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:    12/31/18                            

  Date of reporting period:    6/30/18                           

Item 1. Reports to Stockholders.

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Conservative Allocation Fund	8
MML Balanced Allocation Fund	9
MML Moderate Allocation Fund	10
MML Growth Allocation Fund	11
MML Aggressive Allocation Fund	12
MML American Funds® Growth Fund	13
MML American Funds® International Fund	14
MML American Funds Core Allocation Fund	15
Statements of Assets and Liabilities (Unaudited)	16
Statements of Operations (Unaudited)	20
Statements of Changes in Net Assets	22
Financial Highlights	26
Notes to Financial Statements (Unaudited)	34
Other Information (Unaudited)
Proxy Voting	48
Quarterly Reporting	48
Trustees’ Approval of Investment Advisory Contracts	48
Fund Expenses	51

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

Tina Wilson

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals and risk tolerance.”

June 30, 2018

Welcome to the MML Series Investment Fund Semiannual Report, covering the six-month period from January 1, 2018 to June 30, 2018.

Market Highlights

• During the first half of 2018, U.S. stocks encountered more volatility than investors experienced in all of 2017, while delivering mixed year-to-date returns.

• Economic data supported a global growth environment in spite of headwinds caused by political and geopolitical tensions.

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

• U.S. bonds faced headwinds, as the Federal Open Market Committee (FOMC) increased short-term rates two times under its new leadership.

Market Commentary

Domestic stocks continued to rise sharply at the start of the period, but encountered increased volatility beginning in February. After a two-and-a-half-year streak of positive quarterly results, both the S&P 500^® Index* (S&P 500) and the Dow Jones Industrial Average^SM (Dow) declined for the first quarter of 2018. Both indexes hit record highs in January, but both struggled to hold onto their positive year-to-date returns as the first half of the year ended.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. For nine quarters through the end of 2017, the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) had remained uncharacteristically calm. Through the last quarter of 2017, markets absorbed major headline-making events – such as a series of major hurricanes, wildfires, and geopolitical turbulence – with only modest fluctuations. In a stark turnaround, during the first quarter of 2018, the S&P 500 gained or lost one percent of its value 23 times.

Several factors contributed to this market volatility. Wage growth in the U.S. triggered the first major sell-off in domestic markets for the year, as investors sought to balance the likelihood of continued growth against FOMC intentions to raise the short-term federal funds rate several times in the years ahead. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. Scrutiny concerning revelations about how social media companies use data, and in particular, how social media giant Facebook had allowed customer data to be mined, undercut investor confidence in the information technology sector, triggering subsequent rounds of sell-offs. Lastly, political turbulence unsettled markets, as investors tried to assess the impacts of reduced taxes, increasing federal debt limits, risks of a potential global trade war, and whether or not the historic summit between President Trump and North Korea’s Kim Jong-un would result in a permanent denuclearization.

As a result, the broad market S&P 500 delivered a modest 2.65% return for the period, and the Dow ended down 0.73%. The technology-heavy NASDAQ Composite Index fared better, advancing 9.37%, as prominent technology companies like Apple, Netflix, and Google led the way. Small- and mid-cap stocks outperformed their larger peers and growth stocks widely outperformed their value counterparts during the period.

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

(Continued)

1

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

The information technology and consumer discretionary sectors led all others during the first half of 2018, as both delivered double-digit returns. The energy and health care sectors also delivered positive results for the period. The remaining seven sectors ended the reporting period with negative returns, as telecommunication services and consumer staples lagged the field.

Developed international markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers and delivered a year-to-date return of -2.75%. Developed markets struggled to gain traction under the weight of sell-offs in the U.S. markets, widespread local political issues, and tariff speculations. Emerging-market stocks, as measured in the MSCI Emerging Markets Index, fared even worse, trailing the S&P 500 with a -6.66% return for the period.

The Federal Reserve Board (the “Fed”) reasserted its influence on markets through actual and forecasted rate hikes and a change in leadership. Under new Fed Chairman Jerome Powell, the FOMC raised the target range for the federal funds rate two times during the reporting period – in March and June. While both hikes were in line with market expectations, the FOMC also projected two more increases through the remainder of 2018, a total of four compared to the three increases projected at the beginning of the year. The FOMC also raised its projection for the federal funds rate from 2.7% to 2.9% in 2019, reflecting its view that economic outlooks will continue to improve.

The Fed’s action followed signals that inflation may be rising faster than desired. Bond yields rose solidly, with the 10-year U.S. Treasury bond crossing the 3.00% threshold a few times before settling at 2.85% to end the period, compared to starting the year at 2.46%. Since rising yields drive bond prices down, returns on the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a return of -1.62%. Investment-grade corporate bonds fared poorly in the rising yield environment. The Bloomberg Barclays U.S. Corporate 10+ Year Bond Index, which tracks investment-grade corporate bonds, ended the period with a return of -6.77%. The Bloomberg Barclays U.S. Corporate High Yield Index fared better, ending with a modest 0.16% gain.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you that as an investor seeking retirement income potential, it’s important to maintain perspective and have realistic expectations about the future performance of your annuity. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement income – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals and risk tolerance. Thank you for your confidence in MassMutual.

Sincerely,

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 7/1/18 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.

2

MML Allocation Series – Portfolio Summaries (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.

• 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.

3

MML Allocation Series – Portfolio Summaries (Unaudited) (Continued)

MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 6/30/18
Fixed Income Funds	61.2	%
Equity Funds	38.9	%
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 6/30/18
Fixed Income Funds	51.4	%
Equity Funds	48.7	%
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 6/30/18
Equity Funds	59.0	%
Fixed Income Funds	41.1	%
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 6/30/18
Equity Funds	73.9	%
Fixed Income Funds	26.2	%
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 6/30/18
Equity Funds	89.5	%
Fixed Income Funds	10.6	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

4

MML American Funds^® Growth Fund – Portfolio Summaries (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 34 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).

MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 6/30/18
Equity Funds	100.1	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

5

MML American Funds^® International Fund – Portfolio Summaries (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 34 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).

MML American Funds International Fund Asset Allocation (% of Net Assets) on 6/30/18
Mutual Funds	100.1	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

6

MML American Funds Core Allocation Fund – Portfolio Summaries (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).

MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 6/30/18
Equity Funds	64.0	%
Fixed Income Funds	36.1	%
Total Long-Term Investments	100.1	%
Other Assets & Liabilities	(0.1	)%
Net Assets	100.0	%

7

MML Conservative Allocation Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 38.9%
MML Blue Chip Growth Fund, Initial Class (a)		556,374	$	10,821,481
MML Equity Income Fund, Initial Class (a)		966,036		12,017,492
MML Equity Index Fund, Class III (a)		401,809		12,765,469
MML Focused Equity Fund, Class II (a)		172,945		2,255,203
MML Foreign Fund, Initial Class (a)		792,124		8,570,778
MML Fundamental Growth Fund, Class II (a)		535,215		7,535,825
MML Fundamental Value Fund, Class II (a)		769,438		11,718,544
MML Global Fund, Class I (a)		878,796		11,239,806
MML Income & Growth Fund, Initial Class (a)		981,720		12,183,147
MML International Equity Fund, Class II (a)		582,384		6,446,989
MML Large Cap Growth Fund, Initial Class (a)		302,473		3,345,352
MML Mid Cap Growth Fund, Initial Class (a)		447,938		7,610,463
MML Mid Cap Value Fund, Initial Class (a)		781,145		9,404,989
MML Small Cap Growth Equity Fund, Initial Class (a)		140,936		2,335,768
MML Small Company Value Fund, Class II (a)		275,262		4,817,093
MML Small/Mid Cap Value Fund, Initial Class (a)		160,139		2,297,996
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		34,173		2,652,521
Oppenheimer Global Fund/VA, Non-Service Shares (a)		166,435		7,424,673
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		3,108,719		30,403,267
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		2,453,202		6,010,344
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		97,003		2,821,816
				174,679,016
Fixed Income Funds — 61.2%
MML Dynamic Bond Fund, Class II (a)		6,801,006		66,581,844
MML High Yield Fund, Class II (a)		1,393,926		13,744,111
MML Inflation-Protected and Income Fund, Initial Class (a)		1,891,513		19,123,198

	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		7,728,391	$	93,839,297
MML Short-Duration Bond Fund, Class II (a)		2,453,649		23,849,467
MML Total Return Bond Fund, Class II (a)		5,646,539		57,707,631
				274,845,548
TOTAL MUTUAL FUNDS (Cost $445,326,598)				449,524,564
TOTAL LONG-TERM INVESTMENTS (Cost $445,326,598)				449,524,564
TOTAL INVESTMENTS — 100.1% (Cost $445,326,598) (b)				449,524,564
Other Assets/(Liabilities) — (0.1)%				(350,243	)
NET ASSETS — 100.0%			$	449,174,321

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.

8

MML Balanced Allocation Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 48.7%
MML Blue Chip Growth Fund, Initial Class (a)		878,985	$	17,096,256
MML Equity Income Fund, Initial Class (a)		1,546,943		19,243,972
MML Equity Index Fund, Class III (a)		530,693		16,860,108
MML Focused Equity Fund, Class II (a)		245,824		3,205,543
MML Foreign Fund, Initial Class (a)		1,421,477		15,380,380
MML Fundamental Growth Fund, Class II (a)		765,423		10,777,150
MML Fundamental Value Fund, Class II (a)		1,224,932		18,655,707
MML Global Fund, Class I (a)		1,327,264		16,975,710
MML Income & Growth Fund, Initial Class (a)		1,519,270		18,854,135
MML International Equity Fund, Class II (a)		1,121,212		12,411,822
MML Large Cap Growth Fund, Initial Class (a)		538,125		5,951,660
MML Mid Cap Growth Fund, Initial Class (a)		834,659		14,180,860
MML Mid Cap Value Fund, Initial Class (a)		1,354,437		16,307,416
MML Small Cap Growth Equity Fund, Initial Class (a)		273,359		4,530,437
MML Small Company Value Fund, Class II (a)		414,144		7,247,513
MML Small/Mid Cap Value Fund, Initial Class (a)		328,360		4,711,962
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		63,535		4,931,597
Oppenheimer Global Fund/VA, Non-Service Shares (a)		244,376		10,901,621
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		4,251,829		41,582,890
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		5,373,131		13,164,170
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		204,945		5,961,847
				278,932,756
Fixed Income Funds — 51.4%
MML Dynamic Bond Fund, Class II (a)		6,965,234		68,189,642
MML High Yield Fund, Class II (a)		1,564,750		15,428,433
MML Inflation-Protected and Income Fund, Initial Class (a)		2,094,801		21,178,434

	Number of Shares		Value
MML Managed Bond Fund, Initial Class (a)		8,256,862	$	100,256,079
MML Short-Duration Bond Fund, Class II (a)		2,849,383		27,696,008
MML Total Return Bond Fund, Class II (a)		6,060,355		61,936,830
				294,685,426
TOTAL MUTUAL FUNDS (Cost $566,438,002)				573,618,182
TOTAL LONG-TERM INVESTMENTS (Cost $566,438,002)				573,618,182
TOTAL INVESTMENTS — 100.1% (Cost $566,438,002) (b)				573,618,182
Other Assets/(Liabilities) — (0.1)%				(431,499	)
NET ASSETS — 100.0%			$	573,186,683

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.

9

MML Moderate Allocation Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 59.0%
MML Blue Chip Growth Fund, Initial Class (a)		4,027,299	$	78,330,971
MML Equity Income Fund, Initial Class (a)		7,478,093		93,027,483
MML Equity Index Fund, Class III (a)		2,589,595		82,271,439
MML Focused Equity Fund, Class II (a)		1,859,715		24,250,683
MML Foreign Fund, Initial Class (a)		6,984,040		75,567,315
MML Fundamental Growth Fund, Class II (a)		3,176,954		44,731,512
MML Fundamental Value Fund, Class II (a)		5,739,717		87,415,891
MML Global Fund, Class I (a)		6,528,532		83,499,926
MML Income & Growth Fund, Initial Class (a)		7,471,925		92,726,585
MML International Equity Fund, Class II (a)		6,769,127		74,934,234
MML Large Cap Growth Fund, Initial Class (a)		2,364,830		26,155,025
MML Mid Cap Growth Fund, Initial Class (a)		4,544,375		77,208,936
MML Mid Cap Value Fund, Initial Class (a)		6,631,280		79,840,609
MML Small Cap Growth Equity Fund, Initial Class (a)		1,147,269		19,013,948
MML Small Company Value Fund, Class II (a)		2,062,759		36,098,289
MML Small/Mid Cap Value Fund, Initial Class (a)		1,852,636		26,585,331
MML Strategic Emerging Markets Fund, Class II (a)		4,736,541		54,043,938
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		344,819		26,764,876
Oppenheimer Global Fund/VA, Non-Service Shares (a)		1,042,333		46,498,483
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		18,237,618		178,363,903
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		16,740,565		41,014,385
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		703,806		20,473,730
				1,368,817,492
Fixed Income Funds — 41.1%
MML Dynamic Bond Fund, Class II (a)		22,644,497		221,689,626
MML High Yield Fund, Class II (a)		4,936,191		48,670,848

	Number of Shares		Value
MML Inflation-Protected and Income Fund, Initial Class (a)		7,482,233	$	75,645,373
MML Managed Bond Fund, Initial Class (a)		25,979,077		315,441,908
MML Short-Duration Bond Fund, Class II (a)		10,012,782		97,324,245
MML Total Return Bond Fund, Class II (a)		19,099,705		195,198,987
				953,970,987
TOTAL MUTUAL FUNDS (Cost $2,260,593,256)				2,322,788,479
TOTAL LONG-TERM INVESTMENTS (Cost $2,260,593,256)				2,322,788,479
TOTAL INVESTMENTS — 100.1% (Cost $2,260,593,256) (b)				2,322,788,479
Other Assets/(Liabilities) — (0.1)%				(1,722,737	)
NET ASSETS — 100.0%			$	2,321,065,742

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.

10

MML Growth Allocation Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 73.9%
MML Blue Chip Growth Fund, Initial Class (a)		3,608,373	$	70,182,848
MML Equity Income Fund, Initial Class (a)		6,532,082		81,259,097
MML Equity Index Fund, Class III (a)		2,337,686		74,268,298
MML Focused Equity Fund, Class II (a)		1,629,015		21,242,354
MML Foreign Fund, Initial Class (a)		6,415,390		69,414,516
MML Fundamental Growth Fund, Class II (a)		2,520,063		35,482,492
MML Fundamental Value Fund, Class II (a)		5,004,610		76,220,214
MML Global Fund, Class I (a)		5,996,982		76,701,399
MML Income & Growth Fund, Initial Class (a)		6,526,380		80,992,371
MML International Equity Fund, Class II (a)		6,187,287		68,493,268
MML Large Cap Growth Fund, Initial Class (a)		2,189,514		24,216,024
MML Mid Cap Growth Fund, Initial Class (a)		4,299,592		73,050,076
MML Mid Cap Value Fund, Initial Class (a)		6,190,335		74,531,639
MML Small Cap Growth Equity Fund, Initial Class (a)		1,053,642		17,462,244
MML Small Company Value Fund, Class II (a)		1,917,407		33,554,622
MML Small/Mid Cap Value Fund, Initial Class (a)		1,774,728		25,467,341
MML Strategic Emerging Markets Fund, Class II (a)		4,537,302		51,770,618
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		323,618		25,119,195
Oppenheimer Global Fund/VA, Non-Service Shares (a)		879,492		39,234,153
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		14,164,613		138,529,917
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		14,807,899		36,279,352
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		791,111		23,013,422
				1,216,485,460
Fixed Income Funds — 26.2%
MML Dynamic Bond Fund, Class II (a)		9,170,300		89,777,241
MML High Yield Fund, Class II (a)		1,325,037		13,064,864

	Number of Shares		Value
MML Inflation-Protected and Income Fund, Initial Class (a)		6,809,568	$	68,844,737
MML Managed Bond Fund, Initial Class (a)		10,892,450		132,257,787
MML Short-Duration Bond Fund, Class II (a)		4,920,067		47,823,055
MML Total Return Bond Fund, Class II (a)		7,850,725		80,234,404
				432,002,088
TOTAL MUTUAL FUNDS (Cost $1,560,077,806)				1,648,487,548
TOTAL LONG-TERM INVESTMENTS (Cost $1,560,077,806)				1,648,487,548
TOTAL INVESTMENTS — 100.1% (Cost $1,560,077,806) (b)				1,648,487,548
Other Assets/(Liabilities) — (0.1)%				(1,047,830	)
NET ASSETS — 100.0%			$	1,647,439,718

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.

11

MML Aggressive Allocation Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 89.5%
MML Blue Chip Growth Fund, Initial Class (a)		390,830	$	7,601,634
MML Equity Income Fund, Initial Class (a)		725,567		9,026,049
MML Equity Index Fund, Class III (a)		219,545		6,974,948
MML Focused Equity Fund, Class II (a)		200,461		2,614,014
MML Foreign Fund, Initial Class (a)		715,903		7,746,070
MML Fundamental Growth Fund, Class II (a)		274,535		3,865,457
MML Fundamental Value Fund, Class II (a)		548,981		8,360,982
MML Global Fund, Class I (a)		661,056		8,454,900
MML Income & Growth Fund, Initial Class (a)		726,560		9,016,607
MML International Equity Fund, Class II (a)		722,945		8,002,998
MML Large Cap Growth Fund, Initial Class (a)		246,371		2,724,859
MML Mid Cap Growth Fund, Initial Class (a)		504,001		8,562,978
MML Mid Cap Value Fund, Initial Class (a)		706,591		8,507,357
MML Small Cap Growth Equity Fund, Initial Class (a)		129,108		2,139,743
MML Small Company Value Fund, Class II (a)		221,116		3,869,524
MML Small/Mid Cap Value Fund, Initial Class (a)		202,706		2,908,834
MML Strategic Emerging Markets Fund, Class II (a)		604,998		6,903,026
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares (a)		36,951		2,868,148
Oppenheimer Global Fund/VA, Non-Service Shares (a)		88,480		3,947,082
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares (a)		1,421,654		13,903,780
Oppenheimer International Growth Fund/VA, Non-Service Shares (a)		1,543,186		3,780,805
Oppenheimer Main Street Fund/VA, Non-Service Shares (a)		137,812		4,008,940
				135,788,735
Fixed Income Funds — 10.6%
MML Dynamic Bond Fund, Class II (a)		254,697		2,493,483

	Number of Shares		Value
MML Inflation-Protected and Income Fund, Initial Class (a)		425,251	$	4,299,285
MML Managed Bond Fund, Initial Class (a)		298,991		3,630,396
MML Short-Duration Bond Fund, Class II (a)		357,450		3,474,411
MML Total Return Bond Fund, Class II (a)		219,881		2,247,181
				16,144,756
TOTAL MUTUAL FUNDS (Cost $143,127,957)				151,933,491
TOTAL LONG-TERM INVESTMENTS (Cost $143,127,957)				151,933,491
TOTAL INVESTMENTS — 100.1% (Cost $143,127,957) (b)				151,933,491
Other Assets/(Liabilities) — (0.1)%				(118,038	)
NET ASSETS — 100.0%			$	151,815,453

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.

12

MML American Funds^® Growth Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,331,578	$	180,394,185
TOTAL MUTUAL FUNDS (Cost $162,681,336)				180,394,185
TOTAL LONG-TERM INVESTMENTS (Cost $162,681,336)				180,394,185
TOTAL INVESTMENTS — 100.1% (Cost $162,681,336) (a)				180,394,185
Other Assets/(Liabilities) — (0.1)%				(200,393	)
NET ASSETS — 100.0%			$	180,193,792

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.

13

MML American Funds^® International Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds International Fund, Class 1		3,103,482	$	64,148,975
TOTAL MUTUAL FUNDS (Cost $57,809,067)				64,148,975
TOTAL LONG-TERM INVESTMENTS (Cost $57,809,067)				64,148,975
TOTAL INVESTMENTS — 100.1% (Cost $57,809,067) (a)				64,148,975
Other Assets/(Liabilities) — (0.1)%				(85,133	)
NET ASSETS — 100.0%			$	64,063,842

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.

14

MML American Funds Core Allocation Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 64.0%
American Funds Blue Chip Income and Growth Fund, Class 1		18,733,750	$	259,275,094
American Funds Growth-Income Fund, Class 1		5,745,025		286,446,924
American Funds International Fund, Class 1		6,774,262		140,023,996
				685,746,014
Fixed Income Funds — 36.1%
American Funds Bond Fund, Class 1		36,650,495		387,395,733
TOTAL MUTUAL FUNDS (Cost $1,048,330,919)				1,073,141,747
TOTAL LONG-TERM INVESTMENTS (Cost $1,048,330,919)				1,073,141,747
TOTAL INVESTMENTS — 100.1% (Cost $1,048,330,919) (a)				1,073,141,747
Other Assets/(Liabilities) — (0.1)%				(1,183,063	)
NET ASSETS — 100.0%			$	1,071,958,684

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.

15

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	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)		449,524,564		573,618,182
Total investments		449,524,564		573,618,182
Receivables from:
Investments sold		2,103		117,560
Investment adviser (Note 3)		-		-
Fund shares sold		182,398		-
Total assets		449,709,065		573,735,742
Liabilities:
Payables for:
Investments purchased		154,463		-
Fund shares repurchased		27,590		114,447
Trustees’ fees and expenses (Note 3)		60,074		72,966
Affiliates (Note 3):
Investment advisory fees		36,284		46,167
Administration fees		-		-
Service fees		221,277		279,995
Accrued expense and other liabilities		35,056		35,484
Total liabilities		534,744		549,059
Net assets	$	449,174,321	$	573,186,683
Net assets consist of:
Paid-in capital	$	428,102,840	$	530,390,478
Accumulated undistributed (distributions in excess of) net investment income		11,591,154		13,415,345
Accumulated net realized gain (loss) on investments and foreign currency transactions		5,282,361		22,200,680
Net unrealized appreciation (depreciation) on investments and foreign currency translations		4,197,966		7,180,180
Net assets	$	449,174,321	$	573,186,683
(a)    Cost of investments — unaffiliated issuers:	$	-	$	-
(b)    Cost of investments — affiliated issuers:	$	445,326,598	$	566,438,002

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

16

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
$	-	$	-	$	-	$	180,394,185	$	64,148,975	$	1,073,141,747
	2,322,788,479		1,648,487,548		151,933,491		-		-		-
	2,322,788,479		1,648,487,548		151,933,491		180,394,185		64,148,975		1,073,141,747
	566,063		682,881		5,541		6,632		-		-
	-		-		-		-		721		-
	622,237		22		3,156		32,601		48,113		435,041
	2,323,976,779		1,649,170,451		151,942,188		180,433,418		64,197,809		1,073,576,788
	-		-		-		-		28,892		398,838
	1,175,606		673,899		7,861		38,291		18,870		30,427
	267,739		220,272		15,589		15,501		7,455		102,750
	186,975		132,990		12,377		21,704		7,774		165,069
	-		-		-		36,173		12,957		214,531
	1,235,403		662,575		56,903		111,039		41,147		678,209
	45,314		40,997		34,005		16,918		16,872		28,280
	2,911,037		1,730,733		126,735		239,626		133,967		1,618,104
$	2,321,065,742	$	1,647,439,718	$	151,815,453	$	180,193,792	$	64,063,842	$	1,071,958,684
$	2,090,696,533	$	1,404,291,578	$	132,208,744	$	121,112,992	$	51,366,539	$	884,385,686
	48,549,428		28,353,683		1,938,892		148,726		434,182		18,157,005
	119,624,558		126,384,715		8,862,283		41,219,225		5,923,213		144,605,165
	62,195,223		88,409,742		8,805,534		17,712,849		6,339,908		24,810,828
$	2,321,065,742	$	1,647,439,718	$	151,815,453	$	180,193,792	$	64,063,842	$	1,071,958,684
$	-	$	-	$	-	$	162,681,336	$	57,809,067	$	1,048,330,919
$	2,260,593,256	$	1,560,077,806	$	143,127,957	$	-	$	-	$	-

17

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	103,315,308	$	134,321,374
Shares outstanding (a)		10,343,094		13,224,098
Net asset value, offering price and redemption price per share	$	9.99	$	10.16
Service Class shares:
Net assets	$	345,859,013	$	438,865,309
Shares outstanding (a)		35,024,745		43,642,910
Net asset value, offering price and redemption price per share	$	9.87	$	10.06
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.

18

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
$	395,288,258	$	613,892,025	$	62,944,504	$	-	$	-	$	-
	35,912,230		62,764,670		5,856,703		-		-		-
$	11.01	$	9.78	$	10.75	$	-	$	-	$	-
$	1,925,777,484	$	1,033,547,693	$	88,870,949	$	-	$	-	$	-
	177,074,942		106,660,195		8,392,742		-		-		-
$	10.88	$	9.69	$	10.59	$	-	$	-	$	-
$	-	$	-	$	-	$	180,193,792	$	64,063,842	$	1,071,958,684
	-		-		-		11,441,039		5,882,964		84,221,385
$	-	$	-	$	-	$	15.75	$	10.89	$	12.73

19

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends — unaffiliated issuers	$	-		$	-
Dividends — affiliated issuers (Note 7)		2,039,052			2,323,036
Total investment income		2,039,052			2,323,036
Expenses (Note 3):
Investment advisory fees		228,131			289,935
Custody fees		11,703			11,712
Audit fees		15,561			15,606
Legal fees		2,221			2,789
Proxy fees		488			487
Shareholder reporting fees		5,406			6,539
Trustees’ fees		11,973			15,155
		275,483			342,223
Administration fees:
Service Class I		-			-
Service fees:
Service Class		440,500			555,284
Service Class I		-			-
Total expenses		715,983			897,507
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		-			-
Net expenses:		715,983			897,507
Net investment income (loss)		1,323,069			1,425,529
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers		-			-
Investment transactions — affiliated issuers (Note 7)		1,171,054			2,195,652
Realized gain distributions — unaffiliated issuers		-			-
Realized gain distributions — affiliated issuers (Note 7)		1,255,628			2,153,515
Net realized gain (loss)		2,426,682			4,349,167
Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		-			-
Investment transactions — affiliated issuers (Note 7)		(4,912,336	)		(6,172,978	)
Net change in unrealized appreciation (depreciation)		(4,912,336	)		(6,172,978	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(2,485,654	)		(1,823,811	)
Net increase (decrease) in net assets resulting from operations	$	(1,162,585	)	$	(398,282	)

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

20

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
$	-		$	-		$	-		$	260,012		$	148,670		$	3,838,961
	7,917,527			4,160,887			260,705			-			-			-
	7,917,527			4,160,887			260,705			260,012			148,670			3,838,961
	1,188,180			841,052			77,658			129,854			48,695			1,031,390
	12,205			12,189			12,203			1,073			1,073			3,274
	16,282			16,015			15,447			15,452			15,384			15,781
	11,465			7,876			689			716			280			4,660
	488			488			488			488			488			488
	23,204			16,618			2,604			2,983			1,898			8,946
	62,394			43,438			3,904			4,222			1,635			27,110
	1,314,218			937,676			112,993			154,788			69,453			1,091,649
	-			-			-			216,423			81,160			1,341,321
	2,465,743			1,318,158			112,233			-			-			-
	-			-			-			216,423			81,160			1,341,321
	3,779,961			2,255,834			225,226			587,634			231,773			3,774,291
	-			-			-			-			(4,527	)		-
	3,779,961			2,255,834			225,226			587,634			227,246			3,774,291
	4,137,566			1,905,053			35,479			(327,622	)		(78,576	)		64,670
	-			-			-			3,772,576			863,565			25,423,107
	14,642,200			19,818,264			1,475,595			-			-			-
	-			-			-			17,418,686			3,016,061			46,324,879
	9,265,424			8,683,605			1,080,070			-			-			-
	23,907,624			28,501,869			2,555,665			21,191,262			3,879,626			71,747,986
	-			-			-			(4,907,736	)		(4,010,337	)		(60,470,130	)
	(27,981,886	)		(25,163,930	)		(1,721,535	)		-			-			-
	(27,981,886	)		(25,163,930	)		(1,721,535	)		(4,907,736	)		(4,010,337	)		(60,470,130	)
	(4,074,262	)		3,337,939			834,130			16,283,526			(130,711	)		11,277,856
$	63,304		$	5,242,992		$	869,609		$	15,955,904		$	(209,287	)	$	11,342,526

21

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Conservative Allocation Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,323,069		$	9,690,939
Net realized gain (loss)		2,426,682			8,140,970
Net change in unrealized appreciation (depreciation)		(4,912,336	)		24,561,837
Net increase (decrease) in net assets resulting from operations		(1,162,585	)		42,393,746
Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			(2,403,173	)
Service Class		-			(7,118,539	)
Total distributions from net investment income		-			(9,521,712	)
From net realized gains:
Initial Class		-			(3,272,357	)
Service Class		-			(10,920,916	)
Total distributions from net realized gains		-			(14,193,273	)
Net fund share transactions (Note 5):
Initial Class		(3,834,180	)		(10,157,811	)
Service Class		(21,965,993	)		(9,736,334	)
Increase (decrease) in net assets from fund share transactions		(25,800,173	)		(19,894,145	)
Total increase (decrease) in net assets		(26,962,758	)		(1,215,384	)
Net assets
Beginning of period		476,137,079			477,352,463
End of period	$	449,174,321		$	476,137,079
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	11,591,154		$	10,268,085

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

22

MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	1,425,529		$	11,133,150		$	4,137,566		$	40,088,892		$	1,905,053		$	22,982,948
	4,349,167			20,711,594			23,907,624			105,205,677			28,501,869			105,441,880
	(6,172,978	)		30,903,077			(27,981,886	)		153,753,242			(25,163,930	)		117,606,564
	(398,282	)		62,747,821			63,304			299,047,811			5,242,992			246,031,392
	-			(2,662,293	)		-			(7,462,860	)		-			(9,408,950	)
	-			(7,790,707	)		-			(31,997,619	)		-			(13,200,957	)
	-			(10,453,000	)		-			(39,460,479	)		-			(22,609,907	)
	-			(5,768,559	)		-			(19,598,715	)		-			(43,216,570	)
	-			(19,206,081	)		-			(96,727,406	)		-			(71,929,529	)
	-			(24,974,640	)		-			(116,326,121	)		-			(115,146,099	)
	(5,472,045	)		(1,415,170	)		(22,844,935	)		(19,031,337	)		(36,246,899	)		(442,345	)
	(20,296,810	)		(263,281	)		(121,024,281	)		(40,068,539	)		(49,897,110	)		11,701,041
	(25,768,855	)		(1,678,451	)		(143,869,216	)		(59,099,876	)		(86,144,009	)		11,258,696
	(26,167,137	)		25,641,730			(143,805,912	)		84,161,335			(80,901,017	)		119,534,082
	599,353,820			573,712,090			2,464,871,654			2,380,710,319			1,728,340,735			1,608,806,653
$	573,186,683		$	599,353,820		$	2,321,065,742		$	2,464,871,654		$	1,647,439,718		$	1,728,340,735
$	13,415,345		$	11,989,816		$	48,549,428		$	44,411,862		$	28,353,683		$	26,448,630

23

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Aggressive Allocation Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	35,479		$	1,537,148
Net realized gain (loss)		2,555,665			7,674,076
Net change in unrealized appreciation (depreciation)		(1,721,535	)		15,652,492
Net increase (decrease) in net assets resulting from operations		869,609			24,863,716
Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			(703,424	)
Service Class		-			(810,785	)
Service Class I		-			-
Total distributions from net investment income		-			(1,514,209	)
From net realized gains:
Initial Class		-			(3,695,389	)
Service Class		-			(5,166,022	)
Service Class I		-			-
Total distributions from net realized gains		-			(8,861,411	)
Net fund share transactions (Note 5):
Initial Class		(4,010,469	)		1,722,871
Service Class		(1,806,799	)		8,497,216
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(5,817,268	)		10,220,087
Total increase (decrease) in net assets		(4,947,659	)		24,708,183
Net assets
Beginning of period		156,763,112			132,054,929
End of period	$	151,815,453		$	156,763,112
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	1,938,892		$	1,903,413

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

24

MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	(327,622	)	$	110,310		$	(78,576	)	$	496,676		$	64,670		$	12,957,792
	21,191,262			20,411,936			3,879,626			2,109,074			71,747,986			78,116,274
	(4,907,736	)		17,691,154			(4,010,337	)		14,131,377			(60,470,130	)		51,746,035
	15,955,904			38,213,400			(209,287	)		16,737,127			11,342,526			142,820,101
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			(471,539	)		-			(507,482	)		-			(14,606,463	)
	-			(471,539	)		-			(507,482	)		-			(14,606,463	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			(14,235,317	)		-			(5,160,303	)		-			(71,053,987	)
	-			(14,235,317	)		-			(5,160,303	)		-			(71,053,987	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	(7,658,311	)		8,548,926			(2,658,023	)		1,889,945			(33,657,672	)		95,664,276
	(7,658,311	)		8,548,926			(2,658,023	)		1,889,945			(33,657,672	)		95,664,276
	8,297,593			32,055,470			(2,867,310	)		12,959,287			(22,315,146	)		152,823,927
	171,896,199			139,840,729			66,931,152			53,971,865			1,094,273,830			941,449,903
$	180,193,792		$	171,896,199		$	64,063,842		$	66,931,152		$	1,071,958,684		$	1,094,273,830
$	148,726		$	476,348		$	434,182		$	512,758		$	18,157,005		$	18,092,335

25

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	10.01	$	0.04	$	(0.06	)	$	(0.02	)	$	-		$	-		$	-		$	9.99		(0.20%	)b	$	103,315		0.12%	a		0.78%	a
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
6/30/18r	$	9.90	$	0.03	$	(0.06	)	$	(0.03	)	$	-		$	-		$	-		$	9.87		(0.30%	)b	$	345,859		0.37%	a		0.52%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		7	%		14	%		24	%		29	%		33	%		33	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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.

26

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	10.16	$	0.03	$	(0.03	)	$	(0.00	)d	$	-		$	-		$	-		$	10.16		0.00%	z	$	134,321		0.12%	a		0.68%	a
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
6/30/18r	$	10.07	$	0.02	$	(0.03	)	$	(0.01	)	$	-		$	-		$	-		$	10.06		(0.10%	)b	$	438,865		0.37%	a		0.43%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		6	%		15	%		18	%		26	%		23	%		22	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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.

z No change in Net Asset Value for the period.

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

27

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	11.00	$	0.03	$	(0.02	)	$	0.01		$	-		$	-		$	-		$	11.01		0.09%	b	$	395,288		0.11%	a		0.56%	a
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
6/30/18r	$	10.88	$	0.02	$	(0.02	)	$	0.00	d	$	-		$	-		$	-		$	10.88		0.00%	z	$	1,925,777		0.36%	a		0.31%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		5	%		13	%		14	%		19	%		19	%		19	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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.

z No change in Net Asset Value for the period.

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

28

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assetsw			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	9.75	$	0.02	$	0.01		$	0.03		$	-		$	-		$	-		$	9.78		0.31%	b	$	613,892		0.11%	a		0.38%	a
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
6/30/18r	$	9.67	$	0.01	$	0.01		$	0.02		$	-		$	-		$	-		$	9.69		0.21%	b	$	1,033,548		0.36%	a		0.13%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		6	%		16	%		17	%		22	%		25	%		22	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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.

29

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiversw			Ratio of expenses to average daily net assets after expense waiversw,j			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	10.68	$	0.01		$	0.06		$	0.07		$	-		$	-		$	-		$	10.75		0.66%	b	$	62,945		0.15%	a		N/A			0.19%	a
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
6/30/18r	$	10.54	$	(0.00	)d	$	0.05		$	0.05		$	-		$	-		$	-		$	10.59		0.47%	b	$	88,871		0.40%	a		N/A			(0.06%	)a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		9	%		20	%		19	%		22	%		31	%		27	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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.

30

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiversu			Ratio of expenses to average daily net assets after expense waiversu,j			Net investment income (loss) to average daily net assets
Service Class I
6/30/18r	$	14.37	$	(0.03	)	$	1.41	$	1.38	$	-		$	-		$	-		$	15.75		9.60%	b	$	180,194		0.68%	a		0.68%	a,l		(0.38%	)a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		7	%		11	%		8	%		7	%		4	%		8	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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.

31

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiversu			Ratio of expenses to average daily net assets after expense waiversu,j			Net investment income (loss) to average daily net assets
Service Class I
6/30/18r	$	10.93	$	(0.01	)	$	(0.03	)	$	(0.04	)	$	-		$	-		$	-		$	10.89		(0.37%	)b	$	64,064		0.71%	a		0.70%	a		(0.24%	)a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		7	%		9	%		12	%		4	%		6	%		8	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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.

32

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiversw			Ratio of expenses to average daily net assets after expense waiversw,j			Net investment income (loss) to average daily net assets
Service Class I
6/30/18r	$	12.60	$	0.00	d	$	0.13		$	0.13		$	-		$	-		$	-		$	12.73		1.03%	b	$	1,071,959		0.70%	a		N/A			0.01%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover ratex		10	%		16	%		7	%		3	%		3	%		8	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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.

33

Notes to Financial Statements (Unaudited)

1. 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.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

The Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the “Allocation Funds”) invest their investable assets in shares of series of the Trust and MML Series Investment Fund II (which are advised by MML Investment Advisers, LLC (“MML Advisers”)), 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 June 30, 2018, the MML American Funds Growth Fund and MML American Funds International Fund owned 0.70% and 0.65% 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”).

34

Notes to Financial Statements (Unaudited) (Continued)

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.

2. Significant Accounting Policies

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

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

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 June 30, 2018. For each Fund, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments

35

Notes to Financial Statements (Unaudited) (Continued)

The Funds had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the period ended June 30, 2018. The Funds recognize transfers between the Levels as of the beginning of the year.

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 gains 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.

36

Notes to Financial Statements (Unaudited) (Continued)

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

3. Advisory Fees and Other Transactions

Investment Advisory Fees

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 Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers 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.

37

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, 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, as applicable) 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, 2019.

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.

4. 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 period ended June 30, 2018, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Conservative Allocation Fund	$	-	$	33,233,887	$	-	$	56,465,224
Balanced Allocation Fund		-		36,811,601		-		59,012,931
Moderate Allocation Fund		-		115,947,066		-		246,500,370
Growth Allocation Fund		-		94,634,265		-		170,219,190
Aggressive Allocation Fund		-		14,740,113		-		19,432,721
MML American Funds Growth Fund		-		21,520,675		-		12,085,350
MML American Funds International Fund		-		5,069,871		-		4,791,770
MML American Funds Core Allocation Fund		-		116,530,215		-		103,837,553

38

Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		889,165		$	8,861,331			1,066,692		$	10,625,566
Issued as reinvestment of dividends		-			-			582,703			5,675,530
Redeemed		(1,269,933	)		(12,695,511	)		(2,661,802	)		(26,458,907	)
Net increase (decrease)		(380,768	)	$	(3,834,180	)		(1,012,407	)	$	(10,157,811	)
Conservative Allocation Fund Service Class
Sold		1,980,849		$	19,602,258			3,521,990		$	34,679,532
Issued as reinvestment of dividends		-			-			1,869,374			18,039,455
Redeemed		(4,200,922	)		(41,568,251	)		(6,363,380	)		(62,455,321	)
Net increase (decrease)		(2,220,073	)	$	(21,965,993	)		(972,016	)	$	(9,736,334	)
Balanced Allocation Fund Initial Class
Sold		381,306		$	3,862,801			1,315,628		$	13,246,040
Issued as reinvestment of dividends		-			-			858,539			8,430,852
Redeemed		(919,403	)		(9,334,846	)		(2,295,300	)		(23,092,062	)
Net increase (decrease)		(538,097	)	$	(5,472,045	)		(121,133	)	$	(1,415,170	)
Balanced Allocation Fund Service Class
Sold		2,034,181		$	20,508,036			3,679,064		$	36,764,859
Issued as reinvestment of dividends		-			-			2,771,744			26,996,788
Redeemed		(4,042,678	)		(40,804,846	)		(6,410,824	)		(64,024,928	)
Net increase (decrease)		(2,008,497	)	$	(20,296,810	)		39,984		$	(263,281	)
Moderate Allocation Fund Initial Class
Sold		570,886		$	6,334,535			1,364,854		$	14,884,724
Issued as reinvestment of dividends		-			-			2,562,649			27,061,575
Redeemed		(2,637,800	)		(29,179,470	)		(5,613,792	)		(60,977,636	)
Net increase (decrease)		(2,066,914	)	$	(22,844,935	)		(1,686,289	)	$	(19,031,337	)
Moderate Allocation Fund Service Class
Sold		3,140,215		$	34,377,971			5,979,714		$	64,293,602
Issued as reinvestment of dividends		-			-			12,318,184			128,725,025
Redeemed		(14,238,647	)		(155,402,252	)		(21,716,011	)		(233,087,166	)
Net increase (decrease)		(11,098,432	)	$	(121,024,281	)		(3,418,113	)	$	(40,068,539	)
Growth Allocation Fund Initial Class
Sold		685,517		$	6,698,009			1,513,269		$	14,544,847
Issued as reinvestment of dividends		-			-			5,683,102			52,625,520
Redeemed		(4,362,718	)		(42,944,908	)		(7,026,762	)		(67,612,712	)
Net increase (decrease)		(3,677,201	)	$	(36,246,899	)		169,609		$	(442,345	)
Growth Allocation Fund Service Class
Sold		2,099,162		$	20,511,853			3,035,792		$	28,983,498
Issued as reinvestment of dividends		-			-			9,263,382			85,130,486
Redeemed		(7,217,099	)		(70,408,963	)		(10,675,133	)		(102,412,943	)
Net increase (decrease)		(5,117,937	)	$	(49,897,110	)		1,624,041		$	11,701,041

39

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Aggressive Allocation Fund Initial Class
Sold		396,507		$	4,297,016			577,723		$	6,004,822
Issued as reinvestment of dividends		-			-			437,693			4,398,813
Redeemed		(765,089	)		(8,307,485	)		(831,073	)		(8,680,764	)
Net increase (decrease)		(368,582	)	$	(4,010,469	)		184,343		$	1,722,871
Aggressive Allocation Fund Service Class
Sold		406,546		$	4,332,408			1,138,147		$	11,593,094
Issued as reinvestment of dividends		-			-			602,501			5,976,807
Redeemed		(575,710	)		(6,139,207	)		(881,981	)		(9,072,685	)
Net increase (decrease)		(169,164	)	$	(1,806,799	)		858,667		$	8,497,216
MML American Funds Growth Fund Service Class I
Sold		547,150		$	8,389,838			1,304,886		$	17,982,588
Issued as reinvestment of dividends		-			-			1,108,278			14,706,856
Redeemed		(1,067,381	)		(16,048,149	)		(1,755,361	)		(24,140,518	)
Net increase (decrease)		(520,231	)	$	(7,658,311	)		657,803		$	8,548,926
MML American Funds International Fund Service Class I
Sold		298,534		$	3,328,322			576,856		$	5,835,785
Issued as reinvestment of dividends		-			-			555,665			5,667,785
Redeemed		(539,377	)		(5,986,345	)		(923,562	)		(9,613,625	)
Net increase (decrease)		(240,843	)	$	(2,658,023	)		208,959		$	1,889,945
MML American Funds Core Allocation Fund Service Class I
Sold		1,830,689		$	23,290,670			8,498,879		$	105,750,324
Issued as reinvestment of dividends		-			-			7,210,476			85,660,450
Redeemed		(4,485,449	)		(56,948,342	)		(7,681,655	)		(95,746,498	)
Net increase (decrease)		(2,654,760	)	$	(33,657,672	)		8,027,700		$	95,664,276

6. Federal Income Tax Information

At June 30, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	445,326,598	$	13,566,918	$	(9,368,952	)	$	4,197,966
Balanced Allocation Fund		566,438,002		18,193,227		(11,013,047	)		7,180,180
Moderate Allocation Fund		2,260,593,256		99,071,908		(36,876,685	)		62,195,223
Growth Allocation Fund		1,560,077,806		106,857,356		(18,447,614	)		88,409,742
Aggressive Allocation Fund		143,127,957		9,821,537		(1,016,003	)		8,805,534
MML American Funds Growth Fund		162,681,336		17,712,849		-			17,712,849
MML American Funds International Fund		57,809,067		6,339,908		-			6,339,908
MML American Funds Core Allocation Fund		1,048,330,919		40,001,837		(15,191,009	)		24,810,828

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

40

Notes to Financial Statements (Unaudited) (Continued)

of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At December 31, 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 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

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 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

41

Notes to Financial Statements (Unaudited) (Continued)

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences			Unrealized Appreciation (Depreciation)
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

The Funds did not have any unrecognized tax benefits at June 30, 2018, nor were there any increases or decreases in unrecognized tax benefits for the period 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 period ended June 30, 2018, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended June 30, 2018, was as follows:

	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income		Realized Gains Distributions
Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	11,453,863	$	1,255,658	$	(3,212,654	)	$	607,263		$	717,351		$	10,821,481		556,374	$	-	$	-
MML Dynamic Bond Fund, Class II		67,820,671		1,842,473		(2,000,000	)		(1,060,012	)		(21,288	)		66,581,844		6,801,006		527,473		-
MML Equity Income Fund, Initial Class		12,975,913		1,449,128		(2,393,903	)		87,576			(101,222	)		12,017,492		966,036		-		-
MML Equity Index Fund, Class III		13,611,967		-		(1,200,000	)		154,383			199,119			12,765,469		401,809		-		-
MML Focused Equity Fund, Class II		2,381,942		378,080		(569,798	)		35,509			29,470			2,255,203		172,945		-		-
MML Foreign Fund, Initial Class		9,891,708		386,777		(1,395,141	)		(469,844	)		157,278			8,570,778		792,124		-		-
MML Fundamental Growth Fund, Class II		8,502,554		929,144		(2,636,034	)		351,256			388,905			7,535,825		535,215		-		-
MML Fundamental Value Fund, Class II		12,563,957		1,725,982		(2,456,843	)		(32,585	)		(81,967	)		11,718,544		769,438		-		-
MML Global Fund, Class I		12,177,458		730,069		(1,477,115	)		(276,296	)		85,690			11,239,806		878,796		-		-
MML High Yield Fund, Class II		14,332,217		220,504		(600,000	)		(150,491	)		(58,119	)		13,744,111		1,393,926		220,503		-
MML Income & Growth Fund, Initial Class		13,587,795		1,278,144		(2,457,070	)		(468,073	)		242,351			12,183,147		981,720		-		-
MML Inflation-Protected and Income Fund, Initial Class		20,240,785		1,314,020		(2,325,005	)		7,942			(114,544	)		19,123,198		1,891,513		105,055		-
MML International Equity Fund, Class II		7,597,510		502,451		(1,163,816	)		(694,015	)		204,859			6,446,989		582,384		-		-
MML Large Cap Growth Fund, Initial Class		3,952,062		885,249		(1,646,701	)		112,006			42,736			3,345,352		302,473		-		-
MML Managed Bond Fund, Initial Class		100,563,014		9,295,831		(13,825,019	)		(1,743,854	)		(450,675	)		93,839,297		7,728,391		767,139		-
MML Mid Cap Growth Fund, Initial Class		7,962,302		334,014		(1,083,219	)		342,007			55,359			7,610,463		447,938		-		-
MML Mid Cap Value Fund, Initial Class		10,285,049		500,875		(1,317,710	)		(27,251	)		(35,974	)		9,404,989		781,145		-		-
MML Short-Duration Bond Fund, Class II		25,435,499		2,218,994		(3,777,419	)		48,271			(75,878	)		23,849,467		2,453,649		150,849		-
MML Small Cap Growth Equity Fund, Initial Class		2,374,588		127,631		(406,364	)		283,975			(44,062	)		2,335,768		140,936		-		-

42

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income		Realized Gains Distributions
Conservative Allocation Fund (Continued)
MML Small Company Value Fund, Class II	$	4,815,407	$	371,126	$	(534,438	)	$	176,487		$	(11,489	)	$	4,817,093		275,262	$	-	$	-
MML Small/Mid Cap Value Fund, Initial Class		2,496,808		95,967		(356,650	)		64,147			(2,276	)		2,297,996		160,139		-		-
MML Total Return Bond Fund, Class II		60,022,275		4,754,680		(6,240,432	)		(611,648	)		(217,244	)		57,707,631		5,646,539		-		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		2,673,680		490,410		(304,389	)		(245,338	)		38,158			2,652,521		34,173		-		370,178
Oppenheimer Global Fund/VA, Non-Service Shares*		7,978,470		1,186,001		(1,335,591	)		(609,745	)		205,538			7,424,673		166,435		73,494		519,596
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		31,262,882		109,221		(800,000	)		(115,523	)		(53,313	)		30,403,267		3,108,719		109,221		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		6,713,523		571,463		(949,913	)		(397,020	)		72,291			6,010,344		2,453,202		52,461		118,717
Oppenheimer Main Street Fund/VA, Non-Service Shares*		2,823,284		279,995		-			(281,463	)		-			2,821,816		97,003		32,857		247,137
	$	476,497,183	$	33,233,887	$	(56,465,224	)	$	(4,912,336	)	$	1,171,054		$	449,524,564			$	2,039,052	$	1,255,628
Balanced Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	17,958,778	$	1,090,920	$	(4,041,559	)	$	1,595,312		$	492,805		$	17,096,256		878,985	$	-	$	-
MML Dynamic Bond Fund, Class II		67,836,306		3,387,291		(1,950,000	)		(1,063,199	)		(20,756	)		68,189,642		6,965,234		532,291		-
MML Equity Income Fund, Initial Class		20,130,705		1,594,365		(2,434,920	)		(274,946	)		228,768			19,243,972		1,546,943		-		-
MML Equity Index Fund, Class III		19,550,073		-		(3,200,000	)		(35,162	)		545,197			16,860,108		530,693		-		-
MML Focused Equity Fund, Class II		3,567,797		501,310		(961,629	)		25,449			72,616			3,205,543		245,824		-		-
MML Foreign Fund, Initial Class		17,196,665		835,576		(2,095,506	)		(855,781	)		299,426			15,380,380		1,421,477		-		-
MML Fundamental Growth Fund, Class II		13,726,720		756,347		(4,873,463	)		1,259,320			(91,774	)		10,777,150		765,423		-		-
MML Fundamental Value Fund, Class II		20,094,654		1,440,025		(2,704,224	)		(467,715	)		292,967			18,655,707		1,224,932		-		-
MML Global Fund, Class I		18,151,487		605,204		(1,480,524	)		(553,991	)		253,534			16,975,710		1,327,264		-		-
MML High Yield Fund, Class II		16,078,587		249,397		(665,000	)		(176,054	)		(58,497	)		15,428,433		1,564,750		249,397		-
MML Income & Growth Fund, Initial Class		20,435,340		1,501,262		(2,683,361	)		(842,404	)		443,298			18,854,135		1,519,270		-		-
MML Inflation-Protected and Income Fund, Initial Class		22,060,179		1,383,866		(2,151,113	)		(13,307	)		(101,191	)		21,178,434		2,094,801		116,478		-
MML International Equity Fund, Class II		14,177,648		695,218		(1,517,150	)		(1,202,211	)		258,317			12,411,822		1,121,212		-		-
MML Large Cap Growth Fund, Initial Class		5,973,075		1,082,248		(1,334,363	)		247,043			(16,343	)		5,951,660		538,125		-		-
MML Managed Bond Fund, Initial Class		104,252,244		8,195,289		(9,899,558	)		(1,602,663	)		(689,233	)		100,256,079		8,256,862		816,105		-
MML Mid Cap Growth Fund, Initial Class		14,599,661		377,218		(1,515,842	)		464,524			255,299			14,180,860		834,659		-		-
MML Mid Cap Value Fund, Initial Class		17,315,093		394,258		(1,269,578	)		(68,122	)		(64,235	)		16,307,416		1,354,437		-		-
MML Short-Duration Bond Fund, Class II		29,806,611		1,406,284		(3,480,915	)		58,808			(94,780	)		27,696,008		2,849,383		178,779		-
MML Small Cap Growth Equity Fund, Initial Class		4,237,103		281,938		(427,072	)		476,661			(38,193	)		4,530,437		273,359		-		-
MML Small Company Value Fund, Class II		7,215,190		262,180		(477,332	)		370,104			(122,629	)		7,247,513		414,144		-		-
MML Small/Mid Cap Value Fund, Initial Class		4,882,327		72,417		(364,197	)		98,558			22,857			4,711,962		328,360		-		-

43

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income		Realized Gains Distributions
Balanced Allocation Fund (Continued)
MML Total Return Bond Fund, Class II	$	62,750,547	$	5,305,637	$	(5,265,120	)	$	(593,813	)	$	(260,421	)	$	61,936,830		6,060,355	$	-	$	-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		4,986,388		747,084		(425,168	)		(461,977	)		85,270			4,931,597		63,535		-		682,016
Oppenheimer Global Fund/VA, Non-Service Shares*		11,706,652		1,560,745		(1,756,815	)		(924,763	)		315,802			10,901,621		244,376		108,743		768,812
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		42,205,693		149,383		(530,000	)		(208,009	)		(34,177	)		41,582,890		4,251,829		149,383		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		14,392,028		987,667		(1,508,522	)		(928,728	)		221,725			13,164,170		5,373,131		112,192		253,884
Oppenheimer Main Street Fund/VA, Non-Service Shares*		4,509,287		1,948,472		-			(495,912	)		-			5,961,847		204,945		59,668		448,803
	$	599,796,838	$	36,811,601	$	(59,012,931	)	$	(6,172,978	)	$	2,195,652		$	573,618,182			$	2,323,036	$	2,153,515
Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	86,457,565	$	1,076,980	$	(19,080,299	)	$	7,715,200		$	2,161,525		$	78,330,971		4,027,299	$	-	$	-
MML Dynamic Bond Fund, Class II		221,108,920		7,054,459		(2,900,001	)		(3,542,885	)		(30,867	)		221,689,626		22,644,497		1,759,459		-
MML Equity Income Fund, Initial Class		98,746,858		5,604,961		(11,051,774	)		(2,502,526	)		2,229,964			93,027,483		7,478,093		-		-
MML Equity Index Fund, Class III		92,386,239		-		(12,500,000	)		283,030			2,102,170			82,271,439		2,589,595		-		-
MML Focused Equity Fund, Class II		25,490,301		3,471,407		(5,352,649	)		255,872			385,752			24,250,683		1,859,715		-		-
MML Foreign Fund, Initial Class		92,788,041		44,505		(14,491,439	)		(4,976,226	)		2,202,434			75,567,315		6,984,040		-		-
MML Fundamental Growth Fund, Class II		53,241,410		90,946		(12,969,550	)		5,133,794			(765,088	)		44,731,512		3,176,954		-		-
MML Fundamental Value Fund, Class II		99,428,806		660,849		(11,756,057	)		(3,298,571	)		2,380,864			87,415,891		5,739,717		-		-
MML Global Fund, Class I		86,476,962		5,597,920		(7,106,710	)		(2,128,828	)		660,582			83,499,926		6,528,532		-		-
MML High Yield Fund, Class II		51,621,220		798,685		(3,000,001	)		(471,254	)		(277,802	)		48,670,848		4,936,191		798,685		-
MML Income & Growth Fund, Initial Class		99,150,642		6,029,967		(10,383,758	)		(4,841,589	)		2,771,323			92,726,585		7,471,925		-		-
MML Inflation-Protected and Income Fund, Initial Class		77,574,907		4,652,746		(6,164,582	)		169,888			(587,586	)		75,645,373		7,482,233		419,413		-
MML International Equity Fund, Class II		82,008,958		4,499,300		(5,822,235	)		(6,700,378	)		948,589			74,934,234		6,769,127		-		-
MML Large Cap Growth Fund, Initial Class		31,513,216		511,807		(6,955,411	)		1,191,597			(106,184	)		26,155,025		2,364,830		-		-
MML Managed Bond Fund, Initial Class		336,695,620		16,248,800		(29,979,458	)		(4,981,745	)		(2,541,309	)		315,441,908		25,979,077		2,632,376		-
MML Mid Cap Growth Fund, Initial Class		79,918,423		2,920,526		(9,594,690	)		1,507,594			2,457,083			77,208,936		4,544,375		-		-
MML Mid Cap Value Fund, Initial Class		88,761,637		69,661		(8,388,165	)		(745,231	)		142,707			79,840,609		6,631,280		-		-
MML Short-Duration Bond Fund, Class II		104,664,844		5,750,041		(12,965,951	)		322,075			(446,764	)		97,324,245		10,012,782		624,666		-
MML Small Cap Growth Equity Fund, Initial Class		21,201,651		29,025		(4,345,069	)		2,724,511			(596,170	)		19,013,948		1,147,269		-		-
MML Small Company Value Fund, Class II		39,141,100		34,830		(4,374,082	)		2,532,795			(1,236,354	)		36,098,289		2,062,759		-		-
MML Small/Mid Cap Value Fund, Initial Class		23,909,426		3,869,429		(1,762,264	)		478,867			89,873			26,585,331		1,852,636		-		-
MML Strategic Emerging Markets Fund, Class II		43,484,577		15,007,413		(3,379,212	)		(1,646,854	)		578,014			54,043,938		4,736,541		-		-
MML Total Return Bond Fund, Class II		202,044,395		11,243,846		(15,235,911	)		(2,295,865	)		(557,478	)		195,198,987		19,099,705		-		-

44

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income		Realized Gains Distributions
Moderate Allocation Fund (Continued)
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*	$	24,970,974	$	5,769,459	$	(2,000,409	)	$	(2,334,494	)	$	359,346		$	26,764,876		344,819	$	-	$	3,479,149
Oppenheimer Global Fund/VA, Non-Service Shares*		56,206,012		3,766,206		(11,021,800	)		(4,501,020	)		2,049,085			46,498,483		1,042,333		461,598		3,263,477
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		185,916,498		647,943		(7,105,000	)		(1,056,822	)		(38,716	)		178,363,903		18,237,618		647,943		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		47,235,197		2,669,848		(6,813,893	)		(2,383,974	)		307,207			41,014,385		16,740,565		340,392		770,287
Oppenheimer Main Street Fund/VA, Non-Service Shares*		14,537,070		7,825,507		-			(1,888,847	)		-			20,473,730		703,806		232,995		1,752,511
	$	2,466,681,469	$	115,947,066	$	(246,500,370	)	$	(27,981,886	)	$	14,642,200		$	2,322,788,479			$	7,917,527	$	9,265,424
Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	75,223,853	$	941,331	$	(14,609,899	)	$	5,862,361		$	2,765,202		$	70,182,848		3,608,373	$	-	$	-
MML Dynamic Bond Fund, Class II		87,950,370		5,457,731		(2,169,999	)		(1,437,164	)		(23,697	)		89,777,241		9,170,300		717,731		-
MML Equity Income Fund, Initial Class		84,372,793		5,583,142		(8,488,619	)		(3,010,410	)		2,802,191			81,259,097		6,532,082		-		-
MML Equity Index Fund, Class III		81,664,763		-		(9,500,000	)		492,698			1,610,837			74,268,298		2,337,686		-		-
MML Focused Equity Fund, Class II		23,386,361		2,045,106		(4,805,006	)		278,095			337,798			21,242,354		1,629,015		-		-
MML Foreign Fund, Initial Class		81,855,412		206,482		(10,072,510	)		(4,397,428	)		1,822,560			69,414,516		6,415,390		-		-
MML Fundamental Growth Fund, Class II		41,115,243		412,963		(9,481,869	)		3,752,584			(316,429	)		35,482,492		2,520,063		-		-
MML Fundamental Value Fund, Class II		84,761,589		1,247,459		(9,012,936	)		(3,225,193	)		2,449,295			76,220,214		5,004,610		-		-
MML Global Fund, Class I		74,762,688		9,653,362		(6,248,549	)		(2,072,619	)		606,517			76,701,399		5,996,982		-		-
MML High Yield Fund, Class II		13,516,018		211,951		(465,000	)		(150,205	)		(47,900	)		13,064,864		1,325,037		211,951		-
MML Income & Growth Fund, Initial Class		85,307,296		5,207,495		(7,752,605	)		(3,868,189	)		2,098,374			80,992,371		6,526,380		-		-
MML Inflation-Protected and Income Fund, Initial Class		68,539,428		5,388,536		(4,726,008	)		(146,747	)		(210,472	)		68,844,737		6,809,568		378,261		-
MML International Equity Fund, Class II		75,344,818		3,942,806		(5,585,594	)		(6,263,535	)		1,054,773			68,493,268		6,187,287		-		-
MML Large Cap Growth Fund, Initial Class		28,068,081		1,275,617		(6,164,524	)		1,260,825			(223,975	)		24,216,024		2,189,514		-		-
MML Managed Bond Fund, Initial Class		134,827,992		11,211,879		(10,709,779	)		(2,238,006	)		(834,299	)		132,257,787		10,892,450		1,095,007		-
MML Mid Cap Growth Fund, Initial Class		75,328,139		2,034,966		(8,075,860	)		1,477,444			2,285,387			73,050,076		4,299,592		-		-
MML Mid Cap Value Fund, Initial Class		76,751,221		2,788,914		(4,387,452	)		(1,677,983	)		1,056,939			74,531,639		6,190,335		-		-
MML Short-Duration Bond Fund, Class II		50,354,773		3,209,672		(5,679,646	)		142,776			(204,520	)		47,823,055		4,920,067		306,989		-
MML Small Cap Growth Equity Fund, Initial Class		18,042,210		294,530		(2,723,118	)		2,227,960			(379,338	)		17,462,244		1,053,642		-		-
MML Small Company Value Fund, Class II		34,064,429		933,664		(2,598,325	)		1,235,043			(80,189	)		33,554,622		1,917,407		-		-
MML Small/Mid Cap Value Fund, Initial Class		27,820,094		682,885		(3,722,756	)		427,249			259,869			25,467,341		1,774,728		-		-

45

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income		Realized Gains Distributions
Growth Allocation Fund (Continued)
MML Strategic Emerging Markets Fund, Class II	$	45,975,823	$	9,702,600	$	(2,976,557	)	$	(1,418,616	)	$	487,368		$	51,770,618		4,537,302	$	-	$	-
MML Total Return Bond Fund, Class II		81,018,266		6,526,285		(6,177,756	)		(1,075,023	)		(57,368	)		80,234,404		7,850,725		-		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		24,440,830		4,192,465		(1,647,898	)		(2,160,621	)		294,419			25,119,195		323,618		-		3,361,011
Oppenheimer Global Fund/VA, Non-Service Shares*		48,538,580		3,342,903		(10,618,188	)		(3,269,169	)		1,240,027			39,234,153		879,492		393,066		2,778,956
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		142,332,587		2,811,250		(5,700,001	)		(873,250	)		(40,669	)		138,529,917		14,164,613		501,250		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		43,073,829		1,197,550		(6,118,736	)		(2,938,855	)		1,065,564			36,279,352		14,807,899		312,463		707,086
Oppenheimer Main Street Fund/VA, Non-Service Shares*		20,980,653		4,130,721		-			(2,097,952	)		-			23,013,422		791,111		244,169		1,836,552
	$	1,729,418,139	$	94,634,265	$	(170,219,190	)	$	(25,163,930	)	$	19,818,264		$	1,648,487,548			$	4,160,887	$	8,683,605
Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	8,363,872	$	455,502	$	(2,188,069	)	$	714,817		$	255,512		$	7,601,634		390,830	$	-	$	-
MML Dynamic Bond Fund, Class II		2,438,947		293,402		(200,000	)		(38,359	)		(507	)		2,493,483		254,697		19,127		-
MML Equity Income Fund, Initial Class		8,931,817		1,012,512		(885,198	)		(78,028	)		44,946			9,026,049		725,567		-		-
MML Equity Index Fund, Class III		7,774,745		-		(1,000,000	)		29,970			170,233			6,974,948		219,545		-		-
MML Focused Equity Fund, Class II		2,547,743		662,024		(667,045	)		29,258			42,034			2,614,014		200,461		-		-
MML Foreign Fund, Initial Class		8,917,658		206,029		(1,080,297	)		(449,233	)		151,913			7,746,070		715,903		-		-
MML Fundamental Growth Fund, Class II		4,064,203		460,972		(1,018,225	)		221,872			136,635			3,865,457		274,535		-		-
MML Fundamental Value Fund, Class II		8,907,887		469,259		(920,396	)		(108,774	)		13,006			8,360,982		548,981		-		-
MML Global Fund, Class I		8,649,029		789,551		(828,454	)		(213,983	)		58,757			8,454,900		661,056		-		-
MML Income & Growth Fund, Initial Class		9,037,523		1,023,733		(845,403	)		(319,621	)		120,375			9,016,607		726,560		-		-
MML Inflation-Protected and Income Fund, Initial Class		4,111,211		466,002		(256,709	)		(8,177	)		(13,042	)		4,299,285		425,251		23,829		-
MML International Equity Fund, Class II		8,025,233		1,322,711		(724,378	)		(742,911	)		122,343			8,002,998		722,945		-		-
MML Large Cap Growth Fund, Initial Class		3,082,620		360,550		(831,770	)		122,243			(8,784	)		2,724,859		246,371		-		-
MML Managed Bond Fund, Initial Class		3,765,799		481,250		(532,623	)		(65,596	)		(18,434	)		3,630,396		298,991		29,644		-
MML Mid Cap Growth Fund, Initial Class		8,854,279		303,622		(1,041,491	)		223,533			223,035			8,562,978		504,001		-		-
MML Mid Cap Value Fund, Initial Class		8,793,658		459,141		(675,111	)		(15,074	)		(55,257	)		8,507,357		706,591		-		-
MML Short-Duration Bond Fund, Class II		3,323,519		360,251		(205,369	)		645			(4,635	)		3,474,411		357,450		21,690		-
MML Small Cap Growth Equity Fund, Initial Class		2,347,009		140,967		(592,835	)		282,046			(37,444	)		2,139,743		129,108		-		-
MML Small Company Value Fund, Class II		4,005,568		199,161		(476,112	)		310,870			(169,963	)		3,869,524		221,116		-		-
MML Small/Mid Cap Value Fund, Initial Class		3,100,389		108,436		(379,104	)		52,934			26,179			2,908,834		202,706		-		-

46

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/17		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income		Realized Gains Distributions
Aggressive Allocation Fund (Continued)
MML Strategic Emerging Markets Fund, Class II	$	5,766,400	$	1,751,595	$	(468,962	)	$	(222,395	)	$	76,388		$	6,903,026		604,998	$	-	$	-
MML Total Return Bond Fund, Class II		2,295,000		326,327		(342,553	)		(27,922	)		(3,671	)		2,247,181		219,881		-		-
Oppenheimer Discovery Mid Cap Growth Fund/VA, Non-Service Shares*		3,037,934		507,550		(469,104	)		(288,363	)		80,131			2,868,148		36,951		-		399,113
Oppenheimer Global Fund/VA, Non-Service Shares*		5,224,658		469,792		(1,547,765	)		(436,068	)		236,465			3,947,082		88,480		40,509		286,402
Oppenheimer Global Multi-Alternatives Fund/VA, Non-Service Shares*		14,019,162		700,451		(715,000	)		(95,160	)		(5,673	)		13,903,780		1,421,654		50,451		-
Oppenheimer International Growth Fund/VA, Non-Service Shares*		4,266,387		259,152		(540,747	)		(239,040	)		35,053			3,780,805		1,543,186		32,896		74,443
Oppenheimer Main Street Fund/VA, Non-Service Shares*		3,219,789		1,150,171		(1	)		(361,019	)		-			4,008,940		137,812		42,559		320,112
	$	156,872,039	$	14,740,113	$	(19,432,721	)	$	(1,721,535	)	$	1,475,595		$	151,933,491			$	260,705	$	1,080,070

* Fund advised by OFI Global Asset Management, Inc.

8. 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.

9. 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. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In December 2017, the SEC issued a temporary final rule (“Temporary Rule”) that provides for a nine-month delay of N-PORT filing with the SEC. Under the Temporary Rule, those funds subject to the original June 1, 2018 compliance date will still be required to gather and maintain all of the data required by Form N-PORT as of the original reporting date and such information will be subject to examination by the SEC staff.

47

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.

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2018, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust or MML Advisers (the “Independent Trustees”), re-approved the existing advisory agreements (collectively, the “Contracts”) for each of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, and MML American Funds Core Allocation Fund. In preparation for the meetings, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor (the “Third-Party”). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund’s net advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against peer funds and a benchmark index). In connection with the Committee’s review, MML Advisers provided commentary and analysis regarding each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. The Committee noted that it had received in the Meeting Materials, or during the course of the past year, detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

48

Other Information (Unaudited) (Continued)

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2017. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that, in the case of the MML American Funds International Fund, total net expense information showed the Fund to be in the second comparative quartile of its peer group, and performance information showed the Fund to have had second comparative quartile investment performance in its performance category for the most recent one- and three-year periods. The Committee determined that further inquiry as to expense or performance was not warranted at this time.

The Committee noted the following expense considerations in respect of Funds that had achieved performance in the top two comparative quartiles:

• MML American Funds Core Allocation Fund – The Committee noted that the Fund has total net expenses and net advisory fees in the third comparative quartile (60^th and 63^rd percentiles, respectively), 9 and 4 basis points above the peer group medians. The Committee noted that the Fund has nonetheless experienced strong performance, with the Fund’s three-year performance in the first comparative decile (3^rd percentile) and its one-year performance in the second comparative quartile (38^th percentile). The Committee considered MML Advisers’ statement that the Fund’s relatively high total net expenses are due in part to relatively high administrative fees, which are used in part for shareholder servicing.

• Balanced Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund – The Committee considered MML Advisers’ statements that, although the Funds’ total net expense ratios were in the third comparative quartile (67^th, 70^th, and 75^th percentiles, respectively), the net advisory fees of each Fund were at their peer group medians. They considered that each of the Funds had achieved first or second comparative quartile performance for each of the one- and three-year periods. The Committee considered MML Advisers’ view that the Funds’ manager has delivered strong long-term performance over time.

The Committee considered information regarding the Funds with total net expense ratios in the second comparative quartile (or slightly above median) that had underperformed in recent periods compared to their performance category.

• Conservative Allocation Fund and Moderate Allocation Fund – The Committee considered MML Advisers’ statements that, although each Fund’s performance was in the fourth comparative quartile for the one-year period (91^st and 78^th percentiles, respectively) and in the third comparative quartile for the three-year period (70^th and 60^th percentiles, respectively), the Funds’ risk-adjusted returns (with equity allocations at the low end of their ranges) were in line with MML Advisers’ expectations for each Fund. The Committee considered that the Conservative Allocation Fund’s total net expenses were below the peer group median (40^th percentile) and the Moderate Allocation Fund’s total net expenses were three basis points above the peer group median (69^th percentile). The Committee also considered that both the Conservative Allocation Fund’s and the Moderate Allocation Fund’s net advisory fees were at the peer group median.

The Committee considered information regarding the MML American Funds Growth Fund, which has a total net expense ratio in the third comparative quartile and that had experienced performance in the third comparative quartile.

• MML American Funds Growth Fund – The Committee considered that although the Fund’s total net expense ratio is in the third comparative quartile (64^th percentile), the Fund’s net advisory fee is in the first comparative decile (6^th percentile). The Committee considered that, although the Fund had experienced one-year performance in the third comparative quartile (67^th percentile), it had achieved three-year performance in the second comparative quartile (27^th percentile).

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds.

49

Other Information (Unaudited) (Continued)

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee 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 Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the Contracts and each Fund’s total net expenses are fair and reasonable; (iii) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (iv) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

50

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2018

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2018:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2018.

Actual Expenses:

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

Hypothetical Example for Comparison Purposes:

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

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

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Conservative Allocation Fund
Initial Class	$	1,000		0.12	%	$	998.00	$	0.59	$	1,024.10	$	0.60
Service Class		1,000		0.37	%		997.00		1.82		1,022.80		1.85
Balanced Allocation Fund
Initial Class		1,000		0.12	%		1,000.00		0.59		1,024.10		0.60
Service Class		1,000		0.37	%		999.00		1.82		1,022.80		1.85
Moderate Allocation Fund
Initial Class		1,000		0.11	%		1,000.90		0.54		1,024.10		0.55
Service Class		1,000		0.36	%		1,000.00		1.78		1,022.90		1.80
Growth Allocation Fund
Initial Class		1,000		0.11	%		1,003.10		0.54		1,024.10		0.55
Service Class		1,000		0.36	%		1,002.10		1.78		1,022.90		1.80

51

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	%	$	1,006.60	$	0.74	$	1,023.90	$	0.75
Service Class		1,000		0.40	%		1,004.70		1.98		1,022.70		1.99
MML American Funds Growth Fund
Service Class I**		1,000		1.02	%		1,096.00		5.27		1,019.60		5.08
MML American Funds International Fund
Service Class I**		1,000		1.22	%		996.30		6.01		1,018.60		6.07
MML American Funds Core Allocation Fund
Service Class I		1,000		0.70	%		1,010.30		3.47		1,021.20		3.49

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2018, multiplied by the average account value over the period, multiplied by 180 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.

52

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

^© 2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-45236-00

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Blue Chip Growth Fund	22
MML Equity Income Fund	25
MML Equity Index Fund	28
MML Focused Equity Fund	36
MML Foreign Fund	38
MML Fundamental Growth Fund	41
MML Fundamental Value Fund	43
MML Global Fund	46
MML Growth & Income Fund	48
MML Income & Growth Fund	50
MML International Equity Fund	53
MML Large Cap Growth Fund	55
MML Managed Volatility Fund	57
MML Mid Cap Growth Fund	65
MML Mid Cap Value Fund	69
MML Small Cap Growth Equity Fund	72
MML Small Company Value Fund	76
MML Small/Mid Cap Value Fund	80
MML Total Return Bond Fund	83
Statements of Assets and Liabilities (Unaudited)	94
Statements of Operations (Unaudited)	106
Statements of Changes in Net Assets	112
Financial Highlights	125
Notes to Financial Statements (Unaudited)	144
Other Information (Unaudited)
Proxy Voting	175
Quarterly Reporting	175
Trustees’ Approval of Investment Advisory Contracts	175
Fund Expenses	179

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

Tina Wilson

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals and risk tolerance.”

June 30, 2018

Welcome to the MML Series Investment Fund Semiannual Report, covering the six-month period from January 1, 2018 to June 30, 2018.

Market Highlights

• During the first half of 2018, U.S. stocks encountered more volatility than investors experienced in all of 2017, while delivering mixed year-to-date returns.

• Economic data supported a global growth environment in spite of headwinds caused by political and geopolitical tensions.

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

• U.S. bonds faced headwinds, as the Federal Open Market Committee (FOMC) increased short-term rates two times under its new leadership.

Market Commentary

Domestic stocks continued to rise sharply at the start of the period, but encountered increased volatility beginning in February. After a two-and-a-half-year streak of positive quarterly results, both the S&P 500^® Index* (S&P 500) and the Dow Jones Industrial Average^SM (Dow) declined for the first quarter of 2018. Both indexes hit record highs in January, but both struggled to hold onto their positive year-to-date returns as the first half of the year ended.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. For nine quarters through the end of 2017, the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) had remained uncharacteristically calm. Through the last quarter of 2017, markets absorbed major headline-making events – such as a series of major hurricanes, wildfires, and geopolitical turbulence – with only modest fluctuations. In a stark turnaround, during the first quarter of 2018, the S&P 500 gained or lost one percent of its value 23 times.

Several factors contributed to this market volatility. Wage growth in the U.S. triggered the first major sell-off in domestic markets for the year, as investors sought to balance the likelihood of continued growth against FOMC intentions to raise the short-term federal funds rate several times in the years ahead. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. Scrutiny concerning revelations about how social media companies use data, and in particular, how social media giant Facebook had allowed customer data to be mined, undercut investor confidence in the information technology sector, triggering subsequent rounds of sell-offs. Lastly, political turbulence unsettled markets, as investors tried to assess the impacts of reduced taxes, increasing federal debt limits, risks of a potential global trade war, and whether or not the historic summit between President Trump and North Korea’s Kim Jong-un would result in a permanent denuclearization.

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

(Continued)

1

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

As a result, the broad market S&P 500 delivered a modest 2.65% return for the period, and the Dow ended down 0.73%. The technology-heavy NASDAQ Composite Index fared better, advancing 9.37%, as prominent technology companies like Apple, Netflix, and Google led the way. Small- and mid-cap stocks outperformed their larger peers and growth stocks widely outperformed their value counterparts during the period.

The information technology and consumer discretionary sectors led all others during the first half of 2018, as both delivered double-digit returns. The energy and health care sectors also delivered positive results for the period. The remaining seven sectors ended the reporting period with negative returns, as telecommunication services and consumer staples lagged the field.

Developed international markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers and delivered a year-to-date return of -2.75%. Developed markets struggled to gain traction under the weight of sell-offs in the U.S. markets, widespread local political issues, and tariff speculations. Emerging-market stocks, as measured in the MSCI Emerging Markets Index, fared even worse, trailing the S&P 500 with a -6.66% return for the period.

The Federal Reserve Board (the “Fed”) reasserted its influence on markets through actual and forecasted rate hikes and a change in leadership. Under new Fed Chairman Jerome Powell, the FOMC raised the target range for the federal funds rate two times during the reporting period – in March and June. While both hikes were in line with market expectations, the FOMC also projected two more increases through the remainder of 2018, a total of four compared to the three increases projected at the beginning of the year. The FOMC also raised its projection for the federal funds rate from 2.7% to 2.9% in 2019, reflecting its view that economic outlooks will continue to improve.

The Fed’s action followed signals that inflation may be rising faster than desired. Bond yields rose solidly, with the 10-year U.S. Treasury bond crossing the 3.00% threshold a few times before settling at 2.85% to end the period, compared to starting the year at 2.46%. Since rising yields drive bond prices down, returns on the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a return of -1.62%. Investment-grade corporate bonds fared poorly in the rising yield environment. The Bloomberg Barclays U.S. Corporate 10+ Year Bond Index, which tracks investment-grade corporate bonds, ended the period with a return of -6.77%. The Bloomberg Barclays U.S. Corporate High Yield Index fared better, ending with a modest 0.16% gain.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you that as an investor seeking retirement income potential, it’s important to maintain perspective and have realistic expectations about the future performance of your annuity. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement income – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals and risk tolerance. Thank you for your confidence in MassMutual.

Sincerely,

Tina Wilson

President

The information provided is the opinion of MML Investment Advisers, LLC as of 7/1/18 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.

2

MML Blue Chip Growth Fund – Portfolio Summaries (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 its 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).

MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 6/30/18
Amazon.com, Inc.	10.6	%
Facebook, Inc. Class A	5.4	%
Microsoft Corp.	4.8	%
Alphabet, Inc. Class C	4.1	%
Booking Holdings, Inc.	3.9	%
Alibaba Group Holding Ltd. Sponsored ADR	3.6	%
The Boeing Co.	3.3	%
Visa, Inc. Class A	3.3	%
UnitedHealth Group, Inc.	2.9	%
Mastercard, Inc. Class A	2.8	%
	44.7	%

MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 6/30/18
Communications	33.0	%
Consumer, Non-cyclical	20.1	%
Technology	16.5	%
Financial	14.6	%
Consumer, Cyclical	7.9	%
Industrial	6.7	%
Basic Materials	0.5	%
Utilities	0.3	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

3

MML Equity Income Fund – Portfolio Summaries (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).

MML Equity Income Fund Largest Holdings (% of Net Assets) on 6/30/18
JP Morgan Chase & Co.	3.5	%
Wells Fargo & Co.	3.2	%
Exxon Mobil Corp.	2.7	%
Twenty-First Century Fox, Inc. Class B	2.3	%
Microsoft Corp.	2.2	%
DowDuPont, Inc.	2.1	%
Total SA	2.1	%
Verizon Communications, Inc.	2.0	%
Anthem, Inc.	1.8	%
The Southern Co.	1.8	%
	23.7	%

MML Equity Income Fund Sector Table (% of Net Assets) on 6/30/18
Financial	27.7	%
Consumer, Non-cyclical	18.9	%
Energy	10.7	%
Industrial	9.0	%
Communications	8.9	%
Utilities	6.4	%
Technology	6.0	%
Consumer, Cyclical	5.9	%
Basic Materials	4.9	%
Mutual Funds	0.0	%
Total Long-Term Investments	98.4	%
Short-Term Investments and Other Assets and Liabilities	1.6	%
Net Assets	100.0	%

4

MML Equity Index Fund – Portfolio Summaries (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).

MML Equity Index Fund Largest Holdings (% of Net Assets) on 6/30/18
Apple, Inc.	3.9	%
Microsoft Corp.	3.3	%
Amazon.com, Inc.	3.0	%
Facebook, Inc. Class A	2.0	%
Berkshire Hathaway, Inc. Class B	1.5	%
JP Morgan Chase & Co.	1.5	%
Exxon Mobil Corp.	1.5	%
Alphabet, Inc. Class C	1.5	%
Alphabet, Inc. Class A	1.5	%
Johnson & Johnson	1.4	%
	21.1	%

MML Equity Index Fund Sector Table (% of Net Assets) on 6/30/18
Consumer, Non-cyclical	21.3	%
Financial	18.0	%
Technology	16.4	%
Communications	14.8	%
Industrial	9.3	%
Consumer, Cyclical	8.2	%
Energy	6.3	%
Utilities	2.9	%
Basic Materials	2.1	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
Net Assets	100.0	%

* 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.

5

MML Focused Equity Fund – Portfolio Summaries (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).

MML Focused Equity Fund Largest Holdings (% of Net Assets) on 6/30/18
NIKE, Inc. Class B	5.5	%
Canadian National Railway Co.	4.9	%
The TJX Cos., Inc.	4.8	%
Chubb Ltd.	4.6	%
Union Pacific Corp.	4.5	%
Public Storage	4.5	%
American Express Co.	4.2	%
Medtronic PLC	4.2	%
The PNC Financial Services Group, Inc.	4.2	%
Bristol-Myers Squibb Co.	4.0	%
	45.4	%

MML Focused Equity Fund Sector Table (% of Net Assets) on 6/30/18
Financial	29.2	%
Consumer, Non-cyclical	25.1	%
Industrial	16.7	%
Consumer, Cyclical	16.6	%
Technology	7.6	%
Basic Materials	3.1	%
Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%
Net Assets	100.0	%

6

MML Foreign Fund – Portfolio Summaries (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).

MML Foreign Fund Largest Holdings (% of Net Assets) on 6/30/18
Samsung Electronics Co. Ltd.	2.9	%
BP PLC	2.9	%
Royal Dutch Shell PLC Class B	2.8	%
Bayer AG Registered	2.0	%
Eni SpA	1.9	%
Standard Chartered PLC	1.9	%
Teva Pharmaceutical Industries Ltd. Sponsored ADR	1.8	%
Infineon Technologies AG	1.8	%
Roche Holding AG	1.8	%
HSBC Holdings PLC	1.8	%
	21.6	%

MML Foreign Fund Sector Table (% of Net Assets) on 6/30/18
Financial	20.6	%
Consumer, Non-cyclical	20.5	%
Energy	13.4	%
Communications	10.9	%
Industrial	10.1	%
Technology	6.5	%
Basic Materials	6.1	%
Consumer, Cyclical	5.9	%
Utilities	2.8	%
Diversified	1.3	%
Mutual Funds	0.5	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

7

MML Fundamental Growth Fund – Portfolio Summaries (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).

MML Fundamental Growth Fund Largest Holdings (% of Net Assets) on 6/30/18
Microsoft Corp.	6.9	%
Alphabet, Inc. Class C	5.5	%
Amazon.com, Inc.	5.2	%
Facebook, Inc. Class A	4.3	%
Apple, Inc.	3.9	%
The Home Depot, Inc.	3.0	%
Visa, Inc. Class A	2.9	%
Mastercard, Inc. Class A	2.4	%
The TJX Cos., Inc.	2.2	%
salesforce.com, Inc.	1.7	%
	38.0	%

MML Fundamental Growth Fund Sector Table (% of Net Assets) on 6/30/18
Technology	26.2	%
Communications	20.6	%
Consumer, Non-cyclical	16.5	%
Financial	11.4	%
Consumer, Cyclical	11.0	%
Industrial	6.6	%
Energy	6.1	%
Basic Materials	1.6	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
Net Assets	100.0	%

8

MML Fundamental Value Fund – Portfolio Summaries (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).

MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 6/30/18
JP Morgan Chase & Co.	4.6	%
Chevron Corp.	3.1	%
Citigroup, Inc.	2.7	%
Bank of America Corp.	2.6	%
Cisco Systems, Inc.	2.5	%
Wells Fargo & Co.	2.5	%
The PNC Financial Services Group, Inc.	2.4	%
Intel Corp.	2.3	%
Merck & Co., Inc.	2.0	%
EOG Resources, Inc.	2.0	%
	26.7	%

MML Fundamental Value Fund Sector Table (% of Net Assets) on 6/30/18
Financial	27.4	%
Consumer, Non-cyclical	17.9	%
Energy	12.3	%
Industrial	9.5	%
Technology	9.0	%
Communications	8.4	%
Consumer, Cyclical	7.2	%
Basic Materials	3.6	%
Utilities	3.3	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

9

MML Global Fund – Portfolio Summaries (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 industry, sector, country, or region. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

MML Global Fund Largest Holdings (% of Net Assets) on 6/30/18
Thermo Fisher Scientific, Inc.	2.9	%
Visa, Inc. Class A	2.9	%
Bayer AG Registered	2.7	%
Medtronic PLC	2.6	%
Accenture PLC Class A	2.6	%
Honeywell International, Inc.	2.4	%
Nestle SA Registered	2.4	%
Comcast Corp. Class A	2.4	%
LVMH Moet Hennessy Louis Vuitton SE	2.3	%
Reckitt Benckiser Group PLC	2.2	%
	25.4	%

MML Global Fund Sector Table (% of Net Assets) on 6/30/18
Consumer, Non-cyclical	36.9	%
Industrial	17.7	%
Financial	13.6	%
Consumer, Cyclical	8.3	%
Communications	8.0	%
Technology	7.7	%
Basic Materials	5.3	%
Mutual Funds	2.7	%
Energy	1.1	%
Total Long-Term Investments	101.3	%
Short-Term Investments and Other Assets and Liabilities	(1.3	)%
Net Assets	100.0	%

10

MML Growth & Income Fund – Portfolio Summaries (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).

MML Growth & Income Fund Largest Holdings (% of Net Assets) on 6/30/18
JP Morgan Chase & Co.	3.6	%
Alphabet, Inc. Class A	3.3	%
Bank of America Corp.	3.0	%
Visa, Inc. Class A	3.0	%
Johnson & Johnson	2.6	%
American Tower Corp.	2.6	%
Thermo Fisher Scientific, Inc.	2.2	%
Danaher Corp.	2.2	%
Medtronic PLC	2.2	%
EOG Resources, Inc.	2.1	%
	26.8	%

MML Growth & Income Fund Sector Table (% of Net Assets) on 6/30/18
Consumer, Non-cyclical	22.8	%
Financial	21.8	%
Technology	16.6	%
Communications	9.6	%
Consumer, Cyclical	9.6	%
Industrial	9.4	%
Energy	5.5	%
Basic Materials	2.4	%
Utilities	0.5	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

11

MML Income & Growth Fund – Portfolio Summaries (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).

MML Income & Growth Fund Largest Holdings (% of Net Assets) on 6/30/18
Bank of America Corp.	3.1	%
BP PLC Sponsored ADR	2.8	%
Wells Fargo & Co.	2.7	%
JP Morgan Chase & Co.	2.6	%
DowDuPont, Inc.	2.5	%
American Express Co.	2.4	%
Pfizer, Inc.	2.4	%
Chevron Corp.	2.4	%
ConocoPhillips	2.3	%
Phillips 66	2.3	%
	25.5	%

MML Income & Growth Fund Sector Table (% of Net Assets) on 6/30/18
Financial	25.2	%
Consumer, Non-cyclical	19.0	%
Energy	14.5	%
Industrial	9.1	%
Consumer, Cyclical	7.9	%
Technology	7.4	%
Basic Materials	5.9	%
Utilities	3.1	%
Communications	2.8	%
Total Long-Term Investments	94.9	%
Short-Term Investments and Other Assets and Liabilities	5.1	%
Net Assets	100.0	%

12

MML International Equity Fund – Portfolio Summaries (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).

MML International Equity Fund Largest Holdings (% of Net Assets) on 6/30/18
BNP Paribas SA	4.6	%
Daimler AG Registered	4.4	%
Lloyds Banking Group PLC	4.2	%
Allianz SE Registered	3.9	%
Credit Suisse Group AG Registered	3.8	%
Intesa Sanpaolo SpA	3.8	%
Bayerische Motoren Werke AG	3.7	%
Hennes & Mauritz AB Class B	3.4	%
Glencore PLC	2.9	%
CNH Industrial NV	2.8	%
	37.5	%

MML International Equity Fund Sector Table (% of Net Assets) on 6/30/18
Financial	32.3	%
Consumer, Cyclical	21.9	%
Consumer, Non-cyclical	12.7	%
Communications	11.8	%
Industrial	11.2	%
Mutual Funds	3.6	%
Basic Materials	3.3	%
Technology	2.2	%
Energy	0.4	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

13

MML Large Cap Growth Fund – Portfolio Summaries (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).

MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/18
Amazon.com, Inc.	7.7	%
Facebook, Inc. Class A	7.0	%
Alibaba Group Holding Ltd. Sponsored ADR	6.5	%
Visa, Inc. Class A	6.0	%
Oracle Corp.	4.7	%
Autodesk, Inc.	3.9	%
Monster Beverage Corp.	3.6	%
Regeneron Pharmaceuticals, Inc.	3.3	%
Microsoft Corp.	3.1	%
Alphabet, Inc. Class A	3.1	%
	48.9	%

MML Large Cap Growth Fund Sector Table (% of Net Assets) on 6/30/18
Communications	31.7	%
Consumer, Non-cyclical	26.4	%
Technology	16.6	%
Financial	9.8	%
Industrial	6.5	%
Consumer, Cyclical	5.4	%
Energy	3.0	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

14

MML Managed Volatility Fund – Portfolio Summaries (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).

MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 6/30/18
Apple, Inc.	3.9	%
Microsoft Corp.	3.3	%
Amazon.com, Inc.	2.9	%
Facebook, Inc. Class A	2.0	%
Berkshire Hathaway, Inc. Class B	1.5	%
JP Morgan Chase & Co.	1.5	%
Exxon Mobil Corp.	1.5	%
Alphabet, Inc. Class C	1.5	%
Alphabet, Inc. Class A	1.4	%
Johnson & Johnson	1.4	%
	20.9	%

MML Managed Volatility Fund Sector Table (% of Net Assets) on 6/30/18
Consumer, Non-cyclical	21.3	%
Financial	18.5	%
Technology	16.3	%
Communications	14.7	%
Industrial	9.3	%
Consumer, Cyclical	8.2	%
Energy	6.2	%
Utilities	2.9	%
Basic Materials	2.0	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

* 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.

15

MML Mid Cap Growth Fund – Portfolio Summaries (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).

MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/18
T. Rowe Price Government Reserve Investment Fund 1.000% 9/19/39	3.1	%
Teleflex, Inc.	2.4	%
Textron, Inc.	2.4	%
Microchip Technology, Inc.	2.0	%
Keysight Technologies, Inc.	1.9	%
Tapestry, Inc.	1.8	%
Dollar General Corp.	1.8	%
Roper Technologies, Inc.	1.8	%
The Cooper Cos., Inc.	1.7	%
Hologic, Inc.	1.6	%
	20.5	%

MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 6/30/18
Consumer, Non-cyclical	24.7	%
Industrial	21.6	%
Consumer, Cyclical	16.9	%
Technology	12.7	%
Financial	8.2	%
Mutual Funds	6.4	%
Communications	3.5	%
Basic Materials	3.1	%
Energy	1.5	%
Utilities	1.0	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

16

MML Mid Cap Value Fund – Portfolio Summaries (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).

MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/18
Zimmer Biomet Holdings, Inc.	2.9	%
Northern Trust Corp.	2.2	%
Johnson Controls International PLC	2.1	%
Hubbell, Inc.	2.0	%
Invesco Ltd.	2.0	%
Weyerhaeuser Co.	2.0	%
BB&T Corp.	2.0	%
WestRock Co.	1.8	%
Conagra Brands, Inc.	1.8	%
iShares Russell Mid-Cap Value ETF	1.7	%
	20.5	%

MML Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/18
Financial	25.3	%
Consumer, Non-cyclical	21.7	%
Industrial	19.2	%
Energy	10.4	%
Consumer, Cyclical	7.7	%
Utilities	6.9	%
Technology	4.6	%
Mutual Funds	1.7	%
Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

17

MML Small Cap Growth Equity Fund – Portfolio Summaries (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).

MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 6/30/18
Insulet Corp.	1.9	%
Performance Food Group Co.	1.5	%
HubSpot, Inc.	1.5	%
Carpenter Technology Corp.	1.4	%
Ferro Corp.	1.3	%
Actuant Corp. Class A	1.3	%
2U, Inc.	1.3	%
Wix.com Ltd.	1.2	%
TriNet Group, Inc.	1.2	%
Planet Fitness, Inc. Class A	1.2	%
	13.8	%

MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 6/30/18
Consumer, Non-cyclical	22.7	%
Financial	18.1	%
Industrial	13.7	%
Consumer, Cyclical	13.1	%
Technology	11.4	%
Communications	10.1	%
Basic Materials	5.9	%
Mutual Funds	5.4	%
Energy	3.1	%
Utilities	0.5	%
Total Long-Term Investments	104.0	%
Short-Term Investments and Other Assets and Liabilities	(4.0	)%
Net Assets	100.0	%

18

MML Small Company Value Fund – Portfolio Summaries (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).

MML Small Company Value Fund Largest Holdings (% of Net Assets) on 6/30/18
Littelfuse, Inc.	1.8	%
Home BancShares, Inc.	1.7	%
Green Dot Corp. Class A	1.4	%
Quidel Corp.	1.4	%
Landstar System, Inc.	1.2	%
BankUnited, Inc.	1.2	%
Nomad Foods Ltd.	1.2	%
East West Bancorp, Inc.	1.1	%
SVB Financial Group	1.1	%
Belden, Inc.	1.1	%
	13.2	%

MML Small Company Value Fund Sector Table (% of Net Assets) on 6/30/18
Financial	34.2	%
Consumer, Non-cyclical	16.3	%
Industrial	15.9	%
Consumer, Cyclical	8.9	%
Utilities	6.5	%
Energy	6.2	%
Basic Materials	4.0	%
Technology	3.1	%
Mutual Funds	2.9	%
Communications	2.9	%
Diversified	0.1	%
Total Long-Term Investments	101.0	%
Short-Term Investments and Other Assets and Liabilities	(1.0	)%
Net Assets	100.0	%

19

MML Small/Mid Cap Value Fund – Portfolio Summaries (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).

MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/18
Zions Bancorp	1.6	%
Everest Re Group Ltd.	1.6	%
Reinsurance Group of America, Inc.	1.5	%
Verint Systems, Inc.	1.5	%
QEP Resources, Inc.	1.4	%
ICON PLC	1.4	%
American Financial Group, Inc.	1.3	%
Regal Beloit Corp.	1.3	%
Cooper-Standard Holding, Inc.	1.3	%
Alcoa Corp.	1.3	%
	14.2	%

MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/18
Financial	29.2	%
Consumer, Cyclical	15.4	%
Industrial	13.9	%
Consumer, Non-cyclical	11.0	%
Energy	10.2	%
Technology	8.2	%
Utilities	4.1	%
Communications	3.1	%
Basic Materials	1.8	%
Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%
Net Assets	100.0	%

20

MML Total Return Bond Fund – Portfolio Summaries (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).

MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/18
Corporate Debt	30.7	%
U.S. Government Agency Obligations and Instrumentalities	30.3	%
U.S. Treasury Obligations	25.6	%
Non-U.S. Government Agency Obligations	13.7	%
Municipal Obligations	1.4	%
Bank Loans	0.3	%
Total Long-Term Investments	102.0	%
Short-Term Investments and Other Assets and Liabilities	(2.0	)%
Net Assets	100.0	%

21

MML Blue Chip Growth Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.6%
COMMON STOCK — 99.4%
Basic Materials — 0.5%
Chemicals — 0.5%
DowDuPont, Inc.		12,893	$	849,906
The Sherwin-Williams Co.		3,231		1,316,859
				2,166,765
Communications — 33.0%
Internet — 33.0%
Alibaba Group Holding Ltd. Sponsored ADR (a)		74,402		13,803,803
Alphabet, Inc. Class A (a)		5,829		6,582,049
Alphabet, Inc. Class C (a)		14,267		15,916,979
Amazon.com, Inc. (a)		24,013		40,817,297
Booking Holdings, Inc. (a)		7,505		15,213,311
Ctrip.com International Ltd. ADR (a)		4,940		235,292
Facebook, Inc. Class A (a)		107,960		20,978,787
Netflix, Inc. (a)		15,528		6,078,125
Symantec Corp.		1,800		37,170
Tencent Holdings Ltd.		157,200		7,828,271
				127,491,084
Consumer, Cyclical — 7.9%
Airlines — 1.5%
Alaska Air Group, Inc.		10,985		663,384
American Airlines Group, Inc.		76,267		2,895,095
Delta Air Lines, Inc.		31,200		1,545,648
United Continental Holdings, Inc. (a)		7,700		536,921
				5,641,048
Auto Manufacturers — 1.0%
Ferrari NV		5,795		782,383
Tesla, Inc. (a)		9,502		3,258,711
				4,041,094
Auto Parts & Equipment — 0.3%
Aptiv PLC		12,600		1,154,538
Leisure Time — 0.6%
Norwegian Cruise Line Holdings Ltd. (a)		12,041		568,937
Royal Caribbean Cruises Ltd.		16,972		1,758,299
				2,327,236
Lodging — 1.7%
Hilton Worldwide Holdings, Inc.		16,282		1,288,883
Marriott International, Inc. Class A		27,234		3,447,825
Wynn Resorts Ltd.		10,751		1,799,072
				6,535,780
Retail — 2.8%
Costco Wholesale Corp.		900		188,082

	Number of Shares		Value
Dollar General Corp.		26,194	$	2,582,729
The Home Depot, Inc.		11,113		2,168,146
McDonald’s Corp.		1,651		258,695
O’Reilly Automotive, Inc. (a)		144		39,394
Restaurant Brands International, Inc.		6,520		393,156
Ross Stores, Inc.		34,947		2,961,758
Ulta Salon Cosmetics & Fragrance, Inc. (a)		900		210,114
Yum! Brands, Inc.		24,257		1,897,383
				10,699,457
				30,399,153
Consumer, Non-cyclical — 19.9%
Agriculture — 0.0%
Philip Morris International, Inc.		500		40,370
Beverages — 0.0%
Constellation Brands, Inc. Class A		300		65,661
Monster Beverage Corp. (a)		1,000		57,300
				122,961
Biotechnology — 2.7%
Alexion Pharmaceuticals, Inc. (a)		32,423		4,025,315
Biogen, Inc. (a)		66		19,156
Celgene Corp. (a)		608		48,287
Illumina, Inc. (a)		226		63,120
Vertex Pharmaceuticals, Inc. (a)		37,091		6,303,986
				10,459,864
Commercial Services — 3.9%
Cintas Corp.		4,266		789,509
CoStar Group, Inc. (a)		1,881		776,157
FleetCor Technologies, Inc. (a)		6,867		1,446,534
Global Payments, Inc.		30,088		3,354,511
IHS Markit Ltd. (a)		1,148		59,225
PayPal Holdings, Inc. (a)		63,147		5,258,251
S&P Global, Inc.		8,535		1,740,201
Worldpay, Inc. Class A (a)		17,072		1,396,148
				14,820,536
Health Care – Products — 7.1%
Abbott Laboratories		8,828		538,420
Becton, Dickinson & Co.		30,396		7,281,666
Danaher Corp.		38,540		3,803,127
Intuitive Surgical, Inc. (a)		11,654		5,576,206
Stryker Corp.		38,655		6,527,283
Thermo Fisher Scientific, Inc.		18,531		3,838,511
				27,565,213
Health Care – Services — 6.0%
Aetna, Inc.		345		63,308
Anthem, Inc.		18,785		4,471,394
Centene Corp. (a)		11,483		1,414,820
Cigna Corp.		21,921		3,725,474
Humana, Inc.		7,579		2,255,738

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

22

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
UnitedHealth Group, Inc.		45,010	$	11,042,753
				22,973,487
Pharmaceuticals — 0.2%
Merck & Co., Inc.		8,056		488,999
Zoetis, Inc.		4,400		374,836
				863,835
				76,846,266
Financial — 14.6%
Banks — 3.4%
The Bank of New York Mellon Corp.		7,500		404,475
Citigroup, Inc.		4,000		267,680
JP Morgan Chase & Co.		29,100		3,032,220
Morgan Stanley		135,112		6,404,309
Northern Trust Corp.		2,500		257,225
State Street Corp.		31,023		2,887,931
				13,253,840
Diversified Financial Services — 9.3%
Ameriprise Financial, Inc.		400		55,952
The Charles Schwab Corp.		52,803		2,698,233
Intercontinental Exchange, Inc.		46,214		3,399,040
Mastercard, Inc. Class A		55,653		10,936,928
Raymond James Financial, Inc.		5,900		527,165
TD Ameritrade Holding Corp.		106,975		5,859,021
Visa, Inc. Class A		95,103		12,596,392
				36,072,731
Insurance — 1.6%
American International Group, Inc.		16,202		859,030
Chubb Ltd.		4,583		582,133
Marsh & McLennan Cos., Inc.		9,961		816,503
The Progressive Corp.		16,607		982,304
Willis Towers Watson PLC		18,989		2,878,732
				6,118,702
Real Estate Investment Trusts (REITS) — 0.3%
American Tower Corp.		6,545		943,593
Equinix, Inc.		109		46,858
				990,451
				56,435,724
Industrial — 6.7%
Aerospace & Defense — 4.2%
The Boeing Co.		37,932		12,726,566
Harris Corp.		9,000		1,300,860
Northrop Grumman Corp.		6,903		2,124,053
				16,151,479
Electronics — 1.1%
Agilent Technologies, Inc.		800		49,472
Corning, Inc.		2,300		63,273
Fortive Corp.		19,493		1,503,105
Honeywell International, Inc.		19,402		2,794,858
				4,410,708

	Number of Shares		Value
Hand & Machine Tools — 0.2%
Stanley Black & Decker, Inc.		4,872	$	647,050
Machinery – Diversified — 0.6%
Roper Technologies, Inc.		8,529		2,353,236
Miscellaneous – Manufacturing — 0.1%
Textron, Inc.		5,353		352,816
Packaging & Containers — 0.0%
Ball Corp.		821		29,187
Transportation — 0.5%
Canadian Pacific Railway Ltd.		3,397		621,719
CSX Corp.		19,570		1,248,174
FedEx Corp.		227		51,543
Union Pacific Corp.		1,400		198,352
				2,119,788
				26,064,264
Technology — 16.5%
Computers — 0.6%
Apple, Inc.		11,421		2,114,141
Semiconductors — 2.2%
ASML Holding NV		300		59,391
Broadcom, Inc.		9,779		2,372,776
Lam Research Corp.		400		69,140
Maxim Integrated Products, Inc.		25,664		1,505,450
Microchip Technology, Inc.		17,668		1,606,905
Texas Instruments, Inc.		25,236		2,782,269
Xilinx, Inc.		2,246		146,574
				8,542,505
Software — 13.7%
Activision Blizzard, Inc.		23,100		1,762,992
Electronic Arts, Inc. (a)		21,698		3,059,852
Fidelity National Information Services, Inc.		18,700		1,982,761
Fiserv, Inc. (a)		43,955		3,256,626
Intuit, Inc.		27,418		5,601,635
Microsoft Corp.		187,505		18,489,868
Red Hat, Inc. (a)		19,654		2,640,908
salesforce.com, Inc. (a)		58,536		7,984,310
ServiceNow, Inc. (a)		34,815		6,004,543
VMware, Inc. Class A (a)		172		25,279
Workday, Inc. Class A (a)		18,342		2,221,583
				53,030,357
				63,687,003
Utilities — 0.3%
Electric — 0.3%
NextEra Energy, Inc.		5,300		885,259
Sempra Energy		3,334		387,111
				1,272,370
TOTAL COMMON STOCK (Cost $216,684,955)				384,362,629

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

23

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.2%
Consumer, Non-cyclical — 0.2%
Commercial Services — 0.2%
Ant International Co. Ltd. Class C Shares (a) (b) (c)		138,153	$	775,038
TOTAL PREFERRED STOCK (Cost $775,038)				775,038
TOTAL EQUITIES (Cost $217,459,993)				385,137,667
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,036		1,036
TOTAL MUTUAL FUNDS (Cost $1,036)				1,036
TOTAL LONG-TERM INVESTMENTS (Cost $217,461,029)				385,138,703
	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (d)	$	3,042,532		3,042,532
TOTAL SHORT-TERM INVESTMENTS (Cost $3,042,532)				3,042,532
TOTAL INVESTMENTS —100.4% (Cost $220,503,561) (e)				388,181,235
Other Assets/(Liabilities) — (0.4)%				(1,731,389	)
NET ASSETS — 100.0%			$	386,449,846

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2018, these securities amounted to a value of $775,038 or 0.20% of net assets.

