund
Asset Investments
Common Stock	$	447,848,574		$	716,839	$	999,872	**	$	449,565,285
Preferred Stock		-			-		3,369,013	**		3,369,013
Mutual Funds		27,397,215			-		-			27,397,215
Short-Term Investments		-			12,517,916		-			12,517,916

Total Investments	$	475,245,789		$	13,234,755	$	4,368,885		$	492,849,429

194

Notes to Financial Statements (Continued)


	Level 1			Level 2			Level 3			Total
Mid Cap Value Fund
Asset Investments
Common Stock	$	458,884,943		$	6,001,191	*	$	-		$	464,886,134
Mutual Funds		9,546,360			-			-			9,546,360
Short-Term Investments		-			13,347,640			-			13,347,640

Total Investments	$	468,431,303		$	19,348,831		$	-		$	487,780,134

Asset Derivatives
Forward Contracts	$	-		$	6,586		$	-		$	6,586

Liability Derivatives
Forward Contracts	$	-		$	(255,320	)	$	-		$	(255,320	)


Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	209,305,266		$	-		$	243,505		$	209,548,771
Preferred Stock		-			-			740,266			740,266
Mutual Funds		32,756,908			-			-			32,756,908
Short-Term Investments		-			3,266,818			-			3,266,818

Total Investments	$	242,062,174		$	3,266,818		$	983,771		$	246,312,763


Total Return Bond Fund
Asset Investments
Bank Loans	$	-		$	1,845,464		$	-		$	1,845,464
Corporate Debt		-			118,430,196			-			118,430,196
Municipal Obligations		-			5,586,305			-			5,586,305
Non-U.S. Government Agency Obligations		-			60,018,527			1,000,000	**		61,018,527
U.S. Government Agency Obligations and Instrumentalities		-			130,502,835			-			130,502,835
U.S. Treasury Obligations		-			116,138,714			-			116,138,714
Short-Term Investments		-			56,019,228			-			56,019,228

Total Investments	$	-		$	488,541,269		$	1,000,000		$	489,541,269

Asset Derivatives
Forward Contracts	$	-		$	83,538		$	-		$	83,538
Futures Contracts		38,197			-			-			38,197

Total	$	38,197		$	83,538		$	-		$	121,735

Liability Derivatives
Futures Contracts	$	(130,589	)	$	-		$	-		$	(130,589	)

*	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, 2017 is not presented.

+	Represents a security at $0 value as of December 31, 2017.

195

Notes to Financial Statements (Continued)

The following tables show Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of December 31, 2017.


Statements of Assets and Liabilities location:		Total Return Bond Fund
Receivables from:
Investments sold on a when-issued basis		X
Payables for:
Investments purchased on a when-issued basis		X

Statements of Assets and Liabilities location:

Foreign
Fund

Global
Fund

International
Equity Fund

Managed
Volatility
Fund

Mid Cap
Growth
Fund

Small Cap Growth
Equity Fund

Small Company
Value Fund

Due to custodian

Foreign currency overdraft

Securities on loan

The Funds, with the exception of the Mid Cap Growth Fund, had no transfers between Levels of the fair value hierarchy during the year ended December 31, 2017. The Mid Cap Growth Fund had transfers between Level 2 and Level 3 of the fair value hierarchy during the year ended December 31, 2017; however, none of the transfers individually or collectively had a material impact on the Fund. The Funds recognize transfers between the Levels as of the beginning of the year.

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs


	Investments in Securities
	Balance as of 12/31/16		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		(Sales)			Balance as of 12/31/17		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 12/31/17
Small Cap Growth Equity Fund
Common Stock	$	431,128	$	-	$	103,892	$	(255,004	)	$	320,543	$	(357,054	)	$	243,505	$	(143,685	)
Preferred Stock		1,879,253		-		475,080		(119,496	)		-		(1,494,571	)		740,266		105,008

	$	2,310,381	$	-	$	578,972	$	(374,500	)	$	320,543	$	(1,851,625	)	$	983,771	$	(38,677	)

The Small Cap Growth Equity Fund fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the Small Cap Growth Equity Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

196

Notes to Financial Statements (Continued)

Small Cap Growth Equity Fund

Fair Value
Amount

Valuation
Technique

Unobservable Input Description

Value/
Weighted
Average
Range

Common stock — $243,505

Docusign, Inc. (Escrow Shares)

Worthless

0.00

Draftkings, Inc.

112,044

Market Approach

EV/Multiple

3.08x

Discount for Lack of Marketability

10%

Dropbox, Inc. Class B

88,495

Market Approach

EV/Multiple

6.51x

Discount for Lack of Marketability

10%

Veracode, Inc. (Escrow Shares)

42,966

Asset Valuation

Future Cash Distribution

4.02

Discount for Lack of Certainty

20%

Preferred stock — $740,266

MarkLogic Corp. Series F

225,067

Market Approach

EV/Multiple

2.20x

Discount for Lack of Marketability

10%

The Honest Company, Inc. Series D

142,435

Market Approach

Market Transaction

818m

Probability Weighted Expected Return Model

IPO Probability

20%

No IPO Probability

80%

Discount for Lack of Marketability

10%

Zuora, Inc. Series F, Convertible

372,764

Market Approach

EV/Multiple

7.60x

Discount for Lack of Marketability

10%

Total

983,771

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. Gains or 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, 2017, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).


Type of Derivative and Objective for Use	Equity Index Fund	International Equity Fund	Managed Volatility Fund	Mid Cap Value Fund	Total Return Bond Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management		A		A	A
Directional Exposures to Currencies					M

Futures Contracts**
Hedging/Risk Management					A
Duration/Credit Quality Management					A
Substitution for Direct Investment	A				M

Interest Rate Swaps***
Hedging/Risk Management					A
Duration Management					A

Options (Purchased)
Hedging/Risk Management			A

197

Notes to Financial Statements (Continued)


Type of Derivative and Objective for Use	Equity Index Fund	International Equity Fund	Managed Volatility Fund	Mid Cap Value Fund	Total Return Bond Fund
Options (Written)
Hedging/Risk Management			A
Income			A

*	Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable.