(c) Investment was valued using significant unobservable inputs.

(d) Maturity value of $3,042,770. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $3,104,217.

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

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

United States	91.6	%
Cayman Islands	5.6	%
Ireland	0.7	%
Liberia	0.5	%
United Kingdom	0.3	%
Canada	0.3	%
Netherlands	0.2	%
Bermuda	0.2	%
Switzerland	0.2	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

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

24

MML Equity Income Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.8%
COMMON STOCK — 95.6%
Basic Materials — 4.9%
Chemicals — 3.4%
Akzo Nobel NV		9,736	$	829,610
CF Industries Holdings, Inc.		125,300		5,563,320
DowDuPont, Inc.		160,415		10,574,557
				16,967,487
Forest Products & Paper — 0.9%
International Paper Co.		83,700		4,359,096
Iron & Steel — 0.6%
Nucor Corp.		49,700		3,106,250
				24,432,833
Communications — 8.9%
Media — 4.3%
Comcast Corp. Class A		139,995		4,593,236
News Corp. Class A		257,400		3,989,700
Twenty-First Century Fox, Inc. Class B		234,900		11,573,523
The Walt Disney Co.		14,900		1,561,669
				21,718,128
Telecommunications — 4.6%
AT&T, Inc.		26,948		865,300
CenturyLink, Inc.		70,905		1,321,669
Cisco Systems, Inc.		188,500		8,111,155
Telefonica SA		297,256		2,533,647
Verizon Communications, Inc.		192,835		9,701,529
Vodafone Group PLC		149,239		361,633
				22,894,933
				44,613,061
Consumer, Cyclical — 5.5%
Airlines — 1.2%
Alaska Air Group, Inc.		38,500		2,325,015
Delta Air Lines, Inc.		40,400		2,001,416
Southwest Airlines Co.		34,100		1,735,008
				6,061,439
Auto Manufacturers — 0.1%
PACCAR, Inc.		11,300		700,148
Auto Parts & Equipment — 0.5%
Adient PLC		45,181		2,222,453
Lodging — 1.0%
Las Vegas Sands Corp.		67,700		5,169,572
Retail — 2.1%
Kohl’s Corp.		41,300		3,010,770
L Brands, Inc.		64,900		2,393,512
Walmart, Inc.		57,600		4,933,440
				10,337,722

	Number of Shares		Value
Toys, Games & Hobbies — 0.6%
Mattel, Inc.		170,700	$	2,802,894
				27,294,228
Consumer, Non-cyclical — 18.1%
Agriculture — 1.7%
Archer-Daniels-Midland Co.		74,400		3,409,752
Philip Morris International, Inc.		60,400		4,876,696
				8,286,448
Beverages — 0.8%
PepsiCo, Inc.		37,200		4,049,964
Biotechnology — 1.2%
Gilead Sciences, Inc.		84,300		5,971,812
Commercial Services — 0.6%
Nielsen Holdings PLC		96,215		2,975,930
Cosmetics & Personal Care — 0.2%
Coty, Inc. Class A		76,073		1,072,629
Foods — 1.7%
Kellogg Co.		30,200		2,110,074
Tyson Foods, Inc. Class A		93,700		6,451,245
				8,561,319
Health Care – Products — 2.0%
Becton, Dickinson & Co.		11,700		2,802,852
Medtronic PLC		83,849		7,178,313
				9,981,165
Health Care – Services — 1.8%
Anthem, Inc.		37,000		8,807,110
Household Products & Wares — 1.3%
Kimberly-Clark Corp.		61,100		6,436,274
Pharmaceuticals — 6.8%
Bristol-Myers Squibb Co.		67,600		3,740,984
CVS Health Corp.		63,603		4,092,853
GlaxoSmithKline PLC		150,933		3,045,193
GlaxoSmithKline PLC Sponsored ADR		51,600		2,079,996
Johnson & Johnson		70,100		8,505,934
Merck & Co., Inc.		84,700		5,141,290
Pfizer, Inc.		199,454		7,236,191
				33,842,441
				89,985,092
Energy — 10.7%
Oil & Gas — 9.6%
Apache Corp.		101,686		4,753,821
Chevron Corp.		46,300		5,853,709
EQT Corp.		11,280		622,430
Exxon Mobil Corp.		163,042		13,488,465
Hess Corp.		105,400		7,050,206
Occidental Petroleum Corp.		68,700		5,748,816

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

25

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Total SA		170,666	$	10,378,428
				47,895,875
Pipelines — 1.1%
TransCanada Corp.		120,800		5,218,560
				53,114,435
Financial — 27.5%
Banks — 16.9%
Bank of America Corp.		26,377		743,567
The Bank of New York Mellon Corp.		73,200		3,947,676
Citigroup, Inc.		86,100		5,761,812
Fifth Third Bancorp		201,000		5,768,700
JP Morgan Chase & Co.		169,000		17,609,800
KeyCorp		213,266		4,167,218
Morgan Stanley		183,800		8,712,120
Northern Trust Corp.		15,800		1,625,662
The PNC Financial Services Group, Inc.		35,300		4,769,030
State Street Corp.		73,300		6,823,497
US Bancorp		161,400		8,073,228
Wells Fargo & Co.		286,200		15,866,928
				83,869,238
Diversified Financial Services — 1.0%
Ameriprise Financial, Inc.		7,900		1,105,052
Franklin Resources, Inc.		124,700		3,996,635
				5,101,687
Insurance — 6.8%
American International Group, Inc.		123,495		6,547,705
Brighthouse Financial, Inc. (a)		74,526		2,986,257
Chubb Ltd.		55,171		7,007,820
Loews Corp.		109,663		5,294,530
Marsh & McLennan Cos., Inc.		29,900		2,450,903
MetLife, Inc.		165,900		7,233,240
Willis Towers Watson PLC		14,541		2,204,416
				33,724,871
Real Estate Investment Trusts (REITS) — 2.8%
Equity Residential		63,200		4,025,208
Rayonier, Inc.		93,741		3,626,839
SL Green Realty Corp.		30,921		3,108,488
Weyerhaeuser Co.		87,471		3,189,193
				13,949,728
				136,645,524
Industrial — 9.0%
Aerospace & Defense — 3.3%
The Boeing Co.		25,400		8,521,954
Harris Corp.		54,335		7,853,581
				16,375,535
Building Materials — 2.2%
Johnson Controls International PLC		222,094		7,429,044

	Number of Shares		Value
Vulcan Materials Co.		26,600	$	3,432,996
				10,862,040
Electrical Components & Equipment — 0.8%
Emerson Electric Co.		56,100		3,878,754
Electronics — 0.2%
TE Connectivity Ltd.		10,500		945,630
Engineering & Construction — 0.2%
nVent Electric PLC (a)		35,300		886,030
Environmental Controls — 0.3%
Stericycle, Inc. (a)		23,002		1,501,801
Machinery – Diversified — 0.5%
Flowserve Corp.		19,392		783,437
Pentair PLC		40,200		1,691,616
				2,475,053
Miscellaneous – Manufacturing — 0.4%
General Electric Co.		142,800		1,943,508
Illinois Tool Works, Inc.		1,500		207,810
				2,151,318
Transportation — 1.1%
United Parcel Service, Inc. Class B		54,432		5,782,311
				44,858,472
Technology — 6.0%
Computers — 0.4%
Hewlett Packard Enterprise Co.		67,300		983,253
Western Digital Corp.		13,100		1,014,071
				1,997,324
Semiconductors — 3.2%
Analog Devices, Inc.		7,257		696,092
Applied Materials, Inc.		67,800		3,131,682
QUALCOMM, Inc.		150,400		8,440,448
Texas Instruments, Inc.		32,973		3,635,273
				15,903,495
Software — 2.4%
CA, Inc.		27,600		983,940
Microsoft Corp.		110,700		10,916,127
				11,900,067
				29,800,886
Utilities — 5.0%
Electric — 3.7%
Edison International		54,250		3,432,398
Evergy, Inc.		43,100		2,420,065
PG&E Corp.		63,704		2,711,242
Sempra Energy		9,940		1,154,133
The Southern Co.		189,127		8,758,471
				18,476,309
Gas — 1.3%
NiSource, Inc. (a) (b)		20,142		529,332

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

26

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NiSource, Inc.		224,500	$	5,899,860
				6,429,192
				24,905,501
TOTAL COMMON STOCK (Cost $385,867,156)				475,650,032
PREFERRED STOCK — 2.2%
Consumer, Non-cyclical — 0.8%
Health Care – Products — 0.8%
Becton Dickinson and Co. Convertible 6.125%		63,549		3,930,506
Utilities — 1.4%
Electric — 1.4%
DTE Energy Co. Convertible 6.500%		15,505		801,453
NextEra Energy, Inc. Convertible 6.123%		66,353		3,788,756
Sempra Energy Convertible 6.000%		22,022		2,272,891
				6,863,100
TOTAL PREFERRED STOCK (Cost $9,415,974)				10,793,606
TOTAL EQUITIES (Cost $395,283,130)				486,443,638
	Principal Amount
BONDS & NOTES — 0.6%
CORPORATE DEBT — 0.6%
Insurance — 0.2%
AXA SA Convertible 7.250% 5/15/21 (c)	$	895,000		935,407
Toys, Games & Hobbies — 0.4%
Mattel, Inc. 6.750% 12/31/25 (c)		2,342,000		2,280,523
TOTAL CORPORATE DEBT (Cost $3,209,236)				3,215,930
TOTAL BONDS & NOTES (Cost $3,209,236)				3,215,930

	Number of Shares		Value
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,035	$	1,035
TOTAL MUTUAL FUNDS (Cost $1,035)				1,035
TOTAL LONG-TERM INVESTMENTS (Cost $398,493,401)				489,660,603
	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (d)	$	6,792,043		6,792,043
TOTAL SHORT-TERM INVESTMENTS (Cost $6,792,043)				6,792,043
TOTAL INVESTMENTS — 99.8% (Cost $405,285,444) (e)				496,452,646
Other Assets/(Liabilities) — 0.2%				1,010,410
NET ASSETS — 100.0%			$	497,463,056

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2018, these securities amounted to a value of $529,332 or 0.11% of net assets.

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, these securities amounted to a value of $3,215,930 or 0.65% of net assets.

(d) Maturity value of $6,792,576. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $6,930,458.

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

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

27

MML Equity Index Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 2.1%
Chemicals — 1.7%
Air Products & Chemicals, Inc.		6,667	$	1,038,252
Albemarle Corp.		3,369		317,798
CF Industries Holdings, Inc.		7,098		315,151
DowDuPont, Inc.		70,585		4,652,963
Eastman Chemical Co.		4,342		434,026
FMC Corp.		4,092		365,047
International Flavors & Fragrances, Inc.		2,399		297,380
LyondellBasell Industries NV Class A		9,778		1,074,113
The Mosaic Co.		10,669		299,266
PPG Industries, Inc.		7,583		786,585
Praxair, Inc.		8,740		1,382,231
The Sherwin-Williams Co.		2,504		1,020,555
				11,983,367
Forest Products & Paper — 0.1%
International Paper Co.		12,593		655,844
Iron & Steel — 0.1%
Nucor Corp.		9,674		604,625
Mining — 0.2%
Freeport-McMoRan, Inc.		40,980		707,315
Newmont Mining Corp.		16,226		611,882
				1,319,197
				14,563,033
Communications — 14.8%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		11,732		274,998
Omnicom Group, Inc.		6,916		527,484
				802,482
Internet — 9.6%
Alphabet, Inc. Class A (a)		9,083		10,256,433
Alphabet, Inc. Class C (a)		9,233		10,300,797
Amazon.com, Inc. (a)		12,249		20,820,850
Booking Holdings, Inc. (a)		1,465		2,969,687
eBay, Inc. (a)		28,117		1,019,522
Expedia Group, Inc.		3,676		441,818
F5 Networks, Inc. (a)		1,859		320,585
Facebook, Inc. Class A (a)		72,951		14,175,838
Netflix, Inc. (a)		13,221		5,175,096
Symantec Corp.		18,904		390,368
TripAdvisor, Inc. (a)		3,254		181,280
Twitter, Inc. (a)		19,917		869,775
VeriSign, Inc. (a)		2,921		401,404
				67,323,453

	Number of Shares		Value
Media — 2.1%
CBS Corp. Class B		10,389	$	584,070
Charter Communications, Inc. Class A (a)		5,634		1,651,945
Comcast Corp. Class A		139,670		4,582,573
Discovery, Inc. Class A (a)		4,728		130,020
Discovery, Inc. Class C (a)		10,394		265,047
DISH Network Corp. Class A (a)		6,967		234,161
News Corp. Class A		11,653		180,622
News Corp. Class B		3,597		57,012
Twenty-First Century Fox, Inc. Class A		32,060		1,593,061
Twenty-First Century Fox, Inc. Class B		13,360		658,247
Viacom, Inc. Class B		10,739		323,888
The Walt Disney Co.		45,220		4,739,508
				15,000,154
Telecommunications — 3.0%
AT&T, Inc.		220,853		7,091,590
CenturyLink, Inc.		29,862		556,628
Cisco Systems, Inc.		143,034		6,154,753
Juniper Networks, Inc.		10,622		291,255
Motorola Solutions, Inc.		4,932		573,937
Verizon Communications, Inc.		125,665		6,322,206
				20,990,369
				104,116,458
Consumer, Cyclical — 8.2%
Airlines — 0.4%
Alaska Air Group, Inc.		3,749		226,402
American Airlines Group, Inc.		12,673		481,067
Delta Air Lines, Inc.		19,628		972,371
Southwest Airlines Co.		16,222		825,375
United Continental Holdings, Inc. (a)		7,168		499,825
				3,005,040
Apparel — 0.7%
Hanesbrands, Inc.		10,961		241,361
Michael Kors Holdings Ltd. (a)		4,559		303,630
NIKE, Inc. Class B		39,009		3,108,237
PVH Corp.		2,343		350,794
Ralph Lauren Corp.		1,690		212,467
Under Armour, Inc. Class A (a)		5,715		128,473
Under Armour, Inc. Class C (a)		5,729		120,767
VF Corp.		9,955		811,532
				5,277,261
Auto Manufacturers — 0.5%
Ford Motor Co.		119,045		1,317,828
General Motors Co.		38,582		1,520,131
PACCAR, Inc.		10,701		663,034
				3,500,993

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

28

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Parts & Equipment — 0.2%
Aptiv PLC		8,052	$	737,805
BorgWarner, Inc.		6,007		259,262
The Goodyear Tire & Rubber Co.		7,294		169,877
				1,166,944
Distribution & Wholesale — 0.2%
Fastenal Co.		8,751		421,186
LKQ Corp. (a)		9,421		300,530
W.W. Grainger, Inc.		1,551		478,328
				1,200,044
Home Builders — 0.1%
D.R. Horton, Inc.		10,448		428,368
Lennar Corp. Class A		8,323		436,957
PulteGroup, Inc.		7,994		229,828
				1,095,153
Home Furnishing — 0.1%
Leggett & Platt, Inc.		3,978		177,578
Whirlpool Corp.		1,963		287,049
				464,627
Housewares — 0.1%
Newell Brands, Inc.		14,773		380,996
Leisure Time — 0.2%
Carnival Corp.		12,348		707,664
Harley-Davidson, Inc.		5,063		213,051
Norwegian Cruise Line Holdings Ltd. (a)		6,288		297,108
Royal Caribbean Cruises Ltd.		5,152		533,747
				1,751,570
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		8,498		672,702
Marriott International, Inc. Class A		9,028		1,142,945
MGM Resorts International		15,243		442,504
Wynn Resorts Ltd.		2,576		431,068
				2,689,219
Retail — 5.1%
Advance Auto Parts, Inc.		2,252		305,596
AutoZone, Inc. (a)		811		544,124
Best Buy Co., Inc.		7,459		556,292
CarMax, Inc. (a)		5,416		394,664
Chipotle Mexican Grill, Inc. (a)		744		320,939
Copart, Inc. (a)		6,146		347,618
Costco Wholesale Corp.		13,339		2,787,584
Darden Restaurants, Inc.		3,765		403,081
Dollar General Corp.		7,729		762,079
Dollar Tree, Inc. (a)		7,231		614,635
Foot Locker, Inc.		3,593		189,171
The Gap, Inc.		6,600		213,774
Genuine Parts Co.		4,463		409,659
The Home Depot, Inc.		35,082		6,844,498

	Number of Shares		Value
Kohl’s Corp.		5,117	$	373,029
L Brands, Inc.		7,378		272,101
Lowe’s Cos., Inc.		25,000		2,389,250
Macy’s, Inc.		9,318		348,773
McDonald’s Corp.		23,880		3,741,757
Nordstrom, Inc.		3,591		185,942
O’Reilly Automotive, Inc. (a)		2,491		681,463
Ross Stores, Inc.		11,515		975,896
Starbucks Corp.		41,970		2,050,235
Tapestry, Inc.		8,753		408,853
Target Corp.		16,213		1,234,134
Tiffany & Co.		3,099		407,828
The TJX Cos., Inc.		19,070		1,815,083
Tractor Supply Co.		3,712		283,931
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,739		405,987
Walgreens Boots Alliance, Inc.		25,938		1,556,669
Walmart, Inc.		43,999		3,768,514
Yum! Brands, Inc.		9,830		768,903
				36,362,062
Textiles — 0.1%
Mohawk Industries, Inc. (a)		1,929		413,327
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		3,461		319,485
Mattel, Inc.		10,395		170,686
				490,171
				57,797,407
Consumer, Non-cyclical — 21.3%
Agriculture — 1.1%
Altria Group, Inc.		57,561		3,268,889
Archer-Daniels-Midland Co.		17,007		779,431
Philip Morris International, Inc.		47,277		3,817,145
				7,865,465
Beverages — 1.8%
Brown-Forman Corp. Class B		7,968		390,512
The Coca-Cola Co.		116,472		5,108,462
Constellation Brands, Inc. Class A		5,110		1,118,426
Molson Coors Brewing Co. Class B		5,629		382,997
Monster Beverage Corp. (a)		12,493		715,849
PepsiCo, Inc.		43,121		4,694,583
				12,410,829
Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc. (a)		6,768		840,247
Amgen, Inc.		20,256		3,739,055
Biogen, Inc. (a)		6,418		1,862,760
Celgene Corp. (a)		21,498		1,707,371
Gilead Sciences, Inc.		39,547		2,801,510
Illumina, Inc. (a)		4,471		1,248,706
Incyte Corp. (a)		5,352		358,584
Regeneron Pharmaceuticals, Inc. (a)		2,353		811,761

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

29

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Vertex Pharmaceuticals, Inc. (a)		7,751	$	1,317,360
				14,687,354
Commercial Services — 1.9%
Automatic Data Processing, Inc.		13,398		1,797,208
Cintas Corp.		2,630		486,734
Ecolab, Inc.		7,897		1,108,186
Equifax, Inc.		3,659		457,777
FleetCor Technologies, Inc. (a)		2,726		574,232
Gartner, Inc. (a)		2,775		368,797
Global Payments, Inc.		4,853		541,061
H&R Block, Inc.		6,260		142,603
IHS Markit Ltd. (a)		10,832		558,823
Moody’s Corp.		5,078		866,104
Nielsen Holdings PLC		10,186		315,053
PayPal Holdings, Inc. (a)		33,947		2,826,767
Quanta Services, Inc. (a)		4,568		152,571
Robert Half International, Inc.		3,759		244,711
S&P Global, Inc.		7,643		1,558,331
Total System Services, Inc.		5,047		426,572
United Rentals, Inc. (a)		2,543		375,398
Verisk Analytics, Inc. (a)		4,725		508,599
The Western Union Co.		14,022		285,067
				13,594,594
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co.		26,530		1,719,409
Coty, Inc. Class A		14,384		202,815
The Estee Lauder Cos., Inc. Class A		6,812		972,004
The Procter & Gamble Co.		76,477		5,969,795
				8,864,023
Foods — 1.2%
Campbell Soup Co.		5,852		237,240
Conagra Brands, Inc.		11,967		427,581
General Mills, Inc.		18,032		798,096
The Hershey Co.		4,249		395,412
Hormel Foods Corp.		8,213		305,606
The J.M. Smucker Co.		3,455		371,343
Kellogg Co.		7,596		530,733
The Kraft Heinz Co.		18,168		1,141,314
The Kroger Co.		24,721		703,312
McCormick & Co., Inc.		3,689		428,256
Mondelez International, Inc. Class A		44,861		1,839,301
Sysco Corp.		14,576		995,395
Tyson Foods, Inc. Class A		9,051		623,161
				8,796,750
Health Care – Products — 3.5%
Abbott Laboratories		53,320		3,251,987
ABIOMED, Inc. (a)		1,285		525,629
Align Technology, Inc. (a)		2,194		750,655
Baxter International, Inc.		14,983		1,106,345
Becton, Dickinson & Co.		8,127		1,946,904
Boston Scientific Corp. (a)		41,966		1,372,288

	Number of Shares		Value
The Cooper Cos., Inc.		1,491	$	351,056
Danaher Corp.		18,696		1,844,921
DENTSPLY SIRONA, Inc.		6,919		302,845
Edwards Lifesciences Corp. (a)		6,411		933,249
Henry Schein, Inc. (a)		4,685		340,318
Hologic, Inc. (a)		8,305		330,124
IDEXX Laboratories, Inc. (a)		2,642		575,798
Intuitive Surgical, Inc. (a)		3,446		1,648,842
Medtronic PLC		41,186		3,525,933
ResMed, Inc.		4,341		449,641
Stryker Corp.		9,775		1,650,607
Thermo Fisher Scientific, Inc.		12,236		2,534,565
Varian Medical Systems, Inc. (a)		2,783		316,483
Zimmer Biomet Holdings, Inc.		6,182		688,922
				24,447,112
Health Care – Services — 2.4%
Aetna, Inc.		9,948		1,825,458
Anthem, Inc.		7,762		1,847,589
Centene Corp. (a)		6,241		768,954
Cigna Corp.		7,399		1,257,460
DaVita, Inc. (a)		4,246		294,842
Envision Healthcare Corp. (a)		3,685		162,177
HCA Healthcare, Inc.		8,499		871,997
Humana, Inc.		4,187		1,246,177
IQVIA Holdings, Inc. (a)		4,923		491,414
Laboratory Corp. of America Holdings (a)		3,112		558,697
Quest Diagnostics, Inc.		4,131		454,162
UnitedHealth Group, Inc.		29,227		7,170,552
Universal Health Services, Inc. Class B		2,651		295,428
				17,244,907
Household Products & Wares — 0.3%
Avery Dennison Corp.		2,677		273,322
Church & Dwight Co., Inc.		7,444		395,723
The Clorox Co.		3,939		532,750
Kimberly-Clark Corp.		10,625		1,119,237
				2,321,032
Pharmaceuticals — 5.7%
AbbVie, Inc.		46,092		4,270,424
Allergan PLC		10,313		1,719,383
AmerisourceBergen Corp.		4,947		421,831
Bristol-Myers Squibb Co.		49,715		2,751,228
Cardinal Health, Inc.		9,450		461,444
CVS Health Corp.		30,921		1,989,766
Eli Lilly & Co.		29,053		2,479,092
Express Scripts Holding Co. (a)		17,084		1,319,056
Johnson & Johnson		81,575		9,898,310
McKesson Corp.		6,145		819,743
Merck & Co., Inc.		81,824		4,966,717
Mylan NV (a)		15,679		566,639

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

30

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Nektar Therapeutics (a)		4,858	$	237,216
Perrigo Co. PLC		3,913		285,297
Pfizer, Inc.		177,910		6,454,575
Zoetis, Inc.		14,718		1,253,826
				39,894,547
				150,126,613
Energy — 6.3%
Oil & Gas — 5.2%
Anadarko Petroleum Corp.		15,667		1,147,608
Andeavor		4,229		554,760
Apache Corp.		11,624		543,422
Cabot Oil & Gas Corp.		13,734		326,869
Chevron Corp.		58,119		7,347,985
Cimarex Energy Co.		2,903		295,351
Concho Resources, Inc. (a)		4,534		627,279
ConocoPhillips		35,588		2,477,637
Devon Energy Corp.		15,921		699,887
EOG Resources, Inc.		17,605		2,190,590
EQT Corp.		7,672		423,341
Exxon Mobil Corp.		128,765		10,652,728
Helmerich & Payne, Inc.		3,313		211,237
Hess Corp.		7,966		532,846
HollyFrontier Corp.		5,370		367,469
Marathon Oil Corp.		25,954		541,400
Marathon Petroleum Corp.		14,048		985,608
Newfield Exploration Co. (a)		6,058		183,255
Noble Energy, Inc.		14,737		519,921
Occidental Petroleum Corp.		23,290		1,948,907
Phillips 66		12,764		1,433,525
Pioneer Natural Resources Co.		5,183		980,831
Valero Energy Corp.		13,106		1,452,538
				36,444,994
Oil & Gas Services — 0.7%
Baker Hughes a GE Co.		12,666		418,358
Halliburton Co.		26,642		1,200,489
National Oilwell Varco, Inc.		11,620		504,308
Schlumberger Ltd.		42,127		2,823,773
TechnipFMC PLC		13,202		419,031
				5,365,959
Pipelines — 0.4%
Kinder Morgan, Inc.		57,703		1,019,612
ONEOK, Inc.		12,503		873,085
The Williams Cos., Inc.		25,174		682,467
				2,575,164
				44,386,117
Financial — 18.0%
Banks — 7.3%
Bank of America Corp.		286,785		8,084,469
The Bank of New York Mellon Corp.		30,738		1,657,700

	Number of Shares		Value
BB&T Corp.		23,715	$	1,196,185
Capital One Financial Corp.		14,794		1,359,569
Citigroup, Inc.		77,552		5,189,780
Citizens Financial Group, Inc.		14,745		573,580
Comerica, Inc.		5,231		475,603
Fifth Third Bancorp		20,851		598,424
The Goldman Sachs Group, Inc.		10,684		2,356,570
Huntington Bancshares, Inc.		33,615		496,157
JP Morgan Chase & Co.		103,550		10,789,910
KeyCorp		32,294		631,025
M&T Bank Corp.		4,417		751,553
Morgan Stanley		41,459		1,965,157
Northern Trust Corp.		6,432		661,788
The PNC Financial Services Group, Inc.		14,279		1,929,093
Regions Financial Corp.		34,166		607,471
State Street Corp.		11,114		1,034,602
SunTrust Banks, Inc.		14,138		933,391
SVB Financial Group (a)		1,611		465,192
US Bancorp		47,452		2,373,549
Wells Fargo & Co.		133,381		7,394,643
Zions Bancorp		5,999		316,087
				51,841,498
Diversified Financial Services — 3.9%
Affiliated Managers Group, Inc.		1,652		245,603
Alliance Data Systems Corp.		1,466		341,871
American Express Co.		21,718		2,128,364
Ameriprise Financial, Inc.		4,398		615,192
BlackRock, Inc.		3,751		1,871,899
Cboe Global Markets, Inc.		3,422		356,128
The Charles Schwab Corp.		36,521		1,866,223
CME Group, Inc.		10,356		1,697,555
Discover Financial Services		10,614		747,332
E*TRADE Financial Corp. (a)		8,028		490,992
Franklin Resources, Inc.		9,695		310,725
Intercontinental Exchange, Inc.		17,616		1,295,657
Invesco Ltd.		12,496		331,894
Jefferies Financial Group, Inc.		9,176		208,662
Mastercard, Inc. Class A		27,885		5,479,960
Nasdaq, Inc.		3,555		324,465
Raymond James Financial, Inc.		3,949		352,843
Synchrony Financial		21,578		720,274
T. Rowe Price Group, Inc.		7,365		855,004
Visa, Inc. Class A		54,322		7,194,949
				27,435,592
Insurance — 3.9%
Aflac, Inc.		23,544		1,012,863
The Allstate Corp.		10,690		975,676
American International Group, Inc.		27,304		1,447,658
Aon PLC		7,437		1,020,133
Arthur J Gallagher & Co.		5,546		362,043
Assurant, Inc.		1,603		165,895

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

31

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Berkshire Hathaway, Inc. Class B (a)		58,536	$	10,925,745
Brighthouse Financial, Inc. (a)		3,631		145,494
Chubb Ltd.		14,167		1,799,492
Cincinnati Financial Corp.		4,542		303,678
Everest Re Group Ltd.		1,246		287,178
The Hartford Financial Services Group, Inc.		10,893		556,959
Lincoln National Corp.		6,653		414,149
Loews Corp.		7,965		384,550
Marsh & McLennan Cos., Inc.		15,431		1,264,879
MetLife, Inc.		30,917		1,347,981
Principal Financial Group, Inc.		8,101		428,948
The Progressive Corp.		17,713		1,047,724
Prudential Financial, Inc.		12,774		1,194,497
Torchmark Corp.		3,213		261,570
The Travelers Cos., Inc.		8,220		1,005,635
Unum Group		6,730		248,943
Willis Towers Watson PLC		4,010		607,916
XL Group Ltd.		7,856		439,543
				27,649,149
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		9,197		439,065
Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc.		3,131		395,038
American Tower Corp.		13,432		1,936,491
Apartment Investment & Management Co. Class A		4,789		202,575
AvalonBay Communities, Inc.		4,203		722,454
Boston Properties, Inc.		4,694		588,721
Crown Castle International Corp.		12,616		1,360,257
Digital Realty Trust, Inc.		6,264		698,937
Duke Realty Corp.		10,861		315,295
Equinix, Inc.		2,417		1,039,044
Equity Residential		11,198		713,201
Essex Property Trust, Inc.		2,009		480,292
Extra Space Storage, Inc.		3,836		382,871
Federal Realty Investment Trust		2,227		281,827
GGP, Inc.		19,237		393,012
HCP, Inc.		14,293		369,045
Host Hotels & Resorts, Inc.		22,547		475,065
Iron Mountain, Inc.		8,562		299,756
Kimco Realty Corp.		12,926		219,613
The Macerich Co.		3,300		187,539
Mid-America Apartment Communities, Inc.		3,462		348,520
Prologis, Inc.		16,216		1,065,229
Public Storage		4,556		1,033,574
Realty Income Corp.		8,650		465,283
Regency Centers Corp.		4,484		278,367
SBA Communications Corp. (a)		3,503		578,415
Simon Property Group, Inc.		9,418		1,602,849
SL Green Realty Corp.		2,690		270,426

	Number of Shares		Value
UDR, Inc.		8,141	$	305,613
Ventas, Inc.		10,837		617,167
Vornado Realty Trust		5,263		389,041
Welltower, Inc.		11,314		709,275
Weyerhaeuser Co.		23,022		839,382
				19,564,174
Savings & Loans — 0.0%
People’s United Financial, Inc.		10,568		191,175
				127,120,653
Industrial — 9.3%
Aerospace & Defense — 2.5%
Arconic, Inc.		12,926		219,871
The Boeing Co.		16,655		5,587,919
General Dynamics Corp.		8,402		1,566,217
Harris Corp.		3,612		522,078
L3 Technologies, Inc.		2,387		459,068
Lockheed Martin Corp.		7,555		2,231,974
Northrop Grumman Corp.		5,304		1,632,041
Raytheon Co.		8,737		1,687,814
Rockwell Collins, Inc.		4,994		672,592
TransDigm Group, Inc.		1,483		511,842
United Technologies Corp.		22,629		2,829,304
				17,920,720
Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		4,440		238,384
Johnson Controls International PLC		28,170		942,286
Martin Marietta Materials, Inc.		1,915		427,677
Masco Corp.		9,446		353,469
Vulcan Materials Co.		4,021		518,950
				2,480,766
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		7,044		508,295
Emerson Electric Co.		19,163		1,324,930
				1,833,225
Electronics — 1.3%
Agilent Technologies, Inc.		9,732		601,827
Allegion PLC		2,889		223,493
Amphenol Corp. Class A		9,168		798,991
Corning, Inc.		25,258		694,848
FLIR Systems, Inc.		4,175		216,975
Fortive Corp.		9,329		719,359
Garmin Ltd.		3,383		206,363
Honeywell International, Inc.		22,716		3,272,240
Mettler-Toledo International, Inc. (a)		772		446,702
PerkinElmer, Inc.		3,366		246,492
TE Connectivity Ltd.		10,649		959,049
Waters Corp. (a)		2,383		461,325
				8,847,664

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

32

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Engineering & Construction — 0.1%
Fluor Corp.		4,279	$	208,729
Jacobs Engineering Group, Inc.		3,630		230,469
				439,198
Environmental Controls — 0.2%
Republic Services, Inc.		6,784		463,754
Stericycle, Inc. (a)		2,592		169,232
Waste Management, Inc.		12,100		984,214
				1,617,200
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,722		276,760
Stanley Black & Decker, Inc.		4,694		623,410
				900,170
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		18,185		2,467,159
Machinery – Diversified — 0.6%
Cummins, Inc.		4,711		626,563
Deere & Co.		9,863		1,378,847
Flowserve Corp.		3,953		159,701
Pentair PLC		4,941		207,917
Rockwell Automation, Inc.		3,820		634,999
Roper Technologies, Inc.		3,138		865,806
Xylem, Inc.		5,474		368,838
				4,242,671
Miscellaneous – Manufacturing — 1.7%
3M Co.		18,056		3,551,976
A.O. Smith Corp.		4,414		261,088
Dover Corp.		4,706		344,479
Eaton Corp. PLC		13,300		994,042
General Electric Co.		264,157		3,595,177
Illinois Tool Works, Inc.		9,273		1,284,682
Ingersoll-Rand PLC		7,542		676,744
Parker-Hannifin Corp.		4,044		630,257
Textron, Inc.		7,788		513,307
				11,851,752
Packaging & Containers — 0.2%
Ball Corp.		10,620		377,541
Packaging Corp. of America		2,869		320,726
Sealed Air Corp.		4,903		208,132
WestRock Co.		7,798		444,642
				1,351,041
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		1,354		293,534
Transportation — 1.7%
C.H. Robinson Worldwide, Inc.		4,235		354,300
CSX Corp.		26,623		1,698,015
Expeditors International of Washington, Inc.		5,312		388,307
FedEx Corp.		7,476		1,697,501

	Number of Shares		Value
J.B. Hunt Transport Services, Inc.		2,604	$	316,516
Kansas City Southern		3,121		330,701
Norfolk Southern Corp.		8,593		1,296,426
Union Pacific Corp.		23,588		3,341,948
United Parcel Service, Inc. Class B		20,971		2,227,749
				11,651,463
				65,896,563
Technology — 16.4%
Computers — 5.7%
Accenture PLC Class A		19,558		3,199,493
Apple, Inc.		149,487		27,671,539
Cognizant Technology Solutions Corp. Class A		17,819		1,407,523
DXC Technology Co.		8,662		698,244
Hewlett Packard Enterprise Co.		46,445		678,561
HP, Inc.		49,921		1,132,707
International Business Machines Corp.		25,964		3,627,171
NetApp, Inc.		8,150		640,019
Seagate Technology PLC		8,731		493,040
Western Digital Corp.		9,102		704,586
				40,252,883
Office & Business Equipment — 0.0%
Xerox Corp.		6,491		155,784
Semiconductors — 4.1%
Advanced Micro Devices, Inc. (a)		25,060		375,649
Analog Devices, Inc.		11,280		1,081,978
Applied Materials, Inc.		30,659		1,416,139
Broadcom, Inc.		12,216		2,964,090
Intel Corp.		141,728		7,045,299
IPG Photonics Corp. (a)		1,143		252,180
KLA-Tencor Corp.		4,741		486,095
Lam Research Corp.		4,990		862,521
Microchip Technology, Inc.		7,149		650,202
Micron Technology, Inc. (a)		35,273		1,849,716
NVIDIA Corp.		18,461		4,373,411
Qorvo, Inc. (a)		3,848		308,494
QUALCOMM, Inc.		45,092		2,530,563
Skyworks Solutions, Inc.		5,538		535,248
Texas Instruments, Inc.		29,772		3,282,363
Xilinx, Inc.		7,707		502,959
				28,516,907
Software — 6.6%
Activision Blizzard, Inc.		23,152		1,766,961
Adobe Systems, Inc. (a)		14,978		3,651,786
Akamai Technologies, Inc. (a)		5,191		380,137
ANSYS, Inc. (a)		2,555		445,030
Autodesk, Inc. (a)		6,665		873,715
Broadridge Financial Solutions, Inc.		3,587		412,864
CA, Inc.		9,504		338,818
Cadence Design Systems, Inc. (a)		8,575		371,383

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

33

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Cerner Corp. (a)		9,588	$	573,266
Citrix Systems, Inc. (a)		3,916		410,553
Electronic Arts, Inc. (a)		9,332		1,315,999
Fidelity National Information Services, Inc.		10,067		1,067,404
Fiserv, Inc. (a)		12,451		922,495
Intuit, Inc.		7,413		1,514,513
Microsoft Corp.		233,673		23,042,495
MSCI, Inc.		2,708		447,984
Oracle Corp.		90,635		3,993,378
Paychex, Inc.		9,725		664,704
Red Hat, Inc. (a)		5,404		726,135
salesforce.com, Inc. (a)		21,452		2,926,053
Synopsys, Inc. (a)		4,532		387,803
Take-Two Interactive Software, Inc. (a)		3,479		411,774
				46,645,250
				115,570,824
Utilities — 2.9%
Electric — 2.8%
AES Corp.		20,122		269,836
Alliant Energy Corp.		7,044		298,102
Ameren Corp.		7,413		451,081
American Electric Power Co., Inc.		14,976		1,037,088
CenterPoint Energy, Inc.		13,125		363,694
CMS Energy Corp.		8,596		406,419
Consolidated Edison, Inc.		9,450		736,911
Dominion Energy, Inc.		19,846		1,353,100
DTE Energy Co.		5,520		572,038
Duke Energy Corp.		21,317		1,685,748
Edison International		9,909		626,942
Entergy Corp.		5,501		444,426
Evergy, Inc.		8,250		463,237
Eversource Energy		9,637		564,825
Exelon Corp.		29,358		1,250,651
FirstEnergy Corp.		13,638		489,741
NextEra Energy, Inc.		14,336		2,394,542
NRG Energy, Inc.		9,101		279,401
PG&E Corp.		15,707		668,490
Pinnacle West Capital Corp.		3,406		274,387
PPL Corp.		21,262		607,030
Public Service Enterprise Group, Inc.		15,366		831,915
SCANA Corp.		4,337		167,061
Sempra Energy		8,034		932,828
The Southern Co.		30,766		1,424,773
WEC Energy Group, Inc.		9,598		620,511
Xcel Energy, Inc.		15,473		706,807
				19,921,584
Gas — 0.0%
NiSource, Inc.		10,267		269,817

	Number of Shares		Value
Water — 0.1%
American Water Works Co., Inc.		5,415	$	462,332
				20,653,733
TOTAL COMMON STOCK (Cost $413,064,158)				700,231,401
TOTAL EQUITIES (Cost $413,064,158)				700,231,401
TOTAL LONG-TERM INVESTMENTS (Cost $413,064,158)				700,231,401
	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (b)	$	3,935,709		3,935,709
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18		627		627
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill 1.604% 7/19/18 (c)		655,000		654,462
TOTAL SHORT-TERM INVESTMENTS (Cost $4,590,793)				4,590,798
TOTAL INVESTMENTS — 99.9% (Cost $417,654,951) (d)				704,822,199
Other Assets/(Liabilities) — 0.1%				535,766
NET ASSETS — 100.0%			$	705,357,965

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $3,936,018. 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 $4,015,931.

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

34

MML Equity Index Fund – Portfolio of Investments (Continued)

The Fund had the following open Futures contracts at June 30, 2018:

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Future Contract — Short
S&P 500 E Mini Index		9/21/18		40	$	5,542,227	$	(99,027	)

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

35

MML Focused Equity Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.3%
COMMON STOCK — 98.3%
Basic Materials — 3.1%
Chemicals — 3.1%
Praxair, Inc.		12,490	$	1,975,294
Consumer, Cyclical — 16.6%
Apparel — 5.5%
NIKE, Inc. Class B		44,095		3,513,490
Retail — 11.1%
Costco Wholesale Corp.		12,168		2,542,869
McDonald’s Corp.		9,979		1,563,609
The TJX Cos., Inc.		32,229		3,067,556
				7,174,034
				10,687,524
Consumer, Non-cyclical — 25.1%
Beverages — 10.0%
The Coca-Cola Co.		51,505		2,259,009
Diageo PLC		71,923		2,581,726
PepsiCo, Inc.		14,849		1,616,611
				6,457,346
Cosmetics & Personal Care — 3.0%
Colgate-Palmolive Co.		29,572		1,916,561
Health Care – Products — 4.2%
Medtronic PLC		31,459		2,693,205
Health Care – Services — 2.0%
UnitedHealth Group, Inc.		5,120		1,256,141
Pharmaceuticals — 5.9%
Bristol-Myers Squibb Co.		46,953		2,598,379
McKesson Corp.		8,861		1,182,058
				3,780,437
				16,103,690
Financial — 29.2%
Banks — 4.2%
The PNC Financial Services Group, Inc.		19,896		2,687,949
Diversified Financial Services — 9.4%
American Express Co.		27,614		2,706,172
BlackRock, Inc.		2,511		1,253,089
Visa, Inc. Class A		15,690		2,078,141
				6,037,402
Insurance — 7.6%
Chubb Ltd.		23,110		2,935,432
Marsh & McLennan Cos., Inc.		23,613		1,935,558
				4,870,990
Real Estate Investment Trusts (REITS) — 8.0%
American Tower Corp.		15,798		2,277,598

	Number of Shares		Value
Public Storage		12,718	$	2,885,205
				5,162,803
				18,759,144
Industrial — 16.7%
Aerospace & Defense — 4.4%
General Dynamics Corp.		6,793		1,266,283
Lockheed Martin Corp.		5,370		1,586,459
				2,852,742
Transportation — 12.3%
Canadian National Railway Co.		38,161		3,121,327
Union Pacific Corp.		20,493		2,903,448
United Parcel Service, Inc. Class B		17,583		1,867,842
				7,892,617
				10,745,359
Technology — 7.6%
Computers — 3.6%
Accenture PLC Class A		14,312		2,341,300
Software — 4.0%
Microsoft Corp.		25,803		2,544,434
				4,885,734
TOTAL COMMON STOCK (Cost $57,052,228)				63,156,745
TOTAL EQUITIES (Cost $57,052,228)				63,156,745
TOTAL LONG-TERM INVESTMENTS (Cost $57,052,228)				63,156,745
	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (a)	$	1,123,669		1,123,669
TOTAL SHORT-TERM INVESTMENTS (Cost $1,123,669)				1,123,669
TOTAL INVESTMENTS — 100.1% (Cost $58,175,897) (b)				64,280,414
Other Assets/(Liabilities) — (0.1)%				(37,692	)
NET ASSETS — 100.0%			$	64,242,722

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

36

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 $1,123,757. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $1,149,346.

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

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

United States	77.0	%
Ireland	7.8	%
Canada	4.9	%
Switzerland	4.6	%
United Kingdom	4.0	%
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.

37

MML Foreign Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 98.1%
Bermuda — 0.4%
Kunlun Energy Co. Ltd		1,700,000	$	1,484,498
Canada — 2.4%
Alamos Gold, Inc. Class A		306,210		1,742,335
Husky Energy, Inc.		273,500		4,262,743
Wheaton Precious Metals Corp.		96,200		2,123,549
				8,128,627
Cayman Islands — 4.3%
Baidu, Inc. Sponsored ADR (a)		20,070		4,877,010
CK Asset Holdings Ltd.		452,254		3,573,355
CK Hutchison Holdings Ltd.		425,754		4,493,385
NetEase, Inc. ADR		7,300		1,844,491
				14,788,241
China — 3.1%
China Life Insurance Co. Ltd. Class H		1,251,000		3,211,724
China Telecom Corp. Ltd. Class H		11,037,643		5,147,058
Sinopharm Group Co. Ltd. Class H		568,800		2,281,733
				10,640,515
Denmark — 0.5%
Vestas Wind Systems A/S		27,312		1,688,459
France — 9.2%
AXA SA		181,650		4,450,285
BNP Paribas SA		97,912		6,069,029
Cie de Saint-Gobain		77,198		3,442,837
Cie Generale des Etablissements Michelin SCA		27,433		3,335,999
Credit Agricole SA		112,057		1,493,823
Sanofi		74,190		5,940,576
Total SA		51,453		3,128,926
Veolia Environnement SA		172,122		3,682,315
				31,543,790
Germany — 12.6%
Bayer AG Registered		60,663		6,683,639
E.ON SE		252,756		2,700,237
HeidelbergCement AG		46,022		3,874,081
Infineon Technologies AG		241,765		6,160,966
Innogy SE (b)		78,557		3,364,913
LANXESS AG		59,730		4,654,793
Merck KGaA		50,900		4,969,558
MorphoSys AG (a)		16,987		2,078,834
Siemens AG Registered		42,985		5,680,432
Telefonica Deutschland Holding AG		788,417		3,107,277
				43,274,730
Hong Kong — 2.4%
AIA Group Ltd.		485,200		4,200,491

	Number of Shares		Value
China Mobile Ltd.		433,500	$	3,845,077
				8,045,568
Ireland — 2.5%
Bank of Ireland Group PLC		470,994		3,671,182
CRH PLC		141,012		4,983,571
				8,654,753
Israel — 1.8%
Teva Pharmaceutical Industries Ltd. Sponsored ADR		256,468		6,237,302
Italy — 1.9%
Eni SpA		350,704		6,511,548
Japan — 13.3%
Astellas Pharma, Inc.		356,700		5,434,190
IHI Corp.		88,700		3,086,046
Inpex Corp.		304,100		3,142,909
Mitsui Fudosan Co. Ltd.		173,300		4,177,347
Omron Corp.		67,500		3,138,625
Panasonic Corp.		345,400		4,640,583
Ryohin Keikaku Co. Ltd.		10,600		3,728,292
Seven & i Holdings Co. Ltd.		84,600		3,687,478
SoftBank Group Corp.		73,700		5,288,332
Sumitomo Metal Mining Co. Ltd.		44,200		1,684,119
Sumitomo Rubber Industries Ltd.		121,700		1,931,481
Suntory Beverage & Food Ltd.		129,100		5,510,883
				45,450,285
Luxembourg — 1.3%
SES SA		246,017		4,502,487
Netherlands — 4.3%
Akzo Nobel NV		32,182		2,742,246
ING Groep NV		265,974		3,816,549
NN Group NV		63,590		2,580,208
QIAGEN NV (a)		81,562		2,969,607
SBM Offshore NV		163,728		2,538,044
				14,646,654
Norway — 1.0%
Yara International ASA		77,872		3,223,696
Portugal — 0.6%
Galp Energia SGPS SA		97,320		1,850,539
Republic of Korea — 4.6%
Hana Financial Group, Inc.		79,353		3,047,044
KB Financial Group, Inc. ADR		62,916		2,924,336
Samsung Electronics Co. Ltd.		235,300		9,825,176
				15,796,556
Singapore — 1.4%
Singapore Telecommunications Ltd.		2,089,100		4,716,078
Sweden — 0.4%
Getinge AB Class B		146,444		1,330,757

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

38

MML Foreign Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Switzerland — 5.0%
Landis+Gyr Group AG (a) (c)		25,523	$	1,775,092
Novartis AG Registered		59,896		4,536,795
Roche Holding AG		27,562		6,132,964
UBS Group AG Registered		306,210		4,711,063
				17,155,914
Taiwan — 1.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		641,275		4,562,448
Thailand — 1.4%
Bangkok Bank PCL Foreign Registered		792,100		4,742,873
United Kingdom — 22.4%
BAE Systems PLC		599,614		5,116,898
Barclays PLC		1,995,343		4,975,505
BP PLC		1,281,535		9,757,887
Cobham PLC (a)		1,698,528		2,881,590
GlaxoSmithKline PLC		198,649		4,007,901
HSBC Holdings PLC		654,000		6,107,908
Johnson Matthey PLC		96,470		4,601,113
Kingfisher PLC		998,111		3,911,026
LivaNova PLC (a)		32,430		3,237,163
Rolls-Royce Holdings PLC		187,570		2,444,716
Royal Dutch Shell PLC Class A		2,397		83,067
Royal Dutch Shell PLC Class B		270,523		9,676,209
Shire PLC		89,624		5,040,244
Standard Chartered PLC		701,539		6,410,006
Travis Perkins PLC		149,165		2,799,611
Vodafone Group PLC Sponsored ADR		236,983		5,761,057
				76,811,901
TOTAL COMMON STOCK (Cost $300,489,920)				335,788,219
TOTAL EQUITIES (Cost $300,489,920)				335,788,219
MUTUAL FUNDS — 0.5%
United States — 0.5%
State Street Navigator Securities Lending Prime Portfolio (d)		1,827,127		1,827,127
TOTAL MUTUAL FUNDS (Cost $1,827,127)				1,827,127
TOTAL LONG-TERM INVESTMENTS (Cost $302,317,047)				337,615,346

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.6%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (e)	$	5,423,072	$	5,423,072
TOTAL SHORT-TERM INVESTMENTS (Cost $5,423,072)				5,423,072
TOTAL INVESTMENTS — 100.2% (Cost $307,740,119) (f)				343,038,418
Other Assets/(Liabilities) — (0.2)%				(675,661	)
NET ASSETS — 100.0%			$	342,362,757

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 June 30, 2018, these securities amounted to a value of $3,364,913 or 0.98% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2018, was $1,739,624 or 0.51% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

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

(e) Maturity value of $5,423,497. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $5,535,525.

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

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

39

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	20.6	%
Consumer, Non-cyclical	20.5	%
Energy	13.4	%
Communications	10.9	%
Industrial	10.1	%
Technology	6.5	%
Basic Materials	6.1	%
Consumer, Cyclical	5.9	%
Utilities	2.8	%
Diversified	1.3	%
Mutual Funds	0.5	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

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

40

MML Fundamental Growth Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.0%
COMMON STOCK — 100.0%
Basic Materials — 1.6%
Mining — 1.6%
Rio Tinto PLC Sponsored ADR		31,063	$	1,723,375
Communications — 20.6%
Internet — 19.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		3,241		601,303
Alphabet, Inc. Class C (a)		5,460		6,091,449
Amazon.com, Inc. (a)		3,407		5,791,219
Booking Holdings, Inc. (a)		820		1,662,214
eBay, Inc. (a)		11,666		423,009
Facebook, Inc. Class A (a)		24,533		4,767,252
VeriSign, Inc. (a)		9,439		1,297,107
Yandex NV Class A (a)		16,000		574,400
				21,207,953
Media — 0.6%
FactSet Research Systems, Inc.		3,574		708,010
Telecommunications — 0.9%
Cisco Systems, Inc.		24,142		1,038,830
				22,954,793
Consumer, Cyclical — 11.0%
Apparel — 1.5%
NIKE, Inc. Class B		21,200		1,689,216
Lodging — 1.1%
Las Vegas Sands Corp.		15,616		1,192,438
Retail — 8.4%
Domino’s Pizza, Inc.		3,934		1,110,057
The Home Depot, Inc.		17,133		3,342,648
McDonald’s Corp.		8,583		1,344,870
O’Reilly Automotive, Inc. (a)		4,194		1,147,353
The TJX Cos., Inc.		25,484		2,425,567
				9,370,495
				12,252,149
Consumer, Non-cyclical — 16.5%
Beverages — 0.2%
Monster Beverage Corp. (a)		3,514		201,352
Biotechnology — 0.8%
Amgen, Inc.		2,575		475,319
Gilead Sciences, Inc.		5,197		368,156
				843,475
Commercial Services — 6.5%
Experian PLC		20,430		505,249
Gartner, Inc. (a)		4,209		559,376
Global Payments, Inc.		11,775		1,312,795
IHS Markit Ltd. (a)		19,946		1,029,014
PayPal Holdings, Inc. (a)		18,736		1,560,147

	Number of Shares		Value
S&P Global, Inc.		5,033	$	1,026,179
Worldpay, Inc. Class A (a)		15,736		1,286,890
				7,279,650
Health Care – Products — 4.6%
Baxter International, Inc.		10,343		763,727
Danaher Corp.		14,325		1,413,591
Edwards Lifesciences Corp. (a)		10,885		1,584,530
Thermo Fisher Scientific, Inc.		6,524		1,351,381
				5,113,229
Health Care – Services — 3.6%
Aetna, Inc.		7,282		1,336,247
Anthem, Inc.		6,153		1,464,598
ICON PLC (a)		8,994		1,191,975
				3,992,820
Pharmaceuticals — 0.8%
Bristol-Myers Squibb Co.		16,007		885,827
				18,316,353
Energy — 6.1%
Oil & Gas — 3.5%
BP PLC Sponsored ADR		27,396		1,250,901
Chevron Corp.		12,623		1,595,926
Pioneer Natural Resources Co.		5,627		1,064,854
				3,911,681
Oil & Gas Services — 2.6%
Apergy Corp. (a)		8,509		355,251
Baker Hughes a GE Co.		20,832		688,081
National Oilwell Varco, Inc.		15,561		675,347
Schlumberger Ltd.		17,087		1,145,342
				2,864,021
				6,775,702
Financial — 11.4%
Banks — 1.5%
Bank of America Corp.		31,252		880,994
Citigroup, Inc.		4,720		315,862
JP Morgan Chase & Co.		5,077		529,024
				1,725,880
Diversified Financial Services — 9.1%
American Express Co.		16,089		1,576,722
Intercontinental Exchange, Inc.		18,228		1,340,669
Mastercard, Inc. Class A		13,479		2,648,893
TD Ameritrade Holding Corp.		24,759		1,356,051
Visa, Inc. Class A		24,100		3,192,045
				10,114,380
Real Estate Investment Trusts (REITS) — 0.8%
American Tower Corp.		5,945		857,090
				12,697,350

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

41

MML Fundamental Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 6.6%
Aerospace & Defense — 1.2%
Raytheon Co.		7,031	$	1,358,249
Electrical Components & Equipment — 0.6%
Emerson Electric Co.		9,803		677,779
Electronics — 0.8%
Fortive Corp.		11,960		922,236
Machinery – Construction & Mining — 1.7%
Caterpillar, Inc.		13,515		1,833,580
Machinery – Diversified — 1.8%
Rockwell Automation, Inc.		4,203		698,664
Roper Technologies, Inc.		4,602		1,269,738
				1,968,402
Miscellaneous – Manufacturing — 0.5%
Dover Corp.		8,106		593,359
				7,353,605
Technology — 26.2%
Computers — 5.0%
Apple, Inc.		23,463		4,343,236
Check Point Software Technologies Ltd. (a)		4,560		445,421
NetApp, Inc.		10,124		795,037
				5,583,694
Semiconductors — 3.6%
Analog Devices, Inc.		7,310		701,175
KLA-Tencor Corp.		1,594		163,433
Maxim Integrated Products, Inc.		12,889		756,069
QUALCOMM, Inc.		6,479		363,602
Teradyne, Inc.		14,919		567,966
Texas Instruments, Inc.		12,940		1,426,635
				3,978,880
Software — 17.6%
Adobe Systems, Inc. (a)		6,470		1,577,451
Atlassian Corp. PLC Class A (a)		8,569		535,734
Autodesk, Inc. (a)		6,132		803,844
Electronic Arts, Inc. (a)		7,946		1,120,545
Fiserv, Inc. (a)		9,447		699,928
Guidewire Software, Inc. (a)		5,594		496,635
Intuit, Inc.		6,306		1,288,347
Microsoft Corp.		77,431		7,635,471
Oracle Corp.		16,717		736,551
salesforce.com, Inc. (a)		14,049		1,916,284
ServiceNow, Inc. (a)		5,166		890,980
SS&C Technologies Holdings, Inc		19,835		1,029,437

	Number of Shares		Value
Workday, Inc. Class A (a)		7,110	$	861,163
				19,592,370
				29,154,944
TOTAL COMMON STOCK (Cost $85,315,695)				111,228,271
TOTAL EQUITIES (Cost $85,315,695)				111,228,271
TOTAL LONG-TERM INVESTMENTS (Cost $85,315,695)				111,228,271
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (b)	$	284,190		284,190
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18		16,317		16,317
TOTAL SHORT-TERM INVESTMENTS (Cost $300,507)				300,507
TOTAL INVESTMENTS — 100.3% (Cost $85,616,202) (c)				111,528,778
Other Assets/(Liabilities) — (0.3)%				(325,423	)
NET ASSETS — 100.0%			$	111,203,355

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 $284,212. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $294,704.

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

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

42

MML Fundamental Value Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.6%
Basic Materials — 3.6%
Chemicals — 2.3%
DowDuPont, Inc.		51,490	$	3,394,222
FMC Corp.		17,900		1,596,859
				4,991,081
Forest Products & Paper — 1.3%
International Paper Co.		52,240		2,720,659
				7,711,740
Communications — 8.4%
Media — 3.3%
CBS Corp. Class B		30,760		1,729,327
Comcast Corp. Class A		124,050		4,070,081
Viacom, Inc. Class B		46,370		1,398,519
				7,197,927
Telecommunications — 5.1%
Cisco Systems, Inc.		125,980		5,420,919
Nokia OYJ Sponsored ADR		361,660		2,079,545
Verizon Communications, Inc.		68,720		3,457,303
				10,957,767
				18,155,694
Consumer, Cyclical — 7.2%
Home Builders — 0.9%
PulteGroup, Inc.		66,030		1,898,362
Housewares — 0.6%
Newell Brands, Inc.		53,680		1,384,407
Leisure Time — 0.7%
Norwegian Cruise Line Holdings Ltd. (a)		33,810		1,597,523
Lodging — 1.2%
Hilton Worldwide Holdings, Inc.		33,050		2,616,238
Retail — 3.8%
The Home Depot, Inc.		12,460		2,430,946
L Brands, Inc.		35,220		1,298,914
Qurate Retail, Inc. (a)		107,400		2,279,028
The TJX Cos., Inc.		22,700		2,160,586
				8,169,474
				15,666,004
Consumer, Non-cyclical — 17.9%
Agriculture — 2.1%
British American Tobacco PLC		31,840		1,608,045
Philip Morris International, Inc.		37,680		3,042,283
				4,650,328
Cosmetics & Personal Care — 0.9%
Unilever NV NY Shares		33,700		1,877,764

	Number of Shares		Value
Foods — 2.8%
The Kraft Heinz Co.		18,436	$	1,158,150
Mondelez International, Inc. Class A		57,140		2,342,740
US Foods Holding Corp. (a)		68,570		2,593,317
				6,094,207
Health Care – Products — 2.7%
Medtronic PLC		41,019		3,511,636
Zimmer Biomet Holdings, Inc.		20,470		2,281,177
				5,792,813
Health Care – Services — 1.5%
UnitedHealth Group, Inc.		13,690		3,358,705
Pharmaceuticals — 7.9%
Allergan PLC		14,460		2,410,771
AstraZeneca PLC Sponsored ADR		65,660		2,305,323
Bristol-Myers Squibb Co.		49,170		2,721,068
Eli Lilly & Co.		30,930		2,639,257
Merck & Co., Inc.		70,700		4,291,490
Roche Holding AG		12,401		2,759,411
				17,127,320
				38,901,137
Energy — 12.3%
Oil & Gas — 11.0%
Canadian Natural Resources Ltd.		86,460		3,118,612
Chevron Corp.		52,700		6,662,861
EOG Resources, Inc.		34,080		4,240,574
Exxon Mobil Corp.		33,460		2,768,146
Marathon Oil Corp.		137,074		2,859,364
Occidental Petroleum Corp.		23,220		1,943,050
Pioneer Natural Resources Co.		11,780		2,229,247
				23,821,854
Oil & Gas Services — 1.3%
Halliburton Co.		60,910		2,744,604
				26,566,458
Financial — 27.4%
Banks — 17.2%
Bank of America Corp.		198,810		5,604,454
Citigroup, Inc.		85,970		5,753,112
The Goldman Sachs Group, Inc.		10,980		2,421,859
JP Morgan Chase & Co.		95,310		9,931,302
M&T Bank Corp.		17,310		2,945,297
The PNC Financial Services Group, Inc.		38,330		5,178,383
Wells Fargo & Co.		96,960		5,375,462
				37,209,869
Diversified Financial Services — 3.1%
BlackRock, Inc.		4,890		2,440,305
Invesco Ltd.		87,120		2,313,907
Nasdaq, Inc.		22,280		2,033,496
				6,787,708

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

43

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Insurance — 5.3%
American International Group, Inc.		40,260	$	2,134,585
Chubb Ltd.		24,845		3,155,812
Marsh & McLennan Cos., Inc.		31,600		2,590,252
MetLife, Inc.		45,070		1,965,052
Principal Financial Group, Inc.		18,760		993,342
Unum Group		20,490		757,925
				11,596,968
Real Estate Investment Trusts (REITS) — 1.8%
Brixmor Property Group, Inc.		75,960		1,323,983
Park Hotels & Resorts, Inc.		83,930		2,570,776
				3,894,759
				59,489,304
Industrial — 9.5%
Aerospace & Defense — 1.5%
United Technologies Corp.		25,660		3,208,270
Building Materials — 1.1%
Fortune Brands Home & Security, Inc.		42,940		2,305,448
Electronics — 1.1%
Koninklijke Philips NV Sponsored ADR		58,400		2,468,568
Machinery – Construction & Mining — 1.2%
Caterpillar, Inc.		18,600		2,523,462
Miscellaneous – Manufacturing — 3.1%
Eaton Corp. PLC		45,000		3,363,300
Ingersoll-Rand PLC		36,400		3,266,172
				6,629,472
Transportation — 1.5%
Union Pacific Corp.		23,760		3,366,317
				20,501,537
Technology — 9.0%
Computers — 2.4%
Cognizant Technology Solutions Corp. Class A		24,480		1,933,675
NetApp, Inc.		42,410		3,330,458
				5,264,133
Semiconductors — 5.6%
Analog Devices, Inc.		20,190		1,936,625
Intel Corp.		100,650		5,003,311
Maxim Integrated Products, Inc.		41,760		2,449,642
QUALCOMM, Inc.		49,010		2,750,441
				12,140,019
Software — 1.0%
Microsoft Corp.		21,700		2,139,837
				19,543,989

	Number of Shares		Value
Utilities — 3.3%
Electric — 3.3%
Dominion Energy, Inc.		16,840	$	1,148,151
Edison International		30,970		1,959,472
Eversource Energy		42,710		2,503,233
NextEra Energy, Inc.		9,900		1,653,597
				7,264,453
TOTAL COMMON STOCK (Cost $166,257,543)				213,800,316
TOTAL EQUITIES (Cost $166,257,543)				213,800,316
TOTAL LONG-TERM INVESTMENTS (Cost $166,257,543)				213,800,316
	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (b)	$	2,951,129		2,951,129
TOTAL SHORT-TERM INVESTMENTS (Cost $2,951,129)				2,951,129
TOTAL INVESTMENTS — 100.0% (Cost $169,208,672) (c)				216,751,445
Other Assets/(Liabilities) — 0.0%				41,249
NET ASSETS — 100.0%			$	216,792,694

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 $2,951,360. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $3,010,894.

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

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

44

MML Fundamental Value Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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

United States	82.1	%
Ireland	5.8	%
Switzerland	2.7	%
Netherlands	2.0	%
United Kingdom	1.8	%
Bermuda	1.8	%
Canada	1.4	%
Finland	1.0	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

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

45

MML Global Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.6%
Austria — 0.4%
Erste Group Bank AG		23,846	$	994,088
Brazil — 0.4%
Ambev SA		184,831		857,450
Canada — 2.0%
Canadian National Railway Co.		57,330		4,686,728
Cayman Islands — 0.2%
Sands China Ltd.		95,200		507,293
Denmark — 0.7%
Carlsberg A/S Class B		13,795		1,624,284
France — 9.7%
Air Liquide SA		19,037		2,390,765
Danone SA		54,793		4,016,700
Hermes International		872		532,967
Legrand SA		27,180		1,990,774
LVMH Moet Hennessy Louis Vuitton SE		16,281		5,412,110
Pernod Ricard SA (a)		27,552		4,496,898
Schneider Electric SE		47,802		3,976,103
				22,816,317
Germany — 6.7%
Bayer AG Registered		58,483		6,443,454
Brenntag AG		21,918		1,220,780
Deutsche Boerse AG		7,694		1,025,121
Linde AG		14,094		3,363,292
Merck KGaA		18,443		1,800,660
MTU Aero Engines AG		10,032		1,926,805
				15,780,112
Ireland — 5.3%
Accenture PLC Class A		37,709		6,168,815
Medtronic PLC		72,809		6,233,179
				12,401,994
Israel — 1.2%
Check Point Software Technologies Ltd. (b)		29,053		2,837,897
Japan — 2.0%
Hoya Corp.		25,500		1,448,235
Kubota Corp.		152,500		2,394,754
Olympus Corp.		21,600		806,799
				4,649,788
Mexico — 0.3%
Grupo Financiero Banorte SAB de CV Class O		122,914		722,745
Netherlands — 3.0%
Akzo Nobel NV		37,191		3,169,066
Heineken NV		22,582		2,264,096

	Number of Shares		Value
Schlumberger Ltd.		26,012	$	1,743,584
				7,176,746
Republic of Korea — 0.9%
Samsung Electronics Co. Ltd.		49,865		2,082,161
Spain — 1.0%
Aena SME SA (c)		13,052		2,367,617
Sweden — 1.9%
Essity AB Class B		184,116		4,541,311
Switzerland — 7.6%
Adecco Group AG Registered		22,007		1,300,137
Cie Financiere Richemont SA Registered		27,238		2,307,517
Julius Baer Group Ltd.		23,399		1,374,625
Nestle SA Registered		73,032		5,653,902
Roche Holding AG		15,368		3,419,613
Sonova Holding AG Registered		4,933		884,955
UBS Group AG Registered		184,242		2,834,577
				17,775,326
Thailand — 0.2%
Kasikornbank PCL		83,900		505,299
United Kingdom — 9.5%
Aon PLC		14,594		2,001,859
Aptiv PLC		15,141		1,387,370
Burberry Group PLC		56,984		1,622,054
Compass Group PLC		116,612		2,484,327
Diageo PLC		136,918		4,914,767
Reckitt Benckiser Group PLC		63,755		5,241,007
Whitbread PLC		25,339		1,323,700
WPP PLC		217,846		3,428,047
				22,403,131
United States — 45.6%
3M Co.		19,420		3,820,302
Abbott Laboratories		52,203		3,183,861
American Express Co.		36,431		3,570,238
Amphenol Corp. Class A		14,573		1,270,037
AutoZone, Inc. (b)		1,912		1,282,818
The Bank of New York Mellon Corp.		74,870		4,037,739
Cisco Systems, Inc.		46,261		1,990,611
Cognizant Technology Solutions Corp. Class A		31,659		2,500,744
Colgate-Palmolive Co.		41,501		2,689,680
Comcast Corp. Class A		172,100		5,646,601
The Cooper Cos., Inc.		11,615		2,734,752
Coty, Inc. Class A		199,592		2,814,247
eBay, Inc. (b)		53,667		1,945,965
Franklin Resources, Inc.		46,427		1,487,985
The Goldman Sachs Group, Inc.		9,878		2,178,791
Harley-Davidson, Inc.		20,487		862,093
Honeywell International, Inc.		39,619		5,707,117

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

46

MML Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Johnson & Johnson		7,133	$	865,518
Kansas City Southern		36,249		3,840,944
Kellogg Co.		34,859		2,435,598
Microchip Technology, Inc. (a)		11,909		1,083,124
National Oilwell Varco, Inc.		17,859		775,081
NOW, Inc. (b)		10,440		139,165
Omnicom Group, Inc.		17,176		1,310,014
Oracle Corp.		75,886		3,343,537
PayPal Holdings, Inc. (b)		17,041		1,419,004
PPG Industries, Inc.		13,712		1,422,346
Praxair, Inc.		6,359		1,005,676
Sally Beauty Holdings, Inc. (a) (b)		46,232		741,099
State Street Corp.		49,220		4,581,890
Stryker Corp.		29,881		5,045,706
Thermo Fisher Scientific, Inc.		33,251		6,887,612
United Parcel Service, Inc. Class B		36,126		3,837,665
United Technologies Corp.		19,931		2,491,973
Visa, Inc. Class A		50,823		6,731,506
W.W. Grainger, Inc.		1,235		380,874
The Walt Disney Co.		42,300		4,433,463
Waters Corp. (b)		10,334		2,000,559
Wynn Resorts Ltd.		3,818		638,904
Zimmer Biomet Holdings, Inc.		37,616		4,191,927
				107,326,766
TOTAL COMMON STOCK (Cost $192,983,621)				232,057,053
TOTAL EQUITIES (Cost $192,983,621)				232,057,053
MUTUAL FUNDS — 2.7%
United States — 2.7%
State Street Navigator Securities Lending Prime Portfolio (d)		6,386,963		6,386,963
TOTAL MUTUAL FUNDS (Cost $6,386,963)				6,386,963
TOTAL LONG-TERM INVESTMENTS (Cost $199,370,584)				238,444,016
	Principal Amount
SHORT-TERM INVESTMENTS — 1.6%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (e)	$	3,788,817		3,788,817

	Principal Amount		Value
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18	$	17,052	$	17,052
TOTAL SHORT-TERM INVESTMENTS (Cost $3,805,869)				3,805,869
TOTAL INVESTMENTS — 102.9% (Cost $203,176,453) (f)				242,249,885
Other Assets/(Liabilities) — (2.9)%				(6,898,251	)
NET ASSETS — 100.0%			$	235,351,634

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2018, was $6,122,347 or 2.60% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(b) Non-income producing security.

(c) 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 June 30, 2018, these securities amounted to a value of $2,367,617 or 1.01% of net assets.

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

(e) Maturity value of $3,789,114. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 12/31/23, and an aggregate market value, including accrued interest, of $3,865,316.

(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	36.9	%
Industrial	17.7	%
Financial	13.6	%
Consumer, Cyclical	8.3	%
Communications	8.0	%
Technology	7.7	%
Basic Materials	5.3	%
Mutual Funds	2.7	%
Energy	1.1	%
Total Long-Term Investments	101.3	%
Short-Term Investments and Other Assets and Liabilities	(1.3	)%
Net Assets	100.0	%

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

47

MML Growth & Income Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.2%
COMMON STOCK — 98.2%
Basic Materials — 2.4%
Chemicals — 2.4%
PPG Industries, Inc.		12,509	$	1,297,559
The Sherwin-Williams Co.		4,909		2,000,761
				3,298,320
Communications — 9.6%
Internet — 6.2%
Alphabet, Inc. Class A (a)		4,062		4,586,770
Alphabet, Inc. Class C (a)		1,611		1,797,312
Facebook, Inc. Class A (a)		11,913		2,314,934
				8,699,016
Media — 2.5%
Comcast Corp. Class A		80,433		2,639,007
The Walt Disney Co.		8,413		881,766
				3,520,773
Telecommunications — 0.9%
Cisco Systems, Inc.		30,762		1,323,689
				13,543,478
Consumer, Cyclical — 9.6%
Apparel — 2.4%
LVMH Moet Hennessy Louis Vuitton SE		4,609		1,532,118
NIKE, Inc. Class B		23,386		1,863,397
				3,395,515
Food Services — 0.7%
Aramark		25,943		962,485
Housewares — 1.2%
Newell Brands, Inc.		67,004		1,728,033
Retail — 5.3%
Costco Wholesale Corp.		7,035		1,470,174
Dollar Tree, Inc. (a)		9,295		790,075
Ross Stores, Inc.		20,124		1,705,509
Starbucks Corp.		36,468		1,781,462
Tractor Supply Co.		21,676		1,657,997
				7,405,217
				13,491,250
Consumer, Non-cyclical — 22.8%
Beverages — 2.2%
Diageo PLC		34,239		1,229,032
Pernod Ricard SA		11,174		1,823,764
				3,052,796
Biotechnology — 1.1%
Biogen, Inc. (a)		5,596		1,624,183

	Number of Shares		Value
Cosmetics & Personal Care — 2.2%
Colgate-Palmolive Co.		22,862	$	1,481,686
Coty, Inc. Class A		55,871		787,781
The Estee Lauder Cos., Inc. Class A		5,854		835,308
				3,104,775
Foods — 3.0%
Danone SA		24,672		1,808,626
Mondelez International, Inc. Class A		57,999		2,377,959
				4,186,585
Health Care – Products — 8.0%
Abbott Laboratories		20,863		1,272,435
Danaher Corp.		31,769		3,134,965
Medtronic PLC		35,680		3,054,565
Stryker Corp.		4,241		716,135
Thermo Fisher Scientific, Inc.		15,174		3,143,142
				11,321,242
Household Products & Wares — 0.7%
Kimberly-Clark Corp.		8,986		946,585
Pharmaceuticals — 5.6%
Eli Lilly & Co.		20,244		1,727,421
Johnson & Johnson		30,431		3,692,498
McKesson Corp.		9,756		1,301,450
Zoetis, Inc.		13,638		1,161,821
				7,883,190
				32,119,356
Energy — 5.5%
Oil & Gas — 2.1%
EOG Resources, Inc.		24,287		3,022,031
Oil & Gas Services — 1.9%
Schlumberger Ltd.		39,212		2,628,380
Pipelines — 1.5%
Enterprise Products Partners LP (b)		77,398		2,141,603
				7,792,014
Financial — 21.8%
Banks — 10.5%
Bank of America Corp.		150,679		4,247,641
The Goldman Sachs Group, Inc.		9,856		2,173,938
JP Morgan Chase & Co.		48,293		5,032,131
Morgan Stanley		37,476		1,776,362
US Bancorp		29,867		1,493,947
				14,724,019
Diversified Financial Services — 6.9%
BlackRock, Inc.		1,335		666,218
Mastercard, Inc. Class A		14,408		2,831,460
Nasdaq, Inc.		21,622		1,973,440
Visa, Inc. Class A		31,831		4,216,016
				9,687,134

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

48

MML Growth & Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Insurance — 1.0%
Chubb Ltd.		11,464	$	1,456,157
Private Equity — 0.8%
The Blackstone Group LP (b)		35,215		1,132,867
Real Estate Investment Trusts (REITS) — 2.6%
American Tower Corp.		25,551		3,683,688
				30,683,865
Industrial — 9.4%
Aerospace & Defense — 1.4%
United Technologies Corp.		15,760		1,970,473
Electrical Components & Equipment — 1.0%
AMETEK, Inc.		19,336		1,395,286
Electronics — 3.3%
Fortive Corp.		13,513		1,041,988
Honeywell International, Inc.		17,103		2,463,687
TE Connectivity Ltd.		11,639		1,048,208
				4,553,883
Engineering & Construction — 0.5%
Fluor Corp.		15,484		755,310
Packaging & Containers — 1.3%
Crown Holdings, Inc. (a)		40,587		1,816,674
Transportation — 1.9%
Canadian National Railway Co.		32,846		2,685,160
				13,176,786
Technology — 16.6%
Computers — 8.3%
Accenture PLC Class A		15,567		2,546,606
Amdocs Ltd.		18,852		1,247,814
Apple, Inc.		9,786		1,811,486
Cognizant Technology Solutions Corp. Class A		35,161		2,777,367
DXC Technology Co.		22,632		1,824,366
Hewlett Packard Enterprise Co.		84,900		1,240,389
Perspecta, Inc.		11,316		232,544
				11,680,572
Semiconductors — 3.6%
Analog Devices, Inc.		9,304		892,440
Broadcom, Inc.		7,354		1,784,374
Texas Instruments, Inc.		21,481		2,368,280
				5,045,094
Software — 4.7%
Adobe Systems, Inc. (a)		7,082		1,726,662
Fidelity National Information Services, Inc.		26,531		2,813,082
Microsoft Corp.		12,783		1,260,532
salesforce.com, Inc. (a)		5,933		809,261
				6,609,537
				23,335,203

	Number of Shares		Value
Utilities — 0.5%
Electric — 0.5%
American Electric Power Co., Inc.		10,560	$	731,280
TOTAL COMMON STOCK (Cost $92,621,604)				138,171,552
TOTAL EQUITIES (Cost $92,621,604)				138,171,552
TOTAL LONG-TERM INVESTMENTS (Cost $92,621,604)				138,171,552
	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement , dated 6/29/18, 0.940%, due 7/02/18 (c)	$	2,446,533		2,446,533
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18		9,648		9,648
TOTAL SHORT-TERM INVESTMENTS (Cost $2,456,181)				2,456,181
TOTAL INVESTMENTS — 100.0% (Cost $95,077,785) (d)				140,627,733
Other Assets/(Liabilities) — 0.0%				40,910
NET ASSETS — 100.0%			$	140,668,643

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 $2,446,725. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $2,500,073.

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

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

49

MML Income & Growth Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 94.9%
COMMON STOCK — 94.9%
Basic Materials — 5.9%
Chemicals — 5.7%
Air Products & Chemicals, Inc.		14,462	$	2,252,167
Celanese Corp. Series A		16,887		1,875,470
DowDuPont, Inc.		112,698		7,429,052
LyondellBasell Industries NV Class A		13,992		1,537,021
Praxair, Inc.		18,631		2,946,493
Versum Materials, Inc.		25,059		930,942
				16,971,145
Mining — 0.2%
Covia Holdings Corp. (a)		24,150		448,224
				17,419,369
Communications — 2.8%
Media — 0.9%
Comcast Corp. Class A		56,787		1,863,182
Twenty-First Century Fox, Inc. Class A		14,935		742,120
				2,605,302
Telecommunications — 1.9%
AT&T, Inc.		72,629		2,332,117
Verizon Communications, Inc.		67,419		3,391,850
				5,723,967
				8,329,269
Consumer, Cyclical — 7.9%
Airlines — 0.5%
Southwest Airlines Co.		27,461		1,397,215
Apparel — 0.5%
Hanesbrands, Inc.		63,576		1,399,943
Auto Parts & Equipment — 0.4%
Adient PLC		26,562		1,306,585
Home Furnishing — 0.6%
Whirlpool Corp.		11,987		1,752,859
Leisure Time — 1.8%
Carnival Corp.		21,190		1,214,399
Norwegian Cruise Line Holdings Ltd. (a)		41,748		1,972,593
Royal Caribbean Cruises Ltd.		19,940		2,065,784
				5,252,776
Retail — 4.1%
Advance Auto Parts, Inc.		12,700		1,723,390
Dollar General Corp.		26,274		2,590,617
Lowe’s Cos., Inc.		27,616		2,639,261
O’Reilly Automotive, Inc. (a)		4,144		1,133,674

	Number of Shares		Value
Walmart, Inc.		48,914	$	4,189,484
				12,276,426
				23,385,804
Consumer, Non-cyclical — 19.0%
Agriculture — 3.2%
Altria Group, Inc.		83,209		4,725,439
Philip Morris International, Inc.		58,092		4,690,348
				9,415,787
Beverages — 0.8%
Coca-Cola European Partners PLC		58,912		2,394,184
Commercial Services — 0.9%
AMERCO		4,761		1,695,630
Nielsen Holdings PLC		31,654		979,058
				2,674,688
Foods — 0.6%
Tyson Foods, Inc. Class A		25,546		1,758,842
Health Care – Products — 0.8%
Medtronic PLC		27,909		2,389,290
Health Care – Services — 2.7%
Anthem, Inc.		11,584		2,757,340
Cigna Corp.		13,199		2,243,170
UnitedHealth Group, Inc.		12,325		3,023,815
				8,024,325
Pharmaceuticals — 10.0%
Cardinal Health, Inc.		46,852		2,287,783
CVS Health Corp.		73,073		4,702,248
Express Scripts Holding Co. (a)		22,764		1,757,608
Johnson & Johnson		52,479		6,367,802
Merck & Co., Inc.		72,697		4,412,708
Pfizer, Inc.		195,899		7,107,216
Sanofi ADR		55,622		2,225,436
Teva Pharmaceutical Industries Ltd. Sponsored ADR		42,679		1,037,953
				29,898,754
				56,555,870
Energy — 14.5%
Oil & Gas — 14.1%
BP PLC Sponsored ADR		181,399		8,282,678
Chevron Corp.		55,301		6,991,705
ConocoPhillips		99,578		6,932,620
Hess Corp.		38,259		2,559,145
Kosmos Energy Ltd. (a)		167,418		1,384,547
Occidental Petroleum Corp.		80,272		6,717,161
Phillips 66		59,910		6,728,492
Vermilion Energy, Inc.		65,248		2,349,581
				41,945,929

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

50

MML Income & Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Oil & Gas Services — 0.4%
Schlumberger Ltd.		19,693	$	1,320,022
				43,265,951
Financial — 25.2%
Banks — 14.5%
Bank of America Corp.		322,162		9,081,747
The Bank of New York Mellon Corp.		38,921		2,099,009
Citigroup, Inc.		53,812		3,601,099
JP Morgan Chase & Co.		73,275		7,635,255
KeyCorp		101,420		1,981,747
The PNC Financial Services Group, Inc.		10,731		1,449,758
State Street Corp.		51,978		4,838,632
US Bancorp		85,722		4,287,814
Wells Fargo & Co.		143,449		7,952,813
				42,927,874
Diversified Financial Services — 5.1%
American Express Co.		73,993		7,251,314
E*TRADE Financial Corp. (a)		42,440		2,595,630
FNF Group		36,645		1,378,585
Navient Corp.		91,375		1,190,616
SLM Corp. (a)		248,217		2,842,085
				15,258,230
Insurance — 4.2%
Berkshire Hathaway, Inc. Class B (a)		11,634		2,171,486
Loews Corp.		115,766		5,589,182
Willis Towers Watson PLC		14,706		2,229,430
XL Group Ltd.		46,540		2,603,913
				12,594,011
Real Estate Investment Trusts (REITS) — 0.9%
HCP, Inc.		99,528		2,569,813
Savings & Loans — 0.5%
New York Community Bancorp, Inc.		136,760		1,509,831
				74,859,759
Industrial — 9.1%
Aerospace & Defense — 3.6%
Raytheon Co.		10,478		2,024,140
Spirit AeroSystems Holdings, Inc. Class A		27,296		2,344,999
United Technologies Corp.		51,591		6,450,423
				10,819,562
Building Materials — 2.4%
Johnson Controls International PLC		164,289		5,495,467
Owens Corning		27,656		1,752,561
				7,248,028
Hand & Machine Tools — 1.4%
Stanley Black & Decker, Inc.		31,413		4,171,960

	Number of Shares		Value
Miscellaneous – Manufacturing — 1.7%
General Electric Co.		360,355	$	4,904,432
				27,143,982
Technology — 7.4%
Computers — 1.5%
Hewlett Packard Enterprise Co.		131,698		1,924,108
International Business Machines Corp.		19,205		2,682,938
				4,607,046
Semiconductors — 3.4%
Broadcom, Inc.		6,322		1,533,970
Microchip Technology, Inc.		21,919		1,993,533
QUALCOMM, Inc.		74,861		4,201,199
Texas Instruments, Inc.		20,363		2,245,021
				9,973,723
Software — 2.5%
Microsoft Corp.		26,820		2,644,720
Oracle Corp.		106,691		4,700,806
				7,345,526
				21,926,295
Utilities — 3.1%
Electric — 3.1%
Dominion Energy, Inc.		22,297		1,520,210
Entergy Corp.		43,343		3,501,681
Exelon Corp.		100,044		4,261,875
				9,283,766
TOTAL COMMON STOCK (Cost $271,206,598)				282,170,065
TOTAL EQUITIES (Cost $271,206,598)				282,170,065
TOTAL LONG-TERM INVESTMENTS (Cost $271,206,598)				282,170,065
	Principal Amount
SHORT-TERM INVESTMENTS — 5.5%
Repurchase Agreement — 5.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (b)	$	16,151,405		16,151,405

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

51

MML Income & Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18	$	80,592	$	80,592
TOTAL SHORT-TERM INVESTMENTS (Cost $16,231,997)				16,231,997
TOTAL INVESTMENTS — 100.4% (Cost $287,438,595) (c)				298,402,062
Other Assets/(Liabilities) — (0.4)%				(1,165,510	)
NET ASSETS — 100.0%			$	297,236,552

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 $16,152,670. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $16,478,871.

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

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

52

MML International Equity Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 95.8%
COMMON STOCK — 95.8%
Australia — 2.4%
AMP Ltd.		658,034	$	1,732,275
Orica Ltd.		180,111		2,370,676
				4,102,951
Canada — 0.7%
Alimentation Couche-Tard, Inc. Class B		11,900		516,951
Cenovus Energy, Inc.		72,600		753,805
				1,270,756
Cayman Islands — 0.7%
Baidu, Inc. Sponsored ADR (a)		5,025		1,221,075
France — 11.9%
BNP Paribas SA		130,465		8,086,812
Bureau Veritas SA		70,300		1,874,587
Danone SA		24,791		1,817,349
Pernod Ricard SA		5,305		865,855
Publicis Groupe SA		57,691		3,964,423
Safran SA		8,770		1,063,867
Sanofi		2,900		232,210
Valeo SA		54,910		2,997,150
				20,902,253
Germany — 16.9%
Allianz SE Registered		32,990		6,817,000
Bayer AG Registered		40,204		4,429,537
Bayerische Motoren Werke AG		71,380		6,474,387
Continental AG		17,950		4,102,753
Daimler AG Registered		120,500		7,752,333
				29,576,010
India — 1.4%
Axis Bank Ltd.		329,102		2,438,895
Indonesia — 1.2%
Bank Mandiri Persero Tbk PT		4,571,100		2,172,509
Ireland — 2.6%
Ryanair Holdings PLC Sponsored ADR (a)		10,315		1,178,283
Willis Towers Watson PLC		22,419		3,398,720
				4,577,003
Italy — 3.8%
Intesa Sanpaolo SpA		2,276,400		6,589,079
Japan — 4.1%
Olympus Corp.		66,200		2,472,689
Toyota Motor Corp.		72,600		4,693,144
				7,165,833
Mexico — 1.5%
Grupo Televisa SAB Sponsored ADR		141,100		2,673,845

	Number of Shares		Value
Netherlands — 6.8%
Akzo Nobel NV		7,561	$	644,277
ASML Holding NV		7,035		1,387,450
CNH Industrial NV		457,608		4,848,356
EXOR NV		61,400		4,130,656
Koninklijke Philips NV		20,815		882,271
				11,893,010
Republic of Korea — 0.2%
Samsung Electronics Co. Ltd.		8,350		348,662
South Africa — 2.7%
Naspers Ltd.		18,850		4,777,248
Sweden — 5.4%
Hennes & Mauritz AB Class B (b)		404,200		6,016,530
SKF AB Class B		107,100		1,990,542
Volvo AB Class B		89,470		1,425,139
				9,432,211
Switzerland — 10.2%
Cie Financiere Richemont SA Registered		31,040		2,629,610
Credit Suisse Group AG Registered		445,923		6,692,204
Kuehne & Nagel International AG Registered		9,535		1,432,217
LafargeHolcim Ltd. Registered		86,880		4,236,216
Nestle SA Registered		36,970		2,862,098
The Swatch Group AG		170		80,751
				17,933,096
Taiwan — 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		300,000		2,134,395
United Kingdom — 22.1%
Ashtead Group PLC		66,959		1,994,460
Diageo PLC		51,500		1,848,628
Experian PLC		62,100		1,535,780
Ferguson Plc		5,873		476,558
G4S PLC		393,200		1,387,154
Glencore PLC		1,075,500		5,099,142
Liberty Global PLC Series A (a)		46,000		1,266,840
Liberty Global PLC Series C (a)		114,300		3,041,523
Lloyds Banking Group PLC		8,905,000		7,408,288
Meggitt PLC		173,738		1,130,784
Reckitt Benckiser Group PLC		10,400		854,937
Royal Bank of Scotland Group PLC (a)		1,008,100		3,406,116
Schroders PLC		94,000		3,916,554
Smiths Group PLC		71,300		1,597,271
WPP PLC		233,700		3,677,528
				38,641,563
TOTAL COMMON STOCK (Cost $165,349,323)				167,850,394
TOTAL EQUITIES (Cost $165,349,323)				167,850,394

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

53

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 3.6%
United States — 3.6%
State Street Navigator Securities Lending Prime Portfolio (c)		6,331,356	$	6,331,356
TOTAL MUTUAL FUNDS (Cost $6,331,356)				6,331,356
RIGHTS — 0.0%
Italy — 0.0%
Intesa Sanpaolo SpA Rights (a) (d) (e)		2,276,400		-
TOTAL RIGHTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $171,680,679)				174,181,750
	Principal Amount
SHORT-TERM INVESTMENTS — 4.3%
Repurchase Agreement — 4.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (f)	$	7,466,831		7,466,831
TOTAL SHORT-TERM INVESTMENTS (Cost $7,466,831)				7,466,831
TOTAL INVESTMENTS — 103.7% (Cost $179,147,510) (g)				181,648,581
Other Assets/(Liabilities) — (3.7)%				(6,416,851	)
NET ASSETS — 100.0%			$	175,231,730

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 June 30, 2018, was $6,023,011 or 3.44% 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) Investment was valued using significant unobservable inputs.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2018, these securities amounted to a value of $0 or 0.00% of net assets.

(f) Maturity value of $7,467,416. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $7,618,101.

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

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

Financial	32.3	%
Consumer, Cyclical	21.9	%
Consumer, Non-cyclical	12.7	%
Communications	11.8	%
Industrial	11.2	%
Mutual Funds	3.6	%
Basic Materials	3.3	%
Technology	2.2	%
Energy	0.4	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

The Fund had the following open Forward contracts at June 30, 2018:

Counterparty			Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contract to Deliver
CHF	3,574,000	State Street Bank and Trust Co.	9/19/18	$	3,804,698	$	171,532

Currency Legend

CHF Swiss Franc

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

54

MML Large Cap Growth Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Communications — 31.7%
Internet — 27.3%
Alibaba Group Holding Ltd. Sponsored ADR (a)		37,085	$	6,880,380
Alphabet, Inc. Class A (a)		2,888		3,261,101
Alphabet, Inc. Class C (a)		2,896		3,230,923
Amazon.com, Inc. (a)		4,809		8,174,338
Facebook, Inc. Class A (a)		38,144		7,412,142
				28,958,884
Media — 1.6%
FactSet Research Systems, Inc.		8,811		1,745,459
Telecommunications — 2.8%
Cisco Systems, Inc.		67,907		2,922,038
				33,626,381
Consumer, Cyclical — 5.4%
Retail — 5.4%
Starbucks Corp.		52,231		2,551,484
Yum China Holdings, Inc.		37,545		1,443,981
Yum! Brands, Inc.		21,572		1,687,362
				5,682,827
				5,682,827
Consumer, Non-cyclical — 26.4%
Beverages — 6.0%
The Coca-Cola Co.		58,748		2,576,687
Monster Beverage Corp. (a)		65,952		3,779,050
				6,355,737
Biotechnology — 5.0%
Amgen, Inc.		10,148		1,873,219
Regeneron Pharmaceuticals, Inc. (a)		10,053		3,468,185
				5,341,404
Commercial Services — 0.9%
Automatic Data Processing, Inc.		7,368		988,343
Cosmetics & Personal Care — 4.7%
Colgate-Palmolive Co.		34,460		2,233,353
The Procter & Gamble Co.		34,703		2,708,916
				4,942,269
Foods — 2.8%
Danone SA Sponsored ADR		200,497		2,923,246
Health Care – Products — 1.7%
Varian Medical Systems, Inc. (a)		15,826		1,799,733
Pharmaceuticals — 5.3%
Merck & Co., Inc.		17,371		1,054,420
Novartis AG Sponsored ADR		21,573		1,629,624

	Number of Shares		Value
Novo Nordisk A/S Sponsored ADR		63,159	$	2,912,893
				5,596,937
				27,947,669
Energy — 3.0%
Oil & Gas Services — 3.0%
Schlumberger Ltd.		47,521		3,185,333
Financial — 9.8%
Diversified Financial Services — 9.8%
American Express Co.		11,751		1,151,598
SEI Investments Co.		45,885		2,868,730
Visa, Inc. Class A		48,257		6,391,640
				10,411,968
Industrial — 6.5%
Machinery – Diversified — 2.5%
Deere & Co.		19,015		2,658,297
Transportation — 4.0%
Expeditors International of Washington, Inc.		44,243		3,234,163
United Parcel Service, Inc. Class B		9,680		1,028,307
				4,262,470
				6,920,767
Technology — 16.6%
Semiconductors — 2.6%
QUALCOMM, Inc.		49,863		2,798,311
Software — 14.0%
Autodesk, Inc. (a)		31,623		4,145,459
Cerner Corp. (a)		39,656		2,371,032
Microsoft Corp.		33,674		3,320,593
Oracle Corp.		113,510		5,001,251
				14,838,335
				17,636,646
TOTAL COMMON STOCK (Cost $76,638,016)				105,411,591
TOTAL EQUITIES (Cost $76,638,016)				105,411,591
TOTAL LONG-TERM INVESTMENTS (Cost $76,638,016)				105,411,591

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

55

MML Large Cap Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (b)	$	740,798	$	740,798
TOTAL SHORT-TERM INVESTMENTS (Cost $740,798)				740,798
TOTAL INVESTMENTS — 100.1% (Cost $77,378,814) (c)				106,152,389
Other Assets/(Liabilities) — (0.1)%				(102,362	)
NET ASSETS — 100.0%			$	106,050,027

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 $740,856. 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 $756,771.