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

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

At December 31, 2017, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:


	Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Equity Index Fund
Asset Derivatives
Futures Contracts^^	$	119,329		$	-		$	-	$	119,329

Realized Gain (Loss)#
Futures Contracts	$	1,672,991		$	-		$	-	$	1,672,991

Change in Appreciation (Depreciation)##
Futures Contracts	$	243,447		$	-		$	-	$	243,447


International Equity Fund
Asset Derivatives
Forward Contracts*	$	-		$	62,572		$	-	$	62,572

Realized Gain (Loss)#
Forward Contracts	$	-		$	194,046		$	-	$	194,046

Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	(231,452	)	$	-	$	(231,452	)


Managed Volatility Fund
Asset Derivatives
Purchased Options*	$	290,725		$	-		$	-	$	290,725

Liability Derivatives
Written Options^	$	(3,332,778	)	$	-		$	-	$	(3,332,778	)

Realized Gain (Loss)#
Purchased Options	$	(5,589,280	)	$	-		$	-	$	(5,589,280	)
Written Options		(13,105,498	)		-			-		(13,105,498	)

Total Realized Gain (Loss)	$	(18,694,778	)	$	-		$	-	$	(18,694,778	)

Change in Appreciation (Depreciation)##
Purchased Options	$	(51,710	)	$	-		$	-	$	(51,710	)
Written Options		(475,605	)		-			-		(475,605	)

Total Change in Appreciation (Depreciation)	$	(527,315	)	$	-		$	-	$	(527,315	)

198

Notes to Financial Statements (Continued)


	Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	-	$	6,586		$	-		$	6,586

Liability Derivatives
Forward Contracts^	$	-	$	(255,320	)	$	-		$	(255,320	)

Realized Gain (Loss)#
Forward Contracts	$	-	$	(566,119	)	$	-		$	(566,119	)

Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	(174,420	)	$	-		$	(174,420	)


Total Return Bond Fund
Asset Derivatives
Forward Contracts*	$	-	$	83,538		$	-		$	83,538
Futures Contracts^^		-		-			38,197			38,197

Total Value	$	-	$	83,538		$	38,197		$	121,735

Liability Derivatives
Futures Contracts^^	$	-	$	-		$	(130,589	)	$	(130,589	)

Realized Gain (Loss)#
Forward Contracts	$	-	$	(153,710	)	$	-		$	(153,710	)
Futures Contracts		-		-			(137,589	)		(137,589	)
Swap Agreements		-		-			(1,097	)		(1,097	)

Total Realized Gain (Loss)	$	-	$	(153,710	)	$	(138,686	)	$	(292,396	)

Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	(281,145	)	$	-		$	(281,145	)
Futures Contracts		-		-			(31,325	)		(31,325	)

Total Change in Appreciation (Depreciation)	$	-	$	(281,145	)	$	(31,325	)	$	(312,470	)

*	Statements of Assets and Liabilities location: Investments, at value, Receivables from: open forward contracts, as applicable.

^	Statements of Assets and Liabilities location: Payables for: open forward contracts, or written options outstanding, at value, as applicable.

^^	Cumulative appreciation (depreciation) on futures contracts is reported 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: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

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

199

Notes to Financial Statements (Continued)

For the year ended December 31, 2017, 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 Options		Written Options
Equity Index Fund		74	$	-	$	-		-		-
International Equity Fund		-		3,475,634		-		-		-
Managed Volatility Fund		-		-		-		746		746
Mid Cap Value Fund		-		16,000,214		-		-		-
Total Return Bond Fund		349		14,979,731		2,130,000		-		-

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, and shares/units outstanding for purchased options, and written options, 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, 2017.

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, 2017.


Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset		Collateral Received**		Net Amount*
International Equity Fund
State Street Bank and Trust Co.	$	62,572	$	-	$	-	$	62,572

Total Return Bond Fund
Goldman Sachs International	$	83,538	$	-	$	-	$	83,538

*	Represents the net amount receivable from 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, 2017, 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.

200

Notes to Financial Statements (Continued)

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

Forward foreign currency contracts outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Futures contracts outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments.

201

Notes to Financial Statements (Continued)

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, 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 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.

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. 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.

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.

Swap agreements outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the fair value of the transaction.

202

Notes to Financial Statements (Continued)

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.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find

203

Notes to Financial Statements (Continued)

it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Written option contracts outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments.

Inflation-Indexed Bonds

The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation, as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) (for U.S. Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. Any adjustments to the principal amount of an inflation-indexed bond due to inflation will be reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions.

The value of inflation-indexed bonds is generally based on changes in real interest rates, which in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation, or that the rate of inflation in a foreign country will correlate to the rate of inflation in the United States. Additionally, if interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

Bank Loans

Certain of the Funds 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

204

Notes to Financial Statements (Continued)

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, 2017, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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.

205

Notes to Financial Statements (Continued)

Dollar Roll Transactions

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

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

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

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash or securities adjusted daily to have market value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2017, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Security loans can be terminated at the discretion of either the Agent or the Fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at December 31, 2017.

206

Notes to Financial Statements (Continued)

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, 2017, the Fund(s) earned securities lending net income as follows:


	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Foreign Fund	$	162,765	$	32,567	$	130,198
Global Fund		31,248		6,165		25,083
International Equity Fund		69,697		13,901		55,796
Mid Cap Growth Fund		115,424		22,918		92,506
Small Cap Growth Equity Fund		179,564		35,097		144,467
Small Company Value Fund		24,878		4,916		19,962

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. 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

207

Notes to Financial Statements (Continued)

Foreign Securities

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

Federal Income Tax

Dividends and Distributions to Shareholders

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 annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

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


Fund	Investment Advisory Fee	Investment Subadviser(s)
Blue Chip Growth Fund	0.75% on the first $400 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $400 million
Equity Income Fund	0.75% on the first $500 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $500 million

208

Notes to Financial Statements (Continued)


Fund	Investment Advisory Fee	Investment Subadviser(s)
Equity Index Fund	0.10% on the first $500 million; and	Northern Trust Investments, Inc.
	0.08% on any excess over $500 million
Focused Equity Fund*	0.70% on the first $250 million; and	Wellington Management Company LLP
	0.60% on any excess over $250 million
Foreign Fund	0.89% on the first $500 million; and	Templeton Investment Counsel, LLC
	0.85% on any excess over $500 million
Fundamental Growth Fund	0.62% on the first $250 million; and	Wellington Management Company LLP
	0.60% on any excess over $250 million
Fundamental Value Fund	0.60% on the first $500 million; and	Wellington Management Company LLP
	0.575% on any excess over $500 million
Global Fund	0.60% on the first $500 million; and	Massachusetts Financial Services Company
	0.55% on any excess over $500 million
Growth & Income Fund	0.50% on the first $500 million; and	Massachusetts Financial Services Company
	0.475% on any excess over $500 million
Income & Growth Fund**	0.65% on the first $500 million; and	Barrow, Hanley, Mewhinney & Strauss, LLC
	0.60% on any excess over $500 million
International Equity Fund	0.80% on the first $250 million; and	Harris Associates L.P.
	0.75% on any excess over $250 million
Large Cap Growth Fund	0.65% on the first $500 million; and	Loomis, Sayles & Company, L.P.
	0.60% on any excess over $500 million
Managed Volatility Fund	0.75% on the first $500 million; and	Gateway Investment Advisers, LLC
	0.70% on any excess over $500 million
Mid Cap Growth Fund	0.77% on the first $500 million; and	T. Rowe Price Associates, Inc.
	0.75% on any excess over $500 million
Mid Cap Value Fund	0.84% on the first $500 million; and	American Century Investment Management, Inc.
	0.80% on any excess over $500 million
Small Cap Growth Equity Fund	1.04% on the first $200 million; and	Wellington Management Company LLP
	1.00% on any excess over $200 million
Small Company Value Fund	0.80% on the first $150 million; and	T. Rowe Price Associates, Inc.
	0.70% on any excess over $150 million
Small/Mid Cap Value Fund	0.75% on the first $500 million; and	AllianceBernstein L.P.
	0.70% on any excess over $500 million
Total Return Bond Fund	0.40% on the first $500 million; and	Metropolitan West Asset Management, LLC
	0.38% on any excess over $500 million

*	Effective May 1, 2017, Wellington Management Company LLP replaced Harris Associates L.P. as subadviser to the Fund.

**	Effective December 4, 2017, Barrow, Hanley, Mewhinney & Strauss, LLC replaced BlackRock Investment Management, LLC as subadviser to the Fund.

Administration Fees

For the Equity Index Fund, Focused Equity Fund, Fundamental Growth Fund, Fundamental Value Fund, Global Fund, International Equity Fund, Small Company Value Fund, and Total Return Bond Fund, under a separate Administrative and Shareholder Services Agreement between the Funds and MML Advisers, MML Advisers is obligated to provide all necessary

209

Notes to Financial Statements (Continued)

administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers 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 I		Class II		Class III		Service Class I
Equity Index Fund		0.30%		0.15%		None		0.30%
Focused Equity Fund		N/A		0.15%		N/A		0.15%
Fundamental Growth Fund		N/A		0.15%		N/A		0.15%
Fundamental Value Fund		N/A		0.15%		N/A		0.15%
Global Fund		0.15%		0.15%		N/A		0.15%
International Equity Fund		N/A		0.15%		N/A		0.15%
Small Company Value Fund		N/A		0.15%		N/A		0.15%
Total Return Bond Fund		N/A		0.15%		N/A		0.15%

Distribution and Service Fees

Expense Caps and Waivers

MML Advisers 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) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:


	Class II		Service Class I
Fundamental Growth Fund*		0.85%		1.10%
International Equity Fund*		1.00%		1.25%
Total Return Bond Fund*		0.60%		0.85%

#	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, 2018.

MML Advisers has agreed to voluntarily waive 0.03% of the advisory fee of the Equity Income Fund. MML Advisers may amend or discontinue this waiver at any time without advance notice.

MML Advisers has agreed to voluntarily waive 0.05% of the advisory fee of the Small Company Value Fund. MML Advisers may amend or discontinue this waiver at any time without advance notice.

Effective October 1, 2017, MML Advisers has agreed to waive 0.02% of the advisory fee of the Fundamental Value Fund through April 30, 2019.

210

Notes to Financial Statements (Continued)

Effective October 1, 2017, MML Advisers has agreed to waive 0.02% of the advisory fee of the Small Cap Growth Equity Fund through April 30, 2019.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended December 31, 2017, brokerage commissions rebated under these agreements were as follows:


	Rebated Commissions
Blue Chip Growth Fund	$	2,071
Equity Income Fund		3,282
Foreign Fund		3
Fundamental Growth Fund		97
Fundamental Value Fund		181
Global Fund		950
Growth & Income Fund		2,445
Income & Growth Fund		157
Large Cap Growth Fund		987
Managed Volatility Fund		621
Mid Cap Growth Fund		4,699
Small Cap Growth Equity Fund		3,700
Small Company Value Fund		1,246
Small/Mid Cap Value Fund		12,643

Deferred Compensation

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.

Elaine A. Sarsynski resigned as a Trustee of the Trust effective as of February 1, 2017. Teresa Hassara became a Trustee of the Trust effective as of June 6, 2017.

211

Notes to Financial Statements (Continued)

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, 2017, 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
Blue Chip Growth Fund	$	-	$	94,040,175	$	-	$	210,039,148
Equity Income Fund		-		124,560,844		-		154,151,475
Equity Index Fund		-		117,811,264		-		47,636,739
Focused Equity Fund		-		93,112,378		-		176,438,088
Foreign Fund		-		57,307,384		-		92,748,562
Fundamental Growth Fund		-		59,896,073		-		135,975,788
Fundamental Value Fund		-		39,285,948		-		67,306,562
Global Fund		-		23,520,487		-		78,774,612
Growth & Income Fund		-		16,366,851		-		27,520,658
Income & Growth Fund		-		311,916,222		-		310,196,842
International Equity Fund		-		76,767,423		-		82,242,957
Large Cap Growth Fund		-		3,291,689		-		26,525,671
Managed Volatility Fund		-		4,159,259		-		35,041,149
Mid Cap Growth Fund		-		121,446,957		-		169,469,992
Mid Cap Value Fund		-		194,847,836		-		232,019,933
Small Cap Growth Equity Fund		-		154,138,973		-		185,991,409
Small Company Value Fund		-		13,982,956		-		19,125,804
Small/Mid Cap Value Fund		-		74,395,781		-		101,386,842
Total Return Bond Fund		1,243,187,487		97,991,060		1,261,454,348		68,128,355

Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Blue Chip Growth Fund Initial Class
Sold		1,482,018		$	24,146,807			1,829,690		$	26,464,359
Issued as reinvestment of dividends		1,602,785			25,612,496			3,178,098			44,016,658
Redeemed		(9,593,538	)		(152,418,641	)		(5,822,807	)		(84,697,374	)

Net increase (decrease)		(6,508,735	)	$	(102,659,338	)		(815,019	)	$	(14,216,357	)

Blue Chip Growth Fund Service Class
Sold		1,095,342		$	17,544,966			843,322		$	11,915,061
Issued as reinvestment of dividends		371,785			5,770,103			408,070			5,513,029
Redeemed		(381,362	)		(6,024,188	)		(516,842	)		(7,327,640	)

Net increase (decrease)		1,085,765		$	17,290,881			734,550		$	10,100,450

212

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Equity Income Fund Initial Class
Sold		3,849,143		$	47,033,271			1,822,027		$	20,681,583
Issued as reinvestment of dividends		3,262,598			37,160,987			4,457,802			48,991,248
Redeemed		(6,929,438	)		(83,889,962	)		(7,467,353	)		(84,435,481	)

Net increase (decrease)		182,303		$	304,296			(1,187,524	)	$	(14,762,650	)

Equity Income Fund Service Class
Sold		731,065		$	8,744,889			823,658		$	9,374,307
Issued as reinvestment of dividends		607,180			6,848,988			746,940			8,141,646
Redeemed		(1,018,878	)		(12,189,103	)		(570,439	)		(6,484,581	)

Net increase (decrease)		319,367		$	3,404,774			1,000,159		$	11,031,372

Equity Index Fund Class I
Sold		163,370		$	4,680,045			195,781		$	5,000,396
Issued as reinvestment of dividends		82,082			2,327,832			107,635			2,760,846
Redeemed		(605,423	)		(17,349,535	)		(816,790	)		(20,848,027	)