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

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

United States	82.9	%
Cayman Islands	6.5	%
Netherlands	3.0	%
France	2.8	%
Denmark	2.7	%
Switzerland	1.5	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

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

56

MML Managed Volatility Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Basic Materials — 2.0%
Chemicals — 1.7%
Air Products & Chemicals, Inc. (a)		1,612	$	251,037
Albemarle Corp. (a)		867		81,784
CF Industries Holdings, Inc. (a)		1,850		82,140
DowDuPont, Inc. (a)		17,356		1,144,107
Eastman Chemical Co. (a)		1,127		112,655
FMC Corp. (a)		1,063		94,830
International Flavors & Fragrances, Inc. (a)		626		77,599
LyondellBasell Industries NV Class A (a)		2,432		267,155
The Mosaic Co. (a)		2,738		76,801
PPG Industries, Inc. (a)		1,896		196,672
Praxair, Inc. (a)		2,105		332,906
The Sherwin-Williams Co. (a)		617		251,471
				2,969,157
Forest Products & Paper — 0.1%
International Paper Co. (a)		3,058		159,261
Iron & Steel — 0.1%
Nucor Corp. (a)		2,285		142,813
Mining — 0.1%
Freeport-McMoRan, Inc. (a)		9,854		170,080
Newmont Mining Corp. (a)		4,009		151,179
				321,259
				3,592,490
Communications — 14.7%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		3,159		74,047
Omnicom Group, Inc. (a)		1,659		126,532
				200,579
Internet — 9.5%
Alphabet, Inc. Class A (a) (b)		2,224		2,511,318
Alphabet, Inc. Class C (a) (b)		2,265		2,526,947
Amazon.com, Inc. (a) (b)		2,992		5,085,802
Booking Holdings, Inc. (a) (b)		365		739,888
eBay, Inc. (a) (b)		6,993		253,566
Expedia Group, Inc. (a)		903		108,532
F5 Networks, Inc. (a) (b)		445		76,740
Facebook, Inc. Class A (a) (b)		17,841		3,466,863
Netflix, Inc. (a) (b)		3,233		1,265,493
Symantec Corp. (a)		4,880		100,772
TripAdvisor, Inc. (a) (b)		845		47,075
Twitter, Inc. (a) (b)		4,928		215,206
VeriSign, Inc. (a) (b)		674		92,621
				16,490,823

	Number of Shares		Value
Media — 2.1%
CBS Corp. Class B (a)		2,461	$	138,357
Charter Communications, Inc. Class A (a) (b)		1,378		404,043
Comcast Corp. Class A (a)		34,393		1,128,434
Discovery, Inc. Class A (a) (b)		1,248		34,320
Discovery, Inc. Class C (a) (b)		2,276		58,038
DISH Network Corp. Class A (a) (b)		1,796		60,364
News Corp. Class A (a)		3,310		51,305
News Corp. Class B (a)		778		12,331
Twenty-First Century Fox, Inc. Class A (a)		7,794		387,284
Twenty-First Century Fox, Inc. Class B (a)		3,323		163,724
Viacom, Inc. Class B (a)		2,767		83,453
The Walt Disney Co. (a)		11,171		1,170,833
				3,692,486
Telecommunications — 3.0%
AT&T, Inc. (a)		54,068		1,736,124
CenturyLink, Inc. (a)		7,152		133,313
Cisco Systems, Inc. (a)		35,895		1,544,562
Juniper Networks, Inc. (a)		2,597		71,210
Motorola Solutions, Inc. (a)		1,199		139,528
Verizon Communications, Inc. (a)		30,753		1,547,183
				5,171,920
				25,555,808
Consumer, Cyclical — 8.2%
Airlines — 0.4%
Alaska Air Group, Inc. (a)		929		56,103
American Airlines Group, Inc. (a)		3,197		121,358
Delta Air Lines, Inc. (a)		4,865		241,012
Southwest Airlines Co. (a)		4,075		207,336
United Continental Holdings, Inc. (a) (b)		1,781		124,189
				749,998
Apparel — 0.7%
Hanesbrands, Inc. (a)		2,536		55,843
Michael Kors Holdings Ltd. (a) (b)		1,200		79,920
NIKE, Inc. Class B (a)		9,668		770,346
PVH Corp. (a)		535		80,100
Ralph Lauren Corp. (a)		411		51,671
Under Armour, Inc. Class A (a) (b)		1,616		36,328
Under Armour, Inc. Class C (a) (b)		1,292		27,235
VF Corp. (a)		2,370		193,203
				1,294,646
Auto Manufacturers — 0.5%
Ford Motor Co. (a)		28,815		318,982
General Motors Co. (a)		9,198		362,401
PACCAR, Inc. (a)		2,541		157,441
				838,824

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

57

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Parts & Equipment — 0.2%
Aptiv PLC (a)		1,985	$	181,886
BorgWarner, Inc. (a)		1,559		67,286
The Goodyear Tire & Rubber Co.		1,923		44,787
				293,959
Distribution & Wholesale — 0.2%
Fastenal Co. (a)		2,024		97,415
LKQ Corp. (a) (b)		2,470		78,793
W.W. Grainger, Inc. (a)		378		116,575
				292,783
Home Builders — 0.1%
D.R. Horton, Inc. (a)		2,568		105,288
Lennar Corp. Class A (a)		1,904		99,960
PulteGroup, Inc. (a)		2,142		61,582
				266,830
Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		967		43,167
Whirlpool Corp. (a)		506		73,992
				117,159
Housewares — 0.1%
Newell Brands, Inc. (a)		3,469		89,466
Leisure Time — 0.2%
Carnival Corp. (a)		2,977		170,612
Harley-Davidson, Inc. (a)		1,334		56,135
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,401		66,197
Royal Caribbean Cruises Ltd. (a)		1,261		130,639
				423,583
Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		2,032		160,853
Marriott International, Inc. Class A (a)		2,295		290,547
MGM Resorts International (a)		3,778		109,675
Wynn Resorts Ltd. (a)		650		108,771
				669,846
Retail — 5.1%
Advance Auto Parts, Inc. (a)		579		78,570
AutoZone, Inc. (a) (b)		195		130,831
Best Buy Co., Inc. (a)		1,971		146,997
CarMax, Inc. (a) (b)		1,272		92,691
Chipotle Mexican Grill, Inc. (a) (b)		190		81,960
Copart, Inc. (b)		1,473		83,313
Costco Wholesale Corp. (a)		3,286		686,708
Darden Restaurants, Inc. (a)		977		104,598
Dollar General Corp. (a)		1,902		187,537
Dollar Tree, Inc. (a) (b)		1,741		147,985
Foot Locker, Inc. (a)		994		52,334
The Gap, Inc. (a)		1,661		53,800
Genuine Parts Co. (a)		1,135		104,182
The Home Depot, Inc. (a)		8,725		1,702,247

	Number of Shares		Value
Kohl’s Corp. (a)		1,224	$	89,230
L Brands, Inc. (a)		1,644		60,631
Lowe’s Cos., Inc. (a)		6,203		592,821
Macy’s, Inc. (a)		2,205		82,533
McDonald’s Corp. (a)		5,928		928,858
Nordstrom, Inc. (a)		827		42,822
O’Reilly Automotive, Inc. (a) (b)		611		167,151
Ross Stores, Inc. (a)		2,820		238,995
Starbucks Corp. (a)		10,529		514,342
Tapestry, Inc. (a)		2,067		96,550
Target Corp. (a)		3,986		303,414
Tiffany & Co. (a)		747		98,305
The TJX Cos., Inc. (a)		4,684		445,823
Tractor Supply Co. (a)		918		70,218
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		413		96,419
Walgreens Boots Alliance, Inc. (a)		6,308		378,575
Walmart, Inc. (a)		10,773		922,707
Yum! Brands, Inc. (a)		2,445		191,248
				8,974,395
Textiles — 0.1%
Mohawk Industries, Inc. (a) (b)		459		98,350
Toys, Games & Hobbies — 0.1%
Hasbro, Inc. (a)		888		81,972
Mattel, Inc. (a)		2,703		44,383
				126,355
				14,236,194
Consumer, Non-cyclical — 21.3%
Agriculture — 1.1%
Altria Group, Inc. (a)		14,071		799,092
Archer-Daniels-Midland Co. (a)		4,132		189,370
Philip Morris International, Inc. (a)		11,523		930,367
				1,918,829
Beverages — 1.9%
Brown-Forman Corp. Class B (a)		1,987		97,383
The Coca-Cola Co. (a)		28,624		1,255,448
Constellation Brands, Inc. Class A (a)		1,298		284,093
Dr. Pepper Snapple Group, Inc. (a)		1,263		154,086
Molson Coors Brewing Co. Class B (a)		1,456		99,066
Monster Beverage Corp. (a) (b)		3,089		177,000
PepsiCo, Inc. (a)		10,587		1,152,607
				3,219,683
Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc. (a) (b)		1,634		202,861
Amgen, Inc. (a)		4,987		920,550
Biogen, Inc. (a) (b)		1,578		457,999
Celgene Corp. (a) (b)		5,288		419,973
Gilead Sciences, Inc. (a)		9,785		693,169
Illumina, Inc. (a) (b)		1,093		305,264

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

58

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Incyte Corp. (a) (b)		1,271	$	85,157
Regeneron Pharmaceuticals, Inc. (a) (b)		577		199,059
Vertex Pharmaceuticals, Inc. (a) (b)		1,886		320,545
				3,604,577
Commercial Services — 1.9%
Automatic Data Processing, Inc. (a)		3,315		444,674
Cintas Corp. (a)		623		115,299
Ecolab, Inc. (a)		1,922		269,714
Equifax, Inc. (a)		897		112,224
FleetCor Technologies, Inc. (b)		703		148,087
Gartner, Inc. (a) (b)		661		87,847
Global Payments, Inc. (a)		1,179		131,447
H&R Block, Inc. (a)		1,648		37,541
IHS Markit Ltd. (a) (b)		2,649		136,662
Moody’s Corp. (a)		1,233		210,300
Nielsen Holdings PLC (a)		2,436		75,345
PayPal Holdings, Inc. (a) (b)		8,440		702,799
Quanta Services, Inc. (a) (b)		1,344		44,889
Robert Half International, Inc. (a)		1,002		65,230
S&P Global, Inc. (a)		1,893		385,964
Total System Services, Inc. (a)		1,202		101,593
United Rentals, Inc. (a) (b)		624		92,115
Verisk Analytics, Inc. (a) (b)		1,151		123,894
The Western Union Co. (a)		3,614		73,473
				3,359,097
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co. (a)		6,510		421,913
Coty, Inc. Class A (a)		3,719		52,438
The Estee Lauder Cos., Inc. Class A (a)		1,669		238,150
The Procter & Gamble Co. (a)		18,718		1,461,127
				2,173,628
Foods — 1.2%
Campbell Soup Co.		1,341		54,364
Conagra Brands, Inc. (a)		2,916		104,189
General Mills, Inc. (a)		4,260		188,548
The Hershey Co. (a)		1,140		106,088
Hormel Foods Corp. (a)		2,185		81,304
The J.M. Smucker Co. (a)		895		96,195
Kellogg Co. (a)		1,851		129,329
The Kraft Heinz Co. (a)		4,402		276,534
The Kroger Co. (a)		6,026		171,440
McCormick & Co., Inc. (a)		783		90,898
Mondelez International, Inc. Class A (a)		11,118		455,838
Sysco Corp. (a)		3,581		244,546
Tyson Foods, Inc. Class A (a)		2,194		151,057
				2,150,330
Health Care – Products — 3.5%
Abbott Laboratories (a)		13,046		795,676

	Number of Shares		Value
ABIOMED, Inc. (a) (b)		320	$	130,896
Align Technology, Inc. (a) (b)		531		181,676
Baxter International, Inc. (a)		3,674		271,288
Becton, Dickinson & Co. (a)		1,977		473,610
Boston Scientific Corp. (a) (b)		10,335		337,955
The Cooper Cos., Inc. (a)		344		80,995
Danaher Corp. (a)		4,588		452,744
DENTSPLY SIRONA, Inc. (a)		1,799		78,742
Edwards Lifesciences Corp. (a) (b)		1,585		230,728
Henry Schein, Inc. (a) (b)		1,070		77,725
Hologic, Inc. (a) (b)		2,009		79,858
IDEXX Laboratories, Inc. (a) (b)		647		141,007
Intuitive Surgical, Inc. (a) (b)		834		399,052
Medtronic PLC (a)		10,125		866,801
ResMed, Inc. (a)		1,112		115,181
Stryker Corp. (a)		2,401		405,433
Thermo Fisher Scientific, Inc. (a)		3,004		622,249
Varian Medical Systems, Inc. (a) (b)		640		72,781
Zimmer Biomet Holdings, Inc. (a)		1,489		165,934
				5,980,331
Health Care – Services — 2.4%
Aetna, Inc. (a)		2,445		448,657
Anthem, Inc. (a)		1,920		457,018
Centene Corp. (a) (b)		1,358		167,319
Cigna Corp. (a)		1,826		310,329
DaVita, Inc. (a) (b)		1,006		69,857
Envision Healthcare Corp. (a) (b)		1,006		44,274
HCA Healthcare, Inc. (a)		2,056		210,946
Humana, Inc. (a)		1,026		305,368
IQVIA Holdings, Inc. (a) (b)		1,056		105,410
Laboratory Corp. of America Holdings (a) (b)		802		143,983
Quest Diagnostics, Inc. (a)		1,000		109,940
UnitedHealth Group, Inc. (a)		7,227		1,773,072
Universal Health Services, Inc. Class B (a)		680		75,779
				4,221,952
Household Products & Wares — 0.3%
Avery Dennison Corp. (a)		690		70,449
Church & Dwight Co., Inc. (a)		1,910		101,536
The Clorox Co. (a)		933		126,188
Kimberly-Clark Corp. (a)		2,645		278,624
				576,797
Pharmaceuticals — 5.6%
AbbVie, Inc. (a)		11,305		1,047,408
Allergan PLC (a)		2,455		409,297
AmerisourceBergen Corp. (a)		1,152		98,231
Bristol-Myers Squibb Co. (a)		12,232		676,919
Cardinal Health, Inc. (a)		2,318		113,188
CVS Health Corp. (a)		7,566		486,872
Eli Lilly & Co. (a)		7,212		615,400

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

59

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Express Scripts Holding Co. (a) (b)		4,242	$	327,525
Johnson & Johnson (a)		19,955		2,421,340
McKesson Corp. (a)		1,519		202,635
Merck & Co., Inc. (a)		20,065		1,217,945
Mylan NV (a) (b)		3,777		136,501
Nektar Therapeutics (a) (b)		1,216		59,377
Perrigo Co. PLC (a)		957		69,775
Pfizer, Inc. (a)		44,280		1,606,478
Zoetis, Inc. (a)		3,630		309,240
				9,798,131
				37,003,355
Energy — 6.2%
Oil & Gas — 5.1%
Anadarko Petroleum Corp. (a)		3,811		279,156
Andeavor (a)		1,039		136,296
Apache Corp. (a)		2,774		129,685
Cabot Oil & Gas Corp. (a)		3,643		86,703
Chevron Corp. (a)		14,221		1,797,961
Cimarex Energy Co. (a)		769		78,238
Concho Resources, Inc. (a) (b)		1,102		152,462
ConocoPhillips (a)		8,807		613,143
Devon Energy Corp. (a)		3,820		167,927
EOG Resources, Inc. (a)		4,324		538,035
EQT Corp. (a)		1,897		104,676
Exxon Mobil Corp. (a)		31,548		2,609,966
Helmerich & Payne, Inc.		778		49,605
Hess Corp. (a)		1,978		132,308
HollyFrontier Corp.		1,402		95,939
Marathon Oil Corp. (a)		6,174		128,790
Marathon Petroleum Corp. (a)		3,527		247,454
Newfield Exploration Co. (a) (b)		1,266		38,297
Noble Energy, Inc. (a)		3,832		135,193
Occidental Petroleum Corp. (a)		5,695		476,558
Phillips 66 (a)		3,135		352,092
Pioneer Natural Resources Co. (a)		1,262		238,821
Valero Energy Corp. (a)		3,239		358,978
				8,948,283
Oil & Gas Services — 0.7%
Baker Hughes a GE Co. (a)		3,060		101,072
Halliburton Co. (a)		6,534		294,422
National Oilwell Varco, Inc. (a)		2,764		119,958
Schlumberger Ltd. (a)		10,349		693,693
TechnipFMC PLC (a)		3,202		101,631
				1,310,776
Pipelines — 0.4%
Kinder Morgan, Inc. (a)		14,490		256,039
ONEOK, Inc. (a)		3,022		211,026
The Williams Cos., Inc. (a)		6,055		164,151
				631,216
				10,890,275

	Number of Shares		Value
Financial — 18.0%
Banks — 7.4%
Bank of America Corp. (a)		71,272	$	2,009,158
The Bank of New York Mellon Corp. (a)		7,512		405,122
BB&T Corp. (a)		5,804		292,754
Capital One Financial Corp. (a)		3,650		335,435
Citigroup, Inc. (a)		19,160		1,282,187
Citizens Financial Group, Inc. (a)		3,536		137,550
Comerica, Inc. (a)		1,384		125,833
Fifth Third Bancorp (a)		5,157		148,006
The Goldman Sachs Group, Inc. (a)		2,641		582,525
Huntington Bancshares, Inc. (a)		7,669		113,194
JP Morgan Chase & Co. (a)		25,580		2,665,436
KeyCorp (a)		7,692		150,302
M&T Bank Corp. (a)		1,152		196,013
Morgan Stanley (a)		10,289		487,699
Northern Trust Corp. (a)		1,544		158,862
The PNC Financial Services Group, Inc. (a)		3,501		472,985
Regions Financial Corp. (a)		8,456		150,348
State Street Corp. (a)		2,800		260,652
SunTrust Banks, Inc. (a)		3,485		230,080
SVB Financial Group (a) (b)		360		103,954
US Bancorp (a)		11,766		588,535
Wells Fargo & Co. (a)		32,685		1,812,056
Zions Bancorp (a)		1,567		82,565
				12,791,251
Diversified Financial Services — 3.9%
Affiliated Managers Group, Inc. (a)		443		65,861
Alliance Data Systems Corp. (a)		373		86,984
American Express Co. (a)		5,396		528,808
Ameriprise Financial, Inc. (a)		1,068		149,392
BlackRock, Inc. (a)		925		461,612
Cboe Global Markets, Inc. (a)		888		92,414
The Charles Schwab Corp. (a)		8,942		456,936
CME Group, Inc. (a)		2,543		416,848
Discover Financial Services (a)		2,589		182,291
E*TRADE Financial Corp. (a) (b)		1,918		117,305
Franklin Resources, Inc. (a)		2,176		69,741
Intercontinental Exchange, Inc. (a)		4,308		316,853
Invesco Ltd. (a)		3,209		85,231
Jefferies Financial Group, Inc. (a)		2,549		57,964
Mastercard, Inc. Class A (a)		6,888		1,353,630
Nasdaq, Inc. (a)		921		84,060
Raymond James Financial, Inc. (a)		866		77,377
Synchrony Financial (a)		5,250		175,245
T. Rowe Price Group, Inc. (a)		1,840		213,606
Visa, Inc. Class A (a)		13,448		1,781,188
				6,773,346
Insurance — 3.9%
Aflac, Inc. (a)		5,804		249,688

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

60

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
The Allstate Corp. (a)		2,641	$	241,044
American International Group, Inc. (a)		6,632		351,629
Aon PLC (a)		1,846		253,216
Arthur J Gallagher & Co. (a)		1,225		79,968
Assurant, Inc. (a)		369		38,188
Berkshire Hathaway, Inc. Class B (a) (b)		14,330		2,674,694
Brighthouse Financial, Inc. (a) (b)		765		30,653
Chubb Ltd. (a)		3,479		441,903
Cincinnati Financial Corp. (a)		1,030		68,866
Everest Re Group Ltd. (a)		314		72,371
The Hartford Financial Services Group, Inc. (a)		2,605		133,194
Lincoln National Corp. (a)		1,526		94,993
Loews Corp. (a)		1,886		91,056
Marsh & McLennan Cos., Inc. (a)		3,879		317,962
MetLife, Inc. (a)		7,713		336,287
Principal Financial Group, Inc. (a)		1,973		104,470
The Progressive Corp. (a)		4,369		258,426
Prudential Financial, Inc. (a)		3,158		295,305
Torchmark Corp. (a)		812		66,105
The Travelers Cos., Inc. (a)		2,075		253,855
Unum Group (a)		1,794		66,360
Willis Towers Watson PLC (a)		989		149,932
XL Group Ltd. (a)		1,708		95,563
				6,765,728
Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		2,225		106,222
Real Estate Investment Trusts (REITS) — 2.7%
Alexandria Real Estate Equities, Inc. (a)		801		101,062
American Tower Corp. (a)		3,257		469,562
Apartment Investment & Management Co. Class A (a)		1,248		52,790
AvalonBay Communities, Inc. (a)		1,008		173,265
Boston Properties, Inc. (a)		1,105		138,589
Crown Castle International Corp. (a)		3,069		330,900
Digital Realty Trust, Inc. (a)		1,540		171,833
Duke Realty Corp. (a)		2,766		80,297
Equinix, Inc. (a)		586		251,916
Equity Residential (a)		2,686		171,071
Essex Property Trust, Inc. (a)		475		113,558
Extra Space Storage, Inc. (a)		1,011		100,908
Federal Realty Investment Trust (a)		576		72,893
GGP, Inc. (a)		4,979		101,721
HCP, Inc. (a)		3,316		85,619
Host Hotels & Resorts, Inc. (a)		5,399		113,757
Iron Mountain, Inc. (a)		2,212		77,442
Kimco Realty Corp. (a)		3,267		55,506
The Macerich Co. (a)		680		38,644
Mid-America Apartment Communities, Inc. (a)		888		89,395

	Number of Shares		Value
Prologis, Inc. (a)		3,975	$	261,118
Public Storage (a)		1,120		254,083
Realty Income Corp. (a)		2,250		121,028
Regency Centers Corp. (a)		1,155		71,702
SBA Communications Corp. (a) (b)		871		143,820
Simon Property Group, Inc. (a)		2,348		399,606
SL Green Realty Corp. (a)		623		62,630
UDR, Inc. (a)		1,703		63,931
Ventas, Inc. (a)		2,580		146,931
Vornado Realty Trust (a)		1,365		100,901
Welltower, Inc. (a)		2,655		166,442
Weyerhaeuser Co. (a)		5,576		203,301
				4,786,221
Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		1,778		32,164
				31,254,932
Industrial — 9.3%
Aerospace & Defense — 2.5%
Arconic, Inc. (a)		3,130		53,241
The Boeing Co. (a)		4,121		1,382,637
General Dynamics Corp. (a)		2,057		383,445
Harris Corp. (a)		857		123,871
L3 Technologies, Inc. (a)		618		118,854
Lockheed Martin Corp. (a)		1,857		548,613
Northrop Grumman Corp. (a)		1,301		400,318
Raytheon Co. (a)		2,154		416,110
Rockwell Collins, Inc. (a)		1,223		164,713
TransDigm Group, Inc. (a)		378		130,463
United Technologies Corp. (a)		5,557		694,792
				4,417,057
Building Materials — 0.3%
Fortune Brands Home & Security, Inc. (a)		1,174		63,032
Johnson Controls International PLC (a)		6,842		228,865
Martin Marietta Materials, Inc. (a)		436		97,372
Masco Corp. (a)		2,226		83,297
Vulcan Materials Co. (a)		1,028		132,673
				605,239
Electrical Components & Equipment — 0.3%
AMETEK, Inc. (a)		1,827		131,836
Emerson Electric Co. (a)		4,728		326,894
				458,730
Electronics — 1.3%
Agilent Technologies, Inc. (a)		2,301		142,294
Allegion PLC		640		49,510
Amphenol Corp. Class A (a)		2,206		192,253
Corning, Inc. (a)		6,659		183,189
FLIR Systems, Inc. (a)		1,108		57,583
Fortive Corp. (a)		2,299		177,276

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

61

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Garmin Ltd. (a)		872	$	53,192
Honeywell International, Inc. (a)		5,588		804,952
Mettler-Toledo International, Inc. (a) (b)		189		109,361
PerkinElmer, Inc. (a)		860		62,978
TE Connectivity Ltd. (a)		2,556		230,193
Waters Corp. (a) (b)		587		113,637
				2,176,418
Engineering & Construction — 0.1%
Fluor Corp.		1,022		49,853
Jacobs Engineering Group, Inc.		795		50,475
				100,328
Environmental Controls — 0.2%
Republic Services, Inc. (a)		1,662		113,614
Stericycle, Inc. (a) (b)		712		46,487
Waste Management, Inc. (a)		2,926		238,001
				398,102
Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		442		71,038
Stanley Black & Decker, Inc. (a)		1,128		149,810
				220,848
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		4,477		607,395
Machinery – Diversified — 0.6%
Cummins, Inc. (a)		1,154		153,482
Deere & Co. (a)		2,436		340,553
Flowserve Corp. (a)		794		32,078
Pentair PLC (a)		1,307		54,999
Rockwell Automation, Inc. (a)		926		153,929
Roper Technologies, Inc. (a)		762		210,243
Xylem, Inc. (a)		1,448		97,566
				1,042,850
Miscellaneous – Manufacturing — 1.7%
3M Co. (a)		4,427		870,879
A.O. Smith Corp. (a)		1,181		69,856
Dover Corp. (a)		1,104		80,813
Eaton Corp. PLC (a)		3,215		240,289
General Electric Co. (a)		64,964		884,160
Illinois Tool Works, Inc. (a)		2,266		313,932
Ingersoll-Rand PLC (a)		1,863		167,167
Parker-Hannifin Corp. (a)		983		153,201
Textron, Inc. (a)		1,872		123,383
				2,903,680
Packaging & Containers — 0.2%
Ball Corp. (a)		2,402		85,391
Packaging Corp. of America (a)		748		83,619
Sealed Air Corp.		1,110		47,119
WestRock Co. (a)		2,001		114,097
				330,226

	Number of Shares		Value
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		317	$	68,722
Transportation — 1.7%
C.H. Robinson Worldwide, Inc. (a)		990		82,823
CSX Corp. (a)		6,617		422,032
Expeditors International of Washington, Inc. (a)		1,261		92,179
FedEx Corp. (a)		1,846		419,153
J.B. Hunt Transport Services, Inc. (a)		653		79,372
Kansas City Southern (a)		738		78,199
Norfolk Southern Corp. (a)		2,118		319,543
Union Pacific Corp. (a)		5,891		834,637
United Parcel Service, Inc. Class B (a)		5,162		548,359
				2,876,297
				16,205,892
Technology — 16.3%
Computers — 5.7%
Accenture PLC Class A (a)		4,574		748,261
Apple, Inc. (a)		36,695		6,792,612
Cognizant Technology Solutions Corp. Class A (a)		4,364		344,712
DXC Technology Co. (a)		2,122		171,054
Hewlett Packard Enterprise Co. (a)		11,600		169,476
HP, Inc. (a)		12,138		275,411
International Business Machines Corp. (a)		6,366		889,330
NetApp, Inc. (a)		1,961		153,997
Seagate Technology PLC (a)		2,115		119,434
Western Digital Corp. (a)		2,226		172,315
				9,836,602
Office & Business Equipment — 0.0%
Xerox Corp.		1,698		40,752
Semiconductors — 4.0%
Advanced Micro Devices, Inc. (a) (b)		5,887		88,246
Analog Devices, Inc. (a)		2,758		264,547
Applied Materials, Inc. (a)		7,719		356,541
Broadcom, Inc. (a)		3,057		741,751
Intel Corp. (a)		34,847		1,732,244
IPG Photonics Corp. (a) (b)		294		64,865
KLA-Tencor Corp. (a)		1,183		121,293
Lam Research Corp. (a)		1,206		208,457
Microchip Technology, Inc. (a)		1,679		152,705
Micron Technology, Inc. (a) (b)		8,635		452,819
NVIDIA Corp. (a)		4,506		1,067,472
Qorvo, Inc. (a) (b)		1,004		80,491
QUALCOMM, Inc. (a)		11,024		618,667
Skyworks Solutions, Inc. (a)		1,362		131,637
Texas Instruments, Inc. (a)		7,340		809,235
Xilinx, Inc. (a)		1,984		129,476
				7,020,446

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

62

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Software — 6.6%
Activision Blizzard, Inc. (a)		5,725	$	436,932
Adobe Systems, Inc. (a) (b)		3,655		891,126
Akamai Technologies, Inc. (a) (b)		1,245		91,171
ANSYS, Inc. (a) (b)		618		107,643
Autodesk, Inc. (a) (b)		1,630		213,677
Broadridge Financial Solutions, Inc.		921		106,007
CA, Inc. (a)		2,503		89,232
Cadence Design Systems, Inc. (a) (b)		2,199		95,239
Cerner Corp. (a) (b)		2,344		140,148
Citrix Systems, Inc. (a) (b)		923		96,767
Electronic Arts, Inc. (a) (b)		2,283		321,949
Fidelity National Information Services, Inc. (a)		2,440		258,713
Fiserv, Inc. (a) (b)		3,037		225,011
Intuit, Inc. (a)		1,814		370,609
Microsoft Corp. (a)		57,337		5,654,002
MSCI, Inc. (a)		696		115,139
Oracle Corp. (a)		22,488		990,821
Paychex, Inc. (a)		2,334		159,529
Red Hat, Inc. (a) (b)		1,344		180,593
salesforce.com, Inc. (a) (b)		5,158		703,551
Synopsys, Inc. (a) (b)		1,024		87,624
Take-Two Interactive Software, Inc. (a) (b)		827		97,884
				11,433,367
				28,331,167
Utilities — 2.9%
Electric — 2.8%
AES Corp. (a)		5,187		69,558
Alliant Energy Corp. (a)		1,733		73,341
Ameren Corp. (a)		1,885		114,702
American Electric Power Co., Inc. (a)		3,626		251,100
CenterPoint Energy, Inc. (a)		2,934		81,301
CMS Energy Corp. (a)		1,770		83,686
Consolidated Edison, Inc. (a)		2,297		179,120
Dominion Energy, Inc. (a)		4,918		335,309
DTE Energy Co. (a)		1,392		144,253
Duke Energy Corp. (a)		5,229		413,509
Edison International (a)		2,186		138,308
Entergy Corp. (a)		1,411		113,995
Evergy, Inc. (a)		2,039		114,490
Eversource Energy (a)		2,350		137,734
Exelon Corp. (a)		7,254		309,020
FirstEnergy Corp. (a)		3,208		115,199
NextEra Energy, Inc. (a)		3,514		586,943
NRG Energy, Inc. (a)		2,167		66,527
PG&E Corp. (a)		3,904		166,154
Pinnacle West Capital Corp. (a)		653		52,606
PPL Corp. (a)		5,074		144,863
Public Service Enterprise Group, Inc. (a)		3,762		203,675
SCANA Corp. (a)		1,111		42,796

	Number of Shares		Value
Sempra Energy (a)		1,895	$	220,028
The Southern Co. (a)		7,504		347,510
WEC Energy Group, Inc. (a)		2,453		158,586
Xcel Energy, Inc. (a)		4,092		186,923
				4,851,236
Gas — 0.0%
NiSource, Inc. (a)		2,737		71,929
Water — 0.1%
American Water Works Co., Inc. (a)		1,306		111,506
				5,034,671
TOTAL COMMON STOCK (Cost $120,689,952)				172,104,784
TOTAL EQUITIES (Cost $120,689,952)				172,104,784
	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 (#) — 0.5% (Cost $1,226,202)				862,436
TOTAL LONG-TERM INVESTMENTS (Cost $121,916,154)				172,967,220
SHORT-TERM INVESTMENTS — 1.6%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (e)		2,767,986		2,767,986
TOTAL SHORT-TERM INVESTMENTS (Cost $2,767,986)				2,767,986
TOTAL INVESTMENTS — 101.0% (Cost $124,684,140) (f)				175,735,206
Other Assets/(Liabilities) — (1.0)%				(1,807,246	)
NET ASSETS — 100.0%			$	173,927,960

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

63

MML Managed Volatility Fund – Portfolio of Investments (Continued)

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 June 30, 2018, these securities amounted to a value of $0 or 0.00% of net assets.

(e) Maturity value of $2,768,203. 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 $2,826,016.

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

(#) The Fund had the following open Purchased Options contracts at June 30, 2018:

	Units		Notional Amount		Expiration Date		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Put
		129	USD	31,282,500		7/20/18	S&P 500 Index, Strike 2,425	$	229,165	$	27,090	$	(202,075	)
		75	USD	18,562,500		8/17/18	S&P 500 Index, Strike 2,475		149,438		63,750		(85,688	)
		76	USD	19,000,000		8/17/18	S&P 500 Index, Strike 2,500		152,950		87,400		(65,550	)
		91	USD	23,205,000		8/17/18	S&P 500 Index, Strike 2,550		138,547		139,503		956
		89	USD	22,027,500		9/21/18	S&P 500 Index, Strike 2,475		206,257		165,273		(40,984	)
		78	USD	19,500,000		9/21/18	S&P 500 Index, Strike 2,500		195,975		156,780		(39,195	)
		92	USD	23,230,000		9/21/18	S&P 500 Index, Strike 2,525		153,870		222,640		68,770
								$	1,226,202	$	862,436	$	(363,766	)

The Fund had the following open Written Options contracts at June 30, 2018:

	Units		Notional Amount		Expiration Date		Description	Premiums Received		Value		Unrealized Appreciation/ (Depreciation)
Call
		68	USD	18,768,000		7/13/18	S&P 500 Index, Strike 2,760	$	210,630	$	55,488	$	155,142
		72	USD	19,440,000		7/20/18	S&P 500 Index, Strike 2,700		539,820		334,080		205,740
		66	USD	17,985,000		7/20/18	S&P 500 Index, Strike 2,725		325,635		205,260		120,375
		71	USD	19,702,500		7/20/18	S&P 500 Index, Strike 2,775		290,923		53,463		237,460
		73	USD	20,440,000		7/20/18	S&P 500 Index, Strike 2,800		189,618		20,805		168,813
		72	USD	19,728,000		7/27/18	S&P 500 Index, Strike 2,740		199,131		228,960		(29,829	)
		66	USD	17,820,000		8/17/18	S&P 500 Index, Strike 2,700		560,835		415,800		145,035
		70	USD	19,425,000		8/17/18	S&P 500 Index, Strike 2,775		328,825		141,400		187,425
		72	USD	20,160,000		8/17/18	S&P 500 Index, Strike 2,800		269,819		85,320		184,499
								$	2,915,236	$	1,540,576	$	1,374,660

Currency Legend

USD U.S. Dollar

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

64

MML Mid Cap Growth Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 93.2%
COMMON STOCK — 92.6%
Basic Materials — 3.1%
Chemicals — 2.6%
Air Products & Chemicals, Inc.		31,000	$	4,827,630
RPM International, Inc.		65,000		3,790,800
Valvoline, Inc.		166,000		3,580,620
				12,199,050
Mining — 0.5%
Franco-Nevada Corp.		30,000		2,190,600
				14,389,650
Communications — 3.3%
Internet — 3.1%
Dropbox, Inc. Class B (Lockup) (a) (b)		50,110		1,624,566
Expedia Group, Inc.		26,000		3,124,940
IAC/InterActiveCorp (b)		34,000		5,184,660
Match Group, Inc. (b) (c)		10,107		391,545
Shopify, Inc. Class A (b)		7,000		1,021,230
Symantec Corp.		107,000		2,209,550
Zillow Group, Inc. Class A (b)		7,000		418,250
Zillow Group, Inc. Class C (b)		7,080		418,145
				14,392,886
Telecommunications — 0.2%
Maxar Technologies Ltd. (c)		24,000		1,212,480
				15,605,366
Consumer, Cyclical — 16.9%
Airlines — 0.6%
United Continental Holdings, Inc. (b)		38,000		2,649,740
Apparel — 0.3%
PVH Corp.		11,000		1,646,920
Auto Manufacturers — 0.2%
Ferrari NV		8,000		1,080,080
Auto Parts & Equipment — 0.9%
Aptiv PLC		46,000		4,214,980
Distribution & Wholesale — 1.7%
HD Supply Holdings, Inc. (b)		107,000		4,589,230
KAR Auction Services, Inc.		61,000		3,342,800
				7,932,030
Entertainment — 1.0%
Vail Resorts, Inc.		17,000		4,661,230
Food Services — 0.7%
Aramark		93,000		3,450,300
Leisure Time — 1.6%
Norwegian Cruise Line Holdings Ltd. (b)		130,000		6,142,500
Royal Caribbean Cruises Ltd.		15,000		1,554,000
				7,696,500

	Number of Shares		Value
Lodging — 2.1%
Hilton Worldwide Holdings, Inc.		22,000	$	1,741,520
Marriott International, Inc. Class A		31,000		3,924,600
MGM Resorts International		138,000		4,006,140
				9,672,260
Retail — 7.8%
Burlington Stores, Inc. (b)		21,000		3,161,130
CarMax, Inc. (b)		43,000		3,133,410
Casey’s General Stores, Inc.		29,000		3,047,320
Darden Restaurants, Inc.		14,000		1,498,840
Dollar General Corp.		84,000		8,282,400
Dunkin’ Brands Group, Inc. (c)		39,000		2,693,730
The Michaels Cos., Inc. (b)		60,000		1,150,200
O’Reilly Automotive, Inc. (b)		11,000		3,009,270
Tapestry, Inc.		183,000		8,547,930
Ulta Salon Cosmetics & Fragrance, Inc. (b)		8,000		1,867,680
				36,391,910
				79,395,950
Consumer, Non-cyclical — 24.3%
Biotechnology — 1.9%
Alnylam Pharmaceuticals, Inc. (b)		26,000		2,560,740
Illumina, Inc. (b)		5,000		1,396,450
Incyte Corp. (b)		31,000		2,077,000
Sage Therapeutics, Inc. (b)		5,025		786,563
Seattle Genetics, Inc. (b)		30,517		2,026,024
				8,846,777
Commercial Services — 9.0%
CoreLogic, Inc. (b)		80,000		4,152,000
CoStar Group, Inc. (b)		7,200		2,970,936
Equifax, Inc.		12,000		1,501,320
FleetCor Technologies, Inc. (b)		18,881		3,977,283
Gartner, Inc. (b)		15,000		1,993,500
Global Payments, Inc.		31,000		3,456,190
IHS Markit Ltd. (b)		57,000		2,940,630
MarketAxess Holdings, Inc.		7,000		1,385,020
ServiceMaster Global Holdings, Inc. (b)		61,741		3,671,737
TransUnion		64,825		4,644,063
Verisk Analytics, Inc. (b)		46,000		4,951,440
WeWork Companies, Inc. Class A (a) (b) (d)		8,764		401,829
Worldpay, Inc. Class A (b)		76,000		6,215,280
				42,261,228
Foods — 1.3%
Conagra Brands, Inc.		53,000		1,893,690
Sprouts Farmers Market, Inc. (b)		83,000		1,831,810
TreeHouse Foods, Inc. (b)		49,000		2,572,990
				6,298,490

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

65

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Health Care – Products — 7.6%
Bruker Corp.		154,500	$	4,486,680
The Cooper Cos., Inc.		34,000		8,005,300
DENTSPLY SIRONA, Inc.		18,000		787,860
Hologic, Inc. (b)		189,000		7,512,750
IDEXX Laboratories, Inc. (b)		6,000		1,307,640
Teleflex, Inc.		42,000		11,264,820
West Pharmaceutical Services, Inc.		23,000		2,283,670
				35,648,720
Health Care – Services — 3.2%
Acadia Healthcare Co., Inc. (b)		57,000		2,331,870
Catalent, Inc. (b)		92,000		3,853,880
Envision Healthcare Corp. (b)		91,000		4,004,910
IQVIA Holdings, Inc. (b)		26,000		2,595,320
MEDNAX, Inc. (b)		48,088		2,081,249
				14,867,229
Pharmaceuticals — 1.3%
Alkermes PLC (b)		92,000		3,786,720
DexCom, Inc. (b)		17,000		1,614,660
Madrigal Pharmaceuticals, Inc. (b)		1,000		279,690
TESARO, Inc. (b) (c)		5,000		222,350
				5,903,420
				113,825,864
Energy — 1.5%
Oil & Gas — 1.5%
ARC Resources Ltd. (c)		77,600		801,588
Centennial Resource Development, Inc. Class A (b)		77,000		1,390,620
Concho Resources, Inc. (b)		30,000		4,150,500
Venture Global LNG, Inc. Series B (a) (b) (d)		21		106,365
Venture Global LNG, Inc. Series C (a) (b) (d)		144		729,360
				7,178,433
Financial — 8.2%
Banks — 0.9%
Fifth Third Bancorp		91,000		2,611,700
Webster Financial Corp.		24,000		1,528,800
				4,140,500
Diversified Financial Services — 3.9%
Cboe Global Markets, Inc.		38,000		3,954,660
FNF Group		161,000		6,056,820
SLM Corp. (b)		136,000		1,557,200
TD Ameritrade Holding Corp.		126,000		6,901,020
				18,469,700
Insurance — 3.4%
Assurant, Inc.		18,000		1,862,820
Axis Capital Holdings Ltd.		15,000		834,300
The Progressive Corp.		107,000		6,329,050

	Number of Shares		Value
Willis Towers Watson PLC		46,000	$	6,973,600
				15,999,770
				38,609,970
Industrial — 21.6%
Aerospace & Defense — 1.8%
Harris Corp.		49,408		7,141,433
L3 Technologies, Inc.		6,360		1,223,155
				8,364,588
Building Materials — 0.5%
Martin Marietta Materials, Inc.		11,000		2,456,630
Electronics — 8.2%
ADT, Inc. (c)		89,000		769,850
Agilent Technologies, Inc.		107,000		6,616,880
Allegion PLC		47,000		3,635,920
Coherent, Inc. (b)		11,000		1,720,620
Corning, Inc.		152,000		4,181,520
Fortive Corp.		57,000		4,395,270
Keysight Technologies, Inc. (b)		153,000		9,031,590
National Instruments Corp.		35,000		1,469,300
Sensata Technologies Holding PLC (b)		143,000		6,803,940
				38,624,890
Environmental Controls — 0.9%
Waste Connections, Inc.		57,397		4,320,846
Machinery – Construction & Mining — 0.5%
BWX Technologies, Inc.		33,159		2,066,469
Machinery – Diversified — 4.6%
Gardner Denver Holdings, Inc. (b)		75,220		2,210,716
IDEX Corp.		53,000		7,233,440
Roper Technologies, Inc.		30,000		8,277,300
Xylem, Inc.		57,000		3,840,660
				21,562,116
Miscellaneous – Manufacturing — 2.9%
Colfax Corp. (b)		76,000		2,329,400
Textron, Inc.		168,000		11,072,880
				13,402,280
Packaging & Containers — 1.4%
Ardagh Group SA		6,000		99,720
Ball Corp.		147,000		5,225,850
Sealed Air Corp.		31,000		1,315,950
				6,641,520
Transportation — 0.8%
J.B. Hunt Transport Services, Inc.		8,000		972,400
Kansas City Southern		27,000		2,860,920
				3,833,320
				101,272,659

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

66

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Technology — 12.7%
Semiconductors — 5.0%
Marvell Technology Group Ltd.		168,000	$	3,601,920
Maxim Integrated Products, Inc.		46,000		2,698,360
Microchip Technology, Inc. (c)		104,000		9,458,800
Qorvo, Inc. (b)		15,000		1,202,550
Skyworks Solutions, Inc.		23,000		2,222,950
Xilinx, Inc.		65,000		4,241,900
				23,426,480
Software — 7.7%
athenahealth, Inc. (b)		5,000		795,700
Atlassian Corp. PLC Class A (b)		55,000		3,438,600
Black Knight, Inc. (b)		69,000		3,694,950
CDK Global, Inc.		35,000		2,276,750
Dropbox, Inc. (b)		4,638		150,364
Electronic Arts, Inc. (b)		8,000		1,128,160
Fidelity National Information Services, Inc.		27,000		2,862,810
Fiserv, Inc. (b)		76,000		5,630,840
Guidewire Software, Inc. (b)		15,000		1,331,700
Red Hat, Inc. (b)		21,000		2,821,770
ServiceNow, Inc. (b)		4,000		689,880
Splunk, Inc. (b)		11,000		1,090,210
SS&C Technologies Holdings, Inc		41,949		2,177,153
Tableau Software, Inc. Class A (b)		27,000		2,639,250
Veeva Systems, Inc. Class A (b)		12,000		922,320
Workday, Inc. Class A (b)		38,000		4,602,560
				36,253,017
				59,679,497
Utilities — 1.0%
Electric — 0.6%
Sempra Energy		24,000		2,786,640
Gas — 0.4%
Atmos Energy Corp.		18,000		1,622,520
				4,409,160
TOTAL COMMON STOCK (Cost $305,760,792)				434,366,549
PREFERRED STOCK — 0.6%
Communications — 0.2%
Internet — 0.2%
Roofoods Ltd. Series F (a) (b) (d)		1,915		677,088
Consumer, Non-cyclical — 0.4%
Commercial Services — 0.4%
WeWork Companies, Inc. Series D 1 (a) (b) (d)		22,197		1,017,732

	Number of Shares		Value
WeWork Companies, Inc. Series D 2 (a) (b) (d)		17,440	$	799,624
				1,817,356
TOTAL PREFERRED STOCK (Cost $1,337,090)				2,494,444
TOTAL EQUITIES (Cost $307,097,882)				436,860,993
MUTUAL FUNDS — 6.4%
Diversified Financial Services — 6.4%
State Street Navigator Securities Lending Prime Portfolio (e)		15,803,078		15,803,078
T. Rowe Price Government Reserve Investment Fund		14,310,023		14,310,023
				30,113,101
TOTAL MUTUAL FUNDS (Cost $30,113,101)				30,113,101
TOTAL LONG-TERM INVESTMENTS (Cost $337,210,983)				466,974,094
	Principal Amount
SHORT-TERM INVESTMENTS — 4.0%
Repurchase Agreement — 4.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (f)	$	18,834,234		18,834,234
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18		16,814		16,814
TOTAL SHORT-TERM INVESTMENTS (Cost $18,851,048)				18,851,048
TOTAL INVESTMENTS —103.6% (Cost $356,062,031) (g)				485,825,142
Other Assets/(Liabilities) — (3.6)%				(16,866,646	)
NET ASSETS — 100.0%			$	468,958,496

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2018, these securities amounted to a value of $5,356,564 or 1.14% of net assets.

(b) Non-income producing security.

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

67

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2018, was $15,420,983 or 3.29% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2).

(d) Investment was valued using significant unobservable inputs.

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

(f) Maturity value of $18,835,710. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $19,214,707.

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

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

68

MML Mid Cap Value Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 95.8%
COMMON STOCK — 95.8%
Consumer, Cyclical — 7.7%
Airlines — 1.0%
Southwest Airlines Co.		92,714	$	4,717,288
Auto Manufacturers — 1.3%
Honda Motor Co. Ltd. Sponsored ADR		117,465		3,438,200
PACCAR, Inc.		38,310		2,373,688
				5,811,888
Auto Parts & Equipment — 0.2%
Aptiv PLC		12,761		1,169,291
Home Builders — 0.8%
PulteGroup, Inc.		122,877		3,532,714
Retail — 4.4%
Advance Auto Parts, Inc.		38,397		5,210,473
Genuine Parts Co.		48,820		4,481,188
MSC Industrial Direct Co., Inc. Class A		73,598		6,244,790
Target Corp.		54,176		4,123,877
				20,060,328
				35,291,509
Consumer, Non-cyclical — 21.7%
Beverages — 0.8%
Molson Coors Brewing Co. Class B		52,064		3,542,435
Foods — 9.6%
Conagra Brands, Inc.		225,958		8,073,479
General Mills, Inc.		89,834		3,976,053
The J.M. Smucker Co.		26,905		2,891,750
Kellogg Co.		94,659		6,613,824
Mondelez International, Inc. Class A		141,538		5,803,058
Orkla ASA (a)		593,734		5,199,128
Sysco Corp.		100,818		6,884,861
US Foods Holding Corp. (a)		122,258		4,623,798
				44,065,951
Health Care – Products — 5.0%
Henry Schein, Inc. (a)		51,676		3,753,744
Siemens Healthineers AG (a) (b)		46,447		1,917,241
STERIS PLC		38,182		4,009,492
Zimmer Biomet Holdings, Inc.		120,048		13,378,149
				23,058,626
Health Care – Services — 2.4%
HCA Healthcare, Inc.		21,966		2,253,712
LifePoint Health, Inc. (a)		119,702		5,841,457
Quest Diagnostics, Inc.		25,081		2,757,405
				10,852,574
Household Products & Wares — 0.8%
Kimberly-Clark Corp.		36,113		3,804,143

	Number of Shares		Value
Pharmaceuticals — 3.1%
Cardinal Health, Inc.		108,152	$	5,281,062
Express Scripts Holding Co. (a)		58,348		4,505,049
McKesson Corp.		31,812		4,243,721
				14,029,832
				99,353,561
Energy — 10.4%
Oil & Gas — 7.9%
Anadarko Petroleum Corp.		57,164		4,187,263
Cimarex Energy Co.		49,139		4,999,402
Devon Energy Corp.		141,775		6,232,429
EQT Corp.		127,527		7,036,940
Imperial Oil Ltd. (a)		112,254		3,731,411
Marathon Petroleum Corp.		20,183		1,416,039
Noble Energy, Inc.		181,228		6,393,724
Occidental Petroleum Corp.		23,483		1,965,058
				35,962,266
Oil & Gas Services — 2.5%
Baker Hughes a GE Co.		174,093		5,750,292
National Oilwell Varco, Inc.		131,986		5,728,192
				11,478,484
				47,440,750
Financial — 25.3%
Banks — 11.3%
Bank of Hawaii Corp.		67,801		5,655,959
BB&T Corp.		177,348		8,945,433
Comerica, Inc.		21,410		1,946,597
Commerce Bancshares, Inc.		85,141		5,509,474
M&T Bank Corp.		36,652		6,236,338
Northern Trust Corp.		99,417		10,229,015
SunTrust Banks, Inc.		74,411		4,912,614
UMB Financial Corp.		50,450		3,845,804
Westamerica Bancorp.		79,227		4,477,118
				51,758,352
Diversified Financial Services — 3.4%
Ameriprise Financial, Inc.		46,050		6,441,474
Invesco Ltd.		348,631		9,259,639
				15,701,113
Insurance — 5.1%
Aflac, Inc.		74,426		3,201,807
Arthur J Gallagher & Co.		50,884		3,321,707
Brown & Brown, Inc.		92,369		2,561,392
Chubb Ltd.		53,531		6,799,508
ProAssurance Corp.		39,641		1,405,273
Reinsurance Group of America, Inc.		26,288		3,508,922
Torchmark Corp.		18,165		1,478,813
The Travelers Cos., Inc.		9,652		1,180,826
				23,458,248

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

69

MML Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 4.6%
American Tower Corp.		21,647	$	3,120,848
Empire State Realty Trust, Inc. Class A		86,617		1,481,151
MGM Growth Properties LLC Class A		121,586		3,703,510
Piedmont Office Realty Trust, Inc. Class A		179,283		3,573,110
Weyerhaeuser Co.		253,444		9,240,568
				21,119,187
Savings & Loans — 0.9%
Capitol Federal Financial, Inc.		292,932		3,854,985
				115,891,885
Industrial — 19.2%
Building Materials — 2.1%
Johnson Controls International PLC		283,277		9,475,616
Electrical Components & Equipment — 3.3%
Emerson Electric Co.		84,363		5,832,858
Hubbell, Inc.		88,190		9,325,210
				15,158,068
Electronics — 1.6%
Keysight Technologies, Inc. (a)		72,106		4,256,417
TE Connectivity Ltd.		34,605		3,116,527
				7,372,944
Environmental Controls — 0.6%
Republic Services, Inc.		39,118		2,674,106
Machinery – Diversified — 0.9%
Cummins, Inc.		33,326		4,432,358
Miscellaneous – Manufacturing — 4.0%
Eaton Corp. PLC		60,557		4,526,030
IMI PLC (a)		255,858		3,820,560
Ingersoll-Rand PLC		50,292		4,512,701
Parker-Hannifin Corp.		5,438		847,512
Textron, Inc.		67,981		4,480,628
				18,187,431
Packaging & Containers — 5.2%
Bemis Co., Inc.		84,140		3,551,549
Graphic Packaging Holding Co.		445,393		6,462,653
Sonoco Products Co.		103,880		5,453,700
WestRock Co.		144,511		8,240,017
				23,707,919
Transportation — 1.5%
Heartland Express, Inc.		226,558		4,202,651
Norfolk Southern Corp.		16,932		2,554,531
				6,757,182
				87,765,624

	Number of Shares		Value
Technology — 4.6%
Computers — 0.6%
HP, Inc.		118,039	$	2,678,305
Semiconductors — 4.0%
Applied Materials, Inc.		30,878		1,426,255
Lam Research Corp.		13,932		2,408,146
Maxim Integrated Products, Inc.		106,543		6,249,812
Microchip Technology, Inc.		40,137		3,650,460
Teradyne, Inc.		116,827		4,447,604
				18,182,277
				20,860,582
Utilities — 6.9%
Electric — 5.7%
Ameren Corp.		53,139		3,233,508
Edison International		78,132		4,943,412
Eversource Energy		37,486		2,197,054
NorthWestern Corp.		94,388		5,403,713
Pinnacle West Capital Corp.		44,972		3,622,944
Xcel Energy, Inc.		145,845		6,662,200
				26,062,831
Gas — 1.2%
Atmos Energy Corp.		27,996		2,523,560
Spire, Inc.		39,597		2,797,528
				5,321,088
				31,383,919
TOTAL COMMON STOCK (Cost $401,195,179)				437,987,830
TOTAL EQUITIES (Cost $401,195,179)				437,987,830
MUTUAL FUNDS — 1.7%
Diversified Financial Services — 1.7%
iShares Russell Mid-Cap Value ETF		86,457		7,650,580
TOTAL MUTUAL FUNDS (Cost $7,650,337)				7,650,580
TOTAL LONG-TERM INVESTMENTS (Cost $408,845,516)				445,638,410

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

70

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 6/29/18, 0.940%, due 7/02/18 (c)	$	12,453,467	$	12,453,467
TOTAL SHORT-TERM INVESTMENTS (Cost $12,453,467)				12,453,467
TOTAL INVESTMENTS —100.2% (Cost $421,298,983) (d)				458,091,877
Other Assets/(Liabilities) — (0.2)%				(741,037	)
NET ASSETS — 100.0%			$	457,350,840

Abbreviation Legend

ADR American Depositary Receipt

ETF Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, these securities amounted to a value of $1,917,241 or 0.42% of net assets.

(c) Maturity value of $12,454,443. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $12,706,658.

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

The Fund had the following open Forward contracts at June 30, 2018:

		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Buy
EUR	39,677	Credit Suisse International	9/28/18	$	46,564	$	75
CAD	136,212	Morgan Stanley & Co. LLC	9/28/18		102,531		1,231
GBP	65,262	Morgan Stanley & Co. LLC	9/28/18		86,732		(270	)
JPY	8,534,376	Morgan Stanley & Co. LLC	9/28/18		78,203		(650	)
					267,466		311
				$	314,030	$	386
Contracts to Deliver
EUR	1,443,190	Credit Suisse International	9/28/18	$	1,698,979	$	2,577
NOK	36,481,565	Goldman Sachs & Co.	9/28/18		4,515,408		20,604
CAD	4,390,674	Morgan Stanley & Co. LLC	9/28/18		3,299,770		(44,923	)
GBP	2,458,917	Morgan Stanley & Co. LLC	9/28/18		3,277,098		19,441
JPY	231,264,139	Morgan Stanley & Co. LLC	9/28/18		2,118,133		16,604
				$	8,695,001	$	(8,878	)
				$	14,909,388	$	14,303

Currency Legend

CAD Canadian Dollar

EUR Euro

GBP British Pound

JPY Japanese Yen

NOK Norwegian Krone

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

71

MML Small Cap Growth Equity Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.0%
Basic Materials — 5.9%
Chemicals — 4.4%
Cabot Corp.		20,073	$	1,239,909
Ferro Corp. (a)		138,327		2,884,118
Ingevity Corp. (a)		13,857		1,120,477
Methanex Corp.		17,089		1,208,192
Minerals Technologies, Inc.		14,599		1,100,035
Orion Engineered Carbons SA		39,675		1,223,974
PolyOne Corp.		18,339		792,611
				9,569,316
Iron & Steel — 1.5%
Carpenter Technology Corp.		59,122		3,108,044
				12,677,360
Communications — 9.6%
Internet — 7.2%
Boingo Wireless, Inc. (a)		26,730		603,831
DraftKings Inc. (a) (b) (c)		78,904		146,761
Dropbox, Inc. Class B (Lockup) (a) (c)		3,294		106,791
Mimecast Ltd. (a)		49,672		2,046,983
Okta, Inc. (a)		10,956		551,854
Proofpoint, Inc. (a)		4,597		530,080
Shutterfly, Inc. (a)		19,544		1,759,546
The Trade Desk, Inc. Class A (a)		22,996		2,157,025
TrueCar, Inc. (a)		37,100		374,339
Twilio, Inc. Class A (a)		25,692		1,439,266
Veracode, Inc. (Escrow Shares) (a) (b) (c)		10,688		42,966
Wayfair, Inc. Class A (a) (d)		11,691		1,388,423
Wix.com Ltd. (a)		25,702		2,577,911
Zendesk, Inc. (a)		32,932		1,794,465
				15,520,241
Media — 0.7%
The New York Times Co. Class A		52,806		1,367,676
Telecommunications — 1.7%
Acacia Communications, Inc. (a) (d)		15,414		536,561
Ciena Corp. (a)		46,204		1,224,868
Vonage Holdings Corp. (a)		150,291		1,937,251
				3,698,680
				20,586,597
Consumer, Cyclical — 13.1%
Airlines — 0.8%
JetBlue Airways Corp. (a)		44,930		852,771
Spirit Airlines, Inc. (a)		23,117		840,303
				1,693,074

	Number of Shares		Value
Apparel — 1.4%
Deckers Outdoor Corp. (a)		7,636	$	862,028
Skechers U.S.A., Inc. Class A (a)		29,571		887,426
Under Armour, Inc. Class A (a) (d)		3,590		80,703
Under Armour, Inc. Class C (a) (d)		61,033		1,286,576
				3,116,733
Auto Parts & Equipment — 0.5%
Tenneco, Inc.		22,374		983,561
Distribution & Wholesale — 0.2%
SiteOne Landscape Supply, Inc. (a)		6,359		533,965
Entertainment — 1.2%
Cinemark Holdings, Inc.		30,750		1,078,710
Marriott Vacations Worldwide Corp.		12,613		1,424,764
				2,503,474
Home Builders — 0.8%
TRI Pointe Group, Inc. (a)		111,449		1,823,306
Leisure Time — 2.2%
Acushnet Holdings Corp.		44,712		1,093,656
Lindblad Expeditions Holdings, Inc. (a)		85,560		1,133,670
Planet Fitness, Inc. Class A (a)		57,308		2,518,113
				4,745,439
Lodging — 0.8%
Boyd Gaming Corp.		51,792		1,795,111
Retail — 5.2%
Beacon Roofing Supply, Inc. (a)		27,433		1,169,195
BMC Stock Holdings, Inc. (a)		47,172		983,536
The Cheesecake Factory, Inc. (d)		20,950		1,153,507
Chico’s FAS, Inc.		107,645		876,230
FirstCash, Inc.		12,732		1,143,970
Five Below, Inc. (a)		5,337		521,478
Floor & Decor Holdings, Inc. Class A (a)		35,250		1,738,883
La-Z-Boy, Inc.		32,974		1,009,004
Nu Skin Enterprises, Inc. Class A		13,103		1,024,524
Papa John’s International, Inc. (d)		11,407		578,563
Wingstop, Inc.		18,350		956,402
				11,155,292
				28,349,955
Consumer, Non-cyclical — 22.7%
Biotechnology — 4.4%
Aduro Biotech, Inc. (a) (d)		38,505		269,535
Amicus Therapeutics, Inc. (a) (d)		37,878		591,654
Arena Pharmaceuticals, Inc. (a)		12,284		535,582
Audentes Therapeutics, Inc. (a)		11,000		420,310
Blueprint Medicines Corp. (a)		15,827		1,004,698
CRISPR Therapeutics AG (a) (d)		21,208		1,246,182
Exact Sciences Corp. (a)		21,588		1,290,747

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

72

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Karyopharm Therapeutics, Inc. (a)		29,872	$	507,525
Loxo Oncology, Inc. (a)		5,047		875,554
REGENXBIO, Inc. (a)		6,578		471,972
Sage Therapeutics, Inc. (a)		4,866		761,675
Spark Therapeutics, Inc. (a) (d)		14,253		1,179,578
Ultragenyx Pharmaceutical, Inc. (a)		5,255		403,952
				9,558,964
Commercial Services — 4.5%
The Brink’s Co.		21,544		1,718,134
Cardtronics PLC Class A (a)		39,981		966,741
CoStar Group, Inc. (a)		2,859		1,179,709
Green Dot Corp. Class A (a)		15,768		1,157,213
HMS Holdings Corp. (a)		61,206		1,323,274
TriNet Group, Inc. (a)		45,152		2,525,803
TrueBlue, Inc. (a)		31,752		855,716
				9,726,590
Foods — 1.5%
Performance Food Group Co. (a)		90,364		3,316,359
Health Care – Products — 4.8%
Globus Medical, Inc. Class A (a)		47,915		2,417,791
Haemonetics Corp. (a)		14,012		1,256,596
Hill-Rom Holdings, Inc.		12,944		1,130,529
Inogen, Inc. (a)		2,373		442,161
Insulet Corp. (a)		48,583		4,163,563
MiMedx Group, Inc. (a) (d)		72,225		461,518
OraSure Technologies, Inc. (a)		22,471		370,097
				10,242,255
Health Care – Services — 3.5%
Amedisys, Inc. (a)		20,600		1,760,476
LHC Group, Inc. (a)		11,794		1,009,448
LifePoint Health, Inc. (a)		17,393		848,778
Molina Healthcare, Inc. (a)		21,390		2,094,937
Syneos Health, Inc. (a)		23,849		1,118,518
Teladoc, Inc. (a) (d)		10,872		631,120
				7,463,277
Pharmaceuticals — 4.0%
Aerie Pharmaceuticals, Inc. (a)		18,886		1,275,749
DexCom, Inc. (a)		6,025		572,254
G1 Therapeutics, Inc. (a)		7,692		334,294
Galapagos NV Sponsored ADR (a)		7,583		699,001
Global Blood Therapeutics, Inc. (a)		6,003		271,335
Heron Therapeutics, Inc. (a)		19,814		769,774
Ironwood Pharmaceuticals, Inc. (a)		25,839		494,042
MyoKardia, Inc. (a)		12,735		632,293
Neurocrine Biosciences, Inc. (a)		10,157		997,824
Portola Pharmaceuticals, Inc. (a)		12,549		473,976
PRA Health Sciences, Inc. (a)		15,775		1,472,754
Revance Therapeutics, Inc. (a)		10,037		275,516
Rhythm Pharmaceuticals, Inc. (a)		12,500		390,750
Tricida, Inc. (a)		1,400		41,860
				8,701,422
				49,008,867

	Number of Shares		Value
Energy — 3.1%
Energy – Alternate Sources — 0.9%
First Solar, Inc. (a)		16,915	$	890,744
Pattern Energy Group, Inc. (d)		58,840		1,103,250
				1,993,994
Oil & Gas — 2.2%
Alta Mesa Resources, Inc. (a)		62,672		426,796
Callon Petroleum Co. (a)		93,638		1,005,672
Centennial Resource Development, Inc. Class A (a)		74,280		1,341,497
Delek US Holdings, Inc.		19,240		965,271
Viper Energy Partners LP		32,650		1,041,862
				4,781,098
				6,775,092
Financial — 18.1%
Banks — 6.4%
Ameris Bancorp		15,070		803,984
BancorpSouth Bank		62,927		2,073,445
CenterState Bank Corp.		32,257		961,904
First Financial Bancorp		36,757		1,126,602
First Interstate BancSystem, Inc. Class A		25,330		1,068,926
National Bank Holdings Corp. Class A		30,618		1,181,549
Seacoast Banking Corp. of Florida (a)		36,400		1,149,512
South State Corp.		11,465		988,856
Texas Capital Bancshares, Inc. (a)		24,044		2,200,026
Union Bankshares Corp.		55,271		2,148,936
				13,703,740
Diversified Financial Services — 1.7%
Air Lease Corp.		24,180		1,014,835
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (d)		77,576		1,532,126
PRA Group, Inc. (a)		27,964		1,078,012
				3,624,973
Insurance — 3.5%
Assured Guaranty Ltd.		30,370		1,085,120
eHealth, Inc. (a)		61,907		1,368,145
Horace Mann Educators Corp.		24,578		1,096,179
James River Group Holdings Ltd.		27,020		1,061,616
Kemper Corp.		13,719		1,037,842
MGIC Investment Corp. (a)		87,397		936,896
NMI Holdings, Inc. Class A (a)		63,055		1,027,796
				7,613,594
Private Equity — 0.7%
Kennedy-Wilson Holdings, Inc.		68,064		1,439,553
Real Estate — 0.3%
Five Point Holdings LLC Class A (a)		61,591		692,899

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

73

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 4.4%
CoreSite Realty Corp.		5,368	$	594,882
Corporate Office Properties Trust		24,672		715,241
Life Storage, Inc.		12,698		1,235,642
MFA Financial, Inc.		113,593		861,035
PotlatchDeltic Corp.		22,023		1,119,870
PS Business Parks, Inc.		8,860		1,138,510
Redwood Trust, Inc.		64,712		1,065,807
Rexford Industrial Realty, Inc.		32,664		1,025,323
Xenia Hotels & Resorts, Inc.		74,023		1,803,200
				9,559,510
Savings & Loans — 1.1%
Sterling Bancorp		99,042		2,327,487
				38,961,756
Industrial — 13.7%
Aerospace & Defense — 0.8%
Aerojet Rocketdyne Holdings, Inc. (a)		29,084		857,687
Teledyne Technologies, Inc. (a)		4,194		834,858
				1,692,545
Building Materials — 0.5%
Summit Materials, Inc. Class A (a)		45,102		1,183,928
Electrical Components & Equipment — 0.5%
EnerSys		15,660		1,168,862
Electronics — 1.1%
II-VI, Inc. (a)		27,375		1,189,444
Watts Water Technologies, Inc. Class A		13,905		1,090,152
				2,279,596
Engineering & Construction — 0.5%
TopBuild Corp. (a)		13,116		1,027,507
Environmental Controls — 0.4%
Clean Harbors, Inc. (a)		16,195		899,632
Machinery – Construction & Mining — 0.4%
Astec Industries, Inc.		13,867		829,247
Machinery – Diversified — 2.2%
Altra Industrial Motion Corp.		17,168		739,941
Chart Industries, Inc. (a)		25,897		1,597,327
SPX FLOW, Inc. (a)		52,812		2,311,581
				4,648,849
Metal Fabricate & Hardware — 2.1%
Advanced Drainage Systems, Inc.		46,247		1,320,352
Rexnord Corp. (a)		80,263		2,332,443
The Timken Co.		18,762		817,085
				4,469,880
Miscellaneous – Manufacturing — 3.0%
Actuant Corp. Class A		94,725		2,780,179
Axon Enterprise, Inc. (a)		13,739		868,030
ITT, Inc.		30,642		1,601,657

	Number of Shares		Value
John Bean Technologies Corp.		14,967	$	1,330,566
				6,580,432
Packaging & Containers — 0.4%
Graphic Packaging Holding Co.		55,555		806,103
Transportation — 1.3%
Kirby Corp. (a)		14,259		1,192,052
Schneider National, Inc. Class B		39,251		1,079,795
Werner Enterprises, Inc.		14,383		540,082
				2,811,929
Trucking & Leasing — 0.5%
GATX Corp.		15,723		1,167,118
				29,565,628
Technology — 11.3%
Computers — 1.5%
EPAM Systems, Inc. (a)		9,758		1,213,212
ForeScout Technologies, Inc. (a)		25,536		874,863
Globant SA (a)		22,100		1,255,059
				3,343,134
Office & Business Equipment — 0.4%
Zebra Technologies Corp. Class A (a)		6,159		882,277
Semiconductors — 1.5%
Ambarella, Inc. (a) (d)		12,268		473,667
Cohu, Inc.		13,300		325,983
Entegris, Inc.		49,219		1,668,524
Rambus, Inc. (a)		41,137		515,858
Tower Semiconductor Ltd. (a)		7,176		157,944
				3,141,976
Software — 7.9%
2U, Inc. (a)		33,006		2,757,981
Acxiom Corp. (a)		26,633		797,658
Castlight Health, Inc. Class B (a)		100,700		427,975
Cloudera, Inc. (a)		62,889		857,806
Docusign, Inc. (Escrow Shares) (a) (b) (c)		2,601		5,852
Everbridge, Inc. (a)		22,477		1,065,859
Fair Isaac Corp. (a)		6,911		1,336,035
Five9, Inc. (a)		26,371		911,646
Guidewire Software, Inc. (a)		10,930		970,366
HubSpot, Inc. (a)		25,008		3,136,003
ManTech International Corp. Class A		14,123		757,558
Omnicell, Inc. (a)		24,096		1,263,835
SailPoint Technologies Holding, Inc. (a)		38,867		953,796
SendGrid, Inc. (a)		42,509		1,127,339
Veeva Systems, Inc. Class A (a)		9,142		702,654
				17,072,363
				24,439,750

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

74

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Utilities — 0.5%
Electric — 0.5%
Black Hills Corp.		18,923	$	1,158,277
TOTAL COMMON STOCK (Cost $171,398,929)				211,523,282
PREFERRED STOCK — 0.6%
Communications — 0.5%
Internet — 0.5%
The Honest Company, Inc. Series D (a) (b) (c)		4,027		142,435
Zuora, Inc. Class B (Lockup) (a) (c)		34,968		951,130
				1,093,565
Technology — 0.1%
Software — 0.1%
MarkLogic Corp. Series F (a) (b) (c)		22,966		227,593
TOTAL PREFERRED STOCK (Cost $716,699)				1,321,158
TOTAL EQUITIES (Cost $172,115,628)				212,844,440
MUTUAL FUNDS — 5.4%
Diversified Financial Services — 5.4%
iShares Russell 2000 Index Fund (d)		5,812		951,831
State Street Navigator Securities Lending Prime Portfolio (e)		10,621,805		10,621,805
				11,573,636
TOTAL MUTUAL FUNDS (Cost $11,591,305)				11,573,636
TOTAL LONG-TERM INVESTMENTS (Cost $183,706,933)				224,418,076
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (f)	$	1,079,958		1,079,958
TOTAL SHORT-TERM INVESTMENTS (Cost $1,079,958)				1,079,958

	Value
TOTAL INVESTMENTS —104.5% (Cost $184,786,891) (g)	$	225,498,034
Other Assets/(Liabilities) — (4.5)%		(9,751,894	)
NET ASSETS — 100.0%	$	215,746,140

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 June 30, 2018, these securities amounted to a value of $1,623,528 or 0.75% of net assets.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2018, was $10,356,894 or 4.80% 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 $1,080,043. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity dates ranging from 12/31/23 - 1/31/24, and an aggregate market value, including accrued interest, of $1,107,037.

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

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

75

MML Small Company Value Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 98.1%
Basic Materials — 4.0%
Chemicals — 2.0%
American Vanguard Corp.		19,600	$	449,820
KMG Chemicals, Inc.		14,484		1,068,630
Minerals Technologies, Inc.		8,500		640,475
				2,158,925
Forest Products & Paper — 0.3%
Clearwater Paper Corp. (a)		12,000		277,200
Iron & Steel — 1.2%
Carpenter Technology Corp.		16,100		846,377
Reliance Steel & Aluminum Co.		5,300		463,962
				1,310,339
Mining — 0.5%
Constellium NV Class A (a)		35,100		361,530
New Gold, Inc. (a)		103,500		215,280
				576,810
				4,323,274
Communications — 2.9%
Internet — 0.8%
Everquote, Inc. Class A (a)		2,522		45,699
Q2 Holdings, Inc. (a)		7,800		444,990
Zendesk, Inc. (a)		6,800		370,532
				861,221
Media — 1.1%
Cable One, Inc.		1,050		769,954
Scholastic Corp.		8,300		367,773
				1,137,727
Telecommunications — 1.0%
GTT Communications, Inc. (a) (b)		11,700		526,500
Harmonic, Inc. (a)		131,709		559,763
				1,086,263
				3,085,211
Consumer, Cyclical — 8.9%
Apparel — 1.1%
Crocs, Inc. (a)		21,200		373,332
Steven Madden Ltd.		15,000		796,500
				1,169,832
Auto Manufacturers — 0.3%
Blue Bird Corp. (a) (b)		16,400		366,540
Auto Parts & Equipment — 0.9%
Dorman Products, Inc. (a)		10,800		737,748
Visteon Corp. (a)		1,700		219,708
				957,456

	Number of Shares		Value
Distribution & Wholesale — 0.9%
Pool Corp.		6,500	$	984,750
Home Builders — 1.0%
Cavco Industries, Inc. (a)		5,300		1,100,545
Leisure Time — 0.6%
LCI Industries		6,800		613,020
Lodging — 0.6%
ILG, Inc.		20,800		687,024
Retail — 3.2%
Beacon Roofing Supply, Inc. (a)		15,000		639,300
BJ’s Wholesale Club Holdings, Inc. (a)		8,557		202,373
Boot Barn Holdings, Inc. (a)		11,560		239,870
Express, Inc. (a)		38,200		349,530
Lumber Liquidators Holdings, Inc. (a) (b)		26,356		641,768
Party City Holdco, Inc. (a)		29,755		453,764
PriceSmart, Inc.		6,900		624,450
Red Robin Gourmet Burgers, Inc. (a)		6,500		302,900
				3,453,955
Textiles — 0.3%
Culp, Inc.		14,400		353,520
				9,686,642
Consumer, Non-cyclical — 16.3%
Commercial Services — 6.3%
Aaron’s, Inc.		23,700		1,029,765
American Public Education, Inc. (a)		16,400		690,440
Capella Education Co.		9,750		962,325
Evo Payments, Inc. Class A (a)		1,801		37,065
FTI Consulting, Inc. (a)		13,000		786,240
Green Dot Corp. Class A (a)		20,380		1,495,688
I3 Verticals, Inc. Class A (a)		3,875		58,977
Matthews International Corp. Class A		7,900		464,520
McGrath RentCorp		12,099		765,504
Navigant Consulting, Inc. (a)		23,300		515,862
				6,806,386
Foods — 3.1%
Nomad Foods Ltd. (a)		67,900		1,303,001
Pinnacle Foods, Inc.		8,400		546,504
Post Holdings, Inc. (a)		7,800		670,956
The Simply Good Foods Co. (a)		25,356		366,140
SpartanNash Co.		16,500		421,080
				3,307,681
Health Care – Products — 4.5%
Atrion Corp.		1,895		1,135,863
Avanos Medical, Inc. (a)		19,600		1,122,100
Haemonetics Corp. (a)		5,100		457,368
Quidel Corp. (a)		22,400		1,489,600
West Pharmaceutical Services, Inc.		7,200		714,888
				4,919,819

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

76

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Health Care – Services — 2.2%
The Ensign Group, Inc.		25,200	$	902,664
Molina Healthcare, Inc. (a)		7,700		754,138
Select Medical Holdings Corp. (a)		39,800		722,370
				2,379,172
Household Products & Wares — 0.2%
CSS Industries, Inc.		14,393		243,242
				17,656,300
Diversified — 0.1%
Holding Company – Diversified — 0.1%
GS Acquisition Holdings Corp. (a)		15,563		158,743
Energy — 6.2%
Oil & Gas — 3.6%
Centennial Resource Development, Inc. Class A (a)		55,200		996,912
Jagged Peak Energy, Inc. (a) (b)		33,442		435,415
Kosmos Energy Ltd. (a)		34,600		286,142
Matador Resources Co. (a)		36,600		1,099,830
WPX Energy, Inc. (a)		60,400		1,089,012
				3,907,311
Oil & Gas Services — 2.6%
Frank’s International NV (b)		93,959		732,880
Keane Group, Inc. (a)		41,072		561,454
Oceaneering International, Inc.		23,590		600,602
TETRA Technologies, Inc. (a)		129,800		577,610
Thermon Group Holdings, Inc. (a)		16,200		370,494
				2,843,040
				6,750,351
Financial — 34.2%
Banks — 18.9%
Atlantic Capital Bancshares, Inc. (a)		18,622		365,922
BankUnited, Inc.		32,100		1,311,285
CoBiz Financial, Inc.		39,300		844,164
Columbia Banking System, Inc.		26,600		1,087,940
East West Bancorp, Inc.		18,951		1,235,605
FB Financial Corp.		15,750		641,340
First Hawaiian, Inc.		12,542		363,969
Glacier Bancorp, Inc.		24,000		928,320
Heritage Commerce Corp.		22,800		387,372
Heritage Financial Corp.		15,300		533,205
Home BancShares, Inc.		83,950		1,893,912
Hope Bancorp, Inc.		33,200		591,956
Howard Bancorp, Inc. (a)		16,242		292,356
Live Oak Bancshares, Inc.		13,569		415,890
National Bank Holdings Corp. Class A		25,100		968,609
Origin Bancorp, Inc. (b)		7,400		302,956
PCSB Financial Corp.		18,813		373,814
Pinnacle Financial Partners, Inc.		7,200		441,720
Ponce de Leon Federal Bank (a)		18,784		295,097

	Number of Shares		Value
Popular, Inc.		22,200	$	1,003,662
Premier Commercial Bancorp (a)		3,800		63,840
Prosperity Bancshares, Inc.		12,200		833,992
Sterling Bancorp, Inc.		21,022		280,854
SVB Financial Group (a)		4,042		1,167,168
Texas Capital Bancshares, Inc. (a)		9,700		887,550
Towne Bank		33,100		1,062,510
Webster Financial Corp.		14,475		922,057
Wintrust Financial Corp.		10,800		940,140
				20,437,205
Diversified Financial Services — 1.3%
Cboe Global Markets, Inc.		4,721		491,314
Houlihan Lokey, Inc.		10,526		539,142
Virtus Investment Partners, Inc.		2,900		371,055
				1,401,511
Insurance — 2.9%
Assured Guaranty Ltd.		13,882		496,004
Employers Holdings, Inc.		11,900		478,380
ProAssurance Corp.		17,300		613,285
Radian Group, Inc.		42,700		692,594
Safety Insurance Group, Inc.		4,900		418,460
State Auto Financial Corp.		15,800		472,578
				3,171,301
Real Estate Investment Trusts (REITS) — 8.8%
Acadia Realty Trust		16,500		451,605
American Campus Communities, Inc.		9,600		411,648
Cedar Realty Trust, Inc.		153,200		723,104
Douglas Emmett, Inc.		13,000		522,340
EastGroup Properties, Inc.		10,400		993,824
Healthcare Realty Trust, Inc.		20,847		606,231
JBG SMITH Properties		18,327		668,385
Kilroy Realty Corp.		8,000		605,120
PotlatchDeltic Corp.		15,200		772,920
PS Business Parks, Inc.		5,700		732,450
Retail Opportunity Investments Corp.		16,100		308,476
Saul Centers, Inc.		9,900		530,442
Sunstone Hotel Investors, Inc.		42,240		702,029
Terreno Realty Corp.		24,900		937,983
Washington Real Estate Investment Trust		18,200		552,006
				9,518,563
Savings & Loans — 2.3%
Beneficial Bancorp, Inc.		40,023		648,373
Meridian Bancorp, Inc.		24,200		463,430
United Financial Bancorp, Inc.		37,900		664,008
WSFS Financial Corp.		12,900		687,570
				2,463,381
				36,991,961

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

77

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 15.9%
Aerospace & Defense — 1.4%
Cubic Corp.		12,100	$	776,820
Triumph Group, Inc.		37,350		732,060
				1,508,880
Building Materials — 0.6%
Universal Forest Products, Inc.		18,400		673,808
Electrical Components & Equipment — 3.5%
Belden, Inc.		18,960		1,158,835
Energizer Holdings, Inc.		10,800		679,968
Littelfuse, Inc.		8,400		1,916,712
				3,755,515
Electronics — 2.6%
Brady Corp. Class A		10,700		412,485
ESCO Technologies, Inc.		12,700		732,790
Knowles Corp. (a)		43,500		665,550
Mesa Laboratories, Inc.		2,400		506,592
Methode Electronics, Inc.		12,100		487,630
				2,805,047
Engineering & Construction — 0.8%
Aegion Corp. (a)		33,000		849,750
Environmental Controls — 0.6%
MSA Safety, Inc.		5,100		491,334
Stericycle, Inc. (a)		3,100		202,399
				693,733
Metal Fabricate & Hardware — 1.7%
CIRCOR International, Inc.		14,949		552,515
RBC Bearings, Inc. (a)		5,300		682,693
Sun Hydraulics Corp.		11,649		561,366
				1,796,574
Miscellaneous – Manufacturing — 1.4%
Hillenbrand, Inc.		9,130		430,479
Lydall, Inc. (a)		8,500		371,025
Myers Industries, Inc.		40,094		769,805
				1,571,309
Transportation — 3.3%
Genesee & Wyoming, Inc. Class A (a)		9,250		752,210
International Seaways, Inc. (a)		22,400		518,336
Kirby Corp. (a)		5,550		463,980
Landstar System, Inc.		12,300		1,343,160
Universal Logistics Holdings, Inc.		16,100		422,625
US Xpress Enterprises, Inc. Class A (a)		5,487		83,073
				3,583,384
				17,238,000
Technology — 3.1%
Computers — 0.7%
Conduent, Inc. (a)		37,000		672,290

	Number of Shares		Value
Semiconductors — 1.1%
Cabot Microelectronics Corp.		5,700	$	613,092
MaxLinear, Inc. (a)		16,800		261,912
Rudolph Technologies, Inc. (a)		11,200		331,520
				1,206,524
Software — 1.3%
Avalara, Inc. (a)		998		53,263
Ceridian HCM Holding, Inc. (a)		6,267		208,002
Cision Ltd. (a)		29,865		446,482
Pluralsight, Inc. Class A (a) (b)		3,767		92,103
RealPage, Inc. (a)		6,100		336,110
Rosetta Stone, Inc. (a)		17,800		285,334
				1,421,294
				3,300,108
Utilities — 6.5%
Electric — 3.0%
El Paso Electric Co.		7,600		449,160
MGE Energy, Inc.		4,012		252,957
NorthWestern Corp.		13,300		761,425
PNM Resources, Inc.		27,900		1,085,310
Portland General Electric Co.		12,200		521,672
SCANA Corp.		3,500		134,820
				3,205,344
Gas — 3.1%
Atmos Energy Corp.		6,400		576,896
Chesapeake Utilities Corp.		13,300		1,063,335
ONE Gas, Inc.		15,200		1,136,048
RGC Resources, Inc.		3,964		115,669
South Jersey Industries, Inc. (b)		13,165		440,633
				3,332,581
Water — 0.4%
California Water Service Group		12,300		479,085
				7,017,010
TOTAL COMMON STOCK (Cost $75,866,682)				106,207,600
TOTAL EQUITIES (Cost $75,866,682)				106,207,600
WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Foods — 0.0%
The Simply Good Foods Co. (a)		4,866		20,340
TOTAL WARRANTS (Cost $9,781)				20,340

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

78

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 2.9%
Diversified Financial Services — 2.9%
State Street Navigator Securities Lending Prime Portfolio (c)		3,142,081	$	3,142,081
T. Rowe Price Government Reserve Investment Fund		1,025		1,025
				3,143,106
TOTAL MUTUAL FUNDS (Cost $3,143,106)				3,143,106
TOTAL LONG-TERM INVESTMENTS (Cost $79,019,569)				109,371,046
	Principal Amount
SHORT-TERM INVESTMENTS — 2.7%
Repurchase Agreement — 2.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (d)	$	2,876,671		2,876,671
TOTAL SHORT-TERM INVESTMENTS (Cost $2,876,671)				2,876,671
TOTAL INVESTMENTS — 103.7% (Cost $81,896,240) (e)				112,247,717
Other Assets/(Liabilities) — (3.7)%				(3,989,282	)
NET ASSETS — 100.0%			$	108,258,435

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 June 30, 2018, was $3,059,218 or 2.83% 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 $2,876,896. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $2,937,218.

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

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

79

MML Small/Mid Cap Value Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.9%
COMMON STOCK — 96.9%
Basic Materials — 1.8%
Chemicals — 0.5%
Orion Engineered Carbons SA		39,450	$	1,217,033
Mining — 1.3%
Alcoa Corp. (a)		61,330		2,875,150
				4,092,183
Communications — 3.1%
Internet — 0.8%
CDW Corp.		21,810		1,762,030
Media — 1.1%
Houghton Mifflin Harcourt Co. (a)		145,560		1,113,534
Scholastic Corp.		30,630		1,357,215
				2,470,749
Telecommunications — 1.2%
Finisar Corp. (a)		85,390		1,537,020
Infinera Corp. (a)		136,510		1,355,544
				2,892,564
				7,125,343
Consumer, Cyclical — 15.4%
Airlines — 2.9%
Alaska Air Group, Inc.		33,240		2,007,364
Hawaiian Holdings, Inc.		51,960		1,867,962
SkyWest, Inc.		53,046		2,753,087
				6,628,413
Apparel — 1.8%
Crocs, Inc. (a)		107,670		1,896,069
Deckers Outdoor Corp. (a)		19,250		2,173,132
				4,069,201
Auto Parts & Equipment — 2.4%
Cooper-Standard Holding, Inc. (a)		22,087		2,886,108
Dana, Inc.		53,633		1,082,850
Lear Corp.		8,252		1,533,304
				5,502,262
Distribution & Wholesale — 0.9%
Anixter International, Inc. (a)		32,940		2,085,102
Home Builders — 2.0%
Lennar Corp. Class A		52,374		2,749,635
Taylor Morrison Home Corp. Class A (a)		83,310		1,731,182
				4,480,817
Office Furnishings — 1.0%
Steelcase, Inc. Class A		165,670		2,236,545
Retail — 4.4%
Bloomin’ Brands, Inc.		109,280		2,196,528
BMC Stock Holdings, Inc. (a)		42,620		888,627

	Number of Shares		Value
Brinker International, Inc.		13,249	$	630,653
Burlington Stores, Inc. (a)		11,689		1,759,545
The Michaels Cos., Inc. (a)		97,160		1,862,557
Signet Jewelers Ltd.		45,100		2,514,325
				9,852,235
				34,854,575
Consumer, Non-cyclical — 11.0%
Beverages — 1.1%
Cott Corp.		143,677		2,377,854
Commercial Services — 3.3%
Booz Allen Hamilton Holding Corp.		55,340		2,420,018
Quanta Services, Inc. (a)		71,468		2,387,031
Sotheby’s (a)		47,780		2,596,366
				7,403,415
Foods — 2.2%
Ingredion, Inc.		11,934		1,321,094
Nomad Foods Ltd. (a)		123,140		2,363,056
US Foods Holding Corp. (a)		35,790		1,353,578
				5,037,728
Health Care – Services — 4.4%
ICON PLC (a)		24,252		3,214,118
LifePoint Health, Inc. (a)		42,580		2,077,904
Molina Healthcare, Inc. (a)		21,880		2,142,927
WellCare Health Plans, Inc. (a)		10,221		2,516,819
				9,951,768
				24,770,765
Energy — 10.2%
Oil & Gas — 6.2%
HollyFrontier Corp.		41,610		2,847,372
Oasis Petroleum, Inc. (a)		205,070		2,659,758
QEP Resources, Inc. (a)		263,360		3,228,794
SM Energy Co.		109,410		2,810,743
SRC Energy, Inc. (a)		220,450		2,429,359
				13,976,026
Oil & Gas Services — 4.0%
Dril-Quip, Inc. (a)		28,650		1,472,610
Helix Energy Solutions Group, Inc. (a)		108,750		905,888
MRC Global, Inc. (a)		111,090		2,407,320
Oil States International, Inc. (a)		73,270		2,351,967
RPC, Inc.		128,237		1,868,413
				9,006,198
				22,982,224
Financial — 29.2%
Banks — 11.3%
Associated Banc-Corp.		101,897		2,781,789
BankUnited, Inc.		65,930		2,693,241
Comerica, Inc.		31,220		2,838,523

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

80

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fulton Financial Corp.		100,890	$	1,664,685
Huntington Bancshares, Inc.		163,375		2,411,415
Synovus Financial Corp.		46,300		2,446,029
Texas Capital Bancshares, Inc. (a)		23,970		2,193,255
Umpqua Holdings Corp.		106,080		2,396,347
Webster Financial Corp.		40,223		2,562,205
Zions Bancorp		69,015		3,636,400
				25,623,889
Diversified Financial Services — 0.8%
OneMain Holdings, Inc. (a)		51,970		1,730,081
Insurance — 8.5%
American Financial Group, Inc.		27,581		2,960,269
Essent Group Ltd. (a)		51,500		1,844,730
Everest Re Group Ltd.		15,270		3,519,429
First American Financial Corp.		37,880		1,959,154
The Hanover Insurance Group, Inc.		13,180		1,575,801
Old Republic International Corp.		108,850		2,167,203
Reinsurance Group of America, Inc.		25,430		3,394,396
Selective Insurance Group, Inc.		33,980		1,868,900
				19,289,882
Real Estate Investment Trusts (REITS) — 7.4%
American Campus Communities, Inc.		51,470		2,207,034
Camden Property Trust		27,390		2,496,051
CubeSmart		11,100		357,642
Education Realty Trust, Inc.		58,080		2,410,320
Empire State Realty Trust, Inc. Class A		106,996		1,829,632
Gramercy Property Trust		75,838		2,071,894
STAG Industrial, Inc.		104,420		2,843,356
Sun Communities, Inc.		26,450		2,588,926
				16,804,855
Savings & Loans — 1.2%
Sterling Bancorp		112,410		2,641,635
				66,090,342
Industrial — 13.9%
Electrical Components & Equipment — 1.0%
EnerSys		30,410		2,269,802
Electronics — 2.1%
Avnet, Inc.		64,530		2,767,692
Sanmina Corp. (a)		67,160		1,967,788
				4,735,480
Engineering & Construction — 2.6%
AECOM (a)		64,683		2,136,480
Granite Construction, Inc.		38,650		2,151,259
Tutor Perini Corp. (a)		87,080		1,606,626
				5,894,365
Hand & Machine Tools — 1.3%
Regal Beloit Corp.		35,880		2,934,984
Machinery – Construction & Mining — 1.9%
Oshkosh Corp.		30,280		2,129,290

	Number of Shares		Value
Terex Corp.		50,750	$	2,141,142
				4,270,432
Machinery – Diversified — 0.7%
SPX FLOW, Inc. (a)		33,609		1,471,066
Miscellaneous – Manufacturing — 1.1%
Trinseo SA		36,420		2,583,999
Packaging & Containers — 1.1%
Graphic Packaging Holding Co.		166,890		2,421,574
Transportation — 2.1%
Atlas Air Worldwide Holdings, Inc. (a)		34,900		2,502,330
Werner Enterprises, Inc.		59,800		2,245,490
				4,747,820
				31,329,522
Technology — 8.2%
Computers — 4.7%
Amdocs Ltd.		33,598		2,223,852
Genpact Ltd.		88,417		2,557,904
NCR Corp. (a)		91,759		2,750,935
NetScout Systems, Inc. (a)		60,890		1,808,433
VeriFone Systems, Inc. (a)		58,780		1,341,359
				10,682,483
Semiconductors — 2.0%
Cypress Semiconductor Corp.		124,240		1,935,659
Mellanox Technologies Ltd. (a)		13,070		1,101,801
Qorvo, Inc. (a)		18,803		1,507,436
				4,544,896
Software — 1.5%
Verint Systems, Inc. (a)		74,435		3,301,192
				18,528,571
Utilities — 4.1%
Electric — 3.4%
Alliant Energy Corp.		53,637		2,269,918
Black Hills Corp.		25,455		1,558,100
PNM Resources, Inc.		48,963		1,904,661
Portland General Electric Co.		44,890		1,919,496
				7,652,175
Gas — 0.7%
Southwest Gas Holdings, Inc.		21,010		1,602,433
				9,254,608
TOTAL COMMON STOCK (Cost $181,613,394)				219,028,133
TOTAL EQUITIES (Cost $181,613,394)				219,028,133
TOTAL LONG-TERM INVESTMENTS (Cost $181,613,394)				219,028,133

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

81

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.2%
Repurchase Agreement — 3.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (b)	$	7,316,395	$	7,316,395
TOTAL SHORT-TERM INVESTMENTS (Cost $7,316,395)				7,316,395
TOTAL INVESTMENTS — 100.1% (Cost $188,929,789) (c)				226,344,528
Other Assets/(Liabilities) — (0.1)%				(211,099	)
NET ASSETS — 100.0%			$	226,133,429

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $7,316,968. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $7,465,837.

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

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

82

MML Total Return Bond Fund – Portfolio of Investments

June 30, 2018 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 102.0%
BANK LOANS — 0.3%
Advertising — 0.0%
Lamar Media Corp., 2018 Term Loan B 1 mo. LIBOR + 1.750% 3.875% VRN 3/14/25	$	99,750	$	99,626
Computers — 0.1%
Dell, Inc., 2017 Term Loan A3, 1 mo. LIBOR + 1.500% 3.600% VRN 12/31/18		458,197		456,937
Diversified Financial Services — 0.1%
Delos Finance Sarl, 2018 Term Loan B 3 mo. LIBOR + 1.750% 4.084% VRN 10/06/23		591,000		590,261
Real Estate Investment Trusts (REITS) — 0.1%
Ventas Realty Ltd., Term Loan A, 1 mo. LIBOR + 0.975% 2.982% VRN 8/03/20		210,000		207,900
TOTAL BANK LOANS (Cost 1,358,607)				1,354,724
CORPORATE DEBT — 30.7%
Aerospace & Defense — 0.3%
L3 Technologies, Inc. Co. Guar 06/28 4.4 4.400% 6/15/28		640,000		637,021
Northrop Grumman Corp. 3.250% 1/15/28		640,000		601,256
				1,238,277
Airlines — 0.5%
Continental Airlines Pass-Through Trust 7.250% 5/10/21		1,590,340		1,666,994
Northwest Airlines Pass-Through Trust 7.041% 10/01/23		351,451		383,081
				2,050,075
Auto Manufacturers — 0.6%
Ford Motor Credit Co. LLC 8.125% 1/15/20		805,000		862,063
General Motors Co. 3.500% 10/02/18		500,000		500,947
General Motors Financial Co., Inc. 2.350% 10/04/19		500,000		495,705
2.400% 5/09/19		505,000		502,647
				2,361,362

	Principal Amount		Value
Banks — 9.5%
Bank of America Corp. 3 mo. USD LIBOR + .660% 2.369% VRN 7/21/21	$	515,000	$	504,852
2.738% VRN 1/23/22 (a)		1,085,000		1,065,702
3.004% VRN 12/20/23 (a)		1,079,000		1,046,130
3.093% VRN 10/01/25 (a)		860,000		818,916
6.875% 11/15/18		750,000		761,649
Citibank NA 3.050% 5/01/20		2,205,000		2,204,196
Citigroup, Inc. 2.050% 12/07/18		1,000,000		998,084
2.450% 1/10/20		1,000,000		988,769
3.142% VRN 1/24/23 (a)		750,000		734,788
8.500% 5/22/19		1,200,000		1,258,276
Cooperatieve Rabobank UA 3.125% 4/26/21		850,000		846,743
Goldman Sachs Bank 3.200% 6/05/20		1,000,000		1,002,911
The Goldman Sachs Group, Inc. 2.550% 10/23/19		2,000,000		1,987,747
3.272% VRN 9/29/25 (a)		645,000		612,442
3.814% VRN 4/23/29 (a)		650,000		618,239
7.500% 2/15/19		1,000,000		1,027,623
JP Morgan Chase & Co. 2.950% 10/01/26		895,000		831,361
3 mo. USD LIBOR + 1.380% 3.540% VRN 5/01/28		2,000,000		1,914,785
3 mo. USD LIBOR + 1.337% 3.782% VRN 2/01/28		500,000		487,827
JP Morgan Chase Bank NA 2.604% VRN 2/01/21 (a)		2,215,000		2,195,424
2.605% FRN 2/13/20 (a)		1,765,000		1,764,539
3.086% VRN 4/26/21 (a)		485,000		483,863
Lloyds Banking Group PLC 2.907% VRN 11/07/23 (a)		430,000		409,557
Macquarie Bank Ltd. 2.600% 6/24/19 (b)		750,000		747,710
Morgan Stanley 3 mo. USD LIBOR + .800% 3.155% FRN 2/14/20		3,395,000		3,405,294
3 mo. USD LIBOR + .930% 3.292% FRN 7/22/22		510,000		514,108
5.500% 7/24/20		250,000		261,160
5.625% 9/23/19		500,000		515,227
PNC Bank NA 2.500% 1/22/21		1,090,000		1,070,102
Santander UK Group Holdings PLC 3.373% VRN 1/05/24 (a)		645,000		620,187
Santander UK PLC 3.400% 6/01/21		1,250,000		1,249,277

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

83

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Wells Fargo & Co. 3.000% 4/22/26	$	475,000	$	440,347
3.000% 10/23/26		345,000		318,551
3.550% 9/29/25		725,000		702,797
3 mo. USD LIBOR + 1.310% 3.584% VRN 5/22/28		1,865,000		1,786,901
Wells Fargo Bank NA 2.150% 12/06/19		2,500,000		2,472,758
2.400% 1/15/20		1,500,000		1,485,577
				40,154,419
Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc. 4.900% 2/01/46		600,000		617,027
Anheuser-Busch InBev Worldwide, Inc. 4.000% 4/13/28		435,000		433,989
Bacardi Ltd. 5.300% 5/15/48 (b)		210,000		199,024
Constellation Brands, Inc. 3.875% 11/15/19		500,000		505,228
				1,755,268
Biotechnology — 0.8%
Amgen, Inc. 2.125% 5/01/20		200,000		196,617
4.400% 5/01/45		500,000		476,536
Baxalta, Inc. 2.875% 6/23/20		725,000		716,749
Celgene Corp. 3.900% 2/20/28		440,000		416,343
5.000% 8/15/45		750,000		734,394
Gilead Sciences, Inc. 3.650% 3/01/26		525,000		518,325
4.150% 3/01/47		445,000		425,366
				3,484,330
Chemicals — 0.1%
Axalta Coating Systems LLC 4.875% 8/15/24 (b)		150,000		148,875
Valvoline, Inc. 5.500% 7/15/24		200,000		202,000
				350,875
Commercial Services — 0.1%
IHS Markit Ltd. 4.000% 3/01/26 (b)		253,000		241,299
Service Corp. International 4.625% 12/15/27		210,000		198,366
				439,665
Computers — 0.3%
Apple, Inc. 4.650% 2/23/46		850,000		915,705
Dell International LLC/EMC Corp. 3.480% 6/01/19 (b)		400,000		401,007
				1,316,712

	Principal Amount		Value
Cosmetics & Personal Care — 0.1%
First Quality Finance Co., Inc. 4.625% 5/15/21 (b)	$	90,000	$	87,750
5.000% 7/01/25 (b)		174,000		159,210
				246,960
Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		490,000		499,249
Air Lease Corp 4.750% 3/01/20		855,000		873,097
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		780,000		755,648
International Lease Finance Corp. 7.125% 9/01/18 (b)		1,000,000		1,006,524
Raymond James Financial, Inc. 4.950% 7/15/46		400,000		407,587
				3,542,105
Electric — 3.0%
AEP Transmission Co. LLC 3.100% 12/01/26		855,000		818,049
Dominion Energy, Inc. 1.875% 12/15/18 (b)		1,000,000		996,134
Duke Energy Carolinas LLC 4.000% 9/30/42		1,000,000		979,745
Duquesne Light Holdings, Inc. 6.400% 9/15/20 (b)		1,000,000		1,057,007
Emera US Finance LP 2.150% 6/15/19		1,068,000		1,056,852
Jersey Central Power & Light Co. 4.700% 4/01/24 (b)		800,000		836,488
6.400% 5/15/36		425,000		508,103
Kansas City Power & Light Co. 3.150% 3/15/23		500,000		488,169
LG&E & KU Energy LLC 4.375% 10/01/21		1,200,000		1,229,470
MidAmerican Energy Co. 4.800% 9/15/43		1,400,000		1,539,065
NextEra Energy Capital Holdings, Inc. 2.843% FRN 5/04/21 (a)		2,000,000		1,998,902
NextEra Energy Operating Partners LP 4.500% 9/15/27 (b)		210,000		196,350
The Southern Co. 1.550% 7/01/18		750,000		750,000
				12,454,334
Electronics — 0.0%
Itron, Inc. 5.000% 1/15/26 (b)		125,000		118,713

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

84

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Entertainment — 0.1%
GLP Capital LP/GLP Financing II, Inc. 5.375% 4/15/26	$	200,000	$	198,000
Foods — 1.2%
Campbell Soup Co. 3.300% 3/15/21		650,000		647,313
General Mills, Inc. 4.200% 4/17/28		630,000		615,111
Kraft Heinz Foods Co. 2.789% FRN 8/09/19 (a)		750,000		750,363
3.950% 7/15/25		500,000		486,002
4.625% 1/30/29		1,020,000		1,010,194
Mondelez International Holdings Netherlands BV 1.625% 10/28/19 (b)		1,195,000		1,174,356
Pilgrim’s Pride Corp. 5.875% 9/30/27 (b)		107,000		99,243
Post Holdings, Inc. 5.625% 1/15/28 (b)		175,000		164,062
				4,946,644
Gas — 0.2%
CenterPoint Energy Resources Corp. 6.250% 2/01/37		595,000		702,744
Southern Co. Gas Capital Corp. 2.450% 10/01/23		100,000		94,031
				796,775
Health Care – Products — 0.6%
Abbott Laboratories 2.350% 11/22/19		87,000		86,491
Becton Dickinson & Co. 2.404% 6/05/20		440,000		432,104
Becton Dickinson and Co. 2.894% 6/06/22		400,000		386,893
Boston Scientific Corp. 6.000% 1/15/20		650,000		677,196
Hologic, Inc. 4.625% 2/01/28 (b)		60,000		56,400
Teleflex, Inc. 4.625% 11/15/27		107,000		101,115
Zimmer Biomet Holdings, Inc. 3.076% FRN 3/19/21 (a)		655,000		656,104
				2,396,303
Health Care – Services — 1.7%
Aetna, Inc. 2.800% 6/15/23		485,000		462,122
Anthem, Inc. 3.125% 5/15/22		500,000		492,546
3.300% 1/15/23		530,000		520,665
Centene Corp. 4.750% 1/15/25		259,000		257,705
5.625% 2/15/21		75,000		76,584

	Principal Amount		Value
CHS/Community Health Systems, Inc. 6.250% 3/31/23	$	135,000	$	123,694
8.625% 1/15/24		128,000		128,320
Cigna Corp. 3.050% 10/15/27		945,000		852,345
DaVita, Inc. 5.000% 5/01/25		133,000		125,186
Fresenius Medical Care US Finance II, Inc. 5.625% 7/31/19 (b)		485,000		496,815
6.500% 9/15/18 (b)		805,000		810,317
HCA, Inc. 5.000% 3/15/24		371,000		371,000
5.250% 4/15/25		83,000		83,000
6.500% 2/15/20		196,000		203,473
Kaiser Foundation Hospitals 3.150% 5/01/27		1,000,000		957,684
Providence St. Joseph Health Obligated Group 2.746% 10/01/26		845,000		788,660
Tenet Healthcare Corp. 4.500% 4/01/21		26,000		25,740
4.625% 7/15/24 (b)		254,000		240,589
WellCare Health Plans, Inc. 5.250% 4/01/25		122,000		121,390
				7,137,835
Household Products & Wares — 0.1%
Central Garden & Pet Co. 6.125% 11/15/23		36,000		37,215
5.125% 2/01/28		181,000		167,425
Spectrum Brands, Inc. 5.750% 7/15/25		85,000		83,938
				288,578
Insurance — 0.7%
Berkshire Hathaway Finance Corp. 4.300% 5/15/43		500,000		503,679
4.400% 5/15/42		750,000		766,400
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (b)		970,000		977,388
New York Life Global Funding 1.550% 11/02/18 (b)		750,000		747,647
				2,995,114
Internet — 0.0%
Zayo Group LLC/Zayo Capital, Inc. 5.750% 1/15/27 (b)		120,000		117,900
Media — 0.5%
Altice US Finance I Corp. 5.375% 7/15/23 (b)		425,000		422,875

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

85

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000% 2/01/28 (b)	$	227,000	$	207,705
5.125% 5/01/27 (b)		170,000		159,056
Charter Communications Operating LLC/Charter Communications Operating Capital 3.750% 2/15/28		450,000		407,547
6.484% 10/23/45		200,000		210,807
CSC Holdings LLC 5.375% 2/01/28 (b)		200,000		185,000
8.625% 2/15/19		100,000		102,875
DISH DBS Corp. 5.875% 7/15/22		100,000		94,000
Sirius XM Radio, Inc. 3.875% 8/01/22 (b)		220,000		212,300
Virgin Media Secured Finance PLC 5.250% 1/15/26 (b)		200,000		185,000
				2,187,165
Miscellaneous – Manufacturing — 0.2%
General Electric Co. 5.875% 1/14/38		244,000		276,871
Siemens Financieringsmaatschappij NV 2.000% 9/15/23 (b)		550,000		510,843
				787,714
Oil & Gas — 0.3%
Antero Resources Corp. 5.125% 12/01/22		125,000		125,312
Canadian Natural Resources Ltd. 3.850% 6/01/27		171,000		166,838
Diamondback Energy, Inc. 4.750% 11/01/24		128,000		124,800
Gulfport Energy Corp. 6.375% 5/15/25		47,000		45,708
Noble Energy, Inc. 5.250% 11/15/43		140,000		142,436
Parsley Energy LLC / Parsley Finance Corp. 5.375% 1/15/25(b)		210,000		208,425
Shell International Finance BV 4.375% 5/11/45		415,000		425,327
Sunoco LP / Sunoco Finance Corp. 4.875% 1/15/23(b)		125,000		120,000
				1,358,846
Packaging & Containers — 0.4%
Amcor Finance USA, Inc. 3.625% 4/28/26 (b)		650,000		617,075
Ball Corp. 4.375% 12/15/20		350,000		352,625
Graphic Packaging International LLC 4.125% 8/15/24		200,000		192,020

	Principal Amount		Value
Multi-Color Corp. 4.875% 11/01/25 (b)	$	130,000	$	121,063
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.750% 10/15/20		397,334		398,824
Sealed Air Corp. 5.500% 9/15/25 (b)		190,000		195,225
				1,876,832
Pharmaceuticals — 1.5%
AbbVie, Inc. 3.600% 5/14/25		500,000		484,254
Allergan Funding SCS 4.550% 3/15/35		440,000		416,307
Bayer Us Finance Ii Llc Co. Guar 144a 12/28 4.375 4.375% 12/15/28 (b)		850,000		851,617
Bayer US Finance LLC 2.375% 10/08/19 (b)		850,000		842,757
Catalent Pharma Solutions, Inc. 4.875% 1/15/26 (b)		80,000		76,823
CVS Health Corp. 5.050% 3/25/48		1,090,000		1,109,289
Novartis Securities Investment Ltd. 5.125% 2/10/19		1,000,000		1,014,211
Shire Acquisitions Investments Ireland DAC 1.900% 9/23/19		500,000		492,143
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		550,000		536,926
Valeant Pharmaceuticals International 9.250% 4/01/26(b)		65,000		67,519
Valeant Pharmaceuticals International, Inc. 5.500% 3/01/23 (b)		268,000		249,240
5.500% 11/01/25 (b)		124,000		122,202
6.125% 4/15/25 (b)		100,000		92,125
				6,355,413
Pipelines — 1.4%
Cheniere Corpus Christi Holdings LLC 5.125% 6/30/27		42,000		41,632
Energy Transfer Equity LP 5.500% 6/01/27		120,000		120,000
Energy Transfer Partners LP 5.150% 3/15/45		400,000		356,531
Florida Gas Transmission Co. LLC 7.900% 5/15/19 (b)		1,000,000		1,041,061
Plains All American Pipeline LP/PAA Finance Corp. 4.650% 10/15/25		600,000		597,918

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

86

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Rockies Express Pipeline LLC 5.625% 4/15/20 (b)	$	155,000	$	158,681
6.000% 1/15/19 (b)		228,000		230,565
Ruby Pipeline LLC 6.000% 4/01/22 (b)		670,455		700,962
Sabine Pass Liquefaction LLC 4.200% 3/15/28		500,000		484,055
Sunoco Logistics Partners Operations LP 5.400% 10/01/47		644,000		592,153
TC PipeLines LP 3.900% 5/25/27		500,000		470,114
Williams Partners LP 3.600% 3/15/22		683,000		679,662
4.500% 11/15/23		570,000		578,683
				6,052,017
Real Estate Investment Trusts (REITS) — 2.5%
Alexandria Real Estate Equities, Inc. 3.450% 4/30/25		450,000		430,561
American Campus Communities Operating Partnership LP 3.350% 10/01/20		500,000		498,497
3.750% 4/15/23		650,000		646,529
American Tower Corp. 3.000% 6/15/23		430,000		412,319
Boston Properties LP 3.200% 1/15/25		430,000		409,271
Crown Castle International Corp. 3.200% 9/01/24		625,000		589,856
Duke Realty LP 3.875% 2/15/21		1,000,000		1,010,597
HCP, Inc. 2.625% 2/01/20		500,000		494,035
3.875% 8/15/24		500,000		488,987
Healthcare Realty Trust, Inc. 3.750% 4/15/23		235,000		230,725
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.500% 1/15/28		80,000		72,600
5.625% 5/01/24		100,000		101,250
SBA Communications Corp. 4.000% 10/01/22 (b)		213,000		203,681
4.875% 9/01/24		98,000		93,741
SL Green Operating Partnership LP 3.250% 10/15/22		500,000		485,883
Ventas Realty LP 3.500% 2/01/25		1,500,000		1,436,314
WEA Finance LLC/Westfield UK & Europe Finance PLC 2.700% 9/17/19 (b)		500,000		497,927
3.250% 10/05/20 (b)		700,000		698,607

	Principal Amount		Value
Welltower, Inc. 4.000% 6/01/25	$	830,000	$	814,009
4.125% 4/01/19		750,000		754,392
				10,369,781
Retail — 0.5%
1011778 BC ULC/New Red Finance, Inc. 4.250% 5/15/24 (b)		299,000		283,303
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750% 6/01/27 (b)		210,000		198,450
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		400,000		394,303
4.800% 11/18/44		275,000		258,936
Walmart, Inc. Sr Unsecured 06/25 3.55 3.550% 6/26/25		930,000		935,897
				2,070,889
Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.375% 1/15/20		750,000		740,227
NXP BV/NXP Funding LLC 4.125% 6/01/21 (b)		200,000		199,500
				939,727
Software — 0.1%
CDK Global, Inc. 5.875% 6/15/26		80,000		81,520
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750% 3/01/25 (b)		122,000		115,424
First Data Corp. 5.000% 1/15/24 (b)		193,000		191,553
IQVIA, Inc. 5.000% 10/15/26 (b)		200,000		194,750
				583,247
Telecommunications — 1.9%
AT&T, Inc. 3.950% 1/15/25		160,000		156,485
4.125% 2/17/26		500,000		488,708
4.500% 3/09/48		540,000		465,528
4.800% 6/15/44		760,000		689,604
5.150% 11/15/46 (b)		530,000		499,306
5.250% 3/01/37		425,000		418,010
Intelsat Jackson Holdings SA 9.750% 7/15/25 (b)		223,000		235,265
Level 3 Financing, Inc. 5.375% 1/15/24		136,000		133,212
Sprint Capital Corp. 6.875% 11/15/28		75,000		71,813
Sprint Communications, Inc. 9.000% 11/15/18 (b)		348,000		354,960

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

87

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sprint Corp. 7.625% 3/01/26	$	38,000	$	38,760
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360% STEP 3/20/23 (b)		524,063		518,167
4.738% 3/20/25 (b)		870,000		863,301
T-Mobile USA, Inc. 4.500% 2/01/26		104,000		97,110
4.750% 2/01/28		286,000		264,908
Verizon Communications, Inc. 4.329% 9/21/28 (b)		300,000		297,330
4.522% 9/15/48		600,000		547,027
4.862% 8/21/46		600,000		573,343
5.250% 3/16/37		630,000		647,009
Vodafone Group PLC 4.375% 5/30/28		420,000		415,007
				7,774,853
Transportation — 0.1%
Union Pacific Corp. 3.950% 9/10/28		425,000		427,029
TOTAL CORPORATE DEBT (Cost $131,870,443)				129,173,757
MUNICIPAL OBLIGATIONS — 1.4%
Alabama Economic Settlement Authority 3.163% 9/15/25		1,000,000		990,830
City of New York NY 5.206% 10/01/31		750,000		855,202
Jersey City Municipal Utilities Authority 5.470% 5/15/27		850,000		933,589
Los Angeles Unified School District 5.755% 7/01/29		1,000,000		1,170,480
New York State Dormitory Authority 5.289% 3/15/33		750,000		841,703
State of California 7.950% 3/01/36		850,000		916,878
				5,708,682
TOTAL MUNICIPAL OBLIGATIONS (Cost $5,946,955)				5,708,682
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.7%
Commercial MBS — 1.7%
7 WTC Depositor LLC Trust, Series 2012-7WTC, Class A 4.082% 3/13/31 (b)		15,622		15,616

	Principal Amount		Value
BAMLL Commercial Mortgage Securities Trust, Series 2012-PARK, Class A 2.959% 12/10/30 (b)	$	375,000	$	368,611
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A 3.369% 3/13/35 (b)		420,000		418,940
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class A 3.251% 5/10/35 (b)		340,000		337,048
COMM Mortgage Trust
Series 2013-WWP, Class A2 3.424% 3/10/31 (b)		390,000		392,914
Series 2016-787S, Class A 3.545% 2/10/36 (b)		340,000		334,415
Series 2013-300P, Class A1 4.353% 8/10/30 (b)		325,000		336,641
Core Industrial Trust, Series 2015-CALW, Class A 3.040% 2/10/34 (b)		435,000		431,653
Core Industrial Trust 2015-TEXW, Series 2015-TEXW, Class A 3.077% 2/10/34 (b)		255,000		253,356
GS Mortgage Securities Corp Trust, Series 2012-SHOP, Class A, 2.933% 6/05/31 (b)		400,000		400,388
Series 2012-ALOH, Class A 3.551% 4/10/34 (b)		370,000		372,607
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4 2.858% 11/15/45		1,780,000		1,748,742
Morgan Stanley Capital I Trust, Series 2015-420, Class A 3.727% 10/12/50 (b)		400,000		404,333
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, 3.961% VRN 1/13/32 (a) (b)		330,000		334,250
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1, 3.872% VRN 1/05/43 (a) (b)		370,000		350,234
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A2 4.393% 11/15/43 (b)		500,000		511,793
				7,011,541
Home Equity ABS — 1.0%
Bear Stearns I Trust, Series 2006-HE1, Class 1M1, 1 mo. USD LIBOR + .410% 2.501% FRN 12/25/35		569,732		572,750

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

88

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290% 2.381% FRN 8/25/36	$	2,400,000	$	2,381,607
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050% 3.141% FRN 10/25/34		1,155,071		1,182,562
				4,136,919
Other ABS — 1.8%
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100% 3.459% FRN 7/20/26 (b)		330,000		330,036
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3, 4.747% VRN 10/25/46 (a)		1,147,013		1,134,372
First Frankin Mortgage Loan Trust, Series 2005-FF7, Class M2, 1 mo. USD LIBOR + .470% 2.561% FRN 7/25/35		385,104		385,423
LCM XXI LP, Series 21A, Class AR, 3.239% FRN 4/20/28 (a) (b)		740,000		738,692
Magnetite CLO Ltd., Series 2015-12A, Class AR, 3 mo. USD LIBOR + 1.330% 3.678% FRN 4/15/27 (b)		1,060,000		1,063,343
Saxon Asset Securities Trust
Series 2007-2, Class A2C 1 mo. USD LIBOR + .240% 2.331% FRN 5/25/47		2,418,649		1,982,000
Series 2005-1, Class M1 1 mo. USD LIBOR + .690% 2.781% FRN 5/25/35		826,042		827,199
Voya CLO Ltd., Series 2014-3A, Class A1R, 3.080% FRN 7/25/26 (a) (b)		1,000,000		998,763
				7,459,828
Student Loans ABS — 4.9%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 2.791% FRN 7/25/56 (b)		763,663		762,607
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200% 2.536% FRN 3/28/35		1,500,000		1,457,944
Navient Student Loan Trust
Series 2015-1, Class A2 1 mo. USD LIBOR + .600% 2.691% FRN 4/25/40		1,092,906		1,094,257

	Principal Amount		Value
Series 2018-3A, Class A3 2.888% FRN 3/25/67 (a) (b)	$	630,000	$	630,000
Series 2017-3A, Class A3 1 mo. USD LIBOR + 1.050% 3.141% FRN 7/26/66 (b)		1,100,000		1,125,153
Nelnet Student Loan Trust
Series 2015-3A, Class A2 1 mo. USD LIBOR + .600% 2.560% FRN 2/27/51 (b)		1,587,465		1,585,463
Series 2015-1A, Class A 1 mo. USD LIBOR + .590% 2.681% FRN 4/25/46 (b)		1,330,410		1,330,408
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750% 2.841% FRN 11/25/42 (b)		1,180,284		1,186,151
SLC Student Loan Trust, Series 2006-2, Class A6, 3 mo. USD LIBOR + .160% 2.501% FRN 9/15/39		2,300,000		2,236,998
SLM Student Loan Trust
Series 2012-7, Class A3 1 mo. USD LIBOR + .650% 2.610% FRN 5/26/26		1,043,657		1,035,965
Series 2007-6, Class A4 3 mo. USD LIBOR + .380% 2.740% FRN 10/25/24		1,239,149		1,240,960
Series 2012-2, Class A 1 mo. USD LIBOR + .700% 2.791% FRN 1/25/29		1,192,591		1,189,886
Series 2004-3A, Class A6A 3 mo. USD LIBOR + .550% 2.910% FRN 10/25/64 (b)		1,100,000		1,094,023
Series 2012-1, Class A3 1 mo. USD LIBOR + .950% 2.910% FRN 9/25/28		1,018,760		1,025,439
Series 2008-1, Class A4 3 mo. USD LIBOR + .650% 3.010% FRN 1/25/22		1,001,680		997,332
Series 2008-9, Class A 3 mo. USD LIBOR + 1.500% 3.860% FRN 4/25/23		1,123,032		1,144,159
Series 2008-5, Class B 3 mo. USD LIBOR + 1.850% 4.210% FRN 7/25/73		700,000		719,342
Series 2008-9, Class B 3 mo. USD LIBOR + 2.250% 4.610% FRN 10/25/83		680,000		707,052
				20,563,139

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

89

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
WL Collateral CMO — 4.3%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000% 4.498% FRN 6/25/45	$	1,633,073	$	1,652,910
Banc of America Funding Trust, Series 2016-R1, Class A1, 2.500% VRN 3/25/40 (a) (b)		1,312,690		1,274,372
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4, 3.735% VRN 3/25/37 (a)		619,812		607,776
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400% 3.630% FRN 10/25/35		633,282		653,218
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1, 3.690% VRN 11/25/35 (a)		941,132		918,429
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 2.285% FRN 11/19/36		2,136,040		1,882,277
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520% 2.611% FRN 4/25/35		1,307,529		1,255,269
IndyMac Index Mortgage Loan Trust
Series 2006-AR27, Class 1A3 1 mo. USD LIBOR + .270% 2.361% FRN 10/25/36		2,122,381		1,485,434
Series 2005-AR19, Class A1 3.501% VRN 10/25/35 (a)		1,222,064		1,049,309
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840% 2.304% FRN 11/26/46 (b)		985,567		959,323
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070% 3.161% FRN 2/25/35		2,024,873		1,997,402
Nomura Resecuritization Trust, Series 2015-1R, Class 6A1, 1 mo. USD LIBOR + .210% 2.088% FRN 5/26/47(b)		328,980		326,203
Washington Mutual Mortgage Pass-Through Certificates
Series 2005-AR13, Class A1A1 1 mo. USD LIBOR + .290% 2.381% FRN 10/25/45		1,044,281		1,048,193
Series 2005-AR2, Class 2A21 1 mo. USD LIBOR + .330% 2.421% FRN 1/25/45		1,028,870		1,029,457
Series 2006-1 Class 3A2 5.750% 2/25/36		1,064,763		1,020,120

	Principal Amount		Value
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR8, Class 3A1 3.773% VRN 4/25/36 (a)	$	908,617	$	927,637
Series 2004-DD, Class 2A6 3.785% VRN 1/25/35 (a)		231,886		235,418
				18,322,747
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $56,146,155)				57,494,174
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 30.3%
Collateralized Mortgage Obligations — 1.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series KF34, Class A 2.361% FRN 8/25/24 (a)		859,863		860,140
Series S8FX, Class A2 3.291% 3/25/27		1,775,000		1,771,235
Federal Home Loan Mortgage Corp. REMICS Series 4639, Class HZ 1.750% 4/15/53		1,401,279		1,272,175
Federal National Mortgage Association Series 2017-M11, Class FA 2.418% 9/25/24 (a)		1,066,918		1,074,290
				4,977,840
Pass-Through Securities — 29.1%
Federal Home Loan Mortgage Corp.
Pool #V61427 2.500% 12/01/31		451,988		439,541
Pool #G18622 2.500% 12/01/31		937,711		911,888
Pool #G18626 2.500% 1/01/32		459,606		446,948
Pool #G18592 3.000% 3/01/31		603,553		601,431
Pool #G18627 3.000% 1/01/32		1,793,843		1,784,734
Pool #G08710 3.000% 6/01/46		402,096		389,781
Pool #G08715 3.000% 8/01/46		3,076,441		2,982,225
Pool #G08726 3.000% 10/01/46		2,942,520		2,852,406
Pool #G08732 3.000% 11/01/46		1,034,948		1,002,606
Pool #G08737 3.000% 12/01/46		371,212		359,611
Pool #G08741 3.000% 1/01/47		2,568,106		2,487,852
Pool #G08791 3.000% 12/01/47		969,428		939,133
Pool #G07848 3.500% 4/01/44		2,619,034		2,629,572
Pool #G60023 3.500% 4/01/45		2,744,446		2,751,200
Pool #G08711 3.500% 6/01/46		1,613,518		1,608,160
Pool #G67700 3.500% 8/01/46		1,496,596		1,496,070
Pool #G08716 3.500% 8/01/46		2,230,197		2,222,792
Pool #G08722 3.500% 9/01/46		388,390		387,101
Pool #G08742 3.500% 1/01/47		1,569,408		1,563,707
Pool #G67703 3.500% 4/01/47		2,146,542		2,144,446
Pool #G08757 3.500% 4/01/47		539,214		536,918

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

90

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #G67706 3.500% 12/01/47	$	1,986,895	$	1,984,334
Pool #G67707 3.500% 1/01/48		4,668,612		4,671,347
Pool #G67708 3.500% 3/01/48		4,307,185		4,298,268
Pool #G67710 3.500% 3/01/48		3,028,441		3,017,439
Pool #G60344 4.000% 12/01/45		1,787,638		1,836,519
Pool #G67711 4.000% 3/01/48		1,938,650		1,988,631
Pool #G67713 4.000% 6/01/48		1,152,768		1,180,326
Federal Home Loan Mortgage Corp. TBA
Pool #292 3.500% 6/01/47 (c)		2,405,000		2,391,942
Pool #2961 4.000% 5/01/47 (c)		215,000		219,140
Pool #7718 4.500% 6/01/47 (c)		3,050,000		3,174,383
Federal National Mortgage Association
Pool #AM0359 2.310% 8/01/22		500,000		487,127
Pool #AM1402 2.420% 11/01/22		945,000		922,330
Pool #AM0827 2.600% 11/01/22		966,410		951,226
Pool #AM2808 2.700% 3/01/23		375,000		369,634
Pool #AL6829 2.964% 5/01/27		1,344,028		1,308,408
Pool #MA1607 3.000% 10/01/33		744,456		737,826
Pool #AM9188 3.120% 6/01/35		780,000		733,302
Pool #FN0039 3.201% 9/01/27		813,942		803,811
Pool #AN4431 3.220% 1/01/27		805,000		795,572
Pool #AM9623 3.340% 7/01/30		755,000		739,962
Pool #AB4262 3.500% 1/01/32		767,219		775,430
Pool #MA1512 3.500% 7/01/33		348,848		352,364
Pool #MA1148 3.500% 8/01/42		2,430,462		2,434,449
Pool #MA3210 3.500% 12/01/47		864,734		861,288
Pool #MA3305 3.500% 3/01/48		432,451		430,593
Pool #MA3332 3.500% 4/01/48		4,294,441		4,275,988
Pool #469621 3.650% 11/01/21		1,545,695		1,572,963
Pool #466960 3.890% 12/01/20		1,103,625		1,125,732
Pool #466919 3.930% 1/01/21		1,439,321		1,470,669
Pool #AM4236 3.940% 8/01/25		614,758		637,129
Pool #468551 3.980% 7/01/21		1,230,000		1,262,497
Pool #MA3027 4.000% 6/01/47		1,199,036		1,223,298
Pool #AS9830 4.000% 6/01/47		1,200,236		1,225,460
Pool #AS9972 4.000% 7/01/47		1,041,220		1,063,101
Pool #MA3088 4.000% 8/01/47		1,711,782		1,746,553
Pool #931504 4.500% 7/01/39		102,917		108,248
Pool #986268 5.000% 7/01/38		1,595		1,709
Pool #AD6374 5.000% 5/01/40		30,491		32,666
Pool #AI2733 5.000% 5/01/41		273,141		292,453
Pool #977014 5.500% 5/01/38		42,095		45,902
Pool #985524 5.500% 6/01/38		31,858		34,739
Pool #988578 5.500% 8/01/38		196,541		214,314
Pool #995482 5.500% 1/01/39		158,475		172,806
Federal National Mortgage Association TBA
Pool #3430 3.000% 5/01/32 (c)		625,000		621,289
Pool #515 3.000% 6/01/47 (c)		2,145,000		2,077,634
Pool #1127 3.500% 6/01/47 (c)		1,925,000		1,915,676
Pool #6447 4.000% 5/01/47 (c)		2,860,000		2,915,859

	Principal Amount		Value
Pool #15801 4.500% 6/01/47 (c)	$	7,920,000	$	8,246,700
Government National Mortgage Association 3.000% 9/20/47		288,424		282,520
Pool #MA4719 3.500% 9/20/47		572,613		575,163
Pool #MA4838 4.000% 11/20/47		1,029,881		1,056,955
Pool #MA3666 5.000% 5/20/46		306,453		321,871
Pool #MA4199 5.000% 1/20/47		330,637		347,272
Pool #MA4722 5.000% 9/20/47		932,266		982,084
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		2,567,177		2,517,037
Pool #MA3521 3.500% 3/20/46		1,054,019		1,061,347
Pool #MA3597 3.500% 4/20/46		327,269		329,545
Pool #MA3663 3.500% 5/20/46		493,051		496,479
Pool #MA3937 3.500% 9/20/46		392,365		394,971
Pool #MA4127 3.500% 12/20/46		1,319,145		1,325,844
Pool #MA4262 3.500% 2/20/47		1,550,911		1,558,786
Pool #MA4382 3.500% 4/20/47		431,633		433,825
Pool #MA4454 5.000% 5/20/47		667,731		702,787
Government National Mortgage Association II TBA
Pool #24 3.000% 5/01/47 (c)		2,170,000		2,122,531
Pool #471 3.500% 5/01/47 (c)		2,125,000		2,132,305
Pool #1767 4.000% 5/01/47 (c)		1,015,000		1,040,058
Pool #1207 4.500% 6/01/47 (c)		4,465,000		4,640,461
				122,608,999
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $130,615,366)				127,586,839
U.S. TREASURY OBLIGATIONS — 25.6%
U.S. Treasury Bonds & Notes — 25.6%
U.S. Treasury Bond 3.125% 5/15/48		28,365,000		29,144,595
U.S. Treasury Inflation Index 1.000% 2/15/48		1,041,144		1,076,106
U.S. Treasury Note 2.375% 4/30/20		4,760,000		4,747,598
2.500% 5/31/20		5,845,000		5,842,077
2.625% 6/30/23		20,015,000		19,916,488
2.750% 4/30/23		28,450,000		28,476,006
2.750% 5/31/23		555,000		555,797
2.750% 2/15/28		10,010,000		9,922,569
2.875% 5/15/28		8,240,000		8,256,737
				107,937,973
TOTAL U.S. TREASURY OBLIGATIONS (Cost $106,899,235)				107,937,973

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

91

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
TOTAL BONDS & NOTES (Cost $432,836,761)			$	429,256,149
TOTAL LONG-TERM INVESTMENTS (Cost $432,836,761)				429,256,149
SHORT-TERM INVESTMENTS — 9.7%
Repurchase Agreement — 6.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/29/18, 0.940%, due 7/02/18 (d)		27,530,095		27,530,095
Time Deposit — 0.0%
Euro Time Deposit 0.350% 7/02/18		7,243		7,243
U.S. Treasury Bill — 3.2%
Japan Treasury Discount Bill JPY 0.000% 7/02/18 (e)		1,030,000,000		9,303,166
U.S. Treasury Bill 0.000%10/25/18		3,403,000		3,381,911
0.010% 9/13/18 (f)		531,000		528,975
0.010% 10/11/18		314,000		312,301
				13,526,353
TOTAL SHORT-TERM INVESTMENTS (Cost $41,390,877)				41,063,691
TOTAL INVESTMENTS — 111.7% (Cost $474,227,638) (g)				470,319,840
Other Assets/ (Liabilities) — (11.7)%				(49,430,212	)
NET ASSETS — 100.0%			$	420,889,628

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 June 30, 2018.

(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, these securities amounted to a value of $42,677,787 or 10.14% of net assets.

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

(d) Maturity value of $27,532,252. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 1/31/24, and an aggregate market value, including accrued interest, of $28,085,301.

(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

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

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

The Fund had the following open Forward contracts at June 30, 2018:

		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Deliver
JPY	535,000,000	Bank of America N.A.*	7/02/18	$	5,011,991	$	179,765
JPY	495,000,000	Goldman Sachs International*	7/02/18		4,684,705		213,766
				$	9,696,696	$	393,531

* Contracts are subject to a Master Netting Agreement.

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

92

MML Total Return Bond Fund – Portfolio of Investments (Continued)

The Fund had the following open Futures contracts at June 30, 2018:

	Expiration Date		Number of Contracts	Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Futures Contracts — Long
U.S. Treasury Note 2 Year		9/28/18	192	$	40,641,330		$	29,670
U.S. Treasury Note 5 Year		9/28/18	340		38,444,976			184,868
							$	214,538
Future Contract — Short
Euro-BOBL		9/06/18	71	$	(10,958,717	)	$	(54,845	)

Currency Legend

JPY Japanese Yen

USD U.S. Dollar

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

93

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Blue Chip Growth Fund			MML Equity Income Fund
Assets:
Investments, at value (Note 2) (a)	$	385,138,703		$	489,660,603
Repurchase agreements, at value (Note 2) (b)		3,042,532			6,792,043
Other short-term investments, at value (Note 2) (c)		-			-
Total investments (d)		388,181,235			496,452,646
Foreign currency, at value (e)		-			105,033
Receivables from:
Investments sold		506,606			819,064
Fund shares sold		286,549			43,848
Variation margin on open derivative instruments (Note 2)		-			-
Interest and dividends		84,904			904,574
Foreign taxes withheld		-			2,723
Total assets		389,059,294			498,327,888
Liabilities:
Payables for:
Investments purchased		1,970,274			140,023
Fund shares repurchased		203,966			218,471
Securities on loan (Note 2)		-			-
Trustees’ fees and expenses (Note 3)		57,591			86,167
Affiliates (Note 3):
Investment advisory fees		238,274			295,026
Administration fees		-			-
Service fees		57,689			53,091
Due to custodian		-			-
Commitment and Contingent Liabilities (Note 9)		-			-
Accrued expense and other liabilities		81,654			72,054
Total liabilities		2,609,448			864,832
Net assets	$	386,449,846		$	497,463,056
Net assets consist of:
Paid-in capital	$	112,536,254		$	319,180,948
Accumulated undistributed (distributions in excess of) net investment income		(280,302	)		14,625,301
Accumulated net realized gain (loss) on investments and foreign currency transactions		106,516,196			72,489,111
Net unrealized appreciation (depreciation) on investments and foreign currency translations		167,677,698			91,167,696
Net assets	$	386,449,846		$	497,463,056
(a)    Cost of investments:	$	217,461,029		$	398,493,401
(b)    Cost of repurchase agreements:	$	3,042,532		$	6,792,043
(c)    Cost of other short-term investments:	$	-		$	-
(d)    Securities on loan with market value of:	$	-		$	-
(e)    Cost of foreign currency:	$	-		$	103,913

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

94

MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Growth Fund		MML Fundamental Value Fund
$	700,231,401	$	63,156,745	$	337,615,346	$	111,228,271	$	213,800,316
	3,935,709		1,123,669		5,423,072		284,190		2,951,129
	655,089		-		-		16,317		-
	704,822,199		64,280,414		343,038,418		111,528,778		216,751,445
	-		10,644		272,504		-		-
	735,805		-		17,576		117,931		1,072,565
	1,972		73,009		32,704		37,844		38,863
	3,931		-		-		-		-
	591,825		60,070		930,007		25,996		287,357
	-		-		524,197		-		73,159
	706,155,732		64,424,137		344,815,406		111,710,549		218,223,389
	347,599		18		98		267,698		1,114,511
	126,234		84,212		55,318		102,062		106,952
	-		-		1,827,127		-		-
	111,164		16,418		62,587		22,450		29,176
	54,582		35,518		249,186		56,567		105,254
	47,661		7,611		-		13,686		26,313
	29,765		6,436		6,974		5,043		8,946
	-		-		-		17		-
	-		-		-		-		-
	80,762		31,202		251,359		39,671		39,543
	797,767		181,415		2,452,649		507,194		1,430,695
$	705,357,965	$	64,242,722	$	342,362,757	$	111,203,355	$	216,792,694
$	349,383,472	$	17,885,629	$	294,034,103	$	40,814,337	$	135,242,848
	18,727,373		2,048,721		11,501,488		1,493,882		5,639,486
	50,178,899		38,203,778		1,601,862		42,982,560		28,368,586
	287,068,221		6,104,594		35,225,304		25,912,576		47,541,774
$	705,357,965	$	64,242,722	$	342,362,757	$	111,203,355	$	216,792,694
$	413,064,158	$	57,052,228	$	302,317,047	$	85,315,695	$	166,257,543
$	3,935,709	$	1,123,669	$	5,423,072	$	284,190	$	2,951,129
$	655,084	$	-	$	-	$	16,317	$	-
$	-	$	-	$	1,739,624	$	-	$	-
$	-	$	10,549	$	272,587	$	-	$	-

95

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Blue Chip Growth Fund		MML Equity Income Fund
Initial Class shares:
Net assets	$	289,334,568	$	413,853,194
Shares outstanding (a)		14,876,991		33,259,840
Net asset value, offering price and redemption price per share	$	19.45	$	12.44
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	$	97,115,278	$	83,609,862
Shares outstanding (a)		5,154,392		6,798,205
Net asset value, offering price and redemption price per share	$	18.84	$	12.30
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.

96

MML Equity Index Fund		MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Growth Fund		MML Fundamental Value Fund
$	-	$	-	$	331,755,616	$	-	$	-
	-		-		30,656,889		-		-
$	-	$	-	$	10.82	$	-	$	-
$	63,659,243	$	-	$	-	$	-	$	-
	2,004,120		-		-		-		-
$	31.76	$	-	$	-	$	-	$	-
$	172,116,439	$	53,604,266	$	-	$	102,438,667	$	202,478,960
	5,413,322		4,109,589		-		7,276,511		13,295,585
$	31.79	$	13.04	$	-	$	14.08	$	15.23
$	422,566,524	$	-	$	-	$	-	$	-
	13,300,225		-		-		-		-
$	31.77	$	-	$	-	$	-	$	-
$	-	$	-	$	10,607,141	$	-	$	-
	-		-		987,525		-		-
$	-	$	-	$	10.74	$	-	$	-
$	47,015,759	$	10,638,456	$	-	$	8,764,688	$	14,313,734
	1,525,222		827,635		-		633,135		954,698
$	30.83	$	12.85	$	-	$	13.84	$	14.99

97

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Global Fund		MML Growth & Income Fund
Assets:
Investments, at value (Note 2) (a)	$	238,444,016	$	138,171,552
Repurchase agreements, at value (Note 2) (b)		3,788,817		2,446,533
Other short-term investments, at value (Note 2) (c)		17,052		9,648
Total investments (d)		242,249,885		140,627,733
Cash		-		-
Foreign currency, at value (e)		112		55
Receivables from:
Investments sold		317,696		141,583
Open forward contracts (Note 2)		-		-
Investment adviser (Note 3)		-		-
Fund shares sold		30,608		2,716
Interest and dividends		303,652		117,087
Foreign taxes withheld		417,479		-
Total assets		243,319,432		140,889,174
Liabilities:
Payables for:
Investments purchased		1,181,519		1,223
Written options outstanding, at value (Note 2) (f)		-		-
Fund shares repurchased		102,230		74,404
Securities on loan (Note 2)		6,386,963		-
Payable for premium on purchased options		-		-
Trustees’ fees and expenses (Note 3)		28,933		29,078
Affiliates (Note 3):
Investment advisory fees		114,433		56,681
Administration fees		28,608		-
Service fees		9,991		20,934
Due to custodian		-		-
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		115,121		38,211
Total liabilities		7,967,798		220,531
Net assets	$	235,351,634	$	140,668,643
Net assets consist of:
Paid-in capital	$	154,371,899	$	84,480,445
Accumulated undistributed (distributions in excess of) net investment income		4,743,232		1,969,861
Accumulated net realized gain (loss) on investments and foreign currency transactions		37,177,552		8,668,255
Net unrealized appreciation (depreciation) on investments and foreign currency translations		39,058,951		45,550,082
Net assets	$	235,351,634	$	140,668,643
(a)    Cost of investments:	$	199,370,584	$	92,621,604
(b)    Cost of repurchase agreements:	$	3,788,817	$	2,446,533
(c)    Cost of other short-term investments:	$	17,052	$	9,648
(d)    Securities on loan with market value of:	$	6,122,347	$	-
(e)    Cost of foreign currency:	$	112	$	56
(f)    Premiums on written options:	$	-	$	-

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

98

MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund			MML Mid Cap Growth Fund
$	282,170,065	$	174,181,750	$	105,411,591	$	172,967,220		$	466,974,094
	16,151,405		7,466,831		740,798		2,767,986			18,834,234
	80,592		-		-		-			16,814
	298,402,062		181,648,581		106,152,389		175,735,206			485,825,142
	33,528		-		-		-			-
	-		125,542		-		25,999			2,651
	572,942		401,940		-		199,131			923,138
	-		171,532		-		-			-
	-		14,562		-		-			-
	95,519		35,328		37,673		4,626			132,505
	470,129		396,243		74,574		142,285			247,239
	-		399,323		22,613		-			-
	299,574,180		183,193,051		106,287,249		176,107,247			487,130,675
	1,962,652		1,286,128		-		83,330			1,675,163
	-		-		-		1,540,576			-
	109,129		50,793		109,024		25,554			190,000
	-		6,331,356		-		-			15,803,078
	-		-		-		3,024			-
	37,961		14,662		25,880		49,056			67,116
	151,643		112,897		56,554		105,071			295,006
	-		21,168		-		-			-
	17,049		3,098		5,840		20,462			59,791
	-		-		-		195,973			-
	-		-		-		-			-
	59,194		141,219		39,924		156,241			82,025
	2,337,628		7,961,321		237,222		2,179,287			18,172,179
$	297,236,552	$	175,231,730	$	106,050,027	$	173,927,960		$	468,958,496
$	203,814,264	$	157,525,241	$	61,645,679	$	134,564,398		$	241,993,559
	7,946,495		5,848,113		974,167		2,929,809			(313,094	)
	74,512,247		9,198,158		14,656,606		(15,991,923	)		97,514,900
	10,963,546		2,660,218		28,773,575		52,425,676			129,763,131
$	297,236,552	$	175,231,730	$	106,050,027	$	173,927,960		$	468,958,496
$	271,206,598	$	171,680,679	$	76,638,016	$	121,916,154		$	337,210,983
$	16,151,405	$	7,466,831	$	740,798	$	2,767,986		$	18,834,234
$	80,592	$	-	$	-	$	-		$	16,814
$	-	$	6,023,011	$	-	$	-		$	15,420,983
$	-	$	125,543	$	-	$	26,049		$	2,651
$	-	$	-	$	-	$	2,915,236		$	-

99

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Global Fund		MML Growth & Income Fund
Initial Class shares:
Net assets	$	-	$	106,423,285
Shares outstanding (a)		-		6,037,659
Net asset value, offering price and redemption price per share	$	-	$	17.63
Class I shares:
Net assets	$	202,825,425	$	-
Shares outstanding (a)		15,856,620		-
Net asset value, offering price and redemption price per share	$	12.79	$	-
Class II shares:
Net assets	$	17,061,332	$	-
Shares outstanding (a)		1,308,488		-
Net asset value, offering price and redemption price per share	$	13.04	$	-
Service Class shares:
Net assets	$	-	$	34,245,358
Shares outstanding (a)		-		1,958,658
Net asset value, offering price and redemption price per share	$	-	$	17.48
Service Class I shares:
Net assets	$	15,464,877	$	-
Shares outstanding (a)		1,224,217		-
Net asset value, offering price and redemption price per share	$	12.63	$	-

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

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

100

MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund		MML Managed Volatility Fund		MML Mid Cap Growth Fund
$	270,041,213	$	-	$	95,830,834	$	141,928,298	$	373,354,488
	21,761,078		-		8,661,033		11,279,254		21,978,275
$	12.41	$	-	$	11.06	$	12.58	$	16.99
$	-	$	-	$	-	$	-	$	-
	-		-		-		-		-
$	-	$	-	$	-	$	-	$	-
$	-	$	170,288,218	$	-	$	-	$	-
	-		15,385,190		-		-		-
$	-	$	11.07	$	-	$	-	$	-
$	27,195,339	$	-	$	10,219,193	$	31,999,662	$	95,604,008
	2,219,362		-		952,541		2,567,591		5,828,550
$	12.25	$	-	$	10.73	$	12.46	$	16.40
$	-	$	4,943,512	$	-	$	-	$	-
	-		449,726		-		-		-
$	-	$	10.99	$	-	$	-	$	-

101

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	445,638,410	$	224,418,076
Repurchase agreements, at value (Note 2) (b)		12,453,467		1,079,958
Other short-term investments, at value (Note 2) (c)		-		-
Total investments (d)		458,091,877		225,498,034
Foreign currency, at value (e)		-		11
Receivables from:
Investments sold		1,482,420		2,207,633
Open forward contracts (Note 2)		60,532		-
Fund shares sold		47,051		17,828
Interest and dividends		693,102		164,565
Foreign taxes withheld		3,070		-
Total assets		460,378,052		227,888,071
Liabilities:
Payables for:
Investments purchased		2,322,814		1,177,907
Open forward contracts (Note 2)		45,843		-
Investments purchased on a when-issued basis (Note 2)		-		-
Fund shares repurchased		151,380		47,992
Securities on loan (Note 2)		-		10,621,805
Investment advisory fees		-		-
Trustees’ fees and expenses (Note 3)		78,985		48,370
Variation margin on open derivative instruments (Note 2)		-		-
Affiliates (Note 3):
Investment advisory fees		310,519		184,029
Administration fees		-		-
Service fees		30,964		11,652
Commitment and Contingent Liabilities (Note 9)		-		-
Accrued expense and other liabilities		86,707		50,176
Total liabilities		3,027,212		12,141,931
Net assets	$	457,350,840	$	215,746,140
Net assets consist of:
Paid-in capital	$	345,939,215	$	132,645,023
Accumulated undistributed (distributions in excess of) net investment income		10,293,519		(217,738	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		64,310,600		42,607,712
Net unrealized appreciation (depreciation) on investments and foreign currency translations		36,807,506		40,711,143
Net assets	$	457,350,840	$	215,746,140
(a)    Cost of investments:	$	408,845,516	$	183,706,933
(b)    Cost of repurchase agreements:	$	12,453,467	$	1,079,958
(c)    Cost of other short-term investments:	$	-	$	-
(d)    Securities on loan with market value of:	$	-	$	10,356,894
(e)    Cost of foreign currency:	$	-	$	11

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

102

MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund
$	109,371,046	$	219,028,133	$	429,256,149
	2,876,671		7,316,395		27,530,095
	-		-		13,533,596
	112,247,717		226,344,528		470,319,840
	-		-		1
	509,717		443,306		1,140,959
	-		-		393,531
	14,377		13,361		96,078
	65,799		267,388		2,147,247
	-		-		-
	112,837,610		227,068,583		474,097,656
	1,250,912		662,581		21,243,822
	-		-		-
	-		-		31,387,552
	40,035		41,365		149,880
	3,142,081		-		-
	-		-		2,656
	15,109		37,792		50,238
	-		-		11,140
	70,786		136,586		134,143
	13,273		-		50,304
	13,587		14,216		14,649
	-		-		-
	33,392		42,614		163,644
	4,579,175		935,154		53,208,028
$	108,258,435	$	226,133,429	$	420,889,628
$	63,594,514	$	151,314,472	$	421,078,320
	420,260		1,716,906		12,464,674
	13,892,184		35,687,312		(9,298,792	)
	30,351,477		37,414,739		(3,354,574	)
$	108,258,435	$	226,133,429	$	420,889,628
$	79,019,569	$	181,613,394	$	432,836,761
$	2,876,671	$	7,316,395	$	27,530,095
$	-	$	-	$	13,860,782
$	3,059,218	$	-	$	-
$	-	$	-	$	1

103

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2018 (Unaudited)

	MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund
Initial Class shares:
Net assets	$	408,278,395	$	195,980,151
Shares outstanding (a)		33,919,981		11,825,213
Net asset value, offering price and redemption price per share	$	12.04	$	16.57
Class II shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-
Service Class shares:
Net assets	$	49,072,445	$	19,765,989
Shares outstanding (a)		4,145,971		1,253,588
Net asset value, offering price and redemption price per share	$	11.84	$	15.77
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.

104

MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund
$	-	$	203,380,384	$	-
	-		14,175,719		-
$	-	$	14.35	$	-
$	85,628,636	$	-	$	397,205,338
	4,891,776		-		38,882,281
$	17.50	$	-	$	10.22
$	-	$	22,753,045	$	-
	-		1,603,199		-
$	-	$	14.19	$	-
$	22,629,799	$	-	$	23,684,290
	1,331,216		-		2,341,924
$	17.00	$	-	$	10.11

105

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	MML Blue Chip Growth Fund			MML Equity Income Fund
Investment income (Note 2):
Dividends (a)	$	1,409,611		$	7,044,806
Interest		4,708			97,209
Securities lending net income		-			-
Total investment income		1,414,319			7,142,015
Expenses (Note 3):
Investment advisory fees		1,451,990			1,871,043
Custody fees		26,842			30,299
Audit fees		18,227			17,949
Legal fees		1,455			2,049
Proxy fees		488			488
Shareholder reporting fees		21,974			27,518
Trustees’ fees		9,567			13,059
		1,530,543			1,962,405
Administration fees:
Class I		-			-
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		108,365			105,109
Service Class I		-			-
Total expenses		1,638,908			2,067,514
Expenses waived:
Initial Class advisory fees waived		-			(62,324	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(12,615	)
Service Class I advisory fees waived		-			-
Net expenses:		1,638,908			1,992,575
Net investment income (loss)		(224,589	)		5,149,440
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		34,528,429			24,399,785
Futures contracts		-			-
Foreign currency transactions		(56	)		5,169
Net realized gain (loss)		34,528,373			24,404,954
Net change in unrealized appreciation (depreciation) on:
Investment transactions		9,338,267			(31,179,041	)
Futures contracts		-			-
Translation of assets and liabilities in foreign currencies		21			(3,466	)
Net change in unrealized appreciation (depreciation)		9,338,288			(31,182,507	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		43,866,661			(6,777,553	)
Net increase (decrease) in net assets resulting from operations	$	43,642,072		$	(1,628,113	)
(a)    Net of foreign withholding tax of:	$	2,083		$	68,608
*    Net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

106

MML Equity Index Fund			MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Growth Fund			MML Fundamental Value Fund
$	6,975,539		$	651,197		$	7,054,515		$	771,588		$	2,814,604
	20,167			3,638			24,292			1,431			15,148
	-			-			82,240			-			-
	6,995,706			654,835			7,161,047			773,019			2,829,752
	338,916			222,176			1,643,332			369,162			671,271
	25,366			6,318			95,337			5,124			8,376
	18,351			17,789			20,941			17,811			17,846
	2,857			268			1,546			583			897
	488			488			488			487			487
	39,002			5,103			22,426			7,963			12,930
	18,258			1,730			9,894			3,420			5,917
	443,238			253,872			1,793,964			404,550			717,724
	97,283			-			-			-			-
	128,552			40,098			-			83,651			157,397
	70,630			7,511			-			5,662			10,421
	-			-			13,867			-			-
	58,859			12,518			-			9,438			17,368
	798,562			313,999			1,807,831			503,301			902,910
	-			-			-			-			-
	-			(31,448	)		-			-			(20,984	)
	-			-			-			-			-
	-			(5,890	)		-			-			(1,391	)
	798,562			276,661			1,807,831			503,301			880,535
	6,197,144			378,174			5,353,216			269,718			1,949,217
	30,847,762			2,330,392			12,696,970			11,843,787			8,929,258
	356,039			-			-			-			-
	-			(975	)		(68,165	)		(290	)		682
	31,203,801			2,329,417			12,628,805			11,843,497			8,929,940
	(18,330,276	)		(910,258	)		(31,113,970	)*		(1,393,295	)		(13,190,662	)
	(218,356	)		-			-			-			-
	-			78			(5,965	)		-			(2,065	)
	(18,548,632	)		(910,180	)		(31,119,935	)		(1,393,295	)		(13,192,727	)
	12,655,169			1,419,237			(18,491,130	)		10,450,202			(4,262,787	)
$	18,852,313		$	1,797,411		$	(13,137,914	)	$	10,719,920		$	(2,313,570	)
$	-		$	3,894		$	764,876		$	-		$	49,012
$	-		$	-		$	76,030		$	-		$	-

107

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	MML Global Fund			MML Growth & Income Fund
Investment income (Note 2):
Dividends (a)	$	3,112,884		$	1,121,980
Interest		6,398			7,045
Securities lending net income		10,066			-
Non cash income		-			-
Total investment income		3,129,348			1,129,025
Expenses (Note 3):
Investment advisory fees		704,233			353,523
Custody fees		44,465			9,747
Audit fees		21,788			17,814
Legal fees		966			542
Proxy fees		488			488
Shareholder reporting fees		14,941			9,873
Trustees’ fees		6,161			3,562
		793,042			395,549
Administration fees:
Class I		151,083			-
Class II		13,154			-
Service Class I		11,821			-
Service fees:
Service Class		-			40,346
Service Class I		19,702			-
Total expenses		988,802			435,895
Expenses waived:
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Net expenses:		988,802			435,895
Net investment income (loss)		2,140,546			693,130
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		8,256,515			8,700,786
Written options		-			-
Foreign currency transactions		(22,583	)		465
Forward contracts		-			-
Net realized gain (loss)		8,233,932			8,701,251
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(14,759,110	)*		(7,473,835	)
Written options		-			-
Translation of assets and liabilities in foreign currencies		(5,373	)		134
Forward contracts		-			-
Net change in unrealized appreciation (depreciation)		(14,764,483	)		(7,473,701	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(6,530,551	)		1,227,550
Net increase (decrease) in net assets resulting from operations	$	(4,390,005	)	$	1,920,680
(a)    Net of foreign withholding tax of:	$	231,769		$	15,319
*    Net increase (decrease) in accrued foreign capital gains tax of:	$	15,533		$	-

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

108

MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund			MML Managed Volatility Fund			MML Mid Cap Growth Fund
$	3,751,501		$	4,029,632		$	689,567		$	1,699,698		$	1,799,111
	15,100			17,749			4,261			14,952			151,744
	-			46,099			-			-			30,273
	-			-			77,026			-			-
	3,766,601			4,093,480			770,854			1,714,650			1,981,128
	962,690			733,415			359,214			666,384			1,818,188
	26,194			84,988			6,554			77,163			26,368
	18,197			26,026			17,804			17,829			18,259
	1,193			716			466			735			1,831
	488			488			488			488			488
	16,742			10,654			7,420			10,500			25,167
	7,714			4,723			2,911			4,690			11,945
	1,033,218			861,010			394,857			777,789			1,902,246
	-			-			-			-			-
	-			134,023			-			-			-
	-			3,493			-			-			-
	34,024			-			10,821			40,548			116,373
	-			5,821			-			-			-
	1,067,242			1,004,347			405,678			818,337			2,018,619
	-			(79,630	)		-			-			-
	-			(2,127	)		-			-			-
	1,067,242			922,590			405,678			818,337			2,018,619
	2,699,359			3,170,890			365,176			896,313			(37,491	)
	4,919,006			10,059,735			7,345,028			4,466,502			37,838,177
	-			-			-			(6,847,083	)		-
	(269	)		(38,542	)		-			-			1,234
	-			19,788			-			-			-
	4,918,737			10,040,981			7,345,028			(2,380,581	)		37,839,411
	(14,533,729	)		(26,796,126	)*		(3,591,367	)		(1,400,298	)		(14,612,693	)
	-			-			-			2,075,244			-
	71			(14,921	)		-			(728	)		(133	)
	-			108,960			-			-			-
	(14,533,658	)		(26,702,087	)		(3,591,367	)		674,218			(14,612,826	)
	(9,614,921	)		(16,661,106	)		3,753,661			(1,706,363	)		23,226,585
$	(6,915,562	)	$	(13,490,216	)	$	4,118,837		$	(810,050	)	$	23,189,094
$	23,162		$	485,441		$	31,796		$	-		$	11,568
$	-		$	50,430		$	-		$	-		$	-

109

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

	MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends (a)	$	5,138,164		$	888,270
Interest (b)		38,049			8,675
Securities lending net income		-			98,427
Total investment income		5,176,213			995,372
Expenses (Note 3):
Investment advisory fees		1,956,134			1,111,561
Custody fees		33,808			14,645
Audit fees		18,261			19,149
Legal fees		1,879			834
Proxy fees		487			488
Shareholder reporting fees		25,449			12,173
Trustees’ fees		12,179			5,414
		2,048,197			1,164,264
Administration fees:
Class II		-			-
Service Class I		-			-
Service fees:
Service Class		60,941			21,975
Service Class I		-			-
Total expenses		2,109,138			1,186,239
Expenses waived:
Class II fees reimbursed by adviser		-			-
Service Class I fees reimbursed by adviser		-			-
Initial Class advisory fees waived		-			(19,682	)
Class II advisory fees waived		-			-
Service Class advisory fees waived		-			(1,761	)
Service Class I advisory fees waived		-			-
Net expenses:		2,109,138			1,164,796
Net investment income (loss)		3,067,075			(169,424	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		21,317,998			20,212,157
Futures contracts		-			-
Foreign currency transactions		(4,591	)		151
Forward contracts		118,343			-
Net realized gain (loss)		21,431,750			20,212,308
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(28,673,291	)		1,764,190
Futures contracts		-			-
Translation of assets and liabilities in foreign currencies		(737	)		-
Forward contracts		263,423			-
Net change in unrealized appreciation (depreciation)		(28,410,605	)		1,764,190
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(6,978,855	)		21,976,498
Net increase (decrease) in net assets resulting from operations	$	(3,911,780	)	$	21,807,074
(a)    Net of foreign withholding tax of:	$	46,931		$	4,241
(b)    Net of foreign withholding tax of:	$	-		$	-

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

110

MML Small Company Value Fund			MML Small/Mid Cap Value Fund			MML Total Return Bond Fund
$	665,797		$	1,672,728		$	-
	4,741			9,178			6,215,065
	5,035			-			-
	675,573			1,681,906			6,215,065
	426,205			840,568			845,243
	10,445			10,403			48,954
	18,124			17,845			25,166
	417			881			1,705
	488			488			488
	6,595			12,657			25,265
	2,694			5,717			10,857
	464,968			888,559			957,678
	64,284			-			300,138
	15,630			-			16,829
	-			27,662			-
	26,050			-			28,048
	570,932			916,221			1,302,693
	-			-			(6,412	)
	-			-			(368	)
	-			-			-
	(21,424	)		-			-
	-			-			-
	(5,214	)		-			-
	544,294			916,221			1,295,913
	131,279			765,685			4,919,152
	7,766,762			12,665,435			(4,363,022	)
	-			-			(1,004,434	)
	-			-			48,347
	-			-			(775,032	)
	7,766,762			12,665,435			(6,094,141	)
	(4,139,754	)		(7,607,952	)		(5,621,771	)
	-			-			252,085
	-			-			-
	-			-			309,993
	(4,139,754	)		(7,607,952	)		(5,059,693	)
	3,627,008			5,057,483			(11,153,834	)
$	3,758,287		$	5,823,168		$	(6,234,682	)
$	1,170		$	4,754		$	-
$	-		$	-		$	(190	)

111

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Blue Chip Growth Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(224,589	)	$	(139,233	)
Net realized gain (loss)		34,528,373			72,878,500
Net change in unrealized appreciation (depreciation)		9,338,288			42,058,422
Net increase (decrease) in net assets resulting from operations		43,642,072			114,797,689
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	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		-			(5,770,103	)
Service Class I		-			-
Total distributions from net realized gains		-			(31,350,106	)
Net fund share transactions (Note 5):
Initial Class		(46,314,623	)		(102,659,338	)
Class I		-			-
Class II		-			-
Class III		-			-
Service Class		10,976,933			17,290,881
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(35,337,690	)		(85,368,457	)
Total increase (decrease) in net assets		8,304,382			(1,953,367	)
Net assets
Beginning of period		378,145,464			380,098,831
End of period	$	386,449,846		$	378,145,464
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	(280,302	)	$	(55,713	)

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

112

MML Equity Income Fund						MML Equity Index Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	5,149,440		$	9,468,368		$	6,197,144		$	12,249,288
	24,404,954			49,566,468			31,203,801			25,743,864
	(31,182,507	)		17,116,051			(18,548,632	)		96,421,876
	(1,628,113	)		76,150,887			18,852,313			134,415,028
	-			(9,221,700	)		-			-
	-			-			-			(624,117	)
	-			-			-			(2,272,325	)
	-			-			-			(5,304,119	)
	-			(1,575,413	)		-			-
	-			-			-			(395,720	)
	-			(10,797,113	)		-			(8,596,281	)
	-			(27,939,287	)		-			-
	-			-			-			(1,703,715	)
	-			-			-			(5,142,562	)
	-			-			-			(10,821,040	)
	-			(5,273,575	)		-			-
	-			-			-			(1,247,272	)
	-			(33,212,862	)		-			(18,914,589	)
	(25,563,054	)		304,296			-			-
	-			-			(4,311,241	)		(10,341,658	)
	-			-			(19,278,865	)		(18,748,239	)
	-			-			(29,075,068	)		100,677,105
	(2,146,340	)		3,404,774			-			-
	-			-			(2,831,011	)		(464,084	)
	(27,709,394	)		3,709,070			(55,496,185	)		71,123,124
	(29,337,507	)		35,849,982			(36,643,872	)		178,027,282
	526,800,563			490,950,581			742,001,837			563,974,555
$	497,463,056		$	526,800,563		$	705,357,965		$	742,001,837
$	14,625,301		$	9,475,861		$	18,727,373		$	12,530,229

113

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Focused Equity Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	378,174		$	1,683,292
Net realized gain (loss)		2,329,417			35,907,288
Net change in unrealized appreciation (depreciation)		(910,180	)		(19,195,108	)
Net increase (decrease) in net assets resulting from operations		1,797,411			18,395,472
Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			-
Class II		-			(1,400,996	)
Service Class		-			-
Service Class I		-			(222,205	)
Total distributions from net investment income		-			(1,623,201	)
From net realized gains:
Class II		-			(10,927,302	)
Service Class I		-			(1,679,164	)
Total distributions from net realized gains		-			(12,606,466	)
Net fund share transactions (Note 5):
Initial Class		-			-
Class II		(5,297,579	)		(76,022,756	)
Service Class		-			-
Service Class I		380,015			3,401,694
Increase (decrease) in net assets from fund share transactions		(4,917,564	)		(72,621,062	)
Total increase (decrease) in net assets		(3,120,153	)		(68,455,257	)
Net assets
Beginning of period		67,362,875			135,818,132
End of period	$	64,242,722		$	67,362,875
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	2,048,721		$	1,670,547

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

114

MML Foreign Fund						MML Fundamental Growth Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	5,353,216		$	6,873,114		$	269,718		$	1,243,943
	12,628,805			4,425,136			11,843,497			31,281,201
	(31,119,935	)		63,838,925			(1,393,295	)		4,712,494
	(13,137,914	)		75,137,175			10,719,920			37,237,638
	-			(7,849,280	)		-			-
	-			-			-			(1,314,332	)
	-			(200,743	)		-			-
	-			-			-			(55,714	)
	-			(8,050,023	)		-			(1,370,046	)
	-			-			-			(13,651,844	)
	-			-			-			(599,932	)
	-			-			-			(14,251,776	)
	(38,353,890	)		(31,216,352	)		-			-
	-			-			(28,328,309	)		(65,501,533	)
	(446,154	)		(637,618	)		-			-
	-			-			1,271,007			1,980,177
	(38,800,044	)		(31,853,970	)		(27,057,302	)		(63,521,356	)
	(51,937,958	)		35,233,182			(16,337,382	)		(41,905,540	)
	394,300,715			359,067,533			127,540,737			169,446,277
$	342,362,757		$	394,300,715		$	111,203,355		$	127,540,737
$	11,501,488		$	6,148,272		$	1,493,882		$	1,224,164

115

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Fundamental Value Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,949,217		$	3,712,430
Net realized gain (loss)		8,929,940			19,464,426
Net change in unrealized appreciation (depreciation)		(13,192,727	)		9,100,650
Net increase (decrease) in net assets resulting from operations		(2,313,570	)		32,277,506
Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			-
Class I		-			-
Class II		-			(4,019,511	)
Service Class		-			-
Service Class I		-			(204,734	)
Total distributions from net investment income		-			(4,224,245	)
From net realized gains:
Class I		-			-
Class II		-			(15,175,978	)
Service Class I		-			(825,157	)
Total distributions from net realized gains		-			(16,001,135	)
Net fund share transactions (Note 5):
Initial Class		-			-
Class I		-			-
Class II		(21,304,793	)		(9,424,599	)
Service Class		-			-
Service Class I		1,316,697			3,346,211
Increase (decrease) in net assets from fund share transactions		(19,988,096	)		(6,078,388	)
Total increase (decrease) in net assets		(22,301,666	)		5,973,738
Net assets
Beginning of period		239,094,360			233,120,622
End of period	$	216,792,694		$	239,094,360
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	5,639,486		$	3,690,269

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

116

MML Global Fund						MML Growth & Income Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	2,140,546		$	2,650,161		$	693,130		$	1,305,226
	8,233,932			28,855,545			8,701,251			9,536,242
	(14,764,483	)		21,870,966			(7,473,701	)		17,668,759
	(4,390,005	)		53,376,672			1,920,680			28,510,227
	-			-			-			(991,174	)
	-			(2,418,638	)		-			-
	-			(206,465	)		-			-
	-			-			-			(208,011	)
	-			(158,628	)		-			-
	-			(2,783,731	)		-			(1,199,185	)
	-			(15,725,213	)		-			-
	-			(1,314,771	)		-			-
	-			(1,168,589	)		-			-
	-			(18,208,573	)		-			-
	-			-			(6,977,938	)		(12,980,668	)
	(240,681	)		(40,436,076	)		-			-
	(686,521	)		175,037			-			-
	-			-			3,285,511			2,055,683
	(197,398	)		2,159,339			-			-
	(1,124,600	)		(38,101,700	)		(3,692,427	)		(10,924,985	)
	(5,514,605	)		(5,717,332	)		(1,771,747	)		16,386,057
	240,866,239			246,583,571			142,440,390			126,054,333
$	235,351,634		$	240,866,239		$	140,668,643		$	142,440,390
$	4,743,232		$	2,602,686		$	1,969,861		$	1,276,731

117

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Income & Growth Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,699,359		$	5,273,219
Net realized gain (loss)		4,918,737			69,871,476
Net change in unrealized appreciation (depreciation)		(14,533,658	)		(27,080,685	)
Net increase (decrease) in net assets resulting from operations		(6,915,562	)		48,064,010
Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			(4,623,698	)
Class II		-			-
Service Class		-			(355,159	)
Service Class I		-			-
Total distributions from net investment income		-			(4,978,857	)
From net realized gains:
Initial Class		-			(19,214,600	)
Service Class		-			(1,661,119	)
Total distributions from net realized gains		-			(20,875,719	)
Net fund share transactions (Note 5):
Initial Class		(13,093,287	)		11,012,736
Class II		-			-
Service Class		251,891			5,271,619
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(12,841,396	)		16,284,355
Total increase (decrease) in net assets		(19,756,958	)		38,493,789
Net assets
Beginning of period		316,993,510			278,499,721
End of period	$	297,236,552		$	316,993,510
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	7,946,495		$	5,247,136

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

118

MML International Equity Fund						MML Large Cap Growth Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	3,170,890		$	2,864,574		$	365,176		$	634,474
	10,040,981			16,175,645			7,345,028			7,311,742
	(26,702,087	)		26,887,343			(3,591,367	)		24,299,190
	(13,490,216	)		45,927,562			4,118,837			32,245,406
	-			-			-			(391,609	)
	-			(2,875,413	)		-			-
	-			-			-			(12,785	)
	-			(37,585	)		-			-
	-			(2,912,998	)		-			(404,394	)
	-			-			-			(26,160,819	)
	-			-			-			(1,411,660	)
	-			-			-			(27,572,479	)
	-			-			(15,036,809	)		(607,361	)
	(3,849,940	)		(6,097,450	)		-			-
	-			-			2,468,891			3,918,089
	1,358,905			2,479,792			-			-
	(2,491,035	)		(3,617,658	)		(12,567,918	)		3,310,728
	(15,981,251	)		39,396,906			(8,449,081	)		7,579,261
	191,212,981			151,816,075			114,499,108			106,919,847
$	175,231,730		$	191,212,981		$	106,050,027		$	114,499,108
$	5,848,113		$	2,677,223		$	974,167		$	608,991

119

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Managed Volatility Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	896,313		$	2,004,379
Net realized gain (loss)		(2,380,581	)		(9,260,695	)
Net change in unrealized appreciation (depreciation)		674,218			23,195,016
Net increase (decrease) in net assets resulting from operations		(810,050	)		15,938,700
Distributions to shareholders (Note 2):
From net investment income:
Initial Class		-			(1,918,611	)
Service Class		-			(348,002	)
Total distributions from net investment income		-			(2,266,613	)
From net realized gains:
Initial Class		-			-
Service Class		-			-
Total distributions from net realized gains		-			-
Net fund share transactions (Note 5):
Initial Class		(8,168,089	)		(12,023,577	)
Service Class		(1,529,226	)		(1,319,141	)
Increase (decrease) in net assets from fund share transactions		(9,697,315	)		(13,342,718	)
Total increase (decrease) in net assets		(10,507,365	)		329,369
Net assets
Beginning of period		184,435,325			184,105,956
End of period	$	173,927,960		$	184,435,325
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	2,929,809		$	2,033,496

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

120

MML Mid Cap Growth Fund						MML Mid Cap Value Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	(37,491	)	$	(568,188	)	$	3,067,075		$	7,888,283
	37,839,411			60,271,297			21,431,750			46,993,648
	(14,612,826	)		40,371,696			(28,410,605	)		(2,340,294	)
	23,189,094			100,074,805			(3,911,780	)		52,541,637
	-			(130,181	)		-			(6,665,180	)
	-			-			-			(656,987	)
	-			(130,181	)		-			(7,322,167	)
	-			(35,666,242	)		-			(25,581,613	)
	-			(8,306,713	)		-			(2,878,531	)
	-			(43,972,955	)		-			(28,460,144	)
	(28,194,526	)		(16,756,988	)		(26,893,551	)		(9,668,318	)
	152,260			10,616,432			(168,666	)		4,039,848
	(28,042,266	)		(6,140,556	)		(27,062,217	)		(5,628,470	)
	(4,853,172	)		49,831,113			(30,973,997	)		11,130,856
	473,811,668			423,980,555			488,324,837			477,193,981
$	468,958,496		$	473,811,668		$	457,350,840		$	488,324,837
$	(313,094	)	$	(275,603	)	$	10,293,519		$	7,226,444

121

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small Cap Growth Equity Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(169,424	)	$	(467,078	)
Net realized gain (loss)		20,212,308			23,785,277
Net change in unrealized appreciation (depreciation)		1,764,190			19,597,542
Net increase (decrease) in net assets resulting from operations		21,807,074			42,915,741
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	)
Class II		-			-
Service Class		-			(591,748	)
Service Class I		-			-
Total distributions from net realized gains		-			(8,035,764	)
Net fund share transactions (Note 5):
Initial Class		(22,501,820	)		(25,383,985	)
Class II		-			-
Service Class		1,912,883			818,278
Service Class I		-			-
Increase (decrease) in net assets from fund share transactions		(20,588,937	)		(24,565,707	)
Total increase (decrease) in net assets		1,218,137			10,314,270
Net assets
Beginning of period		214,528,003			204,213,733
End of period	$	215,746,140		$	214,528,003
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	(217,738	)	$	(48,314	)

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

122

MML Small Company Value Fund						MML Small/Mid Cap Value Fund
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	131,279		$	271,244		$	765,685		$	1,004,789
	7,766,762			6,262,328			12,665,435			23,444,864
	(4,139,754	)		5,180,820			(7,607,952	)		3,802,915
	3,758,287			11,714,392			5,823,168			28,252,568
	-			-			-			(1,001,313	)
	-			(490,843	)		-			-
	-			-			-			(60,317	)
	-			(83,665	)		-			-
	-			(574,508	)		-			(1,061,630	)
	-			-			-			(12,126,596	)
	-			(9,766,024	)		-			-
	-			-			-			(1,233,402	)
	-			(2,055,613	)		-			-
	-			(11,821,637	)		-			(13,359,998	)
	-			-			(11,929,409	)		(14,368,459	)
	(6,659,215	)		1,080,128			-			-
	-			-			(177,094	)		1,541,770
	1,232,738			5,333,990			-			-
	(5,426,477	)		6,414,118			(12,106,503	)		(12,826,689	)
	(1,668,190	)		5,732,365			(6,283,335	)		1,004,251
	109,926,625			104,194,260			232,416,764			231,412,513
$	108,258,435		$	109,926,625		$	226,133,429		$	232,416,764
$	420,260		$	288,981		$	1,716,906		$	951,221

123

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Total Return Bond Fund
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,919,152		$	7,785,921
Net realized gain (loss)		(6,094,141	)		(524,588	)
Net change in unrealized appreciation (depreciation)		(5,059,693	)		5,278,805
Net increase (decrease) in net assets resulting from operations		(6,234,682	)		12,540,138
Distributions to shareholders (Note 2):
From net investment income:
Class II		-			(8,304,200	)
Service Class I		-			(372,986	)
Total distributions from net investment income		-			(8,677,186	)
Net fund share transactions (Note 5):
Class II		(5,090,179	)		11,225,248
Service Class I		2,156,921			2,614,895
Increase (decrease) in net assets from fund share transactions		(2,933,258	)		13,840,143
Total increase (decrease) in net assets		(9,167,940	)		17,703,095
Net assets
Beginning of period		430,057,568			412,354,473
End of period	$	420,889,628		$	430,057,568
Accumulated undistributed (distributions in excess of) net investment income at end of period	$	12,464,674		$	7,545,522

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

124

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	17.41	$	(0.01	)	$	2.05	$	2.04	$	-		$	-		$	-		$	19.45		11.72%	b	$	289,335		0.79%	a		(0.06%	)a
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
6/30/18r	$	16.88	$	(0.03	)	$	1.99	$	1.96	$	-		$	-		$	-		$	18.84		11.61%	b	$	97,115		1.04%	a		(0.31%	)a
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%	)

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		12	%		25	%		29	%		31	%		30	%		35	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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

125

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 returnm			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 waiversj			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	12.50	$	0.13	$	(0.19	)	$	(0.06	)	$	-		$	-		$	-		$	12.44		(0.48%	)b	$	413,853		0.79%	a		0.76	%a		2.10%	a
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
6/30/18r	$	12.37	$	0.11	$	(0.18	)	$	(0.07	)	$	-		$	-		$	-		$	12.30		(0.57%	)b	$	83,610		1.04%	a		1.01	%a		1.86%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		11	%		25	%		22	%		39	%		9	%		15	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

126

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 returnm			Net assets, end of the period (000's)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
6/30/18r	$	31.01	$	0.24	$	0.51		$	0.75	$	-		$	-		$	-		$	31.76		2.42%	b	$	63,659		0.42%	a		N/A			1.51%	a
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
6/30/18r	$	31.01	$	0.26	$	0.52		$	0.78	$	-		$	-		$	-		$	31.79		2.52%	b	$	172,116		0.27%	a		N/A			1.66%	a
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
6/30/18r	$	30.97	$	0.28	$	0.52		$	0.80	$	-		$	-		$	-		$	31.77		2.58%	b	$	422,567		0.12%	a		N/A			1.81%	a
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
6/30/18r	$	30.13	$	0.19	$	0.51		$	0.70	$	-		$	-		$	-		$	30.83		2.32%	b	$	47,016		0.67%	a		N/A			1.26%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		1	%		7	%		8	%		4	%		3	%		4	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

127

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/18r	$	12.69	$	0.08	$	0.27		$	0.35		$	-		$	-		$	-		$	13.04		2.76%	b	$	53,605		0.95%	a		0.83%	a		1.23%	a
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
6/30/18r	$	12.52	$	0.06	$	0.27		$	0.33		$	-		$	-		$	-		$	12.85		2.64%	b	$	10,638		1.20%	a		1.08%	a		0.99%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		32	%		108	%		37	%		52	%		35	%		28	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

128

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	11.25	$	0.16	$	(0.59	)	$	(0.43	)	$	-		$	-		$	10.82		(3.82%	)b	$	331,756		0.97%	a		2.91%	a
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
6/30/18r	$	11.18	$	0.15	$	(0.59	)	$	(0.44	)	$	-		$	-		$	10.74		(3.94%	)b	$	10,607		1.22%	a		2.69%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		7	%		15	%		19	%		12	%		13	%t		20	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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.

129

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/18r	$	12.94	$	0.03	$	1.11	$	1.14	$	-		$	-		$	-		$	14.08		8.81%	b	$	102,439		0.83%	a		0.83%	a,l		0.47%	a
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
6/30/18r	$	12.74	$	0.01	$	1.09	$	1.10	$	-		$	-		$	-		$	13.84		8.63%	b	$	8,765		1.08%	a		1.08%	a,l		0.22%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		21	%		40	%		49	%		44	%		51	%		61	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

130

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/18r	$	15.42	$	0.13	$	(0.32	)	$	(0.19	)	$	-		$	-		$	-		$	15.23		(1.23%	)b	$	202,479		0.79%	a		0.77%	a		1.76%	a
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
6/30/18r	$	15.20	$	0.11	$	(0.32	)	$	(0.21	)	$	-		$	-		$	-		$	14.99		(1.38%	)b	$	14,314		1.04%	a		1.02%	a		1.53%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		11	%		18	%		20	%		19	%		14	%		22	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

131

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
6/30/18r	$	13.04	$	0.12	$	(0.37	)	$	(0.25	)	$	-		$	-		$	-		$	12.79		(1.92%	)b	$	202,825		0.83%	a		N/A			1.84%	a
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
6/30/18r	$	13.30	$	0.12	$	(0.38	)	$	(0.26	)	$	-		$	-		$	-		$	13.04		(1.95%	)b	$	17,061		0.83%	a		N/A			1.83%	a
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
6/30/18r	$	12.90	$	0.10	$	(0.37	)	$	(0.27	)	$	-		$	-		$	-		$	12.63		(2.09%	)b	$	15,465		1.08%	a		N/A			1.60%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		11	%		10	%		15	%		17	%		12	%		11	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

132

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	17.39	$	0.09	$	0.15		$	0.24	$	-		$	-		$	17.63		1.38%	b	$	106,423		0.56%	a		1.03%	a
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
6/30/18r	$	17.27	$	0.07	$	0.14		$	0.21	$	-		$	-		$	17.48		1.22%	b	$	34,245		0.81%	a		0.80%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		9	%		12	%		17	%		17	%		20	%		19	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

133

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	12.72	$	0.11	$	(0.42	)	$	(0.31	)	$	-		$	-		$	-		$	12.41		(2.44%	)b	$	270,041		0.70%	a		1.84%	a
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
6/30/18r	$	12.58	$	0.10	$	(0.43	)	$	(0.33	)	$	-		$	-		$	-		$	12.25		(2.62%	)b	$	27,195		0.95%	a		1.61%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		11	%		110	%		30	%		27	%		19	%		15	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

134

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/18r	$	11.97	$	0.20	$	(1.10	)	$	(0.90	)	$	-		$	-		$	-		$	11.07		(7.52%	)b	$	170,288		1.09%	a		1.00%	a		3.46%	a
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%
12/31/14g		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
6/30/18r	$	11.90	$	0.20	$	(1.11	)	$	(0.91	)	$	-		$	-		$	-		$	10.99		(7.72%	)b	$	4,944		1.34%	a		1.25%	a		3.46%	a
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%
12/31/14h		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

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014
Portfolio turnover rate		21	%		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.

r Unaudited.

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

135

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	10.69	$	0.04		$	0.33		$	0.37		$	-		$	-		$	-		$	11.06		3.46%	b	$	95,831		0.71%	a		0.68%	a
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
6/30/18r	$	10.37	$	0.02		$	0.34		$	0.36		$	-		$	-		$	-		$	10.73		3.47%	b	$	10,219		0.96%	a		0.44%	a
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%	)

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		8	%		3	%		134	%		73	%		77	%		89	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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

136

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	12.63	$	0.07	$	(0.12	)	$	(0.05	)	$	-		$	-		$	-		$	12.58		(0.41%	)b	$	141,928		0.88%	a		1.05%	a
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
6/30/18r	$	12.53	$	0.05	$	(0.12	)	$	(0.07	)	$	-		$	-		$	-		$	12.46		(0.53%	)b	$	32,000		1.13%	a		0.80%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		1	%		2	%		4	%		3	%		14	%		94	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

137

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	16.19	$	0.00	d	$	0.80	$	0.80	$	-		$	-		$	-		$	16.99		4.94%	b	$	373,354		0.81%	a		0.03%	a
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
6/30/18r	$	15.65	$	(0.02	)	$	0.77	$	0.75	$	-		$	-		$	-		$	16.40		4.79%	b	$	95,604		1.06%	a		(0.21%	)a
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%	)

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		13	%		28	%		29	%		35	%		25	%		26	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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

138

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	12.14	$	0.08	$	(0.18	)	$	(0.10	)	$	-		$	-		$	-		$	12.04		(0.82%	)b	$	408,278		0.88%	a		1.34%	a
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
6/30/18r	$	11.96	$	0.06	$	(0.18	)	$	(0.12	)	$	-		$	-		$	-		$	11.84		(1.00%	)b	$	49,072		1.13%	a		1.10%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		28	%		42	%		52	%		68	%		66	%		71	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

139

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 returnm			Net assets, end of the period (000's)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	14.98	$	(0.01	)	$	1.60		$	1.59		$	-		$	-		$	16.57		10.66	%b	$	195,980		1.09	%a		1.07	%a		(0.14	%)a
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
6/30/18r	$	14.27	$	(0.03	)	$	1.53		$	1.50		$	-		$	-		$	15.77		10.52	%b	$	19,766		1.34	%a		1.32	%a		(0.38	%)a
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	%)

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		42	%		74	%		105	%		78	%		78	%		86	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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

140

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class II
6/30/18r	$	16.90	$	0.02		$	0.58		$	0.60		$	-		$	-		$	-		$	17.50		3.55%	b	$	85,629		1.02%	a		0.97%	a		0.29%	a
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
6/30/18r	$	16.43	$	0.00	d	$	0.57		$	0.57		$	-		$	-		$	-		$	17.00		3.47%	b	$	22,630		1.27%	a		1.22%	a		0.05%	a
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%	)

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		14	%		14	%		23	%		44	%		22	%		12	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

r Unaudited.

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

141

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 returnm			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Initial Class
6/30/18r	$	13.99	$	0.05	$	0.31		$	0.36		$	-		$	-		$	-		$	14.35		2.57%	b	$	203,380		0.79%	a		0.71%	a
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
6/30/18r	$	13.85	$	0.03	$	0.31		$	0.34		$	-		$	-		$	-		$	14.19		2.45%	b	$	22,753		1.04%	a		0.46%	a
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%

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		17	%		34	%		58	%		42	%		46	%		67	%

a Annualized.

b Percentage represents the results for the period and is not annualized.

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.

r Unaudited.

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

142

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 returnm			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
6/30/18r	$	10.36	$	0.12	$	(0.26	)	$	(0.14	)	$	-		$	-		$	-		$	10.22		(1.35%	)b	$	397,205		0.60%	a		0.60%	a,k		N/A		2.34%	a
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%	p
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%	p
Service Class I
6/30/18r	$	10.27	$	0.10	$	(0.26	)	$	(0.16	)	$	-		$	-		$	-		$	10.11		(1.56%	)b	$	23,684		0.85%	a		0.85%	a,k		N/A		2.10%	a
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%	p
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%	p

	Six months ended June 30, 2018b,r			Year ended December 31
				2017			2016			2015			2014			2013
Portfolio turnover rate		149	%		313	%		278	%		322	%		447	%u		550	%u

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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.

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.

r Unaudited.

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.

143

Notes to Financial Statements (Unaudited)

1. 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.

2. Significant Accounting Policies

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

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

144

Notes to Financial Statements (Unaudited) (Continued)

Investment Valuation

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

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

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

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

145

Notes to Financial Statements (Unaudited) (Continued)

the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in

146

Notes to Financial Statements (Unaudited) (Continued)

the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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

The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.

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

The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. Government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.

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

The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned significant inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.

The Income & Growth Fund and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2018. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

147

Notes to Financial Statements (Unaudited) (Continued)

The following is the aggregate value by input level, as of June 30, 2018, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	376,534,358		$	7,828,271	*	$	-		$	384,362,629
Preferred Stock		-			-			775,038	**		775,038
Mutual Funds		1,036			-			-			1,036
Short-Term Investments		-			3,042,532			-			3,042,532
Total Investments	$	376,535,394		$	10,870,803		$	775,038		$	388,181,235
Equity Income Fund
Asset Investments
Common Stock	$	457,972,189		$	17,677,843	*	$	-		$	475,650,032
Preferred Stock		10,793,606			-			-			10,793,606
Corporate Debt		-			3,215,930			-			3,215,930
Mutual Funds		1,035			-			-			1,035
Short-Term Investments		-			6,792,043			-			6,792,043
Total Investments	$	468,766,830		$	27,685,816		$	-		$	496,452,646
Equity Index Fund
Asset Investments
Common Stock	$	700,231,401		$	-		$	-		$	700,231,401
Short-Term Investments		-			4,590,798			-			4,590,798
Total Investments	$	700,231,401		$	4,590,798		$	-		$	704,822,199
Liability Derivatives
Futures Contracts	$	(99,027	)	$	-		$	-		$	(99,027	)
Focused Equity Fund
Asset Investments
Common Stock	$	60,575,019		$	2,581,726	*	$	-		$	63,156,745
Short-Term Investments		-			1,123,669			-			1,123,669
Total Investments	$	60,575,019		$	3,705,395		$	-		$	64,280,414
Foreign Fund
Asset Investments
Common Stock*
Bermuda	$	-		$	1,484,498		$	-		$	1,484,498
Canada		8,128,627			-			-			8,128,627
Cayman Islands		6,721,501			8,066,740			-			14,788,241
China		-			10,640,515			-			10,640,515
Denmark		-			1,688,459			-			1,688,459
France		-			31,543,790			-			31,543,790
Germany		-			43,274,730			-			43,274,730
Hong Kong		-			8,045,568			-			8,045,568
Ireland		-			8,654,753			-			8,654,753
Israel		6,237,302			-			-			6,237,302
Italy		-			6,511,548			-			6,511,548
Japan		-			45,450,285			-			45,450,285
Luxembourg		-			4,502,487			-			4,502,487

148

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3		Total
Foreign Fund (Continued)
Asset Investments (Continued)
Netherlands	$	-	$	14,646,654		$	-	$	14,646,654
Norway		-		3,223,696			-		3,223,696
Portugal		-		1,850,539			-		1,850,539
Republic of Korea		2,924,336		12,872,220			-		15,796,556
Singapore		-		4,716,078			-		4,716,078
Sweden		-		1,330,757			-		1,330,757
Switzerland		-		17,155,914			-		17,155,914
Taiwan		-		4,562,448			-		4,562,448
Thailand		-		4,742,873			-		4,742,873
United Kingdom		8,998,220		67,813,681			-		76,811,901
Mutual Funds		1,827,127		-			-		1,827,127
Short-Term Investments		-		5,423,072			-		5,423,072
Total Investments	$	34,837,113	$	308,201,305		$	-	$	343,038,418
Fundamental Growth Fund
Asset Investments
Common Stock	$	110,723,022	$	505,249	*	$	-	$	111,228,271
Short-Term Investments		-		300,507			-		300,507
Total Investments	$	110,723,022	$	805,756		$	-	$	111,528,778
Fundamental Value Fund
Asset Investments
Common Stock	$	209,432,860	$	4,367,456	*	$	-	$	213,800,316
Short-Term Investments		-		2,951,129			-		2,951,129
Total Investments	$	209,432,860	$	7,318,585		$	-	$	216,751,445
Global Fund
Asset Investments
Common Stock*
Austria	$	-	$	994,088		$	-	$	994,088
Brazil		857,450		-			-		857,450
Canada		4,686,728		-			-		4,686,728
Cayman Islands		-		507,293			-		507,293
Denmark		-		1,624,284			-		1,624,284
France		-		22,816,317			-		22,816,317
Germany		-		15,780,112			-		15,780,112
Ireland		12,401,994		-			-		12,401,994
Israel		2,837,897		-			-		2,837,897
Japan		-		4,649,788			-		4,649,788
Mexico		722,745		-			-		722,745
Netherlands		1,743,584		5,433,162			-		7,176,746
Republic of Korea		-		2,082,161			-		2,082,161
Spain		-		2,367,617			-		2,367,617
Sweden		-		4,541,311			-		4,541,311
Switzerland		-		17,775,326			-		17,775,326
Thailand		-		505,299			-		505,299
United Kingdom		3,389,229		19,013,902			-		22,403,131
United States		107,326,766		-			-		107,326,766
Mutual Funds		6,386,963		-			-		6,386,963
Short-Term Investments		-		3,805,869			-		3,805,869
Total Investments	$	140,353,356	$	101,896,529		$	-	$	242,249,885

149

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Growth & Income Fund
Asset Investments
Common Stock	$	131,778,012		$	6,393,540	*	$	-		$	138,171,552
Short-Term Investments		-			2,456,181			-			2,456,181
Total Investments	$	131,778,012		$	8,849,721		$	-		$	140,627,733
International Equity Fund
Asset Investments
Common Stock*
Australia	$	-		$	4,102,951		$	-		$	4,102,951
Canada		1,270,756			-			-			1,270,756
Cayman Islands		1,221,075			-			-			1,221,075
France		-			20,902,253			-			20,902,253
Germany		-			29,576,010			-			29,576,010
India		-			2,438,895			-			2,438,895
Indonesia		-			2,172,509			-			2,172,509
Ireland		4,577,003			-			-			4,577,003
Italy		-			6,589,079			-			6,589,079
Japan		-			7,165,833			-			7,165,833
Mexico		2,673,845			-			-			2,673,845
Netherlands		-			11,893,010			-			11,893,010
Republic of Korea		-			348,662			-			348,662
South Africa		-			4,777,248			-			4,777,248
Sweden		-			9,432,211			-			9,432,211
Switzerland		-			17,933,096			-			17,933,096
Taiwan		-			2,134,395			-			2,134,395
United Kingdom		4,308,363			34,333,200			-			38,641,563
Mutual Funds		6,331,356			-			-			6,331,356
Rights		-			-			-	+,**		-
Short-Term Investments		-			7,466,831			-			7,466,831
Total Investments	$	20,382,398		$	161,266,183		$	-		$	181,648,581
Asset Derivatives
Forward Contracts	$	-		$	171,532		$	-		$	171,532
Large Cap Growth Fund
Asset Investments
Common Stock	$	102,488,345		$	2,923,246		$	-		$	105,411,591
Short-Term Investments		-			740,798			-			740,798
Total Investments	$	102,488,345		$	3,664,044		$	-		$	106,152,389
Managed Volatility Fund
Asset Investments
Common Stock	$	172,104,784		$	-		$	-		$	172,104,784
Corporate Debt		-			-			-	+,**		-
Purchased Options		862,436			-			-			862,436
Short-Term Investments		-			2,767,986			-			2,767,986
Total Investments	$	172,967,220		$	2,767,986		$	-		$	175,735,206
Liability Derivatives
Written Options	$	(1,540,576	)	$	-		$	-		$	(1,540,576	)

150

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3			Total
Mid Cap Growth Fund
Asset Investments
Common Stock	$	431,504,429	$	1,624,566		$	1,237,554	**	$	434,366,549
Preferred Stock		-		-			2,494,444	**		2,494,444
Mutual Funds		30,113,101		-			-			30,113,101
Short-Term Investments		-		18,851,048			-			18,851,048
Total Investments	$	461,617,530	$	20,475,614		$	3,731,998		$	485,825,142
Mid Cap Value Fund
Asset Investments
Common Stock	$	427,050,901	$	10,936,929	*	$	-		$	437,987,830
Mutual Funds		7,650,580		-			-			7,650,580
Short-Term Investments		-		12,453,467			-			12,453,467
Total Investments	$	434,701,481	$	23,390,396		$	-		$	458,091,877
Asset Derivatives
Forward Contracts	$	-	$	60,532		$	-		$	60,532
Liability Derivatives
Forward Contracts	$	-	$	(45,843	)	$	-		$	(45,843	)
Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	211,220,912	$	106,791		$	195,579	**	$	211,523,282
Preferred Stock		-		951,130			370,028	**		1,321,158
Mutual Funds		11,573,636		-			-			11,573,636
Short-Term Investments		-		1,079,958			-			1,079,958
Total Investments	$	222,794,548	$	2,137,879		$	565,607		$	225,498,034
Small Company Value Fund
Asset Investments
Common Stock	$	106,143,760	$	63,840		$	-		$	106,207,600
Warrants		20,340		-			-			20,340
Mutual Funds		3,143,106		-			-			3,143,106
Short-Term Investments		-		2,876,671			-			2,876,671
Total Investments	$	109,307,206	$	2,940,511		$	-		$	112,247,717
Total Return Bond Fund
Asset Investments
Bank Loans	$	-	$	1,354,724		$	-		$	1,354,724
Corporate Debt		-		129,173,757			-			129,173,757
Municipal Obligations		-		5,708,682			-			5,708,682
Non-U.S. Government Agency Obligations		-		57,494,174			-			57,494,174
U.S. Government Agency Obligations and Instrumentalities		-		127,586,839			-			127,586,839
U.S. Treasury Obligations		-		107,937,973			-			107,937,973
Short-Term Investments		-		41,063,691			-			41,063,691
Total Investments	$	-	$	470,319,840		$	-		$	470,319,840

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Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2		Level 3		Total
Total Return Bond Fund (Continued)
Asset Derivatives
Forward Contracts	$	-		$	393,531	$	-	$	393,531
Futures Contracts		214,538			-		-		214,538
Total	$	214,538		$	393,531	$	-	$	608,069
Liability Derivatives
Futures Contracts	$	(54,845	)	$	-	$	-	$	(54,845	)

* 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 period ended June 30, 2018 is not presented.

+ Represents a security at $0 value as of June 30, 2018.

The following table shows Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of June 30, 2018.

Statements of Assets and Liabilities location:	Foreign Fund	Fundamental Growth Fund	Global Fund	International Equity Fund	Managed Volatility Fund	Mid Cap Growth Fund	Small Cap Growth Equity Fund	Small Company Value Fund	Total Return Bond Fund
Payables for:
Investments purchased on a when-issued basis									X
Securities on loan	X		X	X		X	X	X
Due to custodian		X			X

The Funds, with the exception of the Global Fund, had no transfers between Levels of the fair value hierarchy during the period ended June 30, 2018. The Global Fund had transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended June 30, 2018; 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.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the period ended June 30, 2018, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).

152

Notes to Financial Statements (Unaudited) (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
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
Options (Purchased)
Hedging/Risk Management			A
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.

At June 30, 2018, and during the period 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
Liability Derivatives
Futures Contracts^^	$	(99,027	)	$	-	$	-	$	(99,027	)
Realized Gain (Loss)#
Futures Contracts	$	356,039		$	-	$	-	$	356,039
Change in Appreciation (Depreciation)##
Futures Contracts	$	(218,356	)	$	-	$	-	$	(218,356	)
International Equity Fund
Asset Derivatives
Forward Contracts*	$	-		$	171,532	$	-	$	171,532
Realized Gain (Loss)#
Forward Contracts	$	-		$	19,788	$	-	$	19,788
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	108,960	$	-	$	108,960
Managed Volatility Fund
Asset Derivatives
Purchased Options*	$	862,436		$	-	$	-	$	862,436
Liability Derivatives
Written Options^	$	(1,540,576	)	$	-	$	-	$	(1,540,576	)

153

Notes to Financial Statements (Unaudited) (Continued)

	Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
Managed Volatility Fund (Continued)
Realized Gain (Loss)#
Purchased Options	$	(520,246	)	$	-		$	-		$	(520,246	)
Written Options		(6,847,083	)		-			-			(6,847,083	)
Total Realized Gain (Loss)	$	(7,367,329	)	$	-		$	-		$	(7,367,329	)
Change in Appreciation (Depreciation)##
Purchased Options	$	162,674		$	-		$	-		$	162,674
Written Options		2,075,244			-			-			2,075,244
Total Change in Appreciation (Depreciation)	$	2,237,918		$	-		$	-		$	2,237,918
Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	-		$	60,532		$	-		$	60,532
Liability Derivatives
Forward Contracts^	$	-		$	(45,843	)	$	-		$	(45,843	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	118,343		$	-		$	118,343
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	263,423		$	-		$	263,423
Total Return Bond Fund
Asset Derivatives
Forward Contracts*	$	-		$	393,531		$	-		$	393,531
Futures Contracts^^		-			-			214,538			214,538
Total Value	$	-		$	393,531		$	214,538		$	608,069
Liability Derivatives
Futures Contracts^^	$	-		$	-		$	(54,845	)	$	(54,845	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	(775,032	)	$	-		$	(775,032	)
Futures Contracts		-			-			(1,004,434	)		(1,004,434	)
Total Realized Gain (Loss)	$	-		$	(775,032	)	$	(1,004,434	)	$	(1,779,466	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	309,993		$	-		$	309,993
Futures Contracts		-			-			252,085			252,085
Total Change in Appreciation (Depreciation)	$	-		$	309,993		$	252,085		$	562,078

* 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, 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.

154

Notes to Financial Statements (Unaudited) (Continued)

For the period ended June 30, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
	Futures Contracts		Forward Contracts		Purchased Options		Written Options
Equity Index Fund		45	$	-		-		-
International Equity Fund		-		3,596,648		-		-
Managed Volatility Fund		-		-		605		647
Mid Cap Value Fund		-		19,541,345		-		-
Total Return Bond Fund		509		9,738,800		-		-

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, or 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 period ended June 30, 2018.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of June 30, 2018.

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.	$	171,532	$	-	$	-	$	171,532
Total Return Bond Fund
Bank of America N.A.	$	179,765	$	-	$	-	$	179,765
Goldman Sachs International		213,766		-		-		213,766
	$	393,531	$	-	$	-	$	393,531

* 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 period ended June 30, 2018, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of

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Notes to Financial Statements (Unaudited) (Continued)

the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

156

Notes to Financial Statements (Unaudited) (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.

157

Notes to Financial Statements (Unaudited) (Continued)

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Written option contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Inflation-Linked Securities

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

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

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan,

158

Notes to Financial Statements (Unaudited) (Continued)

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 June 30, 2018, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

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.

159

Notes to Financial Statements (Unaudited) (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 portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2018, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at June 30, 2018.

160

Notes to Financial Statements (Unaudited) (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 period ended June 30, 2018, 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	$	96,802	$	14,562	$	82,240
Global Fund		13,054		2,988		10,066
International Equity Fund		54,871		8,772		46,099
Mid Cap Growth Fund		35,667		5,394		30,273
Small Cap Growth Equity Fund		115,630		17,203		98,427
Small Company Value Fund		5,927		892		5,035

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

Foreign Currency Translation

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

Allocation of Operating Activity

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

161

Notes to Financial Statements (Unaudited) (Continued)

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and the International Equity Fund invests substantially all of its assets in foreign securities. The other Funds 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

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.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the 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
Equity Index Fund	0.10% on the first $500 million; and	Northern Trust Investments, Inc.
	0.08% on any excess over $500 million

162

Notes to Financial Statements (Unaudited) (Continued)

Fund	Investment Advisory Fee	Investment Subadviser(s)
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

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 Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers 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%

163

Notes to Financial Statements (Unaudited) (Continued)

Distribution and Service Fees

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

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the 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, 2019.

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 each of the Focused Equity Fund and Small Company Value Fund. MML Advisers may amend or discontinue these waivers at any time without advance notice.

MML Advisers has agreed to waive 0.02% of the advisory fee of each of the Fundamental Value Fund and 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 period ended June 30, 2018, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Blue Chip Growth Fund	$	245
Equity Income Fund		136
Foreign Fund		948
Global Fund		29
Income & Growth Fund		1,853
Large Cap Growth Fund		1,470

164

Notes to Financial Statements (Unaudited) (Continued)

	Rebated Commissions
Managed Volatility Fund	$	245
Mid Cap Growth Fund		157
Small Cap Growth Equity Fund		741
Small Company Value Fund		221
Small/Mid Cap Value Fund		8,533

Deferred Compensation

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

Other

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

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2018, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Blue Chip Growth Fund	$	–	$	45,501,598	$	–	$	81,203,660
Equity Income Fund		–		52,868,453		–		72,436,474
Equity Index Fund		–		10,715,042		–		53,035,084
Focused Equity Fund		–		20,458,698		–		24,896,252
Foreign Fund		–		24,790,318		–		53,234,196
Fundamental Growth Fund		–		25,500,171		–		52,401,448
Fundamental Value Fund		–		24,234,633		–		39,201,446
Global Fund		–		26,819,087		–		24,765,897
Growth & Income Fund		–		13,193,818		–		16,661,284
Income & Growth Fund		–		32,281,556		–		51,763,806
International Equity Fund		–		37,525,552		–		38,782,981
Large Cap Growth Fund		–		8,626,998		–		21,068,221
Managed Volatility Fund		–		1,595,354		–		15,424,556
Mid Cap Growth Fund		–		57,218,609		–		90,842,281
Mid Cap Value Fund		–		128,796,755		–		150,233,697
Small Cap Growth Equity Fund		–		89,625,234		–		109,068,032
Small Company Value Fund		–		15,065,733		–		20,577,652
Small/Mid Cap Value Fund		–		37,640,257		–		51,643,226
Total Return Bond Fund		598,268,344		59,319,757		602,903,282		43,413,525

165

Notes to Financial Statements (Unaudited) (Continued)

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The Funds did not have any cross trade activity during the period.

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Initial Class
Sold		802,878		$	15,067,383			1,482,018		$	24,146,807
Issued as reinvestment of dividends		-			-			1,602,785			25,612,496
Redeemed		(3,220,925	)		(61,382,006	)		(9,593,538	)		(152,418,641	)
Net increase (decrease)		(2,418,047	)	$	(46,314,623	)		(6,508,735	)	$	(102,659,338	)
Blue Chip Growth Fund Service Class
Sold		862,863		$	15,940,228			1,095,342		$	17,544,966
Issued as reinvestment of dividends		-			-			371,785			5,770,103
Redeemed		(274,352	)		(4,963,295	)		(381,362	)		(6,024,188	)
Net increase (decrease)		588,511		$	10,976,933			1,085,765		$	17,290,881
Equity Income Fund Initial Class
Sold		1,900,881		$	23,568,345			3,849,143		$	47,033,271
Issued as reinvestment of dividends		-			-			3,262,598			37,160,987
Redeemed		(3,896,358	)		(49,131,399	)		(6,929,438	)		(83,889,962	)
Net increase (decrease)		(1,995,477	)	$	(25,563,054	)		182,303		$	304,296
Equity Income Fund Service Class
Sold		253,772		$	3,128,413			731,065		$	8,744,889
Issued as reinvestment of dividends		-			-			607,180			6,848,988
Redeemed		(424,648	)		(5,274,753	)		(1,018,878	)		(12,189,103	)
Net increase (decrease)		(170,876	)	$	(2,146,340	)		319,367		$	3,404,774
Equity Index Fund Class I
Sold		37,802		$	1,206,454			163,370		$	4,680,045
Issued as reinvestment of dividends		-			-			82,082			2,327,832
Redeemed		(174,277	)		(5,517,695	)		(605,423	)		(17,349,535	)
Net increase (decrease)		(136,475	)	$	(4,311,241	)		(359,971	)	$	(10,341,658	)
Equity Index Fund Class II
Sold		156,236		$	4,964,395			824,627		$	23,653,381
Issued as reinvestment of dividends		-			-			261,548			7,414,887
Redeemed		(761,916	)		(24,243,260	)		(1,678,018	)		(49,816,507	)
Net increase (decrease)		(605,680	)	$	(19,278,865	)		(591,843	)	$	(18,748,239	)
Equity Index Fund Class III
Sold		559		$	18,398			3,464,358		$	95,343,796
Issued as reinvestment of dividends		-			-			569,794			16,125,159
Redeemed		(916,309	)		(29,093,466	)		(378,540	)		(10,791,850	)
Net increase (decrease)		(915,750	)	$	(29,075,068	)		3,655,612		$	100,677,105

166

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Equity Index Fund Service Class I
Sold		25,345		$	765,112			131,430		$	3,644,032
Issued as reinvestment of dividends		-			-			59,572			1,642,992
Redeemed		(116,964	)		(3,596,123	)		(206,249	)		(5,751,108	)
Net increase (decrease)		(91,619	)	$	(2,831,011	)		(15,247	)	$	(464,084	)
Focused Equity Fund Class II
Sold		839,036		$	10,789,569			693,604		$	9,238,953
Issued as reinvestment of dividends		-			-			1,059,132			12,328,298
Redeemed		(1,252,237	)		(16,087,148	)		(7,000,220	)		(97,590,007	)
Net increase (decrease)		(413,201	)	$	(5,297,579	)		(5,247,484	)	$	(76,022,756	)
Focused Equity Fund Service Class I
Sold		114,964		$	1,456,943			256,583		$	3,422,281
Issued as reinvestment of dividends		-			-			165,480			1,901,369
Redeemed		(84,602	)		(1,076,928	)		(145,844	)		(1,921,956	)
Net increase (decrease)		30,362		$	380,015			276,219		$	3,401,694
Foreign Fund Initial Class
Sold		613,409		$	6,855,512			1,762,962		$	18,142,876
Issued as reinvestment of dividends		-			-			745,421			7,849,280
Redeemed		(3,974,622	)		(45,209,402	)		(5,448,887	)		(57,208,508	)
Net increase (decrease)		(3,361,213	)	$	(38,353,890	)		(2,940,504	)	$	(31,216,352	)
Foreign Fund Service Class
Sold		39,827		$	443,456			90,005		$	941,821
Issued as reinvestment of dividends		-			-			19,155			200,743
Redeemed		(79,521	)		(889,610	)		(172,623	)		(1,780,182	)
Net increase (decrease)		(39,694	)	$	(446,154	)		(63,463	)	$	(637,618	)
Fundamental Growth Fund Class II
Sold		522,284		$	7,112,857			888,782		$	11,185,241
Issued as reinvestment of dividends		-			-			1,255,552			14,966,176
Redeemed		(2,573,873	)		(35,441,166	)		(7,277,808	)		(91,652,950	)
Net increase (decrease)		(2,051,589	)	$	(28,328,309	)		(5,133,474	)	$	(65,501,533	)
Fundamental Growth Fund Service Class I
Sold		132,565		$	1,806,662			190,964		$	2,374,345
Issued as reinvestment of dividends		-			-			55,847			655,646
Redeemed		(39,260	)		(535,655	)		(84,626	)		(1,049,814	)
Net increase (decrease)		93,305		$	1,271,007			162,185		$	1,980,177
Fundamental Value Fund Class II
Sold		681,735		$	10,451,565			1,918,050		$	29,257,704
Issued as reinvestment of dividends		-			-			1,375,035			19,195,489
Redeemed		(2,034,445	)		(31,756,358	)		(3,827,642	)		(57,877,792	)
Net increase (decrease)		(1,352,710	)	$	(21,304,793	)		(534,557	)	$	(9,424,599	)
Fundamental Value Fund Service Class I
Sold		142,632		$	2,183,916			253,529		$	3,788,789
Issued as reinvestment of dividends		-			-			74,792			1,029,891
Redeemed		(57,129	)		(867,219	)		(98,918	)		(1,472,469	)
Net increase (decrease)		85,503		$	1,316,697			229,403		$	3,346,211

167

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Global Fund Class I
Sold		1,658,918		$	21,512,197			833,525		$	10,585,260
Issued as reinvestment of dividends		-			-			1,488,421			18,143,851
Redeemed		(1,656,779	)		(21,752,878	)		(5,421,433	)		(69,165,187	)
Net increase (decrease)		2,139		$	(240,681	)		(3,099,487	)	$	(40,436,076	)
Global Fund Class II
Sold		22,868		$	306,477			62,632		$	805,960
Issued as reinvestment of dividends		-			-			122,384			1,521,236
Redeemed		(74,369	)		(992,998	)		(166,722	)		(2,152,159	)
Net increase (decrease)		(51,501	)	$	(686,521	)		18,294		$	175,037
Global Fund Service Class I
Sold		109,385		$	1,424,509			260,118		$	3,245,449
Issued as reinvestment of dividends		-			-			109,960			1,327,217
Redeemed		(124,916	)		(1,621,907	)		(191,283	)		(2,413,327	)
Net increase (decrease)		(15,531	)	$	(197,398	)		178,795		$	2,159,339
Growth & Income Fund Initial Class
Sold		71,350		$	1,270,852			110,768		$	1,745,482
Issued as reinvestment of dividends		-			-			62,181			991,174
Redeemed		(465,405	)		(8,248,790	)		(992,201	)		(15,717,324	)
Net increase (decrease)		(394,055	)	$	(6,977,938	)		(819,252	)	$	(12,980,668	)
Growth & Income Fund Service Class
Sold		332,930		$	5,876,165			350,699		$	5,565,536
Issued as reinvestment of dividends		-			-			13,124			208,011
Redeemed		(146,928	)		(2,590,654	)		(236,528	)		(3,717,864	)
Net increase (decrease)		186,002		$	3,285,511			127,295		$	2,055,683
Income & Growth Fund Initial Class
Sold		1,619,783		$	20,170,237			2,996,060		$	37,011,365
Issued as reinvestment of dividends		-			-			2,060,354			23,838,298
Redeemed		(2,597,797	)		(33,263,524	)		(4,058,420	)		(49,836,927	)
Net increase (decrease)		(978,014	)	$	(13,093,287	)		997,994		$	11,012,736
Income & Growth Fund Service Class
Sold		226,385		$	2,829,182			515,103		$	6,259,724
Issued as reinvestment of dividends		-			-			176,094			2,016,278
Redeemed		(207,739	)		(2,577,291	)		(246,629	)		(3,004,383	)
Net increase (decrease)		18,646		$	251,891			444,568		$	5,271,619
International Equity Fund Class II
Sold		1,151,924		$	13,355,451			1,771,196		$	18,597,206
Issued as reinvestment of dividends		-			-			257,885			2,875,413
Redeemed		(1,404,174	)		(17,205,391	)		(2,550,772	)		(27,570,069	)
Net increase (decrease)		(252,250	)	$	(3,849,940	)		(521,691	)	$	(6,097,450	)
International Equity Fund Service Class I
Sold		135,340		$	1,613,790			270,277		$	3,012,126
Issued as reinvestment of dividends		-			-			3,389			37,585
Redeemed		(21,620	)		(254,885	)		(52,072	)		(569,919	)
Net increase (decrease)		113,720		$	1,358,905			221,594		$	2,479,792

168

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Large Cap Growth Fund Initial Class
Sold		826,780		$	9,060,635			1,190,878		$	13,387,491
Issued as reinvestment of dividends		-			-			2,690,216			26,552,428
Redeemed		(2,176,919	)		(24,097,444	)		(3,585,531	)		(40,547,280	)
Net increase (decrease)		(1,350,139	)	$	(15,036,809	)		295,563		$	(607,361	)
Large Cap Growth Fund Service Class
Sold		290,299		$	3,124,457			297,962		$	3,268,288
Issued as reinvestment of dividends		-			-			148,534			1,424,445
Redeemed		(61,657	)		(655,566	)		(68,908	)		(774,644	)
Net increase (decrease)		228,642		$	2,468,891			377,588		$	3,918,089
Managed Volatility Fund Initial Class
Sold		341,031		$	4,284,315			762,233		$	9,288,168
Issued as reinvestment of dividends		-			-			156,715			1,918,611
Redeemed		(992,056	)		(12,452,404	)		(1,899,774	)		(23,230,356	)
Net increase (decrease)		(651,025	)	$	(8,168,089	)		(980,826	)	$	(12,023,577	)
Managed Volatility Fund Service Class
Sold		111,287		$	1,387,515			177,787		$	2,144,134
Issued as reinvestment of dividends		-			-			28,640			348,002
Redeemed		(233,170	)		(2,916,741	)		(314,656	)		(3,811,277	)
Net increase (decrease)		(121,883	)	$	(1,529,226	)		(108,229	)	$	(1,319,141	)
Mid Cap Growth Fund Initial Class
Sold		634,644		$	10,788,186			760,551		$	12,007,734
Issued as reinvestment of dividends		-			-			2,376,921			35,796,423
Redeemed		(2,291,587	)		(38,982,712	)		(4,076,355	)		(64,561,145	)
Net increase (decrease)		(1,656,943	)	$	(28,194,526	)		(938,883	)	$	(16,756,988	)
Mid Cap Growth Fund Service Class
Sold		436,932		$	7,171,256			755,731		$	11,621,005
Issued as reinvestment of dividends		-			-			570,124			8,306,713
Redeemed		(431,450	)		(7,018,996	)		(607,819	)		(9,311,286	)
Net increase (decrease)		5,482		$	152,260			718,036		$	10,616,432
Mid Cap Value Fund Initial Class
Sold		910,574		$	10,940,783			2,068,226		$	24,969,955
Issued as reinvestment of dividends		-			-			2,905,116			32,246,793
Redeemed		(3,109,364	)		(37,834,334	)		(5,576,341	)		(66,885,066	)
Net increase (decrease)		(2,198,790	)	$	(26,893,551	)		(602,999	)	$	(9,668,318	)
Mid Cap Value Fund Service Class
Sold		269,409		$	3,204,014			735,449		$	8,724,071
Issued as reinvestment of dividends		-			-			323,174			3,535,518
Redeemed		(282,336	)		(3,372,680	)		(695,980	)		(8,219,741	)
Net increase (decrease)		(12,927	)	$	(168,666	)		362,643		$	4,039,848
Small Cap Growth Equity Fund Initial Class
Sold		263,419		$	4,163,859			560,830		$	7,816,100
Issued as reinvestment of dividends		-			-			551,546			7,444,016
Redeemed		(1,685,523	)		(26,665,679	)		(2,933,480	)		(40,644,101	)
Net increase (decrease)		(1,422,104	)	$	(22,501,820	)		(1,821,104	)	$	(25,383,985	)

169

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund Service Class
Sold		188,218		$	2,884,184			191,887		$	2,559,433
Issued as reinvestment of dividends		-			-			45,989			591,748
Redeemed		(64,854	)		(971,301	)		(175,615	)		(2,332,903	)
Net increase (decrease)		123,364		$	1,912,883			62,261		$	818,278
Small Company Value Fund Class II
Sold		204,398		$	3,481,747			245,227		$	4,150,868
Issued as reinvestment of dividends		-			-			673,465			10,256,867
Redeemed		(594,276	)		(10,140,962	)		(787,220	)		(13,327,607	)
Net increase (decrease)		(389,878	)	$	(6,659,215	)		131,472		$	1,080,128
Small Company Value Fund Service Class I
Sold		159,955		$	2,658,951			384,126		$	6,338,052
Issued as reinvestment of dividends		-			-			144,351			2,139,278
Redeemed		(86,702	)		(1,426,213	)		(189,368	)		(3,143,340	)
Net increase (decrease)		73,253		$	1,232,738			339,109		$	5,333,990
Small/Mid Cap Value Fund Initial Class
Sold		634,590		$	8,900,673			932,151		$	12,499,876
Issued as reinvestment of dividends		-			-			1,069,048			13,127,909
Redeemed		(1,473,834	)		(20,830,082	)		(2,994,947	)		(39,996,244	)
Net increase (decrease)		(839,244	)	$	(11,929,409	)		(993,748	)	$	(14,368,459	)
Small/Mid Cap Value Fund Service Class
Sold		122,551		$	1,702,166			269,021		$	3,566,299
Issued as reinvestment of dividends		-			-			106,304			1,293,719
Redeemed		(135,202	)		(1,879,260	)		(250,665	)		(3,318,248	)
Net increase (decrease)		(12,651	)	$	(177,094	)		124,660		$	1,541,770
Total Return Bond Fund Class II
Sold		3,543,379		$	36,290,105			5,523,539		$	57,254,481
Issued as reinvestment of dividends		-			-			800,791			8,304,200
Redeemed		(4,059,551	)		(41,380,284	)		(5,236,172	)		(54,333,433	)
Net increase (decrease)		(516,172	)	$	(5,090,179	)		1,088,158		$	11,225,248
Total Return Bond Fund Service Class I
Sold		360,991		$	3,645,993			573,867		$	5,906,177
Issued as reinvestment of dividends		-			-			36,247			372,986
Redeemed		(147,492	)		(1,489,072	)		(356,440	)		(3,664,268	)
Net increase (decrease)		213,499		$	2,156,921			253,674		$	2,614,895

170

Notes to Financial Statements (Unaudited) (Continued)

6. Federal Income Tax Information

At June 30, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Blue Chip Growth Fund	$	220,503,561	$	169,869,546	$	(2,191,872	)	$	167,677,674
Equity Income Fund		405,285,444		109,399,451		(18,232,249	)		91,167,202
Equity Index Fund		417,654,951		298,288,086		(11,120,838	)		287,167,248
Focused Equity Fund		58,175,897		6,797,557		(693,040	)		6,104,517
Foreign Fund		307,740,119		54,088,569		(18,790,270	)		35,298,299
Fundamental Growth Fund		85,616,202		26,754,358		(841,782	)		25,912,576
Fundamental Value Fund		169,208,672		52,569,881		(5,027,108	)		47,542,773
Global Fund		203,176,453		46,393,697		(7,320,265	)		39,073,432
Growth & Income Fund		95,077,785		48,302,781		(2,752,833	)		45,549,948
Income & Growth Fund		287,438,595		27,949,879		(16,986,412	)		10,963,467
International Equity Fund		179,147,510		12,656,500		(10,155,429	)		2,501,071
Large Cap Growth Fund		77,378,814		30,726,139		(1,952,564	)		28,773,575
Managed Volatility Fund		124,684,140		58,106,836		(7,055,770	)		51,051,066
Mid Cap Growth Fund		356,062,031		139,496,224		(9,733,113	)		129,763,111
Mid Cap Value Fund		421,298,983		52,450,432		(15,657,538	)		36,792,894
Small Cap Growth Equity Fund		184,786,891		46,352,802		(5,641,659	)		40,711,143
Small Company Value Fund		81,896,240		32,255,739		(1,904,262	)		30,351,477
Small/Mid Cap Value Fund		188,929,789		41,863,225		(4,448,486	)		37,414,739
Total Return Bond Fund		474,227,638		5,269,230		(9,177,028	)		(3,907,798	)

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

At December 31, 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.

171

Notes to Financial Statements (Unaudited) (Continued)

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.

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
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		-
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 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

172

Notes to Financial Statements (Unaudited) (Continued)

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.