Net increase (decrease)		(359,971	)	$	(10,341,658	)		(513,374	)	$	(13,086,785	)

Equity Index Fund Class II
Sold		824,627		$	23,653,381			530,976		$	13,600,841
Issued as reinvestment of dividends		261,548			7,414,887			273,077			7,004,425
Redeemed		(1,678,018	)		(49,816,507	)		(828,193	)		(20,989,328	)

Net increase (decrease)		(591,843	)	$	(18,748,239	)		(24,140	)	$	(384,062	)

Equity Index Fund Class III
Sold		3,464,358		$	95,343,796			3,454,116		$	91,463,486
Issued as reinvestment of dividends		569,794			16,125,159			302,119			7,740,287
Redeemed		(378,540	)		(10,791,850	)		(178,330	)		(4,513,366	)

Net increase (decrease)		3,655,612		$	100,677,105			3,577,905		$	94,690,407

Equity Index Fund Service Class I
Sold		131,430		$	3,644,032			171,504		$	4,242,101
Issued as reinvestment of dividends		59,572			1,642,992			63,228			1,580,076
Redeemed		(206,249	)		(5,751,108	)		(203,834	)		(4,947,697	)

Net increase (decrease)		(15,247	)	$	(464,084	)		30,898		$	874,480

Focused Equity Fund Class II
Sold		693,604		$	9,238,953			842,595		$	10,160,682
Issued as reinvestment of dividends		1,059,132			12,328,298			974,312			11,808,665
Redeemed		(7,000,220	)		(97,590,007	)		(4,185,139	)		(52,228,414	)

Net increase (decrease)		(5,247,484	)	$	(76,022,756	)		(2,368,232	)	$	(30,259,067	)

Focused Equity Fund Service Class I
Sold		256,583		$	3,422,281			85,127		$	1,035,236
Issued as reinvestment of dividends		165,480			1,901,369			40,044			482,130
Redeemed		(145,844	)		(1,921,956	)		(186,584	)		(2,232,873	)

Net increase (decrease)		276,219		$	3,401,694			(61,413	)	$	(715,507	)

Foreign Fund Initial Class
Sold		1,762,962		$	18,142,876			4,766,959		$	44,140,856
Issued as reinvestment of dividends		745,421			7,849,280			721,750			6,733,929
Redeemed		(5,448,887	)		(57,208,508	)		(5,117,276	)		(47,134,979	)

Net increase (decrease)		(2,940,504	)	$	(31,216,352	)		371,433		$	3,739,806

213

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Foreign Fund Service Class
Sold		90,005		$	941,821			113,772		$	1,038,692
Issued as reinvestment of dividends		19,155			200,743			20,806			193,084
Redeemed		(172,623	)		(1,780,182	)		(252,633	)		(2,300,078	)

Net increase (decrease)		(63,463	)	$	(637,618	)		(118,055	)	$	(1,068,302	)

Fundamental Growth Fund Class II
Sold		888,782		$	11,185,241			1,199,321		$	14,211,982
Issued as reinvestment of dividends		1,255,552			14,966,176			1,903,133			21,600,562
Redeemed		(7,277,808	)		(91,652,950	)		(3,258,560	)		(38,379,284	)

Net increase (decrease)		(5,133,474	)	$	(65,501,533	)		(156,106	)	$	(2,566,740	)

Fundamental Growth Fund Service Class I
Sold		190,964		$	2,374,345			134,103		$	1,564,543
Issued as reinvestment of dividends		55,847			655,646			38,353			430,695
Redeemed		(84,626	)		(1,049,814	)		(32,918	)		(388,876	)

Net increase (decrease)		162,185		$	1,980,177			139,538		$	1,606,362

Fundamental Value Fund Class II
Sold		1,918,050		$	29,257,704			2,062,479		$	27,882,168
Issued as reinvestment of dividends		1,375,035			19,195,489			1,391,644			19,608,258
Redeemed		(3,827,642	)		(57,877,792	)		(3,561,951	)		(51,188,268	)

Net increase (decrease)		(534,557	)	$	(9,424,599	)		(107,828	)	$	(3,697,842	)

Fundamental Value Fund Service Class I
Sold		253,529		$	3,788,789			171,789		$	2,410,217
Issued as reinvestment of dividends		74,792			1,029,891			48,204			671,970
Redeemed		(98,918	)		(1,472,469	)		(132,120	)		(1,868,524	)

Net increase (decrease)		229,403		$	3,346,211			87,873		$	1,213,663

Global Fund Class I
Sold		833,525		$	10,585,260			2,598,743		$	29,871,905
Issued as reinvestment of dividends		1,488,421			18,143,851			1,719,683			20,068,702
Redeemed		(5,421,433	)		(69,165,187	)		(4,521,059	)		(53,115,062	)

Net increase (decrease)		(3,099,487	)	$	(40,436,076	)		(202,633	)	$	(3,174,455	)

Global Fund Class II
Sold		62,632		$	805,960			83,397		$	996,780
Issued as reinvestment of dividends		122,384			1,521,236			115,847			1,376,262
Redeemed		(166,722	)		(2,152,159	)		(188,416	)		(2,259,699	)

Net increase (decrease)		18,294		$	175,037			10,828		$	113,343

Global Fund Service Class I
Sold		260,118		$	3,245,449			288,887		$	3,365,358
Issued as reinvestment of dividends		109,960			1,327,217			91,432			1,058,779
Redeemed		(191,283	)		(2,413,327	)		(233,534	)		(2,653,374	)

Net increase (decrease)		178,795		$	2,159,339			146,785		$	1,770,763

Growth & Income Fund Initial Class
Sold		110,768		$	1,745,482			83,218		$	1,108,925
Issued as reinvestment of dividends		62,181			991,174			77,520			1,079,085
Redeemed		(992,201	)		(15,717,324	)		(998,028	)		(13,418,679	)

Net increase (decrease)		(819,252	)	$	(12,980,668	)		(837,290	)	$	(11,230,669	)

214

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Growth & Income Fund Service Class
Sold		350,699		$	5,565,536			331,928		$	4,463,523
Issued as reinvestment of dividends		13,124			208,011			12,363			171,221
Redeemed		(236,528	)		(3,717,864	)		(133,828	)		(1,798,978	)

Net increase (decrease)		127,295		$	2,055,683			210,463		$	2,835,766

Income & Growth Fund Initial Class
Sold		2,996,060		$	37,011,365			3,182,082		$	34,660,334
Issued as reinvestment of dividends		2,060,354			23,838,298			2,288,205			25,307,549
Redeemed		(4,058,420	)		(49,836,927	)		(3,264,374	)		(37,162,575	)

Net increase (decrease)		997,994		$	11,012,736			2,205,913		$	22,805,308

Income & Growth Fund Service Class
Sold		515,103		$	6,259,724			371,022		$	4,206,923
Issued as reinvestment of dividends		176,094			2,016,278			168,049			1,841,818
Redeemed		(246,629	)		(3,004,383	)		(285,123	)		(3,271,760	)