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	)

The Funds did not have any unrecognized tax benefits at June 30, 2018, nor were there any increases or decreases in unrecognized tax benefits for the period 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 period ended June 30, 2018, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Indemnifications

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

8. New Accounting Pronouncements

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

173

Notes to Financial Statements (Unaudited) (Continued)

particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In December 2017, the SEC issued a temporary final rule (“Temporary Rule”) that provides for a nine-month delay of N-PORT filing with the SEC. Under the Temporary Rule, those funds subject to the original June 1, 2018 compliance date will still be required to gather and maintain all of the data required by Form N-PORT as of the original reporting date and such information will be subject to examination by the SEC staff.

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 would first be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

9. Legal Proceedings

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

The potential amounts sought to be recovered from the Equity Income Fund and Equity Index Fund, plus interest and the Official Committee’s court costs, are approximately $4,562,800 and $207,706, respectively.

In addition, on June 2, 2011, the Equity Income Fund was named as a defendant in two closely related, parallel adversary proceedings brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), one in the United States District Court for the District of Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds.

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

174

Other Information (Unaudited)

Proxy Voting

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

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

Quarterly Reporting

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

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2018, the Contract Committee (the “Committee”) and 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”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Blue Chip Growth Fund, Equity Income Fund, Equity Index Fund, Focused Equity Fund, Foreign Fund, Fundamental Growth Fund, Fundamental Value Fund, Global Fund, Growth & Income Fund, Income & Growth Fund, International Equity Fund, Large Cap Growth Fund, Managed Volatility Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Small Company Value Fund, Small/Mid Cap Value Fund, and Total Return Bond Fund. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor (the “Third-Party”). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund’s net advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against peer funds and a benchmark index). In connection with the Committee’s review, MML Advisers provided commentary and analysis regarding each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

175

Other Information (Unaudited) (Continued)

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2017. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that, in the case of a number of Funds, total net expense information showed the Funds to be in the first or second comparative quartile of their peer groups (least expensive), and performance information showed the Funds to have had first or second comparative quartile investment performance in their performance categories for the most recent one- and three-year periods. These Funds included the Small/Mid Cap Value Fund, Income & Growth Fund, Equity Index Fund, Managed Volatility Fund, and Growth & Income Fund. The Committee also considered that the Focused Equity Fund and Large Cap Growth Fund each had total net expenses in the second comparative quartile, and had performance that improved from the three-year period to the one-year period from the third or fourth comparative quartile to the second comparative quartile. The Committee determined that, with respect to the aforementioned Funds, further inquiry as to expense or performance was not warranted at this time.

The Committee noted the following expense considerations in respect of Funds that had achieved performance in the top comparative quartile:

• International Equity Fund – The Committee considered that, although the Fund’s total net expense ratio was in the fourth comparative quartile (80^th percentile), the Fund’s net advisory fee is in the second comparative quartile (34^th percentile), and the Fund’s relative performance was in the first comparative decile for the one- and three-year periods (9^th percentile in each case). They considered MML Advisers’ statement that the Fund has a very strong long-term performance record.

• Blue Chip Growth Fund – The Committee noted that the Fund has total net expenses in the fourth comparative quartile (82^nd percentile). The Committee considered MML Advisers’ statement that, although the Fund’s net advisory fee was in the fourth comparative quartile (88^th percentile), services provided for that fee include administrative service fees (which are used in part to provide shareholder services) in addition to advisory fees, and that, if those administrative service fees were charged separately, the Fund’s net advisory fee would be below the peer group median. The Committee considered that the Fund achieved first comparative quartile performance for the one- and three-year periods (9^th and 6^th percentiles, respectively).

The Committee considered information regarding the Funds with total net expense ratios in the second comparative quartile (or slightly above median) that had underperformed in recent periods compared to their performance category.

• Global Fund – The Committee noted that the Fund’s total net expenses were at approximately the peer group median (54^th percentile), and its net advisory fee was in the second comparative quartile (39^th percentile). The Committee considered MML Advisers’ statements that, although the Fund experienced performance in the third comparative quartile for the one-year period (60^th percentile), the Fund had achieved performance for the three-year period in the second comparative quartile (39^th percentile), and that the Fund’s subadviser has a very strong long-term track record of results in this strategy.

• Mid Cap Growth Fund – The Committee considered that the Fund had total net expenses in the second comparative quartile (36^th percentile), and that the Fund’s net advisory fee was in the third comparative quartile (65^th percentile), although two basis points above the peer group median. The Committee considered that, although the Fund had experienced performance in the third comparative quartile for the one-year period (67^th percentile), it had achieved three-year performance in the first comparative decile (6^th percentile). The Committee considered MML Advisers’ statements that in the one-year period the Fund had experienced portfolio volatility in the first comparative quartile (low volatility), that the Fund’s underperformance in the one-year period had been the result in part of its underexposure to companies that were expected to benefit from recent tax reform, and that MML Advisers remains confident in the portfolio management team.

• Mid Cap Value Fund – The Committee considered MML Advisers’ statement that, although the Fund’s total net expense ratio was in the third comparative quartile (74^th percentile), it was 4 basis points above the peer group median. The Committee considered that the Fund’s net advisory fee was in the fourth comparative quartile (87^th percentile), and considered MML Advisers’ statement that administrative service fees paid by the Fund to support shareholder servicing contributed significantly to the high relative net advisory fee. The Committee considered that, although the Fund had experienced performance in the one-year period in the third comparative quartile (72^nd percentile), the Fund had achieved three-year performance in the first comparative quartile (14^th percentile).

176

Other Information (Unaudited) (Continued)

The Committee considered information regarding the Funds with total net expense ratios in the third or fourth comparative quartiles and that had experienced performance in the third or fourth comparative quartiles.

• Small Company Value Fund – The Committee considered that although the Fund’s total net expense ratio is in the third comparative quartile (69^th percentile), the Fund’s net advisory fee is at the peer group median. The Committee considered that, although the Fund had experienced one-year performance in the third comparative quartile (62^nd percentile), it had achieved three-year performance in the first comparative decile (3^rd percentile).

• Equity Income Fund – The Committee considered that the Fund’s total net expense ratio is in the fourth comparative quartile (89^th percentile) and its net advisory fee is the highest among its peers and 8 basis points higher than the peer group median. The Committee considered MML Advisers’ statements that the Fund’s total net expense ratio is five basis points above the peer group median, and that services provided for the advisory fee include administrative service fees (which are used in part to provide shareholder services), and that, if those administrative service fees were charged separately, the Fund’s net advisory fee would be below the peer group median. The Committee considered that the Fund’s performance had improved from the third comparative quartile (55^th percentile) for the three-year period to the second comparative quartile (49^th percentile) for the one-year period. The Committee considered MML Advisers’ statement that the Fund’s performance had improved substantially over the two years when the current portfolio manager has been in place.

• Foreign Fund – The Committee considered that the Fund has a total net expense ratio in the fourth comparative quartile (77^th percentile). The Committee considered MML Advisers’ statement that, although the Fund’s net advisory fee was in the fourth comparative quartile (95^th percentile), services provided for that fee include administrative service fees (which are used in part to provide shareholder services), and that, if those administrative service fees were charged separately, the Fund’s net advisory fee would be in line with the peer group median. The Committee considered that the Fund had experienced one-year performance in the third comparative quartile (73^rd percentile) and three-year performance in the fourth comparative quartile (91^st percentile). The Committee considered MML Advisers’ statements that the subadviser appears focused on improving performance and that MML Advisers considers this Fund to be a high oversight priority in the current year.

• Fundamental Growth Fund – The Committee noted that, although the Fund’s total net expense ratio was in the third comparative quartile (65^th percentile), its net advisory fee was in the first comparative quartile (25^th percentile). The Committee considered that, although the Fund had experienced third comparative quartile performance (70^th percentile) for the one-year period, it had achieved three-year performance at the 51^st percentile. The Committee also considered MML Advisers’ statement that the volatility of the Fund’s portfolio has been low relative to its peers, and that the subadviser should be seen to have achieved favorable relative risk-adjusted returns.

• Fundamental Value Fund – The Committee considered MML Advisers’ statement that, although the Fund’s total net expenses were in the third comparative quartile (74^th percentile), the Fund’s net advisory fee was in the first comparative quartile (14^th percentile), and that MML Advisers had implemented a new advisory fee waiver in 2017. The Committee considered that the Fund had experienced one- and three-year performance in the third comparative quartile (68^th and 73^rd percentiles, respectively). The Committee considered MML Advisers’ statement that it remains confident in the Fund’s subadviser.

• Small Cap Growth Equity Fund – The Committee considered that the Fund’s total net expense ratio was in the fourth comparative quartile (88^th percentile) and its net advisory fee is the highest among its peers. The Committee considered MML Advisers’ statement that services provided for that fee include administrative service fees (which are used in part to provide shareholder services), and that, if those administrative service fees were charged separately, the Fund’s net advisory fee would compare more favorably to the Funds’ peers. The Committee also considered MML Advisers’ statement that it had implemented a new advisory fee waiver in 2017. The Committee considered MML Advisers’ statement that the Fund’s performance was in the third comparative quartile for both the one- and three-year periods, but had improved from the 74^th to the 65^th percentiles as between the periods, that the Fund’s performance to date in 2018 had improved further, and that the Fund’s five-year performance was in the 27^th percentile. The Committee also considered MML Advisers’ statement that its profitability on the Fund is relatively low due to the relatively high subadvisory fee. The Committee considered MML Advisers’ statement that it considers the Fund’s subadviser to be a top-tier manager and that managers of that quality are generally expensive, resulting in a relatively high net advisory fee for the Fund. The Committee also noted MML Advisers’ statement that the subadviser had reduced its fee in 2017, and that the savings were passed on to shareholders.

• Total Return Bond Fund – The Committee considered that, although the Fund has total net expenses in the third comparative quartile (54^th percentile), the Fund’s net advisory fee is in the first comparative quartile (24^th percentile). The Committee

177

Other Information (Unaudited) (Continued)

considered that the Fund has experienced one- and three-year performance in the fourth comparative quartile (88^th and 84^th percentiles, respectively). The Committee considered MML Advisers’ statements that the subadviser’s investment strategy, which does not typically take substantial credit or duration risk, has been out of favor recently, but that the Fund has been outperforming to date in 2018. The Committee considered MML Advisers’ statement that it continues to have conviction in the Fund’s portfolio management team and process.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.” Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee 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 Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the Contracts and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers generally appear well suited to the Funds, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

178

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2018

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2018:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2018.

Actual Expenses:

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

Hypothetical Example for Comparison Purposes:

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

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

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Blue Chip Growth Fund
Initial Class	$	1,000		0.79	%	$	1,117.20	$	4.12	$	1,020.80	$	3.94
Service Class		1,000		1.04	%		1,116.10		5.43		1,019.50		5.18
Equity Income Fund
Initial Class		1,000		0.76	%		995.20		3.74		1,020.90		3.79
Service Class		1,000		1.01	%		994.30		4.97		1,019.70		5.03
Equity Index Fund
Class I		1,000		0.42	%		1,024.20		2.10		1,022.60		2.09
Class II		1,000		0.27	%		1,025.20		1.35		1,023.30		1.35
Class III		1,000		0.12	%		1,025.80		0.60		1,024.10		0.60
Service Class I		1,000		0.67	%		1,023.20		3.34		1,021.40		3.34
Focused Equity Fund
Class II		1,000		0.83	%		1,027.60		4.15		1,020.60		4.14
Service Class I		1,000		1.08	%		1,026.40		5.40		1,019.30		5.38
Foreign Fund
Initial Class		1,000		0.97	%		961.80		4.69		1,019.90		4.83
Service Class		1,000		1.22	%		960.60		5.90		1,018.60		6.07

179

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		0.83	%	$	1,088.10	$	4.27	$	1,020.60	$	4.14
Service Class I		1,000		1.08	%		1,086.30		5.56		1,019.30		5.38
Fundamental Value Fund
Class II		1,000		0.77	%		987.70		3.77		1,020.90		3.84
Service Class I		1,000		1.02	%		986.20		5.00		1,019.60		5.08
Global Fund
Class I		1,000		0.83	%		980.80		4.05		1,020.60		4.14
Class II		1,000		0.83	%		980.50		4.05		1,020.60		4.14
Service Class I		1,000		1.08	%		979.10		5.27		1,019.30		5.38
Growth & Income Fund
Initial Class		1,000		0.56	%		1,013.80		2.78		1,021.90		2.79
Service Class		1,000		0.81	%		1,012.20		4.02		1,020.70		4.04
Income & Growth Fund
Initial Class		1,000		0.70	%		975.60		3.41		1,021.20		3.49
Service Class		1,000		0.95	%		973.80		4.62		1,020.00		4.73
International Equity Fund
Class II		1,000		1.00	%		924.80		4.75		1,019.70		4.98
Service Class I		1,000		1.25	%		922.80		5.93		1,018.50		6.22
Large Cap Growth Fund
Initial Class		1,000		0.71	%		1,034.60		3.56		1,021.20		3.54
Service Class		1,000		0.96	%		1,034.70		4.82		1,019.90		4.78
Managed Volatility Fund
Initial Class		1,000		0.88	%		995.90		4.33		1,020.30		4.38
Service Class		1,000		1.13	%		994.70		5.56		1,019.10		5.63
Mid Cap Growth Fund
Initial Class		1,000		0.81	%		1,049.40		4.09		1,020.70		4.04
Service Class		1,000		1.06	%		1,047.90		5.35		1,019.40		5.28
Mid Cap Value Fund
Initial Class		1,000		0.88	%		991.80		4.32		1,020.30		4.38
Service Class		1,000		1.13	%		990.00		5.54		1,019.10		5.63
Small Cap Growth Equity Fund
Initial Class		1,000		1.07	%		1,106.60		5.56		1,019.40		5.33
Service Class		1,000		1.32	%		1,105.20		6.85		1,018.10		6.57
Small Company Value Fund
Class II		1,000		0.97	%		1,035.50		4.87		1,019.90		4.83
Service Class I		1,000		1.22	%		1,034.70		6.12		1,018.60		6.07
Small/Mid Cap Value Fund
Initial Class		1,000		0.79	%		1,025.70		3.95		1,020.80		3.94
Service Class		1,000		1.04	%		1,024.50		5.19		1,019.50		5.18
Total Return Bond Fund
Class II		1,000		0.60	%		986.50		2.94		1,021.70		2.99
Service Class I		1,000		0.85	%		984.40		4.16		1,020.50		4.23

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2018, multiplied by the average account value over the period, multiplied by 180 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.

180

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, CT 06082-1981

^© 2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-45237-00

American Funds
Insurance Series^®   Semi-annual report
for the six months ended
June 30, 2018

We believe in
investing in global
companies for the
long term.

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For more than 85 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents
1	Letter to investors
4	Fund reviews
	Investment portfolios
45	Global Growth Fund
48	Global Small Capitalization Fund
52	Growth Fund
55	International Fund
58	New World Fund®
62	Blue Chip Income and Growth Fund
65	Global Growth and Income Fund
68	Growth-Income Fund
71	International Growth and Income Fund
74	Capital Income Builder®
78	Asset Allocation Fund
83	Global Balanced Fund
88	Bond Fund
94	Global Bond Fund
100	High-Income Bond Fund
105	Mortgage Fund
109	Ultra-Short Bond Fund
111	U.S. Government/AAA-Rated Securities Fund
115	Managed Risk Growth Fund
116	Managed Risk International Fund
117	Managed Risk Blue Chip Income and Growth Fund
118	Managed Risk Growth-Income Fund
119	Managed Risk Asset Allocation Fund
120	Financial statements

Fellow investors:

Global stocks were little changed for the six months ended June 30, 2018, with the MSCI ACWI (All Country World Index)¹ — a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes — returning –0.43%. Strong corporate earnings and ongoing central bank stimulus measures helped mitigate investor concerns about deteriorating trade relations, uncertainty related to political elections and rising U.S. interest rates.

The United States had one of the strongest markets, as the MSCI USA Index¹ (a free float-adjusted, market capitalization-weighted index that is designed to measure the U.S. portion of the world market) advanced 2.90%. The U.S. economic expansion continued into its 10th year, showing sustained strength even as trade tariffs led to heightened global tensions and occasionally volatile markets. Rising wages and low unemployment supported consumer spending, while inflation has only gradually accelerated. A sweeping overhaul of the tax code and a lightening of the regulatory regime boosted earnings projections for companies in certain sectors. Higher confidence also led many companies to increase capital expenditures and employee compensation.

Repeating a theme, information technology companies in particular advanced, supported by generally better than expected corporate earnings in the sector. Stocks of cyclical companies led gains, outpacing those in more defensive companies amid continued evidence of a broad-based global economic recovery, though recently there have been some signs of slowing in the rest of the world. In the current environment, there have been spikes in market volatility. For instance, volatility peaked at the beginning of the year as investor anxieties around inflationary pressures and climbing interest rates sent markets sharply lower, resulting in the first market correction (or roughly 10% loss) since early 2016. More recent bouts of volatility have been due to more aggressive U.S. trade policy.

The U.S. Federal Reserve increased short-term interest rates in March and June to a range of 1.75% and 2.00%. The Fed also signaled two more rate increases later in the year. These rate hikes are steps toward normalization after central banks have pursued accommodative monetary policies focused on healing stresses in the global financial system caused by the 2008 financial crisis.

In Europe, markets have been pressured by political turmoil in Italy and Spain, and the eurozone grew at a slower pace. Share prices declined as Italian leaders struggled to form a coalition government amid investor worries about Italy leaving the EU, and U.S. officials announced tariffs on steel and aluminum imports from allies, including the European Union, Mexico and Canada. In June, the European Central Bank announced it plans to end quantitative easing at the end of the year given the right economic conditions. Overall, the MSCI Europe Index lost 3.23% led by Austria (-8.69%), Germany (–7.39%) and Switzerland (–6.92%). Elsewhere among developed

See page 2 for footnotes.

American Funds Insurance Series 1

markets, Japanese equities slipped 2.03% with news of a decrease in the country’s GDP and as Japan’s policy board lowered its inflation expectations for 2018 amid tepid wage growth. Outside developed economies, most emerging markets were negatively impacted by a strengthening U.S. dollar and political uncertainty ahead of elections in several developing countries. Economic conditions in Turkey (–29.61%) and Brazil (–17.29%) hurt sentiment as well.

In bond markets, U.S. investment-grade debt (as measured by the Bloomberg Barclays U.S. Corporate Investment Grade Index² of BBB/Baa-rated and above publically issued U.S. corporate and foreign debentures and secured notes) declined 3.27%, while U.S. high-yield corporate debt (as measured by the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index² of fixed-rate, non-investment-grade debt that limits the maximum exposure of any one issuer to 2%) marginally rose 0.16%, as investors sought higher yields than those offered by U.S. Treasuries. Bloomberg Barclays Global Aggregate Index², a measure of global investment-grade bonds lost 1.46%, while the Bloomberg Barclays U.S. Aggregate Index² (which measures U.S. investment-grade bonds) fell 1.62%. The 10-year Treasury yield, which stood at 2.40% on December 31, 2017, rose to 2.85%. U.S. dollar–denominated emerging markets bonds, as measured by the J.P. Morgan EMBI (Emerging Markets Bond Index) Global³, which tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities, (including Brady bonds, loans and Eurobonds) fell 5.23% hurt by rising U.S. Treasury yields and a dollar rally.

The U.S. dollar appreciated against most currencies. In developed markets, the Canadian dollar (–4.75%), euro (–2.77%) and the Swiss franc (–1.86%) slid, while the Japanese yen (1.70%) gained against the greenback.

American Funds Insurance Series funds recorded mixed returns during the period and select funds with exposure to growth stocks enjoyed the highest returns.

The road ahead

The U.S. economy is healthy and appears to have recovered from the 2008-2009 financial crisis. Although conventional wisdom is that higher interest rates are bad for stocks, that’s not always the case. When U.S. rates rise against a backdrop of a strong economy, equities can rise along with bond yields. As such, we remain optimistic about the long-term outlook for U.S. equity markets. The current synchronized global economic recovery is also supportive of underlying corporate earnings growth in the U.S., while relatively low inflation, moderately rising commodity prices and broadly accommodative monetary policies should provide a favorable backdrop.

That said, we think equity valuations are above average in the United States, and geopolitical risks are rising. Thus, we may be entering a more moderate return environment compared to the strong returns of the past few years. Trade tensions between the U.S. and China pose challenges to global commerce and we will be watching those events closely. This and other trade disputes, coupled with tighter U.S. monetary policy, are likely to produce further market volatility. In addition, the adjustment to a more normalized interest rate environment could spark subsequent temporary downturns as the market adapts to fewer stimulus measures.

We remain confident in our ability to find attractive companies for the long term. We continue to stay the course of conducting deep fundamental research, with a long-term horizon, and an eye toward valuation and risk. We are optimistic that our robust investment process, and our ability to identify solid companies at good valuations based on bottom-up analysis, can serve our investors well in the long run.

We continue to have confidence this will remain the case, and thank you for your support. We look forward to reporting to you again in six months’ time.

Sincerely,

Donald D. O’Neal

Vice Chairman of the Board

Alan N. Berro
President

August 14, 2018

All market indexes referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

1	Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes, except for the MSCI USA Index, which reflects dividends gross of withholding taxes. Source: MSCI.
2	Source: Bloomberg Index Services Ltd.
3	This report, and any product, index or fund referred to herein, is not sponsored, endorsed or promoted in any way by J.P. Morgan or any of its affiliates who provide no warranties whatsoever, express or implied, and shall have no liability to any prospective investor, in connection with this report. J.P. Morgan disclaimer: http://www.jpmorgan.com/pages/jpmorgan/ib/girg.

2 American Funds Insurance Series

Summary investment portfolios

Summary investment portfolios are designed to streamline this report and help investors better focus on the funds’ principal holdings. Ultra-Short Bond Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund show a complete listing of portfolio holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings for each fund in the series.

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The series investment adviser waived a portion of its management fees for all existing funds from September 1, 2004, through December 31, 2008, for Global Growth and Income Fund from May 1, 2006, through December 31, 2008, for International Growth and Income Fund from November 18, 2008, through December 31, 2008, for U.S. Government/AAA-Rated Securities Fund from July 1, 2010, through December 31, 2010, and for Blue Chip Income and Growth Fund from February 1, 2014, through January 31, 2015.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds’ net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for all managed risk funds except Managed Risk Blue Chip Income and Growth Fund and Managed Risk Asset Allocation Fund. The waivers and reimbursements will be in effect through at least May 1, 2019, unless modified or terminated by the series board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursements. The waivers may only be modified or terminated with the approval of the series board. Applicable fund results shown reflect the waivers and reimbursements, without which results would have been lower. See the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SM and American Funds Insurance Series – Bond Fund^SM. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series –International Fund^SM and American Funds Insurance Series – Bond Fund^SM. The Managed Risk Blue Chip Income and Growth Fund pursues its objective by investing in shares of American Funds Insurance Series –Blue Chip Income and Growth Fund^SM and American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund^SM. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SM and American Funds Insurance Series – Bond Fund^SM. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund.^SM The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

American Funds Insurance Series 3

Global Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Growth Fund rose 3.18% for the six months ended June 30, 2018, compared with a 0.43% decrease for the MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks, as measured by the MSCI ACWI, were little changed despite solid corporate earnings and ongoing central bank stimulus measures. Gains were tempered by signs of slowing economic growth, investor concerns around rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. A stronger U.S. dollar and geopolitics weighed on emerging markets. As information technology stocks continued to push higher, defensive stocks pulled markets lower — weighed down by losses in the consumer staples and telecommunication services sectors.

An eclectic mix of financials and consumer discretionary investments boosted the fund’s relative returns. Amazon reported strong first-quarter earnings that beat analyst estimates thanks to Prime and Amazon Web Services, and was the top contributor to the fund’s returns. India’s fourth-largest private sector bank, Kotak Mahindra, was also additive as the company surged on solid fourth-quarter earnings.

Investments in consumer staples were the biggest drag on results. British American Tobacco hindered returns the most amid uncertainty regarding the outlook for traditional tobacco products and tighter regulation.

On a geographic basis, stocks of companies domiciled in the U.S., Germany and the Netherlands were additive to results, while stocks of companies based in the U.K., the Philippines and Finland lagged.

Despite soaring valuations, the fund’s portfolio managers are optimistic they will continue to find good companies globally that offer high-quality products, and whose values are not yet fully reflected in their share prices.

Country diversification by domicile	Percent of net assets
The Americas
United States		39.5	%
Other		1.4
		40.9
Europe
United Kingdom		7.8
Netherlands		4.9
France		4.5
Switzerland		2.9
Germany		1.5
Russian Federation		1.4
Denmark		1.3
Spain		1.1
Other		2.3
		27.7
Asia/Pacific Basin
China		5.5
Japan		4.6
Taiwan		3.8
Hong Kong		3.2
India		1.9
Other		1.8
		20.8
Other regions
South Africa		1.3
Short-term securities & other assets less liabilities		9.3
Total		100.0	%

4 American Funds Insurance Series

Global Growth Fund

Largest individual equity securities	Percent of net assets
Amazon		7.11	%
ASML		3.70
Alphabet		3.60
TSMC		3.25
Facebook		2.78
Microsoft		2.49
Airbus Group		2.20
Visa		2.11
AIA Group		2.09
Alibaba Group		2.00

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio
Class 1		3.18	%		14.52	%		12.67	%		9.12	%		10.03	%		.55	%
Class 1A		3.07			14.26			12.40			8.86			9.76			.80	2
Class 2		3.03			14.24			12.38			8.85			9.76			.80
Class 4		2.92			13.92			12.13			8.62			9.50			1.05

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 5

Global Small Capitalization Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Small Capitalization Fund increased 4.58% for the six months ended June 30, 2018. Its benchmark, the MSCI All Country World Small Cap Index,¹ a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, gained 1.46%.

Global stocks, as measured by the MSCI ACWI, were little changed despite solid corporate earnings and ongoing central bank stimulus measures. Gains were tempered by signs of slowing global economic growth, investor concerns around rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. A stronger U.S. dollar and geopolitics weighed on emerging markets. As information technology stocks continued to push higher, defensive stocks pulled markets lower — weighed down by losses in the consumer staples and telecommunication services sectors.

Fund holdings in the health care sector, which include companies specializing in everything from biotechnology and pharmaceuticals to life sciences tools and services industries, aided returns. Wuxi Biologics and Insulet Corporation surged to all-time highs led by strong earnings and revenue growth, respectively. However, the fund’s investments in industrials stocks, such as International Container Terminal Services and Johnson Electric Holdings, hurt results.

While investments in U.S. companies were additive to returns, investments in companies domiciled in the Philippines detracted.

The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to change industries and benefit our shareholders. They believe rigorous bottom-up research into each potential equity investment can help achieve this goal. The fund currently holds some 200 companies diversified across geographies and industries. As always, we maintain our commitment to investing for the long term.

Country diversification by domicile	Percent of net assets
The Americas
United States		42.3	%
Canada		2.5
Other		.6
		45.4
Asia/Pacific Basin
Japan		7.8
China		5.1
India		4.3
Hong Kong		3.3
Taiwan		1.3
South Korea		1.2
Thailand		1.2
Philippines		1.1
Other		1.3
		26.6
Europe
United Kingdom		11.0
Germany		1.6
Sweden		1.3
Italy		1.0
Other		4.4
		19.3
Short-term securities & other assets less liabilities		8.7
Total		100.0	%

Largest individual equity securities	Percent of net assets
GW Pharmaceuticals		2.42	%
Insulet		1.76
Integra LifeSciences Holdings		1.54
iRhythm		1.53
Kotak Mahindra Bank		1.50
Melco International Development		1.25
China Biologic Products		1.21
Madrigal Pharmaceuticals		1.16
GVC Holdings		1.15
ENN Energy Holdings		1.14

6 American Funds Insurance Series

Global Small Capitalization Fund

Average annual  total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio
Class 1		4.58	%		17.00	%		10.38	%		6.11	%		9.79	%		.74	%
Class 1A		4.49			16.74			10.13			5.86			9.52			.99	2
Class 2		4.46			16.68			10.11			5.85			9.52			.99
Class 4		4.33			16.43			9.84			5.60			9.25			1.24

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 7

Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Growth Fund gained 9.95% for the six months ended June 30, 2018, compared with a 2.65% increase in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equity markets continued to advance, even as trade tensions and higher interest rates weighed on investor sentiment and heightened geopolitical tensions led to increased market volatility. Repeating a common theme, information technology companies advanced, supported by generally better than expected corporate earnings in the sector. Outside the U.S., European stocks declined as signs of slowing economic growth and escalating trade tensions dampened investor sentiment. Emerging markets fell as investors weighed the ramifications of a strengthening U.S. dollar and uncertainty related to elections in Latin America.

Investments in the consumer discretionary and health care sectors boosted the fund’s returns. Among the fund’s top contributors to returns (posting at least double-digit gains) were consumer discretionary companies Amazon and Netflix. As Amazon’s Prime subscriber base exceeded 100 million, an increase in the number of subscriptions for Netflix boosted the company’s revenue growth. Some companies in the financials sector detracted from absolute results, led by Wells Fargo as the bank came under continued pressure because of probes into its sales practices.

Although U.S. economic growth remained strong, the fund’s portfolio managers are keeping a close watch on economic indicators, such as wage growth and fiscal policy, including outcomes of the recent U.S. tax bill. Portfolio managers continue to favor well-positioned, growth-oriented companies that are capable of generating free cash flow in myriad economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Largest individual equity securities	Percent of net assets
Amazon		7.57	%
Facebook		5.53
Alphabet		4.82
Microsoft		4.30
Netflix		3.20
Broadcom		3.06
UnitedHealth Group		2.98
ASML		2.75
Tesla		2.41
Wells Fargo		2.15

8 American Funds Insurance Series

Growth Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		9.95	%		22.81	%		16.42	%		10.46	%		12.95	%		.35	%
Class 1A		9.81			22.51			16.14			10.19			12.67			.60	2
Class 2		9.83			22.52			16.13			10.19			12.67			.60
Class 3		9.86			22.60			16.21			10.26			12.74			.53
Class 4		9.68			22.20			15.84			9.93			12.39			.85

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 9

International Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Fund marginally declined 0.02% for the six months ended June 30, 2018. Its benchmark, the MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.), fell 3.77%.

Global stocks, as measured by the MSCI ACWI, were little changed despite solid corporate earnings and ongoing central bank stimulus measures. Gains were tempered by signs of slowing economic growth, investor concerns around rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. A stronger U.S. dollar and geopolitics weighed on emerging markets. As information technology stocks continued to push higher, defensive stocks pulled markets lower – weighed down by losses in the consumer staples and telecommunication services sectors.

Investments in the utilities sector boosted returns with ENN Energy and China Gas Holdings among the top contributors thanks to rising demand for natural gas in China. Investments in the financials sector hindered absolute results, pressured by geopolitical headwinds and a flattening yield curve.

The fund’s portfolio managers 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. Our focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping us identify investments that we believe represent the best value over the long term.

Country diversification by domicile	Percent of net assets
Asia/Pacific Basin
Japan		13.4	%
China		8.5
Hong Kong		8.0
India		6.1
South Korea		5.2
Australia		1.3
Other		2.0
		44.5
Europe
United Kingdom		13.3
France		9.4
Switzerland		4.2
Germany		2.8
Spain		2.4
Netherlands		1.9
Ireland		1.5
Other		2.5
		38.0
The Americas
Canada		3.3
Brazil		2.3
United States		1.5
Other		.1
		7.2
Other regions
Israel		1.7
Other		.7
		2.4
Short-term securities & other assets less liabilities		7.9
Total		100.0	%

Largest equity securities	Percent of net assets
Airbus Group		3.48	%
AIA Group		3.34
HDFC Bank		2.58
Samsung Electronics		2.52
Tencent		2.32
Alibaba Group Holding		2.11
Novartis		1.97
Teva Pharmaceutical Industries		1.71
Royal Dutch Shell		1.48
Rolls-Royce Holdings		1.40

10 American Funds Insurance Series

International Fund

Average annual  total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio
Class 1		–.02	%		11.56	%		8.65	%		4.92	%		8.39	%		.54	%
Class 1A		–.13			11.30			8.38			4.66			8.12			.79	2
Class 2		–.16			11.30			8.37			4.66			8.12			.79
Class 3		–.10			11.35			8.45			4.73			8.20			.72
Class 4		–.28			11.01			8.10			4.42			7.86			1.04

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 11

New World Fund^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

New World Fund was down 3.89% for the six months ended June 30, 2018. Its benchmark index, the MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), marginally declined 0.43%. The MSCI Emerging Markets Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), decreased by 6.66%.

Global stocks, as measured by the MSCI ACWI, were little changed despite solid corporate earnings and ongoing central bank stimulus measures. Gains were tempered by signs of slowing economic growth, investor concerns around rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. Emerging markets were under pressure due to a stronger U.S. dollar, geopolitics and tightening global liquidity.

The fund’s relative returns outpaced most emerging markets. Investments in the information technology and energy sectors were beneficial to the fund. Condiment maker Foshan Haitian Flavoring & Food rose on the back of China’s strong economic growth. Among detractors, investments in the financials sector hurt results with Grupo Financiero Galicia hindering returns despite reporting strong fourth-quarter profits.

While the broad stock market has rallied amid a global economic recovery, at this point in the market cycle selectivity and close attention to individual holdings are particularly important. The fund’s portfolio managers continue to pursue a bottom-up approach to investing and continue to search for undervalued companies with solid foundations around the world.

Country diversification by domicile	Percent of net assets
Asia/Pacific Basin
China		14.8	%
India		13.0
Japan		3.8
Taiwan		2.9
Hong Kong		2.3
South Korea		1.1
Australia		1.0
Other		2.1
		41.0
The Americas
United States		12.6
Brazil		6.7
Canada		2.5
Argentina		2.0
Mexico		1.3
Other		.6
		25.7
Europe
United Kingdom		8.0
France		3.6
Russian Federation		2.5
Switzerland		1.7
Other		2.7
		18.5
Other regions
South Africa		1.2
Other		1.0
		2.2
Short-term securities & other assets less liabilities		12.6
Total		100.0	%

Largest equity securities	Percent of net assets
Reliance Industries		5.52	%
TSMC		2.58
First Quantum Minerals		2.46
HDFC Bank		2.35
British American Tobacco		2.31
Airbus Group		2.05
Pagseguro Digital		1.97
Alphabet		1.97
Alibaba Group Holding		1.81
AIA Group		1.64

12 American Funds Insurance Series

New World Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since June 17, 1999)			Expense ratio
Class 1		–3.89	%		8.81	%		6.16	%		4.17	%		8.34	%		.76	%
Class 1A		–3.99			8.53			5.90			3.91			8.07			1.01	2
Class 2		–4.01			8.54			5.89			3.91			8.07			1.01
Class 4		–4.13			8.23			5.62			3.66			7.80			1.26

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 13

Blue Chip Income and Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Blue Chip Income and Growth Fund gained 0.47% for the six months ended June 30, 2018, trailing the 2.65% rise in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equity markets continued to advance, even as trade tensions and higher interest rates weighed on investor sentiment and heightened geopolitical tensions led to increased market volatility. Repeating a common theme, information technology companies advanced, supported by generally better than expected corporate earnings in the sector. Outside the U.S., European stocks declined as signs of slowing economic growth and escalating trade tensions dampened investor sentiment. Emerging markets fell as investors weighed the ramifications of a strengthening U.S. dollar and uncertainty related to elections in Latin America.

Investments in information technology and consumer discretionary companies boosted absolute results. Among the fund’s top contributors to absolute returns (posting double-digit gains) was consumer discretionary company Twenty-First Century Fox, which reported fiscal second-quarter earnings above analyst estimates led by higher revenues from its cable networking business.

Fund holdings in the consumer staples sector hindered returns. Investments in tobacco companies, such as Altria Group and British American Tobacco, hurt results amid uncertainty regarding the outlook for traditional tobacco products and tighter regulation. Given the fund’s focus on investing in dividend-paying stocks, a lack of investments in certain growth stocks in the consumer discretionary sector – such as Amazon and Netflix – hampered relative results.

The fund’s portfolio managers are keeping a close watch on U.S. fiscal policy and geopolitics and its implications on the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of generating positive cash flow in myriad economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Largest individual equity securities	Percent of net assets
AbbVie		6.84	%
Wells Fargo		4.17
Amgen		3.28
Intel		3.08
Microsoft		3.04
EOG Resources		2.96
Abbott Laboratories		2.93
Teva Pharmaceutical Industries		2.90
CSX		2.75
Gilead Sciences		2.62

14 American Funds Insurance Series

Blue Chip Income and Growth Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since July 5, 2001)			Expense ratio
Class 1		.47	%		11.36	%		12.92	%		9.96	%		6.67	%		.41	%
Class 1A		.32			11.08			12.65			9.69			6.41			.66	2
Class 2		.29			10.99			12.63			9.68			6.40			.66
Class 4		.14			10.75			12.40			9.47			6.17			.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from February 1, 2014, through January 31, 2015. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 15

Global Growth and Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Growth and Income Fund declined 0.79% for the six months ended June 30, 2018, compared with a 0.43% decrease in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks, as measured by the MSCI ACWI, were little changed despite solid corporate earnings and ongoing central bank stimulus measures. Gains were tempered by signs of slowing economic growth, investor concerns around rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. A stronger U.S. dollar and geopolitics weighed on emerging markets. In Europe, markets have been pressured by political turmoil in Italy and Spain, while the eurozone grew at a slower pace. As information technology stocks continued to push higher, defensive stocks pulled markets lower — weighed down by losses in the consumer staples and telecommunication services sectors.

Several sectors including health care contributed to the fund’s returns. Health care companies UnitedHealth Group and Centene rallied on solid earnings reports and were among the top contributors to results. On the downside, investments in the consumer staples sector hindered returns. British American Tobacco was the top detractor amid uncertainty regarding the outlook for traditional tobacco products and tighter regulation.

On a country basis, holdings in the U.S. and Denmark contributed the most to absolute returns, and holdings in the U.K. and Brazil were a drag on returns.

The fund’s portfolio managers recognize that we are in the late stages of a synchronized global economic recovery. With quantitative easing programs ending or set to end in the U.S. and Europe, the fund’s managers remain cautiously optimistic about the prospects of the global economy and are monitoring the potential impact of rising interest rates on global growth. Portfolio managers continue to invest based on a bottom-up approach to long-term investing and believe they can uncover promising companies with sustainable dividends and income.

Country diversification by domicile	Percent of net assets
The Americas
United States		36.5	%
Brazil		3.8
Mexico		2.9
Other		.9
		44.1
Europe
United Kingdom		11.1
France		6.4
Switzerland		2.8
Germany		2.1
Denmark		2.0
Ireland		1.3
Netherlands		1.0
Other		1.0
		27.7
Asia/Pacific Basin
Japan		6.6
Taiwan		4.4
India		3.4
China		3.2
Hong Kong		1.1
Other		2.4
		21.1
Other regions
Israel		.3
Short-term securities & other assets less liabilities		6.8
Total		100.0	%

Largest equity securities	Percent of net assets
Nintendo		4.00	%
British American Tobacco		3.32
Microsoft		3.11
Airbus Group		2.89
TSMC		2.58
UnitedHealth Group		2.45
Reliance Industries		2.03
Century Aluminum		1.76
United Microelectronics		1.50
Ørsted		1.46

16 American Funds Insurance Series

Global Growth and Income Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Expense ratio
Class 1		–.79	%		9.16	%		10.07	%		7.14	%		6.91	%		.63	%
Class 1A		–.99			8.91			9.82			6.89			6.66			.88	2
Class 2		–.90			8.92			9.81			6.88			6.65			.88
Class 4		–1.12			8.58			9.51			6.63			6.40			1.13

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from May 1, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 17

Growth-Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Growth-Income Fund gained 6.58% for the six months ended June 30, 2018. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, rose 2.65%.

U.S. equity markets continued to advance, even as trade tensions and higher interest rates weighed on investor sentiment and heightened geopolitical tensions led to increased market volatility. Repeating a common theme, information technology companies advanced, supported by generally better than expected corporate earnings in the sector. Outside the U.S., European stocks declined as signs of slowing economic growth and escalating trade tensions dampened investor sentiment. Emerging markets fell as investors weighed the ramifications of a strengthening U.S. dollar and uncertainty related to elections in Latin America.

Regarding the fund, investments in the consumer discretionary sector contributed the most to the fund’s returns. Among consumer discretionary companies, Netflix and Amazon contributed the most to the fund’s results on the back of strong first-quarter earnings. As Amazon’s Prime subscriber base exceeded 100 million, an increase in the number of subscriptions for Netflix boosted the company’s revenue growth. On the downside, investments in the consumer staples sector weighed on absolute returns. British American Tobacco hindered sector results the most amid uncertainty regarding the outlook for traditional tobacco products and tighter regulation.

The fund’s portfolio managers continue to look for compelling investment opportunities, while being cognizant that company valuations, in some cases, are elevated later in the market cycle.

Largest equity securities	Percent of net assets
Netflix		3.70	%
Alphabet		3.37
Amazon		3.20
Microsoft		2.91
Facebook		2.15
AbbVie		1.93
UnitedHealth Group		1.69
JPMorgan Chase		1.56
Intel		1.45
Amgen		1.45

18 American Funds Insurance Series

Growth-Income Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		6.58	%		18.99	%		14.56	%		10.16	%		11.48	%		.28	%
Class 1A		6.46			18.69			14.29			9.90			11.21			.53	2
Class 2		6.44			18.68			14.27			9.88			11.21			.53
Class 3		6.50			18.75			14.35			9.96			11.28			.46
Class 4		6.33			18.39			13.98			9.63			10.93			.78

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 19

International Growth and Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Growth and Income Fund declined 1.87% for the six months ended June 30, 2018, compared to the 3.77% decline in its benchmark index, the MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks, as measured by the MSCI ACWI, were little changed despite solid corporate earnings and ongoing central bank stimulus measures. Gains were tempered by signs of slowing economic growth, investor concerns around rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. A stronger U.S. dollar and geopolitics weighed on emerging markets. In Europe, markets have been pressured by political turmoil in Italy and Spain, while the eurozone grew at a slower pace. As information technology stocks continued to push higher, defensive stocks pulled markets lower — weighed down by losses in the consumer staples and telecommunication services sectors.

The best contributors to the fund’s relative returns were the health care and industrials sectors due in part to good stock selection. Health care companies Hikma Pharmaceuticals and Daiichi Sankyo recorded double-digit returns and were the top contributors to the fund’s returns, despite reporting lower operating profits for the year that ended 2017 than for the previous period.

On the downside, investments in the financials sector detracted from the fund’s returns, pressured by geopolitical headwinds and a flattening yield curve. Among financials, Banco Santander and KB Financial Group were a drag on results, despite reporting growth in first-quarter profits.

The fund’s portfolio managers continue to monitor global geopolitics that may derail economic growth, and are optimistic that global research combined with the fund’s flexible mandate will help us identify attractive investment opportunities.

Country diversification by domicile	Percent of net assets
Europe
United Kingdom		22.4	%
France		10.2
Switzerland		4.7
Germany		2.8
Spain		2.7
Russian Federation		2.4
Sweden		1.9
Denmark		1.8
Netherlands		1.6
Portugal		1.3
Norway		1.2
Italy		1.2
Other		1.3
		55.5
Asia/Pacific Basin
China		7.6
Japan		6.3
Hong Kong		5.3
South Korea		4.3
India		3.2
Other		2.3
		29.0
The Americas
Brazil		3.4
United States		1.1
Other		1.1
		5.6
Other regions
Israel		1.2
Other		.7
		1.9
Short-term securities & other assets less liabilities		8.0
Total		100.0	%

Largest individual equity securities	Percent of net assets
Royal Dutch Shell		4.58	%
Rio Tinto		4.16
British American Tobacco		3.21
HDFC Bank		2.58
Novartis		2.21
Airbus		2.03
Zurich Insurance Group		1.87
Shanghai International Airport		1.86
Samsung Electronics		1.85
Ørsted		1.82

20 American Funds Insurance Series

International Growth and Income Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since November 18, 2008)			Expense ratio
Class 1		–1.87	%		6.43	%		5.70	%		9.59	%		.65	%
Class 1A		–2.00			6.15			5.46			9.33			.90	2
Class 2		–1.98			6.13			5.44			9.32			.90
Class 4		–2.12			5.88			5.20			9.09			1.15

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from November 18, 2008, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 21

Capital Income Builder^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Capital Income Builder, a mix of stocks and bonds, lost 2.11% for the six months ended June 30, 2018. During the same period, the MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), declined 0.43%. The Bloomberg Barclays U.S. Aggregate Index,² which measures investment-grade U.S. bonds (rated BBB/Baa and above), fell by 1.62%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³ declined 0.72%. The Lipper Global Equity Income Funds Average,⁴ a measure of similar funds, decreased by 2.40%.

U.S. equity markets continued to advance, even as trade tensions and higher interest rates weighed on investor sentiment and heightened geopolitical tensions led to increased market volatility. European stocks declined as signs of slowing economic growth and escalating trade tensions dampened investor sentiment. Emerging markets fell as investors weighed the ramifications of a strengthening U.S. dollar and uncertainty related to elections in Latin America.

In the equity portfolio, the best contributors to the fund’s absolute returns included investments in the consumer discretionary and industrials sectors. Synchronized global economic growth was accompanied by an uptick in capital spending in the U.S. that is expected to benefit companies in the industrials sector such as Boeing. Airbus also contributed to the fund’s results as the European plane maker promised to deliver more jets than ever before.

On the downside, investments in the consumer staples and telecommunication services sectors detracted from returns. While Vodafone hindered results the most amid news that its CEO is stepping down, Philip Morris International was among the top detractors amid mixed first-quarter earnings led by investor concerns about growth of its new tobacco products and loss of market share in many of its brands. The fixed income portfolio detracted from the fund’s relative returns due to curve positioning.

As the U.S. economy and markets ring in another year of expansion, the fund’s portfolio managers are monitoring these twin factors and remain confident about the prospects of continued economic growth in the near future. Portfolio managers are also optimistic that our bottom up approach to investing will help us identify attractive long-term investment opportunities, despite higher equity valuations in the U.S.

Country diversification by domicile	Percent of net assets
The Americas
United States		53.3	%
Canada		2.7
		56.0
Europe
United Kingdom		14.2
France		3.7
Switzerland		2.7
Italy		1.6
Sweden		1.3
Netherlands		1.3
Other		2.5
		27.3
Asia/Pacific Basin
Hong Kong		3.2
Taiwan		2.0
Japan		1.5
Other		1.5
		8.2
Short-term securities & other assets less liabilities		8.5
Total		100.0	%

22 American Funds Insurance Series

Capital Income Builder

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			Lifetime (since May 1, 2014)			Expense ratio
Class 1		–2.11	%		2.42	%		3.25	%		.54	%
Class 1A		–2.23			2.20			2.99			.79	5
Class 2		–2.32			2.09			3.12			.79
Class 4		–2.36			1.92			2.73			1.04

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Source: Bloomberg Index Services Ltd.
3	Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
4	Source: Thomson Reuters Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please see the Quarterly Statistical Update, available on our website.
5	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 23

Asset Allocation Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Asset Allocation Fund, which is a mix of stocks and bonds, rose 1.14% for the six months ended June 30, 2018. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 2.65% over the same period, while the Bloomberg Barclays U.S. Aggregate Index,² which measures investment-grade U.S. bonds (rated BBB/Baa and above), declined 1.62%. A blend of the two indexes, the 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index,³ advanced 1.00%.

U.S. equity markets continued to advance, even as trade tensions and higher interest rates weighed on investor sentiment and heightened geopolitical tensions led to increased market volatility. European stocks declined as signs of slowing economic growth and escalating trade tensions dampened investor sentiment. Emerging markets fell as investors weighed the ramifications of a strengthening U.S. dollar and uncertainty related to elections in Latin America.

Fund holdings in the information technology sector contributed the most to the fund’s absolute returns. Microsoft, led by strong third-quarter earnings, was a top contributor to the fund’s returns as the company continued to push into cloud computing and related software. Sales in the company’s personal computing segment also rose. Among other information technology companies, ASML and Intuit also enjoyed double-digit returns as both companies contributed to results.

Investments in the consumer staples sector detracted from the fund’s returns. British American Tobacco hindered sector returns the most amid uncertainty regarding the outlook for traditional tobacco products and tighter regulation. The fund’s fixed income holdings were also a drag on relative returns due to curve positioning.

The fund’s portfolio managers continue to evaluate the economic and market-sector implications of the current administration’s decisions regarding fiscal policy and trade. The fund’s cash position allows portfolio managers to remain flexible and better navigate uncertainty by focusing on opportunities when stock prices are favorable.

Largest individual equity securities	Percent of net assets
Microsoft		2.75	%
UnitedHealth Group		2.26
TSMC		2.24
ASML Holding		1.68
VeriSign		1.66
DowDuPont		1.50
Noble Energy		1.43
Broadcom		1.36
Johnson & Johnson		1.36
Intel		1.33

24 American Funds Insurance Series

Asset Allocation Fund

Average annual  total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio
Class 1		1.14	%		8.82	%		9.30	%		7.96	%		8.58	%		.29	%
Class 1A		1.00			8.54			9.04			7.70			8.31			.54	4
Class 2		.98			8.51			9.02			7.69			8.31			.54
Class 3		1.07			8.63			9.10			7.77			8.38			.47
Class 4		.86			8.23			8.79			7.47			8.05			.79

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Source: Bloomberg Index Services Ltd.
3	Data sources: S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd. The 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
4	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 25

Global Balanced Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Balanced Fund declined 0.47% for the six months ended June 30, 2018. The MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), decreased by 0.43%, while the Bloomberg Barclays Global Aggregate Index,² a measure of investment-grade bonds (rated BBB/Baa and above), fell 1.46%. The 60%/40% MSCI ACWI/ Bloomberg Barclays Global Aggregate Index,³ a blend of the two indexes, declined 0.79%.

U.S. equity markets continued to advance, even as trade tensions and higher interest rates weighed on investor sentiment and heightened geopolitical tensions led to increased market volatility. Repeating a common theme, information technology companies advanced, supported by generally better than expected corporate earnings in the sector. Outside the U.S., European stocks declined as signs of slowing economic growth and escalating trade tensions dampened investor sentiment. Emerging markets fell as investors weighed the ramifications of a strengthening U.S. dollar and uncertainty related to elections in Latin America.

Investments in the consumer discretionary sector boosted the fund’s returns, with Amazon among the top contributors. Amazon reported strong first-quarter earnings that beat analyst estimates thanks to Prime and Amazon Web Services. On the downside, investments in the information technology sector hindered returns. Brazilian online-payment company PagSeguro detracted the most from the fund’s returns as the company’s share price remained volatile since its IPO in January. In fixed income, currency exposure detracted from the fund’s returns led by emerging market debt.

The fund’s portfolio managers exercise caution and continue to monitor geopolitics that may derail the global economic recovery. Portfolio managers continue to stay the course of focusing on global research and bottom-up analysis.

Largest sectors in common stock holdings	Percent of net assets
Information technology		12.8	%
Financials		7.8
Health care		6.3
Industrials		6.3
Energy		5.7
Largest fixed income holdings (by issuer)	Percent of net assets
U.S. Treasury		10.5	%
Japanese Government		3.5
Mexican Government		1.1
Polish Government		1.1
Fannie Mae		1.0

26 American Funds Insurance Series

Global Balanced Fund

Currency diversification Percent of net assets

	Equity securities			Bonds & notes			Forward currency contracts			Short–term securities & other assets less liabilities			Total
U.S. dollars		29.3	%		18.6	%		.2	%		4.9	%		53.0	%
Euros		9.1			3.3			1.0			—			13.4
Japanese yen		4.8			3.5			1.4			—			9.7
British pounds		7.0			.7			.1			—			7.8
Swiss francs		2.7			—			—			—			2.7
Hong Kong dollars		2.5			—			—			—			2.5
New Taiwan Dollar		1.3			—			—			—			1.3
Other currencies		5.1			7.2			(2.7	)		—			9.6
														100.0	%

Largest equity securities	Percent of net assets
Nintendo		1.67	%
ASML		1.61
Humana		1.60
PagSeguro Digital		1.58
Amazon		1.38
Boeing		1.36
Microsoft		1.36
HSBC		1.31
TSMC		1.28
JPMorgan Chase		1.20

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio
Class 1		–.47	%		7.33	%		6.72	%		5.90	%		.71	%
Class 1A		–.55			7.13			6.50			5.67			.96	4
Class 2		–.55			7.01			6.46			5.64			.96
Class 4		–.71			6.78			6.39			5.54			1.21

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
2	Source: Bloomberg Index Services Ltd.
3	Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
4	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 27

Bond Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Bond Fund declined by 1.76% for the six months ended June 30, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index,¹ which measures investment-grade U.S. bonds (rated BBB/Baa and above), was down 1.62%.

Rising yields made for mixed results across bond sectors. The 10-year Treasury yield rose 45 basis points, as the Federal Reserve hiked the federal funds target rate in March and June to a range of 1.75% and 2.00%. The Fed also signaled two more rate increases later in the year. Concerns about more restrictive U.S. trade policy helped prevent longer dated Treasury yields from rising further.

The fund’s curve positioning hurt relative returns, but our conviction in our curve steepener position has grown as the U.S. Treasury yield curve has flattened.

On the whole, the U.S. economy appears to be in good shape and is expected to grow at a moderate pace. Higher interest rates in the U.S. are a potential source of tailwinds, as higher income can help offset any potential capital losses from rising rates. The fund’s portfolio managers are optimistic about total return attributes for investing in a spectrum of fixed income securities, including U.S. and emerging market debt.

Largest holdings (by issuer)	Percent of net assets
U.S. Treasury		25.1	%
Fannie Mae		15.7
Ginnie Mae		4.5
Freddie Mac		3.3
Mexican Government		2.4
Teva Pharmaceutical		1.7
Japanese Government		1.5
State of Illinois		1.4
Portuguese Government		1.3
Bank of America		1.1

28 American Funds Insurance Series

Bond Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Expense ratio
Class 1		–1.76	%		–.55	%		2.38	%		3.07	%		4.55	%		.38	%
Class 1A		–1.87			–.79			2.13			2.82			4.29			.63	2
Class 2		–1.92			–.81			2.12			2.81			4.29			.63
Class 4		–1.94			–.98			1.88			2.57			4.04			.88

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 29

Global Bond Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Bond Fund declined by 1.54% for the six months ended June 30, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index,¹ which measures global investment-grade bonds (rated BBB/Baa and above), was down 1.46%.

Bonds generated mixed returns across the board, including developed and emerging markets debt. The U.S. Federal Reserve raised the federal funds target rate in March and June to a range of 1.75% and 2.00%. The Fed also signaled two more rate increases later in the year, for a total of four in 2018. Other factors, including global trade conflicts, helped prevent longer dated Treasury yields from rising further. Outside the U.S., the European Central Bank left interest rates unchanged, despite signs of improving economic growth and higher inflation. The U.S. dollar appreciated against the euro, the yen and most other currencies.

Low exposure to euro-zone denominated debt combined with above-benchmark investments in Mexican and Polish debt contributed notably to relative returns. On the downside, duration positioning hampered results amid rising yields.

The fund’s portfolio managers maintain a cautious approach to investing in global bond markets and believe that our global research can help identify attractive long-term investments around the world. Having the flexibility to diversify and adjust exposure by country, sector and currency continues to serve as a hallmark of the fund’s approach to global investing.

Currency weighting (after hedging) by country			Percent of net assets
United States2				51.8	%
Japan				16.5
Euro zone3				16.0
Mexico				2.6
United Kingdom				2.6
Denmark				1.8
Poland				1.5
Malaysia				1.1
Other				6.1
Total				100.0	%
Non-U.S. government bonds by country
Japan				10.5	%
Euro zone3:
Germany	2.4	%
Spain	2.0
Portugal	1.6
Italy	1.3
Belgium	1.0
Other	1.7			10.0
Poland				3.9
Mexico				3.2
India				2.9
United Kingdom				2.0
Malaysia				1.6
Korea				1.4
Thailand				1.3
Romania				1.2
Other				10.1
Total				48.1	%

Largest holdings (by issuer)	Percent of net assets
U.S. Treasury		19.9	%
Japanese Government		10.5
Polish Government		3.9
Mexican Government		3.4
Indian Government		2.7
German Government		2.3
Spanish Government		2.0
Fannie Mae		1.8
Malaysian Government		1.6
Portuguese Government		1.6

30 American Funds Insurance Series

Global Bond Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since October 4, 2006)			Expense ratio
Class 1		–1.54	%		.36	%		1.76	%		2.98	%		3.88	%		.56	%
Class 1A		–1.55			.25			1.56			2.75			3.64			.81	4
Class 25		–1.59			.20			1.51			2.74			3.62			.81
Class 4		–1.71			–.07			1.31			2.52			3.40			1.06

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from October 4, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Includes U.S. dollar-denominated debt of other countries, totaling 14.7%.
3	Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, France, Germany, Greece, Ireland, Italy, Portugal and Spain.
4	Based on estimated amounts for the current fiscal year.
5	Global Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 31

High-Income Bond Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

High-Income Bond Fund gained 0.48% for the six months ended June 30, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures non-investment-grade bonds and limits the exposure of an issuer to 2%, rose 0.16%.

Rising yields made for mixed results across bond sectors. The 10-year Treasury yield rose 45 basis points, as the Federal Reserve hiked the federal funds target rate in March and June to a range of 1.75% and 2.00%. The Fed also signaled two more rate increases later in the year, for a total of four in 2018. Other factors, including global trade conflicts, helped prevent longer dated Treasury yields from rising further.

Amid rising interest rates, the fund’s significant position in short-duration bonds, which tend to outperform longer duration bonds in a rising rate environment, helped returns relative to the benchmark. The fund’s industry allocation to pharmaceuticals was also additive to results, while allocation to telecommunication services hurt returns.

The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive outlook for the high-yield market. While we are monitoring the Federal Reserve’s tightening monetary policy, the higher yields and relatively short duration of high yield bonds should help mitigate any impact from rising rates.

Largest holdings (by issuer)	Percent of net assets
Valeant Pharmaceuticals International		2.8	%
First Quantum Minerals		2.0
Société Générale		2.0
Intelsat Jackson Holdings		1.8
Tenet Healthcare		1.8
Cheniere Energy Partners		1.8
Charter Communications		1.8
Frontier Communications		1.7
Sprint Nextel		1.4
Chesapeake Energy		1.4

32 American Funds Insurance Series

High-Income Bond Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		.48	%		3.03	%		4.66	%		6.32	%		8.76	%		.49	%
Class 1A		.37			2.72			4.42			6.06			8.49			.74	2
Class 2		.35			2.71			4.39			6.06			8.49			.74
Class 3		.35			2.82			4.46			6.13			8.57			.67
Class 4		.27			2.53			4.20			5.84			8.24			.99

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 33

Mortgage Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Mortgage Fund lost 1.21% for the six months ended June 30, 2018, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index,¹ which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, declined 0.95%.

Rising yields made for mixed results across bond sectors. The 10-year Treasury yield rose 45 basis points, as the Federal Reserve hiked the federal funds target rate in March and June to a range of 1.75% and 2.00%. The Fed also signaled two more rate increases later in the year, for a total of four in 2018. Concerns about more restrictive U.S. trade policy helped prevent longer dated Treasury yields from rising further.

The fund’s investments in asset-backed securities and inflation protected securities were additive to relative returns. Also additive to relative returns were investments in 30-year mortgage-backed securities with coupons of 4.00% that surpassed investments in 30-year mortgage-backed securities with lower coupons and 15-year mortgage backed securities. On the downside, as the yield curve flattened, the fund’s curve positioning hampered relative returns.

The fund’s portfolio managers seek to identify high-quality mortgage-backed securities based on our bottom-up approach to investing. In the current environment, demand for flight-to-safety assets and the fund’s low correlation to equities should help investors navigate macroeconomic and geopolitical uncertainty and remain well diversified.

Breakdown of mortgage-backed obligations			Percent of net assets
30-year pass-throughs:
Freddie Mac	14.5	%
Ginnie Mae	19.9
Fannie Mae	18.4			52.8	%
Other				19.8
Total				72.6	%

34 American Funds Insurance Series

Mortgage Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio
Class 1		–1.21	%		–1.25	%		2.08	%		2.25	%		.47	%
Class 1A		–1.31			–1.51			1.83			2.00			.72	2
Class 2		–1.26			–1.41			1.85			2.01			.72
Class 4		–1.38			–1.65			1.65			1.84			.97

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 35

Ultra-Short Bond Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Ultra-Short Bond Fund gained 0.65% for the six months ended June 30, 2018, while the Bloomberg Barclays Short-Term Government/Corporate Index,¹ which consists of government and corporate sector securities with remaining maturity from one up to (but not including) 12 months, gained 0.82%.

The fund’s returns were higher than in 2017 as the Federal Reserve raised the benchmark federal funds rate twice this year, to the current range of 1.75% and 2.00%. Given an increase in interest rates to reassure investors of persistent U.S. economic strength, the fund’s portfolio managers believe the fund has the potential to provide current income.

36 American Funds Insurance Series

Ultra-Short Bond Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		.65	%		1.05	%		.16	%		.09	%		3.46	%		.35	%
Class 1A		.65			1.06			–.02			–.12			3.21			.60	2
Class 2		.53			.90			–.09			–.16			3.21			.60
Class 3		.63			.99			.00			–.08			3.28			.53
Class 4		.47			.63			–.23			–.33			2.97			.85

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018	Percent of net assets
Commercial paper		84.6	%
Federal agency discount notes		11.2
U.S. Treasury bills		4.1
Other assets less liabilities		.1
Total		100.0	%

American Funds Insurance Series 37

U.S. Government/AAA-Rated Securities Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

U.S. Government/AAA-Rated Securities Fund declined 1.08% for the six months ended June 30, 2018, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, decreased by 1.01%.

Rising yields made for mixed results across bond sectors. The 10-year Treasury yield rose 45 basis points, as the Federal Reserve hiked the federal funds target rate in March and June to a range of 1.75% and 2.00%. The Fed also signaled two more rate increases later in the year, for a total of four in 2018. Concerns about more restrictive U.S. trade policy helped prevent longer dated Treasury yields from rising further.

During the period, the fund’s duration contributed to relative returns. On the downside, yield curve positioning detracted from relative returns as the yield curve flattened.

The fund strives to meet its objective of providing a high level of current income consistent with the preservation of capital. The fund’s portfolio managers have positioned the fund with the expectation that rate hikes over the next two to three years will be at a slower pace than is currently priced into the market. They believe this can lead to a steepening yield curve and higher inflation expectations.

Breakdown of mortgage-backed obligations			Percent of net assets
30-year pass-throughs:
Freddie Mac	3.5	%
Fannie Mae	13.2
Ginnie Mac	6.5			23.2	%
Other				5.3
Total				28.5	%

38 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			10 years			Lifetime (since December 2, 1985)			Expense ratio
Class 1		–1.08	%		–1.12	%		1.75	%		3.15	%		5.74	%		.36	%
Class 1A		–1.25			–1.39			1.52			2.90			5.48			.61	2
Class 2		–1.22			–1.38			1.48			2.89			5.47			.61
Class 3		–1.19			–1.30			1.56			2.96			5.55			.54
Class 4		–1.33			–1.67			1.26			2.67			5.22			.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from July 1, 2010, through December 31, 2010. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2018. See the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Based on estimated amounts for the current fiscal year.

Where the fund’s assets were invested as of June 30, 2018 Percent of net assets

American Funds Insurance Series 39

Managed Risk Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund gained 5.41% for the six months ended June 30, 2018. Standard & Poor’s 500 Managed Risk Index – Moderate Aggressive¹ rose 0.69%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 2.65%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SM and American Funds Insurance Series – Bond Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Growth Fund’s investments in consumer discretionary and health care added to returns, while investments in financials detracted from the fund’s absolute results.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		5.41	%		16.61	%		10.04	%		9.87	%		.78	%		.72	%
Class P2		5.26			16.42			9.70			9.55			1.03			.97

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1

Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC.

2

Source: S&P Dow Jones Indices LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

40 American Funds Insurance Series

Managed Risk International Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund declined 0.50% for the six months ended June 30, 2018, compared to the Standard & Poor’s EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,¹ which fell 2.13%. The MSCI ACWI (All Country World Index) ex USA,² a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.), decreased by 3.77%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund^SM and American Funds Insurance Series – Bond Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying International Fund’s investments in the utilities sector added to returns, while investments in the financials sector hindered the fund’s absolute results.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–.50	%		10.07	%		4.39	%		3.84	%		.95	%		.87	%
Class P2		–.76			9.55			3.96			3.42			1.20			1.12

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1

Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC.

2

Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 41

Managed Risk Blue Chip Income and Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Managed Risk Blue Chip Income and Growth Fund lost 1.80% for the six months ended June 30, 2018, trailing Standard & Poor’s 500 Managed Risk Index – Moderate,¹ which rose 0.49%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 2.65%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth Fund^SM and American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Blue Chip Income and Growth Fund’s investments in the information technology sector were additive to absolute returns, while consumer staples stocks hindered the fund’s results.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–1.80	%		7.63	%		7.84	%		7.61	%		.82	%		.77	%
Class P2		–2.04			7.21			7.43			7.21			1.07			1.02

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1

Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC.

2

Source: S&P Dow Jones Indices LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

42 American Funds Insurance Series

Managed Risk Growth-Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Managed Risk Growth-Income Fund gained 3.47% for the six months ended June 30, 2018, outpacing the Standard & Poor’s 500 Managed Risk Index – Moderate¹, which rose 0.49%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 2.65%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SM and American Funds Insurance Series – Bond Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Growth-Income Fund’s investments in the consumer discretionary sector added the most to the fund’s returns, while investments in the consumer staples sector was a drag on the fund’s absolute results.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		3.47	%		14.40	%		9.27	%		9.07	%		.74	%		.67	%
Class P2		3.39			14.09			8.93			8.74			.99			.92

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1

Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC.

2

Source: S&P Dow Jones Indices LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 43

Managed Risk Asset Allocation Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Managed Risk Asset Allocation Fund marginally declined 0.14% for the six months ended June 30, 2018, trailing the Standard & Poor’s 500 Managed Risk Index – Moderate Conservative¹, which rose 0.28%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 2.65%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The fund’s underlying investments in the information technology sector contributed the most to absolute returns, while investments in the consumer staples sector hindered returns.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2018

	6 months			1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio
Class P1		–.14	%		6.85	%		7.03	%		7.89	%		.69	%		.64	%
Class P2		–.26			6.59			6.76			7.62			.94			.89

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1

Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC.

2

Source: S&P Dow Jones Indices LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

44 American Funds Insurance Series

Global Growth Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 90.66%	Shares		Value (000)
Information technology 31.08%
ASML Holding NV		648,442	$	128,505
ASML Holding NV (New York registered)		517,300		102,410
Alphabet Inc., Class A1		130,000		146,795
Alphabet Inc., Class C1		71,052		79,269
Taiwan Semiconductor Manufacturing Co., Ltd.		26,955,000		191,408
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		335,000		12,248
Facebook, Inc., Class A1		898,500		174,597
Microsoft Corp.		1,583,100		156,109
Visa Inc., Class A		998,800		132,291
Alibaba Group Holding Ltd. (ADR)1		671,050		124,500
Nintendo Co., Ltd.		345,600		112,999
Broadcom Inc.		373,700		90,675
Tencent Holdings Ltd.		1,800,000		90,349
Just Eat PLC1		5,292,000		54,406
AAC Technologies Holdings Inc.		3,806,540		53,613
Temenos AG		335,000		50,742
Largan Precision Co., Ltd.		255,000		37,554
PagSeguro Digital Ltd., Class A1		1,340,900		37,210
Other securities				174,554
				1,950,234
Consumer discretionary 17.89%
Amazon.com, Inc.1		262,400		446,028
Booking Holdings Inc.1		39,000		79,057
NIKE, Inc., Class B		790,500		62,987
Home Depot, Inc.		236,800		46,200
Naspers Ltd., Class N		177,000		44,968
Moncler SpA		915,000		41,673
Ctrip.com International, Ltd. (ADR)1		797,000		37,961
Other securities				363,831
				1,122,705
Financials 9.70%
AIA Group Ltd.		15,004,900		131,199
JPMorgan Chase & Co.		853,600		88,945
Kotak Mahindra Bank Ltd.		3,471,000		68,034
MarketAxess Holdings Inc.		211,000		41,749
Prudential PLC		1,793,884		41,064
Société Générale		923,000		38,928
Other securities				198,602
				608,521
Health care 9.69%
UnitedHealth Group Inc.		324,200		79,539
Sartorius AG, non-registered shares, nonvoting preferred		381,500		57,071
Express Scripts Holding Co.1		729,300		56,309
Boston Scientific Corp.1		1,638,200		53,569
Merck & Co., Inc.		820,000		49,774
AstraZeneca PLC		652,300		45,222
Mettler-Toledo International Inc.1		65,000		37,611
Other securities				229,184
				608,279
Consumer staples 6.29%
British American Tobacco PLC		1,710,800		86,475
Nestlé SA		739,650		57,436
Philip Morris International Inc.		602,200		48,621
Other securities				201,821
				394,353

American Funds Insurance Series 45

Global Growth Fund

Common stocks (continued)		Shares		Value (000)
Industrials 5.80%
Airbus SE, non-registered shares		1,177,500	$	137,866
Other securities				226,199
				364,065
Energy 2.07%
Royal Dutch Shell PLC, Class B		1,042,000		37,315
Other securities				92,740
				130,055
Materials 2.07%
Sherwin-Williams Co.		155,500		63,377
Other securities				66,655
				130,032
Telecommunication services 1.09%
SoftBank Group Corp.		776,000		55,883
Other securities				12,216
				68,099
Miscellaneous 4.98%
Other common stocks in initial period of acquisition				312,437
Total common stocks (cost: $3,548,106,000)				5,688,780
Bonds, notes & other debt instruments 0.02%	Principal amount (000)
U.S. Treasury bonds & notes 0.02%
U.S. Treasury 0.02%
Other securities				1,000
Total bonds, notes & other debt instruments (cost: $1,000,000)				1,000
Short-term securities 9.03%
Mizuho Bank, Ltd. 1.90%–2.04% due 7/2/2018–7/20/20182	$	134,100		133,977
National Australia Bank Ltd. 2.08% due 8/21/20182		76,100		75,862
Nordea Bank AB 2.22% due 9/17/20182		50,000		49,763
Sumitomo Mitsui Banking Corp. 2.00%–2.10% due 7/23/2018–8/21/20182		134,700		134,348
Swedbank AB 1.85%–2.23% due 7/2/2018–9/27/2018		133,800		133,274
Other securities				39,700
Total short-term securities (cost: $566,959,000)				566,924
Total investment securities 99.71% (cost: $4,116,065,000)				6,256,704
Other assets less liabilities 0.29%				18,151
Net assets 100.00%			$	6,274,855

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $9,961,000, which represented .16% of the net assets of the fund.

46 American Funds Insurance Series

Global Growth Fund

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2018 (000)
USD5,295	JPY581,294	Bank of America, N.A.	7/25/2018		$	35
JPY581,294	USD5,263	Goldman Sachs	7/25/2018			(3	)
					$	32

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Security did not produce income during the last 12 months.
2	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $325,640,000, which represented 5.19% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts

JPY = Japanese yen

USD/$ = U.S. dollars

See Notes to Financial Statements

American Funds Insurance Series 47

Global Small Capitalization Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 91.02%	Shares		Value (000)
Health care 21.61%
GW Pharmaceuticals PLC (ADR)1		746,460	$	104,161
Insulet Corp.1		879,755		75,395
Integra LifeSciences Holdings Corp.1		1,025,423		66,047
iRhythm Technologies, Inc.1		807,980		65,551
China Biologic Products Holdings, Inc.1		524,000		52,049
Madrigal Pharmaceuticals, Inc.1		177,800		49,729
WuXi Biologics (Cayman) Inc.1		3,729,800		41,526
Molina Healthcare, Inc.1		420,000		41,135
NuCana PLC (ADR)1,2		2,067,724		39,287
Evolent Health, Inc., Class A1		1,436,000		30,228
CONMED Corp.		399,000		29,207
athenahealth, Inc.1		176,000		28,009
Illumina, Inc.1		100,200		27,985
CryoLife, Inc.1		898,000		25,009
Other securities				253,085
				928,403
Consumer discretionary 18.00%
Melco International Development Ltd.		17,379,000		53,495
GVC Holdings PLC		3,573,748		49,570
Five Below, Inc.1		457,000		44,653
Seria Co., Ltd.		789,526		37,938
Entertainment One Ltd.		7,563,697		36,714
Hilton Grand Vacations Inc.1		1,033,100		35,849
Cedar Fair, LP		531,000		33,458
Domino’s Pizza, Inc.		100,000		28,217
Caesars Entertainment Corp.1		2,375,836		25,421
Other securities				427,777
				773,092
Information technology 13.53%
Qorvo, Inc.1		600,900		48,174
Paycom Software, Inc.1		428,885		42,387
Mellanox Technologies, Ltd.1		423,200		35,676
Hamamatsu Photonics KK		735,753		31,632
Topcon Corp.		1,707,510		29,303
VTech Holdings Ltd.		2,189,000		25,264
Other securities				368,856
				581,292
Financials 10.13%
Kotak Mahindra Bank Ltd.		3,282,732		64,344
Texas Capital Bancshares, Inc.1		514,201		47,049
Trupanion, Inc.1		1,063,800		41,063
Essent Group Ltd.1		1,018,841		36,495
Webster Financial Corp.		553,000		35,226
Cannae Holdings, Inc.1		1,625,000		30,144
Avanza Bank Holding AB		560,129		28,767
Other securities				152,227
				435,315
Industrials 9.33%
International Container Terminal Services, Inc.		20,180,000		29,230
Advanced Disposal Services, Inc.1		1,159,501		28,732
Other securities				342,880
				400,842

48 American Funds Insurance Series

Global Small Capitalization Fund

Common stocks		Shares		Value (000)
Energy 3.17%
SM Energy Co.		1,111,000	$	28,542
Whitecap Resources Inc.		3,674,880		24,906
Other securities				82,809
				136,257
Real estate 2.85%
WHA Corp. PCL		372,370,250		41,137
MGM Growth Properties LLC REIT, Class A		1,323,600		40,317
Other securities				40,722
				122,176
Materials 2.82%
Lundin Mining Corp.		6,820,000		37,922
Other securities				83,173
				121,095
Consumer staples 2.75%
Varun Beverages Ltd.		2,504,974		27,552
Other securities				90,445
				117,997
Utilities 1.65%
ENN Energy Holdings Ltd.		4,991,400		49,083
Other securities				21,888
				70,971
Telecommunication services 0.42%
Other securities				18,116
Miscellaneous 4.76%
Other common stocks in initial period of acquisition				204,413
Total common stocks (cost: $2,970,217,000)				3,909,969
Convertible bonds 0.18%	Principal amount (000)
Consumer discretionary 0.18%
Other securities				7,655
Total convertible bonds (cost: $8,455,000)				7,655
Bonds, notes & other debt instruments 0.09%
U.S. Treasury bonds & notes 0.09%
U.S. Treasury 0.09%
Other securities				4,123
Total bonds, notes & other debt instruments (cost: $4,124,000)				4,123
Short-term securities 8.66%
Australia & New Zealand Banking Group, Ltd. 1.95% due 7/13/20183	$	40,000		39,970
BNP Paribas, New York Branch 2.22% due 9/4/2018		38,600		38,447
Federal Home Loan Bank 1.79%–1.90% due 7/13/2018–8/13/2018		86,200		86,073
Province of Ontario 1.91% due 7/5/2018		37,600		37,588

American Funds Insurance Series 49

Global Small Capitalization Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
Sumitomo Mitsui Banking Corp. 2.24% due 8/28/20183	$	50,000	$	49,825
Swedbank AB 1.85%–2.21% due 7/2/2018–7/23/2018		91,400		91,366
Other securities				28,601
Total short-term securities (cost: $371,865,000)				371,870
Total investment securities 99.95% (cost: $3,354,661,000)				4,293,617
Other assets less liabilities 0.05%				2,254
Net assets 100.00%			$	4,295,871

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. One security in “Other securities” (with a value of $13,979,000, an aggregate cost of $8,280,000, and which represented .33% of the net assets of the fund) was acquired on 5/1/2015 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale. This was the only security valued under the fair value procedures adopted by authority of the board of trustees.

Forward currency contracts

				Unrealized
				appreciation
Contract amount				(depreciation)
Purchases	Sales			at 6/30/2018
(000)	(000)	Counterparty	Settlement date	(000)
USD16,095	JPY1,765,175	JPMorgan Chase	7/10/2018		$	140
JPY1,765,175	USD15,959	Bank of America, N.A.	7/10/2018			(4	)
USD9,832	INR663,163	Citibank	7/17/2018			173
INR663,163	USD9,666	JPMorgan Chase	7/17/2018			(8	)
GBP26,030	USD34,286	JPMorgan Chase	7/23/2018			106
USD34,329	GBP26,030	Bank of New York Mellon	7/23/2018			(62	)
USD10,502	GBP7,908	Citibank	7/25/2018			53
GBP7,908	USD10,419	Citibank	7/25/2018			30
					$	428

50 American Funds Insurance Series

Global Small Capitalization Fund

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on such holdings and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2018 (000)
Common stocks 0.91%
Health care 0.91%
NuCana PLC (ADR)1		416,620		1,651,104		—		2,067,724	$	—	$	(4,030	)	$	—	$	39,287
Consumer discretionary 0.00%
Hostelworld Group PLC4		6,212,000		—		3,389,000		2,823,000		3,739		(6,203	)		401		—
Total 0.91%									$	3,739	$	(10,233	)	$	401	$	39,287

1	Security did not produce income during the last 12 months.
2	Represents an affiliated company as defined under the Investment Company Act of 1940.
3	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $109,346,000, which represented 2.55% of the net assets of the fund.
4	Unaffiliated issuer at 6/30/2018.

Key to abbreviations and symbol

ADR = American Depositary Receipts

GBP = British pounds

INR = Indian rupees

JPY = Japanese yen

USD/$ = U.S. dollars

See Notes to Financial Statements

American Funds Insurance Series 51

Growth Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 96.07%	Shares		Value (000)
Information technology 33.31%
Facebook, Inc., Class A1		7,340,500	$	1,426,406
Alphabet Inc., Class C1		713,000		795,458
Alphabet Inc., Class A1		396,500		447,724
Microsoft Corp.		11,254,000		1,109,757
Broadcom Inc.		3,248,100		788,119
ASML Holding NV (New York registered)		2,382,000		471,565
ASML Holding NV		1,199,568		237,725
ServiceNow, Inc.1		3,093,000		533,450
Visa Inc., Class A		2,955,000		391,390
Taiwan Semiconductor Manufacturing Co., Ltd.		36,360,000		258,194
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		2,975,392		108,780
Intel Corp.		4,790,000		238,111
Activision Blizzard, Inc.		2,996,300		228,678
Samsung Electronics Co., Ltd.		4,450,000		186,265
Alibaba Group Holding Ltd. (ADR)1		875,000		162,339
Intuit Inc.		650,000		132,798
Other securities				1,074,499
				8,591,258
Consumer discretionary 21.43%
Amazon.com, Inc.1		1,147,916		1,951,229
Netflix, Inc.1		2,110,000		825,917
Tesla, Inc.1		1,813,000		621,768
Home Depot, Inc.		2,292,000		447,169
NIKE, Inc., Class B		4,505,000		358,958
Booking Holdings Inc.1		151,531		307,167
Charter Communications, Inc., Class A1		973,680		285,493
Comcast Corp., Class A		8,685,000		284,955
Ulta Beauty, Inc.1		700,000		163,422
Other securities				281,844
				5,527,922
Health care 13.87%
UnitedHealth Group Inc.		3,137,600		769,779
Intuitive Surgical, Inc.1		940,500		450,010
Regeneron Pharmaceuticals, Inc.1		1,194,000		411,918
Humana Inc.		993,200		295,606
Vertex Pharmaceuticals Inc.1		1,559,200		265,002
Centene Corp.1		1,808,400		222,813
Boston Scientific Corp.1		5,997,000		196,102
Aetna Inc.		1,030,000		189,005
Thermo Fisher Scientific Inc.		795,000		164,676
Illumina, Inc.1		550,000		153,609
Other securities				459,512
				3,578,032
Financials 9.93%
Wells Fargo & Co.		9,990,454		553,871
BlackRock, Inc.		539,000		268,983
Goldman Sachs Group, Inc.		922,400		203,454
JPMorgan Chase & Co.		1,947,000		202,877
PNC Financial Services Group, Inc.		1,083,600		146,394
Legal & General Group PLC		40,158,246		140,977
Other securities				1,043,388
				2,559,944

52 American Funds Insurance Series

Growth Fund

Common stocks	Shares		Value (000)
Energy 7.13%
EOG Resources, Inc.	2,402,400	$	298,931
Concho Resources Inc.1	1,870,000		258,714
Noble Energy, Inc.	5,663,000		199,791
Suncor Energy Inc.	4,588,116		186,714
Pioneer Natural Resources Co.	810,000		153,284
Other securities			740,517
			1,837,951
Industrials 4.15%
TransDigm Group Inc.	524,000		180,853
MTU Aero Engines AG	872,162		167,647
Other securities			722,526
			1,071,026
Consumer staples 1.47%
Kerry Group PLC, Class A	1,300,000		136,025
Other securities			244,196
			380,221
Real estate 1.04%
Equinix, Inc. REIT	399,000		171,526
Other securities			97,412
			268,938
Other 1.98%
Other securities			508,337
Miscellaneous 1.76%
Other common stocks in initial period of acquisition			454,883
Total common stocks (cost: $14,033,329,000)			24,778,512
Convertible stocks 0.05%
Consumer discretionary 0.05%
Other securities			11,351
Total convertible stocks (cost: $10,650,000)			11,351

Short-term securities 3.89%	Principal amount (000)
Federal Home Loan Bank 1.80%–1.90% due 7/6/2018–9/10/2018		$	345,300		344,813
Pfizer Inc. 2.00%–2.11% due 8/16/2018–9/24/20182			134,900		134,368
Other securities					524,997
Total short-term securities (cost: $1,004,230,000)					1,004,178
Total investment securities 100.01% (cost: $15,048,209,000)					25,794,041
Other assets less liabilities (0.01)%					(1,717	)
Net assets 100.00%				$	25,792,324

American Funds Insurance Series 53

Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. One security in “Other securities” (with a value of $11,351,000, an aggregate cost of $10,650,000, and which represented .04% of the net assets of the fund) was acquired on 5/22/2015 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale. This was the only security valued under the fair value procedures adopted by authority of the board of trustees.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Security did not produce income during the last 12 months.
2	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $500,272,000, which represented 1.94% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements

54 American Funds Insurance Series

International Fund

Summary investment portfolio June 30, 2018 unaudited

Common stocks 91.37%	Shares		Value (000)
Financials 15.44%
AIA Group Ltd.		37,525,700	$	328,116
HDFC Bank Ltd.1		7,804,100		240,177
HDFC Bank Ltd. (ADR)		130,800		13,737
Kotak Mahindra Bank Ltd.		6,186,048		121,252
Prudential PLC		5,142,265		117,712
Credit Suisse Group AG		5,523,789		83,390
Sberbank of Russia PJSC (ADR)		4,739,150		68,410
Axis Bank Ltd.1,2,3		8,530,055		58,662
Axis Bank Ltd.		736,300		5,489
Barclays PLC		24,242,926		60,470
Other securities				421,283
				1,518,698
Industrials 13.19%
Airbus SE, non-registered shares		2,926,849		342,686
Rolls-Royce Holdings PLC4		10,539,900		137,459
Ryanair Holdings PLC (ADR)4		991,700		113,282
Yamato Holdings Co., Ltd.		3,294,395		97,122
Melrose Industries PLC		30,195,733		84,763
SMC Corp.		206,100		75,634
Safran SA		549,000		66,709
Other securities				379,506
				1,297,161
Information technology 12.12%
Samsung Electronics Co., Ltd.		5,920,950		247,835
Tencent Holdings Ltd.		4,549,687		228,366
Alibaba Group Holding Ltd. (ADR)4		1,120,300		207,849
ASML Holding NV		583,834		115,702
Other securities				392,152
				1,191,904
Health care 10.80%
Novartis AG		2,547,000		193,616
Teva Pharmaceutical Industries Ltd. (ADR)		6,910,598		168,066
Grifols, SA, Class B, preferred nonvoting, non-registered shares		3,304,730		71,242
Grifols, SA, Class A, non-registered shares		881,000		26,523
Grifols, SA, Class B (ADR)		793,690		17,065
Fresenius SE & Co. KGaA		1,193,000		95,851
Daiichi Sankyo Co., Ltd.		2,362,000		90,392
Shire PLC		1,572,150		88,492
Chugai Pharmaceutical Co., Ltd.		1,254,500		65,833
Hikma Pharmaceuticals PLC		3,044,380		60,307
Other securities				184,569
				1,061,956
Consumer Discretionary 10.61%
Galaxy Entertainment Group Ltd.		15,379,000		119,083
Kering SA		160,638		90,720
Industria de Diseño Textil, SA		2,266,027		77,430
Techtronic Industries Co. Ltd.		12,184,500		67,945
Naspers Ltd., Class N		256,700		65,216
Altice USA, Inc., Class A		3,588,171		61,214
Other securities				562,620
				1,044,228

American Funds Insurance Series 55

International Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples 8.06%
Pernod Ricard SA		657,337	$	107,393
Associated British Foods PLC		2,671,488		96,534
Nestlé SA		1,236,700		96,034
British American Tobacco PLC		1,652,200		83,513
AMOREPACIFIC Corp.		250,474		72,479
Other securities				336,769
				792,722
Materials 7.56%
Asahi Kasei Corp.		10,521,900		133,811
Glencore PLC		27,556,500		131,651
Vale SA, ordinary nominative (ADR)		9,574,966		122,751
Vale SA, ordinary nominative		102,481		1,311
First Quantum Minerals Ltd.		5,407,000		79,666
Teck Resources Ltd., Class B		2,769,100		70,541
Other securities				203,642
				743,373
Energy 4.66%
Royal Dutch Shell PLC, Class B		2,675,000		95,796
Royal Dutch Shell PLC, Class A		1,440,256		49,971
Other securities				312,678
				458,445
Utilities 4.45%
ENN Energy Holdings Ltd.		10,716,000		105,376
China Gas Holdings Ltd.		22,790,000		91,647
Ørsted AS		1,469,901		88,932
Other securities				151,770
				437,725
Telecommunication services 1.56%
SoftBank Group Corp.		911,900		65,669
Other securities				87,669
				153,338
Real estate 1.47%
Other securities				145,135
Miscellaneous 1.45%
Other common stocks in initial period of acquisition				142,545
Total common stocks (cost: $7,100,559,000)				8,987,230
Rights & warrants 0.12%
Miscellaneous 0.12%
Other rights & warrants in initial period of acquisition				12,024
Total rights & warrants (cost: $13,714,000)				12,024
Bonds, notes & other debt instruments 0.64%	Principal amount (000)
Corporate bonds & notes 0.37%
Materials 0.37%
First Quantum Minerals Ltd. 7.00%–7.25% 2021–20223	$	29,445		29,875
Vale SA 6.88% 2036–2039		5,640		6,406
				36,281

56 American Funds Insurance Series

International Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 0.22%
Other securities			$	21,461
U.S. Treasury bonds & notes 0.05%
U.S. Treasury 0.05%
Other securities				4,998
Total bonds, notes & other debt instruments (cost: $55,941,000)				62,740
Short-term securities 8.00%
Federal Home Loan Bank 1.83%–1.91% due 7/20/2018–9/7/2018	$	227,500		227,067
Wal-Mart Stores, Inc. 1.86% due 7/2/20183		65,000		64,989
Other securities				495,437
Total short-term securities (cost: $787,483,000)				787,493
Total investment securities 100.13% (cost: $7,957,697,000)				9,849,487
Other assets less liabilities (0.13)%				(12,887	)
Net assets 100.00%			$	9,836,600

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount				Unrealized appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2018 (000)
USD 41,805	INR2,825,000	Bank of America, N.A.	7/17/2018		$	662

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous” and “Other securities,” was $346,890,000, which represented 3.53% of the net assets of the fund.
2	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on this holding appear below.
3	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $573,433,000, which represented 5.83% of the net assets of the fund.
4	Security did not produce income during the last 12 months.

Private placement security	Acquisition dates	Cost (000)		Value (000)		Percent of net assets
Axis Bank Ltd.	1/15/2013-12/18/2017	$	60,701	$	58,662		.60	%

Key to abbreviations and symbol

ADR = American Depositary Receipts

INR = Indian rupees

USD/$ = U.S. dollars

See Notes to Financial Statements

American Funds Insurance Series 57

New World Fund

Summary investment portfolio June 30, 2018 unaudited

Common stocks 83.44%	Shares		Value (000)
Information technology 19.84%
Taiwan Semiconductor Manufacturing Co., Ltd.		9,770,000	$	69,377
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		500,000		18,280
PagSeguro Digital Ltd., Class A1		2,417,416		67,083
Alphabet Inc., Class C1		42,900		47,862
Alphabet Inc., Class A1		16,900		19,083
Alibaba Group Holding Ltd. (ADR)1		332,237		61,640
Samsung Electronics Co., Ltd.		600,000		25,114
Samsung Electronics Co., Ltd., nonvoting preferred		362,500		12,246
Broadcom Inc.		146,450		35,535
Murata Manufacturing Co., Ltd.		181,300		30,491
Baidu, Inc., Class A (ADR)1		122,800		29,840
Renesas Electronics Corp.1		3,011,800		29,543
TravelSky Technology Ltd., Class H1		8,784,956		25,586
Mastercard Inc., Class A		116,500		22,895
Temenos AG		141,500		21,433
Other securities				158,557
				674,565
Financials 12.07%
HDFC Bank Ltd.2		2,600,450		80,031
AIA Group Ltd.		6,361,600		55,624
B3 SA - Brasil, Bolsa, Balcao		7,898,000		41,673
Grupo Financiero Galicia SA, Class B (ADR)		1,004,234		33,120
Shriram Transport Finance Co. Ltd.		1,253,000		23,764
Capitec Bank Holdings Ltd.		326,876		20,684
Other securities				155,486
				410,382
Materials 10.23%
First Quantum Minerals Ltd.		5,680,283		83,693
Vale SA, ordinary nominative		4,093,786		52,380
Randgold Resources Ltd.		529,600		40,678
China Hongqiao Group Ltd.		27,221,000		25,675
Aluminum Corp. of China Ltd., Class H1		57,800,000		25,490
Other securities				119,838
				347,754
Consumer discretionary 9.63%
Sony Corp.		700,000		35,811
Maruti Suzuki India Ltd.		260,500		33,556
MakeMyTrip Ltd., non-registered shares1		871,500		31,505
General Motors Co.		542,000		21,355
Other securities				205,323
				327,550
Energy 9.01%
Reliance Industries Ltd.		13,230,790		187,788
Royal Dutch Shell PLC, Class B		1,050,000		37,602
Royal Dutch Shell PLC, Class A		21,628		750
LUKOIL Oil Co. PJSC (ADR)		303,000		20,719
Other securities				59,622
				306,481
Health care 6.96%
Yunnan Baiyao Group Co., Ltd., Class A		2,417,912		39,035
CSL Ltd.		209,500		29,864
Jiangsu Hengrui Medicine Co., Ltd., Class A		2,360,410		26,991
Other securities				140,763
				236,653

58 American Funds Insurance Series

New World Fund

Common stocks	Shares		Value (000)
Consumer staples 6.89%
British American Tobacco PLC		1,557,000	$	78,701
CP ALL PCL, foreign registered		13,410,800		29,752
Foshan Haitian Flavouring and Food Co. Ltd., Class A		2,250,000		25,009
Lenta Ltd. (GDR)1		4,040,000		22,260
Lenta Ltd. (GDR)1,3		244,500		1,347
Nestlé SA		286,196		22,224
Other securities				54,787
				234,080
Industrials 5.75%
Airbus SE, non-registered shares		594,229		69,574
Eicher Motors Ltd.		118,200		49,323
Other securities				76,738
				195,635
Real estate 1.12%
American Tower Corp. REIT		236,800		34,140
Other securities				3,794
				37,934
Utilities 1.06%
Other securities				36,168
Telecommunication services 0.88%
China Unicom (Hong Kong) Ltd.		19,034,000		23,776
Other securities				6,121
				29,897
Miscellaneous 0.00%
Other common stocks in initial period of acquisition				67
Total common stocks (cost: $2,329,478,000)				2,837,166
Preferred securities 0.04%
Information technology 0.04%
Other securities				1,340
Total preferred securities (cost: $1,340,000)				1,340
Rights & warrants 1.13%
Consumer staples 1.13%
Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 20181,2,3		2,330,000		25,898
Other securities				12,561
				38,459
Total rights & warrants (cost: $21,028,000)				38,459
Bonds, notes & other debt instruments 2.79%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 2.29%
Other securities				77,892
Corporate bonds & notes 0.47%
Materials 0.01%
Vale SA 6.25% 2026	$	405		440

American Funds Insurance Series 59

New World Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Other 0.46%
Other securities			$	15,659
U.S. Treasury bonds & notes 0.03%
U.S. Treasury 0.03%
Other securities				1,000
Total bonds, notes & other debt instruments (cost: $100,554,000)				94,991
Short-term securities 12.06%
Australia & New Zealand Banking Group, Ltd. 1.95% due 7/13/20183	$	40,000		39,970
BASF SE 2.04% due 8/6/20183		21,500		21,455
CPPIB Capital Inc. 1.95% due 7/16/2018–7/23/2018		80,000		79,910
Federal Home Loan Bank 1.77%–1.90% due 7/11/2018–8/13/2018		55,000		54,935
Mizuho Bank, Ltd. 1.92% due 7/6/20183		68,000		67,974
Swedbank AB 1.85%–1.89% due 7/2/2018–7/5/2018		71,600		71,581
Wal-Mart Stores, Inc. 1.93% due 7/2/20183		25,000		24,996
Other securities				49,196
Total short-term securities (cost: $410,064,000)				410,017
Total investment securities 99.46% (cost: $2,862,464,000)				3,381,973
Other assets less liabilities 0.54%				18,251
Net assets 100.00%			$	3,400,224

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2018 (000)
USD841	BRL3,000	JPMorgan Chase	7/9/2018		$	68
USD113	MXN2,100	JPMorgan Chase	7/9/2018			7
USD1,766	BRL6,300	JPMorgan Chase	7/12/2018			143
USD4,296	INR289,525	JPMorgan Chase	7/12/2018			77
USD1,258	ZAR16,605	Goldman Sachs	7/12/2018			50
USD1,389	JPY153,000	Goldman Sachs	7/18/2018			5
JPY153,000	USD1,385	Goldman Sachs	7/18/2018			(1	)
USD1,637	INR112,350	Citibank	7/24/2018			2
USD574	JPY63,000	Citibank	7/25/2018			4
USD1,798	INR120,000	Citibank	9/24/2018			66
USD968	EUR805	Bank of America, N.A.	12/13/2018			15
USD406	EUR320	Citibank	3/6/2019			24
USD531	EUR415	Goldman Sachs	3/8/2019			36
USD323	EUR255	Goldman Sachs	3/8/2019			19
USD1,396	EUR1,100	JPMorgan Chase	3/15/2019			84
					$	599

60 American Funds Insurance Series

New World Fund

1	Security did not produce income during the last 12 months.
2	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $156,809,000, which represented 4.61% of the net assets of the fund.
3	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $293,875,000, which represented 8.64% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts

BRL = Brazilian reais

EUR = Euros

GDR = Global Depositary Receipts

INR = Indian rupees

JPY = Japanese yen

MXN = Mexican pesos

USD/$ = U.S. dollars

ZAR = South African rand

See Notes to Financial Statements

American Funds Insurance Series 61

Blue Chip Income and Growth Fund

Summary investment portfolio June 30, 2018 unaudited

Common stocks 96.18%	Shares		Value (000)
Health care 21.70%
AbbVie Inc.		6,711,500	$	621,820
Amgen Inc.		1,616,800		298,445
Abbott Laboratories		4,365,000		266,221
Teva Pharmaceutical Industries Ltd. (ADR)		10,833,800		263,478
Gilead Sciences, Inc.		3,369,312		238,682
Medtronic PLC		900,000		77,049
Bristol-Myers Squibb Co.		1,125,000		62,258
Other securities				146,050
				1,974,003
Information technology 15.45%
Intel Corp.		5,628,200		279,778
Microsoft Corp.		2,805,000		276,601
Alphabet Inc., Class A1		179,550		202,746
Alphabet Inc., Class C1		17,500		19,524
QUALCOMM Inc.		3,923,876		220,208
Facebook, Inc., Class A1		714,000		138,744
Apple Inc.		624,180		115,542
Texas Instruments Inc.		780,000		85,995
Other securities				66,794
				1,405,932
Industrials 10.97%
CSX Corp.		3,919,000		249,954
General Electric Co.		16,487,000		224,388
General Dynamics Corp.		1,011,000		188,460
Union Pacific Corp.		750,000		106,260
Illinois Tool Works Inc.		650,000		90,051
United Technologies Corp.		500,000		62,515
Other securities				75,929
				997,557
Consumer staples 10.46%
Altria Group, Inc.		4,155,000		235,963
British American Tobacco PLC (ADR)		3,075,912		155,180
Costco Wholesale Corp.		606,255		126,695
Philip Morris International Inc.		1,365,000		110,210
Kellogg Co.		792,000		55,337
Coca-Cola Co.		1,250,000		54,825
Kimberly-Clark Corp.		500,000		52,670
Other securities				160,342
				951,222
Consumer discretionary 10.31%
Twenty-First Century Fox, Inc., Class A		3,955,900		196,569
Lowe’s Companies, Inc.		1,739,000		166,196
CBS Corp., Class B		2,023,400		113,755
Marriott International, Inc., Class A		626,500		79,315
McDonald’s Corp.		500,000		78,345
Viacom Inc., Class B		2,112,850		63,724
Omnicom Group Inc.		750,000		57,202
Other securities				182,748
				937,854
Financials 9.53%
Wells Fargo & Co.		6,847,300		379,614
JPMorgan Chase & Co.		1,763,200		183,725
Charles Schwab Corp.		2,175,000		111,143
Other securities				192,436
				866,918

62 American Funds Insurance Series

Blue Chip Income and Growth Fund

Common stocks	Shares		Value (000)
Energy 9.33%
EOG Resources, Inc.		2,160,500	$	268,831
Exxon Mobil Corp.		2,535,000		209,721
Halliburton Co.		2,846,700		128,272
Canadian Natural Resources, Ltd.		2,944,000		106,190
Royal Dutch Shell PLC, Class B (ADR)		1,347,000		97,860
Other securities				37,737
				848,611
Telecommunication services 3.25%
Verizon Communications Inc.		3,306,480		166,349
CenturyLink, Inc.		3,476,800		64,808
AT&T Inc.		2,000,000		64,220
				295,377
Materials 2.41%
Freeport-McMoRan Inc.		6,536,000		112,811
Praxair, Inc.		552,000		87,299
Other securities				19,474
				219,584
Utilities 1.66%
Edison International		832,300		52,660
Other securities				98,086
				150,746
Real estate 0.82%
Other securities				74,396
Miscellaneous 0.29%
Other common stocks in initial period of acquisition				26,164
Total common stocks (cost: $7,063,606,000)				8,748,364
Short-term securities 3.79%	Principal amount (000)
Federal Home Loan Bank 1.78%–1.90% due 7/16/2018–8/17/2018	$	124,100		123,925
U.S. Treasury Bills 1.60%–1.99% due 7/19/2018–11/15/2018		59,500		59,119
Other securities				161,576
Total short-term securities (cost: $344,620,000)				344,620
Total investment securities 99.97% (cost: $7,408,226,000)				9,092,984
Other assets less liabilities 0.03%				2,890
Net assets 100.00%			$	9,095,874

American Funds Insurance Series 63

Blue Chip Income and Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities (with an aggregate value of $126,191,000, which represented 1.39% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

¹ Security did not produce income during the last 12 months.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements

64 American Funds Insurance Series

Global Growth and Income Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 91.19%	Shares		Value (000)
Information technology 23.49%
Nintendo Co., Ltd.		249,000	$	81,415
Microsoft Corp.		641,000		63,209
Taiwan Semiconductor Manufacturing Co., Ltd.		7,406,800		52,596
United Microelectronics Corp.1		54,200,000		30,569
Alphabet Inc., Class A2		16,800		18,970
Alphabet Inc., Class C2		9,000		10,041
Alibaba Group Holding Ltd. (ADR)2		154,500		28,664
Murata Manufacturing Co., Ltd.		170,000		28,591
Broadcom Inc.		117,500		28,510
PagSeguro Digital Ltd., Class A2		998,752		27,715
Facebook, Inc., Class A2		120,000		23,319
AAC Technologies Holdings Inc.		1,503,500		21,176
TE Connectivity Ltd.		200,000		18,012
Temenos AG		101,000		15,298
Other securities				29,975
				478,060
Industrials  10.10%
Airbus SE, non-registered shares		503,000		58,893
Boeing Co.		87,000		29,189
Grupo Aeroportuario del Pacífico SAB de CV		2,930,000		27,130
Deutsche Post AG		523,000		17,083
Ryanair Holdings PLC (ADR)2		141,375		16,149
Lockheed Martin Corp.		51,800		15,303
Other securities				41,812
				205,559
Financials 9.51%
Société Générale		497,000		20,961
Prudential PLC		765,000		17,512
AIA Group Ltd.		1,860,000		16,263
Other securities				138,790
				193,526
Health care  8.61%
UnitedHealth Group Inc.		203,300		49,878
Merck & Co., Inc.		437,000		26,526
Centene Corp.2		212,000		26,120
Hologic, Inc.2		400,000		15,900
Other securities				56,769
				175,193
Consumer discretionary 8.10%
Home Depot, Inc.		122,000		23,802
Amazon.com, Inc.2		14,000		23,797
Las Vegas Sands Corp.		250,000		19,090
Vivendi SA		715,200		17,539
Nitori Holdings Co., Ltd.		105,000		16,388
Other securities				64,286
				164,902
Materials 8.06%
Century Aluminum Co.2		2,275,000		35,831
Randgold Resources Ltd.		271,100		20,823
Vale SA, ordinary nominative		1,075,000		13,755
Vale SA, ordinary nominative (ADR)		505,000		6,474
BHP Billiton PLC		800,000		18,012
DowDuPont Inc.		232,044		15,296
Other securities				53,905
				164,096

American Funds Insurance Series 65

Global Growth and Income Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples 6.97%
British American Tobacco PLC		1,335,000	$	67,479
Nestlé SA		258,700		20,089
Other securities				54,236
				141,804
Energy 5.89%
Reliance Industries Ltd.		2,915,148		41,375
BP PLC		3,730,000		28,468
Royal Dutch Shell PLC, Class B		325,000		11,639
Royal Dutch Shell PLC, Class B (ADR)		150,000		10,897
Coal India Ltd.		4,310,000		16,629
Other securities				10,861
				119,869
Real estate 2.99%
MGM Growth Properties LLC REIT, Class A		676,200		20,597
Gaming and Leisure Properties, Inc. REIT		425,000		15,215
Other securities				24,992
				60,804
Telecommunication services 1.63%
Verizon Communications Inc.		435,000		21,885
Other securities				11,328
				33,213
Utilities 1.46%
Ørsted AS		491,552		29,740
				29,740
Miscellaneous 4.38%
Other common stocks in initial period of acquisition				89,264
Total common stocks (cost: $1,429,021,000)				1,856,030
Rights & warrants 0.01%
Miscellaneous 0.01%
Other rights & warrants in initial period of acquisition				154
Total rights & warrants (cost: $163,000)				154
Bonds, notes & other debt instruments 2.03%	Principal amount (000)
Corporate bonds & notes 1.98%
Telecommunication services 1.69%
Sprint Corp. 7.25% 2021	$	33,000		34,402
Health care 0.29%
Other securities				5,815
U.S. Treasury bonds & notes 0.05%
U.S. Treasury 0.05%
Other securities				1,000
Total bonds, notes & other debt instruments (cost: $39,059,000)				41,217

66 American Funds Insurance Series

Global Growth and Income Fund

Short-term securities 6.47%	Principal amount (000)		Value (000)
American Honda Finance Corp. 2.15% due 9/10/2018	$	15,000	$	14,935
Federal Home Loan Bank 1.84% due 8/1/2018		25,000		24,963
Société Générale 1.79% due 7/2/20183		10,000		9,999
Swedbank AB 1.85%–1.89% due 7/2/2018–7/5/2018		47,300		47,289
Other securities				34,469
Total short-term securities (cost: $131,662,000)				131,655
Total investment securities 99.70% (cost: $1,599,905,000)				2,029,056
Other assets less liabilities 0.30%				6,177
Net assets 100.00%			$	2,035,233

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

1	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security, including those in “Other securities,” was $30,569,000, which represented 1.50% of the net assets of the fund.
2	Security did not produce income during the last 12 months.
3	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,468,000, which represented 2.18% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements

American Funds Insurance Series 67

Growth-Income Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 91.65%	Shares		Value (000)
Information technology 18.09%
Alphabet Inc., Class A1		568,300	$	641,719
Alphabet Inc., Class C1		377,284		420,917
Microsoft Corp.		9,316,400		918,690
Facebook, Inc., Class A1		3,498,600		679,848
Intel Corp.		9,190,900		456,880
Texas Instruments Inc.		3,340,982		368,343
Broadcom Inc.		1,495,784		362,937
Accenture PLC, Class A		1,504,900		246,187
QUALCOMM Inc.		4,173,975		234,243
Mastercard Inc., Class A		1,100,000		216,172
Other securities				1,160,801
				5,706,737
Consumer discretionary 13.59%
Netflix, Inc.1		2,982,977		1,167,627
Amazon.com, Inc.1		593,500		1,008,831
Twenty-First Century Fox, Inc., Class A		5,441,000		270,363
NIKE, Inc., Class B		2,901,200		231,168
Home Depot, Inc.		1,132,420		220,935
Comcast Corp., Class A		5,856,200		192,142
Other securities				1,196,267
				4,287,333
Health care 13.51%
AbbVie Inc.		6,563,841		608,140
UnitedHealth Group Inc.		2,170,668		532,552
Amgen Inc.		2,470,983		456,119
Gilead Sciences, Inc.		5,535,100		392,106
Abbott Laboratories		5,184,269		316,189
Express Scripts Holding Co.1		3,410,324		263,311
Merck & Co., Inc.		3,714,380		225,463
Stryker Corp.		1,091,544		184,318
Other securities				1,283,937
				4,262,135
Financials 10.67%
JPMorgan Chase & Co.		4,733,030		493,182
Wells Fargo & Co.		6,382,100		353,824
Bank of New York Mellon Corp.		4,570,400		246,482
Intercontinental Exchange, Inc.		3,073,355		226,045
State Street Corp.		1,795,500		167,143
Other securities				1,879,262
				3,365,938
Industrials 10.20%
General Dynamics Corp.		2,035,000		379,344
Airbus SE, non-registered shares		2,782,764		325,816
BWX Technologies, Inc.		4,908,579		305,903
Textron Inc.		3,885,077		256,065
CSX Corp.		3,362,000		214,428
Other securities				1,738,228
				3,219,784
Consumer staples 7.97%
Coca-Cola Co.		7,063,100		309,787
British American Tobacco PLC		5,192,860		262,481
British American Tobacco PLC (ADR)		494,440		24,944
Lamb Weston Holdings, Inc.		3,533,000		242,046

68 American Funds Insurance Series

Growth-Income Fund

Common stocks	Shares		Value (000)
Altria Group, Inc.		3,588,000	$	203,762
Philip Morris International Inc.		2,192,170		176,996
Other securities				1,295,505
				2,515,521
Energy 6.39%
Exxon Mobil Corp.		4,034,000		333,733
Chevron Corp.		2,337,200		295,492
EOG Resources, Inc.		1,548,300		192,655
Other securities				1,194,581
				2,016,461
Materials 4.02%
Celanese Corp., Series A		2,573,233		285,783
Vale SA, ordinary nominative (ADR)		17,367,884		222,656
Vale SA, ordinary nominative		3,570,848		45,689
DowDuPont Inc.		3,737,900		246,403
Other securities				467,365
				1,267,896
Real estate 1.63%
Crown Castle International Corp. REIT		1,548,200		166,927
Other securities				347,788
				514,715
Utilities 1.39%
Sempra Energy		2,112,942		245,334
Other securities				194,779
				440,113
Telecommunication  services 1.28%
Verizon Communications Inc.		7,348,400		369,698
Other securities				34,522
				404,220
Mutual funds 0.18%
Other securities				57,781
Miscellaneous 2.73%
Other common stocks in initial period of acquisition				860,215
Total common stocks (cost: $20,259,215,000)				28,918,849
Convertible stocks 0.06%
Financials 0.02%
Other securities				7,305
Miscellaneous 0.04%
Other convertible stocks in initial period of acquisition				11,888
Total convertible stocks (cost: $18,683,000)				19,193
Convertible bonds 0.14%	Principal amount (000)
Energy 0.14%
Other securities				42,780
Total convertible bonds (cost: $43,359,000)				42,780

American Funds Insurance Series 69

Growth-Income Fund

Short-term securities 7.88%	Principal amount (000)		Value (000)
Chevron Corp. 2.05% due 9/17/20182	$	50,000	$	49,772
ExxonMobil Corp. 1.97%–2.02% due 8/14/2018–8/27/2018		95,500		95,219
Federal Home Loan Bank 1.70%–1.91% due 7/5/2018–8/29/2018		856,000		854,806
General Dynamics Corp. 2.03% due 8/8/20182		25,000		24,943
Intel Corp. 1.98% due 8/7/20182		75,000		74,839
U.S. Treasury Bills 1.61%–2.00% due 7/12/2018–11/15/2018		691,200		687,916
Other securities				700,692
Total short-term securities (cost: $2,488,142,000)				2,488,187
Total investment securities 99.73% (cost: $22,809,399,000)				31,469,009
Other assets less liabilities 0.27%				84,011
Net assets 100.00%			$	31,553,020

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $155,786,000, which represented .49% of the net assets of the fund. One security in “Other securities” (with a value of $7,305,000, an aggregate cost of $6,000,000, and which represented .02% of the net assets of the fund) was acquired on 6/28/2012 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.