Net increase (decrease)		444,568		$	5,271,619			253,948		$	2,776,981

International Equity Fund Class II
Sold		1,771,196		$	18,597,206			1,971,894		$	17,061,558
Issued as reinvestment of dividends		257,885			2,875,413			419,628			3,642,368
Redeemed		(2,550,772	)		(27,570,069	)		(4,857,377	)		(43,062,552	)

Net increase (decrease)		(521,691	)	$	(6,097,450	)		(2,465,855	)	$	(22,358,626	)

International Equity Fund Service Class I
Sold		270,277		$	3,012,126			48,207		$	424,819
Issued as reinvestment of dividends		3,389			37,585			2,580			22,321
Redeemed		(52,072	)		(569,919	)		(108,685	)		(935,487	)

Net increase (decrease)		221,594		$	2,479,792			(57,898	)	$	(488,347	)

Large Cap Growth Fund Initial Class
Sold		1,190,878		$	13,387,491			1,278,788		$	14,028,042
Issued as reinvestment of dividends		2,690,216			26,552,428			1,498,948			16,278,575
Redeemed		(3,585,531	)		(40,547,280	)		(11,384,877	)		(123,856,300	)

Net increase (decrease)		295,563		$	(607,361	)		(8,607,141	)	$	(93,549,683	)

Large Cap Growth Fund Service Class
Sold		297,962		$	3,268,288			81,402		$	891,887
Issued as reinvestment of dividends		148,534			1,424,445			29,777			316,827
Redeemed		(68,908	)		(774,644	)		(69,781	)		(749,495	)

Net increase (decrease)		377,588		$	3,918,089			41,398		$	459,219

Managed Volatility Fund Initial Class
Sold		762,233		$	9,288,168			611,322		$	7,531,963
Issued as reinvestment of dividends		156,715			1,918,611			2,741,867			31,583,234
Redeemed		(1,899,774	)		(23,230,356	)		(1,816,708	)		(23,703,734	)

Net increase (decrease)		(980,826	)	$	(12,023,577	)		1,536,481		$	15,411,463

Managed Volatility Fund Service Class
Sold		177,787		$	2,144,134			205,968		$	2,692,032
Issued as reinvestment of dividends		28,640			348,002			585,189			6,691,391
Redeemed		(314,656	)		(3,811,277	)		(333,962	)		(4,391,787	)

Net increase (decrease)		(108,229	)	$	(1,319,141	)		457,195		$	4,991,636

215

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Mid Cap Growth Fund Initial Class
Sold		760,551		$	12,007,734			1,110,396		$	16,404,679
Issued as reinvestment of dividends		2,376,921			35,796,423			3,283,291			47,049,556
Redeemed		(4,076,355	)		(64,561,145	)		(4,029,757	)		(60,608,550	)

Net increase (decrease)		(938,883	)	$	(16,756,988	)		363,930		$	2,845,685

Mid Cap Growth Fund Service Class
Sold		755,731		$	11,621,005			556,668		$	8,058,126
Issued as reinvestment of dividends		570,124			8,306,713			666,919			9,296,846
Redeemed		(607,819	)		(9,311,286	)		(533,707	)		(7,680,021	)

Net increase (decrease)		718,036		$	10,616,432			689,880		$	9,674,951

Mid Cap Value Fund Initial Class
Sold		2,068,226		$	24,969,955			1,763,938		$	19,370,422
Issued as reinvestment of dividends		2,905,116			32,246,793			4,436,936			48,717,562
Redeemed		(5,576,341	)		(66,885,066	)		(9,309,783	)		(105,641,591	)

Net increase (decrease)		(602,999	)	$	(9,668,318	)		(3,108,909	)	$	(37,553,607	)

Mid Cap Value Fund Service Class
Sold		735,449		$	8,724,071			736,023		$	8,348,539
Issued as reinvestment of dividends		323,174			3,535,518			400,965			4,346,455
Redeemed		(695,980	)		(8,219,741	)		(444,687	)		(4,956,685	)

Net increase (decrease)		362,643		$	4,039,848			692,301		$	7,738,309

Small Cap Growth Equity Fund Initial Class
Sold		560,830		$	7,816,100			816,707		$	10,463,524
Issued as reinvestment of dividends		551,546			7,444,016			2,665,580			32,147,623
Redeemed		(2,933,480	)		(40,644,101	)		(2,841,442	)		(36,327,899	)

Net increase (decrease)		(1,821,104	)	$	(25,383,985	)		640,845		$	6,283,248

Small Cap Growth Equity Fund Service Class
Sold		191,887		$	2,559,433			125,182		$	1,542,294
Issued as reinvestment of dividends		45,989			591,748			190,406			2,198,947
Redeemed		(175,615	)		(2,332,903	)		(119,127	)		(1,432,928	)

Net increase (decrease)		62,261		$	818,278			196,461		$	2,308,313

Small Company Value Fund Class II
Sold		245,227		$	4,150,868			314,449		$	4,852,846
Issued as reinvestment of dividends		673,465			10,256,867			799,296			12,181,265
Redeemed		(787,220	)		(13,327,607	)		(1,883,020	)		(29,995,687	)

Net increase (decrease)		131,472		$	1,080,128			(769,275	)	$	(12,961,576	)

Small Company Value Fund Service Class I
Sold		384,126		$	6,338,052			193,177		$	2,982,699
Issued as reinvestment of dividends		144,351			2,139,278			107,235			1,597,806
Redeemed		(189,368	)		(3,143,340	)		(124,129	)		(1,919,145	)

Net increase (decrease)		339,109		$	5,333,990			176,283		$	2,661,360

Small/Mid Cap Value Fund Initial Class
Sold		932,151		$	12,499,876			1,016,666		$	11,162,219
Issued as reinvestment of dividends		1,069,048			13,127,909			1,182,234			14,151,337
Redeemed		(2,994,947	)		(39,996,244	)		(3,593,861	)		(43,329,832	)

Net increase (decrease)		(993,748	)	$	(14,368,459	)		(1,394,961	)	$	(18,016,276	)

216

Notes to Financial Statements (Continued)


	Year Ended December 31, 2017						Year Ended December 31, 2016

	Shares			Amount			Shares			Amount

Small/Mid Cap Value Fund Service Class
Sold		269,021		$	3,566,299			174,099		$	2,111,665
Issued as reinvestment of dividends		106,304			1,293,719			95,585			1,135,556
Redeemed		(250,665	)		(3,318,248	)		(193,927	)		(2,306,575	)

Net increase (decrease)		124,660		$	1,541,770			75,757		$	940,646

Total Return Bond Fund Class II
Sold		5,523,539		$	57,254,481			9,918,042		$	103,634,335
Issued as reinvestment of dividends		800,791			8,304,200			557,268			5,873,606
Redeemed		(5,236,172	)		(54,333,433	)		(4,445,964	)		(46,473,766	)

Net increase (decrease)		1,088,158		$	11,225,248			6,029,346		$	63,034,175

Total Return Bond Fund Service Class I
Sold		573,867		$	5,906,177			723,394		$	7,489,748
Issued as reinvestment of dividends		36,247			372,986			31,915			333,516
Redeemed		(356,440	)		(3,664,268	)		(577,333	)		(5,957,325	)

Net increase (decrease)		253,674		$	2,614,895			177,976		$	1,865,939

Federal Income Tax Information


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blue Chip Growth Fund	$	220,138,983	$	159,381,854	$	(1,456,601	)	$	157,925,253
Equity Income Fund		404,391,054		132,845,064		(11,288,321	)		121,556,743
Equity Index Fund		442,189,888		309,038,289		(10,017,969	)		299,020,320
Focused Equity Fund		60,515,234		7,405,427		(516,211	)		6,889,216
Foreign Fund		335,441,349		79,247,210		(14,852,220	)		64,394,990
Fundamental Growth Fund		100,607,520		28,941,854		(1,827,454	)		27,114,400
Fundamental Value Fund		178,477,087		67,071,343		(6,614,962	)		60,456,381
Global Fund		190,374,089		56,220,762		(2,673,307	)		53,547,455
Growth & Income Fund		89,427,945		54,210,151		(1,219,364	)		52,990,787
Income & Growth Fund		291,762,912		28,934,830		(3,677,563	)		25,257,267
International Equity Fund		163,412,711		30,955,118		(3,868,733	)		27,086,385
Large Cap Growth Fund		82,241,887		33,083,789		(726,829	)		32,356,960
Managed Volatility Fund		135,591,134		59,090,052		(6,876,917	)		52,213,135
Mid Cap Growth Fund		348,911,701		152,304,662		(8,366,934	)		143,937,728
Mid Cap Value Fund		426,457,165		71,985,008		(10,910,773	)		61,074,235
Small Cap Growth Equity Fund		207,760,650		43,931,731		(5,379,618	)		38,552,113
Small Company Value Fund		79,679,461		35,295,465		(938,582	)		34,356,883
Small/Mid Cap Value Fund		188,151,387		50,319,300		(5,600,751	)		44,718,549
Total Return Bond Fund		490,004,095		6,014,820		(6,486,500	)		(471,680	)

217

Notes to Financial Statements (Continued)

At December 31, 2017, the following Fund(s) had available, for federal income tax purposes, pre-enactment unused capital losses:


	Expiring 2018		Expiring 2019
Foreign Fund	$	4,482,917	$	-

Net capital loss carryforwards for the Fund(s) shown in the above table are from pre-enactment years and are, therefore, subject to the eight-year carryforward period and possible expiration.

At December 31, 2017, the following Fund(s) had post-enactment accumulated capital loss carryforwards:


	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Foreign Fund	$	989,451	$	5,128,501
Managed Volatility Fund		12,401,183		2,198,954
Total Return Bond Fund		1,111,390		-

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 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
Blue Chip Growth Fund	$	32,478	$	31,350,121	$	-
Equity Income Fund		11,528,073		32,481,902		-
Equity Index Fund		8,997,680		18,513,190		-
Focused Equity Fund		3,204,748		11,024,919		-
Foreign Fund		8,050,023		-		-
Fundamental Growth Fund		1,370,046		14,251,776		-
Fundamental Value Fund		4,677,319		15,548,061		-
Global Fund		2,880,184		18,112,120		-
Growth & Income Fund		1,199,185		-		-
Income & Growth Fund		5,911,133		19,943,443		-
International Equity Fund		2,912,998		-		-
Large Cap Growth Fund		5,221,204		22,755,669		-
Managed Volatility Fund		2,266,613		-		-
Mid Cap Growth Fund		2,119,102		41,984,034		-
Mid Cap Value Fund		12,193,913		23,588,398		-
Small Cap Growth Equity Fund		-		8,035,764		-

218

Notes to Financial Statements (Continued)


	Ordinary Income		Long Term Capital Gain		Return of Capital
Small Company Value Fund	$	574,508	$	11,821,637	$	-
Small/Mid Cap Value Fund		1,463,885		12,957,743		-
Total Return Bond Fund		8,677,186		-		-

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, 2016, was as follows:


	Ordinary Income		Long Term Capital Gain		Return of Capital
Blue Chip Growth Fund	$	694,802	$	48,834,885	$	-
Equity Income Fund		9,291,436		47,841,458		-
Equity Index Fund		8,411,169		10,674,465		-
Focused Equity Fund		2,825,171		9,465,624		-
Foreign Fund		6,927,013		-		-
Fundamental Growth Fund		1,183,093		20,848,164		-
Fundamental Value Fund		4,256,760		16,023,468		-
Global Fund		3,088,772		19,414,971		-
Growth & Income Fund		1,250,306		-		-
Income & Growth Fund		5,016,926		22,132,441		-
International Equity Fund		3,664,689		-		-
Large Cap Growth Fund		231,013		16,364,389		-
Managed Volatility Fund		3,180,298		35,094,327		-
Mid Cap Growth Fund		1,790,170		54,556,232		-
Mid Cap Value Fund		18,837,469		34,226,548		-
Small Cap Growth Equity Fund		-		34,346,570		-
Small Company Value Fund		604,802		13,174,269		-
Small/Mid Cap Value Fund		1,871,211		13,415,682		-
Total Return Bond Fund		6,207,122		-		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2017:


	Amount
Foreign Fund	$	613,799
Global Fund		212,987
International Equity Fund		330,740

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, 2017, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, futures contracts, options contracts, 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.

219

Notes to Financial Statements (Continued)

At December 31, 2017, 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)
Blue Chip Growth Fund	$	2,763,246	$	69,638,731		$	(55,713	)	$	157,925,256
Equity Income Fund		10,755,710		47,677,945			(84,137	)		121,560,703
Equity Index Fund		13,597,952		24,611,720			(107,812	)		299,020,320
Focused Equity Fund		11,225,414		26,461,182			(16,129	)		6,889,215
Foreign Fund		7,876,575		(10,600,869	)		(60,846	)		64,251,708
Fundamental Growth Fund		3,311,549		29,264,946			(21,797	)		27,114,400
Fundamental Value Fund		4,541,691		18,891,944			(27,666	)		60,457,447
Global Fund		3,160,121		28,713,299			(27,193	)		53,523,513
Growth & Income Fund		1,305,606		-			(28,875	)		52,990,787
Income & Growth Fund		12,043,543		63,072,984			(35,952	)		25,257,275
International Equity Fund		2,955,082		1,214,397			(12,902	)		27,040,128
Large Cap Growth Fund		2,955,808		4,998,580			(25,837	)		32,356,960
Managed Volatility Fund		2,082,926		(14,600,137	)		1,177,594			51,513,229
Mid Cap Growth Fund		2,939,553		56,962,957			(64,549	)		143,937,882
Mid Cap Value Fund		12,760,384		41,565,098			(76,972	)		61,074,895
Small Cap Growth Equity Fund		8,285,139		14,505,105			(48,314	)		38,552,113
Small Company Value Fund		433,547		6,129,729			(14,525	)		34,356,883
Small/Mid Cap Value Fund		1,757,941		22,556,194			(36,895	)		44,718,549
Total Return Bond Fund		7,676,242		(1,111,390	)		(47,182	)		(471,680	)