1	Security did not produce income during the last 12 months.
2	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $748,339,000, which represented 2.37% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements

70 American Funds Insurance Series

International Growth and Income Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 90.64%	Shares		Value (000)
Financials 20.57%
HDFC Bank Ltd.1		1,228,800	$	37,817
Zurich Insurance Group AG		92,200		27,382
Banco Santander, SA		4,488,061		24,067
BNP Paribas SA		300,300		18,653
Prudential PLC		738,000		16,894
KB Financial Group Inc.		356,500		16,889
AIA Group Ltd.		1,833,000		16,027
Swedbank AB, Class A		611,000		13,084
Sumitomo Mitsui Financial Group, Inc.		308,000		11,979
Sberbank of Russia PJSC (ADR)		802,660		11,586
Intesa Sanpaolo SpA		3,590,000		10,424
Other securities				96,746
				301,548
Health care 9.93%
Novartis AG		426,145		32,394
Hikma Pharmaceuticals PLC		1,317,700		26,103
Fresenius SE & Co. KGaA		286,000		22,979
Daiichi Sankyo Co., Ltd.		561,000		21,469
Teva Pharmaceutical Industries Ltd. (ADR)		662,000		16,100
Essilor International SA		100,072		14,129
Other securities				12,304
				145,478
Information technology 8.93%
Samsung Electronics Co., Ltd.		646,634		27,066
Tencent Holdings Ltd.		440,700		22,120
Lenovo Group Ltd.		35,600,000		19,285
Yandex NV, Class A2		470,000		16,873
Tokyo Electron Ltd.		63,700		10,943
Taiwan Semiconductor Manufacturing Co., Ltd.		1,464,000		10,396
Other securities				24,237
				130,920
Materials 8.49%
Rio Tinto PLC		1,098,800		60,920
Vale SA, ordinary nominative (ADR)		1,701,000		21,807
Yara International ASA		343,000		14,235
Other securities				27,394
				124,356
Consumer staples 7.81%
British American Tobacco PLC		931,402		47,079
Pernod Ricard SA		128,650		21,018
Imperial Brands PLC		316,016		11,770
Other securities				34,654
				114,521
Industrials 7.33%
Airbus SE, non-registered shares		253,960		29,734
Shanghai International Airport Co., Ltd., Class A		3,256,033		27,266
ASSA ABLOY AB, Class B		681,100		14,517
Rolls-Royce Holdings PLC2		838,400		10,934
Other securities				24,963
				107,414

American Funds Insurance Series 71

International Growth and Income Fund

Common stocks (continued)	Shares		Value (000)
Energy 7.05%
Royal Dutch Shell PLC, Class A		1,933,691	$	67,091
Royal Dutch Shell PLC, Class B		89,900		3,219
TOTAL SA		305,299		18,615
Other securities				14,420
				103,345
Consumer discretionary 6.21%
LVMH Moët Hennessy-Louis Vuitton SE		48,000		15,987
NEXT PLC		131,000		10,460
Naspers Ltd., Class N		41,000		10,416
Other securities				54,159
				91,022
Utilities 5.92%
Ørsted AS		441,200		26,694
EDP - Energias de Portugal, SA		4,019,498		15,960
Other securities				44,042
				86,696
Real estate 4.57%
Sun Hung Kai Properties Ltd.		1,760,000		26,561
Daito Trust Construction Co., Ltd.		95,500		15,535
CK Asset Holdings Ltd.		1,797,348		14,272
China Resources Land Ltd.		3,162,000		10,660
				67,028
Telecommunication services 2.75%
Nippon Telegraph and Telephone Corp.		409,800		18,640
BT Group PLC		4,859,461		13,968
Other securities				7,733
				40,341
Miscellaneous 1.08%
Other common stocks in initial period of acquisition				15,814
Total common stocks (cost: $1,219,768,000)				1,328,483
Bonds, notes & other debt instruments 1.39%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.84%
Other securities				12,357
Corporate bonds & notes 0.52%
Energy 0.29%
Other securities				4,223
Health care 0.23%
Teva Pharmaceutical Finance Company BV 3.15%–4.10% 2026–2046	$	2,220		1,685
Other securities				1,725
				3,410
Total corporate bonds & notes				7,633
U.S. Treasury bonds & notes 0.03%
U.S. Treasury 0.03%
Other securities				420
Total bonds, notes & other debt instruments (cost: $21,587,000)				20,410

72 American Funds Insurance Series

International Growth and Income Fund

Short-term securities 7.70%	Principal amount (000)		Value (000)
Mizuho Bank, Ltd. 2.05% due 8/7/20183	$	17,200	$	17,162
Nestlé Capital Corp. 2.08% due 9/4/20183		15,200		15,143
Société Générale 1.79% due 7/2/20183		21,000		20,997
Swedbank AB 2.21%–2.22% due 9/18/2018–9/24/2018		41,800		41,588
Other securities				17,953
Total short-term securities (cost: $112,845,000)				112,843
Total investment securities 99.73% (cost: $1,354,200,000)				1,461,736
Other assets less liabilities 0.27%				3,946
Net assets 100.00%			$	1,465,682

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. One security in “Other securities” (with a value of $3,924,000, an aggregate cost of $4,634,000, and which represented .27% of the net assets of the fund) was acquired on 12/18/2017 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.

1	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $41,741,000, which represented 2.85% of the net assets of the fund.
2	Security did not produce income during the last 12 months.
3	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $72,424,000, which represented 4.94% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements

American Funds Insurance Series 73

Capital Income Builder

Summary investment portfolio June 30, 2018 unaudited

Common stocks 67.25%	Shares		Value (000)
Financials 9.87%
Wells Fargo & Co.		164,800	$	9,137
CME Group Inc., Class A		48,916		8,018
Sampo Oyj, Class A		107,469		5,246
Swedbank AB, Class A		166,138		3,558
Other securities				38,094
				64,053
Energy 8.87%
Royal Dutch Shell PLC, Class B		303,840		10,881
Royal Dutch Shell PLC, Class B (ADR)		8,500		618
Royal Dutch Shell PLC, Class A		101		3
Enbridge Inc. (CAD denominated)		229,370		8,200
Enbridge Inc. (CAD denominated)1		12,969		464
Schlumberger Ltd.		119,800		8,030
Occidental Petroleum Corp.		89,300		7,473
Kinder Morgan, Inc.		359,000		6,343
Williams Companies, Inc.		215,800		5,850
Other securities				9,738
				57,600
Information technology 8.55%
Microsoft Corp.		132,120		13,028
QUALCOMM Inc.		185,600		10,416
Taiwan Semiconductor Manufacturing Co., Ltd.		1,005,800		7,142
Intel Corp.		135,200		6,721
Broadcom Inc.		23,100		5,605
Other securities				12,574
				55,486
Consumer staples 8.18%
Diageo PLC		259,500		9,322
British American Tobacco PLC		155,000		7,835
Philip Morris International Inc.		86,020		6,945
Coca-Cola Co.		148,000		6,491
Imperial Brands PLC		141,500		5,270
Other securities				17,231
				53,094
Real estate 6.41%
American Tower Corp. REIT		87,769		12,654
Crown Castle International Corp. REIT		76,900		8,291
Digital Realty Trust, Inc. REIT		51,200		5,713
Other securities				14,977
				41,635
Consumer discretionary 6.22%
Las Vegas Sands Corp.		176,600		13,484
Greene King PLC		948,000		7,202
Sands China Ltd.		1,018,800		5,448
Other securities				14,227
				40,361
Utilities 4.50%
SSE PLC		477,689		8,542
Enel SPA		1,160,877		6,449
Other securities				14,213
				29,204

74 American Funds Insurance Series

Capital Income Builder

Common stocks	Shares		Value (000)
Telecommunication services 4.35%
Vodafone Group PLC	4,255,100	$	10,323
HKT Trust and HKT Ltd., units	4,775,340		6,099
Other securities			11,833
			28,255
Industrials 3.59%
Airbus SE, non-registered shares	88,814		10,398
Boeing Co.	17,600		5,905
Other securities			6,977
			23,280
Health care 3.54%
AstraZeneca PLC (ADR)	113,500		3,985
AstraZeneca PLC	39,300		2,725
Roche Holding AG, non-registered shares, nonvoting	23,575		5,250
Other securities			11,015
			22,975
Materials 1.82%
DowDuPont Inc.	84,800		5,590
Other securities			6,253
			11,843
Miscellaneous 1.35%
Other common stocks in initial period of acquisition			8,754
Total common stocks (cost: $424,055,000)			436,540
Convertible stocks 0.72%
Utilities 0.38%
Other securities			2,477
Real estate 0.34%
Crown Castle International Corp. REIT, Series A, 6.875% convertible preferred 2020	2,231		2,229
Total convertible stocks (cost: $4,742,000)			4,706

Bonds, notes & other debt instruments 23.54%	Principal amount (000)
U.S. Treasury bonds & notes 13.04%
U.S. Treasury 12.25%
U.S. Treasury 1.625% 2022		$	6,050	5,793
U.S. Treasury 1.875% 2022			9,000	8,711
U.S. Treasury 2.00% 2022			15,000	14,561
U.S. Treasury 2.125% 2022			8,800	8,576
U.S. Treasury 2.00% 2025			13,200	12,499
U.S. Treasury, principal only, 0% 2047			12,400	5,206
U.S. Treasury 1.75%–8.00% 2021–2048			24,283	24,184
				79,530
U.S. Treasury inflation-protected securities 0.79%
U.S. Treasury Inflation-Protected Securities 0.38%–0.50% 2027–20282			5,952	5,092
Total U.S. Treasury bonds & notes				84,622

American Funds Insurance Series 75

Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations 7.08%
Federal agency mortgage-backed obligations 6.88%
Fannie Mae 4.00% 20473		$	9,639	$	9,848
Fannie Mae 4.50% 20483			7,956		8,337
Fannie Mae 4.50% 20483			5,975		6,261
Fannie Mae 4.00% 2046–20473			1,966		2,009
Freddie Mac 4.50% 20483,4			5,552		5,768
Other securities					12,479
					44,702
Other 0.20%
Other securities					1,279
Total mortgage-backed obligations					45,981
Corporate bonds & notes 3.34%
Financials 1.26%
CME Group Inc. 4.15% 2048			200		203
Wells Fargo & Co. 3.55%–4.60% 2021–2025			399		406
Other securities					7,600
					8,209
Utilities 0.51%
Enel Finance International SA 3.625% 20271			215		197
Other securities					3,102
					3,299
Consumer staples 0.36%
British American Tobacco PLC 3.56%–4.54% 2027–20471			750		700
Reynolds American Inc. 6.875% 2020			300		318
Other securities					1,319
					2,337
Energy 0.28%
Kinder Morgan, Inc. 4.30%–5.55% 2028–2045			250		252
Other securities					1,545
					1,797
Telecommunication services 0.27%
Vodafone Group PLC 3.75%–5.25% 2024–2048			650		647
Other securities					1,093
					1,740
Other 0.66%
Other securities					4,314
Total corporate bonds & notes					21,696
Asset-backed obligations 0.08%
Other securities					494
Total bonds, notes & other debt instruments (cost: $155,499,000)					152,793

Short-term securities 9.94%
Eli Lilly and Co. 1.97% due 7/18/20181	7,800	7,792
Emerson Electric Co. 1.92%–1.99% due 7/23/2018–8/8/20181	13,500	13,477
Federal Home Loan Bank 1.80%–1.88% due 7/6/2018–8/2/2018	10,700	10,687
Kimberly-Clark Corp. 1.95% due 7/11/20181	7,800	7,795

76 American Funds Insurance Series

Capital Income Builder

Short-term securities	Principal amount (000)			Value (000)
Swedbank AB 1.85% due 7/2/2018		$	10,000	$	9,998
Tennessee Valley Authority 1.88% due 7/17/2018			5,800		5,795
Other securities					8,987
Total short-term securities (cost: $64,536,000)					64,531
Total investment securities 101.45% (cost: $648,832,000)					658,570
Other assets less liabilities (1.45)%					(9,433	)
Net assets 100.00%				$	649,137

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $424,000, which represented .07% of the net assets of the fund. This amount includes $156,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $45,324,000, which represented 6.98% of the net assets of the fund.
2	Index-linked bond whose principal amount moves with a government price index.
3	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
4	Purchased on a TBA basis.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

TBA = To-be-announced

See Notes to Financial Statements

American Funds Insurance Series 77

Asset Allocation Fund

Summary investment portfolio June 30, 2018 unaudited

Common stocks 62.22%	Shares		Value (000)
Information technology 17.01%
Microsoft Corp.		7,220,000	$	711,964
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		14,251,000		521,016
Taiwan Semiconductor Manufacturing Co., Ltd.		8,600,000		61,069
ASML Holding NV (New York registered)		2,202,100		435,950
VeriSign, Inc.1		3,140,000		431,499
Broadcom Inc.		1,458,000		353,769
Intel Corp.		6,945,000		345,236
Intuit Inc.		1,100,000		224,735
Facebook, Inc., Class A1		986,000		191,600
Western Digital Corp.		2,400,000		185,784
QUALCOMM Inc.		3,000,000		168,360
Other securities				779,358
				4,410,340
Health care 10.18%
UnitedHealth Group Inc.		2,390,000		586,362
Johnson & Johnson		2,900,000		351,886
Humana Inc.		965,000		287,213
Aetna Inc.		1,400,000		256,900
Express Scripts Holding Co.1		3,100,000		239,351
AbbVie Inc.		2,329,000		215,782
Molina Healthcare, Inc.1		1,500,000		146,910
Other securities				556,024
				2,640,428
Financials 8.77%
Wells Fargo & Co.		5,906,400		327,451
Chubb Ltd.		2,450,000		311,199
First Republic Bank		2,580,000		249,718
Arch Capital Group Ltd.1		8,496,000		224,804
JPMorgan Chase & Co.		2,100,000		218,820
Bank of America Corp.		6,000,000		169,140
Citigroup Inc.		2,500,000		167,300
Other securities				605,510
				2,273,942
Consumer discretionary 6.64%
Home Depot, Inc.		1,400,000		273,140
Comcast Corp., Class A		7,550,000		247,715
Newell Brands Inc.		7,100,000		183,109
Amazon.com, Inc.1		105,000		178,479
VF Corp.		2,000,000		163,040
NIKE, Inc., Class B		1,980,000		157,766
General Motors Co.		4,000,000		157,600
Other securities				360,177
				1,721,026
Energy 6.40%
Noble Energy, Inc.		10,500,000		370,440
Cenovus Energy Inc.		22,000,000		228,426
Weatherford International PLC1,2		56,000,000		184,240
Royal Dutch Shell PLC, Class B (ADR)		2,465,000		179,082
Suncor Energy Inc.		4,000,000		162,781
Other securities				533,917
				1,658,886
Materials 4.18%
DowDuPont Inc.		5,904,000		389,192
LyondellBasell Industries NV		1,700,000		186,745
Other securities				508,780
				1,084,717

78 American Funds Insurance Series

Asset Allocation Fund

Common stocks	Shares		Value (000)
Consumer staples 4.18%
Nestlé SA		3,508,230	$	272,425
Nestlé SA (ADR)		900,000		69,687
Philip Morris International Inc.		3,660,000		295,508
Other securities				446,320
				1,083,940
Industrials 2.93%
Lockheed Martin Corp.		1,162,000		343,290
Boeing Co.		939,000		315,044
Other securities				102,113
				760,447
Real estate 1.25%
Other securities				322,756
Telecommunication services 0.33%
Other securities				84,344
Miscellaneous 0.35%
Other common stocks in initial period of acquisition				89,771
Total common stocks (cost: $11,561,535,000)				16,130,597
Rights & warrants 0.00%
Other 0.00%
Other securities				328
Total rights & warrants (cost: $47,000)				328
Convertible stocks 0.02%
Industrials 0.02%
Other securities				6,074
Total convertible stocks (cost: $4,800,000)				6,074

Bonds, notes & other debt instruments 25.86%	Principal amount (000)
U.S. Treasury bonds & notes 11.21%
U.S. Treasury 8.86%
U.S. Treasury 1.50% 2019		$	400,000	398,400
U.S. Treasury 1.25% 20203			298,117	292,429
U.S. Treasury 0.88%–4.75% 2019–20483			1,641,455	1,606,273
				2,297,102
U.S. Treasury inflation-protected securities 2.35%
U.S. Treasury Inflation-Protected Security 0.625% 20244			219,227	219,008
U.S. Treasury Inflation-Protected Security 1.375% 20443,4			137,881	153,890
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2021–20474			254,334	236,555
				609,453
Total U.S. Treasury bonds & notes				2,906,555
Corporate bonds & notes 8.96%
Energy 1.60%
Noble Energy, Inc. 4.95% 2047			2,000	2,008
Other securities				414,124
				416,132

American Funds Insurance Series 79

Asset Allocation Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds & notes (continued)
Financials 1.52%
ACE INA Holdings Inc. 2.30%–4.35% 2020–2045		$	6,905	$	6,802
Wells Fargo & Co. 2.50%–3.58% 2021–20285			17,934		17,268
Other securities					368,971
					393,041
Health care 1.29%
Johnson & Johnson 2.25%–3.75% 2022–2047			6,785		6,587
Other securities					329,360
					335,947
Consumer discretionary 0.83%
Home Depot, Inc. 1.80%–4.25% 2020–2046			6,915		6,881
Other securities					208,212
					215,093
Consumer staples 0.58%
Philip Morris International Inc. 1.88%–4.25% 2020–2044			15,405		14,919
Other securities					136,290
					151,209
Industrials 0.52%
Lockheed Martin Corp. 2.50%–3.55% 2020–2026			10,050		9,914
Other securities					124,497
					134,411
Information technology 0.36%
Broadcom Ltd. 2.38%–3.88% 2020–2027			7,215		6,933
Microsoft Corp. 4.10%–4.20% 2035–2037			7,000		7,360
Other securities					78,081
					92,374
Other 2.26%
Other securities					585,790
Total corporate bonds & notes					2,323,997
Mortgage-backed obligations 4.92%
Federal agency mortgage-backed obligations 4.79%
Fannie Mae 0%–7.50% 2021–20486,7,8			658,492		667,209
Freddie Mac 1.69%–5.57% 2022–20486,7,8			117,136		116,126
Other securities					455,037
					1,238,372
Other 0.13%
Other securities					36,800
Total mortgage-backed obligations					1,275,172
Federal agency bonds & notes 0.06%
Fannie Mae 1.88%–2.00% 2022–2026			16,000		14,806
Other 0.71%
Other securities					184,999
Total bonds, notes & other debt instruments (cost: $6,798,575,000)					6,705,529

80 American Funds Insurance Series

Asset Allocation Fund

Short-term securities 13.98%	Principal amount (000)			Value (000)
ExxonMobil Corp. 1.97%–1.99% due 8/8/2018–8/22/2018		$	190,200	$	189,723
Fannie Mae 1.84%–1.85% due 7/30/2018–8/6/2018			150,000		149,759
Federal Home Loan Bank 1.72%–1.93% due 7/3/2018–9/25/2018			1,200,300		1,197,989
Freddie Mac 1.76%–1.88% due 7/18/2018–8/21/2018			210,500		210,106
U.S. Treasury Bills 1.59%–1.99% due 7/5/2018–11/1/2018			827,900		826,282
Other securities					1,050,277
Total short-term securities (cost: $3,624,076,000)					3,624,136
Total investment securities 102.08% (cost: $21,989,033,000)					26,466,664
Other assets less liabilities (2.08)%					(539,492	)
Net assets 100.00%				$	25,927,172

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $39,910,000, which represented .15% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $49,314,000, which represented .19% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $32,685,000, an aggregate cost of $35,862,000, and which represented .13% of the net assets of the fund) were acquired from through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount9 (000)		Value at 6/30/201810 (000)		Unrealized depreciation at 6/30/2018 (000			)
2 Year U.S. Treasury Note Futures	Long	1,225	October 2018	$245,000		$259,490			$	(106	)
30 Year Ultra U.S. Treasury Bond Futures	Short	110	September 2018	(11,000	)	(17,552	)			(162	)
									$	(268	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)	Value at 6/30/2018 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2018 (000)
1.8915%	U.S. EFFR	9/26/2018	$3,500,000	$	(242	)		$	—		$	(242	)
1.6365%	3-month USD-LIBOR	10/16/2019	124,000		(1,636	)			—			(1,636	)
U.S. EFFR	2.165%	4/3/2020	100,000		332				—			332
U.S. EFFR	2.174%	4/4/2020	127,900		411				—			411
U.S. EFFR	2.19%	4/6/2020	84,700		249				—			249
3-month USD-LIBOR	2.945%	10/16/2044	28,000		(14	)			—			(14	)
2.929%	3-month USD-LIBOR	3/27/2048	25,000		(6	)			—			(6	)
U.S. EFFR	2.4775%	3/27/2048	25,000		(79	)			—			(79	)
								$	—		$	(985	)

American Funds Insurance Series 81

Asset Allocation Fund

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. Further details on these holdings and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Dividend or interest income (000)		Value of affiliates at 6/30/2018 (000)
Common stocks 1.15%
Consumer discretionary 0.44%
Dillard’s, Inc., Class A (USA)11		807,618		392,382		—		1,200,000	$	—	$	38,379		$	222	$	113,400
Energy 0.71%
Weatherford International PLC1,11		56,000,000		—		—		56,000,000		—		(49,280	)		—		184,240
Total common stocks																	297,640
Bonds, notes & other debt instruments 0.10%
Energy 0.10%
Weatherford International PLC 4.50% 2022	$	2,670,000	$	2,700,000		—	$	5,370,000		—		31			156		4,956
Weatherford International PLC 8.25% 2023	$	5,500,000	$	300,000		—	$	5,800,000		—		(100	)		239		5,769
Weatherford International PLC 9.875% 2024		—	$	1,000,000		—	$	1,000,000		—		3			37		1,015
Weatherford International PLC 9.875% 202512		—	$	2,550,000		—	$	2,550,000		—		42			86		2,575
Weatherford International PLC 6.50% 2036	$	7,595,000		—		—	$	7,595,000		—		(513	)		258		5,981
Weatherford International PLC 6.75% 2040	$	7,825,000		—		—	$	7,825,000		—		(227	)		274		6,240
																	26,536
Total 1.25%									$	—	$	(11,665	)	$	1,272	$	324,176

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Security did not produce income during the last 12 months.
2	Represents an affiliated company as defined under the Investment Company Act of 1940.
3	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $5,226,000, which represented .02% of the net assets of the fund.
4	Index-linked bond whose principal amount moves with a government price index.
5	Step bond; coupon rate may change at a later date.
6	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
7	Coupon rate may change periodically.
8	Purchased on a TBA basis.
9	Notional amount is calculated based on the number of contracts and notional contract size.
10	Value is calculated based on the notional amount and current market price.
11	This security was an unaffiliated issuer in its initial period of acquisition at 12/31/2017; it was not publicly disclosed.
12	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,806,485,000, which represented 6.97% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts

EFFR = Federal Funds Effective Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See Notes to Financial Statements

82 American Funds Insurance Series

Global Balanced Fund
Summary investment portfolio June 30, 2018	unaudited

Common stocks 61.82%	Shares		Value (000)
Information technology 12.76%
Nintendo Co., Ltd.		19,800	$	6,474
ASML Holding NV		31,500		6,242
PagSeguro Digital Ltd., Class A1		220,528		6,120
Microsoft Corp.		53,500		5,276
Taiwan Semiconductor Manufacturing Co., Ltd.		697,000		4,949
Temenos AG		25,000		3,787
Broadcom Inc.		13,650		3,312
TravelSky Technology Ltd., Class H1		860,000		2,505
Keyence Corp.		4,400		2,486
Amphenol Corp., Class A		24,000		2,091
Other securities				6,170
				49,412
Financials 7.82%
HSBC Holdings PLC (GBP denominated)		539,633		5,061
JPMorgan Chase & Co.		44,670		4,655
Wells Fargo & Co.		47,900		2,656
HDFC Bank Ltd. (ADR)		21,605		2,269
Credicorp Ltd.		10,050		2,262
AIA Group Ltd.		250,000		2,186
Other securities				11,216
				30,305
Health care 6.34%
Humana Inc.		20,830		6,200
Merck & Co., Inc.		62,870		3,816
Fisher & Paykel Healthcare Corp. Ltd.		204,000		2,057
Other securities				12,488
				24,561
Industrials 6.29%
Boeing Co.		15,750		5,284
ASSA ABLOY AB, Class B		118,000		2,515
Flughafen Zürich AG		12,235		2,501
Ryanair Holdings PLC (ADR)1		20,600		2,353
Edenred SA		65,000		2,054
Other securities				9,672
				24,379
Energy 5.73%
Royal Dutch Shell PLC, Class B		125,700		4,502
ConocoPhillips		56,006		3,899
TOTAL SA		45,200		2,756
LUKOIL Oil Co. PJSC (ADR)		39,800		2,722
Enbridge Inc. (CAD denominated)		50,869		1,818
Enbridge Inc. (CAD denominated)2		16,157		578
Other securities				5,935
				22,210
Consumer discretionary 5.73%
Amazon.com, Inc.1		3,150		5,354
Ocado Group PLC1		259,500		3,519
Wynn Resorts, Ltd.		13,000		2,175
LVMH Moët Hennessy-Louis Vuitton SE		6,100		2,032
Other securities				9,114
				22,194

American Funds Insurance Series 83

Global Balanced Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples 4.89%
Philip Morris International Inc.		50,800	$	4,102
British American Tobacco PLC		76,900		3,887
Nestlé SA		43,800		3,401
Other securities				7,569
				18,959
Materials 3.44%
DowDuPont Inc.		37,848		2,495
Linde AG, non-registered shares		8,900		2,125
Other securities				8,710
				13,330
Real estate 2.38%
Gaming and Leisure Properties, Inc. REIT		59,720		2,138
Other securities				7,066
				9,204
Utilities 1.78%
ENN Energy Holdings Ltd.		232,000		2,281
Ørsted AS		33,800		2,045
Other securities				2,578
				6,904
Miscellaneous 4.66%
Other common stocks in initial period of acquisition				18,045
Total common stocks (cost: $189,305,000)				239,503
Bonds, notes & other debt instruments 33.32%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 15.27%
Japan, Series 346, 0.10% 2027	¥	435,600		3,972
Japan 0.10%–2.30% 2018–20473		1,001,824		9,760
Poland (Republic of) 3.25%–5.75% 2020–2025	PLN	14,140		4,031
United Mexican States 4.00%–10.00% 2020–20423	MXN	64,405		3,142
United Mexican States 3.75%–4.60% 2027–2046	$	600		570
Other securities				37,685
				59,160
U.S. Treasury bonds & notes 10.47%
U.S. Treasury 8.20%
U.S. Treasury 1.625% 2022		2,850		2,729
U.S. Treasury 2.25% 2027		2,800		2,663
U.S. Treasury 2.875% 2028		2,170		2,173
U.S. Treasury 1.00%–3.13% 2018–2048		24,873		24,208
				31,773
U.S. Treasury inflation-protected securities 2.27%
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2022–20443		9,166		8,796
Total U.S. Treasury bonds & notes				40,569
Corporate bonds & notes 5.87%
Financials 1.55%
Banco Nacional de Comercio Exterior SNC 3.80% 2026 (UST Yield Curve Rate T Note Constant Maturity 5 year + 3.00% on 8/11/2021)2,4		200		193
HSBC Holdings PLC 3.375% 2024 (5 year EURO Mid Swap + 1.95% on 1/10/2019)4	€	100		119
HSBC Holdings PLC 3.03%–3.90% 2023–20264	$	400		389
JPMorgan Chase & Co. 2.55%–3.25% 2021–2023		254		247

84 American Funds Insurance Series

Global Balanced Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
JPMorgan Chase & Co., Series S, junior subordinated, perpetual, 6.75% (undated) (3-month USD-LIBOR + 3.78% on 2/1/2024)4	$	135	$	147
JPMorgan Chase Bank NA (3-month USD-LIBOR + 0.34%) 2.702% 20215		300		300
Other securities				4,622
				6,017
Health care 0.77%
Humana Inc. 3.15% 2022		100		97
Other securities				2,867
				2,964
Consumer discretionary 0.61%
Amazon.com, Inc. 2.80%–3.15% 2024–2027		265		253
Other securities				2,096
				2,349
Consumer staples 0.52%
British American Tobacco PLC 3.56%–4.39% 2027–20372		185		173
Philip Morris International Inc. 2.00%–4.25% 2020–2044		195		191
Reynolds American Inc. 4.00%–4.45% 2022–2025		120		121
Other securities				1,532
				2,017
Energy 0.52%
Petróleos Mexicanos 6.35%–6.50% 2027–20482		487		458
Other securities				1,550
				2,008
Information technology 0.29%
Microsoft Corp. 2.40%–3.30% 2026–2027		652		626
Other securities				516
				1,142
Other 1.61%
Other securities				6,227
Total corporate bonds & notes				22,724
Mortgage-backed obligations 1.71%
Federal agency mortgage-backed obligations 1.12%
Other securities				4,311
Other 0.59%
Other securities				2,335
Total mortgage-backed obligations				6,646
Total bonds, notes & other debt instruments (cost: $132,603,000)				129,099

American Funds Insurance Series 85

Global Balanced Fund

Short-term securities 5.44%	Principal amount (000)		Value (000)
Federal Home Loan Bank 1.87% due 7/20/2018	$	3,200	$	3,197
Mizuho Bank, Ltd. 1.90% due 7/2/20182		6,500		6,499
Sumitomo Mitsui Banking Corp. 2.00% due 7/17/2018–7/23/20182		6,200		6,192
Swedbank AB 1.85% due 7/2/2018		3,600		3,599
Other securities				1,590
Total short-term securities (cost: $21,084,000)				21,077
Total investment securities 100.58% (cost: $ 342,992,000)				389,679
Other assets less liabilities (0.58)%				(2,258	)
Net assets 100.00%			$	387,421

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases	Sales			at 6/30/2018
(000)	(000)	Counterparty	Settlement date	(000)
USD558	BRL2,100	JPMorgan Chase	7/5/2018		$	16
USD317	MXN5,900	JPMorgan Chase	7/9/2018			20
USD229	ZAR2,900	UBS AG	7/9/2018			18
NOK3,054	USD373	Goldman Sachs	7/9/2018			2
JPY57,092	USD523	Goldman Sachs	7/9/2018			(7	)
USD331	PLN1,200	JPMorgan Chase	7/10/2018			11
USD471	GBP350	Citibank	7/10/2018			9
USD774	CHF760	JPMorgan Chase	7/10/2018			6
USD135	MXN2,700	Bank of America, N.A.	7/10/2018			(1	)
EUR349	USD410	Bank of America, N.A.	7/10/2018			(2	)
JPY22,275	USD204	Citibank	7/10/2018			(3	)
CHF759	USD773	JPMorgan Chase	7/10/2018			(6	)
EUR482	USD569	Citibank	7/10/2018			(6	)
PLN1,200	USD333	JPMorgan Chase	7/10/2018			(13	)
USD501	THB15,900	Bank of America, N.A.	7/12/2018			21
USD548	INR36,900	JPMorgan Chase	7/12/2018			10
NOK2,700	USD335	Bank of America, N.A.	7/12/2018			(4	)
GBP561	USD752	Citibank	7/12/2018			(11	)
USD391	BRL1,400	Citibank	7/13/2018			31
USD749	ILS2,675	Bank of America, N.A.	7/16/2018			17
EUR305	USD360	Bank of America, N.A.	7/16/2018			(4	)
ILS2,675	USD739	Goldman Sachs	7/16/2018			(7	)
JPY100,000	USD908	JPMorgan Chase	7/17/2018			(4	)
USD1,013	KRW1,094,100	Bank of America, N.A.	7/19/2018			31
EUR859	USD1,000	Goldman Sachs	7/19/2018			5
USD575	MXN12,000	Bank of America, N.A.	7/19/2018			(28	)
USD749	MYR3,000	JPMorgan Chase	7/20/2018			7
USD327	INR22,118	Goldman Sachs	7/20/2018			5
USD192	PLN700	JPMorgan Chase	7/20/2018			5
EUR573	GBP505	Citibank	7/20/2018			2
JPY57,672	EUR450	JPMorgan Chase	7/20/2018			(5	)
GBP502	EUR573	JPMorgan Chase	7/20/2018			(6	)
PLN700	USD194	JPMorgan Chase	7/20/2018			(7	)

86 American Funds Insurance Series

Global Balanced Fund

Contract amount				Unrealized appreciation (depreciation)
Purchases	Sales			at 6/30/2018
(000)	(000)	Counterparty	Settlement date	(000)
USD483	PLN1,800	Bank of America, N.A.	7/23/2018		$	2
USD113	CAD150	Bank of America, N.A.	7/23/2018			(1	)
JPY22,250	USD202	Citibank	7/23/2018			(1	)
EUR645	USD750	JPMorgan Chase	7/25/2018			4
USD166	ILS600	JPMorgan Chase	7/25/2018			2
EUR502	USD590	Bank of America, N.A.	7/25/2018			(2	)
USD677	CAD900	JPMorgan Chase	7/25/2018			(8	)
JPY111,459	USD1,017	Goldman Sachs	7/25/2018			(8	)
EUR735	PLN3,200	Goldman Sachs	7/27/2018			5
EUR598	USD696	Goldman Sachs	7/31/2018			5
USD503	THB16,600	JPMorgan Chase	7/31/2018			2
USD717	AUD970	Morgan Stanley	7/31/2018			(1	)
JPY50,074	USD455	Bank of New York Mellon	7/31/2018			(1	)
USD771	EUR660	JPMorgan Chase	7/31/2018			(2	)
USD377	CAD500	Bank of America, N.A.	7/31/2018			(4	)
JPY174,520	USD1,584	Bank of New York Mellon	7/31/2018			(4	)
USD501	CAD665	Bank of America, N.A.	7/31/2018			(5	)
USD373	INR24,900	Citibank	9/24/2018			14
USD371	BRL1,250	Citibank	11/29/2018			54
USD222	BRL750	Citibank	11/29/2018			31
					$	184

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Security did not produce income during the last 12 months.
2	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $22,660,000, which represented 5.85% of the net assets of the fund.
3	Index-linked bond whose principal amount moves with a government price index.
4	Step bond; coupon rate may change at a later date.
5	Coupon rate may change periodically.

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD = Australian dollars

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

EUR/€ = Euros

GBP = British pounds

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

THB = Thai baht

USD/$ = U.S. dollars

ZAR = South African rand

See Notes to Financial Statements

American Funds Insurance Series 87

Bond Fund
Summary investment portfolio June 30, 2018	unaudited

Bonds, notes & other debt instruments 96.18%	Principal amount (000)		Value (000)
Corporate bonds & notes 35.64%
Financials 10.04%
Bank of America Corp. 2.82%–3.97% 2023–20291	$	119,258	$	116,105
Intesa Sanpaolo SpA 5.017% 20242		79,790		72,486
Other securities				877,710
				1,066,301
Health care 6.27%
Pfizer Inc. 7.20% 2039		100		139
Teva Pharmaceutical Finance Company BV 2.80% 2023		84,169		72,759
Teva Pharmaceutical Finance Company BV 2.20%–6.75% 2021–2046		139,530		111,699
Other securities				482,075
				666,672
Energy 5.16%
Petróleos Mexicanos 7.47% 2026	MXN	295,000		12,849
Petróleos Mexicanos 5.35%–6.75% 2027–20482	$	38,710		36,841
Other securities				498,905
				548,595
Consumer discretionary 3.61%
Other securities				384,045
Utilities 3.36%
Other securities				357,004
Consumer staples 3.10%
Other securities				329,484
Information technology 1.19%
Other securities				126,026
Telecommunication services 1.13%
Other securities				120,568
Other 1.78%
Other securities				188,128
Total corporate bonds & notes				3,786,823
U.S. Treasury bonds & notes 25.14%
U.S. Treasury 21.10%
U.S. Treasury 2.25% 2023		115,000		111,918
U.S. Treasury 2.625% 2023		125,000		124,461
U.S. Treasury 2.75% 2023		75,000		75,066
U.S. Treasury 2.75% 2023		60,000		60,035
U.S. Treasury 2.125% 20243		260,000		251,069
U.S. Treasury 2.125% 20243		75,000		72,167
U.S. Treasury 2.125% 2024		75,000		72,072
U.S. Treasury 2.25% 2024		80,000		77,812
U.S. Treasury 2.75% 2025		150,000		149,406
U.S. Treasury 2.875% 20253		211,118		211,855
U.S. Treasury 2.25% 2027		125,000		118,715
U.S. Treasury 2.25% 2027		100,000		95,095
U.S. Treasury 2.25% 2027		76,075		72,548
U.S. Treasury 2.375% 2027		100,000		96,217

88 American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
U.S. Treasury 2.875% 2028	$	137,043	$	137,214
U.S. Treasury 3.00% 20483		255,970		256,259
U.S. Treasury 2.38%–8.75% 2020–20483		250,595		259,898
				2,241,807
U.S. Treasury inflation-protected securities 4.04%
U.S. Treasury Inflation-Protected Security 0.375% 20254		53,902		52,965
U.S. Treasury Inflation-Protected Security 0.375% 20274		153,615		149,471
U.S. Treasury Inflation-Protected Security 0.50% 20284		149,474		124,214
U.S. Treasury Inflation-Protected Security 0.875% 20474		74,253		74,202
U.S. Treasury Inflation-Protected Security 1.00% 20484		34,489		28,664
				429,516
Total U.S. Treasury bonds & notes				2,671,323
Mortgage-backed obligations 23.53%
Federal agency mortgage-backed obligations 23.35%
Fannie Mae 3.50% 20335,6		51,893		52,455
Fannie Mae 3.00% 20465		72,156		70,008
Fannie Mae 3.50% 20475		77,731		77,509
Fannie Mae 4.00% 20475		83,559		85,338
Fannie Mae 3.50% 20485,6		204,040		203,034
Fannie Mae 4.00% 20485,6		316,485		322,197
Fannie Mae 4.00% 20485,6		134,434		137,055
Fannie Mae 4.00% 20485,6		88,904		90,428
Fannie Mae 4.50% 20485,6		220,469		229,172
Fannie Mae 4.50% 20485,6		199,176		206,726
Fannie Mae 3.27%–9.22% 2023–20485,6,7		178,846		182,387
Freddie Mac 3.50% 20475		73,151		72,823
Freddie Mac 4.00% 20485,6		73,022		74,303
Freddie Mac 0%–5.50% 2021–20485,6		198,319		198,150
Government National Mortgage Assn. 4.00% 20485,6		196,439		201,300
Government National Mortgage Assn. 4.00% 20485,6		151,761		155,292
Government National Mortgage Assn. 4.50% 20485,6		92,096		95,739
Government National Mortgage Assn. 4.50% 2040–20485,6		26,465		27,481
				2,481,397
Other 0.18%
Other securities				18,484
Total mortgage-backed obligations				2,499,881
Bonds & notes of governments & government agencies outside the U.S. 7.15%
Italy (Republic of) 0.95% 2023	€	45,000		50,753
Japan, Series 19, 0.10% 20244	¥	5,377,070		50,874
Japan, Series 20, 0.10% 20254		11,340,000		107,393
Portuguese Republic 5.125% 2024	$	100,550		104,384
Portuguese Republic 4.10%–5.65% 2024–2045	€	20,375		30,139
United Mexican States, Series M, 5.75% 2026	MXN	527,500		23,743
United Mexican States, Series M, 6.50% 2021		3,132,700		152,863
United Mexican States 3.60%–4.35% 2025–2047	$	29,175		28,113
Other securities				211,594
				759,856
Asset-backed obligations 2.61%
Other securities				277,546
Municipals 2.00%
Illinois 1.72%
G.O. Bonds, Pension Funding Series 2003, 4.95% 2023		26,190		26,663
G.O. Bonds, Pension Funding Series 2003, 5.10% 20335		93,085		88,239
G.O. Bonds, Pension Funding Series 2013, 5.877% 2019		400		407

American Funds Insurance Series 89

Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Illinois (continued)
G.O. Bonds, Series 2013-B, 3.65% 2020	$	1,000	$	997
G.O. Bonds, Series 2013-B, 4.11% 2022		750		736
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,063
G.O. Bonds, Series 2013-B, 4.91% 2027		1,450		1,360
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2035		4,360		4,627
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.65% 2020		250		257
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,467
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,338
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 6.15% 2025		3,955		4,104
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.547% 2019		335		340
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020		2,400		2,476
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 20215		7,784		8,043
Other securities				36,502
				182,619
Other 0.28%
Other securities				29,918
Total municipals				212,537
Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 2026		12,410		11,659
Total bonds, notes & other debt instruments (cost: $10,356,835,000)				10,219,625
Common stocks 0.03%	Shares
Other 0.03%
Other securities				2,833
Total common stocks (cost: $3,654,000)				2,833
Rights & warrants 0.00%
Energy 0.00%
Other securities				97
Total rights & warrants (cost: $16,000)				97

Short-term securities 21.76%	Principal amount (000)
Chevron Corp. 1.93%–2.02% due 7/13/2018–7/17/20182	$	59,200		59,150
ExxonMobil Corp. 2.00%–2.02% due 7/23/2018–8/28/2018		84,000		83,821
Federal Home Loan Bank 1.77%–1.95% due 7/9/2018–10/5/2018		796,700		794,803
Freddie Mac 1.91% due 8/20/2018		50,000		49,876
PepsiCo Inc. 1.95%–1.98% due 8/1/2018–8/7/20182		70,000		69,858
Pfizer Inc. 2.02%–2.05% due 7/2/2018–8/20/20182		109,000		108,874
U.S. Treasury Bills 1.56%–2.00% due 7/5/2018–11/15/2018		846,300		843,339
Other securities				302,784
Total short-term securities (cost: $2,312,454,000)				2,312,505
Total investment securities 117.97% (cost: $12,672,959,000)				12,535,060
Other assets less liabilities (17.97)%				(1,909,862	)
Net assets 100.00%			$	10,625,198

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

90 American Funds Insurance Series

Bond Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $5,494,000, which represented .05% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $12,171,000, which represented .11% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $2,150,000, an aggregate cost of $780,000, and which represented .02% of the net assets of the fund) were acquired on 8/31/2015 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts

		Number of		Notional amount		8	Value at 6/30/2018		9	Unrealized appreciation (depreciation) at 6/30/2018
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	13,334	October 2018	$	2,666,800		$	2,824,516			$	23
5 Year Euro-Bobl Futures	Short	2,269	September 2018		(226,900	)		(350,216	)			(1,831	)
5 Year U.S. Treasury Note Futures	Long	12,291	October 2018		1,229,100			1,396,469				4,536
10 Year Euro-Bund Futures	Short	763	September 2018		(76,300	)		(144,837	)			(1,625	)
10 Year U.S. Treasury Note Futures	Long	503	September 2018		50,300			60,454				251
10 Year Ultra U.S. Treasury Note Futures	Short	112	September 2018		(11,200	)		(14,362	)			(126	)
30 Year Euro-Buxl Futures	Long	214	September 2018		21,400			44,409				619
30 Year Ultra U.S. Treasury Bond Futures	Long	772	September 2018		77,200			123,182				340
											$	2,187

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2018 (000)
USD31,395	JPY3,430,000	Goldman Sachs	7/9/2018		$	394
USD66,828	JPY7,300,000	JPMorgan Chase	7/10/2018			844
USD76,688	EUR65,550	JPMorgan Chase	7/10/2018			77
USD12,310	MXN252,000	Citibank	7/10/2018			(357	)
USD10,283	EUR8,725	JPMorgan Chase	7/12/2018			84
USD26,432	EUR22,400	JPMorgan Chase	7/16/2018			241
USD13,179	JPY1,445,000	Goldman Sachs	7/25/2018			105
USD59,923	MXN1,220,000	Bank of New York Mellon	7/25/2018			(1,249	)
USD44,704	JPY4,925,000	Bank of New York Mellon	7/31/2018			123
USD448	EUR385	Goldman Sachs	7/31/2018			(3	)
USD119,413	MXN2,400,000	Citibank	7/31/2018			(808	)
					$	(549	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2018 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2018 (000)
1.39%	3-month Canada BA	7/13/2018	C$	1,460,000	$	(123	)	$	—		$	(123	)
1.77%	3-month Canada BA	9/26/2018		975,000		58			—			58
1.669%	3-month USD-LIBOR	10/28/2019	$	112,000		(1,478	)		—			(1,478	)
U.S. EFFR	2.165%	4/3/2020		594,600		1,977			—			1,977
2.55%	3-month USD-LIBOR	4/3/2020		594,600		(2,162	)		—			(2,162	)

American Funds Insurance Series 91

Bond Fund

Swap contracts (continued)

Interest rate swaps (continued)

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2018 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2018 (000)
U.S. EFFR	2.174%	4/4/2020	$	760,300	$	2,443			$	—		$	2,443
2.5725%	3-month USD-LIBOR	4/4/2020		760,298		(2,500	)			—			(2,500	)
U.S. EFFR	2.19%	4/6/2020		503,300		1,480				—			1,480
2.599%	3-month USD-LIBOR	4/6/2020		503,300		(1,426	)			—			(1,426	)
3-month USD-LIBOR	2.761%	4/27/2020		500,000		92				—			92
3-month USD-LIBOR	2.75%	4/30/2020		352,900		137				—			137
3-month USD-LIBOR	2.746%	5/1/2020		504,100		237				—			237
3-month USD-LIBOR	2.7515%	5/3/2020		501,000		202				—			202
1.6915%	3-month USD-LIBOR	6/3/2020		1,600		(33	)			—			(33	)
1.7345%	3-month USD-LIBOR	12/31/2020		120,000		(3,187	)			—			(3,187	)
3-month USD-LIBOR	1.975%	4/27/2022		15,000		490				—			490
3-month USD-LIBOR	2.1305%	7/17/2022		100,000		2,848				—			2,848
1.9375%	3-month USD-LIBOR	12/18/2022		150,000		(5,934	)			—			(5,934	)
3-month USD-LIBOR	2.701%	6/9/2024		60,000		610				—			610
6-month EURIBOR	0.9852%	10/17/2024	€	25,000		(996	)			—			(996	)
3-month USD-LIBOR	2.438%	11/19/2024	$	750		20				—			20
3-month USD-LIBOR	2.4585%	11/24/2024		23,000		584				—			584
3-month USD-LIBOR	2.0475%	3/23/2025		450		23				—			23
3-month USD-LIBOR	2.3175%	5/8/2025		1,500		54				—			54
3-month USD-LIBOR	2.339%	5/13/2025		375		13				—			13
3-month USD-LIBOR	2.351%	5/15/2025		590		20				—			20
3-month USD-LIBOR	2.287%	5/20/2025		500		19				—			19
3-month USD-LIBOR	2.227%	5/28/2025		260		11				—			11
3-month USD-LIBOR	2.2125%	5/29/2025		465		20				—			20
3-month USD-LIBOR	2.451%	6/5/2025		650		18				—			18
3-month USD-LIBOR	2.46%	6/10/2025		2,536		70				—			70
3-month USD-LIBOR	2.455%	6/24/2025		235		7				—			7
3-month USD-LIBOR	2.397%	7/13/2025		900		29				—			29
3-month USD-LIBOR	2.535%	7/15/2025		800		18				—			18
3-month USD-LIBOR	2.4615%	7/22/2025		1,300		36				—			36
3-month USD-LIBOR	2.312%	7/29/2025		1,000		37				—			37
3-month USD-LIBOR	2.331%	7/30/2025		435		16				—			16
3-month USD-LIBOR	2.228%	9/4/2025		12,000		523				—			523
6-month JPY-LIBOR	0.282%	2/2/2026	¥	5,500,000		(328	)			—			(328	)
6-month JPY-LIBOR	0.0875%	3/10/2026		11,100,000		859				—			859
3-month USD-LIBOR	1.595%	5/12/2026	$	8,500		788				—			788
3-month USD-LIBOR	1.592%	5/12/2026		4,000		371				—			371
3.0865%	3-month USD-LIBOR	8/18/2034		2,250		37				—			37
2.913%	3-month USD-LIBOR	11/24/2034		10,000		(65	)			—			(65	)
2.844%	3-month USD-LIBOR	6/11/2035		3,250		(52	)			—			(52	)
2.9535%	3-month USD-LIBOR	6/30/2035		2,500		(2	)			—			(2	)
2.773%	3-month USD-LIBOR	7/13/2035		500		(13	)			—			(13	)
2.589%	3-month USD-LIBOR	9/4/2035		3,100		(160	)			—			(160	)
2.377%	3-month USD-LIBOR	4/29/2045		1,910		(208	)			—			(208	)
6-month JPY-LIBOR	0.58295%	3/23/2046	¥	2,000,000		1,093				—			1,093
0.64355%	6-month JPY-LIBOR	4/27/2046		2,000,000		(813	)			—			(813	)
3-month USD-LIBOR	2.1155%	5/13/2046	$	2,400		393				—			393
3-month USD-LIBOR	2.78875%	1/23/2048		91,500		2,707				—			2,707
3-month USD-LIBOR	2.816%	1/23/2048		19,600		469				—			469
									$	—		$	(671	)

92 American Funds Insurance Series

Bond Fund

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive

Pay/ Payment frequency

Expiration date

Notional (000)

Value at 6/30/2018 (000)

Upfront payments (000)

Unrealized appreciation at 6/30/2018 (000)

CDX.NA.IG.30

1.00%/Quarterly

6/20/2023

$50,000

$(740

)

$(899

)

$159

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Step bond; coupon rate may change at a later date.
2	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,486,045,000, which represented 13.99% of the net assets of the fund.
3	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $55,344,000, which represented .52% of the net assets of the fund.
4	Index-linked bond whose principal amount moves with a government price index.
5	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
6	Purchased on a TBA basis.
7	Coupon rate may change periodically.
8	Notional amount is calculated based on the number of contracts and notional contract size.
9	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

BA = Banker’s acceptances

C$ = Canadian dollars

EFFR = Federal Funds Effective Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

TBA = To-be-announced

USD/$ = U.S. dollars

See Notes to Financial Statements

American Funds Insurance Series 93

Global Bond Fund

Bonds, notes & other debt instruments 91.91%	Principal amount (000)		Value (000)
Euros 12.82%
Belgium (Kingdom of), Series 82, 0.50% 2024	€	12,920	$	15,432
Belgium (Kingdom of), Series 77, 1.00% 2026		6,480		7,932
French Republic O.A.T. 2.25% 2024		11,680		15,457
Germany (Federal Republic of) 2.50% 2046		7,370		11,824
Germany (Federal Republic of) 1.25% 2048		17,050		21,083
Germany (Federal Republic of) 0.50%–6.25% 2024–2040		12,950		17,500
Italy (Republic of) 0.95% 2023		14,000		15,789
Italy (Republic of) 2.05%–4.75% 2023–2027		11,600		14,071
Portuguese Republic 2.875% 2025		12,350		16,061
Portuguese Republic 2.875% 2026		2,095		2,711
Portuguese Republic 4.125% 2027		11,510		16,191
Romania 2.75%–3.88% 2025–2038		8,265		9,589
Spain (Kingdom of) 1.45% 2027		19,430		23,094
Spain (Kingdom of) 1.50% 2027		10,350		12,401
Spain (Kingdom of) 2.70%–2.90% 2046–2048		7,895		9,707
Other securities				77,863
				286,705
Japanese yen 10.49%
Japan, Series 134, 0.10% 2022	¥	1,350,000		12,310
Japan, Series 18, 0.10% 20241		3,153,700		29,667
Japan, Series 19, 0.10% 20241		2,691,050		25,461
Japan, Series 346, 0.10% 2027		3,125,000		28,494
Japan, Series 116, 2.20% 2030		1,735,000		19,472
Japan, Series 145, 1.70% 2033		2,210,000		24,147
Japan, Series 57, 0.80% 2047		3,756,250		34,764
Japan 0.10%–2.30% 2021–20441		6,172,565		60,336
				234,651
Polish zloty 3.68%
Poland (Republic of), Series 1021, 5.75% 2021	PLN	126,530		37,839
Poland (Republic of), Series 0922, 5.75% 2022		34,600		10,521
Poland (Republic of) 1.50%–5.25% 2020–2025		122,240		34,035
				82,395
Mexican pesos 3.16%
United Mexican States, Series M, 6.50% 2021	MXN	373,300		18,216
United Mexican States, Series M, 5.75% 2026		654,500		29,459
United Mexican States 4.00%–10.00% 2020–20421		432,123		22,899
				70,574
Indian rupees 2.90%
India (Republic of) 7.80% 2021	INR	727,600		10,636
India (Republic of) 8.83% 2023		1,284,200		19,456
India (Republic of) 6.79%–8.40% 2023–2030		2,203,470		30,936
Other securities				3,804
				64,832
British pounds 2.17%
United Kingdom 1.25% 2027	£	11,725		15,372
United Kingdom 3.25% 2044		6,500		11,192
United Kingdom 1.50%–4.25% 2023–2047		12,520		19,127
Other securities				2,827
				48,518
Danish kroner 1.94%
Nykredit Realkredit AS, Series 01E, 1.50% 20402	DKr	178,600		27,868
Nykredit Realkredit AS, Series 01E, 2.50% 20472		14,724		2,410
Other securities				13,205
				43,483

94 American Funds Insurance Series

Global Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Malaysian ringgits 1.59%
Malaysia (Federation of) 3.58%–4.50% 2018–2030	MYR	145,265	$	35,569
South Korean won 1.41%
South Korea (Republic of), Series 2209, 2.00% 2022	KRW	13,974,200		12,391
South Korea (Republic of), Series 2712, 2.375% 2027		14,470,000		12,802
South Korea (Republic of) 1.88%–2.38% 2022–2023		7,040,000		6,280
				31,473
Thai baht 1.25%
Thailand (Kingdom of) 2.125% 2026	THB	379,250		11,052
Other securities				16,996
				28,048
Israeli shekels 0.86%
Israel (State of) 5.50% 2042	ILS	29,300		11,443
Other securities				7,746
				19,189
Canadian dollars 0.66%
Canada 2.25% 2025	C$	15,450		11,838
Other securities				2,954
				14,792
Romanian leu 0.51%
Romania 2.30%–5.95% 2020–2022	RON	46,525		11,517
U.S. dollars 44.73%
Banco Nacional de Comercio Exterior SNC 3.80% 2026 (UST Yield Curve Rate T Note Constant Maturity 5 year + 3.00% on 8/11/2021)3,4	$	880		849
Fannie Mae 2.18%–4.50% 2022–20482,5		38,880		39,591
Petróleos Mexicanos 6.35%–6.50% 2027–20484		3,602		3,584
Poland (Republic of) 3.25%–4.00% 2024–2026		5,570		5,436
Romania 5.125% 20484		6,200		5,998
U.S. Treasury 1.125% 20216		28,660		27,575
U.S. Treasury 2.00% 2021		16,500		16,177
U.S. Treasury 2.125% 2022		41,955		40,888
U.S. Treasury 2.375% 2023		27,625		27,205
U.S. Treasury 2.75% 2023		39,400		39,423
U.S. Treasury 2.75% 2025		12,000		11,945
U.S. Treasury 2.00% 2026		33,560		31,430
U.S. Treasury 2.25% 2027		27,700		26,307
U.S. Treasury 2.75% 20286		57,600		57,050
U.S. Treasury 2.875% 2028		24,000		24,030
U.S. Treasury 2.75% 20476		18,900		17,995
U.S. Treasury 3.00% 2048		10,600		10,612
U.S. Treasury 1.88%–3.13% 2020–2048		31,700		31,179
U.S. Treasury Inflation-Protected Security 0.625% 20241		27,083		27,056
U.S. Treasury Inflation-Protected Security 0.25% 20251		11,740		11,422
U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2024–20461		43,860		44,328
United Mexican States 3.75% 2028		2,000		1,893
Other securities				498,445
				1,000,418
Other 3.74%
Other securities				83,542
Total bonds, notes & other debt instruments (cost: $2,095,810,000)				2,055,706

American Funds Insurance Series 95

Global Bond Fund

Convertible stocks 0.05%	Shares	Value (000)
U.S. dollars 0.05%
Other securities		$	1,033
Total convertible stocks (cost: $816,000)			1,033
Common stocks 0.07%
Swiss francs 0.01%
Other securities			200
U.S. dollars 0.06%
Other securities			1,304
Total common stocks (cost: $2,505,000)			1,504
Rights & warrants 0.00%
U.S. dollars 0.00%
Other securities			56
Total rights & warrants (cost: $8,000)			56

Short-term securities 9.89%	Principal amount (000)
Caisse d’Amortissement de la Dette Sociale 1.99% due 7/9/2018	$	16,100		16,092
Egyptian Treasury Bills 15.42%–16.35% due 7/10/2018–12/18/2018	EGP	209,900		11,129
Japanese Treasury Discount Bills (0.14)% due 5/20/2019	¥	11,900,000		107,607
Nigerian Treasury Bills 11.65%–16.91% due 7/5/2018–12/6/2018	NGN	5,525,905		14,861
Swedbank AB 1.85% due 7/2/2018	$	30,900		30,895
United Overseas Bank Ltd. 2.00% due 7/10/20184		40,600		40,576
Total short-term securities (cost: $221,612,000)				221,160
Total investment securities 101.92% (cost: $2,320,751,000)				2,279,459
Other assets less liabilities (1.92)%				(42,856	)
Net assets 100.00%			$	2,236,603

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $3,268,000, which represented .15% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $5,825,000, which represented .26% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $4,153,000, an aggregate cost of $3,632,000, and which represented .19% of the net assets of the fund) were acquired from 8/31/2015 to 8/9/2017 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

96 American Funds Insurance Series

Global Bond Fund

Futures contracts

		Number of		Notional amount		7	Value at 6/30/2018		8	Unrealized (depreciation) appreciation at 6/30/2018
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
5 Year Euro-Bobl Futures	Short	142	September 2018	$	(14,200	)	$	(21,918	)		$	(115	)
5 Year U.S. Treasury Note Futures	Long	1,068	October 2018		106,800			121,343				627
10 Year Ultra U.S. Treasury Note Futures	Long	93	September 2018		9,300			11,926				93
10 Year U.S. Treasury Note Futures	Long	76	September 2018		7,600			9,134				86
30 Year Ultra U.S. Treasury Bond Futures	Short	141	September 2018		(14,100	)		(22,498	)			(204	)
											$	487

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2018 (000)
USD5,763	MXN107,300	JPMorgan Chase	7/9/2018		$	369
USD3,099	ZAR39,200	UBS AG	7/9/2018			245
USD20,347	JPY2,253,235	JPMorgan Chase	7/9/2018			(18	)
JPY1,655,674	USD15,154	Goldman Sachs	7/9/2018			(190	)
JPY2,444,831	USD22,377	Goldman Sachs	7/9/2018			(281	)
USD18,116	MYR72,000	JPMorgan Chase	7/10/2018			297
USD7,430	PLN26,900	JPMorgan Chase	7/10/2018			248
USD16,626	EUR14,075	Citibank	7/10/2018			176
USD5,651	GBP4,200	Citibank	7/10/2018			105
USD10,112	CHF9,930	JPMorgan Chase	7/10/2018			76
JPY445,496	USD4,079	Citibank	7/10/2018			(52	)
CHF9,929	USD10,112	JPMorgan Chase	7/10/2018			(76	)
JPY1,483,519	USD13,545	Citibank	7/10/2018			(136	)
MYR60,765	USD15,198	JPMorgan Chase	7/10/2018			(159	)
EUR14,075	USD16,685	Bank of America, N.A.	7/10/2018			(236	)
PLN26,900	USD7,463	JPMorgan Chase	7/10/2018			(280	)
USD7,727	GBP5,900	Morgan Stanley	7/11/2018			(63	)
USD15,400	GBP11,737	JPMorgan Chase	7/11/2018			(99	)
GBP23,523	USD31,700	Bank of America, N.A.	7/11/2018			(638	)
USD7,709	THB244,600	Bank of America, N.A.	7/12/2018			323
USD13,972	INR941,650	JPMorgan Chase	7/12/2018			250
USD1,723	INR116,000	JPMorgan Chase	7/12/2018			32
NOK37,200	USD4,621	Bank of America, N.A.	7/12/2018			(51	)
GBP6,389	USD8,564	Citibank	7/12/2018			(127	)
USD4,890	BRL17,500	Citibank	7/13/2018			382
USD9,306	ILS33,250	Bank of America, N.A.	7/16/2018			206
EUR4,605	USD5,442	Bank of America, N.A.	7/16/2018			(58	)
EUR17,250	USD20,667	UBS AG	7/16/2018			(496	)
JPY1,010,000	USD9,169	JPMorgan Chase	7/17/2018			(35	)
JPY392,473	USD3,563	Citibank	7/18/2018			(14	)
NOK31,115	DKK24,600	Citibank	7/18/2018			(38	)
USD15,595	KRW16,837,700	Bank of America, N.A.	7/19/2018			480
USD5,759	COP16,479,481	JPMorgan Chase	7/19/2018			142
USD13,575	INR923,000	Citibank	7/19/2018			135
USD8,450	COP24,598,000	Bank of America, N.A.	7/19/2018			66
EUR5,423	USD6,310	Goldman Sachs	7/19/2018			33
USD7,565	MXN158,000	Bank of America, N.A.	7/19/2018			(365	)
USD7,616	MYR30,500	JPMorgan Chase	7/20/2018			69
EUR10,653	GBP9,396	Citibank	7/20/2018			46
USD2,407	INR163,000	Goldman Sachs	7/20/2018			34
JPY615,168	EUR4,800	JPMorgan Chase	7/20/2018			(50	)

American Funds Insurance Series 97

Global Bond Fund

Forward currency contracts (continued)

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2018 (000)
GBP9,342	EUR10,652	JPMorgan Chase	7/20/2018		$	(119	)
USD30,622	PLN114,400	Bank of America, N.A.	7/23/2018			70
USD7,540	PLN28,100	Bank of America, N.A.	7/23/2018			36
JPY1,310,000	USD11,918	Citibank	7/23/2018			(67	)
USD9,131	INR627,000	Bank of America, N.A.	7/24/2018			7
USD8,828	ILS31,900	Bank of America, N.A.	7/25/2018			92
EUR10,459	USD12,171	JPMorgan Chase	7/25/2018			68
USD23,290	JPY2,576,365	JPMorgan Chase	7/25/2018			(21	)
JPY727,337	USD6,624	Bank of America, N.A.	7/25/2018			(43	)
JPY2,576,365	USD23,464	Bank of America, N.A.	7/25/2018			(153	)
USD13,460	CAD17,900	JPMorgan Chase	7/25/2018			(163	)
EUR9,784	PLN42,600	Goldman Sachs	7/27/2018			72
JPY878,869	USD8,048	Morgan Stanley	7/27/2018			(94	)
EUR24,418	USD28,398	Goldman Sachs	7/31/2018			186
EUR3,395	USD3,948	Goldman Sachs	7/31/2018			26
USD6,091	THB201,000	JPMorgan Chase	7/31/2018			19
USD9,614	AUD13,010	Morgan Stanley	7/31/2018			(15	)
JPY646,098	USD5,865	Bank of New York Mellon	7/31/2018			(16	)
USD8,655	EUR7,410	JPMorgan Chase	7/31/2018			(19	)
JPY2,218,752	USD20,140	Bank of New York Mellon	7/31/2018			(55	)
JPY3,592,753	USD32,612	Bank of New York Mellon	7/31/2018			(90	)
USD7,567	INR504,900	Citibank	9/24/2018			275
USD5,348	BRL18,000	Citibank	11/29/2018			771
USD2,192	BRL7,400	Citibank	11/29/2018			310
USD5,778	BRL19,300	Citibank	3/11/2019			916
BRL19,300	USD5,077	JPMorgan Chase	3/11/2019			(216	)
USD16,793	BRL56,500	JPMorgan Chase	3/15/2019			2,570
USD1,143	EUR900	JPMorgan Chase	3/15/2019			69
BRL27,600	USD7,227	JPMorgan Chase	3/15/2019			(279	)
USD947	EUR745	Goldman Sachs	4/12/2019			56
USD110,652	JPY11,900,000	Citibank	5/20/2019			376
					$	4,821

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2018 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2018 (000)
1.8935%	U.S. EFFR	9/26/2018	$	335,900	$	(22	)		$	—		$	(22	)
1.6505%	3-month USD-LIBOR	3/21/2019		85,000		(526	)			—			(526	)
1.4898%	6-month EURIBOR	11/24/2047	€	2,150		22				—			22
1.5768%	6-month EURIBOR	3/6/2048		5,000		179				—			179
1.4658%	6-month EURIBOR	4/20/2048		3,000		10				—			10
									$	—		$	(337	)

98 American Funds Insurance Series

Global Bond Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Index-linked bond whose principal amount moves with a government price index.
2	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
3	Step bond; coupon rate may change at a later date.
4	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $215,969,000, which represented 9.66% of the net assets of the fund.
5	Purchased on a TBA basis.
6	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,553,000, which represented .11% of the net assets of the fund.
7	Notional amount is calculated based on the number of contracts and notional contract size.
8	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CHF = Swiss francs

COP = Colombian pesos

DKK/DKr = Danish kroner

EFFR = Effective Federal Funds Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

RON = Romanian leu

TBA = To-be-announced

THB = Thai baht

USD/$ = U.S. dollars

ZAR = South African rand

See Notes to Financial Statements

American Funds Insurance Series 99

High-Income Bond Fund
Summary investment portfolio June 30, 2018	unaudited

Bonds, notes & other debt instruments 95.20%	Principal amount (000)			Value (000)
Corporate bonds & notes 94.70%
Energy 18.98%
Blackstone CQP Holdco LP 6.00% 20211,2		$	1,600	$	1,604
Blackstone CQP Holdco LP 6.50% 20211,2			21,230		21,336
Cheniere Energy Partners, LP 5.25% 20251			2,200		2,151
Chesapeake Energy Corp. 8.00% 2025			6,100		6,228
Chesapeake Energy Corp. 4.88%–8.00% 2019–20271,3			12,508		12,566
CONSOL Energy Inc. 5.875% 2022			12,824		12,923
NGL Energy Partners LP 6.875% 2021			7,010		7,124
Southwestern Energy Co. 4.10% 2022			7,430		7,133
Teekay Corp. 8.50% 2020			12,018		12,439
Weatherford International PLC 6.75% 2040			7,755		6,185
Weatherford International PLC 4.50%–9.88% 2021–20361			13,820		12,518
Other securities					162,603
					264,810
Health care 14.05%
Centene Corp. 4.75% 2022			6,515		6,588
Centene Corp. 4.75%–6.13% 2024–20261			11,315		11,507
Kinetic Concepts, Inc. 12.50% 20211			6,463		7,174
Molina Healthcare, Inc. 5.375% 2022			10,910		11,033
Molina Healthcare, Inc. 4.875% 20251			4,294		4,187
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.325% 20233,4,5,6,7,8			6,914		6,311
Tenet Healthcare Corp. 6.00% 2020			6,565		6,770
Tenet Healthcare Corp. 4.38%–8.13% 2020–20241			18,652		18,581
Valeant Pharmaceuticals International, Inc. 5.875% 20231			7,585		7,154
Valeant Pharmaceuticals International, Inc. 6.125% 20251			12,705		11,752
Valeant Pharmaceuticals International, Inc. 9.25% 20261			6,985		7,273
Valeant Pharmaceuticals International, Inc. 5.63%–9.00% 2021–20271			10,580		10,842
Valeant Pharmaceuticals International, Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 4.982% 20253,4,5			1,675		1,672
Other securities					85,213
					196,057
Consumer discretionary 12.90%
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261			8,450		8,323
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00%–5.88% 2023–20281			17,150		16,323
Clear Channel Worldwide Holdings, Inc. 7.625% 2020			12,700		12,672
Meredith Corp. 6.875% 20261			7,140		7,060
Petsmart, Inc. 5.875% 20251			15,140		11,696
Petsmart, Inc. 7.13%–8.88% 2023–20251			9,200		6,133
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 20251			7,275		7,166
Other securities					110,623
					179,996
Materials 11.45%
Cleveland-Cliffs Inc. 4.875% 20241			3,825		3,701
Cleveland-Cliffs Inc. 5.75% 2025			15,000		14,269
First Quantum Minerals Ltd. 7.50% 20251			12,300		12,185
First Quantum Minerals Ltd. 6.50%–7.25% 2021–20261			16,195		16,048
Freeport-McMoRan Inc. 3.55% 2022			7,415		7,063
Platform Specialty Products Corp. 5.875% 20251			6,535		6,396
Ryerson Inc. 11.00% 20221			6,336		6,985
Other securities					93,138
					159,785
Industrials 9.08%
Allison Transmission Holdings, Inc. 5.00% 20241			6,265		6,179
Associated Materials, LLC 9.00% 20241			7,000		7,367
Brand Energy 8.50% 20251			6,305		6,407
Corporate Risk Holdings LLC 9.50% 20191			12,782		13,373

100 American Funds Insurance Series

High-Income Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Corporate Risk Holdings LLC 13.50% 2020 (100% PIK)1,6,7,8		$	1,187	$	1,270
DAE Aviation Holdings, Inc. 10.00% 20231			7,965		8,632
Other securities					83,475
					126,703
Telecommunication services 8.97%
Frontier Communications Corp. 10.50% 2022			7,440		6,789
Frontier Communications Corp. 11.00% 2025			14,225		11,447
Frontier Communications Corp. 8.50%–9.25% 2021–20261			5,500		5,338
Intelsat Jackson Holding Co. 7.25% 2020			5,775		5,775
Intelsat Jackson Holding Co. 7.50% 2021			11,910		11,880
Intelsat Jackson Holding Co. 5.50%–8.00% 2023–20241			7,725		7,375
Ligado Networks, Term Loan, (3-month USD-LIBOR + 8.75%) 10.78% 2020 (100% PIK)3,4,5,6			8,749		7,269
Sprint Corp. 11.50% 2021			5,880		6,968
Sprint Corp. 6.88%–8.75% 2021–2032			12,970		13,140
Ziggo Bond Finance BV 5.50% 20271			6,950		6,509
Other securities					42,589
					125,079
Information technology 7.41%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 9.557% 20253,4,5			6,750		6,524
Camelot Finance SA 7.875% 20241			7,530		7,568
Gogo Inc. 12.50% 20221			12,850		13,749
Infor Software 7.125% 20211,6			7,960		8,010
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 10.608% 20243,4,5			7,870		8,155
Unisys Corp. 10.75% 20221			6,400		7,200
Other securities					52,179
					103,385
Financials 3.92%
Other securities					54,662
Utilities 2.93%
Other securities					40,819
Consumer staples 2.75%
B&G Foods, Inc. 5.25% 2025			7,158		6,764
Other securities					31,563
					38,327
Real estate 2.26%
Iron Mountain Inc. 5.75% 2024			7,650		7,554
Other securities					23,988
					31,542
Total corporate bonds & notes					1,321,165
Other bonds & notes 0.50%
Other securities					6,917
Total bonds, notes & other debt instruments (cost: $1,345,692,000)					1,328,082
Convertible bonds 0.55%
Energy 0.10%
Chesapeake Energy Corp., convertible notes, 5.50% 20261			600		611
Other securities					715
					1,326

American Funds Insurance Series 101

High-Income Bond Fund

Convertible bonds (continued)	Principal amount (000)			Value (000)
Telecommunication services 0.05%
Intelsat SA, convertible notes, 4.50% 20251		$	550	$	676
Other 0.17%
Other securities					2,422
Miscellaneous 0.23%
Other convertible bonds in initial period of acquisition					3,203
Total convertible bonds (cost: $7,329,000)					7,627
Convertible stocks 0.56%			Shares
Industrials 0.42%
Associated Materials, LLC, 14.00% convertible preferred 20207,8			4,850		5,892
Health care 0.06%
Other securities					818
Telecommunication services 0.01%
Frontier Communications Corp., Series A, 11.125% convertible preferred 2018			10,000		99
Miscellaneous 0.07%
Other convertible stocks in initial period of acquisition					974
Total convertible stocks (cost: $7,154,000)					7,783
Common stocks 1.09%
Information technology 0.48%
Corporate Risk Holdings I, Inc.2,7,8,9			218,504		6,693
Other securities					—
					6,693
Other 0.55%
Other securities					7,645
Miscellaneous 0.06%
Other common stocks in initial period of acquisition					896
Total common stocks (cost: $21,440,000)					15,234
Rights & warrants 0.03%
Energy 0.03%
Other securities					354
Total rights & warrants (cost: $51,000)					354

102 American Funds Insurance Series

High-Income Bond Fund

Short-term securities 3.17%	Principal amount (000)			Value (000)
Federal Home Loan Bank 1.84% due 7/20/2018		$	10,000	$	9,991
Honeywell International Inc. 1.95% due 7/25/20181			6,400		6,391
Société Générale 1.79% due 7/2/20181			27,900		27,896
Total short-term securities (cost: $44,281,000)					44,278
Total investment securities 100.60% (cost: $1,425,947,000)					1,403,358
Other assets less liabilities (0.60)%					(8,340	)
Net assets 100.00%				$	1,395,018

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes a security which was pledged as collateral. The total value of pledged collateral was $4,276,000, which represented less than .01% of the net assets of the fund.

Futures contracts

		Number of		Notional amount		10	Value at 6/30/2018		11	Unrealized depreciation at 6/30/2018
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
10 Year U.S. Treasury Note Futures	Short	159	September 2018		$(15,900	)		$(19,110	)		$(75	)

Swap contracts
Interest rate swaps
Receive	Pay	Expiration date	Notional  (000)		Value at 6/30/2018 (000)			Upfront payments/ receipts (000)			Unrealized appreciation (depreciation) at 6/30/2018 (000)
3-month USD-LIBOR	2.772%	2/28/2025	$	14,500	$	105			$	—		$	105
3-month USD-LIBOR	2.0745%	11/21/2026		18,600		1,165				—			1,165
3-month USD-LIBOR	2.2825%	4/13/2027		10,700		527				—			527
2.2865%	3-month USD-LIBOR	10/2/2027		10,100		(523	)			—			(523	)
3-month USD-LIBOR	2.6475%	1/25/2028		5,000		115				—			115
									$	—		$	1,389

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)		Value at 6/30/2018 (000)				Upfront payments (000)				Unrealized appreciation at 6/30/2018 (000)
CDX.NA.HY.29	5.00%/Quarterly	12/20/2022	$	62,650		$	(3,846	)		$	(4,557	)		$	711
CDX.NA.HY.30	5.00%/Quarterly	6/20/2023		22,110			(1,270	)			(1,660	)			390
										$	(6,217	)		$	1,101

American Funds Insurance Series 103

High-Income Bond Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $778,268,000, which represented 55.79% of the net assets of the fund.
2	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
3	Coupon rate may change periodically.
4	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in “Other securities,” was $98,836,000, which represented 7.08% of the net assets of the fund.
5	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
6	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
7	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $32,911,000, which represented 2.36% of the net assets of the fund.
8	Value determined using significant unobservable inputs.
9	Security did not produce income during the last 12 months.
10	Notional amount is calculated based on the number of contracts and notional contract size.
11	Value is calculated based on the notional amount and current market price.

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Blackstone CQP Holdco LP, 6.50% 2021	3/6/2017–2/5/2018	$	21,235	$	21,336		1.53	%
Blackstone CQP Holdco LP, 6.00% 2021	8/9/2017		1,600		1,604		.11
Corporate Risk Holdings I, Inc.	8/31/2015		2,428		6,693		.48
Corporate Risk Holdings Corp.	8/31/2015		—		—		.00
Other securities	12/13/2012–11/15/2016		4,633		1,475		.11
Total private placement securities		$	29,896	$	31,108		2.23	%

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See Notes to Financial Statements

104 American Funds Insurance Series

Mortgage Fund
Summary investment portfolio June 30, 2018	unaudited

Bonds, notes & other debt instruments 95.27%	Principal amount (000)			Value (000)
Mortgage-backed obligations 72.60%
Federal agency mortgage-backed obligations 70.16%
Fannie Mae 4.00% 20471		$	7,529	$	7,694
Fannie Mae 4.00% 20471			4,797		4,897
Fannie Mae 4.00% 20481,2			10,113		10,296
Fannie Mae 4.00% 20481,2			4,296		4,380
Fannie Mae 4.00% 20481,2			2,841		2,890
Fannie Mae 4.50% 20481			14,986		15,643
Fannie Mae 4.50% 20481			7,966		8,348
Fannie Mae 4.50% 20481			4,973		5,210
Fannie Mae 4.00%–5.00% 2036–20481			2,963		3,088
Freddie Mac 4.00% 20361			5,574		5,746
Freddie Mac 4.00% 20481,2			12,500		12,719
Freddie Mac 4.00% 20481,2			6,354		6,474
Freddie Mac 4.50% 20481,2			16,418		17,058
Freddie Mac 4.50% 20481,2			4,282		4,456
Freddie Mac 2.60%–5.00% 2020–20361			5,336		5,456
Freddie Mac Pool #760014 2.978% 20451,3			2,555		2,556
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20461			4,722		4,770
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 2.50% 20571,3			12,818		12,496
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571			11,539		11,334
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571			7,866		7,733
Government National Mortgage Assn. 5.50% 20401			2,037		2,222
Government National Mortgage Assn. 4.00% 20481,2			5,190		5,319
Government National Mortgage Assn. 4.00% 20481,2			4,010		4,103
Government National Mortgage Assn. 4.50% 20481,2			33,082		34,391
Government National Mortgage Assn. 4.50% 20481,2			4,868		5,052
Government National Mortgage Assn. 3.50%–6.50% 2034–20661			23,415		23,928
Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 20281			4,357		4,302
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351			558		566
Other securities					4,653
					237,780
Collateralized mortgage-backed (privately originated) 2.41%
Other securities					8,177
Commercial mortgage-backed securities 0.03%
Other securities					84
Total mortgage-backed obligations					246,041
U.S. Treasury bonds & notes 10.08%
U.S. Treasury 6.97%
U.S. Treasury 1.875% 20224			7,800		7,538
U.S. Treasury 2.00% 2022			3,300		3,203
U.S. Treasury 2.75% 2023			3,500		3,503
U.S. Treasury 2.50% 2024			2,500		2,460
U.S. Treasury 3.00% 20484			5,000		5,006
U.S. Treasury 1.50%–2.75% 2020–2023			1,968		1,930
					23,640
U.S. Treasury inflation-protected securities 3.11%
U.S. Treasury Inflation-Protected Security 0.50% 20285			4,093		3,401
U.S. Treasury Inflation-Protected Security 2.125% 20415			126		159
U.S. Treasury Inflation-Protected Security 0.75% 20424,5			7,134		6,966
					10,526
Total U.S. Treasury bonds & notes					34,166

American Funds Insurance Series 105

Mortgage Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Asset-backed obligations 6.29%
Exeter Automobile Receivables Trust, Series 2018-2A, Class A, 2.79% 20211,6		$	2,413	$	2,412
SLM Private Credit Student Loan Trust, Series 2010-1, Class A, (1-month USD-LIBOR + 0.40%) 2.491% 20251,3			2,851		2,813
Other securities					16,099
					21,324
Federal agency bonds & notes 6.26%
Fannie Mae 1.88%–2.00% 2022			8,800		8,565
Federal Home Loan Bank 1.38%–1.88% 2021			13,000		12,638
					21,203
Corporate bonds & notes 0.04%
Financials 0.04%
Other securities					134
Total bonds, notes & other debt instruments (cost: $324,480,000)					322,868
Short-term securities 36.05%
Chariot Funding, LLC 2.05% due 8/3/20186			9,000		8,982
Chevron Corp. 1.92% due 7/23/20186			8,300		8,289
Coca-Cola Co. 2.04% due 8/13/20186			7,900		7,880
ExxonMobil Corp. 1.97% due 8/8/2018			10,000		9,978
Federal Farm Credit Banks 1.82%–2.06% due 7/16/2018–11/27/2018			23,000		22,882
Federal Home Loan Bank 1.90% due 8/22/2018			6,000		5,985
Freddie Mac 1.78% due 7/18/2018			5,000		4,996
Honeywell International Inc. 1.88% due 7/11/20186			10,000		9,994
Intel Corp. 2.00% due 9/6/20186			9,000		8,965
John Deere Bank SA 2.00% due 8/1/20186			6,400		6,388
Paccar Financial Corp. 1.96% due 7/23/2018			9,000		8,988
PepsiCo Inc. 1.84% due 8/7/20186			10,000		9,978
Société Générale 1.79% due 7/2/20186			6,900		6,899
Other securities					1,991
Total short-term securities (cost: $122,206,000)					122,195
Total investment securities 131.32% (cost: $446,686,000)					445,063
Other assets less liabilities (31.32)%					(106,155	)
Net assets 100.00%				$	338,908

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,765,000, which represented .52% of the net assets of the fund.

106 American Funds Insurance Series

Mortgage Fund

Futures contracts
Contracts	Type	Number of contracts	Expiration	Notional amount (000)		7	Value at 6/30/2018 (000)		8	Unrealized appreciation at 6/30/2018 (000)
5 Year U.S. Treasury Note Futures	Long	1,134	October 2018	$	113,400		$	128,842			$	667
10 Year Ultra U.S. Treasury Note Futures	Long	107	September 2018		10,700			13,721				111
20 Year U.S. Treasury Bond Futures	Long	48	September 2018		4,800			6,960				18
30 Year Ultra U.S. Treasury Bond Futures	Long	5	September 2018		500			798				2
											$	798

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2018 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2018 (000)
1.8935%	U.S. EFFR	9/26/2018	$	71,000	$	(5	)		$	—		$	(5	)
1.865%	U.S. EFFR	9/26/2018		65,100		(7	)			—			(7	)
2.088%	U.S. EFFR	2/6/2020		21,000		(72	)			—			(72	)
2.0115%	U.S. EFFR	2/8/2020		25,000		(119	)			—			(119	)
3-month USD-LIBOR	1.217%	9/22/2021		11,500		587				—			587
3-month USD-LIBOR	1.225%	9/22/2021		11,500		585				—			585
3-month USD-LIBOR	1.2796%	10/11/2021		14,500		725				—			725
2.0135%	3-month USD-LIBOR	10/20/2021		30,000		(815	)			—			(815	)
2.012%	3-month USD-LIBOR	10/4/2022		9,000		(313	)			—			(313	)
2.00%	3-month USD-LIBOR	10/5/2022		41,500		(1,464	)			—			(1,464	)
2.1045%	3-month USD-LIBOR	10/31/2022		4,000		(126	)			—			(126	)
3-month USD-LIBOR	2.2835%	1/5/2023		36,000		911				—			911
3-month USD-LIBOR	2.24%	12/5/2026		10,500		529				—			529
3-month USD-LIBOR	2.27%	12/5/2026		8,500		409				—			409
3-month USD-LIBOR	3.206%	7/31/2044		1,000		(50	)			—			(50	)
3-month USD-LIBOR	3.238%	8/8/2044		2,000		(112	)			—			(112	)
3-month USD-LIBOR	3.2265%	9/25/2044		3,000		(163	)			—			(163	)
U.S. EFFR	2.145%	11/9/2047		2,200		145				—			145
U.S. EFFR	2.153%	11/10/2047		2,200		141				—			141
U.S. EFFR	2.155%	11/10/2047		1,280		82				—			82
U.S. EFFR	2.17%	11/13/2047		2,320		141				—			141
U.S. EFFR	2.5635%	2/12/2048		4,528		(97	)			—			(97	)
2.98%	3-month USD-LIBOR	3/15/2048		300		3				—			3
2.9625%	3-month USD-LIBOR	3/15/2048		300		2				—			2
U.S. EFFR	2.4615%	3/15/2048		300		—	9			—			—	9
U.S. EFFR	2.485%	3/15/2048		300		(1	)			—			(1	)
U.S. EFFR	2.425%	3/16/2048		600		5				—			5
2.917%	3-month USD-LIBOR	3/16/2048		600		(2	)			—			(2	)
									$	—		$	919

American Funds Insurance Series 107

Mortgage Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2	Purchased on a TBA basis.
3	Coupon rate may change periodically.
4	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $5,550,000, which represented 1.64% of the net assets of the fund.
5	Index-linked bond whose principal amount moves with a government price index.
6	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $90,987,000, which represented 26.85% of the net assets of the fund.
7	Notional amount is calculated based on the number of contracts and notional contract size.
8	Value is calculated based on the notional amount and current market price.
9	Amount less than one thousand.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See Notes to Financial Statements

108 American Funds Insurance Series

Ultra-Short Bond Fund
Investment portfolio June 30, 2018	unaudited

Short-term securities 99.94%	Principal amount (000)			Value (000)
Commercial paper 84.63%
American Honda Finance Corp. 2.15% due 7/24/2018		$	8,650	$	8,638
Caisse d’Amortissement de la Dette Sociale 1.99% due 7/9/2018			10,000		9,995
Chevron Corp. 2.06% due 9/12/20181			10,000		9,957
Emerson Electric Co. 1.92% due 7/10/20181			7,990		7,985
Essilor International 1.98% due 7/16/20181			10,000		9,991
Fairway Finance Corp. 2.00% due 7/16/20181			6,500		6,494
General Dynamics Corp. 2.03% due 7/17/20181			10,000		9,990
Hydro-Québec 2.02% due 8/2/20181			10,000		9,981
John Deere Canada ULC 1.97% due 7/17/20181			9,100		9,091
KfW 2.12% due 9/24/20181			10,000		9,950
Kimberly-Clark Corp. 1.95% due 7/11/20181			8,000		7,995
Mitsubishi UFJ Trust and Banking Corp. 2.05% due 7/6/20181			9,300		9,297
Mizuho Bank, Ltd. 2.04% due 8/13/20181			10,000		9,974
National Australia Bank Ltd. 1.95% due 7/2/20181			11,000		10,998
National Rural Utilities Cooperative Finance Corp. 1.98% due 7/17/2018			8,800		8,791
Nestlé Capital Corp. 2.08% due 9/4/20181			10,000		9,962
Old Line Funding, LLC 2.05% due 8/6/20181			4,800		4,790
Pfizer Inc. 2.02% due 8/21/20181			10,000		9,970
Province of Ontario 1.91% due 7/5/2018			9,300		9,297
Prudential Funding, LLC 1.90% due 7/6/2018			10,000		9,996
Simon Property Group, L.P. 2.08% due 8/20/20181			11,150		11,117
Société Générale 1.79% due 7/2/20181			12,000		11,998
Starbird Funding Corp. 1.96% due 7/6/20181			5,000		4,998
Sumitomo Mitsui Banking Corp. 2.00% due 7/23/20181			11,000		10,986
Swedbank AB 2.23% due 9/27/2018			6,800		6,763
Toyota Industries Commercial Finance, Inc. 2.10% due 8/17/20181			8,000		7,978
United Overseas Bank Ltd. 2.00% due 7/10/20181			10,000		9,994
					246,976
Federal agency discount notes 11.20%
Federal Home Loan Bank 1.85%–1.89% due 7/20/2018–8/6/2018			32,000		31,957
Freddie Mac 1.83% due 8/6/2018			715		714
					32,671
U.S. Treasury bonds & notes 4.11%
U.S. Treasury Bill 1.60% due 7/19/2018			12,000		11,990
Total short-term securities (cost: $291,655,000)					291,637
Total investment securities 99.94% (cost: $291,655,000)					291,637
Other assets less liabilities 0.06%					178
Net assets 100.00%				$	291,815

¹ Acquired in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $193,496,000, which represented 66.31% of the net assets of the fund.