During the year ended December 31, 2017, 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)
Blue Chip Growth Fund	$	(107,059	)	$	(42,125	)	$	149,184
Equity Income Fund		227			14,051			(14,278	)
Equity Index Fund		(351,840	)		173,897			177,943
Focused Equity Fund		63			(2,583	)		2,520
Foreign Fund		(5,029,734	)		5,104,234			(74,500	)
Fundamental Growth Fund		(194,214	)		216,233			(22,019	)
Fundamental Value Fund		100			(2,012	)		1,912
Global Fund		97			68,339			(68,436	)
Growth & Income Fund		(4,714,087	)		4,804,796			(90,709	)
Income & Growth Fund		126			14,549			(14,675	)
International Equity Fund		39			(175,969	)		175,930
Large Cap Growth Fund		102			-			(102	)
Managed Volatility Fund		(152,967	)		160,461			(7,494	)
Mid Cap Growth Fund		232			(576,365	)		576,133
Mid Cap Value Fund		45			753,758			(753,803	)
Small Cap Growth Equity Fund		(322,986	)		(68,225	)		391,211
Small Company Value Fund		52			41,162			(41,214	)
Small/Mid Cap Value Fund		141			(1	)		(140	)
Total Return Bond Fund		162			(164,424	)		164,262

220

Notes to Financial Statements (Continued)

Indemnifications

New Accounting Pronouncements

In October 2016, the Securities and Exchange Commission (“SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. Management is still evaluating the impact of the Rule; however, the Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments.

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 would 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.

Legal Proceedings

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

The potential amounts sought to be recovered from the Equity Income Fund and Equity Index Fund, plus interest and the Official Committee’s court costs, are approximately $4,562,800 and $207,706, respectively.

In addition, on June 2, 2011, the Equity Income Fund was named as a defendant in two closely related, parallel adversary proceedings brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), one in the United States District Court for the District of Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds.

221

Notes to Financial Statements (Continued)

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

222

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund and Shareholders of MML Blue Chip Growth Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Growth Fund, MML Fundamental Value Fund, MML Global Fund, MML Growth & Income Fund, MML Income & Growth Fund, MML International Equity Fund, MML Large Cap Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Mid Cap Value Fund, MML Small Cap Growth Equity Fund, MML Small Company Value Fund, MML Small/Mid Cap Value Fund, and MML Total Return Bond Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

Basis for 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, 2017, 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 20, 2018

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

223

Trustees and Officers (Unaudited)

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: 69	Trustee	Since 2003	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).	93	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Nabil N. El-Hage Age: 59	Trustee	Since 2012	Founder and sole member of PR Academy of Executive Education, LLC (since 2016); Chairman (2011-2016), Academy of Executive Education, LLC (predecessor to PR Academy of Executive Education, LLC).	93	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 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).

Maria D. Furman Age: 63	Trustee	Since 2012	Retired.	93	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

R. Alan Hunter, Jr. Age: 71	Chairperson Trustee	Since 2016 Since 2003	Retired.	93	Director (since 2007), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

224

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: 66	Trustee	Since 2012	Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company).	93	Director (since 2015), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (since 2017) 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 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

Susan B. Sweeney Age: 65	Trustee	Since 2009	Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company).	95^	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 2012), MML Series Investment Fund II (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: 55	Trustee	Since 2017	Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF	93	Director (since 2017), MML Advisers; Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund II (open-end investment company); Trustee (since 2017), MassMutual Premier Funds (open-end investment company).

Robert E. Joyal^^^ Age: 72	Trustee	Since 2003	Retired.	95^	Director (since 2013), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technologies, Inc. (provider of alternative and renewable 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 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

225

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: 42	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting & Strategy (since 2017), 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 II (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	93

Andrew M. Goldberg Age: 51	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Assistant Vice President and Counsel (since 2004), 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, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (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).	93

Renee Hitchcock Age: 47	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Assistant Vice President (since 2015), 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 II (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	93

Jill Nareau Robert Age: 45	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Assistant Vice President and Counsel (since 2009), 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 (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (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).	93

Douglas Steele Age: 42	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), Investment Director (2005-2013), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

226

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: 53	Vice President and Chief Compliance Officer	Since 2007	Vice President and Chief Compliance Officer (since 2013), MML Advisers; Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (since 2014), 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 II (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).	93

Eric H. Wietsma Age: 51	Vice President	Since 2006	Director and President (since 2013), MML Advisers; Senior Vice President (since 2010), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company); President (since 2008) Vice President (2006-2008), MassMutual Premier Funds (open-end investment company).	93

Tina Wilson Age: 47	President Vice President	Since 2017 2016- 2017	Vice President and Head of Investments (since 2016), MML Advisers; Senior Vice President (since 2014), 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 II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	93

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

^	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.

^^^

227

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2017, qualified for the dividends received deduction, as follows:



	Dividends Received Deductions
Blue Chip Growth Fund		100.00%
Equity Income Fund		97.64%
Equity Index Fund		99.34%
Focused Equity Fund		89.93%
Fundamental Growth Fund		100.00%
Fundamental Value Fund		100.00%
Global Fund		65.98%
Growth & Income Fund		100.00%
Income & Growth Fund		100.00%
Large Cap Growth Fund		29.79%
Managed Volatility Fund		100.00%
Mid Cap Value Fund		65.56%
Small Company Value Fund		100.00%
Small/Mid Cap Value Fund		100.00%

For the year ended December 31, 2017, the following Fund(s) earned the following foreign sources of income:



	Amount
Foreign Fund	$	7,845,435
Global Fund		2,751,543
International Equity Fund		4,155,566

228

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.

Quarterly Reporting

Trustees’ Approval of Investment Advisory Contracts

At their meeting in September 2017, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), approved a new subadvisory agreement with Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) for the Income & Growth Fund (the “Fund” and the “New Subadvisory Agreement”). In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In all of their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreement, the Independent Trustees discussed with MML Advisers and considered a wide range of information about, among other things: (i) Barrow Hanley and its personnel with responsibilities for providing services to the Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of services that Barrow Hanley will provide under the New Subadvisory Agreement; (iv) the historical investment performance track record of Barrow Hanley; and (v) the fees payable to Barrow Hanley by MML Advisers for the Fund, and the effect of such fees on the profitability to MML Advisers.

Based on the foregoing, the Trustees concluded that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement; (ii) MML Advisers’ projected levels of profitability due to the New Subadvisory Agreement were not excessive and the subadvisory fee amount under the New Subadvisory Agreement is fair and reasonable; (iii) the investment processes, research capabilities, and philosophy of Barrow Hanley appear well suited to the Fund given its investment objective and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable with respect to the Fund and are in the best interests of the Fund’s shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.

The New Subadvisory Agreement became effective on December 4, 2017.

Also at their meeting in September 2017, the Trustees, including the Independent Trustees, reviewed and approved proposals to make changes to the existing subadvisory agreements between MML Advisers and each of Massachusetts Financial Services Company (“MFS”) for the Global Fund and Growth & Income Fund, T. Rowe Price Associates, Inc. for the Blue Chip Growth Fund and Equity Income Fund, and Wellington Management Company LLP for the Fundamental Growth Fund and Fundamental Value Fund in order to lower fees or, with respect to the Equity Income Fund, to clarify the calculation of fees. In arriving at their decision, the Trustees discussed the fees payable to each subadviser on behalf of the applicable Fund by MML Advisers and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the amended subadvisory agreements (the “October Amended Agreements”) was not excessive and the subadvisory fee amount under each Amended Agreement was fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

229

Other Information (Unaudited) (Continued)

The October Amended Agreements became effective on October 1, 2017.

The existing subadvisory agreements between MML Advisers and MFS for the Global Fund and the Growth & Income Fund and Templeton Investment Counsel, LLC for the Foreign Fund were also amended to clarify their terms with respect to foreign currency transactions (the “September Amended Agreements”).

The September Amended Agreements became effective on September 14, 2017.

Prior to the votes being taken to approve the New Subadvisory Agreements, the October Amended Agreements, and the September Amended Agreements discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of the contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

230

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2017

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2017:

Actual Expenses:

Hypothetical Example for Comparison Purposes:


	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*
Blue Chip Growth Fund
Initial Class	$	1,000		0.80	%	$	1,143.10	$	4.32	$	1,021.20	$	4.08
Service Class		1,000		1.05	%		1,141.10		5.67		1,019.90		5.35
Equity Income Fund
Initial Class		1,000		0.76	%		1,101.60		4.03		1,021.40		3.87
Service Class		1,000		1.01	%		1,100.30		5.35		1,020.10		5.14
Equity Index Fund
Class I		1,000		0.43	%		1,112.00		2.29		1,023.00		2.19
Class II		1,000		0.28	%		1,112.70		1.49		1,023.80		1.43
Class III		1,000		0.13	%		1,113.60		0.69		1,024.60		0.66
Service Class I		1,000		0.68	%		1,110.80		3.62		1,021.80		3.47
Focused Equity Fund
Class II		1,000		0.96	%		1,087.30		5.05		1,020.40		4.89
Service Class I		1,000		1.20	%		1,086.00		6.31		1,019.20		6.11
Foreign Fund
Initial Class		1,000		0.97	%		1,077.00		5.08		1,020.30		4.94
Service Class		1,000		1.22	%		1,075.70		6.38		1,019.10		6.21

231

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*
Fundamental Growth Fund
Class II	$	1,000		0.84	%	$	1,123.20	$	4.50	$	1,021.00	$	4.28
Service Class I		1,000		1.09	%		1,122.10		5.83		1,019.70		5.55
Fundamental Value Fund
Class II		1,000		0.79	%		1,086.80		4.16		1,021.20		4.02
Service Class I		1,000		1.04	%		1,086.00		5.47		1,020.00		5.30
Global Fund
Class I		1,000		0.84	%		1,072.50		4.39		1,021.00		4.28
Class II		1,000		0.84	%		1,073.00		4.39		1,021.00		4.28
Service Class I		1,000		1.09	%		1,071.70		5.69		1,019.70		5.55
Growth & Income Fund
Initial Class		1,000		0.56	%		1,103.20		2.97		1,022.40		2.85
Service Class		1,000		0.81	%		1,102.00		4.29		1,021.10		4.13
Income & Growth Fund
Initial Class		1,000		0.70	%		1,103.60		3.71		1,021.70		3.57
Service Class		1,000		0.95	%		1,102.60		5.03		1,020.40		4.84
International Equity Fund
Class II		1,000		1.00	%		1,114.70		5.33		1,020.20		5.09
Service Class I		1,000		1.25	%		1,114.50		6.66		1,018.90		6.36
Large Cap Growth Fund
Initial Class		1,000		0.74	%		1,129.90		3.97		1,021.50		3.77
Service Class		1,000		0.99	%		1,128.40		5.31		1,020.20		5.04
Managed Volatility Fund
Initial Class		1,000		0.90	%		1,044.00		4.64		1,020.70		4.58
Service Class		1,000		1.15	%		1,042.70		5.92		1,019.40		5.85
Mid Cap Growth Fund
Initial Class		1,000		0.81	%		1,088.10		4.26		1,021.10		4.13
Service Class		1,000		1.06	%		1,086.50		5.57		1,019.90		5.40
Mid Cap Value Fund
Initial Class		1,000		0.88	%		1,072.50		4.60		1,020.80		4.48
Service Class		1,000		1.13	%		1,072.20		5.90		1,019.50		5.75
Small Cap Growth Equity Fund
Initial Class		1,000		1.09	%		1,106.20		5.79		1,019.70		5.55
Service Class		1,000		1.34	%		1,104.80		7.11		1,018.50		6.82
Small Company Value Fund
Class II		1,000		0.97	%		1,101.60		5.14		1,020.30		4.94
Service Class I		1,000		1.23	%		1,099.80		6.51		1,019.00		6.26
Small/Mid Cap Value Fund
Initial Class		1,000		0.80	%		1,117.50		4.27		1,021.20		4.08
Service Class		1,000		1.05	%		1,115.40		5.60		1,019.90		5.35
Total Return Bond Fund
Class II		1,000		0.60	%		1,010.00		3.04		1,022.20		3.06
Service Class I		1,000		0.85	%		1,008.50		4.30		1,020.90		4.33

232

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

LOGO

RS-44300-00

Item 2. Code of Ethics.

As of December 31, 2017, 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, 2017, 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 2017 and 2016 were $816,829 and $796,851, respectively.

(b)

AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2017 and 2016. 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 2017 and 2016.

(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 2017 and 2016 were $134,953 and $128,347, 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 2017 and 2016.

(d)

ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2017 and 2016. 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 2017 and 2016.

(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 2017 and 2016 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 2017 and 2016 were $12,658,928 and $7,296,695, 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


By (Signature and Title)		/s/ Tina Wilson
		Tina Wilson, President and Principal Executive Officer

Date 2/21/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Tina Wilson
		Tina Wilson, President and Principal Executive Officer

Date 2/21/2018


By (Signature and Title)		/s/ Renee Hitchcock
		Renee Hitchcock, Treasurer and Principal Financial Officer

Date 2/21/2018