See Notes to Financial Statements

American Funds Insurance Series 109

U.S. Government/AAA-Rated Securities Fund
Summary investment portfolio June 30, 2018	unaudited

Bonds, notes & other debt instruments 99.10%	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes 50.17%
U.S. Treasury 43.02%
U.S. Treasury 2.50% 2020		$	50,000	$	49,973
U.S. Treasury 1.125% 2021			31,950		30,481
U.S. Treasury 1.75% 20211			33,540		32,544
U.S. Treasury 2.00% 2021			46,300		45,268
U.S. Treasury 2.00% 2021			26,500		26,038
U.S. Treasury 1.75% 2022			174,300		168,177
U.S. Treasury 1.875% 2022			63,000		61,122
U.S. Treasury 2.00% 2022			69,500		67,464
U.S. Treasury 2.00% 2022			43,510		42,222
U.S. Treasury 1.50% 2023			26,020		24,625
U.S. Treasury 1.625% 2023			38,150		36,210
U.S. Treasury 2.125% 20231			64,095		62,028
U.S. Treasury 2.625% 2023			63,000		62,728
U.S. Treasury 2.75% 2023			99,300		99,387
U.S. Treasury 2.75% 2023			52,956		52,987
U.S. Treasury 2.125% 2024			55,975		53,790
U.S. Treasury 2.50% 2024			44,000		43,296
U.S. Treasury 2.75% 2025			38,000		37,850
U.S. Treasury 2.875% 2025			25,000		25,084
U.S. Treasury 2.75% 2028			27,461		27,199
U.S. Treasury 2.75% 20471			43,501		41,423
U.S. Treasury 1.50%–6.25% 2019–2048			210,954		207,086
					1,296,982
U.S. Treasury inflation-protected securities 7.15%
U.S. Treasury Inflation-Protected Security 0.50% 20282			57,386		47,688
U.S. Treasury Inflation-Protected Security 1.375% 20441,2			46,441		51,833
U.S. Treasury Inflation-Protected Security 1.00% 20482			31,748		26,386
U.S. Treasury Inflation-Protected Securities 0.13%–2.13% 2022–20472			91,391		89,863
					215,770
Total U.S. Treasury bonds & notes					1,512,752
Mortgage-backed obligations 28.50%
Federal agency mortgage-backed obligations 28.50%
Fannie Mae 3.00% 20363			27,950		27,543
Fannie Mae 4.00% 20473			32,646		33,360
Fannie Mae 4.50% 20483,4			95,470		99,239
Fannie Mae 4.50% 20483,4			67,539		70,099
Fannie Mae 4.50% 20483			43,815		45,915
Fannie Mae 0%–9.22% 2022–20483,4,5			129,020		132,015
Freddie Mac 4.50% 20483,4			36,248		37,659
Freddie Mac 0%–5.50% 2020–20483,4,5			75,257		75,767
Freddie Mac, Series K010, Class A1, Multi Family, 3.32% 20203			107		107
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20573			44,020		43,237
Government National Mortgage Assn. 3.50% 20483,4			25,000		25,090
Government National Mortgage Assn. 4.00% 20483,4			33,367		34,143
Government National Mortgage Assn. 4.50% 20483,4			60,719		63,017
Government National Mortgage Assn. 4.50% 20483,4			31,081		32,310
Government National Mortgage Assn. 2.74%–6.64% 2034–20653,4,5			61,832		64,125
Other securities					75,485
					859,111
Federal agency bonds & notes 20.43%
Fannie Mae 1.25%–7.13% 2019–2030			31,400		32,266
Federal Home Loan Bank 1.75%–5.50% 2018–2036			91,315		91,736
Freddie Mac 2.38%–3.75% 2019–2021			112,750		112,154
Tennessee Valley Authority 2.88%–5.88% 2021–2060			47,305		49,028
U.S. Department of Housing and Urban Development 1.33%–3.70% 2018–2034			83,632		83,208

110 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
United States Agency for International Development, Jordan (Kingdom of) 1.95%–3.00% 2019–2025		$	194,000	$	193,737
United States Agency for International Development, Morocco (Kingdom of) 7.55% 20263			3,477		3,997
United States Agency for International Development, Iraq (State of), 2.149% 2022			6,670		6,475
United States Agency for International Development, Tunisia (Kingdom of) 1.416% 2021			3,000		2,878
United States Agency for International Development, Ukraine 1.47%–1.84% 2019–2021			5,855		5,663
Other securities					34,757
					615,899
Total bonds, notes & other debt instruments (cost: $3,019,008,000)					2,987,762
Short-term securities 16.56%
Chariot Funding, LLC 2.25% due 8/31/20186			25,000		24,905
CHARTA, LLC 2.27% due 9/28/20186			30,000		29,827
Chevron Corp. 1.98%–2.01% due 8/23/2018–9/10/20186			50,000		49,809
Coca-Cola Co. 2.23% due 10/5/20186			50,000		49,704
Eli Lilly and Co. 1.91% due 7/9/20186			30,000		29,984
Intel Corp. 1.94% due 7/23/20186			41,300		41,246
PepsiCo Inc. 1.96% due 8/6/20186			60,000		59,873
Pfizer Inc. 2.03% due 9/10/20186			50,000		49,787
Société Générale 1.79% due 7/2/20186			37,100		37,094
Other securities					127,082
Total short-term securities (cost: $499,371,000)					499,311
Total investment securities 115.66% (cost: $3,518,379,000)					3,487,073
Other assets less liabilities (15.66)%					(472,050	)
Net assets 100.00%				$	3,015,023

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

										Unrealized
										(depreciation)
				Notional			Value at			appreciation
		Number of		amount7			6/30/20188			at 6/30/2018
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
90 Day Euro Dollar Futures	Long	1	December 2018	$	250		$	243			$	—	9
2 Year U.S. Treasury Note Futures	Long	1,895	October 2018		379,000			401,414				(233	)
5 Year U.S. Treasury Note Futures	Long	13,644	October 2018		1,364,400			1,550,193				7,833
10 Year U.S. Treasury Note Futures	Long	3,146	September 2018		314,600			378,110				2,093
10 Year Ultra U.S. Treasury Note Futures	Long	312	September 2018		31,200			40,009				361
20 Year U.S. Treasury Bond Futures	Long	97	September 2018		9,700			14,065				35
30 Year Ultra U.S. Treasury Bond Futures	Short	159	September 2018		(15,900	)		(25,370	)			17
											$	10,106

American Funds Insurance Series 111

U.S. Government/AAA-Rated Securities Fund

Swap contracts

Interest rate swaps

										Unrealized
								Upfront		appreciation
					Value at			payments/		(depreciation)
		Expiration	Notional		6/30/2018			receipts		at 6/30/2018
Receive	Pay	date	(000)		(000)			(000)		(000)
1.9475%	U.S. EFFR	9/26/2018	$	3,090,000	$	54		$	—		$	54
1.882%	U.S. EFFR	9/26/2018		142,200		(12	)		—			(12	)
1.8975%	U.S. EFFR	9/26/2018		374,000		(22	)		—			(22	)
1.8935%	U.S. EFFR	9/26/2018		398,000		(26	)		—			(26	)
1.865%	U.S. EFFR	9/26/2018		364,900		(40	)		—			(40	)
U.S. EFFR	2.385%	5/1/2019		2,143,040		(120	)		—			(120	)
1.37%	U.S. EFFR	6/14/2019		60,500		(474	)		—			(474	)
1.362%	U.S. EFFR	6/21/2019		60,500		(492	)		—			(492	)
1.351%	U.S. EFFR	6/28/2019		60,500		(511	)		—			(511	)
2.32475%	3-month USD-LIBOR	2/9/2020		490,000		(3,245	)		—			(3,245	)
3-month USD-LIBOR	2.3774%	2/13/2020		390,000		2,270			—			2,270
1.997%	U.S. EFFR	2/13/2020		60,900		(308	)		—			(308	)
1.989%	U.S. EFFR	2/13/2020		61,000		(316	)		—			(316	)
1.9425%	3-month USD-LIBOR	3/17/2020		165,000		(2,231	)		—			(2,231	)
U.S. EFFR	2.19%	3/29/2020		135,300		383			—			383
2.5935%	3-month USD-LIBOR	3/29/2020		136,200		(377	)		—			(377	)
2.577%	3-month USD-LIBOR	3/29/2020		135,300		(413	)		—			(413	)
U.S. EFFR	2.174%	4/4/2020		71,520		230			—			230
2.5725%	3-month USD-LIBOR	4/4/2020		71,516		(235	)		—			(235	)
U.S. EFFR	2.19%	4/6/2020		47,300		139			—			139
3-month USD-LIBOR	2.761%	4/27/2020		100,000		18			—			18
U.S. EFFR	2.4195%	6/14/2020		121,000		(36	)		—			(36	)
1.8005%	3-month USD-LIBOR	9/28/2020		48,000		(1,062	)		—			(1,062	)
3-month USD-LIBOR	1.217%	9/22/2021		60,000		3,065			—			3,065
3-month USD-LIBOR	1.225%	9/22/2021		60,000		3,051			—			3,051
3-month USD-LIBOR	1.2255%	9/23/2021		5,000		254			—			254
3-month USD-LIBOR	1.9665%	2/2/2022		50,000		1,560			—			1,560
3-month USD-LIBOR	2.2175%	3/17/2022		52,000		1,203			—			1,203
3-month USD-LIBOR	1.8675%	4/19/2022		70,000		2,545			—			2,545
3-month USD-LIBOR	1.75918%	4/29/2022		58,000		2,351			—			2,351
3-month USD-LIBOR	1.948%	7/28/2022		20,000		714			—			714
2.80%	3-month USD-LIBOR	9/2/2022		280,000		(767	)		—			(767	)
2.75%	3-month USD-LIBOR	9/2/2022		280,000		(1,024	)		—			(1,024	)
2.009%	3-month USD-LIBOR	10/4/2022		50,000		(1,744	)		—			(1,744	)
2.08934%	3-month USD-LIBOR	11/17/2022		40,700		(1,324	)		—			(1,324	)
2.2025%	3-month USD-LIBOR	12/4/2022		20,000		(563	)		—			(563	)
3-month USD-LIBOR	2.2455%	12/21/2022		25,000		666			—			666
2.27403%	3-month USD-LIBOR	12/29/2022		60,000		(1,529	)		—			(1,529	)
3-month USD-LIBOR	2.6778%	2/12/2023		51,000		452			—			452
2.7435%	3-month USD-LIBOR	2/16/2023		41,000		(246	)		—			(246	)
3-month USD-LIBOR	2.8655%	4/23/2023		55,000		37			—			37
2.5815%	U.S. EFFR	5/25/2023		80,000		295			—			295
3-month USD-LIBOR	2.0815%	2/10/2024		28,700		1,204			—			1,204
3-month USD-LIBOR	2.0955%	2/10/2024		14,300		590			—			590
3-month USD-LIBOR	2.3875%	3/17/2024		160,700		4,231			—			4,231
3-month USD-LIBOR	2.12813%	10/3/2024		65,000		2,848			—			2,848
3-month USD-LIBOR	2.4595%	1/12/2025		26,400		684			—			684
3-month USD-LIBOR	2.588%	1/26/2025		15,600		286			—			286
2.8775%	3-month USD-LIBOR	3/23/2025		29,800		(24	)		—			(24	)
2.905%	3-month USD-LIBOR	6/21/2025		38,425		29			—			29
3-month USD-LIBOR	1.798%	2/2/2026		35,000		2,652			—			2,652
3-month USD-LIBOR	2.24%	12/5/2026		55,100		2,776			—			2,776
3-month USD-LIBOR	2.27%	12/5/2026		44,900		2,160			—			2,160
2.579%	3-month USD-LIBOR	3/14/2027		53,000		(1,360	)		—			(1,360	)
2.333%	3-month USD-LIBOR	3/29/2027		42,000		(1,890	)		—			(1,890	)
3-month USD-LIBOR	2.31934%	11/17/2027		21,200		1,054			—			1,054

112 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

										Unrealized
								Upfront		appreciation
					Value at			payments/		(depreciation)
		Expiration	Notional		6/30/2018			receipts		at 6/30/2018
Receive	Pay	date	(000)		(000)			(000)		(000)
3-month USD-LIBOR	2.31613%	11/17/2027	$	19,800	$	990		$	—		$	990
2.925%	3-month USD-LIBOR	2/1/2028		12,800		(20	)		—			(20	)
2.91%	3-month USD-LIBOR	2/1/2028		16,000		(35	)		—			(35	)
2.908%	3-month USD-LIBOR	2/1/2028		16,000		(36	)		—			(36	)
2.92%	3-month USD-LIBOR	2/2/2028		12,200		(22	)		—			(22	)
U.S. EFFR	2.5065%	3/22/2028		8,700		12			—			12
U.S. EFFR	2.535%	3/23/2028		6,700		(7	)		—			(7	)
U.S. EFFR	2.471%	3/27/2028		8,100		36			—			36
U.S. EFFR	2.4575%	3/29/2028		9,638		55			—			55
U.S. EFFR	2.424%	3/30/2028		8,160		70			—			70
U.S. EFFR	2.412%	4/5/2028		3,702		36			—			36
3-month USD-LIBOR	2.97125%	9/2/2030		62,000		47			—			47
3-month USD-LIBOR	3.005%	9/2/2030		62,000		(127	)		—			(127	)
3-month USD-LIBOR	2.9625%	2/1/2038		9,800		31			—			31
3-month USD-LIBOR	2.963%	2/1/2038		9,800		31			—			31
3-month USD-LIBOR	2.986%	2/1/2038		7,800		12			—			12
3-month USD-LIBOR	2.967%	2/2/2038		7,600		22			—			22
3-month USD-LIBOR	3.34%	6/27/2044		10,000		(752	)		—			(752	)
3-month USD-LIBOR	3.206%	7/31/2044		16,000		(803	)		—			(803	)
3-month USD-LIBOR	3.238%	8/8/2044		16,000		(897	)		—			(897	)
3-month USD-LIBOR	2.7045%	1/2/2045		12,000		548			—			548
3-month USD-LIBOR	2.5055%	1/9/2045		11,000		923			—			923
3-month USD-LIBOR	2.4945%	1/9/2045		2,000		172			—			172
3-month USD-LIBOR	2.52822%	11/23/2045		13,350		1,079			—			1,079
U.S. EFFR	2.166%	10/23/2047		10,000		615			—			615
U.S. EFFR	2.145%	11/9/2047		15,400		1,015			—			1,015
U.S. EFFR	2.153%	11/10/2047		15,300		983			—			983
U.S. EFFR	2.155%	11/10/2047		8,640		551			—			551
U.S. EFFR	2.17%	11/13/2047		15,660		951			—			951
2.964%	3-month USD-LIBOR	2/12/2048		9,100		61			—			61
U.S. EFFR	2.5635%	2/12/2048		33,204		(708	)		—			(708	)
3-month USD-LIBOR	2.96%	2/15/2048		4,600		(27	)		—			(27	)
3-month USD-LIBOR	2.9825%	2/20/2048		9,000		(96	)		—			(96	)
2.98%	3-month USD-LIBOR	3/15/2048		2,000		21			—			21
2.9625%	3-month USD-LIBOR	3/15/2048		2,000		13			—			13
U.S. EFFR	2.4615%	3/15/2048		2,000		—	9		—			—	9
U.S. EFFR	2.485%	3/15/2048		2,000		(10	)		—			(10	)
U.S. EFFR	2.425%	3/16/2048		4,100		32			—			32
2.917%	3-month USD-LIBOR	3/16/2048		4,100		(12	)		—			(12	)
U.S. EFFR	2.505%	3/22/2048		4,300		(38	)		—			(38	)
U.S. EFFR	2.51375%	3/22/2048		4,700		(51	)		—			(51	)
3-month USD-LIBOR	3.006%	3/23/2048		11,074		(174	)		—			(174	)
3-month USD-LIBOR	2.848%	4/3/2048		14,000		241			—			241
3-month USD-LIBOR	2.8245%	4/4/2048		11,300		250			—			250
3-month USD-LIBOR	3.016%	5/9/2048		4,026		(72	)		—			(72	)
3-month USD-LIBOR	3.003%	5/9/2048		6,000		(91	)		—			(91	)
3.06%	3-month USD-LIBOR	5/11/2048		3,400		92			—			92
3.04%	3-month USD-LIBOR	5/14/2048		3,526		81			—			81
3.029%	3-month USD-LIBOR	5/14/2048		3,100		64			—			64
U.S. EFFR	2.625%	5/25/2048		18,000		(616	)		—			(616	)
U.S. EFFR	2.445%	6/4/2048		6,700		25			—			25
U.S. EFFR	2.471%	6/29/2048		9,008		(16	)		—			(16	)
								$	—		$	21,859

American Funds Insurance Series 113

U.S. Government/AAA-Rated Securities Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $64,163,000, which represented 2.13% of the net assets of the fund.
2	Index-linked bond whose principal amount moves with a government price index.
3	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
4	Purchased on a TBA basis.
5	Coupon rate may change periodically.
6	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $449,461,000, which represented 14.91% of the net assets of the fund.
7	Notional amount is calculated based on the number of contracts and notional contract size.
8	Value is calculated based on the notional amount and current market price.
9	Amount less than one thousand.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See Notes to Financial Statements

114 American Funds Insurance Series

Managed Risk Growth Fund
Investment portfolio June 30, 2018	unaudited

Growth funds 80.38%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		3,351,155	$	259,279
Total growth funds (cost: $233,384,000)				259,279
Fixed income funds 15.27%
American Funds Insurance Series – Bond Fund, Class 1		4,658,402		49,239
Total fixed income funds (cost: $50,664,000)				49,239
Short-term securities 4.40%
Government Cash Management Fund		14,206,955		14,207
Total short-term securities (cost: $14,207,000)				14,207
Total investment securities 100.05% (cost: $298,255,000)				322,725
Other assets less liabilities (0.05)%				(162	)
Net assets 100.00%			$	322,563

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount1 (000)		Value at 6/30/20182 (000)		Unrealized appreciation at 6/30/2018 (000)
5 Year U.S. Treasury Note Futures	Long	150	September 2018	$	15,000	$	17,043		$	76

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2018 (000)
Growth funds 80.38%
American Funds Insurance Series – Growth Fund, Class 1		2,960,791		522,087		131,723		3,351,155	$	1,773		$	(3,761	)	$	368	$	259,279
Fixed income funds 15.27%
American Funds Insurance Series – Bond Fund, Class 1		4,022,202		1,034,742		398,542		4,658,402		(134	)		(923	)		207		49,239
Total 95.65%									$	1,639		$	(4,684	)	$	575	$	308,518

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See Notes to Financial Statements

American Funds Insurance Series 115

Managed Risk International Fund
Investment portfolio June 30, 2018	unaudited

Growth funds 80.64%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		6,052,381	$	125,103
Total growth funds (cost: $112,444,000)				125,103
Fixed income funds 14.98%
American Funds Insurance Series – Bond Fund, Class 1		2,198,449		23,237
Total fixed income funds (cost: $23,947,000)				23,237
Short-term securities 4.45%
Government Cash Management Fund		689,518		6,896
Total short-term securities (cost: $6,896,000)				6,896
Total investment securities 100.07% (cost: $143,287,000)				155,236
Other assets less liabilities (0.07)%				(109	)
Net assets 100.00%			$	155,127

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount1 (000)		Value at 6/30/20182 (000)		Unrealized appreciation at 6/30/2018 (000)
5 Year U.S. Treasury Note Futures	Long	74	September 2018	$	7,400	$	8,408		$	38

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2018 (000)
Growth funds 80.64%
American Funds Insurance Series – International Fund, Class 1		5,479,657		828,398		255,674		6,052,381	$	376		$	(6,615	)	$	287	$	125,103
Fixed income funds 14.98%
American Funds Insurance Series – Bond Fund, Class 1		2,063,150		412,750		277,451		2,198,449		(98	)		(452	)		102		23,237
Total 95.62%									$	278		$	(7,067	)	$	389	$	148,340

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See Notes to Financial Statements

116 American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund
Investment portfolio June 30, 2018	unaudited

Growth-and-income funds 80.26%	Shares		Value (000)
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		20,377,436	$	282,024
Total growth-and-income funds (cost: $274,887,000)				282,024
Fixed income funds 15.01%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,429,371		52,754
Total fixed income funds (cost: $54,041,000)				52,754
Short-term securities 4.78%
Government Cash Management Fund		16,809,408		16,809
Total short-term securities (cost: $16,809,000)				16,809
Total investment securities 100.05% (cost: $345,737,000)				351,587
Other assets less liabilities (0.05)%				(188	)
Net assets 100.00%			$	351,399

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount1 (000)		Value at 6/30/20182 (000)		Unrealized appreciation at 6/30/2018 (000)
5 Year U.S. Treasury Note Futures	Long	168	September 2018	$	16,800	$	19,088		$	85

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2018 (000)
Growth-and-income funds 80.26%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		19,699,331		2,006,662		1,328,557		20,377,436	$	3,053		$	(24,163	)	$	1,201	$	282,024
Fixed income funds 15.01%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,530,491		313,891		415,011		4,429,371		(149	)		(619	)		175		52,754
Total 95.27%									$	2,904		$	(24,782	)	$	1,376	$	334,778

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See Notes to Financial Statements

American Funds Insurance Series 117

Managed Risk Growth-Income Fund
Investment portfolio June 30, 2018	unaudited

Growth-and-income funds 81.58%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		3,723,850	$	185,671
Total growth-and-income funds (cost: $172,960,000)				185,671
Fixed income funds 15.31%
American Funds Insurance Series – Bond Fund, Class 1		3,296,207		34,841
Total fixed income funds (cost: $35,853,000)				34,841
Short-term securities 3.18%
Government Cash Management Fund		7,224,073		7,224
Total short-term securities (cost: $7,224,000)				7,224
Total investment securities 100.07% (cost: $216,037,000)				227,736
Other assets less liabilities (0.07)%				(155	)
Net assets 100.00%			$	227,581

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount1 (000)		Value at 6/30/20182 (000)		Unrealized appreciation at 6/30/2018 (000)
5 Year U.S. Treasury Note Futures	Long	70	September 2018	$	7,000	$	7,953		$	36

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 6/30/2018 (000)
Growth-and-income funds 81.58%
American Funds Insurance Series – Growth-Income Fund, Class 1		3,331,787		486,437		94,374		3,723,850	$	(152	)	$	(1,448	)	$	491	$	185,671
Fixed income funds 15.31%
American Funds Insurance Series – Bond Fund, Class 1		2,916,097		744,555		364,445		3,296,207		(127	)		(643	)		147		34,841
Total 96.89%									$	(279	)	$	(2,091	)	$	638	$	220,512

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See Notes to Financial Statements

118 American Funds Insurance Series

Managed Risk Asset Allocation Fund
Investment portfolio June 30, 2018	unaudited

Asset allocation funds 96.49%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		188,290,272	$	4,308,081
Total asset allocation funds (cost: $4,129,979,000)				4,308,081
Short-term securities 3.61%
Government Cash Management Fund		161,351,550		161,352
Total short-term securities (cost: $161,352,000)				161,352
Total investment securities 100.10% (cost: $4,291,331,000)				4,469,433
Other assets less liabilities (0.10)%				(4,589	)
Net assets 100.00%			$	4,464,844

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount1 (000)		Value at 6/30/20182 (000)		Unrealized appreciation at 6/30/2018 (000)
5 Year U.S. Treasury Note Futures	Long	1,599	September 2018	$	159,900	$	181,674		$	810

Investment in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 6/30/2018 (000)
Asset allocation funds 96.49%
American Funds Insurance Series – Asset Allocation Fund, Class 1		178,833,494		11,775,274		2,318,496		188,290,272	$	7,542	$	(160,545	)	$	15,338	$	4,308,081

1	Notional amount is calculated based on the number of contracts and notional contract size.
2	Value is calculated based on the notional amount and current market price.

See Notes to Financial Statements

American Funds Insurance Series 119

Financial statements

Statements of assets and liabilities
at June 30, 2018

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	6,256,704	$	4,254,330	$	25,794,041	$	9,849,487	$	3,381,973
Affiliated issuers		—		39,287		—		—		—
Cash		1,133		258		116		58		289
Cash denominated in currencies other than U.S. dollars		2,781		273		1,777		4,095		1,374
Unrealized appreciation on open forward currency contracts		35		502		—		662		600
Receivables for:
Sales of investments		9,928		11,559		64,385		4,855		21,777
Sales of fund’s shares		8,940		2,146		6,214		9,876		3,986
Dividends and interest		15,984		4,924		23,533		23,294		11,437
Closed forward currency contracts		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Other		132		64		—		—		1,055
		6,295,637		4,313,343		25,890,066		9,892,327		3,422,491
Liabilities:
Unrealized depreciation on open forward currency contracts		3		74		—		—		1
Payables for:
Purchases of investments		6,506		8,867		18,563		42,621		—
Repurchases of fund’s shares		3,285		3,148		63,897		5,667		1,864
Investment advisory services		2,709		2,531		6,932		4,030		2,006
Services provided by related parties		917		592		3,788		1,070		325
Trustees’ deferred compensation		70		47		507		216		31
Closed forward currency contracts		—		—		—		—		44
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Non-U.S. taxes		5,261		2,035		3,269		607		17,526
Other		1,878		178		786		1,516		470
		20,782		17,472		97,742		55,727		22,267
Net assets at June 30, 2018	$	6,274,855	$	4,295,871	$	25,792,324	$	9,836,600	$	3,400,224
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,900,107	$	3,094,834	$	14,046,657	$	7,655,392	$	2,717,195
Undistributed (distributions in excess of) net investment income		35,281		15,695		97,128		85,084		16,403
Undistributed (accumulated) net realized gain (loss)		203,923		247,849		902,753		204,320		162,131
Net unrealized appreciation (depreciation)		2,135,544		937,493		10,745,786		1,891,804		504,495
Net assets at June 30, 2018	$	6,274,855	$	4,295,871	$	25,792,324	$	9,836,600	$	3,400,224
Investment securities, at cost:
Unaffiliated issuers	$	4,116,065	$	3,308,839	$	15,048,209	$	7,957,697	$	2,862,464
Affiliated issuers		—		45,822		—		—		—
Cash denominated in currencies other than U.S. dollars, at cost		2,781		283		1,777		4,095		1,374

See end of statements of assets and liabilities for footnote.

See Notes to Financial Statements

120 American Funds Insurance Series

unaudited
(dollars in thousands)

Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder			Asset Allocation Fund		Global Balanced Fund		Bond Fund			Global Bond Fund
$	9,092,984	$	2,029,056	$	31,469,009	$	1,461,736	$	658,570		$	26,142,488	$	389,679	$	12,535,060		$	2,279,459
	—		—		—		—		—			324,176		—		—			—
	1,737		750		457		8		254			4,682		52		14,056			74
	—		1,074		1,130		813		53			2,401		90		7,016			1,149
	—		—		—		—		—			—		335		1,868			9,633
	—		303		91,938		686		27,991			419,291		6,622		1,456,332			77,901
	1,443		1,567		7,994		490		536			8,310		232		2,111			485
	14,515		6,918		34,264		5,731		2,942			85,663		2,016		70,399			20,161
	—		—		—		—		—			—		—		—			412
	—		—		—		—		—			7		—		544			16
	—		—		—		—		—			131		—		1,593			108
	—		162		134		—		—			46		—		—			—
	9,110,679		2,039,830		31,604,926		1,469,464		690,346			26,987,195		399,026		14,088,979			2,389,398
	—		—		—		—		—			—		151		2,417			4,812
	2,037		—		2,739		2,393		40,212			1,023,982		10,809		3,448,248			144,176
	8,632		941		37,467		165		355			20,779		90		6,005			1,305
	2,929		1,009		6,752		732		263			5,697		211		3,160			976
	826		335		3,332		81		77			2,065		59		928			256
	76		22		580		8		2			248		2		112			24
	—		—		—		—		—			—		7		—			218
	—		—		—		—		—			38		—		1,118			35
	—		—		—		—		—			94		—		1,418			11
	114		2,180		408		263		—			4,611		140		—			—
	191		110		628		140		300			2,509		136		375			982
	14,805		4,597		51,906		3,782		41,209			1,060,023		11,605		3,463,781			152,795
$	9,095,874	$	2,035,233	$	31,553,020	$	1,465,682	$	649,137		$	25,927,172	$	387,421	$	10,625,198		$	2,236,603
$	6,739,312	$	1,541,810	$	20,831,509	$	1,306,166	$	640,382		$	20,281,109	$	331,952	$	10,769,062		$	2,234,032
	100,168		25,019		244,551		24,174		947			257,027		2,987		124,247			26,284
	571,644		40,850		1,817,428		27,874		(1,921	)		912,701		5,781		(131,287	)		13,276
	1,684,750		427,554		8,659,532		107,468		9,729			4,476,335		46,701		(136,824	)		(36,989	)
$	9,095,874	$	2,035,233	$	31,553,020	$	1,465,682	$	649,137		$	25,927,172	$	387,421	$	10,625,198		$	2,236,603
$	7,408,226	$	1,599,905	$	22,809,399	$	1,354,200	$	648,832		$	21,450,874	$	342,992	$	12,672,959		$	2,320,751
	—		—		—		—		—			538,159		—		—			—
	—		1,075		1,130		813		53			2,382		90		7,003			1,148

American Funds Insurance Series 121

Statements of assets and liabilities
at June 30, 2018

	High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	1,403,358		$	445,063		$	291,637		$	3,487,073		$	14,207
Affiliated issuers		—			—			—			—			308,518
Cash		160			96			76			2,325			—	*
Cash pledged for futures contracts		—			—			—			—			102
Cash denominated in currencies other than U.S. dollars		—	*		—			—			—			—
Receivables for:
Sales of investments		4,666			130,368			—			635,581			234
Sales of fund’s shares		145			85			542			571			264
Dividends and interest		24,008			918			—			13,945			20
Variation margin on futures contracts		—			2			—			13			—
Variation margin on swap contracts		97			72			—			1,152			—
Other		4			—	*		—			—			2
		1,432,438			576,604			292,255			4,140,660			323,347
Liabilities:
Payables for:
Purchases of investments		35,545			237,316			—			1,117,448			250
Repurchases of fund’s shares		560			149			282			3,214			247
Investment advisory services		542			117			76			840			26
Services provided by related parties		172			18			55			331			256
Trustees’ deferred compensation		52			2			18			60			1
Variation margin on futures contracts		—			27			—			2,818			4
Variation margin on swap contracts		35			57			—			870			—
Non-U.S. taxes		5			—			—			—			—
Other		509			10			9			56			—
		37,420			237,696			440			1,125,637			784
Net assets at June 30, 2018	$	1,395,018		$	338,908		$	291,815		$	3,015,023		$	322,563
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,558,816		$	343,263		$	290,165		$	3,067,310		$	286,485
Undistributed (distributions in excess of) net investment income		41,321			3,128			1,668			28,754			(282	)
Undistributed (accumulated) net realized gain (loss)		(184,946	)		(7,578	)		—			(81,699	)		11,814
Net unrealized appreciation (depreciation)		(20,173	)		95			(18	)		658			24,546
Net assets at June 30, 2018	$	1,395,018		$	338,908		$	291,815		$	3,015,023		$	322,563
Investment securities, at cost:
Unaffiliated issuers	$	1,425,947		$	446,686		$	291,655		$	3,518,379		$	14,207
Affiliated issuers		—			—			—			—			284,048
Cash denominated in currencies other than U.S. dollars, at cost		—	*		—			—			—			—

See end of statements of assets and liabilities for footnote.

See Notes to Financial Statements

122 American Funds Insurance Series

unaudited
(dollars in thousands)

Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
$	6,896		$	16,809		$	7,224		$	161,352
	148,340			334,778			220,512			4,308,081
	—	*		—	*		—	*		—	*
	50			114			48			1,088
	—			—			—			—
	615			86			551			9,360
	62			134			335			1,078
	10			25			10			235
	—			—			—			—
	—			—			—			—
	4			—			4			—
	155,977			351,946			228,684			4,481,194
	57			90			317			849
	648			131			581			10,037
	13			29			19			371
	130			287			183			3,329
	—	*		1			1			20
	2			4			2			38
	—			—			—			—
	—			—			—			—
	—			5			—			1,706
	850			547			1,103			16,350
$	155,127		$	351,399		$	227,581		$	4,464,844
$	144,278		$	330,269		$	212,154		$	4,136,918
	(48	)		364			13			5,002
	(1,090	)		14,831			3,679			144,012
	11,987			5,935			11,735			178,912
$	155,127		$	351,399		$	227,581		$	4,464,844
$	6,896		$	16,809		$	7,224		$	161,352
	136,391			328,928			208,813			4,129,979
	—			—			—			—

American Funds Insurance Series 123

Statements of assets and liabilities
at June 30, 2018

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	2,125,350	$	1,671,016	$	8,449,474	$	5,051,798	$	1,978,499
Shares outstanding		72,341		65,698		109,203		244,377		83,760
Net asset value per share	$	29.38	$	25.44	$	77.37	$	20.67	$	23.62
Class 1A:
Net assets	$	4,347	$	361	$	6,823	$	4,310	$	1,837
Shares outstanding		149		14		88		209		78
Net asset value per share	$	29.30	$	25.39	$	77.16	$	20.61	$	23.55
Class 2:
Net assets	$	3,892,666	$	2,474,075	$	16,009,356	$	4,431,950	$	959,932
Shares outstanding		133,886		100,074		208,561		215,415		41,054
Net asset value per share	$	29.07	$	24.72	$	76.76	$	20.57	$	23.38
Class 3:
Net assets					$	217,167	$	28,956
Shares outstanding						2,790		1,399
Net asset value per share					$	77.84	$	20.70
Class 4:
Net assets	$	252,492	$	150,419	$	1,109,504	$	319,586	$	459,956
Shares outstanding		8,726		6,044		14,636		15,713		19,753
Net asset value per share	$	28.93	$	24.89	$	75.80	$	20.34	$	23.28
	High- Income Bond Fund		Mortgage Fund		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	611,063	$	262,166	$	36,131	$	1,526,368
Shares outstanding		60,323		25,420		3,186		128,239
Net asset value per share	$	10.13	$	10.31	$	11.34	$	11.90
Class 1A:
Net assets	$	614	$	609	$	10	$	1,136
Shares outstanding		61		59		1		96
Net asset value per share	$	10.11	$	10.29	$	11.34	$	11.89
Class 2:
Net assets	$	737,830	$	60,290	$	237,240	$	1,411,958
Shares outstanding		74,060		5,862		21,470		119,909
Net asset value per share	$	9.96	$	10.29	$	11.05	$	11.78
Class 3:
Net assets	$	11,987			$	4,491	$	8,908
Shares outstanding		1,179				402		747
Net asset value per share	$	10.16			$	11.17	$	11.92
Class 4:
Net assets	$	33,524	$	15,843	$	13,943	$	66,653
Shares outstanding		3,120		1,552		1,248		5,654
Net asset value per share	$	10.75	$	10.20	$	11.17	$	11.79
Class P1:
Net assets									$	2,110
Shares outstanding										163
Net asset value per share									$	12.97
Class P2:
Net assets									$	320,453
Shares outstanding										24,848
Net asset value per share										$12.90

* Amount less than one thousand.

See Notes to Financial Statements

124 American Funds Insurance Series

unaudited
(dollars and shares in thousands, except per-share amounts)

Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund		Bond Fund		Global Bond Fund
$	5,452,895	$	511,918	$	16,653,404	$	1,124,429	$	288,518	$	16,913,613	$	110,615	$	6,532,048	$	1,079,163
	394,094		35,313		334,012		64,874		28,856		739,298		8,717		617,843		92,762
$	13.84	$	14.50	$	49.86	$	17.33	$	10.00	$	22.88	$	12.69	$	10.57	$	11.63
$	2,549	$	872	$	5,658	$	1,899	$	3,120	$	6,777	$	1,476	$	2,530	$	311
	185		60		114		110		312		297		117		240		27
$	13.80	$	14.47	$	49.73	$	17.29	$	9.99	$	22.83	$	12.67	$	10.54	$	11.62
$	3,334,607	$	1,430,006	$	13,815,850	$	265,551	$	2,939	$	5,235,377	$	206,382	$	3,759,209	$	1,117,576
	244,088		98,925		280,381		15,382		294		231,320		16,313		360,304		96,865
$	13.66	$	14.46	$	49.28	$	17.26	$	9.99	$	22.63	$	12.65	$	10.43	$	11.54
				$	163,240					$	35,083
					3,271						1,533
				$	49.91					$	22.89
$	305,823	$	92,437	$	914,868	$	73,803	$	354,560	$	3,736,322	$	68,948	$	331,411	$	39,553
	22,464		6,485		18,749		4,300		35,528		165,886		5,499		31,816		3,458
$	13.61	$	14.25	$	48.80	$	17.16	$	9.98	$	22.52	$	12.54	$	10.42	$	11.44
Managed Risk International Fund		Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
$	229	$	211	$	2,834	$	1,718,689
	21		17		229		133,575
$	11.01	$	12.16	$	12.38	$	12.87
$	154,898	$	351,188	$	224,747	$	2,746,155
	14,179		29,111		18,250		213,747
$	10.92	$	12.06	$	12.32	$	12.85

American Funds Insurance Series 125

Statements of operations

for the six months ended June 30, 2018

				Global
	Global			Small									New
	Growth			Capitalization			Growth			International			World
	Fund			Fund			Fund			Fund			Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	58,468		$	23,989		$	142,604		$	126,679		$	30,583
Interest		2,423			2,955			9,504			8,724			4,953
		60,891			26,944			152,108			135,403			35,536
Fees and expenses*:
Investment advisory services		16,370			15,017			41,134			24,375			12,285
Distribution services		5,317			3,326			21,396			6,044			1,846
Insurance administrative services		296			172			1,293			390			570
Transfer agent services		1			—	†		1			1			—	†
Administrative services		318			216			1,274			496			176
Reports to shareholders		94			60			379			143			50
Registration statement and prospectus		23			16			93			38			13
Trustees’ compensation		20			13			79			31			11
Auditing and legal		19			15			12			33			18
Custodian		434			331			248			893			626
State, local and other taxes		—	†		—			—			1			—	†
Other		5			48			13			9			41
Total fees and expenses before waivers/reimbursements		22,897			19,214			65,922			32,454			15,636
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			—
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			—			—			—
Total fees and expenses after waivers/reimbursements		22,897			19,214			65,922			32,454			15,636
Net investment income (loss)		37,994			7,730			86,186			102,949			19,900
Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments
Unaffiliated issuers		204,049			194,899			1,032,911			208,387			162,902
Affiliated issuers*		—			3,739			—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		(53	)		(334	)		—			413			(41	)
Swap contracts		—			—			—			—			—
Currency transactions		(41	)		13			(442	)		(1,114	)		238
		203,955			198,317			1,032,469			207,686			163,099
Net unrealized (depreciation) appreciation on:
Investments
Unaffiliated issuers		(46,500	)		(4,037	)		1,292,961			(319,100	)		(323,788	)
Affiliated issuers		—			(10,233	)		—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		18			1,531			—			1,017			922
Swap contracts		—			—			—			—			—
Currency translations		43			(23	)		(86	)		(365	)		1,092
		(46,439	)		(12,762	)		1,292,875			(318,448	)		(321,774	)
Net realized gain (loss) and unrealized (depreciation) appreciation		157,516			185,555			2,325,344			(110,762	)		(158,675	)
Net increase (decrease) in net assets resulting from operations	$	195,510		$	193,285		$	2,411,530		$	(7,813	)	$	(138,775	)

See end of statements of operations for footnotes.

See Notes to Financial Statements

126 American Funds Insurance Series

unaudited
(dollars in thousands)

Blue Chip Income and Growth Fund			Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund			Bond Fund			Global Bond Fund
$	121,448		$	29,629		$	278,235		$	27,379		$	9,904		$	172,799		$	3,616		$	—		$	—
	2,421			2,323			19,173			2,587			2,275			131,203			1,780			157,930			36,371
	123,869			31,952			297,408			29,966			12,179			304,002			5,396			157,930			36,371
	17,773			6,200			40,241			4,450			1,537			34,120			1,242			19,179			6,271
	4,601			1,996			18,626			428			428			11,259			341			5,153			1,487
	344			109			1,096			88			428			4,563			78			390			46
	1			—	†		2			—	†		—	†		1			—	†		1			—	†
	458			105			1,557			74			31			1,285			19			530			118
	107			24			447			11			5			369			3			147			28
	10			3			107			16			18			345			8			37			4
	29			7			97			4			2			80			1			33			8
	4			12			16			10			5			13			10			8			3
	246			189			537			194			21			178			19			127			206
	—			—	†		—			—	†		—			—			—			—			—
	5			1			17			2			5			34			17			57			48
	23,578			8,646			62,743			5,277			2,480			52,247			1,738			25,662			8,219
	—			—			—			1			5			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			1			5			—			—			—			—
	23,578			8,646			62,743			5,276			2,475			52,247			1,738			25,662			8,219
	100,291			23,306			234,665			24,690			9,704			251,755			3,658			132,268			28,152
	551,972			42,500			1,792,533			32,229			(1,828	)		805,562			4,495			(109,690	)		16,505
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			746			—			(39,999	)		(5,196	)
	—			—			—			—			—			—			(303	)		4,320			2,923
	—			—			—			—			—			(3,011	)		—			17,220			1,540
	36			(250	)		(1,536	)		349			(74	)		(223	)		(1	)		(470	)		(969	)
	552,008			42,250			1,790,997			32,578			(1,902	)		803,074			4,191			(128,619	)		14,803
	(610,059	)		(83,171	)		(40,002	)		(84,086	)		(22,182	)		(776,248	)		(10,963	)		(188,704	)		(79,744	)
	—			—			—			—			—			(11,665	)		—			—			—
	—			—			—			—			—			486			—			6,343			846
	—			—			—			—			—			—			309			(8,091	)		4,160
	—			—			—			—			—			5,263			—			(8,040	)		1,142
	(38	)		58			(90	)		(102	)		(19	)		(82	)		(44	)		(157	)		(726	)
	(610,097	)		(83,113	)		(40,092	)		(84,188	)		(22,201	)		(782,246	)		(10,698	)		(198,649	)		(74,322	)
	(58,089	)		(40,863	)		1,750,905			(51,610	)		(24,103	)		20,828			(6,507	)		(327,268	)		(59,519	)
$	42,202		$	(17,557	)	$	1,985,570		$	(26,920	)	$	(14,399	)	$	272,583		$	(2,849	)	$	(195,000	)	$	(31,367	)

American Funds Insurance Series 127

Statements of operations

for the six months ended June 30, 2018

										U.S.
	High-									Government/			Managed
	Income									AAA-Rated			Risk
	Bond			Mortgage			Ultra-Short			Securities			Growth
	Fund			Fund			Bond Fund			Fund			Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	—		$	—		$	—		$	—		$	575
Interest		47,139			4,009			2,519			35,728			88
		47,139			4,009			2,519			35,728			663
Fees and expenses*:
Investment advisory services		3,319			704			472			5,121			226
Distribution services		989			93			321			1,875			375
Insurance administrative services		38			18			17			78			377
Transfer agent services		—	†		—	†		—	†		—	†		—	†
Administrative services		71			17			15			152			—
Accounting and administrative services		—			—			—			—			19
Reports to shareholders		15			3			4			31			3
Registration statement and prospectus		5			1			—	†		11			5
Trustees’ compensation		5			1			1			10			1
Auditing and legal		4			—	†		—	†		1			8
Custodian		14			17			—	†		25			4
Other		20			22			—	†		38			1
Total fees and expenses before waivers/reimbursements		4,480			876			830			7,342			1,019
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			75
Miscellaneous fee reimbursements		—			—			—			—			11
Total waivers/reimbursements of fees and expenses		—			—			—			—			86
Total fees and expenses after waivers/reimbursements		4,480			876			830			7,342			933
Net investment income (loss)		42,659			3,133			1,689			28,386			(270	)
Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(20,160	)		(3,153	)		—	†		(24,670	)		—
Affiliated issuers*		—			—			—			—			1,639
Futures contracts		—			(5,150	)		—			(52,726	)		(6,082	)
Swap contracts		(1,217	)		624			—			(6,083	)		—
Currency transactions		(4	)		—			—			—			(1	)
Capital gain distributions received from affiliated issuers		—			—			—			—			24,732
		(21,381	)		(7,679	)		—	†		(83,479	)		20,288
Net unrealized (depreciation) appreciation on:
Investments
Unaffiliated issuers		(18,063	)		(2,593	)		23			(30,329	)		—
Affiliated issuers		—			—			—			—			(4,684	)
Futures contracts		(75	)		1,430			—			17,551			114
Swap contracts		2,488			1,705			—			30,287			—
Currency translations		3			—			—			—			—
		(15,647	)		542			23			17,509			(4,570	)
Net realized gain (loss) and unrealized (depreciation) appreciation		(37,028	)		(7,137	)		23			(65,970	)		15,718
Net increase (decrease) in net assets resulting from operations	$	5,631		$	(4,004	)	$	1,712		$	(37,584	)	$	15,448

*	Additional information related to non-U.S. taxes, class-specific fees and expenses and affiliated income is included in the Notes to Financial Statements.
†	Amount less than one thousand.

See Notes to Financial Statements

128 American Funds Insurance Series

unaudited
(dollars in thousands)

Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
$	389		$	1,376		$	638		$	15,338
	51			106			56			1,266
	440			1,482			694			16,604
	116			265			163			3,335
	194			441			269			3,455
	194			441			272			5,559
	—	†		—	†		—	†		—	†
	—			—			—			—
	18			20			18			51
	2			3			2			37
	4			6			4			58
	—	†		1			1			14
	8			8			8			11
	4			4			4			4
	1			1			1			3
	541			1,190			742			12,527
	39			88			54			1,112
	22			—			17			—
	61			88			71			1,112
	480			1,102			671			11,415
	(40	)		380			23			5,189
	—			—			—			—
	278			2,904			(279	)		7,542
	(377	)		(7,203	)		(3,050	)		(49,802	)
	—			—			—			—
	—	†		(1	)		—	†		6
	5,858			21,502			12,395			185,909
	5,759			17,202			9,066			143,655
	—			—			—			—
	(7,067	)		(24,782	)		(2,091	)		(160,545	)
	57			134			64			1,402
	—			—			—			—
	—			—			—			—
	(7,010	)		(24,648	)		(2,027	)		(159,143	)
	(1,251	)		(7,446	)		7,039			(15,488	)
$	(1,291	)	$	(7,066	)	$	7,062		$	(10,299	)

American Funds Insurance Series 129

Statements of changes in net assets

							Global Small
	Global Growth Fund						Capitalization Fund						Growth Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30			December 31			June 30			December 31			June 30			December 31
	2018*			2017			2018*			2017			2018*			2017
Operations:
Net investment income (loss)	$	37,994		$	44,912		$	7,730		$	15,312		$	86,186		$	136,774
Net realized gain (loss)		203,955			433,191			198,317			207,903			1,032,469			2,561,073
Net unrealized (depreciation) appreciation		(46,439	)		1,102,516			(12,762	)		731,086			1,292,875			3,159,797
Net increase (decrease) in net assets resulting from operations		195,510			1,580,619			193,285			954,301			2,411,530			5,857,644
Dividends and distributions paid to shareholders:
Dividends from net investment income		(5,955	)		(42,742	)		(2,542	)		(21,019	)		(30,167	)		(136,164	)
Distributions from net realized gain on investments		(428,020	)		(174,096	)		(188,621	)		—			(2,516,015	)		(2,251,429	)
Total dividends and distributions paid to shareholders		(433,975	)		(216,838	)		(191,163	)		(21,019	)		(2,546,182	)		(2,387,593	)
Net capital share transactions		278,244			(335,425	)		(21,289	)		(495,098	)		941,518			(34,343	)
Total increase (decrease) in net assets		39,779			1,028,356			(19,167	)		438,184			806,866			3,435,708
Net assets:
Beginning of period		6,235,076			5,206,720			4,315,038			3,876,854			24,985,458			21,549,750
End of period	$	6,274,855		$	6,235,076		$	4,295,871		$	4,315,038		$	25,792,324		$	24,985,458
Undistributed (distributions in excess of) net investment income	$	35,281		$	3,242		$	15,695		$	10,507		$	97,128		$	41,109
	International Growth and Income Fund						Capital Income Builder						Asset Allocation Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30			December 31			June 30			December 31			June 30			December 31
	2018*			2017			2018*			2017			2018*			2017
Operations:
Net investment income (loss)	$	24,690		$	35,259		$	9,704		$	14,607		$	251,755		$	419,292
Net realized gain (loss)		32,578			5,636			(1,902	)		8,964			803,074			1,243,464
Net unrealized (depreciation) appreciation		(84,188	)		242,768			(22,201	)		35,709			(782,246	)		1,880,231
Net increase (decrease) in net assets resulting from operations		(26,920	)		283,663			(14,399	)		59,280			272,583			3,542,987
Dividends and distributions paid to shareholders:
Dividends from net investment income		(4,863	)		(32,772	)		(9,018	)		(14,010	)		(87,244	)		(405,124	)
Distributions from net realized gain on investments		—			—			(1,388	)		—			(1,120,993	)		(1,069,604	)
Total dividends and distributions paid to shareholders		(4,863	)		(32,772	)		(10,406	)		(14,010	)		(1,208,237	)		(1,474,728	)
Net capital share transactions		35,498			109,624			79,485			137,152			1,202,732			2,543,934
Total increase (decrease) in net assets		3,715			360,515			54,680			182,422			267,078			4,612,193
Net assets:
Beginning of period		1,461,967			1,101,452			594,457			412,035			25,660,094			21,047,901
End of period	$	1,465,682		$	1,461,967		$	649,137		$	594,457		$	25,927,172		$	25,660,094
Undistributed (distributions in excess of) net investment income	$	24,174		$	4,347		$	947		$	261		$	257,027		$	92,516

See end of statements of changes in net assets for footnote.

See Notes to Financial Statements

130 American Funds Insurance Series

(dollars in thousands)

International Fund						New World Fund						Blue Chip Income and Growth Fund						Global Growth and Income Fund						Growth-Income Fund
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31
2018*			2017			2018*			2017			2018*			2017			2018*			2017			2018*			2017
$	102,949		$	105,868		$	19,900		$	32,918		$	100,291		$	195,270		$	23,306		$	44,369		$	234,665		$	445,666
	207,686			438,684			163,099			236,990			552,008			686,720			42,250			151,286			1,790,997			2,102,617
	(318,448	)		1,850,536			(321,774	)		567,588			(610,097	)		550,461			(83,113	)		281,638			(40,092	)		3,222,646
	(7,813	)		2,395,088			(138,775	)		837,496			42,202			1,432,451			(17,557	)		477,293			1,985,570			5,770,929
	(20,717	)		(124,236	)		(8,140	)		(34,131	)		(37,394	)		(188,626	)		(4,953	)		(42,795	)		(78,162	)		(435,451	)
	(462,357	)		(100,924	)		(93,325	)		—			(699,094	)		(328,660	)		(153,097	)		(33,692	)		(2,127,600	)		(1,807,557	)
	(483,074	)		(225,160	)		(101,465	)		(34,131	)		(736,488	)		(517,286	)		(158,050	)		(76,487	)		(2,205,762	)		(2,243,008	)
	569,665			133,019			107,751			(164,517	)		410,311			(178,554	)		108,394			(289,969	)		1,080,850			1,071,251
	78,778			2,302,947			(132,489	)		638,848			(283,975	)		736,611			(67,213	)		110,837			860,658			4,599,172
	9,757,822			7,454,875			3,532,713			2,893,865			9,379,849			8,643,238			2,102,446			1,991,609			30,692,362			26,093,190
$	9,836,600		$	9,757,822		$	3,400,224		$	3,532,713		$	9,095,874		$	9,379,849		$	2,035,233		$	2,102,446		$	31,553,020		$	30,692,362
$	85,084		$	2,852		$	16,403		$	4,643		$	100,168		$	37,271		$	25,019		$	6,666		$	244,551		$	88,048
Global Balanced Fund						Bond Fund						Global Bond Fund						High-Income Bond Fund						Mortgage Fund
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31
2018*			2017			2018*			2017			2018*			2017			2018*			2017			2018*			2017
$	3,658		$	4,343		$	132,268		$	226,928		$	28,152		$	53,646		$	42,659		$	96,458		$	3,133		$	5,003
	4,191			9,276			(128,619	)		(10,510	)		14,803			(26,825	)		(21,381	)		24,442			(7,679	)		408
	(10,698	)		38,239			(198,649	)		193,041			(74,322	)		132,187			(15,647	)		(3,823	)		542			(431	)
	(2,849	)		51,858			(195,000	)		409,459			(31,367	)		159,008			5,631			117,077			(4,004	)		4,980
	—			(3,252	)		(43,397	)		(220,546	)		(4,652	)		(11,164	)		(14,715	)		(98,414	)		(1,057	)		(5,571	)
	—			(10,070	)		(14,589	)		(157,395	)		(7,707	)		(14,449	)		—			—			—			(2,214	)
	—			(13,322	)		(57,986	)		(377,941	)		(12,359	)		(25,613	)		(14,715	)		(98,414	)		(1,057	)		(7,785	)
	36,371			63,483			180,490			(223,341	)		(187,249	)		85,999			(49,778	)		(346,424	)		3,799			2,570
	33,522			102,019			(72,496	)		(191,823	)		(230,975	)		219,394			(58,862	)		(327,761	)		(1,262	)		(235	)
	353,899			251,880			10,697,694			10,889,517			2,467,578			2,248,184			1,453,880			1,781,641			340,170			340,405
$	387,421		$	353,899		$	10,625,198		$	10,697,694		$	2,236,603		$	2,467,578		$	1,395,018		$	1,453,880		$	338,908		$	340,170
$	2,987		$	(671	)	$	124,247		$	35,376		$	26,284		$	2,784		$	41,321		$	13,377		$	3,128		$	1,052

American Funds Insurance Series 131

Statements of changes in net assets

	Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund						Managed Risk Growth Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30			December 31			June 30			December 31			June 30			December 31
	2018*			2017			2018*			2017			2018*			2017
Operations:
Net investment income (loss)	$	1,689		$	1,388		$	28,386		$	46,503		$	(270	)	$	859
Net realized gain (loss)		—	†		9			(83,479	)		11,669			20,288			19,268
Net unrealized (depreciation) appreciation		23			(64	)		17,509			(6,874	)		(4,570	)		35,360
Net increase (decrease) in net assets resulting from operations		1,712			1,333			(37,584	)		51,298			15,448			55,487
Dividends and distributions paid to shareholders:
Dividends from net investment income		(483	)		(906	)		(9,358	)		(43,993	)		(1,411	)		(734	)
Distributions from net realized gain on investments		—			—			—			—			(20,530	)		(4,142	)
Total dividends and distributions paid to shareholders		(483	)		(906	)		(9,358	)		(43,993	)		(21,941	)		(4,876	)
Net capital share transactions		(14,219	)		(46,638	)		(41,350	)		58,286			41,097			36,220
Total increase (decrease) in net assets		(12,990	)		(46,211	)		(88,292	)		65,591			34,604			86,831
Net assets:
Beginning of period		304,805			351,016			3,103,315			3,037,724			287,959			201,128
End of period	$	291,815		$	304,805		$	3,015,023		$	3,103,315		$	322,563		$	287,959
Undistributed (distributions in excess of) net investment income	$	1,668		$	462		$	28,754		$	9,726		$	(282	)	$	1,399

* Unaudited.

See Notes to Financial Statements

132 American Funds Insurance Series

(dollars in thousands)

Managed Risk						Managed Risk Blue Chip						Managed Risk						Managed Risk
International Fund						Income and Growth Fund						Growth-Income Fund						Asset Allocation Fund
Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31
2018*			2017			2018*			2017			2018*			2017			2018*			2017
$	(40	)	$	1,283		$	380		$	5,049		$	23		$	2,028		$	5,189		$	50,782
	5,759			248			17,202			12,835			9,066			8,283			143,655			177,329
	(7,010	)		28,741			(24,648	)		30,876			(2,027	)		24,060			(159,143	)		329,033
	(1,291	)		30,272			(7,066	)		48,760			7,062			34,371			(10,299	)		557,144
	(1,331	)		(900	)		(5,685	)		(5,161	)		(2,177	)		(1,867	)		(53,278	)		(31,722	)
	(739	)		(1,403	)		(12,120	)		(5,568	)		(9,936	)		(7,726	)		(174,365	)		(38,742	)
	(2,070	)		(2,303	)		(17,805	)		(10,729	)		(12,113	)		(9,593	)		(227,643	)		(70,464	)
	10,065			22,849			9,366			37,657			23,664			23,434			248,376			408,750
	6,704			50,818			(15,505	)		75,688			18,613			48,212			10,434			895,430
	148,423			97,605			366,904			291,216			208,968			160,756			4,454,410			3,558,980
$	155,127		$	148,423		$	351,399		$	366,904		$	227,581		$	208,968		$	4,464,844		$	4,454,410
$	(48	)	$	1,323		$	364		$	5,669		$	13		$	2,167		$	5,002		$	53,091

American Funds Insurance Series 133

Notes to financial statements	unaudited
1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 28 different funds (the “funds”). Twenty-three funds in the series are covered in this report. The other five funds in the series, American Funds Insurance Series - Portfolio Series, are covered in a separate report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The reorganization may be completed in the next 12 months; however, the series reserves the right to delay the implementation.

The investment objectives for each fund covered in this report are as follows:

Global Growth Fund — Seeks to provide long-term growth of capital.

Global Small Capitalization Fund — Seeks to provide long-term growth of capital.

Growth Fund — Seeks to provide growth of capital.

International Fund — Seeks to provide long-term growth of capital.

New World Fund — Seeks long-term capital appreciation.

Blue Chip Income and Growth Fund — Seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Global Growth and Income Fund — Seeks to provide long-term growth of capital while providing current income.

Growth-Income Fund — Seeks to achieve long-term growth of capital and income.

International Growth and Income Fund — Seeks to provide long-term growth of capital while providing current income.

Capital Income Builder — Seeks to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years. Secondarily, seeks to provide growth of capital.

Asset Allocation Fund — Seeks to provide high total return consistent with preservation of capital over the long term.

Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

Bond Fund — Seeks to provide as high a level of current income as is consistent with the preservation of capital.

Global Bond Fund — Seeks to provide, over the long term, a high level of total return consistent with prudent investment management.

High-Income Bond Fund — Seeks to provide a high level of current income and, secondarily, capital appreciation.

Mortgage Fund — Seeks to provide current income and preservation of capital.

134 American Funds Insurance Series

Ultra-Short Bond Fund — Seeks to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government/AAA-Rated Securities Fund — Seeks to provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund — Seeks to provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund — Seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — Seeks to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — Seeks to provide high total return consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on each fund’s ex-dividend date.

American Funds Insurance Series 135

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

136 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Government Cash Management Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded futures are generally valued at the official settlement price of, or the last reported sale price on, the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued or, lacking any sales, at the last available bid price. Prices for each future are taken from the exchange or market on which the security trades. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the series’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

American Funds Insurance Series 137

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of June 30, 2018 (dollars in thousands):

Global Growth Fund

	Investment securities
	Level 1*		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	1,950,234	$	—		$	—	$	1,950,234
Consumer discretionary		1,122,705		—			—		1,122,705
Financials		608,521		—			—		608,521
Health care		608,279		—			—		608,279
Consumer staples		394,353		—			—		394,353
Industrials		364,065		—			—		364,065
Energy		130,055		—			—		130,055
Materials		120,071		9,961			—		130,032
Telecommunication services		68,099		—			—		68,099
Miscellaneous		312,437		—			—		312,437
Bonds, notes & other debt instruments		—		1,000			—		1,000
Short-term securities		—		566,924			—		566,924
Total	$	5,678,819	$	577,885		$	—	$	6,256,704
	Other investments†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	35		$	—	$	35
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(3	)		—		(3	)
Total	$	—	$	32		$	—	$	32

*	Securities with a value of $2,470,292,000, which represented 39.37% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.
†	Forward currency contracts are not included in the investment portfolio.

Global Small Capitalization Fund

	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	928,403	$	—	$	—	$	928,403
Consumer discretionary		773,092		—		—		773,092
Information technology		581,292		—		—		581,292
Financials		435,315		—		—		435,315
Industrials		400,842		—		—		400,842
Energy		122,278		—		13,979		136,257
Real estate		122,176		—		—		122,176
Materials		121,095		—		—		121,095
Consumer staples		117,997		—		—		117,997
Utilities		70,971		—		—		70,971
Telecommunication services		18,116		—		—		18,116
Miscellaneous		204,413		—		—		204,413
Convertible bonds		—		7,655		—		7,655
Bonds, notes & other debt instruments		—		4,123		—		4,123
Short-term securities		—		371,870		—		371,870
Total	$	3,895,990	$	383,648	$	13,979	$	4,293,617

138 American Funds Insurance Series

	Other investments†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	502		$	—	$	502
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(74	)		—		(74	)
Total	$	—	$	428		$	—	$	428

*	Securities with a value of $1,530,340,000, which represented 35.62% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.
†	Forward currency contracts are not included in the investment portfolio.

Growth Fund
	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	8,591,258	$	—	$	—	$	8,591,258
Consumer discretionary		5,527,922		—		—		5,527,922
Health care		3,578,032		—		—		3,578,032
Financials		2,559,944		—		—		2,559,944
Energy		1,837,951		—		—		1,837,951
Industrials		1,071,026		—		—		1,071,026
Consumer staples		380,221		—		—		380,221
Real estate		268,938		—		—		268,938
Other		508,337		—		—		508,337
Miscellaneous		454,883		—		—		454,883
Convertible stocks		—		—		11,351		11,351
Short-term securities		—		1,004,178		—		1,004,178
Total	$	24,778,512	$	1,004,178	$	11,351	$	25,794,041

* Securities with a value of $1,535,112,000, which represented 5.95% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

International Fund

	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	1,219,859	$	298,839	$	—	$	1,518,698
Industrials		1,297,161		—		—		1,297,161
Information technology		1,160,520		31,384		—		1,191,904
Health care		1,061,956		—		—		1,061,956
Consumer discretionary		1,044,228		—		—		1,044,228
Consumer staples		792,722		—		—		792,722
Materials		743,373		—		—		743,373
Energy		458,445		—		—		458,445
Utilities		433,083		4,642		—		437,725
Telecommunication services		153,338		—		—		153,338
Real estate		145,135		—		—		145,135
Miscellaneous		142,545		—		—		142,545
Rights & warrants		—		12,024		—		12,024
Bonds, notes & other debt instruments		—		62,740		—		62,740
Short-term securities		—		787,493		—		787,493
Total	$	8,652,365	$	1,197,122	$	—	$	9,849,487

See next page for footnote.

American Funds Insurance Series 139

	Other investments†
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	662	$	—	$	662

*	Securities with a value of $6,219,677,000, which represented 63.23% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading and due to observable quoted prices in an active market.
†	Forward currency contracts are not included in the investment portfolio.

New World Fund

	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	674,565	$	—	$	—	$	674,565
Financials		322,040		88,342		—		410,382
Materials		336,556		11,198		—		347,754
Consumer discretionary		327,550		—		—		327,550
Energy		306,481		—		—		306,481
Health care		219,208		17,445		—		236,653
Consumer staples		234,080		—		—		234,080
Industrials		195,635		—		—		195,635
Real estate		37,909		—		25		37,934
Utilities		36,168		—		—		36,168
Telecommunication services		29,897		—		—		29,897
Miscellaneous		67		—		—		67
Preferred securities		—		—		1,340		1,340
Rights & warrants		—		38,459		—		38,459
Bonds, notes & other debt instruments		—		94,991		—		94,991
Short-term securities		—		410,017		—		410,017
Total	$	2,720,156	$	660,452	$	1,365	$	3,381,973

	Other investments†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	600		$	—	$	600
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(1	)		—		(1	)
Total	$	—	$	599		$	—	$	599

*	Securities with a value of $1,533,679,000, which represented 45.11% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.
†	Forward currency contracts are not included in the investment portfolio.

140 American Funds Insurance Series

Blue Chip Income and Growth Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	1,974,003	$	—	$	—	$	1,974,003
Information technology		1,405,932		—		—		1,405,932
Industrials		997,557		—		—		997,557
Consumer staples		951,222		—		—		951,222
Consumer discretionary		937,854		—		—		937,854
Financials		866,918		—		—		866,918
Energy		848,611		—		—		848,611
Telecommunication services		295,377		—		—		295,377
Materials		219,584		—		—		219,584
Utilities		150,746		—		—		150,746
Real estate		74,396		—		—		74,396
Miscellaneous		26,164		—		—		26,164
Short-term securities		—		344,620		—		344,620
Total	$	8,748,364	$	344,620	$	—	$	9,092,984
Global Growth and Income Fund
	Investment securities
		Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	447,491	$	30,569	$	—	$	478,060
Industrials		205,559		—		—		205,559
Financials		193,526		—		—		193,526
Health care		175,193		—		—		175,193
Consumer discretionary		164,902		—		—		164,902
Materials		164,096		—		—		164,096
Consumer staples		141,804		—		—		141,804
Energy		119,869		—		—		119,869
Real estate		60,804		—		—		60,804
Telecommunication services		33,213		—		—		33,213
Utilities		29,740		—		—		29,740
Miscellaneous		89,264		—		—		89,264
Rights & warrants		154		—		—		154
Bonds, notes & other debt instruments		—		41,217		—		41,217
Short-term securities		—		131,655		—		131,655
Total	$	1,825,615	$	203,441	$	—	$	2,029,056

* Securities with a value of $861,256,000, which represented 42.32% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

American Funds Insurance Series 141

Growth-Income Fund
	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	5,706,737	$	—	$	—	$	5,706,737
Consumer discretionary		4,287,333		—		—		4,287,333
Health care		4,262,135		—		—		4,262,135
Financials		3,326,237		39,701		—		3,365,938
Industrials		3,219,784		—		—		3,219,784
Consumer staples		2,399,436		116,085		—		2,515,521
Energy		2,016,461		—		—		2,016,461
Materials		1,267,896		—		—		1,267,896
Real estate		514,715		—		—		514,715
Utilities		440,113		—		—		440,113
Telecommunication services		404,220		—		—		404,220
Mutual funds		57,781		—		—		57,781
Miscellaneous		860,215		—		—		860,215
Convertible stocks		11,888		7,305		—		19,193
Convertible bonds		—		42,780		—		42,780
Short-term securities		—		2,488,187		—		2,488,187
Total	$	28,774,951	$	2,694,058	$	—	$	31,469,009

* Securities with a value of $1,670,829,000, which represented 5.30% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

International Growth and Income Fund

	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	259,807	$	41,741	$	—	$	301,548
Health care		145,478		—		—		145,478
Information technology		130,920		—		—		130,920
Materials		124,356		—		—		124,356
Consumer staples		114,521		—		—		114,521
Industrials		107,414		—		—		107,414
Energy		103,345		—		—		103,345
Consumer discretionary		91,022		—		—		91,022
Utilities		86,696		—		—		86,696
Real estate		67,028		—		—		67,028
Telecommunication services		40,341		—		—		40,341
Miscellaneous		15,814		—		—		15,814
Bonds, notes & other debt instruments		—		20,410		—		20,410
Short-term securities		—		112,843		—		112,843
Total	$	1,286,742	$	174,994	$	—	$	1,461,736

* Securities with a value of $1,033,353,000, which represented 70.50% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

142 American Funds Insurance Series

Capital Income Builder
	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	63,897	$	156	$	—	$	64,053
Energy		57,600		—		—		57,600
Information technology		55,486		—		—		55,486
Consumer staples		53,094		—		—		53,094
Real estate		41,635		—		—		41,635
Consumer discretionary		40,361		—		—		40,361
Utilities		29,204		—		—		29,204
Telecommunication services		28,255		—		—		28,255
Industrials		23,280		—		—		23,280
Health care		22,975		—		—		22,975
Materials		11,843		—		—		11,843
Miscellaneous		8,754		—		—		8,754
Convertible stocks		4,706		—		—		4,706
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		84,622		—		84,622
Mortgage-backed obligations		—		45,981		—		45,981
Corporate bonds & notes		—		21,696		—		21,696
Asset-backed obligations		—		494		—		494
Short-term securities		—		64,531		—		64,531
Total	$	441,090	$	217,480	$	—	$	658,570

* Securities with a value of $204,880,000, which represented 31.56% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

Asset Allocation Fund

	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	4,405,169	$	—	$	5,171	$	4,410,340
Health care		2,640,060		—		368		2,640,428
Financials		2,264,802		9,140		—		2,273,942
Consumer discretionary		1,720,702		324		—		1,721,026
Energy		1,655,898		2,988		—		1,658,886
Materials		1,084,717		—		—		1,084,717
Consumer staples		1,083,940		—		—		1,083,940
Industrials		757,050		3,372		25		760,447
Real estate		322,756		—		—		322,756
Telecommunication services		84,344		—		—		84,344
Miscellaneous		89,771		—		—		89,771
Rights & warrants		—		—		328		328
Convertible stocks		—		—		6,074		6,074
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		2,906,555		—		2,906,555
Corporate bonds & notes		—		2,312,520		11,477		2,323,997
Mortgage-backed obligations		—		1,275,172		—		1,275,172
Other		—		199,805		—		199,805
Short-term securities		—		3,624,136		—		3,624,136
Total	$	16,109,209	$	10,334,012	$	23,443	$	26,466,664

See next page for footnote.

American Funds Insurance Series 143

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on interest rate swaps	$	—		$	992		$	—	$	992
Liabilities:
Unrealized depreciation on futures contracts		(268	)		—			—		(268	)
Unrealized depreciation on interest rate swaps		—			(1,977	)		—		(1,977	)
Total	$	(268	)	$	(985	)	$	—	$	(1,253	)

*	Securities with a value of $722,537,000, which represented 2.79% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.
†	Futures contracts and interest rate swaps are not included in the investment portfolio.

Global Balanced Fund

	Investment securities
	Level 1*		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	49,412	$	—		$	—	$	49,412
Financials		30,305		—			—		30,305
Health care		24,561		—			—		24,561
Industrials		24,379		—			—		24,379
Energy		22,210		—			—		22,210
Consumer discretionary		22,194		—			—		22,194
Consumer staples		18,959		—			—		18,959
Materials		13,330		—			—		13,330
Real estate		9,204		—			—		9,204
Utilities		6,904		—			—		6,904
Miscellaneous		18,045		—			—		18,045
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		59,160			—		59,160
U.S. Treasury bonds & notes		—		40,569			—		40,569
Corporate bonds & notes		—		22,724			—		22,724
Mortgage-backed obligations		—		6,646			—		6,646
Short-term securities		—		21,077			—		21,077
Total	$	239,503	$	150,176		$	—	$	389,679
	Other investments†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	335		$	—	$	335
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(151	)		—		(151	)
Total	$	—	$	184		$	—	$	184

*	Securities with a value of $97,681,000, which represented 25.21% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.
†	Forward currency contracts are not included in the investment portfolio.

144 American Funds Insurance Series

Bond Fund
	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—		$	3,786,408		$	415	$	3,786,823
U.S. Treasury bonds & notes		—			2,671,323			—		2,671,323
Mortgage-backed obligations		—			2,499,881			—		2,499,881
Bonds & notes of governments & government agencies outside the U.S.		—			759,856			—		759,856
Asset-backed obligations		—			277,546			—		277,546
Municipals		—			212,537			—		212,537
Federal agency bonds & notes		—			11,659			—		11,659
Common stocks		—			682			2,151		2,833
Rights & warrants		—			—			97		97
Short-term securities		—			2,312,505			—		2,312,505
Total	$	—		$	12,532,397		$	2,663	$	12,535,060
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	5,769		$	—		$	—	$	5,769
Unrealized appreciation on open forward currency contracts		—			1,868			—		1,868
Unrealized appreciation on interest rate swaps		—			18,809			—		18,809
Unrealized appreciation on credit default swaps		—			159			—		159
Liabilities:
Unrealized depreciation on futures contracts		(3,582	)		—			—		(3,582	)
Unrealized depreciation on open forward currency contracts		—			(2,417	)		—		(2,417	)
Unrealized depreciation on interest rate swaps		—			(19,480	)		—		(19,480	)
Total	$	2,187		$	(1,061	)	$	—	$	1,126

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

Global Bond Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	286,705	$	—	$	286,705
Japanese yen		—		234,651		—		234,651
Polish zloty		—		82,395		—		82,395
Mexican pesos		—		70,574		—		70,574
Indian rupees		—		64,832		—		64,832
British pounds		—		48,518		—		48,518
Danish kroner		—		43,483		—		43,483
Malaysian ringgits		—		35,569		—		35,569
South Korean won		—		31,473		—		31,473
Thai baht		—		28,048		—		28,048
Israeli shekels		—		19,189		—		19,189
Brazilian reais		—		16,106		—		16,106
Australian dollars		—		15,852		—		15,852
Canadian dollars		—		14,792		—		14,792
Romanian leu		—		11,517		—		11,517
U.S. dollars		—		999,743		675		1,000,418
Other		—		51,584		—		51,584
Convertible stocks		—		—		1,033		1,033
Common stocks		—		713		791		1,504
Rights & warrants		—		—		56		56
Short-term securities		—		221,160		—		221,160
Total	$	—	$	2,276,904	$	2,555	$	2,279,459

American Funds Insurance Series 145

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	806		$	—		$	—	$	806
Unrealized appreciation on open forward currency contracts		—			9,633			—		9,633
Unrealized appreciation on interest rate swaps		—			211			—		211
Liabilities:
Unrealized depreciation on futures contracts		(319	)		—			—		(319	)
Unrealized depreciation on open forward currency contracts		—			(4,812	)		—		(4,812	)
Unrealized depreciation on interest rate swaps		—			(548	)		—		(548	)
Total	$	487		$	4,484		$	—	$	4,971

* Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

High-Income Bond Fund
	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—		$	1,311,273		$	9,892	$	1,321,165
Other		—			6,917			—		6,917
Convertible bonds		—			7,627			—		7,627
Convertible stocks		1,891			—			5,892		7,783
Common stocks		896			6,151			8,187		15,234
Rights & warrants		—			—			354		354
Short-term securities		—			44,278			—		44,278
Total	$	2,787		$	1,376,246		$	24,325	$	1,403,358
	Other investments1
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on interest rate swaps	$	—		$	1,912		$	—	$	1,912
Unrealized appreciation on credit default swaps		—			1,101			—		1,101
Liabilities:
Unrealized depreciation on futures contracts		(75	)		—			—		(75	)
Unrealized depreciation on interest rate swaps		—			(523	)		—		(523	)
Total	$	(75	)	$	2,490		$	—	$	2,415

¹ Futures contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2018 (dollars in thousands):

	Beginning value at 1/1/2018		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized appreciation3		Transfers out of Level 32			Ending value at 6/30/2018
Investment securities	$	23,741	$	—	$	17,761	$	(18,621	)	$	—	$	5,838	$	(4,394	)	$	24,325
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2018																	$	3,411

2	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.
3	Net realized gain and unrealized appreciation are included in the related amounts on investments in the statement of operations.

146 American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 6/30/2018		Valuation techniques	Unobservable inputs	Range	Impact to valuation from an increase in input*
Corporate bonds & notes	$	9,892	Yield analysis	Yield to call/maturity risk premium	0-700 bps	Decrease
Convertible stocks		5,892	Market comparable companies	EBITDA multiple	13.9x	Increase
Common stocks		8,187	Expected proceeds	Discount to reflect timing of receipt and amount of proceeds	23%	Decrease
			Transaction price	N/A	N/A	N/A
			Market comparable companies	EBITDA multiple	5.0x -5.5x	Increase
				Discount for lack of marketability (DLOM)	22%	Decrease
Rights & warrants		354	Black-Scholes	Implied volatility	30%	Increase
	$	24,325

* This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

EBITDA = Earnings before income taxes, depreciation and amortization

DLOM = Discount for lack of marketability

Mortgage Fund
	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	246,041		$	—	$	246,041
U.S. Treasury bonds & notes		—		34,166			—		34,166
Asset-backed obligations		—		21,324			—		21,324
Federal agency bonds & notes		—		21,203			—		21,203
Corporate bonds & notes		—		—			134		134
Short-term securities		—		122,195			—		122,195
Total	$	—	$	444,929		$	134	$	445,063
	Other investments*
		Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	798	$	—		$	—	$	798
Unrealized appreciation on interest rate swaps		—		4,265			—		4,265
Liabilities:
Unrealized depreciation on interest rate swaps		—		(3,346	)		—		(3,346	)
Total	$	798	$	919		$	—	$	1,717

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At June 30, 2018, all of the fund’s investment securities were classified as Level 2.

American Funds Insurance Series 147

U.S. Government/AAA-Rated Securities Fund
	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	—		$	1,512,752		$	—	$	1,512,752
Mortgage-backed obligations		—			859,111			—		859,111
Federal agency bonds & notes		—			615,899			—		615,899
Short-term securities		—			499,311			—		499,311
Total	$	—		$	3,487,073		$	—	$	3,487,073
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	10,339		$	—		$	—	$	10,339
Unrealized appreciation on interest rate swaps		—			46,860			—		46,860
Liabilities:
Unrealized depreciation on futures contracts		(233	)		—			—		(233	)
Unrealized depreciation on interest rate swaps		—			(25,001	)		—		(25,001	)
Total	$	10,106		$	21,859		$	—	$	31,965

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At June 30, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At June 30, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At June 30, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2018, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in income-oriented stocks — Income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

148 American Funds Insurance Series

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.

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Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose a fund to losses in excess of its initial investment. Derivatives may be difficult for a fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction.

Currency — The prices of, and the income generated by, most debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of a fund.

Investing in inflation linked bonds — The values of inflation linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation linked bonds may also reduce a fund’s distributable income during periods of extreme deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the

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repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Nondiversification risk— As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.

Liquidity risk — Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. Liquidity risk may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in futures contracts — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If a fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of a fund to successfully utilize futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the futures in which the fund invests. If the

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investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, a fund could be exposed to the risk of loss.

Hedging — There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of the Government Cash Management Fund, a cash management vehicle offered by the Bank of New York Mellon (“BNY Mellon”), the funds’ custodian bank. The Government Cash Management Fund is managed by the Dreyfus Corporation.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, or FCM, in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. Securities deposited as initial margin, if any, are disclosed in the investment portfolio and cash deposited as initial margin, if any, is reflected as restricted cash pledged for futures contracts in the fund’s statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any.

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Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Interest rate swaps — Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse

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on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract. Securities deposited as initial margin are designated on the investment portfolio.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the centrally cleared swaps, and records variation margin in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in each fund’s statement of operations.

The following table presents the average month-end notional amounts of futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Futures	Forwards	Interest Rate Swaps	Credit Default Swaps
Global Growth Fund	Not applicable	$5,719	Not applicable	Not applicable
Global Small Capitalization Fund	Not applicable	91,823	Not applicable	Not applicable
International Fund	Not applicable	29,375	Not applicable	Not applicable
New World Fund	Not applicable	17,798	Not applicable	Not applicable
Asset Allocation Fund	$364,453	Not applicable	$1,706,924	Not applicable
Global Balanced Fund	Not applicable	23,716	Not applicable	Not applicable
Bond Fund	2,096,319	500,160	4,467,319	$58,750
Global Bond Fund	178,243	722,202	578,995	Not applicable
High-Income Bond Fund	15,900	Not applicable	46,258	91,748
Mortgage Fund	203,510	Not applicable	1,052,719	Not applicable
U.S. Government/AAA-Rated Securities Fund	2,706,965	Not applicable	11,924,170	Not applicable
Managed Risk Growth Fund	34,134	Not applicable	Not applicable	Not applicable
Managed Risk International Fund	29,987	Not applicable	Not applicable	Not applicable
Managed Risk Blue Chip Income and Growth Fund	29,245	Not applicable	Not applicable	Not applicable
Managed Risk Growth-Income Fund	17,118	Not applicable	Not applicable	Not applicable
Managed Risk Asset Allocation Fund	246,886	Not applicable	Not applicable	Not applicable

The following tables present the financial statement impacts resulting from the funds’ use of futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2018 (dollars in thousands):

Global Growth Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	35		Unrealized depreciation on open forward currency contracts	$	3
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(53	)	Net unrealized appreciation on forward currency contracts	$	18
Global Small Capitalization Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	502		Unrealized depreciation on open forward currency contracts	$	74

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		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(334	)	Net unrealized appreciation on forward currency contracts	$	1,531
International Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	662		Unrealized depreciation on open forward currency contracts	$	—
		Net realized gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	413		Net unrealized appreciation on forward currency contracts	$	1,017
New World Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	600		Unrealized depreciation on open forward currency contracts	$	1
Forward currency	Currency	Receivables for closed forward currency contracts		—		Payables for closed forward currency contracts		44
			$	600			$	45
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(41	)	Net unrealized appreciation on forward currency contracts	$	922
Asset Allocation Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	—		Unrealized depreciation*	$	268
Swaps	Interest	Unrealized appreciation*		992		Unrealized depreciation*		1,977
			$	992			$	2,245

See end of tables for footnote.

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		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	746		Net unrealized appreciation on futures contracts	$	486
Swaps	Interest	Net realized loss on swap contracts		(3,011	)	Net unrealized appreciation on swap contracts		5,263
			$	(2,265	)		$	5,749
Global Balanced Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	335		Unrealized depreciation on open forward currency contracts	$	151
Forward currency	Currency	Receivables for closed forward currency contracts		—		Payables for closed forward currency contracts		7
			$	335			$	158
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(303	)	Net unrealized appreciation on forward currency contracts	$	309
Bond Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	5,769		Unrealized depreciation*	$	3,582
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		1,868		Unrealized depreciation on open forward currency contracts		2,417
Swaps	Interest	Unrealized appreciation*		18,809		Unrealized depreciation*		19,480
Swaps	Credit	Unrealized appreciation*		159		Unrealized depreciation*		—
			$	26,605			$	25,490
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(39,999	)	Net unrealized appreciation on futures contracts	$	6,343
Forward currency	Currency	Net realized gain on forward currency contracts		4,320		Net unrealized depreciation on forward currency contracts		(8,091	)
Swaps	Interest	Net realized gain on swap contracts		17,251		Net unrealized depreciation on swap contracts		(8,383	)
Swaps	Credit	Net realized loss on swap contracts		(31	)	Net unrealized appreciation on swap contracts		343
			$	(18,459	)		$	(9,788	)

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Global Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	806		Unrealized depreciation*	$	319
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		9,633		Unrealized depreciation on open forward currency contracts		4,812
Forward currency	Currency	Receivables for closed forward currency contracts		412		Payables for closed forward currency contracts		218
Swaps	Interest	Unrealized appreciation*		211		Unrealized depreciation*		548
			$	11,062			$	5,897
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(5,196	)	Net unrealized appreciation on futures contracts	$	846
Forward currency	Currency	Net realized gain on forward currency contracts		2,923		Net unrealized appreciation on forward currency contracts		4,160
Swaps	Interest	Net realized gain on swap contracts		1,540		Net unrealized appreciation on swap contracts		1,142
			$	(733	)		$	6,148
High-Income Bond Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	—		Unrealized depreciation*	$	75
Swaps	Interest	Unrealized appreciation*		1,912		Unrealized depreciation*		523
Swaps	Credit	Unrealized appreciation*		1,101		Unrealized depreciation*		—
			$	3,087			$	622
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	—		Net unrealized depreciation on futures contracts	$	(75	)
Swaps	Interest	Net realized loss on swap contracts		(954	)	Net unrealized appreciation on swap contracts		968
Swaps	Credit	Net realized loss on swap contracts		(263	)	Net unrealized appreciation on swap contracts		1,520
			$	(1,217	)		$	2,413

See end of tables for footnote.

American Funds Insurance Series 157

Mortgage Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	798		Unrealized depreciation*	$	—
Swaps	Interest	Unrealized appreciation*		4,265		Unrealized depreciation*		3,346
			$	5,063			$	3,346
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(5,150	)	Net unrealized appreciation on futures contracts	$	1,430
Swaps	Interest	Net realized gain on swap contracts		624		Net unrealized appreciation on swap contracts		1,705
			$	(4,526	)		$	3,135
U.S. Government/AAA-Rated Securities Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	10,339		Unrealized depreciation*	$	233
Swaps	Interest	Unrealized appreciation*		46,860		Unrealized depreciation*		25,001
			$	57,199			$	25,234
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(52,726	)	Net unrealized appreciation on futures contracts	$	17,551
Swaps	Interest	Net realized loss on swap contracts		(6,083	)	Net unrealized appreciation on swap contracts		30,287
			$	(58,809	)		$	47,838
Managed Risk Growth Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	76		Unrealized depreciation*	$	—

158 American Funds Insurance Series

		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	41		Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(5,074	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized loss on futures contracts		(1,049	)	Net unrealized appreciation on futures contracts		114
			$	(6,082	)		$	114
Managed Risk International Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	38		Unrealized depreciation*	$	—
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	35		Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(208	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized loss on futures contracts		(204	)	Net unrealized appreciation on futures contracts		57
			$	(377	)		$	57
Managed Risk Blue Chip Income and Growth Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	85		Unrealized depreciation*	$	—
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	57		Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(5,958	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized loss on futures contracts		(1,302	)	Net unrealized appreciation on futures contracts		134
			$	(7,203	)		$	134

See end of tables for footnote.

American Funds Insurance Series 159

Managed Risk Growth-Income Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	36		Unrealized depreciation*	$	—
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(5	)	Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(2,466	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized loss on futures contracts		(599	)	Net unrealized appreciation on futures contracts		64
			$	(3,050	)		$	64
Managed Risk Asset Allocation Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	810		Unrealized depreciation*	$	—
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(15	)	Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(38,734	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized loss on futures contracts		(11,053	)	Net unrealized appreciation on futures contracts		1,402
			$	(49,802	)		$	1,402

* Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table(s) following each fund’s investment portfolio. Only current day’s variation margin is reported within the statements of assets and liabilities.

Collateral — Funds that invest in futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts participate in a collateral program. For futures contracts, interest rate swaps and credit default swaps, the program calls for the fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. For forward currency contracts, the program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as restricted cash in the fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single

160 American Funds Insurance Series

currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2018, if close-out netting was exercised (dollars in thousands):

Global Growth Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	35	$	—		$	—		$	—		$	35
Liabilities:
Goldman Sachs	$	3	$	—		$	—		$	—		$	3
Global Small Capitalization Fund
	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Citibank	$	256	$	—		$	—		$	(130	)	$	126
JPMorgan Chase		246		(8	)		(40	)		—			198
Total	$	502	$	(8	)	$	(40	)	$	(130	)	$	324
Liabilities:
Bank of America, N.A.	$	4	$	—		$	—		$	—		$	4
Bank of New York Mellon		62		—			—			—			62
JPMorgan Chase		8		(8	)		—			—			—
Total	$	74	$	(8	)	$	—		$	—		$	66
International Fund
	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	662	$	—		$	(662	)	$	—		$	—

See end of tables for footnote.

American Funds Insurance Series 161

New World Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	15	$	(15	)	$	—		$	—		$	—
Citibank		96		—			—			—			96
Goldman Sachs		110		(1	)		—			—			109
JPMorgan Chase		379		—			(270	)		—			109
Total	$	600	$	(16	)	$	(270	)	$	—		$	314
Liabilities:
Bank of America, N.A.	$	44	$	(15	)	$	—		$	—		$	29
Goldman Sachs		1		(1	)		—			—			—
Total	$	45	$	(16	)	$	—		$	—		$	29
Global Balanced Fund
	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	72	$	(52	)	$	—		$	—		$	20
Citibank		140		(21	)		—			—			119
Goldman Sachs		22		(22	)		—			—			—
JPMorgan Chase		83		(50	)		—			—			33
UBS AG		18		—			—			—			18
Total	$	335	$	(145	)	$	—		$	—		$	190
Liabilities:
Bank of America, N.A.	$	52	$	(52	)	$	—		$	—		$	—
Bank of New York Mellon		6		—			—			—			6
Citibank		21		(21	)		—			—			—
Goldman Sachs		28		(22	)		—			—			6
JPMorgan Chase		50		(50	)		—			—			—
Morgan Stanley		1		—			—			—			1
Total	$	158	$	(145	)	$	—		$	—		$	13
Bond Fund
	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of New York Mellon	$	123	$	(123	)	$	—		$	—		$	—
Goldman Sachs		499		(3	)		—			(80	)		416
JPMorgan Chase		1,246		—			(1,246	)		—			—
Total	$	1,868	$	(126	)	$	(1,246	)	$	(80	)	$	416
Liabilities:
Bank of New York Mellon	$	1,249	$	(123	)	$	(783	)	$	—		$	343
Citibank		1,165		—			(391	)		—			774
Goldman Sachs		3		(3	)		—			—			—
Total	$	2,417	$	(126	)	$	(1,174	)	$	—		$	1,117

162 American Funds Insurance Series

Global Bond Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	1,279	$	(1,279	)	$	—		$	—		$	—
Citibank		3,641		(433	)		—			(3,020	)		188
Goldman Sachs		671		(594	)		—			—			77
JPMorgan Chase		4,209		(1,534	)		(2,183	)		—			492
UBS AG		245		(245	)		—			—			—
Total	$	10,045	$	(4,085	)	$	(2,183	)	$	(3,020	)	$	757
Liabilities:
Bank of America, N.A.	$	1,638	$	(1,279	)	$	(359	)	$	—		$	—
Bank of New York Mellon		161		—			—			—			161
Citibank		433		(433	)		—			—			—
Goldman Sachs		594		(594	)		—			—			—
JPMorgan Chase		1,534		(1,534	)		—			—			—
Morgan Stanley		173		—			—			—			173
UBS AG		497		(245	)		(155	)		—			97
Total	$	5,030	$	(4,085	)	$	(514	)	$	—		$	431

* Non-cash collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2018, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

American Funds Insurance Series 163

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Blue Chip Income and Growth Fund
As of December 31, 2017:
Undistributed ordinary income	$	31,444		$	44,103		$	112,122		$	158,459		$	8,129		$	233,361
Undistributed long-term capital gains		402,492			147,040			2,434,009			324,550			93,323			502,967
As of June 30, 2018:
Gross unrealized appreciation on investments		2,273,058			1,213,793			10,988,525			2,317,465			692,686			1,980,494
Gross unrealized depreciation on investments		(135,020	)		(216,845	)		(360,899	)		(445,958	)		(177,000	)		(275,986	)
Net unrealized appreciation (depreciation) on investments		2,138,038			996,948			10,627,626			1,871,507			515,686			1,704,508
Cost of investments		4,118,698			3,297,097			15,166,415			7,978,642			2,866,886			7,388,476
	Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund
As of December 31, 2017:
Undistributed ordinary income	$	30,483		$	199,924		$	4,856		$	2,111		$	180,609		$	—
Late year ordinary loss deferral*		—			—			—			—			—			(316	)
Undistributed long-term capital gains		127,553			2,005,758			—			1,388			1,027,497			—
Post-October capital loss deferral*		—			—			—			—			—			(158	)
Capital loss carryforward†		—			—			(4,708	)		—			—			—
As of June 30, 2018:
Gross unrealized appreciation on investments		484,206			9,480,000			177,121			38,135			5,450,441			59,086
Gross unrealized depreciation on investments		(54,706	)		(783,403	)		(70,081	)		(29,309	)		(854,857	)		(10,835	)
Net unrealized appreciation (depreciation) on investments		429,500			8,696,597			107,040			8,826			4,595,584			48,251
Cost of investments		1,599,556			22,772,412			1,354,696			649,744			21,869,828			341,611
	Bond Fund			Global Bond Fund			High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
As of December 31, 2017:
Undistributed ordinary income	$	43,324		$	5,555		$	14,711		$	1,055		$	481		$	9,342
Undistributed long-term capital gains		14,531			6,778			—			—			—			—
Capital loss carryforward†		—			—			(146,596	)		(490	)		—			(1,300	)
As of June 30, 2018:
Gross unrealized appreciation on investments		86,618			38,827			17,819			7,171			4			75,336
Gross unrealized depreciation on investments		(229,829	)		(78,317	)		(55,149	)		(6,486	)		(22	)		(69,156	)
Net unrealized appreciation (depreciation) on investments		(143,211	)		(39,490	)		(37,330	)		685			(18	)		6,180
Cost of investments		12,680,296			2,323,919			1,449,320			446,095			291,655			3,512,857

164 American Funds Insurance Series

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
As of December 31, 2017:
Undistributed ordinary income	$	1,399		$	1,323		$	5,669		$	2,167		$	53,091
Undistributed long-term capital gains		20,518			732			12,104			9,926			174,185
As of June 30, 2018:
Gross unrealized appreciation on investments		17,260			5,729			4,735			7,026			178,046
Gross unrealized depreciation on investments		(1,425	)		(709	)		(1,287	)		(1,012	)		—
Net unrealized appreciation (depreciation) on investments		15,835			5,020			3,448			6,014			178,046
Cost of investments		306,890			150,216			348,139			221,722			4,291,387

*	These deferrals are considered incurred in the subsequent year.
†	Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforwards remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class 1	$	11,170	$	134,884	$	146,054	$	16,830	$	55,298	$	72,128
Class 1A1		21		273		294		15		16		31
Class 2		19,118		251,323		270,441		24,835		114,893		139,728
Class 4		1,162		16,024		17,186		1,062		3,889		4,951
Total	$	31,471	$	402,504	$	433,975	$	42,742	$	174,096	$	216,838
Global Small Capitalization Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends paid
Class 1	$	17,229	$	55,968	$	73,197	$	10,151	$	—	$	10,151
Class 1A1		3		12		15		1		—		1
Class 2		25,423		86,037		111,460		10,597		—		10,597
Class 4		1,456		5,035		6,491		270		—		270
Total	$	44,111	$	147,052	$	191,163	$	21,019	$	—	$	21,019

See end of tables for footnotes.

American Funds Insurance Series 165

Growth Fund

	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class 1	$	38,940	$	792,865	$	831,805	$	75,247	$	713,987	$	789,234
Class 1A1		30		634		664		15		63		78
Class 2		67,863		1,515,757		1,583,620		110,909		1,409,266		1,520,175
Class 3		930		20,248		21,178		1,601		18,484		20,085
Class 4		4,388		104,527		108,915		4,893		53,128		58,021
Total	$	112,151	$	2,434,031	$	2,546,182	$	192,665	$	2,194,928	$	2,387,593
International Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class 1	$	82,087	$	165,915	$	248,002	$	70,384	$	49,783	$	120,167
Class 1A1		69		140		209		17		3		20
Class 2		70,871		146,986		217,857		53,513		46,642		100,155
Class 3		470		970		1,440		396		331		727
Class 4		5,010		10,556		15,566		3,025		1,066		4,091
Total	$	158,507	$	324,567	$	483,074	$	127,335	$	97,825	$	225,160
New World Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends paid
Class 1	$	5,166	$	54,023	$	59,189	$	21,960	$	—	$	21,960
Class 1A1		5		50		55		6		—		6
Class 2		2,100		26,593		28,693		9,149		—		9,149
Class 4		869		12,659		13,528		3,016		—		3,016
Total	$	8,140	$	93,325	$	101,465	$	34,131	$	—	$	34,131
Blue Chip Income and Growth Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class 1	$	140,206	$	299,947	$	440,153	$	140,306	$	170,748	$	311,054
Class 1A1		63		135		198		12		5		17
Class 2		85,621		186,318		271,939		82,680		113,013		195,693
Class 4		7,578		16,620		24,198		4,917		5,605		10,522
Total	$	233,468	$	503,020	$	736,488	$	227,915	$	289,371	$	517,286

166 American Funds Insurance Series

Global Growth and Income Fund

	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains			Total dividends and distributions paid
Class 1	$	7,714	$	31,541	$	39,255	$	10,516	$	7,109		$	17,625
Class 1A1		13		52		65		2		—	2		2
Class 2		21,411		90,173		111,584		30,799		26,178			56,977
Class 4		1,357		5,789		7,146		1,478		405			1,883
Total	$	30,495	$	127,555	$	158,050	$	42,795	$	33,692		$	76,487
Growth-Income Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains			Total dividends and distributions paid
Class 1	$	108,059	$	1,049,641	$	1,157,700	$	250,221	$	884,958		$	1,135,179
Class 1A1		35		344		379		24		16			40
Class 2		85,521		886,942		972,463		195,450		853,292			1,048,742
Class 3		1,014		10,337		11,351		2,421		10,140			12,561
Class 4		5,368		58,501		63,869		9,973		36,513			46,486
Total	$	199,997	$	2,005,765	$	2,205,762	$	458,089	$	1,784,919		$	2,243,008
International Growth and Income Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends paid		Ordinary income		Long-term capital gains			Total dividends paid
Class 1	$	3,855	$	—	$	3,855	$	25,860	$	—		$	25,860
Class 1A1		6		—		6		14		—			14
Class 2		800		—		800		5,714		—			5,714
Class 4		202		—		202		1,184		—			1,184
Total	$	4,863	$	—	$	4,863	$	32,772	$	—		$	32,772
Capital Income Builder
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains			Total dividends paid
Class 1	$	4,370	$	617	$	4,987	$	6,303	$	—		$	6,303
Class 1A1		21		3		24		8		—			8
Class 2		34		6		40		23		—			23
Class 4		4,593		762		5,355		7,676		—			7,676
Total	$	9,018	$	1,388	$	10,406	$	14,010	$	—		$	14,010

See end of tables for footnotes.

American Funds Insurance Series 167

Asset Allocation Fund

	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class 1	$	120,676	$	666,856	$	787,532	$	287,347		$	666,425		$	953,772
Class 1A1		46		263		309		50			70			120
Class 2		35,740		210,133		245,873		84,847			241,077			325,924
Class 3		245		1,413		1,658		601			1,646			2,247
Class 4		23,998		148,867		172,865		47,458			145,207			192,665
Total	$	180,705	$	1,027,532	$	1,208,237	$	420,303		$	1,054,425		$	1,474,728
Global Balanced Fund
	Six months ended June 30, 20183						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class 1	$	—	$	—	$	—	$	1,298		$	2,309		$	3,607
Class 1A1		—		—		—		3			5			8
Class 2		—		—		—		2,516			5,414			7,930
Class 4		—		—		—		582			1,195			1,777
Total	$	—	$	—	$	—	$	4,399		$	8,923		$	13,322
Bond Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class 1	$	27,667	$	8,915	$	36,582	$	211,473		$	25,594		$	237,067
Class 1A1		10		4		14		19			1			20
Class 2		14,535		5,217		19,752		119,175			15,280			134,455
Class 4		1,185		453		1,638		5,958			441			6,399
Total	$	43,397	$	14,589	$	57,986	$	336,625		$	41,316		$	377,941
Global Bond Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class 1	$	2,915	$	3,256	$	6,171	$	14,181		$	103		$	14,284
Class 1A1		1		1		2		—	2		—	2		—	2
Class 2		2,574		3,412		5,986		11,033			99			11,132
Class 4		82		118		200		196			1			197
Total	$	5,572	$	6,787	$	12,359	$	25,410		$	203		$	25,613

168 American Funds Insurance Series

High-Income Bond Fund

	Six months ended June 30, 2018								Year ended December 31, 2017
Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income			Long-term capital gains			Total dividends paid
Class 1	$	6,576		$	—	$	6,576		$	43,976		$	—		$	43,976
Class 1A1		6			—		6			12			—			12
Class 2		7,724			—		7,724			51,640			—			51,640
Class 3		125			—		125			805			—			805
Class 4		284			—		284			1,981			—			1,981
Total	$	14,715		$	—	$	14,715		$	98,414		$	—		$	98,414
Mortgage Fund
	Six months ended June 30, 2018								Year ended December 31, 2017
Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class 1	$	846		$	—	$	846		$	5,106		$	1,186		$	6,292
Class 1A1		2			—		2			2			—	2		2
Class 2		169			—		169			1,025			262			1,287
Class 4		40			—		40			165			39			204
Total	$	1,057		$	—	$	1,057		$	6,298		$	1,487		$	7,785
Ultra-Short Bond Fund
	Six months ended June 30, 2018								Year ended December 31, 2017
Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income			Long-term capital gains			Total dividends paid
Class 1	$	71		$	—	$	71		$	184		$	—		$	184
Class 1A1		—	2		—		—	2		—	2		—			—	2
Class 2		388			—		388			697			—			697
Class 3		8			—		8			15			—			15
Class 4		16			—		16			10			—			10
Total	$	483		$	—	$	483		$	906		$	—		$	906
U.S. Government/AAA-Rated Securities Fund
	Six months ended June 30, 2018								Year ended December 31, 2017
Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income			Long-term capital gains			Total dividends paid
Class 1	$	5,048		$	—	$	5,048		$	23,690		$	—		$	23,690
Class 1A1		4			—		4			1			—			1
Class 2		4,111			—		4,111			19,498			—			19,498
Class 3		27			—		27			141			—			141
Class 4		168			—		168			663			—			663
Total	$	9,358		$	—	$	9,358		$	43,993		$	—		$	43,993

See end of tables for footnotes.

American Funds Insurance Series 169

Managed Risk Growth Fund

	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class P1	$	14	$	135	$	149	$	7	$	22	$	29
Class P2		1,397		20,395		21,792		727		4,120		4,847
Total	$	1,411	$	20,530	$	21,941	$	734	$	4,142	$	4,876
Managed Risk International Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class P1	$	3	$	1	$	4	$	1	$	1	$	2
Class P2		1,328		738		2,066		899		1,402		2,301
Total	$	1,331	$	739	$	2,070	$	900	$	1,403	$	2,303
Managed Risk Blue Chip Income and Growth Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class P1	$	3	$	7	$	10	$	4	$	3	$	7
Class P2		5,682		12,113		17,795		5,157		5,565		10,722
Total	$	5,685	$	12,120	$	17,805	$	5,161	$	5,568	$	10,729
Managed Risk Growth-Income Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class P1	$	34	$	122	$	156	$	19	$	73	$	92
Class P2		2,143		9,814		11,957		1,848		7,653		9,501
Total	$	2,177	$	9,936	$	12,113	$	1,867	$	7,726	$	9,593
Managed Risk Asset Allocation Fund
	Six months ended June 30, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class P1	$	23,251	$	66,960	$	90,211	$	11,453	$	13,811	$	25,264
Class P2		30,027		107,405		137,432		20,269		24,931		45,200
Total	$	53,278	$	174,365	$	227,643	$	31,722	$	38,742	$	70,464

1	Class 1A shares began investment operations on January 6, 2017.
2	Amount less than one thousand.
3	No distributions were paid by Global Balanced Fund during the six months ended June 30, 2018.

170 American Funds Insurance Series

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors,^® Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as average net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — On December 4, 2017, the series board of trustees approved amended agreements effective February 1, 2018, decreasing the annual rate to 0.580% on average daily net assets in excess of $4 billion for New World Fund, decreasing the annual rate to 0.350% on average daily net assets in excess of $10.5 billion for Blue Chip Income and Growth Fund, and decreasing the annual rate to 0.320% on average daily net assets in excess of $13 billion for Bond Fund. During the six months ended June 30, 2018, CRMC voluntarily reduced the investment advisory services fees to a proposed rate of 0.500% on average daily net assets in excess of $1.5 billion for International Growth and Income Fund and a proposed rate of 0.450% on average daily net assets in excess of $600 million for Capital Income Builder. CRMC is also waiving a portion of its investment advisory services fees for each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2018, total investment advisory services fees waived by CRMC were $1,374,000.

The range of rates, net asset levels and the current annualized rates of average net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

	Rates						Net asset level (in billions)				For the period ended June 30,			For the period ended June 30,
	Beginning			Ending					In excess		2018,			2018,
Fund	with			with			Up to		of		before waiver			after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.515	%		.515	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.695			.695
Growth Fund		.500			.280			.6		34.0		.323			.323
International Fund		.690			.430			.5		21.0		.491			.491
New World Fund		.850			.580			.5		4.0		.697			.697
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.388			.388
Global Growth and Income Fund		.690			.480			.6		3.0		.591			.591
Growth-Income Fund		.500			.219			.6		34.0		.258			.258
International Growth and Income Fund		.690			.530			.5		1.0		.604			.604
Capital Income Builder		.500						all				.500			.498
Asset Allocation Fund		.500			.240			.6		21.0		.266			.266
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.362			.362
Global Bond Fund		.570			.450			1.0		3.0		.529			.529
High-Income Bond Fund		.500			.420			.6		2.0		.471			.471
Mortgage Fund		.420			.290			.6		3.0		.420			.420
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.338			.338
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Blue Chip Income and Growth Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized

American Funds Insurance Series 171

percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC to provide administrative services to all of the funds’ share classes. The services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, each share class of each fund, except the managed risk funds, pays an annual fee of 0.01% based on its respective average daily net assets to compensate CRMC for providing administrative services. For the managed risk funds, CRMC receives administrative services fees of 0.01% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with BNY Mellon under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Miscellaneous fee reimbursements — CRMC is currently reimbursing a portion of miscellaneous fees and expenses for Managed Risk Growth Fund, Managed Risk International Fund and Managed Risk Growth-Income Fund. Miscellaneous expenses exclude investment advisory services and distribution services fees. For the six months ended June 30, 2018, total expenses reimbursed by CRMC were $50,000.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	105
Class 1A	$	—	$	4		—	*
Class 2		5,025		Not applicable		201
Class 4		292		292		12
Total class-specific expenses	$	5,317	$	296	$	318

Global Small Capitalization Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	83
Class 1A	$	—	$	1		—	*
Class 2		3,155		Not applicable		126
Class 4		171		171		7
Total class-specific expenses	$	3,326	$	172	$	216

172 American Funds Insurance Series

Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	415
Class 1A	$	—	$	6		—	*
Class 2		19,915		Not applicable		797
Class 3		194		Not applicable		11
Class 4		1,287		1,287		51
Total class-specific expenses	$	21,396	$	1,293	$	1,274

International Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	254
Class 1A	$	—	$	4		—	*
Class 2		5,631		Not applicable		225
Class 3		27		Not applicable		2
Class 4		386		386		15
Total class-specific expenses	$	6,044	$	390	$	496

New World Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	102
Class 1A	$	—	$	2		—	*
Class 2		1,278		Not applicable		51
Class 4		568		568		23
Total class-specific expenses	$	1,846	$	570	$	176

Blue Chip Income and Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	274
Class 1A	$	—	$	2		—	*
Class 2		4,259		Not applicable		170
Class 4		342		342		14
Total class-specific expenses	$	4,601	$	344	$	458

Global Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	25
Class 1A	$	—	$	1		—	*
Class 2		1,887		Not applicable		76
Class 4		109		108		4
Total class-specific expenses	$	1,996	$	109	$	105

Growth-Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	810
Class 1A	$	—	$	5		—	*
Class 2		17,386		Not applicable		695
Class 3		149		Not applicable		8
Class 4		1,091		1,091		44
Total class-specific expenses	$	18,626	$	1,096	$	1,557

International Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	57
Class 1A	$	—	$	3		—	*
Class 2		342		Not applicable		14
Class 4		86		85		3
Total class-specific expenses	$	428	$	88	$	74

Capital Income Builder

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	14
Class 1A	$	—	$	2		—	*
Class 2		2		Not applicable		—	*
Class 4		426		426		17
Total class-specific expenses	$	428	$	428	$	31

See end of tables for footnotes.

American Funds Insurance Series 173

Asset Allocation Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	834
Class 1A	$	—	$	7		—	*
Class 2		6,669		Not applicable		267
Class 3		33		Not applicable		2
Class 4		4,557		4,556		182
Total class-specific expenses	$	11,259	$	4,563	$	1,285

Global Balanced Fund

Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	5
Class 1A	$	—	$	—	*		—	*
Class 2		263		Not applicable			11
Class 4		78		78			3
Total class-specific expenses	$	341	$	78		$	19

Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	323
Class 1A	$	—	$	2		—	*
Class 2		4,765		Not applicable		191
Class 4		388		388		16
Total class-specific expenses	$	5,153	$	390	$	530

Global Bond Fund

Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	59
Class 1A	$	—	$	—	*		—	*
Class 2		1,441		Not applicable			57
Class 4		46		46			2
Total class-specific expenses	$	1,487	$	46		$	118

High-Income Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	31
Class 1A	$	—	$	1		—	*
Class 2		941		Not applicable		38
Class 3		11		Not applicable		1
Class 4		37		37		1
Total class-specific expenses	$	989	$	38	$	71

Mortgage Fund

Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	13
Class 1A	$	—	$	—	*		—	*
Class 2		76		Not applicable			3
Class 4		17		18			1
Total class-specific expenses	$	93	$	18		$	17

Ultra-Short Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	2
Class 1A	$	—	$	—		—	*
Class 2		300		Not applicable		12
Class 3		4		Not applicable		—	*
Class 4		17		17		1
Total class-specific expenses	$	321	$	17	$	15

U.S. Government/AAA-Rated Securities Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	76
Class 1A	$	—	$	1		—	*
Class 2		1,789		Not applicable		72
Class 3		9		Not applicable		1
Class 4		77		77		3
Total class-specific expenses	$	1,875	$	78	$	152

174 American Funds Insurance Series

Managed Risk Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	2
Class P2	$	375		375
Total class-specific expenses	$	375	$	377

Managed Risk International Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	—	*
Class P2	$	194		194
Total class-specific expenses	$	194	$	194

Managed Risk Blue Chip Income and Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	—	*
Class P2	$	441		441
Total class-specific expenses	$	441	$	441

Managed Risk Growth-Income Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	3
Class P2	$	269		269
Total class-specific expenses	$	269	$	272

Managed Risk Asset Allocation Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	2,104
Class P2	$	3,455		3,455
Total class-specific expenses	$	3,455	$	5,559

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the

American Funds Insurance Series 175

selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	18		$	2		$	20
Global Small Capitalization Fund		12			1			13
Growth Fund		71			8			79
International Fund		28			3			31
New World Fund		10			1			11
Blue Chip Income and Growth Fund		26			3			29
Global Growth and Income Fund		6			1			7
Growth-Income Fund		87			10			97
International Growth and Income Fund		4			—	*		4
Capital Income Builder		2			—	*		2
Asset Allocation Fund		72			8			80
Global Balanced Fund		1			—	*		1
Bond Fund		30			3			33
Global Bond Fund		7			1			8
High-Income Bond Fund		4			1			5
Mortgage Fund		1			—	*		1
Ultra-Short Bond Fund		1			—	*		1
U.S. Government/AAA-Rated Securities Fund		9			1			10
Managed Risk Growth Fund		1			—	*		1
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Blue Chip Income and Growth Fund		1			—	*		1
Managed Risk Growth-Income Fund		1			—	*		1
Managed Risk Asset Allocation Fund		12			2			14

* Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sales transactions between each fund and related funds as of June 30, 2018 (dollars in thousands):

Fund	Purchases		Sales
Global Small Capitalization Fund	$	816	$	58,133
Growth Fund		195,155		86,011
Blue Chip Income and Growth Fund		45,791		156,443
Global Growth and Income Fund		5,892		22,571
International Growth and Income Fund		22,356		5,081

8. Committed line of credit

Global Small Capitalization Fund, New World Fund and High-Income Bond Fund participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2018.

176 American Funds Insurance Series

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

					Reinvestments of										Net increase
	Sales1				dividends and distributions				Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	157,697		5,028	$	146,054		4,811	$	(106,207	)		(3,374	)	$	197,544			6,465
Class 1A		2,843		90		294		10		(894	)		(28	)		2,243			72
Class 2		28,966		932		270,442		9,000		(274,246	)		(8,738	)		25,162			1,194
Class 4		48,013		1,543		17,185		575		(11,903	)		(385	)		53,295			1,733
Total net increase (decrease)	$	237,519		7,593	$	433,975		14,396	$	(393,250	)		(12,525	)	$	278,244			9,464
Year ended December 31, 2017
Class 1	$	202,598		7,210	$	72,128		2,554	$	(331,323	)		(11,655	)	$	(56,597	)		(1,891	)
Class 1A2		2,333		80		31		1		(125	)		(4	)		2,239			77
Class 2		55,435		2,042		139,728		5,015		(563,057	)		(20,391	)		(367,894	)		(13,334	)
Class 4		92,931		3,271		4,951		178		(11,055	)		(400	)		86,827			3,049
Total net increase (decrease)	$	353,297		12,603	$	216,838		7,748	$	(905,560	)		(32,450	)	$	(335,425	)		(12,099	)

Global Small Capitalization Fund

					Reinvestments of											Net increase
	Sales1				dividends and distributions					Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	56,600		2,152	$	72,908		2,741		$	(99,688	)		(3,768	)	$	29,820			1,125
Class 1A		260		10		16		—	3		(104	)		(4	)		172			6
Class 2		11,815		463		111,459		4,310			(201,063	)		(7,886	)		(77,789	)		(3,113	)
Class 4		28,288		1,101		6,491		249			(8,271	)		(323	)		26,508			1,027
Total net increase (decrease)	$	96,963		3,726	$	190,874		7,300		$	(309,126	)		(11,981	)	$	(21,289	)		(955	)
Year ended December 31, 2017
Class 1	$	128,448		5,651	$	10,108		429		$	(396,272	)		(17,174	)	$	(257,716	)		(11,094	)
Class 1A2		169		8		1		—	3		—	3		—	3		170			8
Class 2		27,876		1,267		10,597		472			(343,593	)		(15,314	)		(305,120	)		(13,575	)
Class 4		73,197		3,126		270		12			(5,899	)		(258	)		67,568			2,880
Total net increase (decrease)	$	229,690		10,052	$	20,976		913		$	(745,764	)		(32,746	)	$	(495,098	)		(21,781	)

See end of tables for footnotes.

American Funds Insurance Series 177

Growth Fund

					Reinvestments of										Net increase
	Sales1				dividends and distributions				Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	199,125		2,439	$	829,371		10,546	$	(640,474	)		(7,841	)	$	388,022			5,144
Class 1A		3,693		45		664		8		(121	)		(1	)		4,236			52
Class 2		118,407		1,459		1,583,621		20,295		(1,329,785	)		(16,374	)		372,243			5,380
Class 3		365		4		21,179		268		(15,163	)		(184	)		6,381			88
Class 4		121,617		1,511		108,914		1,413		(59,895	)		(747	)		170,636			2,177
Total net increase (decrease)	$	443,207		5,458	$	2,543,749		32,530	$	(2,045,438	)		(25,147	)	$	941,518			12,841
Year ended December 31, 2017
Class 1	$	505,734		6,906	$	786,807		11,094	$	(1,258,545	)		(16,930	)	$	33,996			1,070
Class 1A2		2,708		36		78		1		(94	)		(1	)		2,692			36
Class 2		206,092		2,819		1,520,175		21,621		(2,205,078	)		(30,135	)		(478,811	)		(5,695	)
Class 3		468		6		20,085		282		(21,851	)		(295	)		(1,298	)		(7	)
Class 4		407,312		5,509		58,020		832		(56,254	)		(776	)		409,078			5,565
Total net increase (decrease)	$	1,122,314		15,276	$	2,385,165		33,830	$	(3,541,822	)		(48,137	)	$	(34,343	)		969

International Fund

					Reinvestments of										Net increase
	Sales1				dividends and distributions				Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	277,526		12,672	$	247,566		11,607	$	(240,266	)		(10,845	)	$	284,826			13,434
Class 1A		2,769		125		209		10		(44	)		(2	)		2,934			133
Class 2		289,273		13,069		217,857		10,257		(272,427	)		(12,390	)		234,703			10,936
Class 3		505		23		1,441		67		(2,818	)		(128	)		(872	)		(38	)
Class 4		55,407		2,547		15,566		741		(22,899	)		(1,053	)		48,074			2,235
Total net increase (decrease)	$	625,480		28,436	$	482,639		22,682	$	(538,454	)		(24,418	)	$	569,665			26,700
Year ended December 31, 2017
Class 1	$	760,186		38,348	$	119,937		5,881	$	(613,463	)		(30,471	)	$	266,660			13,758
Class 1A2		1,638		80		20		1		(119	)		(5	)		1,539			76
Class 2		174,876		8,941		100,155		4,954		(605,647	)		(30,845	)		(330,616	)		(16,950	)
Class 3		274		13		726		36		(3,886	)		(197	)		(2,886	)		(148	)
Class 4		209,217		10,089		4,092		200		(14,987	)		(752	)		198,322			9,537
Total net increase (decrease)	$	1,146,191		57,471	$	224,930		11,072	$	(1,238,102	)		(62,270	)	$	133,019			6,273

178 American Funds Insurance Series

New World Fund

					Reinvestments of											Net increase
	Sales1				dividends and distributions					Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	101,755		3,978	$	59,059		2,383		$	(93,299	)		(3,621	)	$	67,515			2,740
Class 1A		1,340		52		54		2			(65	)		(2	)		1,329			52
Class 2		37,024		1,459		28,693		1,170			(93,419	)		(3,657	)		(27,702	)		(1,028	)
Class 4		69,660		2,766		13,528		554			(16,579	)		(661	)		66,609			2,659
Total net increase (decrease)	$	209,779		8,255	$	101,334		4,109		$	(203,362	)		(7,941	)	$	107,751			4,423
Year ended December 31, 2017
Class 1	$	280,518		12,105	$	21,909		893		$	(475,480	)		(20,394	)	$	(173,053	)		(7,396	)
Class 1A2		629		27		6		—	3		(13	)		(1	)		622			26
Class 2		143,361		6,559		9,149		376			(254,737	)		(11,445	)		(102,227	)		(4,510	)
Class 4		127,556		5,560		3,016		124			(20,431	)		(895	)		110,141			4,789
Total net increase (decrease)	$	552,064		24,251	$	34,080		1,393		$	(750,661	)		(32,735	)	$	(164,517	)		(7,091	)

Blue Chip Income and Growth Fund

					Reinvestments of										Net increase
	Sales1				dividends and distributions				Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	116,868		7,990	$	436,701		31,104	$	(269,537	)		(18,041	)	$	284,032			21,053
Class 1A		1,929		130		198		14		(21	)		(1	)		2,106			143
Class 2		15,822		1,089		271,938		19,606		(246,012	)		(16,608	)		41,748			4,087
Class 4		73,920		5,052		24,199		1,751		(15,694	)		(1,074	)		82,425			5,729
Total net increase (decrease)	$	208,539		14,261	$	733,036		52,475	$	(531,264	)		(35,724	)	$	410,311			31,012
Year ended December 31, 2017
Class 1	$	458,480		32,688	$	309,238		21,989	$	(834,928	)		(58,499	)	$	(67,210	)		(3,822	)
Class 1A2		593		42		17		1		(15	)		(1	)		595			42
Class 2		34,639		2,502		195,693		14,095		(439,009	)		(31,376	)		(208,677	)		(14,779	)
Class 4		129,429		9,259		10,522		756		(43,213	)		(3,132	)		96,738			6,883
Total net increase (decrease)	$	623,141		44,491	$	515,470		36,841	$	(1,317,165	)		(93,008	)	$	(178,554	)		(11,676	)

Global Growth and Income Fund

					Reinvestments of											Net increase
	Sales1				dividends and distributions					Repurchases1						(decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	56,678		3,563	$	37,352		2,500		$	(23,104	)		(1,429	)	$	70,926			4,634
Class 1A		771		48		65		4			(5	)		—	3		831			52
Class 2		12,827		807		111,584		7,489			(109,172	)		(6,787	)		15,239			1,509
Class 4		24,335		1,546		7,147		486			(10,084	)		(641	)		21,398			1,391
Total net increase (decrease)	$	94,611		5,964	$	156,148		10,479		$	(142,365	)		(8,857	)	$	108,394			7,586
Year ended December 31, 2017
Class 1	$	133,943		8,899	$	16,607		1,095		$	(345,498	)		(23,190	)	$	(194,948	)		(13,196	)
Class 1A2		125		8		3		—	3		(3	)		—	3		125			8
Class 2		25,134		1,709		56,976		3,780			(236,596	)		(16,119	)		(154,486	)		(10,630	)
Class 4		63,660		4,175		1,883		123			(6,203	)		(417	)		59,340			3,881
Total net increase (decrease)	$	222,862		14,791	$	75,469		4,998		$	(588,300	)		(39,726	)	$	(289,969	)		(19,937	)

See end of tables for footnotes.

American Funds Insurance Series 179

Growth-Income Fund

	Sales1				Reinvestments of dividends and distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	590,501		11,378	$	1,155,345		22,846		$	(741,189	)		(14,160	)	$	1,004,657			20,064
Class 1A		3,710		71		379		8			(444	)		(8	)		3,645			71
Class 2		51,958		1,007		972,463		19,453			(1,047,271	)		(20,309	)		(22,850	)		151
Class 3		160		3		11,352		224			(14,958	)		(286	)		(3,446	)		(59	)
Class 4		82,473		1,615		63,870		1,290			(47,499	)		(929	)		98,844			1,976
Total net increase (decrease)	$	728,802		14,074	$	2,203,409		43,821		$	(1,851,361	)		(35,692	)	$	1,080,850			22,203
Year ended December 31, 2017
Class 1	$	1,521,886		32,100	$	1,132,034		24,392		$	(1,241,004	)		(26,012	)	$	1,412,916			30,480
Class 1A2		2,070		43		40		1			(24	)		(1	)		2,086			43
Class 2		120,223		2,558		1,048,742		22,899			(1,761,342	)		(37,375	)		(592,377	)		(11,918	)
Class 3		473		10		12,561		271			(21,746	)		(457	)		(8,712	)		(176	)
Class 4		267,835		5,641		46,486		1,020			(56,983	)		(1,217	)		257,338			5,444
Total net increase (decrease)	$	1,912,487		40,352	$	2,239,863		48,583		$	(3,081,099	)		(65,062	)	$	1,071,251			23,873
International Growth and Income Fund
	Sales1				Reinvestments of dividends					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	80,670		4,546	$	3,856		217		$	(56,753	)		(3,133	)	$	27,773			1,630
Class 1A		127		7		6		—	3		(341	)		(19	)		(208	)		(12	)
Class 2		6,981		395		800		45			(12,055	)		(670	)		(4,274	)		(230	)
Class 4		17,174		964		202		11			(5,169	)		(284	)		12,207			691
Total net increase (decrease)	$	104,952		5,912	$	4,864		273		$	(74,318	)		(4,106	)	$	35,498			2,079
Year ended December 31, 2017
Class 1	$	186,307		11,140	$	25,860		1,487		$	(101,536	)		(6,072	)	$	110,631			6,555
Class 1A2		2,100		121		14		1			(1	)		—	3		2,113			122
Class 2		8,391		510		5,714		329			(34,542	)		(2,118	)		(20,437	)		(1,279	)
Class 4		19,465		1,164		1,184		69			(3,332	)		(202	)		17,317			1,031
Total net increase (decrease)	$	216,263		12,935	$	32,772		1,886		$	(139,411	)		(8,392	)	$	109,624			6,429
Capital Income Builder
	Sales1				Reinvestments of dividends and distributions					Repurchases1						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	43,810		4,261	$	4,987		492		$	(3,291	)		(324	)	$	45,506			4,429
Class 1A		2,335		232		24		2			(91	)		(9	)		2,268			225
Class 2		1,562		154		40		5			(55	)		(6	)		1,547			153
Class 4		36,533		3,584		5,355		529			(11,724	)		(1,143	)		30,164			2,970
Total net increase (decrease)	$	84,240		8,231	$	10,406		1,028		$	(15,161	)		(1,482	)	$	79,485			7,777
Year ended December 31, 2017
Class 1	$	84,130		8,355	$	6,303		622		$	(9,923	)		(984	)	$	80,510			7,993
Class 1A2		1,245		122		8		1			(365	)		(36	)		888			87
Class 2		1,371		136		23		2			(122	)		(12	)		1,272			126
Class 4		66,028		6,590		7,676		760			(19,222	)		(1,922	)		54,482			5,428
Total net increase (decrease)	$	152,774		15,203	$	14,010		1,385		$	(29,632	)		(2,954	)	$	137,152			13,634

180 American Funds Insurance Series

Asset Allocation Fund

	Sales1				Reinvestments of dividends and distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	612,693		25,709	$	787,533		33,902	$	(442,520	)		(18,563	)	$	957,706			41,048
Class 1A		2,591		109		309		14		(94	)		(4	)		2,806			119
Class 2		43,440		1,830		245,872		10,699		(342,228	)		(14,515	)		(52,916	)		(1,986	)
Class 3		649		27		1,657		71		(3,651	)		(153	)		(1,345	)		(55	)
Class 4		189,138		8,044		172,866		7,559		(65,523	)		(2,794	)		296,481			12,809
Total net increase (decrease)	$	848,511		35,719	$	1,208,237		52,245	$	(854,016	)		(36,029	)	$	1,202,732			51,935
Year ended December 31, 2017
Class 1	$	1,929,702		84,102	$	953,771		41,982	$	(641,572	)		(27,828	)	$	2,241,901			98,256
Class 1A2		4,261		184		121		5		(253	)		(11	)		4,129			178
Class 2		109,962		4,876		325,924		14,513		(579,020	)		(25,433	)		(143,134	)		(6,044	)
Class 3		1,400		61		2,246		99		(4,469	)		(195	)		(823	)		(35	)
Class 4		408,549		18,017		192,666		8,617		(159,354	)		(7,104	)		441,861			19,530
Total net increase (decrease)	$	2,453,874		107,240	$	1,474,728		65,216	$	(1,384,668	)		(60,571	)	$	2,543,934			111,885
Global Balanced Fund
	Sales1				Reinvestments of dividends and distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	18,368		1,414	$	—		—	$	(92	)		(7	)	$	18,276			1,407
Class 1A		1,259		98		—		—		(12	)		(1	)		1,247			97
Class 2		9,081		699		—		—		(10,784	)		(834	)		(1,703	)		(135	)
Class 4		20,501		1,596		—		—		(1,950	)		(152	)		18,551			1,444
Total net increase (decrease)	$	49,209		3,807	$	—		—	$	(12,838	)		(994	)	$	36,371			2,813
Year ended December 31, 2017
Class 1	$	22,241		1,783	$	3,607		285	$	(6,039	)		(501	)	$	19,809			1,567
Class 1A2		244		19		9		1		—	3		—	3		253			20
Class 2		16,382		1,346		7,928		628		(20,169	)		(1,671	)		4,141			303
Class 4		39,763		3,218		1,778		142		(2,261	)		(182	)		39,280			3,178
Total net increase (decrease)	$	78,630		6,366	$	13,322		1,056	$	(28,469	)		(2,354	)	$	63,483			5,068

See end of tables for footnotes.

American Funds Insurance Series 181

Bond Fund

	Sales1				Reinvestments of dividends and distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	401,752		37,558	$	36,339			3,455		$	(188,956	)		(17,777	)	$	249,135			23,236
Class 1A		1,752		166		13			1			(277	)		(26	)		1,488			141
Class 2		66,414		6,309		19,752			1,901			(198,670	)		(18,939	)		(112,504	)		(10,729	)
Class 4		61,774		5,896		1,638			158			(21,041	)		(2,011	)		42,371			4,043
Total net increase (decrease)	$	531,692		49,929	$	57,742			5,515		$	(408,944	)		(38,753	)	$	180,490			16,691
Year ended December 31, 2017
Class 1	$	967,669		88,718	$	235,240			21,678		$	(1,624,503	)		(147,887	)	$	(421,594	)		(37,491	)
Class 1A2		1,338		122		21			2			(272	)		(25	)		1,087			99
Class 2		138,965		12,898		134,455			12,545			(273,010	)		(25,301	)		410			142
Class 4		212,848		19,725		6,398			597			(22,490	)		(2,080	)		196,756			18,242
Total net increase (decrease)	$	1,320,820		121,463	$	376,114			34,822		$	(1,920,275	)		(175,293	)	$	(223,341	)		(19,008	)
Global Bond Fund
	Sales1				Reinvestments of dividends and distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	105,872		8,842	$	6,171			531		$	(286,991	)		(23,775	)	$	(174,948	)		(14,402	)
Class 1A		244		21		2			—	3		(1	)		—	3		245			21
Class 2		30,320		2,560		5,986			519			(58,828	)		(4,961	)		(22,522	)		(1,882	)
Class 4		22,690		1,921		200			17			(12,914	)		(1,104	)		9,976			834
Total net increase (decrease)	$	159,126		13,344	$	12,359			1,067		$	(358,734	)		(29,840	)	$	(187,249	)		(15,429	)
Year ended December 31, 2017
Class 1	$	177,200		15,155	$	14,284			1,210		$	(100,697	)		(8,588	)	$	90,787			7,777
Class 1A2		74		6		—	3		—	3		—	3		—	3		74			6
Class 2		45,841		3,978		11,132			952			(79,734	)		(6,868	)		(22,761	)		(1,938	)
Class 4		20,651		1,777		197			17			(2,949	)		(255	)		17,899			1,539
Total net increase (decrease)	$	243,766		20,916	$	25,613			2,179		$	(183,380	)		(15,711	)	$	85,999			7,384
High-Income Bond Fund
	Sales1				Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	13,009		1,273	$	6,576			648		$	(36,324	)		(3,570	)	$	(16,739	)		(1,649	)
Class 1A		232		23		6			1			(18	)		(2	)		220			22
Class 2		9,674		962		7,724			773			(50,387	)		(5,030	)		(32,989	)		(3,295	)
Class 3		1,314		128		125			12			(1,462	)		(143	)		(23	)		(3	)
Class 4		31,294		2,892		284			26			(31,825	)		(2,954	)		(247	)		(36	)
Total net increase (decrease)	$	55,523		5,278	$	14,715			1,460		$	(120,016	)		(11,699	)	$	(49,778	)		(4,961	)
Year ended December 31, 2017
Class 1	$	43,584		4,162	$	43,816			4,273		$	(422,269	)		(39,685	)	$	(334,869	)		(31,250	)
Class 1A2		400		39		12			1			(7	)		(1	)		405			39
Class 2		15,931		1,540		51,640			5,121			(92,969	)		(8,946	)		(25,398	)		(2,285	)
Class 3		397		38		805			78			(1,921	)		(181	)		(719	)		(65	)
Class 4		84,996		7,657		1,981			182			(72,820	)		(6,577	)		14,157			1,262
Total net increase (decrease)	$	145,308		13,436	$	98,254			9,655		$	(589,986	)		(55,390	)	$	(346,424	)		(32,299	)

182 American Funds Insurance Series

Mortgage Fund

	Sales1				Reinvestments of dividends and distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	14,936		1,450	$	802			78		$	(14,807	)		(1,436	)	$	931			92
Class 1A		511		50		2			—	3		(7	)		(1	)		506			49
Class 2		3,458		336		169			17			(4,948	)		(481	)		(1,321	)		(128	)
Class 4		4,718		461		40			4			(1,075	)		(105	)		3,683			360
Total net increase (decrease)	$	23,623		2,297	$	1,013			99		$	(20,837	)		(2,023	)	$	3,799			373
Year ended December 31, 2017
Class 1	$	52,151		4,904	$	5,982			566		$	(59,926	)		(5,621	)	$	(1,793	)		(151	)
Class 1A2		109		10		2			—	3		(6	)		—	3		105			10
Class 2		7,132		672		1,287			122			(8,011	)		(755	)		408			39
Class 4		8,522		808		204			20			(4,876	)		(462	)		3,850			366
Total net increase (decrease)	$	67,914		6,394	$	7,475			708		$	(72,819	)		(6,838	)	$	2,570			264
Ultra-Short Bond Fund
	Sales1				Reinvestments of dividends						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	12,473		1,102	$	71			6		$	(13,689	)		(1,208	)	$	(1,145	)		(100	)
Class 1A		—		—		—	3		—	3		—			—			—	3		—	3
Class 2		48,032		4,355		388			35			(60,466	)		(5,482	)		(12,046	)		(1,092	)
Class 3		2,044		183		8			1			(1,759	)		(158	)		293			26
Class 4		7,902		708		16			1			(9,239	)		(828	)		(1,321	)		(119	)
Total net increase (decrease)	$	70,451		6,348	$	483			43		$	(85,153	)		(7,676	)	$	(14,219	)		(1,285	)
Year ended December 31, 2017
Class 1	$	14,832		1,312	$	184			16		$	(15,478	)		(1,371	)	$	(462	)		(43	)
Class 1A2		10		1		—	3		—	3		—			—			10			1
Class 2		62,145		5,646		697			63			(111,628	)		(10,146	)		(48,786	)		(4,437	)
Class 3		1,448		130		15			2			(1,233	)		(111	)		230			21
Class 4		16,767		1,507		10			1			(14,407	)		(1,294	)		2,370			214
Total net increase (decrease)	$	95,202		8,596	$	906			82		$	(142,746	)		(12,922	)	$	(46,638	)		(4,244	)

See end of tables for footnotes.

American Funds Insurance Series 183

U.S. Government/AAA-Rated Securities Fund

	Sales1				Reinvestments of dividends					Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class 1	$	48,631		4,074	$	4,973		420		$	(62,263	)		(5,234	)	$	(8,659	)		(740	)
Class 1A		847		72		3		—	3		(13	)		(1	)		837			71
Class 2		33,424		2,831		4,111		351			(75,644	)		(6,435	)		(38,109	)		(3,253	)
Class 3		229		19		27		2			(1,413	)		(118	)		(1,157	)		(97	)
Class 4		14,905		1,266		168		14			(9,335	)		(789	)		5,738			491
Total net increase (decrease)	$	98,036		8,262	$	9,282		787		$	(148,668	)		(12,577	)	$	(41,350	)		(3,528	)
Year ended December 31, 2017
Class 1	$	291,253		23,702	$	23,401		1,927		$	(226,514	)		(18,425	)	$	88,140			7,204
Class 1A2		1,016		83		2		—	3		(714	)		(58	)		304			25
Class 2		49,410		4,091		19,498		1,621			(103,407	)		(8,550	)		(34,499	)		(2,838	)
Class 3		1,050		86		141		12			(1,501	)		(123	)		(310	)		(25	)
Class 4		27,872		2,299		663		55			(23,884	)		(1,976	)		4,651			378
Total net increase (decrease)	$	370,601		30,261	$	43,705		3,615		$	(356,020	)		(29,132	)	$	58,286			4,744
Managed Risk Growth Fund
	Sales1				Reinvestments of dividends and distributions					Repurchases1						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class P1	$	488		36	$	149		11		$	(143	)		(10	)	$	494			37
Class P2		31,070		2,304		21,792		1,658			(12,259	)		(908	)		40,603			3,054
Total net increase (decrease)	$	31,558		2,340	$	21,941		1,669		$	(12,402	)		(918	)	$	41,097			3,091
Year ended December 31, 2017
Class P1	$	836		70	$	29		2		$	(230	)		(19	)	$	635			53
Class P2		46,748		3,893		4,847		408			(16,010	)		(1,330	)		35,585			2,971
Total net increase (decrease)	$	47,584		3,963	$	4,876		410		$	(16,240	)		(1,349	)	$	36,220			3,024

Managed Risk International Fund

	Sales1				Reinvestments of dividends and distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class P1	$	108		9	$	4		1		$	(15	)		(1	)	$	97			9
Class P2		17,395		1,541		2,066		186			(9,493	)		(846	)		9,968			881
Total net increase (decrease)	$	17,503		1,550	$	2,070		187		$	(9,508	)		(847	)	$	10,065			890
Year ended December 31, 2017
Class P1	$	130		14	$	2		—	3	$	(166	)		(17	)	$	(34	)		(3	)
Class P2		30,462		3,002		2,301		230			(9,880	)		(967	)		22,883			2,265
Total net increase (decrease)	$	30,592		3,016	$	2,303		230		$	(10,046	)		(984	)	$	22,849			2,262

184 American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

	Sales1					Reinvestments of dividends and distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class P1	$	1		—	3	$	10		1	$	(2	)		(1	)	$	9			—	3
Class P2		11,697		927			17,795		1,461		(20,135	)		(1,570	)		9,357			818
Total net increase (decrease)	$	11,698		927		$	17,805		1,462	$	(20,137	)		(1,571	)	$	9,366			818
Year ended December 31, 2017
Class P1	$	59		5		$	7		1	$	(136	)		(11	)	$	(70	)		(5	)
Class P2		83,072		6,949			10,722		898		(56,067	)		(4,624	)		37,727			3,223
Total net increase (decrease)	$	83,131		6,954		$	10,729		899	$	(56,203	)		(4,635	)	$	37,657			3,218
Managed Risk Growth-Income Fund
	Sales1					Reinvestments of dividends and distributions				Repurchases1						Net increase
Share class	Amount		Shares			Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class P1	$	356		28		$	156		12	$	(96	)		(7	)	$	416			33
Class P2		21,581		1,687			11,957		957		(10,290	)		(805	)		23,248			1,839
Total net increase (decrease)	$	21,937		1,715		$	12,113		969	$	(10,386	)		(812	)	$	23,664			1,872
Year ended December 31, 2017
Class P1	$	1,093		92		$	92		8	$	(154	)		(13	)	$	1,031			87
Class P2		27,997		2,382			9,501		835		(15,095	)		(1,278	)		22,403			1,939
Total net increase (decrease)	$	29,090		2,474		$	9,593		843	$	(15,249	)		(1,291	)	$	23,434			2,026
Managed Risk Asset Allocation Fund
	Sales1					Reinvestments of dividends and distributions				Repurchases1						Net increase
Share class	Amount		Shares			Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2018
Class P1	$	82,974		6,113		$	90,211		6,907	$	(17,450	)		(1,325	)	$	155,735			11,695
Class P2		69,408		5,116			137,432		10,539		(114,199	)		(8,450	)		92,641			7,205
Total net increase (decrease)	$	152,382		11,229		$	227,643		17,446	$	(131,649	)		(9,775	)	$	248,376			18,900
Year ended December 31, 2017
Class P1	$	264,545		20,631		$	25,264		1,986	$	(25,397	)		(1,973	)	$	264,412			20,644
Class P2		253,137		19,936			45,200		3,559		(153,999	)		(11,957	)		144,338			11,538
Total net increase (decrease)	$	517,682		40,567		$	70,464		5,545	$	(179,396	)		(13,930	)	$	408,750			32,182

1	Includes exchanges between share classes of the fund.
2	Class 1A shares began investment operations on January 6, 2017.
3	Amount less than one thousand.

American Funds Insurance Series 185

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the six months ended June 30, 2018 (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund		Growth Fund			International Fund		New World Fund		Blue Chip Income and Growth Fund
Purchases of investment securities*	$	632,954		$	633,882	$	2,695,351		$	1,736,664	$	627,614	$	2,542,362
Sales of investment securities*		1,134,660			938,437		3,693,631			1,463,805		872,281		2,763,401
Non-U.S. taxes paid on interest income		—			—		—			—		31		—
Non-U.S. taxes paid on realized gains		—			—		—			—		65		—
Non-U.S. taxes provided on unrealized gains		5,261			1,944		—			607		16,668		—
Dividend income from affiliated issuers		—			401		—			—		—		—
	Global Growth and Income Fund			Growth- Income Fund		International Growth and Income Fund			Capital Income Builder		Asset Allocation Fund		Global Balanced Fund
Purchases of investment securities*	$	285,460		$	4,983,498	$	312,576		$	305,388	$	8,882,433	$	126,528
Sales of investment securities*		368,636			6,744,355		278,908			251,736		9,443,218		88,547
Non-U.S. taxes (refunded) paid on interest income		—			—		(8	)		—		—		9
Non-U.S. taxes paid on realized gains		3			—		6			—		—		1
Non-U.S. taxes provided on unrealized gains		1,757			213		23			—		108		140
Dividend income from affiliated issuers		—			—		—			—		222		—
Interest income from affiliated issuers		—			—		—			—		1,050		—
	Bond Fund			Global Bond Fund		High- Income Bond Fund			Mortgage Fund		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund
Purchases of investment securities*	$	24,186,976		$	1,365,571	$	455,950		$	1,486,176	$	—	$	6,391,688
Sales of investment securities*		23,885,296			1,446,097		449,971			1,461,510		—		6,205,133
Non-U.S. taxes paid on interest income		33			221		—			—		—		—
Non-U.S. taxes (refunded) paid on realized gains		(196	)		403		—			—		—		—
Non-U.S. taxes provided on unrealized gains		—			188		5			—		—		—
	Managed Risk Growth Fund			Managed Risk International Fund		Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth-  Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	52,581		$	22,449	$	32,125		$	32,821	$	275,727
Sales of investment securities*		15,035			8,607		24,901			8,814		54,784
Dividend income from affiliated issuers		575			389		1,376			638		15,338

*  Excludes short-term securities and U.S. government obligations, if any.

11. Ownership concentration

At June 30, 2018, American Funds Insurance Series - Managed Risk Growth and Income Portfolio, American Funds Insurance Series -Managed Risk Global Allocation Portfolio and Managed Risk Asset Allocation Fund held 36%, 18% and 16% of the outstanding shares of Capital Income Builder, Global Balanced Fund and Asset Allocation Fund, respectively.

186 American Funds Insurance Series

Financial highlights

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Growth Fund
Class 1:
6/30/182,3	$	30.51	$	.22		$	.82		$	1.04		$	(.04	)	$	(2.13	)	$	(2.17	)	$	29.38		3.18	%4	$	2,125			.54	%5		1.38	%5
12/31/17		24.05		.26			7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51		31.80			2,010			.55			.94
12/31/16		26.39		.25			(.14	)		.11			(.29	)		(2.16	)		(2.45	)		24.05		.87			1,630			.56			1.00
12/31/15		27.48		.25			1.80			2.05			(.35	)		(2.79	)		(3.14	)		26.39		7.24			1,626			.55			.90
12/31/14		30.11		.31	6		.40			.71			(.40	)		(2.94	)		(3.34	)		27.48		2.52			1,558			.55			1.08	6
12/31/13		23.58		.31			6.62			6.93			(.40	)		—			(.40	)		30.11		29.51			1,508			.55			1.17
Class 1A:
6/30/182,3		30.46		.20			.80			1.00			(.03	)		(2.13	)		(2.16	)		29.30		3.07	4		4			.79	5		1.30	5
12/31/172,7		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	4		2			.80	5		.39	5
Class 2:
6/30/182,3		30.24		.17			.82			.99			(.03	)		(2.13	)		(2.16	)		29.07		3.03	4		3,893			.79	5		1.11	5
12/31/17		23.85		.19			7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24		31.47			4,012			.80			.69
12/31/16		26.19		.18			(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85		.62			3,483			.81			.76
12/31/15		27.30		.18			1.78			1.96			(.28	)		(2.79	)		(3.07	)		26.19		6.94			3,817			.80			.66
12/31/14		29.92		.24	6		.41			.65			(.33	)		(2.94	)		(3.27	)		27.30		2.31			3,992			.80			.85	6
12/31/13		23.44		.24			6.58			6.82			(.34	)		—			(.34	)		29.92		29.18			4,379			.80			.91
Class 4:
6/30/182,3		30.13		.14			.81			.95			(.02	)		(2.13	)		(2.15	)		28.93		2.92	4		253			1.04	5		.91	5
12/31/17		23.81		.10			7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13		31.11			211			1.05			.37
12/31/16		26.16		.12			(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81		.37			94			1.06			.50
12/31/15		27.34		.09			1.81			1.90			(.29	)		(2.79	)		(3.08	)		26.16		6.69			91			1.05			.34
12/31/14		30.07		.07	6		.50			.57			(.36	)		(2.94	)		(3.30	)		27.34		2.01			19			1.05			.26	6
12/31/13		23.58		.13			6.77			6.90			(.41	)		—			(.41	)		30.07		29.36			1			1.06			.43
Global Small Capitalization Fund
Class 1:
6/30/182,3	$	25.38	$	.07		$	1.15		$	1.22		$	(.02	)	$	(1.14	)	$	(1.16	)	$	25.44		4.58	%4	$	1,671			.73	%5		.52	%5
12/31/17		20.24		.12			5.17			5.29			(.15	)		—			(.15	)		25.38		26.22			1,639			.73			.54
12/31/16		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24		2.35			1,532			.74			.57
12/31/15		26.09		.04			.36			.40			—			(2.08	)		(2.08	)		24.41		.50			1,706			.73			.15
12/31/14		25.69		.09			.52			.61			(.09	)		(.12	)		(.21	)		26.09		2.36			1,411			.74			.34
12/31/13		20.16		.04			5.70			5.74			(.21	)		—			(.21	)		25.69		28.60			1,241			.74			.17
Class 1A:
6/30/182,3		25.36		.05			1.14			1.19			(.02	)		(1.14	)		(1.16	)		25.39		4.49	4		—	8		.97	5		.41	5
12/31/172,7		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	4		—	8		.96	5		.35	5
Class 2:
6/30/182,3		24.72		.03			1.12			1.15			(.01	)		(1.14	)		(1.15	)		24.72		4.46	4		2,474			.98	5		.27	5
12/31/17		19.72		.06			5.04			5.10			(.10	)		—			(.10	)		24.72		25.89			2,551			.98			.27
12/31/16		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72		2.10			2,303			.99			.31
12/31/15		25.64		(.03	)		.37			.34			—			(2.08	)		(2.08	)		23.90		.27			2,492			.98			(.10	)
12/31/14		25.25		.03			.51			.54			(.03	)		(.12	)		(.15	)		25.64		2.12			2,738			.99			.10
12/31/13		19.86		(.01	)		5.60			5.59			(.20	)		—			(.20	)		25.25		28.28			2,955			.99			(.05	)
Class 4:
6/30/182,3		24.91		.01			1.12			1.13			(.01	)		(1.14	)		(1.15	)		24.89		4.33	4		151			1.23	5		.05	5
12/31/17		19.91		—	9		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			—	10
12/31/16		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03
12/31/15		25.92		(.10	)		.37			.27			—			(2.08	)		(2.08	)		24.11		(.02	)		34			1.23			(.37	)
12/31/14		25.57		(.05	)		.54			.49			(.02	)		(.12	)		(.14	)		25.92		1.88			12			1.24			(.17	)
12/31/13		20.16		(.12	)		5.74			5.62			(.21	)		—			(.21	)		25.57		28.01			4			1.24			(.50	)

See end of tables for footnotes.

American Funds Insurance Series 187

Financial highlights (continued)

			Income (loss) from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
6/30/182,3	$	77.85	$	.35		$	7.53	$	7.88	$	(.12	)	$	(8.24	)	$	(8.36	)	$	77.37		9.95	%4	$	8,449		.34	%5		.86	%5
12/31/17		67.29		.55			17.89		18.44		(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
12/31/16		68.02		.67			5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931		.35			1.03
12/31/15		80.15		.64			5.08		5.72		(.61	)		(17.24	)		(17.85	)		68.02		7.12			6,796		.35			.87
12/31/14		78.54		.88	6		5.79		6.67		(1.16	)		(3.90	)		(5.06	)		80.15		8.78			7,118		.35			1.12	6
12/31/13		60.90		.64			17.84		18.48		(.84	)		—			(.84	)		78.54		30.43			7,003		.35			.93
Class 1A:
6/30/182,3		77.74		.28			7.49		7.77		(.11	)		(8.24	)		(8.35	)		77.16		9.81	4		7		.59	5		.69	5
12/31/172,7		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	4		3		.59	5		.47	5
Class 2:
6/30/182,3		77.35		.24			7.50		7.74		(.09	)		(8.24	)		(8.33	)		76.76		9.83	4		16,009		.59	5		.60	5
12/31/17		66.92		.37			17.76		18.13		(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
12/31/16		67.69		.51			5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978		.60			.78
12/31/15		79.84		.46			5.06		5.52		(.43	)		(17.24	)		(17.67	)		67.69		6.86			14,414		.60			.62
12/31/14		77.94		.68	6		5.75		6.43		(.63	)		(3.90	)		(4.53	)		79.84		8.51			15,413		.60			.87	6
12/31/13		60.45		.47			17.68		18.15		(.66	)		—			(.66	)		77.94		30.11			16,334		.60			.68
Class 3:
6/30/182,3		78.32		.28			7.58		7.86		(.10	)		(8.24	)		(8.34	)		77.84		9.86	4		217		.52	5		.67	5
12/31/17		67.67		.42			17.98		18.40		(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
12/31/16		68.37		.56			5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183		.53			.85
12/31/15		80.47		.51			5.11		5.62		(.48	)		(17.24	)		(17.72	)		68.37		6.92			194		.53			.69
12/31/14		78.62		.74	6		5.79		6.53		(.78	)		(3.90	)		(4.68	)		80.47		8.58			208		.53			.94	6
12/31/13		60.97		.52			17.84		18.36		(.71	)		—			(.71	)		78.62		30.20			216		.53			.75
Class 4:
6/30/182,3		76.56		.15			7.40		7.55		(.07	)		(8.24	)		(8.31	)		75.80		9.68	4		1,110		.84	5		.36	5
12/31/17		66.41		.18			17.61		17.79		(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25
12/31/16		67.26		.34			5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458		.85			.53
12/31/15		79.74		.29			5.02		5.31		(.55	)		(17.24	)		(17.79	)		67.26		6.59			394		.85			.42
12/31/14		78.32		.37	6		5.87		6.24		(.92	)		(3.90	)		(4.82	)		79.74		8.25			24		.85			.47	6
12/31/13		60.90		.29			17.90		18.19		(.77	)		—			(.77	)		78.32		29.96			5		.85			.40

188 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
International Fund
Class 1:
6/30/182,3	$	21.71	$	.24		$	(.21	)	$	.03		$	(.05	)	$	(1.02	)	$	(1.07	)	$	20.67		(.02	)%4	$	5,052		.52	%5		2.20	%5
12/31/17		16.82		.26			5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
12/31/16		18.08		.27			.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652		.54			1.57
12/31/15		20.35		.29			(1.03	)		(.74	)		(.35	)		(1.18	)		(1.53	)		18.08		(4.25	)		3,427		.54			1.41
12/31/14		21.22		.30			(.81	)		(.51	)		(.36	)		—			(.36	)		20.35		(2.41	)		3,282		.54			1.43
12/31/13		17.68		.27			3.59			3.86			(.32	)		—			(.32	)		21.22		21.91			3,324		.54			1.41
Class 1A:
6/30/182,3		21.67		.24			(.23	)		.01			(.05	)		(1.02	)		(1.07	)		20.61		(.13)	4		4		.77	5		2.17	5
12/31/172,7		17.17		.09			4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	4		2		.77	5		.43	5
Class 2:
6/30/182,3		21.63		.21			(.21	)		—	9		(.04	)		(1.02	)		(1.06	)		20.57		(.16)	4		4,432		.77	5		1.96	5
12/31/17		16.76		.22			5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
12/31/16		18.02		.23			.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710		.79			1.35
12/31/15		20.29		.24			(1.03	)		(.79	)		(.30	)		(1.18	)		(1.48	)		18.02		(4.53	)		3,978		.79			1.17
12/31/14		21.15		.25			(.81	)		(.56	)		(.30	)		—			(.30	)		20.29		(2.65	)		4,374		.79			1.19
12/31/13		17.62		.22			3.58			3.80			(.27	)		—			(.27	)		21.15		21.64			5,916		.79			1.15
Class 3:
6/30/182,3		21.75		.22			(.21	)		.01			(.04	)		(1.02	)		(1.06	)		20.70		(.10)	4		29		.70	5		2.02	5
12/31/17		16.85		.23			5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
12/31/16		18.11		.24			.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27		.72			1.42
12/31/15		20.38		.25			(1.03	)		(.78	)		(.31	)		(1.18	)		(1.49	)		18.11		(4.44	)		32		.72			1.24
12/31/14		21.24		.27			(.82	)		(.55	)		(.31	)		—			(.31	)		20.38		(2.56	)		38		.72			1.28
12/31/13		17.70		.23			3.59			3.82			(.28	)		—			(.28	)		21.24		21.67			46		.72			1.22
Class 4:
6/30/182,3		21.42		.18			(.20	)		(.02	)		(.04	)		(1.02	)		(1.06	)		20.34		(.28)	4		320		1.02	5		1.71	5
12/31/17		16.64		.11			5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55
12/31/16		17.93		.18			.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66		1.04			1.03
12/31/15		20.23		.17			(1.00	)		(.83	)		(.29	)		(1.18	)		(1.47	)		17.93		(4.75	)		46		1.04			.88
12/31/14		21.16		.07			(.68	)		(.61	)		(.32	)		—			(.32	)		20.23		(2.88	)		18		1.04			.31
12/31/13		17.68		(.01	)		3.79			3.78			(.30	)		—			(.30	)		21.16		21.48			2		1.04			(.07	)

See end of tables for footnotes.

American Funds Insurance Series 189

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
New World Fund
Class 1:
6/30/182,3	$	25.30	$	.16		$	(1.11	)	$	(.95	)	$	(.06	)	$	(.67	)	$	(.73	)	$	23.62		(3.89	)%4	$	1,978			.75	%5		1.27	%5
12/31/17		19.72		.26			5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050			.77			1.14
12/31/16		18.87		.24			.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743			.78			1.25
12/31/15		20.72		.19			(.71	)		(.52	)		(.17	)		(1.16	)		(1.33	)		18.87		(2.96	)		1,562			.79			.92
12/31/14		25.08		.29	6		(1.92	)		(1.63	)		(.29	)		(2.44	)		(2.73	)		20.72		(7.63	)		1,433			.78			1.23	6
12/31/13		22.93		.34			2.31			2.65			(.39	)		(.11	)		(.50	)		25.08		11.66			1,388			.78			1.45
Class 1A:
6/30/182,3		25.25		.16			(1.13	)		(.97	)		(.06	)		(.67	)		(.73	)		23.55		(3.99	)4		2			1.00	5		1.24	5
12/31/172,7		20.14		.13			5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	4		1			1.00	5		.53	5
Class 2:
6/30/182,3		25.07		.13			(1.10	)		(.97	)		(.05	)		(.67	)		(.72	)		23.38		(4.01	)4		960			1.00	5		1.00	5
12/31/17		19.54		.20			5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055			1.02			.89
12/31/16		18.71		.19			.79			.98			(.15	)		—			(.15	)		19.54		5.26			911			1.03			1.00
12/31/15		20.54		.14			(.69	)		(.55	)		(.12	)		(1.16	)		(1.28	)		18.71		(3.14	)		961			1.04			.68
12/31/14		24.88		.24	6		(1.91	)		(1.67	)		(.23	)		(2.44	)		(2.67	)		20.54		(7.87	)		1,084			1.03			1.01	6
12/31/13		22.75		.28			2.29			2.57			(.33	)		(.11	)		(.44	)		24.88		11.38			1,307			1.03			1.22
Class 4:
6/30/182,3		24.99		.10			(1.09	)		(.99	)		(.05	)		(.67	)		(.72	)		23.28		(4.13	)4		460			1.25	5		.79	5
12/31/17		19.51		.14			5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427			1.27			.61
12/31/16		18.69		.14			.80			.94			(.12	)		—			(.12	)		19.51		5.04			240			1.28			.75
12/31/15		20.56		.08			(.68	)		(.60	)		(.11	)		(1.16	)		(1.27	)		18.69		(3.37	)		171			1.29			.39
12/31/14		24.99		.09	6		(1.83	)		(1.74	)		(.25	)		(2.44	)		(2.69	)		20.56		(8.13	)		64			1.28			.40	6
12/31/13		22.93		.14			2.41			2.55			(.38	)		(.11	)		(.49	)		24.99		11.20			8			1.29			.56
Blue Chip Income and Growth Fund
Class 1:
6/30/182,3	$	14.96	$	.17		$	(.09	)	$	.08		$	(.06	)	$	(1.14	)	$	(1.20	)	$	13.84		.47	%4		$5,453			.41	%5		2.30	%5
12/31/17		13.53		.32			1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581			.41			2.27
12/31/16		12.62		.31			1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099			.41			2.39
12/31/15		14.69		.31			(.64	)		(.33	)		(.29	)		(1.45	)		(1.74	)		12.62		(2.72	)		3,638			.41			2.23
12/31/14		13.12		.46	6		1.59			2.05			(.48	)		—			(.48	)		14.69		15.69			3,542			.42			3.31	6
12/31/13		10.05		.27			3.06			3.33			(.26	)		—			(.26	)		13.12		33.26			2,814			.42			2.27
Class 1A:
6/30/182,3		14.94		.15			(.09	)		.06			(.06	)		(1.14	)		(1.20	)		13.80		.32	4		2			.66	5		2.05	5
12/31/172,7		13.75		.28			1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	4		1			.65	5		2.01	5
Class 2:
6/30/182,3		14.80		.15			(.09	)		.06			(.06	)		(1.14	)		(1.20	)		13.66		.29	4		3,335			.66	5		2.05	5
12/31/17		13.39		.28			1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551			.66			2.02
12/31/16		12.51		.28			1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412			.66			2.16
12/31/15		14.57		.27			(.62	)		(.35	)		(.26	)		(1.45	)		(1.71	)		12.51		(2.93	)		3,228			.66			1.97
12/31/14		13.02		.44	6		1.55			1.99			(.44	)		—			(.44	)		14.57		15.36			3,722			.67			3.14	6
12/31/13		9.97		.23			3.05			3.28			(.23	)		—			(.23	)		13.02		33.00			3,755			.67			2.03
Class 4:
6/30/182,3		14.77		.13			(.10	)		.03			(.05	)		(1.14	)		(1.19	)		13.61		.14	4		306			.91	5		1.80	5
12/31/17		13.39		.25			1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247			.91			1.76
12/31/16		12.53		.24			1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132			.91			1.81
12/31/15		14.63		.24			(.63	)		(.39	)		(.26	)		(1.45	)		(1.71	)		12.53		(3.21	)		32			.91			1.75
12/31/14		13.12		.34	6		1.63			1.97			(.46	)		—			(.46	)		14.63		15.13			9			.92			2.33	6
12/31/13		10.05		.18			3.15			3.33			(.26	)		—			(.26	)		13.12		33.27			—	8		.86			1.39

190 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Growth and Income Fund
Class 1:
6/30/182,3	$	15.81	$	.19		$	(.28	)	$	(.09	)	$	(.04	)	$	(1.18	)	$	(1.22	)	$	14.50		(.79	)%4	$	512			.62	%5		2.44	%5
12/31/17		13.02		.35			3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			2.43
12/31/16		12.35		.28			.66			.94			(.27	)		—			(.27	)		13.02		7.61			571			.63			2.18
12/31/15		12.78		.36			(.50	)		(.14	)		(.29	)		—			(.29	)		12.35		(1.14	)		293			.64			2.79
12/31/14		12.53		.43	6		.31			.74			(.49	)		—			(.49	)		12.78		6.00			200			.63			3.34	6
12/31/13		10.56		.39			2.00			2.39			(.42	)		—			(.42	)		12.53		22.81			206			.62			3.35
Class 1A:
6/30/182,3		15.81		.21			(.33	)		(.12	)		(.04	)		(1.18	)		(1.22	)		14.47		(.99	)4		1			.87	5		2.71	5
12/31/172,7		13.21		.18			3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	4		—	8		.84	5		1.20	5
Class 2:
6/30/182,3		15.78		.17			(.27	)		(.10	)		(.04	)		(1.18	)		(1.22	)		14.46		(.90	)4		1,430			.87	5		2.16	5
12/31/17		13.00		.31			3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			2.11
12/31/16		12.33		.25			.65			.90			(.23	)		—			(.23	)		13.00		7.34			1,405			.88			1.98
12/31/15		12.75		.22			(.39	)		(.17	)		(.25	)		—			(.25	)		12.33		(1.34	)		1,479			.89			1.73
12/31/14		12.51		.41	6		.29			.70			(.46	)		—			(.46	)		12.75		5.64			1,685			.88			3.22	6
12/31/13		10.54		.36			2.00			2.36			(.39	)		—			(.39	)		12.51		22.54			1,822			.87			3.09
Class 4:
6/30/182,3		15.60		.15			(.29	)		(.14	)		(.03	)		(1.18	)		(1.21	)		14.25		(1.12	)4		92			1.12	5		1.97	5
12/31/17		12.89		.22			3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.49
12/31/16		12.26		.21			.65			.86			(.23	)		—			(.23	)		12.89		7.04			16			1.13			1.63
12/31/15		12.71		.17			(.37	)		(.20	)		(.25	)		—			(.25	)		12.26		(1.60	)		5			1.14			1.32
12/31/14		12.50		.30	6		.37			.67			(.46	)		—			(.46	)		12.71		5.41			1			1.13			2.30	6
12/31/13		10.55		.28			2.09			2.37			(.42	)		—			(.42	)		12.50		22.60			1			1.12			2.27

See end of tables for footnotes.

American Funds Insurance Series 191

Financial highlights (continued)

			Income (loss) from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth-Income Fund
Class 1:
6/30/182,3	$	50.22	$	.42	$	2.94	$	3.36	$	(.14	)	$	(3.58	)	$	(3.72	)	$	49.86		6.58	%4	$	16,653		.28	%5		1.63	%5
12/31/17		44.41		.81		8.89		9.70		(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
12/31/16		45.40		.79		4.09		4.88		(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588		.29			1.79
12/31/15		52.76		.79		.37		1.16		(.75	)		(7.77	)		(8.52	)		45.40		1.72			10,747		.29			1.59
12/31/14		50.72		.81		4.57		5.38		(.80	)		(2.54	)		(3.34	)		52.76		10.91			10,812		.29			1.56
12/31/13		38.48		.66		12.31		12.97		(.73	)		—			(.73	)		50.72		33.82			9,857		.29			1.49
Class 1A:
6/30/182,3		50.15		.37		2.93		3.30		(.14	)		(3.58	)		(3.72	)		49.73		6.46	4		6		.53	5		1.42	5
12/31/172,7		45.39		.67		7.96		8.63		(.76	)		(3.11	)		(3.87	)		50.15		19.83	4		2		.52	5		1.41	5
Class 2:
6/30/182,3		49.71		.35		2.92		3.27		(.12	)		(3.58	)		(3.70	)		49.28		6.44	4		13,816		.53	5		1.38	5
12/31/17		44.00		.68		8.80		9.48		(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
12/31/16		45.04		.67		4.05		4.72		(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854		.54			1.54
12/31/15		52.41		.66		.37		1.03		(.63	)		(7.77	)		(8.40	)		45.04		1.45			12,895		.54			1.34
12/31/14		50.40		.67		4.55		5.22		(.67	)		(2.54	)		(3.21	)		52.41		10.63			14,337		.54			1.31
12/31/13		38.24		.55		12.23		12.78		(.62	)		—			(.62	)		50.40		33.50			14,980		.54			1.25
Class 3:
6/30/182,3		50.29		.38		2.95		3.33		(.13	)		(3.58	)		(3.71	)		49.91		6.50	4		163		.46	5		1.45	5
12/31/17		44.47		.72		8.90		9.62		(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
12/31/16		45.46		.71		4.09		4.80		(.67	)		(5.12	)		(5.79	)		44.47		11.59			156		.47			1.61
12/31/15		52.82		.70		.37		1.07		(.66	)		(7.77	)		(8.43	)		45.46		1.53			161		.47			1.41
12/31/14		50.77		.71		4.59		5.30		(.71	)		(2.54	)		(3.25	)		52.82		10.71			185		.47			1.38
12/31/13		38.52		.58		12.32		12.90		(.65	)		—			(.65	)		50.77		33.58			193		.47			1.32
Class 4:
6/30/182,3		49.31		.29		2.88		3.17		(.10	)		(3.58	)		(3.68	)		48.80		6.33	4		915		.78	5		1.14	5
12/31/17		43.73		.56		8.73		9.29		(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19
12/31/16		44.82		.56		4.02		4.58		(.55	)		(5.12	)		(5.67	)		43.73		11.25			495		.79			1.29
12/31/15		52.39		.58		.33		.91		(.71	)		(7.77	)		(8.48	)		44.82		1.21			410		.79			1.25
12/31/14		50.56		.58		4.51		5.09		(.72	)		(2.54	)		(3.26	)		52.39		10.34			30		.79			1.11
12/31/13		38.47		.45		12.33		12.78		(.69	)		—			(.69	)		50.56		33.32			3		.79			.96

192 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
International Growth and Income Fund
Class 1:
6/30/182,3	$	17.72	$	.30		$	(.63	)	$	(.33	)	$	(.06	)	$	—		$	(.06	)	$	17.33		(1.87	)%4	$	1,124			.65	%5		3.42	%5
12/31/17		14.48		.46			3.20			3.66			(.42	)		—			(.42	)		17.72		25.31			1,121			.66			2.75
12/31/16		14.72		.43			(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820			.68			2.93
12/31/15		16.27		.42			(1.25	)		(.83	)		(.38	)		(.34	)		(.72	)		14.72		(5.34	)		707			.68			2.60
12/31/14		17.48		.58	6		(1.09	)		(.51	)		(.53	)		(.17	)		(.70	)		16.27		(2.93	)		740			.68			3.32	6
12/31/13		15.29		.44			2.50			2.94			(.47	)		(.28	)		(.75	)		17.48		19.39			696			.69			2.63
Class 1A:
6/30/182,3		17.70		.28			(.63	)		(.35	)		(.06	)		—			(.06	)		17.29		(2.00	)4		2			.90	5		3.09	5
12/31/172,7		14.69		.34			3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	4		2			.91	5		1.99	5
Class 2:
6/30/182,3		17.66		.28			(.63	)		(.35	)		(.05	)		—			(.05	)		17.26		(1.98	)4		266			.90	5		3.15	5
12/31/17		14.43		.43			3.17			3.60			(.37	)		—			(.37	)		17.66		25.03			276			.91			2.60
12/31/16		14.68		.40			(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244			.93			2.72
12/31/15		16.22		.38			(1.24	)		(.86	)		(.34	)		(.34	)		(.68	)		14.68		(5.60	)		254			.93			2.32
12/31/14		17.43		.56	6		(1.10	)		(.54	)		(.50	)		(.17	)		(.67	)		16.22		(3.15	)		248			.93			3.21	6
12/31/13		15.25		.38			2.51			2.89			(.43	)		(.28	)		(.71	)		17.43		19.09			257			.94			2.28
Class 4:
6/30/182,3		17.58		.26			(.63	)		(.37	)		(.05	)		—			(.05	)		17.16		(2.12	)4		74			1.15	5		2.98	5
12/31/17		14.38		.37			3.18			3.55			(.35	)		—			(.35	)		17.58		24.72			63			1.16			2.24
12/31/16		14.63		.36			(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37			1.18			2.43
12/31/15		16.19		.33			(1.23	)		(.90	)		(.32	)		(.34	)		(.66	)		14.63		(5.82	)		32			1.18			2.02
12/31/14		17.45		.26	6		(.85	)		(.59	)		(.50	)		(.17	)		(.67	)		16.19		(3.39	)		20			1.18			1.52	6
12/31/13		15.29		.03			2.87			2.90			(.46	)		(.28	)		(.74	)		17.45		19.16			1			1.19			.18
Capital Income Builder
Class 1:
6/30/182,3	$	10.40	$	.17		$	(.39	)	$	(.22	)	$	(.16	)	$	(.02	)	$	(.18	)	$	10.00		(2.11	)%4	$	288			.53	%5		3.45	%5
12/31/17		9.46		.32			.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			3.21
12/31/16		9.40		.32			.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			3.39
12/31/15		9.81		.28			(.40	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)		80			.56			2.88
12/31/142,11		10.00		.19			(.18	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	4		20			.56	5		2.87	5
Class 1A:
6/30/182,3		10.39		.17			(.40	)		(.23	)		(.15	)		(.02	)		(.17	)		9.99		(2.23	)4		3			.78	5		3.43	5
12/31/172,7		9.57		.27			.84			1.11			(.29	)		—			(.29	)		10.39		11.72	4		1			.79	5		2.63	5
Class 2:
6/30/182,3		10.40		.17			(.41	)		(.24	)		(.15	)		(.02	)		(.17	)		9.99		(2.32	)4		3			.78	5		3.38	5
12/31/17		9.46		.29			.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			2.82
12/31/16		9.40		.27			.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	8		.80			2.82
12/31/15		9.81		.31			(.43	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)12		—	8		.46	12		3.12	12
12/31/142,11		10.00		.20			(.19	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	4,12		—	8		.47	5,12		2.94	5,12
Class 4:
6/30/182,3		10.38		.15			(.40	)		(.25	)		(.13	)		(.02	)		(.15	)		9.98		(2.36	)4		355			1.03	5		2.92	5
12/31/17		9.45		.27			.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			2.72
12/31/16		9.38		.27			.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			2.88
12/31/15		9.80		.25			(.42	)		(.17	)		(.25	)		—			(.25	)		9.38		(1.79	)		157			1.05			2.55
12/31/142,11		10.00		.14			(.16	)		(.02	)		(.17	)		(.01	)		(.18	)		9.80		(.21	)4		55			1.06	5		2.08	5

See end of tables for footnotes.

American Funds Insurance Series 193

Financial highlights (continued)

			Income (loss) from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Asset Allocation Fund
Class 1:
6/30/182,3	$	23.71	$	.25	$	.04		$	.29	$	(.09	)	$	(1.03	)	$	(1.12	)	$	22.88		1.14	%4	$	16,914		.28	%5		2.08	%5
12/31/17		21.68		.44		3.06			3.50		(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556		.29			1.90
12/31/16		20.62		.42		1.54			1.96		(.39	)		(.51	)		(.90	)		21.68		9.69			13,008		.29			1.97
12/31/15		22.23		.40		(.02	)		.38		(.40	)		(1.59	)		(1.99	)		20.62		1.64			10,913		.29			1.85
12/31/14		22.49		.44		.81			1.25		(.39	)		(1.12	)		(1.51	)		22.23		5.66			11,997		.30			1.95
12/31/13		18.43		.35		4.07			4.42		(.36	)		—			(.36	)		22.49		24.04			10,515		.31			1.71
Class 1A:
6/30/182,3		23.69		.23		.02			.25		(.08	)		(1.03	)		(1.11	)		22.83		1.00	4		7		.53	5		1.91	5
12/31/172,7		21.97		.39		2.78			3.17		(.39	)		(1.06	)		(1.45	)		23.69		14.78	4		4		.53	5		1.69	5
Class 2:
6/30/182,3		23.49		.21		.03			.24		(.07	)		(1.03	)		(1.10	)		22.63		.98	4		5,235		.53	5		1.82	5
12/31/17		21.49		.37		3.04			3.41		(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480		.54			1.64
12/31/16		20.45		.36		1.53			1.89		(.34	)		(.51	)		(.85	)		21.49		9.41			5,144		.54			1.72
12/31/15		22.06		.34		(.01	)		.33		(.35	)		(1.59	)		(1.94	)		20.45		1.40			5,008		.54			1.60
12/31/14		22.33		.37		.81			1.18		(.33	)		(1.12	)		(1.45	)		22.06		5.40			5,494		.55			1.69
12/31/13		18.31		.30		4.03			4.33		(.31	)		—			(.31	)		22.33		23.69			5,760		.56			1.47
Class 3:
6/30/182,3		23.73		.22		.05			.27		(.08	)		(1.03	)		(1.11	)		22.89		1.07	4		35		.46	5		1.89	5
12/31/17		21.70		.39		3.07			3.46		(.37	)		(1.06	)		(1.43	)		23.73		16.29			38		.47			1.72
12/31/16		20.64		.38		1.54			1.92		(.35	)		(.51	)		(.86	)		21.70		9.49			35		.47			1.79
12/31/15		22.25		.36		(.02	)		.34		(.36	)		(1.59	)		(1.95	)		20.64		1.46			36		.47			1.67
12/31/14		22.51		.39		.81			1.20		(.34	)		(1.12	)		(1.46	)		22.25		5.47			40		.48			1.76
12/31/13		18.45		.32		4.06			4.38		(.32	)		—			(.32	)		22.51		23.81			42		.49			1.54
Class 4:
6/30/182,3		23.40		.18		.04			.22		(.07	)		(1.03	)		(1.10	)		22.52		.86	4		3,736		.78	5		1.59	5
12/31/17		21.43		.32		3.02			3.34		(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582		.79			1.40
12/31/16		20.40		.31		1.53			1.84		(.30	)		(.51	)		(.81	)		21.43		9.16			2,861		.79			1.47
12/31/15		22.11		.30		(.02	)		.28		(.40	)		(1.59	)		(1.99	)		20.40		1.14			2,414		.79			1.45
12/31/14		22.46		.34		.79			1.13		(.36	)		(1.12	)		(1.48	)		22.11		5.16			32		.80			1.55
12/31/13		18.43		.27		4.12			4.39		(.36	)		—			(.36	)		22.46		23.89			1		.79			1.22

194 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Balanced Fund
Class 1:
6/30/182,3	$	12.75	$	.14		$	(.20	)	$	(.06	)	$	—		$	—		$	—		$	12.69		(.47	)%4	$	111			.70	%5		2.19	%5
12/31/17		11.08		.21			1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93			.72			1.68
12/31/16		10.74		.19			.32			.51			(.17	)		—			(.17	)		11.08		4.73			64			.72			1.73
12/31/15		11.11		.20			(.28	)		(.08	)		(.14	)		(.15	)		(.29	)		10.74		(.69	)		47			.72			1.80
12/31/14		11.37		.25	6		(.03	)		.22			(.18	)		(.30	)		(.48	)		11.11		1.87			37			.71			2.14	6
12/31/13		10.34		.22			1.07			1.29			(.18	)		(.08	)		(.26	)		11.37		12.56			36			.70			2.05
Class 1A:
6/30/182,3		12.74		.14			(.21	)		(.07	)		—			—			—			12.67		(.55	)4		1			.96	5		2.26	5
12/31/172,7		11.18		.16			1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	4		—	8		.94	5		1.27	5
Class 2:
6/30/182,3		12.72		.12			(.19	)		(.07	)		—			—			—			12.65		(.55	)4		206			.95	5		1.89	5
12/31/17		11.06		.18			1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210			.96			1.43
12/31/16		10.72		.16			.32			.48			(.14	)		—			(.14	)		11.06		4.48			178			.97			1.48
12/31/15		11.09		.18			(.28	)		(.10	)		(.12	)		(.15	)		(.27	)		10.72		(.95	)		171			.97			1.60
12/31/14		11.35		.22	6		(.03	)		.19			(.15	)		(.30	)		(.45	)		11.09		1.63			179			.96			1.88	6
12/31/13		10.33		.20			1.06			1.26			(.16	)		(.08	)		(.24	)		11.35		12.23			156			.95			1.79
Class 4:
6/30/182,3		12.63		.11			(.20	)		(.09	)		—			—			—			12.54		(.71	)4		69			1.20	5		1.72	5
12/31/17		11.00		.13			1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51			1.22			1.07
12/31/16		10.69		.12			.33			.45			(.14	)		—			(.14	)		11.00		4.21			10			1.24			1.12
12/31/15		11.09		.06			(.17	)		(.11	)		(.14	)		(.15	)		(.29	)		10.69		(1.00	)		1			1.34			.58
12/31/14		11.35		.24	6		(.02	)		.22			(.18	)		(.30	)		(.48	)		11.09		1.88	12		—	8		.67	12		2.07	6,12
12/31/13		10.33		.22			1.06			1.28			(.18	)		(.08	)		(.26	)		11.35		12.49	12		—	8		.71	12		1.98	12
Bond Fund
Class 1:
6/30/182,3	$	10.82	$	.14		$	(.33	)	$	(.19	)	$	(.05	)	$	(.01	)	$	(.06	)	$	10.57		(1.76	)%4	$	6,532			.38	%5		2.60	%5
12/31/17		10.80		.24			.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434			.38			2.19
12/31/16		10.70		.21			.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829			.38			1.91
12/31/15		11.08		.22			(.17	)		.05			(.21	)		(.22	)		(.43	)		10.70		.45			5,731			.38			1.95
12/31/14		10.73		.23			.37			.60			(.25	)		—	9		(.25	)		11.08		5.59			4,977			.39			2.03
12/31/13		11.29		.22			(.43	)		(.21	)		(.23	)		(.12	)		(.35	)		10.73		(1.89	)		4,506			.39			2.01
Class 1A:
6/30/182,3		10.80		.13			(.34	)		(.21	)		(.04	)		(.01	)		(.05	)		10.54		(1.87	)4		3			.63	5		2.41	5
12/31/172,7		10.82		.22			.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	4		1			.62	5		2.01	5
Class 2:
6/30/182,3		10.69		.12			(.33	)		(.21	)		(.04	)		(.01	)		(.05	)		10.43		(1.92	)4		3,759			.63	5		2.35	5
12/31/17		10.67		.21			.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966			.63			1.94
12/31/16		10.58		.18			.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959			.63			1.65
12/31/15		10.95		.18			(.15	)		.03			(.18	)		(.22	)		(.40	)		10.58		.28			4,135			.63			1.69
12/31/14		10.61		.20			.36			.56			(.22	)		—	9		(.22	)		10.95		5.28			4,565			.64			1.79
12/31/13		11.17		.19			(.43	)		(.24	)		(.20	)		(.12	)		(.32	)		10.61		(2.16	)		4,763			.64			1.76
Class 4:
6/30/182,3		10.68		.11			(.32	)		(.21	)		(.04	)		(.01	)		(.05	)		10.42		(1.94	)4		331			.88	5		2.11	5
12/31/17		10.70		.19			.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297			.88			1.72
12/31/16		10.61		.15			.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102			.88			1.41
12/31/15		11.01		.16			(.16	)		—			(.18	)		(.22	)		(.40	)		10.61		(.08	)		59			.88			1.47
12/31/14		10.69		.16			.39			.55			(.23	)		—	9		(.23	)		11.01		5.15			29			.89			1.43
12/31/13		11.29		.17			(.43	)		(.26	)		(.22	)		(.12	)		(.34	)		10.69		(2.34	)		3			.89			1.58

See end of tables for footnotes.

American Funds Insurance Series 195

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Bond Fund
Class 1:
6/30/182,3	$	11.88	$	.15	$	(.33	)	$	(.18	)	$	(.03	)	$	(.04	)	$	(.07	)	$	11.63		(1.54	)%4	$	1,079			.56	%5		2.50	%5
12/31/17		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			2.37
12/31/16		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			2.26
12/31/15		11.77		.27		(.71	)		(.44	)		(.01	)		(.31	)		(.32	)		11.01		(3.75	)		1,032			.57			2.34
12/31/14		11.88		.29		(.08	)		.21			(.21	)		(.11	)		(.32	)		11.77		1.71			1,194			.57			2.35
12/31/13		12.32		.28		(.58	)		(.30	)		—			(.14	)		(.14	)		11.88		(2.40	)		1,093			.56			2.37
Class 1A:
6/30/182,3		11.87		.14		(.32	)		(.18	)		(.03	)		(.04	)		(.07	)		11.62		(1.55	)4		—	8		.80	5		2.35	5
12/31/172,7		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	4		—	8		.72	5		2.27	5
Class 2:
6/30/182,3		11.79		.13		(.32	)		(.19	)		(.02	)		(.04	)		(.06	)		11.54		(1.59	)4		1,118			.81	5		2.26	5
12/31/17		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			2.12
12/31/16		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			2.01
12/31/15		11.72		.24		(.71	)		(.47	)		(.01	)		(.31	)		(.32	)		10.93		(4.07	)		1,208			.82			2.09
12/31/14		11.81		.26		(.09	)		.17			(.15	)		(.11	)		(.26	)		11.72		1.39			1,386			.82			2.11
12/31/13		12.27		.25		(.57	)		(.32	)		—			(.14	)		(.14	)		11.81		(2.58	)		1,496			.81			2.11
Class 4:
6/30/182,3		11.70		.12		(.32	)		(.20	)		(.02	)		(.04	)		(.06	)		11.44		(1.71	)4		40			1.07	5		2.03	5
12/31/17		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.89
12/31/16		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.76
12/31/15		11.70		.21		(.71	)		(.50	)		—	9		(.31	)		(.31	)		10.89		(4.27	)		6			1.07			1.86
12/31/14		11.87		.20		(.05	)		.15			(.21	)		(.11	)		(.32	)		11.70		1.16			4			1.09			1.66
12/31/13		12.31		.27		(.57	)		(.30	)		—			(.14	)		(.14	)		11.87		(2.41	)		—	8		.79			2.25

196 American Funds Insurance Series

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
High-Income Bond Fund
Class 1:
6/30/182,3	$	10.19	$	.31	$	(.26	)	$	.05		$	(.11	)	$	—	$	(.11	)	$	10.13		.48	%4	$	611			.49	%5		6.20	%5
12/31/17		10.18		.63		.10			.73			(.72	)		—		(.72	)		10.19		7.25			632			.49			5.98
12/31/16		9.19		.61		1.02			1.63			(.64	)		—		(.64	)		10.18		17.83			949			.49			6.18
12/31/15		10.54		.64		(1.36	)		(.72	)		(.63	)		—		(.63	)		9.19		(6.94	)		1,017			.48			6.12
12/31/14		11.13		.67		(.59	)		.08			(.67	)		—		(.67	)		10.54		.80			1,017			.48			5.90
12/31/13		11.16		.75		.01			.76			(.79	)		—		(.79	)		11.13		6.89			856			.48			6.54
Class 1A:
6/30/182,3		10.18		.30		(.26	)		.04			(.11	)		—		(.11	)		10.11		.37	4		1			.73	5		5.99	5
12/31/172,7		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.02	4		—	8		.72	5		5.74	5
Class 2:
6/30/182,3		10.03		.30		(.27	)		.03			(.10	)		—		(.10	)		9.96		.35	4		738			.74	5		5.95	5
12/31/17		10.04		.59		.10			.69			(.70	)		—		(.70	)		10.03		6.89			776			.74			5.72
12/31/16		9.06		.58		1.01			1.59			(.61	)		—		(.61	)		10.04		17.69			799			.74			5.92
12/31/15		10.41		.60		(1.35	)		(.75	)		(.60	)		—		(.60	)		9.06		(7.30	)		765			.73			5.85
12/31/14		10.99		.63		(.57	)		.06			(.64	)		—		(.64	)		10.41		.63			929			.73			5.67
12/31/13		11.03		.71		.01			.72			(.76	)		—		(.76	)		10.99		6.60			1,061			.73			6.29
Class 3:
6/30/182,3		10.23		.31		(.27	)		.04			(.11	)		—		(.11	)		10.16		.35	4		12			.67	5		6.03	5
12/31/17		10.22		.61		.10			.71			(.70	)		—		(.70	)		10.23		7.02			12			.67			5.79
12/31/16		9.22		.59		1.03			1.62			(.62	)		—		(.62	)		10.22		17.68			13			.67			5.99
12/31/15		10.57		.62		(1.37	)		(.75	)		(.60	)		—		(.60	)		9.22		(7.13	)		12			.66			5.91
12/31/14		11.16		.65		(.59	)		.06			(.65	)		—		(.65	)		10.57		.59			16			.66			5.74
12/31/13		11.18		.73		.02			.75			(.77	)		—		(.77	)		11.16		6.77			19			.66			6.36
Class 4:
6/30/182,3		10.82		.31		(.28	)		.03			(.10	)		—		(.10	)		10.75		.27	4		33			.99	5		5.69	5
12/31/17		10.79		.61		.10			.71			(.68	)		—		(.68	)		10.82		6.63			34			.99			5.46
12/31/16		9.73		.60		1.07			1.67			(.61	)		—		(.61	)		10.79		17.29			21			.99			5.55
12/31/15		11.05		.62		(1.43	)		(.81	)		(.51	)		—		(.51	)		9.73		(7.42	)		1			.98			5.51
12/31/14		11.12		.63		(.59	)		.04			(.11	)		—		(.11	)		11.05		.35			—	8		.98			5.49
12/31/13		11.16		.67		.08			.75			(.79	)		—		(.79	)		11.12		6.81			—	8		.93			5.82

See end of tables for footnotes.

American Funds Insurance Series 197

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Mortgage Fund
Class 1:
6/30/182,3	$	10.47	$	.10		$	(.23	)	$	(.13	)	$	(.03	)	$	—		$	(.03	)	$	10.31		(1.21	)%4	$	262			.46	%5		1.93	%5
12/31/17		10.56		.16			—	9		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			1.52
12/31/16		10.61		.15			.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			1.39
12/31/15		10.70		.10			.13			.23			(.18	)		(.14	)		(.32	)		10.61		2.09			272			.45			.89
12/31/14		10.23		.12			.45			.57			(.10	)		—			(.10	)		10.70		5.54			292			.45			1.12
12/31/13		10.47		.04			(.18	)		(.14	)		(.08	)		(.02	)		(.10	)		10.23		(1.41	)		198			.44			.35
Class 1A:
6/30/182,3		10.46		.09			(.23	)		(.14	)		(.03	)		—			(.03	)		10.29		(1.31	)4		1			.70	5		1.76	5
12/31/172,7		10.55		.14			—	9		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	4		—	8		.70	5		1.38	5
Class 2:
6/30/182,3		10.45		.09			(.22	)		(.13	)		(.03	)		—			(.03	)		10.29		(1.26	)4		60			.71	5		1.68	5
12/31/17		10.54		.14			(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			1.27
12/31/16		10.59		.12			.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			1.14
12/31/15		10.68		.07			.13			.20			(.15	)		(.14	)		(.29	)		10.59		1.86			59			.70			.65
12/31/14		10.22		.10			.44			.54			(.08	)		—			(.08	)		10.68		5.23			52			.70			.91
12/31/13		10.46		—	9		(.17	)		(.17	)		(.05	)		(.02	)		(.07	)		10.22		(1.68	)		49			.69			(.02	)
Class 4:
6/30/182,3		10.38		.07			(.22	)		(.15	)		(.03	)		—			(.03	)		10.20		(1.38	)4		16			.96	5		1.45	5
12/31/17		10.48		.11			—	9		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			1.03
12/31/16		10.52		.09			.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.86
12/31/15		10.65		.04			.14			.18			(.17	)		(.14	)		(.31	)		10.52		1.62			11			.97			.37
12/31/14		10.23		.05			.46			.51			(.09	)		—			(.09	)		10.65		4.98			1			.94			.47
12/31/13		10.47		.02			(.16	)		(.14	)		(.08	)		(.02	)		(.10	)		10.23		(1.41	)12		—	8		.38	12		.23	12

198 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Ultra-Short Bond Fund
Class 1:
6/30/182,3	$	11.29	$	.08		$	(.01	)	$	.07		$	(.02	)	$	—	$	(.02	)	$	11.34		.65	%4	$	36			.33	%5		1.38	%5
12/31/17		11.27		.08			(.01	)		.07			(.05	)		—		(.05	)		11.29		.66			37			.35			.68
12/31/1613		11.26		.01			—	9		.01			—			—		—			11.27		.09			37			.35			.11
12/31/15		11.28		(.03	)		.01			(.02	)		—			—		—			11.26		(.18	)		39			.34			(.24	)
12/31/14		11.31		(.03	)		—			(.03	)		—			—		—			11.28		(.27	)		49			.34			(.26	)
12/31/13		11.34		(.03	)		—	9		(.03	)		—			—		—			11.31		(.27	)		57			.34			(.24	)
Class 1A:
6/30/182,3		11.29		.08			(.01	)		.07			(.02	)		—		(.02	)		11.34		.65	4		—	8		.33	5		1.38	5
12/31/172,7		11.27		.08			—	9		.08			(.06	)		—		(.06	)		11.29		.67	4		—	8		.34	5		.69	5
Class 2:
6/30/182,3		11.01		.06			—	9		.06			(.02	)		—		(.02	)		11.05		.53	4		237			.58	5		1.13	5
12/31/17		10.99		.05			—	9		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
12/31/1613		11.01		(.02	)		—	9		(.02	)		—			—		—			10.99		(.18	)		297			.60			(.14	)
12/31/15		11.06		(.05	)		—	9		(.05	)		—			—		—			11.01		(.45	)		302			.59			(.49	)
12/31/14		11.12		(.06	)		—			(.06	)		—			—		—			11.06		(.54	)		331			.59			(.51	)
12/31/13		11.17		(.05	)		—	9		(.05	)		—			—		—			11.12		(.45	)		395			.59			(.49	)
Class 3:
6/30/182,3		11.12		.07			—	9		.07			(.02	)		—		(.02	)		11.17		.63	4		5			.51	5		1.21	5
12/31/17		11.10		.06			—	9		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
12/31/1613		11.11		(.01	)		—	9		(.01	)		—			—		—			11.10		(.09	)		4			.53			(.08	)
12/31/15		11.16		(.05	)		—	9		(.05	)		—			—		—			11.11		(.45	)		6			.52			(.42	)
12/31/14		11.21		(.05	)		—			(.05	)		—			—		—			11.16		(.45	)		8			.52			(.44	)
12/31/13		11.26		(.05	)		—	9		(.05	)		—			—		—			11.21		(.44	)		8			.52			(.42	)
Class 4:
6/30/182,3		11.13		.05			—	9		.05			(.01	)		—		(.01	)		11.17		.47	4		14			.83	5		.88	5
12/31/17		11.12		.02			—	9		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19
12/31/1613		11.17		(.04	)		(.01	)		(.05	)		—			—		—			11.12		(.45	)		13			.85			(.40	)
12/31/15		11.25		(.08	)		—	9		(.08	)		—			—		—			11.17		(.71	)		16			.85			(.74	)
12/31/14		11.30		(.09	)		.04			(.05	)		—			—		—			11.25		(.44	)		7			.84			(.77	)
12/31/13		11.34		(.04	)		—	9		(.04	)		—			—		—			11.30		(.35	)12		—	8		.37	12		(.32	)12

See end of tables for footnotes.

American Funds Insurance Series 199

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
U.S. Government/AAA-Rated Securities Fund
Class 1:
6/30/182,3	$	12.08	$	.12	$	(.26	)	$	(.14	)	$	(.04	)	$	—		$	(.04	)	$	11.90		(1.08	)%4	$	1,526			.36	%5		2.00	%5
12/31/17		12.05		.21		.01			.22			(.19	)		—			(.19	)		12.08		1.83			1,558			.36			1.68
12/31/16		12.31		.16		.03			.19			(.20	)		(.25	)		(.45	)		12.05		1.44			1,467			.36			1.31
12/31/15		12.40		.13		.09			.22			(.21	)		(.10	)		(.31	)		12.31		1.93			1,426			.35			1.02
12/31/14		11.94		.15		.48			.63			(.17	)		—			(.17	)		12.40		5.24			1,723			.35			1.24
12/31/13		12.75		.08		(.44	)		(.36	)		(.11	)		(.34	)		(.45	)		11.94		(2.87	)		1,584			.35			.67
Class 1A:
6/30/182,3		12.08		.11		(.26	)		(.15	)		(.04	)		—			(.04	)		11.89		(1.25	)4		1			.60	5		1.86	5
12/31/172,7		12.05		.18		.03			.21			(.18	)		—			(.18	)		12.08		1.73	4		—	8		.58	5		1.53	5
Class 2:
6/30/182,3		11.96		.10		(.25	)		(.15	)		(.03	)		—			(.03	)		11.78		(1.22	)4		1,412			.61	5		1.75	5
12/31/17		11.93		.17		.02			.19			(.16	)		—			(.16	)		11.96		1.59			1,473			.61			1.43
12/31/16		12.20		.13		.02			.15			(.17	)		(.25	)		(.42	)		11.93		1.19			1,503			.61			1.05
12/31/15		12.29		.10		.09			.19			(.18	)		(.10	)		(.28	)		12.20		1.59			1,579			.60			.79
12/31/14		11.83		.12		.47			.59			(.13	)		—			(.13	)		12.29		5.01			1,717			.60			1.00
12/31/13		12.63		.05		(.43	)		(.38	)		(.08	)		(.34	)		(.42	)		11.83		(.3.08	)		1,801			.60			.42
Class 3:
6/30/182,3		12.11		.11		(.26	)		(.15	)		(.04	)		—			(.04	)		11.92		(1.19	)4		9			.54	5		1.82	5
12/31/17		12.07		.18		.03			.21			(.17	)		—			(.17	)		12.11		1.72			10			.54			1.50
12/31/16		12.34		.14		.02			.16			(.18	)		(.25	)		(.43	)		12.07		1.24			11			.54			1.12
12/31/15		12.43		.11		.09			.20			(.19	)		(.10	)		(.29	)		12.34		1.64			11			.53			.85
12/31/14		11.96		.13		.48			.61			(.14	)		—			(.14	)		12.43		5.11			13			.53			1.08
12/31/13		12.76		.06		(.43	)		(.37	)		(.09	)		(.34	)		(.43	)		11.96		(3.00	)		14			.53			.47
Class 4:
6/30/182,3		11.98		.09		(.25	)		(.16	)		(.03	)		—			(.03	)		11.79		(1.33	)4		67			.86	5		1.51	5
12/31/17		11.96		.14		.01			.15			(.13	)		—			(.13	)		11.98		1.28			62			.86			1.18
12/31/16		12.22		.10		.03			.13			(.14	)		(.25	)		(.39	)		11.96		.99			57			.86			.82
12/31/15		12.34		.07		.08			.15			(.17	)		(.10	)		(.27	)		12.22		1.29			46			.85			.56
12/31/14		11.93		.06		.51			.57			(.16	)		—			(.16	)		12.34		4.76			21			.85			.50
12/31/13		12.75		.08		(.44	)		(.36	)		(.12	)		(.34	)		(.46	)		11.93		(2.95	)		—	8		.84			.68

200 American Funds Insurance Series

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of expenses			Ratio of expenses
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return14			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments			to average net assets after waivers/ reimburse- ments14			Net effective expense ratio14,15			Ratio of net income (loss) to average net assets14
Managed Risk Growth Fund
Class P1:
6/30/182,3	$	13.22	$	.01		$	.73		$	.74		$	(.10	)	$	(.89	)	$	(.99	)	$	12.97		5.41	%4,12	$	2			.41	%5,12		.36	%5,12		.71	%5,12		.10	%5,12
12/31/17		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	12		2			.42	12		.36	12		.70	12		.69	12
12/31/16		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	12		1			.50	12		.34	12		.68	12		.79	12
12/31/15		11.37		.09			.03			.12			—			—			—			11.49		1.06	12		—	8		.53	12		.29	12		.63	12		.80	12
12/31/14		11.43		.31			(.06	)		.25			(.12	)		(.19	)		(.31	)		11.37		2.18	12		—	8		.50	12		.32	12		.65	12		2.71	12
12/31/132,16		10.00		.12			1.38			1.50			(.07	)		—			(.07	)		11.43		15.05	4,12		—	8		.88	5,12		.25	5,12		.58	5,12		1.64	5,12
Class P2:
6/30/182,3		13.14		(.01	)		.72			.71			(.06	)		(.89	)		(.95	)		12.90		5.26	4		320			.68	5		.62	5		.97	5		(.18	)5
12/31/17		10.64		.04			2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
12/31/16		11.43		.05			.19			.24			(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43
12/31/15		11.35		.04			.04			.08			—			—			—			11.43		.71			146			.89			.66			1.00			.31
12/31/14		11.43		.12			.08			.20			(.09	)		(.19	)		(.28	)		11.35		1.77			79			.87			.69			1.02			1.01
12/31/132,16		10.00		.12			1.37			1.49			(.06	)		—			(.06	)		11.43		14.94	4,12		28			1.05	5,12		.52	5,12		.85	5,12		1.69	5,12
Managed Risk International Fund
Class P1:
6/30/182,3	$	11.25	$	.03		$	(.09	)	$	(.06	)	$	(.13	)	$	(.05	)	$	(.18	)	$	11.01		(.50	)%4,12	$	—	8		.27	%5,12		.21	%5,12		.70	%5,12		.46	%5,12
12/31/17		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	12		—	8		.28	12		.20	12		.69	12		1.13	12
12/31/16		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)12		—	8		.39	12		.23	12		.74	12		1.15	12
12/31/15		10.10		.18			(.80	)		(.62	)		—	9		—			—	9		9.48		(6.12	)12		—	8		.45	12		.21	12		.72	12		1.75	12
12/31/14		10.82		.14			(.71	)		(.57	)		(.15	)		—			(.15	)		10.10		(5.31	)12		—	8		.50	12		.25	12		.76	12		1.33	12
12/31/132,16		10.00		.13			.78			.91			(.09	)		—			(.09	)		10.82		9.08	4,12		—	8		1.05	5,12		.23	5,12		.73	5,12		1.92	5,12
Class P2:
6/30/182,3		11.15		—	9		(.08	)		(.08	)		(.10	)		(.05	)		(.15	)		10.92		(.76	)4		155			.70	5		.62	5		1.11	5		(.05	)5
12/31/17		8.83		.11			2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
12/31/16		9.43		.09			(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97
12/31/15		10.09		.13			(.79	)		(.66	)		—	9		—			—	9		9.43		(6.52	)		83			.90			.66			1.17			1.30
12/31/14		10.82		.16			(.77	)		(.61	)		(.12	)		—			(.12	)		10.09		(5.68	)		46			.91			.67			1.18			1.51
12/31/132,16		10.00		.18			.72			.90			(.08	)		—			(.08	)		10.82		8.99	4,12		17			1.19	5,12		.44	5,12		.94	5,12		2.66	5,12
Managed Risk Blue Chip Income and Growth Fund
Class P1:
6/30/182,3	$	13.04	$	.04		$	(.27	)	$	(.23	)	$	(.21	)	$	(.44	)	$	(.65	)	$	12.16		(1.80	)%4,12	$	—	8		.27	%5,12		.22	%5,12		.61	%5,12		.62	%5,12
12/31/17		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	12		—	8		.30	12		.25	12		.64	12		1.59	12
12/31/16		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	12		—	8		.43	12		.27	12		.67	12		1.83	12
12/31/15		11.70		.19			(1.02	)		(.83	)		(.07	)		—			(.07	)		10.80		(7.07	)12		—	8		.50	12		.27	12		.66	12		1.64	12
12/31/14		11.05		.40			.55			.95			(.30	)		—			(.30	)		11.70		8.58	12		—	8		.50	12		.31	12		.70	12		3.43	12
12/31/132,16		10.00		.20			1.01			1.21			(.16	)		—			(.16	)		11.05		12.16	4,12		—	8		.84	5,12		.24	5,12		.64	5,12		2.80	5,12
Class P2:
6/30/182,3		12.96		.01			(.26	)		(.25	)		(.21	)		(.44	)		(.65	)		12.06		(2.04	)4		351			.67	5		.62	5		1.01	5		.21	5
12/31/17		11.61		.17			1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43
12/31/16		10.76		.23			1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04
12/31/15		11.67		.18			(1.05	)		(.87	)		(.04	)		—			(.04	)		10.76		(7.43	)		137			.89			.66			1.05			1.57
12/31/14		11.05		.50			.40			.90			(.28	)		—			(.28	)		11.67		8.10			98			.88			.69			1.08			4.27
12/31/132,16		10.00		.28			.92			1.20			(.15	)		—			(.15	)		11.05		12.05	4,12		26			1.04	5,12		.54	5,12		.94	5,12		3.91	5,12

See end of tables for footnotes.

American Funds Insurance Series 201

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of expenses			Ratio of expenses
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return14			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments			to average net assets after waivers/ reimburse- ments14			Net effective expense ratio14,15			Ratio of net income (loss) to average net assets14
Managed Risk Growth-Income Fund
Class P1:
6/30/182,3	$	12.66	$	.02		$	.43		$	.45		$	(.16	)	$	(.57	)	$	(.73	)	$	12.38		3.47	%4,12	$	3			.43	%5,12		.36	%5,12		.65	%5,12		.28	%5,12
12/31/17		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	12		2			.44	12		.37	12		.66	12		1.61	12
12/31/16		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	12		1			.52	12		.36	12		.64	12		1.46	12
12/31/15		11.67		.25			(.63	)		(.38	)		(.04	)		—			(.04	)		11.25		(3.27	)12		1			.56	12		.31	12		.59	12		2.17	12
12/31/14		11.50		.35			.21			.56			(.14	)		(.25	)		(.39	)		11.67		4.85	12		—	8		.45	12		.25	12		.52	12		2.94	12
12/31/132,16		10.00		.14			1.47			1.61			(.11	)		—			(.11	)		11.50		16.15	4,12		—	8		.92	5,12		.23	5,12		.50	5,12		2.01	5,12
Class P2:
6/30/182,3		12.58		—	9		.43			.43			(.12	)		(.57	)		(.69	)		12.32		3.39	4		225			.69	5		.62	5		.91	5		.02	5
12/31/17		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206			.70			.63			.92			1.08
12/31/16		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160			.79			.63			.91			1.13
12/31/15		11.65		.12			(.54	)		(.42	)		(.01	)		—			(.01	)		11.22		(3.64	)		122			.89			.66			.94			1.04
12/31/14		11.50		.16			.35			.51			(.11	)		(.25	)		(.36	)		11.65		4.42			76			.87			.69			.96			1.38
12/31/132,16		10.00		.20			1.40			1.60			(.10	)		—			(.10	)		11.50		16.04	4,12		24			1.09	5,12		.50	5,12		.77	5,12		2.73	5,12
Managed Risk Asset Allocation Fund
Class P1:
6/30/182,3	$	13.59	$	.03		$	(.04	)	$	(.01	)	$	(.18	)	$	(.53	)	$	(.71	)	$	12.87		(.14	)%4	$	1,719			.41	%5		.36	%5		.64	%5		.40	%5
12/31/17		12.02		.19			1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656			.43			.38			.66			1.45
12/31/16		11.72		.19			.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217			.43			.38			.66			1.65
12/31/15		12.29		.25			(.34	)		(.09	)		(.22	)		(.26	)		(.48	)		11.72		(.83	)		712			.54			.40			.68			2.06
12/31/14		11.93		.13			.26			.39			(.03	)		—			(.03	)		12.29		3.24			277			.53			.48			.76			1.04
12/31/13		9.99		.27			1.81			2.08			(.14	)		—			(.14	)		11.93		20.82	12		112			.55	12		.47	12		.75	12		2.37	12
Class P2:
6/30/182,3		13.55		.01			(.03	)		(.02	)		(.15	)		(.53	)		(.68	)		12.85		(.26	)4		2,746			.66	5		.61	5		.89	5		.13	5
12/31/17		12.01		.15			1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798			.68			.63			.91			1.13
12/31/16		11.71		.14			.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342			.68			.63			.91			1.20
12/31/15		12.27		.14			(.26	)		(.12	)		(.18	)		(.26	)		(.44	)		11.71		(1.07	)		1,953			.79			.66			.94			1.16
12/31/14		11.93		.16			.19			.35			(.01	)		—			(.01	)		12.27		2.91			1,780			.79			.73			1.01			1.33
12/31/13		9.99		.28			1.77			2.05			(.11	)		—			(.11	)		11.93		20.58	12		795			.80	12		.73	12		1.01	12		2.43	12

Portfolio turnover rate for all share classes,	Six months ended			Period ended December 31
excluding mortgage dollar roll transactions17	June 30, 20182,3,4			2017			2016			2015			2014			2013
Capital Income Builder		21	%		59	%		41	%		38	%		24	%4,11
Asset Allocation Fund		13			39			43			28			42
Global Balanced Fund		16			28			43			36			40			Not
Bond Fund		49			153			108			141			121			available
Global Bond Fund		49			74			70			88			134
Mortgage Fund		29			98			113			138			108
U.S. Government/AAA-Rated Securities Fund		33			120			273			352			88

202 American Funds Insurance Series

Portfolio turnover rate for all share classes,	Six months ended			Year ended December 31
including mortgage dollar roll transactions17	June 30, 20182,3,4			2017			2016			2015			2014			2013
Global Growth Fund		10	%		31	%		27	%		29	%		22	%		39	%
Global Small Capitalization Fund		16			33			40			36			28			36
Growth Fund		11			24			26			20			29			19
International Fund		16			29			31			37			18			21
New World Fund		19			56			32			39			36			43
Blue Chip Income and Growth Fund		29			34			30			26			37			30
Global Growth and Income Fund		14			41			57			37			28			31
Growth-Income Fund		17			27			27			25			25			19
International Growth and Income Fund		20			51			32			35			34			34
Capital Income Builder		56			88			53			128			35	4,11
Asset Allocation Fund		41			85			83			76			88			74
Global Balanced Fund		26			41			65			76			73			81
Bond Fund		269			502			375			434			365			354
Global Bond Fund		72			105			154			159			200			213
High-Income Bond Fund		33			78			89			66			54			64
Mortgage Fund		477			680			713			1103			790			715
U.S. Government/AAA-Rated Securities Fund		241			551			539			901			387			621
Ultra-Short Bond Fund		—	18		—	18		—	13,18		N/A			N/A			N/A
Managed Risk Growth Fund		5			25			15			16			22			10	2,4,16
Managed Risk International Fund		6			25			26			15			22			6	2,4,16
Managed Risk Blue Chip Income and Growth Fund		7			32			9			20			22			3	2,4,16
Managed Risk Growth-Income Fund		4			26			14			11			28			2	2,4,16
Managed Risk Asset Allocation Fund		1			1			3			3			3			3

1	Based on average shares outstanding.
2	Based on operations for a period that is less than a full year.
3	Unaudited.
4	Not annualized.
5	Annualized.
6	For the year ended December 31, 2014, reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the net investment income per share and ratio of net income to average net assets would have been lower for all share classes.
7	Class 1A shares began investment operations on January 6, 2017.
8	Amount less than $1 million.
9	Amount less than $.01.
10	Amount less than .01%.
11	For the period May 1, 2014, commencement of operations, through December 31, 2014.
12	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
13	On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund.
14	This column reflects the impact of certain waivers/reimbursements by CRMC. CRMC waived a portion of investment advisory services and reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
15	Ratio reflects weighted average net expense ratio of the underlying fund for the period presented. See Expense Example for further information regarding fees and expenses.
16	For the period May 1, 2013, commencement of operations, through December 31, 2013.
17	Refer to Note 5 for further information on mortgage dollar rolls.
18	Amount is either less than 1% or there is no turnover.

See Notes to Financial Statements

American Funds Insurance Series 203

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2018, through June 30, 2018).

Actual expenses:

The first line of each share class in the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, 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 in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the table is 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.

204 American Funds Insurance Series

	Beginning		Ending		Expenses		Annualized
	account value		account value		paid during		expense
	1/1/2018		6/30/2018		period1		ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,031.77	$	2.72		.54	%
Class 1 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 1A – actual return		1,000.00		1,030.66		3.98		.79
Class 1A – assumed 5% return		1,000.00		1,020.88		3.96		.79
Class 2 – actual return		1,000.00		1,030.27		3.98		.79
Class 2 – assumed 5% return		1,000.00		1,020.88		3.96		.79
Class 4 – actual return		1,000.00		1,029.16		5.23		1.04
Class 4 – assumed 5% return		1,000.00		1,019.64		5.21		1.04
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	1,045.83	$	3.70		.73	%
Class 1 – assumed 5% return		1,000.00		1,021.17		3.66		.73
Class 1A – actual return		1,000.00		1,044.90		4.92		.97
Class 1A – assumed 5% return		1,000.00		1,019.98		4.86		.97
Class 2 – actual return		1,000.00		1,044.62		4.97		.98
Class 2 – assumed 5% return		1,000.00		1,019.93		4.91		.98
Class 4 – actual return		1,000.00		1,043.26		6.23		1.23
Class 4 – assumed 5% return		1,000.00		1,018.70		6.16		1.23
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,099.51	$	1.77		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 1A – actual return		1,000.00		1,098.14		3.07		.59
Class 1A – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 2 – actual return		1,000.00		1,098.28		3.07		.59
Class 2 – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 3 – actual return		1,000.00		1,098.63		2.71		.52
Class 3 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		1,096.83		4.37		.84
Class 4 – assumed 5% return		1,000.00		1,020.63		4.21		.84
International Fund
Class 1 – actual return	$	1,000.00	$	999.79	$	2.58		.52	%
Class 1 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 1A – actual return		1,000.00		998.70		3.82		.77
Class 1A – assumed 5% return		1,000.00		1,020.98		3.86		.77
Class 2 – actual return		1,000.00		998.45		3.82		.77
Class 2 – assumed 5% return		1,000.00		1,020.98		3.86		.77
Class 3 – actual return		1,000.00		999.00		3.47		.70
Class 3 – assumed 5% return		1,000.00		1,021.32		3.51		.70
Class 4 – actual return		1,000.00		997.25		5.05		1.02
Class 4 – assumed 5% return		1,000.00		1,019.74		5.11		1.02
New World Fund
Class 1 – actual return	$	1,000.00	$	961.10	$	3.65		.75	%
Class 1 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 1A – actual return		1,000.00		960.11		4.86		1.00
Class 1A – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Class 2 – actual return		1,000.00		959.91		4.86		1.00
Class 2 – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Class 4 – actual return		1,000.00		958.72		6.07		1.25
Class 4 – assumed 5% return		1,000.00		1,018.60		6.26		1.25

See end of tables for footnotes.

American Funds Insurance Series 205

	Beginning		Ending		Expenses		Annualized
	account value		account value		paid during		expense
	1/1/2018		6/30/2018		period1		ratio
Blue Chip Income and Growth Fund
Class 1 – actual return	$	1,000.00	$	1,004.71	$	2.04		.41	%
Class 1 – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class 1A – actual return		1,000.00		1,003.23		3.28		.66
Class 1A – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 2 – actual return		1,000.00		1,002.92		3.28		.66
Class 2 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 4 – actual return		1,000.00		1,001.37		4.52		.91
Class 4 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Global Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	992.10	$	3.06		.62	%
Class 1 – assumed 5% return		1,000.00		1,021.72		3.11		.62
Class 1A – actual return		1,000.00		990.11		4.29		.87
Class 1A – assumed 5% return		1,000.00		1,020.48		4.36		.87
Class 2 – actual return		1,000.00		991.02		4.29		.87
Class 2 – assumed 5% return		1,000.00		1,020.48		4.36		.87
Class 4 – actual return		1,000.00		988.75		5.52		1.12
Class 4 – assumed 5% return		1,000.00		1,019.24		5.61		1.12
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	1,065.81	$	1.43		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.41		1.40		.28
Class 1A – actual return		1,000.00		1,064.62		2.71		.53
Class 1A – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 2 – actual return		1,000.00		1,064.43		2.71		.53
Class 2 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 3 – actual return		1,000.00		1,065.03		2.36		.46
Class 3 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 4 – actual return		1,000.00		1,063.25		3.99		.78
Class 4 – assumed 5% return		1,000.00		1,020.93		3.91		.78
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	981.29	$	3.19		.65	%
Class 1 – assumed 5% return		1,000.00		1,021.57		3.26		.65
Class 1A – actual return		1,000.00		979.96		4.42		.90
Class 1A – assumed 5% return		1,000.00		1,020.33		4.51		.90
Class 2 – actual return		1,000.00		980.25		4.42		.90
Class 2 – assumed 5% return		1,000.00		1,020.33		4.51		.90
Class 4 – actual return		1,000.00		978.77		5.64		1.15
Class 4 – assumed 5% return		1,000.00		1,019.09		5.76		1.15
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	978.89	$	2.60		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 1A – actual return		1,000.00		977.74		3.82		.78
Class 1A – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 2 – actual return		1,000.00		976.82		3.82		.78
Class 2 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 4 – actual return		1,000.00		976.42		5.05		1.03
Class 4 – assumed 5% return		1,000.00		1,019.69		5.16		1.03

206 American Funds Insurance Series

	Beginning		Ending		Expenses		Annualized
	account value		account value		paid during		expense
	1/1/2018		6/30/2018		period1		ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,011.43	$	1.40		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.41		1.40		.28
Class 1A – actual return		1,000.00		1,009.98		2.64		.53
Class 1A – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 2 – actual return		1,000.00		1,009.82		2.64		.53
Class 2 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 3 – actual return		1,000.00		1,010.71		2.29		.46
Class 3 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 4 – actual return		1,000.00		1,008.65		3.88		.78
Class 4 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	995.29	$	3.46		.70	%
Class 1 – assumed 5% return		1,000.00		1,021.32		3.51		.70
Class 1A – actual return		1,000.00		994.51		4.75		.96
Class 1A – assumed 5% return		1,000.00		1,020.03		4.81		.96
Class 2 – actual return		1,000.00		994.49		4.70		.95
Class 2 – assumed 5% return		1,000.00		1,020.08		4.76		.95
Class 4 – actual return		1,000.00		992.88		5.93		1.20
Class 4 – assumed 5% return		1,000.00		1,018.84		6.01		1.20
Bond Fund
Class 1 – actual return	$	1,000.00	$	982.41	$	1.87		.38	%
Class 1 – assumed 5% return		1,000.00		1,022.91		1.91		.38
Class 1A – actual return		1,000.00		981.35		3.09		.63
Class 1A – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class 2 – actual return		1,000.00		980.84		3.09		.63
Class 2 – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class 4 – actual return		1,000.00		980.58		4.32		.88
Class 4 – assumed 5% return		1,000.00		1,020.43		4.41		.88
Global Bond Fund
Class 1 – actual return	$	1,000.00	$	984.61	$	2.76		.56	%
Class 1 – assumed 5% return		1,000.00		1,022.02		2.81		.56
Class 1A – actual return		1,000.00		984.53		3.94		.80
Class 1A – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 2 – actual return		1,000.00		984.07		3.98		.81
Class 2 – assumed 5% return		1,000.00		1,020.78		4.06		.81
Class 4 – actual return		1,000.00		982.94		5.26		1.07
Class 4 – assumed 5% return		1,000.00		1,019.49		5.36		1.07

See end of tables for footnotes.

American Funds Insurance Series 207

	Beginning		Ending		Expenses		Annualized
	account value		account value		paid during		expense
	1/1/2018		6/30/2018		period1		ratio
High-Income Bond Fund
Class 1 – actual return	$	1,000.00	$	1,004.83	$	2.44		.49	%
Class 1 – assumed 5% return		1,000.00		1,022.36		2.46		.49
Class 1A – actual return		1,000.00		1,003.71		3.63		.73
Class 1A – assumed 5% return		1,000.00		1,021.17		3.66		.73
Class 2 – actual return		1,000.00		1,003.46		3.68		.74
Class 2 – assumed 5% return		1,000.00		1,021.12		3.71		.74
Class 3 – actual return		1,000.00		1,003.52		3.33		.67
Class 3 – assumed 5% return		1,000.00		1,021.47		3.36		.67
Class 4 – actual return		1,000.00		1,002.74		4.92		.99
Class 4 – assumed 5% return		1,000.00		1,019.89		4.96		.99
Mortgage Fund
Class 1 – actual return	$	1,000.00	$	987.90	$	2.27		.46	%
Class 1 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 1A – actual return		1,000.00		986.87		3.45		.70
Class 1A – assumed 5% return		1,000.00		1,021.32		3.51		.70
Class 2 – actual return		1,000.00		987.45		3.50		.71
Class 2 – assumed 5% return		1,000.00		1,021.27		3.56		.71
Class 4 – actual return		1,000.00		986.21		4.73		.96
Class 4 – assumed 5% return		1,000.00		1,020.03		4.81		.96
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,006.47	$	1.64		.33	%
Class 1 – assumed 5% return		1,000.00		1,023.16		1.66		.33
Class 1A – actual return		1,000.00		1,006.48		1.64		.33
Class 1A – assumed 5% return		1,000.00		1,023.16		1.66		.33
Class 2 – actual return		1,000.00		1,005.28		2.88		.58
Class 2 – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class 3 – actual return		1,000.00		1,006.28		2.54		.51
Class 3 – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 4 – actual return		1,000.00		1,004.73		4.13		.83
Class 4 – assumed 5% return		1,000.00		1,020.68		4.16		.83
U.S. Government/AAA-Rated Securities Fund
Class 1 – actual return	$	1,000.00	$	989.20	$	1.78		.36	%
Class 1 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 1A – actual return		1,000.00		987.50		2.96		.60
Class 1A – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 2 – actual return		1,000.00		987.82		3.01		.61
Class 2 – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 3 – actual return		1,000.00		988.07		2.66		.54
Class 3 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 4 – actual return		1,000.00		986.66		4.24		.86
Class 4 – assumed 5% return		1,000.00		1,020.53		4.31		.86

208 American Funds Insurance Series

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	1/1/2018		6/30/2018		period1,2		expense ratio2			during period3		expense ratio4
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	1,054.08	$	1.83		.36	%	$	3.62		.71	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.56		.71
Class P2 – actual return		1,000.00		1,052.61		3.16		.62			4.94		.97
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.86		.97
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	995.01	$	1.04		.21	%	$	3.46		.70	%
Class P1 – assumed 5% return		1,000.00		1,023.75		1.05		.21			3.51		.70
Class P2 – actual return		1,000.00		992.36		3.06		.62			5.48		1.11
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.56		1.11
Managed Risk Blue Chip Income and Growth Fund
Class P1 – actual return	$	1,000.00	$	981.97	$	1.08		.22	%	$	3.00		.61	%
Class P1 – assumed 5% return		1,000.00		1,023.70		1.10		.22			3.06		.61
Class P2 – actual return		1,000.00		979.60		3.04		.62			4.96		1.01
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.06		1.01
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,034.70	$	1.82		.36	%	$	3.28		.65	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.26		.65
Class P2 – actual return		1,000.00		1,033.87		3.13		.62			4.59		.91
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.56		.91
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	998.57	$	1.78		.36	%	$	3.17		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.21		.64
Class P2 – actual return		1,000.00		997.44		3.02		.61			4.41		.89
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.46		.89

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series 209

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210 American Funds Insurance Series

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American Funds Insurance Series 211

Offices of the series and of the investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment subadviser

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606

Custodians of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Bank of New York Mellon

(Managed Risk Funds only)

One Wall Street

New York, NY 10286

Counsel

Morgan, Lewis & Bockius LLP

300 South Grand Avenue, 22nd Floor

Los Angeles, CA 90071-3132

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

212 American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series’ prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com. Fund shares offered through American Funds Distributors, Inc.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

Complete June 30, 2018, portfolios of American Funds Insurance Series investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after September 30, 2018, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group^® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund’s participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag that of the underlying fund in certain market conditions.

Bloomberg^® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2018 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

The Capital Advantage^®

Since 1931, American Funds^® by Capital Group has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — has resulted in a superior long-term track record for American Funds Insurance Series^®.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

Superior long-term track record

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 93% of 10-year periods and 100% of 20-year periods. Our fixed income funds have beaten comparable Lipper indexes in 69% of 10-year periods and 84% of 20-year periods.² We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.³

1	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2018.
2	Based on Class 1 share results for rolling periods through December 31, 2017. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Blue Chip Income and Growth Fund, Growth-Income Fund), Balanced Portfolio Funds Index (Asset Allocation Fund), Core Bond Funds Index (Bond Fund), High Yield Funds Index (High-Income Bond Fund) and General U.S. Government Funds Index (U.S. Government/AAA-Rated Securities Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund.
3	Based on management fees for the 20-year period ended December 31, 2017, versus comparable Lipper categories, excluding funds of funds.

Lit. No. INGESRX-998-0818P Litho in USA RCG/QD/6311-S66290

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

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 not applicable to this filing.

(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      8/21/2018                                 

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      8/21/2018                                 

By (Signature and Title)        /s/ Renee Hitchcock                                                                                                                                       

                                              Renee Hitchcock, Treasurer and Principal Financial Officer

Date      8/21/2018